Good morning, good afternoon, good evening, ladies and gentlemen. Welcome to the ASM Conference Call. Mr. Leonard Lee, please be in call and I'll be standing by. Thank you. Thank you. Good morning and good evening, ladies and gentlemen. Welcome to the ASM Pacific Technology 2020 annual results investor conference call. Before we proceed, do note that during this conference call, there may be forward-looking statements with respect to ASM Pacific Technology's business and financial conditions. Such forward-looking statements could involve known and unknown uncertainties and risks that could cause actual results, performance, and events to differ materially from those expressed or implied during this conference call. For your reference, the IR presentation related to our 2020 annual results can be downloaded from our website, www.asmpacific.com. With us this morning are Mr. Robin Ng, ASM Pacific's Group Chief Financial Officer, and Miss Patricia Chou, Group Chief Financial Officer. Robin will begin with a brief discussion about our 2020 annual results, with Patricia giving some color to the financial numbers. This will be followed by a Q&A session. Without further ado, let me hand the time over to Robin, please. Thank you, Leonard. Good morning, everyone, and thank you for joining us today. Before we proceed with the details of our performance for 2020, it's my wish that you continue to keep safe, healthy, and well during this continued COVID-19 situation. Let me begin by highlighting some of the major events that shaped our business in 2020 up to the date of this announcement. Despite being initially impacted by the COVID-19 pandemic, the resilience and adaptability of our employees, suppliers, and partners across the world enabled us to decisively resolve operational constraints and continue delivering on our commitments to our customers. We continue to demonstrate great character and perseverance. It is my privilege to lead this team. COVID-19 continues to present challenges, but also unprecedented opportunity in the form of accelerated digital transformation within businesses, society, and global economies. For example, an increase in live-from-home activities of all kinds, work, entertainment, health, learning, social connection, and more, along with the macro trends such as 5G and advanced packaging technology becoming more pervasive and influential. All this resulted in the significant increase in digital requirements and needs that drove very robust semiconductor demand globally, and consequently helped drive our financial performance in 2020. Let me give you an example. We just announced today the shipping of a 250 Thermal Compression Bonder, or TCB, to our customers, a milestone for us, and a direct testament to our clear market leadership in this space. TCB is being driven by increasing demand for high-end logic devices that power high-performance computing applications of all kinds, such as data center, big data research and analysis, advanced design, and more. We stand to ride on momentum for wider adoption of this technology. Next, if you recall, during our second quarter earnings in July, we announced the formation of a strategic joint venture for our materials segment business unit, which produces leadframes. We are pleased to update that the transaction was completed on schedule on 28th December 2020. ASMPT retains 44.44% ownership of this SJV, which is named Advanced Assembly Materials International Limited, or AAMI. We also have representation on AAMI's board of directors. Since completion, AAMI has been operating as an independent entity, and we are confident it will be able to effectively plan and execute relevant growth strategies for greater success. AAMI and its leadframe business continue to be of significant importance to us. Our focus on growing the business also involves strong industrial partnerships with leading global technology companies. Since the beginning of 2020, we have formed two such partnerships that will further strengthen our position. First, we began a collaboration with IBM Research to develop and deliver a suite of integrated solutions for heterogeneous integration applications to aid the assembly of complex artificial intelligence chips that will require radically new architectures, materials, and manufacturing processes. Second, in January this year, we inked a joint development agreement with Austria's EV Group to co-develop advanced die-to-wafer hybrid bonding solutions that can also scale well. In transforming die-to-wafer hybrid bonding, the benefit for system designers will be significant. They will be able to mix and match chiplets to design and power new applications in areas such as 5G, high-performance computing, and artificial intelligence. Despite a challenging 2020, I am pleased that ASMPT emerged relatively unscathed. With group revenue for the full year 2020 up 6.3% to $2.18 billion, our fourth quarter group revenue also exceeded the top end of the guidance. All these developments are encouraging signs for our business, underpinned by several long-term growth drivers for our business. I want to highlight two of these. First, we are unlocking the potential of advanced packaging and heterogeneous integration. Advanced packaging techniques have revolutionized electronics packaging and manufacturing, rapidly evolving to expand the possibilities for chip manufacturing and innovation. At the high end of advanced packaging, customer requirements are scaling up in terms of much more complex and precise specification for packages to meet extremely demanding computing needs. This is a good sign for our comprehensive product portfolio and technical know-how in this space. We are pleased to share that our comprehensive suite of advanced packaging tools are currently the process of record for advanced logic packages of various kinds for high-performance computing needs across a range of industries. Looking forward, there is a great opportunity to strengthen ASMPT market position in advanced packaging by means of targeted and meaningful participation in key market segments. This requires a mix of strategy, blending sustained investment, the necessary deep expertise and resources together with the right partners. ASMPT has all these necessary qualities and is involved in several areas in advanced packaging development. For one, we will continue co-developing new solutions with a broader base of Tier 1 lead customers in the logic and the memory domains. Our