Display - Accelerating OLED innovation

Accelerating OLED innovationDisplay

Chuljoong Kim [email protected]

September 1, 2021

Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

Mirae Asset Securities Research2 | Display

I. Higher LCD prices to boost OLED penetration 3

II. OLED shipments to expand meaningfully in 2H21 7

III. Slower-than-expected OLED investments in 1H 9

IV. Warm reception for foldable smartphones 10

V. Technological changes 12

VI. Status check by segment 18

VII. Investment strategy 22

VIII. Global peer valuations 23

Contents


0

1

2

3

4

5

0

15

30

45

60

1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22

OLED smartphone penetration (L) OLED TV penetration (R)

(%) (%)

• The increase in LCD panel prices is intensifying cost pressures for TV/monitor/smartphone manufacturers; this is leading to higher adoption of OLED panels.

• The current LCD up-cycle is leading to higher panel prices across TVs, notebooks, monitors, and smartphones (in contrast to the 2017 up-cycle, which was more limited in scope). As a result, we are seeing a rise in OLED penetration across all products.

OLED penetration on the rise

Higher LCD prices = Rising OLED adoption

Source: IHS, Mirae Asset Securities Research

I. Higher LCD prices to boost OLED penetration

Higher LCD prices = Rising OLED adoption

LCD panel price surge

LCD panel price surge


-20

-10

0

10

20

1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21F

LGE HE OP margin LGD OP margin

(%)

• In 2H21, we expect LG Display’s (LGD) OP margin to surpass that of LG Electronics’ (LGE) home entertainment (HE) division.

• In fact, we see LGD’s OP margin rising to levels not seen since 2017 as a result of higher LCD prices and improving OLED margins.

• Meanwhile, as increased cost pressures should lead to a continued fall in demand (from TVs, smartphones, etc.), we forecast LCD prices to start falling in 3Q21 and a cycle of declining LCD profits to begin in 2022.

LGD’s OP margin likely to rise to levels not seen since 2017

OP margin comparison: LGD vs. LGE’s HE business

Source: Company data, Mirae Asset Securities Research

I. LGD to overtake LGE for the first time since 2017

TV makers with no OLED exposure are believed to

have suffered more serious margin erosion

LGD’s OP margin started to surpass that of LGE’s HE

division


-1,000

-500

0

500

1,000

1,500

2,000

2,500

1Q19 3Q19 1Q20 3Q20 1Q21 3Q21F 1Q22F 3Q22F

LGD OP Samsung Display OP

(Wbn)

Price gap between laptop-use OLED and LCD panels (rigid OLED and LTPS LCD) continues narrowing

Source: Mirae Asset Securities Research

LCD profitability to decline, OLED profitability to improve in 2022

Source: Company data, Mirae Asset Securities Research

Price gap between LCD and rigid OLED has narrowed sharply

I. LCD-OLED price gap now minimal

• The price gap between rigid OLED and LTPS LCD panels (for notebooks, monitors, and smartphones) has contracted significantly. This should support an increase in rigid OLED penetration.

• Indeed, Samsung Display is raising its 2021 shipment target for laptop OLED from 4-5mn units to 6-7mn units.

• In 2H21-2022, we expect LCD demand to decline gradually and OLED demand to grow.

• Accordingly, we expect quarterly operating profit to start falling for LCD and rising for OLED from 3Q21.

Screen size

Resolution Price (US$) Notes

13.3” 1,920 x 1,080 90-95

Laptop-use OLED panels have seen their prices fall 15-20% from 2020 levels and are now only 10-15%

more expensive than LTPS LCD panels

(same specifications).

15.6” 1,920 x 1,080 120-130

15.6” 2,880 x 1,800 160-180

15.6” 3,456 x 2,160 220-230

LCD profitability to fall, OLED

profitability to expand in 2022


CSOT to expand T9 LCD line to meet demand from IT devices/autos

Source: Omdia, Mirae Asset Securities Research

BOE raises W3.7tr through a private share sale

Source: BOE, Mirae Asset Securities Research

Fast and decisive LCD shutdown strategy is needed

I. In need of a nimble strategy to stop LCD production

• Domestic panel makers need to decide whether to invest in converting LCD lines or building new OLED lines.

