Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Technology sector in Asia mostly, and Global Tech in a couple of jobs. Nicolas has worked on the sell-side for JPMorgan, CLSA and Macquarie. On the buy-side for a Tiger fund and Prudential. Nicolas has covered Asian semiconductors, Asian hardware and components, and the global Semi supply chain. In addition to stock coverage, he also publishes research on sectors as that often shows clearer trends and pinpoints the inflection points in a sharper way. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

Mediatek 3Q24 Inline, 4Q Guidance Slightly Weak, Flattish Revenue Outlook and the Stock Is Expensive

Mediatek's Advanced Product Strategy Showing Major Progress; Maintain Structural Long

Qualcomm Sep-24: Nice Beat, Dec-24 Guide Small Beat. 3 Growth Factors: Smartphone AI, Automotive, PC

MediaTek (2454.TT): 3Q24 Might Grow Slightly QoQ, While AI PCs Could Be Delivered in 2H25.

Mediatek: AI Features Can Shorten Smartphone Replacement Cycle; New Verticals to Kick In 2H25E

MediaTek (2454.TT): There Appears to Be No Bright Spot in 2H24F.

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

Equity Bottom-Up

<ul>
<li>Smartphones units sold in 3Q24 increased by +4% YoY. That’s a slowdown from +7% YoY in 1H24.</li>
<li>Growth comes from low-price Emerging Markets demand. But the Premium segment sees increasing ASP with AI-enabled phones.  </li>
<li>Hence for Mediatek and Qualcomm, the investment thesis rests on increasing ASP as AI is propagating – not volume growth. MTK had a nice rally, time to take a breather. </li>
</ul>


Smartphones units sold in 3Q24 increased by +4% YoY. That’s a slowdown from +7% YoY in 1H24.
Growth comes from low-price Emerging Markets demand. But the Premium segment sees increasing ASP with AI-enabled phones.  
Hence for Mediatek and Qualcomm, the investment thesis rests on increasing ASP as AI is propagating – not volume growth. MTK had a nice rally, time to take a breather. 


Smartphone Growth Is Slowing Down to +4% YoY in 3Q. Mediatek Had a Good Rally, Time to Take a Break

Mediatek Inc

Smartphone Growth Is Slowing Down to +4% YoY in 3Q. Mediatek Had a Good Rally, Time to Take a Break