Microsoft Word - Samsung Engineering _국문.doc

Korea/Construction & Eng ineering 삼성엔지니어링 Company update BUY 2 March 2012 BUY 1 Feb 2012 BUY 19 Jan 2012 BUY 04 Jan 2012 변성진, Analyst, 3774 1457 sjbyun@miraeasset.com Target price KRW275,000 Current price (2 March 2012) KRW236,500 What s New 커지는기회, 작아지는리스크 삼성엔지니어링을건설업종 Top Pick 으로추천. 이는그동안의주가약세가이미삼성엔지니어링의마진하락및수주둔화리스크를모두반영하고있다고판단하기때문. 특히얀부 III 발전소프로젝트가 2 사분기부터동사의수주모멘텀재개의기폭제역할을할것으로예상됨에주목. 또한 P/E(12E) 15.3 배는지난 2005 년이후 2008 년을제외하고최저인 16.1 배보다낮은수준에머물고있음. 현주가대비목표주가 275,000 원은 16.3% 의주가상승여력을보유하고있어 BUY 의견유지.» 이미주가에반영된마진하락리스크» 여전히경쟁사대비높은수주잔고 / 매출액비율» 터닝포인트로서의얀부 III 프로젝트» 건설업종 Top Pick 및목표주가 275,000 원유지 Upside/downside 16.3% Consensus target price KRW280,000 Difference from consensus -1.8% Forecast earnings & valuation Fiscal year ending Dec-10A Dec-11A Dec-12E Dec-13E Revenue (KRWb) 5,219 9,298 11,367 13,441 Op EBIT (KRWb) 432.6 717.3 805.6 976.9 Net income (KRWb) 355.1 514.5 617.0 733.5 Norm profit (KRWb) 355.1 514.5 617.0 733.5 EPS (KRW) 8,877 12,861 15,425 18,338 EPS growth 36.9% 44.9% 19.9% 18.9% P/E (x) 26.6 18.4 15.3 12.9 EV/EBITDA (x) 19.2 11.8 9.7 8.1 Dividend yield 1.1% 1.3% 1.5% 1.7% P/B (x) 9.6 6.8 5.0 3.8 ROE 40.4% 43.4% 37.8% 33.7% Net debt/equity -85.9% -60.5% -54.6% -47.0% Cons EPS (KRW) 8,877 15,457 18,579 18,338 Prev EPS (adj) (KRW) 8,877 12,829 15,355 18,277 Performance 290,000 Price Close Relative to KOSPI (RHS) 155 이미주가에반영된마진하락리스크 지난 2011 년하반기이후의주가약세는이미마진하락리스크를충분히반영하고있다는판단. 특히지난 2011 년의 2.4%pt 의 GP 마진축소로삼성엔지니어링의잠재적인시가총액 2.5 조원이유실되었다는분석. 이러한마진하락으로인한시가총액상실분 26.9% 는지난해 9 월이후경쟁사대비 underperform 한 28.3% 와일치하는수준. 270,000 250,000 230,000 210,000 190,000 170,000 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Source: Bloomberg 145 135 125 115 105 95 여전히경쟁사대비높은수주잔고 / 매출액비율 동사는이미수주가매출액보다빨리증가하는성장초기단계에서빠져나오고있음을감안할때, 상대적으로낮아진수주잔고 / 매출액비율을더이상부정적으로볼필요가없다는판단임. 지난해수주잔고 / 매출액비율이 2010 년 3.2 배에서 2.2 배로크게하락하였음에도불구하고삼성엔지니어링의동비율이글로벌 peer 대비가장높은수준에머물고있음. 실제로글로벌 peer 업체들의 2011 년수주잔고 / 매출액비율은 JGC 를제외하곤대부분 1.7 배미만에불과. Trading data Market cap (KRWb/US$m) 9,460/8,454 Shares outstanding 40.0m Free float 74% 52-week price high/low KRW280,500/170,500 Daily average turnover (3M) US$42.1m Performance 1M 3M 12M Absolute 10.0% 4.6% 32.1% Relative to KOSPI 6.7% -4.8% 27.4% Absolute (US$) 10.8% 5.2% 33.3% Major shareholders 제일모직 13.1% 국민연금 9.1% 터닝포인트로서의얀부 III 프로젝트 사우디아라비아의얀부 III 발전프로젝트는올해삼성엔지니어링에가장중요한수주가될것으로예상. 왜냐하면동프로젝트는인프라비즈니스가화공부문에이어추가적인성장동력으로확고히자리매김하는주요한초석이될것으로판단하기때문. 특히현재추진중인업무범위변경시 2 사분기중으로동프로젝트에서의추가수주확보가가능할것으로판단. See the last page of this report for important disclosures 자료 for data: Company, Bloomberg, Mirae Research estimates 1