• Panel makers need to defend against the likely fall in LCD prices and at the same time focus on increasing OLED penetration.

• CSOT has announced a plan to invest in a Gen 8.5 LCD line (T9), which is scheduled to go online in 2023 with a capacity of 180,000 units/month.

• Recently, BOE raised W3.7tr in funding through a share sale to ramp up panel investments.

1) Price: CNY5.57 (3.6% discount to share price at time of issuance)

2) Total funding: CNY20.3bn (W3.7tr)

3) Purpose of funding:

- Investment in Chongqing display line (B12) and Gen 6 line

- Purchase of 24% stake in Wuhan BOE Optoelectronics Technology

- R&D project: 12” silicon wafers for OLED production

- Working capital


124 164

220

0

100

200

300

400

500

2020 2021F 2022F

Apple SEC Xiaomi Oppo Vivo Huawei Other

(mn units)

OLED shipments to jump 29% YoY in 2022

Source: Stone Partners, Mirae Asset Securities Research

Apple’s flexible OLED demand to drive overall market growth


Increase in OLED penetration to gather pace from 2H21

II. OLED shipments to expand meaningfully in 2H21

• We expect to see broader OLED adoption during the peak-demand season (Singles’ Day and Black Friday).

• We forecast global OLED shipments to jump 29% YoY in 2022, with demand starting to grow meaningfully in 2H21.

• With new flagship smartphone releases limited in 2H21, we expect to see robust demand for the new iPhone series.

• We project Apple’s flexible OLED panel demand to jump from 124mn units in 2020 to 164mn units in 2021 and 220mn units in 2022.

Flexible OLED: +45% YoY in 2022Apple/Xiaomi to lead demand growth

0

200

400

600

800

2020 2021F 2022F

Rigid Flexible Foldable

+9%

+29%

(mn units)


• Among global panel makers, we expect Samsung Display to enjoy the strongest profit growth next year, as it has the highest OLED exposure.

• Notably, depreciation of the A3 fab (W400bn annually per line) is coming to an end, after which profit expansion should accelerate meaningfully.

• With the end of the depreciation, the company should be able to cut selling prices to gain market share.

• Starting with the A4-2 line (30,000 sheets/month), investments are projected to resume gradually, including the construction of A5 in early 2022.

1) Meaningful profit growth

2) Resumption of investments

Samsung Display: Depreciation costs to fall sharply in 2022 as A3 depreciation ends


II. Samsung Display to show robust OLED profitability growth

Facility Ph. Max./mo. 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22

Samsung Display A3

1 15

2 15

3 15

4 15

5 15

6 15

7 15

8 15

9 15

Mass production Completion of depreciation

A3: Depreciation of seven lines to end in 2022 (including the Apple line in 1Q22), leading to cost savings of W2-2.5tr


• OLED investments (both new/converted lines) by Korean panel makers are on track to meet the levels projected at the start of the year.

• Samsung Display: Gradual investments in A4-2 (30,000 sheets/month, back plate); LGD: E6-Ph3 (15,000 sheets/month, back plate)

• Chinese panel makers (CSOT, Visionox, etc.): Investments pushed back to 2022

• EverDisplay: Investments in the Gen 6 flexible OLED line (30,000 sheets/month) in 2H21

• We lower our estimate for 2021 panel investments from 105,000 sheets/month to 75,000 sheets/month in light of the delays in China.

Weaker-than-expected investments globally in 1H; investments to resume gradually in 2H, led by Korean OLED makers

Investments in Gen 6 OLED lines to inch up YoY; Samsung Display to resume investments in 2H21


III. Slower-than-expected OLED investments in 1H

Company Line 2016 2017 2018 2019 2020F 2021FSamsung Display A3 105

A4 30A4-2 30A5Total 105 30 0 0 0 30

LGD E5 15E6-1 15E6-2 15E6-3 15Total 30 15 0 0 0 15

BOE B7 15 30B11 15 30B12 45B15Total 15 45 30 0 45 0

Visionox V2 15 15V3 30V4Total 0 15 0 30 15 0

CSOT T4 15 30T5 0Total 0 15 0 30 0 0

Tianma Wuhan 15 15Xiamen 15 0Total 15 0 0 15 15 0

EverDisplay Shanghai 2 30Total 0 0 0 0 0 30

Total (global) 165 120 30 75 75 75No. of lines 11 8 2 5 5 5


• The market response to Samsung Electronics’ (SEC) latest foldable smartphones has been favorable.

