Fri, Apr. 10, 12:29 PM
- ChipMOS' (IMOS +1.7%) March revenue rose 7.5% M/M and 2% Y/Y to $56.8M. The compares with 1.4% Y/Y growth in February and 10.5% in January.
- For the whole of seasonally soft Q1, revenue fell 10% Q/Q and rose 4.6% Y/Y to $167M. That's in-line with guidance for an 8%-12% Q/Q drop. ChipMOS is reiterating Q1 gross margin guidance of 21%-24%.
- Shares remain close to a 52-week high of $25.97. Full Q1 results arrive on May 11.
Tue, Mar. 24, 3:18 PM
- Today's notable tech gainers include chip packaging/testing firm ChipMOS (IMOS +3.7%), and headphone maker Skullcandy (SKUL +3.9%), mobile banking tech provider Mitek (MITK +6.5%), search toolbar/mobile ad platform provider Perion (PERI +8.8%), Chinese social network/game provider Renren (RENN +4.8%), peripherals giant Logitech (LOGI +4%), security IP licensing firm Finjan (FNJN +13.7%).
- Notable decliners include e-commerce services firm ChannelAdvisor (ECOM -5.6%), program guide/content protection IP firm Rovi (ROVI -4.3%), telecom equipment vendor Calix (CALX -3.5%), and Fibre Channel/Ehternet switch vendor Brocade (BRCD -3.4%).
- Likely helping Finjan: An H.C. Wainwright note stating the company has committed $5M to a Jerusalem Venture Partners (JVP) cybersecurity fund; Alibaba announced yesterday it's investing in JVP. Logitech announced a $100 wireless mouse today. Skullcandy is once more within striking distance of a 52-week high of $11.83.
- Previously covered: Twitter, solar stocks, Sonus/AudioCodes/BroadSoft, Neonode, Arista, Taser, Ciena, Zagg, Gogo, Digital Ally
Tue, Mar. 17, 3:17 PM
- Today's notable tech gainers include 4G modem/M2M hardware provider Sierra Wireless (SWIR +4%), Chines online auto site Bitauto (BITA +5.3%), energy tech hardware provider PowerSecure (POWR +5.4%), Chinese analog/mixed-signal chipmaker Vimicro (VIMC +7.7%), and enterprise cloud healthcare software provider Castlight (CSLT +5.8%).
- Notable decliners include mobile banking tech developer Mitek (MITK -7.8%), Chinese online classifieds leader 58.com (WUBA -4%), Taiwanese chip packaging/testing services firm ChipMOS (IMOS -3.4%), and financial site TheStreet (TST -5.7%).
- Sierra had closed yesterday near its lowest levels since Feb. 9. Bitauto had fallen sharply over the last two weeks due to the spending/margin concerns triggered by its Q4 report. Beaten-down Castlight is adding to the Friday gains it saw after filing its 10-K. ChipMOS rallied strongly on Friday after posting a Q4 EPS beat.
- Previously covered: Universal Display, NeoPhotonics, Vivint, Rocket Fuel, Vasco, Micron, Veeva, Qunar/Ctrip, GoPro, Chinese solar stocks, Himax, ExOne, magicJack
Fri, Mar. 13, 11:48 AM
- ChipMOS' (NASDAQ:IMOS) big Q4 EPS beat is taking precedence over the company's revenue miss, and is also overshadowing its light Q1 sales guidance. Revenue is expected to drop 8%-12% Q/Q in Q1 (seasonality is blamed); the 2-analyst consensus is for a 1% Q/Q increase to $184.8M.
- Boosting EPS: Q4 gross margin was 25.2%, down from Q3's 25.8% but up from Q4 2013's 19% and towards the high end of a 23%-26% guidance range; Q1 GM guidance is at 21%-24%. Also: Not counting "other" income/expenses, operating expenses rose just 3% Y/Y to $12.4M, in spite of 19% revenue growth.
- The chip testing business accounted for 22% of revenue, chip assembly 36%, wafer bumping 17%, and LCD driver test/assembly 25%. Capacity utilization was 81%.
- Capex totaled $50.1M, with 55% of the funds directed towards expanding ChipMOS' LCD driver IC ops (89% Q4 utilization). Capex is expected to rise to $125M in 2015 from 2014's $112.9M.
