, Analyst, 3774 3831 jinho.cho@miraeasset.com 2

Earnings preview Korea / Handsets 25 March 2016 OVERWEIGHT Stocks under coverage Company Rating Price Target price 조진호, Analyst 3774 1457 kwangsoo.lee@miraeasset.com See the last page of this report for important disclosures

, Analyst, 3774 3831 jinho.cho@miraeasset.com 2

, Analyst, 3774 3831 jinho.cho@miraeasset.com 3

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, Analyst, 3774 3831 jinho.cho@miraeasset.com 13,994 13,926 14,029 14,560 13,216 (5.6) (9.2) 13,306 (0.7) 14,120 (6.4) 305 244 294 349 413 35.4 18.4 347 19.1 375 10.1 43 312 111 121 242 462.0 101.0 176 37.5 232 4.5 32 226 69 (141) 182 470.1 TP 132 37.5 167 9.2 2.2 1.8 2.1 2.4 3.1 0.9 0.7 2.6 0.5 2.7 0.5 0.3 2.2 0.8 0.8 1.8 1.5 1.0 1.3 0.5 1.6 0.2 0.2 1.6 0.9 (1.0) 1.4 1.2 2.3 1.0 0.4 1.2 0.2 57,675 60,209 57,766 60,209 (0.2) 0.0 59,313 61,777 (2.8) (2.5) 1,613 1,643 1,616 1,714 (0.2) (4.2) 1,664 1,862 (3.1) (11.8) 1,125 1,180 1,128 1,252 (0.3) (5.7) 1,096 1,318 2.7 (10.4) 844 885 846 939 (0.3) (5.7) 742 909 13.7 (2.7) 2.8 2.7 2.8 2.8 (0.0) (0.1) 2.8 3.0 (0.0) (0.3) 2.0 2.0 2.0 2.1 (0.0) (0.1) 1.8 2.1 0.1 (0.2) 1.5 1.5 1.5 1.6 (0.0) (0.1) 1.3 1.5 0.2 (0.0) 5

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, Analyst, 3774 3831 jinho.cho@miraeasset.com 1,541 1,447 1,559 1,591 1,296 (15.9) (18.6) 1,419 (8.7) 1,414 (8.3) 69 49 61 45 24 (65.3) (46.9) 47 (49.2) 38 (37.6) 48 28 32 15 15 (68.3) 1.2 39 (60.5) 22 (32.1) 28 31 24 12 12 (57.7) 0.5 30 (60.5) 17 (30.3) 4.5 3.4 3.9 2.8 1.8 (2.7) (1.0) 3.3 (1.5) 2.7 (0.9) 3.1 1.9 2.0 0.9 1.2 (1.9) 0.2 2.7 (1.5) 1.6 (0.4) 1.8 2.1 1.5 0.7 0.9 (0.9) 0.2 2.1 (1.2) 1.2 (0.3) 6,504 7,545 6,138 6,608 6.0 14.2 6,231 6,641 4.4 13.6 297 360 224 301 32.6 19.6 253 326 17.5 10.6 264 331 122 269 116.5 22.9 190 273 39.2 21.0 206 258 95 210 116.8 22.9 147 147 40.6 75.5 4.6 4.8 3.7 4.6 0.9 0.2 4.1 4.9 0.5 (0.1) 4.1 4.4 2.0 4.1 2.1 0.3 3.0 4.1 1.0 0.3 3.2 3.4 1.5 3.2 1.6 0.2 2.4 2.2 0.8 1.2 7

, Analyst, 3774 3831 jinho.cho@miraeasset.com 868 1,245 1,592 1,653 1,572 81.1 (4.9) 1,542 2.0 1,438 9.3 99 125 185 150 132 33.7 (11.9) 142 (6.6) 113 17.2 116 136 192 158 152 31.2 (3.8) 161 (5.7) 127 19.9 92 111 142 140 145 57.2 3.2 153 (5.7) 105 37.7 11.4 10.1 11.6 9.1 8.4 (3.0) (0.7) 9.2 (0.8) 11.2 (2.8) 13.4 11.0 12.0 9.6 9.7 (3.7) 0.1 10.5 (0.8) 12.4 (2.7) 10.6 8.9 8.9 8.5 9.2 (1.4) 0.7 9.9 (0.7) 9.9 (0.7) 6,600 6,598 6,536 6,598 1.0 0.0 6,143 6,550 7.4 0.7 621 615 627 625 (1.0) (1.5) 525 583 18.2 5.6 701 696 707 700 (0.8) (0.5) 575 634 22.0 9.9 627 623 632 630 (0.9) (1.1) 465 513 34.8 21.4 9.4 9.3 9.6 9.5 (0.2) (0.1) 8.5 8.9 0.9 0.4 10.6 10.6 10.8 10.6 (0.2) (0.1) 9.4 9.7 1.3 0.9 9.5 9.4 9.7 9.5 (0.2) (0.1) 7.6 7.8 1.9 1.6 8

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, Analyst, 3774 3831 jinho.cho@miraeasset.com 648 628 644 691 693 6.9 0.3 682 1.6 682 1.6 46 44 25 (5) 23 (49.5) TB 35 (33.8) 35 (34.3) 49 48 15 (19) 24 (52.2) TB 33 (29.2) 33 (28.6) 38 38 9 (18) 18 (54.1) TB 26 (31.1) 26 (32.0) 7.0 7.1 3.9 (0.8) 3.3 (3.7) 4.1 5.1 (1.8) 5.1 (1.8) 7.6 7.7 2.3 (2.7) 3.4 (4.2) 6.1 4.9 (1.5) 4.8 (1.4) 5.9 6.0 1.5 (2.6) 2.5 (3.4) 5.1 3.8 (1.2) 3.8 (1.3) 2,811 3,014 2,786 2,976 0.9 1.3 2,862 2,976 (1.8) 1.3 160 213 164 202 (2.9) 5.4 126 202 26.7 5.2 162 218 159 200 2.0 8.8 159 200 2.0 8.8 122 163 122 150 (0.3) 8.8 102 153 19.3 6.7 5.7 7.1 5.3 6.0 0.4 1.0 5.6 6.7 0.1 0.3 5.8 7.2 4.9 5.5 0.9 1.8 5.5 7.1 0.2 0.1 4.3 5.4 3.7 4.1 0.6 1.3 4.0 5.1 0.3 0.3 10

, Analyst, 3774 3831 jinho.cho@miraeasset.com 761 744 953 681 847 11.3 24.3 844 0.4 839 1.0 55 48 82 31 70 27.4 125.4 61 14.2 61 14.3 50 40 88 42 65 29.5 53.7 56 15.2 63 3.0 39 28 70 19 51 32.4 166.9 45 14.0 46 11.4 7.2 6.4 8.6 4.5 8.2 1.0 3.7 7.2 1.0 7.3 1.0 6.6 5.3 9.2 6.2 7.7 1.1 1.5 6.7 1.0 7.5 0.1 5.1 3.8 7.3 2.8 6.1 1.0 3.2 5.3 0.7 5.5 0.6 3,765 4,454 3,865 4,480 (2.6) (0.6) 3,573 3,990 5.4 11.6 289 342 286 340 0.9 0.6 278 310 3.9 10.4 271 326 269 320 0.8 1.9 268 303 1.1 7.6 214 258 214 250 (0.1) 3.0 209 236 2.4 9.2 7.7 7.7 7.4 7.6 0.3 0.1 7.8 7.8 (0.1) (0.1) 7.2 7.3 6.9 7.1 0.2 0.2 7.5 7.6 (0.3) (0.3) 5.7 5.8 5.5 5.6 0.1 0.2 5.8 5.9 (0.2) (0.1) 11

, Analyst, 3774 3831 jinho.cho@miraeasset.com 538 498 673 423 575 6.9 36.0 620 (7.3) 580 (0.9) 69 6 66 (39) 67 (3.8) TB 70 (4.0) 67 (0.3) 73 3 64 (46) 60 (18.4) TB 63 (4.6) 54 10.5 58 0 50 (38) 49 (16.1) TB 51 (4.6) 44 10.8 12.9 1.3 9.5 (9.3) 11.6 (1.3) 20.9 11.2 0.4 11.6 0.1 13.6 0.6 9.3 (10.9) 10.4 (3.2) 21.3 10.1 0.3 9.3 1.1 10.8 0.1 7.1 (8.9) 8.5 (2.3) 17.4 8.2 0.2 7.6 0.9 2,363 2,813 2,545 2,960 (7.1) (5.0) 2,439 2,439 (3.1) 15.3 265 332 275 332 (3.6) 0.0 291 361 (8.9) (7.9) 238 307 248 307 (4.2) (0.1) 272 345 (12.6) (11.1) 194 251 203 251 (4.2) (0.1) 213 272 (8.8) (7.8) 11.2 11.8 10.8 11.2 0.4 0.6 11.9 14.8 (0.7) (3.0) 10.1 10.9 9.8 10.4 0.3 0.5 11.2 14.1 (1.1) (3.2) 8.2 8.9 8.0 8.5 0.2 0.4 8.7 11.2 (0.5) (2.2) 12

