More Related Content
What's hot (20)
Viewers also liked (16)
Similar to ?????_????_150918 (20)
More from DaishinSecurities (20)
?????_????_150918
- 1. 2015? 9? 18? ??? ????? ?? ???? ???? ???? ?? - ??? ?? 3?? ???? ???? 29.7???? ?????? 32.0% ?? ??. ???? ? ???? ?? ??? ?? IFRS? ??? 2011? ?? ?? ?? - ?????? ???? ?? ??? ??????. ???? ???? ????? ?????? 63.2% ?? - ???? 3?? ???? ???? ???? ??. ??????? (-)?? ??? ???? ?? ?? ?? - ????? ???? ?? ?????? ???? ?? ???? ???? ???? ???? ?? ?? ???. sbcho@daishin.com ?? ? ?? ?? ??: ??? ??? ??? ?? ??? ?? - ???? ??(??), ???? 1,800,000?(??) - 6??? ??? ???? ??? ??. 9? ??? ???? 22.5%? KOPSI 3? - 9? FOMC? ???? ?? ???? ?? ???? ??? ???? ? ??? ?? - ???? ??? ??? ????? ???? ?? ???? ???? ??? ? ?? ???. jhlee76@daishin.com
- 2. 2 ????? ?? ???? ???? ???? ?? ??? sbcho@daishin.com ¡ù ????? ???? 3?? ???? ?????? 32% ?? ?? - ??? ??(2011?~2015? ?? ?? ? ??? ?? ?? ??) 3?? ???? ???? 29.7???? ?????? 32.0% ??? ???? ??. ???? ? ?????? ??? ? ? IFRS? ??? 2011? ?? ?? ????. - ?????? ???? ?? ??? ????????. ?? ?? ???? 3??? ???? ????? ? 7.2????. ????? 2.5??, ?????? 2.1?? ??? ??? ???? ?? ???? 63.2%? ? ??? ??? ??? ???? ??. ¡ù ?? ???? ?? ??. ?????? ???? ??? ??? ??? - ???? 3?? ???? ????? 5? ?? ???? ??? ???? ??. 5? 4? ??? ???? 9% ???????, ?? 1?? ???? 1% ???????. ???? 12?? ?? ?????? ?? ??? (-)?? ??? ??? ??? ?? ???? ??? ??? ??? ??? ????. - ?? ???? ??? ???? ???? ?? ??? ?????? ??? ??? ???? ? ?. ???? ?????? ?? ?? ??? ???? IT????, IT??, ??, ?????, ? ?? ? ??? ??????? (-)? ???? ??? ??? ???? ???? ????? ? ??? ??. ¡ù ????? ???? ?? ???? ?? ??? ???? ?? ?? - ??? ??????? ??? ?? ???? ??? ??? ??? ???. 2?? ???? ? ? ??????? ?? ?? ?? ??? ????? ?????? ??? ?? ????? ? ?? ??? ? ??. ??? 1????? ?????? ????, ?????? ??? ??? IT????, ??, IT??, ??/??, ?? ? ??? ???? ???. - ?? ??? ???? ?? 3?? ?? Preview ?? ??? ????? ??. ??????? ??? ?? ????? ? ?????? ???? ??? ?? ???? ??? ??? ??? ?. ?? 1. ??? ???? ??(??? ??) ?? 2. ???? 3 ?? ???? ?? ??? ?? ?? (30) (20) (10) 0 10 20 30 40 10 15 20 25 30 35 (%)(??) ???? ???(y-y, ?) 0 1 2 3 4 5 6 7 8 (??) ??: Wisefn, ???? ????? ??: Wisefn, ???? ?????
