28 11 12 SECTOR REPORT 2) 3772-1554 kdbae@goodi.com 2) 3772-1528 wooli.ko@goodi.com (Bloomberg), (First Call), I/B/E/S, ISI, Multex (FnGuide) 3. (%) (1) 215, 2,5 7.2 (64) 15, 94, 11.7 (628) 95, 91,5 3.8 (893) 98, 93,5 4.8 LG (6887) 4, 35,4 13. (6962) 65, 43,3 5.1 (3) 16, 14,15 13.1 (163) 2, 14,65 36.5 (23) 29, 22,3 3. (16) 12, 1,2 17.6 Korea Equity Research
SECTOR REPORT 281112 2 3 6 8 17 21 28 3 32 34 36 38 4 42 44 46
SECTOR REPORT 281112, (1), (64), (628), (893), LG (6887) (6962),, (3), (163), MS, (23), (16), 3
SECTOR REPORT 281112 1% 14 12 1 8 6 4 2 22 23 24 25 26 27 28E 29E (%) 2 16 12 8 4 1 (%) 6 2 5 4 3 2 1 16 12 8 4 24 25 26 27 28E 29E 21E 1 (%) 8, 7, 6, 5, 4, 3, 2, 1, 24 25 26 27 28E 29E 21E 15 14 13 12 11 1 1 (%) 3, 4 2,5 38 2, 1,5 1, 5 36 34 32 3 28 4
SECTOR REPORT 281112 1 (%) 5, 6 4, 3, 45 3 2, 1, 24 25 26 27 28E 29E 21E 15 (15) S&P 5 PER S&P 5 1.4x 5 1 15 2 PER (x) PER KOSPI 8.6x 5 1 15 2 25 3 PER (x) PER (x) 3 25 2 15 1 5 1 15 2 25 5
SECTOR REPORT 281112 28 28 (7) (6) (5) (4) (3) (2) (1) (%) (%) MSD 1,219 133 1,239 992 32.3 CJ 1,275 146 33.5 1,39 91 35.9 549 18 22.6 1,146 449 31.2 1,68 235 31.2 (pt) (%) 5,5 12 5, 8 4,5 4, 4 3,5 3, 2,5 2, 8.1 8.3 8.5 8.7 8.9 8.11 (4) (8) 6
SECTOR REPORT 281112 28 (1) (8) (6) (4) (2) 14 12 1 8 6 4 2 8.1 8.3 8.5 8.7 8.9 8.11 1,6 2, (%) 1,5 1,6 1,9 17 1,4 1,4 16 1,8 1,3 1,2 15 1,7 1, 1,2 14 1,6 1,1 8 13 1, 1,5 6 9 1,4 4 12 8 1,3 2 11 1 8.1 8.3 8.5 8.7 8.9 8.11 6.3 6.9 7.3 7.9 8.3 8.9 1 7
SECTOR REPORT 281112 3, 2, 1 (%) 3, 4 2,5 38 1, (1,) (2,) (3,) 2 22 24 26 8.1 2, 36 1,5 34 1, 32 5 3 28 4 7% (%) 1 8 6 4 2 2 22 24 26 28.1H 3% (%) 35 3 25 2 15 1 5 22 24 26 28.1H 8
SECTOR REPORT 281112 7, 6, 5, 4, 3, 6.1Q 6.3Q 7.1Q 7.3Q 8.1Q 8.3Q (%) 25 2 15 1 5 25, 2, 15, 1, 5, 6.1Q 6.3Q 7.1Q 7.3Q 8.1Q 8.3Q (%) 2 15 1 5 1% 22 23 24 25 26 27 28E 29E 48,14 55,831 63,535 772,289 84,41 95,134 18,453 123,311 (%) 14.9 16.3 13.8 13.8 16.3 13.2 14. 13.7 14 12 1 8 6 4 2 (%) 2 16 12 8 4 22 23 24 25 26 27 28E 29E 9
SECTOR REPORT 281112 29 86 86 86 89 811 811 811 811 812 1 24 25 26 27 28E 29E 21E 5,412 5,336 5,712 6,359 7,26 7,846 8,669 3,44 3,92 4,117 4,822 5,82 6,452 7,194 2,84 3,382 4,4 4,842 5,563 6,315 7,2 3,17 3,765 4,222 5,1 5,537 6,196 6,921 1,124 3,364 3,667 4,423 4,644 4,876 5,12 3,32 3,114 3,428 3,85 4,249 4,562 4,91 1,862 2,358 2,428 2,52 3,5 3,396 3,767 1,973 2,275 2,594 2,74 2,941 3,153 3,389 LG 2,136 2,133 2,212 2,564 2,694 2,98 3,352 1,131 1,264 1,375 1,556 1,656 1,79 1,964 1 26,49 3,91 33,759 38,652 43,136 47,566 52,35 (%) 13.9 18.7 9.2 14.5 11.6 1.3 1. 1 (%) 6 5 4 3 2 1 24 25 26 27 28E 29E 21E 2 16 12 8 4 1 (%) 14, 3 12, 1, 8, 6, 4, 2, 7.3 7.9 8.3 8.9 9.3E 9.9E 25 2 15 1 5 1
SECTOR REPORT 281112 (%) 6 5 4 3 2 1 7.1 7.4 7.7 7.1 8.1 8.4 8.7 (%) 5 4 3 2 1 8.6 8.7 8.8 8.9 1 1 8 6 4 2 6 5 4 3 2 1 11
SECTOR REPORT 281112 12 1 8 6 4 25 2 15 1 2 1 8 6 4 2 (27 ) 1 1 1 8 2% - 8 8% - 68 85% 5 4 3 2 1 12
SECTOR REPORT 281112 29 13 1,2 1,1 1, 9 8 7 1 24 25 26 27 28E 29E 21E 457 42 69 724 825 954 1,127 484 618 547 593 723 843 1,2 37 32 533 584 671 753 863 342 511 73 742 65 745 876 349 473 525 676 68 75 869 348 614 51 338 416 474 574 211 26 265 422 427 467 526 314 357 388 394 357 376 398 386 369 471 413 331 361 369 LG 36 4 88 256 253 292 364 1 3,235 3,893 4,629 5,143 5,216 5,97 6,969 (%) 21.1 2.3 18.9 11.1 1.4 14.5 16.7 (%) 12.4 12.6 13.7 13.3 12.1 12.6 13.3 25 26 27 28E 29E 1,4 1,3 1,2 1,1 1, 9 8 7 1Q7 4Q7 3Q8 2Q9E 1,6 1,5 1,4 1,3 1,2 1,1 1, 1,7 1,6 1,5 1,4 1,3 1,2 1,1 1, 1 (%) 3, 55 25, 2, 15, 1, 5, 24 25 26 27 28E 29E 21E 1 (%) 2, 17 1,5 1, 5 7.3 7.9 8.3 8.9 9.3E 9.9E 5 45 4 35 3 16 15 14 13 12 11 1
SECTOR REPORT 281112 1,2 1, 8 6 4 138 179 221 25 356 49 41 491 2 2 21 22 23 24 25 26 27, 27 1 14,519 82,679 57,84 2 98,981 38,511 6,47 3 74,811 6,67 68,141 4 65,172 45,45 19,722 5 61,436 6,528 98 6 56,514 36,452 2,62 7 3,847 25,428 5,419 8 25,359 19,454 5,95 9 9,763 7,481 2,282 1 8,836 6,231 2,65 3 1% 14
SECTOR REPORT 281112 1,4 1,2 1, 8 6 4 2 1 5, 4, (%) (%) 45 4 35 3 25 2 15 1 5 6 45 3, 3 2, 15 1, 24 25 26 27 28E 29E 21E (15) 15
SECTOR REPORT 281112 2411 Eisai 4 256 Pharmasset 3 259 TAP 44 263 BIRD 16 276 Pacific Beach 56.5 276 Procter & Gamble 511 2711 LG Gilead 2 LGSR-hgh 3 PTH 3 3 B 3 3 3 3 LGLB84451 2 DW224 2 DW135 1 261 SPC 3, 5 2611 1,5 5 272 2, 5 ( ) 272 14, 7 PMH 277 Inova 271 Otechestvennye 287 Bergamo API 14, 7 5, 5 1,9 7 16
SECTOR REPORT 281112 FTA GMP / GLP / FTA 2623 FTA 2665 FTA 1 27326 FTA 2742 FTA 27621 FTA 2763 FTA 2818 FTA 28115 FTA, FTA GMP / GLP /, 17
SECTOR REPORT 281112 GMP GMP 281 287 297 211 GMP GMP GMP, GMP 1 3,5 3, 2,5 2, 1,5 1, 5 1,6 1,4 1,2 1, 8 6 4 2 24 25 26 27 28E 29E 21E 18
SECTOR REPORT 281112 29 23 24 25 26 27 28 29E 12,178 344 749 5,32 5,345 4,599 4,299 2,732 82 226 1,477 1,397 1,451 764 (%) 22.4 23.8 3.2 27.8 26.1 31.6 17.8 (%) 7.2 7.5 6.3 1.8 17. 13.3 6.8 588 43 57 591 812 1,347 336 1,6 1,4 1,2 1, 8 6 4 2 23 24 25 26 27 28 29E (%) 18 16 14 12 1 8 6 4 2 19
SECTOR REPORT 281112 28,,,,,,,, ( ),, 28 (%) 11 17 4,423 2.4 41, 2,51 4,842 42.4 24, 1,231 6,359 19.4 27 294 1,556 18.9 35, 88 4,822 16.8 46, 752 2,74 27.8 34, 945 2,52 37.5 33, 673 3,85 17.5 47, 1,39 5,1 27.7 LG 9 357 2,564 13.9 SK 24, 882 2,664 33.1 2
SECTOR REPORT 281112 PER 14, 12, 1, 8, 6, 4, 2, 4/1 4/8 5/3 5/1 6/5 6/12 7/7 8/2 8/9 (%) 25 2 15 1 5 21
SECTOR REPORT 281112 S&P 5 (%) (%) (%) 9 PER (x) 2.5 4.2 4.5 12.9.8 3.5 2.6 6.7 7.7 12.2 11.3 15. 2.1 8.1 5. 8.2 (.6) (2.9) (1.7) 8.9 7. 16.1 17.1 1.2 5.9 8.1 7.9 7.9 3.1 16.3 1.2 8.6 4.9 1.5 11.4 14.3 8.1 6.5 8.5 6.5 (8.9) (22.4) (11.5) 11.1 Major 3.2 6. 5.6 1. 5. 5.2 19.6 17.8 8.6 29.2 38.1 9.5 3.7 3.4 5.2 12. Generic 6.4 14.9 22.3 13.1 S&P 5 PER S&P 5 1.4x 2 4 6 8 1 12 14 16 18 2 PER (x) 22
