Post on 15-Jan-2023
CES: Connectivity, Efficiency, Satisfaction
CES 2018 Review
Wonjae Park+822-3774-1426william.park@miraeasset.com
Hakmoo Lee+822-3774-1785hmlee@miraeasset.com
Chul Joong Kim+822-3774-1464chuljoong.kim@miraeasset.com
Young Gun Kim+822-3774-1583younggun.kim.a@miraeasset.com
Seung Ho Yoo+822-3774-1832seungho.yoo.a@miraeasset.com
Analysts who prepared this report areregistered as research analysts in Korea butnot in any other jurisdiction, including the U.S.PLEASE SEE ANALYST CERTIFICATIONS ANDIMPORTANT DISCLOSURES & DISCLAIMERS INAPPENDIX 1 AT THE END OF REPORT.
Mirae Asset Daewoo Research2| CES 2018 Review
I. CES 2018 review conclusion
II. CES history, keynote speech
III. Connected cars
IV. TV/Display
V. VR/AR
VI. Robotics
VII. Korean exhibitors at CES 2018
VIII. Others
Mirae Asset Daewoo Research3| CES 2018 Review
■ Connectivity
- We are moving towards an ultra-connected society, where networks connect humans with each other and devices, and devices with humans and eachother.
- At CES 2018, the possibility of the establishment of smart cities (moving beyond the smart car and smart home technologies) was placed in the spotlight.
- The invention of the internet has allowed for the sharing of human knowledge. In the future, securing and utilizing big data will hold the key tosuccess for IT firms.
* Amazon Alexa in 2017 vs. Google Assistant in 2018
Amazon and Google will garner more attention; additional investments in 5G network are necessary.
■ Efficiency
- In a world where everything is connected, overall efficiency will be enhanced to overcome the constraints of time and space.
- Time constraint issues to be resolved with: 1) Self-driving cars; and 2) robots
- Space constraint issues to be addressed with: 1) AR/VR; and 2) sharing services, such as Uber (car sharing)and Airbnb
Domestic semiconductor/display/smartphone component players likely to expand into new markets (e.g., automotive electronics, robots)
■ Satisfaction
- Improving efficiency to enhance consumer satisfaction levels
The 4th Industrial Revolution to allow humans to spend more time on entertainment and health-related activities; the entertainment,biotech and healthcare sectors to come into focus
CES: Connectivity, Efficiency, Satisfaction
I. Key takeaways from CES 2018
Mirae Asset Daewoo Research4| CES 2018 Review
I. CES 2018 review conclusion
II. CES history, keynote speech
III. Connected cars
IV. TV/Display
V. VR/AR
VI. Robotics
VII. Korean exhibitors at CES 2018
VIII. Others
Mirae Asset Daewoo Research5| CES 2018 Review
II. History of CES and CES 2018 keynote addresses
■ CES: 50 years as the IT trendsetter - First held in New York in 1967, CES now takes place in in Las Vegas each January.
- New IT products/technologies unveiled at past CES events include the following: VCRs (1970); camcorders (1981); DVD players (1996); HDTVs (1998); and OLED TVs (2008).
- New products/technologies showcased at recent CES events include the following: 3D TVs (2011), smart watches (2012); UHD TVs (2013); curved TVs and wearables (2014); IoT (2015); smart cars and VR devices (2016); and autonomous vehicles 2017).
- While the Mobile World Congress (MWC) held in March each year focuses on mobile devices, CES is a home appliance-oriented show.
- Technologies related to smart cities and cyber security, as well as future growth engines related to AI technologies, should garner attention at CES 2018.
- Key words for CES 2018 (January 9th to 12th) include: 1) 5G mobile technology; 2) autonomous driving; 3) cyber security; 4) robotics; and 5) IoT.
CES 2018: The future of smart cities
Flagship products presented at past CES events
Source: Press materials, Mirae Asset Daewoo Research
First CES (1967) vs. CES 2018
Source: Press materials
1970: VCR (Philips)
1967: Inaugural event
1996: DVD
2008: OLED TV (Panasonic)
1981: CD & camcorder (Sony)
1998: HD TV
2011: Tablet PC
2001: XBOX (MS)
2018: AI
Mirae Asset Daewoo Research6| CES 2018 Review
① How data is shaping innovation for the future
Source: Press materials, Mirae Asset Daewoo Research
Intel shows off its Volocopter ‘flying car’ (‘autonomous air taxi’)
Source: Press materials, Mirae Asset Daewoo Research
NBC to live stream 2018 Winter Olympics in VR
II. Keynote addresses #1: Intel CEO Brian Krzanich
Source: Press materials, Mirae Asset Daewoo Research
Jazz improvisation at Intel's CES 2018 pre-show
■ Data will redefine the future of human beings - By 2020, the average person is expected to generate 1.5GB of data a day; each
autonomous vehicle, approximately 4,000 GB of data; and each smart factory, 1PB of data.
- Data innovation to drive technological advances for autonomous driving, AI, VR, andimmersive media.
- Autonomous driving: Intel should expand its cooperation with Chinese automakers;Shanghai Motors is looking to develop Level 3, 4, and 5 self-driving cars, based on thetechnology of Mobileye, which was acquired by Intel in 2017.
- Intel CEO announced a three-year partnership with Ferrari North America that “willbring the power of artificial intelligence to the Ferrari Challenge North America Series.”
- Artificial Intelligent (AI): As part of a groundbreaking musical performanceintroducing Intel’s keynote at CES 2018, a percussionist accompanied a pianist in ajazz improvisation featuring AI avatars playing guitar and bass.
- Virtual reality (VR): Intel unveiled its “voxel” VR system, that lets users watch sportsfrom a player’s point of view. The voxel is the next step from the pixel, and can beviewed as a pixel that is placed in three-dimensional space.
- Intel Ture VR technology will be used for the 2018 PyeongChang Winter Olympics;roughly 30 events will be broadcast live in VR.
Mirae Asset Daewoo Research7| CES 2018 Review
■ Ford developed its new self-driving platform- At CES 2018, Ford unveiled a new cloud-based platform for mobility services,
which is designed to provide drivers with information on road and weatherconditions.
- At the tech show, Ford CEO Jim Hacket said that the time would come whensmart roadside infrastructure and shared transportation means will come intofocus, adding that technology will be developed to support a more-efficientvehicle management, based on a cloud-based mobility platform.
- Ford also showcased its Cellular Vehicle-to-Everything (C-V2X) technology,intended to ensure that everything in a city, including stoplights, and signs thatcan communicate with each other.
