ChipMOS Technologies (IMOS) May Sales Growth Below Average - Cowen
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Cowen and Company is commenting on ChipMOS Technologies (Bermuda) (Nasdaq: IMOS) following the company's May sales report.
Ahead of the bell, ChipMOS reported revs of NT$1,828.7 million or $60.9 million for May 2014, an increase of 2.4 percent from the month of April 2014 and an increase of 11.1 percent from the same period in 2013. All U.S. figures in this release are based on the exchange rate of NT$30.01 to $1.00 as of May 30, 2014.
Cowen analyst Timothy Arcuri commented that May sales were about 80 basis points below seasonal of 3.3 percent month-over-month growth. The analyst continued, Assuming normal seasonal June, CQ2 revs would be ~$182MM (up ~11%), or ~1% ABOVE our model/street and towards the high end of the company guidance (up 8-12 percent), driven in part by strong DRAM demand and continued strength in LCD driver. We continue to see upside to GM% as we move into 2H:14 and see CQ3 revenue up ~6% (better than seasonal/our model of ~5%) as IMOS continues to see strong bookings and expects to add bump capacity (COF/COG) soon.
Cowen has ChipMOS at Outperform with a target price of $29.
For an analyst ratings summary and ratings history on ChipMOS click here. For more ratings news on ChipMOS click here.
ChipMOS closed at $24.89 yesterday.
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