CHPT. Company Profile for Investor. November, Chunghwa Precision Test Tech. Co., Ltd.

Transcription

1 CHPT Company Profile for Investor November, 2017 Chunghwa Precision Test Tech. Co., Ltd.

2 Disclaimer Certain of this release includes forward-looking statements, these forward-looking statements are based on our current expectations, projections and beliefs as of the date of this release and are subject to known and unknown risks, uncertainties and assumptions that may cause actual results to differ materially from what may be expressed or implied by such statements. All statements other than statements of historical fact in this release regarding our future performance, revenues, margins, market share and any future events or prospects, are forwardlooking statements. We undertake no obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise. 2

3 Outline Operating Results Outlook Achievements Q&A 3

4 CHPT Quarterly Revenue Trend YoY 22.1% (unit: TWD mn) QoQ 11.4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q

5 精測 6510 CHPT s Products and Services Wafer Fabrication Wafer Probe Packaging IC Testing Shipment Tester Test Head PCB TFMLO Probe Head Wafer Probe Card Tester Handler IC Socket Load Board Prober Test Head Industry s only company provides In House, One Stop Shop Service 5

6 Business Model & Sales by Customer Type Fabless Foundr y OSAT Probe Card Vender CHPT 6

7 精測 6510 Outlook Semiconductor Market Mobile computing High Performance Computing Automotive electronics CHPT Focus Filed AP RF GPU IoT AI & 5G PMIC 7

8 Semiconductor s and Foundry s Revenue and Growth Rate Semiconductor Revenue($B) and Growth Rate % 20% 15% Foundry Revenue($B) and Growth Rate % 10% 8% % 40 6% % 0% % 2% (e) 18(f) 19(f) 20(f) 21(f) -5% (e) 18(f) 19(f) 20(f) 21(f) 0% 2017 ~ 2021 s CAGR 2.6% 2017 ~ 2021 s CAGR 5.5% 8

9 精測 6510 Foundry s process Revenue Trend mn USD 80,000 70,000 60,000 50,000 40,000 7 nm 10 nm 14/16 nm 20 nm 28/32 nm 40/45nm and above CAGR of under 10 nm s Advanced process will surge up to 30% in ,000 20,000 10, (e) 18(f) 19(f) 20(f) 21(f) 9

10 精測 6510 CHPT AP Revenue by Process Nodes 100% 80% 60% 40% 20% 7nm 10nm 14/16nm 20nm 28nm 0% Q Q Q3 10

11 Financial Results 3Q17 Financial Results Net Revenue $935,584 K (vs. $839,680 k Prior Qtr) Gross Margin 56.9 % (vs % prior Qtr) Operating Exp. Ratio 26% (vs. 26% Prior Qtr) $766,405 7% 11% $839,680 $935,584 8% 5% 11% 9% in NT$ Thousand Service & Others Load boards Probe Cards Operating Margin 30% (vs. 30% Prior Qtr) Net Income $ 231,659 K (vs. 203,895 k Prior Qtr) 82% 86% 81% Net Profit Margin 25% (vs. 24% Prior Qtr) EPS $7.49 (vs. $6.62 Prior Qtr) 3Q16 2Q17 3Q17 11

12 Annual Financial Results Net Revenue YoY 50% Net Income YoY 46% 3,000,000 60% 2,500,000 2,000,000 37% 41% 48% 52% 52% 50% 40% 1,500,000 2,595,197 30% 1,000,000 1,725,149 20% 500,000 1,064, , ,739 - NT$ thounsand Net Revenue 559, ,739 1,064,966 1,725,149 2,595,197 Gross margin 37% 41% 48% 52% 52% Net Income 39,940 55, , , ,779 EPS(NT$) % 0% Jan.-Sep Financial Results Net Revenue 2,564,753k YoY 34% Net Income 623,650k YoY 34% Gross Margin 55.7 % YoY 3.2% EPS YoY

13 Balance Sheets & Key Indices ( in NT$ thousand) 9/30,2016 6/30,2017 9/30,2017 Balance Sheets Amount % Amount % Amount % Cash and cash equivalents 1,182, ,125, ,561, Accounts receivable, net 423, , ,521 8 Inventories 402, , ,945 3 PP&E 1,102, ,926, ,004, Total Assets 3,163, ,828, ,348, Total current liabilities 585, , , Total noncurrent liabilities 847-1, ,305 0 Total Liabilities 586, , , Capital stock 307, , ,890 5 Additional Paid-In Capital 1,388, ,388, ,926, Retained earnings 882, ,167, ,398, Total Equity 2,577, ,860, ,650, Key indices A/R Turnover Days Inventory Turnover Days ROE 34% 28% 20% 13

14 Cash Flow ( in NT$ Thousand) 3Q16 2Q17 3Q17 Beginning Balance 1,276, ,357 1,069,608 Cash generated from operations 93, , ,455 Income tax paid (48,453) (91,897) (66,498) Net cash provided operating activities 45, , ,957 Land & Buildings (126,909) (7,856) (6,922) Equipment & Others (86,065) (79,938) (127,000) Capital expenditures (212,974) (87,794) (133,922) Cash dividends (184,734) - (246,312) Issuance of common stocks - - 2,557,053 Investments and others 125,160 (45,773) (1,896) Ending Balance 1,048,945 1,069,608 3,505,488 Free Cash Flow (167,656) 294, ,035 Depreciation 26,004 38,482 41,915 14

15 Outlook Short term Due to deferred orders, 4Q17 revenue may be equivalent to 4Q16. CHPT still remains cautiously optimistic about 2018 outlook. Medium term Global top 5 AP chipset makers are all CHPT s clients major models are all in the stages of engineering evaluation or trial run, would expect AP orders continue to expand. CHPT taps into more than 10 customers supply chain, would grow its probe card business opportunities. Long term PCB and probe card business opportunities in non-ap field. Develop satellite communication PCB. 15

16 Global Probe Card Market CHPT focuses on the logic probe card sector with approximately NTD 30 billion (or USD 1,130 million) market value. CHPT targets all types of chip which require High Pin Count and Fine Pitch solution. Million USD Probe Card Market CAGR 5.3% Logic CAGR 6.1% Flash CAGR 5.5% DRAM CAGR 2.7% 0 Logic DRAM Flash Source : VLSI Research ; CHPT (2017/08) 16

17 Our Prospects in Satcom Industry We work with one of the satellite leaders on making satellite PCB after contract signed at the end of June The estimated market value of satellite PCB is around USD 240 million per year. Reduce the risk of singlesegment concentration Expand to new client base in aerospace Synergy Allocate the utilization rate between peak and off-peak season In preparation of PCB for the large scale of ATE s demand 17

18 Achievements Demonstrated the first ever 30um pitch TFMLO at 2017 SEMICON Taiwan High speed electric current replenish technology conducted at manufacturing level Achieve PCB aspect ratio to 50 Marketing successfully in Northeast Asia, and won orders from a well-known high-end chip maker Optimistic about the IoT RF probe card market Collaborate with clients in developing the ultra fine pitch to meet the demand below 50um 18

19 Q & A Chunghwa Precision Test Tech. Co., Ltd.