Intrinsic value of ChipMOS Technologies ADR - IMOS

Previous Close

$20.60

  Intrinsic Value

$16.80

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  Rating & Target

hold

-18%

Previous close

$20.60

 
Intrinsic value

$16.80

 
Up/down potential

-18%

 
Rating

hold

We calculate the intrinsic value of IMOS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -2.48
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  591
  603
  617
  633
  650
  670
  692
  715
  741
  768
  798
  829
  863
  899
  937
  977
  1,020
  1,065
  1,113
  1,164
  1,217
  1,274
  1,333
  1,396
  1,462
  1,532
  1,605
  1,682
  1,763
  1,849
  1,939
Variable operating expenses, $m
 
  518
  530
  544
  559
  576
  595
  615
  637
  661
  686
  713
  742
  773
  806
  840
  877
  916
  957
  1,001
  1,047
  1,096
  1,147
  1,201
  1,257
  1,317
  1,380
  1,447
  1,517
  1,590
  1,667
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  527
  518
  530
  544
  559
  576
  595
  615
  637
  661
  686
  713
  742
  773
  806
  840
  877
  916
  957
  1,001
  1,047
  1,096
  1,147
  1,201
  1,257
  1,317
  1,380
  1,447
  1,517
  1,590
  1,667
Operating income, $m
  64
  84
  86
  89
  91
  94
  97
  100
  104
  108
  112
  116
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  187
  195
  205
  214
  225
  236
  247
  259
  271
EBITDA, $m
  168
  175
  179
  184
  189
  195
  201
  208
  215
  223
  232
  241
  251
  261
  272
  284
  297
  310
  324
  338
  354
  370
  388
  406
  425
  445
  467
  489
  513
  538
  564
Interest expense (income), $m
  5
  11
  11
  12
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
Earnings before tax, $m
  55
  73
  75
  77
  79
  81
  84
  87
  90
  93
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  158
  165
  172
  180
  189
  198
  207
  217
  227
Tax expense, $m
  12
  20
  20
  21
  21
  22
  23
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  53
  56
  59
  61
Net income, $m
  49
  54
  55
  56
  58
  59
  61
  63
  65
  68
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  246
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,006
  775
  793
  813
  836
  861
  889
  919
  952
  987
  1,025
  1,066
  1,109
  1,155
  1,204
  1,256
  1,311
  1,369
  1,431
  1,496
  1,565
  1,637
  1,714
  1,794
  1,879
  1,969
  2,063
  2,162
  2,267
  2,376
  2,492
Adjusted assets (=assets-cash), $m
  760
  775
  793
  813
  836
  861
  889
  919
  952
  987
  1,025
  1,066
  1,109
  1,155
  1,204
  1,256
  1,311
  1,369
  1,431
  1,496
  1,565
  1,637
  1,714
  1,794
  1,879
  1,969
  2,063
  2,162
  2,267
  2,376
  2,492
Revenue / Adjusted assets
  0.778
  0.778
  0.778
  0.779
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.779
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
  0.778
Average production assets, $m
  446
  455
  465
  477
  490
  505
  522
  539
  559
  579
  601
  625
  651
  678
  706
  737
  769
  803
  839
  878
  918
  960
  1,005
  1,053
  1,102
  1,155
  1,210
  1,268
  1,330
  1,394
  1,462
Working capital, $m
  395
  187
  192
  197
  202
  208
  215
  222
  230
  239
  248
  258
  268
  279
  291
  304
  317
  331
  346
  362
  379
  396
  415
  434
  455
  476
  499
  523
  548
  575
  603
Total debt, $m
  347
  320
  331
  343
  356
  371
  388
  405
  425
  446
  468
  492
  517
  544
  573
  604
  636
  671
  707
  745
  786
  828
  873
  921
  971
  1,024
  1,079
  1,138
  1,199
  1,264
  1,332
Total liabilities, $m
  483
  456
  467
  479
  492
  507
  524
  541
  561
  582
  604
  628
  653
  680
  709
  740
  772
  807
  843
  881
  922
  964
  1,009
  1,057
  1,107
  1,160
  1,215
  1,274
  1,335
  1,400
  1,468
Total equity, $m
  523
  318
  326
  334
  344
  354
  365
  378
  391
  406
  421
  438
  456
  475
  495
  516
  539
  563
  588
  615
  643
  673
  704
  738
  772
  809
  848
  889
  932
  977
  1,024
Total liabilities and equity, $m
  1,006
  774
  793
  813
  836
  861
  889
  919
  952
  988
  1,025
  1,066
  1,109
  1,155
  1,204
  1,256
  1,311
  1,370
  1,431
  1,496
  1,565
  1,637
  1,713
  1,795
  1,879
  1,969
  2,063
  2,163
  2,267
  2,377
  2,492
Debt-to-equity ratio
  0.663
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.090
  1.100
  1.110
  1.120
  1.130
  1.150
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.270
  1.280
  1.290
  1.290
  1.300
Adjusted equity ratio
  0.364
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  49
  54
  55
  56
  58
  59
  61
  63
  65
  68
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166
Depreciation, amort., depletion, $m
  104
  91
  93
  95
  98
  101
  104
  108
  112
  116
  120
  125
  130
  136
  141
  147
  154
  161
  168
  176
  184
  192
  201
  211
  220
  231
  242
  254
  266
  279
  292
Funds from operations, $m
  60
  145
  148
  152
  156
  160
  166
  171
  177
  184
  190
  198
  206
  214
  223
  233
  243
  253
  265
  276
  289
  302
  316
  331
  346
  363
  380
  398
  417
  437
  458
Change in working capital, $m
  -54
  4
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
Cash from operations, $m
  114
  141
  144
  147
  150
  154
  159
  164
  169
  175
  181
  188
  195
  203
  211
  220
  229
  239
  250
  261
  272
  285
  298
  311
  326
  341
  357
  374
  392
  411
  430
Maintenance CAPEX, $m
  0
  -89
  -91
  -93
  -95
  -98
  -101
  -104
  -108
  -112
  -116
  -120
  -125
  -130
  -136
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -192
  -201
  -211
  -220
  -231
  -242
  -254
  -266
  -279
New CAPEX, $m
  -144
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
Cash from investing activities, $m
  -155
  -98
  -101
  -105
  -108
  -113
  -117
  -122
  -127
  -133
  -138
  -144
  -150
  -157
  -165
  -171
  -179
  -188
  -197
  -206
  -216
  -227
  -237
  -248
  -261
  -272
  -286
  -300
  -315
  -330
  -347
Free cash flow, $m
  -41
  43
  42
  42
  41
  41
  41
  42
  42
  43
  43
  44
  45
  46
  47
  48
  50
  51
  53
  55
  56
  59
  61
  63
  65
  68
  71
  74
  77
  80
  84
Issuance/(repayment) of debt, $m
  103
  8
  10
  12
  13
  15
  16
  18
  19
  21
  22
  24
  25
  27
  29
  31
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  55
  58
  61
  65
  68
Issuance/(repurchase) of shares, $m
  -32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -46
  8
  10
  12
  13
  15
  16
  18
  19
  21
  22
  24
  25
  27
  29
  31
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  55
  58
  61
  65
  68
Total cash flow (excl. dividends), $m
  -88
  51
  53
  54
  55
  56
  58
  59
  61
  63
  66
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  106
  111
  116
  121
  126
  132
  138
  145
  152
Retained Cash Flow (-), $m
  91
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
Prev. year cash balance distribution, $m
 
