Morgan Stanley and UBS Securities are bullish on led stocks, but Nomura has a different view. In the latest report, the bank pointed out that in the first half of the year, the penetration rate of LEDs in TV has reversed sharply, and the demand for LED TVs has begun to weaken. Nomura estimates that the LED industry will have excess capacity next year, so it will reduce the crystal power (2448-TW) and Yiguang. (2393-TW) Target price is $101 and $86.
According to reports, Nomura believes that although the LED stock price is already reasonable, the new display device OLED TV has formed an unfavorable condition for the LED factory. Because OLED TVs do not require LED backlights, they will impact the future of LED TVs. OLED TVs are expected to be available in the summer of 2011 and have a place in the mainstream TV market.
In addition, Nomura expects LED TV prices to fall by about 58% by the end of 2011 to stimulate LED TV demand, so LED panel prices and LED prices will fall by at least 50%. However, in the face of price cuts, the LED industry has not slowed capacity expansion; next year, LEDs may have overcapacity.
Based on the above unfavorable factors, Nomura lowered its forecast for profit in 2011 and 2012 by 8-10%, and lowered its rating to neutral. The target price was lowered by 16% to 101 yuan. Everlight's price pressure and gross profit in the TV backlight sector were lower than expected. The bank simultaneously lowered its 2010 and 2012 profit forecasts by 9-11%, and the target price dropped 5% to 86 yuan. The rating remained neutral. Including most of the Asia-Pacific LED factory evaluation, Nomura has turned to neutral, currently only optimistic about the Korean factory SEMCO, to maintain the purchase rating.
Electric Switch Panel,Marine Switch Panel,Boat Switch Panel Marine ,Automotive Switch Panel
Dongguan Andu Electronic Co., Ltd. , https://www.idofuse.com