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1 OLED Comment , ?: Iphone X OLED OLED . , , , OLED 1) , 2) . catalyst . OLED : OLED ( LG 30k) 15~30% . 2017 11 OLED . , ROE PBR implied growth 2013~17 .. LG capex : LG 9 capex (+29%YoY).

2 OLED LG capex OLED . WOLED ( 60k) , TFT P9 LCD WOLED Oxide TFT . OLED LG capex . LG . Action BUY : BUY, 37,000 . LG WOLED 2Q18 PO , YoY . , OLED AP 18 14%, 37% , 47,000 , 38,000 . OLED ( ) ( ) (%) BUY( ) 37,000( ) 25,700 BUY( ) 16,000( ) 11,350 BUY( ) 22,000( ) 16,000 BUY( ) 47,000( ) 36,450 AP BUY( ) 38,000( ) 30,000 : DB , 2018 3 10 2018.

3 03. 13 02 369 3713 Analyst OLED 2 DB Financial Investment , ? OLED Iphone X supply chain OLED . flexible OLED LG OLED Iphone X . supply chain , A5 fab . OLED , . Iphone X A5 , A3 50% , L7-1 (A4).

4 30k , . LG supply chain . P9 E6 6 30k capa , 2Q18 P10 6 OLED . OLED , OLED . , , . , OLED 1) , 2) . catalyst . 1. Iphone X 2. 10 02004006008001,0001,200 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18( ) : , DB : , DB 051015202530354045 Iphone XShipmentApple Initial Plan 4Q17E1Q18E( )Iphone X OLED A5 fab LG P10 : OLED 3 DB Financial Investment 3.

5 Flexible OLED Fab Phase Gen Type Capa (k/m) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 A2 3 Flexible 10 7 Flexible 10 8 Flexible 10 A3 1 6 Flexible 15 2 6 Flexible 15 3 6 Flexible 15 4 6 Flexible 15 MP 5 6 Flexible 15 MP 6 6 Flexible 15 MP 7 6 Flexible 15 MP 8 6 Flexible 15 MP 9 6 Flexible 15 MP L7-1(A4) 1 6 Flexible 15 MP 2 6 Flexible 15 MP A5 - 6 Flexible 270 2018 : DB 4. LG Flexible OLED Fab Phase Gen Type Capa (k/m) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 LG E2 2 4 Flexible 6 3 4 Flexible 8 4 4 Flexible 8 E5 1 6 Flexible 8 MP 2 6 Flexible 8 MP 3 6 Flexible 8 2018 P9-E6 1 6 Flexible 15 MP 2 6 Flexible 15 MP P10-E6 3 Flexible 15 2018 4 Flexible 15 5 Flexible 15 6 Flexible 15 : DB OLED 4 DB Financial Investment 5.

6 OLED -30% 60 65 70 75 80 85 90 95 100 10525-Nov9-Dec23-Dec6-Jan20-Jan3-Feb17-F eb3-Mar AP ( ) : Dataguide, DB OLED supply chain 11 . Iphone X , SDC LG supply chain . OLED , , . 2018 lead time 2018 , OLED ( LG 30k) PER . 6 , 2017 11 OLED.

7 6. OLED ( : ,) AP ( ) (a) 13,089 4,170 5,476 1,938 3,323 ( ) (b) 16,303 5,212 7,165 2,714 3,995 (c) 18 (Bull case ) (d) 16,000 7,000 3,800 2,500 3,000 OLED (e) 3,000 1,200 1,200 750 400 (f)=(e)/(d) 19% 17% 32% 30% 13% (g) 300 78 144 120 72 PER (h) (i)=(g)x(h) 2,412 813 1,441 826 647 (j) : DB 5 DB Financial Investment ROE , PBR implied growth OLED PER upcycle (EPS) PER.

8 , 2016 PER . , ROE , PBR , . OLED 2013 , 2015 . 2013 CES 2013 YOUM flexible OLED , 2015 flexible OLED A3 , OLED . OLED ROE 2013-16 PBR , PBR ROE implied growth OLED . 7. PBR : Dataguide, DB 8. ROE PBR 9.

9 AP ROE PBR ( )(%)ROE ( )PBR average ( ) ( )(%)ROE ( )PBR average ( ) : DB : DB ( ) AP CES2013 FlexibleOLED Flexible OLED SDC PER ROE PBR PBR ROE implied growth OLED 6 DB Financial Investment 10. ROE PBR 11. ROE PBR : DB : DB 12 PBR, ROE, COE implied g . , 2016 AP . , ROE PBR implied growth.

10 2014 implied growth ROE , implied growth , . OLED 2019 , . 12. implied growth ( : , %) AP PBR ROE implied g PBR ROE implied g PBR ROE implied g PBR ROE implied g 2012 2013 2014 2015 2016 2017 2018 ( ) 2013~17 PBR=(ROE-g)/(COE-g) PBR, ROE, COE implied g.