건설업종 Top Pick 및목표주가 275,000 원유지 삼성엔지니어링을건설업종 Top Pick 으로추천하며목표주가 275,000 원을유지. 목표주가는글로벌 peer 그룹의 PEG 1.05 배를적용한 PEG 방법을사용하여산출. 회사가글로벌 top tier 엔지니어링그룹으로진입하고있을뿐만아니라수주잔고 / 매출액비율이글로벌 peer 중가장높은수준에있다는점을감안할때, 목표 PEG 1.05 배적용은적절하다는판단. 2

이미주가에반영된마진하락리스크 우리는지난 2011 년하반기이후보여준삼성엔지니어링주가의낮은수익률이이미마진압박과수주모멘텀둔화에대한리스크를모두반영하고있다고판단한다. 특히우리의분석에따르면지난 2011 년의 2.4%pt 의 GP 마진축소로삼성엔지니어링의잠재적인시가총액 2.5 조원이유실되었다는판단이다. 이러한마진하락으로인한시가총액상실분 26.9% 는지난 2011 년 9 월이후경쟁사대비 underperform 한 28.3% 와일치한다. Figure 1 Price performance since Sep. 2011 (%) 50 45 40 35 30 25 20 15 10 5 0 44.3 29.1 15.5 14.7 1.3 Hyundai E&C Daelim Industrial Daewoo E&C KOSPI Samsung ENG 자료 : 각사, 미래에셋증권리서치센터 Figure 2 Validity check of Samsung ENG underperformance based on 2011 earnings (KRWbn, KRW) actual assumption difference Revenue 9,298 9,298 GP margin(%) 11.6 14.0 2.4 GP 1,079 1,302 223 SG&A ratio(%) 4.0 4.0 PBT 707 930 223 tax rate(%) 25.0 25.0 NP 530 697 167 multiple(x) 15.0 lost MV (a) 2,509 shares(ths, b) 40,000 lost price (c=a/b) 62,732 price (2011 Sep, d) 233,500 lost potential (e=c/d) 26.9 price performance (since 3Q11) peer group 29.6 Samsung ENG 1.3 underperformance 28.3 자료 : 삼성엔지니어링, 미래에셋증권리서치센터 Note : peer group includes Hyudnai E&C, Daelim Industrial and Daewoo E&C 3

Figure 3 GP margin slide in 2011 (KRWbn) (%) 3,500 Revenue GP margin 20 3,000 18 16 2,500 14.5% (2010) 11.6% (2011) 14 2,000 12 10 1,500 8 1,000 6 4 500 2-0 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 자료 : 삼성엔지니어링, 미래에셋증권리서치센터 여전히세계최고수준에있는수주잔고 우리는삼성엔지니어링의수주에대한우려가올해부터감소하기시작할것으로판단하는데, 이는동사의수주잔고 / 매출액비율이지난해급격히하락했음에도불구하고여전히세계최고수준에있기때문이다. 지난해삼성엔지니어링이 14 조원의수주가이던스를달성하지못하면서동사의수주잔고 / 매출액비율이 2010 년의 3.2 배에서 2.2 배로크게하락하였다. 이것은 2 년연속매출액성장률대비낮은수주증가율에의한결과이기도한데, 한가지주목할점은삼성엔지니어링이지난해가이던스를충족시켰다할지라도수주잔고 / 매출액비율은 2.4 배불과했을것이라는점이다. 이것은삼성엔지니어링이이미초기고속성장국면에서빠져나오고있다는것을의미한다는판단이다. 동사는이미수주가매출액보다빨리증가하는성장초기단계에서빠져나오고있음을감안할때, 상대적으로낮아진수주잔고 / 매출액비율을더이상부정적으로볼필요가없다는판단이다. 실제로글로벌 peer 기업들의수주잔고 / 매출액비율은최근저성장국면에서탈피하고있는 JGC 를제외하고는대부분 1.7 배미만에머물고있다. 이에우리는이미국내최고의플랜트업체로성장한삼성엔지니어링의수주잔고 / 매출액비율은향후에도 2.1 배수준에서유지될것으로예상한다. Figure 4 Backlog to revenue ratio fallen in 2011 (KRWbn) 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 new order backlog/revenue 3.5 3.2 2.5 2.6 2.2 2.1 2.1 1.5 2006 2007 2008 2009 2010 2011 2012E 2013E (x) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 자료 : 삼성엔지니어링, 미래에셋증권리서치센터 4

