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Technology Stocks : The New Qualcomm - a S&P500 company
QCOM 170.90-1.3%Nov 7 9:30 AM EST
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To: Cooters who wrote (13374)6/28/2000 9:22:00 AM
From: llwk7051@aol.com  Read Replies (1) of 13582
 
<FONT color=#0100af face="Comic Sans MS" size=3>Qualcomm (QCOM, $63 11/16, C-3-1-9)
00E $1.10; 01E $1.40
.
? QUALCOMM issued a press release this morning that suggested that chipset orders
could be lower in the September quarter due to weaker demand in the South Korean
market resulting from the elimination in phone subsidies. While this is not expected to
impact June quarter results (ML rev est of $750 mil, EPS of $0.27), we believe it may
impact September 2000, and potentially fiscal 2001 EPS.
.
? These events are consistent with our view that there was no upside to our EPS estimates.
In fact, this release suggests that there is some downside. However, because there are
many other factors influencing QUALCOMM?s earnings opportunities, we are not
revising our FY3Q our EPS estimates at this time.
.
? We estimate that chipsets likely will represent 38% and 35% of operating profits in the
September 2000 quarter and fiscal 2001, respectively. Chipsets for phones sold in the
domestic Korean market. The domestic Korean market is expected to represent about
20% and 15% of global CDMA subscribers in fiscal 2000 and fiscal 2001 respectively.
This suggests that 5-7% of QUALCOMM?s EPS is derived from the domestic Korean
market.
.
(M. Ching)

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