KB RESEARCH 2017 년 2 월 21 일 디스플레이 대형 TV 수요강세지속 2 월하반기 TV 패널가격 : 65 인치 2% 상승 LG 전자, LG 디스플레이시너지효과기대 디스플레이, 가전 Analyst 김동원 02-6114-2913 jeff.kim@kbfg.com RA 김범수 02-6114-2932 bk.kim@kbfg.com Overweight ( 유지 ) Recommendations 기준일 : 2017 년 02 월 20 일 삼성전자 (005930) BUY 현재주가 : 1,933,000 원 목표주가 : 2,400,000 원 LG 전자 (066570) BUY 현재주가 : 62,000 원 목표주가 : 80,000 원 LG 디스플레이 (034220) BUY 현재주가 : 28,100 원 목표주가 : 44,000 원 Top picks: 삼성전자, LG전자, LG디스플레이 2월하반기 TV 패널가격 : 65인치 2% 상승 2017 년 2월 20일시장조사기관인위츠뷰 (Witsview) 에따르면 2월하반기 TV, PC용 LCD 패널가격은대형 TV 패널 (43~65 인치 ) 중심으로강세가지속되면서 11개월연속상승세를기록했다. 2월하반기 LCD TV 패널가격은 43, 49, 50, 65인치 (43~50 : +1%, 65 : +2%) 등대형 TV 패널의공급부족을반영해강세를시현했다 < 표1, 2>. LG 전자, LG 디스플레이시너지효과기대 올해 LG전자 HE (Home Entertainment: TV 사업부 ) 부문은 LCD TV 패널가격상승에도불구하고글로벌 TV 세트업체중에서최고의수익성달성이기대된다. 이는불과 2년전 30% 수준이었던프리미엄매출비중이 OLED TV 출하증가의영향으로 2017 년 1분기현재전체의 50% 를상회하면서 LCD TV 패널가격상승을상쇄하고있기때문이다. 특히 2017 년은 TV 패널공급부족상황이라 LCD 및 OLED TV 패널의안정적조달이경쟁우위로부각되고있어서 LG전자와 LG디스플레이의 (LGD) 의시너지효과가기대된다. 이는 LGD 전체 TV 패널출하의 40% (LG전자전체 TV 패널수요의 70%) 가 LG전자에공급되고있어향후대규모 TV 패널공급에따른가격인하압력완화가전망되기때문이다. Top picks: 삼성전자, LG 전자, LG 디스플레이 2017 년 1분기현재글로벌 LCD 패널수급은양호해보인다. 이는공급부족에따른수급불균형현상이지속되면서비수기에도글로벌 TV 세트업체들의 TV 패널재고축적이진행되고있기때문이다. 또한글로벌 LCD TV 면적출하는 TV 교체수요영향으로전년대비 8% 성장이예상되어향후 TV 패널가격상승에따른 TV 세트업체의수익성악화우려도제한적일전망이다. KB증권은디스플레이업종최선호주로삼성전자, LG전자, LG디스플레이를유지한다.
표 1. 2 월하반기 LCD 패널가격 : TV (+1%), 모니터 (flat), 노트북 (flat) 2016 2017 1HJan 2HJan 1HFeb 2HFeb 1HMar 2HMar 1HApr 2HApr 1HMay 2HMay 1HJun 2HJun 1HJul 2HJul 1HAug 2HAug 1HSep 2HSep 1HOct 2HOct 1HNov 2HNov 1HDec 2HDec 1HJan 2HJan 1HFeb 2HFeb Change % HoH % MoM Size H x V 4K2K 3840x2160 100/120Hz Open-Cell 440 415 400 380 375 370 367 365 363 363 363 363 363 363 363 363 365 365 370 380 385 395 398 405 407 415 417 425 8.0 1.9% 2.4% 65"W 4K2K 3840x2160 50/60Hz Open-Cell 410 385 375 355 350 345 342 340 338 338 338 338 338 338 338 338 340 340 345 355 360 370 373 380 382 390 392 400 8.0 2.0% 2.6% FHD 1920x1080 50/60Hz Open-Cell 342 325 320 310 305 300 298 298 297 297 297 297 297 297 297 297 300 300 305 315 320 330 333 340 342 350 - - - - - 60"W FHD 1920x1080 100/120Hz Open-Cell - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4K2K 3840x2160 100/120Hz Open-Cell 220 