LGE’s smartphone shipments will grow strongly every quarter in 2013F, thanks to well-timed launches of its various smartphone series – Optimus G, F and L.
LG Optimus G-Series SmartPhones (USD 600)
Following Optimus G shipments of 1mn units in 4Q12, we expect strong shipment of the G series in 1Q13F. LGE will ship over 1mn units of ‘Optimus G’ in 1Q13F, supported by the launch of 3G-based Optimus G in Europe, and more than 0.3mn of ‘Optimus G Pro’, which launched in February 2013. The momentum in the G-series should continue in 2Q13F with the launch of Optimus G II.
LG F-series SmartPhone (USD 300)
F-series is the mass-tier LTE smartphone series, which LGE is targeting to launch in 2Q13. We think LGE will launch Optimus F in North America and Korea in 2Q13, aiming to gain mid- and low-end smartphone market share and support the company’s overall smartphone volume growth in 2013F.
LG L-Series SmartPhone (
For the low-end smartphone market, LGE has launched its L-series, targeting low-end smartphone market share in Latin America and
other emerging markets.
LGE’s smartphone momentum will be highlighted more in 2H13F. Handset operating profit should contribute 46% of the overall operating profit in Q4 13.