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TXC Investor Presentation 2019

Nov 21, 2019

52274_rns_2019-11-21_ce4659f5-97b4-4f45-92ef-6210dce254fd.pdf

Investor Presentation

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Investor Conference October, 2019

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TXC Confidential and Proprietary

Disclaimer

  • Except for statements in respect of historical matters, the statements in this release are forwardlooking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance, financial condition or results of operations of TXC to be materially different form what may be implied by such forwardlooking statements.

  • The financial forecasts and forward-looking statements in the release reflect the current belief of TXC as of the date of this release and TXC undertakes no obligation to update these forecasts and forward-looking statements for events or circumstances that occur subsequent to such date.

  • The statements in respect of historical matters may contain unaudited information, which may have certain deficiency or weakness so as not to fairly present financial condition or the results of operations of TXC.

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TXC Confidential and Proprietary

1

Financial Performance P&L, EPS, DPS, CAPEX

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TXC Confidential and Proprietary

2

Quarterly Performance

Unit: $NT in Million

2017 2018 2019’H1 NT$ 8,782M NT$ 8,156M NT$ 3,568M (yoy -8.9%) (yoy -7.1%) (yoy -4.4%)

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TXC Confidential and Proprietary

3

Quarterly Performance

Gross Margin (%)

2018 2019’H1 2017 NT$ 1,828M NT$ 795M NT$ 2,186M (yoy -16.4%) (yoy -4.1%) (yoy -14.4%)

Gross Profit (NT$ Million)

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TXC Confidential and Proprietary

4

Net Margin (%)

Net Profit

Quarterly Performance

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(NT$ Million)

2017 2018 2019’H1 NT$ 963M NT$ 644M NT$ 214M (yoy -5.3%) (yoy -33.1%) (yoy 7.3%)

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TXC Confidential and Proprietary

5

Income Statement

Unit：$NT in Million 2016 2017 2018 2019 Q1 2019 Q2 2019 H1
Net Revenue 9,637 8,782 8,156 1,623 1,945 3,568
Gross Profit 2,554 2,186 1,828 339 456 795
Operating Profit 1,114 802 533 58 133 191
Non-Operating Items 78 273 200 29 28 57
Income before Tax Profit 1,192 1,075 733 86 161 247
Net Incom
to Shareholders of the Parent Company		 1,016 963 644 78 137 214
Basic EPS (NT$) 3.28 3.11 2.08 0.25 0.44 0.69
Gross Margin(%) 26.5% 24.9% 22.4% 20.9% 23.4% 22.3%
Operating Margin(%) 11.6% 9.1% 6.5% 3.6% 6.8% 5.3%
OPEX(%) 14.9% 15.8% 15.9% 17.4% 16.6% 16.9%
Income before Tax Profit(%) 12.4% 12.2% 9.0% 5.3% 8.3% 6.9%
Net Profit Margin(%) 10.5% 11.0% 7.9% 4.8% 7.0% 6.0%

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TXC Confidential and Proprietary

6

Balance Sheet

Unit：$NT Million 2016 2017 2018 2019 Mar. 2019 Jun.
Cash & Marketable Securities 2,093 2,331 1,426 1,771 1,942
NR+AR 3,085 2,651 2,726 2,221 2,432
Inventories 1,520 1,504 1,817 1,853 1,843
Current Assets 8,818 7,983 7,117 6,956 7,370
PP&E 4,278 4,370 4,111 4,070 3,953
Total Assets 14,842 13,403 12,562 12,409 12,731
Current Liabilities 3,156 2,277 2,089 1,947 2,567
Non-curent Liabilities 1,913 1,961 1,722 1,478 1,722
Total Liabilities 5,069 4,238 3,811 3,425 4,289
Total Shareholders' Equity 9,773 9,165 8,751 8,984 8,442
A/R Turnover Days 114 119 120 139 132
Inventory Turnover Days 79 84 96 130 120
A/P Turnover Days 65 73 74 79 79
Current Ratio(%) 279.4% 350.6% 340.7% 357.4% 287.1%
Debt Ratio(%) 34.2% 31.6% 30.3% 27.6% 33.7%
Book Value Per Share($NT) 31.55 29.59 28.25 29.00 27.25

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TXC Confidential and Proprietary

7

EPS and DPS

Unit: $NT

0
0.5
1
1.5
2
2.5
3
3.5
4		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share		 2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share
2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
Earnings Per Share
Cash Dividends Per Share
YEAR
2011
2012
2013
2014
2015
2016
2017

