All Ring Tech (6187) Q2 2023 earnings summary

Executive summary

• Automation equipment serves semiconductor test/package and passive-component manufacturing; R&D represented 60% of the workforce, split 49% hardware and 51% software.

• Interim statements received a qualified review conclusion because certain subsidiaries’ statements were not independently reviewed; they represented 14.85% of consolidated assets at June 30, 2023.

Financial highlights

• Q2 revenue was NT$275,907 thousand vs. NT$764,883 thousand YoY; H1 revenue was NT$503,665 thousand vs. NT$1,394,474 thousand.

• Q2 operating profit was a loss of NT$9,412 thousand vs. profit of NT$170,266 thousand YoY; H1 operating profit was NT$2,755 thousand vs. NT$313,978 thousand.

• Q2 net income was NT$30,483 thousand vs. NT$168,565 thousand YoY; H1 net income was NT$44,404 thousand vs. NT$317,683 thousand.

• Basic EPS was NT$0.38 in Q2 vs. NT$2.07 YoY, and NT$0.55 in H1 vs. NT$3.90; FY2022 EPS was NT$6.15.

• H1 operating cash flow was NT$119,529 thousand vs. NT$276,331 thousand; cash and equivalents were NT$1,508,447 thousand at June 30.

Segment performance

• H1 revenue mix: semiconductor NT$4.09 hundred million (81%), passive components NT$0.32 hundred million (6%) and other NT$0.63 hundred million (13%).

• Semiconductor revenue share rose from 78% in 2022 to 81% in H1 2023; passive-component share declined from 17% to 6%.