goldman sachs－mediatek：firsttake：strong_2q13_guidance﹔limited_margin_improvement

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1、May6,2013COMMENTMediatek(2454.TW)NT$372.50EquityResearchFirstTake:Strong2Q13guidance;limitedmarginimprovementNewsMediatekreported1Q13EPSofNT$2.8,inlinewithBloombergconsensusbutbelowGSestimateofNT$3.4oncostoverrunandlower-than-expectedinvestmentincomefrom

2、MStar(NT$500mnvs.GSeofNT$710mn).1Q13GPMof42.1%is51bpsaboveourestimate,butOPMof12.9%was82bpsbelowourforecastduetohigherR&Dexpenses(22.9%ofrevenuevs.GSeof21.9%).Highlights:(1)Mediatekguidedits2Q13salestoincreaseby25-32%qoq,aboveGSandBloombergconsensusof+14

3、%qoqand+20%qoq.Thecompanyexpectsmostproductsegments,ledbysmartphone,togrowsequentiallyin2Q13.(2)2Q13GPMandOPMguidanceof41.5-43.5%and14.5-20.5%wereinlinewithourestimatesof42.7%and15.5%,respectively.MediatekexpectsitsGPMtoimproveslightlyin2H13asitssmartpho

4、neGPMisonlyslightlyabovethecorporateaveragemargin.(3)Mediatekmaintainedfullyearsmartphoneshipmentguidanceof200mn,slightlybelowourestimateof205mn.6572isontrackformassproductioninJune.Mediatekseemsconfidentaboutitsproductroadmapespeciallyitsnumerouscost-do

5、wnversionsin2013.WenoteMediatekispullinginshipmentsofitsLTEmodemto4Q13fromlate2014andexpectstodeliveraRmb1,500-2,000LTEsmartphonein2014.(4)Mediatekraisedtabletshipmentguidancefrom5-10mnto10-15mnunitsin2013,inlinewithourestimateof18mn.(5)Thecompanywillmig

6、rateto28nmHKMGin2H13forhigh-speedsmartphoneSOCandistryingtodiversifyits28nmwafersuppliers,butTSMCiscurrentlystillthemain28nmfoundryforMediatek.(6)TheboardproposedacashdividendofNT$9pershareor2.4%yield,inlinewithourestimate.AnalysisWeviewtheon-tracknewsma

7、rtphoneproductlaunchasencouraging.ImplicationsOurestimatesareunderreviewpendingfurtherdetailsfromthemanagement.WeareNotRatedonthecompany.INVESTMENTLISTMEMBERSHIPNotRatedDonaldLu,Ph.DGoldmanSachsdoesandseekstodobusinesswith+86(10)6627-3123donald.lu@ghsl.c

8、nBeijingGaoHuaSecuritiesCompanyLimitedcompaniescoveredinitsresearchreports.Asaresult,LinglingHu+86(10)6627-3520lingling.hu@ghsl.cnBeijingGaoHuaSecuritiesCompanyLimitedinvestorsshouldbeawarethatthefirmmayhaveaconflictofinte