Sector update Korea / IT 9 September 2016 OVERWEIGHT Stocks under coverage Company Rating Price Target price, Analyst 3774 3803 hwdoh@miraeasset.com 3774 1851 sol.hong@miraeasset.com See the last page of this report for important disclosures
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com Table of contents 2
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 3
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 4
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 5
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com ('000) 400,000 380,000 360,000 340,000 320,000 313,681 300,000 288,597 284,366 280,000 260,000 240,000 220,000 200,000 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E 6
도현우, Analyst, 3774 3803, hwdoh@miraeasset.com 홍솔, 3774 1851, sol.hong@miraeasset.com IT Figure 9 360 도 카메라 등 VR 컨텐츠 관련 기업들이 많이 등장했음 (1) 자료: 미래에셋증권 리서치센터 Figure 10 360 도 카메라 등 VR 컨텐츠 관련 기업들이 많이 등장했음 (2) 자료: 미래에셋증권 리서치센터 7
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 8
도현우, Analyst, 3774 3803, hwdoh@miraeasset.com 홍솔, 3774 1851, sol.hong@miraeasset.com IT Figure 12 삼성은 퀀텀닷 TV 가 OLED TV 보다 우월하다고 강조 자료: 미래에셋증권 리서치센터 Figure 13 LG 는 여전히 OLED TV 에 집중 자료: 미래에셋증권 리서치센터 9
도현우, Analyst, 3774 3803, hwdoh@miraeasset.com 홍솔, 3774 1851, sol.hong@miraeasset.com IT Figure 14 과거 IT 전시회에서 대부분의 TV 업체들은 미래의 TV 로 OLED 를 내세웠으나, 이번 IFA 에서는 퀀텀닷 TV 로 넘어가는 업체들이 상당수 있었음. 하이센스는 퀀텀닷 TV 가 OLED TV 보다 우월하다는 비교물을 전시함. 자료: 미래에셋증권 리서치센터 10
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 11
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 12
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 13
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 14
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 15
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 16
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 17
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 18
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com Company Analysis
Company update / Target price raised Korea / Semiconductors 9 September 2016 BUY 1,900,000 1,621,000 Upside/downside (%) 17.2 KOSPI 2,061.88 229,646 1,112,000-1,687,000 348.17 50.8 Forecast earnings & valuation Fiscal year ending Dec-15 Dec-16 E Dec-17 E Dec-18 E 200,653 209,501 207,825 208,058 26,413.4 31,548.8 32,524.8 33,621.0 19,060.1 24,788.0 26,747.6 27,553.9 18,694.6 24,645.3 26,442.9 27,240.1 126,916 168,685 182,278 187,773 (19.0) 32.9 8.1 3.0 9.9 9.6 8.9 8.6 3.2 3.4 2.9 2.4 1.6 1.9 1.9 1.9 1.2 1.4 1.3 1.1 11.2 13.5 13.1 12.1 (32.7) (38.5) (42.6) (48.4) Change to EPS Dec-15 Dec-16 E Dec-17 E Dec-18 E 126,916 168,685 182,278 187,773 126,916 167,965 172,486 178,093-0.4 5.7 5.4 Performance (KRW) Price (LHS) Rel. to KOSPI (RHS) 1,800,000 1,700,000 1,600,000 1,500,000 1,400,000 1,300,000 1,200,000 1,100,000 Sep15 Dec15 Mar16 Jun16 Performance 1M 3M 12M 3.8 16.0 45.8 1.7 13.5 36.3, Analyst 3774 3803 hwdoh@miraeasset.com 3774 1851 sol.hong@miraeasset.com (%) 140 135 130 125 120 115 110 105 100 95 90 See the last page of this report for important disclosures 20
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com Element Sustainable COE Risk Free 2.8%, Beta 0.9, Risk Premium 6.1% 8.3% Sustainable ROE 3-year Average (2017~2019) 12.2% Terminal G 0.0% Target PBR (ROE-Terminal g)/(coe-terminal g) 1.47 BPS Expectation 2017 1,280,918 Fair value per share Target PBR * BPS 1,900,000 자료: 미래에셋증권 리서치센터 21
