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South Korean display panel maker LG Display said it planned to cut costs in the first half of this year after posting a record quarterly loss, as global demand for smartphones, computers and televisions remains depressed. The Apple Inc supplier flagged a turnaround in the second half, pledging cost-cutting and inventory management until demand for its screens recovers later in the year. With the economic outlook uncertain, purchases of screens fell short of sales of tech devices as clients used up their inventories in the December quarter, a trend which is expected to continue in the first half, LG Display said.

South Korean display panel maker LG Display said it planned to cut costs in the first half of this year after posting a record quarterly loss, as global demand for smartphones, computers and televisions remains depressed. The Apple Inc supplier flagged a turnaround in the second half, pledging cost-cutting and inventory management until demand for its screens recovers later in the year. With the economic outlook uncertain, purchases of screens fell short of sales of tech devices as clients used up their inventories in the December quarter, a trend which is expected to continue in the first half, LG Display said.

LG Display saw a decrease in panel shipments in the fourth quarter due to worsening macroeconomic conditions, as set makers’ inventory adjustments further impacted demand in the high-end product sector which had been solid.

The company recorded a quarter-on-quarter increase in revenues by 8% thanks to increased panel shipments for mobile devices, while reporting an operating loss due to a continuous decline in mid-sized panel prices and a high-intensity action plan of utilization adjustment to decrease inventory.

Panels for TVs accounted for 25% of revenues in the fourth quarter, while panels for IT devices including monitors, laptops and tablet PCs accounted for 34%, panels for mobile and other devices accounted for 34%, and those for automobiles accounted for 7%.

LG Display will make all-out efforts to improve the financial structure by strengthening its operations focusing on market-to-order business in response to market volatility and economic uncertainty.

With respect to the market-to-order business which now accounts for 30% of its revenue, LG Display will expand its share in revenue by over 40% in 2023 and 50% in 2024 to establish a stable profit structure resilient to market conditions. In addition, the company will further strengthen its position in the automotive display sector and continue to lead the mid-sized OLED market including tablet PCs, as the rise in smartphone panel shipments in the second half of 2023 is expected to add positive fuel to its efforts to enhance its market-to-order business.

After the company’s decision to end its LCD TV panel production in Korea, LG Display"s large-sized OLED business was evaluated by an external institution and divided into separate cash-generating unit in accordance with related accounting standards and objective procedures. The company’s large-sized OLED business was reflected KRW 1,331 billion as asset impairment loss after calculated by an external institution, causing the net loss to expand. Considering it occurred only in the financial statement without actually affecting business operations, it is in turn expected to remove possible uncertainties in the company’s businesses in the future.

For its large-sized OLED business, LG Display will further strengthen its profit structure by improving competitiveness in products and costs while concentrating continuously on qualitative growth. In addition, the company will make efforts to enhance its market position by further improving its fundamental competitiveness with its OLED technology, as well as expanding its market-creating business with high growth potential such as Transparent and Gaming OLED panels.

LG Display will also secure financial soundness by minimizing its investment such as investing only in essential and market-to-order businesses, while maintaining its inventory at the minimum level and flexibly adjusting production accordingly.

“Our preemptive move to reduce the company’s inventory in the fourth quarter is expected to improve our performance down the road, and the quarterly result is also expected to improve as we continue to intensely reduce our costs,” said Sung-hyun Kim, CFO and Senior Vice President at LG Display.

LG Display (LPL) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock doesn"t suggest further strength down the road.

LG Display is a South Korea-based company that is principally engaged in developing, manufacturing and selling TFT-LCD and OLED display panels. The company"s products consist of panels for notebook computers, monitors, televisions, smartphones, tablets, and others. The company conducts direct sales through overseas subsidiaries in a number of countries, including the United States, Germany, Japan, Taiwan, China, and Singapore. These subsidiaries conduct sales activities and offer technical support to clients. The company generates the majority of its revenue from overseas markets, with the rest from South Korea.

