DQC released Q4 2018 results in which NPAT-MI plunged 32% YoY. The slump in NPAT-MI in Q4 2018, which was due to a lack of one-off gains that occurred in Q4 2017, was within our expectation. Having said that, DQC’s full-year NPAT-MI surpassed our forecast by 5% mainly thanks to stronger-than-projected revenue and interest income. This reinforces our view that DQC will start to see positive earnings growth in 2019 on the back of its new competitively priced LED products. We see potential upside r