ASE Technology Holding (3711.TW)_ Earnings review_ 4Q24 inline; a stronger revenue target of leading edge business revealed; reiterate Buy

ASE hosted its 4Q24 analyst meeting on February 13, 2025. 4Q24 results were largely inline with GSe/Bloomberg consensus. 1Q25 guidance also was largely inline, with ATM revenue to decrease by mid-single digits % QoQ and GM to decline slightly by more than 1ppts QoQ, partially due to higher ramp up costs related to advanced packaging business. EMS revenue is projected to decline slightly YoY, with operating margin down by 30bps YoY, reflecting typical seasonality and higher costs from new facility investment ...