ASE Technology Holding Co Ltd

ASX has shifted into Stage 3 distribution, with price breaking below the 9- and 21-day EMAs and failing to hold the 50-day SMA, confirming a medium-term bearish bias. Short-term conditions remain bearish with price below key EMAs and follow-through on declines, so a sell now posture is appropriate. The longer-term uptrend above the 200-day SMA remains intact but distribution risk is elevated.

• ↑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