205 200 197 193 190 188 186 186 186 186 187 187 189 189 191 192 197 200 205 210 215 217 220 220 220 220 220 0.0 0.0% 0.0% 55"W 4K2K 3840x2160 50/60Hz Open-Cell 210 195 190 187 183 180 178 176 176 176 176 177 177 179 179 181 182 187 190 195 200 205 207 210 210 210 210 210 0.0 0.0% 0.0% FHD 1920x1080 50/60Hz Open-Cell 180 172 169 166 164 162 161 160 160 160 160 162 163 165 167 170 171 176 179 184 189 195 197 200 200 200 200 200 0.0 0.0% 0.0% 50"W FHD 1920x1080 50/60Hz Open-Cell 143 133 130 128 126 125 124 124 124 124 124 124 125 127 128 131 133 138 143 149 153 159 162 168 169 172 173 174 1.0 0.6% 1.2% 49"W 4K2K 3840x2160 50/60Hz Open-Cell 150 140 137 134 132 130 129 128 128 128 128 128 128 131 132 135 137 142 147 153 157 163 166 172 173 176 177 178 1.0 0.6% 1.1% 49"W FHD 1920x1080 50/60Hz Open-Cell - - - - - - - - 120 120 120 120 120 123 124 127 129 134 139 145 149 155 158 164 165 168 169 170 1.0 0.6% 1.2% 48"W FHD 1920x1080 50/60Hz Open-Cell 128 118 115 112 110 108 107 107 - - - - - - - - - - - - - - - - - - - - - - - 43"W 4K2K 3840x2160 50/60Hz Open-Cell 115 107 105 105 105 105 105 105 105 106 106 107 109 112 114 120 125 133 139 145 149 154 156 157 157 158 158 159 1.0 0.6% 0.6% FHD 1920x1080 50/60Hz Open-Cell 102 95 93 93 93 93 93 93 93 94 94 95 97 100 102 108 113 121 127 135 139 144 146 147 147 148 148 149 1.0 0.7% 0.7% 40"W FHD 1920x1080 50/60Hz Open-Cell 96 88 85 85 85 85 85 85 85 85 85 87 89 92 95 101 107 115 122 130 134 138 140 142 142 142 142 142 0.0 0.0% 0.0% 39.5"W FHD 1920x1080 50/60Hz Open-Cell 98 90 87 87 87 87 87 87 87 87 87 88 90 93 95 101 107 116 123 131 135 135 137 140 140 140 140 140 0.0 0.0% 0.0% 32''W HD 1366x768 50/60Hz Open-Cell 55 54 53 52 52 52 52 53 53 54 54 55 57 60 62 68 70 72 73 74 74 74 74 74 74 73 73 73 0.0 0.0% 0.0% 1HJan 2HJan 1HFeb 2HFeb 1HMar 2HMar 1HApr 2HApr 1HMay 2HMay 1HJun 2HJun 1HJul 2HJul 1HAug 2HAug 1HSep 2HSep 1HOct 2HOct 1HNov 2HNov 1HDec 2HDec 1HJan 2HJan 1HFeb 2HFeb Change % HoH % MoM Size H x V 27"W FHD/IPS 1920x1080 50/60Hz LED 116 114 113 112 112 111 110 109 109 108 108 107 107 108 108 108 108 108 108 108 108 108 108 108.1 108.1 108.1 108.1 108.1 0.0 0.0% 0.0% 27"W FHD 1920x1080 50/60Hz LED 99 97 97 96 96 95 95 94 94 93 