Financials ASE Technology Holding Co., Ltd.

Equities

3711

TW0003711008

Semiconductor Equipment & Testing

End-of-day quote Taiwan Stock Exchange Other stock markets 06:00:00 2023-11-30 pm EST			5-day change	1st Jan Change
128.00 ^TWD	0.00%		+1.19%	+36.32%

Nov. 09	ASE Technology Holding Co., Ltd. Reports Unaudited Consolidated Revenue Results for the Month of October 2023	CI
Nov. 09	ASE Technology Sales Rise 3.8% Sequentially in October	MT

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	247 612	353 805	346 792	455 338	402 951	551 329	-	-
Enterprise Value (EV) ¹	380 689	503 721	493 602	595 967	600 878	652 885	628 213	611 260
P/E ratio	9,98x	21,6x	12,9x	7,40x	6,74x	17,9x	12,4x	9,66x
Yield	4,29%	3,00%	5,17%	6,57%	9,36%	4,74%	4,88%	5,44%
Capitalization / Revenue	0,67x	0,86x	0,73x	0,80x	0,60x	0,94x	0,84x	0,75x
EV / Revenue	1,03x	1,22x	1,03x	1,05x	0,90x	1,12x	0,96x	0,84x
EV / EBITDA	5,49x	6,81x	5,73x	5,11x	4,43x	6,61x	5,17x	4,43x
EV / FCF	36,3x	31,6x	28,3x	48,1x	15,7x	11,0x	13,9x	11,4x
FCF Yield	2,76%	3,16%	3,53%	2,08%	6,38%	9,06%	7,20%	8,74%
Price to Book	1,22x	1,76x	1,59x	1,79x	1,35x	1,85x	1,70x	1,52x
Nbr of stocks (in thousands)	4 247 208	4 252 462	4 265 590	4 275 474	4 291 278	4 307 258	-	-
Reference price ²	58,3	83,2	81,3	107	93,9	128	128	128
Announcement Date	30.01.19	07.02.20	04.02.21	10.02.22	09.02.23	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	371 092	413 182	476 978	569 997	670 945	583 864	657 360	730 775
EBITDA ¹	69 337	73 993	86 136	116 649	135 628	98 736	121 614	138 036
EBIT ¹	26 648	23 526	34 877	62 125	80 176	41 110	61 529	77 370
Operating Margin	7,18%	5,69%	7,31%	10,9%	11,9%	7,04%	9,36%	10,6%
Earnings before Tax (EBT) ¹	32 048	23 362	35 734	80 336	81 626	40 869	57 151	75 102
Net income ¹	25 262	16 850	27 593	63 908	62 090	30 683	43 948	57 039
Net margin	6,81%	4,08%	5,78%	11,2%	9,25%	5,26%	6,69%	7,81%
EPS ²	5,84	3,86	6,31	14,4	13,9	7,14	10,3	13,3
Free Cash Flow ¹	10 501	15 942	17 446	12 385	38 361	59 124	45 204	53 449
FCF margin	2,83%	3,86%	3,66%	2,17%	5,72%	10,1%	6,88%	7,31%
FCF Conversion (EBITDA)	15,1%	21,5%	20,3%	10,6%	28,3%	59,9%	37,2%	38,7%
FCF Conversion (Net income)	41,6%	94,6%	63,2%	19,4%	61,8%	193%	103%	93,7%
Dividend per Share ²	2,50	2,50	4,20	7,00	8,79	6,07	6,25	6,96
Announcement Date	01/30/19	02/07/20	02/04/21	02/10/22	02/09/23	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	126 926	150 665	172 936	144 391	160 439	188 626	177 490	130 891	136 275	154 167	160 883	140 359	150 848	176 837	190 500
EBITDA ¹	26 634	32 290	33 685	29 616	34 355	37 630	34 027	22 135	23 900	25 973	30 759	26 249	29 411	35 048	36 723
EBIT ¹	13 174	18 426	19 615	16 113	20 606	23 683	19 774	7 695	9 412	11 405	12 223	10 339	13 286	17 882	18 928
Operating Margin	10,4%	12,2%	11,3%	11,2%	12,8%	12,6%	11,1%	5,88%	6,91%	7,40%	7,60%	7,37%	8,81%	10,1%	9,94%
Earnings before Tax (EBT) ¹	13 344	18 474	37 336	16 663	21 136	23 615	20 212	7 870	10 111	12 252	10 988	9 477	12 459	17 027	18 297
Net income ¹	10 338	14 176	30 916	12 907	15 988	17 465	15 730	5 817	7 740	8 776	8 642	7 464	9 375	12 724	13 921
Net margin	8,14%	9,41%	17,9%	8,94%	9,97%	9,26%	8,86%	4,44%	5,68%	5,69%	5,37%	5,32%	6,21%	7,20%	7,31%
EPS ²	2,30	3,20	6,99	2,92	3,61	3,92	3,57	1,30	1,76	2,00	1,98	1,79	2,36	3,17	3,21
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	8,84	-
Announcement Date	07/29/21	10/28/21	02/10/22	04/28/22	07/28/22	10/27/22	02/09/23	04/27/23	07/27/23	10/26/23	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	133 077	149 916	146 810	140 629	197 927	101 556	76 884	59 931
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1,92x	2,03x	1,70x	1,21x	1,46x	1,03x	0,63x	0,43x
Free Cash Flow ¹	10 501	15 942	17 446	12 385	38 361	59 124	45 204	53 449
ROE (net income / shareholders' equity)	12,6%	8,34%	13,2%	26,7%	21,1%	10,4%	14,7%	17,0%
Shareholders' equity ¹	200 176	201 997	209 802	239 356	294 823	294 017	299 918	335 768
ROA (Net income/ Total Assets)	5,63%	3,09%	4,84%	10,2%	8,59%	4,45%	6,27%	7,89%
Assets ¹	448 616	545 008	570 256	628 013	722 447	689 231	701 160	722 932
Book Value Per Share ²	47,8	47,1	51,1	59,6	69,7	69,1	75,5	84,3
Cash Flow per Share ²	11,9	17,0	17,5	18,7	25,7	23,0	23,0	25,0
Capex ¹	40 259	56 361	57 628	69 301	71 890	47 935	55 588	57 167
Capex / Sales	10,8%	13,6%	12,1%	12,2%	10,7%	8,21%	8,46%	7,82%
Announcement Date	01/30/19	02/07/20	02/04/21	02/10/22	02/09/23	-	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for ASE Technology Holding Co., Ltd.

Trading Rating :

Investor Rating :

ESG Refinitiv :

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

128.00TWD

Average target price

122.84TWD

Spread / Average Target

-4.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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