(8.3) 냠냠냠 1. 주간리뷰및투자전략 * 주간리뷰 - 음식료업종지수전주보합마감, 음식료업종 Fwd PER 는역사적고점수준인 21 배에서유지중 - 그동안주가낙폭컸던오리온 +7.7% 상승, 원달러환율상승방어주로 KT&G +6.3% 상승, 호실적기대감으로 CJ 프레시웨이 +4.8% 상승 * CJ 프레시웨이 2Q 실적발표 : 2Q 연결매출액및영업이익각각 5,178 억원 (+22.7% YoY), 118 억원 (+37.8% YoY) 시현. 메르스영향에도불구하고 1 분기이어 2 분기에도신규수주지속되면서견조한탑라인성장지속, 영업이익은시장기대치를상회했는데, 1 상대적으로마진이높은기업형외식 ( 식자재 ) 매출이 YoY 11.5% 증가함에따른채널믹스개선, 2 도매, 원료유통 ( 식자재 ) 의디마케팅기조유지, 3 프레시원이판관비축소로흑자전환 (OP +2 억원 ) 했기때문. 2. 주간주요뉴스 * 동부팜한농공개매각전환, 사조, KT&G 등 1 여곳관심 (http://bit.ly/1mqg21e) - 인수의지를보인기업들은식품사업, 화학사업부문등에서의시너지기대 * 동부익스프레스인수전, 동원산업등 7 곳으로압축 (http://bit.ly/1iqnzv1) - 유통회사 ( 현대백화점, 신게계 ) 와물류회사 (CJ 대한통운 ) 의격돌, 9 월본입찰예상 * 흥국 F&B 중국사업확대예정 (http://bit.ly/1ey755p) - 상장을압둔흥국 F&B 는공모자금중국사업확대에활용할계획 Analyst 심은주 (2-3771-8538) E mail: yesej1@hanafn.com * Top picks 및관심종목 - CJ 제일제당 : 가공식품부문독보적성장세긍정적, Peer 대비밸류에이션여력높아저가매수유효 - 오리온 : 홈플러스입찰참여뉴스이후주가 2% 급락, 올해중국사업부이익증가가시성높은만큼저가매수유효하다고판단, 하반기공격적인신제품출시로탑라인성장도모계획 - 롯데푸드 : 연내상저하고실적전망, 중장기 Captive 시장바탕으로한실적개선가시성높아긍정적관점유지 * 일본주류업체산토리, 116 년만에상장추진 (http://bit.ly/1ey5wv5) - 이르면 218 년상장예정, 지난해인수비용충당및신성장동력자금확보목표 * 세계최대맥주회사 AB 인베브 2 분기순익급감 (http://bit.ly/1kdyoaw) - 전년동기에는브라질월드컵특수등에힘입은호조보였으나 2Q15 는순익급감 * 유통업계 PB 질주, 식품업계 OEM 업체로전락하나 (http://bit.ly/1vqhxom) - 최근유통업체뿐만이아닌대형식품업체도 PB 제조에참여하는추세 3. 주요지표동향 단위 현재가 1W 1M 3M YTD YoY Comments 곡물가 옥수수 USd/bu 385.3 (4.3) (8.7) 5.2 (3.) 5. 소맥 USd/bu 52.3 (1.9) (18.4) 6. (14.8) (5.3) 대두 USd/bu 947.8 (1.8) (8.6) (2.9) (7.4) (12.4) 대두박 USd/bu 327.3 (1.8) (5.2) 3.5 (5.8) (6.2) 원당 USd/lb 11.3.8 (9.1) (14.) (22.) (31.2) 팜유 MYR/MT 2,12. (2.7) (4.9).9 (6.4) (6.1) 커피 USd/lb 127.5 4.3 (3.7) (7.2) (23.5) (34.6) 환율 원 / 달러 KRW 1,17.3.2 (4.7) (8.4) (6.8) (12.2) 원 / 위안 KRW 188.5.2 (4.6) (8.3) (6.7) (11.7) 원 / 백엔 KRW 946.8.4 (3.8) (5.1) (3.7) 5.6 동화 / 원 VND 18.9 1.1 3.4 6.3 3.7 9. 달러 / 유로 USD 1.1 1.4 1. (.5) (1.2) (8.3) 위안 / 달러 RMB 6.2. (.1) (.1) (.1) (.6) 상품 중국돈육 RMB/kg 22.4. 1.9 18.6 13.8 12.9 돈육 ( 국내도매가 ) Won/kg 4,743. (15.9) (12.2) (15.) (1.1) 9.8 육계 ( 국내도매가 ) Won/kg 1,89. (5.). (13.7) (2.9) (9.6) 참치 ( 선망, 방콕 ) USD/ton 1,38. 2.2 19. 