Q1 2024 LG Display Co Ltd Earnings Call
We will walk us through the key highlights.
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Speaker Change: Good morning, and afternoon. This is the CFO sang Don Kim Thank you for joining our conference call.
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Dong Jun Kim: Uncertainties in the external environment continue affecting macroeconomic factors like consumption, which is prolonging the soft demand across panel products.
Dong Jun Kim: But the short term business performance will remain volatile due to factors like seasonality, but the company is trying to build a secure revenue structure for the mid to long term. We are trying to strengthen business competitiveness laid the foundation for future businesses and establish a stable revenue structure by you folks.
Dong Jun Kim: Company wide attention on activities to upgrade the business structure improved the cost structure and operational efficiency.
Dong Jun Kim: Talk culturally everybody some new hires.
Dong Jun Kim: Now allow me to explain the company's plan and strategy per business area.
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Dong Jun Kim: Conclusion of all categories.
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Speaker Change: In large OLED, we will strengthen our customer portfolio and solidify our position in the premium TV market with a focus on ultra high definition ultra large products applied with meta technology to that though with higher luminance.
Speaker Change: We also aim to improve profitability based on cost innovations and volume expansion.
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Speaker Change: In the I T O led segment under medium I T. We are currently mass producing the products that utilize tandem OLED characterized by superior durability and performance like long life high luminance and low power.
Speaker Change: We plan to secure a business results by ramping up production in earnest in Q2 and running the business on track as planned.
Speaker Change: This will not only help consolidate our position in the market based on stable mass production and technology leadership, but also to build the fundamentals for our business upgrade.
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Speaker Change: In the small mobile business, they will keep driving our market share in high end smartphones, but actively utilizing the expanded capacity of 45000 and growing the shipment and mix of high value add products.
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Speaker Change: Next is auto business.
Speaker Change: We have technological competitiveness and differentiated product portfolio in such products as P OLED and H b.
Speaker Change: Based on tandem OLED technology and high Ed L. T P S LCD.
Speaker Change: <unk> may be volatile in the short term, but we will keep working to win new orders and drive business performance based on our differentiated product and technology portfolio reliable production capability and close customer relations.
Speaker Change: Particularly in auto OLED, we are accelerating business expansion with the goal of further building up our position as the world's number one audio display player by winning new customers new orders and revenue.
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Speaker Change: Cause onto a spinoff with Hanmi, though.
Speaker Change: Last is on our investment activities.
Speaker Change: As has been reiterated our capex is focused on essential investment and order based business that is less susceptible to external environment and likely to yield quick returns invest.
Speaker Change: Investment. This year is planned at two of Chilean one level a further reduction from last year's three six trillion won.
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Speaker Change: Although the market in external environment remains uncertain and volatile they will try to sustain the improvement trend in our quarterly business performance in earnings through the aforementioned measures as we aim to reach a turnaround in the second half led by a higher mix of all that sensor at high end products.
Speaker Change: We are also working to strengthen our financial soundness and improve our fundamentals by utilizing non strategic assets such as the sale of idle real estate disclosed today. Thank you very much for your attention.
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Speaker Change: That brings us to the end of earnings presentation for Q1 2024, we will now take your questions. Operator, please commence with the Q&A session.
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Speaker Change: Now Q&A session will begin please press star one that Istar and one if you have any questions.
Speaker Change: Questions will be taken according to the order you have pressed the number of star one for.
Speaker Change: For cancellation, please press star two that Istar and two on your phone.
Speaker Change: In order to allow as many Q&A chances as possible within the restricted time, we would appreciate only two questions per each participant.
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Speaker Change: Thank you very much for the presentation now I have questions about the financial structure as well as cash cash liquidity, probably the two most important questions in todays environment now.
Speaker Change: The company's financial statement it shows that the net borrowing at the end of Q1 was $13 eight trillion won and we see that the net borrowing has been remaining at the 13 children one levels from.
Speaker Change: From a year ago.
Speaker Change: And which appears to be a bit on the higher side, considering the current circumstances.
Speaker Change: That's been the paid in capital increase and also there have been reports of the intention to sell off the Guangzhou LCD.
Speaker Change: To sell off the Guangzhou, LCD TV fab and I Wonder whether are there are any target our financial ratios for the company for the end of this year as well as next year and also aside from the sell off of the Guangzhou LCD TV fab are there any large scale cash.
Speaker Change: In events that have been planned for the sake of stabilizing the financial ratios.
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Speaker Change: This is the CFO responding to your questions I see that the question is stemming from very good understanding of the specifics of the company and yes as has been rightly mentioned the net borrowing has been remaining almost flat for the past few quarters and also asked a question of has.
Speaker Change: Pointed out it is a bit burdensome given the current circumstances.
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Speaker Change: I assume youre, reaching any thoughts so similar.
Speaker Change: Now for the past two years, the company's profitability has not been robust, but as you would also be fully aware our financial activities have been consistently ongoing despite the other circumstances.