18, Analyst, 3774 3803, hwdoh@miraeasset.com 3774 1851, sol.hong@miraeasset.com 22
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com Summary financial statements 2015 2016E 2017E 2018E 200,653 209,501 207,825 208,058 123,482 124,588 122,746 122,213 77,171 84,913 85,079 85,845 50,758 53,364 52,554 52,224 26,413 31,549 32,525 33,621 26,413 31,549 32,525 33,621 1,168 2,823 3,304 3,294 1,102 37 37 37 (2,723) (692) 280 283 25,961 33,716 36,145 37,235 6,901 8,928 9,398 9,681 19,060 24,788 26,748 27,554 18,695 24,645 26,443 27,240 EPS (지배주주지분, 원) 126,916 168,685 182,278 187,773 2015 2016E 2017E 2018E 124,815 147,083 162,963 187,446 22,637 38,103 53,214 74,712 48,856 49,292 51,294 53,377 28,521 32,333 31,555 32,062 18,812 21,304 20,791 21,125 5,989 6,049 6,110 6,171 117,365 118,184 124,074 122,935 86,477 88,266 92,968 90,883 13,609 12,759 13,277 13,816 17,279 17,159 17,829 18,235 242,180 265,267 287,038 310,381 50,503 53,338 53,116 53,664 15,052 19,337 18,871 19,174 11,377 9,686 9,686 9,686 24,074 24,315 24,558 24,804 2015 2016E 2017E 2018E (2.7) 4.4 (0.8) 0.1 (1.0) 10.0 0.2 0.9 5.5 19.4 3.1 3.4 (19.0) 31.8 7.3 3.0 (19.0) 32.9 8.1 3.0 38.5 40.5 40.9 41.3 13.2 15.1 15.7 16.2 9.3 11.8 12.7 13.1 12,617 13,997 14,244 14,487 1,497 1,439 1,309 1,159 11,120 12,558 12,935 13,328 63,120 67,336 67,360 68,151 172,877 191,735 213,481 236,034 6,183 6,196 6,196 6,196 179,060 197,931 219,677 242,230 1,016,129 1,150,438 1,280,918 1,416,236 2015 2016E 2017E 2018E 40,062 44,039 51,441 51,305 19,060 24,858 26,748 27,554 20,931 21,446 23,344 23,749 4,753 (842) 341 356 (4,682) (1,424) 1,009 (353) (27,168) (24,792) (31,199) (24,655) (25,523) (22,746) (27,112) (20,714) 2015 2016E 2017E 2018E 11.2 13.5 13.1 12.1 8.1 9.8 9.7 9.2 32.9 34.9 37.0 36.8 51.6 53.0 56.1 55.8 30.3 30.0 33.6 33.4 (32.7) (38.5) (42.6) (48.4) (22.6) (11.2) (9.8) (10.2) (1,645) (2,046) (4,087) (3,941) (6,574) (3,781) (5,132) (5,152) (3,130) (3,404) (5,002) (5,002) 0 0 0 0 1,593 (1,506) (130) (150) 16,841 22,637 38,103 53,214 22,637 38,103 53,214 74,712 23
Company update Korea / Semiconductors 9 September 2016 BUY 45,000 37,900 Upside/downside (%) 18.7 KOSPI 2,061.88 27,591 25,750-38,000 113.39 51.8 Forecast earnings & valuation Fiscal year ending Dec-15 E Dec-16 E Dec-17 E Dec-18 E 18,798 15,964 17,427 19,875 5,336.1 2,041.8 2,758.6 4,416.1 4,323.6 1,536.1 2,163.7 3,479.6 4,322.4 1,534.3 2,164.1 3,480.3 5,937 2,108 2,973 4,781 1.5 (64.5) 41.0 60.8 5.2 18.0 12.7 7.9 2.3 4.1 3.4 2.5 1.0 0.8 0.8 0.8 1.0 1.2 1.1 1.0 21.9 7.0 9.2 13.3 (4.5) (2.3) (8.6) (17.7) Performance (KRW) Price (LHS) Rel. to KOSPI (RHS) 40,000 38,000 36,000 34,000 32,000 30,000 28,000 26,000 24,000 Sep15 Dec15 Mar16 Jun16 Performance 1M 3M 12M 8.9 32.3 9.1 6.7 29.8 (0.4), Analyst 3774 3803 hwdoh@miraeasset.com 3774 1851 sol.hong@miraeasset.com (%) 105 100 95 90 85 80 75 70 See the last page of this report for important disclosures 24
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 25
18, Analyst, 3774 3803, hwdoh@miraeasset.com 3774 1851, sol.hong@miraeasset.com SK 하이닉스 000660 KS 26
