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Technology Stocks : Semi Equipment Analysis
SOXX 296.74+1.8%Nov 28 4:00 PM EST
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To: Donald Wennerstrom who wrote (71629)2/17/2016 10:11:25 PM
From: Elroy2 Recommendations

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Gottfried
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Even though it's small, just look at SIMO's growth, it's nuts.

$130m in 2010 to $360m in 2015 is amazing, and most of that is organic revenue growth. I wouldn't be surprised if that's the fastest growth for any publicly traded semiconductor company over that time period/

Who else has almost tripled revenues in 5 years?

And forecast more growth from here.....

And SIMO is one of the only ways I can think of to invest in the transition from disk drives to SSDs in computers (as well as everyhere else, but computers are a massive market). Every one of those SSDs needs a controller, and SIMO is the world's largest merchant SSD controller maker.

Why only a 13x PE rather than a 27x PE?

If their SSD controller business continues as expected (it grew 300% in 2015, but from a small base, they only entered the market in 2014) I think they may get some nice multiple expansion. We'll see.

MRVL was the big dog in SSD controllers for the past few years, and SIMO basically came in and just took the low end / high volume segment away from MRVL. As SIMO moves up the SSD controller food chain from entry level (SATA-3 for clients) to enterprise level and PCIe and 3D NAND and wherever, if they do as well as they've done in the SATA-3 client SSD market they're going to grow like a weed.
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