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ChipMOS Technologies
(NASDAQ:IMOS)
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Rating:57Neutral
Price Target:
$60.00
â–²(8.75% Upside)
Action:Reiterated
Date:08/17/26
The score is primarily held back by weak cash flow quality (negative free cash flow and poor cash conversion) despite improving profitability and a stable balance sheet. Technicals are mixed-to-neutral with longer-term support but negative MACD, and valuation appears relatively higher with only a modest dividend yield.
Positive Factors
Revenue and Profitability Rebound
Recent scale and margin recovery indicate operating leverage is returning, improving earnings capacity as utilization rises. The highest quarterly revenue since 2014 suggests the rebound is meaningful rather than an isolated monthly fluctuation.
Negative Factors
Weak Free Cash Flow and Cash Conversion
Negative free cash flow and weak conversion mean reported earnings are not currently translating efficiently into discretionary cash. If working-capital needs or investment remain elevated, funding capacity and shareholder returns could face longer-term pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profitability Rebound
Recent scale and margin recovery indicate operating leverage is returning, improving earnings capacity as utilization rises. The highest quarterly revenue since 2014 suggests the rebound is meaningful rather than an isolated monthly fluctuation.
Read all positive factors
ChipMOS Technologies (IMOS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.93B
Dividend Yield1.37%
Average Volume (3M)120.94K
Price to Earnings (P/E)27.5
Beta (1Y)1.65
Revenue Growth22.52%
EPS Growth1433.51%
CountryUS
Employees5,688
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)64.40
Shares Outstanding35,226,160
10 Day Avg. Volume143,997
30 Day Avg. Volume120,944
Financial Highlights & Ratios
PEG Ratio-1.03
Price to Book (P/B)1.37
Price to Sales (P/S)1.36
P/FCF Ratio251.54
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.7
Revenue Forecast (FY)$963.52M
ChipMOS Technologies Business Overview & Revenue Model
Company Description
ChipMOS Technologies Inc. (IMOS) is a Taiwan-based outsourced semiconductor assembly and test (OSAT) provider. The company offers back-end semiconductor services including assembly, testing, and packaging solutions, with a significant focus on mem...
How the Company Makes Money
ChipMOS primarily makes money by providing fee-based semiconductor back-end services to integrated device manufacturers (IDMs) and fabless semiconductor companies. Its key revenue streams generally fall into: (1) Testing services: generating reven...
ChipMOS Technologies Earnings Call Summary
Earnings Call Date:Aug 12, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted strong growth in memory products and a positive outlook for the second half of the year. However, the company faced challenges with declining gross margins, net losses due to foreign exchange, and reduced revenue in DDIC products.Positive Updates
Revenue Growth
Q2 revenue increased by 3.7% compared to Q1 and was driven by strong demand in memory products.
Negative Updates
Gross Margin Decline
Q2 gross margin was 6.6%, a decrease of 280 basis points from Q1 and 7.4 percentage points from Q2 2024, due to lower DDIC test ASP and increased costs.
Read all updates
Q2-2025 Updates
Positive
Negative
Revenue Growth
Q2 revenue increased by 3.7% compared to Q1 and was driven by strong demand in memory products.
