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ChipMOS TECHNOLOGIES (Bermuda) LTD. Message Board

  • memoryxpert memoryxpert Mar 15, 2013 9:13 AM Flag

    Eyes on the prize

    A lot of noise and petty posts on this board of late.

    Bottom line is that long-term longs remain focused on what matters - the low EV/FCF, massive multiple disparity between IMOS and peers, potential for multiple expansion with Taiwan listing, potential large dividends, buybacks, etc.

    Hopefully Monday will be fine and Cowen setting the bar on 1Q will take away any issues from a weak 1Q guide.

    Things I expect Monday - poor 1Q outlook, improving outlook regarding March and future quarters, expectations for improving margins post 1Q, positive view on potential for new business, positive view on listing process, suggestion that buyback is coming soon.

    Things that could go right on Monday - Buyback announcement, detailed color on significant improvement in 2Q, specific details regarding Taiwan listing, positive news on SIGNIFICANT new business developments.

    Things that could go wrong on Monday - Wait and see approach on buyback, limited color regarding new business opportunities, issues regarding margins, push-out of Taiwan listing or inability (for legal reason as usual) to provide meaningful update on where it stands, or any other typical foot-in-mouth stuff from management.

    Regardless, we need to keep our eyes on the prize. If you never heard of ChipMOS and were looking at it's metrics for the first time, it is simply stupid cheap. We have been patient, too patient, and I am the FIRST to say, that management (although excellent operationally) has not helped (never seen a co with this much FCF not buying back stock AGGRESSIVELY) - but stay the course, we are almost there...and clearly regardless of Monday, fundamentals for all of IMOS' customers are improving, so their business is soon to follow.

    Sentiment: Strong Buy

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IMOS
23.93+0.01(+0.04%)Aug 29 4:00 PMEDT

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