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2017. 01.

04

1: / No. 15


- 2017:

Overweight()

2017 : ,
- 2017 .
- (/), ()

1 : . /
- 2016 .
- 1 , e

//,
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Summary
12

2017 : 2017 . 2014 ,


, (LTV), (DTI)
. , .

2017 , : 10 2017 (15.7) (16.0)


. (-34%YoY) .
(/) .
.

, : (COFIX)
. , , , ,
, .
.

, ?: ,
. ( ) . (103.5%)
(85.6%) .

, : ,
. ' ' .
. 5 /
. 12 11 2025 50
.

2017

2016.8.25

DTI 80%->60%

2 2019

3, 60m2 2019 .

LTV/DTI

LTV(70%->50~70%), DTI(60%->50~60%)

12

2017 12

12

2014.9.1

(80%75%), (50%)

(: , : )

Summary
1 :

1 12(39,537) 55.2% 17,720 .


, 1 , 2 .

1 736. . (
3 ) e (1 ). /
. , 2
. / .
, 1 3 . 3,907/3.3m2
, 4,000/3.3m2
. e . 9 , (
) 2,223/3.3m2 . e 2012 5
1,600/3.3m2 5 .

1 (6,334) . , 1 ,
2 . 1 2 .
2 . 2 A99, A100 . 2015 12 2
A99, A100 , , .
1,025, 1,032/3.3m2 0.11, 0.21 1,121, 1,113/3.3m2
. 12 SRT
, 9.3% .

1 : ( )

: GS

//,
Tel. 02)368-6874
tinycare@eugenefn.com

Key Chart
:
()

7
6
5
4
3
2

14.04
14.05
14.06
14.07
14.08
14.09
14.10
14.11
14.12
15.01
15.02
15.03
15.04
15.05
15.06
15.07
15.08
15.09
15.10
15.11
15.12
16.01
16.02
16.03
16.04
16.05
16.06
16.07
16.08
16.09
16.10
16.11

: ,

,
(%)

11 (/)
(%)

/, (%YoY)

250.0

200.0

0.70

()
()
()

0.60
0.50

150.0

0.40

100.0

0.30

50.0

0.20
0.10

0.0

: ,

: ,

5.97

3.3

5.0

3.1
2.9

4.5

2.7
2.5

13.12
14.02
14.04
14.06
14.08
14.10
14.12
15.02
15.04
15.06
15.08
15.10
15.12
16.02
16.04
16.06
16.08
16.10

4.0

1): 85m2
2): 2016 1
: KB,

12.26

12.19

2,600
2,500

2,400
2,300
2,200
2,100
2,000

1): 85m2
2): 2016 1
: KB,

16.09

3.5

16.06

5.5

2,700

16.03

3.7

2,800

()

15.12

3.9

15.09

6.0

2,900

15.06

4.1

(/3.3m2)

15.03

()

(/3.3m2)
1,800
1,750
1,700
1,650
1,600
1,550
1,500
1,450
1,400
1,350
1,300

14.12

4.3

14.09

()

14.06

14.03

6.5

13.12

()

12.12

12.05

11.28

11.21

11.14

11.07

10.31

10.24

10.17

10.03

16.12

16.10

16.08

16.06

16.04

16.02

15.12

15.10

15.08

15.06

-0.20

15.04

-100.0
15.02

-0.10

10.10

0.00

-50.0

Summary

I.
1. 2017
2. 2017 :
3. ,
4. :
5. ,
6. ,

II. 12 :
1. : 39,537 , 305,974 ( 7.7 1)
2. :
3. :
4. : ,

13

III.
1.
2.
3.
4.
5.

87

IV. 1 : 2017
1. : 17,720 ( 736, 6,334, 10,650 )
2. :
3. : SRT 2
4. :
5. :

97

V.
1.
2.

109

Analyst |

I.
1. 2017
2017 .
. 2014 9.1 , 2017
. ,
, .
, .
. 2019 , 3 ,
85m2 60m2 , 60~85m2 2017
.
. , 5
. . 2
2018 . 2
( 60%) 14%
.
(LTV)(DTI) 7 . 2014
8 . 50~70% LTV
70%, 50~60% DTI 60% .
, .
2005 5 2006 9
. , 2013 12 2015 12 2 2017
.

2017

2016.8.25

DTI 80%->60%

2 2019

3, 60m2 2019 .

LTV/DTI

LTV(70%->5~70%), DTI(60%->5~60%)

12

2017 12

12

2014.9.1

(80%75%), (50%)

(: , : )

Analyst |

2. 2017 :
2017 2016 . 2017
10 , . ,
. , .
. 90~95%
. 35%
.
10 (, , , , , GS,
, , SK, ) 2017 157,800 . 2016(160,348
) 2.1% .
. 2016(23,355) 34.4% . 14
, . SK 2017 4,071
2016(5,049) 19.4% . , ,
() . . 2016 10,165
18,446(+81.4%YoY) . 17 8
. (20,852), (7,620) .
(27,612), GS(25,897), (14,527), (14,500) 2016
.
, . 5,796 . (8,335)
30.5% . 12,500 (14,939) 16.4%
. .
, .

Analyst |

: 1

2017 10

Analyst |

3. ,
3% .
(712) 2% 4%
. 4 (COFIX
) 10 2.814.09%/ 12 16 3.074.17%/ .
(2.904.20%/ 3.264.56%/), KB(2.704.01%/ 2.964.27%/
), KEB (2.804.00%/ 3.063.84%/), (2.854.15%/ 3.014.01%/
) . KEB 3% .

0.1% .
. 8 1.31%
11 1.51% . 15 1.25%
.
0.20.3% , 3%
. 4% .
,
.
. 4
. 1), 2), 3), 4) .
. , .
.
12 13 ,
.

. ( )
.
(ROE) 0.30.4% 2%
. . ,
( ) .

Analyst |

4. :
2017 .
, .

.
LH 6 ( ) ,
. , .
, 30% .
2 9( 20) .
2016 6. .
, .
, .
, .
. .
LH ( SH)
. / . ,
,
. , ,
. 40
. ''
,
SH .

10

Analyst |

5. ,
. 1970 ,
. 8
100% 80% .
2015 1,636 44.6(+2.8%) .
1911 85.6% . ,
2014 103.5%. 2008(100.7%) 100%
, .
( ) ( ) 2008
. . 1
.
. 1
.
, 1 , 1 . ,
.
. 100% .
.
.
.
, , . ,
. , ,
. , ''
.
, ( )
. , 100% . ,
.

11

Analyst |

6 , .
.
1 5
. 5
.
5 12 17
.
.

.
28%
. 5 2018 ,
.
.
. 5(1,156) 1,255
99 . 100
, .
, 2 . 10
1052 2 3
. 994 120
.
. 12 11, '2025
' 50 . ,
B , 15 . 15%
, 40% , 80% 75% .

, 2
.
49 . 1.7~2.0
, 15% 25~30% ,
.

12

Analyst |

II. 12 :
1. : 39,537 , 305,974 ( 7.71)
2016 12 11(25,081) 57.6% 39,537. 11/3
12 . 12
, 11 . (11) (1,9421,347)
(10,55512,994) .
. (12,58425,196) 100.2% 11
, .
.
3

12 : 39,537 305,974 ( 7.71)

12

()

39,537

305,974

301,902

7.7

7.6

1,347

9,679

9,678

7.2

7.2

134

1,647

1,647

12.3

12.3

92

3,989

3,989

43.4

43.4

139

631

631

4.5

4.5

126

50

49

0.4

0.4

856

3,362

3,362

3.9

3.9

12,994

42,705

40,757

3.3

3.1

1.3

0.8

1,003

1,256

848

1,240

7,654

7,654

6.2

6.2

4,717

6,668

6,012

1.4

1.3

6,034

27,127

26,243

4.5

4.3

25,196

253,590

251,467

10.1

10.0

1,888

63,598

63,598

33.7

33.7

2,122

33,314

33,271

15.7

15.7

5,097

22,279

21,528

4.4

4.2

559

49,960

49,960

89.4

89.4

4,952

1,514

1,491

0.3

0.3

570

2,436

2,436

4.3

4.3

839

1,622

1,622

1.9

1.9

2,131

2,718

2,498

1.3

1.2

634

1,563

1,563

2.5

2.5

1,378

43,280

42,835

31.4

31.1

1,573

1,151

997

0.7

0.6

967

10,121

10,120

10.5

10.5

2,045

15,992

15,568

7.8

7.6

441

4,042

3,980

9.2

9.0

: ,

13

Analyst |

2. :
1`2 30.7% (1,9421,347). 11 12
. 12 .
4,433/3.3m2 ,
12.31 . ,
. 3
43.41 . ,
6.1 . ,
(2,100/3.3m2) 2.5~4.51
. .

12

12 :

(/3.3m2)

1,347

9,679

9,678

(18, 24 )

2016-12-07

134

1,647

1,647

12.3

12.3

4,433

(2 )

2016-12-01

92

3,989

3,989

43.4

43.4

2,121

(1 )

2016-12-28

139

631

631

4.5

4.5

2,106

2016-12-22

126

50

49

0.4

0.4

1,261

2016-12-01

333

2,045

2,045

6.1

6.1

2,507

(2 )

2016-12-28

523

1,317

1,317

2.5

2.5

2,127

: ,

14

Analyst |

( 18, 24 )

( 18, 24 )
(m2)

()

(/3.3m2)

()

(1)

4,433
59A

86.2

59.0

116,100

4,444

146

12.3

12.3

10

44.0

44.0

59B

85.9

59.0

114,500

4,398

18

21.2

21.2

84A

114.8

84.0

84B

114.8

84.0

155,200

4,463

59

11.5

11.5

152,800

4,394

28

3.8

3.8

84C

114.7

84.0

155,200

4,464

31

6.1

6.1

: ,

15

Analyst |

( 18, 24 )

16

Analyst |

(2 )

(2 )
(m2)

()

(/3.3m2)

()

(1)

2,121

116

43.4

43.4

59

83.0

59.0

58,000

2,306

21

200.5

200.5

84

114.5

84.0

78,500

2,263

80

17.7

17.7

104

142

104.0

83,400

1,941

4.4

4.4

110

150

110.0

89,800

1,976

4.7

4.7

: ,

17

Analyst |

10

(2 )

18

Analyst |

11

: GS

12


(m2)

()

(/3.3m2)

()

(1)

2,507

356

6.1

6.1

84A

109.2

84.0

88,590

2,678

240

6.8

6.8

84B

109.6

84.0

89,090

2,683

24

9.0

9.0

84C

110

84.0

86,000

2,590

83

3.0

3.0

94A

123

94.0

84,770

2,271

8.3

8.3

94B

124

94.0

86,580

2,312

14.5

14.5

: ,

19

Analyst |

13

: GS

20

Analyst |

14

15


(m2)

()

(/3.3m2)

()

(1)

2,106

145

4.7

4.6

74A

99.1

74.8

62,670

2,087

38.3

38.3

74B

99.2

74.8

62,670

2,084

13.7

13.7

84A

112.2

84.6

72,160

2,122

17

4.3

4.3

84B

111.4

84.8

71,920

2,130

3.3

3.3

84B

111.5

84.8

72,640

2,151

1.6

1.6

84C

111.3

84.8

71,570

2,122

42

2.4

2.4

84D

111.8

84.7

72,120

2,129

1.2

1.2

84D

111.8

84.7

72,880

2,151

14

1.6

1.6

84E

111.3

84.5

72,550

2,151

11

6.4

6.4

84E

111.2

84.4

72,480

2,151

24

3.4

3.4

102

134.5

102.7

81,110

1,990

2.0

2.0

102

134.5

102.7

81,910

2,010

5.0

1.2

: ,

21

Analyst |

16

22

Analyst |

17

(2 )

18

(2 )
(m2)

()

(/3.3m2)

()

(1)

2,127
49

74.3

49.5

51,660

2,294

562

2.9

2.8

20

4.3

4.3

60

83.6

60.0

57,410

2,267

82

5.2

5.2

59

84.9

59.9

57,740

2,245

11.6

11.6

60

84.5

60.0

56,190

2,195

92

3.6

3.6

60

85.3

60.0

58,170

2,249

37.0

37.0

85

112.5

85.0

69,610

2,042

44

2.5

2.5

85

113.3

85.0

69,700

2,031

82

2.5

1.3

85

112.7

85.0

71,140

2,082

184

1.8

1.8

85

113.3

85.0

70,440

2,052

35

1.5

1.5

85

113.9

85.0

71,500

2,072

15

1.8

1.8

97

137.5

97.6

77,620

1,863

9.5

9.5

: ,

23

Analyst |

19

(2 )

24

Analyst |

3. :
2016 12 23.1% (10,55512,994) .
11/3 HUG .
. 6.5
1 .
. ,
.

