Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

MediaTek: Satellite Connectivity the Next Strategic Battleground for Mobile SoCs (Structural Long)

Taiwan Tech Weekly: Mediatek Eyes US Manufacturing, 40% Global Mkt Share; Micron Earnings Take-Aways

Taiwan Dual-Listings Monitor: TSMC & UMC Spreads Higher After Taiwan Market Holiday

Mediatek Rising in Smartphones and Beyond - Q1 Market Share, Nvidia Partnership, TSMC Node Advantage

MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026.

Mediatek 1Q25 6% Beat, Growth Accelerating in 2Q, Large Revenue Opportunity for Data Center ASIC

Equity Bottom-Up

<ul>
<li>Q25: inline with a GP one-off.  3Q25: FX impact but still revenue decline QoQ. Add margins compression and 3Q guidance is a large miss: OP -20% below Consensus.</li>
<li>Management continues to provide very bullish “indications” on growth from 2026-27: AI ASIC, collaboration with Nvidia, Automotive. Multiple analysts questions on risk of hyperscalers projects delayed or cancelled.</li>
<li>Mediatek is entering very large markets (AI ASIC, Auto) that will provide new growth beyond the exhausted Mobile market. You want to buy into this after a ~20% correction.</li>
</ul>


Q25: inline with a GP one-off.  3Q25: FX impact but still revenue decline QoQ. Add margins compression and 3Q guidance is a large miss: OP -20% below Consensus.
Management continues to provide very bullish “indications” on growth from 2026-27: AI ASIC, collaboration with Nvidia, Automotive. Multiple analysts questions on risk of hyperscalers projects delayed or cancelled.
Mediatek is entering very large markets (AI ASIC, Auto) that will provide new growth beyond the exhausted Mobile market. You want to buy into this after a ~20% correction.


MTK 2Q25: Inline but Positive One-Off. Weak 3Q with Revenue Decline QoQ and Margins Compression.

Mediatek Inc

MTK 2Q25: Inline but Positive One-Off. Weak 3Q with Revenue Decline QoQ and Margins Compression.