Asia and Global Semiconductor and Tech Research

Andrew Lu

Event-Driven

Advanced Semiconductor Engr / Event-Driven

<h2>What's new?</h2><p>After <a href="https://www.smartkarma.com/entities/721" target="_blank" data-smartkarma-citation="entities:721:1">Advanced Semiconductor Engr (2311 TT)</a> and <a href="https://www.smartkarma.com/entities/720" target="_blank" data-smartkarma-citation="entities:720:1">Siliconware Precision Inds (2325 TT)</a> received antitrust clearances from the Taiwan Fair Trade Commission (please see our earlier report "<a href="https://www.smartkarma.com/insights/taiwan-fair-trade-commission-says-yes-to-the-ase-spil-merger" target="_blank" data-smartkarma-citation="insights:7122">Taiwan Fair Trade Commission Says Yes to the ASE/SPIL Merger</a> " dated 16 Nov 2016, the Anti-Monopoly Bureau under the Ministry of Commerce People's Republic of China (MOFCOM, 中华人民共和國商务部) has conditionally approved ASE/SPIL merger case on 24 Nov 2017. Thus, ASE will convene an extraordinary general…</p>

What's new?After Advanced Semiconductor Engr (2311 TT) and Siliconware Precision Inds (2325 TT) received antitrust clearances from the Taiwan Fair Trade Commission (please see our earlier report "Taiwan Fair Trade Commission Says Yes to the ASE/SPIL Merger " dated 16 Nov 2016, the Anti-Monopoly Bureau under the Ministry of Commerce People's Republic of China (MOFCOM, 中华人民共和國商务部) has conditionally approved ASE/SPIL merger case on 24 Nov 2017. Thus, ASE will convene an extraordinary general…

China MOFCOM Says Yes to ASE and SPIL Merger; Four Takeaways

Equity Bottom-Up

Advanced Semiconductor Engr / Equity Bottom-Up

<h2><strong>Summary</strong></h2><ul>
<li><em><strong><strong>Need another property disposal gain to window dressing 3Q17: </strong></strong>By removing 2Q's property disposal gain, ASE could only deliver NT$0.44 EPS for 2Q17, falling short of Bloomberg's NT$0.57. ASE is guiding below seasonal 3Q sales growth of 12% q/q at a GM of 18%, which is 2% below Bloomberg consensus' sales estimates and 1-2ppts miss on margin. We thus expect analysts to cut their 3Q17 EPS estimates to NT$0.6 level from NT$0.85 now.</em></li>
<li>
<em><strong>ASE in fan out? </strong>The current fan-out capacity is about 15,000</em>…</li>
</ul>

Summary
Need another property disposal gain to window dressing 3Q17: By removing 2Q's property disposal gain, ASE could only deliver NT$0.44 EPS for 2Q17, falling short of Bloomberg's NT$0.57. ASE is guiding below seasonal 3Q sales growth of 12% q/q at a GM of 18%, which is 2% below Bloomberg consensus' sales estimates and 1-2ppts miss on margin. We thus expect analysts to cut their 3Q17 EPS estimates to NT$0.6 level from NT$0.85 now.

ASE in fan out? The current fan-out capacity is about 15,000…


ASE Might Need Another Disposal Gain to Window Dressing 3Q17; SPIL Consolidation Is Still Unknown

China

Tianshui Huatian Technology Co.,Ltd. specializes in IC testing and packaging for the semiconductor ICs, devices and components.

Tianshui Huatian Technology Co, Ltd. (002185 CH)

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Tianshui Huatian Technology Co, Ltd. (002185 CH)

China MOFCOM Says Yes to ASE and SPIL Merger; Four Takeaways

What's new?After Advanced Semiconductor Engr (2311 TT) and Siliconware Precision Inds (2325 TT) received antitrust clearances from the Taiwan Fair...

Andrew Lu

ASE Might Need Another Disposal Gain to Window Dressing 3Q17; SPIL Consolidation Is Still Unknown

Summary Need another property disposal gain to window dressing 3Q17: By removing 2Q's property disposal gain, ASE could only deliver NT$0.44 EPS...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)