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Electronic Materials (Overweight) December 1, 2011 Industry Report Electronic Materials (Overweight) Daewoo Securities Co., Ltd. More attractive than downstream industries Will Cho +822-768-4306 Initiate coverage with Overweight rating [email protected] We initiate our coverage on the electronic materials sector, presenting an Overweight rating. The industry is noteworthy, as: 1) electronic materials makersÊ earnings are relatively insensitive to IT market conditions since their products are necessary for downstream manufacturing, and 2) companies in the sector can actively adapt to new IT paradigms thanks to their strong technology scalability. As such, when the IT market is in a down cycle, electronic materials shares tend to outperform semiconductor, LCD, and IT parts shares. Korean electronic materials companies to enter a boom Korean electronic device makers have become increasingly competitive in key IT segments (e.g., semiconductors, LCDs, and rechargeable batteries). And the growing market dominance of Korean electronic device makers should play a critical role in boosting the competitiveness of domestic electronic materials suppliers on the back of localization and vertical integration. In addition, the Korean government seems committed to supporting the local production of materials going forward in an effort to adjust the trade imbalance with Japan. Furthermore, F/X rates look favorable. Rises in the US$/W rate have positive impacts on KoreaÊs export-driven IT industry, and yen appreciation should boost the price competitiveness of Korean electronic materials companies. Top picks: Duksan Hi-Metal, Cheil Industries, and OCI Materials Among electronic materials segments, AMOLED materials appears to be the most attractive in light of the strong growth potential of the related downstream industry, high barriers to entry, and further room for market share expansion. Over the medium- to long- term, the rechargeable battery-use materials business appears attractive. We recommend Duksan Hi-Metal (077360 KQ/Buy) in light of its focus on AMOLED materials; Cheil Industries (001300 KS/Buy) in light of its expected vertical integration with SMD in the AMOLED materials segment; and OCI Materials (036490 KQ/Buy) in light of its dominant position in the semiconductor-, LCD-, and AMOLED-use gas markets and valuation merits. We also like Soulbrain (036830 KQ/Buy), due to its diversified business portfolio and earnings stability; and Iljin Materials (020150 KS/Buy), as it should benefit from rechargeable battery market growth. Share performance comparison among IT segments (1/1/10=100) IT slump to start Earthquake in Japan 220 Electronic materials IT parts Slowdown in IT demad IT devices → Differentiation in share prices 180 IT sector index Strong IT market Concerns over supply chain → Share prices moved → Differentiation in share prices 140 in the same direction 100 60 1/10 4/10 7/10 10/10 1/11 4/11 7/11 10/11 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. I. Investment summary ...................................................................................................................3 II. Merits of electronic materials makers ......................................................................................5 1. Earnings stability thanks to high barriers to entry.....................................................................5 2. Mid- to long-term growth potential ............................................................................................6 III. What makes Korean suppliers competitive? ..........................................................................7 1. Market dominance of Korean electronic device makers...........................................................7 2. Government support for the domestic production of materials.................................................8 3. Favorable F/X environment.......................................................................................................9 IV. Industry analysis......................................................................................................................10 1. AMOLED materials..................................................................................................................10 2. Rechargeable battery materials ..............................................................................................16 3. Semiconductor materials.........................................................................................................27 4. LCD materials..........................................................................................................................30 5. Special gases ..........................................................................................................................34 V. Investment strategy and valuation .........................................................................................39 1. Initiate with Overweight; Top picks: Duksan, Cheil Industries and OCIM ..............................39 Cheil Industries (001300 KS)....................................................................................................... 41 OCI Materials (036490 KQ) .......................................................................................................... 49 Duksan Hi-Metal (077360 KQ) .....................................................................................................55 Soulbrain (036830 KQ)................................................................................................................. 65 Iljin Materials (020150 KS) ........................................................................................................... 77 2 December 1, 2011 Electronic Materials I. Investment summary Merits of electronic We initiate our coverage on the electronic materials sector, presenting an Overweight rating. materials: The industry is noteworthy, as: 1) electronic materials makersÊ earnings are relatively ① Defensive stocks insensitive to IT market conditions since their products are necessary for downstream ② Mid- to long-term manufacturing, and 2) companies in the sector can actively adapt to new IT paradigms growth potential thanks to their strong technology scalability. As such, when the IT market is in a down cycle, electronic materials shares tend to outperform semiconductor, LCD, and IT parts shares. Indeed, since the IT industry fell into a down cycle in 2010, electronic materials shares have risen by a whopping 78% (on average), while IT parts shares climbed only 13%, and large- cap IT shares and the IT sector index plunged by 17% and 2%, respectively. Merits of Korean Korean electronic device makers have become increasingly competitive in key IT segments electronic materials (e.g., semiconductors, LCDs, and rechargeable batteries). And the growing market makers: dominance of Korean electronic device makers should play a critical role in boosting the ① Competitiveness of competitiveness of domestic electronic materials suppliers on the back of localization and domestic electronic vertical integration. In addition, the Korean government seems committed to supporting the device makers local production of materials going forward in an effort to adjust the trade imbalance with ② Government support Japan. Furthermore, F/X rates look favorable. Rises in the US$/W rate have positive impacts for local production on KoreaÊs export-driven IT industry, and yen appreciation should boost the price ③ Favorable F/X rates competitiveness of Korean electronic materials companies. AMOLED materials and Among electronic materials segments, AMOLED materials appears to be the most attractive rechargeable battery in light of the strong growth potential of the related downstream industry, high barriers to materials stocks seem entry, and further room for market share expansion. The downstream AMOLED panel particularly attractive market is likely to grow at a CAGR of 87% through 2015. And the technological barriers to entry are so high that only a few companies have succeeded in developing and mass- producing products. Of particular note, given that Samsung Mobile Display (SMD) is leading the global AMOLED market, domestic materials makers are likely to quickly expand their market shares. Over the medium- to long-term, the rechargeable battery-use materials business appears attractive. The market is likely to show eightfold growth, as applications of rechargeable batteries are expanding to xEV (HEV, PHEV, and EV) and energy storage systems (ESS). Top picks are Duksan Hi- We recommend Duksan Hi-Metal (077360 KQ/Buy) in light of its focus on AMOLED Metal, Cheil Industries materials; Cheil Industries (001300 KS/Buy) in light of its expected vertical integration with and OCI Materials SMD in the AMOLED materials segment; and OCI Materials (036490 KQ/Buy) in light of its dominant position in the semiconductor-, LCD-, and AMOLED-use gas markets and valuation merits. We also like Soulbrain (036830 KQ/Buy), due to its diversified business portfolio and earnings stability, and Iljin Materials (020150 KS/Buy), as it should benefit from rechargeable battery market growth. KDB Daewoo Securities Research 3 December 1, 2011 Electronic Materials Table 1. Segments of the electronic materials industry Growth potential of Further room for Downstream Entry barrier Core materials Related companies downstream industry M/S expansion Duksan Hi-Metal (077360
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