Revenues (₩ billion):
LG Display (LGD) revenues increased 5.4% Q/Q and 2.0% Y/Y to ₩6609.978 billion in Q4’11. In terms of revenue share based on applications (Q3’11 → Q4’11):
- TV: 47% → 47%
- Monitor: 19% → 20%
- Notebook: 14% → 13%
- Smartbook: 11% → 9%
- Mobile: 9% → 11%
TV has continued to decline since Q4’09 and has maintained a sub-50% level since Q1’11. Monitor has maintained a high-teans to low-twenties share while notebook has experienced a steady decline. Smartbook was added in Q2’11 and has captured about 10% share since. Mobile is the only application area that has seen consistent increase in revenue share. My guess is LGD is reaping the benefits of being the premiere supplier of 3.5-inch IPS Retina displays.
Net Income (₩ billion):
LGD posted a net loss of ₩6.254 billion. Though still negative the result is a significant improvement over the previous quarter during which the company lost ₩687.518 billion.
ASP (₩000 per square meter):
ASP increased 1.5% Q/Q and decreased 4.1% Y/Y to ₩786,000 per square meter in Q4’11.
Input Capacity (million square meter):
Input capacity decreased 3.5% Q/Q and increased 3.5% Y/Y to 11.1 million square meters. This is the first time input capacity has decreased on a quarter-over-quarter basis since Q1’10.
Shipments (million square meter):
Shipments increased 3.9% Q/Q and 6.3% Y/Y to 8.414 million square meters. Shipments alone, without knowing the level of channel inventory, do not say much. Given the input capacity of 11.1 million square meters and assuming overall yields of 91% the utilization rate in Q4’11 can be calculated to have been about 83%.