Intel Should Consider Buying MediaTek - 工程師

共三篇

第一篇：Intel Should Consider Buying MediaTek at This Price

This Fool proposes a way into the mobile market at a fairly low price for
Chipzilla.

The idea of Intel (NASDAQ:INTC) potentially buying its way into the mobile
processor market in a big way has been discussed before. In fact, I
distinctly remember an analyst from CLSA Securities explicitly suggesting
that Intel buy MediaTek, something that I wasn't so keen on at the time (as I
was way too bullish on Intel's ability to deliver products for this market
organically -- mea culpa).

Interestingly, at the time that the analyst from CLSA suggested that Intel
buy MediaTek, shares of the Taiwan-based chip designer traded at around 420
New Taiwan dollars per share, implying a market capitalization of roughly $20
billion. A 30% premium to that would have run Intel $26 billion.

Intel could surely raise the money to do such an acquisition given the kind
of cash flow its business generates (the $16.7 billion buy of Altera proved
to be no issue for the chip giant), but it definitely would have been steep.

Today, MediaTek trades at around 211 New Taiwan dollars per share, suggesting
a market capitalization of just $10 billion. A 30% premium to this price
would run Intel about $13 billion, which -- even as the company tries to
digest Altera -- would be more than doable.

I believe that now would be an opportune time for the chipmaker to strike
and, once and for all, secure its place in the market for mobile chips by
buying MediaTek. Here's why.

Intel gets a profitable, high-volume smartphone chipmaker
MediaTek is not the leader in mobile applications processors; that honor
belongs to Qualcomm (NASDAQ:QCOM). However, it is a quite strong No. 2 player
in this market and ships hundreds of millions of smartphone processors each
year.


MediaTek's processor portfolio is quite broad and deep, with chips serving
everything from the low-end of the phone market to the high end (although
admittedly its high-end solutions are still not in the same league as
products from Qualcomm, all things considered).

MediaTek is also fairly profitable, although intensifying competition in the
market and increased research and development spending has led to a
substantial drop in operating profit for the chipmaker (down 45% year over
year in the third quarter of 2015).

At any rate, MediaTek's business is far more successful than Intel's mobile
business, which is still losing billions per year (albeit those losses are
coming down). With the MediaTek business under its belt, Intel would be "in"
mobile devices and make a reasonable profit from it, too.

MediaTek could become the new Intel mobile
With MediaTek under its belt, Intel could have a drop in replacement for its
current mobile efforts. Intel seems to be disinvesting quite significantly in
its own efforts, with the company saying that its spending in the mobile
segment will have come down by about $1 billion by the time 2016 is out from
2014 levels.

Intel could actually just run MediaTek basically as a separate company
instead of trying to really integrate it into the Intel organization in a
meaningful way.

The one area where it would make sense for anything potentially resembling
integration is that MediaTek should have the option, but should not be forced
to, use Intel Custom Foundry to build its chips. If MediaTek management, even
under the Intel umbrella, feel that they can gain an edge over the
competition (i.e., Qualcomm) by using Intel manufacturing technology, they
can do so, but if they deem it more advantageous from a
cost/time-to-market/etc. perspective to use a third party foundry, they
should have the flexibility and freedom to do so.

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http://www.fool.com/investing/general/2016/01/28/intel-should-consider-buying-mediatek-at-this-pric.aspx


第二篇：Intel Seen Acquiring MediaTek Within Three Years

RBC Capital Markets analyst Doug Freedman says Intel can pay around $27
billion to buy wireless chipmaker MediaTek.

Antoine Gara Aug 20, 2014 11:59 AM EDT

NEW YORK (TheStreet) -- RBC Capital Markets analyst Doug Freedman says Intel
(INTC) can pay around $27 billion to buy wireless chipmaker MediaTek, in a
deal that would benefit the company's earnings while stemming investment
losses it is incurring to grow wireless market share.

Freedman said in a telephone interview he believes a deal will happen within
the next two-to-three years "almost out of necessity." The analyst noted an
acquisition of MediaTek is Intel's best option to grow in the wireless
market. Intel may also find that the timing is improving for a large deal as
the baseband market continues to consolidate, the analyst said.

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Intel is spending more than $1 billion a quarter to expand into the mobile
and wireless market, suffering heavy losses in the unit as it tries to boost
market share beyond the single digits. An acquisition of MediaTek could be a
less expensive way to drive market share gains and would entail less risk,
Freedman said.

Read More: Microsoft Won't Replace Ballmer on Board

Taiwan-based MediaTek manufactures mobile and tablet chipsets, in addition to
Bluetooth, WLAN and GPS chips and NFC system on chips. In contrast to Intel,
MediaTek has made steady market share gains in the baseband market.

After acquiring Infineon's wireless solutions business for $1.4 billion in
2010, Intel's baseband market share has fallen to the mid-single digits.
Other companies such as MediaTek and Qualcomm (QCOM) have benefited from a
consolidating market, especially as players as large as Texas Instruments
(TXI) exit the market. Qualcomm's baseband market share has grown to 62% as
of 2013, while MediaTek has grown to 14.4%.

