(ASX) ASE Industrial Holding - Ratings and Ratios
Semiconductor Packaging, Testing Services, Electronic Manufacturing
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 3.46% |
| Yield on Cost 5y | 6.41% |
| Yield CAGR 5y | 4.20% |
| Payout Consistency | 78.5% |
| Payout Ratio | 8.1% |
| Risk via 5d forecast | |
|---|---|
| Volatility | 37.6% |
| Value at Risk 5%th | 59.4% |
| Relative Tail Risk | -3.91% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.64 |
| Alpha | 57.05 |
| CAGR/Max DD | 1.10 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.603 |
| Beta | 1.402 |
| Beta Downside | 1.504 |
| Drawdowns 3y | |
|---|---|
| Max DD | 40.64% |
| Mean DD | 11.09% |
| Median DD | 9.17% |
Description: ASX ASE Industrial Holding December 17, 2025
ASE Technology Holding Co., Ltd. (NYSE: ASX) is a Taiwan-based contract semiconductor services provider that operates globally across the United States, Taiwan, broader Asia, and Europe. Its core business is split into four segments-Packaging, Testing, EMS (Electronic Manufacturing Services), and “Others”-through which it delivers wafer probing, front-end engineering tests, advanced packaging (including heterogeneous integration), wire-bonding, and final-test services for computing, communications, automotive, industrial and server applications.
Beyond pure semiconductor services, ASE also runs a diversified set of non-core activities: real-estate development and leasing, parking-lot management, commercial-complex operations, and a suite of ancillary services such as technical consulting, HR training, and the design/manufacture of RF components (antennas, amplifiers, PCBs). These businesses generate a modest share of total revenue but add cash-flow stability.
Key recent performance indicators (FY 2023) show revenue of roughly $5.2 billion, a year-over-year increase of about 6 % driven by strong demand for AI-optimized chips, and an operating margin of ~8 %, down from 9 % in 2022 as labor costs rose. The company reported a cash-conversion cycle of ~70 days and maintained a net-debt-to-EBITDA ratio of 1.2×, indicating moderate leverage. Management has signaled FY 2024 revenue growth of 3-5 % while targeting margin expansion through automation in its packaging lines.
Sector-level drivers that materially affect ASE’s outlook include the U.S. CHIPS Act incentives, which are expected to boost domestic wafer-fab and packaging capacity, and the accelerating rollout of AI workloads that raise demand for advanced, high-density interconnects. Conversely, macro-level inventory corrections in the broader semiconductor cycle and potential geopolitical tensions in Taiwan remain upside-down risks.
If you want a data-driven, assumption-transparent valuation framework for ASX, consider checking the analytical tools available on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 4.5
| Net Income (35.32b TTM) > 0 and > 6% of Revenue (6% = 37.70b TTM) |
| FCFTA -0.27 (>2.0%) and ΔFCFTA -31.32pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 5.50% (prev 7.26%; Δ -1.77pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.41 (>3.0%) and CFO 342.46b > Net Income 35.32b (YES >=105%, WARN >=100%) |
| Net Debt (211.62b) to EBITDA (114.94b) ratio: 1.84 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.13 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (2.21b) change vs 12m ago 0.63% (target <= -2.0% for YES) |
| Gross Margin 15.91% (prev 15.51%; Δ 0.40pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 80.69% (prev 83.00%; Δ -2.31pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 12.99 (EBITDA TTM 114.94b / Interest Expense TTM 3.94b) >= 6 (WARN >= 3) |
Altman Z'' 1.55
| (A) 0.04 = (Total Current Assets 294.08b - Total Current Liabilities 259.55b) / Total Assets 842.64b |
| (B) 0.15 = Retained Earnings (Balance) 126.46b / Total Assets 842.64b |
| (C) 0.07 = EBIT TTM 51.23b / Avg Total Assets 778.60b |
| (D) 0.33 = Book Value of Equity 166.89b / Total Liabilities 503.09b |
| Total Rating: 1.55 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 38.99
| 1. Piotroski 4.50pt |
| 2. FCF Yield -15.13% |
| 3. FCF Margin -35.65% |
| 4. Debt/Equity 0.90 |
| 5. Debt/Ebitda 1.84 |
| 6. ROIC - WACC (= -1.40)% |
| 7. RoE 11.34% |
| 8. Rev. Trend -20.69% |
| 9. EPS Trend 38.53% |
What is the price of ASX shares?
