Earnings Guide 130927file.truefriend.com/Storage/research/research06/Earnings... · 2013-09-30 ·...

Earnings Guide 2013. 9. 30

초대형주 실적 상향 전환 vs 비대형주 하향 지속

순이익 Top 3: 합산 이익추정치 증가 & valuation 부담 감소 초대형주와 비대형주의 이익 추정 방향성이 달라지고 있다. 유니버스 내 순이익 상위 3종목(삼성전자, 현대차, 기아차)의 합산 순이익 추정치는 전월대비 1.8% 증가했으나, 세 종목을 제외한 나머지 유니버스 예상 순이익은 전월대비 3.4% 감소했다. 초대형주의 이익은 상향 추세로 전환했으나 기타 유니버스에 비해 valuation 부담은 상대적으로 낮아 상위 3종목을 포함한 대형주 강세 현상은 지속될 것으로 보인다. 유니버스 전체의 2013년 예상 순이익은 전월 대비 1.0% 감소하여 지난달에 이어 실적 하향세 진정 국면이 이어지고 있다.

소재·산업재 섹터: 주가는 올랐지만 순이익은 그대로거나 오히려 하향 유니버스 이익 하향에 기여한 상위 3개 업종은 철강/비철금속(전월 대비 10.4%), 반도체/반도체장비(0.9%), 통신서비스(-5.2%)이다. 철강 부문에서는 철강 대표주인 POSCO의 실적 부진, 반도체 업종에서는 SK하이닉스의 화재로 인한 손실이 각각 반영되었다. 통신서비스업종은 3분기 실적이 기대치를 하회할 것으로 예상됨에 따라 전반적인 실적이 하향 조정되었다. 최근 한달 간 주가 상승률이 높았던 소재·산업재 업종의 경우, 실적 추정치는 그대로거나(기계) 오히려 하향(조선, 건설, 철강/비철금속)됐다.

12개월 예상 PER은 9.6배, PBR은 1.0배 2013년 9월 27일 종가(KOSPI 2,011.8p) 기준 12개월 예상 PER은 9.6배다. 12개월 예상 PBR은 1.0배, 2013년 예상 배당수익률은 1.2%이다.

유니버스 2013년 예상 순이익 추이

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6삼성전자 제외 유니버스(좌)

삼성전자(좌)

삼성전자 제외 전월비 증감률(우)

전체 유니버스 전월비 증감률(우)

(조원) (%)

자료: 한국투자증권

목차

I. 유니버스 개관......................................................................7

II. 투자의견 및 수익추정 변경.....................................21

III. 유니버스 업종 수익추정.............................................27

IV. 유니버스 기업 수익추정.............................................63

V. Appendix.........................................................................283

1. 유니버스 업종분류

2. 경제전망

3. 주요 증시 이벤트

4. 유무상 증자 일정

5. 이해관계 법인 현황

6. 업종별 담당 애널리스트

7. 용어 해설

박가영 3276-5979 [email protected] 안혁 3276-6272 [email protected]

계량분석 / 월보

Earnings Guide

유니버스 개관 .........................................................................7

유니버스 개관 ..........................................................................8

종합 차트 ......................................................................... 10

종목 스크리닝 ............................................................................16

투자의견 및 수익추정 변경 .........................................................................21

투자의견 변경기업..................................................................22

목표주가 변경기업..................................................................23

수익추정 변경기업 ..................................................................24

업종별 1개월 변화율 ....................................................................25

유니버스 업종 수익 추정 .........................................................................27

업종별 주요 지표(전체) ....................................................................28

업종별 주요 지표(연결) ....................................................................30

업종별 주요 지표(비연결) ....................................................................32

업종별 이익 추정 ........................................................................34

유니버스 기업 수익 추정 .........................................................63

유니버스 종목 리스트 ..................................................................64

기업별 수익추정 ........................................................................68

Appendix .........................................................................283

유니버스 업종분류 ..........................................................................284

경제 전망 ......................................................................... 285

주요 증시 이벤트 .........................................................................287

유무상 증자일정 .........................................................................288

이해관계 법인 현황 ....................................................................289

업종별 담당 애널리스트 ..................................................................290

용어 해설 ................................................................................291

업종순

현대미포조선...............................................111

삼성전자…………………………………………………………………………251 현대중공업...............................................112 롯데쇼핑...............................................166 뉴프렉스...............................................222

현대차…………………………………………………………………………138 롯데하이마트...............................................167 대덕전자...............................................223

POSCO…………………………………………………………………………89 신세계............................................... 168 대덕GDS...............................................224

현대모비스…………………………………………………………………………136 두산인프라코어...............................................113 신세계푸드...............................................169 멜파스............................................... 225

기아차…………………………………………………………………………128 두산중공업...............................................114 이마트............................................... 170 세코닉스...............................................226

SK하이닉스…………………………………………………………………………259 성광벤드...............................................115 현대백화점...............................................171 심텍............................................... 227

신한지주…………………………………………………………………………195 진성티이씨...............................................116 현대홈쇼핑...............................................172 아모텍............................................... 228

LG화학…………………………………………………………………………80 태광............................................... 117 CJ오쇼핑...............................................173 에스맥............................................... 229

삼성생명…………………………………………………………………………209 하이록코리아...............................................118 GS리테일...............................................174 이녹스............................................... 230

현대중공업…………………………………………………………………………112 GS홈쇼핑...............................................175 인터플렉스...............................................231

일진디스플...............................................232

골프존............................................... 119 파트론............................................... 233

에스원............................................... 120

대우인터내셔널...............................................68 호텔신라...............................................121 농심............................................... 176

LG상사............................................... 69 롯데제과...............................................177 덕산하이메탈...............................................234

SK네트웍스...............................................70 롯데칠성...............................................178 비아트론...............................................235

대한항공...............................................122 빙그레............................................... 179 솔브레인...............................................236

아시아나항공...............................................123 오리온............................................... 180 실리콘웍스...............................................237

GS............................................... 71 한진............................................... 124 CJ제일제당...............................................181 에스에프에이...............................................238

SK이노베이션...............................................72 한진해운...............................................125 KT&G............................................... 182 제일모직...............................................239

S-Oil............................................... 73 현대글로비스...............................................126 AP시스템...............................................240

CJ대한통운...............................................127 LG디스플레이...............................................241

락앤락............................................... 183 OCI머티리얼즈...............................................242

아모레퍼시픽...............................................184

금호석유...............................................74 코스맥스...............................................185

롯데케미칼...............................................75 기아차............................................... 128 한국콜마...............................................186 루멘스............................................... 243

삼성정밀화학...............................................76 넥센타이어...............................................129 LG생활건강...............................................187 삼성전기...............................................244

송원산업...............................................77 동양기전...............................................130 삼성SDI...............................................245

한화케미칼...............................................78 만도............................................... 131 서울반도체...............................................246

휴켐스............................................... 79 에스엘............................................... 132 우주일렉트로...............................................247

LG화학............................................... 80 코라오홀딩스...............................................133 녹십자............................................... 188 LG이노텍...............................................248

OCI............................................... 81 한국타이어...............................................134 대웅제약...............................................189 LG전자............................................... 249

SKC............................................... 82 한라비스테온공조...............................................135 동아에스티...............................................190

현대모비스...............................................136 유한양행...............................................191

현대위아...............................................137 한미약품...............................................192 네패스............................................... 250

고려아연...............................................83 현대차............................................... 138 LG생명과학...............................................193 삼성전자...............................................251

동국제강...............................................84 S&T모티브...............................................139 삼성테크윈...............................................252

포스코엠텍...............................................85 시그네틱스...............................................253

풍산............................................... 86 원익머트리얼즈...............................................254

현대제철...............................................87 베이직하우스...............................................140 기업은행...............................................194 원익IPS...............................................255

현대하이스코...............................................88 신세계인터내셔날...............................................141 신한지주...............................................195 유진테크...............................................256

POSCO............................................... 89 영원무역...............................................142 우리금융...............................................196 이오테크닉스...............................................257

영원무역홀딩스...............................................143 하나금융지주...............................................197 티씨케이...............................................258

한섬............................................... 144 BS금융지주...............................................198 SK하이닉스...............................................259

한솔제지...............................................90 휠라코리아...............................................145 DGB금융지주...............................................199

LG패션............................................... 146 KB금융............................................... 200

KT............................................... 260

대림산업...............................................91 강원랜드...............................................147 대신증권...............................................201 LG유플러스...............................................261

대우건설...............................................92 에스엠............................................... 148 대우증권...............................................202 SK브로드밴드...............................................262

삼성물산...............................................93 와이지엔터테인먼트...............................................149 삼성증권...............................................203 SK텔레콤...............................................263

삼성엔지니어링...............................................94 파라다이스...............................................150 우리투자증권...............................................204

현대건설...............................................95 CJ CGV............................................... 151 키움증권...............................................205

현대산업...............................................96 GKL............................................... 152 현대증권...............................................206

GS건설............................................... 97 지역난방공사...............................................264

KCC............................................... 98 한국가스공사...............................................265

LG하우시스...............................................99 대교............................................... 153 동부화재...............................................207 한국전력...............................................266

메가스터디...............................................154 메리츠화재...............................................208 한전KPS...............................................267

웅진씽크빅...............................................155 삼성생명...............................................209

LS............................................... 100 삼성화재...............................................210

LS산전............................................... 101 코리안리...............................................211

코웨이............................................... 156 한화생명...............................................212 다우기술...............................................268

현대해상...............................................213 디지탈옵틱...............................................269

두산............................................... 102 LIG손해보험...............................................214 바이오랜드...............................................270

한화............................................... 103 로엔............................................... 157 뷰웍스............................................... 271

CJ............................................... 104 스카이라이프...............................................158 비에이치...............................................272

LG............................................... 105 제일기획...............................................159 서흥캅셀...............................................273

SK............................................... 106 현대에이치씨엔...............................................160 게임빌............................................... 215 오스템임플란트...............................................274

SK C&C............................................... 107 CJ E&M...............................................161 네오위즈게임즈...............................................216 옵트론텍...............................................275

CJ헬로비전...............................................162 다음............................................... 217 와이솔............................................... 276

SBS............................................... 163 엔씨소프트...............................................218 유아이디...............................................277

대우조선해양...............................................108 SBS콘텐츠허브...............................................164 위메이드...............................................219 인터파크...............................................278

삼성중공업...............................................109 YTN............................................... 165 컴투스............................................... 220 제이브이엠...............................................279

한진중공업...............................................110 NAVER............................................... 221 제이콘텐트리...............................................280

휴비츠............................................... 281

레저·엔터테인먼트

교육서비스

소비자서비스

미디어·광고

기계

상업서비스·기타

에너지

자원개발

유통

석유정제

시가총액 상위 10 종목

자동차·자동차부품

필수소비재

운송

경기소비재

생활용품

소재

화학

철강·비철금속

제지

산업재

금융섬유·의류 은행

조선

건설

전기부품·설비

지주회사·복합기업

의료제약·바이오

디스플레이

IT

보험

반도체·반도체장비

증권

인터넷·소프트웨어

통신장비·부품

전자부품

통신서비스

통신서비스

유틸리티전력·가스

스몰캡

음식료·담배

스몰캡

가나다순

강원랜드..........................................................................147 스카이라이프..........................................................................158 한진중공업..........................................................................110

게임빌..........................................................................215 시그네틱스..........................................................................253 한진해운..........................................................................125

고려아연..........................................................................83 신세계..........................................................................168 한화..........................................................................103

골프존..........................................................................119 신세계인터내셔날..........................................................................141 한화생명..........................................................................212

금호석유..........................................................................74 신세계푸드..........................................................................169 한화케미칼..........................................................................78

기아차..........................................................................128 신한지주..........................................................................195 현대건설..........................................................................95

기업은행..........................................................................194 실리콘웍스..........................................................................237 현대글로비스..........................................................................126

네오위즈게임즈..........................................................................216 심텍..........................................................................227 현대모비스..........................................................................136

네패스..........................................................................250 현대미포조선..........................................................................111

넥센타이어..........................................................................129 현대백화점..........................................................................171

녹십자..........................................................................188 아모레퍼시픽..........................................................................184 현대산업..........................................................................96

농심..........................................................................176 아모텍..........................................................................228 현대에이치씨엔..........................................................................160

뉴프렉스..........................................................................222 아시아나항공..........................................................................123 현대위아..........................................................................137

에스맥..........................................................................229 현대제철..........................................................................87

에스에프에이..........................................................................238 현대중공업..........................................................................112

다우기술..........................................................................268 에스엘..........................................................................132 현대증권..........................................................................206

다음..........................................................................217 에스엠..........................................................................148 현대차..........................................................................138

대교..........................................................................153 에스원..........................................................................120 현대하이스코..........................................................................88

대덕전자..........................................................................223 엔씨소프트..........................................................................218 현대해상..........................................................................213

대덕GDS..........................................................................224 영원무역..........................................................................142 현대홈쇼핑..........................................................................172

대림산업..........................................................................91 영원무역홀딩스..........................................................................143 호텔신라..........................................................................121

대신증권..........................................................................201 오리온..........................................................................180 휠라코리아..........................................................................145

대우건설..........................................................................92 오스템임플란트..........................................................................274 휴비츠..........................................................................281

대우인터내셔널..........................................................................68 옵트론텍..........................................................................275 휴켐스..........................................................................79

대우조선해양..........................................................................108 와이솔..........................................................................276

대우증권..........................................................................202 와이지엔터테인먼트..........................................................................149

대웅제약..........................................................................189 우리금융..........................................................................196 AP시스템..........................................................................240

대한항공..........................................................................122 우리투자증권..........................................................................204 BS금융지주..........................................................................198

덕산하이메탈..........................................................................234 우주일렉트로..........................................................................247 CJ..........................................................................104

동국제강..........................................................................84 웅진씽크빅..........................................................................155 CJ CGV..........................................................................151

동부화재..........................................................................207 원익머트리얼즈..........................................................................254 CJ E&M..........................................................................161

동아에스티..........................................................................190 원익IPS..........................................................................255 CJ대한통운..........................................................................127

동양기전..........................................................................130 위메이드..........................................................................219 CJ오쇼핑..........................................................................173

두산..........................................................................102 유아이디..........................................................................277 CJ제일제당..........................................................................181

두산인프라코어..........................................................................113 유진테크..........................................................................256 CJ헬로비전..........................................................................162

두산중공업..........................................................................114 유한양행..........................................................................191 DGB금융지주..........................................................................199

디지탈옵틱..........................................................................269 이녹스..........................................................................230 GKL..........................................................................152

이마트..........................................................................170 GS..........................................................................71

이오테크닉스..........................................................................257 GS건설..........................................................................97

락앤락..........................................................................183 인터파크..........................................................................278 GS리테일..........................................................................174

로엔..........................................................................157 인터플렉스..........................................................................231 GS홈쇼핑..........................................................................175

롯데쇼핑..........................................................................166 일진디스플..........................................................................232 KB금융..........................................................................200

롯데제과..........................................................................177 KCC..........................................................................98

롯데칠성..........................................................................178 KT..........................................................................260

롯데케미칼..........................................................................75 제이브이엠..........................................................................279 KT&G..........................................................................182

롯데하이마트..........................................................................167 제이콘텐트리..........................................................................280 LG..........................................................................105

루멘스..........................................................................243 제일기획..........................................................................159 LG디스플레이..........................................................................241

만도..........................................................................131 제일모직..........................................................................239 LG상사..........................................................................69

메가스터디..........................................................................154 지역난방공사..........................................................................264 LG생명과학..........................................................................193

메리츠화재..........................................................................208 진성티이씨..........................................................................116 LG생활건강..........................................................................187

멜파스..........................................................................225 컴투스..........................................................................220 LG유플러스..........................................................................261

바이오랜드..........................................................................270 코라오홀딩스..........................................................................133 LG이노텍..........................................................................248

베이직하우스..........................................................................140 코리안리..........................................................................211 LG전자..........................................................................249

뷰웍스..........................................................................271 코스맥스..........................................................................185 LG패션..........................................................................146

비아트론..........................................................................235 코웨이..........................................................................156 LG하우시스..........................................................................99

비에이치..........................................................................272 키움증권..........................................................................205 LG화학..........................................................................80

빙그레..........................................................................179 태광..........................................................................117 LIG손해보험..........................................................................214

티씨케이..........................................................................258 LS..........................................................................100

파라다이스..........................................................................150 LS산전..........................................................................101

삼성물산..........................................................................93 파트론..........................................................................233 NAVER..........................................................................221

삼성생명..........................................................................209 포스코엠텍..........................................................................85 OCI..........................................................................81

삼성엔지니어링..........................................................................94 풍산..........................................................................86 OCI머티리얼즈..........................................................................242

삼성전기..........................................................................244 POSCO..........................................................................89

삼성전자..........................................................................251 S&T모티브..........................................................................139

삼성정밀화학..........................................................................76 하나금융지주..........................................................................197 SBS..........................................................................163

삼성중공업..........................................................................109 하이록코리아..........................................................................118 SBS콘텐츠허브..........................................................................164

삼성증권..........................................................................203 한국가스공사..........................................................................265 SK..........................................................................106

삼성테크윈..........................................................................252 한국전력..........................................................................266 SK C&C..........................................................................107

삼성화재..........................................................................210 한국콜마..........................................................................186 SK네트웍스..........................................................................70

삼성SDI..........................................................................245 한국타이어..........................................................................134 SK브로드밴드..........................................................................262

서울반도체..........................................................................246 한라비스테온공조..........................................................................135 SK이노베이션..........................................................................72

서흥캅셀..........................................................................273 한미약품..........................................................................192 SK텔레콤..........................................................................263

성광벤드..........................................................................115 한섬..........................................................................144 SK하이닉스..........................................................................259

세코닉스..........................................................................226 한솔제지..........................................................................90 SKC..........................................................................82

솔브레인..........................................................................236 한전KPS..........................................................................267 S-Oil..........................................................................73

송원산업..........................................................................77 한진..........................................................................124 YTN..........................................................................165

하

A-Z

가-나

다

라-바

아

사

자-파

유니버스 개관

Contents

유니버스 개관 ..........................................................................8

종합 차트 ......................................................................... 10

종목 스크리닝 ............................................................................16

Earnings Guide October 2013

유니버스 개관0 5 10 15 20 25 30 35 40

주주 이익 관련 지표

연간추정 순이익 자본총계 EPS BPS DPS PER PBR ROE DY

(십억원) (YoY,%) (십억원) (YoY,%) (원) (원) (원) (배) (배) (%) (%)

Universe 2012/12A 82,069 (0.8) 841,580 9.6 5,906 62,473 883 12.8 1.2 9.8 1.2

Universe 2013/12F 91,479 11.5 923,610 9.7 6,550 67,923 874 11.6 1.1 9.9 1.1

Universe 2014/12F 117,999 29.0 1,029,110 11.4 8,448 75,476 964 9.0 1.0 11.5 1.3

Universe 2015/12F 130,705 10.8 1,146,363 11.4 9,358 83,871 1,014 8.1 0.9 11.4 1.3

에너지 2012/12A 2,746 (52.2) 33,811 4.7 5,297 64,866 1,596 15.8 1.3 8.1 1.9

에너지 2013/12F 2,752 0.2 35,538 5.1 5,257 68,165 1,904 12.9 1.0 7.7 2.8

에너지 2014/12F 3,946 43.4 38,454 8.2 7,538 73,735 1,993 9.0 0.9 10.3 2.9

에너지 2015/12F 5,049 28.0 42,498 10.5 9,645 81,460 1,993 7.1 0.8 11.9 2.9

소재 2012/12A 6,325 (38.9) 88,186 4.9 8,044 115,055 2,255 15.4 1.1 7.2 1.8

소재 2013/12F 5,835 (7.7) 93,343 5.8 7,399 121,595 1,866 15.5 0.9 6.3 1.6

소재 2014/12F 8,561 46.7 100,572 7.7 10,854 130,760 1,892 10.6 0.9 8.5 1.6

소재 2015/12F 10,044 17.3 109,074 8.5 12,734 141,539 1,892 9.0 0.8 9.2 1.6

산업재 2012/12A 8,918 (23.2) 128,296 5.4 3,344 50,077 598 16.3 1.1 7.0 1.1

산업재 2013/12F 6,557 (26.5) 139,227 8.5 2,454 54,096 547 22.7 1.0 4.7 1.0

산업재 2014/12F 11,235 71.3 150,114 7.8 4,206 58,172 560 13.2 1.0 7.5 1.0

산업재 2015/12F 13,323 18.6 163,313 8.8 4,987 63,113 588 11.2 0.9 8.2 1.0

경기소비재 2012/12A 21,930 (2.0) 133,130 21.0 16,845 103,135 1,348 8.4 1.4 16.5 0.9

경기소비재 2013/12F 23,368 6.6 154,141 15.8 17,789 118,919 1,507 9.0 1.3 15.2 0.9

경기소비재 2014/12F 26,399 13.0 178,689 15.9 20,097 137,606 1,531 7.9 1.2 14.8 0.9

경기소비재 2015/12F 29,180 10.5 205,908 15.2 22,213 158,327 1,589 7.2 1.0 14.2 1.0

필수소비재 2012/12A 2,042 (6.0) 20,191 8.0 9,777 99,700 3,128 24.5 2.4 10.1 1.3

필수소비재 2013/12F 2,085 2.1 21,484 6.4 9,936 105,851 3,274 21.1 2.0 9.7 1.6

필수소비재 2014/12F 2,536 21.6 23,333 8.6 12,087 114,667 3,431 17.3 1.8 10.9 1.6

필수소비재 2015/12F 3,047 20.2 25,663 10.0 14,522 125,770 3,479 14.4 1.7 11.9 1.7

의료 2012/12A 200 (3.4) 2,858 6.8 4,071 61,500 757 28.0 1.9 7.0 0.7

의료 2013/12F 257 29.0 3,940 37.9 4,476 71,250 796 29.9 1.9 6.5 0.6

의료 2014/12F 423 64.3 4,318 9.6 7,355 77,816 796 18.2 1.7 9.8 0.6

의료 2015/12F 522 23.3 4,789 10.9 9,066 86,003 796 14.7 1.6 10.9 0.6

금융 2012/12A 12,772 (17.0) 165,844 9.1 2,654 34,495 471 9.7 0.7 7.7 1.8

금융 2013/12F 9,768 (23.5) 171,165 3.2 2,009 35,224 373 13.4 0.8 5.7 1.3

금융 2014/12F 12,628 29.3 182,499 6.6 2,597 37,556 540 10.4 0.7 6.9 1.9

금융 2015/12F 13,727 8.7 194,393 6.5 2,824 40,002 587 9.5 0.7 7.1 2.1

IT 2012/12A 27,210 87.3 176,914 16.2 15,759 106,879 1,042 12.5 1.8 15.4 0.5

IT 2013/12F 36,949 35.8 210,140 18.8 21,055 124,859 1,171 8.9 1.5 17.6 0.6

IT 2014/12F 45,149 22.2 251,116 19.5 25,727 148,209 1,313 7.3 1.3 18.0 0.7

IT 2015/12F 46,172 2.3 292,940 16.7 26,310 172,041 1,434 7.1 1.1 15.8 0.7

통신서비스 2012/12A 2,175 (31.2) 29,290 2.4 2,065 33,296 1,216 12.1 0.8 7.4 4.9

통신서비스 2013/12F 2,959 36.0 30,905 5.5 2,954 34,909 1,388 11.4 1.0 9.6 4.1

통신서비스 2014/12F 4,134 39.7 33,613 8.8 4,127 37,612 1,432 8.1 0.9 12.3 4.3

통신서비스 2015/12F 4,882 18.1 36,999 10.1 4,873 40,992 1,512 6.9 0.8 13.2 4.5

유틸리티 2012/12A (2,535) NA 60,322 (4.5) (3,447) 83,175 326 (11.4) 0.5 (4.2) 0.8

유틸리티 2013/12F 509 NA 60,580 0.4 681 82,155 341 53.2 0.4 0.8 0.9

유틸리티 2014/12F 2,410 373.7 62,724 3.5 3,224 85,023 340 11.2 0.4 3.8 0.8

유틸리티 2015/12F 4,039 67.6 66,500 6.0 5,402 90,074 342 6.7 0.4 6.1 0.9

스몰캡 2012/12A 285 16.7 2,738 25.8 7,962 79,312 1,064 18.6 1.8 10.4 0.7

스몰캡 2013/12F 438 53.6 3,147 14.9 12,029 90,243 1,209 13.7 1.8 13.9 0.7

스몰캡 2014/12F 577 31.7 3,678 16.9 15,842 104,816 1,244 10.4 1.6 15.7 0.8

스몰캡 2015/12F 720 24.8 4,286 16.5 19,770 121,503 1,244 8.3 1.4 16.8 0.8

주 1) 순이익은 회계 기준별로 유의미한 항목 합산 (연결:지배주주지분이익, 별도:지분법적용순이익, 개별:당기순이익)

2) 자본총계는 회계 기준별로 유의미한 항목 합산 (연결:지배주주지분, 별도:지분법적용자본총계, 개별:자본총계)

8


전체 유니버스 종목수 : 218

연간추정 매출액 영업이익 세전이익 지배주주지분이익 EBITDA EPS BPS DPS

(십억원) (YoY,%) (십억원) (YoY,%) (십억원) (YoY,%) (십억원) (YoY,%) (십억원) (원) (원) (원)

2011/12A 1,540,888.1 16.3 114,479.9 (0.0) 117,289.9 0.0 83,389.9 (8.0) 158,665.3 6,142 57,844 957

2012/12A 1,683,392.7 9.2 112,268.6 (1.9) 113,067.7 (3.6) 82,184.0 (1.4) 168,053.6 5,914 62,542 883

2013/12F 1,727,474.7 2.6 125,109.8 11.4 124,186.1 9.8 91,478.6 11.3 188,694.6 6,550 67,923 874

2014/12F 1,863,652.5 7.9 154,440.0 23.4 159,132.0 28.1 117,998.7 29.0 221,466.0 8,448 75,476 964

2015/12F 1,968,513.7 5.6 168,777.9 9.3 176,780.1 11.1 130,704.7 10.8 237,008.5 9,358 83,871 1,014

자산총계 부채총계 지배주주지분 순차입금 D/E CAPEX 영업이익률 EV/EBITDA PER PBR ROE DY

(십억원) (십억원) (십억원) (십억원) (%) (십억원) (%) (배) (배) (배) (%) (%)

2011/12A 3,248,063.9 2,416,756.1 767,719.5 267,482.6 53.0 (104,169.5) 7.4 7.2 11.3 1.18 10.8 1.4

2012/12A 3,575,213.9 2,660,469.5 841,580.5 289,890.1 51.6 (112,170.3) 6.7 7.6 12.8 1.21 9.8 1.2

2013/12F 3,785,550.4 2,795,111.1 923,609.8 275,582.8 47.9 (111,307.5) 7.2 6.7 11.6 1.12 9.9 1.1

2014/12F 4,005,665.2 2,903,517.1 1,029,109.9 239,348.4 43.0 (110,369.8) 8.3 5.6 9.0 1.01 11.5 1.3

2015/12F 4,221,678.0 2,995,691.0 1,146,363.2 198,042.6 38.2 (105,684.9) 8.6 5.1 8.1 0.91 11.4 1.3

분기추정 매출액 영업이익 세전이익 순이익

(십억원) (YoY,%) (QoQ,%) (십억원) (YoY,%) (QoQ,%) (십억원) (YoY,%) (QoQ,%) (십억원) (YoY,%) (QoQ,%)

2013/03A 433,967.5 4.5 2.8 28,489.0 (8.3) 21.3 27,357.7 (20.1) 40.2 20,241.7 (16.2) 40.5

2013/06A 440,588.2 4.9 1.5 30,033.9 14.8 5.4 27,926.0 17.9 2.1 20,137.3 17.0 (0.5)

2013/09A 437,834.2 6.6 (0.6) 33,892.5 9.6 12.8 34,877.6 1.9 24.9 25,852.3 3.6 28.4

2013/12F 462,952.2 9.7 5.7 33,942.9 44.5 0.1 34,891.3 78.9 0.0 25,835.0 79.3 (0.1)

2014/03F 447,791.6 3.2 (3.3) 34,793.7 22.1 2.5 36,015.4 31.6 3.2 26,908.9 32.9 4.2

2014/06F 456,891.3 3.7 2.0 35,890.2 19.5 3.2 35,803.1 28.2 (0.6) 26,884.1 33.5 (0.1)

2014/09F 462,599.3 5.7 1.2 40,849.6 20.5 13.8 41,782.0 19.8 16.7 31,066.5 20.2 15.6

2014/12F 490,131.8 5.9 6.0 42,452.6 25.1 3.9 44,939.4 28.8 7.6 32,697.8 26.6 5.3

주 1) EBITDA, 순차입금, D/E, CAPEX, EV/EBITDA 는 금융업종 제외한 수치

삼성전자, 현대차, 기아차 제외 유니버스

연간추정 매출액 영업이익 세전이익 순이익 EBITDA EPS BPS DPS


2011/12A 1,254,897.4 17.6 87,307.7 (2.6) 84,929.2 (2.5) 58,935.8 (11.5) 114,575.4 4,633 49,620 889

2012/12A 1,350,576.4 7.6 71,260.0 (18.4) 66,383.5 (21.8) 46,572.1 (21.0) 107,835.3 3,573 52,334 775

2013/12F 1,354,400.9 0.3 74,277.7 4.2 67,423.0 1.6 48,320.0 3.8 116,766.8 3,687 55,249 762

2014/12F 1,464,397.9 8.1 97,924.1 31.8 96,068.7 42.5 69,803.0 44.5 140,820.1 5,326 59,923 844

2015/12F 1,549,132.2 5.8 110,600.1 12.9 110,332.0 14.8 79,997.1 14.6 154,005.3 6,104 65,317 882

자산총계 부채총계 자본총계 순차입금 D/E CAPEX 영업이익률 EV/EBITDA PER PBR ROE DY


2011/12A 3,044,480.2 2,330,200.3 654,914.7 281,358.0 58.9 (80,770.0) 7.1 7.7 11.2 1.09 10.0 1.7

2012/12A 3,340,554.6 2,566,894.9 704,882.0 314,087.6 58.6 (87,630.4) 5.5 8.7 14.3 1.08 7.7 1.4

2013/12F 3,509,381.4 2,692,658.7 755,092.7 319,060.1 55.7 (86,182.9) 5.8 8.3 14.2 1.05 7.5 1.4

2014/12F 3,691,091.1 2,798,905.2 825,262.2 304,140.2 51.0 (82,347.5) 6.9 6.8 10.2 0.96 9.6 1.5

2015/12F 3,873,862.0 2,895,584.2 905,720.2 283,231.7 46.0 (79,731.4) 7.3 6.2 9.0 0.88 10.0 1.6



2013/03A 348,647.6 3.2 5.0 17,136.8 (22.8) 40.4 14,596.8 (37.0) 92.2 10,535.6 (33.3) 109.5

2013/06A 346,827.7 2.6 (0.5) 16,970.4 6.5 (1.0) 13,434.3 9.1 (8.0) 9,030.4 4.8 (14.3)

2013/09A 344,546.8 5.3 (0.7) 21,062.6 4.4 24.1 20,613.3 (5.8) 53.4 14,984.2 (4.4) 65.9

2013/12F 362,246.3 9.1 5.1 20,356.4 66.8 (3.4) 19,645.1 158.7 (4.7) 14,357.5 185.5 (4.2)

2014/03F 354,439.5 1.7 (2.2) 21,764.4 27.0 6.9 21,273.4 45.7 8.3 15,598.8 48.1 8.6

2014/06F 356,438.0 2.8 0.6 21,447.0 26.4 (1.5) 19,765.0 47.1 (7.1) 14,496.2 60.5 (7.1)

2014/09F 363,461.5 5.5 2.0 26,519.8 25.9 23.7 25,932.5 25.8 31.2 18,918.4 26.3 30.5

2014/12F 383,820.3 6.0 5.6 27,738.9 36.3 4.6 28,505.7 45.1 9.9 20,348.3 41.7 7.6

주 1) 삼성전자, 현대차, 기아차 제외

9


전체 유니버스: 2013년 예상 순이익 전월대비 1.0% 감소

철강·비철금속 반도체·장비 통신서비스 조선 건설 기타 유니버스

비중(%) 4.1 35.9 3.4 1.6 1.2 53.8 100.0

증감률(%) (10.4) (0.9) (5.2) (3.4) (3.2) 0.0 (1.0)

기여도(%p) (0.4) (0.3) (0.2) (0.1) (0.0) 0.0 (1.0)

주1) 비중: 유니버스 전체 순이익에서 해당 섹터 순이익이 차지하는 비중

주2) 증감률: 각 섹터의 전월대비 순이익 증감률

주3) 기여도: '비중ⅹ증감률'로 전체 유니버스 전월대비 증감률에서 해당 섹터가 기여한 정도

- POSCO의 실적 부진으로 철강업종 순이익이 전월대비 10.4% 하향되어

전체 유니버스 순이익을 0.4%p 감소시킴

-순이익 비중이 36%인 반도체 업종은 전월대비 0.9% 하향 조정됨에 따라 전체 유니버스 순이익이 0.3%p 하향 조정됨

-통신서비스 업종은 3분기 실적이 예상치를 하회하고 하반기 마케팅 비용이 늘어날 것으로 예상됨에 따라 실적이 전반적으로 하향 조정됨

순이익 상위 3종목(삼성전자,현대차,기아차) vs 기타 유니버스 1

유니버스 내 전월대비 순이익 변동률

비중(%) 변동률(%) 기여도(%p) FY2012 FY2013 FY2014 FY2012 FY2013 FY2014 FY2012 FY2013 FY2014

삼성전자 32.0 2.3 0.7 9.9 6.8 6.1 2.1 1.5 1.3 19.6 20.8 19.2

현대차 9.5 1.3 0.1 7.3 8.2 7.3 1.3 1.3 1.1 18.9 17.3 16.4

기아차 4.4 0.0 0.0 5.9 6.7 6.2 1.4 1.3 1.1 22.9 19.4 17.6

기타 유니버스 1 54.1 (3.4) (1.8) 14.1 13.2 9.5 1.0 0.9 0.9 7.0 6.8 9.1

합계 100.0 (1.0) 12.1 11.0 8.5 1.1 1.0 0.9 9.5 9.7 11.2

주) 기타 유니버스 1: 삼성전자, 현대차, 기아차를 제외한 나머지 215개의 유니버스 종목

-유니버스 내 합산순이익 비중 46%에 달하는 삼성전자,현대차,기아차의 2013년 예상순이익 전월대비 1.8%증가.

