Mediatek: We Contacted Management Re: Latest Arm Restrictions, Accumulate

MediaTek (2454.TT): The Smartphone Demand Could Further Decrease in 2022.

Mediatek Results Takeaways -- Inventory Correction Bottom Potential 4Q22, Mobile, TV Recovery 1H23?

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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

<ul>
<li>Although the overall channel and customer inventories have reduced aggressively by the end of 3Q2022, we are only in the middle of the inventory adjustment cycle.</li>
<li>We’ve seen early signs of global inflation peaking, and an initial normalization in US dollar strength, which supports recovery in end consumer demand and channel inventory restocking by mid-2023.</li>
<li>Current dividend yield and PE ratio indicate a meaningful margin of safety in valuation levels, with probabilities skewed towards positive surprise.</li>
</ul>


Although the overall channel and customer inventories have reduced aggressively by the end of 3Q2022, we are only in the middle of the inventory adjustment cycle.
We’ve seen early signs of global inflation peaking, and an initial normalization in US dollar strength, which supports recovery in end consumer demand and channel inventory restocking by mid-2023.
Current dividend yield and PE ratio indicate a meaningful margin of safety in valuation levels, with probabilities skewed towards positive surprise.


MediaTek: Mid (Inventory) Cycle, Long-Term Growth Story Intact, Attractive Yield, and Multiples

Mediatek Inc

MediaTek: Mid (Inventory) Cycle, Long-Term Growth Story Intact, Attractive Yield, and Multiples