93 93 93 94 94 95 95 95 95 95 95 95 95 95.3 95.3 95.3 95.3 95.3 0.0 0.0% 0.0% 23.8"W FHD/IPS 1920x1080 50/60Hz LED 71 69 69 68 68 67 67 67 67 67 67 67 67 68 68 69 69 69 70 70 70 70 70 69.9 69.9 69.9 69.9 69.9 0.0 0.0% 0.0% 23.6"W FHD 1920x1080 50/60Hz LED 67 67 66 66 65 65 65 64 64 64 64 64 64 65 65 66 66 66 66 67 67 67 67 66.8 66.8 66.8 66.8 66.8 0.0 0.0% 0.0% 23"W FHD 1920x1080 50/60Hz LED 65 65 64 64 63 63 62 62 62 62 62 62 62 62 62 63 63 64 64 65 65 65 65 64.5 64.5 64.5 64.5 64.5 0.0 0.0% 0.0% 21.5"W FHD 1920x1080 50/60Hz LED 51 50 50 50 49 49 49 48 48 49 49 50 50 51 51 53 54 54 55 55 56 56 56 56.6 56.6 56.6 56.6 56.6 0.0 0.0% 0.0% 20"W HD+ 1600x900 50/60Hz LED - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 19.5"W HD+ 1600x900 50/60Hz LED 44 43 43 42 42 42 42 42 42 42 42 43 43 44 44 46 46 47 47 47 47 48 48 47.8 47.8 47.8 47.8 47.8 0.0 0.0% 0.0% 18.5"W HD 1366x768 50/60Hz LED 39 39 39 38 38 38 37 37 37 37 37 38 38 38 39 40 40 41 41 42 42 42 42 41.5 41.5 41.5 41.5 41.5 0.0 0.0% 0.0% 1HJan 2HJan 1HFeb 2HFeb 1HMar 2HMar 1HApr 2HApr 1HMay 2HMay 1HJun 2HJun 1HJul 2HJul 1HAug 2HAug 1HSep 2HSep 1HOct 2HOct 1HNov 2HNov 1HDec 2HDec 1HJan 2HJan 1HFeb 2HFeb Change % HoH % MoM Size H x V 17.3''W HD+ 1600x900 50/60Hz Wedge-LED 44 44 43 43 43 42 42 42 42 42 42 42 42 42 42 42 42 43 43 43 43 43 43 43.2 43.2 43.2 43.2 43.2 0.0 0.0% 0.0% FHD/IPS 1920x1080 50/60Hz Flat-LED 61 61 60 60 60 59 59 59 59 59 59 59 59 59 59 59 59 59 59 60 60 60 60 60.6 60.8 60.9 60.9 60.9 0.0 0.0% 0.0% FHD/IPS 1920x1080 50/60Hz Flat-LED - - - - - - - - - - - - - - - - - - - - - - - - 46.4 46.9 47.0 47.0 0.0 0.0% 0.2% 15.6''W FHD/TN 1920x1080 50/60Hz Flat-LED 38 37 37 36 36 36 36 35 35 35 35 35 35 35 35 35 35 35 35 35 35 35 35 36.1 36.3 36.7 36.9 36.9 0.0 0.0% 0.5% HD 1366x768 50/60Hz Flat-LED 30 26 26 25 25 25 25 25 25 25 25 25 25 26 26 27 27 28 29 29 30 30 30 30.5 30.7 30.8 30.8 30.8 0.0 0.0% 0.0% 14.0"W HD 1366x768 50/60Hz Flat-LED 26 26 26 25 25 25 25 25 25 25 25 25 25 26 26 27 27 28 29 29 29 30 30 30.3 30.5 30.7 30.7 30.7 0.0 0.0% 0.0% 13.3"W HD 1366x768 50/60Hz Ultraslim-LED 35 35 35 34 34 34 34 33 33 33 33 33 33 33 33 33 33 33 33 33 33 33 33 33.4 33.4 33.4 33.4 33.4 0.0 0.0% 0.0% Flat-LED 33 33 33 32 32 32 32 32 32 32 32 32 32 32 32 32 32 32 32 32 32 32 32 31.9 31.9 31.9 31.9 31.9 0.0 0.0% 0.0% 12.5"W FHD/IPS 1920x1080 50/60Hz Ultraslim-LED 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 68.0 68.2 68.2 68.2 68.2 0.0 0.0% 0.0% 11.6"W HD 1366x768 50/60Hz Flat-LED 27 27 27 26 26 26 26 26 26 26 26 26 26 26 26 27 27 27 27 27 27 27 27 27.3 27.3 27.3 27.3 27.3 0.0 0.0% 0.0% 자료 : Witsview, KB 증권 2
표 2. 월별 LCD 패널가격동향 Panel prices trend 2015 2016 2017 TV Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Size H x V 4K2K 3840x2160 100/120Hz Open-Cell - - - 591 585 573 563 558 528 507 490 465 428 390 373 366 363 363 363 363 365 375 390 402 411 421 65"W 4K2K 3840x2160 50/60Hz Open-Cell - - - - - - - - 484 469 454 430 398 365 348 341 338 338 338 338 340 350 365 377 386 396 FHD 1920x1080 50/60Hz Open-Cell - - - - - - - - 399 388 374 355 334 315 303 298 297 297 297 297 300 310 325 337 346-60"W FHD 1920x1080 100/120Hz Open-Cell 360 354 351 347 343 338 333 332 319 307 - - - - - - - - - - - - - - - - 4K2K 3840x2160 100/120Hz Open-Cell 323 320 318 314 310 306 303 300 278 263 248 233 213 199 192 187 186 187 188 190 195 203 213 219 220 220 55"W 4K2K 3840x2160 50/60Hz Open-Cell - - - - - - - - 265 250 235 220 203 189 182 177 176 177 178 180 185 193 203 209 210 210 FHD 1920x1080 50/60Hz Open-Cell - - - - - - - - 222 212 199 189 176 168 163 161 160 161 164 169 174 182 192 199 200 200 50"W FHD 1920x1080 50/60Hz Open-Cell 201 201 201 201 201 200 197 195 183 174 162 152 138 129 126 124 124 124 126 130 136 146 156 165 171 174 49"W 4K2K 3840x2160 50/60Hz Open-Cell - - - 217 215 211 207 204 189 181 169 159 145 136 131 129 128 128 130 134 140 150 160 169 175 178 FHD 1920x1080 50/60Hz Open-Cell - - - - - - - - - - - - - - - - 120 120 122 126 132 142 152 161 167 170 48"W FHD 1920x1080 50/60Hz Open-Cell 188 188 188 187 186 184 181 178 167 160 149 138 123 114 109 107 - - - - - - - - - - 43"W 4K2K 3840x2160 50/60Hz Open-Cell - - - - - - - - 149 142 133 124 111 105 105 105 106 107 111 117 129 142 152 157 158 159 FHD 1920x1080 50/60Hz Open-Cell - - - - - - - - 132 125 116 108 99 93 93 93 94 95 99 105 117 131 142 147 148 149 40"W FHD 1920x1080 50/60Hz Open-Cell 135 135 135 135 135 