Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

Taiwan Tech Weekly: OpenAI Developing Alternative to Nvidia with TSMC; Hon Hai Guides Strong 1Q25E

Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?

Taiwan Dual-Listings Monitor: TSMC Spread Back to Extremes; ChipMOS Still High

Mediatek: Google Reportedly Dropping QCOM & Adopting Mediatek for Pixel 10 Modem; Structural Long

MediaTek (2454.TT): D9400 Success Will Extend into 2025. Prepare to Re-Qualify IPad and IWatch.

Mediatek: Apple Watch Win Highlights Smartwatch Market Opportunity; Apple Supply Chain Breakthrough

Equity Bottom-Up

<ul>
<li>Smartphone revenues increased by 31% in 2024 and will increase by 15-20% in 2025 in my view: small volume growth (5%), ASP increase (AI in chips), share gains in premium.  </li>
<li>MTK multiple bets in Automotive, AI, ARM CPU are starting to pay off. Nvidia GB100 revenues mid-25, AI Accelerator revenue start mid-26, Nvidia Auto revenue in 2H26 – my estimates.</li>
<li>Consensus forecasts revenues increasing +35% from 2024 to 2026, Net Income +30%. That should be the low-end of the range. The stock is trading at 21.1x 2025 EPS, 17.6x 2026.</li>
</ul>


Smartphone revenues increased by 31% in 2024 and will increase by 15-20% in 2025 in my view: small volume growth (5%), ASP increase (AI in chips), share gains in premium.  
MTK multiple bets in Automotive, AI, ARM CPU are starting to pay off. Nvidia GB100 revenues mid-25, AI Accelerator revenue start mid-26, Nvidia Auto revenue in 2H26 – my estimates.
Consensus forecasts revenues increasing +35% from 2024 to 2026, Net Income +30%. That should be the low-end of the range. The stock is trading at 21.1x 2025 EPS, 17.6x 2026.


Mediatek: A Lot of Good Things Ahead but the Stock Is a Bit Expensive

Mediatek Inc

Mediatek: A Lot of Good Things Ahead but the Stock Is a Bit Expensive