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com Summary financial statements 2015E 2016E 2017E 2018E 18,798 15,964 17,427 19,875 10,515 11,070 11,967 12,378 8,283 4,894 5,460 7,497 2,947 2,852 2,701 3,081 5,336 2,042 2,759 4,416 5,336 2,042 2,759 4,416 (77) (78) (63) (55) 25 36 44 44 (15) (43) (1) (1) 5,269 1,957 2,739 4,405 946 421 575 925 4,324 1,536 2,164 3,480 4,322 1,534 2,164 3,480 EPS (지배주주지분, 원) 5,937 2,108 2,973 4,781 2015E 2016E 2017E 2018E 9,760 10,009 12,012 15,572 1,176 2,387 3,854 6,552 3,616 2,495 2,596 2,702 2,666 2,522 2,751 3,151 1,923 2,221 2,423 2,776 380 383 387 391 19,918 21,468 21,652 21,746 16,966 18,383 18,508 18,544 254 265 275 286 2,698 2,821 2,870 2,915 29,678 31,477 33,665 37,318 4,841 4,494 4,710 5,075 2,129 2,190 2,389 2,737 1,013 589 589 589 1,698 1,715 1,732 1,750 2015E 2016E 2017E 2018E 9.8 (15.1) 9.2 14.1 8.1 (40.9) 11.6 37.3 4.4 (61.7) 35.1 60.1 3.0 (64.5) 41.0 60.8 1.5 (64.5) 41.0 60.8 44.1 30.7 31.3 37.7 28.4 12.8 15.8 22.2 23.0 9.6 12.4 17.5 3,450 4,478 4,504 4,532 2,806 3,767 3,767 3,767 644 711 737 765 8,290 8,972 9,215 9,607 21,387 22,501 24,446 27,707 1 4 4 4 21,388 22,505 24,450 27,711 29,377 30,908 33,580 38,060 2015E 2016E 2017E 2018E 9,320 5,593 6,577 7,725 4,324 1,538 2,164 3,480 3,953 4,501 4,649 4,654 210 (1,572) (18) (17) 832 1,127 (219) (392) (7,126) (5,165) (4,891) (4,809) (6,555) (5,875) (4,542) (4,458) 2015E 2016E 2017E 2018E 21.9 7.0 9.2 13.3 15.3 5.0 6.6 9.8 33.2 47.4 48.6 47.7 68.5 59.3 55.2 54.2 41.5 49.4 48.0 47.1 (4.5) (2.3) (8.6) (17.7) 69.7 26.1 43.9 80.8 (571) 710 (349) (351) (1,462) 783 (218) (218) (218) (218) (218) (218) 0 0 0 0 (472) 1,065 0 0 437 1,176 2,387 3,854 1,176 2,387 3,854 6,552 27
Company update Korea / Display 9 September 2016 BUY 36,000 30,700 Upside/downside (%) 17.3 KOSPI 2,061.88 10,985 20,600-32,150 35.75 32.9 Forecast earnings & valuation Fiscal year ending Dec-15 Dec-16 E Dec-17 E Dec-18 E 28,384 24,877 24,930 24,695 1,625.6 1,045.9 1,866.4 1,941.1 1,023.5 597.7 1,321.0 1,377.3 966.6 576.7 1,255.0 1,308.5 2,701 1,612 3,507 3,657 6.9 (40.3) 117.6 4.3 9.1 19.0 8.8 8.4 2.1 2.6 1.8 1.5 2.0 1.6 1.6 1.6 0.7 0.9 0.8 0.7 8.2 4.7 9.5 9.1 13.4 10.9 (2.9) (14.9) Performance (KRW) Price (LHS) Rel. to KOSPI (RHS) 34,000 32,000 30,000 28,000 26,000 24,000 22,000 20,000 Sep15 Dec15 Mar16 Jun16 Performance 1M 3M 12M (1.3) 24.5 22.6 (3.5) 22.0 13.1, Analyst 3774 3803 hwdoh@miraeasset.com 3774 1851 sol.hong@miraeasset.com (%) 120 115 110 105 100 95 90 85 80 75 70 See the last page of this report for important disclosures 28
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com 29
18, Analyst, 3774 3803, hwdoh@miraeasset.com 3774 1851, sol.hong@miraeasset.com 034220 KS 30
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com Summary financial statements 2015 2016E 2017E 2018E 28,384 24,877 24,930 24,695 24,070 21,688 21,169 20,877 4,314 3,189 3,761 3,818 2,689 2,143 1,895 1,877 1,626 1,046 1,866 1,941 1,626 1,046 1,866 1,941 (71) (76) (74) (74) 42 (49) (49) (49) (163) (23) (6) (6) 1,434 899 1,738 1,812 411 301 417 435 1,023 598 1,321 1,377 967 577 1,255 1,308 EPS (지배주주지분, 원) 2,701 1,612 3,507 3,657 2015 2016E 2017E 2018E 9,532 10,156 11,784 13,397 752 1,188 2,964 4,783 1,773 1,649 1,716 1,785 4,188 4,141 4,008 3,838 2,352 2,706 2,619 2,508 468 472 477 482 