Intrinsic value of SemiLEDS - LEDS

Previous Close

$4.28

  Intrinsic Value

$0.54

stock screener

  Rating & Target

str. sell

-87%

Previous close

$4.28

 
Intrinsic value

$0.54

 
Up/down potential

-87%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of LEDS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of SemiLEDS (LEDS) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -10.00
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  9
  14
  20
  28
  38
  52
  68
  87
  111
  137
  168
  203
  242
  285
  332
  382
  437
  495
  557
  623
  692
  764
  840
  919
  1,002
  1,088
  1,177
  1,270
  1,367
  1,468
  1,572
Variable operating expenses, $m
 
  42
  61
  86
  119
  160
  211
  272
  344
  428
  524
  632
  753
  886
  1,032
  1,190
  1,359
  1,541
  1,733
  1,937
  2,152
  2,377
  2,613
  2,859
  3,116
  3,384
  3,662
  3,952
  4,253
  4,566
  4,891
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  14
  42
  61
  86
  119
  160
  211
  272
  344
  428
  524
  632
  753
  886
  1,032
  1,190
  1,359
  1,541
  1,733
  1,937
  2,152
  2,377
  2,613
  2,859
  3,116
  3,384
  3,662
  3,952
  4,253
  4,566
  4,891
Operating income, $m
  -5
  -28
  -41
  -59
  -81
  -109
  -143
  -184
  -233
  -290
  -355
  -429
  -511
  -601
  -700
  -807
  -922
  -1,045
  -1,176
  -1,314
  -1,460
  -1,613
  -1,773
  -1,940
  -2,115
  -2,296
  -2,485
  -2,682
  -2,886
  -3,098
  -3,319
EBITDA, $m
  -4
  -27
  -40
  -56
  -77
  -104
  -136
  -176
  -222
  -276
  -338
  -409
  -487
  -573
  -667
  -769
  -879
  -996
  -1,120
  -1,252
  -1,391
  -1,536
  -1,689
  -1,848
  -2,014
  -2,187
  -2,367
  -2,555
  -2,749
  -2,951
  -3,162
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  2
  2
  3
  4
  5
  6
  8
  9
  11
  13
  15
  17
  19
  21
  24
  27
  29
  32
  35
  39
  42
  46
  49
  53
  57
Earnings before tax, $m
  -4
  -29
  -42
  -59
  -82
  -110
  -145
  -187
  -236
  -294
  -360
  -435
  -518
  -610
  -711
  -820
  -937
  -1,062
  -1,195
  -1,336
  -1,484
  -1,639
  -1,802
  -1,973
  -2,150
  -2,335
  -2,527
  -2,727
  -2,935
  -3,151
  -3,376
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -4
  -29
  -42
  -59
  -82
  -110
  -145
  -187
  -236
  -294
  -360
  -435
  -518
  -610
  -711
  -820
  -937
  -1,062
  -1,195
  -1,336
  -1,484
  -1,639
  -1,802
  -1,973
  -2,150
  -2,335
  -2,527
  -2,727
  -2,935
  -3,151
  -3,376

