ARM: stay long
We note a key partner in Asia, Mediatek, has just posted all time high monthly sales and is close to breaking out to all-time highs. Revenues in February of NT$15.7BN represents an astonishing 157% YoY...
View ArticleSmartwatches: wearable tech and the IoT
Wearable tech Market-research firm ABI Research projects that Smartwatch shipments will climb to 90 million in 2019, up from 7.5 million this year. The broader wearable device market is expected to be...
View ArticleBasware: stay long
SciQuest, +6% to new record highs last night. It trades on 2x the multiple of BasWare. Stay long
View ArticleSwatch: Google enters the smartwatch game
In contrast to Swatch’s complete dismissal of the entire category, the emergence of smart watches is happening more quickly than we previously thought. Yesterday Google launched its operating system...
View ArticleSwatch: a bulge-bracket attempts to quantify the smartwatch risk
We understand a bulge-bracket broker has today tried to quantify the disruptive risks to Swatch of smartwatch penetration. We believe their figure is 40% of Swatch’s revenue is exposed, about the same...
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ARM: IoT still in infancy…
We’ve long loved ARMH for not only their exposure to the continued share gain of smartphones in the overall mobile phone ecosystem but the potential for ARMH’s licensing model to allow the company to...
View ArticleDisruption: Swatch. iWatch launch in October?
There are quite detailed rumours out of Apple’s Asian supply chain that they are to start producing the iWatch this quarter, with a launch date set for October this year. The expectation is for 63.4m...
View ArticleWearable tech and the risk to Swatch
The counter arguments we here from Swatch bulls is theirs is a fashion statement and will not compete with an iWatch which is purely functional. This is at odds with Tim Cook’s stated aim to make the...
View ArticleARM: long term drivers intact
From Q1 numbers, guidance for FY14 is in-line with consensus (no upgrades), but the leading indicator of the future is good, i.e. licence growth, 26 added in the Q is on the high side with the licence...
View ArticleGarmin: Wearables Traction Accelerating
We expect a strong print and guide from one of our favorites longs, GRMN, tomorrow before the U.S. open. We believe GRMN’s wearables business (Fitness/Outdoor segment) is doing very well YTD given...
View ArticleGarmin: big beat…story continues
This morning, GRMN reported Q1 Rev that was 7.8% above consensus, Gross Margin of 56.7% vs. consensus of 54.4% and EPS of 0.55, 25% above consensus of 0.44. As is GRMN’s historical practice, they will...
View ArticleGarmin: Update, conference call keeps us positive…
Yesterday, GRMN reported Q1 Rev that was 7.8% above consensus, Gross Margin of 56.7% vs. consensus of 54.4% and EPS of 0.55, 25% above consensus of 0.44. As is GRMN’s historical practice, they will...
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Swatch: Yuan weakness and Amazon’s view on smartwatches
Expect further downgrades to Swatch, the most exposed of all luxury stocks and no longer in our HQGB due to be too expensive on FCF and facing further problems due to inventory issues and competitive...
View ArticleARM: long term drivers intact (cont)
Today, CEO of ARMH said he continues to expect chips for the mobile, network and microcontroller markets to grow by ~50% through 2018. He went on to say that besides phones and tablets, the company is...
View ArticleThe Internet of Things
Given he built this company from an unknown frontier market start-up to $100bn leader, it is worth noting the TSMC Chairman Morris Change spoke at the TW Semiconductor Industry Association Annual...
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Whirlpool: Nesting with Google is never bad
Today, GOOG announced that Nest is now allowing third party companies to develop applications for their smart devices (IoT). With Whirlpool, when the Nest thermostat notices the homeowner is away, a...
View ArticleElectrolux and the IoT
Electrolux should be helped by improving US housing data and the move by Google to open-source their thermostat technology, Nest, something we expect all appliance makers will adopt which could then...
View ArticleUS Housing & construction improvement (cont)
The pending home sales number yesterday was very strong. This adds to new home sales last week and a pickup in builder confidence. Add cycle effects to the new secular dynamics of Google’s vision to...
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ARM and the IoT consortium
This morning, Samsung, Intel, Broadcom, Atmel and Dell announced a partnership to create a universal standard, which would allow all household gadgets communicate seamlessly with one another. It will...
View ArticleGarmin: continued strength across the board
When GRMN reports Wednesday morning, July 30th. we expect upside to Q2, as well as an increase in F2014 (December) guidance. We believe this is being driven by Wearables, Auto, Aviation and Marine. We...
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