Figure 5 Revenue growth outpacing new order growth (%) 100 80 new orders revenue 60 40 20 0 (20) 2006 2007 2008 2009 2010 2011 2012E 2013E (40) 자료 : 삼성엔지니어링, 미래에셋증권리서치센터 Figure 6 backlog/revenue comparison (x) 2007 2008 2009 2010 2011 Saipem 1.6 1.9 1.8 1.8 1.6 Technip 1.2 1.0 1.2 1.5 1.5 JGC 1.2 1.6 2.5 2.7 2.3 Fluor 1.8 1.5 1.2 1.7 1.7 Samsung ENG 2.5 2.6 3.5 3.2 2.2 자료 : 각사, Factset, 미래에셋증권리서치센터 5

비화공부문의중요성증대 삼성엔지니어링은향후지속적인성장을위해서는사업다각화가반드시필요하다는판단이다. 왜냐하면이미초기성장단계를지난삼성엔지니어링같은회사는하나의성장동력에의지해서지속적인성장을이루기가힘들기때문이다. 삼성엔지니어링의경우이미 2010 년비화공부문수주비중이 50% 로 2009 년의 10% 대비크게성장하였다. 하지만이러한빠른성장은관계사수주물량증대및일부화공프로젝트의수주지연으로인한효과가일정부분반영되었음을감안할필요가있다. 올해는지난해보다 36% 증가한 16 조원의수주를계획하고있을뿐만아니라화공부문의발주환경이여전히불확실한상태에있다는점을감안하면, 비화공부문수주의중요성은올해부터점점더증가할것으로예상된다. Figure 7 Increasing contribution of non hydro-carbon (KRWbn) new order non-hydrocarbon portion 20,000 60 18,000 50.0 45.0 16,000 47.1 47.3 50 14,000 40 12,000 32.0 10,000 30 21.9 22.2 8,000 20 6,000 10.0 4,000 10 2,000 0 0 2006 2007 2008 2009 2010 2011 2012E 2013E 자료 : 삼성엔지니어링, 미래에셋증권리서치센터 6

터닝포인트로서의얀부 III 프로젝트 사우디아라비아의얀부 III 발전프로젝트는올해삼성엔지니어링에가장중요한수주가될것으로예상하는데, 그이유는인프라비즈니스가화공부문에이어추가적인성장동력으로확고히자리매김하는데동프로젝트가주요한초석이될것으로판단하기때문이다. 우리는 3 월에 10 억달러의얀부 III 프로젝트수주를예상하는데, 업무범위변화시 2 사분기에추가적인수주금액증대가가능할것으로예상된다. 현재사업주와진행하고있는것처럼, 프로젝트구조가 JV(Joint Venture) 에서컨소시엄으로변화될경우삼성엔지니어링은프로젝트리더로서전체프로젝트를총괄하면서수주금액이증대될수있기때문이다. 얀부 III 프로젝트는전력생산 capa 2,500MW 의초대형발전소로, 삼성엔지니어링이사우디에서석유화력얀부 III 발전소를, 그리고카자흐스탄에서발하쉬석탄화력발전소를수주하게된다면발전프로젝트는화공사업부문에이어삼성엔지니어링의또다른성장축으로자리매김할수있을것으로판단된다. Figure 8 Yanbu III project Project Yanbu power and Desalination Plant Phase III, power package Project owner Saline Water Conversion Corporation(SWCC) owned by Saudi Arabia government Capacity 2,500MW (initially 1,700MW) Budget US$3bn Feedstock heavy fuel oil Contract 1Q 2012 Completion 4Q 2014 Lowest bidder JV of Al-Toukhi Company, Samsung Eng. and Construction and Shanghai Electric Al-Toukhi Company - local contractor Shanghai Electric - supplier of turbine and boiler Samsung Engineering - execution of overall EPC 자료 : MEED Projects, 미래에셋증권리서치센터 7