- Ford plans to apply the C-V2X technology (jointly developed with QualcommTechnologies) to all new vehicles by end-2019. With the development of theTransportation Mobility Cloud, the firm has also established a revenue modelusing autonomous vehicles. The firm is also teaming up with Lyft, Domino’s, andPostmates to expand its business areas.
- The firm has also developed the Ford Fusion Hybrid Titanium, a self-drivingdelivery vehicle for which all the doors can be unlocked with a 4-digit code.
② “The era of car-manufacturing-only is over”
Source: Press materials, Mirae Asset Daewoo Research
Ford releases Ford Fusion Hybrid Titanium, a self-driving delivery vehicle
Source: Press materials, Mirae Asset Daewoo Research
Ford and Qualcomm jointly developed the C-VX technology
II. Keynote addresses #2: Ford CEO Jim Hackett
Source: Press materials, Mirae Asset Daewoo Research
Ford pre-releases the transportation mobility cloud
Mirae Asset Daewoo Research8| CES 2018 Review
■ Huawei unveiled Mate 10 smartphones, based on its AI chip (NPU)- At its CES keynote, Huawei CEO Richuard Yu addressed the controversy over a failed
deal to have AT&T sell its flagship phone, saying that the lack of US carrier supportwould be a big loss to US consumers, who will lose out on a strong smartphone option.
- Prior to its entry into the US, Huawei plans to enhance its brand image by advancingits premium products.
- At the tech show, the firm unveiled the Mate 10 Pro (powered by its AI processor), andits neutral processing unit (NPU), and disclosed details regarding its camera modulesand security policy.
- The Mate 10, released in Europe and China back in October 2017, is powered by thefirm’s in-house developed Kirin 970 chip (with AI capabilities and embedded with400mAH battery). This model is slated for launch in the US in February.
- The firm has also launched the Matebook X series, in order to expand into thepremium notebook markets in Europe and North America.
- Huawei’s first-ever laptop, the Matebook X, is based on the 7th Generation Intel Core i7processor, which is equivalent to those embedded in SEC’s Pen, and the LG gramlaptop.
- The Matebook E, a 2-in-1 laptop tablet, is a rival to Microsoft’s Surface Book.
③ Poised for entry into the US market
Source: Press materials, Mirae Asset Daewoo Research
Huawei to release its premium smartphone model, the Mate 10, in the US in February
Source: Press materials, Mirae Asset Daewoo Research
Huawei Matebook was designed to rival Microsoft’s Surface series
II. Keynote addresses #3: Huawei CEO Richard Yu
Source: Press materials, Mirae Asset Daewoo Research
Huawei uses the slogan “Wow Way” for English-speaking consumers
Mirae Asset Daewoo Research9| CES 2018 Review
④Mobile Innovation: Future of 5G technology
Source: Press materials, Mirae Asset Daewoo Research
Qualcomm’s first-ever 5G modem, Snapdragon
Source: Press materials, Mirae Asset Daewoo Research
Qualcomm CEO Steve Mollenkopf unveils its 5G technology
II. Keynote addresses #4: Qualcomm, Verizon, Baidu
Source: Press materials, Mirae Asset Daewoo Research
CES 2018 Keynote addressing 5G mobile telecommunications technologies
■ 5G will aid in establishment of ultra-connected society - At CES 2018, the potential of 5G to aid in the establishment of smart cities took center
stage.- During the keynote, “Mobile Innovation: How 5G will Enable the Future,” executives from
Qualcomm, the world’s leading processor maker, Verizon, the US’ largest mobile carrier,and Baidu, China’s largest search engine company, discussed the ways in which 5Gconnectivity will transform industries, business models, and society as a whole.
- Qualcomm unveiled the Snapdragon X16 LTE model, featuring improved speed,efficiency, and connectivity. The firm also showcased the Qualcomm Halo wirelesselectric vehicle charging technology.
- In 2016, Verizon already set up 5G spectrum allocation plans and confirmed the frequencydomain. The firm is looking to commercialize 5G services for the first time in the world in2H18, by launching 5G services in some US cities, such as Atlanta, Houston, Miami.
- Baidu will likely unleash accelerated innovation for autonomous driving, smart home,and 5G at “China speed.” Indeed, China has massive quantities of data, which holdsthe key to 5G technology. The Chinese government has a plan to promote AI and 5Gtechnologies over the next five years.
- Once 5G gains traction, communication costs between devices will be lowered andbattery consumption will also be reduced, thus boosting markets for fitnesswearables, smart apparels, and security systems.
Mirae Asset Daewoo Research10| CES 2018 Review
I. CES 2018 review conclusion
II. CES history, keynote speech
III. Connected cars
IV. TV/Display
V. VR/AR
VI. Robotics
VII. Korean exhibitors at CES 2018
VIII. Others
Mirae Asset Daewoo Research11| CES 2018 Review
■ Jeep’s Uconnect to spark expansion of connected car services - At CES 2018, Jeep offered Uconnect demos for its Wrangler model.
- Drivers can connect to and remotely control their vehicles via smartwatches;network connectivity enables better navigation/alert functionality thanconventional built-in navigation systems.
- Furthermore, Jeep is likely to launch Jeep Skills for Amazon’s Alexa and Echo Dotsoon.
- Infotainment systems are increasingly supporting Apple CarPlay and AndroidAuto, becoming more convenient and customer-oriented.
- Car connectivity will likely expand going forward.
- Infotainment system makers, including Sony, Kenwood, and Pioneer, aresupporting not only Apple CarPlay and Android Auto, but also Google Assistant.
Source: Mirae Daewoo Research
Jeep’s Uconnect
Source: Rinspeed, Mirae Daewoo Research
Sony’s and Kenwood’s infotainment systems
III. Connected cars
Source: Mirae Daewoo Research
Pioneer’s infotainment systems
Telematics services to drive car connectivity market
Mirae Asset Daewoo Research12| CES 2018 Review
■ LTE-based V2X technology to support connected car platforms- Qualcomm will likely drive the expansion of connected car services by supplying
chipsets based on LTE-based V2X technology to automakers.
- Since last year, Qualcomm has been testing its LTE-based V2X technology (inFord vehicles) on public roads, along with German, French, and US companies;the chipmaker plans to make V2X more sophisticated through additional roadtests.
- Going forward, the company plans to offer 5G-based V2X technology to supportautonomous driving.
- Wireless access in vehicular environments (WAVE), the first V2X technology(developed by NXP Semiconductors and STMicroelectronics), needs additionaltelecom infrastructure in order to be adopted by connected car services.
