Thank you. Good morning and good evening, ladies and gentlemen. My name is Romil. I'm the IR Consultant for the company, and I will be the moderator 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 second 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, 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 function and we will allow you to unmute yourself for you to ask your questions, or please type your question in the chat to ASMPT-Q&A, and we will read out the question on your behalf. When asking the questions, please limit to two questions at a time to give chance to others to ask as well. 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, but due to time constraints, priority will be given to the covering analysts. In case we are unable to answer your question during the call, we will follow up with you through emails later, or please feel free to email us with your questions and we will attend to those. Please 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 investor relations presentation related to our recent results can be downloaded from our website, www.asmpacific.com. With us this morning are Mr. Robin Ng, the Group Chief Executive Officer, and Ms. Patricia Chou, the Group Chief Financial Officer. Robin will begin with a brief discussion and key highlights about our latest results, with Patricia giving some color to the financial performance. This will be followed by an update from Robin on the outlook, and then we will open the floor for Q&A session. Without further ado, let me hand the time over to Robin, please. Thank you, Rom. Good morning, everyone, and thank you for joining us today. Before I proceed with key highlights of our business, let me highlight that since Q1 2021, our reported performance excludes contributions from our former Materials segment, which produces leadframes. ASMPT's continuing operations presently comprise only the semi and the SMT Solution segments. On the whole, I'm pleased to report that we achieved a record quarterly revenue, better than expected quarterly bookings, and strong overall results for first half 2021, characterized by record half-yearly revenue and bookings, sharp gross margin improvements, and a record order backlog. Let me highlight some key developments for Q2. These key highlights underpin our performance for this year and augur well for our longer-term prospects. Firstly, we demonstrated superior operational and fulfillment execution. Since the beginning of this year, the group experienced an acceleration of customer demand, underpinned by the strategic need to build more resilient supply chains or to become more self-sufficient as major economies started opening up. Secular growth trends driving a richer silicon content in our daily lives. These positive developments were met with some challenges, posed by industry-wide semiconductor chip bottlenecks and supply chain constraints. We executed well to meet these challenges with a well-balanced global internal and external manufacturing footprint that gave us greater strategic control and visibility to address such dynamic situations. This is coupled with building inventories for some key components instead of relying on a more just-in-time inventory management approach. By strengthening our own supply chain resilience, we have been able to continue fulfilling our commitments to our customers. Even as our group global manufacturing teams were delivering at elevated levels, we continued to place capacity expansion efforts, particularly for external manufacturing, in order to alleviate the record backlog faster. Our ability to leverage capacity allocation flexibility across our global manufacturing footprint and supply chain is a key competitive advantage, enabling us to minimize disruptions to delivery schedules in the event of unforeseen situations, such as short-term national lockdowns. Our global manufacturing and supply chain teams continue to closely monitor possible events that may impact delivery. At this point, I would like to thank the various ASMPT teams for their hard work, commitment, and perseverance that has enabled us to continue performing well. Next, we had an overall strong performance from our Advanced Packaging, or AP Solutions. AP Solutions are a key part of a business that we have been methodically and progressively building up. We have, in this quarter's earnings materials, offered more color on how our AP Solutions across the group, both SEMI and SMT, have performed. On the whole, our range of AP Solutions experienced a further broadening of its customer base with strong momentum. I will cover this in more detail after Patricia's update. Finally, our strategic focus on long-term profitability is something that will continue to guide us like a beacon to the future as we strategically and progressively transform our business. In past quarters, I have alluded to specific strategic initiatives we will progressively unfold over the next few years, and we have begun to see the results of some of these initiatives already beginning to bear fruit. I will also share more about this after Patricia's financial performance update. Let me now pass the time to Patricia to run through the financials. Thank you, Robin. Good morning, everyone. Let me give some highlights of our Q2 2021 performance. I am pleased to share that the Group has delivered a strong Q2 and first half 2021 financial results. This chart summarizes some of the key metrics for the Group's performance for this quarter. Group revenue of $667 million exceeded guidance and was a record. While bookings of $943 million were better than expected. Don't forget that in our first quarter, we had recorded just above $1 billion in bookings, which is an all-time high for us. Our gross margin of 40.6% represents a meaningful improvement from the previous quarter, while net profit of HKD 732 million continued a strong upward movement from the previous quarter, rising about 38.6% quarter-on-quarter. Last but not least, our backlog also increased to a record $1.49 billion, reflecting the strength of this quarter's bookings. Let me now go into a bit more detail about our Group's performance over the