1

Head of Small Cap Research

02-3770-3541
hjchoi@myasset.com

Small Cap Analyst

Small Cap Analyst

02-3770-3583
ktoh@myasset.com

02-3770-3580
sylee@myasset.com

Small Cap Analyst

Small Cap Analyst

02-3770-3569
spwon@myassetcom
spwon@myasset.com

02-3770-3594
heavybrian@myassetcom
heavybrian@myasset.com

294

334

200

172

332

170

288

230

336

168

376

132

178

232

210

282

120

206
138

190

122

250

192

312

310

124

224

292

166

270

114

228

306

254

174

208

108

198

164

162

212

110

218

136

286

280

116

216

326

126

118

188

146

176

142
268

148

324

236

308

128

320

234

258

284

382

318

322

A-Z

150

LIG

140

S&T

290

S&T

252

SIMPACMETALLOY

214

194

316

262

134

314

144

112

196

226

260

256

130

009
015
085

Part 1.

Part 2.

Part 3.
3

086
152
180
202
220
238
264
272
296
328
338
340
342
344

349

Part 4.

Semiconductor / Display
Electronic Parts
Mobile
Steel
Chemical
Machinery
Metal
Auto Parts
H lh
Healthcare
Foods & Beverages
Transportation
Internet/ SW
Media/ Entertainment
Education/ Publication/ Paper

Top Picks


?
performance
1

(00.01=1000)
3 000
3,000

2,500

KOSPI

2,000

1,500

1. 11 outperform 7
11 , 4
( 2002, 2008 2 )
7

1,000
500
0
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2. 2 ,

KOSPI

-50.9%

-52.3%

-56.7%

-46.9%

2001

37.5%

35.5%

51.1%

4.6%

2002

-9.5%

-4.8%

-16.8%

-34.0%

2000

* , ,
- 2000
: 1~100

: 101~300
: 301~

2003

29.2%

31.0%

28.8%

8.0%

2004

10.5%

9.7%

18.3%

10.0%

2005

54.0%

52.6%

90.4%

127.5%

2006

4.0%

4.3%

5.7%

-1.7%

2007

32.3%

30.1%

46.6%

39.3%

2008

-40.7%

-40.1%

-42.9%

-44.4%

2009

49.7%

50.2%

42.2%

54.1%

2010

21.9%

24.1%

14.1%

16.1%

2011

3.4%

4.0%

2.6%

5.6%


?
Global performance
2

(09.01=100)

(%)

200

10
Russell

180

1. Russell 2000 S&P500

120

S&P500 41.6%

100

2. 16.3% outperform

140

2009 , Russell 2000 65.1%

Russell 2000 23.4% outperform

2000

160

-5
-10

S&P500

80

-15

60

20
-20

09/01

09/04

09/07

09/10

10/01

10/04

10/07

10/10

11/01

11/04

, 2

(09.01=100)
200

KOSPI

(%)
15

180

10

160

140

120

-5

KOSPI

100

-10

80

-15

60

-20

09/01

09/04

09/07

09/10

10/01

10/04

10/07

10/10

11/01

11/04
8


?
: Mutual Fund vs Hedge Fund
3

(bn$)

7000

Hedge Fund

6000

Mutual
Fund

5000
4000

1. Hedge Fund
Mutual Fund

3000

Hedge Fund

2000
Hedge
Fund

1000
0

2 Hedge Fund
2.

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2000
(09 01=100)
(09.01=100)

(%)

400

100

350

80

300

1000

Mutual
Fund

Hedge Fund

60

S&P500

250

40

200

Russell
2000

150

100

20
10
0

100

-20
20

50
1994

10000

1996

1998

2000

2002

2004

2006

2008

2010

1
1996

1998

2000

2002

2004

2006

2008

2010

(p15)

(p85)

Top picks (p349)

/: ,

10 Review

& 1~1

/ , , ,

/: ,

,, , , , ,

509 ( 10 )

Review

83
:
:

16

509 83

Universe

:
:

10

11



()

()

12

IT HW
100
/

IT HW

50

15

10

/SW

20

/SW

13

1. 509 251 (50%)
-
-
2. /
- 4,472 17
- 590
-

Key Data

251

30

20

590

ITHW
40

10
0

4,472

143

PER

20.0

/SW

14

(:)

2010

4,055

26,384

707

35-6

2,794

13,122

376

27-1

2,448

15,935

473

281

1,440

10,952

377

249-8

2,520

2,431

238

345-9 SK A 3

1,235

1,826

11

66-21

6,194

23,175

59

105-7

4,500

15,025

481

7-19

KCC

2,598

12,951

476

27-8

2,403

3,221

348

942-1

2,248

21,585

185

7-23 9

2,128

6,639

96

538 2

15

(:)

2010

1,547

21,559

76

891-10 14

1,196

8,374

41

9-1

1,082

9,475

70

98-20

1,072

1,604

54

726-1

6,033

10,369

294

4,301

6,513

86

4,205

6,797

-1,527

70

2,786

4,823

-439

70

2,170

2,808

15

1,952

1,184

107

1,123

454

539-3 6

LG

7,183

19,391

415

20 LG

2 24-1
832-2

726
50 OCI 13

16

(:)

2010

3,558

3,678

182

53-8

3,437

3,530

303

33 15

1,368

2,489

188

1 216

4,457

347

-285

696-34,35

2,850

372

-62

2 13

2,839

876

190

222-12 7

1,994

355

96

30-10

1,900

1,037

18

10-2

1,521

285

148

1,175

280

40

345-9 SK A

4,938

8,600

494

446-3

2,724

535

39

5-2 6

3 197-5 IT 4

17

(:)

2010

1,267

935

138

994-3

YBM

1,246

1,047

65

28-2 5

1,131

970

110

5,064

36,642

-270

891-10 18

4,940

1,592

1,282

1 10

4,608

15,424

902

1 10

2,329

19,266

303

66

2,170

3,182

229

92

1,283

5,172

293

943-19 14

1,953

1,083

277

142 12

3S

1,420

102

-28

1 112-3

1,193

3,040

171

90 2,3

811 2 1301

18

(:)

2010

1,006

2,181

68

392-6

3,203

2,656

325

45-1

1,526

8,248

606

983-10

4,327

15,316

112

736-1 11

3,862

870

73

71629-2201

2,362

2,781

268

418

2,013

938

223

197-12 6

1,327

733

26

7,458

36,338

469

140-2

GS

4,079

14,005

184

679 GS 10

1,324

10,071

103

533-2

5,938

5,032

333

1606CJE&M 16

CJ CGV

19

(:)

2010

SBS

5,558

6,821

38

920

SBS

3,686

399

186

920

3,005

864

218

2 521

SBS

2,993

1,550

203

920 SBS 22

2,762

360

86

1462-7

GR

1,748

154

63

2 275 LG15

1,598

1,390

98

1026-28

YTN

1,287

1,167

38

5 6-1 YTN

ISPLUS

1,195

184

-282

1,108

443

114

736-17 12

1,018

542

76

153-3

2,451

345

-340

1596-7

20

(:)

2010

2,271

181

19

7,876

5,934

-661

1,562

1,290

136

205-5

1,471

312

-66

1 54-7

KEC

1,393

3,453

-498

275-5

2,793

54

-145

968-6 6

1,848

504

100

949-3 4

4,567

-36

2 43

3,091

155

51-1

2,732

-195

1 226

1,077

-76

705-19

1,520

938

-636

702-2

3 1571-17
891-10 31

21

(:)

2010

5,363

6,647

650

23 277-22

9,345

15,492

307

157-1 16

2,249

121

42

3 942 20

NICE

2,127

141

163

14-33

NICE

1,815

181

12

14-33

1,659

740

33

115-7 6

1,442

1,319

83

338-9

KC

1,328

2,453

198

160-1

1,072

3,491

172

28-2 KT 10

1,022

2,242

126

93-52

E1

3,492

54,202

550

159-1 13

SK

3,456

49,431

867

99 SK SK

22

(:)

2010

2,099

37

-71

1563-10

1,968

6,282

127

155-2

1,204

188

112

155-2

1,178

41

-133

LG

9,298

11,212

922

637-1

6,909

4,176

442

1467-10

5,616

4,475

720

52-1

4,469

7,582

728

2 171

4,233

838

754

2 171

LS

4,097

3,582

195

2 191 LS

2,520

1,938

123

678-36

2,340

2,723

222

4 442

676 9

23

(:)

2010

2,220

3,745

599

15-1510

1,860

8,647

276

13-255

1,677

64

-138

1,451

1,788

86

368-113

F&F

1,194

2,071

275

662-9

1,186

110

-109

12 CCMM410

1,160

2,444

180

3 944-1 8

1,094

1,755

91

2 162-1

1,071

329

-123

1,805

393

7,443

16,655

1,235

263

5,701

5,720

959

275

3-212

2 475-31 2,3
88 19

24

(:)

2010

5,357

10,281

762

118(8)

5,115

53

-49

16

3,444

6,095

495

5 21

2,820

632

546

370

2,817

12,024

335

96-48

2,755

3,763

374

2 157

2,738

3,418

464

4 45

2,264

2,978

424

286-7

2,166

4,087

34

60

1,990

9,095

215

98-5

1,989

3,703

170

131-1

F&B

1,777

10,201

276

275

25

(:)

2010

1,774

3,673

343

263

1,630

220

719

4-18

1,515

2,734

85

1 82-9

1,261

3,084

190

3 482-2

1,143

161

168

135

1,078

4,848

117

3 482-2

1,071

2,006

61

837-11 3

3,733

2,418

172

47-2

1,897

2,306

80

197-28610

SDN

1,854

1,155

47

546-4 3110

1,702

2,348

10

23-6 HP

1,292

910

133

371-28A1012

26

(:)

2010

GS

9,430

7,992

770

6 10 GS

2,945

87

-71

1304-38

24

1,066

3,362

43

15-15 5

3,063

2,616

263

1445-3 18

2,128

3,427

208

370-1

1,778

1,165

-159

1,284

1,924

90

T&D

3,868

313

-10

812

3,437

10,847

352

2 118

4,607

279

-365

132-12

2,478

470

50

182-4 312

1,896

1,139

31

426-528

692
70 6

27

(:)

2010

1,025

151

-68

SK

5,181

2,423

10

KTH

2,384

1,498

-27

395-62

1,802

698

145

12CCMM6

1,353

266

-63

48-1403

1,168

473

51

1,116

78

-112

1,507

2,681

64

5,866

7,902

792

708-8

3,745

5,786

656

176-3

3,274

5,883

351

5 6-15

2,924

2,716

403

68-5

3235-212
257

546-421
15-31102
530-19

28

(:)

2010

8,437

27,035

-7,092

2,297

712

158

345-9014,15

1,219

851

111

15-248

LG

7,402

3,343

164

2 92

5,128

246

60

3,597

1,708

279

398-1

3,550

4,196

442

3 368

3,074

3,134

60

2 45

2,388

688

664133

2,305

402

35

706-1LG12

2,161

2,521

186

60

2,139

686

63

1 44-7

1 194-15

65-5 8~9

29

(:)

2010

1,804

4,313

255

745-5

1,722

2,894

252

1577-43~8

1,553

3,010

136

66-21

1,520

1,163

-23

3 451-20

1,508

3,210

205

1 735

1,458

349

12

355-7 101

1,431

4,433

56

698

1,411

47

-66

1346

1,400

1,208

200

38-6

1,397

2,004

105

338-8

1,362

1,057

172

84-1

1,347

1,404

169

3 997-8

30

(:)

2010

1,277

822

147

837-113

1,265

2,153

54

JW

1,004

710

10

698

3,830

15,602

289

736-1 22

1,216

6,641

158

3 942

1,151

5,162

38

249-17 8

9,857

1,821

2185

7,413

937

34-8

HMC

6,528

256

23-8

6,293

714

23-5

SK

6,162

220

23-10 SK

NH

5,093

724

34-7

31

(:)

2010

3,699

50

3,360

900

3 4-8

3,104

206

3 4-10

2,810

448

36-5

2,740

250

26-4

KTB

2,597

-334

23-3

2,397

260

28-2KT8

1,732

180

34-2

1,701

206

23-7

1,083

215

34-11

5,491

5,370

119

360-124

1,342

123

-24

240-21 A1401

23-9

32

(:)

2010

1,575

803

-179

1,272

817

203

1,117

318

30

78 IT

1,485

3,637

567

499-1

7,007

1,587

1,418

1,573

21,614

-3,286

145-9

GKL

9,742

5,285

715

1594

9,577

14,524

497

2 202

5,111

2,181

241

1 11

4,729

4,516

402

2 186-210

2,945

6,187

289

12046~7

2,898

1,171

160

1 188-3 5

561-3123~9,12~18
467-1224

25-11

33

(:)

2010

2,250

388

-139

1,143

342

45

88 5, 6, 11

1,102

1,510

47

4 52-6 3

1,052

1,176

89

23-3

8,418

18,212

765

1-1

7,477

11,358

191

360-1 5

4,583

4,743

714

50 OCI 17

3,574

6,239

265

345-35

KPX

2,778

5,326

460

2190-36

2,702

13,266

303

112-4

KPX

2,302

427

404

2 190-3

2,085

7,799

489

106-3

211

34

(:)

2010

CNI

2,040

1,911

131

891-10

2,011

2,283

151

8-2 8

1,342

1,202

227

652-12

1,011

1,247

309

1534-55

7,988

2,517

358

60-11906~913

1,603

3,276

96

697-116

1,354

803

101

212-81705

1,024

486

157

78IT18

IT

1,271

1,848

-114

IT

1,254

2,365

76

2 24-1 12F

I&C

IT

1,035

3,037

226

197-12

71-3

35

1. 509 22 (4%)
- , /,
-

2. 3,297
-

Key Data

22

422

3,232

207

PER

15.9

IT HW
ITHW
5
4
3
2
1
0

/SW

36

(:)

2010

2,134

9,503

280

545

1,794

3,122

127

1033-2

1,008

2,603

218

197

5,330

4,640

783

2 475

2,328

7,991

156

370-16

1,177

202

-49

2 192-12

1,045

1,694

-80

11463-118

5,548

2,054

171

1720

5,505

2,159

15

1499-1

2,253

1,108

197

1467-1

1,797

565

162

1547-3

4,578

1,745

193

274-2

37

(:)

2010

8,837

3,336

113

1462-1

2,730

5,411

513

624

1,148

512

-68

1464

9,180

7,701

1,226

S&T

3,393

6,486

385

1,908

1,872

46

497

1,353

2,725

81

3,987

287

47

4 22-1

2,657

2,819

-244

1601-1

2,854

2,573

271

148-12

206-39

38

1. 509 16 (3%)
- IT HW,/,
- 4
2.
-

Key Data

16

454

2,245

105

PER

21.7

ITHW
4

1
0

/SW

39

(:)

2010

2,395

7,776

224

4 2268-1

2,011

489

193

4 2268-1

1,520

1,397

28

216~7

1,127

2,709

36

29-13

THK

1,819

3,035

171

1005

1,132

4,410

13

1-12

2,294

1,128

18

703-13

1,838

2,280

146

1107

1,309

1,639

211

2 174

2,143

565

59

357-96

9,228

3,535

860

3 236-3

4,158

3,759

414

1032

40

(:)

2010

1,195

814

430

1095-921

1,169

2,741

110

1072

2,138

3,074

240

29-54

1,023

1,744

-618

720

41

1. 509 17 (3%)
- IT HW 5
3
- /,,
2.
- 2010 1 1,791
2,061
061
- -2

Key Data
17
458

2,669
-677
-

ITHW
5
4
3
2
1
0

/SW

42

(:)

2010

1,332

5,824

-2,061

3,095

1,415

525

331-14

1,751

1,632

107

68

SIMPAC

1,681

1,806

201

394

1,515

834

160

439 49-1

1,003

1,510

160

10-43

2,850

4,086

153

472-2

2,319

1,709

347

532-2

1,059

833

145

623-9(1010)

1,633

11,672

133

1 6-14

1,063

1,333

311

7 34-2

1,000

2,870

-11,791

1234402

2 426-1

43

(:)

2010

5,652

4,739

465

616-4

2,067

3,567

273

7-38

1,670

239

36

150-14

1,384

1,490

63

223-52

1,445

652

93

11-80

44

1. 509 4
- 2, 1, 1
-
2.
-
- , PER

Key Data

246

1,665

183

PER

8.5

1.5

ITHW
2

0.5
0

/SW

45

(:)

2010

2,840

2,131

441

49-1

1,072

2,023

45

23-7

1,070

2,507

61

825

1,265

136

5 127

46

1. 509 10 (2%)
- IT HW 4
- IT HW
2. 3,183 2
-

Key Data

10

394

3,425

ITHW
4

1
0

192

PER

16.6

/SW

47

(:)

2010

1,433

12,466

143

519

2,711

2,707

123

275-2

5,953

2,570

404

707

6,428

180

-157

1,203

1,232

257

21036

1,738

1,041

213

1301

2,368

6,218

183

292-3

BX

2,928

4,384

562

40-42

3,702

1,069

400-1

3,370

2,386

186

894I3-8-4BL

687

48

1. 509 11 (2%)
- //
- ,
2.
- 3,898 2

Key Data

11

460

ITHW
3

3,898
,

185

PER

16.5

/SW

49

(:)

2010

1,680

12,840

394

1,639

2,005

83

125-2

1,151

2,469

22

22-3

7,323

725

101

597-3

1,070

227

22

157

5,683

3,706

-118

20-1

3,149

4,291

471

800-1

1,951

2,547

85

1,017

5,405

168

194

P&P

4,818

3,100

585

4,008

5,562

222

737-2

939

680

50

1. 509 100 (20%)

- IT HW 47
- 16 2
- , , ,
2. IT
-
-

Key Data

100

439

2,784

164

PER

15.4

ITHW
50
40
30
20
10
0

/SW

51

(:)

2010

8,418

14,375

958

186

1,584

1,555

89

902-4. 902

4,141

13,652

728

8684502

1,688

4,367

62

861-5

1,197

11,233

-496

1,015

10,297

77

4-4

2,751

6,534

152

52-6

1,278

679

-26

725-1

JCE

2,828

253

28

367-1BYC8

1,181

406

89

192-2

4,163

7,914

448

535-1

2,087

7,915

311

1292-44506

1-23

52

(:)

2010

1,161

3,548

232

402-3

2,328

1,195

131

544-2

1,675

1,929

191

123-1

1,549

524

110

292

3,554

5,971

307

665

1,381

3,893

183

54-10

3,885

2,459

79

456

2,742

1,693

265

195-14

2,321

2,094

103

646-1

2,290

395

10

1265-62206-1

2,148

724

189

32-2-5BL

DMS

1,875

2,574

18

781-13

53

(:)

2010

1,677

5,176

-147

157-4

1,636

2,288

261

775-1

1,404

2,057

117

374-1

LIG

1,355

1,873

135

333-5

1,059

705

-164

26

3,144

1,432

647

519-1

1,773

485

108

2 1197-4

IPS

6,656

1,731

265

33

6,058

4,234

367

49

5,684

3,487

330

11-44

4,574

2,054

320

2 864-4

3,485

2,387

196

483-3

54

(:)

2010

2,866

2,303

250

AP

2,811

1,543

-170

2,215

939

179

209-3

2,195

511

105

271-2

2,077

747

174

1027-1

SKC

1,739

620

68

624

1,473

998

101

2-12

1,078

816

64

640-1

1,471

342

86

16

3,347

879

370

1-23

1,024

1,244

71

1234

3,204

8,428

359

212-1

268-1
605

55

(:)

2010

2,697

2,867

316

1122-12

6,285

6,849

489

344-3

4,420

13,730

544

160

1,232

5,301

169

273-4

1,169

2,693

64

1253-5

CJ

1,161

1,111

52

5449-1

3,063

2,107

196

404-1

1,048

3,319

174

1295-1

1,597

762

137

650

2,830

40

-74

62531001

1,634

1,266

93

1,232

52

-122

23-4
66-2 NKBIO

56

(:)

2010

1,134

501

59

891

1,887

828

-36

11-47

1,080

1,478

256

23-77

3,226

10,449

239

112-83

2,290

2,480

210

146-1

1,912

229

91

112-83

1,237

1,334

110

124

4,880

5,307

474

390-1

4,334

4,192

317

635-2

2,344

1,363

167

667-23B2L

GDS

1,825

3,603

309

739-3

1,612

641

1236-101110

57

(:)

2010

1,604

2,441

62

599

1,531

1,035

90

820-6

1,048

1,151

134

22-2

1,000

523

153

215-6

6,220

2,943

-127

5,902

944

675

5,440

182

4,673

5,100

176

3,132

1,360

11

1,946

447

195

223-23

1,650

2,257

217

434-4

1,438

1,019

86

1-239

893-5
303
1236-61107
223-23
182-4

58

(:)

2010

1,128

1,241

200

535-3

1,081

496

-28

904-3

1,008

1,249

140

317

1,665

1,939

203

11-46

1,237

338

93

633721201

1,940

9,439

90

156-2

6,913

1,801

58

427-9

1,333

1,814

20

345

SSCP

1,089

2,634

-298

6,261

814

51

151-21

3,949

2,326

237

22-6

1,737

3,166

196

7 205-13

629-3

59

(:)

2010

1,709

622

107

373-7

1,280

2,873

112

520-1

1,081

2,053

116

23-15

IT

4,155

1,551

714

23-76

60

1. 509 3
- , /SW, 1
-

Key Data

296

806

117

PER

19.8

ITHW
1
0.8
0.6
0.4
0.2
0

/SW

61

(:)

2010

1,839

1,037

144

81-3 33

3,961

1,174

254

720

1,134

206

-48

1290-14

HS

62

1. 509 14 (2.5%)
- IT HW 6
-
2.
- , ,

Key Data

13

374

1,999

118

PER

19.6

IT HW
ITHW
6

0
/

/SW

63

(:)

2010

1,314

824

110

614-2

2,041

1,691

305

310-1

3,690

5,824

-42

441-1

2,539

2,786

217

1113-6

4,445

5,766

707

70-5

4,212

2,385

136

74-10

2,908

1,139

101

610-84

1,248

552

21

316-3

1,577

610

-193

80-1

1,284

278

69

2,056

3,260

-136

1,448

211

104

641-4

1,347

661

132

576-1

244
1108-1

64

1. 509 18 (3.5%)
- IT HW 11
- IT 85%
-
2. IT
- 7

Key Data

18

520

3,385

160

PER

14.2

ITHW
15

10

/SW

65

(:)

2010

2,341

1,881

117

170-7

2,117

15,963

204

242-10

2,426

263

30

5,411

1,450

190

139-13

2,483

12,535

957

91-2

1,169

5,714

87

739

1,680

625

126

39-4

STS

3,550

3,727

126

555-9

2,697

849

93

134

2,670

2,649

235

95-1

1,498

4-2

1,195

807

13

9-2

EG

66

(:)

2010

1,542

347

45

344-14

EP

1,483

4,528

106

1233

JS

1,082

5,588

-54

569

1,239

2,452

29

303-1

1,187

1,350

168

404-10

4,983

2,080

208

165

67

1. 509 6
- IT HW 3, , , / 1
-

Key Data

609

2,955

ITHW
3

290

PER

10.9

/SW

68

(:)

2010

1,282

934

153

814

3,541

5,370

613

669-2

1,349

2,026

215

507-1

9,016

2,984

384

827

2,550

2,906

155

802-12

1,204

3,514

223

31

69

1. 509 2
- ()
- KPX(/)
-
-
2. PER 7.4

Key Data

328

3,688

312

PER

7.4

IT HW
1
0.8
0.6
0.4
0.2
0

70

KPX

(:)

2010

2,600

4,100

348

1657-9

2,037

3,277

276

425

71

1. 509 14 (2.7%)
- 6 , IT HW 4
- , IT HW
2. 3,177, 3,882

Key Data

14

462

3,882

168

PER

18.9

IT HW
ITHW
6

/SW

72

(:)

2010

8,187

7,561

561

2,623

5,246

79

608

1,916

4,840

490

800

1,776

10,018

49

470

SIMPAC ANC

1,372

1,966

249

1,024

1,855

-427

1875

3,572

1,322

123

366

1,439

1,206

64

6,476

9,112

602

287

3,829

1,043

-49

547-3

6,006

4,609

709

646

1,794

337

-46

200

S&C

1-143

696-2

60-3

73

(:)

2010

KH

3,264

3,036

130

1,205

2,196

-187

293
856

74

1. 509 21 (4%)
- /, 5
- , , ,
2. 3,606, 206
- ,

Key Data

21

443

3,606

206

ITHW
5
4
3
2
1
0

/SW

PER

11.8

75

(:)

2010

3,035

8,799

155

70

2,842

7,812

306

66

KISCO

1,637

289

228

70

1,585

1,541

234

89-14

2,895

1,673

240

1475-4

2,328

1,729

220

165-2

1,267

788

67

456-8

1,379

1,175

53

7-2608

S&TC

1,378

2,138

28

78

1,166

859

-690

2,333

1,593

310

469-6

5,959

5,541

551

853-5

S&T

1984

76

(:)

2010

S&T

2,268

349

322

853-5

2,264

3,345

556

90

1,757

2,479

374

262-14

1,504

5,157

53

147-1

STX

8,316

12,207

584

80

STX

2,475

9,550

64

452-7

1,060

722

120

58-2

1,770

6,679

477

281-1

1,805

1,309

79

183

77

1. 509 1
-
-

Key Data

417

1,879

190

ITHW
1
0.8
0.6
0.4
0.2
0

/SW

PER

6.2

78

(:)

2010

1,186

1,879

190

1 1349

79

80

Semiconductor/
Display
(108320)

(084370)

(123860)

(053740)

(036830)

(095610)

(033640)

(083930)

(005290)

(031980)

(061970)

LIG(079950)

(102710)

(065130)

(121600)

(065680)

(039030)

(073110)

(029460)

(058470)

(042700)

(071670)

81


S i
Semiconductor
d t

Mask

, RTL , ,

Film

, , Photo, ,
( 100 )

Wafer Level Test

die Probe
contact test

Die
Package

Final Test

Lead Check

82


S i
Semiconductor
d t

CVD

Mask
M
k

83


S i
Semiconductor
d t

(Diffusion)

H-Furnace
V-Furnace

,
(Horizontal) (Vertical)

(CVD)

AP- CVD
LP- CVD
PE- CVD

Chemical
Ch
i lV
Vapor D
Deposition
iti .

- AP(Atmospheric Pressure), LP(Low Pressure), PE(Plasma Enhanced)

Coater

(PR: Photo Resist)

Stepper

(UV)

Aligner

Developer

Implanter

.
High Implanter Medium Implanter

Sputter

(Al)

G i d
Grinder

(Na) ,

Etcher

Stripper

Station

(Photo)

(Thin Film)

(Etch)

84


S i
Semiconductor
d t

Wafer Back Grinding

W f rS
Wafer
Sawing
i g

Die Bonding

Wire Bonding

M ldi
Molding

30mil( 0.75mm) 2mil(0.05mm)

Die

PCB

(mold)

Lase Marking

logo , ,

Trim & Form

Triming: (tie bar)

Forming:

Fi l Test
Final
T

85


S i
Semiconductor
d t

Diffusion

Etching

(053740)

Furnace, LP-CVD

DMS(068790)

Dry Etcher

(009310)

Dry Etcher

(031980)

Asher

(084370)

LP-CVD, Plasma Process

IPS(030530)

PE-CVD, ALD, Dry Etcher

(095610)

PE-CVD, Dry Etcher

(036930)

PE-CVD, ALD

CVD

(005290)

Photoresist, Organic Insulator, CMP Slurry

(102710)

ArF Photoresist,
Photoresist Developer,
Developer Color Paste

(036810)

Pellicle

(033640)

Developer,, Slurry

(092070)

Al CVD

(001300)

CMP Slurry, EMC

(036830)

CMP Slurry

Photo

Etching

CVD

86


S i
Semiconductor
d t

Packaging

(067310)

Memory Packaging

STS(036540)

Memory Packaging

(033170)

Non-memory Packaging

(03364)

Bumping, WLP

(081220)

Memory Packaging

Molding

(053610)

Dispenser

Soldering

(089890)

Solder ball mount

Sawing

(042700)

Sawing

(043570)

Tester

(070480)

Test handler

(086390)

Tester

(012450)

L d frame
Lead
f

(088390)

LOC Tape

(033160)

Solder ball, Bonding wire

(077360)

Solder ball

Test

(059090)

(074600)

SKC(057500)

Si ,

(064760)

Hot Zone

(101160)

Si ,

87


S i
Semiconductor
d t
1. DRAM NAND
2010 5 23.5%
23 5% .

PC 2010 3 100%
DRAM 5 23.5 .
DRAM 75%( 51%, 24%).


NAND 2012 75% . HDD
3 SSD .
SSD NAND 150%

DRAM
()

900

( gigabits)

25

()

800

DRAM()

20

700
600

15

500
400

10

300
200

100
0

0
09

10

11

12

13

14

ApplicationNAND
( gigabits)

140

PC()

350

120

SSD()

300

100

NAND()

()

: Gartner, iSuppli

250

80

200

60

150

40

100

20

50

0
2009

15

(( gigabits)
gg
)

2010

2011E

2012E

: Gartner

2. DRAM NAND
PC Commodity DRAM 2010 4
2011 3 $3 $1
Capex NAND
. DRAM 50%
NAND
DRAM ,
commodity
di DRAM
DRAM NAND .
commodity DRAM
1

((2010
0 0 9.0
9.0 2011
0 5.8
5.8)
)

PC LSI

DDR 3 1Gb 1,333MHz

(%)
50

($)
3.5
3.0

30

DRAM

3%

1%

2.5

10

2.0

-10

1.5
1.0

-30

21%

0.5

-50

24%

0.0
May -10 Aug-10 Oct-10 Jan-11 Apr-11

51%

Premium/Contract Price()
DDR3 1Gb 1333 MHz Spot()
DDR3 1Gb 1333 MHz Contract()

: DrameXchange,

: iSuppli

88


S i
Semiconductor
d t
3. NAND over-supply

09'

,
Covalent
5%

60%(Shin-Etsu 32%, Sumco 29%)

20% Shin-Etsu 4 11 .
Sumco 4 12 ,

Others
Oth
5%

MEMC
8%

ShinEtsu
32%

LG
Siltron
8%

4. DRAM

(bn TWD)

500

200

3 11

2.0
1.0
Nov -09

Aug-10

Apr-11

(% )

120
90
60
30
0

50
0

-50

-60

100

-30

Oct-10

150

Oct-09 Apr-10

(%)
200

()
YoY()

100

Apr-09

0.0

ACER()
Wistron()
Compal()
Quanta()

400

. 6 PC 3 59% ,

37 10% .

