09.03.2001
AU tops panel shipment in August

• Development: Taiwan’s four TFT-LCD makers shipped around 929k panels in August, for 8.1% MoM growth. AU Optronics (Taiwan’s largest TFT-LCD maker and fourth worldwide in terms of 1H01 market share) ranked no. 1 with 354k (up 4.1% MoM). AU recently obtained approval for LCM (LCD Module) investment in China.

• Analysis: Results indicate the TFT-LCD sector in general and AU in particular are holding up well in spite of the tech downturn. We are moreover confident that performance will continue to show strength through 4Q01.

• Primasia View: We maintain our Outperform rating on AU with its strengths in economies of scale and broad product mix.