八卦：Sony ♡ LG Display, again?

根據Korea Times的報導，Sony可能向LG Display採購面板：


自2004年Sony與Samsung合資成立S-LCD之後，就切斷與LG Philips Display的交易關係。

2008年，Sony近60%的TV面板來自S-LCD，30%來自AUO，不到10%來自CMO，剩下來自Sharp。等Sharp-Sony合資的Sharp Display Products（SDP）開始量產，Sony可能70%～80%的TV面板平均由S-LCD與SDP供應。

在SDP成為Sony主要的TV面板供貨來源之前，Sony拿LG的面板，也是合理的。因為，在2009年這個歹年冬，Sony已經慘賠的TV事業，只會更慘，有必要找外頭拿更便宜的面板。LG若成為Sony另一個TV面板供貨來源，Sony就可以用LG的報價要求AUO、CMO拿出有“競爭力”的報價。等SDP開始量產了，對於目前身為Sony第二大TV面板供貨來源的AUO而言，Sony外購TV面板比例可能不到30%，還得和LG搶Sony生意，壓力不小啊。

對Sony來說，未來將擁有不同特色的TV面板：Sharp的ASV、Samsung的S-PVA、LG的IPS、AUO的AMVA。重視面板來源的消費者們，來瞧瞧，不同特色的面板，Sony通通有，更重要的是，您家電視上面打的還是bling bling的Bravia啦！

韓國廠商：夠「印」才能稱王

以下是DisplaySearch India and South Asia總監所寫的印度電視市場速寫。

重點在於，韓國廠商LG、Samsung進入印度市場時，推出適合當地需求的新機型，輔以大量的廣告攻勢，打下印度市場一片天。而當時日本與歐洲的對手，賣的貨又貴又過時。韓國企業在地化的努力，可以參考Wharton的這篇報告“Made for India: Succeeding in a Market Where One Size Won't Fit All”

懶得看文字，看漫畫也一樣。在常務島耕作第四集，島耕作到了印度市場。瞧島耕作穿上了印度風服飾，繼續搞跟做努力開拓市場。

島一到印度，立即聽取印度市場簡報，了解韓國企業（LGPG、SamsungSOMSAM）為何佔據印度大半市場，以及印度與亞洲各國簽自由貿易協定的影響。（之後，島耕作升為專務之後，繼續在全球市場搞跟做跟韓國企業大戰。）

其中，印度與韓國一直在談的自由貿易協定，CEPA（Comprehensive Economic Partnership Agreement），可能今年就會簽成。在談CEPA這類協定時，原產地規則（ROO，Rules of Origin）是核心談判議題。LG與Samsung已經在印度設了生產線，所以ROO對他們的可能不大。但是，對於其他韓國廠商來說，他們主要靠中國生產的零組件來降低成本，若要出口到印度，ROO會讓他們的產品無法享有關稅減免。這麼複雜的東西，先前已經有人就此概念整理出圖表了，請參見：「再談CECA與「東協+3」的關係」。

總之，對於早發先至的LG、Samsung來說，印韓CEPA更突顯他們在地的優勢。

話說回來，台灣企業在印度的發展如何呢？

當然不用指望台灣的家電廠商，自己本土市場都守得勉強，更不用談前進海外。

資訊產品仍是台灣的強項，未來希望多看到印度風的資訊產品廣告。

acer的廣告：

CMO：衝著台灣來 ✘ LGP：将要把台湾企业赶出市场

有些事，過了四年多之後，還是不會改變的。

唐伯虎：夫人，光天化日之下，你想玩死我啊？

…
華夫人：你不要神氣，你文才好又怎麼樣，我就是要玩死你！

摘錄對話出自經典「唐伯虎點秋香」

旺旺說你會旺，你就會旺

剛剛網友寄給我一份旺旺時報分析AUO+CMO的報導。報導附於本文最後。

這篇分析報導提到一點很有趣的觀察：AUO+CMO消息一出，導致LGD 23日股價收盤時上漲5.1%。見下圖A034220 23日的股價表現：















為什麼漲？韓國的分析師說：

LG Display rose 2.05 percent on expectations of strong first-quarter results.

