[Korea] Technology October 27, 2020

Seoul Semiconductor Buy (046890 KQ ) (Maintain)

Market environment is improving TP: W23,100 ▲ Upside: 23.9%

Mirae Asset Daewoo Co., Ltd. Wonjae Park [email protected]

3Q20 review: Solid results Solid OP of W 25 .4bn (+111.5% YoY, +85.3% QoQ) ó For 3Q20, Seoul Semiconductor (SSC) announced revenue of W331.2bn (+16.9% YoY, +23.5% QoQ) and operating profit of W25.4bn (+111.5% YoY, +85.3% QoQ). ó Revenue exceeded our estimate (W307.2bn) by 7.8%, and operating profit beat our estimate (W17bn) by 17.0%. ó The market was looking for revenue of W304.5bn and operating profit of W19.8bn. ó The solid results were driven by: 1) backlight unit (BLU) revenue growth; and 2) the strong performance of Seoul Viosys.

4Q20 outlook : Strong BLU Solid earnings expected for 4Q20 business, pickup in automotive ó For 4Q20, we anticipate revenue of W309.8bn (+10.3% YoY, -6.5% QoQ) and operating profit o f LED, and continued growth of W19.4bn (+40.2% YoY, -23.5% QoQ). Seoul Viosys to lead to another solid quarter ó We expect the company to see: 1) continued strength in the TV/monitor BLU business; 2) a pickup in automotive LED revenue; and 3) increased UV LED sales at Seoul Viosys.

Investment recommendation Maintain Buy and slightly lift TP to W 23,100 ó SSC is further strengthening its competitiveness on the back of its strong technology and patents. ó We expect the mini LED BLU TV market to expand in 2021. ó Bullish expectations on UV LED and micro LED are also positive to the company’s stock. ó We slightly lift our target price on SSC from W23,000 to W23,100.

Key data Current price (10/26/20, W) 18,650 Market cap (Wbn) 1,087 170 Seoul Semiconductor KOSDAQ 150 OP (20F, Wbn) 65 Shares outstanding (mn) 58 130 Consensus OP (20F, Wbn) 58 Free float (%) 67.4 110 EPS growth (20F, %) -5.3 Foreign ownership (%) 12.3 90 P/E (20F, x) 33.3 Beta (12M) 1.02 70 50 Market P/E (20F, x) 16.2 52-week low (W) 10,000 10.19 2.20 6.20 10.20 KOSDAQ 778.02 52-week high (W) 20,150

Share performance Earnings and valuation metrics (%) 1M 6M 12M (Dec.) 2017 2018 2019 2020F 2021F 2022F Absolute 11.7 46.9 38.1 Revenue (Wbn) 1,110 1,194 1,130 1,152 1,256 1,380 Relative 16.0 19.5 15.8 OP (Wbn) 98 95 50 65 81 98

OP margin (%) 8.8 8.0 4.4 5.6 6.4 7.1 NP (Wbn) 40 63 34 33 54 65 EPS (W) 692 1,077 592 560 928 1,121 ROE (%) 6.7 10.1 5.3 4.8 7.5 8.6 P/E (x) 40.3 18.0 27.5 33.3 20.1 16.6 P/B (x) 2.7 1.7 1.4 1.5 1.4 1.4 Dividend yield (%) 0.7 1.5 1.0 1.6 1.6 0.5 Notes: Under consolidated K-IFRS; NP is attributable to owners of the parent Source: Company data, Mirae Asset Daewoo Research estimat es Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including t he US. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES AND DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. October 27, 2020 Seoul Semiconductor

3Q20 review and 4Q20 outlook

For 3Q20, SSC announced revenue of W331.2bn (+16.9% YoY, +23.5% QoQ) and operating profit of W25.4bn (+111.5% YoY, +85.3% QoQ). Revenue exceeded our estimate (W307.2bn) by 7.8%, and operating profit beat our estimate (W17bn) by 17.0%. The market was looking for revenue of W304.5bn and operating profit of W19.8bn.

Utilization rose to 72% (+2%p YoY, +8%p QoQ), supporting revenue growth. Fueled by fixed- cost savings, OP margin improved to 7.7% (+3.5%p YoY, +2.6%p QoQ). That said, F/X-related losses (around W7bn) led to a disappointing pretax profit.

The higher utilization was attributable to contactless demand stemming from COVID-19, as the spread of remote working and learning drove sales of IT products. We estimate revenue from TV/notebook/monitor BLUs jumped 52.3% YoY and 32.3% QoQ.

We believe consolidated subsidiary Seoul Viosys (092190 KQ/CP: W18,050) performed better than expected thanks to strong sales of UV LED products due to COVID-19. It is also encouraging that the revenue share of lighting (a segment where prices are rapidly declining) is continuing to fall. In 1H20, general lighting accounted for 30% of revenue, down from 36.1% in 2019. We estimate that figure fell further to 24% in 3Q20.

For 4Q20, we anticipate revenue of W309.8bn (+10.3% YoY, -6.5% QoQ) and operating profit of W19.4bn (+40.2% YoY, -23.5% QoQ). We expect: 1) the strong performance of TV/monitor BLUs to continue; 2) automotive LED revenue to gradually pick up; and 3) Seoul Viosys’s UV LED sales to grow. Management has guided revenue in the range of W300bn to W320bn.

Table 1. 3Q20 review (Wbn, %, %p) 3Q20P Growth 3Q19 2Q20 Mirae Asset Preliminary Consensus YoY QoQ Daewoo Revenue 283.4 268.1 331.2 307.2 304.5 16.9 23.5 OP 12.0 13.7 25.4 21.7 19.8 111.5 85.3 OP margin 4.2 5.1 7.7 7.1 6.5 3.4 2.6 Pretax profit 19.6 13.0 18.5 21.4 18.7 -5.4 42.2 NP 13.8 5.0 10.7 15.4 13.2 -22.5 113.2 Source: Company data, WISEfn, Mirae Asset Daewoo Research estimates

Table 2. Quarterly and annual earnings (Wbn, W, %, %p) 2019 2020F 3Q20P 2019 2020F 2021F 1Q 2Q 3Q 4Q 1Q 2Q 3QP 4QF YoY QoQ Previous Diff. Revenue 281.9 283.3 283.4 280.9 243.2 268.1 331.2 309.8 1,129.4 1,152.3 1,256.2 16.9 23.5 307.2 7.8 OP 17.1 6.6 12.0 13.9 6.0 13.7 25.4 19.4 49.5 64.5 81.0 111.5 85.3 21.7 17.0 Pretax profit 18.9 9.0 19.6 0.2 10.1 13.0 18.5 15.7 47.7 57.4 79.6 -5.4 42.2 21.4 -13.5 NP 16.0 4.0 13.8 0.7 6.3 5.0 10.7 10.7 34.5 32.7 54.1 -22.5 113.2 15.4 -30.6 EPS 274 68 237 12 108 86 184 183 592 560 928 -22.5 113.2 264 -30.6 OP margin 6.0 2.3 4.2 4.9 2.5 5.1 7.7 6.3 4.4 5.6 6.5 3.4 2.6 7.1 0.6 Pretax margin 6.7 3.2 6.9 0.1 4.2 4.9 5.6 5.1 4.2 5.0 6.3 -1.3 0.7 7.0 -1.4 Net margin 5.7 1.4 4.9 0.3 2.6 1.9 3.2 3.4 3.1 2.8 4.3 -1.6 1.4 5.0 -1.8 Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 2 October 27, 2020 Seoul Semiconductor

Maintain Buy and lift TP to W23,100

While intensifying competition is a concern, we believe SSC’s LED competitiveness will gradually strengthen. Established suppliers are experiencing slowing growth, while Chinese suppliers are struggling with patent issues. US-based Cree (CREE US/CP: US$71.19), one of the company’s competitors, recently announced that it was selling its LED business to SMART Global Holdings (SGH US/CP: US$24.95).

