Intrinsic value of Advanced Semiconductor Engineering ADR - ASX

Previous Close

$7.25

  Intrinsic Value

$3.00

stock screener

  Rating & Target

str. sell

-59%

Previous close

$7.25

 
Intrinsic value

$3.00

 
Up/down potential

-59%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ASX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -2.98
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  8,837
  9,014
  9,221
  9,458
  9,724
  10,019
  10,342
  10,695
  11,076
  11,487
  11,927
  12,399
  12,902
  13,438
  14,008
  14,612
  15,252
  15,930
  16,647
  17,404
  18,204
  19,048
  19,937
  20,875
  21,864
  22,904
  24,000
  25,154
  26,368
  27,645
  28,988
Variable operating expenses, $m
 
  8,229
  8,417
  8,633
  8,875
  9,143
  9,437
  9,757
  10,104
  10,477
  10,878
  11,273
  11,731
  12,218
  12,735
  13,285
  13,867
  14,483
  15,135
  15,824
  16,551
  17,318
  18,127
  18,980
  19,878
  20,824
  21,821
  22,870
  23,973
  25,134
  26,355
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  8,010
  8,229
  8,417
  8,633
  8,875
  9,143
  9,437
  9,757
  10,104
  10,477
  10,878
  11,273
  11,731
  12,218
  12,735
  13,285
  13,867
  14,483
  15,135
  15,824
  16,551
  17,318
  18,127
  18,980
  19,878
  20,824
  21,821
  22,870
  23,973
  25,134
  26,355
Operating income, $m
  827
  785
  804
  825
  849
  876
  906
  938
  972
  1,009
  1,049
  1,126
  1,172
  1,220
  1,272
  1,327
  1,385
  1,447
  1,512
  1,581
  1,653
  1,730
  1,811
  1,896
  1,986
  2,080
  2,180
  2,284
  2,395
  2,511
  2,632
EBITDA, $m
  1,773
  1,720
  1,760
  1,805
  1,855
  1,912
  1,973
  2,041
  2,113
  2,192
  2,276
  2,366
  2,462
  2,564
  2,673
  2,788
  2,910
  3,040
  3,176
  3,321
  3,474
  3,635
  3,804
  3,983
  4,172
  4,370
  4,580
  4,800
  5,031
  5,275
  5,531
Interest expense (income), $m
  66
  83
  87
  91
  96
  102
  108
  114
  122
  129
  138
  147
  157
  167
  178
  190
  203
  216
  230
  245
  260
  277
  294
  313
  332
  352
  374
  397
  420
  445
  472
Earnings before tax, $m
  901
  702
  717
  734
  753
  775
  798
  823
  851
  880
  912
  979
  1,015
  1,053
  1,094
  1,137
  1,183
  1,231
  1,282
  1,336
  1,393
  1,453
  1,516
  1,583
  1,654
  1,728
  1,806
  1,888
  1,974
  2,065
  2,161
Tax expense, $m
  163
  189
  194
  198
  203
  209
  215
  222
  230
  238
  246
  264
  274
  284
  295
  307
  319
  332
  346
  361
  376
  392
  409
  427
  446
  466
  488
  510
  533
  558
  583
Net income, $m
  697
  512
  523
  536
  550
  565
  582
  601
  621
  642
  665
  715
  741
  769
  798
  830
  863
  899
  936
  975
  1,017
  1,061
  1,107
  1,156
  1,207
  1,261
  1,318
  1,378
  1,441
  1,508
  1,577

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,342
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  11,507
  10,373
  10,611
  10,884
  11,190
  11,529
  11,901
  12,307
  12,746
  13,218
  13,725
  14,268
  14,847
  15,464
  16,119
  16,814
  17,551
  18,331
  19,156
  20,028
  20,948
  21,919
  22,943
  24,022
  25,160
  26,357
  27,618
  28,946
  30,343
  31,812
  33,358
Adjusted assets (=assets-cash), $m
  10,165
  10,373
  10,611
  10,884
  11,190
  11,529
  11,901
  12,307
  12,746
  13,218
  13,725
  14,268
  14,847
  15,464
  16,119
  16,814
  17,551
  18,331
  19,156
  20,028
  20,948
  21,919
  22,943
  24,022
  25,160
  26,357
  27,618
  28,946
  30,343
  31,812
  33,358
Revenue / Adjusted assets
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
Average production assets, $m
  4,772
  4,867
  4,979
  5,107
  5,251
  5,410
  5,585
  5,775
  5,981
  6,203
  6,441
  6,695
  6,967
  7,257
  7,564
  7,890
  8,236
  8,602
  8,989
  9,398
  9,830
  10,286
  10,766
  11,273
  11,806
  12,368
  12,960
  13,583
  14,239
  14,928
  15,653
Working capital, $m
  1,232
  1,145
  1,171
  1,201
  1,235
  1,272
  1,313
  1,358
  1,407
  1,459
  1,515
  1,575
  1,639
  1,707
  1,779
  1,856
  1,937
  2,023
  2,114
  2,210
  2,312
  2,419
  2,532
  2,651
  2,777
  2,909
  3,048
  3,195
  3,349
  3,511
  3,681
Total debt, $m
  3,610
  2,482
  2,605
  2,744
  2,901
  3,075
  3,266
  3,474
  3,699
  3,942
  4,202
  4,481
  4,778
  5,094
  5,430
  5,787
  6,165
  6,565
  6,988
  7,435
  7,907
  8,405
  8,931
  9,484
  10,068
  10,682
  11,329
  12,010
  12,727
  13,481
  14,273
Total liabilities, $m
  6,449
  5,321
  5,444
  5,583
  5,740
  5,914
  6,105
  6,313
  6,538
  6,781
  7,041
  7,320
  7,617
  7,933
  8,269
  8,626
  9,004
  9,404
  9,827
  10,274
  10,746
  11,244
  11,770
  12,323
  12,907
  13,521
  14,168
  14,849
  15,566
  16,320
  17,112
Total equity, $m
  5,058
  5,051
  5,168
  5,300
  5,450
  5,615
  5,796
  5,993
  6,207
  6,437
  6,684
  6,949
  7,231
  7,531
  7,850
  8,189
  8,547
  8,927
  9,329
  9,753
  10,202
  10,675
  11,173
  11,699
  12,253
  12,836
  13,450
  14,097
  14,777
  15,492
  16,245
Total liabilities and equity, $m
  11,507
  10,372
  10,612
  10,883
  11,190
  11,529
  11,901
  12,306
  12,745
  13,218
  13,725
  14,269
  14,848
  15,464
  16,119
  16,815
  17,551
  18,331
  19,156
  20,027
  20,948
  21,919
  22,943
  24,022
  25,160
  26,357
  27,618
  28,946
  30,343
  31,812
  33,357
Debt-to-equity ratio
  0.714
  0.490
  0.500
  0.520
  0.530
  0.550
  0.560
  0.580
  0.600
  0.610
  0.630
  0.640
  0.660
  0.680
  0.690
  0.710
  0.720
  0.740
  0.750
  0.760
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.880
Adjusted equity ratio
  0.432
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  697
  512
  523
  536
  550
  565
  582
  601
  621
  642
  665
  715
  741
  769
  798
  830
  863
  899
  936
  975
  1,017
  1,061
  1,107
  1,156
  1,207
  1,261
  1,318
  1,378
  1,441
  1,508
  1,577
Depreciation, amort., depletion, $m
