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리나 선우
5 years ago
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1 Intel, Qualcomm MK TANAKA, Heraus STS LF : BGA : ASE Amkor STATSChiPAC SPIL ASTAT LF : BGA : IBIDEN Shinko, Nanya MK GDS, IBIDEN, Compeq, Nanya

2 Contents

6 Gold Wiring Bumping Lead Frame Package Substrate Ball

9 Intel, Qualcomm MK TANAKA, Heraus STS LF : BGA : ASE Amkor STATSChiPAC SPIL ASTAT LF : BGA : IBIDEN Shinko, Nanya MK GDS, IBIDEN, Compeq, Nanya

11 IDM O O,, IBM, Intel PKG X X O, STSASE, STATSChiPAC Fabless O X X, Qualcomm, Nvidia Foundry O X TSMC, UMC PKG X X O, STSASE, STATSChiPAC 1 Intel TSMC TSMC Qualcomm(QCT Div) 2 Samsung UMC UMC ATIT Echnologies 3 Texas Instrument Chartered Chartered NVIDIA 4 Toshiba SMIC SMIC Broadcom 5 ST Microelectronics IBM Vanguard SanDisk Corporation 6 Infineon Technology Vanguard Dongbuanam Agilent(SPG Div) 7 Renesas Technology Hynix HHNEC Xilinix 8 Philips Semiconductor UMCj Jazz Semi Marbell Semiconductor 9 AMD Dongbuanam X-Fab MediaTek Incorporation 10 NEC Electronics HHNEC He Jian Altera

12 Chip Bump Substrate Gold Wiring Bumping

14 Au Bump Solder Bump

15 15,000 12,000 9,000 4,644 5,148 5,889 6,664 7,308 IDM 6,000 3,000 6,156 6,292 6,641 6,936 7,022 PKG E 2007E 2008E

16 25% MKE 45% K&S 9% 15% TANAKA 29% Heraus 30% MKE 12% Heraus 13% Sumitomo 22%

17 Bonding Wire chip Bump BumpBonding Wire

19 Lead Frame BGA

20 5,000 4,000 3,000 LG 2,000 1,

22 P-BGA BGA packaging CSP Chip 120% BGA Mobile BOC Chip Chip Wire Bonding DDR2 packaging UTCSP 0.12mm CSP MCP FC-BGA Chip BumpChipBGA CPU, Chipset, GPU BGA/CSP MCM FC-BGA BOC BGA(Ball Grid Array) CSP(Chip Scale Package) UT-CSP (Ultra-Thin CSP) FC-BGA (Filp Chip BGA)

23 Chip-substrate Gold-Wiring bump Substrate-MB Ball Ball Ball 600~700 Ball 700~6,000 Ball Line/Space 30 /30 20 /20 Pattern subtractive Semi-additive

24 IBIDEN Intel CPU SHINKO Intel CPU Intel NorthBridge Chipset, GPU Nanya Intel NorthBridge Chipset, GPU

27 Amkor Technology Korea Amkor Technology 5,654 STATSChiPAC Korea STATS( )ChiPAC( ) 4,036 Philips 1,426 1,166 STS 1,189 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 STS

28 3,500 3,000 2,500 2,000 1,500 non-memory 1, E 2008E 2010E memory

29 Server Portable E 2007E 2008E 2009E Desk Top 1,200 1, G G E 2007E 2008E 2009E 2010E 2.5G

31 16,000 12,000 8,000 CSP 4,000 BGA E 2007E 2008E 9,000 8,000 7,000 6,000 5,000 PKG HHP FPC 4,000 3,000 2,000 1,000 MM LCD NW E 2006E

32 1,200 1, Infineon Micron Hynix 200 Samsung 0 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q Infineon Hynix Micron Samsung Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06

33 FC-BGA CSP 50 P-BGA BOC E

35 O O O O O O X O O LF PS PS Substrate BW Bump X O X FC-BGA BW Bump FC-BGA SB X O O DDR2 & BOC PS Substrate BW Bump O BW Bump LF PS SB MK MKSTS LG

36 A 3, A 3, , , E 3, , E 4, % 2008E 4,

37 3,167 3,340 3,619 4,063 4, EBIT(adjusted) EBITDA ,416 2,778 2,993 3,359 3,656 ( ) 1,396 1,757 1,886 2,118 2,304 SPS 6,900 10,133 7,417 8,325 9,060 EPS 719 1, DPS BPS 7,517 7,868 8,257 8,789 9,386 (%, YoY) 1,770 1,821 1,835 1,855 1, ,035 1,066 1,098 1, ,186 4,599 4,828 5,214 5,537 EPS EBITDA (%) EBITDA Margin ROE (%) (Credit) -1,396-1,757-1,887-2,118-2, ,426 1,426 1,426 1,426 1,426 2,355 2,528 2,718 2,978 3, ,669 3,840 4,030 4,290 4, Valuation(X) PSR PER PBR EV/EBITDA

38 A 1, A 2, , E 3, , , E 3, , % 2008E 3, ,

39 1,472 2,292 3,081 3,473 3, EBIT(adjusted) EBITDA ,114 1,443 1,583 1,742 ( ) SPS 5,566 8,627 11,328 12,770 14,022 EPS ,040 1,277 1, DPS BPS 2,841 3,222 4,076 5,167 6,497 (%, YoY) 1,304 1,726 1,931 2,073 2, ,209 1,458 1,664 1,805 1, ,234 2,840 3,375 3,656 3,894 EPS ,082 1,112 1,764 2,328 2,004 EBITDA (%) EBITDA Margin ROE (%) ,425 1,463 1, (Credit) 571 1,056 1, ,461 1,955 2,258 2,242 2, Valuation(X) ,196 PSR PER PBR ,117 1,414 1,775 EV/EBITDA

40 16,000 14,000 12,000 10,000 8,000 6, BUY 15, BUY 11, BUY 11, BUY 10, BUY 10,000

41 15,000 12,000 9,000 6,000 3, BUY 7, BUY 15, BUY 15,000

43 w w w.myasset.com

May 2007 TongYang IT Hardware Monthly

May 2007 TongYang IT Hardware Monthly May 27 TongYang IT Hardware Monthly 1-5.2% -16,139 593-2.4% -7.4% -7,59-3,683 2 4.2% -7,283 12,392-3.% 1.% -2,488-8,472 3 2.5% -8,95-1,796-1.2% 1.2% -359-3,717 1 1.3% -31,516 2,188-6.5% -5.3% -1,356-15,873