MPI Corporation (6223.TT)

Transcription

1 MPI Corporation (6223.TT) Credit Suisse 17th Annual Asian Technology Conference Presentation Disclaimer The information herein contains forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that these expectations and projections are reasonable, such forward-looking statements are inherently subject to risks, uncertainties and assumptions about us, including, among other things: the intensely competitive Semi-conductor, and LED industries and markets; Cyclical nature of the semiconductor industry; Risks associated with global business activities; General economic and political conditions. All financial figures discussed herein are prepared pursuant to IFRS. All audited figures will be publicly announced upon the completion of our audited process. 1

2 Company at a Glance Founded July, 25, 1995 Paid-in Capital NTD$ 796M ( the latest ) Employees 148 ( ) Business Portfolio 216' Q2 79% 18% 3% 216' Q1 67% 3% 3% 215' Q4 71% 27% 2% 215' Q3 66% 33% 1% % 1% 2% 3% 4% 5% 6% 7% 8% 9% 1% Probe card LED New Business Unit 2

3 Net Sales by Geographic Rest of Europe NT$ MM Asia Europe 3% 7% Taiwan 15% China 52% 1% Rest of China Asia 5% 8% USA 19% Taiwan 4,5 4, 3, Q2 Malaysia 23% 216 Q2 LED Equipment Div. 68% 216 Q2 Probe card Div. 3,969 3,788 3, 2,787 2,5 2, 1,876 1,697 1,884 1,519 1, , Taiwan China Sigapore EU USA RoW Total 216 Q2 55.3% 15.7% 2.3% 2.6% 14.3% 9.8% 1% Agenda Business Contents Semi-conductor (Probe Card) Photonics Automation (LED) RF Probe & AST Thermal Financial Statements 3

4 Semi-conductor (Probe Card) Credit Suisse 17th Annual Asian Technology Conference Top 1 Probe Card Vendors (29-215) (Rank) FormFactor, Inc. USA Micronics Japan Co., Ltd. Japan Technoprobe Italy Japan Electronic Materials Japan MPI Corporation Taiwan Cascade Microtech USA SV TCL Singapore Will Technology Korea Korea Instrument (KI) Korea Microfriend Korea Source: MPI/VLSI 4

5 Industry M&A Cascade stockholders to receive per share1: Cash of $ shares of FormFactor Stock Total consideration value of ~$ ~$352M of total consideration to Cascade stockholders Founded in 1993 Headquartered in Livermore, CA FY 215 Revenue of ~$282M ~95 Employees Leadership in production probe card for: Microprocessors, Application processors, SoCs DRAM Locations in 8 countries Founded in 1983 Headquartered in Beaverton, OR FY 215 Revenue of ~$144M ~5 Employees Leadership in: RF Production Probe Cards Engineering Probe and Probe Systems Locations in 6 countries Product Mix of CPC (Cantilever) 9% 8% 78% Top 2 94% 7% 71% 71% 7% 6% 5% Top 15 91% 4% 3% 2% 21% 28% 28% 29% Top 1 86% 1% % 1% 1% 1% 1% 15'Q3 15'Q4 16'Q1 16'Q2 LCD Driver IC Logic Niche Memory Top 5 75% % 2% 4% 6% 8% 1% 5

6 CPC Pin-Shipment PIN 6, 5, 4, B/B Ratio , ,.6.4 1,.2 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec. VPC Pin-Shipment PIN 5, B/B Ratio 1.6 4, 3, ,.6 1,.4.2 Jan. Feb. Mar Apr May Jun Jul Aug Sep Oct Nov Dec. 6

7 CPC and VPC Yearly Trend PIN 6,, 5,, 4,, 65.6% 61.9% 61.4% 3,, 2,, 34.4% 38.1% 38.6% 49.5% 5.5% 1,, Q2 Gross Margin Between Competitors 6% 5% 49.7% 49.1% 47.% 42.2% 46.2% 46.6% 45.4% 4.8% 44.5% 46.7% 4% 3% 2% 1% % 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 FFI MJC JEM MPI 7

8 Operating Margin Between Competitors 3% 2% 19.% 1% 7.6% 14.6% 9.9% 1.4% 1.7% 9.% 6.9% 13.7% % 1.8% -1% -2% -3% 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 FFI MJC JEM MPI Photonics Automation (LED) Credit Suisse 17th Annual Asian Technology Conference 8

9 LED EPI Process LED TAM 9

10 215 LED at a Glance 215 M&A 215 M&A 19% 33% 51% 3% 16% 51% EPI Packaging Lighting Cross-Industry Horizontal Integration Vertical Integration 216 Shipment Unit Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1

11 216 Shipment by Geographic Unit Taiwan China Over Sea Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec RF Probe & AST Credit Suisse 17th Annual Asian Technology Conference 11

12 Who Are Our Target Customers? *IDM: Integrated Device Manufacturer. **OSAT: Outsourced Semiconductor Assembly and Test Target Industries Electronics Defense/ Aerospace Biomedical/ Pharmaceutical Automotive Semiconductor Telecom/ Fiber Optic 12

13 RF Probe AST 13

14 Thermal Financial Statements Credit Suisse 17th Annual Asian Technology Conference 14

15 Balance Sheet Highlight Amount: NT$ Million 2Q 216 2Q 215 Cash and Cash Equivalents 61 8% 49 9% Fixed Assets 3,54 48% 2,973 48% Total Assets 7,445 1% 6,199 1% LT Debt 245 3% 53 1% Shareholders' Equity 3,634 49% 3,569 58% EBITDA *EBITDA=operating income + depreciation & amortization expenses Income Statement NT$1, 216 Q2 215 Q2 Net Sales 2,2,552 1% 1,95,693 1% Cost of Goods Sold 1,193,941 54% 1,45,243 54% Gross Profit 1,6,611 46% 95,45 46% Operating Expense 767,143 35% 71,331 36% Operating Income 239,625 11% 26,592 11% Investment Income & Others 1,55 14,541 Net Income (before tax) 2,857 9% 176,179 9% EPS (before tax) Net Sales NT$ 1, 5, 4, 3, 2, 1, Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 15

16 R&D Expenses, Capex and Depreciation R&D Expenses CAPEX and Depreciation Expenses NT$ 1, 9, 8, 7, 6, 19% R&D % of Total Sales 2% 18% 18% 19% 3% 25% 2% NT$ million 1,2 1, 8 Capex Depreciation Expenses 1,73 5, 4, 3, 2, 1, 15% 1% 5% Q2 % Q2 Thank You 16