NOD reports Q4 results on February 7th and we make no estimate changes prior to this. We expect solid Q4 results and Q1 guidance, supported by the strong order backlog and comments from peers. Both NOD and the semiconductor sector (SOX) have outperformed in 2019, but with solid BLE market growth, potential catalysts on tear-downs and cellular IOT contributing more to revenue by 2H/20, we expect this should continue to support the share price.