thermal compression bonding momentum that I shared about earlier is another example of how we are in the right place with regards to meeting the heterogeneous integration needs of the future. Last but not least, we will also continue investing in key enabling technologies. For example, our joint development agreement with EV Group to jointly deliver state-of-the-art die-to-wafer hybrid bonding solutions. In summary, we are well positioned to continue leveraging our market position and influence to build on current momentum so that we can continue to deliver even more compelling value propositions for our customers. We believe ASMPT will continue to lead in the advanced packaging space. The next area I would like to highlight is the automotive market. We are at a profound inflection point in automotive technologies that will see many more electric vehicles on the roads, with China leading this growth. While smartphones and PC presently remain the largest product drivers for semiconductors, automotive is becoming an increasingly important market for semiconductors, with average semiconductor content per vehicle set to rise rapidly. The vehicles of tomorrow will basically have much more electronics content per unit than those of today, driven by an increasing wave of developments in automotive electrification and automation that will fuel a significant demand for sensors, advanced driver assistance, computing system, power management, and automotive camera modules, and much more. Thus, despite a challenging 2020, the automotive market is expected to be a key sustained growth driver for ASMPT. We stand to benefit with a range of solutions ranging from packaging and assembly to surface mount technology in the automotive application space, and the ability to progressively incorporate data-driven, closed-loop machine learning components that will further enhance the path of automotive electrification and automation. Our deep competency has come from working with leading customers and emerging players on a wide range of automotive applications. This puts us in a strong position to continue leading innovation in this growing area. Let me now describe the outlook for our business in the near term. By most accounts, the global economy should recover well in 2021, especially on the back of progressively more widespread availability of COVID-19 vaccines. While growth across the world economies will remain uneven, this return to economic growth is expected to spark an expansion of the semiconductor industry. Industry research forecasts that 2021 will see a broad-based semiconductor growth of 8%. Accelerated digital transformation exemplified by work from home, homeschooling, and online retail will drive investment in personal mobility and computing devices, cloud data centers, and communications infrastructure. Further, automotive and industrial markets are forecasted to rebound in 2021 from the trough experienced in 2020. This overall growth should progress in tandem with the progress of the global economy and gradually improving unemployment situations, barring unforeseen circumstances. Technology has figured prominently in much of the global economic growth over the past 10 years. Semiconductors are an increasingly integral part of the technologies of today and the future. Let me now provide revenue guidance for the first quarter of 2021. Since the beginning of 2021, the Semiconductor Solutions segment has experienced order intake momentum at an unprecedented pace. Consequently, our first quarter 2021 bookings for the group, that is both Semi Solutions segment and SMT Solutions segment, are expected to surpass $700 million. Improving global economic conditions, together with the semiconductor inventory replenishment activities, have resulted in the tightening of global supply chain conditions. While our supply chain was impacted initially, the Semiconductor Solutions segment is still expected to deliver strong quarter-on-quarter revenue growth, offset by a quarter-on-quarter seasonal decrease in the SMT Solutions segment's revenue. For the first quarter 2021, our group revenue is anticipated to range from $500 million-$550 million. That exclude the revenue from the Material segment, which this range will be a first quarter revenue record. We have also aggressively ramped up our capacity to meet our delivery commitments to customers over the coming quarters. On top of our focus on growing revenue, ensuring consistent and sustainable long-term profitability remains a top priority for ASMPT. Last year, we commissioned a comprehensive strategic review with this objective in mind, and I'm pleased to note that a number of strategic initiatives will be rolled out across the group in the next few quarters. These initiatives will encompass streamlining and enhancing product portfolios, growing market share in both mid and high-end segments of the existing equipment market, and improving product cost structures across the group. We are confident that this will translate to consistently higher and sustainable long-term profitability for us. I will now pass the time to our CFO, Patricia, to run through the financials. Thank you, Robin. Good morning, everyone. Let me give the highlights of the group's full year 2020 performance, followed by fourth quarter 2020 performance, lastly, our guidance. Our full year revenue was $2.18 billion, representing 6.3% growth year-on-year. The group's financial performance in 2020 was driven by several factors. First, the global digital transformation trends accelerated, creating strong demand for personal computing, connectivity, and high-performance computing devices. These increased customer demand for both our mainstream tools and advanced packaging solutions. Our AP Tools business from both Semiconductor Solutions and SMT Solutions segments experienced a year-on-year revenue growth of more than 50%. Next, the global 5G rollout also increased the capacity and the capability requirements among customers. Third, green shoots began to emerge in the wider industrial automotive space in the second half of 2020, benefiting both our Semiconductor Solutions and SMT Solutions segments. Finally, our mainland Chinese customers continued to intensify their capacity build-up. Our relatively strong revenue performance was also achieved in tandem with a strong year-on-year booking momentum growth of 16.7%. This was made even more prominent by our second half bookings exceeding our first half