초대형주 실적 추정치 상향 전환

-세 종목을 제외한 나머지 유니버스(기타 유니버스 1)의 순이익 합산 비중은 54%이며, 기타 유니버스1의 전월대비 순이익이 3.4% 감소함에 따라

전체 유니버스 순이익이 1.8%p 하향조정됨

-순이익기준 상위 3개 종목(삼성전자, 현대차, 기아차)를 제외한 '기타 유니버스 1'의 2013F PER은 13.2배, 2013F PBR은 0.9배

순이익 상위 10종목 vs 기타 유니버스 2

유니버스 내 전월대비 순이익 변동률

비중(%) 변동률(%) 기여도(%p) FY2012 FY2013 FY2014 FY2012 FY2013 FY2014 FY2012 FY2013 FY2014

순이익 상위 10 종목 62.7 (1.0) (0.6) 9.6 8.1 7.0 1.5 1.3 1.1 15.2 15.6 15.6

기타 유니버스 2 37.3 (0.9) (0.3) 15.0 14.9 9.9 0.9 0.9 0.8 6.5 6.1 8.5

합계 100.0 (1.0) 12.1 11.0 8.5 1.1 1.0 0.9 9.5 9.7 11.2

주) 기타 유니버스 2: 순이익 상위 10종목(삼성전자, 현대차, 기아차, 현대모비스, SK하이닉스, 신한지주, POSCO, SK텔레콤, LG화학, KB금융)

을 제외한 나머지 208개 유니버스 종목

-SK하이닉스와 POSCO의 실적 하향으로 순이익 상위 10종목 합산순이익 전월대비 1.0% 하향

-10종목을 제외한 나머지 유니버스(기타 유니버스 2)의 순이익 합산 비중은 37%이며, 기타 유니버스2의 2013년 예상순이익은 전월대비 0.9% 하향 조정됨

-'기타 유니버스 2'의 2013F PER은 14.9배, 2013F PBR은 0.9배

PER(x) PBR(x) ROE(%)

종합 차트

PER(x) PBR(x) ROE(%)

10


12개월 예상 EPS 추정 추이

EPS 수정비율

주) 12개월 예상 EPS

7,388 7,533 7,573 7,562 7,607 7,5787,885 8,022 7,910

7,556 7,6117,949

0

2,000

4,000

6,000

8,000

10,000

Oct-12 Jan-13 Apr-13 Jul-13

-15

-10

-5

0

5

10

1512MF EPS (좌)

전월비 증감률 (우)

-100

-50

0

50

100

Oct-12 Jan-13 Apr-13 Jul-13

0

20

40

60

80

100상향 (좌)

하향 (좌)

EPS 수정 비율(우), (상향기업수)/(전체 변경기업수)

(원) (%)

(%)(개)

11


업종별 EPS 추정치 변화율

주) 12개월 예상 EPS 변화율(1개월)

업종별 순이익 증가율

주) FY2013 순이익 증가율

-30 -20 -10 0 10 20 30 40 50

Universe

자원개발

건설

조선

은행

보험


전자부품

기계

섬유·의류

제약·바이오


음식료·담배


유통


화학


석유정제

미디어·광고

증권


통신서비스


디스플레이

제지

(%)

-5 0 5 10 15 20

Universe인터넷·소프트웨어

조선음식료·담배

섬유·의류통신장비·부품철강·비철금속

레저·엔터테인먼트미디어·광고교육서비스

석유정제자동차·자동차부품

화학통신서비스

기계은행유통

제약·바이오지주회사·복합기업

증권전자부품

디스플레이반도체·반도체장비

건설운송

자원개발보험

전력·가스

(%)-3.9 %

101.1 %

34.1 %

11.3 %

-71.1 %

52.8 %

4.4 %

-58.0 %

-30.8 %

12


업종별 12개월 예상 PER

업종별 1개월 수익률

9.6

6.8

7.0

7.5

8.8

9.0

9.0

9.3

9.5

10.2

10.3

11.3

12.3

13.6

14.0

14.2

15.5

16.1

16.4

16.6

17.4

20.3

21.3

21.8

25.9

34.5

0 5 10 15 20 25 30 35

Universe




통신서비스


은행

석유정제

디스플레이


섬유·의류

유통

자원개발

화학

보험

전력·가스

미디어·광고

기계


건설

음식료·담배

제약·바이오

증권

조선


운송

9.6

-1.6

0.5

1.6

2.3

2.3

2.5

3.5

3.9

4.0

4.0

9.7

10.0

10.1

10.5

11.1

11.2

11.2

11.5

13.2

14.5

15.9

17.9

19.4

-5 0 5 10 15 20

Universe

디스플레이

미디어·광고

통신서비스

스몰캡

교육서비스

보험

생활용품


전력·가스

제약·바이오


유통

자원개발



은행

운송


화학

기계

건설


조선

(배)

(%)

101.1 %

13


PER & EPS 증가율

주) EPS 는 FY2013 ~ FY2015 평균 증가율, PER 은 FY2013 기준

PBR & ROE

주) ROE 는 FY2013 ~ FY2014 평균, PBR 은 FY2013 기준


유통철강·비철금속

보험

증권

전자부품미디어·광고

석유정제지주회사·복합기업은행

조선

음식료·담배

통신서비스섬유·의류


생활용품

화학

제약·바이오



Universe

0

5

10

15

20

25

30

35

40

0 5 10 15 20 25 30 35 40 45 50

화학통신장비·부품

통신서비스

철강·비철금속지주회사·복합기업

증권

제약·바이오

전자부품


음식료·담배

은행

조선

섬유·의류

유통

운송

석유정제


보험


미디어·광고

디스플레이Universe

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0 5 10 15 20 25

PER(배)

PBR(배)

EPS 증가율(%)

ROE (%)

14


유니버스 12개월 예상 PER

유니버스 12개월 예상 PBR

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

500

1,000

1,500

2,000

2,500

12개월 예상 PER(좌)

KOSPI(우)

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

500

1,000

1,500

2,000

2,500

12개월 예상 PBR(좌)

KOSPI(우)

(배)

(배)

(P)

(P

15


22 19.0 4 7 8.00 9

종목 스크리닝

EPS 증가율 상위 20 종목

9

순위 종목코드 종목명 EPS 증가율(%) 투자의견 투자지표(FY2013)

FY2013 PER(배) PBR(배) ROE(%)

1 084870 베이직하우스 133.5 매수 11.3 1.74 16.7

2 071840 롯데하이마트 133.3 매수 11.8 1.17 10.5

3 034220 LG디스플레이 132.2 중립 17.7 0.91 5.2

4 106520 디지탈옵틱 125.1 매수 4.9 1.59 39.0

5 048260 오스템임플란트 124.4 매수 29.4 4.70 17.4

6 090460 비에이치 112.3 매수 6.3 1.87 34.2

7 004150 한솔제지 101.1 매수 8.1 0.62 7.4

8 057050 현대홈쇼핑 92.0 중립 9.4 1.60 18.6

9 141000 비아트론 89.7 매수 6.2 1.76 33.3

10 068870 LG생명과학 88.1 중립 56.1 3.39 6.2

11 128940 한미약품 82.7 중립 29.1 2.96 10.8

12 054950 제이브이엠 80.0 중립 28.0 3.44 13.1

13 036890 진성티이씨 76.1 매수 16.3 1.76 11.7

14 034120 SBS 67.8 미제시 16.6 1.32 8.2

15 091700 파트론 61.4 중립 8.3 2.83 42.7

16 052260 바이오랜드 57.6 매수 11.6 1.65 15.0

17 054620 AP시스템 56.3 매수 10.9 1.85 21.9

18 069620 대웅제약 51.6 매수 14.5 1.84 13.2

19 012450 삼성테크윈 49.6 매수 16.9 1.89 11.8

20 014620 성광벤드 49.0 매수 10.8 2.01 20.3

20.0 4 7 8.00 9

영업이익 증가율 상위 20 종목

8

순위 종목코드 종목명 영업이익 증가율(%) 투자의견 투자지표(FY2013)


1 054620 AP시스템 130.1 매수 10.9 1.85 21.9

2 108670 LG하우시스 126.8 매수 14.0 1.64 12.2

3 141000 비아트론 122.2 매수 6.2 1.76 33.3

4 097230 한진중공업 116.8 중립 NA 0.62 (5.0)

5 000150 두산 108.8 매수 13.5 1.35 7.9

6 106520 디지탈옵틱 108.2 매수 4.9 1.59 39.0

7 008490 서흥캅셀 107.6 매수 21.9 2.10 9.9

8 052710 아모텍 100.3 매수 5.8 0.97 18.4

9 011070 LG이노텍 97.4 매수 32.5 1.33 4.2

10 000100 유한양행 96.7 매수 16.8 1.55 9.7

11 084870 베이직하우스 92.1 매수 11.3 1.74 16.7

12 130960 CJE&M 83.4 매수 33.4 1.22 3.7

13 030530 원익IPS 82.9 매수 17.0 1.63 10.0

14 090460 비에이치 79.7 매수 6.3 1.87 34.2

15 053450 세코닉스 73.5 매수 7.8 1.59 21.7

16 082210 옵트론텍 72.3 매수 7.5 2.09 32.4

17 035080 인터파크 71.2 매수 31.2 1.23 3.9

18 069620 대웅제약 69.1 매수 14.5 1.84 13.2

19 047050 대우인터내셔널 61.4 매수 28.8 1.85 6.7

20 034120 SBS 60.3 미제시 16.6 1.32 8.2

16


22 9.0 4 7 8.00 19.0

ROE 상위 20 종목

7

순위 종목코드 종목명 ROE(%) 투자의견 투자지표(FY2013)

FY2013 PER(배) PBR(배) EPS증가율(%)

1 091700 파트론 42.7 중립 8.3 2.83 61.4

2 106520 디지탈옵틱 39.0 매수 4.9 1.59 125.1

3 020760 일진디스플 37.2 매수 6.6 2.05 5.3

4 114090 GKL 36.2 매수 16.1 5.39 (9.0)

5 069330 유아이디 35.8 매수 6.6 2.10 32.8

6 090460 비에이치 34.2 매수 6.3 1.87 112.3

7 141000 비아트론 33.3 매수 6.2 1.76 89.7

8 082210 옵트론텍 32.4 매수 7.5 2.09 NA

9 021240 코웨이 29.6 매수 17.2 4.36 NA

10 084370 유진테크 29.3 매수 8.5 2.17 (16.8)

11 044820 코스맥스 27.7 매수 27.4 6.89 16.5

12 161890 한국콜마 26.1 매수 15.2 3.53 19.3

13 051900 LG생활건강 25.4 매수 26.0 6.10 12.0

14 086280 현대글로비스 24.2 매수 14.1 3.07 5.2

15 051600 한전KPS 23.9 매수 17.9 4.13 12.3

16 005930 삼성전자 23.1 매수 6.8 1.54 30.1

17 161390 한국타이어 22.9 매수 9.1 1.88 35.4

18 036830 솔브레인 22.7 매수 9.8 2.00 11.6

19 035760 CJ오쇼핑 22.7 매수 14.1 2.94 (7.3)

20 056190 에스에프에이 22.1 매수 9.0 1.67 22.7

10.0 4 7 8.00 9.0

배당 수익률 상위 20 종목

6

순위 종목코드 종목명 DY(%) 투자의견 투자지표(FY2013)


1 003540 대신증권 8.0 매수 37.3 0.43 1.2

2 036490 OCI머티리얼즈 7.9 중립 23.4 1.15 4.8

3 030200 KT 5.5 매수 10.6 0.70 6.7

4 095720 웅진씽크빅 5.4 매수 8.8 0.85 10.1

5 033780 KT&G 4.4 매수 14.4 1.87 12.9

6 017670 SK텔레콤 4.4 매수 8.8 1.14 13.8

7 072870 메가스터디 4.1 중립 8.7 1.13 14.1

8 019680 대교 3.9 매수 10.6 0.99 9.5

9 021240 코웨이 3.8 매수 17.2 4.36 29.6

10 004150 한솔제지 3.5 매수 8.1 0.62 7.4

11 071320 지역난방공사 3.5 중립 8.2 0.70 8.8

12 056190 에스에프에이 3.3 매수 9.0 1.67 22.1

13 008060 대덕전자 3.2 중립 10.4 0.71 8.5

14 114090 GKL 3.2 매수 16.1 5.39 36.2

15 069260 휴켐스 3.0 매수 12.4 1.90 16.0

16 035250 강원랜드 3.0 매수 17.0 2.26 13.9

17 108320 실리콘웍스 2.8 매수 10.0 1.29 13.4

18 036460 한국가스공사 2.8 매수 12.2 0.62 4.2

19 051600 한전KPS 2.7 매수 17.9 4.13 23.9

20 001450 현대해상 2.5 매수 11.0 1.27 15.1

17


22 15 4 7 8.00 19.0

저 PER 20 종목

5

순위 종목코드 종목명 PER(배) 투자의견 투자지표(FY2013)

12개월 예상 PER(배) PBR(배) EPS증가율(%)

1 085670 뉴프렉스 2.6 매수 4.7 0.34 NA

2 052710 아모텍 4.7 매수 5.8 0.97 NA

3 106520 디지탈옵틱 4.7 매수 4.9 1.59 125.1

4 084370 유진테크 4.9 매수 8.5 2.17 (16.8)

5 000880 한화 5.2 매수 8.1 0.53 2.2

6 033640 네패스 5.5 매수 20.9 1.30 (32.0)

7 090460 비에이치 5.5 매수 6.3 1.87 112.3

8 095720 웅진씽크빅 5.6 매수 8.8 0.85 NA

9 141000 비아트론 5.9 매수 6.2 1.76 89.7

10 000660 SK하이닉스 6.1 매수 9.3 1.85 NA

11 003600 SK 6.1 매수 7.1 0.73 6.8

12 000270 기아차 6.1 매수 6.7 1.26 3.9

13 069330 유아이디 6.1 매수 6.6 2.10 32.8

14 013570 동양기전 6.2 매수 7.3 1.06 21.6

15 005850 에스엘 6.3 매수 6.2 0.80 47.6

16 082210 옵트론텍 6.4 매수 7.5 2.09 NA

17 005930 삼성전자 6.4 매수 6.8 1.54 30.1

18 006260 LS 6.4 매수 11.5 1.00 9.0

19 036460 한국가스공사 6.6 매수 12.2 0.62 (5.9)

20 002550 LIG손해보험 6.8 매수 7.8 0.93 12.8

16 4 7 8.00 19.0

저 PBR 20 종목

4

순위 종목코드 종목명 PBR(배) 투자의견 투자지표(FY2013)

12개월 예상 PER(배) PBR(배) EPS증가율(%)

1 085670 뉴프렉스 0.28 매수 4.7 0.34 NA

2 097230 한진중공업 0.31 중립 NA 0.62 NA

3 002320 한진 0.33 중립 NA 0.34 NA

4 015760 한국전력 0.37 매수 NA 0.38 NA

5 003540 대신증권 0.39 매수 37.3 0.43 NA

6 000880 한화 0.42 매수 8.1 0.53 2.2

7 003450 현대증권 0.43 중립 92.0 0.51 NA

8 053000 우리금융 0.44 중립 14.1 0.53 (54.7)

9 086790 하나금융지주 0.46 매수 9.5 0.53 (40.3)

10 024110 기업은행 0.47 중립 7.6 0.52 (17.7)

11 036460 한국가스공사 0.48 매수 12.2 0.62 (5.9)

12 105560 KB금융 0.52 매수 11.3 0.59 (22.8)

13 006360 GS건설 0.55 중립 NA 0.67 NA

14 001740 SK네트웍스 0.55 매수 NA 0.58 NA

15 000830 삼성물산 0.56 매수 22.1 0.70 (9.9)

16 004020 현대제철 0.57 매수 11.5 0.69 (23.0)

17 071320 지역난방공사 0.60 중립 8.2 0.70 (6.5)

18 000210 대림산업 0.60 매수 9.3 0.75 5.8

19 004150 한솔제지 0.60 매수 8.1 0.62 101.1

20 005490 POSCO 0.62 매수 13.7 0.65 (26.0)

18


22 18.0 4 7 8.00 9.0

수익률 상위 20 종목

3

순위 종목코드 종목명 수익률(%) 투자의견 투자지표(FY2013)

1개월 PER(배) PBR(배) ROE(%)

1 010130 고려아연 8.7 매수 11.2 1.41 12.6

2 054620 AP시스템 8.2 매수 10.9 1.85 21.9

3 090460 비에이치 7.7 매수 6.3 1.87 34.2

4 006400 삼성SDI 7.6 매수 16.8 1.14 6.8

5 069260 휴켐스 7.6 매수 12.4 1.90 16.0

6 112040 위메이드 7.4 매수 47.5 2.61 5.8

7 042670 두산인프라코어 7.2 중립 NA 1.20 (1.8)

8 002350 넥센타이어 7.1 매수 10.9 1.97 19.5

9 108670 LG하우시스 7.1 매수 14.0 1.64 12.2

10 108320 실리콘웍스 7.1 매수 10.0 1.29 13.4

11 115390 락앤락 7.0 매수 20.2 2.61 12.6

12 008490 서흥캅셀 6.8 매수 21.9 2.10 9.9

13 091700 파트론 6.7 중립 8.3 2.83 42.7

14 010520 현대하이스코 6.2 매수 11.9 1.78 15.9

15 069330 유아이디 6.0 매수 6.6 2.10 35.8

16 034230 파라다이스 6.0 매수 19.3 2.94 14.6

17 103140 풍산 5.8 중립 9.8 0.74 7.8

18 042660 대우조선해양 5.6 매수 26.6 1.32 5.1

19 009540 현대중공업 5.5 중립 29.9 1.07 3.2

20 122870 와이지엔터테인먼트 5.3 매수 25.5 4.87 21.4

18.0 4 7 8.00 9.0

수익률 하위 20 종목

2

순위 종목코드 종목명 수익률(%) 투자의견 투자지표(FY2013)

1개월 PER(배) PBR(배) ROE(%)

1 034120 SBS (4.8) 미제시 16.6 1.32 8.2

2 002550 LIG손해보험 (4.5) 매수 7.8 0.93 15.8

3 056190 에스에프에이 (4.0) 매수 9.0 1.67 22.1

4 019680 대교 (3.5) 매수 10.6 0.99 9.5

5 071840 롯데하이마트 (3.0) 매수 11.8 1.17 10.5

6 005300 롯데칠성 (2.3) 매수 23.0 0.93 4.1

7 003690 코리안리 (2.2) 매수 9.8 0.92 13.5

8 013570 동양기전 (1.8) 매수 7.3 1.06 15.1

9 037560 CJ헬로비전 (1.5) 매수 13.2 1.57 12.1

10 000100 유한양행 (1.3) 매수 16.8 1.55 9.7

11 001450 현대해상 (1.0) 매수 11.0 1.27 15.1

12 051900 LG생활건강 (1.0) 매수 26.0 6.10 25.4

13 051600 한전KPS (0.8) 매수 17.9 4.13 23.9

14 046140 SBS콘텐츠허브 (0.7) 매수 10.5 1.91 19.7

15 040300 YTN (0.7) 중립 263.4 0.65 0.2

16 003540 대신증권 (0.7) 매수 37.3 0.43 1.2

17 084370 유진테크 (0.6) 매수 8.5 2.17 29.3

18 021240 코웨이 (0.5) 매수 17.2 4.36 29.6

19 032830 삼성생명 (0.5) 매수 31.5 1.03 4.0

20 002320 한진 (0.5) 중립 NA 0.34 (0.0)

19

투자의견 및 수익추정 변경

Contents

투자의견 변경기업..................................................................22

목표주가 변경기업..................................................................23

수익추정 변경기업 ..................................................................24

업종별 1개월 변화율 ....................................................................25


신규 커버 종목

2 25 24 21 10 33 27 11 13

34 29 12 14

종목명 목표주가 현재주가 결산 EPS PER PBR

(종목코드) (원) (원) (원) (배) (배)

코라오홀딩스 2013/12F 973 33.6 8.5

(900140) 매수 40,000 32,650 2014/12F 1,502 21.7 6.1

투자의견 변경 기업

2 25 24 21 10 33 27 11 13

34 29 12 14

종목명 목표주가 현재주가 결산 EPS PER PBR

(종목코드) 변경 후 변경 전 (원) (원) (원) (배) (배)

투자의견 상향이마트 2013/12F 16,829 14.0 1.0

(139480) 매수 중립 300,000 235,000 2014/12F 20,076 11.7 0.9

삼성엔지니어링 2013/12F (5,715) NA 1.9

(028050) 매수 중립 111,000 87,900 2014/12F 7,225 12.2 1.7

원익IPS 2013/12F 416 17.0 1.6

(030530) 매수 중립 9,200 7,070 2014/12F 1,234 5.7 1.3

투자의견 하향

루멘스 2013/12F 554 16.3 2.0

(038060) 중립 매수 - 9,050 2014/12F 818 11.1 1.7

투자의견

투자의견

22


목표주가 변경 기업

2 25 21 20 10 33 27 11 13

34 29 12 14

종목명 투자의견 현재주가 결산 EPS PER PBR

(종목코드) 변경 후 변경 전 변경률(%) (원) (원) (배) (배)

목표주가 상향

현대차 2013/12F 31,136 8.2 1.3

(005380) 매수 320,000 280,000 14.3 256,500 2014/12F 35,128 7.3 1.1

NAVER 2013/12F 10,678 51.8 5.8

(035420) 매수 640,000 370,000 73.0 553,000 2014/12F 19,316 28.6 5.0

서흥캅셀 2013/12F 1,617 21.9 2.1

(008490) 매수 42,000 32,000 31.3 35,400 2014/12F 2,852 12.4 1.8

고려아연 2013/12F 29,123 11.2 1.4

(010130) 매수 420,000 380,000 10.5 326,500 2014/12F 36,533 8.9 1.2

현대하이스코 2013/12F 3,972 11.9 1.8

(010520) 매수 51,000 46,000 10.9 47,450 2014/12F 4,927 9.6 1.5

대림산업 2013/12F 10,717 9.3 0.7

(000210) 매수 133,000 121,000 9.9 100,000 2014/12F 12,934 7.7 0.7

두산 2013/12F 11,049 13.5 1.4

(000150) 매수 192,000 175,000 9.7 149,500 2014/12F 15,231 9.8 1.3

SK C&C 2013/12F 9,107 12.9 1.9

(034730) 매수 135,000 120,000 12.5 117,500 2014/12F 11,585 10.1 1.7

삼성중공업 2013/12F 4,147 10.4 1.5

(010140) 매수 50,000 44,000 13.6 43,200 2014/12F 4,007 10.8 1.3

목표주가 하향

LG생활건강 2013/12F 20,310 26.0 6.1

(051900) 매수 700,000 790,000 (11.4) 529,000 2014/12F 23,659 22.4 5.1

한국콜마 2014/03F 1,503 15.2 3.5

(161890) 매수 34,000 41,000 (17.1) 22,900 2015/03F 1,708 13.4 3.1

다우기술 2013/12F 1,624 9.0 0.8

(023590) 매수 21,300 24,200 (12.0) 14,600 2014/12F 2,110 6.9 0.8

바이오랜드 2013/12F 1,065 11.6 1.7

(052260) 매수 17,000 20,000 (15.0) 12,400 2014/12F 1,330 9.3 1.5

LG패션 2013/12F 2,429 12.1 0.9

(093050) 매수 35,000 40,000 (12.5) 29,300 2014/12F 3,348 8.8 0.8

시그네틱스 2013/12F 230 11.8 1.1

(033170) 매수 3,500 4,600 (23.9) 2,715 2014/12F 286 9.5 1.0

네패스 2013/12F 497 20.9 1.3

(033640) 매수 15,000 24,000 (37.5) 10,400 2014/12F 2,019 5.2 1.1

유진테크 2013/12F 2,020 8.5 2.2

(084370) 매수 24,000 28,000 (14.3) 17,100 2014/12F 2,796 6.1 1.6

목표주가(원)

23


수익추정 변경 기업

2 25 21 10 33 27 26 11 13

주) FY2013 EPS 기준, 20% 이상 변경 기업 34 29 28 12 14

종목명 투자의견 목표주가 현재주가 결산 PER PBR

(종목코드) (원) (원) 변경 후 변경 전 변경률(%) (배) (배)

수익추정 상향

한국가스공사 2013/12F 4,754 3,354 41.8 12.2 0.6

(036460) 매수 110,000 58,200 2014/12F 9,927 11,078 (10.4) 5.9 0.6

이오테크닉스 2013/12F 2,760 2,284 20.8 15.0 2.2

(039030) 중립 - 41,450 2014/12F 3,159 2,828 11.7 13.1 1.9

수익추정 하향

한진 2013/12F (25) 315 NA NA 0.3

(002320) 중립 - 21,550 2014/12F 1,005 1,066 (5.7) 21.4 0.3

네패스 2013/12F 497 1,547 (67.9) 20.9 1.3

(033640) 매수 15,000 10,400 2014/12F 2,019 2,250 (10.3) 5.2 1.1

CJ대한통운 2013/12F 2,211 4,216 (47.5) 44.5 0.8

(000120) 매수 130,000 98,400 2014/12F 3,589 6,710 (46.5) 27.4 0.8

시그네틱스 2013/12F 230 332 (30.7) 11.8 1.1

(033170) 매수 3,500 2,715 2014/12F 286 437 (34.6) 9.5 1.0

SK하이닉스 2013/12F 3,279 4,606 (28.8) 9.3 1.8

(000660) 매수 39,000 30,350 2014/12F 5,065 4,696 7.9 6.0 1.5

티씨케이 2013/12F 393 550 (28.5) 22.1 1.3

(064760) 중립 - 8,700 2014/12F 612 878 (30.3) 14.2 1.2

유진테크 2013/12F 2,020 2,819 (28.3) 8.5 2.2

(084370) 매수 24,000 17,100 2014/12F 2,796 3,643 (23.2) 6.1 1.6

AP시스템 2013/12F 980 1,298 (24.5) 10.9 1.9

(054620) 매수 19,500 10,650 2014/12F 1,419 1,621 (12.5) 7.5 1.5

NAVER 2013/12F 10,678 14,101 (24.3) 51.8 5.8

(035420) 매수 640,000 553,000 2014/12F 19,316 17,539 10.1 28.6 5.0

EPS(원)

24


업종별 1개월 추정치 변화율 27 28 16 17

종목수 : 216 3 4 5 26 27 29 30 32 33 26 27 29 30 32 33

산업 시가총액(십억원) 순이익(십억원) EPS (원)

당월 전월 변화율(%) 당월 전월 변화율(%) 당월 전월 변화율(%)FY FY2013 FY2014 FY2013 FY2014 FY2013 FY2014 FY2013 FY2014 FY2013 FY2014 FY2013 FY2014

Universe 1,056,844 973,853 8.5 91,429 117,923 92,333 114,119 (1.0) 3.3 6,741 8,695 6,808 8,415 (1.0) 3.3

KGICS1

에너지 35,334 33,292 6.1 2,752 3,946 2,752 3,946 0.0 0.0 5,308 7,612 5,308 7,612 0.0 0.0

소재 89,616 82,287 8.9 5,835 8,561 6,215 8,551 (6.1) 0.1 7,511 11,018 7,999 11,006 (6.1) 0.1

산업재 147,833 130,500 13.3 6,557 11,235 6,748 11,161 (2.8) 0.7 2,476 4,243 2,549 4,215 (2.8) 0.7

경기소비재 208,898 190,500 9.7 23,329 26,339 23,187 26,111 0.6 0.9 18,796 21,234 18,684 21,057 0.6 0.8

필수소비재 43,962 41,102 7.0 2,085 2,536 2,150 2,624 (3.0) (3.3) 9,753 11,859 10,072 12,289 (3.2) (3.5)

의료 7,599 7,306 4.0 257 423 257 423 0.0 0.0 4,541 7,462 4,541 7,462 0.0 0.0

금융 130,517 121,420 7.5 9,768 12,628 9,613 12,452 1.6 1.4 2,116 2,735 2,082 2,697 1.6 1.4

IT 326,773 302,627 8.0 36,949 45,149 37,466 42,304 (1.4) 6.7 21,606 26,400 21,908 24,737 (1.4) 6.7

통신서비스 33,555 33,019 1.6 2,959 4,134 3,122 4,018 (5.2) 2.9 2,954 4,127 3,117 4,011 (5.2) 2.9

유틸리티 27,057 26,165 3.4 509 2,410 388 1,961 31.0 22.9 681 3,224 519 2,622 31.0 22.9

스몰캡 5,699 5,636 1.1 428 562 433 570 (1.3) (1.4) 13,930 18,153 14,110 18,420 (1.3) (1.4)

KGICS2

자원개발 에너지7,223 6,562 10.1 139 757 139 757 0.0 0.0 503 2,735 503 2,735 0.0 0.0

석유정제 에너지28,111 26,730 5.2 2,613 3,189 2,613 3,189 0.0 0.0 10,810 13,197 10,810 13,197 0.0 0.0

화학 소재 42,324 37,412 13.1 2,418 3,406 2,418 3,406 0.0 0.0 6,576 9,261 6,576 9,261 0.0 0.0

철강·비철금속 소재 46,809 44,382 5.5 3,360 5,089 3,740 5,079 (10.1) 0.2 9,192 13,921 10,230 13,894 (10.1) 0.2

제지 소재 484 493 (1.8) 57 66 57 66 0.0 0.0 1,305 1,505 1,305 1,505 0.0 0.0

건설 산업재36,937 31,894 15.8 1,103 2,633 1,142 2,532 (3.4) 4.0 1,221 2,913 1,264 2,801 (3.4) 4.0

전기부품·설비 산업재4,443 3,999 11.1 341 548 341 548 0.0 0.0 5,490 8,804 5,490 8,804 0.0 0.0

지주회사·복합기업 산업재36,603 33,541 9.1 3,397 4,353 3,295 4,284 3.1 1.6 9,808 12,568 9,514 12,367 3.1 1.6

조선 산업재39,994 33,489 19.4 1,416 2,009 1,465 2,103 (3.4) (4.5) 2,410 3,419 2,494 3,579 (3.4) (4.5)

기계 산업재9,739 8,493 14.7 434 671 434 671 0.0 0.0 1,529 2,367 1,529 2,367 0.0 0.0

상업서비스·기타 산업재5,767 5,669 1.7 218 326 218 326 0.0 0.0 4,673 6,980 4,673 6,980 0.0 0.0

운송 산업재14,349 13,416 7.0 (353) 694 (148) 698 NA (0.5) -846 1,663 -355 1,671 NA (0.5)

자동차·자동차부품 경기소비재141,049 127,906 10.3 18,544 20,716 18,428 20,574 0.6 0.7 22,656 25,330 22,518 25,167 0.6 0.6

섬유·의류 경기소비재5,598 5,103 9.7 462 574 474 583 (2.7) (1.6) 8,148 10,125 8,373 10,290 (2.7) (1.6)

레저·엔터테인먼트 경기소비재12,737 11,425 11.5 686 824 696 828 (1.4) (0.5) 16,379 19,665 16,610 19,772 (1.4) (0.5)

교육서비스 경기소비재1,309 1,282 2.1 134 160 134 160 0.0 0.0 11,163 13,295 11,163 13,295 0.0 0.0

소비자서비스 경기소비재4,643 4,419 5.1 260 265 260 265 0.0 0.0 33,671 34,321 33,671 34,321 0.0 0.0

미디어·광고 경기소비재8,757 8,711 0.5 493 609 500 610 (1.3) (0.1) 3,402 4,203 3,447 4,206 (1.3) (0.1)

유통 경기소비재34,806 31,654 10.0 2,751 3,192 2,696 3,091 2.0 3.3 17,213 19,972 16,871 19,343 2.0 3.3

음식료·담배 필수소비재27,203 24,847 9.5 1,334 1,642 1,360 1,673 (1.9) (1.9) 7,131 8,776 7,283 8,956 (2.1) (2.0)

생활용품 필수소비재16,759 16,255 3.1 751 895 789 951 (4.9) (5.9) 24,800 29,552 26,077 31,420 (4.9) (5.9)

제약·바이오 의료 7,599 7,306 4.0 257 423 257 423 0.0 0.0 4,541 7,462 4,541 7,462 0.0 0.0

은행 금융 68,681 61,776 11.2 6,733 8,024 6,590 7,852 2.2 2.2 2,376 2,831 2,325 2,771 2.2 2.2

증권 금융 12,773 11,807 8.2 455 750 455 750 0.0 0.0 538 887 538 887 0.0 0.0

보험 금융 49,063 47,837 2.6 2,580 3,854 2,568 3,850 0.5 0.1 2,753 4,112 2,740 4,108 0.5 0.1

인터넷·소프트웨어 IT 25,491 20,686 23.2 763 1,072 973 1,260 (21.6) (14.9) 61,619 86,621 78,617 101,772 (21.6) (14.9)

통신장비·부품 IT 4,130 3,958 4.4 489 586 489 586 0.0 0.0 17,619 21,148 17,619 21,148 0.0 0.0

디스플레이 IT 17,777 18,063 (1.6) 1,104 2,165 1,110 2,164 (0.5) 0.0 2,624 5,143 2,636 5,142 (0.5) 0.0

전자부품 IT 31,838 30,124 5.7 1,689 3,382 1,701 3,393 (0.7) (0.3) 5,354 10,725 5,393 10,758 (0.7) (0.3)

반도체·반도체장비 IT 247,536 229,796 7.7 32,905 37,943 33,194 34,901 (0.9) 8.7 35,237 40,632 35,547 37,375 (0.9) 8.7

통신서비스 통신서비스33,555 33,019 1.6 2,959 4,134 3,122 4,018 (5.2) 2.9 2,954 4,127 3,117 4,011 (5.2) 2.9

전력·가스 유틸리티27,057 26,165 3.4 509 2,410 388 1,961 31.0 22.9 681 3,224 519 2,622 31.0 22.9

스몰캡 스몰캡5,699 5,636 1.1 428 562 433 570 (1.3) (1.4) 13,930 18,153 14,111 18,421 (1.3) (1.5)

주 1) 새로 편입된 종목은 제외되므로 합산수치가 유니버스 총괄표, 업종별 주요지표와 다를수 있음

2) 순이익은 회계 기준별로 유의미한 항목 합산 (연결:지배주주지분이익, 별도:지분법적용순이익, 개별:당기순이익)

25

유니버스 업종 수익 추정

Contents

업종별 주요 지표(전체) ....................................................................28

업종별 주요 지표(연결) ....................................................................30

업종별 주요 지표(비연결) ....................................................................32

업종별 이익 추정 ........................................................................34


2 35 8 9 10 9 10 11 12 13 9 10

업종별 주요 지표(전체)

종목수 : 218 38 35 36

산업 종목 시가총액 매출액 영업이익

(십억원) (십억원) 증가율(%) (십억원) 증가율(%)

비중(%) FY2012 FY2013 FY2014 FY2013 FY2014 FY2012 FY2013 FY2014 FY2013 FY2014

Universe 218 1,063,039 100.0 1,683,393 1,727,475 1,863,653 2.6 7.9 112,269 125,110 154,440 11.4 23.4

KGICS1

에너지 6 35,602 3.3 176,192 167,088 175,433 (5.2) 5.0 3,774 4,599 5,804 21.8 26.2

소재 17 90,544 8.5 166,296 165,224 174,093 (0.6) 5.4 9,397 9,058 11,753 (3.6) 29.8

산업재 37 148,643 14.0 423,937 432,775 452,302 2.1 4.5 17,943 15,841 21,806 (11.7) 37.7

경기소비재 48 209,751 19.7 262,951 286,010 313,132 8.8 9.5 23,244 24,996 28,370 7.5 13.5

필수소비재 12 43,949 4.1 31,185 32,271 35,250 3.5 9.2 3,282 3,132 3,771 (4.6) 20.4

의료 6 7,687 0.7 4,250 4,269 4,797 0.4 12.4 294 357 475 21.4 32.9

금융 21 131,027 12.3 136,431 104,791 136,235 (23.2) 30.0 15,559 11,912 14,851 (23.4) 24.7

IT 45 329,157 31.0 335,043 379,451 409,746 13.3 8.0 34,355 47,436 56,168 38.1 18.4

통신서비스 4 33,620 3.2 53,482 54,382 55,819 1.7 2.6 3,169 4,011 4,862 26.6 21.2

유틸리티 4 27,068 2.5 88,269 94,632 99,259 7.2 4.9 835 3,210 5,863 284.6 82.6

스몰캡 18 5,991 0.6 5,358 6,581 7,586 22.8 15.3 417 557 717 33.4 28.8

KGICS2

자원개발 3 7,334 0.7 58,300 57,019 61,879 (2.2) 8.5 609 617 1,023 1.4 65.7

석유정제 3 28,268 2.7 117,891 110,069 113,554 (6.6) 3.2 3,165 3,982 4,781 25.8 20.1

화학 9 42,666 4.0 59,714 61,978 67,253 3.8 8.5 3,143 3,426 4,712 9.0 37.6

철강·비철금속 7 47,383 4.5 105,099 101,822 105,325 (3.1) 3.4 6,150 5,516 6,910 (10.3) 25.3

제지 1 495 0.0 1,482 1,424 1,515 (4.0) 6.4 104 116 131 12.5 12.1

건설 9 36,941 3.5 86,889 92,887 95,621 6.9 2.9 3,335 1,690 3,817 (49.3) 125.9

전기부품·설비 2 4,447 0.4 14,210 15,168 16,596 6.7 9.4 515 644 783 24.9 21.6

지주회사·복합기업 6 36,807 3.5 164,712 164,979 173,184 0.2 5.0 7,631 8,366 10,338 9.6 23.6

조선 5 40,469 3.8 90,486 90,645 92,880 0.2 2.5 3,831 2,782 3,422 (27.4) 23.0

기계 6 9,790 0.9 18,882 18,542 19,117 (1.8) 3.1 1,130 1,210 1,371 7.1 13.3

상업서비스·기타 3 5,748 0.5 3,606 3,869 4,364 7.3 12.8 333 337 438 1.2 29.9

운송 6 14,440 1.4 45,154 46,684 50,540 3.4 8.3 1,168 812 1,638 (30.5) 101.7

자동차·자동차부품 12 141,661 13.3 190,041 204,892 223,068 7.8 8.9 17,208 18,313 20,536 6.4 12.1

섬유·의류 7 5,608 0.5 6,367 6,535 7,244 2.6 10.8 746 754 928 1.2 23.0

레저·엔터테인먼트 6 12,953 1.2 3,444 4,023 4,664 16.8 16.0 778 893 1,071 14.8 19.9

교육서비스 3 1,300 0.1 1,710 1,703 1,787 (0.4) 4.9 98 148 177 51.5 19.2

소비자서비스 1 4,620 0.4 1,807 1,985 2,118 9.9 6.7 228 304 350 33.3 15.1

미디어·광고 9 8,979 0.8 6,736 7,986 9,232 18.6 15.6 558 665 820 19.2 23.3

유통 10 34,630 3.3 52,845 58,885 65,018 11.4 10.4 3,630 3,918 4,489 7.9 14.6

음식료·담배 7 27,080 2.5 23,258 23,563 25,444 1.3 8.0 2,344 2,113 2,568 (9.9) 21.5

생활용품 5 16,869 1.6 7,927 8,707 9,806 9.8 12.6 937 1,019 1,203 8.7 18.0

제약·바이오 6 7,687 0.7 4,250 4,269 4,797 0.4 12.4 294 357 475 21.4 32.9

은행 7 68,974 6.5 39,358 36,188 37,991 (8.1) 5.0 12,108 9,100 10,558 (24.8) 16.0

증권 6 12,788 1.2 14,527 9,549 13,559 (34.3) 42.0 540 562 924 4.0 64.5

보험 8 49,265 4.6 82,546 59,053 84,684 (28.5) 43.4 2,911 2,250 3,369 (22.7) 49.7

인터넷·소프트웨어 7 25,615 2.4 4,538 4,573 5,448 0.8 19.2 1,104 984 1,375 (10.9) 39.8

통신장비·부품 12 4,188 0.4 5,532 7,294 8,601 31.9 17.9 462 591 751 27.9 26.9

디스플레이 9 17,995 1.7 37,749 36,349 39,476 (3.7) 8.6 1,569 1,826 2,718 16.3 48.9

전자부품 7 32,346 3.0 71,503 79,518 86,287 11.2 8.5 2,046 2,559 3,994 25.1 56.0

반도체·반도체장비 10 249,013 23.4 215,721 251,717 269,935 16.7 7.2 29,173 41,476 47,331 42.2 14.1

통신서비스 4 33,620 3.2 53,482 54,382 55,819 1.7 2.6 3,169 4,011 4,862 26.6 21.2

전력·가스 4 27,068 2.5 88,269 94,632 99,259 7.2 4.9 835 3,210 5,863 284.6 82.6

스몰캡 18 5,991 0.6 5,358 6,581 7,586 22.8 15.3 417 557 717 33.4 28.8

주 1) 순이익은 회계 기준별로 유의미한 항목 합산 (연결:지배주주지분이익, 별도:지분법적용순이익, 개별:당기순이익)

2) 자본총계는 회계 기준별로 유의미한 항목 합산 (연결:지배주주지분, 별도:지분법적용자본총계, 개별:자본총계)

28


14 15 16 9 10 30 31 18 19 5 21 22 6 24 25 32

5 6 7 8 9 10 11 12 13

순이익 자본총계 PER PBR ROE

(십억원) 증가율(%) (십억원) (배) (배) (%)

FY2012 FY2013 FY2014 FY2013 FY2014 FY2013 FY2014 FY2013 FY2014 12MF FY2013 FY2014 12MF FY2013 FY2014 12MF

82,184 91,479 117,999 11.3 29.0 923,610 1,029,110 11.6 9.0 9.6 1.1 1.0 1.0 9.9 11.5 11.1

2,746 2,752 3,946 0.2 43.4 35,538 38,454 12.9 9.0 9.8 1.0 0.9 0.9 7.7 10.3 9.6

6,325 5,835 8,561 (7.7) 46.7 93,343 100,572 15.5 10.6 11.5 0.9 0.9 0.9 6.3 8.5 7.9

8,918 6,557 11,235 (26.5) 71.3 139,227 150,114 22.7 13.2 14.9 1.0 1.0 1.0 4.7 7.5 6.8

21,959 23,368 26,399 6.4 13.0 154,141 178,689 9.0 7.9 8.2 1.3 1.2 1.2 15.2 14.8 14.9

2,042 2,085 2,536 2.1 21.6 21,484 23,333 21.1 17.3 18.2 2.1 1.9 1.9 10.4 11.6 10.6

286 257 423 (9.8) 64.3 3,940 4,318 29.9 18.2 20.3 1.9 1.7 1.8 6.5 9.8 8.9

12,772 9,768 12,628 (23.5) 29.3 171,165 182,499 13.4 10.4 11.0 0.8 0.7 0.7 5.7 6.9 6.6

27,210 36,949 45,149 35.8 22.2 210,140 251,116 8.9 7.3 7.7 1.5 1.3 1.3 17.6 18.0 17.9

2,175 2,959 4,134 36.0 39.7 30,905 33,613 11.4 8.1 8.8 1.0 0.9 0.9 9.6 12.3 11.6

-2,535 509 2,410 NA 373.7 60,580 62,724 53.2 11.2 14.2 0.4 0.4 0.4 0.8 3.8 3.1

285 438 577 53.6 31.7 3,147 3,678 12.9 9.9 11.1 1.9 1.6 1.6 15.4 17.0 15.2

482 139 757 (71.1) 443.2 6,862 7,631 52.6 9.7 12.3 1.1 1.0 1.0 2.0 9.9 7.8

2,265 2,613 3,189 15.4 22.1 28,676 30,823 10.8 8.9 9.3 1.0 0.9 0.9 9.1 10.3 10.0

2,141 2,418 3,406 12.9 40.8 30,402 33,132 17.6 12.5 13.6 1.4 1.3 1.3 8.0 10.3 9.7

4,156 3,360 5,089 (19.1) 51.5 62,154 66,617 14.1 9.3 10.2 0.7 0.7 0.7 5.4 7.6 7.1

28 57 66 101.1 15.4 787 823 8.7 7.5 7.8 0.6 0.6 0.6 7.2 8.0 7.8

2,628 1,103 2,633 (58.0) 138.7 39,952 43,721 33.5 14.0 16.6 0.9 0.8 0.8 2.8 6.0 5.2

281 341 548 21.3 60.4 3,494 3,998 13.0 8.1 9.0 1.3 1.1 1.1 9.8 13.7 12.7

2,951 3,397 4,353 15.1 28.1 43,202 47,063 10.8 8.5 9.0 0.8 0.8 0.8 7.9 9.2 8.9

2,046 1,416 2,009 (30.8) 41.9 32,712 34,285 28.6 20.1 21.8 1.2 1.1 1.1 4.3 5.9 5.5

