# ASE Industrial Holding (3711.TW)

Canonical: https://gigainvestors.com/s/3711.TW

Analysis as of: 2026-10-16T07:33:43.769Z. Financial observations: FY1999–FY2026.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: TWD 673.00 per share; close as of 2026-10-15.

Estimated value: low TWD 139.18 per share, central TWD 182.23 per share, high TWD 209.98 per share. Buy at or below the central value TWD 182.23 per share. Valuation as of 2026-10-16T07:33:43.769Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; TW 10-year bond 2.0% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.07×

- FY2019: 0.06×

- FY2020: 0.07×

- FY2021: 0.11×

- FY2022: 0.12×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: 0.08×

- LTM to Jun 2026: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.1%

- ROIC, second-lowest year: 7.7%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 17.1%

- Recent gross margin (lower of latest and 3-year median): 16.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.5%

- ROIC including acquisitions, ten-year median: 7.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.1%

- FY2017: 9.8%

- FY2018: 7.7%

- FY2019: 6.0%

- FY2020: 9.1%

- FY2021: 14.8%

- FY2022: 17.2%

- FY2023: 8.9%

- FY2024: 8.5%

- FY2025: 9.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.60×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 137B

- Net income, five-year total: TWD 226B

- Return on incremental invested capital: 10.3%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.4 pp

- Working capital / revenue, final three-year average: 18.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.98×

- FY2022: 0.97×

- FY2023: 1.04×

- FY2024: 0.47×

- FY2025: -0.75×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.8% vs 8.9%

- Per-share earnings: 5.26 to 7.37 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.2%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: TWD 838B

- Cumulative retained earnings: TWD 75B

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.3%

- Per-share value change: TWD 2.12

- Per-share value, starting three-year median: TWD 5.26

- Per-share value, ending three-year median: TWD 7.37

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 0.4%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 71B

- Cumulative net income, 10 years: TWD 340B

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: 8.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 5.26

- FY2017: TWD 5.33

- FY2018: TWD 5.94

- FY2019: TWD 3.94

- FY2020: TWD 6.28

- FY2021: TWD 13.85

- FY2022: TWD 14.33

- FY2023: TWD 7.30

- FY2024: TWD 7.37

- FY2025: TWD 9.18

### accounting: pass

- Sloan accruals: -11.4%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.19×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.5%

- FY2017: -6.7%

- FY2018: -4.8%

- FY2019: -9.9%

- FY2020: -8.2%

- FY2021: -3.2%

- FY2022: -7.0%

- FY2023: -12.4%

- FY2024: -7.9%

- FY2025: -11.4%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 23.4% a year for ten years · sales +10.2%

Story as of 2026-10-16T09:59:57.544Z; price observation 2026-10-15.

Price needs cash profits to grow 23.4% a year for ten years

- 2026-02-06: ASE Technology (ASX) Climbs 6.7% on Earnings Blowout ([finance.yahoo.com](https://finance.yahoo.com/news/ase-technology-asx-climbs-6-080715475.html))

- 2026-04-29: Taiwan's ASE expects strong demand to boost advanced chip packaging sales in 2026 ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/taiwans-ase-expects-strong-demand-091008320.html))

- 2026-06-24: Taiwan's ASE says it is expanding capacity to support AI demand ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/taiwans-ase-says-expanding-capacity-045131088.html))

### Sales · FY2025–2026

sales +10.2%; source https://www.sec.gov/Archives/edgar/data/1122411/000119312526135585/d50802d20f.htm; observed 2026-04-01.

- FY2017: TWD 290B 

- FY2018: TWD 371B 

- FY2019: TWD 413B 

- FY2020: TWD 477B 

- FY2021: TWD 570B 

- FY2022: TWD 671B 

- FY2023: TWD 582B 

- FY2024: TWD 595B 

- FY2025: TWD 645B 

- FY2026: TWD 711B 

### Gross margin · FY2025

gross margin 17.7%; source https://www.sec.gov/Archives/edgar/data/1122411/000119312526135585/d50802d20f.htm; observed 2026-04-01.

