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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.
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
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
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
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
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
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
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
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
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
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
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
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
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
29
02. LED Trend- Taiwan monthly output02. LED Trend- Taiwan monthly outputB1B1
30
2Q 102Q 102Q 10’’’ Income StatementIncome StatementIncome Statement--- QoQQoQQoQ ComparisonComparisonComparison
Amount: NT$K 2Q’2010 1Q’2010
Net Sales 835,319 100% 514,256 100%
Cost of Goods Sold 504,962 60.6% 312,687 60.8%
Gross Profit 330,359 39.4% 201,569 39.2%
Operating Expense 183,380 24.4% 145,407 28.3%
Operating Income 144,650 14.9% 55,898 10.9%
Investment Income & Others 33,851 3.8% 17,104 3.3%
Net Income (before tax) 178,501 18.6% 73,002 14.2%
Income tax 4,116 0.7% 4,718 0.9%
Net Income 174,385 18.0% 68,284 13.3%
Earnings Per Ordinary Shares-Diluted 2.37 0.89
31
2Q 102Q 102Q 10’’’ Income StatementIncome StatementIncome Statement--- YoYYoYYoY ComparisonComparisonComparison
Amount: NT$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