half-year. To begin, our first half 2021 revenue performance was a record, clearly exceeding guidance. Notably, we demonstrated sequential gross margin improvements since Q4 2020. First-half 2021 group gross margin of 40.1% was a sharp improvement of 260 bps year-on-year and 481 bps half-on-half, driven by relatively higher segment revenue mix from SEMI and elevated volume effects and capacity utilization, strong SMT gross margin, and positive margin accretive effects from some strategic initiatives. While these gross margin gains were partially offset by some costs related to building resilience to our supply chain, strong group gross margin performance still drives the group net profit to HKD 1.26 billion, which represents an impressive improvement of 261.2% year-on-year and 143.1% half-on-half. This figure includes the share of the results from our joint venture, AAMI, in the lease business. The most noteworthy aspect in SEMI segment is its three consecutive quarters of revenue growth starting from Q3 2020. This segment delivered a strong revenue of $408 million, representing a robust growth of 46.3% year-on-year and 17.1% Q-on-Q. Let me give a bit more color on this. First of all, as IC/ Discrete business units showed another consecutive quarter of strong year-on-year and Q-on-Q revenue growth. IC/ Discrete use mainstream tools such as die bonders, wire bonders, and test handlers dominated deliveries. Some of its AP Solutions, namely advanced placement flip chip bonders and advanced laser dicing and removing equipment, exhibit strong year-on-year and Q-on-Q growth. The BU's overall performance reflected its customers' willingness to rapidly deploy capital in order to capture opportunities emerging from recovering global market conditions. Its Optoelectronics BU recorded a strong year-on-year revenue performance from general lighting customers. This, along with the conventional fine pitch display and the Mini LED customers, accounted for the majority of this BU's revenue. Its CIS BU registered a slight but encouraging Q-on-Q improvement in revenue, underpinned by its broad and favorable customer mix. This was achieved despite widely reported semiconductor supply constraints that continued to impact the near-term outlook for smartphones. In terms of overall segment bookings, mainstream Wire and Die Bonding tools and Advanced Packaging panel level ECD tools represented the majority. Segment gross margin was 43.8% this quarter, a year-on-year improvement of 94 basis points and quarter-on-quarter flat. In fact, our first half 2021 gross margin performance increased half-over-half and year-on-year. These improvements were attributed to a combination of enhanced operating leverage arising from elevated volume and the capacity utilization, increased productivity achieved with leaner workforce, sorry, and some positive effects from the rollout of the Group's Strategic Initiatives. These improvements were partially offset by a product mix in favor of mainstream tools, expenditure related to the Strategic Initiatives, and costs to strengthen supply chain resilience during industry-wide semiconductor bottlenecks. Moving on to the SMT segment's record second quarter 2021 performance. The key highlight was its two quarters of record bookings that were driven by broad-based demand across end markets, with a sharp improvement on Q2 gross margin. The segment's quarter-over-quarter revenue growth was underpinned by, first, mainstream high-end placement tools, accounting for the majority of segment revenue. Second, the segment's AP tools, including highly accurate SiP placement tools. Third, mainstream printing tools, experiencing increased demand on the back of a key customer win. SMT segment achieved record bookings in this quarter of $390 million, which represented an increase of 134.3% year-over-year and 20.3% quarter-over-quarter. Its quarter-over-quarter growth was attributed to broad-based customer demand across major end market applications, including industrial, communications, such as connectivity devices and equipment, computers, such as data center servers, and automotive. SMT segment's gross margin of 35.5% this quarter was a sharp improvement of 412 bps year-over-year and 330 bps quarter-over-quarter. Its Q-on-Q enhancement was mainly influenced by a few factors, including the higher operating leverage arising from increased volume and manufacturing utilization, favorable product mix, and some positive margin effects arising from strategic initiatives. As you can see, we continue to have a well-diversified revenue stream, serving our industry's leading manufacturers. The top five markets that contributed to group revenue were China, including Hong Kong, Europe, the Americas, Taiwan, and Korea. Our top five customers also accounted for only 14.4% of group revenue. Our top customers, including leading companies across a wide variety of electronics and semiconductor manufacturing domains, reflecting the breadth of our customer base. I will now hand the time back to Robin to share about our application trends and our outlook for the business. Thank you. Thank you, Patricia. In this slide, based on our management team's best estimates, we have provided an overall sense of the relative revenue mix of our business from the perspective of our end markets in relation to one another. The key takeaway here should be the ubiquity of our solutions among end market applications, with growing demand for our tools across the various segments like automotive, communication, consumer, computers, and industrial categories. The other categories include areas such as aerospace and medical, spares and our service business, and other areas which we could not meaningfully allocate to any of the other categories. I would like to highlight three application areas that have grown half-on-half and year-on-year significantly. First, the consumer market. This category has continued to perform exceptionally well through the past few quarters. The foundation of this growth is not hard to fathom. In order to support extended time from home activities such as work, play, socializing, and so forth, there's a proliferation of personal