Microsoft Word LG전자_KOR.doc

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1 Rating raised / Target price raised Korea /Handsets 21 February 13 BUY 목표주가 현재주가 ( Feb 13) 88, 원 76,3 원 Upside/downside (%) 15.3 KOSPI 시가총액 ( 십억원 ) 12, 주최저 / 최고 55,8-94,3 일평균거래대금 ( 십억원 ) 85.5 외국인지분율 (%) Forecast earnings & valuation Fiscal year ending Dec-11 Dec-12 Dec-13 Dec-14 매출액 ( 십억원 ) 54,257 5,96 51,125 53,6 영업이익 ( 십억원 ) , , ,514.5 당기순이익 ( 십억원 ) (432.8) 9.8 1,8.1 1,77.4 수정순이익 ( 십억원 ) (469.6) ,22.6 1,92.9 EPS ( 원 ) (3,132) 422 6,249 6,678 EPS 성장률 (%) TN TP 1, P/E (x) EV/EBITDA (x) 배당수익률 (%) P/B (x) ROE (%) (3.7) 순차입금 / 자기자본 (%) Performance KRW 93, 88, 83, 78, 73, 68, 63, 58, 53, Price(LHS) Performance 1M 3M 12M 절대수익률 (%) 2. (3.8) (15.3) KOSPI 대비상대수익률 (%).2 (1.9) (15.3) 조진호, Analyst jcho@miraeasset.com 정용제 yongjei@miraeasset.com Rel. to KOSPI(RHS) Jan-12 Apr-12 Jul-12 Oct-12 15% 1% 95% 9% 85% 8% 75% 7% () 어제와다른오늘 에대한투자의견을매수로상향하며, 목표주가를 88, 원으로기존목표주가대비 11.4% 상향제시함. 이유는 1) 스마트폰경쟁력이기대이상빠른속도로제고되고있어 13 년휴대폰 / 스마트폰판매량이기존추정치를상회할것이며, 2) 플래그십스마트폰판매비중증가로 ASP 상승에따른수익성제고가예상되기때문임. 13 년 MC 사업부가치를 3.5 조원 ( 기존대비 +79.9%) 으로제시하며적정기업가치를 14.4 조원 ( 기존대비 +11.4%) 으로상향제시함. 현주가는 13E P/B 1.x (versus ROE 7.8%) 수준으로과거 P/B band.6x(roe -3.4%)-2.6x(ROE 3.2%) 중단에위치하고있으며목표주가는 13E P/B 대비 1.16x 수준임. 옵티머스 G 프로 5 카테고리점유율잠식예상 옵티머스 G 프로는당초예상과달리 13 년상반기스마트폰공급점유율을상승시킬수있을것으로판단하며 13 년휴대폰출하량은 66.7 백만대 (+18% YoY), 스마트폰출하량은 45.2 백만대 (+72% YoY) 로상향전망함 ( 기존추정치휴대폰 59.2 백만대, 스마트폰 37.3 백만대 ). 이유는 1) 경쟁사스마트폰과공급성격 (5.5 디스플레이, 3,1mAh 배터리, Android 4.1.2, 노트기능강화 ) 이유사하고부분별하드웨어성능을개선시켜 5.5 카테고리킬러인 Galaxy Note 점유율을일부잠식할수있을것으로판단하며, 2) 경쟁사신규플래그십스마트폰출하시기를 2 분기로전망함에따라 1 분기시장수요를선점할수있을전망이기때문임. 3) 이에 13 년국내시장점유율은 17.5%(+.9ppt YoY, 9 년 28.5%) 로증가할예상이고, 남미시장점유율은 9.2%(+.9ppt YoY, 9 년 21.2%) 로확대될것으로, 글로벌시장점유율은 3.5%(+.3ppt YoY) 로개선될전망임. 스마트폰 ASP 상승에따른수익성개선전망 13 년플래그십스마트폰출하호조및판매비중증가로 ASP 상승에따른수익성개선이예상됨. 옵티머스 G 프로를포함한 US$6 이상스마트폰판매비중이증가할것이며 13 년스마트폰 ASP 는 US$251 로 ASP 하락률은 -1.54% YoY( 글로벌스마트폰 ASP US$288(-5.% YoY)) 에그칠예상임. 반면 13 년스마트폰침투율은 67.7%(+21.3ppt YoY) 로확대되며 Blended ASP 는 US$189(+21.3% YoY) 로증가될것으로, 글로벌 Blended ASP(US$167, +13.3% YoY) 대비개선세가두드러질전망임. 이에 13 년 MC 사업부매출액은 13 조원 (+29.3% YoY), 영업이익 4,4 억원 (+657.7% YoY) 으로추정하며영업이익률은 3.4%(+2.8ppt YoY) 로증가할것이며, 이는매출상승에따른고정비 ( 마케팅비 ) 비중감소효과가두드러질예상이기때문임. 한편영업이익률은 3 분기 4.1% 까지개선후상승폭이둔화될것이며, 이는플래그십스마트폰비중상승에따른재료비, R&D 비용부담이지속될것으로, 하반기스마트폰경쟁구도심화에따른제조자보조금경쟁이격화될것이라는기존의견을유지하기때문임. 1 분기경쟁구도완화에따른스마트폰출하호조전망 1Q13 실적을매출액 11.9 조원 (-11.7% QoQ), 영업이익 2,839 억원 (+164.8% QoQ) 으로추정함. 1 분기스마트폰주력판매시장인북미, 남미, 한국내경쟁사 (Blackberry Z1, Sony Xperia series, HTC M7) 신규스마트폰공급이한정적일것으로 스마트폰출하량은 9.4 백만대 (+9.3% QoQ) 로증가할예상이고, 이에 MC 사업부영업이익은 67 억원 (+7.8% QoQ) 으로개선될전망임. 한편 1 분기 LCD TV 판매량은 6.88 백만대 (-.% QoQ) 로계절적수요감소 (1Q13 글로벌 LCD TV 수요 -3.7% QoQ 가정 ) 가두드러질것이며, 패널가격상승에따른원가부담이지속되고있어 HE 사업부영업이익률은 1.2%(+.9ppt QoQ) 로소폭개선에그칠전망임. See the last page of this report for important disclosures