SECTOR REPORT 281112 1 PER (%) (%) (%) (%) PBR EV/EBITDA ROE (%) 8.12E 5,82 2.7 723 22. 12.4 1,39 42.4 15.1 2.2 19.2 16. (1 KS) 9.12E 6,452 1.9 843 16.6 13.1 1,382 5.6 15. 2.1 17.2 14.6 1.12E 7,194 11.5 1,2 18.9 13.9 1,611 16.5 13.5 1.9 14.9 14.8 8.12E 7,26 1.5 825 13.9 11.7 499 19.3 2.7 11.1 14.5 (64 KS) 9.12E 7,846 11.7 954 15.6 12.2 596 19.6 16.5 2.4 9.7 15.4 1.12E 8,669 1.5 1,127 18.2 13. 746 25.1 13.4 2.1 8.1 16.7 (628 KS) 8.12E 5,14 16.2 671 14.8 13.1 469 5.7 17.6 3.1 12.8 18.7 9.12E 5,716 11.2 753 12.2 13.2 54 7.5 16.4 2.7 1.3 17.6 1.12E 6,32 1.3 863 14.6 13.7 65 2. 13.6 2.3 8.6 18.2 8.12E 5,537 1.5 68 (1.) 11. 651 22.5 12.5 2.1 12.1 18.4 (893 KS) 9.12E 6,196 11.9 75 15.8 11.4 577 (11.5) 14.8 2. 1.9 14.2 1.12E 6,921 11.7 869 23.4 12.6 731 26.8 12.2 1.8 9.4 15.7 LG 8.12E 2,694 5.1 253 (1.3) 9.4 184 (.7) 32.3 2.1 11.8 6.8 (6887 KS) 9.12E 2,98 1.6 292 15.6 9.8 214 16.1 27.8 2. 1.6 7.4 1.12E 3,352 12.5 364 24.7 1.9 269 25.8 22.1 1.8 9. 8.6 9.3E 5,563 14.9 65 (18.5) 1.9 453 (23.1) 9.7 1.5 5.6 16. (6962 KS) 1.3E 6,315 13.5 745 23.2 11.8 573 26.3 7.9 1.3 4.5 17.5 11.3E 7,2 11.2 876 17.6 12.5 698 22. 6.6 1.1 3.6 18.2 9.3E 1,656 6.4 427 1.2 25.8 319 (3.) 12. 2.3 7.2 19.1 (3 KS) 1.3E 1,79 8.1 467 9.6 26.1 359 12.5 11.2 2.1 5.8 19.9 11.3E 1,964 9.7 526 12.6 26.8 418 16.5 1.1 1.9 5.3 2.2 (163 KS) 8.12E 3,5 19.2 416 23.1 13.8 219 1. 8.7 1. 4.9 11.8 9.12E 3,396 13. 474 14. 14. 258 18. 7.6.9 4.3 12.4 1.12E 3,767 1.9 574 21. 15.2 331 28.3 6.1.8 3.4 14. 9.3E 2,941 8.8 357 (9.6) 12.1 169 (25.4) 6.6.6 3.2 9.3 (23 KS) 1.3E 3,153 7.2 376 5.3 11.9 23 2.3 5.5.5 3.3 1.3 11.3E 3,389 7.5 398 6. 11.7 26 1.3 5.4.5 2.4 9.6 8.12E 4,249 1.4 331 (19.7) 7.8 41 (52.7) 22.7.7 4.9 3.3 (16 KS) 9.12E 4,562 7.4 361 9. 7.9 17 158.2 9.1.7 4.9 8.2 1.12E 4,91 7.6 369 2.2 7.5 12 12. 8.3.7 3.5 8.6 23
SECTOR REPORT 281112 PER PER CAGR(8~1) (%) PER (1) 17.7 17. 3% (64) 16.9 18.3 4% (628) 13.4 17. 3% (893) 19.5 13.1 % LG (6887) 2. 21. 6% (6962) 2.3 11.8 1% (3) 11.1 11.8 1% (163) 17.4 1.5 2% (23) 5.6 7.9 4% (16) 5.5 9.2 3%, (%) (1) 215, 2,5 7.2 (64) 15, 94, 11.7 (628) 95, 91,5 3.8 (893) 98, 93,5 4.8 LG (6887) 4, 35,4 13. (6962) 65, 43,3 5.1 (3) 16, 14,15 13.1 (163) 2, 14,65 36.5 (23) 29, 22,3 3. (16) 12, 1.2 17.6 24
SECTOR REPORT 281112 (1), (64), (628), (893), LG (6887) (6962),, (3), (163), MS, (23), (16), PER KOSPI 8.6x 5 1 15 2 25 3 PER (x) PER PER (x) 3 25 2 15 1 5 5 1 15 2 25 ROE PBR PBR (x) 3 2 1 ROE (%) 5 1 15 2 25 25
SECTOR REPORT 281112 26
SECTOR REPORT 281112 27
281112 (1) 2) 3772-1554 2) 3772-1528 kdbae@goodi.com wooli.ko@goodi.com KOSPI : 1,128.73p KOSDAQ : 325.74p : 1,927.6 : 5, : 9.8 : 8.1 (82.6%) 52 / : 232, /163,5 (6 ) : 57,93 (6 ) : 11,375 : 21.6% : 15.1% 14.2% 3-8.% 6-1.7% 12-9.5% KOSPI 3 28.8% 6 44.3% 12 59.6% 3, 2, 1, 3 2 1 4, 2, 12 28 EPS PER EV/EBITDA PBR ROE (%) (%) (%) (%) 26 411.7 54.7 83.2 67.1 6,94 4.5 2.7 19.1 1.9 1.6 (8.2).7 27 482.2 59.3 12. 92. 9,388 36. 17.9 19.6 2.1 12.9 (16.7).6 28E 582. 72.3 148.8 13.9 13,281 41.5 15.1 19.2 2.2 16. (25.3).5 29E 645.2 84.3 157.1 138.2 13,334.4 15. 17.2 2.1 14.6 (32.8).6 21E 719.4 1.2 183.1 161.1 14,814 11.1 13.5 14.9 1.9 14.8 (39.1).6
281112 : 26 27 28E 29E 21E 918.2 972.6 1,95.9 1,224.6 1,374.9 37.5 336.9 445.4 556.7 684.8 77.2 93.5 171.6 261.6 365.9 47.8 72.9 81.4 9.7 99. 132.5 112.9 127.6 132.6 141.9 46.7 53.8 6.6 67.2 72.9 3.3 3.7 4.1 4.6 5. 61.7 635.7 65.5 667.9 69.1 271.4 299.3 32. 341.3 365.4 32.1 297.2 29.7 286.1 283.3 1.2 3.1 3.5 4.3 5.2 245.8 216.8 213.6 211.4 21.3 169.6 17. 162.9 156.3 15.3 43.8 43.3 44.6 46.4 48.7 2. 1. 1. 1. 1. 2. 3. 2. 1.. 85.7 86.7 88.3 89.9 91.6 76.3 46.8 5.7 55.1 6. 29.9......... 46.3 46.8 5.7 55.1 6. 672.4 755.8 882.2 1,13.2 1,164.6 44.4 46.9 49.4 51.8 54.4 174.8 179.7 182.2 182.2 182.2 (11.9) (19.7) (2.) (2.) (2.) 19.6 2.1 2.1 2.1 2.1 445.6 528.8 65.5 779. 927.9 69.9 4. 3. 2. 1. ( ) (55.1) (126.4) (223.) (332.3) (454.9) 26 27 28E 29E 21E 29.9 83. 78.4 91.1 15.4 67.1 92. 13.9 138.2 161.1 14.6 17.7 17.8 15.7 14.3.2.3.4.5.6 ( ) (4.5) (47.5) (52.6) (55.6) (6.1) ( ) 1.7 (.3)... ( ) (.2) (.1) (.2) (.2) (.2), (22.6) 5.2 (25.5) (2.9) (26.) 9.6 15.7 7.5 13.4 15.6 (.4) (29.) 13.9 16.1 18.6 (- ) 27.2 (25.1) (8.5) (9.3) (8.3) (- ) 27.9 19.6 31.8 34.3 36. (- ) (24.2) (12.7) (11.2) (1.9) (11.3) (31.3) (1.8) 1.8 2. 2.2 Free Cash Flow 29.5 54. 92.3 17.2 124. (8.1) (37.7) (14.2) (17.3) (19.7) ( ) 5. (1.)... ( ) (2.) (2.) (1.) (1.) (1.) ( )..... ( )..... ( ) 4.8 3.2 5. 2.4 2.5 (8.2) (8.7) (9.2) (9.7) (12.2) 1.3 (2.2)... 21.4 16.3 78.1 9. 14.3 55.8 77.2 93.5 171.6 261.6 77.2 93.5 171.6 261.6 365.9 / (%) 5.9 2.6 1.9 1.7 1.6 / (%) 3.6 3.7 3.1 2.4 2. / (%) 6.4 139.6 158.9 144. 126.5 29 26 27 28E 29E 21E 411.7 482.2 582. 645.2 719.4 (%) 5. 17.1 2.7 1.9 11.5 (%) 13.3 14.2 13. 12.8 13. 213.3 254.5 37.6 335.6 37.9 (%) 11.7 19.3 2.9 9.1 1.5 198.4 227.7 274.4 39.6 348.5 (%) 48.2 47.2 47.1 48. 48.4 143.7 168.4 22.1 225.3 248.3 (%) 3.3 17.2 2. 11.5 1.2 54.7 59.3 72.3 84.3 1.2 (%) (11.5) 8.4 22. 16.6 18.9 (%) 13.3 12.3 12.4 13.1 13.9 ( ) 28.5 42.7 76.5 72.8 82.8 5.6 7.9 12. 17.3 23.3 3.2 2.5 1.7 1.3.8 ( ) (1.) (.1) 5.5 1.. ( ) (1.5).4.2.2.2 ( ) 4.5 47.5 52.6 55.6 6.1 ( ) (11.9) (1.5) 8... 83.2 12. 148.8 157.1 183.1 16.1 1.1 17.9 18.9 22. 67.1 92. 13.9 138.2 161.1..... 67.1 92. 13.9 138.2 161.1 (%) 6.3 37.1 42.4 5.6 16.5 (%) 16.3 19.1 22.5 21.4 22.4 EBITDA 69.5 77.4 9.5 1.5 115.1 (%) (.6) 11.3 17. 11.1 14.5 (%) 13. 1. 7.4 8.8 7.9 26 27 28E 29E 21E EPS () 6,94 9,388 13,281 13,334 14,814 Adj. EPS () 7,58 9,343 13,564 13,63 15,99 BPS () 75,773 8,652 89,263 97,735 17,1 DPS () 1, 1, 1, 1,2 1,2 PER () 2.7 17.9 15.1 15. 13.5 Adj. PER () 2.2 18. 14.8 14.7 13.3 PBR () 1.9 2.1 2.2 2.1 1.9 PCR () 26.4 21.2 19. 18.5 16.6 EV/ EBITDA () 19.1 19.6 19.2 17.2 14.9 PEG ().8 1.1 2.3 1.4 1.3 (%).7.6.5.6.6 (%) 13.3 12.3 12.4 13.1 13.9 EBITDA (%) 16.9 16. 15.6 15.6 16. (%) 2.2 21.2 25.6 24.3 25.4 (%) 16.3 19.1 22.5 21.4 22.4 ROA (%) 7.5 9.7 12.7 11.9 12.4 ROE (%) 1.6 12.9 16. 14.6 14.8 ROIC (%) 12.2 14. 16.6 19. 22.1 (%) 36.6 28.7 24.2 2.9 18.1 (%) (8.2) (16.7) (25.3) (32.8) (39.1) () 17. 23.8 41.3 67.4 133.6 ().5.5.6.6.6 () 3. 3.8 4.7 4.8 5.1 () 7.3 9.6 1.2 1.1 1.3 () 1.9 11.1 13.2 14.2 15.1 () 7.5 1.3 11.7 1.1 9.7