135 135 134 127 120 112 102 92 85 85 85 85 86 91 98 111 126 136 141 142 142 39.5"W FHD 1920x1080 50/60Hz Open-Cell - - - 131 131 131 131 130 126 121 113 104 94 87 87 87 87 88 92 98 112 127 135 139 140 140 32''W HD 1366x768 50/60Hz Open-Cell 94 94 94 91 88 85 81 78 69 66 62 58 55 53 52 53 54 55 59 65 71 74 74 74 74 73 Avg. TV panel price 217 215 214 246 244 240 236 234 242 232 215 202 186 173 168 165 165 166 168 172 179 189 200 207 210 202 % MoM -0.3% -0.7% -0.4% 14.6% -0.8% -1.5% -1.5% -1.1% 3.6% -4.3% -7.2% -6.1% -8.0% -6.9% -3.3% -1.5% 0.2% 0.3% 1.4% 2.3% 4.0% 5.8% 5.4% 3.5% 1.9% -3.8% Monitor Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Jan Screen Type Resolution Frequency Size H x V 27"W FHD/IPS 1920x1080 50/60Hz LED - - - - - - - - - - - - 114.8 112.5 111.0 109.5 108.4 107.6 107.4 107.9 108.1 108.1 108.1 108.1 108.1 108.1 27"W FHD 1920x1080 50/60Hz LED 121.9 121.1 120.3 119.3 118.2 116.5 114.3 112.8 109.6 106.1 102.4 99.9 98.0 96.6 95.4 94.3 93.6 93.3 93.6 94.4 95.2 95.3 95.3 95.3 95.3 95.3 23.8"W FHD/IPS 1920x1080 50/60Hz LED - - - 85.9 84.8 83.4 81.7 80.7 77.8 75.5 73.5 71.6 69.9 68.7 67.8 66.9 66.6 66.9 67.5 68.2 69.2 69.7 69.9 69.9 69.9 69.9 23.6"W FHD 1920x1080 50/60Hz LED 83.9 83.3 82.8 82.1 81.2 80.0 78.2 77.4 74.6 72.5 70.3 68.6 67.0 66.0 65.1 64.4 64.2 64.2 64.4 65.1 66.0 66.6 66.8 66.8 66.8 66.8 23"W FHD 1920x1080 50/60Hz LED 80.3 79.7 79.2 78.5 77.7 76.5 74.9 73.9 71.9 69.9 67.9 66.3 64.9 63.9 62.9 62.1 61.7 61.7 62.0 62.8 63.7 64.3 64.5 64.5 64.5 64.5 21.5"W FHD 1920x1080 50/60Hz LED 69.6 69.0 68.2 67.3 66.1 64.4 62.5 61.4 58.5 55.5 53.4 52.1 50.7 49.8 49.0 48.4 48.4 49.2 50.5 52.2 53.9 55.0 55.9 56.4 56.6 56.6 20"W HD+ 1600x900 50/60Hz LED 61.6 61.1 60.6 59.9 59.2 57.9 56.4 55.5 53.7 52.5 51.0 49.9 - - - - - - - - - - - - - - 19.5"W HD+ 1600x900 50/60Hz LED 59.7 59.2 58.5 57.8 56.9 55.5 53.9 53.0 50.7 48.2 45.9 44.5 43.2 42.4 41.9 41.6 41.5 42.1 43.4 44.9 46.2 47.0 47.5 47.7 47.8 47.8 18.5"W HD 1366x768 50/60Hz LED 53.9 53.4 52.9 52.3 51.5 50.3 48.9 48.0 45.9 43.5 41.6 40.4 39.1 38.4 37.8 37.3 37.1 37.5 38.1 39.3 40.6 41.3 41.5 41.5 41.5 41.5 Avg. MNT panel price 75.8 75.3 74.6 75.4 74.4 73.0 71.3 70.3 67.8 65.5 63.2 61.6 68.4 67.3 66.3 65.5 