- $24.1M was spent to buy back 1.1M shares in 2014, and another 564.8K shares were repurchased in January.
- Q4 results, PR
Thu, Mar. 12, 4:11 PM
Thu, Mar. 12, 3:13 PM
- Major tech gainers are about even with major decliners on a day the Nasdaq is up 0.8% (thanks to a broader market rally) in spite of Intel's Q1 warning.
- Notable gainers include 3D printer maker Voxeljet (VJET +5.9%), cloud ERP/HR software provider NetSuite (N +3.7%), flash sales site Zulily (ZU +7.5%), stock photo marketplace Shutterstock (SSTK +6.5%), cloud telecom expense software vendor Tangoe (TNGO +5.6%), It services provider Virtusa (VRTU +4.7%), online video ad platform TubeMogul (TUBE +4%), and online ad campaign software provider Marin (MRIN +4.2%).
- Notable decliners include several Chinese firms. Specifically, search/portal/game provider Sohu (SOHU -5.3%), entertainment/IM/gaming platform YY (YY -4.2%), mobile game publisher Sky-mobi (MOBI -5.8%), and sports lottery site 500.com (WBAI -5.6%).
- Other big decliners include printer maker Lexmark (LXK -2.6%), chip packaging/testing provider ChipMOS (IMOS -4.7%), and smart grid/wind turbine component maker AMSC (AMSC -6.3%).
- Zulily is just a day removed from making fresh lows the wake of last month's Q4 miss and soft guidance. BMO provided an upbeat note on TubeMogul yesterday.
- YY has now more than given back the gains it saw last week following its Q4 beat. ChipMOS posts Q4 results after the close, and is two days removed from reporting its February sales rose 10.5% Y/Y, a slower pace than in recent months (thanks in part to the timing of the Chinese New Year). 500.com recently crashed due to license suspensions, but had bounced from its lows. Lexmark drop comes shortly after HP refreshed its printer lineup.
- Previously covered: Box, Rosetta Stone, CyberArk, Integrated Silicon, Universal Display, Spherix, Synchronoss, Ingram Micro
Wed, Jan. 14, 5:13 PM
- The forecast, which comes from chairman S.J. Cheng, is slightly below a 2-analyst consensus of 8.4%, but deemed on par with expected industry growth.
- Cheng also states 4K TV, phone LCD driver IC, and DRAM/NAND flash growth will bolster 2015 demand for ChipMOS' (NASDAQ:IMOS) assembly/test services. The company plans to boost the capacity of its 12" (300mm) wafer bumping ops to 40K-50K wafers/month from a current 33K.
- Shares rose 1.8% in regular trading in spite of market selloff.
- Previously: ChipMOS' December sales up 16.6% Y/Y
Fri, Jan. 9, 12:56 PM
- ChipMOS (IMOS -1.2%) had December revenue of $60.3M, -2.2% M/M due to seasonality but up 16.6% Y/Y. Annual growth slowed a bit from November's 20.2% and October's 18.8%, but remained above Q3's 10.3%.
- With its December sales on the books, ChipMOS reports its Q4 revenue totaled $183.4M, -0.2% Q/Q and +18.5% Y/Y, and near the high end of Q/Q guidance of flat to down low-single digits.
- Like many other tech names, ChipMOS is off moderately.
Dec. 10, 2014, 10:56 AM
- ChipMOS (IMOS +1.9%) had November revenue of $62.9M, +0.3% M/M (affected by seasonality) and +20.2% Y/Y. Y/Y growth grew from October's 18.8% and Q3's 10.3%.
- The chip assembly/testing firm now expects Q4 revenue to be at the high end of prior guidance, which called for sales to be flat to down by a low-single digit % Q/Q. Gross margin is still expected to be in a 23%-26% range.
Nov. 12, 2014, 7:08 PM
- Along with its Q3 report, ChipMOS (NASDAQ:IMOS) has announced a $15M buyback, good for repurchasing 2% of shares at current levels.
- Q4 guidance is for revenue to be flat to down by a low-single digit % Q/Q. Consensus is for revenue to drop 3% Q/Q to $185.3M.
- Q3 gross margin was 25.8%, +220 bps Q/Q and +360 bps Y/Y, and near the high end of a 23%-26% guidance range. Q4 GM guidance is also at 23%-26%.
