LG Display Slumps on Apple Shipment Speculation: Seoul Mover

(Bloomberg) — LG Display Co. declined in Seoul
trading on speculation Apple Inc. may introduce an upgraded
iPhone 5 version earlier than expected, potentially cutting the South Korean company’s shipments for the existing model.

The world’s second-largest maker of liquid-crystal displays
slipped 5.2 percent to 32,600 won as of 1:40 p.m. on the Korea Exchange, poised for its steepest loss since May 3. The stock was the third-worst performer on the MSCI Asia Pacific Index.
There are ongoing rumors in the market that the upgraded version of the iPhone 5 device, likely dubbed iPhone 5S, may be launched as early as the first half of next year, propelling worries that LG’s total display shipment order for the existing device may shrink,” Kim Byung Ki, an analyst at Kiwoom
Securities Co., said by phone today. “The stock’s strong
performance also gives investors an excuse to take profits
.”

Apple accounts for about 4 percent of LG Display’s revenue
according to data compiled by Bloomberg. Claire Ohm, a Seoul- based spokeswoman for LG Display, declined to comment.

LG Display shares have climbed 33 percent this year,
compared with a 7.9 percent gain in the benchmark Kospi index.

To contact the reporters on this story:
Jungah Lee in Seoul at
jlee1361@bloomberg.net
Saeromi Shin in Seoul at
sshin15@bloomberg.net ;

To contact the editors responsible for this story:
Michael Tighe at
mtighe4@bloomberg.net
Darren Boey at
dboey@bloomberg.net

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