Figure 9 Samsung ENG project list in MENA Award date Country Sector Project name US$m 2012 Q1 Saudi Arabia Petrochemicals Kemya - Elastomer Plant: Methyl Tertiary Butyl Ether (MTBE) 500 2012 Q1 Saudi Arabia Oil / Gas Production Khafji Joint Operations - Divided Zone Facilities: Offshore 400 2012 Q1 Saudi Arabia Gas Processing Khafji Joint Operations - Divided Zone Facilities: Onshore 2,600 2012 Q1 Iraq Pipeline Lukoil / Statoil / NOC - West Qurna-2 Oil Field Development 200 2012 Q1 Qatar Metal QASCO - Meltshop Upgrade 1,000 2012 Q1 Saudi Arabia Water and Waste SWCC / Marafiq - Yanbu Desalination Plant: Phase 3 2,000 2012 Q1 Saudi Arabia Power SWCC / Marafiq - Yanbu Power Plant: Phase 3 2,000 2012 Q1 Saudi Arabia Metal Maaden / Alcoa - Aluminium Project: Ras Al-Khair Alumina Refinery 1,900 2012 Q1 Saudi Arabia Metal Maaden / Alcoa - Aluminium Project: Ras Al-Khair Steam Host Facility 100 2012 Q1 Iraq Gas Processing Lukoil/Statoil/NOC -West Qurna-2 Oil Field:GP Plant & Power Distribution 500 2012 Q1 Iraq Oil / Gas Production Lukoil/Statoil/NOC - West Qurna-2 Oil Field:Tuba Tank Farm 250 2012 Q1 Iraq Oil / Gas Production Lukoil/Statoil/NOC -West Qurna-2 Oil Field:Gathering & Central Processing 300 2012 Q1 Iraq Oil / Gas Production Lukoil/Statoil/NOC - West Qurna-2 Oil Field:Early Production Facilities 800 2012 Q1 Iraq Refining Gazprom/Kogas/Petronas/TPAO/NOC - Badra Oil Field Development: CPF 300 2012 Q1 Saudi Arabia Petrochemicals Sadara Chemical Company - Jubail New Petrochemical Complex: EO 600 2012 Q1 Saudi Arabia Petrochemicals Petro-Rabigh - Phase II - MTBE & MMA (CP4) 500 2012 Q1 Saudi Arabia Petrochemicals Petro-Rabigh - Phase II - Expansion of Rabigh Aromatics Complex (RP2) 2,000 2012 Q1 Saudi Arabia Petrochemicals Petro-Rabigh - Phase II - Caprolactam and Nylon-6 Plants (CP1) 500 2012 Q1 Saudi Arabia Petrochemicals Petro-Rabigh - Phase II - EVA / LDPE, PPO, PMMA (CP3) 500 2012 Q1 Saudi Arabia Petrochemicals Petro-Rabigh - Phase II - Cumene, Phenol and Cyclohexanone (CP2) 500 2012 Q2 UAE Power DEWA - Hassyan IPP 3,000 2012 Q2 Iraq Oil / Gas Production Eni / Oxy / Kogas / MOC - Zubair Field Development: Early Production 1,000 2012 Q2 Saudi Arabia Petrochemicals Kemya - Elastomer Plant: Ethylene Propylene Diene Monomer (EPDM) 500 2012 Q2 Saudi Arabia Petrochemicals Kemya - Elastomer Plant: Halobutyl Rubber Plant 500 2012 Q2 Saudi Arabia Petrochemicals Kemya - Elastomer Plant: Offsites & Utilities 300 2012 Q2 Saudi Arabia Petrochemicals Kemya - Elastomer Plant: Polybutadiene Rubber (PBR) 500 2012 Q2 Iraq Pipeline Eni / Oxy / Kogas / MOC - Zubair Field Development: Degassing Stations 500 2012 Q2 UAE Oil / Gas Production ZADCO - Upper Zakum Full Field: Early Production Facility: Offshore 800 2012 Q2 UAE Refining TAKREER? Ruwais Carbon Black Plant 200 2012 Q2 UAE Refining TAKREER? Ruwais Coker Unit 200 2012 Q2 UAE Refining TAKREER? Ruwais Hydrogen Processing Facilities 200 2012 Q2 Jordan Pipeline JRSP Company? JRSP: Phase I 4,500 2012 Q2 Saudi Arabia Petrochemicals Sipchem - Jubail Petrochemicals Complex:Phase III:Polybutylene 500 2012 Q2 Iraq Oil / Gas Production Gazprom/Kogas/Petronas/TPAO/NOC - Badra Oil Field Development: CPF 600 2012 Q3 UAE Gas Processing GASCO - Habshan Field Carbon Dioxide Recovery Project 260 2012 Q3 UAE Oil / Gas Production Masdar - Mussafah Steel Industries Rolling Mill CO2 Capture & Storage 280 2012 Q3 UAE Petrochemicals TAKREER - Propane Dehydrogenation Unit 1,000 2012 Q4 Saudi Arabia Refining Saudi Aramco - Ras Tanura Aromatics Project 500 2012 Q4 Saudi Arabia Refining Saudi Aramco - Ras Tanura Clean Fuels Project 500 자료 : MEED Projects, 미래에셋증권리서치센터 8

