01. Quarterly Key Component Market Update ( Quarterly / PDF )

The quarterly report covers movements of the panel upstream component industry, including component price trend, product development trend, panel techology development trend, and panel cost analysis. Meanwhile, it offers large-sized panel capacity and utilization changes, which keeps clients updated on latest movements of upstream key component market.

1. Products covered > large-sized panel related components such as glass substrate, polarizer, drive IC, backlight module.
2. Manufacturers surveyed > component suppliers and panel makers
3. Report format > PDF
4. Update frequency > quarterly

17. Quarterly Key Component Price Tracker ( Quarterly / Excel+PDF )

The key component price tracker focuses on current situtation and future trend of large-sized panel key components, helping clients improve cost control ability on component purchasing.

1. Period covered > 1Q'11~the previous month(historical)+the current quarter and the next three quarters(forecast)
2. Products covered > glass substrate, color filter, polarizer, drive IC, and backlight module
3. Manufacturers surveyed > key component suppliers
4. Report format > Excel+PDF
5. Update frequency > quarterly

28. New Display Technology Cost Analysis～New ( Quarterly / Excel+PDF )

This quarterly report covers the cost analysis of New Technology Display(Mini LED/OLED). It tracks and analyze the new technology cost breakdown by backlit unit, material cost, variable cost, cash cost of several mainstream sizes on TV, Monitor, Notebook and Smartphone. Meanwhile, it contains the survey of the new-tech movements, which keeps clients updated on the latest market trend of Mini LED/OLED applications.

1. Product covered > TV 65”, MNT 27”, NB 13.3”, Smartphone 6”, Total : 13 models
2. Manufacturer surveyed > Component suppliers and panel makers
3. Report format > EXCEL + PDF
4. Update frequency > Quarterly

29.Display Driver IC Supply Chain & Market Status ~NEW ( Bi-Monthly /PDF )】

This report contains 2 major sections: industry's“dynamic issues”and “trends of costs & prices”. In the section of "industry's dynamic issues", it analyzes 2 or 3 key topics of driver IC and related supply chain. In "trends of cost and price", it shows the factors that influence price trends and provides the price data of "driver IC", upstream related "foundries", and "packaging & testing".

1. Products covered > drive IC and related upstream component
2. Manufacturers surveyed > driver IC and related dynamic issues
3. Report format > PDF
4. Update frequency > bi-monthly

02. Quarterly Panel Industry Market Update ( Quarterly / PDF )

WitsView research team provides the quarterly large-sized panel market updates, which is consisted of the synthetic analysis of industry developments. In addition to profound studies on panel demands by applications and sizes, panel makers' development strategies, and panel profitability performances, the comments of current hot issues and trends are also published unperiodically.

1. Size covered > 7"(1024x600) and above
2. Products covered > tablet, notebook, monitor, LCD TV
3. Manufacturers surveyed > Chinese, Japanese, Taiwanese, and Korean panel makers
4. Report format > PDF
5. Update frequency > quarterly

05+. Monthly Panel Price Book Plus (5th,20th/M) & Market Status Update

Panel price book provides monthly market price changes of LCD TV panel, LCD monitor panel and notebook panel, classified by sizes, and related specifications. The survey ranges upstream, midstream, and downstream players of the panel industry, in order to stay close to the market reality. Based on professional experiences, the prices are classified into three categories-high, middle, and low, and special spec, down-grade, and special deal prices are excluded. In addition to keep clients updated on lasted price trend, WitsView holds the consistent and neutral position toward the market to stay objective on prices.

1. Panel definition > panel module and open cell
2. Size covered > TV( 32"-65" )；Monitor( 18.5"-27" )；NB & NetBook( 11.6''-17.3'' )
3. Product covered > LED
4. Manufacturer surveyed > upstream, midstream, and downstream players of the panel industry
5. Report format > Excel + PDF
6. Update frequency > twice a month

07. Monthly Panel Price Forecast

Panel price forecast includes monthly average prices and price forecast in the next year for LCD TV panel, LCD monitor panel, and notebook panel. Based on current economic conditions, panel makers' capacity changes, cost structure, and component supply, the forecast could keep client updated on panel price trend in the year to come.

