The document discusses the mobile phone display driver IC market. It states that in 2012, the market size for mobile phone display driver ICs reached NT$77.7 billion, an increase of 17% from 2011. It also notes that WVGA resolution is still the mainstream for entry-level phones but qHD resolution is rising and will become the mainstream for mid-to-high end phones by 2014.

1. f
(3598.TW/3598 TT) IC
NT$77.7
multi-channel
gate driver
1
2 886.2.2181.8741
3 ben.yeh@kgisia.com.tw
IC IC
15-20% IC
24.6 17%
( )
IC
2.37 35%
IC
12
IC 28.4
15% 2.95 25%
LCD
2012
IC
2013 IC IC 2012
iSuppli
9% 13% 2012
IC 2011 2016
9.11 11 100
7% IC
4%
IC
IC
IC
IC 1.86 22% 6,000 8,500
IC 3500 30% IC 5,000 8,000
4,000
150 24.6 7,500
3,000
17% 32% 10% 7,000
2,000
17.2% 0.6 1,000 6,500
1.5 2.37 0 6,000
2009 2010 2011 2012F 2013F 2014F
iSuppli
IC
26 27 29 31 33 34
IC 5~10% IC 9 8 10 10 11 13
IC
28.4 15% 2% IC 66 65 61 59 56 52
18.3% 1.1
1.9 2.95 2009 2010 2011 2012F 2013F 2014F
iSuppli
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2. f
8 12
2000 11 11 9 7 6 4
1.5 68 66
72 72
76
83
2012 1 30
19 20 26
6 13
HVGA
2010 2011 2012F 2013F 2014F 2015F
WVGA
QVGA iSuppli
QQVGA QVGA
WVGA IC 0.18um/0.15um/0.13um
排名 ( )
1 W619 599 480×320 3.5
2 A750 860 800×480 4
WVGA HD 720
3 V889D 842 800×480 4
4 5233 739 640×360 3.2
5 U880 750 800×480 3.5
6 U8818 982 800×480 4
7 V880 662 800×480 3.5
8 S5360/GALAXY Y 866 320×240 3
9 A65 654 480×360 3.5
10 8150 856 800×480 4
IC
iSuppli 2011
2010 2011 2012 2013 HD720 1280*720 0.13um / 0.13um/ 0.15um/ 0.18um
qHD 960*540
WQVGA & HVGA & WVGA & qHD & 17%/ 51%/ 10%/ 22% 2012
HVGA WVGA qHD HD720
W VGA 800*480
HVGA 480*320 35%/ 55%/ 0%/ 10%
QVGA & WQVGA & HVGA &
WQVGA HVGA HVGA+
WVGA W QVGA 400*240
Q VGA 320*240
QVGA & QCIF QVGA & QVGA & WQVGA &
Q CIF 176*144 12
& QQVGA QCIF WQVGA HVGA Q QVG A 160*120
12
iSuppli 2012 8
17
35
425 10% 39 50 52 59
51
24
8 12 55
10 43 43
41
29 22
10 7 5
2010 2011 2012 2013 2014 2015
iSuppli
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3. f
Nokia Samsung LG Sony-Ericsson TCL
Motorola IC
IC WVGA
2010 8.3% 2011 IC
11.9% IC 2013
2012 /2013 17 19 IC
6.5 8.3 2012 30%
/2013 5 5.5
IC
1.5 1.8
( ) ( )
70% 20% 1,400 50
44.0 44.6
1,200
IC IC 39.1
40
1,000
80% 800 30
600 17.3
16.3 20
400
16.0 10
200
IC 0 0
2011 2012 2013
2010 2011
Magnachip
[2.2]
[2.2]
[1.5]
9.5 1.68 11.9
Magnachip
4.0 15.9 3.5
5.0 3.9 11.5 IC
5.9 4.3
12.3
4.3
5.7 4.6
11.3
IC
6.7 12.0 4.9 11.3
8.3 10.1
10.2 2011 IC 900
600 Kindle Fire 300