- However, LTE-based V2X technology can use existing mobile networks;furthermore, when 5G services are launched, the technology will boast acompetitive edge without additional costs.
Source: Mirae Daewoo Research
Cellular V2X technology to enable greater driver safety
Source: Mirae Daewoo Research
LTE-based V2X technology should be able to offer competitive services without additional costs when 5G services are launched
III. Connected cars
Source: Mirae Daewoo Research
LTE-based V2X technology can facilitate the transmission of high-quality, in-car content
Qualcomm’s LTE-based V2X and dawn of 5G era
Mirae Asset Daewoo Research13| CES 2018 Review
■ Mercedes-Benz, Nissan, Toyota, and Korean automakers are introducing AI features to their models - Most automakers that displayed cars at CES 2018 plan to use AI to develop more
user-friendly infotainment systems and offer more comfortable drivingexperiences.
- This trend is being driven by Mercedes-Benz, which unveiled innovativeinfotainment systems with stable, intuitive UIs during CES 2018, increasing thelikelihood of commercial AI application.
- Nissan unveiled a brain-to-vehicle technology that allows a car to automaticallyturn the steering wheel or to accelerate by reading the driver’s brain waves.
- Hyundai Motor (HMC) and Kia Motors also demonstrated voice recognitionfeatures for autonomous driving.
- Car connectivity is essential to the application of automotive AI, as the use ofservers is necessary to ensure system stability and reliability.
Source: Motorgraph
Mercedes-Benz’s next-generation infotainment system
Source: Mirae Daewoo Research
Nissan’s brain wave-reading next-generation concept car
III. Connected cars
Source: Mirae Daewoo Research
Voice-activated driver’s seat (Hyundai Motor)
AI to accelerate car connectivity
Mirae Asset Daewoo Research14| CES 2018 Review
■ Connected parking and automated valet parking to expand- Bosch presented a connected parking solution (part of its smart city business) at
CES 2018..
- Domestic and US drivers are estimated to spend 30% of their driving hourssearching for parking spaces.
- Bosch’s connected parking solution aims to automatically recognize andmeasure the gaps between parked cars, transmitting the data in real time to adigital map; then, drivers can be guided directly to empty parking spaces.
- Bosch is already testing its service in German cities, including Stuttgart; this year,the solution will be tested in 20 US cities, including Los Angeles, Miami, andBoston.
- Automated valet parking is a more advanced parking solution.
- After arrived at a parking garage, the driver can leave his/her vehicle at a drop-off area. By clicking on a smartphone app, the driver can send his/her car to afree space (autonomously).
- These services will likely stimulate demand for car connectivity. Source: Bosch
Bosch’s connected parking solution concept
Source: Mirae Daewoo Research
Smartwatches to support Mercedes-Benz’s automated valet parking
III. Connected cars
Source: Mirae Daewoo Research
Automated valet parking (Mercedes-Benz)
Increased parking convenience
Mirae Asset Daewoo Research15| CES 2018 Review
■ Advanced sensors and high-precision map technologies - During CES 2018, more advanced autonomous driving technologies were
confirmed, thus increasing the visibility of autonomous cars and expectationsfor 5G network technology.
- In our view, autonomous cars represent a core application of 5G; sophisticatedtechnology related to sensors and high-precision maps, which are essential forautonomous cars, were presented at CES 2018, boosting expectations for thelaunches of autonomous cars.
- As low latency is essential for autonomous cars, which are dependent on avariety of external data, the introduction of autonomous cars will likely drive thegrowth of 5G services.
- In addition, autonomous driving will likely lead to an increase in datatransmission requirements, further increasing the need for 5G services.
Source: Mirae Daewoo Research
TomTom’s high-precision map
Source: Rinspeed, Mirae Daewoo Research
Map technology that identifies cars’ locations in a more sophisticated way
III. Connected cars
Source: Mirae Daewoo Research
HERE’s connected vehicle services
Visibility of autonomous cars to boost expectations for 5G technology
Mirae Asset Daewoo Research16| CES 2018 Review
I. CES 2018 review conclusion
II. CES history, keynote speech
III. Connected cars
IV. TV/Display
V. VR/AR
VI. Robotics
VII. Korean exhibitors at CES 2018
VIII. Others
Mirae Asset Daewoo Research17| CES 2018 Review
■ OLED took center stage at TV makers’ booths - LGE presented its “OLED Canyon”, comprised of 236 4K OLED screens.
- Sony unveiled its new A8F OLED TV, which is cheaper than the previous model,the A1E, and showcased its ‘Acoustic Surface’ Crystal Sound technology at adedicated booth.
- Most Chinese TV makers placed OLED TVs at the center of their booths.
- Skyworth, Changhong, Hisense, and Konka offered their wallpaper displays andCrystal Sound technologies as their key exhibits.
- Panasonic and Vestel also showcased some of their OLED TV models.
- Meanwhile, QLED TVs have lost ground, compared with last year.
- Among major TV makers, only TCL showed off QLED TVs as the centerpiece of itsexhibit.
- The pool of OLED TV makers expanded to 15 this year, with Sharp and Hisensethe latest additions.
- Overall, exhibitors presented more advanced TVs, in terms of both design andtechnologies, than last year.
TV: Rise of OLED
Source: Mirae Asset Daewoo Research
LGE’s 4K OLED Canyon
Source: Mirae Asset Daewoo Research
Skyworth’s OLED Wallpaper
IV. TV/Display
Source: Mirae Asset Daewoo Research
Sony’s 4K OLED TV
Mirae Asset Daewoo Research18| CES 2018 Review
Source: Mirae Asset Daewoo Research
Changhong’s Wall Paper OLED TV
Source: Konka, Mirae Asset Daewoo Research
Konka’s OLED TV
Source: Mirae Asset Daewoo Research
Changhong’s Crystal Sound OLED TV
Skyworth’s Crystal Sound OLED
Source: Mirae Asset Daewoo Research
IV. TV/Display
Mirae Asset Daewoo Research19| CES 2018 Review
Source: Mirae Asset Daewoo Research
Vestel’s OLED TV
Source: Mirae Asset Daewoo Research
TCL’s QLED TV
Source: Mirae Asset Daewoo Research
SEC’s QLED TV
Panasonic’s OLED TV
Source: Mirae Asset Daewoo Research
IV. TV/Display
Mirae Asset Daewoo Research20| CES 2018 Review
■ Rollable TVs - LGD unveiled a 65” UHD rollable TV panel (with a curvature radius of 50mm) at
its invitation-only booth.
- The new panel is expected to be folded/unfolded over 100,000 times (a life cycleof about 10 years assuming daily folding/unfolding at 30 times).
