NAS10029,447+1.73%S&P7,638+1.14%GOLD$4,384−0.08%BTC$76,220+0.09%VIX15.44−12.82%live tape · as of 23:00 UTC · 17 Sep
The Screen · Technology · Semiconductors
ASE Technology Holding CoLtd ADR
ASX · the NYSE · USD · Market cap $103.8B · 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.
Screened 2026-09-10 · the tape above runs as of 23:00 UTC · 17 Sep · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markup label.
ASE Technology Holding CoLtd ADR holds its Markup at $39.86. Consolidating, no directional conviction, held for 5 days.
As held on the ledger · 2026-09-10
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 5 days
Price at the screen
$39.86
Valuation
48.02 trailing · 20.41 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.58
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.
Fair value range in USD, drawn from the 2026-09-10 screen. The gold marker is the market price at the same screen. The price runs 15.3% 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.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-10 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.
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
2026-08-29Markup$37.08+0.7%Entry 12
The framework 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
The framework 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
The framework 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
The framework 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
The framework 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
The framework 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.
2026-07-24Markup$38.41+0.0%Entry 6
The framework 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.
2026-07-23Markup$38.41+0.0%Entry 5
The framework 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.
2026-07-22Markup$38.41+0.8%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 0.8% 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.
2026-07-18Markup$38.12+0.0%Entry 3
The framework 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 (70). 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.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