281112 (64) 2) 3772-1554 2) 3772-1528 kdbae@goodi.com wooli.ko@goodi.com KOSPI : 1,128.73p KOSDAQ : 325.74p : 963.8 : 5, : 1.3 : 8.9 (86.5%) 52 / : 117, /68,1 (6 ) : 58,553 (6 ) : 5,276 : 19.4% : 9.1% 5.3% 3-12.1% 6-16.1% 12-9.6% KOSPI 3 23.1% 6 35.6% 12 59.4% 15, 1, 5, 2 1 2, 1, 12 EPS PER EV/EBITDA PBR ROE (%) (%) (%) (%) 26 571.2 6.9 46.3 27.1 2,642 6.6 25. 1.3 2.1 8.8 36.2 1.1 27 635.9 72.4 49.9 (3.1) (3) - na 11.5 2.6 (1.) 41.1.9 28E 72.6 82.5 73.3 49.9 4,863-19.3 11.1 2.7 14.5 41.2.8 29E 784.6 95.4 86.4 59.6 5,73 17.3 16.5 9.7 2.4 15.4 31.6.8 21E 866.9 112.7 16.6 74.6 6,993 22.6 13.4 8.1 2.1 16.7 18.5 1. 3
281112 : 26 27 28E 29E 21E 594.3 671. 715.6 775.5 82.7 266.5 284.3 31.5 333.3 354. 42.4 51.2 65.5 83.2 94.3 5.5 4.3 4.7 5.2 5.7 126.7 123.7 13.9 133.3 137.8 82.4 94.7 97.9 98.9 12.1 9.5 1.4 11.5 12.8 14.1 327.8 386.6 45.2 442.2 466.7 11. 114.7 12.7 125.6 13.1 26.2 238. 266.2 297.7 317.3 2.9 2.8 2.9 3. 3.1 276.8 343. 355.4 363.2 341.6 211.1 216.2 226.2 211.4 27. 28. 32.4 35. 37.5 39.7 24.2 31.6 4.2 35.5 3.5 98.2 55.4 75.3 6. 55. 6.8 96.8 75.6 78.4 81.8 65.7 126.8 129.2 151.8 134.6 17. 72.8 72.8 92.8 92.8 23.6 3.5 3.5 3.5 1.5 25.1 23.6 25.9 28.5 31.3 317.6 327.9 36.3 412.3 479.1 49.3 5.3 51.3 52.3 53.3 114.8 124.2 124.2 124.2 124.2 (2.5) (13.8) (23.8) (23.8) (23.8) (13.1) (1.5) (1.5) (1.5) (1.5) 186.9 177.7 219. 27.1 335.8 162.9 19.3 218.8 218.8 188.8 ( ) 115.1 134.8 148.5 13.4 88.7 26 27 28E 29E 21E 69.9 41.8 48.3 75. 88.3 27.1 (3.1) 49.9 59.6 74.6 15.3 15.3 16.8 18.5 2.4.9 1. 1.2 1.2 1.3 ( ) 6.8 (3.4).4 (.7) (1.1) ( ) 2. (.6)... ( ) (.5) 1...., (1.1) 2.8 (17.3) (7.2) (11.4) 19.5 28.7 (2.7) 3.6 4.5 (4.4) (6.4) (45.9) (5.8) (4.3) (- ) 2. 1.2 (.4) (.5) (.5) (- ) (8.1).1.2.2.2 (- ) (31.8) (55.) (45.) (5.) (4.) (2.5) (6.7) (.7) (.5). Free Cash Flow 29.5 (18.6) 2.4 24.2 47.9 (24.5) 27.3 12. (6.6) (36.8) ( ) 4.2 7.4 8.6 (4.7) (5.) ( ) (42.1) (98.2) 19.9 (15.3) (5.) ( ) 22. 79.7. 2.. ( ) 13.6 3... (2.) ( ).. (9.) 1. 1. (5.4) (6.8) (7.5) (7.6) (7.8) (16.7) 15.3... 5. 8.8 14.3 17.7 11.1 37.4 42.4 51.2 65.5 83.2 42.4 51.2 65.5 83.2 94.3 / (%) 5.6 8.6 6.4 6.4 4.6 / (%) 2.7 2.4 2.4 2.4 2.4 / (%) 47.9 27.8 37.3 37. 51. 31 26 27 28E 29E 21E 571.2 635.9 72.6 784.6 866.9 (%) 7. 11.3 1.5 11.7 1.5 (%) 2.9 3.1 3.9 4.5 5.5 233.9 249.7 258.2 29.7 312.4 (%) (1.7) 6.8 3.4 12.6 7.5 337.3 386.3 444.4 493.9 554.5 (%) 59.1 6.7 63.3 62.9 64. 276.4 313.8 361.9 398.5 441.8 (%) 8.9 13.5 15.3 1.1 1.9 6.9 72.4 82.5 95.4 112.7 (%) 44.7 19.1 13.9 15.6 18.2 (%) 1.7 11.4 11.7 12.2 13. ( ) (14.5) (22.5) (9.2) (8.9) (6.1) 2.1 3.5 4.5 5.8 6.9 9.6 11.3 14.3 16.4 15.3 ( ) 3.7 (.1) (1.9).5.7 ( ) (1.4) (.5) (.).. ( ) (6.8) 3.4 (.4).7 1.1 ( ) (2.5) (17.5) 3..5.5 46.3 49.9 73.3 86.4 16.6 19.3 53. 23.5 26.8 32. 27.1 (3.1) 49.9 59.6 74.6..... 27.1 (3.1) 49.9 59.6 74.6 (%) 6.6 19.6 25.1 (%) 4.7 (.5) 7.1 7.6 8.6 EBITDA 77. 88.8 1.5 115.1 134.4 (%) 37.1 15.3 13.2 14.5 16.8 (%) 28.5 (277.8) 17.3 14.9 14.3 26 27 28E 29E 21E EPS () 2,642 (3) 4,863 5,73 6,993 Adj. EPS () 2,78 (253) 4,913 5,73 6,993 BPS () 32,177 32,628 35,138 39,425 44,912 DPS () 75 75 75 75 9 PER () 25. na 19.3 16.5 13.4 Adj. PER () 23.8 na 19.1 16.5 13.4 PBR () 2.1 2.6 2.7 2.4 2.1 PCR () 9.5 22.7 14.7 12. 1.1 EV/ EBITDA () 1.3 11.5 11.1 9.7 8.1 PEG ().9 na 1..9.9 (%) 1.1.9.8.8 1. (%) 1.7 11.4 11.7 12.2 13. EBITDA (%) 13.5 14. 14.3 14.7 15.5 (%) 8.1 7.9 1.4 11. 12.3 (%) 4.7 (.5) 7.1 7.6 8.6 ROA (%) 4.6 (.5) 7.2 8. 9.3 ROE (%) 8.8 (1.) 14.5 15.4 16.7 ROIC (%) 1.5 (1.3) 14.4 15.4 17.4 (%) 87.2 14.6 98.6 88.1 71.3 (%) 36.2 41.1 41.2 31.6 18.5 () 6.4 6.4 5.8 5.8 7.4 () 1. 1. 1. 1.1 1.1 () 4.4 5.1 5.5 5.9 6.4 () 6.8 7.2 7.3 8. 8.6 () 19.1 21.1 2.8 21.6 22.5 () 4.2 5.5 6.1 6.1 6.6
281112 (628) 2) 3772-1554 2) 3772-1528 kdbae@goodi.com wooli.ko@goodi.com KOSPI : 1,128.73p KOSDAQ : 325.74p : 824.6 : 5, : 9. : 2.8 (31.2%) 52 / : 98,1 /7, (6 ) : 19,43 (6 ) : 1,749 : 11.4% : 57.5% 2.9% 3-2.9% 6 7.% 12-7.2% KOSPI 3 36.1% 6 72.9% 12 63.6% 15, 1, 3 2 5, 1 2, 1, 12 EPS PER EV/EBITDA PBR ROE (%) (%) (%) (%) 26 366.7 53.3 48.4 34.8 3,862 19.4 13.7 8.7 2.6 21.4 25.6 1.4 27 442.3 58.4 6.1 44.4 4,922 27.4 14.4 1.2 2.7 21.2 26. 1.4 28E 514. 67.1 59.3 46.9 5,22 5.7 17.6 12.8 3.1 18.7 65.1 1.1 29E 571.6 75.3 68.1 5.4 5,59 7.5 16.4 1.3 2.7 17.6 42. 1.1 21E 63.2 86.3 81.7 6.5 6,79 2. 13.6 8.6 2.3 18.2 21.2 1.1 32