- FY2016: 19.4% 

- FY2017: 18.2% 

- FY2018: 16.5% 

- FY2019: 15.6% 

- FY2020: 16.3% 

- FY2021: 19.4% 

- FY2022: 20.1% 

- FY2023: 15.8% 

- FY2024: 16.3% 

- FY2025: 17.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are TWD 645.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1122411/000119312526135585/d50802d20f.htm (filed 2026-04-01); FY2025: revenue 645388000000; grossProfit 114193000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 3711.TW: ASE Technology Holding Co., Ltd., together with its subsidiaries, provides semiconductor manufacturing services in the United States, Taiwan, rest of Asia, Europe, and internationally. It operates through Packaging, Testing, and EMS. The company offers semiconductor packaging, interconnect materials production, front-end engineering testing, wafer probing, and final testing services, as well as integrated solutions for EMS (electronic manufacturing services) in relation to computing, peripherals, communications, industrial, automotive, and server applications. It also provides turnkey services, such as packaging, testing, and direct shipment of semiconductors to end users; wire bonding, including lead frame and substrate-based packages; advanced packages; heterogeneous integration; and other test-related services. In addition, the company engages in the leasing of properties; development, construction, sale, and management of real estate properties; management of parking lot; leasing of properties for shopping center; and management of commercial complex services and department store trading activities, as well as offers social, marketing and sales, information software, leasing and investing, and after-sales and sales support services. Further, it engages in the substrates production; investment advisory and warehousing management; design and manufacturing of electronic components and new electronic applications; technical advisory; management, training, and consulting of organization and human resources; projection of plastic; manufacture and sale of antennas, RF amplifiers and wave straps, PCBs, and tuners; and research and development activities. ASE Technology Holding Co., Ltd. was founded in 1984 and is based in Kaohsiung, Taiwan.

### Why customers stay

Margins ranged from 15.8% to 17.7% during 2023–25; it earns 9.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2023: grossProfit / revenue = 15.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2024: grossProfit / revenue = 16.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1122411/000119312526135585/d50802d20f.htm (filed 2026-04-01); FY2025: grossProfit / revenue = 17.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); 10-year return on capital observations [[2016,0.10098161327146551],[2017,0.0977552071649188],[2018,0.07690640825111168],[2019,0.06046073645575075],[2020,0.09137055386570739],[2021,0.14816960147308866],[2022,0.17155960162276046],[2023,0.08936926693607256],[2024,0.08533498310665023],[2025,0.09055564020307734]]; median 0.09096309703439237. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2016: growth capex 0; upkeep 27228056000; owner earnings 23886248000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2017: growth capex 0; upkeep 25037224000; owner earnings 27033729000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2018: growth capex 0; upkeep 40259000000; owner earnings 27299236000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2019: growth capex 6488269000; upkeep 49872731000; owner earnings 15898806000. Growth capex / owner earnings = 0.4080978785450933.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2020: growth capex 6931195000; upkeep 50696805000; owner earnings 25795414000. Growth capex / owner earnings = 0.26869873071236616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2021: growth capex 15527770000; upkeep 53773230000; owner earnings 58670190200. Growth capex / owner earnings = 0.26466200206727813.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2022: growth capex 16438111000; upkeep 55451889000; owner earnings 59959847600. Growth capex / owner earnings = 0.27415198100003174.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2023: growth capex 0; upkeep 54158229000; owner earnings 32932756800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); FY2024: growth capex 6430469052.868393; upkeep 75252264947.1316; owner earnings 15379478452.868393. Growth capex / owner earnings = 0.41812009897312613.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); Dividend observations: [[2016,12243766000],[2017,11214221000],[2018,10614000000],[2019,10623030000],[2020,8520982000],[2021,18082500000],[2022,29990842000],[2023,37840609000],[2024,22459417000],[2025,23034000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 24.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 3711.TW SharesStats.PercentInsiders = 24.413 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 23.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-01); Ten-year compound average after fade. Initial solved rate 0.32852380023606587. Price 673; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.860247785641923 → FY2025 -6.85298692261354. Closing-price date 2026-10-15.

