MPI Corporation · TPEX:6223
MPI — 4th CLSA Corporate Access Forum 2010
18 slides from MPI's conference presentation, May 2010
Slide 1: MPI Corporation - 4th CLSA Corporate Access Forum 2010
Updated: May, 2010 MPI CORPORATION <6223TT> 4th CLSA Corporate Access Forum 2010 1 Confidential CONTENTS A. Company Profile 03 B. Products 06 Appendix 31 2/30
Slide 2: A1. Company at a Glance
A. Company Profile a1. Company at a Glance a2. Business Portfolio 3/30 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$ 774M (2010.03.31-the latest ) No. of Employees 791 (2010.04.30) No. 7, Luke 1st Rd., Luzhu
Slide 3: A2. Business Portfolio: 2009 & 1Q 2010
A a2. Business Portfolio : 2009 & 1Q 2010 80% 61% 60% 47% 2009 40% 1Q 2010 31% 24% 22% 20% 15% 0% Probe Card Leda Solar 5/30 B. Products b1. LED: Prober & Sorter 01. LED Food Chain 02. LED Trend 03. Business Contents b2. Semi-conductor: Probe Card 01. Semi-conductor 02. Peer Group Analysis 03. Busin
Slide 4: B1 01. LED EPI-Wafer Process
B1 01. LED EPI-Wafer Process Wafer 400um 100um Mounter Laser Scriber Grinder Breaker Expander 1 PC MOCVD 7 PC Prober 7 PC Sorter Prober 42(P)/Run • MPI Co. (75%) • Fittech Co. CCD • Chroma ATE Inc. 2 5 Counter 6 Tape Mounter 0 QC Prober Sorter Post • MPI Co. (30%) Inspection • ASMP (HK) 7/30 B1 01.
Slide 5: B1 02. LED Trend - MOCVD Global Forecast
B1 02. LED Trend- MOCVD Global forecast Capex Capex Plan Plan Shipment Shipment PC 695 PC 700 700 626 600 600 500 500 400 375 400 400 300 300 225 205 200 200 100 100 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 09' 10' 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 09' 10' 09' 09' 09' 09' 10' 10' 10' 10' 09' 09' 09' 09' 10' 10' 10' 10' 9/
Slide 6: B1 02. LED CAGR
B1 02. LED CAGR 11/30 B1 03. Equipment Shipment 2009~2010 PC 246 250 Shipment P.O. 200 165 150 118 100 86 88 65 60 50 31 29 22 0 Jan'09 Feb'09 Mar'09 Apr'09 May'09 Jun'09 Jul'09 Aug'09 Sep'09 Oct'09 Nov'09 Dec'09 Jan'10 Feb'10 Mar'10 Apr'10 12/30
Slide 7: B1 03. Shipment: Geography & Product Mix
B1 03. Shipment: Geography & Product Mix 1Q 2010 by by Geography Geography by by Product Product PC % 100% 10 9 Japan 12 Korea 21 31 1% 80% 8% China 60% 28% 89 Taiw an 40% 43 39 80 63% 31 20% Sorter Prboer 0% 1Q-09 Q2 Q3 Q4 1Q-10 Season 13/30 B1 03. 2009 Major Customers Taiwan Korea China 14/30
Slide 8: B1 03. Prober and Sorter
B1 03. Prober LEDA-PT120 PROBER Semi-Automatic Probe Station 15/30 B1 03. Sorter LEDA-PNP M7600 Fully-Auto Mapping Sorter 16/30
Slide 9: B1 03. State-of-the-Art 2 in 1 Machine
B1 03. State-of-the-Art 2 in 1 Machine 17/30 B1 03. Auto Taping Machine PT-350 TAPING LED-Auto Taping Machines 18/30
Slide 10: B2 01. Market Consensus: Semi-Conductor
B1 03. Auto Sorting Machines PT-380 SORTING LED-Auto Sorting Machines 19/30 B2 01. Market Consensus: Semi-Conductor 全球半導體市場 成長率 6,000 60.0% 5,000 40.0% 28.0% 18.3% 19.9% 4,000 20.0% 億 6.8% 8.9% 3.2% 美 3,000 -2.8% 0.0% 元 -9.0% 2,000 -20.0% 1,000 -40.0% 1,664 2,130 2,275 2,477 2,556 2,486 2,263 2,713
Slide 11: B2 02. Peer Group Analysis
B2 02. Peer Group Analysis (con.) (%) 40% 36% 30% 23% 21% 20% 20% 17% 10% 6% 0% FFI MJC JEM TCL MPI SV -10% 08Q4 -20% 09Q1 -30% 09Q2 -40% 09Q3 ： P1 same quarter period in all company. Ex: Q1= 2008.01~2008.03. ： P2 Exchange rate: 1 dollar = NT 33 ; 1 JPY = NT 0.3; 1SGD = NT 22 P3：SV probe in 100% who
Slide 12: B2 03. Product Mix in 2009
B2 03. Product Mix in 2009 % 80% 70% 70% 66% 63% 63% 60% 60% 50% 40% 33% 32% 27% 29% 30% 27% 20% 8% LCD 10% 7% 7% 5% Logic 3% Memory 0% Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 23/30 B2 03. Monthly Shipment 2008~2010 Pin 400000 350000 300000 250000 200000 150000 100000 2008 50000 2009 2010 0 Jan Feb Mar Apr Ma
Slide 13: B2 03. 1Q 2010 Major Customers
B2 03. 1Q 2010 Major Customers Design Houses Foundries Testing Houses 25/30 B2 03. B/B Ratio 2008~2010 1.5 1.24 1.17 1.14 1.2 1.05 0.9 0.6 0.3 2008 2009 2010 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 26/30
Slide 14: B2 03. Product & Customers Mix
B2 03. Product & Customers Mix (%) 1Q 2010 by by Product Product by by Customer Customer Memory Testing house Design house 7% LCD 36% 55% 64% Logic 29% Foundry 9% 27/30 B3 01. Wafer Process in Solar Mono Si Growing/Casting Cropping Squaring/Bricking Edge grinding Poly Si Gluing Wafering process Wafe
Slide 15: B3 02. Shipment 2009~2010
B3 02. Shipment 2009 ~ 2010 Pcs 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 Jan- Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan- Feb Mar Apr 09 10 Month 29/30 B3 02. 2009 Shipment by Geography Taiwan 70% US Korea 25% 5% 30/30
Slide 16: Appendix: Milestone
Appendix 31/30 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 2006 ST Branch Luzhu plant operation started 2008 Signed MOU with SUSS Micro
Slide 17: Income Statement 2009 and 1Q 2010
2009 Income Statement Statement-- YoY YoY Comparison Comparison Amount: NT$K 2009 2008 Net Sales 1,386,036 100% 1,945,603 100% Cost of Goods Sold 938,020 67.7% 1,202,362 61.8% Gross Profit 448,016 32.3% 743,241 38.2% Operating Expense 506,867 36.6% 543,217 27.9% Operating Income 58,615 4.3% 200,617
Slide 18: Balance Sheet Highlight
Balance Sheet Highlight Amount: NT$ Million 1Q’ 2010 1Q’ 2009 Cash and Cash Equivalents 614 15% 382 13% Long-term Investments 436 11% 411 14% Fixed Assets 1,156 29% 1,239 43% Total Assets 4,039 100% 2,889 100% LT Debt 254 6% 367 13% Shareholders' Equity 2,289 57% 1,911 66% EBITDA*-1Q’ 2010 73 35 *EB