Earnings review K o r e a / T e c h LG 전자 Issue comment Eareradsfdasf B U Y 16 February 2011 BUY 27 Jan 2011 BUY 10 Jan 2011 BUY 22 Nov 2010 이순학, Analyst, 3774-1651 shlee79@miraeasset.com 이학무, Analyst, 3774-1785 hmlee@miraeasset.com Target price Current price (15 February 2011) KRW160,000 KRW124,000 What s New HTC 경쟁력둔화, LG 전자에게기회 HTC 가발표한신제품을통해 HTC 경쟁력이둔화되는것으로판단하고, 이는안드로이드스마트폰시장에서 LG 전자의기회요인이될것임. 그이유는 1) 신제품 6 종모두기존제품과뚜렷한차별점이없고, 2) 태블릿 PC 역시경쟁사의안드로이드 3.0 제품과는다르게 2.3 버전을탑재한제품을개발하였으며, 3) 뒤쳐지는하드웨어경쟁력으로인해화면크기, 두께및무게등모든측면에서열위에있기때문임.» HTC 경쟁력둔화확인» HTC, 태블릿 PC 포함한신제품 6 종발표» 하드웨어경쟁심화는 LG 전자에게유리 Upside/downside 29.03% Consensus target price KRW134,000 Difference from consensus 19.4% Stocks for action Fiscal year ending Dec-09A Dec-10E Dec-11E Dec-12E Revenue (KRWb) 30,513 55,758 62,812 68,186 Op EBIT (KRWb) 1,615 177 1,779 2,609 Net income (KRWb) 2,053 1,281 2,290 3,076 Norm profit (KRWb) 2,053 1,281 2,290 3,076 EPS (KRW) 14,192 8,856 15,832 21,263 EPS growth 325.2% -37.6% 78.8% 34.3% Norm P/E (x) 8.7 14.0 7.8 5.8 EV/EBITDA (x) 1.3 5.1 3.6 3.1 Dividend yield 0.3% 1.6% 0.2% 0.3% P/B (x) 1.8 1.4 1.2 1.0 ROE 22.3% 11.2% 16.3% 18.3% Net debt/equity 18.0% 57.2% 45.5% 35.4% Cons EPS (KRW) 14,192 7,163 10,709 21,263 Prev EPS (adj) (KRW) 14,192 8,856 15,832 21,263» 목표주가 16 만원및투자의견 BUY 유지 Earnings quality score HTC 경쟁력둔화확인 LG 전자의경쟁력은회복되는반면승승장구해왔던 HTC 의경쟁력이둔화되는것으로판단됨. 그이유는 1) 구글과의관계가예전만큼긴밀하지않은것으로확인되고, 2) 이에따라최고경쟁요소였던 OS 경쟁력이이제는 LG 전자대비우월하다고말할수없으며, 3) 하드웨어측면에서도부품경쟁력부족으로디스플레이, 두께, 무게등에서열위에있기때문임. 구글이신규안드로이드 OS 2.3 버전 ( 진저브래드 ) 을삼성전자넥서스 S 에먼저적용하여 HTC 가더이상신규 OS 를먼저공급받지못하고있음. 또한 HTC 가발표한태블릿 PC 는안드로이드 3.0( 허니컴 ) 이아닌 2.3 을적용하여 2/4 분기중출시될예정인데, 비슷한시기에출시할예정인 LG 전자는 3.0 을적용하였음. HTC, 태블릿 PC 포함한신제품 6 종발표 15 일 ( 현지시간 ) MWC 에서태블릿 PC 를포함한신제품 6 종을발표함. 그러나신제품과기존제품간에뚜렷한차별점은없다고판단됨. 1) 대다수제조사들이 8.9 인치및 10 인치의대형사이즈에안드로이드 3.0 을탑재하고있고, 2) 스마트폰에서도 4 인치이상화면에두께 10mm 미만및무게 100g 대초반의슬림하고경량화된제품들이 HTC 대비우월하기때문임. HTC 의태블릿 PC Flyer 는 7 인치에퀄컴의신규칩셋인 1.5GHz 스냅드래곤을장착했으며, 안드로이드 2.3 버전을탑재하였음. 스마트폰은 Desire 후속모델인 Desire S(3.7 /480x800/1GHz), 보급형모델인 Wildfire S(3.2 /320x480/600MHz), 프리미엄모델인 Incredible S(4 /480x800/1GHz) 등 5 종을공개하였음. Sector Average: 53 Earnings Quality Score Historical Earnings Stability Consensus Forecast Certainty 33 38 28 Consensus Forecast Accuracy 11 0 25 50 75 100 Performance Price Close Relative to KOSPI (RHS) 134,000 129,000 108 102 124,000 97 119,000 91 114,000 86 109,000 80 104,000 75 99,000 69 94,000 64 89,000 58 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Source: Bloomberg Trading data Market cap (KRWbn/US$mn) 17,936/15,974 Shares outstanding 161.8mn Free float 64.6% 52-week price high/low KRW92,800 128,000 Daily average turnover (3M) US$98.61mn Performance 1M 3M 12M Absolute 8.8% 30.3% 7.8% Relative to KOSPI 13.4% 25.2% -18.4% Absolute (US$) 7.9% 31.7% 10.9% Major shareholders LG 34.8% National Pension Service 5% 1
하드웨어경쟁심화는 LG 전자에게유리 이번 MWC 에서는넓고얇고가볍게만드는디자인이슈가화두중하나였음. 결국하드웨어제조능력이뛰어난 LG 전자에게수혜가될것으로기대함. LG 전자옵티머스블랙은 4 인치화면에도불구하고 109g 으로최경량디자인을선보였고, 디스플레이는아이폰 4 대비 40% 밝은 NOVA Display 를적용하여차별화하였음. 반면 HTC 는 4 인치대전략스마트폰이 130g 대이고, 디스플레이를비롯한사양측면에서차별화되는것이없음. 이는부품경쟁력이 LG 전자대비낮기때문인것으로판단되며, OS 경쟁력이비슷해져가는상황에서뒤쳐지는하드웨어경쟁력은 HTC 의전반적인경쟁력둔화를야기할수있을것임. Figure 1 HTC 신규스마트폰주요사양 HTC Flyer HTC Incredible S HTC Desire S HTC Salsa HTC Wildfire S announced 2011년 2월 2011년 2월 2011년 2월 2011년 2월 2011년 2월 OS Android 2.3 Android 2.2 Android 2.3 Android 2.3 Android 2.3 CPU Qualcomm 1.5 GHz Qualcomm MSM 8255 Qualcomm MSM 8255 600 MHz 600 MHz Display 7" 4" S-LCD 16M colors 3.7" S-LCD 16M colors 3.4" 256K colors 3.2" 256K colors 해상도 1024x600 480x800 480x800 320x480 320x480 Storage Internal 32GB Internal 1.1GB Internal 1.1GB Internal 512MB Internal 512MB Wi-Fi IEEE 802.11 b/g/n IEEE 802.11 b/g/n IEEE 802.11 b/g/n IEEE 802.11 b/g/n IEEE 802.11 b/g/n Connector MicroUSB v2.0 MicroUSB v2.0 MicroUSB v2.0 MicroUSB v2.0 MicroUSB v2.0 크기 195.4 x 122 x 13.2 mm 120 x 64 x 11.7 mm 115 x 59.8 x 11.63 mm 109.1 x 58.9 x 12.3 mm 101.3 x 59.4 x 12.4 mm 무게 420g 135.5g 130g 120g 105g 배터리용량 Li-Polymer 4000 mah Li-Ion 1450 mah Li-Ion 1450 mah Li-Ion 1520 mah Li-Ion 1230 mah 이미지 자료 : HTC, 미래에셋증권리서치센터 Figure 2 HTC 기존스마트폰주요사양 HTC Desire HD HTC Aria HTC Wildfire HTC Desire HTC Legend announced 2010년 9월 2010년 6월 2010년 5월 2010년 2월 2010년 2월 OS Android 2.2 Android 2.1 Android 2.1 Android 2.1 Android 2.1 CPU Qualcomm MSM 8255 Qualcomm MSM7227 528 MHz 16M colors Qualcomm QSD8250 Qualcomm MSM7227 Display 4.3" 16M colors 3.2" 256K colors 3.2" 16M colors 3.7" S-LCD 16M colors 3.2" AMOLED 16M colors 해상도 480x800 320x480 240x320 480x800 320x480 Storage Internal 1.5GB Internal 512MB Internal 512MB Internal 512MB Internal 512MB Wi-Fi IEEE 802.11 b/g/n IEEE 802.11 b/g IEEE 802.11 b/g IEEE 802.11 b/g IEEE 802.11 b/g Connector MicroUSB v2.0 MicroUSB v2.0 MicroUSB v2.0 MicroUSB v2.0 MicroUSB v2.0 크기 123 x 68 x 11.8 mm 103.8 x 57.7 x 11.7 mm 106.75 x 60.4 x 12.19 mm 119 x 60 x 11.9 mm 112 x 56.3 x 11.5 mm 무게 164g 115g 118g 135g 126g 배터리용량 Li-Ion 1230 mah Li-Ion 1200 mah Li-Ion 1300 mah Li-Ion 1400 mah Li-Ion 1300 mah 이미지 자료 : HTC, 미래에셋증권리서치센터 2
