Wt Microelectronics Co., Ltd. · TWSE:3036
Wt Microelectronics — Q4 2021 Earnings Presentation
19 slides from Wt Microelectronics's earnings presentation, Feb 24, 2022
Slide 1: 2021 Fourth Quarter Investor Conference
2021 Fourth Quarter Investor Conference February 24, 2022
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
Slide 3: Agenda
Agenda 1. Overview 2. Financial Update 3. Business Outlook 4. ESG Highlights 5. Questions and Answers 3
Slide 4: Overview
1. Overview A leading Asian semiconductor distributor (73% of global market) US$16B #8000 #80 • Founded in 1993 NR 34% YoY Customers Product Lines • Headquartered in TWN • Listed in 2000 (ticker: 3036 TT) #2500 #45 / #5 #29B • Top 500 Asia High Growth (FT) • Top 5% Governance (TWSE) Employees Office
Slide 5: Statement of Comprehensive Income
2. Financial Update Statement of Comprehensive Income Unit: NT$M 4Q21 3Q21 4Q20 Y2021 Y2020 Key accounts QoQ YoY YoY Amount Amount Amount Amount Amount Net Operating revenues 129,049 119,105 8% 109,090 18% 447,896 353,152 27% Gross profit 4,706 4,612 2% 3,031 55% 16,986 10,775 58% Gross margin 3.65%
Slide 6: Balance Sheet
2. Financial Update Balance Sheet Unit: NT$M 4Q21 3Q21 4Q20 Key accounts Amount % Amount % Amount % Cash and cash equivalents 4,680 3 4,364 3 3,627 3 Accounts receivable 75,462 44 75,437 44 60,850 46 Inventory 66,524 38 65,811 39 44,314 34 Other current assets 2,470 1 2,409 1 2,301 2 Non-current ass
Slide 7: Revenue, margins, OPEX and EPS trends
2. Financial Update Unit: NT$M Revenue vs. GPM OP vs. OPM Revenue GPM OP OPM 140,000 4.12% 4.5% 3,500 3.0% 3.87% 3.65% 2.63% 2.45% 2.28% 120,000 3.44% 3.59% 3.55% 4.0% 3,000 3.09% 3.20% 3.35% 3.5% 2.06% 2.5% 2.91% 3.01% 100,000 2.78% 2,500 1.77% 3.0% 1.61% 1.59% 1.53% 2.0% 80,000 2,000 1.51% 1.40% 1
Slide 8: ROE vs. Equity
2. Financial Update ROE vs. Equity Unit: NT$M Equity ROE 60,000 19.0% 20% 16.3% 18% 16.9% 50,000 16% 14.2% 14% 40,000 13.0% 12.0% 12.3% 11.7% 12% 10.8% 10.7% 10.8% 30,000 10% 53,768 47,235 47,246 49,685 8% 6.8% 46,078 20,000 36,234 38,643 6% 23,279 23,503 23,478 4% 10,000 22,669 22,480 2% - 0% 1Q19
Slide 9: Operating Cash Cycle
2. Financial Update Operating Cash Cycle AR INV AP Operating cash cycle 70 65 64 62 60 60 53 50 51 50 50 46 46 42 40 40 30 20 10 0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
Slide 10: ROWC vs. NWC/Sales
2. Financial Update ROWC vs. NWC/Sales NWC/Sales ROWC 0.20 0.18 17.1% 17.1% 16.3% 0.16 14.0% 0.14 13.5% 12.1% 12.2% 12.5% 0.12 10.6% 10.1% 0.10 8.2% 8.1% 0.08 0.06 0.04 0.02 0.00 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
Slide 11: 1Q22 Business Outlook Guidance
3. Business Outlook We currently expect 1Q22 : Revenue : between NT$115 billion ~ NT$121 billion, at a forecast exchange rate of 27.8 NT Dollars to 1 US Dollar Revenue mid-point guidance: 9% QoQ decrease and 21% YoY growth Gross profit margin : between 3.75% ~ 3.95% Operating profit margin :
Slide 12: WT Revenue Trend and Global Ranking
3. Business Outlook WT Revenue Trend WT ranks Asia No. 2 US$bn US$bn 20 CAGR (2016-21): 28.3% Asia top 4 distributor revenue trend 30 15.99 25 15 11.95 20 10.84 10 9.07 WT 15 6.22 4.47 10 5 5 0 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 World Semi Revenue Forec
Slide 13: Revenue Breakdown by Application
3. Business Outlook Revenue breakdown by application 3Q21 (Left) vs. 4Q21 (Right) 60 QoQ +37% 100% 5.3% 5.7% 5.3% 5.1% 6.4% 6.4% 6.7% 6.5% 50 Revenue (NT$B) 9.0% 8.4% 7.2% 6.9% 40 8.7% 10.4% 9.0% 8.1% 30 QoQ -1% 10.2% 80% 15.1% QoQ -13% QoQ -10% 17.5% 18.3% 15.3% 14.2% 20 16.6% 17.7% QoQ +5% QoQ -3%
Slide 14: Revenue Breakdown by Application
3. Business Outlook Revenue breakdown by application 100% 6.9% 6.1% 5.2% 5.3% 6.5% 10.8% 9.0% 7.7% 9.0% Semiconductor Market 13.8% 31% Start Application 80% 14.8% 18.3% 15.9% 17.5% 19.0% 2022-25F semiconductor 60% 14.6% 13.2% 12.5% segment revenue CAGR 18.3% 17.2% 35% Quality Business (Gartner forec
Slide 15: Unrivalled Technical Service
3. Business Outlook Unrivalled Technical Service Engineers 21% Sales 29% Dedicated, technical- Marketing driven approach to 11% drive demand creation & business growth Support 39% Superior engineering team to provide Total solution, system level design services with broad technology Experienced, ded
Slide 16: Digitize Supply Chain Management
3. Business Outlook Digitize Supply Chain Management Extensive use of Digital Technology to optimize Supply Chain Management and drive down Opex ratio (2019: 1.66% 2020: 1.55% 2021: 1.44%) Better Customer Services • Expand B2B/EDI services to customers • On-line supply chain & technical services
Slide 17: ESG Highlights
4. ESG Highlights GHG certification Pandemic prevention materials donation ESG Performance Sustainalytics – 10.45 score (Rank No. 4 of 416 TW listed corporates) FTSE Russell – 3.2 score (Rank No. 62 of 440 TW listed corporates) Environmental Sustainability Greenhouse Gas (GHG) Emissions da
Slide 18: Q&A
Q&A WT Microelectronics Website : www.wtmec.com The BEST Distribution Partner
Slide 19: Thank You!
Thank You! WT Microelectronics Website : www.wtmec.com The BEST Distribution Partner