1. Period cover > current month (estimate)+next one year(forecast)
2. Panel definition > panel module and open cell
3. Size covered > TV( 32"-65" )；Monitor( 18.5"-27" )；NB & NetBook( 11.6''-17.3'' )
4. Product covered > LED
5. Manufacturer surveyed > upstream, midstream, and downstream players of the panel industry
6. Report format > Excel
7. Update frequency > Monthly

10. Monthly Panel Shipment Tracker

WitsView research team provides the global monthly large-sized panel shipment tracker, helping clients take a glance at the most updated panel industry movements. Meanwhile, in addition to offering previous month's shipment data, it deeply studies makers' market share in terms of diverse applications by comparing panel products MoM changes on sizes, shipment units, and shipment area. It also forecasts shipments of the next three months to detect the future market strength.

1. Period covered > the previous and current month (actual)+the next three months(forecast)
2. Size covered > 7"(1024x600) and above
3. Product covered > tablet, NB, monitor, LCD TV
4. Manufacturer surveyed > major Chinese, Japanese, Taiwanese, and Korean panel makers
5. Report format > Excel + PDF
6. Update frequency > monthly

22. Quarterly Sufficiency Analysis Report

WitsView research team provides quarterly sufficiency analysis report, offering the demand forecast for shipment units and area by diverse applications and sizes. It also includes future supply-demand trend in the industry according to the current supply situation.

1. Period covered > 1Q'07 ~ current quarter (actual)+the next three quarters(forecast)
2. Size covered > 7"(1024x600) and above
3. Product covered > tablet, NB, monitor, LCD TV
4. Manufacturer surveyed > major Chinese, Japanese, Taiwanese, and Korean panel makers
5. Report format > Excel + PDF
6. Update frequency > quarterly

23. Quarterly Panel Capacity Status Report

The capacity status report is conducted through deep industry research, revealing global panel capacity status and predicting capacity changes in the future. In addition to tracking monthly capacity adjustments, it pays even more attention to the status and trend of new technologies such as LTPS, Oxide, as well as their impacts on global panel supply.

1. Period covered > 1Q'04~the previous quarter (historical)+the current quarter and the next three quarters(forecast)
2. Manufacturer surveyed > panel makers
3. Report format > Excel + PDF
4. Update frequency > quarterly

26. Quarterly Monitor & LCD TV Panel Cost & Breakdown

The analysis of Monitor & TV panel cost & breakdown is conducted by stacking main component costs, further decomposing panel price structure of various mainstream sizes by applications and predicting future cost trend, which keeps clients updated on panel cost structure and product profitability.

1. Period covered > 1Q'11~the previous month (result)+the current quarter and the next three quarters(forecast)
2. Product covered > Mainstream Monitor panel and LCD TV panel
3. Manufacturer surveyed > key component suppliers and panel makers
4. Report format > Excel + PDF
5. Update frequency > quarterly

27. Quarterly Notebook & Tablet Panel Cost & Breakdown

The analysis of Notebook and Tablet panel cost & breakdown is conducted by stacking main component costs, further decomposing panel price structure of various mainstream sizes by applications and predicting future cost trend, which keeps clients updated on panel cost structure and product profitability.

1. Period covered > 1Q'11~the previous month (result)+the current quarter and the next three quarters(forecast)
2. Product covered > Mainstream Notebook & Tablet panel
3. Manufacturer surveyed > key component suppliers and panel makers
4. Report format > Excel + PDF
5. Update frequency > quarterly

S3. Monthly Panel Supplier Utilization Operation Tracker

Utilization Operation Tracker emphasizes on the Gen5- and-above fabs’ monthly glass substrate input, including the monthly available input changes and volume which can be converted into utilization, in order to well control the capacity changes of the worldwide Gen5-and-above fabs. Besides of panel makers’ inputs, the inputs by regions and by generations are included for comparison with the demand side.

1. Period covered > Jan'13~the previous month (result)+the current month and the next two months(forecast)
2. Manufacturer surveyed > panel makers and glass substrate suppliers
3. Report format > Excel + PDF
4. Update frequency > monthly

T3. Monthly Tablet Panel and Touch Module Price Book（ Monthly / Excel+PDF ）

The monthly report surveys the tablet and touch module quotations of several mainstream sizes. It includes panels of various resolutions and touch module of several design structures, offering high, low and average prices for diverse clients' references. Since panel and touch module combined account for 40% of tablet BOM, staying updated on price trend of panel and touch module means controlling tablet cost changes.

