Wt Microelectronics Co., Ltd. · TWSE:3036
Wt Microelectronics — Q1 2020 Earnings Presentation
18 slides from Wt Microelectronics's earnings presentation, May 2020
Slide 1: 2020 First Quarter Result Overview
2020 First Quarter Result Overview
Slide 2: Agenda
Agenda 1. Overview 2. Financial Update 2
Slide 3: Overview: Strong secular growth with economies of scale
1. Overview Strong secular growth with economies of scale 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 2019 revenues of NT$335bn, up 23% YoY 48 offices in
Slide 4: Offices Across Asia
1. Overview China Offices (33) Harbin Korea Offices (2) Shenyang Dalian Beijing Offices Across Asia Seoul Tianjin Qingdao Taiwan Offices (4) Yantai Zhengzhou Taipei, Headquarters Jinan Xian Hsinchu Ningbo Taichung Shanghai Wuxi Tainan Suzhou Nanjing South Asia Offices (9) Hangzhou Wenzhou New Delhi,
Slide 5: NR (Net Revenue) 2000-2019
1. Overview NR (Net Revenue) CAGR(2016~2019)=31% NT$B 400 350 335 300 273 250 200 189 144 150 108 114 100 80 88 64 71 39 41 47 50 30 34 14 21 5 9 10 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 5
Slide 6: Statement of Comprehensive Income (2019 vs 2018)
2. Financial Update Statement of Comprehensive Income Unit: NT$M Y2019 Y2018 Key accounts YoY Amount % Amount % Net Operating revenues 335,187 100.00% 273,416 100.00% 23% Gross profit 10,800 3.22% 10,645 3.89% 1% Operating expenses (5,547) -1.65% (5,391) -1.97% 3% Operating income 5,253 1.57% 5,254
Slide 7: Statement of Comprehensive Income (1Q20)
2. Financial Update Statement of Comprehensive Income Unit: NT$M 1Q20 4Q19 1Q19 Key accounts QoQ YoY Amount % Amount % Amount % Net Operating revenues 77,476 100.00% 96,774 100.00% -20% 67,474 100.00% 15% Gross profit 2,480 3.20% 2,814 2.91% -12% 2,322 3.44% 7% Operating expenses (1,325) -1.71% (1,4
Slide 8: Balance Sheet
2. Financial Update Balance Sheet Unit: NT$M 1Q20 4Q19 1Q19 Key accounts Amount % Amount % Amount % Cash and cash equivalents 11,800 11 3,107 3 2,360 3 Accounts receivable 46,695 43 44,666 44 34,692 38 Inventory 43,566 40 45,795 45 47,034 51 Other current assets 2,347 1 2,591 3 2,108 2 Non-current a
Slide 9: NR by Geography (Ship-to Destination)
2. Financial Update NR by Geography (Ship-to Destination) 0.5% 0.5% 0.5% 0.4% 0.4% 100% 2.0% 1.8% 2.0% 2.3% 2.8% 5.1% 7.8% 7.4% 4.3% 3.5% 7.7% 6.0% 5.4% 7.7% 7.5% 80% Others 60% ASEAN 84.7% 82.2% 82.5% 87.0% 87.9% Korea 40% Taiwan 20% China 0% 2015 2016 2017 2018 2019 350 YoY +24% 300 2018 250 (Left
Slide 10: NR by Geography (Ship-to Destination), Quarterly
