A new thread for Cambridge Silicon Radio, a bluetooth play for 2004.

Cambridge Silicon Radio Holdings Ltd, the Bluetooth technology group that is about to list on the London Stock Exchange, said its offering will be priced at 160-200 pence a share.

The indicative price range corresponds to an offer size of 54-68 mln stg and a market capitalisation for the company of 192-239 mln stg after flotation.

CSR designs and manufactures single-chip radio devices - focusing initially on solutions for the 2.4GHz Bluetooth personal area networking standard. The background and experience of our development team give CSR a unique advantage to help OEMs exploit the new wave of wireless networking, allowing us to offer the most highly integrated single-chip Bluetooth solutions, which are based on commodity CMOS technology with all its inherent advantages.

www.csr.com

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CSR, which has secured over 70 mln usd of funding from a number of investors including Compaq Corp, Philips Electronics NV, Sony Corp, Intel Corp and 3i Group PLC, was founded in 1998.

The company claims on its Website to be the world's leading provider of Bluetooth, accounting for 60 pct of all Bluetooth end-products.

Bluetooth is a low-cost, short-range radio link between mobile PCs, mobile phones and other devices, enabling users to connect a wide range of devices easily and simply, without the need for cables.

sold some stuff prematurely this week, even though at a profit, and also called DOM's sp move quite badly wrong despite ace figures ..... but glad i kept faith with CSR ..... sp has rocketed +70+ .... am still trying to find out how far ahead of consensus expectaions the figures were ..... trading statement is pretty bullish

chart below show 50 and 200 dma.
rsi getting towards overbought

HELP someone, who is better at interpreting figures or something!!

I would guess 900 is the obvious resistance, being about the bottom when price slumped in September, and will also be just about where 200 dma when/if it gets there .... i suppose!

taken my profits! ..... 118p profit per share in 5 weeks will do very nicely thank you!! ..... which i could always call them that well!! ....... may well get back in again in due course, as have a liking for this company

time to dust this one down again after a couple of pretty dull or even dire months ..... sp has been tracking along 25 dma line and has now suddenly perked up ..... worth considering perhaps

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so i considered and did!

don't know what happened there, but sp has bolted since i bought (725.5)! .... hope it holds

oh dear .... another right call! .... quality stocks beat worrying whether GOO or CHP or EME have moved by 0.25p

2 May, 2007


CSR PLC
UNAUDITED RESULTS FOR THE QUARTER ENDED 30 MARCH 2007

STRONG RESULTS AND CASH FLOW, INCREASED INVESTMENT IN R&D


CSR plc (LSE: CSR), the wireless solutions provider and the leader in Bluetooth
technology, today announces its unaudited financial results for the quarter
ended 30 March 2007.


Financial Highlights

Revenue: $160.1m (Q1 2006: $134.9m)
Gross margin: 45.1% (Q1 2006: 47.3%)
R&D expenditure (excluding amortisation of acquired intangible assets):
$33.2m (Q1 2006: $22.4m)
SG&A expenditure (excluding the patent dispute settlement): $18.5m (Q1
2006: $16.5m)
Underlying operating profit*: $20.4m (Q1 2006: $24.8m)
Underlying operating margin*: 12.8% (Q1 2006: 18.4%)
Underlying diluted earnings per share*: $0.11 (Q1 2006: $0.14)
Operating profit: $3.9m (Q1 2006: $24.3m)
Profit before tax: $4.6m (Q1 2006: $25.8m)
Diluted earnings per share: $0.02 (Q1 2006: $0.14)
Net cash inflow from operating activities: $57.7m (Q1 2006: outflow
$9.0m)

Note*: Excluding the $15.0m patent dispute settlement and $1.5m amortisation of
acquired intangible assets

First Quarter 2007 Operational Highlights

Design win momentum strong across all applications
Important Nokia and Samsung handset design wins in both GSM and CDMA
BlueCore5 MM and BlueVox QFN (low cost headset) now in volume production
GPS technology acquisitions: product offering well received by customers


Outlook

CSR has had a good start to the year with first quarter seasonality being less
pronounced than in prior years.

Strong customer demand, supported by bookings, gives us the expectation of $195
million to $220 million of revenue in Q2 2007. With expectations of growing
mobile phone attach rates and continued Bluetooth growth beyond the mobile phone
market, CSR remains on track to meet its expectations for the full year.

Commenting on the results, John Scarisbrick, CEO said:


'CSR has made a good start to the year as we retain and build upon our position
as the unequivocal Bluetooth market leader. Net operating cash flow remains very
strong, inventory has returned to normal levels and we have increased our rate
of investment in research and development to ensure we continue to capitalise on
the growing market for wireless applications.

