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TXC — Investor Presentation 2019
Mar 14, 2019
52274_rns_2019-03-14_c95138f8-dfba-44f0-8826-f5a752a8952a.pdf
Investor Presentation
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Investor Conference March , 2019
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TXC Confidential and Proprietary
Disclaimer
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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.
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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.
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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
About TXC
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Founded in 1983 (Taiwan)
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Registered Capital: NT$3,098 million (3042:TT)
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Listed in Taiwan Stock Exchange since 2000
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4 in the Worldwide Timing Market (2017; CS&A)
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Diversified into Sensors Market – Smallest Ambient Light Sensor (ALS) integrated with Proximity Sensor (PS) in Ceramic Package (2013)
Mission
To achieve a Win-Win-Win partnership in the Supplier-TXC-Customer relationship
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TXC Confidential and Proprietary
2
Manufacturing Facility
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1991 1999 2013
Automotive IATF 16949 Automotive IATF 16949
Taiwan, Ping Cheng (PCF) China, Ningbo (NGB) China, Chongqing (CKG)
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MHz Crystal
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kHz/MHz Crystal
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MHz Crystal
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TSX
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• OSC
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TSX
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OSC
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TCXO
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VCXO
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OCXO
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RTC
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• Sensors
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3 manufacturing facilities
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200+ automated production lines
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320M+ monthly capacity
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2 R&D centers (PCF, NGB)
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400+ engineers
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TXC Confidential and Proprietary
3
Quality Management System
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2019
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2002 2006 2008 2010 2011 2012 2013 2014 2016 2017 2018
ISO 9001
IECQ/QC
IECQ/QC ISO 50001 China Voluntary RoHS IATF 080000 Energy Certification 16949 :2016 Hazardous Management (中國國推RoHS認證) (新版汽車品質 Substances (能源管理系統) 管理系統標準) (有害物質系統) ISO/IEC 27001 CSR Report Information TWAEO Water Footprint Accountability Security Authorized (產品水足跡) And Sustainability (資訊安全 Economic Operator ISO/TS 16949 (企業社會責任 ISO 14051 MFCA Automotive 報告書查證) 管理系統) (優質企業) (物質流成本會計) (汽車品質管理系統) OHSAS 18001 ISO 28000 PAS 2060 Ford Quality System Occupational Supply Chain Carbon Neutrality Learning Samsung ECO Health and Safety Security (產品碳中和) ( CQDC Quality core Partner (職業安全衛生系統) (供應鏈安全 course ) (三星 綠色夥伴) (福特品質系統學習) 管理系統) CNS 15506 SONY Green ISO 14064-1 Greenhouse Gas Emission Occupational Health ISO 26262 Partner (溫室氣體) and Safety ASIL Application (職業安全衛生系統) (索尼綠色夥伴) Grading PAS 2050 implemented (車用電子安全等級) Carbon Footprint (產品碳足跡)
Quality System (品質系統)
BCM Operation Implemented (營運持續管理)
ISO 14001 Environmental (環境管理系統)
AIAG-VDA FMEA Transition (FMEA轉版)
ISO 14001:2015
Transition (環境管理系統轉版) IECQ QC080000 Transition (有害物質管理系統轉版)
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TXC Confidential and Proprietary
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Product Portfolio
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Timing (Crystals and Oscillators) Sensing
Metal Can Glass Seal Crystal Oscillators SAW Oscillators Sensor
(XO) (SO) Proximity Sensor
Seam Seal Tuning Fork Voltage Controlled Temperature Sensor
Oscillators Compensated Color (RGB) and Proximity Sensor
(VCXO) Oscillators
(TCXO/S3TCXO)
Sensor
Temperature Sensor Crystal Oven Controlled Oscillators
PM 2.5 Sensor Module
(TSX) (OCXO)
Coming in 2019 2H
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TXC Confidential and Proprietary