509 434 671 (14.8) 54.8 8,004 8,297 22.6 14.6 16.1 1.2 1.2 1.2 5.4 8.1 7.4

275 218 326 (20.7) 49.4 1,995 2,249 26.3 17.6 19.3 2.6 2.4 2.4 10.9 14.5 13.6

228 -353 694 NA NA 9,867 10,501 NA 20.8 34.5 1.4 1.3 1.3 (3.6) 6.6 3.9

17,694 18,583 20,777 5.0 11.8 104,532 124,086 7.6 6.8 7.0 1.3 1.1 1.2 17.8 16.7 17.0

512 462 574 (9.9) 24.3 4,145 4,666 12.1 9.8 10.3 1.3 1.2 1.2 11.1 12.3 12.0

638 686 824 7.6 20.1 4,392 4,880 18.9 15.7 16.4 2.8 2.5 2.6 15.6 16.9 16.5

19 134 160 599.7 19.1 1,258 1,357 9.7 8.1 8.5 1.0 0.9 0.9 10.6 11.8 11.5

94 260 265 176.1 1.9 969 1,136 17.8 17.5 17.5 4.3 3.7 3.9 26.8 23.3 24.2

422 493 609 16.8 23.5 4,730 5,270 18.2 14.7 15.5 1.8 1.6 1.7 10.4 11.6 11.3

2,580 2,751 3,192 6.6 16.0 34,115 37,293 12.6 10.8 11.3 1.0 0.9 0.9 8.1 8.6 8.4

1,363 1,334 1,642 (2.1) 23.1 16,697 17,774 20.2 16.4 17.4 1.7 1.6 1.5 8.6 10.0 8.9

678 751 895 10.7 19.2 4,787 5,560 22.5 18.9 19.7 3.5 3.0 3.1 15.7 16.1 16.0

286 257 423 (9.8) 64.3 3,940 4,318 29.9 18.2 20.3 1.9 1.7 1.8 6.5 9.8 8.9

9,014 6,733 8,024 (25.3) 19.2 110,766 117,651 10.2 8.6 9.0 0.6 0.6 0.6 6.1 6.8 6.6

369 455 750 23.2 64.7 16,768 17,397 28.1 17.1 21.3 0.0 0.0 0.7 2.7 4.3 3.5

3,389 2,580 3,854 (23.9) 49.4 43,631 47,450 19.1 12.8 14.0 0.0 0.0 1.1 5.9 8.1 7.5

824 763 1,072 (7.5) 40.6 4,672 5,678 33.6 23.9 25.9 4.5 3.8 4.0 16.3 18.9 18.2

371 489 586 31.5 20.0 3,047 3,653 8.6 7.1 7.5 1.3 1.1 1.2 16.0 16.1 16.1

723 1,104 2,165 52.8 96.0 15,795 17,535 16.3 8.3 9.5 1.1 1.0 1.0 7.0 12.3 10.9

1,990 1,689 3,382 (15.1) 100.3 27,434 30,625 19.2 9.6 11.0 1.2 1.0 1.1 6.2 11.0 9.8

23,302 32,905 37,943 41.2 15.3 159,192 193,625 7.6 6.6 6.8 1.5 1.2 1.3 20.7 19.6 19.9

2,175 2,959 4,134 36.0 39.7 30,905 33,613 11.4 8.1 8.8 1.0 0.9 0.9 9.6 12.3 11.6

-2,535 509 2,410 NA 373.7 60,580 62,724 53.2 11.2 14.2 0.4 0.4 0.4 0.8 3.8 3.1

285 438 577 53.6 31.7 3,147 3,678 12.9 9.9 11.1 1.9 1.6 1.6 15.4 17.0 15.2

29


2 3 6 7 8 9 10 9 10 11 9 10

업종별 주요 지표(연결)

종목수 : 151




Universe 151 982,065 100.0 1,579,136 1,639,756 1,750,051 3.8 6.7 106,512 119,164 146,639 11.9 23.1

KGICS1

에너지 6 35,602 3.6 176,192 167,088 175,433 (5.2) 5.0 3,774 4,599 5,804 21.8 26.2

소재 14 87,937 9.0 162,345 160,825 169,232 (0.9) 5.2 9,062 8,664 11,294 (4.4) 30.4

산업재 35 147,651 15.0 423,395 432,197 451,670 2.1 4.5 17,856 15,735 21,679 (11.9) 37.8

경기소비재 31 190,674 19.4 250,875 273,188 298,939 8.9 9.4 21,928 23,410 26,510 6.8 13.2

필수소비재 10 42,551 4.3 30,036 31,039 33,901 3.3 9.2 3,186 3,034 3,658 (4.7) 20.6

의료 3 3,681 0.4 1,892 2,069 2,350 9.3 13.6 138 173 229 25.5 32.2

금융 8 89,674 9.1 61,624 49,649 59,058 (19.4) 19.0 12,639 9,395 11,178 (25.7) 19.0

IT 32 325,345 33.1 331,038 374,298 403,649 13.1 7.8 34,001 46,987 55,611 38.2 18.4

통신서비스 3 32,211 3.3 50,995 51,749 53,033 1.5 2.5 3,101 3,929 4,736 26.7 20.5

유틸리티 3 24,697 2.5 87,262 93,526 98,045 7.2 4.8 692 3,052 5,687 340.7 86.3

스몰캡 6 2,042 0.2 3,480 4,129 4,742 18.6 14.9 135 186 252 37.6 35.6

KGICS2

자원개발 3 7,334 0.7 58,300 57,019 61,879 (2.2) 8.5 609 617 1,023 1.4 65.7

석유정제 3 28,268 2.9 117,891 110,069 113,554 (6.6) 3.2 3,165 3,982 4,781 25.8 20.1

화학 7 40,553 4.1 57,246 59,003 63,906 3.1 8.3 2,911 3,148 4,384 8.1 39.3

철강·비철금속 7 47,383 4.8 105,099 101,822 105,325 (3.1) 3.4 6,150 5,516 6,910 (10.3) 25.3

제지 - - - - - - - - - - - - -

건설 9 36,941 3.8 86,889 92,887 95,621 6.9 2.9 3,335 1,690 3,817 (49.3) 125.9

전기부품·설비 2 4,447 0.5 14,210 15,168 16,596 6.7 9.4 515 644 783 24.9 21.6

지주회사·복합기업 6 36,807 3.7 164,712 164,979 173,184 0.2 5.0 7,631 8,366 10,338 9.6 23.6

조선 5 40,469 4.1 90,486 90,645 92,880 0.2 2.5 3,831 2,782 3,422 (27.4) 23.0

기계 4 8,797 0.9 18,340 17,964 18,485 (2.1) 2.9 1,044 1,104 1,244 5.8 12.6

상업서비스·기타 3 5,748 0.6 3,606 3,869 4,364 7.3 12.8 333 337 438 1.2 29.9

운송 6 14,440 1.5 45,154 46,684 50,540 3.4 8.3 1,168 812 1,638 (30.5) 101.7

자동차·자동차부품 12 141,661 14.4 190,041 204,892 223,068 7.8 8.9 17,208 18,313 20,536 6.4 12.1

섬유·의류 4 3,394 0.3 3,700 3,792 4,211 2.5 11.1 541 551 668 1.8 21.2

레저·엔터테인먼트 5 10,837 1.1 2,942 3,477 4,076 18.2 17.2 632 723 910 14.4 25.9

교육서비스 - - - - - - - - - - - - -

소비자서비스 - - - - - - - - - - - - -

미디어·광고 4 6,091 0.6 4,926 6,075 7,049 23.3 16.0 380 428 511 12.7 19.4

유통 6 28,692 2.9 49,266 54,952 60,535 11.5 10.2 3,168 3,395 3,885 7.2 14.4

음식료·담배 6 26,128 2.7 22,469 22,726 24,544 1.1 8.0 2,278 2,048 2,495 (10.1) 21.8

생활용품 4 16,423 1.7 7,567 8,313 9,357 9.9 12.6 908 987 1,163 8.6 17.9

제약·바이오 3 3,681 0.4 1,892 2,069 2,350 9.3 13.6 138 173 229 25.5 32.2

은행 7 68,974 7.0 39,358 36,188 37,991 (8.1) 5.0 12,108 9,100 10,558 (24.8) 16.0

증권 - - - - - - - - - - - - -

보험 1 20,700 2.1 22,267 13,461 21,067 (39.5) 56.5 531 294 620 (44.5) 110.6

인터넷·소프트웨어 7 25,615 2.6 4,538 4,573 5,448 0.8 19.2 1,104 984 1,375 (10.9) 39.8

통신장비·부품 4 1,715 0.2 2,297 3,016 3,505 31.3 16.2 200 259 341 29.7 31.6

디스플레이 6 16,990 1.7 37,338 35,821 38,866 (4.1) 8.5 1,505 1,737 2,608 15.4 50.2

전자부품 7 32,346 3.3 71,503 79,518 86,287 11.2 8.5 2,046 2,559 3,994 25.1 56.0

반도체·반도체장비 8 248,678 25.3 215,362 251,370 269,543 16.7 7.2 29,147 41,447 47,293 42.2 14.1

통신서비스 3 32,211 3.3 50,995 51,749 53,033 1.5 2.5 3,101 3,929 4,736 26.7 20.5

전력·가스 3 24,697 2.5 87,262 93,526 98,045 7.2 4.8 692 3,052 5,687 340.7 86.3

스몰캡 6 2,042 0.2 3,480 4,129 4,742 18.6 14.9 135 186 252 37.6 35.6

주) K-IFRS/K-GAAP 의 연결재무제표를 추정하는 종목의 합산

30


12 13 14 9 10 16 17 18 19 20 21 22 23 24 25 26

18 19 20 21 22 23 24 25 26

지배주주지분이익 지배주주지분 PER PBR ROE

(십억원) 증가율(%) (십억원) (배) (배) (%)


77,274 86,274 111,046 11.6 28.7 860,538 960,446 11.4 8.8 9.6 1.1 1.0 1.0 10.0 11.6 11.1

2,746 2,752 3,946 0.2 43.4 35,538 38,454 12.9 9.0 9.8 1.0 0.9 0.9 7.7 10.3 9.6

6,177 5,581 8,249 (9.7) 47.8 90,798 97,812 15.8 10.7 11.5 0.9 0.9 0.9 6.1 8.4 7.9

8,856 6,478 11,142 (26.8) 72.0 138,581 149,378 22.8 13.3 14.9 1.0 1.0 1.0 4.7 7.5 6.8

20,994 21,992 24,854 4.8 13.0 145,010 168,355 8.7 7.7 8.2 1.3 1.1 1.2 15.2 14.8 14.9

1,966 2,005 2,442 2.0 21.8 20,884 22,655 21.2 17.4 18.2 2.1 1.9 1.9 10.3 11.5 10.6

85 124 156 46.8 25.5 1,409 1,562 29.6 23.6 20.3 2.6 2.4 1.8 8.8 10.0 8.9

9,998 7,389 9,121 (26.1) 23.4 130,304 138,876 12.1 9.8 11.0 0.7 0.6 0.7 5.7 6.6 6.6

26,907 36,564 44,691 35.9 22.2 207,579 248,082 8.9 7.3 7.7 1.5 1.3 1.3 17.6 18.0 17.9

2,149 2,922 4,048 36.0 38.5 29,494 32,121 11.0 8.0 8.8 1.0 0.9 0.9 9.9 12.6 11.6

-2,653 376 2,264 NA 501.4 60,005 62,087 65.6 10.9 14.2 0.4 0.4 0.4 0.6 3.6 3.1

48 89 134 85.9 50.2 936 1,062 20.5 14.1 11.1 2.8 2.3 1.6 13.8 16.9 15.2

482 139 757 (71.1) 443.2 6,862 7,631 52.6 9.7 12.3 1.1 1.0 1.0 2.0 9.9 7.8

2,265 2,613 3,189 15.4 22.1 28,676 30,823 10.8 8.9 9.3 1.0 0.9 0.9 9.1 10.3 10.0

2,022 2,221 3,159 9.9 42.3 28,644 31,195 18.3 12.8 13.6 1.4 1.3 1.3 7.8 10.1 9.7

4,156 3,360 5,089 (19.1) 51.5 62,154 66,617 14.1 9.3 10.2 0.7 0.7 0.7 5.4 7.6 7.1

- - - - - - - - - - - - - - - -

2,628 1,103 2,633 (58.0) 138.7 39,952 43,721 33.5 14.0 16.6 0.9 0.8 0.8 2.8 6.0 5.2

281 341 548 21.3 60.4 3,494 3,998 13.0 8.1 9.0 1.3 1.1 1.1 9.8 13.7 12.7

2,951 3,397 4,353 15.1 28.1 43,202 47,063 10.8 8.5 9.0 0.8 0.8 0.8 7.9 9.2 8.9

2,046 1,416 2,009 (30.8) 41.9 32,712 34,285 28.6 20.1 21.8 1.2 1.1 1.1 4.3 5.9 5.5

447 355 578 (20.4) 62.7 7,358 7,561 24.8 15.2 16.1 1.2 1.1 1.2 4.8 7.6 7.4

275 218 326 (20.7) 49.4 1,995 2,249 26.3 17.6 19.3 2.6 2.4 2.4 10.9 14.5 13.6

228 -353 694 NA NA 9,867 10,501 NA 20.8 34.5 1.4 1.3 1.3 (3.6) 6.6 3.9

17,694 18,583 20,777 5.0 11.8 104,532 124,086 7.6 6.8 7.0 1.3 1.1 1.2 17.8 16.7 17.0

338 308 369 (8.8) 19.8 2,036 2,378 11.0 9.2 10.3 1.7 1.4 1.2 15.1 15.5 12.0

494 555 699 12.4 25.9 4,000 4,432 19.5 15.5 16.4 2.6 2.3 2.6 13.9 15.8 16.5

- - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - -

287 311 371 8.2 19.5 3,251 3,600 19.6 16.4 15.5 1.7 1.6 1.7 9.6 10.3 11.3

2,182 2,235 2,638 2.5 18.0 31,190 33,860 12.8 10.9 11.3 0.9 0.8 0.9 7.2 7.8 8.4

1,312 1,283 1,584 (2.2) 23.4 16,223 17,257 20.3 16.4 17.4 1.7 1.6 1.5 8.6 9.9 8.9

654 721 858 10.3 18.9 4,660 5,399 22.8 19.1 19.7 3.5 3.0 3.1 15.5 15.9 16.0

85 124 156 46.8 25.5 1,409 1,562 29.6 23.6 20.3 2.6 2.4 1.8 8.8 10.0 8.9

9,014 6,733 8,024 (25.3) 19.2 110,766 117,651 10.2 8.6 9.0 0.6 0.6 0.6 6.1 6.8 6.6

- - - - - - - - - - - - - - - -

984 656 1,097 (33.3) 67.1 19,538 21,225 31.5 18.9 14.0 0.0 0.0 1.1 3.4 5.2 7.5

824 763 1,072 (7.5) 40.6 4,672 5,678 33.6 23.9 25.9 4.5 3.8 4.0 16.3 18.9 18.2

157 211 263 34.8 24.6 1,202 1,465 8.1 6.5 7.5 1.4 1.1 1.2 17.6 18.0 16.1

657 1,021 2,062 55.3 102.0 15,369 17,007 16.6 8.2 9.5 1.1 1.0 1.0 6.6 12.1 10.9

1,990 1,689 3,382 (15.1) 100.3 27,434 30,625 19.2 9.6 11.0 1.2 1.0 1.1 6.2 11.0 9.8

23,279 32,881 37,912 41.2 15.3 158,903 193,307 7.6 6.6 6.8 1.5 1.2 1.3 20.7 19.6 19.9

2,149 2,922 4,048 36.0 38.5 29,494 32,121 11.0 8.0 8.8 1.0 0.9 0.9 9.9 12.6 11.6

-2,653 376 2,264 NA 501.4 60,005 62,087 65.6 10.9 14.2 0.4 0.4 0.4 0.6 3.6 3.1

48 89 134 85.9 50.2 936 1,062 20.5 14.1 11.1 2.8 2.3 1.6 13.8 16.9 15.2

31


2 3 6 7 8 9 10 9 10 11 9 10

업종별 주요 지표(비연결)

종목수 : 67




Universe 67 80,974 100.0 104,257 87,719 113,601 (15.9) 29.5 5,756 5,945 7,801 3.3 31.2

KGICS1

에너지 - - - - - - - - - - - - -

소재 3 2,608 3.2 3,950 4,398 4,861 11.3 10.5 335 394 459 17.7 16.4

산업재 2 993 1.2 542 579 632 6.8 9.2 86 106 127 22.4 19.8

경기소비재 17 19,077 23.6 12,076 12,822 14,193 6.2 10.7 1,316 1,586 1,860 20.5 17.3

필수소비재 2 1,398 1.7 1,150 1,231 1,350 7.1 9.6 96 98 112 1.4 15.3

의료 3 4,005 4.9 2,358 2,201 2,447 (6.7) 11.2 157 184 246 17.7 33.5

금융 13 41,353 51.1 74,807 55,142 77,176 (26.3) 40.0 2,920 2,517 3,672 (13.8) 45.9

IT 13 3,812 4.7 4,004 5,153 6,098 28.7 18.3 353 450 558 27.2 24.0

통신서비스 1 1,409 1.7 2,486 2,634 2,786 5.9 5.8 68 82 126 20.1 54.3

유틸리티 1 2,372 2.9 1,007 1,106 1,214 9.9 9.7 142 158 176 11.3 11.2

스몰캡 12 3,949 4.9 1,877 2,453 2,844 30.6 16.0 282 371 465 31.4 25.4

KGICS2

자원개발 - - - - - - - - - - - - -

석유정제 - - - - - - - - - - - - -

화학 2 2,112 2.6 2,468 2,975 3,346 20.5 12.5 231 278 328 20.0 18.2

철강·비철금속 - - - - - - - - - - - - -

제지 1 495 0.6 1,482 1,424 1,515 (4.0) 6.4 104 116 131 12.5 12.1

건설 - - - - - - - - - - - - -

전기부품·설비 - - - - - - - - - - - - -

지주회사·복합기업 - - - - - - - - - - - - -

조선 - - - - - - - - - - - - -

기계 2 993 1.2 542 579 632 6.8 9.2 86 106 127 22.4 19.8

상업서비스·기타 - - - - - - - - - - - - -

운송 - - - - - - - - - - - - -

자동차·자동차부품 - - - - - - - - - - - - -

섬유·의류 3 2,215 2.7 2,668 2,744 3,034 2.9 10.6 205 203 260 (0.7) 27.9

레저·엔터테인먼트 1 2,115 2.6 502 545 588 8.6 7.8 146 170 160 16.2 (5.8)

교육서비스 3 1,300 1.6 1,710 1,703 1,787 (0.4) 4.9 98 148 177 51.5 19.2

소비자서비스 1 4,620 5.7 1,807 1,985 2,118 9.9 6.7 228 304 350 33.3 15.1

미디어·광고 5 2,889 3.6 1,810 1,911 2,184 5.5 14.3 178 237 309 33.1 30.3

유통 4 5,939 7.3 3,578 3,934 4,483 9.9 14.0 462 523 605 13.4 15.5

음식료·담배 1 952 1.2 789 837 901 6.1 7.5 67 65 73 (3.0) 12.6

생활용품 1 446 0.6 360 394 449 9.3 14.0 29 33 40 11.5 20.8

제약·바이오 3 4,005 4.9 2,358 2,201 2,447 (6.7) 11.2 157 184 246 17.7 33.5

은행 - - - - - - - - - - - - -

증권 6 12,788 15.8 14,527 9,549 13,559 (34.3) 42.0 540 562 924 4.0 64.5

보험 7 28,565 35.3 60,279 45,593 63,617 (24.4) 39.5 2,380 1,956 2,748 (17.8) 40.5

인터넷·소프트웨어 - - - - - - - - - - - - -

통신장비·부품 8 2,473 3.1 3,235 4,278 5,096 32.2 19.1 262 332 410 26.5 23.3

디스플레이 3 1,004 1.2 411 528 610 28.5 15.4 65 88 110 37.1 23.8

전자부품 - - - - - - - - - - - - -

반도체·반도체장비 2 334 0.4 359 347 392 (3.2) 13.0 26 29 39 10.0 32.6

통신서비스 1 1,409 1.7 2,486 2,634 2,786 5.9 5.8 68 82 126 20.1 54.3

전력·가스 1 2,372 2.9 1,007 1,106 1,214 9.9 9.7 142 158 176 11.3 11.2

스몰캡 12 3,949 4.9 1,877 2,453 2,844 30.6 16.0 282 371 465 31.4 25.4

주 1) 순이익은 회계 기준별로 유의미한 항목 합산 (별도:지분법적용순이익, 개별:당기순이익)

2) 자본총계는 회계 기준별로 유의미한 항목 합산 (별도:지분법적용자본총계, 개별:자본총계)

32


12 13 14 9 10 16 17 18 19 20 21 22 23 24 25 26

18 19 20 21 22 23 24 25 26

순이익 자본총계 PER PBR ROE

(십억원) 증가율(%) (십억원) (배) (배) (%)


4,910 5,205 6,953 6.0 33.6 63,071 68,664 15.6 11.6 9.6 1.3 1.2 1.0 8.3 10.1 11.1

- - - - - - - - - - - - - - - -

148 254 312 72.0 22.7 2,545 2,760 10.3 8.4 11.5 1.0 0.9 0.9 10.0 11.3 7.9

62 78 93 26.0 19.2 646 736 12.7 10.6 14.9 1.5 1.3 1.0 12.1 12.7 6.8

965 1,376 1,546 42.6 12.3 9,131 10,333 13.9 12.3 8.2 2.0 1.8 1.2 15.1 15.0 14.9

75 80 95 6.0 18.5 600 678 17.5 14.8 18.2 2.2 2.0 1.9 13.3 14.0 10.6

201 133 267 (33.7) 100.6 2,531 2,757 30.1 15.0 20.3 1.5 1.4 1.8 5.3 9.7 8.9

2,774 2,379 3,507 (14.2) 47.4 40,861 43,623 17.4 11.8 11.0 0.0 0.0 0.7 5.8 8.0 6.6

303 385 458 27.2 18.8 2,561 3,034 9.9 8.3 7.7 1.5 1.2 1.3 15.0 15.1 17.9

26 37 86 40.4 132.3 1,411 1,492 38.0 16.4 8.8 0.0 0.0 0.9 2.6 5.8 11.6

118 132 147 12.4 10.7 575 637 17.9 16.2 14.2 0.0 0.0 0.4 23.0 23.0 3.1

238 349 444 47.0 27.0 2,211 2,615 11.3 8.9 11.1 1.7 1.5 1.6 15.8 17.0 15.2

- - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - -

120 197 246 65.1 24.8 1,758 1,937 10.7 8.6 13.6 1.2 1.1 1.3 11.2 12.7 9.7

- - - - - - - - - - - - - - - -

28 57 66 101.1 15.4 787 823 8.7 7.5 7.8 0.6 0.6 0.6 7.2 8.0 7.8

- - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - -

62 78 93 26.0 19.2 646 736 12.7 10.6 16.1 1.5 1.3 1.2 12.1 12.7 7.4

- - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - -

174 154 205 (11.8) 33.2 2,109 2,288 14.4 10.8 10.3 1.0 1.0 1.2 7.3 8.9 12.0

144 131 125 (9.0) (4.6) 393 448 16.1 16.9 16.4 0.0 0.0 2.6 33.4 27.9 16.5

19 134 160 599.7 19.1 1,258 1,357 9.7 8.1 8.5 1.0 0.9 0.9 10.6 11.8 11.5

94 260 265 176.1 1.9 969 1,136 17.8 17.5 17.5 4.3 3.7 3.9 26.8 23.3 24.2

135 183 238 34.9 30.4 1,479 1,670 15.8 12.1 15.5 0.0 0.0 1.7 12.3 14.2 11.3

398 516 554 29.5 7.4 2,924 3,434 11.5 10.7 11.3 2.0 1.7 0.9 17.6 16.1 8.4

51 51 58 (0.5) 14.1 473 517 18.8 16.5 17.4 1.9 1.8 1.5 10.7 11.2 8.9

25 29 37 19.3 26.0 126 161 15.2 12.1 19.7 0.0 0.0 3.1 23.2 22.9 16.0

201 133 267 (33.7) 100.6 2,531 2,757 30.1 15.0 20.3 1.5 1.4 1.8 5.3 9.7 8.9

- - - - - - - - - - - - - - - -

369 455 750 23.2 64.7 16,768 17,397 28.1 17.1 21.3 0.0 0.0 0.7 2.7 4.3 3.5

2,405 1,924 2,757 (20.0) 43.3 24,093 26,226 14.8 10.4 14.0 0.0 0.0 1.1 8.0 10.5 7.5

- - - - - - - - - - - - - - - -

215 277 323 29.2 16.6 1,845 2,187 8.9 7.6 7.5 1.3 1.1 1.2 15.0 14.8 16.1

65 83 102 27.5 22.8 427 528 12.0 9.8 9.5 2.2 1.8 1.0 19.6 19.4 10.9

- - - - - - - - - - - - - - - -

23 24 32 7.2 30.2 289 318 13.8 10.6 6.8 0.0 0.0 1.3 8.4 10.0 19.9

26 37 86 40.4 132.3 1,411 1,492 38.0 16.4 8.8 0.0 0.0 0.9 2.6 5.8 11.6

118 132 147 12.4 10.7 575 637 17.9 16.2 14.2 0.0 0.0 0.4 23.0 23.0 3.1

238 349 444 47.0 27.0 2,211 2,615 11.3 8.9 11.1 1.7 1.5 1.6 15.8 17.0 15.2

33


10102020 universe자원개발

자원개발

종목수 : 3 시가총액(십억원) : 7,333.514 15 16 17 22

Top Picks

- 대우인터내셔널 (047050) : 올해 3분기부터 시작된 미얀마 가스전 영업가치를 감안하면 valuation 매력이 높음

4 5 6 7 8 29 9 10 11 12 13

밸류에이션 PER PBR ROE DY EV/EBITDA # 수익률 1개월 3개월 6개월 12개월

자원개발 52.6 1.1 2.0 1.2 16.3 # 자원개발(%) 7.6 9.0 (7.8) (16.5)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 1.3 (3.6) (9.0) (17.9)

주) FY2013기준, 단위: 배, % #

#


(YoY,%) (십억원) (YoY,%) (십억원) (YoY,%) (십억원) (YoY,%) (십억원) (원) (원) (원)

2011/12A 11.7 688.1 (2.3) 743.6 (14.3) 606.5 (0.2) 879.0 2,283 24,345 290

2012/12A (4.4) 609.0 (11.5) 661.7 (11.0) 481.7 (20.6) 812.8 1,772 24,280 329

2013/12F (2.2) 617.4 1.4 260.1 (60.7) 139.3 (71.1) 842.7 503 24,793 328

2014/12F 8.5 1,023.2 65.7 993.1 281.9 756.8 443.2 1,272.5 2,734 27,569 328

2015/12F 8.8 1,225.3 19.8 1,256.1 26.5 957.8 26.6 1,485.6 3,460 31,100 328

부채총계 자본총계 순차입금 D/E CAPEX 영업이익률 EV/EBITDA PER PBR ROE DY

(십억원) (십억원) (십억원) (%) (십억원) (%) (배) (배) (배) (%) (%)

2011/12A 18,416.4 6,477.9 8,081.3 161.1 (420.3) 1.1 17.6 12.1 1.1 9.3 1.1

2012/12A 16,179.1 6,720.5 6,056.7 124.5 (399.6) 1.0 18.1 17.6 1.3 7.0 1.1

2013/12F 16,019.7 6,862.4 6,269.6 124.5 (571.1) 1.1 16.3 52.6 1.1 2.0 1.2

2014/12F 17,109.4 7,630.8 6,656.6 119.0 (503.2) 1.7 11.1 9.7 1.0 9.7 1.2

2015/12F 18,133.0 8,608.0 6,905.6 110.3 (439.5) 1.8 9.7 7.7 0.9 10.9 1.2

분기추정 영업이익 세전이익 순이익

(YoY,%) (QoQ,%) (십억원) (YoY,%) (QoQ,%) (십억원) (YoY,%) (QoQ,%) (십억원) (YoY,%) (QoQ,%)

2013/03A (6.4) (5.6) 128.1 (26.5) (16.0) (75.7) NA NA (89.1) NA NA

2013/06F (10.2) 0.6 128.7 (24.4) 0.5 34.6 (85.6) NA 15.5 (89.5) NA

2013/09F 0.5 10.6 143.0 27.5 11.1 113.9 (56.1) 229.4 76.8 (57.7) 395.2

2013/12F 7.7 2.5 217.6 42.7 52.2 187.3 298.2 64.5 136.1 132.1 77.2

2014/03F 8.8 (4.7) 215.4 68.2 (1.0) 202.2 NA 8.0 153.9 NA 13.1

2014/06F 8.8 0.6 242.3 88.3 12.5 233.8 576.4 15.6 178.1 1,048.2 15.7

2014/09F 7.4 9.3 261.0 82.5 7.7 257.7 126.4 10.2 196.4 155.7 10.3

2014/12F 9.1 4.1 304.5 39.9 16.6 299.3 59.8 16.1 228.3 67.7 16.2

12개월 예상 PER 12개월 예상 EPS 증가율

PER PBR

16,665.2

15,270.5

14,559.4

14,645.2

16,009.5

13,382.7

13,466.0

14,899.7

(십억원)

23,037.8

24,910.7

26,929.7

매출액

(십억원)

24,955.0

23,050.2

57,018.9

61,879.3

67,341.2

자산총계

(십억원)

60,979.6

58,300.4

9.2

12.3

8.6

10.6

12.6

9.3

0

5

10

15

Universe

All

Universe

sector

Korea World US EM Asia

주) 한국증권, MSCI market sector

(배)

0

10

20

30

40

MSCI World EM Asia Korea

Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13

주) MSCI market sector

(%)

0

10

20

30

40

50

60

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

20

40

60

80

100

120

140PER(좌)

업종지수(우)

(P)(배)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

20

40

60

80

100

120

140PBR(좌)

업종지수(우)

(P)(배)

34


10102030 universe석유정제

석유정제

종목수 : 3 시가총액(십억원) : 28,268.314 15 16 17 22

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- SK이노베이션 (096770) : 인천공장 투자, PX 및 윤활유 증설, E&P 사업 확대 등 각 사업부별로 적극적인 투자 진행 중

4 5 6 7 8 29 9 10 11 12 13


석유정제 10.8 1.0 8.5 3.2 8.1 # 석유정제(%) 4.2 12.8 (10.9) (16.9)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) (2.1) 0.3 (12.0) (18.2)

주) FY2013기준, 단위: 배, % #

#



2011/12A 35.2 5,589.1 48.9 6,785.2 121.9 5,133.7 93.9 6,570.4 20,808 104,647 3,850

2012/12A 8.4 3,165.4 (43.4) 3,081.5 (54.6) 2,264.6 (55.9) 4,180.3 9,179 109,803 2,986

2013/12F (6.6) 3,981.7 25.8 3,592.3 16.6 2,612.6 15.4 4,887.5 10,589 116,229 3,671

2014/12F 3.2 4,781.2 20.1 4,386.9 22.1 3,189.3 22.1 5,721.1 12,927 124,934 3,861

2015/12F 3.8 6,039.6 26.3 5,632.7 28.4 4,091.4 28.3 6,990.4 16,583 137,364 3,861



2011/12A 31,808.2 25,818.3 8,121.9 56.2 (2,216.4) 5.1 5.9 5.7 1.1 19.1 3.2

2012/12A 30,143.8 27,090.2 9,060.6 53.1 (2,467.2) 2.7 10.9 15.4 1.3 7.8 2.1

2013/12F 29,599.1 28,675.7 9,310.6 50.4 (1,756.1) 3.6 8.1 10.8 1.0 8.5 3.2

2014/12F 29,832.0 30,823.2 9,001.4 46.5 (1,797.7) 4.2 6.9 8.9 0.9 9.7 3.3

2015/12F 29,222.7 33,890.0 7,393.2 39.8 (1,447.8) 5.1 5.4 6.9 0.8 11.3 3.3



2013/03F (4.5) 3.0 1,239.1 (6.9) 203.7 1,306.5 (15.3) 228.7 947.8 (17.2) 177.8

2013/06F (13.3) (9.8) 711.8 NA (42.6) 724.5 NA (44.5) 527.6 NA (44.3)

2013/09F (9.6) 2.4 950.9 (42.5) 33.6 704.4 (52.5) (2.8) 513.9 (56.0) (2.6)

2013/12F 1.4 6.6 1,079.9 164.7 13.6 856.9 115.6 21.6 623.1 82.6 21.2

2014/03F 1.6 3.2 1,151.1 (7.1) 6.6 1,312.2 0.4 53.1 953.3 0.6 53.0

2014/06F 5.6 (6.2) 1,123.3 57.8 (2.4) 1,104.1 52.4 (15.9) 803.0 52.2 (15.8)

2014/09F 3.8 0.7 1,187.6 24.9 5.7 897.3 27.4 (18.7) 653.3 27.1 (18.6)

2014/12F 2.0 4.7 1,319.2 22.2 11.1 1,073.3 25.3 19.6 779.8 25.1 19.4


PER PBR

27,704.0

28,995.2

26,686.8

28,435.6

29,332.2

27,522.7

28,881.2

26,065.1

매출액

(십억원)

59,040.9

60,192.2

62,703.7

65,310.6

자산총계

(십억원)

58,654.5

117,891.1

110,068.7

113,554.1

117,920.9

(십억원)

108,803.8

9.2 9.0 8.6

10.6

12.6

9.3

0

5

10

15

Universe

All

Universe

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(배)

0

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Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

500

1,000

1,500

2,000PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

500

1,000

1,500

2,000PBR(좌)

업종지수(우)

(P)(배)

35


151010 universe화학

화학

종목수 : 9 시가총액(십억원) : 42,665.914 15 16 17 22

Top Picks

- LG화학 (051910) : 수직계열화의 강점 및 고부가가치 제품 비중 확대 + 배터리, 유리기판 등 신사업 파이프라인 확보

4 5 6 7 8 29 9 10 11 12 13


화학 17.6 1.4 7.6 1.2 9.0 # 화학(%) 10.5 33.8 7.5 (10.8)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 4.1 21.2 6.3 (12.1)

주) FY2013기준, 단위: 배, % #

#



2011/12A 26.5 6,957.8 7.3 6,764.8 6.7 4,903.9 6.1 9,173.0 13,179 71,338 1,584

2012/12A (2.5) 3,142.7 (54.8) 2,795.9 (58.7) 2,141.1 (56.3) 5,696.4 5,677 75,421 1,413

2013/12F 3.8 3,425.8 9.0 3,037.2 8.6 2,418.2 12.9 6,085.1 6,372 80,109 1,421

2014/12F 8.5 4,712.5 37.6 4,331.3 42.6 3,405.7 40.8 7,605.7 8,974 87,301 1,474

2015/12F 6.7 5,483.8 16.4 5,087.6 17.5 3,992.4 17.2 8,588.3 10,520 96,056 1,474



2011/12A 26,176.4 26,901.4 8,067.3 49.3 (6,384.4) 11.4 6.5 10.0 1.8 17.0 1.2

2012/12A 26,470.4 28,623.5 11,421.3 53.2 (5,006.1) 5.3 10.2 21.3 1.6 7.2 1.1

2013/12F 27,195.5 30,402.3 11,109.0 51.0 (4,481.0) 5.5 9.0 17.6 1.4 7.6 1.2

2014/12F 29,017.7 33,131.9 11,463.2 49.2 (5,048.7) 7.0 7.3 12.5 1.3 9.9 1.3

2015/12F 29,972.6 36,454.6 11,487.6 45.9 (5,085.6) 7.6 6.5 10.7 1.2 10.6 1.3



2013/03F 2.1 5.7 726.3 (26.5) 76.4 664.1 (32.3) 190.5 512.0 (34.6) 375.2

2013/06F (1.4) (1.6) 712.1 (0.2) (2.0) 589.8 (4.3) (11.2) 447.1 (7.4) (12.7)

2013/09F 6.2 6.8 986.2 (0.3) 38.5 908.3 (4.0) 54.0 706.9 (5.2) 58.1

2013/12F 13.4 2.1 1,001.3 143.2 1.5 875.1 282.8 (3.7) 752.2 598.1 6.4

2014/03F 5.0 (2.1) 1,045.2 43.9 4.4 997.9 50.3 14.0 835.0 63.1 11.0

2014/06F 9.9 3.0 1,130.6 58.8 8.2 1,009.5 71.2 1.2 835.5 86.9 0.1

2014/09F 4.5 1.6 1,167.0 18.3 3.2 1,091.8 20.2 8.1 906.1 28.2 8.4

2014/12F 14.4 11.7 1,369.6 36.8 17.4 1,232.1 40.8 12.9 829.1 10.2 (8.5)


PER PBR

16,318.9

16,573.0

18,516.4

14,848.2

15,858.2

16,188.6

15,844.3

15,082.8

67,674.4

매출액

(십억원)

55,027.7

56,406.0

58,880.6

63,407.2

71,777.8

자산총계

(십억원)

61,267.9

59,714.1

61,977.7

67,252.5

(십억원)

9.2

12.3 12.714.9 15.6

14.4

0

5

10

15

20

Universe

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sector



(배)

0

10

20

30

40


Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

500

1,000

1,500

2,000PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

500

1,000

1,500

2,000PBR(좌)

업종지수(우)

(P)(배)

36


151040 universe철강·비철금속


종목수 : 7 시가총액(십억원) : 47,383.214 15 16 17 22

Top Picks

- 현대하이스코 (010520) : 당진 제2공장 가동률 점차 상승해 출하량 증가하고 주렵 제품인 자동차용강판 가격 상승할 전망

4 5 6 7 8 29 9 10 11 12 13


철강·비철금속 14.1 0.7 5.1 1.9 8.9 # 철강·비철금속(%) 4.0 17.9 1.6 (13.9)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) (2.3) 5.4 0.4 (15.2)

주) FY2013기준, 단위: 배, % #

#



2011/12A 37.5 8,521.4 4.5 7,206.6 (6.6) 5,455.8 (10.5) 12,181.3 13,536 139,915 3,498

2012/12A (4.7) 6,150.5 (27.8) 5,553.6 (22.9) 4,155.9 (23.8) 10,123.8 11,368 160,858 3,349

2013/12F (3.1) 5,516.1 (10.3) 4,403.9 (20.7) 3,360.3 (19.1) 9,581.7 9,192 170,014 2,504

2014/12F 3.4 6,910.4 25.3 6,775.3 53.8 5,089.4 51.5 11,374.7 13,921 182,220 2,504

2015/12F 5.4 7,972.7 15.4 7,965.0 17.6 5,980.2 17.5 12,929.9 16,358 196,238 2,504



2011/12A 63,402.4 56,394.1 34,372.7 78.0 (8,514.8) 7.7 7.3 9.6 0.9 9.2 2.7

2012/12A 64,454.5 58,807.3 34,152.6 73.0 (11,708.5) 5.9 8.8 12.4 0.8 6.7 2.4

2013/12F 65,823.3 62,154.3 34,394.1 71.0 (7,820.4) 5.4 8.9 14.1 0.7 5.1 1.9

2014/12F 68,994.4 66,616.8 33,222.7 67.4 (6,775.3) 6.6 7.4 9.3 0.7 7.3 1.9

2015/12F 69,646.8 71,741.3 30,756.8 61.3 (6,864.8) 7.2 6.3 7.9 0.6 7.9 1.9



2013/03A (9.9) (7.0) 1,132.9 (9.8) (21.0) 563.0 (59.6) (60.3) 509.9 (50.7) (52.2)