for the first time since 2010. Our Advanced Packaging tools saw a broadening of our customer demand from global IDMs, leading fabless and foundry companies, high-density substrate manufacturers, and key OSAT companies. In terms of our full year 2020 profitability, it was influenced by two one-off items. First, a gain of HKD 859 million due to the completion of our planned divestment of 55.56% of the Material Segment. The second is related to provisions totaling HKD 255.3 million resulting from efforts to simplify our product portfolio. We delivered full year 2020 gross margins of 33.6%. This excludes the one-off items and represents a slight year-on-year decline of 114 basis points. This was primarily attributed to weaker margins from our SMT Solutions segment. Full year 2020 net profit was HKD 1 billion, excluding one-off items and the related tax impact. This represented a commendable year-on-year improvement of 61.1%. The group's net profit, including one-off items and the related tax impact, was HKD 1.63 billion, representing a year-on-year improvement of 152%. We ended full year 2020 with a strong backlog of HKD 5.93 billion, equivalent to $764.8 million, and a book-to-bill ratio of 1.09x. As of the 31st of December 2020, we held record cash and bank deposits of HKD 4.46 billion. I shall move now to a review of our fourth quarter 2020 performance. We recorded a revenue of $634.4 million, representing growth of 10.5% year-on-year and 15.2% quarter-on-quarter. This came in well above the top end of our revenue guidance of between $530 million and $590 million. Our excellent fourth quarter 2020 revenue performance was driven by the following developments in our businesses. First, the IC discrete business unit experienced a strong demand for mobile and personal computing devices and high-performance computing applications. Second, the opto business unit recorded strong demand from conventional display and general lighting customers, with growing opportunities in Mini-LED and Micro-LED applications as well. Third, the CIS business unit delivered a Q-on-Q revenue rise, an improving sign for the application business. Fourth, our SMT Solutions segment saw continued strong demand for high-accuracy SMT systems, which are advanced packaging tools for SiP, System-in-Package applications. It also saw a strong pickup in its equipment services and spare parts business, particularly for Europe and Americas. Our fourth quarter bookings of $658.2 million represents a historical high for our fourth quarter, and is an increase of 46.3% year-on-year and 12.9% Q-on-Q. This excellent result bucked the general seasonal trend for our fourth quarter bookings, tending to be the lowest of the year. Our fourth quarter 2020 gross margin, excluding one-off items, was at 33%, a Q-on-Q improvement of six basis points. This quarter-on-quarter improvement was largely attributed to high gross margins from our SMT Solutions segment, but offset by weaker gross margins from our Semiconductor Solutions and the materials segment. Let me talk about dividends. Since our listing on Hong Kong Exchange in 1989, we have been consistently paying dividends every year through the peaks and troughs of global economic and semiconductor cycles. For this year, a final dividend of HKD 2 per share is proposed. In addition to the interim dividend of HKD 0.70 per share paid in August of 2020, this represents a dividend per share increase of 35% compared with 2019. This above-average dividend payout ratio of 68% in 2020 was to reward shareholders for the net gain attributable to the one-off item. Looking forward, the dividend policy of the group is to continue a consistent annual dividend payout ratio of around 50%. This is comparable to the average dividend payout ratio of the group from 2011 to 2020. Thank you, and we are now ready for Q&A. Thank you. We will now poll for questions. If you'd like to register for a question, please press star one on your telephone touchpad. Ladies and gentlemen, please be reminded, please limit your question to two. Thank you. Our first question comes from Donnie Teng from Nomura. Thank you. Thank you, Robin, and the management for taking my call. My first question is regarding to the gross margin impact in fourth quarter for Semiconductor Solutions business. You mentioned about there is a one-time inventory, like a write-off cost in the fourth quarter for Semiconductor Solutions business, so it dragged down the overall gross margin. If to not consider this kind of one-time issue, the gross margin should be 38%. I'm just curious about why we need to do this kind of inventory write-off in fourth quarter when the overall semiconductor business is turning more positive into this year. If to not considering this kind of impact, what kind of Gross margin for our Semiconductor Solutions in this year would be if considering the increasing utilization rate and booking momentum. Secondly, could you give us some quick booking outlook for different business segments, including Semiconductor Solutions, sensor, LED, back-end, and SMT Solutions? Thank you. Okay. Let me answer the inventory one-off provision first. The reason why for us to make the one-off provision on the inventory is for our Product Portfolio Simplification Initiative. As all you know ASMPT has been very famous in our wide coverage of the product offering. To focus our resources of R&D and sales marketing onto those higher potential product items, we kick off this initiative to simplify our product portfolio. For those long-tail items in our inventory, such as the raw material, WIP, and finished goods, we decided to cut off those long-tail items. We made this one-off inventory provision in Q4 to reflect this immediate financial impact in Q4. Donnie, just to supplement Patricia. When she mentioned about those long-tail items, after many years of accumulating various product models, we took a hard look at our portfolio and realized that there are some, what we call long-tail items. Long-tail items are those that we sell in very small volumes, but still have to consume a lot of our resources, whether in terms of marketing, in terms of R&D, in terms of manufacturing. They contribute very little to the profitability. We took a hard look and said, "Maybe it's time that we cut off all these long tails and focus on those products that will generate a higher return for the Semi Solution Group." That's the primary objective behind the exercise. To correct you, just like