38. 2. (23.3) 라이신 ( 중국 ) RMB/ton 8.4 1.2 2.5. (2.9) (3.7) 메치오닌 ( 중국 ) RMB/ton 36. (1.4) (15.3) (18.2) (7.7) (1.6) 4. 주요지표차트 4 대곡물가 중국라이신 국내돈육가 참치어가 * 옐런의장이지난 15 일하원청문회에서연내금리인상의지를표명한이후, 미달러강세기조지속되면서 4 대곡물가전주대비소폭하락 * 참치어가는전주대비소폭상승한톤당 1,38 불기록, 업계는올해참치어가상단톤당 1,5 불예측 * CJ 제일제당이전주라인신판가 +15% 인상공시, 판가인상분은 2~3 개월시차두고실적에반영될것으로전망 옥수수 원맥 대두 원당 12 11 1 9 8 7 6 5 4 13.1 13.7 14.1 14.7 15.1 15.7 (RMB/kg) Lysine 15 14 13 12 11 1 9 8 7 6 5 13.1 13.6 13.11 14.4 14.9 15.2 15.7 15.1 ( 원 /kg) 돈육가 ( 탕박 ) 7, 6, 5, 4, 3, 2, 1, 12.1 12.7 13.1 13.7 14.1 14.7 15.1 15.7 5. 주간절대수익률차트 국내 : 오리온 +7.7%, KT&G +6.3%, CJ 프레시웨이 +4.8% 해외 : BAT +6.8%, Kraft&Heinz Co +3.7%, 맥도날드 +3.2% (1.) (15.) 1 1. 5.. (5.) 풀무원매일유업 KOSDAQ 삼립식품사조산업대한제분삼양제넥스빙그레 CJ 제일제당오뚜기대한제당신세계푸드삼양사롯데푸드롯데칠성 F&B 농심 KOSPI 크라운제과동원 F&B 동원산업대상현대그린푸드롯데제과 CJ 프레시웨이 KT&G 오리온 8. 6. 4. 2.. (2.) (4.) (6.) (8.) (1.) Mengniu Yili Bright Dairy Tsingtao Foshan Haitian Tingyi Want Want Ajinomoto Danone Coca-Cola Pepsi CO Phillip Morris Nestle STARBUCKS YUM Japan Tobacco Uni-president MCDONALD Kraft Heinz Co British American
6. 음식료업체주가동향 ( 절대수익률 ) ticker 통화 시가총액 종가 1D 1W 1M 3M YTD YOY (bn) (%) (%) (%) (%) (%) (%) 국내 Index KOSPI KRW 1,228,757 2,3.6 (.8) (2.1) (4.6) 6. 6. KOSDAQ KRW 199,957 725 1.7 (6.6) (2.3) 5.2 33.5 35.2 F&B KRW 39,898 5,736 1.2 (1.6) 2.4 7.3 36.2 29.5 담배 KT&G KRW 15,12 11, 2.8 6.3 15.9 15.7 44.5 1.4 가공식품오리온 KRW 6,896 1,154, 6.1 7.7 1.1 (7.9) 13.7 22.4 CJ제일제당 KRW 5,46 411,.5 (4.8) (6.8) (1.8) 34.1 23.4 동원 F&B KRW 1,777 46,5 3.3 (.3) 21.8 3.8 58. 121.4 풀무원 KRW 895 235, (1.5) (11.) 4.9 19.6 111.7 91.1 농심 KRW 1,889 31,5 (4.3) (1.) 6.9 26.7 23. 19. 롯데칠성 KRW 2,781 2,248, (1.3) (1.8) (15.4) (5.5) 51.4 21.3 롯데제과 KRW 2,767 1,947, (2.2) 4.4.2 4.4 9.4 (7.1) 크라운제과 KRW 1,185 84, 4.8 (.7) 25.6 163.2 324.3 253.4 오뚜기 KRW 2,828 822, (1.7) (3.6) 3.5 16.8 69.1 54.2 대상 KRW 1,223 35,55 6.1 1.3. (23.5) 6.4 (3.8) 롯데푸드 KRW 1,248 911, 1.2 (2.).6 19.9 57.1 22.3 빙그레 KRW 811 82,3 (.7) (4.9) (2.6) (4.2) 9.2 3. 매일유업 KRW 511 38,1 (.9) (1.8) (3.5) (13.8) 2.3 1.5 식자재 현대그린푸드 KRW 2,36 24,15.6 3.9 14.5 27.4 27.4 45. 