Industry View

Neutral
20122Q13
IEK
TDKMurata (IEK:
NBPC
MLCC


(IEK: )

Passive components

coilreactorchoke

()

(/)

()

(//)

3114
3663
6127
6204
3636

3089
5317
6173
6175

3191
8121
3357

1785
3221
4739
6250

MLCC
50%
SEMCO
MLCC


MLCC
50%
SEMCO
MLCC

3313
6173
6204
3624
6207
8085
3161

3313
6207
6173
3537
5317
5328
5345
6284
8042
8043
8080

3313
6173
3624
6248
6259
6284
6292
3207
3236
3357
3117
5255

3299
3313
6174
8182
8289
6284

20CG01
20CG02
20CGS1
20ZR01
20ZR02
20ZR11
20ZR12
20ZRS1

LME (/)
LME3(/)
LME ()
LME (/)
LME (/)
LME (/)
LME (/)
LME ()

Data Field1/29/2010 2/26/2010

18,730
20,495

18,750
20,550

164,808 162,666

1,930
1,935

1,960
1,960

1,980
2,005

2,010
2,045

84,160
80,800

20C
30,000
28,000
26,000
24,000
22,000
20,000
18,000
16,000
14,000
12,000
10,000
1/1/2010

8/1/2010

20ZR0
2,700

2,500

2,300

2,100

1,900

1,700

1,500
1/1/2010

8/1/2010

3/26/2010 4/30/2010 5/28/2010 6/25/2010 7/30/2010 8/27/2010 9/24/2010 10/29/2010

23,650
25,810
21,555
19,500
20,560
20,555
22,900
22,700
23,605
25,900
21,650
19,500
20,640
20,605
22,925
22,895
155,922 145,314 138,504 126,312 117,498 118,860 120,594
128,160
2,035
2,026
1,880
1,852
2,140
2,180
2,215 2,186.50
2,070
2,060
1,895
1,865
2,120
2,070
2,175
2,200
2,140
2,070
1,940
1,890
2,090
2,080
2,221
2,205
2,170
2,095
1,970
1,910
2,100
2,080
2,250
2,230
77,920
73,380
71,920
71,560
67,660
67,120
70,340
70,740

20CG01 LME ( / )
30,000
28,000
26,000
24,000
22,000
20,000
18,000
16,000
14,000
12,000
10,000
1/1/2010

8/1/2010

3/1/2011

10/1/2011

5/1/2012

12/1/2012

7/1/2013

20ZR01 LME ( / )
2,700

2,500

2,300

2,100

1,900

1,700

1,500
1/1/2010

8/1/2010

3/1/2011

10/1/2011

5/1/2012

12/1/2012

7/1/2013

11/26/2010 12/31/2010 1/28/2011 2/25/2011 3/25/2011 4/29/2011 5/27/2011 6/24/2011

22,510
24,960
26,825
27,730
27,060
26,610
23,125
21,930
22,600
24,950
26,800
27,730
27,095
26,610
23,125
22,000
131,472
135,672 134,298 130,422 124,254 117,384 114,372 109,872
2,210
2,240
2,310
2,350
2,390
2,480
2,390
2,320
2,180
2,195
2,285
2,340
2,379
2,470
2,375
2,330
2,210.50
2,280
2,416
2,531
2,576
2,591
2,462
2,423
2,235
2,305
2,485
2,555
2,610
2,630
2,500
2,460
72,180
69,980
72,880
82,560
77,000
69,760
75,180 119,220

7/29/2011 8/26/2011 9/30/2011 10/28/2011 11/25/2011 12/30/2011 1/18/2012 2/24/2012

24,500
21,255
18,305
19,700
17,095
18,280
19,460
19,905
24,525
21,275
18,300
19,750
17,100
18,255
19,525
20,020
102,540 105,018
96,738
87,042
88,668
90,048
91,908
97,536
2,395
2,290
2,255
2,141
1,890
1,970
2,056
2,185
2,400
2,290
2,250
2,190
1,890
1,970
2,080
2,206
2,521
2,371
2,260
2,232
2,020
2,055
2,201
2,261
2,560
2,405
2,300
2,270
2,040
2,100
2,235
2,305
124,280 130,660 135,920
137,340
139,740
142,880 138,500 137,960

