Actions Semi Speaking Quietly

Actions Semiconductor Corporation (ACTS) designs and markets integrated platform solutions, including system-on-a-chips (SoCs). The firm derives virtually all its revenue from the ultra-competitive MP3 market, which has experienced serious ASP [average selling price] erosion.

Help may be on the way with the high end series 13, which has 30 design wins. We would remain on the sidelines until such time as the design wins are transformed into meaningful revenue growth.

June quarter results beat consensus estimates on the top and bottom-line. We are reiterating our Hold recommendation and setting a price target of $4.50. This translates to 10.4x multiple of 2008 EPADS [earnings per American Depositary Shares].

Read the full analyst report on ACTS

Read the full analyst report on ACTS