devices such as wearables, gaming consoles, and appliances of various kinds, and this would include lighting and displays. These have continued to demonstrate strong momentum during this past year and a half and show little sign of abating. In automotive, the continued rebound has been driven by general automotive recovery momentum we began seeing in the latter part of 2020, and which has continued into this year, particularly for mainland China. This was in tandem with the growth in the automotive electrification applications. In particular, discrete and power management applications from SEMI Solutions saw very strong growth. For this industry at large, various trends such as autonomy and connectivity and smart or shared mobility are in play. We see the big one thing being electrification. Automotive needs for more digital capabilities, more connectivity, in tandem with more electrification, will continue to increase. For industrial, there was a strong growth fueled by broad-based demand for automation and control devices that are used in various applications, including smart grids and EV charging infrastructure. Let me give more color to our AP Solutions for this half year. Basically, we have experienced a strong performance from our AP Solutions due to a broadening customer base. Our AP Solution portfolio is very diverse. It spans across our semi and SMT segments in support of a whole spectrum of customer needs. For example, 2.5D, 3D IC, fan-in, fan-out, wafer-level packaging, and System in Package or SiP tools from our SMT segment. In terms of the packaging ecosystem, our AP Solution runs through the gamut from wafer-level, mid -end semiconductor processes, wafer dicing and grooving tools, die-level high accuracy placement tools, and SiP placement tool as well. Taken collectively, our AP tools deliver what we call total interconnect solutions with industry-leading capabilities for customers who serve in advanced end user markets, such as those for CPU, GPU, XPU, and SiP applications. Let me speak about the highlights for this business. Over a trailing three-year period, which is from the second half of 2018 to the first half of 2021, we reached a significant revenue milestone of $1 billion for AP Solution business. Next, our first half 2021 bookings have already exceeded 80% the booking level for the whole of fiscal year 2020 for AP Solution business. Within the group's AP performance in the last six months, we have seen what we call mid -end semiconductor process deposition tools featuring prominently in the capital investments of key IDMs and both leading fabless and foundry companies. In this regard, our panel-level ECD or Electrochemical Deposition tools maintain their dominant market position with tier one high-density interconnect substrate suppliers. We also saw strong demand for SMT SiP tools. Let me give some additional color to this business. In February, we delivered a 250 Thermo-Compression Bonding or TCB tool to customers, representing broadening customer demand here. We continue to make further investment into new TCB developments to reinforce our leadership in this space. We believe that TCB Solutions will continue to coexist with emerging technologies like Hybrid Bonding. Speaking of Hybrid Bonding, we are devoting significant investment in order to realize this technology's full potential. Our development roadmap is progressing well and on track for delivery at the end of this year. Our board has declared an interim dividend of HKD 1.30, representing a year-on-year increase of about 86%. I had mentioned a focus on long-term profitability earlier. Let me give some context behind this. We believe that a positive longer-term outlook, along with our revenue growth strategies and strategic initiatives, offers excellent opportunities for ASMPT to strengthen its focus on delivering consistent and sustainable long-term profitability to its shareholders. As we continue to invest consistently in technology and innovation, we have progressively deepened and expanded our overall solutions leadership across mainstream, Advanced Packaging, and the Industry 4.0 domains. The sustained commitment of 10% of our equipment revenue for R&D for many years has enabled us to build a deep R&D talent pool and significant in-house process and development capabilities and expertise. We are able to cross-fertilize technologies and expertise in unique ways, and this ability has been fundamental in supporting our customers' technology roadmaps, in turn expanding our served market opportunities. We have also married this with a focused approach to inorganic growth, both M&A and partnerships, distinctively complementing our strong in-house capabilities. By basically seeking to invest ahead of the curve in order to capture opportunities in growth areas, we have had a strong record of successfully integrating acquired companies and strengthening our overall portfolio. These inorganic investments have helped support the group's revenue growth. On top of delivering revenue growth, we have also been focused on rolling out a number of strategic initiatives to both leverage and deepen our strong organizational foundation that enable it to creating significant value for stakeholders. We have taken in some near-term temporary expenditure associated with planning and rolling out these initiatives, deeming these necessary in order to realize opportunities for longer-term earnings accumulation. We believe these collective efforts will enable ASMPT to progressively increase its profit share over the long term. We believe the world is at the early stages of a sustained semiconductor growth in the present multi-year data-centric era. This bodes well for plans to continue delivering consistent and sustainable long-term profitability to its stakeholders. Supported by a record backlog and a carefully calibrated capacity expansion plan, the group expects revenue for Q3 2021 to be in the range of $730 million-$780 million, and it reaffirms that the second half of 2021 revenue will stay strong. Thank you, ladies and gentlemen. We are now ready for Q&A. Thank you, Robin and Patricia, for taking us through the presentation. We will start the Q&A session officially. 