(ASX) ASE Industrial Holding - Overview
Stock: Semiconductor Packaging, Testing Services, Electronic Manufacturing
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 3.46% |
| Yield on Cost 5y | 5.57% |
| Yield CAGR 5y | 4.20% |
| Payout Consistency | 78.5% |
| Payout Ratio | 8.0% |
| Risk 5d forecast | |
|---|---|
| Volatility | 40.5% |
| Relative Tail Risk | -3.75% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.92 |
| Alpha | 94.94 |
| Character TTM | |
|---|---|
| Beta | 1.343 |
| Beta Downside | 1.380 |
| Drawdowns 3y | |
|---|---|
| Max DD | 40.64% |
| CAGR/Max DD | 1.20 |
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) 6.0
| Net Income: 40.52b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.02 > 0.02 and ΔFCF/TA -2.42 > 1.0 |
| NWC/Revenue: 10.79% < 20% (prev 7.43%; Δ 3.37% < -1%) |
| CFO/TA 0.15 > 3% & CFO 135.40b > Net Income 40.52b |
| Net Debt (171.63b) to EBITDA (121.53b): 1.41 < 3 |
| Current Ratio: 1.28 > 1.5 & < 3 |
| Outstanding Shares: last quarter (2.23b) vs 12m ago -49.28% < -2% |
| Gross Margin: 17.01% > 18% (prev 0.15%; Δ 1686 % > 0.5%) |
| Asset Turnover: 78.94% > 50% (prev 80.60%; Δ -1.66% > 0%) |
| Interest Coverage Ratio: 9.82 > 6 (EBITDA TTM 121.53b / Interest Expense TTM 5.63b) |
Altman Z'' 2.14
| A: 0.08 (Total Current Assets 313.80b - Total Current Liabilities 244.35b) / Total Assets 889.33b |
| B: 0.14 (Retained Earnings 126.46b / Total Assets 889.33b) |
| C: 0.07 (EBIT TTM 55.31b / Avg Total Assets 815.02b) |
| D: 0.67 (Book Value of Equity 346.90b / Total Liabilities 515.97b) |
| Altman-Z'' Score: 2.14 = BBB |
Beneish M -3.24
| DSRI: 1.02 (Receivables 125.04b/113.42b, Revenue 643.37b/597.03b) |
| GMI: 0.90 (GM 17.01% / 15.38%) |
| AQI: 0.84 (AQ_t 0.16 / AQ_t-1 0.19) |
| SGI: 1.08 (Revenue 643.37b / 597.03b) |
| TATA: -0.11 (NI 40.52b - CFO 135.40b) / TA 889.33b) |
| Beneish M-Score: -3.24 (Cap -4..+1) = AA |
What is the price of ASX shares?
Over the past week, the price has changed by +10.06%, over one month by +19.37%, over three months by +35.91% and over the past year by +114.12%.
Is ASX a buy, sell or hold?
- StrongBuy: 2
- Buy: 1
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the ASX price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 22 | 5.4% |
| Analysts Target Price | 22 | 5.4% |
| ValueRay Target Price | 29.9 | 42.9% |
ASX Fundamental Data Overview February 07, 2026
P/E Forward = 12.3001
P/S = 0.0687
P/B = 4.1296
P/EG = 1.38
Revenue TTM = 643.37b USD
EBIT TTM = 55.31b USD
EBITDA TTM = 121.53b USD
Long Term Debt = 218.95b USD (from longTermDebt, two quarters ago)
Short Term Debt = 50.02b USD (from shortTermDebt, last quarter)
Debt = 264.10b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 171.63b USD (from netDebt column, last quarter)
Enterprise Value = 206.71b USD (44.31b + Debt 264.10b - CCE 101.70b)
Interest Coverage Ratio = 9.82 (Ebit TTM 55.31b / Interest Expense TTM 5.63b)
EV/FCF = -13.86x (Enterprise Value 206.71b / FCF TTM -14.91b)
FCF Yield = -7.21% (FCF TTM -14.91b / Enterprise Value 206.71b)
FCF Margin = -2.32% (FCF TTM -14.91b / Revenue TTM 643.37b)
Net Margin = 6.30% (Net Income TTM 40.52b / Revenue TTM 643.37b)
Gross Margin = 17.01% ((Revenue TTM 643.37b - Cost of Revenue TTM 533.92b) / Revenue TTM)
Gross Margin QoQ = 19.52% (prev 16.22%)
Tobins Q-Ratio = 0.23 (Enterprise Value 206.71b / Total Assets 889.33b)
Interest Expense / Debt = 0.66% (Interest Expense 1.74b / Debt 264.10b)
Taxrate = 17.79% (3.25b / 18.26b)
NOPAT = 45.47b (EBIT 55.31b * (1 - 17.79%))
Current Ratio = 1.28 (Total Current Assets 313.80b / Total Current Liabilities 244.35b)
Debt / Equity = 0.76 (Debt 264.10b / totalStockholderEquity, last quarter 346.90b)
Debt / EBITDA = 1.41 (Net Debt 171.63b / EBITDA 121.53b)
Debt / FCF = -11.51 (negative FCF - burning cash) (Net Debt 171.63b / FCF TTM -14.91b)
Total Stockholder Equity = 317.31b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.97% (Net Income 40.52b / Total Assets 889.33b)
RoE = 12.77% (Net Income TTM 40.52b / Total Stockholder Equity 317.31b)
RoCE = 10.31% (EBIT 55.31b / Capital Employed (Equity 317.31b + L.T.Debt 218.95b))
RoIC = 8.19% (NOPAT 45.47b / Invested Capital 555.14b)
WACC = 2.02% (E(44.31b)/V(308.41b) * Re(10.86%) + D(264.10b)/V(308.41b) * Rd(0.66%) * (1-Tc(0.18)))
Discount Rate = 10.86% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -28.39%
Fair Price DCF = unknown (Cash Flow -14.91b)
EPS Correlation: 32.08 | EPS CAGR: 0.0% | SUE: 0.04 | # QB: 0
Revenue Correlation: 4.80 | Revenue CAGR: 5.40% | SUE: 0.05 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.15 | Chg30d=-0.035 | Revisions Net=+1 | Analysts=1
EPS current Year (2026-12-31): EPS=0.77 | Chg30d=-0.093 | Revisions Net=-1 | Growth EPS=+34.4% | Growth Revenue=+16.7%
EPS next Year (2027-12-31): EPS=1.00 | Chg30d=+0.190 | Revisions Net=+1 | Growth EPS=+30.3% | Growth Revenue=+13.7%