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QUALCOMM

Qualcomm primarily designs and sells integrated circuits (ICs) into wireless handsets and other adjacent markets. It operates two main segments – CDMA Technologies (QCT) and technology licensing (QTL). QCT is the fabless semiconductor business, specializing mostly in leading edge apps processors and baseband modems that sell into mobile products, though the company has been branching out into adjacent markets. QCT also contains the company's non-cellular connectivity product lines, as well as power management and some RF front-end offerings. QTL is the company's IP licensing arm that sells the rights to use various CDMA and OFDMA (including LTE) technologies. Revenues are generated through a combination of licensing fees as well as royalties based on some percentage of global device sales. (04 Sep 2018)

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AAPL & QCOM: China Injunction on iPhone Models

IG Note: 10 Dec 2018, 11:37 AM ET - A China court has granted preliminary injunctions against Apple which bans the import and sale of certain iPhones, although it seems to only apply to older operating systems. 

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.
Focused

QCOM F4Q18: Solid Print on QCT Strength

Earnings Note: 07 Nov 2018, 11:59 PM ET - Qualcomm reported solid fiscal 4Q results, though guidance came in below expectations. We maintain our Outperform recommendation.

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.

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: Semiconductors – Winter is Coming

Sector Analysis: 28 Sep 2018, 5:18 AM ET - In this note, we compare recent trends in the chip industry vs. historical levels, take a look back the prior 2015 / 2016 downturn, and discuss the potential for slowing growth in memory, data center compute, and broad-line components.
Focused

QCOM: First IP Case vs. Apple Nears Ruling in US

Worth Watching: 19 Sep 2018, 2:39 PM ET - QCOM is currently squaring off with Apple in a number of legal battles in various jurisdictions, including the US and Germany. On Monday, at the US International Trade Commission (ITC), staff lawyers released initial recommendations in Apple's fav ..

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.

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.

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.
Focused

QCOM F3Q18: Going It Alone; Upgrade to Outperform

Earnings Note: 26 Jul 2018, 4:59 AM ET - Qualcomm walks away from the NXP deal and reports solid fiscal 3Q results. We upgrade our recommendation to Outperform from Market perform.

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.
Focused

QCOM-NXP: Brave New Deal Revisited

IG Note: 20 Jun 2018, 4:31 AM ET - As the July 25 deadline for MOFCOM approval approaches, we revisit the Qualcomm-NXP deal and update our credit view on the two names. We move to a M/P recommendation on NXP and maintain our M/P recommendation on Qualcomm.
Focused

QCOM-NXP: Approval More Likely on ZTE Resolution

Worth Watching: 07 Jun 2018, 12:38 PM ET - QCOM-NXP: Commerce Secretary Wilbur Ross has confirmed that a US-China agreement has been reached, ending the ban on ZTE buying parts from US suppliers. Reportedly, ZTE will pay a $1 bn fine and place $400 mn in escrow for potential future trad ..
Focused

IG Note: Updating View on QCOM Exchange

IG Note: 23 May 2018, 12:24 PM ET - We are updating our view on the recent exchange offer. Most holders of the fixed rate notes should take the make-whole at par.

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