, Analyst, 3774 3831 jinho.cho@miraeasset.com Handsets peers valuation LGE Apple SEC Nokia Blackberry ZTE Sony Lenovo Ticker 066570 KS AAPL US 005930 KS NOK US BBRY US 000063 CH 6758 JP 0992 HK Rating BUY Not rated BUY Not rated Not rated Not rated Not rated Not rated Price (Local) 64,000 106 1,279,000 6 7 15 2,910 6.3 Market Cap. (USD m) 8,907 591,718 159,038 35,002 4,168 9,259 33,007 9,127 Sales (USD m) 2012 48,960 156,508 178,621 19,802 18,423 13,332 82,293 29,574 2013 53,141 170,910 209,026 16,882 11,073 12,238 82,305 33,873 2014 49,961 233,715 177,404 13,874 3,335 13,224 75,111 46,296 2015 47,172 233,277 167,063 14,111 2,268 15,027 71,543 46,767 2016E 49,848 228,549 171,126 21,692 2,068 16,370 72,175 48,323 OP (USD m) 2012 1,081 55,241 25,802 (1,107) 1,497 (200) (853) 594 2013 1,174 48,999 33,622 509 (1,235) 465 2,785 800 2014 1,054 71,230 23,353 1,874 (423) 787 627 1,107 2015 951 70,723 22,351 1,968 (162) 882 3,107 (35) 2016E 1,394 65,361 18,066 2,450 (206) 1,085 4,064 1,295 NI (USD m) 2012 82 41,733 20,593 (3,993) 1,164 (450) (5,788) 473 2013 162 37,037 27,257 (817) (646) 221 521 635 2014 379 39,510 21,931 4,599 (5,873) 427 (1,282) 817 2015 356 53,083 17,401 1,371 (151) 569 1,449 114 2016E 729 49,933 17,879 1,685 (221) 640 2,003 1,006 PER (x) 2012 144.9 15.1 9.9-4.5 - - 19.3 2013 69.7 12.1 6.9 116.4-30.8 38.4 16.1 2014 24.2 15.6 8.5 21.2-17.5-14.0 2015 64.8 11.7 9.9 16.9-12.8 22.7 41.1 2016E 12.1 11.7 9.1 17.7-11.2 16.6 9.3 PBR (x) 2012 1.0 5.3 1.7 1.4 0.7 1.7 0.8 3.9 2013 1.0 3.5 1.2 3.3 0.7 1.8 0.8 3.9 2014 0.9 5.3 1.4 2.7 1.5 1.9 0.9 3.8 2015 0.7 4.8 1.2 2.4 1.3 1.6 1.3 2.4 2016E 0.9 4.5 1.1 2.1 1.5 1.4 1.2 2.0 EV/EBITDA (x) 2012 6.5 8.6 4.1 15.1 1.8 153.2 7.1 7.0 2013 5.8 5.5 2.7 16.6 6.3 10.7 3.3 7.3 2014 4.4 5.4 3.9 8.5 5.5-5.2 11.5 2015 4.9 5.4 3.2 13.2 6.8 8.8 4.7 12.1 2016E 4.7 5.7 3.3 10.0 10.4 7.7 3.7 4.6 ROE (%) 2012 0.7 42.8 18.8 (31.3) 12.2 (12.4) (20.0) 22.5 2013 1.4 30.6 19.8 (8.5) (6.6) 6.2 2.0 25.3 2014 4.3 42.7 15.1 25.9 1.7 11.6 4.9 (5.9) 2015 2.1 40.7 11.2 14.2 (4.9) 13.6 6.4 (2.8) 2016E 6.9 42.7 11.3 12.8 (8.9) 13.6 7.7 23.6 자료: Bloomberg, 미래에셋증권 리서치센터 13

, Analyst, 3774 3831 jinho.cho@miraeasset.com IT Component peer valuation SEMCO LG Innotek Silicon Works Amotech Innox Wisol Murata TDK Ticker 009150 KS 011070 KS 108320 KS 052710 KS 088390 KS 122990 KS 6981 JP 6762 JP Rating HOLD BUY BUY BUY BUY BUY Not rated Not rated Price (KRW, JPY) 58,800 83,100 32,700 20,000 13,150 16,000 14,115 6,570 Market Cap. (USD m) 3,828 1,722 450 168 136 267 28,879 7,917 Sales (USD m) 2012 7,028 4,722 420 166 126 109 7,410 10,323 2013 7,547 5,677 375 227 170 159 8,242 10,306 2014 5,461 5,427 474 278 188 314 9,540 9,897 2015 5,349 5,250 449 263 183 281 10,860 10,278 2016E 5,405 5,621 570 325 204 408 11,390 10,464 OP (USD m) 2012 516 69 39 15 17 10 570 237 2013 424 124 30 20 31 13 710 262 2014 266 198 49 19 9 32 1,961 662 2015 265 208 49 19 15 26 2,536 844 2016E 292 256 54 25 23 34 2,638 1,277 NI (USD m) 2012 392 (22) 37 8 11 7 390 (31) 2013 302 14 29 10 25 11 513 14 2014 478 107 31 (2) 15 11 931 163 2015 55 105 42 14 12 19 1,884 592 2016E 206 178 54 18 17 31 1,945 942 PER (x) 2012 18.6-9 12 14 17 34 100,637 2013 17.1 109 12 10 8 12 35 344 2014 8.1 24 14-12 11 22 27 2015 419.9 25 11 13 21 9 14 13 2016E 22.6 10 8 9 8 8 14 8 PBR (x) 2012 1.9 1.3 1.4 0.9 2.3 3 1.3 1.2 2013 1.3 1.3 1.4 0.8 2.2 2 1.7 0.7 2014 0.9 1.6 1.4 1.1 1.3 2 2.2 0.9 2015 1.2 1.1 1.5 1.4 1.2 2 2.4 1.1 2016E 1.0 1.0 1.3 1.1 1.0 2 2.1 1.0 EV/EBITDA (x) 2012 7.5 6.3 4.0 6.4 8.2 8 8.8 7.2 2013 5.9 5.2 5.4 5.1 6.3 6 10.0 5.1 2014 6.1 4.4 4.7 12.6 5.8 6 9.0 5.7 2015 7.2 4.1 4.0 7.3 6.5 9 7.5 5.1 2016E 5.1 3.6 3.3 5.7 3.6 5 6.7 2.8 ROE (%) 2012 11.5 (1.9) 17.3 8.4 18.3 17 3.8 (0.5) 2013 7.9 1.2 12.1 9.1 27.5 18 5.1 0.2 2014 11.7 7.5 10.5 (1.8) 12.0 15 18.2 9.5 2015 0.5 5.4 14.9 11.1 5.6 30 17.7 8.9 2016E 0.5 10.8 16.8 13.1 13.4 26 15.8 15.9 자료: Bloomberg, 미래에셋증권 리서치센터 14

, Analyst, 3774 3831 jinho.cho@miraeasset.com IT Service peer valuation SK Samsung SDS Shinsegae I&C IBM Oracle Accenture Ticker 034730 KS 018260 KS 035510 KS IBM US ORCL US ANC US Rating BUY BUY BUY Not rated Not rated Not rated Price (Local) 237,500 188,000 90,700 145 41 108 Market Cap. (USD m) 17,062 14,818 156 142,306 171,721 70,947 Sales (USD m) 2012 2,242 6,106 297 104,507 37,121 29,778 2013 2,302 7,047 240 98,367 37,180 30,394 2014 2,426 7,898 228 92,793 38,275 31,875 2015 41,852 8,068 259 81,704 36,968 30,830 2016E 85,295 7,041 242 77,902 37,764 32,227 OP (USD m) 2012 201 558 19 20,443 13,706 3,872 2013 225 506 18 19,490 14,684 4,339 2014 272 593 16 17,790 14,759 4,301 2015 1,572 599 13 17,200 15,859 4,444 2016E 3,966 534 13 15,715 16,570 4,746 NI (USD m) 2012 356 396 15 16,604 9,981 2,554 2013 189 312 13 16,483 10,925 3,282 2014 127 413 12 12,022 10,955 2,941 2015 5,485 440 10 14,568 11,245 3,254 2016E 3,196 445 11 12,769 11,634 3,473 PER (x) 2012 13.5-5.9 12.7 13.2 16.0 2013 32.5-10.3 11.3 15.5 17.2 2014 83.9 52.3 15.9 8.9 17.4 18.0 2015 2.9 44.3 24.8 9.9 15.8 22.5 2016E 11.2 29.5 13.0 11.0 14.7 20.7 PBR (x) 2012 2.1-0.6 11.3 3.0 10.1 2013 2.7-0.9 8.7 3.5 9.7 2014 0.9 5.5 1.2 13.4 4.0 9.3 2015 1.2 4.3 1.0 9.2 3.8 10.9 2016E 1.7 2.9 0.9 8.8 3.6 10.3 EV/EBITDA (x) 2012 23.1-0.3 9.4 7.0 8.0 2013 26.2-1.6 9.4 8.2 8.7 2014 36.4 21.3 4.5 8.6 9.8 9.9 2015 18.4 18.0 4.9 8.1 9.4 12.9 2016E 8.3 11.5 2.8 8.5 9.1 12.4 ROE (%) 2012 15.8 13.1 11.1 85.2 23.9 63.6 2013 8.4 8.9 8.7 79.1 24.7 72.1 2014 5.2 10.4 7.7 69.4 23.9 55.0 2015 68.1 10.3 4.2 102.8 22.5 52.7 2016E 9.8 10.4 7.1 78.8 23.7 53.8 자료: Bloomberg, 미래에셋증권 리서치센터 15

