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Confidential Confidential MPI Corporation (6223.TT) MPI Corporation (6223.TT) Morgan Stanley Morgan Stanley 1 2 a1. Company at a Glance a1. Company at a Glance A A Address No. 155, Chung-Ho St., Chu-Pei, Hsinchu, 302 Taiwan, R.O.C. Founded July, 25, 1995 Paid-in Capital NTD$ 776M (2010.07.31-the latest ) No. of Employees 848 (2010.07.31) Southern Taiwan Branch No. 7, Luke 1st Rd., Luzhu Shiang, Kaohsiung, 821 Taiwan, R.O.C.

MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

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Page 1: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

Confidential Confidential

MPI Corporation (6223.TT) MPI Corporation (6223.TT)

Morgan StanleyMorgan Stanley

1

2

a1. Company at a Glancea1. Company at a GlanceAA

AddressNo. 155, Chung-Ho St., Chu-Pei, Hsinchu,

302 Taiwan, R.O.C.

Founded July, 25, 1995

Paid-in Capital NTD$ 776M (2010.07.31-the latest )

No. of Employees 848 (2010.07.31)

Southern Taiwan BranchNo. 7, Luke 1st Rd., Luzhu Shiang, Kaohsiung,

821 Taiwan, R.O.C.

Page 2: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

3

MilestoneMilestoneMilestone

19951995 Company establishedCompany established

19981998 Technology transfer from MJC completedTechnology transfer from MJC completed

20002000 HsinchuHsinchu New plant operation startedNew plant operation started

Tainan branch and repair center establishedTainan branch and repair center established

20012001 Pass ISO9001 certificationPass ISO9001 certification

20032003 MPI IPO in OTC MarketMPI IPO in OTC Market

20062006 ST Branch ST Branch LuzhuLuzhu plant operation startedplant operation started

20082008 Signed MOU with SUSS Signed MOU with SUSS MicroTechMicroTech Test SystemTest System

20102010 Solar cell B.U signed MOU with GETSolar cell B.U signed MOU with GET

4

a2. Business Portfolio : 2009 & 2Q 2010a2. Business Portfolio : 2009 & 2Q 2010

61%

15%22%

42%38%

19%24%

47%31%

0%

20%

40%

60%

80%

Probe Card Leda Solar

2009

1Q 2010

2Q 2010

AA

Page 3: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

55/35

Agenda

1. LED: P. 6 - 17

2. Semi-conductor: P.19 - 24

3. Solar: P.26 - 27

4. Apendix

5

6

EPI-Wafer ProcessEPI-Wafer ProcessB1B1

400um 100um

GrinderGrinderLaser ScriberLaser Scriber

ExpanderExpander

Wafer Wafer MounterMounter BreakerBreaker

ProberProber

Tape Tape MounterMounter

SorterSorterQC ProberQC Prober

CounterCounter

CCD

2560

Post Post InspectionInspection

•• MPI Co. (75%)MPI Co. (75%)

•• FittechFittech Co.Co.

•• ChromaChroma ATE Inc.ATE Inc.

•• MPI Co. (40+%)MPI Co. (40+%)

•• ASMP (HK)ASMP (HK)

111 777 666MOCVD MOCVD 42(P)/Run42(P)/Run

SorterSorterProberProberPCPCPCPC PCPCPCPC PCPCPCPC

Page 4: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

7

MOVCD Makers 2010MOVCD Makers 2010B1B1

MOVCD Makers’ RatioMOVCD MakersMOVCD Makers’’ RatioRatio MOVCD Asia Order RatioMOVCD Asia Order RatioMOVCD Asia Order Ratio

China,

Korea,

Taiwan,Source: DIGITIMES,2010/4

8

G.L ASP TrendG.L ASP TrendB1B1

09’

12/28

10’

01/04

10’

02/01

10’

03/01

10’

03/15Source: GFK Japan, DIGITIMES,2010/4

Page 5: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

9

LED General Lightings TAMLED General Lightings TAMB1B1

LED TAM of General Lighting

LED General Lighting Penetration Rate

Source: GFK Japan, DIGITIMES,2010/4

10

03. Equipment Shipment 2009~201003. Equipment Shipment 2009~2010B1B1

118

88

165

246

231

197

252

221

3200%

-500%-500%-500%-500%500%500%500%500%1500%1500%1500%1500%2500%2500%2500%2500%3500%3500%3500%3500%000050505050100100100100150150150150200200200200250250250250300300300300

Jan. Feb. Mar. Apr. May Jun. Jul Aug. Sep. Oct. Nov. Dec.