The outlook for 2007 remains positive. We expect mobile handset attach rates to
grow to 40% - 50% this year. The market beyond the mobile phone, which now
accounts for over 50% of our revenues, will continue to grow. This, together
with our first quarter results and forward bookings to date, places CSR on track
to meet its expectations for the full year'.

having been away fro a few days, i am glad to see the liveliness in this nice little earner ...... sp has now pushed though 200 dma, albeit that that is still on a downward trend .... could do with some help from help from PT with his more sophistcated charts and reading of the entrails, but i suspect there is still quite a lot of room on the upside in the immediate future

meanwhile, below is a basic "cynic chart" ...... sp has come back to test below 200 dma, but could easily be just that ....... still well above 25 and 50 dma

for those who invest in "proper" companies too(!!) just to remind you ...... have a look at the chart and comment above

in today's pretty dull market, good to see this second-liner ticking upwards again and (just) into new high ground ...... ditto PFC (qv) now in new high ground

Hey Cynic,
I hope you haven't let this fall off your radar. Things could get very interesting now, especially after the golden cross which appears at the end of May allied to today's jump.

do not currently hold, but chart is now excellent always provided FTSE does not run into reverse due to summer inertia or just general correction ..... CSR is on my permanent watch list and shall not be afraid to venture back in

nasty looking resistance at 760, but if that is breached, then plenty to go for ...... will watch even more carefully

sp now moving nicely through 25 dma, so changed my mind ..... jumped in at 756.5

You're dead right about the 760 mark. I wish I knew how to post charts I have drawn which also show a pennant which has been forming since March. It shows five touching points on the support line, admittedly, only two for the resistance, but nevertheless at two thirds of the way along, this is due to break out one way or the other. If, hopefully because I am long, it does on the up-side, the 800 mark is the key point. Going through that, apart from the pschological barrier numbers, there appears to be no significant resistance until the shoulders of the old head and shoulder reversal of 2006. This would mean a realistic target of some-where around 1200.
Good call on MPH by the way.

still quite tempted to short mph, even at today's lower level.

speak nicely to PTH and he may well post the more sophiticated chart(s) for you .... i know where you get them from ..... i think you have to download to hard drive and then copy and paste, but not sure

garfee, if get chance I'll post summat this afternoon (although golf match beckons), if not tonight, latest by tomorrow.

pth

pth, cheers pal. Good luck with the weather!

Nice and sunny here at the moment, albeit a tadge windy!

CSR TA for Garfee :)

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Firstly the usual health warning, I do not profess to be a TA expert, but happy to give my opinion and analysis for what its worth!

This is the first chart of two, shorter time frame to follow.

I have drawn two historical trendlines (red); the first steeper line you may not think particualrly important, but it does serve to illustrate an important point.
When a SP breaks through a down trendline it often then becomes support, you can see that the original steeper downtrend was broken Feb / Mar earlier this year and then became support, albeit still down.

The second downtrend line is partly responsible for capping the current SP. Although breached recently the move wasn't convincing and was achieved on relatively small volumes. However, it would appear that this line will be breached quite soon, at which point it should become short term support.

It is quite clear from the chart that 8 is a significant obstacle for further gains and this level in conjunction with downtrend resistance has prevented the SP climbing. Once the downtrend is breached, at least there will be but one obstacle rather than two! What is also pretty clear is that the SP has traded in a 6-8 range over the last six months and has been unable to find support at 720p, however once the downtrend line goes and becomes support I would be reasonably confident that 720p will offer medium term support, at least until the latter half of this year.

Looking at the shorter term picture:

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On this shorter term chart you can see the original down trendline which has nearly been breached; I have also added a second shallower downtrend line from Feb this year. Additionally there is the uptrend line (green) established from April this year. Thus far this line has provided support during recent dips.

Overall it would appear that the SP is reaching something of a decision point, (within the yellow circle). The SP is contained within both support and resistance and has formed a triangular pattern. Personally I'm not a great an of triangles, pennants, wedges and such like, often what sort of shape it actually is can be the matter of much debate.

Interestingly as I type the SP is up 20p, effectively breaching the first down trend resistance and the shallower line is under attack. When and if that second resistance goes (and I think it will) this line will become short term support, moving support closer to 760-780p rather than the previous 720p.

I suppose you want a prediction and I will stick my neck out (gulp).

A new uptrend has been established, slowly but surely lines of resistance are being breached and I see no reason for the thrend not to continue. 8 may prove to be a tough obstacle, but I expect that level will give up the ghost no later than mid August.

Incidentally there is quite a falling gap from 11 to 9, gaps are not always filled, but often they are. Perhaps this recently established strength / uptrend may try to fill that gap in due course - just a thought.

AIMHO of course, read into this analysis what you will, but make sure you do your own research!

Best of luck

pth