2 Figure 1 1Q13 LGE smartphone lineup Vendor LGE LGE LGE LGE LGE Picture Name Optimus LTE2 Optimus L7 Optimus G Optimus Vu2 Optimus G Pro Core Snapdragon S4 1.5GHz Qualcomm S1 1.Ghz Qualcomm S4 1.5Ghz Snapdragon S4 1.5Ghz Qualcomm 6 1.7GHz OS Android 4. Android 4. Android 4. Android 4. Android 4.1 Display 4.7"(128x7) 4.3"(8x48) 4.7"(128x7) 5"(14x768) 5.5"(19x18) Size 69.5x134.7x x67.x x131.9x x85.6x g Weight 145g 122g 145g 159g 15.2x76.1x9.4mm Spec IPS LCD / 2GB RAM TFT / 512MB RAM True HD IPS+ / 2GB IPS LCD / 2GB RAM 2GB RAM Release 자료 :, 미래에셋증권리서치센터 Figure 2 Optimus G Pro vs. Galaxy Note 2 Optimus G Pro Versus Galaxy Note2 Qualcomm 6 1.7GHz AP Exynos GHZ 2GB RAM Memory 2GB RAM 5.5" Display size 5.5" Android (4.1.2) OS Android (4.1.2) 3,1mAh Battery 3,1mAh 15.2x76.1x9.4mm Dimension 151x8.5x9.4mm 172g Weight 182g 19x18 Resolution 128x7 ppi Density 265ppi 13M (2.1M) Main camera(front) 8M (1.9M) 자료 :, 미래에셋증권리서치센터 Figure 3 13E Global smartphone MS 897m units (+32.4% YoY) ZTE, 4.% Huawei, 4.% Lenovo, 3.2% HTC, 4.71% Sony, 3.6% Nokia, 5.6% 678m units (+43.3% YoY) SEC, 31.9% Apple, 19.% LGE, 3.9% SEC, 32.4% Apple, 19.9% LGE, 5.% ZTE, 5.2% Huawei, 5.% Lenovo, 4.6% HTC, 3.5% Sony, 3.7% Nokia, 3.4% Google, 2.8% Google,2.7% Others, 12.2% Others, 1.4% 12E 13E 자료 : Gartner, 미래에셋증권리서치센터 2 2

3 Figure 4 수익추정요약 (KRW 1m) 1Q12 2Q12 3Q12 4Q12 1Q13E 2Q13E 3Q13E 4Q13E E 14E Sales by division Total 122, ,59 123, , , , , ,4 542,566 59,6 511, ,4 QoQ/YoY (%) (11.5) 5.2 (3.8) 9.1 (11.7) (2.7) (6.1) OP by division HE 53,32 54,784 54,864 64,43 51,169 48,662 53,615 65,37 239,23 227,38 218, ,138 MC 24,972 23,212 24,476 28,116 29,276 3,359 35,53 35, ,925 1,776 13, ,866 Handset 24,5 22,862 24,231 27,793 28,957 3,7 34,777 35, ,364 99,6 129,12 136,724 HA 25,357 28,753 28,675 29,423 26,53 29,61 28,929 3,891 11, ,8 115, ,757 AC&ES 12,179 14,749 9,743 6,825 7,16 9,8 6,37 5,48 45,849 43,496 27,19,258 others 6,469 7,92 6, 6,179 5,164 4,859 4,554 4,524 29,954 25,7 19,11 14,385 Total 3,753 5,74 1,461 1,72 2,839 4, 4,266 3,165 3,789 11,36 14,291 15,145 QoQ/YoY (%) (71.2) (26.6) (25.8) OPM (%) HE 1,684 3, ,824 1,171 4,748 5,421 4,372 5,235 MC 342 (28) (39) ,4 1,425 1,5 (2,758) 586 4,4 4,225 HA 1,432 1,834 1, ,579 1,689 1, ,194 5,283 5,56 5,425 AC&ES (111) , Others (418) (9) (295) (371) (258) (82) (131) 68 (2,149) (1,493) (3) (328) Total HE MC 1.4 (1.2) (.2) (2.4) HA AC&ES (1.6) Others (6.5) (5.8) (4.9) (6.) (5.) (1.7) (2.9) 1.5 (7.2) (5.8) (2.1) (2.3) Pretax income 4,498 2,361 1,787 (3,5) 2,539 3,71 3,964 2,88 (3,993) 5,2 13,93 13,993 Tax 2, , ,332 3,11 3,218 NI 2,425 1,59 1,571 (4,678) 1,955 2,856 3,52 2,218 (4,328) 98 1,81 1,774 NPM (%) (3.5) (.8) 자료 :, 미래에셋증권리서치센터 Figure 5 수익추정가정 (' units) 1Q12 2Q12 3Q12 4Q12 1Q13E 2Q13E 3Q13E 4Q13E E 14E KRW/US$ 1,131 1,152 1,133 1,9 1,5 1,3 1,1 1,5 1,18 1,127 1,24 1,24 Handset shipments Total 13,722 12,998 14,361 15,4 15,197 15,847 17,6 17,998 88,39 56,51 66,682 67,472 Feature 4,9 5,7 7, 8,6 9, 1,3 12,8 13,28 19,17 26, 45,175 51,799 Smartphone 8,822 7,298 7,361 6,8 5,797 5,57 5,232 4,97 68,932 3,31 21,56 15,673 Handset ASP Total Feature Smartphone TV shipments Total 8,375 8,9 8,355 1,542 8,786 8,87 9,981 12,325 36,834 35,681 39,899 47,19 LCD 5,819 5,99 6,193 8,6 6,88 6,983 8,321 1,79 25,98 26,62 32,893 41,7 TV ASP Total LCD 자료 :, 미래에셋증권리서치센터 3 3

