(트렌드허브 KR – Posts by ICARUS Journalist) SFA Semiconductors, a semiconductor back-end subsidiary of SFA, finds itself wrapped in sale rumors once more, merely two years since 2022. Amidst carrying a significant deficit, SFA Semiconductors is exploring asset sales to improve liquidity but denies the rumors concerning its sale.
Recent speculations suggest that the Doosan Group is considering acquiring SFA Semiconductors to bolster its semiconductor back-end lineup. Should this M&A materialize, it would mark Doosan’s most substantial foray into this business segment since its initial jump into the semiconductor field in 2022 with the acquisition of Tesna (now Doosan Tesna), committing to invest a total of 1 trillion won by 2027 in the semiconductor business.
SFA Semiconductors aims to enhance its foothold in the advanced packaging market, focusing on memory semiconductors and PMIC (Power Management Integrated Circuits). The major shareholder, DI Holdings, had pegged its value at around 800 billion won in 2022, but a sale did not materialize. Negotiations are reportedly ongoing, with figures between 800 billion to 900 billion won being discussed.
SFA Semiconductors was spun off from Samsung Electronics’ Onyang plant in 1998 and was significantly grown after being acquired by the Bowang Group in 2002. Despite securing robust clientele like Samsung Electronics, SK Hynix, and Micron, it has faced continuous financial difficulties due to persistent deficits.
The advancement in AI technology and the increasing demand for high-performance semiconductors have highlighted the critical role of packaging technologies. These market shifts present new opportunities for SFA Semiconductors and underscore the necessity for restructuring through sales.
Dual Insight Analysis
Positive Perspective:
- Opportunity for Technological Business Expansion: Doosan Group’s acquisition of SFA Semiconductors could significantly enhance its competitive edge in the semiconductor back-end sector. Given the rising importance of packaging technologies amid advancements in AI and high-performance computing, SFA Semiconductor’s capabilities could prove to be a valuable asset to Doosan.
- Potential for Synergy Creation: The combination of SFA Semiconductor’s existing customer base and technological expertise with Doosan Group’s financial and operational capabilities could create powerful synergies. This could contribute to Doosan’s sustainable growth in the semiconductor business over the medium to long term.
Negative Perspective:
- The Burden of High Sale Price: The high asking price for SFA Semiconductors could pose a significant burden on the Doosan Group. Considering the current economic conditions and the volatility of the semiconductor market, an excessive price could negatively impact investment profitability.
- Risks in the Integration Process: Cultural clashes and operational inefficiencies during the post-acquisition integration process could negatively affect the business in the short term. Additionally, uncertainties due to changes in relationships with existing customers could also pose risk factors.
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