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Update: NXP Semiconductors Reports Strong Q3 '14 Earnings
- NXP Semi reported Q314 earnings.
- The stock remains a buy.
- The original investment thesis anticipated that the company could shake off the industry warnings due to involvement in strong product cycles.
- Near field communication is beginning to ramp up.
- NXPI could be a major player in Apple Pay.
- NXPI is slowing R&D expenses to focus on growth.
- Apple's iPhone 6 sales are a harbinger of what's to come for NXPI.
Excited About Apple Pay? Skip Apple And Buy NXP Semiconductors Instead
- NXP Semiconductors provides the technology rumored to power Apple's new Pay system.
- Despite trading at only 14x forward earnings, NXP is expected to grow its earnings at more than 20% per year over the coming five years.
- However, investors need to recognize that this is a highly levered company in a cyclical industry and the stock's high beta reflects this elevated level of risk.
- While it is not suitable for all investors, those looking to capitalize on the future growth of mobile payments would be well served to consider buying NXP shares.
Apple's iPhone 6: Good News For NXP Semiconductors, But Be Cautious Of Valuation
- NXP Semiconductors will supply Apple with NFC chips for the iPhone 6.
- Revenue growth should accelerate following Apple's demand for NFC chips.
- Investors should notice the company's valuation looks stretched though.
With Strong NFC Growth Potential, NXP Semiconductors Is A Buy
- NXP Semiconductors stock has almost doubled in the last year, but shares are still cheap and have significant upside.
- NXP Semiconductors is uniquely positioned with applications in NFC. NFC growth potential is high if Apple adopts NFC solutions by NXP.
- With strong growth and a relatively undervalued stock, NXP Semiconductors has potential for 25% upside.
Portable Computing Segment Success Leads To Higher NXP Estimates
- Solid Q2, beating estimates with strong outlook.
- P&C Segment, which includes MCUs, guided up 40%.
- Continued growth supports a higher share price.
- Company reports an automotive design win.
NXP's Buyback, Q1 Results And Sell Side Commentary
- Solid Q1 2014 Results.
- Ongoing share repurchase is a priority.
- Industrial and infrastructure segment has highest Q2 guidance.
- Other data underscores ID segment's prospects.
Diverse Product Lines, Catalysts, NXP Semiconductors
- Diverse segments with growth anticipated across HPMS.
- Discussion of mobile payment technologies.
- Large future catalysts in EMV and automotive.
- Key customers include Apple, Gemalto, and Delphi.
- Concerns include overhang and losses at manufacturing.
NXP Semiconductors Will Resume Uptrend After Resolving The Salary Dispute
- NXP Semiconductors reaches agreement with trade union.
- Strike threats no longer apply.
- The stock will regain momentum due strong market conditions and demand.
Strikes Hit NXP Semiconductors, How Bad Will It Be?
Fri, Oct. 31, 11:31 AM
- Three weeks after providing a calendar Q3 warning that triggered a massive chip stock rout, Microchip (MCHP +7.3%) has provided Q4 guidance that's in-line with lowered estimates. The microcontroller vendor, which has often seen trends emerge ahead of peers, also said it saw most of its inventory correction in Q3, and expects Q4 sales to be just "slightly below typical seasonal levels."
- Chip stocks are up strongly (SOXX +4%) on a day the Nasdaq is up 1.4%. Since Microchip's warning, a slew of analog chipmakers and microcontroller firms (e.g. Atmel, Freescale, STMicro, Intersil, Linear) have offered light Q4 guidance, and other firms have reported seeing high-end Android weakness (e.g. Synaptics, Cirrus Logic, Amkor).
- On the other hand, several mobile chipmakers (Skyworks, RF Micro, TriQuint, Silicon Motion), some of which have decent iPhone exposure, have provided strong results and/or guidance. Other chipmakers, such as Broadcom, Texas Instruments, and Xilinx, have rallied after delivering in-line guidance.
- Susquehanna's Chris Caso: "By now, we think it’s clear that the weakness MCHP saw in September is not company specific ... The question now is if the full extent of the weakness has been dialed into estimates. If it has, then this would be among the shortest and mildest downturns in many years."
