Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>Summary</h2><p><em>In summary, we found no major surprise from <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> WWDC 2017 except some incremental improvements on Watch OS and iOS operating system. The new iMac and iPad Pro will use the latest Intel CPU Kaby Lake, AMD GPU Radeon Pro/Vega, and TSMC A10x for the performance upgrade but no incremental change in its semiconductor suppliers.  Augmented Reality software kit on iPad/iPhone seems interesting but needs to move your iPad/iPhone around to play, and lack of glasses like <a href="https://www.smartkarma.com/entities/15273" target="_blank" data-smartkarma-citation="entities:15273:1">Microsoft</a></em>…</p>

SummaryIn summary, we found no major surprise from Apple Inc (AAPL US) WWDC 2017 except some incremental improvements on Watch OS and iOS operating system. The new iMac and iPad Pro will use the latest Intel CPU Kaby Lake, AMD GPU Radeon Pro/Vega, and TSMC A10x for the performance upgrade but no incremental change in its semiconductor suppliers.  Augmented Reality software kit on iPad/iPhone seems interesting but needs to move your iPad/iPhone around to play, and lack of glasses like Microsoft…

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

<p>With Bitcoins rising and then correcting sharply in value, <em>MCorp Review</em> was pretty impressed by the little interview made by the CEO of <strong>Coins.co.th</strong>, a local fintech startup, on the topic on Spring News. Think his name was Saravut or something, but let's not dwell on names. It's just a tiny company yo. I just thought it'd be useful if someone could share the content since it's in Thai, and we don't have any recordings. Firstly, he highlighted a few interesting facts.</p><ul><li>
<strong>Fragmentation. </strong>There may be…</li></ul>

With Bitcoins rising and then correcting sharply in value, MCorp Review was pretty impressed by the little interview made by the CEO of Coins.co.th, a local fintech startup, on the topic on Spring News. Think his name was Saravut or something, but let's not dwell on names. It's just a tiny company yo. I just thought it'd be useful if someone could share the content since it's in Thai, and we don't have any recordings. Firstly, he highlighted a few interesting facts.
Fragmentation. There may be…

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
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In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

<ul><li>President Donald J. Trump issued an Executive Order on May 11, 2017 aimed at “Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure” (the “Order”).<sup>1</sup>  </li><li>The Order mandates federal governmental review of cybersecurity policies and practices in two distinct but related spheres: (1) the federal Executive Branch, which “operates its information technology (IT) on behalf of the American people,” and (2) “the owners and operators of the Nation’s critical infrastructure.”</li><li>The Order also addresses, generally, consumer cybersecurity issues by highlighting the need to promote an “open, interoperable, reliable, and secure internet” and grow and train a workforce skilled in cybersecurity.</li><li>Its primary purposes appear to be (1) collecting information the Administration believes it needs to formulate its cybersecurity strategies; and (2) identifying avenues of potential cooperation between the federal government and other entities that are central to preserving the nation’s security.  </li></ul>

President Donald J. Trump issued an Executive Order on May 11, 2017 aimed at “Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure” (the “Order”).1  The Order mandates federal governmental review of cybersecurity policies and practices in two distinct but related spheres: (1) the federal Executive Branch, which “operates its information technology (IT) on behalf of the American people,” and (2) “the owners and operators of the Nation’s critical infrastructure.”The Order also addresses, generally, consumer cybersecurity issues by highlighting the need to promote an “open, interoperable, reliable, and secure internet” and grow and train a workforce skilled in cybersecurity.Its primary purposes appear to be (1) collecting information the Administration believes it needs to formulate its cybersecurity strategies; and (2) identifying avenues of potential cooperation between the federal government and other entities that are central to preserving the nation’s security.  

