【出版时间及名称】：2009年11月韩国TFT-LCD行业研究报告
        【作者】：WOORI证券
        【文件格式】：PDF
        【页数】：35
        【目录或简介】：
TFT-LCD industry to pass through trough in 1Q10
– LCD panel prices, which have downtrend since October, are unlikely to
rebound in the near term, but the decline should slow in 1Q10, when the LCD
industry is expected to pass a trough in terms of monthly earnings.
LCD panel makers ill prepared to survive another mid- to long-term
recession
– We expect the LCD industry to pass a trough in 1Q10, as:
1) most LCD panel makers, including Samsung Electronics (SEC) and LG
Display (LGD), are expected to lower their utilization rates in 1Q10; and
2) in terms of demand, set makers should resume re-stocking in 2010.
– LCD panel production capacity expansion in 2010 is estimated at 13.5%, the
lowest ever, but area-based panel supply growth should rise by 3.4%p y-y to
18.1% thanks to a y-y increase in average utilization rates.
– LCD companies are likely to retrain from raising their utilization rates to precrisis
levels (mid-90%) given their current financial status and margins. Thus,
the limited utilization growth should be key to the LCD industry recovery and
supply/demand balance should be maintained, although the possibility of a
utilization rate hike is likely to linger.
Top picks for 2010: LG Display, Ace Digitech, Techno Semichem
– We recommend LG Display as our top large-cap pick for the LCD industry in
2010, as the company is expected to post relatively solid earnings growth and
market share expansion compared to peers, thanks to its rising market share of
major customers.
– We recommend Techno Semichem and Ace Digitech as our top small- to midcap
picks for 2010, as both companies are expected to benefit when LGD’s new
production line goes into operation in 2010.
– Meanwhile, we initiate coverage on Nepes. The company boasts a dominant
market presence in the domestic LCD industry and it also stands to benefit from
LGD’s new production line.