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Gathering critical mass. We believe that the e-paper industry, while still
very young, is fast approaching the time when penetration levels can take off
exponentially. A number of applications/products are reaching critical mass.
E-paper offers several advantages in certain applications over existing flatpanel
technologies, with the most visible products being Amazon’s Kindle
and Sony’s E-book.
■ Significant growth ahead. E-paper is a display technology that replicates
the appearance of ordinary ink on ordinary paper. It is different from, and
considered superior to, the standard flat panel display in several aspects:
1) better lighting; 2) lower energy use; and 3) smaller size. We believe the
e-paper industry is on the verge of growing rapidly, as some of the
applications gather critical mass.
■ Report outline. In this report, we discuss the various technologies in
e-paper production, leading companies in the industry, potential market size,
as well as investable ideas for public market investors. As is usual in
discussing a technology that is still developing (where most of the key
players are not listed), this report will be more descriptive than analytical.
■ Investable ideas. We are currently restricted on Prime View International,
which has direct exposure to the e-paper market. We do highlight Delta
Electronics and AU Optronics as two other investable ideas in the sector.
We believe the prudent investment strategy for public market investors in
this sector is to look at established players in other industries that are
venturing into e-paper. Their exposure in this emerging field should be seen
as an additional reason to maintain a positive investment view.
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