120312 로엔엔터테인먼트

Mid-Cap
Research
2012 3 12
(016170 KQ)
,
Analyst. :
jnkim@leading.co.kr
82-2-2009-7082
Leading Traffic Light: Green
Green light because:
No.1 (MS 45%)
80%
20%
:
portable
220 , 3~400
BUY
60%

2012 +21% yoy

23,000
16,900
36.1%
2012 3 9
Key Data
:
SK
539.55
427.4
()

20%

:
2009
()
25.3
(%)
11.5
52 ()
21,950
()
5,940
60 ()
6.6
(%)
2
Realnetworks
2011 20% ROE
(%)
Valuation:
PER 17.7x 23,000
16,900 36.1%
67.6
11.3
1M
6M
12M
19.0
19.9
152.2
15.4
5.3
148.9
Relative Performance
CAVEAT EMPTOR!!! Watch out for
(pt)
350
250
150
50
Mar-11
LOEN
Jun-11
KOSDAQ
Sep-11
Dec-11
Mar-12
Valuation Forecast
FY
2008
2009
2010
2011E
2012E
2013E
Sales
(Wbn)
30.8
101.4
139.0
167.1
202.1
246.3
% chg
yoy
(10.1)
229.3
37.0
20.2
21.0
21.9
OP
(Wbn)
0.3
6.4
16.4
27.4
33.6
41.1
OPM
(%)
1.0
6.3
11.8
16.4
16.6
16.7
NP
(Wbn)
1.3
4.5
9.8
21.5
26.5
33.0
EPS
(W)
51
178
386
848
1,046
1,304
EPS
Growth (%)
N/A
253.2
116.5
119.5
23.4
24.6
PER
(x)
312.7
88.5
40.9
19.2
16.2
13.0
EV/EBITDA
(x)
200.5
26.7
13.3
11.1
9.7
8.2
ROE
(%)
2.7
7.3
14.7
25.8
24.6
24.5
P/B
(x)
5.2
6.4
5.6
4.3
3.6
2.9
2012 3 12
......
Section 1-1: Valuation .
Section 1-2: Valuation Peer Valuation .....
Section 2: snapshot? ...........................................................
Section 3: ? ..
10
Section 4: ? ...............................
11
Section 5: ? ..
12
Section 6: , CB, BW ? ..
13
Section 7: CEO ? ..
14
Section 8: .
15
Section 9: .
16
2012 3 12
! 2 ..
SM, YG, JYP 3 .
4 (2009 )
. 2011 11
2 2012 3
. ( : ) ( )

. 2012 2013
(Page 17~18).
No1.
1 . 60%
cashcow 2008 12 SKT .
market share 45%~50% 1 .
CJ E&M mnet , KT ( )
5 . market
share 2 CJ E&M mnet . 2 30% market share
. 1 (
25%) . 2004
. cashcow
(Page 16 ~ 18).
SK 2012
2011 9 63.5% SK . 2011 10 SKT
SK SKT 63.5% SK
103 67.6% . SK
application .
SK (Page 8).
23,000 36.1%

. 1 cashcow

/ 2012
2013 . 2013 EPS Peer 2013 Valuation
.
PER Valuation 2013F valuation 18.0x / 2013F PER
valuation 17.4x 17.7x . 2013 EPS 1,304 PER
17.7x 23,000 . 16,900 36.1%
(Page 4).
2012 3 12
Section 1-1: Valuation 23,000

2008 premium

. 2008 PER Premium .
2012 PER PER 68.5% Premium

2012 PER 20.4x 2012 PER
valuation 19.2x .
Peer group valuation :
1.
1
cashcow (Page 19)
220 /
(Sourcing & Distribution) (Page 16~18)
SK (SKT / SK
)
No 1.
No 1. /
SK
2.
RUN, ,
/ (Page 17)
2011E 779 net cash
High risk High
return (Page 12)
+ , ,

/
2012
2013
/ 2012
2013
. 2013 EPS Peer 2013 Valuation
.
2013 EPS target PER

valuation 17.7x
23,000
PER Valuation 2013F valuation 18.0x

/ 2013F PER valuation 17.4x 17.7x
. 2013 EPS 1,304 PER
17.7x 23,000 . 16,900
36.1% .
Exhibit 1. LOEN Valuation VS. Valuation

(X, %)
LOEN year-high EV/EBITDA (X)
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011E
2012F
2013F
9.0 (159.4)
7.9
7.1
(27.6)
9.8
615.4
11.3
(30.8)
14.2
86.6
12.3
13.0
11.3
9.2
10.3
15.0
10.6
9.6
8.4
8.2
7.5
Market year-high EV/EBITDA (X)
10.9
8.7
Premium/(Discount) to market (%)
25.9
14.0
NA
NA 5,354.2
NA
603.7
15.4
(10.5)
40.9
14.2
9.4
(34.5)
69.3
(34.7)
(43.9) (138.0)
(12.5)
123.7
39.2
24.1
25.9
16.0
12.9
19.9
20.7
9.9
13.9
17.9
22.3
42.4
20.4
16.0
9.7
9.5
8.6
NA
234.8
NA
NA
NA
NA
191.7
92.5
51.0
166.8
68.5
49.5
LOEN year-high PER

Market year-high PER
Premium/(Discount) to market (%)
Source: Company data, Leading Research Center
*Market = KOSPI + KOSDAQ,
2012 3 12
Section 1-2: Valuation Peer Valuation

two-tier
. Peer
Valuation
Two-tier Peer .

, KT , .

