260529_3711_日月光_ms_ASE

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原始內容

M May 29, 2026 07:56 AM GMT

ASE Technology Holding Co. Ltd. | Asia Pacific

Asia AI Summit 2026 Feedback

ASE AI summit takeaways:

• Utilization: ASE's ATM 1Q utilization is ~80%. 2Q improves to 80%+, with 85% as full utilization.
• Capex: 2026 capex is expected at US$8.5bn: US$3bn for buildings and infrastructure, and US$5.5bn for machinery and equipment. Within equipment, testing accounts for 40%, packaging 55%, and the rest EMS. Management expects 2027 capex to at least match 2026 and could be higher.
• Margin: Management expects ATM gross margins to remain within the structural 24-30% range through 2026, improving each quarter, with 2H reaching the upper end.
• CPO opportunities: The company has a mini line for CPO and is part of the supply chain.
• CoPoS: A few products are in qualification, but mass production timing is not clear at this stage.

Update

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework

Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.

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