Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>Summary</h2><ul><li>1Q17 misses on BlackBerry arbitration decision and slightly weaker 2Q17 sales despite 10nm Snapdragon 835 for flagship customers.</li></ul><ul>
<li>Pending legal matters? Qualcomm comments Apple's contract manufacturers whether they will underpay royalties or pay nothing in 2Q17, which could have an adverse impact on Qualcomm's financial results. We thus expect the non-recurring becoming recurring losses.</li>
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Losing shares on MSM: 2Q17 MSM shipment guidance of 190mn shows only seasonal growth of 6% q/q and…</li>
</ul>

Summary1Q17 misses on BlackBerry arbitration decision and slightly weaker 2Q17 sales despite 10nm Snapdragon 835 for flagship customers.
Pending legal matters? Qualcomm comments Apple's contract manufacturers whether they will underpay royalties or pay nothing in 2Q17, which could have an adverse impact on Qualcomm's financial results. We thus expect the non-recurring becoming recurring losses.

Losing shares on MSM: 2Q17 MSM shipment guidance of 190mn shows only seasonal growth of 6% q/q and…


Qualcomm - Will Non-Recurring Becoming Recurring Losses? Missed Due to Blackberry Arbitration Case

Thematic (Sector/Industry)

<h2>Why does foreign exchange matter?</h2>After <a href="https://www.smartkarma.com/entities/18126" target="_blank" data-smartkarma-citation="entities:18126:1">Phison Electronics Corp (8299 TT)</a> chairman/CEO said NT$ appreciation to have a negative earnings impacts to 1Q17 EPS up to NT$1.5 per share (please see earlier report "<a href="https://www.smartkarma.com/insights/phison-chairman-expects-nand-price-correction-in-2q17-and-not-ruling-out-to-invest-toshiba-memory" target="_blank" data-smartkarma-citation="insights:9867">Phison Chairman Expects NAND Price Correction in 2Q17 and Not Ruling Out to Invest Toshiba Memory</a>" dated 8 April 2017 and <a href="https://www.smartkarma.com/entities/11230" target="_blank" data-smartkarma-citation="entities:11230:1">Taiwan Semiconductor Mfg. Co. Ltd. (2330 TT)</a> missed its 1Q17 sales guidance by 2% (please see "<a href="https://www.smartkarma.com/insights/tsmc-misses-1q-sales-guidance-and-will-likely-miss-margin-guidance-and-2q-consensus-as-well" target="_blank" data-smartkarma-citation="insights:9895">TSMC Misses 1Q Sales Guidance and Will Likely Miss Margin Guidance and 2Q</a>…

Why does foreign exchange matter?After Phison Electronics Corp (8299 TT) chairman/CEO said NT$ appreciation to have a negative earnings impacts to 1Q17 EPS up to NT$1.5 per share (please see earlier report "Phison Chairman Expects NAND Price Correction in 2Q17 and Not Ruling Out to Invest Toshiba Memory" dated 8 April 2017 and Taiwan Semiconductor Mfg. Co. Ltd. (2330 TT) missed its 1Q17 sales guidance by 2% (please see "TSMC Misses 1Q Sales Guidance and Will Likely Miss Margin Guidance and 2Q…

Quick Analysis of US$ Depreciation Impacts to Top 20 Market Cap Taiwan Tech Vendors

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Asia Pacific is at a crucial juncture in its digital development. The vast diverse region has always been technologically segregated and will continue to be so over the next five years. But, rapid advancement in technology globally has meant a vast number of Asian consumers now have the means to enjoy a digitally connected future, which can have a direct impact on their economic well-being.

Asia Pacific is at a crucial juncture in its digital development. The vast diverse region has always been technologically segregated and will continue to be so over the next five years. But, rapid advancement in technology globally has meant a vast number of Asian consumers now have the means to enjoy a digitally connected future, which can have a direct impact on their economic well-being.

Mobile Data to Address Asia Pacific's Digital Divide

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version of the event was the retailer’s most extravagant and successful one yet. This year, Alibaba rebranded the shopping event from “Double 11” to “The 11/11 Global Shopping Festival”. Based on this rebranding and its surrounding marketing and promotional events as well as the integration of the most up-and-coming technology, it is clear that the retailer does not simply plan on expanding the shopping event but instead plans on leveraging the event to expand its business globally.

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version of the event was the retailer’s most extravagant and successful one yet. This year, Alibaba rebranded the shopping event from “Double 11” to “The 11/11 Global Shopping Festival”. Based on this rebranding and its surrounding marketing and promotional events as well as the integration of the most up-and-coming technology, it is clear that the retailer does not simply plan on expanding the shopping event but instead plans on leveraging the event to expand its business globally.

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. </li><li>These three stocks have averaged a 19.2% total return in the 2016 year-to-date.</li><li>These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.</li></ul>

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. These three stocks have averaged a 19.2% total return in the 2016 year-to-date.These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.

Innovative Transformation of Singapore's Technology Sector

Taiwan

Pegatron Corp is a design, manufacturing and service company. The Company produces motherboards, desktop PCs, notebooks, broadband, wireless systems, game consoles, networking, multimedia, LCD TV, and more.

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Pegatron Corp (4938 TT)

Qualcomm - Will Non-Recurring Becoming Recurring Losses? Missed Due to Blackberry Arbitration Case

Summary1Q17 misses on BlackBerry arbitration decision and slightly weaker 2Q17 sales despite 10nm Snapdragon 835 for flagship customers. Pending...

Andrew Lu

Quick Analysis of US$ Depreciation Impacts to Top 20 Market Cap Taiwan Tech Vendors

Why does foreign exchange matter?After Phison Electronics Corp (8299 TT) chairman/CEO said NT$ appreciation to have a negative earnings impacts to...

Andrew Lu

Mobile Data to Address Asia Pacific's Digital Divide

Asia Pacific is at a crucial juncture in its digital development. The vast diverse region has always been technologically segregated and will...

Euromonitor International Ltd.

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version...

Euromonitor International Ltd.

Innovative Transformation of Singapore's Technology Sector

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake...

Singapore Exchange Ltd (SGX)

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