5
Market Outlook TAM, Ranking, Sales segment breakdown
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TXC Confidential and Proprietary
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’ Worldwide X tal & Oscillator Market
Revenue
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3500 2.00%
1.35%
3000
1.00%
0.32%
0.22%
2500 -0.15%
0.00%
2000 3.2B
-1.00%
1500
-1.97% -2.00%
1000
-3.04%
-3.00%
500
0 -4.00%
2014 2015 2016 2017 2018(e) 2019(f)
WW Revenue(Millions of USD) YoY
Shipment
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2.33%
20,000 2.28% 2.15% 2.50%
2.05% 1.95%
2.00%
15,000 17.7B
1.50%
10,000
1.25%
1.00%
5,000
0.50%
0 0.00%
2014 2015 2016 2017 2018(e) 2019(f)
WW Shipments (Millions of pcs) YoY
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Source ： CS&A,2018
Think of Frequency, Think of TXC
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’ Worldwide X tal & Oscillator Market
Total revenues is reached USD 3.1B-3.3B (CAGR 0.1%)
Total shipment is estimated to 17.5B-18.5B units(CAGR 2.1%)
| - 500 1,000 1,500 2,000 2,500 3,000 3,500 Revenue(M, USD) |
18,000 20,000 pcs) |
18,000 20,000 pcs) |
OCXO VCXO TCXO XO MHz Crystal kHz Crystal |
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|---|---|---|---|---|---|---|---|---|
| kHz Crystal MHz Crystal XO TCXO VCXO OCXO |
Source ： CS&A,2018
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TXC Confidential and Proprietary
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2017 Worldwide Ranking
| 2016 Rank |
2017 Rank |
Company Name | Revenue(M) | Revenue(M) | Revenue(M) | Market Share(%) | Market Share(%) |
|---|---|---|---|---|---|---|---|
| 2016 | 2017 | Percent Change |
2016 | 2017 | |||
| 1 | 1 | Seiko Epson | $409 | $382 | -6.6% | 12.9% | 11.7% |
| 2 | 2 | NDK | $357 | $354 | -0.8% | 11.3% | 10.8% |
| 4 | 3 | KCD | $287 | $344 | 20.0% | 9.1% | 10.5% |
| 3 | 4 | TXC | $310 | $294 | -5.2% | 9.8% | 9.0% |
| 5 | 5 | KDS | $212 | $205 | -3.2% | 6.7% | 6.3% |
| 6 | 6 | Microsemi (Vectron) |
$160 | $168 | 5.0% | 5.1% | 5.1% |
| 7 | 7 | SIWARD | $103 | $104 | 1.5% | 3.2% | 3.2% |
| 10 | 8 | MegaChips (SiTime) |
$73 | $103 | 41.1% | 2.3% | 3.1% |
| 9 | 9 | Hosonic | $95 | $98 | 3.0% | 3.0% | 3.0% |
| 8 | 10 | Harmony | $72 | $98 | 35.8% | 2.3% | 3.0% |
| Others | $1,088 | $1,120 | 3.0% | 34.4% | 34.2% | ||
| Total Revenue | $3,165 | $3,271 | 3.3% |
Source ： CS&A,2018
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TXC Confidential and Proprietary
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Revenue by Market Segments
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OTHERS AUTOMOTIVE
Crystal, XO
8% 6%
AUTOMOTIVE IoT
Crystal, XO,
OTHERS 5% 8%
TCXO
9% IoT
8%
2019
MOBILE
MOBILE
NETWORKING COMMUNICATION
COMMUNICATION
34% 2018 (F) 24%
24%
NETWORKING
36% Sensors, TSX ,
TCXO
Stratum 3 TCXO
HF VCXO
OCXO
MOBILE
MOBILE
COMPUTING
COMPUTING
18%
20%
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TXC Confidential and Proprietary
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Growth Potential
- The development of new product lines
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TXC Confidential and Proprietary
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Rising demand between now and future
Intelligent
Connected
Things
Worldwide Sensors CAGR 11.3% (2016 to 2021) Forecasted U$241B by 2021 (AMR)
Worldwide Crystals and Oscillators CAGR 1.4% (2016 to 2020) Forecasted U$3.5B by 2020 (CS&A)
30 Billion Connected Devices by 2020 (Statista)
Growing usage of all sorts of sensors and AI
Increasing usage, decreasing in price
Massive number of devices are being embedded with sensors and connectivity
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TXC Confidential and Proprietary
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Development of new product lines
Intelligent
Miniature and Slim Color Sensor High Accuracy Thermal Sensor High Resolution uBolometer Sensor
Connected
Active EMI Integrated Oscillator Module Ultra Stability SMD OCXO
High Freq, Miniature Crystal and Oscillator
Things
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IoT
5G
ACAP Sensor
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Industry 1[st]
Industry 1[st]
Target Markets
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TXC Confidential and Proprietary
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Intelligent Connected Things
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Crystal
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Miniaturization
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High Freq
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High Drive Level
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Wide OTR
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Oscillator
