谁是模拟领域中的下一个收购目标？

国际电子商情讯谁是模拟领域中的下一个收购目标？谁又是该领域中的“整合者”？ 在德州仪器以65亿美元收购国家半导体之后，人们纷纷猜测模拟领域中的下一个大型收购案。有人预言模拟领域将出现一波收购潮，也有人认为并购活动会减少。 由于德州仪器在收购国家半导体时支付了较高的溢价，推动许多公司的股票大涨，从而形成并购活动的卖方市场。在参加嵌入系统大会(ESC)时，微芯科技公司(Microchip Technology Inc.)总裁兼首席执行官Steve Sanghi接受了采访。他说，德州仪器收购国家半导体的交易“损害了并购产业”。在这次令人瞩目的交易之后，一些芯片厂商的股票大涨了“35-40%，尽管并没有人要收购它们”。 如果市场能从高位回落到正常水平，模拟领域就可能出现收购活动。Gartner公司的模拟半导体分析师Steve Ohr在ESC期间接受采访时表示：“厂商对并购的兴趣增强了。” 大型并购可能是个例外。Ohr指出，适宜收购的对象是年营业额在1亿至2亿美元的中型公司。 Ohr没有提及潜在的收购目标，但以下公司具有被收购的可能性： 本文授权编译自EE Times，版权所有，谢绝转载 ［转下一页：被收购可能性较高的公司］ {pagination} Advanced Analogic Technologies Inc.——持续亏损的模拟半导体公司。 该公司最近公布，2011年第一季度营业收入为2050万美元，而2010年第一季度和第四季度净营收分别为2190万和2400万美元。2011年第一季度净亏损770万美元，稀释后为每股亏损0.18美元，其中包括专利诉讼方面的一次性费用和解职相关费用。相比之下，2010年第一季度按通用会计准则(GAAP)计算的净亏损是420万美元，稀释后每股亏损0.10美元；2010年第四季度净亏损330万美元，稀释后为每股亏损0.08美元。 Intersil Corp.——太大了难以下咽？ 该公司第一季度净营收为1.989亿美元，比2010年第一季度的1.894亿美元增长5%，比2010年第四季度的1.94亿美元增长3%。2011年第一季度净利降至1410万美元，稀释后为每股盈利0.11美元。相比之下，去年同期净利为2770万美元，稀释后为每股0.22美元；2010年第四季度净利为2610万美元，稀释后是每股0.21美元。 Monolithic Power Systems Inc.——经营失误给公司带来损害。 该公司最近公布，第一季度营业收入为4450万美元，低于2010年第四季度的4710万美元以及2010年第一季度的5030万美元。GAAP净利为190万美元，稀释后为每股0.05美元。而在截止到2010年3月31日的三个月，净利为640万美元，稀释后是每股0.17美元。 本文授权编译自EE Times，版权所有，谢绝转载 ［转下一页：被收购可能性较高的公司(2)］ {pagination} Power Integrations Inc.——芯片生产商可能过于昂贵。 该公司最近公布，第一季度营收为7680万美元，比2010年第一季度增长7%，比2010年第四季度上升5%。净利为990万美元，稀释后为每股0.33美元。去年同期每股净利为0.42美元，2010年第四季度为0.30美元。 Volterra Semiconductor Corp.——未经打磨的钻石？ 该公司最近公布，2011年第一季度营收为3420万美元，比2010年第一季度的3630万美元增长6%，比2010年第四季度的3550万美元增长4%。GAAP净利为270万美元，稀释后为每股0.10美元，2010年第一季度分别是770万美元和0.30美元，2010年第四季度分别是340万美元和0.13美元。 谁是整合者，即对并购感兴趣的公司？ 美信公司——正在开展战略性收购。 Microsemi Corp.——继续收购从事军事/航空的小型公司。 安森美半导体公司——以惊人速度收购其它公司。 德州仪器——将需要一些时间来消化国家半导体。 本文授权编译自EE Times，版权所有，谢绝转载 查看英文原文：Who are the analog takeover targets? {pagination} Who are the analog takeover targets? Mark LaPedus 5/5/2011 7:31 PM EDT SAN JOSE, Calif. – Who’s the next takeover target in analog? And who are the ''consolidators’’ in the arena? There has been much speculation about the next big acquisition in the analog space following Texas Instruments Inc.’smove to buyNational Semiconductor Corp. for $6.5 billion. Some predict a wave of acquisitions in analog. Others see a slowdown in the merger and acquisition (M&A) world. Because of the high premium that TI is paying for National, the stock prices for many companies have soared, thereby creating a seller’s market in the M&A world. The TI-National deal ''hurt the M&A industry,’’ said Steve Sanghi, president and CEO of Microchip Technology Inc., in an interview at the Embedded Systems Conference (ESC) here. Following that blockbuster, several chip makers saw their stocks jump by up to ''35 percent to 40 percent without even getting an offer.’’ If or when the market comes back to earth, the analog world is ripe for acquisition. ''There is an increased interest in M&A,’’ said Steve Ohr, an analog semiconductor analyst at Gartner, in an interview at ESC. The mega-mergers could be an exception to the rule. The sweet spot for acquisitions is for mid-sized companies in the $100 million to $200 million range, Ohr said. Ohr did not identify the potential takeover targets, but here are some possibilities: Advanced Analogic Technologies Inc. - Analog vendor continues to spill red ink. The company recently said revenue for the first quarter of 2011 was $20.5 million, compared to net revenue of $21.9 million for the first quarter of 2010, and $24.0 million for the fourth quarter of 2010. Net loss for the first quarter of 2011 was $7.7 million, or $0.18 per diluted share, including non-recurring charges for patent litigation and severance-related expenses. This compares to a GAAP net loss of $4.2 million, or $0.10 per diluted share, for the first quarter of 2010 and a GAAP net loss of $3.3 million, or $0.08 per diluted share, for the fourth quarter of 2010. Intersil Corp. – Too big to swallow? Net revenues for the first quarter were $198.9 million, a 5 percent increase from $189.4 million in the first quarter of 2010, and a 3 percent increase from $194.0 million in the fourth quarter of 2010. Net income for the first quarter of 2011 decreased to $14.1 million, or $0.11 per diluted share, compared with net income of $27.7 million, or $0.22 per diluted share, in the same quarter last year, and net income of $26.1 million, or $0.21 per diluted share, in the fourth quarter of 2010. Monolithic Power Systems Inc. – Missteps have hurt company. The company recent reported revenues of $44.5 million in the quarter, a decrease from $47.1 million in the fourth quarter of 2010 and $50.3 million in the first quarter of 2010. GAAP net income was $1.9 million, with GAAP earnings per share of $0.05 per diluted share. Comparatively, GAAP net income was $6.4 million, with GAAP earnings per share of $0.17 per diluted share for the quarter ended March 31, 2010. Power Integrations Inc. -- Chip maker could be too expensive. The company said revenues for the quarter were $76.8 million, up seven percent compared with the first quarter of 2010, and up five percent compared with the fourth quarter of 2010. Net income was $9.9 million or $0.33 per diluted share, compared with $0.42 per diluted share in the year-ago quarter and $0.30 per diluted share in the fourth quarter of 2010. Volterra Semiconductor Corp. - A diamond in the rough? The company recently said revenue for the first quarter of 2011 was $34.2 million, a 6 percent decrease from $36.3 million in the first quarter of 2010, and a 4 percent decrease from $35.5 million in the fourth quarter of 2010. GAAP net income was $2.7 million, or $0.10 per share (diluted), as compared to $7.7 million, or $0.30 per share (diluted) in the first quarter of 2010, and $3.4 million, or $0.13 per share (diluted), in the fourth quarter of 2010. Who are the consolidators or companies that are interested in M&A? Maxim Integrated Products Inc. – Making strategic acquisitions. Microsemi Corp. – Continues to buy niche companies in mil/aerospace. On Semiconductor Corp. – Buying companies at a frantic pace. Texas Instruments – Will take time to swallow National.