20

12 : 11/3

12

(/3.3m2)

1.3

0.8

1,210

12,994

42,705

40,757

2016-12-08

1,003

1,256

848

B6

2016-12-07

640

3,219

3,219

5.0

5.0

1,296

B5 &e 2

2016-12-07

184

4,305

4,305

23.4

23.4

985

2016-12-28

416

130

130

0.3

0.3

1,009

(,, )

2016-12-01

134

416

416

3.1

3.1

1,374

()

2016-12-09

250

0.0

0.0

1,024

()

2016-12-14

1,866

4,349

4,349

2.3

2.3

1,215

2016-12-28

643

809

809

1.3

1.3

1,233

2016-12-21

533

296

38

0.6

0.1

950

2016-12-21

425

381

191

0.9

0.4

1,369

2016-12-21

866

417

209

0.5

0.2

1,318

2 A35 S-

2016-12-01

435

759

759

1.7

1.7

1,196

2 2

2016-12-07

581

1,132

1,132

1.9

1.9

1,079

2016-12-01

1,596

10,367

10,367

6.5

6.5

1,339

2016-12-01

1,153

7,374

7,374

6.4

6.4

1,339

3 1

2016-12-01

340

434

185

1.3

0.5

924

2016-12-01

370

1,614

1,494

4.4

4.0

1,718

2016-12-08

913

4,008

3,780

4.4

4.1

1,643

13

2016-12-08

312

742

587

2.4

1.9

1,158

14

2016-12-08

334

697

565

2.1

1.7

1,136

: ,

25

Analyst |

21

: GS

22


(m2)

()

(/3.3m2)

()

(1)

1,210

1,023

1.3

0.8

76A

100.6

76.8

34,510

1,132

142

1.2

1.2

76B

100.5

77.0

33,450

1,099

111

1.8

0.8

84A

109.9

84.9

37,140

1,115

381

0.7

0.5

84B

109.8

84.9

38,240

1,149

296

1.3

0.8

84P

111.9

84.8

48,620

1,434

28.0

28.0

101A

131.2

102.0

43,050

1,083

87

0.9

0.3

101P

132.7

101.2

58,580

1,456

31.0

31.0

: ,

26

Analyst |

23

: GS

27

Analyst |

24

B6

25

B6
(m2)

(/3.3m2)

()

(1)

1,296

84A

110.5

84.0

43,386

1,296

84B

110.4

84.0

43,366

1,296

: ,

28

()

800

5.0

5.0

716

5.1

5.1

84

4.5

4.5

Analyst |

26

B6

29

Analyst |

27

B5 &e

28

B5 &e 2
(m2)

()

(/3.3m2)

()

(1)

985

413

23.4

23.4

74

100.0

74.0

29,868

985

75

25.5

25.5

84

113.3

84.0

33,794

984

338

22.8

22.8

: ,

30

Analyst |

29

B5 &e 2

31

Analyst |

30

31

e
(m2)

()

(/3.3m2)

()

(1)

1,009

416

0.5

0.3

45

60.9

45.0

19,635

1,064

1.7

1.7

59

81.3

59.0

26,060

1,058

187

0.5

0.3

62

83.6

62.0

24,230

956

21

0.6

0.3

74A

100.6

74.0

30,430

998

144

0.5

0.4

74B

100.5

74.0

29,540

970

58

0.1

0.0

: ,

32

Analyst |

32

33

Analyst |

33

34


(m2)

(/3.3m2)

()

(1)

1,215

2,003

2.6

2.3

59

82.5

59.9

31,620

1,265

180

11.3

11.3

59

83.0

59.9

31,210

1,241

84

3.6

3.6

75

103.2

75.9

39,210

1,254

253

4.3

4.3

75

104.0

76.0

38,760

1,230

260

1.9

1.1

84

114.9

84.9

42,160

1,210

423

2.5

2.5

84

116.3

85.0

41,910

1,189

260

1.4

1.0

84

116.5

85.0

41,650

1,179

207

1.3

0.7

106

144.4

106.9

50,460

1,153

336

0.3

0.2

: ,

34

()

Analyst |

35

35

Analyst |

36

37

e
(m2)

(/3.3m2)

()

(1)

1,233

84A

106.7

84.0

41,420

1,281

84B

106.9

84.0

40,240

84C

107.4

84.0

39,200

84D

107.3

84.0

84E

107.3

84.0

: ,

36

()

659

1.6

1.3

162

1.9

1.9

1,242

195

1.4

1.1

1,205

38

1.5

0.6

38,960

1,198

136

1.8

0.8

40,280

1,238

128

1.4

1.4

Analyst |

38

37

Analyst |

39

2 A35 S-

40

2 A35 S-
(m2)

(/3.3m2)

()

(1)

1,196

436

1.7

1.7

83A

108.1

83.0

39,150

1,196

350

1.9

1.9

83B

108.8

83.0

39,430

1,196

86

1.3

1.3

: ,

38

()

Analyst |

41

2 A35 S-

39

Analyst |

42

2 2

43

2 2
(m2)

(/3.3m2)

()

(1)

1,079

74

99.1

74.0

31,500

1,049

84A

112.0

84.0

35,580

84B

112.7

84.0

35,490

84C

114.7

84.0

40,950

: ,

40

()

681

2.3

1.9

188

2.9

2.9

1,049

372

1.7

1.7

1,039

116

2.2

0.6

1,178

25.6

25.6

Analyst |

44

2 2

41

Analyst |

45

: ,

46

(m2)

()

(/3.3m2)

()

(1)

1,339
59A

80.7

59.0

33,600

1,374

1,783

6.5

6.5

200

7.1

7.1

59B

79.6

59.0

33,600

75

100.2

75.0

40,600

1,392

252

14.3

14.3

1,337

314

4.9

4.9

84

110.6

85.0

105

137.0

105.0

44,000

1,312

837

5.9

5.9

53,200

1,281

180

2.2

2.2

59A

80.7

59.0

33,600

1,339

1,162

6.4

6.4

1,374

210

6.3

6.3

59B

79.6

59.0

33,600

75

100.2

75.0

40,600

1,392

97

18.3

18.3

1,337

204

5.4

5.4

84

110.6

85.0

44,000

1,312

527

5.7

5.7

105

137.0

105.0

53,200

1,281

124

2.0

2.0

: ,

42

Analyst |

47

: ,

43

Analyst |

48

49


(m2)

(/3.3m2)

()

(1)

1,718

61A

81.7

61.0

44,510

1,798

61B

81.8

61.0

42,380

61C

82.2

61.0

41,750

61D

81.1

61.0

61E

81.1

61.0

61F

81.6

61.0

: ,

44

()

388

4.4

4.0

146

6.0

6.0

1,710

106

4.0

4.0

1,676

43

2.1

2.1

41,210

1,676

39

4.2

1.1

42,250

1,719

37

3.2

3.2

42,750

1,729

17

1.9

1.9

Analyst |

50

45

Analyst |

51

: GS

52

(m2)

()

(/3.3m2)

()

(1)

1,158

328

2.4

1.9

13
59A

83.4

59.0

29,220

1,156

26

4.0

4.0

59B

83.0

59.0

28,690

1,141

61

1.5

1.0

59C

82.7

59.0

29,320

1,170

31

2.6

1.0

59D

83.2

59.0

29,490

1,170

26

1.6

0.5

60

84.0

60.0

29,950

1,176

59

4.6

4.6

72A

97.6

72.0

34,440

1,164

33

1.4

1.4

72B

97.5

72.0

33,710

1,141

31

1.1

0.3

73

99.1

73.0

34,450

1,147

32

1.7

1.0

84

113.1

84.0

39,700

1,158

29

2.3

2.3

1,136

340

2.1

1.7

59A

83.5

59.0

29,190

1,153

51

4.4

4.4

59B

84.1

59.0

28,660

1,124

55

1.2

1.2

59C

83.8

59.0

28,290

1,114

53

1.5

1.5

59D

84.3

59.0

29,460

1,153

48

2.3

0.8

72B

97.8

72.0

34,000

1,147

33

1.5

1.5

72B

97.6

72.0

33,270

1,124

35

1.5

0.3

73

99.3

73.0

34,000

1,130

32

1.8

1.2

84

113.4

84.0

39,180

1,140

33

2.3

2.3

14

: ,

46

Analyst |

53

: GS

47

Analyst |

4. : ,
2016 12 2016 ,
. , , ,
. ,
. ,
.
54

12

12 : , ,





e 1 (1 )
e 2 (1 )

(2 )




B5
3
e
()




A-3 ()


A2-1


1
2
15 2
() 1
KTX 2
S ()


4-1
4-1 ()
3
2 (1-1)
(L4)
(M3)
e ()



()


2

2
e 1
()


33
()

: ,

48

2016-12-01
2016-12-06
2016-12-06
2016-12-08
2016-12-21
2016-12-21
2016-12-21
2016-12-28
2016-12-28
2016-12-06
2016-12-08
2016-12-15
2016-12-16
2016-12-22
2016-12-01
2016-12-06
2016-12-07
2016-12-07
2016-12-09
2016-12-13
2016-12-13
2016-12-14
2016-12-14
2016-12-15
2016-12-01
2016-12-01
2016-12-13
2016-12-13
2016-12-15
2016-12-23
2016-12-14
2016-12-01
2016-12-07
2016-12-01
2016-12-08
2016-12-09
2016-12-01
2016-12-08
2016-12-15
2016-12-15
2016-12-22
2016-12-07
2016-12-13
2016-12-22
2016-12-28
2016-12-01
2016-12-05
2016-12-13
2016-12-01
2016-12-28
2016-12-28
2016-12-29
2016-12-20
2016-12-20
2016-12-20
2016-12-26

25,196
108
239
68
569
516
50
156
102
80
93
152
505
961
411
317
280
391
1,060
892
163
322
1,241
132
299
559
217
1,780
1,450
615
890
570
592
247
580
407
1,144
634
319
467
301
291
335
58
490
690
758
112
97
401
244
1,034
366
50
62
33
296

253,590
459
7,602
591
3,284
35,777
2,114
288
13,433
50
340
888
12,423
19,325
338
4,878
19
36
5,759
527
1,023
508
9,345
16
168
49,960
1,400
18
2
17
77
2,436
0
1,622
518
2,200
0
1,563
1,155
4,785
29,218
8,122
142
2
387
620
10,114
6
1
635
503
14,854
0
114
166
0
3,762

