ASE Technology Holding (3711.TW): AI semiconductor accelerates multi-year growth and structural Margin Upside

研报英文原文证据摘录

ASE Technology Holding (3711.TW): AI semiconductor accelerates multi-year growth and structural Margin Upside

Action |

30 Jul 2026 13:01:07 ET │ 18 pages

ASE Technology Holding (3711.TW)

AI semiconductor accelerates multi-year growth and structural Margin

Upside

CITI'S TAKE

ASEH delivered another upbeat result, with solid 21% GM and net profit of Buy

NT$21bn (up 49% QoQ and 180% YoY). It raised its growth outlook (IC ATM

to be up 35% YoY; LEAP revenue to be over US$3.5bn and doubling into Short-Term View: Upside

2027) and 2026 capex expectations (from US$8.5bn to now US$10.5bn), Price (30 Jul 26 13:30) NT$505.00

citing stronger-than-anticipated demand for LEAP (advanced packaging Target price NT$750.00↑and testing). With accelerating investment in LEAP, panel-level packaging,

full-process packaging and future CPO technologies, ASEH believes it is from NT$600.00

well positioned to capture a multi-year AI growth cycle while continuing to Expected share price

expand profitability. Maintain Buy and lift TP to NT$750 (25X 2027 EPS). 48.5% return

Expected dividend yield 1.4%Capex accelerates to expand advanced packaging leadership — ASEH believes AI

remains in the early stages of a structural infrastructure buildout, supporting Expected total return 49.9%

sustained demand well beyond current AI accelerator deployments. Demand is also Market Cap NT$2,257,639M

broadening beyond AI accelerators into industrial power, connectivity and storage,

US$69,766Mreinforcing confidence that AI infrastructure spending will remain a multi-year

growth driver. Profitability continues to improve faster than expected as LEAP and

advanced testing contribute a larger share of revenue. ATM gross margin reached

27.3% in 2Q26, while management expects margins to improve sequentially and