"First-quarter TV panel sales are surging as LG Display's top clients are increasing market share and LCD TV demand is growing in China," said Jeff Kim, a Hyundai Securities analyst who raised the brokerage's rating on the company to "buy" from "marketperform."

韓國分析師認為LG Display會漲，是因為LG Display第一季的業績預期走強。

大家都喜歡把股票漲跌歸因於單一因素。或許，是陳泳丞說的對，或許是Jeff Kim說得對，但是，誰知道？理由百百種，大家只是拿一種最能配合自己觀點的理由來做文章。要扯誰不會扯？照台灣媒體的程度，就算寫出LG Display的上漲是因為陳水扁不再絕食抗議司法不公，我也不會太訝異。

更何況，套句陳泳丞的話來說，韓國的LG Display會不會漲？也該是韓國的分析師來說，怎麼會是中國時報的記者說得算？ 

---

工商時報 2009.02.24　

新聞分析－雙虎若合併 只樂到南韓

陳泳丞

昨日面板業很熱鬧，除了日本夏普傳出要賣廠給大陸上廣電之外，南韓時報也報導台灣的友達、奇美電又重啟合併談判。一時之間又把大家最關心的台灣高科技產業合併議題給拱上檯面。

實際上友達跟奇美電到底該不該合併？已經是個老掉牙的題目了，不過若是認真去看面板雙虎合併的效益，恐怕答案不會是正面表列的那一邊。

但是有個有趣的狀況倒是在某種程度上，可以解釋到底友達跟奇美電合併好不好？昨天南韓報紙一丟出台灣雙虎可能合併的消息，立刻讓韓國LGD的股價有了反應，終場上漲了5.1％。為什麼漲？答案很簡單，因為台灣雙虎若合併，只會樂到南韓兩大面板廠三星與LGD。

如果純粹只從產能的觀點來看市場佔有率（以玻璃基板面積為計算基礎），三星大約是23.8％、LGD大約19.3％，台灣的友達與奇美電大約各16.2％與14％，表面上看來好像友達與奇美電一合併，立刻產能變成全球第一大、超過三成，但問題來了，出了這種「不幸」的消息，怎麼LGD股價會上漲？

原因在於，在產能過剩的現在，其實大型面板廠合併會是一種災難，尤其是台灣的面板廠缺乏自己下游的品牌出海口，兩家大面板廠合併後，產能是一加一等於二，但是客戶結構重疊，產品的市佔率絕對會是一加一小於二的結果。

也就是說，不管友達跟奇美電是誰併了誰，一合併之後，恐怕立刻要做的事情就是去決定到底要關哪些廠？且要裁一大堆人，而且原本兩家公司在產品的合計市佔率上，恐怕也會大打折扣，這樣當然會樂到南韓的競爭對手，所以昨天LGD股價當然漲。

以目前台灣的面板業狀況來說，穩定求生是最重要的事情，設法與大陸需要面板產能的策略去掛勾，則是短中期要趕緊做的第二件事，這時候貿然合併，只會造成混亂。

更何況，套句台灣面板高階主管的話來說，台灣的面板廠要不要合併？也該是台灣的中國時報來報，怎麼會是外國報紙這些外人來宣傳呢？

美國司法部：會致力讓所有傷害美國消費者權益的陰謀者付出代價

首例! 華映3主管將在美服刑
【聯合晚報╱編譯陳澄和/綜合報導】
2009.01.16 03:12 pm

美國司法部15日表示，包括前董事長林鎮弘在內的三位台灣華映公司高級主管與一位南韓LG公司的主管，已同意為共謀操縱晶片價格的罪行在美國服刑。

司法部的聲明說，LG Display和中華映管的這幾位主管將各支付2萬到5萬美元(約台幣66萬6000元到166萬5000元)的罰金，並服刑6到9個月。

聲明指出，他們已對共謀操縱全球LCD面板價格的指控認罪；LCD面板主要用於電腦、手機與其他電子裝置上。

負責反托辣斯部門的司法部代理助理部長黛波拉葛薩說：「這是台灣公民因為侵犯反托辣斯法，必須在美國服刑的第一個案例。」(These cases involve the first Taiwanese nationals to face imprisonment in the United States for an antitrust offense.)

