Rise of 5G: From Infrastructure to Consumer Devices
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Rise of 5G:From Infrastructure to
Consumer Devices
Disclaimer
2
The information in this webinar is for general information purposes only and
is provided on an “as is” basis without any representations or warranties of
any kind. The information does not constitute legal, financial, trading or
investment advice and it does not make any recommendation or
endorsement regarding any and all products mentioned. All participants of
the presentation and persons reading the information in these presentation
slides are advised to seek independent advice and/or consult relevant laws,
regulations and rules prior to relying on or taking any action based on the
information presented. All examples and views expressed are entirely the
presenter’s own.
Bursa Malaysia Berhad, the Bursa Malaysia group of companies (the Company)
and the presenter do not accept any liability for: the information provided
during the presentation and in the presentation slides (including but not
limited to any liability pertaining to the accuracy, completeness or currency
of the information); and for any investment or trading decisions made on the
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Speaker Profile
3
DAVID POH Founder, Spiral Group Sdn. Bhd.
An engineer by training, David began his career as an engineer in the telecommunications industry for 10 years before turning to his passion in value investing. He served as a Director in a local equities education and research firm for 3 years, managing research efforts and delivering advanced value investing and portfolio management education series. Thereafter, he stepped out to pursue his own aspirations, establishing the Spiral Thinker Group - a collaborative alliance to promote intelligent value investing and develop algorithm-based adaptive portfolio strategies for sustainable, long term wealth creation. David is now a full-time investor and dedicates his time and resources to nurture the youth in financial literacy. He is often invited to speak in brokers’ seminars, webinars as well as other BURSA-endorsed events, and his professional comments and opinions on value investing are featured in business publications like FOCUS MALAYSIA. David also provides consultation services in value investing and advanced portfolio strategies for high net worth individuals.
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AGENDA
Rise of 5G: From Infrastructure to Consumer
• Evolution from Cellular Technology : 2G to 5G
• Major Technology Breakthrough in 5G
• Most promising Use Cases of 5G
• 5G Infrastructure : The Invisible Highway
• 5G Consumer Devices : Deep Dive into the Supply Chain
4
DATA IS THE NEW OIL
The 3 Eras of Demand : Dawn of the Data Centric Era
5
Sourc
e:
VLSI Rese
arc
h,
ISS U
S,
January
2018
The digital era is enabling a radical reshaping of the relationship between technology capabilities and business opportunities. The explosion of new applications such as autonomous vehicles, digital healthcare, quantum computing, and cryptocurrency mining etc are driving the need for more industry-wide collaboration to enable companies to compete in the “Data Centric” era
FUTURE TRENDS IN MODERN TECHNOLOGY
6
Emerging Technologies : Expected Timeline
5G
IoT
IR4
AI, AV
etc…
Enable
rActu
ato
rPro
ducti
vit
yThe F
utu
re…
CELLULAR TECHNOLOGY EVOLUTION
Major Differences Between 4G and 5G
7Source :qorvo.com
Source :
qorvo.com
5G PROMISES HIGHER DATA CAPACITY
Higher Frequencies Are Required to Pack More Bandwidth = Data
8Source : cima.ned.org
RF @ Radio Frequency µWave mmWave
ISSUES WITH HIGHER FREQUENCIES
Higher Frequencies Incurring High Losses over Long Distances / Obstacles
9Source : grandmetric.com
PATHLOSS (PL) is the reduction in power density (attenuation)
of an electromagnetic wave as it propagates through space,
affected by distance and wavelength. This means that high
frequency signal (i.e. short wavelength) travels for
a shorter distance than a low frequency signal.
NETWORK DENSIFICATION
Small Cells are Miniature Base Stations : Pico-, Micro-, Femtocells
10Source : qorvo.com
HIGHER SPECTRAL EFFICIENCY
5G Spectral Efficiency More than 5x of LTE Advanced
11Source : Broadcom.com | kathrein-solutions.com | mitsubishielectric.com |
5G USE CASES
Most Promising Use Cases Driven by Consumer Demand
12Source : Spotlight : 5G, Paths Diverge, HSBC Global Research | hubraum IoT Academy
5G USE CASES
Expected Latency Requirements for Different Use Cases
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eMBB
mMTC
uRLLC
Source : Spotlight : hubraum IoT Academy
5G INFRASTRUCTURE : INVISIBLE HIGHWAY
Investments in Infrastructure to First Lead the Way
14Source : mckinsey.com | The 5G Chip Primer, Bank of America Merrill Lynch
5G INFRASTRUCTURE : INVISIBLE HIGHWAY
Fiberisation at Front and Backhaul Essential to Support 5G Services
15Source : cablinginstall.com | qorvo.com
5G INFRASTRUCTURE : INVISIBLE HIGHWAY
TIMECOM : Pure Fibre Asset Business in KLSE
16Source : Company Slides
TIME DOTCOM BERHAD
Investment Grade Company in KLSE
17Source : tradingview.com | Bursastation @ 2020/11/09
• MARKET CAP. : RM7,976m
• PRICE : RM13.20
• PE RATIO : 25.4x
• DY : 2.1%
• OaCY : 7.9%
• Cash Position :
Very Strong
• Profit Margin : 28%
• 3Y REV CAGR : 9.0% p.a.
