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亚洲LED行业研究报告2011年12月.ppt

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亚洲LED行业研究报告2011年12月.ppt

ANCHORREPORTAsiaLEDlightingEQUITYRESEARCHStilltrappedinthedarkStaybearishbacklightingisunprofitableandgenerallightingatoughmarketWeretainourBearishviewontheLEDindustry,andrecommendcautioninanyshorttermralliestriggeredbypositivenewsflow.Nearterm,weexpectLEDbacklightingtoremainunprofitablein2012FinthefaceofcontinuedpricingpressurefrompanelmakersandsevereLEDoversupply55oversupply.Furtherout,wethinkgenerallightingwillbeanothertoughmarketforLEDmakers.TherulesofthegameintheLEDindustryhavechanged,withthecorevalueofthesupplychainlikelytoshiftfromLEDcomponentstoLEDlightingsolutions.WedonotrecommendbuyinganyLEDmakers.KeyanalysisinthisanchorreportincludesLEDbacklightingmarketlookssettopeakin2012F.SupplydemandanalysisforLEDindustrysuggestscontinuedsevereoversupplyin2012F.TheactualaddressablemarketofLEDlightingforLEDmakersissmallerthanthemarketexpected.TheLEDindustrysprofitabilityduringthepeakLEDlightingcyclewillnotbeashighasthatduringthepeakLEDTVcycle.December15,2011ResearchanalystsAsiaTechnologyAnneLee,CFANITBanne.leenomura.com886221769966RegionalHeadofTechnologyJamesKimNFIKjames.kimnomura.com85222526203GregKangNFIKgreg.kangnomura.com82237832336EasonHungNITBeason.hungnomura.com886221769965KyoichiroYokoyamaNSCkyoichiro.yokoyamanomura.com81367031113SeeAppendixA1foranalystcertification,importantdisclosuresandthestatusofnonUSanalysts.AsiaLEDlightingTECHNOLOGYANCHORREPORTStilltrappedinthedarkStaybearishbacklightingisunprofitableandgenerallightingatoughmarketWearecautiousofanyrally,givenourbearishviewonfundamentalsWeretainourbearishviewontheLEDindustryforboththeshortandthelongterms.WebelievethatdeterioratingprofitabilityforLEDbacklightingwillcontinuein2012Fandonward,andthatgenerallightingwillbeanothertoughmarketforLEDmakersinthelongerterm.Assuch,werecommendthatinvestorsbecautiousofanybearmarketrallywhichcouldbetriggeredbyareboundinLEDTVdemandin2Q12ForpositivenewsflowonLEDlightingdemand.Intheshortterm,wearebearishonbacklightingapplicationsIntheshortterm,weestimatethattheLEDmarketforbacklightingwillremainunprofitablein2012F.WeestimatethattheLEDpackagedpriceforbacklightingwilldropatleast1520yyin2012F,asLEDmakerswillcontinuetofacepricingpressurefromdownstreamamidweakLEDTVdemand.Meanwhile,weestimatethatin2012FtheLEDindustrywillbeoversuppliedby55,resultinginlowutilizationat4550.Lastly,weestimatetheoverallLEDmarketsizeforbacklightingwillpeakatUSD4.2bnin2012F.Inthelongerterm,generallightinglookstobeanothertoughmarketInthelongterm,wethinkthatthegenerallightingmarketwillbeanothertoughmarketforLEDmakers.1TheactualaddressableLEDmarketsizeforlightingissmallerthanthemarketexpectedweestimatethatin2015Fthemarketsizewillbeonly1.2timesthatofour2012Fpeakmarketforbacklighting,and2wethinkthatindustryprofitabilityduringthepeaklightingcyclewillnotbeashighasthatduringthepeakLEDTVcycle,andthattheLEDlightingmarketwillbecommoditizedaslatecomerscatchupwiththetechnology,thusweighingdowntheindustrysprofitability.WedonotrecommendbuyinganyLEDnamesWereaffirmReduceonEverlight,aswethinkitsintentiontohaveownbrandLEDlightingwillcauseittoloseopportunitiestocooperatewithlightingcompanies.Givenourlongtermbearishviewontheindustry,weareNeutralonSeoulSemi,LGInnotekandEpistaralthoughvaluationsarecloseto2008financialcrisislows.OurrelativepreferenceisSEMCO,givenitsstrongcommitmenttothelightingbusinessandownbrandLEDlightingproducts.However,wemaintainNeutralonSEMCOasitmayspinoffitsLEDbusinessin2012Fandearningsinotherbusinessesareweak.Fig.1StocksforactionEQUITYRESEARCHDecember15,2011AnchorthemesWearebearishontheLEDindustryinboththeshortandlongterms,aswebelievethatdeterioratingprofitabilityinbacklightingwillcontinuein2012F,andbecauseLEDlightingisanothertoughmarkettoaddressinthelongterm.NomuravsconsensusWearefirsttobebearishonLEDlighting.NotallLEDlightingrevenueisaddressable,andthepackagedLEDvalueby2015Fisonly1.2xofthebacklightingpeak.ResearchanalystsAsiaTechnologyAnneLee,CFANITBanne.leenomura.com886221769966RegionalHeadofTechnologyJamesKimNFIKjames.kimnomura.com85222526203GregKangNFIKgreg.kangnomura.com82237832336EasonHungNITBeason.hungnomura.com886221769965KyoichiroYokoyamaNSCkyoichiro.yokoyamanomura.com81367031113PriceTargetNomuraP/EP/BROECodeCompany13DecPriceRatingFY10FY11FY12FFY1FY11FY12FFY10FY11FY12F009150KSSEMCO90,00090,000NEUTRAL12.625.526.32.02.32.018.48.48.1011070KSLGI73,10074,000NEUTRAL7.5nm18.1046890KSSSC22,00022,000NEUTRAL↑13.631.031.02448TTEpistar60.071.0NEUTRAL8.445.223.52393TTEverlight47.844.0REDUCE8.613.412.9Source↑Upgrade.SourceBloomberg,Nomuraestimates1.02.21.11.31.12.11.11.31.02.01.11.216.817.914.015.64.76.82.59.65.76.64.89.5SeeAppendixA1foranalystcertification,importantdisclosuresandthestatusofnonUSanalysts.RatingSeereportendfordetailsofNomurasratingsystem.3711192127294454Nomura|AsiaLEDlightingContentsInvestmentsummaryGloomyoutlookforbacklightingLEDlighting−anothertoughmarketSupplydemandanalysis−Oversupplyriskremainsin2012FandonwardPaybackperiodanalysisIndustryconsolidationisnecessary,inourviewEarnings,valuation,andstockactionDecember15,20113238SEMCOLGInnotekSeoulSemiconductor49EpistarCorpEverlightElectronics59AppendixA12Nomura|AsiaLEDlightingDecember15,2011InvestmentsummaryWeretainourbearishviewontheLEDindustry.Intheshortterm,whiledemandforLEDlightingseemstoustobeunlikelytobereadytotakeoffuntil2013Fduetohighinitialcostsandmacrouncertainties,weestimatethattheLEDmarketforbacklightingwillremainunprofitablein2012FandonwardduemainlytoweakLEDTVdemandandcontinuedpricingpressure.Moreover,weestimatethattheLEDindustrywillbeoversuppliedby55in2012F.Inthelongterm,webelievethatthegenerallightingmarketwillprovetobeanothertoughmarketforLEDmakers.1TheactualaddressablemarketsizeofpackagedLEDforlightingissmallerthanthemarketexpectedweestimatethatin2015Fthesizeofthemarketwillbeonly1.2timesourestimatedpeaksizeforpackagedLEDforbacklightingin2012F,and2wethinkthattheindustrysprofitabilityduringthepeaklightingcyclewillnotbeashighasthatduringthepeakLEDTVcycle,andthattheLEDlightingmarketwillbecommoditizedaslatecomerscatchupwithtechnology,thusweighingontheindustrysprofitability.Asaresult,weretainournegativeviewonLEDcompaniesandmaintainourNeutralratingsonSEMCO,LGI,andEpistar,andourReduceratingonEverlight.However,weupgradeSSCtoNeutral.DeterioratingprofitabilityforLEDbacklightingtocontinuein2012FandbeyondLEDmakersprofitabilityforbacklightingwillcontinuetodeterioratein2012F,inourview,duemainlytoweakLEDTVdemandandcontinuedpricingpressureonLEDs.WeestimatethatLEDpenetrationintoLCDTVswillincreaseto73in2012Ffrom45in2011F,indicating79yydemandgrowthforLEDTVs.However,wethinkthattheoverallshipmentsforLEDswillgrowbyonly18yyin2012Fduetocontinuedimprovementsintechnology,loweringtheaveragenumberofLEDsequippedby35yy,andbecauseoftheincreasedpenetrationoflowenddirecttypeLEDTVs.Meanwhile,wethinkthatLEDpricesforbacklightingwilldropatleast1520yyin2012F.Webelievethat,becauseoftheslowdemandtrendandbecausemostofthepanelmakersaremakingoperatinglosses,TVsetandpanelmakersareunlikelytoincreasesetandpanelprices.Assuch,inourview,componentmakerswilllikelyfacecontinuedpricingpressurefromdownstream.Furthermore,weestimatethattheLEDindustrywillbesignificantlyoversuppliedby55in2012F,resultinginlowutilization,weakpricingpower,andweakprofitability.Inresults,weestimateLEDsegmentoperatingmarginsof2.8forSEMCO,4.5forLGI,5.3forSSC,13.2forEpistarand9.9forEverlightin2012F.Moreover,weforecastthatthemarketsizeforLEDbacklightingwillpeakoutatUSD4.2bnin2012F,andthusbelievedeterioratedprofitabilityforLEDbacklightingwillcontinuein2012Fandonward.GenerallightingisalsoatoughmarketforLEDmakersWebelievethedemandforLEDlightingisunlikelytotakeoffin2012F,asstillhighinitialreplacementcostswill,inourview,remainaburdenonindividualusersandinvestmentinLEDlightingproductswillnottakeoffamidmacroweakness.LEDlightingpricesarelikelytoneedanotheryeartoreachtippingpoints,andweseeindustrystandardsbecomingmoreunifiedby2013Fwithmacroheadwindslikelytoeasebythen.However,webelievethegenerallightingmarketisalsoatoughmarketforLEDmakers.TheLEDmarketforlightingwillnotgrowsignificantlylargerthanthatforbacklighting,inourview.WeforecastthatthetotalLEDlightingmarketwillgrow56yytoUSD20bnin2013F,butthepackagedLEDmarketforlightingwillgrowtoonlyUSD3.1bnin2013F,vs.USD4.0bnforLEDbacklighting.LEDlightingincludesfixturesandlamp/moduleassemblylightsource,withlightsourceaccountingfor4050oftotalvalueandpackageaccount,andpackagedLEDvaluearound35ofthelightsourcevalue,onourestimates.Assuch,wethinkLEDlightingcannotoffersizeablegrowthopportunityforthepackagedLEDmarketweestimatethatin2015Fthesizeofthe3Nomura|AsiaLEDlightingDecember15,2011packagedLEDmarketforlightingwillgrowonly1.2timesourestimatedpeaksizeforpackagedLEDforbacklightingin2012F.Moreover,industryprofitabilityduringthepeakcycleoflightingisnotashighasthatofLEDTVs,giventheformersfragmentedmarket,norushtobringtheproductstomarketscomparedtoITproducts,andcontinuedpricecutstostimulatedemand.Inourview,LEDmakersinthelightingmarketarelikelytoexperiencemarginsqueezeeventually,whenthirdtiermakerscatchupwithtechnology.WhileweexpectfirsttierLEDmakerstoenjoyameaningfulmarginrecoveryifdemandforLEDlightingpicksup,webelievesuchwilllikelybeshortlived.Asaresult,wearebearishontheLEDindustryintheshortandlongterms.Inouropinion,LEDlightingiscausingstructuralchangesintheLEDindustry.Webelieveconsolidationisnecessaryinthisindustryandsee2012Fthebesttimetoundergosuchachange.Inthisreport,weidentifyfourdirections1LEDmakersmovetowardsdownstreamlamps,fixtures,etc2LEDchipmakersworktowardshorizontalintegrationandbuilddirectrelationshipswithlightingcompanies3globallightinggiantsfurtherenhancetheirtechnologyandchannelnetworksbyMAsand4small/midsizelightingcompanies/channelscooperatewithLEDmakers.OversupplyisstillthemajordownsideriskTheindustrymaycontinuetofacetheriskofoversupply,inourview.Weestimatethattheleadtimefornewcapacityrampupis36months.WebelieveLEDlightingsupplyfromtheupstreamisnowmuchmoreflexiblethanduringthegoldenperiodofLEDTVsduring3Q092Q10.Theindustryiscurrentlysufferingfromasevereoversupplyofover50,onourestimates,resultinginsignificantprofitdeterioration.WebelieveLEDmakerswillcontinuetosufferlowutilizationsin2012FduetosignificantLEDcapacity,slowLEDTVdemandandimmatureLEDlightingdemand.Webelievecapexdisciplineisnecessarytopreventtheoversupplyconditionfromgettingworse.Paybackperiodanalysis−commercialdemandtocomefirstfollowedbyresidentialdemandstreetlightingtobesubsidydrivenWebelievepaybackperiodsareareasonablemeasurethanpricedifferencestoevaluatecompetitivenessofLEDlighting,givenLEDlightingslowerpowerconsumptionandlongerlifespancomparedtoincandescents.WeanalysethatsomecommercialLEDlightingeg.MR16usedindisplaywindowwillbecompetitivein2012F,asthepaybackperiodisalreadyataround0.6years.Forresidentiallighting,thepaybackperiodofLEDvs.incandescentwillreachourestimated1.3yearsin2012F.However,webelieveLEDpenetrationwillbeslowduetocompetitionfromcompactfluorescentlampCFLwhichoffersacomparativepriceandhighluminousefficiencythepaybackperiodofLEDforCFLwillbearound5.8yearsby2013F,onourestimates.WebelieveCFLwillcontinuetobethemajorchallengeforLEDlighting.Lastly,webelievegovernmentssubsidyprogrammesarenecessarytopromoteLEDstreetlighting,duetothelongpaybackperiodandhighreplacementcosts.WeestimatethatthepaybackperiodofLEDagainstconventionalstreetlightswillremainlongat11.9yearsand7.4yearsin2011Fand2012Frespectively.StockactionPreferverticallyintegratedplayersWearemorepositiveonverticallyintegratedLEDmakerswithgoodtechnologyindevelopingLEDlightingincludinglamps,fixturesandsystems,andhaveagoodrelationshipwithdistributionchannelsandcustomers.WebelievethegameruleintheLEDindustryhaschangedfrombacklightingtogenerallighting,asweexpectthecorevalueofthesupplychaininLEDlightingmarkettograduallyshiftfromLEDcomponentstoLEDlightingsolutions.Weestimate4Nomura|AsiaLEDlightingDecember15,2011ThemarketsizeofLEDfixturesandsystemswillreachUSD21.2bnin2015Fvs.USD4.8bnforthemarketsizeofpackagedLEDforlightingLEDmakerswilleventuallyseeamarginsqueezeinthelightingmarketasthirdtiermakerscatchupwithtechnologyinamarketwithlimitedgrowthopportunity.Meanwhile,webelieveitisdifficultforLEDchipandpackagemakerstomovetodownstreammakersduetopotentialconflictswithexistingcustomers.Nevertheless,webelievethatinvestorsarelookingtorevisitLEDplayers.ThesharepricesofLEDmakersarecurrentlytradingatornearhistoricallowvaluations,onourestimates.Assuch,weexpectashorttermbearmarketrallyon1apotentialreboundinLEDTVdemandin2Q12Fand2positivenewsflowregardingLEDlightingdemand.However,weremainbearishontheLEDindustryintheshortandlongtermsandwewouldrecommendinvestorsbecautiousonanyshorttermrally.WebelievesomeinvestorscontinuetoholdapositiveviewontheLEDlightingmarket,expectingdemandtorisesignificantly.Inthisreport,wehighlightthatnotallLEDlightingmarketsegmentsareaddressablemarketsforLEDmakersandcautionthatLEDmakerswillcontinuetofacepricecompetition.Ofthestocksinourcoverage,wearepositiveonSEMCOinviewofitsstrongcommitmenttothelightingbusinessandownbrandLEDlightingproducts.However,wemaintainourNeutralratingonSEMCOduetopossibilityofaspinoffofitsLEDbusinessin2012Fandweakearningscontributionsfromotherbusinesses.WehaveNeutralratingsonSeoulSemiconductorSSC,LGInnotekLGIandEpistar,consideringourshortandlongtermbearishviewontheindustry.WemaintainourReduceratingonEverlight,aswethinkitsintentioninhavingitsownbrandLEDlightingislikelytocauseittolosecooperativeopportunitywithlightingcompanies.Moreover,webelieveitsownbrandproductslackcompetitivenessvs.thoseofleadinglightingcompanies.SEMCO009150KS,NeutralInourview,SEMCOsbusinessmomentumhasdeterioratedduetohighrevenueexposuretoTVandPCrelatedcomponents.Webelieveitsbusinessmomentumwillreachabottomin1Q12F,asthePCindustrywilllikelyfaceHDDsupplyissuesin1Q12F,negativelyimpactingotherPCrelatedcomponentsandTVdemand,whichwebelievewillbottomin1Q12F.AsfortheLEDbusiness,wethinkitsbusinessmomentumwillbebetterthanpeersgivenitsintentiontobuildownbrandlightingproducts,butweseelowprofitabilityinevitablein2012F.LGI011070KS,NeutralWemaintainourNeutralratingonLGI,aswebelievevisibilityofearningsmomentumrecoveryislowintheshorttermduemainlytoitsstructuralweakness.WhileITdemandpolarizationofsmartphoneswilllikelycontinuein2012F,weestimateitsrevenueexposuretoTVandPCrelatedcomponentswillbe52in2012F,leadingtocontinuedweaknessintheoverallearningstrend.Moreover,weestimatetheproportionofLEDrevenueinlightingwillonlybe13in2012Fand,thuswebelieveitsLEDbusinessprofitabilitywillcontinuetobeunderpressure.SSC046890KS,UpgradetoNeutralWeupgradeourratingonSSCtoNeutralfromReduce,aswebelieveitistradingatitsfairvalueafterasignificantcorrectionoverthelastoneyear.However,webelieveitsearningsmomentumwillremainweakintheshortandlongterms,inlinewiththeindustrytrend.Epistar2448TT,NeutralAsapurechipmaker,Epistarfacesseriousriskrewardimbalancechallengesinthelightingbusiness,bearingheavycapexbutonlyearningchiplevelrevenues.Italsofacesoversupplyrisks,inourview.AlthoughEpistarsearningsmayhitashorttermtroughin4Q111Q12F,weexpectits201213Fearningstoremainlow,givencontinuedoversupplyandseverecompetitioninLEDlighting.WemayturnmorepositiveifEpistarisabletosecuremorelongtermordersfromLEDlightingcompanieswitheasingindustryoversupply.Everlight2393TT,ReduceWemaintainourReduceratingonEverlight,inviewofitsweakeningindustrypositioninLEDlightingandbacklightingbusiness.ForLEDlighting,Everlightsownbrandbusinessfacesdirectcompetitionfromleadinglightingcompanies,anditsmarginsaremuchlowerthanthecorporateaverage,draggedbyloweconomiesofscaleandlowpricedstrategy.Forbacklighting,Everlightsseveralstructuralissuesremainshrinkingaddressablemarket,whichissqueezedbypanelmakersincreasedinhouseproduction,competitionfromChinesemakers,andweakcustomerbaseinTVandtabletPCapplications.5Nomura|AsiaLEDlightingFig.2PeervaluationDecember15,2011PriceNomuraP/EP/BROEEPSgrowthCodeCompany13DecRatingFY10FY11FFY12FFY10FY11FFY12FFY10FY11FFY12FFY10FY11FFY12FEquipmentmakerAIXAGRVECOUSAixtronVeeco8.7822.22NotratedNotrated4.83.98.06.215.011.41.51.21.41.11.31.035.943.718.624.58.98.3351.7nm40.137.247.145.6Equipmentaverage4.37.113.21.41.21.239.821.58.6351.738.646.4LEDchip/packagemaker2448TT3061TT2393TTCREEUSEpistarForepiEverlightCree60.0015.9547.8022.39NEUTRALNotratedREDUCENotrated8.45.28.615.745.260.613.416.723.5124.612.931.31.10.81.31.21.10.71.31.11.1na1.21.014.018.415.69.62.50.99.67.24.80.29.56.1176.2395.312.1352.781.591.435.76.092.551.34.246.67282JPToyodaGose1,279.00NEUTRAL9.713.09.20.80.80.77.95.87.920.025.841.0046890KS009150KS011070KSSeoulSemiSEMCOLGInnotek22,00090,00073,100NEUTRAL↑NEUTRALNEUTRAL13.612.67.531.025.5nm31.026.318.12.22.01.02.12.31.12.02.01.017.918.416.86.88.44.76.68.15.7229.795.4191.056.150.6nm0.03.2nmChip/packageaverageTotalaverage10.29.029.424.434.630.31.31.31.31.31.31.314.819.84.37.86.16.6184.0202.749.647.15.26.2Note↑Upgrade.SourceCompanydata,Bloomberg,Nomuraestimates6Nomura|AsiaLEDlightingDecember15,2011GloomyoutlookforbacklightingWeexpectLEDprofitabilityforbacklightingtoremainweakin2012F.Forbacklightingdemand,LCDTVsarethemajorapplicationforLEDdemandastheyaccountfor3940ofthetotalbacklightingmarketvalue,accordingtoourestimates.However,wenotethatDespitetheincreasedpenetrationfrom45in2011Fto73in2012F,theoverallshipmentforLEDswillgrowonlybyourestimated18yyin2012Fduetocontinuedimprovementintechnology,andincreasedpenetrationoflowenddirecttypeLEDTVs.Meanwhile,LCDTVsetandpanelmakersaresufferingsignificantlossesduetoveryweakLCDandLEDTVdemand,leadingtocontinuedpricecuts.However,webelieveTVsetandpanelmakersareunlikelytoincreasepricesuntildemandrecovers.Assuch,webelieveLEDmakerswillcontinuetofacepricingpressurefromthedownstream.WebelieveITdemandpolarizationwillcontinuein2012Fand,thusweexpectthedemandforsmartphonestoremainstrongwhilethedemandforLCDTVsandPCstoremainweak.For2012F,weestimatedemandgrowthforsmartphonesandtabletPCswillbeat36and80yy,respectively,whilethatforLCDTVandPCswillbeat10and6yy,respectively.Lastly,weestimatethattheLEDindustrywillbeoversuppliedby55in2012Fonsignificantlyovergrowncapacity,andthiswillresultinlowutilizationsof4550in2012F,onournumbers.Meanwhile,weforecastthetabletLEDmarketvaluewillgrow161yytoreachUSD669mnin2012F,buoyedbytabletPCdemandgrowthandincreasedLEDdollarcontentperdevice.However,weexpectthistobenefitmostlyJapaneseLEDmakers.Furthermore,weestimatetheoverallLEDmarketsizeforbacklightingwillpeakoutatUSD4.2bnin2012F.Assuch,webelievedeterioratingLEDprofitabilityforbacklightingwillcontinuein2012Fandonward.TheLEDbacklightingmarketsawagoldenperiodin2010withgrowthat118yy.WeexpectthegrowthrateintheLEDmarketsizetoslowto11yyin2011Fand9yyin2012F.WebelievethedemandforLEDlightingisunlikelytotakeoffin2012F,asstillhighinitialreplacementcostswill,inourview,remainaburdenonindividualusersandinvestmentinLEDlightingproductswillnottakeoffamidmacroweakness.LEDlightingpricesarelikelytoneedanotheryeartoreachtippingpointsseeouranalysisregardingpaybackperiods,andweseeindustrystandardsbecomingmorematuredby2013Fwithmacroheadwindslikelytoeasebythen.Overall,webelieve2012FwillbeanothertoughyearfortheLEDindustry.7140Nomura|AsiaLEDlightingFig.3LEDsupplydemandandutilizationforbacklightingandlightingDecember15,2011mnunits,500x50080,000DemandforbacklightandlightingSupplyMOCVDutilization12070,00060,00050,00040,00030,0002012SDshouldgraduallyimprovefromlowbases.2013Dependingoncapex10080604020,00010,00002001Q083Q081Q093Q091Q103Q101Q113Q111Q123Q12F1Q13F3Q13FSourceDisplaySearchIDCNomuraestimatesFig.4LEDmarketvaluebybacklightapplicationsIUSDmn4,5004,0003,5003,0002,5002,0001,500TVTabletPCMonitorNotebookHandsetyyTVaccountsfor39oftheLED117.5LEDmarketforbacklightingstopeakoutin2012F1201008060401,00012.810.99.02050004.10202008200920102011F2012F2013FSourceIDCNomuraestimatesFig.5LEDmarketvalueforbacklightapplicationsIILEDmarketvalueUSDmnHandsetNotebookMonitorTabletPCTVLEDlightingTotalyyHandsetNotebookMonitor20081,350544501,85420082009990352382036502,23320092755120101,176468160981,5448574,302201019333182011F1,0894573652561,6531,3765,1982011F721292012F9844064706691,6381,8746,0402012F1011292013F9753744426241,5803,1327,1272013F186TabletPC1631617TV661714Total12.8117.510.99.04.1SourceIDCNomuraestimates8

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