olivLaw · US equity research
ASE Technology Holding Co., Ltd. ASX
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
ASE Technology Holding is one of the largest providers of semiconductor assembly and testing services in the world, complemented by EMS services through USI Group. The company benefits from the trend toward outsourcing semiconductor manufacturing and sector consolidation, and in fiscal 2025 its operating revenues reached 645.4 billion NT$.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, ASE Technology Holding Co., Ltd. (ASX) stock was 29.72 USD (−20.77% on the day), with market capitalisation 132.2 bn USD, P/E 106.1 on diluted EPS of 0.28 USD over the last 12 months, beta 1.90, 52-week range 13.75–47.60 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 28.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 33.16 – 49.15
- below the lower band · %B -0.22 · band width 38.8%
- SMA 50 / 200
- 41.44 / 33.68
- mixed trend
- MACD (12, 26, 9)
- -1.72 / -0.69
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −36.5% | −5.9% | −30.5 pp | — |
| 3 months | −20.2% | −4.6% | −15.6 pp | — |
| 6 months | −10.9% | +0.2% | −11.1 pp | — |
| Year to date | +84.6% | +7.4% | +77.2 pp | — |
| 1 year | +87.7% | +8.2% | +79.5 pp | +11.4% |
| 3 years | +271.0% | +68.4% | +202.6 pp | +65.9% |
| 5 years | +309.9% | +56.5% | +253.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 9-quarter history (min 13.9, median 36.2, max 72.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.1 bn | 13.8 bn | 17.0 bn | 20.5 bn | 21.8 bn | 19.0 bn | 18.2 bn | 20.6 bn |
| Revenue YoY | +23.7% | +13.9% | +23.0% | +21.0% | +6.2% | −12.9% | −4.5% | +13.3% |
| Net income | 856.6 m | 570.4 m | 960.5 m | 2.2 bn | 2.0 bn | 1.2 bn | 987.5 m | 1.3 bn |
| Net income YoY | +11.3% | −33.4% | +68.4% | +125.8% | −7.7% | −42.1% | −14.7% | +29.2% |
| Diluted EPS | 0.20 | 0.13 | 0.22 | 0.49 | 0.45 | 0.26 | 0.22 | 0.28 |
| Diluted EPS YoY | +122.2% | −35.0% | +69.2% | +122.7% | −8.2% | −42.2% | −15.4% | +27.3% |
| net % | 7.1% | 4.1% | 5.7% | 10.6% | 9.2% | 6.1% | 5.4% | 6.2% |
| Free cash flow | 316.5 m | 518.0 m | 462.4 m | 390.3 m | 1.2 bn | 2.0 bn | 343.6 m | -713.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.9 bn USD
- Financial debt
- 7.5 bn USD
- Net debt
- 4.5 bn USD
- Equity
- 11.8 bn USD
- Total assets
- 28.4 bn USD
- Debt / equity
- 0.64x
- Current ratio
- 1.26x
- ROE
- 11.5%
- ROA
- 5.0%
- FCF margin
- -3.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 17.0 bn | 20.5 bn | 21.8 bn | 19.0 bn | 18.2 bn | 20.6 bn | SEC (XBRL)· 01 Apr 2026verified |
| Cost of revenue | 14.2 bn | 16.6 bn | 17.4 bn | 16.0 bn | 15.2 bn | 16.9 bn | SEC (XBRL)· 01 Apr 2026verified |
| Gross profit | 2.8 bn | 4.0 bn | 4.4 bn | 3.0 bn | 3.0 bn | 3.6 bn | SEC (XBRL)· 01 Apr 2026verified |
| Research & development | 687.4 m | 759.0 m | 793.0 m | 832.8 m | 879.2 m | 1.0 bn | SEC (XBRL)· 01 Apr 2026verified |
| Operating income | 1.3 bn | 2.3 bn | 2.6 bn | 1.4 bn | 1.2 bn | 1.6 bn | SEC (XBRL)· 01 Apr 2026verified |