신세계푸드 KRW 79 24, (.5) (2.6) 1.9 45.2 91.5 127.9 CJ프레시웨이 KRW 811 7,2 4.3 4.8 29.8 41.7 52.3 17.4 삼립식품 KRW 2,999 347,5 2.4 (6.1) 29.2 34.2 131.7 273.7 1차산업동원산업 KRW 1,228 365, (1.5).3 22.5 16.6 17.4 1.4 사조산업 KRW 53 1,5 5.2 (5.6) 13.6 (9.) 152.5 175.3 대한제당 KRW 248 28, (.2) (3.4) (1.4) 6.9 12.2 1.7 대한제분 KRW 396 234,5 (1.5) (5.6) 4.2 16.7 5.8 22.5 삼양사 KRW 528 86, (.8) (2.6) (24.2) (23.9) 39.4 47.3 삼양제넥스 KRW 359 188,5 (.3) (5.3) (9.4) 7.1 96.8 46.1 글로벌 담배 Phillip Morris USD 132 85 (.1).9 6.5 2.3 4.8 4.1 British American GBP 71 3,792 1.4 6.8 11. 5.5 8.3 8.9 Japan Tobacco JPY 9,627 4,814 1. 1.6 1.4 14.3 44.6 31.8 가공식품 Coca-Cola USD 176 41 (.1).3 3.4. (3.9) 3.2 Pepsi CO USD 142 97.1.5 3.5 1.6 2.2 9.7 Kraft&Heinz Co. USD 96 79 N/A. 3.6 4.1 4.7 64.6 Nestle CHF 233 73.1 1.2 8.1.1. 8. MCDONALD USD 95 99 1. 3.2 4.3 2.7 5.8 4.9 YUM USD 38 88.3 1.5 (2.3) 2.4 2.8 26.8 STARBUCKS USD 86 58 1. 1.3 8.3 17.1 41.5 49.5 Ajinomoto JPY 1,695 2,852 (1.3) (1.6) 7.6 7.2 27.2 78.9 DANONE EUR 4 61 (.8) (1.2) 5.3 (5.3) 12.2 12.9 홍콩 Want Want USD 15 8 (.1) (2.) (2.1) (5.6) (21.4) (24.5) Tingyi USD 84 15 (1.1) (2.5) (5.8) (8.9) (15.8) (32.3) Uni-president CNY 31 7 1.4 3.2. 14..1 12.4 TSINGTAO CNY 59 41.7 (5.6) (12.1) (16.2) (21.4) (34.9) Mengniu CNY 69 35 (1.8) (7.9) (9.3) (1.7) 9.5 (7.) 상해 FOSHAN HAITIAN CNY 86 32 3.1 (4.3).1 (3.8) 44. 68.8 JONJEE HIGH-TECH CNY N/A N/A N/A N/A N/A N/A N/A N/A YILI CNY 16 17 2.1 (7.8) (8.7) (5.3) 2.6 3.1 Bright Dairy CNY 23 18 (1.8) (7.2) (19.8) (7.) 5.7 14.3 자료 : 하나대투증권 2
7. 커버리지밸류에이션테이블 매출액 영업이익 ( 지배 ) 순이익 OPM NPM P/E P/B EV/EBITDA ROE Div_Ratio FY 십억원 십억원 십억원 % % x x x % % CJ제일제당 14 11,71.8 579.9 112.3 5. 1. 52.4 1.9 13.3 3.8.6 15F 12,892.7 887.3 364.4 6.9 2.8 16.3 1.7 9.6 11.6.5 16F 14,23.3 1,59.7 462.8 7.6 3.3 12.9 1.5 8.3 13.1.5 KT&G 14 4,112.9 1,171.9 825.6 28.5 2.1 12.7 1.8 7.3 15.1 4.5 15F 4,262.3 1,283.8 917.2 3.1 21.5 16.5 2.3 9.7 15.6 3.1 16F 4,232.4 1,156.1 817.7 27.3 19.3 18.5 2.2 1.3 12.9 3.1 오리온 14 2,463. 279. 