13,046 13,231 12,630 12,061 10,546 10,688 10,083 9,485 396 358 373 388 2,104 2,186 2,175 2,188 22,577 23,388 24,415 25,459 6,607 6,374 6,237 6,060 4,264 4,551 4,405 4,219 1,416 887 887 887 926 935 945 954 2015 2016E 2017E 2018E 7.3 (12.4) 0.2 (0.9) 13.9 (26.1) 17.9 1.5 19.8 (35.7) 78.4 4.0 6.9 (40.3) 117.6 4.3 6.9 (40.3) 117.6 4.3 15.2 12.8 15.1 15.5 5.7 4.2 7.5 7.9 3.4 2.3 5.0 5.3 3,265 3,917 3,939 3,961 2,808 3,382 3,382 3,382 457 535 557 579 9,872 10,291 10,175 10,021 12,193 12,599 13,741 14,940 512 498 498 498 12,705 13,097 14,239 15,438 34,076 35,211 38,403 41,753 2015 2016E 2017E 2018E 2,727 4,176 5,501 5,474 1,023 598 1,321 1,377 3,376 3,708 4,031 3,926 493 141 70 71 (2,166) (271) 78 99 (2,732) (3,827) (3,546) (3,476) (1,918) (3,477) (3,023) (2,954) 2015 2016E 2017E 2018E 8.2 4.7 9.5 9.1 4.5 2.6 5.5 5.5 32.8 37.1 39.0 37.9 49.7 61.1 59.7 58.0 58.9 64.7 65.6 63.7 13.4 10.9 (2.9) (14.9) 23.1 13.8 25.2 26.1 (814) (351) (523) (521) (174) 74 (179) (179) (179) 0 (179) (179) 0 0 0 0 (93) 74 0 0 890 752 1,188 2,964 752 1,188 2,964 4,783 31
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com Recommendations Compliance Notice Distribution of Ratings Target Price and Recommendation Chart (KRW) Stock Price Target Price 2,000,000 1,900,000 1,800,000 1,700,000 1,600,000 1,500,000 1,400,000 1,300,000 1,200,000 1,100,000 1,000,000 Sep14 Mar15 Sep15 Mar16 Date Recommendation 12m target price 2014-09-29 BUY 1,500,000 2014-10-07 BUY 1,500,000 2014-10-30 BUY 1,500,000 2014-11-19 BUY 1,500,000 2014-11-27 BUY 1,500,000 2014-12-18 BUY 1,500,000 2015-01-08 BUY 1,600,000 (Up) 2015-01-30 BUY 1,600,000 2015-03-03 BUY 1,600,000 2015-03-11 BUY 1,600,000 2015-04-02 BUY 1,600,000 2015-06-10 BUY 1,600,000 2015-07-07 BUY 1,550,000 (Down) 2015-10-07 BUY 1,550,000 2015-10-20 BUY 1,550,000 2015-10-29 BUY 1,550,000 2015-12-17 BUY 1,550,000 2016-01-08 BUY 1,550,000 2016-01-28 BUY 1,550,000 2016-03-22 BUY 1,550,000 2016-03-28 BUY 1,550,000 2016-03-30 BUY 1,550,000 2016-04-07 BUY 1,550,000 2016-06-15 BUY 1,650,000 (Up) 2016-07-07 BUY 1,650,000 2016-07-28 BUY 1,750,000 (Up) 2016-09-09 BUY 1,900,000 (Up)
, Analyst, 3774 3803, hwdoh@miraeasset.com, 3774 1851, sol.hong@miraeasset.com (KRW) Stock Price Target Price 74,000 69,000 64,000 59,000 54,000 49,000 44,000 39,000 34,000 29,000 24,000 Sep14 Mar15 Sep15 Mar16 Date Recommendation 12m target price 2014-10-07 BUY 70,000 2014-12-19 BUY 70,000 2015-01-29 BUY 70,000 2015-02-12 BUY 70,000 2015-02-27 BUY 70,000 2015-06-05 BUY 70,000 2015-07-06 BUY 60,000 (Down) 2015-07-23 BUY 60,000 2015-10-05 BUY 54,000 (Down) 2015-10-20 BUY 54,000 2015-10-22 BUY 54,000 2015-12-23 BUY 48,000 (Down) 2016-01-27 BUY 37,000 (Down) 2016-03-24 BUY 37,000 2016-03-28 BUY 37,000 2016-04-26 BUY 37,000 2016-06-23 BUY 37,000 2016-07-26 BUY 37,000 2016-08-29 BUY 45,000 (Up) 2016-08-30 BUY 45,000 2016-09-09 BUY 45,000 (KRW) Stock Price Target Price 45,000 40,000 35,000 30,000 25,000 Date Recommendation 12m target price 2014-10-07 BUY 40,000 2014-10-23 BUY 40,000 2015-01-05 BUY 40,000 2015-01-29 BUY 40,000 2015-04-01 BUY 40,000 2015-08-21 BUY 30,000 (Down) 2015-10-23 BUY 30,000 2016-03-28 BUY 30,000 2016-04-28 BUY 33,000 (Up) 2016-07-27 BUY 36,000 (Up) 2016-09-09 BUY 36,000 20,000 Sep14 Mar15 Sep15 Mar16