기업 Note: 자료: Wisefn 컨센서스

Note
2012.5.31
(122870)
()
; 2
: 69,000()
& ,
Stock Data
KOSPI(5/30)
1,845
(5/30)
40,500
()
404
()
10
52 /()
98,000/37,500
(6, )
8,953
/(%)
54.5/4.3
(%)
43.3
8.6
1
1.5
8.4
(%)
(%p)
6
9.5
(72.5)
12
0.0
0.0
12MF PER
16.0
( )
( )
12MF PER ( )

14.0
() 69,000 .
12 forward EPS PER 19.4( PER ) .
. 1) , 2NE1 ,
11 22.2% 12 26.9%
. 12 416 11 74
. 2) . 3) , 2
NE1,
.
60,000
50,000
12.0
40,000
10.0
8.0
30,000
6.0
1 2.5% . 11 AVEX
1 2~5
. 15.3% . 2 5
ALIVE .
2 . 1) 1 YG Family , ,
2NE1 2 , 2) Repackage , 2
NE1 . 2 , 296, 74
. 3 .
20,000
4.0
2.0
0.0
2007
2008
2009
2010
: WISEfn
2011
10,000
5 17 6 24 5 . ,
, , , . 11, 12 ,
. 6 Repackage . 2NE1
6 . 3 GD
, , .
SBS K-Pop
. 12
54.4%, 86.8% . 12 98,
64 .
.
.
()
()
()
()
()
45
10
13
10
2,615
153.9
2011A
78
17
18
13
3,322
2012F
121
32
39
31
2013F
156
50
60
46
4,380
2014F
185
66
76
59
5,582
2010A
3276-6240
swkim@truefriend.com
: , EPS
EPS EBITDA PER