| Depreciation & amortisation | 1.8 bn | 2.0 bn | 1.8 bn | 1.9 bn | 1.8 bn | 2.1 bn | SEC (XBRL)· 01 Apr 2026verified |
| EBITDA | 3.1 bn ≈ | 4.2 bn ≈ | 4.4 bn ≈ | 3.3 bn ≈ | 3.1 bn ≈ | 3.8 bn ≈ | SEC (XBRL)· 01 Apr 2026derived |
| Interest expense | 123.2 m | 102.1 m | 130.5 m | 204.8 m | 206.7 m | 239.2 m | SEC (XBRL)· 01 Apr 2026verified |
| Pre-tax income | 1.3 bn | 2.9 bn | 2.7 bn | 1.4 bn | 1.3 bn | 1.6 bn | SEC (XBRL)· 01 Apr 2026verified |
| Income tax | 253.5 m | 646.9 m | 557.9 m | 173.2 m | 241.4 m | 322.2 m | SEC (XBRL)· 01 Apr 2026verified |
| Net income | 960.5 m | 2.2 bn | 2.0 bn | 1.2 bn | 987.5 m | 1.3 bn | SEC (XBRL)· 01 Apr 2026verified |
| Diluted EPS | 0.22 | 0.49 | 0.45 | 0.26 | 0.22 | 0.28 | SEC (XBRL)· 01 Apr 2026verified |
| Weighted average diluted shares | 4.3 bn | 4.4 bn | 4.3 bn | 4.3 bn | 4.4 bn | 4.4 bn | SEC (XBRL)· 01 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.9 bn | 2.5 bn | 1.9 bn | 2.1 bn | 2.4 bn | 2.9 bn | SEC (XBRL)· 01 Apr 2026verified |
| Inventories | 1.7 bn | 2.4 bn | 2.8 bn | 1.9 bn | 1.7 bn | 2.1 bn | SEC (XBRL)· 01 Apr 2026verified |
| Current assets | 8.0 bn | 10.5 bn | 9.8 bn | 8.5 bn | 8.4 bn | 10.0 bn | SEC (XBRL)· 01 Apr 2026verified |
| Property, plant & equipment, net | 8.3 bn | 8.6 bn | 8.7 bn | 8.6 bn | 9.5 bn | 13.4 bn | SEC (XBRL)· 01 Apr 2026verified |
| Goodwill | 1.9 bn | 1.7 bn | 1.7 bn | 1.6 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 01 Apr 2026verified |
| Intangibles (excl. goodwill) | 954.7 m | 885.5 m | 689.2 m | 582.0 m | 478.6 m | 411.9 m | SEC (XBRL)· 01 Apr 2026verified |
| Total assets | 20.8 bn | 24.3 bn | 23.0 bn | 21.8 bn | 22.6 bn | 28.4 bn | SEC (XBRL)· 01 Apr 2026verified |
| Short-term debt | 1.1 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.1 bn | 1.0 bn | SEC (XBRL)· 01 Apr 2026verified |
| Long-term debt | 3.6 bn | 4.2 bn | 3.1 bn | 2.7 bn | 3.7 bn | 6.5 bn | SEC (XBRL)· 01 Apr 2026verified |
| Current liabilities | 6.2 bn | 7.8 bn | 7.5 bn | 7.4 bn | 7.1 bn | 7.9 bn | SEC (XBRL)· 01 Apr 2026verified |
| Total liabilities | 12.5 bn | 14.6 bn | 12.8 bn | 11.5 bn | 12.2 bn | 16.6 bn | SEC (XBRL)· 01 Apr 2026verified |
| Equity | 8.3 bn | 9.7 bn | 10.2 bn | 10.3 bn | 10.4 bn | 11.8 bn | SEC (XBRL)· 01 Apr 2026verified |
| Shares outstanding at year end | 4.4 bn | 4.4 bn | 4.4 bn | 4.4 bn | 4.4 bn | 4.4 bn | SEC (XBRL)· 01 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.7 bn | 2.9 bn | 3.6 bn | 3.7 bn | 2.8 bn | 4.5 bn | SEC (XBRL)· 01 Apr 2026verified |
| Capex | 2.2 bn | 2.6 bn | 2.4 bn | 1.8 bn | 2.4 bn | 5.2 bn | SEC (XBRL)· 01 Apr 2026verified |
| Free cash flow | 462.4 m ≈ | 390.3 m ≈ | 1.2 bn ≈ | 2.0 bn ≈ | 343.6 m ≈ | -713.8 m ≈ | SEC (XBRL)· 01 Apr 2026derived |
| Investing cash flow | -2.2 bn | -1.8 bn | -2.4 bn | -1.8 bn | -2.6 bn | -5.3 bn | SEC (XBRL)· 01 Apr 2026verified |
| Financing cash flow | -783.3 m | -211.6 m | -2.0 bn | -1.6 bn | -221.8 m | 1.4 bn | SEC (XBRL)· 01 Apr 2026verified |
| Share repurchases | — | 199.3 m | 6.7 m | — | 0 | — | SEC (XBRL)· 27 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 19 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 132.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet25
