Sino-american Silicon Products Inc. · TPEX:5483
Sino-american Silicon Products — HSBC 2nd Annual Asia Investor Forum London 2014
35 slides from Sino-american Silicon Products's conference presentation, Jun 10, 2014
Slide 1: HSBC 2nd Annual Asia Investor Forum London
HSBC 2nd Annual Asia Investor Forum London 9~10 June 2014
Slide 2: Legal Disclaimer
Legal Disclaimer This document is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. SAS’s statements that are not historical facts are forward-looking statements that indicate actions or results of actions that may occur in the future,
Slide 3: SAS Company Profile
SAS Company Profile Established : 1981 Paid-in Capital : NTD 5.2 B Employees : about 3,500 (worldwide) Headquarter : Hsinchu Science Park, Taiwan R.O.C. Products : semiconductor wafer(3”~12”), solar wafer / cell Revenue： 2009 NTD 11.9 B 2010 NTD 22.5 B ~record high~ 2011 NTD 17.5 B 2012 NTD 18.4 B M
Slide 4: Milestones
Milestones 1981 Established with focus on semiconductor wafer manufacturing 1999 China subsidiary, SST, established 2000 First in Taiwan to enter solar ingot/ wafer production; mass production of semiconductor polished wafer 2001 IPO on Tawian’s OTC market (Ticker # 5483 TT) 2007 Optoelectronics Bus
Slide 5: SAS Group Organization Structure
SAS Group Organization Structure sapphire semiconductor solar 40.16% 98.6% 25% 50.95% Crystalwise GWC Accusolar Sunrise formerly (GlobalWafers Co.,Ltd, (Accusolar Co., (Sunrise Global Solar Sino Sapphire Co., Ltd. Taiwan) Ltd. Taiwan) Energy Co., Ltd, Taiwan) 100% 100% 100% 100% SST GT GWJ ALEO Sino
Slide 6: Global Manufacturing Sites
Global Manufacturing Sites Solar Semiconductor GWJ(Niigata) SAS Chunan Factory 1 USA TX (GTI) 4 countries/ 10 Fabs GWJ (Oguni) SAS Hsinchu Factory Chunan Factory 2 (SAS Headquarter) GWJ Tokuyama) Kunshan Factory Sunrise Factory (SST) GWJ(Sekikawa) 6
Slide 7: SAS Consolidated Financial Figures
SAS Consolidated Financial Figures unit: NTD M 2013 % 2014.Q1 % Revenue 22,215 100 6,348 100 Gross Profit 2,439 11 1,007 16 Operation Income 629 3 446 7 EBITDA 4,058 1,165 PBT 429 2 573 9 Equity Value 18,298 52 18,937 52 Total Debt & Debt ratio 19,088 48 19,809 48 Market cap (as of e/Dec ’13) 26,523
Slide 8: SAS Group Semiconductor Sector
SAS Group Semiconductor Sector GWC fab in Niigata, Japan 8
Slide 9: GWC Consolidated Financial Figures
GWC Consolidated Financial Figures unit: NTD M 2013 % 2014.Q1 % Revenue 15,570 100 3,703 100 Gross Profit 3,663 24 1,023 28 Operation Income 2,194 14 583 16 EBITDA 4,495 976 PBT 2,206 14 633 17 Equity Value 13,135 63 13,935 63 Total Debt & Debt ratio 7,872 37 8,259 37 ROE(%) 14.66 3.98 9
Slide 10: Global Semiconductor Market Analysis
Global Semiconductor Market Analysis Source : WSTS, 工研院IEK, TSIA 2014-03 2013 global semiconductor ic sales revenue : US$ 305.6B, up 4.8% YoY US: $61.5B/13.1% ↑ JPN: $34.8B/15.2% ↓ EU: $34.9B/5.2% ↑ ASIA: $174.4B/7% ↑ 10
Slide 11: Global Semiconductor Revenue & Growth
Global Semiconductor Revenue & Growth 2013~2018 Semiconductor Revenue (US$M) Growth (%) 400,000 388,576 371,418 348,565 356,150 14 350,000 332,501 315,517 12 300,000 10 250,000 8 200,000 6 150,000 5.4 5.2 4.8 4.6 4.3 4 100,000 50,000 2.2 2 0 0 2013 2014 2015 2016 2017 2018 data source: Gartner 2014-
Slide 12: Global Semiconductor Market Forecasts
Global Semiconductor Market Forecasts Source : IC Insights 2014-02-18 2016 : Semiconductor Units surpassing ONE TRILLION devices shipping 2014 : 8% ↑ 2015 : 11% ↑ 2016 : 12% ↑ 12
Slide 13: GWC Global Tier-1 Client base
GWC Global Tier -1 Client base Taiwan Japan US/ Europe 13
Slide 14: SAS Group Solar Business Sector
SAS Group Solar Business Sector Silfab in Italy Sino American Silicon Products Inc. 14
Slide 15: Strategic Investment in Solar Value Chain
Strategic Investment in Solar Value Chain Poly Si Ingot Mono Crystalline Mono Crystalline High Efficiency Main Products: Wafer Wafer Multi Crystalline Wafer Wafer Location: Taiwan Ownership: 50.95% => 100% Main Product: Ultra High Efficiency Mono Cell Cell Capacity: 350MW Location: Taiwan Module Own
Slide 16: Briefing on Sunrise Global Solar Energy (Solar Cell)
Briefing on Sunrise Global Solar Energy (Solar Cell) 16
Slide 17: Sunrise Company Profile
Sunrise Company Profile Established : 2007 Paid-in Capital : NTD $2.5 billion Employees : 431 Headquarters：Lize Industry Park, Yilan County Revenue：2012 NTD 2.33 B 2013 NTD 3.35 B 2014 Jan ~ May NTD 1.8 B 2007.08 Established 2008.12 5-year R&D program with The University of New South Wales, cel
Slide 18: Sunrise Financial Figures
Sunrise Financial Figures 2014 Unit : NTD M 2013 Jan~ May Revenue 3,349 1,804 Gross Profit 302 - GPM 9.0% - PAT 164 - EPS 0.65 - Debt Ratio 17% - Cash & Cash Equivalent 1,574 - 18
Slide 19: ALEO Solar AG
ALEO Solar AG Established : 2001 Location : Prenzlau, Germany (120km from Berlin, 75mins by car) Capacity : 280MW Product : High Efficiency Solar Module 19
Slide 20: Crystalwise Investment Status
Crystalwise Investment Status Initial Investment date : 2013. 01. 01 (merger between Sino Sapphire & Crystalwise) Main products : Sapphire Wafer Holding Shares (as of e/May ’14) : 82,848,244 Holding Shares Ratio (as of e/May ’14) : 40.16% SAS Vice Chairman, Mr. Tom Yao to serve as the Chai
Slide 21: Crystalwise Technology Inc.