목표주가 275,000 원삼성엔지니어링을건설업종 Top Pick 으로추천하며목표주가 275,000 원을유지한다. 목표주가는글로벌 peer 기업의 PEG 1.054 배를적용하며산출하였다. 삼성엔지니어링이글로벌 top tier 엔지니어링기업군으로진입하고있을뿐만아니라수주잔고 / 매출액비율이글로벌 peer 중가장높은수준에있다는점을감안할때, 삼성엔지니어링에대한글로벌 peer PEG 1.05 배적용은적절하다는판단이다. 특히현주가수준에서의 P/E(12E) 15.3 배는 2008 년을제외하고 2005 년이후최저치인 16.1 배보다 5.0% 낮은수준에있다. Figure 10 KRW275,000 target price, using PEG method (KRW, x, %) peer group Samsung ENG (1) P/E (2012E) 15.3 (2) EPS CAGR (12~14) 17.0 (3) PEG =(1)/(2) 1.05 0.9 (4) Target PEG. 1.05 (5) Target PER =(2) * (4) 18.0 (6) EPS(2012E) 15,425 (7) fair price = (5) * (6) 275,040 (8) Target Price 275,000 * TP based on historical average P/E (1) EPS(2012E) 15,425 (2) P/E average (2005~2011) 18.1 (3) fair price = (1) * (2) 278,993 자료 : Factset, 미래에셋증권리서치센터 Figure 11 Valuation comparison (x, US$, %) Saipem Technip JGC Fluor Average Samsung ENG Code SPM.IT TEC.FR 1963.JP FLR.US 028050.KS MV(US$bn) 22.41 12.08 7.53 10.22 8.46 PE(FY1, a) 16.1 17.2 14.6 16.1 16.0 15.3 PE(FY2) 13.9 13.6 12.4 14.0 13.5 12.9 PE(FY3) 12.5 11.6 11.2 12.9 12.1 11.2 EPS(FY1) 3.2 6.4 2.0 3.8 3.8 14.0 EPS(FY2) 3.7 8.0 2.4 4.33 4.6 16.6 EPS(FY3) 4.0 9.4 2.6 4.7 5.2 19.2 EPS CAGR(1~3, b) 13.2 21.7 14.3 12.0 15.3 17.1 PEG (c=a/b) 1.22 0.79 1.02 1.35 1.05 0.90 자료 : Factset, 미래에셋증권리서치센터 Figure 12 Earnings Forecast Old New Change (KRWbn, %) 2011E 2012E 2013E 2011E 2012E 2013E 2011E 2012E 2013E New order 11,788.9 15,030.8 17,957.4 11,788.9 15,030.8 17,957.4 0.0 0.0 0.0 Revenue 9,298.2 11,366.8 13,440.9 9,298.2 11,366.8 13,440.9 0.0 0.0 0.0 Gross profit 1,078.7 1,375.4 1,618.4 1,078.7 1,375.4 1,618.4 0.0 0.0 0.0 Operating profit 717.3 805.6 976.9 717.3 805.6 976.9 0.0 (0.0) 0.0 Pre-tax profit 687.0 819.0 974.8 687.0 822.7 978.0 0.0 0.5 0.3 Net profit 514.5 614.2 731.1 514.5 617.0 733.5 0.0 0.5 0.3 GP margin 11.6 12.1 12.0 11.6 12.1 12.0 0ppt 0ppt 0ppt OP margin 7.7 7.1 7.3 7.7 7.1 7.3 0ppt 0ppt 0ppt Pre-tax profit margin 7.4 7.2 7.3 7.4 7.2 7.3 0ppt 0ppt 0ppt NP margin 5.5 5.4 5.4 5.5 5.4 5.5 0ppt 0ppt 0ppt 자료 : 삼성엔지니어링, 미래에셋증권리서치센터 9

