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Thu, Jan. 28, 6:07 PM
Wed, Jan. 27, 5:35 PM| Wed, Jan. 27, 5:35 PM | 9 Comments
Thu, Jan. 21, 4:17 PM
- Chip stocks fared well (SOXX +1.5%) on a day the Nasdaq was nearly flat. The gains came after FPGA maker Xilinx (XLNX +8.6%) beat calendar Q4 sales estimates, issued solid Q1 guidance, and published an 8-K filing that has fueled hopes the company will join the ranks of chip firms to be acquired during the industry's M&A wave.
- Also: Microcontroller and SRAM/NOR flash memory maker Cypress Semi (CY +7.6%) affirmed its Q4 guidance against a backdrop of low expectations.
- Seeing the biggest gains was AMD (AMD +16.1%), which is two days removed from providing weak Q1 guidance to go with a Q4 sales beat. In spite of the guidance and the largely downbeat analyst commentary that has followed, AMD is now up 7% since the Q4 report arrived. Short-covering is likely helping - 120.4M shares (19% of the float) were shorted as of Dec. 31.
- Small-cap Xilinx rival Lattice Semi (LSCC +10.8%) was also a standout. Lattice (like Xilinx) has seen its share of M&A speculation, and CEO Darin Billerbeck has suggested he's open to a sale.
- Other notable gainers include Cavium (CAVM +3.6%), Silicon Motion (SIMO +3.7%), and Knowles (KN +6.5%) - Cavium is exposed to some of the same end-markets as Xilinx. MagnaChip (MX +13.9%) jumped two days after making a positive Q4 pre-announcement. Beaten-down Micron (MU +8%) also rallied strongly, possibly aided by a bullish Morgan Stanley note.
- On its earnings call (transcript), Xilinx mentioned the automotive market (a strong point for many chip companies, as chip content within cars steadily grows) is expected to see record sales in calendar Q1, and deliver 30% sales growth for FY16 (ends in March). Mobile infrastructure-related sales are expected to rise Q/Q, but deemed unlikely to reach a March 2014 peak anytime soon. CEO Moshe Gavrielov: "[E]verything until 2020 is likely to be of a smaller scale and the next big surge will be driven by 5G."
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Wed, Jan. 20, 8:17 AM
Wed, Jan. 6, 9:36 AM
- Silicon Motion (SIMO -1.7%) now expects Q4 revenue to be within the upped half of a prior guidance range for 0%-3% Q/Q growth. That implies a revenue range of $96.8M-$98.3M (consensus is at $96.8M). Gross margin is expected to be at the lower end of a 50%-52% guidance range.
- Q4 results arrive after the Jan. 28 close. SIMO is off slightly on a morning the Nasdaq is down 1.6%.
- Separately, SIMO has unveiled an updated version of its SM2246EN SSD controller it claims is "the world's first turnkey merchant SATA SSD controller solution supporting 3D NAND from multiple vendors." The controller will be shown off at CES.
Oct. 29, 2015, 1:43 PM
- Silicon Motion (SIMO -2.7%) is lower after beating Q3 estimates and guiding for Q4 revenue to be flat to up 3% Q/Q - that implies revenue of $95.4M-$98.3M, in-line with a $97.6M consensus. A broader chip stock selloff (triggered by weak guidance from NXP and others) could be weighing.
- Mobile Storage sales (flash and SSD controllers, as well as storage systems) rose 12% Y/Y to $80.9M; Mobile Communications sales (4G transceivers and mobile TV ICs) fell by $100K to $12.5M; Other revenue totaled $2M. Client SSD controllers (up over 40% Q/Q, now 20% of total revenue) were a strong point, as were eMMC controllers (benefited from higher SK Hynix orders tied to smartphone design wins). Two more auto OEM design wins were landed for SIMO's Ferri embedded storage products.
- Lifting EPS: Gross margin (non-GAAP) rose to 52.9% from 51% in Q2 and 51.6% a year ago, and topped guidance of 50%-52%. Q4 GM guidance is also at 50%-52%.
- Q3 results, PR
Oct. 28, 2015, 6:01 PM
- Silicon Motion Technology (NASDAQ:SIMO): Q3 EPS of $0.57 beats by $0.03.
- Revenue of $95.4M (+10.2% Y/Y) beats by $1.25M.
Oct. 27, 2015, 5:35 PM
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Oct. 23, 2015, 8:15 AM
- Silicon Motion Technology (NASDAQ:SIMO) declares $0.15/share quarterly dividend, in line with previous.
- Forward yield 2.03%
- Payable Nov. 20; for shareholders of record Nov. 9; ex-div Nov. 5.
Oct. 5, 2015, 2:28 PM
- Silicon Motion (SIMO -2.8%) is lower in spite of a 1.6% Nasdaq gain after Micron announced the purchase of SSD controller developer Tidal Systems. Tidal, which employs engineers previously at SIMO rival SandForce (now a Seagate subsidiary), claims to be working on controllers featuring superior compression and error-detection algorithms.