We believe SSC is well-positioned to gain share in the TV market. Major TV manufacturers are increasingly adopting mini LED BLUs. As such, we expect the BLU business’s ASP to expand. We are also optimistic on the company’s prospects in TV micro LED. SSC has said that it expects micro LED to begin generating more meaningful revenue in 2021. The sluggish automotive market also looks likely to gradually recover.

We slightly lift our target price on SSC from W23,000 to W23,100. We applied a P/B of 1.7x (unchanged) to our 12-month forward BPS estimate of W12,851, reflecting bullish UV LED and micro LED expectations. We maintain our Buy rating.

Figure 1. Share performance

Source: KAIROS, Mirae Asset Daewoo Research

Table 3. Earnings forecast revisions (Wbn, W, %, %p) Previous Revised Change Notes 2020F 2021F 2022F 2020F 2021F 2022F 2020F 2021F 2022F Revenue 1,115 1,270 1,350 1,152 1,256 1,380 3.4 -1.1 2.2 Strong Seoul Viosys earnings OP 57 77 89 65 81 98 13.8 5.0 9.1 Solid BLU business Pretax profit 60 77 88 57 80 96 -4.2 3.6 9.7 NP 38 55 63 33 54 65 -13.4 -2.1 3.6 EPS 647 948 1,082 560 928 1,121 -13.4 -2.1 3.6 OP margin 5.1 6.1 6.6 5.6 6.5 7.1 0.5 0.4 0.5 Pretax margin 5.4 6.0 6.5 5.0 6.3 7.0 -0.4 0.3 0.5 Net margin 3.4 4.4 4.7 2.8 4.3 4.7 -0.6 0.0 0.1 Source: Company data, Mirae Asset Daewoo Research

Mirae Asset Daewoo Research 3 October 27, 2020 Seoul Semiconductor

Figure 2. Quarterly revenue and OP margin Figure 3. Revenue guidance and actual revenue

(Wbn) (%) (Wbn) 400 Revenue (L) OP margin (R) 30 370 Revenue guidance Actual revenue

330 300 15

290 200 0

250

100 -15 210

0 -30 170 1Q04 1Q07 1Q10 1Q13 1Q16 1Q19 1Q22F 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20

Note: Under consolidated IFRS from 1Q13 Source: Company data, Mirae Asset Daewoo Research Source: C ompany data, Mirae Asset Daewoo Research

Figure 4. SSC vs. Epistar: Consensus valuations Figure 5. Relative share performance

(x, %) (-3Y=100) 50 SSC Epistar 250 SSC Cree Epistar Sanan

200 27.5

20 19.4 150 7.6 5.8 1.5 0.9 1.5 0.9 0.0 100 -1.2 -10 -7.9 P/E P/B ROE P/E P/B ROE 50 2020F 2021F 10/18 2/19 6/19 10/19 2/20 6/20

Source: Bloomberg, Mirae Asset Daewoo Research Source: Thomson Reuters, Mirae Asset Daewoo Research

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Seoul Semiconductor (046890 KQ)

Income statement (summarized) Balance sheet (summarized) (Wbn) 2019 2020F 2021F 2022F (Wbn) 2019 2020F 2021F 2022F Revenue 1,130 1,152 1,256 1,380 Current assets 619 711 764 815 Cost of revenue 876 898 972 1,059 Cash & equivalents 44 142 149 156 Gross profit 254 254 284 321 AR & other receivables 386 359 391 422 SG&A expenses 204 190 203 223 Inventory 154 139 153 165 OP (adj.) 50 65 81 98 Other current assets 35 71 71 72 OP 50 65 81 98 Non-current assets 703 717 734 780 Non-operating profit -2 -8 -1 -2 Investments in associates 2 2 2 2 Net financial income -6 -2 -1 -1 PP&E 600 593 601 639 Net income from associates 0 0 0 0 Intangible assets 46 48 55 64 Pretax profit 48 57 80 96 Total assets 1,322 1,428 1,497 1,595 Income tax 12 13 12 14 Current liabilities 473 507 526 558 Profit from continuing operations 36 44 68 82 AP & other payables 280 308 323 348 Profit from discontinued operations 0 0 0 0 Short-term financial liabilities 146 148 150 153 NP 36 44 68 82 Other current liabilities 47 51 53 57 Attributable to owners 34 33 54 65 Non-current liabilities 104 111 111 112 Attributable to minority interests 1 12 14 16 Long-term financial liabilities 99 106 106 106 Total comprehensive income 37 52 68 82 Other non-current liabilities 5 5 5 6 Attributable to owners 36 36 41 50 Total liabilities 576 618 637 670 Attributable to minority interests 1 16 26 32 Equity attributable to owners 661 701 738 786 EBITDA 128 146 166 190 Capital stock 29 29 29 29 FCF 95 157 48 53 Capital surplus 323 325 325 325 EBITDA margin (%) 11.3 12.7 13.2 13.8 Retained earnings 368 392 429 477 OP margin (%) 4.4 5.6 6.4 7.1 Minority interests 85 109 122 139 Net margin (%) 3.0 2.9 4.3 4.7 Shareholders' equity 746 810 860 925