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 type your question in the chat to ASMPT-Q&A, and we will read out the question on your behalf. When asking questions, please limit to two questions at a time to give chance to others to ask as well. Can I request Donnie from Nomura to unmute yourself and ask your questions? Yes. Can you hear me? Yes, we can hear you. Thank you. Thank you, Robin and management, for taking my question. My first question is related to the booking in the third quarter. In the second quarter, SEMI Solution bookings declined, but SMT bookings increased. Just wondering if you have any preliminary view on the bookings in the third quarter. Second is that could you comment on your delivery lead time versus the current equipment delivery lead time versus the first half, whether it's further extended or shortening? The impact of lockdown in Malaysia, whether there will be any impact to our leadframe and SMT business. Thank you. Let me repeat the first question. You want to know about the bookings for 3Q, noting that the bookings for semi was down and SMT was up. Thank you, Robin. I think you guys know, we don't really give any guidance of booking. Our guidance is really restricted to only our revenue. Of course, I can give you a little bit more color what we see so far. After the high base for both semi and as well as SMT, we expect Q3 order momentum for both segments to moderate, really after a record first half 2021, in line with the current seasonal trends. If I can refer you to some industry research houses, which we also make reference to, like DRSI, for example. In the long run, they still forecast a very bullish long-term outlook for the overall semiconductor market, including our PAD market. Our group being one of the major participants in this industry, we believe that we also stand to benefit from such a bullish outlook. Having said that, the near-term outlook will remain at an elevated level, we believe stronger than the past quarters. This is how we are looking at the Q3 short-term outlook in terms of bookings so far. Second question. Thank you, Robin. Second question is, some comments are required on the delivery lead time for the first half, especially for the equipment. I think on balance, going forward, we still see supply chain constraints. The COVID-19 situation that you mentioned just now in Malaysia is pretty well known. You guys know also that we have a substantial presence in terms of manufacturing in Malaysia. We are keeping a close watch on this development. Barring any flare up in terms of all these COVID-19 situation in those locations that we have a big manufacturing presence like Malaysia, China, and also taking into account the supply chain constraint. We think that the lead time may continue to extend a little bit from the earlier first half. Yeah. Thank you, Robin. Next, can I request Arthur from Citi to unmute yourself and ask your questions? Thank you. Hi, Robin, Patricia. Congrats on the strong results. I have two question. Number one is on the pricing trend of your equipment. With the higher and higher productivity your equipment have, did you adjust up your pricing? This is first question to Robin. Thank you. Yes, Arthur. Yes. You are right. I think we have always been very fair to our customers in terms of pricing. We are not opportunistic, we will increase our price where it makes sense, yeah? Typically, the best time to increase pricing is when we roll out new models or new products that come with new capabilities. For those new products that come with greater capability, the customers typically are more willing to pay a higher price because they get a benefit out of it as well, in terms of overall TCO. That's the best time. Continuously, we are rolling out new models as we speak, to address higher and higher capability requirement by our customers. In just maybe high level quantify, how much new machine, in terms of percentage, you ship over the total machine? Arthur, it's not easy to quantify this. As I said, for every equipment supplier like us, there is this relentless pursuit to really continue to upgrade our tools in terms of speed, in terms of accuracy, and in terms of cost of ownership, to really stay ahead of curve. This process is continuous. Never stop. Okay. Thanks. Second question is for Patricia. Investor often asked me to ask what's the company plan for dividend payout in terms of ratio, and then, do we also have a plan to do the share buyback? Lastly, we noticed that you have slide 14, highlight the Advanced Packaging. We feel very positive feeling to learn the new technology you have. Please continue disclose more. Thank you, Patricia. Thank you, Arthur. Thank you so much for your warm comment and also the question regarding our dividends and potential buyback. First of all, for dividend, our 2021 interim dividend of HKD 1.3 per share declared is about 86% higher than prior year's interim dividend. Then, for the long run, the company's dividend policy is to continue a consistent annual dividend payout of around 50%. We will stick with this company dividend policy. Up to this moment, we do not have plan to have the share buyback program. Thank you. Thank you. Thank you for that. Can I request Kyna from Credit Suisse to unmute yourself and ask your question? Thank you. Thank you. Thank you for taking my question. Congratulations for the strong results. I want to have a follow-up question, which is from Donnie's one. Because of the lead time extended a little bit from the first half going into third quarter, what should we expect from the fulfillment schedule of your strong backlog with $1.49 billion. Should we expect that will fulfill in six to nine months? Or it should be another kind of period we should expect for the majority of the backlog? The second question is regarding. I noted that the company has streamlined the positions and also workforce. We noted that the total employees actually decreased by end of last year, followed by employees actually cut. Should we expect the further streamline and optimization for the operations? Would that impact the productivity going forward