Seeking Alpha

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.
    | Comment!
  • 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, 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
    | Comment!
  • 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%.
    | 1 Comment
  • 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
    | Comment!
  • 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.
    | Comment!
  • 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.
    | Comment!
  • Nov. 26, 2014, 2:52 PM
    • Chip stocks are outperforming after Analog Devices (ADI +5.2%) beat FQ4 estimates and offered in-line FQ1 guidance. The Philadelphia Semi Index (SOXX +1.9%) has made new highs.
    • Notable gainers include many analog/mixed-signal and telecom IC firms: TXN +3%. LLTC +2.7%. SMTC +3.1%. ISIL +3.3%. SWKS +3.7%. AVGO +2.9%. OVTI +3.2%. FSL +3.1%. EZCH +2.5%. XLNX +2.3%. ALTR +2.1%. MX +4.3%. PMCS +2.7%. BRCM +2%.
    • On its CC (transcript), ADI noted its telecom equipment chip sales are holding up well in spite of weak capex, aided by the fact its dollar content for 4G base stations is "at least 20% to 30% better" than for 3G base stations. The company also mentioned its lead times were stable in FQ4.
  • Aug. 28, 2014, 5:21 PM
    • OmniVision (NASDAQ:OVTI) is guiding for FQ2 revenue of $360M-$390M and EPS of $0.43-$0.59, in-line with a consensus of $374.5M and $0.49.
    • FQ1 gross margin was 21.7%, up from 20.1% in FQ4 and 17.4% a year ago. GAAP opex +17% Y/Y to $56.3M. Cash/short-term investments rose by $73.2M Q/Q to $524.2M (compares with a market cap of $1.6B).
    • Both mobile and automotive demand fueled the FQ1 beat. OmniVision says it's "ramping up multiple members" of its high-end PureCel image sensors for mobile clients.
    • No update is given in the earnings release on OmniVision's review of a $29/share non-binding offer from a Chinese group led by Hua Capital. Shares are at $27.73 AH.
    • FQ1 results, PR
    | Comment!
  • Aug. 28, 2014, 4:24 PM
    • OmniVision Technologies (NASDAQ:OVTI): FQ1 EPS of $0.91 beats by $0.38.
    • Revenue of $406.5M (+8.8% Y/Y) beats by $25M.
    • Shares +2.98% AH.
    • Press Release
  • Aug. 15, 2014, 9:54 AM
    • Baird has downgraded OmniVision (OVTI -1.8%) to Neutral a day after the company received a non-binding $29/share buyout offer from a Chinese investor group led by Hua Capital. The firm doesn't think OmniVision, which now trades at $27.67, will see a premium to Hua's offer.
    • Yesterday, Needham hiked its target by $5 to $32 in response to the bid. The firm observes chip companies recently acquired by state-owned Chinese entities have seen "an average 5-10% bump from the initial bid." It also thinks a competing offer from a U.S. firm or Chinese entity is possible.
  • Aug. 14, 2014, 10:21 AM
    • OmniVision (OVTI +13.5%) has jumped in response to Hua Capital's non-binding $29/share buyout offer.
    • Shares are making new 52-week highs, but remain 4% below Hua's offer price.
  • Aug. 14, 2014, 9:07 AM
    • China's Hua Capital has made a "non-binding" offer to acquire OmniVision (NASDAQ:OVTI) for $29/share in cash. The price represents an 18% premium to yesterday's close, and translates into a $1.7B valuation.
    • The image sensor vendor says its board is reviewing Hua's proposal, and has made no decision yet.
    • Shares are halted.
  • Jun. 25, 2014, 11:23 AM
    • Following a strong 2014 rally, Stephens has cut OmniVision (OVTI -3.2%) to Equal Weight.
    • Shares still +27% YTD. They flew higher in May following an FQ4 beat and strong FQ1 guidance.
    | Comment!
Visit Seeking Alpha's
OVTI vs. ETF Alternatives
Company Description
OmniVision Technologies Inc designs, develops and markets semiconductor image-sensor devices. Its main products are CameraChip image sensors and CameraCubeChip imaging devices.