Exhibit 1

Outlook

     STATS ChipPAC Ltd. (“STATS ChipPAC” or the “Company” — NNM: STTS and SGX: STATSChP) believes that its ability to provide turnkey solutions, the Company’s leadership in high growth 3D packaging, seasonal strength in end markets and the return to more normal inventory levels at its customers will contribute to improvement in financial results in 2005. Specifically, for the third quarter 2005, STATS ChipPAC expects revenue to be approximately 9% to 14% higher than the second quarter 2005, with US GAAP net loss per ADS of $0.07 to $0.04 for the third quarter of 2005.

     Certain statements in this press release, including statements regarding expected future financial results and industry growth, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ include our ability to successfully integrate the operations of former STATS and ChipPAC and their employees; general business and economic conditions and the state of the semiconductor industry; demand for end-use applications products such as communications equipment and personal computers; reliance on a small group of principal customers; decisions by customers to discontinue outsourcing of test and packaging services; changes in customer order patterns; rescheduling or canceling of customer orders; changes in product mix; capacity utilization; level of competition; pricing pressures including declines in average selling prices; continued success in technological innovations; delays in acquiring or installing new equipment; shortages in supply of key components; availability of financing; exchange rate fluctuations; litigation and other risks described from time to time in the Company’s SEC filings, including its annual report on Form 20-F dated March 18, 2005 and the Registration Statement on Form F-3/S-3 (File Nos. 333-119705 and 333-119705-1) of STATS ChipPAC and STATS ChipPAC, Inc. respectively. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Unless otherwise specified, references to ‘‘$’’ are to the lawful currency of the United States of America. Unless otherwise specified, references to “US GAAP” are to Generally Accepted Accounting Principles as practiced in the United States of America.

STATS ChipPAC Ltd.
Condensed Consolidated Statements of Operations
(In thousands of U.S. Dollars, except share and per share data)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2004			2005			2004			2005
Net revenues	$	138,995		$	264,346		$	271,323		$	498,492
Cost of revenues		(114,358	)		(228,541	)		(226,306	)		(438,289	)
Gross profit		24,637			35,805			45,017			60,203
Operating expenses:
Selling, general and administrative		11,648			33,766			21,901			66,051
Research and development		2,903			6,536			5,989			12,478
Restructuring charges		—			—			—			830
Other general expenses (income), net		(511	)		(5	)		(548	)		(44	)
Total operating expenses		14,040			40,297			27,342			79,315
Operating income (loss)		10,597			(4,492	)		17,675			(19,112	)
Non-operating income (expenses), net		(5,354	)		(8,055	)		(7,575	)		(19,437	)
Income (loss) before income taxes		5,243			(12,547	)		10,100			(38,549	)
Income tax expense		(123	)		(1,159	)		(632	)		(2,298	)
Income (loss) before minority interest		5,120			(13,706	)		9,468			(40,847	)
Minority interest		(463	)		(1,357	)		(745	)		(1,335	)
Net income (loss)	$	4,657		$	(15,063	)	$	8,723		$	(42,182	)
Net income (loss) per ordinary share:
Basic	$	0.00		$	(0.01	)	$	0.01		$	(0.02	)
Diluted	$	0.00		$	(0.01	)	$	0.01		$	(0.02	)
Net income (loss) per ADS:
Basic	$	0.04		$	(0.08	)	$	0.08		$	(0.22	)
Diluted	$	0.04		$	(0.08	)	$	0.08		$	(0.22	)
Ordinary shares (in thousands) used in per ordinary share calculation:
Basic		1,076,823			1,954,500			1,076,768			1,951,440
Diluted		1,077,776			1,954,500			1,079,371			1,951,440
ADS (in thousands) used in per ADS calculation:
Basic		107,682			195,450			107,677			195,144
Diluted		107,778			195,450			107,937			195,144
Key Ratios & Information:
Gross Margin		17.7	%		13.5	%		16.6	%		12.1	%
Operating Expenses as a % of Revenue		10.1	%		15.2	%		10.1	%		15.9	%
Operating Margin		7.6	%		–1.7	%		6.5	%		–3.8	%
Depreciation & Amortization, including amortization of debt issuance costs	$	37,803			64,099		$	73,431			125,269
Capital Expenditures	$	67,027			53,392		$	136,825			70,539

STATS ChipPAC Ltd.
Condensed Consolidated Balance Sheets
(In thousands of U.S. Dollars)
(Unaudited)

	December 31,		June 30,
	2004		2005
ASSETS
Current assets:
Cash, cash equivalents and marketable securities	$	229,569	$	203,548
Accounts receivable, net		149,650		162,272
Inventories		54,690		53,881
Other current assets		58,272		55,068
Total current assets		492,181		474,769
Marketable securities		18,121		18,364
Property, plant and equipment, net		1,035,803		1,011,406
Goodwill and intangible assets		649,428		622,319
Other non-current assets		76,169		69,407
Total assets	$	2,271,702	$	2,196,265
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts and other payables	$	120,211	$	122,069
Other current liabilities		66,074		87,939
Short-term debts		181,868		35,758
Total current liabilities		368,153		245,766
Long-term debts and short-term debts expected to be refinanced		652,946		724,467
Other non-current liabilities		50,362		61,495
Total liabilities		1,071,461		1,031,728
Minority interest		40,891		42,718
Shareholders’ equity		1,159,350		1,121,819
Total liabilities and shareholders’ equity	$	2,271,702	$	2,196,265