3 (SM,
YG, JYP) peer group tier .
CJ E&M (Mnet)
80% .
3
16.6% (2012F)
2013 . KT
Mnet
2 . PER valuation
3 2012 2013 15.2x 12.2x
.

.
Exhibit 2.
2010
2011
2012E
2013F
(Wbn)
PER (x)
OPM (%)
NPM (%)
ROE (%)
PER (x)
OPM (%)
NPM (%)
ROE (%)
PER (x)
OPM (%)
NPM (%)
ROE (%)
PER (x)
OPM (%)
NPM (%)
ROE (%)
(016170 KQ)
139.0
9.8
22.1
216.2
11.8
7.0
14.7
167.1
21.5
18.5
397.8
16.4
12.8
25.8
202.1
26.5
15.2
402.1
16.6
13.1
24.6
246.3
32.9
12.2
402.1
16.7
13.4
24.5
(104200 KQ)
44.3
11.4
11.1
117.5
12.6
25.8
25.2
47.4
7.3
23.7
173.2
15.0
15.4
18.5
59.5
8.1
20.4
165.7
14.5
13.3
KT
(043610 KQ)
40.1
0.6
134.4
80.7
0.6
1.5
2.7
31.3
(2.4)
N/A
74.8
N/A
44.5
0.7
102.0
71.4
2.5
1.6
71.1
9.2
18.0
165.7
14.8
13.4
46.0
1.2
89.3
71.4
3.4
2.6
(053110 KQ)
28.9
3.1
16.2
49.5
16.0
10.6
19.5
26.3
4.3
9.0
34.1
12.2
16.3
15.5
77.1
77.1
Source: Leading Research Center, Fnguide, Thomson Reuter, Bloomberg (2012 3 8 )
2012 3 12
3 SM, YG, JYP

management 3 .
SM (, , ,
, , F(x) ) . SM
SM town K-Pop
. SM 2NE1
YG , 2AM, 2PM, JYP .

, , RUN

.
2012 3
2012 3 SM YG

2NE1 1 EMI Music Japan
.
(2011 12 14 )
7 .

.

.
4
. 2012
265 SM YG 489 195 .
2012 SM 1.9
, 2.6
2012 SM 1.9
2.6 PER Valuation 21.4x
. YG 20.9x JYP 300x .
15.2x valuation .
2012 3 12
Exhibit 3. management
(Wbn)
(10.4)
9.8
12.3
N/A
N/A
216.2
268.1
N/A
26.4
OPM (%)
11.8
29.5
23.1
(58.7)
NPM (%)
7.0
25.2
21.8
(102.0)
14.7
29.1
63.8
(86.3)
167.1
98.3
75.0
9.9
21.5
18.7
11.2
(-2.2)
PER (x)
18.5
51.1
49.8
208.8
397.8
955.6
557.8
182.9
OPM (%)
16.4
22.8
20.9
NPM (%)
12.8
19.1
14.9
ROE (%)
PER (x)
25.8
19.2
42.0
1.9
202.1
152.5
109.1
10.7
26.5
48.9
19.5
0.6
15.2
21.4
20.9
304.8
402.1
1,048.5
557.5
182.9
OPM (%)
16.6
36.6
22.2
5.0
NPM (%)
13.1
32.1
16.1
5.7
ROE (%)
24.6
11.3
2013F
JYP
(035900 KQ)
10.2
21.8
2012E
YG
(122870 KQ)
44.8
9.8
ROE (%)
2011
139.0
SM
(041510 KQ)
86.4
22.1
PER
2010
(016170 KQ)
246.3
169.8
168.2
32.9
58.1
32.0
0.7
PER (x)
12.2
18.0
17.4
261.3
402.1
1,048.5
557.5
182.9
OPM (%)
16.7
38.7
24.8
5.1
NPM (%)
13.4
34.3
18.2
5.9
ROE (%)
24.5
Source: Leading Research Center, Fnguide, Thomson Reuter, Bloomberg (2012 3 8 )
2012 3 12
Section 2: Snapshot

, ,
K-pop star,
1978 2005
SK . 2008

. 1978
2005 ,
SK . 2008 3
SK
(Melon) .
SKT SK
-
SK

2011 10 SKT SK SKT

63.5% . SK
103 67.6% . SKT
SK

SK
, ,

SM. JYP, YG .

, MS
45% 1
, ,

. 60%
1,600 Mnet (CJ
E&M, 003560KS) .
2011
. ( 104200
KQ)
2011 12
.

.
Exhibit 4.
(Wbn)
(CD )
(CD )
(//)
(, )

2011E
12.0
7.2%
1.6
1.0%
146.9
87.9%
6.5
3.9%
167.1
100.0%
2012 3 12
2008 SKT 2009

2009 . 60%
2012 2013 21%
yoy 2,021 2,463 .
2009
2012 16.6% .
2012 2013 20%

Exhibit 5.
Exhibit 6.
(Wbn)
(%)
229.3
300
250
246.3
200
150
167.1
139.0
15.4
100
101.4 37.0
8.8
(12.3)
16.4 16.6 16.7
14.1
11.8
10
5
1.0
0.2
30
-2.2
-3.3 -4.5
0
-5
100
-11.4
20.2 21.0 21.8 50
(10.1)
29.7 24.6 23.9 27.6 24.2 31.5 34.3 30.8
(3.0)
-10
0
01
02
03
04
05 06
-24.2
07
08
09
10 11F 12F 13F
02
03
04
05
06
07
08
09
Revenue (L)
10 11F 12F 13F
-25
(30)
-30
Revenue growth (R)
Operating profit (L)
-15
-20
-50
01
(%)
20
15
6.3
200
202.1
30.2
(Wbn)
60
OP margin (R)
Exhibit 7.
Exhibit 8. EPS EPS
(Wbn)
40
12.7 13.1 13.4
(%)
15
1,500
10
1,200
(%)
300
253.2
7.7
7.0
1.0
20
(3.0)
(4.4)
(2.2)
900
600
-5
0
01
02
03
04 (14.3)
05 06
07
250
4.5
4.1
08
09
10
11F 12F 13F
-10
116.5
300
100
01
02
03
04
05
06
07
08
09
-300
-20
150
117.6
-15
(18.6)
200
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-20
10 11F 12F 13F

