Welcome everyone to Far EasTone's 2021 First Quarter Earnings Conference Call. All lines have been placed on mute to prevent background noise. After the presentation, there will be a question and answer session. Please follow the instructions given at the time if you would like to ask a question. For your information, the broadcast replay will be available within an hour after the conference is finished. Please visit www.fareastone.com.tw under the investor relations section. Now I would like to introduce Mr. Gary Lai, the IR officer. Gary, please begin.
Good afternoon, everyone. Thank you very much for attending Far EasTone First Quarter 2021 Result Conference Call. Our President, Chee Ching, and CFO, Sharon Lin, both joined the call with us today. Before Chee's brief presentation, please kindly pay attention to safe harbor statement in the first page of our presentation. Maybe pass to Chee Ching.
Okay. Thank you, Gary. All right. Good afternoon, ladies and gentlemen. Thank you for joining us. We have very good first quarter to report. Let me start with mobile market in Taiwan, just a brief overview. As we are all aware, the total mobile customers in Taiwan has been pretty saturated, and we are looking at TWD 29.3 million. Slightly addition from the previous quarters. In terms of the mobile service revenue, I think a good sign of hope is, as you have been hearing, that we said mobile service has been declining. Finally, I think it showed a sign of turnaround or rebound, and this can show in the chart on the right. From the quarterly revenue, in TWD million, then you can see that in terms of the YoY.
In the first quarter 2021, the YoY believed to be -1.3% versus previous quarters. Excuse me. We were like in the 5% or even more percent as an industry. I'm happy to report that FET actually had the YoY turned positive in March, just the last month. Okay. Next page. In terms of the mobile service performance for FET specifically, even though the market has been very stable or relatively cold, we still manage to continue to grow our postpaid subscribers. For the first quarter, we have managed to grow 1% of the postpaid customers. On the other hand, for the churn rate, we hit another record low at 1%. This gives us a very stable base and then to grow our revenue and then to promote our 5G programs even more.
In terms of the ARPU on the right-hand side. As you know, FET has been leading in our ARPU for both paid and blended ARPU. Not only that, in March, we also have our blended ARPU YoY turned positive and ahead of peers, also three months ahead of our own original projection as we projected in our last IR call with you all. It's three months ahead of our original target. Okay. Talk about 5G. Our 5G adoption continues very steadily, still more than 90% of the 5G customers that they signed up for the higher rate plan, that is, the TWD 999 or TWD 1,399. The average monthly fee for renewal customers has shown more than 20% of uplift.
This is where we really have been looking for and expecting this 5G monthly fee uplift to help with our overall revenue. It is definitely doing its trick. Currently, we already have more than 6100 of our 5G NR stations deployed. The coverage nationwide is about more than 70%. For the metropolitan areas, that it is over 80%. For Taipei, it's close to 90%. We target the nationwide coverage to be more than 90% before the end of the year, and hopefully before the fourth quarter. In terms of our 5G performance, you probably have heard that FET has the best or the fastest 5G network in Taiwan, and we won it again the two times in a row, and it's certified by Opensignal and Ookla, respectively.
Also Taiwan moved up to number two worldwide in the 5G download speed. We definitely had something to do with that. We are happy to report. We definitely had a very good start with 5G, how we position ourselves in 5G is a winning position, and we are very happy about it. Okay. In terms of our new economy, we also showed a very strong first quarter and looking at 11% year-over-year growth. In the major growth areas that include the cloud resale. This is actually for both coming from our major subsidiaries, the cloud resale company, and then also for FET Cloud that we homegrown and then provided a service. It's also growing. Combined, we are looking at 48% year-over-year growth in the first quarter.
Our e-commerce, while it's small, still it shows significant momentum here with a 26% posted growth year-over-year. We continue to lead in our direct carrier billing area, it also shows a good growth for 12%. The media services continues to grow at 29% year-over-year. Some service highlights. 5G is new. Our marketing department has been very creative and innovative in terms of offering various services that are closer to our customers. For example, one major initiative actually is company-wide, so it's not just a marketing campaign. We actually see that as a major effort for us to get closer to our customers and to build better customer engagement. We kick off or deploy this customer loyalty program, which is also a platform that we call FET Mobile Circle.