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High Freq
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Ultra Stability
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Ultra Low Noise
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Wide OTR
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EMI Oscillator Module
- EMI IC Integration
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Light Sensor
Thermal IR Sensor
(Thermopile)
Thermal IR Image
Sensor
(uBolometer)
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TXC Confidential and Proprietary
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Miniature & Low Profile Crystal & Oscillator
Miniature and low profile 1.2x1.0x0.3mm Crystals for Compact size module applications
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Internet of
Things
(IoT)
GNSS/GPS WiFi, BT/BLE, ZigBee
Source: ublox, OriginGPS Module Module
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Miniature and low profile 1.6x1.2mmx0.6mm Oscillators
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TXC Confidential and Proprietary
15
Ultra Stability SMD 9775 SC-Cut OCXO
Telecom and networking infrastructure
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Source: Huawei, Nokia
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TXC Confidential and Proprietary
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Miniature & Slim Color Sensor
Single Aperture Slim Bezel Miniature 2.5x2.0mm 3.4x1.2mm 2.0x1.6mm
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TXC Confidential and Proprietary
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Automotive ADAS Imaging Solutions
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Source: Yole
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Thermal Imaging (uBolometer) Active EMI OSC Module
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TXC Confidential and Proprietary
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Active EMI Oscillator Module
Active EMI Oscillator Module 2.5x2.0mm/2.0x1.6mm Ceramic Package
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Designed for all Imaging Devices; Automotive Grade and IoT applications
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EMI resolved by Active EMI derived from EMI Oscillator Module Radiative and Conductive
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Source: Magna, BYD
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TXC Confidential and Proprietary
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Financial Performance P&L, EPS, DPS, CAPEX
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TXC Confidential and Proprietary
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Quarterly Performance
Unit: $NT in Million
| 2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
2016 NT$ 9,637M (yoy +4.0%) 2017 NT$ 8,781M (yoy -8.9%) 2018(F) NT$ 8,156M (yoy -7.1%) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 16.Q1 | 16.Q2 | 16.Q3 | 16.Q4 | 17.Q1 | 17.Q2 | 17.Q3 | 17.Q4 | 18.Q1 | 18.Q2 | 18.Q3 | 18.Q4 | |
| Revenue(QoQ) | -15.4% | 8.3% | 13.9% | 1.7% | -19.3% | -0.9% | 7.2% | 0.1% | -17.6% | -0.4% | 21.8% | -4.8% |
| Revenue(YoY) | -1.2% | 2.9% | 7.6% | 6.0% | 1.1% | -7.5% | -12.8% | -14.2% | -12.4% | -11.9% | 0.0% | -4.9% |
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TXC Confidential and Proprietary
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Quarterly Performance
Gross Margin (%)
| Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
Gross Profit (NT$ Million) 2016 NT$2,554M (yoy +14.3%) 2017 NT$ 2,185M (yoy -14.4%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Gross Profit(QoQ) -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3% -0.2% -22.4% 0.1% 23.6% -5.3% Gross Profit(YoY) 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1% -23.7% -31.3% -19.2% -4.2% -9.1% 2018 (F) NT$ 1,828M (yoy -16.4%) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 16.Q1 | 16.Q2 | 16.Q3 | 16.Q4 | 17.Q1 | 17.Q2 | 17.Q3 | 17.Q4 | 18.Q1 | 18.Q2 | **18.Q3 ** | 18.Q4 (F) | |
| Gross Profit(QoQ) | -3.3% | -7.3% | 20.0% | 3.2% | -13.9% | -14.9% | 4.3% | -0.2% | -22.4% | 0.1% | 23.6% | -5.3% |
| Gross Profit(YoY) | 14.4% | 15.2% | 16.8% | 11.0% | -1.1% | -9.2% | -21.1% | -23.7% | -31.3% | -19.2% | -4.2% | -9.1% |
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Quarterly Performance
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Net Margin (%)
| Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