- 3. 3 Issue & News ?? (000670) ??? ??? ??? ?? ??? ?? ??? jhlee76@daishin.com ???? BUY ??, ?? ???? 1,800,000 ?? ???? (15.09.16) 1,320,000 ?????? ???? ??(??), ???? 1,800,000?(??) - 6??? ??? ???? ??? ??. 9? ??? ???? 22.5%? KOPSI 3? - 9? FOMC? ???? ?? ???? ?? ???? ??? ???? ? ??? ?? - ???? ??? ??? ????? ???? ?? ???? ???? ??? ? ?? 6??? ??? ???? ??? ??. 9? ??? ???? 22.5%? KOPSI 3? - ??? ?? ??? ????? 4? 1.0%, 5? 2.2%? ????? 6??? ??? ??? 9?? 16? ?? ?? 22.5%?? ??, ??? ?? ? 9? ??? ???? 3?? ?? - ??? ??? 1??? ??? ???? ??? ????? ????? 5? ????? ? ??? $2,200~$2,400 ?????? ?? ?? ???? 9? ?? $1,700??? ?? - ???? ??? 5/22 ????? ?? ???? ??? ???? ???, 6??? ?? ? ? ???? ? ??????? ???? ????. ?? ????? 6?? ????? - ??? ??? 7?? 160??? ???? ?? 130?? ???? ??? ???? ?? 9? FOMC? ???? ?? ???? ?? ???? ??? ???? ? ??? ?? - ?? ????? ??? ????? ???? ??? ???? ????? ???? 9? FOMC ?? ????? ???? ??? ?? ??? ????? ??? ??? ???? ?? ?? ??? ??. 2012? ?? ?? ????? ???? ??? ??? ??? - 12? 6? ?????? QE3? ????? ??? ????? ??? ?? ???? ??? ?? 9? QE3? ??? ????? ??? ?????? ????? ???? ??. ?? 13? ??? ?? ???? ??? ??? ?????? ????? ???? ?? ??? ? 13? 12? ?? ????? ???? ???? ?? ???? ????? ???? - ?? ?? ??? ??????? 12? ?? ?????? FOMC?? ??? ??? ?? - ???? ??? ????? LME ??? ??? ??????? 5/22 ???? ?? ?? ??? ????? ??? ?? 9? FOMC?? ???? ?? ???? ????? ?? ???? ??? ??? ???? ???? ?? ???? ???? ??? ? ?? - ????? ?? ??? ???? ??? ? 9? FOMC?? ????? ????? ??? ?? ?? ?? ??? ???? ??, ?? ? ?? ???? ???? ?? ??? ??? ???? ?? ????? ??? ? ???? ??? ??? ???? ? ?? ???? (??: ???, ? , %) 2013A 2014A 2015F 2016F 2017F ??? 3,274 2,796 2,610 3,012 3,141 ???? 158 -29 32 129 150 ????? 291 115 195 332 394 ?????? 234 101 148 253 300 ??????? 215 128 177 248 285 EPS 116,826 69,540 96,309 134,410 154,529 PER 10.8 17.8 13.7 9.8 8.5 BPS 1,263,020 1,329,356 1,418,661 1,546,067 1,693,592 PBR 1.0 0.9 0.9 0.9 0.8 ROE 9.6 5.4 7.0 9.1 9.5 ?: EPS? BPS, ROE? ???? ???? ?? ??: ??, ???? ????? KOSPI 1975.45 ???? 2,431??? ?????? 0.20% ???(???) 9??? 52? ??/?? 1,589,000? / 1,132,000? 120? ?????? 17?? ?????? 1.79% ???? ??? ? 14 ? 73.95% ?????(%) 1M 3M 6M 12M ????? -3.9 -0.5 3.7 0.0 ????? -3.5 2.2 4.3 3.4 -15 -10 -5 0 5 10 15 20 25 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 14.09 14.12 15.03 15.06 (%)(??) ??(?) Relative to KOSPI(?)
- 4. 4 ?? ? ?? ?? ? ????? ???? (??????: ??? ??) (??: ???) ?? 9/17 9/16 9/15 9/14 9/11 09? ?? 15? ?? ?? -268.5 -591.1 -134.1 50.3 32.4 -1,122 2,364 ??? 122.7 218.5 -118.3 -59.6 -56.7 -1,051 1,419 ??? 134.4 359.0 211.1 -31.7 -34.8 1,744 -5,054 ???? 74.1 56.6 -3.7 -80.9 -28.8 412 -4,711 ?? -36.2 53.8 -8.5 -19.1 -5.3 191 -785 ?? 30.3 78.6 33.3 -25.7 -12.9 484 -4,162 ?? 15.2 20.7 1.3 -2.8 -3.6 31 -927 ???? -3.4 -9.9 -0.7 0.3 -10.9 -3 -53 ??? 