- Q3 results, PR, subsidiary merger
Nov. 12, 2014, 4:04 PM
Nov. 12, 2014, 9:17 AM
- ChipMOS' (NASDAQ:IMOS) board has approved merging Taipei-listed ChipMOS Technologies (i.e. ChipMOS Taiwan) and chip testing/assembly firm ThaiLin Semiconductor. ThaiLin's shareholders will receive NT$12.5 ($0.41) in cash and 0.311 ChipMOS Taiwan shares for each share they own.
- ChipMOS Taiwan and ThaiLin shareholders still have to approve the deal, which is expected to close in June 2015. Once that happens, the merged company will be a 58%-owned subsidiary of U.S.-listed ChipMOS Technologies (Bermuda).
- The announcement comes ahead of ChipMOS' Q3 report (due this afternoon). Activist Oasis Management has called for ChipMOS Taiwan to acquire the U.S.-listed entity, given the latter trades at a discount to its net asset value.
Nov. 10, 2014, 3:25 PM
Oct. 10, 2014, 1:42 PM
- Following Microchip's warning and related prediction of a chip industry correction, Goldman's James Covello thinks there's 15%-20% downside in industry names.
- Covello, who lowered his industry view to Cautious in August: "The last time Microchip negatively preannounced was October 15, 2012 (3% sales miss). Between October 1 and December 31, Street 2013 sales estimates for the Semi group were revised down 6% on average."
- He adds several datapoints suggest the industry has been overheating. Among them: Semi revenue growth has outpaced end-market growth, and supply chain inventory dollars rose 3% more than their 3-year average in Q2.
- "Nobody will be spared," predicts Hedgeye's Craig Berger. Benchmark's Gary Mobley observes 5 of the 6 chip stocks to have made Q3 pre-announcements have thus done so to the downside.
- Worth noting: Mobile chipmaker Silicon Motion (SIMO -8.9%) is the one chipmaker to have positively pre-announced. It might not be a coincidence that Microchip has relatively low mobile exposure.
- Observing U.S. macro data remains positive even as China and Europe soften, Longbow's JoAnne Feeney remains bullish long-term on select names. However, she has cut her short-term rating on Linear (LLTC -3.8%) to Sell, and removed IDT (IDTI -7.1%) from her trading long list.
- In addition to the names previously mentioned, the following chip stocks are seeing steep losses: AMD -5.1%. FCS -13.6%. NXPI -11.2%. CODE -11%. LSCC -9.6%. SIMG -8.1%. IPHI -7.7%. ISIL -9.5%. CY -6.9%. RMBS -7.1%. QUIK -5.7%. SQNS -5.1%. IMOS -6.5%.
- Foundries and contract manufacturers are also selling off: TSM -3.9%. UMC -2%. SMI -2.4%. SANM -11.7%. FLEX -6.8%. JBL -4%.
- Chip ETFs: SOXX, SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Aug. 12, 2014, 5:57 PM| Comment!
Aug. 12, 2014, 5:38 PM
- Along with its Q2 results, ChipMOS (NASDAQ:IMOS) has announced it plans to buy back 1M shares (a 3.3% stake) in the company owned by Siliconware Precision (NASDAQ:SPIL). Following the purchase, Siliconware will own 4.3% of ChipMOS' NYC-listed unit, and 15.4% of its Taipei-listed unit.
- In addition, ChipMOS says its Taiwanese unit is buying a 19% stake in JMC Electric, a maker of chip-on-film (COF) tape for LCD driver ICs, for an undisclosed sum. ChipMOS notes the deal will allow it to provide COF tape to LCD driver assembly clients.
- ChipMOS expects Q3 revenue to rise 3%-7% Q/Q; the 2-analyst consensus is for revenue to rise 2% to $185.1M.
- Gross margin rose to 23.6% in Q2 from 19.8% in Q1 and 15.4% a year ago. The LCD driver ops made up 22% of revenue, chip testing 24, chip assembly 35%, and wafer bumping 19%.
- IMOS -1% AH. Q2 results, PR.
IMOS vs. ETF Alternatives
Chipmos Technologies Bermuda Ltd is a provider of semiconductor testing and assembly services. It provides back-end testing services, including engineering testing, wafer probing and final testing of memory and mixed-signal semiconductors.
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