3/30/2012 4/27/2012 5/25/2012 6/29/2012 7/27/2012 8/31/2012 9/28/2012 10/26/2012

17,430
18,255
16,980
16,475
15,860
15,875
18,520
16,100
17,500
18,330
17,070
16,455
15,910
16,000
18,550
16,105
99,882 101,760 105,156 102,852 112,698 118,908 122,580
129,012
2,021
1,982 1,880.50
1,751
1,765
1,750
1,968 1,801.50
2,055
2,010
1,920
1,775
1,780
1,775
1,990
1,830
2,130 2,070.50
1,968
1,840
1,846 1,826.50
2,065
1,885
2,165
2,115
2,020
1,880
1,895
1,880
2,110
1,920
138,520 128,880 105,680 100,460
94,280
85,000
77,800
90,840

11/30/2012 12/28/2012 1/25/2013 2/23/2013 3/29/2013 4/26/2013 5/31/2013 6/28/2013

17,100
17,100
17,265
16,745
16,540
15,280
14,635
13,680
17,275
17,105
17,305
16,850
16,700
15,350
14,710
13,710
136,374
139,074 150,216 154,500 165,420 175,566 179,796 187,488
2,025
1,910
1,835
1,890
1,803
1,820
1,805
1,785
2,050
1,940
1,865
1,910
1,815
1,820
1,825
1,815
1,976
1,890
1,866
1,853
1,790
1,761
1,821
1,875
2,020
1,930
1,905
1,896
1,804
1,805
1,845
1,880
87,740
87,740
87,420
84,700
75,800
71,720
69,060
69,040

7/26/2013 8/30/2013 9/27/2013 10/25/2013

13,830
13,755
13,885
14,385
13,905
13,830
13,970
14,440
199,578 212,070 226,218
235,278
1,770
1,780 1,760.50
1,790
1,800
1,805
1,810
1,830
1,850.50
1,790 1,815.50
1,831
1,880
1,820
1,855
1,862
66,960
65,800
62,760
61,120

Conclusion

1.

Market
mn $USD
Global
YoY
Shipment ( )
YoY
ASP ($USD; k pcs)
YoY
Japan (current USD)
YoY
TW (current USD)
YoY
JP (mn $yen)
TW (mn $NT)

YoY

YoY

YoY

Market
Global
YoY

Market
Global
YoY

2008
20,843
2,476
8.4
9,655
4,300
965,959
126,667
88,414
6,181
32,085

2009
20,467
(1.8%)
2,544
2.7%
8.0
(4.4%)
7,051
(27.0%)
3,456
(19.6%)
705,440
101,802
65,489
(25.9%)
6,617
7.0%
29,706
(7.4%)

mn $USD

2008

2009

mn $USD

2008

2009

General Ranking (Global)

1 6762 JP TDK

6762 JP TDK

2 6981 JP Murata
3 6976 JP Taiyo Yuden
4 Kyocera
5
6
7
8
9
10

Sumida
6976 JP Taiyo Yude
TOKO
6981 JP Murata
Panasonic
Coilcraft

Peer
Country

(mn $RMB)
suspended

mn $JPY
(FY March)

mn $NT
Mkt. Cap. Company
16,202 2327
5,320 2492
1,979 3624
3,813 2478
3,174 2437
1,183 3313
8,478 3026
5,047 8042
3,865 2472
1,269 5317
707 3236
3,779 2456
3,727 3068
1,628 6155
4,629 6224
3,564 6284
4,920 2428
17,462 000636 CH
17,558 002484 CH
46,827 600536 CH
34 117 HK
5,673 6762 JP TDK
18,260 6981 JP
1,435 6976 JP