Over the past week, the price has changed by +6.86%, over one month by +20.03%, over three months by +59.42% and over the past year by +91.10%.
Is ASX a buy, sell or hold?
- Strong Buy: 2
- Buy: 1
- Hold: 0
- Sell: 0
- Strong Sell: 0
What are the forecasts/targets for the ASX price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 19.1 | 2.2% |
| Analysts Target Price | 19.1 | 2.2% |
| ValueRay Target Price | 27.3 | 46% |
ASX Fundamental Data Overview January 11, 2026
P/E Trailing = 36.0
P/E Forward = 12.3001
P/S = 0.0611
P/B = 3.821
P/EG = 1.38
Beta = 1.037
Revenue TTM = 628.26b TWD
EBIT TTM = 51.23b TWD
EBITDA TTM = 114.94b TWD
Long Term Debt = 218.95b TWD (from longTermDebt, last quarter)
Short Term Debt = 67.81b TWD (from shortTermDebt, last quarter)
Debt = 286.76b TWD (from shortLongTermDebtTotal, last quarter)
Net Debt = 211.62b TWD (from netDebt column, last quarter)
Enterprise Value = 1480.86b TWD (1218.04b + Debt 286.76b - CCE 23.94b)
Interest Coverage Ratio = 12.99 (Ebit TTM 51.23b / Interest Expense TTM 3.94b)
EV/FCF = -6.61x (Enterprise Value 1480.86b / FCF TTM -224.00b)
FCF Yield = -15.13% (FCF TTM -224.00b / Enterprise Value 1480.86b)
FCF Margin = -35.65% (FCF TTM -224.00b / Revenue TTM 628.26b)
Net Margin = 5.62% (Net Income TTM 35.32b / Revenue TTM 628.26b)
Gross Margin = 15.91% ((Revenue TTM 628.26b - Cost of Revenue TTM 528.30b) / Revenue TTM)
Gross Margin QoQ = 16.22% (prev 16.05%)
Tobins Q-Ratio = 1.76 (Enterprise Value 1480.86b / Total Assets 842.64b)
Interest Expense / Debt = 0.50% (Interest Expense 1.43b / Debt 286.76b)
Taxrate = 18.71% (2.66b / 14.24b)
NOPAT = 41.64b (EBIT 51.23b * (1 - 18.71%))
Current Ratio = 1.13 (Total Current Assets 294.08b / Total Current Liabilities 259.55b)
Debt / Equity = 0.90 (Debt 286.76b / totalStockholderEquity, last quarter 317.04b)
Debt / EBITDA = 1.84 (Net Debt 211.62b / EBITDA 114.94b)
Debt / FCF = -0.94 (negative FCF - burning cash) (Net Debt 211.62b / FCF TTM -224.00b)
Total Stockholder Equity = 311.46b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.54% (Net Income 35.32b / Total Assets 842.64b)
RoE = 11.34% (Net Income TTM 35.32b / Total Stockholder Equity 311.46b)
RoCE = 9.66% (EBIT 51.23b / Capital Employed (Equity 311.46b + L.T.Debt 218.95b))
RoIC = 7.64% (NOPAT 41.64b / Invested Capital 544.76b)
WACC = 9.05% (E(1218.04b)/V(1504.80b) * Re(11.08%) + D(286.76b)/V(1504.80b) * Rd(0.50%) * (1-Tc(0.19)))
Discount Rate = 11.08% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.78%
Fair Price DCF = unknown (Cash Flow -224.00b)
EPS Correlation: 38.53 | EPS CAGR: -53.14% | SUE: -0.19 | # QB: 0
Revenue Correlation: -20.69 | Revenue CAGR: -0.02% | SUE: 0.05 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.18 | Chg30d=+0.040 | Revisions Net=+1 | Analysts=1
EPS next Year (2026-12-31): EPS=0.86 | Chg30d=-0.051 | Revisions Net=-1 | Growth EPS=+41.5% | Growth Revenue=+11.2%
Additional Sources for ASX Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle