Chipmos Technologies Ltd (IMOS)
NASDAQ:IMOS
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ChipMOS Technologies
(NASDAQ:IMOS)
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Rating:56Neutral
Price Target:
$39.00
▲(17.33% Upside)
Action:ReiteratedDate:03/04/26
The score is held back primarily by weakening profitability and sharply reduced free cash flow, despite a still-stable balance sheet. Technicals are a meaningful offset with strong uptrend and momentum, but valuation remains a headwind given the high P/E and only modest dividend yield.
Positive Factors
Exposure to AI/datacenter memory demand
ChipMOS’s revenue rebound is tied to higher-value memory work for datacenter and AI customers. This structural end-market shift supports stronger utilization, stickier customer engagements and higher per-unit realizations versus commodity segments, improving medium-term revenue visibility and mix.
Negative Factors
Compressed margins and earnings downcycle
Margins and net income contraction across multiple years show structural pressure on pricing, mix or utilization. Sustained margin compression limits internal funding for R&D and capex, reduces return on invested capital, and increases sensitivity to demand swings over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Exposure to AI/datacenter memory demand
ChipMOS’s revenue rebound is tied to higher-value memory work for datacenter and AI customers. This structural end-market shift supports stronger utilization, stickier customer engagements and higher per-unit realizations versus commodity segments, improving medium-term revenue visibility and mix.
Read all positive factors
ChipMOS Technologies (IMOS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.35B
Dividend Yield2.25%
Average Volume (3M)20.79K
Price to Earnings (P/E)16.3
Beta (1Y)1.04
Revenue Growth0.96%
EPS Growth-85.27%
CountryUS
Employees5,688
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.45
Shares Outstanding35,226,160
10 Day Avg. Volume14,321
30 Day Avg. Volume20,786
Financial Highlights & Ratios
PEG Ratio-1.03
Price to Book (P/B)1.37
Price to Sales (P/S)1.37
P/FCF Ratio251.54
Enterprise Value/Market Cap32.78
Enterprise Value/Revenue1.84
Enterprise Value/Gross Profit16.96
Enterprise Value/Ebitda38.48
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.32
Revenue Forecast (FY)$922.61M
ChipMOS Technologies Business Overview & Revenue Model
Company Description
ChipMOS 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, an...
How the Company Makes Money
ChipMOS Technologies generates revenue primarily through its semiconductor testing and packaging services. Key revenue streams include the provision of testing services for various types of integrated circuits, including memory chips and applicati...
ChipMOS Technologies Earnings Call Summary
Earnings Call Date:Aug 12, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted strong growth in memory products and a positive outlook for the second half of the year. However, the company faced challenges with declining gross margins, net losses due to foreign exchange, and reduced revenue in DDIC products.Positive Updates
Revenue Growth
Q2 revenue increased by 3.7% compared to Q1 and was driven by strong demand in memory products.
Negative Updates
Gross Margin Decline
Q2 gross margin was 6.6%, a decrease of 280 basis points from Q1 and 7.4 percentage points from Q2 2024, due to lower DDIC test ASP and increased costs.
Read all updates
Q2-2025 Updates
Positive
Negative
Revenue Growth
Q2 revenue increased by 3.7% compared to Q1 and was driven by strong demand in memory products.
