Asmpt Limited · HKEX:522
Asmpt — FY2021 Earnings Presentation
37 slides from Asmpt's earnings presentation, Feb 23, 2022
Slide 1: 2021 Annual Results Presentation
2021 ANNUAL RESULTS PRESENTATION 23rd February 2022 1
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is provided for These forward-looking statements reflect the Company’s current informational purpose only, and should not be relied upon for the expectations, beliefs, hopes, intentions or strategies regarding the purpose of making any invest
Slide 3: Agenda
AGENDA Group Key Highlights Outlook Key Investor Takeaways Financial Appendix Q&A 3
Slide 4: Group Key Highlights
ASM Pacific Technology
Slide 5: Group Key Highlights
Group Key Highlights FY21 Record Breaking Financial Performance Progress & Development in Advanced Packaging Exciting Growth Opportunities – Automotive, Advanced Displays and Memory Markets 5
Slide 6: Group Key Highlights
Group Key Highlights FY21 Record Breaking Financial Performance Progress & Development in Advanced Packaging Exciting Growth Opportunities – Automotive, Advanced Displays and Memory Markets 6
Slide 7: 2021 Group Financial Results
2021 Group Financial Results Record EPS, Revenue, Bookings and Net Profit (+49.3% YoY) (+65.6% YoY) (+427 bps YoY) (+94.5% YoY) US$2.82B US$3.36B 40.6% HK$7.72 Revenue1 Bookings1 Gross Margin 1,2 EPS Operating Backlog1 Net Profit1,2,3 DPS Margin1,2 (+68.7% YoY) (+273.6% YoY) (+1,007 bps YoY) (+44.4%
Slide 8: 2021 Group Financial Results: Record EPS
2021 Group Financial Results Record EPS of HK7.72, Representing Growth of 94.5% HKD 3.97 7.72 FY20 FY21 Implied P/E ratio* 20.4x 10.5x * Implied P/E ratio is computed on the reference closing share price of HK$80.90, 18 February 2022 8
Slide 9: FY21 Group Financial Results
FY21 Group Financial Results 4,000 3,362 3,500 3,000 2,824 2,500 2,032 1,895 USD’M 2,000 1,500 1,000 Record Bookings, Revenue and Operating Profit 500 0 FY2020 FY2021 1 1 Bookings Revenue Record bookings for SEMI and SMT Gross 36.3% 40.6% Margin1,2 FY21 Revenue drivers: 5,000.0 4,142 ▪ Prior years u
Slide 10: Q4 2021 Group Financial Results
Q4 2021 Group Financial Results 900 802 796 800 735 674 700 600 542 556 500 USD’M 400 300 200 100 Revenue exceeded guidance 0 Q4 2020 Q3 2021 Q4 2021 1 1 Bookings Revenue Gross Q4 Bookings: Margin1,2 35.4% 40.6% 41.3% ▪ Elevated compared to prior years’ Q4 level ▪ QoQ declined in line with seasonali
Slide 11: Q4 2021 Semiconductor Solutions Segment Performance
Q4 2021 Semiconductor Solutions Segment Performance 600 526 Robust Q4 revenue growth 500 456 456 400 334 358 307 Q4 Bookings: USD’M 300 ▪ Mainstream – Die and Wire bonders 200 ▪ Advanced Packaging (AP) – Panel level ECD and TCB ▪ QoQ declined in line with seasonality 100 0 Q4 Revenue drivers: Q4 202
Slide 12: Q4 2021 SMT Solutions Segment Performance
Q4 2021 SMT Solutions Segment Performance 400 345 350 316 300 279 270 249 250 208 USD’M 200 150 Automotive and Industrial demand momentum continued 100 50 0 Q4 2020 Q3 2021 Q4 2021 Q4 Bookings: Bookings Revenue ▪ QoQ and YoY increase ▪ Automotive and Industrial demand momentum continued Gross Margin
Slide 13: Key Partner to Industry Leading Customers
