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PANL

Universal Display Corporation

5/21/2013, 1:12 PM ET

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Monday, May 20, 5:24 PM Universal Display (PANL +2.4%) finished higher after a couple of pieces of OLED-related news arrived: 1) A Taiwanese paper reports Apple is testing 1.5" OLEDs for use in the long-rumored iWatch. 2) LG Display (LPL) is showing off a 55" OLED TV and (more intriguingly) a 5" flexible OLED panel for mobile devices at this week's Display Week 2013 conference. Samsung's upcoming Galaxy Note 3 has been expected to sport a flexible OLED, but a recent report stated this won't happen due to mass-production challenges. 1 Comment [Tech]
Friday, May 17, 11:27 AM Galaxy S4 sales will top 10M next week (less than a month after launching), says Samsung (SSNLF.PK) co-CEO Shin Jong-kyun. The Galaxy S III took 50 days to crack 10M. Samsung thinks S4 sales could eventually reach 100M, or twice the 50M the S III has seen over its lifetime. Suppliers with decent exposure: RFMD, ANAD, PANL, QCOM, BRCM, SYNA. 3 Comments [Tech]
Friday, May 10, 7:01 PM Margins and pricing were in focus as the sell-side dissected Universal Display's (PANL -17.3%) Q1 results. Contractual volume discounts to Samsung for red emitter materials (the result of volume milestones being hit) resulted in margins missing expectations (and EPS only being in-line in spite of a revenue beat). Some firms, such as Avondale and Piper, are worried this will be a continued headwind. Others, such as Needham and Gabelli, argue surging green emitter sales (they more than tripled in Q1 to $7.7M thanks to the Galaxy S4 ramp) will offset red emitter weakness (sales -38% Q/Q in Q1 to $4.3M). (earlier) (transcript) Comment! [Tech, Earnings]
Friday, May 10, 12:52 PM Midday top 10 gainers: UNIS +58%. DRAM +57%. VRML +26%. SREV +22%. MCP +20%. UBNT +18%. RH +18%. WCRX +17%. CSIQ +16%. SQNM +16%.
Midday top 10 losers: PTIE -48%. DRRX -41%. IFMI -34%. AFFY -26%. SRT -23%. LPDX -22%. OPTR -17%. REFR -16%. PANL -16%. TRMD -15%. Comment! [On the Move]
Friday, May 10, 10:58 AM Universal Display (PANL -12.1%) is now tumbling in the wake of its Q1 report and guidance reiteration. Investors may have wanted a guidance hike in light of strong early demand for Samsung's (SSNLF.PK) Galaxy S4. Also: materials cost rose by $2M Q/Q, something partly attributed on the earnings call to a mix shift (to green emitters?) and higher materials cost, and (in response to a question about slumping red emitter sales) PANL admitted customers are using materials more efficiently. On the bright side, management noted reports indicate Samsung's Galaxy Note III and an LG phone will feature flexible OLEDs; both are expected in Q4. (Lumia 928) 1 Comment [Tech, Earnings, On the Move]
Thursday, May 9, 4:17 PM Universal Display (PANL): Q1 EPS of -$0.10 in-line. Revenue of $15M (+19% Y/Y) beats by $600K. Reiterates 2013 revenue guidance of $110M-$125M; consensus is at $119.6M. Shares +0.1% AH. CC at 5PM ET (webcast). (PR) 2 Comments [Tech, Earnings, Breaking News]
Thursday, May 9, 12:10 AM Notable earnings after Thursday’s close: AGO, AIRM, AL, ALIM, ANAC, ASYS, AUQ, BCEI, BID, BPZ, CALL, CPE, DAR, EGY, ET, FTK, FXEN, GXP, KTOS, LLNW, MBI, MCP, MDRX, MDVN, NGVC, NVDA, OPTR, PANL, PCLN, PDLI, PSA, RNDY, SF, SLXP, SQNM, TNGO, UBNT, ZGNX Comment! [Earnings]
Wednesday, May 8, 5:35 PM Notable earnings after Thursday’s close: AGO, AIRM, AL, ALIM, ANAC, ASYS, AUQ, BCEI, BID, BPZ, CALL, CPE, DAR, EGY, ET, FTK, FXEN, GXP, KTOS, LLNW, MBI, MCP, MDRX, MDVN, NGVC, NVDA, OPTR, PANL, PCLN, PDLI, PSA, RNDY, SF, SLXP, SQNM, TNGO, UBNT, ZGNX Comment! [Earnings]