if the demand pick up, or should we expect more contract employees from your side to fulfill the demand in the future? Thank you, Kyna. Let me read the first question. You want to know that based on the lead time for H1 and going forward, what is the fulfillment schedule, whether it's six to nine months or does it vary for the backlogs? Kyna, if you look at our guidance for Q3, revenue to be around $730 million-$780 million. If you simply do some simple math, right? We will deliver around 50% of a backlog by Q3. From that, a very high-level perspective, we expect the vast majority of the remaining backlog to be delivered this year. Except there are some long lead-time tools, as per normal. Especially some of the NEXX tools, the lead-time are typically longer than the six months. Some of the orders that we've taken in towards the end of Q2 can only be delivered in the early part of 2022. There are some exceptions like this. Just a little bit more clarification on Donnie's question just now about the lead time, why I say the lead is extended, because of the very strong backlog as well. That's also causing us some stress in terms of the supply chain. You can imagine with such a high backlog, and with the supply chain constraints still prevailing, our teams have to work very hard to ensure that we keep the supply chain flowing. There's this risk still there, but we are trying to cope as much as possible. As well as possible in this particular aspect. Second question, please. Yeah. Sure. Thank you, Robin. For the second question, I think, Kyna, you talked more about the streamlining process and mentioned that the number of employees have reduced and you would want to know that will there be further streamlining and will that impact any level of productivity and how about getting contract workers? Yes. Yeah. Kyna, I think you have been following us for a long time. Indeed, if we look at the past, say, three years, around there, we have been treating our permanent account in terms of the manufacturing and supplementing this with what we call contract workers. These contract workers are on short-term contract. They complement or they supplement our permanent workforce, especially in times like this, elevated demand and very high output delivery level. This has been a very successful strategy over the last couple of years. The benefit of this strategy has clearly benefited or manifested in the recent gross margin improvement that we see in our SEMI Solution segment compared to last year. We are very happy with this progress. I think this strategy worked very well for us. In a high-demand situation like this, we will continue to supplement our workforce with contract workers rather than increasing our permanent workers. Our productivity level has also been greatly enhanced over the last couple of years. This has also contributed in some way to the improvement in terms of gross margin. Yep, thank you. Thank you, Robin, and thank you, Kyna. On the queue next, we have Leping from Huatai, and after that will be Gokul from JP Morgan, Frank from HSBC, and Laura from KGI. Can I request Leping to unmute yourself and ask your question? Okay. Hi, Robin. I have two questions. One is, based on your experience, where is the cycle of this round of capacity shortage? Especially from your packaging customer side. How long such the very large backlog situation will continue? Will it continue for, let's say, more than one year or that? This is the first. Then the second question is, what's the size of your AP business in terms of total revenue now? When you look your AP business, so I remember, I think maybe one year ago, you said people mainly buy it for the technology buy. Because we see very strong, for example, HPC growth in the foundry customer. Are your people, that customer buy your AP tools mainly for capacity expansion now or still in a technology buy phase? Thank you. Thank you. Let me repeat the question one by one. On the first question, you are talking more on the cycle in relation of the capacity shortage, particularly from, say, packaging customer side and how is this cycle and how long is it going to last? On the capacity shortage side, I think when we interface with customers, some of the customers' loadings are still very high. Looking at the way they place orders, some customers, we told them, lead time is, for certain tools, for example, are six months. They're still very bullish and we told them that we can only deliver some tools in January or February next year. Their stance is they want to place an order now in order to secure delivery. That is some general picture for you guys how the situation is like at some of the customers' place. How long this backlog solution for ASMPT will continue? We have a backlog of HKD 1.5 roughly as of June. If you look at the forecast, as I mentioned earlier, we probably will consume around half of it. Of course, more orders are coming in from now to the end of the year. We expect the book-to-bill ratio to moderate as well as we continue to ship more. I mentioned just now, we expect our Q3 bookings to moderate from Q2. The book-to-bill ratio will trend down in the quarters to come. Second question, please. Thank you, Robin. Your second question is, you want to know more on the size of Advanced Packaging, if it can be broken in terms of revenue and contribution. How does the management look at the AP scenario currently and demand from the industry, especially when there's a time of HPC growth and others. Do you look at it more from a capacity or a technology buy perspective? Please comment. We have given you guys some more color as to how our AP tools, our business has performed over the last three years. We are really pleased to share that in the last three-year trailing periods, from first half of 2018 Second half of 2018, sorry, to first half of 2021, we have already crossed the $1 billion milestone in terms of sales of AP tools. I think that's a significant milestone that I think we are very proud of. As you can imagine, when we move from year 2018 to year 2021, the demand for AP tools have obviously increased over time. The percentage, and I think you asked the