--- title: "ChipMOS's revenue rose 36.7% to a record and both listings fell; it trades at 3.36 times sales" description: "ChipMOS posted the best quarter in its history on the AI memory squeeze, and both of its listings fell on the news. The shares still trade near three times their historical sales multiple, and the cycle question lands with earnings on November 10." publisher: "The Inference" section: "Silicon" published: 2026-10-12T13:20:53.889Z modified: 2026-10-12T13:20:53.889Z canonical: https://theinference.org/article/chipmos-s-revenue-rose-36-7-to-a-record-and-both-listings-fell-it-trades-at-3-36-times-sales language: en keywords: "ChipMOS, Semiconductors, Memory, Taiwan, Earnings" --- # ChipMOS's revenue rose 36.7% to a record and both listings fell; it trades at 3.36 times sales > ChipMOS posted the best quarter in its history on the AI memory squeeze, and both of its listings fell on the news. The shares still trade near three times their historical sales multiple, and the cycle question lands with earnings on November 10. ## Both listings fell on the best quarter in company history [ChipMOS](https://theinference.org/markets/companies/chipmos-technologies), the Hsinchu company that assembles and tests other people's memory chips, reported the best quarter in its history on October 8: [third-quarter revenue of NT$8,400.8 million (US$263.8 million), up 36.7% from a year earlier](https://www.prnewswire.com/news-releases/chipmos-reports-record-high-quarterly-revenue-33-8-yoy-increase-in-september-2026-revenue-36-7-yoy-increase-in-3q26-revenue-302901931.html) and 13.8% from the second quarter, with September alone up 33.8% [1]. Management's explanation was the AI memory squeeze: demand outpacing available memory supply, with new capacity already committed to customer forecasts and [long-term supply agreements](https://theinference.org/article/micron-s-customers-paid-12-9-billion-up-front-to-hold-their-place-in-the-memory-line) [1]. Investors answered by selling. The company's New York-listed ADR (Nasdaq: IMOS) fell 2.49% in evening trading, and its Taipei-listed shares [closed at NT$123.00, down 3.91%](https://sg.finance.yahoo.com/quote/8150.TW/), after a year that ran from NT$29.55 to a NT$133.00 high [2][3]. Samsung, the same day, [forecast a near-ninefold jump in quarterly operating profit](https://theinference.org/article/samsung-guides-a-record-80-billion-operating-profit-and-its-stock-falls-2-4-as-micron-gains-4) and still fell about 2.4% in South Korea, with the estimate below analyst consensus [4]. Both records closed as down days. ## The quarter was built in July The record carries a flat patch. July's NT$2,823.0 million was the highest month since 2014; August then fell 1.3% and September rose 0.2% [5][1]. Year-on-year growth stays huge partly because last year was the trough: gross margin bottomed at 6.6% in the second quarter of 2025 and reached 18% in the second quarter of 2026, when net profit hit NT$891.7 million against a year-earlier loss [5]. The price already assumes the recovery persists. [GuruFocus](https://www.gurufocus.com/news/9115001/chipmos-imos-posts-record-quarterly-revenue-amid-ai-demand-shares-remain-priced-for-growth) puts the stock at 3.36 times sales against a 1.22 historical median, and the two investment managers GuruFocus tracks as holders have both trimmed their positions in recent quarters [6]. The average analyst target on the Taipei shares, NT$120, sits below the NT$123.00 close [3]. *Chart: **ChipMOS's record quarter was built in July; the run rate has flatlined since** Line chart of ChipMOS monthly revenue from May to September 2026, rising to a July peak of NT$2,823 million and then holding flat near NT$2,800 million, well above the September 2025 level of NT$2,087 million.