- Returns33
- Quality12
- Growth13
- Valuation26
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.63 – 57.72 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/Sales6.63 – 57.72 (Mid 22.18)27 companies used · median multiple 5.0x · quartiles 1.7x – 12.7xAAOI, ADI, AMAT, AMD, AMKR, ARRY, AVGO, AXTI, FSLR, INTC, LEDS, LSCC, MCHP, MRVL, MTSI, MU, NVDA, NXPI, ON, OSIS, PENG, Q, SPCB, SUNE, TE, TXN, TYGO
- Peers: EV/EBITDA7.04 – 15.04 (Mid 11.32)11 companies used · median multiple 14.5x · quartiles 9.5x – 18.9xAMAT, AMKR, FSLR, MCHP, MU, NVDA, NXPI, ON, OSIS, PENG, SPCB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 19/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 17.7% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 8.0% | 38 (vs peers) | 9% |
| FCF margin · Quality | -3.5% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -2.0% | 0 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 13.3% | 39 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 1.2x | 23 (vs peers) | 6% |
| Current ratio · Balance sheet | 1.3x | 27 (on a fixed band) | 6% |
| EV/Sales · Valuation | 6.6x | 45 (vs peers) | 17% |
| FCF yield · Valuation | -0.5% | 0 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 33 (on a fixed band) | 4% |
Score groups
- Balance sheet25/100 · 2/2 factors with a value
- Growth13/100 · 2/2 factors with a value
- Quality12/100 · 3/3 factors with a value
- Returns33/100 · 1/1 factors with a value
- Valuation26/100 · 2/2 factors with a value
Memo
ASE Technology Holding Co., Ltd. (ASX). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 20.6 bn USD in 2025; YoY growth 13.3%; net margin 6.2%; ROE 12.3%; net debt/EBITDA 1.2x.
The estimated value range is 6.84–36.38 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 16.75 USD, the price of 29.72 USD leaves a potential of -43.6% (value / price − 1) and a margin of safety of -77.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 19/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Gross margin: 17.7%
- FCF margin: -3.5%
- Revenue CAGR 3Y: -2.0%
- Net debt / EBITDA: 1.2x
- Current ratio: 1.3x
- FCF yield: -0.5%
- The valuation methods diverge
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NVDANvidia Corp | 4,376.6 bn | 23.0 | 117.2% | 63.7% | +65.5% | +3% / +288% |
| AVGOBroadcom Inc. | 1,391.7 bn | 37.2 | 44.2% | 42.9% | +23.9% | −28% / +215% |
| MUMicron Technology, Inc. | 742.7 bn | 8.8 | 88.3% | 63.8% | +256.3% | +178% / +762% |
| AMDAdvanced Micro Devices, Inc | 663.3 bn | 88.0 | 11.8% | 16.8% | +34.3% | +86% / +234% |
| INTCIntel Corporation | 277.7 bn | — | -10.9% | -20.1% | −0.5% | +29% / +17% |
| TXNTexas Instruments Inc | 254.2 bn | 36.0 | 39.7% | 34.3% | +13.0% | +65% / +82% |
| AMATApplied Materials Inc | 253.4 bn | 27.5 | 41.1% | 30.1% | +4.4% | +27% / +113% |
| ADIAnalog Devices Inc | 174.9 bn | 42.8 | 12.2% | 29.8% | +16.9% | +36% / +97% |
| ASXASE Technology Holding Co., Ltd. | 132.2 bn | 106.1 | 12.3% | 6.2% | +13.3% | +88% / +271% |
