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Chipmos Technologies Ltd (IMOS)
NASDAQ:IMOS
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ChipMOS Technologies
(NASDAQ:IMOS)
Rating:68Neutral
Price Target:
$19.50
▲(9.49%Upside)
ChipMOS Technologies (IMOS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$657.92M
Dividend Yield0.24%
Average Volume (3M)21.98K
Price to Earnings (P/E)18.2
Beta (1Y)0.89
Revenue Growth-0.41%
EPS Growth-46.38%
CountryUS
Employees5,688
SectorTechnology
Sector Strength86
IndustrySemiconductors
Share Statistics
EPS (TTM)0.16
Shares Outstanding35,862,007
10 Day Avg. Volume16,018
30 Day Avg. Volume21,980
Financial Highlights & Ratios
PEG Ratio-0.55
Price to Book (P/B)0.75
Price to Sales (P/S)0.00
P/FCF Ratio25.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
ChipMOS Technologies Business Overview & Revenue Model
Company DescriptionChipMOS TECHNOLOGIES INC. engages in the research, development, manufacture, and sale of high-integration and high-precision integrated circuits, and related assembly and testing services in Taiwan, People's Republic of China, Japan, Singapore, and internationally. It operates through Testing; Assembly; Testing and Assembly for LCD, OLED and other Display Panel Driver Semiconductors; Bumping; and Other segments. The company provides a range of back-end assembly and testing services, including engineering test, wafer probing, and final test of memory and logic/mixed-signal semiconductors, as well as leadframe-based and organic substrate-based package assembly services for memory and logic/mixed-signal semiconductors; and gold bumping, reel to reel assembly, and test services for LCD and other panel display driver semiconductors. Its semiconductors are used in personal computers; graphics applications, such as game consoles; communications equipment; mobile products comprising cellular handsets, tablets, and consumer electronic products; and automotive/industry and display applications, such as display panels. The company was incorporated in 1997 and is headquartered in Hsinchu, Taiwan.
How the Company Makes MoneyChipMOS Technologies generates revenue primarily through the provision of semiconductor assembly and testing services. The company's revenue model is based on long-term service agreements with major semiconductor companies that require their advanced back-end solutions. Key revenue streams include assembly services, where the company packages semiconductor chips, and testing services, which involve ensuring the quality and functionality of these chips before they are shipped to customers. Additionally, ChipMOS benefits from strategic partnerships and collaborations with major industry players, enabling it to maintain a steady stream of business and leverage technological advancements. The company's earnings are significantly influenced by the demand for semiconductor devices, which is driven by the broader global electronics market, including sectors such as consumer electronics, automotive, and telecommunications.
ChipMOS Technologies Earnings Call Summary
Earnings Call Date:May 13, 2025
(Q1-2025)
| % Change Since: 0.51%|
Next Earnings Date:Aug 19, 2025
Earnings Call Sentiment Neutral
The earnings call indicated modest revenue growth and improved utilization rates, with strong performances in Flash and Automotive sectors. However, these positive aspects were offset by significant declines in net earnings, flat gross margins, and reduced non-operating income, leading to a net negative impact on financial performance. The announcement of a dividend and share repurchase program suggests confidence in long-term shareholder value creation.Q1-2025 Updates
Positive Updates
Revenue Growth
Total revenue for Q1 2025 increased by 2.5% compared to Q4 2024, and 2.1% compared to Q1 2024.
Improved Utilization Rates
Overall utilization rate improved to 62% in Q1 2025 from 59% in Q4 2024, with Bumping UT seeing significant increase to 65% from 54%.
Strong Flash Revenue Performance
Flash revenue increased by 4.9% compared to Q4 2024, and was up 8.6% year-over-year, with NAND flash revenue up significantly by around 30% compared to Q4 2024.
Automotive and Industrial Revenue Growth
Revenue from Automotive and Industrial sectors increased by 13% compared to Q4 2024, representing about 27% of Q1 revenue.
Dividend and Share Repurchase Program
Company announced a dividend of NT$1.2 per common share and a share repurchase program for up to 15 million shares.
Negative Updates
Decreased Net Earnings
Q1 net earnings were NT$0.24, down from NT$0.32 in Q4 2024, with profit attributable to the company decreasing by 24.1% compared to Q4 2024 and 59.7% year-over-year.
Flat Gross Margin
Q1 2025 gross margin remained flat at 9.4% compared to Q4 2024, but decreased by 4.8 percentage points compared to Q1 2024.
Decreased Non-Operating Income
Net non-operating income decreased by NT$73 million compared to Q4 2024, mainly due to a NT$75 million decrease in foreign exchange gains.
DDIC Revenue Decline
DDIC revenue was down 10.6% compared to Q4 2024, with demand related to Auto panels also decreasing slightly by about 1.1%.
