Contents
3 Investment summary
7 Gloomy outlook for backlighting
11 LED lighting − another tough market
19 Supply-demand analysis − Oversupply risk remains
in 2012F and onward
21 Payback period analysis
27 Industry consolidation is necessary, in our view
29 Earnings, valuation, and stock action
32 SEMCO
38 LG Innotek
44 Seoul Semiconductor
49 Epistar Corp
54 Everlight Electronics
59 Appendix A-1
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发表于 2012-7-18 20:23:38
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