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Cirrus Logic Inc. Message Board

semimobile 30 posts  |  Last Activity: Jul 12, 2016 10:29 AM Member since: Apr 29, 2013
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  • Reply to

    Flagship phone demand might disappoint in 2H16

    by badad72 Jul 12, 2016 10:13 AM
    semimobile semimobile Jul 12, 2016 10:29 AM Flag

    No one seems to be factoring in that the Apple Upgrade program which started last year and allows for a NEW iPhone every year will be causing an enormous increase in iPhone 6s upgrades to iPhone 7 in 2H. This represents an atypical increase in the iPhone upgrade cycle given that normally these folks (the newly upgraded) would wait a few years to upgrade again.

    Sentiment: Strong Buy

  • semimobile semimobile Jul 7, 2016 3:13 PM Flag

    OR perhaps even an, over $9 in SWKS content, Huawei P9!!!

    Sentiment: Strong Buy

  • semimobile semimobile Jul 7, 2016 2:58 PM Flag

    SWKS Q2 2016 Earnings Call:

    Dave Aldrich: "First, among our top customers, we see complexity and increasing performance requirements driving content expansion across the board. As an example, our overall content on some Samsung's flagship Galaxy S7 platform is up 20% versus prior-year models"

    Liam Griffin: "Every customer has a different way to go to market and Samsung has been traditionally a high-SKU company where they have potentially regional SKUs where you may open up a regional SKU, we have low content, global SKU we have high content on Galaxy and at Samsung, where they may have eight or nine SKUs, our blended content is up about 20% to 25%, generation to generation. Our revenues at Samsung will be up about 20%."

    Sentiment: Strong Buy

  • Reply to

    Mizuho Downgrade

    by razzledazzle5050 Jul 1, 2016 9:06 AM
    semimobile semimobile Jul 2, 2016 10:57 AM Flag

    Perhaps if Mizuho cared enough to be on the last SWKS Earnings Call he would have heard there is NO competitive issue with respect to baseband, even Intel's (which apparently is the basis of his downgrade):

    Liam Griffin (Q2 2016): "There can be some partition changes but here again, our ability to engage early, we are agnostic with baseband, by the way, let me just clear that up. There is no issue with us relative to Qualcomm , relative to Intel , or internal basebands at Huawei high silician, Samsung LSI. We're with all of those players. We have the ability to work with our customer and make sure we have the right solution. Fortunately, as Dave was outlining, customers really want complexity solved and we do it in unique ways and we are continuing to gain share on the leading flagship models across all the major accounts and we will continue to do that this year and next."

    Sentiment: Strong Buy

  • Reply to

    6700 employees listed

    by hjkenrick Jun 21, 2016 12:50 PM
    semimobile semimobile Jun 23, 2016 12:07 PM Flag

    According to the Q2 Earnings cc SWKS reduces its fab outsourcing when demand is low so that it can maintain high internal utilization and thus high margins. Quite a brilliant ops model actually.

    Dave Aldrich (Chairman & CEO): "Keep in mind, and thanks for the question, because it needed to fill in a piece there that we do have the high remodel. Recognize that we outsource some wafer supply, we outsource some assembly and test, so were able to modulate that but as far as running our internal operations, we're going to keep that utilization relatively high. That will in fact allow us to continue the margin story. We're not going to be building inventory levels that are really far ahead of demand. We will flesh through what we've seen at the end of this quarter and we would expect that to get to a more normalized rate as we move forward."

    Sentiment: Strong Buy

  • Times of India: "It seems Apple CEO Tim Cook's India visit didn't go in vain. Decks have cleared for the setting up of Apple stores in India with the government announcing sweeping reforms to rules on foreign direct investment. Apple is expected to be a beneficiary of a three-year relaxation India is introducing on local sourcing norms with an extension of up to five years possible if it can be proven that products are "state of the art"."

    Sentiment: Strong Buy

  • Reply to

    Which stock is the better pick?

    by dachmeister4u Jun 9, 2016 2:28 PM
    semimobile semimobile Jun 10, 2016 3:57 PM Flag

    Loads of QRVO? The Gizmochina teardown of the P9 shows only 1 Qorvo chip/1 RFMD (Qorvo) chip and 2 SWKS chips. The fixit teardown which is a different region phone (and Liam used this teardown last week in his slides to illustrate a "complete Skyworks content sweep" at the BOA conference) shows at least 9 SWKS chips and apparently no Qorvo (perhaps it was not identified). We have not seen any teardowns of other versions of the P9.

    Sentiment: Strong Buy

  • Reply to

    Which stock is the better pick?

    by dachmeister4u Jun 9, 2016 2:28 PM
    semimobile semimobile Jun 10, 2016 10:23 AM Flag

    He's certainly is choosing to ignore Liam's answer to his "has anything changed with respect to the sockets" question from the Q2 2016 call:

    Liam Griffin (Q2 Earnings Call): "...Our revenues at Samsung will be up about 20%. Our largest customer [presumably Apple], similar story. ... we are continuing to gain share on the leading flagship models across all the major accounts and we will continue to do that this year and next."

    Perhaps someone could explain how a competitor gets shut out, but still increases revenues by 20% and gains market share across the board through 2017?

    And his view also seems inconsistent with the apparent sweeping wins on the Huawei P9.

    IMO!

