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Nanya Technology Corporation Investor Presentation 2018

Oct 16, 2018

52061_rns_2018-10-16_bfda8fe0-b1c5-4328-8d52-8666a34ef127.pdf

Investor Presentation

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Nanya Technology Q3’ 2018 Investor Conference Presentation to Investors and Analysts, 16 Oct. 2018 Dr. Pei-Ing Lee , President & Spokesman

NTC Proprietary Level: Property

October 16, 2018 © 2018 Nanya Technology Corp.

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Safe Harbor

The information herein and the presentation made during the conference contain forward-looking statements and are provided for information purposes only. Neither Nanya Technology Corp. nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements or undertakes duty to update the statements. You are urged to review the information provided herein carefully, and please don’t distribute, reproduce or disclose the information in whole or in part without prior written permission of NANYA Technology Corp.

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Agenda

01. Key Takeaways
02. Q3’18 Revenue & Results
03. CAPEX & Bit Shipment
04. Market Outlook
05. Business Highlights

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01 Q3’18 KEY TAKEAWAYS

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October 16, 2018 © 2018 Nanya Technology Corp.

Key Takeaways

Q3’18 Revenue NT$ 24,375 million(M), -0.9% QoQ

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Bit shipment decreased low single digits%, ASP remained relatively flat

Q3’18

  • Gross Margin 58.9%; Operating Margin 51.0%

  • Q3’18 Net Income NT$ 12,872M, Net Margin 52.8%

  • EPS NT$ 4.15, BVPS NT$ 51.52

Q1~Q3’18 Revenue NT$ 67,764M (+77.6% vs. same period of 2017) Q1~Q3’18Q1~Q3’18 Net Income NT$ 31,409M, EPS NT$ 10.23

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02 Q3’18 REVENUE & RESULTS

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Quarterly Financial Highlights
Revenue (Million NT$) Net Income (Million NT$) Gross Margin(%) Operating Margin(%) 58.9%
35,000 60%
55%
52%
51.0%
50%
49%
48% 47% 47%
44% 44% 44% 44%
42% 42% 42% 24,592 24,375
40% 40% 40%
39%
37%
36%
34% 34%
33%
33% 31% 31% 32% 32% 18,797
30%
17,500 28% 28% 30%
25%
21%
12,872
18% 18%
17%
11,310
7,227
0 0%
Gross Margin, Operating Margin (%)
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Quarterly Financial Highlights

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18

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October 16, 2018 © 2018 Nanya Technology Corp.

Quarterly Revenue Results

QoQ YoY Q3 ’18 vs. Q2’18 Q3’18 vs. Q3’17

Revenue -0.9% +83.4% Shipment decreased low single digits% Increased low 50% range Increased high teen% ASP Relatively flat range Exchange Rate +3.2% -1.4%

  • Q3’18 Revenue decreased by 0.9% QoQ

  • Q3’18 Bit shipment decreased low single digits% range QoQ

  • Q3’18 ASP remained relatively flat QoQ

  • Q3’18 FX positive impacted 3.2% on Revenue QoQ

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October 16, 2018 © 2018 Nanya Technology Corp.

Q3’18 Financial Results Summary Q3’18 Financial Results Summary Q3’18 Financial Results Summary Q3’18 Financial Results Summary Q3'17
YoY
Audited
13,293
100%
83.4%
5,882
44.2% 144.3%
4,245
31.9% 192.9%
6,399
48.1% 142.0%
4,313
32.4%
-10
-0.1%
8,546
64.3%
50.6%
3.09
41.34
2,882		 Q3'17
YoY
Audited
13,293
100%
83.4%
5,882
44.2% 144.3%
4,245
31.9% 192.9%
6,399
48.1% 142.0%
4,313
32.4%
-10
-0.1%
8,546
64.3%
50.6%
3.09
41.34
2,882
Amount in Million NT$,
except for EPS & BVPS		 Q3'18 Q2'18 QoQ Q3'17 YoY
Unaudited Audited Audited
Net Sales 24,375
100%		 24,592
100%		 -0.9% 13,293
100%		 83.4%
Gross Profit (Loss)Gross Margin(%) 14,366
58.9%		 13,537
55.0%		 6.1% 5,882
44.2%		 144.3%
Operating Income (Loss)
Operating Margin(%)		 12,434
51.0%		 11,510
46.8%		 8.0% 4,245
31.9%		 192.9%
EBITDA* EBITDA Margin (%) 15,487
63.5%		 14,495
58.9%		 6.8% 6,399
48.1%		 142.0%
Non-operating Income (Expense) 438
1.8%		 1,990
8.1%		 4,313
32.4%
Income Tax Benefit (Expense) 0
0%		 -2,190
-8.9%		 -10
-0.1%
Net Income (Loss)Net Margin (%) 12,872
52.8%		 11,310
46.0%		 13.8% 8,546
64.3%		 50.6%
Earnings Per Share (NT$) 4.15** 3.68 3.09
Book Value Per Share (NT$) 51.52*** 47.37 41.34
Shares Outstanding(million shares) 3,102 3,101 2,882

