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Sanmina

Sanmina is a vertically integrated electronics manufacturing services (EMS) company. It reports two segments: Integrated Manufacturing Service (IMS) and Components, Products and Services (CPS). IMS provides outsourced manufacturing for its customers' branded products. CPS makes components (interconnect systems such as PCBs and backplanes, mechanical systems such as enclosures) used in manufacturing, as well as some of Sanmina's own-branded products (Newisys, Viking, SCI Technology), and provides services (design, engineering, logistics, and repair). IMS & CPS were 80% & 20% of rev. in F2Q17, respectively. IMS has lower but stable margins. CPS tends to have higher margins although is more volatile. The Industrial, Medical, and Defense end-market was 46% of F2Q17 revenue, Communications Networks was 37% of F2Q17 revenue, and Embedded Computing & Storage was 17% of F2Q17 revenue. In F2Q17, Sanmina had two customers who each were more than 10% of sales. Sanmina's top ten customers accounted for 53.5% of F2Q17 revenue. (30 May 2017)

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Focused

Sanmina: F4Q18 Results

Worth Watching: 29 Oct 2018, 10:23 PM ET - Sanmina (Ba1/BBB- rating on secured 2019s) revenue of $1,876 mn (1.6% consensus beat) in F4Q18 was up 6.9% YoY and up 3.5% QoQ, and slightly exceeded its $1.825-1.875 bn guidance range. However, non-GAAP gross margin of 6.9% was down 29 bps YoY ..

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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.
Focused

Sanmina: F3Q18 Results

Worth Watching: 30 Jul 2018, 10:58 PM ET - Sanmina (Ba1/BBB- on secured 2019s) revenue of $1,813 mn (5.1% consensus beat) in F3Q18 was up 6.0% YoY and up 8.2% QoQ and exceeded its $1.70-1.75 bn guidance range. However, non-GAAP gross margin of 6.4% was down 134 bps YoY and below its 6.9 ..

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 ..

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Focused

Sanmina: F2Q18 Results

Worth Watching: 07 May 2018, 10:21 PM ET - Sanmina (Ba1/BBB- on secured 2019s) reported its F2Q18 results on April 23rd after the close. Sanmina's revenue of $1,676 mn in F2Q18 was down 0.4% YoY and down 4.0% QoQ, although above the mid-point of its $1.6-1.7 bn guidance range. Non-GAAP ..

EUR IG TMT RV: Reverse Yankee Value

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USD Relative Value: Euro Telecoms

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Semiconductors: M&A and the Regulatory Landscape

Sector Analysis: 20 Mar 2018, 10:32 PM ET - We take a look at the state of the semiconductor industry in terms of market concentration and potential impediments to further M&A from a regulatory perspective.

Tech: EU Plans Tax on Digital Company Revenues

Sector Analysis: 14 Mar 2018, 10:35 PM ET - The EU states are currently negotiating a 2-6% tax on the “aggregated gross revenues” of large digital companies.

IG TMT: Tax Reform Impact Recap

Sector Analysis: 14 Mar 2018, 5:44 AM ET - Having heard from almost all the TMT heavy weights, we look back at the impact of tax reform on an individual company basis and at the sector level.

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