  946
  935
  956
  980
  1,006
  1,036
  1,068
  1,103
  1,141
  1,182
  1,226
  1,240
  1,290
  1,344
  1,401
  1,461
  1,525
  1,593
  1,665
  1,740
  1,820
  1,905
  1,994
  2,088
  2,186
  2,290
  2,400
  2,515
  2,637
  2,764
  2,899
Funds from operations, $m
  1,422
  1,447
  1,479
  1,515
  1,556
  1,601
  1,650
  1,704
  1,762
  1,825
  1,892
  1,955
  2,031
  2,113
  2,199
  2,291
  2,388
  2,492
  2,601
  2,716
  2,837
  2,965
  3,101
  3,243
  3,393
  3,552
  3,718
  3,893
  4,078
  4,272
  4,476
Change in working capital, $m
  -253
  22
  26
  30
  34
  37
  41
  45
  48
  52
  56
  60
  64
  68
  72
  77
  81
  86
  91
  96
  102
  107
  113
  119
  126
  132
  139
  146
  154
  162
  171
Cash from operations, $m
  1,675
  1,425
  1,453
  1,485
  1,522
  1,564
  1,609
  1,659
  1,714
  1,773
  1,836
  1,895
  1,967
  2,045
  2,127
  2,214
  2,307
  2,405
  2,509
  2,619
  2,736
  2,858
  2,988
  3,124
  3,268
  3,419
  3,579
  3,747
  3,924
  4,110
  4,305
Maintenance CAPEX, $m
  0
  -884
  -901
  -922
  -946
  -972
  -1,002
  -1,034
  -1,069
  -1,108
  -1,149
  -1,193
  -1,240
  -1,290
  -1,344
  -1,401
  -1,461
  -1,525
  -1,593
  -1,665
  -1,740
  -1,820
  -1,905
  -1,994
  -2,088
  -2,186
  -2,290
  -2,400
  -2,515
  -2,637
  -2,764
New CAPEX, $m
  -875
  -95
  -112
  -128
  -144
  -159
  -175
  -190
  -206
  -222
  -238
  -255
  -272
  -289
  -307
  -326
  -346
  -366
  -387
  -409
  -432
  -456
  -481
  -507
  -534
  -562
  -592
  -623
  -655
  -690
  -725
Cash from investing activities, $m
  -1,388
  -979
  -1,013
  -1,050
  -1,090
  -1,131
  -1,177
  -1,224
  -1,275
  -1,330
  -1,387
  -1,448
  -1,512
  -1,579
  -1,651
  -1,727
  -1,807
  -1,891
  -1,980
  -2,074
  -2,172
  -2,276
  -2,386
  -2,501
  -2,622
  -2,748
  -2,882
  -3,023
  -3,170
  -3,327
  -3,489
Free cash flow, $m
  287
  446
  439
  435
  433
  432
  433
  435
  438
  443
  449
  447
  456
  465
  476
  487
  500
  514
  529
  546
  563
  582
  602
  624
  647
  671
  697
  724
  753
  783
  816
Issuance/(repayment) of debt, $m
  -225
  107
  122
  140
  157
  174
  191
  208
  225
  242
  260
  278
  297
  316
  336
  357
  378
  400
  423
  447
  472
  498
  525
  554
  583
  614
  647
  681
  717
  754
  793
Issuance/(repurchase) of shares, $m
  32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -284
  107
  122
  140
  157
  174
  191
  208
  225
  242
  260
  278
  297
  316
  336
  357
  378
  400
  423
  447
  472
  498
  525
  554
  583
  614
  647
  681
  717
  754
  793
Total cash flow (excl. dividends), $m
  -148
  553
  562
  575
  590
  606
  624
  643
  663
  686
  709
  726
  753
  781
  812
  844
  878
  914
  953
  993
  1,035
  1,080
  1,128
  1,178
  1,230
  1,285
  1,344
  1,405
  1,469
  1,537
  1,609
Retained Cash Flow (-), $m
  -22
  -100
  -116
  -133
  -149
  -165
  -181
  -197
  -214
  -230
  -247
  -264
  -282
  -300
  -319
  -339
  -359
  -380
  -402
  -424
  -448
  -473
  -499
  -526
  -554
  -583
  -614
  -646
  -680
  -716
  -753
Prev. year cash balance distribution, $m
 