- Rollable panels also enable users to adjust the aspect ratio.
- If LGD improves the design and utilization of the bottom box, it should be ableto present newfound value to customers.
- In addition to rollable displays, LGD presented an 8K OLED TV, a TV andnotebook PC based on Crystal Sound OLED (CSO) technologies, and acommercial large-sized display with “in-cell” touch function.
- Of note, the company has developed an 88” 8K OLED display by successfullyreducing the aperture ratio.
TV: Rollable and MicroLED TVs
Source: Media reports, Mirae Asset Daewoo Research
LGD’s rollable OLED display
Source: Media reports, Mirae Asset Daewoo Research
LGD’s 88” 8K OLED TV
Source: Media reports, Mirae Asset Daewoo Research
LGD’s rollable OLED display
IV. TV/Display
Mirae Asset Daewoo Research21| CES 2018 Review
■ MicroLED TVs- SEC unveiled “The Wall,” the world’s first modular 146” TV based on MicroLED
technology.
- Thanks to the model’s module-based design, users can customize the shape andsize.
- As each pixel is its own LED, it can be lit up or turned off, as necessary.
- Unlike OLED, MicroLED panels use inorganic materials, and thus have no “burn-in” issues.
- Korean LED product manufacturer Lumens also unveiled its MicroLED TV.
- A 139” UHD MicroLED TV could be made of 1,020 modules of 102X5mm.
- A MicroLED TV’s pixel pitch averages 0.8mm, with 128X51 pixels per module.
TV: Rollable and MicroLED TVs
Source: Media reports, Mirae Asset Daewoo Research
SEC’s The Wall
Source: Media reports, Mirae Asset Daewoo Research
Lumens’ 0.57” micro LED
Source: Mirae Asset Daewoo Research
Lumens’ microLED TV
IV. TV/Display
Mirae Asset Daewoo Research22| CES 2018 Review
■ MicroLED - MicroLED is a self-emitting display consisting of microscopic LEDs (5-10㎛).
Theoretically, MicroLED has a wide array of potential applications, including low-energy devices, ultra-large screens, and flexible displays.
- MicroLED displays do not require color filters or BLUs, which are essential to LCDdisplays that utilize the light-modulating properties of liquid crystals. Moreover,unlike OLED displays, which require an encapsulation process to protect organiccompounds from moisture, MicroLED is not sensitive to external conditions.
■ MicroLED power consumption five times lower than OLED- Expectations are particularly high for MicroLED, due to its low power consumption.
- Despite ongoing battery capacity growth (iPhone 5’s 1,440mAh iPhone 7’s1,960 mAh), battery hours per charge have not improved significantly, asconsumers spend more time connected to the internet, and display panelsconsume increasing amounts of power.
- Battery hours are particularly important for smart watches, such as the AppleWatch, which have batteries that can last 18 hours on a charge.
- Apple’s investment in MicroLED is widely believed to be part of the firm’smid/long-term roadmap to extend battery life.
TV: MicroLED technology
Source: YOLE
MicroLED structure
Source: Phone Arena, Mirae Asset Daewoo Research
iPhone battery capacity and talk time
1,440 1,560
1,810 1,715 1,960
10
13
16
19
22
25
0
500
1,000
1,500
2,000
2,500
iPhone 4 4S 5 5S 6 6S 7
배터리용량(L)Talk time (R)
(mAh) (Hours)
IV. TV/Display
Battery life (L)
Mirae Asset Daewoo Research23| CES 2018 Review
■ MicroLED process consists of light-source manufacturing and transfer processes- In the light source-manufacturing process, wafers are divided into small 5-10㎛
LED chips.
- Chip-separating methods include: 1) flip-chip, which uses electrical bondingtechnology; 2) heating; and 3) wet etching.
- In the transfer process, separated ultra-small LED chips are transferred to eitherflexible or rigid substrates. Study of the electrostatic transfer element (ETE) andelastomer stamp methods are currently underway.
- ETE uses electrostatic effects, specifically, forming an electrode on the upperportion of a chip, and picking up the chip using print head, with some voltageapplied thereto.
- Elastomer stamp refers to the transfer of chips to either flexible or rigidsubstrates, by casting polydimethylsiloxane (PDMS) against a microfabricatedmaster wafer.
■ MicroLED display not yet cost-effective- Pure-LED display (with all pixels composed of LED chips) may be too costly to be
used in large-sized and high-resolution products.
- For UHD (3840 x 2160) displays, ~ 25m pixels are required.
- Indeed, at the 2012 CES, Sony unveiled its crystal-LED TV (based on the micro-LEDtechnology), which featured a total of 6mn MicroLED units (2mn red, green, andblue LED chips) to realize full-HD resolution pictures.
- Although Sony’s micro-LED display outperformed existing LED products, in termsof contrast, color gamut, and response speed, it was not commercially launched,due to high costs.
- While Sony revealed its next-generation MicroLED, CLEDIS, in 2016, it is highlylikely to be used for outdoor display advertising (rather than in householdelectronics), owing to the still-lofty manufacturing costs.
■ Market penetration to be limited in short term- In their early stages, micro-LEDs will likely be used only for some relatively low-
resolution wearable devices and large displays for outdoor ads.
- We do not believe micro-LEDs will be adopted in TVs (which have seen steady risesin resolution) or replace OLEDs, for which production costs have fallen to those ofLCDs.
- In the medium to long term, we think the decline in LED chip prices arising fromprocess improvements, particularly in chip-bonding technology, deservesattention.
TV: mLED technology
Source: KOPTI, Mirae Asset Daewoo Research
LuxVue’s ETE method
Source: Phone Arena
No. of sub-pixel by product
Company Product PPI No. of sub-pixels
Sony Crystal LED display 40 6,220,800
Sony CLEDIS™ 15 345,600
Apple Apple Watch 38mm 290 277,440
4K UHD TV (3840X2160) - 24,883,200
IV. TV/Display
Mirae Asset Daewoo Research24| CES 2018 Review
■ TV makers expanding their OLED exposure - Chinese TV makers, as well as major global TV producers, are carrying out
aggressive marketing campaigns for OLED products.- Chinese players, like Skyworth, Changhong, Konka, and Hisense, placed OLED
products at the center of their CES booths.- Overall, exhibitors presented more advanced TVs, in terms of both design and
technologies, than last year.- Chinese TV makers are strengthening OLED marketing activities, as OLED sales
sharply outpaced LCD sales in 2017.- LGE’s HE division recorded an OP margin of 8% in 4Q, a traditional low-demand
season.- Historically, the TV market’s trend has been dictated by the direction of TV
makers’ investments.- In 2018, a total of 15 TV makers are expected to produce OLED TVs, with Sharp
and Hisense the most recent newcomers.- Hisense, Skyworth, Changhong, Konka, and Sharp claim a combined market
share of 36% in China.- We will likely see more panel makers making forays into the OLED space.