4 Figure 6 P/B band (KRW ') 초콜릿폰 1 천 5 백만대돌파 AMOLED 사업 LGD 에양도 어닝쇼크 : 4Q8 OPM.8%(-3.9ppt QoQ) 3Q1 MC 사업부적자확대 (OPM -1%, -6.5ppt QoQ) 유상증자결정 풀터치폰 2천만대돌파 수익성회복기대 : 1Q12 Optimus G 2Q9 MC사업부 OPM 1.3%(+4.7ppt QoQ) OPM 3.1%(+2.4ppt QoQ) 출시 x 1.x.8x 자료 :, 미래에셋증권리서치센터 Figure 7 영업이익 vs. 주가 (KRW bn) 8 6 () () (KRW) 18, 16, 1, 1, 1, 8, 6,,, OP(LHS) Price(RHS) 자료 :, 미래에셋증권리서치센터 4 4

5 Figure 8 4Q12 Global handset MS Figure 9 4Q12 Global smartphone MS HTC, 1.4% Others, 3.4% SEC, 23.6% Google, 2.2% Others, 22.% SEC, 3.1% Sony, 3.4% RIM, 1.6% Google, 1.7% Sony, 1.7% Lenovo, 1.8% Huawei, 2.9% LGE, 3.3% ZTE, 3.4% Apple, 1.1% Nokia, 18.3% LGE, 4.1% Nokia, 3.2% ZTE, 4.% Huawei, 4.2% HTC, 3.2% RIM, 3.5% Apple,.9% 자료 : Gartner, 미래에셋증권리서치센터 자료 : Gartner, 미래에셋증권리서치센터 Figure 1 4Q12 Korea handset MS Figure 11 4Q12 US handset MS Others,.4% RIM, 1.2% Sony,.3% Others, 7.5% Apple, 8.9% Nokia, 1.5% Pantech, 11.8% HTC, 3.% ZTE, 3.5% Apple, 33.6% Google, 4.1% LGE, 14.7% SEC, 64.1% Huawei, 4.3% LGE, 9.2% SEC, 31.8% 자료 : Gartner, 미래에셋증권리서치센터 자료 : Gartner, 미래에셋증권리서치센터 Figure 12 4Q12 Brazil handset MS Figure 13 4Q12 Mexico handset MS Sony, 1.9% Apple, 3.% RIM, 1.4% Others, 7.% SEC, 29.2% HTC,.6% Huawei, 3.3% Apple,.5% Others, 11.5% SEC, 24.5% Huawei, 3.5% Sony, 4.% ZTE, 5.1% ZTE, 4.2% Google, 9.3% LGE, 16.8% Nokia, 22.7% RIM, 6.3% LGE, 8.3% TCL, 9.2% Google, 9.5% Nokia, 18.2% 자료 : Gartner, 미래에셋증권리서치센터 자료 : Gartner, 미래에셋증권리서치센터 5 5

