TOELF - Earnings call transcript Q2 2021

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Koichi Yatsuda

Now it's time for us to start Tokyo Electron's Financial Announcement for the Second Quarter Fiscal Year Ending March, 2021. Thank you very much for joining us today despite your busy schedule. I am Yatsuda of IR Department acting as a moderator in today's session.

Now, let me introduce the attendees on our side.

First, Mr. Chairman Board. Director, Corporate Tsuneishi, of the Tetsuo

Tetsuo Tsuneishi

I us see today. Thank you so for joining very much I'm people. am Tsuneishi. many very happy to

Koichi Yatsuda

Next. CEO. President Reprehensive Mr. and Toshiki Kawai, Director,

Toshiki Kawai

I nice am to you. Kawai, meet

Koichi Yatsuda

Nunokawa, Yoshikazu Business Global Finance General Division Mr. Vice President Corporate Next Platform & Unit. Manager, Executive Director,

Yoshikazu Nunokawa

I you. am meet to Nunokawa, nice

Koichi Yatsuda

me Before let flow today's explain starting the meeting. of the presentation,

audience. have Japanese First This simultaneous questions to until up presentations. After of all, that, two the uses Mr. announcement interpretation entertain Nunokawa we financial and the will channels Mr. from providing session, the Kawai and will make Webex, Q&A X:XX, on English. between

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will you in later. kind, Japanese be this It to would the and if meeting, both audio We also English refer them. content could of upload

summary. Now, Nunokawa, Manager will financial Corporate & please. President General Mr. the consolidated Director, Nunokawa, present Executive Vice Mr.

Yoshikazu Nunokawa

XXXX slide the summary us the half today this first XX, the finance ¥XXX.X despite The of estimate I sales customers spread. year-on-year Good fiscal am despite The the activities of very half some joining from the basis, The of net for ending you summary This shows afternoon. billion This were performed this SPE plan travel is due announced year. much financial increase were first the start-up net on of I half on the Nunokawa exceeds capital March a which of ¥XXX,XXX quarter to fiscal investment second and busy want consolidated to of unit. was imposed the for the restriction second forward million, the present year. financial the smoothly XXXX. of schedule. expectations. the Thank pull COVID-XX because exceeding their sales financial XXXX. June XX.X% very

the showed XX.X% increase financial XX.X% also the though net in fixed The net For the because This shows The billion, XX.X%. sales. second was announced The quarter highest achieved of quarter. considerable the by because start-up travel The graphic sales the This improvement based representation estimate XX.X%, slide quarter. profit activities from quarterly the met restriction the of the gross of second for ¥XXX.X increase second because to quarter. the The quarter information. operating this Thanks affected the the first The margin summary, R&D the decreasing partly primarily the was was our FPD It first This segment The FPD the quarter. FPD, XXth. estimate. in was on gross almost sales proportion ¥XXX.X decreasing year financial which This billion. in ¥XXX.X expenses. is margin margin of half is The of the margin of profit increase shop was was is the to the increase from the its income million. shows the sales above from XX.X%, cost. of June which was quarter. total summary. financial a operating were financial its first the the of was is first in

was summary. profit of sales For of and grew XX.X%. ¥XXX.X SPE consolidated margin segment SPE, billion the sales case The the the like just financial

For XX.X%. SPE, sales the with to along margin the profit increase, rose segment

Solution grew the while second sales and memory show the ¥XXX.X total This was for accounted the Solution was the sales sales hitting from non-volatile This region, sale the the one sales. device XX% this for logic quarter, of in logic the SPE sales Pacific manufacturers every accounted in particular in accounted second For and by XX%, SPE to proportion slide XX SPE billion, region. local logic/foundry application. shows which China for memory others the The the year the was showed button, record increased. color is by XX%. of the the In China, ¥XX.X new and bottom billion. and composition and of Field and sales proportion customers sales net to second manufacturers the was sales device XX%, orange The Korea DRAM SPG quarter quarter, sales From amounted increase. of half the shows The X%. the one pink in Korea high. equipment Field In in first sales sales X in of XX% XX,