• Pre-orders are rising sharply thanks to aggressive price cuts (compared to earlier models).

• Z Fold 3 features: UPC, pol-less structure (no polarizer), LTPO technology, S-Pen

Expanding foldable smartphone lineup

Foldable smartphone specifications and release dates


IV. Warm reception for foldable smartphones

Brand Panel maker Panel production Model Size Status Form

factor Cover window Notes

SEC Samsung Display

3Q20 Z Fold 2 7.7” Mass prod. Inward UTG Launched in 3Q20

2Q21 Z Fold Lite 7.29” Development Inward CPI Affordable version of Galaxy Fold

2Q21 Z Flip 2 6.7” Development Inward UTG Same panel as the Z Flip

3Q21 Z Fold 3 7.7~7.8” Development Inward UTG S-Pen, UPC, pol-less, LTPO (projected)

4Q21 Laptop/tablet 13.x” Development Inward CPI -

LGE BOE 2Q21 Rollable 7.4” Development Rollable CPI Mass production expected in Feb./Mar. 2021; 100,000 units/year

HuaweiBOE 1Q20 Mate Xs 8.03” Mass prod. Outward CPI -

BOE/Samsung Display 4Q20 Mate X2 8.03” Pending Inward CPI Pending

Xiaomi CSOT 1Q21 - 8.01” Development Inward CPI 6.52” sub-display, hole punch

LenovoBOE/CSOT 4Q19 Razr 6.2” Mass prod. Inward CPI Mass production began in 1Q20

BOE/Tianma/CSOT 1Q21 Razr 2 6.85” Development Inward CPI


38

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12

8

0

10

20

30

40

50

6.06" (iPhone) 6.68" (iPhone) 7.7" (Z Fold 2) 10.5"(iPad) 13.0"(laptop/tablet)

(mn units)

SEC: Monthly production and forecasts for foldable devices

Source: DSCC, Mirae Asset Securities Research

OLED production capacity required for adoption in foldable/IT devices(based on Gen 6)


Foldable OLED demand from IT devices is rising

IV. Investments in foldable OLED likely to resume

• If foldable smartphones continue to be well received by users, we will likely see steady upward adjustments to demand forecasts for foldable IT devices.

• Foldable device demand outlook (Counterpoint): 7.8mn units in 2021, 14.1mn in 2022, and 31.1mn in 2023

• Demand forecasts for 2023 and beyond could change if Apple joins the foldable race.

• Production of large-sized OLED panels requires larger capacity (than for existing products).

15,000 units/month (one line) annually (assuming 90% yield,

90% utilization)


Tandem RGB

Pol-less(black PDL)

Gen 8 oxide RGB

• As demand grows, OLED technology for mobile/IT devices is changing rapidly.

• We advise investors to pay attention to three OLED technology innovations that are set to play out in the coming years:1) Pol-less 2) Gen 8 oxide RGB 3) Tandem RGB

Pay attention to three OLED technology innovations

Three OLED technology innovations


V. Technological changes: Three major innovations

Korean panel makers lead innovation in OLED technology


Eco2 (pol-less) concept


Black PDL takes the place of the polarizer

Source: DSCC, Mirae Asset Securities Research

1) Pol-less/black PDL

V. Technological changes: Pol-less/black PDL

• Samsung Display applied pol-less technology (which it calls Eco2) to the Galaxy Z Fold 3.

• By removing the polarizer film from the top of the display, this new technology achieves: 1) up to a 33% improvement in brightness; 2) lower thickness; and 3) higher flexibility.

• In conventional panels, the polarizer is responsible for filtering unwanted light from the outside; in panels with a pol-less structure, a separator material called black pixel definition layer (PDL) performs this function.