you mentioned, without the one-off item, the semiconductor gross margin for Q4 is 39%, not 38%. On the full year, it's 40.7%. Yeah. Sorry, Robin. How about this year? The gross margin of Semiconductor Solutions business after factoring this inventory provision? Yeah. I think this year, once we write it off, there won't be any provision in the coming year. In terms of semiconductor growth margin now, we don't actually provide a guidance, but we can give you a little bit of color. For the Semiconductor Solutions segment now, going forward, if you look at 2021, I think that certain key drivers are still underpinning Semi Solutions segment. We see the ICD, the IC, and the discrete segment will continue to be strong. There will be also a little bit more contribution maybe from CIS, for example. We believe that aligning with the forecast that the smartphones in 2021 will increase compared to 2020. We think that the CIS business this year will also improve accordingly. For the semi side, we are also looking at more business coming from the Mini-LED. We see quite good momentum in the early part of this year. I think AP will continue. I think this trend of HPC, AI, this trend will continue. I think with this factor, volume, one, I think looking at all this, I think the volume will increase, and also with higher contribution from CIS, mini. I think the margin for semi as a whole will be better. Although this is not a guidance per se, but this is just to actually give you a little bit more color. Thank you, Donnie. Our next question comes from Kyna Wong from Credit Suisse. Thank you. Thanks for taking my questions, and congratulations for these results. I wanted to ask about the booking seasonality, because we do see the fourth quarter a strong booking, and maybe some of that is already fulfilled in the fourth quarter. We also see first quarter bookings also very strong. What do you expect the seasonality from this above seasonal fourth quarter to a strong first quarter? Going forward, what should we expect this pattern to be? Yeah. I think in terms of seasonality, indeed, I think so far we are already into probably close to two months of the year. Really quite unusual. Typically, before Chinese New Year, all the momentum tends to be slow. Typically, customers are quite hesitant to place orders. This year, very different. That's why in our announcement, we also said that our bookings this year so far for the Semiconductor Solutions are really good, very strong momentum, and never seen before in our history. Very strong. Whether this will continue in the near term, hard to say. Based on the current momentum, there's a chance that this momentum will continue into the next quarter. Also, I want to chat with this automotive business because, in the past we see 2018, that the automotive is driving the SMT demand continually in 2019. 2021, what should we expect the contribution from automotive business? Can we- Yeah. ...percent of the total revenue? Margin improvement, adjusted in the SMT business, should we expect that could go back to a peak level in the past for the margin? I think we all know, automotive industry was facing a tough situation in 2020. We believe, from our own experience, looking at our customer base, the automotive market seemed to have bottomed up towards the first half of last year. It has been gaining quite good momentum throughout the second half. We believe, also basing on industry forecast. They say that the automotive industry will recover this year compared to 2020. However, there's a caveat there. The industry experts believe that the recovery will not bring the automotive market to the pre-pandemic level. Probably will take a little bit more time for the automotive industry to fully recover from the pandemic situation. As to your question, yes, we are deeply involved and engaged with very key automotive customers, not just on the SMT side, but also on the Semi side. With our drive of portfolio and also the customer base that we are engaging right now, we are confident that when the automotive market recover, we will be also benefiting from this trend, for both the semi as well as the SMT side. Thank you. Our next question come from Mr. Chris Yim from BOCOM. Thank you. Hi, good morning, and congrats on the strong order outlook. I have another question on the bookings. Given that 4Q and 1Q orders were so strong, but 1Q revenue guidance is below the booking number. I was wondering if you guys are supply constrained, or is it because your customers are ordering ahead of time, asking for delivery later? If you can tell us what is the lead time now? You mentioned capacity increase. I was wondering if you give us more color? Lastly, if you can repeat what is driving your 4Q and 1Q bookings in your Semiconductor Solutions side. Thank you. Okay. Let me give you what is driving the bookings guide you are saying. In terms of Q4, we see semi side very strong. We recorded a 85% increase of year-on-year booking. Supported by the largely ICD. The IC and the discrete segment, followed by the optoelectronic segment, that means our LED business. The CIS business. Both three business units within the Semiconductor Solutions segment show very good momentum in terms of booking in Q4. China, in terms of geographical region, to give you a bit of color, it's really driven by the China region, in Q4, largely. In Q1, going into Q1, as we announced earlier, the pace of booking for the Semiconductor Solutions segment was really very strong. That's why it give us the confidence to say that, on the whole, for semi and SMT, we will surpass the $700 million, Q1 booking for the whole group. A little bit of color as you requested for the Semiconductor Solutions segment in terms of booking for Q1. Again, the ICD led the pack. Still, the momentum for ICD continue into the early part of 2021. Followed by this time around, CIS a little bit stronger than the opto side. I think what's encouraging is so far we see a CIS momentum coming back compared to the prior. That's a good sign for ASMPT. I think the first question is why our revenue guidance are lower than the booking on the surface. There are a number of reasons. I think you cited a couple of reasons. It's a combination of those reasons, basically. Certainly because of the tightness in the supply chain situation, due to the improving world economy and also the semiconductor supply chain are really actively replenishing the inventory. All this, they're all fighting for