It is already, since its deployment, that was in November last year, we had a soft launch. We already have 220 million downloads, we have more than 1 million active FET users. This definitely helps us to engage our users more. Because we offer quite a variety of services with discounts or with rewards, and we use FET points, where they can burn the points and use towards our shopping and some of the bills that they pay for FET services. This helps actually boost our shopping revenue as well because it can lead the user, the traffic, to our shopping. We see millions of TWD that they were able to convert into the sales for our friDay Shopping. Also, in terms of our video subscription, friDay Video, so our digital entertainment services.
Through this Mobile Circle engagement, we actually see thousands of increase in terms of the new acquisition of these new users. We are very happy with this loyalty program, which will continue to enrich the content and then also offer more things that our customers will need. This is a members-only, so it is an exclusive program for FET users only. We want our customers to feel they are special. Be a FET user. It is special. This is how we do it through this Mobile Circle. We have a couple other campaigns, like we have a gaming program. As we know, the gamers, they are usually very loyal, and then they demand high quality of network, which we do provide good quality of network service. They tend to use high-end kinds of devices. We have this program.
We partnered with NCSoft, the mobile gaming Paradise 2M. I have to admit, I'm not a gamer myself, so then we have a picture on the side. Hopefully, some of you recognize that. Apparently, as I was told, that was a very famous game. It's a very popular game. We have some promotion going on using this partnership with Paradise 2M. We have this Mazu pilgrimage. This is a goddess, right? A local goddess. Actually, this is one of the most popular religious events in Taiwan. We actually have a special package provided for customers who would sign up for our 5G program, like a 13-month plus. This is only for the local customers that are in the central Taiwan area. It's specifically designed for the customers there. We actually got half of the takers were non-FET users.
That was a very good acquisition, the new acquisition. It was all good. Also we have unveiled Taiwan's first real 5G smart factory. It is co-built by us and Delta Electronics and Microsoft. This event took off in, I think, in March in Kaohsiung, and then actually see the smart manufacturing in work. You see how they use the 5G connectivity to direct their automation within the factory. It's very amazing. We were hoping to use this as a real-life demo, and then that will attract more interest from the rest of the manufacturing industries. Although every industry has different model, but then in terms of the need and the kind of flexibility that 5G, and then reliability that 5G could provide over the Wi-Fi, that is universal. That is the same.
We do see that in the manufacturing area, that we do see more opportunities with the 5G private network offering. Okay. Also again, in our telemedicine, as we are number one ahead of our peers, and probably the only one that is really making significant progress. We are recognized by our Ministry of Health and Welfare for our efforts in Taichung. The government actually has made Taichung an exemplary case and then asked the other agencies to follow the same suit. For all the hard-to-reach suburbs areas, that they will all follow the same model. The government is having the budget allocated for those areas to also be equipped with 5G telemedicine kind of capabilities.
We are definitely an incumbent and the major player there. We see at the same time, not only we're expanding the areas where telemedicine is available, and also the type of telemedicine services, the kinds of special areas that it can cover, that it is also expanding. My team is, or my product manager, is working very diligently with the medical device vendors or manufacturers, and to find the right kind of equipment, and with the doctors to expand the kind of services that telemedicine can cover. It is very encouraging and very rewarding experience working with our 5G, and to help with the telemedicine, and to help balance the resources between the urban and the rural areas. Okay.
Then we have some awards and some recognition we received year to date, including that we were ranked top 5% corporate governance company, and that is evaluated by Taiwan Stock Exchange. It is for seven years in a row. Also, we were granted the S&P Global Silver Class in The Sustainability Yearbook 2021. Also, many thanks to probably some of you, if not all of you, for voting for us and for myself. So we are really flattered and pleased and very humbled that we were awarded Best CEO and Best Investor Relations by FinanceAsia. We just found out a couple of weeks ago. That was a really pleasant surprise. Then thank you all for your support, and we will continue to do better. Okay.
We also won the 2021 Smart Taipei Innovation Award from Taipei City for our smart park project. That is using 5G to help those device makers to actually do all kinds of testing, the network entry testing. We provided the site and then with the good 5G coverage for them to do that. Also, for our 5G launch commercial, the TVC we worked with the Merry Go Round company. It's a small agency that we picked kind of in the last minute, but then it really worked out. We won this A' Design Award 2021, and it was a very special global award, and we are really happy with the recognition. Also, we received Best Innovative Marketing by the Excellence Magazine. Okay. With that, I'm going to pass it to our CFO, Sharon Lin, for the financial update for you guys.
