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Musing on Financials
 
Taiwan Display Makers Continue to Struggle in Q120
March 15, 2020
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AU Optronics  reported sales of NT$17.69b ($590.3m US), ↑14.2 sequentially and ↓14.9% Y/Y.  The 3 year average February sales for AUO were ↓4.7% sequentially and ↑3.7% Y/Y  Large panel shipments were 7.55m units, ↑23.2% sequentially and ↓7.1% Y/Y while small panel shipments were 9.08m ↑5.3% m/m and ↑33.3% y/y.  We note that while small panel shipments increased Y/Y by 33.3%, February 2019 saw the lowest small panel shipment level in over 10 years, making the comparison quite easy.  It was a surprisingly good month for AUO.
 
Innolux did not fare as well, reporting February sales of NT$14.13b ($471.6m US) ↓14.8% sequentially and ↓22.1% Y/Y.  Innolux shipped 6.59m large panel units, ↓25.8% sequentially and ↓20.7% Y/Y and shipped 13.9m small panel units, ↓35.8% sequentially and ↓19.8% Y/Y.  Both large and small panel shipments were the lowest of the last 5 years.
 
HannStar Display has reported net profit of NT$788 million (US$26.16 million) for 2019 even as posted losses in the last quarter of the year. The earnings were down 22.75% Y/. Fourth-quarter losses were NT$13 million, mainly due to an asset impairment loss of NT$162.66 million, said the company. Shipments increased 2.4% sequentially to 4.107 million 19-inch equivalent panels in the fourth quarter of 2019, with their ASP of US$36.They shipped 123 million small/medium panels in the fourth quarter of 2019 and 430,000 large-size panels and 110,000 own-brand display products 
 
Figure 1: AUO Monthly Sales Revenue
Picture
Source: SCMR,LLC
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