她說：「司法部會致力讓所有傷害美國消費者權益的陰謀者付出代價，不論他們住在哪裡，或是在哪裡犯罪。」(The Department of Justice is committed to holding accountable all conspirators who harm American consumers, no matter where they live or where they commit the crime.)

可能必須在美國服刑的這四位電子業主管，分別是華映公司前董事長林鎮弘、目前仍然在職的劉治軍與李學龍，以及LG公司的鄭章徐(譯音)。司法部表示，這些人在2001到2006年之間，和其他未指名的LCD面板製造商員工，共謀以操縱價格的手段「壓制與消除」競爭。這項認罪協商仍需獲得舊金山的美國地方法院同意。

台灣眾DRAM廠：好家在，雖然我們很肉腳不賺錢，但不用坐牢，YA。

根據美國司法部官方新聞稿：Here

"These are the first individuals to plead guilty to a charge of fixing prices in this active investigation into antitrust violations in the TFT-LCD industry," said Scott D. Hammond, the Antitrust Division’s Deputy Assistant Attorney General for Criminal Enforcement. "We will continue in our efforts to bring to justice other domestic and foreign-based executives who were involved with fixing TFT-LCD prices."

Anyone with information concerning illegal conduct in the TFT-LCD industry is urged to call the San Francisco Field Office of the Antitrust Division at 415-436-6660.

美國司法部正積極地擴大戰果，並幫四位主管找牢友。想要幫忙找牢友的人，可以打這支電話415-436-6660。

華映：本次裁決是針對個人

華映表示，反托拉斯法審判分為公司部分和個人部份分開處理。公司部分日前已經認罪和解，處以罰金6500萬美元。這次是針對個人部份進行裁決，至於個人要不要接受是後續的階段，但也是委託律師處理。

華映三位主管的命運交錯。

關於林鎮弘，

• 2007年3月30日，中華映管公司發出一則重大訊息-董事長兼總經理林鎮弘辭去一切職務，由大同董事長林蔚山接任。無預警解除林鎮弘在華映的一切職務，自此大同集團「兄弟鬩牆」的劇碼正式浮上抬面上。

關於劉治軍，

• 在華映服務達三十一年的業務副總劉治軍，昨（一）日終於正式引退了（2005/7/1）。對於退休後的日子，劉治軍已經做好「享清福」的心裡準備。
• 自從華映在林蔚山接任董事長之後，隨即進行人事調整，據了解華映前副總經理劉治軍、簡振成將回鍋擔任董事長特助職務，由於劉治軍、簡振成的專長分別是業務、採購，因此這樣的人事調整有可能是為了因應即將到來的面板旺季。而華映近期在人事與產品價格上頻頻調動，可望在今年第二季讓營運轉虧為盈。
  

關於李學龍，

• 華映在前副總經理劉治軍、簡振成約滿退休之後，日前高層也拔擢副總經理李學龍掌管TFT業務部門，全面接掌劉治軍留下的業務（2006/3/1）。
  

---

Four LCD price fixers to go to jail
Reuters, Thursday January 15 2009

WASHINGTON, Jan 15 (Reuters)

One executive with LG Display Co. and three from Chunghwa Picture Tubes Ltd. have agreed to plead guilty and serve U.S. jail time for fixing prices of liquid crystal displays used in a wide variety of electronics, the Justice Department said on Thursday.

