市況評論

作者

徐文輝先生 (Tsui Man Fai)
高級交易員

現任職輝立交易員,對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
電話:
3651 7385

Company Introduction – AMD Inc. (AMD:US)

2020年5月15日 星期五 觀看次數3409

As required by management, this year I will give an introduction on some companies in the assigned sector. The second company I will introduce here is AMD Inc., which has their stock traded in US, Mexico and Germany.

 

Basic Introduction

AMD Inc. is global semiconductor company primarily offering x86 microprocessors, chipsets, discrete and integrated graphics processing units (GPUs), data center and professional GPUs.

 

They also provide products such as server and embedded processors, semi-custom System-on-Chip (SoC) products, development services and technology for game consoles. The company also license portions of their intellectual property (IP) portfolio.                                                                                                                                                                                                                                                                                                                                      

The trademarks they used include AMD, the AMD Arrow logo, ATI, and the ATI logo, Athlon, EPYC, Radeon, Ryzen.

 

Business Performance

In the first quarter, 2020, the revenue was $1.8 billion (USD), which increase 40% compared to the prior year period. The increase was primarily due to 73% increase in Computing and Graphics segment’s revenue, which offset the 21% decrease in Enterprise, Embedded and Semi-Custom segment.

 

The increase in Computing and Graphics segment net revenue was primarily due to higher sales of Ryzen™ processors and Radeon™ products. The decrease in Enterprise, Embedded and Semi-Custom net revenue was primarily due to lower semi-custom revenue, partially offset by higher EPYC™ server processor revenue.

 

Risk and Challenge

1. The highly competitive environment in the Computing and Graphics segment, especially from Intel Corp., which is the market leader.

2. AMD Inc. relies on third parties to manufacture their products, so the company may be affected if those parties cannot supply in timely basis.

3. R&D progress is the main factor of the company competitiveness; any delay or failure means lag behind with the market competitor will greatly affect performance.

4. The outbreak of COVID-19 cause significant effect on global economy, hence the demand on company’s products and services.

 

Market Information

Closing price(12/5/2020): USD$53.76

P/E: 183.08x

P/B: 19.11x

EV/EBITDA: 68.05x

Current ratio: 1.95x

Reference

Company quarterly report, 1st Quar, 2020

www.marketwatch.com

 

 

I, Tsui Man Fai, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

 

研究報告由輝立証券集團旗下於香港證監會持牌的輝立証券(香港)有限公司及/ 或輝立商品有限公司(“輝立”)所發報。本文所包含的資料均為輝立從相信為準確的來源搜集。輝立對有關報告所引致之任何損失或虧損概不負責。本報告所載的資料只供参考用途,並沒有法律約束力,亦不構成投資建議、邀約、購入、出售任何產品。
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輝立(或其僱員) 可能持有本文所述有關的投資產品。此外,輝立(或任何附屬公司)隨時可能替向報告內容所述及的公司提供服務、招攬或業務往來。
以上資料為輝立擁有並受版權及知識產權法保護。除非事先得到輝立明確書面批准,否則不應複製、散播或發佈。
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