ASE Technology Holding Co., Ltd.

TWSE:3711 Stock Report

Market Cap: NT$672.6b

ASE Technology Holding Valuation

Is 3711 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 3711 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3711 (NT$151.5) is trading below our estimate of fair value (NT$207.12)

Significantly Below Fair Value: 3711 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3711?

Key metric: As 3711 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3711. This is calculated by dividing 3711's market cap by their current earnings.
What is 3711's PE Ratio?
PE Ratio20.3x
EarningsNT$32.50b
Market CapNT$672.56b

Price to Earnings Ratio vs Peers

How does 3711's PE Ratio compare to its peers?

The above table shows the PE ratio for 3711 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.5x
2303 United Microelectronics
11.2x8.0%NT$565.0b
2379 Realtek Semiconductor
18.1x15.0%NT$254.9b
3034 Novatek Microelectronics
14.3x5.8%NT$299.1b
2454 MediaTek
18.3x8.0%NT$2.0t
3711 ASE Technology Holding
20.2x30.7%NT$657.4b

Price-To-Earnings vs Peers: 3711 is expensive based on its Price-To-Earnings Ratio (20.2x) compared to the peer average (15.5x).

Price to Earnings Ratio vs Industry

How does 3711's PE Ratio compare vs other companies in the TW Semiconductor Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
4944 Crystalwise Technology
4xn/aUS$15.69m
No more companies available in this PE range
3711 20.3xIndustry Avg. 31.1xNo. of Companies31PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3711 is good value based on its Price-To-Earnings Ratio (20.2x) compared to the TW Semiconductor industry average (31.1x).

Price to Earnings Ratio vs Fair Ratio

What is 3711's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

3711 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.3x
Fair PE Ratio40.9x

Price-To-Earnings vs Fair Ratio: 3711 is good value based on its Price-To-Earnings Ratio (20.2x) compared to the estimated Fair Price-To-Earnings Ratio (40.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 3711 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$151.50
NT$173.08
+14.2%
12.2%NT$212.50NT$122.00n/a18
Nov ’25NT$154.00
NT$169.81
+10.3%
14.9%NT$212.50NT$115.00n/a18
Oct ’25NT$151.50
NT$173.09
+14.2%
14.0%NT$212.50NT$122.00n/a17
Sep ’25NT$153.50
NT$170.25
+10.9%
14.9%NT$212.50NT$122.00n/a18
Aug ’25NT$153.50
NT$170.15
+10.8%
15.4%NT$212.50NT$122.00n/a17
Jul ’25NT$164.50
NT$151.71
-7.8%
13.5%NT$175.00NT$97.00n/a17
Jun ’25NT$157.00
NT$150.41
-4.2%
13.2%NT$175.00NT$97.00n/a17
May ’25NT$148.00
NT$150.41
+1.6%
13.2%NT$175.00NT$97.00n/a17
Apr ’25NT$150.00
NT$143.59
-4.3%
15.8%NT$186.00NT$100.00n/a17
Mar ’25NT$138.00
NT$138.18
+0.1%
12.6%NT$175.00NT$100.00n/a17
Feb ’25NT$133.00
NT$135.78
+2.1%
11.6%NT$160.00NT$100.00n/a17
Jan ’25NT$135.00
NT$125.25
-7.2%
12.2%NT$154.30NT$97.00n/a17
Dec ’24NT$128.00
NT$122.84
-4.0%
11.1%NT$154.30NT$97.00n/a17
Nov ’24NT$114.50
NT$122.63
+7.1%
10.9%NT$154.30NT$97.00NT$154.0018
Oct ’24NT$109.50
NT$122.52
+11.9%
10.9%NT$154.30NT$97.00NT$151.5016
Sep ’24NT$118.50
NT$122.74
+3.6%
10.1%NT$148.50NT$97.00NT$153.5017
Aug ’24NT$114.00
NT$122.25
+7.2%
10.0%NT$148.50NT$97.00NT$153.5018
Jul ’24NT$110.50
NT$109.82
-0.6%
14.3%NT$148.50NT$70.00NT$164.5019
Jun ’24NT$112.00
NT$110.50
-1.3%
13.9%NT$148.50NT$70.00NT$157.0019
May ’24NT$101.00
NT$111.50
+10.4%
14.2%NT$148.50NT$70.00NT$148.0019
Apr ’24NT$112.50
NT$115.03
+2.2%
13.8%NT$148.50NT$70.00NT$150.0019
Mar ’24NT$106.00
NT$115.82
+9.3%
16.3%NT$172.50NT$70.00NT$138.0019
Feb ’24NT$102.00
NT$103.71
+1.7%
21.6%NT$172.50NT$70.00NT$133.0019
Jan ’24NT$93.90
NT$101.18
+7.8%
21.9%NT$172.50NT$70.00NT$135.0019
Dec ’23NT$101.50
NT$101.18
-0.3%
21.9%NT$172.50NT$70.00NT$128.0019
Nov ’23NT$80.00
NT$99.76
+24.7%
22.7%NT$172.50NT$70.00NT$114.5019

Analyst Forecast: Target price is less than 20% higher than the current share price.

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