, Analyst, 3774 3831 jinho.cho@miraeasset.com 16

, Analyst, 3774 3831 jinho.cho@miraeasset.com Company Analysis 1. 삼성 SDS (018260 KS, BUY, TP: 300,000 원) 2. SK (034730 KS, BUY, TP: 350,000 원) 3. 와이솔 (122990 KS, BUY, TP: 19,000 원) 4. 신세계 I&C (035510 KS, BUY, TP: 170,000 원) 5. 아모텍 (052710 KS, BUY, TP: 26,000 원) 6. 이녹스 (088390 KS, BUY, TP: 22,000 원)

Earnings preview Korea / Handsets 25 March 2016 BUY 300,000 188,000 Upside/downside (%) 38.3 KOSPI 1,995.12 14,547 185,000-335,000 42.21 7.5 Forecast earnings & valuation Fiscal year ending Dec-14 Dec-15 Dec-16 E Dec-17 E 7,898 7,854 8,147 9,205 593.4 588.2 618.5 688.4 434.3 469.8 515.2 571.3 412.9 443.9 495.2 549.1 5,615 5,737 6,400 7,097 29.9 2.2 11.5 10.9 52.3 44.3 29.5 26.6 21.3 18.0 11.5 10.4 0.2 0.3 0.4 0.5 5.5 4.3 2.9 2.7 10.4 10.3 10.4 10.5 (38.7) (36.1) (39.7) (40.5) Performance (KRW) Price (LHS) Rel. to KOSPI (RHS) 360,000 340,000 320,000 300,000 280,000 260,000 240,000 220,000 200,000 180,000 Mar15 Jun15 Sep15 Dec15 Performance 1M 3M 12M (6.9) (26.3) (30.4) (11.2) (26.1) (28.3), Analyst 3774 3831 jinho.cho@miraeasset.com (%) 110 105 100 95 90 85 80 75 70 65 60 See the last page of this report for important disclosures 18

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 1 Valuation (KRW bn) 2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E Sales 4,765 6,106 7,047 7,898 7,854 8,147 9,205 10,164 11,048 OP 414 558 506 593 588 618 688 864 958 EBITDA 663 866 907 990 996 1,098 1,189 1,392 1,517 Target EV/ EBITDA 19.2 EV 21,085 Net debt (2,049) Equity value 23,134 # of shares 77,377,800 Value per share (KRW) 300,000 자료: 미래에셋증권 리서치센터 Figure 2 삼성전자 CAPEX trend (KRW bn) 30,000 25,000 20,000 CE IM Display Semicon 25.6 조 20.8 조 21.2 조 15,000 10,000 5,000 0 2013 2014 2015 2016E 2017E 자료: 삼성전자, 미래에셋증권 리서치센터 19

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 3 삼성전자 스마트폰 출하 전망 (mn unit) 360 350 340 330 320 3.2 억대 3.3 억대 3.4 억대 310 300 290 2013 2014 2015 2016E 2017E 2018E 자료: 삼성전자, 미래에셋증권 리서치센터 Figure 4 실적 추정치 요약 KRW bn 1Q15 2Q15 3Q15 4Q15 1Q16E 2Q16E 3Q16E 4Q16E 2015 2016E 2017E Sales 1,916 1,959 1,874 2,105 1,987 2,033 1,944 2,184 7,854 8,147 9,205 QoQ (11.7) 2.3 (4.4) 12.3 (5.6) 2.3 (4.4) 12.3 YoY 2.6 (4.9) 4.0 (3.0) 3.7 3.7 3.7 3.7 (0.6) 3.7 13.0 IT Service 1,272 1,351 1,224 1,401 1,240 1,269 1,213 1,363 5,247 5,085 5,607 Consulting/SI 455 450 385 426 432 420 413 438 1,716 1,703 1,834 Outsourcing 817 901 839 975 808 849 800 925 3,532 3,382 3,774 BPO 644 609 649.8 704 747 764 731 821 2,606 3,062 3,598 COGS 1,620 1,623 1,572 1,746 1,680 1,684 1,631 1,767 6,561 6,762 7,688 % 84.5 82.9 83.9 82.9 84.5 82.9 83.9 80.9 83.5 83.0 83.5 SGA 166 172 181 185 187 191 183 205 704 766 829 % 0.9 0.9 1.0 0.9 0.9 0.9 0.9 0.9 9.0 9.4 9.0 OP 130 163.7 120.2 173.9 120.1 157.4 130.0 211.0 588 618 688 QoQ (30.2) 25.5 (26.6) 44.7 (30.9) 31.0 (17.4) 62.3 YoY 27.4 (5.2) (8.6) (6.9) (7.9) (3.9) 8.1 21.3 (0.9) 5.1 11.3 OPM 6.8 8.4 6.4 8.3 6.0 7.7 6.7 9.7 7.5 7.6 7.5 Pretax 141 181 152 175 135 170 152 230 649 687 762 tax 48 55 43 33 34 42 38 57 179 172 190 NI 93 126 110 141 101 127 114 172 470 515 571 QoQ (31.0) 34.8 (12.9) 29.1 (28.3) 25.6 (10.3) 50.8 YoY 22.2 0.2 12.5 4.6 8.7 1.3 4.3 21.9 8.2 9.7 0.1 NPM (%) 4.9 6.4 5.8 6.7 5.1 6.3 5.9 7.9 6.0 6.3 6.2 자료: 삼성 SDS, 미래에셋증권 리서치센터 20

, Analyst, 3774 3831, jinho.cho@miraeasset.com Summary financial statements 2014 2015 2016E 2017E 7,898 7,854 8,147 9,205 6,605 6,561 6,762 7,688 1,293 1,293 1,385 1,518 699 704 766 829 593 588 618 688 593 588 618 688 29 31 38 43 3 3 4 4 11 27 27 27 637 649 687 762 202 179 172 190 434 470 515 571 413 444 495 549 EPS (지배주주지분, 원) 5,615 5,737 6,400 7,097 2014 2015 2016E 2017E 12.1 (0.6) 3.7 13.0 14.2 (0.0) 7.1 9.6 17.4 (0.9) 5.1 11.3 32.2 7.5 11.5 10.9 29.9 2.2 11.5 10.9 16.4 16.5 17.0 16.5 7.5 7.5 7.6 7.5 5.2 5.7 6.1 6.0 2014 2015 2016E 2017E 3,228 3,660 4,082 4,566 817 699 1,012 1,215 835 1,010 1,051 1,094 1,352 1,725 1,790 2,022 36 35 36 41 189 191 193 194 2,318 2,506 2,578 2,680 1,138 1,257 1,312 1,398 46 46 48 50 1,135 1,203 1,218 1,232 5,546 6,166 6,660 7,246 1,118 1,157 1,180 1,249 420 453 470 531 12 11 11 11 686 692 699 706 214 310 322 335 8 4 4 4 206 306 318 331 1,332 1,466 1,502 1,583 4,112 4,530 4,987 5,492 102 171 171 171 4,214 4,700 5,157 5,663 53,145 58,538 64,446 70,979 2014 2015 2016E 2017E 996 640 960 910 434 470 515 571 397 408 480 501 177 116 8 9 (11) (354) (44) (171) (840) (729) (588) (642) (362) (394) (396) (447) (478) (335) (192) (194) (51) (47) (58) (66) (20) (41) (58) (66) 0 0 0 0 (31) (6) 0 0 717 817 699 1,012 817 699 1,012 1,215 2014 2015 2016E 2017E 10.4 10.3 10.4 10.5 8.0 8.0 8.0 8.2 1.7 1.6 1.6 1.5 68.1 71.5 78.7 75.6 20.1 20.3 20.7 19.9 (38.7) (36.1) (39.7) (40.5) (20.2) (19.0) (16.3) (16.1) 21

Earnings preview Korea / Handsets 25 March 2016 BUY 350,000 237,500 Upside/downside (%) 47.4 KOSPI 1,995.12 16,711 217,000-320,500 35.80 23.4 Forecast earnings & valuation Fiscal year ending Dec-14 Dec-15 Dec-16 E Dec-17 E 2,426 39,595 98,687 102,120 271.5 1,426.2 4,589.4 4,829.7 129.9 5,640.3 3,698.7 3,925.1 127.3 5,368.0 1,479.5 1,570.0 2,546 94,224 21,027 22,314 (37.1) 3,601.0 (77.7) 6.1 83.9 2.9 11.2 10.6 36.4 18.4 8.3 7.2 0.9 1.2 1.7 2.1 4.1 1.5 1.0 0.8 5.0 68.1 9.8 8.3 49.1 57.4 48.5 38.0 Change to EPS Dec-14 Dec-15 Dec-16 E Dec-17 E 2,546 94,224 21,027 22,314 2,546 94,224 12,175 14,000 - - 72.7 59.4 Performance (KRW) Price (LHS) Rel. to KOSPI (RHS) 330,000 310,000 290,000 270,000 250,000 230,000 210,000 Mar15 Jun15 Sep15 Dec15 Performance 1M 3M 12M 3.0 (10.4) 0.8 (1.2) (10.2) 2.9, Analyst 3774 3831 jinho.cho@miraeasset.com (%) 140 135 130 125 120 115 110 105 100 95 90 See the last page of this report for important disclosures 22

