- Light May 3G subscriber adds for Chinese carriers suggests Himax's (HIMX -3.9%) Q2 guidance is at risk, writes Chardan's Jay Srivasta, cutting his PT by $1 to $5.
- Srivasta, who downgraded Himax to Sell in May, notes 57% of Himax's Q1 revenue was tied to small-panel LCD drivers (mostly for 3G smartphones), and that 52% of 2013 revenue came from China.
- Worth noting: The 3G weakness is partly due to rising 4G subscriber adds. Top carrier China Mobile (CHL -0.1%) saw its 3G net adds drop to 4.3M in May from 7M in April, but also saw its 4G net adds rise to 3.3M from 2M.
- Srivasta also reiterates his doubts about Google Glass' near-term value to Himax (previous). Shares have already been hit hard by reports Google is thinking of using a Samsung OLED microdisplay in a next-gen Glass model.
at Nasdaq.com (Mon, 11:47AM)