163.5 11.3 6.6 37.1 4.7 15.9 13.8.6 15F 2,515.5 342.8 244.4 13.6 9.7 28.2 4.6 16.2 18.1.5 16F 2,774.7 382.9 272.5 13.8 9.8 25.3 4. 14.7 17.2.5 현대그린푸드 14 1,965.9 78.2 97.6 4. 5. 19. 1.3 17.3 7..3 15F 2,146.9 89.6 18.7 4.2 5.1 21.7 1.5 2. 7.6.2 16F 2,332. 1.3 123.1 4.3 5.3 19.2 1.4 17.5 8..2 롯데칠성 14 2,264. 12.3 18.7 4.5.8 17.9.9 12..8.3 15F 2,48.6 154.2 89.4 6.4 3.7 34.1 1.3 12.9 3.9.2 16F 2,518.2 164.2 96.1 6.5 3.8 31.7 1.1 12.3 4..2 롯데푸드 14 1,633. 65.9 59.9 4. 3.7 13.3 1. 7.9 7.5.4 15F 1,74. 77.9 67.9 4.6 4. 18.4 1.4 1.5 7.9.3 16F 1,81.3 88.7 72.6 4.9 4. 17.2 1.3 9.3 7.8.3 농심 14 2,41.7 73.5 65. 3.6 3.2 23.6 1. 7.5 4.3 1.6 15F 2,91.2 7.6 7.1 3.4 3.3 27. 1.1 9.6 4.5 1.3 16F 2,133. 72.1 72. 3.4 3.4 26.2 1.1 9.2 4.5 1.3 매일유업 14 1,447.9 28.7 24.2 2. 1.7 2.6 1.4 9.6 7.1.3 15F 1,53.8 29.9 22.7 2. 1.5 22.5 1.3 9.5 6.3.3 16F 1,6.4 36.8 27.7 2.3 1.7 18.5 1.3 8.4 7.3.3 빙그레 14 819.9 41.8 37.7 5.1 4.6 19.7 1.5 8.9 7.9 1.7 15F 825.1 48.5 4.8 5.9 5. 19.9 1.5 8.6 8.2 1.5 16F 841.6 49.5 42.2 5.9 5. 19.2 1.4 8.1 8. 1.5 동원F&B 14 1,794.9 82.3 59.2 4.6 3.3 19. 2.4 1.6 13.1 1. 15F 1,899.1 96.4 7.6 5.1 3.7 25.2 3.3 14.1 13.9.7 16F 2,31.6 17. 79.8 5.3 3.9 22.3 2.9 12.6 14..7 CJ프레시웨이 14 1,795.3 27.3 9.3 1.5.5 58.7 2.8 15.8 5.. 15F 1,971.6 36. 25.4 1.8 1.3 3.8 3.7 18.5 12.5.3 16F 2,143.7 45. 32.2 2.1 1.5 24.7 3.2 15.1 14..3 신세계푸드 14 652.1 8.2 4.2 1.3.6 87.8 1.4 16.6 1.7.7 15F 899. 23.2 17.3 2.6 1.9 45.7 2.6 19.6 5.9.4 16F 985.9 33.4 25.7 3.4 2.6 3.7 2.4 15.1 8.3.4 하이트진로 14 1,872.3 93.7 21.1 5. 1.1 78.4 1.2 12.8 1.6 4.3 15F 1,931. 123.5 43.6 6.4 2.3 36.5 1.2 11.1 3.3 4.5 16F 2,8.1 15.6 62.3 7.5 3.1 25.5 1.2 9.9 4.8 4.5 동원산업 14 1,383.9 81.2 6.7 5.9 4.4 17.2 1.5 1.6 9.2.6 15F 1,336.5 85. 6.5 6.4 4.5 2.3 1.6 11.1 8.4.5 16F 1,47.2 93.5 68.6 6.4 4.7 17.9 1.5 1.3 8.9.5 삼양사 14 1,355.1 37.2 3.5 2.7 2.2 1.7.7 8.8 6.1 2.4 15F 1,361.9 68.5 51.8 5. 3.8 1.5.9 7. 8.7 1.7 16F 1,628.7 93.3 65.9 5.7 4. 8.2.8 5.4 1.2 1.7 자료 : 하나대투증권 3