2013/06A (5.2) 7.1 1,408.6 (31.2) 24.3 674.8 (44.3) 19.9 534.2 (40.3) 4.8

2013/09F (2.7) (3.2) 1,118.6 (21.8) (20.6) 1,441.5 (5.5) 113.6 1,195.7 3.3 123.8

2013/12F 8.0 12.0 1,872.5 30.5 67.4 1,740.2 22.7 20.7 1,132.3 6.2 (5.3)

2014/03F 3.0 (11.3) 1,173.1 3.6 (37.3) 1,046.8 85.9 (39.8) 855.5 67.8 (24.4)

2014/06F 4.4 8.5 1,579.5 12.1 34.6 1,368.7 102.8 30.8 1,065.5 99.4 24.5

2014/09F 2.3 (5.1) 1,509.8 35.0 (4.4) 1,472.0 2.1 7.5 1,203.2 0.6 12.9

2014/12F 3.2 13.0 2,681.1 43.2 77.6 2,802.9 61.1 90.4 1,988.0 75.6 65.2


PER PBR

24,591.0

26,680.7

25,320.1

28,604.5

23,875.1

25,562.1

24,745.4

27,721.9

138,208.7

143,790.9

매출액

(십억원)

122,648.9

126,381.7

130,811.9

105,325.3

111,055.6

자산총계

(십억원)

110,317.7

105,099.2

101,822.3

(십억원)

9.2 9.710.6

12.414.4

12.0

0

5

10

15

20

Universe

All

Universe

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(배)

-10

-5

0

5

10

15

20

25


Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500

600PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500

600PBR(좌)

업종지수(우)

(P)(배)

37


201030 universe건설

건설

종목수 : 9 시가총액(십억원) : 36,941.514 15 16 17 22

Top Picks

- 대림산업 (000210) : 안정적인 해외원가율 지속, ASEAN IPP 수주 호조로 올해 수주 목표 달성 가능, 자회사 리스크 완화

- LG하우시스 (108670) : 수직증축리모델링 허용으로 마진이 높은 B2C 완성창 비중 증가, 고기능 소재 성장 지속으로 수익성 개선4 5 6 7 8 29 9 10 11 12 13


건설 33.5 0.9 2.7 0.7 19.0 # 건설(%) 13.5 21.6 (4.2) (14.0)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 7.2 9.1 (5.4) (15.3)

주) FY2013기준, 단위: 배, % #

#



2011/12A 16.3 3,473.8 16.7 4,276.7 70.9 3,111.1 74.7 4,230.7 3,406 37,834 501

2012/12A 13.2 3,334.5 (4.0) 3,671.8 (14.1) 2,627.9 (15.5) 4,115.6 2,877 41,286 435

2013/12F 6.9 1,690.1 (49.3) 1,582.6 (56.9) 1,103.3 (58.0) 2,457.9 1,208 43,738 290

2014/12F 2.9 3,817.2 125.9 3,643.7 130.2 2,633.2 138.7 4,590.2 2,883 47,864 290

2015/12F 4.6 4,754.0 24.5 4,707.6 29.2 3,401.7 29.2 5,527.1 3,724 52,778 348



2011/12A 50,100.2 34,559.5 5,910.8 46.3 (1,711.7) 4.5 12.0 14.1 1.2 8.8 1.0

2012/12A 53,331.6 37,712.6 8,318.7 48.0 (1,817.3) 3.8 11.9 15.2 1.0 6.8 1.0

2013/12F 50,950.7 39,952.1 8,712.9 45.5 (909.0) 1.8 19.0 33.5 0.9 2.7 0.7

2014/12F 50,649.3 43,721.5 6,813.7 38.1 (848.1) 4.0 9.8 14.0 0.8 5.9 0.7

2015/12F 51,091.3 48,210.0 5,540.0 32.7 (796.9) 4.8 7.9 10.9 0.8 6.9 0.9



2013/03A 7.6 (12.8) (180.5) NA NA (36.8) NA NA (96.1) NA NA

2013/06A 2.8 10.3 434.5 (51.9) NA 360.0 (61.6) NA 185.2 (74.0) NA

2013/09F 6.8 2.3 625.2 (26.2) 43.9 537.7 (34.9) 49.3 388.9 (29.1) 110.0

2013/12F 10.2 12.1 810.9 0.2 29.7 721.8 194.9 34.2 625.3 335.7 60.8

2014/03F 5.6 (16.5) 787.0 NA (2.9) 713.2 NA (1.2) 515.5 NA (17.6)

2014/06F 3.2 7.7 677.9 56.0 (13.9) 652.3 81.2 (8.5) 467.9 152.7 (9.2)

2014/09F 3.0 2.1 842.2 34.7 24.2 751.3 39.7 15.2 536.4 37.9 14.6

2014/12F 0.5 9.4 1,510.0 86.2 79.3 1,526.9 111.6 103.2 1,113.5 78.1 107.6


PER PBR

26,270.2

26,127.8

21,827.9

23,514.4

24,008.0

20,661.9

22,782.6

23,314.8

(십억원)

91,876.2

95,462.9

100,535.3

매출액

(십억원)

85,500.3

91,960.2

92,887.1

95,620.5

100,011.9

자산총계

(십억원)

76,748.0

86,888.6

9.2

15.7

13.2 13.714.9

11.0

0

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10

15

20

Universe

All

Universe

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(배)

0

20

40

60

80

100

120


Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

30

40

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500

600

700PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500

600

700PBR(좌)

업종지수(우)

(P)(배)

38


201040 universe전기부품·설비


종목수 : 2 시가총액(십억원) : 4,447.414 15 16 17 22

Top Picks

4 5 6 7 8 29 9 10 11 12 13


전기부품·설비 13.0 1.3 8.3 1.3 8.8 # 전기부품·설비(%) 9.0 17.6 (2.7) (14.8)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 2.7 5.0 (3.9) (16.2)

주) FY2013기준, 단위: 배, % #

#



2011/12A 18.3 386.2 (38.0) 203.0 (59.6) 188.0 (49.0) 740.4 3,023 48,516 936

2012/12A (1.5) 515.4 33.5 423.8 108.8 281.5 49.7 915.0 4,525 51,339 936

2013/12F 6.7 643.6 24.9 480.3 13.4 341.5 21.3 1,079.1 5,490 56,168 936

2014/12F 9.4 782.8 21.6 763.7 59.0 547.6 60.4 1,244.1 8,804 64,272 936

2015/12F 6.8 791.3 1.1 816.2 6.9 560.1 2.3 1,262.8 9,004 72,577 936



2011/12A 8,164.6 3,017.7 4,624.3 154.7 (567.3) 2.7 13.0 23.6 1.5 5.3 1.3

2012/12A 8,299.3 3,193.3 4,675.7 149.3 (484.1) 3.6 11.3 17.9 1.6 7.5 1.2

2013/12F 8,455.4 3,493.6 4,469.6 130.6 (568.9) 4.2 8.8 13.0 1.3 8.3 1.3

2014/12F 8,474.4 3,997.7 3,985.4 105.7 (543.6) 4.7 7.3 8.1 1.1 11.6 1.3

2015/12F 8,539.0 4,514.3 3,721.0 90.0 (440.1) 4.5 7.1 7.9 1.0 10.6 1.3



2013/03A (1.4) (5.4) 125.3 (15.8) 10.3 44.3 (64.9) (54.1) 29.8 (64.5) (57.6)

2013/06F (0.6) 11.6 161.0 (9.9) 28.5 57.9 (60.2) 30.7 40.7 (55.8) 36.7

2013/09F 11.5 1.7 126.7 70.4 (21.3) 147.1 170.7 154.2 101.1 187.6 148.3

2013/12F 17.7 9.6 230.6 102.9 82.1 232.3 140.8 57.9 169.8 141.4 68.0

2014/03F 9.3 (12.2) 138.2 10.3 (40.1) 53.3 20.5 (77.0) 41.3 38.5 (75.7)

2014/06F 17.3 19.9 214.8 33.4 55.4 189.4 227.3 255.0 136.6 235.5 231.1

2014/09F 4.6 (9.3) 88.6 (30.1) (58.8) 78.4 (46.7) (58.6) 54.7 (45.9) (60.0)

2014/12F 6.8 11.9 341.2 48.0 285.3 438.0 88.5 458.8 314.9 85.4 475.5


PER PBR

4,006.7

4,483.0

3,829.4

4,198.1

3,686.7

4,419.4

3,374.4

3,766.5

매출액

(십억원)

12,063.3

12,598.1

13,233.4

13,918.0

자산총계

(십억원)

11,727.2

14,210.0

15,168.4

16,595.8

17,721.0

(십억원)

14,422.5

9.2 8.4

11.6

15.216.8

11.3

0

5

10

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20

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(배)

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Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0102030405060708090

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500

600

700PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500

600

700PBR(좌)

업종지수(우)

(P)(배)

39


201050 universe지주회사·복합기업


종목수 : 6 시가총액(십억원) : 36,806.614 15 16 17 22

Top Picks

- LG (003550) : LG화학의 2분기 실적 개선 확인했으며 LG전자의 실적모멘텀, 내수자회사들의 흑자기조 유지 등으로 기업가치 업그레이드

- 한화 (000880) : 견조한 자체 영업 흐름과 이라크 프로젝트를 통하여 현금흐름을 확보하고, 태양광 관련 리스크 축소로 밸류에이션 매력강화4 5 6 7 8 29 9 10 11 12 13


지주회사·복합기업 10.8 0.8 4.5 1.4 7.3 # 지주회사·복합기업(%) 8.3 17.1 8.9 15.7

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 2.0 4.6 7.8 14.4

주) FY2013기준, 단위: 배, % #

#



2011/12A 15.4 9,554.5 (9.4) 10,990.4 8.3 3,898.4 (20.9) 14,357.7 10,743 95,062 1,282

2012/12A 8.6 7,630.6 (20.1) 6,916.7 (37.1) 2,950.5 (24.3) 12,992.3 8,203 100,498 1,413

2013/12F 0.2 8,366.4 9.6 7,223.8 4.4 3,397.2 15.1 14,032.9 9,480 120,561 1,475

2014/12F 5.0 10,338.1 23.6 9,452.9 30.9 4,353.3 28.1 16,523.1 12,148 131,335 1,568

2015/12F 4.5 11,308.1 9.4 10,388.3 9.9 4,791.8 10.1 17,939.6 13,372 144,103 1,621



2011/12A 89,825.6 34,497.3 28,017.3 72.6 (7,903.8) 6.3 6.1 7.9 0.9 6.2 1.5

2012/12A 88,681.0 36,009.8 32,367.7 69.9 (8,538.0) 4.6 7.4 11.5 0.9 4.4 1.4

2013/12F 90,854.3 43,202.1 33,694.8 60.4 (8,056.6) 5.1 7.3 10.8 0.8 4.5 1.4

2014/12F 91,783.3 47,062.8 32,416.7 54.5 (8,212.5) 6.0 6.3 8.5 0.8 5.3 1.5

2015/12F 92,129.3 51,638.1 31,096.6 49.2 (8,413.5) 6.3 5.9 7.7 0.7 5.4 1.5



2013/03A (0.8) 24.9 1,933.1 (35.2) 29.5 1,026.9 (63.8) (26.6) 634.3 (37.6) 34.6

2013/06A (2.2) (0.0) 2,337.2 6.1 20.9 1,773.6 29.0 72.7 729.4 17.8 15.0

2013/09F 1.3 (19.4) 2,306.0 6.1 (1.3) 2,204.9 16.7 24.3 967.4 10.1 32.6

2013/12F 7.5 6.8 2,364.0 58.3 2.5 2,082.5 48.8 (5.5) 985.0 109.1 1.8

2014/03F (17.5) (4.1) 2,398.8 24.1 1.5 2,291.2 123.1 10.0 1,051.2 65.7 6.7

2014/06F (19.0) (1.9) 2,437.9 4.3 1.6 2,199.8 24.0 (4.0) 1,019.7 39.8 (3.0)

2014/09F 5.0 4.5 2,717.8 17.9 11.5 2,559.6 16.1 16.4 1,144.9 18.3 12.3

2014/12F 4.9 6.8 2,783.5 17.7 2.4 2,402.2 15.4 (6.1) 1,137.5 15.5 (0.6)


PER PBR

41,435.8

43,285.7

46,214.0

51,171.2

41,236.4

44,056.2

42,241.1

51,175.4

177,340.8

매출액

(십억원)

153,177.9

155,016.0

162,045.7

169,578.4

180,894.8

자산총계

(십억원)

151,676.2

164,712.1

164,978.8

173,184.2

(십억원)

9.2 8.5 8.1

13.815.0

11.3

0

5

10

15

20

Universe

All

Universe

sector



(배)

0

10

20

30

40


Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500PBR(좌)

업종지수(우)

(P)(배)

40


20106010 universe조선

조선

종목수 : 5 시가총액(십억원) : 40,469.214 15 16 17 22

Top Picks

- 삼성중공업 (010140) : 드릴십 수주 모멘텀 재개로 수혜 전망

4 5 6 7 8 29 9 10 11 12 13


조선 28.6 1.2 4.1 0.9 14.4 # 조선(%) 15.2 40.5 23.5 12.3

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 8.9 27.9 22.3 10.9

주) FY2013기준, 단위: 배, % #

#



2011/12A 25.1 7,205.6 (17.8) 6,257.1 (31.0) 4,199.7 (33.8) 8,927.4 7,357 53,755 973

2012/12A 2.2 3,830.7 (46.8) 2,822.1 (54.9) 2,046.3 (51.3) 5,563.6 3,585 55,586 672

2013/12F 0.2 2,781.8 (27.4) 1,934.2 (31.5) 1,416.2 (30.8) 4,525.7 2,410 55,664 652

2014/12F 2.5 3,421.6 23.0 2,745.6 42.0 2,009.0 41.9 5,200.2 3,419 58,341 652

2015/12F 2.4 3,861.8 12.9 3,281.7 19.5 2,440.2 21.5 5,677.3 4,152 61,752 652



2011/12A 64,337.7 30,686.2 15,085.1 82.8 (2,537.3) 8.1 5.7 8.0 1.0 12.9 1.6

2012/12A 62,651.5 31,731.7 21,080.7 95.8 (1,862.3) 4.2 10.5 17.4 1.1 6.1 1.1

2013/12F 59,887.0 32,712.1 22,812.1 83.8 (1,675.8) 3.1 14.4 28.6 1.2 4.1 0.9

2014/12F 60,037.2 34,285.3 21,093.8 76.3 (1,998.5) 3.7 12.2 20.1 1.1 5.5 0.9

2015/12F 59,991.4 36,289.8 20,004.7 70.1 (2,170.8) 4.1 11.0 16.6 1.1 6.4 0.9



2013/03A (2.2) (7.1) 860.6 (44.8) 93.8 768.4 (41.3) NA 637.8 (30.7) NA

2013/06A (0.0) 4.5 635.4 (21.1) (26.2) 371.9 (31.5) (51.6) 255.9 (42.0) (59.9)

2013/09F (0.4) (3.0) 651.7 (37.2) 2.6 473.8 (66.0) 27.4 341.6 (65.3) 33.5

2013/12F 3.1 9.5 634.1 42.8 (2.7) 320.0 NA (32.5) 180.9 NA (47.1)

2014/03F 3.3 (6.9) 508.8 (40.9) (19.8) 916.3 19.2 186.3 671.5 5.3 271.2

2014/06F 2.2 3.3 876.6 38.0 72.3 674.9 81.5 (26.3) 473.2 84.9 (29.5)

2014/09F 3.0 (2.2) 1,117.9 71.5 27.5 1,016.6 114.6 50.6 735.9 115.4 55.5

2014/12F 1.4 7.7 918.3 44.8 (17.9) 137.9 (56.9) (86.4) 128.4 (29.0) (82.5)


PER PBR

22,472.6

23,223.8

22,712.4

24,470.9

21,746.7

22,721.5

22,043.8

24,133.3

96,302.7

98,283.5

매출액

(십억원)

96,935.7

96,338.3

94,561.5

92,879.7

95,064.9

자산총계

(십억원)

88,522.1

90,485.7

90,645.3

(십억원)

9.2

17.9

14.9 15.314.2 13.9

0

5

10

15

20

Universe

All

Universe

sector



(배)

-40

-30

-20

-10

0

10

20

30


Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0102030405060708090

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

200

400

600

800

1,000

1,200

1,400

1,600PER(좌)

업종지수(우)

(P)(배)

0.0

1.0

2.0

3.0

4.0

5.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

200

400

600

800

1,000

1,200

1,400

1,600PBR(좌)

업종지수(우)

(P)(배)

41


20106020 universe기계

기계

종목수 : 6 시가총액(십억원) : 9,790.214 15 16 17 22

Top Picks

- 성광벤드 (014620) : 강한 수주를 바탕으로 견고한 실적 유지할 것

4 5 6 7 8 29 9 10 11 12 13


기계 22.6 1.2 5.1 0.9 12.0 # 기계(%) 11.1 25.8 10.2 (13.6)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 4.7 13.2 9.0 (14.9)

주) FY2013기준, 단위: 배, % #

#



2011/12A 10.6 1,324.7 (1.6) 1,268.7 159.9 663.5 (56.6) 1,738.9 2,345 26,464 309

2012/12A 5.8 1,130.2 (14.7) 124.7 (90.2) 508.7 (23.3) 1,600.3 1,797 28,068 314

2013/12F (1.8) 1,210.2 7.1 682.1 446.8 433.5 (14.8) 1,683.7 1,529 28,230 320

2014/12F 3.1 1,370.6 13.3 904.7 32.6 671.3 54.8 1,842.9 2,367 29,261 320

2015/12F 5.8 1,515.2 10.5 1,111.2 22.8 822.8 22.6 1,996.9 2,902 30,825 320



2011/12A 18,734.6 7,488.0 8,283.8 129.6 (720.9) 7.4 11.6 17.2 1.5 8.3 0.8

2012/12A 17,990.7 7,949.8 8,470.7 129.2 (706.8) 6.0 11.5 18.3 1.1 6.0 1.0

2013/12F 18,301.3 8,004.4 9,775.4 138.9 (570.9) 6.5 12.0 22.6 1.2 5.1 0.9

2014/12F 18,243.0 8,296.5 9,620.7 132.4 (525.3) 7.2 10.8 14.6 1.2 7.6 0.9

2015/12F 18,922.4 8,739.9 9,217.8 123.7 (609.8) 7.5 9.8 11.9 1.1 8.8 0.9



2013/03A (10.6) (16.1) 212.5 (42.3) 27.4 38.3 (86.1) NA 25.6 (86.2) NA

2013/06F (0.4) 21.0 331.0 (8.0) 55.7 208.1 8.7 443.5 110.0 (66.3) 330.4

2013/09F 6.6 (8.8) 299.9 77.8 (9.4) 177.2 201.4 (14.8) 107.6 39.8 (2.1)

2013/12F 6.1 14.6 366.7 119.8 22.3 258.5 NA 45.8 190.3 NA 76.8

2014/03F 3.4 (18.2) 332.9 56.7 (9.2) 205.2 436.1 (20.6) 151.4 492.3 (20.5)

2014/06F 3.2 20.8 478.0 44.4 43.6 358.9 72.5 74.8 262.7 138.8 73.5

2014/09F 3.2 (8.8) 312.6 4.2 (34.6) 193.6 9.2 (46.1) 144.3 34.0 (45.1)

2014/12F 2.7 14.1 247.1 (32.6) (20.9) 147.1 (43.1) (24.0) 113.0 (40.7) (21.7)


PER PBR

5,261.5

5,122.0

4,187.7

5,056.8

4,611.5

4,051.0

4,899.8

4,469.3

(십억원)

27,038.7

27,307.2

28,464.7

매출액

(십억원)

26,698.3

26,504.1

18,542.1

19,117.4

20,228.4

자산총계

(십억원)

17,838.6

18,881.5

9.2

14.5 14.9 15.314.2 13.9

0

5

10

15

20

Universe

All

Universe

sector



(배)

-40

-30

-20

-10

0

10

20

30


Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

30

40

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

200

400

600

800

1,000

1,200

1,400PER(좌)

업종지수(우)

(P)(배)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

200

400

600

800

1,000

1,200

1,400PBR(좌)

업종지수(우)

(P)(배)

42


2030 universe운송

운송

종목수 : 6 시가총액(십억원) : 14,440.314 15 16 17 22

Top Picks

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4 5 6 7 8 29 9 10 11 12 13


운송 NA 1.4 -3.4 0.4 12.1 # 운송(%) 10.8 11.8 (1.6) (18.9)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 4.5 (0.8) (2.8) (20.3)

주) FY2013기준, 단위: 배, % #

#



2011/12A 8.9 920.0 (69.1) (612.8) NA (670.2) NA 3,050.1 -1,725 23,263 157

2012/12A 10.4 1,168.4 27.0 673.4 NA 227.7 NA 3,572.6 529 22,744 142

2013/12F 3.4 812.1 (30.5) (283.0) NA (353.4) NA 3,327.8 -844 23,565 146

2014/12F 8.3 1,637.8 101.7 1,015.4 NA 694.4 NA 4,196.6 1,658 25,078 146

2015/12F 7.5 2,037.5 24.4 1,290.8 27.1 938.1 35.1 4,625.3 2,240 27,173 146



2011/12A 38,368.6 9,770.0 22,372.9 256.3 (2,795.6) 2.2 12.4 NA 1.4 (6.6) 0.4

2012/12A 39,661.5 9,825.2 24,382.5 274.6 (2,609.9) 2.6 11.6 73.8 1.6 2.2 0.4

2013/12F 40,822.6 9,867.5 25,550.0 284.4 (3,239.0) 1.7 12.1 NA 1.4 (3.4) 0.4

2014/12F 41,785.1 10,500.9 25,702.4 271.7 (2,964.0) 3.2 9.7 20.8 1.3 6.4 0.4

2015/12F 42,507.5 11,378.1 25,576.3 253.3 (2,718.2) 3.8 8.7 15.4 1.2 7.9 0.4



2013/03A 4.2 33.6 (39.9) NA NA (383.5) NA NA (274.9) NA NA

2013/06A 0.7 4.9 43.4 (89.6) NA (539.9) NA NA (398.8) NA NA

2013/09F 38.5 7.9 595.7 7.6 1,273.0 421.7 (23.5) NA 293.3 (25.4) NA

2013/12F 44.6 (4.4) 212.9 NA (64.3) 218.7 2,272.6 (48.1) 27.0 NA (90.8)

2014/03F 10.2 1.9 221.7 NA 4.2 (326.6) NA NA (250.5) NA NA

2014/06F 7.0 1.8 221.3 410.0 (0.2) (486.4) NA NA (347.3) NA NA

2014/09F 7.2 8.1 756.6 27.0 241.9 516.0 22.4 NA 381.3 30.0 NA

2014/12F 8.7 (3.0) 438.2 105.9 (42.1) 1,312.5 500.0 154.4 910.9 3,273.2 138.9


PER PBR

13,287.8

12,886.1

12,393.3

11,850.2

12,072.2

12,294.3

10,952.0

11,488.8

매출액

(십억원)

49,876.5

51,108.7

52,712.1

54,318.2

자산총계

(십억원)

48,547.5

45,153.5

46,684.3

50,540.3

54,313.7

(십억원)

40,902.9

9.2

34.0 36.2

15.7 15.317.8

05

10152025303540

Universe

All

Universe

sector



(배)

0

10

20

30

40

50

60

70


Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

30

40

50

60

70

80

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

100

200

300

400

500

600PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

100

200

300

400

500

600PBR(좌)

업종지수(우)

(P)(배)

43


2510 universe자동차·자동차부품


종목수 : 12 시가총액(십억원) : 141,660.914 15 16 17 22

Top Picks

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- 현대위아 (011210) : 고마진 제품(엔진, CVJ 등)의 capa 확대. 서산공장에서 15년부터 터보차저를 생산할 계획으로 장기 성장성 제고4 5 6 7 8 29 9 10 11 12 13


자동차·자동차부품 7.6 1.3 17.1 0.8 6.9 # 자동차·자동차부품(%) 6.6 17.3 11.6 (0.8)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 0.2 4.7 10.4 (2.1)

주) FY2013기준, 단위: 배, % #

#



2011/12A 22.7 15,293.8 31.1 20,433.5 33.9 15,004.9 28.5 19,456.9 17,296 80,557 1,198

2012/12A 14.7 17,178.3 12.3 23,559.8 15.3 17,664.8 17.7 21,925.3 20,118 99,001 1,298

2013/12F 8.0 18,313.5 6.6 24,890.3 5.6 18,582.7 5.2 23,769.5 20,966 117,939 1,334

2014/12F 8.9 20,536.0 12.1 27,878.3 12.0 20,776.6 11.8 25,859.2 23,441 140,001 1,370

2015/12F 7.5 22,507.8 9.6 30,459.4 9.3 22,662.3 9.1 28,038.7 25,569 164,148 1,402



2011/12A 102,784.6 70,308.6 27,468.0 75.6 (6,367.5) 9.2 7.7 8.0 1.7 20.4 0.8

2012/12A 114,646.2 87,767.9 25,589.4 63.7 (7,013.2) 9.1 6.9 6.9 1.4 19.2 0.9

2013/12F 114,021.4 104,532.2 19,543.5 49.9 (6,699.4) 8.9 6.9 7.6 1.3 17.1 0.8

2014/12F 113,039.8 124,086.3 12,446.9 40.0 (6,168.3) 9.2 6.1 6.8 1.1 16.1 0.8

2015/12F 111,667.5 145,487.8 7,043.4 33.5 (5,538.9) 9.4 5.5 6.3 1.0 15.0 0.8



2013/03F 9.2 (2.3) 3,820.3 (9.5) 4.1 5,358.3 (14.4) 5.4 3,998.6 (14.7) 3.9

2013/06F 13.1 10.8 4,958.4 2.9 29.8 6,527.0 7.2 21.8 4,952.7 5.9 23.9

2013/09F 15.5 (5.6) 4,446.1 20.4 (10.3) 6,010.1 10.5 (7.9) 4,494.7 15.1 (9.2)

2013/12F 10.9 8.7 5,068.0 38.1 14.0 6,974.1 37.1 16.0 5,117.6 33.0 13.9

2014/03F 9.2 (3.8) 4,287.4 12.2 (15.4) 6,040.9 12.7 (13.4) 4,510.5 12.8 (11.9)

2014/06F 9.0 10.6 5,549.9 11.9 29.4 7,275.9 11.5 20.4 5,539.9 11.9 22.8

2014/09F 9.0 (5.7) 4,958.6 11.5 (10.7) 6,766.7 12.6 (7.0) 5,067.2 12.7 (8.5)

2014/12F 8.7 8.4 5,740.1 13.3 15.8 7,794.7 11.8 15.2 5,657.9 10.6 11.7


PER PBR

57,658.5

54,353.1

58,912.1

52,874.2

49,887.5

54,218.8

52,144.4

47,738.1

262,738.8

매출액

(십억원)

176,507.7

206,639.7

222,527.1

241,876.8

239,744.5

자산총계

(십억원)

165,489.9

189,765.3

204,892.4

223,068.1

(십억원)

9.2

6.57.1

10.1

12.1

8.4

0

5

10

15

Universe

All

Universe

sector



(배)

0

10

20

30

40


Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

500

1,000

1,500

2,000PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

500

1,000

1,500

2,000PBR(좌)

업종지수(우)

(P)(배)

44


252030 universe섬유·의류

섬유·의류

종목수 : 7 시가총액(십억원) : 5,608.414 15 16 17 22

Top Picks

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4 5 6 7 8 29 9 10 11 12 13


섬유·의류 12.1 1.3 9.7 0.8 6.7 # 섬유·의류(%) 7.9 (1.0) (8.2) (0.7)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 1.6 (13.5) (9.3) (2.0)

주) FY2013기준, 단위: 배, % #

#



2011/12A 39.6 904.3 37.0 822.8 25.6 467.6 17.2 1,053.4 8,582 59,516 793

2012/12A 0.7 745.6 (17.5) 818.7 (0.5) 512.2 9.5 917.5 9,129 66,173 723

2013/12F 2.6 754.2 1.2 763.9 (6.7) 461.7 (9.9) 941.0 8,148 73,151 751

2014/12F 10.8 927.8 23.0 937.5 22.7 573.7 24.3 1,134.0 10,125 82,347 820

2015/12F 11.4 1,084.5 16.9 1,106.2 18.0 680.8 18.7 1,302.7 12,015 93,344 820



2011/12A 2,026.5 3,319.1 132.3 22.9 (361.2) 14.3 5.9 12.1 1.7 12.5 0.8

2012/12A 2,028.1 3,726.3 22.1 20.5 (520.0) 11.7 6.4 10.5 1.4 12.1 0.8

2013/12F 2,063.9 4,144.9 59.0 18.7 (574.5) 11.5 6.7 12.1 1.3 9.7 0.8

2014/12F 2,192.1 4,665.9 (134.0) 16.2 (398.1) 12.8 5.5 9.8 1.2 10.6 0.8

2015/12F 2,300.6 5,289.0 (423.1) 13.8 (389.5) 13.4 4.7 8.2 1.1 11.0 0.8



2013/03A (1.1) (22.5) 136.4 (6.7) (25.4) 132.8 (26.9) (8.0) 83.6 (29.0) (17.5)

2013/06A (2.0) 15.7 185.8 (17.7) 36.2 206.8 (20.1) 55.7 122.3 (23.5) 46.3

2013/09F 4.2 3.3 208.6 9.6 12.3 194.9 (16.2) (5.7) 102.2 (22.9) (16.5)

2013/12F 8.6 17.2 223.4 22.3 7.1 229.5 59.0 17.7 153.6 51.5 50.3

2014/03F 10.3 (21.3) 155.9 14.3 (30.2) 177.9 34.0 (22.5) 115.4 38.0 (24.9)

2014/06F 10.8 16.2 224.5 20.9 44.0 254.7 23.2 43.2 157.0 28.3 36.1

2014/09F 11.5 3.9 240.7 15.4 7.2 242.5 24.4 (4.8) 134.1 31.2 (14.6)

2014/12F 10.7 16.4 306.7 37.3 27.4 262.3 14.3 8.2 167.2 8.9 24.7


PER PBR

1,516.6

1,763.1

1,832.5

2,132.2

1,374.8

1,591.3

1,643.2

1,926.0

7,585.5

8,465.8

매출액

(십억원)

5,770.2

6,258.9

6,812.4

7,244.4

8,070.8

자산총계

(십억원)

6,324.7

6,367.4

6,535.4

(십억원)

9.2 9.4

0.0

17.619.8

13.4

0

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10

15

20

25

Universe

All

Universe

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(배)

0

5

10

15


Apr-13

May-13

Jun-13

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Sep-13


(%)

0

10

20

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

200

400

600

800

1,000

1,200PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

200

400

600

800

1,000

1,200PBR(좌)

업종지수(우)

(P)(배)

45


253010 universe레저·엔터테인먼트


종목수 : 6 시가총액(십억원) : 12,953.014 15 16 17 22

Top Picks

- 에스엠 (041510) : 신규 아티스트 추가로 아티스트 라인업이 강화돼 국내외 활동 늘어날 전망. SM C&C와의 시너지로 부가사업 확대될 것

- 와이지엔터테인먼트 (122870) : 신규 아티스트 추가로 아티스트 라인업이 강화돼 국내외 활동 늘어날 전망. 의류, 3D 홀로그램 등 부가사업 확대될 것4 5 6 7 8 29 9 10 11 12 13


레저·엔터테인먼트 18.9 2.8 15.2 2.2 10.4 # 레저·엔터테인먼트(%) 9.9 1.8 (2.1) 12.4

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 3.6 (10.8) (3.2) 11.1

주) FY2013기준, 단위: 배, % #

#



2011/12A 8.7 766.2 (1.4) 777.4 0.7 531.2 (9.8) 918.5 12,835 84,869 5,948

2012/12A 14.7 778.2 1.6 824.7 6.1 637.8 20.1 943.9 15,277 95,482 6,353

2013/12F 16.8 893.1 14.8 924.1 12.1 686.0 7.6 1,075.8 16,379 104,864 6,686

2014/12F 16.0 1,070.7 19.9 1,108.7 20.0 823.7 20.1 1,269.8 19,665 116,501 7,963

2015/12F 10.4 1,198.8 12.0 1,248.2 12.6 927.3 12.6 1,414.1 22,137 129,810 8,804



2011/12A 1,486.4 3,530.3 (1,449.2) 12.5 (266.9) 25.5 8.6 17.7 2.5 15.0 2.6

2012/12A 1,764.4 3,992.1 (1,702.0) 11.2 (260.6) 22.6 10.9 18.5 2.8 15.5 2.2

2013/12F 1,945.5 4,392.4 (1,895.9) 9.5 (346.3) 22.2 10.4 18.9 2.8 15.2 2.2

2014/12F 2,197.9 4,879.9 (2,132.2) 9.9 (241.6) 23.0 8.6 15.7 2.5 16.4 2.6

2015/12F 2,366.4 5,437.3 (2,503.2) 8.7 (270.4) 23.3 7.5 14.0 2.3 16.6 2.8



2013/03A 10.9 108.8 226.6 (2.3) 102.3 229.4 (3.6) 122.1 168.5 (2.2) 49.4

2013/06F 95.6 (3.2) 197.7 40.0 (12.8) 197.6 32.9 (13.9) 146.7 35.0 (12.9)

2013/09F 131.4 28.3 295.6 98.4 49.5 303.5 95.5 53.6 217.1 87.3 47.9

2013/12F 139.1 (7.8) 173.2 54.6 (41.4) 193.7 87.6 (36.2) 153.7 36.3 (29.2)

2014/03F 20.7 5.4 285.4 26.0 64.8 287.4 25.3 48.3 207.4 23.1 34.9

2014/06F 22.4 (1.8) 274.7 39.0 (3.8) 282.7 43.1 (1.6) 202.5 38.0 (2.4)

2014/09F 9.1 14.4 321.6 8.8 17.1 331.6 9.3 17.3 234.9 8.2 16.0

2014/12F 13.7 (3.9) 188.9 9.1 (41.2) 207.1 6.9 (37.5) 179.0 16.4 (23.8)


PER PBR

1,202.9

1,057.7

1,114.4

1,094.8

1,252.1

923.4

894.1

1,147.4

(십억원)

6,467.4

7,217.3

7,954.2

매출액

(십억원)

5,021.7

5,880.1

4,022.5

4,664.2

5,150.4

자산총계

(십억원)

3,004.0

3,444.3

9.2

14.6 14.7

19.3 20.2

16.7

0

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15

20

25

Universe

All

Universe

sector



(배)

-10

0

10

20

30

40


Apr-13

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Jul-13

Aug-13

Sep-13


(%)

0

10

20

30

40

50

60

70

80

90

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

5

10

15

20

25

30

35

40PER(좌)

업종지수(우)

(P)(배)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

5

10

15

20

25

30

35

40PBR(좌)

업종지수(우)

(P)(배)

46


253020 universe교육서비스

교육서비스

종목수 : 3 시가총액(십억원) : 1,299.614 15 16 17 22

Top Picks

- 대교 (019680) : 주력 사업 강화와 신규 사업 비용 부담 완화로 실적 개선, 독보적인 시장 점유율과 배당주 매력. 단가 인상 가능성

4 5 6 7 8 29 9 10 11 12 13


교육서비스 9.7 1.0 10.6 4.2 5.3 # 교육서비스(%) 2.3 1.5 (1.1) 3.5

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) (4.0) (11.1) (2.3) 2.2

주) FY2013기준, 단위: 배, % #

#



2011/12A (1.2) 176.0 (20.7) 197.1 (10.6) 146.4 (5.5) 255.0 10,767 90,769 4,625

2012/12A (5.4) 97.8 (44.5) 108.5 (45.0) 19.1 (86.9) 164.1 1,399 84,031 2,988

2013/12F (0.4) 148.1 51.5 168.2 55.1 133.9 599.7 203.1 9,607 90,211 4,033

2014/12F 4.9 176.6 19.2 202.1 20.1 159.5 19.1 232.5 11,442 97,344 4,821

2015/12F 5.1 192.9 9.3 220.6 9.2 173.6 8.8 245.4 12,454 105,169 5,207



2011/12A 573.3 1,237.1 (239.9) 12.6 (21.1) 9.7 5.8 11.7 1.3 11.9 3.5

2012/12A 557.1 1,171.4 (159.4) 15.6 (70.8) 5.7 7.1 67.9 1.0 1.6 3.0

2013/12F 471.0 1,257.6 (236.5) 10.0 (48.0) 8.7 5.3 9.7 1.0 10.6 4.2

2014/12F 482.8 1,357.0 (275.1) 8.7 (48.0) 9.9 4.4 8.1 0.9 11.8 5.0

2015/12F 518.2 1,466.1 (327.1) 8.1 (43.6) 10.3 3.9 7.5 0.8 11.9 5.5



2013/03F (8.2) 11.2 22.1 (21.1) (7.6) 35.9 (19.1) 64.4 27.3 (26.7) NA

2013/06F (4.2) (0.1) 37.5 162.8 69.7 35.9 177.6 (0.0) 27.3 264.4 (0.2)

2013/09F (0.5) 4.1 46.3 46.3 23.5 45.7 55.4 27.4 34.7 55.8 27.3

2013/12F 13.5 (1.9) 42.3 77.1 (8.6) 50.8 132.8 11.2 44.6 NA 28.5

2014/03F 6.2 4.1 39.4 78.6 (6.8) 54.4 51.6 7.1 47.4 73.4 6.2

2014/06F 5.4 (0.8) 31.2 (16.8) (20.9) 30.2 (15.9) (44.6) 29.0 6.2 (38.9)

2014/09F 2.2 1.0 46.2 (0.1) 48.2 45.5 (0.4) 50.7 40.6 16.9 40.1

2014/12F 5.9 1.6 59.7 41.3 29.3 72.0 41.7 58.3 42.6 (4.5) 5.0


PER PBR

446.1

453.3

436.4

428.1

445.5

441.9

419.5

419.2

매출액

(십억원)

1,746.7

1,731.5

1,829.3

1,959.6

자산총계

(십억원)

1,806.3

1,710.3

1,703.1

1,786.8

1,877.3

(십억원)

1,808.1

9.2 8.5

0.0

16.014.9

0.0

0

5

10

15

20

Universe

All

Universe

sector



(배)

0

5

10

15

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25


Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

30

40

50

60

70

80

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500

600PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500

600PBR(좌)

업종지수(우)

(P)(배)

47


2540 universe미디어·광고

미디어·광고

종목수 : 9 시가총액(십억원) : 8,979.214 15 16 17 22

Top Picks

- 제일기획 (030000) : 삼성전자의 글로벌 광고 집행이 증가하는 가운데 해외 업체 인수로 모멘텀 지속될 전망. 해외를 중심으로 실적 개선 지속

- CJ E&M (130960) : 방송 프로그램 경쟁력을 바탕으로 컨텐츠 판매 증가 지속될 전망. 강화된 게임, 영화 라인업으로 국내외 실적 개선될 것4 5 6 7 8 29 9 10 11 12 13