2008

2009

22,487
29,787
443
2,681
1,451
2,718
14,296
2,348
3,706
2,253
907
2,312
1,293
860
898
1,632
3,211

19,130
34,375
687
3,001
1,744
2,261
13,223
2,945
3,953
1,885
833
2,061
1,767
759
949
1,611
3,169

2,241

3,234
727,400
523,946
185,452

Note:

Market Est. by IEK

IEK 2013.9
IEK 2013.10
Yen/USD
0.009995
11/18/2013
TWD/USD
0.03395
11/18/2013
RMB/USD
4.83747385
11/19/2013
HKD/USD
0.128996
11/19/2013
2013E 3Q*4/3
1.
2.
IEK-ITIS 2013 3

Raw Data

2327
2492
3624
2478
2437
3313
3026
8042
5317
3236
2456
3068
6155
6224
6284

12/31/2008
22,486,606
29,786,542
442,642
2,680,885
1,451,000
2,717,645
14,295,836
2,347,507
2,253,493
907,480
2,312,139
1,292,539
860,180
897,634
1,631,599

12/31/2009
19,129,919
34,375,103
687,162
3,000,553
1,743,834
2,260,644
13,223,071
2,945,036
1,884,701
832,691
2,060,652
1,766,804
759,378
949,227
1,611,382

12/31/2010
12/30/2011
27,313,823
24,973,097
40,207,041
25,102,369
1,082,640
1,128,050
3,948,987
3,719,619
2,354,502
2,306,663
2,792,944
2,746,766
14,879,625
15,637,080
3,155,902
3,211,586
2,631,089
2,251,122
1,240,475
1,151,054
2,978,708
3,352,665
2,476,838
2,492,126
681,376
682,478
1,372,702
1,530,508
2,197,939
3,060,905

2428
2472

2327
2492
3624
2478
2437
3313
3026
8042
5317
3236
2456
3068
6155
6224
6284
2428
2472

3,211,277
3,705,598

3,169,349
3,953,333

4,360,328
5,416,559

4,303,294
6,072,397

() () Mkt Cap. (mn NTD)

12/12/2013
10.5
1,543
16201.5
12/12/2013
7.71
690
5319.9
12/12/2013
22.75
87
1979.25
12/12/2013
15.25
250
3812.5
12/12/2013
52.9
60
3174
12/12/2013
14.25
83
1182.75
12/12/2013
37.85
224
8478.4
12/12/2013
49
103
5047
12/12/2013
9.33
136
1268.88
12/12/2013
12.4
57
706.8
12/12/2013
26.8
141
3778.8
12/12/2013
45.45
82
3726.9
12/12/2013
19.85
82
1627.7
12/12/2013
58.6
79
4629.4
12/12/2013
36
99
3564
12/12/2013
39.05
126
4920.3
12/12/2013
25.1
154
3865.4

2010
24,534
19.9%
3,118
22.6%
7.9
(2.2%)
8,925
26.6%
3,979
15.1%
892,945
117,209
70,853
8.2%
7,994
20.8%
38,374
29.2%

2011
22,651
(7.7%)
2,932
(6.0%)
7.7
(1.8%)
7,993
(10.4%)
3,774
(5.2%)
799,722
111,169
62,299
(12.1%)
10,483
31.1%
38,387
0.0%

2012 2013E
2014E
2015E
20,722
22,211 24,137
(8.5%)
7.2%
8.7%
2,778
2,982
3,271
(5.3%)
7.3%
9.7%
7.5
7.4
7.4
(3.4%)
(0.1%) (0.9%)
7,471
(6.5%)
3,455
3,688
3,944
(8.5%)
6.8%
7.0%
747,500
101,760
108,632 116,183
54,146
(13.1%)
10,746
2.5%
36,868
(4.0%)