1. Product covered > mainly 7"-11.6" tablet panels and touch modules
2. Manufacturer covered > major touch module makers in Taiwan, Korea, and China
3. Report format > Excel + PDF
4. Update frequency > monthly

13. Monthly Branded Monitor Shipment Tracker

WitsView research team offers monthly shipment report of the top 10 monitor brand vendors to keep clients updated on latest shipments changes of the major brands. In addition to top 10 brand vendors' shipment data from the previous three months and the forecast for the next three months, it gives shipments by sizes and LED monitor penetration rates of the previous three months, as well as outsourcing ratio and LED ASP trend of the mainstream sizes from the previous month.

1.Period covered > previous three months(actual)+the next three months(forecast)
2. Sizes covered > 15"-30"
3. Manufacturers surveyed > global top 10 LCD monitor brand vendors
4. Report format > Excel and PDF
5. Update frequency > monthly

15. Monthly Branded LCD TV Shipment Tracker

WitsView research team provides yearly and quarterly shipment data and shipment forecast of the global LCD TV brand vendors, covering worldwide LED and 4K TV penetration rates, supply chain between panel makers and brands, and supply chain between brand vendors and SI makers. It helps clients understand the LCD TV brand shipment actuality and forecast to make strategic decision through data numbers.

1. Period covered > 1Q'11 ~ the current quarter(forecast)+next quarter(forecast)
2. Size covered > 15" and above
3. Manufacturer surveyed > global top 10 TV brands and panel suppliers
4. Report format > Excel + PDF
5. Update frequency > monthly

S1. Monthly LCD TV Panel Supply Chain Tracker

WitsView research team provides the global LCD TV panel supply-demand report based on monthly basis, helping clients have insights on panel makers’ shipments by month. It offers the supply relationship between major panel makers and their brand clients as well as an analysis of brands’ procurement strategy changes to all panel suppliers.

1. Size covered > 18.5" and above
2. Product covered > LCD TV panels
3. Manufacturer surveyed > major Chinese, Japanese, Taiwanese, and Korean panel makers; major Chinese, Japanese, Taiwanese, U.S., and Korean brands
4. Report format > Excel
5. Update frequency > monthly

S2. Monthly Notebook Panel Supply Chain Tracker( Monthly / Excel ）

WitsView research team provides the global NB panel supply-demand report based on monthly basis, helping clients have insights on panel makers’ shipments by month. It offers the supply relationship between major panel makers and their brand clients as well as an analysis of brands’ procurement strategy changes to all panel suppliers.

1.Size covered > 10.1" and above
2. Manufacturer surveyed > major Chinese, Japanese, Taiwanese, and Korean panel makers; major Chinese, Japanese, Taiwanese, U.S., and Korean brands
3. Report format > Excel
4. Update frequency > monthly

S4. Monthly Monitor Panel Supply Chain Tracker

WitsView research team provides the global Monitor panel supply-demand report based on monthly basis, helping clients have insights on panel makers’ shipments by month. It offers the supply relationship between major panel makers and their brand clients as well as an analysis of brands’ procurement strategy changes to all panel suppliers.

1.Sizes covered: 15”and above
2. Manufacturers surveyed > major Chinese, Japanese, Taiwanese, and Korean panel
makers; major Chinese, Japanese, Taiwanese, U.S., and Korean brands 3. Report format > Excel
4. Update frequency > monthly

03. Quarterly TV Market Update ( Quarterly / PDF )

Quarterly TV Market Update offers a profound analysis based on market information, such as shipment data, product size changes, supply chain structures new product developments and hot topics to keep clients updated on development movements in the TV industry.

1. Size covered > 30" and above
2. Product covered > LCD TV
3. Report format > PDF
4. Update frequency > quarterly

08. Monthly Street Price Book ( Monthly / Excel+PDF )

WitsView research team offer ASP on LCD TV and LCD monitor of the current month, which is surveyed and classified by sizes, regions, BLU, and 3D/non-3D. The data is collected from representative websites (such as Best Buy in US). After the first-hand data is gathered, the extreme values are excluded to show the ASP's representativeness and closeness to market reality. Through complete and detailed survey method and data reading, it keeps clients updated on changes and trends of LCD TV and LCD monitor monthly retail price.

