/ Analyst 02-3771-7512

2015 11 30

(046070)

Not Rated
(Converter Housing/Valve Body , 33%),
(Throttle Body/Water Pump Housing , 23%), (AC CP(11 26): 3,450

Compressor Housing , 20%), (Rack Housing ,

Key Data Consensus Data
20%) () KOSDAQ (pt) 693.42 2015 2016

. (21%)/(18%)/ 52 /() 3,685/2,145 () 271.2 290.7

() 97.3 () 20.2 23.7
(17%)/(9%) , 58%. (%) 0.05 () N/A N/A
() 28,215.4 EPS() 252 323
2,248.
60 () BPS() N/A N/A
2
60 () 7.5
: 2015 3 9,304 15 (,) 50 Stock Price
(vs. 2014 2,421) . 15 (,%) 1.45 ()
()

(%) 0.32 4 () 150

1,110. 2014 (%) 130
3

. 2013 1,665, 5 19.81 110

3
0.00 90
3 1M 6M 12M 2
70
3.8 39.4 51.0
2014 3,604 . 2
14.11 15.2 15.5 15.8
50
15.11
3.4 42.5 19.2
1,439 ,
500 . Financial Data
2010 2011 2012 2013 2014

N/A N/A N/A 225.0 242.1
. N/A N/A N/A 13.7 17.3
N/A N/A N/A 5.5 5.6
: 2015 3 N/A N/A N/A 5.3 5.1
1,880, 90, EPS N/A N/A N/A 247 184
% N/A N/A N/A N/A (25.5)
329% . 307 (CB), PER N/A N/A N/A 9.26 12.38
PBR N/A N/A N/A 0.91 0.89
111( 40%), 2,225
EV/EBITDA N/A N/A N/A 6.67 6.37
~2,314. 47% ROE % N/A N/A N/A 17.54 7.85
BPS N/A N/A N/A 2,510 2,567
.
DPS N/A N/A N/A 50 50

//
/: 2015
Analyst
13% 2,650 , 02-3771-7512
sunjae.song@hanafn.com
0.3%p 7.0% . 2016
.
RA
: CB P/E 13 02-3771-7794
. asdfhjkl@hanafn.com

. 1.4%.
210
/ Analyst 02-3771-7512

1. 2. 6

: , :

3. 4.

3%


23%
21%

42%

58%

20%

33%

: , : ,

5. 6.

20%

34%

40%

54%

26%

8% D&A
9% 9%

: , : ,

211
 / Analyst 02-3771-7512

1. (: )

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

56.1 60.0 60.0 66.0 61.1 68.0 65.1
3.7 4.1 3.5 5.9 5.0 3.7 4.2
6.6% 6.9% 5.9% 9.0% 8.2% 5.4% 6.5%
2.0 (0.7) 0.8 3.1 2.1 1.2 1.0
: ,

2. (: )

29% 24.2 22.4 25.7 0.2
: 2015 3
: ,

212
 / Analyst 02-3771-7512

(: ) (: )