- Notable gainers: SNDK +3.9%. MU +4.1%. AMAT +3.9%. TXN +4.7%. NXPI +3.9%. NVDA +3.5%. MXIM +4.7%. LLTC +5.1%. FCS +9.6%. FSL +8.8%. ADI +6.5%. TQNT +6.8%. RFMD +6.5%. ATML +5.9%. AVGO +5.1%. MRVL +4.7%. AMCC +8.9%. BRCM +3.6%. TSM +4.4%. ARMH +3.3%.
- Intel (INTC +3.5%) has recovered most of the losses it saw yesterday due to Intesil's (ISIL +3.3%) results and guidance, and related comments about a PC chip inventory correction.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Thu, Oct. 23, 12:40 PM
- NXP (NASDAQ:NXPI) expects Q4 revenue of $1.485B-$1.545B and EPS of $1.26-$1.36. Consensus is at $1.49B and $1.28.
- The chipmaker says its outlook "points to a slightly better than seasonal trend as company specific product cycles continue to ramp against a backdrop of a slightly less optimistic overall semiconductor market." Shares were clobbered on Oct. 10 thanks to Microchip's warning, but had since recovered a majority of their losses.
- With the help of M8 motion co-processor shipments to Apple, Q3 Secure Interfaces & Power sales rose 40% Y/Y to $298M. NFC chip sales to Apple contributed to a 60% increase in Secure Connected Devices sales to $301M. Automotive sales +10% to $288M; Secure Identification (includes RFID and EMV chips) -3% to $252M. Standard Products +14% to $333M.
- $574M was spent on buybacks, providing a boost to EPS. Gross margin was 47.9% vs. 48.6% in Q2 and 46.8% a year ago; Q4 GM guidance is at 47%-48%. Opex rose 1% Y/Y to $407M.
- Q3 results, PR
Thu, Oct. 23, 12:56 AM| 7 Comments
Tue, Oct. 21, 5:35 PM
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Mon, Oct. 20, 5:21 PM
- iPhone suppliers are trading higher after Apple beat FQ4 estimates and issued FQ1 guidance that was mostly above consensus. FQ4 iPhone sales of 39.3M were better than expected, and iPad sales of 12.3M worse than expected.
- Cirrus Logic (NASDAQ:CRUS) +1.4% AH. Avago (NASDAQ:AVGO) +1.2%. Skyworks (NASDAQ:SWKS) +1.2%. RF Micro (NASDAQ:RFMD) +2.4%. NXP (NASDAQ:NXPI) +2%.
Thu, Oct. 16, 1:25 PM
- Apple Pay (AAPL - unchanged) launches on Monday, Tim Cook announces as Apple's iPad event gets underway. He add 500 more banks have given their support to the platform since it was unveiled last month.
- The Apple Watch SDK (WatchKit) will roll out to developers next month ahead of an early-2015 hardware launch; recent reports have suggested a February ETA. Cook trumpets the device's fashion bona fides by noting its appearance on a Vogue China magazine cover.
- OS chief Craig Federighi proclaims a "a flood of applications" have been written in Apple's new Swift programming language. He adds iOS 8.1 (rolling out soon) will bring Apple Pay support, along with a public beta for iCloud Photo Library.
- Federighi also goes over Mac OS X Yosemite's feature set and performance/battery life improvements, as the OS gets set to roll out. 1M+ people have signed up for the public beta.
- iPhone 6 NFC chip supplier NXP (NXPI +3.7%) is trading near the day's highs.
- Event webcast. Live blogs: The Verge, Engadget
Tue, Oct. 14, 2:47 PM
- Qualcomm (QCOM +2.4%), NXP (NXPI +5.8%), Synaptics (SYNA +3.1%), and Himax (HIMX +3.5%) are among the mobile chipmakers outperforming after Skyworks hiked its calendar Q3 guidance.
- Like Skyworks, Qualcomm, NXP, and (via the Renesas SP deal) Synaptics are iPhone suppliers. Recent reports have pointed to strong iPhone 6 build activity and Chinese pre-orders.
- Like many other chipmakers, the group sold off after Microchip (has relatively low mobile exposure, but a diversified customer base otherwise) issued a calendar Q3 warning, and stated it believes an industry correction has begun. Intel reports after the close.
Fri, Oct. 10, 1:42 PM
- Following Microchip's warning and related prediction of a chip industry correction, Goldman's James Covello thinks there's 15%-20% downside in industry names.