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  18
  21
  31
  43
  60
  80
  105
  136
  172
  214
  262
  316
  376
  443
  516
  595
  680
  770
  866
  968
  1,076
  1,188
  1,306
  1,429
  1,558
  1,692
  1,831
  1,976
  2,126
  2,282
  2,445
Adjusted assets (=assets-cash), $m
  14
  21
  31
  43
  60
  80
  105
  136
  172
  214
  262
  316
  376
  443
  516
  595
  680
  770
  866
  968
  1,076
  1,188
  1,306
  1,429
  1,558
  1,692
  1,831
  1,976
  2,126
  2,282
  2,445
Revenue / Adjusted assets
  0.643
  0.667
  0.645
  0.651
  0.633
  0.650
  0.648
  0.640
  0.645
  0.640
  0.641
  0.642
  0.644
  0.643
  0.643
  0.642
  0.643
  0.643
  0.643
  0.644
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
Average production assets, $m
  5
  7
  10
  14
  19
  26
  34
  44
  55
  69
  84
  102
  121
  142
  166
  191
  218
  248
  279
  311
  346
  382
  420
  460
  501
  544
  589
  635
  684
  734
  786
Working capital, $m
  1
  -4
  -7
  -9
  -13
  -17
  -23
  -29
  -37
  -46
  -56
  -68
  -81
  -95
  -110
  -127
  -145
  -165
  -186
  -207
  -230
  -254
  -280
  -306
  -334
  -362
  -392
  -423
  -455
  -489
  -524
Total debt, $m
  3
  8
  15
  24
  36
  50
  68
  90
  116
  146
  180
  219
  262
  309
  361
  418
  478
  543
  612
  684
  761
  841
  926
  1,014
  1,105
  1,201
  1,300
  1,404
  1,511
  1,623
  1,739
Total liabilities, $m
  10
  15
  22
  31
  43
  57
  75
  97
  123
  153
  187
  226
  269
  316
  368
  425
  485
  550
  619
  691
  768
  848
  933
  1,021
  1,112
  1,208
  1,307
  1,411
  1,518
  1,630
  1,746
Total equity, $m
  8
  6
  9
  12
  17
  23
  30
  39
  49
  61
  75
  90
  108
  127
  148
  170
  194
  220
  248
  277
  308
  340
  374
  409
  446
  484
  524
  565
  608
  653
  699
Total liabilities and equity, $m
  18
  21
  31
  43
  60
  80
  105
  136
  172
  214
  262
  316
  377
  443
  516
  595
  679
  770
  867
  968
  1,076
  1,188
  1,307
  1,430
  1,558
  1,692
  1,831
  1,976
  2,126
  2,283
  2,445
Debt-to-equity ratio
  0.375
  1.330
  1.700
  1.930
  2.090
  2.190
  2.260
  2.320
  2.350
  2.380
  2.400
  2.420
  2.430
  2.440
  2.450
  2.460
  2.460
  2.460
  2.470
  2.470
  2.470
  2.480
  2.480
  2.480
  2.480
  2.480
  2.480
  2.480
  2.480
  2.490
  2.490
Adjusted equity ratio
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  -29
  -42
  -59
  -82
  -110
  -145
  -187
  -236
  -294
  -360
  -435
  -518
  -610
  -711
  -820
  -937
  -1,062
  -1,195
  -1,336
  -1,484
  -1,639
  -1,802
  -1,973
  -2,150
  -2,335
  -2,527
  -2,727
  -2,935
  -3,151
  -3,376
Depreciation, amort., depletion, $m
  1
  1
  2
  3
  4
  5
  7
  9
  11
  14
  17
  20
  24
  28
  33
  38
  44
  50
  56
  62
  69
  76
  84
  92
  100
  109
  118
  127
  137
  147
  157
Funds from operations, $m
  -3
  -27
  -40
  -56
  -78
  -105
  -138
  -178
  -225
  -281
  -344
  -415
  -494
  -582
  -678
  -782
  -893
  -1,013
  -1,139
  -1,274
  -1,415
  -1,563
  -1,718
  -1,881
  -2,050
  -2,226
  -2,409
  -2,600
  -2,798
  -3,004
  -3,218
Change in working capital, $m
  -1
  -1
  -2
  -3
  -3
  -4
  -5
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -33
  -35
Cash from operations, $m
  -2
  -26
  -38
  -54
  -74
  -100
  -133
  -172
  -218
  -272
  -333
  -403
  -481
  -568
  -662
  -765
  -875
  -993
  -1,119
  -1,252
  -1,392
  -1,539
  -1,693
  -1,854
  -2,022
  -2,197
  -2,380
  -2,569
  -2,766
  -2,971
  -3,184
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -9
  -11
  -14
  -17
  -20
  -24
  -28
  -33
  -38
  -44
  -50
  -56
  -62
  -69
  -76
  -84
  -92
  -100
  -109
  -118
  -127
  -137
  -147
New CAPEX, $m
  0
  -2
  -3
  -4
  -5
  -7
  -8
  -10
  -12
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
Cash from investing activities, $m
  0
  -3
  -4
  -6
  -8
  -11
  -13
  -17
  -21
  -24
  -29
  -34
  -39
  -45
  -51
  -58
  -65
  -73
  -81
  -89
  -96
  -105
  -114
  -124
  -133
  -143
  -154
  -165
  -175
  -187
  -199
Free cash flow, $m
  -2
  -29
  -42
  -60
  -82
  -111
  -146
  -188
  -238
  -296
  -362
  -437
  -521
  -613
  -714
  -823
  -941
  -1,066
  -1,199
  -1,340
  -1,489
  -1,644
  -1,807
  -1,978
  -2,156
  -2,341
  -2,533
  -2,733
  -2,942
  -3,158
  -3,383
Issuance/(repayment) of debt, $m
  0
  5
  7
  9
  12
  15
  18
  22
  26
  30
  34
  39
  43
  48
  52
  56
  61
  65
  69
  73
  77
  80
  84
  88
  92
  96
  99
  103
  107
  112
  116
Issuance/(repurchase) of shares, $m
  0
  31
  44
  63
  86
  116
  152
  196
  247
  306
  374
  451
  536
  630
  732
  842
  961
  1,088
  1,223
  1,365
  1,515
  1,672
  1,836
  2,008
  2,187
  2,373
  2,567
  2,769
  2,978
  3,196
  3,422
Cash from financing (excl. dividends), $m  
  0
  36
  51
  72
  98
  131
  170
  218
  273
  336
  408
  490
  579
  678
  784
  898
  1,022
  1,153
  1,292
  1,438
  1,592
  1,752
  1,920
  2,096
  2,279
  2,469
  2,666
  2,872
  3,085
  3,308
  3,538
Total cash flow (excl. dividends), $m
  -2
  7
  9
  12
  16
  20
  24
  29
  34
  40
  46
  52
  58
  64
  70
  75
  81
  87
  92
  97
  103
  108
  113
  118
  123
  128
  133
  139
  144
  150
  156
Retained Cash Flow (-), $m
  4
  -31
  -44
  -63
  -86
  -116
  -152
  -196
  -247
  -306
  -374
  -451
  -536
  -630
  -732
  -842
  -961
  -1,088
  -1,223
  -1,365
  -1,515
  -1,672
  -1,836
  -2,008
  -2,187
  -2,373
  -2,567
  -2,769
  -2,978
  -3,196
  -3,422
Prev. year cash balance distribution, $m
 
