Joseph Martinez • 15 Comments
Stephen Simpson, CFA • 16 Comments
Wed, Aug. 17, 3:00 PM
Aug. 3, 2015, 10:13 AM
- Nam Tai Property (NYSE:NTP) has launched a tender offer to buy back up to 15M shares (over 1/3 of outstanding shares) at $5.50 apiece - a 12% premium to Friday's close. The offer is expected to commence today and expire on Sep. 4.
- Chairman M.K. Koo: "Further to our previous tender offer launched in late April 2015, we believe that our current stock price has continued to be negatively impacted by unfavorable global stock market conditions and the unfamiliarity of investors with the real estate market in China. With our new tender offer announcement today, we reaffirm our confidence and optimism in the long term future of the Company..."
- Shares currently trade $0.12 below the tender offer price.
Apr. 28, 2015, 12:45 PM
Apr. 21, 2015, 5:37 PM
Feb. 2, 2015, 11:20 AM
- The former contract manufacturer is now a Chinese real estate development play, and well, the state of Chinese real estate development may have investors wanting to get back into contract manufacturing.
- The company does note, however, that Shenzhen - where all of its land is located - is the only first-tier city in the country recording modest increases in the ASP of properties sold of late.
- NTP -4.1%
- Previously: Nam Tai Property EPS of -$0.13 (Feb. 2)
Apr. 4, 2014, 5:37 PM
Nov. 26, 2013, 12:45 PM
Sep. 17, 2013, 11:52 AM
- Discussing his upgrade of Broadcom (BRCM +2.6%) to Positive, Susquehanna's Chris Caso declares expectations have been reset thanks to a summer swoon, and that an iPhone 6 launch (expected in Q2 '14) will act as a catalyst.
- Caso also views improving networking chip demand and the purchase of Renesas' 4G baseband chip unit as reasons to be bullish.
- Some other Apple suppliers are also rallying today: CRUS +2.8%. SWKS +1.5%. NTE +2%. Avago is up after catching an upgrade to Outperform from JMP.
- The iPhone 6 is widely expected to feature a larger display, something considered necessary to slow international share losses as demand for large-screen Android phones takes off. Two weeks ago, the WSJ reported Apple is thinking of offering "iPhones with screens ranging from 4.8 inches to as high as six inches."
Aug. 28, 2013, 10:49 AM
- RF component makers Skyworks (SWKS +2.7%), RF Micro (RFMD +2.9%), TriQuint (TQNT +2.5%), and Anadigics (ANAD +2.8%) are outperforming after peer Avago (AVGO +4%) blew past FQ3 estimates and issued strong FQ4 guidance, while predicting it would get a boost from "very strong product ramps in wireless." Other than Anadigics, all of the aforementioned companies are iPhone suppliers.
- Non-RF Apple suppliers Cirrus Logic (CRUS +7%), OmniVision (OVTI +2.1%), SanDisk (SNDK +2%), and Nam Tai (NTE +3.2%) are also faring well.
- On the FQ3 CC, Avago asserted once again the technical demands of 4G radios are helping it gain RF component share, and noted its "two largest smartphone customers" (Apple and Samsung) are ramping next-gen platforms (the iPhone 5S/5C and Galaxy Note 3). Avago says it expects its "content in both these platforms continue to improve substantially."
- On the wireline/networking side, Avago is upbeat about improving core router demand, the adoption of 40G switches within data centers, CyOptics' sales, and strong 10G/40G optical transceiver demand. The last two are positives for JDSU, FNSR, and NPTN.
- Goldman, RBC, and Canaccord have hiked their Avago PTs.
Aug. 6, 2013, 12:48 PM
Aug. 5, 2013, 1:28 PM
- Excluding $30.7M in revenue from Nam Tai's (NTE -14.5%) discontinued tablet LCD manufacturing ops, Q2 revenue rose 64% Y/Y to $167.9M.
- Gross margin was 9.6%, up from 4.1% in Q1 but down from 15% a year ago.
- Nam Tai halted manufacturing at its Wuxi, China tablet LCD facility (previous) at the end of May "due to a lack of new customer orders and after it was unsuccessful in finding a joint venture partner." The company is looking to sell the facility.
- Nam Tai's Shenzhen facility has received a smartphone LCD order in Q3 from "an existing customer" (Apple?), but the customer is still expected to move production to a lower-cost supplier in time.
- Customer orders are expected to remain "volatile," with continued price pressure, and the amount of EMS services provided by Nam Tai is expected to be "further reduced significantly."
- All "commercially viable alternatives" are being explored to continue LCD manufacturing. Also, Nam Tai is looking to convert another Shenzhen facility into "a high-end commercial complex."
- Q2 results, PR
Aug. 5, 2013, 12:45 PM
Jun. 24, 2013, 1:37 PM
Apple suppliers haven't responded well to Jefferies' note about high iPhone channel inventories, build order cuts, app processor production cuts, and memory reallocations. CRUS -4.4%. OVTI -5.7%. SWKS -3.5%. RFMD -3.5%. STM -3.9%. NTE -4.6%. NXPI -5.4%. InvenSense (INVN -7.4%), which isn't yet an Apple supplier but is expected to be one soon, is also off sharply.| Jun. 24, 2013, 1:37 PM | 6 Comments
May 10, 2013, 9:10 AM
Apr. 29, 2013, 12:56 PM
Apr. 29, 2013, 9:15 AM