65.2 65.3 65.8 66.8 67.8 68.4 68.7 68.8 68.8 68.8 % MoM -0.8% -0.7% -0.9% 1.0% -1.2% -1.9% -2.3% -1.4% -3.5% -3.5% -3.4% -2.5% 11.0% -1.7% -1.4% -1.2% -0.6% 0.2% 0.8% 1.5% 1.5% 0.8% 0.4% 0.1% 0.1% 0.0% Notebook Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Jan Screen Type Resolution Frequency Size H x V 17.3''W HD+ 1600x900 50/60Hz Wedge-LED 52.1 51.6 51.0 50.3 49.7 49.1 48.3 47.8 46.4 45.6 44.9 44.3 43.7 43.1 42.6 42.2 42.1 42.1 42.1 42.1 42.4 43.1 43.2 43.2 43.2 43.2 FHD/IPS 1920x1080 50/60Hz Flat-LED - - - - - - - - 64.6 63.5 62.3 61.3 60.7 60.1 59.5 59.1 58.9 58.8 58.8 58.8 58.8 59.5 60.1 60.5 60.9 60.9 FHD/IPS 1920x1080 50/60Hz Flat-LED - - - - - - - - - - - - - - - - - - - - - - - - 46.7 47.0 15.6"W FHD/TN 1920x1080 50/60Hz Flat-LED - - - - - - - - - - - - 37.5 36.5 35.9 35.3 35.1 35.1 35.1 35.1 35.1 35.1 35.1 35.8 36.5 36.9 HD 1366x768 50/60Hz Flat-LED 40.1 39.6 38.9 37.9 37.0 35.8 34.8 34.3 32.8 31.8 31.0 30.2 27.7 25.6 25.1 24.7 24.6 24.7 25.3 26.5 27.8 29.1 29.8 30.4 30.8 30.8 14.0"W HD 1366x768 50/60Hz Flat-LED 34.9 34.4 34.0 33.3 32.6 31.7 30.8 30.4 29.1 28.2 27.6 26.9 26.0 25.5 25.0 24.6 24.5 24.6 25.1 26.3 27.6 28.9 29.6 30.2 30.6 30.7 13.3"W HD 1366x768 50/60Hz Ultraslim-LED 41.1 40.6 40.0 39.4 39.0 38.6 38.2 38.0 37.2 36.7 36.1 35.7 35.1 34.3 33.8 33.5 33.4 33.4 33.4 33.4 33.4 33.4 33.4 33.4 33.4 33.4 Flat-LED 39.0 38.5 37.9 37.3 36.8 36.4 36.0 35.8 35.1 34.6 34.0 33.6 33.1 32.6 32.2 32.0 31.9 31.9 31.9 31.9 31.9 31.9 31.9 31.9 31.9 31.9 12.5"W FHD/IPS 1920x1080 50/60Hz Ultraslim-LED - - - 68.5 68.1 67.8 67.6 67.5 67.3 67.2 67.2 67.2 67.2 67.2 67.2 67.2 67.2 67.2 67.2 67.2 67.2 67.2 67.2 67.6 68.2 68.2 11.6"W HD 1366x768 50/60Hz Flat-LED 36.0 35.5 34.9 34.2 33.6 32.8 31.9 31.4 30.1 29.2 28.6 28.0 27.1 26.6 26.1 25.7 25.6 25.6 25.6 26.2 27.1 27.3 27.3 27.3 27.3 27.3 Avg. NBPC panel price 40.5 40.0 39.4 43.0 42.4 41.7 41.1 40.7 42.8 42.1 41.5 40.9 39.8 39.0 38.6 38.2 38.1 38.2 38.3 38.6 39.0 39.5 39.7 40.0 40.9 41.0 % MoM -1.4% -1.1% -1.5% 8.9% -1.3% -1.6% -1.6% -0.8% 5.1% -1.7% -1.5% -1.4% -2.7% -1.9% -1.2% -0.8% -0.3% 0.0% 0.3% 0.8% 1.1% 1.2% 0.6% 0.7% 2.3% 0.2% Total ASP 111 110 109 121 120 118 116 115 118 113 107 102 98 93 91 90 90 90 91 92 95 99 103 105 107 104 % MoM -0.5% -0.8% -0.7% 10.8% -1.0% -1.6% -1.7% -1.1% 2.3% -3.8% -5.8% -4.7% -3.4% -5.0% -2.5% -1.3% 0.0% 0.2% 1.1% 1.9% 3.0% 4.0% 3.6% 2.4% 1.5% -2.5% 자료 : Witsview, KB 증권 3
