Amkor Technology (AMKR): Near-Term Trajectory Tempered on Softer Comms/Consumer and Non-Linear Compute Ramp, But Long-Term Growth Levers Intact With Capex Funding Profile Better Than It Appears; Reit OW

AMKR delivered record Computing and Auto/Industrial revenue for the second consecutive quarter, with GM continuing to expand, but the composition of the Dec-Q guide and a materially stepped-up capex trajectory into CY27-28 drive our forward estimates lower even as the longer-term AI advanced packaging story remains intact. Sep-Q itself came in roughly in line with expectations - Computing grew +25% Q/Q (below mgmt's prior "~30% Q/Q" framing, attributed to WIP loading time rather than demand), Auto/Industrial grew +7% Q/Q to another record, and GM expanded +150bps Q/Q to 18.3% despite ~60bps of unfavorable FX plus residual Kumamoto earthquake impact, but the setup from here is more mixed. Key takeaways: (1) the Dec-Q revenue guide of $1.9-2.0B (midpt flat Q/Q) came in below Street, with Comms guided down HSD% Q/Q on the SiP migration to Vietnam compounded by component shortages affecting both iOS and Android, and Consumer guided down mid-teens% Q/Q (worse than seasonal), though in our v