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Korea Hot Stocks-LG Display falls on talks of Apple order cut
January 14, 2013 / 1:05 AM / 5 years ago

Korea Hot Stocks-LG Display falls on talks of Apple order cut

SEOUL, Jan 14 (Reuters) - South Korea’s main KOSPI share index was down 0.08 percent at 1,995.09 as of 0046 GMT.

Stocks on the move on Monday include:


Shares in LG Display, a supplier for Apple Inc. , tumbled to their lowest levels in nearly three months, after a media report said its Japanese peers cut panel output for the iPhone 5.

The report by Nikkei fuelled market talks that Apple has slashed component orders because of slower-than-expected sales of its latest iPhone.

Analysts have also downgraded their earnings estimates for the current quarter, citing possible order cuts. LG Display has lost more than 7 percent this month, after a 10 percent slump in December.

An LG Display spokeswoman said the company does not comment on customers.

“Apple is not what it used to be. Apple suppliers had enjoyed an Apple premium, but the Apple premium turned into an Apple risk,” said Kwon Sung-ryul, an analyst at Dongbu Securities.

LG Display fell as much as 4 percent to 28,350 Korean won ($26.88), its lowest intraday level since Oct. 16.


Shares in Woongjin Holdings rose by the daily limit of 15 percent after media reports said a court had approved its plan to sell its chemical unit, Woongjin Chemical . Shares in Woongjin Chemical also jumped nearly 15 percent.

The potential deal for a 46.3 percent stake in Woongjin Chemical, is expected to fetch about 200 billion won ($190 million) to 250 billion won ($237 million), according to MoneyToday.

“The expected sale has raised hope that Woongjin’s balance sheet would improve,” said Lee Sang-koo, an analyst at Hyundai Securities.

A spokesman for Woongjin Holdings was not immediately available for comments. ($1 = 1054.7000 Korean won) (Reporting by Hyunjoo Jin; Editing by Anand Basu and Subhranshu Sahu)

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