PRINTED CIRCUIT DESIGN & FAB / CIRCUITS ASSEMBLY SEPTEMBER 201238

NTI-100

RANK CO. COUNTRY 2010 2011 COMMENTS

1 Unimicron Taiwan 2,179 2,453 Includes Subtron, Ruwel & Clover in full

2 Nippon Mektron Japan 2,106 2,314 New plant under construction in Suzhou

3 Ibiden Japan 2,110 2,149 2nd HDI plant under construction in Malaysia

4 Zhen Ding Taiwan 1,150 1,512 Aiming to be the world No. 1

5 Tripod Taiwan 1,370 1,396 Plant in Xiantao under construction

6 HannStar Board Taiwan 1,148 1,391 lncludes GBM PCB Group

7 TTM Technologies US 1,366 1,390 Shanghai IC Substrate plant completed

8 SEMCO Korea 1,282 1,385 Kunshan HDI started to contribute revenue

9 Nanya PCB Taiwan 1,158 1,324 Kunshan Phase III bldg almost completed

10 Young Poong Group Korea 978 1,204 Interflex built an 8-story FPC plant in Ansan

11 KB PCB Group HK/China 1,122 1,046 Slight setback in 2011

12 Shinko Denki Japan 1,003 1,034 A new flip-chip plant under construction

13 CMK Corporation Japan 968 1,010 Thailand plant running well

14 Daeduck Group Korea 800 955 IC substrate business is doing well

15 Sumitomo Denko PC Japan 700 927 45% goes to Apple

16 Multek US 680 870 Striving to be the next $1 billion maker

17 Viasystems Group US 806 866 Bought DDi in May; $1,129M prorated

18 M-Flex US 791 832 Apple seems to take 75% of output in Q1 2012

19 Kinsus Taiwan 676 776 Suzhou IC substrate plant will contribute

20 Meiko Electronics Japan 833 774 2011 earthquake/tsunami affected FY2011

21 Compeq Mfg. Taiwan 738 754 Chongqing HDI plant to be operational Q12014

22 Wus Group Taiwan 663 735 New plants almost completed in Kunshan

23 AT&S Austria 676 715 New HDI plant in Chongqing operational in Q4

24 Fujikura Japan 778 601 Restructuring after disastrous Thai flooding

25 Gold Circuit Taiwan 519 579 Fire at Changshu plant affecting 2012

26 Taiwan Techvest Taiwan 482 570 Building plant in Chengdu

27 Simmtech Korea 520 554 New plant in Xian is operational

28 Nitto Denko Japan 573 546 Building plant in Ho Chi Minh

29 Chin Poon Taiwan 527 542 Automotive applications exceeded 50%

30 Unitech Taiwan 407 534 World Class HDI new plant in Ilan, Taiwan

31 PID (Panasonic) Japan 456 528 Built two new ALIVH plants in Taiwan & Vietnam

32 Hitachi Chemical Japan 471 504 Singapore exports 80% to US customers

33 Toppan NEC Japan 396 484 New plant under consideration

34 LG Innotek Korea 612 475 Quit high layer MLB, a supplier to iPhone

35 Ellington HK/China 390 430 New plant has been discussed

36 Dynamic Taiwan 394 397 Emphasis on HDI

37 Career Technology Taiwan 325 390 Apple work seems to be more than 20%

38 Kyoden Japan 444 390 Thai subsidiary expanding

39 MGC Group Japan 340 390 JCI and Tai Hong Industry

40 Kyocera SLC Japan 260 390 Some subcontracting with Shinko Denki

41 Sanmina-SCI US 380 366 Second plant in Wuxi ready

42 Fujitsu Interconnect Japan 296 364 Vietnam considering expansion

43 Isu Petasys Korea 307 345 Bought 51% stake of HK-based Tat Chun

44 SI Flex Korea 314 344 Expanding in China

45 Founder Technology China 258 339 Built new HDI plant & QTA plant

46 ASE Taiwan 320 320 Not much change

TABLE 3. NTI-100 World Top PCB Makers in 2011 (US$ millions)

