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ChipMOS TECHNOLOGIES (Bermuda) LTD. Message Board

  • caffeine444444 caffeine444444 Mar 16, 2012 7:28 AM Flag

    4 th Quarter and full year 2011

    Some highlghts
    #1 current equity to debt 2.77-1 2010 1.19-1
    #4th quarter FCF $33 million or $1.22 per share
    #3 2011 total FCF $114 million or $4.18
    #4 total net debt down to $78 million from $231 million
    #5 $9.5 million left on buy back
    Very impressive numbers!!!!

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    • Caff,
      That buyback number wasn't too impressive. In fact, wasn't that the same number a month ago? 1000 shares per trading day since the start (not adjusted for any restrictions during quiet period) is neglible.

      I also wonder why they aren't raising revenue guidance to 10-15%, which they started the year with but later adjusted to a flat 10%.

      Hmmm. Maybe management's got some 'splainin' to do.

    • Caff, definitely some positives, but some additional questions worth asking:
      1. what should we expect in terms of pace of buyback. Buyback to date, kind of anemic?
      2. Is the new gold bumping capacity going to result in higher cap-ex? If so, then what type of incremental revenue does that represent - these guys were calling for 10% growth based on an 85-90 mil cap-ex number, then if the number is now higher, what revs are we getting for that?
      3. If cap-ex not going higher than previous, what will they do with all the cash? Clearly buyback is slow, so are they thinking dividend?
      4. to hit high-end of guidance, march has to be up a lot? Based on current visibility, does forecast for each month look stronger than, does April look better than march, may better than April?

      That's it.
      Good luck.

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