Figure 3 사업부별분기실적전망 (K-IFRS 기준 ) ( 십억원,%) 1Q10 2Q10 3Q10 4Q10P 1Q11E 2Q11E 3Q11E 4Q11E 2010P 2011E 2012E 매출액전체 13,217 14,410 13,429 14,698 13,798 15,649 15,923 17,442 55,754 62,812 68,186 HE 5,156 5,361 5,359 6,205 4,948 5,312 5,772 6,934 22,082 22,966 24,391 MC 3,422 3,619 3,224 3,576 3,837 4,482 4,897 5,312 13,840 18,528 20,692 HA 2,381 2,722 2,750 2,819 2,636 3,014 3,047 3,053 10,673 11,750 12,933 AC 1,172 1,628 1,107 913 1,269 1,672 1,194 990 4,820 5,126 5,463 BS 1,261 1,164 1,192 1,215 1,347 1,252 1,274 1,281 4,832 5,155 5,381 영업이익전체 481.1 126.2 (185.2) (245.7) 292.5 497.6 478.3 510.5 176.4 1,778.8 2,608.9 HE 182.0 28.1 122.9 (124.5) 100.4 131.8 174.2 178.3 208.5 584.8 763.7 MC 23.5 (132.6) (325.7) (274.1) 1.0 154.9 261.8 234.1 (708.9) 651.7 1,040.9 HA 207.4 185.1 67.2 78.0 124.6 117.1 37.8 91.2 537.7 370.6 608.6 AC 42.9 59.4 (52.4) 9.7 59.0 83.6 (15.3) (16.9) 59.6 110.5 117.9 BS 34.4 (15.8) (6.9) 47.1 12.1 15.0 22.0 20.6 58.8 69.8 81.8 영업이익률전체 3.6 0.9-1.4-1.7 2.1 3.2 3.0 2.9 0.3 2.8 3.8 HE 3.5 0.5 2.3-2.0 2.0 2.5 3.0 2.6 0.9 2.5 3.1 MC 0.7-3.7-10.1-7.7 0.0 3.5 5.3 4.4-5.1 3.5 5.0 HA 8.7 6.8 2.4 2.8 4.7 3.9 1.2 3.0 5.0 3.2 4.7 AC 3.7 3.6-4.7 1.1 4.6 5.0-1.3-1.7 1.2 2.2 2.2 BS 2.7-1.4-0.6 3.9 0.9 1.2 1.7 1.6 1.2 1.4 1.5 자료 : LG 전자, 미래에셋증권리서치센터 Figure 4 LG 전자 TV 사업전망주요가정 ( 천대 ) 1Q10 2Q10 3Q10 4Q10P 1Q11E 2Q11E 3Q11E 4Q11E 2010P 2011E LCD TV 전세계수요 40,595 41,794 46,355 53,313 43,808 46,145 50,927 66,549 182,057 207,430 CCFL 37,518 34,309 36,017 37,389 28,082 27,059 27,800 32,109 145,233 115,051 (%) 92% 82% 78% 70% 64% 59% 55% 48% 80% 55% LED 3,077 7,485 10,338 15,924 15,726 19,086 23,127 34,440 36,824 92,379 (%) 8% 18% 22% 30% 36% 41% 45% 52% 20% 45% LGE TV 출하량 9,131 9,304 9,386 11,605 8,664 8,944 10,041 12,275 39,426 39,924 LCD TV 5,168 5,145 5,448 7,491 5,805 6,293 7,207 9,364 23,252 28,669 (%) 57% 55% 58% 65% 67% 70% 72% 76% 59% 72% CCFL 4,836 4,393 4,431 5,341 3,708 3,519 3,615 4,015 19,002 14,857 (%) 94% 85% 81% 71% 64% 56% 50% 43% 82% 52% LED 332 752 1,017 2,150 2,097 2,774 3,592 5,349 4,250 13,812 (%) 6% 15% 19% 29% 36% 44% 50% 57% 18% 48% PDP TV 844 1,165 1,154 1,238 811 882 951 1,234 4,401 3,879 CRT TV + Others 3,119 2,994 2,784 2,876 2,048 1,770 1,882 1,676 11,773 7,376 자료 : LG 전자, 미래에셋증권리서치센터 Figure 5 