Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

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Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chipmos-technologies-inc" target="_blank" data-smartkarma-citation="entities:1864:1" rel="noopener">Chipmos Technologies (8150 TT)</a> reported results last week, beating expectations and showing an increase in capacity utilization QoQ.</li>
<li>The company reported notable strength in Display Driver related demand, and capacity utilization for the segment may have bottomed back in 3Q22.</li>
<li>Memory is expected to have a delayed recovery according to ChipMOS, potentially coming in 3Q23. Adjusted our model -- We continue to believe ChipMOS is cheap through the cycle.</li>
</ul>



Chipmos Technologies (8150 TT) reported results last week, beating expectations and showing an increase in capacity utilization QoQ.
The company reported notable strength in Display Driver related demand, and capacity utilization for the segment may have bottomed back in 3Q22.
Memory is expected to have a delayed recovery according to ChipMOS, potentially coming in 3Q23. Adjusted our model -- We continue to believe ChipMOS is cheap through the cycle.


ChipMOS Industry View: Display Downturn Rebounding, Memory Delayed, Guidance Proving Prescient