stech - Not exactly sure what you are asking. It's easy to check the cash balance from IMOS from the last Q. You just need to add $30M from the dividend that was just paid out. You can also find 8150's balance sheet (you'll need to convert from NT dollars to USD).
Does anyone even know IMOS's exposure to Apple (not that the numbers were that bad anyway)? I read an article from May that said Novatek won part of Apple's LCD business (I think 15-20%). Before they used Synaptics solely. I wonder if Novatek will use IMOS for that business.
This is a lot more than not trusting management. I think they've done a horrible job handling the conversion and buybacks as much as anyone, but most of the reason for the stock drop is due to concerns in the semi conductor market about China smartphone demand. I personally think that the overreaction in IMOS stock price is partly due to a lack of understanding about their business and growth drivers. Ultimately what they say on the conference call about earnings for the rest of the year is going to have a much bigger impact on the stock than the timing of the conversion at this point.
IMOS has $91 million in cash in Bermuda. They had $61M before and just received a $30M dividend.
8150 has about $180M in net cash and IMOS owns 58% of 8150.
turt - That's true about the 4%+ share reduction with the buyback. However if they wait until mid-September to begin we may not see much of that in the Q3 results. The conversion buyback, if they ever bother to announce it, probably won't take place this year.
Regarding Toshiba, since they haven't discussed it (as far I know) I have no idea when to expect that revenue to pop up or for that matter how much. Even if it does start now the ramp up could take many months. Did the recent news story about them receiving equipment even say what it was for? Have SK or SJ ever discussed this opportunity specifically?
I agree China could be a big deal, but again If it does happen the timing of any type of announcement is up in the air. The rest of the business will eventually bounce back, but how they guide on the Q3 call will be what people focus on.
jam - That 1.75 target seems to be from one analyst (not sure who) so I'd like to know how they are coming to their conclusions, not just some meaningless number they throw out. I'd also be curious to know what the other analysts are targeting.
Thanks. I wanted to see how the analysts are modeling IMOS earnings.
I've been doing a lot of research this weekend trying to figure out how IMOS earnings will be for the rest of the year. I've been reading articles about different markets such as LCD drivers, smartphones, TV, computers. I found some good articles unfortunately I can't post the links here. It's definitely a mixed bag and hard to get a grasp on.
The LCD driver market is definitely the bright spot for IMOS. This probably sets it apart from a company like Amkor (that and the fact that Amkor has about $1B in net debt while IMOS is about 1/3 net cash). While TV sales aren't great in general, 4K TV's are growing quite fast and there seems to be a push by manufacturers to sell a lot of 4K TV's this year. Smartphone sales will improve in the 2nd half, but how much remains the question. Monitor sales are very weak . I don't personally expect to see huge rebound in PC demand due to Windows 10.
The thing that keeps nagging me is the 'conservative' 3-5% revenue increase number given by management on that last call and trying to figure out how they get there. July is going to have to be a big M/M increase to meet those numbers. Honestly I think if they reiterate 3-5% on the call that would be great. I don't think the analysts seem to believe it. Is there some new business from Toshiba or someone else? They certainly don't mention anything on the call.
What a joke. So what was the purpose of making the announcement now if it's going to take two more months to begin the buyback?
Hi. New to this stock and doing some research after reading a Seeking Alpha article on the stock. If you are referring to the presentation it says that financial outlook was from May 5th, so I'm not sure that's really 'updated' guidance per se. Just the same guidance they gave from last quarter.
royco - Waiting for a sign that the IMOS selling has stopped before I'd do anything. I'd like to see 8150 and 6147 stop nosediving as well.
eco - My guess is mostly smaller investors and funds. Most bigger funds like Baupost are not going to panic into this selloff and are longer term investors.
I haven't bought yet since I probably own too much already, but if it does get much lower I might hit the trigger. A lot of this seems like capitulation and no longer based on any type of fundamentals. Even with the adjusted EPS targets I see on E*TRADE and Yahoo of $1.74 for this year that puts the P/E at under 8 when subtracting out IMOS Bermuda and their portion of Taiwan cash. For this year it seems those analysts don't even believe IMOS will hit the 3-5% revenue growth they claim so the bar seems to be at least set low.
Of course as altoid9992000 mentioned they should be implementing their buyback Now... Not waiting 30 days. I emailed management earlier, but they have stopped responding to me so it's more to vent than anything.
Sean - As much as I am mad at management I think the notion that management would or could hold down 8150 is misguided. For one thing why would they do it now if they aren't going to announce a merger for months. Also just look at how 6147 has acted and you can see 8150 isn't alone.
I think the real question is how will earnings and guidance be? If they stick with their 3-5% revenue increase for the year I think the rest will take care of itself. If they lower guidance again that would be really disheartening. Considering they went from 10% to 3-5% (which they called conservative on the call) I hope they gave themselves plenty of breathing room.
Whatever. I understand your question just fine. I'm telling you what Levan told me. How many times do I have to explain that. If you have a problem with what he's saying go call him yourself.
Good question. I still see no new scheduled court date. Still at least looking forward to earnings in several weeks.
Yes, I understood fine. According to Levan it's the same issue if BBX buys back its own shares. It could still jeopardize BBX's NYSE listing. I don't know all the rules behind this, but I personally asked Levan about this during the Q&A session.