LG Display (NYSE:LPL), a leading manufacturer of display panels, put the finishing touches on this past year with the release of the Q4 report on January 27. In general, 2022 was a year to forget as things wentfrom bad to worse for LPL. For instance, LPL topped 2022 off with a huge loss in Q4 after a small profit in Q1. However, despite the doom and gloom, the stock itself has done fairly well recently. Why will be covered next.

LPL probably could not wait for 2022 to end. The numbers got worse as the year went by. LPL ended Q1 with a small profit, but LPL has been in the red ever since. The numbers have been getting worse and that was true once again in Q4. Netloss jumped to KRW2,094B, which is roughly equal to $1.7B using an exchange rate of 1:1230 for the U.S. dollar, down from a net profit of KRW180B a year ago. Operating loss increased as well to KRW876B due to lower shipments of IT panels, lower prices for display panels and production adjustments to counter excess inventory.

The market appears to be looking past the current numbers in anticipation of better times ahead. This optimism is in great part backed by ongoing efforts by display manufacturers to stabilize prices in the display market by reducing output. This has led to lower fab utilization, but it has also resulted in an improvement in pricing for display panels, a turnaround from when prices were in free fall.

LPL has done its part. LPL ended LCD production late last year at one of its fabs in Korea and another one in China will reduce capacity by 50% in 2023. If prices have bottomed or are close to it, then that would be a good news for an industry where a supply glut leading to falling prices has arguably been the biggest problem over the years.

LPL has resorted to various initiatives that it believes will help trigger a turnaround in H2 2023. From the Q4 earnings call: The company expects about KRW1 trillion cost reduction in Q1 from the large scale business rationalization underway from Q4 such as active inventory control, LCD TV downsizing and OLED TV production adjustments. In addition, new capacity utilization for smartphones and strong improvement in fundamentals will improve performance quarter-to-quarter and help achieve a turnaround in the second half of the year. In terms of investment, only the minimum ordinary investment will be made along with the investment in order-based projects already agreed with customers. CapEx for the year will be around KRW3 trillion on a cash-out basis."

Still, H1 2023 is expected to be difficult for LPL. With market volatility remaining high, sluggish demand for panels is expected to last into the first half of the year. The market situation where panel shipments fall short of actual sales is expected to persist in the first half. But the panel inventory issue is likely to be mostly addressed in the first half regardless of the real demand for sets, thanks to intense production adjustment across the industry. This will hopefully return the industry-wide inventory to healthy levels in the second half."

The industry is dealing with serious problems as shown by the latest earnings report from LPL, but there is increasing optimism that prices in the display market have bottomed or are close to it. This is due to efforts on the part of panel manufacturers, including LPL, to bring supply in line with demand in order to halt the slide in prices for display panels that have hurt the industry. Some even believe the market will rebound in H2 2023, something that LPL agrees is possible in its outlook.

However, there"s some uncertainty associated with this outlook. And even if there is a turnaround, history tells us that it won"t be long before panel manufacturers revert to old habits. This includes overproducing and depressing the market for display panels, setting the market back to square one. This cycle has been repeated again and again in previous years and there are no signs that a solution to this problem has been found.

I am neutral on LPL. There were some positives in the Q4 report. For instance, OLED revenue reached 52% in Q4 and 40% for all of 2022, up from 32% in 2021. Nevertheless, the negatives outnumbered the positives. It"s possible that panel manufacturers, particularly those in China, have learned their lesson that they need to keep supply and demand in balance, but the odds are against it. What is happening in the display market has happened several times before and each time companies went on to repeat the same mistakes they made before.

Bottom line, the stock could go higher as long as panel manufacturers remain disciplined and do their best to put the industry on a solid footing. If this happens, long LPL could become a winner. LPL is after all valued at, for instance, just 0.22 times sales. But a look back at history suggests this is unlikely. If relevant players revert back to old habits, as history suggests they will, then staying neutral will turn out to have been the right move all along.

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In both LCD and OLED displays, producing these cells – which are highly complex – is by far the most difficult element of the production process. Indeed, the complexity of these cells, combined with the levels of investment needed to achieve expertise in their production, explains why there are less than 30 companies in the whole world that can produce them. China, for instance, has invested more than 300 billion yuan (approximately $45 billion USD) in just one of these companies – BOE – over the past 14 years.

