Core Viewpoint - ChipMOS Technologies Inc. reported its consolidated financial results for Q2 2025, highlighting a revenue increase driven by recovery in the memory business, despite a net loss attributable to equity holders. Financial Performance - Revenue for Q2 2025 was NT$5,735.8 million (US$196.6 million), a 3.7% increase from Q1 2025 (NT$5,532.3 million or US$189.6 million) but a 1.3% decrease from Q2 2024 (NT$5,809.6 million or US$199.1 million) [2] - Net non-operating expenses for Q2 2025 were NT$682.2 million (US$23.4 million), contrasting with net non-operating income of NT$82.1 million (US$2.8 million) in Q1 2025 and NT$127.6 million (US$4.4 million) in Q2 2024, primarily due to a foreign exchange loss of NT$690 million (US$23.6 million) [3] - Net loss attributable to equity holders for Q2 2025 was NT$533.1 million (US$18.3 million), translating to NT$0.75 (US$0.03) per basic common share, compared to a net profit of NT$176.3 million (US$6.0 million) in Q1 2025 and NT$450.6 million (US$15.4 million) in Q2 2024 [4] Cash Flow and Financial Position - Net free cash inflow for the first half of 2025 was NT$1,667.2 million (US$57.1 million), with cash and cash equivalents totaling NT$13,661.8 million (US$468.2 million) [5][7] - The overall utilization rate increased to 65% in Q2 2025 from 62% in Q1 2025 [7] Dividends - The company distributed a cash dividend of approximately NT$1.23 per common share on July 18, 2025, and US$0.836 per ADS on July 25, 2025 [7] Company Overview - ChipMOS Technologies Inc. is a leading provider of outsourced semiconductor assembly and test services, with advanced facilities in Taiwan, serving various end markets worldwide [8]

Core Viewpoint - ChipMOS TECHNOLOGIES INC. will report its second quarter 2025 results and host a conference call on August 12, 2025, after the close of trading on the Taiwan Stock Exchange [1] Group 1: Conference Call Details - The conference call is scheduled for August 12, 2025, at 3:00 PM Taiwan time (3:00 AM New York time) [2] - Investors and analysts can participate via a dial-in phone number, with a password required for access [2] - A webcast and replay of the call will be available on the Company's website, along with a transcript in English to enhance transparency [2] Group 2: Company Information - ChipMOS is recognized as an industry-leading provider of outsourced semiconductor assembly and test services (OSAT) [1]

Core Viewpoint - ChipMOS Technologies Inc. reported its unaudited consolidated revenue for June 2025 and the second quarter of 2025, highlighting a mixed performance with a slight quarterly increase but a year-over-year decline in revenue [1][2]. Revenue Summary - The revenue for the second quarter of 2025 was NT$5,735.8 million (US$196.6 million), marking a 3.7% increase from the first quarter of 2025 but a 1.3% decrease compared to the second quarter of 2024 [2][4]. - The revenue for June 2025 was NT$1,849.7 million (US$63.4 million), which represents an 8.7% decrease from May 2025 and a 3.5% decrease from June 2024 [3][4]. Market Dynamics - The company is experiencing increased customer demand and overall market price increases for memory products, which is contributing positively to its revenue [2]. - ChipMOS is closely monitoring the evolving tariff situation, although it has not had a material impact in the most recent period. The company plans to adjust its strategies to support customers based on their exposure to the U.S. market [2]. Company Overview - ChipMOS Technologies Inc. is a leading provider of outsourced semiconductor assembly and test services (OSAT), with advanced facilities located in Taiwan. The company serves a wide range of clients, including fabless semiconductor companies and integrated device manufacturers [5].

Company Overview - Amkor Technology is the largest OSAT (Outsourced Semiconductor Assembly and Test) company headquartered in the U S, with over 55 years of experience [5] - The company plans to break ground on a U S facility in 2025 [5] - Amkor's advanced packaging revenue CAGR (2019-2024) is 16% [5] - In 2024, advanced packaging accounted for 82% of Amkor's revenue [5] - Amkor's 2024 revenue was $6 3 billion, with capital expenditures of $744 million [5] Market and Strategy - The semiconductor market is projected to reach $1 trillion by 2030 [8] - Amkor focuses on industry megatrends such as 5G communications, HPC (High Performance Computing) and AI, automotive electronics, and IoT devices [18] - The company leverages advanced packaging leadership to optimize power, performance, and area [19] - Amkor has a broad geographic footprint with 13 million square feet (1 2M sqm) of manufacturing space [21] Financial Performance - Amkor expects 2025 capital expenditures to be around $850 million [42] - In 2024, Amkor's revenue was $6 318 billion, gross profit was $933 million, and operating income was $438 million [44, 45, 46] - The company's EPS (Earnings Per Share) in 2024 was $1 43 [47] - Amkor's free cash flow in 2024 was $359 million [51]