8. 해외밸류에이션테이블 매출액 영업이익 순이익 OPM NPM P/E P/B EV/EBITDA ROE Div_Ratio FY 215 십억각국통화 % % x x x % % 글로벌담배 Phillip Morris USD 27.2 11. 6.9 4.5 25.3 19.3 N/A 13.6 (59.5) 4.8 British American GBP 13.3 5.1 3.9 38.3 29.3 18.1 11.1 15.3 62.8 4.1 Japan Tobacco JPY 2,398.2 621.3 443.1 25.9 18.5 19.6 3.3 13.2 17.6 2.5 글로벌식품 Coca-Cola USD 44.8 1.4 8.8 23.1 19.7 2.1 6.3 16.2 27.9 3.2 Pepsi CO USD 63.6 9.9 6.7 15.6 1.6 21.3 8.7 13.1 4.4 2.9 Kraft&Heinz Co. USD 25. 4.9 2.9 19.6 11.5 28.1 2.8 21.7 28.6 2.8 Nestle CHF 9.7 14.1 1.5 15.5 11.6 21.7 3.2 14.2 14.9 3.1 MCDONALD USD 25.1 7.1 4.4 28.4 17.7 21.1 1.7 12.4 39.1 3.5 YUM USD 13.8 2.2 1.6 16.1 11.2 24.9 22.9 13.8 91.9 2. STARBUCKS USD 19.8 3.8 2.5 19.1 12.8 35.1 12.9 18.4 38. 1.2 Ajinomoto JPY 1,132.4 9.6 72.5 8. 6.4 23.2 2.5 13.2 7.8.9 DANONE EUR 22.7 2.9 1.8 12.9 7.7 2.9 2.9 13. 13.7 2.6 홍콩 Want Want USD 4..9.7 21.6 17.3 19.5 5.9 13.3 31.6 3. Tingyi USD 1.4.9.5 8.2 4.6 22.4 3.3 9.1 14.5 2.2 Uni-president CNY 23.3.9.7 3.9 3.2 32.9 2.1 12.2 6.6.6 TSINGTAO CNY 3.5 2.1 2.1 7. 6.9 21.2 2.6 12.5 13. 1.4 Mengniu CNY 55.2 3.2 2.8 5.9 5. 19.6 2.3 11.6 12.1 1.2 상해 FOSHAN HAITIAN CNY 11.5 3. 2.6 26. 22.3 33.9 1. 24.8 29.9 1.6 JONJEE HIGH-TECH CNY 3.1.4.3 11.9 1.4 N/A N/A N/A 13.4 N/A YILI CNY 62. 6. 5.4 9.6 8.7 19.2 5.1 13.4 25.8 2.3 Bright Dairy CNY 23.9 1.3.8 5.4 3.3 27.1 4.2 14.2 17.3 1.6 매출액 영업이익 순이익 OPM NPM P/E P/B EV/EBITDA ROE Div_Ratio FY 216 십억각국통화 % % x x x % % 글로벌담배 Phillip Morris USD 28.2 11.7 7.3 41.3 26. 18. N/A 12.9 (67.2) 4.9 British American GBP 13.6 5.3 4.2 39.1 31. 16.8 11.6 14.6 61.2 4.3 Japan Tobacco JPY 2,378.3 661.4 475.3 27.8 2. 18.2 3.1 12.4 18. 2.9 글로벌식품 Coca-Cola USD 46. 11.1 9.2 24.1 2. 19.1 6.2 15.4 29.1 3.5 Pepsi CO USD 65.9 1.5 7.1 15.9 1.8 19.7 8.7 12.4 43.6 3.1 Kraft&Heinz Co. USD 27.9 6.3 3.8 22.5 13.8 24.6 2.7 17.1 22.9 2.7 Nestle CHF 95.1 15.1 11.2 15.8 11.8 2.3 3.1 13.4 15.5 3.2 MCDONALD USD 24.3 7.6 4.7 31.4 19.4 19.2 11.3 11.8 55. 3.7 YUM USD 15.1 2.6 1.8 17.3 12. 21.5 2. 12.2 82.6 2.2 STARBUCKS USD 21.9 4.4 2.9 2. 13.2 3.7 11.4 16.3 39.9 1.3 Ajinomoto JPY 1,271.1 94.1 61.2 7.4 4.8 27.2 2.3 11.9 8.6 1.1 DANONE EUR 23.9 3.2 1.9 13.2 8.1 19.1 2.7 12.1 14.7 2.8 중국 Want Want USD 4.3 1..8 22.1 17.6 17.9 5.2 12.2 3.5 3.3 Tingyi USD 11. 