Financials ASE Technology Holding Co., Ltd.

Equities

3711

TW0003711008

Semiconductor Equipment & Testing

End-of-day quote Taiwan S.E. Other stock markets 18:00:00 2024-04-28 EDT			5-day change	1st Jan Change
147 ^TWD	+3.16%		+1.73%	+8.89%

04-25	ASE Technology Holding's Q1 Earnings Fall, Revenue Increases	MT
04-25	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	634,983	-	-
Enterprise Value (EV) ¹	503,721	493,602	595,967	600,878	697,708	726,078	710,242	695,480
P/E ratio	21.6 x	12.9 x	7.4 x	6.74 x	18.8 x	16.4 x	11.9 x	9.73 x
Yield	3%	5.17%	6.57%	9.36%	-	3.92%	4.89%	5.69%
Capitalization / Revenue	0.86 x	0.73 x	0.8 x	0.6 x	1 x	1.02 x	0.9 x	0.81 x
EV / Revenue	1.22 x	1.03 x	1.05 x	0.9 x	1.2 x	1.17 x	1 x	0.89 x
EV / EBITDA	6.81 x	5.73 x	5.11 x	4.43 x	7.09 x	6.53 x	5.28 x	4.68 x
EV / FCF	31.6 x	28.3 x	48.1 x	15.7 x	11.5 x	22.4 x	14.7 x	10.4 x
FCF Yield	3.16%	3.53%	2.08%	6.38%	8.71%	4.46%	6.8%	9.61%
Price to Book	1.76 x	1.59 x	1.79 x	1.35 x	1.97 x	1.97 x	1.78 x	1.6 x
Nbr of stocks (in thousands)	4,252,462	4,265,590	4,275,474	4,291,278	4,307,258	4,319,609	-	-
Reference price ²	83.20	81.30	106.5	93.90	135.0	147.0	147.0	147.0
Announcement Date	20-02-07	21-02-04	22-02-10	23-02-09	24-02-01	-	-	-

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	621,532	707,338	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	52,125	71,368	84,147
Operating Margin	5.69%	7.31%	10.9%	11.95%	6.93%	8.39%	10.09%	10.78%
Earnings before Tax (EBT) ¹	23,362	35,734	80,336	81,626	42,600	49,065	68,734	88,671
Net income ¹	16,850	27,593	63,908	62,090	31,725	39,078	54,099	66,489
Net margin	4.08%	5.78%	11.21%	9.25%	5.45%	6.29%	7.65%	8.52%
EPS ²	3.860	6.310	14.40	13.94	7.180	8.981	12.38	15.10
Free Cash Flow ¹	15,942	17,446	12,385	38,361	60,747	32,396	48,292	66,805
FCF margin	3.86%	3.66%	2.17%	5.72%	10.44%	5.21%	6.83%	8.56%
FCF Conversion (EBITDA)	21.55%	20.25%	10.62%	28.28%	61.72%	29.14%	35.9%	44.95%
FCF Conversion (Net income)	94.61%	63.23%	19.38%	61.78%	191.48%	82.9%	89.27%	100.48%
Dividend per Share ²	2.500	4.200	7.000	8.790	-	5.758	7.187	8.365
Announcement Date	20-02-07	21-02-04	22-02-10	23-02-09	24-02-01	-	-	-

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	137,168	166,226	183,366	153,142
EBITDA ¹	32,290	33,685	29,616	34,355	37,630	34,027	22,135	23,900	25,973	26,422	22,111	24,092	31,875	35,749	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	9,387	15,936	18,416	13,018
Operating Margin	12.23%	11.34%	11.16%	12.84%	12.56%	11.14%	5.88%	6.91%	7.4%	7.36%	5.67%	6.84%	9.59%	10.04%	8.5%
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	9,317	15,371	17,044	12,580
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	7,022	11,712	13,309	9,894
Net margin	9.41%	17.88%	8.94%	9.97%	9.26%	8.86%	4.44%	5.68%	5.69%	5.85%	4.28%	5.12%	7.05%	7.26%	6.46%
EPS ²	3.200	6.990	2.920	3.610	3.920	3.570	1.300	1.760	2.000	2.130	1.280	1.578	2.783	3.171	2.312
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	5.987	-	-
Announcement Date	21-10-28	22-02-10	22-04-28	22-07-28	22-10-27	23-02-09	23-04-27	23-07-27	23-10-26	24-02-01	24-04-25	-	-	-	-

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	91,096	75,260	60,497
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.026 x	1.704 x	1.206 x	1.459 x	1.181 x	0.8193 x	0.5595 x	0.4071 x
Free Cash Flow ¹	15,942	17,446	12,385	38,361	60,747	29,552	48,292	66,805
ROE (net income / shareholders' equity)	8.34%	13.2%	26.7%	21.1%	10.7%	12.5%	16%	17.3%
ROA (Net income/ Total Assets)	3.09%	4.84%	10.2%	8.59%	4.62%	5.7%	7.68%	10.3%
Assets ¹	545,008	570,256	628,013	722,447	687,090	682,865	704,453	648,670
Book Value Per Share ²	47.10	51.10	59.60	69.70	68.50	74.10	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	62,739	66,176	64,753
Capex / Sales	13.64%	12.08%	12.16%	10.71%	9.23%	10.12%	9.36%	8.29%
Announcement Date	20-02-07	21-02-04	22-02-10	23-02-09	24-02-01	-	-	-

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

147 TWD

Average target price

149.5 TWD

Spread / Average Target

+1.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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