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 1 Valuation KRW tn Value 2016E EBITDA Target EV/EBITDA Comment Operating value (a) 10.4 IT Service 1.8 0.21 8.5 2016E IBM, Oracle average multiple Semicon and new biz 4.8 0.25 19.1 Samsung C&T target EV/EBITDA Brand royalty and dividend 3.8 0.2 16.6 Before merged, SK 2012~2014년 Average EV/EBITDA Holding shares value (b) 13.3 25% discount, if listed Net debt (c) 4.0 Merged firm value (a+b-c) 19.7 Total number of shares (k) 70,360 Repurchasable shares (k) 14,533 Target price (KRW) 350,000 자료: 미래에셋증권 리서치센터 Figure 2 Holding shares value KRW tn Listing Value Ownership (%) Ownership value Current price Holding shares SKT (017670 KS) LISTED 17.0 25 3.1 210,000 20,363,452 SK INNOVATION (096770 KS) LISTED 12.0 33 3.1 160,500 30,883,788 SK NETWORKS (001740 KS) LISTED 1.4 39 0.4 6,600 97,142,856 SKC (011790 KS) LISTED 1.1 42 0.4 31,050 15,390,000 SK E&C Unlisted 1.2 45 0.5 NA 15,698,853 SK SHIPPING Unlisted 0.5 83 0.4 NA 103,802,105 * SK E&S Unlisted 2.3 100 2.8 NA 41,761,791 SK FOREST Unlisted 0.1 100 0.1 NA 4,000,000 * SK BIOPHAMACEUTICALS / BIOTECH Unlisted 0.3 100 2.0 50,000,000 SK SECURITIES (001510 KS) LISTED 0.4 10 0.0 1,170 32,011,720 OTHERS - - - 0.4 - TOTALS 13.3 자료: 미래에셋증권 리서치센터 Figure 3 SK E&S value Element bn KRW Net income (2016E) 235 Equity 2,814 ROE 8.9% COE (rf=2.8%, rp=6.1%, beta=1) 8.9% Target P/B (ROE-Terminal g)/(coe-terminal g) 1.0 Value 2,809 자료: 미래에셋증권 리서치센터 Figure 4 SK Biopharm / Biotech value Element 2018E Sales, KRW tn 1.0 Target PSR UCB 2018E PSR 2.9 Discount 2nd tier risk premium 30% Value 2.0 자료: 미래에셋증권 리서치센터 23

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 5 경영상의 주요 계약 계약 상대방 계약내용 계약기간 Acorda 급성발작 치료제 기술수출 (Plumiaz) 2010.06 ~ Jazz Pharmaceuticals 수면장애 치료제 기술수출 (SKL-N05) 2011.08 ~ 한미약품(주) 급성발작 치료제 상업화를 위한 전략적 제휴 (Plumiaz) 2012.04 ~ PKU International Healthcare, 양극성장애 치료제 글로벌/중국 공동개발 (SKL-AP2) 2013.01 ~ Medicilon SK케미칼 만성변비/과민성대장증후군 치료제 공동개발 (YKP10811) 2013.03 ~ 자료: SK, 미래에셋증권 리서치센터 Figure 6 연구 개발 실적 연구과제 연구기간 연구결과 및 기대효과 제품 등에의 반영내용 기존 치료제에 비해 뛰어난 뇌전증 치료제 개발 2001~ 약효와 안전성을 보유하고, 광범위한 중추신경계 질환에 치료효과를 보유한 뇌전증 치료제 개발 美 FDA 임상시험승인 획득 (IND Filing) 후, 임상시험 진행중 만성변비/ 과민성 대장증후군 치료제 개발 2003~ 기존 치료제에 비해 뛰어난 약효와 안전성을 가지며, 기존 약물의 치료 효과가 충분하지 못한 만성변비/과민성대장증후군에 효과적인 신약 개발 美 FDA 임상시험승인 획득 (IND Filing) 후, 임상시험 진행중 인지장애 치료제 개발 2007~ 동물실험에서 우수한 효과 및 안전성을 확인한 인지장애를 동반한 정신분열병 치료제 개발 美 FDA 임상시험승인 획득 (IND Filing) 후, 임상시험 진행중 주의력 결핍 과잉 행동장애 치료제 개발 2013~ 기존 치료제 대비 우월한 동물 시험 약효를 보이며 약물 남용 가능성이 적은 주의력결핍 과잉행동장애 (ADHD) 치료제 개발 美 FDA 임상시험승인 획득 (IND Filing) 후, 임상시험 진행중 자료: SK, 미래에셋증권 리서치센터 Figure 7 지적재산권 보유 현황 종 류 내 용 취득일 상용화여부 및 매출기여도 뇌전증 치료제 난용성 항경련제를 함유하는 경비 항경련성 약학 조성물 2013.11.26 기술 수출 후 해외 임상시험 진행 중 수면장애 치료제 수면-각성 장애의 치료 2013.05.14 기술 수출 후 해외 임상시험 진행 중 뇌전증 치료제 신경 치료용 아졸 화합물 2009.10.06 해외 임상시험 진행 중 만성변비/과민성 대장증후군 피페리딘 화합물, 이를 포함하는 약학적 조성물 및 그 용도 2014.02.04 해외 임상시험 진행 중 치료제 정신질환 치료제 페닐 피페라진 화합물, 약제학적 조성 및 용도 2013.06.05 중국 기업과 공동개발 중 자료: SK, 미래에셋증권 리서치센터 24

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 8 SK 바이오팜 신약 Pipeline 요약 Plumiaz Biological study Lead Preclinical Phase 1 Phase 2 Phase 3 NDA 급성 반복발작 응급치료 SKL-N05/JZP-110 기면증 / 수면장애 유래 주간 졸림증 YKP3089 뇌전증 / 신경병성통증 / 불안증 Relenopride 만성변비 / 과민성대장증후군 SKL-PD 파킨슨 SKL-A4R 인지행동을 동반한 조현병 SKL-PSY/FZ-016 조울증 SKL-ADHD 주의력 결핌 과잉행동장애 Carisbamate 신경병성통증 자료: SK, 미래에셋증권 리서치센터 Figure 9 SK 지분 구조도 자료: SK, 미래에셋증권 리서치센터 Figure10 SK 주요 계열사 DPS DPS 2012 2013 2014 2015 2016E SKT 9,400 9,400 9,400 10,000 10,000 SK Innovation 3,250 3,250 0 4,800 3,550 SK Networks 150 0 100 100 100 SKC 500 500 500 750 750 SK Materials 2,850 500 1,000 1,000 500 자료: 각 계열사, 미래에셋증권 리서치센터 주: SK Materials 2015 DPS 는 아직 공표 전 상태이므로 추정치 반영 25

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 11 Global semiconductor module manufacturer rank 자료: DRAM exchange,미래에셋증권 리서치센터 26

, Analyst, 3774 3831, jinho.cho@miraeasset.com Summary financial statements 2014 2015 2016E 2017E 2,426 39,595 98,687 102,120 0 34,643 89,321 92,428 2,426 4,952 9,367 9,692 2,154 3,526 4,777 4,863 272 1,426 4,589 4,830 272 1,426 4,589 4,830 (29) (127) 342 404 (39) 479 0 0 (17) 4,559 (0) 0 187 6,338 4,932 5,233 57 697 1,233 1,308 130 5,640 3,699 3,925 127 5,368 1,479 1,570 EPS (지배주주지분, 원) 2,546 94,224 21,027 22,314 2014 2015 2016E 2017E 5.4 1,532.1 149.2 3.5 5.4 104.1 89.1 3.5 20.6 425.2 221.8 5.2 (37.1) 4,117.0 (72.4) 6.1 (37.1) 3,601.0 (77.7) 6.1 100.0 12.5 9.5 9.5 11.2 3.6 4.7 4.7 5.2 13.6 1.5 1.5 2014 2015 2016E 2017E 927 22,563 25,517 29,237 246 6,926 8,720 11,865 65 1,391 1,448 1,506 456 9,436 10,167 10,510 142 4,792 5,163 5,337 19 19 19 19 4,380 65,260 66,752 67,406 574 39,206 39,565 39,535 3,682 11,563 12,032 12,521 123 14,491 15,155 15,349 5,307 87,823 92,269 96,643 641 15,333 15,910 16,182 258 7,426 8,002 8,272 214 7,736 7,736 7,736 169 170 172 174 2,064 31,473 31,643 31,821 1,376 24,128 24,128 24,128 688 7,345 7,515 7,692 2,705 46,806 47,554 48,002 2,585 13,176 16,875 20,800 17 27,841 27,841 27,841 2,602 41,017 44,716 48,641 51,709 187,266 239,834 295,620 2014 2015 2016E 2017E 185 (502) 3,399 3,920 130 5,640 3,699 3,925 57 911 55 63 116 (4,969) 170 177 (118) (2,084) (526) (245) (100) 9,057 (1,604) (775) (153) (668) (400) (20) 53 9,725 (1,204) (755) (98) (1,858) 0 0 (67) (156) 0 0 0 0 0 0 (51) (1,287) 0 0 259 246 6,926 8,720 246 6,926 8,720 11,865 2014 2015 2016E 2017E 5.0 68.1 9.8 8.3 2.5 12.1 4.1 4.2 17.0 22.7 18.4 18.8 70.9 45.6 36.3 37.0 44.0 35.4 28.5 29.1 49.1 57.4 48.5 38.0 9.4 11.2 (13.4) (12.0) 27

