Not much can be gleaned from the recently announced consolidated financial results for Asahi Glass Co. (AGC). Below I’ve quoted all I could find regarding LCD glass substrate performance. It’s interesting to note AGC puts LCD glass substrates into its “Electronics” segment and not its “Glass” segment.
Affected by inventory adjustments at LCD panel manufacturers, the AGC Groupâ€™s shipments of glass substrates for display devices remained at the same level as the previous quarter.
This does not bode well for AGC as Corning grew its volumes by 5% Q/Q in the second quarter thanks to strong demand for substrates from Samsung Corning Precision (SCP).
While shipments of glass substrates for display devices will continue to grow in line with the display market, the production activities of panel manufactures might influence the shipment volume in the short term.
In other words, if inventory adjustments at the LCD panel manufacturer level occurs in the future, there is the possibility of AGC posting another zero growth quarter.