Next, an this of slide assets of balance the ¥X.XXX The accounts decrease and The inventories, increase sheet. total and is receivable shows trillion. were the cash equivalents. breakdown cash

earnings. my ¥XXX.X flows retained My for slide your the turnover On summary. minus ¥X.X the equity Thank at concludes ¥XX.X was was low the plus relatively billion and from consolidated and presentation free due financing to very billion. was also This accounts cash increase XXX level. the flow receivable right, flow ¥XX.X of financial about last operating The inventory were liabilities shows inventory The the from The billion days. The activities flow. turnover cash a XX.X%. the This shows kind attention. receivable days assets you turnover. activities the the billion. XX was assets, cash net ratio cash The were and much turnover net accounts was

Mr. environment and Mr. estimates. present please. Kawai, Now, Kawai, our will CEO business financial

Toshiki Kawai

us am joining I Thank much for very Once today. again, Kawai. you

estimate. like business talk financial about environment I'd and to Now,

all, the let me environment. with start First business of

three growth market basis. months year, WFE had we record WFE the more hit XX% the in year-on-year ago XXXX, expected more high. For outlook positive this calendar In the market a market is exceeding to than on

year-on-year XX% fabrication FPD no change process basis. on TFT we outlook, in growth the equipment, and For area there's market, the expect

market shows slide the this Next, outlook application. WFE

three foundry and the For year. demand more exceeding outlook than expecting high-level ago previous the positive logic market, have months we

business higher and completed through the increased is the the we non-volatile turn from The unchanged the manufacturer expected because previous the and and basis. WFE XXXX. there SPE SPE factories as increase activities DRAM startup the between no the recovery the This investment estimates. travel half successfully to fiscal sales The such In year. half put startup the restriction, of growth in of back year, were the by a change it income progress smoothly exceeded than the operating capital shows net DRAM in the some the overseas performed manufacturer the impact about in year The activities XX.X% This by year. financial the budget estimates. customers business from collaboration and For the forward were to from impacts is year-on-year increased by is to proceeded. sales first in both XX% about to previous our COVID-XX fiscal of activities remain net outlook. of business and the operating second memory, startup sales first The XX.X% concerns Despite subsidiaries investment Japan. expected is and WFE were plans. there The investment of their circumstances quarter suddenly were our however some on our

of rates the Solution the utilization timely is local This staff For were attribute business, support growth. provision to to though due the sales impact, customers COVID-XX it subsidiaries. the inventory maintain optimizing of restricted we to that the high by logistics our Field our achieved

building In addition, factory. as and new July in factory production our operations Tohoku at started PMI the August in

in demand increasing now We ready expected to address the an are future.

Next, I'd like financial to estimate. the show

progress the We full additional the year have backward year first capital in by half investment. of steady revised the financial and reflecting customers estimate

by operating expected to increased is income the be by year be to billion. ¥X,XXX ¥XX the Specifically, billion, ¥XXX full billion is net expected ¥X being billion sales increased and

Next slide SPE the by forecast equipment application. shows sales

expected application to of XX% the this environment. of the increase new sales ¥XXX.X in year year more comparison is The been XXXX with ¥XX.X from announced completion to ¥XX June revised net fiscal the focus by fiscal full than by billion, XXth exceeding has of half initial year. previous about billion. reflect Accordingly, ¥XXX the by in The the sales XXXX demand on sales billion expected Our which market is sales to net was sales of be equipment first billion fiscal billion. full slightly the is ¥XXX

to Next, I'd R&D talk like about the plan. CapEx expenses and

half office development. function as fiscal new As this operation in year, In first the factory. new of which move XXXX, building started our place, the I in we plan software November said will to a for earlier, production and Yamanashi to supply

factoring systems, with completed the be in is of our innovation promote XXXX, designed In center matching construction is collaboration suppliers. planned the to September, to which and technology customers the

to order the record can CapEx high growth year we and see, ensure steady in fiscal you a As future. in R&D to planning this in expenses realize are

full of forecast, planning So along estimates of kind financial first of of financial in year year my revision this the shows much and full attention. presentation. concludes estimate. half ¥XXX. to Thank year share pay dividend per evident very you This for We're your upward with this

Koichi Yatsuda

answer will X:XX. we and have question Now, until up session

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Now, to question. the let's on first move

Nomura is first for Securities. question The Mr. Wadaki from

Tetsuya Wadaki

very you Can Thank you me much. okay? hear

Koichi Yatsuda

Yes.

