Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

Softbank reported in line third-quarter fiscal 2016 (quarter ending December 2016) results with revenue down 0.6%, operating profit up 71% and net income up 285%, compared with negative 0.2%, positive 3.5% and 80% rises in the first half respectively. No management guidance was provided for fiscal 2016 and we broadly maintain our existing forecasts with our fair value estimate growing to JPY 7,500 per share from JPY 6,800 per share due mainly to our increased fair value of <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding</a>…

Softbank reported in line third-quarter fiscal 2016 (quarter ending December 2016) results with revenue down 0.6%, operating profit up 71% and net income up 285%, compared with negative 0.2%, positive 3.5% and 80% rises in the first half respectively. No management guidance was provided for fiscal 2016 and we broadly maintain our existing forecasts with our fair value estimate growing to JPY 7,500 per share from JPY 6,800 per share due mainly to our increased fair value of Alibaba Group Holding…

Softbank Result in Line; FVE Raised to JPY 7,500 Due to Increased Alibaba Value

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

I said in my previous insight that Samsung is still far from having a robust business foundation in the semiconductor area, which can "structurally" generate a certain amount of profits on a consistent basis. This is exactly what has worried me and still worrying me. Samsung is still having a high degree of uncertainty even in its currently largest profit-contributing area (semiconductor). Then, what should Samsung do with its memory chip business? Similarly to Intel's strategy, Samsung should also develop a next gen memory chip technology that can effectively address the current limitations of DRAM and NAND technologies. But more importantly, Samsung should also build a strong business presence in the opposite area (processor market segment) in an effort to build a "structurally" robust business presence by bundling memory and processor products (this form of product is called "SoC (System on Chip)".

I said in my previous insight that Samsung is still far from having a robust business foundation in the semiconductor area, which can "structurally" generate a certain amount of profits on a consistent basis. This is exactly what has worried me and still worrying me. Samsung is still having a high degree of uncertainty even in its currently largest profit-contributing area (semiconductor). Then, what should Samsung do with its memory chip business? Similarly to Intel's strategy, Samsung should also develop a next gen memory chip technology that can effectively address the current limitations of DRAM and NAND technologies. But more importantly, Samsung should also build a strong business presence in the opposite area (processor market segment) in an effort to build a "structurally" robust business presence by bundling memory and processor products (this form of product is called "SoC (System on Chip)".

Samsung's Long-Term Survival Plan for Semiconductor Business - Focus on Foundry Rather Than SoC

It is not really surprising to see a quick recovery (in terms of financial performance) in IM given the fact that SEC took a big bath in the previous quarter for Note 7 disaster. Nonetheless, I'm little concerned about IM sales figures. Apparently, SEC is still having a setback in the actual smartphone market due to Note 7 incident. This might be due to a deteriorated brand power and reputation, or it might be because SEC did not really have a strong flagship smartphone during 4Q16. Regardless of what really caused it, SEC still seems to need some more time to fully recover from Note 7 incident in terms of smartphone sales figures. SEC had still sold about 90 million smartphones during 4Q16, so smartphone sales volume isn't the problem. Rather, SEC needs to sell more high-end smartphones. This is why GS8 is so important!

It is not really surprising to see a quick recovery (in terms of financial performance) in IM given the fact that SEC took a big bath in the previous quarter for Note 7 disaster. Nonetheless, I'm little concerned about IM sales figures. Apparently, SEC is still having a setback in the actual smartphone market due to Note 7 incident. This might be due to a deteriorated brand power and reputation, or it might be because SEC did not really have a strong flagship smartphone during 4Q16. Regardless of what really caused it, SEC still seems to need some more time to fully recover from Note 7 incident in terms of smartphone sales figures. SEC had still sold about 90 million smartphones during 4Q16, so smartphone sales volume isn't the problem. Rather, SEC needs to sell more high-end smartphones. This is why GS8 is so important!

Samsung's Heavy Dependance on Memory Chip Is Worrying Me - 4Q16 Results Review

Event-Driven

Personally, I found Korea's FTC decision on Qualcomm very surprising. Of course, it was China who first attempted to levy a fine against Qualcomm's patent practices. But in the case of China, Qualcomm clearly violated China's newly enacted patent law. So, this is truly the first time for Qualcomm to get penalized from a fair trade perspective. Yes, Korea's FTC took a decision that no other fair trade regulation body in the world had ever dared to take.Why am I so surprised? Usually, Korea's…

Personally, I found Korea's FTC decision on Qualcomm very surprising. Of course, it was China who first attempted to levy a fine against Qualcomm's patent practices. But in the case of China, Qualcomm clearly violated China's newly enacted patent law. So, this is truly the first time for Qualcomm to get penalized from a fair trade perspective. Yes, Korea's FTC took a decision that no other fair trade regulation body in the world had ever dared to take.Why am I so surprised? Usually, Korea's…

Paralyzing Qualcomm's Patent Business? Samsung & Softbank's ARM Will Gain The Most

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li class="p1">At the Intel Developer Forum in San Francisco, Intel announced a flurry of news with far-reaching implications across the semiconductor landscape.</li><li class="p1">The most important announcement for Intel, in our view, is that the chip leader will be licensing technology from ARM Holdings to offer foundry customers access to ARM physical intellectual property at the 10-nanometer process node.</li><li class="p1">We note that this will allow Intel to compete with Taiwan Semiconductor Manufacturing and Samsung foundries for the business of the likes of Qualcomm and Apple.</li></ul>Analyst: Abhinav Davuluri

At the Intel Developer Forum in San Francisco, Intel announced a flurry of news with far-reaching implications across the semiconductor landscape.The most important announcement for Intel, in our view, is that the chip leader will be licensing technology from ARM Holdings to offer foundry customers access to ARM physical intellectual property at the 10-nanometer process node.We note that this will allow Intel to compete with Taiwan Semiconductor Manufacturing and Samsung foundries for the business of the likes of Qualcomm and Apple.Analyst: Abhinav Davuluri

Intel Announces Foundry Collaboration With ARM at Intel Developer Forum

United Kingdom

ARM Holdings designs and licenses semiconductor intellectual property (IP), including central processing unit (CPU) cores, graphics processing units (GPUs), and system IP. Its energy-efficient chip designs are widely used in smartphones, IoT devices, automotive systems, and computing infrastructure. The company is headquartered in Cambridge, United Kingdom, and was founded in 1990.

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ARM Holdings (ARM US)

Softbank Result in Line; FVE Raised to JPY 7,500 Due to Increased Alibaba Value

Softbank reported in line third-quarter fiscal 2016 (quarter ending December 2016) results with revenue down 0.6%, operating profit up 71% and net...

Morningstar, Inc.

Samsung's Long-Term Survival Plan for Semiconductor Business - Focus on Foundry Rather Than SoC

I said in my previous insight that Samsung is still far from having a robust business foundation in the semiconductor area, which can...

Sanghyun Park

Samsung's Heavy Dependance on Memory Chip Is Worrying Me - 4Q16 Results Review

It is not really surprising to see a quick recovery (in terms of financial performance) in IM given the fact that SEC took a big bath in the...

Sanghyun Park

Paralyzing Qualcomm's Patent Business? Samsung & Softbank's ARM Will Gain The Most

Personally, I found Korea's FTC decision on Qualcomm very surprising. Of course, it was China who first attempted to levy a fine against Qualcomm's...

Sanghyun Park

Intel Announces Foundry Collaboration With ARM at Intel Developer Forum

At the Intel Developer Forum in San Francisco, Intel announced a flurry of news with far-reaching implications across the semiconductor...

Morningstar, Inc.

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