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

Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

Taiwan Tech Weekly: Positive Signs for Memory, PC, Smartphones; Key Autos & Display Color This Week

Taiwan Tech Weekly: Taiwan AI Top Losers; Dell to Provide PC/Server Color; Post-3Q Results Takeaways

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

TSMC Results Highlight PC, Smartphone, Auto Turn-Arounds; Undemanding Valuation Can Drive 40% Upside

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

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>ASE's 3Q23 results came in in-line with analyst estimates, and showed gross margin ticking slightly higher QoQ.</li>
<li>Semiconductor Assembly, Testing, and Manufacturing (ATM) capacity utilization remains low, in the mid-60's percent.</li>
<li>Management is cautiously optimistic about an improving industry environment into next year, however was more guarded than what we gauged from TSMC or UMC in their recent results.</li>
</ul>


ASE's 3Q23 results came in in-line with analyst estimates, and showed gross margin ticking slightly higher QoQ.
Semiconductor Assembly, Testing, and Manufacturing (ATM) capacity utilization remains low, in the mid-60's percent.
Management is cautiously optimistic about an improving industry environment into next year, however was more guarded than what we gauged from TSMC or UMC in their recent results.


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