Note: * EBITDA = Operating income + Depreciation & Amortization Expenses

  • ** EPS is based on weighted average outstanding shares of 3,102M

  • *** BVPS is calculated based on 3,103M outstanding shares after deduction of NT$ 3.5 cash dividend payable

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October 16, 2018 © 2018 Nanya Technology Corp.

Q3’18 vs. Q2’18 Results Comparison
Q3'18
Q2'18
QoQ
(PPT* Delta)
Remarks
Amount in Million NT$ Unaudited
Audited
Net Sales
24,375
24,592
-0.9%

Bit shipment decreased by low single
digits% range QoQ

ASP relatively flat QoQ

FX positive 3.2% on Revenue
Gross Profit (Loss)
Gross Margin(%)
14,366
58.9%
13,537
55.0%
+3.9%

Q3’18 Gross profit increased NT$ 829M,
mainly due to FX positive, cost and
expense improvement
Operating Income (Loss)
Operating Margin(%)
12,434
51.0%
11,510
46.8%
+4.2%

Q3’18 OP Income increased NT$ 924M

Gross profit increase NT$ 829M

SG&A decreased NT$ 73M, R&D expense
decreased NT$ 22M
Net Income (Loss)
Net Margin (%)
12,872
52.8%
11,310
46.0%
+6.8%

OP Income increased NT$ 924M

Tax expense decreased NT$ 2,190M

FX** gain decreased NT$ 1,655M
(Q3’18: NT$ 113M; Q2’18: NT$ +1,768M)

Interest income increased NT$ 47M		 Q3’18 vs. Q2’18 Results Comparison
Q3'18
Q2'18
QoQ
(PPT* Delta)
Remarks
Amount in Million NT$ Unaudited
Audited
Net Sales
24,375
24,592
-0.9%

Bit shipment decreased by low single
digits% range QoQ

ASP relatively flat QoQ

FX positive 3.2% on Revenue
Gross Profit (Loss)
Gross Margin(%)
14,366
58.9%
13,537
55.0%
+3.9%

Q3’18 Gross profit increased NT$ 829M,
mainly due to FX positive, cost and
expense improvement
Operating Income (Loss)
Operating Margin(%)
12,434
51.0%
11,510
46.8%
+4.2%

Q3’18 OP Income increased NT$ 924M

Gross profit increase NT$ 829M

SG&A decreased NT$ 73M, R&D expense
decreased NT$ 22M
Net Income (Loss)
Net Margin (%)
12,872
52.8%
11,310
46.0%
+6.8%

OP Income increased NT$ 924M

Tax expense decreased NT$ 2,190M

FX** gain decreased NT$ 1,655M
(Q3’18: NT$ 113M; Q2’18: NT$ +1,768M)

Interest income increased NT$ 47M		 Q3’18 vs. Q2’18 Results Comparison
Q3'18
Q2'18
QoQ
(PPT* Delta)
Remarks
Amount in Million NT$ Unaudited
Audited
Net Sales
24,375
24,592
-0.9%

Bit shipment decreased by low single
digits% range QoQ

ASP relatively flat QoQ

FX positive 3.2% on Revenue
Gross Profit (Loss)
Gross Margin(%)
14,366
58.9%
13,537
55.0%
+3.9%

