Montage Technology: The SoC You Can't See

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About: Montage Technology Group Limited (MONT)
by: Aristides Capital
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Aristides Capital
Long/short equity, Deep Value, special situations, contrarian
Summary

Montage's SoC revenues are mostly imaginary.

Analysis of the online semiconductor supply market shows MONT's SoC market share is miniscule.

If Montage's revenues were real, Montage market share would closely resemble ALi's SD SoC business, but it does not.

Montage's largest customer list reveals major inconsistencies.

Montage is worth $5 to $6 per share.

First, a fun game: Who said this in a press release?

"[Our company] has announced the availability of a new single-chip high-definition set-top box decoder combining both the demodulation and decoding functions on a single