50
24.5
24.5
-600
NP (L)
NP Margin (R)
EPS (L)
EPS growth (R)
Exhibit 9. PER Band
Exhibit 10. PBR Band

(x)
(x)
20,000
140,000
18,000
120,000
16,000
100,000
14,000
80,000
12,000
10,000
60,000
8,000
40,000
6,000
20,000
4,000
0
2006-12
Adj. Prc.
Source: FnGuide
2,000
2008-03
79.0X
2009-06
2010-09
62.4X
2011-12
45.9X
2013-03
29.4X
0
2006-12
12.8X
Adj. Prc.
2008-08
2.9X
2010-04
2.5X
2011-12
2.0X
2013-08
1.5X
1.1X
Source: FnGuide
2012 3 12
Section 3: ?
2009 ROE
2002 2007 ROE
2008 13 ROE .
2008 58.4% 161.6%
ROE .
2000 2007
ROE
2008 2009

7.3% ROE
2008 2009
ROE . 2011 2010 117.6%
25.8% ROE .
2012 2013

24%
ROE
2012 2013 60%

21%
24% 24% ROE
.
Exhibit 11. ROE (%)
Exhibit 12. EVA: ROIC less WACC (%)
30
25.8 24.7 24.8
200
156.4
25
20
15
10
14.7
9.7
7.3
0.9
01
02 03 04 05
(3.1)
(4.2)
06 07
(1.8)
08
-10
-15
150
125.9
88.6
100
2.7
0
-5
132.7
10 11F 12F 13F
50
(10.6)
-20
09
(13.6) (11.1) (29.6)

(10.3)
01 02
(0.0)
(18.1)
03
04
05
(23.2)
06 07
(5.9)
(5.4)
08
11.2
09
10 11F 12F 13F
-50
2008
ROIC
ROIC 2000 2008 WACC

.
4%~5% WACC ROIC BEP
.
2009
WACC ROIC
2009 2008 2,413% ROIC

WACC . 2010 NOPAT 322.5%
28.9% 90% EVA .
2013 15%~16%
WACC

2013 15%~16%
2013 156.4% EVA .
10
2012 3 12
Section 4: ?
2009
SKT 2008
.
2009 228 46
capex 182 . 2010
241 2009 .
2008
2009
228

2013 324
.

capex .
150 ~200 .
.
2013 FCF 324
Exhibit 13.
Exhibit 14.
35
(W/sh)
32.4
(%)
200
28.7 28.7
30
1.6
24.1
25
1.3
18.2
20
1.0
15
1.0
100
10
5
4.6
2.5
1.2
1.2
0.2
0.2
01
02
-5
03 (1.3)
04 05
(3.2)
-10
06
07
08
09
10 11F 12F 13F
0.0
0.0
0.0
0.0
0.0
04
05
06
07
08
0
01
(6.1)
0.2
0.2
0
02
03
09
Dividend per share (L)
(7.2)
10
11F 12F 13F
Dividend yield (R)
2009 6
2011
20%
2003 6 2009
. 2010 2011 167 170
20%
. 2012 2013 1.3% 1.6%
.
Exhibit 15.
(Wbn)
01
02
03
04
05
(2.5)
(0.7)
1.6
3.0
1.8
CAPEX
0.4
0.6
0.7
0.5
2.5
1.2
(3.2)
(1.3)
0.3
0.1
0.1
30
25
25
(%)
1.0
1.6
2.7
06
07
08
09
10
(6.7)
22.8
25.8
11E
31.5
12F
13F
31.7
36.9
(5.1)
4.8
0.4
1.0
0.1
0.6
4.6
1.7
3.0
3.0
4.5
1.2
(6.1)
4.6
(7.2)
18.2
24.1
28.5
28.7
32.4
0.3
0.0
0.0
0.0
0.0
0.0
0.9
4.3
5.3
6.6
39
167
170
210
260
N/A
N/A
N/A
N/A
N/A
0.6
2.0
1.0
1.3
1.6
Note:
11
2012 3 12
Section 5: ?

5 2009

2002 5 . 2009
-57.5%
.

.
2012 2013 58.8%
47.9% 26.5% 23.8%
-90% .
2012 2013
20%
-90%

, 2006 .
.
2006
2012 2013
Exhibit 16. (%)
Exhibit 17. ()
20
30
8.2
01
-20
-40
14.0 0.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0
02 03 04 05 06 07 08
(2.5)
(8.8)
(11.7)
(14.4)
(24.3)
(32.7)
09
10 11F 12F 13F
01
02
-30
03 04 05
(8.8)
(3.8)
06
07
08
09
10 11F 12F 13F
-60
-60
(54.2) (57.5)
(71.0)
-90
-80
(82.1) (81.9)
-100
(84.9)
(87.2)
(106.1)
-120