1..5 8.8 5. 19.6 3. 8.3 15.1 2.5 Uni-president CNY 24.8 1.1.9 4.3 3.6 27.5 2. 1.8 7.3.8 TSINGTAO CNY 32.5 2.4 2.3 7.3 7.1 19.3 2.4 11.6 12.9 1.7 Mengniu CNY 61.1 3.9 3.3 6.3 5.4 16.6 2.1 1. 13.2 1.4 상해 FOSHAN HAITIAN CNY 13.4 3.6 3.1 27.1 23.2 28. 8.5 2.6 3.9 2. JONJEE HIGH-TECH CNY 3.7.5.4 13.1 11.3 N/A N/A N/A 17.1 N/A YILI CNY 7.3 7.2 6.5 1.3 9.3 16.1 4.3 11.1 27.2 2.9 Bright Dairy CNY 27.7 1.8 1.1 6.4 3.9 2.1 3.7 11.2 2.3 2.1 자료 : 하나대투증권 4
투자의견변동내역및추이 KT&G 15.7.26 Neutral 18, 15.7.13 Neutral 18, 15.6.13 Neutral 18, 15.6.7 Neutral 18, 15.4.23 Neutral 18, 15.4.7 Neutral 96, 15.1.22 Neutral 96, 15.1.12 Neutral 96, 14.12.3 Neutral 96, 14.9.3 Neutral 96, 14.9.29 Neutral 96, 14.9.12 BUY 96, 14.9.11 Neutral 96, 14.8.18 BUY 11, 14.7.18 BUY 11, 14.7.17 BUY 11, 14.7.8 BUY 11, 14.7.7 BUY 11, 14.5.14 BUY 96, 14.5.13 BUY 96, 14.5.11 BUY 96, 14.4.17 BUY 96, 14.4.3 BUY 96, 14.4.1 BUY 96, 14.3.31 Analyst Change 96, KT&G 15, 1, 5, 13.8 13.113.12 14.2 14.4 14.6 14.8 14.114.12 15.2 15.4 15.6 15.8 CJ 프레시웨이 15.7.13 BUY 67, 15.7.6 BUY 67, 15.6.29 BUY 67, 15.6.1 BUY 6, 15.5.26 BUY 6, 15.5.4 BUY 6, 15.4.7 BUY 56, 15.2.6 BUY 56, 15.1.12 BUY 56, 14.12.9 BUY 56, 14.1.3 BUY 56, 14.9.3 BUY 48, 14.9.29 BUY 48, 14.8.18 BUY 4, 14.8.1 BUY 4, 14.7.31 BUY 4, 14.7.7 BUY 34, 14.7.3 BUY 34, 14.5.29 BUY 34, 14.5.28 BUY 34, 14.5.14 BUY 34, 14.4.1 BUY 34, 14.3.31 BUY 34, 14.1.7 BUY 34, CJ프레시웨이 1, 5, 13.8 13.113.12 14.2 14.4 14.6 14.8 14.114.12 15.2 15.4 15.6 15.8 5
6 CJ 제일제당 15.8.3 BUY 51, 15.7.26 BUY 51, 15.7.13 BUY 51, 15.7.6 BUY 51, 15.7.5 BUY 51, 15.6.29 BUY 51, 15.6.21 BUY 51, 15.6.13 BUY 51, 15.6.7 BUY 51, 15.6.1 BUY 51, 15.5.26 BUY 51, 15.5.18 BUY 51, 15.5.14 BUY 51, 15.5.11 BUY 51, 15.5.7 BUY 51, 15.5.4 BUY 47, 15.4.7 BUY 47, 15.3.9 BUY 47, 15.2.5 BUY 47, 15.1.12 BUY 47, 14.11.1 BUY 47, 14.11.3 BUY 47, 14.1.28 BUY 47, 14.9.3 BUY 47, 14.9.22 BUY 43, 14.9.1 BUY 43, 14.8.18 BUY 43, 14.8.17 BUY 43, 14.8.4 BUY 43, 14.8.3 BUY 43, 14.7.21 BUY 43, 14.7.2 BUY 