6 Figure 14 북미 (AT&T, Verizon, Sprint) 스마트폰라인업 Verizon AT&T Sprint Model 2-year contract ($) Model 2-year contract ($) Model 2-year contract ($) Jun Lucid LTE Phoenix - Free Optimus S Spectrum LTE Nitro HD LTE Optimus Elite Enlighten Free Viper LTE LTE Enlighten bundle Ally Free Vortex Free Revolution LTE Jul Lucid LTE Phoenix Free Viper LTE Free Spectrum LTE Nitro HD LTE Optimus Elite Free Enlighten Optimus S Free Enlighten Bundle Revolution LTE Aug Lucid LTE Nitro HD LTE Viper LTE Spectrum LTE Optimus Elite Free Enlighten Free Optimus S Free Enlighten Bundle Revolution LTE Sep Lucid LTE Nitro HD LTE Viper LTE Lucid Bundle Optimus Elite Free Spectrum LTE Optimus S Enlighten Free Enlighten Bundle Revolution LTE Intuition LTE Oct Lucid LTE Nitro HD LTE Viper LTE Lucid Bundle Escape LTE Optimus Elite Free Spectrum LTE Optimus G LTE Optimus S Free Enlighten Marquee Enlighten Bundle Intuition LTE Nov Lucid LTE Nitro HD LTE Optimus G LTE Lucid Bundle Escape LTE Viper LTE Spectrum2 LTE Optimus G LTE Optimus Elite Free Enlighten Optimus S Free Enlighten Bundle Marquee Intuition LTE Dec Lucid LTE Nitro HD LTE Optimus G LTE Lucid Bundle LTE Escape LTE Viper LTE Spectrum2 LTE Optimus G LTE Optimus Elite Enlighten Optimus S Free Enlighten Bundle Marquee Intuition LTE Mach LTE Jan Lucid LTE Free Nitro HD LTE.1 Optimus G LTE Lucid Bundle LTE Escape LTE Viper LTE Spectrum2 LTE Optimus G LTE Optimus Elite Free Intuition LTE Optimus S Free Marquee Mach LTE Feb Lucid LTE Nitro HD LTE.1 Optimus G LTE Lucid Bundle LTE Escape LTE Viper LTE Spectrum2 LTE Optimus G LTE Optimus Elite Intuition LTE Optimus S Mach LTE 자료 : AT&T, Verizon, Sprint, 미래에셋증권리서치센터 6 6

7 Figure 15 LGE s shareholders Figure 16 4Q12 LGE s handset sales mix JP Morgan, 1.2% Blackrock, 1.7% Vanguard, 3.4% Dimensional Fund, 1.2% KB Asset, 1.% Korea Investment Trust, 1% Others, 19.3% Brazil, 21.8% Canada, 1.9% China, 1.4% France, 2.% Germany, 1.4% National Pension Serrvice, 9.4% LG CORP, 33.7% US, 31.% UK, 1.% Spain, 2.5% South Africa,.4% Russia, 2.3% India, 1.1% Italy, 1.6% Korea, 5.6% Mexico, 6.6% 자료 : Bloomberg,, 미래에셋증권리서치센터 자료 : Gartner, 미래에셋증권리서치센터 Figure LCD 패널가격 vs. 32 LCD TV 세트가격전망 1,6 1, 1, 1, 8 6 (%) 5 Jan-6 Mar-7 May-8 Jul-9 Sep-1 Nov-11 Jan-13 TV 32"set(LHS) TV 32"LCD(LHS) LCD%(RHS) 자료 : Witsview, 미래에셋증권리서치센터 Figure 18 LCD 패널가격 vs. LCD TV 세트가격전망 (%) 5, 45 4,5 4, 35 3,5 3 3, 25 2,5 2, 1,5 15 1, Jan-6 Mar-7 May-8 Jul-9 Sep-1 Nov-11 Jan-13 TV "set(lhs) TV "LCD(LHS) LCD%(RHS) 자료 : Witsview, 미래에셋증권리서치센터 7 7

8 Figure 19 LGE s sum of the parts valuation Fair value Sales Noplat Peers Mkt. relative avg. P/E (KRW bn) 12E 13E 12E 13E FY13E Peers HE 3,75 22,738 21, x Panasonic, Sony MC 3,454 1,78 13, x HTC HA 3,655 11,221 11, x Electrolux, Philips, GE, Whirlpool AC&ES 51 4,35 2, x Carrier, Daikin Others 2,574 1,91 (112) (3) 9.8x Other assets 3,699.75x Target Mkt. Cap. 14,393 5,96 51, ,72 7.4x Fair value (KRW) 88, Upside (%) 15.3 (KRW) 76,3 Company (code) Shares (%) BVPS BV ( Feb.) (KRW, KRW bn, m) Mkt. value LG Display (342KS) ,2 4,231 3,85 4,184 LG Innotek (117KS) , ,5 749 Value of listed holdings 4,861 4,932 자료 : Bloomberg,, 미래에셋증권리서치센터 * FY13E Market P/E: KOSPI of 9.4x, DOW of 12.5x, NIKKEI225 of 21.9x, TWSE of15.x, HSI of 11.3x Figure 사업부문별수익추정변경 (KRW 1m) 4Q12 1Q13E Diff. (%) 13E Diff. (%) Cons. New Old Cons. New Old Sales 134, , , , , ,252 59,915.3 HE 64,43 51,169 5, , ,96 (1.4) MC 28,116 29,276 26, ,276 11, HA 29,423 26,53 25, ,951 11, AC&ES 6,825 7,16 11,259 (37.7) 27,19 48,448 (44.) Others 6,179 5,164 5, ,11 19,11. OP 1,72 2,738 2,839 2, ,226 14,291 12, HE (18.3) 4,372 5,6 (13.6) MC ,4 2, HA 799 1,579 1, ,56 4, AC&ES (111) (44.8) 826 1,748 (52.7) Others (371) (258) (258).1 (3) (853) (52.8) OPM (%) NI (4,678) 2,376 1,955 1,95.3 6,147 1,81 8, NPM (%) (3.5) 자료 :, 미래에셋증권리서치센터 8 8

