Update: Tracking slightly ahead
CML’s IMS flags that trading has been slightly ahead of market expectations, supported by a broad-based recovery in market conditions, the normalisation of inventories in storage and the commencement of chipset shipments to a new customer. We are not changing our estimates, but the company looks well set to remain on a positive trajectory from here. We believe that this is reflected in the FY16 P/E rating of 16.2x.CML Microsystems designs, manufactures and markets mixed-signal and Radio Frequency semiconductors, primarily for global communication and solid state storage markets. Co.'s Hyperstone-branded products application areas include industrial flash memory cards, solid state drives and embedded storage with key end markets that include telecoms/network infrastructure, industrial, automation, in-vehicle infotainment and the Industrial Internet of Things. Co.'s Incorporates Wireless & Wireline business provides voice and/or data communications products with key end markets that include voice centric mission/business communications as well as non-cellular wireless data communications.
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