1. Period covered > Jan08~the present
2. Sizes covered > TV( 26"~55" )；Monitor(17"~27")
3. Product types > LED TV, 4K2K, LED MNT and WV MNT
4. Regions covered > US, UK, China, Japan, Brazil
5. Brands covered > TV(global top 15)；Monitor(global top 10)
6. Report format > Excel
7. Update frequnecy > monthly

12. Monthly Monitor System Integrator Shipment Tracer

WitsView research team provides the monthly shipment report of the global top 10 monitor SIs to keep clients updated on latest monitor shipment data. In addition to top 10 SIs' shipment volumes, sizes, units, and client structure of the previous month, it offers SI shipment data of the three previous months and the shipment forecast for the next three months.

1. Period covered > previous month (actual) +the next three months (forecast)
2. Size covered > 15"-30"
3. Manufacturer surveyed > global top 10 LCD monitor SIs
4. Report format > Excel + PDF
5. Update frequency > monthly

13. Monthly Branded Monitor Shipment Tracker

WitsView research team offers monthly shipment report of the top 10 monitor brand vendors to keep clients updated on latest shipments changes of the major brands. In addition to top 10 brand vendors' shipment data from the previous three months and the forecast for the next three months, it gives shipments by sizes and LED monitor penetration rates of the previous three months, as well as outsourcing ratio and LED ASP trend of the mainstream sizes from the previous month.

1. Period covered > previous three months(actual)+the next three months(forecast)
2. Sizes covered > 15"-30"
3. Manufacturers surveyed > global top 10 LCD monitor brand vendors
4. Report format > Excel and PDF
5. Update frequency > monthly

14. Quarterly LCD TV System Integrator Shipment Tracker

WitsView research team offers quarterly shipment report of the Taiwan-based LCD TV SIs, covering shipment units by sizes. In addition, it includes shipment forecasts of the next two quarters, corporations between SIs and brand vendors, and shipment regions, which keep clients updated on Taiwanese LCD TV SI's latest developments.

1. Period covered > previous four quarters (actual) +the current quarter
(forecast)+next quarter(forecast)
2. Size covered > 15" and above
3. Manufacturer surveyed > Taiwan-based LCD TV SIs
4. Report format > Excel + PDF
5. Update frequency > quarterly

15. Monthly Branded LCD TV Shipment Tracker

WitsView research team provides yearly and quarterly shipment data and shipment forecast of the global LCD TV brand vendors, covering worldwide LED and 4K TV penetration rates, supply chain between panel makers and brands, and supply chain between brand vendors and SI makers. It helps clients understand the LCD TV brand shipment actuality and forecast to make strategic decision through data numbers.

1. Period covered > 1Q'11 ~ the current quarter(forecast)+next quarter(forecast)
2. Size covered > 15" and above
3. Manufacturer surveyed > global top 10 TV brands and panel suppliers
4. Report format > Excel + PDF
5. Update frequency > monthly

16. Monthly Mobile PC ODM & Brand Shipment Tracker

Notebook Brands & ODM Shipment tracker covers mainly the monthly ODM shipment of the top 5 NB ODM makers and quarterly shipment of top 6 NB brands. The data includes the actual shipment of the previous year and shipment forecast for the next three months. It also offers the competition analysis between ODM makers and brands, as well as the ODM numbers. Through promptly updated data, it helps clients stay updated on latest market movements and make right decision based on the company's biggest interests.

1. Period covered > the previous year (actual)+the current month(forecast)+the next two months(forecast)
2. Manufacturer surveyed > ODM makers and brand vendors
3. Report format > Excel + PDF
4. Update frequency > monthly

S6. Quarterly Long-term Shipment Forecast～New（ Quarterly / Excel ）

As the mid-to-long term development remains an uncertain perspective of the market intelligence analysis, the WitsView research team focuses on the five major applications, TV, monitor, NB, tablet, and smartphone, and projects the demand trend for the next five years while taking into account macroeconomics and technology upgrades. In addition, the penetration rate forecast of key product spec is also included as a reference for long-term operation.

1. Device categories: TV, Monitor, Notebook, Tablet, Smartphone
2. Report format > Excel
3. Update frequency > quarterly( Issued on 15th of Feb, May, Aug and Nov.)