## Monthly share-price history (TWD per share)

- 2016-10: TWD 73.98 per share

- 2016-11: TWD 68.29 per share

- 2016-12: TWD 65.90 per share

- 2017-01: TWD 68.39 per share

- 2017-02: TWD 76.30 per share

- 2017-03: TWD 77.50 per share

- 2017-04: TWD 75.90 per share

- 2017-05: TWD 77.00 per share

- 2017-06: TWD 78.10 per share

- 2017-07: TWD 81.20 per share

- 2017-08: TWD 72.80 per share

- 2017-09: TWD 74.20 per share

- 2017-10: TWD 72.70 per share

- 2017-11: TWD 77.70 per share

- 2017-12: TWD 76.30 per share

- 2018-01: TWD 82.80 per share

- 2018-02: TWD 79.50 per share

- 2018-03: TWD 83.90 per share

- 2018-04: TWD 80.30 per share

- 2018-05: TWD 76.00 per share

- 2018-06: TWD 71.60 per share

- 2018-07: TWD 78.40 per share

- 2018-08: TWD 75.30 per share

- 2018-09: TWD 74.50 per share

- 2018-10: TWD 62.40 per share

- 2018-11: TWD 62.40 per share

- 2018-12: TWD 58.30 per share

- 2019-01: TWD 60.00 per share

- 2019-02: TWD 62.90 per share

- 2019-03: TWD 67.50 per share

- 2019-04: TWD 71.70 per share

- 2019-05: TWD 59.80 per share

- 2019-06: TWD 61.50 per share

- 2019-07: TWD 69.90 per share

- 2019-08: TWD 71.40 per share

- 2019-09: TWD 70.80 per share

- 2019-10: TWD 79.50 per share

- 2019-11: TWD 75.60 per share

- 2019-12: TWD 83.20 per share

- 2020-01: TWD 74.60 per share

- 2020-02: TWD 71.30 per share

- 2020-03: TWD 58.60 per share

- 2020-04: TWD 67.10 per share

- 2020-05: TWD 61.80 per share

- 2020-06: TWD 67.60 per share

- 2020-07: TWD 75.60 per share

- 2020-08: TWD 61.20 per share

- 2020-09: TWD 59.20 per share

- 2020-10: TWD 63.20 per share

- 2020-11: TWD 76.60 per share

- 2020-12: TWD 81.30 per share

- 2021-01: TWD 92.00 per share

- 2021-02: TWD 103.50 per share

- 2021-03: TWD 107.50 per share

- 2021-04: TWD 118.00 per share

- 2021-05: TWD 111.50 per share

- 2021-06: TWD 112.00 per share

- 2021-07: TWD 122.50 per share

- 2021-08: TWD 128.50 per share

- 2021-09: TWD 109.00 per share

- 2021-10: TWD 99.80 per share

- 2021-11: TWD 102.00 per share

- 2021-12: TWD 106.50 per share

- 2022-01: TWD 98.80 per share

- 2022-02: TWD 99.30 per share

- 2022-03: TWD 103.50 per share

- 2022-04: TWD 95.60 per share

- 2022-05: TWD 104.50 per share

- 2022-06: TWD 76.40 per share

- 2022-07: TWD 86.40 per share

- 2022-08: TWD 85.40 per share

- 2022-09: TWD 80.10 per share

- 2022-10: TWD 80.40 per share

- 2022-11: TWD 97.20 per share

- 2022-12: TWD 93.90 per share

- 2023-01: TWD 100.00 per share

- 2023-02: TWD 106.00 per share

- 2023-03: TWD 112.50 per share

- 2023-04: TWD 101.00 per share

- 2023-05: TWD 111.50 per share

- 2023-06: TWD 110.50 per share

- 2023-07: TWD 114.50 per share

- 2023-08: TWD 118.00 per share

- 2023-09: TWD 109.50 per share

- 2023-10: TWD 113.50 per share

- 2023-11: TWD 128.00 per share

- 2023-12: TWD 135.00 per share

- 2024-01: TWD 136.00 per share

- 2024-02: TWD 139.00 per share

- 2024-03: TWD 157.00 per share

- 2024-04: TWD 148.00 per share

- 2024-05: TWD 157.00 per share

- 2024-06: TWD 168.50 per share

- 2024-07: TWD 150.00 per share

- 2024-08: TWD 153.50 per share

- 2024-09: TWD 151.00 per share

- 2024-10: TWD 157.00 per share

- 2024-11: TWD 151.50 per share

- 2024-12: TWD 162.00 per share

- 2025-01: TWD 177.00 per share

- 2025-02: TWD 171.00 per share

- 2025-03: TWD 143.00 per share

- 2025-04: TWD 135.50 per share

- 2025-05: TWD 138.00 per share

- 2025-06: TWD 147.50 per share

- 2025-07: TWD 152.50 per share

- 2025-08: TWD 151.00 per share

- 2025-09: TWD 164.00 per share

- 2025-10: TWD 247.50 per share

- 2025-11: TWD 229.50 per share

- 2025-12: TWD 250.50 per share

- 2026-01: TWD 297.00 per share

- 2026-02: TWD 387.50 per share

- 2026-03: TWD 328.50 per share

- 2026-04: TWD 478.00 per share

- 2026-05: TWD 611.00 per share

- 2026-06: TWD 680.00 per share

- 2026-07: TWD 555.00 per share

- 2026-08: TWD 584.00 per share

- 2026-09: TWD 703.00 per share

- 2026-10: TWD 740.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 65.90 per share, central TWD 77.61 per share, high TWD 88.94 per share

- FY2017: low TWD 79.41 per share, central TWD 95.12 per share, high TWD 109.14 per share

- FY2018: low TWD 114.12 per share, central TWD 153.58 per share, high TWD 177.84 per share

- FY2019: low TWD 90.44 per share, central TWD 101.84 per share, high TWD 116.20 per share

- FY2020: low TWD 105.55 per share, central TWD 125.40 per share, high TWD 144.31 per share

- FY2021: low TWD 146.84 per share, central TWD 203.08 per share, high TWD 235.83 per share

- FY2022: low TWD 168.51 per share, central TWD 235.51 per share, high TWD 274.53 per share

- FY2023: low TWD 106.95 per share, central TWD 133.85 per share, high TWD 154.14 per share

- FY2024: low TWD 100.70 per share, central TWD 112.26 per share, high TWD 127.65 per share

- FY2025: low TWD 110.24 per share, central TWD 122.66 per share, high TWD 139.21 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:27.199Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1122411/000119312526135585/d50802d20f.htm); period 2025-12-31, filed 2026-04-01.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.