- SIMO is 4 months removed from announcing its SM2256 SATA SSD controller supports Micron's 16nm tri-level cell (TLC) NAND chips. Last year, the company announced its SM2246EN controller supports Micron's 16nm multi-level cell (MLC) NAND chips.
Sep. 8, 2015, 12:10 PM
- JPMorgan has upgraded SanDisk (SNDK +4.6%) and Microchip (MCHP +7.7%) to Overweight, Baird has upgraded ON Semi (ON +7.7%) to Outperform, and Susquehanna has launched coverage on Silicon Motion (SIMO +4.2%) at Positive. All four names are outperforming on a day the Nasdaq is up 1.8%, and the Philadelphia Semi Index 3.2%.
- JPMorgan thinks SanDisk has addressed the execution issues that have weighed on enterprise flash sales, and is poised to once more see positive enterprise and client/embedded growth. It forecasts the enterprise SSD market will see a ~20% CAGR over the next few years.
- Regarding Microchip, JPMorgan believes shipments will soon match end-market consumption, after having come in below consumption the last 3 quarters. It also expects Microchip's microcontroller (MCU) product line to drive above-market growth.
- Update: Microchip has favorably adjusted its FQ2 guidance today.
Aug. 24, 2015, 5:36 PM
Aug. 18, 2015, 11:09 AM
- A day after Pac Crest upgraded Silicon Motion (NASDAQ:SIMO) to Overweight, BofA/Merrill has issued a 2-notch downgrade to Underperform. BofA has issued a similar downgrade for NAND flash giant SanDisk.
- As with the SanDisk downgrade, BofA cites rising memory industry capex, and related fears of industry oversupply/weak pricing. A higher-than-expected FY16 capex budget from Micron is cited, as are remarks from major SIMO client SK Hynix about possibly spending $39B on new fabs.
- Of note: Outside of its Shannon Systems Chinese flash storage unit, SIMO is a NAND controller chip supplier, rather than a seller of NAND itself. In theory at least, the company shouldn't be hurt badly by NAND price swings, provided end-market consumption is healthy.
Aug. 17, 2015, 1:00 PM
- Pac Crest's Monika Garg, upgrading Silicon Motion (NASDAQ:SIMO) to Overweight and setting a $32 target: "After our Vail [technology] conference and the Flash Summit, we are bullish on Silicon Motion’s growth opportunities in client SSDs. The stock is down 38% over the last couple of months on weak demand in China, but increasing penetration of client SSDs and larger market share should benefit SIMO."
- She also thinks recently-acquired Shannon Systems could fare well selling to Chinese firms looking to buy local. Garg's target is equal to 11x her 2016 EPS estimate, after backing out $6/share in net cash.
- Previously: Silicon Motion's Q3 guidance cautious, full-year guidance stronger
Jul. 27, 2015, 7:14 PM
- Silicon Motion's (NASDAQ:SIMO) Q2 revenue (up 8% Q/Q) was in-line with the guidance provided in its July 7 pre-announcement (7%-9% Q/Q growth).
- Q3 guidance is for revenue to rise 5%-10% Q/Q. That implies a range of $91.6M-$95.9M, below a $95.6M consensus at the midpoint. On the other hand, full-year guidance is for 22%-27% sales growth, better than a 22.9% consensus at the midpoint.
- Client (PC) SSD controller sales were a Q2 strong point, rising 40% Q/Q and accounting for 15% of revenue. SIMO: "We are scaling sales to two NAND flash partners, a storage OEM customer, and a large number of module makers, for both PC OEM and channel markets ... Based on the number of sockets that we are winning, we believe that we will be the worlds largest merchant supplier of client SSD controllers by the end of this year."
- eMMC NAND controller sales were pressured by "lackluster demand" for smartphones/tablets in China and other markets. However, SIMO add it secured a record 60+ eMMC wins, and expects eMMC sales to rise Q/Q the rest of the year. Overall, mobile storage sales rose 11% Q/Q to $70.8M, and mobile communications sales (4G transceivers, mobile TV ICs) fell 5% to $14.4M.
- Financials: Gross margin (non-GAAP) fell to 51% from 52% in Q1 and 52.2% a year ago. However, with revenue growth outpacing opex growth, op. margin rose to 24.8% from 24.1% and 23.5%. Q3 and full-year GM guidance are both at 50%-52%. SIMO ended Q2 with $201.6M in cash, and no debt (compares with a $942M market cap).
- Shares haven't yet moved AH. They fell 3.4% in regular trading ahead of the report.
- Q2 results, PR
Jul. 27, 2015, 6:10 PM
- Silicon Motion Technology (NASDAQ:SIMO): Q2 EPS of $0.51 beats by $0.01.
- Revenue of $87.21M (+25.6% Y/Y) beats by $0.84M.
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