2011
2012
2013
2014
2015
2016
2017		 2018
2018
Earnings Per Share 3.48 3.79 3.02 3.21 3.03 3.28 3.11 2.08
Cash Dividends Per Share 2.2 2.2 2.2 2.5 2.5 2.8 2.5 2.0
Stock Price(Apr. end) 43.6 46.0 43.6 39.9 41.1 44.5 39.0 36.0
Payout Ratio(%) 63.2 58.0 72.8 77.9 82.5 85.4 80.4 96.2
Yields(%) 5.1 4.8 5.1 6.3 6.1 6.3 6.4 5.6

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TXC Confidential and Proprietary

8

2019 Capital Expenditure Expand the Economy of Scale Capacity expansion for new products, and to satisfy market demands

Unit: $NT M

Amount: $340M

  • MEMS

  • Oscillators

Amount: $150M

  • SMD Crystal

  • • Facility

Amount: $230M

  • SMD Crystal

  • ACAP Crystal

Total Amount: $720M

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TXC Confidential and Proprietary

9

Market Outlook TAM, Ranking, Sales segment breakdown

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TXC Confidential and Proprietary

10

’ Worldwide X tal & Oscillator Market

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Revenue
WW Revenue YOY(%)
3,500 5.0%
4.0%
3,000
3.0%
2,500
1.0%
2,000 1.4% 0.2%
-0.2%
1,500 -1.2% -1.0%
3.1B
1,000
-4.5% -3.0%
500
0 -5.0%
2016 2017 2018 2019 (e) 2020 (f) 2021 (f)
Shipment
WW Shipments YOY(%)
25,000 7.0%
5.5%
5.0%
20,000
3.0%
2.1%
15,000 1.8% 1.7%
1.2% 18.3B 1.0%
10,000 0.1%
-1.0%
5,000
-3.0%
0 -5.0%
2016 2017 2018 2019 (e) 2020 (f) 2021 (f)
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Revenue

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Source: CS&A 2019 updated

TXC Confidential and Proprietary

11

Worldwide Timing Market Shares

Strong Market Penetration

Revenue(M) Market Share(%) Market Share(%)
2017 Rank 2018 Rank Company Name 2017 2018 Percent Change 2017 2018
1 1 Seiko Epson 382 365 -4.6% 11.7% 11.7%
2 2 NDK 354 358 1.2% 10.8% 11.5%
3 3 KCD 344 285 -17.2% 10.5% 9.1%
4 4 TXC 294 272 -7.5% 9.0% 8.7%
5 5 KDS 205 191 -6.9% 6.3% 6.1%
6 6 Microchip (Vectron) 168 176 5.0% 5.1% 5.7%
9 7 Murata 100 94 -6.0% 2.1% 3.0%
9 8 Hosonic 98 94 -4.1% 3.0% 3.0%
10 9 Harmony 98 92 -6.0% 3.0% 2.9%
7 10 SIWARD 104 89 -14.4% 3.2% 2.9%
Other Companies 1123 1105 -1.6% 35.3% 35.4%
Total Revenue 3271 3122 -4.5% 100.0% 100.0%

Source: CS&A 2019 updated

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TXC Confidential and Proprietary

12

TXC’s Revenue by Market Segments Actual and Forecast (F)

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IoT OTHERS
Crystal, XO,
TCXO 9% 7% AUTOMOTIVE
Crystal, XO
5%
AUTOMOTIVE
OTHERS 5%
9% IoT
8%
2019
MOBILE
MOBILE
NETWORKING COMMUNICATION
COMMUNICATION
34% 2018 (F) 24%
24%
NETWORKING
37% Sensors, TSX ,
TCXO
Stratum 3 TCXO
HF VCXO
OCXO
MOBILE
MOBILE
COMPUTING
COMPUTING
18%
20%
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TXC Confidential and Proprietary

13

TXC’s Sales by Products

Actual and Forecast (F)

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OTHERS
7%
XO
5G
Others 13%
10%
XO GNSS, TSX
12% 3G/4G/5G 10%
2019
TSX
GNSS/GPS
7% 2018 Small Cell TCXO (F)
Networking 4%
TCXO
CRYSTAL
4%
CRYSTAL 61%
PS,
SENSOR SENSOR
64% ALS+PS
3% 5%
Color+PS
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TXC Confidential and Proprietary

14

Growth Potential

  • The development of new product lines

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TXC Confidential and Proprietary

