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Corning Partners CCPD to Use Astra Glass for Oxide-LCD Line

Zacks Equity Research

Notwithstanding the long-running trade dispute between the world’s two largest economies, Corning Incorporated GLW has recently joined forces with a leading Chinese oxide panel maker. The company’s Astra Glass has been chosen by Chengdu CEC Panda Display Technology Co., Ltd. (CCPD) for its line of oxide-TFT LCD panels used mainly for high-performance, large-size TVs and monitors.  In fact, the specialty glass maker was designated as a major display glass supplier for CCPD’s Oxide-LCD panels.

Interestingly, the company unveiled Astra Glass — a new glass substrate — globally in May 2019. This complemented Corning EAGLE XG Slim Glass and Corning Lotus NXT Glass in its display glass portfolio. The move has helped boost the company’s market leadership in glass technology. It is collaborating with valued customers to define the next chapter of display technology with its proven portfolio.

CCPD selected Astra Glass as its backplane substrate because it has the inherent fidelity to succeed in high-temperature oxide-TFT fabrication for immersive high-performance displays. Markedly, high-temperature oxide-TFT technology helps panel makers achieve high resolutions while providing attractive panel economics, particularly in large form factors, like TVs.

CCPD’s advanced oxide-TFT process is widely used in 4K and 8K display panels. Corning will showcase one of these displays, completely designed by CCPD and enabled by Corning Astra Glass and CCPD’s latest core technologies of Oxide PAT, Super-UVA, Cu connect, at Touch Taiwan 2019, Aug 28-30 in Taipei.

Corning seeks to maintain a healthy momentum by continuing to invest in its focused and cohesive portfolio to drive long-term growth. It is poised to benefit from diligent execution of operational goals alongside investments in product development and manufacturing capacity.

Corning is well positioned to drive its business across markets with increasing traction of technologies such as Lotus NXT Glass, Gorilla Glass, Augmented Reality Precision Glass Solutions and Iris Glass in smart devices. It is likely to benefit from the commercialization of innovative technologies that have been formulated to align with key industry trends.

The company has long-term earnings growth expectation of 10.5%. The stock has lost 6.7% against the industry’s growth of 15.7% in the year-to-date period.

Zacks Rank & Stocks to Consider

Corning currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include Harmonic Inc. HLIT, Communications Systems, Inc. JCS and UTStarcom Holdings Corp. UTSI, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Harmonic surpassed earnings estimates in each of the trailing four quarters, the average positive surprise being 119.9%.

Communications Systems is currently trading with a forward P/E of 27.5X.

UTStarcom surpassed earnings estimates twice in the trailing four quarters, the average positive surprise being 56.4%.

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