IC

(2330.TW/2330 TT)

16 15-16

16 July 2014

130.5

12 (NT$)

150.0

(%)

N/A.

(%)

14.9

2Q14 2.30 2.17 3Q14

)(() 14 ()
16 FinFET 2015

2Q14 2.30
2.17 3Q14
14
16 FinFET
2015

: (NT$bn/US$mn)

3,384/116,695

( ) :

25,929

() :

20,205

3M () :

30.64

52 ( \ ) (NT$):

94.4 136.5

(%)

3M

6M

12M

7.9

22

20.8

1.1

11.3

5.4

Q1

Q2

Q3

Q4

2013
2014
2015

1.53A
1.85A
2.22F

2.00A
2.30F
2.47F

2.00A
2.87F
3.00F

1.73A
2.78F
2.96F

( )

140

113

130

108

120

103

110

98

100

93

90
200

88

150
100
50

07-13

09-13

11-13

01-14

03-14

2015-16
2015-16 1) 20
8-10% 20% 1215% 2) 14/16 30-40%
16 2016
(2454 TT, NT$497, )()()
2015 13% 10.65
14
16 ( gate poly pitch )
16
FinFET+ 14

16 2H15 2016

NT$

2H15 14 16 2H15

(()) 2H15 14 14

2H15

2014-2015 25.7% 20112013 23.4%

16 2015-16
2014-15 3.5
150

4Q14-1Q15 20
16 FinFET

05-14

TEJ

,CFA
886 2 2181 8709
michael.liu@kgi.com

886 2 2181 8741

annie.su@kgi.com

!)OU%*
!)OU%*
!)OU%*
!)OU%*
!)OU%*
!)OU%*

FW0FCJUEB
!)&*

Dec-11A Dec-12A Dec-13A

427,081 506,249 597,024
194,143 243,620 280,966
141,557 181,057 209,429
134,201 166,159 188,147
5.18
6.41
7.26
3.00
3.00
3.00
(15.9%)
23.7%
13.2%
25.2
20.4
18.0
5.4
4.7
4.0
12.5
9.8
8.2
Net cash Net cash Net cash
2.3%
2.3%
2.3%
22.3%
24.6%
24.0%

Dec-14F
755,421
369,978
286,899
253,810
9.79
3.00
34.9%
13.3
3.3
6.1
Net cash
2.3%
27.1%

Dec-15F
851,958
407,619
315,969
276,215
10.65
3.30
8.8%
12.2
2.8
5.0
Net cash
2.5%
24.6%

16, 2014

: http://research.kgi.com

2Q14 2.30 2.17 2Q14

2.3 25% 15% 2.17
1) / 49.8%/38.6%
49%/37.3% 47.5%-49.5%/36.5%-38%2)
(5347 TT, NT$46.35, )
3Q14 12.6%-14.2% 48.5%-50.5%
3Q14 12.6%-14.2% 2,060-2,090
2,110 ( 1%)
48.5%-50.5% 49% 49.5% 20
3Q14 10%
2014 2.5% 2Q14
2015 16 20
2015

4Q14 2014
3Q14

20/16 2015-17 28/20 4G LTE

4G LTE 3Q14

20/16 28
20 20
3Q144Q14 2015 10%20% 20%
16 14 16 3Q15
2016
20% 2015 16
14 2016-17
10 FinFET 10 FinFET
2H15 10 FinFET
16 20% 45% 16
2.2
2015 110-120 2015
40% 2013 48%
110-120 100

