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Director’s Cut
Survival of the fittest in smartphones
Mobiles are clearly a tough business where only the fittest survive and thrive.
Despite this, given the trend towards mobility and the exponential growth
expected in smartphones and mobiles, it’s still a sector that’s very attractive.
Research in Motion (RIMM US) is the latest company to feel the competitive
pressure, with the stock down about 60% from the February high. But Kevin
Smithen thinks RIMM is compelling value and has initiated coverage with an
Outperform. He admits RIMM’s US market share is falling but says sales outside
North America are both larger and growing at a faster rate. Kevin also likes
RIMM’s high margin services and software annuity, which underpins earnings
and cash flows. There could also be some positive surprise from PlayBook, with
the market ascribing no value to RIMM’s tablet. Last but not least, Kevin’s
forecast TSR of over 40% is also attractive. >> Read Report
Samsung Electronics (005930 KS) is another key winner from the shift to
mobile, with Daniel Kim expecting the Galaxy S II to be an even bigger hit than
its previous model. Keep in mind, Apple’s next gen iPhone is not expected to be
released until the fourth quarter, while there are no serious challengers in the
Android camp. In this light, the new Galaxy faces benign competition in the highend smartphone segment for the rest of 2011. From current prices, there is also
more than 40% upside in Samsung Electronics. >> Read Report on Galaxy S II
Highlights
Jim Lennon sees a strong rebound in China’s metal demand in the second
half, and that easing credit could prompt restocking.
Gary Pinge continues to believe the market is mispricing Li & Fung (494
HK), expecting higher than achievable organic growth.
Adrian Wood says his top pick in the ASX listed LNG space is Oil Search
(OSH), with exploration upside supporting his bullish view.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Director’s Cut
Survival of the fittest in smartphones
Mobiles are clearly a tough business where only the fittest survive and thrive.
Despite this, given the trend towards mobility and the exponential growth
expected in smartphones and mobiles, it’s still a sector that’s very attractive.
Research in Motion (RIMM US) is the latest company to feel the competitive
pressure, with the stock down about 60% from the February high. But Kevin
Smithen thinks RIMM is compelling value and has initiated coverage with an
Outperform. He admits RIMM’s US market share is falling but says sales outside
North America are both larger and growing at a faster rate. Kevin also likes
RIMM’s high margin services and software annuity, which underpins earnings
and cash flows. There could also be some positive surprise from PlayBook, with
the market ascribing no value to RIMM’s tablet. Last but not least, Kevin’s
forecast TSR of over 40% is also attractive. >> Read Report
Samsung Electronics (005930 KS) is another key winner from the shift to
mobile, with Daniel Kim expecting the Galaxy S II to be an even bigger hit than
its previous model. Keep in mind, Apple’s next gen iPhone is not expected to be
released until the fourth quarter, while there are no serious challengers in the
Android camp. In this light, the new Galaxy faces benign competition in the highend smartphone segment for the rest of 2011. From current prices, there is also
more than 40% upside in Samsung Electronics. >> Read Report on Galaxy S II
Highlights
Jim Lennon sees a strong rebound in China’s metal demand in the second
half, and that easing credit could prompt restocking.
Gary Pinge continues to believe the market is mispricing Li & Fung (494
HK), expecting higher than achievable organic growth.
Adrian Wood says his top pick in the ASX listed LNG space is Oil Search
(OSH), with exploration upside supporting his bullish view.
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