Company Guidance
During the ChipMOS First Quarter 2025 Results Conference Call, the company provided comprehensive guidance on various financial and operational metrics. Revenue for Q1 2025 increased by 2.5% compared to Q4 2024, reaching NT$5,532 million, while the gross margin remained stable at 9.4%. The net earnings per basic common share were NT$0.24, with a return on equity of 2.8%. In terms of product-specific performance, memory products accounted for 38.8% of total Q1 revenue, with DRAM and Flash revenue increasing by 10.7% and 4.9%, respectively, compared to Q4 2024. Utilization rates showed improvement, with overall utilization at 62%, and the Bumping UT increasing to 65% from 54% in the previous quarter. The company also highlighted its strategic focus on long-term capacity investments and capital allocation, announcing a dividend of NT$1.2 per common share and a new share repurchase program for up to 15 million shares. Looking ahead, ChipMOS expects memory product momentum to outperform DDIC in Q2 2025, driven by stable pricing and customer restocking.ChipMOS Technologies Financial Statement Overview
Summary
ChipMOS Technologies exhibits stable financial footing with moderate revenue growth and strong cash generation capabilities, though challenges in profit margins and asset efficiency persist.Income Statement
ChipMOS Technologies demonstrates a solid revenue growth trajectory with a recent increase to 22,695.9 million. However, gross profit margins have declined from historical values, currently at 12.97%, indicating pressure on cost management. The net profit margin is at a moderate 6.26%, impacted by decreased net income. EBIT and EBITDA margins are also under pressure, reflecting operational challenges.75
Positive
Balance Sheet
The company's balance sheet shows a healthy equity position with a debt-to-equity ratio of 0.60, indicating moderate leverage. Return on Equity (ROE) is at 5.66%, highlighting average profitability relative to shareholder equity. The equity ratio is at a stable 55.24%, suggesting a strong asset base relative to liabilities, though improvements in asset utilization could enhance returns.68
Positive
Cash Flow
ChipMOS Technologies maintains a strong operating cash flow with a significant free cash flow, although it has seen a decline compared to the previous year. The operating cash flow to net income ratio suggests efficient cash generation from operations. However, careful management of capital expenditure is essential to ensure sustainable free cash flow levels.72
Positive
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 22.70B | 21.36B | 23.52B | 27.40B | 23.01B |
| Gross Profit | 2.94B | 3.55B | 4.91B | 7.25B | 5.03B |
| EBITDA | 6.78B | 7.09B | 8.92B | 10.79B | 7.31B |
| Net Income | 1.44B | 1.97B | 3.44B | 4.94B | 2.38B |
Balance Sheet | |||||
| Total Assets | 45.38B | 46.16B | 44.94B | 42.52B | 35.08B |
| Cash, Cash Equivalents and Short-Term Investments | 15.33B | 12.44B | 10.12B | 6.30B | 4.37B |
| Total Debt | 15.16B | 15.98B | 14.89B | 11.00B | 8.61B |
| Total Liabilities | 20.38B | 21.31B | 20.30B | 18.14B | 14.36B |
| Stockholders Equity | 25.00B | 24.85B | 24.64B | 24.39B | 20.72B |
Cash Flow | |||||
| Free Cash Flow | 859.43M | 3.53B | 3.92B | 1.44B | 1.98B |
| Operating Cash Flow | 5.94B | 6.61B | 8.62B | 7.32B | 5.94B |
| Investing Cash Flow | -615.11M | -3.09B | -5.06B | -6.02B | -3.80B |
| Financing Cash Flow | -2.48B | -1.06B | 416.89M | 494.44M | -2.72B |
ChipMOS Technologies Technical Analysis
Positive
17.81
Price Trends
18.38
Negative
17.44
Positive
18.48
Negative
Market Momentum
-0.07
Positive
49.73
Neutral
47.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMOS, the sentiment is Positive. The current price of 17.81 is below the 20-day moving average (MA) of 18.28, below the 50-day MA of 18.38, and below the 200-day MA of 18.48, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 49.73 is Neutral, neither overbought nor oversold. The STOCH value of 47.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMOS.
ChipMOS Technologies Risk Analysis
ChipMOS Technologies disclosed 42 risk factors in its most recent earnings report. ChipMOS Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ChipMOS Technologies Peers Comparison
Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $5.22B | 16.87 | 7.76% | 3.46% | -1.93% | -15.55% | |
68 Neutral | $657.92M | 18.23 | 4.72% | 0.24% | -0.41% | -46.38% | |
63 Neutral | $34.70B | 4.89 | -11.39% | 1.66% | 5.53% | -19.00% | |
60 Neutral | $882.16M | ― | -9.87% | ― | -30.75% | -3668.44% | |
59 Neutral | $718.22M | ― | -2.35% | ― | 13.41% | 72.56% | |
54 Neutral | $964.56M | ― | -24.12% | ― | 2.66% | -11.35% | |
50 Neutral | $1.45B | ― | -68.45% | ― | 50.30% | -111.11% |
* Technology Sector Average
Performance Comparison
IMOS
ChipMOS Technologies
17.81
-6.05
-25.36%
AMKR
Amkor
21.16
-15.89
-42.89%
COHU
Cohu
19.05
-12.29
-39.22%
AAOI
Applied Optoelectronics
27.13
18.46
212.92%
ICHR
Ichor Holdings
20.66
-13.22
-39.02%
LASR
nLIGHT
19.39
7.11
57.90%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.