1
251,467
459
7,602
591
3,284
35,777
2,114
288
13,433
50
340
888
12,423
19,325
295
4,878
19
36
5,759
192
1,023
508
9,062
16
35
49,960
1,400
14
2
16
59
2,436
0
1,622
298
2,200
0
1,563
710
4,785
29,218
8,122
142
2
233
620
10,114
5
1
211
503
14,854
0
86
132
0
3,762

4.3
31.8
8.7
5.8
69.3
42.3
1.8
131.7
0.6
3.7
5.8
24.6
20.1
0.8
15.4
0.1
0.1
5.4
0.6
6.3
1.6
7.5
0.1
0.6
89.4
6.5
0.0
0.0
0.0
0.1
4.3
0.0
6.6
0.9
5.4
0.0
2.5
3.6
10.2
97.1
27.9
0.4
0.0
0.8
0.9
13.3
0.1
0.0
1.6
2.1
14.4
0.0
2.3
2.7
0.0
12.7

4.3
31.8
8.7
5.8
69.3
42.3
1.8
131.7
0.6
3.7
5.8
24.6
20.1
0.7
15.4
0.1
0.1
5.4
0.2
6.3
1.6
7.3
0.1
0.1
89.4
6.5
0.0
0.0
0.0
0.1
4.3
0.0
6.6
0.5
5.4
0.0
2.5
2.2
10.2
97.1
27.9
0.4
0.0
0.5
0.9
13.3
0.0
0.0
0.5
2.1
14.4
0.0
1.7
2.1
0.0
12.7

(/3.3m2)

938
1,020
1,328
1,328
1,059
1,027
889
1,649
1,642
1,033
1,116
1,026
1,117
908
843
888
744
1,316
749
985
746
799
763
812
1,635
885
345
364
762
715
880
147
714
990
817
932
910
929
926
898
930
870
648
708
682
887
667
659
709
769
827
712
1,137
1,179
1,882

Analyst |

55

56


(m2)

()

(/3.3m2)

()

(1)

1,020

272

31.8

31.8

84A

117.5

85.0

29,760

836

54

28.9

28.9

84B

117.3

84.9

31,380

882

54

26.0

26.0

84C

117.3

84.8

41,780

1,176

54

23.2

23.2

84D

115.8

85.0

32,030

913

32

19.9

19.9

84E

115.8

85.0

32,030

913

32

34.6

34.6

84F

115.8

85.0

45,220

1,289

16

57.2

57.2

84G

116.0

84.7

46,740

1,330

207.8

207.8

84H

116.0

84.7

32,350

921

12

20.7

20.7

84I

116.0

84.7

32,350

921

12

14.5

14.5

: ,

49

Analyst |

57

50

Analyst |

58

e (1 )

59

e (1 )

(m2)

()

(/3.3m2)

()

(1)

1,059

763

69.3

69.3

59A

81.0

59.0

25,462

1,038

124.3

124.3

59B

79.8

59.0

25,475

1,054

19

67.9

67.9

59C

79.9

59.0

25,526

1,054

42.6

42.6

76A

101.8

76.0

32,507

1,054

128

24.5

24.5

76B

100.8

76.0

32,663

1,070

204

36.6

36.6

84A

113.0

84.0

36,433

1,064

134

74.2

74.2

84B

112.1

84.0

36,685

1,080

267

112.6

112.6

1,027

69

42.3

42.3

65A

87.1

65.0

26,845

1,017

10

24.0

24.0

65B

86.6

65.0

26,809

1,022

22.2

22.2

76B

99.7

76.0

31,346

1,038

13

26.7

26.7

84B

110.8

84.0

35,928

1,070

38

54.4

54.4

84C

111.2

84.0

33,376

990

69.3

69.3

: ,

51

Analyst |

60

e (1 )

52

Analyst |

61

(2 )

62

(2 )
(m2)

()

(/3.3m2)

()

(1)

1,649
84A

112.9

84.0

57,650

1,685

137

131.7

131.7

65

188.2

188.2

84B

113.2

84.0

56,130

84C

113.2

84.0

55,000

1,636

51

89.9

89.9

1,603

82.0

82.0

84D

113.2

84.0

55,570

1,619

137.5

137.5

104A

139.2

104.0

71,720

1,701

47.0

47.0

: ,

53

Analyst |

63

(2 )

54

Analyst |

64

65


(m2)

()

(/3.3m2)

()

(1)

1,026

676

24.6

24.6

84A

109.3

84.0

34,140

1,031

461

34.4

34.4

84B

109.7

84.0

33,970

1,022

120

9.0

9.0

84C

109.8

84.0

34,140

1,027

95

7.4

7.4

: ,

55

Analyst |

66

56

Analyst |

67

B5

68

B5
(m2)

()

(/3.3m2)

()

(1)

1,117

1,162

20.1

20.1

84A

109.9

84.0

37,192

1,117

624

29.0

29.0

84B

110.2

84.0

38,050

1,139

341

10.2

10.2

84C

111.3

84.0

36,930

1,095

197

10.8

10.8

: ,

57

Analyst |

69

B5

58

Analyst |

70

71

e
(m2)

()

(/3.3m2)

()

(1)

843
84A

111.3

84.0

28,650

849

441

15.4

15.4

248

21.1

21.1

84B

111.8

84.0

27,964

825

111

6.8

6.8

84C

111.0

84.0

112

144.7

112.0

28,563

849

55

12.0

12.0

37,246

849

27

11.6

11.6

: ,

59

Analyst |

72

60

Analyst |

73

74


(m2)

()

(/3.3m2)

()

(1)

1,316

1,132

5.4

5.4

84A

112.9

84.0

46,600

1,362

378

9.4

9.4

84B

114.9

84.0

44,600

1,281

376

2.1

2.1

84C

114.3

84.0

45,200

1,305

378

5.0

5.0

: ,

61

Analyst |

75

62

Analyst |

76

77


(m2)

()

(/3.3m2)

()

(1)

799
60

80.9

60.0

20,300

828

1,337

7.5

7.3

272

3.4

3.4

76A

103.3

77.0

25,400

76B

103.8

77.0

25,400

811

168

8.7

8.7

807

72

3.0

3.0

76C

104.3

77.0

76D

104.2

77.0

24,900

788

61

3.0

3.0

24,900

789

84

1.4

1.4

76E

104.2

77.0

24,900

789

86

3.9

0.6

84A
84B

113.9

85.0

27,600

800

550

12.0

12.0

114.9

85.0

27,200

781

44

11.2

11.2

: ,

63

Analyst |

78

64

Analyst |

79

80


(m2)

()

(/3.3m2)

()

(1)

1,635
75A

98.8

75.0

48,700

1,627

774

89.4

89.4

148

37.0

37.0

75B

99.9

75.0

48,000

1,585

39

25.6

25.6

84A

109.4

84.0

54,700

1,649

327

159.9

159.9

84B

110.5

84.0

54,700

1,633

118

59.0

59.0

84C

110.8

84.0

54,700

1,629

15

77.1

77.1

123A

158.4

123.0

79,850

1,663

71

55.0

55.0

123B

158.8

123.0

79,850

1,660

56

15.4

15.4

: ,

65

Analyst |

81

66

Analyst |

82

83


(m2)

()

(/3.3m2)

()

(1)

885
59

81.8

59.5

19,900

802

240

6.5

6.5

98

2.9

2.9

72A

99.2

72.5

24,900

72B

99.7

72.5

23,200

828

66

10.5

10.5

768

15

1.9

1.9

85

116.4

85.0

94

130.0

94.0

27,500

780

57

9.5

9.5

42,000

1,066

22.0

22.0

124

171.7

124.7

55,500

1,066

9.0

9.0

: ,

67

Analyst |

84

68

Analyst |

85

KTX 2

86

KTX 2
(m2)

()

(/3.3m2)

()

(1)

880

591

4.3

4.3

84

111.2

84.0

29,590

878

172

11.2

11.2

80

105.4

80.0

28,090

880

204

1.5

1.5

70A

93.2

70.0

24,880

881

113

2.1

2.1

70B

92.9

70.0

24,810

881

102

1.5

1.5

: ,

69

Analyst |

87

KTX 2

70

Analyst |

88

89


(m2)

()

(/3.3m2)

()

(1)

714

61

84.0

61.0

17,880

702

70

96.3

70.0

21,200

726

315

6.6

6.6

213

5.4

5.4

102

9.1

9.1

: ,

71

Analyst |

90

72

Analyst |

91

4-1

92

4-1
(m2)

()

(/3.3m2)

()

(1)

817

494

5.4

5.4

106A

129.6

106.0

33,080

842

83

28.2

28.2

106B

129.7

106.0

31,860

810

83

4.4

4.4

119A

143.6

119.0

35,700

820

165

4.2

4.2

119B

143.1

119.0

34,570

797

163

2.3

2.3

: ,

73

Analyst |

93

4-1

74

Analyst |

94

95

3
(m2)

()

(/3.3m2)

()

(1)

910
59

81.5

59.0

22,980

930

662

2.5

2.5

225

2.9

2.9

69

93.9

69.0

25,970

79

107.6

79.0

28,960

913

326

1.9

1.9

888

111

3.2

3.2

: ,

75

Analyst |

96

76

Analyst |

97

98

2
(m2)

()

(/3.3m2)

()

(1)

929

345

3.6

2.2

107A

130.4

107.1

41,200

1,043

220

1.6

1.6

107B

131.8

107.7

34,760

871

3.8

3.8

111A

135.3

111.3

43,540

1,062

34

10.3

0.6

111B

135.3

111.3

36,880

900

20

4.8

0.6

113A

137.3

113.2

44,490

1,070

38

4.0

4.0

115

143.0

115.3

44,590

1,029

44.7

44.7

122

153.1

122.8

40,500

873

8.0

8.0

205

256.4

205.4

58,710

756

8.3

0.0

209

261.2

209.2

59,810

756

2.0

2.0

: ,

77

Analyst |

99

78

Analyst |

100

101

(m2)

()

(/3.3m2)

()

926
1,020
921
898
921
921
921
896
898
995
922
969
917
917
899
959
917
921
984
984
910
835
835
898
945
922
840
919
896
910
887
914
767
952
847
914
896
941
905
914

812
1
315
80
53
8
7
5
3
2
5
2
4
3
278
1
5
28
5
1
2
2
2
1,092
268
33
4
12
6
268
102
23
14
9
2
123
124
10
10
84

L4
45
59A
59B
59C
59D
59E
59F
59F
59H
59I
59J
67A
72A
72B
72C
75A
75B
75C
75D
75E
82A
82B

63.7
82.9
83.0
83.4
83.1
82.3
82.1
82.4
84.4
82.9
82.3
94.0
99.9
100.5
101.7
104.1
103.6
104.9
105.3
104.1
113.5
112.6

45.1
59.9
59.9
59.9
59.7
59.5
59.2
59.2
59.5
59.9
59.5
67.6
72.2
72.6
72.3
75.3
75.4
75.3
75.6
75.3
82.0
82.1

19,710
23,140
22,610
23,270
23,210
22,990
22,270
22,420
25,450
23,160
24,190
26,110
27,770
27,350
29,550
28,920
28,920
31,270
31,410
28,700
28,720
28,500

59A
59B
59K
64A
77
84A
84B
84C
84D
84E
84F
94A
94B
102A
102B
109

80.8
81.0
80.8
87.6
104.8
113.5
114.3
114.7
114.9
116.6
113.5
128.6
128.5
138.0
138.0
147.5