*2007 (1,834 ) outlier
Exhibit 18.
(Wbn)
01
02
03
04
05
06
07
08
09
10
11F
12F
13F
2.4
0.3
2.4
6.2
4.7
13.1
4.7
7.7
33.8
35.6
58.4
77.9
101.3
127.0
2.0
(0.7)
(3.9)
(2.3)
(12.8)
(4.5)
(7.7)
(33.8)
(35.6)
(58.4)
(77.9)
(101.3)
(127.0)
/ (%)
8.2
(2.5)
(14.4)
(8.8)
(32.7)
(11.7)
(24.3)
(54.2)
(57.5)
(82.1)
(81.9)
(84.9)
(87.2)
0.3
0.1
0.2
0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
14.0
0.5
(3.8)
(8.8)
(71.0)
(106.1)
(1834.0)
N/A
N/A
N/A
N/A
N/A
N/A
()
1.8
2.4
2.4
0.2
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
12
2012 3 12
Section 6: , CB, BW ?
-
FCF

2000 12 54 2004
2005 2008 126
.
2010 180
.
2009 FCF ,
..
Exhibit 19.
(Wbn)
01
02
03
04
5.4
5.4
5.4
5.6
8.0
3.7
3.7
3.7
4.0
18.2
0.0
0.0
0.0
0.5
16.5
0.0
05
06
2001-2010
07
08
09
10
8.0
8.0
12.6
12.6
12.6
7.2
18.2
18.2
47.5
47.5
47.5
43.8
0.0
34.0
0.0
0.0
51.0
Overhang
FCF
CB BW .
13
2012 3 12
Section 7: CEO ?
SK
- SK

- SK
2004
SK .
SK .
1983 3 ( SK )
.
2000 SK
2004 11 .
SK

SK

.
2000
, 1,600
MS 1 (45%)
2000 CD

1
.
1,600 130
1 (MS 45%) . 220
.

(
) .
,

.

Exhibit 20.
Exhibit 21.

4.1%
17.0%
2008~
()
2004~2007
SK
~1988
Realnetworks
11.3%
() 2
67.6%
14
2012 3 12
Section 8:

5% ,
1% 0.2%
1% .

. 5% 2012
0.2%
.
Exhibit 22. 2011

(KRW/US$)
(KRW/RMB)
(KRW/EURO)
(KRW/JPY)
-5%
-1%
Base
1%
5%
1,049
1,093
1,104
1,115
175
182
184
186
1,160
194
1,508
1,572
1,588
1,604
1,667
14.5
15.1
15.2
15.4
16.0
167.0
167.1
167.1
167.1
167.2
()
27.3
27.4
27.4
27.4
27.5
()
21.2
21.2
21.3
21.3
21.3
()
838
840
841
841
843
PER
19.7
19.7
19.7
19.7
19.6
(%)
(0.0)
(0.0)
0.0
0.0
0.0
(%)
(0.2)
(0.0)
0.0
0.0
0.2
(%)
(0.3)
(0.1)
0.0
0.1
0.3
(0.1)
0.0
0.1
0.3
()
(%)
(0.3)
Exhibit 23. 2012

(KRW/US$)
(KRW/RMB)
(KRW/EURO)
(KRW/JPY)
1%
5%
1,030.5
-5%
-1%
1,073.9
Base
1,084.7
1,095.5
1,138.9
169.8
176.9
178.7
180.5
187.6
1,444.5
1,505.3
1,520.5
1,535.7
1,596.5
13.1
13.7
13.8
14.0
14.5
202.1
202.1
202.1
202.2
202.2
()
33.5
33.5
33.6
33.6
33.6
()
26.4
26.4
26.5
26.5
26.5
()
1,043
1,046
1,046
1,047
1,049
PER
15.9
15.8
15.8
15.8
15.8
(%)
(0.0)
(0.0)
0.0
0.0
0.0
(%)
(0.2)
(0.0)
0.0
0.0
0.2
(%)
(0.3)
(0.1)
0.0
0.1
0.3
(0.1)
0.0
0.1
0.3
()
(%)
(0.3)
Exhibit 24. 2013

1%
5%
(KRW/US$)
965.7
1,006.3
1,016.5
1,026.7
1,067.3
(KRW/RMB)
172.0
179.2
181.0
182.8
190.1
1,376.6
1,434.5
1,449.0
1,463.5
1,521.5
(KRW/EURO)
(KRW/JPY)
-5%
-1%
Base
11.2
11.7
11.8
11.9
12.4
()
245.3
246.1
246.3
246.5
247.3
()
202.0
202.0
202.0
202.0
202.0
()
32.8
32.9
32.9
33.0
33.0
()
1,298
1,301
1,302
1,303
1,306
PER
12.7
12.7
12.7
12.7
12.7
(%)
(0.0)
(0.0)
0.0
0.0
0.0
(%)
(0.2)
(0.0)
0.0
0.0
0.2
(%)
(0.3)
(0.0)
0.0
0.1
0.3
(0.1)
0.0
0.1
0.3
(%)
(0.3)
15
2012 3 12
Section 9:
(MelOn)
?

1978 2005 SK
, 2008

2008 12 SKT

(Melon)

.
1978 2005 SK
SK . 2008 3
SKT
(Melon) .

.
(=) 60% cash
cow 7%
CD .

