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Himax Technologies, Inc. (Himax), founded in 2001 in Taiwan, designs, develops and markets semiconductors that are critical components of flat panel displays. The company's principal products are display drivers for large-sized TFT-LCD panels, which are used in desktop monitors, notebook computers and televisions, and display drivers for small- and medium-sized TFT-LCD panels, which are used in mobile handsets and consumer electronics products such as digital cameras, mobile gaming devices and car navigation displays. In addition, the company is expanding its product offering to include television semiconductor solutions, as well as LCOS products Based in Tainan, Taiwan, the company has regional offices in Hsinchu, Taipei, Suzhou and Shenzhen, China Yokohama, Japan Anyangsi Kyungkido, South Korea and Irvine, California, USA.
Himax announced its financial report for the third quarter of 2007. Its earnings exceeded market consensus, while its revenue missed the market consensus. We think Himax's results demonstrate the rising profitability of its panel customers. However, we are concerned how long its panel customers can maintain profitability due to the cyclical nature of the industry. Therefore, we are maintaining Hold rating on Himax.
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