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Профессиональный Документы
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October 2015
2013A
43,984
4,769
10.8
0.69
+13
39.5
4.41
6.1
0.00479
0.7
15.6
2014A
51,792
6,925
13.3
1.00
+45
27.2
5.34
5.1
0.00642
1.0
17.5
8500
30
8000
7500
7000
10
Targets more acquisitions this year. Cirtek is interested in bitesized companies worth about $40m to $50m. Last year, Cirtek
bought Remec Broadband Wireless International Inc., thereby
acquiring radio frequency (RF), microwave and millimeterwave
capabilities. Since then, it continued to manufacture and ship
microwave radio products to over 30 global customers.
PER (x)
11.7
12.4
10.1
8.2
14.1
15.5
40
20
Peer Comparison
FY Est. (2016)
CHIPS
Hana Microelectronics
Siliconware Precision
Amkor
Diodes Inc.
Industry Ave.
P/BV (x)
4.1
1.7
1.7
1.1
2.5
ROE (%)
15.4
13.9
18.6
13.6
9.4
18.2
2015E
115,779
9,933
8.6
1.43
+43
18.9
6.56
4.1
0.005
0.8
10.6
2016E
199,106
16,078
8.1
2.32
+62
11.7
6.64
4.1
0.01
0.8
15.4
0
19-Nov-14
6500
6000
19-Feb-15
19-May-15
TECH
Absolute (%)
PSEi (%)
19-Aug-15
July
Aug Sept
Oct
YTD
-3.0
+3.9
-4.1
+0.9
+51.4
-0.2
-5.9
-2.9
+3.1
-1.7
Stock Information
Rating
Bloomberg Ticker
Company Name
Sector
Subsector
Last Traded Date
Last Traded (Php)
Fair Value (Php)
Upside (%)
Par Value (Php)
Issued Shares (in mn)
Float (in mn)
Market Cap. (Php mn)
52-wk high/low (Php)
1-yr ADTO (Php mn)
Buy
TECH.PM
Cirtek Holdings Phil. Corp.
Industrial
Electronics Comp & Equip.
7-October-2015
27.00
35.00
+32
1.00
339.06
90.6
9,154
10.08-36.00
4.4
Activity
Notice of final offer price
Offer Period
PSE TPs Commitment Period
Tentative Listing Date
Date
Oct 21
Oct 23-30
Oct 27
Nov 5
Source: TECH
Company Description
Cirtek Holdings Philippines Corporation, through its operating
subsidiaries, is engaged on two major activities: (1) provides
full service/turnkey solutions including wafer probing, wafer
back grinding, assembly and packaging and final testing of
semiconductor
devices,
and
(2)
offers
complete
manufacturing solutions for value-added, highly integrated
RF, microwave and millimeterwave technology products.
Major Shareholders
Camerton, Inc.
Public
% Total
70.6
29.4
Company Overview
Cirtek Holdings Philippines Corp. (TECH) is an
independent full service provider of turnkey
solutions from package design development,
wafer probe, wafer back grinding, assembly and
packaging and final testing of semiconductor
devices to drop shipments of clients. The
company operates out of its plant in Laguna
Technopark in Binan, Laguna and its sales
office in Menlo Park, California to cater to its
North American clients.
TECH is the holding company of two whollyowned
subsidiaries, Cirtek
Electronics
Corporation (CEC) and Cirtek Electronics
International
Corporation
(CEIC). Both
subsidiaries are engaged in various services
related to the assembly and testing of
semiconductor devices.
It started with only 3 clients in 1984 and has grown to the current count of 55 as of December 2014. Its main product
offerings include protection packages, light sensor packages, real time clock, voltage control oscillators, electronic
relays and power management devices. These products have posted double digit growth rates in 2010 and have
continued to perform well in the first half of 2014.
Source: TECH
Industry Overview
Semiconductor industry expected to
grow, but major drivers will be Asia
Pacific region
Based on the recent World Semiconductor
Trade Stats, the global semiconductor is
seen to continue growing at a compounded
annual growth rate of 8% over the next 10
years. The report also noted that the Asia
Pacific region will be the key driver in the
coming years. In fact, the region now
accounts for more than 50% of the global
semiconductor market. Notice the graph
below how rapid Asia Pacific grew over the
last 10 years. Given the current uncertainties
in the market, the need for lower cost will
continue. This will ultimately lead to higher revenues for the outsourcing industry. Over the long run, this will be the
main driver of future revenue growth of CHIPS.
October 2015
Competitive advantage
Focus on customer- and application-specific packages (higher ASP and higher barriers for the customer)
Consistent track record of top-line growth and profitability (even during industry downturns)
Broad customer base and diverse end-market applications for Cirtek's products which translates to
operational stability
The acquisition of CATSI puts Cirtek in a position to offer more comprehensive, vertical solutions to the
market
Has over 18 years of experience in producing high quality RF, Microwave, Millimeter wave in
low/medium/high volumes, high mix for industrial and commercial applications (as a former manufacturing
arm of REMEC)
World class manufacturing facility (ISO 9001 and 14001 certified) located in Carmelray Industrial Park 1,
Laguna.
Has shipped over 1,000,000 Microwave Radio System products to over 30 customers globally
One of a handful of outsourced facilities outside the US that can offer top-level solutions
Product Road Map of CATS
Industry Overview
October 2015
In US $000
CEC
Discrete
Multichip
Integrated Circuits (IC)
Quad-Flat No-Leads (QFN)
New Products
Hermetics
Total CEC
CATS
Cougar
ODR
IDU
IPR
EMS
Bridgewave
IRFU
Total CATS
Total
1H 2015
1H 2014
% Ch
5,693
4,853
3,163
2,280
3,100
1,080
20,169
5,529
5,883
5,678
2,082
2,679
967
22,818
+3.0
-17.5
-44.3
+9.5
+15.7
+11.7
-11.6
158
4,672
909
469
87
866
1,009
8,170
28,339
22,818
+24.2
Stock
Cirtek Holdings
Hana Microelectronics
Siliconware Precision
Amkor
Diodes Inc.
Malaysian Pacific Ind.
Chipmos Technologies
Japan Aviation
ST Microelectronics
Skyworth
NVIDIA
Alterra
Xilinx
Microchip Tech.
Average
Mket Cap
USD (mn)
205
992
4,632
1,576
1,216
369
1,186
2,558
7,723
20,206
11,975
15,494
12,232
9,632
PER (x)
2016E
11.7
12.4
10.1
8.2
14.1
12.3
10.6
14.3
16.4
17.7
19.5
31.6
20.8
16.2
15.5
P/B Ratio
2016E
4.1
1.7
1.7
1.1
1.6
1.7
2.7
1.5
5.5
2.6
4.5
3.9
4.1
2.5
ROE
2016E
15.4
13.9
18.6
13.6
9.4
13.5
16.4
16.0
10.1
28.0
12.7
13.5
23.3
47.1
18.2
October 2015
Shares
% of offer
Trading Participants
16,000,000
20.0
QIBs
64,000,000
80.0
80,000,000
100.0
Total
Allocation per TP
120,000 (approx)
% of total
Disbursement
630.7
34
2015
Capital expenditures
631.9
34
2015-2016
278.2
15
2015-2016
314.1
17
2015-2016
1,854.9
100
Source: TECH
Bulk of the proceeds will be used to finance future acquisitions as well as future capital expenditures. Part of the
proceeds will be used to pay off its debts.
October 2015