Title 2020 CCL Industry Outlook
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Title:2020 CCL Industry Outlook
Download File:CCL industry note_191227 --sinopac.pdf 
Summary:2020 CCL Industry Outlook: SLP CCL business will thrive in 5G handset era

SinoPac View: 5G and its offshoots will be a dominant investment theme in the tech industry over the next 3-5 years. 5G infrastructure building, the foundation for future 5G applications, is well underway in 2019 with many investment opportunities evident and others sure to emerge as 5G applications proliferate. Consumers are already adopting 5G handsets in 2019, but we anticipate a big leap in 2020 with a 16-fold jump in shipment to 255mn units. Of 5G handsets, demand for mmWave handsets is likely to begin in 2H20. Line/Space (L/S) will shrink from 30um to 25um with substrate-like (SLP), leaving more room in the handset for the battery and other components. Copper clad laminate (CCL) materials will also upgrade from mid loss materials to low loss materials in response to high frequency signal attenuation, and this will boost the output value of related supply chains. Eyeing the oligopolistic nature of the industry and the patent protection for the formulations (high GM), we believe the CCL sub-sector is a particularly compelling segment of the broadly attractive 5G investment theme. Elite Material is our top CCL pick.
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