the largely same component and material. We are constrained initially, so we have sorted it out. We believe that with this strong booking in Q1, going into Q2 will be a better quarter compared to Q1. Thank you. Our next question come from Mr. Arthur Y from Citigroup. Thank you. Thank you for taking my question and congrats for the good outlook. I have two question. Number one is, in terms of industry partnership, you mentioned that you set up a joint development agreement with the EVG. My question is how this partnership to bring the opportunity, working with the foundry clients. I think the clients are Yeah. Okay. The clients all know that the Yeah. I think the TSMC announced a very big CapEx on the advanced packaging side. Client's question is that how our company grow with change. Yeah. I think, Arthur, first and foremost, let me give you a little bit more color on the partnership itself. I think what we bring to the table are complementary strengths and expertise. For ASMPT, we are very good in terms of very high precision kind of placement technology. For hybrid bonding, you probably realize, it's a step up process in terms of technology, say, compared to a TCB. It's more precise than a TCB bonding tool can provide. We will bring to the table our precision technology. Whereas for EV Group or EVG, their expertise is really in the pre-cleaning, the die preparation phase. For hybrid bonding, the process need to be done in a very clean environment. EVG has the technology to do the die prep, including very good cleaning of the substrate and the die before we do the hybrid bonding. When we come together, okay, we marry each other's strength to provide, we think at the moment, a very good solution for our client base going forward. Having said that, hybrid bonding is still a very nascent technology. We don't think this will take off in a very big way this year. Probably in a couple of years' time, then we see a bigger volume for this type of solution, because it's still very nascent. The technology is still developing. Also, we believe compared to TCB, it's a much more expensive solution because of the technology involved. Thank you. Can I ask a follow-up question? I think Donnie has mentioned this margin concerns. I think a lot of investors actually also asked me. We understand now the booking is very strong from ASE or the other packaging company. They already announced a huge CapEx, and they also signed a long-term contract with their client. We understand this conventional equipment actually bring the lower margin. Can you explain or can you elaborate how the company can increase the margins through this semi upcycle? Thank you. Arthur, can you repeat the question because I don't really quite understand where you're coming from. Can you repeat the question one more time? Yeah. The question is the margin, because this time the upcycle. Looks like from the traditional bonders, such as the ASE, they request a lot of the wire bonder. Can company increase the margin through this traditional bonder business? Okay. Got you. Thanks, Arthur, for repeating. You're right, Arthur, for what we call the mainstream or the traditional wire bond and die bond. Typically, those tools we sell in volume. In an up cycle, typically, those tools will have a higher volume mix compared to the other tools. Wire bond in particular, being a very established solution. Typically, wire bond, as you're aware, Arthur, you've been following up for many years, wire bond margin tends to be lower compared to the other bonding solutions, compared to die bond, compared to CIS, and compared to the other tools. It all depends. In how a margin develops, it will depend largely on the mix, whether die bond has a higher mix compared to, say, die bond or, and also whether CIS has a higher mix compared to, say, the traditional mainstream die bonder. It all depends. I can't give you a really very definitive answer. Especially on a quarter-to-quarter basis, it can vary. If you look at, Arthur, if you look at our whole year 2020 Semiconductor Solutions segment gross margin, it's very stable, actually. You look at 2019 was around 41.1%, 2020 was 40.7%. On a whole year, the fluctuation is not very material. Of course, on a quarter-to-quarter, it does, because we are talking of a lower base by itself. When there's a different mix, the impact on the margin becomes a little bit more significant. Okay, thank you. Thank you. Our next question come from Damon Wu from Merrill Lynch. Thank you. Good morning, everyone. Thank you very much. Damon Wu from Bank of America. Number one, when we look at the semiconductor makers, their CapEx increase is mainly for the new tools or more advanced technologies rather than the traditional semiconductor area. Meanwhile, you are saying all the equipment demand for the wire bonding, even die bonding, is growing. Separately, we are also hearing the shortages for the semiconductor chips. Could you please share management view how we can segment your older segment equipment for semiconductor area for the more advanced technology, the packaging area versus traditional or the wire die bonding area, which segment offers relatively stronger growth for the March quarter or for the rest of this year? Then I will ask a second question after this. Thank you. I hope I answer your question correctly because I'm not very sure, but let me give it a shot. If I don't answer your question, what you want, please ask again. I think your question is how our traditional bonders will develop alongside our advanced packaging. It all depends. In an up cycle, like what we are experiencing right now, the mainstream wire and die bonders typically will occupy a much higher volume mix compared to, say, the other tools, like for example, AP Tools, for example. It all depends on the cycle. In an up cycle, mainstream wire and die bonder will perform very well. As I said earlier, this will also have an impact on the margin, because if our wire bonders tools are very high, we would tend to bring down the margin a little bit compared to if, for example, CIS business tools are higher, then our margin would be higher. It all depends. It's very difficult for me to give you a specific color at this point in time. It depends how, on a quarter-to-quarter basis, the mix develops. Okay. Sure, sir. Maybe regarding your SMT business, given the fact 5G penetration rate in China already very high, for example, the monthly domestic smartphone shipment mix already