실적 Review: What's new: 해외 매출 증가로 전년동기 대비 실적 크게 개선

Review
2012.5.16
Above
(041510)
In line
Below
()
: 70,000()
Whats new:
Stock Data
KOSPI(5/15)
1,899
(5/15)
45,350
()
926
()
20
52 /()
60,100/17,100
(6, )
21,822
/(%)
78.3/16.8
(%)
21.7
6.9
Positives: ,
Valuation
2011A
40.7
6.2
17.0
27.3
1,000
6,541
PER(x)
PBR(x)
ROE(%)
EV/EBITDA(x)
EPS()
BPS()
2012F
14.4
5.4
45.0
10.0
3,145
8,389
2013F
11.2
3.6
38.9
7.1
4,057
12,446
6
(6.2)
(26.3)
12
148.3
107.5
1
5.1
10.6
(%)
(%p)
12MF PER
25.0
( )
1 , 385, 117 98.8%,

377.9% . 16.0% 402.2%
. 1 1)
, , 2) 11 SM Town
MD , 3) ,
. 1 (141)

.
( )
12MF PER ()
60,000
( )
19 13.7% .
,
.
352.7%, 813.5% .
. ,
. IFRS
45.6% 23.8% .
Negatives:
43.7% . 1
24 36 . EXO-K , (
) 2 .
50,000
20.0
40,000
15.0
30,000
10.0
20,000
5.0
10,000
0
0.0
2007
2008
2009
2010
: WISEfn
2011
,
, , , 2 1
. 1
70,000
. 12 forward EPS PER 19.4( 4 PER )
. , , , 12
71.4%, 257.4% . 12 forward
PER 13 valuation .
(: , %, %p)
1Q12P
3276-6240
swkim@truefriend.com
QoQ
2012F
YoY
41.7
38.5
(7.8)
42.2
(2.2)
98.8
188.4
14.1
11.7
(16.8)
13.8
29.9
377.9
74.3
182.6
67.0
(%)
33.8
30.5
NA
32.7
NA
NA
39.4
36.7
12.5
12.1
(3.3)
NA
35.1
597.3
77.7
NA
10.1
9.4
(7.0)
10.9
29.4
784.3
63.0
57.5
(041510)
< 1>
(: )
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12F
3Q12F
4Q12F
(%, YoY)
19.4
21.2
30.0
39.4
38.5
43.3
49.0
57.6
98.8
(2.2)
5.4
2.9
5.6
5.4
3.0
5.5
5.4
7.3
(43.7)
(43.8)
1.7
1.8
1.6
1.6
1.9
2.0
2.0
1.8
13.7
14.9
4.0
3.1
9.9
6.9
16.9
13.9
22.0
44.9
320.2
145.4
(34.4)
(%, QoQ)
8.3
13.5
12.8
25.5
16.7
21.9
19.6
3.6
100.9
12.6
15.7
20.2
24.4
22.9
22.2
24.6
21.5
80.7
(6.5)
4.3
3.5
3.2
5.4
3.8
5.7
6.1
8.3
(11.3)
(28.6)
2.5
2.4
6.9
9.0
11.7
15.7
18.3
28.5
377.9
29.9
1.7
2.6
7.3
8.9
12.1
16.2
19.3
30.2
597.3
35.1
1.1
2.9
5.3
7.3
9.4
13.1
15.6
24.9
784.3
29.4
12.7
11.1
23.1
22.9
30.5
36.3
37.3
49.5
NA
NA
5.5
13.5
17.7
18.5
24.4
30.2
31.9
43.1
NA
NA
: ,
< 2>
(: , %)
2005
2006
2007
2008
2009
2010
2011
2012F
2013F
22.1
29.9
33.2
43.5
61.8
86.4
109.9
188.4
228.8
7.5
7.6
6.3
8.5
11.4
12.7
19.2
21.3
23.2
0.0
1.1
2.8
2.4
3.8
5.2
6.7
7.7
9.0
6.4
5.3
6.2
8.9
16.6
35.4
23.9
97.7
121.8
0.1
0.3
0.5
0.6
0.2
0.7
2.0
2.7
3.5
6.3
4.9
5.7
8.3
16.4
34.7
21.9
95.0
118.3
8.3
15.9
17.9
23.6
30.0
33.2
60.1
61.8
74.8
7.2
15.7
16.8
20.7
28.2
26.8
36.6
41.0
46.7
1.0
0.2
1.2
2.9
1.8
6.4
23.6
20.7
28.1
15.6
25.4
29.1
35.8
41.8
48.7
73.1
91.2
106.6
26.8
5.3
6.8
7.9
9.3
10.7
12.2
16.4
23.9
1.2
(2.3)
(3.7)
(1.7)
9.3
25.5
20.8
74.3
97.5
1.1
(2.9)
(7.1)
4.5
6.1
22.6
20.6
77.7
102.3
1.2
(4.0)
(7.6)
4.3
4.5
21.8
16.5
63.0
82.9
5.6
(7.8)
(11.2)
(3.9)
15.0
29.5
18.9
39.4
42.6
5.4
(13.5)
(23.0)
9.8
7.2
25.2
15.0
33.4
36.2
: 09 K-GAAP .
: ,
[ 1]
4,000
[ 2]
()
()
f(x)
2,000
1,800
3,500
1,600
f(x)
SM Town
3,000
1,400
2,500
1,200
2,000
1,000
800
1,500
600
1,000
400
500
200
0
2001
2003
2005
2007