59.9
59.9
59.9
64.7
77.9
84.9
85.0
85.0
84.9
85.0
84.9
95.0
95.0
102.9
102.9
109.9

23,150
22,620
20,580
24,400
28,470
31,270
30,710
31,760
26,700
33,630
29,120
35,630
34,880
39,360
37,860
40,850

M3

: ,

79

(1)

10.2
64.0
8.6
3.1
2.0
6.5
6.7
6.3
4.0
40.0
10.3
23.0
16.5
60.0
13.7
21.0
31.5
19.9
41.5
49.0
27.0
241.0
126.0
97.1
49.6
12.0
23.5
29.0
50.3
253.9
31.8
97.0
39.7
125.3
154.0
165.7
65.7
26.6
7.0
58.7

1
10.2
64.0
8.6
3.1
2.0
6.5
6.7
6.3
4.0
40.0
10.3
23.0
16.5
60.0
13.7
21.0
31.5
19.9
41.5
49.0
27.0
241.0
126.0
97.1
49.6
12.0
23.5
29.0
50.3
253.9
31.8
97.0
39.7
125.3
154.0
165.7
65.7
26.6
7.0
58.7

Analyst |

102

80

Analyst |

103

: , GS

104


(m2)

()

(/3.3m2)

()

(1)

682

770

1.2

0.9

74A

97.8

74.0

20,800

702

201

0.7

0.5

84A

110.3

84.0

22,900

685

372

1.5

1.4

84B

110.9

84.0

22,900

682

126

1.1

0.3

84C

111.5

84.0

22,200

657

71

1.0

0.6

: ,

81

Analyst |

105

: , GS

82

Analyst |

106

107


(m2)

()

(/3.3m2)

()

(1)

887

905

13.3

13.3

59

79.3

59.8

21,800

907

240

7.6

7.6

72

95.7

72.5

26,200

904

152

4.5

4.5

84

110.3

84.7

29,400

880

413

19.4

19.4

98

128.3

98.8

34,400

885

47

19.6

19.6

112A

145.0

112.5

38,600

878

39

18.4

18.4

112B

145.8

112.0

39,100

885

29.0

29.0

114

149.0

114.5

39,300

870

12

21.6

21.6

: ,

83

Analyst |

108

84

Analyst |

109

e 1

110

e 1
(m2)

()

(/3.3m2)

()

(1)

827
59

79.8

59.0

20,450

845

1,412

14.4

14.4

292

29.7

29.7

74A

98.4

74.0

24,960

74B

99.2

74.0

24,130

837

204

17.8

17.8

803

68

3.2

3.2

84A

110.9

84.0

28,680

853

302

28.6

28.6

84B

111.9

100

130.7

84.0

27,770

819

302

3.4

3.4

100.0

32,810

829

184

8.6

8.6

114

149.8

114.0

36,430

802

60

5.8

5.8

: ,

85

Analyst |

111 e 1

86

Analyst |

III.
1.
1) : 4
11 102,888(+5.2%YoY) 4
. , 54,976(+11.3%YoY) , (-5.1%YoY)
. 2016
4 .

112

()

7
6
5
4
3
2

14.04
14.05
14.06
14.07
14.08
14.09
14.10
14.11
14.12
15.01
15.02
15.03
15.04
15.05
15.06
15.07
15.08
15.09
15.10
15.11
15.12
16.01
16.02
16.03
16.04
16.05
16.06
16.07
16.08
16.09
16.10
16.11

: ,

114
(%)

: ,

: ,

87

16.11

16.11

16.09

16.07

16.05

16.03

16.01

15.11

15.09

15.07

15.05

15.03

-60.0

16.09

-40.0

16.07

0.0
-20.0

16.05

20.0

16.03

40.0

16.01

60.0

15.07

80.0

(%MoM)

60.0
50.0
40.0
30.0
20.0
10.0
0.0
-10.0
-20.0
-30.0
-40.0

15.11

(%YoY)

15.05

(%)
100.0

15.09

15.03

113

Analyst |

2) : 3
11 . (+8.1%YoY) (+13.2%YoY)
. ,
. 3 , 6
.
, .
/ / ,
.

116
()

12,000

88

16.11

16.08

16.05

16.02

15.11

15.08

15.05

15.02

14.11

13.11

: ,

16.12

16.11

16.10

16.09

16.08

16.07

16.06

16.05

/
/

16.01

16.12

16.11

16.10

16.09

16.08

16.07

16.06

16.05

: ,

(%YoY)

50.0
40.0
30.0
20.0
10.0
0.0
-10.0
-20.0
-30.0
-40.0
-50.0
-60.0

16.04

13.08

(%)

(%YoY)

15.11

(%)

118

16.04

140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
-20.0
-40.0
-60.0

13.02

: ,

16.03

: ,

16.11

16.08

16.05

16.02

13.11

15.11

15.08

0
15.05

2,000
15.02

2,000
14.11

4,000

14.08

4,000

14.05

6,000

14.02

8,000

6,000

13.08

8,000

13.05

10,000

13.02

10,000

(3)

13.05

15.12

12,000

117

14,000

14.08

14,000

14.05

()

3, 6

14.02

16.02

115

Analyst |

3) :
12 , 603 (669) .
, , .
, . 11.3
4(, , , ) , 11 3
. , /
/ .
.

120
(%)

0.0

: ,

15.02

16.12

16.10

16.08

16.06

16.04

16.02

15.12

-60.0

15.10

-100.0
15.08

-40.0

15.06

-20.0

15.04

0.0
-50.0

: ,

121

89

16.12

50.0

16.10

20.0

16.08

100.0

16.06

40.0

16.04

150.0

15.02

60.0

16.02

200.0

/, (%MoM)

80.0

15.12

250.0

15.10

/, (%YoY)

15.06

(%)

15.08

15.04

119

Analyst |

2.
. ,
12.3 , (+7.4%YoY) (+6.5%YoY)
. ,
/ .

122

123

10

()

(%)

18

16


/ (%YoY)

80.0

60.0

14
12

40.0

10

20.0

0.0

6
4

-20.0

: ,

90

16.04

16.02

15.12

15.10

16.10

16.10

16.08

16.06

16.04

16.02

15.12

15.10

15.08

15.06

15.04

15.02

14.12

14.10

14.08

14.06

14.04

16.08

: ,

16.04

16.02

15.12

15.10

15.08

/ (%YoY)

15.06

(%)
50.0
40.0
30.0
20.0
10.0
0.0
-10.0
-20.0
-30.0
-40.0
-50.0

15.04

15.02

14.12

()

16.10

125

16.08

124

16.06

: ,

16.06

: ,

15.08

15.06

15.04

15.02

16.10

16.08

16.06

16.04

16.02

15.12

15.10

15.08

15.06

15.04

15.02

14.12

14.10

14.08

14.06

14.04

14.02

13.12

14.12

-40.0

Analyst |

12 68.0% . 5 68.0% ,
, .
,
.
, . 12
70.4% .
, .

126

127

(%)

80.0

(%)

(%pMoM)

0.6
0.4

75.0

0.2
70.0
,


65.0
60.0

0.0
-0.2
-0.4

: ,

: ,

128

129

(%)

16.12

16.11

16.10

16.09

16.08

: ,

91

16.12

16.11

16.10

16.09

16.08

16.07

15.11

16.12

16.10

16.08

16.06

16.04

16.02

15.12

15.10

15.08

15.06

15.04

15.02

-1.0

14.12

-0.8

55.0
14.10

-0.6

57.0

16.06

-0.4

16.05

59.0

16.04

61.0

16.03

-0.2

16.02

0.0

63.0

14.08

16.07

0.2

65.0

14.06

16.06

0.4

67.0

: ,

0.6

16.01

69.0

(%pMoM)

0.8

71.0

15.12

(%)
73.0

16.05

16.04

16.03

16.01

16.12

16.10

16.08

16.06

16.04

16.02

15.12

15.10

15.08

15.06

15.04

15.02

14.12

14.10

14.08

14.06

16.02

-0.6

55.0

Analyst |

3.
12 (1,758/3.3m2), (2,792/3.3m2)
. .
. ,
. ,
,
.

130

131

5.97

()

()

6.5

4.3

()

4.1

6.0

3.9

3.7

5.5

3.5
3.3

5.0

3.1
2.9

4.5

2.7
2.5

()

3.1

2.9

()

2.7
2.5
2.3
2.1
1.9

13.12
14.02
14.04
14.06
14.08
14.10
14.12
15.02
15.04
15.06
15.08
15.10
15.12
16.02
16.04
16.06
16.08
16.10

13.12
14.02
14.04
14.06
14.08
14.10
14.12
15.02
15.04
15.06
15.08
15.10
15.12
16.02
16.04
16.06
16.08
16.10

4.0

()
4.1
4.0
3.9
3.8
3.7
3.6
3.5
3.4
3.3
3.2
3.1
3.0

1): 85m2
2): 2016 1
: KB,

1): 85m2
2): 2016 1
: KB,

132

133

1): 85m2
2): 2016 1
: KB,

92

16.09

16.06

16.03

15.12

15.09

15.06

15.03

14.12

14.09

2,000

1,900
1,800

1): 85m2
2): 2016 1
: KB,

16.09

2,100

2,000

16.06

2,200

16.03

2,300

2,100

15.12

2,400

2,200

15.09

2,500

2,300

15.06

2,600

15.03

2,700

()

()

14.12

2,800

()

(/3.3m2)
2,400

14.09

(/3.3m2)
1,700
1,600
1,500
1,400
1,300
1,200
1,100
1,000
900
800
700

14.06

2,900

14.03

(/3.3m2)

14.06

14.03

13.12

(/3.3m2)
1,800
1,750
1,700
1,650
1,600
1,550
1,500
1,450
1,400
1,350
1,300

13.12

Analyst |

135

9.6

()

9.4

9.5

9.2
9.0

9.0

8.8

8.5

8.6
8.4

8.0

8.2

16.10

16.08

16.06

16.04

8.0

16.02

7.5

16.10

16.08

16.06

16.04

16.02

15.12

15.10

15.08

15.06

15.04

15.02

10.0

(/3.3m2)
9.8

15.12

()

(/3.3m2)
10.5

15.10

21.5
21.0
20.5
20.0
19.5
19.0
18.5
18.0
17.5
17.0
16.5
16.0

15.08

(/3.3m2)

19.0
18.5
18.0
17.5
17.0
16.5
16.0
15.5
15.0
14.5
14.0

15.02

(/3.3m2)

15.06

15.04

134

1): 85m2
2): 2016 1
: KB,

1): 85m2
2): 2016 1
: KB,

136

137

(%)
1.6

(%)

(%MoM)
()

1.4
1.2

(%MoM)

3.0
2.5
2.0

1.5

1.0

1.0

0.8

0.5

0.6

0.0

1): 85m5
2): 2016 1
: KB,

1): 85m2
2): 2016 1
: KB,

138

139

11 (/)

(%)

(%)

0.70

()
()
()

0.60
0.50

0.40
0.30
0.20
0.10

16.12

16.10

16.08

16.06

16.04

16.02

15.12

15.10

15.08

15.06

15.04

15.02

16.12

16.10

16.08

16.06

16.04

16.02

15.12

-1.5

15.10

0.0

15.08

-1.0

15.06

0.2

15.04

-0.5

15.02

0.4

0.50

0.40
0.30

0.20
0.10

: ,

: ,

93

12.26

12.19

12.12

12.05

11.28

11.21

11.14

11.07

10.31

10.17

12.26

12.19

12.12

12.05

11.28

11.21

11.14

11.07

10.31

10.24

10.17

-0.20

10.10

-0.10

-0.20

10.03

-0.10

10.24

0.00

0.00

Analyst |

4.
11 : 57,582(-0.2%MoM), 10,168(-6.5%MoM)
11 57,582 0.2% . 5~7
, . ,
327 . (3,571, +26.2%MoM),
(3,605, +45.4%YoY) , .
. , (115, -1.78%MoM)
100 .

