Mix shift (high-margin advanced packaging) creates fundamental rerating opportunity for OSATs despite weak mainstream demand recovery.
Even without mainstream demand rebound, margin mix shift alone drives fundamental rerating; OSATs (Amkor, ASE) becoming higher-quality businesses
Bottom line: Even without a rebound in mainstream demand, the mix shift alone is driving a fundamental re rating opportunity. “Boring” OSATs might not be so boring anymore. (10/10)
| Horizon | Raw move | vs SPY |
|---|---|---|
| 1 day | -3.4% | -4.2% |
| 1 week | -8.2% | -8.1% |
| 1 month | +11.0% | +11.0% |
| 3 months | — | — |
| 6 months | — | — |