(007310)

17
17 3.2% , 6.1% ( 7.3%)
Company Report
. , (, , , /
2017.3.17
HMR) , , (
, , ) .
(Maintain)
3
(,12M) 880,000
, . 14 18.3% 15 20.5%,
,
(17/03/17,) 700,000 16 23.2% . ( ) (
) / . ,
26%
17 ( ) 26%
. 30%
30% .
. ,
,
(17F,) 151
.
Consensus (17F,) 151

EPS (17F,%) -8.7 , . ( )

, .
MKT EPS (17F,%) 17.8 , , , . B2B
P/E(17F,x) 19.2
6~7% . ( 12.5%), 1 F&B 2 5.1%
MKT P/E(17F,x) 9.9
KOSPI 2,164.58 . .
,
() 2,408
() 3 . .
(%) 35.4
(%) 17.1
, HMR . 4 (15
,
(12M) 0.53 50 17 400 , 55%) . ,
52 () 615,000 , 11 ( 15 320, 16 500
52 () 1,019,000
, 17 700 ) ( 20%, 2) .
(%)
(%) 1 6 12
12
-5.4 2.5 -31.3 ( 33%, 2) , /
-9.1 -5.3 -36.9 . 1
130 KOSPI
HMR .
HMR
110
, 88
90

70
()
50
. , , ROE 17~18 PER
16.3 16.7 16.11 17.3
(17~18) 30% . .
[/]
(12) 12/14 12/15 12/16 12/17F 12/18F 12/19F
() 1,782 1,883 2,011 2,076 2,156 2,232
02-3774-1679 () 116 133 143 151 160 170
wm.baek@miraeasset.com
(%) 6.5 7.1 7.1 7.3 7.4 7.6
() 94 104 138 126 137 144
02-3774-1853 EPS () 27,258 30,365 39,977 36,507 39,764 41,764
susie.hong@miraeasset.com ROE (%) 12.1 11.9 13.9 11.5 11.3 10.8
P/E () 17.8 40.3 16.6 19.2 17.6 16.8
P/B () 2.0 4.4 2.2 2.1 1.9 1.7
(%) 0.8 0.4 1.0 1.0 1.0 1.0
: K-IFRS ,
: ,


1. 17
17 1Q (,%)
1Q17F
1Q16 4Q16

YoY QoQ
515.6 490.5 527.0 518.1 2.2 7.4
35.6 21.2 37.1 38.5 4.2 75.1
50.7 39.6 43.9 43.9 -13.5 10.7
49.0 27.2 32.7 33.3 -33.2 20.2
6.9 4.3 7.0 7.4 - -
9.5 5.5 6.2 6.4 - -
: 1Q16 () 250 , : ,

2. (,%)
16 17F 15 16 17F
1Q 2Q 3Q 4Q 1QF 2QF 3QF 4QF
516 488 516 491 527 505 539 505 1,883 2,011 2,076
36 40 45 21 37 42 48 24 133 143 151
51 45 48 40 44 46 51 28 143 183 168
49 26 36 27 33 34 38 21 104 138 126
6.9 8.3 8.8 4.3 7.0 8.4 8.9 4.8 7.1 7.1 7.3
9.5 5.3 6.9 5.5 6.2 6.8 7.0 4.2 5.5 6.8 6.1
11.0 7.1 2.6 6.8 2.2 3.4 4.4 2.9 5.7 6.8 3.2
-8.5 9.0 15.1 17.3 4.2 4.2 5.9 13.6 15.1 6.8 6.1
17.3 9.9 7.7 181.6 -13.5 2.0 5.1 -29.1 14.2 28.4 -8.2
49.0 -14.6 8.8 210.2 -33.2 32.7 6.0 -23.0 11.4 31.7 -8.7
: 16 400(1Q 250, 4Q 150) , : ,

3. 17~18
17~18 (,%)


17F 18F 17F 18F 17F 18F
2,073 2,154 2,076 2,156 0.1 0.1
151 159 151 160 0.1 0.9
167 182 168 184 1.1 1.2
122 132 126 137 2.6 3.6
7.3 7.4 7.3 7.4 - -
5.9 6.1 6.1 6.3 - -
: ,

1. 2. PER

(%) (%)
8 16 25 16
17F 17F
7
20
6

5
15
4

3 10

2
5
1

0 0
F&B CJ F&B CJ

: , Wisefn, : , Wisefn,

2 Mirae Asset Daewoo Research



3. 4. (
( )
)
() (L) (%) (%)
50 20 30 ( )
(R)

45 10 25

40 0 20

35 -10 15

30 -20 10
10 11 12 13 14 15 16 17 13.12 14.6 14.12 15.6 15.12 16.6 16.12

: , : ,

5. 6. ,
, (
( )
)

() (L) (%) (%) (%)