Q3’18 Gross profit increased NT$ 829M,
mainly due to FX positive, cost and
expense improvement
Operating Income (Loss)
Operating Margin(%)
12,434
51.0%
11,510
46.8%
+4.2%

Q3’18 OP Income increased NT$ 924M

Gross profit increase NT$ 829M

SG&A decreased NT$ 73M, R&D expense
decreased NT$ 22M
Net Income (Loss)
Net Margin (%)
12,872
52.8%
11,310
46.0%
+6.8%

OP Income increased NT$ 924M

Tax expense decreased NT$ 2,190M

FX** gain decreased NT$ 1,655M
(Q3’18: NT$ 113M; Q2’18: NT$ +1,768M)

Interest income increased NT$ 47M		 Q3’18 vs. Q2’18 Results Comparison
Q3'18
Q2'18
QoQ
(PPT* Delta)
Remarks
Amount in Million NT$ Unaudited
Audited
Net Sales
24,375
24,592
-0.9%

Bit shipment decreased by low single
digits% range QoQ

ASP relatively flat QoQ

FX positive 3.2% on Revenue
Gross Profit (Loss)
Gross Margin(%)
14,366
58.9%
13,537
55.0%
+3.9%

Q3’18 Gross profit increased NT$ 829M,
mainly due to FX positive, cost and
expense improvement
Operating Income (Loss)
Operating Margin(%)
12,434
51.0%
11,510
46.8%
+4.2%

Q3’18 OP Income increased NT$ 924M

Gross profit increase NT$ 829M

SG&A decreased NT$ 73M, R&D expense
decreased NT$ 22M
Net Income (Loss)
Net Margin (%)
12,872
52.8%
11,310
46.0%
+6.8%

OP Income increased NT$ 924M

Tax expense decreased NT$ 2,190M

FX** gain decreased NT$ 1,655M
(Q3’18: NT$ 113M; Q2’18: NT$ +1,768M)

Interest income increased NT$ 47M		 Q3’18 vs. Q2’18 Results Comparison
Q3'18
Q2'18
QoQ
(PPT* Delta)
Remarks
Amount in Million NT$ Unaudited
Audited
Net Sales
24,375
24,592
-0.9%

Bit shipment decreased by low single
digits% range QoQ

ASP relatively flat QoQ

FX positive 3.2% on Revenue
Gross Profit (Loss)
Gross Margin(%)
14,366
58.9%
13,537
55.0%
+3.9%

Q3’18 Gross profit increased NT$ 829M,
mainly due to FX positive, cost and
expense improvement
Operating Income (Loss)
Operating Margin(%)
12,434
51.0%
11,510
46.8%
+4.2%

Q3’18 OP Income increased NT$ 924M

Gross profit increase NT$ 829M

SG&A decreased NT$ 73M, R&D expense
decreased NT$ 22M
Net Income (Loss)
Net Margin (%)
12,872
52.8%
11,310
46.0%
+6.8%

OP Income increased NT$ 924M

Tax expense decreased NT$ 2,190M

FX** gain decreased NT$ 1,655M
(Q3’18: NT$ 113M; Q2’18: NT$ +1,768M)

Interest income increased NT$ 47M
Q3'18 Q2'18 QoQ
(PPT* Delta)		 Remarks
Amount in Million NT$ Unaudited Audited
Net Sales 24,375 24,592 -0.9%
Bit shipment decreased by low single
digits% range QoQ

ASP relatively flat QoQ

FX positive 3.2% on Revenue
Gross Profit (Loss)
Gross Margin(%)		 14,366
58.9%		 13,537
55.0%		 +3.9%
Q3’18 Gross profit increased NT$ 829M,
mainly due to FX positive, cost and
expense improvement
Operating Income (Loss)
Operating Margin(%)		 12,434
51.0%		 11,510
46.8%		 +4.2%
Q3’18 OP Income increased NT$ 924M

Gross profit increase NT$ 829M

SG&A decreased NT$ 73M, R&D expense
decreased NT$ 22M
Net Income (Loss)
Net Margin (%)		 12,872
52.8%		 11,310
46.0%		 +6.8%
OP Income increased NT$ 924M

Tax expense decreased NT$ 2,190M

FX** gain decreased NT$ 1,655M
(Q3’18: NT$ 113M; Q2’18: NT$ +1,768M)

Interest income increased NT$ 47M

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October 16, 2018 © 2018 Nanya Technology Corp.

