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Smartkarma

Equity Bottom-Up

SummaryIn this episode of The Circuit, Ben Bajarin and Jay Goldberg discuss the infrastructure side of telecom at Mobile World Congress. They highlight the importance of the show for telecom operators and the focus on networking and telecom infrastructure. The conversation covers the current state of 5G deployment and the upcoming transition to 6G. They also discuss the challenges and concerns in upgrading core networks and the potential costs and timing of 6G. The decline of millimeter wave…

Why is Silicon Valley where it is? How did a narrow valley in California become the epicenter of the computer age? People usually say it’s because of Stanford, or the weather. But the answer may be something much more … Freudian. In this episode, Malcolm puts William Shockley—inventor of the transistor, winner of the Nobel Prize, father of Silicon Valley—on the couch.See omnystudio.com/listener for privacy information.<a target="_blank" rel="noopener nofollow" href="https://share.transistor.fm/s/b75e30ac">Continue listening on The Circuit»</a>

Morningstar

Morningstar, Inc.

While no-moat fabless chipmaker MediaTek’s fourth-quarter net profit was down 63% from last year due to a significant decrease in non-operating income, its recurring operating profit of TWD 3.85 billion, up 199% year on year, was ahead of our forecast. Gross margin grew 154 basis points from the year-ago quarter to 38.9%, driven by strong shipments of new smartphone SoCs and non-mobile SoCs for Internet of Things-related applications and voice-assistant devices. Meanwhile, lower-than-expected…

No-moat MediaTek’s second-quarter results were slightly ahead of the company’s and our expectations, with revenue and operating profit increasing 4.1% and 73.5% year on year, respectively. The outperformance was mainly driven by strong volume growth of its new Helio series system-onchip products, or SoCs. On the profitability front, gross margin and operating margin increased 3.2 and 2.7 percentage points, respectively, to 38.2% and 6.8%, thanks to the rollouts of new mobile SoC products and the…

No-moat MediaTek reported mixed first-quarter 2018 results, with revenue down 11.5% and operating profit up 59% year on year. Thanks to a better product mix, gross margin improvement was ahead of the market’s and our expectation, but the operating margin came in below our forecast, owing to a higher operating expense ratio, given revenue declines in the mobile computing business. We maintain our no-moat and negative trend ratings, but trim our fair value estimate by 8% to TWD 290 from TWD 315…

Taiwan

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

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