Crystalwise Technology Inc. 21
Slide 22: Company Profile
Company Profile & Founded: 02NOV. 2000 Capital : 1,686,250,290 NTD (US$57.47M) Employees: 700 in Taiwan ; 150 in China (YHTM) Products: 2". 4" + 6" Single-Side Polished Sapphire Substrate 2" » 4" . 6" Pattern Sapphire Substrate Sapphire Optical Windows, Sapphire Carriers 4" LiTaOs + LINbOs Crystal &
Slide 23: Company History
@ 2000. 11 @ 2001. 02 06 @ 2002. 06 07 @ 2007. 09 @ 2009. 04 07 10 2010. 05 2011. 05 2013. 01 Company History SAS) Founded with Capital NTD 20 Million. Established LN/LT waferring development in ITRI incubation center Oxide-compound substrate qualified by customers Approved Ministry Economic of Affa
Slide 24: 85KG Sapphire Crystal Growth at YHTM
85KG Sapphire Crysrtal Growth at YHTM 24
Slide 25: 90-120kg-KY Pulling Technology Development
90-120kg-KY Pulling Technology Development 25
Slide 26: Sapphire Applications of CWT
Sapphire Applications of CWT 26
Slide 27: Taiwan Headquarters Plan
Taiwan Headquarters Plan & * New HQ will be constructed at | Chunan in Q4, 2014. ¢ Total footprint is around 28,561 m2. ERA ESE ee Sino-American Silicon Products Inc. 7
Slide 28: Capacity Plan of 2014
Capacity Plan of 2014 & SITE Crystal P/W (TIE) PSS (TIE) | As-Cut (4”) LASER (pcs) Hsinchu | 150K/M Hsinchu II 400K/M Chunan 250K/M 250K/M 600K/M YHTM | 150K/M HQ 500K/M \/400K/M 1,000K/M YHTM II TBD 300K/M 100K/M SSKT Holeeirs 30K/M per ann. Sino-American Silicon Products Inc.
Slide 29: Camera Sapphire Glass Lens
Camera Sapphire Glass Lens 29
Slide 30: Sapphire Supplier Revenue in 2013
Sapphire Supplier Revenue in 2013 Total: US$944 m •The top 5 vendors captured 35% of revenue. The top 20 captured 77%. •The 65 remaining companies shared wafer related revenue of US$217 m • But some of those “2 ndtier” are quite successful with non wafer products (not reported here). We estimate tha
Slide 31: CWT Sapphire for LED Revenue
CWT Sapphire for LED Revenue 2010 - 2014 120,000,000 Estimated revenue 100,000,000 100,000,000 77,701,244 80,000,000 65,013,663 63,370,552 60,000,000 47,475,609 40,000,000 20,000,000 USD- 2010 2011 2012 2013 2014 31
Slide 32: SAS & GWC Dividend policy
SAS & GWC Dividend policy Year EPS Dividend S 2010 10.5 NTD 5.5 A 2011 1.02 NTD 0.85 S 2012 (4.9) - 2013 0.57 NTD 1.0 Year EPS Dividend G 2011 - spin off W 2012 3.44 NTD 2.8 C 2013 6.22 NTD 5.5 32
Slide 33: Solar Industry Outlook
Solar Industry Outlook Global solar system installation to reach 45 ~ 50 GW in 2014. Given strong recovery of solar market worldwide this year, SAS is expecting good growth on shipment quantity in 2014. SAS will complete the M&A of Sunrise, known as high efficiency mono cell production and wil
Slide 34: Semiconductor Industry Outlook
Semiconductor Industry Outlook SIA announced Q1 global semiconductor sales US$78.47B as highest ever record. Given the favorable tendency of the semiconductor market, GWC will keep expanding production capacities to meet customers’ strong demand. For GWC, Communication and Automotive will be t
Slide 35: Q&A
Q&A
Sino-American Silicon Products — HSBC 2nd Annual Asia Investor Forum London 2014 on 6ix