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ChipMOS TECHNOLOGIES (Bermuda) LTD. Message Board

  • sean777007 sean777007 Dec 11, 2012 7:23 PM Flag

    So sad

    Greatest story out there not being told.So pathetic management is not buying back shares.So good at the comeback but so STUPID not listening to 99 percent of shareholder's.Action's speak louder then word's and you guy's are embarrassing.

    Sentiment: Strong Buy

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    • Mem,
      "Hopefully they step up soon, this is a great opportunity, regardless of Taiwan listing, etc."
      Agree, but am a tad skeptical. "Market conditions" (like "eventually") is always iffy reason to do nothing, inertia sets in after time, 6 months from now opportunity may be seen as wasted. I think Keynes said "eventually we're all gonna die".

      My positive spin: Being a contrarian, I like the negativity posted recently.
      This may be the trigger needed to weed out the weak hands, and I, like others, am content to wait a bit, might still consider adding if these drops hold a week or two.
      Still, I want SK, SJ et al on the BoD to realize 14 cents was ok, but they are being graded every day/week nothing more gets done as cash accumulates. Do they care?

    • Sean, I have to agree with you here. Management simply shouldn't let an opportunity like this slip away. Again. The Taiwan listing would become less critical if they were in the market everyday buying back shares. I've seen situations where the market has valued a company at almost zero, after backing out the cash, because confidence in management was low along with transparency. At every turn with the buyback they've dropped the ball. Waited too long for the first "buyback" and set the ceiling too low. Waited too long to initiate the second buyback and missed the chance to buy below $10-$11/share, at least at the start. Now they've decided to not do a buyback, at least for six months, even though the market has given them a third chance to buy on the cheap. And for what? To show they have, say, $20M more on the balance sheet? Its not just about improving the metrics, its more about increasing the p/e multiple the market will afford a company which shows a clear committment to increasing shareholder value. Chipbond is trading at 11x next year's projected earnings; ChipMos 4x. And frankly, I don't care that much what the IPO on the ESM goes off at. The market will decide the value anyway. Look at Facebook. So all these arguments not to do a buyback now rings a bit hollow.

      Next year is pivitol. It should show clearly whether management is truly committed to increasing shareholder value or whether their financial conservatism is permanently ingrained regardless of what opportunities present themselves. The lack of transparency is another issue to consider. Here's my two cents about future developments...

      1) IPO on a primary exchange in Q4.
      2) Cowen coverage in Q1.
      3) Modest share repurchase beginning late Q2.
      4) No significant dividend increase until 2014.
      5) Revenue growth = 12% (most coming in 2H)

      Sentiment: Strong Buy

      • 2 Replies to davegras
      • Dave,

        It wasn't clear to me whether there will be a dividend in 2013 or whether it will start in 2014, but I did ask about future policy with regard to the Taiwanese listing and was told that they would normally give out greater than 50% of profits. They would go to the board in March after the annual statement is completed, and then vote on the dividend at the annual meeting in June. The dividend would then be in July or August, a single time for the year. I'd also like to note that a dividend is likely to go along with the Taiwanese listing, because they should make a LOT of money when they sell enough of Chipmos Taiwan to get to 70%. That money will go to Chipmos Bermuda. Meanwhile, Chipmos Taiwan's money will decrease as they buy out the Chipmos Bermuda shares from Thailin. That should happen in 8 or so months giving them plenty of money for a large 2013 dividend from the listing money.

        Sentiment: Strong Buy

      • By the way, thanks to everyone who hasn't been responding to the loons and attention seekers on this board. If you keep it up, I promise you they will go away.

    • Yes. It would be so easy to make this look good.

      1) A buyback. Not only does it show that they believe in themselves, it's a fantastic bargain. The more the better, but even a small or slow one would send a good message which apparently is sorely needed right now or the stock wouldn't be near $10.

      2) A few press releases at key times. For example: "ChipMOS Technologies reached an important new milestone today, its first dividend. Starting in 2013, ChipMOS intends to dividend 50% or more of its profits to shareholders in every profitable year, as part of its mission to be a shareholder-friendly company." etc.

      3) Explain the reasons behind the Taiwan listing. Tell the steps. Give an approximate timeline. Do this all in writing. One option would be in the investor presentation on the web site, another would be in a press release. Very few investors even know it's happening, let alone understand it.

      Sentiment: Strong Buy

    • This stock looks like dead money.There appears to be no catalyst in sight which would propel the stock price higher anytime soon.Hope i am wrong,but with no buyback and no listing what will cause this stock to move up?Fundamentals, and its great prospects,up to this point, has not done it.

 
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