9 Figure 21 경쟁사 ( 핸드셋 ) Valuation table LGE Apple SEC HTC Nokia RIM ZTE Price (KRW,US$,HK$,EUR,NT$) 76,3 46 1,545, Market cap. (US$ m) 11, ,957 21,994 8,3 14,718 7,419 5,926 Sales (US$ m) OP (US$ m) NI (US$ m) P/E (x) P/B (x) EV/EBITDA (x) ROE (%) 1 48,239 65, ,789 8,3 14,718 7,419 5, ,21 18, ,8 8,858 56,39 19,97 1,33 12E 46, , ,17 15,849 53,829 18,435 13,348 13E 46, ,75 195,583 9,991 39,628 11,272 14,282 14E 48,763 6, 211,741 9,591 39,119 12,828 16, ,385 14,381 1,2 2,746 4, ,79 13,964 2, , E 1,22 55,252 26, (1,165) (34) 13E 1,299 55,383 31, ,311 (479) E 1,377 63,5 35, ,386 (426) ,62 14,13 13,67 1,256 2,454 3, (424) 25,922 12,7 2,19 (1,621) 1, E 83 41,811 21, (894) (633) (163) 13E ,41 25, (212) E ,99 28, (269) E E E E E E E E E (3.7) (8.9) E (15.2) (8.1) (4.4) 13E (2.7) E (3.6) 1.1 주 : 와삼성전자는미래에셋증권리서치센터추정치 (2 월 일종가기준 ) 9 9

10 Figure 22 경쟁사 (TV/ 가전사업 ) Valuation table LGE Panasonic Electrolux Sony Philips Whirlpool GE UTX Daikin Price (KRW,JPY,SEK,US$) 76, , ,49 Market cap.(us$ m) 11,573 18,17 8,111 14,72 28,178 8, ,5 83,433 1,969 Sales (US$ m) OP (US$ m) NI (US$ m) P/E (x) P/B (x) EV/EBITDA (x) ROE (%) 1 48,239 11,715 14,794 84,29 29,566 18, ,442 54,326 13, ,21 99,441 15,667 82,293 31,439 18, ,237 55,754 15,446 12E 46,327 77,726 16,892 7,849 33,337 18,2 146,589 57,988 13,488 13E 46,477 79,482 17,468 73,91 33,17 18, ,371 65,72 15,791 14E 48,763 8,127 18,166 73,421 34,351 19, ,251 68,884 16, , ,338 2,759 1,82 13,961 7, (853) (375) ,697 7,846 1,29 12E 1,22 1, ,39 1, ,72 7, E 1,299 2, ,946 2,967 1,317 22,182 9,314 1,216 14E 1,377 3,44 1,14 2,263 3,325 1,571 24,175 1,46 1,2 1 1, (3,37) 1, ,644 4, (424) (9,786) 318 (5,788) (1,83) 39 14,151 4, E 83 (8,151) , ,912 4, E , ,223 5, E 979 1, , ,56 6, E E E E E E E E E (9.4) (3.7) (34.4) 1. (.) (9.5) E.5 (5.1) E E 주 : 실적은미래에셋증권리서치센터추정치 (2 월 일종가기준 ) 1 1

11 Figure 23 경쟁사 ( 핸드셋 ) Historical valuation E 13E LG Electronics () EPS KRW 1,517 7,625 2,717 14,197 7,612 (3,132) 422 6,249 BPS KRW,875 49,289 57,223 81,14 87,28 71,33 7,2 75,59 P/E (x) high low P/B (x) high low ROE (%) (3.5) (3.7).5 8. Apple (AAPL US) EPS US$ BPS US$ P/E (x) high low P/B (x) high low ROE (%) HTC (2498 TT) EPS US$ BPS US$ P/E (x) high low P/B (x) high low ROE (%) Nokia (NOK US) EPS US$ (.4) (.3).1 BPS US$ P/E (x) high low P/B (x) high low ROE (%) (8.9) (15.2).5 RIM (BBRY US) EPS US$ (1.2) (.4) BPS US$ P/E (x) high low P/B (x) high low ROE (%) (8.1) (2.7) ZTE (763 HK) EPS US$ (.).1 BPS US$ P/E (x) (.) 19.1 high low P/B (x) high low ROE (%) (4.4)

12 Figure 24 TV set/home appliance peers historical valuations E 13E LG Electronics () EPS KRW 1,517 7,625 2,717 14,197 7,612 (3,132) 422 6,249 BPS KRW 35,871 43,149 5,11 6,914 76,9 71,33 7,2 75,59 P/E (x) high low P/B (x) high low ROE (%) (3.5) (3.7).5 8. Panasonic (6752 JT) EPS US$ (1.8) (.5).4 (4.2) (3.5).4 BPS US$ P/E (x) high low P/B (x) high low ROE (%) (11.6) (3.7) 2.8 (34.4) (5.1) 5.7 Electrolux (ELUXB SS) EPS US$ BPS US$ P/E (x) high low P/B (x) high low ROE (%) Sony (6758 JT) EPS US$ (1.) (.4) (3.) (5.8).1.6 BPS US$ P/E (x) high low P/B (x) high low ROE (%) (3.1) (1.4) (9.4) (.) Philips (PHG US) EPS US$ (.1).6 2. (1.9) BPS US$ P/E (x) high low P/B (x) high low ROE (%) (.5) (9.5) Whirlpool (WHR US) EPS US$ BPS US$ P/E (x) high low P/B (x) high low ROE (%) GE (GE US) EPS US$ BPS US$ P/E (x) high low P/B (x) high low ROE (%)