Thank you, President Chee. Good afternoon, everyone. Let me go through the financial performance for the first quarter. The total revenue for the first quarter is TWD 20.8 billion, 7.5% year-over-year growth due to the good iPhone 12 sales and the ICT project delivery. EBITDA for the first quarter is about TWD 6.8 billion, achieved 102.5% of the guidance, 3% lower year-over-year due to the higher 5G handset bundle subsidy and decreasing voice revenue. Moving to the next page, it shows the Q1 financial result comparing with our guidance. The total revenue for Q1 is TWD 20.8 billion. The achievement rate is about 103%. Besides 5G good adoption, also helped by the better new economy revenue such as ICT project, media sales, and the retail business. Operating cost and expense for Q1 is TWD 18.45 billion, 102.6% of the guidance due to the higher revenue.
Q1 EBITDA is TWD 6.8 billion. The achievement rate is 102.5% from the better revenue margin and the cost spending. With lower funding costs than our original plan, net income for the Q1 is TWD 1.8 billion. Earnings per share is TWD 0.56. The achievement rate is about 110%. Please turn to the next page for the first quarter key financial indicators. As of the end of the March 2021, the ending cash is about TWD 4.5 billion. The total borrowing is reduced to the TWD 69.9 billion. Net debt is TWD 36.9 billion. Net debt to EBITDA is 2.33 and in a downtrend. Free cash flow for the Q1 is TWD 3.9 billion. Cash CapEx is about TWD 2.2 billion, and it is aligned our plan. Thank you for your time. Let me turn the presentation to President Chee for the ICT second quarter priorities.
Okay. When we talk about second quarter priorities, they surely it's going to be our year-long priority. We will continue to deploy more 5G stations, and we are looking at to have more than or around 9,000 or so before the fourth quarter. Our network coverage nationwide will be 70%+ to 90%+ in fourth quarter. We will accelerate our 5G adoption or penetration. We will promote our 5G new services. We are making some differences and some changes in our current offers. We already are seeing very encouraging increase of our daily sales in terms of the 5G signups. Very encouraging. We will grow our new business in smart city, smart manufacturing, and smart telemedicine area.
That is our three major areas in the new economy, and that will make good use of our 5G and also our IoT solutions, also the AI and the big data, which are the main areas that we have been focusing on. We are awaiting the Fair Trade Commission's approval for our joint effort with APT Telecom for the 3.5 GHz spectrum sharing. We already got approval from NCC, so we are waiting for the Fair Trade Commission's approval. They are collecting information as we speak, hopefully soon they will start a formal review, and then we should hear in a couple of months for their final read on this. We will continue to drive down our operations cost, and of course, we will continue to improve our customer satisfaction.
By use of our FET Mobile Circle, we'll continue to serve more services that is to our customers' liking. We do some segmentation analysis and then do personalized recommendations using AI. That will help us improve. For every customer that will log in or sign in to the FET Mobile Circle, they will have different experience. Whatever information we push out to them will be more helpful to them than just a plan X. Okay? Also what's coming soon is our annual shareholders' meeting that will be held on June 23rd, 2021. Okay. With that, I conclude my presentation, and then we welcome your questions.
Yes. Thank you, President Chee. Ladies and gentlemen, we will now begin our question-and-answer session. If you have a question for any of today's speakers, please press zero one on your telephone keypad, you will enter the queue. After you are announced, please ask your question. If you find that your question has been answered before it is your turn to speak, please press zero two to cancel the question. Now please press zero one to ask the question. Thank you.
The first to ask question is Neale Anderson, HSBC. Go ahead, please.
Hi there. Thank you. Good afternoon. I've got two questions, please. The first one relates to the 5G, in particular, the postpaid return to growth, which I think you said there has happened about three months earlier than planned. What I'd like to ask is, what has changed since you made that estimate? Is it faster adoption of 5G? How does that affect your revenue and EBITDA for the remainder of the year? You said that EBITDA was a little bit lower on higher bundled plans, and presumably the year-on-year comps get a bit easier because of the roaming in the second, third, and fourth quarters. That's the first question. Just trying to understand that.
Okay. I got the first question. What was the second?