• Among back-end processes, polarizer lamination is the most expensive. Reduction in spending per unit of capacity

Effects of polarizer removal:1) Improved brightness

(33%)2) Reduced thickness

(by 5081Чm)3) Higher flexibility


Substrate size comparison: Gen 6 vs. 8.5


Vertical deposition method

Source: OLEDON, Mirae Asset Securities Research

2) Gen 8 oxide-based RGB technology

V. Technological changes: Gen 8 oxide-based RGB technology

• Increasing OLED demand from large IT devices (laptops and monitors) has prompted panel makers to revisit Gen 8 oxide-based RGB technology.

• Since the mid-2010s, Samsung Display has been developing a vertical RGB deposition-method evaporator in cooperation with Ulvac (Japan) to overcome the limitations of horizontal RGB deposition technology. In addition, the company is working with DNP (Japan) for fine metal mask (FMM).

• After testing the technology later this year, we believe the display maker will invest in a pilot line (for Gen 8 small/mid-sized OLED) in 1H22.

• For the A5 line, Gen 6 capex will likely be limited, while we see high visibility on Gen 8 oxide-based RGB and LTPS capex.


Panelization: No. of panels that can be produced from a sheet of glass


Gen Glass size (mm) 10” 14” 17” 22” 26” 32” 37” 42” 47” 55”

1 300 x 350 2 12 370 x 470 4 2 13 550 x 670 9 4 3 2 1

4 730 x 920 15 10 6 3 2 2 1

5 1100 x 1250 36 18 12 8 6 3 2 2 1

6 1500 x 1850 72 40 24 15 12 8 6 3 3 2

7 1950 x 2250 112 60 40 24 18 12 8 8 6 3

8 2200 x 2500 136 78 55 32 24 18 10 8 8 6

10 2880 x 3130 24 18 15 10 8

Gen 4 (15.1”, sixpanels)

Gen 7 (42”, eight panels)

LCD glass size and no. of panels that can be produced from a sheet of glass



Capex should initially be based on Gen 8 oxide-based RGB technology (for which equipment has already been developed). In the medium to long term, however, capex should be concentrated on Gen 8 LTPS equipment.


Gen 8.5 LTPS lithography equipment

Producers: Nikon, Canon

Gen 8.5 LTPS ELA

Producers: AP Systems, JSW

Processes/equipment essential for Gen 8.5 LTPS

Gen 8.5 LTPS ion doping equipment

Producer: Nissin Ion

Gen 8.5 LTPS evaporator

Producers: Ulvac, Canon Tokki, Sunic System

Gen 8.5 LTPS 8 FMM

Producer: DNP

Gen 8.5 LTPS TFE

Producer: AMAT



iPad models to feature OLED starting in 2023


RGB structure: Single stack vs. tandem stack


3) Tandem RGB

V. Technological changes: Tandem RGB

• We expect the adoption of OLED in iPads to start with a single-stack structure in 2023 and later move to a tandem-stack structure in 2024.

• The RGB tandem stack yields improved brightness and a longer life span.

• LGD has already applied this technology to automotive OLED, while Samsung Display is currently engaged in R&D.

• We expect demand for OLED organic materials to expand.


FMM-RGB materials: 2022 demand forecasts being upgraded


WOLED/QD-OLED materials: 2022 demand forecasts being upgraded


1) OLED organic materials

VI. Status check by segment

• Amid the OLED up-cycle, market forecasts for OLED organic materials continue to be upgraded.

• FMM RGB materials: Demand forecasts revised up 7% for self-emitting materials, 8% for commodity materials

• WOLED/QD-OLED materials: Demand forecasts revised up 7% for self-emitting materials, 7% for commodity materials

• We expect demand forecasts to continue to be adjusted upward, given increasing OLED adoption by IT devices and new capex by domestic panel makers.

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26

6

28

6.8 7.2

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30

Light-emitting materials Commodity materials

Previous est. (May, L)

Revised est. (Sep., L)

Revision rate (R)

('000 tonnes) (%)

20

74

22

80

6.6

8.3

0

2

4

6

8

10

0

20

40

60

80

100

Light-emitting materials Commodity materials

Previous est. (May, L)

Revised est. (Sep., L)

Revision rate (R)

('000 tonnes) (%)


OLED organic materials value chain


Samsung Display: Material sets for small/mid-sized OLED (M10/M11)




• OLED organic materials value chain and material sets (M10/M11) used in Samsung Display’s small/mid-sized OLED

• Going forward, M9/M10 material sets (used in existing high-end OLED products) will likely see gradual adoption in low/mid-end smartphones.


