Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<h2>Executive summary</h2><ul>
<li><em><strong>DRAM spot price much stronger than NAND's in 4Q16: </strong>After over 10% hike in DRAM/NAND spot/contract price in 3Q16, we see another strong upward spot price trend (over 30% q/q rebound) for DRAM in 4Q16 but a muted NAND spot price. </em></li>
<li>
<em>After TSMC/Intel guided 1-2% q/q sales decline and AMD guided 18% q/q drop in 4Q16 coupled with likely over 30% q/q iPhone shipment decline in 1Q17, <strong>the seasonal softness might mitigate DRAM/NAND spot price rebound starting late 4Q16 and drive a</strong></em>…</li>
</ul>

Executive summary
DRAM spot price much stronger than NAND's in 4Q16: After over 10% hike in DRAM/NAND spot/contract price in 3Q16, we see another strong upward spot price trend (over 30% q/q rebound) for DRAM in 4Q16 but a muted NAND spot price. 

After TSMC/Intel guided 1-2% q/q sales decline and AMD guided 18% q/q drop in 4Q16 coupled with likely over 30% q/q iPhone shipment decline in 1Q17, the seasonal softness might mitigate DRAM/NAND spot price rebound starting late 4Q16 and drive a…


Reasons Why DRAM Price Might Be Better than NAND in 2017

Equity Bottom-Up

<h2>Summary</h2><ul>
<li>After MediaTek's first enabled LG Xpower smartphone for <a href="https://www.smartkarma.com/entities/921" target="_blank" data-smartkarma-citation="entities:921:1">Sprint</a> launch on September 16, 2016, MediaTek yesterday announced another launch of MediaTek-powered CDMA/LTE smartphone LG Stylo 2 V by leveraging Verison Wireless.</li>
<li><p>We see the significance for MediaTek to get qualified by Sprint and Version. The qualification is more like an entry ticket for MediaTek to penetrate developed countries but Spreadtrum does not have. Also, by having only Qualcomm in CDMA market, we expect MediaTek to…</p></li>
</ul>

Summary
After MediaTek's first enabled LG Xpower smartphone for Sprint launch on September 16, 2016, MediaTek yesterday announced another launch of MediaTek-powered CDMA/LTE smartphone LG Stylo 2 V by leveraging Verison Wireless.
We see the significance for MediaTek to get qualified by Sprint and Version. The qualification is more like an entry ticket for MediaTek to penetrate developed countries but Spreadtrum does not have. Also, by having only Qualcomm in CDMA market, we expect MediaTek to…


Another MediaTek-Enabled Smartphone for LG/Verizon

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<h2>Insight summary</h2><ul>
<li>Economic Daily Headline News says Qualcomm's 10nm Snapdragon 830 production delay and expects Qualcomm to switch back to TSMC's 10nm production in 2017.</li>
<li>If Samsung has a production delay or yield rate issue on its 10nm for its in-house design smartphone AP and Qualcomm's S830 SoC, this will be positive for TSMC's key 10nm smartphone AP and SoC customers to gain shares.  </li>
<li>We estimate TSMC to dominate nearly 80% of foundry market on 10nm for next few years from 70% on 14/16nm due to a…</li>
</ul>

Insight summary
Economic Daily Headline News says Qualcomm's 10nm Snapdragon 830 production delay and expects Qualcomm to switch back to TSMC's 10nm production in 2017.
If Samsung has a production delay or yield rate issue on its 10nm for its in-house design smartphone AP and Qualcomm's S830 SoC, this will be positive for TSMC's key 10nm smartphone AP and SoC customers to gain shares.  
We estimate TSMC to dominate nearly 80% of foundry market on 10nm for next few years from 70% on 14/16nm due to a…


News on Qualcomm's 10nm Snapdragon 830 Delay and Might Switch Back to TSMC

<h2><em>Insight Summary</em></h2><ul>
<li><em><a href="https://www.smartkarma.com/entities/969" target="_blank" data-smartkarma-citation="entities:969:1">After </a><a href="https://www.smartkarma.com/entities/969" target="_blank" data-smartkarma-citation="entities:969:1">Qualcomm</a><a href="https://www.smartkarma.com/entities/969" target="_blank" data-smartkarma-citation="entities:969:1">filed multiple actions against Meizu in <span class="location">China</span> in June 2016, Qualcomm </a>has taken other actions on Oct 14, 2016, to address Meizu's infringement of its patents in <span class="location">the US ITC</span>, <span class="location">Germany (Mannheim RegionalCourt)</span> and <span class="location">France (infringement-seizure action)</span>.</em></li>
<li><em>Like Oppo and Vivo, Meizu prices its smartphone well below the iPhone's US$700 for open/retail channel market mainly to China and rest to other emerging countries but very few to US, Germany, and France.</em></li>
<li><p><em>Meizu accounts for</em>…</p></li>
</ul>

Insight Summary
After Qualcommfiled multiple actions against Meizu in China in June 2016, Qualcomm has taken other actions on Oct 14, 2016, to address Meizu's infringement of its patents in the US ITC, Germany (Mannheim RegionalCourt) and France (infringement-seizure action).
Like Oppo and Vivo, Meizu prices its smartphone well below the iPhone's US$700 for open/retail channel market mainly to China and rest to other emerging countries but very few to US, Germany, and France.
Meizu accounts for…


Qualcomm Files Actions Against MediaTek Key Customer-Meizu; Impacts

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

<p>In this report, we predict which technology companies will be targeted over the next two years, who is likely to acquire them and why.</p><p>Some of the investment themes driving these deals include artificial intelligence, the internet of things, MedTech, 3D printing, internet TV, virtual and augmented reality, robotics, cloud computing and the race between the US and China to dominate the next generation of advanced technologies.</p>

In this report, we predict which technology companies will be targeted over the next two years, who is likely to acquire them and why.Some of the investment themes driving these deals include artificial intelligence, the internet of things, MedTech, 3D printing, internet TV, virtual and augmented reality, robotics, cloud computing and the race between the US and China to dominate the next generation of advanced technologies.

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

Reasons Why DRAM Price Might Be Better than NAND in 2017

Executive summary DRAM spot price much stronger than NAND's in 4Q16: After over 10% hike in DRAM/NAND spot/contract price in 3Q16, we see another...

Andrew Lu

Another MediaTek-Enabled Smartphone for LG/Verizon

Summary After MediaTek's first enabled LG Xpower smartphone for Sprint launch on September 16, 2016, MediaTek yesterday announced another launch of...

Andrew Lu

News on Qualcomm's 10nm Snapdragon 830 Delay and Might Switch Back to TSMC

Insight summary Economic Daily Headline News says Qualcomm's 10nm Snapdragon 830 production delay and expects Qualcomm to switch back to TSMC's...

Andrew Lu

Qualcomm Files Actions Against MediaTek Key Customer-Meizu; Impacts

Insight Summary After Qualcommfiled multiple actions against Meizu in China in June 2016, Qualcomm has taken other actions on Oct 14, 2016, to...

Andrew Lu

Tech M&A Targets

In this report, we predict which technology companies will be targeted over the next two years, who is likely to acquire them and why.Some of the...

CM Research

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