미디어·광고 18.2 1.8 10.1 0.5 6.1 # 미디어·광고(%) 1.4 (1.7) (1.3) 4.5

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) (4.9) (14.3) (2.5) 3.2

주) FY2013기준, 단위: 배, % #

#



2011/12A 82.5 432.4 132.6 435.6 100.7 331.9 118.0 872.9 3,257 32,132 399

2012/12A 39.7 557.6 29.0 497.2 14.1 422.5 27.3 1,264.0 2,870 29,760 274

2013/12F 18.6 664.8 19.2 660.0 32.8 493.3 16.8 1,448.0 3,349 32,115 287

2014/12F 15.6 819.6 23.3 817.6 23.9 609.3 23.5 1,665.3 4,137 35,781 287

2015/12F 11.5 983.6 20.0 987.9 20.8 735.4 20.7 1,893.6 4,993 40,192 287



2011/12A 2,900.1 3,485.7 (709.1) 22.2 (274.8) 9.0 6.5 18.8 1.8 9.2 0.7

2012/12A 3,842.9 4,382.7 (334.4) 26.6 (455.8) 8.3 6.1 18.8 1.7 9.3 0.5

2013/12F 4,476.5 4,730.3 (285.9) 28.7 (569.7) 8.3 6.1 18.2 1.8 10.1 0.5

2014/12F 5,121.8 5,270.2 (587.5) 24.7 (561.9) 8.9 5.1 14.7 1.6 11.2 0.5

2015/12F 5,536.6 5,919.9 (1,048.1) 19.0 (602.3) 9.6 4.3 12.2 1.5 12.0 0.5



2013/03A 44.6 (13.9) 97.3 162.2 (35.1) 93.2 128.0 (11.4) 63.1 94.6 (28.9)

2013/06A 29.5 15.1 161.1 3.6 65.5 167.0 12.9 79.2 126.3 (10.7) 100.2

2013/09F 36.9 5.5 178.5 83.0 10.8 182.1 72.4 9.1 139.2 72.6 10.2

2013/12F 17.7 12.4 227.8 51.8 27.6 217.7 107.1 19.5 164.6 85.7 18.3

2014/03F 15.9 (15.1) 122.4 25.7 (46.3) 118.1 26.8 (45.7) 88.1 39.6 (46.5)

2014/06F 21.1 20.3 237.7 47.5 94.3 235.9 41.3 99.7 174.8 38.4 98.6

2014/09F 13.7 (0.9) 201.2 12.7 (15.4) 210.4 15.5 (10.8) 157.2 12.9 (10.1)

2014/12F 12.4 11.1 258.2 13.3 28.3 253.2 16.3 20.3 189.2 14.9 20.4


PER PBR

2,353.2

2,331.9

2,591.1

1,943.1

2,050.7

2,304.8

1,956.1

1,687.5

11,650.8

매출액

(십억원)

6,492.7

8,364.6

9,343.3

10,548.2

10,291.1

자산총계

(십억원)

4,822.4

6,736.2

7,986.0

9,232.2

(십억원)

9.2

15.3

20.5

17.1 16.9

20.6

0

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10

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25

Universe

All

Universe

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(배)

0

20

40

60

80

100


Apr-13

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Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

30

40

50

60

70

80

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

50

100

150

200

250PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

50

100

150

200

250PBR(좌)

업종지수(우)

(P)(배)

48


2550 universe유통

유통

종목수 : 10 시가총액(십억원) : 34,630.414 15 16 17 22

Top Picks

- 현대백화점 (069960) : 코엑스점 재가동으로 3분기부터 영업이익 두 자리 증가 전망, 아울렛과 신규점 추가 등 중장기 성장성도 높음

4 5 6 7 8 29 9 10 11 12 13


유통 12.6 1.0 7.5 0.6 8.2 # 유통(%) 8.4 10.4 4.4 13.3

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 2.1 (2.1) 3.3 12.0

주) FY2013기준, 단위: 배, % #

#



2011/12A 62.8 3,625.9 34.6 3,645.2 27.7 5,724.4 106.6 4,689.6 38,569 193,181 1,102

2012/12A 30.5 3,629.7 0.1 3,758.4 3.1 2,579.7 (54.9) 5,200.5 16,393 198,924 1,239

2013/12F 11.4 3,918.1 7.9 3,869.3 3.0 2,751.0 6.6 5,627.3 17,213 213,461 1,243

2014/12F 10.4 4,489.5 14.6 4,497.5 16.2 3,191.9 16.0 6,353.0 19,972 233,350 1,243

2015/12F 11.2 5,165.8 15.1 5,203.5 15.7 3,710.7 16.3 7,172.0 23,218 256,454 1,243



2011/12A 30,311.2 27,425.7 3,922.5 54.8 (3,126.2) 9.0 7.5 5.2 1.1 19.9 0.5

2012/12A 37,115.0 31,304.6 8,939.4 61.3 (3,694.7) 6.9 8.3 12.4 1.0 7.7 0.6

2013/12F 39,532.8 34,114.9 9,019.6 58.1 (4,461.1) 6.7 8.2 12.6 1.0 7.5 0.6

2014/12F 41,623.9 37,293.5 8,056.9 54.3 (3,641.0) 6.9 7.1 10.8 0.9 8.0 0.6

2015/12F 44,369.6 40,986.0 7,208.3 51.3 (3,900.9) 7.1 6.2 9.3 0.8 8.4 0.6



2013/03A 8.2 (2.6) 855.7 (4.4) (7.9) 864.8 (13.1) (8.4) 612.4 (13.4) 4.7

2013/06A 13.4 2.1 998.6 11.8 16.7 944.2 4.7 9.2 681.6 7.1 11.3

2013/09F 13.3 6.9 913.0 6.6 (8.6) 908.7 (1.8) (3.8) 645.6 (1.9) (5.3)

2013/12F 10.8 4.3 1,150.8 23.8 26.0 1,151.7 21.9 26.7 811.5 38.7 25.7

2014/03F 9.4 (3.8) 971.3 13.5 (15.6) 966.0 11.7 (16.1) 705.8 15.2 (13.0)

2014/06F 11.3 3.9 1,118.6 12.0 15.2 1,147.6 21.5 18.8 837.4 22.9 18.7

2014/09F 11.5 7.0 1,068.9 17.1 (4.4) 1,120.1 23.3 (2.4) 829.1 28.4 (1.0)

2014/12F 9.6 2.5 1,330.7 15.6 24.5 1,263.8 9.7 12.8 819.7 1.0 (1.1)


PER PBR

15,156.4

15,742.4

16,852.1

17,267.3

13,859.2

14,146.6

15,118.2

15,761.3

81,597.3

88,305.5

매출액

(십억원)

59,066.0

70,632.8

76,078.4

65,018.2

72,274.9

자산총계

(십억원)

40,493.5

52,844.7

58,885.3

(십억원)

9.210.7 10.5

20.2 21.1

14.0

0

5

10

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20

25

Universe

All

Universe

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(배)

0

5

10

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Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500

600

700

800PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500

600

700

800PBR(좌)

업종지수(우)

(P)(배)

49


3020 universe음식료·담배

음식료·담배

종목수 : 7 시가총액(십억원) : 27,080.114 15 16 17 22

Top Picks

- 롯데칠성 (005300) : - 최근 주가 상승 불구 2013F 21배는 역사적 평균인 24배대비 낮고, 부동산과 투자유가증권 가치 감안시 저평가

- 농심 (004370) : - 라면 시장점유율 개선과 프리미엄 브랜드의 매출 성장으로 ASP 상승, 수익성 개선 예상4 5 6 7 8 29 9 10 11 12 13


음식료·담배 20.3 1.6 6.9 2.1 11.2 # 음식료·담배(%) 8.6 6.0 (4.9) (2.4)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 2.2 (6.6) (6.1) (3.8)

주) FY2013기준, 단위: 배, % #

#



2011/12A 11.1 2,265.6 (0.2) 2,270.5 (26.4) 1,518.3 (31.9) 2,976.5 8,616 84,742 3,001

2012/12A 22.4 2,344.5 3.5 2,012.0 (11.4) 1,363.2 (10.2) 3,240.0 7,729 90,123 3,015

2013/12F 1.3 2,112.7 (9.9) 1,959.9 (2.6) 1,334.0 (2.1) 3,018.6 7,563 94,653 3,201

2014/12F 8.0 2,568.0 21.5 2,420.9 23.5 1,641.6 23.1 3,550.1 9,306 100,757 3,383

2015/12F 11.2 3,056.6 19.0 2,919.5 20.6 1,989.0 21.2 4,099.5 11,276 108,785 3,424



2011/12A 12,934.0 14,946.5 3,688.0 39.0 (1,524.5) 11.9 10.5 16.7 1.6 8.8 2.1

2012/12A 13,767.4 15,896.3 4,011.9 39.5 (1,949.3) 10.1 11.1 21.6 1.8 7.4 1.8

2013/12F 14,350.8 16,696.9 4,021.5 39.6 (1,973.1) 9.0 11.2 20.3 1.6 6.9 2.1

2014/12F 15,000.9 17,773.6 4,054.3 37.8 (1,801.3) 10.1 9.6 16.5 1.5 8.0 2.2

2015/12F 15,851.8 19,189.7 3,619.7 35.1 (1,860.6) 10.8 8.2 13.6 1.4 9.0 2.2



2013/03A 1.1 11.7 552.2 (13.8) 61.7 524.5 1.0 134.8 359.0 8.7 123.3

2013/06A 14.5 6.8 496.0 (18.2) (10.2) 429.5 (16.5) (18.1) 300.6 (11.0) (16.3)

2013/09F 12.2 5.5 734.3 7.1 48.0 693.4 5.7 61.4 468.1 1.9 55.7

2013/12F 8.1 (14.1) 330.2 (3.3) (55.0) 280.3 25.5 (59.6) 206.4 28.4 (55.9)

2014/03F 5.5 9.0 609.5 10.4 84.6 605.0 15.3 115.9 410.4 14.3 98.8

2014/06F 2.4 3.6 621.3 25.3 1.9 597.9 39.2 (1.2) 401.2 33.5 (2.2)

2014/09F 8.3 11.6 814.0 10.8 31.0 777.0 12.1 29.9 524.1 12.0 30.6

2014/12F 16.4 (7.7) 523.2 58.5 (35.7) 446.3 59.2 (42.6) 305.8 48.1 (41.7)


PER PBR

6,375.6

5,477.3

5,971.9

6,188.4

6,908.3

5,661.4

6,046.2

6,378.6

(십억원)

33,727.1

35,556.3

37,949.2

매출액

(십억원)

30,198.2

32,276.6

23,563.5

25,444.2

28,287.0

자산총계

(십억원)

19,006.7

23,258.1

9.2

15.9 15.216.9 16.5

20.8

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(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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50


3030 universe생활용품

생활용품

종목수 : 5 시가총액(십억원) : 16,869.114 15 16 17 22

Top Picks

- LG생활건강 (051900) : 경기둔화에도 해외진출과 신규브랜드 통해 20% 이상의 영업이익 성장 가능, 해외모멘텀 확대

- 한국콜마 (161890) : 상대적인 valuation 매력과 해외스토리 본격화, 제약 ODM 캐털리스트 긍정적 4 5 6 7 8 29 9 10 11 12 13


생활용품 22.5 3.5 15.4 0.7 13.3 # 생활용품(%) 3.9 3.4 (9.2) (12.1)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) (2.4) (9.2) (10.4) (13.4)

주) FY2013기준, 단위: 배, % #

#



2011/12A 18.3 837.8 6.2 887.2 13.8 653.9 10.0 1,032.9 21,005 119,073 3,785

2012/12A 17.8 937.3 11.9 921.0 3.8 678.5 3.8 1,180.4 20,911 128,488 3,711

2013/12F 9.8 1,019.2 8.7 1,010.2 9.7 750.8 10.7 1,298.4 22,459 143,200 3,659

2014/12F 12.6 1,203.0 18.0 1,200.9 18.9 894.6 19.2 1,511.6 26,762 166,326 3,685

2015/12F 12.1 1,401.1 16.5 1,418.7 18.1 1,058.2 18.3 1,738.3 31,656 193,659 3,765



2011/12A 2,282.4 3,748.3 154.6 21.1 (616.6) 12.4 16.3 25.4 4.3 17.1 0.6

2012/12A 2,633.9 4,295.0 432.5 24.5 (537.0) 11.8 17.9 30.5 4.7 15.5 0.5

2013/12F 3,083.5 4,786.8 353.2 26.1 (661.8) 11.7 13.3 22.5 3.5 15.4 0.7

2014/12F 3,219.5 5,559.8 53.7 21.4 (623.4) 12.3 11.3 18.9 3.0 15.7 0.7

2015/12F 3,489.5 6,473.5 (460.3) 17.5 (636.9) 12.7 9.5 15.9 2.6 15.9 0.7



2013/03A 13.4 18.9 318.5 3.4 137.8 298.0 (4.2) 136.5 217.0 (3.9) 119.4

2013/06A 14.0 1.7 256.9 9.9 (19.3) 249.4 12.9 (16.3) 182.1 16.3 (16.1)

2013/09F 4.6 (5.4) 271.2 10.9 5.6 263.9 9.2 5.8 194.0 8.5 6.5

2013/12F 12.2 (2.0) 152.2 13.6 (43.9) 176.8 40.3 (33.0) 140.1 41.7 (27.8)

2014/03F 21.7 29.1 377.3 18.5 147.9 355.8 19.4 101.2 266.5 22.8 90.2

2014/06F 12.7 (5.9) 289.2 12.6 (23.4) 282.1 13.1 (20.7) 209.9 15.2 (21.3)

2014/09F 12.4 (5.6) 304.4 12.2 5.3 303.0 14.8 7.4 223.0 15.0 6.3

2014/12F 12.7 (1.8) 226.3 48.7 (25.7) 252.1 42.6 (16.8) 188.5 34.5 (15.5)


PER PBR

2,343.7

2,302.0

2,084.5

2,042.9

2,636.7

2,481.6

2,165.9

2,202.6

매출액

(십억원)

7,013.7

7,963.4

8,931.4

10,130.1

자산총계

(십억원)

6,105.0

7,927.1

8,707.1

9,806.1

10,989.3

(십억원)

6,730.9

9.2

18.220.3 18.9 18.3

26.7

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업종지수(우)

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51


3520 universe제약·바이오

제약·바이오

종목수 : 6 시가총액(십억원) : 7,686.714 15 16 17 22

Top Picks

- 유한양행 (000100) : API 사업 가치 상승과 고수익 품목도입으로 2013년 강한 실적반등(영업이익 115% YoY)

- 동아에스티 (170900) : 강력한 신약 파이프라인 및 해외진출 모멘텀4 5 6 7 8 29 9 10 11 12 13


제약·바이오 29.9 1.9 7.2 0.6 15.2 # 제약·바이오(%) 4.0 11.1 (2.3) 22.6

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) (2.3) (1.4) (3.5) 21.3

주) FY2013기준, 단위: 배, % #

#



2011/12A 19.0 231.3 (27.0) 254.9 (29.7) 206.8 (20.9) 331.1 4,234 54,584 810

2012/12A 6.0 206.0 (10.9) 249.2 (2.2) 199.7 (3.4) 309.2 4,071 58,276 757

2013/12F 28.6 357.4 73.5 369.0 48.1 257.5 29.0 491.5 4,476 68,501 796

2014/12F 12.4 474.8 32.9 466.1 26.3 423.1 64.3 612.5 7,355 75,066 796

2015/12F 13.4 590.1 24.3 582.5 25.0 521.5 23.3 731.1 9,066 83,254 796



2011/12A 1,199.4 2,677.3 6.9 19.7 (175.5) 7.4 13.1 20.8 1.5 7.6 0.9

2012/12A 1,296.1 2,858.4 48.3 20.7 (171.2) 6.2 18.3 28.0 1.9 6.9 0.7

2013/12F 2,141.3 3,940.5 149.5 30.6 (190.2) 8.4 15.2 29.9 1.9 7.2 0.6

2014/12F 2,325.4 4,318.1 125.0 28.5 (205.2) 9.9 12.0 18.2 1.7 10.9 0.6

2015/12F 2,448.8 4,789.1 93.3 25.7 (195.2) 10.8 10.0 14.7 1.6 12.0 0.6



2013/03A 10.4 (1.2) 55.7 51.0 8.5 89.2 46.2 35.0 63.0 50.6 29.8

2013/06F 23.6 29.3 72.0 104.1 29.3 74.6 130.2 (16.4) 57.1 66.3 (9.2)

2013/09F 29.4 8.1 132.4 55.6 83.9 134.4 50.0 80.2 91.2 21.6 59.7

2013/12F 31.7 (4.6) 87.8 71.1 (33.7) 61.0 (7.7) (54.6) 53.2 9.7 (41.7)

2014/03F 33.0 (0.3) 86.5 55.3 (1.5) 90.5 1.4 48.3 96.7 53.6 81.7

2014/06F 12.6 9.5 92.8 28.8 7.3 92.1 23.5 1.7 98.8 72.9 2.1

2014/09F 11.8 7.4 151.5 14.4 63.3 147.2 9.5 59.8 140.1 53.5 41.8

2014/12F 12.2 (4.3) 144.0 63.9 (5.0) 136.3 123.2 (7.4) 87.6 64.5 (37.5)


PER PBR

1,195.0

1,283.2

1,227.8

1,061.2

1,147.4

1,094.6

1,091.2

820.7

6,779.0

매출액

(십억원)

3,902.7

4,180.8

5,695.2

6,211.2

5,440.9

자산총계

(십억원)

3,129.9

3,319.2

4,269.3

4,797.2

(십억원)

9.2

20.1 19.6

15.9 17.1

20.1

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업종지수(우)

(P)(배)

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52


4010 universe은행

은행

종목수 : 7 시가총액(십억원) : 68,974.014 15 16 17 22

Top Picks

- KB금융 (105560) : 신용리스크가 낮으며 하반기 부동산 부양정책이 효과를 발휘한다면 대출성장이 가장 높을 것

4 5 6 7 8 9 10 11 12 13

밸류에이션 PER PBR ROE DY EV/EBITDA 수익률 1개월 3개월 6개월 12개월

은행 10.2 0.6 5.7 1.3 - 은행(%) 11.4 17.7 4.2 7.8

유니버스 11.6 1.1 9.9 1.1 1.5 KOSPI 대비(%p) 5.0 5.1 3.0 6.5

주) FY2013기준, 단위: 배, %

연간추정 영업수익 영업이익 세전이익 지배주주지분순이익 충전이익 EPS BPS DPS


2011/12A 22.9 16,103.6 96.4 15,264.0 91.2 11,022.7 84.7 23,598.9 3,787 32,661 515

2012/12A (2.0) 12,108.0 (24.8) 12,115.3 (20.6) 9,014.1 (18.2) 20,700.0 3,114 35,576 415

2013/12F (8.1) 9,100.5 (24.8) 9,097.6 (24.9) 6,732.8 (25.3) 17,496.2 2,288 37,635 328

2014/12F 5.0 10,558.3 16.0 10,560.0 16.1 8,023.8 19.2 18,594.7 2,726 39,975 454

2015/12F 3.9 11,453.0 8.5 11,454.7 8.5 8,700.7 8.4 19,557.1 2,956 42,507 504

부채총계지배주주지

분총대출 예수부채 충전이익률 PPR PER PBR ROE DY

(십억원) (십억원) (십억원) (YoY,%) (십억원) (%) (배) (배) (배) (%) (%)

2011/12A 1,207,973.7 95,885.9 933,241.7 15.7 768,537.7 1.8 2.5 5.4 0.6 10.6 2.4

2012/12A 1,350,002.0 102,890.7 1,027,987.2 10.2 874,138.5 1.4 3.0 6.9 0.6 7.9 1.9

2013/12F 1,424,469.4 110,765.7 1,072,146.0 4.3 920,669.5 1.1 3.9 10.2 0.6 5.7 1.3

2014/12F 1,468,896.0 117,651.5 1,123,165.6 4.8 972,336.2 1.2 3.7 8.6 0.6 6.4 1.9

2015/12F 1,515,886.0 125,104.8 1,176,169.7 4.7 1,032,517.4 1.2 3.5 7.9 0.6 6.5 2.1



2013/03F (20.6) 10.5 2,498.0 (52.6) 222.2 2,570.5 (50.5) 145.7 1,824.9 (55.0) 143.8

2013/06F (10.7) (2.5) 1,763.7 (44.6) (29.4) 1,684.4 (43.4) (34.5) 1,235.5 (42.3) (32.3)

2013/09F (7.5) 4.4 2,758.5 (4.4) 56.4 2,759.0 (0.3) 63.8 2,092.4 1.2 69.4

2013/12F 12.0 (0.5) 2,080.2 168.3 (24.6) 2,080.6 98.9 (24.6) 1,579.9 111.0 (24.5)

2014/03F 3.5 2.2 2,762.7 10.6 32.8 2,763.1 7.5 32.8 2,100.1 15.1 32.9

2014/06F 7.3 1.1 2,510.5 42.3 (9.1) 2,510.9 49.1 (9.1) 1,909.6 54.6 (9.1)

2014/09F 4.1 1.3 2,917.6 5.8 16.2 2,918.0 5.8 16.2 2,216.0 5.9 16.0

2014/12F 5.0 0.4 2,367.5 13.8 (18.9) 2,367.9 13.8 (18.9) 1,798.0 13.8 (18.9)


PER PBR

9,350.5

9,453.1

9,575.4

9,612.3

9,033.9

8,808.8

9,194.4

9,151.3

1,596,212.1

1,651,115.6

영업수익

(십억원)

1,313,312.8

1,466,575.3

1,544,472.5

37,991.3

39,476.8

자산총계

(십억원)

40,178.2

39,357.8

36,188.5

(십억원)

9.28.3 8.6

10.211.4

7.7

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업종지수(우)

(P)(배)

53


40203020 universe증권

증권

종목수 : 6 시가총액(십억원) : 12,787.614 15 16 17 22

Top Picks

- 삼성증권 (016360) : 동사의 경쟁력은 HNW투자자중심의 로열티 높은 고객자산. 자산관리/운용시장의 성장 속에서 그 가치는 더욱 확대될 전망

- 키움증권 (039490) : 업종 내 최고 ROE 전망은 불변; 국내 유동성의 증시 유입에 따른 multiple 상승 가능성4 5 6 7 8 9 10 11 12 13


증권 28.1 0.8 2.7 1.1 - 증권(%) 7.4 5.6 (11.5) (15.9)

유니버스 11.6 1.1 9.9 1.1 1.5 KOSPI 대비(%p) 1.0 (7.0) (12.7) (17.3)

주) FY2013기준, 단위: 배, %

연간추정 영업수익 영업이익 세전이익 순이익 순수익 EPS BPS DPS


2012/03A (9.1) 1,135.3 (11.6) 1,208.0 (20.6) 887.3 (21.6) 4,161.8 1,090 16,726 303

2013/03A (2.0) 539.9 (52.4) 475.6 (60.6) 369.2 (58.4) 3,307.9 376 16,728 170

2014/03F (34.3) 561.7 4.0 585.9 23.2 455.0 23.2 2,656.6 464 17,096 169

2015/03F 42.0 924.0 64.5 965.3 64.7 749.5 64.7 3,724.3 764 17,737 235

2016/03F 7.5 1,027.2 11.2 1,071.4 11.0 832.0 11.0 3,839.8 848 18,383 235

부채총계 자본총계 이자수익 순수수료 순이자 집합증권 영업 PER PBR ROE DY

자산 수익 수익 판매잔고 수지율

(십억원) (십억원) (십억원) (십억원) (십억원) (십억원) (%) (배) (배) (%) (%)

2012/03A 73,939.4 16,405.0 62,856.6 2,603.7 1,269.4 40,092.8 125.9 18.2 1.0 5.4 1.6

2013/03A 83,867.6 16,406.9 68,320.0 1,813.6 1,377.5 45,195.9 109.3 39.4 0.9 2.3 1.0

2014/03F 86,125.9 16,767.7 70,157.8 1,499.2 1,076.4 50,805.0 114.0 28.1 0.8 2.7 1.1

2015/03F 89,429.2 17,397.1 72,918.1 2,082.1 1,484.3 59,641.5 116.2 17.1 0.7 4.3 1.6

2016/03F 92,759.2 18,030.1 75,692.3 2,126.5 1,545.4 70,361.3 117.9 15.4 0.7 4.6 1.6



2013/03A 38.0 1.8 131.0 (60.6) NA 94.5 (74.2) NA 71.1 (72.3) NA

2013/06F (24.0) 1.8 161.7 43.9 23.5 169.8 56.7 79.7 131.8 43.6 85.3

2013/09F (26.4) 1.8 191.4 (35.8) 18.3 199.5 (35.8) 17.5 154.9 (34.0) 17.6

2013/12F 7.4 1.8 208.6 NA 9.0 216.6 NA 8.6 168.2 NA 8.6

2014/03F 7.4 1.8 198.4 51.4 (4.9) 206.4 118.4 (4.7) 160.3 125.4 (4.7)

2014/06F 7.4 1.8 212.8 31.6 7.3 223.9 31.9 8.5 173.8 31.8 8.4

2014/09F 7.4 1.8 255.2 33.3 19.9 266.3 33.5 18.9 206.8 33.5 19.0

2014/12F 7.5 1.8 257.6 23.5 1.0 268.7 24.0 0.9 208.6 24.0 0.9


PER PBR

3,481.8

3,240.3

3,299.0

3,358.8

3,419.7

3,070.7

3,126.2

3,182.7

(십억원)

102,893.6

106,826.3

110,789.3

영업수익

(십억원)

90,344.4

100,274.5

9,549.2

13,559.2

14,571.7

자산총계

(십억원)

14,825.8

14,527.4

9.2

20.7

15.1

12.2 12.0 12.8

0

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Universe

All

Universe

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(배)

0

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30

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60

70


Apr-13

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Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

30

40

50

60

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

50

100

150

200

250PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

50

100

150

200

250PBR(좌)

업종지수(우)

(P)(배)

54


4030 universe보험

보험

종목수 : 8 시가총액(십억원) : 49,265.214 15 16 17 22

Top Picks

- 삼성화재 (000810) : RBC 규제 강화에도 불구하고 자사주 매입 및 배당성향 유지 가능. 또한 2013년에는 해외진출 본격화

- LIG손해보험 (002550) : 상위사와의 갭축소 진행되는 가운데 저평가 매력 부각. 신정부 경제 민주화 과정에서 소유구조 변화 가능성에도 주목4 5 6 7 8 9 10 11 12 13


보험 19.1 1.1 5.9 1.4 - 보험(%) 3.5 3.5 4.5 5.7

유니버스 11.6 1.1 9.9 1.1 1.5 KOSPI 대비(%p) (2.9) (9.1) 3.3 4.3

주) FY2013기준, 단위: 배, %

연간추정 영업수익 영업이익 세전이익 순이익 수정순이익 수정EPS 수정BPS DPS


2012/03A 13.1 3,325.9 (6.5) 4,622.3 (11.9) 3,473.1 (9.0) 2,004.1 3,708 42,402 1,175

2013/03A 23.1 2,910.8 (12.5) 4,386.1 (5.1) 3,388.7 (2.4) 1,937.8 3,616 49,671 963

2013/12F (28.5) 2,250.0 (22.7) 3,410.8 (22.2) 2,580.4 (23.9) 1,557.9 2,752 46,538 732

2014/12F 43.4 3,368.5 49.7 5,084.7 49.1 3,854.2 49.4 2,196.6 4,111 50,611 1,128

2015/12F 4.6 3,596.4 6.8 5,534.0 8.8 4,194.8 8.8 2,368.9 4,474 54,672 1,216

부채총계 자본총계 수정 운용자산 손해율 사업비율 투자 수정PER 수정PBR 수정ROE DY

자기자본 수익률

(십억원) (십억원) (십억원) (십억원) (%) (%) (%) (배) (배) (%) (%)

2012/03A 294,379.7 39,734.2 15,123.7 81,546.1 34.3 17.9 3.8 13.7 1.2 8.7 2.3

2013/03A 340,147.0 46,546.4 17,816.7 97,823.1 33.3 18.6 3.7 14.0 1.0 7.3 1.9

2013/12F 367,894.8 43,631.3 17,092.7 101,868.7 25.9 18.7 2.8 19.1 1.1 5.9 1.4

2014/12F 408,150.9 47,450.3 18,766.7 111,125.6 22.2 18.3 3.1 12.8 1.0 8.1 2.1

2015/12F 446,094.7 51,257.8 20,404.1 119,755.9 21.8 18.2 4.9 11.7 1.0 8.2 2.3



2013/03A 22.8 7.0 576.5 (41.2) 8.4 983.9 (26.4) 13.8 768.8 (26.9) 17.3

2013/06A 6.0 (15.5) 812.3 (13.4) 40.9 1,199.5 (8.0) 21.9 904.2 (10.3) 17.6

2013/09A (4.6) 4.4 796.2 (7.9) (2.0) 1,171.4 (5.0) (2.3) 887.9 (7.2) (1.8)

2013/12F (4.9) 0.8 641.5 20.6 (19.4) 1,040.0 20.3 (11.2) 788.3 20.3 (11.2)

2014/03F (3.3) 8.8 867.6 50.5 35.2 1,284.3 30.5 23.5 973.5 26.6 23.5

2014/06F 9.8 (4.1) 842.4 3.7 (2.9) 1,261.9 5.2 (1.7) 956.5 5.8 (1.7)

2014/09F 5.0 (0.2) 775.2 (2.6) (8.0) 1,202.2 2.6 (4.7) 911.2 2.6 (4.7)

2014/12F 4.7 0.6 883.3 37.7 13.9 1,336.3 28.5 11.2 1,012.9 28.5 11.2


PER PBR

20,893.2

21,024.8

19,905.0

20,073.1

21,831.4

20,935.1

22,584.8

19,075.2

영업수익

(십억원)

386,693.4

411,526.1

455,601.2

497,352.5

자산총계

(십억원)

334,113.9

82,545.8

59,053.4

84,684.5

88,564.6

(십억원)

67,045.3

9.2

15.6

12.511.1 11.0

13.2

0

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10

15

20

Universe

All

Universe

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(배)

0

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40

60

80

100

120

140


Apr-13

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Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

200

400

600

800

1,000PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

200

400

600

800

1,000PBR(좌)

업종지수(우)

(P)(배)

55


4510 universe인터넷·소프트웨어


종목수 : 7 시가총액(십억원) : 25,615.314 15 16 17 22

Top Picks

- NAVER (035420) : 모바일 메신저 라인의 글로벌 가입자 증가 지속, 라인 게임 흥행 및 신규 비즈니스 시작으로 수익모델 본격화

- 엔씨소프트 (036570) : 신규 매출원인 블레이드앤소울, 길드워2 중국 서비스 금년에 시작될 예정, 리니지 등 기존 게임 매출 하반기에도 견조4 5 6 7 8 29 9 10 11 12 13


인터넷·소프트웨어 33.6 4.5 15.9 0.2 19.1 # 인터넷·소프트웨어(%) 16.6 23.3 23.0 7.3

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) 10.3 10.7 21.8 5.9

주) FY2013기준, 단위: 배, % #

#



2011/12A 18.2 1,087.9 0.4 1,068.4 9.7 795.8 (1.2) 1,259.4 57,783 257,406 5,600

2012/12A 13.1 1,104.0 1.5 1,109.5 3.8 824.2 3.6 1,327.8 59,795 299,678 4,189

2013/12F 0.8 983.7 (10.9) 1,010.4 (8.9) 762.6 (7.5) 1,212.3 61,619 377,487 4,308

2014/12F 19.2 1,374.8 39.8 1,399.1 38.5 1,072.0 40.6 1,618.0 86,621 458,799 4,953

2015/12F 10.3 1,500.1 9.1 1,534.7 9.7 1,169.6 9.1 1,758.8 94,503 547,488 5,506



2011/12A 1,539.1 3,546.4 (1,811.6) 11.8 (465.0) 27.1 15.0 26.0 4.5 21.8 0.4

2012/12A 1,788.9 4,132.1 (1,995.3) 12.8 (480.3) 24.3 12.0 21.6 3.5 19.4 0.3

2013/12F 1,611.2 4,671.8 (2,592.3) 9.6 (315.0) 21.5 19.1 33.6 4.5 15.9 0.2

2014/12F 1,762.1 5,678.1 (3,414.3) 8.2 (268.2) 25.2 13.8 23.9 3.8 18.5 0.2

2015/12F 1,857.4 6,775.7 (4,335.2) 7.2 (279.9) 25.0 12.2 21.9 3.3 16.9 0.3



2013/03A (0.1) 9.0 247.6 (6.0) 0.3 278.2 (1.9) 32.0 265.4 24.7 106.8

2013/06A 7.0 5.8 260.0 16.6 5.0 256.7 19.2 (7.7) 204.5 30.0 (22.9)

2013/09F 1.4 (0.7) 210.9 (23.7) (18.9) 219.4 (23.5) (14.5) 168.7 (24.7) (17.5)

2013/12F 23.1 7.6 265.3 7.4 25.8 256.0 21.4 16.7 124.0 (3.3) (26.5)

2014/03F 15.2 1.9 275.1 11.1 3.7 277.6 (0.2) 8.4 207.9 (21.7) 67.6

2014/06F 16.8 7.3 327.7 26.0 19.1 336.5 31.1 21.2 256.8 25.6 23.5

2014/09F 25.9 7.0 398.1 88.7 21.5 407.6 85.8 21.1 315.9 87.2 23.0

2014/12F 18.6 1.4 374.0 41.0 (6.1) 377.4 47.4 (7.4) 291.4 135.0 (7.7)


PER PBR

1,333.3

1,426.2

1,446.3

1,141.4

1,133.0

1,219.0

1,242.6

1,079.1

8,767.7

매출액

(십억원)

5,183.4

6,042.2

6,402.9

7,567.9

6,010.8

자산총계

(십억원)

4,014.0

4,537.9

4,572.5

5,448.3

(십억원)

9.2

17.9 18.316.3 16.0

22.0

0

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25

Universe

All

Universe

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(배)

0

5

10

15

20

25

30


Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0102030405060708090

100110

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

200

400

600

800

1,000

1,200PER(좌)

업종지수(우)

(P)(배)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

200

400

600

800

1,000

1,200PBR(좌)

업종지수(우)

(P)(배)

56


452010 universe통신장비·부품


종목수 : 12 시가총액(십억원) : 4,188.214 15 16 17 22

Top Picks

- LG전자 (066570) : 스마트폰 판매호조에 따라 연간 영업이익이 컨센서스를 상회할 것으로 전망

4 5 6 7 8 29 9 10 11 12 13


통신장비·부품 8.6 1.3 16.0 1.3 5.5 # 통신장비·부품(%) 0.5 1.9 (10.8) (4.7)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) (5.8) (10.6) (12.0) (6.1)

주) FY2013기준, 단위: 배, % #

#



2011/12A 29.6 315.6 6.1 302.7 (9.4) 249.2 (14.2) 483.5 9,308 69,423 1,841

2012/12A 37.5 462.4 46.5 447.1 47.7 371.4 49.1 688.9 13,594 80,978 2,007

2013/12F 31.9 591.4 27.9 609.5 36.3 488.6 31.5 832.5 17,482 109,011 1,992

2014/12F 17.9 750.7 26.9 755.0 23.9 586.5 20.0 990.1 20,985 130,692 1,992

2015/12F 18.2 909.3 21.1 913.6 21.0 704.6 20.1 1,142.3 25,211 157,112 1,992



2011/12A 1,394.3 1,880.3 317.3 34.0 (404.3) 7.8 7.4 13.0 1.7 13.2 1.5

2012/12A 1,688.8 2,229.1 189.1 33.3 (406.4) 8.4 7.0 12.4 2.0 16.7 1.2

2013/12F 1,971.2 3,046.6 361.2 23.1 (386.0) 8.1 5.5 8.6 1.3 16.0 1.3

2014/12F 2,190.7 3,652.6 266.9 19.9 (350.0) 8.7 4.5 7.1 1.1 16.0 1.3

2015/12F 2,409.7 4,390.9 71.0 15.9 (355.0) 8.9 3.7 5.9 0.9 16.0 1.3



2013/03A 120.1 53.9 102.1 67.2 92.3 115.0 80.6 183.3 63.1 18.5 69.8

2013/06F 131.8 9.9 123.4 72.9 20.9 125.1 87.9 8.8 71.6 32.9 13.5

2013/09F 137.8 21.2 180.6 130.1 46.4 182.3 126.2 45.7 105.5 46.2 47.4

2013/12F 107.6 1.2 185.3 249.2 2.6 187.1 360.8 2.6 95.1 155.8 (9.9)

2014/03F (66.1) (74.9) 53.1 (48.0) (71.4) 52.6 (54.2) (71.9) 25.7 (59.3) (73.0)

2014/06F (62.1) 23.1 66.8 (45.8) 25.9 66.4 (46.9) 26.1 36.5 (49.0) 42.1

2014/09F (65.9) 9.0 75.4 (58.3) 12.8 74.9 (58.9) 12.9 49.6 (53.0) 35.7

2014/12F (66.3) 0.2 72.9 (60.6) (3.2) 72.5 (61.2) (3.2) 18.0 (81.1) (63.7)


PER PBR

516.9

636.1

693.2

694.5

1,525.9

1,676.9

2,033.0

2,057.9

5,481.2

6,394.8

매출액

(십억원)

3,282.0

3,956.5

4,686.7

8,600.6

10,166.2

자산총계

(십억원)

4,022.0

5,531.8

7,293.8

(십억원)

9.27.2

0.0

14.613.0

23.2

0

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Universe

All

Universe

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(배)

0

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Jul-13

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Sep-13


(%)

0

10

20

30

40

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

50

100

150

200PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

50

100

150

200PBR(좌)

업종지수(우)

(P)(배)

57


452020 universe디스플레이

디스플레이

종목수 : 9 시가총액(십억원) : 17,994.614 15 16 17 22

Top Picks

- 제일모직 (001300) : 단기적으로 패션부문 실적우려가 있지만, 전자재료부문의 성장 지속 중

4 5 6 7 8 29 9 10 11 12 13


디스플레이 16.3 1.1 7.0 1.6 3.4 # 디스플레이(%) (3.7) 2.7 (8.6) (7.2)

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) (10.0) (9.8) (9.7) (8.5)

주) FY2013기준, 단위: 배, % #

#



2011/12A (0.8) (186.5) NA (506.3) NA (271.5) NA 3,730.8 -649 34,995 193

2012/12A 17.7 1,569.5 NA 1,097.8 NA 722.6 NA 6,373.3 1,718 35,876 247

2013/12F (3.7) 1,825.6 16.3 1,399.5 27.5 1,104.2 52.8 6,176.3 2,624 37,531 694

2014/12F 8.6 2,717.9 48.9 2,534.9 81.1 2,164.7 96.0 7,135.7 5,143 41,664 694

2015/12F 6.4 2,263.0 (16.7) 2,079.9 (18.0) 1,753.8 (19.0) 6,253.1 4,167 44,822 694



2011/12A 17,751.2 14,681.6 2,947.2 40.4 (4,730.1) (0.6) 5.6 NA 1.2 (1.8) 0.5

2012/12A 17,353.3 15,093.4 2,753.7 40.9 (4,603.9) 4.2 3.5 26.8 1.3 4.8 0.5

2013/12F 16,640.9 15,795.4 2,717.7 38.9 (4,846.9) 5.0 3.4 16.3 1.1 7.0 1.6

2014/12F 17,229.2 17,535.2 1,499.2 33.7 (4,775.0) 6.9 2.7 8.3 1.0 12.3 1.6

2015/12F 17,593.1 18,864.1 723.0 29.1 (4,365.4) 5.4 3.0 10.3 0.9 9.3 1.6



2013/03A 13.0 (15.0) 296.5 NA (56.3) 208.7 NA (64.1) 132.6 NA (64.0)

2013/06A 1.3 (0.8) 523.5 34.8 76.5 310.4 513.2 48.8 221.5 NA 67.0

2013/09F 0.3 4.7 578.4 54.2 10.5 514.9 65.8 65.9 445.4 109.8 101.1

2013/12F (9.2) 2.9 427.2 (37.1) (26.1) 365.6 (37.1) (29.0) 304.7 (17.3) (31.6)

2014/03F (0.4) (6.7) 477.4 61.0 11.8 447.9 114.7 22.5 379.3 186.0 24.5

2014/06F 7.0 6.5 560.1 7.0 17.3 515.7 66.1 15.1 434.9 96.4 14.7

2014/09F 12.1 9.6 739.0 27.8 31.9 684.5 32.9 32.7 588.6 32.1 35.4

2014/12F 15.1 5.6 941.4 120.4 27.4 886.9 142.6 29.6 762.0 150.0 29.5


PER PBR

10,903.1

9,475.4

8,836.7

9,414.5

10,321.3

8,868.7

8,797.3

9,207.9

(십억원)