3.0

(bn USD)

YoY()

300

3 44 21% , 2

-10

: DrameXchange

Asustek()
Inventec()

PC PC

4.0

Sumco1
29%

PC

3 8.759 , 2

5.0

10

Premium/Contract Price()
NAND 16Gb MLC Spot()
NAND 16Gb MLC Contract()

: Gartner

1 .

ACER PC ,

6.0

Mar-09

Siltronic
13%

Tech IBM

7.0

-50

( 30 )

($)

-30

NAND 2

LG .

(%)
50
30

5, 6 50%

NAND 16Gb

-100
-150
-200
Apr-09

Oct-09

Apr-10

Oct-10

89


S i
Semiconductor
d t
5. LSI

LSI . 2011 1.2
4.2
65,000 . 10

6.

2010

2011E

12.7

10.3

9.0

5.8

LSI

3.0

4.2

LCD

4.6

SMD

1.6

DM

1.9

4.1
5.4

((% )

()

60
50

()

52

()

50
48

40

46
30

44

20

42

10

40

2010 5 6.3% .
7.6%

38
06 07 08 09 10 11E12E 13E14E 15E

: Gartner

90


Di l
Display
TFT-LCD
TFT-LCD

Liquid Crystal

TFT-LCD Cell

LCD Array Pixel

91


Di l
Display
OLED

OLED

OLED

92

TFT-LCD

Module
LCD Panel
Back Light
PCB Bonding

Cell

LC Dropping

TAB Bonding
Polarizer Sheet

Seal / Tr Dispensing

UV Cure

Rubbing

Assemble

clean
PI Dispensing

Color Filter

clean

Turn
clean

clean

Rubbing

clean

RGB Coating

Spacer Spraying

PI Dispensing

BM Process
Glass
Stripping
Etching
clean
clean

Developing
Coating~Exposure
Deposition

Glass

TFT

93

TFT-Array

Module
Cell
Color Filter

TFT

TFT-Array

94

Color Filter

Module
Cell
Color Filter

TFT

Color Filter

95

CELL

Module
Cell
Color Filter

TFT

Cell

C/F

TFT

96

Module

Module
Cell
Color Filter

TFT

Module

97

TFT-LCD Process, Equipments & Materials

OCI (036490)
(033640)
(036830)
(005290)
(001300)
SSCP(071660)
(074600)
(059090)
(050090)
(078600)

(065130)
AP (054620)

Factory Automation &

Laser Cutter

LCD Panel

B k Li
Back
Light
ht

(056190)
(071280)
(049950)
(011930)
(079370)

PCB Bonding
TAB Bonding

Cell

LC Dropping

Polarizer Sheet

Seal / Tr Dispensing
Rubbing

UV C
Cure
Assemble

clean

clean
B

(052420)
(039030)
NCB (078150)
(079810)
(053810)
(009310)
(080000)

Turn
Spacer Spraying

ITO Coating

Rubbing

clean
RGB Coating

Tester & Others

PI Dispensing

clean

Color Filter

clean

Module

LC Dispenser

Chemical & Materials

PI Dispensing

BM Process
Glass
Stripping

Films
(036550)
(056700)
(067770)

(095500)
(027580)
(073110)

Etching
clean
clean

Mask & Pellicle

(036810)

Developing
Coating~Exposure
Deposition

Glass

TFT

CVD / Cleaner & etc

(036930)
(029460)
DMS (068790)
(039440)
IPS (030530)
(083930)
(080000)
LIG (079950)
(052900)
(080440)
(031980)

Back Light Unit / Lamp & Others

(001210)
(082850)
(00471)
(051710)
(036210)
(041520)
(074130)
(047440)
(066970)

(065680)
(062860)
(054090)
(065350)
(042600)
(049120)
(037330)
(091690)
(025320)

98


Di l
Display
1. LCD
2010 LCD ,
set

LCD TV ,
. 2010 LCD TV 24.4%,
21.4%, 13.0% , 1.6%, 8.1% .
TV LCD TV 80% , LCD TV
TV . TV 5%
LCD TV

LCD
()

( )
NBPC panel ()
250
TV 32" ()
Monitor 19" ()

Monitor panel ()
TV panel ()
NBPC 15.6" ()

200
180

200

160
140

150

120
100
80

100

60
40

50

20
0

2.

. 4
2006 74.8%, 2008 77.0%, 2010 81.6%

0
2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

: Displaysearch

LCD
()

30.0

LG Display

Samsung

AUO
Sharp

Chimei Innolux

25.0

3. LCD
2011 1 IT LCD . 1
2 TV LCD

LCD ,

20 0
20.0
15.0
10.0

3.0

2.7

22
2.2

22
2.2

3.8

3.5

3.7

4.0

5.9

5.9

5.2

5.6

5.7

5.6

4.8

2Q10

3Q10

4Q10

1Q11

2.8
2.1
3.4
3.6

2.6
1.5
3.2
3.3
4.7

5.0
0.0

: Displaysearch

99


Di l
Display
4. OLED
OLED LCD LCD LCD ,
, , Flexible Display 3D TV

2010 98%
, LG 2011

2010
4.5
80K

, 2011 5.5 70K

LG 4 4K , 2011 12K

OLED TV .
8
2012 OLED

5. 3D TV TV
3D TV TV LCD TV

3D TV 2010 320 , 3D
3D TV 2014 9
3D TV 3D LG
3D . ()
, .
, , 3.0
(3Mbps->24Mbps)
TV OS /
TV. TV 2014 1 5

OLED
()

()

7.0
6.0

OLED ()

2,000

OLED substrate()

1,800
1,600

5.0

1,400

4.0

1,200

3.0

800

1,000
600

2.0

400

1.0

200

0.0

0
2009

2010

2011

2012

: Displaysearch,

3D TV
()

25,000
20,000

15,000
10,000
5,000
0
2010

2011

2012

2013

2014

2015

: Informa Telecoms & Media

100


S i
Semicon/Display
/Di l

(108320)

Key Description

1. LDI(LCD Drive IC), T-CON (Timing Controller),

PMI(Power Management IC)

LDI

T-CON

PMIC

2. LG
14%

3. LG
*LDI : LCD

*PMI : IC

Profile

24%
62%

707

707

Flat Panel Display Solution(T-CON, LDI, PMIC)

81 / 5,644
36.6%
30.4%
41,300 / 23,527
18.3%

101


S i
Semicon/Display
/Di l

(108320)
Valuation

IT

1. LG
LGD (CVDS : T-Con, DDI
)

LGD MS 6~70%

2.
(T-Con, DDI, PMIC) LGD
LGD DDI 2

( : , , , %)

EPS

PER

PBR

ROE

2008

1,252

212

237

2,322

62.7

2009

1,892

362

385

2,759

51.2

2010

2,570

371

404

2,656

12.6

2.7

27.3

2011E

3,535

577

560

3,443

10.6

2.3

24.2

2012E

4,113

847

748

4,597

7.7

1.7

24.9

: Fnguide

PC
()

()

PC

25000

()

4,000

3. TV
LGD TV T-Con, DDI

20

3,500

20000

3,000

15000

15

2,500

(2010 MS 10% ->

> 2011 MS 30% )
TV

(%)
25

()

4 500
4,500

2,000

10000

10

1,500
1,000

5000

500
0

0
10

12(E)

14(E)

0
08

10

12

102


S i
Semicon/Display
/Di l

(123860)

Key Description

1. T-CON (Timing Controller)

T-Con

2. TV T-CON 30%
3.
*T-Con :

1%
98%

1%

Profile

19712 6
19712 6

Flat Panel Display Solution(T-CON)

50 / 1,893
36.7%
16.1%
22,519 / 14,900
9.4%

103


S i
Semicon/Display
/Di l

(123860)

Valuation

High-End TV
1. TV (T-Con)
09 T-Con(Timing Controller) LCD/LED TV

AiPi(Advanced Intra Panel Interface)

( : , , , %)

EPS

PER

PBR

ROE

2008

99

18

2.4

2009

553

161

172

2,461

126.4

2010

938

245

223

2,651

7.4

2.9

49.0

2011E

1,222

269

246

2,432

8.1

2.4

35.8

2012E

1,460

292

263

2,599

7.7

2.4

31.4

: Fnguide

2. 3D TV/ TV
LCD TV T-Con
TV T-Con
T Con

3D TV
()

25000

( TV : 60Hz T-Con, TV : 120Hz T-Con,

TV : 240Hz T-Con)

20000
15000

3. OLED TV

10000

OLED TV T-Con OLED TV

5000
0
2010

2011

2012

2013

2014

2015

: Informa Telecoms & Media,

104


S i
Semicon/Display
/Di l

(036830)

Key Description

LCD

1. /LCD , 2

2. 95%, LCD 50%,

2 35%

9%
8%

3. , , LG, SDI
44%

(Et h t) :
4 (Etchant)
4.

Profile

11-4
11
4 4

11-4 4

38%

Etchant(/LCD )

CVD/ALD ()

73 / 6,110
52.1%
16.3%
39,150 / 18,550
52.1%

105


S i
Semicon/Display
/Di l

(036830)
Valuation

LCD , Thin Glass/

( : , , , %)

EPS

PER

PBR

ROE

2008

2,238

304

187

1,272

7.6

0.9

12.4

2009

2,901

357

255

1,733

12.5

1.7

15.0

LCD 2011 2 LCD

2010

3,487

492

330

2,245

13.6

2.1

16.7

, 2011 2 AMOLED 5.5

AMOLED

2011E

4,486

634

522

3,556

12.5

2.5

22.2

2012E

5,672

783

649

4,419

10.1

2.3

22.4

1. LCD OLED

2.

Tablet PC
SDI

3. Thin Glass
SMD LCD Thin glass 60% .
AM OLED PC

LCD

Thin Glass

CVD

ND M
Magnett

LGD

SDI

106


S i
Semicon/Display
/Di l

(033640)

Key Description

1. LCD IC, WLP ,

Driver IC

WLP

2. S WLP 90%
18%

30%

3. , , LG,

22%

*WLP(Wafer
(
Level Package))

Profile

()

30%

1449-2
1449
2

1449-2

WLP

LCD IC

DTW

110 / 4,070
27.7%
5.3%
23,340 / 13,970
89.9%

107


S i
Semicon/Display
/Di l

(033640)

Valuation

1.
2010 4 S Mobile
Application 90% WLP(Wafer Level Package)
WLP

2010 12 Capa 33,000 2011
60,000

2. DTW(Direct
(
Touch Window))
(40% ) 80%
ITO Patterning
30% 10%

( : , , , %)

PER

PBR

ROE

0.4

-4.3

1,894

203

-45

-222

2009

2,207

250

175

871

15.9

2.6

16.8

2010

2,385

260

136

669

24.6

2.3

10.4

2011E

2,941

342

358

1,640

13.5

2.6

20.9

2012E

3,419

427

457

2,091

10.7

2.3

22.5

: Fnguide

WLP
25

PC

WLP
WLP

20
15

10

900

800

PC

700

600

6
5

10

LCD LCD IC

EPS

2008

3. LCD IC 2011

4
3
2

5
0
2008
: Gartner

2010

2012E

2014E

350
300
250

500

200

400

150

300

100

200

100

50
0
2008

2010

2012E

2014E

: Gartner

108


S i
Semicon/Display
/Di l

(005290)

Key Description

1. (Photo Resist),

2. 2(25%), 35%

0.2%
23%

3. , LG, , BOE
* : /LCD
*Wet Chemical :

Profile

76%

* : //

472-2
1601,
KGIT 23

LCD

210 /2,838
34.9%
0.8%
6,950 / 4,800
171.3%

109


S i
Semicon/Display
/Di l

(005290)

Valuation

/LCD
1. /LCD , Wet Chemical
(Photoresist)

/LCD
(Photoresist),
(Ph
t
i t) (BARC),
(BARC) (CMP Slurry),
Sl
)
(Developer), Colored Resist, Column spacer

( : , , , %)

EPS

PER

PBR

ROE

2008

2,875

163

17

46

46.1

0.8

1.7

2009

3,542

268

207

514

9.3

1.6

16.1

2010

4,086

221

153

363

17.3

1.9

10.2

2011E

4,495

225

137

325

20.8

1.7

8.1

2012E

4,944

247

171

406

16.6

1.5

9.3

2. OLED,

(%)
77

()

()

OLED , Liquid Crystal

3500

3000

2500

(100%)

2000

74

1500

73

1000

72

500

71

1000

70

76

(%)

6000

8
7

5000

75
4000

08

09

10

3000

4
3

2000

2
1
0
08

10

12

110


S i
Semicon/Display
/Di l

(061970)

Key Description

Bumping

1. Drive IC Bumping

2. LG

9%

3. LG

(bump)

Profile

*Bumping :

1027-1
1027
1

1027-1

91%

Wire bonding

Bumping

176 /2,034
50.3%
4.6%
5,090 / 3,705
142.3%

111


S i
Semicon/Display
/Di l

(061970)
Valuation

( : , , , %)

()

EPS

PER

PBR

ROE

2008

379

78

-3

-3.1

2009

573

156

120

347

77.7

Wird bonding ,
,
(Pad) Bumping

2010

747

195

174

499

55.5

2011E

971

238

182

425

11.1

3.2

44.8

DDI(Display Driver IC) Gold(Au) Bumping ,

Solder( ) Bumping

2012E

1,077

285

240

697

6.9

2.4

30.7

1. Bumping

: Fnguide

LGMS

PC

2. Bumping Business Model

Au

(%)
80

()

25000
20000

60

3. ,
LGD Apple
M/S
70%

LGD M/S , 85% ,

2010 11 , LGD

PC

70

50

15000

40
30

10000

20
5000

10
0
07

08

09

10

0
10

12

14

112


S i
Semicon/Display
/Di l

(102710)

Key Description

1. , ,

0 3%
0.3%

2. LCD 80% 1
20%

* : , , ,
* :

Profile

3. , , LG, LG,
,

80%

205-5

205-5

71 / 1,562
29.2%
23.2%
10,700 / 11,600
54.0%

113


S i
Semicon/Display
/Di l

(102710)
Valuation

LCD ,
1.
,

( : , , , %)

EPS

PER

PBR

ROE

2008

717

108

72

628

25.1

2009

951

143

117

890

11.1

2.7

28.1

2010

1,290

164

136

958

10.4

2.1

22.5

2011E

1,713

198

162

1,144

9.3

1.9

22.1

2012E

2,066

254

203

1,435

7.6

1.5

23.4

: Fnguide

2. (LCD )
2010 LG TV (LG )

LCD LCD
LG LG

3 Etchant()
3.

,9%
,
%

2500

,5%
2000

,6%

,34%

LG,
9%

16
14
12

10

1500

8
1000

09

LGD,38%

6
4

500

2
0

0
08

10

12

114


S i
Semicon/Display
/Di l

(121600)

Key Description

1. TCO Target, TRB Paste, CMP Slurry

2.
20%

3. Solyndra, Cabot microelectronics

*TCO: ()
()





(
, , )

Profile

9 0%
9.0%
56%
15%

244

244

27 / 1,409
45.5%
0.7%
19,800 / 13,700
90.0%

115


S i
Semicon/Display
/Di l

(121600)

Valuation

( : , , , %)

Nano Size

EPS

PER

PBR

ROE

2008

122

35

18

347

16.3

2009

200

52

46

900

30.7

2010

278

87

69

1,311

13.6

4.1

31.7

Target( ) Paste( )

2011E

384

121

101

1,453

13.7

2.1

39.0

(In) 87.4% IT

2012E

494

167

156

2,196

9.0

1.7

20.8

1. Nano Size
, , , ,

: Fnguide

2.
2008
CIGS
2010 56%

()

600

180
160

CIGS 2012
AKT 8, AM OLED

Silver Paste Level-UP

35

500

30

140
400

120

3.

40

100

25

300

20

80

15

200

60

10

40

100

20
0

0
07

08

09

10

0
08

10

12

116


S i
Semicon/Display
/Di l

(039030)

Key Description

1. //LCD/PCB/

Marking

2. 95%, 50%
3. , LG, BOE, TSMC
* : / ,

LCD

PCB

Grooving

10%
10%

19%

61%

Profile

2 864-4
864 4

2 864-4

Marking

Marking

Cutting

61 / 4,293
44.1 %
13.7%
43,500 / 22,450
34.8%

117


S i
Semicon/Display
/Di l

(039030)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

1,011

90

97

896

7.7

0.8

11.1

2009

810

68

52

479

33.4

1.9

5.5

300 , 14

2010

2,054

445

320

2,714

11.7

2.5

24.3

95%, 50%

2011E

2,603

596

474

3,871

10.2

2.4

25.3

2012E

3,091

773

629

5,142

7.5

1.8

27.5

1.

IT

: Fnguide

2. Laser Source
Laser

Cutting, Drilling, Grooving

IC

IC

25

300
250

20

200

15

25

WLP

275

LED TV

270

20

265
260

15

255

150

3.
Wafer Grooving
LED

10

10

250

100

50

0
04

06

08

10

12E

14E

: Gartner,

245

240
0

235
2008

2010

2012E

2014E

118


S i
Semicon/Display
/Di l

(029460)

Key Description

1. /LCD ,

LCD

2. LCD LGD ,
CMP , CMP

()

24%

3. , LG,

*CMP(Chemical
(
Mechanical Polishing))
:

9%
67%

Profile

268-1
268
1

268-1

LCD

CMP

CMP

157 / 2,869
43.4%
16.8%
9,500 / 4,876
25.4%

119


S i
Semicon/Display
/Di l

(029460)

Valuation

LCD CMP

1. CMP
CMP( )

CMP
CMP

( : , , , %)

EPS

PER

PBR

ROE

2008

1,860

232

112

349

6.3

0.5

8.9

2009

955

97

101

313

18.0

1.3

7.4

2010

2,303

229

250

775

8.2

1.3

16.0

2011E

2,480

258

281

866

10.0

1.5

15.2

2012E

2,728

293

314

968

9.0

1.2

14.6

2. CMP
2007 CMP 2010
179 15%
179,
2011 35/

3. LCD
LCD , DMS,
LG

CMP
1600
1400

CMP

160

YoY

140
120

1200

100

1000

80
60

800

40

600

20

400

0
-20

200

-40
-60
60

0
05

07

09

11E

13E

15E

: Gartner,

YoY
o

700

250

600

200

500

150

400

100

300

50

200

100

-50
-100
100

0
2008

2010

2012E

2014E

: Gartner,

120


S i
Semicon/Display
/Di l

(042700)

Key Description

1. ,

2. 1

5%

3. Amkor, ASE, SPIL,

*S&P (Sawing&Placement System)

28%

67%

: , , ,

Profile

532-2

532-2

S&P

127 / 2,383
60.4%
3.7%
9,330 / 6,660
36.7%

121


S i
Semicon/Display
/Di l

(042700)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

714

50

73

290

10.0

0.6

6.3

2009

752

81

70

276

23.4

1.3

5.8

32% 1

2010

1,709

280

347

1,365

6.0

1.3

23.9

2011~2013 10.2%

2011E

1,860

323

244

958

8.9

1.2

13.7

2012E

2,387

411

320

1,257

6.8

1.0

16.0

1.

: Fnguide

2.


/ , LG,

250

IC

200

30% 2010 500

6 14%
6.14%

1000

200

180
160
140
120

150
600

2003

1200

800

6
5

3
3.

S&P

100

50

100
80

400

60
40

200

20

0
06

: Gartner

08

10

12E

0
2006

2008

2010

122


S i
Semicon/Display
/Di l

(084370)

Key Description

1. Single-Type LP CVD,

2. LPCVD,

LPCVD / Plasma

4%

3. ,
*LP CVD(Low pressure-Chemical Vaper Deposition)
:

Profile

209-3
209 3

209-3

96%

Single-Type LP CVD

64 / 2,348
39.8%
3.3%
17,800 / 10,200
38.0%

123


S i
Semicon/Display
/Di l

(084370)

Valuation

Single-Type LPCVD
1. Single-Type LPCVD
Single-Type LPCVD

DRAM, NAND,

( : , , , %)

EPS

PER

PBR

ROE

2008

95

-22

-12

-92

0.9

-4.7

2009

488

76

61

462

17.5

4.3

21.6

2010

939

197

179

1,352

10.2

3.8

43.4

2011E

1,290

270

250

1,884

9.0

3.7

39.2

2012E

1,570

310

290

2,186

7.4

2.8

34.1

: Fnguide

LP CVD

2. LP CVD
LP CVD
1.6% Applied Materials 3.0%

()

(%)

1400

160

LPCVD()
YoY()

1200

120

1000

80

800

3
3.
DRAM 50nm NAND 40nm
2008

40

600

400

()

()
()

1600

YoY()

1400

-40

-80
80
05

: Gartner

07

09

11E

13E

15E

250
200

1200

150

1000

100

800

50

600

400

200

(%)

-50

200
0

-100
100
05

07

09

11E

13E 15E

: Gartner

124


S i
Semicon/Display
/Di l

(053740)

Key Description

1. Vertical Diffusion Furnace, LP CVD, ALD

2. Diffusion Furnace/LP CVD
(,Tokyo Electron Limited 90% )

7%

6%

3. ,
*VDF(Vertical Diffusion Furnace, )
:

Profile

87%

4-2
4 2

4-2

Vertical Diffusion Furnace

LP CVD

49 / 1,389
54.9%
51.9%
15,400 / 5,560
64.8%

125


S i
Semicon/Display
/Di l

(053740)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008 03

1,135

136

118

1,193

8.2

1.8

22.4

2009 03

301

0.3

20

198

19.0

0.8

3.9

2010 03

794

55

606

8.9

1.1

13.9

2011 03E

1,346

217

176

1,782

8.0

1.6

33.9

2012 03E

1,771

290

232

2,352

6.1

1.3

35.4

1.

2
2.
Batch Type LPCVD
Single Type LPCVD 2011

: Fnguide

LPCVD Diffusion Furnace

()

3.

()

1400

2009 400( 61.0%)

1200

1000

LPCVD()
( )

900

Diffusion Furnace()

800
700
600

800

500

600

400
300

400

200

200

(%)

()

1200

()

100

()

90

1000

80
70

800

60

600

50
40

400

30
20

200

10

100

0
04

: Gartner

06

08

10 12E 14E

0
FY2005

FY2007

FY2009

126


S i
Semicon/Display
/Di l

(095610)

Key Description

1. (PECVD), (Dry
Etcher),

CVD

2. ACL PECVD HF Dry Etcher

3. ,

Etcher

Regen

17%

7%
55%

*PE CVD :

21%

Profile

640
640-1
1

640-1

PECVD( )

(Dry Etcher)

24 / 1,073
39.2%
1.4%
24,350 / 10,700
43.4%

127


S i
Semicon/Display
/Di l

(095610)

Valuation

1.
(PECVD) (Dry Etcher)

PECVD
Dry
D Etcher
Et h

( : , , , %)

EPS

PER

PBR

ROE

2008

460

-52

-90

-2,048

0.8

-23.5

2009

293

-80

-77

-1,631

1.9

-17.8

2010

816

71

64

1,370

13.4

2.1

14.2

2011E

1,192

154

120

2,550

9.2

1.7

22.3

2012E

1,731

236

185

3,931

6.3

1.3

26.8

: Fnguide

PECVD Dry Etcher

2.
2011

()

PECVD()
Dry Etcher()

2000
1800

6000
5000

1600

3.

()

1400

4000

1200
1000

3000

800

2000

600
400

1000

200
0

0
04

: Gartner

06

08

10 12E 14E

(GW)
70

(%)

()
()

45
4.5
4.0

60

3.5

50

3.0

40

2.5

30

2.0
1.5

20

1.0

10

0.5

00
0.0
07

09

11E

13E

: Photon

128


S i
Semicon/Display
/Di l

(083930)

Key Description

1. ,

2. LCD , LGD 19.9%

11%

3. LG, BOE
29%
*(Sputter) : LCD
*OLED : Panel

Profile

71%

1107

1107

FPD Sputter

Encapsulation

Stocker

51 / 1,812
20.5% 30.9%
2.4%
19,200 / 6,380
106.3%

129


S i
Semicon/Display
/Di l

(083930)

Valuation

AM OLED
1.
Ulvac() ATK()

LG 50%
LG P9

( : , , , %)

EPS

PER

PBR

ROE

2008

909

59

69

743

3.2

0.6

21.2

2009

1,226

82

113

1,102

6.5

1.4

25.2

2010

2,280

164

146

1,426

11.7

2.6

25.4

2011E

2,625

220

188

1,841

10.2

2.2

25.4

2012E

3,006

281

247

2,417

7.7

1.7

24.6

: Fnguide

2. AM OLED

OLED

OLED
OLED 400 OLED

()

()

OLED ()
OLED substrate()

7
6

3.

40

1800
1600

600

35

1000
800
600
400
200
0

0
2009

2010

2011

2012

45

()

700

(%)

()

2000

LGD

()

800

1400
1200

(LG, LG )

30

500

25

400

20

300

15

200

10

100

0
08

10

12

130


S i
Semicon/Display
/Di l

(031980)

Key Description

1. (Asher), Dry Cleaning

2. Asher 34% 1

Asher

18%

3. , , , Renesas, Micron

*Asher : (Photo-resist)

82%

Profile

2-12

2-12

Asher

Dry Cleaning

Lite Etcher

99 / 1,473
32.9%
2.6%
9,870 / 6,460
13.6%

131


S i
Semicon/Display
/Di l

(031980)
Valuation

Ashing
1. Ashing
Asher
1 Asher

2
2.
TSMC, Global Foundries
, Capa Asher 4~5

3.
Dry Cleaning( ) Lite
Etching System
LED

( : , , , %)

EPS

PER

PBR

ROE

2008

550

-33

-49

-250

1.0

-4.4

2009

327

-1

45

228

19.2

0.8

4.0

2010

998

95

101

512

14.7

1.2

8.4

2011E

1,238

215

196

992

7.5

1.0

14.4

2012E

1,330

267

249

1,260

5.9

0.9

16.1

: Fnguide

Asher

Asher

Asher()
YoY()

()

600

140
120

500

100
80
60

400

(%)
90

30

100
0

-60
80
-80
07

09

11E

13E

15E

30

60

0
-20
-40

05

35

70

50

200

40

80

40
20

300

()
)

25
20

40

15

20

10

10

0
2006

2008

2010

132


S i
Semicon/Display
/Di l

LIG

(079950)

Key Description

1. , ,

2. Dry Etcher , LG 19%

7%

3. LG, AUO(), BOE()

28%

*Dry Etcher : TFT

65%

*AOI : LCD Pixel

Profile

333
333-5
5

333-5

Dry Etcher

VAS

AOI

116 / 1,387
24.7%
0.7%
9,280 / 4,600
63.1%

133


S i
Semicon/Display
/Di l

LIG

(079950)
Valuation

LCD
1. LCD Dry Etcher
LCD Dry Etcher, AOI LG
(LGD 1)
LGD 12.9%, LG 5.8%

2.
LG AOU, BOE LCD Dry Etcher

EPS

PER

PBR

ROE

2008

1,047

128

102

530

3.8

1.2

24.9

2009

860

-92

-153

-678

4.7

-37.5

2010

1,873

152

135

580

10.3

3.0

30.0

2011E

2,300

253

227

980

6.1

2.3

35.5

2012E

2,530

303

242

1,043

5.7

1.8

32.7

: Fnguide

LG
BOE()

AUO()
LED

3. LED MO-CVD
LED MO-CVD ,

( : , , , %)

26%

LGD
OLED


50%
9%
13%

()

3 000
3,000

15

()

2,500

10

2,000

1 500
1,500

1,000

-5

500

-10

-15
15
08

(%)

()

10

12E

134


S i
Semicon/Display
/Di l

(065130)

Key Description

1. LCD Dispenser, GCS, LED

Dispenser

GCS

ARRAY

LED

2. LCD Dispenser 1

29%

3. LGD, AUO(), CMI()

41%

*LCD/Seal Dispenser : LCD

*GCS(Glass Cutting System) : LCD

Profile

*Array Tester : Transistor

60-3
60
3

60-3

13%
4%

13%

LCD Dispenser

GCS(Glass Cutting System)

LED Dispenser

76 / 1,320
17.1%
1.6%
10,600 / 6,100
68.4%

135


S i
Semicon/Display
/Di l

(065130)

Valuation

1. LGD GCS/Array Tester
GCS, Dispenser(), Array Tester

LGD P9 700

( : , , , %)

EPS

PER

PBR

ROE

2008

1,180

243

52

363

11.0

0.7

6.4

2009

1,009

209

131

921

9.2

1.1

13.7

2010

1,206

132

64

443

18.1

1.0

5.7

2011E

1,600

274

224

1,552

5.8

1.0

15.9

2012E

1,900

315

258

1,794

5.1

0.8

18.0

: Fnguide

2. LED/OLED
LED PECVD/Etcher/MOCVD
OLED , Evaporation

LCD
()

30
25

3.
( 25%, 2 ) 2010

( 45.7%, , 2010 143,
19 )

LG Display
AUO
Sharp

Samsung
Chi
Chimei
i IInnolux
l

2Q10

3Q10

20
15
10
5
0
4Q10

1Q11

: Displaysearch,

136


S i
Semicon/Display
/Di l

(065680)

Key Description

1. LCD/

LCD

2. /LG ,

11%

3. , LG,

* :

33%

56%

(Pitch 0.4~0.8mm, 1.5mm )

Profile

195-14
195 14

195-14

LCD

50 / 2,667
41.2%
15.9%
34,250 / 21,800
31.5%

137


S i
Semicon/Display
/Di l

(065680)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

902

221

91

1,000

5.4

1.0

19.3

2009

1,597

369

287

3,146

7.1

2.4

43.8

//

2010

1,801

346

268

2,883

11.5

2.4

19.3

2011E

2,033

436

368

3,684

7.7

1.7

28.0

2012E

2,334

471

395

3,976

7.1

1.3

23.0

1.