LGD: Material sets for small/mid-sized OLED (RS-J, RS-K)


LGD: Material sets for WOLED (WB-E)




• LGD recently announced plans to expand its 6G flexible OLED panel capacity (+15,000 sheets/month each for the E6-3 and E6-4 lines).

• In our view, suppliers of OLED organic materials to LGD have secured a medium/long-term growth driver.


DDI supply and demand (8” wafer)


DDI supply and demand (12” wafer)


2) DDI: Shortages to ease gradually starting in 4Q21


• Of all display components/materials, display drive-ICs (DDIs) have suffered the severest shortages over the past year.

• Following the price increases for LCD DDIs arising from sharp demand growth in 3Q20, rising OLED penetration has kept OLED DDI demand tight through 3Q21.

• We expect DDI shortages to ease in 4Q21-1Q22. Price increases unlikely to continue in 2022

• With device/panel makers coming under growing cost pressures, demand for TV monitors has slowed in some markets.


• Our preferences by application, form factor, and segment:1) Application: Smartphone/IT panels > TV monitors2) Technology: OLED > LCD3) Segment: Materials > Equipment

• Top picks: 1) Duksan Neolux (TP: W100,000), 2) Innox Advanced Materials (TP: W110,000)

We favor OLED over LCD

Our preferences: 1) Smartphone/IT panels > TV monitors; 2) OLED > LCD; 3) Materials > Equipment


VII. Investment strategy

TV/LCD Smartphone, IT/OLED

Innolux

AUO

BOE

CSOT

LG Display

LX Semicon

Innox Advanced Materials

Duksan Neolux

UDC

We favor smartphone/IT panel suppliers and other names with high exposure to OLED

Novatek

Top picks

Top picks


VIII. Global peer valuations

Source: Bloomberg, Quantiwise, Mirae Asset Securities Research

Panel makers: Global peer valuation table (Wbn, %, x)

Panel makers: Relative share performance

Source: Bloomberg, Mirae Asset Securities Research

Panel makers: 2022F P/B-ROE

Source: Bloomberg, Mirae Asset Securities Research

Market cap

Revenue OP NP ROE P/E P/B EV/EBITDA

21F 22F 21F 22F 21F 22F 21F 22F 21F 22F 21F 22F 21F 22F

TCL Technology 18,054 26,211 30,655 3,076 3,522 2,438 2,740 29.6 23.7 8.1 7.3 2.24 1.81 9.1 8.3

BOE 39,736 36,396 41,250 5,684 6,302 4,357 4,474 19.6 18.2 8.6 8.5 1.69 1.40 6.2 5.8

LGD 7,210 29,701 29,092 2,677 2,117 1,490 1,217 11.0 8.1 5.0 6.1 0.56 0.51 2.1 2.0

AUO 7,270 15,628 14,942 3,017 2,171 2,776 1,858 28.8 17.6 2.6 4.1 0.69 0.64 1.8 2.2

Innolux 7,646 15,252 14,064 3,418 2,396 2,944 1,965 24.7 14.9 2.5 3.9 0.57 0.54 1.5 2.0

Tianma 6,192 6,432 7,624 443 500 371 414 6.0 6.3 16.9 14.9 0.97 0.91 9.8 8.9

Japan Display 323 2,967 2,953 -221 21 -186 -3 - - - - 2.40 1.50 - 19.9

Avg. 19.9 14.8 7.3 7.5 1.3 1.0 5.1 7.0

0

100

200

300

400

1/20 7/20 1/21 7/21

(1/20 = 100)TCL BOELGD AUOInnolux TianmaJapan Display

TCL

BOE

LGDAUO

Innolux

Tianma

Japan Display

0.0

0.5

1.0

1.5

2.0

0 5 10 15 20 25

(P/B, x)

(ROE, %)



Display materials suppliers: Global peer valuation table (Wbn, %, x)