2018 to mark start of OLED TV market growth
Source: Industry data, Mirae Asset Daewoo Research
Monthly OLED TV sales volume
Source: Industry data, Mirae Asset Daewoo Research
Major TV makers’ Chinese market share
Source: Industry data, Mirae Asset Daewoo Research
OLED TV shipments and penetration
IV. TV/Display
0
5
10
15
(%)
0
50
100
150
200
250
300
16/1 16/4 16/7 16/10 17/1 17/4 17/7 17/10 18/1
(‘000)
기타
중국업체
일본업체
LG전자
0.0
1.0
2.0
3.0
0
2
4
6
8
2015 2016 2017 2018F 2019F 2020F 2021F
(%)(mn)
OLED TV 출햐량 (L)
OLED TV 침투율 (R)
OLED TV Shipment(L)OLED TV Penetration rate(R)
Others
China
Japan
LG Electronics
Mirae Asset Daewoo Research25| CES 2018 Review
■ Google, the winner of CES 2018 - Google garnered the greatest attention at CES 2018.
- The company promoted its AI-based Google Assistant platform
- Google’s AI platform is different from Amazon’s, as it “visualizes”information and can be installed in existing devices.
- TV markers, like LGE, TCL, Skyworth, Hisense, and Konka, showcased TVssupporting Google Assistant.
- Google also introduced the Smart Display, a new AI hub, developed incooperation with Lenovo, JBL, LGE, and Sony.
- Lenovo Smart Display features speakers built into the sides of a 8-10” screen.
- As Google Assistant is enabled via voice commands, it does not require touchmodules for displays.
Impact of AI on display
Source: Media reports, Mirae Asset Daewoo Research
Google, the winner of CES 2018
Source: Mirae Asset Daewoo Research
Skyworth’s products supporting Google Assistant
Source: Media reports, Mirae Asset Daewoo Research
LGE’s products including Google Assistant
IV. TV/Display
Mirae Asset Daewoo Research26| CES 2018 Review
Source: Media reports, Mirae Asset Daewoo Research
LGE’s Smart Display
Source: Media reports, Mirae Asset Daewoo Research
UBL’s Smart Display
Source: Media reports, Mirae Asset Daewoo Research
Lenovo’s Smart Display
TCL’s TV supporting Google Assistant
Source: Mirae Asset Daewoo Research
IV. TV/Display
Mirae Asset Daewoo Research27| CES 2018 Review
■ Automotive display demand to grow in line with spread of AI-based vehicles - We see strong growth potential for automotive display for the following reasons:
1) Demand for output devices should increase alongside the growingadoption of automotive electronics in vehicles
2) Automotive display systems should also be important for drivers’entertainment during autonomous driving, as well as for differentiationfrom traditional vehicles
- Google is also cooperating with 40 companies for the adoption of GoogleAssistant for automotive applications.
- SEC and Harman introduced the Digital Cockpit platform, which consists of threedisplays, including a 12.3” OLED, 12.4” flexible, and 28” QLED.
Impact of AI on display
Automotive display demand to grow
Source: Mirae Asset Daewoo ResearchSource: Media reports, Mirae Asset Daewoo Research
SEC’s digital cockpit
IV. TV/Display
Mirae Asset Daewoo Research28| CES 2018 Review
■ Display also the key feature for concept cars - Panasonic unveiled futuristic concept for its driverless cars, with large-sized
displays on the top and sides.
- Byton’s concept car features a 49” wide dashboard monitor and 8” touch screenon the steering wheel.
- Mercedes-Benz unveiled its new infotainment system, called the Mercedes-BenzUser Experience (MBUX). Powered by NVIDIA AI technologies, the systemfeatures a voice-controlled touchscreen and two 10” displays.
- Mercedes-Benz will apply the MBUX in new A-Class models starting in April ofthis year.
- Hyundai Mobis, HMC, and Toyota also presented various concept cars andcockpits using high-end displays.
Impact of AI on display
Source: Media reports, Mirae Asset Daewoo Research
Panasonic’s autonomous concept car
Source: Media reports, Mirae Asset Daewoo Research
Byton’s concept EV
Source: Media reports, Mirae Asset Daewoo Research
Byton’s concept EV
IV. TV/Display
Mirae Asset Daewoo Research29| CES 2018 Review
Impact of AI on display
Source: Media reports, Mirae Asset Daewoo Research
HMC’s concept car (interior)
Source: Media reports, Mirae Asset Daewoo Research
Toyota’s concept car, e-Palette
Source: Media reports, Mirae Asset Daewoo Research
Mercedes Benz’s MBUX
IV. TV/Display
Source: Media reports, Mirae Asset Daewoo Research
Hyundai Mobis’ concept car
Mirae Asset Daewoo Research30| CES 2018 Review
■ Increasing data processing volume to boost new display demand - Display stocks have been undervalued since the stagnation of TV demand, due
to lack of new applications generating fresh demand.
- The introduction of AI-based IoT and autonomous driving technologies areexpected to create new demand for displays.
- AI-enabled TVs, refrigerators, and speakers should require displays that canvisualize information.
- On the back of AI technologies, many home appliances and IT devices arebecoming increasingly versatile.
- SEC launched a refrigerator with a 21” LCD display.
- Display demand from other home appliance makers, like LGE and Whirlpool, isalso increasing, as they adopt the AI systems of Amazon or Google.
Impact of AI on display
Source: Mirae Asset Daewoo Research
80% of information entering the human brain is visual
Source: Media reports, Mirae Asset Daewoo Research
SEC’s refrigerator with 21” display
Source: Mirae Asset Daewoo Research
IoT in the kitchen
IV. TV/Display
See 80%
Mirae Asset Daewoo Research31| CES 2018 Review
■ Demand from “others” to be important - AI-enabled speakers, smart home solutions, and self-driving cars should
generate fresh demand for displays going forward.
- Strategy Analytics projects that AI speaker shipments will grow to 160mn unitsby 2022 (similar to tablet PC shipments in 2017).
- AI speakers’ display adoption is expected to increase going forward.
- Although the smart home and automotive display markets are still in theirnascent stages, the markets are expected to grow to meaningful sizes, in linewith increasing display adoption and high ASPs.