16, 2014

: http://research.kgi.com

1: 2Q14 & 3Q14F

()
)&*
)&*
)&*

183,017
91,190
70,717
59,705
2.30
49.8
38.6
32.6

2Q14

182,378
89,440
67,938
56,437
2.17
49.0
37.3
30.9

(%)
0.4
2.0
4.1
5.8
6.2
0.8 ppts
1.4 ppts
1.7 ppts

209,694
104,582
83,032
74,330
2.87
49.9
39.6
35.4

3Q14F

198,844
96,998
74,997
66,578
2.56
48.8
37.7
33.5

(%)
5.5
7.8
10.7
11.6
12.1
1.1 ppts
1.9 ppts
2.0 ppts

(%)
4.6
6.4
8.0
9.0
9.6
0.8 ppts
1.2 ppts
1.3 ppts

851,958
407,619
315,969
276,215
10.65
47.8
37.1
32.4

2015F

813,711
384,861
296,698
256,251
9.86
47.3
36.5
31.5

(%)
4.7
5.9
6.5
7.8
8.1
0.5 ppts
0.6 ppts
0.9 ppts

(%)
0.1
0.6
1.3
2.5
2.5
0.2 ppts
0.4 ppts
0.8 ppts

851,958
407,619
315,969
276,215
10.65
47.8
37.1
32.4

2015F

851,947
406,856
316,206
276,007
10.65
47.8
37.1
32.4

(%)
0.0
0.2
(0.1)
0.1
0.1
0.1 ppts
(0.0) ppts
0.0 ppts

2: 2014 2015

755,421

369,999
286,899

253,852

9.79
)*
49.0
)&*
38.0
)&*
33.6
)&*

2014F

721,981
347,764
265,717
232,964
8.94
48.2
36.8
32.3

3: 2014 2015

755,421

369,999
286,899

253,852

9.79
()
49.0
)&*
38.0
)&*
33.6
)&*

16, 2014

2014F

754,769
367,864
283,336
247,598
9.55
48.7
37.5
32.8

: http://research.kgi.com

4:

5:

()()
20

2013 1,600 8

140

300mm 8 6

130

120

110

(mask) IC

15
10

(5)

100

(10)

90
(15)
Jul-13 Aug-13 Oct-13 Nov-13 Dec-13 Jan-14 Mar-14 Apr-14 May-14 Jul-14

TEJ

6:

7:

361-111

4/6
4/1

311-111

3/6
261-111

3/1
2/6

211-111

2/1
61-111

1/6
1

1/1
3R24

4R24

5R24

2R25

3R25G

4R25G

5R25G

2R26G

3R24

4R24

5R24

2R25

3R25G

8:

9:

4R25G

5R25G

2R26G

150

62/1&
61/1&

14.0x
13.0x
12.0x
11.0x
10.0x
9.0x
8.0x

130

5:/1&
59/1&

110

58/1&

90

57/1&
56/1&

70

55/1&
54/1&

50

53/1&

30

52/1&
3R24

4R24

5R24

2R25

3R25G

4R25G

5R25G

2R26G

2009

2010

2011

2012

2013

TEJ

10:

11:

56&
51&
46&

2014

150

3.3x

130

3.0x
2.7x

110

41&
36&

2.4x
2.1x
1.8x

90

31&

70

26&
21&

1.5x

50

6&

30

1&
3R24

4R24

5R24

2R25

3R25G

4R25G

5R25G

16, 2014

2R26G

2009

2010

2011

2012

2013

2014

TEJ

: http://research.kgi.com

Mar-14A

Jun-14F

Sep-14F

Dec-14F

Mar-15F

Jun-15F

Sep-15F

Dec-15F

Dec-13A

Dec-14F

Dec-15F

!!)OU% *
!

148,215

183,017

209,694

214,496

188,060

213,180

226,109

224,609

597,024

755,421

851,958

(77,836)
70,379

(91,827)
91,190

(105,112)
104,582

(110,668)
103,828

(102,658)
85,402

(110,942)
102,238

(114,916)
111,193

(115,823)
108,786

(316,058)
280,966

(385,443)
369,978

(444,339)
407,619

(17,878)
52,522

(20,473)
70,717

(21,550)
83,032

(23,200)
80,628

(21,200)
64,202

(22,950)
79,288

(24,400)
86,793

(23,100)
85,686

(71,516)
209,429

(83,101)
286,899

(91,650)
315,969

!
!
!
!

