ASE Technology Holding Co Ltd

ASX is in a Stage 4 decline with confirmed lower highs and lower lows, reinforced by the Post-Parabola Collapse pattern indicating a sustained unwind of speculative excess. The medium-term bias is bearish, but price is currently trading below the 9/20EMA and holding near support without a clear pullback into resistance for timing. Long-term, the 3-year uptrend remains intact, but current tradability favors a bearish stance. We will defer execution until a rally into intermediate EMA resistance allows more favorable bearish entry.

• ↑Revenue +17% YoY to NT$173.7B driven by ATM and LEAP AI demand
• ↑Gross margin up 3.3pp to 20.1% via operational efficiencies
• ↓Negative earnings yield suggests valuation may be stretched