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Amkor Technology, Inc. Message Board

investalotmore1 11 posts  |  Last Activity: Aug 21, 2015 9:29 AM Member since: Aug 24, 2012
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  • investalotmore1 by investalotmore1 Aug 21, 2015 9:29 AM Flag

    ASE's announcement to buy 25% of SPILL has to be the first step in combining the companies. ASE doesn't say that it is not the long term goal, just that this first 25% is an investment. Their combined revenue will be near 11 billion. Next year Amkor will be around 4 billion. Anyone have any ideas what Amkor's management might do to respond? In the OSAT Industry size does matter.

  • Reply to

    Truly a STEAL under $4.15

    by facts_are_facts_are Jul 28, 2015 2:00 PM
    investalotmore1 investalotmore1 Aug 8, 2015 2:34 PM Flag

    Book Value, which is shareholder's equity per share, as posted on the latest quarterly report is $4.84 fully diluted. Friday's price is 87% of that. Amkor's competitors share prices are near 2X their book value. I still say management should trigger the share buy back program as long as the share price is below book and fight the Funds that control the share price.

  • Reply to

    Stock Buy-Back Program

    by investalotmore1 Jul 27, 2015 10:42 PM
    investalotmore1 investalotmore1 Jul 28, 2015 3:36 PM Flag

    I don't think he can buy in the open market. Wouldn't those shares be voting shares and isn't he at the limit if they wish to remain a public company as they have said many times in the past? Also I would think that he has inside information that would not allow him to purchase. All the share he has gained since he put together the $3.02 CD I believe were part of the management share option plans, not open market purchases. They have many of the shares in family trusts beside in his own name but in the annual report they do report that they are under his control.

  • Reply to

    Stock Buy-Back Program

    by investalotmore1 Jul 27, 2015 10:42 PM
    investalotmore1 investalotmore1 Jul 28, 2015 12:28 PM Flag

    I'm a long term Amkor investor, I'm not even close to being in trouble. By the volume you can see that there are a lot of funds that are buying shares because they agree that the long term outlook is very strong. Management would not be expanding if it were not. We have not seen the semi boom and bust cycle for a long time. I thought that at long last the industry had learned something about inventory control. But it looks like it has not. So if we agree that the one or two year outlook is positive, buying back shares when the market gives them a bargain could result in an 8% reduction in total shares that in normal times will go to the bottom line just like strategies that earn sales and earnings. The multiple on that could be huge. I agree with everything that was posted about being cautious. No one knows the outlook better than management and if this downturn is not as much company related but poor planning by their customers, then this share price is a bargain and an opportunity to be somewhat bold. If it is, why shouldn't the long term share holders profit from it, not just the big funds. You get lemons, make lemonade.

  • investalotmore1 by investalotmore1 Jul 27, 2015 10:42 PM Flag

    At this price level management really needs to help stabilize the share price and act on the opportunity to reduce the share count by spending the remaining 91 million in the approved stock buy-back program. They need to do more that just reduce cap ex.

  • investalotmore1 investalotmore1 Jul 22, 2015 6:32 PM Flag

    Per the 2014 Annual Report the Kim Family together in individual holdings and family trusts own 158 million shares. The Kims always trigger all options if the count goes up due to the compensation plans, so its around 2/3's of the company, more if they would ever trigger the remaining 91 million dollars in the share buy-back plan. That's control even when some of the shares are non-voting ones just so it's still within SEC rules for a "public" company.

  • investalotmore1 investalotmore1 Jul 22, 2015 5:03 PM Flag

    The standard 5 times next years EBITDA for a company's value is in the same ball park. The 2016 EBITDA should be near 1 billion dollars. That would be 5 billion minus 1 billion of debt, but my guess is that the only way we would ever see $17 per share would be if Kim sold the company.

  • Reply to

    I'd like to get on board at $5.50.

    by jctuttle14 Jul 2, 2015 4:31 PM
    investalotmore1 investalotmore1 Jul 4, 2015 9:53 AM Flag

    Understanding equipment utilization was how Boruch built the company. That understanding was loss for a few years but it certainly looks like Kelley read JB's playbook. I sure hope so!

  • Reply to

    Interesting AMKR Question

    by cantfindaprofilenamenotinuse Jun 18, 2015 8:58 AM
    investalotmore1 investalotmore1 Jul 3, 2015 9:11 AM Flag

    You are completely right! They don't care a bit about what "non-executive share holders" views are if they disagree with the Kim's. Get over it, it is not going to change but the bigger point is that it is not illegal and it is clearly explained in SEC filings, time and again. The SEC says that public companies follow the law and policies that are supported by a majority of the shareholders. This is not a one person, one vote democracy. It's one share, one vote! The Kims control almost 2/3 of the shares. That's the bad news. The good news is that Kim is getting a terrible return and as the questioner said they are not getting any real benefit from being a public company. Management has to fix that or he will replace them. You can pick your guess for what the plan is (you know mine) but a horrid return is a HUGE motivation. I'm sure it bothers them so much more than it does the other 1/3. There is a plan, there is a big picture, there is an end game!

  • Reply to

    Interesting AMKR Question

    by cantfindaprofilenamenotinuse Jun 18, 2015 8:58 AM
    investalotmore1 investalotmore1 Jul 2, 2015 1:08 PM Flag

    I agree with the general view of your statements, except for #4 and that is the only one in your list that has any real meaning to me. To any shareholder, the return is why you invest. The Kim's are receiving a very minimum return on what I'm sure they see as their real investment. I would be very surprised if they did not view it at less than 3 billion. The return they are getting on this investment, including salaries, loan interest, and perks is peanuts compared to what the return should be on 3 billion and there is real market risks involved. Kim is doing so poorly (less than 1%) there has to be a another answer. They can not be satisfied, there has to be an end game that will generate the proper return for a large amount of money and years of hard work. That is not wishful thinking on my part. How could that not be true? Now, unfortunately I have no idea if and when they can make it happen. The last team they had struck out badly! Perhaps this new one can make it happen. So far there has been some real progress and the fact that Kelley hold a meaningful amount of shares that ties his interest with ours is meaningful. So I still think we got a shot. That what I think you have missed.

  • Reply to

    Interesting AMKR Question

    by cantfindaprofilenamenotinuse Jun 18, 2015 8:58 AM
    investalotmore1 investalotmore1 Jun 24, 2015 9:21 AM Flag

    Besides the old over-used replies that he pulled off the shelf to the question of being a public company, I still feel that the Kim Family would sell the company, if they got their price. Until they pay a meaningful dividend, my guess is that is an option for the Kim end game that they want to keep on the table. What market level benefit do they currently get? The so-so salaries they receive certainly does not reach the level of return on the billion+ they have invested? By having complete control of the company but it being a public company allows them to sell if they ever got an offer they liked and lowers their risk. If they took it private they would have to carry the current billion debt, plus what it would take to buy out the remaining public shares (a billion+) themselves. They would be assuming 100% of the risk with little potential increase in reward and burdening the company with a huge debt that in a bad downturn could bankrupt the company. Selling the company soon seem unlikely but I guess that is a door they do not want to close. Perhaps it's in the five year plan.

AMKR
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