Net Profit (NT$ Million) 2016 NT$ 1,016M (yoy +8.3%) 2017 NT$ 963M (yoy -5.3%) 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 (F) Net Profit(QoQ) -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3% -65.8% 37.9% 108.7% -16.0% Net Profit(YoY) 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3% -73.8% -31.3% 6.4% -17.5% 2018 (F) NT$ 645M (yoy -33.1%) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 16.Q1 | 16.Q2 | 16.Q3 | 16.Q4 | 17.Q1 | 17.Q2 | 17.Q3 | 17.Q4 | 18.Q1 | 18.Q2 | **18.Q3 ** | 18.Q4 (F) | |
| Net Profit(QoQ) | -11.1% | -6.3% | 27.3% | 14.3% | 4.1% | -47.5% | 34.8% | 8.3% | -65.8% | 37.9% | 108.7% | -16.0% |
| Net Profit(YoY) | 2.3% | 19.7% | -5.6% | 21.3% | 42.0% | -20.5% | -15.8% | -20.3% | -73.8% | -31.3% | 6.4% | -17.5% |
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Income Statement
| Unit：$NT in Million | 2013 | 2014 | 2015 | 2016 | 2017 | 2018(F) | |
|---|---|---|---|---|---|---|---|
| Net Revenue | 9,504 | 9,526 | 9,266 | 9,637 | 8,782 | 8,156 | |
| Gross Profit | 2,194 | 2,331 | 2,235 | 2,554 | 2,186 | 1,828 | |
| Operating Profit | 951 | 1,004 | 908 | 1,114 | 802 | 533 | |
| Non-Operating Items | 111 | 142 | 179 | 78 | 273 | 200 | |
| Income before Tax Profit | 1,062 | 1,146 | 1,088 | 1,192 | 1,075 | 737 | |
| Net Incom to Shareholders of the Parent Company |
935 | 995 | 938 | 1,016 | 963 | 645 | |
| Basic EPS (NT$) | 3.02 | 3.21 | 3.03 | 3.28 | 3.11 | 2.08 | |
| Gross Margin(%) | 23.1% | 24.5% | 24.1% | 26.5% | 24.9% | 22.4% | |
| Operating Margin(%) | 10.0% | 10.5% | 9.8% | 11.6% | 9.1% | 6.5% | |
| OPEX(%) | 13.1% | 13.9% | 14.3% | 14.9% | 15.8% | 15.9% | |
| Income before Tax Profit(%) | 11.2% | 12.0% | 11.7% | 12.4% | 12.2% | 9.0% | |
| Net Profit Margin(%) | 9.8% | 10.4% | 10.1% | 10.5% | 11.0% | 7.9% | |
| ROA(%) | 7.2% | 7.5% | 6.4% | 6.7% | 6.8% | 5.0% | |
| ROE(%) | 11.6% | 11.6% | 9.6% | 9.9% | 10.2% | 7.2% |
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Balance Sheet
| Unit：$NT Million | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018(F) | |
|---|---|---|---|---|---|---|---|---|
| Cash & Marketable Securities | 1,571 | 1,830 | 1,768 | 2,728 | 2,093 | 2,331 | 1,426 | |
| NR+AR | 3,482 | 2,666 | 2,968 | 2,924 | 3,085 | 2,651 | 2,726 | |
| Inventories | 1,477 | 1,653 | 1,657 | 1,534 | 1,520 | 1,504 | 1,817 | |
| Current Assets | 6,732 | 6,859 | 7,807 | 8,574 | 8,818 | 7,983 | 7,117 | |
| PP&E | 5,547 | 5,508 | 5,154 | 4,570 | 4,278 | 4,370 | 4,111 | |
| Total Assets | 13,030 | 12,984 | 13,622 | 15,580 | 14,842 | 13,403 | 12,562 | |
| Current Liabilities | 3,465 | 2,812 | 2,792 | 3,445 | 3,156 | 2,277 | 2,089 | |
| Non-curent Liabilities | 1,718 | 1,847 | 1,936 | 1,397 | 1,913 | 1,961 | 1,722 | |
| Total Liabilities | 5,183 | 4,659 | 4,728 | 4,841 | 5,069 | 4,238 | 3,811 | |
| Total Shareholders' Equity | 7,847 | 8,325 | 8,895 | 10,739 | 9,773 | 9,165 | 8,751 | |
| A/R Turnover Days | 110 | 118 | 108 | 116 | 114 | 119 | 120 | |
| Inventory Turnover Days | 57 | 78 | 84 | 83 | 79 | 84 | 96 | |
| A/P Turnover Days | 57 | 58 | 50 | 57 | 65 | 73 | 74 | |
| Current Ratio(%) | 194.3% | 243.9% | 279.6% | 248.9% | 279.4% | 350.6% | 340.7% | |
| Debt Ratio(%) | 39.8% | 35.9% | 34.7% | 31.1% | 34.2% | 31.6% | 30.3% | |
| Book Value Per Share($NT) | 25.33 | 26.88 | 28.71 | 34.67 | 31.55 | 29.59 | 28.25 |
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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 Earnings Per Share Cash Dividends Per Share |
2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Share |
2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Share |
2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Share |
2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Share |
2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Share |
2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Share |
2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Share |
2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Share |
2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Share |
2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Share |
2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Share |
2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Share |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2.2 2.2 2.2 2.5 2.5 2.8 2.5 Earnings Per Share Cash Dividends Per Sha |
|||||||||||||
| YEAR 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 |
|||||||||||||
| Earnings Per Share | 3.48 | 3.79 | 3.02 | 3.21 | 3.03 | 3.28 | 3.11 | ||||||
| Cash Dividends Per Share | 2.2 | 2.2 | 2.2 | 2.5 | 2.5 | 2.8 | 2.5 | ||||||
| Stock Price(Apr. end) | 43.6 | 46.0 | 43.6 | 39.9 | 41.1 | 44.5 | 39.0 | ||||||
| Payout Ratio(%) | 63.2 | 58.0 | 72.8 | 77.9 | 82.5 | 85.4 | 80.4 | ||||||
| Yields(%) | 5.1 | 4.8 | 5.1 | 6.3 | 6.1 | 6.3 | 6.4 |
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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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Q & A
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