- Covello, who lowered his industry view to Cautious in August: "The last time Microchip negatively preannounced was October 15, 2012 (3% sales miss). Between October 1 and December 31, Street 2013 sales estimates for the Semi group were revised down 6% on average."
- He adds several datapoints suggest the industry has been overheating. Among them: Semi revenue growth has outpaced end-market growth, and supply chain inventory dollars rose 3% more than their 3-year average in Q2.
- "Nobody will be spared," predicts Hedgeye's Craig Berger. Benchmark's Gary Mobley observes 5 of the 6 chip stocks to have made Q3 pre-announcements have thus done so to the downside.
- Worth noting: Mobile chipmaker Silicon Motion (SIMO -8.9%) is the one chipmaker to have positively pre-announced. It might not be a coincidence that Microchip has relatively low mobile exposure.
- Observing U.S. macro data remains positive even as China and Europe soften, Longbow's JoAnne Feeney remains bullish long-term on select names. However, she has cut her short-term rating on Linear (LLTC -3.8%) to Sell, and removed IDT (IDTI -7.1%) from her trading long list.
- In addition to the names previously mentioned, the following chip stocks are seeing steep losses: AMD -5.1%. FCS -13.6%. NXPI -11.2%. CODE -11%. LSCC -9.6%. SIMG -8.1%. IPHI -7.7%. ISIL -9.5%. CY -6.9%. RMBS -7.1%. QUIK -5.7%. SQNS -5.1%. IMOS -6.5%.
- Foundries and contract manufacturers are also selling off: TSM -3.9%. UMC -2%. SMI -2.4%. SANM -11.7%. FLEX -6.8%. JBL -4%.
- Chip ETFs: SOXX, SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Fri, Oct. 10, 9:07 AM
Fri, Sep. 19, 9:36 AM
- iFixit's teardown of the iPhone 6 Plus turned up five Qualcomm (NASDAQ:QCOM) chips, up from the three found in last year's teardown of the 5S and nearly matching the six found in certain Galaxy S5 teardowns.
- In addition to the expected Cat-4 LTE baseband modem, a Qualcomm power management IC, RF transceiver, receive-only chip (needed to enable LTE carrier aggregation), and envelope-tracking IC (relatively new, improves battery life) were found in the 6 Plus.
- In-line with rumors and the company's hints, an InvenSense (NYSE:INVN) motion sensor - specifically, a 6-axis gyroscope/accelerometer - was found. That suggests InvenSense has displaced STMicroelectronics (NYSE:STM) as the iPhone's motion sensor supplier.
- Two Skyworks (NASDAQ:SWKS) power amplifier modules are found, including a low-band LTE part. Avago (NASDAQ:AVGO) has both a high-band amplifier module, and an integrated ultra high-band amplifier/FBAR filter module. TriQuint (NASDAQ:TQNT) can claim a 3G amplifier module, and merger partner RF Micro (NASDAQ:RFMD) an antenna switch module.
- Broadcom (NASDAQ:BRCM) appears to remain the iPhone's combo chip supplier (courtesy of a module from partner Murata), and also supplies a touch controller IC. Chipworks thinks Broadcom also has the Wi-Fi slot for the Apple Watch.
- As expected, NXP (NASDAQ:NXPI) is supplying an NFC module and the M8 motion co-processsor, and Cirrus Logic (NASDAQ:CRUS) the audio codec IC. Texas Instruments (NASDAQ:TXN) is providing a touch transmitter IC.
- Moving in response: INVN +1.9%. AVGO +1.5%. STM -3.9%.
Tue, Sep. 9, 10:56 AM
Thu, Sep. 4, 1:10 PM
- Apple's (AAPL +0.5%) smartwatch will join the iPhone 6 in sporting an NFC radio that will enable a tap-to-pay payments solution, the WSJ reports. Given recent reports, NXP (NXPI +0.5%) is the likely chip supplier.
- The WSJ also backs up the Nikkei in stating the watch will feature a curved OLED display - a moderate positive for Universal Display (OLED +6.8%) - and reiterates two sizes will be offered.
- At the same time, Apple is said to be "still working out engineering kinks in production," and one source says there's "no way" the watch ships this year (meshes with a re/code report). Pre-orders will be taken in advance.