  211
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  256
  45
  45
  46
  46
  46
  47
  48
  49
  50
  51
  53
  54
  56
  58
  59
  62
  64
  66
  69
  71
  74
  77
  81
  84
  88
  91
  96
  100
  104
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  245
  42
  39
  37
  36
  34
  32
  30
  28
  26
  24
  22
  21
  19
  17
  15
  13
  12
  10
  9
  7
  6
  5
  4
  3
  3
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

ChipMOS TECHNOLOGIES INC is a Taiwan-based company principally engaged in the integrated circuits packaging and testing business. The Company mainly provides thin small outline packaging (TSOP), fine-pitch ball grid array (FBGA) packaging, tape carrier packaging (TCP) and chip on film (COF) packaging services, as well as gold bumping services, among others. The Company’s products and services are used in information products, personal computers, communications equipment, office automation and consumer electronics. It mainly operates its business within domestic market, and in overseas markets, including the rest of Asia and the Americas.

FINANCIAL RATIOS  of  ChipMOS Technologies ADR (IMOS)

Valuation Ratios
P/E Ratio 360.2
Price to Sales 29.9
Price to Book 33.8
Price to Tangible Book
Price to Cash Flow 154.8
Price to Free Cash Flow -588.4
Growth Rates
Sales Growth Rate -2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.4%
Cap. Spend. - 3 Yr. Gr. Rate 6.5%
Financial Strength
Quick Ratio 7
Current Ratio 0.7
LT Debt to Equity 59.7%
Total Debt to Equity 66.3%
Interest Coverage 12
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 7.5%
Return On Total Capital 5.7%
Ret/ On T. Cap. - 3 Yr. Avg. 9.2%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 13.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 19.8%
Gross Margin - 3 Yr. Avg. 21.8%
EBITDA Margin 27.7%
EBITDA Margin - 3 Yr. Avg. 31.6%
Operating Margin 10.8%
Oper. Margin - 3 Yr. Avg. 14%
Pre-Tax Margin 9.3%
Pre-Tax Margin - 3 Yr. Avg. 15.4%
Net Profit Margin 8.3%
Net Profit Margin - 3 Yr. Avg. 11.8%
Effective Tax Rate 21.8%
Eff/ Tax Rate - 3 Yr. Avg. 23.5%
Payout Ratio 118.4%

