Weekly Recap

Samsung launches Z Fold2 5G in China for $16,999 RMB SinaTech(9/14) (1)Samsung is looking to gain share in China mobile market with Huawei restriction(less than 1% market share in CY19, but up to 3% in CY20. — — (*)I don’t think Fold2 will succeed due to its high price, now you even can get a 5G mobile phone with the cost under $1,000 RMB (Realme)

Nvidia acquire ARM IP business from Softbank for $40Bn — (9/14/2020) (1)Deals is expected to close in roughly 18 months. (2)Management expects it to be immediately accretive to adjusted GM and EPS. (3)Nvidia wanna leverage its IP across the ARM customer base( in mobile and embedded) and drive ARM server market more broadly. (4)Nvidia plans to maintain ARM customer neutrality (*) It still needs scrutiny by US, UK, EU and China, I don’t think this deal will be approved due to ARM’s customers are worried about Nvidia steps into mobile and embedded market and became competitors. Maybe this deal will end like QCOM and NXP.

NXP is opening GaN Fab in Chandler, Arizona — — — —— -(9/14/2020) (1) It will be open at the end of September. (2)GaN is an important technology for 5G infrastructure, aerospace and defense.

Qualcomm is planning to roll out next generation PAs for 5G phones (9/15)(1) Qualcomm next-gen mid-tier 5G SoC solutions will feature 2nd generation GaAs PAs (2) The 5G PAs should drive higher price/performance ratios in 2021. (*) Content $ growth, project next year MSM ASP to be above $32.

Qualcomm keeps its market leader position in 2Q Smartphone application processors — — — — — — — — — — — — — — —— — (9/15/2020)(1) Qualcomm controlled 29% of global smartphone application processors in 2Q. (but share declines yoy) (2) MediaTek had 26%, Hisilicon had 16%, Apple and Samsung had 13%. (*)Expect Huawei restriction continue, QCOM gain share from Huawei’s share shift to other Chinese vendors (MediaTek originally targeted at 75% share in Huawei mobile segment in 2021)

Realme launches First 5G phone selling at under $1,000 RMB —-(9/15) (1) Realme V3, a 5G phone priced at $999 RMB. (2) Lower-end phones adopting 5G help to drive adoption of cellular generation.

Sony denied report of massive production cut(4M units from 15M to 11M)for PS5 due to yield rate is lower than 50%. — — — —(9/16/2020)(1) Sony issues statement claiming Bloomberg’s information is false but they also didn’t comment on manufacturing details (from 9/21 press, it is said to have 58% yield rate) (2) Sony stated that they didn’t change the PS5 production number since mass production began. (*) This time Sony decide to put Japan into a first launch list (in last PS4 launch period, PS4 was available in the US in 4Q2013, but wasn’t available until 1Q2014 in Japan) I expect PS5 unit shipments for this year would be 9M units (PS4 in 4Q13 first launch quarter shipped 3.7M units) Xbox would be 4M units. I also expect market’s forecast for AMD console revenue is too low, Sep and Dec will have a big beat on top line but in line in EPS.

Apple Time Files event showcased Apple Watch 6 featuring new colors, new faces, new band and also blood oxygen sensor, Watch SE w basic features and lower price, new iPad processors equips with 5nm chips, Fitness Plus service (competitors to Peloton), Apple One Bundles several major services together at one lower price.— — No iPhone aka disappointed event — — (9/15/2020)

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2 yr buyside analyst focusing on US stock. 文章會逐漸轉到 =>https://waldopinion.substack.com/ 有想交流意見或詢問職涯上的事可以mail我 betopfin@gmail.com

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R Kun's Blog

R Kun's Blog

2 yr buyside analyst focusing on US stock. 文章會逐漸轉到 =>https://waldopinion.substack.com/ 有想交流意見或詢問職涯上的事可以mail我 betopfin@gmail.com

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