25,000
24,000
23,000
22,000
21,000
20,000
19,000
18,000

2010

2011

2012 2013E
1,990

2014E

2015E

2010

2011

2012 2013E

2014E

2015E

Note
45%

20

12%
11%
10%
4%
3%
3%

2010

2011

2012 2013E

27,314
40,207
1,083
3,949
2,355
2,793
14,880
3,156
5,417
2,631
1,240
2,979
2,477
681
1,373
2,198
4,360

24,973
25,102
1,128
3,720
2,307
2,747
15,637
3,212
6,072
2,251
1,151
3,353
2,492
682
1,531
3,061
4,303

23,811
13,023
1,204
3,608
2,507
2,396
14,608
3,059
5,736
1,913
1,471
3,572
2,492
709
1,704
2,722
4,123

25,219
12,905
1,308
3,789
2,848
2,202
15,509
2,978
5,660
1,973
1,563
3,811
2,690
708
1,489
2,746
4,188

3,029

2,350

2,681

2,218

808,858
530,819
195,690

871,943
617,954
210,401

814,497
584,662
183,795

851,575
681,061
192,903

YoY
2012A

2013E

(4.7%)
5.9%
(48.1%) (0.9%)
6.8%
8.6%
(3.0%)
5.0%
8.7%
13.6%
(12.8%) (8.1%)
(6.6%)
6.2%
(4.7%) (2.6%)
(5.5%) (1.3%)
(15.0%)
3.1%
27.8%
6.2%
6.6%
6.7%
(0.0%)
8.0%
3.8% (0.1%)
11.3% (12.6%)
(11.1%)
0.9%
(4.2%)
1.6%

13 3

12/28/2012
6/28/2013
9/30/2013
23,810,968
12,394,232
18,914,448
13,023,336
6,289,081
9,678,778
1,204,338
637,110
980,961
3,608,054
1,808,438
2,841,729
2,506,810
1,326,903
2,135,890
2,395,985
1,039,476
1,651,562
14,607,834
7,152,166
11,631,419
3,059,284
1,397,047
2,233,842
1,913,269
977,535
1,479,847
1,471,487
748,743
1,171,978
3,572,452
1,869,634
2,857,916
2,491,699
1,294,860
2,017,594
708,512
353,185
531,107
1,703,697
729,957
1,116,888
2,721,651
1,193,929
2,059,517

4,122,610
5,735,682

2,016,189
2,791,493

3,140,932
4,244,828

p. (mn NTD)

%
2008

2009

2010

2011

69.80

64.33

60.45

56.04

4.88

6.50

6.82

9.43

25.33

29.18

32.74

34.53

2013

Global Market
25,000
24,000
23,000
22,000
21,000
20,000
19,000
18,000

2008

2009

2010

2011
Global

2012

YoY, Global

2013E

20

10745.86

Revenue Breakdown & Description

MLCC 54.10%35.93%6.88%
61.51%19.68%9.27%7.50%
1.92%0.11%(2012/11)
30.32%27.55%27.42%14.71%
92.73%

76.81%
23.19%

99.97%PPTC PC
PPTC 0.03%

2012
53.21
10.56
36.23

2013 3

25%
20%
15%
10%
5%
0%
-5%

2013E

2014E

-10%

6.88%3.09%

42%14.71%

TDK-EPC

2008 EPCOS
14%

Murata

VTI
3D MEMS
RF
Monolithics
13%
MLCC

2012
2013 1

SEMCO

Samsung HDD
Motor Alphana
Technology

KOA

SAW

2012

008004(0.25 x 0.125mm)

008004
0100575%

SEMCO

(
)

MLCC

01005 MLCC

2008

2009

2010

2011

2012

(46.27) (39.52) (37.74) (37.53) (35.71)

(23.05) (26.40) (31.44) (33.54) (31.57)

(5.19)
(6.51)

(4.33)

(3.67) (4.13)
(3.56)

82.50

(5.87) (5.11) (7.78)

(5.51)
(3.75)

82.07

82.36

(3.80)
(5.54)