  107
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  559
  446
  442
  441
  441
  442
  445
  450
  455
  462
  461
  471
  481
  493
  505
  519
  535
  551
  568
  587
  608
  629
  652
  676
  702
  730
  759
  789
  822
  856
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  536
  408
  385
  363
  342
  321
  301
  281
  262
  242
  219
  201
  183
  165
  148
  132
  116
  101
  88
  75
  63
  52
  43
  34
  27
  21
  16
  12
  9
  6
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Advanced Semiconductor Engineering, Inc. is a provider of semiconductor packaging and testing services. The Company offers a range of semiconductors packaging, testing and electronic manufacturing services (EMS). The Company's segments include Packaging, Testing, EMS and Others. The Company provides services in packaging bare semiconductors into finished semiconductors with a range of electrical and thermal characteristics, as well as testing services, including front-end engineering testing, wafer probing and final testing services. It also sells goods from EMS. The Company engages in other activities, such as substrate production and real estate business. It provides integrated solutions for EMS in relation to computers, peripherals, communications, industrial, automotive, and storage and server applications. The Company provides front-end engineering testing services, including customized software development, electrical design validation, and reliability and failure analysis.

FINANCIAL RATIOS  of  Advanced Semiconductor Engineering ADR (ASX)

Valuation Ratios
P/E Ratio 80.1
Price to Sales 6.3
Price to Book 11
Price to Tangible Book
Price to Cash Flow 33.3
Price to Free Cash Flow 69.8
Growth Rates
Sales Growth Rate -3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.5%
Cap. Spend. - 3 Yr. Gr. Rate -1.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 47%
Total Debt to Equity 71.4%
Interest Coverage 15
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 13.8%
Return On Equity - 3 Yr. Avg. 14.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 19.4%
Gross Margin - 3 Yr. Avg. 19.3%
EBITDA Margin 21.6%
EBITDA Margin - 3 Yr. Avg. 21.3%
Operating Margin 9.4%
Oper. Margin - 3 Yr. Avg. 9.8%
Pre-Tax Margin 10.2%
Pre-Tax Margin - 3 Yr. Avg. 10.1%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 18.1%
Eff/ Tax Rate - 3 Yr. Avg. 17.5%
Payout Ratio 56.5%

ASX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASX stock intrinsic value calculation we used $8837 million for the last fiscal year's total revenue generated by Advanced Semiconductor Engineering ADR. The default revenue input number comes from 2016 income statement of Advanced Semiconductor Engineering ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ASX stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ASX is calculated based on our internal credit rating of Advanced Semiconductor Engineering ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Advanced Semiconductor Engineering ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ASX stock the variable cost ratio is equal to 91.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ASX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Advanced Semiconductor Engineering ADR.

Corporate tax rate of 27% is the nominal tax rate for Advanced Semiconductor Engineering ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ASX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ASX are equal to 54%.

Life of production assets of 5.4 years is the average useful life of capital assets used in Advanced Semiconductor Engineering ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ASX is equal to 12.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5058 million for Advanced Semiconductor Engineering ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 1722.22 million for Advanced Semiconductor Engineering ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Advanced Semiconductor Engineering ADR at the current share price and the inputted number of shares is $12.5 billion.

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COMPANY NEWS

▶ Advanced Semiconductor Engineering posts 3Q profit   [Oct-27-17 05:11AM  Associated Press]
▶ ASE K7 Receives Green Factory Label   [Sep-01-17 03:12AM  Business Wire]
▶ Advanced Semiconductor Engineering posts 2Q profit   [Jul-28-17 08:03PM  Associated Press]
▶ Advanced Semiconductor Engineering posts 1Q profit   [Apr-28-17 05:02AM  Associated Press]
▶ Advanced Semiconductor Engineering Is Pumping Up Profits   [Jan-31-17 01:55PM  Motley Fool]
▶ Advanced Semiconductor Engineering posts 4Q profit   [Jan-26-17 05:00AM  Associated Press]
▶ Is XL Group Ltd (XL) Worthy of Your Portfolio?   [Dec-08-16 11:48AM  at Insider Monkey]
▶ Here is What Hedge Funds Think About Stericycle Inc (SRCL)   [Nov-30-16 10:37AM  at Insider Monkey]
▶ Joint Announcement by ASE and SPIL   [Nov-18-16 05:30AM  PR Newswire]
▶ ASE Hosts Forum on Supplier Sustainability   [04:05AM  Business Wire]
▶ Joint Statement by SPIL and ASE   [Jun-30-16 09:34AM  PR Newswire]
▶ Joint Announcement by ASE and SPIL   [09:00AM  PR Newswire]
▶ Apple's iPhone Faces Strong Headwinds In Japan   [Jun-28-16 04:20PM  at Investor's Business Daily]
Financial statements of ASX
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