    Sentiment: Strong Buy

  • semimobile semimobile Jun 7, 2016 2:23 PM Flag

    Aren't BAW solutions more expensive to produce than TC-SAW. If so, while BAW may be ideal for the high bands (and thus a necessary OEM expense), it is doubtful that QRVO's BAW will be able to compete on price with SWKS' TC-SAW solutions at the low and mid band levels. Given margins, SWKS would also likely have more pricing flexibility to keep TC-SAW attractive. I can’t imagine handset OEM's paying more for comparable RF solutions in this environment when their own margins are getting squeezed. Also, Liam sounded pretty confident about stickiness of incumbency and as he indicated OEMs don't care about which underlying technology is used if it gets them the same solution. IMO.

    Sentiment: Strong Buy

  • Fueling even more increased upgrade cycle timeframes....now Europeans will get a new iPhone every year!

    Sentiment: Strong Buy

  • semimobile semimobile May 26, 2016 9:25 AM Flag

    Excellent!!! SWKS is in the gorgeous new Huawei P9 with over $9 in content.

    Sentiment: Strong Buy

  • semimobile semimobile May 25, 2016 10:54 AM Flag

    Excellent!!! SWKS is in the gorgeous new Huawei P9 with over $9 in content.

    Sentiment: Strong Buy

  • semimobile semimobile May 25, 2016 10:13 AM Flag

    Liam Griffin (Q2 2016 Earnings Call): "...Fortunately, as Dave was outlining, customers really want complexity solved and we do it in unique ways and we are continuing to gain share on the leading flagship models across all the major accounts and we will continue to do that this year and next."

    Sentiment: Strong Buy

  • semimobile semimobile May 24, 2016 9:58 AM Flag

    Exactly, Jack. That is an excellent point and calls into question c.d's entire argument. When you combine the conservative 72-78 million iPhone 7s estimate with iPhone 5SEs and iPhone 6Ss and even older legacy models that are also sold in the same quarter you are going to wind up with a total number that is exceedingly higher than total YOY iPhone sales for second half 2015. Also, don't forget that all those folks who bought their iPhone 6s at last year's launch through the Apple upgrade program are now going to upgrade as well...coupled with the fact that the 7 is a new generation, demand could be insane.

    Sentiment: Strong Buy

  • semimobile semimobile May 23, 2016 1:34 PM Flag

    I tend to agree. With that said, should today's iPhone 7 reports be supported by SWKS Presentation at BOA/Merrill Lynch and AVGO's earnings report/guidance on June 2, the entire sector could begin to rise in June. Apple's WWDC keynote on June 13th could also create positive momentum. IMO!

    Sentiment: Strong Buy

  • semimobile semimobile May 23, 2016 11:10 AM Flag

    Even by your estimate...that still only a 13% decline...not the 20-30% decline pushed by Nikkei that was unfairly priced into the sector and far more on SWKS. Besides, I agree with Cheetah...all that matters is that iPhone sales are higher then the expected $65M, not YOY.

    "This is "dramatically above what people are looking for," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning. Analysts expected just 65 million iPhone 7s to be produced by the end of 2016."

    Sentiment: Strong Buy

  • semimobile semimobile May 23, 2016 10:57 AM Flag

    But Nikkei said that iPhone 7 shipments would be 20-30% lower in the second half of 2016, compared to the second half of 2015. ...And the entire sector dropped on this now questionable Nikkei rumor.

    Sentiment: Strong Buy

  • semimobile semimobile May 23, 2016 10:11 AM Flag

    We will most likely find out on June 2 when SWKS Presents at BOA/Merrill Lynch and AVGO reports is earnings.

    Sentiment: Strong Buy

  • semimobile semimobile May 23, 2016 9:51 AM Flag

    The iPhone 7 will likely only be on sale for one quarter in 2016 (Oct-Dec)...but supplier ramps will likely begin in July....so for SWKS et al, numbers will begin in Sept quarter with larger ramps for 2017 in SWKS Q4. Moreover, it directly contradicts the Nikkei articles that brought the sector down.

    Sentiment: Strong Buy

  • This Year, A 2-Year High...

    Taiwan’s Apple (AAPL) supply chain manufacturers soared, with the TAIEX Index closing 2.6% higher after media reports that Apple is asking its suppliers to prepare for much higher-than-expected iPhone 7 production for 2016.

    Taiwan’s Economic Daily said Apple had asked its suppliers to produce 72 to 78 million new iPhones by the end of the year, the highest production target in about two years. The street had expected only 65 million iPhone 7s to be produced this year.

    According to the Taiwan newspaper, Hon Hai Precision Technology (2317.Taiwan) will remain the key assembler for iPhone 7 and Pegatron Corp. (4938.Taiwan) will be involved in the assembly process too. Both companies will get more market share this year, as they participate in dual camera, glass casing components production in addition to being assemblers.

    Pegatron soared 10% today, Catcher Technology (2474.Taiwan) jumped 9.9%, Hon Hai Precision gained 4.7%, Taiwan Semiconductor Manufacturing Corp. (2330.Taiwan/TSM) rose 3.8%, Largan Precision (3008.Taiwan) was up 2.6%. Year-to-date, the iShares MSCI Taiwan ETF (EWT) has dropped 1%.

    Sentiment: Strong Buy

CRUS
40.21+0.01(+0.02%)Jul 22 4:00 PMEDT