Earnings preview Korea / Handsets 25 March 2016 BUY 19,000 16,000 Upside/downside (%) 18.8 KOSDAQ 689.39 324 10,300-16,900 4.90 13.2 Forecast earnings & valuation Fiscal year ending Dec-14 Dec-15 Dec-16 E Dec-17 E 229 359 473 483 12.9 36.4 39.4 40.2 12.0 32.4 36.5 37.2 12.1 32.7 36.9 37.6 649 1,739 1,964 2,003 (9.7) 168.1 12.9 2.0 11.1 9.0 7.6 7.5 6.2 8.7 5.2 4.7 1.4 0.6 0.7 0.7 1.5 2.3 1.8 1.4 14.5 30.4 25.7 21.1 76.2 67.7 58.0 45.4 Performance (KRW) Price (LHS) Rel. to KOSDAQ (RHS) 17,800 16,800 15,800 14,800 13,800 12,800 11,800 10,800 9,800 Mar15 Jun15 Sep15 Dec15 Performance 1M 3M 12M 3.9 1.4 41.6 (0.3) 1.6 43.6, Analyst 3774 3831 jinho.cho@miraeasset.com (%) 150 140 130 120 110 100 90 80 See the last page of this report for important disclosures 28

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 1 Murata piezoelectric part revenue trend (JPY bn) 130 JPY 122 bn 120 110 100 90 80 70 2009 2010 2011 2012 2013 2014 2015 자료: Murata, 미래에셋증권 리서치센터 Figure 2 중국 4G 수요 및 침투율 trend (mn) 자료: China Mobile, China Unicom, China Telecom, 미래에셋증권 리서치센터 29

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 3 China Mobile subscribers trend by generation (mn) 1,000 4G 3G 2G 800 600 400 200 0 2009 2010 2011 2012 2013 2014 2015 자료: China Mobile, 미래에셋증권 리서치센터 Figure 4 China Unicom subscribers trend by generation (mn) 350 300 3G & 4G 2G 250 200 150 100 50 0 2009 2010 2011 2012 2013 2014 2015 자료: China Unicom, 미래에셋증권 리서치센터 Figure 5 China Telecom subscribers trend by generation (mn) 250 3G & 4G 2G 200 150 100 50 0 2009 2010 2011 2012 2013 2014 2015 자료: China Telecom, 미래에셋증권 리서치센터 30

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 6 Earnings forecast KRW 100m 1Q15 2Q15 3Q15 4Q15 1Q16E 2Q16E 3Q16E 4Q16E 2015 2016E 2017E Sales 820 716 984 1,074 1,163 1,212 1,218 1,133 3,594 4,726 4,826 QoQ (%) 17.9 (12.6) 37.3 9.1 8.3 4.2 0.5 (7.0) YoY (%) 52.4 42.0 77.0 54.4 41.8 69.2 23.8 5.5 56.7 31.5 2.1 Sales by division SAW Filter 305 311 734 816 698 727 754 698 2,166 2,876 2,918 Module 328 221 247 247 230 230 230 230 1,042 921 950 Royalty 4 5 3 4 5 5 4 5 17 18 20 SAW China 183 180 - - - - - - 363 - - Motor - - - 7 230 250 230 200 7 910 937 COGS 676 585 806.88 869.63 959.24 990.36 998.74 917.52 2,938 3,866 3,947 % 82 82 82 81 82 82 82 81 82 82 82 SG&A 72 65 80 75 104 118 114 130 292 466 476 % 9 9 8 7 9 10 9 12 8 10 10 OP 71 66 97 129 100 104 106 85 364 394 402 QoQ (%) 36.0 (7.5) 46.1 34.0 (23.0) 4.5 1.5 (19.8) YoY (%) 91.0 709.4 214.5 146.4 39.5 57.5 9.5 (34.5) 182.2 8.4 1.9 OPM (%) 8.7 9.2 9.8 12.1 8.6 8.6 8.7 7.5 10.1 8.3 8.3 Pretax 68 72 70 139 100 105 106 85 349 396 404 tax 7 15 4 0 8 8 9 7 26 32 32 NI 62 57 66 139 92 96 98 79 324 365 372 QoQ (%) 5.5 (7.5) 15.5 111.0 (33.8) 4.7 1.5 (19.7) YoY (%) 78.0 TP 92.8 137.8 49.2 68.9 48.5 (43.5) 168.7 12.7 2.0 NIM (%) 7.5 8.0 6.7 12.9 7.9 7.9 8.0 6.9 9.0 7.7 7.7 자료: 와이솔, 미래에셋증권 리서치센터 31

, Analyst, 3774 3831, jinho.cho@miraeasset.com Summary financial statements 2014 2015 2016E 2017E 229 359 473 483 195 294 387 395 34 66 86 88 21 29 47 48 13 36 39 40 13 36 39 40 (2) (1) 0 0 0 0 0 0 1 (1) (0) 0 12 35 40 40 (0) 3 3 3 12 32 36 37 12 33 37 38 EPS (지배주주지분, 원) 649 1,739 1,964 2,003 2014 2015 2016E 2017E 31.8 56.7 31.5 2.1 (14.9) 92.3 31.0 2.1 (12.7) 182.2 8.4 1.9 (1.7) 170.0 12.9 2.0 (9.7) 168.1 12.9 2.0 14.9 18.3 18.2 18.2 5.6 10.1 8.3 8.3 5.3 9.1 7.8 7.8 2014 2015 2016E 2017E 93 115 113 116 16 8 1 5 3 3 3 3 35 58 61 60 39 45 48 48 1 1 1 1 116 161 201 235 103 146 186 220 0 0 0 0 13 15 15 15 209 276 314 351 108 134 137 139 30 50 53 55 77 82 82 82 2 2 2 2 11 16 16 16 10 15 15 15 2 1 1 1 120 150 153 155 89 126 161 196 0 0 0 0 89 126 161 196 4,945 6,709 8,550 10,429 2014 2015 2016E 2017E 13 38 70 84 12 32 36 37 19 8 36 44 (1) 11 0 0 (17) (13) (3) 3 (34) (59) (76) (78) (33) (57) (75) (77) (1) (2) (1) (1) 21 13 (2) (2) 0 0 (2) (2) 2 0 0 0 15 8 0 0 16 16 8 1 16 8 1 5 2014 2015 2016E 2017E 14.5 30.4 25.7 21.1 6.6 13.3 12.4 11.2 47.2 42.6 35.9 36.2 43.0 46.8 45.7 45.7 33.9 40.6 39.9 40.9 76.2 67.7 58.0 45.4 6.6 63.8 (168.8) (168.3) 32

Earnings review Korea / Handsets 25 March 2016 BUY 170,000 90,700 Upside/downside (%) 87.4 KOSPI 1,995.12 156 89,400-216,500 0.98 7.5 Forecast earnings & valuation Fiscal year ending Dec-14 Dec-15 Dec-16 E Dec-17 E 228 261 281 301 15.5 11.0 16.0 21.3 12.1 6.8 12.2 16.3 12.1 6.8 12.2 16.3 7,039 3,959 7,073 9,488 (5.5) (43.7) 78.6 34.1 15.9 24.8 13.0 9.7 4.5 4.9 2.8 1.9 0.9 1.0 1.1 1.1 1.2 1.0 0.9 0.8 7.7 4.2 7.1 8.9 (62.4) (49.3) (52.6) (54.8) Change to EPS Dec-14 Dec-15 Dec-16 E Dec-17 E 7,039 3,959 7,073 9,488 7,039 3,959 7,113 8,880 - - (0.6) 6.9 Performance (KRW) Price (LHS) Rel. to KOSPI (RHS) 225,000 205,000 185,000 165,000 145,000 125,000 105,000 85,000 Mar15 Jun15 Sep15 Dec15 Performance 1M 3M 12M (4.8) (4.5) (2.7) (9.1) (4.3) (0.6), Analyst 3774 3831 jinho.cho@miraeasset.com (%) 250 230 210 190 170 150 130 110 90 See the last page of this report for important disclosures 33

