We have updated our research of FPC following its Q2 report Yesterday. On a positive note, sales came in 53 percent higher than our estimates following a recovery in the Chinese smartphone market and net cash amounts to SEK 440m following a solid operating cash flow. On the negative side we especially note the underlying gross margin of, once again, only 15 percent and that the 2018 ASP is said to decline by at least 30 percent.