Asia and Global Semiconductor and Tech Research

Andrew Lu

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<h2 data-offset-key="7l4nc-0-0"><strong><span data-offset-key="7l4nc-0-0"><span data-text="true">First look at 2Q16 results</span></span></strong></h2>
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<div data-offset-key="ek26l-0-0"><span data-offset-key="ek26l-0-0"><span data-text="true">Apple reported 2Q16 sales of US$42.358bn, down 16% q/q and 15% y/y, which was in line with earlier mid points sales guidance of US$42bn. 2Q16 operating margin contracted to 23.9% from 1Q16's 27.7% and 2Q15's 28.4%, which was 0.6ppts higher than earlier guidance.</span></span></div>
</div><div data-offset-key="aeg09-0-0"><strong><span data-offset-key="aeg09-0-0"> </span></strong></div><h2 data-offset-key="aeg09-0-0"><strong><span data-offset-key="aeg09-0-0">Guides slightly better 3Q16 sales</span></strong></h2><div data-offset-key="7l4nc-0-0"><div data-offset-key="dttfm-0-0">
<span data-offset-key="dttfm-0-0"><span data-text="true">For 3Q16, Apple guides sales growth of 7.4-12.1% q/q (mid point of 9.8% q/q) but decline of 4.3-8.3% y/y to US$45.5-47.5bn, 2% higher than Bloomberg consensus' estimates. Gross</span></span>…</div></div>


First look at 2Q16 results
 
Apple reported 2Q16 sales of US$42.358bn, down 16% q/q and 15% y/y, which was in line with earlier mid points sales guidance of US$42bn. 2Q16 operating margin contracted to 23.9% from 1Q16's 27.7% and 2Q15's 28.4%, which was 0.6ppts higher than earlier guidance.
 Guides slightly better 3Q16 sales
For 3Q16, Apple guides sales growth of 7.4-12.1% q/q (mid point of 9.8% q/q) but decline of 4.3-8.3% y/y to US$45.5-47.5bn, 2% higher than Bloomberg consensus' estimates. Gross…

What Apple Guidance Says About Smartphone Demand?

Thematic (Sector/Industry)

<p><em>Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways suggest strengths in foundry, fabless, and display vendors to drive Taiwan semi sales recovery of 17% y/y in June and 8 out 12 vendors reported a beat on 2Q16 sales guidance. Despite the strengths, we saw weaknesses in power amplifier, touch panel, and solar vendors and our semi leading indicator fell to 8% in June 2016 from this year peak of 31% in</em>…</p>

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways suggest strengths in foundry, fabless, and display vendors to drive Taiwan semi sales recovery of 17% y/y in June and 8 out 12 vendors reported a beat on 2Q16 sales guidance. Despite the strengths, we saw weaknesses in power amplifier, touch panel, and solar vendors and our semi leading indicator fell to 8% in June 2016 from this year peak of 31% in…

Taiwan

Flexium Interconnect Inc. manufactures and markets flexible printed circuit boards (PCBs).  The Company's products include single-sided and double-sided flexible PCBs.

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Flexium Interconnect (6269 TT)

What Apple Guidance Says About Smartphone Demand?

First look at 2Q16 results Apple reported 2Q16 sales of US$42.358bn, down 16% q/q and 15% y/y, which was in line with earlier mid points sales...

Andrew Lu

Points from Taiwan Semi/Tech 2Q Sales

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways...

Andrew Lu

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