281112 : 26 27 28E 29E 21E 327. 425.6 517.2 523.3 563. 186.1 223. 24. 256.1 36.1 14.1 5.8 (28.7) (15.6) 17..1 6.7.1.1.1 9.8 121.5 144.5 152.8 159.9 73. 82.4 14.4 1.4 11.7 8.1 6.5 19.7 18.4 18.4 14.9 22.7 277.2 267.2 257. 42. 38.9 21.8 18.6 19. 87. 148.3 238.8 231.5 22.2 6.8 9.3 9.5 9.8 1. 144.2 189.6 251.9 217.6 25.7 19. 129.7 162.9 126.5 142.2 34.9 38.5 48.1 43.3 47.6 26. 19. 56. 4. 2. 1. 1. 15.. 3. 38.1 62.2 43.8 43.2 44.6 35.1 59.9 89. 91.1 63.5 25. 15..... 3. 73. 73. 43. 1.1 14.9 16. 18.1 2.5 182.8 236. 265.3 35.8 357.4 45.1 45.1 45.1 45.1 45.1 76.2 84. 84. 84. 84. (7.9) (4.7) (4.7) (4.7) (4.7) 9.9 14.2 5.5 4.4 4.4 59.6 97.4 135.4 177. 228.6 61. 74. 144. 113. 93. ( ) 46.8 61.4 172.6 128.5 75.9 26 27 28E 29E 21E 27.4 35.2 (15.4) 59.3 66.9 34.8 44.4 46.9 5.4 6.5 6.7 9.5 9.5 16.3 16.8.2 1. 1.2 1.2 1.2 ( ).3 (1.2) (.4) (.4) (.4) ( ) (.1) (1.7) (6.6) (2.4). ( ) (.) (.) (.2).., (27.1) (16.9) (81.4) (11.4) (16.) 12.5 9.2 15.7 5.7 4.8 (37.2) (54.3) (8.3) (6.4) (5.5) (- ). (6.6) 6.6.. (- ).1 27.8 13.1 2.6. (- ) (35.2) (7.9) (1.) (9.) (5.5) (2.) (4.6)... Free Cash Flow (9.8) (19.) (95.7) 52.9 61.4 1.7 1.8 61.2 (39.8) (28.8) ( ) (15.7) (7.) 37. (16.) (2.) ( ). (1.) 5. (15.) 3. ( ).. (15.).. ( ) 25. 3. 43.. (3.) ( )..... (4.3) (6.6) (8.8) (8.8) (8.8) 5.7 4.4....9 (8.2) (34.5) 13.1 32.6 13.2 14.1 5.8 (28.7) (15.6) 14.1 5.8 (28.7) (15.6) 17. / (%) 9.6 16. 19.5 1.6.9 / (%) 1.8 2.2 1.8 2.9 2.7 / (%) 19. 13.4 9.5 181.1 35.5 33 26 27 28E 29E 21E 366.7 442.3 514. 571.6 63.2 (%) 9. 2.6 16.2 11.2 1.3 (%) 7.2 7.1 7.5 8. 8. 218.6 261.9 31.8 345.7 377.6 (%).2 19.8 18.7 11.2 9.2 148.2 18.4 23.2 225.9 252.6 (%) 4.4 4.8 39.5 39.5 4.1 94.9 122. 136.1 15.6 166.3 (%) 1. 28.5 11.6 1.7 1.4 53.3 58.4 67.1 75.3 86.3 (%) 66.4 9.7 14.8 12.2 14.6 (%) 14.5 13.2 13.1 13.2 13.7 ( ) (4.9) 1.7 (7.8) (7.2) (4.6).5.6 (.5) (1.3). 3.3 3.6 7.1 8.4 6.7 ( ) (.1) (.8) (16.1) (1.3). ( ).1 1.7 6.8 2.4. ( ) (.3) 1.2.4.4.4 ( ) (1.8) (6.6) 8.7 1. 1.7 48.4 6.1 59.3 68.1 81.7 13.6 15.8 12.5 17.7 21.2 34.8 44.4 46.9 5.4 6.5..... 34.8 44.4 46.9 5.4 6.5 (%) 19.4 27.4 5.7 7.5 2. (%) 9.5 1. 9.1 8.8 9.6 EBITDA 6.1 68.9 77.8 92.8 14.3 (%) 57.8 14.6 12.9 19.3 12.4 (%) 18.9 19.9 18.9 17.6 14.6 26 27 28E 29E 21E EPS () 3,862 4,922 5,22 5,59 6,79 Adj. EPS () 3,851 3,734 4,533 5,422 6,835 BPS () 2,288 26,189 29,438 33,929 39,657 DPS () 75 1, 1, 1, 1, PER () 13.7 14.4 17.6 16.4 13.6 Adj. PER () 13.7 19. 2.2 16.9 13.4 PBR () 2.6 2.7 3.1 2.7 2.3 PCR () 8.7 12.3 12.5 11.7 9.9 EV/ EBITDA () 8.7 1.2 12.8 1.3 8.6 PEG () 1. 1.3 1.2 1.4 1.6 (%) 1.4 1.4 1.1 1.1 1.1 (%) 14.5 13.2 13.1 13.2 13.7 EBITDA (%) 16.4 15.6 15.1 16.2 16.6 (%) 13.2 13.6 11.5 11.9 13. (%) 9.5 1. 9.1 8.8 9.6 ROA (%) 11.8 11.8 9.9 9.7 11.1 ROE (%) 21.4 21.2 18.7 17.6 18.2 ROIC (%) 23.4 22.6 19.2 15.6 17.9 (%) 78.9 8.4 94.9 71.2 57.6 (%) 25.6 26. 65.1 42. 21.2 () 16. 16.3 9.5 9. 12.9 () 1.2 1.2 1.1 1.1 1.2 () 4.4 4.1 3.8 3.8 4. () 5.3 5.7 5.5 5.6 6. () 9.6 12.1 11.9 12.5 13.9 () 4.1 4.2 3.6 3.2 3.3
281112 (893) 2) 3772-1554 2) 3772-1528 kdbae@goodi.com wooli.ko@goodi.com KOSPI : 1,128.73p KOSDAQ : 325.74p : 813.3 : 2,5 : 8.7 : 6.2 (69.2%) 52 / : 18,5 /6,7 (6 ) : 47,377 (6 ) : 4,635 : 23.9% : 19.5% 5.4% 3-22.4% 6-45.3% 12-46.8% KOSPI 3 8.7% 6-11.7% 12-6.2% 2, 1, 2 1 4, 2, 12 EPS PER EV/EBITDA PBR ROE (%) (%) (%) (%) 26 422.2 52.5 94.9 72.6 8,346 72.2 12.5 15.4 3. 3.1 13.8.6 27 51. 67.6 73.2 53.2 6,115 (26.7) 21.6 16.3 3.3 17.6 48.2.5 28E 553.7 6.8 85.7 65.1 7,489 22.5 12.5 12.1 2.1 18.4 36.5.7 29E 619.6 7.5 75.9 57.7 6,324 (15.6) 14.8 1.9 2. 14.2 28.6.7 21E 692.1 86.9 96.2 73.1 7,646 2.9 12.2 9.4 1.8 15.7 18.8.7 34
281112 : 26 27 28E 29E 21E 485.7 644.9 74.5 746.7 794.2 225.3 29.5 313.8 329.6 351.5 19.6 14.4 4.8 35.1 34.4.9 1. 1.1 1.2 1.3 158.2 27.9 21.8 217.3 233.2 4.4 54.4 59.2 65.4 72.1 6.2 12.7 1.9 1.6 1.4 26.3 354.4 39.8 417.1 442.7 11.3 14. 154.6 164.2 175.8 114.5 159.5 178.2 19.7 2.7 26.9 38.9 41.8 45.7 49.5 211. 313.5 326.1 314.7 293.6 131.8 111.1 133.9 132.4 13.5 24.9 25.1 27.6 29.6 31.4 8.9.1 2. 15. 1. 1. 2. 2. 2. 2. 88. 65.9 66.3 67.8 69.2 79.2 22.4 192.2 182.4 163.1 3. 64.7 54.7 44.7 29.7 9.5 9.3 85.3 8.3 7.3 39.7 47.4 52.1 57.3 63.1 274.7 331.4 378.5 431.9 5.6 19.8 2.7 21.7 22.8 23.9 3.9 29.9 29.9 29.9 29.9 (14.) (14.2) (14.2) (14.2) (14.2) 21.3 3.2 16.1 16.1 16.1 216.6 264.7 324.8 377.2 444.8 58.4 175.2 18.1 16.1 13.1 ( ) 37.9 159.8 138.1 123.7 94.3 26 27 28E 29E 21E 5.8 (31.3) 85.5 5. 6.8 72.6 53.2 65.1 57.7 73.1 7.8 11.3 15.5 16.2 15.1 1.3 1.3 2.3 2.6 2.8 ( ) (8.6) (6.1) (9.3) (1.7) (12.8) ( ) (36.2) (6.9) (19.).. ( ). (.1)..., 5.1 (1.1) (5.) (26.2) (28.7) 8.8 16.1 35.8 1.4 11.3 (47.2) (83.8) (6.) (31.5) (27.) (- ) (.5) (1.) (.1) (.1) (.1) (- ) 17.5 (5.3) (19.4) 1.1 1.3 (- ) (46.6) (59.2) (34.2) (28.7) (25.1) (17.5) (18.3) (6.3) (3.8) (3.1) Free Cash Flow 3.6 (115.2) 25.5 18.5 33.8 (4.9) 11..9 (24.2) (34.4) ( ) (.1) (8.8) 19.9 (5.) (5.) ( ) (2.) (1.)... ( ) 1. 53.7 (1.) (1.) (15.) ( ) 1. 8. (5.) (5.) (1.) ( ).. 1. 1. 1.1 (4.5) (4.8) (5.) (5.2) (5.5) (.2) (.2)... (1.3) (5.2) 26.4 (5.7) (.7) 2.9 19.6 14.4 4.8 35.1 19.6 14.4 4.8 35.1 34.4 / (%) 11. 11.8 6.2 4.6 3.6 / (%) 1.8 2.3 2.8 2.6 2.2 / (%) 16.7 19.1 45.3 56.4 6.2 35 26 27 28E 29E 21E 422.2 51. 553.7 619.6 692.1 (%) 12.1 18.7 1.5 11.9 11.7 (%) 14. 11.6 12.9 12.7 13. 148. 178.2 214.1 237.7 261.1 (%) 3.8 2.4 2.1 11. 9.8 274.1 322.9 339.6 381.9 431. (%) 64.9 64.4 61.3 61.6 62.3 221.6 255.2 278.8 311.4 344.1 (%) 18.7 15.2 9.2 11.7 1.5 52.5 67.6 6.8 7.5 86.9 (%) 11.1 28.7 (1.) 15.8 23.4 (%) 12.4 13.5 11. 11.4 12.6 ( ) 42.4 5.6 24.9 5.4 9.2.9 1. 1.7 2.6 2.4 2.8 6.7 1.7 11.1 9.4 ( ).2 (.8) (27.2) (.1).1 ( ) 36.2 7. 19... ( ) 8.6 6.1 9.3 1.7 12.8 ( ) (.8) (1.1) 32.7 3.3 3.4 94.9 73.2 85.7 75.9 96.2 22.3 2. 2.6 18.2 23.1 72.6 53.2 65.1 57.7 73.1..... 72.6 53.2 65.1 57.7 73.1 (%) 72.2 (26.7) 22.5 (11.5) 26.8 (%) 17.2 1.6 11.8 9.3 1.6 EBITDA 61.6 8.2 78.6 89.3 14.8 (%) 11. 3.1 (2.) 13.5 17.4 (%) 6.6 9.4 8. 9.5 7.9 26 27 28E 29E 21E EPS () 8,346 6,115 7,489 6,324 7,646 Adj. EPS () 4,185 5,37 5,35 6,324 7,646 BPS () 34,687 39,93 43,511 47,373 52,376 DPS () 625 625 625 625 625 PER () 12.5 21.6 12.5 14.8 12.2 Adj. PER () 25. 24.9 17.6 14.8 12.2 PBR () 3. 3.3 2.1 2. 1.8 PCR () 19.9 16.7 9. 11.2 1. EV/ EBITDA () 15.4 16.3 12.1 1.9 9.4 PEG () (1.4) 2.8 1.9.9.8 (%).6.5.7.7.7 (%) 12.4 13.5 11. 11.4 12.6 EBITDA (%) 14.6 16. 14.2 14.4 15.1 (%) 22.5 14.6 15.5 12.2 13.9 (%) 17.2 1.6 11.8 9.3 1.6 ROA (%) 16.8 9.4 9.7 7.9 9.5 ROE (%) 3.1 17.6 18.4 14.2 15.7 ROIC (%) 18. 15.5 11.4 12.4 14.2 (%) 76.8 94.6 86.2 72.9 58.7 (%) 13.8 48.2 36.5 28.6 18.8 () 19.1 1.2 5.7 6.4 9.2 () 1..9.8.9.9 () 2.8 2.7 2.7 2.9 3.1 () 11.2 1.6 9.7 1. 1.1 () 17.2 2. 21. 21.7 22.7 () 4.3 3.6 3.1 3.3 3.4
