Transferring Coverage of MediaTek With No Economic Moat, Negative Trend, and FVE of TWD 230
After transferring coverage of MediaTek to a new analyst, we are retaining our no-moat rating but changing our moat trend rating from stable to negative. We also maintain our fair value estimate of TWD 230 per share, implying the shares are fairly valued.We believe MediaTek does not possess a moat, given that its products have little to differentiate them from those of its key competitors, in our view, despite its seven-year history of return on invested capital, or ROIC, above 30%. With indust...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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