The second question is on the roaming, I'm sorry, the spectrum sharing deal with APT. My question is whether you expected it to take this long to get the Fair Trade Commission's approval. Assuming that approval does come through, does that mean you can start to work with APT immediately? Are there things that you and APT need to set up? There will be a little bit of a time delay before you actually implement that. Thank you.
I got it. All right. Thank you for clarifying your question. Sure. For the number one question, the one that we said we are three months ahead of our own projection, is the blended ARPU. First of all, when we do the initial projections, we tend to be more conservative. Secondly, we do see in terms of the bundle rate, right, we have more bundle sales and also the percentage of users that sign up with a higher rate plan. That is also better than our initial estimate. These contribute to the better outcome or the sooner than we expected. Okay. That is the first question. For the second question, according to the policy for the Fair Trade Commission, once they start an official review of the case, they have two months is their KPI.
They need to close the case and then provide a ruling or their recommendation before the end of two months. They have two months to do that. That's why I'm saying I hope they will start the official review soon. Once they feel they have got enough information, before the commission reviews it, there are, of course, a working staff that is previewing the documents that we send and then say, "Well, maybe send this and that." This is what they are doing. We have provided what they recently asked for, and we haven't heard from them, hopefully they will start that process soon, if not already. From that point on, it should be at most two months, then we will hear from them. To your question, once we hear them, we didn't just wait.
The network team from two companies have been experimenting, actually doing the construction and getting where things need to be connected. We already have more than 200 stations where the connection is already done. They are standing by. Once we get the official approval, we can just turn it on overnight. It is that soon. There is no further delay, we get them well-started. No, we already ready. We are ready for this to start. Of course, there is some kind of service the APT team may need a few days to get their services, whatever. That I cannot really speak for them. In terms of network readiness, we are ready for that. It can be turned on. Okay?
Got it. Thank you.
Did that answer your question? Okay.
Yes. Sorry, just to clarify on the first one. The EBITDA or the profit implications, you're selling more higher value plans than expected, which is great for profitability over the life of the contract. But in terms of timing, does that imply a little bit more near-term weakness? Or not weakness, but pressure on EBITDA?
The timing. Well, I guess the fact that I think in terms of the competition or the market so far has been reasonable. I think that also helps. Because 5G was new, I have to say, when my team, they were doing the projection, and my CFO was giving me the projection, they usually want to end more. It's only like a third quarter, right? I will push for more. As it turned out, we would actually do better than we initially have planned for. I think the market being not crazy, that certainly helped.
Got it. Thanks very much.
Sure.
Next we'll have Sara Wang of Morgan Stanley for questions. Go ahead, please.
Thank you for the opportunity to ask questions. I have three questions. The first one is on first quarter result. It beats the guidance. Would management please share what's the surprise? Is that mainly from the 5G, or we also see some positive surprise from the ICT side? The second question is on the 5G ARPU lift. Just want to get the definition of more than 20% uplift. Is that apple to apple, meaning the same person, like previously, they pay, or the same person, they pay 20% more before and after migrate to 5G? I recall this number, it's higher than previous, say 15%. Is that because?
Right.
Yeah. Is that because 5G pricing is the same, but we're seeing more lower ARPU customers migrating to 5G? The third question is that, so far it seems the 5G adoption or uplift in Taiwan is quite encouraging. Given Far EasTone, our 5G network quality seems to be better, download speed better, and also spectrum bandwidth is also more sufficient than peers. Do management see any further upside from the 5G, either consumer or enterprise? Do we see any divergence in the 5G performance going forward compared with peers?
Okay. Thank you, Sara. I think there are three questions. The first is our revenue that is beating our own board target, right? Yes, this is contributed by our good growth with the new economy. On the telecom side, we do see more bundled sales and with the higher rate plan. I have to say at the same time, because the iPhone, right? iPhone continues to be very attractive, very popular, and iPhone is higher priced. If you're from the revenue side, so that does make it look even better. For the above the target performance, I would attribute to both the new economy growth and also the strong bundled sales with 5G. iPhone certainly is the choice of the consumers, the major choice of the consumers at the time, and then that helps uplift the revenue as well.