281112 (6887) 2) 3772-1554 2) 3772-1528 kdbae@goodi.com wooli.ko@goodi.com KOSPI : 1,128.73p KOSDAQ : 325.74p : 586.8 : 5, : 16.8 : 11.7 (69.5%) 52 / : 71,7 /23,8 (6 ) : 144,568 (6 ) : 5,351 : 6.9% : LG 3.% 9.2% 3-32.2% 6-4.4% 12-52.5% KOSPI 3-5.% 6-3.7% 12-16.2% 1, 5, 15 1 1, 5 5, 12 EPS PER EV/EBITDA PBR ROE (%) (%) (%) (%) 26 221.2 8.8 9.2 5.9 353-133.6 24.9 3.3 2.5 (1.2) - 27 256.4 25.6 23.1 18.5 1,13 212.7 44.4 16.8 3.2 7.4 (7.) - 28E 269.4 25.3 26.3 18.4 1,95 (.7) 32.3 11.8 2.1 6.8 (7.2) - 29E 298. 29.2 3.5 21.4 1,271 16.1 27.8 1.6 2. 7.4 (7.7) - 21E 335.2 36.4 38.4 26.9 1,599 25.8 22.1 9. 1.8 8.6 (9.9) - 36
281112 : 26 27 28E 29E 21E 389.4 49.9 381.5 46.1 436.4 187.6 26.8 161.1 172.3 189. 18.9 18.1 2.1 18.3 19.5 83.3 1. 5. 55. 63. 48.3 48.2 5.2 53.9 56. 33.6 37.1 37.1 41. 45.9 3.5 3.4 3.7 4.1 4.6 21.7 23.1 22.4 233.8 247.4 1.8 2.5 2.7 2.9 3.2 1.6 97.5 97. 97.7 99.7 91.5 94.6 112.3 124.5 135.5 146.5 148.8 12. 15.2 18.6 34.8 137.9 4. 42. 94.1 9. 9.9 1.4 11. 11.5...... 99.9.. 5. 25.8 28.1 29.6 31.1 32.6 111.7 1.9 62. 63.2 14.5 99.4. 5. 5....... 12.3 1.9 12. 13.2 14.5 242.8 261.1 279.5 3.9 327.8 84.1 84.1 84.1 84.1 84.1 147. 147. 147. 147. 147. (.) (.) (.) (.) (.) (1.) (1.3) (1.3) (1.3) (1.3) 12.8 31.3 49.7 71.1 98. 99.4 99.9 5. 5. 5. ( ) (2.8) (18.2) (2.1) (23.3) (32.5) 26 27 28E 29E 21E 2. 45.8 17.2 2.1 27.8 5.9 18.5 18.4 21.4 26.9 16.8 16. 15.8 16.2 16.5 5.9 6. 7.2 8.1 9.3 ( ) (.1) (.2) (.2) (.2) (.3) ( ) (1.) (.)... ( ) (.)...., (16.) (7.2) (11.8) (16.2) (15.7) 8.6 12.6 (12.3) (9.2) (8.9) (2.9) (46.6) 34.6 (21.9) (26.6) (- ) (9.9) (15.6) 5. (5.) (8.) (- ) 2.6 (.9)... (- ) (7.5) (14.) (15.4) (16.9) (18.6) (6.) (16.1)... Free Cash Flow (.8) (.8) 51.8 (1.8) 1.2 (.1) (.) (49.9).. ( )..... ( ) (.1). (99.9). 5. ( ).. 5.. (5.) ( )..... ( ).......... (.) (.)... (.9) (.8) 2. (1.8) 1.2 19.8 18.9 18.1 2.1 18.3 18.9 18.1 2.1 18.3 19.5 / (%) 3.4 5.5 5.7 5.7 5.6 / (%) 7.6 6.3 5.9 5.4 4.9 / (%) 223.4 114.8 12.8 95.8 88.7 37 26 27 28E 29E 21E 221.2 256.4 269.4 298. 335.2 (%) 3.7 15.9 5.1 1.6 12.5 (%) 34.5 32.3 4. 42.6 44.4 11.2 114.3 126. 139.3 155.8 (%) 2.7 12.9 1.2 1.5 11.9 12. 142.1 143.4 158.8 179.4 (%) 54.2 55.4 53.2 53.3 53.5 111.2 116.5 118.1 129.5 143. (%) (2.7) 4.8 1.4 9.6 1.4 8.8 25.6 25.3 29.2 36.4 (%) 2,21.2 191.1 (1.3) 15.6 24.7 (%) 4. 1. 9.4 9.8 1.9 ( ).4 (2.5) 1. 1.3 2. 2.8 4.3 3.8 2.9 3.1 4.5 4.6 4.1 3. 3. ( ) (.7) (.1).8.2.2 ( ) 1.1 (.) (.) (.) (.) ( ).1.2.2.2.3 ( ) 1.6 (2.4).4 1. 1.4 9.2 23.1 26.3 3.5 38.4 3.3 4.5 7.9 9.2 11.5 5.9 18.5 18.4 21.4 26.9..... 5.9 18.5 18.4 21.4 26.9 (%) 212.7 (.7) 16.1 25.8 (%) 2.7 7.2 6.8 7.2 8. EBITDA 31.5 47.7 48.3 53.5 62.2 (%) 65.4 51.3 1.3 1.9 16.3 (%)..... 26 27 28E 29E 21E EPS () 353 1,13 1,95 1,271 1,599 Adj. EPS () 289 1,14 1,97 1,273 1,62 BPS () 14,442 15,531 16,626 17,897 19,497 DPS () PER () 133.6 44.4 32.3 27.8 22.1 Adj. PER () 163.3 44.3 32.3 27.8 22.1 PBR () 3.3 3.2 2.1 2. 1.8 PCR () 22. 15.5 2.6 16.4 13.7 EV/ EBITDA () 24.9 16.8 11.8 1.6 9. PEG () 2.5 3.4 1.6 1.5 1.7 (%) - - - - - (%) 4. 1. 9.4 9.8 1.9 EBITDA (%) 14.3 18.6 17.9 18. 18.6 (%) 4.2 9. 9.8 1.2 11.5 (%) 2.7 7.2 6.8 7.2 8. ROA (%) 1.5 4.6 4.7 5.4 6.4 ROE (%) 2.5 7.4 6.8 7.4 8.6 ROIC (%) 2.3 8.4 7. 7.6 8.8 (%) 6.3 57. 36.5 35. 33.1 (%) (1.2) (7.) (7.2) (7.7) (9.9) () 2. 5.6 6.1 9.9 12.3 ().6.6.7.8.8 () 4.7 5. 5.2 5.5 5.8 () 7. 7.3 7.3 7.6 7.7 () 24.2 27.1 26.5 27.9 29.9 () 4.8 5.1 5.3 5.5 5.6
281112 (6962) 2) 3772-1554 2) 3772-1528 kdbae@goodi.com wooli.ko@goodi.com KOSPI : 1,128.73p KOSDAQ : 325.74p : 439.6 : 2,5 : 1.1 : 4.1 (39.6%) 52 / : 18,5 /29,65 (6 ) : 43,95 (6 ) : 2,221 : 6.1% : 5.4% 3.4% 3-34.6% 6-54.% 12-47.7% KOSPI 3-8.4% 6-25.7% 12-7.7% 15, 1, 5, 2 1 2, 1, 3 EPS PER EV/EBITDA PBR ROE (%) (%) (%) (%) 26 4.4 7.3 67.7 48.5 4,78 37.7 9.7 5.4 2.1 24.9 (16.5) 1.7 27 484.2 74.2 79.7 59. 5,81 21.6 12.9 8.8 2.8 24.8 (3.5) 1.1 28E 556.3 6.5 61.3 45.3 4,466 (23.1) 9.7 5.6 1.5 16. (9.7) 1.8 29E 631.5 74.5 77.4 57.3 5,491 23. 7.9 4.5 1.3 17.5 (16.) 2.1 21E 72. 87.6 94.4 69.8 6,519 18.7 6.6 3.6 1.1 18.2 (23.5) 2.1 38
281112 : 26 27 28E 29E 21E 321.8 386.9 434.2 492. 532.8 21.3 228.5 254.7 35.7 341.6 39.6 28.3 47.1 73. 83.5 15.4 1.7 11.7 12.9 14.2 78.1 91.1 97.2 11.3 122.6 45. 72.6 7.1 77.9 86.5 23.3 25.8 28.5 31.5 34.7 12.6 158.4 179.5 186.3 191.2 25.8 27.4 27.9 28.5 29. 86.1 112.5 132.6 138.4 142.2 4.9 3.7 3.4 3.1 2.8 19.4 123.2 131.7 139. 117.7 11.3 85.5 93.2 129.2 17. 32.7 39.3 45.2 49.7 54.6..... 2... 29.6. 48.6 46.2 48.1 49.9 52.3 8.1 37.7 38.5 9.8 1.8. 29.6 29.6....... 8.1 8.1 8.9 9.8 1.8 212.5 263.7 32.4 353. 415. 24.7 24.7 25.4 26.1 26.8 14.6 14.7 14.7 14.7 14.7 (19.4) (19.4) (19.4) (19.4) (19.4).1 (.4) (.4) (.4) (.4) 12.4 154.1 192.1 242. 33.3 2. 29.6 29.6 29.6. ( ) (35.) (9.3) (29.3) (56.3) (97.7) 26 27 28E 29E 21E 49. 26.4 57.4 51. 64.9 48.5 59. 45.3 57.3 69.8 7.8 9. 1.8 11.5 12. 2.1 2.3 2.2 2. 1.9 ( ) (.4) (.6) (.6) (.6) (.6) ( ) (.9) (5.)... ( ) (.1) (.) (.) (.) (.), (17.9) (5.8) (4.6) (23.8) (23.2) 9.7 12.5 4.3 4.6 5. (26.8) (38.6) (32.) (18.5) (17.1) (- ) (4.4) 6.5 (1.1) (1.2) (1.3) (- ) (5.2) (1.1)... (- ) (13.3) (35.5) (3.9) (17.3) (15.8) (3.8) (8.5)... Free Cash Flow 22.2 (12.2) 25.5 32.6 47.8 (12.).9 (6.6) (6.7) (37.4) ( )..... ( ). (2.). 29.6 (29.6) ( ). 28.2. (29.6). ( )..... ( )...7.7.7 (6.5) (7.3) (7.3) (7.4) (8.5) (5.5) (.)... 