Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>The 1Q22 revenue beat the prior guidance, GM was in-line the guidance. The guidance is within our expectation in 2Q22.  </li>
<li>MediaTek believes they shall be on the right track to grow revenue 20% and the GM 48-50%, and MediaTek has a 3-year target to grow mid-teens percentage from 2022.</li>
<li>For shareholders, the board had approved NTD$37 for cash dividend in this year.</li>
</ul>


The 1Q22 revenue beat the prior guidance, GM was in-line the guidance. The guidance is within our expectation in 2Q22.  
MediaTek believes they shall be on the right track to grow revenue 20% and the GM 48-50%, and MediaTek has a 3-year target to grow mid-teens percentage from 2022.
For shareholders, the board had approved NTD$37 for cash dividend in this year.


MediaTek (2454.TT): 1Q22 Results/ 2Q22 Outlook-1Q Revenue Beat, 2Q22 Forecast Is in Line.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Credit

<ul><li>As the story of the global chips shortage continues, Qualcomm continued to deliver a strong financial performance across 2021 and has started 2022 on a positive note as well.</li><li>The company’s multi-sourcing and capacity expansion initiatives should provide incremental improvements to their supply throughout the year, despite ongoing challenges in the global supply chain.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

As the story of the global chips shortage continues, Qualcomm continued to deliver a strong financial performance across 2021 and has started 2022 on a positive note as well.The company’s multi-sourcing and capacity expansion initiatives should provide incremental improvements to their supply throughout the year, despite ongoing challenges in the global supply chain.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Qualcomm Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

<ul><li>Qualcomm reported a strong set of financial results to kickstart the new fiscal year and also provided a strong fiscal second-quarter guidance.</li><li>The company’s multi-sourcing and capacity expansion initiatives should provide incremental improvements to their supply throughout the year, despite ongoing challenges in the global supply chain.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Qualcomm reported a strong set of financial results to kickstart the new fiscal year and also provided a strong fiscal second-quarter guidance.The company’s multi-sourcing and capacity expansion initiatives should provide incremental improvements to their supply throughout the year, despite ongoing challenges in the global supply chain.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Qualcomm Inc.: Financial & Price Forecasts

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)

<ul>
<li>The semiconductor market is now 45% above its normal revenue trend.</li>
<li>This situation is driven mostly by today's COVID-related demand changes.</li>
<li>Eventually the market will return to its normal growth, with revenues dropping by over 30%.</li>
</ul>


The semiconductor market is now 45% above its normal revenue trend.
This situation is driven mostly by today's COVID-related demand changes.
Eventually the market will return to its normal growth, with revenues dropping by over 30%.


Semiconductor Revenues Remain Well Above Trend

<ul>
<li>Mediatek revenue was NTD$142.7bn in 1Q22, which was 32.1% YoY and 10.9% QoQ. It was higher than the prior high-end guidance of $NTD141.5bn.</li>
<li>The 2nd quarter outlook could be slight growth of NTD$148.9bn/49.1% GM, which could be not much growth expected.</li>
<li>The expectation of the 5G deployment could be a bit slower because of COVID-19 impact and slow down in China handset shipment. </li>
</ul>


Mediatek revenue was NTD$142.7bn in 1Q22, which was 32.1% YoY and 10.9% QoQ. It was higher than the prior high-end guidance of $NTD141.5bn.
The 2nd quarter outlook could be slight growth of NTD$148.9bn/49.1% GM, which could be not much growth expected.
The expectation of the 5G deployment could be a bit slower because of COVID-19 impact and slow down in China handset shipment. 


MediaTek (2454.TT): 1Q22 Results/​ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Qualcomm Inc (QCOM US)

MediaTek (2454.TT): 1Q22 Results/ 2Q22 Outlook-1Q Revenue Beat, 2Q22 Forecast Is in Line.

The 1Q22 revenue was beating the prior guidance, GM was in-line the guidance. The guidance is within our expectation in 2Q22. MediaTek believes to...

Patrick Liao

Qualcomm Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

As the story of the global chips shortage continues, Qualcomm continued to deliver a strong financial performance across 2021 and has started 2022...

Baptista Research

Qualcomm Inc.: Financial & Price Forecasts

Qualcomm reported a strong set of financial results to kickstart the new fiscal year and also provided a strong fiscal second-quarter...

Baptista Research

Semiconductor Revenues Remain Well Above Trend

Semiconductors are 45% above their long-term revenue trend. This is poised to continue for the near term, but a big change will occur further out.

Jim Handy

MediaTek (2454.TT): 1Q22 Results/ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits

Mediatek revenue was NTD$142.7bn in 1Q22, which was 32.1% YoY and 10.9% QoQ. The 2nd quarter outlook could be slightly growth of NTD$148.9bn/49.1%...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MediaTek (2454.TT): 1Q22 Results/ 2Q22 Outlook-1Q Revenue Beat, 2Q22 Forecast Is in Line.

The 1Q22 revenue was beating the prior guidance, GM was in-line the guidance. The guidance is within our expectation in 2Q22. MediaTek believes to...

Patrick Liao

Qualcomm Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

As the story of the global chips shortage continues, Qualcomm continued to deliver a strong financial performance across 2021 and has started 2022...

Baptista Research

Qualcomm Inc.: Financial & Price Forecasts

Qualcomm reported a strong set of financial results to kickstart the new fiscal year and also provided a strong fiscal second-quarter...

Baptista Research

Semiconductor Revenues Remain Well Above Trend

Semiconductors are 45% above their long-term revenue trend. This is poised to continue for the near term, but a big change will occur further out.

Jim Handy

MediaTek (2454.TT): 1Q22 Results/​ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits

Mediatek revenue was NTD$142.7bn in 1Q22, which was 32.1% YoY and 10.9% QoQ. The 2nd quarter outlook could be slightly growth of NTD$148.9bn/49.1%...

Patrick Liao

MediaTek (2454.TT): 1Q22 Results/ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits