Good morning, and good evening, ladies and gentlemen. My name is Romil. I am the IR consultant for the company, and I will be your operator for today's call. On behalf of the management of ASM Pacific Technology, I would like to welcome all of you to ASM Pacific Technology's first quarter FY 2021 investor conference call. We would like to thank you all for your interest and continued support in ASM Pacific Technology. Before we begin with the presentation, let me highlight some housekeeping rules. To facilitate the identification process, please kindly provide your company name and your name as your display name if you haven't done so. All participants will be muted to ensure good sound quality when the management is presenting. Please also keep your videos in the off mode. For the Q&A session, please either use the raise hand, and we will allow you to unmute yourself to ask your question or type your question in the chat to asmptqa/Romil Singh, we will read out the question on your behalf. When asking questions, please limit to two questions at a time. Please feel free to join the queue again on the raise hand function. We will start the Q&A only after the management has gone through the entire presentation. We endeavor to answer all questions during the Q&A session. Due to time constraints, if we are unable to answer your question during the call, we will follow up with you through emails later. Please feel free to email us with your question, and we will attend to those. Before we proceed, to the standard disclaimer. Do note that during the 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. For your reference, the IR presentation related to our 2021 Q1 results can be downloaded from our website, www.asmpacific.com. With us this morning are Mr. Robin Ng, our Group Chief Executive Officer, and Ms. Patricia Chou, the Group's Chief Financial Officer. Robin will begin with a brief discussion about the group's key highlights in quarter one, followed by Patricia giving some color to our financial performance, then Robin will provide the outlook for the business. Thereafter, there will be the Q&A session. Without further ado, let me hand over the time to Robin. Thank you. Thank you, Romil. Good morning, everyone, and thank you for joining us today. Before we proceed with the details of our performance for the first quarter of 2021, I hope that everyone is keeping safe, healthy, and well as we continue to grapple with the effects of the pandemic. Let me begin by giving some key highlights of our business in the first quarter of 2021. Before I proceed, let me emphasize that from this quarter, our reported performance excludes contributions from our former materials segment, which produces leadframes. Thus, ASMPT's continuing operations will henceforth comprise only the SEMI segment or SEMI, and the SMT solution segment or SMT. Now, let me highlight some key developments for quarter one. Firstly, our revenue and bookings surpass guidance. Patricia will get into that in more details under financial highlights. I will say that both the SEMI and the SMT segment bookings level for the quarter were at record levels, indicating continued in the face of improving market conditions. Next, we saw sharp margin improvement. The performance of both segments contributed to the strong year-on-year and Q-on-Q growth in our group gross margins. We have also benefited from the overall automotive array and automotive electrification trends, which will continue to be a longer-term growth driver for business across both SEMI and SMT segments. We demonstrate superior execution amidst supply-chain challenges as well. Key markets rebounded from the pandemic after a fairly off 2020, and with generally greater optimism about improving global macroeconomic condition, this translated to the group experiencing a surge in customer demand for this quarter. The operational and field teams executed well to fulfill delivery commitments to our customers. Here, safe to note that we were recently awarded a distinguished 2020 Supplier Achievement Award for our COVID-19 response by Intel Corporation. This is a special recognition for ensuring uninterrupted supply to them through the pandemic period. This exemplifies our ethos of unwavering commitment. Last, but certainly not least, there's an over ordering customer base for advanced packaging solutions. We have been building up the industry's most comprehensive product portfolio of advanced packaging solutions, and I believe we have the broadest and the most selling set of interconnect solutions for the whole spectrum of customer needs. These range from mainstream to the most complex interconnects or system-in-package or SiP solutions. For example, our clear leadership in thermo- compression bonding or TCB, is a testament to customer receptivity towards this approach, which we have carefully cultivated. We achieved a significant milestone with the delivery of our 250th TCB tool to customers in February this year. Another significant area is hybrid bonding, which we are diligently working on with key partners to realize its potential. Hybrid bonding solution is on track for delivery later this year, and we believe that we are in an excellent position to drive greater adoption for this advanced technology in time to come. Similarly, our other advanced packaging solutions are experiencing a broadening of their customer bases, led by the confluence of end-user market demands in high-end CPU, GPU, and XPU applications. I will now pass the time to Patricia to run through the financials. Thank you, Robin. Good morning, everyone. Let me give some highlights of our first quarter 2021 performance. I am pleased to share that the group has delivered a strong first quarter 2021 group financial results. This chart summarizes some of the key metrics for performance for this quarter. Group revenue of $559 million surpassed the guidance, while bookings of $1.01 billion were at an all-time high. Significantly, our gross margins of 39.6% represented a sharp improvement compared to the previous quarter, while profit of HKD 528 million followed a strong gross profit performance this quarter. Finally, our total cash and bank deposits at the end of the quarter continued to strengthen to HKD 4.6 billion. Let me now go into a bit more detail about our group performance, followed by each of our two segments' performance. To begin, the key takeaway from the group financial performance for this quarter was the record group bookings backed by broad-based customer demand. Now, let's dive deeper. As you can see here, in the first quarter this year, both group revenue and bookings surpassed the guidance. The group's first quarter revenue of $559 million represented a strong 45.6% growth year-on-year. Notably, the quarter's revenue was still as strong as the last quarter's, which was itself unusually strong and exceeded the top end of our guidance as well. Our first quarter revenue performance was underpinned by the move towards semiconductor self-sufficiency, secular growth trends such as accelerated digital transformation, the continued general recovery, automotive electrification, and the global 5G rollout. Booking momentum was even greater. This was an all-time high bookings level for us to the tune of $1.01 billion, significantly exceeding the $700 million bookings guidance. This is a phenomenal year-on-year of 73.4% and a quarter-on-quarter growth of 86.4%. The group's gross margin this quarter of 39.6% is a quarter-on-quarter improvement of 412 basis points, both the SEMI and SMT segments registered the improvement in this area. Significantly, our strong group's gross margin performance helped drive our group net profit to HKD 528 million, a substantial 52.6% Q-on-Q improvement over an already strong previous quarter, a nearly 20x improvement year-on-year. This figure includes the share of results from our joint venture, AAMI. We ended this quarter with a record backlog of $1.21 billion, a high book-to-bill ratio of 1.8, large parts due to the surge in this quarter's bookings. Next, let's look at our SEMI segment's first quarter performance. The most noteworthy aspect of this segment this quarter were its record bookings and a strong rebound in gross margin. This segment delivered a strong revenue of $349 million, representing robust growth of 78.7% year-on-year and 13.8% Q-on-Q. Let me give a bit more detail. For its IC discrete Business Unit, demand a broad range of applications, including mobile and personal computing devices, high -performance computing, 5G infrastructure and devices, particularly in China, and both discrete and power management applications related to general industrial and automotive electrification. The optoelectronics Business Unit recorded a strong from conventional fine pitch display and general lighting and an encouraging increase in the number of Mini LED customers taking delivery for high volume manufacturing activities. The segment recorded a strong year-on-year and a Q-on-Q bookings growth. In particular, the record were dominated by its die and wire bonding products. The IC/discrete Business Unit saw record booking. The optoelectronics Business Unit, a strong demand for its Mini LED tools. The CIS business unit registered a strong Q-on-Q increase in bookings. Next, as mentioned at the start of this slide, the segment gross margin rebounded significantly to 44%, which represents a Q-on-Q 503 basis points improvement. This can be attributed to a combination of higher volume and utilization, increased productivity with the leaner workforce, and also some positive effect from the rollout of the group's strategic initiatives. Moving into the SMT segment's first quarter 2021 performance. The key highlights was its record bookings that were driven by broad-based demand across end markets. The segment delivered revenue of $210.6 million this quarter, accounting for 37.7% of the group revenue. This represented a year-on-year growth of 11.4%. While the segment's mainstream placement and printing tools were still its largest revenue contributor, there was continued growth in its advanced packaging tools, which are high -accuracy SMT systems for SiP applications, particularly for wearables and 5G -related devices. Further, the segment's equipment services and spare parts also returned to healthy pre-pandemic levels, indicating a normalizing of manufacturing activity levels among its European and American-based customers. Gross margin showed a Q-on-Q improvement, mainly due to the relatively higher mix of advanced tools and smart manufacturing solutions, despite this being a seasonally lower quarter for revenue. As you can see, we have a well-diversified revenue stream. The top five markets that contributed to group revenue were China, including Hong Kong, Europe, the Americas, Taiwan, and Korea. We also saw increased contribution this quarter from Taiwan, Korea, and Thailand. Among our customers, our top five accounted for less than 17% of our quarterly revenue, reflecting a high degree of customer diversity. I will now hand the time back to Robin to share about our application trends and our outlook for the business. Thank you, Patricia. Now, let me share some insights into this quarter's record bookings from the end market perspective. The key takeaway was a strong increase in demand for tools, especially for automotive and industrial applications. In automotive, the continued rebound has been driven by the general automotive recovery momentum we began seeing the later part of 2020, which has continued into this quarter. This was in tandem with a growth in automotive electrification applications, which increased demand for discrete and power management applications from the SEMI segment. For industrial applications, there is a growing demand for power management solutions such as EV charging stations and a rising adoption of efficient energy management for smart grid, smart industrial, and automation solutions. As for the broader computers, communication, and consumer category, there are a variety of trends. Demand for high-performance computing, wearables, gaming consoles, smartphones, and appliances continue to drive both advanced packaging and SiP tool growth. The multiyear global 5G rollout continues to benefit SEMI and SMT at both device and infrastructure levels as customers increase their investments to address a higher volume of electronic content in 5G components versus 4G, plus greater complexity requirements for advanced node chips and radio frequency modules. For our Optoelectronic business, we have seen increased adoption of high volume manufacturing tools for Mini LED, while momentum continues for its conventional fine pitch display and general lighting tools. Let me now give you some context behind our outlook. We believe that the current data-centric computing era we're in, along with the long-term secular trends such as 5G, automotive electrification, autonomous driving, AIoT or Artificial Intelligence of Things, and advanced packaging, is compelling industry to transform in order to prepare for the future. We believe this will drive significantly higher non-discretionary silicon consumption and investment in capital expenditure to meet these new needs. We also believe that the world is at the early of a multi-year data-centric era and is essential for sustained growth. Here is the outlook for business in the near term. Global semiconductor chip supply constraints continue to pose a challenge for the group as it does for other market participants. Based on current market expectations and supported by our strong backlog, and of course, barring unforeseen circumstances, we expect to achieve quarterly revenue for the second quarter of 2021 of between $600 million-$650 million. We also expect that the second half of the year 2021 revenue performance to be strong. Thank you. We are now ready for Q&A. Thank you, Robin. We will officially start the Q&A session. Let me remind you again, for the Q&A session, please either use the raise hand function, and we will allow you to unmute yourself for you to ask your question, or you can type your question in the chat to ASMPT Q&A /Romil Singh, and we can read on your behalf. We have the first round of question from Citi, Arthur. Arthur, you can unmute yourself and ask your question, please. Hi. Congratulations, Robin and Patricia, and also the management team. This is Arthur Lai from the Citi. I have two questions. Number one is on the margin, and number two is on the EV. On the margin side, I want to ask Robin, what have you done in the recent quarter to drive this margin up about 10%? The second question is on the EV. We just mentioned that there is a supply-chain and what's the product offering from us? Thank you. Good morning, Arthur. This is Patricia. I would like to answer your questions regarding our Q1 gross margin. First of all, in our previous quarter call, we mentioned that the gross margin impact of deconsolidating the materials segment and some margin accretive effect from our product portfolio simplification initiative will help improve our gross margin by between 300-400 basis points. With that in mind, the Q4 2020 group gross margin, excluding the materials segment and the one-off inventory provision, would be around 37%. In fact, our Q1 gross margin performance shifted more than what have been shared last quarter. In Q1 2021, group gross margin is now 39.6% as a result of the favorable segment revenue mix contribution. The volume effect also improved the productivity with the thinner workforce and also some margin accretive effect from the strategic initiatives such as the product portfolio simplification, better internal resources utilization after cutting down long-tail products, and some procurement cost savings. Thank you, Patricia. For the second question, I would request Robin to answer. This is more on the EV side product offering. Yes. Arthur, we believe we have a really comprehensive offering of tools to address the EV market. This mainly, in our opinion right now, is mainstream tools, the wire bonders, the die bonders, you know, and also the TechCenter, for example. Now we have a lot of, we have a good offering of solutions to cover the spectrum of packaging and application needs such as ICs packaging, power-discrete modules, SiP control units, power modules and of course, we are now also addressing the thermal modules in cars as well for EVs as well as the general automotive market. Thanks, Robin. The next round of questions will be from Leping. After that will be, Arthur again. Leping you can unmute yourself please? Hi. Can you hear me? Yes, please go ahead. Yeah. Hi, this is Leping Huang from Huatai. I have two questions. The first question is, it's the first time I saw that your B/B ratio reached 1.8, and Robin, based on your operation, you run the company for many years. What's the historical pattern on the B/B ratio? How sustainable of this such B/B ratio it's so high? Because also I see your second quarter revenue is only $600 million-$650 million. Versus your booking is so high. Do you facing some capacity constraint now when to deliver your customers' requirements? Thank you. Yeah. Indeed, I think the book-to-bill ratio is probably one of the highest, I think in history. Now, as to your question, what's driving this booking high? Right? Now, let me give you a little bit of color in terms of the bookings. As you look at the headlines for our announcement, we are experiencing a very broad-based kind of demand for our bookings. We also mentioned in the announcement that really we are looking at the underlying long-term structural growth trends really driving this growth in terms of demand. We have mentioned many times before for many quarters, accelerated digital transformation is definitely in play. Also, many countries are now seeking semiconductor self-sufficiency, so that also drives a lot of demand in those areas. Improved automotive and industrial markets. We see, in this quarter especially, very active demand coming from automotive and industrial markets. You also mentioned about our billing forecast for Q2 is around $600 million- $650 million, whether we are facing any capacity constraints. I think certainly, as we also mentioned in the announcement, the supply-chain constraint is still a prevailing concern for us. We are actively managing this and bringing in components not just for ourselves, but also helping our EM or external manufacturing as far as we can, to also bring in the necessary components for EM to build our tools. Certainly, supply-chain will remain a constraint. We are trying our best to make sure that this can be mitigated in the next few quarters to come. Thank you, Robin. For the next round of questions, can I request Kyna to unmute yourself and ask your questions? Yes. Thanks for taking my questions. Actually, I wanted to ask about the outlook more color into the second quarter, because we see output-based demand. Also you addressed CIS is also seeing a QoQ pickup in the booking. At the end, what should we expect about the business mix in terms of the growth rate that we could expect, which one is higher in the second quarter from CIS, SEMIs, I mean general SEMI or auto electronic or ASMPT? That eventually will also affect the directions of gross margin improvement. Yeah. Kyna, if I can give you a little bit more color into our Q1 booking, that might help. Q1 booking, I mentioned earlier, supported by both trends. A little bit more color is kind of tools that we are seeing. At the kind of volume, obviously, the mainstream tools for SEMI and for SMT will have to feature prominently. These are basically tools for capacity expansion. Now, in terms of advanced packaging, we also see advanced packaging tools for ourselves are pretty strong compared to the previous quarter. In fact, bookings grew QoQ and also year-on-year in advance for advanced packaging. We are happy that our advanced packaging tools are in fact gaining traction in the market. Besides advanced packaging tools, notably, we also mentioned in our announcement that we see Mini LED tools are probably reaching an inflection point. We see more customers taking delivery for Mini LED tools for high volume production. AA tools, Active Alignment tools, this quarter was also pretty strong and the demand has increased from quarter. I hope this will give you some color as to what to come in the couple of quarters. Thanks. I have a follow-up question on advanced packaging. We see Besi said that they have received the initial order for a hybrid bonder, but ASMPT actually expect launch of product in the second half. What's the disconnect here? I think ASMPT has been leading in these advanced packaging and with more cutting-edge hybrid bonder to launch. That is the market expectation as well. Could you let us know more about the difference or the progress in that area, and what should we expect the contribution from these chiplet or hybrid bonder eventually in the future? When we look at news like this, in fact, on the contrary, we think it's good news. I mean, it's a sign that the industry is coming to accept the hybrid bonding. I think for the industry, of course, a certain application of technology in the industry to flourish, we need a critical mass. That's good news. Though, of course, we can't comment on the progress made by our competitor. We can only focus on ourselves. Now, as far as hybrid bonding is concerned, we have been giving indications that we are engaging a broad spectrum of key customers in this particular area, both on the logic side as well on the memory side. We are working hard to deliver our hybrid bonding tool in the latter part of this year for some low-volume manufacturing. We believe that the high-volume manufacturing activities will come maybe one or two years later. Now, let's not forget that the hybrid bonding space is still a very nascent space. We're not going to see high-volume activities in this short period of time. Probably it will take at least two to three years before high volume will kick in. My assessment of the market, getting hybrid bonding technology to gain wider market share, wider market adoption, will take a bit more time. We are really focused on enabling this to happen in time. Okay, thanks. Maybe back to the queue. Thanks. Thanks, Kyna. The next three in the queue are Arthur from Citi, KGI, Laura, and Dylan from Morgan Stanley. Can I request Arthur to please unmute himself and ask your question? Hi. Thank you. It's me again. I have a very simple question. For modeling purpose, can you share the seasonality on billings of this year? Thank you. Okay. If you look at our strong bookings in Q1 already, so strong. We believe Q2 bookings will have to moderate because. $1 billion is really a surge in terms of demand. Looking at longer term, I think there are a lot of news recently from research houses that they are very bullish about the semiconductor market, including our own market, the packaging and assembly market. In fact, one research house has been upgrading the outlook in a couple of months. Based on all this sentiment, we believe going forward, although Q2 booking will likely to moderate from Q1, we believe that the demand going forward will be at elevated level. In terms of seasonality, Q2, as I said, bookings will probably moderate. In terms of billing, we are already guiding higher than Q1 at this point in time. Yeah. Yeah. The second half could be better off the first half, right? Well, looking at the strong backlog that we have, and we believe that the second half, as in our outlook, will continue to be strong. Thank you. Thanks, Arthur. Can I request Laura to unmute herself and ask your questions? Yes. Hi. Good morning. Can you hear me? Yes, loud and clear. Go ahead. Thank you. Yeah, thank you for taking my question. My first question is about the gross margin outlook, because looks like packaging order visibility is even stronger than SMT. Can we expect continuous gross margin expansion into second half? That's my first question. Hi, Laura. Thank you so much for your question regarding the outlook of our gross margin. First of all, as you know, we do not give immediate term gross margin guidance. However, we can probably provide some color in the mid to longer term trend of our gross margin. The near term gross margin improvement will maintain based on our good performance in Q1. We all know that it's also influenced by volume and mix. With that in mind, we expect the Q2 billing higher than Q1 billings. The favorable segment sales contribution will sustain. For the longer term, the strategic initiatives are intended for our gross margin accretive effect. With the above, it should be a strong background for our longer term gross margin improvement. Thank you very much. Also on the growth outlook in various application, we know that the demand outlook seems to be quite strong across the board. That would be very helpful if you can give us more details about your view on various application, and particularly like advanced packaging and hybrid bonder. I think you discussed that, Kyna asked that earlier, but that will be very appreciated if you can give us more outlook about the CIS, the Mini LED, and the various applications growth outlook, probably in the near term and the longer term. Thanks. Okay. I take this question. I think I can give you some very general outlook. Looking at the demand across few quarters. When the pandemic hit, we see computing, the demand was strong. It started with computing demand and then followed by communications, to enable all these computing devices to be connected and so forth. Lately, since the last Q4- Q1, we see, in general, automotive and the automotive electrification trend demand seem to be picking up fairly strongly. We believe with the general economic recovery of the world in time to come, consumers' demand will also start to pick up. For example, we have been talking about 5G smartphones. We believe that this year, as predicted by many research houses, 5G smartphones demand will continue to grow, and this will bode well for our, not just for our mainstream IC/discrete tools, but also for our CIS as well. For Mini LED, I've already mentioned just now, maybe worth repeating here. We see an inflection point for Mini LED. We see customers are now willing to take more volume LED delivery for their high-volume activities. Mini LED trend is very encouraging for us. In terms of hybrid bonding, I've already mentioned about it when Kyna asked just now. I hope I answered all your questions, Laura. Thank you. Thank you very much. Thanks, Laura. The next two on the list will be Morgan Stanley, Dylan, and from HSBC, Frank. Can I please request Dylan to unmute and ask your questions? Hi. Thanks for taking my question, and congrats on the strong performance. My first question would be, for the capacity expansion you mentioned, we're going to expand our mainstream tools capacity for SEMI solutions and SMT. May I ask, when do we expect this kind of capacity expansion to complete? Is it in the coming quarters or any color on the timing would be helpful. Thanks. Certainly. Looking at a strong demand, we would definitely have to pace our capacity expansion in line with the demand signal. We are looking, of course, also at increasing our outsourcing activities, because we are not going to rely solely on internal. External outsourcing, increasing our capacity is probably the healthy way of expanding our capacity. We are looking into that. Internally, we will also devote the next time of internal capacity to strike a more balanced capacity workload between internal and external. Now for internal, we believe we could add headcount pretty easily. In a short time, we could add headcount to increase our capacity in the assembly area. If we have to add some tools for fabrication in-house, then that may take a little bit longer because when we talk about supply -chain constraint, it is not just affecting the semiconductor industry, it is also affecting the general industry worldwide. Tools supplier for our production are also facing supply -chain constraint. That is how we are dealing with it. We are pacing our capacity in line with the demand signal. Thanks, Robin. Can I please request Frank to unmute himself and ask your questions? Thanks. Hi, guys. Thank you for giving me a chance to ask questions. I wanted to just follow up a bit something on your presentation, which is, you talked about your business is picking up from different regions. Particularly, I think you talked about business picking up from Taiwan, Korea, and Thailand, the contribution. Can you talk a little bit about the China portion? Because it is the largest part of your revenue. Is that expected to increase in line with the growth we're seeing from other regions? Yes, certainly, Frank. Without a doubt, with this kind of strong demand, the demand coming from China has to be the largest contribution. What we are trying to give you guys some color is that this time around, the demand are not just coming from China in a big way, but also in other regions as well, like Taiwan, Korea, Thailand. This is a healthy development. We are not just dependent on one particular region for the demand. Now the demand are coming more widespread, more broad-based from Taiwan, Korea, and Thailand. Okay. Sorry. Just to clarify, does that mean that the growth rate for Taiwan, Korea, and Thailand is currently above what we're seeing out of China, or is China still growing? You can say so, yes, Frank. You can say so. That's why we are calling it out. In terms of percentage increase, they're bigger. Yes. Okay. Sorry, just one last question I have is, on an ASP, we've talked about demand being very strong, units being very strong. We've seen the entire semiconductor supply-chain see price hikes across the board, from foundry guys to IC designers. From an equipment point of view, are we seeing the ability for pricing to go up as well? Certainly. We will increase prices where it makes sense, because pricing is a very sensitive topic with our customers. Whenever it makes sense for us to increase prices, we will do so. Okay. Thank you. Yeah. Thank you, Frank. Next will be Dylan. Dylan, you can unmute yourself and ask your questions. After this, the queue is empty, so you guys can queue up again. Thank you. Okay. Thank you. Yeah, just some follow-up on the capacity expansion. Probably, let me put it this way. Do we have any expectations of the removal of supply bottleneck from our end? Maybe it's due to supply-chain improvement, or maybe it's due to our capacity expansion. Yeah. Dylan, as I said earlier, we are doing what we can to really ease the supply-chain there, but there's a limit what we can do. What we are doing is, because some of these components that we need are coming from our customers, so we are also working very closely with our customers to tell them, "If you want our equipment for your production, you also have to help us, because we need some components, especially electric components." We are in that kind of relationship right now, talking to customers, helping, asking them to expedite delivery of certain components to us, so that we can also expedite the delivery of such component to them as well, our equipment to them. This is how we are trying to manage the supply-chain constraint our end. Okay. Got it. My second question is to actually follow up Frank's question, because you mentioned a healthier pricing environment. Probably it's due to the current semiconductor shortage. I would like to know if the current gross margin level is also helped by this healthy pricing environment. If this healthy pricing environment kind of mitigate in the future, can we still sustain our current gross margin levels? Thanks. I would say the current margin improvement, as Patricia has mentioned, is really coming more from the volume effect and the fact that this time around, we have a much more productive workforce compared to many years ago. As you can imagine, we have been managing our workforce in a very tight fashion, and yet we are able to deliver that kind of performance. Productivity is the key. As a result, we see improvement in terms of gross margin. Now, for ASP, as I said, is something that we'll do only when it makes sense. The impact at this moment is not material. Okay. Got it. Thank you. Thanks, Dylan. Next, can I request Frank to ask his questions? After Frank will be Kyna. Frank, please go ahead. Okay. Thank you, guys. Just wanted to follow up on this book-to-bill ratio. It ended at 1.8 in the first quarter. Is that kind of an historical high-level peak, compared to what you've seen historically, or what was the previous peak level that we've seen? Frank, I don't have the exact number, but certainly this 1.8, if it's not the peak, will be very close to historical peak. Yes. Okay. Yeah. Based on the guidance you gave us of a more moderate, should we imply then that the book-to-bill ratio would be lower in the second quarter? I can't really tell you at this point in time, but let me give you a little bit of color so far into our Q2 booking so far. For the first two weeks, as I mentioned earlier, we see momentum still very healthy. Although we believe it will moderate from the Q1 number. As I said, the long-term outlook for the semiconductor is still very bullish. We believe, going forward, the booking will be still at an elevated level. Okay. Sorry, just to follow up, just in terms of this, as we go into the overall trend of the bookings, if the current situation remains as tight as it is and the outlook is as positive as it is, but you guys are expecting a more moderate booking ratio, is this more of a function that your customers are also trending a little bit more moderately, or is this more on your view that there's a potential sustainability of this kind of book-to-bill ratio may be difficult and therefore you guys are taking a more conservative approach? I'm just trying to understand, I guess, if the overall moderate orders, is it more of from your end customer or is it more the management's view that this current state might be tough to sustain? Well, we always talk in comparison with Q1. As I said, Q1 was really a very high quarter in terms of booking. We believe that this will moderate in Q2. I can't really tell you in terms of book-to-bill ratio at this point going forward, but I would like to reiterate again that the booking level we see going forward will be at an elevated level, compared to maybe previous quarter, because of the very bullish outlook everyone is saying about the semiconductor. Okay. Thank you. Thank you, Frank. Next will be Kyna from Credit Suisse. After that will be Arthur from Citi. Kyna, can you please ask your question? Thank you. Thanks for taking my follow-up question. just wanted to ask, because usually the booking will be shipped in the next quarter, but due to supply constraint, how will these 1 billion booking be shipped in the coming quarters, in terms of their allocation of the shipment, and because these kind of booking could be for customer to reserve the capacity in the second half. just wanted to have idea the sales deliveries for in the coming quarters and, or coming months. The second question is about the wire bonder, how long is the lead time for now. I also have one question on SMT. Yeah. Kyna, thanks for your question. Now, on the backlog. If you look at our Q2 guidance, around 50% will be fulfilled in Q2. We believe that our backlog majority will be fulfilled within two quarters. In terms of, what you call the wire bond lead time, I think in general, we are seeing those mainstream tools, including die bond, wire bond, the lead time has been around five to six months, the median lead time. That's kind of lead time that we are looking at. I think despite this kind of lead time, customers are still very anxious about their delivery. They keep on calling our sales guys, you know, "When are you going to ship our tools to them?" From that perspective, the customers are still very bullish about taking delivery of our equipment. Got you. Also SMT is in the low 30s, still below the older, the historical range that with good performance. It is still a mixed issue and how could we raise this when the auto and industrial get that up or from your strategic initiative will help the SMT to drive your long-term target of 40%, things like that? Yes, Kyna, I know what you mean. For SMT, we have been saying that we have been diversifying our manufacturing base to more Asian base. That has been ongoing for a couple of years. Right now, we are also looking more intensively into diversifying our supplier base as well, not just our manufacturing base, but our supplier base, from more of the European-centric base to more Asian base. This will progressively also improve the SMT margin. Of course, we also mentioned, you rightfully pointed out, we have a strategic initiative to improve the SMT gross margin going forward. This will take a couple more years because we are talking about product simplification kind of exercise, product enhancement kind of exercise. This kind of exercise will take time in order to realize its full potential. We are hopeful that, in a couple of years to come, you will see SMT margin progressively improve over time. Got you. Thank you. Thanks for your questions, Kyna. Can I request Arthur to ask his questions? Yes. It's me again. Thank you. Some investors want me to give this feedback. They say since we are not easy to travel to SEMICON China, and can company host a virtual analyst day, to understand the company's product and strengths? Yes, Arthur, certainly. This is at the back of mind. Certainly, I think this will be very useful for analysts and our shareholders to really understand ASMPT much better. We have not done this before, I believe. Really, rest assured, this is really in our mind. We will let you know when we will do it in time to come. Thank you. Can I request, Frank to ask his questions? Thank you. Yeah. Thank you, guys. Just I had a follow-up question on the Mini LED market. I think a couple of quarters ago, this was a big focus for investors, and the management had talked quite a bit about expectations for Mini LED. We just had Apple's product launch overnight with iPad Pro. Can you give us a bit more color in terms of how the potential TAM of Mini LED, has it generally been in line what you expected? Any changes so far from, in terms of the market expectation? Yeah. Frank, I think if you have been following us, we have been saying that we started this journey, Mini LED journey, much earlier than anyone in the market. Our customers are key. We are engaging key customers across regions. As I mentioned earlier, we are seeing perhaps really an inflection point for Mini LED to take off this year. In terms of Q1 booking, Q1 shipment, very, very encouraging. Now customers are really taking delivery for high volume production. Okay. I guess, sorry, just in terms of, this is supposed to be a very important trigger year, not only for Apple but for non-Apple potentially customers to ramp up. Is that still the plan or has there been Because there has been a little bit of delay from Apple. I'm just wondering from your own perspective, has there been any change in that expectation, or is very much in line what you had expected previously? As far as the customers that we are serving, they're pretty much in line, with what we are expecting. This year is really an inflection point for us. Okay. Thank you. Yeah. Thank you. Can I request Laura to ask her questions? Thanks. Yes. Thank you. I just got a question about the company's view on the geopolitical risk. We see that there are more technology constraints from the U.S., although it seems not really impact on the OSAT industry and mostly on the foundry or wafer side. Since our business has about 50% revenue from China, what's our view? How should we diversify the geopolitical risk here? Thank you very much. Laura, if you understand our business model, we have been already pretty much very diversified in terms of manufacturing base. Of course, our big manufacturing base is still in China. Besides that, we have a manufacturing base in Malaysia, assembly in Singapore, in Hong Kong. Also we have, because of two acquisitions over the year, okay, we also have manufacturing bases in Europe, for example, in Munich, in Weymouth, in Netherlands, in Regensburg. Also in Boston, of course. We are already pretty much in good shape, in terms of diversifying our manufacturing bases. Yeah, understood. When you talk to your customers in the OSAT sectors, will you discuss about the potential impact from the upstream foundry space? Would that indirectly have some impact on the business outlook from your customer perspective in China? Thank you. Sorry, Laura. I don't quite understand your question. You can rephrase it? Yes. Although the technology constraint or the U.S. tension seems more in the foundry space. Since, from the supply-chain perspective, a lot of packaging customers are still Chinese customers, will they get some indirect impact if there are some from the foundry side, or goes to the downstream? Would there be some potential impact looking forward from your business engagement perspective or when you talk to your OSAT customers at this moment? I still don't quite understand your question, but maybe I give you a general answer. I hope that helps then. Now, if you're talking about ultimately, self-sufficiency kind of drive among all the customers, I think in general, self-sufficiency kind of activities or priorities by our customers actually have a beneficial impact for equipment supplier like us. Because we are neutral. As long as we can supply equipment to this customer wherever they are, this actually bodes well for our customer. I hope I'm giving you a general answer because I don't really know exactly where you're coming from, but I hope that helps. Thank you. Okay. Thank you. Thanks, Laura. The next two on the call will be Sunny from UBS and Simon from BofA. Can I request Sunny to please ask the question? Sure. Can you hear me? Yes. Loud and clear. Please go ahead. Thank you very much. Congrats on the good results. I have a few follow-ups on my side. First one on booking for Q2. When you said the booking will be more moderate, may I clarify with you, do you mean growth will be slower or the absolute amount for booking will decline? As I said earlier, Q1 booking is at $1 billion. We believe Q2 booking will have to moderate down from that number. Of course, if in the end by Q2 report it's another a billion, I think that would be a very good news. We don't think so at this point in time. It has to moderate from a very high level. Got it. That's helpful. My second follow-up is, if we look at your revenue for SEMI and SMT, pretty clearly SEMI is approaching a historical record high. I think SMT, there's still a bit of gap versus historical record in 2018, and I'm not sure if that's a good indication for your utilization rate for SMT. Meaning, if we think about next two quarters, would it be fair to assume that there may be more upside coming from SMT since you would have a bit of room for further loading rate? Yes, Sunny. If you have been following our business model, we have been saying, intuitively, it makes a lot of sense. SMT is actually If you look at the whole supply-chain, we have to start with the SEMI first before the chips can be placed on the PCB, right? When we start to see such strong demand on the SEMI side, ultimately, we believe it has to flow down to the SMT. I think this is very intuitive. It's a matter of time. In fact, we probably already seeing some kind of shift already, because Q1 booking for SMT already a record quarter. I think SMT, going forward, will benefit from this trend. Got it. Well, maybe a more detailed follow-up is because I'm trying to understand how much upside can you achieve for these two divisions, and I think you have mentioned that for SEMI, you are already running at very high loading. I would assume for SMT, perhaps comparatively, the utilization rate would be slightly lower. With a broader recovery in SMT as well, should I assume a stronger demand for SMT for Q2 and also into second half? As I said, looking at the supply-chain dynamics, we're really seeing some strong demand in the SEMI side. I think the industry SMT as a whole will stand to see the demand flowing into SMT in time to come. As for ourselves, we are preparing for that. SMT are also poised to pace the capacity expansion in line with the demand signal. Got it. My last question is on your manufacturing for back-end. I think you mentioned you use both internal production and also outsourcing. Could you give us some idea around the split? Just try to understand if you try to increase the outsourcing, how much upside could you achieve in terms of the supply? I can give you some color. At the moment, you can imagine with the kind of high level of billing and also the forecast going forward, we are already extensively using external manufacturing, outsource partner, basically, to complement the internal capacity. This will continue, and we will keep pace of adding capacity both outwards and both external and internal in line with what we see from the market. Got it. Thank you very much. Thank you, Sunny. Next, can I please request Simon to ask the questions? Yes. Thank you very much. Can you hear me? You are breaking a little bit, but yeah, please go ahead. Okay. Yeah. Great. Number one, shortly back to some geopolitical related question. Any rough idea the percentage of your U.S. related patent or IPs, particularly the semiconductor solution, for example, the wire bonders, die bonders, what percentage of your sources or patents belong to the U.S. related? Or you can say very minimal, given the fact mostly they're Europe-based or Hong Kong-based. Could you share the color on this? Yeah, you're right, Simon. I think for the mainstream tools, the wire bonder, die bonder, we have been developing this in Asia for decades already. You can imagine these are all developed from the Asian basis. Yep. Secondly, given the fact the Q1 bookings for the SEMIs, kind of the over 100% year-on-year, and also the revenue growing strongly, what are your current capacity utilization ratio, and also how to meet such a strong timeline growth with your almost the full utilized capacity then? I think as far as internal capacity is concerned, we already have a very high utilization. That's why there's still some operating leverage over there. That's why when Patricia mentioned our portfolio, in fact, we still have some operating leverage on the industry side. Now, as for external capacity, as I mentioned earlier, Simon, we are actively expanding, looking for expansion or rather, for external manufacturing capacity. This, as I said, will have to be done carefully in tandem with what we see from the market in terms of their demand signal. As I always been saying a few times already in this call, we will pace our capacity in line with our demand signal. Yeah. Lastly, very quickly, given the fact TSMC and Samsung is the world largest spenders for the SEMIs areas, They are very strong in the logic chip or memory. When we look at your revenue breakdown by region or country, we do see very minimal exposure to Korea or Taiwan. You don't have any direct business for TSMC or Samsung with the kind of the wafer level, packaging or SiP. Because TSMC, Samsung continuously expanding in advanced, the back-end solutions, we wonder why your exposure quite small for Korea particularly. Thank you. Simon, you have to look back a few more quarters. As I mentioned earlier, to one of the question posted by the one of you, we see Taiwan, we see Korea, we see Thailand increasing. You can imagine, in this world of AP, basically, we reside in a few region, China, Taiwan, Korea, Europe, America, at this point in time. We have been saying, as far as our AP solution is concerned, we are perhaps the most comprehensive, and we are engaging a broad range of customers in this AP space. Unfortunately, Simon, I cannot comment directly on whether we are dealing with certain companies, but this is the color I can give it to you. You are saying the integrated Asia, like Asia Pacific region is a collectively kind of the one big area? The AP activities that we are seeing strong is really in China, in Korea, in Japan. I forgot Japan just now, sorry. In Taiwan also. That's the Asian AP activity area. Of course, outside Asia will be Europe and the U.S. Yeah. Very clear, sir. Thank you. Thank you very much and congratulations on the great result. Thank you. Thank you, Simon. Thanks, Simon. Can I next, request the person from CICC to ask questions? Thank you. Hello. Thank you. Hello, Robin, and hello, Patricia. This is Qiusheng from CICC. Actually, I have two questions. The first one is that, can you share more color on your product mix, on the IC/discrete side? Since last time I think you mentioned that the wire bonders actually carry lower margin, right? In the first quarter, I see your gross margin in the SEMI side continue to improve. I just wonder if the wire bonder is still the main driver of the SEMI segment. Thank you. Yeah, Qiusheng. If you look at the kind of demand, obviously it has the mainstream tools like die bond and wire bond will have to perform the largest mix in the demand. There's no doubt about it. That doesn't mean, the rest like AP or Mini LED or CIS are slow. We are only talking about relative terms. With $1 billion of demand, you can imagine majority will have to come from the mainstream tools. As to your question, yes, we see a strong wire bond demand. However, Patricia has already mentioned, our gross margin is also a function of volume. When we have the volume, there'll be operating leverages. That will compensate somewhat, the relatively lower wire bond margin compared to the rest of the product portfolio. Yeah. Also, as I said, mainstream tool and not just wire bond, but also die bond. Typically die bond have a relatively higher gross margin compared to our margin compared to the wire bond. It is a mixture of all this. You just can't say that because wire bond is up, then the margin will be low. It is not as simple as that, unfortunately. Okay. Yeah. Do you have another question? Yeah. Do you have another follow-up question? Yeah. I have one follow-up. Thank you, Robin. The next question is about the CIS output. Do you expect that the camera module suppliers still project to have a large scale of capacity expansion this year? What's the main driver behind this? Is still mainly related to the smartphone side or is the automotive side? Thank you. Yeah. Yes. I think we mentioned earlier, as far as booking is concerned for our CIS, strong. Especially Q -on -Q. This is a sign that our CIS customers are all confident in ordering equipment. As we suppose, because if you look at the 5G, the stream of 5G phones coming out, so this bodes well for the smartphone market. I think it's quite intuitive. Everybody is talking about the number of smartphone this year will perhaps be bigger than last year. We believe that is driving our CIS demand this year. Now, as for automotive, yes, we are also addressing the automotive camera module market, but we mentioned already before, this is still a very small market for us at this point in time. Largely, our camera module market is really on the consumer side, the smartphone side. All right. We will have one last round of questions. Kyna, can you please go ahead and ask your questions? Thanks for taking my question as the last questioner. Actually, I have a question. It's more regarding the geographic risk. As a per se investor, and as already asked some of that, we see the U.S. government seems considering put stricter procurement for those Chinese customer to buy with the U.S. technology. I just wonder if there will be any impact on ASMPT specifically, because China's market is accounting for, is it 50%, over 50% of the revenue. Understood that in the past we have discussing about some Entity List impact to certain customer. If there's a forbade or stricter procurement rules from U.S. to Chinese customer, any impact you could suggest or give us some idea what should we see on this issue? Kyna, your question is a very broad and perhaps also a little bit more forward-looking. We can't really comment what's going to happen in the future. At this moment, I would say we are not impacted because we are really quite diversified in terms of where our products are being made. We have, as I said, we have manufacturing bases in Asia. Of course, next is in the U.S. We also have manufacturing bases in Europe or SMT in particular. From that perspective, we are kind of well-covered geographically in terms of addressing issues like this. I think I can only give you a general color. I can't really tell you in future what's going to happen when more and more restrictions are placed on all these supply-chain. What if the U.S. government will ban U.S. company buying equipment from China, then you have some equipment actually made in China. Perhaps some is from Singapore or Hong Kong. Do you think that will be the impact to your U.S. revenue? That may be high single digit revenue contribution. Sure. Thanks, Kyna. I know where you are coming from. As I said, we not only have manufacturing bases in China, we also have a big manufacturing base in Malaysia. In fact, we are already addressing some of these concerns. By diversifying some of our product portfolio, not just manufacturing in China alone, but also manufacture on Malaysia. This will address perhaps a concern about shipment to a certain country. Yeah. Got you. Thanks. Thank you, Kyna. With that, officially we'll be ending this call. On behalf of Robin and Patricia, I want to thank all of you for attending the call, and hoping to see all of you during our next call. Thank you, everyone. Have a good day. Thank you.