삼성전자 (005930) BUY ( 유지 ) 목표주가 ( 유지, 원 ) 2,400,000 시가총액 ( 조원 ) 303.4 Upside / Downside (%) 24.2 Free float (%) 68.5 현재가 (2/20, 원 ) 1,933,000 거래대금 (3M, 십억원 ) 498.4 Consensus Target price ( 원 ) 2,307,955 주요주주지분율 (%) 삼성물산외 9 인 18.5 국민연금 9.0 결산기말 2015A 2016P 2017E 2018E 매출액 ( 십억원 ) 200,654 201,867 221,921 233,293 영업이익 ( 십억원 ) 26,413 29,241 40,459 44,608 순이익 ( 십억원 ) 18,695 22,416 29,811 33,206 EPS ( 원 ) 109,883 139,061 184,941 206,003 증감률 (%) -19.0 26.6 33.0 11.4 PER (X) 11.5 13.0 10.5 9.4 EV/EBITDA (X) 3.3 4.2 3.6 3.3 PBR (X) 1.2 1.6 1.6 1.5 ROE (%) 11.2 12.5 15.4 16.3 배당수익률 (%) 1.7 1.6 1.5 1.5 Performance 주가상승률 (%) 1M 3M 6M 12M 절대수익률 3.9 21.9 15.4 62.4 시장대비상대수익률 3.0 15.5 13.8 49.3 시장대비주가상승률 ( 좌 ) (%) ( 원 ) 주가 ( 우 ) 60 50 40 30 20 10 0-10 2/16 5/16 8/16 11/16 2,200,000 1,800,000 1,400,000 1,000,000 자료 : 삼성전자, KB 증권 LG 전자 (066570) BUY ( 유지 ) 목표주가 ( 유지, 원 ) 80,000 시가총액 ( 조원 ) 10.7 Upside / Downside (%) 29.0 Free float (%) 64.9 현재가 (2/20, 원 ) 62,000 거래대금 (3M, 십억원 ) 44.5 Consensus Target price ( 원 ) 68,680 주요주주지분율 (%) LG 외 3 인 33.7 국민연금 7.5 결산기말 2015A 2016P 2017E 2018E 매출액 ( 십억원 ) 56,509 55,367 58,420 60,814 영업이익 ( 십억원 ) 1,192 1,338 1,834 2,211 순이익 ( 십억원 ) 124 77 1,267 1,465 EPS ( 원 ) 688 425 7,004 8,100 증감률 (%) -68.8-38.2 1548.0 15.6 PER (X) 78.2 121.3 8.9 7.7 EV/EBITDA (X) 5.3 5.1 5.3 4.8 PBR (X) 0.8 0.8 0.8 0.8 ROE (%) 1.1 0.6 9.8 10.6 배당수익률 (%) 0.7 0.8 0.6 0.6 Performance 주가상승률 (%) 1M 3M 6M 12M 절대수익률 14.6 32.3 18.8 2.0 시장대비상대수익률 13.6 25.4 17.2-6.3 시장대비주가상승률 ( 좌 ) (%) ( 원 ) 주가 ( 우 ) 10 0-10 -20-30 -40 2/16 5/16 8/16 11/16 70,000 64,000 58,000 52,000 46,000 40,000 자료 : LG 전자, KB 증권 4
LG 디스플레이 (034220) BUY ( 유지 ) 목표주가 ( 유지, 원 ) 44,000 시가총액 ( 조원 ) 10.1 Upside / Downside (%) 56.6 Free float (%) 62.1 현재가 (2/20, 원 ) 28,100 거래대금 (3M, 십억원 ) 44.4 Consensus Target price ( 원 ) 39,211 주요주주지분율 (%) LG전자외 2 인 37.9 국민연금 10.3 결산기말 2015A 2016E 2017E 2018E 매출액 ( 십억원 ) 28,384 26,504 29,167 30,408 영업이익 ( 십억원 ) 1,626 1,311 2,622 2,269 순이익 ( 십억원 ) 967 907 1,913 1,618 EPS ( 원 ) 2,701 2,534 5,346 