140

141

()

(%)

(%MoM)

100

80
60

40
3

20

: ,

94

: ,

16.11

16.09

16.07

16.05

16.03

16.01

15.11

15.09

15.07

15.05

15.03

14.09

16.11

16.09

16.07

16.05

16.03

16.01

15.11

15.09

15.07

15.05

15.03

15.01

(40)

14.11

14.09

(20)
15.01

14.11

Analyst |

142

143

()

()

5.0

4.5

4.0

()

3.5

2.5
2.0
1.5
1.0

12,000

2.5

10,000

2.0

8,000

1.5

6,000

1.0

4,000

0.5

2,000

0.0

3.0
,

()

3.0

: ,

: ,

144

145

: ,

: ,

95

16.09

16.11

16.10

16.11

16.09

16.07

16.05

16.03

16.01

15.11

15.09

15.07

15.05

15.03

15.01

14.11

14.09

14.07

0.0

16.08

0.1

16.06

0.2

500

16.04

0.3

16.02

0.4

1,000

15.12

0.5

1,500

15.10

0.6

15.08

0.7

2,000

15.06

0.8

15.04

2,500

()

15.02

()

()
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0

14.12

0.9

14.10

()

()

14.08

()
3,000

14.06

16.07

16.05

16.03

16.01

15.11

15.09

15.07

15.05

16.11

16.09

16.07

16.05

16.03

16.01

15.11

15.09

15.07

15.05

15.03

15.01

0.0

15.03

0.5

Analyst |

5.
. .
, .
(986) 64 922 .
82.0~98.3% ,
. 10 (604) 109 495 . 100
, .
. 3(206), (910
) . . (932)
(1,189) 257 , . SRT
.

146

11

2
e2BL
e3BL
e4BL
e5BL
e6BL
e
(1-1BL)
(1-2BL)
(2-1BL)
(3-1BL)
(4-1BL)
A1BL
A2BL
2(A4-1BL)
3
3
(1-2)
2
(A1BL)
(A2BL)
(A4BL)
e

GS

: ,

96

422
422
251
1,679
1,597
737
1,098
446
1,449
710
2,336
1,784
559
373
469
283
356
520
710
2,530
528
977
2,307
832
1,443
852
1,030
921
1,526
439
578

79.9
91.7
85.3
98.0
82.6
92.1
50.2
96.6
84.6
98.3
85.0
82.0
38.8
71.3
88.7
79.5
71.3
66.3
71.3
72.1
68.6
78.9
89.2
97.5
98.3
71.6
68.8
59.9
98.9
94.5
93.4

16.01
266

16.02
245

16.03
245

16.04
224

16.05
203

16.06
184

16.07
163

16.08
138

16.09
112

549

520

104
466

104
435

74
406

62
383

57
322

52
212

182

148

117

97

48
123
407
88

16.10
90
35
43
123
331
72

17
314
75
627
541

17
295
65
563
490

15
256
48
482
446

212

458
1,440
193

312
307
177
261
375
387
1,162
184

15
244
45
411
392
466
204
113
104
168
227
325
999
179

15
227
25
372
347
414
173
96
90
151
210
292
875
174
303
478
33
42
455
568
614
19
60
72

15
227
25
372
347
365
145
72
69
126
192
234
748
169
239
348
29
33
347
408
434
19
60
72

27
381
133
759
620

17
362
119
742
591

17
343
99
693
567

59

59
495

59
258

59
230

59
199

59
97

698
44
69

338
180
219

178
177
217

52
177
217

19
177
217

19
177
217

19
177
217

19
177
217

583
38
53
533
692
682
19
177
217

16.11
85
35
37
33
278
58
547
15
223
12
351
321
342
107
53
58
102
175
204
706
166
206
249
21
24
242
321
369
17
24
38

Analyst |

IV. 1 : 2017
1. : 17,720( 736, 6,334, 10,650)
1 12(39,537) 55.2% 17,720 .
, 1 ,
2 .

147 1 : 17,720
()

17,720

736

96

105

329

206

6,334

3,447

1,314

1,573

1,573

10,650

1,682

1,892

421

598

839

605

2,368

1,548

697

: ,

97

Analyst |

2. :
1 736. .
(3 ) e (1 ).
/ .
. ,
2 .
1 3 . 3,907/3.3m2
, 4,000
/3.3m2 .
e . 9 , ()
2,223/3.3m2 . e 2012
5 1,600/3.3m2
5 .

148

1 :
(/3.3m2)

()

3,907

2017-01-09

2,223

2017-01-04

40

1,989

2017-01-03

166

1,681

2016-01-11

736

(3 )

992-1

96

KCC (11 )

85-10

105

e (1)

277-24

274

()

6 2363

55

1176

1 B1 ()

B1

: ,

98

Analyst |

149

(3 )

: GS

150 (3 )

: GS

99

Analyst |

151

152 e

100

Analyst |

3. : SRT 2
1 (6,334) . 1
, 2 . 1
2 . 2
. 2 A99, A100 . 2015 12 2 A99,
A100 , ,
. 1,025, 1,032/3.3m2 0.11, 0.21
1,121, 1,113/3.3m2
. 12 SRT , 9.3%
.

153

1 : 2 A99, 100, 2
(/3.3m2)

()

2 3

334

1,038

2017-01-05

2 15 ()

2 15

680

()

180-6

992

( )

758-31

( )

98-15, 180-469

266

(A30BL)

A30

898

B12-1-1BL

192

17-1

502

2 A7 ()

2 A7

812

2 A99

2 A99

470

1,121

2017-01-05

2 A100

2 A100

510

1,113

2017-01-05

2 (7) ()

593

6,334

85

: ,

101

Analyst |

154

155

102

Analyst |

156

2 (A99, A100BL)

157 2 (A99, A100BL)

103

Analyst |

4. :
1 (10,650) , .
() .
, .

158

1 :
(/3.3m2)

()

920

2017-01-05

992

2017-01-10

10,650

C2

C2

1,210

362-65

()

362-65

()

2 B1

(2) ()

647

590-11

421

(1)

241-3

313

827

2017-01-03

(2)

241-4

67

753

2017-01-03

()

805-12

418-6

55

867

2017-01-05

242-85

172

()

612

C3-1-2

605

()

1 460

37-1

()

265

374

1459

174

()

1459

1217

940

545-2

424

11

42

1,125

2017-01-05

1 1672-6

48

1 1670-2

2 1437

132

2 602-1

419

147
48
277

1,245

218

: ,

104

504
1,490

10

56

Analyst |

159

()

: GS,

160 ()

: GS,

105

Analyst |

5. :
1 (1,186) . 10~11
. 2017 .
2013
. 2016
. ,
.
. 3,481 ,
.
.

161 1 : () + (/)

2017 1

: ,

106

<60m2

60<<85m2

>85m2

10,743

2,219

8,054

470

1,596

793

654

149

1,186

694

492

163

86

77

148

76

72

99

99

9,147

1,426

7,400

321

2 B7

1 A2

716

716

3,481

3,374

107

124

124

90

90

219

219

B7

630

630

B8

A23

715

715

1,316

1,316

A16-2

1,058

1,058

A16-3

368

368

B8

430

430

Analyst |

162

: GS

163

: GS

107

Analyst |

164

11 12

()

165 11 12
()

10,000

2011

2012

16,000

2011

2012

9,000

2013

2014

14,000

2013

2014

8,000

2015

2016

12,000

2015

2016

7,000
6,000

10,000

5,000

8,000

4,000

6,000

3,000

4,000

2,000

2,000

1,000
0

0
1

10 11 12

: LH,

: LH,

166

167

()

%()

2,500

2,000

(%)

()

64.0

1,400

63.0

1,200

62.0
61.0

1,500

10 11 12

(%)

%()

70.0
68.0
66.0

1,000

64.0

800

62.0

60.0
59.0
58.0

108

16.11

16.09

16.07

16.05

16.03

55.0

: , KB,

16.11

16.09

16.07

16.05

16.03

50.0

16.01

16.11

16.09

16.07

16.05

16.03

16.01

15.11

15.09

15.07

15.05

15.03

15.01

50.0

60.0

15.11

55.0

75.0

65.0

15.09

60.0

(%)
80.0

70.0

15.07

65.0

%()
%()()

()
1,000
900
800
700
600
500
400
300
200
100
0

15.05

70.0

15.03

(%)

80.0

%()
%()() 75.0

1,000
900
800
700
600
500
400
300
200
100
0

169

15.01

: , KB,

16.01

: , KB,

()

15.11

54.0

15.09

15.07

56.0

56.0

15.05

200

: , KB,

168

58.0

57.0

16.11

16.09

16.07

16.05

16.03

16.01

15.11

15.09

15.07

15.05

15.03

15.01

60.0

400

15.01

500

600

15.03

1,000

Analyst |

V.
1.
170

20PY

1
2

(3)
(2)

(MBC)

1 ()
2 ()

(2)

5
6
7

7()

()
1

936
630
391
217
317
708
478
339
304
252
112
1,050
840
738
476
464
438
332
3,002
732
620
421
390
348
4,424
1,278
330
960
768
630
940
1,060
900
1,753
822
930
570
740
496
291
802
364
465
720
1,410
680
330
1,162
645

561
600
400
300
400
905
480
500
395
252
112
1,054
860
753
585
624
438
332
4,435
1,116
500
470
468
348
3,097
2,454
634
1,253
1,181
720
940
1,024
900
811
500
930
1,140
849
496
160
645
179
465
0
1,200
764
330
325
650

/
0.6
1.0
1.0
1.4
1.3
1.3
1.0
1.5
1.3
1.0
1.0
1.0
1.0
1.0
1.2
1.3
1.0
1.0
1.5
1.5
0.8
1.1
1.2
1.0
0.7
1.9
1.9
1.3
1.5
1.1
1.0
1.0
1.0
0.5
0.6
1.0
2.0
1.1
1.0
0.5
0.8
0.5
1.0
0.9
1.1
1.0
0.3
1.0

(m2)

(m2)

()

()

%MoM
1.6

%YTD
11.8

%MoM
0.0

%YTD
9.5

66.1

50.0

100,000

40,500

82.6
86.0
89.3
70.8
79.3
79.3
79.3
79.3
79.3
79.3
79.3
79.3
85.6
86.0
76.0
79.3
86.0
81.4
76.0
79.3
92.6
82.6
102.5
88.2
118.8
86.0
78.7
86.0
76.0
76.0
76.0
69.4
72.7
82.6
76.0
89.3
89.3
79.3
89.3
89.3
86.0
72.7
69.4
76.0
72.7
69.4
72.7

59.9
60.0
59.9
49.6
71.9
59.4
59.7
59.7
59.9
59.4
59.6
59.9
60.0
59.8
60.0
59.7
60.0
60.0
52.7
58.5
76.4
59.8
76.8
60.0
85.0
59.9
60.0
59.8
54.0
53.1
53.5
49.9
51.1
59.8
63.8
74.5
75.2
59.8
68.4
82.3
76.7
51.8
49.5
59.9
60.0
50.0
49.2

