Mpi Corporation · TPEX:6223
Mpi — Investor Presentation (September 2010)
16 slides from Mpi's investor presentation, Sep 23, 2010
Slide 1: Company at a Glance
MPI Corporation (6223.TT) Morgan Stanley 1 Confidential A a1. Company at a Glance No. 155, Chung-Ho St., Chu-Pei, Hsinchu, Address 302 Taiwan, R.O.C. Founded July, 25, 1995 Paid-in Capital NTD$ 776M (2010.07.31-the latest ) No. of Employees 848 (2010.07.31) No. 7, Luke 1st Rd., Luzhu Shiang, Kaohsiu
Slide 2: Milestone
Milestone 1995 Company established 1998 Technology transfer from MJC completed 2000 Hsinchu New plant operation started Tainan branch and repair center established 2001 Pass ISO9001 certification 2003 MPI IPO in OTC Market 2006 ST Branch Luzhu plant operation started 2008 Signed MOU with SUSS MicroT
Slide 3: B1 EPI-Wafer Process
Agenda 1. LED: P. 6 - 17 2. Semi-conductor: P.19 - 24 3. Solar: P.26 - 27 4. Apendix 5/35 5 B1 EPI-Wafer Process Wafer 400um 100um Mounter Laser Scriber Grinder Breaker Expander 1 PC MOCVD 7 PC Prober 6 PC Prober Sorter 42(P)/Run • MPI Co. (75%) • Fittech Co. CCD • Chroma ATE Inc. 2 5 Counter 6 Tape
Slide 4: MOCVD Makers 2010 / G.L ASP Trend
B1 MOVCD Makers 2010 MOVCD MOVCD Makers’ Makers’’ Ratio Makers Ratio MOVCD MOVCD Asia Asia Order Order Ratio Ratio China, Korea, Taiwan, Source: DIGITIMES，2010/4 7 B1 G.L ASP Trend 09’ 10’ 10’ 10’ 10’ 12/28 01/04 02/01 03/01 03/15 Source: GFK Japan, DIGITIMES，2010/4 8
Slide 5: LED General Lighting TAM
B1 LED General Lightings TAM Source: GFK Japan, DIGITIMES，2010/4 LED TAM of General Lighting LED General Lighting 9 Penetration Rate B1 03. Equipment Shipment 2009~2010 PC % 300 3500% 3200% 252 2009 2010 Growth 246 250 231 221 2500% 197 200 165 150 1500% 118 100 88 500% 50 0 -500% Jan. Feb. Mar. Apr
Slide 6: Geography & Product Mix / Major Customers 1H 2010
B1 03. Geography & Product Mix 1H’ 2010 by by Geography Geography by by Product Product % 100% 76 31 48 PC Korea, 100, Japan, 0, 219 80% 10% 0% 60% 40% 283 223 465 80 China, 332, 20% Taiw an, Sorter 32% Prboer 611, 58% 0% 1Q-10(S) 2Q-10(S) 1Q-10(AP) 2Q-10(AP) Season Country, PC, % S: S: Shipment Shi
Slide 7: Prober and Sorter
B1 03. Prober LEDA-PT120 PROBER Semi-Automatic Probe Station 13 B1 03. Sorter LEDA-PNP M7600 Fully-Auto Mapping Sorter 14
Slide 8: State-of-the-Art 2 in 1 Machine / Auto Sorting Machines
B1 03. State-of-the-Art 2 in 1 Machine 15 B1 03. Auto Sorting Machines PT-380 SORTING LED-Auto Sorting Machines 16
Slide 9: Auto Taping Machine
B1 03. Auto Taping Machine PT-350 TAPING LED-Auto Taping Machines 17 Agenda 1. LED: P. 6 - 17 2. Semi-conductor: P.19 - 24 3. Solar: P.26 - 27 4. Apedix 18/35 18
Slide 10: Categories of Probe Card / Product Mix
B2 03. Categories of Probe Card Logic P/C LCD Driver IC 40μ μm pitch for LCD Driver IC 19 B2 03. Product Mix in 2009 ~2Q 2010 % 80% 70% 70% 66% 63% 63% 65% 60% 60% 50% 40% 33% 32% 31% 27% 29% 30% 27% 20% 8% LCD 10% 7% 7% 5% 4% Logic 3% Memory 0% Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 20
Slide 11: Monthly Shipment and B/B Ratio 2008~2Q 2010
B2 03. Monthly Shipment 2008~2Q 2010 Pin 400000 350000 300000 250000 200000 150000 100000 2008 50000 2009 2010 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 21 B2 03. B/B Ratio 2008~2Q 2010 1.5 1.24 1.17 1.14 1.2 1.05 1.03 1.05 0.85 0.9 0.83 0.6 2008 0.3 2009 2010 0 Jan Feb Mar Apr May Jun Jul A
Slide 12: 2Q 2010 Major Customers / Product & Customers Mix
B2 03. 2Q 2010 Major Customers Design Houses Foundries Testing Houses 23 B2 03. Product & Customers Mix (%) 2Q 2010 by by Product Product by by Customer Customer Testing Mem ory, 4% house, 52% Design house, 41% Logic, 31% LCD, 65% Foundry, 7% 24
Slide 13: Wafer Process in Solar
Agenda 1. LED: P. 6 - 17 2. Semi-conductor: P.19 - 24 3. Solar: P.26 - 27 4. Apedix 25/35 25 B3 01. Wafer Process in Solar Mono Si Growing/Casting Cropping Squaring/Bricking Edge grinding Poly Si Gluing Wafering process Wafer cutting Wafer measuring Wafer cleaning Wafer separating 26
Slide 14: Solar Shipment 2009~2010
B3 02. Shipment 2009 ~ 2010 PC % 596% 1,192,862 1,200,000 600% 2009 2010 Grow th 1,000,000 500% 800,000 400% 600,000 300% 400,000 200% 200,000 100% 0 0% Jan. Feb. Mar. Apr. May Jun. Jul Aug. Sep. Oct. Nov. Dec. 27 Appendix 28/35 28
Slide 15: 2Q 2010 Income Statement - QoQ Comparison
B1 02. LED Trend- Taiwan monthly output 29 2Q 10 10’’ Income Statement Statement-- QoQ QoQ Comparison Comparison Amount: NT$K 2Q’2010 1Q’2010 Net Sales 835,319 100% 514,256 100% Cost of Goods Sold 504,962 60.6% 312,687 60.8% Gross Profit 330,359 39.4% 201,569 39.2% Operating Expense 183,380 24.4% 14
Slide 16: 2Q 2010 Income Statement - YoY Comparison
2Q 10 10’’ Income Statement Statement-- YoY YoY Comparison Comparison Amount: NT$K 1H’2010 1H’2009 Net Sales 1,349,575 100% 596,573 100% Cost of Goods Sold 817,647 60.6% 424,424 71.1% Gross Profit 531,928 39.4% 172,149 28.9% Operating Expense 328,787 24.4% 218,312 36.6% Operating Income 200,548 14.9