ASE Technology Holding (3711) Fair Value & Analysis

Technology · TW · Market cap 2.7T TWD

A solid business, but screening 72% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (213.07 TWD). The favourable scenario is already priced in.
• Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range (114.73 TWD to 213.07 TWD) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 62.19 TWD – 720.42 TWD · fair‑value band 114.73 TWD – 213.07 TWD · the 585.00 TWD price screens above the 163.90 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

ASE Technology Holding (3711) currently trades at 585.00 TWD, while our model-based Fair Value estimate is 163.90 TWD, implying the stock looks roughly 72.0% overvalued today. We read business quality at 55/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, ASE Technology Holding generated revenue of 671B TWD at a net margin of 7.0%. Revenue grew 17.2% year over year. It earns a return on equity of 13.6%. Net debt stands at 172B TWD. Fundamentals as of Jul 18, 2026

Our scenario range runs from 114.73 TWD (bear case) to 213.07 TWD (bull case); at 585.00 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 13% below its 52-week high and 337% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -62% fair-value upside, at -72%, 3711 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Growth Earnings (163.90 TWD) versus Asset-Based (52.97 TWD). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ASE Technology Holding reported revenue of 645B TWD in FY2025 versus 570B TWD in FY2021, a compound +3.2%/yr. Reported net income was 40.7B TWD in FY2025, compounding −9.3%/yr from FY2021.

3711 screens 72% overvalued. Compare with NVIDIA Corporation →

Peer Group

Semiconductors · 319 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Semiconductors median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.