Cash flow statement (summarized) Key valuation metrics/ratios (Wbn) 2019 2020F 2021F 2022F 2019 2020F 2021F 2022F Operating cash flow 169 207 123 161 P/E (x) 27.5 33.3 20.1 16.6 NP 36 44 68 82 P/CF (x) 5.9 7.0 6.6 5.8 Non-cash income/expenses 124 110 98 107 P/B (x) 1.4 1.5 1.4 1.4 Depreciation 61 67 67 71 EV/EBITDA (x) 9.6 8.5 7.5 6.7 Amortization 17 15 18 21 EPS (W) 592 560 928 1,121 Other 46 28 13 15 CFPS (W) 2,737 2,646 2,834 3,234 Chg. in working capital 40 66 -30 -13 BPS (W) 11,644 12,324 12,957 13,782 Chg. in AR & other receivables 7 65 -30 -26 DPS (W) 156 300 300 90 Chg. in inventory -11 5 -14 -12 Dividend payout ratio (%) 25.0 38.7 25.5 6.3 Chg. in AP & other payables 41 15 12 21 Dividend yield (%) 1.0 1.6 1.6 0.5 Income tax -24 -11 -12 -14 Revenue growth (%) -5.4 1.9 9.0 9.9 Cash flow from investing activities -96 -125 -101 -139 EBITDA growth (%) -36.6 14.1 13.7 14.5 Chg. in PP&E -73 -48 -75 -108 OP growth (%) -47.4 30.0 24.6 21.0 Chg. in intangible assets -6 -16 -26 -30 EPS growth (%) -45.0 -5.4 65.7 20.8 Chg. in financial assets -2 -1 0 -1 AR turnover (x) 3.4 3.7 4.0 4.1 Other -15 -60 0 0 Inventory turnover (x) 7.3 7.9 8.6 8.7 Cash flow from financing activities -50 15 -16 -14 AP turnover (x) 4.2 3.7 3.7 3.8 Chg. in financial liabilities -20 8 2 3 ROA (%) 2.7 3.2 4.6 5.3 Chg. in equity -7 2 0 0 ROE (%) 5.3 4.8 7.5 8.6 Dividends -17 -10 -17 -17 ROIC (%) 4.1 6.0 8.3 9.4 Other -6 15 -1 0 Debt-to-equity ratio (%) 77.3 76.4 74.1 72.5 Chg. in cash 23 98 6 7 Current ratio (%) 130.9 140.1 145.3 145.9 Beginning balance 22 44 142 149 Net debt-to-equity ratio (%) 26.5 5.4 4.6 3.7 Ending balance 44 142 149 156 Interest coverage ratio (x) 6.6 13.4 18.5 21.9 Source: Company data, Mirae Asset Daewoo Research estimates

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Appendix 1

Important disclosures and disclaimers Two-year rating and TP history

Company Date Rating TP (W) (W) Seoul Semiconductor Seoul Semiconductor (046890) 10/26/20 Buy 23,100 40,000 10/05/20 Buy 23,000 07/30/20 Buy 21,000 30,000 07/01/20 Buy 17,000 04/01/20 Buy 16,700 20,000 01/01/20 Buy 21,300 10,000 11/01/19 Buy 18,300

