RESEARCHALERT-Credit Suisse starts Kumho Elec with "outperform"

SEOUL Wed Aug 26, 2009 10:10pm EDT

SEOUL Aug 28 (Reuters) - Credit Suisse initiated its coverage on Kumho Electric (001210.KS) with an "outperform" rating and a target price of 68,000 won ($54.84).

"Kumho, the largest supplier of Cold Cathode Fluorescent Lamps (CCFL) to Samsung Electronics (005930.KS), is a relative late entrant to the light emitting diode market. However, through its acquisition of Lumimicro, Kumho rode the fast-track lane to become a vertically integrated LED supplier," Credit Suisse said in its note on Thursday.

The investment banks said catalysts to the company share price included supply of its LED TV BLU to Samsung Electronics and a faster penetration rate in the LED general lighting market.

(Reporting by Jungyoun Park; Editing by Ken Wills) ($1=1240.0 Won)