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OmniVision Technologies, Inc. (OVTI)

  • Thu, Apr. 30, 9:19 AM
  • Thu, Apr. 30, 9:19 AM
    • An investor group featuring P-E firm Hua Capital and fellow Chinese investors CITIC Capital and Goldstone Investment is buying OmniVision (NASDAQ:OVTI) for a 12% premium to Wednesday's close. The $1.9B all-cash deal is expected to close in OmniVision's FQ3 or FQ4 (January and April 2016 quarters), provided shareholders and regulators sign off.
    • To get Taiwanese clearance, OmniVision will "divest certain of its interests in Taiwan," including JV interests. Bloomberg reported yesterday Hua was close to a deal to buy the image sensor vendor for ~$29/share.
    • OVTI +5.7% premarket to $28.07.
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  • Wed, Apr. 29, 5:37 PM
  • Wed, Apr. 29, 5:20 PM
    • Bloomberg reports OmniVision (NASDAQ:OVTI) is close to a deal to be acquired by Chinese P-E firm Hua Capital for $1.7B, or ~$29/share - a 9% premium to today's close. An announcement could happen as soon as tomorrow.
    • An investor group led by Hua made a $29/share non-binding offer last August. A rumor emerged last month that Hua might up its bid to $30/share.
    • OVTI +5.6% AH to $28.03.
  • Thu, Mar. 26, 11:54 AM
    • A rumor that the Chinese consortium interested in acquiring OmniVision (OVTI +1.6%) might up its offer by $1/share to $30/share has helped the image sensor vendor move higher. Many other chip stocks are selling off for the second day in a row.
    • The consortium, led by Beijing P-E firm Hua Capital, made a $29/share non-binding buyout offer last August. OmniVision currently trades 10% below the offer price.
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  • Fri, Feb. 27, 1:31 PM
    • In addition to beating FQ3 EPS estimates (while posting in-line revenue), OmniVision (OVTI -0.2%) has guided for FQ4 revenue of $265M-$295M and EPS of $0.15-$0.31, above a consensus of $263M and $0.12.
    • Strong numbers were expected in light of Apple's big Q4 iPhone sales - both OmniVision and Sony supply image sensors to Apple - and growing demand from Xiaomi and other Chinese Android OEMs.
    • On the CC (transcript), CEO Shaw Hong stated mobile sales are expected to drop Q/Q in FQ4 (in-line with seasonality), but added automotive sales (boosted by design wins for rear camera systems) is expected to grow. He also declared OmniVision's new PureCel-S image sensors "open new possibilities for us to further improve our camera performance, processing speed, and allows for even thinner form factor for consumer devices."
    • FQ3 gross margin was 22.1%, up 10 bps Q/Q and 450 bps Y/Y. GAAP operating expenses rose 7% Y/Y to $55M. OmniVision ended FQ3 with $512.8M in cash - that's equal to ~1/3 of its current market cap.
    • FQ3 results, PR
  • Thu, Feb. 26, 4:22 PM
    • OmniVision Technologies (NASDAQ:OVTI): FQ3 EPS of $0.38 beats by $0.09.
    • Revenue of $292.3M (-17.0% Y/Y) in-line.
    • Shares +5.5%.
    • Press Release
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  • Wed, Feb. 25, 5:35 PM
  • Fri, Jan. 30, 4:51 PM
    • OmniVision (NASDAQ:OVTI) will report FQ3 results after the close on Thursday, February 26th. The conference call will begin at 5.00pm ET.
    • Consensus views are for EPS of $0.29 and revenue of $292.1M (-17% Y/Y).
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  • Sun, Jan. 18, 1:32 PM
    • Whereas the front cameras on smartphones have historically featured resolutions of 2MP and lower, CES saw the unveiling of a slew of phones with high-res front cameras (5MP-13MP) optimized for selfie shots. OEMs also rolled out (to some social media mockery) "selfie stick" accessories that make taking shots easier, and (in Lenovo's case) a $29 selfie flash that plugs into a phone's audio jack.
    • Rosenblatt's Brian Blair observes image sensor vendor OmniVision (NASDAQ:OVTI) benefits from this trend, as more powerful front cameras bring with them higher sensor ASPs and gross margins. "We expect to initially see this [trend] at the high end of the market, but we anticipate the trend will quickly filter into mid-tier models as well."
    • Blair, who recently launched coverage on OmniVision with a Buy rating, expects the company to post calendar 2015 revenue of $1.4B and EPS of $1.81, well above a consensus of $1.33B and $1.54. OmniVision closed on Friday at $27.40, and has over $10/share in net cash/investments.
    • For its part, OmniVision used CES to show off: 1) Image sensors containing an advanced eye-tracking software platform (provided by partner SMI). 2) A solution that pairs a 23.8MP image sensor with a high-speed (MEMS-based) autofocus from startup Wavelens. 3) A partnership with 3D imaging processor firm Intuitive to create "a reference design for building compact modules that enable 3D imaging in consumer electronics."
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  • Dec. 2, 2014, 5:37 PM
    • Top gainers, as of 5:15 p.m.: BV +8.1%. GASL +4.3%. GWRE +3.2%. REI +3.0%. DNR +2.8%.
    • Top losers, as of 5:15 p.m.: PBYI -16.9%. OVTI -5.9%. MPLX -2.8%. GOL -2.5%. UVXY -2.3%.
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  • Dec. 2, 2014, 4:47 PM
    • Though it beat FQ2 estimates, OmniVision (NASDAQ:OVTI) is guiding for FQ3 revenue of $275M-$305M, below a $331.7M consensus. EPS guidance ($0.22-$0.38) is stronger, but still below a $0.33 consensus at the midpoint.
    • Gross margin rose to 22% in FQ2 from 21.7% in FQ1 and 18.8% a year earlier; OmniVision attributes the gains to a mix shift towards newer products, and the sales of previously written-down inventory.
    • GAAP opex +14% Y/Y to $56.7M, with R&D accounting for $34.2M. The cash balance rose by $1M Q/Q to $525.2M (equal to 38% of OmniVision' market cap).
    • "Our mobile phone and automotive products continue to be the drivers behind our strong results this quarter," says CEO Shaw Hong - strong iPhone-related orders likely helped. "We are pleased with our execution in China, and with the emergence of India as a key geography for us."
    • FQ2 results, PR
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  • Dec. 2, 2014, 4:24 PM
    • OmniVision Technologies (NASDAQ:OVTI): FQ2 EPS of $0.60 beats by $0.09.
    • Revenue of $394M (-0.8% Y/Y) beats by $16.1M.
    • Press Release
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  • Dec. 2, 2014, 2:19 PM
    • Down sharply on Monday, OmniVision (OVTI +5.4%) has recovered a chunk of its losses today. FQ2 results arrive after the bell.
    • Today's volume (1.1M shares) is well above a 3-month average of 630K. Though not far from their 52-week highs, shares remain 8% below the $29/share price attached to a "non-binding" August buyout offer from a Chinese investor group.
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  • Dec. 1, 2014, 5:35 PM
  • Dec. 1, 2014, 2:31 PM
    • With the Nasdaq down 1.4%. OmniVision (NASDAQ:OVTI) is selling off hard ahead of tomorrow's FQ2 report. Volume (843K shares) has topped a 3-month average of 630K.
    • The image sensor vendor made a new 52-week high of $28.95 on Friday. Shares +57% YTD.
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Company Description
OmniVision Technologies Inc designs, develops and markets semiconductor image-sensor devices. Its main products are CameraChip image sensors and CameraCubeChip imaging devices.