TCL pops the champagne on 43% jump in LCD TV sales

Stronger business strategy for 2013 is under way.

According to Maybank Kim Eng, TCLM reported Dec 2012 TV shipments after market closed. Total LCD TV shipments rose 18% YOY to 1.8m units. In a reversal, domestic shipments rose 20% YOY, outpacing overseas growth of 16% YOY.

For 2012, the aggregate overall sales volume of LCD TV increased by 43% YOY to 15.5m units and exceeded its original target of 15.2m units. This represents 102% of the research firm's forecasts of 15.3m units for 2012.

The market is well-expected the company to accomplish its 2012 sales target. In 2012, TCLM successfully optimized its product mix to high-end TVs, in particular in China market.

Its proportion of LED TV rose from 46% in 2011 to 82% in 2012, while 3D TV accounted for 28% of total LCD TVs in 2012 (vs. 6% in 2011). TCLM is still drafting their business strategy for 2013, including its TV sales target this year.

Here's more from Maybank Kim Eng:

Nonetheless, we expect LCD TV shipments growth to slow, due to the high base in 2012. Our current projection for TCLM is to target 18% YOY growth in 2013 TV shipments to reach 18.2m units.

TCLM is on the right track to optimize its product mix and expand its market share in both China and overseas market. The counter is trading at 7x FY13F PER, offering 4% forward yield. We maintain our positive stance on the stock.

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