*PPT: Percentage Points, ** FX: Foreign Currency Exchange

Operating Expenses

SG&A Expenses

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* Unaudited number
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(Million NT$)

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＊
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Note: Q3’18 SG&A expenses decreased by NT$ 73M due to lower operation expense

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Q4
Q3
Q2
Q1
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R&D Expenses

(Million NT$)

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* Unaudited number
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＊
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Note: Q3’18 R&D expenses similar to Q2’18

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Cash Flows

Q3'18 Q2'18
Unit: Million NT$ Unaudited &
Consolidated		 Audited &
Consolidated
Beginning Balance 61,537 50,197
Cash from Operating
Activities		 12,200
-2,960
-14,414*		 11,778
Capital expenditures -2,780
Investments and
others		 2,342
Ending Balance 56,362 61,537
Free Cash Flow(1) 9,239 8,998

(1) Free Cash Flow = Cash from operating activities – Capital expenditures

  • Mainly from cash dividend NT$10.88billion and acquired Formosa Advanced Technology shares of NT$ 3.05billion

Q1~Q3'18 Cash Flow Unit: Million NT$

-7,681 -1,647 Capital 31,921 Expenditures[Investments] and others Cash from 56,362 Operating Activities 33,769

2018/1/1 Beginning Balance

2018/9/30 Ending Balance

Q1~Q3’18 Free Cash Flow NT$24,240 Million

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03 CAPEX & BIT SHIPMENT

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CAPEX & Bit Shipment

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NT$ Billion
29.4
21.0
22.3
Q3
Q2
Q1
2016 2017 2018(E)
CAPEX
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~48%
20%
16%
Flat
-8.6%
2014 2015 2016 2017 2018(E)
Bit Shipment (YoY)
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  • Q3’18 CAPEX NT$ 2.96Billion (B)

CapitalExpenditure (CAPEX)  Trim down 2018 CAPEX by 12% to NT$ 21B

  • Relatively flat in Q4’18

Bit Shipment

  • Target 2018 to reach 48% bit shipment growth, 2019 bit growth target to reach mid teens %

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04 MARKET OUTLOOK

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DRAM Market outlook – Q4’18

  • Q4’18 DRAM demand growth relatively conservative vs. 1H’18, affected by tariffs trade

  • Global war and CPU shortages. The scale and the duration of trade wars not yet finalized. Long

  • Watch term im act to DRAM market needs to be closel watched p y

  • Q3’18 DRAM suppliers increased wafer capacity, Q4’18 capacity expansion slow down

  • Supply and Capex postpone expected

  • Mobile Market : dual-lens became mainstream, multi-lens come next. Highly intelligent flagship mobile phone required higher DRAM content. Android mainstream flagship equipped with 6GB~8GB, and Apple OLED new model equipped with 4GB

Demand

  • Server Market: Cloud services and various industries continue to increase server demand. China server demand expected to grow 23% this year. North America ODM direct suppliers’ server shipment continue to grow. WW server unit shipment grow by 11% in 2018. Average DRAM content increase continuously. Total server DRAM demand to increase by more than 30% this year

  • Consumer Market ： TV, set-top boxes, smart speakers and SSDs are the major drivers; new generation of smart watches that provide ECG functions are expected to stimulate the growth of future wearable devices

  • PC Market ： Short-term demand impact by CPU shortages. Spot market affected by downgrade products, and pricing pressure expected

~~October 16, 2018 © 2018 Nanya Technology Corp.~~

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05 BUSINESS HIGHLIGHTS

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October 16, 2018 © 2018 Nanya Technology Corp.