2
2.

it PC

: Fnguide

(%)

3.
FFC(Flat Flexible cable,
) , 100

LGD

25

(Sony,JVC,CMI,AUO,HannStar)

20
15

56%

10

33%

5
0

11%

138


S i
Semicon/Display
/Di l

(073110)

Key Description

1. ,

2. 60%, 15%
14%

3. , LG, Nokia, Motorola, Sony, Sharp

* : (CCFL/LED)
* : CD/DVD

Profile

86%

32
32-2-5BL
2 5BL

32-2-5BL

LED TV

44 / 2,060
33.0%
2.6%
25,500 / 12,200
64.1%

139


S i
Semicon/Display
/Di l

(073110)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

670

60

34

381

11.9

1.0

8.9

2009

687

154

104

1,168

7.6

1.6

24.0

LCD BLU AM
OLED

2010

724

191

189

2,156

8.1

2.3

33.7

2011E

1,332

269

242

2,775

8.9

2.5

33.4

60% ,

2012E

1,755

353

282

3,229

7.7

1.9

31.1

1.

: Fnguide

2.

25% ,

()

1600

Mobile Phone Market

1400

(%)
80

1800

1200

70

1600

1000

65

800

60

1000

600

55

800

PC

400

50

LED TV (, , )

200

45

40

3.

09

10

11

12

()

2000

75

3D TV 3D Blu-ray

(%)
30

()
()

25

1400

20

1200
15
10

600
400

200
0

0
08

09

10

11

12

140


S i
Semicon/Display
/Di l

(058470)

Key Description

1. LEENO PIN, IC TEST SOCKET

LEENO PIN

IC TEST SOCKET

2. Probe Pin 70%

1.2%
23%

3. 1 ( )

*LEENO PIN(Probe Pin) : DRAM/PCB

Profile

*IC Socket : test

76%

1547-3

1547-3

LEENO PIN

IC Test Socket

Probe

40 /1,893
42.8%
3.4%
23,000 / 13,100
8.4%

141


S i
Semicon/Display
/Di l

(058470)

Valuation

1. ( )
Test
( 5 , 3 )
Probe Pin ,

2. / 2
(Lens Cap, Matching Layer, Shield)

2 SB(SDI Bosch()
)

. , (5 38%)

EPS

PER

PBR

ROE

2008

427

139

113

1,407

6.5

1.0

17.6

2009

365

101

81

1,012

14.8

1.6

11.9

2010

565

220

162

2,024

7.7

1.4

20.6

2011E

671

271

221

2,755

8.0

1.8

22.1

2012E

750

295

245

3,054

7.2

1.6

21.6

: Fnguide

()

()

800

()

700
600

3.

( : , , , %)

500
400
300

(%)
45

()

40

800

35

700

30

600

25

500

20

400

15

300

200

10

100

0
08

10

12

900

800

550

600

600
500

200
100
0
06

08

10

142


S i
Semicon/Display
/Di l

(071670)

Key Description
1. TV , ,

2.

TV

1 , 15.9%
21%

3. , , GE

37%

7.0%

* : , , ,

Profile

123-1
123
1

123-1

34%

50 / 1,650
33.2%
0.4%
28,600 / 14,550
148.3%

143


S i
Semicon/Display
/Di l

(071670)

Valuation

EPS

PER

PBR

ROE

2008

1,166

82

79

835

48.6

2009

1,317

103

95

965

21.3

4.5

28.5

2010

1,929

182

191

1,908

11.0

3.3

34.6

2011E

2,348

235

240

2,400

6.9

1.9

37.2

2012E

3,123

301

305

3,050

5.4

1.4

30.2

,
1. ,
TV, ,

TV

2.
TV,

( : , , , %)

: Fnguide

LED ,

3.
( 95.5%, )
(2010
(
33
),
)

11%

16%

TV
38%

,
35%

,
9%

,
14%

, 4%

5%

,
68%

144

Electronic Parts
(008060)
(036710)
(051370)
(007660)
(088390)
(098460)
(020760)
(080520)
(005680)

145


El t
Electronic
i Parts
P t
PCB

Rigid

Flex

(MLB))
(

Package
SuBstrate

Rigid

Flex

146


El t
Electronic
i Parts
P t
PCB

Multi-Layer PCB
(MLB)

Build-up PCB

Flexible
PCB

147


El t
Electronic
i Parts
P t
PCB

Mobile

Main
i Board
d

,
,

GDS

PKG Substrate

148


El t
Electronic
i Parts
P t : PCB
1. 2010 PCB
1,000
1 000 PCB 2010 5
6,437(13.7%) 3,468(-2.3%)
LG ,
GDS

PCB

LG

2.

Top-tier PCB ,2-tier

GDS

2009 (, , ,
) FPC HDI ,

3.
2010 Package substrate
(, ), (, )

application

50% ,

3~4

2009

2010

application

13,682

14,428

5.5

HDI 40%, BGA 40%

1,099

1,280

16.5

FC-BGA 20%

6,779

6,822

0.6

HDI 40%

423

-65

MLB 25%, FPC 25%

Memory Module 45%

4,967

5,766

16.1

513

851

65.9

BGA 55%

3,957

5,307

34.1

48%

231

344

48.9

52%

2,795

4,192

50.0

MLB 43%, STH 27%

161

310

92.5

FPC 27%

3 654
3,654

3 603
3,603

-1.4
14

MLB

418

55

-86.8

2,751

3,074

11.7

119

209

75.6

HDI 34%

2,620

3,538

35.0

FPC

123

129

4.5

2,287

2,804

22.6

142

130

-8.8
14.0

2,142

2,441

-32

-30

1610

1807

12.2

145

79

-45.5

1,345

1,544

14.8

122

132

8.2

1,063

1,111

4.5

84

44

-47.6

49 652
49,652

56 437
56,437

13 7
13.7

3,549

3,468

-2.3

MLB 50%

FPC

HDI
FPC
FPC

149


El t
Electronic
i Parts
P t : PCB
4. PCB

LG PCB

()
350

300

Main Board build-up PCB application

3G Wi-Fi Femtocell
, LTE
Mobile ,

12 MLB ,

56.9

()

250

()

200

(%)
80
60

44.5

32.6

150

40

24.8

100

5. PCB

66.9

()

73 5
73.5

10.9

20

50
0

0
04

05

06

07

08

09

10

(TB)
1400

1,153

1200
1000
800
484

600
400
200

11

30

2008

2009

77

194

0
2010

2011

2012

2013

150


El t
Electronic
i Parts
P t : PCB
6. DRAM PCB
DRAM 4 20.6%
20 6%
2008 PC , PC

DDR2 DDR3 ASP

, ,

DRAM
A
PCB
C
, DRAM

7. Package Substrate
PCB

Main Board PCB 1:1 , Package
substrate Lead Frame

DRAM 201420.6%
(%)

()

()

35,000

DRAM
()

30,000
25,000

50
40

20,000

30

15,000

20

10,000

10

5,000

0
-10
10

0
04

06

08

10

12

14

: Gartner

Package Substrate ()
2008

Package substrate , ,
1~2 DRAM BOC(Board on Chip) ,
CSP(chip Scale Package) Flip Chip

60

2013

(%)

(%)

FC-PPGA/LGA

1,512

21.6

1,531

17.8

FC-BGA

2,002

28.6

2,795

32.5

686

98
9.8

636

74
7.4

CSP

1,057

15.1

1,273

14.8

BOC

553

7.9

559

6.5

FC-CSP

182

2.6

765

8.9

RF Module

231

3.3

249

2.9

Other Module

595

85
8.5

662

77
7.7

182

2.6

129

1.5

7,000

100

8,600

100

PBGA

Total

151


El t
Electronic
i Parts
P t
LED

Al, Ga, In

Curre nt
(+)

As, P, N, S
EPITAXI
AL
LAYERS

P-GaN
InGaN

(-)

N-GaN
Al2O3 (insulating)

Sapphire Substrate

Epiwafer

Chip

Package

LG

LG

LG

()

152


El t
Electronic
i Parts
P t : LED
1. 2010 LED
LCD TV LED BLU 2009 LED
2010
LCD Set
LED TV LED
2011 1
LED 50% , LED

LED 2010 4
, LG

2010LED

120%
100%
80%
60%
40%
20%
0%
1Q10

2. 2010 LCD TV
2010 LCD TV 24.0% 2008

TV
2010 LCD TV

2Q10

3Q10

4Q10

2010LCD TV
()

LCD TV ()
yoy ()

120,000

160%
140%

100,000

120%
80,000

100%

60,000

80%
60%

40,000

40%
20 000
20,000

20%
0%

0
04

05

06

07

08

09

10

153


El t
Electronic
i Parts
P t : LED
3. Ingot

2011

2010 Ingot ,

()
30,000

LED BLU LED TV CCFL

BLU LCD TV

25,000

4. LED TV 50%

LED Ingot

4 ()

120,000
100,000

20,000

80,000
15 000
15,000

2 ()

60,000

10,000

40,000
Ingot ()

5,000

2011 LCD TV LED TV 50%

LED TV , LED TV

(
140,000

20,000
0

0
08

09

10

11

LED TV
()

LED TV ()
LED TV ()

100000

50%

80000

40%

60000

30%

40000

20%

20000

10%

0%
2010

2011

154


El t
Electronic
i Parts
P t

(008060)

Key Description

1. PCB (Printed Circuit Board)

2. HDI, TLB, MLB, PKG

3. (HDI), , (TLB),
Cisco(MLB), , , Amkor(PKG)

48%

52%

* HDI (High Density Interconnection) build-up

* MLB (Multi-Layer Board) : 4L PCB , 12L

Profile

* PKG (Package Substrate) : Chip Main Board PCB PCB

390-1
390
1

IR Site

390-1

244 / 5,490

6 20.4%

10.2%

52
/

11,300 / 5,850

29.7%

Main board

MLB

Memory module

PKG substrate

155


El t
Electronic
i Parts
P t

(008060)

Valuation

2011, PKG
1. PKG 2011
UTCSP(Ultra-thin Chip Scale PKG)
2011sus

800 (PKG ) 2
PKG 40%
Mobile Application Processor FC CSP(Flip Chip
CSP) , 2012 CAPA

2010 4 HDI, TLB, MLB

EPS

PER

PBR

ROE

2008

3,364

58

-671

-1,376

0.6

-22.9

2009

3,957

231

446

914

4.8

0.6

16.6

2010

5,307

344

474

971

7.3

0.9

14.7

2011E

6,590

473

674

1,382

8.1

1.2

17.6

2012E

7,415

541

872

1,788

6.3

1.0

19.4

PCB

Non-BOC PKG
(%)

2. HDI,, TLB,, MLB

( : , , , %)

()

80

1,000
900
800
700
600

70

500
400
300
200
100
0

30

60
50
40

20
10
0
1Q09

1Q10

1Q11

08

09

10

11

156


El t
Electronic
i Parts
P t

(036710)

Key Description

1. PCB (Printed Circuit Board)

2. Memory module PCB, BOC 1

3. , , Micron, LGD, Nanya,

STATSChiPAC, Sandisk

Module PCB

BOC

FMC

MCP

7.7%
8.5%
42.4%

10.5%

* Module PCB PC DRAM module PCB

* BOC(Board on chip) DDR2 lead frame package substrate

Profile

* MCP(Multi chip package) package substrate

70-5
70
5

IR Site

25

121 / 4,474

1 27.8%

5.0%

52
/

16,600 / 8,800

223.2%

30.9%

PCB & BOC (Board on chip)

MCP (Multi chip package)

157


El t
Electronic
i Parts
P t

(036710)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

4,150

355

-1,510

-5,552

-384.6

1. Top tier DRAM 1

2009

4,967

513

494

1,814

2.0

3.4

352.8

Memory module PCB 1

2010

5,766

851

707

2,599

4.0

2.2

94.1

, , Micron, Nanya top tier DRAM

1

2011E

6,869

983

688

2,367

6.5

2.2

40.8

2012E

7,257

1,018

729

2,509

6.1

1.7

31.1

BOC 1 , DDR2 DDR3

2.
MCP
MCP, FMC(Flash memory card) ,

DRAM mix
high-end package substrate

3.
2014 DDR4 FC-CSP BOC

DDR4

()
()

90

(%)

(%) 18

()

140
120

80

16

70

14

60

12

50

10

40

60

30

40

20

10

0
09

10

11

DDR4
DDR3
DDR2
DDR1

100

SDRAM
SDRAM
SDRAM
SDRAM

80

20
05

07

09

11

13

15

158


El t
Electronic
i Parts
P t

(051370)

Key Description

1. FPCB (Flexible Printed Circuit Board)

S/S

2. FPC
global

D/S

R/F

Multi

2.2%
21.0%

3. , Apple, Motorola, RIM

48 8%
48.8%
* / FPC : FCCL() FPC
* Multi FPC : 3L Layer FPC

Profile

28.1%

* RF FPC : Rigid() Flexible() FPC FPC

635-2
635
2

IR Site

635-2

62 / 4,082

1 47.1%

3.5%

52
/

34,850 / 13,650

92.1%

/ FPC

Multi FPC / Rigid-Flexible FPC

159


El t
Electronic
i Parts
P t

(051370)

Valuation

Global FPC
1. 50%
2007 80% ,
50:50
A 2010
, 2011 Tablet PC FPC

2008 M turn around

, Levelup

2 /
2.
Multi RF FPC ASP ,
Application
/

,

3. 500
500 3
CAPA 2

( : , , , %)

EPS

PER

PBR

ROE

2008

2,538

20

65

53.0

0.4

0.8

2009

2,795

161

224

1,818

3.2

0.6

19.9

2010

4,192

310

317

2,574

7.7

1.6

22.8

2011E

5,246

438

476

3,404

8.6

2.1

26.9

2012E

6,641

545

544

3,892

7.5

1.6

24.1

50%

/
()

()

2000

1500

1400

1200

RF/Multi

1000
800

1000

600
400

500

200
0

0
2008

2009

2010

2011

06

07

08

09

10

160


El t
Electronic
i Parts
P t

(007660)

Key Description

1. PCB (Printed Circuit Board)

2. Cisco PCB 1,
MLB

MLB

BUP

LCD

5.7%
5.7%

3. Cisco (MLB), LG (HDI), (TFT-LCD)

26.9%
* MLB (Multi-Layer Board) : 12L PCB ()

61.7%

* LCD PCB / Main board Build up PCB :

Profile

29-54
29
54

IR Site

112-4

413 / 2,117

5 30.2%

6.6%

52
/

5,380 / 2,690

287.2%

MLB

LCD PCB

Main board

Rigid Flexible FPC

161


El t
Electronic
i Parts
P t

(007660)

Valuation

+
1.


Wi-Fi

2. MLB
Cisco(2008) CRAY(2009) Supplier of the year

Global top-tier
top tier switch Cisco 1

3.
MLB, Build-up PCB, TFT-LCD
PCB
FPC

MLB

LED Metal
M l PCB ,

( : , , , %)

EPS

PER

PBR

ROE

2008

2,608

132

110

342

4.1

0.4

11.5

2009

2,751

119

177

429

4.1

0.5

15.1

2010

3,074

209

240

581

5.4

0.8

16.4

2011E

3,320

260

303

735

7.0

1.1

17.6

2012E

3,742

321

367

890

5.8

1.0

18.2

MLB
()
MLB
BUP
TFT-LCD

600
500
400
300
200
100
0
08

09

10

11

162


El t
Electronic
i Parts
P t

(088390)

Key Description

1. FPC , Packaging
2. FPC 1
Packaging

FPC

9.8%

3. FPC : , , SIFLEX
Packaging : ,
* FCCL (Flexible Copper Clad Laminated) : FPC
* Packaging : Chip PCB Chip

Profile

1352

I6
I6-1
1 BL

IR Site

1352 I6-1 BL

43 / 1,514

8 31.2%

4.5%

52
/

18,750 / 10,450

91.5%

90.2%

FPC

163


El t
Electronic
i Parts
P t

(088390)

Valuation

FPC Packaging
1. FPC 1
, , SIFlex
FPC 1
Device FPC

Tablet PC , FPC

2.
Packaging
g g

DRAM, Flash Memory

Packaging
FPC , 2012

( : , , , %)

100m2/ capa
FPC Packaging
P k i

EPS

PER

PBR

ROE

2008

332

17

-16

-244

1.0

-7.2

2009

727

68

41

602

5.0

0.9

16.4

2010

1,035

133

90

1,153

10.2

2.1

22.4

2011E

1,521

200

155

1,821

9.5

2.2

25.1

2012E

2,195

294

222

2,607

6.6

1.7

27.4

: Fnguide

FPC

Capa
(/)

()

2 000
2,000

1200
Display

1000

FPC

800

1,500

1 000
1,000

600

3.

400

500

200
0

04

05

06

07

08

09

10

06

07

08

09

10

11

164


El t
Electronic
i Parts
P t

(098460)

Key Description

1. / Package & Bump

SPI

Substrate Bump

3D AOI

3D Sensor

2. 1 ( 45% )
3. EMS, , , CPU I

* (SPI : Solder Paste Inspection) SMT

3D

Profile

IR Site

* Package & Bump Reflow Solder bump Ball 3D

345-90

345-90

43 / 2,322

6 17.9%

8.8%

52
/

28,000 / 8,642

25.1%

Packaging & Bump

165


El t
Electronic
i Parts
P t

(098460)

Valuation

1. 3D 45%
(Shadow problem) 3D
1
EMS, ,
CPU I
EMS 3D 10%

2.


,

( : , , , %)

EPS

PER

PBR

ROE

2008

343

59

81

1,121

5.6

1.6

32.8

2009

269

23

12

146

42.4

1.5

3.3

2010

712

188

158

1,955

5.6

1.8

34.6

2011E

1,103

295

236

2,699

10.1

3.2

34.9

2012E

1,638

426

342

3,816

7.1

2.2

35.5

2137%

500

429

450

364

400
350

IC In-line (SMT
solder paste 74% )

300

17%

250

35%
11%

3. Packaging 3D
10%

Mobile chip Flip chip packaging

FC-CSP
FC CSP DDR4

29%

200

181

201

222

253 268

298

322

150
100
50
09

10

11

166


El t
Electronic
i Parts
P t

(020760)

Key Description

1. LED Sapphire wafer, Touch screen

2.
Sapphire Ingot

3. LED, LG, ,

1.4%

37.4%

* Sapphire Wafer : LED Epi Ingot

61.2%

* Touch Panel : Display , ,

Profile

/ 8

IR Site

/ 8

129 / 3,077

9 47.5%

13.3%

52
/

13,650 / 7,020

179.9%

Sapphire wafer

Touch screen

167


El t
Electronic
i Parts
P t

(020760)

Valuation

( : , , , %)

Touch Panel

EPS

PER

PBR

ROE

2008

99

-41

-316

-2,327

-191.3

2009

338

26

120.0

4.1

1.9

LED
, Touch Panel Tablet PC

2010

1,139

131

101

394

22.9

6.8

22.6

2011E

3,484

450

392

1,522

7.3

3.8

55.2

Touch panel

2012E

4,642

557

457

1,774

6.3

2.3

40.3

1. LED Touch Panel

Android Tablet PC

2. Capa

50 Capa
p


,
,

LED, LG, LED

Ingot LED
,

3. Tablet PC
spec 2 Android Tablet
PC ,
Apple M/S
, Android 3~4

()

()

5000

300

Touch Panel

4000

250

Android
iOS

200

3000

150

2000

100
1000

50

0
08

09

10

11

12

10

11

12

13

14

15

168


El t
Electronic
i Parts
P t

(080520)

Key Description

1. Zener Diode, Power Tr, Photo Diode

Zener Diode

Power Tr

Photo Diode

2. 1 Zener Diode
3. LED, LG, , ,
( M/S 90%)

31%

33%

* Zener Diode : LED Chip Diode Chip

* Power Transistor :

Profile

16%

20%

814

IR Site

814

Zener Diode 5
/

45 / 1,300

5 28.4%

0.4%

52
/

19,350 / 11,350

27.5%

Power Transitor

Opto Divice , Tag Divice

169


El t
Electronic
i Parts
P t

(080520)

Valuation

( : , , , %)

LED

EPS

PER

PBR

ROE

2008

326

64

46

551

4.5

0.7

16.6

2009

512

128

80

964

8.5

1.8

23.3

Zener Diode LED Chip 1:1

2010

934

190

153

1,760

6.8

1.7

29.9

M/S 90% LED Indicator

2011E

1,257

242

202

2,260

6.4

1.6

27.3

2012E

1,494

273

233

2,602

5.6

1.2

24.7

1. Zener Diode

25% 1 50%

2. CAPA

5/( 3+ 2) 9/
( 5 + 4)

Zener Diode

PER

60%

20

50%

2 Set up

3. Valuation

Peer Group Valuation

LG

30%

25%

Re stocking


11(E) PER 6.4
6 4 Peer Group

0%
4Q10
:

1Q11

3
PBR

170


El t
Electronic
i Parts
P t

(005680)

Key Description
1.

Chip

2. 1
,

Radial

19%

12%

3. , LG
1%
* Aluminium : , , Capacitor
* / :

Profile
69%

146-1
146
1

IR Site

146-1

100 / 2,440

33.4%

36.1%

52
/

13,700 / 10,000

9.5%

Aluminum Electrolytic Capacitors

171


El t
Electronic
i Parts
P t

(005680)

Valuation

1.
Application
ASP

( : , , , %)

EPS

PER

PBR

ROE

2008

1,666

11

92

460

22.3

0.5

2.5

2009

1,982

46

135

674

16.4

0.6

3.5

2010

2,480

191

210

1,051

11.0

0.6

5.3

2011E

2,802

274

238

1,192

9.8

0.5

5.7

2012E

3,110

298

261

1,307

8.9

0.5

5.9

2. /

LED TV FPD TV TV

()

500

()

(CHIP)
(Radial)

400

600

300

3
3.
2010 1,000
, 4,000 PBR 0.5
2

ASP

200

Radial()

()

90

ASP()

500

80

400

70

300

60

200

50

100

40

30

100
2008

2009

2010

08

09

10

172

Mobile
(114120)
(091700)
(094190)
(122990)
(033560)
(039560)
(073490)

173


M bil
Mobile
-

:
: Al, Mg, Zn

: , , ,
, , ,
KH, ,
LG : , ,
, ,

: KH,

174


M bil
Mobile
-

: , ,

Touch screen
: , ,
, ,

LG : , ,
:

LG

175


M bil
Mobile
-

LCD
SMD, LG, ,
,

PCB
: , ,
, SI,
LG : LG, ,

: , , LG
,
ASIC : ,

176


M bil
Mobile

LG

MB PCB

KH

LCD

LG

FPC

MMC

GDS

EMW

SDI

LG

LG

LG

KH

LG

177


M bil
Mobile

1.
2000 10% 20%
: 2003~2004(1
),
2005~2006(),
2008~2010(2
)

2.
1 : (74.5%, ), (84.0%)

: 2004 Nokia
( -56.9%, -68.1%), (46.4%),
(86.4%)
2 : 2009
, (1178.2%), (828.0%), (273.8%)

(02.01=100)

180
160
140
120
100
80
60
40
20

2002

84.0%

-12.7%

74.5%

KH

-14.3%

46.4%

-83.1%

86.4%

-68.1%

1178 2%
1178.2%

-44.2%
44 2%

273.8%

-37.7%

2003

2004

2005

2006

2007

2008

2009

2010

2011

178


M bil
Mobile
3.

: (8M ),
(DMB, GPS )

2, 2,

2010 5

,
()

CPU
2 1GHz
1GHz Apple A5
2 1GHz

,

1GB
RAM
1GB ,512
MB
DDR2

.10.1,

,
8.9
9.7 (1024 X 768)
8.9 (1280 X 768)
(1280X800)

VGA
OS

4. Tablet PC
Tablet PC 6~1
, Apple iPad 50% ,

Tablet PC 750
,

5 key point
5.
4
, Tablet PC 7() 10.1(
2)
4 10 6 ,
ASP

Tablet PC
(020760) Top pick

3 0 ()
3.0
iOS
3.0
3 0 ()


.

:
2M
/

:
8M

:
0.3M
/

:
0.7M

:
2M
/

:
5M

Sdf

8.6mm

8.8mm

Sdf

10.1 : 595g

WiFi : 601g

Sdf

8 9 : 470g
8.9
470

V i
Verizon
: 607
607g

12.8 mm

630
630g

AT&T : 613g
:

Tablet PC
()

300

Android
iOS

250
200
150
100
50
0
10

11

12

13

14

15

: Gartner,

179


M bil
Mobile

(114120)

Key Description

1. OTP, LED Flash Solution, Aero Mouse

2. OTP 1

OTP

LED FM

5% 4%

3. Research In Motion, HTC,

* Optical Track Pad : Optical Mobile Device
* LED Flash Solution : Lens

Profile

91%

165

IR Site

906-10 KANC 15

44 / 5,425

7 31.4%

22.4%

52
/

26,400 / 7,767

88.9%

Optical Track Pad

LED Flash Solution

Aero Mouse

180


M bil
Mobile

(114120)

Valuation

( : , , , %)

OTP

EPS

PER

PBR

ROE

2008

425

56

40

299

85.4

2009

622

63

71

497

60.2

Blackberry TrackBall OTP

: 2009 1 110 2010 4 2,250

2010

2,080

243

208

1,112

11.1

4.1

49.7

2011E

3,535

459

410

1,882

11.9

4.5

46.4

OTP

2012E

4,407

595

534

2,450

9.2

3.0

38.9

: Fnguide

OTP

1. OTP

2.

RIM HTC ,
Local
OTP 1~2 ,

RIM
RIM

()

25

HTC

20

5% 4%
15

27%

10

3. Application
Mobile Device (Note PC, ) Application

64%

0
09

10

181


M bil
Mobile

(091700)

Key Description

1. , , ,

()

2. , , / RF 1
5%

3. , LG, ,

34%

* : ,

* : ,

46%

* : RF

Profile

9%

3%
4%

22-6

IR Site

22-6

Filter / Isolator / Antenna

/

100 / 4,229

6 25.7%

17.7%

52
/

23,850 / 15,400

41.6%

Sensor

182


M bil
Mobile

(091700)

Valuation

Global
1.


150

( : , , , %)

EPS

PER

PBR

ROE

2008

1,174

203

166

830

5.3

1.2

27.6

2009

1,922

333

241

1,206

8.5

2.2

30.2

2010

2,326

363

237

1,183

14.8

3.0

22.9

2011E

2,948

503

439

2,194

9.0

2.5

32.4

2012E

4,385

711

633

3,165

6.2

1.8

34.5

R&D

2. 2012
2M 50%

1600

, 2012

1400

DMB , NFC

1000

(%)

()

()

300

250

1200

15
R&D ()

200
150

800
600

10

R&D ()

100

400

50

200

0
10
:

11

0
2004 2006 2008 2010E 2012E

183


M bil
Mobile

(094190)

Key Description

EL

1. Touch Panel, EL (electroluminiscence )

Touch Panel

2 Touch
2.
T
h panell 1,000
1 000 Capa
C

5%

3. Motorola, LG
*Touch Panel : Display ,
,

* : ,
*EL : BLU

Profile

687

IR Site

687

67 / 3,377

15 24.3%

14.7%

52
/

25,350 / 13,950

134.0%

95%

Touch panel

EL Panel

184


M bil
Mobile

(094190)

Valuation

Tablet PC
1. Touch panel Capa
2010 1,000
Capa
EL Motorola LG

( : , , , %)

EPS

PER

PBR

ROE

2008

350

27

-162

-1,827

1.5

-55.9

2009

1,193

172

129

1,316

9.0

3.2

46.6

2010

2,386

245

186

1,504

12.9

2.9

29.7

2011E

3,664

459

371

2,752

8.8

2.7

34.5

2012E

4,704

597

481

3,565

6.8

2.0

32.2

: Fnguide

2. PC , EMS
1 Tablet PC Touch panel

Global PC EMS

Touch panel

Android Tablet PC

()

3000
2500

(())
Touch panel

300
250

2000

3 Tablet PC
3.

1000

Apple M/S
, Android 3~4

iOS

200

1500

spec 2 Android
Tablet PC ,

Android

EL

150
100

500

50
0
07

08

09

10

10

11

12

13

14

15

185


M bil
Mobile

(122990)

Key Description

SAW Filter
Module

1. SAW Filter, Duplexer, FEM

Duplexer
Wafer Chip

2 SAW Filter
2.
Fil
Global
,
Gl b l M/S 6.5%
65
6%

3. , Local

17%

* SAW Filter : RF

4%
3%

* FEM (Front End Model) : SAW Filter Module

Profile

69%

* Duplexer : /

373-7

IR Site

373-7

SAW Filter
/

53 / 1,782

7 27.4%

0.5%

52
/

16,950 / 7,050

77.0%

FEM

Duplexer

186


M bil
Mobile

(122990)

Valuation

( : , , , %)

RF

EPS

PER

PBR

ROE

2008

70

12

213

5.4

2009

341

75

62

1,038

43.1

2008 : RF spin-off

2010

622

111

107

1,204

7.1

2.4

41.0

2011E

1,234

209

192

1,826

9.5

2012E

2,219

392

328

3,122

5.6

1. Chip , Packaging, RF

Chip Packaging , RF
,

: Fnguide

Device RF
2. Device RF
3G
3G, 4G Band DMB,
DMB GPS,
GPS WiFi
Application Device RF
Device
Module

3.
,
Local

Key

()

15

SAW Filter

Murata
TYMT

TDK-EPC
PED

Duplexer

8.3%

10
6.5%
9 9%
9.9%

34.5%

SAW Filter

12.0%

0
GSM ((2G))

CDMA

UMTS

(2G)

(3G)

LTE
(4G)

28 8%
28.8%

187


M bil
Mobile

(033560)

Key Description

1. , ,

2. Micro speaker 1
capa 500
23.2%

3. , LG, HTC

42.4%
* Micro speaker : , MP3
* Linear Vibration Motor :
.