39SEPTEMBER 2012 PRINTED CIRCUIT DESIGN & FAB / CIRCUITS ASSEMBLY

NTI-100

RANK CO. COUNTRY 2010 2011 COMMENTS

47 Shennan Circuit China 256 320 Into IC substrate business

48 CCTC China 255 305 Expansion under consideration

49 3CEMS Taiwan 368 288 Restarts in 2012

50 Shirai Denshi Japan 256 286 Sold 450 Vespers (AVI) so far

51 Elna Japan 247 274 Expansion in Malaysia mothballed

52 Boardtek Taiwan 210 266 High-end products

53 APCB Taiwan 233 266 Thai flooded plant is recovering

54 DDi US 268 263 Sold to Viasystems Group Inc in May

55 Flexium Taiwan 148 258 Apple job seems to be more than 20%

56 Daisho Denshi Japan 220 253 High-end IC packages doing better

57 Wuzhu Group China 165 240 Expanding in HDI

58 Gul Technology Singapore 196 237 Automotive applications

59 KCE Group Thailand 230 237 Flood recovery & a new plant

60 Shye Feng Group Taiwan 215 228 APEX had $173 million revenue

61 A-Plus Taiwan 210 220 Not much change

62 Ichia Taiwan 178 212 65% is estimated to be FPC

63 Kunshan Huashing GP China 105 207 What made this grow?

64 Kyosha Japan 187 203 Majority of revenue comes from overseas

65 Redboard HK/China 144 203 HDI and FPC in Jiangshu plant

66 Kinwong Electronics China 180 199 Major metal core player

67 DAP Korea 180 193 HDI for Samsung Electronics

68 Eastern Japan 210 187 Specialized in thin IC substrates

69 Würth Electronics Germany 219 182 Specialization

70 MMM (3M) US 210 180 No one knows scale of Singapore operation

71 Flexcom Korea 137 159 Vietnam doing well for Samsung

72 Xinda PCB Mfg China 108 154 Good growth

73 Samsung Techwin Korea 126 153 New to the author

74 Liangdar Taiwan 143 152 Growth from its China operations

75 Yang An Taiwan 156 151 Now under Taiwan Techvest (TPT)

76 Jiangsu Suhang China 126 151 Steady growth

77 Biloda Taiwan 140 150 Don't know much about this maker

78 Shenzhen Fast Print China 119 148 Building a huge plant in Yixing near Wuxi

79 Schweizer Germany 144 147 About $10M from Meiko

80 Topsearch HK/China 160 146 Kingboard Chemicals owns a part

81 Onpress PCB HK/China 138 145 Gold plated products specialist

82 Shenzhen Sun Tak China 115 145 A new plant in Jiangmen and going public

83 Shinko Mfg. Japan 130 143 Subsidiary of Sumitomo Mining

84 Tigerbuilder China 109 140 HDI specialist for local cellphone makers

85 Bomin China 88 140 Growing and building a new plant

86 Micro Circuit System Japan 220 140 CoF specialist, going out of business

87 BH Co. Ltd. Korea 79 139 Mid-size Korea FPC maker

88 Yamamoto Mfg Japan 123 138 High layer count MLB maker

89 STEMCO Korea 175 136 CoF business declined in 2011

90 Aoshikang China 108 136 Steady growth

91 Sanwa Circuit Japan 103 135 Four plants in Japan

92 Plotech Taiwan 119 129 Emphasizing HDI

TABLE 3. NTI-100 World Top PCB Makers in 2011 (US$ millions) (continued)

PRINTED CIRCUIT DESIGN & FAB / CIRCUITS ASSEMBLY SEPTEMBER 201240

tion capability both in technology and volume by adding a number of advanced laser drilling machines. Its US side of the business seems to be holding steady. Given the amount of investment in China, TTM’s future growth will come mainly from Chinese operations (TTM Asia Pacific, the former Meadville Technology).

Semco (Samsung Electro Mechanics Co). Semco ben-efited from high demand for Galaxy smartphones and tablets made by Samsung Electronics. However, 70% of its revenue came from IC substrates, flip-chip and wirebond types. Its Kunshan subsidiary, which makes buildup MLBs, also made a small contribution. In 2012, Semco is aiming at 1,900 bil-lion won in revenue ($1.73 billion at 2011 exchange rates).