Monday, April 29, 7:10 PM Samsung (SSNLF.PK) is working on an 11" Nexus tablet sporting the Galaxy S4's Exynos 5410 CPU, and an 8" tablet featuring a 1080p OLED display, according to SamMobile, whose Samsung scoops have been pretty accurate. The Tab 8.0 would be a positive for PANL, especially since OLEDs haven't been used much in tablets, but SamMobile suggests Samsung is still contending with OLED screen burn-in. The report comes as Samsung announces the Galaxy Tab 3, a low-end 7" device meant to succeed the Tab 2. IDC estimates Samsung had 15.1% of the tablet market in Q4. 1 Comment [Tech]
Friday, April 26, 1:06 PM Universal Display (PANL -2.8%) slumps after Samsung (SSNLF.PK -0.5% in Seoul) posts Q1 results in-line with its projections. As usual, Samsung didn't provide details about phone sales, though it did note smartphone sales fell by a single-digit % Q/Q in the seasonally weak quarter (rivals often fared worse), and expected "weak seasonality to continue" in the smartphone market ahead of a 2H pickup. Still, Galaxy S III sales were steady in Q1 ahead of the S IV launch, and Note II sales rose. Also: Larry Page appears to be a fan of Samsung's OLED displays. (Samsung slides) 1 Comment [Tech, On the Move]
Wednesday, April 24, 1:31 PM Samsung's (SSNLF.PK) Galaxy S IV is a superb phone, if one can cope with a cheap plastic feel and too many gimmicks. That seems to be the consensus from the first full reviews. The Verge praises the S IV's display, camera, and performance, but still considers the HTC One a better bet. "The Galaxy S4 is fast and impressive, but it's also noisy and complex." TechCrunch and Gizmodo deliver similar takes. But others (I, II) make the case that more is ultimately better (this mindset has worked for Samsung thus far). The reviews arrive as Sprint and T-Mobile state their S IV launches will be delayed due to inventory issues. Key suppliers: QCOM, BRCM, SYNA, PANL, ATML, RFMD, TQNT. (previous) 23 Comments [Tech]
Friday, April 12, 10:25 AM Oppenheimer upgrades Universal Display (PANL +3.5%) to Outperform. The firm argues strong smartphone demand will allow the market for small OLED displays to post a 42% CAGR from 2010 to 2015, and that OLED TV growth will contribute to a 70% CAGR over this time for total shipment area. Oppenheimer also likes PANL's operating model, and the "lack of real competition" in the market for phosphorescent OLED materials (used in OLED lighting applications). Needham upgraded PANL last week. 4 Comments [Tech, On the Move, Quick Ideas]
Friday, April 5, 6:22 PM Samsung (SSNLF.PK) sold 68M-70M smartphones in Q1, up from an estimated 63M in Q4, according to 5 analysts polled by Reuters. Though the Galaxy S III/IV and Note II receive far more ink, much of this growth is fueled by low-end/mid-range Android models such as the Galaxy Young and Galaxy Fame. These phones, along with Samsung's Rex feature phone line, are adding to the pressure placed on Nokia's (NOK) feature phone ops. Earlier this week, Bernstein reported the S IV's production rate is around 10M units/month. (Samsung Q1 results) 14 Comments [Tech]
Thursday, April 4, 10:02 AM Needham upgrades Universal Display (PANL +5.4%) to Buy, citing "growing confidence" in ramping materials sales to Samsung and a valuation of 18.5x 2014E EPS (exc. net cash). Cowen recently declared strong Galaxy S IV pre-order activity in the U.K. a positive for PANL. Shares have mostly been range-bound for the last 2 months. 1 Comment [Tech, On the Move, Quick Ideas]
Friday, March 15, 9:15 AM Premarket gainers: CNP +10%. SNE +8%. ZGNX +6%. OGE +6%. PANL +5%.
Losers: GLDD -22%. ULTA -14%. STEC -13%. ARO -7%. VHC -6%. CG -6%. KKD -5%. Comment! [On the Move]
Friday, March 15, 9:12 AM Universal Display (PANL) +5.2% after Goldman sings the company's praises in the wake of Samsung's Galaxy S IV launch. The firm thinks PANL's revenue opportunity with the S IV, which (as expected) sports a 5" 1080p OLED display using green host materials, could be 3x-4x greater than its opportunity with the S III. It might also help that initial S IV reviews generally praise the phone's display, though not everything else about it. 5 Comments [Tech, On the Move]

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