| MRVLMarvell Technology, Inc | 117.1 bn | 44.1 | 16.5% | 27.9% | +42.1% | +49% / +140% |
| NXPINXP Semiconductors N.V. | 61.6 bn | 19.2 | 29.2% | 23.4% | −2.7% | +25% / +20% |
| MPWRMonolithic Power Systems, Inc. | 55.2 bn | 62.4 | 25.1% | 23.9% | +26.4% | +22% / +106% |
| MCHPMicrochip Technology Inc | 35.3 bn | 47.2 | 12.6% | 15.0% | +7.1% | +21% / −22% |
| ALABAstera Labs, Inc. | 31.4 bn | 71.6 | 28.2% | 29.6% | +115.1% | +14% / unavailable |
| IMOSChipMOS TECHNOLOGIES INC. | 29.7 bn | 676.0 | 5.6% | 6.3% | −0.8% | +55% / +64% |
| ONOn Semiconductor Corp | 24.5 bn | 36.6 | 8.9% | 10.8% | −15.3% | +25% / −12% |
| QQnity Electronics, Inc. | 23.0 bn | 38.9 | 7.6% | 11.5% | +9.7% | +36% / unavailable |
| CRDOCredo Technology Group Holding Ltd | 21.1 bn | 40.0 | 30.7% | 33.8% | +205.7% | −37% / +527% |
| FSLRFirst Solar, Inc. | 21.0 bn | 11.3 | 18.7% | 37.1% | +24.1% | −28% / +24% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 14.5 bn | 60.9 | 17.2% | 20.7% | +32.6% | +9% / +127% |
| LSCCLattice Semiconductor Corp | 13.9 bn | 301.7 | 4.2% | 5.5% | unavailable | +40% / +67% |
| AMKRAmkor Technology, Inc. | 7.6 bn | 12.3 | 13.6% | 8.3% | +6.2% | −16% / +8% |
| CRUSCirrus Logic, Inc. | 5.5 bn | 13.9 | 19.5% | 20.2% | +5.3% | −8% / +45% |
| AAOIApplied Optoelectronics, Inc. | 4.3 bn | — | -2.3% | -4.4% | +82.8% | +75% / +254% |
| OSISOsi Systems, Inc. | 3.0 bn | 20.5 | 18.4% | 8.8% | +4.3% | −29% / +55% |
1- and 3-year price returns: for ASX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 16.83 Total return -43% · Per year -43% | 29.85 Total return 0% · Per year 0% | 45.10 Total return 52% · Per year 52% |
| 3 years | 14.28 Total return -52% · Per year -22% | 28.69 Total return -3% · Per year -1% | 47.88 Total return 61% · Per year 17% |
| 5 years | 12.12 Total return -59% · Per year -16% | 27.58 Total return -7% · Per year -1% | 50.84 Total return 71% · Per year 11% |
- Exit P/E± 7.17
- Net margin± 5.02
- Annual revenue growth± 4.39
- Annual dilution± 0.42
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 01 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (13 Oct 2026), 6-K (09 Sept 2026), 6-K (10 Aug 2026), 6-K (03 Aug 2026).
In brief
ASE Technology Holding is one of the largest providers of semiconductor assembly and testing services in the world, complemented by EMS services through USI Group. The company benefits from the trend toward outsourcing semiconductor manufacturing and sector consolidation, and in fiscal 2025 its operating revenues reached 645.4 billion NT$ 1.
SWOT
Strengths
- The company has a broad range of packaging and testing services at large scale and a geographic presence in the main manufacturing centers of Asia 1.
- The strategic alliance with TSMC and long-term relationships with complementary service providers support the company's competitive position 1.
- Integration with USI Group provides access to module, board and system assembly and testing technologies 1.
Weaknesses
- High fixed costs, including depreciation and rental expenses, make profitability sensitive to declines in capacity utilization 1.
