-mgmt has a strong track record of execution;
-expect the firm will realize meaningful cost savings given that three fabs are shuttering
-de-levering its balance sheet
-P/E multiples are re-rating higher given the improving stability of the business and the firm's de-levering efforts.
Of the above catalysts, two of them strike AlphaNinja as concrete - that being the strong management and cost savings. Un-knowable are what the street will do with the company's PE (price-to-earnings) multiple, or even what earnings upon which to base that multiple. The balance sheet deleveraging, in the long-run, is a positive. However us simple equity holders already have an idea of balance sheet "opportunities" and much of this is baked into the stock price.
AlphaNinja is just being a jerk here, but one must admire ONNN's gorgeous homepage on the "information superhighway":

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