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JeffreyHF

JeffreyHF
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  • Intel: Long-Term Benefits From Alliance With Xiaomi [View article]
    That's the best you can offer? If Intel had any IPR China wanted to steal, it too would be subject to an NDRC investigation. That will be resolved shortly, and Qualcomm will still be doing far more mobile business in China than Intel.
    Put another way, if the NDRC gets too carried away, Xiaomi, Huawei, ZTE, Coolpad, and the rest will have the domestic China market to themselves, but no ability to expand internationally, where the rule of law, and intellectual property rights are respected.
    Dec 22, 2014. 05:04 PM | Likes Like |Link to Comment
  • Intel: Long-Term Benefits From Alliance With Xiaomi [View article]
    Are you unaware that Qualcomm is an early investor and equity owner in Xiaomi, in addition to supplying them chips? Good luck in displacing them with X86 freebies - er, "contra revenue".
    Dec 22, 2014. 04:48 PM | 4 Likes Like |Link to Comment
  • Qualcomm's Growth Prospects Look Promising Despite Negative Headwinds [View article]
    In fact, Ash, Qualcomm supplies 5 chips to the iPhone6, including Envelope Tracking (part of the 360 Front End), LTE modem, transceiver, transceiver companion, and power management silicon.
    Dec 22, 2014. 08:36 AM | Likes Like |Link to Comment
  • Qualcomm's Growth Prospects Look Promising Despite Negative Headwinds [View article]
    My argument is not that QCOM "should" trade at ridiculous prices. Rather, at $50/sh ex. cash, with an annually increasing dividend yield of 2.30%, and strong free cash flow, with the most commercially important wireless IPR on the planet, its depressed valuation "is" ridiculous.
    Dec 13, 2014. 08:38 AM | 1 Like Like |Link to Comment
  • Qualcomm's Growth Prospects Look Promising Despite Negative Headwinds [View article]
    Since we know that Qualcomm has directly refuted the rumor of S 810 delays, I'd like to know who the one unnamed "source" of that FUD was to the Korean press. Was it an employee of a competitor, such as Intel? Was it someone who had an early pre-production version of the S 810, with normal issues needing fine tuning, or perhaps simply someone with an agenda? Qualcomm didn't just get into the mobile game. Their engineers are second to none, and their track record of competence and credibility is beyond reasonable dispute. Even last week, in announcing an LTE speed bump for the S 810, and in demonstrating S 810's in action to the silicon press, Qualcomm reiterated the 1H '15 timetable for S 810 products in the marketplace.
    It is nothing short of temporary travesty that QCOM should be trading at barely 15 times trailing earnings,with no regard for their $32 bil in cash ($20/sh) and no debt, in a market where Intel trades at 18 times earnings, with far less cash, substantial debt, and bleeding $4 bil/yr in mobile. Then there's BRCM, trading at 57 times earnings.
    Once the China cloud lifts, and it will, QCOM will recover. In the meantime, FUD is easy to sell to the unwitting.
    Dec 12, 2014. 11:05 PM | 7 Likes Like |Link to Comment
  • New Comments Hint At Qualcomm Settlement Soon [View article]
    I will repeat, they have $32 billion in cash, no debt, pay a dividend of $1.68/sh (next increase will be announced in March near the ASM), and are a free cash flow machine. Most of their cash is held offshore, for U.S. tax reasons, and any fine will be paid from offshore funds. $1 bil+ to an extortionate, kleptocratic communist competitor is a pittance compared to the billions Qualcomm will make in China from its QCT and QTL businesses, and the "street" will shrug off any conceivable fine in this case. The risk involves QTL rates and terms, not monetary penalties, and it has been more than fairly priced into the stock. That's the only reason you were able to buy the stock in the high 60's or low 70's, rather than the high 80's and low 90's.
    Nov 24, 2014. 07:09 AM | 1 Like Like |Link to Comment
  • New Comments Hint At Qualcomm Settlement Soon [View article]
    My point is the company has $20/sh in cash, no debt, the best wireless chip business in the world, and the most commercially important wireless IP portfolio on the planet. At $50/sh ex-cash, it is trading at an obscene discount to its market. Your investment/trading style is not the issue. While you obsess about China, realize that the NDRC has an agenda to advantage domestic users of QCOM chips and IPR, in which it has direct and indirect ownership interests. The NDRC jurisdiction ceases to exist outside of China, and unless China wants to confine its business to domestic markets, and lag the rest of the world technologically, it needs to walk a fine line with Qualcomm. Most agree that China will fine QCOM at least $1 bil, to be paid from off-shore cash, and no one cares. It's all about what royalty rate and term concessions China can extract. If they push too far, they will be the big loser.
    Nov 23, 2014. 08:06 AM | 1 Like Like |Link to Comment
  • New Comments Hint At Qualcomm Settlement Soon [View article]
    If you made any investment decision, based upon a "pay-per-click" blogger on SA, you obviously have done little due diligence on QCOM. In the 17 years I've been following this company/industry, I can't recall ever reading anything written by this blogger about QCOM, and certainly he is no authority. All good companies have challenges from time to time, and QCOM is no exception. You're a trader, I'm an investor. Different strokes. Best of luck.