Key Partner to Industry Leading Customers Serving Industry-Leading Semiconductor and Electronics Manufacturers Globally FY21 Revenue Breakdown by Geography Customer Groups China 52% OEM Fabless/Foundry Europe 12% OSAT EMS Taiwan 8% IDM LED Manufacturers Japan Americas CIS Camera High Density 3% 8% S
Slide 14: Group Key Highlights
Group Key Highlights FY2021 Record Breaking Financial Performance Progress & Development in Advanced Packaging Exciting Growth Opportunities – Automotive, Advanced Displays and Memory Markets 14
Slide 15: Advanced Packaging
Advanced Packaging Broadening Customer Base The Group's diverse AP portfolio spans wafer-level to die-level high-accuracy placement tools and SiP placement tools, addressing a broad range of packaging technologies (2.5D, 3D-IC, Fan-in, Fan-out Wafer-Level and SiP) FY21 Revenue approx. USD 590M – 35%
Slide 16: TCB – Extending our Technological Leadership
TCB – Extending our Technological Leadership Significant Order Win for New Generation Chip-to-Wafer (C2W) TCB tool for Heterogeneous Integration Existing Generation New Generation Future Generation Firebird TCB C2S (2019) Firebird TCB C2W (2022) ▪ Chip-to-Substrate tool ▪ Latest Generation Chip-to-W
Slide 17: Group Key Highlights
Group Key Highlights FY2021 Record Breaking Financial Performance Progress & Development in Advanced Packaging Exciting Growth Opportunities – Automotive, Advanced Displays and Memory Markets 17
Slide 18: Automotive Electrification – Multi-Year Growth Driver
Automotive Electrification – Multi-Year Growth Driver Wire Mass Bonding and Die Active Automated Optical Bonding Transfer Bonding Alignment Inspection LED / Advanced Display Solutions CMOS Image Sensor (CIS) Solutions Die Wire Heavy Aluminum Printing Pick & Place Solder Paste Bonding Bonding Wire Bo
Slide 19: Automotive Electrification – Multi-Year Growth Driver
Automotive Electrification – Multi-Year Growth Driver Comprehensive Solutions to Address Automotive Market ▪ Revenue from Automotive applications more than doubled vs. Automotive CIS Solutions FY20 ▪ Number of customers served increased significantly in FY21 Silver Sintering Solutions LED / Advanced
Slide 20: Advanced Display – Inflection Point for Growth
Advanced Display – Inflection Point for Growth Poised to Benefit from Expanding Addressable Market ▪ Mini and Micro LED wafer output expected to expand at 5-Yr CAGR of 55% ▪ Multiple engagements within top-tier customers AD300Pro ▪ Customer base significantly expanded over past 3 years Micro LED ▪ 1
Slide 21: Advanced Display – Inflection Point for Growth
Advanced Display – Inflection Point for Growth Mini LED BLU Mini LED RGB Micro LED Chip Size: >300µm Chip Size: >50~300µm Chip Size: <50µm Pitch Size: 0.3mm to 1.0mm Pitch Size: 0.3mm to 1.0mm Pitch Size: 0.2mm QD + Micro LED QD + Micro LED Mini LED Laptop Automotive CID Micro RGB Micro RGB Tablet S
Slide 22: Memory Market – Strategic Breakthrough
Memory Market – Strategic Breakthrough Foothold in High-Bandwidth and Market Share Gain in Conventional Memory Applications Memory Packaging Market Breakthrough to a Sizeable Addressable Market (Market Volume in ’000s 12’ wafer equivalent) 60,000 ▪ TCB qualified by Tier One memory player for HBM3 mu
Slide 23: Key End-Market Applications
Key End-Market Applications Serving a Broad-based End-Market Applications* Computers Consumer Communication Industrial Automotive Others** Visual Sensors Personal Computers TV Smart Phones EV Charging Infotainment Servers Wearables Wired Infrastructure Smart Factories LIDAR Sensors Medical Devices D
