20240110-招银国际-Semiconductor_Synopsys_eyes_on_Ansys__a_potential_software_giant_in_the_making_3页_455kb

CMB International Global Markets | Equity Research | Sector Update

Report Summary

This report analyzes the semiconductor industry, focusing on potential deals and market trends. A key development is that Synopsys has entered advanced negotiations to acquire Ansys for approximately US$35 billion (or ~US$400 per share), impacting the concentrated EDA market. Ansys's current stock price is US$348.63, representing a ~15% premium at US$400 per share. EDA companies, including Synopsys, Cadence, and Ansys, dominate the market with over 70% share. The deal reflects horizontal expansion amid geopolitical risks and semiconductor localization trends, especially in China. Synopsys is also exploring acquisitions due to industry consolidation pressures, while Chinese EDA companies like Empyrean Tech and Semitronix offer standalone solutions but face limited market opportunities.

Key Considerations:

• Synopsys aims to integrate Ansys into its product offerings and client services.
• EDA industry consolidation leaves less room for smaller players.
• China's EDA market growth is noted, with local companies seeking to solidify their positions amid localization.
• Increased presence in China and global macro trends drive strategic M&A interest in this sector.