Chang Chung, LG vice president for monitor sales, and Chunghwa CEO Chieng-Hon Lin, vice president Chih-Chun Liu and sales executive Hsueh-Lung Lee, pleaded guilty to conspiring to fix prices of liquid crystal displays between 2001 and 2006, the department said.

Lin will serve a nine-month prison sentence, Chung and Liu will go to prison for seven months and Lee will serve a six-month sentence, the department said in a release.

It was not immediately clear whether or not the men continue to work for the companies, and their representatives could not be reached for comment.

LG Display, along with Japan's Sharp Corp and Taiwan's Chunghwa Picture Tubes Ltd., agreed to pay a total of $585 million in fines in November for fixing prices of LCD screens, used in a wide variety of electronics, the U.S. Justice Department said.

The sector is struggling with weaker panel prices and a sharp drop in demand for flat-screen TVs and new monitors, and analysts do not expect it to recover until late 2009 because of a global economic downturn.

LG Display said in November it would pay $400 million in fines and Sharp and CPT will pay $120 million and $65 million in fines, respectively.

Antitrust authorities in the European Union, Japan and South Korea have also been investigating LCD makers since 2006 for possible price-fixing.

South Korea's Samsung Electronics, the world's biggest LCD screen maker which is also being investigated, pledged its cooperation. Samsung shares were down 4.7 percent.

(Reporting by Diane Bartz; Editing by Bernard Orr)

我想寫個慘字：LG、Sharp、華映被美國司法部重罰

美國司法部今天宣佈一波新的面板股起跌波段已經展開。

LG Display、Sharp、與華映三家被美國司法部指控有合謀決定面板價格、互相提供銷售資料等行為，影響Dell、Apple、Motorola等美國電子製造商，時間從2001年到2006年（司法部的新聞稿）。罰款金額是根據公司的營業額決定的。

從司法部的新聞稿中，提到LG與華映因為以下行為被罰：

• Participating in meetings, conversations, and communications in Taiwan, Korea and the United States to discuss the prices of TFT-LCD panels;
• Agreeing during those meetings, conversations and communications to charge prices of TFT-LCD panels at certain pre-determined levels;
• Issuing price quotations in accordance with the agreements reached; and
• Exchanging information on sales of TFT-LCD panels, for the purpose of monitoring and enforcing adherence to the agreed-upon prices.

靠！看來是罪證確鑿，price quotation、Meeting records應該是決定性證據。

Sharp的部份有點不一樣：

• Participating in bilateral meetings, conversations, and communications in Japan and the United States to discuss the prices of TFT-LCD panels to be sold to Dell, Apple and Motorola;
• Agreeing during those bilateral meetings, conversations and communications to charge prices of TFT-LCD panels at certain pre-determined levels to Dell, Apple and Motorola;
• Issuing price quotations in accordance with the agreements reached; and
• Exchanging information on sales of TFT-LCD panels to be sold to Dell, Apple and Motorola, for the purpose of monitoring and enforcing adherence to the agreed-upon prices.

Sharp參與的是雙邊會議決定價格。

綜合來看，只要面板廠商參與如DisplaySearch之類的研討會，無論是在何地舉辦，只要討論或公佈公司產品的報價，都可能被控有合謀動機。

美國司法部的判決會接連牽動其他國家的price fixed調查，看來面板業的這個寒冬真的很難熬。

看一下11/13台灣面板廠的台股收盤價，看看這些價格，真是銷魂：

至於Sharp與LPL的ADR表現：

Sharp ADR表現

LPL ADR表現

來看看各家的反應。

華映今天發佈在公開資訊觀測站的聲明：

1. 事實發生日：97/11/13

2. 契約相對人：美國司法部

3. 契約起迄日期（或解除日期）：97/11/13起

4. 主要內容：中華映管股份有限公司，於台灣時間2008 年11月13日與美國司法部達成協議。針對美國司法部所指控，中華映管股份有限公司曾於2001年9月到2006年12月之間，與其他之TFT-LCD製造商，對於面板價格之不當競爭行為，中華映管股份有限公司與美國司法部達成協議，中華映管股份有限公司同意支付六千五百萬美金的罰金，並持續配合相關調查。上述本案相關之費用業已提列完成，故此協議之履行不會對本公司之財務及業務有重大影響。

