Innolux shares closed at NT$46 on the 20th, down 1.6% for a third consecutive decline and 36.6% below the NT$72.6 swing high. The stock briefly rose to NT$47.2 after opening, then fell to NT$45.4 as selling pressure intensified and volume expanded. The previous session brought a 5.56% drop to NT$46.75 on volume of 225,100 lots. Foreign investors sold 61,131 lots on the 19th, following 29,600 lots the day before, while proprietary traders and investment trusts also sold, taking two-day foreign selling above 90,000 lots. Retail investors are divided between holding or averaging down and cutting losses, with the appropriate choice depending on capital allocation, cost basis and risk tolerance. A Taiwanese brokerage downgraded Innolux from Buy to Neutral with a NT$54 target price, citing weaker expected demand for TV, monitor and notebook panels in the second half after first-half inventory was pulled forward for the Winter Olympics, World Cup and 618 shopping festival promotions. Innolux reported second-quarter revenue of NT$63.7 billion, gross margin of 14.56%, operating margin of 2.56%, net profit of NT$4.65 billion and earnings per share of NT$0.57. Its Non-display and Non-commodity businesses rose to 55% of revenue from 47% a year earlier. A glass substrate project being validated with a major chip foundry could produce products by 2028 at the earliest, but is unlikely to provide a near-term catalyst. The stock's outlook hinges on panel pricing, institutional flows and progress in the company's transformation businesses.