Gemalto Product Portfolio Ready For The Future But May Be Missing EM Opportunities

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Gemalto, the French smart card producer, has announced its H111 results. It has reported that revenues are up 14% to EUR928.5mn in H111, with profit from operations increasing 8% y-o-y to EUR72mn in H111. It reported strong growth in its secure transactions, security and M2M segments, which were countered somewhat by lower revenues from mobile communications. BMI believes that growth derived from the mobile payments and machine-to-machine (M2M) segments will continue to drive the company's financial and operational performance in the medium term. However, we believe it could benefit from expanding its geographical diversity.