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 1 1Q16 실적 추정치 (K-IFRS 연결 기준) (억원, %, ppt) 1Q15 2Q15 3Q15 4Q15 1Q16E YoY (%) QoQ (%) 기존추정 차이 (%) 컨센서스 차이 (%) 매출액 648 628 644 691 693 6.9 0.3 682 1.6 682 1.6 영업이익 46 44 25 (5) 23 (49.5) TB 35 (33.8) 35 (34.3) 세전이익 49 48 15 (19) 24 (52.2) TB 33 (29.2) 33 (28.6) 당기순이익 38 38 9 (18) 18 (54.1) TB 26 (31.1) 26 (32.0) 영업이익률 (%) 7.0 7.1 3.9 (0.8) 3.3 (3.7) 4.1 5.1 (1.8) 5.1 (1.8) 세전이익률 (%) 7.6 7.7 2.3 (2.7) 3.4 (4.2) 6.1 4.9 (1.5) 4.8 (1.4) 당기순이익률 (%) 5.9 6.0 1.5 (2.6) 2.5 (3.4) 5.1 3.8 (1.2) 3.8 (1.3) 자료: 신세계 I&C, 미래에셋증권 리서치센터 Figure 2 연간 실적 추정치 변경 (K-IFRS 연결 기준) (억원, %, ppt) 변경 후 변경 전 변동률 컨센서스 차이 2016E 2017E 2016E 2017E 2016E 2017E 2016E 2017E 2016E 2017E 매출액 2,811 3,014 2,786 2,976 0.9 1.3 2,862 2,976 (1.8) 1.3 영업이익 160 213 164 202 (2.9) 5.4 126 202 26.7 5.2 세전이익 162 218 159 200 2.0 8.8 159 200 2.0 8.8 당기순이익 122 163 122 150 (0.3) 8.8 102 153 19.3 6.7 영업이익률 (%) 5.7 7.1 5.3 6.0 0.4 1.0 5.6 6.7 0.1 0.3 세전이익률 (%) 5.8 7.2 4.9 5.5 0.9 1.8 5.5 7.1 0.2 0.1 당기순이익률 (%) 4.3 5.4 3.7 4.1 0.6 1.3 4.0 5.1 0.3 0.3 자료: WISEfn, 미래에셋증권 리서치센터 Figure 3 주요 페이별 비교 SSG페이 L페이 삼성페이 네이버페이 카카오페이 페이코 페이나우 시럽페이 기업 신세계I&C 롯데 삼성전자 네이버 카카오 NHN엔터 LGU+ SK플래닛 출시 Jul-15 Sep-15 Aug-15 Jun-15 Sep-14 Aug-15 Nov-13 Apr-15 가맹점 신세계그룹 롯데 그룹 기존 카드 단말기 온라인: 약 79,000개 온라인: 약 570개 기타: 자체 서비스 온라인: 약 10만개 오프라인: 약 10만개 온라인: 약 10만개 온라인: 약 5천개 PG 자체 자체 없음 LGU+, KG이니시스 LG CNS 한국사이버결제 LGU+ 자체 가입자 140만명 1만명 500만명 1,600만명 700만명 410만명 400만명 200만명 결제액 누적 1,050억원 - 누적 6,200억원 월 2천억원 - - - - 앱 설치 필요 O 필요 O 필요 X 필요 X 필요 X 필요 O 필요 O 필요 O 자료: 각 업계, 미래에셋증권 리서치센터 34

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 4 실적 추정치 요약 KRW 100m 1Q15 2Q15 3Q15 4Q15 1Q16E 2Q16E 3Q16E 4Q16E 2015 2016E 2017E Sales 648 628 644 691 693 682 705 731 2,611 2,811 3,014 QoQ (%) 0.8 (3.1) 2.6 7.2 0.3 (1.6) 3.5 3.7 YoY (%) 18.1 11.9 22.2 7.4 6.9 8.6 9.5 5.9 14.5 7.7 7.2 Sales by divison IT Service 369 407 428 412 375 436 459 420 1,616 1,689 1,768 Retail 276 219 211 268 304 228 225 287 974 1,045 1,121 Platform / Others 3 2 6 11 14 18 21 25 21 77 125 COGS 514 494 509 552 554 545 564 585 2,069 2,249 2,411 % Sales 79.3 78.7 79.0 80.0 80.0 80.0 80.0 80.0 79.3 80.0 80.0 GP 134 134 135 138 139 136 141 146 542 562 603 GPM (%) 20.7 21.3 21.0 20.0 20.0 20.0 20.0 20.0 20.7 20.0 20.0 SG&A 89 90 110 143 116 92 91 103 432 403 390 Portion to sales (%) 13.7 14.3 17.1 20.8 16.7 13.6 13.0 14.1 16.5 14.3 12.9 OP 46 44 25 (5) 23 44 50 43 110 160 213 QoQ 13.3 (2.5) (42.9) TR TB 90.8 13.0 (12.9) (29.2) 45.5 33.1 YoY 27.0 0.5 (27.4) TR (49.5) (1.1) 95.7 TB OPM 7.0 7.1 3.9 (0.8) 3.3 6.4 7.0 5.9 4.2 5.7 7.1 Pretax 49 48 15 (19) 24 44 50 44 94 162 218 tax 11 10 6 (1) 6 11 13 11 26 41 54 % 22.0 21.5 37.9 5.9 25.0 25.0 25.0 25.0 27.5 25.0 25.0 NI 38 38 9 (18) 18 33 38 33 68 122 163 QoQ 92.0 (1.7) (75.2) TR TB 88.4 13.0 (12.1) YoY 15.5 6.0 (70.7) TR (54.1) (12.0) 300.7 TB (43.7) 78.6 34.1 NPM 5.9 6.0 1.5 (2.5) 2.5 4.9 5.3 4.5 2.6 4.3 5.4 자료: 신세계 I&C, 미래에셋증권 리서치센터 35

, Analyst, 3774 3831, jinho.cho@miraeasset.com Summary financial statements 2014 2015 2016E 2017E 228 261 281 301 181 208 225 241 47 53 56 60 31 42 40 39 16 11 16 21 16 11 16 21 3 2 3 4 0 (3) (2) (2) (1) (1) (1) (1) 17 9 16 22 5 3 4 5 12 7 12 16 12 7 12 16 EPS (지배주주지분, 원) 7,039 3,959 7,073 9,488 2014 2015 2016E 2017E (4.9) 14.5 7.7 7.2 (9.6) 14.1 5.8 7.2 (11.9) (29.2) 45.5 33.1 (5.5) (43.7) 78.6 34.1 (5.5) (43.7) 78.6 34.1 20.4 20.4 20.0 20.0 6.8 4.2 5.7 7.1 5.3 2.6 4.3 5.4 2014 2015 2016E 2017E 154 139 150 165 21 17 25 34 80 65 68 70 35 39 39 41 11 12 13 14 7 6 6 6 55 78 80 81 33 46 47 47 7 9 10 10 15 23 23 24 209 217 230 247 42 47 49 51 26 27 29 30 0 0 0 0 16 20 21 21 5 4 4 4 0 0 0 0 5 4 4 4 47 51 53 55 161 166 177 191 0 0 0 0 161 166 177 191 93,869 96,607 102,681 111,169 2014 2015 2016E 2017E 15 16 23 25 12 7 12 16 5 7 7 7 3 6 2 2 (5) (4) 2 (1) (16) (17) (13) (14) (5) (26) (7) (8) (11) 9 (6) (6) (2) (2) (2) (2) (2) (2) (2) (2) 0 0 0 0 0 0 0 0 24 21 17 25 21 17 25 34 2014 2015 2016E 2017E 7.7 4.2 7.1 8.9 6.0 3.2 5.4 6.9 17.4 16.7 16.6 16.2 54.5 51.3 50.3 48.0 41.7 37.1 36.0 35.6 (62.4) (49.3) (52.6) (54.8) (5.7) (5.0) (4.6) (5.7) 36

Earnings preview Korea / Handsets 25 March 2016 BUY 26,000 20,000 Upside/downside (%) 34.0 KOSDAQ 692.42 189 12,200-23,800 4.16 9.1 Forecast earnings & valuation Fiscal year ending Dec-14 Dec-15 Dec-16 E Dec-17 E 179 314 376 445 2.6 21.5 28.9 34.2 (2.3) 15.6 21.4 25.8 (2.3) 15.6 21.4 25.8 (236) 1,602 2,196 2,644 적전 흑전 37.1 20.4 (60.3) 13.3 8.8 7.3 12.6 7.3 5.7 5.0 0.0 0.0 0.0 0.0 1.1 1.4 1.1 0.9 (1.8) 11.1 13.1 13.8 94.3 52.0 49.1 43.9 Change to EPS Dec-14 Dec-15 Dec-16 E Dec-17 E (236) 1,602 2,196 2,644 (236) 1,602 2,199 2,615 - - (0.1) 1.1 Performance (KRW) Price (LHS) Rel. to KOSDAQ (RHS) 24,000 22,000 20,000 18,000 16,000 14,000 12,000 Mar15 Jun15 Sep15 Dec15 Performance 1M 3M 12M 12.8 (10.8) (14.9) 9.0 (11.2) (12.6), Analyst 3774 3831 jinho.cho@miraeasset.com (%) 110 100 90 80 70 60 50 See the last page of this report for important disclosures 37

