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ST Ericsson’s difficulties continued to affect the half-yearly results; however, these proved better than expected thanks to the good performance of the IMS and ACCI divisions. The product side of the “Wireless” division is in a transitional phase; this is having an impact on the group’s profitability which is therefore likely to pick up more slowly than expected. We will have to wait until the beginning of the 2011 financial year (launch of new platforms) to see a clear improvement.
Q2 results announced by STMicroelectronics were better than expected overall, thanks to its two divisions IMS and ACCI. However, the difficulties of ST Ericsson are still an adverse factor, while the semiconductors business cycle remains very strong. The product side of the “Wireless” division is in a phase of transition; this is having an impact on the group’s profitability which is therefore likely to improve more gradually and slowly than expected. We will have to wait until the beginning of the 2011 financial year (launch of new platforms) to see a clear improvement of this division. The very modest valuation and margin improvement potential make this share rather attractive. PLUS code unchanged.
On Friday, STMicroelectronics published Q1 positive results for its two divisions IMS and ACCI. Unfortunately, the difficulties encountered by ST Ericsson had a negative effect on the group’s overall recovery. The Wireless division is in a transitional phase on the product side which is adversely affecting the group’s profitability; this will therefore improve at a slower pace and more gradually than expected during the 2010 financial year. As for prospects, the group has announced optimistic guidance for Q2. With an attractive valuation, benefiting from the positive impact of the US dollar and a favourable cycle, we are maintaining our PLUS code.
The restructuring phase continued with the recent sale of the Numonyx Flash Memories division (JV with Intel) to Micron. STMicroelectronics is now a refocused group (partnerships with Ericsson) with an improved financial structure (cost cutting plan and new “asset-light” strategy). The group ended 2009 on a positive note with a return to a balanced operating result. PLUS code unchanged .
Yesterday STMicroelectronics published positive Q4 results, at the upper end of the group’s guidance and slightly better than expected. Apart from the “Wireless” activity, all the other divisions of the group made a positive contribution to these results. ST-Ericsson will therefore be continuing its restructuring efforts. As to future prospects, the group’s Q1 guidance exceeds the consensus forecast. The forecast gross margin (37.5%) in a traditionally weaker Q1 came as a pleasant surprise. PLUS code confirmed.
Yesterday, STMicroelectronics published good Q3 results at the top end of the group guidance and slightly better than expected. However, net earnings per share disappointed investors; this was explained by higher operating costs and tax liabilities than expected. Although the exchange rate (€/$) remains unfavourable and cost savings are being put in place relatively slowly, the outlook for Q4 has exceeded the consensus forecasts. PLUS code confirmed.
After a long restructuring phase, STMicroelectronics is now a refocused group (partnerships with Intel and Ericsson) with an improved financial structure (cost- cutting plan and new “asset-light” strategy). Finally, the sector news flow is looking more positive (end of destocking and recovery of demand, equipment suppliers’ book-to-bill positive again). New PLUS code.
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