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -20
  -35
  -51
  -71
  -96
  -128
  -166
  -212
  -266
  -328
  -399
  -478
  -566
  -662
  -767
  -880
  -1,001
  -1,131
  -1,267
  -1,412
  -1,564
  -1,723
  -1,890
  -2,064
  -2,245
  -2,434
  -2,630
  -2,834
  -3,046
  -3,266
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -19
  -32
  -44
  -58
  -75
  -93
  -112
  -133
  -153
  -172
  -189
  -204
  -215
  -222
  -225
  -224
  -218
  -208
  -195
  -179
  -162
  -143
  -124
  -105
  -87
  -71
  -56
  -44
  -33
  -25
Current shareholders' claim on cash, %
  100
  20.5
  4.3
  0.9
  0.2
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

SemiLEDs Corporation develops, manufactures and sells light emitting diode (LED) chips and LED components. The Company's products are used primarily for general lighting applications, including street lights and commercial, industrial and residential lighting. Its LED chips may also be used in specialty industrial applications, such as ultraviolet (UV), curing of polymers, LED light therapy in medical/cosmetic applications, counterfeit detection, LED lighting for horticulture applications, architectural lighting and entertainment lighting. The Company produces a range of blue, white, green and UV LED chips, including its Enhanced Vertical (EV) LED product series, ranging from chip sizes of approximately 380 microns (um) by 380um to 1,520um by 1,520um. It designs, assembles and sells lighting fixtures and systems for general lighting applications, including commercial, residential and industrial lighting. Its lighting products consist primarily of LED luminaries and LED retrofits.