(45,691)

(55,248)

(104,317)

(62,445)

(64,467)

(66,249)

(67,817)

(153,980)

(205,256)

(260,978)

52,522

(159)
116,567

(159)
138,439

(318)
185,262

126,646

143,755

153,043

153,503

(2,202)
365,611

(636)
492,791

576,947

FCJUEB!
!

614

586

644

558

819

896

1,015

969

1,836

2,401

3,700

!0!!

955

3,395

250

250

250

250

250

250

4,478

4,850

1,000

522
2,091

200
4,181

200
1,094

200
1,008

250
1,319

250
1,396

250
1,515

200
1,419

9,639
15,954

1,122
8,374

950
5,650

(797)

(797)

(797)

(797)

(797)

(797)

(797)

(797)

(2,647)

(3,186)

(3,186)

(7,249)
(9,896)

(515)
(3,701)

(3,186)

!
!
!
!

53,302

74,101

83,329

80,839

64,724

79,887

87,512

86,308

215,487

291,571

318,432

(5,456)

(14,438)

(9,000)

(8,892)

(7,120)

(15,977)

(9,626)

(9,494)

(27,468)

(37,786)

(42,217)

25
47,871

(42)
59,621

74,330

71,947

57,605

63,910

77,886

76,815

128
188,147

25
253,810

276,215

0
47,871

59,621

74,330

(0)
71,947

57,605

63,910

77,886

76,815

(0)
188,147

253,810

276,215

1.85

2.30

2.87

2.78

2.22

2.47

3.00

2.96

7.26

9.79

10.65

47.5%

49.8%

49.9%

48.4%

45.4%

48.0%

49.2%

48.4%

47.1%

49.0%

47.8%

35.4%

38.6%

39.6%

37.6%

34.1%

37.2%

38.4%

38.1%

35.1%

38.0%

37.1%

FCJUEB!Nbshjo

35.4%

63.7%

66.0%

86.4%

67.3%

67.4%

67.7%

68.3%

61.2%

65.2%

67.7%

36.0%

40.5%

39.7%

37.7%

34.4%

37.5%

38.7%

38.4%

36.1%

38.6%

37.4%

32.3%

32.6%

35.4%

33.5%

30.6%

30.0%

34.4%

34.2%

31.5%

33.6%

32.4%

1.7%

23.5%

14.6%

2.3%

(12.3%)

13.4%

6.1%

(0.7%)

17.9%

26.5%

12.8%

8.5%

29.6%

14.7%

(0.7%)

(17.7%)

19.7%

8.8%

(2.2%)

15.3%

31.7%

10.2%

10.0%

34.6%

17.4%

(2.9%)

(20.4%)

23.5%

9.5%

(1.3%)

15.7%

37.0%

10.1%

FCJUEB

!)OU%*

(797)

(797)

)*!

(797)

(797)

(797)

(515)
(1,312)

(797)

(797)

10.0%

121.9%

18.8%

33.8%

(31.6%)

13.5%

6.5%

0.3%

17.0%

34.8%

17.1%

5.8%

39.0%

12.5%

(3.0%)

(19.9%)

23.4%

9.5%

(1.4%)

18.7%

35.3%

9.2%

6.8%

24.5%

24.7%

(3.2%)

(19.9%)

10.9%

21.9%

(1.4%)

13.2%

34.9%

8.8%

16, 2014

: http://research.kgi.com

!
OU%

!!
!!
!!
!!

!!
!!
!!

!!
!!
!!

!!
!!

!!
!!
!!
!!