Slide 24: Key End-Market Applications: Automotive, Consumer and Industrial
Key End-Market Applications Automotive, Consumer and Industrial – Sharp Growth, Doubled YoY Automotive ▪ Automotive electrification and general recovery of Automotive sector ▪ Number of customers served increased significantly in FY21 Consumer 24 ▪ Wearable devices, gaming devices, general lighting
Slide 25: Outlook
OUTLOOK 25
Slide 26: Revenue Guidance
Revenue Guidance Q1 2022 Revenue Guidance USD 640M to USD 690M 26
Slide 27: Key Investor Takeaways
ASM (><) Pacific Technology KEY INVESTOR TAKEAWAYS
Slide 28: Key Investor Takeaways
Key Investor Takeaways Unique Broad-Based Portfolio Strong Unique Long-Term Tailwinds Broad-based Portfolio Performance Mainstream & Applicative Advanced Packaging Long-Term Secular Growth Tools Tools Drivers Volume Leverage + Cash (5G / AI / Advanced Displays / Generators High Growth + High Margin
Slide 29: Two-Pronged Growth and Cost Optimisation Initiatives
Key Investor Takeaways Two-Pronged Growth and Cost Optimisation Initiatives Growth Mainstream & Applicative Tools Advanced Packaging Tools Long-Term Grow Market Share Widen Technological Leadership Performance Focus on High-End Segment Intensification of R&D ▪ HBM3: TCB Die Stacking ▪ Memory: Wire B
Slide 30: Through-cycle Revenue Growth in Tandem with Semiconductor Devices Growth
Key Investor Takeaways Through-cycle Revenue Growth in Tandem with Semiconductor Devices Growth Group Revenue (in US$M) 2-Year Average Revenue US$2,501 M 3,600 3-Year Average Revenue US$2,257 M 3,200 237 3-Year Average 2,800 Revenue US$1,782 M 3-Year Average Revenue US$1,469 M 2,400 171 2,000 1,600
Slide 31: Increasing R&D Expenditure
Key Investor Takeaways Increasing R&D Expenditure R&D Investments 300 Commitment to R&D 251 250 ▪ About 10% of Equipment Revenue is invested into R&D each year 200 ▪ R&D expenditure for FY21: US$’M 150 US$251m 100 50 0 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 3
Slide 32: Attractive and Sustainable Dividend Payout Ratio Policy
Key Investor Takeaways Attractive and Sustainable Dividend Payout Ratio Policy Supported by Sustainable Cash Flow Generation Dividend Payout (%) Annual 32% 53% 61% 53% 59% 53% 36% 49% 132% 68% 51% Dividend Payout 12,577 10,328 Dividend Per Share In millions 2.6 (HKD) (HKD) 0.8 1.4 Cumulative 1.3 Div
Slide 33: What Makes ASMPT a Compelling Value Proposition
Key Investor Takeaways What Makes ASMPT a Compelling Value Proposition ▪ Strong and sustainable cash flow generation from Mainstream and Applicative Tools fueled by bullish semiconductor devices unit growth ▪ Continual margin expansion from intensification of R&D in high growth and high margin Advan
Slide 34: Financial Appendix
ASM Pacific Technology
Slide 35: Group Balance Sheet Highlights
Group Balance Sheet Highlights Strong Cash Balance with Improving Cash Conversion Cycle 700 Cash and Bank Deposit Cash Conversion Cycle Capital Expenditure (USD’M) (Days) (USD’M) 120 600 100 500 80 400 60 300 626 575 104 271 88 260 260 40 82 79 200 391 241 242 287 299 50 20 47 100 0 0 FY17 FY18 FY19
Slide 36: ASM Pacific Technology
ASM Pacific Technology 36
Slide 37: Thank You
Pa . ASM &) Pacific Technology