MediaTek’s key smartphone semiconductor chip market is likely to come under increasing pressure.
We increase our fair value estimate for no-moat MediaTek by 11% to TWD 315 per share from TWD 283 previously, after rolling over our model and taking into account higher medium-term gross margin forecasts. Thanks to better product mix and new design for its smartphone chips, MediaTek’s gross margin improved 2.9 percentage points from the year-ago quarter to 37.4%. This better-than-expected gross margin reflected the company’s efforts to adjust its mix toward more high-end integrated circuits, or...Mediatek is engaged in the research, development, manufacture and sales of multi-media integrated circuit ("IC"), IC for computer peripherals, IC for advanced consumer electronics, IC for other special applications and decoders of optical storage; software application design, testing, maintenance and technical consultation services for IC; the import and export of products related to IC. Co.'s product items include optical storage chipset; CD-ROM chipset and single chip, DVD-ROM chipset and single chip, CD-R/RW chipset, combi chipset; and advanced digital consumer chipset DVD-Player chipset (RF chip, servo controller chip and highly integrated chip).
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