LPL · LG Display Co., Ltd.

LG Display's Q1 2026 results reflect a continued recovery from the 2024 trough, with operating profit turning positive to W147 billion compared to a loss of W561 billion in full-year 2024. Revenue of W5,534 billion was driven by a favorable product mix shift toward OLED panels, particularly in IT (36% of sales) and mobile (38%) segments, while TV panels (16%) faced market share erosion. The company's strategic focus on OLED is evident in its planned capex increase to mid-to-upper W2 trillion in 2026, up from W1.4 trillion in 2025, aimed at expanding differentiated OLED capacity. However, market share in large panels (9"+) declined to 11.4% from 13.4% in 2025, reflecting intense LCD competition from Chinese manufacturers. Overseas sales accounted for 95% of total, underscoring currency risk. The company's top 10 customers comprised 93% of revenue, indicating high customer concentration. No dividends were declared for Q1 2026, consistent with prior periods. The quarterly report also notes that the display industry faces risks from global macroeconomic uncertainty and rising semiconductor prices, but sees opportunities in OLED adoption across TV, IT, mobile, and automotive segments.