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SPRD.O

ISIN: US8494152031
SEDOL: B1YWT56

Rating:

HOLD

Target Price:

2.46 USD

Investment Horizon:

6 to 12 months
22nd Jun 2009 View Report   Download

4Q 08, FY 2008 and 1Q 09 Update Report

After two consecutive quarters in which overall performance deteriorated due to weak demand conditions, Spreadtrum has guided for a sequential improvement in revenue in 2Q 09. While we now expect Spreadtrum to see a strong sequential pick-up in revenue (+52.6% q-o-q) in 2Q 09, we expect FY 2009 revenue to see a second steep y-o-y drop primarily due to severe deterioration in 1H 09. Although China Mobile Ltd. commercially launched 3G services in April 2009…

10th Jun 2009 View Report   Download

Company News Alert

Spreadtrum Communications, Inc.'s (Spreadtrum) ADR appreciated 27.1% on 09 June 2009, which we believe partly reflects the news that two leading Taiwanese mobile operators (Chunghwa Telecom Ltd. and Far EasTone Telecommunications Co., Ltd.) are considering deployment of TD-SCDMA technology, in which Spreadtrum has invested significant resources. The growing popularity of TD-SCDMA technology has driven the ADR price surge and we are optimistic…

28th May 2009 View Report   Download

4Q 08 & 1Q 09 News Alert

Spreadtrum Communications Inc.'s (Spreadtrum) 4Q 08 revenue was broadly in line with our expectations, while earnings were significantly below our expectations. 1Q 09 results also reflected a y-o-y deterioration in the company's performance. While 2Q 09 revenue guidance lies in line, margin guidance lies below our previous expectations. However, Samsung Electronics Co., Ltd.’s (Samsung) selection of Spreadtrum as its new chipset supplier and the…

6th Apr 2009 View Report   Download

Company News Alert

Spreadtrum Communications, Inc.’s (Spreadtrum) ADR declined 20.3% on 03 April 2009 following news of the resignation of the company’s Chief Financial Officer (CFO), Richard Wei. Until the company appoints a new CFO, the Vice President of Finance, Shannon Gao, will assume finance and accounting responsibilities. We remain concerned by the delay in announcement of 4Q 08 and FY 2008 results and reiterate our HOLD rating for the stock although the current stock price…

30th Mar 2009 View Report   Download

Company News Alert

Spreadtrum Communications, Inc.’s (Spreadtrum’s) ADR achieved our target price on 27 March 2009 following a single day price appreciation of 88.4%, after the company announced on 26 March 2009 that Samsung Electronics Co., Ltd (Samsung) has selected Spreadtrum as a new chipset supplier. The company’s QS520 GSM/GPRS and QS1001 Enhanced Data rates for GSM Evolution (EDGE) transceivers have…