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 1 1Q16 실적 추정치 (K-IFRS 연결 기준) (억원, %, ppt) 1Q15 2Q15 3Q15 4Q15E 1Q16E YoY (%) QoQ (%) 기존추정 차이 (%) 컨센서스 차이 (%) 매출액 761 744 953 681 847 11.3 24.3 844 0.4 839 1.0 영업이익 55 48 82 31 70 27.4 125.4 61 14.2 61 14.3 세전이익 50 40 88 42 65 29.5 53.7 56 15.2 63 3.0 당기순이익 39 28 70 19 51 32.4 166.9 45 14.0 46 11.4 영업이익률 (%) 7.2 6.4 8.6 4.5 8.2 1.0 3.7 7.2 1.0 7.3 1.0 세전이익률 (%) 6.6 5.3 9.2 6.2 7.7 1.1 1.5 6.7 1.0 7.5 0.1 당기순이익률 (%) 5.1 3.8 7.3 2.8 6.1 1.0 3.2 5.3 0.7 5.5 0.6 자료: 아모텍, 미래에셋증권 리서치센터 Figure 2 연간 실적 추정치 (K-IFRS 연결 기준) (억원, %, ppt) 변경 후 변경 전 변동률 컨센서스 차이 2016E 2017E 2016E 2017E 2016E 2017E 2016E 2017E 2016E 2017E 매출액 3,765 4,454 3,865 4,480 (2.6) (0.6) 3,573 3,990 5.4 11.6 영업이익 289 342 286 340 0.9 0.6 278 310 3.9 10.4 세전이익 271 326 269 320 0.8 1.9 268 303 1.1 7.6 당기순이익 214 258 214 250 (0.1) 3.0 209 236 2.4 9.2 영업이익률 (%) 7.7 7.7 7.4 7.6 0.3 0.1 7.8 7.8 (0.1) (0.1) 세전이익률 (%) 7.2 7.3 6.9 7.1 0.2 0.2 7.5 7.6 (0.3) (0.3) 당기순이익률 (%) 5.7 5.8 5.5 5.6 0.1 0.2 5.8 5.9 (0.2) (0.1) 자료: 미래에셋증권 리서치센터 Figure 3 Valuation 비고 sustain COE Risk Free 2.8%, Beta1.0, Risk Premium 6.1% 8.9% sustain ROE 2016E ROE 12.9% Terminal G 0.0% Target PBR (ROE-Terminal g)/(coe-terminal g) 1.4 BPS Expectation 2016 17,884 Value Target PBR * BPS 26,000 자료: 미래에셋증권 리서치센터 38

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 4 실적 추정치 요약 KRW 100m 1Q15 2Q15 3Q15 4Q15 1Q16E 2Q16E 3Q16E 4Q16E 2015E 2016E 2017E Sales 761 744 953 681 847 886 1,158 874 3,140 3,765 4,454 QoQ (%) 65.6 (2.1) 28.0 (28.5) 24.3 4.6 30.7 (24.5) YoY (%) 59.6 81.4 117.4 48.3 11.3 19.0 21.5 28.2 75.9 19.9 18.3 Sales by products Ceramic 312 313 362 190 322 322 373 196 1,178 1,213 1,250 Antenna / Samsung Pay 312 320 441 347 380 445 624 524 1,419 1,972 2,586 Antenna 162 170 271 143 167 175 279 147 745 767 790 Samsung Pay 150 150 170 204 214 270 345 377 674 1,205 1,795 Motor 47 41 37 41 47 41 37 41 167 165 164 Others 89 71 113 103 98 78 124 113 376 414 455 COGS 614 610 782 556 684 726 950 713 2,563 3,073 3,636 % 81 82 82 82 81 82 82 82 82 82 82 SGA 92 86 90 95 93 89 116 105 362 402 476 % 12 12 9 14 11 10 10 12 12 11 11 OP 55 48 82 31 70 71 92 56 215 289 342 QoQ (%) TB (12.7) 70.6 (62.1) 125.4 1.9 29.5 (39.1) YoY (%) 426.9 1277.1 327.7 TB 27.4 48.7 12.9 81.1 741.7 34.4 18.5 OPM (%) 7.2 6.4 8.6 4.5 8.2 8.0 7.9 6.4 6.8 7.7 7.7 Pretax 50 40 88 42 65 66 88 52 219 271 326 tax 11 11 18 23 14 14 18 11 63 57 68 NI 39 28 70 19 51 52 69 41 156 214 258 QoQ TB (26.8) 146.7 (72.5) 166.9 2.4 32.1 (41.0) YoY 444.1 (307.9) 504.2 (168.6) 32.4 85.3 (0.8) 113.0 TB 37.1 20.4 NIM (%) 5.1 3.8 7.3 2.8 6.1 5.9 6.0 4.7 5.0 5.7 5.8 자료: 아모텍, 미래에셋증권 리서치센터 39

, Analyst, 3774 3831, jinho.cho@miraeasset.com Summary financial statements 2014 2015 2016E 2017E 179 314 376 445 142 256 307 364 36 58 69 82 34 36 40 48 3 21 29 34 3 21 29 34 (6) (3) (5) (4) (1) 2 3 3 1 2 0 0 (3) 22 27 33 (0) 6 6 7 (2) 16 21 26 (2) 16 21 26 EPS (지배주주지분, 원) (236) 1,602 2,196 2,644 2014 2015 2016E 2017E (28.0) 75.9 19.9 18.3 (37.4) 59.4 19.8 18.4 (88.6) 741.7 34.4 18.5 적전 흑전 37.1 20.4 적전 흑전 37.1 20.4 20.3 18.4 18.4 18.4 1.4 6.8 7.7 7.7 (1.3) 5.0 5.7 5.8 2014 2015 2016E 2017E 112 136 150 163 12 35 28 25 19 24 25 26 37 41 52 60 41 32 41 47 4 4 4 4 207 209 226 247 154 155 170 188 30 31 32 33 23 23 24 26 319 345 376 409 125 126 136 143 23 34 44 51 95 84 84 84 8 8 8 8 66 65 66 66 56 54 54 54 10 11 12 12 192 192 202 209 128 153 174 200 0 0 0 0 128 153 174 200 13,116 15,688 17,884 20,528 2014 2015 2016E 2017E 6 48 28 37 (2) 16 21 26 18 18 20 21 2 11 (2) (2) (12) 3 (11) (8) (31) (17) (35) (41) (14) (12) (31) (36) (17) (5) (4) (4) 20 (8) 0 0 0 0 0 0 0 0 0 0 18 (15) 0 0 17 12 35 28 12 35 28 25 2014 2015 2016E 2017E (1.8) 11.1 13.1 13.8 (0.7) 4.7 5.9 6.6 71.7 42.4 35.4 36.2 75.7 45.0 45.2 46.2 49.6 33.1 37.9 38.8 94.3 52.0 49.1 43.9 0.5 6.3 6.4 7.9 40

Earnings review Korea / Handsets 25 March 2016 BUY 22,000 13,150 Upside/downside (%) 67.3 KOSDAQ 689.39 162 10,500-18,600 1.03 4.3 Forecast earnings & valuation Fiscal year ending Dec-14 Dec-15 Dec-16 E Dec-17 E 145 213 236 281 20.7 10.2 26.5 33.2 15.6 7.1 19.4 25.1 15.6 7.5 19.4 25.1 1,269 612 1,579 2,037 (46.3) (51.8) 158.1 29.0 11.6 21.4 8.1 6.3 5.8 6.5 3.6 3.6 0.0 0.0 0.0 0.0 1.3 1.2 1.0 0.9 12.0 5.6 13.4 15.0 (3.9) 14.2 17.8 28.3 Change to EPS Dec-14 Dec-15 Dec-16 E Dec-17 E 1,269 612 1,579 2,037 1,269 612 1,649 2,040 - - (4.2) (0.1) Performance (KRW) Price (LHS) Rel. to KOSDAQ (RHS) 20,000 19,000 18,000 17,000 16,000 15,000 14,000 13,000 12,000 11,000 10,000 Mar15 Jun15 Sep15 Dec15 Performance 1M 3M 12M 8.7 5.6 (22.9) 4.5 5.8 (20.8), Analyst 3774 3831 jinho.cho@miraeasset.com (%) 110 105 100 95 90 85 80 75 70 65 60 See the last page of this report for important disclosures 41