question, the percentage of AP tools over revenue, it's also a function of our top-line revenue. All I can say is that our AP business has grown over the last three years. Using the AP business over total revenue might not be a good indicator because it all depends on how well our business are doing overall. Like for example, in the first half of this year, our mainstream tools are also doing very well. Even despite the fact that we have increased our AP Solution business, but because the overall business are so well, the percentage may come down year-on-year. It doesn't really make sense to measure our AP based on such a metrics. We'd rather give you a picture of how our AP size has grown over the years. I think that's a better way to measure how we are progressing in terms of AP business. Now, in terms of the whether is it a capability or a capacity buy at this point in time, I'll say on balance, it's still much leaning towards more capability buy. Because AP tool, as we have mentioned many times, is an expensive solution. From that perspective, the customer base are also definitely much narrower compared to our mainstream tools. The customers only buy AP tools if they require certain performance like HPC or for AI purposes. Thank you, Robin. Next, can I request Gokul from JP Morgan to unmute yourself and ask your questions, please? Thanks. Thanks for taking my question. My first question is on Advanced Packaging. You are starting to see a lot of 3D packaging capacity being built by foundries as well as your IDM customer. Could you talk a little bit about ASMPT's presence in the 3D packaging area, especially with respect to Hybrid Bonding and some of the other underfill areas? Second related question is your China versus non-China exposure. Given that a lot of the Advanced Packaging activity is happening in U.S., Taiwan, and other geographies, do we see that the exposure from non-China markets become bigger as we go over the next few years as a part of your strategic plan? We still see this kind of 50% China, 50% non-China exposure remain largely stable? Thank you for the questions. Let me talk on the first question. You are talking more from AP perspective that a lot of 3D packaging is happening, and you want to know from the management, the presence there, especially with relation to the Hybrid Bonding and all. Yes. As I've said earlier, I think our 3D, our Hybrid Bonding Solution is pretty much on track for delivery at the end of this year. That is a product too. We are in deep discussion or engagement with certain key customers in this particular area in terms of Hybrid Bonding. We're also glad to know that the industry has really starting to endear to this technology. As you can see, even in the market that people are talking more and more about Hybrid Bonding. I think this is a good development. That the industry are beginning to see Hybrid Bonding as a possible solution going down the road. We still feel that at this point in time, the Hybrid Bonding area right now is still kind of nascent. We still believe that the high volume will probably start around second half or towards the end of 2022. Meanwhile, I think the other technologies or tools like TCB, flip chip are still very much important to the industry. As we always say, customers will choose tools that are most cost effective. Hybrid Bonding, as you can imagine, being so precise in terms of placement accuracy, in terms of packing chips in high density. These tools will be very expensive. The other tools like TCB, we strongly believe will co-exist alongside Hybrid Bonding in the years ahead. Thank you, Robin. Your second question is more on exposure on the China and the non-China markets. Does the management see non-China markets are growing bigger or is it expected to remain the same at roughly the 50% level mark? Yes. Now the 50% level mark is our total revenue. If you're talking about AP, we see China increasing, customers increasing to inquire and order more Advanced Packaging tools. Compared to the customers outside China, the tools outside China are still much more advanced compared to what our customers are ordering in China as far as AP tools are concerned. We see that the trend of more Chinese customers going to Advanced Packaging will continue. It's inevitable. This pursuit of self-reliance in terms of the semiconductor landscape is unrelenting. Every geographical jurisdiction and, in fact, government are pursuing the particular direction. It's inevitable, in short, that China will go more and more into AP in time to come. Thank you, Robin. Next, can I request Frank from HSBC to unmute yourself and ask your questions? Thank you, guys. Thank you for the opportunity. I just wanted to ask, based on your current guidance, it seems to suggest that the SMT momentum will continue to be quite strong. I just wanted to, I guess, understand the margin profile as well, for SMT has continued to pick up even in the second quarter. Just wanted to see if you can highlight a bit of where that is. My second question would be, any more incremental update you can share regarding Mini LED as well, given the Apple launch. Thank you. On your first question, mostly on the guidance part, you acknowledge on the growth in the SMT momentum. You want to know more on the margin profile for this side. Right. Can I request Patricia to answer this question, please? Sure. In terms of the gross margin for SMT, we usually consider several factors. First of all, the volume effect, whether the higher volume in SMT's current quarter's billing and the upcoming quarter's bookings. We are confident that SMT segment will continue enjoying the volume effect from the relatively high sales and billing. The product mix for SMT, starting in Q2, we do see a higher volume of shipments from the Advanced Packaging tools, such as the SiP tool, to fulfill the market demand. We continue to expect more SiP tools delivery in Q3. For all of the positive factors we mentioned above, it will be partially affected by some incremental costs associated with the supply chain constraint. As you can imagine, for us to secure those critical components under the supply chain constraints, we