62.8 106.3 184.9 135.3 48.7 575 6,592 ???? -5.8 46.7 -2.6 -36.9 -15.5 2 -713 ????? -2.5 6.3 7.2 -1.8 -6.3 51 -294 ??: Bloomberg ? ?? ???? ???? ?? (??: ???) ??? ?? ??? ?? ??? ?? ??? ?? ??? ?? SK ???? 52.5 ???? 33.8 ???? 51.0 SK 14.0 NAVER 31.9 POSCO 26.8 LG ?? 30.0 LG ???? 12.1 ?????? 24.2 ???? 18.8 ??SDI 29.1 ?????? 12.0 KT 17.6 ????? 14.5 ???? 18.1 KT&G 9.2 ??? 14.7 ???? 11.5 ????? 13.5 ???2 ?B 8.7 ??? 12.1 LG ?? 6.6 ???? 10.9 ??KPS 7.5 ???? 12.0 LG 6.5 SK ????? 10.4 ??? G 7.2 LG ???? 11.6 ?????? 5.7 ???? 8.3 ?????? 6.9 ???? 9.8 ???? 5.1 ???? 7.7 CJ 6.9 ????? 7.7 SK ??? 5.1 ??????? 7.5 ???? 6.5 ??: KOSCOM ??? ?? (??: ???) ??? ?? ??? ?? ??? ?? ??? ?? ??? ?? ?????? 3.1 ????? 2.2 ?? 1.6 ????? 8.0 ????? 2.8 ??IPS 2.1 ??? 1.4 ????????? 6.1 ???? 2.4 ???? 2.1 ????? 1.2 ?????? 4.8 ????? 2.1 ????? 1.7 ???? 1.2 NICE ???? 4.3 ?? 1.9 ??? 1.5 ??? 1.0 ???? 4.1 ???? 1.8 ?? 1.5 ??????? 1.0 ?? 3.6 ??????? 1.7 ??? 1.3 ???? 1.0 ?? 3.4 ?????? 1.6 NICE ???? 1.3 ?????? 1.0 ??????? 3.3 ??? 1.6 ????? 1.2 ????? 0.9 ??? 3.0 CJ ??? 1.6 ???? 1.1 ??? 0.9 ???? 2.8 ??: KOSCOM
- 5. 5 ? ?? 5 ? ??? ? ?? ???, ??? ?? ?? ??? (??: %, ???) ?? (??: %, ???) ??? ?? ??? ??? ?? ??? ??? ?? ??? ??? ?? ??? ??? 98.0 5.0 ???? 147.8 3.8 ???? 206.9 3.8 SK 57.2 0.0 ??? 92.9 4.8 POSCO 61.3 -1.1 LG ?? 82.5 11.5 SK???? 51.0 3.3 LG ????? 45.6 0.6 SK 50.0 0.0 ??SDI 57.1 10.7 ?????? 43.0 -4.9 ?????? 42.4 1.0 ??SDI 34.7 10.7 ??? 36.5 4.8 ?????? 39.8 1.0 KT 39.5 1.4 LG ?? 24.0 11.5 ????? 31.7 14.6 CJ 32.9 -14.8 ???? 37.5 4.5 ?????? 22.8 3.4 ?????? 30.9 3.0 LG ????? 28.8 0.6 ????? 32.0 7.3 ??? 20.2 -3.9 GKL 28.1 9.0 ??????? 23.6 -4.0 LG ???? 27.9 3.3 KB?? 19.4 1.7 ???? 27.5 2.4 ?????? 18.4 -16.1 ???? 23.8 9.1 ?????? 18.6 3.0 ??????? 25.7 5.8 ???G 15.3 -3.8 ???? 21.1 7.4 ?????? 17.0 2.8 KCC 24.5 3.7 ?? 14.9 -11.5 ??: KOSCOM ??: KOSCOM ? ?????? ??? ??? (??: ????) ?? 9/17 9/16 9/15 9/14 9/11 09? ?? 15? ?? ?? 97.5 183.9 -121.0 -78.4 -80.3 -1,029 1,013 ?? 378.7 156.5 -49.5 43.0 -8.7 945 4,155 ?? -- -- 470.2 20.5 -75.0 -421 4,052 ?? 35.0 11.2 24.4 -2.6 -14.2 -133 -2,622 ????? -46.9 -26.3 -17.5 7.1 -4.0 -292 -678 ??? 5.1 -6.7 -523.4 11.4 -2.3 -629 -796 ??? 10.7 -0.6 2.7 0.4 -0.8 7 210 ?: ?? ??? ??? ??? ??? TWSE(Taiwan Stock Exchange) + GTSM(Gre Tai Securities Market)? ?? ????. GTSM? ????? ???? ???? General Board? ???? ??? ?? ??? ?? ?? ??? ??. ??? ?? ??? General Board? ???? ?? ?? ??? ?? ??: Bloomberg, ?? ????? ? Compliance Notice ? ? ??? ??? ??? ? ?????? ??? ? ?? ?? ? ??? ??? ??? ???? ??? ? ???? ??? ???? ? ??? ??? ????? ??? ?? ?? ????? ?? ????? ??? ? ????. ? ?? ??? ?? ? ??? ???? ? ?????? ??? ????? ????. ? ? ???? ??? ??? ???? ?? ?? ?????? ??? ???? ???????. ? ??? ????? ?? ?3??? ?? ??? ??? ????.