Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

August semiconductor revenues set new records worldwide and in nearly every region.  This is a continuation of a growth trend that has been playing out since the end of 2019, with each month setting new records since December of last year.

August semiconductor revenues set new records worldwide and in nearly every region.  This is a continuation of a growth trend that has been playing out since the end of 2019, with each month setting new records since December of last year.

August Semiconductor Revenues Break Records Once Again

July semiconductor revenues, just reported by the SIA, reached a record high.  Today's market bears a strong resemblance to the high-growth days of 2017-18, and an end will come when the market falls back to normal growth.  This presents opportunities for growth in the near term and shorts in the longer term.

July semiconductor revenues, just reported by the SIA, reached a record high.  Today's market bears a strong resemblance to the high-growth days of 2017-18, and an end will come when the market falls back to normal growth.  This presents opportunities for growth in the near term and shorts in the longer term.

Semiconductors Continue Surprise Strength

The semiconductor market reached record revenues in June.  Much of this has been driven by a mild shortage in semiconductor memories, DRAM and NAND flash, but the larger shortage of older technologies has also had a hand in this.

The semiconductor market reached record revenues in June.  Much of this has been driven by a mild shortage in semiconductor memories, DRAM and NAND flash, but the larger shortage of older technologies has also had a hand in this.

June Semiconductor Revenues Reach New Record

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Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Headline Developments On the back of the Epic v Apple case, documents were released highlighting that Google (GOOG) had considered buying Epic outright.  During the case, Epic Games outlined Google’s plans to develop “a series of internal projects to address the ‘contagion’ it perceived from efforts by Epic and others to offer consumers and developers competitive alternatives and has even contemplated buying some or all of Epic to squelch this threat”.

Headline Developments On the back of the Epic v Apple case, documents were released highlighting that Google (GOOG) had considered buying Epic outright.  During the case, Epic Games outlined Google’s plans to develop “a series of internal projects to address the ‘contagion’ it perceived from efforts by Epic and others to offer consumers and developers competitive alternatives and has even contemplated buying some or all of Epic to squelch this threat”.

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> delivered a strong set of 2Q21 results, beating sell-side consensus estimates on both the top and bottom-line and delivering numbers at the top-end of management’s guided ranges, which, in conjunction with a continued strong demand environment, has led to an increase in growth and profitability guidance for the remainder of FY2021.Further short-term share price weakness, based on supply constraint concerns, along with a continuation of the earnings upgrade cycle, has resulted in MediaTek trading on a 13.8x NTM PE ratio, which is more than one standard deviation below its historical average trading range. MediaTek also currently trades on an extremely attractive 6.3% NTM dividend yield with little risk of a negative surprise to dividend payments given the ongoing earnings upgrades, and MediaTek having generated NT$28bn in Operating Cash Flow, during 2Q21, which helped its Net Cash balance increase further to NT$191bn, now 13% of its Market Cap. In this insight, we look at MediaTek’s 2Q21 results, its medium- and longer-term growth outlook and current valuation levels. This insight is also a follow-up from our more-detailed analysis of MediaTek (<a href="https://www.smartkarma.com/insights/mediatek-high-quality-5g-beneficiary-with-a-tremendously-attractive-dividend-yield" target="_blank" data-smartkarma-citation="insights:53096" rel="noopener">MediaTek: High-Quality 5G Beneficiary with a Tremendously Attractive Dividend Yield</a>) last month.

Mediatek Inc (2454 TT) delivered a strong set of 2Q21 results, beating sell-side consensus estimates on both the top and bottom-line and delivering numbers at the top-end of management’s guided ranges, which, in conjunction with a continued strong demand environment, has led to an increase in growth and profitability guidance for the remainder of FY2021.Further short-term share price weakness, based on supply constraint concerns, along with a continuation of the earnings upgrade cycle, has resulted in MediaTek trading on a 13.8x NTM PE ratio, which is more than one standard deviation below its historical average trading range. MediaTek also currently trades on an extremely attractive 6.3% NTM dividend yield with little risk of a negative surprise to dividend payments given the ongoing earnings upgrades, and MediaTek having generated NT$28bn in Operating Cash Flow, during 2Q21, which helped its Net Cash balance increase further to NT$191bn, now 13% of its Market Cap. In this insight, we look at MediaTek’s 2Q21 results, its medium- and longer-term growth outlook and current valuation levels. This insight is also a follow-up from our more-detailed analysis of MediaTek (MediaTek: High-Quality 5G Beneficiary with a Tremendously Attractive Dividend Yield) last month.

MediaTek: Results Beat, Increased Guidance, Earnings Upgrades… and a Lower Share Price

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)

August Semiconductor Revenues Break Records Once Again

Once again the semiconductor market has set a new revenue record. Just-reported August revenues make it the highest month in history. There's no...

Jim Handy

Semiconductors Continue Surprise Strength

Semiconductor revenues in July were 29% higher than the prior year and the market set a new record. Will this continue? Yes, for a while, but...

Jim Handy

June Semiconductor Revenues Reach New Record

Semiconductor revenues are breaking historic records. Can this trend continue? Trend analysis indicates that it should end. We will be watching...

Jim Handy

Weekly Innovation Review (WIRE) #44

Headline Developments On the back of the Epic v Apple case, documents were released highlighting that Google (GOOG) had considered buying Epic...

Granite Bay Capital

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August Semiconductor Revenues Break Records Once Again

Once again the semiconductor market has set a new revenue record. Just-reported August revenues make it the highest month in history. There's no...

Jim Handy

Semiconductors Continue Surprise Strength

Semiconductor revenues in July were 29% higher than the prior year and the market set a new record. Will this continue? Yes, for a while, but...

Jim Handy

June Semiconductor Revenues Reach New Record

Semiconductor revenues are breaking historic records. Can this trend continue? Trend analysis indicates that it should end. We will be watching...

Jim Handy

Weekly Innovation Review (WIRE) #44

Headline Developments On the back of the Epic v Apple case, documents were released highlighting that Google (GOOG) had considered buying Epic...

Granite Bay Capital

MediaTek: Results Beat, Increased Guidance, Earnings Upgrades… and a Lower Share Price

In this insight take an updated look at MediaTek, its medium- and longer-term growth outlook and current valuation levels, following its 2Q21 results.

Wium Malan, CFA