1.2 (11.3) 18.9 25.9 1.4 29.4 39.6 28.3 47.1 73. 39.6 28.3 47.1 73. 83.5 / (%) 3.3 7.3 5.6 2.7 2.3 / (%) 2. 1.9 1.9 1.8 1.7 / (%) 58.6 25.3 35. 66.4 75.9 39 26 27 28E 29E 21E 4.4 484.2 556.3 631.5 72. (%) 18.4 2.9 14.9 13.5 11.2 (%).4 1. 1. 1.3 1.6 179.6 224. 285.9 322.6 355.8 (%) 11.8 24.7 27.7 12.8 1.3 22.9 26.3 27.4 38.9 346.2 (%) 55.2 53.8 48.6 48.9 49.3 15.6 186. 29.9 234.4 258.6 (%) 19.2 23.5 12.8 11.7 1.3 7.3 74.2 6.5 74.5 87.6 (%) 37.5 5.6 (18.5) 23.2 17.6 (%) 17.6 15.3 1.9 11.8 12.5 ( ) (2.6) 5.5.8 2.9 6.8 2.5 3. 3.4 5.4 6.9 1.2 1.5 2.1 2.2. ( ).9 (4.8) (.5) (.2).1 ( ).9 5.... ( ).4.6.6.6.6 ( ) (6.1) 3.3 (.6) (.6) (.7) 67.7 79.7 61.3 77.4 94.4 19.2 2.7 15.9 2.1 24.6 48.5 59. 45.3 57.3 69.8..... 48.5 59. 45.3 57.3 69.8 (%) 37.7 21.6 (23.1) 26.3 22. (%) 12.1 12.2 8.1 9.1 9.9 EBITDA 8.2 85.5 73.5 88. 11.5 (%) 32.9 6.6 (14.1) 19.7 15.3 (%) 15. 12.4 16.2 14.9 12.6 26 27 28E 29E 21E EPS () 4,78 5,81 4,466 5,491 6,519 Adj. EPS () 4,689 5,32 4,929 6,44 7,156 BPS () 21,511 26,696 29,791 33,854 38,745 DPS () 8 8 8 9 9 PER () 9.7 12.9 9.7 7.9 6.6 Adj. PER () 9.9 14.1 8.8 7.2 6.1 PBR () 2.1 2.8 1.5 1.3 1.1 PCR () 7. 9.8 7.1 6. 5.3 EV/ EBITDA () 5.4 8.8 5.6 4.5 3.6 PEG () 2. 3.3.5.5.5 (%) 1.7 1.1 1.8 2.1 2.1 (%) 17.6 15.3 1.9 11.8 12.5 EBITDA (%) 2. 17.7 13.2 13.9 14.5 (%) 16.9 16.5 11. 12.3 13.4 (%) 12.1 12.2 8.1 9.1 9.9 ROA (%) 16.4 16.6 11. 12.4 13.6 ROE (%) 24.9 24.8 16. 17.5 18.2 ROIC (%) 32.4 29.8 2.4 22.9 24.6 (%) 51.5 46.7 43.6 39.4 28.4 (%) (16.5) (3.5) (9.7) (16.) (23.5) () 58.8 49.6 29.2 33.6 na () 1.4 1.4 1.4 1.4 1.4 () 4.7 4.8 4.9 5.1 5. () 9.7 8.2 7.8 8.5 8.5 () 14. 13.5 13.2 13.3 13.5 () 6.4 5.7 5.4 5.7 5.5
281112 (3) 2) 3772-1554 2) 3772-1528 kdbae@goodi.com wooli.ko@goodi.com KOSPI : 1,128.73p KOSDAQ : 325.74p : 382.7 : 5 : 27.1 : 18.4 (69.4%) 52 / : 4,3 /9,74 (6 ) : 224,841 (6 ) : 3,382 : 7.9% : 25.2% 1.8% 3-31.3% 6-57.5% 12-62.% KOSPI 3-3.8% 6-31.3% 12-32.9% 6, 4, 2, 15 1 5, 5 3 EPS PER EV/EBITDA PBR ROE (%) (%) (%) (%) 26 137.5 26.5 27.6 19.5 723 2. 22.1 13.2 3.2 16.7 (3.3) 1.9 27 155.6 42.2 45.5 32.9 1,215 68.1 24.4 16.1 4.6 22.6 (34.5) 1.4 28E 165.6 42.7 43.9 31.9 1,178 (3.) 12. 7.2 2.3 19.1 (27.9) 3.2 29E 179. 46.7 5.1 35.9 1,264 7.3 11.2 5.8 2.1 19.9 (4.4) 3.5 21E 196.4 52.6 58.4 41.8 1,44 11.1 1.1 5.3 1.9 2.2 (48.2) 3.5 4
281112 : 26 27 28E 29E 21E 149.5 21.4 235.9 244.5 277.8 13.4 147.4 161.5 177.3 214.6 37.3 29.2 35.9 43.5 68.8.3 28.2 31.1 34.2 37.6 46. 55.3 56.7 58.8 63.5 19.1 33.4 36.3 39.2 43..7 1.4 1.5 1.6 1.7 46.1 63. 74.5 67.2 63.2 3.7 6.9 6.7 6.9 7.1 33.8 5.1 62.4 55.4 51.6 3.4 2.9 2.5 2.1 1.7 25.3 44.1 67.8 52.4 57.1 21.8 41. 64.3 48.5 52.9 5. 7.1 7.6 8.2 9... 2........ 16.8 33.8 36.7 4.3 43.9 3.5 3.2 3.5 3.8 4.2.......... 3.5 3.2 3.5 3.8 4.2 124.2 166.2 168.1 192.1 22.7 12.3 12.9 13.5 14.2 14.9 13.3 25.7 25.7 25.7 25.7 (6.2) (2.3) (22.) (22.) (22.)..... 14.8 129.9 15.9 174.2 22.1.. 2... ( ) (37.6) (57.4) (47.) (77.6) (16.4) 26 27 28E 29E 21E 23.3 26.4 58.9 46.8 46.8 19.5 32.9 31.9 35.9 41.8 3.3 3.5 3.7 9. 6.8.2.4.4.4.4 ( ).1..1 (.2) (.4) ( )..... ( ) (.4) (.4) (.).., (2.6) (12.1) 18.2 (1.7) (4.6) 3.1 2.2 4.7 3.4 2.7 (6.3) (48.5) (22.8) (8.) (8.3) (- ). (28.) (2.8) (3.1) (3.4) (- ) (1.5)...1.2 (- ) (3.) (19.4) (2.) (5.) (5.) (1.8) (1.1)... Free Cash Flow 17. (22.1) 36.1 38.8 38.5 (4.7) 13.9 (29.4) (31.2) (13.2) ( ).. 2. (2.). ( )..... ( )..... ( )..... ( ).. (19.1).7.7 (4.7) (7.1) (1.3) (11.9) (13.9). 21. (2.).. 12.2 (8.2) 6.8 7.5 25.3 25.1 37.3 29.2 35.9 43.5 37.3 29.2 35.9 43.5 68.8 / (%) 2.2 12.5 12.1 2.8 2.5 / (%) 2.4 2.3 2.2 5. 3.5 / (%) 11.2 18. 18.5 18. 136. 41 26 27 28E 29E 21E 137.5 155.6 165.6 179. 196.4 (%) 8.8 13.1 6.4 8.1 9.7 (%) 1.1 4.6... 6.2 58.3 64.2 67.7 72.5 (%).2 (3.2) 1.1 5.5 7.1 77.3 97.3 11.4 111.2 123.8 (%) 56.2 62.5 61.2 62.2 63.1 5.8 55.1 58.7 64.5 71.2 (%) 11.4 8.5 6.5 9.8 1.4 26.5 42.2 42.7 46.7 52.6 (%) 28.3 59.1 1.2 9.6 12.6 (%) 19.3 27.1 25.8 26.1 26.8 ( ) 1.1 3.4 1.3 3.4 5.8 1.2 2.7 3.7 4.3 5.5.. 1.1.. ( ) (.) (.) (.8) (.9). ( ).4.4... ( ) (.1) (.) (.1).2.4 ( ) (.3).3 (.5) (.3) (.2) 27.6 45.5 43.9 5.1 58.4 8.1 12.7 12.1 14.3 16.6 19.5 32.9 31.9 35.9 41.8..... 19.5 32.9 31.9 35.9 41.8 (%) 2. 68.1 (3.) 12.5 16.5 (%) 14.2 21.1 19.2 2. 21.3 EBITDA 3. 46.1 46.8 56.1 59.8 (%) 24.1 53.6 1.5 2.1 6.6 (%) 39.4 33.3 39.3 38.6 34.8 26 27 28E 29E 21E EPS () 723 1,215 1,178 1,264 1,44 Adj. EPS () 79 1,21 1,27 1,294 1,436 BPS () 5,53 6,454 6,215 6,772 7,418 DPS () 3 4 45 5 5 PER () 22.1 24.4 12. 11.2 1.1 Adj. PER () 22.5 24.6 11.7 1.9 9.9 PBR () 3.2 4.6 2.3 2.1 1.9 PCR () 16.7 2.7 9.4 8.3 8.2 EV/ EBITDA () 13.2 16.1 7.2 5.8 5.3 PEG () 1.1 4.9 1.2 1.1 1. (%) 1.9 1.4 3.2 3.5 3.5 (%) 19.3 27.1 25.8 26.1 26.8 EBITDA (%) 21.8 29.6 28.2 31.4 3.5 (%) 2.1 29.3 26.5 28. 29.8 (%) 14.2 21.1 19.2 2. 21.3 ROA (%) 13.9 18.3 14.3 14.9 16. ROE (%) 16.7 22.6 19.1 19.9 2.2 ROIC (%) 22.2 34.3 31.6 33.1 38.5 (%) 2.4 26.5 4.3 27.3 25.9 (%) (3.3) (34.5) (27.9) (4.4) (48.2) () na 38.8 na na () 1..9.7.7.8 () 3.2 3.1 2.9 3.1 3.2 () 7.1 5.9 4.8 4.7 4.8 () 2.6 25.6 22.5 22.7 22.8 () 3.2 3.3 3.3 3.5 3.7
281112 (163) 2) 3772-1554 2) 3772-1528 kdbae@goodi.com wooli.ko@goodi.com KOSPI : 1,128.73p KOSDAQ : 325.74p : 191.2 : 2,5 : 13.1 : 9.9 (75.6%) 52 / : 22,5 /9,8 (6 ) : 81,645 (6 ) : 1,277 : 6.1% : 19.% 4.3% 3-18.4% 6-3.9% 12-35.1% KOSPI 3 14.3% 6 11.7% 12 14.4% 3, 15 2, 1, 1 5 4, 2, 12 EPS PER EV/EBITDA PBR ROE (%) (%) (%) (%) 26 242.8 5.1 35.1 22.4 1,718 (1.) 18.9 8.9 2.5 15.2 59..3 27 252. 33.8 31.1 19.9 1,525 (11.2) 17.9 1.2 2. 11.9 41.5.4 28E 3.5 41.6 34.7 21.9 1,677 1. 8.7 4.9 1. 11.8 33.4.7 29E 339.6 47.4 41. 25.8 1,927 14.9 7.6 4.3.9 12.4 24.5.7 21E 376.7 57.4 52.6 33.1 2,41 25. 6.1 3.4.8 14. 13.9.7 42