2009
2011
2013F
:
.
: , ,
2003
2005
2007
2009
2011
2013F
:
.
: , ,
(041510)
< 3> 11, 12
(: )
11 1
53,138
4,212
280,272
49,746
293,480
11 2
11 3
11 4
12 1
12 2
44,679
439,998
161,932
100,346
67,613
f(x)
58,419
f(x)
26,616
204,980
165,423
45,506
175,578
1,418
71,927
150,000
NA
387,790
88,467
217,367
84,219
148,465
57,882
100,439
SM Town
SM Town
(, )
NA
8,017
NA
NA
44,467()
98,049
12,612
154,463
1,585
36,925
20,730
143,333
25,649
13,863
17847
3,968
4739
22,534
4,158
3,482
25,194
11,906
3,056
EXO-K
4,512
1,687
74,329
: , ,
(041510)
< 4> 12
12 2
f(x)
12 3
12 4
f(x)
SM Town
or
or
: ,
< 5> 11
(: )
11 1
36,000
SM Town
26,000
158,000
SM Town
14,000
42,000
9,441
SM Town
150,000
20,000
24,000
NA
NA
11 2
11 3
11 4
24,000
15,000
5,000
90,000
, f(x)
SM Town
7,000
20,000
NA
: , ,
< 6> 12
(: )
12 1
30,000
16,000
14,000
40,000
40,000
NA
11,000
1 18 ~4 23
310,000
12 2
7,000
10,000
12 3
12 4
10,000
110,000
270,000
(4 ~7 )
253,000
SM Town(3 )
, , ,
NA
NA
: ,
(041510)
(: )
(: )
2010A
2011A
2012F
2013F
2014F
73
83
162
204
278
10
13
21
34
47
16
27
21
33
14
47
71
127
145
172
29
48
85
93
111
26
21
74
98
131
15
18
22
120
154
289
349
450
28
44
110
90
77
13
28
38
46
56
2010A
2011A
2012F
2013F
2014F
86
110
188
229
278
38
37
97
122
158
12
16
24
27
30
(1)
(1)
29
46
118
95
83
55
55
55
55
55
25
21
78
102
141
15
19
27
24
16
63
83
114
(0)
(0)
(0)
(0)
24
16
63
82
114
EBITDA
28
26
82
109
145
24
16
63
83
114
2010A
2011A
2012F
2013F
2014F
28
45
108
191
305
91
108
171
253
367
86
108
171
254
368
(: )
2010A
2011A
2012F
2013F
2014F
24
23
109
76
75
24
16
63
83
114
10
12
38
(18)
(53)
(3)
(1)
(24)
(20)
(101)
(60)
(62)
(2)
(2)
(3)
(3)
(3)
(20)
(13)
(36)
(9)
(17)
()
EPS
1,504
1,000
3,145
4,057
5,590
BPS
5,256
6,541
8,389
12,446
18,036
DPS
(%, YoY)
39.8
27.2
71.4
21.4
21.5
177.5
(19.2)
257.4
31.3
34.1
446.6
(32.5)
281.9
31.6
37.8
EPS
441.1
(33.5)
214.5
29.0
37.8
EBITDA
136.5
(8.1)
218.6
33.1
32.5
29.8
18.9
39.4
42.6
47.0
28.3
15.0
33.4
36.2
41.1
EBITDA Margin
32.5
23.4
43.6
47.8
52.1
ROA
23.5
12.0
28.4
26.0
28.6
ROE
32.8
17.0
45.0
38.9
36.7
0.0
0.0
0.0
0.0
0.0
(50)
(48)
(103)
(151)
(189)
2.9
2.5
1.3
0.0
0.0
(%)
(2)
(4)
(16)
(13)
(16)
(1)
(46)
(35)
(26)
(0)
(2)
(0)
(2)
Valuation(X)
PER
10.0
40.7
14.4
11.2
8.1
PBR
2.9
6.2
5.4
3.6
2.5
14
13
()
/(%)
PSR
2.8
6.1
4.8
4.0
3.3
EV/EBITDA
8.1
27.3
10.0
7.1
5.1
: 1. K-IFRS ()
2. EPS, BPS ,

(041510)

()
(041510)
2011.10.11
56,000
2011.11.30
62,000
2012.01.19
53,000
2012.03.16
70,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
Compliance notice
2012 5 16 1% .
2015 05 15 14 00 3 .
.
12
: 15%
: -1515%
: 15%
12 ()
: ()
: ()
: ()
, , , ,
.
.
, .

실적 Review: What's new: 해외 매출 증가로 전년동기 대비 실적 크게 개선

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1 , 385, 117 98.8%,

< 3> 11, 12

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