Earnings Takeaways Note - ASE (ASX US, 3711 TT) * Reiterates Buy; TP lowered to NT$754. * 2Q26 inline: Revenue NT$191bn (+10% QoQ, +27% YoY), EPS NT$4.8 (+48% QoQ, +177% YoY). * Strong 3Q26 guidance: Revenue +21–22% QoQ, led by EMS +40% QoQ and ATM +11–13% QoQ. ATM margin to reach 28–29%, supported by AI-driven LEAP demand, high utilization, and pricing. * LEAP (advanced packaging) outlook raised: Mgmt believes LEAP revenue run rate is ahead of guidance and guide it to DOUBLE in 2027. * We lift 2026/27E LEAP revenue increased to US$3.8bn/7.7bn (vs. prior US$3.6bn/6.4bn). * AMD Venice (~5–5.5M CPUs supply chain builds) and Nvidia Vera to support Full Process growth in 2027z * Capex raised by another US$2bn. * we maintain 2.5D capacity forecast: 15K/45K/55K WPM by end-2026/27/28. #ASE# #ASX#