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:
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Company Introduction – Qualcomm Inc. (QCOM:US)

2020年8月27日 星期四 觀看次數1448

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

 

Basic Introduction

QUALCOMM, Inc. was founded in 1985. The company engages in the development and design of digital telecommunications products and services. It operates in three main segments: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on technologies for the use in mobile devices, wireless network, IoTs etc. The QTL segment grants licenses and provides rights to use portions of the firm's intellectual property portfolio. The QSI segment focuses on opening new or expanding opportunities for its technologies.

 

Business Performance

The net income in 3rd quarter is 845mil, which decrease 61% compare with last year, while revenues drop 49% to 4.9 bil. The drop in revenues mainly due to the one time settlement (4.7bil) in licensing with Apple and other manufacturers recorded in Apr 2019.

The QCT segment generate most of the revenue (77.8%), it is increased 7% due to the increase demand on 5G products which offset the effect of COVID-19 outbreak.

The QTL segment revenues decrease 19% primarily due to the reduce royalty revenue from Huawei and the effect of COVID-19.

 

Risk and Challenge

1. The disputes between US and China have great effect on the technology sector, especially Huawei, which is the main target of US government. This may affect the deal between Qualcomm and Huawei on license granting at Jul, 2020.

2. The outbreak of COVID-19 hinders the demand on the telecommunication products.

3. The risk on global economic downturn has negative effect on company sale and R&D progress.

 

Market Information

Market closing price (17/8/20): USD112.18

P/E: 31.64x

P/Sale: 3.85x

EV/EBITDA: 10.25x

Current ratio: 1.88x

Operating margin: 33.29%

 

 

 

 

Reference

Company quarterly report, 3rd 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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