2. Financial Update NR by Geography (Ship-to Destination) 90 QoQ -26% 0.5% 0.3% 0.3% 0.4% 0.4% 0.3% 0.6% 0.7% 100% 1.9% 1.9% 2.5% 2.3% 3.0% 80 4Q19 3.4% 3.0% 3.3% 3.5% 4.5% 3.6% 3.2% 2.9% 6.6% 70 (Left) Revenue (NT$B) 6.1% 5.5% 4.2% 5.4% 5.8% 4.8% 5.6% 3.6% vs. 7.9% 60 8.4% 1Q20 80% 50 (Right) 40 30
Slide 11: NR by Customer Base
2. Financial Update NR by Customer Base 100.0% 2.2% 1.9% 1.9% 2.3% 2.1% 6.1% 8.3% 8.1% 4.7% 3.9% 80.0% 28.7% 28.7% 38.5% 35.6% 45.9% 60.0% ASEAN Customer Korea Customer 40.0% China Customer 64.4% 65.3% Taiwan Customer 51.2% 54.4% 45.8% 20.0% 0.0% 2015 2016 2017 2018 2019 240 YoY +24% 220 200 2018 18
Slide 12: NR by Customer Base, Quarterly
2. Financial Update NR by Customer Base 100% 70 QoQ -25% 3.3% 1.9% 1.7% 2.1% 2.0% 2.0% 2.3% 4.7% 4Q19 3.4% 3.9% 4.7% 4.2% 3.8% 3.3% 6.6% 4.1% 60 (Left) vs. Revenue (NT$B) 50 22.4% 1Q20 80% 26.5% 26.7% 26.7% 30.4% 40 (Right) 32.3% 27.8% 36.6% 30 QoQ -17% 20 60% 10 QoQ -1% QoQ +64% 0 Taiwan China Kore
Slide 13: NR by Application
2. Financial Update NR by Application 100% 3.8% 3.2% 3.8% 3.1% 2.9% 7.4% 6.9% 6.1% 5.2% 8.5% Others 10.3% 15.3% 13.4% 13.2% 80% 14.1% 16.5% Automotive 18.3% 17.6% 21.3% 60% 21.1% Industry & Instrument 20.7% 20.4% 20.6% 40% 25.3% Consumer 48.3% Computing 20% 37.9% 43.2% 37.4% 27.0% Communication 0% 2
Slide 14: NR by Application, Quarterly
2. Financial Update NR by Application 60 QoQ -32% 4Q19 100% 4.3% 2.5% 2.4% 2.5% 3.4% 3.1% 2.6% 3.1% 5.3% 5.4% 5.3% 4.9% 5.0% 5.3% 50 (Left) 5.6% Revenue (NT$B) 7.5% vs. 9.2% 7.3% 8.4% 8.2% 7.4% 8.5% 40 1Q20 10.5% 14.0% 30 (Right) 80% 13.7% 12.1% QoQ -1% 15.9% 15.2% 14.1% 14.1% 20 QoQ -7% 15.5% QoQ -
Slide 15: ROE vs. EPS
2. Financial Update ROE vs. EPS 19.2% EPS 2.00 20% ROE% 1.50 14.2% 15% 12.4% 11.0% 12.0% 10.8% 10.7% 1.00 10% 6.8% 0.50 5% 1.12 1.79 1.06 0.67 1.06 1.38 1.21 1.04 0.00 0% 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 6.00 EPS 20% 5.00 ROE% 13.6% 15% 4.00 12.9% 13.3% 11.2% 3.00 10.1% 10% 2.00 5% 1.00 4.49
Slide 16: ROWC vs. NWC/Sales
2. Financial Update ROWC vs. NWC/Sales 0.30 25% NWC/Sales 0.25 20% ROWC 16.1% 0.20 13.5% 15% 11.4% 12.1% 0.15 9.8% 10.6% 10% 0.10 8.2% 8.1% 0.05 5% 0.24 0.12 0.13 0.18 0.17 0.12 0.12 0.18 0.00 0% 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 0.30 25% NWC/Sales 0.25 20% ROWC 0.20 11.7% 15% 11.7% 0.15 9.6%
Slide 17: Operating Cash Cycle
2. Financial Update Operating Cash Cycle AR INV AP Operating cash cycle 90 83 65 62 60 60 49 46 46 42 30 0 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 AR INV AP Operating cash cycle 90 77 72 72 59 60 49 30 0 2015 2016 2017 2018 2019 17
Slide 18: Thank You !
Thank You ! WT Microelectronics Co., Ltd. Website : www.wtmec.com 18