External broker reports(aggregated public sources), Masterlink Securities Corp

Masterlink Securities

External broker reports(aggregated public sources)

Masterlink Securities Corp

MasterLink Securities provide brokerage, securities underwriting, and proprietary trading services in Taiwan. It offers brokerage services, including Taiwan stock exchange and OTC brokerage services, futures trading assistance, foreign securities trading, investment Banking services, and derivative products.

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Equity Bottom-Up

<p> We expect ChipMOS’ sales and profits to decline in 4Q21, with FY21 and FY22 EPS revised down to NT$6.62 and NT$6.75, respectively. However, given undemanding valuation amid high yield story, we reiterate BUY on the company, with target price trimmed to NT$66. ChipMOS’ 3Q21 GM missed expectations due to the increase in costs. Nonetheless, non-operating income propelled profits to achieve 108% of guidance. 4Q21 sales will slightly drop, which may also affect GM, with FY21 and FY22 EPS revised down to NT$6.62 and NT$6.75, respectively. ChipMOS is trading at 7x FY22 PER based on a recent share price of NT$46.9, which is still relatively cheap. However, given uncertainties in short-term demands for DDIC and memory products, sales and profits may decline from its peak. ChipMOS plans to distribute a dividend of NT$3.3-3.9 per share, with dividend payout ratio of 50-60%, and dividend yield of 7-8%. With that, we expect limited downside risks unless there is a significant drop in short-term profits. Therefore, we reiterate BUY on the company, with target price trimmed from NT$70 to NT$66.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

 We expect ChipMOS’ sales and profits to decline in 4Q21, with FY21 and FY22 EPS revised down to NT$6.62 and NT$6.75, respectively. However, given undemanding valuation amid high yield story, we reiterate BUY on the company, with target price trimmed to NT$66. ChipMOS’ 3Q21 GM missed expectations due to the increase in costs. Nonetheless, non-operating income propelled profits to achieve 108% of guidance. 4Q21 sales will slightly drop, which may also affect GM, with FY21 and FY22 EPS revised down to NT$6.62 and NT$6.75, respectively. ChipMOS is trading at 7x FY22 PER based on a recent share price of NT$46.9, which is still relatively cheap. However, given uncertainties in short-term demands for DDIC and memory products, sales and profits may decline from its peak. ChipMOS plans to distribute a dividend of NT$3.3-3.9 per share, with dividend payout ratio of 50-60%, and dividend yield of 7-8%. With that, we expect limited downside risks unless there is a significant drop in short-term profits. Therefore, we reiterate BUY on the company, with target price trimmed from NT$70 to NT$66.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>ChipMOS’ 2Q21 GM beat expectations, propelling the company’s profit to achieve 125% of the guidance. As such, we raise its FY21 EPS projection to NT$6.97 and forecast FY22 EPS at NT$7.96 in tandem. ChipMOS is trading at 8x FY21 PER or 7x FY22 PER based on a recent share price of NT$56.4, which is still relatively cheap. Despite speculation about the demand for large-sized DDIC in the short term, clients have been aggressively ramping up materials with no sign of a reversed supply-demand gap. For 2H21, ChipMOS would still enjoy operational momentum thanks to continued capacity expansion of OSAT services for memory IC and logic &amp; mixed-signal IC. Therefore, we reiterate BUY on the company and lift its TP to NT$70. </p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

ChipMOS’ 2Q21 GM beat expectations, propelling the company’s profit to achieve 125% of the guidance. As such, we raise its FY21 EPS projection to NT$6.97 and forecast FY22 EPS at NT$7.96 in tandem. ChipMOS is trading at 8x FY21 PER or 7x FY22 PER based on a recent share price of NT$56.4, which is still relatively cheap. Despite speculation about the demand for large-sized DDIC in the short term, clients have been aggressively ramping up materials with no sign of a reversed supply-demand gap. For 2H21, ChipMOS would still enjoy operational momentum thanks to continued capacity expansion of OSAT services for memory IC and logic &amp; mixed-signal IC. Therefore, we reiterate BUY on the company and lift its TP to NT$70. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ChipMOS (8150 TT) Strong Automotive & Consumer Demands

Taiwan

ChipMOS TECHNOLOGIES INC. offers semiconductor testing and packaging solutions to companies, integrated device manufacturers, and foundries. The Company provides a broad range of back-end testing services for high density memory, mixed-signal and liquid crystal display.

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Chipmos Technologies (8150 TT)

ChipMOS (8150 TT) Undemanding Valuation

 We expect ChipMOS’ sales and profits to decline in 4Q21, with FY21 and FY22 EPS revised down to NT$6.62 and NT$6.75, respectively. However, given...

Masterlink Securities

ChipMOS (8150 TT) Strong Automotive & Consumer Demands

ChipMOS’ 2Q21 GM beat expectations, propelling the company’s profit to achieve 125% of the guidance. As such, we raise its FY21 EPS projection to...

Masterlink Securities

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