CMI, AUO 4Q12 operations subject to risks of high TV panel inventory levels

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CMI, AUO 4Q12 operations subject to risks of high TV panel inventory levels

Sammi Huang, Taipei; Alex Wolfgram, DIGITIMES

Tuesday 9 October 2012

Innolux Corporation (formerly Chimei Innolux)
Innolux Corporation (Innolux), formerly Chimei Innolux Corporation, is a Taiwan-based company primarily engaged in research, development, manufacture and distribution of thin film transistor liquid crystal display (TFT-LCD) panel modules and LCD monitors. The company will be strong enough to challenge the leading CMI was formed in March 2010 following the merger of LCD monitor maker Innolux Display, Chi Mei Optoelectronics (CMO), and handheld device panel supplier TPO Display.position of AUO Optronics and becoming the world No. 3 liquid-crystal-display (LCD) panel maker.

The Company's major products include LCD television panels, monitor panels, notebook computer display panels, audio/video (AV) and mobile display panels, medical display panels and special-application panels. Its products are applied in mobile communication products, information product and household electrical appliances. The Company operates international divisions in Japan, the United States, Holland, England, Germany and Singapore. The Company has production facilities in Jhunan and Tainan(Taiwan), Ningbo, Zhejiang Province, and Foshan, Guangdong province in China.
Performance

The company's stock price closed at NT$11.25 on the TSE on Tuesday, April 24, 2018.

The company has reported consolidated revenues of NT$22,577 million for March 2018, representing a 24.9% increase on month and 28% drop on year.

For the fourth quarter of 2017, the company totaled NT$79,132 million in consolidated revenues, down 0.5% sequentially and down 11.5% on year.

Brief

Full name: Innolux Corporation (formerly Chimei Innolux)
Chinese name: 群創光電股份有限公司(奇美電子)
Short name: Innolux
Stock code: 3481
Country: Taiwan
Tax ID: 12800225
Market: TSE
Established: 14 Jan 2003
Paid in capital: NT$99.52 billion
Listed on TSE: 24 Oct 2006
Listed on ESB: 5 Jul 2005
Public since: 17 Jan 2005
Website: www.chimei-innolux.com
Related news

Latest stock

Innolux [3481] historical stock price (NT$)
Date	Volume (k)	Transactions	Value	Open	High	Low	Close	Change		Ask	Bid
25-Apr	40,502	6,973	453,984,098	11.15	11.30	11.10	11.30	+0.05	+0.44%	11.25	11.30
24-Apr	62,436	9,619	704,145,750	11.60	11.60	11.15	11.25	-0.25	-2.17%	11.20	11.25
23-Apr	42,547	8,512	491,861,900	11.65	11.70	11.50	11.50	-0.25	-2.13%	11.50	11.55
20-Apr	44,684	7,830	529,489,350	11.90	11.95	11.75	11.75	-0.35	-2.89%	11.75	11.80
19-Apr	61,091	10,582	728,168,650	11.80	12.15	11.75	12.10	+0.40	+3.42%	12.10	12.15
18-Apr	44,899	8,710	525,152,350	11.70	11.80	11.60	11.70	+0.15	+1.30%	11.65	11.70
17-Apr	140,031	24,678	1,627,950,600	12.00	12.05	11.50	11.55	-0.45	-3.75%	11.50	11.55

Source: TSE, compiled by Digitimes

Latest sales

Innolux: Consolidated revenues, Mar 2017 - Mar 2018 (NT$m)
Month	Sales	M/M	Y/Y	YTD	Y/Y
Mar-18	22,577	24.9%	(28%)	66,763	(22.4%)
Feb-18	18,082	(30.7%)	(34%)	44,186	(19.2%)
Jan-18	26,104	(3.5%)	(4.2%)	26,104	(4.2%)
Dec-17	27,045	(1.1%)	(15.9%)	329,174	14.7%
Nov-17	27,350	10.6%	(6.2%)	302,130	18.5%
Oct-17	24,737	(8.2%)	(11.9%)	274,779	21.7%
Sep-17	26,931	(1.1%)	1.2%	250,042	26.5%
Aug-17	27,233	7.5%	8.7%	223,112	30.4%
Jul-17	25,344	(9.6%)	11.1%	195,879	34.1%
Jun-17	28,036	(0.2%)	20%	170,535	38.4%
May-17	28,092	(1%)	24.8%	142,499	42.7%
Apr-17	28,382	(9.5%)	35.6%	114,407	47.9%
Mar-17	31,354	14.4%	67.6%	86,026	52.5%

*Figures are consolidated
Source: TSE, compiled by Digitimes, April 2018

Innolux: Consolidated revenues, 4Q16 - 4Q17 (NT$m)
Quarter	Sales	Q/Q	Y/Y	YTD	Y/Y
4Q-17	79,132	(0.5%)	(11.5%)	329,174	14.7%
3Q-17	79,508	(5.9%)	6.7%	250,042	26.5%
2Q-17	84,509	(1.8%)	26.5%	170,535	38.4%
1Q-17	86,026	(3.8%)	52.5%	86,026	52.5%
4Q-16	89,382	20%	9.7%	287,089	(21.2%)

*Figures are consolidated
Source: TSE, compiled by Digitimes, April 2018

Latest balance sheet and income statement

Innolux: Consolidated balance sheet, 4Q16 - 4Q17 (NT$k)
Item	4Q-2017	3Q-2017	2Q-2017	1Q-2017	4Q-2016
Current assets	158,529,955	151,866,021	148,401,881	122,740,178	126,998,131
Intangible assets	17,910,908	17,872,401	18,009,979	18,326,577	18,446,321
Non-current assets	256,328,803	230,897,498	234,681,171	236,825,427	244,481,417
Assets	414,858,758	382,763,519	383,083,052	359,565,605	371,479,548
Current liabilities	131,894,172	103,743,013	131,742,994	121,768,253	116,165,904
Non-current liabilities	18,639,538	18,473,644	2,309,171	2,250,386	29,307,281
Liabilities	150,533,710	122,216,657	134,052,165	124,018,639	145,473,185
Stockholders' equity	264,325,048	260,546,862	249,030,887	235,546,966	226,006,363

*Figures are consolidated
Source: TSE, compiled by Digitimes, April 2018

Innolux: Consolidated income statement, 4Q16 - 4Q17 (NT$k)
Item	4Q-2017		3Q-2017		2Q-2017		1Q-2017		4Q-2016
Item	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales
Operating revenue	79,132,002		79,507,678		84,508,950		86,025,771		89,382,367
Gross profit (loss) from operations	11,183,410	14.1%	16,165,134	20.3%	21,045,112	24.9%	20,345,021	23.6%	19,801,886	22.2%
Operating expenses	5,511,784	7%	5,269,813	6.6%	5,221,886	6.2%	5,712,985	6.6%	5,806,538	6.5%
Operating income (loss)	5,671,626	7.2%	10,895,321	13.7%	15,823,226	18.7%	14,632,036	17%	13,995,348	15.7%
Non-operating expenses and losses	54,980	0.1%	781,103	1%	360,744	0.4%	722,153	0.8%	-1,134,795	-1.3%
Income from continuing operations before income tax	5,726,606	7.2%	11,676,424	14.7%	16,183,970	19.2%	15,354,189	17.8%	12,860,553	14.4%
Net income (loss)	4,294,955	5.4%	8,757,318	11%	12,118,217	14.3%	11,858,119	13.8%	10,869,457	12.2%
Diluted earnings per share (NT$)	0.4		0.9		1.2		1.2		1.1