iSuppli
2012
Kindle Fire Atmel
70% 7 IC 300
HVGA 10 IC
QVGA QVGA
2700 HVGA 2300 Kindle Fire
1700 WVGA
IC IC 600-700
950 7%
QVGA IC 35% 9% 17% 2013
IC
IC 1000
7~8% 18% IC
30-40%
2012 10.5
3.5
IC
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4. f
IC 2012 2013 99 107
9% 9% 5.8 6.4
10 5 4 10 8 6 7
15
9.11 9.61
90 95 96 90 92 94 93
85
250
200
3Q11F 4Q11F 1Q12F 2Q12F 3Q12F 4Q12F 1Q13F 2Q13F
150
100
IC 50
Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-11
13 11 16 17
24 24 21
33
2009
87 89 84 83
76 76 79
67
3Q11F 4Q11F 1Q12F 2Q12F 3Q12F 4Q12F 1Q13F 2Q13F
2012 8.5
11
IC 12 11 2012 9.11
45% 40% 100
12 0.11um/ 0.13um QVGA
12 31 EBITDA
12 ( ) ( ) ( ) ( ) ( ) ( )
2010A 5,818 869 259 316 232 4.06
(5346.TW, 2011A 9,060 1,585 602 685 509 8.13
2012F 9,865 1,735 688 775 577 9.11
, NT$0.6) iPhone 2013F 10,726 1,830 756 851 638 9.61
12 31 EV/sales EV/EBIT EV/EBITDA EV/Inv. C
(x) (x) (x) (x) (x) (%)
IC 2010A 0.7 15.3 12.9 19.1 2.4 17.2
2011A 0.5 7.7 7.0 9.6 1.5 27.2
2012F 0.5 7.2 6.4 8.5 1.6 26.5
2013F 0.5 6.8 6.0 8.1 1.6 28.4
52 ( / ): 57 - 94.6
12 ( ) 100.0 ( / ): 5.2/161
IC
/ (%) 28.7 ( ): 66
IC (percentile, %) 78 ( ): 66
-12/11 (%) 9.0 ( ): 6
IC -12/12 (NT$) 33.8 3 ( ): 1.3
-12/12 (x) 2.3 % (3,6,12 ) -9.8; 15.3; 15.1
70% -12/12 (%) 0.6 % (3,6,12 ) -5.5; 16.5; 39.9
2009
2012
IC
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5. f
2012/2013
( ) YoY(%) P/E (X) ROE(%)
( ) (NT$M) 2012F 2013F 2012F 2013F 2012F 2013F 2012F 2013F
3598.TW 77.7 4,925 9.11 9.67 12.1 6.15 8.5 8.0 18.6 19.7
3034.TW 84.5 50,743 6.98 8.06 13.3 15.4 12.1 10.5 11.1 17.6
3545.TW 27.6 3,805 1.98 3.68 100.3 85.6 13.9 7.5 10.3 N.A
8016.TW 34.9 4,117 3.07 N.A 23.9 N.A 11.3 N.A 11.3 N.A
HIMX US 1.6 8,270 0.30 0.35 391.7 18.6 5.4 4.5 11.3 11.7
11.1 9.4 11.6 17.0
1Q12A 2Q12F 3Q12F 4Q12F 1Q13F 2Q13F 3Q13F 4Q13F 2012F 2013F
(NT$ )
2,095 2,461 2,835 2,474 2,338 2,739 3,063 2,586 9,865 10,726
1,722 2,037 2,316 2,055 1,958 2,272 2,527 2,138 8,130 8,895
373 424 520 418 380 467 536 448 1,735 1,830
223 256 303 265 231 265 307 272 1,047 1,075
151 168 216 154 148 202 229 176 688 756
21 18 20 19 20 21 22 21 77 85
4 2 2 2 3 3 3 3 10 11
EBITDA 175 187 238 174 171 226 254 200 775 851
1 1 1 1 1 1 1 1 6 6
0 0 0 0 0 0 0 0 0 0
(15) 11 7 6 3 3 3 3 10 11
(13) 13 9 8 4 4 4 4 16 16
4 1 2 3 2 2 2 2 8 8
4 1 2 3 2 2 2 2 8 8
134 180 223 159 151 204 231 179 696 764
( ) 22 30 36 31 29 30 35 34 118 126
112 150 187 128 122 175 197 145 577 638
0 0 0 0 0 0 0 0 0 0
112 150 187 128 122 175 197 145 577 638