!
Dec-11A
774,265
225,260
150,622
24,841
40,948
8,850
549,005
34,459
490,375
24,171
142,221
117,007
11,859
33,889
71,259
25,215
20,458
4,756
632,044
259,162
213,357
2,450
-

Dec-12A
955,035
252,289
150,918
37,830
52,093
11,447
702,746
65,786
617,529
19,430
229,281
142,436
15,239
35,757
91,440
86,845
82,161
4,683
725,754
259,244
287,175
2,556
-

Dec-13A
1,263,055
358,487
245,343
37,495
71,942
3,708
904,568
89,184
792,666
22,719
415,280
189,778
16,359
15,645
157,774
225,502
211,584
13,918
847,775
259,286
382,971
267
-

Dec-14F
1,433,537
477,190
327,227
52,495
94,340
3,128
956,347
89,184
841,509
25,653
407,331
180,987
23,300
24,844
132,843
226,344
212,621
13,723
1,026,206
259,291
561,836
224
-

Dec-15F
1,624,788
629,420
473,214
54,289
98,788
3,128
995,368
89,184
880,531
25,653
407,917
181,573
23,300
24,844
133,429
226,344
212,621
13,723
1,216,871
259,291
752,500
224
-

!!
!!
!!FCJUEB
!!
!!

!!
!!
!!FCJUEB!Nbshjo
!!
!!
!!
!]!
!!!)&*
!!!)&*
!!!)y*
!!!)y*
!!Dbti!Gmpx!Jou/!Dpwfsbhf!)y*
!!Dbti!Gmpx0Jou/!'!TU!Efcu!)y*
!!!)y*
!!!)y*
!!!)OU%*

!!!)OU%*
!!!)OU%*
!!!)OU%*
!!!)OU%*
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!!!)OU%*

!!!)y*
!!
!!
!!
!!

Dec-11A

Dec-12A

Dec-13A

Dec-14F

Dec-15F

1.8%
(11.1%)
0.9%
(17.0%)
(15.9%)

18.5%
27.9%
25.3%
23.8%
23.7%

17.9%
15.7%
17.0%
13.2%
13.2%

26.5%
37.0%
34.8%
34.9%
34.9%

12.8%
10.1%
17.1%
8.8%
8.8%

45.5%
33.1%
58.4%
31.4%
18.0%
22.3%

48.1%
35.8%
61.7%
32.8%
19.2%
24.6%

47.1%
35.1%
61.2%
31.5%
17.0%
24.0%

49.0%
38.0%
65.2%
33.6%
18.8%
27.1%

47.8%
37.1%
67.7%
32.4%
18.1%
24.6%

8.6%
Net cash
1.0
0.8
395.0
7.2
1.9
1.7
(89,125)

16.2%
Net cash
1.0
0.8
283.3
7.9
1.8
1.5
(25,493)

26.8%
Net cash
1.0
0.9
131.2
19.0
1.9
1.7
(15,467)

23.1%
Net cash
1.0
0.9
138.9
15.8
2.6
2.3
(86,511)

19.5%
Net cash
1.0
0.9
166.8
19.0
3.5
3.2
(232,499)

5.18
9.56
24.29
16.49
9.62
3.00

6.41
11.15
27.90
19.53
12.05
3.00

7.26
13.40
32.69
23.03
14.10
3.00

9.79
17.07
39.57
29.14
19.01
3.00

10.65
20.50
46.92
32.86
22.25
3.30

0.57
35.0
38.9
18.6
55.3

0.59
37.7
52.7
21.2
69.1

0.54
44.0
43.3
18.9
68.4

0.56
45.6
49.7
22.1
73.2

0.56
42.3
44.6
19.1
67.8

OU%
!
!!!
!
!!!
!
!
!!!
!!!0!!
!!!
!
!!!
!!!
!!!
!
!!)*!
!!!
!!!
!
FCJUEB!
!!!)OU%*

Dec-11A
427,081
(232,937)
194,143
(52,512)
141,557
5,359
1,480
898
2,981
(1,768)
(627)
(1,142)
145,148
(10,694)
(252)
0
134,201
249,239
5.18

