MediaTek Posts a Strong Profit Growth in 1Q From Further Margin Improvement; Raising FVE to TWD 308
No-moat Taiwanese chipset maker MediaTek’s first-quarter operating profit of TWD 3.17 billion, up 64% year on year, marked a good start to the year and beat our expectation, driven by growth in higher-margin non-mobile SoC chipsets, including Internet of Things and power management IC. The strategy to shift its R&D focus toward non-smartphone solutions has started to bear fruit, in our view. Profitability improved significantly due to favorable product mix, with the operating margin up 210 b...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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