    Nov 21, 2014. 10:30 PM | 7 Likes Like |Link to Comment
  • New Comments Hint At Qualcomm Settlement Soon [View article]
    The FTC has only begun the most preliminary inquiry into FRAND royalty licensing agreements. It will be years of correspondence between the FTC and Qualcomm, before they decide whether to elevate the matter to a formal proceeding. If that were to happen, it will be further years before a settlement, or trial/appeals, are concluded. The EC did the same thing several years ago, about Qualcomm's 3G licensing agreements and terms, and concluded there was no violation, declining to even file a formal proceeding. Intel, Microsoft, and many more U.S. tech companies have come under the scrutiny of the FTC, yet they all were able to resolve those cases, and all are thriving today. The FTC is not the NDRC. It's only because of the regulatory overhang that QCOM is depressed. Selling into the uncertainty was your decision. I took the other side of that trade.
    Nov 21, 2014. 06:05 PM | 3 Likes Like |Link to Comment
  • New Comments Hint At Qualcomm Settlement Soon [View article]
    Jean Paul, the answer to your question is Yes". First, they don't ultimately care about the kleptocratic extraction of money the Chinese government will exact. They have $32 billion in cash, most of it "offshore", and no debt, and are a free cash flow machine. Essentially, the entire shakedown is a lawless extortion by a competitor, who happens to be a country that doesn't like to pay for IPR, preferring to steal it by hacking, espionage, or "regulation".
    As for the royalty discounts and adjustments that will likely be necessary to make this go away, China has a fine line to walk. While it's easy for them to abuse their authority domestically, the Chinese manufacturers aspire to export dominance in wireless. Outside of China, Qualcomm has legal rights and remedies that would prevent China's export ambitions. That gives Qualcomm leverage, and will restrain the eventual remedy imposed. There are a lot of moving parts, but Qualcomm's chipset and licensing businesses will unquestionably survive intact.
    Nov 21, 2014. 02:44 PM | 11 Likes Like |Link to Comment
  • New Comments Hint At Qualcomm Settlement Soon [View article]
    Your changed perception of the NDRC investigation is premised upon your misunderstanding of the preliminary EC and FTC inquiries, as well as their 25 years of established arms-length licenses with sophisticated corporations. First, the EC did investigate QCOM's royalty rates and terms for 4 years, and concluded that no basis existed to proceed to formal complaint (called a Statement Of Objections). That inquiry was initiated by Broadcom, Panasonic, Nokia, Ericsson, NT DoCoMo, and others, who were competitors and/or licensees. The current EC preliminary inquiry was initiated on complaint from Icera, now owned by Nvidia, and only involves chipset discounts and marketing, not royalties. The preliminary FTC inquiry is years away from determining that a formal will or won't be pursued. If one is filed, QCOM will have all of the benefits of Due Preocess and the Rule of Law, unlike the NDRC fiasco.
    Apparently, you find it fair that China should be a direct competitor to Qualcomm (e.g. China and/or the Red Army owns and funds Spreadtrum, Huawei, ZTE, and others), while functioning as regulator (i.e. prosecutor), and judge, while ignoring international IPR law and a developed system of legal principles and rights. Qualcomm has invested over $30 billion in mobile wireless R&D, and has been the world's most significant contributor to the development of technologies that the entire mobile world needs to function. There would be no iPhone, no Samsung, no Motorola/Lenovo, no Xiaomi, no Coolpad, etc. if not for Qualcomm. Their rates and terms are fair, reasonable, and non-discriminatory, despite your assertions to the contrary.
    Nov 21, 2014. 01:22 PM | 22 Likes Like |Link to Comment
  • ParkerVision Still Tremendously Overvalued [View article]
    Lookks like you're right. On the way to penny stock (lack of) status.
    Jul 8, 2014. 02:31 PM | Likes Like |Link to Comment
  • ParkerVision Asserted Patents Are Invalid - Read The IPR Petitions [View article]
    Surely you jest. Qualcomm has had quarter after quarter of good business, with top and bottom line growth. They have a business. Troll litigation is an annoyance, but meaningless. It's PV that litigates as a business model. Live by the sword, die by the sword. Your party's over, as you fight a multi-front existential battle for survival. In the end, litigation is only a viable business model for lawyers.
    Jul 3, 2014. 10:30 PM | Likes Like |Link to Comment
  • Qualcomm Set For A Strong Second Half Of 2014 [View article]
    30 ex-Broadcom baseband engineers could never create competitive products to replace Qualcomm's state of the art modems. Those engineers are more likely working in conjunction with Qualcomm engineers on testing, compatibility, and functional interaction issues, and/or on WiFi basebands. I am highly skeptical of suggestions that Apple will make its own modems.
    Jun 26, 2014. 07:25 AM | 1 Like Like |Link to Comment
  • ParkerVision Still Tremendously Overvalued [View article]
    In a word, "no".
    Jun 24, 2014. 02:41 PM | Likes Like |Link to Comment
COMMENTS STATS
226 Comments
452 Likes