(3.71)
83.70

(3.60)
84.20

2013 3

2008

2009

2010

2011

2012

(38.94) (37.61) (38.09) (41.06) (37.85)

(31.45) (34.47) (31.74) (29.82) (32.51)

(5.56) (5.99) (6.83) (6.12) (7.55)

(3.82) (3.41) (3.85) (4.02) (3.61)

(3.52)
(3.05)

83.29

84.54

(3.65) (3.98) (3.34)

84.17

84.99

84.86

2013 3

2008

2012

(15.54)

(16.05)

(15.73) (15.72)

2011

(24.55)
(28.43)
(27.57)
(25.95)
(25.04)

(16.58)

2010

2009

(14.63)

(13.06)

(13.81)
(14.52) (14.61)

100

100

100

100

(8.99)
(8.37)
(9.79)
(10.24)
(11.52)
( ( ( (

(6.45)

100

70.37

) ) ) )

60 60 60 60

(4.31)

(5.00)

(4.86)

(4.86)

71.16

72.71

71.70

70.19

2013 3

2008

2011

2012

(38.71)
(34.59)
(31.03)
(30.16)
(28.40)

2010

2009

(10.89)

(12.70)

(14.38)

(16.43)

(9.96)

(9.21)

(10.52)

20 20

(9.88)
(11.31)

20 20 20

(8.46)

(7.22)
(7.51)
(8.66)
(8.98)

(7.87)

(7.07)
5

(9.23)

72.17

(7.21)
70.73

(7.74)

(8.04)

69.35

70.92

72.98

2013 3

013 3

013 3

Conclusion

Universe:3313 6224 2327 2492

8042
2456
Note

###

Performance Comparison ($NT mn)

Revenue & Earnning
Company & Ticker Mkt. Cap.
2008
2009
2010
2011
3313
1,033 Revenue
2,718
2,261
2,793
2,747
YoY
(16.8%)
23.5%
(1.7%)
EBITDA
(215)
(168)
258
289
YoY
(21.9%) (253.7%)
12.1%
Net Incom
(249)
(261)
93
134
YoY
4.7% (135.5%)
44.9%
6224
4,645 Revenue
898
949
1,373
1,531
YoY
5.7%
44.6%
11.5%
EBITDA
275
338
501
568
YoY
22.7%
48.3%
13.5%
Net Incom
162
199
352
373
YoY
23.2%
76.3%
6.2%
2327
15,214 Revenue
22,487
19,130
27,314
24,973
YoY
(14.9%)
42.8%
(8.6%)
EBITDA
4,328
4,258
8,373
5,461
YoY
(1.6%)
96.6% (34.8%)
Net Incom
573
674
4,148
1,668
YoY
17.5%
515.5% (59.8%)
2492
5,375 Revenue
29,787
34,375
40,207
25,102
YoY
15.4%
17.0% (37.6%)
EBITDA
4,098
5,917
6,773
2,478
YoY
44.4%
14.5% (63.4%)
Net Incom
(605)
(436)
953
(1,057)
YoY
(27.9%) (318.3%) (211.0%)
8042
4,918 Revenue
2,348
2,945
3,156
3,212
YoY
25.5%
7.2%
1.8%
EBITDA
374
634
677
559
YoY
69.4%
6.7% (17.4%)
Net Incom
183
464
503
415
YoY
154.1%
8.5% (17.5%)
2456
3,885 Revenue
2,312
2,061
2,979
3,353
YoY
(10.9%)
44.6%
12.6%
EBITDA
326
382
706
585
YoY
17.2%
84.8% (17.2%)
Net Incom
82
114
384
216

2012
2,396
(12.8%)
77
(73.5%)
(22)
(116.3%)
1,704
11.3%
564
(0.8%)
391
4.7%
23,811
(4.7%)
4,558
(16.5%)
1,059
(36.5%)
13,023
(48.1%)
729
(70.6%)
(1,403)
32.7%
3,059
(4.7%)
660
18.0%
505
21.8%
3,572
6.6%
795
35.9%
266

