Friday, December 18, 2015

TowerJazz CIS Business Overview

Oppenheimer publishes December 14, 2015 report on TowerJazz business talking about the CIS part of it, among many other things:

"CMOS Image Sensors (CIS). Approximately 15% of sales, ex-Panasonic. Tower offers advanced CMOS image sensor technology for use in the automotive, industrial, medical, consumer, and high-end photography markets. Tower estimates the silicon portion of the CMOS image sensor market to be a ~$10B TAM, with ~$3B potentially being served via foundry offerings. Today, roughly two-thirds of this market serves the cellular/smartphone camera market; however, the migration to image-based communication across the automotive, industrial, security and IoT markets is expanding the applications for Tower's CIS offerings. Tower is tracking toward 35% Y/Y growth in this segment in 2015, outpacing the industry's 9% compounded growth rate, as the company has gained traction in areas previously not served by specialty foundries.

Tower has IP related to highly customized pixels, which lend the technology to a wide variety of applications. We see opportunities in automotive, security/surveillance, medical imaging, and 3D gesture control driving sustainable growth in this segment long term.

Oppenheimer: "We expect image sensor growth to outpace the overall
optoelectronics segment, and forecast growth at a 6% CAGR from
2014 to 2019 to approximately $13.3B, from $10.4B in 2014"

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