15

5G NR Standards Development 3 Main Types of Usage Scenario – eMBB, mMTC & uRRLC

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TXC Confidential and Proprietary

16

Internet of Things Solutions

Connected City Connected Things Connected Health Connected House Connected People Connected Car Refer to Automotive Solution MHz Crystal TSX (TH+Xtal) OSC (Differential/CMOS/HCSL) Active Low EMI CMOS OSC Miniature & Low Profile Miniature & Low Profile Low Phase Noise  -100dBc/Hz @ 10Hz; Reduced Electromagnetic Interference 1.0x0.8x0.30 (mm) 1.6x1.2x0.55 (mm) Miniature 2.5x2.0x0.75 (mm) Miniature 2.0x1.6x0.75 (mm) WiFi, BT, BLE, NFC LTE, 5G Modem High Speed, Low Noise Transmission * ADAS, Camera Module*

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TXC Confidential and Proprietary

17

5G Related Frequency Components Requirements

  • 手機

  • CPE

  • IOT/AIOT

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  • Infrastructure

  • Data Center

  • • AP/Router

  • Modem

TXC Confidential and Proprietary

18

Telecom and Networking Solutions

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1 Ultra Stability SMD SC-Cut OCXO (9.7x7.5mm)+/-10ppb

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Ultra Stability S3 TCXO (7.0x5.0mm, 5.0x3.2mm); 2 +/-100ppb 3 High Frequency, XO/VCXO (7.0x5.0mm); Up to 2.1GHz, ultra low jitter 0.15pS 4 Ultra Low Phase Noise VCXO (3.2x2.5mm); Close-in phase noise -80dBc/Hz 5 High Frequency Crystal (MESA 3.2x2.5mm); 200MHz

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TXC Confidential and Proprietary

19

Miniature & Low Profile Crystal & Oscillator

Miniature and low profile 1.0x0.8x0.3mm Crystals for Compact size module applications

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Module
Applications
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GNSS/GPS WiFi, BT/BLE, ZigBee Source: ublox, OriginGPS Module Module

Miniature and low profile 1.6x1.2mmx0.6mm Oscillators

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TXC Confidential and Proprietary

20

Light Sensors

Single Aperture Combo Light Sensor (ALS/RGB+PS) 2.5x2.0mm

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Slim Bezel

Combo Light Sensor (ALS/RGB+PS) 3.4x1.2mm

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Miniature Proximity Sensor 2.0x1.6mm

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TXC Confidential and Proprietary

21

TXC Automotive Application Focus & Solutions

Infotainment & Telematics System Crystal/XO: 5-10 units

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Multimedia V2X
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Safety Electronic System
Crystal/XO: 8-14 units
BMS/OBC/Inverter EPS
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Tire Pressure Monitoring System Crystal: 5 units (4T & 1R) TPMS

Security Electronic System Crystal/XO: 7-12 units Cluster Smart Key

Advanced Driver Assistance System Crystal/XO: 10-16 units

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77/79G
ADAS Camera Radar
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Crystal (AEC-Q200 Compliant)

Glass (G0)

Seam (G1)

TSX (G2)

AX(8.0x4.5mm, 2pad) AB(5.0x3.2mm, 4pad) AA(5.0x3.2mm, 2pad) AM(3.2x2.5mm, 4pad) AV(3.2x2.5mm, 2/4 pad) AZ(2.5x2.0mm, 4pad) AR(2.0x1.6mm, 2pad) AY(2.0x1.6mm, 4 pad) AJ(1.6x1.2mm, 4 pad)

AE(2.5x2.0mm, 4pad) AF(2.0x1.6mm, 4pad) AG(1.6x1.2mm, 4pad)

[Oscillator (AEC-Q100 ] Compliant) XO (G1)

G0: -40 to 150 ºC XO (G1) TCXO (G2) G1: -40 to 125 ºC AU(3.2x2.5mm, CMOS) AQ(3.2x2.5mm, CS) G2: -40 to 105 ºC AW(2.5x2.0mm, AL(2.5x2.0mm, CS) G3: -40 to 85 ºC CMOS) AK(2.0x1.6mm, CS) AN(2.0x1.6mm, CMOS) A5(1.6x1.2mm, CMOS)

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TXC Confidential and Proprietary

22

Automotive Imaging Solutions

Automotive

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Active Low EMI OSC Module Automotive G1 2.5x2.0mm 2.0x1.6mm

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Source: Yole, Tesla, Sony
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TXC Confidential and Proprietary

23

Q & A Investor Conference

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TXC Confidential and Proprietary

24

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