13 Figure 25 경쟁사 ( 핸드셋 ) Earnings consensus Company(Code) / US$ m 2Q12 3Q12 4Q12E 1Q13E 11 12E 13E 14E Apple (AAPL US) Sales 35,23 35,966 54,878 42,935 65, , ,75 6, YoY (%) (39.7) OP 11,573 1,944 16,976 12,691 18,385 55,252 55,383 63,5 YoY (%) (2.1) (17.5) (45.6) OPM (%) NI 8,824 8,223 12,852 9,637 14,13 41,811 42,41 47,99 NPM (%) HTC (2498 TT) Sales 3,74 2,352 2,86 1,977 8,858 9,991 9,591 1,248 YoY (%) (28.7) (49.5) (37.7) (13.4) (44.1) 12.8 (4.) 6.8 OP , YoY (%) (58.5) (76.2) (91.) (68.9) (.1) (52.9) (29.1) 24. OPM (%) NI , NPM (%) Nokia (NOK US) Sales 9,678 9,56 1,581 8,91 56,39 39,628 39,119,25 YoY (%) (27.5) (28.6) (21.5) (7.7) 4.6 (29.6) (1.3) 2.3 OP (1,6) (721) , ,311 1,386 YoY (%) (11.4) 11,51.1 (95.8) 1, OPM (%) (11.) (8.) NI (1,89) (1,212) 34 (9) 2,454 (894) NPM (%) (18.7) (13.4) 2.9 (2.4) 4.4 (2.3) RIM (RIMM US) Sales 2,814 2,873 2,664 2,835 19,97 11,272 12,828 11,844 YoY (%) (42.7) (31.1) (48.4) (32.3) 8. (43.4) 13.8 (7.7) OP (38) (363) (28) (247) 4,636 (1,165) (479) (426) YoY (%) (134.3) (189.2) (185.3) (215.8) (125.1) (58.9) (11.) OPM (%) (1.9) (12.6) (1.5) (8.7) 23.3 (1.3) (3.7) (3.6) NI (518) (235) (191) (176) 3,411 (633) (212) (269) NPM (%) (18.4) (8.2) (7.2) (6.2) 17.1 (5.6) (1.7) (2.3) ZTE (763 HK) Sales 3,728 2,89 4,534 3,3 1,33 14,282 16,645 18,764 YoY (%) 11.6 (12.2) (22.6) OP (37) (46) (34) YoY (%) (28.7) (64.) (15.6) (1,784.5) 18.6 OPM (%) (1.) (16.4) (.2) NI 15 (36) (163) NPM (%).4 (1.9) (1.1) Sony (6758 JP) Sales 18,925,7 21,988 16,747 84,29 7,849 73,91 73,421 YoY (%) (6.7) (17.1) 2.1 (15.7) OP ,338 1,39 1,946 2,263 YoY (%) (76.8) (1,927.2) (173.9) (1,453.3) (374.2) (44.) OPM (%) NI (38) (197) (3,37) NPM (%) (1.6) (1.) (3.6) Google (GOOG US) Sales 12,214 14,11 12,357 11,344 29,321 41,665 49,395 56,89 YoY (%) (22.6) OP 3,3 2,736 3,619 3,8 1,381 13,358 16,8 19,331 YoY (%) 11.2 (1.5) (11.6) OPM (%) NI 2,785 2,176 3,443 3,572 8,55 13,172 15,482 18,365 NPM (%)

14 Figure 26 경쟁사 (TV/ 가전사업 ) Earnings consensus Company (Code) / US$ m 2Q12 3Q12 4Q12E 1Q13E 11 12E 13E 14E Panasonic (6752 JT) Sales 22,663 23,193,587 18,867 99,441 77,726 79,482 8,127 YoY (%) (4.2) (13.2) (18.8) (.5) (2.2) (21.8) OP ,548 2,68 3,44 YoY (%) (427.1) (84.5) OPM (%) NI 16 (8,877) (192) (694) (9,786) (8,151) 894 1,29 NPM (%).7 (38.3) (.9) (3.7) (9.8) (1.5) Electrolux (ELUXB SS) Sales 3,997 4,3 4, 4,19 15,667 16,892 17,468 18,166 YoY (%) OP ,14 YoY (%) (48.9) OPM (%) NI NPM (%) Sony (6758 JT) Sales 18,925,7 21,988 16,747 82,293 7,849 73,91 73,421 YoY (%) (6.7) (17.1) (2.1) (13.9) OP (853) 1,39 1,946 2,263 YoY (%) (76.8) (1,927.2) (173.9) (1,453.3) (136.5) (253.6) OPM (%) (1.) NI (38) (197) (5,788) NPM (%) (1.6) (1.) (7.) Philips (PHG US) Sales 7,561 7,665 9,583 7,568 31,439 33,337 33,17 34,351 YoY (%) (.7) 3.8 OP (375) 1,989 2,967 3,325 YoY (%) (13.3) (25.3) (113.6) (631.) OPM (%) (1.2) NI (1,83) 1,519 1,971 2,255 NPM (%) (5.7) Whirlpool (WHR US) Sales 4,511 4,495 4,885 4,37 18,666 18,2 18,778 19,547 YoY (%) (4.6) (2.8) (.5) (2.3) OP ,317 1,571 YoY (%) (1.3) 11.1 (14.2) OPM (%) NI NPM (%) GE (GE US) Sales 36,18 35,562 38,439 33, , , , ,251 YoY (%) (2.4) (4.2) OP 4,15 3,413 5,853 5,38 15,697,72 22,182 24,175 YoY (%) (1.7) OPM (%) NI 3,15 3,491 4,494 3,77 14,151 15,912 17,223 18,56 NPM (%)

