2019 Interim Results Announcement 24 July 2019
Disclaimer These forward-looking statements reflect the Company’s current expectations, The information contained in this presentation is provided for informational purpose only, and should not be relied upon for the purpose of making any beliefs, hopes, intentions or strategies regarding the future and assumptions in investment or for any other purpose. light of currently available information. Such forward-looking statements are Some of the information used in preparing this presentation was obtained not guarantees of future performance or events and involve known or from third parties or public sources. The information contained in this unknown risks and uncertainties. Accordingly, actual results may differ presentation has not been independently verified. No representation or materially from information contained in the forward-looking statements as a warranty, expressed or implied, is made as to, and no reliance should be result of a number of factors. You should not place undue reliance on such placed on, the fairness, reasonableness, accuracy, completeness or forward-looking statements, and the Company does not undertake any correctness of such information or opinions contained herein. It is not the obligation to update publicly or revise any forward-looking statements. No intention to provide, and you may not rely on this presentation as providing, statement in this presentation is intended to be or may be construed as a profit a complete or comprehensive analysis of our financial or trading position or forecast. prospects. The information and opinions contained in this presentation are We also do not undertake any obligation to provide you with access to any provided as at the date of this presentation and are subject to change additional information or to update this presentation or any additional without notice and will not be updated to reflect any developments which information or to correct any inaccuracies in this presentation or any additional may occur after the date of this presentation. information which may become apparent. All statements, other than statements of historical facts included in this This presentation does not constitute an offer or invitation to purchase or presentation, are or may be forward-looking statements. Forward-looking subscribe for any shares and no part of it shall form the basis of or be relied statements include, but are not limited to, those using words such as upon in connection with any contract, commitment or investment decision in “seek”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “project”, relation thereto. “plan”, “strategy”, “forecast” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “may” and “might” . 2
O V E R V I E W Top 100 Global Technology Leaders “ The Only Back-end Equipment Supplier The Top 100 Global Being Recognized Technology Leaders are the organizations poised to propel Recognised alongside: the future of technology Microsoft Apple Intel TSMC Brian Scanlon, Chief Strategy Officer Cisco SAP Thomson Reuters, 2018 IBM Texas Instruments Alphabet Accenture 3 3
O V E R V I E W Th e World’s Back-End Equipment Technology & 44.7% Market Leader Materials Q2 2019 Group Revenue: 12.4% SMT Solutions USD 461m 42.9% (CAGR 2009 - Q2 2019 LTM 13.8%) 4
O V E R V I E W ASMPT 10 12 >2,000 >1,400 Global Presence R&D centres Manufacturing Global R&D Patents on key worldwide facilities staff leading edge technologies Weymouth Beuningen Munich Porto Regensburg Boston Huizhou Taoyuan Hong Kong Shenzhen Sales Offices Chengdu Johor Business Centre / R&D / Manufacturing Site Singapore 5 5
ASMPT’S O V E R V I E W Major Facilities Around The World Huizhou ( 惠州 ) Regensburg Fuyong ( 福永 ) Longgang ( 龙岗 ) Weymouth Munich Taoyuan Beuningen Boston Hong Kong Porto Chengdu ( 成都 ) Sales Offices Business Centre / R&D / Manufacturing Site Singapore Johor Johor (Expansion) 6
Three Business Segments With O V E R V I E W Leading Market Positions SMT SOLUTIONS # 1 in SMT Equipment Market BACK-END EQUIPMENT Since 2016 # 1 in Assembly 2018 Worldwide SMT Market Share: & Packaging ~23% Equipment Market Since 2002 2018 Worldwide MATERIALS PAE Market Share: # 3 in Leadframe ~25% Market Since 2018 2018 Worldwide Leadframe Market Share: ~9% Sources: Market share for Back-end Equipment is based on information on packaging and assembly equipment market by VLSI, 7 leadframe market by SEMI, and SMT market by ASMPT SIPLACE Market Intelligence |
