摩根斯坦斯七月份的LED电视研究报告

May 7, 2010
Hardware Technology
LED: From TV to Lighting;
Upgrade Epistar and
Everlight to Overweight
Investment conclusion: We upgrade Epistar and
Everlight to Overweight to reflect the faster LED lighting
adoption, which helps mitigate our prior concerns of
intense competition in the display backlight space
hurting profitability. We believe the market is
underestimating the speed of LED lighting take-off and
the meaningful contribution in 2010 onward. Of the two
stocks, we prefer Everlight – more product offerings
from components (packaged LEDs) to light
module/engine should bring ample revenue upside in
the long term, 2010-12e ROE should recover to the
previous peak of 20-22%, market expectations are low
and the stock is attractively valued at 12x 2010e P/E.