MediaTek’s 4Q Margins Improved, but Net Profit Was Down by Lower Non-Op Income; TWD 290 FVE Intact
While no-moat fabless chipmaker MediaTek’s fourth-quarter net profit was down 63% from last year due to a significant decrease in nonoperating income, its recurring operating profit of TWD 3.85 billion, up 199% year on year, was ahead of our forecast. Gross margin grew 154 basis points from the year-ago quarter to 38.9%, driven by strong shipments of new smartphone SoCs and non-mobile SoCs for Internet of Things-related applications and voice-assistant devices. Meanwhile, lower-than-expected ope...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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