Japan Display's (JPDYY) attempts to shift from its overreliance on Apple (AAPL) could be the start of an industry trend toward diversification and offer investors some value opportunities for the iPhone suppliers.

The Tokyo-based producer of screens for smart devices generates 53.7% of its revenue from Apple, making it the third-most-reliant supplier to the iPhone maker, according to FactSet. The company is said to be close to receiving around $900 million in financial support from state-controlled Innovation Network Corp. of Japan, after falling into losses and financing problems.

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Since reports of a bailout first emerged in August, the company has vowed to boost the proportion of non-mobile devices to total production volume to more than 50% by 2021. Recent moves to back this statement include sample shipments of a curved LCD for automotives, as well as a new LCD designed for virtual-reality head-mount displays.

The decline reflects the danger of catering to a few select customers. Not only has the weakening momentum of the iPhone -- which accounts for more than 60% of Apple's revenue -- led to net losses amounting to $280 million last fiscal year for Japan Display, it has also wiped out 65% of its market value since the company's public listing in 2014. The stock is trading at 0.5x 12-month forward price-to-book ratio.

But Japan Display is just one of 19 firms that generate more than a quarter of their revenue from Apple, according to FactSet.

Among them is Cirrus Logic (CRUS) , the second-most-reliant supplier to Apple with a 66% sales exposure.

The maker of semiconductors for audio signal processing admits that it lacks diversification and that it could face financial deterioration if it fails to expand its customer and revenue bases. Also serving Motorola, Samsung (SSNLF) , Sony (SNE) and Ford (F) , Cirrus generated 89% of its fiscal 2016 revenue from its 10 largest customers.

But the Austin, Texas-based company also said that in the same year it diversified its customer base and expanded its product line to include chips for amplifiers and MEMS microphones. It also boosted its R&D spending by 36%.

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The Nasdaq-traded stock, which has surged 67% in the past 12 months, is trading at a 12-month forward price earnings growth (PEG) ratio of just 0.7.

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