3068

3,969

6155

1,620

3624

2,262

Total

42,921

YoY
Revenue
YoY
EBITDA
YoY
Net Incom
YoY
Revenue
YoY
EBITDA
YoY
Net Incom
YoY
Revenue
YoY
EBITDA
YoY
Net Incom
YoY
Revenue
YoY
EBITDA
YoY
Net Incom
YoY

1,293
209
113
860
271
159
443
144
131
63,143
9,811
548

39.2%
1,767
36.7%
501
139.7%
299
164.5%
759
(11.7%)
321
18.5%
207
30.0%
687
55.2%
125
(12.7%)
40
(69.3%)
64,934
2.8%
12,309
25.5%
1,300
137.1%

238.2%
2,477
40.2%
724
44.4%
437
46.2%
681
(10.3%)
214
(33.5%)
121
(41.5%)
1,083
57.6%
329
161.8%
230
473.3%
82,062
26.4%
18,553
50.7%
7,219
455.5%

(43.8%)
2,492
0.6%
511
(29.4%)
212
(51.5%)
682
0.2%
170
(20.6%)
71
(41.6%)
1,128
4.2%
221
(32.6%)
113
(50.9%)
65,220
(20.5%)
10,842
(41.6%)
2,144
(70.3%)

Graph

($NT mn)
16000
14000
12000
10000
8000
6000
4000
2000
0

($NT mn)

Raw Data

23.2%
2,492
(0.0%)
414
(19.1%)
65
(69.5%)
709
3.8%
201
18.4%
114
61.1%
1,204
6.8%
287
29.7%
162
43.3%
51,970
(20.3%)
8,283
(23.6%)
1,136
(47.0%)

From TEJ

1. TEJ
2.
3.2013/11/2

Yearly Data
Universe:3313 6224 2327 2492
8042
2456
3068
mn $NT

###
###
###
###
###
###
###
###
3313
2,718
2,261
2,793
2,747
2,396
1,039
-215
6224
898
949
1,373
1,531
1,704
730
1,117
275
2327 22,487
19,130
27,314
24,973
23,811
12,394
4,328
2492 29,787
34,375
40,207
25,102
13,023
6,289
4,098
8042 2,348
2,945
3,156
3,212
3,059
1,397
374
2456 2,312
2,061
2,979
3,353
3,572
1,870
2,858
326
3068
1,293
1,767
2,477
2,492
2,492
1,295
209
6155
860
759
681
682
709
353
271
3624
443
687
1,083
1,128
1,204
637
144

ok
()
()
$NT mn

###
###
3313
83
12.45 1033.35
6224
79
58.8
4645.2
2327
1,543
9.86 15213.98
2492
690
7.79
5375.1
8042
103
47.75 4918.25
2456
141
27.55 3884.55
3068
82
48.4
3968.8
6155
82
19.75
1619.5
3624
86
26.3
2261.8

Note
1.TEJtej ex

ok
Quarter ()

###
###
###
###
###
###
###
###

3313
6224
2327
2492
8042
2456
3068
6155
3624

2.98
43.09
20.12
12.06
21.21
21.46
27.45
41.23
44.57

3.31
47.31
20.3
14.53
23.35
21.06
33.25
38.05
24.48

14.56
49.72
28.28
14.68
25.96
24.49
34.16
36.78
40.32

17.82
45.34
21.24
6.74
22.81
18.6
21.64
33.07
33.08

16.95
45.6
21.13
3.2
27.4
21.39
17.37
33.43
34.38

14.9
49.93
22.04
8.2
28.89
21.41
17.94
28.83
33.41

49.15

21.07

-13.52
21.12
6.16
2.2
10.89
7.33
9.95
27.43
23.01

3068 6155 3624

1H 2013
1,039
(56.6%)
42
(44.8%)
(26)
17.5%
730
(57.2%)
284
(49.7%)
183
(53.1%)
12,394
(47.9%)
2,079
(54.4%)
565
(46.6%)
6,289
(51.7%)
644
(11.6%)
(358)
(74.5%)
1,397
(54.3%)
317
(52.0%)
252
(50.2%)
1,870
(47.7%)
429
(46.0%)
147

Growth
YoY, 1H 2013

1.
2.

