Canaccord Genuity Morning Coffee on Universal Display (PANL): Shine A Light On Me
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Price: $8.14 +3.04%
Rating Summary:
3 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
3 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity Morning Coffee on Universal Display (Nasdaq: PANL): Shine a light on me.
On Monday, Canaccord Genuity Sustainability Analyst Jonathan Dorsheimer hosted an OLED workshop designed to educate investors on the following: IP, manufacturing roadmaps, and material performance, challenges and opportunities in large scale OLED applications. While he believes that the long-term bullish thesis remains intact, there are still some clear near-term challenges to be overcome in this technology that is still basically in its infancy, despite nearly 20 years of research. He notes that the OLED industry is clearly experiencing the difficulties that often hamper new technologies. In particular, Samsung has indeed experimented with green phosphorescent-doped materials; however, it has run into quenching issues (reduced phosphorescence) when combining red and green phosphorescent materials, resulting in low performance. The company hopes to have this solved exiting 2012, but this delay may affect material sales in the near term. Transistor backplane issues continue to be a major challenge in scaling from small to large area displays. Dorsheimer believe that this will continue to be a headwind over the next one to two years, which could delay the introduction of cost-competitive OLED TVs in 2013/14. Following the workshop he still believes that Universal Display has a very strong position on the phosphorescent market opportunity through 2017. However, core fundamental patents begin to expire in December of that year, which will likely weaken the patent portfolio and could render the recent European and Japanese invalidations/narrowing of certain claims quite important.
On Monday, Canaccord Genuity Sustainability Analyst Jonathan Dorsheimer hosted an OLED workshop designed to educate investors on the following: IP, manufacturing roadmaps, and material performance, challenges and opportunities in large scale OLED applications. While he believes that the long-term bullish thesis remains intact, there are still some clear near-term challenges to be overcome in this technology that is still basically in its infancy, despite nearly 20 years of research. He notes that the OLED industry is clearly experiencing the difficulties that often hamper new technologies. In particular, Samsung has indeed experimented with green phosphorescent-doped materials; however, it has run into quenching issues (reduced phosphorescence) when combining red and green phosphorescent materials, resulting in low performance. The company hopes to have this solved exiting 2012, but this delay may affect material sales in the near term. Transistor backplane issues continue to be a major challenge in scaling from small to large area displays. Dorsheimer believe that this will continue to be a headwind over the next one to two years, which could delay the introduction of cost-competitive OLED TVs in 2013/14. Following the workshop he still believes that Universal Display has a very strong position on the phosphorescent market opportunity through 2017. However, core fundamental patents begin to expire in December of that year, which will likely weaken the patent portfolio and could render the recent European and Japanese invalidations/narrowing of certain claims quite important.
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