國(guó)際電子商情訊誰是模擬領(lǐng)域中的下一個(gè)收購目標(biāo)？誰又是該領(lǐng)域中的“整合者”？ 在德州儀器以65億美元收購國(guó)家半導(dǎo)體之后，人們紛紛猜測(cè)模擬領(lǐng)域中的下一個(gè)大型收購案。有人預(yù)言模擬領(lǐng)域?qū)⒊霈F(xiàn)一波收購潮，也有人認(rèn)為并購活動(dòng)會(huì)減少。 由于德州儀器在收購國(guó)家半導(dǎo)體時(shí)支付了較高的溢價(jià)，推動(dòng)許多公司的股票大漲，從而形成并購活動(dòng)的賣方市場(chǎng)。在參加嵌入系統(tǒng)大會(huì)(ESC)時(shí)，微芯科技公司(Microchip Technology Inc.)總裁兼首席執(zhí)行官Steve Sanghi接受了采訪。他說，德州儀器收購國(guó)家半導(dǎo)體的交易“損害了并購產(chǎn)業(yè)”。在這次令人矚目的交易之后，一些芯片廠商的股票大漲了“35-40%，盡管并沒有人要收購它們”。 如果市場(chǎng)能從高位回落到正常水平，模擬領(lǐng)域就可能出現(xiàn)收購活動(dòng)。Gartner公司的模擬半導(dǎo)體分析師Steve Ohr在ESC期間接受采訪時(shí)表示：“廠商對(duì)并購的興趣增強(qiáng)了。” 大型并購可能是個(gè)例外。Ohr指出，適宜收購的對(duì)象是年?duì)I業(yè)額在1億至2億美元的中型公司。 Ohr沒有提及潛在的收購目標(biāo)，但以下公司具有被收購的可能性： 本文授權(quán)編譯自EE Times，版權(quán)所有，謝絕轉(zhuǎn)載 ［轉(zhuǎn)下一頁：被收購可能性較高的公司］ {pagination} Advanced Analogic Technologies Inc.——持續(xù)虧損的模擬半導(dǎo)體公司。 該公司最近公布，2011年第一季度營(yíng)業(yè)收入為2050萬美元，而2010年第一季度和第四季度凈營(yíng)收分別為2190萬和2400萬美元。2011年第一季度凈虧損770萬美元，稀釋后為每股虧損0.18美元，其中包括專利訴訟方面的一次性費(fèi)用和解職相關(guān)費(fèi)用。相比之下，2010年第一季度按通用會(huì)計(jì)準(zhǔn)則(GAAP)計(jì)算的凈虧損是420萬美元，稀釋后每股虧損0.10美元；2010年第四季度凈虧損330萬美元，稀釋后為每股虧損0.08美元。 Intersil Corp.——太大了難以下咽？ 該公司第一季度凈營(yíng)收為1.989億美元，比2010年第一季度的1.894億美元增長(zhǎng)5%，比2010年第四季度的1.94億美元增長(zhǎng)3%。2011年第一季度凈利降至1410萬美元，稀釋后為每股盈利0.11美元。相比之下，去年同期凈利為2770萬美元，稀釋后為每股0.22美元；2010年第四季度凈利為2610萬美元，稀釋后是每股0.21美元。 Monolithic Power Systems Inc.——經(jīng)營(yíng)失誤給公司帶來損害。 該公司最近公布，第一季度營(yíng)業(yè)收入為4450萬美元，低于2010年第四季度的4710萬美元以及2010年第一季度的5030萬美元。GAAP凈利為190萬美元，稀釋后為每股0.05美元。而在截止到2010年3月31日的三個(gè)月，凈利為640萬美元，稀釋后是每股0.17美元。 本文授權(quán)編譯自EE Times，版權(quán)所有，謝絕轉(zhuǎn)載 ［轉(zhuǎn)下一頁：被收購可能性較高的公司(2)］ {pagination} Power Integrations Inc.——芯片生產(chǎn)商可能過于昂貴。 該公司最近公布，第一季度營(yíng)收為7680萬美元，比2010年第一季度增長(zhǎng)7%，比2010年第四季度上升5%。凈利為990萬美元，稀釋后為每股0.33美元。去年同期每股凈利為0.42美元，2010年第四季度為0.30美元。 Volterra Semiconductor Corp.——未經(jīng)打磨的鉆石？ 該公司最近公布，2011年第一季度營(yíng)收為3420萬美元，比2010年第一季度的3630萬美元增長(zhǎng)6%，比2010年第四季度的3550萬美元增長(zhǎng)4%。GAAP凈利為270萬美元，稀釋后為每股0.10美元，2010年第一季度分別是770萬美元和0.30美元，2010年第四季度分別是340萬美元和0.13美元。 誰是整合者，即對(duì)并購感興趣的公司？ 美信公司——正在開展戰(zhàn)略性收購。 Microsemi Corp.——繼續(xù)收購從事軍事/航空的小型公司。 安森美半導(dǎo)體公司——以驚人速度收購其它公司。 德州儀器——將需要一些時(shí)間來消化國(guó)家半導(dǎo)體。 本文授權(quán)編譯自EE Times，版權(quán)所有，謝絕轉(zhuǎn)載 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.