IQE - Multiple VCSEL programmes entering production
During H118 IQE experienced double-digit sales growth on a constant currency basis in each of its three primary markets, although this was partly offset by a currency headwind. The investment in multiple VCSEL qualifications and the Newport foundry depressed margins, but underpins management’s expectations of a sustained photonics ramp-up in H218 and FY19. Acknowledging the currency headwind and one-off H118 photonics costs, we revise our estimates downwards.IQE is a holding company. Through its subsidiaries, Co. is engaged in the development, manufacture and sale of semiconductor materials. Co.'s primary business is the manufacture of compound semiconductor wafers or epiwafers using a process called epitaxy. Co.'s primary reporting segments are: Wireless, which covers electronic devices that communicate wirelessly; Photonics, which covers applications that either emit or detect light; Infrared, which uses indium antimonide and gallium antimonide engineered materials that enable high resolution Infrared systems; and CMOS++, which combines the properties of compound semiconductors with silicon.
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