Marketcap


21F 22F 21F 22F 21F 22F 21F 22F 21F 22F 21F 22F 21F 22F

Duksan Neolux 1,693 190 235 53 70 49 62 22.7 22.8 33.5 26.6 6.9 5.5 25.8 19.4

UDC 11,460 641 775 275 352 224 290 17.7 19.9 50.5 38.6 9.1 7.5 33.2 26.2

PI Advanced Materials 1,700 325 372 89 100 69 79 22.6 22.1 24.5 21.3 5.2 4.4 14.8 13.2

Taimide Tech 241 - - - - - - - - - - - - - -

Kaneka 3,274 6,836 6,966 425 447 256 273 6.6 6.9 12.3 11.6 0.8 0.7 5.2 4.9

Innox Advanced Materials 848 447 528 77 93 61 71 26.1 23.7 13.6 11.7 3.1 2.4 8.5 6.8

BH 713 897 1,028 51 91 47 77 14.0 20.2 15.0 9.1 1.9 1.6 8.7 5.4

Tanyuan Technology 447 - - - - - - - - - - - - - -

Jones Tech 1,243 - - - - - - - - - - - - - -

LX Semicon 1,874 1,807 1,922 288 304 240 240 38.1 28.9 7.8 7.8 2.6 2.0 5.2 5.2

Novatek 11,607 5,645 6,017 1,896 1,937 1,537 1,567 68.7 50.9 7.7 7.5 4.3 3.8 5.4 5.4

Avg. 27.1 24.4 20.6 16.8 4.2 3.5 13.3 10.8



Display equipment: Global peer valuation table


Market cap


21F 22F 21F 22F 21F 22F 21F 22F 21F 22F 21F 22F 21F 22F

AP Systems 415 609 696 60 69 42 48 26.5 23.7 10.2 9.0 2.4 1.9 6.5 5.1

ICD 257 259 365 45 69 37 56 19.0 23.5 7.8 5.2 1.3 1.0 4.2 2.5

SFA Engineering 1,381 1,615 1,822 183 226 139 174 10.5 12.1 10.6 8.4 1.2 1.1 3.8 2.9