.
(2011 3 )
( + + ) : 1,074, 89.2%
CD () : 83, 7.0%
(): 46, 3.8%
-: ,
-: ,

-:
1)
:
(, )

.
(40~60) 2~4
risk POC (Point of Contact,
) value chain .
2)
:
200 License holder 300~400
(sourcing &
distribution) . 220
Music License Bank (MLB) .
3)
:
CJ E&M
(mnet) (), ()
() .
3 CD
.
3,000 11,000
.
16
2012 3 12
Exhibit 25. value chain

[]
[]
(MLB)
LOEN
[]
BGM
IPTV
Global Open
Market
New Device
Source: Company data, Leading research

2 2011 11
.
2 2012 3
Top 10 4,284,621 13 1
. 2 34 Roly-Poly
.
Exhibit 26. Top 10
4,284,621
13
Roly-Poly
4,240,838
34
Be My Baby
3,664,683
16
GG
3,625,939
18
&
Trouble Maker
3,611,999
13
So Cool
3,535,303
29
3,516,254
44
3,502,002
26
Cry cry
3,480,991
16
10
miss A
Good-bye Baby
3,474,821
18
Source: Gaon Chart, Leading research (2012 3 )
17
2012 3 12
2011
(++BGM +
) 36
2011 11
.
3
. SM YG EMI
.

.
2012 2013
. 2012
2012 2013
. //
2013 .
/
.

3 10 /
10 4 .

25% 1 .
.
Exhibit 27. 2012 3 10 /
Source: Gaonchart, Leading Research Center
18
2012 3 12

60%

4
60%
.
5 major ( Bugsmusic, KT , )
CJ E&M Mnet 2
.
45%~50% 1
mnet 10~15% % 2 .
.
1 : 45%~50%
2 Mnet: 10%~15%
5
. 2 CJ E&M
1 . 5
.
Exhibit 28. 5
()
Exhibit 29. 5
()
, 1
4,500
, 1
3,200.0
4,000
2,700.0
3,500
3,000
2,200.0
2,500
1,700.0
2,000
1,200.0
1,500
700.0
1,000
500
200.0
0
3Q10
4Q10
1Q11
2Q11
3Q10
-300.0
3Q11
4Q10
1Q11
2Q11
3Q11
: ,
: CD
portable
Mnet
1) 2) CD
3) . 2010
7,000~7,200 (,/ (CP))
-- .

. 10
. ,
5%
.
2009 /
( BGM ) .
Exhibit 30.

DRM/non-DRM MP3
, , WAP
CD

,

2000 4,100 800
Source: Company data, Leading research
19
2012 3 12
2000 /
(CD)
->
portable device

2000 / (CD)
DRM(Digital Rights
Management) .
device
application
PC
Application 1
device 2011 1 /
PC .
470,
80 1 .
2010

2010
,
.
,

.
PC portable device

.
MP3 2010
2011 35.8% (Exhibit 30).
Exhibit 31.
Exhibit 32. vs.
(Wbn)
(Wbn)
700.0
1,800.0
1,603.4
1,600.0
1,315.6
1,400.0
1,169.2
1,200.0
600.0
1,400.8
500.0
1,196.5
400.0
1,000.0
800.0
300.0
646.8
200.0
600.0
100.0
400.0
0.0
200.0
2001
0.0
2005
2006
2007
2008
2009
2002
2003
2004
2005
2006
2010
2007
2008
2009
2010
Source: 2011 , Leading Research Center
Source: (), Leading Research Center
* + +++
* ++/
(CP )
Exhibit 33. 2010
Exhibit 34. 2011
PDA/PMP/PSP
1.9%
5.0%
2.4%
11.4%
/
20.4%
PC
9.0%
PDA/PMP/PSP
1.9%
8.3%
MP3
65.4%
35.8%
/
19.1%
MP3
31.7%
20
2012 3 12