have to have some stock purchase with higher pricing to support our internal manufacturing and customer shipments. With all that in mind, I believe you can have a good picture for our SMT segment gross margins. Thank you. Thank you. I guess any update you can share on Mini LED? Yes. Certainly. I'll take that question. As we have said before, we have been engaging a very broad base of customers in terms of Mini LED for some years now. Some of these customers have already gone into high-volume production already in the first half of this year. We expect more and more customers to go into high-volume production in the latter half and towards 2022. From that perspective, we are confident that our Mini LED business will continue to grow. The applications mainly are right now, we see are more for those displays, going into, say, shopping malls, going to offices, and also, less so in terms of TV at this point in time. Eventually, Mini LED going into backlight units for TVs will also happen. In general, I think we are well-positioned for Mini LED. We believe we are the leader in this particular space and we are ready to capture all this opportunity as it come along. Thank you, Robin. We have one person in the queue right now. So if you guys have more questions, please join the queue. Can I request Laura from KGI to unmute yourself and ask your questions? Yes. Hi. Good morning. Can you hear me? Yes, we can hear you. Thank you. Yes. Thank you for taking my question. Just a follow-up question about the booking outlook in the second half. Since you mentioned that there would be more moderate, just wondering, is that just because more strong pulling in the first half, or you also got some impact on component shortage? Specifically, I'm also curious about the current progress on Advanced Packaging. Does it also got some impact, due to we see a lot of talk about tight substrate supply? Just wondering the moderate booking outlook into second half, does that impacted by component shortage? That's my first question. Thanks. Okay. Let me repeat the first question again. You want to know more on the booking outlook for the second half, and is it because the strong first half or because there was some impact due to the component shortage? Well, I think, Laura, on balance, I would say that it's really due to a very strong first half bookings. First bookings, if you look at the first half, we are already close to $1.9 billion, I think, in terms of total booking. This is a very high level compared to our prior years already. Beating almost every year, full year, maybe except 2018, if I recall correctly. It was a strong year for us also in 2018. Our $1.9 billion first half bookings are already quite close, I believe, to the full year of 2018, which was a record year. If you imagine the first is so strong. We do expect, I think, the booking to come down in the second half. Yeah. It's more like first half already see quite strong momentum. It's not really because of some component tightness. Yeah. I think on balance, it's more due to the strong half. On the chip shortage itself, of course, it may have some impact, but as I said, on balance, more due to the very strong first half bookings. Okay. Thank you. My second question is about, given our current COVID situation in Malaysia, do you expect that will impact our near-term margin or operating cost? Yes. Very good question. Actually, the situation in Malaysia is really a concern for us. We monitor the situation very closely because we have a substantial manufacturing presence in Malaysia. So far, I think we are managing it well within the best of our ability. Okay. As you know, Malaysia has imposed, at this point in time still, a threshold of 60% workers can only be in the plant at any point in time. Effectively, you can imagine 40% of workers are not allowed into the plant. That definitely has an impact on our production volume. However, as I said, we are coping it very well, partly also because we are blessed with a wide geographical spread in terms of our manufacturing footprint. We had to shift some of our production work from Malaysia to our China plant in order to cope with this kind of restriction. Now, at 60% level, the threshold imposed by the Malaysian government, we are still able to deliver our commitment to our customers to the best of our ability. In the unforeseen circumstances or if the Malaysian government impose further restriction and bring down this threshold further, then it would certainly impact our production volume. As I said, we are really watching the situation very closely, and we really hope that the Malaysian situation will improve from here. Thanks. Thank you, Robin. Can I request, Kyna, to unmute yourself and ask your questions? Hi. Thanks for taking my follow-up question. The overall comment regarding the production impact or the overall margin in the SMT, what should we expect for the third quarter margin overall is? We consider higher revenue, higher loading, but the SMT contribution also increased, plus the supply constraint, the cost impact, et cetera. We still expect these gross margin improvements to sustain going into the third quarter. Because we will also expect more effects from these strategic initiatives that the group actually implemented from late last year. Hi, Patricia. Would you like to take this question? Sure. Yes. Kyna, first of all, as you know, we do not really give the quantitative guidance to immediate term gross margin. I would hope to share with you some high-level thought process about how we evaluate or make the estimate for our Q3 or near-term gross margin. Some other key factors which may influence our gross margin performance, such as you just mentioned, the higher volume effect based on the Q3's revenue guidance, relatively higher than Q2. Normally, it will drive the improved operating leverage from our already high internal manufacturing capacity utilization. We will try to better manage our internal and external manufacturing capacity to still keep a high level of the operating leverage. The second factor to be considered is the product mix. In Q3, we expect the product mix between semi and SMT, and also