IMOS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IMOS stock intrinsic value calculation we used $591 million for the last fiscal year's total revenue generated by ChipMOS Technologies ADR. The default revenue input number comes from 2016 income statement of ChipMOS Technologies ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IMOS stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for IMOS is calculated based on our internal credit rating of ChipMOS Technologies ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ChipMOS Technologies ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IMOS stock the variable cost ratio is equal to 86%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for IMOS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for ChipMOS Technologies ADR.

Corporate tax rate of 27% is the nominal tax rate for ChipMOS Technologies ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IMOS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IMOS are equal to 75.4%.

Life of production assets of 4.3 years is the average useful life of capital assets used in ChipMOS Technologies ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IMOS is equal to 31.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $523 million for ChipMOS Technologies ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 44.422 million for ChipMOS Technologies ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ChipMOS Technologies ADR at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ ChipMOS REPORTS SEPTEMBER 2017 AND 3Q17 REVENUE   [Oct-06-17 06:00AM  PR Newswire]
▶ ChipMOS REPORTS AUGUST 2017 REVENUE   [Sep-08-17 06:00AM  PR Newswire]
▶ Chipmos posts 2Q profit   [Aug-10-17 08:02PM  Associated Press]
▶ ChipMOS REPORTS JULY 2017 REVENUE   [02:30AM  PR Newswire]
▶ ChipMOS REPORTS JUNE 2017 AND 2Q17 REVENUE   [Jul-10-17 06:00AM  PR Newswire]
▶ ChipMOS REPORTS MAY 2017 REVENUE   [06:00AM  PR Newswire]
▶ ChipMOS REPORTS FIRST QUARTER 2017 RESULTS   [May-11-17 02:00AM  PR Newswire]
▶ ChipMOS REPORTS APRIL 2017 REVENUE   [May-10-17 06:00AM  PR Newswire]
▶ ChipMOS REPORTS MARCH 2017 AND 1Q17 REVENUE   [Apr-10-17 06:00AM  PR Newswire]
▶ Chipmos posts 4Q profit   [Mar-09-17 05:20AM  Associated Press]
▶ ChipMOS REPORTS FEBRUARY 2017 REVENUE   [01:30AM  PR Newswire]
▶ ChipMOS REPORTS JANUARY 2017 REVENUE   [Feb-10-17 06:00AM  PR Newswire]
▶ ChipMOS REPORTS NOVEMBER 2016 REVENUE   [06:00AM  PR Newswire]
▶ 5 Micro-cap Stocks Billionaires Love The Most   [Nov-30-16 09:45PM  at Insider Monkey]
▶ UPDATE: ChipMOS MERGER EXPECTED TO CLOSE OCTOBER 31   [Oct-20-16 06:00AM  PR Newswire]
▶ ChipMOS REPORTS SEPTEMBER 2016 AND 3Q16 REVENUE   [Oct-07-16 06:00AM  PR Newswire]
▶ ChipMOS REPORTS AUGUST 2016 REVENUE   [Sep-09-16 06:00AM  PR Newswire]
▶ ChipMOS REPORTS JULY 2016 REVENUE   [Aug-10-16 04:10PM  PR Newswire]
▶ ChipMOS SHANGHAI SECURES US$33 MILLION CREDIT FACILITY   [Jul-12-16 06:00AM  PR Newswire]
▶ ChipMOS TO HOLD AUGUST 12 ANNUAL GENERAL MEETING   [Jun-21-16 04:36PM  PR Newswire]
▶ ChipMOS REPORTS MAY 2016 REVENUE   [Jun-08-16 06:00AM  PR Newswire]
▶ ChipMOS TAIWAN SECURES NT$13.2 BILLION CREDIT FACILITY   [May-16-16 06:00AM  PR Newswire]
▶ ChipMOS REPORTS FIRST QUARTER 2016 RESULTS   [May-12-16 04:00PM  PR Newswire]
▶ ChipMOS REPORTS APRIL 2016 REVENUE   [May-10-16 06:00AM  PR Newswire]
▶ CHIPMOS TECHNOLOGIES BERMUDA LTD Financials   [Apr-21-16 01:04PM  EDGAR Online Financials]
▶ ChipMOS REPORTS FEBRUARY 2016 REVENUE   [Mar-10-16 05:10PM  PR Newswire]
▶ ChipMOS REPORTS DECEMBER 2015 AND 4Q15 REVENUE   [Jan-08-16 06:00AM  PR Newswire]
Financial statements of IMOS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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