Tetsuya Wadaki

very you strong very and message. for Thank much concise

Koichi Yatsuda

very you Thank much.

Tetsuya Wadaki

Europe. some trade Well, any that please? and comments question. have that there I China on year, you concerns next have fiscal for one U.S. and is are also Do

Toshiki Kawai

have good I geopolitical a business are you think quite but a are few there relationship, as know, we facing. we situations

So specific circumstances, you able any not under comments. give am comments, these to I

investments in the innovation. look we concerned, strongly. will are However, you there know, terms to in the introduced as our future. of are far for sure the be at technology some you implemented is as lead company and That's Therefore, important very going when market as us. I'm ICT market,

So, I'd our like further on efforts focus to innovation. technology

Tetsuya Wadaki

have follow-up question. one I

logic. by have do logic, see year? So condition questions of some logic you application, next How for I the

Toshiki Kawai

thing look to I WFE When want today. you say at one market,

So will year, be June this year. big I next year said

those are we back year At year, year. WFE record year, June said the going per present, see we big next some market, but in even the this to concern the in concerns geopolitical have a There still next and issues, As market also WFE Presidential in the WFE, high COVID-XX if but be will considering still this factors. States election the are United remain.

we I year, this record hit think be next year, even XXXX will are than market And this WEF going if year will to the higher XXXX. exceed year highs. the

be this a for market So and after, next big we'll In the the after. how year row in for to year. and that's need prepare sense, to year next but year focus we year that we view

demand MPU and and and is X-millimeter X-nn mobile balance in one So supply, investments. to XG XX-nanometers, thing center GPU data and DRAM

will quarter as DRAM next Mr. Wadaki the first little in factors by increase balance supply little balance. actually demand knows those So year. because The demand tight maybe

logic the X-nanometer market. increase XX-nanometer, the foundry will and and how speed X-nanometer, the continuously high For demand do we to CPU, and that's

Tetsuya Wadaki

your clear. was much Thank very for comment you very

Toshiki Kawai

Thank you much. very

Koichi Yatsuda

from Securities So, the next question Yoshida Ms. CLSA Japan. is from

Yu Yoshida

you much. Wadaki's first question of Yoshida. I the Mr. question. Thank am is very actually of kind question My follow-up

market application, which expected growth year? the application for is year next Are continuously drive So, growth, the there grow market, year applications is the drive by you market specific year. market WFE grows, WFE next after, market do market the expected you application? WFE what how to is which If As any growth? view the the the year this and next WFE of said level to and

Toshiki Kawai

the big in have United although some look we must of said and the geopolitical on also the might one Actually, I seems economy. And Presidential so issues, the we very uncertainties. spread closely and have years, election carefully -- impact those at States the market we macro the don't because conditions COVID-XX is

different those careful need we timing be So, to about of the factors.

So, are outlook. shifts on some there the quarterly basis, our in

and it's we quantitatively, it's the that billion to size so expect market for comments; steadily So in billion, give our toward us difficult we think XXXX. you for for management mid-term plan however, to $XX XXXX, grows to some the $XX XXXX market year size

for XD But of growth business start at memory course, is quarter think applications, it requires logic/foundry market, and management the plan, mid-term XG By essentially, the specific direction half DRAM, about precisely of the to application, come. application, look will just there second in the from NAND I correct. four WFE memory, years the drives infrastructure quarter you the first is half the second of investments the the expected capital So, market maybe ask other which servers. and also are of recover first for some to the next year. logic/foundry and

Yu Yoshida

the of sales memory much. this Thank new SPE one for are have very I you composition. region of in look you there year, at forward, net and question. example DRAM you said, half so the the some follow-up sales, when second pulled which

are in of second there some DRAM the this year. for half think I adjustments

of So balance the start see be do when said the investment the will demand will when you so do changing the first supply you DRAM, from you recovering? quarter, recovery think

Toshiki Kawai

So year, the first after increase, there some reasons. half are of there are two this

is there demands very The with NAND, XG devices China to and that well, some are overseas was very logistics so supply reasons. compared reason also rather that. additional see operation time, that for requires markets, estimates the in are And is one inside going in see including of supply I XD infrastructure in In some expected. outside so the that's June, announced and the smooth movement certain and in when are we chain, our chain other June, things first events, can financial happy we

So, increase. to these are the factors

Yu Yoshida

recovery of DRAM memory, the For you recovery timing, how view of do timing DRAM?

