Jehoshaphat Research is Short
Universal Display Corp. (OLED)

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This looks a lot like $HASI, which did a stock offering today despite its stock being down 30-40% since we and @muddywatersre wrote our separate theses on it last summer (and down much more over the past two years). $HASI has no choice but to issue stock repeatedly, regardless… https://t.co/87CtuqmfAH

@exposeWSfraud You're right. However, the only one of these names that had any borrow cost when we published on it was $VIEW, but even that was a low-single-digit rate.

Whether your time horizon for shorting stocks is one day or forever, here's the Jehoshaphat performance record. Avg. 1-day move: -5% Avg. move since publication: -20% Sign up for our mailing list to get the next idea: https://t.co/uPnQkQn5pI https://t.co/rtulNLG86y

But we were reliably informed by Management that $MXL had strong organic growth! https://t.co/2wriit1uU6 https://t.co/xg6J88ML1J

This you? https://t.co/ksTxy90ROJ https://t.co/SpnSNdQpyQ https://t.co/9EyoRXwXJA

@arkabagchi24 @MidwestHedgie We of course considered this possibility, but think about the kind of long game this person would be playing if they were planning a prank like this in advance. (The posts about $OLED didn't start until 2010, but the account started posting about random topics in 2007! But of… https://t.co/SQRku0F5HV https://t.co/mizlh3BlA9

One of our published short ideas (Hey, it could be worse, you could be $VIEW, the one we wrote about right before this one) https://t.co/BwBjCaFhG4

@Ravi_711 Okay, I understand what you're saying now and the misconception you have. It's a reasonable misconception given the limited info available, but I'm confident that you're mistaken. I'll explain, but you can have the last word as I'm now satisfied that we haven't missed anything on… https://t.co/sRpj0XsZsA

@Ravi_711 What's your source for the Samsung material shipments as a % of contract revenues early years vs late?

@Ravi_711 Regarding reported revenues from LG - please, read our report before saying this, or if you prefer, just read Page One. You can't rely blindly on these numbers. Revenue from LG has been "good"... of course it has! As to the Samsung deferred revenues, 1. The company has… https://t.co/VyxogPQiXC

@Ravi_711 Ravi, thanks for your thoughts. Let's have this discussion. Our argument is that the patent expirations were widely EXPECTED to matter to the financials, and that they DID matter, but that $OLED masked this impact with aggressive/creative/manipulative accounting. If you… https://t.co/0cOCQ1bxVW

(15/x) Short interest is only 1.9% of float. Market cap of $7bn. Stock is up 34% YTD. Full report at https://t.co/uPnQkQn5pI. You can also read all our other research reports there.

(14/x) Rounding out our analysis: a triple-digit FCF multiple (and free cash flow is flat to declining), an 8% capex/sales ratio for an R&D company with outsourced manufacturing, and a history of dramatic guidance slashes.

(13/x) $OLED’s recent contract renewal with its 40% customer is seen as de-risking the story, but investors have this backwards. This renewal replaces an older contract that was struck when $OLED’s critical patent was still in force. New contract terms hit the P&L in Q123.

(12/x) $OLED should investigate this stock promoter and confirm or deny whether “sidney” is in fact the longtime $OLED CFO who oversaw its accounting practices when these apparent accounting shenanigans took place.