리스크요인 1) 한국건설업종밸류에이션이 KOSPI 대비상대 P/E 밴드의상단에근접해있음에따라건설업종에대한전반적인차익실현물량증대시동사주가수익률에부정적인영향이예상된다. 2) 유로가치의급격한하락시중동지역에서의추가적인프로젝트지연이야기될수있다. 3) 얀부 III 프로젝트의예기치않은지연시동사주가의상승여력은제한될수있다. 10

Summary financial statements Profit & Loss (KRWb) Dec-09A Dec-10A Dec-11A Dec-12E Dec-13E Revenue 4,040 5,219 9,298 11,367 13,441 Cost of goods sold (3,422) (4,417) (8,219) (9,991) (11,822) Gross profit 617 802 1,079 1,375 1,618 SG and A (281) (369) (361) (570) (641) Op profit 337 433 717 806 977 Cashflow Op EBITDA 357 458 756 859 1,030 (KRWb) Dec-09A Dec-10A Dec-11A Dec-12E Dec-13E Depreciation (17) (21) (32) (47) (46) Amortisation Op EBITDA 357 (3) 458 (5) 782 (7) 883 (7) 1,109 (7) Op Decrease EBIT in working capital 337 470 433 (326) 717 (585) 806 200 977 67 Net Other interest operating cashflow 323 485 (174) 14 (38) 24 (70) 28 Associates Operating and cashflow JCEs 830 (0) 138 14 23 0 1,044 0 1,106 0 Other Tax paid income (19) (86) (116) (24) (176) (44) (205) (7) (252) (27) Net exceptional interest income - 32-48 - 26-69 - 85 Profit Dividends before received tax 350(0) 471 14 6870 8230 9780 Tax Cashflow 776 (86) (116) 85 (126) (171) (206) 909 (245) 939 Post-tax Capital expenditure profit 264 (131) 355 (166) 516 (283) 617 (356) 734 (426) Minorities Net acquisitions -(5) - 0 -(1) - - Preferred Net investments dividends (23) (16) (72) (8) (8) Net Other income investing cashflow 259 (337) 355 160 514 441 617 (29) 734 (29) Norm Investing profit cashflow (492) 259 355 (22) 514 87 (393) 617 (463) 734 Dividends paid (59) (76) (92) (120) (100) (140) (120) Retained Increase in earnings equity 200-279 - 422-497 - 594 - Source: Increase C ompany in debtdata, Mirae A sset Research estimates 19 19 457 - - Other financing cashflow 60 (326) (501) 8 8 Cashflow Financing cash flow 20 (384) (136) (92) (112) Beginning cash 690 1,229 909 891 1,315 (KRWb) Total cash generated Dec-09A 305 Dec-10A (321) Dec-11A (176) Dec-12E 424 Dec-13E 364 Forex effects (2) - - Op Ending EBITDA cash 357 995 458 908 756 731 1,315 859 1,030 1,679 Decrease in working capital 470 (326) (155) (256) (432) Source: C ompany data, Mirae A sset Research estimates Other operating cashflow 3 5 (127) 2 (18) Operating cashflow 830 138 473 605 581 Tax paid (86) (116) (171) (206) (245) Net interest 32 48 14 24 28 Dividends received (0) 14 0 0 0 Cashflow 776 85 316 423 365 Capital expenditure (131) (166) (254) (58) (13) Net acquisitions - - - - - Net investments (23) (16) (31) (29) (24) Other investing cashflow (337) 160 (107) (53) (75) Investing cashflow (492) (22) (391) (139) (113) Dividends paid (59) (76) (92) (120) (140) Increase in equity - - - - - Increase in debt 19 19 7 10 11 Other financing cashflow 60 (326) (25) 27 28 Financing cash flow 20 (384) (111) (83) (101) Beginning cash 690 1,229 909 881 1,082 Total cash generated 305 (321) (186) 201 151 Forex effects (2) - - Ending cash 995 908 720 1,082 1,233 Source: C ompany data, Mirae A sset Research estimates 11

