Investment firms pessimistic about panel industry
By Maggie Chen, Taipei; Carrie Yu, DigiTimes.com
Oct 13, 2004, 12:02
Several investment firms, including Yuanta Core Pacific Securities, Smith Barney, Merrill Lynch and JPMorgan, expressed concern over the TFT LCD panel industry based on recent negative financial news from LG.Philips LCD, sliding panel prices and projected panel oversupply through 2005.
Both Merrill Lynch and JPMorgan posted negative forecasts for LG.Philips LCD. Published three days before the company released its earnings results for the third quarter, the Merrill Lynch report predicted that LG.Philips LCD’s profits would fall 69% sequentially in the second half of 2004 and the firm suggested that investors sell their holdings in the company. “The overall industry is still heading south, while a false hope that industry oversupply will be corrected soon seems built into LPL’s stock price,” the report indicated.
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