90 (L) (R) 40
12 (R) 80

60 87 35
10

40
8 84 30

20
6 81 25
0

4 78 20
-20

2 -40 75 15
10 11 12 13 14 15 16 17 13.12 14.6 14.12 15.6 15.12 16.6 16.12

: , : ,

7. 8. (
()
) (B2B
(B2B )
)
(15=100) (/) (/) (L) (10=100)
140 (L) 2500 20 125
(R)
(R)
18 120
120 2000
16
115
14
100 1500 110
12
105
80 1000 10
100
8

60 500 6 95

4 90
40 0 10.1 11.1 12.1 13.1 14.1 15.1 16.1 17.1
00 02 04 06 08 10 12 14 16

: 1 F&B 17 2 5.1% : B2B

: , : ,

Mirae Asset Daewoo Research 3



(007310)

()
) ()
)
() 12/16 12/17F 12/18F 12/19F () 12/16 12/17F 12/18F 12/19F
2,011 2,076 2,156 2,232 641 747 860 1,018
1,524 1,566 1,624 1,679 145 237 329 469
487 510 532 553 140 144 150 155
344 358 372 383 155 159 166 171
143 151 160 170 201 207 215 223
143 151 160 170 952 967 993 961
40 17 24 23 233 240 250 259
1 2 4 5 653 663 678 638
17 16 14 14 22 21 20 19
183 168 184 193 1,593 1,714 1,852 1,979
45 42 47 49 376 371 384 392
138 126 137 144 247 254 265 274
0 0 0 0 50 35 35 30
138 126 137 144 79 82 84 88
138 126 137 144 181 184 188 187
0 0 0 0 86 86 86 81
112 142 143 144 95 98 102 106
111 134 135 136 558 555 573 578
0 8 8 8 1,029 1,154 1,273 1,394
EBITDA 185 195 206 211 17 17 17 17
FCF 65 118 122 184 10 10 10 10
EBITDA (%) 9.2 9.4 9.6 9.5 972 1,081 1,194 1,315
(%) 7.1 7.3 7.4 7.6 6 6 7 7
(%) 6.9 6.1 6.4 6.5 1,035 1,160 1,280 1,401

()
) valuation (
()
)
() 12/16 12/17F 12/18F 12/19F 12/16 12/17F 12/18F 12/19F
149 170 182 184 P/E (x) 16.6 19.2 17.6 16.8
138 126 137 144 P/CF (x) 11.1 11.5 10.8 10.5
67 83 87 85 P/B (x) 2.2 2.1 1.9 1.7
41 43 44 40 EV/EBITDA (x) 11.3 10.8 9.7 8.7
1 1 1 1 EPS () 39,977 36,507 39,764 41,764
25 39 42 44 CFPS () 59,714 60,774 65,095 66,645
-24 3 5 4 BPS () 303,907 339,960 374,811 409,919
() -20 -4 -6 -5 DPS () 6,800 6,800 6,800 6,800
() -14 -4 -7 -6 (%) 16.6 18.2 16.7 15.9
() 25 6 9 8 (%) 1.0 1.0 1.0 1.0
-33 -42 -47 -49 (%) 6.8 3.2 3.9 3.5
-133 -56 -65 0 EBITDA (%) 9.5 5.4 5.6 2.4
() -63 -52 -60 0 (%) 7.5 5.6 6.0 6.3
() -5 0 0 0 EPS (%) 31.7 -8.7 8.9 5.0
() -69 -6 -9 -8 () 15.5 14.7 14.7 14.7
4 2 4 8 () 13.6 13.2 13.3 13.2
-40 -36 -26 -36 () 7.8 7.4 7.4 7.4
() -7 -15 0 -10 ROA (%) 9.0 7.6 7.7 7.5
() 0 0 0 0 ROE (%) 13.9 11.5 11.3 10.8
-18 -18 -23 -23 ROIC (%) 16.6 17.0 18.2 19.6
-15 -3 -3 -3 (%) 53.9 47.8 44.7 41.3
-25 92 92 140 (%) 170.4 201.6 223.7 260.1
170 145 237 329 / (%) -19.5 -27.1 -32.3 -40.8
145 237 329 469 / (x) 43.7 49.4 57.5 63.5
: ,

4 Mirae Asset Daewoo Research



(
()
) (
()
()
(007310) 2016.12.05 880,000 1,500,000
2016.06.01 1,200,000
2015.11.30 1,350,000
1,000,000

500,000

0
15.3 16.3 17.3

: 12 20% : 12
Trading Buy : 12 10% : 12
: 12 -10~10% : 12
: 12 -10%
(), Trading Buy(), (), (), (), (), Not covered()

(
()
) Trading Buy(
Buy()
) (
()
) (
()
)
75.13% 13.99% 10.88% 0.00%
* 2016 12 31 1

Compliance Notice

- .
- 3 .
- .
- .

,
.
. .

Mirae Asset Daewoo Research 5