74,000
60,000
72,500
96,500
96,500
76,500
82,500
86,500
86,500
86,500
88,000
86,000
85,000
84,500
86,500
92,000
84,000
87,500
83,500
62,000
78,500
63,500
119,000
113,500
147,500
86,000
97,500
72,500
87,000
86,000
86,000
71,000
71,000
73,000
78,500
99,000
96,000
76,000
90,000
84,000

51,000
50,000
50,000
77,500
36,000
57,000
58,000
50,000
49,000
68,500
69,000
69,000
70,500
70,500
70,000
74,500
66,750
67,000
39,500
45,500
53,000
55,000
47,750
91,000
115,000
64,000
77,500
53,500
37,750
37,500
37,500
39,250
39,250
45,500
49,000
57,500
57,500
42,500
52,500
46,500

5.1
0.0
3.6
0.0
3.3
0.0
0.0
3.3
3.3
0.0
0.0
0.0
0.6
0.3
0.6
0.0
1.9
0.0
0.0
0.0
0.7
0.0
5.4
0.0
0.0
4.5
3.3
2.3
1.4
0.0
0.0
0.0
0.0

9.2
1.7
9.0
4.9
11.4
9.4
10.3
10.7
10.7
8.2
4.2
9.6
3.7
8.4
3.0
7.0
4.5
6.9
3.8
6.9
5.6
4.2
26.7
0.9
0.0
6.5
5.0
7.1
27.1
26.5
26.5
20.7
20.7

0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.3
0.0
0.0
0.0
0.0
0.0
-1.1
0.0
0.0
1.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0

2.0
2.0
2.0
6.9
-9.6
0.9
3.6
-2.0
-3.9
0.7
0.0
1.5
0.7
2.2
0.0
2.8
0.0
0.0
-1.3
2.2
-5.6
6.8
-0.5
0.0
2.8
4.2
0.0
0.9
-0.7
-1.4
-2.7
-0.6
-0.6

2.0
4.9
4.4
2.8
9.8
1.0

8.5
16.4
15.3
13.2
20.9
6.8

0.0
-0.9
0.0
0.0
2.0
0.0

2.1
0.9
0.0
-1.2
0.0
-4.2

56,000
65,200
73,000
69,000
66,000
60,250

36,500
40,500
52,000
41,500
32,000
33,000

5.9
1.5
1.4
4.7
5.7
1.3

23.0
19.2
6.9
13.7
16.8
9.0

0.0
0.0
0.0
3.8
0.0
0.0

1.4
-2.1
2.0
5.1
-1.5
-2.9

: KB,

109

Analyst |

171

30PY (1)

(m2)

()

()

%MoM

%YTD

%MoM

%YTD

322

500

1.6

112.4

84.9

155,000

58,500

3.4

16.3

0.0

0.0

911

1,093

1.2

105.8

74.4

142,500

60,000

12.0

32.7

0.0

8.1

1,924

3,000

1.6

115.7

84.6

182,500

65,000

7.5

25.4

0.0

0.0

432

420

1.0

109.1

82.5

163,000

62,500

6.5

18.1

0.0

4.2

224

224

1.0

115.7

82.2

180,000

65,000

4.3

26.8

0.0

4.0

515

515

1.0

115.7

107.6

159,000

57,500

11.6

22.3

0.0

1.8

10

144

192

1.3

115.7

108.2

162,500

64,000

0.0

18.9

0.0

0.0

(13,14)

622

105.8

84.9

180,000

67,000

1.4

27.7

0.0

4.7

936

561

0.6

115.7

83.0

145,500

55,000

0.8

9.0

0.0

3.8

312

156

0.5

128.9

117.3

177,500

77,500

1.2

14.5

3.4

11.1

286

143

0.5

109.1

101.1

146,500

57,500

0.7

9.1

0.0

4.5

343

172

0.5

105.8

102.4

143,500

54,500

7.5

13.9

0.0

0.0

227

136

0.6

115.7

106.7

157,500

60,000

1.0

12.2

0.0

0.0

239

120

0.5

115.7

106.2

165,000

55,000

9.3

17.0

0.0

-1.8

630

600

1.0

109.1

83.6

125,000

62,000

3.0

12.6

0.0

0.8

391

400

1.0

105.8

85.0

87,000

67,500

3.6

11.5

0.0

5.7

(3)

217

300

1.4

105.8

84.9

85,000

65,000

0.0

7.6

0.0

1.6

214

220

1.0

105.8

84.9

90,000

58,000

0.0

8.2

0.0

2.9

317

400

1.3

105.8

85.0

95,750

67,500

6.4

11.3

1.5

3.8

240

240

1.0

125.6

84.6

99,000

60,000

2.1

9.0

0.0

0.0

888

888

1.0

115.7

104.6

152,500

22,000

2.0

11.9

0.0

-25.0

708

905

1.3

119.6

89.4

182,500

130,000

0.0

7.4

0.0

0.0

644

684

1.1

102.5

84.5

81,500

60,000

0.0

5.4

0.0

7.1

548

1,096

2.0

109.1

84.9

90,000

50,000

-10.5

3.6

0.0

2.0

()

368

671

1.8

109.7

84.1

116,500

99,000

2.2

5.5

0.0

0.0

1,144

3,423

3.0

109.1

84.2

130,000

95,000

0.0

6.7

0.0

1.6

926

1,184

1.3

109.6

84.2

135,000

96,000

0.0

5.6

0.0

1.6

713

1,335

1.9

105.8

84.5

122,500

92,500

3.5

5.9

0.0

0.0

630

1,260

2.0

109.1

83.6

120,000

60,000

2.2

12.0

0.0

0.0

478

480

1.0

95.9

91.5

117,500

45,000

2.2

15.7

0.0

-7.0

339

500

1.5

112.4

84.9

90,500

73,500

1.7

6.5

0.0

8.9

304

395

1.3

109.1

84.9

96,500

73,500

0.0

9.7

0.0

0.7

275

533

1.9

112.4

84.9

112,500

93,500

0.0

0.5

0.0

0.0

167

167

1.0

115.7

85.0

108,750

61,000

2.4

13.0

0.0

8.0

384

384

1.0

102.5

96.3

127,500

44,500

0.0

6.7

0.0

4.7

1 (102,103)

169

283

1.7

102.5

84.7

111,500

73,500

0.9

14.0

0.0

2.1

1 (104)

77

106

1.4

105.8

85.0

111,000

74,500

0.0

12.4

0.0

2.8

1 (105)

112

229

2.0

109.1

85.0

110,500

74,000

0.0

11.3

0.0

2.8

252

252

1.0

109.1

84.8

105,000

66,000

2.6

17.6

1.5

1.5

112

112

1.0

125.6

93.8

107,500

66,000

2.0

19.8

1.5

1.5

68

70

1.0

102.5

84.8

87,000

64,000

0.0

0.0

0.0

0.0

( 9,11,12)

(m2)

: KB,

110

Analyst |

172

30PY (2)

(3)
(2)

SK VIEW

4()
(MBC)

1
2

1 ()
2 ()
1
2

(2)
1
2
1
2
3

1
2
1
5
6
7
1
2
3
1
2

7()

1,050
840
738
476
464
438
240
3,002
1,094
732
620
459
421
390
348
1,297
813
4,424
1,278
330
1,204
1,232
960
768
690
450
644
390
54
630
630
364
476
940
1,060
900
416
558
198
408
270
930
650
628
570
740
496
802
364
720
680
330
787
645
498
1,020
1,070
1,304

1,054
860
753
585
624
438
416
4,435
1,641
1,116
500
459
470
468
348
3,709
1,099
3,097
2,454
634
1,402
998
1,253
1,181
1,368
1,386
768
472
54
720
910
300
476
940
1,024
900
624
900
396
813
405
930
963
800
1,140
849
496
645
179
0
764
330
0
650
900
1,546
1,157
1,637

/
1.0
1.0
1.0
1.2
1.3
1.0
1.7
1.5
1.5
1.5
0.8
1.0
1.1
1.2
1.0
2.9
1.4
0.7
1.9
1.9
1.2
0.8
1.3
1.5
2.0
3.1
1.2
1.2
1.0
1.1
1.4
0.8
1.0
1.0
1.0
1.0
1.5
1.6
2.0
2.0
1.5
1.0
1.5
1.3
2.0
1.1
1.0
0.8
0.5
1.1
1.0
1.0
1.8
1.5
1.1
1.3

(m2)

109.1
105.8
105.8
113.5
109.2
109.1
113.0
109.1
112.4
115.2
105.8
112.4
102.5
102.5
105.8
115.7
125.6
112.4
113.3
122.7
112.4
115.7
105.8
111.3
102.5
102.5
102.5
102.5
102.5
112.4
102.5
102.5
102.5
102.5
102.5
102.5
102.5
105.8
105.8
105.0
99.2
102.5
122.3
119.0
99.2
102.5
102.5
105.8
115.7
86.0
102.5
102.5
114.9
112.4
122.3
118.8
119.5
114.8

(m2)

80.9
85.0
84.9
85.0
84.9
84.9
85.0
85.0
85.0
84.9
83.9
84.6
84.7
84.8
84.9
84.2
92.8
84.4
85.0
91.9
84.5
85.0
84.6
85.0
84.8
94.7
94.9
84.6
76.6
85.0
96.0
95.5
95.3
74.3
73.0
73.3
84.0
84.8
84.9
97.0
91.9
84.9
99.8
102.0
84.7
85.0
85.0
83.7
107.6
60.0
85.0
84.5
84.9
84.5
97.6
92.0
85.0
85.0

()

111,500
115,000
108,000
110,000
104,500
110,000
127,500
131,000
88,500
117,500
120,500
120,500
84,000
85,500
78,500
115,000
97,500
132,000
151,500
165,000
136,500
137,500
114,000
130,250
151,500
151,500
149,000
150,000
95,000
98,000
122,500
122,500
117,500
112,750
113,500
113,500
100,000
105,000
120,000
115,000
110,000
91,000
111,000
112,500
108,500
107,500
110,000
105,000
98,500
65,000
91,500
81,000
96,500
81,000
86,000
104,000
81,500
82,500

()

89,000
90,000
88,500
92,500
91,000
92,500
97,500
99,500
66,000
87,000
55,500
55,500
60,000
57,500
62,500
96,000
85,000
55,000
122,500
135,000
70,000
70,000
86,500
101,500
82,500
82,500
82,500
82,500
60,000
82,500
60,000
60,000
60,000
50,000
50,000
50,000
60,000
61,500
62,500
66,000
65,000
66,500
80,000
78,000
64,000
67,500
67,500
60,000
56,000
41,500
65,000
50,500
66,500
51,000
61,500
65,000
53,000
54,000

%MoM
2.3
1.3
0.0
0.0
0.0
0.0
0.0
1.6
2.4
1.4
0.4
0.4
1.2
1.8
1.3
0.0
1.0
5.5
0.0
0.0
0.0
0.0
2.8
2.6
1.7
2.8
2.8
2.8
0.0
2.6
0.0
0.0
2.3
3.8
1.8
1.3
2.6
4.1
2.9
1.3
0.0
0.0
0.0
0.0
2.0
2.9
2.9
11.5
0.0
7.6
4.8
3.3
2.7
0.3
1.2
0.0
0.6
2.5

%YTD
7.3
2.3
3.9
5.7
1.0
3.8
4.5
2.4
8.7
6.4
9.2
3.5
7.0
8.4
2.7
1.8
1.0
21.4
1.4
2.2
16.1
13.4
5.8
4.3
8.5
10.4
6.6
6.6
1.9
5.9
11.4
11.4
10.3
24.5
22.0
21.5
15.6
11.0
12.2
13.9
10.6
7.5
7.0
4.0
9.7
14.1
14.5
23.0
8.7
25.7
11.5
10.6
11.8
4.8
9.7
4.1
8.1
9.0