32,478.1

34,826.3

36,532.8

매출액

(십억원)

32,448.5

32,480.7

36,349.3

39,475.5

42,007.7

자산총계

(십억원)

32,084.9

37,748.7

9.210.1

0.0

10.6 10.511.7

0

5

10

15

Universe

All

Universe

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(배)

0

5

10

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20


Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13


(%)

0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

50

100

150

200

250

300

350

400PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

50

100

150

200

250

300

350

400PBR(좌)

업종지수(우)

(P)(배)

58


452030 universe전자부품

전자부품

종목수 : 7 시가총액(십억원) : 32,346.014 15 16 17 22

Top Picks

4 5 6 7 8 29 9 10 11 12 13


전자부품 19.2 1.2 6.0 0.6 7.0 # 전자부품(%) 3.5 11.6 1.3 8.1

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) (2.8) (0.9) 0.1 6.7

주) FY2013기준, 단위: 배, % #

#



2011/12A (0.5) 781.5 (29.7) 327.7 (80.9) 103.9 (95.8) 3,563.4 323 73,453 529

2012/12A (0.0) 2,045.8 161.8 3,164.3 865.5 1,989.7 1,814.2 4,874.5 5,910 76,923 556

2013/12F 11.2 2,559.3 25.1 2,564.0 (19.0) 1,688.6 (15.1) 5,809.8 5,010 81,386 556

2014/12F 8.5 3,993.6 56.0 4,842.8 88.9 3,382.2 100.3 7,367.5 10,034 90,854 556

2015/12F 5.0 4,292.7 7.5 5,118.4 5.7 3,629.7 7.3 7,742.5 10,768 101,055 556



2011/12A 28,709.8 24,725.6 7,739.8 48.3 (4,320.4) 1.1 9.8 252.9 1.1 0.4 0.6

2012/12A 29,085.5 25,898.9 7,262.9 43.8 (3,197.6) 2.9 7.8 15.3 1.2 7.5 0.6

2013/12F 32,787.4 27,433.9 7,666.3 44.5 (4,528.0) 3.2 7.0 19.2 1.2 6.0 0.6

2014/12F 33,256.2 30,625.1 7,079.5 38.4 (2,937.8) 4.6 5.5 9.6 1.0 10.6 0.6

2015/12F 32,499.6 34,063.8 6,152.3 33.5 (2,899.9) 4.7 5.2 8.9 0.9 10.1 0.6



2013/03A 8.1 3.5 472.7 (13.7) 59.9 425.1 (41.0) NA 212.9 (49.7) NA

2013/06F 14.7 4.0 782.0 2.3 65.4 646.2 19.2 52.0 418.4 3.4 96.5

2013/09F 15.3 (0.5) 660.5 49.9 (15.5) 806.6 (60.1) 24.8 561.9 (62.5) 34.3

2013/12F 7.8 0.6 644.1 117.8 (2.5) 686.1 NA (14.9) 495.5 NA (11.8)

2014/03F 8.2 3.9 514.2 8.8 (20.2) 481.2 13.2 (29.9) 338.6 59.0 (31.7)

2014/06F 8.5 4.3 860.4 10.0 67.3 745.8 15.4 55.0 531.4 27.0 56.9

2014/09F 8.7 (0.4) 735.5 11.4 (14.5) 937.3 16.2 25.7 670.9 19.4 26.3

2014/12F 8.6 0.6 1,883.5 192.4 156.1 2,678.6 290.4 185.8 1,841.4 271.7 174.5


PER PBR

21,728.0

21,848.5

19,989.5

20,115.8

20,905.1

21,805.1

19,316.9

20,096.2

매출액

(십억원)

55,497.1

60,926.3

65,181.7

68,430.7

자산총계

(십억원)

54,254.8

71,503.3

79,518.4

86,286.6

90,642.9

(십억원)

71,537.7

9.210.8 11.3

13.7 13.0

10.8

0

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15

Universe

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(배)

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(%)

0

10

20

30

40

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

50

100

150

200

250

300

350PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

50

100

150

200

250

300

350PBR(좌)

업종지수(우)

(P)(배)

59


453010 universe반도체·반도체장비


종목수 : 10 시가총액(십억원) : 249,012.714 15 16 17 22

Top Picks

- 삼성전자 (005930) : 시장지배력 및 원가경쟁력에 대한 재평가 통해 점진적인 주가 상승 전망

4 5 6 7 8 29 9 10 11 12 13


반도체·반도체장비 7.6 1.5 20.0 0.6 3.5 # 반도체·반도체장비(%) 5.4 7.7 (8.0) 3.3

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) (0.9) (4.8) (9.1) 1.9

주) FY2013기준, 단위: 배, % #

#



2011/12A 5.2 16,233.3 (18.8) 17,603.7 (21.5) 13,647.9 (27.3) 33,476.3 16,305 128,205 1,159

2012/12A 20.1 29,173.0 79.7 30,070.1 70.8 23,301.8 70.7 48,183.7 25,103 137,746 1,503

2013/12F 16.7 41,476.3 42.2 42,166.3 40.2 32,905.3 41.2 62,198.7 34,396 166,404 1,533

2014/12F 7.2 47,331.4 14.1 48,329.6 14.6 37,943.4 15.3 72,094.2 39,663 202,398 1,786

2015/12F 3.8 47,548.4 0.5 49,839.3 3.1 38,914.2 2.6 72,827.5 40,677 239,214 2,001



2011/12A 66,081.7 107,425.4 (6,684.0) 20.2 (25,773.1) 9.0 5.6 13.9 1.6 12.2 0.5

2012/12A 70,801.1 129,560.9 (17,355.1) 16.8 (27,025.4) 13.5 5.3 11.4 1.9 17.4 0.5

2013/12F 80,937.1 159,191.8 (38,350.1) 13.0 (27,068.7) 16.5 3.5 7.6 1.5 20.0 0.6

2014/12F 81,437.4 193,625.3 (61,074.7) 10.2 (30,946.9) 17.5 2.7 6.6 1.2 19.0 0.7

2015/12F 74,528.3 228,845.1 (82,719.9) 8.2 (29,070.7) 17.0 2.4 6.4 1.1 16.5 0.7



2013/03A 16.3 (5.4) 9,138.3 65.9 (0.1) 9,313.0 50.8 7.1 7,200.0 55.2 2.2

2013/06A 21.9 10.5 10,738.8 63.6 17.5 10,953.5 61.6 17.6 8,615.7 70.6 19.7

2013/09F 15.3 2.4 10,759.5 34.0 0.2 10,902.1 30.2 (0.5) 8,562.0 32.3 (0.6)

2013/12F 14.4 6.9 10,839.7 18.4 0.7 10,992.7 26.4 0.8 8,527.7 21.1 (0.4)

2014/03F 12.1 (7.4) 11,293.5 23.6 4.2 11,696.3 25.6 6.4 9,199.9 27.8 7.9

2014/06F 6.5 5.0 11,675.5 8.7 3.4 11,988.0 9.4 2.5 9,401.3 9.1 2.2

2014/09F 5.7 1.7 12,211.4 13.5 4.6 12,366.5 13.4 3.2 9,705.0 13.4 3.2

2014/12F 5.3 6.4 12,150.9 12.1 (0.5) 12,268.4 11.6 (0.8) 9,637.5 13.0 (0.7)


PER PBR

66,621.6

67,750.3

72,109.6

62,552.6

64,077.0

68,490.2

63,453.8

56,597.6

310,561.0

매출액

(십억원)

177,796.4

204,822.0

245,413.0

281,284.6

280,305.9

자산총계

(십억원)

179,599.3

215,721.0

251,717.3

269,935.3

(십억원)

9.2

6.7 6.5

11.4

14.1

8.4

0

5

10

15

Universe

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(배)

0

5

10

15

20

25

30

35


Apr-13

May-13

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Sep-13


(%)

0

10

20

30

40

50

60

70

80

90

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500PBR(좌)

업종지수(우)

(P)(배)

60


5010 universe통신서비스

통신서비스

종목수 : 4 시가총액(십억원) : 33,619.814 15 16 17 22

Top Picks

- SK텔레콤 (017670) : 배당 메리트, 매력적인 valuation, 자회사의 기업가치 상승, LTE 효과로 하반기부터 ARPU 개선 전망

4 5 6 7 8 29 9 10 11 12 13


통신서비스 11.4 1.0 9.1 4.1 4.4 # 통신서비스(%) 0.9 6.1 18.0 33.4

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) (5.4) (6.4) 16.8 32.1

주) FY2013기준, 단위: 배, % #

#



2011/12A 6.5 4,399.0 (4.7) 4,031.9 (11.4) 3,163.4 (13.9) 11,483.2 2,929 26,480 1,258

2012/12A 9.9 3,168.8 (28.0) 2,870.6 (28.8) 2,175.5 (31.2) 10,909.5 2,065 29,238 1,216

2013/12F 1.7 4,010.9 26.6 3,818.9 33.0 2,959.3 36.0 12,076.2 2,954 30,851 1,388

2014/12F 2.6 4,861.8 21.2 5,230.4 37.0 4,134.2 39.7 12,857.1 4,127 33,554 1,432

2015/12F 2.5 5,324.6 9.5 6,248.9 19.5 4,881.9 18.1 13,269.4 4,873 36,934 1,512



2011/12A 40,315.9 28,596.7 17,186.6 74.4 (7,827.4) 9.0 3.9 8.1 0.8 10.4 5.3

2012/12A 43,052.9 29,289.5 19,140.2 77.0 (9,936.4) 5.9 4.3 12.1 0.8 7.0 4.9

2013/12F 43,221.9 30,905.1 17,763.0 71.2 (8,684.3) 7.4 4.4 11.4 1.0 9.1 4.1

2014/12F 41,921.7 33,613.1 16,882.1 63.3 (8,342.7) 8.7 4.1 8.1 0.9 11.7 4.3

2015/12F 40,700.3 36,999.0 15,237.4 55.6 (8,156.6) 9.3 3.8 6.9 0.8 12.6 4.5



2013/03A 7.1 2.2 917.7 (21.3) 128.4 816.7 (11.4) 5.9 615.4 (14.1) 0.4

2013/06A 1.5 (2.8) 1,061.4 36.2 15.7 895.2 59.0 9.6 659.9 97.2 7.2

2013/09F (1.4) 2.0 1,101.8 109.1 3.8 1,124.9 85.1 25.7 895.3 77.3 35.7

2013/12F 3.4 2.0 930.0 131.4 (15.6) 982.2 27.4 (12.7) 788.7 28.7 (11.9)

2014/03F 0.7 (0.4) 1,270.6 38.5 36.6 1,300.7 59.3 32.4 1,024.7 66.5 29.9

2014/06F 4.1 0.4 1,328.1 25.1 4.5 1,338.3 49.5 2.9 1,061.2 60.8 3.6

2014/09F 3.2 1.2 1,250.1 13.5 (5.9) 1,371.2 21.9 2.5 1,084.5 21.1 2.2

2014/12F 2.6 1.4 1,013.0 8.9 (19.0) 1,220.3 24.2 (11.0) 963.8 22.2 (11.1)


PER PBR

13,783.1

13,837.1

14,003.1

14,196.0

13,681.9

13,296.9

13,565.4

13,838.2

77,245.7

79,340.2

매출액

(십억원)

70,818.7

74,199.4

75,907.7

55,819.3

57,217.0

자산총계

(십억원)

48,670.7

53,481.8

54,382.5

(십억원)

9.2 8.9 9.2

13.5

16.014.0

0

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0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

10

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40

50

60

70PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

10

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70PBR(좌)

업종지수(우)

(P)(배)

61


5510 universe전력·가스

전력·가스

종목수 : 4 시가총액(십억원) : 27,068.214 15 16 17 22

Top Picks

- 한국가스공사 (036460) : 우리나라의 에너지 정책이 원전에서 가스로 바뀔 것으로 보여 가스공사에 대한 정부의 정책적/금전적 지원이 확대될 것

4 5 6 7 8 29 9 10 11 12 13


전력·가스 53.2 0.4 0.8 0.9 9.8 # 전력·가스(%) 3.3 16.7 (1.2) 0.9

유니버스 11.6 1.1 9.9 1.1 1.5 # KOSPI 대비(%p) (3.0) 4.1 (2.4) (0.4)

주) FY2013기준, 단위: 배, % #

#



2011/12A 16.0 191.7 (93.5) (1,959.0) NA (3,081.2) NA 8,101.8 -4,191 85,930 187

2012/12A 17.8 834.7 335.5 (3,226.2) NA (2,534.9) NA 9,117.0 -3,447 82,027 326

2013/12F 7.2 3,210.2 284.6 765.6 NA 508.9 NA 12,012.7 681 81,026 341

2014/12F 4.9 5,862.8 82.6 3,331.0 335.1 2,410.5 373.7 15,274.9 3,224 83,894 340

2015/12F 4.9 7,792.9 32.9 5,479.3 64.5 4,039.0 67.6 17,684.9 5,402 88,945 342



2011/12A 114,015.1 63,192.6 70,698.0 115.0 (13,316.9) 0.3 11.5 NA 0.3 (4.8) 0.6

2012/12A 130,935.3 60,322.4 81,394.7 137.6 (15,091.5) 0.9 12.2 NA 0.5 (4.1) 0.8

2013/12F 142,958.0 60,579.9 89,511.2 150.2 (19,384.9) 3.4 9.8 53.2 0.4 0.8 0.9

2014/12F 151,382.8 62,724.1 95,252.9 154.2 (18,906.7) 5.9 8.1 11.2 0.4 3.8 0.8

2015/12F 156,237.1 66,500.3 97,100.0 148.4 (17,295.3) 7.5 7.1 6.7 0.4 5.9 0.9



2013/03A 6.7 26.7 1,631.1 161.8 449.3 765.7 224.2 NA 499.5 NA NA

2013/06A 13.0 (24.1) (790.4) NA NA (1,685.0) NA NA (1,587.3) NA NA

2013/09F 8.3 9.4 1,274.1 (30.8) NA 793.9 (33.5) NA 641.6 (18.4) NA

2013/12F 11.4 5.9 1,095.4 268.9 (14.0) 891.0 NA 12.2 955.1 NA 48.9

2014/03F 4.8 19.1 1,862.0 14.2 70.0 1,050.8 37.2 17.9 767.5 53.6 (19.7)

2014/06F 4.9 (24.0) (298.0) NA NA (1,055.3) NA NA (739.0) NA NA

2014/09F 5.0 9.5 3,001.2 135.6 NA 2,374.5 199.1 NA 1,666.7 159.8 NA

2014/12F 4.9 5.7 1,297.6 18.5 (56.8) 960.9 7.8 (59.5) 715.3 (25.1) (57.1)


PER PBR

25,159.4

23,992.1

28,580.4

21,727.2

23,792.1

27,280.1

20,709.7

22,650.5

(십억원)

204,816.6

215,502.0

224,248.6

매출액

(십억원)

177,737.4

192,423.2

94,632.5

99,259.1

104,149.7

자산총계

(십억원)

74,954.0

88,269.0

9.2

18.7

10.8

13.915.5

11.6

0

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20

Universe

All

Universe

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(배)

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Sep-13


(%)

0

10

20

30

40

50

60

70

80

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

20

40

60

80

100

120

140

160PER(좌)

업종지수(우)

(P)(배)

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

20

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160PBR(좌)

업종지수(우)

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62

유니버스 기업 수익 추정

Contents

유니버스 종목 리스트 ..................................................................64

기업별 수익추정 ........................................................................68


유니버스 리스트

종목수 : 218주) EPS 변경종목은20% 이상 변경된 경우만 표시

산업 종목코드 종목명 시가총액 현재주가 EPS(FY2013, 원)

KGICS1 KGICS2 (십억원) (원) 변경 변경 변경

에너지 자원개발 001120 LG상사 1,306 33,700 중립 - 3,385

001740 SK네트웍스 1,658 6,680 매수 15,000 (545)

047050 대우인터내셔널 4,367 38,350 매수 45,000 1,330

석유정제 010950 S-Oil 8,917 79,200 매수 100,000 5,946

078930 GS 5,305 57,100 매수 80,000 6,996

096770 SK이노베이션 13,685 148,000 매수 180,000 13,493

소재 화학 004000 삼성정밀화학 1,271 49,250 매수 71,000 3,210

004430 송원산업 277 11,550 매수 15,000 1,157

009830 한화케미칼 2,946 21,000 중립 - 1,079

010060 OCI 4,174 175,000 중립 - (3,429)

011170 롯데케미칼 6,649 194,000 매수 220,000 11,611

011780 금호석유 3,092 101,500 중립 - 6,814

011790 SKC 1,166 32,200 매수 45,000 3,399

051910 LG화학 20,909 315,500 매수 310,000 19,862

069260 휴켐스 946 23,150 매수 29,000 1,863

철강·비철금속 001230 동국제강 964 15,600 중립 - 90

004020 현대제철 7,158 83,900 매수 81,000 7,276

005490 POSCO 28,205 323,500 매수 420,000 23,585

009520 포스코엠텍 333 7,990 매수 12,000 295

010130 고려아연 6,161 326,500 매수 420,000 29,123

010520 현대하이스코 3,805 47,450 매수 51,000 3,972

103140 풍산 757 27,000 중립 - 2,743

제지 004150 한솔제지 495 11,350 매수 14,000 1,407

산업재 건설 000210 대림산업 3,480 100,000 매수 133,000 10,717

000720 현대건설 7,027 63,100 매수 75,000 5,095

000830 삼성물산 9,467 60,600 매수 79,000 2,748

002380 KCC 4,655 442,500 매수 515,000 27,597

006360 GS건설 2,012 39,450 중립 - (14,466)

012630 현대산업 1,772 23,500 중립 - 311

028050 삼성엔지니어링 3,516 87,900 매수 111,000 (5,715)

047040 대우건설 3,583 8,620 중립 - 606

108670 LG하우시스 1,152 128,500 매수 161,000 9,199

전기부품·설비 006260 LS 2,479 77,000 매수 88,000 6,677

010120 LS산전 1,968 65,600 중립 - 5,322

지주회사·복합기업 000150 두산 3,122 149,500 매수 192,000 11,049

000880 한화 2,785 37,150 매수 42,000 4,559

001040 CJ 3,410 117,500 중립 - 8,763

003550 LG 11,786 68,300 매수 85,000 5,988

003600 SK 9,251 197,000 매수 234,000 27,630

034730 SK C&C 5,875 117,500 매수 135,000 9,107

조선 009540 현대중공업 19,950 262,500 중립 - 8,774

010140 삼성중공업 9,974 43,200 매수 50,000 4,147

010620 현대미포조선 3,110 155,500 중립 - (9,198)

042660 대우조선해양 6,479 33,850 매수 38,000 1,274

097230 한진중공업 953 13,750 중립 - (1,261)

기계 013030 하이록코리아 339 24,900 매수 28,000 2,470

014620 성광벤드 877 30,650 매수 40,000 2,832

023160 태광 654 26,150 매수 29,000 1,800

034020 두산중공업 4,984 46,950 매수 58,000 3,479

036890 진성티이씨 137 6,850 매수 8,000 419

042670 두산인프라코어 2,800 16,600 중립 - (404)

상업서비스·기타 008770 호텔신라 2,539 64,700 매수 76,000 1,601

012750 에스원 2,440 64,200 매수 81,000 2,903

121440 골프존 752 20,400 매수 26,700 1,556

운송 000120 CJ대한통운 2,245 98,400 매수 130,000 2,211

002320 한진 258 21,550 중립 - (25)

003490 대한항공 2,285 38,950 중립 - (6,729)

투자의견 목표주가(원)

64




020560 아시아나항공 1,009 5,170 매수 7,300 (354)

086280 현대글로비스 7,388 197,000 매수 260,000 13,964

117930 한진해운 1,242 9,910 중립 - (3,042)

경기소비재 자동차·자동차부품 000270 기아차 26,916 66,400 매수 87,000 9,919

002350 넥센타이어 1,500 15,800 매수 21,000 1,455

005380 현대차 56,501 256,500 매수 320,000 31,136

005850 에스엘 532 15,700 매수 19,400 2,531

011210 현대위아 4,361 169,500 매수 220,000 17,154

012330 현대모비스 28,084 288,500 매수 350,000 36,291

013570 동양기전 385 12,150 매수 15,400 1,654

018880 한라비스테온공조 4,270 40,000 매수 39,000 2,759

060980 만도 2,250 125,000 매수 150,000 12,967

064960 S&T모티브 434 30,150 중립 - 1,555

161390 한국타이어 7,569 61,100 매수 81,000 6,693

900140 코라오홀딩스 1,316 32,650 매수 40,000 973

섬유·의류 009970 영원무역홀딩스 971 71,200 매수 86,000 7,170

020000 한섬 724 29,400 중립 - 2,427

031430 신세계인터내셔날 634 88,800 중립 - 4,085

081660 휠라코리아 673 67,700 매수 86,000 8,465

084870 베이직하우스 381 18,250 매수 25,000 1,618

093050 LG패션 857 29,300 매수 35,000 2,429

111770 영원무역 1,369 30,900 매수 36,000 2,436

레저·엔터테인먼트 034230 파라다이스 2,205 24,250 매수 29,500 1,256

035250 강원랜드 6,129 28,650 매수 34,500 1,681

041510 에스엠 771 37,350 매수 54,000 2,008

079160 CJ CGV 1,164 55,000 매수 70,000 2,465

114090 GKL 2,115 34,200 매수 40,000 2,119

122870 와이지엔터테인먼트 568 55,000 매수 76,000 2,160

교육서비스 019680 대교 572 6,750 매수 9,500 638

072870 메가스터디 467 73,600 중립 - 8,508

095720 웅진씽크빅 189 6,530 매수 12,000 741

소비자서비스 021240 코웨이 4,620 59,900 매수 73,000 3,478

미디어·광고 016170 로엔 331 13,100 매수 17,600 1,003

030000 제일기획 2,870 24,950 매수 30,000 1,104

034120 SBS 768 42,050 미제시 - 2,530

037560 CJ헬로비전 1,282 16,550 매수 21,000 1,252

040300 YTN 114 2,725 중립 - 10

046140 SBS콘텐츠허브 291 13,550 매수 18,500 1,294

053210 스카이라이프 1,384 28,950 중립 - 1,732

126560 현대에이치씨엔 429 5,060 중립 - 572

130960 CJ E&M 1,510 39,800 매수 49,000 1,193

유통 004170 신세계 2,240 227,500 매수 250,000 16,101

007070 GS리테일 2,452 31,850 매수 38,000 1,654

023530 롯데쇼핑 11,888 377,500 매수 450,000 33,275

028150 GS홈쇼핑 1,585 241,500 매수 275,000 21,795

031440 신세계푸드 323 94,200 매수 140,000 9,161

035760 CJ오쇼핑 2,153 347,000 매수 390,000 24,633

057050 현대홈쇼핑 1,878 156,500 중립 - 16,635

069960 현대백화점 3,651 156,000 매수 187,000 14,558

071840 롯데하이마트 1,910 80,900 매수 95,000 6,877

139480 이마트 6,551 235,000 매수 300,000 16,829

필수소비재 음식료·담배 001800 오리온 5,707 956,000 매수 1,230,000 28,860

004370 농심 1,591 261,500 매수 330,000 18,581

004990 롯데제과 2,422 1,704,000 매수 2,000,000 62,668

005180 빙그레 952 96,600 중립 - 5,717

005300 롯데칠성 1,996 1,613,000 매수 2,000,000 70,140

033780 KT&G 10,599 77,200 매수 86,000 5,349

097950 CJ제일제당 3,641 278,000 중립 - 11,941


65




필수소비재 생활용품 044820 코스맥스 662 48,700 매수 61,000 1,774

051900 LG생활건강 8,262 529,000 매수 700,000 20,310

090430 아모레퍼시픽 5,273 902,000 매수 1,100,000 41,892

115390 락앤락 1,436 26,100 매수 31,000 1,290

161890 한국콜마 446 22,900 매수 34,000 1,503

의료 제약·바이오 000100 유한양행 2,130 191,000 매수 245,000 11,375

006280 녹십자 1,584 135,500 매수 175,000 5,924

068870 LG생명과학 887 53,500 중립 - 954

069620 대웅제약 863 74,500 매수 82,500 5,155

128940 한미약품 1,205 145,500 중립 - 5,000

170900 동아에스티 989 134,500 매수 190,000 (5,925)

금융 은행 024110 기업은행 6,575 11,950 중립 - 1,579

053000 우리금융 10,115 12,550 중립 - 892

055550 신한지주 21,031 44,350 매수 51,000 4,078

086790 하나금융지주 10,958 37,800 매수 45,000 3,967

105560 KB금융 14,913 38,600 매수 48,000 3,404

138930 BS금융지주 3,210 16,600 매수 19,000 1,740

139130 DGB금융지주 2,172 16,200 매수 19,000 1,987

증권 003450 현대증권 1,170 6,880 중립 - 75

003540 대신증권 475 9,350 매수 21,000 250

005940 우리투자증권 2,311 11,600 매수 14,000 387

006800 대우증권 3,264 9,990 중립 - 324

016360 삼성증권 3,642 47,650 매수 64,000 1,514

039490 키움증권 1,165 52,700 매수 75,000 3,566

보험 000060 메리츠화재 1,393 13,750 매수 15,400 1,291

000810 삼성화재 11,678 246,500 매수 280,000 11,311

001450 현대해상 2,633 29,450 매수 37,000 2,680

002550 LIG손해보험 1,452 24,200 매수 31,000 3,091

003690 코리안리 1,459 12,350 매수 15,000 1,265

005830 동부화재 3,331 47,050 중립 - 4,004

032830 삼성생명 20,700 103,500 매수 120,000 3,282

088350 한화생명 6,219 7,160 중립 - 421

IT 인터넷·소프트웨어 035420 NAVER 18,228 553,000 매수 640,000 10,678

035720 다음 1,269 93,600 매수 107,000 5,816

036570 엔씨소프트 4,251 194,000 매수 232,000 8,244

063080 게임빌 408 62,600 매수 93,000 3,705

078340 컴투스 293 29,050 매수 43,000 1,770

095660 네오위즈게임즈 381 17,400 중립 - 2,792

112040 위메이드 784 46,650 매수 66,000 983

통신장비·부품 004130 대덕GDS 420 20,400 매수 24,000 2,164

008060 대덕전자 455 9,320 중립 - 892

020760 일진디스플 460 16,250 매수 27,000 2,469

036710 심텍 283 8,790 매수 10,000 821

051370 인터플렉스 538 38,500 매수 50,000 3,542

052710 아모텍 143 14,700 매수 27,000 2,525

053450 세코닉스 167 22,400 매수 31,000 2,881

085670 뉴프렉스 48 3,950 매수 8,500 844

088390 이녹스 310 25,200 매수 36,000 3,008

091700 파트론 910 16,800 중립 - 2,026

096640 멜파스 229 12,750 중립 - 1,357

097780 에스맥 207 12,000 매수 24,000 2,010

디스플레이 001300 제일모직 5,008 95,500 매수 110,000 4,990

034220 LG디스플레이 9,589 26,800 중립 - 1,514

036490 OCI머티리얼즈 381 36,150 중립 - 1,544

036830 솔브레인 830 51,200 매수 54,000 5,222

054620 AP시스템 243 10,650 매수 19,500 980

056190 에스에프에이 808 45,000 매수 84,000 4,993

077360 덕산하이메탈 630 21,450 중립 - 1,318

108320 실리콘웍스 374 23,000 매수 32,000 2,301


66




141000 비아트론 130 12,350 매수 30,000 1,998

전자부품 006400 삼성SDI 8,770 192,500 매수 190,000 11,425

009150 삼성전기 6,341 84,900 매수 115,000 6,315

011070 LG이노텍 1,763 87,400 매수 110,000 2,686

038060 루멘스 405 9,050 중립 - 554

046890 서울반도체 2,382 40,850 매수 50,000 1,432

065680 우주일렉트로 204 20,550 매수 40,000 3,608

066570 LG전자 11,815 72,200 매수 95,000 2,695

반도체·반도체장비 000660 SK하이닉스 21,555 30,350 매수 39,000 3,279

005930 삼성전자 202,095 1,372,000 매수 1,800,000 200,410

012450 삼성테크윈 3,321 62,500 매수 80,000 3,691

030530 원익IPS 518 7,070 매수 9,200 416

033170 시그네틱스 233 2,715 매수 3,500 230

033640 네패스 227 10,400 매수 15,000 497

039030 이오테크닉스 507 41,450 중립 - 2,760

064760 티씨케이 102 8,700 중립 - 393

084370 유진테크 361 17,100 매수 24,000 2,020

104830 원익머트리얼즈 208 33,900 매수 52,000 3,709

통신서비스 통신서비스 017670 SK텔레콤 17,441 216,000 매수 255,000 24,458

030200 KT 9,531 36,500 매수 48,000 3,438

032640 LG유플러스 5,239 12,000 매수 15,900 869

033630 SK브로드밴드 1,409 4,760 중립 - 125

유틸리티 전력·가스 015760 한국전력 19,066 29,700 매수 35,000 (191)

036460 한국가스공사 4,498 58,200 매수 110,000 4,754

051600 한전KPS 2,372 52,700 매수 68,000 2,944

071320 지역난방공사 1,132 97,800 중립 - 11,889

스몰캡 스몰캡 008490 서흥캅셀 410 35,400 매수 42,000 1,617

023590 다우기술 655 14,600 매수 21,300 1,624

035080 인터파크 534 8,770 매수 11,500 281

036420 제이콘텐트리 311 4,750 매수 6,500 227

048260 오스템임플란트 411 28,950 매수 37,000 985

052260 바이오랜드 186 12,400 매수 17,000 1,065

054950 제이브이엠 309 48,750 중립 - 1,741

065510 휴비츠 192 18,300 매수 20,000 1,045

069330 유아이디 119 9,980 매수 13,000 1,505

082210 옵트론텍 254 12,600 매수 21,000 1,680

090460 비에이치 196 12,550 매수 19,000 1,982

100120 뷰웍스 234 23,400 매수 24,000 1,045

106520 디지탈옵틱 100 18,400 매수 32,200 3,783

122990 와이솔 185 12,200 매수 20,000 1,398


67


A047050 10102020 universe

대우인터내셔널 (047050.KS) 업데이트 : 2013.08.02

투자의견 : 매수 업종 : 자원개발 주가 수익률(12개월)

목표주가 : 45,000 애널리스트 : 여영상

현재주가 : 38,350 회계기준 : K-IFRS 연결

52주 최고가 : 44,250 시가총액(십억원) : 4,367.2

52주 최저가 : 30,650 60일 평균 거래대금(백만원) : 9,573.2

연중 최고가 : 41,950 외국인지분(%) : 9.7

9 10 11 12 13

수익률(%) 1개월 3개월 6개월 12개월 YTD

9.9 9.6 (3.2) (4.1) (4.4)

업종 대비 2.3 2.0 (10.8) (11.7) (12.0) 5

KOSPI 대비 3.6 (3.0) (4.3) (5.5) (3.2) 10

22 23 24 19 20



2011/12A 21.1 165.4 (15.8) 152.6 (34.9) 212.9 98.7 191.1 2,072 18,485 200

2012/12A (9.7) 151.9 (8.2) 292.1 91.4 211.9 (0.5) 185.8 1,946 19,213 300

2013/12F (1.8) 245.2 61.4 208.9 (28.5) 151.4 (28.5) 293.0 1,330 20,674 300

2014/12F 16.8 627.0 155.8 680.9 226.0 522.1 244.8 693.8 4,585 25,412 300

2015/12F 18.0 791.8 26.3 899.8 32.1 690.0 32.1 867.2 6,059 31,647 300



2011/12A 1,907.3 4,713.4 277.0 (114.9) 0.9 40.3 14.0 1.57 12.4 0.7

2012/12A 2,187.9 3,136.2 160.7 (211.5) 0.9 41.2 20.4 2.06 10.3 0.8

2013/12F 2,354.3 3,141.4 151.6 (276.6) 1.4 25.6 28.8 1.85 6.7 0.8

2014/12F 2,893.9 3,518.2 138.5 (190.0) 3.1 11.4 8.4 1.51 19.9 0.8

2015/12F 3,603.9 3,826.5 121.9 (103.1) 3.3 9.5 6.3 1.21 21.2 0.8



2013/03A (10.8) (2.9) 43.6 (22.5) 3,343.7 21.1 348.3 NA 26.4 236.2 NA

2013/06F (12.0) (1.0) 53.0 (11.1) 21.6 40.7 (74.8) 92.5 29.5 (69.4) 11.7

2013/09F 6.3 11.7 55.0 57.1 3.8 44.8 (76.6) 10.2 32.5 (75.2) 10.2

2013/12F 11.0 3.3 93.6 7,296.0 70.2 102.2 NA 128.1 63.1 NA 94.0

2014/03F 13.4 (0.8) 119.4 174.0 27.6 126.2 497.6 23.4 96.8 266.6 53.5

2014/06F 17.8 2.9 149.3 181.9 25.0 160.8 295.5 27.4 123.3 318.3 27.4

2014/09F 14.1 8.2 163.2 196.7 9.3 178.4 297.9 10.9 136.8 320.8 10.9

2014/12F 21.6 10.1 195.1 108.4 19.5 215.5 110.7 20.8 165.2 162.0 20.8

17 19 23 25 2718 20 24 26 28 5 6 7 4

컨센서스 매출액 영업이익 순이익 EPS PER 12MF PER PBR ROE DY

FY2013F 17,210.1 222.6 151.0 1,375 27.3 대우인터내셔널 10.3 1.6 16.4 0.8

FY2014F 18,605.2 456.5 383.6 3,374 11.1 자원개발 12.3 1.0 7.8 1.2

자료)FnGuide 컨센서스, 단위 : 십억원, 원, 배 자료) 한국증권 리서치, 단위 : 배, %

PER 밴드 펀더멘탈 & 밸류에이션 3.6 avg. score : 3.6

대우인터내셔널

19,457.2

17,571.1

17,259.9

20,158.2

23,792.3

8,904.2 6,993.9

7,465.6 5,276.5

7,594.8 5,235.8

8,856.2 5,947.8

10,310.8 6,679.5

4,071.3

4,031.7

4,504.8

4,652.1

4,615.5

4,748.3

5,138.1

5,656.3

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

Sep-12 Dec-12 Feb-13 Apr-13 Jul-13 Sep-13

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x37

x31

x25

x19

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY

주) FY2013 기준 (단, ROE 는 FY2012~FY2013 평균, EPG growth 는 FY2011~FY2013 CAGR)

주) 각 항목의 백분위를 10점 만점으로 환산

68


A001120 10102020 universe

LG상사 (001120.KS) 업데이트 : 2013.07.24

투자의견 : 중립 업종 : 자원개발 주가 수익률(12개월)

목표주가 : - 애널리스트 : 여영상


52주 최고가 : 50,300 시가총액(십억원) : 1,306.2

52주 최저가 : 29,650 60일 평균 거래대금(백만원) : 11,377.8

연중 최고가 : 49,600 외국인지분(%) : 12.1

9 10 11 12 13


6.0 9.6 (17.8) (23.4) (31.1)

업종 대비 (1.6) 2.0 (25.4) (31.0) (38.7) 5

KOSPI 대비 (0.4) (3.0) (19.0) (24.8) (29.9) 10

22 23 24 19 20



2011/12A (2.8) 162.5 (32.0) 372.4 (9.9) 247.8 (22.4) 234.0 6,409 34,580 500

2012/12A (8.5) 205.5 26.4 299.9 (19.5) 221.7 (10.5) 257.6 5,735 37,919 500

2013/12F (1.6) 135.1 (34.3) 165.6 (44.8) 130.9 (41.0) 195.9 3,385 42,318 500

2014/12F 5.2 139.9 3.6 195.9 18.3 143.9 10.0 200.8 3,722 47,106 500

2015/12F 5.2 164.0 17.2 224.0 14.3 164.5 14.3 222.5 4,256 52,509 500



2011/12A 1,339.3 1,225.3 132.0 (124.3) 1.2 13.1 7.4 1.36 20.9 1.1

2012/12A 1,468.8 781.4 96.9 (47.6) 1.6 10.9 8.4 1.28 15.8 1.0

2013/12F 1,639.3 606.4 76.3 (33.7) 1.1 10.5 10.0 0.80 8.4 1.5

2014/12F 1,824.9 537.7 66.7 (38.4) 1.1 10.0 9.1 0.72 8.3 1.5

2015/12F 2,034.3 411.8 55.6 (57.5) 1.2 8.5 7.9 0.64 8.5 1.5



2013/03A (6.8) (7.2) 60.3 (10.6) (9.7) 70.7 (10.3) (47.4) 57.4 (13.9) (37.6)

2013/06F (4.7) 8.3 14.8 (66.6) (75.4) 12.9 (70.7) (81.7) 10.0 (68.0) (82.5)

2013/09F (0.0) 6.3 28.0 3.8 89.2 39.0 (8.6) 202.3 30.3 (4.2) 202.3

2013/12F 5.1 (1.6) 32.0 (52.0) 14.4 43.0 (68.0) 10.3 33.1 (64.0) 9.3

2014/03F 7.9 (4.8) 34.5 (42.8) 7.7 48.5 (31.4) 12.7 35.6 (37.9) 7.5

2014/06F 5.1 5.5 33.4 125.7 (3.2) 47.4 267.4 (2.3) 34.8 247.3 (2.3)

2014/09F 4.1 5.3 36.0 28.6 7.8 50.0 28.2 5.5 36.7 21.2 5.5

2014/12F 4.1 (1.5) 36.0 12.4 0.0 50.0 16.2 0.0 36.7 10.8 0.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 12,687.6 164.0 131.3 3,389 9.9 LG상사 9.3 0.7 8.3 1.5

FY2014F 13,342.5 176.5 159.4 4,069 8.2 자원개발 12.3 1.0 7.8 1.2



LG상사

13,986.8

12,793.8

12,590.6

13,248.6

13,937.5

4,941.0 3,586.1

4,957.5 3,341.9

4,780.4 2,990.9

4,992.3 3,010.2

5,192.3 2,992.9

2,884.0

3,122.0

3,318.1

3,266.5

3,110.5

3,281.7

3,454.8

3,401.6

0

10,000

20,000

30,000

40,000

50,000

60,000


-35

-30

-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x13

x10

x8

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



69


A001740 10102020 universe

SK네트웍스 (001740.KS) 업데이트 : 2013.08.14

투자의견 : 매수 업종 : 자원개발 주가 수익률(12개월)



52주 최고가 : 10,650 시가총액(십억원) : 1,657.9

52주 최저가 : 5,870 60일 평균 거래대금(백만원) : 4,814.6

연중 최고가 : 8,800 외국인지분(%) : 12.3

9 10 11 12 13


3.2 6.9 (10.6) (36.4) (22.9)

