• We think the shares of ams AG are still cheap, despite an impressive recovery from the lows late last year.
• While Apple, its biggest customer has disappointed, we can expect at least partial compensation from other customers and markets.
• The company’s CapEx needs will be much smaller this year.
• The main risks are in pricing and a slowing economy.

Source: ams AG Is Still Cheap – ams AG (OTCMKTS:AMSSY) | Seeking Alpha