Profile

3 6%
3.6%

30.8%
11-80

IR Site

11-80

48 / 1,262

8 55.1%

0.3%

52
/

16,050 / 11,350

8.0%

188


M bil
Mobile

(033560)

Valuation

1. 1
10% ,

50% ,
S

( : , , , %)

EPS

PER

PBR

ROE

2008

558

20

77

1,011

15.8

2009

788

64

95

1,249

16.1

2010

652

95

93

1,223

13.7

2011E

985

150

133

1,401

9.9

2012E

1,250

185

164

1,708

8.1

: Fnguide

2.
500

Global

()

900
800

118

700
600

3 2011
3.
2011

500

101

400

156

318

151
23

100

201
351

277

08

09

10

42%

36%

31%

42%

27%

22%

08

09

34%

60%
40%

301

LG

100%
80%

300
200

20%

33%

33%

0%
10

189


M bil
Mobile

(039560)

Key Description

1. FTTx solution, Switch/xDSL, TPS Device

2 Core
2.
C
N
Network
k Access
A
Full
F ll Line-up
Li

3. // , Nokia-Siemens Networks
* FTTx solution :

Ethernet Switch

FTTx

IP DSLAM

TPS

Mobile

9.6%
6.2%

33.3%

14.0%

* PON (Passive Optical Network) :

* Switch : LAN

Profile

4.3%

* TPS Device : + + STB

11-4
11
4 6

IR Site

11-4 6

105 / 1,655

22 25.1%

8.9%

52
/

12,000 / 7,130

77.2%

32.5%

FTTx solution

Switch / xDSL

TPS Device

190


M bil
Mobile

(039560)
Valuation

1.
(SoftBank) ,

, Smart Pad

( : , , , %)

EPS

PER

PBR

ROE

2008

1,284

12

51

350

15.2

1.1

6.2

2009

1,405

102

79

430

12.8

1.0

9.3

2010

1,939

241

203

1,041

9.0

1.3

17.5

2011E

2,251

301

250

1,283

6.6

1.1

14.8

2012E

2,520

348

286

1,467

5.7

0.9

16.0

: Fnguide

2.

KT

SKB

LG

JAPAN

KT

SKB

Channel

NSN

JAPAN

NSN

Channel

LG

Wi-Fi

Access

4% 4%

6%

16%

35%

5%

9%

34%

3 NSN ,
3.
SC
NSN ODM
Standard Chartered (EB, CB 270) : SC

10%
11%
10%
11%

19%

25%

191


M bil
Mobile

(073490)

Key Description

1.

2 LTE Mobile
2.
M bil WiMAX 4G

17%

3. , , Chipset
50%

* :
* / :

33%

* Cellular :

Profile

* :

633
7
7

IR Site

633 7

30 / 1,279

2 31.7%

6.0%

52
/

23,100 / 6,000

30.1%

Cellular

192


M bil
Mobile

(073490)
Valuation

LTE
1.

Cellular ( ), (
),

WiFi
LTE

2 Agilent
2.
A i

EPS

PER

PBR

ROE

2008

257

23

17

283

28.8

1.1

3.7

2009

206

-10

-3

-48

0.8

-0.6

2010

338

52

93

1,543

6.9

1.2

18.3

2011E

517

107

132

2,193

9.1

1.8

21.4

2012E

672

146

172

2,867

6.9

1.5

23.3

: Fnguide

WiBro, Mobile WiMAX, LTE 4G

EVDO

WCDMA

LTE

70% , 4G

1 Agilent

( : , , , %)

10%

WiBro

EVDO

WCDMA

LTE

11% 2%

12%

%
24%

12%
31%
35%

WiBro

34%
29%

193

Steel
(003670)
(104700)
(009520)
(012800)
SIMPAC METALLOY (090730)
(024090)
(069460)

194

Comment

, ,

, , ,

,,,,YK

, P&S,

, , ,

, ,

, , ,

STS

, , , AST

,,,

,
,,

, ,

, , ,

,
,
,

1 POSCO ,
1.


,

, ,
.

2. 2




,
2

, SIMPAC METALLOY,

195


St l
Steel
2011
(1)
1.


,

14
, 2010

,
, TMCP(
)

TWIP
120
TWIP

100
80
60
40
20
0

CO2

:
: MPa(1mm2 ), 100

2.
,
SIMPAC METALLOY,
2011 3 (TWIP) ,

TWIP . TWIP

,

()

800
700
600
500
400
300
200
100
0
01

02

03

04

05

06

07

:
: , STS

08

09

10

196


St l
Steel
2011
(2)
1.



2013 1
1 300,
300
600
CGL 45

Vision
(% )
(%,

80
60
40
20
0
2010

2014

2010

2.


20% 2014 50%,
75%

3.



1) ICT, 2)
, 3) ,
, 4) , 5)
E&C , 6)
LED

Vision 2020
()

140

120
100
80
60
40
20
0
1998

2008

2020

197


St l
Steel

(003670)

Key Description

MgO-C()

1. ,

2. ,

8.7

2.3

3. POSCO, OCI
4
4.

36

POSCO

27 1
27.1

Profile

25.9

1-143

1-143

295 / 8,754
1 65.0%
5.0%
151,400 / 55,900
51.5%

198


St l
Steel

(003670)
Valuation

1.
POSCO 2010 8

3,500
2011 2
,

EPS

PER

PBR

ROE

2008

4,469

321

252

4,263

8.4

1.4

17.5

2009

5,744

415

331

5,602

8.9

1.6

19.6

2010

7,561

702

561

9,494

15.7

3.8

26.8

2011E

12,544

1,034

846

14,314

10.4

2.7

30.5

2012E

14,301

1,218

976

16,523

9.0

2.1

29.9

: Fnguide

POSCO

, , ,

()

-

-1 3/(~13)
- 6/

2. POSCO
POSCO
1,200

( : , , , %)

-SAIL
(JV, 1 3 )
-
( 1,200 )

1,000

919

800
600
400
200

-,

-

MOU

133

175

0
09

10

11(E)

199


St l
Steel

(104700)

Key Description

1. , ,

2. M/S 3

0.2
6.1 3.2

Profile

10.5

3.
4
4.

80.0
70
140
9

461 / 3,090
() 8
59.2%
3.5%
37,850 / 26,200
34.9%

200


St l
Steel

(104700)

Valuation

1.
2011 1

( : , , , %)

EPS

PER

PBR

ROE

2008

3,161

605

493

5,352

5.7

0.4

7.6

2009

9,115

495

461

5,000

8.8

0.6

6.8

2010

8,799

-23

155

1,679

16.9

0.4

2.2

2011E

10,040

369

328

3,565

9.2

0.4

4.6

2012E

10,669

435

416

4,513

7.4

0.4

5.6

: Fnguide

2.
2009 2
2010 10

(/)

90

2011 1

1200

IFRS
100

1000

70

800

60

80

50

600

40

400

30
20

200

10

06

07

08

09

10

11

08/12

09/06

09/12

10/06

10/12

201


St l
Steel

(009520)

Key Description

1. POSCO ,

2.

33.1

3. POSCO
4
4.

37.2

3.9

Profile

25.8

608
1 7482 POSCO SS&CC 5

208 / 2,615
() 2 54.3%
0.2%
66,800 / 21,449
88.9%

202


St l
Steel

(009520)
Valuation

1.


POSCO
2 9

( : , , , %)

EPS

PER

PBR

ROE

2008

3,737

126

-100

-3,121

0.7

-14.9

2009

3,033

92

39

1,224

15.2

0.8

6.3

2010

5,246

147

79

2,460

26.6

1.8

7.1

2011E

6,474

292

187

4,491

14.0

1.5

11.4

2012E

9,661

467

286

6,868

9.1

1.3

16.1

: Fnguide

2. POSCO

POSCO 2020 30%

POSCO

POSCO
()

()

38,000

10 000
10,000

POSCO 2010

8,000

140
120

6,000

100

4,000

80

POSCO 2020
Vision

60

2,000

40

LED

2010 4

3. , ,

20
0
1998

2008

2020

203


St l
Steel

(012800)

Key Description

1.

2. ,

13.6

3. 400

Profile

86.4
12924 4 506
12924 4 506

( )

( )

456 / 2,196
() 3 30.5%
0.0%
2,955 / 1,260
132.9%

204


St l
Steel

(012800)

Valuation

1.
60%

( : , , , %)

EPS

PER

PBR

ROE

2008

5,465

-144

-472

-634

0.2

-46.0

2009

5,046

413

362

481

1.9

0.5

28.2

2010

7,915

390

311

362

4.8

0.8

18.5

2011E

9,159

502

334

366

6.3

1.0

17.8

2012E

10,973

670

461

506

4.8

0.8

20.2

: Fnguide

2.
2010 540, 200

EU
FTA

09

(/)
()

12000

4500
4000

3500

, ,
, Value
Chain

10000

LME

8000

3000

3.

2500

6000

2000
4000

1500
1000

2000

500
0

0
00 01 02 03 04 05 06 07 08 09 10
:

00 00 01 02 03 04 05 06 07 08 09 10
:

205


St l
Steel

SIMPAC METALLOY

(090730)

Key Description

1. ,
Roll

Roll

2.
14.7

3. POSCO, ,

0.9

3.9
5

4
4.

(SIMPAC Metal,
M l
100% )

Profile

75.5

696-2
696 2

696-2

65 / 1,469
10 61.2%
0.1%
11,350 / 7,020
36.9%

206


St l
Steel

SIMPAC METALLOY

Valuation

1.
2010

2. scale-up
100% SIMPAC Metal (, 2011
4 )
2% ( Capa.
7)


scale-up

(090730)
( : , , , %)

EPS

PER

PBR

ROE

2008

2,342

590

412

4,107

1.2

0.6

59.6

2009

1,192

93

90

691

10.6

0.8

7.9

2010

1,966

279

249

1,914

4.3

0.8

19.6

2011E

2,075

313

267

2,050

5.3

0.9

17.5

2012E

2,181

290

229

1,762

6.4

0.8

14.0

: Fnguide

(Yuan/Ton)
40000

35000

(USD/Ton)
3500

Fe
Fe-Mn
Mn

3000

30000

2500

25000

2000

20000

1500

15000
10000

1000

5000

500

0
03 04 05 06 07 08 09 10

:
:
(V.A.T. 17% )

0000010102 03030405050607080910

:
: fob

207


St l
Steel

(024090)

Key Description

1. ,

2. 10%

Film

11.9
6.2

3. LG 3,
4.

Profile

(5,38)

81.9

89-14

89-14

( )

260 / 1,463
8 47.3%
0.5%
13,550 / 7,390
22.9%

208


St l
Steel

(024090)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

1,063

179

105

899

5.9

0.7

12.8

2009

1,117

113

135

1,153

6.9

0.9

14.5

2010

1,541

213

234

1,998

6.0

1.1

21.3

2010

2011E

1,849

256

281

2,400

5.3

1.0

20.9

2012E

2,341

429

386

3,298

3.8

1.1

25.1

1.

10%
2.
2000 1,250
1 250
88

(%)

70

16
14

2010


137,
,

35%

10

8
.

(%)

18

2010 65.0%

2010

2011

60
50

12

40

30

6
4

20

10

0
06

07

08

09

10

209


St l
Steel

(069460)

Key Description

1. ()

AL CIRCLE

AL COIL

2. M/S 1

6.5

3. , , ,
4.

Profile

1-44
1 44

1-44

2009 9 2

37.2

56.3

136 / 1,007
() 1 39.9%
0.3%
4,920 / 2,455
208.0%

210


St l
Steel

(069460)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

1,305

54

-150

-552

0.8

-71.5

2009

1,270

86

58

214

5.1

1.0

26.1

LED TV Panel
,

2010

1,670

144

93

342

10.5

2.5

27.8

2011E

1,880

177

117

433

8.6

2.0

26.7

2012E

2,125

202

137

507

7.3

1.6

27.0

1. LED TV,

2.
2009

KTX, ,

(%)
90
80

()

()

750

70

700

60

650

50

600

40

550

30

500

20
10

450

400
02 03 04 05 06 07 08 09 10

04

05

06

07

08

09

10

211

Chemical
(025860)
(014830)
(004430)
(007690)
(005950)
(014680)
(017960)

212



NCC - SK/(), NCC/LG/(), Total//LG ()

: SK/SK,
SK/SK
GS, S-Oil,

(LDPE)
)

, ,
( ), ,

(HDPE) (, )

EDC

LPG(2%)

(26%)
(38%)
(5%) :

(EO)

(NCC)

()

()

, ,

(PP)
(AN)
(PO)

PPG

, ABS, AS,

PG

, , ,

MMA

SBR

NBR
SM

DNT
-(OX)
-(PX)

, , SK
SKC KPX
SKC,

, ,
PMMA

, (), ,
, ,

LG,

, ,

SB-LATEX
BR

, ,
Total

, ,

/
C4

LG,

, ,

,
,

LG, , SK

, ,

EPR

(12%)
(9%)

PVC
EG(MEG,
DEG TEG)
DEG,TEG)

(8%)

(crude oil)

VCM

, ,
,

LG,

, ,

(PS)
ABS

(CPL)
BPA
PC/Epoxy

MDI
TDI

, , ,
, ,
/
/,
,
PC,

LG, ,

LG, , P&B

,
,
FRB

TPA

DMT

KP, SK,

213


Ch i t
Chemistry
2011
(1)IT
1.
LG, , SKC, , , ,
2000

LG
(%)
30

()

6
5

()

25

()

20

15

Captive

10

0
01

2. Captive


1)
, 2)2 , 3)2



,LCD
LCD 2,
2 AMOLED

02

03

04

05

06

07

08

09

10

2010
(%)
250
200
150
100
50
0
KOSPI

LG

:
: 2010 11 2011 419

SKC

214


Ch i t
Chemistry
2011
(2)
1. ,

2011

2. +

()

7.2

(/1)

M2

80
70
60
50
40
30
20
10
0

WTI

7
6.8
6.6
6.4
6.2
6
05/01

05/07

06/01

06/07

07/01

(/)

1400

3. +

1200
1000

800

1) BPA(Bisphenol A)
,

400

2) Top Level

600
200
0
05

06

07

:
: US Gulf FOB

08

09

10

11

215


Ch i l
Chemical

(025860)

Key Description

1. , ,

2. M/S 1

8.5
12.4

3. ,

40.0

4.

Profile

39.1
3
60-1
60 1 5
3
60-1 5

( )

497 / 7,576
56.0%
2.3%
21,550 / 12,050
52.4%

216


Ch i l
Chemical

(025860)

Valuation

1.

2
2.
2010 ,


,

( : , , , %)

PER

PBR

ROE

12,867

2,401

1,418

2,855

6.4

2.1

39.0

2009

9,783

-621

-420

-845

2.5

-10.6

2010

11,358

237

191

384

46.0

2.3

5.1

2011E

12,167

1,098

840

1,691

9.0

1.7

19.9

2012E

13,244

1,364

1,060

2,134

7.2

1.4

22.3

: Fnguide

(DAP)

()

(/)

1400
1000
900
800
700
600

1000

2011 3 (

)

800

, ,

400

EPS

2008

1200

3.

600

500
400
300
200

200
0
05

: ISIC

05

06

07

08

09

10

100
0
05

06

07

08

09

10

217


Ch i l
Chemical

(014830)

Key Description

1. , , MDF

2. 1 / ,
Buying Power

31

3. OCI Agent ,
4
4.

MDF

2011 ,
Capa
C

69

Profile

50 OCI
17
50 OCI
17

( )

( )

MDF

329 / 4,807
()OCI 7 55.6%
5.4%
73,000 / 37,200
48.9%

218


Ch i l
Chemical

(014830)

Valuation

1.

2.
2011 340 Capa
18 22 ,

Capa. 5.3

( : , , , %)

EPS

PER

PBR

ROE

2008

4,864

609

634

9,629

3.0

0.7

27.5

2009

4,472

451

352

5,345

7.2

0.9

12.7

2010

4,743

668

714

10,848

5.1

0.9

20.4

2011E

5,022

682

682

10,357

6.8

1.0

15.5

2012E

5,398

763

760

11,534

6.3

0.9

15.9

: Fnguide

90%

(/)

800
700
600

3. ,

9.6%

500

M/S 1(25%)

400

300

200
100
0
00

: KITA

02

04

06

08

90 4%
90.4%

10

219


Ch i l
Chemical

(004430)

Key Description

1. , PU

2. M/S 2

TIN

PU

ACRYL

9.1
9.0

3. Dow chemical ,

9.5
56.3

4.
16.1

Profile

737-2

353

( )

PVC( )

( )

120 / 4,044
7 37.9%
11.0%
16,950 / 7,970
189.8%

220


Ch i l
Chemical

(004430)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

3,699

22

-180

-749

0.7

-18.1

2009

4,181

398

251

1,047

12.3

1.8

16.1

2008 M/S 2
Chemtura 2009 , M/S 1 CIBA BASF

2010

5,562

322

222

924

12.6

1.6

12.0

2011E

7,080

834

575

2,397

7.0

1.2

25.7

2010 M/S 20%

2

2012E

8,487

1,022

601

2,506

6.7

1.0

23.7

No.2 !
(%)

50

M/S

40
30

4,500

4 000
4,000

20
10

3,500

, Selling Power

5 000
5,000

Chemtura

1998 8,800
2008 55,000 2011 70,000

, PQ
(/kg)

2010

60

CIBA
C

2.

2006

Ade
elka

: Fnguide

1. ,

3 000
3,000
07

08

09

10

221


Ch i l
Chemical

(007690)

Key Description

1. ,

2. 40 ,
Capa 70%

()

11.9

3. Agent
(2010 62%)
4.

Capex M/S

Profile

()

88.1
34535
34535

IT( )

( )

( )

291 / 3,788
Ni
Nippon
S
Steell Ch
Chemical
i l
22.4%
32.6%
65,200 / 26,650
59.2%

222


Ch i l
Chemical

(007690)

Valuation

1.
, , IT

,
2013
, BPA
Margin Spread

EPS

PER

PBR

ROE

2008

4,332

219

292

5,027

4.4

0.6

15.1

2009

4,052

211

227

3,899

7.1

0.7

10.4

2010

6,239

304

265

4,555

11.4

1.1

10.5

2011E

7,993

589

500

8,605

7.6

1.1

16.4

2012E

10,134

685

663

11,410

5.7

1.0

19.6

: Fnguide

Epoxy
Epoxy ()
Epoxy ()

2. M/S
3, ( 7
)

( : , , , %)

12Capa.1050%
(/)

()

500

4000

160

450

3500

140

400

3000

120

350

2500

100

2000
1500

80
60

300
250

1000

40

150

500

20

100

50

2008 15.6 2011

31.0

(/)

0
02

04

06

08

10

Epoxy
p y

200

0
10

: KITA

11

12

223


Ch i l
Chemical

(005950)

Key Description

1.

(LAB), (NP),
(, )

2.

3.

94% ,
67%

4.

JV GOC China

Profile

112-4

112-4

8.1
14

53 5
53.5
24.4

(LAB )

(LAB )

(BAB )

675 / 2,850
() 8 38.3%
2.9%
24,600 / 11,200
70.6%

224


Ch i l
Chemical

(005950)

Valuation

1. LAB NP


Sasol LAB 22t NP 30t
LAB NP

2.

3.
2008 3,254%, 2009 183% 117%

2010
6

EPS

PER

PBR

ROE

2008

13,798

480

359

3,753

2.8

0.3

13.4

2009

10,821

614

332

3,210

4.6

0.4

9.2

2010

13,266

816

303

2,325

8.3

0.6

7.0

2011(E)

15,644

1,033

666

4,930

4.3

0.6

14.3

2012(E)

17,913

1,218

815

6,033

3.5

0.5

15.5

JV GOC China 10t

2012 GOC China Fushun China (7t )

( : , , , %)

(/T)

LAB ()
NP ()

(KT)

(/T)

3600

1600

2500

1400

2000

3200

1200
1000

1500

800
1000

600
400

500

200

0
07

08

09

10

: ,

2800

2400

2000
06

07

08

09

10

11

12

225


Ch i l
Chemical

(014680)

Key Description

1. ,

2. M/S 1, ,

3. , , LG, ,

4
4.

IR Site

8-2
8

565 / 2,146

5 17.5%

2.5%

52
/

19,000 / 12.000

76.4%

5.2

41.2

33.9

8.5

Precursor
P
,
OEM

Profile
8-2
8

11.2

( )

( )

(, )

226


Ch i l
Chemical

(014680)
Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

1,902

108

32

280

18.6

0.5

2.8

2009

1,924

186

170

1,501

8.3

1.1

15.3

16 LGD 8
, LGD LCD

2010

2,283

203

151

1,335

11.8

1.2

11.7

2011E

2,631

285

247

2,189

7.9

1.2

15.9

2012 630 3 .

2012E

3,122

374

299

2,647

7.2

1.1

17.5

1. IT

M/S
2.

LG

Styron

LG( 4 )

15

19
39

3. Precursor
Precursor

25

18

60

OEM
,
LED

24

227


Ch i l
Chemical

(017960)

Key Description

1. LNG , ,

LNG

GP

DF()

()

2. LNG ,

18.6

3. ,
4
4.

31.7

LED PCB MCCL ,

16.7

Profile

183

183

33.0

LNG

GP( )

DF(PCB )

148 / 2,109
2 29.0%
9.5%
7,700 / 4,535
16.0%

228


Ch i l
Chemical

(017960)

Valuation

LNG

( : , , , %)

EPS

PER

PBR

ROE

2008

2,139

407

369

1,251

3.8

0.9

26.3

2009

1,764

296

232

787

9.3

1.2

14.0

LNG

2010

1,309

77

79

266

21.6

0.9

4.6

LNG M/S 50%

,

2011E

1,563

127

110

373

19.2

1.2

6.4

2012E

2,383

262

218

738

9.7

1.0

11.9

1. LNG Carrier

LNG

LNG

2.
()

, ,

, M/S
35%

3. LED PCB MCCL

LED MCCL

()

(%)
20
18

()

2,500

16
14
12

2,000
1,500

()

200
160
140
120
100

500

10
8
6
4
2
0

20

1,000

06
:

07

08

09

10

180

80
60
40
0
2006

2007

2008

2009

2010

229

Machinery
(051310)
S&T (003570)
(101680)
(083650)
(036890)
(066350)
(101170)

230


M hi
Machinery

EPC

Client
(Project Co. or Owner)

(Engineering),
(Engineering) (Procurement),
(Procurement)
(Construction) . ,
,
EPC .
EPC
.

EPC
. 1
.

50%
.

(%)
(%)
(E)

EPC (Turn-key) Contractor

()

Project Management Team

(or )

Engineering

Procurement

Construction

Basic :

K E
Key
Equipments
i
t

S
Specialized
i li d Sit
Sites

General
Equipments

General Sites

3 ,

Eng

10

10

10

10

(P)

60

75

56

50

52

57

(C)

30

20

35

40

45

33

Basic Civil/
Structure
Detail:
/

Eng

231


M hi
Machinery

FEED

FEED
FEED(Front End Engineering Design) ,


(Project managemnet, PM) ,

232


M hi
Machinery

645 .

201

0 ,
,
,

. 4
, 56% 359 ,
(69%), (132%)

($)

80000
70000
60000
50000
40000
30000
20000
10000

0
2004

11 .
.
,

2005

2006

2007

2008

2009

2010

2011E

1 124 ,

()

. 93.8% 1 U

400

AE .

350

,,

300

Oil&Gas,

250

200

2009
2010

150
100
0
50
0

Oil&Gas

233


M hi
Machinery

, ,

(Jacket), (Gravity Platform), (Jackup)

(Semisubmersible
b
ibl ttype D
Drilling
illi Ri
Rig),
) TLP(T
TLP(Tension
i L
Leg Pl
Platform)
tf
)

SEMI, TLP, SPAR, FPSO
(FPSFloating Production System)

Drill Ship

SEMI(Semi-Submersible)

-, ()
-

TLP(Tension Leg
Plalform)

, ()
, SPAR, FPSO

SPAR

, ()
Column ,

FPSO(Floating
Production Storage &
offloading

//
LNG ,

Jack Up

Plafform

Jacket

GBS(Gravity Base
Structure)

FSRU(Floating Storage
& Regasfication
R
fi i Unit)
U i)

LNG ,

234


Machinery
/supply chain

, :
Steam T
St
Turbine
rbi
Generator
:
,
:
Rotor Shaft
Balance of Plant
(B.O.P, )

(boiler)
: 500~800MW
BHI: 500MW

, ,
GS, , : Turn key

BHI,

KPS: , ,

235


Machinery
supply chain

Steam T
St
Turbine
bi
Generator

,
:

:
, : Rotor Shaft

(nuclear reactor)

*:
, , ,

Balance of Plant
(B.O.P, )

BHI,

KPS: ,
,

236


Machinery
supply chain

Gas Turbine
Generator

(HRSG)

Steam Turbine
Generator

, BHI

,
:

:
, : Rotor Shaft
Balance of Plant
(B.O.P, )
, , GS, ,
: Turn key

BHI,

KPS: , ,

237


M hi
Machinery

(: )

27,824

7,131

2,353

1,929

KPS

15,705

9,157

1,188

999

1,703

(*))
(

636

(*)

1,261

8,544

195

249

1,024

5,104

3,116

382

319

200

147

4,791

2,972

432

339

977

126

116

(*))
(

1 041
1,041

1 694
1,694

-52
52

-80
80

6,281

6,310

490

230

(*)

869

2,006

67

28

2,413

2,998

368

290

(*)

969

859

-286

-690

1,538

2,005

57

83

2,130

1,328

313

257

1,176

3,197

308

162

(*)

329

405

58

36

S&TC

1,357

2,425

220

162

32,378

89,562

5,234

3,608

(*)

2,027

1,872

97

46

(*)

8,119

27,035

755

-7,092

(*)

561

1,144

-136

LS

25,560

15,957

1,857

1,513

1,495

1,800

180

125

3,270

11,470

550

390

(*)

969

859

-286

-690

(*)

847

7,852

148

97

999

1,703

200

147

(*)

833

934

14

34

1 969
1,969

1 282
1,282

224

190

(*)

526

566

51

10

(*)

485

541

45

42

(*)

477

1,561

76

11

(*)

621

1,418

62

37

(*)

888

1,832

36

55

(*)

471

270

54

44

324

476

64

47

(* 2010 , 2011 Fnguide )

238


M hi
Machinery
/

: ,

()

()

()
()

()

239


Machinery

()
()
STX ()
()

(LNG )
(LNG )
IMS ()

240


M hi
Machinery

:
,
,

, ,
, ,
S&T

- ( )
( )

241


M hi
Machinery

(051310)

Key Description

1.

, / ,

2.

POSCO ,

3.

Exxon Mobil, BP, Saudi Aramco, Imperial oil

,

4.

2012 1

7%

40%

53%

Profile

20-1

IR Site

20-1

247 / 6,261

POSCO 1 43.1%

1.4%

52
/

19,500 / 10,550

286.4%

242


M hi
Machinery

(051310)
Valuation

EPS

PER

PBR

ROE

2008

5,201

749

-1,910

-6,249

6.3

-224.3

2009

3,801

-263

-64

-178

6.8

-28.9

2010

3,706

-120

-118

-298

4.8

-12.7

2011E

6,310

506

393

984

16.6

4.0

22.9

2012E

10,500

1,030

900

2,257

7.2

2.8

38.1

1.
10 5 ,
, ,
. ,

(EPC) .

( : , , , %)

11/

2.


2,
, 2,
, 2,
,
2

8

()

(jackup rig)

5000

1 2.1( 1.8
, 0.3) ,

4000

3.
111Q 1,500, 80(IFRS) 10
1Q 508, -228
5,400
5 400 4,500
4 500

($)

6000

()

9000

()

7000

8000

()

6000

7000

5000

6000

3000

5000

4000

4000

3000

3000

2000

2000

2000

1000

1000

1000

0
06

07

08

09

10

0
06

07

08

09

10

11

243


M hi
Machinery

S&T

(003570)

Key Description

1.

, , , , /

2.

3.

, DST, , GM

10%
15%
50%

4.

Profile

25%

853-5
853
5

IR Site

853-5

837 / 5,797

S&T 3 30.9%

16.9%

52
/

25,550 / 14,100

42.1%

244


M hi
Machinery

S&T

(003570)

Valuation

EPS

PER

PBR

ROE

2008

4,350

360

321

1,000

8.8

0.5

8.5

2009

4,677

502

418

1,288

12.7

0.9

7.9

2010

5,541

613

551

1,696

13.5

1.2

9.4

2011E

7,347

838

730

2,248

7.9

1.0

11.9

2012E

8,030

920

805

2,479

7.2

0.9

11.4

1. ,
.
,
15%

( : , , , %)

: Fnguide

2.
10 10 990
. 5 200

, ,

3.
11 33%, 37%
, ,
Sales mix

()

(%)

12

10
8
6

35

150

30

130

25

110

20

90

15

10

0
05

06

07

08

09

10

11

()

70
50
30
10
-10

05

06

07

08

09

10

11

: S&T

245


M hi
Machinery

(101680)

Key Description

1.