EPS 2.11 2.84 3.52 2.50 2.27 3.07 3.48 2.69 10.97 11.51
EPS 1.76 2.37 2.95 2.02 1.84 2.63 2.96 2.18 9.11 9.61
(%)
17.8 17.2 18.3 16.9 16.2 17.0 17.5 17.3 17.6 17.1
7.2 6.8 7.6 6.2 6.3 7.4 7.5 6.8 7.0 7.0
EBITDA Margin 8.4 7.6 8.4 7.0 7.3 8.2 8.3 7.7 7.9 7.9
6.4 7.3 7.9 6.4 6.4 7.5 7.5 6.9 7.1 7.1
5.3 6.1 6.6 5.2 5.2 6.4 6.4 5.6 5.9 6.0
(%)
(20.2) 17.4 15.2 (12.7) (5.5) 17.1 11.8 (15.6) 8.9 8.7
(40.6) 13.5 22.6 (19.5) (9.2) 22.9 14.7 (16.4) 9.5 5.5
(46.0) 11.4 28.9 (28.9) (3.4) 36.0 13.4 (23.0) 14.4 9.8
EBITDA (41.9) 6.8 26.9 (26.7) (1.8) 31.8 12.4 (21.1) 13.2 9.8
(52.3) 34.5 24.1 (28.9) (5.1) 35.5 13.2 (22.7) 12.7 9.9
(51.4) 34.8 24.6 (31.5) (4.8) 43.0 12.6 (26.2) 13.4 10.6
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6. f
2004 11 1
2010 9 5.43 3.62
3.16
a-Si TFT LCD LTPS LCD IC 2.94
2.45
MP3 PDA GPS, PMP,
2.06 1.97
1.76
IC
0.77
IC
2Q11 3Q11 4Q11 1Q12 2Q12F 3Q12F 4Q12F 1Q13F
4 4 9 5 4 10 7 95 60
15
17 15 15 14 90 50
24 18 14
15 85 40
80
30
75
80 80 79 20
78 71 73 76 70
69
65 10
60 0
55 (10)
1Q11 2Q11F 3Q11F 4Q11F 1Q12 2Q12F 3Q12F 4Q12F Jul-11 Sep-11 Oct-11 Dec-11 Feb-12 Apr-12 May-12 Jul-12
12.0x
3,000 110
100 11.0x
2,500
10.0x
2,000 90
9.0x
1,500 80
8.0x
1,000 70
7.0x
60 6.0x
500
50
0
2Q11 3Q11 4Q11 1Q12 2Q12F 3Q12F 4Q12F 1Q13F Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12
110 2.6x
2.4x
23.9
100
2.2x
18.8 17.8 18.3 90
17.5 17.1 2.0x
16.2
12.2 80 1.8x
70 1.6x
60 1.4x
50
2Q11 3Q11 4Q11 1Q12 2Q12F 3Q12F 4Q12F 1Q13F Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12
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7. f
12 31 ( ) 2009A 2010A 2011A 2012F 2013F 12 31 ( ) 2009A 2010A 2011A 2012F 2013F
2,202 2,968 4,884 5,151 5,607 2,129 5,818 9,060 9,865 10,726
1,930 2,654 4,621 4,912 5,373 1,779 4,948 7,475 8,130 8,895
708 481 956 936 966 350 869 1,585 1,735 1,830
482 1,161 1,444 1,594 1,744
268 611 983 1,047 1,075
369 752 1,919 1,987 2,174
81 259 602 688 756
371 260 302 395 488
(1) (2) 0 (2) (2)
272 314 263 240 234
6 6 0 2 3 2 2 4 6 6
79 174 170 150 141 3 4 4 8 8
187 135 93 88 90 (2) 1 1 0 0
1,017 1,445 2,669 3,006 3,254 17 (24) 14 10 11
1,016 1,444 2,300 2,652 2,913 0 0 0 0 0
574 796 874 958 1,048 96 232 617 696 764
121 100 498 599 604 0 0 108 118 126
321 548 928 1,096 1,262 96 232 509 577 638
1 1 369 354 340 EBITDA 98 316 685 775 851
0 0 367 352 339
( ) 2.13 4.06 8.13 9.11 9.61
1 1 2 2 1
1,185 1,523 2,215 2,145 2,353
448 575 634 646 656
284 399 713 498 348
452 548 867 1,001 1,348