2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
N/A N/A N/A 225.0 242.1 N/A N/A N/A 84.9 100.2
N/A N/A N/A 190.1 200.5 N/A N/A N/A 15.4 8.4
N/A N/A N/A 34.9 41.6 N/A N/A N/A 7.2 1.3
N/A N/A N/A 21.2 24.3 N/A N/A N/A 44.0 61.3
N/A N/A N/A 13.7 17.3 N/A N/A N/A 17.6 23.0
N/A N/A N/A (8.5) (10.0) N/A N/A N/A 7.9 7.5
/ N/A N/A N/A 0.0 0.0 N/A N/A N/A 166.6 187.0
N/A N/A N/A 0.3 (1.8) N/A N/A N/A 2.3 5.1
N/A N/A N/A 5.5 5.6 N/A N/A N/A 2.3 5.1
N/A N/A N/A 0.1 0.3 N/A N/A N/A 159.3 178.7
N/A N/A N/A 5.4 5.2 N/A N/A N/A 1.7 0.6
N/A N/A N/A 0.0 0.0 N/A N/A N/A 3.3 2.6
N/A N/A N/A 5.4 5.2 N/A N/A N/A 251.5 287.2
N/A N/A N/A 0.1 0.1 N/A N/A N/A 131.5 174.0
() N/A N/A N/A 5.3 5.1 N/A N/A N/A 97.0 135.1
N/A N/A N/A 4.8 5.0 N/A N/A N/A 34.3 38.6
NOPAT N/A N/A N/A 13.5 16.2 N/A N/A N/A 0.2 0.3
EBITDA N/A N/A N/A 29.6 36.5 N/A N/A N/A 59.7 42.9
(%) N/A N/A N/A N/A N/A N/A 59.0 41.7
N/A N/A N/A N/A 7.6 N/A N/A N/A 0.7 1.2
NOPAT N/A N/A N/A N/A 20.0 N/A N/A N/A 191.1 216.9
EBITDA N/A N/A N/A N/A 23.3 N/A N/A N/A 60.3 70.2
() N/A N/A N/A N/A 26.3 N/A N/A N/A 12.4 14.1
() N/A N/A N/A N/A (3.8) N/A N/A N/A 19.6 24.1
()EPS N/A N/A N/A N/A (25.5) N/A N/A N/A (1.1) (1.1)
(%) N/A N/A N/A N/A N/A N/A 0.0 0.0
N/A N/A N/A 15.5 17.2 N/A N/A N/A 29.3 33.2
EBITDA N/A N/A N/A 13.2 15.1 N/A N/A N/A 0.0 0.1
() N/A N/A N/A 6.1 7.1 N/A N/A N/A 60.3 70.3
N/A N/A N/A 2.4 2.1 N/A N/A N/A 140.6 168.4
(: )
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
() N/A N/A N/A 31.4 10.9
EPS N/A N/A N/A 247 184 N/A N/A N/A 5.4 5.2
BPS N/A N/A N/A 2,510 2,567 N/A N/A N/A 20.7 26.4
CFPS N/A N/A N/A 1,500 1,371 N/A N/A N/A 15.9 19.2
EBITDAPS N/A N/A N/A 1,380 1,308 N/A N/A N/A 0.7 0.8
SPS N/A N/A N/A 10,493 8,677 N/A N/A N/A 0.0 0.0
DPS N/A N/A N/A 50 50 N/A N/A N/A 4.1 6.4
() N/A N/A N/A / N/A N/A N/A 5.3 (20.7)
PER N/A N/A N/A 9.3 12.4 N/A N/A N/A (48.1) (39.3)
PBR N/A N/A N/A 0.9 0.9 () N/A N/A N/A (2.3) (2.8)
PCFR N/A N/A N/A 1.5 1.7 () N/A N/A N/A (46.5) (38.5)
EV/EBITDA N/A N/A N/A 6.7 6.4 N/A N/A N/A 0.7 2.0
PSR N/A N/A N/A 0.2 0.3 N/A N/A N/A 23.6 22.4
(%) N/A N/A N/A () N/A N/A N/A 156.0 20.8
ROE N/A N/A N/A 17.5 7.8 () N/A N/A N/A 32.1 6.2
ROA N/A N/A N/A 4.2 1.9 N/A N/A N/A (164.5) (3.4)
ROIC N/A N/A N/A 13.6 7.5 N/A N/A N/A 0.0 (1.2)
N/A N/A N/A 316.8 308.3 N/A N/A N/A 7.0 (5.9)
N/A N/A N/A 233.0 239.3 Unlevered CFO N/A N/A N/A 32.2 38.3
() N/A N/A N/A 1.6 2.0 Free Cash Flow N/A N/A N/A (15.3) (27.8)
:

Country Aggregates Sector Aggregates

PER(x) EPS(%) PER(x) EPS(%)
FY1 FY2 12M Fwd FY1 FY2 FY1 FY2 12M Fwd FY1 FY2
Korea N/A N/A N/A N/A N/A Korea N/A N/A N/A N/A N/A
Emerging Market N/A N/A N/A N/A N/A Emerging Market N/A N/A N/A N/A N/A
World N/A N/A N/A N/A N/A World N/A N/A N/A N/A N/A
: MSCI I/B/E/S Aggregates

213