Intrinsic value of ChipMOS Technologies ADR - IMOS

Previous Close

$13.90

  Intrinsic Value

$29.60

stock screener

  Rating & Target

str. buy

+113%

Previous close

$13.90

 
Intrinsic value

$29.60

 
Up/down potential

+113%

 
Rating

str. buy

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 2015), $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 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  616
  630
  646
  665
  685
  707
  731
  757
  785
  815
  847
  882
  918
  957
  999
  1,042
  1,089
  1,138
  1,190
  1,244
  1,302
  1,363
  1,427
  1,494
  1,565
  1,640
  1,719
  1,802
  1,889
  1,981
Variable operating expenses, $m
  351
  359
  368
  379
  390
  403
  417
  432
  448
  465
  483
  503
  524
  546
  569
  594
  621
  649
  678
  709
  742
  777
  813
  852
  892
  935
  980
  1,027
  1,077
  1,129
Fixed operating expenses, $m
  189
  193
  197
  202
  206
  211
  215
  220
  225
  230
  235
  240
  245
  251
  256
  262
  268
  274
  280
  286
  292
  299
  305
  312
  319
  326
  333
  340
  348
  355
Total operating expenses, $m
  540
  552
  565
  581
  596
  614
  632
  652
  673
  695
  718
  743
  769
  797
  825
  856
  889
  923
  958
  995
  1,034
  1,076
  1,118
  1,164
  1,211
  1,261
  1,313
  1,367
  1,425
  1,484
Operating income, $m
  76
  78
  80
  84
  88
  93
  99
  105
  113
  121
  129
  139
  149
  161
  173
  186
  200
  216
  232
  249
  268
  287
  308
  331
  354
  380
  406
  435
  465
  497
EBITDA, $m
  119
  122
  126
  131
  137
  143
  151
  159
  168
  178
  189
  201
  214
  228
  244
  260
  277
  296
  316
  337
  360
  384
  409
  436
  465
  496
  528
  562
  598
  637
Interest expense (income), $m
  5
  8
  9
  9
  10
  11
  12
  13
  14
  15
  17
  18
  20
  21
  23
  25
  27
  29
  31
  33
  36
  38
  41
  44
  47
  50
  53
  57
  61
  65
  69
Earnings before tax, $m
  68
  69
  71
  74
  77
  81
  86
  91
  97
  104
  111
  119
  128
  138
  148
  159
  172
  185
  198
  213
  229
  246
  265
  284
  304
  326
  349
  374
  400
  428
Tax expense, $m
  18
  19
  19
  20
  21
  22
  23
  25
  26
  28
  30
  32
  35
  37
  40
  43
  46
  50
  54
  58
  62
  67
  71
  77
  82
  88
  94
  101
  108
  116
Net income, $m
  49
  50
  52
  54
  56
  59
  63
  67
  71
  76
  81
  87
  94
  101
  108
  116
  125
  135
  145
  156
  167
  180
  193
  207
  222
  238
  255
  273
  292
  312

