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Largan Precision Has a Lucrative 2014

Jan 19, 2015 | By CENS

Largan Precision Co., Ltd., a world leading manufacturer of optical lenses for mobile computing devices, posted revenue of NT$5.75 billion (US$185.48 million at US$1:NT$31) in December, up 2% from the previous month and up 80% from the same month of 2013.

The December result helped swell the company's revenue for the fourth quarter to NT$16.84 billion (US$543.22 million), up 39% from a quarter earlier and 81% year on year, and its revenue for 2014 to NT$45.81 billion (US$1.47 billion), surging 67% from 2013.

The company forecasts revenue for this January to slip from December due to seasonal factors. Industry executives estimated that the company's revenue for the first quarter would fall by about 30% from the previous quarter to stand at NT$11-12 billion (US$354.83-387.09 million).

In spite of the seasonal reduction, the executives felt the first quarter would be the company's busiest first quarter in the normally low season due to strong demand for iPhone 6s, which have use Largan lenses.

Industry executives put the company's after-tax net income for the final quarter of 2014 at a record high of NT$45 (US$1.45) per share, which is estimated to bring the company's net income for the entire year to NT$135 (US$4.35) per share based on the announced NT$89.5 (US$2.88) per share in the first three quarters.

They pointed out that the strong fourth-quarter revenue performance plus depreciation of the NT-dollar against the U.S. dollar would significantly boost the company's 2014 income from non-core business operations.

Industry executives estimated that Largan would remain the most profitable lens maker worldwide in 2015 based on projections that Apple would add innovative designs or improvement in the lenses for its next-generation iPhones.

Largan Chief Executive Officer (CEO) E.P. Lin pointed out that many of the company's customers had integrated 1,300 mega-pixel lenses and 1,600 mega-pixel lenses into their smartphones. Some have even begun developing phones using 2,000 mega-pixel lenses featuring optical image stabilization design and 3X zoom capabilities.

Industry executives estimated that the company shipped 300-500 million lenses worldwide, with unit price ranging from US$3 to US$5.

In addition to Apple, the company also supplies lenses to Xiaomi, ZTE, and Huawei of mainland China.

Expecting the company's sales to remain strong into 2015, some institutional investors have put the company's share price at NT$3,000 (US$96.77) in 12 months.

However, some fear that the sub-RMB299 (US$49 at US$1:RMB6.1) 4G mobile phones to be promoted by China Mobile and China Telecom this year will hurt Largan's sales, which are dependent on the high-performance market.
(KL)


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