5. 對公司財務、業務之影響（解除者不適用）：不適用。上述本案相關之費用業已提列完成，故此協議之履行不會對本公司之財務及業務有重大影響。

見鬼了！華映早就提列好罰金費用？

Sharp則是提列當季特別損失，並且本季部份高層人員減薪10-30%：

Japan's Sharp Corp (6753.T: Quote, Profile, Research, Stock Buzz) said on Thursday it will book a $120 million fine payment over a U.S. cartel case as a special loss in the current quarter and cut some executives' pays by 10-30 percent for three months

LG Display被罰的金額高達400 million美金，創美國司法部所罰的第二高金額。LPL也是提列當季損失：

This will have a temporary impact on our fourth-quarter earnings but will remove uncertainties in the future.

更多新聞可以查Google News。

台日韓電子廠商合謀定價在美遭罰5.85億美元

2008-11-13 12:24

美國司法部今天宣布，包括台灣中華映管股份有限公司、韓國樂喜金星顯示器（LG Display），以及日本夏普公司在內的三家電子產品製造廠商，因承認針對液晶顯示面板合謀定價，在與控方達成認罪協議後，被處以合計五億八千五百萬美元罰金。 這項案件是在舊金山聯邦地方法院提出，由華盛頓司法部的反托拉斯助理檢察長做出宣布。

其中，LG同意付出四億美元罰金，是反托拉斯部門歷來裁量的第二高罰金。根據司法部聲明指出，LG承認自二零零一年至二零零六年間，參與液晶顯示面板在世界銷售的合謀定價。

中華映管也因為在五年期間，參與LG與其他廠商在全世界銷售液晶顯示面板的合謀定價，同意付六千五百萬美元罰金。

司法部指出，LG和中華映管被控在台灣、韓國、美國等地，參與合謀定價的會議與討論，並交換液晶顯示面板的銷售資訊，以監控價格。

夏普公司則因為參與三項合謀定價案同意付一億兩千萬美元的罰金，影響所及包括售給戴爾電腦使用的電腦螢幕與筆記型電腦、摩托羅拉公司的手機、以及蘋果電腦的iPod。

司法部反托拉斯助理檢察長巴奈特在司法部發出的聲明中指出，這些合謀定價影響了數百萬使用電腦、手機與家用電子產品的美國消費者。

他表示，這些定罪與高額罰金應可發送清楚訊息，不論發生地點為何，美國司法部的反托拉斯部門會積極調查並起訴非法企業聯合行為。

巴奈特也說，調查仍在進行，並不排除對這三家公司或其他公司的個人進行可能指控。971112

【中央社】

LG Display, Sharp Shares Fall on Price-Fixing Fine (Update2)

By Kevin Cho

Nov. 13 (Bloomberg) -- LG Display Co., Sharp Corp. and Chunghwa Picture Tubes Ltd. tumbled in Asian trading after the three liquid-crystal-display makers agreed to plead guilty and pay $585 million in fines for conspiring to fix prices.

LG Display, based in Seoul, dropped as much as 15 percent to 19,250 won on the Korea Exchange. Osaka-based Sharp lost as much as 8.7 percent on the Tokyo Stock Exchange. Chunghwa Picture fell by the 7 percent daily limit as of 11:37 a.m. in Taipei.

The fines will further undermine the LCD makers' earnings at a time when a glut in the $82 billion industry is driving down prices and forcing manufacturers to scale back production plans. The $400 million that LG Display, the world's second-largest LCD maker, agreed to pay is the second-highest criminal fine the U.S Department of Justice's antitrust division has imposed.

``This adds to the negative sentiment that's already plaguing the industry,'' said Jason Kang, an analyst at Daewoo Securities Co. in Seoul. ``The fine is bigger than expected and it will be difficult to predict favorable results from other regions such as the EU.''

