NAS10028,385−3.46%S&P7,580−1.82%GOLD$3,904+0.13%BTC$78,261+0.02%VIX19.09−1.70%latest tape · as of 08:40 UTC
The Screen · Technology · Semiconductors
ASE Technology Holding CoLtd ADR
ASX · the NYSE · USD · Market cap $89.7B · 107,950 employees
ASE Technology Holding Co., Ltd., together with its subsidiaries, provides semiconductor manufacturing services in the United States, Taiwan, rest of Asia, Europe, and internationally.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 3.22, read 2026-11-01
Ethical passes the values gate
Price39.50 USD
Fair value38.07
Ethical score70.0/100
Our investment reviews on this name
2026-10-20Read Distribution40.80-3.2% to today ✓Markup gives way to Distribution after a 7% rise in 16 weeks
2026-07-02Read Markup38.12+3.6% to today ✓First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
ASE Technology Holding CoLtd ADR holds its Markup at $39.50. Elevated stress, defensive posture warranted, held for 1 days.
As held on the ledger · 2026-10-30
Phase
Markup
Quantitative state
Elevated stress, defensive posture warranted, held for 1 days
Price at the screen
$39.50
Valuation
48.57 trailing · 19.01 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.53
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
29.64%
Below 33%
Interest-bearing debt is just 29.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
1.99%
Below 33%
Cash held in interest-bearing accounts and securities is 2.0% of assets, under the one-third limit.
Pass
Receivables
24.45%
Below 49%
Money owed to the company is 24.5% of assets, under the 49% limit.
Pass
Revenue purity
0.29%
Below 5%
Only 0.3% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
ASE Technology Holding CoLtd clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 30%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-01. It updates when the underlying figures move, and past reads are kept below.
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Fair value range in USD, drawn from the 2026-10-30 screen. The gold marker is the market price at the same screen. The price runs 3.6% above the base estimate.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $38.07, with a range of $38.07 to $43.78, dated to the 2026-10-30 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Chip packaging cycles offer no margin of safety
Every wafer that leaves the fab still needs someone to slice it, case it and test it before the phones or servers hit the shelves. ASE sits at that unglamorous step in the chain, turning raw silicon into finished packages for clients across Asia and beyond.
We pass because the shares sit above our fair value with a forward multiple that leaves no buffer once the cycle turns. Revenue growth of 17 percent looks respectable yet a 7 percent profit margin and narrow moat give little protection when utilisation falls, exactly the pattern that defines this industry.
The real risk lies in the cyclical value trap. Peak earnings often arrive with peak multiples that later compress sharply, while Taiwan currency swings and customer concentration can erode returns faster than the 14 percent ROE suggests. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it already moves more than the market on an average day; its business and earnings are exposed to Taiwan and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ASX trades on the NYSE (the company is based in Taiwan). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-27Distribution$40.80+0.0%Entry 16
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 18% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 251%. Our forward projection puts the odds of a 10% gain over the next month near 43%. The street (2 analysts) rates it strong buy, with a mean price target of $36.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 12.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 251%. Our forward projection puts the odds of a 10% gain over the next month near 43%. The street (2 analysts) rates it strong buy, with a mean price target of $36.
2026-10-13Markup$46.43+2.5%Entry 14
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 2.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 95% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 251%. Our forward projection puts the odds of a 10% gain over the next month near 43%. The street (2 analysts) rates it strong buy, with a mean price target of $36.
2026-10-02Markup$45.31+22.2%Entry 13
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 22.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 95% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 251%. Our forward projection puts the odds of a 10% gain over the next month near 43%. The street (2 analysts) rates it strong buy, with a mean price target of $36.
2026-08-29Markup$37.08+0.7%Entry 12
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 0.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 95% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 251%. Our forward projection puts the odds of a 10% gain over the next month near 43%. The street (2 analysts) rates it strong buy, with a mean price target of $36.
2026-07-30Markup$36.84+0.0%Entry 11
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 95% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 251%. Our forward projection puts the odds of a 10% gain over the next month near 43%. The street (2 analysts) rates it strong buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-28Markup$36.84+0.0%Entry 10
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 95% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 251%. Our forward projection puts the odds of a 10% gain over the next month near 43%. The street (2 analysts) rates it strong buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-27Markup$36.84+0.0%Entry 9
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 95% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 251%. Our forward projection puts the odds of a 10% gain over the next month near 43%. The street (2 analysts) rates it strong buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-26Markup$36.84+0.0%Entry 8
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 95% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 251%. Our forward projection puts the odds of a 10% gain over the next month near 43%. The street (2 analysts) rates it strong buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-25Markup$36.84-4.1%Entry 7
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 4.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 95% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 251%. Our forward projection puts the odds of a 10% gain over the next month near 43%. The street (2 analysts) rates it strong buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
