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CE leadership depends on parts differentiation, sourcing 3
Relative edge in panel technology and sourcing will drive LCD-drive CE market 3
A series of new product launches to boost brand value 3
Parts’ importance confirmed in the past Japan-led CE market 4
Domestic players to reinforce leadership with LCD TVs 6
Differentiated panels will help SEC and LGE expand their CE presence 6
Leadership in AM-OLED TV market 7
LCD TV leaders forecast to yield an operating profit of 6-7% 7
Structural factors help overcome won appreciation 10
Market share to continue rising even with a rising won 11
Product competitiveness vs Japan 11
Won decline unlikely to affect profitability 13
Top picks: Samsung Electronics, Samsung SDI, Cheil Industries and Cheil
Worldwide 15
Samsung Electronics: Target price raised to W1,050,000; reiterate Buy 15
Samsung SDI: Benefiting from the secondary battery and AM-OLED market upswing 15
Cheil Industries: Topline growth on polarizer business growth 15
Cheil Worldwide: Take advantage of recent weakness 15
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- Samsung Electronics: Buy, target price raised to W1,050,000 16
- LG Electronics: Reinstate coverage with a BUY and TP of W160,000 27
- LG Display: Buy; raise target price to W41,000 33
- Samsung SDI: Buy, target price raised to W220,000 from W200,000 37
- Cheil Industries: Reinstating coverage with BUY, target price W63,000 42
- Cheil Worldwide: Take advantage of recent weakness: BUY, TP 350,000 55
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Appendix: AM-OLED technology 61
Catch phrase “AMOLED”, the new corporate value booster 61
AMOLED produced from similar materials and processes as LCD 62
AMOLED wants longer-lived organic matters 64
Analyst team profile 67
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