LG 전자핸드셋사업전망주요가정 ( 백만대, US$) 1Q10 2Q10 3Q10E 4Q10E 1Q11E 2Q11E 3Q11E 4Q11E 2010E 2011E 핸드셋전세계수요 291.4 310.5 328.7 374.1 321.8 341.6 365.5 406.4 1,304.7 1,435.3 스마트폰전세계수요 55.4 62.4 81.0 91.3 82.5 89.5 105.7 118.7 290.1 396.3 LGE ASP 101 95 89 95 105 115 121 126 95 118 LGE 핸드셋출하량 27.1 30.6 28.4 30.6 30.0 32.8 34.7 36.4 116.7 133.8 핸드셋 M/S 9% 10% 9% 8% 9% 10% 9% 9% 9% 9% LGE 스마트폰출하량 0.4 0.9 1.1 3.9 4.4 5.4 6.6 8.5 6.3 24.9 스마트폰 M/S 1% 1% 1% 4% 5% 6% 6% 7% 2% 6% 영업이익 27.7 (119.6) (303.8) (254.5) 35.5 198.4 319.9 306.0 (650.2) 859.8 자료 : LG 전자, 미래에셋증권리서치센터 3
Summary financial statements Profit & Loss (KRWb) Dec-08A Dec-09A Dec-10E Dec-11E Dec-12E Revenue 27,639 30,513 55,758 62,812 68,186 Cost of goods sold (20,822) (23,418) (43,292) (48,365) (51,140) Gross profit 6,816 7,095 12,466 14,447 17,047 SG and A (5,589) (5,480) (12,289) (12,668) (14,438) Op profit 1,227 1,615 177 1,779 2,609 Op EBITDA 1,940 2,284 1,332 3,178 4,125 Depreciation (589) (532) (833) (1,016) (999) Amortisation (124) (138) (322) (383) (517) Op EBIT 1,227 1,615 177 1,779 2,609 Net interest (25) (49) (570) (311) (197) Associates and JCEs 591 1,248 478 850 959 Other income (1,277) (297) 1,163 490 400 Net exceptional income - - - - - Profit before tax 515 2,517 1,248 2,807 3,771 Tax (32) (464) 33 (517) (695) Post-tax profit 483 2,053 1,281 2,290 3,076 Minorities - - - - - Preferred dividends Net income 483 2,053 1,281 2,290 3,076 Norm profit 483 2,053 1,281 2,290 3,076 Dividends (138) (57) (283) (27) (45) Retained earnings 345 1,996 998 2,263 3,030 Cashflow (KRWb) Dec-08A Dec-09A Dec-10E Dec-11E Dec-12E Op EBITDA 1,940 2,284 1,332 3,178 4,125 Decrease in working capital 160 (1,360) (5,338) (1,921) (1,670) Other operating cashflow 167 (164) (1,857) 527 (263) Operating cashflow 2,268 761 (5,863) 1,784 2,192 Tax paid (32) (464) 33 (517) (695) Net interest (25) (49) (570) (311) (197) Dividends received (862) 244 2,031 489 656 Cashflow 1,348 493 (4,369) 1,445 1,955 Capital expenditure (497) (516) (3,946) (1,110) (1,210) Net acquisitions - - - - - Net investments (131) (302) (739) 436 (105) Other investing cashflow (24) (352) 2,389 (766) (99) Investing cashflow (652) (1,171) (2,296) (1,440) (1,415) Dividends paid 138 57 283 27 45 Increase in equity - - - - - Increase in debt 540 253 4,680 200 (850) Other financing cashflow (700) 174 876 281 (90) Financing cash flow (22) 484 5,839 509 (895) Beginning cash 532 1,207 1,013 187 700 Total cash generated 674 (194) (826) 513 (354) Forex effects Ending cash 1,207 1,013 187 700 346 4
