Everlight Q3 Q4 Performance Unaffected By Patent Dispute with Nichia

Taiwan LED packaging manufacture Everlight and Japanese LED manufacture Nichia’s patent war continues with both sides refusing to back down. The dispute however has not affected J.P. Morgan’s outlook for Everlight’s Q3 and Q4 operations. J.P. Morgan believes that recognized earnings for street light bids and German subsidiary WOFI’s recognized earnings for the second half of the year will be expected to increase around 10 percent for Q3. Revenue for Q4 is expected to continue rising.

According to the newest report by J.P. Morgan, the patent war between Everlight and Nichia might be heating up but Everlight has felt very little affect financially.

In J.P. Morgan’s security report, compared with Everlight’s Q3 peak season performance, recognized earnings for LED street light bids were good. Adding on WOFI’s recognized earnings, it is predicted that Everlight’s Q3 revenue will have a growth of 10 percent. Although Q4 is traditionally LED industry’s low season, Everlight’s Q4 revenue is expected to remain high. In addition, WOFI gross profit was higher than parent company Everlight in Q2. J.P. Morgan believes that Everlight’s Q3 and Q4 OPM will continue increasing.

Just considering the gross profit margin, J.P. Morgan’s security report points out that Everlight’s general lighting fixtures have a gross profit margin of around 10-20 percent. WOFI has a gross profit of around 30-40 percent. Therefore excluding WOFI’s gross profit margin performance, J.P. Morgan predicts that Everlight’s 2013 and 2014 EPS to reach up to NT$3.6 and NT$4.9.

On September 9th, Everlight announced that its August joint venture revenue was NT$2.41 billion, higher than July’s NT$2.2 billion with a growth of 10.13 percent, increased 33.96 percent compared with last year. January till August accumulated revenue is NT$15.52 billion, 22.55 percent higher than last’s years total of NT$12.4 billion. August revenue was NT$2.41 billion, monthly increase of 10.13 percent and yearly increase of 33.96 percent.

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