Equity Analysis /
South Korea

KR : Duk San Neolux - Patience will be rewarded

    Wonsik Lee
    Wonsik Lee

    Research Analyst

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    CGS-CIMB
    15 January 2021
    Published byCGS-CIMB

    We believe DSN would see multiple re-rating catalysts that include 4Q20F earnings exceeding consensus forecasts, and SEC adopting QD-OLED. Because of severe supply shortage of LCD TV panels recently, we expect SEC to adopt QD-OLED technology for its high-end TV line-ups in 2H21F. Reiterate Add with a higher TP of W51k, based on 29x 12M forward P/E.