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www.digitimes.com/news/a20210603PD201.html
AT&S has disclosed plans to invest EUR1.7 billion (US$2.07 billion) to set up a new production base for ABF substrates in Southeast Asia to satisfy the needs of its major HPC chip clients.
This would be the largest-ever investment for AT&S, and the company will kick off construction of the new production complex in the second half of 2021, with initial volume production set for 2024 and full-capacity production for 2026, the Austria-based PCB and IC substrate maker said in a statement.
The statement said the new production site will have a total space of 200,000 square meters, and its planned capacity can generate additional revenue potential of up to EUR1 billion a year after being fully utilized.
It also disclosed the project is based on a planned collaboration with two leading manufacturers of HPC chips, who together are to contribute half of the investment funds, and AT&S will shortly sign long-term contracts with them.
Intel is believed to be surely among the two prospective partners for the AT&S' new investment project, and AMD is more likely to be the other one than Nvidia, according to industry observers.
Intel CEO Pat Gelsinger, delivering a speech recently at the ongoing virtual Computex Taipei 2021, pointed out a major IC substrate supplier will establish a new production base in Southeast Asia. The supplier, the observers said, apparently refers to AT&S, whose production capacity in China for ABF substrates has been almost fully booked by Intel.
The observers continued that Intel has almost fully secured capacity supply for ABF substratesin needs in the next five years, given that its Japanese partners Ibiden and Shinko are set to ready new capacities in 2021-2022 and Taiwan's supplier Unimicron Technology will commercialize dedicated capacity for the chipmaker in 2022-2024, while AT&S will roll out new capacity in Southeast Asia in 2024 and achieve full production in 2025-2026.
No matter whether AMD or Nvidia will be the other investment partner of AT&S, both chip vendors will have no other choice but to follow in the footsteps of Intel to book dedicated capacity for ABF substrates through joint investments with substrate suppliers, lest their CPU and GPU shipments would be affected by shortages of such substrates needed to process such chips, the observers noted.
Im neuesten Equity Weekly der Erste Bank schreibt Daniel folgendes über AT&S:
Ausblick. Mit dem neuen Werk ist AT&S der erste führende IC-Hersteller,
der eine Großinvestition in den Kapazitätsausbau ankündigt, um die große
Angebotslücke bei IC-Substraten für die Chip-Produktion zu schließen. Die
damit verbundenen Bedenken einer Kapitalerhöhung wurden zerstreut, da
AT&S mit zwei Abnehmern Finanzierungsmodelle ausarbeiten wird. Die
neue Guidance deutet auf ein EBITDA von rund EUR 1 Mrd. in fünf Jahren
hin, was einer Vervierfachung gegenüber dem gerade publizierten EBITDA Wert von knapp EUR 250 Mio. für 2020/21 entspricht. Die aktuelle Marktkapitalisierung von AT&S beläuft ich auf rund EUR 1,4 Mrd., sodass wir weiteres Kurspotential für die Aktie sehen.
Warum nun AT&S so mies bewertet wird, hat sicher mehrere Gründe. Zum einen hat man in der Vergangenheit einfach nie vernünftige Cashflows generiert. Hier hat die Peergroup einen anderen Track Record. Diesmal scheint man ja auch mal in eine rentable Position rutschen zu können. Aber man könnte hier auch Vorbehalte haben. Warum sollte man nun ähnlich rentabel wie die Konkurrenz arbeiten? Das hat man noch nie - auch nur in homöopathischen Ansätzen - geschafft.
fix jetzt:
www.malaysianow.com/news/2021/06/10/...on-boost-to-pandemic-recovery/
The plant in Kedah is expected to generate 5,000 high-impact jobs.
Jun 10, 2021 2:40 PM
Leading circuits board maker AT&S has announced a RM8.5 billion investment for a plant in Malaysia, in a major boost to the economy as the country seeks to recover from the impact of the Covid-19 pandemic.
The Austrian-based giant which has factories in India, China and South Korea, is a global leader in high-end printed circuit boards and integrated circuit substrates, as well as a major parts supplier to global computer brands including Apple.
Despite the pandemic, AT&S recorded a double-digit increase in revenue and earnings for the 2020/21 period, with a record revenue of €1.19 billion, up 19% from the year before.
The plant at the Kulim Hi-Tech Park in Kedah will mark its debut in the Southeast Asian region, and is expected to create 5,000 high-tech and high-impact jobs once operations begin in 2024.
“No doubt, AT&S’ latest investment is a testament to the confidence of foreign investors in Malaysia’s economic prospects as well as the human capital resource available to cope with the high-tech demands of high-impact industries,” International Trade and Industry Minister Mohamed Azmin Ali said in a statement welcoming the company’s decision.
The decision was officially conveyed by AT&S CEO Andreas Gerstenmayer to Prime Minister Muhyiddin Yassin during a video conference yesterday.
Gerstenmayer said AT&S had been involved in “very intensive location scouting globally”, adding that Malaysia was chosen to push ahead its “More than AT&S” initiative.
“Beside the manufacturing of high-tech products, a significant number of R&D activities will be executed at this new location. Malaysia can benefit from its position as a technology country and can strengthen the region as a high-tech manufacturing hub in Asia,” he said.
AT&S chief operating officer Ingolf Schröder meanwhile described the Kulim Hi-Tech Park as the “perfect match” for its expansion plans.
This comes on the back of the latest figures revealed by the Malaysian Investment Development Authority (Mida) that the country recorded RM80.6 billion in approved investments in the manufacturing, services and primary sectors in the first quarter of this year, a 95.6% spike from RM41.2 billion in the same period last year.
Azmin said the AT&S project was the result of Mida’s engagements with the company since last November, as part of efforts under the Penjana scheme, or the National Short-Term Economic Recovery Plan, launched to restart the economy following the nationwide lockdown in 2020.
AT&S’ high-end circuit boards are used in mobile devices, industrial electronics, automotive applications as well as medical and health technology.
Meanwhile, Muhyiddin commended the international trade and industry ministry as well as Mida for their work in attracting investors.
“This investment announcement represents a key win for Malaysia in proving our efforts to source for high-quality investments from international companies.”
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