In spite of Intel's struggles, Freedman believes the company has increased
spending within its Mobile & Communications division from $1.2 billion
annually at the time of the Infineon acquisition to $4 billion this year.
Despite that rising spending, the division isn't expected to post revenue
growth in the next two and a half years, according to Wall Street consensus.

An acquisition of MediaTek, which currently operates at a profit and has
strong gross margins, could save Intel money, according to Freedman.

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"Instead of Intel continuing to spend $4-$6 billion a year to enter the
market (higher end of spending range as it achieves success), hypothetically,
an acquisition of Mediatek may reallocate Intel's best-in-class
under-utilized fabs and financial resources to a rising star in the
system-on-chip world, solidifying Mediatek's market position," Freedman wrote
in a Wednesday note. He forecasts synergy between MediaTek's operations and
Intel's foundries, which could boost MediaTek's gross margins to 60%, while
also increasing Intel's foundry utilization.

Sticker Shock

Freedman calculates in his note that Intel would likely have to pay around
$27 billion for MediaTek, a 30% premium to the company's current enterprise
value. He said in a telephone interview that a deal would likely be
immediately accretive at that price, because reduced spending in the wireless
market would more than offset financing costs on the debt needed to fund an
acquisition.

The analyst also said a deal would utilize Intel's offshore cash hoard, and
that additional financing would be easily repaid by Intel even as the company
pursues share buybacks.

Intel's other alternative is simply to close the spigot on its wireless
investment. While such a move might immediately boost Intel's stock upwards
of $40 a share, according to Freedman's estimates, it might be the wrong
decision for the chip-maker over the long term.

"Intel can enhance the PC user experience from success in mobile, so we do
not ascribe a lot of credibility to the idea that Intel should exit mobile.
Our questions mainly surround why Intel is spending so much to be successful
in mobile," Freedman wrote.

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Intel needs to continue growing its revenue and overall volume to realize the
benefits of scale that the company has historically enjoyed from its R&D
spending and technological advancements. The weak state of the PC market is
cutting into Intel's growth; however, a stronger footing in the fast-growing
wireless market could bolster Intel's top-line.

Newly introduced CEO Brian Krzanich has no option but to continue investing
in the wireless market, Freedman said. He ultimately believes a deal between
Intel and MediaTek is inevitable over the long-term.

Intel didn't respond to an email seeking comment. Shares in the company have
gained over 30% year-to-date on better operating performance and rising
returns of capital to shareholders.

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-- Written by Antoine Gara in New York

Follow @AntoineGara


https://www.thestreet.com/story/12851730/3/intel-seen-acquiring-mediatek-within-three-years.html


第三篇：Analyst reckons Intel could buy MediaTek

$27bn deal over the next 2-3 years?

An analyst believes Intel could acquire Taiwanese chipmaker MediaTek for $27
billion in an effort to grow its wireless business.

RBC Capital Markets analyst Doug Freedman told The Street that such a deal
will materialise over the next two to three years out of necessity. Freedman
argues Intel could reduce investment losses in the wireless segment with such
a move.


Intel burning $1bn per quarter on mobile push

Intel is currently spending upwards of $1 billion a quarter on its ambitious
mobile expansion plans and so far it does not have much to show for it.

MediaTek on the other hand is doing quite well and it has cemented its
position as the world’s leading provider of value SoC designs. Freedman says
buying MediaTek could be a “less expensive way” to increase market share
and it would entail less risk.

"Instead of Intel continuing to spend $4-$6 billion a year to enter the
market (higher end of spending range as it achieves success), hypothetically,
an acquisition of MediaTek may reallocate Intel's best-in-class
under-utilized fabs and financial resources to a rising star in the
system-on-chip world, solidifying MediaTek's market position," the analyst
wrote in a note.


MediaTek is anything but cheap

Although MediaTek is usually associated with cheap chips, the company is the
world’s second biggest supplier of ARM-based processors.

Freedman estimates the value of a potential Intel bid to take over the
company at $27 billion. That is a 30 percent premium to MediaTek’s current
value. However, he argues that the deal would still be beneficial to Intel,
as it would save money in the long run. Therefore he believes some sort of
deal is inevitable.

Until recently Intel did not cross paths with the likes of MediaTek,
Rockchip, Allwinner or any of a number of ARM chip designers. That changed
earlier this year when the US chipmaker started aggressively pursuing tablet
design wins.

Intel surprised many observers when it reached a deal with Rockchip last May.
Under the deal Rockchip will start selling Intel SoFIA chips in mid-2015.
Rockchip is focused on tablets, while MediaTek tends to go after phones.

Intel wants both and so far it hasn’t had much luck with either market
segment.

http://www.fudzilla.com/35554-analyst-reckons-intel-could-buy-mediatek

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