We Raise MediaTek’s FVE to TWD 315 With Higher Gross Margin Forecast; Shares Are Fairly Valued
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...
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