indicates 70% range over the 5G penetration ratio, which means maybe your customers have already purchased the assembly machine for the 5G. Meanwhile, the global 5G growth, I'm not sure whether it can be strong because of the power issue, because of the telcos' limited infrastructure to promote the 5G. The question is, where do you see the 5G related equipment demand increase, China versus ex-China? The similar question regarding the auto semiconductor related, which countries or region you can see the strong growth momentum for the auto semi related equipment? Thank you, sir. Yeah. Let me answer this way. 5G, in my opinion, and also in many experts' opinion, is going to be a multi-year driver for both technology, what we call a capacity buy as well as capability buy. Yes, for 5G infrastructure, if you look at just 5G infrastructure alone, certainly China has been a leader in this space. If you look at countries outside China, I think there's still some way to go for the infrastructure to come online. That's why we are also very confident this 5G infrastructure business will continue to be a driver for our business, not just on the semi side, but also on the SMT side. Now, 5G is not just infrastructure. 5G has a lot of implications downstream as well. First and foremost, I think the most impactful will be the 5G smartphones and the innovation going around the smartphone. As you're probably aware, a 5G smartphone compared to a 4G smartphone has much more semiconductor content. Coupled with the fact that industry are predicting that 5G smartphones will increase this year, so this will certainly drive growth of the CIS business. 5G are also closely related to automotive as well, right? Automotive electrification, going forward, will also depend on 5G technology. If 5G technology becomes more mature, penetration becomes more deep, then the automotive industry will also in tandem benefit from this increased 5G penetration. That's how we see it. That's why 5G to us is an important growth driver for ASMPT. Thank you. Our next question come from Sebastian Hou from CLSA. Thank you. Hey, thank you for taking my questions. My first question is to follow on the wire bonding, the wire bonder business. Are you seeing any bottleneck or any limitation to make wire bonder or meet up with customers' demand? Yes and no. Initially, because of the supply chain constraint, we do face some issue in terms of meeting the customer demand. That has been largely sorted out. Barring any further supply chain constraints that will emerge down the line, we can't really forecast. We see this year the wire bond business will be very healthy. Got it. I think what I want try to understand is that, I think maybe there's some near-term supply chain constraints, but theoretically, there shouldn't be anything that will prohibit you from making any wire bonders. Now it's just that a customer may need to wait for longer. Is that right? Yes. You're right. The lead time in general for the Semiconductor Solutions segment, the lead time in general are a bit stretched now. The order momentum are so fast and you need to catch up in terms of all this. The lead time is around five to six months in general. Compared to, before this COVID-19 ran out, we typically within a quarter, we could deliver customer demand. This time around, it has been stretched around five to six months. Got it. Your very strong booking numbers in Q4, assume that there is already have some very strong wire bonding booking inside. Yes. Is that right? I know the company doesn't give the booking outlook, but how do you see this wire bonder booking into Q1 and first half this year? Is it the strength continues? The strength in general continue. I mentioned earlier for the IC discrete segment, the main contribution for this segment are coming from the traditional die wire bonders. We see good momentum in these two particular areas. The mainstream die and wire bond. Thank you. Our next question come from Fang Jing from Cinda. Thank you. Fang Jing, please go ahead. Thank you. Okay. I would like to ask two questions. Firstly, I read some articles about our cooperation with Cedar Electronics and on the Mini-LED. Can you bring me some more insights about our progress in the Mini-LED? Yeah. If you have been following us, we have been saying for a long time, that we have been kind of a first mover in terms of Mini-LED and micro-LED space. We have been engaging extensive base of customers in the Mini-LED as well as in micro-LED business area. In our opinion, we are well-positioned to take advantage when these two areas take off in a big way. For Mini-LED, we are already seeing good momentum in the early part of 2021. Hopefully this momentum can continue. For micro-LED, we have been saying, we will take a little bit longer time for it to really come on stream in a big way. For Mini-LED, we are already seeing really a good sign. This area is picking up quite strongly. Thank you. My next question is about the camera module business. I read our slide, and you mentioned the automotive camera module, but I think the camera module, the smartphone, the multi-camera upgrade seem to slow down in 2021. Can you give me some color of the camera module business? It always depends on really the outlook of the new 5G smartphones. As we have been saying, the way to distinguish one brand to another is really updating the capability and the offering of the camera module. We, being a very broad player in terms of CIS, providing a lot of good solutions for our customer, we believe that when this trend continue, we will benefit from this momentum in terms of smartphone increase. Smartphone are estimated, according to industry sources, forecasted to grow double-digit year-over-year. That will bode well for our CIS business if that really come on stream. Thank you. Our next question come from Wu Liu Yang from Everbright. Thank you. Wu Liu Yang from Everbright, please go ahead. Thanks for taking my question. We are very excited about the positive status adjustment of the company. Hope that our management can share more details about the status outlook in the next five years. Next five years. Wow. Okay. In general, equipment business like ours, are very much dependent on the volume of semiconductor chips that are being manufactured and consumed in the world. We have one slide, if you refer to our presentation. We anticipate that perhaps some of you might ask a question like this. If you look back, the IC content