Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

ASE Q1'23 Revenues Decline 26% QoQ, Q2'23 Outlook Flat Sequentially

ASEH (3711.TT): 4Q23F Outlook Should Remain Decline for a Normal Seasonality.

ASE's Results Shows Chip Packaging & Testing Utilization Is Still Low, However Improvement Expected

Nvidia, TSMC, ASML Trading Monitor -  TSMC & ASML Results Indicate Cycle Bottom 2Q23E for Leaders

Memory Monitor: SK Hynix & Samsung Losses & Conservative Guidance Indicate Two-Track Chip Recovery

Taiwan Tech Weekly: This Is a Major Earnings Week; Are We Entering a 2-Track Semiconductor Recovery?

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>ASE's results commentary for its semiconductor packaging and testing service said that inventory problems for the industry are taking longer than expected to improve.</li>
<li>The weaker than expected environment was only realized towards the end of 1Q23. The company's utilization is near an all-time low which is expected to persist through 2Q23E.</li>
<li>Automotive remains a bright spot for the company, with Auto-linked revenue rising 30% YoY.</li>
</ul>


ASE's results commentary for its semiconductor packaging and testing service said that inventory problems for the industry are taking longer than expected to improve.
The weaker than expected environment was only realized towards the end of 1Q23. The company's utilization is near an all-time low which is expected to persist through 2Q23E.
Automotive remains a bright spot for the company, with Auto-linked revenue rising 30% YoY.


ASE Technology: Semiconductor Packaging & Testing Demand Suprisingly Weak At End of Quarter