10/01/19 Buy 18,600 0 08/01/19 Buy 21,300 Oct 18 Oct 19 Oct 20 06/30/19 Buy 24,500 04/29/19 Buy 29,500 04/08/19 Buy 29,100 01/30/19 Buy 30,500 01/18/19 Buy 27,300 01/01/19 Buy 26,700 09/30/18 Buy 26,000

Stock ratings Sector ratings Buy Expected 12-month performance: +20% or greater Overweight Expected to outperform the market over 12 months Trading Buy Expected 12-month performance: +10% to +20% Neutral Expected to perform in line with the market over 12 months Hold Expected 12-month performance: -10% to +10% Underweight Expected to underperform the market over 12 months Sell Expected 12-month performance: -10% or worse

Rating and TP history: Share price (─), TP (▬), Not Rated ( ■), Buy (▲), Trading Buy (■), Hold (●), Sell ( ◆) * Our investment rating is a guide to the expected return of the stock over the next 12 months. * Outside of the official ratings of Mirae Asset Daewoo Co., Ltd., analysts may call trading opportunities should technical or short-term material developments arise. * The TP was determined by the research analyst through valuation methods discussed in this report, in part based on estimates of future earnings. * TP achievement may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions.

Ratings distribution and investment banking services Buy Trading Buy Hold Sell Ratings distribution 73.62% 14.11% 11.04% 1.23% Investment banking services 72.22% 11.11% 16.67% 0.00% * Based on recommendations in the last 12 months (as of September 30, 2020)

Disclosures As of the publication date, Mirae Asset Daewoo Co., Ltd. is acting as a financial advisor to Seoul Semiconductor for its treasury share buyback and cancellation.

Analyst certification The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws or regulations thereof. Each Analyst responsible for the preparation of this report certifies that (i) all views expressed in this report accurately reflect the personal views of the Analyst about any and all of the issuers and securities named in this report and (ii) no part of the compensation of the Analyst was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report. Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director, or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. Like all employees of Mirae Asset Daewoo, the Analysts receive compensation that is determined by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading, and private client divisions. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Mirae Asset Daewoo except as otherwise stated herein.

Disclaimers This report was prepared by Mirae Asset Daewoo, a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained herein have been compiled in good faith and from sources believed to be reliable, but such information has not been independently verified and Mirae Asset Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein or of any translation into English from the Korean language. In case of an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws, and accounting principles, and no person whose receipt or use of this report would violate any laws or regulations or subject Mirae Asset Daewoo or any of its affiliates to registration or licensing requirements in any jurisdiction shall receive or make any use hereof. This report is for general information purposes only and is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in any

Mirae Asset Daewoo Research 6 October 27, 2020 Seoul Semiconductor

securities or other financial instruments. The report does not constitute investment advice to any person, and such person shall not be treated as a client of Mirae Asset Daewoo by virtue of receiving this report. This report does not take into account the particular investment objectives, financial situations, or needs of individual clients. The report is not to be relied upon in substitution for the exercise of independent judgment. Information and opinions contained herein are as of the date hereof and are subject to change without notice. The price and value of the investments referred to in this report and the income from them may depreciate or appreciate, and investors may incur losses on investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. Mirae Asset Daewoo, its affiliates, and their directors, officers, employees, and agents do not accept any liability for any loss arising out of the use hereof. Mirae Asset Daewoo may have issued other reports that are inconsistent with, and reach different conclusions from, the opinions presented in this report. The reports may reflect different assumptions, views, and analytical methods of the analysts who prepared them. Mirae Asset Daewoo may make investment decisions that are inconsistent with the opinions and views expressed in this research report. Mirae Asset Daewoo, its affiliates, and their directors, officers, employees, and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Mirae Asset Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making, or other financial services as are permitted under applicable laws and regulations. No part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Mirae Asset Daewoo. For further information regarding company-specific information as it pertains to the representations and disclosures in this Appendix 1, please contact [email protected] or +1 (212) 407-1000.

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