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Speaker Change: Oh and you also mentioned the sell off of the Guangzhou LCD TV fab. So basically what the company can do now is to keep strengthening our activities to maximize our business efficiency and effectiveness.
Speaker Change: So what we can do is improve the soundness of our assets and for the assets that are deemed not to be strategic that we can perhaps try to turn them into our other types of assets.
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Speaker Change: We'll make some judgments.
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Speaker Change: And I did mention that we have been consistently carrying on financial activities, but then I would say that at a fundamental level. The best financial response would be to for our businesses to produce profits.
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Speaker Change: And regarding so with regards to that our continuous efforts have been reiterated several times. So I did not believe that they married my repeating at this point, but so we will continue with our efforts to improve our fundamental business performance and we are now beginning.
Speaker Change: To see some signs of getting good results out of it so based on the results as well as the continued business performance. We will also be coming up with our financial plan Accordingly.
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Thank you for taking my question it is going to be R&D, Guangzhou LCD fab now the market is quite keen on the sell off of the Guangzhou LCD Fab Ah.
Speaker Change: For such purposes, as improving the financial ratios and also deep potential use of the investment funds.
Speaker Change: But also at the same time sums TV set makers recently requested volume increase from LG display to hedge their reliance on Chinese makers.
Speaker Change: And based on the recent improvement in the LCD TV market are there any changes to the company's plan on the selloff of the Guangzhou LCD TV fab and if not meaning that if the current plan is to continue then I would just like to ask for a broad update on D. Guangzhou LCD.
Speaker Change: Fab sell off so for example, the timeline of the expected sell off as well as the plan for utilizing the proceeds.
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Linda: Hi, Linda.
Linda: With 10 gig, which was what I remember them all.
Linda: Student Scimitar.
Linda: This is the CFO again responding to your question now a few years back the company announced her decision to suspend or large LCD business and since then we have been executing this plan through a number of steps.
Linda: Sure.
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Sure I'll give you the view on policy really diminished Tomatoes supercomputer.
So this means that our what we our intention intending to do is not about improving the financial ratios or making more proceeds available to be used but this is part of our execution of what was determined strategically.
Linda: Hmm.
Linda: Or are there some trigger coupons or what would trigger that.
Linda: I'll keep it there from them by some extra to Mohawk wheel Cuda unemployed is on them. So that you can cause.
Linda: No assurance of a keyboard blah blah blah.
Linda: Tony a little by some doing well.
Linda: Also to us.
Linda: Okay.
Now in terms of the substance of the decision. So we have shared with the market about the path that we intend to take.
Linda: But in terms of the specific approach I must admit that perhaps we have not been fully clear yet.
Linda: Are you going to do by some presumed similar how do you want them.
Linda: And I'm not sure how Vita.
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Speaker Change: And neither will I be clear at this time, but what I can tell you is that we are working very hard.
Speaker Change: And the outcome might be better than what we expect but in terms of the timing, we would have to wait and see but again in terms of specific approach. Please understand that we cannot be specific at this time.
Speaker Change: I want to eliminate about through August.
Speaker Change: Thank you we will take the next question.
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Speaker Change: And thank you for taking my questions I will be asking about the sales environment now since a few years back we see that the large OLED has been increasing and also it is like Ah sorry, so the large OLED is likely to expense.
Speaker Change: Year over ear, especially thanks to the new customer and also the increased volume for the new customer.
Speaker Change: And also the L. C D I T products N D. I T. OLED are likely to be the main drivers of performance improvement this year along with the large OLED. So then what is the company's projection for the demand for the mid sized LCD products and also if possible what is to come.
Speaker Change: These projections for the panel prices as well.
Speaker Change: And the second question is as was explained during the presentation. The company started the mass production of OLED and it seems as if the volume is set to increase quite rapidly in the second quarter of this year.
Speaker Change: Then with the I T. All that what is the company's goal in terms of the annual production.
Speaker Change: And also the company has been putting a lot of stock on the order based business. So the company has great vision for the auto business. So what is also the company's expectation of performance coming out of this.
Speaker Change: So along with getting them down using them at all.
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Speaker Change: This is one daily in charge of media marketing responding to the first part of your question now for the mid sized LCD market. There has been negative growth recently because of some macroeconomic environment and impact, but then more recently.
We are seeing is Ah snows of our gross in the sales of monitors, especially in D. C market in developed markets and in the emerging markets as well.
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Speaker Change: Thank you tore open can you tell me again, Japan government wintertime.
Speaker Change: Hum along with the rise in the TV panel prices.
Speaker Change: They are also paying.
Speaker Change: And so we.
Speaker Change: The two starting up in 2025 and on the back of the replacement cycle coming up and also with improved.
Speaker Change: Consumption environment, among the businesses and as a result, we believe that starting from the second half of the ear.
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Speaker Change: Thank you for taking my question, which is on P. OLED now.
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Speaker Change: This is <unk> Kim in charge of small display marketing responding to this question now once again, please I ask for attending I cannot close details or specifics with regard to customer now.
Speaker Change: Now based on the expanded.
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