Sharp will pay $120 million and Taoyuan, Taiwan-based Chunghwa Picture Tubes will pay $65 million for conspiring with LG Display and other unnamed companies, the Justice Department said yesterday.

Regulators in the U.S., South Korea, Japan and Europe first disclosed in December 2006 that they were investigating LCD makers, including industry leader Samsung Electronics Co., of price fixing.

Japanese, Korean Investigations

Japan's Fair Trade Commission is still conducting a separate investigation into price-fixing activities in the country, Toshiyuki Nanbu, director of management and planning at the regulator, said today, declining to say when a ruling may be made.

South Korea's antitrust regulator is also continuing its probe, Kim Dae Young, an official at the Korea Fair Trade Commission' International Cartel Division, said today.

Miwako Suetsune, a spokeswoman at the European Commission Delegation in Tokyo, wasn't immediately available for comment.

LG Display, Chunghwa and others met several times from 2001 to 2006 in so-called ``crystal meetings'' to set prices on desktop computer, laptop and television screens, Assistant Attorney General Thomas Barnett, who heads the antitrust division, said yesterday.

Under the plea deal, Sharp Chairman and Chief Executive Officer Katsuhiko Machida and other company directors will give back 10 percent to 30 percent of their compensation for three months beginning in December.

``Sharp understands the gravity of this situation and will strengthen and thoroughly implement measures to prevent the recurrence of this kind of problem,'' it said in a statement.

Over Five Years

LG Display will pay the fine over five years from 2009 and reflect the entire amount as non-operating expenses this quarter, said Park Sang Bae, a spokesman for the company. The panel maker said in a statement it doesn't expect its relationship with customers and future sales to be affected.

``We haven't engaged in any meetings nor communications on the matter with other LCD makers since the lawsuit started, and we will ensure we won't do so in the future,'' James Wu, chief financial officer of Chunghwa Picture, said by telephone.

Wu said the $65 million fine won't be booked as a one-time expense because the company had set aside special funds for legal expenses every month for some time.

Samsung, AU Optronics Corp. and Chi Mei Optoelectronics Corp. were among companies that said in 2006 they were being investigated for price-fixing.

Case Ongoing

``Samsung has pledged full and continuous cooperation with the DOJ's ongoing investigation,'' James Chung, a spokesman for the Suwon, Korea-based company, said today.

Yawen Hsiao, an AU spokeswoman, said she couldn't immediately comment, while Denis Chen, a finance director at Chi Mei, declined to comment.

LG Display said last month its third-quarter net income fell 44 percent while Samsung also posted a 44 decline in profit from LCDs because of falling panel prices. AU Optronics, the world's third-largest LCD maker, reported a bigger-than-estimated decline in quarterly profit.

Under EU rules, companies can be fined up to 10 percent of annual revenue for breaking antitrust laws. In Japan and South Korea, penalties may be as high as 10 percent of the related product's sales during the period of the offense.

Record EU Fine

Cie. de Saint-Gobain SA, Asahi Glass Co., and a Nippon Sheet Glass Co. unit were fined a record 1.38 billion euros ($1.7 billion) this week by the European Union over claims the companies fixed the price of car windows. Saint-Gobain, Europe's largest building-materials supplier, was fined 896 million euros, the highest against a single company, the European Commission said in a Nov. 12. statement.

In 2006, consumers sued LCD makers over price fixing, citing enforcement raids and investigations in Asia and Europe and a criminal grand jury investigation in San Francisco. Lawsuits filed in various states allege that the companies illegally conspired to fix prices for computer laptop and desktop monitors. The complaints, consolidated in San Francisco, seek unspecified damages and a refund for consumers.

In August this year, a federal judge refused to fully dismiss consumer claims against the companies.

To contact the reporter on this story: Kevin Cho in Seoul at kcho2@bloomberg.net

Last Updated: November 12, 2008 22:57 EST