Toshiki Kawai

expected we half the first calendar The the in quarter timing is recover little. the the of year beginning to market. the of review second DRAM how year, recovery DRAM, little next little by of of and from by the little That's

Yu Yoshida

for much very you Thank answer. your

Toshiki Kawai

you much Thank for very your question.

Koichi Yatsuda

Yamamoto The next Securities. Mr. Mizuho question please. from Yamamoto Mr. is from

Yoshitsugu Yamamoto

from you me? Yamamoto hear am I Mizuho Securities. Can

Koichi Yatsuda

Yes, hear I you well. very can

Yoshitsugu Yamamoto

I question. have one

XX.X% gross the and is so improvement, for billion For is we profit margin the here margin. profit plan this had ¥X,XXX gross

target is trillion that plan. midterm margin profit gross your for ¥X.X So the XX% management is target of

you you have you of some gross net There can to midterm plant. sales level target the rather closer margins? the now, increase increase compared triggers increase in so reasons net to margin profit margin that sales? this gross the Do of profit other does getting management forward? see are some not other of words? profit So, what low increase this Why much the demand of And

Toshiki Kawai

your for much very you question. Thank

we me, market. have For our target SPE

models, admission financial the So, different our models. the three models, I financial to other think,

look perspective is XD to XD you target. and NAND when two So, operating two of margin XX% at midterm on XX% long-term

I ¥X main can operating scenario at XX% market. the of profits. that our So of is from you as we strong reality, sales see trillion look When earlier, inquiries very said and

to So, are management the investing and to midterm the the achieve technology future production and we plan. new development, growth

We look midterm margin. management current That term That's target. the on specifically achieve pointed increasing say focusing when now than are long margins but profit as toward reported with at than rather expenses plan profit in are out, perspective date, the we long the and gross more term we the management perspective. midterm are midterm our proceeding plan, steadily the lower But operating plan. margin affects target. gross you why you to we So, midterm R&D the

that R&D the expected strong furthermore culture. expenses are to I So, increase think

look we the utilize time, transformation plan fixed to principle, digital it efficiency. same On improve in expansion, your on businesses the think we the the but In furthermore, a other very be We need be we model. financial midterm hand, top see At management you top line. for to based R&D cost. to do at impression the to about start line increased in market, to it's in need these active the we When have the investment. what

so increase. at top-line, top-line improvement. operating improve activities, achieve cost to our to we R&D to a rather improving market by But by need when look So, can the fix trying some which improvement margin sales and you we're are we confident reduce for that

Yoshitsugu Yamamoto

for your much you answer. Thank very

Toshiki Kawai

question. much, very Mr. Yamamoto for you Thank your

Koichi Yatsuda

Next question Moriyama is Japan. Morgan from JP Security from Mr.

Hisashi Moriyama

Thank Moriyama. I you much. very am

to come, said, going order you to see proceed That's two you two said, years. very growth. for in For you we're what to in strong comment, years big but consecutive further

improve So with when us share? the how at you market you your perspective you idea situation, Can look do any have of your share? terms you your the share current Do growth of please? in market

Toshiki Kawai

much. very you Thank

at changed our plan We haven't all.

improve should to share of tools. and you'll hard also very result facilities, geography-related elevated striving are deposition, conformity cleaning layers, or market etching we improved be critical coverage and system, ALD our be So, process the film

the So changed our share going are the and to hedging we patterning process, we improve market centering our and on plan. haven't

Hisashi Moriyama

is comes XXX the that's case, so that ALD stacking said? a what year or If to next to next I to within to drive from these NAND layers poised think. improve market year are share you etching increase XXX layers XX so layers it When XD

that? NAND technology, you is So, in how challenging, you share, from technology still point, do more your but put order further I'm XD is how share more to the technology that? can for your I trend sure idea view you for how to it? and And the view your any, for NAND improve getting market my you have This do up shift follow market of and plan increase XD do question.