The second question you were asking about the uplift. You were definitely right. As we started when we first launched 5G, our top tier of users that we want to start attracting are those already are high rate plan because they are less price sensitive or their affordability is high. They want to try the new thing. They're already on the higher rate plan. When they change to the TWD 1,399, there is uplift, but still not as much. As we finish with that tier, that batch, right, you go down to the next tier. Yes, you have more consumers with a lower rate plan currently. Once you are successfully moving them or upgrading them to 5G, you see a bigger uplift. You're definitely right there.
The way to calculate it, you are also right, this is the bunch of renew customers before 5G, their current rate was so much. The average rate plan for the monthly fee for this bunch of renew customers is so much. After this upgrade for the same set of the customers, what the new average of a monthly fee. The difference is the uplift. That's how we calculate it. Okay. The third, I think you were asking since we have very good high premium network, we do good optimization, and we did a lot of technology-oriented optimization. We use AI big data to make our network very efficient, also best performance. We do see that as an advantage in our attracting the consumers, right?
Use that Mazu pilgrims, like I said, I would think, we actually half of the takers of the package were new customers. I believe not because of the religious event itself and the offer itself is very innovative. We actually took the scene to the incense burner, that is like a bless, right? That has been blessed, that is the package. We only have a limited edition for that. The new customers that we were able to get, they were not FET customers. If we did not have already a good reputation with our premium quality of our network, we wouldn't be able to do just that.
Definitely the quality of network, as we see in a lot of the marketing analysis or the user insight, network is one of the most, if not the most important factors in terms of determining the consumer's choices. The quality of the network definitely is very important. We do see that as our advantage, and we are riding on that momentum as we have won this number one 5G network two times in a row again, right? We are working really hard. On the enterprise side, the 5G quality and then the coverage, both are very important to provide reliable 5G service for industry, whether that is the telemedicine or that is for private network, 5G network. The quality of the network, it does matter.
As we will see more applications, consumer applications that will be available on our cell phones, people will, consumer will really see it is necessary to have a 5G service because otherwise your other new applications will be compromised, your experience will be compromised. We do see that, our advantage with how we build the network and then the investment we made in our network and our NT team's diligence and their innovation in this area, that will continue to be a driving force for us to do well with 5G.
Thank you. Just two quick follow-up questions. First, on the 5G consumer sentiment or momentum we saw recently, so do you think the ARPU, this will even further widen going forward, meaning are we seeing consumers willing to pay for the high-speed 5G services? Were actually some of them still think the pricing is quite expensive, and then we expect the ARPU will be relatively stable, at least targeting the same pricing tier customers for some period of time going forward? The second question is on the 5G enterprise side. You've mentioned there's several applications, smart cities, smart manufacturers, smart telemedicine. Are these customers mostly public sector customers or private sector customers? Do we see any early business model, basically how we charge them?
Also like for example, in this year's guidance, have we like take that into account, say, incremental revenue contribution from the 5G enterprise applications?
Okay. All right. The first question is about ARPU, right? ARPU is an average. The more customers upgraded to 5G with more uplift, of course this ARPU will only be getting better and better. That will be continuing to improve. We already have more than 10% of penetration for the postpaid subscribers. That is with the recent boost I'm seeing, I think very soon, this percentage will increase very soon. That will only help the ARPU even more just because how ARPU is calculated. We are kind of changing the pool, right? You shift more 4G consumers to 5G with the higher rate plans, this will just help the ARPU totally.
On the other hand, because the 4G network is congested, that's why I said when the consumer say, "Well, I have 4G phone, that is already enough." I say, "Well, enough for them." For us, the carriers, I believe for my peers, that's also the case. In order for us to continue to maintain good quality of the network experience, we have to continue to invest if our users stay on 4G network. Since now we have built 5G networks, and then with the more than 70% coverage, very soon, before the end of the year, it's going to be 90%. There's no reason why we wouldn't better utilize our 5G network for more users to upgrade to 5G, and that will help relieve the congestion on 4G as well. That is a win-win situation.
We need to look at it both ways. Moving more 4G users to 5G is a good thing. The users will definitely have better experience as well. We actually see from our third-party survey for our customers, the customer satisfaction score for those that we survey the 5G users, the average satisfaction actually is higher than the 4G users. It is just a fact. 5G is better if people only have the chance to use that. We will have more creative offers then to encourage people to try. Okay. I think you were asking about the pricing models, right? Kind of like for the enterprise. Yeah. First of all, for the smart manufacturing, that is mostly mainly private sector.
