Financials ASE Technology Holding Co., Ltd.

Equities

3711

TW0003711008

Semiconductor Equipment & Testing

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
142.5 ^TWD	-1.72%		-2.40%	+5.56%

Apr. 25	ASE Technology Holding's Q1 Earnings Fall, Revenue Increases	MT
Apr. 25	ASE Technology Holding Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	353,805	346,792	455,338	402,951	581,480	614,385	-	-
Enterprise Value (EV) ¹	503,721	493,602	595,967	600,878	697,708	708,705	688,809	679,464
P/E ratio	21.6 x	12.9 x	7.4 x	6.74 x	18.8 x	15.7 x	11.3 x	9.44 x
Yield	3%	5.17%	6.57%	9.36%	-	4.04%	5.04%	5.87%
Capitalization / Revenue	0.86 x	0.73 x	0.8 x	0.6 x	1 x	0.99 x	0.87 x	0.79 x
EV / Revenue	1.22 x	1.03 x	1.05 x	0.9 x	1.2 x	1.14 x	0.97 x	0.87 x
EV / EBITDA	6.81 x	5.73 x	5.11 x	4.43 x	7.09 x	6.37 x	5.12 x	4.57 x
EV / FCF	31.6 x	28.3 x	48.1 x	15.7 x	11.5 x	13.1 x	14.8 x	11.8 x
FCF Yield	3.16%	3.53%	2.08%	6.38%	8.71%	7.62%	6.76%	8.49%
Price to Book	1.76 x	1.59 x	1.79 x	1.35 x	1.97 x	1.9 x	1.73 x	1.55 x
Nbr of stocks (in thousands)	4,252,462	4,265,590	4,275,474	4,291,278	4,307,258	4,311,471	-	-
Reference price ²	83.20	81.30	106.5	93.90	135.0	142.5	142.5	142.5
Announcement Date	2/7/20	2/4/21	2/10/22	2/9/23	2/1/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	413,182	476,978	569,997	670,945	581,914	622,335	709,624	780,691
EBITDA ¹	73,993	86,136	116,649	135,628	98,430	111,183	134,511	148,605
EBIT ¹	23,526	34,877	62,125	80,176	40,328	52,997	72,373	84,147
Operating Margin	5.69%	7.31%	10.9%	11.95%	6.93%	8.52%	10.2%	10.78%
Earnings before Tax (EBT) ¹	23,362	35,734	80,336	81,626	42,600	51,043	70,888	88,671
Net income ¹	16,850	27,593	63,908	62,090	31,725	39,800	55,358	66,489
Net margin	4.08%	5.78%	11.21%	9.25%	5.45%	6.4%	7.8%	8.52%
EPS ²	3.860	6.310	14.40	13.94	7.180	9.103	12.62	15.10
Free Cash Flow ¹	15,942	17,446	12,385	38,361	60,747	53,988	46,574	57,688
FCF margin	3.86%	3.66%	2.17%	5.72%	10.44%	8.68%	6.56%	7.39%
FCF Conversion (EBITDA)	21.55%	20.25%	10.62%	28.28%	61.72%	48.56%	34.62%	38.82%
FCF Conversion (Net income)	94.61%	63.23%	19.38%	61.78%	191.48%	135.65%	84.13%	86.76%
Dividend per Share ²	2.500	4.200	7.000	8.790	-	5.758	7.187	8.365
Announcement Date	2/7/20	2/4/21	2/10/22	2/9/23	2/1/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q1
Net sales ¹	150,665	172,936	144,391	160,439	188,626	177,490	130,891	136,275	154,167	160,581	132,803	137,456	167,169	185,226	155,183
EBITDA ¹	32,290	33,685	29,616	34,355	37,630	34,027	22,135	23,900	25,973	26,422	22,111	24,575	32,070	35,415	29,692
EBIT ¹	18,426	19,615	16,113	20,606	23,683	19,774	7,695	9,412	11,405	11,815	7,525	9,436	16,354	19,129	13,383
Operating Margin	12.23%	11.34%	11.16%	12.84%	12.56%	11.14%	5.88%	6.91%	7.4%	7.36%	5.67%	6.86%	9.78%	10.33%	8.62%
Earnings before Tax (EBT) ¹	18,474	37,336	16,663	21,136	23,615	20,212	7,870	10,111	12,252	12,367	7,860	9,466	15,676	17,693	13,310
Net income ¹	14,176	30,916	12,907	15,988	17,465	15,730	5,817	7,740	8,776	9,392	5,682	7,157	11,965	13,771	10,310
Net margin	9.41%	17.88%	8.94%	9.97%	9.26%	8.86%	4.44%	5.68%	5.69%	5.85%	4.28%	5.21%	7.16%	7.43%	6.64%
EPS ²	3.200	6.990	2.920	3.610	3.920	3.570	1.300	1.760	2.000	2.130	1.280	1.585	2.847	3.269	2.388
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	5.987	-	-
Announcement Date	10/28/21	2/10/22	4/28/22	7/28/22	10/27/22	2/9/23	4/27/23	7/27/23	10/26/23	2/1/24	4/25/24	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	149,916	146,810	140,629	197,927	116,228	94,321	74,424	65,079
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.026 x	1.704 x	1.206 x	1.459 x	1.181 x	0.8483 x	0.5533 x	0.4379 x
Free Cash Flow ¹	15,942	17,446	12,385	38,361	60,747	53,989	46,574	57,688
ROE (net income / shareholders' equity)	8.34%	13.2%	26.7%	21.1%	10.7%	12.7%	16.1%	17.3%
ROA (Net income/ Total Assets)	3.09%	4.84%	10.2%	8.59%	4.62%	5.96%	7.81%	10.3%
Assets ¹	545,008	570,256	628,013	722,447	687,090	667,728	708,972	648,670
Book Value Per Share ²	47.10	51.10	59.60	69.70	68.50	75.00	82.60	91.90
Cash Flow per Share ²	17.00	17.50	18.70	25.70	26.30	18.30	24.50	27.80
Capex ¹	56,361	57,628	69,301	71,890	53,683	64,823	65,992	64,753
Capex / Sales	13.64%	12.08%	12.16%	10.71%	9.23%	10.42%	9.3%	8.29%
Announcement Date	2/7/20	2/4/21	2/10/22	2/9/23	2/1/24	-	-	-

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

142.5 TWD

Average target price

148.5 TWD

Spread / Average Target

+4.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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