ASE Technology Holding
ConvictionModerate
Back-end manufacturing services: paid per-unit for packaging, interconnect/substrate, wafer probe and final test (ATM segment) plus contract electronics manufacturing (EMS, via Universal Scientific Industrial/USI). Capital-intensive, foundry-adjacent; revenue tracks unit volumes, package complexity (LEAP/fan-out/2.5D) and utilization.
Revenue
~$20.6B FY2025TWD 645.4B); ~$21.5B TTM (TWD ~671BRev growth
FY2025 +8.4% YoYin TWD (~+13.3% in USD on TWD strength); Q1 2026 +17.2% YoYGross margin
~17.7% FY202518.5% TTM); ATM segment guided 26-27% in Q2 2026Op margin
~8.0% FY2025~5.3% TTM basisCapex intensity
Very high and rising: capex was ~$5.3Bin 2025 and the 2026 plan was raised to a record ~$8.5B (COO flagged further upside), driven by LEAP advanced-packaging + wafer-sort capacityMarket cap
~$96BNYSE: ASX ADR / TWSE: 3711; TWD 2.99T at NT$693/share, 2026-07-06The read
Where our coverage leans
Coverage leans bullish
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