4,521 증감률 (%) 6.9-6.2 111.0-15.4 PER (X) 9.1 12.4 5.3 6.2 EV/EBITDA (X) 2.2 3.2 2.4 2.4 PBR (X) 0.7 0.9 0.7 0.7 ROE (%) 8.2 7.2 14.0 10.9 배당수익률 (%) 2.0 1.6 1.8 1.8 Performance 주가상승률 (%) 1M 3M 6M 12M 절대수익률 -12.3-1.4-12.6 22.2 시장대비상대수익률 -13.1-6.6-13.8 12.3 시장대비주가상승률 ( 좌 ) (%) ( 원 ) 주가 ( 우 ) 35 30 25 20 15 10 5 0-5 2/16 5/16 8/16 11/16 36,000 32,000 28,000 24,000 20,000 자료 : LG 디스플레이, KB 증권 5
투자자고지사항 투자의견및목표주가변경내역 ( 주가 주가 -, 목표주가 -) ( 원 ) 삼성전자 2,600,000 2,200,000 1,800,000 1,400,000 1,000,000 15/2 15/6 15/10 16/2 16/6 16/10 17/2 변경일 투자의견 목표주가 ( 원 ) 삼성전자 15/03/23 BUY 1,800,000 15/06/26 BUY 1,650,000 15/09/20 BUY 1,500,000 15/10/29 BUY 1,650,000 16/01/29 BUY 1,550,000 16/07/29 BUY 1,700,000 16/08/22 BUY 1,880,000 16/10/07 BUY 2,050,000 16/12/23 BUY 2,200,000 17/01/25 BUY 2,400,000 ( 원 ) LG전자 90,000 78,000 66,000 54,000 42,000 30,000 15/2 15/6 15/10 16/2 16/6 16/10 17/2 변경일 투자의견 목표주가 ( 원 ) LG전자 15/07/02 BUY 60,000 15/07/30 BUY 53,000 15/10/22 BUY 63,000 16/01/07 BUY 71,000 16/01/27 BUY 76,000 16/03/02 BUY 83,000 16/07/06 BUY 74,000 16/10/10 BUY 58,000 17/01/02 BUY 73,000 17/01/26 BUY 80,000 ( 원 ) LG디스플레이 50,000 42,000 34,000 26,000 18,000 10,000 15/2 15/6 15/10 16/2 16/6 16/10 17/2 변경일 투자의견 목표주가 ( 원 ) LG디스플레이 15/04/23 BUY 39,000 15/07/01 BUY 33,000 15/07/24 BUY 30,000 15/10/06 BUY 28,000 16/01/28 BUY 26,000 16/03/15 BUY 31,000 16/07/20 BUY 32,000 16/07/28 BUY 35,000 16/12/07 BUY 38,000 17/01/06 BUY 40,000 17/01/25 BUY 44,000 인수합병 1 년이내 BW/CW/EW 유상증자 주식등 1% 자사주 ELW 업무관련 IP O 인수계약 모집주선 이상보유 취득 / 처분 발행 유동성공급 삼성전자 LG전자 LG디스플레이 채무이행보증 계열사관계 공개매수사무관련 KB증권은동조사분석자료를기관투자가또는제3자에게제공한사실이없습니다. 본자료작성자는게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 투자의견분류 : 산업 : Overweight(10% 이상 ), Neutral(-10~10%), Underweight(-10% 이상 ) / 기업 : Strong BUY(30% 이상 ), BUY(10~30%), Marketperform(-10~10%), Underperform(-10% 이상 ) 투자등급비율 (2016. 12. 31 기준 ) 매수중립매도 87.7 12.3 - * 최근 1년간투자의견을제시한리포트기준 이보고서는고객들에게투자에관한정보를제공할목적으로작성된것이며계약의청약또는청약의유인을구성하지않습니다. 이보고서는당사가신뢰할만하다고판단하는자료와정보에근거하여해당일시점의전문적인판단을반영한의견이나당사가그정확성이나완전성을보장하는것은아니며통지없이의견이변경될수있습니다. 개별투자는고객의판단에의거하여이루어져야하며, 이보고서는여하한형태로도고객의투자판단및그결과에대한법적책임의근거가되지않습니다. 이보고서의저작권은당사에있으므로당사의동의없이무단복제, 배포및변형할수없습니다. 이보고서는학술목적으로작성된것이아니므로, 학술적인목적으로이용하려는경우에는당사에사전통보하여동의를얻으시기바랍니다. 6