Nanya PCB. About $400 million of Nanya PCB’s revenue was derived from its Kunshan subsidiary, which has almost finished construction of a four-story PCB Plant 3 intended for wirebond IC substrates and for buildup MLBs. Nanya seems to be doing poorly in the first half of 2012, with a revenue decline of about 20% compared to the same period last year (parent only). Expected gains in the second half will hopefully compensate for a weak first half.

Young Poong Group. YP Group consists of Korea Cir-cuits, Terranix, Interflex (FPC) and Young Poong Elec-tronics (FPC). The combined FPC revenue of Interflex and Young Poong Electronics was $722 million, fourth largest in the world after Nippon Mektron, Sumitomo Denko Printed Circuits and M-Flex. Interflex’s gigantic eight-story building is completed in Ansan City, Korea, next to the head office of Korea Circuits. This plant will contribute greatly to the future revenue growth of YP Group. Buildup MLBs made by Korea Circuits are sold mainly to Samsung Electronics.

KB PCB Group. Kingboard Chemical’s PCB group consists

of Elec & Eltek, Techwise, Evertek, Glory Faith, Top Faith and Express Circuits. Due to rising material costs and stiff price competition in the market, KB’s revenue was slightly below that of 2010. However, KB is in expansion mode, building huge plants for Elec & Eltek in Yangzhou (north of Nanjing), whose total production capability is planned to be 10 million sq. ft. per month when all five buildings are finished. Evertek in Kunshan is planning a four-story plant for buildup MLBs. Elec & Eltek Thailand was spared from the flooding last year. Top Faith seems to be building a new facility in Qingyuan, Guangdong Province.

Shinko Denki Industry. One of the major flip-chip package substrate makers (with Ibiden, Nanya PCB and SEMCO) for Intel chips, Shinko Denki, is building a major substrate plant in the city of Takaoka, Nagano Prefecture, for next-generation chips.

CMK. CMK’s revenue fell 10% in Japanese yen, but thanks to the rising yen, it remained in the NTI-$1B Club, which had 13 companies in 2011, up two from 2010. CMK was the largest automotive PCB maker in 2011, with revenue of $530 million, well ahead of No. 2 Viasystems. It expects that 60 to 65% of its revenue this year will come from automotive applications.

Daeduck Group. Daeduck Group consists of Daeduck Electronics and Daeduck GDS. Daeduck Electronics has two subsidiaries: APERIO, a maker of IC substrates, and Dae-duck Electronics Philippines. GDS has a plant in Tianjing, which is rumored to be shut down. Its major customer is Samsung Electronics. Samsung is planning to ship 420 mil-lion cellphone units in 2012, of which 190 are to be Galaxy smartphones. Daeduck will benefit from this and is likely to join NTI-$1B Club in 2012.

Sumitomo Denko Printed Circuit. Several “Sumitomos”

NTI-100

RANK CO. COUNTRY 2010 2011 COMMENTS

93 Victory Giant Tech China 95 126 New entry

94 Hitachi Cable Japan 156 125 Getting out of CoF

95 NTK Japan 130 125 Selling flip-chip business to Nanya PCB

96 MFS Singapore 138 125 Not doing well

97 Sun & Lin Circuits HK/China 93 113 New entry, two Singaporean owners

98 Brain Power Taiwan 126 112 Declined due to poor PC performance

99 Tat Chun HK/China 114 110 51% sold to Petasys May 16, 2012

100 Oki Printed Circuit Japan 92 108 Bought PCB operation of Tanaka Kikinzoku

101 Aiko Kiki Japan 91 107 New entry

102 Elvia Group France 77 105 New entry (bought Cire Group)

103 Shin Asahi Denshi Japan 92 100 New entry

104 Sumitomo Metal Ind Japan 96 100 New entry

NTI-100 Total 44,328 48,434 2011/2010 growth: 9.26%

Square = Largest revenue gain Circle = Largest increase, by percent

TABLE 3. NTI-100 World Top PCB Makers in 2011 (US$ millions) (continued)