: KB,

111

%MoM
0.0
0.0
0.0
0.0
1.1
0.0
0.0
1.0
5.7
0.0
0.0
0.0
0.0
0.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-1.6
0.0
-2.0
1.5
0.0
0.0
0.0
0.0
0.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.8
0.0
0.0
0.0

%YTD
0.0
0.0
0.0
0.0
1.1
2.8
2.6
-3.5
-3.7
0.6
-5.1
-5.1
0.8
-5.1
1.6
0.0
0.0
0.9
4.5
6.1
2.2
2.2
-1.1
0.0
3.2
3.2
1.9
1.9
0.0
1.2
-7.7
-7.7
-7.7
0.0
-2.0
-1.0
-4.0
4.2
-1.6
1.5
0.0
-3.7
3.2
-4.4
0.8
2.3
-1.5
0.8
-8.7
0.0
-4.1
-5.6
2.2
0.0
-4.8
-7.1
-4.5
-4.5

Analyst |

173

40PY

2
1
4
6
7
1
2
5
7

(3)
3


()

()
1

2
2

1 (102,103)
1 (104)
1 (105)
1

SK VIEW


4()
()

1
2
3
1 ()
1
2

(2)
1
2
1
2

1
2
1
( 2)
( )
1
2
3
1
2

: KB,

112

911
660
170
728
560
936
296
343
239
630
391
196
217
317
888
177
108
644
548
368
1,144
713
478
275
384
169
77
112
252
541
240
288
3,002
1,094
732
459
384
490
1,297
813
480
1,278
1,204
1,232
960
805
768
690
450
644
390
630
630
364
476
354
144
416
558
198
408
270
212
650
628
498
1,020
1,304

1,093
660
170
728
560
561
150
172
120
600
400
392
300
400
888
216
216
684
1,096
671
3,423
1,335
480
533
384
283
106
229
252
943
416
230
4,435
1,641
1,116
459
439
882
3,709
1,099
1,500
2,454
1,402
998
1,253
1,800
1,181
1,368
1,386
768
472
720
910
300
476
354
270
624
900
396
813
405
487
963
800
900
1,546
1,637

/
1.2
1.0
1.0
1.0
1.0
0.6
0.5
0.5
0.5
1.0
1.0
2.0
1.4
1.3
1.0
1.2
2.0
1.1
2.0
1.8
3.0
1.9
1.0
1.9
1.0
1.7
1.4
2.0
1.0
1.7
1.7
0.8
1.5
1.5
1.5
1.0
1.1
1.8
2.9
1.4
3.1
1.9
1.2
0.8
1.3
2.2
1.5
2.0
3.1
1.2
1.2
1.1
1.4
0.8
1.0
1.0
1.9
1.5
1.6
2.0
2.0
1.5
2.3
1.5
1.3
1.8
1.5
1.3

(m2)

155.4
142.1
145.5
158.7
158.7
138.8
162.0
132.2
152.1
145.5
132.2
142.8
145.5
142.1
152.1
136.1
137.3
138.8
148.8
147.7
142.1
142.1
132.2
148.8
115.7
135.5
125.6
145.5
142.1
145.5
160.2
158.7
142.1
148.8
158.1
152.1
133.1
178.5
165.3
158.7
175.2
149.6
152.1
135.5
132.2
151.4
148.0
148.8
148.8
158.7
148.8
142.1
152.1
142.1
135.5
142.5
148.8
155.4
158.7
158.7
148.8
158.7
158.7
158.7
158.7
152.1
130.9
153.5

(m2)

118.6
131.5
117.9
144.2
144.2
103.0
147.4
115.2
137.6
126.5
107.2
121.5
114.8
109.5
138.5
110.2
110.2
114.3
120.6
113.2
114.5
121.9
121.1
119.3
108.1
114.2
101.3
122.9
113.0
116.3
127.3
136.3
115.0
124.7
122.8
126.5
108.3
130.5
120.8
115.6
124.6
114.2
128.0
115.1
108.5
121.7
115.0
127.6
137.4
136.7
127.8
114.6
141.2
132.1
125.2
110.4
121.1
128.6
131.8
131.8
123.3
149.2
134.3
134.7
134.4
129.5
101.9
114.5

()

192,500
190,000
240,000
225,000
230,000
158,500
217,500
175,000
205,000
165,000
110,000
118,500
100,000
134,500
187,500
142,500
125,000
95,500
120,000
153,000
150,000
156,250
139,000
150,000
147,500
137,000
123,000
141,000
115,000
137,500
170,000
145,000
164,000
112,500
147,500
155,500
95,500
115,000
144,000
142,500
151,500
210,000
181,500
157,500
130,000
200,000
167,500
200,000
192,500
190,000
190,000
122,500
162,500
152,500
140,000
135,000
139,000
137,500
146,500
151,500
147,500
147,500
125,000
128,000
132,500
97,000
115,000
97,500

()

85,000
77,500
81,500
93,500
95,000
66,500
92,500
70,000
85,000
81,500
80,000
90,000
84,000
87,500
31,500
120,000
107,500
71,000
65,000
122,500
120,000
120,000
51,000
120,000
50,000
88,500
81,500
90,500
75,000
110,000
130,000
120,000
134,000
83,500
117,500
80,000
85,000
97,500
115,000
127,500
135,000
190,000
97,500
83,000
106,000
150,000
142,500
117,500
120,000
115,000
117,500
97,500
79,000
77,500
75,000
120,000
122,500
77,500
75,500
73,500
80,000
80,000
100,000
91,000
90,000
71,500
77,500
58,500

%MoM
3.4
7.2
5.5
1.2
1.2
0.3
0.5
4.8
3.5
1.3
2.3
1.7
0.0
7.2
1.4
1.8
0.0
0.0
0.0
1.7
0.0
0.7
0.0
0.0
1.8
0.0
2.1
0.0
0.0
0.7
0.0
0.0
2.5
2.3
1.1
0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.9
0.0
0.0
0.0
0.0
0.0
3.0
0.0
0.0
0.0
0.0
8.2
0.0
2.1
2.4
0.0
1.8
0.0
0.0
0.0
0.5
0.0
0.0

%YTD
18.8
15.6
19.1
3.8
2.4
3.7
8.1
9.8
7.6
7.0
11.1
3.0
0.0
10.7
3.7
1.8
0.0
0.0
6.0
2.0
1.7
1.6
7.8
0.0
8.5
8.2
12.0
8.5
6.3
1.9
0.0
1.8
3.5
3.7
4.7
5.4
0.0
0.0
0.0
0.0
0.7
0.0
7.8
4.2
2.4
6.0
2.5
6.9
4.2
6.1
4.2
3.4
14.5
7.4
5.9
0.0
8.2
12.5
9.2
5.5
10.7
12.4
1.8
2.1
4.5
3.2
-1.3
8.9

%MoM
0.0
3.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.9
-1.4
4.2
0.0
0.0
-0.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.0
0.0
1.0
-1.0
0.0
0.0
0.0
0.0
0.0
0.5
0.0
0.0
0.0
0.0
11.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.7
-3.1
0.0

%YTD
6.7
6.9
9.4
6.9
5.6
1.6
2.8
0.0
-2.9
0.0
3.3
2.9
0.0
2.9
-20.5
4.2
0.0
3.6
-3.8
0.0
0.0
0.0
-15.7
0.0
0.0
4.1
5.2
5.9
0.0
0.0
2.0
0.0
1.9
-1.1
0.0
3.2
-1.2
0.0
0.0
9.1
0.0
4.6
2.6
0.0
1.0
-1.0
1.8
7.1
9.5
2.7
9.3
1.0
-1.3
-3.1
-3.2
-4.2
11.6
0.0
0.0
1.7
0.0
0.0
1.5
4.6
0.6
0.0
-11.4
-10.9

Analyst |

2.
174

20PY

()

()

%MoM

%YTD

%MoM

%YTD

3,410

3,410

1.0

84.7

60.0

112,500

87,000

2.3

11.4

-0.6

2.3

2,444

4,355

1.8

86.6

60.0

131,000

95,500

3.6

11.7

-1.0

0.5

1 (AID)

1,490

2,086

1.4

72.7

72.5

147,500

40,000

5.5

20.7

0.0

2.6

435

348

0.8

79.3

59.1

74,750

45,000

4.3

11.8

0.0

4.7

1,056

528

0.5

79.3

73.5

117,000

40,000

0.0

18.4

4.2

-6.3

( 1,2)

1,119

1,655

1.5

84.7

59.9

101,500

83,500

1.5

5.6

0.0

2.5

414

400

1.0

92.2

64.5

71,000

45,500

0.0

6.3

0.0

2.4

397

699

1.8

86.6

59.7

107,000

91,500

1.0

3.0

0.0

2.8

1,572

1,415

0.9

82.6

79.4

122,500

44,000

4.4

21.8

1.1

6.0

286

172

0.6

82.6

76.9

106,500

45,000

2.4

18.3

0.0

0.0

10

876

964

1.1

82.6

77.1

110,500

44,000

0.9

20.6

0.0

-3.3

11

398

398

1.0

82.6

76.4

106,000

43,500

1.0

15.5

0.0

0.0

12

324

312

1.0

82.6

76.4

105,500

44,000

2.6

17.5

0.0

-3.3

16

396

396

1.0

89.3

83.0

102,500

44,000

3.6

23.0

0.0

0.0

17

216

250

1.2

89.3

80.3

110,000

45,000

0.0

7.9

5.3

3.1

19

242

242

1.0

89.3

80.3

104,500

51,000

0.0

7.9

5.3

3.1

991

991

1.0

79.3

59.8

87,500

59,500

0.0

8.7

0.0

0.8

450

450

1.0

92.6

76.7

90,000

56,000

1.2

5.6

0.0

-5.9

360

324

0.9

89.3

66.3

90,500

52,500

1.8

14.8

2.0

-2.3

347

347

1.0

95.9

59.9

86,000

57,500

5.0

9.7

0.0

0.0

256

250

1.0

86.0

59.4

73,000

48,000

0.0

17.7

0.0

6.7

786

786

1.0

95.9

96.0

103,500

27,500

0.0

6.3

0.0

-18.3

(m2)

(m2)

1,074

1,074

1.0

82.6

61.8

93,000

19,500

1.1

17.6

-2.4

-25.5

893

982

1.1

82.6

75.9

85,000

37,000

3.7

12.0

0.0

1.4

408

490

1.2

82.6

59.9

80,500

52,000

1.6

11.5

0.0

2.0

392

505

1.3

79.3

60.0

85,000

71,000

0.6

6.9

0.0

0.0

744

1,488

2.0

84.3

60.0

90,250

73,500

2.3

8.4

0.0

1.4

468

468

1.0

99.2

80.2

78,500

51,500

0.0

9.5

0.0

4.2

644

966

1.5

82.6

59.9

69,500

53,000

2.2

7.0

0.0

8.2

384

576

1.5

82.6

59.9

71,500

54,000

1.4

7.5

0.0

4.9

420

294

0.7

86.0

80.3

65,250

35,500

3.6

11.6

0.0

1.4

496

977

2.0

83.7

59.9

85,000

74,000

0.0

4.9

0.0

2.1

316

316

1.0

92.6

65.9

58,000

39,000

1.8

8.5

0.0

4.0

408

408

1.0

95.9

89.1

76,500

39,500

2.1

7.2

0.0

1.3

: KB,

113

Analyst |

175

30PY

1 (AID)
1
2

3
( 1,2)
(3)