Investment Rating - The report maintains a "Buy" rating for JCET Group, Tianshui Huatian, and TongFu Microelectronics, with target prices adjusted to Rmb42.000, Rmb11.500, and Rmb30.000 respectively [5][46][51]. Core Insights - The OSAT industry is expected to continue its revenue and profit growth through 2025, with a projected 20% increase in capex, benefiting back-end equipment vendors [1][3][22]. - The OSAT sector is currently halfway through its recovery phase, with demand driven by industrial, automotive, and advanced packaging for high-performance computing (HPC) and power semiconductors [2][8][21]. - JCET is highlighted as the top pick due to its significant exposure to advanced packaging and new growth potential in automotive and memory sectors [4][28]. Summary by Sections Industry Overview - The OSAT industry has been experiencing growth since 1Q24, on track for its sixth consecutive quarter of year-over-year growth, with inventory levels well managed [2][8]. - Historical growth cycles for the OSAT industry have lasted between 3 to 7 years, indicating that the current cycle is still in its early stages [2][8]. Capacity and Utilization - Overall OSAT capacity utilization rates (UTR) are estimated to be between 60-70% in 1Q25, with expectations for improvement throughout the year [3][17]. - Advanced packaging capacity remains tight, while traditional packaging is expected to drive UTR improvements in the latter half of 2025 [3][18]. Company-Specific Insights - JCET is projected to see a 40% increase in capex this year, while Tianshui Huatian and TongFu Microelectronics are also expected to benefit from the industry's recovery [3][22]. - Tianshui Huatian's reliance on AMD for 50% of its revenue poses a risk amid geopolitical tensions, despite potential gains from the industry recovery [4][26]. Financial Projections - JCET's revenue for 2025 is revised to Rmb41.457 billion, reflecting a 3% increase from previous estimates, with a gross profit margin of 14.1% [40]. - Tianshui Huatian's revenue is expected to remain stable at Rmb16.126 billion for 2025, while TongFu Microelectronics' revenue is adjusted down to Rmb27.441 billion [46][51].

Group 1 - ChipMOS TECHNOLOGIES INC. has adjusted its cash dividend distribution ratio from NT$1.20 to approximately NT$1.23 per common share due to the cancellation of treasury shares and share repurchase for employee transfer, impacting the total number of outstanding shares [1] - The cash dividend per American Depositary Share (ADS) will increase from approximately US$0.80 to approximately US$0.82 [1] - The dividend was previously approved by the Company's Board and declared on February 25, 2025, with no changes to other information disclosed in the original notice filed on May 28, 2025 [2] Group 2 - The Company provides outsourced semiconductor assembly and test services (OSAT) and is recognized for its excellence and innovation in the industry [4] - ChipMOS operates advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park, and Southern Taiwan Science Park, serving leading fabless semiconductor companies, integrated device manufacturers, and independent semiconductor foundries [4] Group 3 - The cash dividend distribution details include a declaration date of May 27, 2025, an ex-dividend date of June 27, 2025, and an ADR dividend distribution date of July 25, 2025 [6] - ADR books will be closed from June 27 to July 3, 2025, with the final dividend amount in U.S. dollars to be determined by Citibank, N.A. after conversion and deduction of taxes and fees [6]

Core Viewpoint - ChipMOS TECHNOLOGIES INC. reported an increase in revenue for May 2025, driven primarily by growth in its memory business and a slight improvement in its DDIC business [2][3]. Financial Performance - The unaudited consolidated revenue for May 2025 was NT$2,025.4 million (US$67.8 million), marking an 8.8% increase from April 2025 and a 0.1% increase from May 2024 [2][3]. - Month-over-month (MoM) revenue change was 8.8%, while year-over-year (YoY) revenue change was 0.1% [3]. Company Overview - ChipMOS is a leading provider of outsourced semiconductor assembly and test services (OSAT), with advanced facilities located in Hsinchu Science Park, Hsinchu Industrial Park, and Southern Taiwan Science Park [4]. - The company serves a wide range of clients, including fabless semiconductor companies, integrated device manufacturers, and independent semiconductor foundries, catering to virtually all end markets globally [4].