* *Unaudited consolidated monthly revenue in NT$ millions. May to August per ChipMOS monthly reports as carried by StockTitan; September per the October 8, 2026, company release. Reference line: September 2025 revenue of NT$2,087.4 million. [1][5]* ## Upstream, the front end is sold out ChipMOS's revenue is service fees on capacity already promised under contract, so the cycle question is a question about its customers. [Its 2025 annual report](https://www.sec.gov/Archives/edgar/data/1123134/000119312526153743/imos-20251231.htm) names [Micron](https://theinference.org/markets/companies/micron), Nanya Technology and Winbond among them, with the top five at 61% of revenue [7]. Memory work passed display drivers, the panel chips that used to be its main business, as the largest slice of revenue in the second quarter [8]. The demand those agreements hang from is visible upstream. [Micron has warned that demand for memory and storage could exceed supply through 2027 and 2028](https://www.techrepublic.com/article/news-samsung-ai-memory-profit-surge/), with more than 75% of its planned fiscal 2027 output already committed [4]. ## The cycle question lands on November 10 [Full results land on November 10](https://www.ad-hoc-news.de/boerse/news/nebenwerte/chipmos-reports-record-revenue-chipmos-stock-falls-2-49-percent/70269929) [2][3], and the fourth quarter is where the two forces cross. The market research firm TrendForce sees fourth-quarter contract prices for conventional DRAM rising 10 to 15%, and NAND flash up 15 to 20% [4]. The filing's risk runs the other way: in past DRAM oversupplies, ChipMOS's service fees fell in tandem with chip prices [7]. Utilization would slip first, before reported revenue does, because the filing ties gross margin to capacity utilization [7]. No filing or forecast dates the supply response for ChipMOS's end markets; between now and the print, the next monthly revenue number will show which force is live. ## Takeaway ChipMOS's record quarter rests on an AI memory squeeze the company contracts but does not control: with the stock at 3.36 times sales against a 1.22 historical median, the November 10 print and the next monthly number show whether the cycle or the recovery is live. ## Sources 1. [PRNewswire (ChipMOS company release), ChipMOS Reports Record High Quarterly Revenue; 36.7% YoY Increase in 3Q26 Revenue, 8 October 2026](https://www.prnewswire.com/news-releases/chipmos-reports-record-high-quarterly-revenue-33-8-yoy-increase-in-september-2026-revenue-36-7-yoy-increase-in-3q26-revenue-302901931.html) 2. [AD HOC NEWS, ChipMOS reports record revenue. ChipMOS stock falls 2.49 percent, 9 October 2026](https://www.ad-hoc-news.de/boerse/news/nebenwerte/chipmos-reports-record-revenue-chipmos-stock-falls-2-49-percent/70269929) 3. [Yahoo Finance Singapore, ChipMOS Technologies (8150.TW) quote and statistics page, collected 12 October 2026](https://sg.finance.yahoo.com/quote/8150.TW/) 4. [TechRepublic, Samsung Forecasts Nearly Ninefold Profit Surge as AI Memory Prices Soar, 9 October 2026](https://www.techrepublic.com/article/news-samsung-ai-memory-profit-surge/) 5. [StockTitan, ChipMOS (IMOS) news archive carrying company monthly and quarterly releases, May to October 2026, fetched 12 October 2026](https://www.stocktitan.net/news/IMOS/) 6. [GuruFocus, ChipMOS (IMOS) Posts Record Quarterly Revenue Amid AI Demand, Shares Remain Priced for Growth, 8 October 2026](https://www.gurufocus.com/news/9115001/chipmos-imos-posts-record-quarterly-revenue-amid-ai-demand-shares-remain-priced-for-growth) 7. [ChipMOS Technologies Inc., Form 20-F for fiscal year 2025, U.S. Securities and Exchange Commission, filed 14 April 2026](https://www.sec.gov/Archives/edgar/data/1123134/000119312526153743/imos-20251231.htm) 8. [International Business Times AU, ChipMOS Closes Up Nearly 10 Percent at a Fresh 52-Week High as Memory Packaging Demand Drives Taiwan Shares, 3 October 2026](https://www.ibtimes.com.au/chipmos-shares-52-week-high-memory-packaging-demand-1876203) --- ChipMOS's revenue rose 36.7% to a record and both listings fell; it trades at 3.36 times sales — The Inference. Canonical: https://theinference.org/article/chipmos-s-revenue-rose-36-7-to-a-record-and-both-listings-fell-it-trades-at-3-36-times-sales