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Fly News Breaks for February 18, 2020
WDC, MU, QCOM, AVGO, SWKS, QRVO, AAPL
Feb 18, 2020 | 07:41 EDT
After Apple (AAPL) announced that it will not meet March quarter guidance due to disruptions to its supply chain and weaker than expected demand in China amid the Covid-19 outbreak, Morgan Stanley analysts Craig Hettenbach and Joseph Moore noted that the news could weigh on Qorvo (QRVO), Skyworks (SWKS) and Qualcomm (QCOM) and also presents a risk to the memory market. They estimate Qorvo has around 30% exposure to China smartphone OEMs and noted that management had already tempered expectations for the June quarter. They estimate Skyworks has around 10%-15% exposure to China smartphone OEMs and while they said the company has done a good job in managing inventory in the China smartphone supply chain, it could still feel an impact in the June quarter due to both China smartphones and the weaker iPhone. They estimate Broadcom (AVGO) has low single digit exposure to China smartphones, the analysts tell investors. Qualcomm highlighted risks of disruption from Covid-19 on its earnings call two weeks ago, Hettenbach and Moore added. In terms of implications for Micron (MU) and Western Digital (WDC), the analysts see decelerating smartphone builds as a risk that memory improvement is deferred, and believe they may have the potential to derail the memory recovery if China demand does not come back quickly.
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