Read all positive updates
Company Guidance
During the ChipMOS Second Quarter 2025 Results Conference Call, guidance provided by Chairman S.J. Cheng highlighted several key metrics and strategic directions for the company. The second quarter saw a 3.7% increase in revenue compared to the first quarter, amounting to TWD 5,736 million, despite a net loss of TWD 0.75 per share driven by a foreign exchange loss of approximately TWD 0.97 per share. Gross margin was recorded at 6.6%, a decrease of 280 basis points from the previous quarter. The company's utilization rates improved, with overall utilization at 65%, assembly at 64%, and memory testing at 67%. Memory products drove 45.3% of Q2 revenue, with a significant 21.2% increase compared to Q1. For Q3, the company anticipates robust demand in memory products, with expected price increases in OSAT between 5% to 18% to counter material cost rises. Although challenges persist, including DDIC ASP cuts and electricity cost increases, ChipMOS remains focused on enhancing shareholder value through prudent capital expenditure, with a strategic emphasis on high-growth, high-margin product areas.ChipMOS Technologies Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 27.11B | 24.06B | 22.70B | 21.36B | 23.52B | 27.40B |
| Gross Profit | 3.99B | 2.61B | 2.94B | 3.55B | 4.91B | 7.25B |
| EBITDA | 7.62B | 6.04B | 6.78B | 7.31B | 8.92B | 10.79B |
| Net Income | 2.25B | 497.83M | 1.44B | 1.97B | 3.44B | 4.94B |
Balance Sheet | ||||||
| Total Assets | 46.96B | 45.22B | 45.38B | 46.16B | 44.94B | 42.52B |
| Cash, Cash Equivalents and Short-Term Investments | 12.60B | 14.94B | 15.33B | 12.44B | 10.12B | 6.30B |
| Total Debt | 16.01B | 16.28B | 15.16B | 15.98B | 14.89B | 11.00B |
| Total Liabilities | 22.11B | 21.28B | 20.38B | 21.31B | 20.30B | 18.38B |
| Stockholders Equity | 24.85B | 23.94B | 25.00B | 24.85B | 24.64B | 24.14B |
Cash Flow | ||||||
| Free Cash Flow | -368.16M | 130.52M | 859.43M | 3.53B | 3.92B | 1.44B |
| Operating Cash Flow | 4.59B | 4.00B | 5.94B | 6.61B | 8.62B | 7.32B |
| Investing Cash Flow | -4.79B | -3.76B | -615.11M | -3.09B | -5.06B | -6.02B |
| Financing Cash Flow | -924.66M | -609.69M | -2.48B | -1.06B | 416.89M | 494.44M |
ChipMOS Technologies Technical Analysis
Neutral
55.17
Price Trends
59.91
Negative
54.49
Negative
43.80
Positive
Market Momentum
-1.29
Negative
46.56
Neutral
18.58
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMOS, the sentiment is Neutral. The current price of 55.17 is above the 20-day moving average (MA) of 52.96, below the 50-day MA of 59.91, and above the 200-day MA of 43.80, indicating a neutral trend. The MACD of -1.29 indicates Negative momentum. The RSI at 46.56 is Neutral, neither overbought nor oversold. The STOCH value of 18.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IMOS.
ChipMOS Technologies Risk Analysis
ChipMOS Technologies disclosed 42 risk factors in its most recent earnings report. ChipMOS Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ChipMOS Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $2.29B | -50.26 | -5.61% | ― | 9.10% | -92.70% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $12.64B | 22.71 | 12.37% | 0.51% | 17.93% | 82.27% | |
57 Neutral | $1.93B | 27.47 | 9.29% | 1.34% | 22.52% | 1433.51% | |
55 Neutral | $841.81M | -69.80 | -3.42% | ― | 8.82% | 2.60% | |
50 Neutral | $928.39M | -5.41 | -44.79% | ― | 6.19% | 11.87% | |
49 Neutral | $812.29M | -18.59 | -0.02% | ― | -2.48% | 56.59% |
* Technology Sector Average
IMOS
ChipMOS Technologies
54.09
39.03
259.23%
AOSL
Alpha and Omega
26.22
-0.50
-1.87%
AMKR
Amkor
50.86
27.85
121.02%
CEVA
Ceva
28.13
5.92
26.65%
ICHR
Ichor Holdings
58.87
41.88
246.50%
INDI
indie Semiconductor
4.00
-0.28
-6.54%
ChipMOS Technologies Corporate Events
ChipMOS Board Approves Strong First-Half 2026 Financial Results
Aug 11, 2026
ChipMOS Technologies’ board held its 19th meeting of the 11th Board of Directors on August 11, 2026, approving the company’s consolidated financial statements for the second quarter of 2026. For the six months ended June 30, 2026, Chip...
ChipMOS Delivers Highest Quarterly Revenue Since 2014 on Strong 2Q 2026 Turnaround
Aug 11, 2026
ChipMOS reported on August 11, 2026 that its second-quarter 2026 revenue rose 28.7% year on year to NT$7.38 billion, its highest quarterly level since 2014, and 6.5% sequentially. The company’s gross margin expanded to 18% from 6.6% a year e...