T2. Quarterly IT Industry Market Update Report（ Quarterly / PDF ）

The report is consisted of mainly graphic tables and partially written words to present key movements in the monitor, notebook, tablet and touch module industries. As for technology developments, brand strategies, strategic alliances, and supply chain developments, WitsView's analysis and suggestion to the event are also included in addition to fact descriptions, keeping clients updated on most important information of the market comprehensively in the limited time of reading.

1. Product covered > Monitor, Notebook, tablet and touch module market
2. Report format > PDF
3. Update frequency > quarterly

T5. Quarterly Branded Tablet Shipment Tracker（ Quarterly / Excel+PDF )

The tablet has become the bright spot among 3C products, showing a demand of near 200M units this year and bringing more influences to the product strategy planning and the component demand. The report, based on quarterly basis, covers tablet shipment of global major brands, including Apple, Samsung, and Asus. With the insightful demand forecast, it helps our clients control the tablet market movement precisely.

1. Period covered > 2Q’10 ~ the present+ next year forecast
2. Size covered > 7”(1024x600) and above
3. Manufacturer surveyed > brand names and non-brand names
4. Report format > Excel + PDF
5. Update frequency > quarterly

M1. Quarterly Smartphone Market Status Update（ Quarterly / PDF ）

Quarterly Smartphone Market Status Update tracks on global smartphones market trend. Through the discussion of market scale, trend of panel spec, cost and price changes as well as the movement of capacity and utilization of smartphones, WitsView keeps its clients up to date to the smartphone market’s potential development.

1. Manufacturer surveyed >Market trends, shipment data, trend of smartphone panel spec, and smartphone panel capacity.
2. Size covered > 3.5" and above
3. Report format > PDF
4. Update frequency > quarterly

M2. Quarterly Smartphone Panel Shipment（ Quarterly / Excel+PDF ）

Quarterly Smartphone Panel Shipment keeps track on global major panel makers’ shipment scale and movement on smartphone panels. This report specially provides analysis on ranges of delivered panel sizes, take close control on the movement of smartphone sizes development.

1. Size covered > 3.5”-3.9”, 4.0”-4.4”, 4.5”-4.9”, 5.0”-5.4”, 5.5”-5.9”, 6” and above
2. Manufacturer surveyed > major Chinese(BOE, Tianma), Japanese(JDI, Sharp), Taiwanese(AUO, Innolux, CPT, Hannstar), and Korean (LGD) panel makers
3. Report format > Excel + PDF
4. Update frequency >Quarterly

M3. Quarterly LTPS Capacity Status Report（ Quarterly / Excel+PDF ）

In the LTPS capacity report, through collecting and analyzing the industry's intelligence, the analyst depicts current worldwide LTPS capacity status and future possible capacity expansion & plans. The analyst not only traces capacity input's variation, but he also continues to watch future developments of AMOLED capacity and Oxide TFT capacity.

1.Period covered > 1Q'15~the previous quarter (historical)+the current quarter and the next three quarters(forecast)
2.Manufacturer surveyed > panel makers and glass substrate suppliers
3.Report format > Excel + PDF
4.Update frequency > quarterly

M4. Monthly Smartphone Panel Price Book and Forecast

This report will show surveys of the mainstream smartphone panel sizes' quote prices, which will be categorized by including different resolutions, specifications, modules or product formations such as cell or glass. Prices will be also presented by their high-, low- and average-price levels for customers' references. Besides, smartphone panel price forecast is newly added, it could keep clients updated on smartphone panel price trend in the year to come.

1.Period covered > current month (estimate)+next one year(forecast)
2.Product covered > mainly 4""-6"" Smartphone panel (OLED information is included) for
3.Manufacturer covered > panel makers and downstream players
4.Report format > Excel + PDF
5.Update frequency > monthly

M5. Monthly Smartphone Panel Cost&Breakdown～New（ Quarterly / Excel+PDF ）

Through accumulating major components' costs, this report analyzes smartphone's mainstream size panels' cost structure and predicts their future cost trend, so that our customers can accurately calculate panel cost structure and products' profitability.

