2454 聯發科 MediaTek - Smooth transition. BUY « 研究報告 « Downloads
| Attribute | Value |
|---|---|
| Version | 0430-2010-CLSA |
| Date posted | May 5, 2010 |
| Downloaded | 71 times |
| Categories | 研究報告, 電子 |
| Tags | , , |
Description
MediaTek’s 1Q earnings came in 15% ahead of our estimate helped by lower operating expense (opex). Company gave mixed 2Q guidance with revenue slightly lower than expectation while operating margin (opm) surprising on the upside. MediaTek indicated good progress in 2.5G single chip, Blu-ray and digital TV (DTV) chipsets. 3G handset solutions have penetrated into tier-one handset makers and Android smartphones are on track to ship in 2H10. We raise 10CL/11CL earnings by 4%/4%. New NT$670 target price offers 25% upside and we reiterate BUY.