업종 대비 (4.4) (0.7) (18.2) (44.0) (30.5) 5

KOSPI 대비 (3.1) (5.7) (11.8) (37.7) (21.7) 10

22 23 24 19 20



2011/12A 14.0 360.1 33.8 218.6 (0.5) 145.8 (19.6) 454.0 587 13,013 150

2012/12A 1.5 251.6 (30.1) 69.6 (68.2) 48.1 (67.0) 369.5 194 12,339 150

2013/12F (2.7) 237.1 (5.7) (114.4) NA (143.0) NA 353.9 -545 11,554 150

2014/12F 4.8 256.3 8.1 116.3 NA 90.8 NA 377.9 356 11,728 150

2015/12F 4.0 269.5 5.2 132.3 13.8 103.3 13.8 395.9 404 11,961 150



2011/12A 3,231.2 2,142.6 105.5 (181.1) 1.3 10.3 17.2 0.78 4.6 1.5

2012/12A 3,063.9 2,139.0 113.3 (140.6) 0.9 11.5 43.6 0.68 1.5 1.8

2013/12F 2,868.8 2,521.8 132.2 (260.9) 0.9 11.8 NA 0.58 (4.8) 2.2

2014/12F 2,912.0 2,600.7 135.1 (274.9) 0.9 11.3 18.7 0.57 3.1 2.2

2015/12F 2,969.8 2,667.4 136.7 (278.9) 0.9 10.9 16.5 0.56 3.5 2.2



2013/03A (3.2) (6.6) 24.2 (52.1) (71.3) (167.5) NA NA (172.9) NA NA

2013/06F (11.7) (1.8) 60.9 (8.2) 151.5 (19.0) NA NA (24.0) NA NA

2013/09F (2.7) 12.1 60.0 19.7 (1.5) 30.0 18.4 NA 14.0 (26.2) NA

2013/12F 6.9 3.9 92.0 8.9 53.3 42.0 NA 40.0 39.9 NA 185.3

2014/03F 6.3 (7.1) 61.5 154.0 (33.1) 27.5 NA (34.5) 21.5 NA (46.2)

2014/06F 4.8 (3.2) 59.5 (2.2) (3.2) 25.6 NA (7.1) 20.0 NA (7.1)

2014/09F 4.8 12.1 61.8 3.0 3.8 29.3 (2.3) 14.8 22.9 63.7 14.8

2014/12F 3.5 2.6 73.4 (20.2) 18.8 33.8 (19.6) 15.2 26.4 (33.9) 15.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 26,698.9 245.4 (156.0) -660 NA SK네트웍스 56.0 0.6 1.0 2.2

FY2014F 27,547.8 292.6 148.5 609 10.9 자원개발 12.3 1.0 7.8 1.2



SK네트웍스

27,535.6

27,935.5

27,168.4

28,472.5

29,611.4

11,109.8 7,836.4

10,627.1 7,560.7

10,662.7 7,793.0

11,062.2 8,151.4

11,426.6 8,460.6

6,427.4

6,312.3

7,076.8

7,351.9

6,833.4

6,615.3

7,416.5

7,607.3

0

2,000

4,000

6,000

8,000

10,000

12,000


-45

-40

-35

-30

-25

-20

-15

-10

-5

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



70


A078930 10102030 universe

GS (078930.KS) 업데이트 : 2013.04.04

투자의견 : 매수 업종 : 석유정제 주가 수익률(12개월)

목표주가 : 80,000 애널리스트 : 양정훈


52주 최고가 : 76,000 시가총액(십억원) : 5,305.5

52주 최저가 : 48,400 60일 평균 거래대금(백만원) : 19,568.0

연중 최고가 : 75,700 외국인지분(%) : 18.2

9 10 11 12 13


2.7 14.3 (12.0) (13.0) (23.9)

업종 대비 (1.5) 10.1 (16.3) (17.2) (28.1) 5

KOSPI 대비 (3.6) 1.8 (13.2) (14.3) (22.7) 10

22 23 24 19 20



2011/12A 36.5 932.1 40.4 892.9 31.5 773.7 (3.1) 932.1 8,171 63,529 1,350

2012/12A 15.5 684.3 (26.6) 673.8 (24.5) 494.0 (36.1) 684.3 5,217 66,984 1,350

2013/12F 17.6 974.3 42.4 903.5 34.1 662.4 34.1 974.3 6,996 72,155 1,350

2014/12F 2.9 1,073.6 10.2 1,003.6 11.1 735.9 11.1 1,073.6 7,771 78,438 1,350

2015/12F 2.4 1,127.9 5.1 1,071.5 6.8 785.6 6.8 1,127.9 8,297 85,429 1,350



2011/12A 6,015.7 1,319.8 34.4 (513.2) 10.9 7.3 6.2 0.80 13.6 2.7

2012/12A 6,342.9 2,606.8 53.9 (821.9) 7.0 14.9 13.8 1.07 8.0 1.9

2013/12F 6,832.5 2,826.5 51.8 (111.1) 8.4 9.4 8.2 0.79 10.1 2.4

2014/12F 7,427.6 2,572.3 44.8 (161.1) 9.0 8.4 7.3 0.73 10.3 2.4

2015/12F 8,089.6 2,192.9 37.2 (161.1) 9.3 7.7 6.9 0.67 10.1 2.4



2013/03F 16.1 10.9 214.7 (0.4) 32.1 214.6 (5.4) 71.9 157.3 (12.1) 63.5

2013/06F 17.9 2.7 238.7 332.5 11.2 248.5 278.0 15.8 182.2 1,128.7 15.8

2013/09F 14.5 3.8 266.7 6.2 11.7 275.6 7.5 10.9 202.1 (0.9) 10.9

2013/12F 22.1 3.3 254.3 56.5 (4.6) 164.8 32.0 (40.2) 120.8 25.6 (40.2)

2014/03F 9.6 (0.5) 259.4 20.9 2.0 259.6 20.9 57.5 190.3 20.9 57.5

2014/06F 2.9 (3.6) 276.3 15.8 6.5 286.4 15.2 10.4 210.0 15.2 10.4

2014/09F (1.5) (0.6) 265.0 (0.6) (4.1) 273.8 (0.6) (4.4) 200.7 (0.6) (4.4)

2014/12F 1.0 6.0 272.8 7.3 2.9 183.8 11.6 (32.9) 134.8 11.6 (32.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 10,080.6 772.6 616.8 5,740 9.9 GS 7.5 0.7 10.3 2.4

FY2014F 10,962.9 975.9 799.3 7,669 7.4 석유정제 9.3 0.9 10.0 3.3



GS

8,518.7

9,837.8

11,571.4

11,904.3

12,188.9

10,424.8 3,635.6

12,712.4 5,539.4

13,798.5 6,037.2

14,272.1 5,800.4

14,699.0 5,439.0

2,759.3

2,833.0

2,940.6

3,038.5

3,024.0

2,914.9

2,896.1

3,069.2

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-25

-20

-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x13

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



71


A096770 10102030 universe

SK이노베이션 (096770.KS) 업데이트 : 2013.04.26




52주 최고가 : 183,500 시가총액(십억원) : 13,684.9

52주 최저가 : 127,000 60일 평균 거래대금(백만원) : 47,960.2

연중 최고가 : 182,000 외국인지분(%) : 34.7

9 10 11 12 13


4.6 13.8 (7.5) (10.8) (17.3)

업종 대비 0.4 9.6 (11.7) (15.1) (21.6) 5

KOSPI 대비 (1.7) 1.3 (8.7) (12.2) (16.1) 10

22 23 24 19 20



2011/12A 27.3 2,959.5 30.5 4,308.6 186.8 3,169.0 178.3 3,565.0 34,004 157,089 2,800

2012/12A 7.3 1,699.4 (42.6) 1,688.7 (60.8) 1,185.4 (62.6) 2,323.1 12,720 165,386 3,200

2013/12F (7.7) 1,906.4 12.2 1,739.9 3.0 1,257.4 6.1 2,452.5 13,493 174,882 3,200

2014/12F 3.0 2,415.1 26.7 2,233.1 28.3 1,613.9 28.3 2,983.5 17,318 188,181 3,200

2015/12F 7.7 3,452.6 43.0 3,278.6 46.8 2,369.5 46.8 4,044.2 25,426 209,542 3,200



2011/12A 14,577.3 4,226.0 60.8 (1,192.2) 4.3 5.0 4.2 0.90 24.4 2.0

2012/12A 15,371.3 4,125.8 48.7 (1,457.7) 2.3 9.1 13.7 1.05 7.9 1.8

2013/12F 16,261.2 4,771.3 49.6 (1,216.1) 2.8 8.0 11.0 0.85 8.0 2.2

2014/12F 17,507.5 4,886.8 47.5 (1,276.1) 3.5 6.6 8.5 0.79 9.6 2.2

2015/12F 19,509.4 4,061.2 42.1 (938.1) 4.6 4.7 5.8 0.71 12.8 2.2



2013/03F (3.9) 5.5 697.5 (5.5) 231.5 899.1 (0.1) 153.9 649.8 (0.0) 143.3

2013/06F (14.8) (11.2) 264.8 NA (62.0) 280.3 NA (68.8) 202.6 NA (68.8)

2013/09F (13.3) (0.5) 405.3 (54.1) 53.1 158.9 (74.6) (43.3) 114.9 (77.4) (43.3)

2013/12F 1.7 9.0 538.8 156.1 32.9 401.6 13.4 152.7 290.2 8.7 152.7

2014/03F (0.2) 3.6 549.2 (21.3) 1.9 744.6 (17.2) 85.4 538.1 (17.2) 85.4

2014/06F 2.9 (8.4) 532.6 101.2 (3.0) 545.2 94.5 (26.8) 394.0 94.5 (26.8)

2014/09F 6.1 2.6 616.7 52.1 15.8 354.3 122.9 (35.0) 256.0 122.9 (35.0)

2014/12F 3.7 6.6 716.6 33.0 16.2 589.1 46.7 66.3 425.7 46.7 66.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 70,704.7 2,068.4 1,406.3 14,685 10.0 SK이노베이션 9.1 0.8 9.1 2.2

FY2014F 73,242.0 2,354.1 1,812.2 19,064 7.7 석유정제 9.3 0.9 10.0 3.3



SK이노베이션

68,371.2

73,330.0

67,648.1

69,693.0

75,055.7

35,026.9 20,195.3

33,831.1 17,483.1

34,629.4 17,379.5

36,389.1 17,877.3

38,912.2 18,375.4

18,108.2

16,081.5

16,008.3

17,450.1

18,071.5

16,552.0

16,977.6

18,091.9

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2007 2008 2009 2010 2011 2012 2013

주가

x17

x13

x10

x7

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



72


A010950 10102030 universe

S-Oil (010950.KS) 업데이트 : 2013.04.30




52주 최고가 : 108,500 시가총액(십억원) : 8,916.6

52주 최저가 : 66,100 60일 평균 거래대금(백만원) : 17,383.5

연중 최고가 : 105,500 외국인지분(%) : 46.4

9 10 11 12 13


4.6 10.5 (14.9) (23.8) (24.9)

업종 대비 0.4 6.2 (19.2) (28.1) (29.2) 5

KOSPI 대비 (1.7) (2.1) (16.1) (25.2) (23.8) 10

22 23 24 19 20



2011/12A 55.6 1,697.5 106.2 1,583.7 80.7 1,191.0 67.6 2,073.3 10,229 44,828 4,800

2012/12A 8.8 781.8 (53.9) 718.9 (54.6) 585.2 (50.9) 1,173.0 5,025 46,121 2,650

2013/12F (11.2) 1,101.0 40.8 948.9 32.0 692.7 18.4 1,460.7 5,946 47,886 4,100

2014/12F 3.6 1,292.6 17.4 1,150.2 21.2 839.6 21.2 1,664.0 7,207 50,513 4,500

2015/12F (4.0) 1,459.0 12.9 1,282.6 11.5 936.3 11.5 1,818.4 8,036 53,968 4,500



2011/12A 5,225.3 2,576.1 71.7 (511.1) 5.3 6.8 9.8 2.23 24.5 4.8

2012/12A 5,376.0 2,327.9 65.3 (187.7) 2.3 12.2 20.7 2.25 11.0 2.5

2013/12F 5,581.9 1,712.8 50.8 (428.9) 3.6 7.4 13.3 1.65 12.6 5.2

2014/12F 5,888.1 1,542.4 46.0 (360.4) 4.0 6.4 11.0 1.57 14.6 5.7

2015/12F 6,291.0 1,139.1 35.9 (348.6) 4.8 5.7 9.9 1.47 15.4 5.7



2013/03F (11.3) (4.4) 326.9 (13.3) 829.7 192.8 (53.6) NA 140.7 (55.5) NA

2013/06F (18.7) (10.8) 208.4 NA (36.3) 195.6 NA 1.5 142.8 NA 1.5

2013/09F (9.0) 8.2 278.9 (46.3) 33.8 269.9 (55.2) 38.0 197.0 (56.8) 38.0

2013/12F (5.2) 2.7 286.9 715.7 2.9 290.6 NA 7.7 212.1 NA 7.7

2014/03F 2.8 3.6 342.5 4.8 19.4 308.1 59.8 6.0 224.9 59.8 6.0

2014/06F 12.7 (2.2) 314.3 50.9 (8.2) 272.5 39.3 (11.5) 198.9 39.3 (11.5)

2014/09F 1.2 (2.8) 305.9 9.7 (2.7) 269.2 (0.3) (1.2) 196.5 (0.3) (1.2)

2014/12F (1.4) 0.0 329.8 15.0 7.8 300.4 3.4 11.6 219.3 3.4 11.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 31,062.7 976.4 671.9 5,768 13.7 S-Oil 11.5 1.6 14.1 5.5

FY2014F 32,066.2 1,130.4 907.8 7,834 10.1 석유정제 9.3 0.9 10.0 3.3



S-Oil

31,913.9

34,723.3

30,849.2

31,956.8

30,676.3

13,202.7 7,977.4

12,497.4 7,121.3

11,764.3 6,182.4

12,042.4 6,154.3

11,699.4 5,408.3

8,013.7

7,150.7

7,737.9

7,947.0

8,236.7

8,055.7

7,830.3

7,834.1

0

20,000

40,000

60,000

80,000

100,000

120,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x25

x19

x13

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



73


A011780 151010 universe

금호석유 (011780.KS) 업데이트 : 2013.04.11

투자의견 : 중립 업종 : 화학 주가 수익률(12개월)

목표주가 : - 애널리스트 : 양정훈


52주 최고가 : 140,000 시가총액(십억원) : 3,092.5

52주 최저가 : 77,000 60일 평균 거래대금(백만원) : 16,825.2

연중 최고가 : 138,000 외국인지분(%) : 10.7

9 10 11 12 13


7.9 28.0 (3.8) (17.5) (26.4)

업종 대비 (2.6) 17.5 (14.2) (27.9) (36.9) 5

KOSPI 대비 1.5 15.4 (5.0) (18.8) (25.3) 10

22 23 24 19 20



2011/12A 30.3 839.0 49.7 758.4 56.9 505.6 60.0 993.6 24,723 44,423 2,000

2012/12A (8.9) 223.8 (73.3) 133.7 (82.4) 129.6 (74.4) 383.7 4,959 47,407 2,000

2013/12F 3.0 357.5 59.7 224.7 68.1 189.3 46.1 526.7 6,814 52,863 1,300

2014/12F 9.0 495.5 38.6 370.1 64.7 277.6 46.6 673.3 10,088 60,584 1,800

2015/12F 9.1 605.2 22.1 474.0 28.1 355.5 28.1 785.2 12,938 70,632 1,800



2011/12A 1,447.7 1,763.7 147.8 (291.1) 13.0 7.1 6.8 3.77 44.5 1.2

2012/12A 1,547.7 1,825.7 126.2 (368.8) 3.8 15.6 26.3 2.75 8.7 1.5

2013/12F 1,730.4 1,636.9 115.2 (313.2) 5.9 9.4 14.9 1.92 11.5 1.3

2014/12F 1,989.0 1,583.8 100.9 (271.3) 7.5 7.3 10.1 1.68 14.9 1.8

2015/12F 2,325.5 1,456.8 83.9 (262.9) 8.4 6.0 7.8 1.44 16.5 1.8



2013/03F (12.8) 13.6 78.3 (35.8) 155.9 41.0 (69.0) NA 34.6 (66.0) NA

2013/06F (15.1) (4.9) 79.4 203.4 1.4 45.4 370.0 10.8 38.3 331.8 10.8

2013/09F 10.0 17.1 96.1 112.5 21.1 65.0 46.7 43.1 54.8 35.1 43.1

2013/12F 38.4 9.4 103.7 239.1 8.0 73.2 NA 12.5 61.7 NA 12.5

2014/03F 7.4 (11.8) 114.0 45.6 9.9 86.6 111.2 18.3 65.0 88.0 5.3

2014/06F 27.7 13.0 127.1 60.2 11.5 93.2 105.0 7.6 69.9 82.5 7.6

2014/09F 9.0 0.0 132.3 37.6 4.1 103.5 59.1 11.0 77.6 41.6 11.0

2014/12F (4.2) (3.8) 122.1 17.7 (7.6) 86.9 18.7 (16.0) 65.2 5.7 (16.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 5,506.8 284.6 177.6 5,229 18.8 금호석유 11.0 1.7 14.0 1.6

FY2014F 6,144.4 412.5 315.3 9,104 10.8 화학 13.6 1.3 9.7 1.3



금호석유

6,457.4

5,883.7

6,058.8

6,606.2

7,204.3

4,714.2 3,157.2

4,410.7 2,752.4

4,581.1 2,745.9

4,889.1 2,803.5

5,206.2 2,794.5

1,414.9

1,345.1

1,575.3

1,723.5

1,519.4

1,717.6

1,717.6

1,651.6

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-35

-30

-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x33

x25

x17

x9

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



74


A011170 151010 universe

롯데케미칼 (011170.KS) 업데이트 : 2013.04.26

투자의견 : 매수 업종 : 화학 주가 수익률(12개월)



52주 최고가 : 268,000 시가총액(십억원) : 6,649.4

52주 최저가 : 124,000 60일 평균 거래대금(백만원) : 39,860.6

연중 최고가 : 261,000 외국인지분(%) : 26.6

9 10 11 12 13


8.7 48.7 (3.2) (23.6) (24.5)

업종 대비 (1.8) 38.2 (13.7) (34.1) (35.0) 5

KOSPI 대비 2.4 36.1 (4.4) (25.0) (23.3) 10

22 23 24 19 20



2011/12A 47.6 1,470.1 22.6 1,527.5 28.3 978.1 23.7 1,848.7 30,701 171,456 1,750

2012/12A 1.3 371.7 (74.7) 386.9 (74.7) 314.5 (67.8) 831.7 9,865 176,320 1,000

2013/12F (2.2) 498.5 34.1 504.8 30.5 390.7 24.2 952.9 11,611 186,089 1,800

2014/12F 1.8 803.4 61.2 820.7 62.6 634.5 62.4 1,270.3 18,853 202,544 1,900

2015/12F 1.3 999.1 24.4 1,023.9 24.8 793.9 25.1 1,470.6 23,593 223,951 1,900



2011/12A 5,462.6 47.4 30.2 (933.0) 9.4 5.5 9.7 1.74 19.6 0.6

2012/12A 6,043.4 1,025.8 32.5 (598.1) 2.3 10.7 24.9 1.39 5.5 0.4

2013/12F 6,378.3 669.9 26.8 (567.9) 3.2 7.8 16.7 1.04 6.3 0.9

2014/12F 6,942.3 421.2 21.2 (730.3) 5.1 5.7 10.3 0.96 9.5 1.0

2015/12F 7,676.0 277.1 17.4 (734.8) 6.2 4.8 8.2 0.87 10.9 1.0



2013/03F 8.5 5.2 117.4 (42.1) 408.5 132.2 (41.3) NA 102.5 (38.8) 5,253.4

2013/06F (7.6) (12.6) 41.0 NA (65.1) 55.5 NA (58.0) 41.7 NA (59.4)

2013/09F (7.2) 5.1 170.0 (12.2) 314.6 180.5 (11.1) 225.0 140.7 (10.9) 237.8

2013/12F (2.1) 1.3 170.1 637.0 0.1 136.5 NA (24.4) 105.9 5,426.9 (24.8)

2014/03F (2.7) 4.5 210.5 79.3 23.7 227.5 72.1 66.7 176.3 71.9 66.5

2014/06F 9.3 (1.8) 197.5 381.8 (6.2) 216.9 290.5 (4.7) 167.8 303.0 (4.8)

2014/09F 1.2 (2.6) 185.7 9.2 (6.0) 199.0 10.2 (8.3) 153.7 9.2 (8.4)

2014/12F 0.1 0.3 209.8 23.3 13.0 177.2 29.8 (11.0) 136.7 29.1 (11.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 16,705.9 455.4 355.7 10,396 18.6 롯데케미칼 11.4 1.0 8.7 1.0

FY2014F 17,150.0 681.3 530.1 15,337 12.6 화학 13.6 1.3 9.7 1.3



롯데케미칼

15,699.4

15,902.8

15,549.9

15,826.0

16,033.6

10,746.6 4,588.8

10,372.3 4,288.2

10,430.8 3,986.6

10,945.9 3,890.4

11,453.3 3,604.0

4,177.0

3,649.2

3,836.0

3,887.7

4,062.5

3,987.9

3,882.2

3,893.3

0

50,000

100,000

150,000

200,000

250,000

300,000


-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x36

x27

x19

x11

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



75


A004000 151010 universe

삼성정밀화학 (004000.KS) 업데이트 : 2013.01.28




52주 최고가 : 71,000 시가총액(십억원) : 1,270.7

52주 최저가 : 40,300 60일 평균 거래대금(백만원) : 6,329.8

연중 최고가 : 62,000 외국인지분(%) : 5.7

9 10 11 12 13


7.2 17.1 (11.1) (25.5) (20.6)

업종 대비 (3.3) 6.7 (21.6) (35.9) (31.0) 5

KOSPI 대비 0.9 4.6 (12.3) (26.8) (19.4) 10

22 23 24 19 20



2011/12A 18.0 72.3 (14.4) 87.8 (15.5) 73.4 (13.7) 136.9 2,889 42,605 650

2012/12F 7.3 55.6 (23.2) 86.2 (1.8) 73.3 (0.1) 125.7 2,880 44,999 650

2013/12F 12.1 76.3 37.4 97.3 13.0 81.8 11.5 176.6 3,210 47,720 650

2014/12F 23.4 129.7 69.8 147.6 51.7 124.0 51.7 255.7 4,869 52,079 650

2015/12F 13.0 143.4 10.6 163.5 10.8 137.4 10.8 285.3 5,394 56,955 650



2011/12A 1,088.7 (140.4) 1.7 (182.6) 5.4 10.5 21.1 1.43 6.9 1.1

2012/12F 1,150.5 118.2 14.3 (301.8) 3.9 13.5 21.2 1.36 6.5 1.1

2013/12F 1,220.7 283.9 26.5 (300.8) 4.8 8.8 15.3 1.03 6.9 1.3

2014/12F 1,333.2 294.5 25.8 (180.3) 6.6 6.1 10.1 0.95 9.7 1.3

2015/12F 1,459.0 288.1 23.6 (169.7) 6.4 5.5 9.1 0.86 9.8 1.3



2013/03F (6.6) (1.9) 6.9 (69.0) NA 10.4 (57.4) (15.3) 8.7 (57.8) (11.3)

2013/06F 11.0 20.8 19.9 (20.5) 188.7 27.4 (7.3) 163.2 23.0 (14.4) 163.2

2013/09F 15.2 5.6 25.9 40.3 30.5 31.6 58.9 15.5 26.6 67.0 15.5

2013/12F 29.4 3.5 23.7 NA (8.6) 27.9 127.3 (11.8) 23.5 138.1 (11.8)

2014/03F 40.4 6.4 30.5 343.4 28.8 34.7 233.5 24.2 29.1 233.5 24.2

2014/06F 20.7 3.8 34.6 74.2 13.4 43.0 57.1 24.0 36.1 57.1 24.0

2014/09F 21.0 5.8 33.5 29.4 (3.0) 40.1 26.7 (6.8) 33.7 26.7 (6.8)

2014/12F 15.2 (1.5) 31.0 31.0 (7.5) 29.8 6.9 (25.6) 25.1 6.9 (25.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,472.4 33.0 38.7 1,452 33.7 삼성정밀화학 11.1 1.0 9.0 1.3

FY2014F 1,756.0 92.0 90.9 3,311 14.8 화학 13.6 1.3 9.7 1.3



삼성정밀화학

1,333.6

1,431.2

1,603.9

1,978.9

2,236.2

1,400.5 311.7

1,631.1 480.6

1,901.4 680.7

2,119.5 786.4

2,329.0 870.1

334.0

403.4

425.8

440.7

468.8

486.9

515.3

507.9

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-35

-30

-25

-20

-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x28

x24

x20

x16

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



76


A004430 151010 universe

송원산업 (004430.KS) 업데이트 : 2013.03.21




52주 최고가 : 15,300 시가총액(십억원) : 277.2

52주 최저가 : 10,000 60일 평균 거래대금(백만원) : 2,158.9

연중 최고가 : 15,250 외국인지분(%) : 13.1

9 10 11 12 13


4.1 (2.9) (5.3) (1.7) (4.1)

업종 대비 (6.4) (13.4) (15.8) (12.2) (14.6) 5

KOSPI 대비 (2.3) (15.5) (6.5) (3.1) (3.0) 10

22 23 24 19 20



2011/12A 12.9 25.2 (27.3) 8.9 (53.1) 10.0 (53.5) 54.2 418 11,459 60

2012/12A 8.1 57.7 129.2 24.3 174.4 20.6 105.2 88.0 858 11,900 80

2013/12F 13.9 69.7 20.8 34.1 40.0 27.8 34.8 104.0 1,157 12,618 80

2014/12F 8.4 83.9 20.4 46.6 36.9 36.1 30.1 117.6 1,505 13,684 80

2015/12F 12.4 103.7 23.7 62.2 33.5 48.2 33.5 141.6 2,009 15,255 80



2011/12A 275.0 375.7 163.9 (33.7) 4.0 11.0 22.2 0.81 3.7 0.6

2012/12A 285.6 350.2 151.6 (24.1) 8.5 7.2 13.9 1.00 7.3 0.7

2013/12F 302.8 338.9 138.1 (35.0) 9.0 5.9 10.0 0.92 9.4 0.7

2014/12F 328.4 336.6 128.8 (46.4) 10.0 5.2 7.7 0.84 11.4 0.7

2015/12F 366.1 365.8 126.5 (79.6) 11.0 4.5 5.8 0.76 13.9 0.7



2013/03F NA NA 16.8 NA NA 13.5 NA NA 11.0 NA NA

2013/06F NA 14.1 19.1 NA 14.1 16.3 NA 20.2 13.2 NA 20.2

2013/09F NA (9.9) 17.2 NA (9.9) 14.1 NA (13.1) 11.5 NA (13.1)

2013/12F NA (4.1) 16.5 NA (4.1) (9.8) NA NA (8.0) NA NA

2014/03F 8.4 9.9 20.2 20.4 22.1 17.1 26.5 NA 13.3 20.2 NA

2014/06F 8.4 14.1 23.0 20.4 14.1 20.3 24.7 18.5 15.7 18.5 18.5

2014/09F 8.4 (9.9) 20.7 20.4 (9.9) 17.7 25.4 (12.6) 13.7 19.2 (12.6)

2014/12F 8.4 (4.1) 19.9 20.4 (4.1) (8.5) NA NA (6.6) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 705.5 NA 23.2 983 11.9 송원산업 8.2 0.9 10.9 0.7

FY2014F 793.2 NA 43.2 1,800 6.5 화학 13.6 1.3 9.7 1.3



송원산업

629.0

679.6

774.1

838.8

942.9

870.2 595.1

862.1 575.4

891.2 587.4

936.3 607.0

1,035.7 669.0

186.3

212.6

191.5

183.7

201.9

230.3

207.5

199.1

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-15

-10

-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x29

x24

x19

x14

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



77


A009830 151010 universe

한화케미칼 (009830.KS) 업데이트 : 2013.01.23




52주 최고가 : 21,800 시가총액(십억원) : 2,946.0

52주 최저가 : 15,400 60일 평균 거래대금(백만원) : 15,053.3

연중 최고가 : 21,000 외국인지분(%) : 15.2

9 10 11 12 13


17.0 31.3 5.0 (2.8) 10.8

업종 대비 6.5 20.8 (5.5) (13.2) 0.4 5

KOSPI 대비 10.7 18.7 3.8 (4.1) 12.0 10

22 23 24 19 20



2011/12A 25.3 325.9 (50.3) 281.1 (60.1) 253.5 (43.2) 620.5 1,793 29,513 450

2012/12F (13.5) 137.3 (57.9) 63.6 (77.4) 57.4 (77.4) 455.6 406 29,513 450

2013/12F 7.1 257.3 87.4 169.2 165.8 152.6 165.8 601.0 1,079 30,186 450

2014/12F 6.6 391.9 52.3 297.0 75.6 267.9 75.6 763.1 1,894 31,675 450

2015/12F 6.6 417.7 6.6 316.6 6.6 285.6 6.6 805.2 2,019 33,288 450



2011/12A 4,173.3 3,508.7 95.8 (826.5) 4.1 12.2 13.7 0.83 6.2 1.8

2012/12F 4,173.3 4,121.8 103.6 (704.0) 2.0 16.0 45.2 0.62 1.4 2.5

2013/12F 4,268.5 4,363.5 108.9 (478.5) 3.5 13.1 19.5 0.70 3.6 2.1

2014/12F 4,479.0 4,705.2 114.5 (555.0) 5.0 10.6 11.1 0.66 6.1 2.1

2015/12F 4,707.2 4,943.0 117.5 (470.2) 5.0 10.2 10.4 0.63 6.2 2.1



2013/03F 7.1 7.4 63.5 97.7 221.3 52.5 147.4 38.6 47.4 36.5 NA

2013/06F 7.1 1.0 64.2 42.2 1.0 (12.0) NA NA (10.8) NA NA

2013/09F 7.1 3.4 66.4 64.5 3.4 47.3 117.9 NA 42.7 3.4 NA

2013/12F 7.1 (4.6) 63.3 220.3 (4.6) 81.4 114.9 72.0 73.4 NA 72.0

2014/03F 6.6 6.9 96.7 52.3 52.7 85.0 62.0 4.5 76.7 62.0 4.5

2014/06F 6.6 1.0 97.7 52.3 1.0 16.4 NA (80.7) 14.8 NA (80.7)

2014/09F 6.6 3.4 101.1 52.3 3.4 80.5 70.1 391.5 72.6 70.1 391.5

2014/12F 6.6 (4.6) 96.4 52.3 (4.6) 115.1 41.5 43.1 103.9 41.5 43.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 7,704.3 149.3 39.7 605 34.5 한화케미칼 12.5 0.7 5.5 2.1

FY2014F 8,266.7 339.2 226.7 1,708 12.2 화학 13.6 1.3 9.7 1.3



한화케미칼

7,942.6

6,867.4

7,352.2

7,837.5

8,354.8

11,853.5 7,055.8

12,000.1 7,224.1

12,587.0 7,770.2

13,224.4 8,291.0

13,790.6 8,729.1

1,814.2

1,833.2

1,896.0

1,808.8

1,934.0

1,954.2

2,021.2

1,928.2

0

5,000

10,000

15,000

20,000

25,000


-30

-25

-20

-15

-10

-5

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x39

x30

x21

x12

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



78


A069260 151010 universe

휴켐스 (069260.KS) 업데이트 : 2013.05.29



현재주가 : 23,150 회계기준 : K-IFRS 별도

52주 최고가 : 27,200 시가총액(십억원) : 946.3

52주 최저가 : 17,550 60일 평균 거래대금(백만원) : 2,001.1

연중 최고가 : 26,650 외국인지분(%) : 13.3

9 10 11 12 13


12.4 25.5 (3.9) (12.6) (9.6)

업종 대비 1.9 15.0 (14.4) (23.1) (20.0) 5

KOSPI 대비 6.1 12.9 (5.1) (14.0) (8.4) 10

22 23 24 19 20



2011/12A 5.1 58.7 (23.5) 66.8 (25.6) 51.1 (24.2) 77.9 1,250 10,738 700

2012/12A 24.7 66.4 13.2 63.7 (4.8) 53.5 4.6 93.4 1,319 11,299 700

2013/12F 34.9 97.7 47.1 92.0 44.5 75.3 40.9 137.1 1,863 12,195 700

2014/12F 4.3 108.6 11.1 101.9 10.8 83.5 10.8 156.7 2,064 13,248 700

2015/12F 0.5 107.5 (1.0) 100.6 (1.2) 82.4 (1.2) 163.0 2,038 14,419 700



2011/12A 439.0 (33.3) 36.7 (82.6) 10.4 10.1 16.0 1.86 12.2 3.5

2012/12A 452.2 (10.5) 38.5 (107.3) 9.4 11.3 19.6 2.29 12.0 2.7

2013/12F 488.8 16.4 44.9 (109.0) 10.3 7.1 12.4 1.90 16.0 3.0

2014/12F 531.9 35.4 45.5 (112.6) 10.9 6.4 11.2 1.75 16.4 3.0

2015/12F 579.7 29.3 40.8 (105.0) 10.8 6.2 11.4 1.61 14.8 3.0



2013/03F 63.4 13.2 24.6 68.0 94.3 22.9 56.6 144.0 18.7 73.2 75.7

2013/06F 51.9 (0.2) 25.3 14.8 2.8 26.7 14.1 16.8 21.9 25.2 16.8

2013/09F 23.4 (4.1) 22.4 31.4 (11.5) 21.5 31.5 (19.6) 17.6 37.4 (19.6)

2013/12F 12.5 3.9 25.4 100.4 13.4 21.0 123.8 (2.4) 17.2 61.1 (2.4)

2014/03F 3.5 4.1 28.1 14.3 10.9 26.1 14.4 24.8 21.4 14.4 24.8

2014/06F 4.0 0.3 28.1 11.1 (0.1) 29.4 10.1 12.3 24.1 10.1 12.3

2014/09F 4.9 (3.2) 25.0 11.5 (11.2) 23.8 10.9 (19.0) 19.5 10.9 (19.0)

2014/12F 4.9 3.8 27.3 7.6 9.4 22.6 7.6 (5.3) 18.5 7.6 (5.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 804.0 63.1 53.4 1,306 17.1 휴켐스 11.5 1.8 16.3 3.0

FY2014F 859.4 79.8 63.7 1,558 14.3 화학 13.6 1.3 9.7 1.3



휴켐스

566.9

706.7

953.2

994.2

999.1

699.5 255.0

732.6 275.3

866.5 363.2

952.0 394.5

1,004.4 393.9

241.4

240.8

231.0

240.0

249.7

250.4

242.4

251.6

0

5,000

10,000

15,000

20,000

25,000

30,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x21

x17

x13

x9

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



79


A051910 151010 universe

LG화학 (051910.KS) 업데이트 : 2013.04.19




52주 최고가 : 345,000 시가총액(십억원) : 20,908.5

52주 최저가 : 230,000 60일 평균 거래대금(백만원) : 64,109.4

연중 최고가 : 342,500 외국인지분(%) : 34.0

9 10 11 12 13


10.9 34.5 16.9 (2.9) (7.2)

업종 대비 0.4 24.1 6.4 (13.4) (17.7) 5

KOSPI 대비 4.6 22.0 15.7 (4.3) (6.0) 10

22 23 24 19 20



2011/12A 16.5 2,818.8 (0.1) 2,796.6 (0.8) 2,137.9 (0.9) 3,575.4 29,069 129,485 4,000

2012/12A 2.6 1,910.3 (32.2) 1,880.5 (32.8) 1,494.5 (30.1) 2,783.9 20,318 144,043 4,000

2013/12F 4.8 1,894.7 (0.8) 1,863.3 (0.9) 1,460.4 (2.3) 2,810.0 19,862 158,064 4,000

2014/12F 10.6 2,238.2 18.1 2,209.0 18.6 1,709.4 17.1 3,239.9 23,251 175,455 4,000

2015/12F 8.0 2,514.4 12.3 2,485.9 12.5 1,923.8 12.5 3,584.4 26,167 195,746 4,000



2011/12A 9,553.5 1,135.5 26.0 (2,195.4) 12.4 6.5 10.9 2.45 24.8 1.3

2012/12A 10,629.3 1,581.3 27.4 (1,907.4) 8.2 8.8 16.2 2.29 14.8 1.2

2013/12F 11,665.4 1,376.6 25.1 (2,063.4) 7.8 8.4 15.9 2.00 13.1 1.3

2014/12F 12,950.6 1,508.8 24.9 (2,307.6) 8.3 7.3 13.6 1.80 13.9 1.3

2015/12F 14,450.1 1,444.3 22.8 (2,204.0) 8.6 6.6 12.1 1.61 14.0 1.3



2013/03F (0.6) 0.7 408.9 (11.0) 12.3 404.0 (8.2) 7.7 316.6 (15.7) 9.2

2013/06F (2.4) 2.3 436.4 (13.2) 6.7 426.7 (11.1) 5.6 334.4 (11.2) 5.6

2013/09F 8.6 8.3 540.1 (10.2) 23.8 523.1 (10.6) 22.6 410.0 (9.4) 22.6

2013/12F 13.9 2.0 509.4 39.9 (5.7) 509.5 35.8 (2.6) 399.3 37.8 (2.6)

2014/03F 13.1 0.0 492.4 20.4 (3.3) 489.8 21.2 (3.9) 379.0 19.7 (5.1)

2014/06F 15.2 4.2 566.3 29.8 15.0 557.9 30.7 13.9 431.7 29.1 13.9

2014/09F 10.6 4.0 604.3 11.9 6.7 586.8 12.2 5.2 454.1 10.8 5.2

2014/12F 4.2 (3.8) 575.2 12.9 (4.8) 574.5 12.8 (2.1) 444.6 11.3 (2.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 23,876.3 1,972.2 1,568.8 20,962 15.0 LG화학 14.1 1.8 13.7 1.3

FY2014F 25,474.6 2,337.8 1,815.9 24,368 12.9 화학 13.6 1.3 9.7 1.3



LG화학

22,675.6

23,263.0

24,377.1

26,958.3

29,103.9

15,285.6 5,577.9

16,581.2 5,815.8

17,958.1 6,146.1

20,172.8 7,063.0

22,066.6 7,443.0

5,720.6

5,850.5

6,338.0

6,467.9

6,470.0

6,739.6

7,009.1

6,739.6

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x19

x15

x12

x9

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



80


A010060 151010 universe

OCI (010060.KS) 업데이트 : 2013.04.24




52주 최고가 : 195,000 시가총액(십억원) : 4,173.6

52주 최저가 : 129,500 60일 평균 거래대금(백만원) : 31,781.0

연중 최고가 : 192,000 외국인지분(%) : 26.0

9 10 11 12 13


10.1 31.6 7.7 (4.4) 4.5

업종 대비 (0.4) 21.1 (2.8) (14.8) (6.0) 5

KOSPI 대비 3.7 19.0 6.5 (5.7) 5.6 10

22 23 24 19 20



2011/12A 28.7 1,117.9 25.2 1,043.3 27.6 768.1 26.3 1,574.0 32,588 139,821 2,200

2012/12A (24.7) 154.8 (86.2) 18.8 (98.2) (68.4) NA 698.6 -2,866 133,074 400

2013/12F 2.1 (6.0) NA (95.6) NA (81.8) NA 514.2 -3,429 129,056 400

2014/12F 17.5 241.5 NA 148.7 NA 109.8 NA 825.5 4,602 133,032 400

2015/12F 10.6 277.4 14.9 172.2 15.8 125.5 14.4 948.2 5,264 137,782 400



2011/12A 3,334.6 654.5 40.4 (1,622.8) 26.1 4.0 6.7 1.57 28.8 1.0

2012/12A 3,173.7 1,422.3 61.2 (744.4) 4.8 8.3 NA 1.24 (2.1) 0.2

2013/12F 3,077.9 1,498.3 62.8 (482.0) (0.2) 11.8 NA 1.36 (2.6) 0.2

2014/12F 3,172.7 1,706.5 69.0 (744.5) 6.3 7.6 38.0 1.32 3.5 0.2

2015/12F 3,286.0 1,924.8 74.7 (930.4) 6.5 6.9 33.2 1.27 3.9 0.2



2013/03F (12.4) 10.9 (23.7) NA NA (39.4) NA NA (33.7) NA NA

2013/06F (7.8) 2.4 (18.1) NA NA (35.0) NA NA (29.9) NA NA

2013/09F 7.3 1.7 (3.6) NA NA (20.7) NA NA (17.7) NA NA

2013/12F 27.1 10.0 39.4 NA NA (0.5) NA NA (0.4) NA NA

2014/03F 20.2 4.9 52.9 NA 34.3 38.6 NA NA 28.5 NA NA

2014/06F 19.1 1.5 56.3 NA 6.5 40.2 NA 4.0 29.7 NA 4.0

2014/09F 20.3 2.7 64.4 NA 14.5 47.9 NA 19.2 35.4 NA 19.2

2014/12F 11.0 1.6 67.9 72.5 5.4 22.0 NA (54.2) 16.2 NA (54.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 3,115.0 67.4 (133.5) -6,131 NA OCI 70.3 1.3 1.9 0.2

