Taiwan's LED shares fell by an average of 10% since August

Led TV shipments declined gloom, foreign backed Morgan Stanley Everlight,, to "buy" rating, target price is 135 yuan and 130 yuan. Morgan Stanley Research Report LED TV, maintain forecast monitor and lighting permeability, respectively 20%, 15% and 4.6%, that the market reaction is excessive, LED downstream leading stock oversold.

Samsung LED TV shipments are down, as well as the upstream raw material prices, since August, the average price decline of 10% LED groups, Morgan Stanley released the latest research report for the LED group later, the report pointed out that the third quarter revenue quarter growth rate of about 10% to 15%, the fourth quarter is the traditional off-season, but the revenue is still the maintenance of high-end, from the panel and the lighting market in the news, LED TV, LED backlight display unit and lighting penetration is not predicted decline than before.

The research report pointed out that from the industry data are far more than previously predicted optimistic: according to the top five panel plant data, the second quarter LED TV penetration to 25%, compared to the first quarter of only 12%, far higher than market expectations, so the second half of the estimated LED TV to three penetration is expected to 40%, the annual average is 22% to 28% the permeability; as for LED backlight monitor, on the 18% annual permeability. Lighting part, the average price of Japanese LED bulbs fell 20%, steady growth in penetration, in July sales, LED bulbs accounted for shipments of more than 20%, more 2/3 sales amount from LED bulbs. PHILPS lighting also announced that the second quarter LED bulb sales grew by up to three times, accounting for the entire lighting industry revenue of 12%, growth is good.

July LED revenue growth narrowed compared to the year in June, the average monthly growth rate of only 2%, while the upstream revenue growth is better than the downstream, mainly due to the continued production of new capacity, capacity utilization is still full, order visibility and six to eight weeks. The downstream is due to PC and notebook computer to adjust inventory, the average revenue growth rate of only 1% months, the Lunda, East Bay backlight proportion of total revenue, in June the business accepting a greater impact. Morgan Stanley report that the inventory adjustment will come to an end at the end of August, with the re design of LED chip, August revenue growth momentum recovery.