Bullish on Amkor and ASE; structural shift in OSAT business from commoditized legacy packaging to high-margin advanced packaging for AI/HPC.
Assembly and Test sides of OSAT model shifting meaningfully; OSATs becoming enablers of advanced semiconductor performance with higher barriers to entry, higher margins
OSATs are usually seen as “boring” semiconductor companies. But we’ve been, and remain, bullish on Amkor ($AMKR) and ASE ($3711.TW). Why? Because both sides of the OSAT model, Assembly & Test, are starting to shift in a meaningful way. (1/10) 🧵 https://t.co/ecw6YJlRqm
| 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 | — | — |