YoY, Last Yr

YoY, Last 3 Yr

YoY, Last 5 Yr

(56.6%)

(12.8%)

(7.4%)

(44.8%)

(73.5%)

(45.4%)

17.5%

(116.3%)

(57.2%)

11.3%

11.4%

17.4%

(49.7%)

(0.8%)

6.1%

19.6%

(53.1%)

4.7%

5.4%

24.7%

(47.9%)

(4.7%)

(6.6%)

1.4%

(54.4%)

(16.5%)

(26.2%)

1.3%

(46.6%)

(36.5%)

(49.5%)

16.6%

(51.7%)

(48.1%)

(43.1%)

(18.7%)

(11.6%)

(70.6%)

(67.2%)

(35.1%)

(74.5%)

32.7%

(54.3%)

(4.7%)

(1.5%)

6.8%

(52.0%)

18.0%

(1.3%)

15.2%

(50.2%)

21.8%

0.2%

29.0%

(47.7%)

6.6%

9.5%

11.5%

(46.0%)

35.9%

6.1%

25.0%

NA

(3.1%)
NA
NA

NA

NA

(44.8%)
1,295
(48.0%)
203
(51.0%)
41
(36.9%)
353
(50.2%)
111
(45.0%)
61
(46.7%)
637
(47.1%)
170
(40.6%)
100
(38.3%)
26,005
(50.0%)
4,278
(48.3%)
965
(15.1%)

(44.8%)

23.2%

(16.8%)

34.3%

(48.0%)

(0.0%)

0.3%

17.8%

(51.0%)

(19.1%)

(24.4%)

18.6%

(36.9%)

(69.5%)

(61.5%)

(13.0%)

(50.2%)

3.8%

2.0%

(4.7%)

(45.0%)

18.4%

(3.0%)

(7.2%)

(46.7%)

61.1%

(3.0%)

(8.0%)

(47.1%)

6.8%

5.5%

28.4%

(40.6%)

29.7%

(6.5%)

18.9%

(38.3%)

43.3%

(16.1%)

5.5%

(50.0%)

(20.3%)

(20.4%)

(4.8%)

(48.3%)

(23.6%)

(33.2%)

(4.1%)

(15.1%)

(47.0%)

(60.3%)

20.0%

5 yr CAGR
40.0%
30.0%
20.0%
10.0%
0.0%
(10.0%)
(20.0%)
(30.0%)
(40.0%)
Revenue

EBITDA

NI

6155 3624

###
###
###
###
###
###
###
###
###
-168
258
289
77
42
-249
-261
93
338
501
568
564
284
162
199
352
4,258
8,373
5,461
4,558
2,079
573
674
4,148
5,917
6,773
2,478
729
644
-605
-436
953
634
677
559
660
317
183
464
503
382
706
585
795
429
82
114
384
501
724
511
414
203
113
299
437
321
214
170
201
111
159
207
121
125
329
221
287
170
131
40
230

()
()