Panox Display has been involved in the display industry for many years and has built strong and long-term partner relationships with many of the biggest OLED and LCD panel manufacturers. As a result, we are able to offer our clients guaranteed access to display products from the biggest manufacturers.

LG Display was, until 2021, the No. 1 display panel manufacturer in the world. Owned by LG Group and headquartered in Seoul, South Korea, it has R&D, production, and trade institutions in China, Japan, South Korea, the United States, and Europe.

Founded in 2001, AUO – or AU Optronics – is the world’s leading TFT-LCD panel manufacturer (with a 16% market share) that designs, develops, and manufactures the world’s top three liquid crystal displays. With panels ranging from as small as 1.5 inches to 46 inches, it boasts one of the world"s few large-, medium -and small-sized product lines.

AUO offers advanced display integration solutions with innovative technologies, including 4K2K ultra-high resolution, 3D, ultra-thin, narrow bezel, transparent display, LTPS, OLED, and touch solutions. AOU has the most complete generation production line, ranging from 3.5G to 8.5G, offering panel products for a variety of LCD applications in a range of sizes, from as small as 1.2 inches to 71 inches.

Now Sharp is still top 10 TV brands all over the world. Just like BOE, Sharp produce LCDs in all kinds of size. Including small LCD (3.5 inch~9.1 inch), medium LCD (10.1 ~27 inch), large LCD (31.5~110 inch). Sharp LCD has been used on Iphone series for a long time.

Beside those current LCDs, the industrial LCD of Sharp is also excellent and widely used in public facilities, factories, and vehicles. The Sharp industrial LCD, just means solid, high brightness, super long working time, highest stability.

Since its establishment, Truly Semiconductors has focused on researching, developing, and manufacturing liquid crystal flat panel displays. Now, after twenty years of development, it is the biggest small- and medium-sized flat panel display manufacturer in China.

Truly’s factory in Shanwei City is enormous, covering an area of 1 million square meters, with a net housing area of more than 100,000 square meters. It includes five LCD production lines, one OLED production line, three touch screen production lines, and several COG, LCM, MDS, CCM, TAB, and SMT production lines.

Its world-class production lines produce LCD displays, liquid crystal display modules (LCMs), OLED displays, resistive and capacitive touch screens (touch panels), micro camera modules (CCMs), and GPS receiving modules, with such products widely used in the smartphone, automobile, and medical industries. The LCD products it offers include TFT, TN, Color TN with Black Mark (TN type LCD display for onboard machines), STN, FSTN, 65K color, and 262K color or above CSTN, COG, COF, and TAB modules.

In its early days, Innolux attached great importance to researching and developing new products. Mobile phones, portable and mounted DVD players, digital cameras, games consoles, PDA LCDs, and other star products were put into mass production and quickly captured the market, winning the company considerable market share.

Looking forward to the future, the group of photoelectric will continue to deep LCD display field, is committed to the development of plane display core technology, make good use of global operations mechanism and depth of division of labor, promise customers high-quality products and services, become the world"s top display system suppliers, in 2006 in the global mobile phone color display market leader, become "Foxconn technology" future sustained rapid growth of the engine.

Founded in June 1998, Hannstar specializes in producing thin-film transistor liquid crystal display panels, mainly for use in monitors, notebook displays and televisions. It was the first company in Taiwan to adopt the world’s top ultra-wide perspective technology (AS-IPS).

The company has three LCD factories and one LCM factory. It has acquired state-of-the-art TFT-LCD manufacturing technology, which enables it to achieve the highest efficiency in the mass production of thin-film transistor liquid crystal display production technology. Its customers include many of the biggest and most well-known electronics companies and computer manufacturers in Taiwan and overseas.

TCL CSOT – short for TCL China Star Optoelectronics Technology (TCL CSOT) – was founded in 2009 and is an innovative technology enterprise that focuses on the production of semiconductor displays. As one of the global leaders in semiconductor display market, it has bases in Shenzhen, Wuhan, Huizhou, Suzhou, Guangzhou, and India, with nine panel production lines and five large modules bases.