Q 2 H I G H L I G H T S 2019 Q2 Highlights
Q 2 H I G H L I G H T S QoQ Bookings Rebound Across the Board USD QoQ SMT: Bookings surged 54.4% QoQ to a near record 602m +30.8% Group CIS: Momentum continued to be strong Back-end Equipment 247m +10.9% Advanced Packaging: Good Segment momentum continuing Materials: Consecutive two quarters 59m +28.5% Materials Segment of QoQ bookings growth Near record Backlog of US$795m 296m +54.4% SMT Solutions Segment 9
Q2 Bookings – Business Segments Q 2 H I G H L I G H T S QoQ Growth: QoQ Growth: QoQ Growth: +10.9% +54.4% +28.5% Back-end Equipment (USD'M) Materials (USD'M) SMT (USD'M) 450 100 350 90 400 296 300 80 350 250 70 300 59 247 60 200 250 50 200 150 40 150 30 100 100 20 50 50 10 0 0 0 Q1 16 Q4 16 Q3 17 Q2 18 Q1 19 Q1 16 Q4 16 Q3 17 Q2 18 Q1 19 Q1 16 Q4 16 Q3 17 Q2 18 Q1 19 10
Q 2 H I G H L I G H T S Q2 Billing Highlights USD QoQ Back-end Equipment bounced back 461m -1.2% Group Double-digit QoQ growth from Materials SMT revenue declined due to weak 206m +5.2% Back-end Equipment Segment booking in previous quarter Strong Q2 orders to translate into good 57m +13.2% Materials Segment Q3 Billings 198m -10.3% SMT Solutions Segment 11
Q2 Billings – Business Segments Q 2 H I G H L I G H T S QoQ Growth: QoQ Growth: QoQ Growth: +5.2% -10.3% +13.2% Back- End Equipment (USD’M) SMT (USD’M) Materials (USD’M) 400 80 350 350 300 57 300 60 250 250 198 206 200 200 40 150 150 100 100 20 50 50 - - - Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 13 13 14 14 15 15 16 16 17 17 18 18 19 13 13 14 14 15 15 16 16 17 17 18 18 19 13 13 14 14 15 15 16 16 17 17 18 18 19 12
Q 2 H I G H L I G H T S Q2 GM Improvement Across All Three Segments Across the board cost reduction QoQ initiatives taking effect Favourable product mix due to 35.7% +185 bps Group contribution from Advanced Packaging and CIS Back-end Equipment 40.8% +153 bps Group headcount reduced YoY by Segment ~2,400 contributed mainly by manufacturing 11.4% +103 bps Materials Segment Q2 Group OPEX reduced by 5.6% YoY (excluding acquisition effect: 14.5% YoY) 37.5% +301 bps SMT Solutions Segment 13
Q 2 H I G H L I G H T S Key Highlights: Back-end Equipment Segment QoQ Bookings Growth: +10.9% CIS Driven by folded lenses and multiple cameras More cameras per phone offsetting smartphone shipment rate decline Advanced Packaging Contributed close to 20% of Back-end Equipment More revenue recognition expected to take place 2H19 Automated Optical Inspection Strong growth Revenue for 1H19 > FY2018 Traditional die/wire bonders demand remained weak Overall market recovery pushed back by trade war tensions 14
Q 2 H I G H L I G H T S Key Highlights: QoQ Growth: SMT Segment +54.4% Benefited from 5G infrastructure build-up Quarterly SMT Bookings (USD'M) 350 296 Strong demand from China market 300 250 Continued demand from Automotive, Industrial 200 and Consumer Applications 150 100 50 0 Q1 16 Q4 16 Q3 17 Q2 18 Q1 19 15
Q 2 H I G H L I G H T S Key Highlights: QoQ Growth: +28.5% Materials Segment Quarterly Materials Bookings (USD'M) 100 Consecutive two quarters of QoQ Bookings 90 growth 80 70 59 60 Leadframe market has bottomed out 50 40 Likely signaling market recovery; pace? 30 20 10 0 Q1 16 Q4 16 Q3 17 Q2 18 Q1 19 16
Q 2 H I G H L I G H T S 1H 2019 Revenue Breakdown by Application Markets Top 5 Customers Revenue Contribution More Resilient in a Downturn with Multiple Application Markets Strategy 17
Q 2 H I G H L I G H T S Sustainable and Gradually Increasing Dividends Dividends Per Share (HKD) & Dividend Payout Ratio 2.00 400% 1.80 350% 295% 1.60 300% 1.40 1.40 1.30 1.30 1.30 1.20 250% 1.20 1.10 1.00 1.00 200% 0.80 0.80 150% 0.60 100% 0.40 0.40 50% 0.20 0.00 0% 1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18 1H19 DPS Dividend Payout Ratio 18
Q 2 H I G H L I G H T S R&D Commitment Makes Us a Preferred Partner of Choice R&D expenses 250 1H 2019 R&D 200 expenditure USD million 150 12.9% US$ 106 million 100 12.9% of 50 Equipment Sales 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H 2019 USD1,529 million invested in R&D Package Interconnection Vibration control SMT Optics precision engineering Laser dicing & grooving 19
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