(, CNC, )

2.

MS 1 Portfolio

3.

, , , ,

10%
12%

51%

4.

15 5
27%

Profile

1475-4
1475 4

IR Site

1475-4

42 / 3,042

18 53.2%

5.4%

52
/

38,400 / 22,950

40.6%

CNC

CNC

246


M hi
Machinery

(101680)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

1,328

303

231

3,924

50.6

2009

1,744

306

211

2,816

14.7

2.8

23.0

10 5,000
() 50% . MS 35%
1

2010

1,673

286

240

2,861

10.3

1.7

17.3

2011E

2,283

392

336

3,998

9.1

1.5

22.3

2012E

2,440

435

351

4,177

8.7

1.3

17.9

1. MS 1

: Fnguide

Big 2

2.
,
, ,,

.
11

2,100 (1,300) 62%

.
30%

3.

()

2000

1800

12%

8%

1600
1400
1200
1000
800

11 PER 9.1X 12.8X

600

17% , ,

200

2010

15%

43%

400

20%

0
06
:

07

08

09

10
:

247


M hi
Machinery

(083650)

Key Description

1.

, (BOP),

2.

BOP

3.

, , , , , ,
,

4.

EPC

Profile

165-2
165 2

IR Site

165-2

65 / 2,420

1 35.6%

5.7%

52
/

29,450 / 14,900

186.5%

12%
13%

58%
17%

HRSG

248


M hi
Machinery

(083650)
Valuation

EPS

PER

PBR

ROE

2008

1,506

129

-88

-674

1.6

-19.4

2009

2,661

257

225

1,723

15.1

5.1

34.7

2010

1,729

201

220

1,685

12.4

3.3

25.1

2011E

3,000

370

290

2,217

8.3

2.0

30.3

2012E

4,000

500

360

2,752

6.7

1.9

28.0

2011

1. BOP
, ,
BOP(Balance of Plant, )
PC, HRSG

( : , , , %)

: Fnguide

2.
11 5,000 (2,600) 92% .
HRSG, PC
/ BOP, PC
,

3.

($)

(%)

()

800

100

8000

700

()

90

7000

80

600

70

6000

500

60

5000

400

50

4000

300

40

3000

11 3,000 (+74%, YoY), 370

(+84%, YoY) , 290(+32%, YoY)

200

11
11 PER 8.3X
8 3X 5 PER
(10~22X)

30
20

100

10
0
06

07

08

09

10

2000
1000
0
06

07

08

09

10

11

12

249


M hi
Machinery

(036890)

Key Description

1.

Roller, Idler, Sprocket

2.

3.

, , ,

4.

Roller

6%

Profile
94%

544-2

IR Site

544-2

80 /
2,208

4 41.9%

5.6%

52
/

14,550 / 5,430

832.5%

Track Roller

Idler

Sprocket

250


M hi
Machinery

(036890)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

1,070

126

-163

-1,018

3.9

-54.3

2009

658

-10

-64

5.3

-6.8

11 20% 20 .
,

2010

1,195

79

131

820

12.1

4.9

61.3

2011E

1,700

185

197

1,250

11.0

4.1

66.7

Capa 11
42%

2012E

2,100

260

280

1,750

7.9

2.6

49.1

1.

: Fnguide

2.



,
,

Capa

(%)

19

24

25

80

29

33

36

60

3.

100

40

11 1Q 400(+58%, YoY), 38
(+217%, YoY)

20

Capa
3

12%

15%
81

76

75

71

67

2010

64

45%

28%
07

08

09

10

11

12
:

251


M hi
Machinery

(066350)

Key Description

1.

/,

2.

3.

GS, , ,

4.

No.1

16%
3%

Profile

81%

22-3

IR Site

22-3

48 / 1,161

6 26.9%

0.8%

52
/

12,800 / 8,360

276.2%

252


M hi
Machinery

(066350)

Valuation

EPS

PER

PBR

ROE

2008

2,224

166

38

397

16.6

0.8

5.1

2009

1,864

29

-64

-657

1.4

-7.6

2010

2,469

168

22

224

50.5

1.3

2.5

2011E

3,197

308

162

1,669

7.0

0.9

15.1

2012E

3,780

375

212

2,186

5.4

0.7

15.4

1.
, , , ,

BP, Exxon Mobil

( : , , , %)

: Fnguide

2.

11/

4,000 56%
PTA
,

()

3000
2500

3.
111Q 700,
700 57
57% 613%
, PTA
10%

()

4500

4000

3500
3000

2000

2500

1500

2000

1000

1500
1000

500

500

0
06

07

08

09

10

06

07

08

09

10

11

253


M hi
Machinery

(101170)

Key Description

1.

, ,

2.

3.

, , , ,
,

4.

1%

39%

60%

Profile

853-10
853 10

IR Site

853-10

45 / 819

5 60.5%

0.3%

52
/

11,850 / 7,760

30.1%

254


M hi
Machinery

(101170)

Valuation

EPS

PER

PBR

ROE

2008

539

141

110

1,580

48.8

2009

442

100

86

1,024

10.9

1.8

20.3

2010

503

67

64

715

11.6

1.2

10.9

2011E

798

121

103

1,144

7.9

1.1

16.8

2012E

970

148

133

1,478

6.2

1.0

17.1

1.
80%
MS 1
, .
3
9 3 1,000 Capa
500)

: Fnguide

(2010.1=100)

()

2.

.
80 (50) 60%

( : , , , %)

1200

. 66% 320

3. 11
Capa
59% 798

15%

1000

450

400

350

300

800

250
600

200
150

400

100
200

50
0

0
08
:

09

10

11

12

10/01 10/04 10/07 10/10 11/01 11/04

:

255

Metal
(044490)
(013030)

256


M t l
Metal

(Main Shaft)

S&C

,
,
,

,
()

257


M t l
Metal
/

, (fitting)

NSV, ()

NSV, ()

258


M t l
Metal

(044490)

Key Description

1.

, ,

2.

3.

4.

Profile
14621

IR Site

14621

83 / 8,247

5 58.0%

11.5%

52
/

77,700 / 45,250

29.9%

5%
10%

GE, VESTAS, , , , ,
,

35%
20%

, 4

30%

259


M t l
Metal

(044490)

Valuation

EPS

PER

PBR

ROE

2008

6,153

1,003

743

4,509

16.8

3.5

29.7

2009

5,357

573

320

1,929

38.8

3.2

8.6

2010

3,336

108

113

683

68.9

1.9

2.9

2011E

4,813

467

358

2,155

23.0

1.9

8.7

2012E

5,120

690

530

3,190

15.6

1.6

10.9

2011
1.
11 3 4 1,080


.

( : , , , %)

: Fnguide

2. , ,

11 1Q 292
42%
1Q 1,200 5,500

100

(%)

(MW)
7000

90

6000

80

5000

70

3 ,
3.

11 PER 23.0
3 3,000
,

60

4000

50

3000

40
30

2000

20

1000

10
0

0
05

06

07

08

09

10

09

10

11

12

13

14

15

: EWEA

260


M t l
Metal

(013030)

Key Description

1.

, , ,

2.

24%

3.

, , ,
52%

4.

25%

Profile

1467-1

IR Site

1467-1

68 / 2,158

8 43.1%

11.9%

52
/

15,850 / 10,350

35.6%

261


M t l
Metal

(013030)
Valuation

EPS

PER

PBR

ROE

2008

1,062

235

218

1,845

2.3

0.8

38.8

2009

1,016

273

192

1,626

7.1

1.4

23.9

2010

1,108

258

197

1,445

9.9

1.5

17.3

2011E

1,330

313

257

1,888

8.4

1.3

19.4

2012E

1,590

380

280

2,057

7.7

1.2

18.7

1
1.
10 645 .

EPC
.
1Q 310(+33%,YoY),
310(+33% YoY) 68
(+24%,YoY)

: Fnguide

2.
70%

( : , , , %)

()

1800

1600

1400

21%

26%

1200
1000

11 1,400 . , (FPSO,
), South Pars Gas
11 1,330(+20%,YoY),
1 330( 20% Y Y) 313(+21%,
313( 21% YoY)
Y Y)

800

2010

3.

18%

9%
12%

600
400
200

14%

0
08

09

10

11

12

262

Auto Parts
(005850)
(015750)
(010690)
(013570)
(043370)
S&T (064960)
(033530)
(024910)

263


A t P
Auto
Parts
t

2 ,
70%

, ,
2, 3 1 2
, 1

264


A t P
Auto
Parts
t
, ,

. GM
Delphi Visteon
,
. A 10
, Smart
7 .

, JIT(Just In Time)
.

1
Vendor

Module

A
Module

B
Module

2
Vendor
2
Vendor

265


A t P
Auto
Parts
t

HVAC ()
( )
Steering Sys. ()

Shock absorber ()
Cooling Module ()

Brake Unit()

Light ()
Carrier ()

Caliper

Wheel Bearing
266


A t P
Auto
Parts
t

Stamping

, , ,
, ,

Press

KCC

Painting

, ,
,

Assembly

Engine

Powertrain

, S&T,
,
, ,
, , , SJM

,
(),
(),
S&T, ,

Modules

267


A t P
Auto
Parts
t

Modules

Front-End
Module

, , (), (),
(), , , ,

Cockpit
Module

, S&T, EP, , , ,
, , , (),

Climate
S t
System

, (), (),
()

Chassis
Module

1) Suspension : , , S&T,
2) Brake : , , , (),
, ,

Door M
D
Module
d l
& Body Parts

, , , , EP, ,

Seat / Roof
Module

(), (), , ,
,EP, ,

Others

(), (), (),

(), (),
(DC),(, )

268


A t P
Auto
Parts
t

, , , , ,

, , ,

/, , , , ,

, , ,

, , (),

,
,
,
,

, , , ,

, , , T/M

, T/M,

, , , ,

, , , ,

, &, ,

, , , A/V, , ,

,
,
,
,

, , , , , ,

ABS, , , ,

, ,

, , , ,
. , ,
,
, ,
.
, ,
.

, ECU, , ,
.
, , ,
.
,


.

269


A t P
Auto
Parts
t

. 2011 2 77.3%
(70.5%) . 2009
.

(%)
85.0

80.0
75.0
70.0

.
(7 35%)
150 ,
4.7% 290
. 2007 408
440 .

65.0
60.0
55.0
50.0
08/01

08/06

08/11

09/04

09/09

10/02

10/07

10/12

150
()

2000

1600
1200
800
400
0
1996

1998

2001

2003

2005

2007

2009

2011(E)

270


A t P
Auto
Parts
t

(005850)

Key Description

1.

, (//),

2.

3.

, GM, , ,

13%

22%

4.

65%

Profile

IR Site

1208-6
1208 6

236-3

169 / 9,872

8 60.4%

10.6%

52
/

29,150 / 7,670

42.3%

FEM

271


A t P
Auto
Parts
t

(005850)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

3,270

127

187

855

8.9

0.8

8.9

2009

3,216

148

-436

-1,330

0.4

-16.7

10 31%

2010

3,535

172

861

2,541

3.3

0.8

28.8

11 GM 39% 16%

2011E

5,183

215

947

2,796

10.4

2.2

23.8

2012E

5,530

260

1,010

2,990

7.3

1.5

19.1

(%)
80

(%)

100

2011

70

2015

80

60

60

50

GM
, GM

40

40

30

20

20

3
3.

10
0

GM

(NVS), (LDW),

(BSD), (AFLS), Head Up

Display (HUD)

: Fnguide

2.

1.

272


A t P
Auto
Parts
t

(015750)

Key Description

1. , , ,
2.

1%

3.

4.

Profile

148-12
148 12

IR Site

148-12

200 / 9,740

2 45.4%

16.7%

52
/

24,350 / 9,938

103.8%

99%

()

()

273


A t P
Auto
Parts
t

(015750)

Valuation

EPS

PER

PBR

ROE

2008

2,847

192

368

920

2.6

0.3

15.4

2009

4,218

328

997

2,493

3.8

1.1

31.7

2010

7,701

283

1,226

3,065

4.5

1.2

29.7

2011E

8,131

305

1,308

3,270

7.5

1.6

24.5

2012E

8,800

340

1,440

3,610

5.7

1.2

23.5

1.
,

( : , , , %)

: Fnguide

2.
10 23%
8% , 72%
11 ,

()

()

20

60

15

50

10

40

3.
.
5

30

20

-5

10

-10
-15

-20
20

-10
10
07

08

09

10

07

08

09

10

11

12

274


A t P
Auto
Parts
t

(010690)

Key Description

1.

, , ,

2.

3.

9%

43%
34%

4.

Profile
14%

412

IR Site

474-1

175 / 6,583

15 57.3%

4.8%

52
/

18,850 / 6,400

41.4%

275


A t P
Auto
Parts
t

(010690)

Valuation

EPS

PER

PBR

ROE

2008

2,962

70

98

351

3.8

0.3

7.4

2009

3,138

117

382

1,365

2.8

0.7

24.1

2010

4,609

304

709

2,226

5.2

1.6

32.7

2011E

5,167

299

814

2,331

8.1

2.0

27.7

2012E

5,700

350

860

2,463

7.7

1.8

23.1

1.
13 . 09 18 /32
13 6 /40
.
60%

( : , , , %)

: Fnguide

2.
, , .

10 285 253 3
20%

3.
12 .

, , BMW .

45
40
35

MS
(%)
70

2002
2009
2013

MS
MS

60

30

50

25

40

20

30

15

20

10

10

0

:

10

11

12

13

14

15

276


A t P
Auto
Parts
t

(013570)

Key Description

1.

2.

15%

3.

4.

, GM, ,

45%

/ 13 1
40%

Profile

48-6

IR Site

131-4

158 / 5,937

3 29.7%

10.0%

52
/

18,750 / 6,360

49.2%

D/C

277


A t P
Auto
Parts
t

(013570)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

4,186

233

-107

-340

0.5

-6.3

2009

2,813

58

132

416

10.5

0.8

7.8

2010

4,739

263

465

1,469

7.4

1.6

23.9

2011E

5,502

354

570

1,800

10.4

2.2

23.5

2012E

6,150

400

670

2,116

8.9

1.8

22.3

1
1.
10 16 70% .

MS 1,

2.
11

10 GM 48:16% 13 40:28%

3.


11 PER 10.4X 12.8X

()

(%)

30000

60

25000

50

20000

40

15000

30

10000

20

5000

10

0
09

10

11

GM

06

07

08

09

10

11

12

13

278


A t P
Auto
Parts
t

(043370)

Key Description

1.

Door

2.

6%
10%

3.

, GM, PSA, , BMW

45%

4.

39%

Profile

1032

IR Site

1032

105 / 4,683

3 54.6%

8.4%

52
/

22,300 / 8,320

61.0%

279


A t P
Auto
Parts
t

(043370)

Valuation

EPS

PER

PBR

ROE

2008

2,996

98

130

618

3.4

0.3

10.4

2009

3,203

150

310

1,477

5.4

1.0

20.7

2010

3,759

155

414

1,971

7.6

1.6

22.9

2011E

4,162

202

507

2,414

9.2

1.9

22.7

2012E

4,380

231

550

2,619

8.5

1.7

21.2

1.


10 20% 14 30%
. GM /

( : , , , %)

: Fnguide

2.
MD, HG,

.
11 35% 290

3.
Active Hood System Trunk Power System 114Q

(%)

100
80

8
12

GM

16
15

400

350
300
250
200

60
40

()

150
80

100
69

50
0

20

-50
0

-100
100
2010

2014

04

05

06

07

08

09

10

11

280


A t P
Auto
Parts
t

S&T

(064960)

Key Description

1.

, , , ,

2.

14%

3.

GM, , ,

43%
22%

4.

Profile

IR Site

731 / 3,730

S&T 2 30.9%

7.3%

52
/

35,900 / 23,700

79.3%

21%

()

281


A t P
Auto
Parts
t

S&T

(064960)

Valuation

EPS

PER

PBR

ROE

2008

5,511

404

380

2,600

3.4

0.4

13.7

2009

4,404

229

88

603

49.4

1.2

2.4

2010

6,486

467

385

2,631

11.9

1.1

9.9

2011E

7,300

590

480

3,310

9.5

1.0

12.6

2012E

7,700

700

560

3,920

8.1

0.9

14.4

1.

,

,
. MDPS 10
450 11
11 900

2.
GM , PSA, ,
.
VW GM
06 73 1,000

: Fnguide

(%)
30

()
()

9000

8000

25

7000

20% . K11 K2 16

(%)

GM

100
90
80

6000

3 K11
3.

( : , , , %)

5000
4000

20

70

15

60
50

10

3000
2000

1000

40
30
20
10

0
06

07

: S&T

08

09

10

11

12

0
08

09

10

11

12

: S&T

282


A t P
Auto
Parts
t

(033530)

Key Description

1.

, ,

2.

3.

4.

2%
2%

Profile
96%

800-1

IR Site

800-1

100 /
3,640

3 62.2%

9.1%

52
/

18,150 / 8,030

48.1%

283


A t P
Auto
Parts
t

(033530)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

3,922

146

143

711

4.3

0.4

9.0

2009

3,574

234

387

1,929

3.4

0.7

22.4

2010

4,291

239

471

2,349

5.2

1.8

22.4

. 10
150 150% .

2011E

4,800

280

535

2,668

7.1

1.3

23.0

2012E

5,300

275

595

2,968

6.4

1.2

19.9

1.

: Fnguide

2.
(HMMA, KMMG), (KMS,
HMMC)

4Q

()

()

40

400

35

350

30

300

25

250

20

3.
800 48%, 2,200%
. 10 225 , 250

15

200

10

150

100

0
-5

50

-10
10

0
06

07

08

09

10

11

06

07

08

09

10

11

284


A t P
Auto
Parts
t

(024910)

Key Description

1.

, /

2.

3.

, , , ,
,

4.

32%

68%

Profile

1072

IR Site

1072

88 / 1221

13 43.74%

0.2%

52
/

7,510 / 2,495

315.4%

285


A t P
Auto
Parts
t

(024910)

Valuation

EPS

PER

PBR

ROE

2008

1,423

-78

-59

-382

0.3

-12.6

2009

1,757

25

28

180

12.7

0.7

5.3

2010

2,741

109

110

626

9.6

1.5

17.9

2011E

3,790

220

199

1,132

6.9

1.2

28.8

2012E

4,520

389

358

2,037

3.9

0.8

34.9

1. 6
09 YF Sonata 6~8 . 6

10 1,860 11 12 2,750
3,500

( : , , , %)

: Fnguide

2. .
Capex 08 360, 09 540, 10 820, 11
500()
.



. 11 3,790
(38%,YoY), 220(+102%, YoY)

3
3.
6
11 PER 6.9X, 12 3.9X

()

4500

(%)
90

()

180

4000

80

160

3500

70

140

3000

60

120

2500

50

100

2000

40

80

1500

30

60

1000

20

40

500

10

20

0
09
:

10

11

12

13

14

08

09

10

11

12

13

14

286

Healthcare
(071200)
(054950)
(100700)
(039860)
(100120)
(052260)
(041910)
(082270)
(085660)
(078160)
(005690)

287


H lth
Healthcare

2~4

$200M

$200M

6 ~ 10

1 :

2 :

3 :

$150M ~ $500M
288


H lth
Healthcare

1 1

$1~$6

10~15 yrs

Phase I

81%

1
$15,700

Phase II

57%

1
$19,300

Phase III

57%

1
$26,000

Cumulative

26%

$1~$5

6-10

Overall Drug Development

Process

1-2

289


H lth
Healthcare

1.

CAGR(2010-2020) 45%
2013
, ,

/ (
)

1.5 2.5

FDA
Review

0.5~1

1~1.5

US$ 50M

US$ 30M

US$ 1M

US$ 5M

30%

80%

30%

8%

100%

90%

80%

80%

2.
1980 (Teva), (Ranbaxy)
,


Top 10 ( )

EU, 3 (09.7) 4
( 2, 1, 1)
2020, 1 ( )

US$ 120M
US$ 14M

*(Biosimilar):

2006

(:$)

2010

2020

CAGR
(20102020)

905

45.0%

1)
2) ,

762

22

3) 1 : , ()
2 : , ()

1,442

2,600

9,000

11,900

8.80%

4) 1/10, , 10
5) , ,

6,430

2.80%

290


H lth
Healthcare

2013

Enbrel
Remicade
Epogen
Rituxan

08
08

FDA

(:$)

12

Amgen

Centocor
(J&J)

5,335

1998

2013

Amgen

5,123

1989

2013

1998

2012

5,099

1997

2015

Abbott

4,521

2002

2016

Avastin

Genetech

4,484

2004

2019

Herceptin

Genetech

4,384

1998

2019

Aranesp

Amgen

3,344

2001

2014

Amgen

3,318

2002

2015

Sanofi-Av
entis

3,130

2000

2015

Humira

Neurasta
Lantus

Genetech

6,490

2020
(%)

()

300

25
($)

,
LG, ,
LG

,
, ,

22

, LG

17.5

200

20

200

15
10

100

25
2
0

0
2010

2020

2020
(, )

20

()

15

20 1~3
((11
11 )
1,500 (10.10)

LG

(11 )
1

1
C 2

1
, (10.8)

12
10

7.5
5.5
2.2

1.5

0
2010

2020

291


H lth
Healthcare

1. 2017 2.1
5 R&D

1.5%

10%
10%
40%
0%

2. , 2013 3
( ): 2,000 + 5,000()
40%

:Collins Stewart Research

*(Quintiles)

U-
()

( )

1) // CRO(Contract Research Organization)

1
2) 60, 23,000 09 29$
:

292


H lth
Healthcare

1.
= + + IT +
20
Siemens, Philips ) 82%

Vision :

(Johnson&Johns, GE,

2010 2,362$ (3,100$)

70%

(08) 2.5
2 5

(08) 2.7

100()

(08)) 39
(08

(15)) 100
(15

(08) 10

(15)

(15) 5.0
5 0

CAGR(2009-2014): 5.6%, 11.2%

2.
(50 94%)
94 )
50~70%, 3.6
R&D ,

, A/S (16) 1.7%

2009

2010

2011

2012

2013

2014

114,898 119,001 123,444

CAGR 09~14

102,725

106,507

110,753

39,804

42,850

46619

50,598

54,740

57,733

7.7%

10,293

11,175

12,279

13,532

14,614

15,551

8.6%

5,045

5,261

5,692

6,140

6,643

6,979

6.7%

66 236
66,236

70 428
70,428

74 176
74,176

80 108
80,108

86 359
86,359

90 670
90,670

6 5%
6.5%

224,103

236,221

249,518

265,368 281,357 294,377

5.6%

(15) 4.9

*R&D R&D
*
*

R&D

- R&D
- R&D

-
-
-
-

3.7%

: ,

293


H lth
Healthcare

1.
Vs

()

(_), (_), (_
), (_), (_)

()
()
()

20,000

1,163
1,038

15,000

2 ?
2.
(Personalized medicine)

380

5,000

13

5,933

493
35

600

200

86

2007

800
400

1,200
1,000

8,942

690

10,000

1,400

2015

2020

: KaloramaInformation, Stem Cell Markets

CAGR(2007-2012)
(%)
28
26.95

27
25.87

26

25
23.67

24

23

(iPSc)

22

: A Market Insight Report Stem Cell Research

294


H lth
Healthcare

1. ?

2,
, 3



231
2 3 27

3(3 8)

:

/

23

3%

3%

3%

3%

3%

3%

7%

45%

10%

10%

10%

: Clinicaltrials.gov

295


H lth
Healthcare

(071200)

Key Description

1.

PACS RIS, 3D, CIS

2.

17.6%

3.

41.6%

75%)
20 9%
20.9%
*PACS (Picture Archiving and Communication System) : ,
3D ,

Profile

3 12

IR Site

3 12

118 /2,419

46.9%, 1.3%

0%

52
/

10,900 / 3,415

42.6%

20.0%

Analog Film System

Digital PACS

PACS

296


H lth
Healthcare

(071200)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

403

30

19

91

7.5

2009

428

57

45

222

16.2

2010

470

62

50

223

29.5

3.4

12.4

PACS 70% ,

2011E

530

87

72

309

34.8

2.6

16.5

2012E

690

110

88

378

28.4

2.1

18.6

1.

(4-5)

2. , PACS
KLAS Report 1
06 26 11(E) 150

: Fnguide

,PACS
(%)
80

70

70

58

60

3. Hardware Software
IT
Healthcare Software Re- rating

KLAS Report 1

40

40
30

2007

2008

2009

Sectra

Sectra

Sectra

Infinitt

Mcckesson

GE

Infinitt

Mcckess
on

GE

Infinitt

Phillips

Sectra

Infinitt

NovaRad

NovaRad

Phillips

NovaRad

Phillips

GE

NovaRad

Phillips

Mcckesson

Mcckesson

GE

22

20

2006

52

50

10

: KLAS Report

297


H lth
Healthcare

(054950)

Key Description

1.

(ATDPS) ,

2.

1, 2

3.

, ,

9.5%

32 8%
32.8%

57.7%

Profile

35796

IR Site

67-6

75 / 2,004

5 38.7%,
38 7%
11.4%, CRMC 6.5%

1.3%

52
/

34,700 / 19,900

362.5%

ATDPS

/ ATDPS

ATDPS

298


H lth
Healthcare

(054950)

Valuation

EPS

PER

PBR

ROE

2008

540

205

-788

-12,448

N/A

8.4

-197.2

2009

618

158

303

4,778

7.7

6.1

162.7

2010

565

98

59

936

27.5

3.3

13.1

2011E

1,020

280

210

3,317

10.2

2.2

37.6

2012E

1,200

336

261

4,120

8.3

1.9

36.2

KIKO ,
1. KIKO
2011 3 10, KIKO (-229.8)

2.
2010 55%,
55% 26%,
26% 17%

: Fnguide

M/S 78%, M/S 74%

1 Mckesson
( Yuyama Sanyo 3 )
Yuyama

(%)

()

1200

1020

3. ATDPS
600

1200

(%)
( )

5,765%

1000

900

10

( : , , , %)

540

618

800
565

600

495
357

400

4.
ATDPS

300

200
200

Total Solution

0
08

: JVM

09

10

11

08

09

10

11

: JVM

299


H lth
Healthcare

(100700)

Key Description

1.

2.

21.00%

3.

, , 35
36

3.00%
51.0%

25.0%

Profile

344-14
344 14

IR Site

344-14

44 /1,618

3 57.1%,
57 1%
1.2

0%

52
/

4,200 / 1,920

23.9%

300


H lth
Healthcare

(100700)

Valuation

EPS

PER

PBR

ROE

2008

276

54

46

126

3.2

0.6

16.9

2009

301

62

61

138

19.5

3.2

17.3

2010

347

55

45

102

19.9

2.3

11.5

2011E

410

80

65

148

23.7

1.9

16.2

2012E

500

95

76

173

20.5

1.7

18.1

1.
,

2010 6, TSCI 3 160

( : , , , %)

2.

()
()

()

(%)

600
410
400
276

301

347

20
18
16
14
12
10
8
6
4
2
0

3. FDA
200

0
08

()

09

10

11

(%)

()
()

100

30

80
62
54

20

55

50
10

0
08

09

10

11

301


H lth
Healthcare

(039860)

Key Description

1.

(), (

), (

)
2.

5.70%

(Lab On a

21.60%
43.9%

Chip) Healthcare
3.

Life Technology, Invitrogen,

6.90%

Profile
21.9%

3 2352 12

IR Site

3 2352 12

88 /1,027

5 16.1%,
16 1%
9%

0%

52
/

7,410 / 4,800

26.9%

Friend

302


H lth
Healthcare

(039860)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

64

-16

-55

-311

N/A

2.0

-24.8

2009

133

18

143

810

6.4

2.7

51.3

2011 2, 3 110, 140

2010

151

-16

-68

-386

N/A

3.3

-21.6

2014 SKT 16.9% 2

2011E

500

52

68

389

15.6

2.5

25.1

SKT

1. SKT,

R&D + SKT

2.

, CAGR

2Q11 TaLI (11 150 )

1H11 ADAM-rWBC FDA
ADAM-rWBC .
2H11 Frend CK-MB, Frend Myoglobulin
3

POCT

18

16

14

15

16

14
12

14.40%

3 ,
3.

(%)

10
35 80%
35.80%

7 90%
7.90%

(POS)

8
5

9.60%

11.80%
20.50%

: Frost & Sullivan

303


H lth
Healthcare

(100120)

Key Description

1.

DR(), R/F(),

2.

3.

Toshiba(20%), ,

DR

R/F

26.6%
41.3%

7.9%

Profile
24.2%

1 307-2
307 2

IR Site

1 307-2

33 /744

6 30.4%

0%

52
/

15,600 / 9,740

5.7%

CCD-DR()

R/F ()

304


H lth
Healthcare

(100120)

Valuation

( : , , , %)

EPS

PER

PBR

ROE

2008

213

63

62

1,236

36.4

2009

256

66

57

986

14.2

2.8

20.8

2010

305

76

73

1,174

10.0

2.2

19.0

/LCD

2011E

405

105

96

1,544

7.2

2.0

20.1

2012E

520

135

120

1,930

5.7

1.9

21.5

1.
08
09 35, 10 81, 11(E) 150

2. FP-DR DR Full Line-Up

2010

-CCD-DR FP-DR
CCD DR: ,
150

FP DR
DR: ,
,

()

()
()

700

FP DR DR 85% Main Stream

(%)
30
29

FP DR
81

405

450

3
3.
35

213

256

305

28
27
26
25

200

24
23
09

10

11

-50

08

09

10

11

22

305


H lth
Healthcare

(052260)

Key Description

1.

, , ,

2.

3.