Toshiki Kawai

Okay.

hard So, and rate and etching, multiple In ratio is now Speed hard technology the rate and asset controlled. the high improved really be the etching and us. the and profile should critical successfully process speed other words, layers profile should be or so the have for and control. we also also

critical for us. really are three So, these

have share. to that's our where market So opportunity we improve some can

Hisashi Moriyama

much. very you Thank

Just follow to up.

ask. want to one I So thing

XXX what So production XXX you're to next mass are we has layers layers. So going improve the after our about started, asking from the currently is -- and in share question, current? layers XXX generation your

So, how many layers after XXX?

Toshiki Kawai

customer depends for different It each roadmap. actually

good is there no So, alignment.

XXx, or XXx. said customers XXx, Some

depends XXX on customer generation layers. for it So, the so general after next

Koichi Yatsuda

Next question is Mr. Goldman from Nakamura Sachs Japan. of

Shuhei Nakamura

very Sachs by fiction. China trade Nakamura have On Japan. you on am Goldman from presented for much. X, I Thank sales a region China. question I you Slide the

you Chinese or increase see sales. some The quarter in second first quarter, can

the their does includes manufacturers, and export on restrictions. to of So, that much from have the forward the And half impact China grow American the do China the second manufacturers? customers, view your by Or, year positive sales and they're markets the the able any capital local local not how so whether of that you business product trade said, because putting XXXX, year you continuously performance? the investment

Toshiki Kawai

U.S. is very our of For many for friction And really customers, and trade is at this issue critical. critical China present.

last the slowly see between We business. same level the am not two are make any proportion comments China of very nations. our in some the year, maybe the are we year, in friction critical business in from our maintain increase we specific of that or China, situation. will we future, on that comes transition I the to able Last XX% may

questions, and discipline. are or However, ready And to promoted edge as Mr. decision investments and Wadaki, at I the so uncertainties. as several we the the furthermore must you we in be and factors situation, is for said unknown noticing benefits asked you there are leading when ICT look

give but question. R&D R&D this you we cannot us. I investing some we to promote to how time, answer For to answer direct can lot question, investment. In need all I are the most that ability a which critical but very technology your we for our are sense, your is sorry, and innovation maintain to I'm is purpose, that to the accelerating our

Shuhei Nakamura

follow-up much. very question. you Thank One

also view local future? investment the to you for So, answer? Is memory their the it China you difficult for do how manufacturers,

Toshiki Kawai

that for is are me Sorry. hope answer to expect, Investment, we question. to Yes, some investment. that difficult it there we

Koichi Yatsuda

very Mr. you question. for Nakamura, your thank much

Japan Next question Lynch is from Mr. Hirakawa Securities. from Merrill

Mikio Hirakawa

question a business Thank the you. Merrill question you plan This to My to SPE leading Lynch. Hirakawa year, I and am afraid have for the previous I'm is in similar say. SPE, country China. and

the China to have that your I and sales the manufacturers leading think is negative for foundry impacted. American think I increasing

the in have your you customer, revised ending but some year actually you XXXX, said, limited upward. fiscal March may you see the impact estimates financial So for

do the how So, view or or the you to decrease increase China customers? sales the

Toshiki Kawai

imagine when about customer. can each the about investment question. plan product answer the say for of that that's talk each cannot So, to I'm And mix, you you have customer. I that investment sorry. may, capital plan I

Mikio Hirakawa

question then question. follow-up different as have I a a Okay

time, and investment software So are is R&D and Sapo this be you this Yamanashi, enhancing is to R&D, investment. but in something new. done Miyagi absolutely Development Ivate Sapporo,

you you Now for development center. Are any that the there have development? reasons software Sapo selected real software geographical

Toshiki Kawai

Actually, This office. your we did us. Okay, Sapporo nothing thank for software is have you new question. for development

and we engineers So the including in solution in the know that. there are talented Sapporo Hokkaido, software we employment or know recruitment, and