Balance Sheet (KRWb) Dec-09A Dec-10A Dec-11A Dec-12E Dec-13E Current assets 2,217 2,451 3,285 4,078 4,881 Cash and equivalents 1,229 909 881 1,082 1,233 Receivables 724 1,032 1,716 2,205 2,738 Inventories 14 - - - - Other current assets 250 510 688 792 910 Non current assets 483 739 1,036 1,095 1,126 Net operating fixed assets 308 452 690 701 668 Interest in associates Other non-current ssets 175 287 346 393 458 Total assets 2,700 3,190 4,320 5,173 6,007 Current liabilities 1,782 2,018 2,738 3,084 3,315 Payables 629 1,020 1,441 1,654 1,738 ST debt 41 49 63 73 84 Other current liabilities 1,112 950 1,235 1,358 1,494 Total non-current liabilities 144 183 236 245 255 LT debt - 11 4 4 4 Other non-current liabilities 144 172 232 241 251 Total liabilities 1,926 2,202 2,974 3,330 3,570 Issued capital 200 200 200 200 200 Share premium reserve 69 69 69 69 69 Reserves/Adjustments (142) (211) (244) (244) (244) Retained earnings 646 929 1,360 1,857 2,450 Minorities 1 1 (39) (39) (39) Other equity (0) 0 (0) - - Total equity 774 988 1,346 1,843 2,437 Source: C ompany data, Mirae A sset Research estimates Balance Sheet (KRWb) Dec-09A Dec-10A Dec-11A Dec-12E Dec-13E Current assets 2,217 2,451 3,285 4,078 4,881 Cash and equivalents 1,229 909 881 1,082 1,233 Receivables 724 1,032 1,716 2,205 2,738 Inventories 14 - - - - Other current assets 250 510 688 792 910 Non current assets 483 739 1,036 1,095 1,126 Net operating fixed assets 308 452 690 701 668 Interest in associates Other non-current ssets 175 287 346 393 458 Total assets 2,700 3,190 4,320 5,173 6,007 Current liabilities 1,782 2,018 2,738 3,084 3,315 Payables 629 1,020 1,441 1,654 1,738 ST debt 41 49 63 73 84 Other current liabilities 1,112 950 1,235 1,358 1,494 Total non-current liabilities 144 183 236 245 255 LT debt - 11 4 4 4 Other non-current liabilities 144 172 232 241 251 Total liabilities 1,926 2,202 2,974 3,330 3,570 Issued capital 200 200 200 200 200 Share premium reserve 69 69 69 69 69 Reserves/Adjustments (142) (211) (244) (244) (244) Retained earnings 646 929 1,360 1,857 2,450 Minorities 1 1 (39) (39) (39) Other equity (0) 0 (0) - - Total equity 774 988 1,346 1,843 2,437 Source: C ompany data, Mirae A sset Research estimates 12

Recommendation 종목별투자의견 (12 개월기준 ) BUY : 현주가대비목표주가 +10% 초과 Hold : 현주가대비목표주가 ±10% 이내 Reduce : 현주가대비목표주가 10% 초과단, 업종투자의견에의한 ±10% 내의조정치감안가능 업종별투자의견 Attractive : 현업종지수대비 +10% 초과 Neutral : 현업종지수대비 ±10% 이내 Cautious : 현업종지수대비 10% 초과 업종별투자의견의용어를재정리함 Overweight Attractive / Underweight Cautious 로 2005 년 8 월 3 일부터변경함 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. 본조사자료에수록된내용은당사리서치센터가신뢰할만한자료및정보로부터얻어진것이나미래에셋증권은그정확성이나완전성을보장할수없습니다. 따라서, 어떠한경우에도본자료는고객의증권투자의결과에대한법적책임소재에대한증빙자료로사용될수없습니다. 자료에게재된내용들은본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이작성되었음을확인함. 작성자 : 변성진 담당자보유주식수종목담당자종류수량취득가취득일 1% 이상보유여부 유가증권종목 계열사담당자 자사주종류 해당사항없음 주가및목표주가변동추이 주가 목표가격삼성엔지니어링 (028050.KS) Buy Hold Reduce Not Rated Previously Strong Buy Buy Mkt.Perm Und.Perm 날짜투자의견목표주가 (12 개월 ) 2007/04/26 BUY 80,000 원 13