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ChipMOS Insiders Sell Despite 40% Free Cash Flow Yield - Lots More To The Story
Thank you for the excellent write-up; this looks like a compelling opportunity.
However, I am somewhat concerned about the legal issues noted in the last annual report (filed in April). CEO S J Cheng was indicted for misuse of corporate funds in December 2005. The same indictment alleged that Hung-Chiu Hu, the former director, engaged in insider trading. Cheng was found not guilty in 2007, but the prosecutor appealed, and hearings appear to be ongoing. E&Y also apparently noted that "internal control weaknesses" existed during the relevant period (though it seems that action has since been taken to improve these controls).
It isn't lost on me that the case is seven years old and has already resulted in one "not guilty" verdict. Still, do you believe the criminal proceedings against Mr. Cheng are cause for concern? How have you gained comfort here?
Dec 19, 2012. 11:56 PM
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