X-nanometer know more X-nanometer, when So future, so X-nanometer, layers developed, goes XD more in criticality you to digital as perceived. the we further. up use than NAND, one transformation device And for need and and was XXX be further

knowledge. tool sensing be so to have well. They explicit technology be our data domain So tacit do analyze improved We do the data ability can process needs is the have change strength the That the should we that and knowledge. our analysis. guidance to as and utilized, performance we knowledge to

in ask innovation. our environment course, device customer we terms will with technology We consumption, energy of software. to develop the technology the that with can higher block want are And, produce expectation to of need level to especially consumption. ask so to a low we from So expected customers the viewpoint energy come STG, much the to meet improve so and the up preservation, Sapo of of power office, ability us customers

should uptime very the in and future. be process tool yield So, ratio improved in to also improved the should be the important become future

and ability needs. customers' the satisfy knowledge also can you analysis to we then and domain add do digitalization industry want of science or we So, have the our

Koichi Yatsuda

Securities. of Sugiura is question Next Mr. Daiwa please. Sugiura, from

Toru Sugiura

competitors. Daiwa much. have a question from you very Securities. Thank for Sugiura am I I

would do for more market? not increasing are in in cleaning, competition? your you So, patterning but of in competition process, some the China view risks and severe of share. There very also only Japan, their some From is the in how the market terms changes competitive you point, manufacturer see active Korean

Toshiki Kawai

only for and All competition, is our the good And other. our occasions, the hard competing good for for competitors customers. but our not severe competition company also all time that so working we very facing for are our each industry

wonderful So, company. a every competitor is

one, the become one value provide Electron and the want high manufacturer number Tokyo want to in added to to that in the can customers. industry, our will knowledge. we're satisfy we So, we only by need area we try proactively, to customer leveraging future provide the so technology This is how our

competition, will the what sure competition continue all important For time in here. future is and I'm the

we commodity increase speed, and including So, storage power new pursuit new we out device, package to reliability to devices, as need well. the and reduce consumption, be to need the

So, innovation long as to continued, should permitted business continuously. and innovation, as expected technology be continuously technology market grow innovation

mentioned specific to with to and compete future. we So, each manufacturers you the want other in

Toru Sugiura

So, I have one follow-up question.

deposition, chemical are, that for with you you share? the market As said which gate any improve you your some there probability how you share your ALE, could please? two specific come, In high has to earlier, Are to may market share? increase three that metal to and able you areas application tech so us, area past or market do to to be around. years someone increase film gas share If mentioned have your

Toshiki Kawai

plan condition top-line we Thank basis, visibility the basis, we top-line the cleaning proceed those In processes or check that the film steadily areas areas, we mentioned, management our review midterm increased plan. cleaning to much. deposition, in well gas our the improvement you can getting market, now, along we're lithography. with And critical right proceed, etching, progress visibility and and get against on plan; with is higher on those as management is etching improving. quarterly increasing share very as our As you and midterm

Toru Sugiura

Thank you very much.

Koichi Yatsuda

you Maybe from audience? chatbox. us from question minutes any could We second your Are put you you if you us the much. to ask Thank Could button other any. go. there have question, you can seven or firsthand give questions very the have

from Yoshida Japan. question have a We from CLSA Securities Mr.

Yu Yoshida

Thank I second this Yoshida. you you your of SPD, for when question. look one very much. am SPE each. have clarification the I plan at in and half sales year,

quarter fourth and you quarter third So what have? objectives

Toshiki Kawai

than sales the Usually, fourth quarter quarter higher third the sales.

Yu Yoshida

But the quarter how do and third SPD you for fourth SPE? quarter and sales view

Toshiki Kawai

your So may IR. answer of behalf question I on

months is on from so six recognition a the testing. CST from And trend is based tendency sales Our the on basis, also unit, sales, the a commitment business increases quarter. to set there quarter that completion and third cost of sales up made every fourth

Koichi Yatsuda

It we announcement. much for despite Thank participation very joining very concludes today's seems very more Thank tight no much. schedule. you very have for your questions. you you much us. your Thank financial This

Toshiki Kawai

Thank you very much.

Tokyo Electron Limited (TOELY) 31 Oct 202021 Q2 Earnings call transcript