FINANCIAL RATIOS  of  SemiLEDS (LEDS)

Valuation Ratios
P/E Ratio -3.8
Price to Sales 1.7
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow -7.6
Price to Free Cash Flow -7.6
Growth Rates
Sales Growth Rate -10%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 37.5%
Total Debt to Equity 37.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -20%
Ret/ On Assets - 3 Yr. Avg. -38.6%
Return On Total Capital -30.8%
Ret/ On T. Cap. - 3 Yr. Avg. -49.9%
Return On Equity -40%
Return On Equity - 3 Yr. Avg. -59.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. -26.2%
EBITDA Margin -33.3%
EBITDA Margin - 3 Yr. Avg. -80.2%
Operating Margin -55.6%
Oper. Margin - 3 Yr. Avg. -119.5%
Pre-Tax Margin -44.4%
Pre-Tax Margin - 3 Yr. Avg. -115.8%
Net Profit Margin -44.4%
Net Profit Margin - 3 Yr. Avg. -115.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

LEDS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LEDS stock intrinsic value calculation we used $9 million for the last fiscal year's total revenue generated by SemiLEDS. The default revenue input number comes from 2017 income statement of SemiLEDS. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LEDS stock valuation model: a) initial revenue growth rate of 50% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for LEDS is calculated based on our internal credit rating of SemiLEDS, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of SemiLEDS.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LEDS stock the variable cost ratio is equal to 311.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for LEDS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for SemiLEDS.

Corporate tax rate of 27% is the nominal tax rate for SemiLEDS. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LEDS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LEDS are equal to 50%.

Life of production assets of 4.5 years is the average useful life of capital assets used in SemiLEDS operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LEDS is equal to -33.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $8 million for SemiLEDS - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 3.697 million for SemiLEDS is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of SemiLEDS at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Free Research Report as SemiLEDs Net Loss Narrowed   [Jan-22-18 07:00AM  ACCESSWIRE]
▶ How Financially Strong Is SemiLEDs Corporation (LEDS)?   [Nov-03-17 02:29PM  Simply Wall St.]
▶ 3 Single Digit Darlings Flying High (LEDS, HMNY)   [Jul-15-16 12:55PM  Investopedia]
▶ After The Close: Western Digital Raises Guidance, Accenture CEO Has Colon Cancer   [Jul-06-16 05:33PM  at Investor's Business Daily]
▶ SemiLEDs Announces Reverse Stock Split   [10:28AM  GlobeNewswire]
▶ SEMILEDS CORP Files SEC form 10-K, Annual Report   [Dec-12  12:03PM  EDGAR Online]
▶ SEMILEDS CORP Files SEC form 8-K, Other Events   [Dec-05  05:04PM  EDGAR Online]
▶ Story Stocks from Briefing.com   [Nov-28  06:47AM  Briefing.com]
▶ New Chip Scale ReadyMount(TM) EC LED Series From SemiLEDs   [Aug-26  09:52PM  GlobeNewswire]
▶ SemiLEDs Launches EF FlipChip LED Series   [Aug-21  10:49PM  GlobeNewswire]
▶ SemiLEDs Releases Complete 80mil EV LED Chip Family   [Aug-13  10:48PM  GlobeNewswire]
▶ SEMILEDS CORP Files SEC form 10-Q, Quarterly Report   [Jul-15  10:40AM  EDGAR Online]
Financial statements of LEDS
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