Seeking Alpha

ChipMOS rallies as market digests Q2 results

  • ChipMOS shares (IMOS -1.1%) were down as much as 8.5% in morning trading before rallying as the market digested its Q2 results.
  • A 23.3% Q/Q increase in gross profit outpaced revenue growth (11.7% Q/Q) on the back of "a favorable mix," partially offset by declining gold prices. (CC)
  • Q2 FCF was $13M after $25.7M in capex.
  • Overall utilization in Q2 was 79% (+4% from Q1). Testing segment utilization was 64% (+2%), assembly 79% (-2%), LCD driver 88% (+13%), and bumping 87% (+4%).
  • ChipMOS expects sequential revenue growth of 2%-6% in Q3, gross margin of 16%-20%, opex of 6%-7% of revenues, D&A of $27M, and capex of $38M. The LCD driver and assembly businesses are expected to grow 5-8% and 14%-16% Q/Q respectively.
  • Full-year capex guidance was hiked to $128M ($100M previous). ChipMOS will pull "capex by about six months from 2014 in to the second half of 2013 ... due to the strong customer demand and end productive requirements" in the LCD driver market.
Comments (2)
  • Valuable Insights
    , contributor
    Comments (485) | Send Message
     
    Specifically, looks like the increased cap-ex will support $AAPL fingerprint sensor ramp and volume production.
    15 Aug 2013, 01:23 PM Reply Like
  • belly_ache
    , contributor
    Comments (37) | Send Message
     
    $IMOS is going to the toilet for no reason.
    19 Aug 2013, 02:02 PM Reply Like
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