We downgrade our rating from OUTPERFORM to MARKET PERFORM as we cut our target price by 12% mainly due to lower earnings forecasts. We revise down our 2018F/2019F/2020F EPS by 0.3%/7.6%/6.8% as 9M 2018 sales and EBIT margin trailed our expectation. After four straight years of declines, we expect DQC’s earnings to grow again starting from 2019, primarily driven by the success of its new competitively priced LED products.