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.