分析：模拟半导体领域潜在收购目标及收购者

谁将是模拟半导体产业的下一个收购目标？谁又会是该领域的“整合者”？

在德州仪器(Texas Instruments；TI)斥资65亿美元并购美国国家半导体(National Semiconductor；NS)后，业界对于类比领域的下一项并购行动纷纷提出了各种揣测。

有些人预测模拟领域将掀起一波收购浪潮。而其他也有人认为模拟产业的整合与收购(M&A)脚步正逐渐放缓。

由于TI为收购NS付出了高额的代价，使得许多公司的股票大幅上扬，从而在并购领域中创造出一个以卖方为主的市场。TI-National的并购交易正无形中“冲击并购产业，”微芯科技(Microchip Technology)总裁兼CEO Steve Sanghi在日前举行的嵌入式系统大会(ESC)中接受访问时指出。在TI天价收购NS在半导体产业造成震撼后，几家芯片制造商的股票转眼间就涨到了35%~40%。

回归市场的现实面来看，模拟世界可着手收购行动的时机已然成熟。“业界现在对于进行并购更有兴趣了，”Gartner模拟半导体分析师Steve Ohr在ESC中接受访问时表示。

不过，这并不包括大规模的并购行动。Ohr指出，目前最佳的收购对象应该是规模在1亿美元到2亿美元左右的中型企业。

虽然Ohr并未指明哪些公司会是被收购的潜在目标，但以下是几种可能性：

台湾模拟科技公司(Advanced Analogic Technologies)－连续营收赤字…

该公司最近发布2011年第一季营收为2011年则为2,050万美元，较2010年第一季的2,190万美元以及第四季的2,400万美元获利减少。估计2011年第一季净亏损770万美元，或稀释每股盈余0.18美元，这包括非经常性的专利诉讼与遣散相关费用。相形之下，该公司2010年第一季GAAP净亏损420万或稀释每股盈余0.10美元；而2010年第四季GAAP净亏损330万美元，或稀释每股盈余0.08美元。

下一页：对并购充满兴趣的厂商或整并者？

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Intersil公司－规模太大吃不下来？

该公司第一季净营收为1.989亿美元，较2010年第一季的1.894亿美元营收成长了5%，并较去年第四季的1.94亿美元成长3%。相较于去年第一季2,770万美元的净收入或稀释每股盈余0.22美元，以及去年第四季净收入2,610万美元或稀释每股盈余0.21美元而言，总计2011年第一季净收入减少1,410万美元，或稀释每股盈余0.11美元。

芯源系统公司(Monolithic Power Systems)－策略错误影响公司发展

该公司最近发布当季营收445万美元，较去年第四季的471万美元以及第一季的503万美元的营收下滑。GAAP净收入为190万美元，GAAP稀释每股盈余0.05美元。相较之下，该公司结算至去年三月底为止的当季GAAP净收入640万美元，而GAAP稀释每股盈余0.17美元。

Power Integrations Inc.－收购价格不菲？

该公司发布当季营收7,680万美元，较去年第一季成长7%，并较去年第四季成长5%。而相较于去年第一季稀释每股盈余0.42美元以及去年第四季稀释每股盈余0.30美元而言，今年第一季的净收入为990万美元，稀释每股盈余0.33美元。

Volterra Semiconductor Corp.－深藏不露？

该公司最近发布2011年第一季营收为3,420万美元，较2010年第一季的3,630万减少6%，并较去年第四季的3,550万美元减少4%。GAAP净收入为270万美美元，稀释每股盈余0.10美元；而去年第一季净收入770万美元，稀释每股0.30美元，去年第四季净收入340万美元，稀释每股0.13美元。

而谁又是对并购充满兴趣的厂商或整合者呢？

Maxim Integrated Products Inc.－进行策略性并购

美高森美(Microsemi Corp.)–持续收购军事/航空领域的利基型公司

安森美半导体(On Semiconductor Corp.)－积极进行收购计划

德州仪器－还得花一段时间来消化才刚收购不久的National Semiconductor

点击参考原文：Who are the analog takeover targets?

《电子工程专辑》网站版权所有，谢绝转载

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Who are the analog takeover targets?

Mark LaPedus

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.’s move to buy National 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.