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AUO Revenue Up in May, But Down Y/Y
June 24, 2019
 
AUO’s May panel sales improved sequentially from April’s weak results to NT$24.74B, ↑17.9% m/m, but ↓3.9% Y/Y.  May is typically the strongest month of the quarter, so the sales figures are in line with historical performance. Large panel shipments were 10.8m units, ↑45.4% sequentially and ↑14.4% Y/Y, which is the first time this year that AUO has seen a Y/Y improvement in large panel shipments.  Small panel shipments were 10.18m units, ↓10.1% sequentially and ↓33.1% Y/Y.  Comparatively, Innolux large panel sales were flat sequentially. 
 
There are reports that AUO is benefiting from the tariffs placed on Chinese’ panels, which could be causing TV brands to shift panel purchases from China to Taiwan and while panel pricing for May was still weak and are projected to be down between 1.1% and 2.4%, in June, AUO seems to be benefiting thus far.