, , , ,

4.6%
5.2%

27.4%
62.8%

Profile

644-6
644 6

IR Site

644-6

75 / 1,620

8 37.6%,
37 6% SKC
9.8%, 5.6%

1.3%

52
/

11,800 / 7,125

22.9%

Collagen Dressing()

306


H lth
Healthcare

(052260)
Valuation

EPS

PER

PBR

ROE

2008

367

77

64

427

7.2

0.9

12.9

2009

509

111

110

732

8.2

1.5

19.5

2010

625

151

126

838

10.2

1.8

18.8

2011E

796

209

170

1,133

9.8

1.9

21.5

2012E

1,005

268

218

1,455

7.7

1.6

22.8

1.
63%,
, Line up


P&G,
P&G L
Lorea
orea (2010 yoy +49%)

( : , , , %)

2. 2012
300 cGMP
. 2012 .

()

: 2012 200, 2013 400

1200

()
()

3.
509

15

367

10

300

0
08

09

10

()

16

200
150
150

11

12

14
12

20

625
600

30
25

796

900

,SK, LG, , ,KIST

1005

(%)

()

()

(%)

10

100
100

71
50

48

50

2
0

0
08

09

10

11

12

307


H lth
Healthcare

(041910)

Key Description
1.

(API), (PI) 50

,,
AQL()

2.

3.

36.3%
59.0%

Profile

4.7%

1407-9
1407 9

IR Site

15-1
5

46 /401

3 30.3%

0%

52
/

4,670 / 2,955

59.6%

API , ,

(PI)

(API)

(ETC, OTC)

308


H lth
Healthcare

(041910)
Valuation

1. Key
2004 100$ 2008 1,000$, 2010 2,250$

,

( : , , , %)

PBR

ROE

255

47

102

19.8

0.7

3.1

2009

321

41

14

162

18.6

0.9

4.6

2010

455

69

44

484

8.3

1.0

12.1

2011E

565

93

63

690

6.3

0.9

15.6

2012E

735

117

82

897

4.9

0.8

15.1

: Fnguide

MRI 27 (10.12, 5 3,270

493), 2012

()

()
()

3300
3000

2553

()

()

750

()

50

1284

1560

30

735

455

500
321

10

255

8
6

250

4
2

10
0

0
07

08

09

10

11

20

14
12

20

672

(%)
18
16

565

60

40

2000

1000

(%)
70

4000

3. Valuation
11 PER 6.3

PER

2008

2. (Insight Agent:
) MRI

EPS

0
07

08

09

10

11

309


H lth
Healthcare

(082270)

Key Description

1.

2.

CA Filter

Gas Scrubber

2.7%
3.5%

GemVax 100%
)
3.

, , ,

Profile

IR Site

894
I8

93.9%

159-3

CA Filter
/

113 / 6,370

9.8%

1.3%

52
/

32,950 / 2,945

31.5%

Gas Scrubber

GV 1001

310


H lth
Healthcare

(082270)

Valuation

EPS

PER

PBR

ROE

2008

172

12

106

23.8

0.7

3.3

2009

69

-48

-135

-1,111

N/A

2.0

-49.0

2010

180

-52

-157

-785

N/A

5.6

-39.7

1. GV 1001
3 GV 1001

( : , , , %)

, , NHS Trust
, 3
2011 9 3

65

GV 1001

(%)
2.5 2.21
2 21

2.

8
65

1.5
1
8:

0.64
0.38

0.5

0.24

0.15

: Grobal Cancer Facts and Figures

2010 11

: Grobal Cancer Facts and Figures

311


H lth
Healthcare

(085660)

Key Description

1.

2.

Open

13.6%

3.

, ,
, FOXXCONN

4.6%

Profile

81.9%

151-21
151 21

IR Site

60616 1

318 /6,159

39 32.3%

1.3%

52
/

14,227 / 7,521

55.7%

(EVERCELL)

312


H lth
Healthcare

(085660)

Valuation

EPS

PER

PBR

ROE

2008

125

38

62

416

9.7

1.7

13.2

2009

832

55

111

70.3

2.8

5.9

2010

814

-117

51

91

95.8

3.2

3.6

1,521

142

143

260

37.3

2.1

10.1

Focus

1.
Bio Anti-Aging Complex, Chaum: (Evercell)
,
Cash Cow
( 15 450)
400

2. LA HPMC

( : , , , %)

2011E

: 2011 Guidance

LA

R&D Pipeline

LA City
09 9 11 100

3. / (RPE)
ACT Boston Stem Cell International

2
2~5
5

250

()

220

200
146.9
150
100

(:RPE), ATC ,
, FDA
, 2011 KFDA . 09 10

50

33.2

48

0
08

09

10

11

313


H lth
Healthcare

(078160)

Key Description

1.

(M/S 40%)

2.

1/
( 13,

16.3%

( )

3
3.

Profile

83.8%

3
1571-17
1571 17

IR Site

3
1571-17

32 / 2,163

9.3%,
9 3%
9.3% 5.1%

1.3%

52
/

45,450 / 21,200

22.2%

(/)

314


H lth
Healthcare

(078160)
Valuation

EPS

PER

PBR

ROE

2008

120

-7

02

42

266.9

1.9

0.5

2009

118

-7

-9

-158

N/A

3.1

-1.9

2010

181

16

19

313

139.3

9.1

3.5

2011E

251

25

28

444

81.1

5.5

4.9

2012E

350

50

52

825

42.4

3.2

9.7

1.
1 3

1015%
FDA IND
100

2. PipeLine
R&D PipeLine
1/2

: Fnguide

()

60 000
60,000

R&D Pipeline

3
, FDA 1,2
(11 2)
11

11

AD

1,2

54,097
46,905

3.
2010 3,

( : , , , %)

40,678
40,000

32,847
25,414

20,000

05

06

07

08

09

315


H lth
Healthcare

(005690)

Key Description

1.

2.
17.6%

3.
41.6%

(3),
20.9%

(2,3 )

Profile
20.0%

920-923
920 923

IR Site

3-2
12-15

117 /1,874

19.9%

0%

52
/

79,400 / 28,350

42.6%

Hearticellgram

316


H lth
Healthcare

(005690)

Valuation

EPS

PER

PBR

ROE

2008

83

-33

-44

- 2,653

N/A

2.0

-41.8

2009

72

-25

-40

- 2,575

N/A

6.8

-39.6

2010

64

-92

-138

- 6,672

N/A

63.3

-25.3

1.
-AMI (KFA)
,

( : , , , %)

( )
GMP( )

2. ,
(Cerecellgram-stroke),
3 .
2013

8000

(Cerecellgram-spine),
2/3 . 2013

6000

*Ch k P
*Check
Point
i t

()

7 326
7,326

4000
2,417

6 16
2000

840

751
187

0
2005

2010

2015
:

317

Foods & Beverages

(007160)
(003960)
(079660)

318


F&B

, , CJ

, ,

CJ, ,

,
,

, ,
,

, ,

CJ,

,
CJ(K)

CJ, ,

,
(K)

, CJ

(K),
,
(K)
,

, (K),
,
, ,

: ((K)

Source:

319


F&B

1. Fishflation

Supply : , , , ,

130
FAO, Total fish price index

120

Demand : ,

110
100

2. , 3

90

, 2.

80

1977 850 2007 387

70
94

98

02

06

(), (), ,

10

: FAOSTAT

1
(, kg)

()

(, )
1 ()
()

20

120
100

15

80
60

10

40

20

0
50

: FAO 2010

60

70

80

90

00

09

()

(kg)

1 ()

30

25

20
15

10

5
0

5
00

01

02

03

04

05

06

320


F&B

3.
1990 810 2006 393
156 85

2000

,

2009 1 , 2010
1

()

900

()
()

()

200

800
700

150

600
500

100

400
300

50

200
100

0
57

62

67

72

77

82

87

92

97

02

321


F&B

(007160)

Key Description

1.

2.

, /, ,

13.0%

3.

, , ,

3.0%
47.0%

17 0%
17.0%

Profile
20.0%

2
157

IR Site

2
157

250 /2,840

34.9%,
34 9% 9.9%,
9 9%
5.3%

1.3%

52
/

64,100 / 24,150

132.1%

()

, ()

()

322


F&B

(007160)

Valuation

EPS

PER

PBR

ROE

2008

2,728

269

161

3,216

7.6

1.3

18.3

2009

3,285

231

343

6,865

3.8

1.0

30.5

2010

3,761

296

378

7,563

8.1

1.8

25.4

2011E

4,204

355

446

8,918

6.9

1.4

23.6

2012E

4,716

454

549

10,978

5.6

1.2

23.1

1.
( 52,
33), /

: 11(E)
+22.2% 275

( : , , , %)

2.
(),(,,),
(,,,),(,
,)
, A/S,

()
()

()

()
(%)

5,000

12

4,000

10
8

3,000

350
300

320

275

270
225

250
200

3. Valuation
91,600, Buy
Sum of the Parts

150

2,000

1,000

0
08

09

10

11

12

100

75

50
0
08

09

10

11

12

323


F&B

(003960)

Key Description

1.

, , ,

2.

(OEM)
(,,)

14.5%

3.

1.0%
24.8%

41.1%

Profile

18.6%

482-2

IR Site

482-2

/
/

263 /1,221

37.1%,
37 1%
24.4%, 16.2%

1.3%

52
/

30,250 / 14,950

56.6%

324


F&B

(003960)
Valuation

EPS

PER

PBR

ROE

2008

2,067

103

102

1,929

9.7

1.7

16.5

2009

2,910

155

215

4,088

4.1

0.9

23.5

2010

3,082

116

187

3,552

7.1

1.1

14.8

2011E

4,323

297

250

4,756

5.8

1.0

16.9

2012E

5,581

407

309

5,874

4.7

0.9

17.6

1.

2 2011

( : , , , %)

2.
- +3.1%p 6.9%
-

-

()
()

()
()

6,000

5,581

()

2011

400

2,910 3,082
2,067

1,500
850

1,000

2,000

200

3. Valuation
43,000, Buy.
Sum of the Parts

2,000

4,323
4,000

2 500
2,500

600

552

487

09

10

990

1 000
1,000

12

13

500
0

0
08

09

10

11

12

11

325


F&B

(079660)

Key Description

1.

, , , ,

2.

3.

31.60%
41.80%

Profile

26.60%
482-2

IR Site

482-2

358 /1,103

24.3%,
24 3%
3.5%, 3.6%

1.3%

52
/

17,900 / 8,020

138.8%

326


F&B

(079660)

Valuation

EPS

PER

PBR

ROE

2008

4,021

162

-118

-1,644

-3.5

0.9

-22.6

2009

4,658

257

294

4,107

1.7

0.5

39.3

2010

4,848

136

115

1,605

8.7

0.9

10.4

2011E

5,623

152

123

1,717

9.1

0.9

10.0

2012E

6,744

254

207

2,885

5.4

0.7

14.8

,
1.
M/S (25.6%35.4%)
(, ,)

( : , , , %)

M/S 09 9.4% 10 24.6% 1

+15 2%p
+15.2%p

2.

M/S
()

80

69.1
62.5

Value Chain
60

3. , /
,
,

-

, Value Chain

2009

2010

() () () ()

40
24.6
20

9.4

19.8
12.4

()

()

()

327

Transportation

328


T
Transportation
t ti

/ :

/ :

/ : ,

: STX,
STX ,

: SK(), ,
, STX, KSS

: , ,

LNG
: ,
/

( )

IT,
IT

: ,

()

: , ,
,

:
(, ) ()

: ,
(),
(),
()

, ,
/

329

Internet/SW

330


/SW
SW

()

()

VoIP

CP

KT

SMS

SI

()

CNI
ICT

I&C

123
331

Media/
/
Entertainment

332


/
/

SO

SBS
SBS
SBS
SBS

iMBC
YTN
TV
CJ E&M

G2R

HCN

ISPLUS

IHQ

KT

GKL

()

CJ CGV

333

Education
Publication
Paper

334

YBM

335

P&P
(
)

,
, ,

SP

336

337

OEM

OEM/

OEM/

Prestige/
/

Prestige

LG

338

339

Top-picks

340

BUY

Top-picks

TP 54,800

(036830)
Fact Sheet

(%)

6,528

14,587

IT

1. /LCD
2.
3. Thin Glass/AM OLED
4. Buy , 54,800

50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0

73

52 1%
52.1%
14,686,988

60

(%
250

(())

44 450
44,450

47

200
150
100

Rel to KOSDAQ

10.4

60

50

10.9

11.2

129,198

Forecasts and valuations

(12)

2008

2009

2010

2,238

2,901

3,487

4,486

5,672

34 4
34.4

29 6
29.6

20 2
20.2

28 7
28.7

26 4
26.4

304

357

492

634

783

187

255

330

522

649

EPS

1,272

1,733

2,245

3,556

4,419

-29
29.0
0

36 2
36.2

29 6
29.6

58 4
58.4

24 3
24.3

PER

15.3

9.5

10.7

12.5

10.1

PBR

1.8

1.3

1.6

2.5

2.3

EV/EBITDA

6.9

5.4

6.5

9.1

7.2

12 5
12.5

15 0
15.0

16 8
16.8

22 2
22.2

22 4
22.4

2.1

1.1

1.0

0.7

0.7

ROE

2011E

2012E

341

Top-picks
(036830)

1. /LCD/OLED
95% ,

2008

2009

2010

95%

95%

95%

LCD

50%

60%

50%

25%

30%

35%

LCD 60% , , LG

2010 4,
SMD
OLED

,

OLED

:

2. , Thin Glass
08 SDI

(SDI

(2010)

45% )
(2010 , )

0.08

0.16

Thin Glass PC , SMD

0.23

0.16
0.2

LCD

0.64

LCD Thin Glass 60%

.

0.76

TSS

0.49

0 28
0.28

LCD

CVD

Nd

Thin Glass

CMP Slurry

342

Top-picks
(036830)

3.
2011 56 (2010 46 )
, MEMS Card *TSC 126
, , 10%
(:,%)

2010

Etchant

51.0

267

23.6

Precursor

51.0

13

0.01

50.0

111

35.6

50.0

891

10.0

42.1

389

5.6

TSC

75.3

-7.8

*TSC

MEMS Card

23.4

891

-125.6

TSC

100

211

-17.3

100

140

-1.5

90.0

37

5.2

2,916

-72.2

343

Top-picks
(036830)

(036830)

()

Buy , 54,800

60,000

50,000

40,000
30,000
,

Valuation Summary

20,000

2011 EPS

3,556

*Peer Group PER

15.4

54,762

54,800

44,450

23%

*Peer Group 2011 PER

= 15.4 (LG, , OCI)

2009/05/23

BUY

22,000

2010/05/11

BUY

29,000

2010/07/15

BUY

32,000

10,000

0
09.4

10.4

11.4

2011/04/25

BUY

54,800

. ( :
)
1% .
.
3 .
.
Guide Line: 6~12, 3(Buy, Hold, Sell) 2(H:High, L:Low)

Buy : 10%(Low)/20%(High), Hold: -10~10%(Low)/-20%~20%(High), Sell: -10(Low)/-20%(High)

Guide
G i Line:
i 6~12,
6 12 3(Overweight,
3(O
i
Neutral, Underweight)
i )

2008 219 5(Strong Buy, Buy, MarketPerform, UnderPerform, Sell) 3(Buy, Hold, Sell)
2(High, Low)
,
. ,
. ,
, . ,
.

344

Top-picks
(036830)

(12)

(:)
2008

2009

2010

2011E

2012E

(12)

(:)
2008

2009

2010

2011E

2012E

2,238

2,901

3,487

4,486

5,672

1,739

2,324

2,721

3,517

4,481

499

577

765

969

1,191
408

693

750

882

1,761

1,939

112

221

61

648

522

103

20

27

44

167

277

387

525

664

195

220

273

335

251

180

270

366

462

304

357

492

634

783

60

72

144

195

247

139

119

74

106

111

1,442

1,796

2,332

2,684

2,666

17

16

524

888

1,099

1,157

1,220

76

35

28

28

28

867

858

1,179

1,457

1,359

15

71

30

56

60

44

11

42

44

50

68

86

178

133

143

87

82

2,135

2,547

3,214

4,446

4,605

16

18

18

38

30

445

683

1,079

1,225

1,371

46

29

37

37

37

127

169

221

300

380

77

71

76

150

340

650

650

650

38

14

12

12

16

50

86

21

21

21

266

343

423

653

811

118

88

187

254

321

124

44

21

629

37

266

343

423

653

811

64

600

79

89

93

131

162

42

19

187

255

330

522

649

18

25

21

29

37

568

727

1,101

1,854

1,408

73

73

73

73

83

187

255

330

522

649

189

189

189

189

180

(%)

22.3%

19.9%

22.0%

21.6%

21.0%

-33

-33

-35

-35

-35

EBITDA Margin (%)

19.1%

16.9%

18.0%

16.9%

15.6%

-9

19

20

20

20

(%)

13.6%

12.3%

14.1%

14.1%

13.8%

1,347

1,572

1,866

2,344

2,950

* (%)

11.9%

11.8%

12.1%

14.6%

14.3%

1 566
1,566

1 820
1,820

2 113
2,113

2 592
2,592

3 198
3,198

(%)

11 9%
11.9%

11 8%
11.8%

12 1%
12.1%

14 6%
14.6%

14 3%
14.3%

306

445

671

1,271

671

(%)

8.4%

8.8%

9.5%

11.6%

11.4%

90

221

587

591

97

(%)

8.9%

8.8%

9.3%

11.6%

11.4%

345

Top-picks
(036830)

(12)

(:)
2008

2009

2010

2011E

2012E

598

614

691

750

807

()

144

165

187

219

248

(12)

2008

2009

2010

2011E

2012E

FCF

-29

243

-66

80

575

EBIT

304

357

492

634

783

EBITDA

428

489

627

757

882

353

274

311

328

345

SPS ()

15,238

19,754

23,739

30,544

34,355

15

17

20

21

22

EPS ()

1,272

1,733

2,245

3,556

4,419

86

152

173

183

192

DPS ()

200

250

300

300

300

5,161

5,700

6,583

7,054

7,656

BPS ()

10,833

12,575

14,587

17,859

19,559

()

598

809

811

805

806

EBITDAPS ()

2,912

3,330

4,268

5,154

5,343

()

2 545
2,545

2 821
2,821

3 265
3,265

3 680
3,680

3 348
3,348

34 4%
34.4%

29 6%
29.6%

20 2%
20.2%

28 7%
28.7%

26 4%
26.4%

3.4%

17.5%

37.8%

28.8%

23.5%

147

180

148

124

105

1,871

1,891

2,359

2,445

3,397

EPS

-29.0%

36.2%

29.6%

58.4%

10.5%

5,759

6,315

7,274

7,804

8,463

EBITDA

9.0%

14.4%

28.1%

20.8%

3.7%

()

2,445

1,655

1,863

1,916

1,996

ROA

9.2%

10.9%

11.4%

13.6%

14.3%

()

364

316

358

378

398

ROE

12.5%

15.0%

16.8%

22.2%

22.4%

ROIC

21.1%

23.1%

27.8%

27.9%

30.4%

()
,

40

1,080

360

360

360

360

2.1%

1.1%

1.0%

0.7%

0.7%

960

980

1,145

1,178

1,239

PSR ()

1.3

0.8

1.0

1.4

1.2

1,009

2,063

2,370

2,374

2,377

PER ()

15.3

9.5

10.7

12.0

9.7

()

797

1,894

1,894

1,894

1,894

PBR ()

1.8

1.3

1.6

2.4

2.2

175

112

412

412

412

EV/EBITDA ()

6.9

5.4

6.5

9.1

7.2

36.3%

39.9%

52.1%

71.5%

44.0%

()

( )
()

37

57

64

68

71

3,454
,

3,718
,

4,234
,

4,290
,

4,374
,

19.5%

24.5%

31.7%

49.0%

21.0%

286

286

286

286

286

3.3%

0.3%

1.7%

-0.7%

-0.7%

672

672

672

672

672

/ ()

18.7

19.3

27.8

16.6

26.1

346

BUY

Top-picks

TP 11,000

(029460)
Fact Sheet

(%)

8 690
8,690

162

LCD /

1. LCD /

5,062

25 40%
25.40%

3. /
4.
5. Buy , 11,000

32,420,856

60

56

60

707,920

120
100
80
60
40

20

Rel to KOSPI

10.4

10.9

11.2

Forecasts and valuations

(12)

2. LCD

2,817

(%
140

(())

10,000
9,000
8,000
7,000
6,000
5,000
4 000
4,000
3,000
2,000
1,000
0

2008

2009

2010

2011E

2012E

1,860

955

2,303

2,480

2,728

43 0
43.0

-48
48.6
6

141 1
141.1

77
7.7

10 0
10.0

232

97

229

258

293

112

101

250

281

314

EPS

339

304

752

866

968

-36
36.2
2

-10
10.4
4

147 8
147.8

15 0
15.0

11 9
11.9

PER

12.7

12.4

7.7

10.0

9.0

PBR

1.1

0.9

1.2

1.5

1.2

EV/EBITDA

4.8

5.6

6.5

8.7

7.4

ROE

89
8.9

74
7.4

16 1
16.1

15 2
15.2

14 6
14.6

0.9

0.5

0.9

0.7

0.7

347

Top-picks
(029460)

1. LCD
LCD ,
DNS
70% ( )
, LG LCD 11

(%)

()

1600

CMP

1400

YoY

160
140
120
100
80
60
40
20
0
-20
-40
-60
60

1200
1000

LCD Cleaner Coater

800
600

2. /

400
200

* (Ceria Slurry)
Ceria Slurry, 09

()

0
05

07

09

11E

13E

15E

CMP
(%)
250

()

* (CMP )

700

CMP (Ceria Slurry) .

CMP 08 CMP
5~10%
,
.

600

CMP AMAT(), ()
CMP 1, CMP

YoY

200

500

150

400

100

300

50

200

100

-50

-100
2008

2010

2012E

2014E

348

Top-picks
(029460)

3.

2010

2010

44.1

264

23

, ,

26.8

511

105

84

53.6

670

35

, PDA

58.5

85

-8

40.0

492

43

40.0

23

2,045

202

(064760)

2%

8%
LCD Wet

26%

Coater

15%

23%

LGD

Wet

CMP

0%
58%

9%

Gas

5%

Slurry

9%

12%

34%

349

Top-picks
(029460)

(029460)

LCD /

()

Buy , 11,000

12,000

10,000

2009/05/23

BUY

5,000

8,000

2011/04/25

BUY

11,000

6,000

Valuation Summary

4,000

2011 EPS

866

IT PER

12.6

10,900

11,000

8,690

26.5%

2,000
0
09.4

10.4

11.4

. ( :
)
1% .
.
3 .
.
Guide Line: 6~12, 3(Buy, Hold, Sell) 2(H:High, L:Low)

Buy : 10%(Low)/20%(High), Hold: -10~10%(Low)/-20%~20%(High), Sell: -10(Low)/-20%(High)

Guide
G i Line:
i
6~12,
6 12 3(Overweight,
3(O
i
Neutral, Underweight)
i )

2008 219 5(Strong Buy, Buy, MarketPerform, UnderPerform, Sell) 3(Buy, Hold, Sell)
2(High, Low)
,
. ,
. ,
, . ,
.

350

Top-picks
(029460)

(12)

(:)
2008

2009

2010

2011E

2012E

(12)

889

870

1,129

1,431

1,732

14

58

18

119

284

96

450

47

56

66

638

229

816

964

1,060

94

86

185

218

240

(:)
2008

2009

2010

2011E

2012E

1,860

955

2,303

2,480

2,728

1,448

708

1,868

2,011

2,212

412

248

436

469

516

180

150

206

211

223

232

97

229

258

293
141

48

47

63

74

82

113

89

145

132

862

959

1,016

1,073

1,136

12

371

399

460

553

648

53

16

18

18

18

443

456

456

427

401

27

36

78

84

88

18

77

69

57

47

21

33

43

28

30

30

27

31

36

40

178

72

56

39

42

1,751

1,829

2,144

2,504

2,869

412

346

377

445

489

13

31

16

16

16

169

235

226

267

294

26

136

30

33

23

25

50

167

115

318

351

392

193

111

151

178

196

27

75

58

68

75

167

115

318

351

392

55

14

68

70

78

50

112

101

250

281

314
0

27

25

58

68

75

439

421

434

513

564

147

152

157

162

162

112

101

250

281

314

(%)

22.1%

25.9%

18.9%

18.9%

18.9%

EBITDA Margin (%)

14.8%

13.8%

12.0%

12.1%

12.0%

(%)

12.5%

10.2%

10.0%

10.4%

10.7%

12.0%

13.8%

14.1%

14.4%

475

466

490

490

490

-31

-24

10

14

14

14

712

806

1,050

1,325

1,639

* (%)

9.0%

1 312
1,312

1 408
1,408

1 710
1,710

1 991
1,991

2 305
2,305

(%)

9 0%
9.0%

12 0%
12.0%

13 8%
13.8%

14 1%
14.1%

14 4%
14.4%

50

50

(%)

6.0%

10.5%

10.9%

11.3%

11.5%

-60

-458

-65

-175

-350

(%)

6.0%

10.6%

10.5%

11.3%

11.5%

351

Top-picks
(029460)

(12)

(:)
2008

2009

2010

2011E

2012E

32

505

-427

94

()

112

101

250

106

22

21

26

(12)

2008

2009

2010

2011E

2012E

179

FCF

-215

417

-470

120

185

281

314

EBIT

232

97

229

258

293

-35

-37

-46

EBITDA

276

132

276

300

328

32

29

26

SPS ()

5,619

2,885

6,921

7,649

8,414

23

15

12

EPS ()

339

304

752

866

968

63

-12

-82

-79

-81

DPS ()

20

30

60

60

60

-187

382

-643

-150

-89

BPS ()

3,990

4,103

4,915

5,965

6,963

()

-243

398

-591

-155

-105

832

398

830

924

1,011

()

18

-98
98

-33
33

-22
22

43 0%
43.0%

-48.6%
48 6%

141 1%
141.1%

7 7%
7.7%

10 0%
10.0%

()

20

66

-10

41

27

51.9%

-58.0%

135.7%

12.4%

13.5%

EPS

-36.2%

-10.4%

147.8%

15.0%

11.9%

39.8%

-53.5%

102.5%

4.9%

9.4%

EBITDAPS ()

18

-89

56

-2

11

-93

-457

376

-27

-24

()

-251

-95

-44

ROA

6.7%

5.6%

12.6%

12.1%

11.7%

()

-10

-11

-7

ROE

8.9%

7.4%

16.1%

15.2%

14.6%

()

-2

-4

33

-10

-7

ROIC

21.4%

11.4%

19.9%

16.2%

17.4%

EBITDA

170

-347

394

-17

-17

0.9%

0.5%

0.9%

0.7%

0.7%

-36

16

10

14

11

PSR ()

0.8

1.3

0.8

1.1

1.0

( )
()

-17

-50

PER ()

12.7

12.4

7.7

10.0

8.9

()

-14

-6

45

PBR ()

1.1

0.9

1.2

1.4

1.2

-14

-6

-9

EV/EBITDA ()

4.8

5.6

6.5

8.7

7.4

-5

21

15

14

11

33.4%

29.9%

25.4%

25.8%

24.5%

-97
97

63

-42
42

81

165

113

16

80

38

119

14

58

18

119

284

/ ()

3.8%

3.6%

0.0%

0.0%

0.0%

-1.9%

-1.7%

-4.0%

-3.6%

-3.5%

76.7

23.9

91.5

352

BUY

Top-picks

TP 18,000

(020760)
Fact Sheet

(%)

11 900
11,900

129

LED Touch Panel : spec

1. LED Touch Panel

3. LED TV

5. Buy , 18,000

12,000

1,316

10,000
8,000
6,000

25,853,101

4,000

2,000

31

Rel to KOSPI

60

301,189

10.4

10.9

(%)
200
180
160
140
120
100
80
60
40
20
0

11.2

Forecasts and valuations

2008

2009

2010

2011E

2012E

99

338

1,139

3,484

4,642

82 9
82.9

241 1
241.1

237 5
237.5

205 8
205.8

33 2
33.2

-41

131

450

557

-316

101

392

457

-2,327

26

394

1,522

1,774

1 401 0
1,401.0

286 7
286.7

16 6
16.6

PER

120.0

22.9

7.8

6.7

PBR

3.3

4.1

6.8

4.1

2.5

EV/EBITDA

7.4

16.4

14.2

5.7

4.1

-94 9
-94.9

19
1.9

22 6
22.6

55 2
55.2

40 3
40.3

EPS

4. 50%

14,000

3,077

179 90%
179.90%

60

(12)

2. Tablet PC Android

()

16,000

ROE

353

Buy

Top-picks
(020760)

1. LED Touch Panel

LED 2010 4
Tablet PC Touch Panel

LED, LG,
LED ,
30~50%
Touch Panel (7.0)
, 2 8.9 10.1

4 Tablet PC
10 6 , ASP

()

150000

100000

50000

0
1Q08

1Q09

1Q10

1Q11

Android Tablet PC
2 Tablet
2.
bl PC
C
Android
A d id
spec 2 Android
Tablet PC ,

Apple
A l M/S
, Android 3~4

Tablet PC PC

, Motorola
oto o a

()

300
250

Android
iOS

200
150
100
50
0
10

11

12

13

14

15

354

Buy

Top-picks
(020760)

3. LED TV
LED Ingot 3 ,
TV LED
Ingot
2010 ,
LED BLU LED TV

3Ingot
()

()

30000

140000
4
()

25000
20000

120000
100000

2
()

80000

15000

2010 LED Ingot

Ingot

10000

LCD TV LED TV 50%

,

60000
40000
Ingot ()

5000

20000
0
8

10

11

4. 50%

50mm capa
p

, 50%
, LED TV

(%)

()
2,500
2,000

()

100

()

90

()

80

1,500

70

1,000

60
50

500

40

30
08

09

10

11

355

Buy

Top-picks
(020760)

(020760)

Buy ,
18,000
18 000
LED 2011 PER
16.1 , PER 9.2

()

20,000

15,000

( 40%,
60%) PER 18,000
Buy

2009.11.10

Buy

13,000

2011.04.25

Buy

18,000

10,000
5,000
0
09.4

Ingot

Epi & Fab

Rubicon
PER

Cree

LG

Epistar

10.2

23.0

16.0

16.4

13.8

17.0

16.1

2012E

11 8
11.8

21 4
21.4

13 5
13.5

95
9.5

12 2
12.2

12 0
12.0

13 4
13.4

2013E

11.0

15.5

11.7

7.5

11.2

8.9

11.0

2011E

2.6

1.9

2.4

1.5

1.8

3.4

2.3

2012E

2.2

1.7

2.1

1.3

1.7

2.7

2.0

2013E

19
1.9

14
1.4

19
1.9

12
1.2

17
1.7

21
2.1

17
1.7

2011E

3.8

4.5

1.1

0.5

3.5

2.0

2.6

2012E

2.8

3.9

1.0

0.4

3.0

1.5

2.1

2013E

2.1

3.1

0.9

0.4

2.7

1.2

1.7

2011E

23.0

8.3

15.8

9.9

14.6

22.5

15.7

2012E
18.7
:

9.0

16.3

15.7

15.0

24.5

16.5

9.0

16.5

16.6

17.4

26.6

17.2

PSR

ROE

2013E

11.4

2011E

PBR

10.4

. ( :
)
1% .
.
3 .
.
Guide Line: 6~12, 3(Buy, Hold, Sell) 2(H:High, L:Low)

Buy : 10%(Low)/20%(High), Hold: -10~10%(Low)/-20%~20%(High), Sell: -10(Low)/-20%(High)

Guide
G i Line:
i
6~12,
6 12 3(Overweight,
3(O
i
Neutral, Underweight)
i )

2008 219 5(Strong Buy, Buy, MarketPerform, UnderPerform, Sell) 3(Buy, Hold, Sell)
2(High, Low)
,
. ,
. ,
, . ,
.

