Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>Summary</h2><ul>
<li><em><strong>Results beat, but guidance miss: </strong>Intel reports US$0.03 better 3Q16 EPS than Bloomberg consensus' but guides 1% lower 4Q16 sales, lower margins, and US$0.04 lower 4Q16 EPS.</em></li>
<li>
<em><strong>Demand driver was the client computing; in-house inventory was healthy: </strong>Client computing (21% q/q) drove the 3Q16 sales growth of 17% q/q and contributed 74% q/q growth on operating profits. Intel reports 3Q16 2.99 months of inventory, down 4% q/q and only 5% higher than 3-year Avg of 2.85 months but comments few days</em>…</li>
</ul>

Summary
Results beat, but guidance miss: Intel reports US$0.03 better 3Q16 EPS than Bloomberg consensus' but guides 1% lower 4Q16 sales, lower margins, and US$0.04 lower 4Q16 EPS.

Demand driver was the client computing; in-house inventory was healthy: Client computing (21% q/q) drove the 3Q16 sales growth of 17% q/q and contributed 74% q/q growth on operating profits. Intel reports 3Q16 2.99 months of inventory, down 4% q/q and only 5% higher than 3-year Avg of 2.85 months but comments few days…


Intel Guides a Pause in 4Q16; Losing Short Term Momentum

Event-Driven

<h2>Summary</h2><p>Apple just introduced its new iPhone 7 and 7 Plus by adding some new features. However, we do not see these new features are big enough to drive a stronger demand than our forecast of 70-75mn iPhone shipment in 4Q16, up 56-67% q/q but -7% to 0% y/y decline, which should result in global shipment of 207-212mn units for 2016, down 9-11% y/y. On the other hand, we believe longer battery life, built-in GPS, pool swim App, 50 meters water resistant for Apple Watch 2 should drive stronger…</p>

SummaryApple just introduced its new iPhone 7 and 7 Plus by adding some new features. However, we do not see these new features are big enough to drive a stronger demand than our forecast of 70-75mn iPhone shipment in 4Q16, up 56-67% q/q but -7% to 0% y/y decline, which should result in global shipment of 207-212mn units for 2016, down 9-11% y/y. On the other hand, we believe longer battery life, built-in GPS, pool swim App, 50 meters water resistant for Apple Watch 2 should drive stronger…

Anything Really New at IPhone 7 and Watch 2 Launch Event?

Japan

IBIDEN CO, LTD. develops, produces, and markets ceramics, housing materials, and electronics.  The Company's products include printed circuit boards (PCB), graphite specialties, integrated circuit (IC) packages, ceramic fibers, melamine decorative high-pressure laminates, and pre-cut structural materials.

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Ibiden Co Ltd (4062 JP)

Intel Guides a Pause in 4Q16; Losing Short Term Momentum

Summary Results beat, but guidance miss: Intel reports US$0.03 better 3Q16 EPS than Bloomberg consensus' but guides 1% lower 4Q16 sales, lower...

Andrew Lu

Anything Really New at IPhone 7 and Watch 2 Launch Event?

SummaryApple just introduced its new iPhone 7 and 7 Plus by adding some new features. However, we do not see these new features are big enough to...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)