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Corning

Corning has five business segments: Display, Optical Communications, Environmental, Specialty Materials, and Life Sciences. The majority of Corning's profits is from its Display segment which manufactures LCD glass. Glass demand on an area basis is driven ~60% from TVs, ~20% monitors, >10% notebooks and tablets, and <10% small format including smartphones. Corning is the low-cost provider and has dominant market share in its Display business, which is capital intensive although has ~30% net margins. Corning's Specialty Materials segment produces Gorilla Glass, which is strengthened glass primarily used for smartphones and tablets, although is increasingly being used for automotive interiors and exteriors. Corning has very high customer concentration. In 2016, Display had 65% of sales from 3 customers, Optical Communications had 15% of sales from 1 customer, Environmental had 85% of sales from 3 customers, Specialty Materials had 56% of sales from 3 customers, and Life Sciences had 46% of sales from 2 customers. (12 May 2017)

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VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.
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Corning: Launched $900 mn US$ Bonds

Worth Watching: 30 Oct 2018, 4:18 PM ET - Corning (Baa1/BBB+) launched $900 mn bonds across 3 parts: (1) $550 mn 30-year bonds at +200, (2) $300 mn 50-year bonds at +250, and (3) $50 mn tap of GLW 4.7% 2037s at $95.51 (existing size $250 mn). The new issues priced in-line with IPT, provid ..
Focused

IG Note: Corning - Issuing 30Y & 50Y US$ Bonds

IG Note: 30 Oct 2018, 10:20 AM ET - Corning is coming to market with 30-year and 50-year senior unsecured SEC-registered US$ bonds. 

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.
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Corning: Solid Results But More Debt Likely

Earnings Note: 23 Oct 2018, 9:36 PM ET - Corning reported better than expected results in 3Q18 and raised its guidance for 2018, although the company indicated it could increase its debt by next year. 

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.
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Corning: Strong 2Q18 and Raising 2018 Outlook

Earnings Note: 25 Jul 2018, 10:23 PM ET - We discuss Corning's 2Q18 results, 2018 outlook, and commentary on tariffs. 

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.
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Corning: Issuing JPY 2025s and 2028s

Worth Watching: 25 May 2018, 11:11 AM ET - Corning (Baa1/BBB+) filed a preliminary prospectus to issue JPY fixed rate unsecured notes due 2025 and 2028. The use of proceeds is GCP "which may include repurchases of our common stock and payment of dividends under our strategy and capital a ..

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 
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Corning: 1Q18 Investments for 2H18 Growth

Worth Watching: 24 Apr 2018, 11:22 PM ET - Corning  (Baa1/BBB+) core sales of $2,513 mn were up 4% YoY (based on re-stated financials), although the company saw pressure on margins, resulting in lower core earnings YoY. Display sales were down 5% YoY and EBT was down 25% YoY – despite g ..

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

USD Relative Value: Euro Telecoms

Sector Analysis: 15 Apr 2018, 11:05 PM ET - European telecom issuers have underperformed the USD telecoms index over the last 3 months. With better value on offer, we update our relative value views.

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