356

Buy

Top-picks
(020760)

(12)

(:)

2008

2009

2010

2011E

2012E

78

317

692

2,224

2,723

51

96

21

242

18

68

30

143

139

28

77

205

817

928

23

69

283

817

696

(:)

(12)

2008

2009

2010

2011E

2012E

99

338

1,139

3,484

4,642

111

279

932

2,454

3,295

-12

59

207

1,030

1,346

29

53

77

580

789

-41

131

450

557

53

78

426

717

22

23

12

16

21

327

379

746

820

903

13

123

187

550

567

628

200

187

176

158

141

16

11

19

91

121

302

23

41

58

59

405

696

1,437

3,044

3,626

13

13

29

44

44

218

284

879

2,042

2,145

20

11

11

11

20

105

334

1,089

1,021

83

115

162

162

162

87

275

275

263

275

-321

102

407

519

-321

102

407

519

28

57

108

516

687

34

28

45

97

118

-5

15

62

30

20

31

31

31

-316

101

392

457
0

14

66

87

252

313

924

2,139

2,264

268

129

129

129

129

-316

101

392

457

203

363

284

284

284

(%)

-12.2%

17.5%

18.2%

29.6%

29.0%

-2

-1

-1

-1

EBITDA Margin (%)

-24.0%

11.6%

16.4%

15.7%

14.2%

(%)

-41.2%

1.7%

11.5%

12.9%

12.0%

-316

-108

101

493

950

153

383

514

906

1 362
1,362

200

143

468

468

468

174

24

342

303

84

* (%)

-324.1%

1.6%

8.9%

11.7%

11.2%

(%)

-324
324.1%
1%

1 6%
1.6%

8 9%
8.9%

11 7%
11.7%

11 2%
11.2%

(%)

-319.3%

1.5%

8.9%

11.3%

9.8%

(%)

-335.4%

-0.9%

8.9%

11.3%

9.8%

357

Buy

Top-picks
(020760)

(12)

()

(:)
2008

2009

2010

2011E

2012E

-7

31

72

215

-316

101

292

31

11

20

(12)

2008

2009

2010

2011E

2012E

550

FCF

-319

-74

-318

82

260

392

457

EBIT

-41

131

450

557

89

121

128

EBITDA

-24

39

187

546

658

42

83

89

SPS ()

729

1,703

4,425

13,528

18,022

14

14

13

12

EPS ()

-2,327

26

394

1,522

1,774

275

-3

32

25

27

DPS ()

17

-5

-118

-299

-35

BPS ()

-245

762

1,316

2,904

4,745

()

-50

-131

-634

-137

EBITDAPS ()

-175

197

728

2,119

2,554

()

-42
42

-212
212

-534
534

122

82 9%
82.9%

241 1%
241.1%

237 5%
237.5%

205 8%
205.8%

33 2%
33.2%

()

85

228

755

-68

2246.2%

243.5%

23.8%

EPS

1401.0%

286.7%

16.6%

268.7%

191.2%

20.5%

-3

114

48

-1

-157

-360

-339

-349

EBITDA

()

-76

-408

-100

-150

ROA

-85.9%

0.9%

9.5%

17.5%

13.7%

()

-2

-6

ROE

-191.3%

1.9%

22.6%

55.2%

40.3%

()

-3

-10

ROIC

-21.4%

1.5%

20.6%

42.0%

37.1%

-6

-75

48

-241

-195

0.0%

0.0%

0.0%

0.0%

0.0%

13

170

334

50

20

PSR ()

5.7

1.8

2.0

0.8

0.6

( )
()

13

-56

333

PER ()

120.0

22.9

7.3

6.3

()

-3

225

PBR ()

4.1

6.8

3.8

2.3

EV/EBITDA ()

-25.8

16.4

14.2

5.7

4.1

50

20

44

45

-74
74

221

51

96

21

51

96

21

242

164.6%

81.7%

179.9%

236.2%

166.2%

130.4%

37.4%

91.2%

51.7%

34.4%

295.6%

2.2%

2.5%

1.2%

0.8%

-3.2

0.4

4.5

10.1

12.5

/ ()
:

358

BUY

Top-picks

TP 39,000

(098460)
Fact Sheet

(%)

3D

1. 3D SPI(Solder Paste Inspection) 1

3. 3D SPI

5. 2013 1,976, 504

6 Buy,
6.
Buy 39,000
39 000

25,000

250

6,040

20,000

200

15,000

150

10,000

100

5,000

50

Rel to KOSDAQ

0
10.4

163,406

300

10.9

11.2

Forecasts and valuations

2008

2009

2010

2011E

2012E

343

269

712

1,103

1,638

47 5
47.5

-21
21.6
6

164 6
164.6

54 9
54.9

48 5
48.5

59

23

188

295

426

81

12

158

236

342

1,121

146

1,955

2,699

3,816

39 5
39.5

-87.0
87 0

1 241 4
1,241.4

38 0
38.0

41 4
41.4

PER

5.6

42.4

5.6

10.1

7.1

PBR

1.6

1.5

1.8

3.2

2.2

EV/EBITDA

4.5

12.0

3.7

5.8

3.4

32 8
32.8

33
3.3

34 6
34.6

34 9
34.9

35 5
35.5

1.1

0.7

0.7

EPS

4.

30,000

2,322

36

60

43

8,521,924

60

(12)

2. 3D

35,000

25 10%
25.10%

(%
350

()

27 250
27,250

ROE

359

Buy

Top-picks
(098460)

1. 3D SPI(Solder Paste Inspection) 1

SPI AOI (2010)

2010 3D SPI 40%

1

Omron

3D SPI (shadow Problem),

(Sphere Specular Problem) 3D SPI
2006 1

CyberOptics
TRI

CyberOptics
TRI

Omron
Viscom

2%
21%

EMS, , CPU
I

23%
40%

8%

EMS 3D 10%

86M USD

53%

269M USD
12%

13%
10%

18%

2. 3D
3D SPI AOI(Automated Optical
Inspection) ,
, , PCB fine pitch

: CyberOptics

3D
()

2000 1608
0603 0402

600

3D 2010 3 5,500
5 500
, 2013 5 3,500 50%

400

3D SPI , 3D AOI

500

300
200
100
0
8

10

11

12

13

: CyberOptics

360

Buy

Top-picks
(098460)

3. 3D SPI
EMS IT 3D SPI
10%
SMT 74% Solder Paste
3D in-line ,

4.
EMS ,
,

, PC CPU ,
5~10%

3D SMT SPI , SMT

, Reflow

3D SMT

: CyberOptics

361

Buy

Top-picks
(098460)

5. 2013 1,976, 504

2010 712 ,
2011 1,103
1 103
, 2012 1,638, 2013 1,976
3D SPI 2010
3D AOI

5 SPI ASP ,
. 1


3 3,000 ,
. 4
capa

()

2500

2000

3D SPI System

1500
1000
500
0
8

10

11

12

13

3D SPI ASP
()

140000

ASP()

180%

()

160%

130000

140%

120000

120%
100%

110000

80%
60%

100000

40%

90000

20%

80000

0%
1Q08

1Q09

1Q10

362

Buy

Top-picks
(098460)

(098460)

Buy,
Buy 39,000
39 000
2011 EPS 2,699 , 2012
3,816

()

50,000

3D SPI Global CyberOptics(),

Omron(), TRI() 2011 PER 13.3 ,
PER 13.1

40,000

10,000

2011 2012 EPS PER

39,000
39 000 Buy

Cyber Optics
PER

2010
2011E

PBR

2010
2011E

ROE

2010
2011E

Omron

TRI

19.0

135.6

10.7

55.1

15.3

5.6

16.4

10.2

13.3

13.1

10.1

1.2

1.6

1.4

3.2

1.8

1.5

2.5

2.0

2.6

3.2

6.8

1.2

4.0

20.7

34.6

9.0

24.5

16.7

19.6

34.9

2011.04.25

Buy

39,000

30,000
20,000

0
09.4

10.4

11.4

. ( :
)
1% .
.
3 .
.
Guide Line: 6~12, 3(Buy, Hold, Sell) 2(H:High, L:Low)

Buy : 10%(Low)/20%(High), Hold: -10~10%(Low)/-20%~20%(High), Sell: -10(Low)/-20%(High)

Guide
G i Line:
i
6~12,
6 12 3(Overweight,
3(O
i
Neutral, Underweight)
i )

2008 219 5(Strong Buy, Buy, MarketPerform, UnderPerform, Sell) 3(Buy, Hold, Sell)
2(High, Low)
,
. ,
. ,
, . ,
.

363

Buy

Top-picks
(098460)

(12)

(:)
2008

2009

2010

2011E

2012E

(12)

(:)
2008

2009

2010

2011E

2012E

285

379

479

790

1,190

343

269

712

1,103

1,638

84

21

60

93

148

131

111

297

459

682

97

161

81

153

352

212

158

415

643

955

66

128

225

338

409

153

136

227

348

530

32

46

89

162

197

59

23

188

295

426
26

24

24

45

85

41

12

29

22

111

119

211

272

323

14

11

23

26

33

35

16

16

16

42

41

128

176

210

31

41

37

26

15

25

27

23

44

65

21

26

23

25

396

498

690

1,062

1,513

27

107

118

224

332

12

18

18

18

34

55

105

156

91

14

192

295

427

91

14

192

295

427

56

22

17

63

119

176

22

28

20

39

57

10

34

59

85

81

12

158

236

342
0

22

28

20

39

57

49

135

138

262

390

26

27

43

45

45

81

12

158

236

342

(%)

61.9%

58.8%

58.3%

58.3%

58.3%

EBITDA Margin (%)

19.6%

10.8%

28.1%

28.3%

27.2%

17.2%

8.4%

26.4%

26.8%

26.0%
26.1%

153

158

174

201

201

-1

-1

-1

(%)
* (%)

26.6%

5.1%

27.0%

26.7%

(%)

26 6%
26.6%

5 1%
5.1%

27 0%
27.0%

26 7%
26.7%

26 1%
26.1%

(%)

23.6%

4.3%

22.3%

21.4%

20.9%

(%)

23.6%

4.3%

22.3%

21.4%

20.9%

167

178

337

556

879

347

363

552

800

1 123
1,123

56

-181

-127

-143

-251

-512

364

Buy

Top-picks
(098460)

(12)

(:)
2008

2009

2010

2011E

2012E

90

-27

86

162

354

()

81

12

158

236

342

19

25

19

19

(12)

2008

2009

2010

2011E

2012E

FCF

-1

-55

-6

96

278

EBIT

59

23

188

295

426

21

EBITDA

67

29

200

312

445

12

16

SPS ()

4,732

3,376

8,786

12,617

18,290

EPS ()

1,121

146

1,955

2,699

3,816

11

19

DPS ()

200

200

200

-10

-64

-91

-92

-9

BPS ()

4,001

4,002

6,040

8,637

12,382

()

-67

-98

-112

-72

EBITDAPS ()

928

364

2,471

3,573

4,971

()

-9
9

-13
13

-44
44

-73
73

-34
34

47 5%
47.5%

-21.6%
21 6%

164 6%
164.6%

54 9%
54.9%

48 5%
48.5%

()

-6

30

22

50

51

12.5%

-61.7%

729.2%

56.9%

44.2%

-14

29

43

47

EPS

39.5%

-87.0%

1241.4%

38.0%

41.4%

-160

-97

-18

-161

-299

EBITDA

-4.1%

-60.8%

353.1%

44.6%

39.1%

()

-37

-1

-93

-60

-50

ROA

27.6%

2.6%

26.7%

26.9%

26.5%

()

-10

-13

-3

ROE

32.8%

3.3%

34.6%

34.9%

35.5%

()

-13

-17

-10

-3

-7

ROIC

41.8%

10.1%

50.5%

51.5%

60.8%

-99

-66

88

-104

-250

0.0%

0.0%

1.1%

0.8%

0.8%

117

60

-29

29

PSR ()

1.3

1.8

1.2

1.9

1.3

-2

57

-60

PER ()

5.6

42.4

5.6

9.0

6.4

117

31

12

-18

PBR ()

1.6

1.5

1.8

2.8

2.0

-17

-18

EV/EBITDA ()

4.5

12.0

3.7

5.8

3.4

14.1%

37.2%

25.1%

32.8%

34.7%

0.2%

15.5%

0.0%

0.0%

0.0%

-0.2%

-0.3%

( )
()
()

17

17

48

-64

39

30

55

39

87

23

63

93

-0.9%

2.4%

-0.9%

84

21

60

93

148

/ ()

617.0

27.7

53.9

365

BUY

Top-picks

TP 45,700

(058430)
Fact Sheet

(%)
40,000

(
(%
140

300

35,000

120

1,734

30,000

Product Mix

1.
2010 1

2010 0.5%
0 5%
2 , 2

2.

100

25,000

42,296

()

28 900
28,900

80

20,000

97 30%
97.30%

15 000
15,000

6,000,000

10,000

60
40

5,000

60

13

60

0
10.4

44,655

20

Rel to KOSPI

10.9

11.2

Forecasts and valuations

(12)

2008

2009

2010

2011E

2012E

9,564

7,035

10,018

10,853

11,868

41.1

-26.4
26.4

42.4

8.3

9.4

903

-328

48

297

372

-485

-192

49

283

353

-8,080

-3,207

823

4,714

5,889

473 0
473.0

24 9
24.9

EPS

PER

33.8

6.1

4.9

Alcosta
, Alcosta

PBR

0.7

0.6

0.7

0.6

0.6

EV/EBITDA

1.1

-16.1

11.6

5.5

4.2

-19
19.7
7

-8
8.2
2

20
2.0

10 6
10.6

11 9
11.9

3.0

2.1

1.7

1.7

1.7

LED MCCL , LED

M/S

ROE

366

Top-picks
(058430)

1.
,


,
,

2. Reivew
2010 1 .
0.5% ,
4 -6.0%
1 2 .
2 ,


2 ,

1
()

()
()

12,000
10,000

1,000

()

800

()

600
8,000

400

6,000

200
0

4,000

-200
2,000

-400

-600
01

02

03

04

05

06

07

08

09

10

Alocsta
()

40

3. Product Mix (1) Alcosta Capa.

Alcosta
Alcosta

09 27 Alcosta 2011 37
45

36
32
28
24
20
08

09

10

11(E)

367

Top-picks
(058430)

4. Product Mix (2)

3

5. Product Mix (3) LED MCCL

LED MCCL(Metal Copper Clad Laminate) LED

()

3,000

2,000

1,000

() BG 90%
2010 LED MCCL 2 477
(2012 3 )
MCCL LED LG
LED
IT LED

ICT LED
M/S

0
10

11

12

LED

6.

,
Alcosta, , LED MCCL
1

Mix

368

Top-picks
(058430)

(058430)

,

2010 4
3

()

50,000

Buy

45,700

40,000

2011.04.25

30,000
20,000
10,000
0
09.4

10.4

11.4

2011(E) EPS()
Target PER

4,717

12 Fwd EPS

9.7

TY PER

45,700

TP

45,700

28,900

58.1%

11.4.15

. ( :
)
1% .
.
3 .
.
Guide Line: 6~12, 3(Buy, Hold, Sell) 2(H:High, L:Low)

Buy : 10%(Low)/20%(High), Hold: -10~10%(Low)/-20%~20%(High), Sell: -10(Low)/-20%(High)

Guide
G i Line:
i
6~12,
6 12 3(Overweight,
3(O
i
Neutral, Underweight)
i )

2008 219 5(Strong Buy, Buy, MarketPerform, UnderPerform, Sell) 3(Buy, Hold, Sell)
2(High, Low)
,
. ,
. ,
, . ,
.

369

Top-picks
(058430)

(12)

(:)
2008

2009

2010

2011E

2012E

(12)

2,938

2,266

2,654

3,348

3,675

219

357

67

223

504

(:)
2008

2009

2010

2011E

2012E

9,564

7,035

10,018

10,853

11,868

8,292

7,034

9,583

10,115

11,025

843

400

100

1,272

435

738

1,072

950

1,548

1,870

1,840

369

329

387

441

471

959

670

931

1,124

1,187

903

-328

48

297

372

287

190

109

132

144

319

266

142

142

156

1,939

2,334

2,379

2,262

2,592

28

30

13

17

66

49

66

66

66

1,706

2,194

2,169

2,014

2,325

13

10

225

186

63

66

73
86

220

127

193

233

254

1,810

198

85

85

4,878

4,601

5,033

5,610

6,267

26

20

23

27

27

2,479

2,053

2,404

2,712

2,879

161

43

43

43

625

1,208

1,374

1,659

1,814

615

925

925

925

1,623

176

19

14

15

452

-588

-261

105

354

442

1 402
1,402

227

106

128

140

230

46

78

95

261

-588

-261

105

354

442

-103

-68

55

71

88

-485

-192

49

283

353
0

227

46

78

95

261

2,709

2,099

2,483

2,806

3,140

300

300

300

300

300

-485

-192

49

283

353

1,140

1,140

1,140

1,140

1,140

7.1%

-55

484

496

496

496

(%)

13.3%

0.0%

4.3%

6.8%

EBITDA Margin (%)

12.0%

-1.4%

2.2%

4.2%

4.5%

9.4%

-4.7%

0.5%

2.7%

3.1%
3.7%

(%)

783

578

615

867

1,191

* (%)

-6.2%

-3.7%

1.0%

3.3%

2 169
2,169

2 502
2,502

2 551
2,551

2 803
2,803

3 127
3,127

(%)

-6
6.2%
2%

-3
3.7%
7%

1 0%
1.0%

3 3%
3.3%

3 7%
3.7%

455

619

925

925

925

(%)

-5.1%

-2.7%

0.5%

2.6%

3.0%

-165

162

858

702

420

(%)

-5.1%

-2.7%

0.5%

2.6%

3.0%

370

Top-picks
(058430)

(12)

(:)

2008

2009

2010

2011E

2012E

941

-298

-552

187

614

FCF

()

-485

-192

49

283

353

EBIT

1,625

167

224

131

135

241

229

168

155

(12)

2008

2009

2010

2011E

2012E

2,058

-902

-726

140

256

903

-328

48

297

372

EBITDA

1,148

-98

218

454

533

160

SPS ()

159,397

117,246

166,962

180,883

197,800

EPS ()

-8,080

-3,207

823

4,714

5,889

1,380

-63

54

-26

-27

DPS ()

500

500

500

500

500

-199

-273

-825

-227

126

BPS ()

36,067

41,624

42,296

46,555

51,977

()

84

101

-606

-319

34

EBITDAPS ()

19,130

-1,639

3,634

7,565

8,890

()

-245
245

299

-290
290

-193
193

-63
63

41 1%
41.1%

-26.4%
26 4%

42 4%
42.4%

8 3%
8.3%

9 4%
9.4%

()

111

583

166

286

155

513.6%

521.0%

25.4%

EPS

-148

-1,254

-95

-1

473.0%

24.9%

-459

199

-50

-27

-479

EBITDA

149.7%

108.2%

17.5%

()

-57

-96

-147

-470

ROA

-10.9%

-4.1%

1.0%

5.3%

6.0%

()

-4

-2

-10

ROE

-19.7%

-8.2%

2.0%

10.6%

11.9%

()

ROIC

28.1%

-10.4%

0.7%

6.9%

8.4%

-398

297

104

-27

-9

3.0%

2.1%

1.7%

1.7%

1.7%

-326

236

311

-3

147

PSR ()

0.2

0.2

0.2

0.2

0.2

-281

249

319

PER ()

33.8

6.3

5.1

()

-45

-13

-13

-30

-30

PBR ()

0.7

0.6

0.7

0.6

0.6

-45

-13

-13

-30

-30

EV/EBITDA ()

1.1

-16.1

11.6

5.5

4.2

27

177

124.9%

83.9%

97.3%

100.1%

100.4%

( )
()

156

137

-290
290

156

282

21.0%

24.7%

36.3%

33.0%

29.6%

63

219

357

67

223

0.4%

-0.6%

0.0%

0.1%

0.0%

219

357

67

223

504

/ ()

34.9

-16.6

2.1

10.8

13.5

371

N/R

Top-picks
(033500)
Fact Sheet

(%)

5 980
5,980

138

LNG Carrier
1. LNG
LNG

7,000

(%)
160

6,000

140

()

1,614

5,000

2,752

4,000

211 5%
211.5%

80
60

2,000

40

1,000

12

60

100

3,000

26,983,609

60

120

Rel to KOSDAQ

0
10.4

239,378

20

10.9

11.2

Forecasts and valuations

(12)

2009

2010

2011E

2012E

2013E

2,525

1,814

2,065

2,659

3,608

-30
30.7
7

-28
28.2
2

13 9
13.9

28 8
28.8

35 7
35.7

199

115

119

192

310

-322

20

67

138

249

-1,793

85

249

511

923

192 2
192.2

105 2
105.2

80 6
80.6

PER

-2.9

42.1

24.0

11.7

6.5

PBR

2.2

1.3

2.0

1.7

1.3

2, 2, 2, 2
8

EV/EBITDA

7.8

10.0

12.8

9.4

6.0

-56 3
-56.3

33
3.3

86
8.6

15 6
15.6

23 2
23.2

1
1.5 ,

LNG

LNG LNG
, LNG
FPSO

2. ()

EPS

ROE

372

Top-picks
(033500)

1.
1985 (PU) ,


1994 ,

08600
600

()

()

()

4,000

()

800

()

600

3,000

400
200

2 000
2,000

2. Reivew

-200

2008 3,642, 618(

17.0%) .

1,000

-400
-600
-800
01

02

03

04

05

KIKO 2008 1,115 ,

2009 .

2010 -28.2%,
-42
42.3%
3%

06

07

06

07

08

09

10

()
4500

3. LNG
2011 LNG

LNG


Gorgon LNG
, Shtokman, Brass
LNG
10 LNG

4000
3500
3000
2500
2000
1500
1000
500
0
02

03

04

05

08

09

10

373

Top-picks
(033500)

4. LNG

LNG Carrier
KC-1
4 2%
4.2%

LNG

LNG 5:5 ,

8:2

SPB
27.1%

Mark-3 ,

Mark-3
58.3%

2015 200 LNG

, Mark-3 40%
Mark-3 ,

. 5:5 , 2015 40

5. Panel LNG

No.96
10.4%
10
4%
:

Panel

PU Panel 2010 25%

2010 GS, KCC ,

6.
2012 LNG
2011 Panel
,

:

374

Top-picks
(033500)

LNG
2012

LNG

(033500)
()

10,000

2011.04.25

NR

8,000
6,000
4,000
2,000

2000

0
09.4

10.4

11.4

2000

2010 LNG

. ( :
)
1% .
.
3 .
.
Guide Line: 6~12, 3(Buy, Hold, Sell) 2(H:High, L:Low)

Buy : 10%(Low)/20%(High), Hold: -10~10%(Low)/-20%~20%(High), Sell: -10(Low)/-20%(High)

Guide
G i Line:
i
6~12,
6 12 3(Overweight,
3(O
i
Neutral, Underweight)
i )

2008 219 5(Strong Buy, Buy, MarketPerform, UnderPerform, Sell) 3(Buy, Hold, Sell)
2(High, Low)
,
. ,
. ,
, . ,
.

375

Top-picks
(033500)

(12)

(:)

2008

2009

2010

2011E

2012E

(12)

614

832

1,039

1,379

1,852

13

163

219

379

69

20

24

37

65

216

443

477

624

212

310

321

115

45

1,738

157

(:)
2008

2009

2010

2011E

2012E

2,525

1,814

2,065

2,659

3,608

2,066

1,541

1,797

2,287

3,067

459

272

268

372

541

763

261

158

149

180

231

425

545

199

115

119

192

310

53

73

101

241

135

135

172

228

1,490

1,418

1,360

1,312

15

13

17

53

53

53

53

74

19

19

19

19

1,546

1,412

1,337

1,269

1,208

14

148

99

109

141

191

31

23

27

37

50

660

176

170

192

226

2,351

2,322

2,456

2,738

3,164

122

78

73

73

72

1,681

1,092

1,144

1,249

1,371

109

21

21

21

21

129

173

205

281

384

46

1,228

806

806

806

806

383

75

76

98

133

23

-220

74

84

172

311

300

113

133

162

182

192

484

500

540

593

-220

74

84

172

311

100

394

394

394

394

103

53

17

34

62

-322

20

67

138

249
0

92

90

106

145

198

1,872

1,576

1,644

1,788

1,964

103

138

138

138

138

-322

20

67

138

249

309

429

429

429

429

(%)

18.2%

15.0%

13.0%

14.0%

15.0%

EBITDA Margin (%)

11.5%

11.1%

9.5%

9.8%

10.3%
8.6%

291

282

282

282

282

(%)

7.9%

6.3%

5.8%

7.2%

-224

-105

-37

101

350

* (%)

-8.7%

4.1%

4.1%

6.5%

8.6%

479

745

812

950

1 200
1,200

(%)

-8
8.7%
7%

4 1%
4.1%

4 1%
4.1%

6 5%
6.5%

8 6%
8.6%

1,351

1,200

1,200

1,200

1,200

(%)

-12.8%

1.1%

3.3%

5.2%

6.9%

1,281

1,167

1,013

944

756

(%)

-12.8%

1.6%

3.3%

5.2%

6.9%

376

Top-picks
(033500)

(12)

()

,
()

(:)
2008

2009

2010

2011E

2012E

615

-164

144

42

151

2008

2009

2010

FCF

501

-115

EBIT

199

115

79

72

66

EBITDA

290

202

195

261

372

14,055

7,588

7,653

9,854

13,371

-1,793
1 793

85

249

511

923

89

86

75

68

61

SPS ()

EPS ()

DPS ()

BPS ()

2,379

2,752

3,005

3,518

4,443

338

-35

508

-237

-3

-168

-164

223

-247

-36

-148

-141

-82

44

31

76

103

26

54

12

-6

-505

75

-7

-23

-42

EBITDAPS ()

1,613

845

723

966

1,378

-30.7%

-28.2%

13.9%

28.8%

35.7%

-67.9%

-42.3%

3.8%

61.6%

61.4%

192.2%

105.2%

80.6%

EBITDA

-66.0%

-47.6%

-14.4%

33.5%

42.7%

ROA

-10.5%

0.9%

2.8%

5.3%

8.4%

ROE

-56.3%

3.3%

8.6%

15.6%

23.2%

16.0%

1.8%

5.2%

8.5%

13.3%

EPS

()

-20

49

()

-1

-1

136

126

-620

-100

-7

-23

-42

-378

101

14

37

51

-561

-153

183

254

14

37

51

-268

12

150

56

159

269

13

163

219

/ ()

13

163

219

379

310

53

()

()

187

192

429

-119

()

85

119

249

-104

182

138

-11

2012E

67

-89

()

2011E

20

341

(12)

-322

()

ROIC

0.0%

0.0%

0.0%

0.0%

0.0%

PSR ()

0.4

0.5

0.7

0.6

0.4

PER ()

42.1

22.2

10.8

6.0

PBR ()

2.2

1.3

1.8

1.6

1.2

EV/EBITDA ()

7.8

10.0

12.8

9.4

6.0

390.6%

211.5%

202.3%

188.1%

163.7%

281.9%

161.0%

147.7%

126.3%

100.1%

5.7%

3.4%

3.3%

2.4%

1.6%

16
1.6

15
1.5

16
1.6

26
2.6

43
4.3

377

BUY

Top-picks

TP 28,000

(051310)
Fact Sheet

(%)

10,000
,

39,880,120

5,000

1.
10 5 ,
, ,
.
,


(EPC) .