- No word on pricing; re/code has reported Apple has mulled a $400 price point. Unsurprisingly, Jony Ive is said to have overseen development. Ive has reportedly boasted Apple's watch spells trouble for Switzerland.
- Meanwhile, KGI's Ming-Chi Kuo reports the watch will have 8GB of storage, and that the display sizes will respectively be 1.3" and 1.5". Kuo reported of NFC support back in April, and of limited 2014 production in July.
Tue, Sep. 2, 3:48 PM
- Home Depot (HD -2.4%) confirms it's looking into "unusual activity" as it works with law enforcement officials in relation to a possible loss of customer credit card and debit card information.
- Early reports indicate the breach occurred in late April and could involve over 2K Home Depot stores.
- Shares of Home Depot have recouped a bit from their initial slide after the breach report broke. Some retail analysts called the peeling off of $3.5B in market cap somewhat overdone.
- What to watch: If the breach is as large as some banks are reporting, an increased push by the industry toward the adoption of smart card technology could be on the way.
- Related EMV stocks: PAY, NCR, MA, V, OTCQX:IFNNY, NXPI,
Tue, Sep. 2, 2:26 PM
- Following reports Apple (AAPL +0.8%) is working on a mobile payments platform leveraging NFC radios, Touch ID fingerprint sensors, and 800M+ iTunes accounts, Stifel thinks Apple may have finally "cracked the code" for getting consumers to make offline payments with their phones rather than credit/debit cards.
- Stifel: "With NFC and iBeacon to follow, we expect Apple’s payments product to be more focused on physical, brick-and-mortar retail than online ... We think Apple correctly sees a much bigger opportunity offline where consumer adoption is still negligible."
- RBC sees a chance to create a loyalty points system for Apple products/services. Forbes' Mark Rogowsky thinks tech advances, Apple's scale, and the pending U.S. adoption of chip-and-PIN readers (will increase NFC reader support and make card payments slightly less convenient) amount to "a perfect storm" that can allow Apple's platform to succeed in spite of the failures of existing NFC solutions (Isis, Google Wallet, etc.).
- PayPal owner eBay (EBAY -0.9%) is off moderately. PayPal has made a number of moves to expand into offline payments, but uptake has been limited. It handled $27B in mobile transactions last year, largely for online payments. Unlike Apple's solution (from all indications), PayPal's mobile payments offerings support both Android and iOS.
- Reported Apple NFC chip supplier NXP (NXPI +0.7%) is adding to its recent gains.
Fri, Aug. 29, 9:23 AM
- The FT backs up Wired in reporting the iPhone 6 will support an NFC-based mobile payments platform. The paper adds NXP (NASDAQ:NXPI) will be the NFC chip supplier.
- NXP is already the supplier of Apple's M7 motion co-processor/sensor hub (introduced in iPhone/iPad models last year). Its NFC chips are part of an identification chip business that produced Q2 sales of $343M (+1% Y/Y). Broadcom is a leading NFC chip rival.
- Apple has been the biggest mobile OEM to oppose NFC. Though usage has been low in the U.S., the technology has fared better in Japan and a few other international markets. The adoption of chip-and-PIN payment terminals (can potentially support NFC) could boost U.S. uptake.
- NXPI +3.6% premarket.
Thu, Aug. 28, 10:21 AM
- NFC reader vendor On Track Innovations (OTIV +7.8%) is up sharply following a Wired report stating the iPhone 6 (NASDAQ:AAPL) will feature an NFC radio and support a new mobile payments platform.
- VentureBeat and others have already reported the iPhone 6 will support NFC. Likewise, there have been multiple reports stating Apple is prepping a mobile payments service, and Tim Cook has hinted payments are an area of interest for his company.
- Top NFC chip supplier NXP (NXPI -0.2%) might also benefit if the iPhone 6 supports NFC. While many Android OEMs have embraced the technology, Apple has remained a holdout, and (with early NFC-based payments platforms seeing limited uptake) has even questioned NFC's practical value.
NXPI vs. ETF Alternatives
NXP Semiconductors NV is a semiconductor company providing High Performance Mixed Signal & Standard Product solutions. Its solutions are used for automotive, identification, wireless infrastructure, industrial, mobile, consumer & computing applications.
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