1.Period covered > 2Q16~previous quarter (historical data)-current quarter ~the coming three quarters (predicted data)
2.Product coverage > smartphone panel applications (including LCD & AMOLED)
3.Survey participants>major component suppliers and panel makers
4.Report format> Excel+PDF
5.Update frequency> quarter

S5.Quarterly Smartphone Market Decode

TrendForce, a global market intelligence firm for the technology sector, proudly presents “Smartphone Market Decode” – a quarterly research report that draws from the best resources and analyses from the company’s elite researchers. This work represents the synergy of the following teams under our wings: the Department of Semiconductor Research, the Department of Display Research, and the divisions at TRI for the study of advanced technologies. In addition to first-hand data on the smartphone production volumes of the major electronics brands and the latest intelligence on the markets for key components, “Smartphone Market Decode” offers in-depth analyses on the developments of a wide range of mobile-related technologies. This report assists enterprises in adapting to the rapidly changing market environment by providing the most real-time and professional knowledge that can be used to make the best operational decisions.

1.Device categories: Smartphone
2.Report format > Excel(Smartphone Production Update) + PDF(Market Status)
3.Update frequency > quarterly

H1. Historical Panel Shipment Pivot ( Quarterly / Pivot(Excel) )

Historical large-sized panel shipment pivot is issued quarterly to track lont-term development in the panel industry. Thourgh the pivot database, clients could make QoQ and YoY comparisons and observe industry strength in different periods, as well as panel shipment changes in sizes, units, and area, in order to understand panel makers' market share changes in various applications.

1. Period covered > 3Q'05 - current quarter(actual)
2. Sizes covered ≧ 7" panel
3. Products covered > tablet, NB, monitor, LCD TV
4. Manufacturers surveyed > major Chinese, Japanese, Taiwanese, and Korean panel makers
5. Report format > Pivot(Excel)
6. Update frequency > quarterly

H2. Historical Monitor System Integrator Shipment Pivot ( Quarterly / Pivot(Excel) )

WitsView research team provides historical shipment data of the global top 10 LCD monitor SIs(from Q1'08), keeping clients updated on shipment changes of top 10 LCD monitor SIs through historical records.

1. Period covered > Q1'08 ~ the previous month(actual)
2. Sizes covered > 15"-30"
3. Manufacturers surveyed > global top 10 LCD monitor SIs
4. Report format > Pivot(excel)
5. Update frequency > quarterly

H3. Historical Monitor Branded Shipment Pivot ( Quarterly / Pivot(Excel) )

WitsView research team provides historical shipment data of the global top 10 LCD monitor brands (from Q1'08), keeping clients updated on shipment changes of top 10 LCD monitor brands through historical records.

1. Period covered > Q1'08 ~ the previous month(actual)
2. Sizes covered > 15"-30"
3. Manufacturers surveyed > global top 10 LCD monitor brands
4. Report format > Pivot(excel)
5. Update frequency > quarterly

H4. Historical Price Data (Panel Price & Street Price) ( Quarterly / Excel )

The historical panel price data covers the period from 2004 to the present, and the products cover LCD TV panel, LCD monitor panel, and notebook panel. Data is classified by sizes, BLUs, and related specifications. By reviewing the long-term trend, it helps clients analyze panel industry developments and panel makers' profitability.

1. Sizes covered > TV (18.5"-55"); Monitor (17"-27"); NB (10.1"-17.3")
2. Products covered > CCFL/ LED (Wedge/ Slim( or Flat )/ utraslim)
3. Report format > Excel
4. Update frequency > Quarterly

The street price data covers the period from 2004 to the present, and the products cover LCD TV and LCD monitor. The street prices are surveyed by sizes, BLUs, and related specifications. By reviewing the historical street price trend, it helps clients further analyze the selling patterns and price positioning of different brands in diverse retail channels.

1. Sizes covered > TV( 32"-85"); Monitor( 17"-29"); sizes and models studied are subject to change according to mainstream size changes
2. Products covered > TV products including CCFL/ LED/ 3D/ UHD; Monitor products including CCFL/ LED / 3D
3. Markets covered > US, UK, China, Japan, Brazil
4. Report format > Excel
5. Update frequency > Quarterly

Financial Statement

24. Quarterly Financial Result Report ( Quarterly / Excel )

WitsView research team offers the quarterly financial result report, helping clients understand the latest financial situation and business performance of each company in the industry.

1. Period covered > Q1'04 ~ the present
2. Industry covered > major makers of panel, glass, color filter, polarizer, drive IC, and BLU
3. Report format > Excel
4. Update frequency > quarterly