43, 14.7.8 BUY 43, 14.7.7 BUY 43, 14.6.16 BUY 43, 14.6.15 BUY 43, 14.6.3 BUY 4, 14.6.2 BUY 4, 14.5.14 BUY 4, 14.5.13 BUY 4, 14.5.11 BUY 4, 14.5.9 BUY 4, 14.5.8 BUY 4, 14.4.1 BUY 34, 14.3.31 BUY 34, 14.2.28 BUY 3, 14.2.7 BUY 3, 14.2.6 BUY 3, 14.1.13 BUY 3, 14.1.12 BUY 3, 14.1.7 BUY 3, 13.11.19 BUY 3, 13.11.18 Analyst Change 3, CJ제일제당 6, 4, 2, 13.8 13.113.12 14.2 14.4 14.6 14.8 14.114.12 15.2 15.4 15.6 15.8
오리온 15.7.26 BUY 1,5, 15.7.21 BUY 1,5, 15.7.13 BUY 1,5, 15.7.6 BUY 1,5, 15.7.5 BUY 1,5, 15.6.29 BUY 1,5, 15.6.21 BUY 1,5, 15.6.13 BUY 1,5, 15.6.7 BUY 1,5, 15.6.1 BUY 1,5, 15.5.26 BUY 1,5, 15.5.18 BUY 1,5, 15.5.17 BUY 1,5, 15.5.11 BUY 1,5, 15.4.7 BUY 1,4, 15.1.12 BUY 1,8, 14.11.16 BUY 1,8, 14.9.3 BUY 1,8, 14.9.29 BUY 1,8, 14.8.18 BUY 1,8, 14.7.8 BUY 1,, 14.7.7 BUY 1,, 14.5.13 BUY 1,, 14.4.14 BUY 1,15, 14.4.1 BUY 1,15, 14.3.31 BUY 1,15, 14.3.14 BUY 1,15, 14.1.7 BUY 1,25, 13.11.18 Analyst Change 1,25, 오리온 2,, 1,, 13.8 13.113.12 14.2 14.4 14.6 14.8 14.114.12 15.2 15.4 15.6 15.8 롯데푸드 15.8.3 BUY 1,32, 15.7.26 BUY 1,7, 15.7.16 BUY 1,7, 15.7.13 BUY 1,7, 15.7.6 BUY 1,7, 15.6.29 BUY 87, 15.5.17 BUY 87, 15.4.7 BUY 87, 14.6.19 Analyst Change 롯데푸드 1,5, 1,, 5, 13.8 13.113.12 14.2 14.4 14.6 14.8 14.114.12 15.2 15.4 15.6 15.8 투자의견분류및적용 투자의견의유효기간은추천일이후 12 개월을기준으로적용 기업의분류 BUY( 매수 )_ 가현주가대비 15% 이상상승여력 Neutral( 중립 )_ 가현주가대비 -15%~15% 등락 Reduce( 비중축소 )_ 가현주가대비 15% 이상하락가능 산업의분류 Overweight( 비중확대 )_ 업종지수가현재지수대비 15% 이상상승여력 Neutral( 중립 )_ 업종지수가현재지수대비 -15%~15% 등락 Underweight( 비중축소 )_ 업종지수가현재지수대비 -15%~15% 등락 투자등급비율 투자등급 BUY( 매수 ) Neutral( 중립 ) Reduce( 매도 ) 합계 금융투자상품의비율 83.6% 16.4%.% 1.% * 기준일 : 215 년 6 월 3 일 Compliance Notice 본자료를작성한애널리스트 ( 심은주 ) 는자료의작성과관련하여외부의압력이나부당한간섭을받지않았으며, 본인의의견을정확하게반영하여신의성실하게작성하였습니다 본자료는기관투자가등제 3 자에게사전제공한사실이없습니다. 당사는 215 년 8 월 4 일현재 CJ 제일제당의지분을 1% 이상보유하고있습니다 본자료를작성한애널리스트 ( 심은주 ) 는 215 년 8 월 4 일현재해당회사의유가증권을보유하고있지않습니다. 본조사자료는고객의투자에정보를제공할목적으로작성되었으며, 어떠한경우에도무단복제및배포될수없습니다. 또한본자료에수록된내용은당사가신뢰할만한자료및정보로얻어진것이나, 그정확성이나완전성을보장할수없으므로투자자자신의판단과책임하에최종결정을하시기바랍니다. 따라서어떠한경우에도본자료는고객의주식투자의결과에대한법적책임소재의증빙자료로사용될수없습니다. 7