Balance Sheet (KRWb) Dec-08A Dec-09A Dec-10E Dec-11E Dec-12E Current assets 4,518 7,446 16,610 19,526 21,548 Cash and equivalents 1,207 1,013 187 700 346 Receivables 1,434 4,537 8,054 8,602 9,866 Inventories 901 767 6,443 8,219 9,249 Other current assets 976 1,128 1,927 2,006 2,087 Non current assets 12,820 14,131 16,608 17,063 18,025 Net operating fixed assets 2,766 2,815 5,738 5,772 5,917 Interest in associates 7,760 8,764 7,211 7,572 7,874 Other non-current ssets 2,294 2,552 3,659 3,719 4,234 Total assets 17,338 21,577 33,218 36,589 39,573 Current liabilities 5,942 8,013 16,989 17,971 18,176 Payables 2,149 3,820 5,751 5,988 6,439 ST debt 578 887 5,210 5,710 5,210 Other current liabilities 3,214 3,306 6,028 6,273 6,528 Total non-current liabilities 2,989 3,404 3,408 3,198 2,946 LT debt 2,010 1,954 2,312 2,012 1,662 Other non-current liabilities 980 1,451 1,096 1,186 1,284 Total liabilities 8,931 11,417 20,396 21,169 21,122 Issued capital 723 723 723 723 723 Share premium reserve 2,652 2,669 2,669 2,669 2,669 Reserves/Adjustments 829 617 2,280 2,617 2,617 Retained earnings 4,117 6,065 7,064 9,326 12,357 Minorities - - - - - Other equity 86 86 86 86 86 Shareholders' equity 8,407 10,160 12,822 15,421 18,451 Key Ratios Dec-08A Dec-09A Dec-10E Dec-11E Dec-12E Turnover growth 17.6% 10.4% 82.7% 12.7% 8.6% Gross profit growth 32.0% 4.1% 75.7% 15.9% 18.0% Operating profit growth 117.3% 31.6% (89.0%) 903.8% 46.7% EBITDA growth (44.6%) 158.1% (8.1%) 52.0% 21.4% EPS growth (60.5%) 325.2% (37.6%) 78.8% 34.3% Norm BPS growth 16.8% 21.1% 26.4% 20.4% 19.8% Gross margin 24.7% 23.3% 22.4% 23.0% 25.0% Operating margin 4.44% 5.29% 0.32% 2.83% 3.83% EBITDA margin 4.5% 10.6% 5.3% 7.2% 8.0% EBIT margin 1.96% 8.41% 3.26% 4.97% 5.82% Net income margin 1.75% 6.73% 2.30% 3.65% 4.51% ROE 6.3% 22.3% 11.2% 16.3% 18.3% ROA 3.0% 10.6% 4.7% 6.6% 8.1% Net debt/equity 16.4% 18.0% 57.2% 45.5% 35.4% Interest cover ratio 11.42 14.99 0.12 1.42 2.15 Dividend payout ratio 28.5% 2.8% 22.1% 1.2% 1.5% Inventory days 15.84 11.95 54.32 62.03 66.20 Account receivable days 18.99 54.28 52.72 49.98 52.96 Account payable days 37.78 59.54 48.48 45.19 46.08 Reported EPS (KRW) 3,338 14,192 8,856 15,832 21,263 EPS (KRW) 3,338 14,192 8,856 15,832 21,263 Reported BPS (KRW) 57,525 69,644 88,047 106,014 126,964 Norm BPS (KRW) 57,525 69,644 88,047 106,014 