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 1 1Q16 실적 추정치 (K-IFRS 연결 기준) (억원, %, ppt) 1Q15 2Q15 3Q15 4Q15 1Q16E YoY (%) QoQ (%) 기존추정 차이 (%) 컨센서스 차이 (%) 매출액 538 498 673 423 575 6.9 36.0 620 (7.3) 580 (0.9) 영업이익 69 6 66 (39) 67 (3.8) TB 70 (4.0) 67 (0.3) 세전이익 73 3 64 (46) 60 (18.4) TB 63 (4.6) 54 10.5 당기순이익 58 0 50 (38) 49 (16.1) TB 51 (4.6) 44 10.8 영업이익률 (%) 12.9 1.3 9.5 (9.3) 11.6 (1.3) 20.9 11.2 0.4 11.6 0.1 세전이익률 (%) 13.6 0.6 9.3 (10.9) 10.4 (3.2) 21.3 10.1 0.3 9.3 1.1 당기순이익률 (%) 10.8 0.1 7.1 (8.9) 8.5 (2.3) 17.4 8.2 0.2 7.6 0.9 자료: 이녹스, 미래에셋증권 리서치센터 Figure 2 연간 실적 추정치 변경 (K-IFRS 연결 기준) (억원, %, ppt) 변경 후 변경 전 변동률 컨센서스 차이 2016E 2017E 2016E 2017E 2016E 2017E 2016E 2017E 2016E 2017E 매출액 2,363 2,813 2,545 2,960 (7.1) (5.0) 2,439 2,439 (3.1) 15.3 영업이익 265 332 275 332 (3.6) 0.0 291 361 (8.9) (7.9) 세전이익 238 307 248 307 (4.2) (0.1) 272 345 (12.6) (11.1) 당기순이익 194 251 203 251 (4.2) (0.1) 213 272 (8.8) (7.8) 영업이익률 (%) 11.2 11.8 10.8 11.2 0.4 0.6 11.9 14.8 (0.7) (3.0) 세전이익률 (%) 10.1 10.9 9.8 10.4 0.3 0.5 11.2 14.1 (1.1) (3.2) 당기순이익률 (%) 8.2 8.9 8.0 8.5 0.2 0.4 8.7 11.2 (0.5) (2.2) 자료: WISEfn, 미래에셋증권 리서치센터 Figure 3 Valuation 구분 비고 sustain COE Risk Free 2.8%, Beta 1.1, Risk Premium 6.1% 9.5% sustain ROE 3-year Average (2016~2018) 14.5% Terminal G 0.0% Target PBR (ROE-Terminal g)/(coe-terminal g) 1.5 BPS Expectation 2016 14,629 Fair Value Per Share Target PBR * BPS 22,000 자료: 미래에셋증권 리서치센터 42

, Analyst, 3774 3831, jinho.cho@miraeasset.com Figure 4 실적 추정치 요약 (KRW 100m) 1Q15 2Q15 3Q15 4Q15 1Q16E 2Q16E 3Q16E 4Q16E 2015 2016E 2017E Sales 538 498 673 423 575 571 723 494 2,132 2,363 2,813 QoQ (%) 58.1 (7.4) 35.0 (37.2) 36.0 (0.6) 26.5 (31.7) YoY (%) 16.2 81.7 81.8 24.2 6.9 14.7 7.4 16.8 47.3 10.8 19.0 Sales by division Flex 285 204 441 249 256 183 397 224 1,179 1,061 1,082 SEMI 71 66 66 60 85 80 80 72 264 316 320 OLED 4 3 4 56 56 84 84 140 68 364 823 Alton Sports 177 224 162 58 177 224 162 58 622 622 588 COGS 363 355 478 287 388 407 513 336 1,483 1,644 1,957 % 67.5 71.3 71.0 68.0 67.5 71.3 71.0 68.0 69.6 69.6 69.6 SGA 106 137 129 175 120 91 121 121 546 454 524 % 19.6 27.5 19.2 41.3 20.9 16.0 16.8 24.5 25.6 19.2 18.6 OP 69 6 66 (39) 67 73 88 37 102 265 332 OPM (%) 12.9 1.3 9.8 (9.3) 11.6 12.7 12.2 7.5 4.8 11.2 11.8 QoQ (%) 43.9 (90.8) 934.8 TR TB 9.0 21.3 (58.0) YoY (%) (20.6) (59.1) 19.0 (181.5) (3.8) 1044.9 34.2 TB (50.5) 159.1 25.4 Pretax 73 3 64 (46) 60 66 82 30 94 238 307 tax 15 2 15 (9) 11 12 15 6 24 44 56 % 20.5 83.9 22.9 18.6 18.3 18.3 18.3 18.3 25.0 18.3 18.3 NI 58 0 50 (38) 49 54 67 25 71 194 251 NIM 10.8 0.1 7.4 (8.9) 8.5 9.4 9.2 5.0 3.3 8.2 8.9 QoQ 138.7 (99.2) 11020.8 TR TB 10.6 24.0 (62.8) YoY 545.8 (93.7) (2.2) TR (16.1) 11958.6 34.5 TB (54.8) 175.3 29.0 자료: 이녹스, 미래에셋증권 리서치센터 43

, Analyst, 3774 3831, jinho.cho@miraeasset.com Summary financial statements 2014 2015 2016E 2017E 145 213 236 281 101 148 164 196 44 65 72 86 23 55 45 52 21 10 27 33 21 10 27 33 0 (2) (1) (1) 0 0 0 0 (2) 1 (1) (1) 19 9 24 31 3 2 4 6 16 7 19 25 16 8 19 25 EPS (지배주주지분, 원) 1,269 612 1,579 2,037 2014 2015 2016E 2017E (22.2) 47.3 10.8 19.0 (23.2) 47.9 10.8 19.1 (39.4) (50.5) 159.1 25.4 (43.7) (51.8) 158.1 29.0 (46.3) (51.8) 158.1 29.0 30.3 30.4 30.4 30.4 14.3 4.8 11.2 11.8 10.8 3.5 8.2 8.9 2014 2015 2016E 2017E 72 106 105 101 31 50 40 13 2 4 5 5 24 29 33 56 14 22 26 26 1 1 1 1 112 177 200 233 102 124 159 200 0 2 2 2 10 52 39 31 183 283 305 334 41 55 57 60 9 12 14 17 27 38 38 38 5 5 5 5 7 55 55 56 0 41 41 41 7 14 14 15 48 110 113 116 136 136 155 180 0 38 38 38 136 173 193 218 11,010 11,013 12,592 14,629 2014 2015 2016E 2017E 41 30 41 33 16 7 19 25 10 18 27 27 1 0 1 1 15 5 (7) (20) (31) (43) (51) (60) (30) (14) (49) (59) (1) (29) (2) (2) (15) 32 0 0 0 (1) 0 0 0 0 0 0 (10) 40 0 0 36 31 50 40 31 50 40 13 2014 2015 2016E 2017E 12.0 5.6 13.4 15.0 8.4 3.0 6.6 7.8 44.4 31.2 37.0 33.5 72.3 45.3 47.8 58.2 25.3 17.7 19.6 19.8 (3.9) 14.2 17.8 28.3 (1,842.8) 6.8 18.3 26.0 44

, Analyst, 3774 3831 jinho.cho@miraeasset.com Recommendations Distribution of Ratings Compliance Notice Target Price and Recommendation Chart (KRW) Stock Price Target Price 480,000 430,000 380,000 Date Recommendation 12m target price 2015-07-24 BUY (Initiate) 330,000 2015-07-31 BUY 330,000 2015-10-02 BUY 330,000 2015-10-30 BUY 300,000 (Down) 2015-12-23 BUY 300,000 2016-01-25 BUY 300,000 2016-03-25 BUY 300,000 330,000 280,000 230,000 180,000 Nov14 May15 Nov15 (KRW) Stock Price Target Price 430,000 380,000 330,000 280,000 230,000 180,000 Date Recommendation 12m target price 2014-09-16 BUY (Initiate) 250,000 2014-10-27 BUY 335,000 (Up) 2014-11-05 BUY 335,000 2014-12-22 BUY 335,000 2015-02-25 BUY 335,000 2015-03-30 BUY 335,000 2015-04-09 BUY 335,000 2015-07-09 BUY 360,000 (Up) 2015-08-31 BUY 390,000 (Up) 2015-10-02 BUY 390,000 2016-01-22 BUY 350,000 (Down) 2016-03-25 BUY 350,000 130,000 Mar14 Sep14 Mar15 Sep15 Mar16

, Analyst, 3774 3831 jinho.cho@miraeasset.com (KRW) Stock Price Target Price 20,800 18,800 16,800 14,800 12,800 10,800 8,800 6,800 4,800 Mar14 Sep14 Mar15 Sep15 Mar16 Date Recommendation 12m target price 2015-11-19 BUY (Initiate) 19,000 2016-01-11 BUY 19,000 2016-02-15 BUY 19,000 2016-03-25 BUY 19,000 (KRW) Stock Price Target Price 228,000 208,000 188,000 168,000 148,000 128,000 108,000 88,000 68,000 Mar14 Sep14 Mar15 Sep15 Mar16 Date Recommendation 12m target price 2015-11-19 BUY (Initiate) 180,000 2016-01-14 BUY 170,000 (Down) 2016-02-01 BUY 170,000 2016-03-25 BUY 170,000 (KRW) Stock Price Target Price 31,800 Date Recommendation 12m target price 2015-11-19 BUY (Initiate) 26,000 2016-01-11 BUY 26,000 2016-03-25 BUY 26,000 26,800 21,800 16,800 11,800 6,800 Mar14 Sep14 Mar15 Sep15 Mar16

, Analyst, 3774 3831 jinho.cho@miraeasset.com (KRW) Stock Price Target Price 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 Mar14 Sep14 Mar15 Sep15 Mar16 Date Recommendation 12m target price 2015-10-14 BUY (Initiate) 24,000 2015-10-29 BUY 24,000 2016-01-11 BUY 24,000 2016-02-17 BUY 22,000 (Down) 2016-03-25 BUY 22,000