Amkor Technology just saw almost a quarter of its market value erased in a single session, with the stock falling 24.7% to US$45.69, even though the quarter it delivered looks far better than that move suggests. Revenue reached about US$1.9b in Q2 and earnings per share came in around US$0.70, both pointing to a business that is running materially harder than it was a year ago.

The heart of today’s story is profit strength. Net income of roughly US$174m and firmer margins sit at the center of this earnings print, while the share price is trading as if something has cracked. The full set of numbers will show how wide that gap between sentiment and fundamentals really is.

Is Amkor Technology now a rare bargain on a 20.4x P/E, or does…