2017. 10. 23.

Financial Analysis
Report (004370)

I.

1965 , ,
.
, .

. ,
, ,
,
Sangmin Yoon (20164525)
Sungjae Cha (20164548) .
Seunghwan Yi (20164531)
,
Chanjae Park (20164507)
,
.
, ,

.

SELL HOLD BUY

:
405,917 (20.1%)
.
338,000
,
/ / /
.

.
2 853
,
KOSPI 110 .
6,082,642

5000 / 1
:
52 369,500
. ,
52 284,000

PER (krw) 9.95 , ,
EPS (krw) 34,464 ,
PER 13.79 ,
1.17%
.

1
II.
, , , .
.
.

Financial statement: ,
.
, .
, 2015 3 2016 . 2015
.
2000 500 .
valuation .

Income statement: .
. .
. . ,
2016 1176 , 2016
. 2016
.
.

Cashflow statement: 51 52 2 , 52
53 9.5% . 3 ,
. 51 52 53
. 52 , 53
.

ROA: ROA , 53 .
. ,
.

ROE: 52, 53 ROE , ,

. .
. , ,
.

: PER(Price-to-Earing Ratio) 2015 21.66 , .

2016 14.18 9.65 ,
. PBR(Price-to-Book-Value Ratio) 2015 1.54, 2016 1.06
, 15, 16 2.39 1.65
.

2
III. Event

, : 1
2 . 2013 3 2
60% .
. .

: 20 5.5% .
10%
. 3%, 6.4%
. , .
,
.

: ,
.
.

( : USD/MT)

53 52 51
150 173 217

674 605 680

: 17 ,
. 1
. , / .
1
.

: () 2017 , ,
. 3
30% ,
. ,
.

: 17 6, 4,692
. ,
.
30% , .
3 (16 )
,
.

3
IV.

: Equity Value (RIM) .

.

: Cost of equity CAPM . Beta 2010 1 1

2017 10 23 beta , 0.54. Market portfolio expected return
2010 2016 , 5.15%. 2010
2016 CD91 , 2.56%.
3.96%.

: ( # +,- )
(RE) . 2017 ~ 2021 5, 2016 12 31
, 5 11,041. ,
1.1% .
63,839. 1 405,917.

V. Conclusion

THAAD
. ,
. ,
.
2018 .

, 2016 .
, , market price maker
.
.
.

valuation 405,917 ,
338,000 20% . buy
.

4
VI. Appendix

< > < >

< > < >

RIM Valuation 53 54 F 55 F 56 F 57 F 58 F 58 F
311,690 331,037 350,096 370,439 391,619 413,332
15,106 15,416 16,308 17,185 17,804
2,768.67 2,312.70 2,450.34 2,522.52 2,303.24 80,582.08
2,663 2,140 2,181 2,160 1,897
11,041
58 F 77,514
54 F 63,839
405,917

(2016 ,) 0.0110
(=CAPM) 0.0396
CAPM 3.9583

(2010~16 cd91 ) 2.5592

(2010~17 , :) 0.5400

(2010~16 KOSPI ) 0.0515

(/
ROA ROE
)

2015 5.01% 7.34% 2015 1.57 0.46

2016 8.05% 11.55% 2016 1.92 0.37

CASHFLOW

PER PBR

2015 201,851,914,364 (167,657,609,000) 18,251,697,536 2015 21.66 1.54

2016 220,960,820,949 (134,054,675,903) (77,153,709,236) 2016 9.65 1.06

2015 10.74 8.73 5.42 33.97 41.83 67.28

2016 10.24 8.79 5.32 35.64 41.53 68.57

( ()__Final.xlsx )