TCL CSOT actively produces Mini LED, Micro LED, flexible OLED, printing OLED, and other new display technologies. Its product range is vast – including large, medium, and small panels and touch modules, electronic whiteboards, splicing walls, automotive displays, gaming monitors, and other high-end display application fields – which has enabled it to become a leading player in the global panel industry.

In the first quarter of 2022, TCL CSOT’s TV panels ranked second in the market, 55 inches, 65 " and 75 inches second, 8K, 120Hz first, the first, interactive whiteboard and digital sign plate; LTPS flat panel, the second, LTPS and flexible OLED fourth.

EDO (also known as EverDisplay Optonics) was founded in October 2012 and focuses on the production of small- and medium-sized high-resolution AMOLED semiconductor display panels.

Tianma Microelectronics was founded in 1983 and listed on the Shenzhen Stock Exchange in 1995. It is a high-tech enterprise specializing in the production of liquid crystal displays (LCD) and liquid crystal display modules (LCM).

After more than 30 years of development, it has grown into a large publicly listed company integrating LCD research and development, design, production, sales, and servicing. Over the years, it has expanded by investing in the construction of STN-LCD, CSTN-LCD, TFT-LCD and CF production lines and module factories across China (with locations in Shenzhen, Shanghai, Chengdu, Wuhan and Xiamen), as well R&D centers and offices in Europe, Japan, South Korea and the United States.

JDI (Japan Display Inc.) was established on November 15, 2011, as a joint venture between the Industrial Innovation Corporation, Sony, Hitachi, and Toshiba. It is dedicated to the production and development of small-sized displays. It mainly produces small- and medium-sized LCD display panels for use in the automotive, medical, and industrial fields, as well as personal devices including smartphones, tablets, and wearables.

Although Sony’s TVs use display panels from TCL CSOT (VA panel), Samsung. Sony still produces the world’s best micro-OLED display panels. Sony has many micro OLED model such as 0.23 inch, 0.39 inch, 0.5 inch, 0.64 inch, 0.68 inch, 0.71 inch. Panox Display used to test and sell many of them, compare to other micro OLED manufacuturers, Sony`s micro OLEDs are with the best image quality and highest brightness (3000 nits max).

Flat-panel displays are thin panels of glass or plastic used for electronically displaying text, images, or video. Liquid crystal displays (LCD), OLED (organic light emitting diode) and microLED displays are not quite the same; since LCD uses a liquid crystal that reacts to an electric current blocking light or allowing it to pass through the panel, whereas OLED/microLED displays consist of electroluminescent organic/inorganic materials that generate light when a current is passed through the material. LCD, OLED and microLED displays are driven using LTPS, IGZO, LTPO, and A-Si TFT transistor technologies as their backplane using ITO to supply current to the transistors and in turn to the liquid crystal or electroluminescent material. Segment and passive OLED and LCD displays do not use a backplane but use indium tin oxide (ITO), a transparent conductive material, to pass current to the electroluminescent material or liquid crystal. In LCDs, there is an even layer of liquid crystal throughout the panel whereas an OLED display has the electroluminescent material only where it is meant to light up. OLEDs, LCDs and microLEDs can be made flexible and transparent, but LCDs require a backlight because they cannot emit light on their own like OLEDs and microLEDs.

Liquid-crystal display (or LCD) is a thin, flat panel used for electronically displaying information such as text, images, and moving pictures. They are usually made of glass but they can also be made out of plastic. Some manufacturers make transparent LCD panels and special sequential color segment LCDs that have higher than usual refresh rates and an RGB backlight. The backlight is synchronized with the display so that the colors will show up as needed. The list of LCD manufacturers:

Organic light emitting diode (or OLED displays) is a thin, flat panel made of glass or plastic used for electronically displaying information such as text, images, and moving pictures. OLED panels can also take the shape of a light panel, where red, green and blue light emitting materials are stacked to create a white light panel. OLED displays can also be made transparent and/or flexible and these transparent panels are available on the market and are widely used in smartphones with under-display optical fingerprint sensors. LCD and OLED displays are available in different shapes, the most prominent of which is a circular display, which is used in smartwatches. The list of OLED display manufacturers:

MicroLED displays is an emerging flat-panel display technology consisting of arrays of microscopic LEDs forming the individual pixel elements. Like OLED, microLED offers infinite contrast ratio, but unlike OLED, microLED is immune to screen burn-in, and consumes less power while having higher light output, as it uses LEDs instead of organic electroluminescent materials, The list of MicroLED display manufacturers:

LCDs are made in a glass substrate. For OLED, the substrate can also be plastic. The size of the substrates are specified in generations, with each generation using a larger substrate. For example, a 4th generation substrate is larger in size than a 3rd generation substrate. A larger substrate allows for more panels to be cut from a single substrate, or for larger panels to be made, akin to increasing wafer sizes in the semiconductor industry.

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SEOUL, Jan 27 (Reuters) - South Korean display panel maker LG Display (034220.KS) said it planned to cut costs in the first half of this year after posting a record quarterly loss, as global demand for smartphones, computers and televisions remains depressed.

With the economic outlook uncertain, purchases of screens fell short of sales of tech devices as clients used up their inventories in the December quarter, a trend which is expected to continue in the first half, LG Display said.

"We engaged in intense production adjustment in the fourth quarter," Kim Sung-hyun, CFO of LG Display said in an earnings call. "We expect to reduce costs by about 1 trillion won in the first quarter by reducing inventory and other activities."

To cut costs, the company stopped production of competition-heavy liquid-crystal display (LCD) TV panels in South Korea by end-2022 and reduced LCD TV panel production in China to 50% of capacity this month. It is also adjusting factory utilisation rates for its flagship OLED panels for TVs.

LG Display said it plans to boost its made-to-order business to increase stability in the face of uncertain market conditions, from 30% of sales currently to 50% of sales by 2024, including a client-ordered new smartphone panel production scheduled to be mass-produced starting second half of this year.

LG Display posted a 876 billion won ($711 million) operating loss for the October-December quarter, compared with a profit of 476 billion won in the same period a year earlier.

The company accounted for its large-sized OLED panel business as a separate unit during fourth quarter, which was reflected as an 1.3 trillion won asset loss, leading to a quarterly net loss of 2.1 trillion won.

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LG Display Co., a major South Korean display maker, is expected to stop producing liquid-crystal display panels for TV by the end of this year at the earliest, industry sources said Monday, amid falling profitability and fierce competition from Chinese rivals.

The company said in a regulatory filing last week that it was reviewing an end of production at its LCD TV panel factory in Paju, north of Seoul, without specifying the exact date of production suspension.

The panel maker has been scaling down its loss-making LCD TV panel business, with a goal of discontinuing domestic production as early as possible. It has also said it will reduce production in China in a phased manner.

Demand was falling at an "unprecedented level" both for LCD and premium organic light-emitting diode panels, the company said during an earnings call in October, after years of pandemic-driven strong growth for personal IT devices.

Facing mounting challenges, the company has been trying to turn its business around by putting more resources in LCD panels for IT products and high-margin OLED business and expanding its high-value make-to-order business.

Kim Yang-jae, an analyst at Daol Investment & Securities, forecast OLED panels will make up for more than 60 percent of LG Display"s revenue by 2023, up from less than 40 percent in 2021.

LG Display"s fourth-quarter operating profit is forecast to be around 515.9 billion won, according to an estimate by Yonhap Infomax, the financial news and information arm of Yonhap News Agency.

Samsung Display, Samsung Electronics" display unit, had scaled down its LCD TV panel business since mid-2010 and completely stopped production in June.

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LG Display Co., Ltd., formerly known as LG Philips LCD Co., Ltd., primarily manufactures and sells thin film transistor liquid crystal display (TFT-LCD) panels. The Company supplies its products to original equipment manufacturers and multinational corporations. LG Display offers TFT-LCD panels in a range of sizes and specifications primarily for use in televisions, notebook computers, and desktop monitors, as well as for handheld application products, such as mobile phones; and medium and large size panels for industrial and other applications, including entertainment systems, portable navigation devices, e-paper, digital photo displays, and medical diagnostic equipment. LG Display Co., Ltd. is based in Seoul, the Republic of Korea.