tej excel
2327
2492
8042
6224
3068
2456
3624
6155
3313

1543
690
103
79
82
141
86
82
83

9.86
7.79
47.75
58.8
48.4
27.55
26.3
19.75
12.45

###
###
###
###
###
###
###
###
###

-16.41
25.76
7.06
5.15
14.72
6.26
18.31
24.53
5.11

0.61
30.89
17.89
5.64
16.73
14.01
21.47
22.06
25.15

4.14
28.26
10.25
-3.53
13.43
8.28
9.81
18.44
13.13

-0.86
27.94
9.71
-10.11
16.93
10.07
5.49
17.88
15.86

-5.26
29.74
10.79
-4.98
18.97
9.75
5.38
14.59
15.12

28.7

9.53

-13.67
18.04
2.75
-0.67
8.04
3.53
8.74
18.51
29.49

-14.73
21.01
3.58
3.28
15.99
5.51
16.91
27.26
5.83

2.6
25.61
15.29
4.31
16.04
12.9
17.64
17.76
21.21

YoY, Last 5 Yr

Profitability
2008
2.98
GM
Op Margin -13.52
Net Margi -13.67

2009
3.31

2010
14.56

2011
17.82

-16.41
-14.73

0.61
2.6

4.14
5.21

2012 1H 2013
16.95
14.9
-0.86
-0.33

-5.26
-2.45
30

GM
Op Margin
Net Margi

43.09

47.31

49.72

45.34

45.6

49.93

21.12
18.04

25.76
21.01

30.89
25.61

28.26
24.39

27.94
22.95

29.74
25.13

25

21

20

16.95

15
10
GM
Op Margin
Net Margi

20.12

20.3

28.28

21.24

21.13

22.04

6.16
2.75

7.06
3.58

17.89
15.29

10.25
6.77

9.71
4.56

10.79
4.58

5
0

-5
GM
Op Margin
Net Margi

12.06

14.53

14.68

6.74

3.2

8.2

2.2
-0.67

5.15
3.28

5.64
4.31

-3.53
-3.79

-10.11
-11

-4.98
-5.62

-10
-15

3
GM
Op Margin
Net Margi

21.21

23.35

25.96

22.81

27.4

28.89

10.89
8.04

14.72
15.99

16.73
16.04

13.43
13.01

16.93
16.74

18.97
17.79

GM
Op Margin
Net Margi

21.46

21.06

24.49

18.6

21.39

21.41

7.33
3.53

6.26
5.51

14.01
12.9

8.28
6.08

10.07
7.27

9.75
7.48

GM
Op Margin
Net Margi

27.45
9.95
8.74

33.25
18.31
16.91

34.16
21.47
17.64

21.64
9.81
8.5

17.37
5.49
2.59

17.94
5.38
3.15

GM
Op Margin
Net Margi

41.23
27.43
18.51

38.05
24.53
27.26

36.78
22.06
17.76

33.07
18.44
10.36

33.43
17.88
16.08

28.83
14.59
17.21

GM
Op Margin
Net Margi

44.57
23.01
29.49

24.48
5.11
5.83

40.32
25.15
21.21

33.08
13.13
9.85

34.38
15.86
13.31

33.41
15.12
15.58

Avg GM
Avg Op Ma
Avg Net M

26.02
10.51
8.31

25.07
10.05
9.40

29.88
17.16
14.82

24.48
11.36
8.93

24.54
10.32
8.02

25.06
10.46
9.21

###
###
###
###
134
-22
-26
373
391
183
275
1,668
1,059
565
-1,057
-1,403
-358
415
505
252
216
266
147
218
212
65
41
71
114
61
113
162
100

$NT mn
15213.98
5375.1
4918.25
4645.2
3968.8
3884.55
2261.8
1619.5
1033.35

###
###
###
###

5.21
24.39
6.77
-3.79
13.01
6.08
8.5
10.36
9.85

-0.33
22.95
4.56
-11
16.74
7.27
2.59
16.08
13.31

-2.45
25.13
4.58
-5.62
17.79
7.48
3.15
17.21
15.58

24.63

7.25

2012
30
25

24.54
21.13

20

16.95

15
9.71
10.32

10

8.02

5
0

4.56

3.2

GM

Op
-0.86

Margin

Net
-0.33

Margin

-5
-10

-10.11

-11

-15
3313

2327

2492

Avg

EMI

1:0.3:0.06
1:0.75:0.17 LCD TV
130

3%
2012 0.011 0.002
0.027
10%

1:0.3:0.06
1:0.75:0.17
LCD TV130
40~50

MLCC

(Multi-Layer
Ceramic CapacitorMLCC)

MLCC