15 Figure 27 P/E band Figure 28 P/B band chart (KRW ') 5 (KRW ') (1) x 3x x 1x x 1.5x 1.x.5x () Figure 29 SEC (593 KS) P/E band Figure 3 SEC (593 KS) P/B band (KRW ') (KRW ') 2, 14x 2,5 1,8 1,6 1, 1, 12x 1x 8x 2, 1,5 2.5x 2.x 1, 8 1, 1.x 6.5x Figure 31 Apple (AAPL US) P/E band Figure 32 Apple (AAPL) P/B band 1, 25x 1, 9x 1, 1, 8 x 8 7x 6 15x 6 5x 1x 3x

16 Figure 33 Nokia (NOK US) P/E band Figure 34 Nokia (NOK US) P/B band () () x x 3x x x 4.5x 3.x 1.5x Figure 35 RIM (RIMM US) P/E band Figure 36 RIM (RIMM US) P/B band () () x 1x 15 x x 3.5x 2.x.5x Figure 37 HTC (2498 TT) P/E band Figure 38 HTC (2498 TT) P/B band (NT$) (NT$) 1,6 1, 1, 1, 1, 1, 1, 8 6 x 15x 1x 5x 8 6 8x 6x 4x 2x

17 Figure 39 ZTE (763 HK) P/E band (HK$) x 15 3x 1 x 5 1x Figure ZTE (763 HK) P/B band (HK$) x 3x 2x 1x Figure 41 Panasonic (6752 JP) P/E band Figure 42 Panasonic (6752 JP) P/B band (JPY) 6, (JPY) 4, 4, 2, 3,5 3, 2,5 (2,) (4,) 1x x 3x x 2, 1,5 1, 5 2.8x 2.1x 1.4x (6,) x Figure 43 Electrolux (ELUXB SS) P/E band Figure 44 Electrolux (ELUXB SS) P/B band (SEK) (SEK) x 18x x 2.1x x 6x x.7x

18 Figure 45 Sony (6758 JP) P/E band Figure 46 Sony (6758 JP) P/B band (JPY), (JPY) 18, 15, 16, 1, 14, 5, (5,) (1,) (15,) (,) x x 3x x 12, 1, 8, 6, 4, 2, x 1.5x 1.x.5x Figure 47 Philips (PHG US) P/E band Figure 48 Philips (PHG US) P/B band (5) x 3x x 1x x 2.1x 1.4x (1) 1.7x (15) Figure 49 GE (GE US) P/E band Figure 5 GE (GE US) P/B band x x 3 15x 1x 1 5x x 3 2x 1 1x

19 Figure 51 Whirlpool (WHR US) P/E band Figure 52 Whirlpool (WHR US) P/B band x 15x 1x 5x x 2.1x 1.4x (5) 6.7x (1) (15) Figure 53 핸드셋경쟁사상대주가 1.6 Figure 54 핸드셋경쟁사상대주가 SEC Google 1. RIM Sony Apple LGE HTC LGE Nokia ZTE HTC.2 Feb 12 May 12 Aug 12 Nov 12 Feb 13.2 Feb 12 May 12 Aug 12 Nov 12 Feb 13 Figure 55 TV/ 가전경쟁사상대주가 Figure 56 TV/ 가전경쟁사상대주가 Whirlpool Philips GE LGE Electrolux Panasonic Sony.4.6 LGE.2 12-Feb 12-May 12-Aug 12-Nov.4 12-Feb 12-May 12-Aug 12-Nov 19 19

20 Figure 57 핸드셋경쟁사최근 3 개월수익률 (%) (1) Figure 58 핸드셋경쟁사 YTD 수익률 (%) (1) (3) SEC LGE A pple HTC Nokia RIM ZTE Sony Google () SEC LGE A pple HTC Nokia RIM ZTE Sony Google Figure 59 TV/ 가전경쟁사최근 3 개월수익률 Figure 6 TV/ 가전경쟁사 YTD 수익률 (%) (%) (1) LGE Panasonoc Electrolux Sony GE Whirlpool Philips (5) (1) LGE Panasonoc Electrolux Sony GE Whirlpool Philips