Again, when it's a smart city, and then a lot of, if not all of it, I should say smart city in most cases, if not all of it, is from the government, right? Whether it's a central government or local government, they have the funding to fund various projects that is smart city related or smart government. We actually have some government agencies doing some big data and then needing some data platforms, those kinds of projects, and we got those as well. Telemedicine is a combination because, as medical area, it's also restricted, right, or it's heavily regulated. The government will have the policy on the insurance, on the reimbursement, things like that.
They set regulation, they set the policy, like all suburb areas will need to have for those underprivileged residents and all that, they need to have same access to the medical resources. They have this program that for all the 400 or so, they identified the counties that they will be given this kind of a 5G telemedicine service, right? That is really the government's doing, and also part of it is also for the hospitals, right? For the hospitals to participate in these telemedicine programs, they need to be able to use some kind of communications program, and that's what we provide. We actually, FET, has a telemedicine communication platform that we built with our software.
The remote doctors in the far end hospitals, in the urban hospitals, and also the local health centers, medical personnel, and also the patients, they can all combine and communicate on the platform, upload the image that is taken from the local health center for the patient with the telescope. Those kind of image uploads through this communication, and when the far end doctor can see it right away. Just as if they see the patients in person. Those kind of communication capabilities, real-time, no latency, and then the good resolution to see these things clearly, and those are the capability we provide as part of the telemedicine service. In terms of pricing, or where we actually would make our money.
If you think about it, first you need to deploy the 5G, and there is some infrastructure you have to build. Some of them we use part of our macro network, but still for the specific health center, we may still need to provide some telecommunication infrastructure. There is some initial construction service fees that we may get, but then in terms of the telecommunications or the communication program, the software that we build or the platform, we do the license. You can do the license by the hospital, like it's a MA kind of thing, unlimited use, or it's a per license per doctor.
We have different kind of models that are being worked, since this is the beginning, eventually when the telemedicine service is also granted for urban folks, we can charge the patients with some convenience by using the application we provide. There are actually quite a bit of different opportunities where we see the monetization is feasible. Not to mention the kind of CSR benefit this service will provide. Okay. For smart manufacturing, this is the initial construction because it's not just construction. You really have to design a robust network, right? 5G network, the connection to make sure what they need to do in the factories or in the different floors, for example, can be all covered. There is that initial design phase and where our team will need to come in.
It's kind of like a network planning, network engineering. There is an initial setup fee, and then once we put our equipment there, usually they will pay us like an OPEX, right, monthly service fee for paying continue to use the private network. There's also the managed service part. If they want us to manage their private networks proactively, instead of just calling us when some hardware crash or whatever. There's a managed service model as well. It all varies. For each of them, we will work with our clients, and we have very flexible pricing committee, and then we will see what a user's needs are. As this is all new, and then we are also learning what may be a better model that works better for some kind of customers in some vertical versus the other.
We have actually pricing committee formed just for the 5G private network as we were deploying this. We have that foresight, seeing this is new and we are learning it and we want to be agile, so we put a pricing committee together. This won't take long when we interact with our clients. In summary, Sara the pricing for these smart industries, different kind of service, it all varies. You probably next question you're going to ask me, what about the margin? Okay, the margin varies too, right? Margin varies too in the audience.
Got it. That's really comprehensive. Thank you.
Okay.
We're now in question and answer session. If you would like to ask a question, please press zero one on your telephone keypad. Thank you. We thank you very much for all your questions. There are currently no questions at this point. I'll pass the call back to Mr. Gary Lai. Gary, please proceed.
Chee.
Okay, I have just a departing remark for our audience here. As we said in our last IR call, when we announced our dividend, that will be still TWD 3.25. We said, because we see that we believe we have hit the bottom, right? I think the worst has passed. The first quarter performance certainly is reassuring. We believe that we will continue to do good, to do well. Looking for a strong year ahead of us. For what we have seen so far, it is very encouraging. Thank you for your support. If there are questions you didn't get a chance to ask, our IR team is always standing by, and then feel free to reach out to them or myself. Thank you.
Thank you again. See you next quarter. Thank you. Bye-bye.
Thank you.
Bye-bye.
Ladies and gentlemen, we thank you for your participation in Far EasTone's conference. There will be a webcast replay within an hour. Please visit www.fareastone.com.tw under the investor relations section. You may now disconnect. Goodbye.