2009
. 2011 1,671 (+20.2% yoy) 274 (+67.6% yoy)
.
2009 20%

, 2011 105
170 62%
.
594 778 31% .
10%~294%
.
2011

2012
3
, 2,021 (+21.0%, yoy)
336 (+21.3%, yoy) .
10%

,
90% . 80% ,
.
Exhibit 35.
(Wbn,%)
3Q11
4Q11P
1Q12E
2Q12F
3Q12F
4Q12F
1Q13F
2Q13F
3Q13F
4Q13F
43.1
46.7
42.5
49.5
52.8
57.4
57.8
59.3
63.7
65.2
5.3
5.2
6.4
7.9
7.6
11.7
9.6
9.1
10.6
11.7
5.7
6.0
6.8
8.2
7.9
12.0
10.3
9.7
11.3
12.3
4.3
5.0
6.3
6.0
4.9
9.3
7.6
7.0
8.6
9.7
(%)
12.3%
11.1%
15.1%
15.9%
14.4%
20.4%
16.7%
15.3%
16.7%
18.0%
(%)
10.0%
10.6%
14.8%
12.0%
9.3%
16.3%
13.2%
11.9%
13.5%
14.8%
Exhibit 36.
(Wbn)
(%)
2010
2011P
2012F
2013F
2011P
2012F
2013F
139.0
167.1
202.1
246.3
20.2
21.0
21.9
137.8
164.6
199.7
243.1
19.4
21.3
21.7
16.4
8.3
27.4
27.8
33.6
34.9
41.1
43.6
67.6
240.0
22.5
23.3
22.6
24.7
9.8
21.3
26.5
32.9
119.5
23.3
24.3
EPS
386
841
1,046
1,302
119.5
23.3
24.3
(%)
11.8
16.4
16.6
16.7
7.0
12.7
13.1
13.4
(%)
Source: Company data, Leading Research Center, K-IFRS
Exhibit 37. /
(Wbn)
2010
2011E
2012F
2013F
2011E
2012E
2013F
6.9
12.0
16.9
20.2
74.9%
40.5%
19.7%
0.5
1.6
3.2
5.3
229.1%
102.2%
63.5%
Growth
129.4
146.9
172.5
210.0
13.5%
17.4%
21.8%
2.2
6.5
9.5
10.7
200.9%
45.2%
13.1%
139.0
167.1
202.1
246.3
20.2%
21.0%
21.9%
Source: Leading Research Center, K-IFRS
21
2012 3 12
02
24.6
(17.1)
11.8
12.8
52.0
03
23.9
(3.0)
13.1
10.8
45.2
04
27.6
15.4
17.2
10.3
37.4
05
24.2
(12.3)
14.3
9.9
40.9
06
31.5
30.2
15.5
16.0
50.7
07
34.3
8.8
15.8
18.5
53.9
08
30.8
(10.1)
7.9
22.9
74.4
09
101.4
229.3
2.2
99.2
97.8
10
139.0
37.0
1.2
137.8
99.2
11F
167.1
20.2
2.5
164.6
98.5
12F
202.1
21.0
2.4
199.7
98.8
13F
246.3
21.9
3.2
243.1
98.7
(%)
12.8
0.1
0.2
11.6
(0.8)
(3.3)
11.6
(1.2)
(4.5)
15.7
(5.9)
(24.2)
16.7
(0.7)
(2.2)
22.4
(3.9)
(11.4)
22.6
0.3
1.0
92.9
6.4
6.3
121.5
16.4
11.8
137.2
27.4
16.4
166.2
33.6
16.6
202.0
41.1
16.7
(1.5)
0.1
0.9
(0.8)
0.2
(1.2)
(0.5)
(5.9)
0.2
(0.7)
0.1
(3.9)
2.7
0.3
0.0
6.4
(10.6)
16.4
(0.9)
26.5
(1.5)
32.1
(1.4)
39.7
0.5
0.1
0.4
(1.3)
(0.2)
0.2
(1.1)
0.0
0.0
0.0
(1.1)
0.4
0.0
0.3
0.2
(0.1)
(0.3)
0.2
0.0
0.0
0.0
0.2
0.0
0.1
0.3
(1.2)
(0.4)
0.3
(0.8)
0.0
0.0
0.0
(0.8)
0.1
1.6
0.1
(4.8)
(1.3)
0.3
(3.5)
0.0
0.0
0.0
(3.5)
0.2
0.7
0.1
0.3
1.0
3.3
(0.7)
0.0
0.0
0.0
(0.7)
(1.2)
0.3
0.3
(5.1)
1.2
(0.2)
(6.4)
0.0
0.0
0.0
(6.4)
(1.2)
0.8
0.6
2.1
0.8
0.4
1.3
0.0
0.0
0.0
1.3
(0.4)
1.2
0.3
6.3
1.8
0.3
4.5
0.0
0.0
0.0
4.5
0.1
1.4
0.0
8.3
(1.5)
(0.2)
9.8
0.0
0.0
0.0
9.8
(0.3)
2.1
0.0
28.3
6.8
0.2
21.5
21.5
0.0
(0.2)
21.3
(0.0)
2.9
0.0
34.9
8.4
0.2
26.5
26.5
0.0
0.0
26.5
0.0
3.8
0.0
43.5
10.6
0.2
33.0
33.0
0.0
0.0
33.0
(Wbn)
02
19.9
0.5
1.9
4.7
4.1
8.7
18.3
12.4
2.2
1.9
0.0
1.8
38.2
03
26.3
6.2
0.0
5.0
3.6
11.5
10.2
6.2
2.1
0.0
0.0
1.8
36.4
04
26.7
4.7
0.0
5.5
4.0
12.6
9.6
4.8
2.6
0.0
0.0
2.3
36.4
05
26.5
5.1
8.0
5.3
1.7
6.5
19.8
4.7
1.0
10.7
0.0
3.3
46.3
06
25.7
1.8
2.9
9.9
1.4
9.7
21.7
5.1
1.0
11.9
0.0
3.7
47.4
07
21.9
3.7
4.0
7.3
1.0
5.8
18.6
4.6
0.9
10.1
0.0
3.1
40.5
08
64.5
19.4
14.4
7.3
0.3
23.1
13.9
0.6
0.2
9.3
0.0
3.9
78.4
09
67.3
19.6
16.1
21.2
0.2
10.2
32.1
6.1
0.1
8.1
0.0
17.7
99.3
10
98.4
19.4
39.1
25.3
0.3
14.4
32.9
5.0
0.1
1.4
0.0
26.4
131.3
11F
124.3
20.0
57.9
30.4
0.6
15.4
38.2
4.8
0.2
5.7
0.0
27.5
162.5
12F
157.2
22.5
79.8
37.2
0.6
17.1
13F
201.6
29.0
101.4
45.6
0.7
24.9
36.6
4.2
0.2
2.2
0.0
30.0
193.8
35.7
5.1
0.2
2.5
0.0
27.9
237.3
7.4
2.9
1.4
3.0
4.1
0.0
0.3
3.8
11.5
5.4
3.7
0.0
0.0
17.5
0.0
26.7
7.8
2.4
2.1
3.4
1.8
0.0
0.3
1.5
9.6
5.4
3.7
0.0
0.0
17.7
0.0
26.8
8.5
2.6
2.1
3.8
1.6
0.0
0.3
1.3
10.2
5.6
4.0
0.0
(0.0)
16.6
0.0
26.2
5.8
2.2
0.1
3.6
1.2
0.0
0.2
1.0
7.0
8.0
18.2
0.0
(0.0)
13.1
0.0
39.3
7.6
2.0
0.1
5.5
1.2
0.0
0.1
1.1
8.8
8.0
18.2
0.0
(0.0)
12.4
0.0
38.6
8.0
1.0
0.0
7.0
0.8
0.0
0.0
0.8
8.9
8.0
18.2
(0.6)
(0.0)
6.1
0.0
31.6
15.9
7.8
0.0
8.1
0.1
0.0
0.0
0.1
16.0
12.6
47.5
(0.2)
(4.9)
7.3
0.0
62.4
37.2
25.3
0.0
11.9
0.1
0.0
0.0
0.1
37.3
12.6
47.5
(0.2)
(9.8)
11.8
0.0
62.0
59.9
28.7
0.0
31.2
0.2
0.0
0.0
0.2
60.1
12.6
47.5
0.1
(9.8)
20.7
0.0
71.2
66.8
36.7
0.0
30.1
0.6
0.0
0.0
0.6
67.4
12.6
47.5
0.1
(3.0)
37.9
0.0
95.1
72.7
39.9
0.0
32.8
0.8
0.0
0.0
0.8
73.5
12.6
47.5
0.1
0.0
60.0
0.0
120.3
87.6
44.1
0.0
43.5
0.8
0.0
0.0
0.8
88.4
12.6
47.5
0.1
0.0
88.7
0.0
149.0
(Wbn)
(%)
(%)
22
2012 3 12
(Wbn)
/
/
02
(1.1)
3.6
3.3
0.2
(0.0)
0.5
0.6
03
0.2
(0.3)
2.3
0.2
(0.0)
0.4
(2.4)
04
(0.8)
1.4
1.1
0.3
0.0
0.0
0.1
05
(3.5)
(0.7)
0.8
0.2
0.0
0.1
(1.6)
06
(0.7)
0.8
0.9
0.3
0.0
0.2
(0.2)
07
(6.4)
2.9
1.3
0.4
0.0
(1.2)
(0.1)
08
1.3
1.4
1.5
0.2
0.0
(1.2)
(1.5)
09
4.5
10.6
7.3
0.3
0.0
(0.4)
2.6
10
9.8
10.5
9.2
0.4
0.0
0.1
1.0
11F
21.5
7.8
9.7
0.5
0.0
(0.3)
2.7
12F
26.5
8.8
10.6
0.6
0.0
(0.1)
2.5
13F
33.0
8.3
10.7
0.7
0.0
0.3
2.8

