Wt Microelectronics Co., Ltd. · TWSE:3036
Wt Microelectronics — Q2 2017 Earnings Presentation
18 slides from Wt Microelectronics's earnings presentation, Aug 8, 2017
Slide 1: 2017 Second Quarter Investor Conference
2017 Second Quarter Investor Conference Presented by Cheryl Yang August 8, 2017
Slide 2: Safe Harbor Statement
Safe Harbor Statement WT’s forward-looking statements, which may include statements regarding its results of operations, financial condition or business prospects, are subject to significant risks and uncertainties and are based on WT’s current expectations. Actual results may differ materially from
Slide 3: Agenda
Agenda 1. Overview 2. Financial Update 3. Business Outlook 4. Questions and Answers 3
Slide 4: 1. Overview
1. Overview Achieved economies of scale and continued operation improvement A leading Asian semiconductor distributor, founded in 1993 and listed in 2000 (ticker: 3036 TT) Strategic focus on Asia region and Automotive & Internet of Things (IoT) applications 2016 revenues of NT$144bn, up 27% YoY 45 o
Slide 5: Revenue (NT$B)
1. Overview NR (Net Revenue) 2016 YoY +27% 160 2011~2015 CAGR +12% 144 140 Revenue (NT$B) 120 114 108 2006~2010 CAGR +16% 100 88 80 80 71 64 60 47 39 41 40 34 30 21 20 10 14 5 9 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 5
Slide 6: Offices Across Asia
1. Overview China Offices (30) Korea Office (1) Harbin Shenyang Dalian Offices Across Asia Seoul Beijing Qingdao Taiwan Offices (4) Zhengzhou Taipei, Headquarters Jinan Xian Hsinchu, R&D Ningbo Shanghai Taichung Wuxi Tainan Suzhou Kunshan South Asia Offices (10) Nanjing Hangzhou Wenzhou New Delhi, N
Slide 7: Statement of Comprehensive Income 2Q17
2. Financial Update Statement of Comprehensive Income Unit: NT$M 2Q17 2Q17 1Q17 2Q16 Key accounts QoQ YoY Amount % Guidance Amount % Amount % Net Operating revenues 40,364 100.00% 37.5B~39.5B 38,378 100.00% 5.17% 30,141 100.00% 33.92% Gross profit 1,924 4.77% 4.7%~4.9% 1,797 4.68% +0.09ppt 1,618 5.3
Slide 8: Statement of Comprehensive Income 1H17
2. Financial Update Statement of Comprehensive Income Unit: NT$M 1H17 2H16 1H16 Key accounts HoH YoY Amount % Amount % Amount % Net Operating revenues 78,742 100.00% 86,777 100.00% -9.26% 57,370 100.00% 37.25% Gross profit (GP) 3,721 4.73% 3,772 4.35% +0.38ppt 3,153 5.50% -0.77ppt Operating expenses
Slide 9: Balance Sheet
2. Financial Update Balance Sheet Unit: NT$M 2Q17 1Q17 2Q16 Key accounts Amount % Amount % Amount % Cash and cash equivalents 2,178 4 2,913 5 1,504 3 Accounts receivable 24,001 42 20,509 36 23,853 47 Inventory 25,441 44 24,043 42 20,200 40 Other current assets 1,684 3 5,419 9 1,587 2 Non-current ass
Slide 10: NR by Geography (Ship-to Destination)
2. Financial Update NR by Geography (Ship-to Destination) 1Q17 0.6% 0.5% 0.4% 0.5% 0.7% 0.4% 0.6% 0.5% 40 (Left) 100% 1.8% 1.9% 2.1% 2.1% 1.7% 1.5% 2.3% 2.2% QoQ +6% vs. Revenue (NT$B) 4.9% 5.3% 5.7% 7.1% 7.0% 10.5% 8.1% 8.1% 2Q17 7.8% 7.6% 30 9.5% 6.4% (Right) 8.9% 9.2% 8.5% 7.2% 80% 20 10 QoQ -3%
Slide 11: NR by Customer Base
2. Financial Update NR by Customer Base 1Q17 100% 2.0% 2.1% 2.4% 2.3% 1.7% 1.6% 2.0% 2.2% 30 (Left) QoQ 0% Revenue (NT$B) 5.9% 6.3% 6.1% 7.3% 11.2% 7.8% 9.3% 8.6% 25 vs. 20 QoQ +16% 2Q17 (Right) 80% 15 30.4% 10 QoQ -3% 33.1% 36.5% QoQ +16% 47.1% 46.7% 47.9% 46.3% 35.7% 5 0 60% Taiwan China Korea ASE
Slide 12: NR by Application
2. Financial Update NR by Application 1Q17 (Left) 25 vs. Revenue (NT$B) 100% 3.8% 4.0% 3.7% 3.4% 2.9% 3.0% 3.7% 4.0% QoQ -16% 2Q17 20 (Right) 6.9% 8.3% 6.9% 6.2% 7.2% 8.5% 9.0% 7.8% 15 QoQ +26% 10.9% QoQ +16% QoQ +17% 12.8% 10 80% 16.7% 15.9% 15.5% 13.4% 14.9% QoQ +14% 16.0% 5 15.5% 0 17.1% 17.7% 19
Slide 13: ROE vs. EPS
2. Financial Update ROE vs. EPS EPS 6.00 ROE% 16.03% 14.05% 5.00 13.30% 15% 12.51% 11.36% 11.74% 12.31% 12.15% 12.02% 4.00 10% 3.00 10.67% 9.55% 2.00 4.69% 5% 1.00 0.00 0% 2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 ITEM 2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 ROE
Slide 14: ROWC vs. NWC/Sales
2. Financial Update ROWC vs. NWC/Sales 0.30 NWC/Sales 25% ROWC 0.25 20% 0.20 14.83% 13.16% 15% 11.92% 11.66% 0.15 10.94% 10.91% 11.66% 9.32% 10% 0.10 9.04% 8.72% 8.13% 5% 0.05 4.54% 0.00 0% 2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 ITEM 2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Slide 15: Operating Cash Cycle
2. Financial Update Operating Cash Cycle AR INV AP Operating cash cycle 100 92 93 82 85 80 73 69 67 65 68 60 60 54 52 40 20 0 2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Turnover days 2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 AR 46 43 53 66 74 78 78 72 57 58 59 50 I
Slide 16: 3. Business Outlook
3. Business Outlook We currently expect 3Q 17 : Revenue : between NT$47 billion ~ NT$50 billion, at a forecast exchange rate of 30.2 NT Dollars to 1 US Dollar Gross profit margin : between 4.4% ~ 4.6% Operating profit margin : between 2.1% ~ 2.3% 16
Slide 17: Questions and Answers
nswers
Slide 18: Thank You !
Thank You ! WT Microelectronics Co., Ltd. Website : www.wtmec.com 18