Summary of ASE Holdings (3711 TT) - Tailwinds from Pricing and LEAP (Leading Edge Advanced Package) 🚀 Raise TP to NT$843 (from NT$754), based on 25x 2027E EPS * Packaging bottleneck broadens: Supply tightness extends beyond AI into analog and mature-node chips, with lead times increasing >30%. * Aggressive price hikes: Expect +10–80% for FC/Wirebond/QFN and +10–20% for CoWoS in 3Q–4Q26. * LEAP growth accelerates: Forecast LEAP revenue of US$4bn/8bn in 2026/27, above guidance of US$3.6bn/7.2bn. * AMD as a key driver: Higher server CPU wafer allocation, * CoWoS adoption for Venice/Verano (and all future AMD server CPUs) , and limited competition support growth. * 4Q26 preview: Expect ATM revenue +9% QoQ, EMS -5% QoQ and gross margin reaching 23%, supported by pricing and richer LEAP mix. #ASE# #Semiconductors# #AdvancedPackaging# #CoWoS# #AMD# #AI#