Nanya Business Highlights

  • Nanya Technology named to 2018 Dow Jones Sustainability Emerging Markets Index (DJSI)

  • Qualified DDR4 server DRAM at tier one data-center customers

  • Nanya Tech acquired 84,022 thousand shares of Formosa Advanced Technology(FATC), approximately 19% of FATC issued shares

  • Actions on tariffs trade war impact:

  • 2018 CAPEX trim down by 12%

  • Diversify product portfolio and applications

  • Nanya Technology Operation Focuses:

  • On track to launch 8Gb LPDDR4/4X products, 10nm class technology development

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Thanks & Questions

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October 16, 2018 © 2018 Nanya Technology Corp.

3’18 Consolidated Income Statement 3’18 Consolidated Income Statement 3’18 Consolidated Income Statement 3’18 Consolidated Income Statement 3’18 Consolidated Income Statement 3’18 Consolidated Income Statement YoY
83.4%
144.3%
192.9%
50.4%
50.6%		 YoY
83.4%
144.3%
192.9%
50.4%
50.6%
Q3'18 Q2'18 QoQ Q3’17 YoY
Amount: Million NT$
Unaudited		 Audited Audited
Net Sales 24,375
100.0%		 24,592
100.0%		 -0.9% 13,293
100.0%		 83.4%
Cost of Goods Sold 10,008
41.1%		 11,055
45.0%		 7,412
55.8%
Gross Margin 14,366
58.9%		 13,537
55.0%		 6.1% 5,882
44.2%		 144.3%
SG&A Expenses 596
2.4%		 669
2.7%		 610
4.6%
R&D Expenses 1,336
5.5%		 1,358
5.5%		 1,026
7.7%
Operating Income 12,434
51.0%		 11,510
46.8%		 8.0% 4,245
31.9%		 192.9%
Non-operating Income (Exp.) 438
1.8%		 1,990
8.1%		 4,313
32.4%
Income before Tax 12,872
52.8%		 13,500
54.9%		 -4.6% 8,559
64.4%		 50.4%
Income Tax Benefit (Expense) 0
0.0%		 -2,190
-8.9%		 -10
-0.1%
Net Income 12,872
52.8%		 11,310
46.0%		 8,548
64.3%
Net income attributable to
noncontrolling interests
Net Income attributable to NTC		 0
0.0%
12,872
52.8%		 0
0.0%
11,310
46.0%		 13.8% 3
0.0%
8,546
64.3%
50.6%
EPS(NT$) 4.15 3.68 3.09
Book Value Per Share 51.52 47.37 41.34

Q3’18 Consolidated Income Statement

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October 16, 2018 © 2018 Nanya Technology Corp.

