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【出版时间及名称】：2010年3月韩国半导体和LCD设备行业研究报告
【作者】：SHINHAN证券
【文件格式】：pdf
【页数】：35
【目录或简介】：
Contents
1. Valuation and investment strategy
3
2. Investment point
2-1. Capex investment by chipmakers and LCD manufacturers brightens chip
equipment market conditions
2-2. The growing trend of equipment localization
2-3. The growing complexity of finer processes; LCD investment rush in China
2-4. New growth engines revving up: LED, AMOLED, solar cells
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3. Company analysis
Eugene Technology (084370 KS)
KC Tech (029460 KS)
Jusung Engineering (036930 KS)
EO Technics (039030 KS)
Hanmi Semiconductor (042700 KS)
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Spring is in the air
Capex ramp-ups brighten the operating environment Semiconductor
and LCD equipment makers’ upside earnings momentum will likely continue
throughout 2010 because the combined facility investment by Samsung
Electronics (SEC), Hynix Semiconductor and LG Display (LGD) is estimated to
jump 42.3% from W11.1tr in 2009 to W15.8tr in 2010. Semiconductor
equipment companies’ sales growth will likely beat their LCD counterparts’
as semiconductor capex spending is expected to soar 69% YoY to W9.3tr
this year, while LCD industry capex is seen increasing 16% YoY to W6.5tr.
Increasing localization raises vendors' outlook Korean semiconductor
and LCD equipment companies’ sales are projected to grow faster than sales
at their clients, given the rising market share of locally manufactured
equipment rising. Domestic equipment makers have been able to expand
their market share, thanks to strong cost competitiveness and their ability
to adapt to customers needs quickly. The market share of local equipment is
expected to grow further as SEC, Hynix Semiconductor and LG Display are
pushing for joint development with equipment vendors on many fronts in
line with the government’s efforts to foster the domestic equipment sector.
Chip industry migration to finer processes and China LCD investment
Equipment manufacturers are expected to benefit in the long run from
increasing chip industry capex required to add more semiconductor lines
and equipment amid the industry migration to finer processes. The
investment rush in China will not likely crimp Korean vendors because
Chinese investment is focused on 6-8G, while Korean vendors are already
capable of supplying 8G equipment.
New growth engines (LED, AMOLED and solar cells) cranking up Korean
IT companies are expected to expand investment in AMOLED and LED
technology, carrying on with their growing business momentum in AMOLED
handsets and LED TVs. Equipment manufacturers are expected to benefit
from their efforts to strengthen vertical integration for a stable parts supply
access. The solar cell equipment market's growth will likely continue as the
long-term growth momentum of solar energy remains intact.
Overweight Increasing industry capex will drive powerful earnings growth
among equipment suppliers in 2010 with strong upside. We recommend
Eugene Technology (084370 KS) and KC Tech (029460 KS) as our top picks.
Jusung Engineering (036930 KS) and Hanmi Semiconductor (042700 KS)
and EO Technics (039030 KS) are also in favor.
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