• 3Y NP CAGR : 21.4% p.a.
• 3Y OCF CAGR : 19.9% p.a.
• 3Y DIV PAY% : 50%
5G FINALLY TAKING OFF
Accelerating Activities in the 5G Consumer Space
18Source : wsj.com
5G GLOBAL SUPPLY CHAIN
From Infrastructure to Consumer Electronics
19Source : daiwa.com | BofA Merrill Lynch Global Research
OPTICAL MODULES / PHOTONICS SUPPLIERS
Top Optical Modules Suppliers by Market Share in 2019
20Source : yole.fr | lightwave.com | Broadcom.com
INARI AMERTRON BERHAD
Major Clients include BROADCOM and OSRAM
21Source : CLSA | Credit Suisse | BofA Merrill Lynch Global Research
5G DRIVES DEMAND FOR RF FILTERS
Higher Demand for Advanced Filters Leading to Higher ASPs
22Source : seekingalpha.com
5G FRONT END RF MODULES
Radio Frequency (RF) Modules Market Analysis
23Compiled from : wallstreet.cn
INARI AMERTRON BERHAD
Key Supplier to BROADCOM’s FBAR Modules
24Source : CLSA | Daiwa Capital Markets
INARI AMERTRON BERHAD
Largest Technology Company in KLSE by Market Capitalization
25Source : tradingview.com | Bursastation @ 2020/11/09
• MARKET CAP. : RM8,855m
• PRICE : RM2.70
• PE RATIO : 56.8x
• DY : 1.6%
• OaCY : 4.0%
• Cash Position : Net Cash
• Clientele :
INARI SHARE PRICE EVOLUTION
High Correlation to RF Tester Machines Consigned by BROADCOM
26Source : INARI - Improved Medium-Term Prospects, Alliance DBS @ 4 April 2020
RF POWER SEMICONDUCTOR MARKET
LMDOS, GaAs, GaN
27Source : yole.fr LDMOS = laterally-diffused metal-oxide semiconductor | GaAs = Gallium Arsenide | GaN = Gallium Nitride
CREE – WOLFSPEED MERGER
Capacity Expansion for SiC and GAN Solutions for 5G
28Source : knowmade.com | cree.com | wolfspeed.com
5G ENABLES IoT > SENSOR DEMAND
5G Use Cases Will Drive the Usage and Demand for Sensors
29Source : https://ams.com
GLOBETRONICS TECHNOLOGY BHD
LED and Sensors OSAT Supplier Riding on AMS AG, CREE and many more
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• MARKET CAP. : RM2,015m
• PRICE : RM3.01
• PE RATIO : 45.1x
• DY : 2.5%
• OaCY : 5.6%
• Cash Position : Net Cash
• Profit Margin : >20%
• 3Y REV CAGR : (10.8%) p.a.
• 3Y NP CAGR : (4.4%) p.a.
• 3Y OCF CAGR : +52.4% p.a.
• 3Y DIV PAY% : >85%
Source : tradingview.com | Bursastation @ 2020/11/09
DISCLAIMER:
These presentation slides are owned by Bursa Malaysia Berhad and/or the Bursa Malaysia group of companies (“Bursa Malaysia”). Whilst Bursa Malaysia endeavors to
ensure that the contents in this presentation are accurate, complete, current and have been obtained from sources believed by Bursa Malaysia to be accurate and
reliable, neither Bursa Malaysia or the presenter of this presentation make any warranty, express or implied, nor assume any legal liability or responsibility for the
accuracy, completeness or currency of the contents of this presentation. In no event shall Bursa Malaysia be liable for any claim, however arising, out of or in relation
to this presentation.
This document shall be used solely for the purpose it was circulated to you. This document is owned by Bursa Malaysia Berhad and/or the Bursa Malaysia group of
companies (“Bursa Malaysia”). No part of the document is to be produced or transmitted in any form or by any means, electronic or mechanical, including
photocopying, recording or any information storage and retrieval system, without permission in writing from Bursa Malaysia.
Copyright Bursa Malaysia Berhad 2019 (30632-P)
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