(%) ()
EV/EBITDA
PBR ROE
(x)
(x)
NM
(0.9)
27.0
20 11.1
15.2
2.4 26.7
2,902 (12.6)
38 14.0
8.7
3.8 33.5
50.9
57
9.2
5.4
2.6 35.5
27.5
74
7.3
3.6
1.9 32.1
12
(x)
(%)
0.0 63.8
(122870)
< 1>
(: )
2007
2008
2009
2010
2011
2012F
2013F
11.5
18.5
35.7
44.8
78.1
120.6
156.1
5.5
9.1
13.3
13.9
20.4
22.6
29.7
2.0
5.9
6.5
8.1
11.2
13.2
17.0
3.4
3.3
6.8
5.8
9.1
9.4
12.7
2.0
1.5
4.9
6.4
17.4
16.8
19.9
2.0
3.2
6.9
10.5
11.9
17.1
26.5
0.2
0.3
3.4
4.6
7.4
41.6
56.4
1.8
4.4
7.2
9.4
21.0
22.5
23.5
6.0
10.2
19.8
24.1
47.0
62.0
76.6
4.9
6.9
9.8
10.4
13.4
25.3
29.0
0.6
1.4
6.1
10.3
17.3
32.4
50.5
0.7
1.9
5.4
12.7
17.6
39.5
59.6
0.5
1.6
4.2
9.8
12.9
30.8
46.5
(%, margin)
OP margin
5.2
7.5
17.2
23.1
22.2
26.9
32.3
NP margin
4.4
8.6
11.7
21.8
16.6
25.5
29.8
: ,
< 2>
(: )
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12F
3Q12F
4Q12F
18.3
26.4
13.3
20.1
17.9
29.6
34.9
38.2
5.6
8.1
3.1
3.6
4.3
5.4
5.9
7.0
3.1
4.6
1.7
1.9
2.9
3.2
3.4
3.8
2.5
3.6
1.4
1.6
1.4
2.3
2.4
3.1
4.5
7.0
2.6
3.3
3.2
2.5
4.7
6.4
3.0
4.8
1.8
2.4
3.2
4.2
4.8
4.9
0.0
0.2
4.8
2.4
1.1
11.8
14.2
14.6
5.2
6.3
1.1
8.4
6.2
5.6
5.4
5.3
9.6
17.2
7.0
13.2
9.7
15.1
17.6
19.6
4.1
3.7
3.3
2.4
4.7
7.0
6.6
7.0
4.2
5.5
2.5
5.2
3.6
7.4
10.4
11.0
4.2
5.4
2.6
5.5
3.8
9.0
12.3
14.4
3.2
4.0
1.4
4.4
3.0
7.0
9.6
11.2
(%, margin)
OP margin
22.7
20.7
18.5
26.1
19.9
25.0
29.8
28.9
NP margin
17.6
15.0
10.4
21.7
17.0
23.8
27.4
29.3
: ,
< 3> ,
(: %)
()
778,706
878,706
978,706
1,078,706
1,178,706
440,000
(22.3)
(19.8)
(17.4)
(14.9)
(12.5)
()
540,000
(13.6)
(11.1)
(8.7)
(6.3)
(3.8)
640,000
(4.9)
(2.4)
0.0
2.5
4.9
740,000
3.8
6.3
8.7
11.2
13.6
840,000
12.5
15.0
17.4
19.9
22.3
: 12 .
:
(122870)
[ 1] :
[ 2]
()
180
160
()
180
160
(%)
35
()
()
()
()
30
140
140
120
120
100
100
20
80
80
15
60
60
40
40
20
20
25
10
0
2007
2008
2009
2010
2011
2012F
0
2007
2013F
2008
2009
2010
: ,
: ,
[ 3]
[ 4]
()
1,800
1,600
()
Big Bang
2NE1
Gummy
Se7en
PSY
Others
1,000
900
2011
2012F
Big Bang
2NE1
Gummy
Se7en
YG Family
PSY
2013F
800
1,400
700
1,200
600
1,000
500
800
400
600
300
400
200
200
100
0
2008
2009
2010
2011
2012F
: ,
2008
2013F
2009
2010
2011
2012F
2013F
: ,
< 4>
11 2
(: )
80,000
11 3
2NE1
70,000
12 1
YG Family
160,000
12 2
12 3 or 4
12 4
200,000
2NE1
150,000
70,000
(122870)
< 5>
(: )
11 1
11,725
2NE1
3,860
139,104
2NE1
13,176
GD&TOP
23,004
41,302
122,472
11 2
11 3
11 4
12 1
12 2
12 2 or 3 ()
1,852
29,035
2NE1
2,110
GD&TOP
3,929
GD
3,379
4,783
2NE1
43,035
2,084
2NE1
82,418
2,290
GD&TOP
7,821
GD
8,906
39,704
2NE1
5,740
2NE1
13,581
2NE1
25,658
8,324
73,706
2NE1
22,224
13,723
2NE1
5,896
257,431
2NE1
6,088
15,280
42,012
2NE1
7,776
8,320
8,026
2NE1
2,718
GD
2NE1
(122870)
(: )
2010A
2011A
2012F
2013F
2014F
22
74
89
120
161
37
36
55
83
10
12
15
(: )
2010A
2011A
2012F
2013F
2014F
45
78
121
156
185
21
31
59
79
98
10
13
25
29
32
12
16
30
52
75
(0)
(1)
19
28
10
17
32
50
66
11
12
33
90
119
172
236
12
14
11
17
21
10
12
15
4
0
13
18
39
60
76
13
17
10
13
31
46
59
13
14
11
18
21
20
76
108
155
214
45
45
45
14
26
57
103
162
(0)
(0)
(0)
20
76
108
155
214
(: )
2010A
2011A
2012F
2013F
16
21
53
57
10
13
31
46
59
(1)
(1)
(5)
10
13
31
46
59
13
31
47
60
EBITDA
13
31
47
60
12
20
38
57
74
2010A
2011A
2012F
2013F
2014F
2014F
10
0
5
45
6
0
(0)
4
0
3
0
0
0
0
0
()
EPS
2,615
3,322
2,902
4,380
5,582
BPS
5,442
15,320
10,791
15,494
21,478
DPS
(%, YoY)
(15)
(0)
(9)
25.4
74.5
54.4
29.5
18.7
40.0
67.6
86.8
55.9
31.0
(1)
(1)
134.7
32.4
138.1
50.9
27.5
(33)
(22)
(34)
(29)
EPS
153.9
27.0
(12.6)
50.9
27.5
46.9
64.3
91.9
50.3
29.1
23.1
22.2
26.9
32.3
35.7
21.8
16.6
25.5
29.8
32.0
EBITDA Margin
27.0
25.4
31.6
36.7
39.9
ROA
36.4
20.9
29.4
31.9
29.1
ROE
63.8
26.7
33.5
35.5
32.1
0.0
0.0
0.0
0.0
0.0
(11)
(64)
(72)
(98)
(135)
0.0
0.0
0.0
0.0
0.0
(3)
(2)
(5)
(5)
(5)
(2)
(25)
(1)
(16)
(8)
EBITDA
(%)
(0)
(6)
(5)
(4)
(5)
(11)
(9)
(11)
41
41
Valuation(X)
PER
NM
11.1
14.0
9.2
7.3
PBR
0.0
2.4
3.8
2.6
1.9
()
24
(1)
18
29
/(%)
PSR
EV/EBITDA
0.0
1.9
3.3
2.6
2.2
(0.9)
15.2
8.7
5.4
3.6
: K-IFRS ()
(122870)

()
(122870)
2011.11.22
85,600
2012.03.16
69,000
120,000
100,000
80,000
60,000
40,000
20,000
0
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
Compliance notice
2012 5 30 1% .
3 .
.
12
: 15%
: -1515%
: 15%
12 ()
: ()
: ()
: ()
, , , ,
.
.
, .

기업 Note: 자료: Wisefn 컨센서스

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