2
4
5
6
7
11
12
13
14
17
18
19
21
22
24
25
26
27

()


(1)

1
2
1
(, 4)
e

1,2
3

: KB,

114

3,410
2,444
1,490
1,260
435
1,056
1,140
1,119
424
397
1,572
1,212
555
560
320
398
324
180
178
216
308
242
108
132
154
169
66
156
991
540
450
408
372
360
347
288
256
256
256
238
208
2,390
1,129
990
786
1,074
893
615
590
408
392
744
468
644
384
420
529
496
786
493
450
418
316
344
364
337
216

3,410
4,355
2,086
1,386
348
528
1,140
1,655
424
699
1,415
1,212
444
560
320
398
312
180
142
250
314
242
119
196
154
156
92
78
991
540
450
285
298
324
347
230
460
250
250
286
208
4,780
1,838
1,485
786
1,074
982
615
590
490
505
1,488
468
966
576
294
264
977
786
986
630
418
316
641
364
778
151

/
1.0
1.8
1.4
1.1
0.8
0.5
1.0
1.5
1.0
1.8
0.9
1.0
0.8
1.0
1.0
1.0
1.0
1.0
0.8
1.2
1.0
1.0
1.1
1.5
1.0
0.9
1.4
0.5
1.0
1.0
1.0
0.7
0.8
0.9
1.0
0.8
1.8
1.0
1.0
1.2
1.0
2.0
1.6
1.5
1.0
1.0
1.1
1.0
1.0
1.2
1.3
2.0
1.0
1.5
1.5
0.7
0.5
2.0
1.0
2.0
1.4
1.0
1.0
1.9
1.0
2.3
0.7

(m2)

116.9
113.1
105.8
112.4
95.9
105.8
109.1
113.2
115.7
115.5
115.7
109.1
109.1
115.7
115.7
115.7
115.7
115.7
115.7
119.0
115.7
119.0
132.2
115.7
132.2
115.7
132.2
115.7
105.8
109.1
102.5
112.4
115.7
102.5
128.9
112.4
138.8
109.1
119.0
115.7
112.4
112.4
112.4
112.4
109.1
109.1
109.1
109.1
119.0
112.4
112.4
109.7
109.1
109.1
109.1
125.6
115.7
110.5
135.5
112.4
115.7
115.7
115.7
124.7
105.8
112.4
115.7

(m2)

84.9
84.9
106.3
85.0
71.5
97.8
99.5
85.0
82.7
84.8
107.3
96.5
101.9
84.8
107.3
110.4
106.2
106.7
104.7
108.0
111.8
107.0
117.1
105.6
117.1
84.5
115.8
84.5
84.9
84.5
84.5
101.9
103.0
84.5
84.9
84.8
106.2
84.8
84.9
81.2
79.5
85.0
85.0
100.4
82.2
101.6
101.3
84.8
84.9
85.0
84.9
85.0
85.0
84.9
116.1
105.4
85.0
114.1
105.9
105.5
84.8
82.3
102.9
84.9
95.7
89.8

()

()

159,000
165,000
250,000
113,000
85,500
149,000
154,000
135,000
126,000
146,000
155,000
136,000
117,500
141,500
138,000
136,000
127,000
116,000
125,000
132,500
120,000
131,000
130,000
124,000
145,000
115,000
130,000
125,000
110,000
117,500
106,000
133,000

121,500
134,000
65,000
58,500
48,000
47,500
48,500
110,000
40,000
125,000
65,000
55,000
0
0
56,500
61,000
52,500
52,000
62,500
60,000
55,000
62,500
71,000
55,000
0
55,650
71,000
60,000
77,500
74,500
61,500
57,500

%MoM
2.3
0.6
5.9
2.3
1.5
0.0
1.7
0.8
0.8
1.4
3.1
0.0
2.2
1.8
0.0
1.9
1.2
1.8
0.0
0.0
2.2
0.0
0.0
6.7
0.0
0.0
0.0
5.2
0.0
3.9
1.0
2.7

99,500
105,000
97,000
120,000
90,500
110,000
96,500
93,500
123,500
101,000
107,500
111,000
113,500
105,000
110,000
88,750
94,000
107,500
110,000
78,500
97,000
94,000
85,500
106,000
116,000
97,500
90,500
101,000
82,000
69,000
84,500
70,000
82,500
82,500

63,000
73,500
61,500
100,000
65,000
72,000
60,000
49,000
66,000
84,000
85,000
28,000
24,500
50,000
54,000
66,500
66,000
85,000
94,000
51,500
73,500
73,000
53,000
60,000
98,500
72,500
56,000
42,500
50,500
45,000
70,000
58,000
70,000
72,500

0.5
2.5
0.0
1.3
0.0
1.9
0.5
1.1
5.8
0.0
0.9
0.0
0.0
6.7
2.9
1.7
0.6
0.0
0.0
0.0
1.1
1.1
2.4
5.2
0.0
0.0
0.0
3.8
1.2
0.7
0.9
0.0
0.0
0.6

%YTD
9.5
2.2
18.5
24.3
15.2
14.6
13.5
1.5
8.4
9.1
12.2
13.5
2.2
14.0
15.0
15.2
15.8
12.8
14.4
15.6
14.8
15.6
3.6
21.0
10.6
9.4
4.8
36.1
13.1
11.6
9.0
20.6
10.8
7.3
9.1
2.2
5.8
20.0
7.6
6.9
18.4
4.4
8.0
6.9
8.0
13.4
8.6
8.7
6.0
8.6
1.4
8.2
7.6
5.1
7.6
12.9
4.5
2.6
4.6
12.3
7.2
9.2
5.7
4.2
0.0
1.9

%MoM
-0.8
0.0
0.0
0.0
-1.0
3.4
5.4
0.0
0.0
0.0
0.0
0.0

%YTD
-1.6
1.9
0.0
-2.5
-4.5
-8.2
-3.0
-1.3
0.0
8.7
7.6
-4.3

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-13.3
-13.1
-2.4
-4.5
-3.7
-2.3
-5.4
-4.3
-5.4
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0

-7.0
0.0
0.0
3.3
-0.7
-14.0
-1.7

0.0
0.0
0.0
0.0
0.0
0.0
0.0
-2.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-1.9
0.0
0.0
4.5
0.0
0.0

-2.7
0.0
-11.5
5.8
0.0
-4.2
-9.1
-8.7
-5.1
5.9
-1.2
-20.3
-32.9
0.0
-1.8
0.0
5.6
-1.2
0.0
5.2
3.5
2.8
0.0
0.0
6.5
11.5
0.0
0.0
-3.8
2.3
0.0
7.4
7.7
5.1

Analyst |

176

40PY

(m2)

()

()

%MoM

%YTD

%MoM

%YTD
3.0

3,410

3,410

1.0

165.6

132.4

208,500

172,500

2.0

8.1

1.5

2,444

4,355

1.8

145.5

115.7

216,500

182,000

0.7

5.7

0.0

5.1

1 (AID)

1,490

2,086

1.4

138.8

140.1

290,000

77,500

3.6

13.1

-3.1

-3.1

1,056

528

0.5

142.1

131.9

182,500

65,000

0.0

9.7

4.3

-7.7

1,140

1,140

1.0

148.8

132.9

195,000

68,500

0.8

7.7

2.3

-8.3

( 1,2)

1,119

1,655

1.5

132.4

106.1

150,000

121,500

0.7

1.8

0.0

0.0

(3)

424

424

1.0

148.8

136.7

158,000

47,500

0.7

7.4

0.0

0.0

414

400

1.0

142.1

115.0

104,500

64,000

0.0

3.2

0.0

2.4

1,572

1,415

0.9

148.8

136.0

185,000

77,500

0.9

13.9

0.0

8.7

1,212

1,212

1.0

148.8

137.1

184,000

80,000

0.0

11.2

0.0

3.2

320

320

1.0

152.1

140.0

178,500

77,500

2.9

24.4

0.0

-6.1

11

398

398

1.0

155.4

143.0

167,500

80,000

1.5

12.8

0.0

0.0

13

180

180

1.0

155.4

141.5

148,500

72,500

1.0

2.8

-1.4

-6.5

17

216

250

1.2

162.0

143.8

172,000

81,500

0.0

13.0

0.0

3.3

18

308

314

1.0

162.0

143.8

180,000

66,000

4.3

18.8

0.0

-3.6

20

112

112

1.0

162.0

144.0

155,000

77,500

0.0

13.0

0.0

3.3

21

108

119

1.1

148.8

129.5

134,000

73,500

0.4

3.9

0.0

0.0

22

132

196

1.5

128.9

117.2

133,500

65,000

4.7

9.9

0.0

0.0

24

154

154

1.0

158.7

142.0

181,000

1.4

16.3

25

169

156

0.9

128.9

117.1

139,000

69,000

0.0

8.8

0.0

-6.1

26

66

92

1.4

162.0

142.5

147,500

77,500

0.0

5.4

0.0

0.0

408

285

0.7

158.7

144.3

165,000

72,500

0.9

13.2

0.0

-3.3

(2)

428

856

138.84

110.11

124,000

94,000

1.3

2.5

0.0

0.0
8.3

1,129

1,838

1.6

145.5

111.3

124,000

100,000

0.0

7.3

0.0

990

1,485

1.5

148.8

120.2

135,000

107,500

0.7

8.5

0.0

2.4

786

786

1.0

142.1

127.2

136,000

37,500

0.0

5.0

0.0

-18.8

(m2)

1,074

1,074

1.0

148.8

139.8

137,500

31,000

0.0

11.6

0.0

-34.0

893

982

1.1

145.5

132.1

126,000

61,500

5.5

13.2

0.0

2.5

615

615

1.0

142.1

131.0

134,000

69,500

1.9

7.2

0.0

0.0

744

1,488

2.0

151.3

121.7

140,000

112,500

0.0

0.0

2.3

2.3

468

468

1.0

138.8

117.2

92,000

62,000

0.0

3.6

0.0

4.3

644

966

1.5

138.8

114.8

107,500

79,500

0.0

7.1

0.6

6.0

384

576

1.5

142.1

114.7

110,000

80,500

1.9

11.1

0.0

1.9

264

264

1.0

142.1

131.4

86,500

55,000

2.4

9.5

0.0

0.0

216

216

1.0

155.4

129.8

105,000

66,000

1.0

9.3

0.0

0.0

496

977

2.0

148.8

121.5

152,500

127,500

0.0

2.7

0.0

4.1

786

786

1.0

152.1

127.6

105,000

77,500

0.0

3.4

0.0

1.3

493

986

2.0

152.1

127.5

118,000

76,000

0.0

8.3

0.0

0.0

1,2

418

418

1.0

162.0

136.4

104,000

67,500

1.5

4.6

0.0

0.7

316

316

1.0

138.8

100.8

78,500

53,000

2.7

7.8

0.0

1.9

408

408

1.0

165.3

151.5

117,500

65,000

1.3

8.6

0.0

18.2

344

641

1.9

157.6

134.4

96,000

80,000

1.1

4.1

0.0

2.0

337

778

2.3

148.8

124.3

98,500

80,000

0.0

0.0

0.0

6.7

216

151

0.7

148.8

121.1

95,500

77,500

0.0

1.6

0.0

3.3

: KB,

115

Analyst |

Compliance Notice
3
1%
3

,

, , , ,
, .

/
: 12 ( )

(%)

STRONG BUY()

+50%

3%

BUY()

+20% ~ +50%

84%

HOLD()

0% +20%

12%

REDUCE()

0%

1%
(2016.12.31 )

116

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