ChipMOS TECHNOLOGIES (DB:CPIA) - Share price, News & Analysis

CPIA fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	2/6
Past Performance	6/6
Financial Health	6/6
Dividends	3/6

CPIA Stock Overview

Rewards

PE ratio (6.6x) is below the German market (17.2x)

Earnings are forecast to grow 1.56% per year

Earnings grew by 103.7% over the past year

Risk Analysis

Dividend of 8.96% is not well covered by earnings

ChipMOS TECHNOLOGIES Competitors

ASE Technology Holding

TWSE:3711

NT$417.7b

JCET Group

SHSE:600584

CN¥44.1b

Amkor Technology

NasdaqGS:AMKR

US$4.7b

Tianshui Huatian Technology

SZSE:002185

CN¥28.5b

Price History & Performance

Summary of all time highs, changes and price drops for ChipMOS TECHNOLOGIES
Historical stock prices
Current Share Price	NT$30.40
52 Week High	NT$37.00
52 Week Low	NT$25.60
Beta	0.61
1 Month Change	1.33%
3 Month Change	2.01%
1 Year Change	23.58%
3 Year Change	143.79%
5 Year Change	71.71%
Change since IPO	107.99%

Shareholder Returns

	CPIA	DE Semiconductor	DE Market
7D	2.0%	-2.3%	-0.09%
1Y	23.6%	-11.7%	-12.9%

Return vs Industry: CPIA exceeded the German Semiconductor industry which returned -11.7% over the past year.

Return vs Market: CPIA exceeded the German Market which returned -12.9% over the past year.

Price Volatility

Is CPIA's price volatile compared to industry and market?
CPIA volatility
CPIA Average Weekly Movement	5.1%
Semiconductor Industry Average Movement	7.2%
Market Average Movement	6.4%
10% most volatile stocks in DE Market	10.6%
10% least volatile stocks in DE Market	3.5%

Stable Share Price: CPIA is not significantly more volatile than the rest of German stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: CPIA's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1997	n/a	Shih-Jye Cheng	https://www.chipmos.com

ChipMOS TECHNOLOGIES INC. engages in the research, development, manufacture, and sale of high-integration and high-precision integrated circuits, and related assembly and testing services in Taiwan, People’s Republic of China, Japan, Singapore, and internationally. It operates through Testing; Assembly; Testing and Assembly for LCD, OLED and other Display Panel Driver Semiconductors; Bumping; and Other segments.

ChipMOS TECHNOLOGIES Fundamentals Summary

How do ChipMOS TECHNOLOGIES's earnings and revenue compare to its market cap?
CPIA fundamental statistics
Market Cap	NT$34.91b
Earnings (TTM)	NT$5.32b
Revenue (TTM)	NT$27.66b

6.6x

P/E Ratio

1.3x

P/S Ratio

Is CPIA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CPIA income statement (TTM)
Revenue	NT$27.66b
Cost of Revenue	NT$20.29b
Gross Profit	NT$7.37b
Other Expenses	NT$2.05b
Earnings	NT$5.32b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	7.32
Gross Margin	26.65%
Net Profit Margin	19.25%
Debt/Equity Ratio	36.4%

How did CPIA perform over the long term?

See historical performance and comparison

Dividends

9.0%

Current Dividend Yield

59%

Payout Ratio

Valuation

Is ChipMOS TECHNOLOGIES undervalued compared to its fair value and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

6.56x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: CPIA (€30.4) is trading above our estimate of fair value (€17.41)

Significantly Below Fair Value: CPIA is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: CPIA is good value based on its PE Ratio (6.6x) compared to the German Semiconductor industry average (19x).

PE vs Market: CPIA is good value based on its PE Ratio (6.6x) compared to the German market (17.2x).

Price to Earnings Growth Ratio

PEG Ratio: CPIA is poor value based on its PEG Ratio (4.2x)

Price to Book Ratio

PB vs Industry: CPIA is good value based on its PB Ratio (1.4x) compared to the DE Semiconductor industry average (2.9x).

Future Growth

How is ChipMOS TECHNOLOGIES forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

1.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CPIA's forecast earnings growth (1.6% per year) is above the savings rate (-0.05%).

Earnings vs Market: CPIA's earnings (1.6% per year) are forecast to grow slower than the German market (7.4% per year).

High Growth Earnings: CPIA's earnings are forecast to grow, but not significantly.

Revenue vs Market: CPIA's revenue (6.8% per year) is forecast to grow faster than the German market (4.8% per year).

High Growth Revenue: CPIA's revenue (6.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if CPIA's Return on Equity is forecast to be high in 3 years time

Past Performance

How has ChipMOS TECHNOLOGIES performed over the past 5 years?

Past Performance Score

6/6

Past Performance Score 6/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

29.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CPIA has high quality earnings.

Growing Profit Margin: CPIA's current net profit margins (19.3%) are higher than last year (10.9%).

Past Earnings Growth Analysis

Earnings Trend: CPIA's earnings have grown significantly by 29.3% per year over the past 5 years.

Accelerating Growth: CPIA's earnings growth over the past year (103.7%) exceeds its 5-year average (29.3% per year).

Earnings vs Industry: CPIA earnings growth over the past year (103.7%) exceeded the Semiconductor industry 79.5%.

Return on Equity

High ROE: CPIA's Return on Equity (20.7%) is considered high.

Financial Health

How is ChipMOS TECHNOLOGIES's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: CPIA's short term assets (NT$16.1B) exceed its short term liabilities (NT$5.3B).

Long Term Liabilities: CPIA's short term assets (NT$16.1B) exceed its long term liabilities (NT$11.0B).

Debt to Equity History and Analysis

Debt Level: CPIA's net debt to equity ratio (10.5%) is considered satisfactory.

Reducing Debt: CPIA's debt to equity ratio has reduced from 64% to 36.4% over the past 5 years.

Debt Coverage: CPIA's debt is well covered by operating cash flow (91.1%).

Interest Coverage: CPIA's interest payments on its debt are well covered by EBIT (55.2x coverage).

Balance Sheet

Dividend

What is ChipMOS TECHNOLOGIES current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

8.96%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: CPIA's dividend (8.96%) is higher than the bottom 25% of dividend payers in the German market (1.4%).

High Dividend: CPIA's dividend (8.96%) is in the top 25% of dividend payers in the German market (4.31%)

Stability and Growth of Payments

Stable Dividend: CPIA has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: CPIA's dividend payments have increased, but the company has only paid a dividend for 7 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (58.7%), CPIA's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (143.4%), CPIA's dividend payments are not well covered by cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

6.9yrs

Average management tenure

CEO

Shih-Jye Cheng (63 yo)

24.83yrs

Tenure

Mr. Shih-Jye Cheng has been the President at Chipmos Technologies Inc. since July 17, 1997. Mr. Cheng served as the Chief Executive Officer of ChipMOS Technologies (Bermuda) Ltd. since August 2000 and serv...

Leadership Team

Experienced Management: CPIA's management team is seasoned and experienced (6.9 years average tenure).

Board Members

Experienced Board: CPIA's board of directors are not considered experienced ( 0.8 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/23 00:00
End of Day Share Price	2022/05/20 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31