- The EMS segment has low gross margins and high raw material costs, which weigh on overall profitability 1.
- The company recorded a goodwill impairment loss in the first half of 2025 because some cash-generating units did not meet expectations 1.
Opportunities
- Growth in outsourcing of advanced packaging and system-in-package could support demand for the company's services 1.
- Recent capacity acquisitions in Malaysia and the Philippines could broaden supply chain diversification 1.
- Growth in testing services, where the company is expanding its offering, could improve overall margins 1.
Risks
- Capacity utilizationhigh
High fixed costs mean that a decline in equipment utilization could significantly reduce margins 1.
- Gold pricemedium
The company may not always be able to adjust selling prices to offset fluctuations in the price of gold used in packaging 1.
- Exchange ratemedium
Most revenues are denominated in US dollars, and fluctuations against the New Taiwan dollar could affect results 1.
- Goodwill impairmentmedium
The impairment recorded in 2025 shows that results of some units can fall below expectations, and future assessments could produce further losses 1.
- Price competitionhigh
Competitors seeking to keep high capacity utilization could push prices down 1.
Investment thesis
What would need to be true (bull case)
- Its leading position in packaging and testing, combined with the outsourcing trend, could support long-term revenue growth 1.
- Growth in the testing segment, which carries higher margins, could improve overall profitability 1.
- Strategic partnerships and geographic diversification could reduce supply chain risks 1.
What to watch
- Trend in packaging gross marginQ1 2027
- Integration of the assets acquired in Malaysia and the Philippines2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 01 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (13 Oct 2026), 6-K (09 Sept 2026), 6-K (10 Aug 2026), 6-K (03 Aug 2026).
The business
ASE Technology Holding Co., Ltd., established in April 2018 through the combination of Advanced Semiconductor Engineering and Siliconware Precision Industries, is a leading provider of semiconductor manufacturing services in packaging and testing 1. The company offers packaging, interconnect materials, engineering testing, wafer probing and final testing, as well as integrated EMS solutions through USI Group 1. Its shares are listed on the TWSE, and its ADSs are listed on the NYSE under the symbol ASX 1.
Segments
Packaging
Packaging, also called assembly, was the largest segment in fiscal 2025, with revenues of 308.3 billion NT$ 1. The segment includes advanced technologies such as flip chip, CoWoS and SiP, which the company sees as essential for the future 1.
Market context
The global semiconductor market had worldwide sales of approximately 791.7 billion USD in 2025, and the sector shows long-term growth with periodic cyclical downturns 1. Outsourcing of packaging, testing and manufacturing is growing, and Taiwan is the largest center for outsourced manufacturing in the world 1.
Trends
- Outsourcing of semiconductor manufacturingtailwind
Fabless companies and integrated device makers increasingly outsource packaging and testing, which supports demand for the company's services 1.
- Sector consolidationmixed
Cross-border mergers and acquisitions in packaging and testing could change the position of competitors and could help the company expand its capabilities 1.
- Price pressureheadwind
Average selling prices can fall sharply during periods of intense competition, and high fixed costs make margins sensitive to capacity utilization 1.
- Raw material costsheadwind
Fluctuations in the price of gold, used in packaging wire, could affect costs, although the company is shifting to copper wire to reduce them 1.
Competitive position
The company operates in a highly competitive industry in which rivals expand capacity through cross-border acquisitions 1. Price pressure intensifies in periods of weak demand, when competitors seek to keep high utilization levels 1.
- Amkor TechnologyAMKR
Competitor in packaging and testing, mentioned in the source among companies that have made acquisitions in the sector 1.
- STATS ChipPAC
Packaging and testing company acquired by a Chinese group, cited as an example of consolidation in the sector 1.
- Unisem
Packaging and testing provider acquired by a Chinese company, mentioned in the context of sector consolidation 1.
- J-Devices
Packaging service provider acquired by a competitor, mentioned in the source as part of the consolidation trend 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)03 Aug 2026
- Current report (foreign issuer)03 Aug 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)09 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / ASE Technology Holding Co., Ltd. · 01 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.