[Click eStock] "LG Display, iPhone 15 Pro Effect Expected to Turn Profit in 4Q"
KB Securities Report
On the 16th, KB Securities analyzed that LG Display is expected to turn profitable in the fourth quarter as losses rapidly shrink due to increased operating rates driven by higher OLED panel shipments. Accordingly, the investment opinion was maintained as Buy, with a target price of 20,000 KRW.
Dongwon Kim, a researcher at KB Securities, stated, "LG Display's expected operating profit for the fourth quarter is 211.4 billion KRW, marking a return to profitability after seven quarters since the first quarter of 2022." He added, "From the third quarter, LG Display's OLED business is expected to improve both prices and shipment volumes simultaneously through market share expansion, acquisition of new customers, and increased shipments of high value-added products, which will be a key factor in performance improvement in the second half."
It is anticipated that LG Display will begin full-scale production of OLED panels for the iPhone 15 starting in July. OLED panels will be supplied only to the high value-added Pro series of the iPhone 15, with the Pro series estimated to hold a 67% share of OLED panel usage.
Researcher Kim noted, "The iPhone 15 Pro series OLED panels apply the LTPO (Low-Temperature Polycrystalline Oxide) technology, which reduces power consumption by 20% compared to the existing LTPS (Low-Temperature Polycrystalline Silicon) OLED panels, and the selling price is also 40% higher, which will serve as a catalyst for LG Display's performance turnaround in the second half."
This year, LG Display is expected to secure a total of 5 trillion KRW in funding through borrowings from strategic clients, policy fund procurement, and asset sales, significantly alleviating concerns over future rights offerings.
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KB Securities forecasts that with LG Display's business structure shifting to focus on OLED, next year's sales will increase by 12% year-on-year to 26.5 trillion KRW, and operating profit will reach 832.1 billion KRW, marking a visible turnaround from losses over the past two years.
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