LG Display Reports Q1′08 Results

On April 10, 2008, LG Display (LPL) reported Q1′08 results, ending March 31, 2008, based on consolidated Korean GAAP accounting rules. The KRW to USD foreign exchange was set at KRW 998.60 per USD. Here are the highlights:

• Sales: Down 7% Q/Q and up 48% Y/Y to USD 2,753 million
• Sales Breakdown by Application: 44% LCD TV, 26% LCD monitor, 24% notebook PC, 6% Other
• Operating Profit: Up 1.4% Q/Q to USD 891 million
• EBITDA: Down 10% Q/Q and up 211% Y/Y to USD 1,618 million
• Net Income: Down 5.7% Q/Q to USD 725 million

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LG Display to Post Strong Q1 Results

It is just me or does there seem to be some unusually positive expectations for LG Display? It might be just me, but I think the financial community needs to curtail its expectations just a bit. For instance, John Soh, an analyst at Goodmorning Shinhan Securities, stated that “LCD TVs and notebook computers are becoming widespread globally, leading the trend. LG Display should see its best results ever this year.” That is a grand statement. I think 2008 will be at best a difficult year for most LCD manufacturers because of an uncertain US economy that will no doubt have negative reverberations throughout the rest of the world. Trust me, I would like to see results that show a strong global LCD economy and data-backed indicators that point to a strong 2008. But I don’t think that will happen. We are already seeing a weaker than expected Q1 for LCD TVs.

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Philips Sell 24 Million Shares of LG Display

On April 4, 2008, LG Display Co. Ltd. (LPL) announced that Royal Philips Electronics NV sold 24 million shares, reducing its equity share to 13.2%, down from 19.91%.

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LG.Philips LCD 15.4″ Non-stick LCD

On November 15, 2007, LG.Philips LCD (LPL) announced a LCD panel that is resistant to virtually any kind of dirtying by incorporating a similar principle that is used on non-stick frying pans. The prototype is a 15.4″ LCD geared for notebook PC applications and is resistant to dirt, fingerprints and even permanent ink can be easily wiped off.

LPL stated that standard panels have anti-glare films that tend to hold onto oil and other substances. An additional layer on top of the anti-glare film can eliminate the problem, but requires an extra manufacturing step in addition to incurring more cost. LPL is hush-hush about more details of its non-stick 15.4″ LCD but volume production is slated for 1H’08. I am sure LPL will apply its non-stick magic on other LCD sizes very soon. Although pen marks are generally not a problem for notebook PCs, I can see that semi-ruggedized notebook PCs for outdoor use can benefit from this development. Oh, and notebook PCs for kids would definitely last longer with a non-stick LCD solution.

Source: LG.Philips LCD