Read all positive updates
Company Guidance
During the ChipMOS Second Quarter 2025 Results Conference Call, guidance provided by Chairman S.J. Cheng highlighted several key metrics and strategic directions for the company. The second quarter saw a 3.7% increase in revenue compared to the first quarter, amounting to TWD 5,736 million, despite a net loss of TWD 0.75 per share driven by a foreign exchange loss of approximately TWD 0.97 per share. Gross margin was recorded at 6.6%, a decrease of 280 basis points from the previous quarter. The company's utilization rates improved, with overall utilization at 65%, assembly at 64%, and memory testing at 67%. Memory products drove 45.3% of Q2 revenue, with a significant 21.2% increase compared to Q1. For Q3, the company anticipates robust demand in memory products, with expected price increases in OSAT between 5% to 18% to counter material cost rises. Although challenges persist, including DDIC ASP cuts and electricity cost increases, ChipMOS remains focused on enhancing shareholder value through prudent capital expenditure, with a strategic emphasis on high-growth, high-margin product areas.ChipMOS Technologies Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
63
Positive
Cash Flow
42
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 23.93B | 22.70B | 21.36B | 23.52B | 27.40B |
| Gross Profit | 2.54B | 2.94B | 3.55B | 4.91B | 7.25B |
| EBITDA | 6.04B | 6.78B | 7.31B | 8.92B | 10.79B |
| Net Income | 497.83M | 1.44B | 1.97B | 3.44B | 4.94B |
Balance Sheet | |||||
| Total Assets | 45.22B | 45.38B | 46.16B | 44.94B | 42.52B |
| Cash, Cash Equivalents and Short-Term Investments | 14.94B | 15.33B | 12.44B | 10.12B | 6.30B |
| Total Debt | 16.28B | 15.16B | 15.98B | 14.89B | 11.00B |
| Total Liabilities | 21.28B | 20.38B | 21.31B | 20.30B | 18.38B |
| Stockholders Equity | 23.94B | 25.00B | 24.85B | 24.64B | 24.14B |
Cash Flow | |||||
| Free Cash Flow | 130.52M | 859.43M | 3.53B | 3.92B | 1.44B |
| Operating Cash Flow | 4.00B | 5.94B | 6.61B | 8.62B | 7.32B |
| Investing Cash Flow | -3.76B | -615.11M | -3.09B | -5.06B | -6.02B |
| Financing Cash Flow | -609.69M | -2.48B | -1.06B | 416.89M | 494.44M |
ChipMOS Technologies Technical Analysis
Positive
33.24
Price Trends
37.63
Positive
34.56
Positive
26.60
Positive
Market Momentum
-0.37
Positive
55.15
Neutral
60.22
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 33.24 is below the 20-day moving average (MA) of 37.86, below the 50-day MA of 37.63, and above the 200-day MA of 26.60, indicating a bullish trend. The MACD of -0.37 indicates Positive momentum. The RSI at 55.15 is Neutral, neither overbought nor oversold. The STOCH value of 60.22 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $12.96B | 26.10 | 8.73% | 0.81% | 0.13% | -16.17% | |
62 Neutral | $1.82B | -12.29 | -7.72% | ― | 16.86% | -26.89% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $1.35B | 16.34 | 2.07% | 2.25% | 0.96% | -85.27% | |
52 Neutral | $573.68M | -49.15 | -3.73% | ― | 5.55% | -239.94% | |
48 Neutral | $725.57M | -11.11 | -12.29% | ― | 5.81% | -376.55% | |
47 Neutral | $628.49M | -4.89 | -37.84% | ― | -4.99% | -12.11% |
* Technology Sector Average
IMOS
ChipMOS Technologies
38.98
25.71
193.81%
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52.42
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20.67
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-9.54%
ICHR
Ichor Holdings
52.67
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181.51%
INDI
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2.81
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47.89%
ChipMOS Technologies Corporate Events
ChipMOS Invests NT$688.9 Million in New Semiconductor Manufacturing Equipment
Apr 2, 2026
ChipMOS Technologies disclosed that between April 30, 2025 and April 2, 2026 it acquired machinery equipment and related accessories worth NT$688.9 million from Advantest Taiwan Inc., an unrelated third party supplier. The purchase, approved on Ap...
ChipMOS to Present at BofA Securities 2026 Asia Tech Conference in Taipei
Mar 12, 2026
ChipMOS Technologies Inc., a Taiwan-based outsourced semiconductor assembly and test service provider listed on the Taiwan Stock Exchange and Nasdaq, serves leading fabless, IDM and foundry customers worldwide with comprehensive back-end semicondu...