Trump Executive Order Addresses Executive Branch, Critical Infrastructure Cybersecurity

<h2>Key takeaways from MediaTek quarterly earnings conference</h2><ul><li>
<strong>1Q beat on disposal gain but 2Q miss on all</strong>: <a href="https://www.smartkarma.com/entities/772" target="_blank" data-smartkarma-citation="entities:772:1">Mediatek Inc (2454 TT)</a> reports a better than expected 1Q17 EPS of NT$4.20, which was NT$1.0 higher than Bloomberg consensus estimate of NT$3.21 and also better than earlier revised guidance of NT$3.96 due to the disposal gain by selling Mapbar Technology (please see our earlier report " <a href="https://www.smartkarma.com/insights/mediatek-goes-for-tsmc-ex-ceo-dr-rick-tsai-as-co-ceo-and-raises-1q17-earnings-forecast" target="_blank" data-smartkarma-citation="insights:9520">MediaTek Goes for TSMC Ex-CEO Dr. Rick Tsai as Co-CEO and Raises 1Q17 Earnings Forecast</a>" dated 22 March 2017…</li></ul>

Key takeaways from MediaTek quarterly earnings conference
1Q beat on disposal gain but 2Q miss on all: Mediatek Inc (2454 TT) reports a better than expected 1Q17 EPS of NT$4.20, which was NT$1.0 higher than Bloomberg consensus estimate of NT$3.21 and also better than earlier revised guidance of NT$3.96 due to the disposal gain by selling Mapbar Technology (please see our earlier report " MediaTek Goes for TSMC Ex-CEO Dr. Rick Tsai as Co-CEO and Raises 1Q17 Earnings Forecast" dated 22 March 2017…

MediaTek Is Betting on 2H17 Margin Recovery on Lower Cost Solution Ramp

<h2><em>Summary</em></h2><ul>
<li><em><strong>Intel needs better drivers to defend its margin: </strong>We attribute the op margin miss to a below corp. avg sales growth from client computing and data center businesses but stronger sales growth drivers like flash, FPGA/PLD , and IoT contributed below corp. avg op margin of 15%, -15%, and 22%, respectively. </em></li>
<li>
<em><strong>Client computing will face AMD Ryzen competition</strong>: We expect an inevitable trend for Intel to lose 10ppts shares or more to AMD in the next 12 months unless Intel will cut its core i7 price</em>…</li>
</ul>

Summary
Intel needs better drivers to defend its margin: We attribute the op margin miss to a below corp. avg sales growth from client computing and data center businesses but stronger sales growth drivers like flash, FPGA/PLD , and IoT contributed below corp. avg op margin of 15%, -15%, and 22%, respectively. 

Client computing will face AMD Ryzen competition: We expect an inevitable trend for Intel to lose 10ppts shares or more to AMD in the next 12 months unless Intel will cut its core i7 price…


Intel Needs Better Drivers to Defend Its Margin

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Incremental New at Apple WWDC 2017?

SummaryIn summary, we found no major surprise from Apple Inc (AAPL US) WWDC 2017 except some incremental improvements on Watch OS and iOS operating...

Andrew Lu

Silicon Stories #9: Coin on Bitcoins

With Bitcoins rising and then correcting sharply in value, MCorp Review was pretty impressed by the little interview made by the CEO...

Athaporn Arayasantiparb, CFA

Trump Executive Order Addresses Executive Branch, Critical Infrastructure Cybersecurity

President Donald J. Trump issued an Executive Order on May 11, 2017 aimed at “Strengthening the Cybersecurity of Federal Networks and Critical...

Dechert LLP

MediaTek Is Betting on 2H17 Margin Recovery on Lower Cost Solution Ramp

Key takeaways from MediaTek quarterly earnings conference 1Q beat on disposal gain but 2Q miss on all: Mediatek Inc (2454 TT) reports a better than...

Andrew Lu

Intel Needs Better Drivers to Defend Its Margin

Summary Intel needs better drivers to defend its margin: We attribute the op margin miss to a below corp. avg sales growth from client computing...

Andrew Lu

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