26 Nov. 218 KTB Investment & Securities
CONTENTS 2 3 11 2 46
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KTB KTB Investment Investment & Securities Securities 3
5. (pt) 14. (%) 4. 1. 3. 6. 2. 2. 1. (2.). -1. 18-1 18-3 18-5 18-7 18-9 18-11 (6.) 18-1 18-3 18-5 18-7 18-9 18-11 KTB Investment & Securities 4
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2. 15. 1. 5.. ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11 '12 '13 '14 '15 '16 '17 '18E '19E 25. 2. 15. 1. 5.. (5.) (1.) (15.) (2.) (25.) (%) 22.4 7.7 9.9 8.6 3.6 3.5 2.5 (4.6) (4.4) (2.7) (6.2) (4.4) (9.) (9.6) (15.9) (2.3) KTB Investment & Securities 1
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4, 3, (mn$) 35, 25, (mn$) 2, 217 218 219E 2, 15, 1, 1, 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 5, 217 218 219 Power Petrochemicals Refining Pipeline Gas Processing Oil / Gas Production / KTB Investment & Securities 12
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5% 4% 3% 2% 1% 12% 45% 17% 42% 9% 28% 11% 1% 14% 36% % 215 216 217 218 219 Design/Stury FEED Main Contract PQ Main Contract Bid Bid Evaluation 35 3 25 2 15 1 5 172 185 175 14 183 158 181 93 155 159 127 122 134 138 147 117 211 212 213 214 215 216 217 218 ~ ~ KTB Investment & Securities 14
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4, 3,5 3, 2,5 2, 1,5 1, 5 212.12 218.9 12, 7. 1, 93,846 6. 8, 5. 6, 4, 59,31 4. 48,71 48,254 45,731 3. 2. 2, 1.. KTB Investment & Securities 17
16. (bn$) 216 217 218.9 2.% 1.% 14. 12. 1. 1.%.% 5.%.% 8. -1.% -5.% 6. -2.% -1.% 4. 2. -3.% 12.1Q 13.1Q 14.1Q 15.1Q 16.1Q 17.1Q 18.1Q -15.%. JGC Chiyoda Petrofac Technip FMC Tecnicas Reunidas Saipem KTB Investment & Securities 18
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7 6% 6 5% 6 45% 5 4% 5 4 3 3% 15% % 4 3 2 3% 2% 2-15% 1 1% 1-3% % 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 1718E19E -45% 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218E 219E KTB Investment & Securities 22
14. 12. 1. 8. 6. 4. 2.. 8.% 6.% 4.% 2.%.% -2.% -4.% -6.% 2 18 16 14 12 1 8 6 4 2 64% 62% 6% 58% 56% 54% 52% 214-8 214-11 215-2 215-5 215-8 215-11 216-2 216-5 216-8 216-11 217-2 217-5 217-8 217-11 218-2 218-5 218-8 14-8 14-11 15-2 15-5 15-8 15-11 16-2 16-5 16-8 16-11 17-2 17-5 17-8 17-11 18-2 18-5 18-8 5% KTB Investment & Securities 23
KTB Investment & Securities 24
5 45 4 35 3 25 2 15 1 5 () 16 13 13 16 16 17 28 29 21 21 17 16 17 9 7 11 18 12 11 8 1 1 12 211 212 213 214 215 216E 217E / 23 23 218E 18 2 219E 14 16 22E 1. 95. 9. 85. 8. 75. 7. 65. 6. 217.6 217.9 217.12 218.3 218.6 218.9 KTB Investment & Securities 25
4.% 35.% 3.% 25.% 2.% 15.% 1.% 218.6 218.7 218.8 218.9 3, 4, 25, 35, 2, 3, 15, 1, 35,6 26,279 5.% 5,.% 16/9 16/1 16/11 16/12 17/1 17/2 17/3 17/4 17/5 17/6 17/7 17/8 17/9 17/1 17/11 17/12 18/1 18/2 18/3 18/4 18/5 18/6 18/7 18/8 18/9 18/1 KTB Investment & Securities 26
25. 2. 15. 1. 5.. KTB Investment & Securities 27
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6 5 4 3 2 1 512 87 24 38 166 82 41 186 173 86 76 53 33 41 3 14. 12. 1. 8. 6. 4. 2.. 8.4% 68.8% 61.8% 56.7% 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% KTB Investment & Securities 3
6, 5, 7,764 3.% 25.% 4, 3, 2, 1, 1,594 1,612 2,957 6,27 6,7 4,371 5,928 9,991 5,935 6,518 6,951 17,696 4,643 5,849 6,29 7,199 4,795 3,59 7,543 215 216 217 218 2.% 15.% 1.% 5.%.% -5.% 14-1Q 14-2Q 14-3Q 14-4Q 15-1Q 15-2Q 15-3Q 15-4Q 16-1Q 16-2Q 16-3Q 16-4Q 17-1Q 17-2Q 17-3Q 17-4Q 18-1Q 18-2Q 18-3QP 18-4QE KTB Investment & Securities 31