growth over the last maybe 10 years, it has grown at a compound rate of around, say, 8%. If we mirror our own compound rate growth for the ASMPT group, we are kind of shining along, it's moving tandem with the growth in the IC content. What we are trying to say is that our business is largely dependent on the number of chips being produced in the world, because the more chips are being produced in the world, our customer will need more equipment like ours to package and assemble those chips and then SMT and place those on the PC board using our SMT tools. To answer your question, just to give you some color. We believe the number of chips in the world, the semiconductor chip in the world will continue to grow, and that will bode well for the whole industry as a whole, and ASMPT will also continue to benefit from that. Thanks. My fifth question is about our capacity expansion plan, such as how much capacity we have expanded in Malaysia? We have been employing what we call a dual messaging, or the internal messaging as well as external messaging. In a strong year, typically, we have to rely more and more on our outsource partner to supplement the internal messaging capacity, because internal capacity has a limit, right? The beauty of having an external messaging wing or outsource model is that we can leverage our outsource partner to provide the additional messaging capacity in the upcycle. Thank you. We have a following question come from Kyna Wong from Credit Suisse. Thank you. Hi. Thanks for taking my question again. I want to have a follow-up on the gross margin, because I am looking into one of the provisions, inventory provision, for those product portfolio streamline, then how much margin improvement we could expect from this side, product portfolio streamline? It will help the profitability in terms of margin, because those are actually lower margin. I think this is one question, one or two follow-up. Okay. Hi, Kyna. In terms of the product portfolio simplification, we expect after this initiative in the long run, we can definitely get a more higher gross margin. First of all, we do not give guidance on the immediate term gross margin. However, for the near term, I would say at least a 1% increase of the gross margin from this product portfolio simplification initiative. In addition to this, you can expect that another, say, 2%-3% of the increase of the gross margin from the closing out of our material business segment. That would definitely help our near-term gross margin improvements, too. Yeah, that's helpful. Thanks. Thank you. Thank you. Our next question comes from Mr. Chris Yim from BOCOM. Thank you. Oh, hi. Thanks for taking my questions again. I want to ask a question on advanced packaging. Before, you gave us a number on approximately how big the business is in terms of the contribution to your back end. I was wondering, can you give us that number for full year or maybe Q4? One of your, I guess, front-end equipment competitors is saying that their advanced packaging revenue will grow 50% this year. I was wondering, what do you think about this market for you this year? Would the driver be still on the, I guess, TCB side, or would the driver be more on the next, the copper RDL side? If you can give us more color, that'd be helpful. Thank you. Okay. What's the first question? AP. Huh? AP. AP. What's the first question? AP is growing at, someone was saying, growing at 50%. Okay. Yeah, I think you asked about some color on our AP contribution. Now, this time around, because of the increased business coming from the SMT side for advanced packaging compared to prior years, we decided to give you guys a little bit more color. Our AP mix contribution on the whole group basis rather than just on the Semi basis. On a whole group basis, both Semi as well as SMT, as far as advanced packaging tools are concerned, we give some color that this year, 2020, compared to 2019, the full year revenue for AP contribution has increased more than 50%. This will give you some color that our AP business are in fact progressing very well on a year-on-year basis. On the longer term, we see AP technology will continue to be a growth driver also for ASMPT. For one, because we have been touting that we provide the broadest range of AP Tools for our customer base. We are confident that as more and more customers adopt AP solutions, we will be out there serving this customer base. It's really difficult for us to forecast on a quarter-on-quarter basis what will be the AP. Lastly, on a year-on-year basis, we don't see this trend of AP slowing down. In fact, we see AP will continue to be a healthy growth driver for the industry. I'm sorry, what's that number? 50%, five, zero, year-on-year? 2020 versus 2019? Yes, more than 50%, yes. For AP. More than 50%. Thank you. All right. Thank you. Our next question come from Sebastian Hou from CLSA. Thank you. Thank you for having me again. I have two questions follow up. First is that, if I look at your wire bonding gross margin, I think the things for the color about that is below corporate average. I think that's understandable. When we look at the operating line, the operating margin, it is still below corporate average? Because it actually is pretty old product, it doesn't require much for extra R&D, so the operating line is not necessarily below. You're right. I think, definitely because this is a mature technology. In terms of R&D spend compared to, say, AP Tools, they are more moderate compared to those AP technology investments that we are seeing. Also coupled with the fact that wire bond, in an upcycle, tend to be high volume. There's always this operating leverage for tools like this. Although gross margin may be a tad lower than the corporate average, but in terms of operating margin, they are not too bad. Okay. Thank you. My second follow-up question is, I think many analysts have asked about your gross margin. If I simply compare your 4 Q 2020 numbers versus the same quarter back in 2017 and 2018, when you have similar revenue scales, your semi equipment and SMT margin very obviously is below them. I'm not sure if it's right to argue that your structural profitability has actually deteriorated. Where do you see it from here, whether we could go back to the previous margin level or this is the new norm that it is not reversible? Thank you. I don't call this a structural decline. Definitely not. As I earlier said, if you compare our 2020 versus 2019, our Semiconductor