281112 : 26 27 28E 29E 21E 323.2 331.6 346.4 361.7 381.7 173.4 189.1 198.6 28.2 224.4 1.4 16.7 14.7 14. 17.2 1.5 9.5 1. 1. 11. 121.7 117.7 125.1 132.1 14.4 25.7 3.9 33.8 36.3 39.2 14.1 14.2 15. 15.8 16.6 149.8 142.5 147.9 153.5 157.3 39.2 36.2 37. 4. 43.3 92.3 9. 95.2 97.7 98. 11.4 1.1 9.1 9. 8.9 164.8 156.2 15.3 141. 129.2 95.6 141.3 85. 98.7 1.2 12.9 14.8 16.7 18.7 2.8 34.5 36.4 27.5 25. 23.5 1.4 56.5 6.2 19.5 19.5 37.7 33.5 34.6 35.4 36.3 69.2 14.9 65.3 42.3 29. 4.. 37. 14. 14. 2.5 6.2 19.5 19.5 6.2 8.7 8.7 8.8 8.8 8.8 158.4 175.4 196.1 22.7 252.5 3.9 31.8 32.6 33.5 34.4 71.9 71.9 71.9 71.9 71.9 (7.3) (7.6) (7.6) (7.6) (7.6) 1.3 (.) (.) (.) (.) 61.6 79.4 99.2 122.9 153.9 15.4 99.2 9.2 78. 63.2 93.5 72.9 65.5 54. 35. 26 27 28E 29E 21E 1.6 19.1 23.7 26.4 32.4 22.4 19.9 21.9 25.8 33.1 6.1 5.2 7.8 9. 9.7 2.1 3. 3. 2.1 2.1 ( ) 2.1 1.2.2 (.6) (1.) ( ) (.) (7.1)... ( ).1 (.)..., (34.9) (16.8) (1.6) (11.) (13.) 12.7 13.7 1.4 1.1 1.5 (19.3) 3.2 (16.5) (14.5) (14.) (- ) (.2) 2.4 (.5). (1.) (- ) (2.6) 5.5 (1.9) (1.9) (1.9) (- ) (6.2) (2.8) (13.) (11.5) (1.) (1.4) (1.9) (1.1) (1.1) (1.1) Free Cash Flow (8.7) 22.3 7.3 11.9 18.4 7.8 (7.1) (9.3) (12.6) (15.2) ( ) (8.2) 1.9 (8.9) (2.5) (1.5) ( ) (6.8) (1.4) (5.3) 13.3. ( ) 14. (3.) 37. (23.). ( ) 1. 6. 13.3. (13.3) ( )...9.9.9 (1.1) (1.2) (1.2) (1.2) (1.3). (.3)... (.9) 15.3 (2.) (.6) 3.2 2.3 1.4 16.7 14.7 14. 1.4 16.7 14.7 14. 17.2 / (%) 2.5 1.1 4.3 3.4 2.7 / (%) 2.5 2.1 2.6 2.7 2.6 / (%) 99.3 181.9 6. 78.3 97. 43 26 27 28E 29E 21E 242.8 252. 3.5 339.6 376.7 (%) 3. 3.8 19.2 13. 1.9 (%) 2.3 2.4 2.3 2.1 2. 85.2 95.1 118.4 136.1 145.9 (%) (.7) 11.7 24.5 14.9 7.2 157.6 156.9 182.1 23.5 23.8 (%) 64.9 62.3 6.6 59.9 61.3 17.5 123.1 14.5 156.1 173.4 (%) 21.4 14.5 14.1 11.1 11.1 5.1 33.8 41.6 47.4 57.4 (%) (18.4) (32.6) 23.1 14. 21. (%) 2.6 13.4 13.8 14. 15.2 ( ) (15.1) (2.7) (6.8) (6.4) (4.8).7 1.2 1.8 2. 2.1 6.9 6.8 6.6 6.3 5.3 ( ) (.3).5... ( ) (.1) 7.1... ( ) (2.1) (1.2) (.2).6 1. ( ) (6.4) (3.4) (1.8) (2.7) (2.6) 35.1 31.1 34.7 41. 52.6 12.6 11.2 12.9 15.2 19.5 22.4 19.9 21.9 25.8 33.1..... 22.4 19.9 21.9 25.8 33.1 (%) (1.) (11.2) 1. 18. 28.3 (%) 9.2 7.9 7.3 7.6 8.8 EBITDA 58.3 42. 52.4 58.5 69.2 (%) (15.3) (28.) 24.8 11.7 18.2 (%) 9.2 1.5 9.7 8.4 6.6 26 27 28E 29E 21E EPS () 1,718 1,525 1,677 1,927 2,41 Adj. EPS () 1,722 983 1,752 2,11 2,512 BPS () 12,827 13,815 15,28 16,47 18,367 DPS () 1 1 1 1 1 PER () 18.9 17.9 8.7 7.6 6.1 Adj. PER () 18.9 27.7 8.4 7.3 5.8 PBR () 2.5 2. 1..9.8 PCR () 9.3 9.9 5.6 5.2 4.4 EV/ EBITDA () 8.9 1.2 4.9 4.3 3.4 PEG () 4.8 1.1.5.4.4 (%).3.4.7.7.7 (%) 2.6 13.4 13.8 14. 15.2 EBITDA (%) 24. 16.7 17.4 17.2 18.4 (%) 14.4 12.3 11.6 12.1 14. (%) 9.2 7.9 7.3 7.6 8.8 ROA (%) 7.2 6.1 6.5 7.3 8.9 ROE (%) 15.2 11.9 11.8 12.4 14. ROIC (%) 14.9 9.4 11.1 12.1 14. (%) 14. 89. 76.7 63.9 51.1 (%) 59. 41.5 33.4 24.5 13.9 () 7.3 6.3 7.5 1.8 ().8.8.9 1. 1. () 2. 2. 2.4 2.5 2.6 () 9.8 8.9 9.3 9.7 1. () 18.9 18.2 19. 19.1 19. () 2.4 2.2 2.5 2.7 2.8
281112 (23) 2) 3772-1554 2) 3772-1528 kdbae@goodi.com wooli.ko@goodi.com KOSPI : 1,128.73p KOSDAQ : 325.74p : 111.8 : 5, : 5. : 3.9 (78.6%) 52 / : 49,3 /16,7 (6 ) : 12,924 (6 ) : 285 : 21.7% : 5.4% 2.7% 3-31.7% 6-41.5% 12-48.9% KOSPI 3-4.3% 6-5.4% 12-9.8% 6, 4, 2, 15 1 1, 5 5, 3 EPS PER EV/EBITDA PBR ROE (%) (%) (%) (%) 26 259.4 38.8 38.1 23.1 4,611 16. 6.8 3.8.8 15.9 14.4 2.6 27 27.4 39.4 37.3 22.6 4,513 (2.1) 9.6 5.3 1.2 13.7 19.8 1.8 28E 294.1 35.7 27.8 16.9 3,366 (25.4) 6.6 3.2.6 9.3 16.2 3.6 29E 315.3 37.6 33.5 2.3 4,51 2.3 5.5 3.3.5 1.3 28.2 3.6 21E 338.9 39.8 33.9 2.6 4,11 1.3 5.4 2.4.5 9.6 15.6 3.6 44
281112 : 26 27 28E 29E 21E 243.9 278.3 312.1 349.1 37.2 14.8 161.1 182. 184.1 218.4 8.2 6.7 23.1 15.8 39. 2.2 1.3 1.3 1.3 1.3 96.3 17.1 11.6 116.9 124.7 22.6 31.5 32.6 35. 37.6 11.4 14.6 14.3 15.1 15.8 13.1 117.3 13.2 165. 151.7 14.5 2.2 18.2 2.2 2.8 82.4 9.5 13.3 135.8 121.5.2 1.6 1.7 1.7 1.7 88.4 12.5 123.3 143.9 148.2 61. 77.9 91.8 95.2 97.2 7.9 11.3 11.8 12.4 13. 16.2 26.3 38.5 5. 5. 5. 11.5 6.5.. 31.9 28.9 34.9 32.7 34.1 27.4 24.6 31.6 48.7 51.1 1... 15. 15. 1.5 5. 1. 1. 1. 15.9 19.6 21.6 23.7 26.1 155.5 175.8 188.8 25.2 221.9 19.5 25.1 25.1 25.1 25.1 53.2 47.6 47.6 47.6 47.6 (1.8) (2.1) (2.1) (2.1) (2.1).4 (.1) (.1) (.1) (.1) 84.2 15.4 118.4 134.8 151.5 32.7 42.8 55. 75. 75. 22.3 34.8 3.6 57.8 34.6 26 27 28E 29E 21E 영업활동으로인한현금흐름 25.2 1.1 29.9 22.6 35.1 23.1 22.6 16.9 2.3 2.6 8.5 8.5 8.7 13.5 22.3.1.1.1.1.1 ( ) (4.9) (2.9) 2.4 (2.) (.6) ( ).2 (.)... ( ).1 (.) (.) (.) (.), (1.4) (27.2) (2.6) (12.3) (11.6) 8.5 9. 4.4 3.1 4.4 (19.1) (18.7) (21.8) (46.) (8.) (- ) (.9) 1.1... (- ) (.6) (1.1) (.3).. (- ) (16.2) (16.6) (21.5) (46.) (8.) (1.4) (2.1)... Free Cash Flow 6.1 (8.6) 8.1 (23.4) 27.1 (7.2) 7.1 8.4 16.1 (3.9) (4.7) 1. 12.2 11.5... (5.) (6.5).... 15.... 5........ (3.) (3.) (3.9) (3.9) (3.9).5.... (1.1) (1.5) 16.4 (7.2) 23.2 9.3 8.2 6.7 23.1 15.8 8.2 6.7 23.1 15.8 39. / (%) 6.3 6.2 7.3 14.6 2.4 / (%) 3.3 3.2 3. 4.3 6.6 / (%) 52.3 51.3 4.5 29.3 278.8 45 26 27 28E 29E 21E 259.4 27.4 294.1 315.3 338.9 (%) 14. 4.2 8.8 7.2 7.5 (%) 1.8 1.3 1.5 1.5 1.5 95. 1.9 113.1 12.6 131.5 (%) 8.5 6.2 12.1 6.6 9. 164.4 169.5 181. 194.7 27.4 (%) 63.4 62.7 61.5 61.8 61.2 125.6 13.1 145.3 157.2 167.6 (%) 2.5 3.6 11.7 8.1 6.6 38.8 39.4 35.7 37.6 39.8 (%) 8.7 1.7 (9.6) 5.3 6. (%) 14.9 14.6 12.1 11.9 11.7 ( ) (.7) (2.1) (7.8) (4.1) (5.9).3.4.3.8 1.2 2.1 2.3 3.2 4.2 4.9 ( ) (.2) (.3).2.1. ( ) (.3).... ( ) 4.9 2.9 (2.4) 2..6 ( ) (3.3) (2.8) (2.8) (2.8) (2.8) 38.1 37.3 27.8 33.5 33.9 15. 14.7 1.9 13.2 13.3 23.1 22.6 16.9 2.3 2.6..... 23.1 22.6 16.9 2.3 2.6 (%) 16. (2.1) (25.4) 2.3 1.3 (%) 8.9 8.4 5.7 6.4 6.1 EBITDA 47.3 48. 44.4 51.1 62.2 (%) 8.1 1.5 (7.5) 15.1 21.6 (%) 12.9 17.1 23. 19.1 18.9 26 27 28E 29E 21E EPS () 4,611 4,513 3,366 4,51 4,11 Adj. EPS () 4,663 4,512 3,482 4,189 4,242 BPS () 39,924 35,67 37,66 4,937 44,265 DPS () 8 8 8 8 8 PER () 6.8 9.6 6.6 5.5 5.4 Adj. PER () 6.7 9.6 6.4 5.3 5.3 PBR ().8 1.2.6.5.5 PCR () 4.4 5.8 3.4 3.2 2.4 EV/ EBITDA () 3.8 5.3 3.2 3.3 2.4 PEG () (1.6) (3.1).5 1.7.7 (%) 2.6 1.8 3.6 3.6 3.6 (%) 14.9 14.6 12.1 11.9 11.7 EBITDA (%) 18.2 17.8 15.1 16.2 18.3 (%) 14.7 13.8 9.5 1.6 1. (%) 8.9 8.4 5.7 6.4 6.1 ROA (%) 9.9 8.7 5.7 6.1 5.7 ROE (%) 15.9 13.7 9.3 1.3 9.6 ROIC (%) 13.6 12.5 1.3 9.5 9.3 (%) 56.8 58.3 65.3 7.1 66.8 (%) 14.4 19.8 16.2 28.2 15.6 () 18.9 11.2 8.9 8.2 () 1.1 1. 1. 1..9 () 2.6 2.4 2.5 2.5 2.6 () 11.2 1. 9.2 9.3 9.3 () 32.7 28.2 25.5 26. 26.6 () 2.9 2.7 2.6 2.7 2.7