()
(0.7)
(2.1)
2.9
1.8
(2.5)
0.4
2.1
(2.5)
(1.3)
0.6
0.7
(0.7)
5.7
(2.0)
(3.7)
1.6
(5.2)
4.5
0.7
(5.1)
8.2
(1.9)
(6.3)
4.8
(9.4)
(7.6)
17.0
(6.7)
7.7
(3.7)
(4.0)
22.8
5.4
0.7
(6.2)
25.8
2.5
(2.5)
0.0
31.7
(3.6)
3.6
0.0
31.7
(4.3)
4.3
0.0
36.9
0.6
1.2
0.7
(3.2)
0.5
(1.3)
0.4
1.2
1.0
(6.1)
0.1
4.6
0.6
(7.2)
4.6
18.2
1.7
24.1
3.0
28.7
3.0
28.7
4.5
32.4
0.1
0.0
0.0
0.0
0.0
0.4
0.1
0.0
0.0
0.0
0.0
(11.4)
0.3
0.0
0.0
0.0
0.0
(2.4)
0.0
0.0
0.0
0.0
0.0
(0.9)
0.0
0.0
0.0
0.0
0.0
(6.2)
0.0
0.0
0.0
0.0
0.0
4.2
0.0
0.0
0.0
0.0
0.0
(14.1)
0.0
(0.2)
0.0
0.0
0.0
18.4
0.9
(8.2)
0.0
0.0
0.0
31.3
4.3
5.0
0.0
0.0
0.0
0.6
4.3
0.0
0.0
0.0
0.0
2.5
4.3
0.0
0.0
0.0
0.0
6.5
0.2
0.5
0.5
6.2
6.2
4.7
4.7
5.1
5.1
1.8
1.8
3.7
3.7
19.4
19.4
19.6
19.6
19.4
19.4
20.0
20.0
22.5
22.5
29.0
(%)
(%)
()
()
()
02
268.1
2.5
117.5
71.7
91.0
03
335.6
23.6
105.2
80.1
76.5
04
312.8
17.5
59.8
71.3
51.7
05
453.5
19.2
39.6
114.4
73.0
06
338.6
6.9
28.7
99.8
49.9
07
272.5
16.9
14.7
78.1
36.1
08
404.9
30.1
11.6
168
226
09
180.8
29.1
42.0
83
2,766
10
164.2
19.7
133.4
73
8,323
11F
186.1
16.1
87.3
73
4,184
12F
216.2
14.3
96.3
73
5,786
13F
230.2
14.4
39.1
32
4,626
()

()
/ (%)
(%)
()
1.8
2.4
(0.7)
(2.5)
43.3
0.5
2.4
6.2
(3.9)
(14.4)
35.9
(3.8)
2.4
4.7
(2.3)
(8.8)
38.8
(8.8)
0.2
13.1
(12.8)
(32.7)
17.9
(71.0)
0.1
4.7
(4.5)
(11.7)
22.8
(106.1)
0.0
7.7
(7.7)
(24.3)
28.0
(1,834.0)
0.0
33.8
(33.8)
(54.2)
25.6
N/A
0.0
35.6
(35.6)
(57.5)
60.2
N/A
0.0
58.4
(58.4)
(82.1)
84.5
N/A
0.0
77.9
(77.9)
(81.9)
70.9
N/A
0.0
102.3
(102.3)
(85.0)
61.1
N/A
0.0
130.4
(130.4)
(87.6)
59.3
N/A
Valuations and margins