%PC 2009200920092009 2010201020102010 GrowthGrowthGrowthGrowth

Page 6: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

11

China, 332,

32%

Korea, 100,

10%Japan, 0,

0%

Taiwan,

611, 58%

by Geographyby Geographyby Geography by Productby Productby Product

283465 80

223

219

4876 31

0%

20%

40%

60%

80%

100%

1Q-10(S) 2Q-10(S) 1Q-10(AP) 2Q-10(AP) Season

%

Sorter

Prboer

PC

03. Geography & Product Mix03. Geography & Product MixB1B11H1H1H1H1H1H1H1H’’’’’’’’ 20102010201020102010201020102010

Country, PC, %

AP: Approval ReceiptAP: Approval ReceiptS: ShipmentS: Shipment

12

TaiwanTaiwan ChinaChinaKoreaKorea

03. 1H’ 2010 Major Customers03. 1H’ 2010 Major CustomersB1B1

Page 7: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

13

Semi-Automatic Probe Station

LEDA-PT120 PROBER

03. Prober 03. Prober B1B1

14

LEDA-PNP

M7600 Fully-Auto Mapping Sorter

03. Sorter 03. Sorter B1B1

Page 8: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

15

03. State-of-the-Art 2 in 1 Machine03. State-of-the-Art 2 in 1 MachineB1B1

16

B1B1

PT-380 SORTING

03. Auto Sorting Machines 03. Auto Sorting Machines

LED-Auto Sorting Machines

Page 9: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

17

LED-Auto Taping Machines

PT-350 TAPING

03. Auto Taping Machine03. Auto Taping MachineB1B1

1818/35

Agenda

1.LED: P. 6 - 17

2.Semi-conductor: P.19 - 24

3.Solar: P.26 - 27

4.Apedix

18

Page 10: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

19

Logic P/C

LCD Driver IC 40μμμμm pitch for LCD Driver IC

03. Categories of Probe Card03. Categories of Probe CardB2B2

20

70%

66%

60%63% 63% 65%

31%29%

32%33%

27%27%

4%

8%5%

7%7%

3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10

%

LCD

Logic

Memory

03. Product Mix in 2009 ~2Q 2010B2B2

Page 11: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

21

03. Monthly Shipment 2008~2Q 2010B2B2

0

50000

100000

150000

200000

250000

300000

350000

400000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Pin

2008

2009

2010

22

03. B/B Ratio 2008~2Q 2010B2B2

1.05

1.241.17

1.03 1.05

0.830.85

1.14

00000.30.30.30.30.60.60.60.60.90.90.90.91.21.21.21.21.51.51.51.5

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2008

2009

2010

Page 12: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

23

03. 2Q 2010 Major Customers

Design HousesDesign Houses FoundriesFoundries Testing HousesTesting Houses

B2B2

24

B2B2 03. Product & Customers Mix (%)

Logic, 31%

Memory, 4%

LCD, 65%

by Productby Productby Product by Customerby Customerby Customer

Foundry, 7%

Design

house, 41%

Testing

house, 52%

2Q 20102Q 20102Q 20102Q 20102Q 20102Q 20102Q 20102Q 2010

Page 13: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

2525/35

Agenda

1.LED: P. 6 - 17

2.Semi-conductor: P.19 - 24

3.Solar: P.26 - 27

4.Apedix

25

26

01. Wafer Process in Solar

Growing/Casting

Wafer cutting

Gluing

Cropping

Wafer cleaningWafer measuring

Edge grinding

Wafer separating

Squaring/Bricking

Wafering process

Mono Si

Poly Si

B3B3

Page 14: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

27

02. Shipment 2009 ~ 2010B3B3

1,192,862596%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Jan. Feb. Mar. Apr. May Jun. Jul Aug. Sep. Oct. Nov. Dec.

PC

0%

100%

200%

300%

400%

500%

600%

%

2009 2010 Grow th

2828/35

Appendix

28

Page 15: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

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02. LED Trend- Taiwan monthly output02. LED Trend- Taiwan monthly outputB1B1

30

2Q 102Q 102Q 10’’’ Income StatementIncome StatementIncome Statement--- QoQQoQQoQ ComparisonComparisonComparison

Amount: NT$K 2Q’2010 1Q’2010

Net Sales 835,319 100% 514,256 100%

Cost of Goods Sold 504,962 60.6% 312,687 60.8%

Gross Profit 330,359 39.4% 201,569 39.2%

Operating Expense 183,380 24.4% 145,407 28.3%

Operating Income 144,650 14.9% 55,898 10.9%

Investment Income & Others 33,851 3.8% 17,104 3.3%

Net Income (before tax) 178,501 18.6% 73,002 14.2%

Income tax 4,116 0.7% 4,718 0.9%

Net Income 174,385 18.0% 68,284 13.3%

Earnings Per Ordinary Shares-Diluted 2.37 0.89

Page 16: MPI Corporation (6223.TT) Morgan Stanley · Microsoft PowerPoint - MPI Presentation 20100920 Author: meiling.wu Created Date: 9/20/2010 4:41:13 PM

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2Q 102Q 102Q 10’’’ Income StatementIncome StatementIncome Statement--- YoYYoYYoY ComparisonComparisonComparison

Amount: NT$K 1H’2010 1H’2009

Net Sales 1,349,575 100% 596,573 100%

Cost of Goods Sold 817,647 60.6% 424,424 71.1%

Gross Profit 531,928 39.4% 172,149 28.9%

Operating Expense 328,787 24.4% 218,312 36.6%

Operating Income 200,548 14.9% 46,044 7.7%

Investment Income & Others 50,955 3.8% 2,461 0.4%

Net Income (before tax) 251,503 18.6% 48,505 8.1%

Income tax 8,834 0.7% 56 0%

Net Income 242,669 18.0% 48,448 8.1%

Earnings Per Ordinary Shares-Diluted 3.26 0.67