281112 (16) 2) 3772-1554 2) 3772-1528 kdbae@goodi.com wooli.ko@goodi.com KOSPI : 1,128.73p KOSDAQ : 325.74p : 92.2 : 2,5 : : 52 / : 52, /6,2 (6 ) : 72,147 (6 ) : 781 : : 3-28.9% 6-44.7% 12-6.4% KOSPI 3 -.4% 6-1.7% 12-3.2% 4, 2, 15 1 5 1, 5, 12 EPS PER EV/EBITDA PBR ROE (%) (%) (%) 26 342.8 47.1 24.2 1.8 1,487 (28.9) 11.9 3.2 1.3 6.4 4.4 1.4 27 385. 41.3 21.4 8.8 1,483 (.3) 16.1 3.9 1.7 5.7 55. 1.3 28E 424.9 33.1 16.6 4.1 45 (69.7) 22.7 4.9.7 3.3 13.2 2.9 29E 456.2 36.1 19.4 1.7 1,127 15.6 9.1 4.9.7 8.2 115.5 2.9 21E 491. 36.9 17.1 12. 1,225 8.7 8.3 3.5.7 8.6 74.6 2.9 46
281112 : 26 27 28E 29E 21E 361.2 34.3 361.6 397.7 49.4 172. 185.2 24.5 241.7 263.7 17.3 14.9 21.4 13. 35.1 16.7 2.2 2.4 2.5 2.8 89.2 91.8 128.1 133.7 139.9 45.8 55.1 83.8 87.5 8.7 3. 3.2 4.8 5. 5.2 189.2 119.1 121.1 156. 145.7 7.7 28.1 9.5 8.3 8.2 92.8 65.2 83.6 12.4 111. 18.2 17.8 18.8 18.3 17.8 181.5 177.5 235.6 263.9 265.7 1.6 17.8 18.7 191.2 21.2 23.4 24.9 29.9 32.9 34.6 6.6 29.9 75. 75. 6. 4. 2. 4. 4. 4. 3.6 33. 35.8 43.2 66.6 8.9 69.7 54.9 72.7 64.5 6. 55. 38.8 55. 45...... 2.9 14.7 16.1 17.7 19.5 179.7 126.8 126. 133.8 143.7 34.2 22.4 23. 23.7 24.4 75.2 6. 6. 6. 6. (1.9) (42.1) (42.1) (42.1) (42.1) 3.2 3.6.7 (.1) (.1) 78. 82.9 84.3 92.3 11.4 16.6 14.9 153.8 17. 145. 72.6 69.8 13. 154.5 17.1 26 27 28E 29E 21E 3.5 14.8 (26.6) 25.9 61.3 1.8 8.8 4.1 1.7 12. 1.9 8.9 9.6 12.2 19.4 3.9 3.7 3.3 3.2 3.2 ( ) 8.6 4.1.3.3.3 ( )...3 (3.). ( ) (.) (.2) (.8).., (21.7) (29.8) (56.9) (5.6) 9.5 18.1 19.4 13.4 8.1 16.9 (11.8) (19.2) (13.7) (48.5) (12.1) (- ) 21.2 2.4 17.8 (.1) (.3) (- ) (11.1) (21.5). 3.1. (- ) (9.5) (12.1) (28.) (49.) (1.) (12.3) (6.1) (3.6) (2.5) (1.8) Free Cash Flow 18.8 (4.4) (4.3) (22.6) 49.2 (15.1) 3. 46.9 14.1 (27.1) ( ) (12.2) 33.3 45.1. (15.) ( ) (4.) (4.) 2... ( ) 4. 15. (16.2) 16.2 (1.) ( )..... ( )...7.7.7 (2.9) (3.) (2.7) (2.8) (2.9). (2.4)... 3.7 (2.4) 6.5 (8.4) 22.1 13.6 17.3 14.9 21.4 13. 17.3 14.9 21.4 13. 35.1 / (%) 2.8 3.1 6.6 1.7 2. / (%) 3.2 2.3 2.3 2.7 4. / (%) 115.3 73.8 34.3 24.9 194. 47 26 27 28E 29E 21E 342.8 385. 424.9 456.2 491. (%) 1.1 12.3 1.4 7.4 7.6 (%) 5.9 2.7... 178.1 22.1 237.9 255.1 277.7 (%) 6. 13.5 17.7 7.2 8.9 164.7 183. 187. 21.1 213.3 (%) 48. 47.5 44. 44.1 43.4 117.6 141.7 153.9 165. 176.4 (%) 1.6 2.5 8.6 7.2 6.9 47.1 41.3 33.1 36.1 36.9 (%) 27.5 (12.3) (19.7) 9. 2.2 (%) 13.7 1.7 7.8 7.9 7.5 ( ) (22.8) (19.8) (16.6) (16.7) (19.8) 1.6 1.3 1.3.9 1.1 8.5 7. 8.7 11.3 11. ( ).. (2.9) (.1). ( )..2.5 3.. ( ) (8.6) (4.1) (.3) (.3) (.3) ( ) (7.4) (1.4) (6.5) (8.8) (9.6) 24.2 21.4 16.6 19.4 17.1 13.5 12.7 12.4 8.7 5.1 1.8 8.8 4.1 1.7 12...... 1.8 8.8 4.1 1.7 12. (%) (28.9) (18.6) (52.7) 158.2 12. (%) 3.1 2.3 1. 2.3 2.4 EBITDA 61.9 53.9 46.1 51.5 59.5 (%) 15.6 (12.9) (14.6) 11.9 15.5 (%) 35.9 3.7 66.8 26.7 24.5 26 27 28E 29E 21E EPS () 1,487 1,483 45 1,127 1,225 Adj. EPS () 1,487 1,442 391 811 1,225 BPS () 13,131 14,174 13,676 14,12 14,697 DPS () 25 3 3 3 3 PER () 11.9 16.1 22.7 9.1 8.3 Adj. PER () 11.9 16.6 26.1 12.6 8.3 PBR () 1.3 1.7.7.7.7 PCR () 2.4 3.2 3.1 3.1 1.9 EV/ EBITDA () 3.2 3.9 4.9 4.9 3.5 PEG () (1.3) (2.6).2.2.1 (%) 1.4 1.3 2.9 2.9 2.9 (%) 13.7 1.7 7.8 7.9 7.5 EBITDA (%) 18.1 14. 1.8 11.3 12.1 (%) 7.1 5.6 3.9 4.3 3.5 (%) 3.1 2.3 1. 2.3 2.4 ROA (%) 3. 2.6 1.2 2.8 3. ROE (%) 6.4 5.7 3.3 8.2 8.6 ROIC (%) 1.3 8.7 3.7 7.1 9.2 (%) 11. 14. 187. 197.2 185. (%) 4.4 55. 13.2 115.5 74.6 () 5.5 3.8 3.2 3.3 () 1. 1.2 1.3 1.2 1.2 () 4. 4.2 3.8 3.4 3.5 () 7.4 7.6 6.1 5.3 5.8 () 13.4 15.9 15.5 14.5 14.5 () 4.3 4.4 3.5 3. 3.6
2) 538-77 2) 556-673 2) 6354-53 2) 887-89 2) 732-77 2) 722-465 2) 857-86 2) 211-362 2) 518-2222 2) 3452-483 2) 2217-2114 2) 457-8596 2) 466-4228 2) 257-77 2) 562-264 2) 3463-1842 2) 554-6556 2) 718-9 2) 752-6655 2) 2649-11 2) 653-844 2) 533-22 2) 563-377 2) 6677-3799 2) 3477-4567 2) 522-7861 2) 937-77 2) 493-9437 2) 82-2 2) 335-66 2) 449-88 2) 2254-49 2) 2285-1325 2) 875-1851 2) 533-1851 2) 2232-71 2) 511-5 2) 541-5566 2) 547-22 2) 3775-427 2) 798-485 2) 3142-6363 2) 358-6385 2) 2677-7711 2) 3772-12 2) 448-77 2) 471-492 2) 2143-8 2) 411-346 2) 227-65 2) 995-123 2) 96-192 2) 757-77 2) 739-7159 32) 553-2772 32) 323-938 31) 862-1851 31) 97-31 31) 911-984 31) 715-86 31) 262-2564 31) 898-11 31) 712-19 31) 733-953 31) 392-1141 31) 246-66 31) 25-4627 31) 485-4481 31) 848-91 32) 464-77 32) 819-9961 31) 381-8686 31) 657-91 51) 516-8222 51) 55-64 55) 297-2277 55) 355-777 51) 243-77 51) 818-1 52) 273-87 52) 257-777 55) 285-55 51) 71-22 54) 451-77 53) 423-77 54) 252-37 53) 944-77 53) 642-66 53) 793-8282 54) 855-66 42) 484-99 42) 255-9131 42) 823-8577 43) 296-56 62) 232-77 62) 385-299 63) 442-9171 63) 836-8938 61) 791-82 61) 682-5262 63) 286-9911 63) 531-66 62) 956-77 33) 642-1777 64) 732-3377 64) 743-911 2) 311-55 2) 3738-7 2) 6337-33 2) 3482-1221 31) 783-41 51) 68-95