(Updates with closing share prices in second paragraph.)
Oct. 18 (Bloomberg) -- LG Display Co., a producer of panels for Apple Inc. devices, led gains among iPhone suppliers after Morgan Stanley said demand for the handsets remains strong.
LG Display rose 2.7 percent, the biggest gain since Aug. 26, to close at 24,950 won in Seoul. SK Hynix Inc. added 2.4 percent, Sharp Corp. climbed 1 percent in Tokyo and Hon Hai Precision Industry Co rose 1.8 percent in Taipei.
Apple probably sold 34.5 million iPhones in the third quarter with demand improving later in the period, Katy Huberty, an analyst at Morgan Stanley, said in an Oct. 17 report citing their AlphaWise Smartphone Tracker data. The iPhone 5s is showing as much as 3 weeks wait time at Apple’s U.S. online store, Huberty wrote.
“Profits from mobile business will continue to increase as iPhone 5s sales will be expanded in markets including China and Japan while new iPad series are also awaited,” said Choi Ji Soo, a Seoul-based analyst Kyobo Securities Co. “Some profit improvement from TV side is also eyed after the first quarter,” of next year.
The world’s second-largest flat panel maker yesterday reported third-quarter profit that missed analysts’ estimates as weaker demand from China forced producers to cut TV screen prices.
Net income was 245 billion won ($231 million) in the three months ended Sept. 30, compared with 159 billion won a year earlier, the Seoul-based company said in a statement yesterday. The average of 20 analyst estimates compiled by Bloomberg was for a profit of 278 billion won.
--Editors: Robert Fenner, Aaron Clark