(Wbn)
EV/EBITDA ()
EPS ()
EPS (%)
PER ()
BVPS ()
P/BVPS ()
()
(%)
ROE (%)
ROA (%)
(%)
(%)
(%)
EBITDA (%)
ROIC (%)
WACC (%)
ROIC less WACC (%)
02
24.9
(99)
N/A
N/A
2,456
6.9
25
0.2
(4.2)
(2.8)
52.0
0.2
(4.4)
13.5
0.2
10.5
(10.3)
03
55.0
23
N/A
693.5
2,468
6.8
25
0.2
0.9
0.7
45.2
(3.3)
1.0
6.2
(4.1)
9.5
(13.6)
04
122.2
(73)
N/A
N/A
2,368
7.1
N/A
N/A
(3.1)
(2.3)
37.4
(4.5)
(3.0)
(0.6)
(3.7)
7.5
(11.1)
05
(1,139.3)
(217)
N/A
N/A
2,882
5.9
N/A
N/A
(10.6)
(8.4)
40.9
(24.2)
(14.3)
(20.9)
(16.9)
12.8
(29.6)
06
(50.9)
(43)
N/A
N/A
2,415
7.0
N/A
N/A
(1.8)
(1.5)
50.7
(2.2)
(2.2)
0.5
5.3
11.3
(5.9)
07
1,704.2
(399)
N/A
N/A
1,979
8.5
N/A
N/A
(18.1)
(14.5)
53.9
(11.4)
(18.6)
(7.6)
(16.7)
6.5
(23.2)
08
(101.2)
51
N/A
334.4
3,026
5.6
N/A
N/A
2.7
2.1
74.4
1.0
4.1
5.9
0.7
6.0
(5.4)
09
215.7
178
253.2
94.7
2,451
6.9
39
0.2
7.3
5.1
97.8
6.3
4.5
13.4
16.5
5.3
11.2
10
28.8
386
116.5
43.7
2,814
6.0
167
1.1
14.7
8.5
99.2
11.8
7.0
18.4
98.3
9.6
88.6
11F
14.4
848
119.5
19.9
3,761
4.5
170
1.1
25.8
14.6
98.5
16.4
12.8
22.2
138.7
12.8
125.9
12F
11.5
1,046
23.4
16.2
4,756
3.6
210
1.3
24.6
14.9
98.8
16.6
13.1
21.8
144.5
15.1
129.4
13F
9.7
1,304
24.6
13.0
5,890
2.9
260
1.7
24.5
15.3
98.7
16.7
13.4
21.0
170.3
16.8
153.5
23
2012 3 12
Compliance Notice
,
.
1% .
.
.
3 .
6 .
,
. ,
.
, , .
2
(016170KQ)
2012-03-12
BUY
23,000
()
25,000
20,000
15,000
10,000
5,000
0
11/03
11/06
11/09
11/12
12/03
BUY ()
HOLD ()
SELL ()
12 15%
12 15%
12 -15%
OVERWEIGHT ()
NEUTRAL ()
UNDERWEIGHT ()
12 5%
12 5%
12 5%
. 2012 Leading Investment & Securities Co. All rights reserved
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Mid-Cap

Leading Traffic Light: Green

Green light because:

No.1 (MS 45%)

2011 20% ROE

CAVEAT EMPTOR!!! Watch out for

Section 1-1: Valuation .

Section 1-2: Valuation Peer Valuation .....

Section 2: snapshot? ...........................................................

Section 1-1: Valuation 23,000

2013 EPS target PER

PER Valuation 2013F valuation 18.0x

Exhibit 1. LOEN Valuation VS. Valuation

Market year-high EV/EBITDA (X)

Premium/(Discount) to market (%)

LOEN year-high PER

Section 1-2: Valuation Peer Valuation

Source: Leading Research Center, Fnguide, Thomson Reuter, Bloomberg (2012 3 8 )

3 SM, YG, JYP

Source: Leading Research Center, Fnguide, Thomson Reuter, Bloomberg (2012 3 8 )

2011 10 SKT SK SKT

Source: Company data, Leading Research Center

2008 SKT 2009

2012 2013 20%

16.4 16.6 16.7

10 11F 12F 13F

10 11F 12F 13F

Revenue growth (R)

Operating profit (L)

Source: Company data, Leading Research Center

Source: Company data, Leading Research Center

Exhibit 8. EPS EPS

12.7 13.1 13.4

11F 12F 13F

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

10 11F 12F 13F

EPS growth (R)

Source: Company data, Leading Research Center

Source: Company data, Leading Research Center

Exhibit 9. PER Band

Exhibit 10. PBR Band

2012 2013 60%

Exhibit 11. ROE (%)

Exhibit 12. EVA: ROIC less WACC (%)

25.8 24.7 24.8

10 11F 12F 13F

(13.6) (11.1) (29.6)

Source: Company data, Leading Research Center

10 11F 12F 13F

Source: Company data, Leading Research Center

ROIC 2000 2008 WACC

2009 2008 2,413% ROIC

2013 FCF 324

10 11F 12F 13F

Dividend per share (L)

11F 12F 13F

Dividend yield (R)

Source: Company data, Leading Research Center

Source: Company data, Leading Research Center

Exhibit 16. (%)

10 11F 12F 13F

10 11F 12F 13F

Source: Company data, Leading Research Center