Core Viewpoint - ChipMOS TECHNOLOGIES INC. has announced a cash dividend distribution of NT$1.20 per common share, approximately US$0.80 per ADS, approved by shareholders at the AGM on May 27, 2025 [1] Group 1: Dividend Details - The cash dividend distribution was previously approved by the Company's Board on February 25, 2025 [1] - The ex-dividend date is set for June 27, 2025, with the ADR dividend record date also on June 27, 2025 [6] - The ADR dividend distribution date is scheduled for July 25, 2025, with ADR books closed from June 27 to July 3, 2025 [6] Group 2: Company Overview - ChipMOS is a leading provider of outsourced semiconductor assembly and test services (OSAT) [3] - The Company operates advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park, and Southern Taiwan Science Park [3] - ChipMOS serves fabless semiconductor companies, integrated device manufacturers, and independent semiconductor foundries across various end markets globally [3]

Summary of Amkor Technology (AMKR) FY Conference Call - May 13, 2025 Company Overview - Amkor Technology is an OSAT (Outsourced Semiconductor Assembly and Test) company providing services to semiconductor firms across automotive, communications, computing, and consumer markets [2][4] Key Strategic Pillars - **Advanced Packaging Technologies**: Focus on next-generation packaging solutions [3] - **Geographical Diversity**: Manufacturing footprint across eight countries, with plans to expand to nine [4] - **Customer Partnerships**: Close collaboration with leading market customers to support product adoption [3] Financial Performance - Q1 revenue was $1.32 billion, with Q2 projected at $1.425 billion [5] - The company is cautious about confirming second-half guidance due to trade and tariff uncertainties [10] Market Dynamics - **Communications Segment**: Positive momentum with socket regain expected, contributing to revenue recovery [10][15] - **Computing Segment**: Anticipated growth driven by AI applications and advanced packaging technologies [20][34] - **Automotive and Industrial**: Growth expected in advanced automotive segments like ADAS and infotainment, though legacy devices face inventory challenges [12][39] Pricing Environment - Competitive pricing in mainstream products due to high OSAT provider presence, while advanced packaging pricing remains stable [13][14] Customer Relationships - Significant revenue exposure to a major customer, with a focus on maintaining and expanding market share [17][18] - Long-term partnership opportunities with customers transitioning to new architectures [27][28] Growth Drivers - **AI and Data Center Applications**: Growth in 2.5D and RDL technologies, with a strong pipeline for future products [20][26] - **ARM-based CPUs**: Increasing adoption in data centers and PCs, driven by power efficiency [34][36] Testing Business Expansion - Plans to expand testing capabilities in Korea, focusing on turnkey solutions [46][49] Gross Margin and Utilization - Current gross margin impacted by ramping up the Vietnam facility, with expectations to return to 20% as utilization improves [50][52] Future Facilities and Investments - Groundbreaking for a new U.S. facility planned for the second half of 2025, with operations expected to start in 2027 [56][57] - $400 million grant from the government under the CHIPS Act to support the Arizona fab project [57][58] Conclusion - Amkor Technology emphasizes its strategic pillars of technology, geographical diversity, and customer collaboration as key differentiators in the semiconductor industry [69]

Core Viewpoint - ChipMOS Technologies Inc. has announced a new share repurchase program, reflecting confidence in its business fundamentals and capital allocation strategy, amidst recent share price dislocation in the market [1][3]. Group 1: Share Repurchase Program - The Board of Directors has authorized a share repurchase program with a total amount of up to NT$525 million (approximately US$16.4 million) [1]. - The company plans to repurchase up to 15 million shares, which is about 2.06% of its issued share capital, within a price range of NT$18.87 to NT$35.00 per share [2]. - The repurchase period is set from May 14 to July 13, 2025, and the buyback will continue even if the stock price falls below the specified range [2]. Group 2: Company Overview - ChipMOS is a leading provider of outsourced semiconductor assembly and test services (OSAT), with advanced facilities located in Hsinchu Science Park, Hsinchu Industrial Park, and Southern Taiwan Science Park [4]. - The company serves a wide range of clients, including fabless semiconductor companies, integrated device manufacturers, and independent semiconductor foundries, catering to virtually all end markets worldwide [4].