1. 9. 8. 7. 6. 5. KTB Investment & Securities 32
18. 16. 14. 12. 1. 8. 6. 4. 2.. 27 28 29 21 211 212 213 214 215 216 217 218 219E ( ) 4.% 35.% 3.% 25.% 2.% 15.% 1.% 5.%.% 3. 25. 2. 15. 1. 5.. 2.6 9.3 8.6 2.4 7.4 12.2 2.5 7.8 14.2 217 218 219E (/) () () KTB Investment & Securities 33
18. 16. 14. 12. 1. 8. 6. 4. 2.. 9.9 7.4 5.6 5.3 6.9 6.4 5.9 5.7 29 21 211 212 1. 7. 213.6.5 2.5 7. 7.1 3.9 214 215 216.6 1.7 217.8 14 12 1 8 6 4 2 22 69 211 36 2 212 39 41 213 54 55 5 6 6 6 6 6 4 62 7 7 7 7 7 7 7 7 214 215 216 217 218 219E 22E 221E 222E KTB Investment & Securities 34
25, 2, 2,443 15, 1, 5, 1,437 3,676 6,16 7,26 4,239 7,311 7,127 214 215 216 217 218E KTB Investment & Securities 35
KTB Investment & Securities 36
35. 3. 25. 2. 14.5 9. 8. 7. 6. 5. 19.4 8.8 15. 1. 5...5 2. 5. 221E 222E 223E 224E 225E 8. 4. 3. 2. 1.. 1.4 1.5 15.1 25.2 218E 219E 22E 221E 222E 223E KTB Investment & Securities 37
6. 5. 4. 3. 2. 1. 7. 6. 5. 4. 3. 2. 1. 4. 35. 3. 25. 2. 15. 1. 5. 25. 2. 15. 1. 5.. 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19E.. 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19E. KTB Investment & Securities 38
3. 25. 22.1 3.% 2.% 2. 15. 19. 18.5 18. 17.7 17. 1.%.% 1. 5. -1.% -2.%. 27 28 29 21 211 212 213 214 215 216 217 218 219E 22E 221E 222E -3.% KTB Investment & Securities 39
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25. 2. 15. 1. 5. 18.1 14.7 3.6 19.9 1.9 3.8 4. 18.5 13.2 ( ). 211 ~ 215 216 ~ 22 221 ~ 225 KTB Investment & Securities 41
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12, 1, 8, 6, 4, 2, (2,) (4,) 13.1Q 13.2Q 13.3Q 13.4Q 14.1Q 14.2Q 14.3Q 14.4Q 15.1Q 15.2Q 15.3Q 15.4Q 16.1Q 16.2Q 16.3Q 16.4Q 17.1Q 17.2Q 17.3Q 17.4Q 18.1Q 18.2Q 1,6 1,4 1,2 1, 8 6 4 2 13.1Q 13.2Q 13.3Q 13.4Q 14.1Q 14.2Q 14.3Q 14.4Q 15.1Q 15.2Q 15.3Q 15.4Q 16.1Q 16.2Q 16.3Q 16.4Q 17.1Q 17.2Q 17.3Q 17.4Q 18.1Q 18.2Q KTB Investment & Securities 45
KTB Investment & Securities 46
219 KTB KTB Investment Investment & Securities Securities 47 47
6, 5, 4, 3, 2, 1, 26 21 16 11 6 17.11 18.2 18.5 18.8 (, ) KOSPI(, p) KTB Investment & Securities 48
(-) () (-) (+) Free Cash Flow (-) KTB Investment & Securities 49
1, 8, 6, 4, 2, 17.11 18.2 18.5 18.8 14 13 12 11 1 9 8 7 6 (, ) KOSPI(, p) KTB Investment & Securities 5
(-) () (-) (+) Free Cash Flow (-) KTB Investment & Securities 51
8, 7, 6, 5, 4, 3, 2, 1, 17.11 18.2 18.5 18.8 14 13 12 11 1 9 8 7 6 (, ) KOSPI(, p) KTB Investment & Securities 52
(-) () (-) (+) Free Cash Flow (-) KTB Investment & Securities 53
9, 8, 7, 6, 5, 4, 3, 2, 1, 17.11 18.2 18.5 18.8 24 22 2 18 16 14 12 1 8 6 (, ) KOSPI(, p) KTB Investment & Securities 54
(-) () (-) (+) Free Cash Flow (-) KTB Investment & Securities 55
25, 2, 15, 1, 5, 17.11 18.2 18.5 18.8 18 16 14 12 1 8 6 (, ) KOSPI(, p) KTB Investment & Securities 56
(-) () (-) (+) Free Cash Flow (-) KTB Investment & Securities 57
8, 15 7, 1 6, 95 5, 9 85 4, 8 3, 75 2, 7 1, 65 6 18.6 18.7 18.8 18.9 18.1 18.11 (, ) KTB Investment & Securities 58
(-) () (-) (+) Free Cash Flow (-) KTB Investment & Securities 59
7, 6, 5, 4, 3, 2, 1, Nov-16 May-17 Nov-17 May-18 Nov-18 KTB Investment & Securities 6
14, 12, 1, 8, 6, 4, 2, Nov-16 May-17 Nov-17 May-18 Nov-18 9, 8, 7, 6, 5, 4, 3, 2, 1, Nov-16 May-17 Nov-17 May-18 Nov-18 3, 25, 2, 15, 1, 5, Nov-16 May-17 Nov-17 May-18 Nov-18 KTB Investment & Securities 61
14, 12, 1, 8, 6, 4, 2, Nov-16 May-17 Nov-17 May-18 Nov-18 16, 12, 8, 4, Nov-16 May-17 Nov-17 May-18 Nov-18 KTB Investment & Securities 62
63
www.ktb.co.kr KTB Investment & Securities 64