Amkor Technology Inc. (AMKR): Solid guidance with significant margin uplift driven by improving mix and 2.5D packaging ramp

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Amkor Technology Inc. (AMKR): Solid guidance with significant margin uplift driven by improving mix and 2.5D packaging ramp

Goldman Sachs Amkor Technology Inc. (AMKR)

(1) higher utilization rate; (2) a strong ramp in advanced packaging revenues,

supported by Computing and Automotive/Industrial segments, both of which came

in more than 10% above Street estimates, and are expected to ramp in 2H.

3Q guidance was just below the Street on revenue, but significantly higher on

margins and EPS: Revenue was guided to $2.00 bn at the midpoint, which is in line with

GS prior at $2.00 bn but below the Street at $2.09 bn. EPS guidance of $0.72 - $0.82

(midpoint $0.77) was well above GS prior at $0.61 and the Street at $0.63. Gross margin

is expected to increase by 220 bps at the midpoint in 3Q.

Estimate changes. We increase our 2026-28 EPS estimates to reflect higher revenue

and margin assumptions. (see detailed estimates below — Exhibit 3).

Price target. We keep our 12-month price target unchanged at $65, which is based on a

25X P/E multiple applied to our normalized EPS of $2.60. Key upside/downside risks: (1)

better-than-expected volumes in the 2.5D packaging business; (2) better gross margin

leverage from utilization of new production facilities; (3) failure to execute on the 2.5D

packaging roadmap; (4) failure to execute on new smartphone design wins.

We remain Neutral rated on AMKR. We believe Amkor continues to benefit from

market tailwinds across the advanced computing space, as well as a recovery in its

smartphone business. We also think the company is positioned well to serve as a second

key packaging source for 2.5D supply used in advanced computing products from a

range of customers. However, we see limited upside in the stock until the company can