ChipMOS Posts 22% Year-on-Year Revenue Jump in February 2026 on AI and Data Center Demand
Mar 10, 2026
On March 10, 2026, ChipMOS reported unaudited consolidated revenue of NT$2,143.6 million (US$68.4 million) for February 2026. This represented a 6.4% decline from January 2026 but a robust 22.1% increase from February 2025, underscoring strong yea...
ChipMOS Approves NT$880 Million Tainan Facility Purchase to Bolster Production
Mar 10, 2026
ChipMOS Technologies’ board of directors on March 10, 2026 approved the acquisition of a building and related facilities in Xinshi District, Tainan City, from Innolux Corporation for NT$880 million. The property, spanning 34,316.15 square me...
ChipMOS Technologies Posts Strong Earnings Rebound as TWSE Triggers Financial Disclosure
Mar 2, 2026
ChipMOS Technologies disclosed key financial metrics on March 2, 2026 after its securities triggered Taiwan Stock Exchange publication thresholds, providing investors with updated performance data. The company reported unaudited January 2026 reven...
ChipMOS Sets Key Dates for 2026 Shareholder Meeting and ADS Proposal Window
Feb 24, 2026
ChipMOS Technologies has notified holders of its American Depositary Shares about key dates tied to its 2026 annual shareholders’ meeting, underscoring the company’s ongoing engagement with its international investor base. The meeting ...
ChipMOS Board Clears 2025 Results, NT$1.23 Cash Distribution and Sets May 26, 2026 AGM
Feb 24, 2026
On February 24, 2026, ChipMOS Technologies’ board approved the company’s consolidated 2025 financial results, reporting operating revenue of NT$23.93 billion, operating profit of NT$1.14 billion and profit attributable to shareholders ...
ChipMOS Posts Strong 4Q25 Memory-Driven Rebound but Full-Year Profit Hit by FX
Feb 24, 2026
ChipMOS Technologies reported on February 24, 2026 that its fourth quarter 2025 revenue rose 20.8% year-on-year to NT$6.52 billion, fueled by surging demand for high-value memory, especially in datacenter and AI applications. Full-year 2025 revenu...
ChipMOS Sets February 24 Board Meeting to Approve 2025 Financial Statements
Feb 13, 2026
On February 13, 2026, ChipMOS Technologies announced that its board of directors will convene on February 24, 2026 to review and approve the company’s consolidated financial statements for the full year 2025. The disclosure, made via the Tai...
ChipMOS Posts Strongest Year-on-Year Monthly Revenue Growth Since 2021 on AI-Driven Demand
Feb 10, 2026
ChipMOS Technologies Inc., a leading Taiwan-based provider of outsourced semiconductor assembly and test services, reported a sharp improvement in monthly sales as it continues to capitalize on rising demand in key chip end markets. The company...
ChipMOS Sets February 24 Call for 2025 Results
Feb 4, 2026
On February 4, 2026, ChipMOS announced it will release fourth-quarter and full-year 2025 results and hold an investor conference call after Taiwan trading closes on February 24, 2026, providing webcast, replay, and transcript access to support tra...
ChipMOS Posts Sharp Profit Rebound as TWSE Triggers Enhanced Disclosure
Jan 20, 2026
On January 19, 2026, ChipMOS Technologies disclosed selected financial metrics after its securities triggered a Taiwan Stock Exchange publication threshold, releasing November 2025 and recent quarterly results for investor reference. Unaudited rev...
ChipMOS Posts Double-Digit Revenue Growth in December and Q4 2025 on Memory Demand
Jan 9, 2026
On January 9, 2026, ChipMOS Technologies reported strong unaudited results for December 2025 and the fourth quarter of 2025, reflecting a favorable upturn in the semiconductor cycle and robust demand for memory products used in computing and data ...
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.