0 0 0 0 0 12 31 ( ) 2009A 2010A 2011A 2012F 2013F
(192) (212) (445) 606 558
96 232 509 577 638
38 58 83 87 95
(327) (501) (1,035) (58) (175)
12 31 ( ) 2009A 2010A 2011A 2012F 2013F 2 (1) (1) 0 (0)
(% ) (311) (100) (30) (64) (89)
N.A. 173.2 55.7 8.9 8.7 (114) (144) (67) (57) (76)
N.A. 218.1 132.8 14.4 9.8 (7) 1 7 (2) (1)
EBITDA N.A. 222.9 116.5 13.2 9.8 (190) 43 31 (5) (13)
N.A. 142.6 119.2 13.4 10.6
Free Cash Flow (503) (312) (474) 543 469
N.A. 90.4 100.3 12.0 5.6
(%)
1,211 85 949 (562) (439)
16.4 14.9 17.5 17.6 17.1 1,089 105 183 (647) (431)
3.8 4.4 6.6 7.0 7.0 121 (21) 765 85 (7)
EBITDA 4.6 5.4 7.6 7.9 7.9 1 0 1 0 (1)
4.5 4.0 5.6 5.9 6.0 708 (227) 475 (19) 30
8.7 9.0 13.0 11.5 11.9
N.A. 17.2 27.2 26.5 28.4
/
(%) 10.2 6.6 39.0 44.3 40.1
(%) Net cash Net cash Net cash 0.6 Net cash ROIC (Return on Invested Capital)
(X) 35.9 53.4 168.9 86.2 102.0 12 31 1- + + =
(X) 0.8 2.3 1.2 1.2 1.3
Cash Flow Int. Coverage (X) (70.0) (47.8) (120.9) 74.2 73.7 2009A 82.8% 0.8% 12.6% 3.8%
Cash Flow/Int. & ST Debt (X) (1.6) (2.0) (0.9) 1.0 0.9 2010A 84.1% 1.0% 10.5% 4.4%
2011A 81.6% 0.9% 10.8% 6.6%
(X) 1.9 1.8 2.0 1.9 1.8
2012F 81.5% 0.9% 10.6% 7.0%
(X) 1.4 1.0 1.4 1.3 1.2
2013F 82.0% 0.9% 10.0% 7.0%
(NT$ ) (587) (484) (236) (38) (5)
(NT$ ) 12 31 1/ + + =
2.13 4.06 8.13 9.11 9.61 2009A 0.2 0.0 0.1 3.0
2.97 5.07 9.46 10.48 11.04 2010A 0.2 0.0 0.0 4.1
26.39 26.62 35.39 33.84 35.43 2011A 0.3 0.0 0.0 3.5
47.42 101.71 144.72 155.60 161.53 2012F 0.2 0.0 0.0 3.7
EBITDA/shr 1.81 4.52 9.61 10.86 11.38 2013F 0.2 0.0 0.0 3.7
2.03 3.30 7.00 4.50 4.60 12 31 x x 1- = ROIC
2009A 3.8% 3.0 100.0% 11.6%
(X) 1.9 2.3 2.3 2.0 2.0 2010A 4.4% 4.1 100.0% 18.1%
63.3 47.2 77.3 73.5 74.0 2011A 6.6% 3.5 82.5% 19.3%
82.7 72.9 58.2 59.0 59.4 2012F 7.0% 3.7 83.0% 21.5%
98.5 49.9 35.2 35.4 35.7 2013F 7.0% 3.7 83.5% 22.0%
47.5 70.1 100.3 97.0 97.7
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8. f
100
90
80
70
60
50
Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12
:
( )
20-Jul-12 77.7 N/A 100.0
1-Feb-12 74.0 93.0 98.0
21-Nov-11 75.7 N/A 93.0
:
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9. 100 A 1907-1909 104 700
200051 886.2.2181.8888
886.2.8501.1691
2014 A 24D1
518008
852.2878.6888 8th - 11th floors, Asia Centre Building
852.2878.6800 173 South Sathorn Road, Bangkok 10120, Thailand
66.2658.8888
66.2658.8014
(OP) (Excessive Return)
( ) 40%
(N) ( )
40% 40%
(U) ( )
40%
(NR)
(R ) /
* =( / )–1
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