ChipMOS Sets Highest Monthly Revenue Since 2014 on Surging AI Demand in July 2026
Aug 10, 2026
ChipMOS Technologies reported that unaudited consolidated revenue for July 2026 reached NT$2,823.0 million (US$87.5 million), marking its highest monthly revenue level since 2014. The July figure represents an 11.2% increase versus June 2026 and a...
ChipMOS Sets August 11 Board Meeting to Approve Q2 2026 Financial Statements
Aug 3, 2026
On August 3, 2026, ChipMOS Technologies announced that its board of directors will convene on August 11, 2026 to review and approve the company’s consolidated financial statements for the second quarter of 2026. The disclosure, made via the ...
ChipMOS Technologies Posts Sharp Profit Gains After TWSE Trading Trigger
Jul 30, 2026
ChipMOS Technologies disclosed additional financial data on July 30, 2026 after its securities triggered Taiwan Stock Exchange trading information thresholds, prompting a formal notice from the bourse. The company responded through a dual filing w...
ChipMOS Sets August 11, 2026 Call for Q2 Results
Jul 23, 2026
ChipMOS Technologies Inc., a Taiwan-based outsourced semiconductor assembly and test (OSAT) provider listed on the Taiwan Stock Exchange and Nasdaq, operates advanced packaging and testing facilities in Hsinchu and Southern Taiwan. The company is ...
ChipMOS Technologies Sets July 24, 2026 Dividend for ADS Holders
Jul 20, 2026
On July 20, 2026, ChipMOS Technologies announced a cash dividend from capital surplus of US$0.760 per American Depositary Share, equivalent to approximately US$0.740 per ADS after depositary fees. The dividend will be distributed to ADS holders on...
ChipMOS Posts Highest Revenue Since 2014 on Surging AI-Driven Demand
Jul 10, 2026
ChipMOS Technologies reported that its unaudited consolidated revenue for June 2026 and the second quarter ended June 30, 2026 reached the highest monthly and quarterly levels since 2014, underscoring a strong rebound in its business. The performa...
ChipMOS Technologies Invests NT$512 Million in Plant Engineering and Equipment Upgrades
Jun 23, 2026
ChipMOS Technologies Inc. has disclosed that between July 2, 2025 and June 23, 2026 it acquired plant engineering works and equipment accessories with a total transaction value of NT$512.231 million. The purchase, approved on June 23, 2026 by the ...
ChipMOS May Revenue Climbs 17.7% Year-on-Year on AI Demand
Jun 10, 2026
ChipMOS Technologies, a leading Taiwan-based OSAT provider, reported unaudited consolidated revenue of NT$2,384.3 million (US$76.0 million) for May 2026, as disclosed on June 10, 2026. The company continues to leverage its advanced facilities and ...
ChipMOS Shareholders Approve Tax-Efficient Cash Dividend for 2026
May 27, 2026
ChipMOS Technologies announced that shareholders at its May 26, 2026 annual general meeting approved a cash dividend of NT$1.23 per common share, equivalent to about US$0.78 per American Depositary Share, to be paid from capital surplus. The move,...
ChipMOS Shareholders Approve 2025 Results, Cash Payout and Director Non-Compete Waivers
May 26, 2026
ChipMOS Technologies Inc., a Taiwan-based provider of semiconductor assembly and testing services listed in Taipei and on Nasdaq, operates primarily in backend IC and panel driver packaging and testing. The company targets global semiconductor and...
ChipMOS Sets Ex-Dividend and Payout Dates for 2026 Cash Dividend
May 26, 2026
On May 26, 2026, ChipMOS Technologies announced that its Board of Directors approved the ex-dividend record date for a cash distribution of NT$1.23 per common share, as previously resolved by the Annual Shareholders’ Meeting. The move formal...
ChipMOS to Brief Investors at Cathay Securities Q2 Industry Forum on May 27
May 20, 2026
ChipMOS Technologies said on May 20, 2026, that it will present to institutional investors at the Cathay Securities 2026 Q2 Industry Forum at the Grand Hyatt Taipei on May 27, 2026. Senior management, including strategy and investor relations head...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.