Dec-12A
506,249
(262,629)
243,620
(62,538)
181,057
6,782
1,645
2,029
3,108
(6,285)
(1,020)
(5,265)
181,554
(15,590)
195
(0)
166,159
312,406
6.41

Dec-13A
597,024
(316,058)
280,966
(71,516)
209,429
15,954
1,836
4,478
9,639
(9,896)
(2,647)
(7,249)
215,487
(27,468)
128
(0)
188,147
365,611
7.26

Dec-14F
755,421
(385,443)
369,978
(83,101)
286,899
8,374
2,401
4,850
1,122
(3,701)
(3,186)
(515)
291,571
(37,786)
25
253,810
492,791
9.79

Dec-15F
851,958
(444,339)
407,619
(91,650)
315,969
5,650
3,700
1,000
950
(3,186)
(3,186)
318,432
(42,217)
276,215
576,947
10.65

Dec-11A
247,587
134,201
107,682
4,488
1,217
(182,523)
24,217
(178)
(213,963)
7,400
29,334
(67,858)
(5,287)
(3,278)
(77,730)
18,509
(148)
(2,942)
(1,473)

Dec-12A
289,064
166,159
131,349
(20,755)
12,311
(273,196)
(30,562)
(246,137)
3,503
29,966
(13,811)
8,788
(2,718)
(77,749)
57,867
(2,118)
(62)
-

Dec-13A
347,384
188,147
156,182
(18,393)
21,448
(281,054)
2,397
(144)
(287,595)
4,287
30,725
32,106
(19,070)
(2,387)
(77,773)
131,336
850
99,285
-

Dec-14F
442,639
253,810
205,892
(30,457)
13,394
(293,627)
58
(572)
(292,673)
(440)
131,844
(69,823)
9,199
7

Dec-15F
531,538
276,215
260,978
(6,242)
586
(300,000)
(300,000)
228,815
(85,551)
-

(77,773)
(1,255)
2,092
81,281

(85,551)
145,988

Dec-11A
45.5%
12.3%
33.1%

Dec-12A
48.1%
12.4%
35.8%

Dec-13A
47.1%
12.0%
35.1%

Dec-14F
49.0%
11.0%
38.0%

Dec-15F
47.8%
10.8%
37.1%

(0.0)
1.1
0.1
0.8

(0.0)
1.2
0.0
0.8

(0.1)
1.3
0.0
0.8

(0.0)
1.1
0.0
0.9

(0.0)
1.0
0.0
0.9

33.1%
0.8
92.6%
25.9%

35.8%
0.8
91.4%
26.2%

35.1%
0.8
87.3%
24.2%

38.0%
0.9
87.0%
29.0%

37.1%
0.9
86.7%
30.3%

!
OU%

!!
!!
!!
!!

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!!
!!

!!
!!

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!!

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!
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16, 2014

: http://research.kgi.com

()
150.0

()
130.5

150.0

134.5

150.0

124.5

17-Apr-14

150.0

120.0

100

25-Mar-14

150.0

113.5

16-Jan-14

108.0

107.0

80

13-Jan-14

108.0

103.0

15-Oct-13

108.0

107.0

18-Jul-13

108.0

105.5

18-Apr-13

125.0

99.9

17-Apr-13

113.0

100.0

20-Mar-13

113.0

98.8

17-Jan-13

116.0

99.3

160
140
120

60
40
Jul-11

Nov-11

Mar-12

Jul-12

Nov-12

Mar-13

Jul-13

Nov-13

Mar-14

Jul-14

16-Jul-14
10-Jul-14
10-Jun-14

TEJ

500 A 2703B-2704
201103

2014 A 24D1
518008

104 700
886.2.2181.8888 886.2.8501.1691

852.2878.6888 852.2878.6800

8th - 11th floors, Asia Centre Building

173 South Sathorn Road, Bangkok 10120, Thailand
66.2658.8888 66.2658.8014

(OP)

(N)

(U)

(NR)

(R)

* = (-)/

16, 2014

: http://research.kgi.com