2, 2, 2, 2
8
1
2.1 ,

60

Rel to KOSPI

0
10.4

151,524

40

10.9

20
0

11.2

Forecasts and valuations

(12)

2008

2009

2010

5,201

3,801

3,706

6,310

10,500

43.7

-26.9

-2.5

70.3

66.4

749

-263

-120

506

1,030

-1910

-64

-118

393

900

EPS

-6,249

-208

-362

984

2,257

129.2

PER

-32.0

-36.5

16.6

7.2

PBR

6.3

5.8

4.1

4.0

2.8

3.83

-51.8

405.8

14.0

7.8

-224.3

-28.9

-12.7

22.9

38.1

2. ,

20

60

100
80

286 41%
286.41%

60

120

15,000

3,216

140

20,000

6,261

25,000

247

(
(%
160

()

15 700
15,700

EV/EBITDA
ROE

2011E

2012E

11 6,310, 12 1
:

378

Top-picks
(051310)

1.
4

()

()

600

200

100

- . /

2)
- E&T( 180)
- , ,

3)
- (E)- (P)
(C) (EPC)
- EPC

(10~12)

(10~18)

(15~18)

R&D

,
,

EPC

EPC Top Tier

4)
-
- Exxon Mobil, BP, Saudi Aramco Big
, 124

300

- 5 , 495,710m

S&TC

400

1)

500

379

Top-picks
(051310)

2. ,
10
10 645 .

700 .

EPC
.

()

80000
70000
60000
50000
40000
30000

3. ,
2 , 2 , 2 ,
2 8 .

1 2.1( 1.8, 0.3)
.
JV (Jackup rig) .
2 .

20000
10000
0
2004

2005

2006

2007

2008

2009

2010

2011E

()

()

4. ,
11 1Q 1,500, 80(IFRS)
(508,
(508 -228)
228)
5,400 4,500
.
,

900

()

800

()

7000
6000

700

5000

600
500

4000

400

3000

300

2000

200

1000

100
0

0
06

07

08

09

10

11

380

Top-picks
(051310)

(098460)

PER PER
BUY , 28,000
. 12 EPS 2,257 EPC
EPC 12 PER 12.5

()

2011.04.25

Buy

28,000

30,000
20 000
20,000
10,000
0
09.4

10.4

11.4

2012(E) EPS()

2,257

12.5

EPC 3(SAIPEM,
3(SAIPEM TECHNIP
SA, FLUOR CORP) EPC
(, GS, )
12 PER

Target PER

28,212

TP

28,000

15,700

78.0%

11.4.15

. ( :
)
1% .
.
3 .
.
Guide Line: 6~12, 3(Buy, Hold, Sell) 2(H:High, L:Low)

Buy : 10%(Low)/20%(High), Hold: -10~10%(Low)/-20%~20%(High), Sell: -10(Low)/-20%(High)

Guide
G i Line:
i
6~12,
6 12 3(Overweight,
3(O
i
Neutral, Underweight)
i )

2008 219 5(Strong Buy, Buy, MarketPerform, UnderPerform, Sell) 3(Buy, Hold, Sell)
2(High, Low)
,
. ,
. ,
, . ,
.

381

Buy

Top-picks
(051310)

(:)

(12)

2008

2009

2010

4,198

3,744

3,472

4,802

8,548

33

291

133

510

454

136

46

45

96

310

2,601

2,799

2,846

3,184

6,000

266

146

185

207

240

2011E

2012E

(:)

(12)

2008

2009

2010

2011E

2012E

5,201

3,801

3,706

6,310

10,500

4,253

3,914

3,584

5,426

8,965

949

-113

122

884

1,535

200

150

242

378

505

749

-263

-120

506

1,030

1 162
1,162

457

259

796

1 514
1,514

1 792
1,792

878

251

339

337

2,624

2,144

2,391

3,129

3,395

18

15

297

122

117

564

812

347

233

71

40

24

2,077

1,950

1,898

1,752

1,597

15

10

10

10

16

26

1,426

634

159

287

287

249

71

365

796

960

4,858

571

548

354

241

6,822

5,889

5,863

7,930

11,942

100

211

292

246

151

4,310

2,571

2,299

3,983

6,725

480

137

145

80

45

702

385

671

2,388

4,800

10

1,903

368

120

120

180

4,268

223

110

28

45

82

1,225

1,475

1,745

-2,317

45

-418

491

1,125

1 623
1,623

1 816
1,816

283

2,414

2,974

2,047

2,038

2,408

-2,317

45

-418

491

1,125

195

10

-407

108

-299

98

225

381

2,761

2,038

2,038

2,038

-1,910

-64

-118

393

900
0

2,033

18

360

6,724

5,545

4,346

6,021

9,133

166

201

247

247

247

-1,910

-64

-118

393

900

(%)

18.2%

-3.0

3.3

14.0

14.6

EBITDA Margin (%)

16.8%

-2.5

0.5

10.4

11.3

(%)

14.4%

-6.9

-3.2

8.0

9.8

1.2

-11.3

7.8

10.7

1,189

1,465

2,623

2,623

2,623

-87

-87

529

529

529

529

529

-1,699

-1,763

-1,881

-1,489

-589

* (%)

-44.5%

97

344

1 517
1,517

1 910
1,910

2 810
2,810

(%)

-44
44.5%
5%

12
1.2

-11
11.3
3

78
7.8

10 7
10.7

2,366

3,326

3,383

3,633

3,973

(%)

-36.7%

-1.7

-3.2

6.2

8.6

2,178

2,960

3,190

2,994

3,160

(%)

-36.7%

-1.7

-3.2

6.2

8.6

382

Buy

Top-picks
(051310)

(:)

(12)

2008

2009

-695

-1,101

1,100

-1,910

-64

2,395
122

()

2010

2011E

2012E

(12)

2008

2009

2010

-86

1,439

393

900

1,170

-161

239

287

165

146

155

2011E

2012E

FCF

672

-629

-1,428

239

-212

EBIT

749

-263

-120

506

1,030

322

EBITDA

872

-96

18

654

1,188

155

SPS ()

17,014

10,645

9,328

13,466

22,407

EPS ()

-6,295

-208

-362

984

2,257

2,271

-327

91

129

164

DPS ()

-1,179

-877

468

-1,273

-53

BPS ()

599

1,143

3,216

4,041

5,941

()

-759

-260

-399

-2,934

-1,714

EBITDAPS ()

2,854

-269

47

1,396

2,534

()

-194
194

112

-22
22

-33
33

-33
33

43 8%
43.8%

-26.9
26 9

-2.5
25

70 3
70.3

66 4
66.4

()

111

-316

1,717

2,412

2,412

152.7%

103.4

-337

-413

-828

-718

-718

EPS

-510

20

-972

-670

-725

EBITDA

()

-494

-64

()

-0

-8

-13

()

-55

-16

-437

129.2

83.9%

3,439.7

81.5

ROA

-35.9%

-1.0

-2.0

5.7

9.1

-13

ROE

-224.3%

-28.9

-12.7

22.9

38.1

-237

-237

ROIC

27.6%

13.9

-0.9

8.6

15.6

39

100

-527

-419

-474

0.0%

788

1,330

241

700

270

PSR ()

0.4

0.6

1.4

1.2

0.7

908

1,006

250

340

270

PER ()

-32.0

-36.5

16.6

7.2

-124

300

PBR ()

12.8

5.8

4.1

4.0

2.8

-37

EV/EBITDA ()

5.1

-51.8

405.8

14.0

7.8

25

-9

360

6913.7%

1,613.5

286.4

315.2

325.0

2432.9%

967.9

222.9

190.2

141.4

4.6%

5.3

8.7

3.7

1.2

7.5

-1.2

-0.4

2.1

6.8

( )
()
()

-416
416

250

369

-56
56

985

461

44

133

510

564

33

291

502

454

1,548

/ ()
:

383

BUY

Top-picks

TP 26,000

(013570)
Fact Sheet

(%)

1.

(%)
250

20,000

200

15,000

150
100

158

25,000

()

18 750
18,750

5,937

6,838

49 20%
49.20%

10,000
,

31,665,308

5,000

60

91

60

Rel to KOSPI

0
10.4

568,619

50

10.9

11.2

Forecasts and valuations

10 16 70% .

(12)

2008

2009

2010

4,186

2,813

4,739

6,000

6,700

MS 1,
1

22
2.2

68 5
68.5

26 6
26.6

11 7
11.7

233

58

263

401

501

-107

132

465

633

707

EPS

-340

416

1,469

2,000

2,233

252 9%
252.9%

36 1%
36.1%

11 7%
11.7%

PER

8.9

5.4

9.1

8.1

PBR

1.1

0.7

1.2

2.1

1.7

EV/EBITDA

5.3

8.1

8.0

11.8

10.5

-6 3%
-6.3%

7 8%
7.8%

23 9%
23.9%

25 8%
25.8%

23 1%
23.1%

1.9%

2.3%

1.8%

1.1%

1.1%

2.
11
11

10 GM 48:16 13 40:28

ROE

-32
32.8
8

2011E

2012E

384

Top-picks
(013570)

1.
MS 1
20%
10 16 70% .

30000

()

25000
20000
15000

2.

50:50 . AS
.

, , . 11
1 , Capa 500
2,700 . (
) ()
1900 2400

10000
5000
0
09

10

11

12

(2010.1=100)
450

400

350

300
250
200
150
100
50
0
10/01

10/04

10/07

10/10

11/01

11/04

385

Top-picks
(013570)

3.
DC
.
2010 300
2011 500 2012 700
.
GM
. , GM
GM

()

7000

6000

5000
4000
3000
2000
1000
0
2008

2009

2010

2011

2012

2013

(%)
60

GM

50
40
30
20
10
0
06

07

08

09

10

11

12

13

386

Top-picks
(013570)

(013570)
()

12 Forward EPS 2,000 11 TY

PER 13.1 26,000
. 11 PBR 2.1, EV/EBITDA 11.8


multiple

2011.04.25

Buy

26,000

30,000
20,000
10,000
0
09.4

10.4

11.4

2011(E) EPS()
Target PER

2,000

12 Fwd EPS

13.1

TY PER

26,200

TP

26,000

18,750

39.0%

11.4.15

. ( :
)
1% .
.
3 .
.
Guide Line: 6~12, 3(Buy, Hold, Sell) 2(H:High, L:Low)

Buy : 10%(Low)/20%(High), Hold: -10~10%(Low)/-20%~20%(High), Sell: -10(Low)/-20%(High)

Guide
G i Line:
i
6~12,
6 12 3(Overweight,
3(O
i
Neutral, Underweight)
i )

2008 219 5(Strong Buy, Buy, MarketPerform, UnderPerform, Sell) 3(Buy, Hold, Sell)
2(High, Low)
,
. ,
. ,
, . ,
.

387

Buy

Top-picks
(013570)

(12)

(:)

2008

2009

2010

2011E

2012E

(12)

(:)
2008

2009

2010

2011E

2012E

4,186

2,813

4,739

6,000

6,700

3,529

2,428

4,034

5,107

5,695

656

385

705

893

1,005

423

327

442

492

504

2,049

1,623

1,944

2,402

3,042

379

361

112

431

149

100

853

813

1,192

1,260

1,848

577

386

506

540

792

233

58

263

401

501

141

60

129

164

240

290

280

392

498

532

1,017

1,063

1,287

1,583

1,943

18

15

13

319

376

649

999

1,391

182

51

46

61

40

639

606

586

512

453

51

135

272

350

390

33

25

33

48

64

39

80

68

79

89

26

56

19

24

35

662

159

117

107

148

3,066

2,686

3,231

3,985

4,985

1,035

717

517

660

926

135

223

318

432

634

288

199

72

72

72

108

147

17

17

504

148

110

399

240

548

25

24

21

21

21

104

64

46

46

83

530

70

43

40

45

17

-138

179

539

792

884

139

204

588

677

-138

179

539

792

884

128

60

110

110

110

-32

48

74

158

177

92

75

288

288

288

-107

132

465

633

707

179

105

150

190

279

1,434

958

1,065

1,248

1,603

158

158

158

158

158

-107

132

465

633

707

710

710

711

711

711

(%)

15.7%

13.7

14.9

14.9

15.0

-33

-33

-33

-33

-33

EBITDA Margin (%)

8.3%

5.6

7.7

8.2

8.6

78

58

61

61

61

(%)

5.6%

2.1

5.6

6.7

7.5

719

835

1,269

1,840

2,485

* (%)

-3.3%

6.4

11.4

13.2

13.2

1 633
1,633

1 728
1,728

2 166
2,166

2 737
2,737

3 382
3,382

(%)

-3
3.3%
3%

64
6.4

11 4
11.4

13 2
13.2

13 2
13.2

616

481

487

487

487

(%)

-2.5%

4.7

9.8

10.6

10.6

136

118

373

53

332

(%)

-2.7%

4.5

9.9

10.6

10.6

388

Buy

Top-picks
(013570)

(12)

()

(:)
2008

2009

2010

2011E

2012E

68

75

-58

358

-214

-107

132

465

633

707

659

-20

-53

-272

105

91

89

74

(12)

2008

2009

2010

2011E

2012E

FCF

282

22

-188

420

-132

EBIT

233

58

263

401

501

-266

EBITDA

347

158

364

490

577

58

SPS ()

13,330

8,903

14,975

18,948

21,159

12

15

18

EPS ()

-340

416

1,469

2,000

2,233

545

-120

-154

-361

-343

DPS ()

50

100

200

200

200

-484

-37

-470

-3

-655

BPS ()

5,166

5,494

6,838

8,595

10,584

()

95

32

-382

-73

-593

EBITDAPS ()

1,104

501

1,151

1,547

1,822

()

-191
191

188

-149
149

-34
34

-252
252

2 2%
2.2%

-32.8
32 8

68 4
68.4

26 6
26.6

11 7
11.7

()

-150

89

95

114

202

18.1%

-75.1

354.2

52.2

25.0

-237

-345

-34

-10

-11

EPS

-215

60

-174

-33

-63

EBITDA

()

-123

-53

-97

()

-4

-1

-5

-30

()

-0

-75

252.9

36.1

11.7

1.9%

-54.3

130.0

34.5

17.8

ROA

-3.7%

4.6

15.7

17.6

15.8

-33

ROE

-6.3%

7.8

23.9

25.8

23.1

-0

-2

ROIC

11.9%

2.9

13.5

17.4

19.5

-92

114

-3

-28

1.9%

2.3

1.8

1.1

1.1

132

-147

-24

-10

-5

PSR ()

0.4

0.4

0.5

1.0

0.9

( )
()

204

-132

PER ()

8.9

5.4

9.1

8.1

()

-71

-15

-30

-62

-62

PBR ()

1.1

0.7

1.2

2.1

1.7

-41

-15

-31

-62

-62

EV/EBITDA ()

5.3

8.1

8.0

11.8

10.5

52

57

87.8%

55.4

49.2

45.6

47.4

-14
14

-13
13

-256
256

315

-282
282

400

386

373

112

379

361

112

426

37.8%

27.8

22.5

17.8

14.4

431

-0.9%

-4.3

-5.3

-5.8

-5.2

149

/ ()

9.2

2.4

12.7

19.2

24.0

389

BUY

Top-picks

TP 17,500

(052260)
Fact Sheet

(%)

10 850
10,850

75

140

10,000

120

5,741

8,000

22 6%
22.6%

6,000

1.

60

(12)

127,009

80
60

4,000

40

2,000

Rel to KOSDAQ

20
0

10.4

10.9

11.2

2008

2009

2010

2011E

2012E

367

509

625

796

1,005

18 8%
18.8%

38 7%
38.7%

22 6%
22.6%

27 4%
27.4%

26 3%
26.3%

77

111

151

209

268

64

110

126

170

218

427

732

838

1,133

1,455

-0 5%
-0.5%

71 7%
71.7%

14 4%
14.4%

35 3%
35.3%

28 5%
28.5%

EPS

3.

14

100

Forecasts and valuations

2. Capa Up. 2012

15,000,000

60

160

12,000

(%)

1,628

()

14,000

, ,

PER

9.1

7.4

10.2

9.8

7.7

PBR

1.1

1.3

1.8

1.9

1.6

EV/EBITDA

5.7

5.9

6.9

6.5

4.9

12 9%
12.9%

19 4%
19.4%

18 8%
18.8%

21 5%
21.5%

22 8%
22.8%

3.3%

2.5%

2.2%

1.8%

1.8%

ROE

390

Top-picks
(052260)

1. ()

(%)
30

()

, ,

( 63%)
( 28%)

1200

()

1005
25
900

796
20

625
509

600

15

367

Cf) 400
( )

()

10

300
5

0
08

09

10

11

12

()

(%)

200

, ,

P&G, Loreal, , , LG

(280)
Business

()

16

()

150
150

14
12
10

100
100

71
50

48

50

4
2

0
08

09

10

11

12

391

Top-picks
(052260)
R&D 5

2. Capa Up, 2012

2011 10 . 300
, EU-GMP

, Line-Up

2020

()

, ,

PC, IT

, , ,

25

11

10

40

19

1,000
2012 200, 2013 400

3.

2010 28 2011 80
: , ,
:

: ,SK, LG,
, , KIST

392

Top-picks
(052260)

(052260)

PER 9.8?
9 8? Buy,
Buy 17,500
17 500

()

20,000

2005 26%

2011.04.25

Buy

17,500

15,000

<Peer Group Valuation>

(PER 15.0),
15 0) (PER 14.3),
14 3) (9.0),
(9 0)
(PER 23.8) Multiple

10,000
5,000
0
09.4

10.4

11.4

Forward EPS
12

1,133
,

Peer Group Per

15.5

17,562

17,500

10,850

61%

. ( :
)
1% .
.
3 .
.
Guide Line: 6~12, 3(Buy, Hold, Sell) 2(H:High, L:Low)

Buy : 10%(Low)/20%(High), Hold: -10~10%(Low)/-20%~20%(High), Sell: -10(Low)/-20%(High)

Guide
G i Line:
i
6~12,
6 12 3(Overweight,
3(O
i
Neutral, Underweight)
i )

2008 219 5(Strong Buy, Buy, MarketPerform, UnderPerform, Sell) 3(Buy, Hold, Sell)
2(High, Low)
,
. ,
. ,
, . ,
.

393

Top-picks
(052260)

(12)

(:)
2009

2010

254

358

429

610

839

367

509

84

69

93

188

297

189

266

178

243

69

117

113

142

182

101

91

111

135

169

217

2012E

(12)

(:)

2008

2011E

2008

2009

2010

2011E

2012E

625

796

1,005

329

421

545

295

375

460

133

145

166

192

77

111

151

209

268

11

60

89

111

143

18

33

404

404

458

446

447

89

72

63

65

71

280

296

347

322

300

27

33

34

47

59

75

18

19

12

658

762

887

1,056

1,285

102

94

111

130

155

11

15

26

32

41

55

35

20

20

20

13

13

17

18

18

18

76

124

147

212

273

26

27

48

60

76

44

50

54

65

80

76

124

147

212

273

12

14

21

42

55

19

16

13

13

13

64

110

126

170

218
0

25

35

42

52

67

146

144

165

195

235

38

38

75

75

75

64

110

126

170

218

234

234

196

196

196

(%)

48.5%

47.7%

47.3%

47.1%

45.7%

EBITDA Margin (%)

27.8%

26.6%

28.3%

29.4%

28.9%

-15

-4

-3

-3

-3

(%)

21.0%

21.7%

24.1%

26.3%

26.7%

256

351

454

594

782

* (%)

20.8%

24.4%

23.5%

26.7%

27.2%

512

618

722

862

1 050
1,050

(%)

20 8%
20.8%

24 4%
24.4%

23 5%
23.5%

26 7%
26.7%

27 2%
27.2%

84

68

51

51

51

(%)

17.4%

21.6%

20.1%

21.3%

21.7%

-1

-16

-47

-143

-257

(%)

19.5%

19.1%

20.4%

21.3%

21.7%

394

Top-picks
(05260)

(12)

(:)

2008

2009

2010

2011E

2012E

63

64

179

127

146

FCF

()

64

110

126

170

218

EBIT

39

23

42

24

21

23

24

26

25

(12)

2008

2009

2010

2011E

2012E

-17

-24

57

124

142

77

111

151

209

268

EBITDA

102

135

177

234

290

22

SPS ()

2,448

3,396

4,165

5,307

6,700

EPS ()

427

732

838

1,133

1,455

14

-2

16

-1

-1

DPS ()

200

300

200

200

200

-39

-69

11

-67

-93

BPS ()

3,399

4,111

4,805

5,741

6,999

()

-13

-52

-29

-40

EBITDAPS ()

681

902

1,180

1,562

1,933

()

-31
31

-20
20

-24
24

-34
34

-48
48

18 8%
18.8%

38 7%
38.7%

22 6%
22.6%

27 4%
27.4%

26 3%
26.3%

()

11

31.1%

43.5%

36.0%

38.9%

28.3%

-0.5%

71.7%

14.4%

35.3%

28.5%

8.8%

32.5%

-34.6%

32.4%

23.8%

-1

20

-11

-15

EPS

-64

-48

-116

-13

-21

EBITDA

()

-64

-40

-77

ROA

10.3%

15.5%

15.2%

17.5%

18.6%

()

ROE

12.9%

19.4%

18.8%

21.5%

22.8%

()

-21

-21

11

-2

-6

ROIC

16.9%

20.3%

22.2%

26.2%

30.8%

22

13

-51

-11

-16

3.3%

2.5%

2.2%

1.8%

1.8%

-31

-40

-19

-15

PSR ()

1.6

1.6

2.0

2.1

1.7

16

-16

-17

PER ()

9.1

7.4

10.2

9.8

7.7

()

-15

-15

-23

-30

-30

PBR ()

1.1

1.3

1.8

1.9

1.6

-15

-15

-23

-30

-30

EV/EBITDA ()

5.7

5.9

6.9

6.5

4.9

11

15

28.6%

23.4%

22.9%

22.6%

22.4%

( )
()

-15
15

24

95

84

84

69

93

84

69

93

188

110

16.3%

11.0%

7.0%

5.9%

4.8%

188

-0.5%

-0.3%

0.1%

-0.2%

-0.4%

297

/ ()

22.0

32.1

55.6

113.7

366.3

395

BUY

Top-picks

TP 20,400

(079660)
Key Sheet

(%)

358
1,131

18,022

1. ,

120 8%
120.8%
7,160,000

60

60

(%)
160

()
20,000
18,000
16,000
14,000
12,000
10,000
8,000
,
6,000
4,000
2,000
0

15 450
15,450

140
120
100
80
60
40

Rel to KOSPI

0
10.4

43,516

20

10.9

11.2

Forecasts and valuations

(12)

2008

2009

2010

4,021

4,658

4,848

5,623

6,744

55.6%

15.8%

4.1%

16.0%

19.9%

162

257

136

152

254

-118

294

115

123

207

-1,644

4,107

1,605

1,717

2,885

-60.9%

6.9%

68.0%

PER

1.7

8.7

9.1

5.4

PBR

0.9

0.5

0.9

0.9

0.7

Value Chain

EV/EBITDA

7.4

4.9

10.7

10.0

6.1

-22.6%
22 6%

39 3%
39.3%

10 4%
10.4%

10 0%
10.0%

14 8%
14.8%

0.0%

0.0%

0.0%

0.0%

0.0%

2.

(, , )

M/S 1 No. 2

EPS

3.

ROE

2011E

2012E

396

Top-picks
(079660)

1. ,

(%)

,

G(3/13-4.12) + 48%
+126%
+27%

,

,
( 2 )

M/S 09 9.4% 10 24.6% 1

+15.2%p 2

140

126

120
100
80
60

48

40
20
0
G

M/S 2
()

80

69.1
2009

2010

62.5

60

40
24.6
20

9.4

19.8
12.4

397

Top-picks
(079660)
/

2.

((c/bu))

2011(E) , 5,623(yoy +16.0%),

152(yoy +11.6%), 123(yoy +7.0%)

(42%) :
,,(31%): M/S , capa ,

(($/Ton))

()

2000

500

()

1500

400
1000

350
300

500
250

(27%) : ..
. Big Chance

3. .

200
07/12

08/06

08/12

09/06

09/12

10/06

10/12

Value Chain

(, , )

()

450

3500
3000
2500

3257
1.
2.

2412

3.

2000

1682
1277

1500
1000

978
532

500
0
2007

2008

2009

2010

2011(E)

2012(E)

398

Top-picks
(079660)

(079660)

.
Buy,
Buy 20,400
20 400
. .
. Jump Up
Jump Up Biz

()
25,000

20,000

2011.02.15

NR

2011.04.25

Buy

20,400

15,000

Buy, TP 20,400

10,000

(Sum of the Parts )

5,000
0
09.4

10.4

11.4

2011E()
(A)

1,683

()

23,514

EBITDA

181

EV/EBITDA multiple

9.3

(B)

477

1.

291

9.9%

2.

185

14.5%

(C )

699

9,764

(A+B-C)

1,461

20,400

(11/4/15)

1,131

15,450

EV/EVITDA M
ultiple
6,656

32%

. ( :
)
1% .
.
3 .
.
Guide Line: 6~12, 3(Buy, Hold, Sell) 2(H:High, L:Low)

Buy : 10%(Low)/20%(High), Hold: -10~10%(Low)/-20%~20%(High), Sell: -10(Low)/-20%(High)

Guide
G i Line:
i
6~12,
6 12 3(Overweight,
3(O
i
Neutral, Underweight)
i )

2008 219 5(Strong Buy, Buy, MarketPerform, UnderPerform, Sell) 3(Buy, Hold, Sell)
2(High, Low)
,
. ,
. ,
, . ,
.

399

Top-picks
(079660)

(12)

(:)
2008

2009

2010

2011E

2012E

1,198

1,313

1,291

1,499

1,845

28

161

173

259

357

356

392

592

657

787

702

502

19

50

908

295

(:)

(12)

2008

2009

2010

2011E

2012E

4,021

4,658

4,848

5,623

6,744

3,474

3,956

4,130

4,776

5,658

547

702

718

847

1,086

788

385

446

582

695

832

556

667

162

257

136

152

254

24

27

32

140

175

134

120

127

1,331

1,390

1,364

1,346

419

464

466

470

573

884

899

871

845

69

138

88

88

88

17

18

62

17

27

31

37

40

27

19

21

25

420

166

122

119

122

2,106

2,644

2,680

2,863

3,191

62

53

37

35

35

1,543

1,441

1,356

1,399

1,487

296

99

69

66

66

439

271

249

276

331

1,005

1,038

958

958

958

63

14

15

18

21

12

-118

266

149

154

258

88

132

148

164

197

107

162

151

167

200

-118

266

149

154

258

-28

34

31

52

24

-118

294

115

123

207
0

83

162

151

167

200

1,651

1,602

1,506

1,566

1,687

358

358

358

358

358

-118

294

115

123

207

114

114

114

114

114

(%)

65

357

375

375

-81

213

328

455

1 042
1,042

1,041

992

13.6%

15.1%

14.8%

15.1%

16.1%

EBITDA Margin (%)

4.6%

6.1%

3.4%

3.2%

4.2%

375

(%)

4.0%

5.5%

2.8%

2.7%

3.8%

450

657

* (%)

-2.9%

5.7%

3.1%

2.7%

3.8%

1 174
1,174

1 297
1,297

1 503
1,503

(%)

-2
2.9%
9%

5 7%
5.7%

3 1%
3.1%

2 7%
2.7%

3 8%
3.8%

1,038

958

958

958

(%)

-2.9%

6.3%

2.4%

2.2%

3.1%

862

776

689

586

(%)

-2.9%

6.3%

2.4%

2.2%

3.1%

400

Top-picks
(079660)

(12)

(:)
2008

2009

2010

2011E

2012E

(12)

2008

2009

2010

2011E

2012E

-293

153

131

51

51

FCF

12

-40

104

86

99

()

-118

294

115

123

207

EBIT

162

257

136

152

254

10

24

24

EBITDA

187

283

166

181

280

25

26

29

29

26

SPS ()

56,161

65,056

67,712

78,537

94,190

EPS ()

-1,644

4,107

1,605

1,717

2,885

-21

-19

-19

-5

-3

DPS ()

-96

-179

BPS ()

6,359

14,546

16,301

18,022

20,910

-179

-149

()

-128

-42

-211

-82

-151

EBITDAPS ()

2,611

3,950

2,315

2,528

3,914

()

-299
299

86

200

-55
55

-111
111

55 6%
55.6%

15 8%
15.8%

4 1%
4.1%

16 0%
16.0%

19 9%
19.9%

()

263

-167

-22

27

55

109.0%

58.1%

-46.9%

11.6%

66.9%

-15

-25

39

14

28

EPS

-60.9%

6.9%

68.0%

-18

-44

-40

14

EBITDA

78.6%

51.3%

-41.4%

9.2%

54.8%

()

-25

-19

-45

ROA

-6.2%

12.4%

4.3%

4.4%

6.8%

()

-7

ROE

-22.6%

39.3%

10.4%

10.0%

14.8%

()

-40

-4

-1

-4

ROIC

14.9%

21.4%

7.3%

8.0%

12.8%

15

16

16

13

0.0%

0.0%

0.0%

0.0%

0.0%

321

26

-78

21

38

PSR ()

0.1

0.1

0.2

0.2

0.2

321

26

-45
45

PER ()

1.7

8.7

9.1

5.4

()

PBR ()

0.9

0.5

0.9

0.9

0.7

EV/EBITDA ()

7.4

4.9

10.7

10.0

6.1

-34

21

38

362.4%

153.8%

128.3%

120.8%

112.2%

11

134

12

86

98

228.5%

99.6%

81.6%

73.9%

63.7%

17

28

161

173

259

0.3%

0.1%

0.3%

0.5%

0.4%

28

161

173

259

357

2.6

4.8

3.7

4.3

7.2

()

/
/ ()
:

401

. ( : )
1% .
.
3 .
.
Guide Line: 6~12, 3(Buy, Hold, Sell) 2(H:High, L:Low)
Buy : 10%(Low)/20%(High),
10%(Low)/20%(High) Hold: -10~10%(Low)/-20%~20%(High)
10 10%(Low)/ 20% 20%(High), Sell: -10(Low)/-20%(High)
10(Low)/ 20%(High)
Guide Line: 6~12, 3(Overweight, Neutral, Underweight)
2008 219 5(Strong Buy, Buy, MarketPerform, UnderPerform, Sell) 3(Buy, Hold, Sell) 2(High, Low)

, .
, . ,
, . ,
.

402