- The ASP of automotive 17” panels is estimated to be four times higher than thatof notebook PC panels, as they are customized according to models andcustomers.
Impact of AI on display
Source: Voicebot, Mirae Asset Daewoo Research
AI speaker shipment trend
Source: Industry data, Mirae Asset Daewoo Research
Automotive display market outlook
Source: Voicebot, Mirae Asset Daewoo Research
AI-enabled speaker market breakdown
IV. TV/Display
6
24
0
10
20
30
2016 2017
(mn)
97.771.3
6.7
14.7
0%
20%
40%
60%
80%
100%
2016 2017
Ohters Google Amazon
4
6
8
10
2015 2017 2019F 2021F 2023F
(US$bn)
차량용디스플레이시장규모추이Auto display market size
Mirae Asset Daewoo Research32| CES 2018 Review
I. CES 2018 review conclusion
II. CES history, keynote speech
III. Connected cars
IV. TV/Display
V. VR/AR
VI. Robotics
VII. Korean exhibitors at CES 2018
VIII. Others
Mirae Asset Daewoo Research33| CES 2018 Review
■ VR- Major firms have launched standalone VR headsets with built-in display and
chips Formation of the VR market
- The IDC forecasts the VR market to expand to US$800mn (with an annual sales volume of 30mn units) by 2020
- Oculus is expanding into the Chinese VR market through a partnership with Xiaomi Facebook (Oculus’ parent company) to secure a footing in the Chinese market
- Google released a standalone VR device by partnering with Lenovo The standalone device’s resolution shows improvement over Lenovo’s previous smartphone VR headset, thanks to its built-in display
- HTC, which focuses on high-end VR headsets, launched an upgraded PC VR device (Vive Pro) following the release of a standalone product in 2017: Two-track strategy
■ AR- The first Amazon Alexa-enabled digital glasses were unveiled Diversification of AI search results (voice and videos)
e.g., Google Assistant’s Smart Display and Amazon Alexa’s AR glassesSource: IDC, Mirae Daewoo Research
AR/VR headset shipments
Source: Engadget, Mirae Daewoo Research
Visual results of AI searches (Google Smart Display)
V. VR/AR
Source: IDC, Mirae Daewoo Research
AR/VR device market outlook
Moving to maximize strengths
0
10
20
30
40
2014 2015 2016 2017F 2018F 2019F 2020F
(mn)
Augmented Reality
Virtual Reality
0
4
8
12
16
2014 2015 2016 2017F 2018F 2019F 2020F
(US$bn)
Augmented RealityVirtual Reality
Mirae Asset Daewoo Research34| CES 2018 Review
■ Announces deal with Xiaomi to expand into Chinese market
- Facebook Vice President Hugo Barra announced a deal with Xiaomi as a hardware partner to manufacture the Oculus Go standalone HMD, during Qualcomm’s press conference
- Currently, Facebook products are banned in China the launch of hardware via Xiaomi is expected to lead to the soft landing of Facebook content in China
- The Mi VR Standalone, nearly identical to Oculus Go (released in October 2017), is set to be released with Xiaomi’s brand and software
- Expected specifications of Mi VR Standalone• Standalone VR device• AP: Qualcomm Snapdragon 821• Display: WQHD 2560 X 1440 LCD (higher than OLED’s resolution)• Expected price: US$199
Source: Mirae Daewoo Research
Hugo Barra announces deal with Xiaomi during Qualcomm’s press conference
Source: Reuters, Mirae Daewoo Research
Oculus Go
V. VR/AR
Source: Oculus, Mirae Daewoo Research
Mi VR Standalone
Oculus
Mirae Asset Daewoo Research35| CES 2018 Review
■ Mirage Solo, based on Google’s VR platform, unveiled
- In addition to its existing smartphone VR headset, Google released Mirage Solo, a standalone VR product, at CES 2018 Two-track (portability + premium) strategy
- Given the adoption of Qualcomm Snapdragon 835 AP, Mirage Solo could feature Android OS going forward Manufacturing by Lenovo + Qualcomm’s core parts + Google’s content
- Mirage Camera, a VR streaming camera, will also be launched to create a VR ecosystem
- Expected specifications of Mirage Solo • AP: Qualcomm Snapdragon 835• Display: QHD 2560 X 1440 5.5” LCD• 4GB memory; 64GB flash storage• Expected price: US$400 Source: Mirae Daewoo Research
Mirage Solo
Source: Androidcentral, Mirae Daewoo Research
Google’s Daydream VR (left) and Lenovo’s Mirage Solo (right)
V. VR/AR
Source: Mirae Daewoo Research
Mirage Solo controller and Mirage Camera
Lenovo
Mirae Asset Daewoo Research36| CES 2018 Review
■ Upgraded PC VR device, Vive Pro, unveiled
- To improve picture quality, two 1440x1600 pixel 3.5” AMOLED panels are used78% increase in pixel count, compared with Vive
- Vive Wireless Adaptor was also rolled out for wireless communication with PCs; the adaptor supports a 5G-level communication with PCs, thanks to the use of Intel’s WiGig technology
- HTC, which focuses on high-end VR headsets, unveiled an upgraded PC VR device (Vive Pro), following the release of a standalone product in 2017: Two-track strategy
- Expected specifications of Vive Pro • PC VR device No AP used• Display: Dual AMOLED 3.5”(2880 X 1600 pixels)
Source: Mirae Daewoo Research
HTC unveils Vive Pro
Source: Cnet, Mirae Daewoo Research
Vive Pro
V. VR/AR
Source: Mirae Daewoo Research
Vive Wireless Adaptor
HTC
Mirae Asset Daewoo Research37| CES 2018 Review
■ First Amazon Alexa-enabled digital glasses unveiled
- Google Glass Enterprise Edition has been released; Apple is preparing apps using 3D depth sensing technology: the likelihood of smart glasses being launched is increasing
- Although many Alexa-enabled apps were released over the past year, Vuzix Blade has been the only Alexa-enabled smart glasses
- AI speakers generate voice search results, while smart glasses show visual results Amazon Alexa’s AR glasses are more advanced Google Assistant’s Smart Display
- Expected specifications of Vuzix Blade: US$1,000
Source: Mirae Daewoo Research
Vuzix Blade
Source: Mirae Daewoo Research
AR image
V. VR/AR
Source: Mirae Daewoo Research
Vuzix Blade’s AR image
Vuzix
Mirae Asset Daewoo Research38| CES 2018 Review
Source: Mirae Daewoo Research
VR game
Source: Mirae Daewoo Research
AR image
V. VR/AR
Source: Mirae Daewoo Research
AR product similar to Google Glass
Other VR/AR displays
Source: Mirae Daewoo Research
Realwear’s industrial AR kit
Mirae Asset Daewoo Research39| CES 2018 Review
I. CES 2018 review conclusion
II. CES history, keynote speech
III. Connected cars
IV. TV/Display
V. VR/AR
VI. Robotics
VII. Korean exhibitors at CES 2018
VIII. Others
Mirae Asset Daewoo Research40| CES 2018 Review
■ Robots becoming part of our daily lives- The International Data Corporation (IDC) forecasts the global robot market to
expand from US$71bn in 2015 to US$135bn in 2019.