21 Summary financial statements 손익계산서 12 월결산 ( 십억원 ) 11A 12E 13E 14E 매출액 54,257 5,96 51,125 53,6 매출원가 (42,58) (38,653) (38,517) (,) 매출총이익 12,199 12,37 12,68 13,241 판매비와관리비 (11,856) (11,191) (11,179) (11,726) 영업이익 ( 조정 ) 343 1,116 1,429 1,514 영업이익 28 1,125 1,429 1,514 순이자손익 (228) (212) (246) (241) 지분법손익 (331) 기타 (121) (541) (1) (1) 세전계속사업손익 (399) 524 1,39 1,399 법인세비용 (33) (433) (31) (322) 당기순이익 (433) 91 1,8 1,77 당기순이익 ( 지배주주지분 ) (47) 69 1,23 1,93 EPS ( 지배주주지분, 원 ) (3,132) 422 6,249 6,678 대차대조표 12 월결산 ( 십억원 ) 11A 12E 13E 14E 유동자산 15,783 15,451 15,961 16,63 현금및현금성자산 2,345 1,317 1,1 1,188 단기금융자산 매출채권 7,65 7,396 7,749 8,133 재고자산 4,947 5,325 5,579 5,856 기타유동자산 1,25 1,262 1,275 1,287 비유동자산 16,875 16,798 17,697 18,542 유형자산 7,29 7,384 7,944 8,436 투자자산 5,729 5,492 5,715 5,947 기타비유동자산 3,855 3,922 4,38 4,16 자산총계 32,658 32,249 33,659 35,172 유동부채 14,215 13,573 13,963 14,385 매입채무 7,36 7,396 7,749 8,133 단기금융부채 3,192 2,478 2,478 2,478 기타유동부채 3,663 3,699 3,736 3,774 증가율 & 마진 (%) 11A 12E 13E 14E 매출액증가율 (2.7) (6.1) 매출총이익증가율 (.8) 영업이익증가율 당기순이익증가율 TN TP 1, EPS 증가율 TN TP 1, 매출총이익율 영업이익률 비유동부채 5,296 5,728 5,777 5,827 장기금융부채 4,258 4,531 4,531 4,531 기타비유동부채 1,38 1,197 1,246 1,297 부채총계 19,51 19,31 19,7,213 지배주주지분 12,894 12,698 13,669 14,71 비지배주주지분 자본총계 13,148 12,948 13,919 14,959 BVPS ( 원 ) 71,33 7,2 75,59 81,343 당기순이익률 (.9) 자료 :, 미래에셋증권리서치센터추정치 자료 :, 미래에셋증권리서치센터추정치 현금흐름표 12 월결산 ( 십억원 ) 11A 12E 13E 14E 영업현금 1, ,962 2,8 당기순이익 (433) 91 1,8 1,77 유무형자산상각비 1,2 1,36 1,362 1,43 기타 2, 1,15 (178) (176) 운전자본증감 (1,6) (1,9) (23) (252) 투자현금 (2,452) (1,159) (2,41) (2,55) 자본적지출 (1,752) (1,89) (1,6) (1,6) 주요투자지표 12 월결산 11A 12E 13E 14E 자기자본이익률 (%) (3.7) 총자산이익률 (%) (1.3) 재고자산보유기간 ( 일 ) 매출채권회수기간 ( 일 ) 매입채무결재기간 ( 일 ) 순차입금 / 자기자본 (%) 이자보상배율 (x) 기타 (7) (7) (441) (455) 재무현금 1,161 (433) (37) (37) 배당금 (43) (59) (37) (37) 자본의증가 ( 감소 ) 부채의증가 ( 감소 ) 228 (383) 기초현금 1,944 2,345 1,317 1,1 기말현금 2,345 1,317 1,1 1,188 자료 :, 미래에셋증권리서치센터추정치 자료 :, 미래에셋증권리서치센터추정치 21 21

22 Recommendations 종목별투자의견 (12 개월기준 ) BUY : 현주가대비목표주가 +1% 초과 Hold : 현주가대비목표주가 ±1% 이내 Reduce : 현주가대비목표주가 1% 초과단, 업종투자의견에의한 ±1% 내의조정치감안가능 업종별투자의견 Overweight : 현업종지수대비 +1% 초과 Neutral : 현업종지수대비 ±1% 이내 Underweight : 현업종지수대비 1% 초과 Compliance Notice 본자료는투자자의증권투자를돕기위하여당사고객에한하여배포되는자료로서어떠한경우에도복사되거나대여될수없습니다. 본조사자료에수록된내용은당사리서치센터가신뢰할만한자료및정보로부터얻어진것이나당사는그정확성이나완전성을보장할수없습니다. 따라서, 어떠한경우에도본자료는고객의증권투자의결과에대한법적책임소재에대한증빙자료로사용될수없습니다. 동자료는기관투자가또는제 3 자에게사전제공한사실이없습니다. 자료에게재된내용들은본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이작성되었음을확인함. 작성자 : 조진호, 정용제 담당자보유주식수종목담당자종류수량취득가취득일 1% 이상보유여부 유가증권종목 계열사담당자 자사주종류 REMARK: Korean analyst is only responsible for Korean securities and relevant sectors only. Target Price and Recommendation Chart Stock Price & Target Price Trend Stock Price Target Price B - Buy H - Hold R - Reduce B () Date Recommendation 12M target price (KRW) HOLD (Initiate) 79, HOLD 79, HOLD 79, HOLD 79, BUY 88,(Up) 3 H 1 Dec-11 Jun-12 Dec