126,964 DPS (KRW) 952 396 1,955 190 313 Cashflow per share (KRW) 9,318 3,407-30,206 9,987 13,519 Reported P/E (x) 37.15 8.74 14.00 7.83 5.83 Norm P/E (x) 37.15 8.74 14.00 7.83 5.83 P/B (x) 2.16 1.78 1.41 1.17 0.98 P/CF 13.31 36.40 na 12.42 9.17 EV/EBITDA (x) 2.13 1.31 5.11 3.58 3.07 EV/Operating Cashflow (x) 1.18 5.58 na 9.07 7.69 EV/Sales (x) 0.097 0.139 0.273 0.258 0.247 Dividend yield 0.77% 0.32% 1.58% 0.15% 0.25% 5
Recommendation 종목별투자의견 (12 개월기준 ) BUY : 현주가대비목표주가 +10% 초과 Hold : 현주가대비목표주가 ±10% 이내 Reduce : 현주가대비목표주가 -10% 초과단, 업종투자의견에의한 ±10% 내의조정치감안가능 업종별투자의견 Overweight : 현업종지수대비 +10% 초과 Neutral : 현업종지수대비 ±10% 이내 Cautious : 현업종지수대비 10% 초과 Earnings Quality Score Earnings Quality Score = 0.70*(Earnings Stability) + 0.15*(Earnings Certainty) + 0.15*(Earnings Forecast Accuracy) 1. Historical Earnings Stability - 최근 5 년간분기순이익성장률 (YoY) 의변동성을 100 분위지표로환산. - 변동성은 outlier 에의한왜곡현상을최소화하기위해표준편차 (SD) 대신 MAD(Median Absolute Deviation) 로산정. - 순이익분기성장률 (YoY) 변동성이낮을수록동지표값이높음. 2. Consensus Forecast Certainty - 12 개월예상 EPS( 컨센서스기준 ) 추정치에대한애널리스트간견해차를 100 분위지표로환산. - 견해차는 12 개월예상 EPS 의 ' 표준편차 / 평균 ' 으로산정. - 견해차가작을수록동지표값이높음. 3. Consensus Forecast Accuracy - 최근 3 년간 EPS surprise 절대값의평균 (median) 을 100 분위지표로환산. - EPS surprise 는 '( 연말실제치 - 연초추정치 )/ 연초추정치 ' 로산정. - Surprise 의절대크기가낮을수록동지표값이높음. * 참고사항 1) Consensus Forecast Certainty 및 Consensus Forecast Accuracy 는예상 EPS 컨센서스추정치수가 5 개이상인기업만을대상으로하였음. 2) 각지표를산정할수없을경우에는평균인 50 을부여하였음. Compliance Notice 본자료는투자자의증권투자를돕기위하여당사고객에한하여배포되는자료로서어떠한경우에도복사되거나대여될수없습니다. 본조사자료에수록된내용은당사리서치센터가신뢰할만한자료및정보로부터얻어진것이나당사는그정확성이나완전성을보장할수없습니다. 따라서, 어떠한경우에도본자료는고객의증권투자의결과에대한법적책임소재에대한증빙자료로사용될수없습니다. 동자료는기관투자가또는제3자에게사전제공한사실이없습니다. 당사는2 월 16일현재 LG전자를기초자산으로하는 ELW 발행및 LP회사임을알려드립니다. 자료에게재된내용들은본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이작성되었음을확인함. 작성자 : 이순학, 이학무 담당자보유주식수종목담당자종류수량취득가취득일 1% 이상보유여부 유가증권종목 계열사담당자 자사주종류 해당사항없음 주가및목표주가변동추이 주가 목표가격 LG 전자 (066570) Buy Hold Reduce Not Rated Previously Strong Buy Buy Mkt.Perm Und.Perm 날짜투자의견목표가격 (12 개월 ) 2008/12/16 BUY 167,000 2008/12/17 BUY 131,000 ( 하향 ) 2009/01/15 BUY 102,000 ( 하향 ) 2009/03/26 BUY 141,000 ( 상향 ) 2009/04/22 BUY 158,000 ( 상향 ) 2009/05/25 BUY 177,000 ( 상향 ) 2009/06/25 BUY 177,000 < 담당애널리스트변경 > 2009/09/24 BUY 160,000( 커버리지재개 ) 2009/10/22 BUY 160,000 < 담당애널리스트변경 > 2010/09/08 BUY 130,000( 커버리지재개 ) 2010/09/20 BUY 130,000 2010/10/29 BUY 130,000 2010/11/22 BUY 130,000 2011/01/10 BUY 160,000( 상향 ) 2011/01/27 BUY 160,000 2011/02/16 BUY 160,000 6