Solutions gross margin only declined by 0.4% on a full year basis. That definitely does not represent a structural decline. That can be attributed really to the product mix. Don't forget, ASMPT is a very broad-based company. We offer a whole range of tools ranging from mainstream to advanced packaging to CIS tools. All this, the interplay of this mix among all these tools will have an impact on the margin quarter to quarter, year on year. On a full year basis, because we're talking about bigger volume, the impact of mix will be lower compared to on a quarter-on-quarter basis, the impact of mix can be more significant. To answer your question, no, we don't think it's a structural decline, definitely. Let me move on to SMT. 2020 gross margin on SMT definitely compared to 2019 are lower by around 3%, maybe around there on a full year basis. We have already explained that because we have made some very good penetration into the Chinese market. Our share of the Chinese market SMT business has increased over the years. As a result, because selling to the Chinese market, typically they don't require a lot of options or modules to go along with the main SMT tool. As a result, the ASP for those tools selling to those customers in China tend to be lower compared to those tools that we sell to Europe or America, whereby they require a little bit more optionality. Basically the market are quite different. For the Chinese market, and mainly for, say, smartphones, for example, they're going for this high volume, low mix kind of application. Whereas for SMT tools that are being deployed in Europe and in America, they are more serving, say, the automotive and the industrial market. They require more optionality, and as a result, the ASP for those markets are typically bigger than those serving the Chinese market. For year 2020, because of our good penetration into the Chinese market, we do suffer a drop in terms of gross margin. It is not a structural decline. It is basically depending on the customer and the geographical mix. Now, going forward in 2021, with automotive and industrial market recovering from the low in 2020, we are optimistic that the SMT, going forward, when these two segments recover, the margin for SMT will also benefit from this trend. Got it. Thank you. Thank you. Our last question come from Damon Wu from Merrill Lynch. Thank you. Thank you very much. First question should be the mix, your business mix trend. The second question is maybe growth outlook by segment. Regarding the mix trend, when we look at the automotive area, particularly today, management, you pointed out automotive electrification area. The question is, overall, your automotive relate to the equipment sales. Do you think the growth is more based on the SMT area or more semi equipment related? Could you share the color, which segment can lead to the automotive relate growth mix improvement? Then I will ask the second question. Thank you. Sorry. Just your mind is a bit not solid. Maybe can you repeat one more time your question? Yeah. Your equipment for two areas, right? One is SMT area, the other one is semiconductor related. Yes. Regarding the automotive area, which segment can lead the growth regarding the automotive related SMT versus semi equipment and the second equipment? Automotive. I think, let me try to rephrase your question. Yeah. You're saying whether the automotive market will benefit the semi or the SMT? Yeah I think the answer is both, as we said earlier in our opening remark. We are excited about the automotive market business going forward because both SMT and semi will benefit from this development. Let me give you some color. For the automotive market, first, I think they're more, in terms of semiconductor content, is higher. There are more semiconductor content going into a car. Like for example, there'd be more sensors going into the cars. For example, the battery management system, the power management ICs. There are a lot of electronics going to also the MCU, the power train. For electric vehicles, indeed, there are a lot of electronic content. This require mainstream die and wire bonding, basically, to package those sensors, and electronics, and chips into the automotive market. Also, for SMT, we are renowned for being the premier supplier of SMT tool for the automotive market. That's why we believe automotive market will be a good growth driver for ASMPT going forward. Not forgetting also, for the automotive market, we also supply LED solution for internal lighting as well as external lighting. When we talk about automotive, we are not just talking about IC, screen or SMT side, but the optoelectronic side will also benefit. Also, camera modules as well. We are also supplying our camera modules solution to the automotive industry. Although that's still a very small segment for us because, we are not the first mover there. We are entering this market only in the recent time. It take some time for us to develop the sales, the market for the automotive segment. Yeah. Very clear, sir. Lastly, just a follow-up question. Media already reported from the global carmakers problems to get the semiconductor chips. Some the car assembly lines stopped. Leonard, do you see any negative impact from the carmakers, some production disruption because of the chip supply shortage? If that happened already, when you think these kind of disruption in the auto supply chain can be relieved? Any impact on the ASMPT as well? Thank you, sir. Yeah. I think so far, as we said earlier, as far as ASMPT is concerned, we see automotive segment and the power management, because power management and automotive segment are closely related. We see these two segment gaining momentum throughout the second half of this year. We believe they're going to also continue into 2021 because the automotive market is a growing market in 2021 compared to 2020. Now, this chip shortage once resolved, because ultimately, this chip shortage for the automotive industry will be resolved one day. When that is resolved, I think that may even give a further boost to the automotive business. Thank you very much, sir. Thank you, sir. Leonard, would you like to wrap up the call? Okay. Sure. I think we had a very good session this morning with many good questions. In the interest of time, I think we would like to conclude this conference call now. Thank you very much for joining us today, and we'll talk to you again next time. Thank you. Thank you. Thank you.