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Duk San Neolux Q121 Sales Expected to be Up 23.9% Y/Y
Expectations for OLED displays for iPad and MacBook in 2021/2022. As OLED production increases, Duk San Neolux, which supplies HTL, red host, red prime, and green prime should see an increase in sales. Duk San Neolux is expected to deliver an earnings surprise for 1Q21 with sales of KRW39.4bn (-9.4% sequentially, +23.9% Y/Y) and operating profit of KRW11bn (-22.9% sequentially, +60.4% Y/Y),vs. consensus estimates for sales of KRW37.6b, and an operating profit of KRW10.1bn. Stronger-than-expected iPhone sales are driving earnings growth. For full-year 2021, sales of KRW184.4bn (+27.9% Y/Y) and operating profit of KRW56.3bn (+40.5% Y/Y) are expected, surpassing consensus estimates for sales of KRW172.3bn and operating profit of KRW49.1bn. Stellar earnings will be attributable to growth in production of materials for QD OLED TV panels.
Expectations for OLED displays for iPad and MacBook in 2021/2022. As OLED production increases, Duk San Neolux, which supplies HTL, red host, red prime, and green prime should see an increase in sales. Duk San Neolux is expected to deliver an earnings surprise for 1Q21 with sales of KRW39.4bn (-9.4% sequentially, +23.9% Y/Y) and operating profit of KRW11bn (-22.9% sequentially, +60.4% Y/Y),vs. consensus estimates for sales of KRW37.6b, and an operating profit of KRW10.1bn. Stronger-than-expected iPhone sales are driving earnings growth. For full-year 2021, sales of KRW184.4bn (+27.9% Y/Y) and operating profit of KRW56.3bn (+40.5% Y/Y) are expected, surpassing consensus estimates for sales of KRW172.3bn and operating profit of KRW49.1bn. Stellar earnings will be attributable to growth in production of materials for QD OLED TV panels.
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