Wonik IPS 2,187 1,318 1,490 223 266 172 202 22.8 21.5 12.9 11.0 2.6 2.1 7.3 5.7

EO Technics 1,470 409 455 83 99 70 83 15.8 16.1 21.4 17.9 3.1 2.7 14.2 11.6

STI 254 343 367 36 39 31 30 16.5 14.3 8.1 8.2 1.2 1.1 3.3 3.0

YAS 187 240 - 54 - 45 - 23.7 - 3.7 - 0.6 - 0.4 -

Philoptics 218 254 321 14 27 12 23 13.5 26.1 25.7 13.0 3.6 2.8 16.3 9.1

Viatron Technologies 129 111 - 25 - 20 - 12.5 - 6.7 - 0.5 - 1.1 -

Youngwoo DSP 109 151 - 17 - - - - - 9.9 - - - - -

Jusung Engineering 577 316 361 59 70 62 68 24.2 21.5 9.4 8.6 2.0 1.7 8.9 7.4

Coherent 7,174 1,750 1,949 184 367 -67 161 - - 40.0 30.2 - - 23.3 14.1

AMAT 143,162 27,055 30,159 8,570 9,658 6,965 8,279 53.3 52.2 19.8 17.0 10.3 8.8 15.9 13.9

Ulvac 3,094 2,241 2,455 282 358 196 252 10.8 12.9 15.7 12.2 1.6 1.5 7.0 5.8

TEL 77,784 19,274 20,407 5,329 5,718 3,932 4,293 33.8 32.3 19.9 17.9 6.1 5.2 12.7 11.5

Avg. 21.8 23.3 14.8 13.2 2.8 2.7 8.9 7.7


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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 Securities, 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 Securities 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. 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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. Distribution United Kingdom: This report is being distributed by Mirae Asset Securities (UK) Ltd. in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as “Relevant Persons”). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents. United States: Mirae Asset Securities is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This report is distributed in the U.S. by Mirae Asset Securities (USA) Inc., a member of FINRA/SIPC, to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934, as amended. All U.S. persons that receive this document by their acceptance hereof represent and warrant that they are a major U.S. institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Mirae Asset Securities or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders with Mirae Asset Securities (USA) Inc. Mirae Asset Securities (USA) Inc. accepts responsibility for the contents of this report in the U.S., subject to the terms hereof, to the extent that it is delivered to a U.S. person other than a major U.S. institutional investor. Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through Mirae Asset Securities. The securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements. Hong Kong: This report is distributed in Hong Kong by Mirae Asset Securities (HK) Limited, which is regulated by the Hong Kong Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person. India: This report is being distributed by Mirae Asset Capital Markets (India) Private Limited (“MACM”) in India to the customers based in India and is personal information only for those authorised recipient(s). MACM is inter alia a Securities and Exchange Board of India (“SEBI”) registered Research Analyst in India and is not registered outside India. MACM and Mirae Asset, Korea are group entities. MACM makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein. The user assumes the entire risk of any use made of this information. This report has been provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. Recipient must read the entire Appendix 1 to the report carefully for Important Disclosures & Disclaimers. All other jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Mirae Asset Securities or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Mirae Asset Securities and its affiliates to any registration or licensing requirement within such jurisdiction.

Compliance Notice


Mirae Asset Securities International Network

Mirae Asset Securities Co., Ltd. (Seoul) Mirae Asset Securities (HK) Ltd. Mirae Asset Securities (UK) Ltd. One-Asia Equity Sales Team Mirae Asset Center 1 Building 26 Eulji-ro 5-gil, Jung-gu, Seoul 04539 Korea

Units 8501, 8507-8508, 85/F International Commerce Centre 1 Austin Road West Kowloon Hong Kong

41st Floor, Tower 42 25 Old Broad Street, London EC2N 1HQ United Kingdom

Tel: 82-2-3774-2124 Tel: 852-2845-6332 Tel: 44-20-7982-8000

Mirae Asset Securities (USA) Inc. Mirae Asset Wealth Management (USA) Inc. Mirae Asset Wealth Management (Brazil) CCTVM 810 Seventh Avenue, 37th Floor New York, NY 10019 USA

555 S. Flower Street, Suite 4410, Los Angeles, California 90071 USA

Rua Funchal, 418, 18th Floor, E-Tower Building Vila Olimpia Sao Paulo - SP 04551-060 Brazil

Tel: 1-212-407-1000 Tel: 1-213-262-3807 Tel: 55-11-2789-2100

PT. Mirae Asset Sekuritas Indonesia Mirae Asset Securities (Singapore) Pte. Ltd. Mirae Asset Securities (Vietnam) LLC Equity Tower Building Lt. 50 Sudirman Central Business District Jl. Jend. Sudirman, Kav. 52-53 Jakarta Selatan 12190 Indonesia

6 Battery Road, #11-01 Singapore 049909 Republic of Singapore

7F, Saigon Royal Building 91 Pasteur St. District 1, Ben Nghe Ward, Ho Chi Minh City Vietnam

Tel: 62-21-515-3281 Tel: 65-6671-9845 Tel: 84-8-3911-0633 (ext.110)

Mirae Asset Securities Mongolia UTsK LLC Mirae Asset Investment Advisory (Beijing) Co., Ltd Beijing Representative Office

#406, Blue Sky Tower, Peace Avenue 17 1 Khoroo, Sukhbaatar District Ulaanbaatar 14240 Mongolia

2401B, 24th Floor, East Tower, Twin Towers B12 Jianguomenwai Avenue, Chaoyang District Beijing 100022 China

2401A, 24th Floor, East Tower, Twin Towers B12 Jianguomenwai Avenue, Chaoyang District Beijing 100022 China

Tel: 976-7011-0806 Tel: 86-10-6567-9699 Tel: 86-10-6567-9699 (ext. 3300)

Shanghai Representative Office Ho Chi Minh Representative Office Mirae Asset Capital Markets (India) Private Limited

38T31, 38F, Shanghai World Financial Center 100 Century Avenue, Pudong New Area Shanghai 200120 China

7F, Saigon Royal Building 91 Pasteur St. District 1, Ben Nghe Ward, Ho Chi Minh City Vietnam

Unit No. 506, 5th Floor, Windsor Bldg., Off CST Road, Kalina, Santacruz (East), Mumbai – 400098 India

Tel: 86-21-5013-6392 Tel: 84-8-3910-7715 Tel: 91-22-62661336

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