Spreadtrum Steps Up Smart Drive 展讯通信向智能手机市场迈出精明一步

Just a couple of weeks after launching a campaign to reignite growth with a new foray into smartphones, Spreadtrum (Nasdaq: SPRD) is taking another step on that front with its purchase of a designer specializing in chips for high-speed cellphones. Spreadtrum says it will buy 48 percent of Mobile Peak Holdings, which makes chips for the cutting-edge HSPA standard, for total consideration of $32.6 million, and intends to buy out the entire company by the end of the year. (company announcement) The announcement contains no other financials, though Spreadtrum says that Mobile Peak’s business is strong enough that Spreadtrum won’t see any impact on its EPS outlook this year, which tells me that Mobile Peak should be an instant contributor to profits and revenue. This kind of mid-sized M&A is exactly the kind of deal I like to see, targeting a company that’s small enough to quickly integrate in an area that Spreadtrum has clearly identified for future growth. Investors seem to be less convinced, with Spreadtrum stock down more than 20 percent over the last two weeks amid a broader cooling sentiment toward China stocks. Given Spreadtrum CEO Leo Li’s earlier record at reviving this company’s fortunes more than a year ago, I’d give this latest initiative a good chance of success and look for returns on this smartphone push as soon as the end of this year.

Bottom line: Spreadtrum’s acquisition of a mid-sized HSPA chip designer is a shrewd part of its new foray into smartphones that could start to pay returns by the end of this year.

仅在一两周前，展讯通信（Spreadtrum）<SPRD.O>为寻找新的增长点，宣布进军智能手机市场，现在该公司已采取行动，即收购专为高速手机设计芯片的公司。展讯称，公司将收购摩波彼克(Mobile Peak Holdings)公司48%的股权，交易总额为3,260万美元，并打算在年底前实现完全控股，摩波彼克专业致力於高度集成UMTS/HSPA+调制解调器芯片组的设计工作。展讯的声明并未透露更多财务内容，但表示摩波彼克业务非常强劲，不会对展讯今年每股收益产生任何影响。这等於告诉我，摩波彼克将立即为展讯创造利润及营收。这种中等规模的并购才是我最希望看到的，收购一个小型公司，迅速整合到公司已确定未来增长的领域。投资者似乎信心不足，在投资者对中国股票热情降温的大环境下，展讯股价在过去两周跌幅逾20%。鉴於展讯执行长李力游一年前曾给公司带来的不俗表现，我认为展讯并购举措成功机率很高，并预计公司最快将在今年年底前看到收益。

一句话：展讯收购中等规模的HSPA芯片设计商，是其进军智能手机市场的明智之举，今年年底前有望看到回报。

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