Q1~Q3’18 Financial Results Summary
Q1 to Q3’18
Q1 to Q3’17
YoY
Amount: Million NT$ Unaudited & Consolidated Audited & Consolidated
Net Sales
67,764
100.0%
38,149
100.0%
77.6%
Cost of Goods Sold
30,120
44.4%
21,823
57.2%
Gross Margin
37,644
55.6%
16,326
42.8%
130.6%
SG&A Expenses
1,811
2.7%
1,626
4.3%
R&D Expenses
3,570
5.3%
2,435
6.4%
Operating Income
32,263
47.6%
12,265
32.1%
163.1%
Non-operating Income (Exp.)
1,336
2.0%
7,582
19.9%
Income before Tax
33,600
49.6%
19,847
52.0%
69.3%
Income Tax Benefit (Expense)
-2,192
-3.2%
-1,519
-4.0%
Net Income
31,408
46.3%
18,328
48.0%
Net Income attributable to
noncontrolling interests
-1
0.0%
17
0.0%
Net Income attributable to NTC
31,409
46.4%
18,310
48.0%
71.5%
EPS(NT$)
10.23
6.65		 Q1~Q3’18 Financial Results Summary
Q1 to Q3’18
Q1 to Q3’17
YoY
Amount: Million NT$ Unaudited & Consolidated Audited & Consolidated
Net Sales
67,764
100.0%
38,149
100.0%
77.6%
Cost of Goods Sold
30,120
44.4%
21,823
57.2%
Gross Margin
37,644
55.6%
16,326
42.8%
130.6%
SG&A Expenses
1,811
2.7%
1,626
4.3%
R&D Expenses
3,570
5.3%
2,435
6.4%
Operating Income
32,263
47.6%
12,265
32.1%
163.1%
Non-operating Income (Exp.)
1,336
2.0%
7,582
19.9%
Income before Tax
33,600
49.6%
19,847
52.0%
69.3%
Income Tax Benefit (Expense)
-2,192
-3.2%
-1,519
-4.0%
Net Income
31,408
46.3%
18,328
48.0%
Net Income attributable to
noncontrolling interests
-1
0.0%
17
0.0%
Net Income attributable to NTC
31,409
46.4%
18,310
48.0%
71.5%
EPS(NT$)
10.23
6.65		 Q1~Q3’18 Financial Results Summary
Q1 to Q3’18
Q1 to Q3’17
YoY
Amount: Million NT$ Unaudited & Consolidated Audited & Consolidated
Net Sales
67,764
100.0%
38,149
100.0%
77.6%
Cost of Goods Sold
30,120
44.4%
21,823
57.2%
Gross Margin
37,644
55.6%
16,326
42.8%
130.6%
SG&A Expenses
1,811
2.7%
1,626
4.3%
R&D Expenses
3,570
5.3%
2,435
6.4%
Operating Income
32,263
47.6%
12,265
32.1%
163.1%
Non-operating Income (Exp.)
1,336
2.0%
7,582
19.9%
Income before Tax
33,600
49.6%
19,847
52.0%
69.3%
Income Tax Benefit (Expense)
-2,192
-3.2%
-1,519
-4.0%
Net Income
31,408
46.3%
18,328
48.0%
Net Income attributable to
noncontrolling interests
-1
0.0%
17
0.0%
Net Income attributable to NTC
31,409
46.4%
18,310
48.0%
71.5%
EPS(NT$)
10.23
6.65		 Q1~Q3’18 Financial Results Summary
Q1 to Q3’18
Q1 to Q3’17
YoY
Amount: Million NT$ Unaudited & Consolidated Audited & Consolidated
Net Sales
67,764
100.0%
38,149
100.0%
77.6%
Cost of Goods Sold
30,120
44.4%
21,823
57.2%
Gross Margin
37,644
55.6%
16,326
42.8%
130.6%
SG&A Expenses
1,811
2.7%
1,626
4.3%
R&D Expenses
3,570
5.3%
2,435
6.4%
Operating Income
32,263
47.6%
12,265
32.1%
163.1%
Non-operating Income (Exp.)
1,336
2.0%
7,582
19.9%
Income before Tax
33,600
49.6%
19,847
52.0%
69.3%
Income Tax Benefit (Expense)
-2,192
-3.2%
-1,519
-4.0%
Net Income
31,408
46.3%
18,328
48.0%
Net Income attributable to
noncontrolling interests
-1
0.0%
17
0.0%
Net Income attributable to NTC
31,409
46.4%
18,310
48.0%
71.5%
EPS(NT$)
10.23
6.65
Q1 to Q3’18 Q1 to Q3’17 YoY
Amount: Million NT$ **Unaudited & Consolidated ** Audited & Consolidated
Net Sales 67,764
100.0%		 38,149
100.0%		 77.6%
Cost of Goods Sold 30,120
44.4%		 21,823
57.2%
Gross Margin 37,644
55.6%		 16,326
42.8%		 130.6%
SG&A Expenses 1,811
2.7%		 1,626
4.3%
R&D Expenses 3,570
5.3%		 2,435
6.4%
Operating Income 32,263
47.6%		 12,265
32.1%		 163.1%
Non-operating Income (Exp.) 1,336
2.0%		 7,582
19.9%
Income before Tax 33,600
49.6%		 19,847
52.0%		 69.3%
Income Tax Benefit (Expense) -2,192
-3.2%		 -1,519
-4.0%
Net Income 31,408
46.3%		 18,328
48.0%
Net Income attributable to
noncontrolling interests		 -1
0.0%		 17
0.0%
Net Income attributable to NTC 31,409
46.4%		 18,310
48.0%		 71.5%
EPS(NT$) 10.23 6.65

Q1~Q3’18 Financial Results Summary

21

October 16, 2018 © 2018 Nanya Technology Corp.

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