MediaTek Posts a Strong 3Q Result Helped by Improving Margins; Our TWD 290 FVE Is Intact
No-moat Taiwanese chipmaker MediaTek posted a strong third-quarter result that exceeded our forecast, with revenue and net profit up 5% and 36% year on year, respectively. This solid performance reaffirmed our view that the company’s gross margin continues to improve (maintained above 37% in four consecutive quarters), mainly helped by strong growth of new smartphone and nonmobile chipsets (Internet of Things, power management). Operating profit margin lifted 1.6 percentage points to 9.4%, close...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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