- The International Federation of Robotics (IFR) expects China’s robot sales totriple (to 150,000 units) from 2015 to 2017, and China’s commercial robot marketto expand 10-fold by end-2019.
- Robots, whose utilization had previously remained confined to factoryautomation, have recently begun to be used in our daily lives.
- At CES 2018, LGE unveiled its serving robot, porter robot and shopping cartrobot. LGE Vice Chairman Jo Seong-jin said that LGE had been facing growingdemand for its robotics from the Pyeongchang Organizing Committee for the2018 Olympics and global international airports.
- Sony has recently revived its Aibo robot dog 11 years after shelving its originalline of robot dogs.
- At CES 2018, Honda showcased its new 3E (empower, experience, empathy) roboticsconcept, and Honda Accelerator, its startup technology development platform.
Advances in AI technologies to help accelerate the development of robotics
Robotics
Source: CES, press materials, company data, Mirae Asset Daewoo Research
LGE’s serving robot, porter robot and shopping cart robot
Source: Press materials, Mirae Asset Daewoo Research
LGE’s AI robot, ClOi
Source: IFR, Mirae Asset Daewoo Research
Global commercial robot sales
VI. Robotics
13.2
9.1
1.2 1.01.2 1.0
0
4
8
12
16
가정용로봇 레저용로봇
2016-19F 2015 2014
(US$mn)
Household robots Leisure/entertainment robots
Mirae Asset Daewoo Research41| CES 2018 Review
Source: CES, press materials, company data, Mirae Asset Daewoo Research
Sony’s robot dog Aibo revived after 11 years
Source: CES, press materials, company data, Mirae Asset Daewoo Research
Honda to release four types of 3E commercial robots
Source: CES, press materials, company data, Mirae Asset Daewoo Research
OMRON’s ping pong robot
VI. Robotics
Source: CES, press materials, ITRI, Mirae Asset Daewoo Research
Taiwan-based ITRI’s chess-playing robot
Mirae Asset Daewoo Research42| CES 2018 Review
Source: CES, press materials, Murata, Mirae Asset Daewoo Research
Murata’s robots
Source: CES, press materials, Mirae Asset Daewoo Research
A variety of other robots
Source: CES, press materials, Mirae Asset Daewoo Research
A variety of other robots
VI. Robotics
Source: CES, press materials, Nidec, Mirae Asset Daewoo Research
Nidec’s robot
Mirae Asset Daewoo Research43| CES 2018 Review
I. CES 2018 review conclusion
II. CES history, keynote speech
III. Connected cars
IV. TV/Display
V. VR/AR
VI. Robotics
VII. Korean exhibitors at CES 2018
VIII. Others
Mirae Asset Daewoo Research44| CES 2018 Review
■ CES 2018 attracted around 4,000 exhibitors from 150 countries- 1,744 exhibitors from the US; 1,325 from China; and 210 from Korea
Korean exhibitors
- Coway: Fresh wear styling system (FWSS), smart bed system (e.g., smart sleepsensors, anti-snoring devices), air purifiers
- Hancom Group: Educational robots
- Patron: Healthcare products
- Bodyfriend: Massage chair
- Golfzon: Screen golf
- Thinkware Systems: Advanced driving assistance system (ADAS), such as LaneDeparture Warning System (LDWS)
- Movon: Drowsiness Warning System (DWS)
- Dot: Smart braille watch
- Roborus: AI robots for the service industry (e.g., face-recognition robots)
Korean exhibitors
Source: Coway, Mirae Asset Daewoo Research
Coway’s booth at CES 2018
Source: Coway, Mirae Asset Daewoo Research
Coway’s air purifiers and smart bed system
Source: Coway, Mirae Asset Daewoo Research
Coway’s fresh wear styling system (FWSS)
VII. Korean exhibiters at CES 2018
Mirae Asset Daewoo Research45| CES 2018 Review
Source: Mirae Asset Daewoo Research
MCNEX: ADAS and automotive camera modules
Source: Mirae Asset Daewoo Research
Yujin Robot: Autonomous GoCart service bot
Source: Mirae Asset Daewoo Research
Golfzon: Screen golf
VII. Korean exhibiters at CES 2018
Source: Mirae Asset Daewoo Research
Patron: Healthcare products
Mirae Asset Daewoo Research46| CES 2018 Review
Source: Mirae Asset Daewoo Research
Thinkware Systems
Source: Mirae Asset Daewoo Research
Hancom Group
Source: Mirae Asset Daewoo Research
Hancom Group
VII. Korean exhibiters at CES 2018
Source: Mirae Asset Daewoo Research
Lumens: 139” Mini LED display
Mirae Asset Daewoo Research47| CES 2018 Review
I. CES 2018 review conclusion
II. CES history, keynote speech
III. Connected cars
IV. TV/Display
V. VR/AR
VI. Robotics
VII. Korean exhibitors at CES 2018
VIII. Others
Mirae Asset Daewoo Research48| CES 2018 Review
■ 21 Keynotes- The CEO of Huawei and the vice chairman and COO of Baidu (China) delivered
keynote addresses at CES 2018.
- SEC, LGE, HMC, and Kia made media-day presentations.
■ Eureka Park Marketplace- A specialized exhibit area for startups.
- Attracted roughly 900 startups from 42 countries.
- At Eureka Park, SEC’s Creative Lab (C-Lab) garnered less attention than otherstartups from France, Italy, Singapore, the Netherlands, and Taiwan.
■ SEC and LGE took center stage at CES 2018. Who will follow suit?
Room for improvement
Source: CES, Mirae Asset Daewoo Research
Italian and French booths at Eureka Park Marketplace
Source: CES, Mirae Asset Daewoo Research
Eureka Park Marketplace exhibitors
Source: CES, Mirae Asset Daewoo Research
Dutch and Singapore booths at Eureka Park Marketplace
VIII. Others
Mirae Asset Daewoo Research49| CES 2018 Review
■ Seven Dreamers (Japan) showcased Laundroid (automatic laundry-folding machine)- The average person spends a total of 375 days (or 9,000 hours) folding clothes
over his or her lifetime.