within semi SMT, the percentage of mainstream wire bonder, die bonder. All the product mix in Q3 will be pretty much similar to Q2, which can also give us a very good indication for the near term. After all of the positive factors we talked about, it may be also partially offset by the incremental costs associated with the supply chain constraints. As we talked about, we may have to incur some higher pricing to secure those key components. All in all, I would say by considering all these key factors, you should be able to get a good picture in our Q3 gross margin performance. Thank you. Thank you. Thank you, Kyna. The next two on the queue will be Nicholas from Macquarie and Arthur from Citi. Can I request, Nicholas from- Yes Macquarie to unmute yourself and ask your question? You've unmuted me. Thank you. Three questions, Robin. The first is on the Semiconductor Solution side. If you could give us some idea about either the size, either the growth of the traditional Die/ Wire Bonding revenue lines. You've given good indication about Advanced Packaging. In a similar way, is it possible to have some indication about Wire Bonding? Thank you. Let me repeat the question again. You want to get an idea about the size, growth of the traditional Die /Wire Bonding business, and whether we can provide more color on that? Yes, sure. If you look at our bookings this half year, first half of 2021, it's close to HKD 1.9 billion. Substantial portion is coming from also the semi side. To support this volume definitely the mainstream wire bond, die bond, test handlers, all these are what we call mainstream tools. These are the tools that will give us that kind of volume. At this point in time, AT tools, although we are growing very nicely over the last three years, and because of the current landscape and the dynamics, AT tools will not be able to give us the kind of volume. Mainstream tools still play a very important part in terms of revenue growth under this situation. Die bond, wire bond are what we call mainstream tools. In this particular period, they are highly in demand, because there are a lot of components that need to be packaged by our customers. These tools are still the most cost-effective tools for their solution. That's why we see very strong demand this half year for such tools, or we call mainstream tools. Robin, you seem to talk about the number of tools rather than the revenues. Oh, yes. I think I've spoken of both. These tools, although they may not be as high ASP as an Advanced Packaging tool- Yeah. Because of the volume, definitely they are the major contributor in terms of the top line for the first half of 2021, as far as the semi is concerned. Yeah. In terms of the revenue top line, right? Yes. Okay. Thank you. In Mini LED, you're talking about display walls, very large external walls. What about portable devices? Certainly. Some of these Mini LEDs will go into portable devices like gaming consoles, for example. These are quite a popular application for Mini LEDs. Understood. Last question from me on the SMT side. This increase in booking that we see together with the margin increase, does this reflect more the high-end of SMT in automobile or industrial, or does it reflect more of the mainstream consumer electronic side? I think maybe also to share a little bit, we have been saying that the SMT supply chain tends to lag behind the semi supply chain by one or two quarters, typically. I think that has manifested itself already. If you look at our SMT bookings for Q1 and Q2 this year, consecutively, we broke record booking level in these two quarters. Really, I think, in our opinion, it's a manifestation of that phenomenon. When we see semi increasing in terms of volume, ultimately this volume will have to flow into the SMT side. That's the beauty of our business. We have a huge broad portfolio of semi tools coupled with SMT tools. In situation like this, we'll start to see the benefit of this strategy that we have been maintaining over the years, very broad semi as well SMT tools. Now, the other question is what? Sorry. In terms of SMT application, is it more higher ASP automobile industrial demand or consumer electronic? Yes, certainly. I think for SMT in general for this year, we see automotive and industrial coming back quite strongly compared to last year. I think we all can fathom that because the automotive side has been seeing some general recovery on the automotive side. We are a key player in those areas, so we are benefiting from those areas. Automotive industrial. For industrial communication, we do see some demand. Computers as well for data center servers. These are broadly what is driving our SMT demand so far. Thank you, Robin. Thank you, Robin. Thanks, Nicholas. Can I request Arthur to unmute yourself and ask a question? Hi. Thank you. Thanks for taking my question. I also want to ask more on the SMT side. The increase in the bookings is mainly driven by the automotive. Can you share with us with this time the automotive demands from your point of view is driven by the EV or ADAS or combination of both? Will we expect a longer cycle length, 2017? Thank you. Yeah, Arthur. I think as far as automotive, I want to be clear. Automotive is not just driving SMT. Don't forget, automotive is also driving a lot of our semi business. When I speak about automotive, they are driving both our segments. Now, we see certainly EV cars although small in volume at this point in time, but it's an irreversible trend. EV cars will continue to increase. We want to position ourselves very strongly in those areas. I think we are getting some very strong inroads into those areas, supporting our semi bookings also for the first half of this year. Now, ultimately, whatever the semi package those automotive devices, they will have to be put on the board. That's where our SMT come in. Our SMT being a very dominant player in automotive market. EV electrification of cars, general recovery of the automotive market will certainly benefit our SMT in addition to our semi side. Okay. Thank you. Thank you, Arthur. There is no one in the queue right now. If you have more questions, then please join the queue.