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  843
  862
  884
  909
  937
  967
  1,000
  1,036
  1,074
  1,115
  1,159
  1,206
  1,256
  1,310
  1,366
  1,426
  1,489
  1,556
  1,627
  1,702
  1,781
  1,864
  1,952
  2,044
  2,142
  2,244
  2,352
  2,465
  2,585
  2,710
Adjusted assets (=assets-cash), $m
  843
  862
  884
  909
  937
  967
  1,000
  1,036
  1,074
  1,115
  1,159
  1,206
  1,256
  1,310
  1,366
  1,426
  1,489
  1,556
  1,627
  1,702
  1,781
  1,864
  1,952
  2,044
  2,142
  2,244
  2,352
  2,465
  2,585
  2,710
Revenue / Adjusted assets
  0.731
  0.731
  0.731
  0.732
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
Average production assets, $m
  436
  446
  457
  470
  484
  500
  517
  535
  555
  576
  599
  623
  649
  677
  706
  737
  770
  804
  841
  880
  920
  963
  1,009
  1,057
  1,107
  1,160
  1,216
  1,274
  1,336
  1,401
Working capital, $m
  -44
  -45
  -47
  -48
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
Total debt, $m
  162
  175
  189
  205
  222
  242
  262
  285
  310
  336
  364
  394
  426
  459
  495
  533
  574
  616
  661
  709
  759
  812
  868
  927
  989
  1,054
  1,122
  1,194
  1,270
  1,350
Total liabilities, $m
  536
  548
  562
  578
  596
  615
  636
  659
  683
  709
  737
  767
  799
  833
  869
  907
  947
  990
  1,035
  1,083
  1,133
  1,186
  1,241
  1,300
  1,362
  1,427
  1,496
  1,568
  1,644
  1,724
Total equity, $m
  307
  314
  322
  331
  341
  352
  364
  377
  391
  406
  422
  439
  457
  477
  497
  519
  542
  567
  592
  620
  648
  679
  710
  744
  780
  817
  856
  897
  941
  987
Total liabilities and equity, $m
  843
  862
  884
  909
  937
  967
  1,000
  1,036
  1,074
  1,115
  1,159
  1,206
  1,256
  1,310
  1,366
  1,426
  1,489
  1,557
  1,627
  1,703
  1,781
  1,865
  1,951
  2,044
  2,142
  2,244
  2,352
  2,465
  2,585
  2,711
Debt-to-equity ratio
  0.530
  0.560
  0.590
  0.620
  0.650
  0.690
  0.720
  0.760
  0.790
  0.830
  0.860
  0.900
  0.930
  0.960
  1.000
  1.030
  1.060
  1.090
  1.120
  1.140
  1.170
  1.200
  1.220
  1.250
  1.270
  1.290
  1.310
  1.330
  1.350
  1.370
Adjusted equity ratio
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  49
  50
  52
  54
  56
  59
  63
  67
  71
  76
  81
  87
  94
  101
  108
  116
  125
  135
  145
  156
  167
  180
  193
  207
  222
  238
  255
  273
  292
  312
Depreciation, amort., depletion, $m
  44
  45
  46
  47
  48
  50
  52
  54
  56
  58
  60
  62
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
  127
  134
  140
Funds from operations, $m
  93
  95
  98
  101
  105
  109
  114
  120
  126
  133
  141
  149
  159
  168
  179
  190
  202
  215
  229
  244
  259
  276
  294
  313
  333
  354
  377
  401
  426
  452
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
Cash from operations, $m
  94
  96
  99
  102
  106
  111
  116
  122
  128
  136
  143
  152
  161
  171
  182
  193
  206
  219
  233
  248
  264
  281
  299
  318
  338
  360
  382
  406
  432
  459
Maintenance CAPEX, $m
  -43
  -44
  -45
  -46
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -127
  -134
New CAPEX, $m
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
Cash from investing activities, $m
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -149
  -156
  -164
  -172
  -181
  -189
  -199
Free cash flow, $m
  43
  42
  43
  44
  45
  47
  49
  52
  55
  59
  63
  68
  73
  79
  85
  92
  99
  107
  116
  125
  135
  146
  157
  169
  182
  196
  211
  226
  243
  261
Issuance/(repayment) of debt, $m
  11
  12
  14
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  11
  12
  14
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
Total cash flow (excl. dividends), $m
  54
  55
  57
  59
  62
  66
  70
  75
  80
  85
  91
  98
  105
  112
  121
  130
  139
  150
  161
  172
  185
  198
  213
  228
  244
  261
  279
  298
  319
  340
Retained Cash Flow (-), $m
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
Prev. year cash balance distribution, $m
  92
  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
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
Cash available for distribution, $m
  140
  48
  49
  50
  52
  55
  58
  62
  66
  70
  75
  81
  87
  93
  100
  108
  116
  125
  135
  145
  156
  168
  181
  194
  209
  224
  240
  257
  275
  295
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
  134
  44
  42
  41
  41
  40
  39
  38
  38
  37
  36
  34
  33
  31
  29
  27
  25
  23
  21
  18
  16
  14
  12
  10
  8
  7
  5
  4
  3
  2
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
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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 243.1
Price to Sales 20.2
Price to Book 22.8
Price to Tangible Book
Price to Cash Flow 104.5
Price to Free Cash Flow -397
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 $604 million for the last fiscal year's total revenue generated by ChipMOS Technologies ADR. The default revenue input number comes from 2015 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 57%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $185 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 5.4% 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 1%.

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 70.7%.

Life of production assets of 10 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 -7.2%. 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 - $393 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 29 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 $0.4 billion.

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COMPANY NEWS

▶ Chipmos: 2Q Earnings Snapshot   [05:05AM  Associated Press]
▶ ChipMOS REPORTS JULY 2018 REVENUE   [04:05AM  PR Newswire]
▶ ChipMOS REPORTS JUNE 2018 AND 2Q18 REVENUE   [Jul-10-18 06:00AM  PR Newswire]
▶ ChipMOS to Present at 2018 Yuanta Asia Investment Forum   [Jun-11-18 06:00AM  PR Newswire]
▶ ChipMOS REPORTS MAY 2018 REVENUE   [Jun-08-18 06:00AM  PR Newswire]
▶ ChipMOS to Present at 2018 Q2 Fubon Investment Forum   [May-21-18 06:00AM  PR Newswire]
▶ ALERT: ChipMOS SECURES NT$12.0 BILLION CREDIT FACILITY   [May-15-18 02:10AM  PR Newswire]
▶ Chipmos: 1Q Earnings Snapshot   [May-10-18 05:06AM  Associated Press]
▶ ChipMOS REPORTS APRIL 2018 REVENUE   [01:35AM  PR Newswire]
▶ ChipMOS REPORTS MARCH 2018 AND 1Q18 REVENUE   [Apr-09-18 08:09AM  PR Newswire]
▶ Chipmos posts 4Q profit   [06:23AM  Associated Press]
▶ ChipMOS REPORTS FEBRUARY 2018 REVENUE   [Mar-09-18 06:30AM  PR Newswire]
▶ ChipMOS REPORTS JANUARY 2018 REVENUE   [Feb-09-18 06:30AM  PR Newswire]
▶ ChipMOS REPORTS DECEMBER 2017 AND 4Q17 REVENUE   [Jan-09-18 06:30AM  PR Newswire]
▶ ChipMOS REPORTS NOVEMBER 2017 REVENUE   [01:30AM  PR Newswire]
▶ Chipmos posts 3Q profit   [Nov-09-17 05:01AM  Associated Press]
▶ ChipMOS REPORTS OCTOBER 2017 REVENUE   [01:30AM  PR Newswire]
▶ 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]
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