- FoldiMate, the robotic laundry-folding machine, earned an award at CES 2018.
- While the robot is currently limited to folding laundry, the developer envisions afuture where its functions include washing, drying, and folding laundry, as wellas delivering clothing items to the wearers’ respective rooms.
- Over the long term, the development of the laundry folding bot will lead toincreased spare time for consumers.
cf) The washing machine was one the of the most innovative inventions of the20th century.
Others
Source: Laundroid, Mirae Asset Daewoo Research
The average person spends a total of 375 days (or 9,000 hours) folding clothes over his or her lifetime
Source: CES, Mirae Asset Daewoo Research
FoldiMate earns a CES award
Source: CES, Mirae Asset Daewoo Research
Seven Dreamer (Japan)
VIII. Others
Mirae Asset Daewoo Research50| CES 2018 Review
■ Urban farms - Food shortages are one of the most serious problems facing humans.
- In urban farms, vegetables are cultivated utilizing LED lamps.
- Automatic waterer and adjustments to sunshine amount should help furtherexpand agricultural production.
■ Sun-tracking system- Can also be used in solar power businesses.
■ Urban farms, solar power, purified water
Source: CES, Mirae Asset Daewoo Research
Urban farms
Source: CES, Mirae Asset Daewoo Research
Purified water bottles
Source: CES, Mirae Asset Daewoo Research
Sun-tracking console system
VIII. Others
Mirae Asset Daewoo Research51| CES 2018 Review
■ Google Assistant vs. Amazon Alexa- At CES 2017, many market watchers agreed that the winner was Amazon’s Alexa.
- During CES 2018, Google Assistant attracted keen attention.
- One of the core elements in a super-connected society is communications.
- In-put features (typewriting>touch>voice) that trigger the operation of devicesare needed.
- Whirlpool displayed both Google Assistant-enabled and Amazon Alexa–enabledversions of the same cooking utensil.
- Although Amazon is dominant in the virtual assistant market, Google, with itsAndroid smartphone OS, is coming back in full force.
Other takeaways from CES 2018
Source: Laundroid, Mirae Daewoo Research
Whirlpool booth
Source: CES, Mirae Daewoo Research
Amazon Alexa-enabled appliance
Source: CES, Mirae Daewoo Research
Google Assistant-enabled appliance
VIII. Others
Mirae Asset Daewoo Research52| CES 2018 Review
■ ZTE’s AXON M- Smartphones have increasingly lost ground at CES, in line with the slowdown of
the smartphone market.
- This year, ZTE presented a foldable smartphone, the AXON M.
- With an extended mode, the smartphone’s entire system UI spans both screens,giving users larger displays for various uses.
- Currently, ZTE is the third or fourth largest smartphone maker, in terms ofmarket share in the US, competing with LGE.
- We are positive about the company’s various attempts.
Other takeaways from CES 2018
Source: CES, Mirae Asset Daewoo Research
ZTE’s foldable smartphone(AXON M) CES booth
Source: CES, Mirae Asset Daewoo Research
ZTE’s foldable smartphone(AXON M), side view(hinge)
Source: CES, Mirae Asset Daewoo Research
ZTE’s foldable smartphone(AXON M), front view
VIII. Others
Mirae Asset Daewoo Research53| CES 2018 Review
■ Power outage - Rains in Las Vegas during the event caused a power outage for over two hours,
as well as roof leaks.
Other takeaways from CES 2018
Source: CES, Mirae Asset Daewoo Research
Intel booth hit by power blackout
Source: CES, Mirae Asset Daewoo Research
Roof leak after rain
Source: CES, Mirae Asset Daewoo Research
Message on power outage at CES
VIII. Others
Mirae Asset Daewoo Research54| Monthly InsighT
APPENDIX 1
Important Disclosures & Disclaimers Analyst Certification The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They areneither registered as research analysts in any other jurisdiction nor subject to the laws or regulations thereof. Each Analyst responsible for the preparation of this report certifies that (i)all views expressed in this report accurately reflect the personal views of the Analyst about any and all of the issuers and securities named in this report and (ii) no part of thecompensation of the Analyst was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report. Mirae Asset Daewoo Co., Ltd. (“Mirae AssetDaewoo”) policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as anofficer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits fromthe subject companies in the past 12 months and have not been promised the same in connection with this report. Like all employees of Mirae Asset Daewoo, the Analysts receivecompensation that is determined by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietarytrading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst orMirae Asset Daewoo except as otherwise stated herein.
Disclaimers This report was prepared by Mirae Asset Daewoo, a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained hereinhave been compiled in good faith and from sources believed to be reliable, but such information has not been independently verified and Mirae Asset Daewoo makes no guarantee,representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation intoEnglish from the Korean language. In case of an English translation of a report prepared in the Korean language, the original Korean language report may have been made available toinvestors in advance of this report. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws andaccounting principles and no person whose receipt or use of this report would violate any laws or regulations or subject Mirae Asset Daewoo or any of its affiliates to registration orlicensing requirements in any jurisdiction shall receive or make any use hereof. This report is for general information purposes only and it is not and shall not be construed as an offer or a solicitation of an offer to effect transactions in any securities or otherfinancial instruments. The report does not constitute investment advice to any person and such person shall not be treated as a client of Mirae Asset Daewoo by virtue of receiving thisreport. This report does not take into account the particular investment objectives, financial situations, or needs of individual clients. The report is not to be relied upon in substitutionfor the exercise of independent judgment. Information and opinions contained herein are as of the date hereof and are subject to change without notice. The price and value of theinvestments referred to in this report and the income from them may depreciate or appreciate, and investors may incur losses on investments. Past performance is not a guide tofuture performance. Future returns are not guaranteed, and a loss of original capital may occur. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents donot accept any liability for any loss arising out of the use hereof. Mirae Asset Daewoo may have issued other reports that are inconsistent with, and reach different conclusions from, the opinions presented in this report. The reports may reflectdifferent assumptions, views and analytical methods of the analysts who prepared them. Mirae Asset Daewoo may make investment decisions that are inconsistent with the opinionsand views expressed in this research report. Mirae Asset Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subjectsecurities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open marketor otherwise, in each case either as principals or agents. Mirae Asset Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subjectcompanies to provide investment banking, market-making or other financial services as are permitted under applicable laws and regulations. No part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Mirae AssetDaewoo.
Mirae Asset Daewoo Research55| Monthly InsighT
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Mirae Asset Daewoo Research56| Monthly InsighT
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