FY2014F 3,548.9 337.4 224.6 8,577 20.4 화학 13.6 1.3 9.7 1.3



OCI

4,275.9

3,218.5

3,287.1

3,860.7

4,268.9

7,205.0 3,484.9

7,283.0 3,691.4

7,013.1 3,526.9

7,361.9 3,769.2

7,827.6 4,108.0

780.4

799.4

812.8

894.5

937.9

952.0

977.6

993.2

0

50,000

100,000

150,000

200,000

250,000


-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x19

x14

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



81


A011790 151010 universe

SKC (011790.KS) 업데이트 : 2013.02.06




52주 최고가 : 47,400 시가총액(십억원) : 1,166.1

52주 최저가 : 26,150 60일 평균 거래대금(백만원) : 9,289.2

연중 최고가 : 42,950 외국인지분(%) : 4.7

9 10 11 12 13


9.5 17.1 (1.4) (24.9) (22.8)

업종 대비 (0.9) 6.6 (11.8) (35.3) (33.2) 5

KOSPI 대비 3.2 4.5 (2.6) (26.2) (21.6) 10

22 23 24 19 20



2011/12A 15.2 230.0 45.7 194.5 67.9 126.0 (3.5) 291.7 3,512 31,169 500

2012/12F 4.4 165.1 (28.2) 138.2 (28.9) 66.1 (47.5) 235.8 1,840 32,295 500

2013/12F 14.8 180.0 9.1 147.6 6.8 122.1 84.7 262.4 3,399 35,102 500

2014/12F 16.4 219.9 22.1 189.6 28.5 162.9 33.4 303.7 4,535 38,841 500

2015/12F 12.0 315.4 43.4 288.5 52.1 240.1 47.3 404.8 6,682 44,366 500



2011/12A 1,127.0 755.5 71.9 (216.7) 13.6 7.2 10.8 1.22 11.7 1.3

2012/12F 1,167.8 986.5 85.5 (250.3) 9.4 10.6 22.9 1.30 5.8 1.2

2013/12F 1,269.4 924.5 76.1 (131.3) 8.9 7.9 9.5 0.92 10.0 1.6

2014/12F 1,404.8 871.1 65.8 (100.8) 9.3 6.7 7.1 0.83 12.2 1.6

2015/12F 1,605.0 758.3 50.4 (129.0) 12.0 4.7 4.8 0.73 16.0 1.6



2013/03F (8.8) (2.6) 33.6 (13.4) (0.9) 27.0 (15.1) (10.5) 6.2 (74.0) NA

2013/06F 17.7 24.2 45.0 (7.7) 33.8 38.8 (2.1) 43.7 15.4 (50.3) 149.5

2013/09F 23.8 7.3 51.7 18.5 14.9 45.8 25.2 18.0 20.8 (29.6) 35.5

2013/12F 27.5 (1.8) 49.8 46.8 (3.6) 36.0 19.2 (21.5) 79.8 NA 282.9

2014/03F NA NA 0.0 NA NA (7.7) NA NA 45.7 641.6 (42.7)

2014/06F NA NA 0.0 NA NA (7.7) NA NA 45.7 197.4 0.1

2014/09F NA NA 0.0 NA NA (7.5) NA NA 45.8 120.0 0.2

2014/12F 334.2 NA 219.9 341.6 NA 212.5 491.0 NA 25.7 (67.8) (44.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,894.5 162.8 96.7 2,670 11.8 SKC 7.6 0.9 11.6 1.6

FY2014F 2,020.3 191.4 124.2 3,430 9.2 화학 13.6 1.3 9.7 1.3



SKC

1,687.5

1,761.0

2,021.4

2,352.0

2,634.2

2,252.7 1,150.0

2,532.8 1,367.1

2,651.4 1,388.5

2,805.4 1,412.5

2,961.0 1,361.0

413.9

514.1

551.8

541.7

0.0

0.0

0.0

2,352.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-35

-30

-25

-20

-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x29

x22

x16

x10

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



82


A010130 151040 universe

고려아연 (010130.KS) 업데이트 : 2013.08.26

투자의견 : 매수 업종 : 철강·비철금속 주가 수익률(12개월)

목표주가 : 420,000 애널리스트 : 최문선


52주 최고가 : 505,000 시가총액(십억원) : 6,161.1

52주 최저가 : 251,500 60일 평균 거래대금(백만원) : 25,701.8

연중 최고가 : 406,500 외국인지분(%) : 14.7

9 10 11 12 13


2.0 23.2 (8.3) (27.3) (19.4)

업종 대비 (2.0) 19.2 (12.3) (31.3) (23.4) 5

KOSPI 대비 (4.3) 10.7 (9.5) (28.6) (18.2) 10

22 23 24 19 20



2011/12A 44.8 963.6 48.7 974.5 34.1 704.6 28.4 1,075.2 39,868 182,490 5,000

2012/12A (1.1) 757.5 (21.4) 751.3 (22.9) 560.2 (20.5) 882.6 31,693 207,361 5,000

2013/12F (8.9) 676.4 (10.7) 692.2 (7.9) 514.7 (8.1) 815.4 29,123 231,785 5,000

2014/12F 9.0 814.9 20.5 861.6 24.5 645.7 25.4 971.6 36,533 261,581 5,000

2015/12F 46.9 1,212.3 48.8 1,265.5 46.9 948.4 46.9 1,414.0 53,661 307,785 5,000



2011/12A 3,390.1 (799.3) 13.9 (252.0) 17.3 4.7 7.6 1.67 23.1 1.6

2012/12A 3,859.4 (796.6) 8.3 (303.5) 13.8 7.9 12.8 1.95 15.5 1.2

2013/12F 4,320.3 (1,170.7) 7.5 (504.9) 13.5 6.3 11.2 1.41 12.6 1.5

2014/12F 4,882.5 (1,556.8) 4.9 (551.5) 14.9 4.9 8.9 1.25 14.0 1.5

2015/12F 5,754.4 (2,192.8) 5.0 (260.5) 15.1 2.9 6.1 1.06 17.8 1.5



2013/03A (12.3) (17.0) 172.6 (18.0) 7.1 172.6 (24.6) (0.8) 126.7 (24.8) (8.0)

2013/06A (12.7) 9.1 136.4 (44.1) (21.0) 128.3 (34.0) (25.7) 94.7 (37.8) (25.3)

2013/09F (3.5) (3.2) 173.4 22.0 27.2 184.4 19.5 43.7 138.2 35.7 46.0

2013/12F (6.4) 6.9 194.1 20.5 11.9 207.0 19.0 12.3 155.1 12.7 12.2

2014/03F 9.0 (3.3) 188.2 9.0 (3.0) 202.2 17.2 (2.3) 151.5 19.6 (2.3)

2014/06F 9.0 9.1 148.7 9.0 (21.0) 157.0 22.4 (22.4) 117.6 24.2 (22.4)

2014/09F 3.0 (8.6) 141.3 (18.5) (5.0) 150.1 (18.6) (4.4) 112.5 (18.6) (4.4)

2014/12F 14.7 19.0 336.7 73.5 138.2 352.4 70.2 134.8 264.1 70.2 134.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 4,946.5 660.6 498.3 26,167 12.5 고려아연 9.4 1.3 13.7 1.5

FY2014F 5,056.7 746.7 577.1 30,279 10.8 철강·비철금속 10.2 0.7 7.1 1.9



고려아연

5,556.4

5,497.5

5,010.4

5,463.5

8,024.5

4,606.2 1,095.8

4,940.5 954.5

5,680.0 1,225.3

6,707.9 1,681.8

8,671.2 2,759.8

1,172.3

1,278.7

1,237.2

1,322.2

1,278.4

1,394.4

1,274.5

1,516.3

0

100,000

200,000

300,000

400,000

500,000

600,000


-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x15

x12

x10

x7

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



83


A001230 151040 universe

동국제강 (001230.KS) 업데이트 : 2012.12.13

투자의견 : 중립 업종 : 철강·비철금속 주가 수익률(12개월)

목표주가 : - 애널리스트 : 최문선


52주 최고가 : 16,650 시가총액(십억원) : 964.5

52주 최저가 : 10,450 60일 평균 거래대금(백만원) : 5,326.6

연중 최고가 : 15,900 외국인지분(%) : 23.9

9 10 11 12 13


20.9 45.8 26.8 (5.2) 9.9

업종 대비 16.9 41.8 22.8 (9.2) 5.9 5

KOSPI 대비 14.6 33.2 25.6 (6.5) 11.0 10

22 23 24 19 20



2011/12A 8.4 267.1 (22.9) 78.8 (65.5) 7.5 (95.4) 541.1 124 45,766 750

2012/12F 8.4 289.6 8.4 65.9 (16.4) 6.3 (16.4) 569.8 103 43,896 750

2013/12F 8.4 314.0 8.4 57.6 (12.5) 5.5 (12.5) 601.1 90 42,014 750

2014/12F 8.4 340.4 8.4 51.7 (10.3) 4.9 (10.3) 634.5 81 40,123 750

2015/12F 8.4 369.1 8.4 48.3 (6.5) 4.6 (6.5) 670.3 76 38,227 750



2011/12A 2,798.1 3,933.5 173.3 (439.6) 3.0 10.3 165.3 0.45 0.3 3.7

2012/12F 2,682.5 4,730.7 209.8 (390.7) 3.0 10.4 132.6 0.31 0.2 5.5

2013/12F 2,566.2 5,517.1 249.0 (396.5) 3.0 11.4 172.7 0.37 0.2 4.8

2014/12F 2,449.2 6,291.8 291.2 (402.3) 3.0 12.0 192.4 0.39 0.2 4.8

2015/12F 2,332.0 7,053.8 336.8 (408.1) 3.0 12.5 205.8 0.41 0.2 4.8



2013/03F 8.4 (26.1) (20.6) NA NA (85.4) NA NA (8.1) NA NA

2013/06F 8.4 4.0 36.5 8.4 NA (29.3) NA NA (2.8) NA NA

2013/09F 8.4 1.0 (66.4) NA NA (126.7) NA NA (12.0) NA NA

2013/12F 8.4 39.5 364.4 8.4 NA 299.0 16.9 NA 28.4 (67.1) NA

2014/03F 8.4 (26.1) (22.4) NA NA (95.8) NA NA (9.1) NA NA

2014/06F 8.4 4.0 39.6 8.4 NA (34.8) NA NA (3.3) NA NA

2014/09F 8.4 1.0 (72.0) NA NA (140.3) NA NA (13.3) NA NA

2014/12F 8.4 39.5 395.2 8.4 NA 322.6 7.9 NA 30.6 7.9 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 6,735.7 73.2 (138.7) -2,196 NA 동국제강 186.8 0.4 0.2 4.8

FY2014F 6,812.3 114.4 (53.5) -849 NA 철강·비철금속 10.2 0.7 7.1 1.9



동국제강

8,841.9

9,587.0

10,394.8

11,270.7

12,220.4

10,152.9 7,005.2

10,750.7 8,061.2

11,388.6 9,128.3

12,070.0 10,207.3

12,798.5 11,299.2

2,280.7

2,372.9

2,396.8

3,344.4

2,472.9

2,572.8

2,598.8

3,626.2

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x192

x145

x99

x53

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



84


A009520 151040 universe

포스코엠텍 (009520.KQ) 업데이트 : 2013.07.01




52주 최고가 : 12,550 시가총액(십억원) : 332.7

52주 최저가 : 7,360 60일 평균 거래대금(백만원) : 614.2

연중 최고가 : 11,500 외국인지분(%) : 0.8

9 10 11 12 13


4.3 2.4 (24.3) 6.5 (30.5)

업종 대비 0.3 (1.6) (28.3) 2.5 (34.5) 5

KOSPI 대비 (2.0) (10.1) (25.5) 5.2 (29.4) 10

22 23 24 19 20



2011/12A 23.1 16.1 28.0 13.5 60.0 11.0 38.7 20.8 265 38,837 7,500

2012/12A 43.2 15.8 (2.2) 12.2 (9.9) 9.2 (16.4) 20.7 221 39,209 7,500

2013/12F 6.2 19.5 23.3 14.5 19.6 12.3 33.6 31.1 295 4,142 75

2014/12F 9.5 37.9 94.6 31.6 117.0 24.1 95.8 52.1 579 4,646 75

2015/12F 17.3 69.2 82.8 62.9 99.4 46.9 94.3 88.5 1,126 5,696 75



2011/12A 161.7 58.0 91.1 (6.1) 2.4 17.9 28.3 0.19 7.0 100.0

2012/12A 163.3 111.6 111.2 (45.6) 1.6 29.7 53.8 0.30 5.7 63.0

2013/12F 172.5 107.8 131.4 (69.5) 1.9 14.4 27.1 1.93 7.3 0.9

2014/12F 193.5 138.9 141.6 (35.9) 3.4 9.2 13.8 1.72 13.2 0.9

2015/12F 237.2 187.6 145.9 (58.5) 5.3 6.0 7.1 1.40 21.8 0.9



2013/03A 14.9 NA 3.1 (7.5) NA 1.8 (52.4) NA 1.5 (50.3) NA

2013/06F NA NA 0.0 NA NA (1.4) NA NA (1.1) NA NA



2014/03F 17.3 (69.2) 3.7 17.3 (89.5) 1.9 7.0 (94.2) 1.4 (3.7) (94.3)



2014/12F 17.3 NA 65.6 88.7 NA 65.2 99.1 NA 48.2 94.5 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,056.5 21.6 15.8 393 19.8 포스코엠텍 15.8 1.8 11.6 0.9

FY2014F 1,234.3 38.4 30.2 728 10.7 철강·비철금속 10.2 0.7 7.1 1.9



포스코엠텍

669.4

958.8

1,017.9

1,114.3

1,306.8

357.1 194.3

437.0 266.7

559.9 381.0

633.8 433.4

781.1 536.0

232.0

0.0

0.0

882.3

272.1

0.0

0.0

1,034.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


0

10

20

30

40

50

60

70

80

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x47

x36

x26

x16

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



85


A103140 151040 universe

풍산 (103140.KS) 업데이트 : 2013.07.30

투자의견 : 중립 업종 : 철강·비철금속 주가 수익률(12개월)



52주 최고가 : 35,900 시가총액(십억원) : 756.7

52주 최저가 : 21,500 60일 평균 거래대금(백만원) : 6,065.4

연중 최고가 : 34,000 외국인지분(%) : 9.1

9 10 11 12 13


1.9 20.3 (0.2) (19.2) (20.6)

업종 대비 (2.1) 16.3 (4.2) (23.2) (24.6) 5

KOSPI 대비 (4.4) 7.7 (1.4) (20.5) (19.4) 10

22 23 24 19 20



2011/12A 6.4 98.9 (57.3) 66.5 (65.9) 40.7 (73.4) 148.3 1,452 33,582 800

2012/12A 0.7 127.8 29.2 86.9 30.6 61.6 51.4 183.4 2,199 34,446 400

2013/12F 2.7 129.2 1.1 105.9 21.8 76.9 24.7 189.0 2,743 36,249 400

2014/12F 10.8 157.8 22.1 124.8 17.9 93.4 21.5 232.2 3,332 38,895 400

2015/12F 9.5 179.7 13.8 149.7 19.9 112.0 19.9 257.0 3,997 42,241 400



2011/12A 941.0 1,304.4 145.0 (157.3) 3.4 13.8 18.0 0.78 4.3 3.1

2012/12A 965.2 1,263.3 134.0 (148.7) 4.4 12.0 15.3 0.98 6.5 1.2

2013/12F 1,015.7 1,266.1 133.2 (88.1) 4.3 10.7 9.8 0.74 7.8 1.5

2014/12F 1,089.9 1,234.5 122.1 (122.3) 4.8 8.6 8.1 0.69 8.9 1.5

2015/12F 1,183.6 1,185.1 109.0 (99.8) 5.0 7.6 6.8 0.64 9.8 1.5



2013/03A 6.6 (7.8) 27.6 (31.0) 18.9 24.9 1.8 49.5 16.9 (4.9) 35.9

2013/06F 2.7 7.1 28.6 2.7 3.8 20.3 15.7 (18.3) 14.8 45.3 (12.8)

2013/09F 0.0 (6.8) 41.2 12.0 43.7 32.7 15.7 60.6 25.6 20.9 73.5

2013/12F 0.0 8.6 30.2 30.2 (26.7) 26.7 60.2 (18.3) 19.5 56.9 (23.7)

2014/03F 0.0 (7.8) 38.2 38.5 26.6 35.6 42.9 33.3 28.6 68.9 46.3

2014/06F 0.0 7.1 40.9 42.9 7.1 32.9 61.8 (7.5) 25.4 72.4 (11.0)

2014/09F 2.7 (4.2) 39.2 (4.8) (4.2) 30.6 (6.4) (7.1) 23.4 (8.5) (7.9)

2014/12F (0.7) 5.0 41.2 36.3 5.0 26.0 (2.4) (14.8) 15.9 (18.7) (32.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,942.2 124.3 69.9 2,564 10.6 풍산 8.5 0.7 8.6 1.5

FY2014F 2,998.1 151.5 85.5 3,073 8.8 철강·비철금속 10.2 0.7 7.1 1.9



풍산

2,881.3

2,900.3

2,979.3

3,300.8

3,612.7

2,626.5 1,683.4

2,633.2 1,665.8

2,748.4 1,730.4

2,887.3 1,795.0

3,054.4 1,868.2

713.8

764.6

712.7

774.0

713.8

764.6

732.1

768.8

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2008 2009 2010 2011 2012 2013

주가

x29

x22

x16

x9

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



86


A004020 151040 universe

현대제철 (004020.KS) 업데이트 : 2013.06.26




52주 최고가 : 90,600 시가총액(십억원) : 7,157.9

52주 최저가 : 60,100 60일 평균 거래대금(백만원) : 32,420.0

연중 최고가 : 90,600 외국인지분(%) : 17.2

9 10 11 12 13


15.2 31.9 4.4 (4.3) (6.4)

업종 대비 11.2 27.9 0.3 (8.3) (10.4) 5

KOSPI 대비 8.9 19.4 3.2 (5.7) (5.2) 10

22 23 24 19 20



2011/12A 49.1 1,274.5 20.5 909.1 (12.6) 747.1 (19.0) 1,977.1 8,876 107,087 500

2012/12A (7.3) 871.8 (31.6) 930.7 2.4 796.4 6.6 1,593.0 9,449 115,433 500

2013/12F (5.6) 751.5 (13.8) 684.7 (26.4) 613.3 (23.0) 1,458.0 7,276 121,633 500

2014/12F 14.8 970.0 29.1 1,148.2 67.7 918.6 49.8 1,809.8 10,898 131,411 500

2015/12F (2.3) 1,100.8 13.5 1,178.9 2.7 943.1 2.7 2,070.0 11,190 141,477 500



2011/12A 9,118.9 8,736.1 111.6 (1,817.1) 8.4 8.5 10.8 0.89 8.5 0.5

2012/12A 9,830.9 9,275.7 105.2 (2,879.0) 6.2 10.5 9.3 0.76 8.4 0.6

2013/12F 10,359.9 9,558.9 105.8 (1,752.3) 5.6 11.5 11.5 0.69 6.1 0.6

2014/12F 11,194.1 9,155.3 101.7 (890.2) 6.3 9.0 7.7 0.64 8.5 0.6

2015/12F 12,052.9 7,869.9 85.2 (800.0) 7.3 7.3 7.5 0.59 8.1 0.6



2013/03A (20.9) (10.0) 140.2 (13.0) (14.6) (7.6) NA NA 20.4 (86.9) (90.8)

2013/06F (7.4) 19.9 189.9 (41.4) 35.5 125.9 (40.7) NA 107.0 (42.7) 423.6

2013/09F (3.3) (7.8) 171.1 (24.7) (9.9) 344.1 29.7 173.4 292.5 25.6 173.4

2013/12F 5.5 6.0 250.3 52.4 46.2 222.4 (18.3) (35.4) 193.4 (13.2) (33.9)

2014/03F 14.8 (2.0) 161.0 14.8 (35.7) 148.3 NA (33.3) 118.7 480.8 (38.6)

2014/06F 17.1 22.2 351.3 85.0 118.3 352.9 180.4 137.9 282.3 163.9 137.9

2014/09F 12.1 (11.7) 246.3 43.9 (29.9) 235.5 (31.6) (33.3) 188.4 (35.6) (33.3)

2014/12F 15.2 8.9 211.3 (15.6) (14.2) 294.4 32.4 25.0 329.1 70.2 74.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 13,565.0 746.0 472.2 5,548 14.3 현대제철 8.4 0.7 7.9 0.6

FY2014F 15,989.4 1,047.3 708.2 8,303 9.5 철강·비철금속 10.2 0.7 7.1 1.9



현대제철

15,259.5

14,146.4

13,357.4

15,339.0

14,984.5

21,776.7 12,657.8

22,951.4 13,120.5

24,545.3 14,185.4

26,695.9 15,501.8

26,503.2 14,450.3

2,983.7

3,577.3

3,298.8

3,497.6

3,426.3

4,187.3

3,697.4

4,028.1

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x15

x12

x10

x7

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



87


A010520 151040 universe

현대하이스코 (010520.KS) 업데이트 : 2013.08.15




52주 최고가 : 51,400 시가총액(십억원) : 3,805.5

52주 최저가 : 25,450 60일 평균 거래대금(백만원) : 11,578.7

연중 최고가 : 48,000 외국인지분(%) : 21.3

9 10 11 12 13


15.7 44.7 35.2 (2.0) 4.4

업종 대비 11.7 40.7 31.2 (6.0) 0.4 5

KOSPI 대비 9.4 32.1 34.0 (3.3) 5.6 10

22 23 24 19 20



2011/12A 19.0 433.5 39.6 381.7 52.2 296.7 53.1 684.8 3,733 20,386 250

2012/12A 2.9 434.9 0.3 338.2 (11.4) 260.2 (12.3) 657.5 3,273 23,172 250

2013/12F (0.7) 433.2 (0.4) 399.5 18.1 315.8 21.4 650.3 3,972 26,606 250

2014/12F 11.4 520.5 20.2 502.3 25.7 391.8 24.1 758.4 4,927 30,987 250

2015/12F 2.6 542.5 4.2 529.3 5.4 412.9 5.4 805.9 5,193 35,631 250



2011/12A 1,628.0 1,071.8 93.0 (511.7) 5.3 5.7 9.4 1.72 19.9 0.7

2012/12A 1,851.9 1,232.9 94.6 (886.5) 5.2 7.4 13.9 1.96 15.0 0.6

2013/12F 2,127.2 1,266.5 87.9 (407.3) 5.2 7.8 11.9 1.78 15.9 0.5

2014/12F 2,478.6 1,055.6 71.6 (277.5) 5.6 6.4 9.6 1.53 17.0 0.5

2015/12F 2,851.1 846.2 58.9 (302.9) 5.7 5.8 9.1 1.33 15.5 0.5



2013/03A (9.4) (4.8) 93.1 (17.9) (20.3) 89.3 (22.6) 176.5 74.5 (21.7) 401.3

2013/06F (11.6) 2.9 114.5 (3.2) 23.0 92.1 (2.6) 3.1 71.1 0.3 (4.6)

2013/09F 3.5 8.7 100.9 14.3 (11.9) 97.2 (0.5) 5.5 75.8 (6.1) 6.6

2013/12F 16.4 9.3 124.7 6.7 23.6 121.0 274.5 24.5 94.5 535.5 24.6

2014/03F 11.4 (8.9) 101.4 8.9 (18.7) 108.9 22.0 (10.0) 85.0 14.1 (10.0)

2014/06F 25.2 15.6 113.8 (0.6) 12.2 114.4 24.2 5.0 89.2 25.4 5.0

2014/09F 6.9 (7.2) 106.9 6.0 (6.1) 109.0 12.2 (4.7) 85.0 12.2 (4.7)

2014/12F 3.9 6.2 198.3 59.1 85.5 170.0 40.5 55.9 132.6 40.4 55.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 8,366.6 443.9 328.4 4,116 11.4 현대하이스코 10.1 1.6 16.7 0.5

FY2014F 9,490.4 513.0 389.2 4,891 9.6 철강·비철금속 10.2 0.7 7.1 1.9



현대하이스코

8,170.3

8,405.1

8,349.0

9,300.3

9,540.9

4,720.6 3,087.0

5,403.1 3,549.4

5,788.1 3,659.0

6,230.6 3,750.2

6,554.0 3,701.1

1,910.7

1,965.5

2,136.6

2,336.2

2,128.4

2,461.0

2,284.7

2,426.1

0

10,000

20,000

30,000

40,000

50,000

60,000


-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x23

x18

x14

x10

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



88


A005490 151040 universe

POSCO (005490.KS) 업데이트 : 2013.09.25




52주 최고가 : 374,500 시가총액(십억원) : 28,204.9

52주 최저가 : 286,000 60일 평균 거래대금(백만원) : 72,720.3

연중 최고가 : 371,000 외국인지분(%) : 54.2

9 10 11 12 13


0.2 10.6 (0.3) (12.8) (10.3)

업종 대비 (3.9) 6.6 (4.3) (16.8) (14.3) 5

KOSPI 대비 (6.2) (2.0) (1.5) (14.2) (9.1) 10

22 23 24 19 20



2011/12A 44.0 5,467.7 (1.4) 4,782.4 (9.2) 3,648.1 (11.1) 7,734.0 47,224 467,361 10,000

2012/12A (7.7) 3,653.1 (33.2) 3,368.5 (29.6) 2,462.1 (32.5) 6,216.9 31,874 479,953 8,000

2013/12F (4.5) 3,192.3 (12.6) 2,449.4 (27.3) 1,821.9 (26.0) 5,836.8 23,585 495,327 8,000

2014/12F (1.9) 4,069.0 27.5 4,055.1 65.6 3,010.9 65.3 6,916.0 37,764 526,712 8,000

2015/12F 3.1 4,499.2 10.6 4,730.4 16.7 3,512.3 16.7 7,624.3 44,052 561,135 8,000



2011/12A 38,356.3 20,068.2 66.5 (5,331.0) 7.9 7.2 8.0 0.81 9.7 2.6

2012/12A 39,454.1 18,335.1 59.3 (7,054.5) 5.7 8.3 10.9 0.73 6.3 2.3

2013/12F 41,592.6 17,848.4 55.0 (4,601.7) 5.3 8.4 13.7 0.65 4.5 2.5

2014/12F 44,329.0 16,903.5 50.8 (4,495.5) 6.8 7.0 8.6 0.61 7.0 2.5

2015/12F 47,330.2 15,807.0 46.0 (4,935.1) 7.3 6.2 7.3 0.58 7.7 2.5



2013/03A (10.6) (3.2) 716.9 (3.9) 13.2 367.4 (58.0) (44.9) 278.0 (55.8) (53.1)

2013/06A (5.4) 7.0 902.6 (30.6) 25.9 338.9 (53.9) (7.8) 250.6 (50.8) (9.9)

2013/09F (4.9) (4.1) 698.3 (30.0) (22.6) 911.3 (16.4) 168.9 676.6 (7.4) 170.0

2013/12F 3.3 4.0 874.1 38.1 25.2 831.4 24.7 (8.8) 616.6 4.1 (8.9)

2014/03F (1.9) (8.1) 703.0 (1.9) (19.6) 645.7 75.7 (22.3) 479.4 72.4 (22.3)

2014/06F (1.9) 7.0 885.1 (1.9) 25.9 748.2 120.7 15.9 555.5 121.7 15.9

2014/09F (1.5) (3.7) 1,048.0 50.1 18.4 1,089.0 19.5 45.5 808.6 19.5 45.5

2014/12F (2.3) 3.2 1,432.8 63.9 36.7 1,572.3 89.1 44.4 1,167.4 89.3 44.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 61,848.4 3,249.9 1,892.4 21,888 14.7 POSCO 9.5 0.6 6.3 2.5

FY2014F 65,853.0 3,826.3 2,646.7 30,567 10.5 철강·비철금속 10.2 0.7 7.1 1.9



POSCO

68,938.7

63,604.2

60,713.5

59,536.7

61,365.8

78,408.8 37,678.9

79,265.9 36,836.4

80,101.6 35,513.8

82,983.2 35,624.9

85,428.4 35,032.2

14,581.9

15,603.1

14,963.3

15,565.2

14,299.2

15,300.7

14,732.6

15,204.2

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000


-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x15

x13

x11

x9

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



89


A004150 151050 universe

한솔제지 (004150.KS) 업데이트 : 2013.07.31

투자의견 : 매수 업종 : 제지 주가 수익률(12개월)

목표주가 : 14,000 애널리스트 : 나은채


52주 최고가 : 15,700 시가총액(십억원) : 495.1

52주 최저가 : 8,700 60일 평균 거래대금(백만원) : 4,021.4

연중 최고가 : 15,500 외국인지분(%) : 24.7

9 10 11 12 13


(0.9) (3.4) (5.0) 17.9 24.7

업종 대비 0.0 (2.5) (4.1) 18.7 25.6 5

KOSPI 대비 (7.2) (16.0) (6.2) 16.5 25.9 10

22 23 24 19 20



2011/12A (1.2) 100.6 (15.0) 26.2 160.2 (5.8) NA 148.8 -143 17,729 300

2012/12A (3.8) 103.5 2.9 70.4 169.0 28.3 NA 152.6 700 17,711 300

2013/12F (4.0) 116.5 12.5 89.2 26.8 56.9 101.1 165.1 1,407 18,441 400

2014/12F 6.4 130.6 12.1 100.9 13.1 65.7 15.4 179.3 1,623 19,279 400

2015/12F 2.5 133.9 2.5 105.7 4.7 71.2 8.5 182.6 1,761 20,536 400



2011/12A 755.7 736.8 99.5 (49.4) 6.5 7.4 NA 0.48 (0.8) 3.5

2012/12A 754.9 624.1 87.9 (62.5) 7.0 6.8 13.0 0.51 3.7 3.3

2013/12F 786.8 567.4 72.9 (50.4) 8.2 6.7 8.1 0.62 7.4 3.5

2014/12F 823.4 535.6 64.6 (50.4) 8.6 6.1 7.0 0.59 8.2 3.5

2015/12F 878.2 487.8 59.5 (50.4) 8.6 5.8 6.4 0.55 8.4 3.5



2013/03A (9.1) (0.4) 22.6 (34.4) 287.2 8.0 (69.1) NA 5.2 (67.4) NA

2013/06F (17.8) (3.0) 37.3 (3.1) 64.9 28.8 (21.6) 258.7 21.6 (12.3) 315.8

2013/09F 2.0 8.9 27.9 11.7 (25.2) 20.8 1.8 (27.9) 15.6 42.1 (27.9)

2013/12F 11.7 6.2 28.6 389.4 2.5 31.7 NA 52.6 14.6 NA (6.3)


2014/06F 2.1 NA 44.3 18.7 NA 38.0 32.2 NA 18.5 (14.2) NA

2014/09F 2.1 8.9 35.5 27.3 (19.8) 29.6 42.8 (22.1) 12.2 (21.5) (34.0)

2014/12F 108.9 117.3 50.8 77.4 42.9 40.5 28.0 36.8 50.4 245.7 312.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,517.2 123.4 70.4 1,614 6.9 한솔제지 7.2 0.6 8.0 3.5

FY2014F 1,521.5 131.6 76.7 1,759 6.3 제지 7.8 0.6 7.8 3.5



한솔제지

1,541.8

1,482.5

1,423.8

1,514.7

1,552.8

1,764.3 1,011.0

1,714.0 938.5

1,676.5 850.3

1,726.0 840.3

1,786.1 837.4

343.1

333.0

362.6

385.1

0.0

340.0

370.2

804.5

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-20

-10

0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x21

x16

x11

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



90


A000210 201030 universe

대림산업 (000210.KS) 업데이트 : 2013.09.24

투자의견 : 매수 업종 : 건설 주가 수익률(12개월)

목표주가 : 133,000 애널리스트 : 이경자


52주 최고가 : 106,500 시가총액(십억원) : 3,480.0

52주 최저가 : 66,900 60일 평균 거래대금(백만원) : 18,837.5

연중 최고가 : 102,500 외국인지분(%) : 40.4

9 10 11 12 13


17.5 20.9 9.2 6.2 13.0

업종 대비 4.0 7.4 (4.4) (7.4) (0.5) 5

KOSPI 대비 11.2 8.4 8.0 4.8 14.2 10

22 23 24 19 20



2011/12A 7.4 437.5 12.9 519.5 12.9 365.7 9.6 492.4 9,469 114,427 100

2012/12A 28.4 486.1 11.1 560.1 7.8 391.1 7.0 548.4 10,128 123,800 500

2013/12F 7.8 528.4 8.7 558.1 (0.3) 412.9 5.6 588.9 10,717 133,495 500

2014/12F 3.6 637.5 20.6 673.5 20.7 498.2 20.7 695.9 12,934 145,401 500

2015/12F 8.6 740.1 16.1 849.0 26.1 628.0 26.1 796.5 16,305 160,669 500



2011/12A 4,416.9 284.7 45.9 (302.0) 5.5 7.5 9.5 0.78 8.5 0.1

2012/12A 4,778.7 (417.8) 31.8 (155.7) 4.7 5.1 8.6 0.70 8.5 0.6

2013/12F 5,152.9 51.4 36.4 (16.0) 4.8 6.4 9.3 0.75 8.3 0.5

2014/12F 5,612.5 (16.6) 33.4 (12.6) 5.6 5.4 7.7 0.69 9.3 0.5

2015/12F 6,201.8 (133.2) 31.1 (9.0) 6.0 4.6 6.1 0.62 10.6 0.5



2013/03A 22.7 (16.3) 124.0 30.9 (4.4) 158.3 (15.3) 10.3 117.4 (7.6) 5.4

2013/06A 0.2 (1.7) 111.7 (10.6) (9.9) 103.1 91.2 (34.9) 71.0 104.4 (39.6)

2013/09F 3.9 14.5 136.8 0.1 22.5 146.8 (16.4) 42.5 108.6 (7.9) 53.0

2013/12F 7.4 14.0 155.9 20.2 13.9 149.9 4.5 2.1 115.8 4.0 6.6

2014/03F 3.6 (19.3) 128.4 3.6 (17.6) 129.6 (18.1) (13.6) 95.9 (18.4) (17.2)

2014/06F 3.6 (1.7) 115.7 3.6 (9.9) 114.6 11.2 (11.6) 84.8 19.5 (11.6)

2014/09F 3.6 14.5 141.7 3.6 22.5 154.1 4.9 34.4 114.0 4.9 34.4

2014/12F 3.6 14.0 251.6 61.4 77.5 275.2 83.6 78.6 203.6 75.7 78.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 10,743.5 519.7 423.7 10,591 9.6 대림산업 8.1 0.7 9.0 0.5

FY2014F 11,409.9 587.4 479.6 12,082 8.4 건설 16.6 0.8 5.2 0.7



대림산업

7,988.1

10,253.3

11,052.6

11,448.1

12,434.9

10,764.6 6,127.2

11,006.5 6,087.9

11,274.3 5,971.8

11,583.5 5,809.6

12,415.7 6,037.4

2,516.1

2,473.5

2,832.8

3,230.2

2,606.1

2,562.0

2,934.1

3,345.8

0

20,000

40,000

60,000

80,000

100,000

120,000


-30

-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x13

x11

x9

x7

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



91


A047040 201030 universe

대우건설 (047040.KS) 업데이트 : 2013.08.26

투자의견 : 중립 업종 : 건설 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이경자


52주 최고가 : 10,700 시가총액(십억원) : 3,582.7

52주 최저가 : 6,750 60일 평균 거래대금(백만원) : 4,428.3

연중 최고가 : 10,250 외국인지분(%) : 6.8

9 10 11 12 13


21.6 24.9 (2.7) (16.7) (15.1)

업종 대비 8.1 11.4 (16.2) (30.2) (28.6) 5

KOSPI 대비 15.3 12.4 (3.9) (18.1) (13.9) 10

22 23 24 19 20



2011/12A 4.6 297.6 NA 210.0 NA 177.1 NA 357.0 431 8,291 0

2012/12A 17.1 345.7 16.2 227.9 8.5 176.9 (0.1) 396.9 431 8,313 0

2013/12F 12.9 417.7 20.8 321.5 41.0 249.2 40.8 459.9 606 8,508 0

2014/12F 0.3 451.2 8.0 362.1 12.6 280.6 12.6 483.3 683 8,778 0

2015/12F 4.8 510.6 13.2 441.9 22.0 342.5 22.0 532.9 834 9,197 0



2011/12A 3,344.1 1,427.3 67.5 (99.5) 4.2 16.4 24.4 1.27 5.3 0.0

2012/12A 3,353.5 2,346.4 83.7 (62.7) 4.2 16.5 23.1 1.20 5.3 0.0

2013/12F 3,434.4 1,892.8 79.4 35.7 4.5 12.0 14.2 1.01 7.3 0.0

2014/12F 3,546.7 1,811.8 74.8 50.9 4.8 11.3 12.6 0.98 8.0 0.0

2015/12F 3,720.9 1,489.2 64.0 61.2 5.2 9.6 10.3 0.94 9.4 0.0



2013/03A 38.5 5.3 115.0 3.2 271.9 40.8 (3.5) 18.4 30.9 (0.1) (9.4)

2013/06A 5.9 2.5 104.9 27.6 (8.8) 62.8 (30.5) 54.0 38.7 (44.0) 25.3

2013/09F 12.9 8.4 113.5 4.6 8.2 65.5 7.4 4.3 50.7 18.4 31.2

2013/12F 0.5 (14.2) 84.3 172.4 (25.8) 152.5 343.2 132.9 128.9 278.4 154.0

2014/03F 0.3 5.1 115.4 0.3 37.0 46.5 14.0 (69.5) 36.0 16.6 (72.1)

2014/06F 0.3 2.5 105.2 0.3 (8.8) 60.0 (4.4) 29.1 46.5 20.2 29.1

2014/09F 0.3 8.4 113.9 0.3 8.2 67.9 3.7 13.2 52.6 3.7 13.2

2014/12F 0.3 (14.2) 116.7 38.5 2.4 187.8 23.1 176.4 145.5 12.9 176.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 9,362.7 435.9 235.8 571 15.1 대우건설 13.0 1.0 7.9 0.0

FY2014F 9,977.4 455.4 284.0 694 12.4 건설 16.6 0.8 5.2 0.7



대우건설

7,019.6

8,223.4

9,285.3

9,314.2

9,765.6

9,468.6 6,056.4

9,859.3 6,448.3

10,645.6 7,155.5

10,877.0 7,277.0

11,208.6 7,438.2

2,269.3

2,326.9

2,523.3

2,165.8

2,276.3

2,334.2

2,531.1

2,172.6

0

2,000

4,000

6,000

8,000

10,000

12,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x34

x25

x17

x9

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



92


A000830 201030 universe

삼성물산 (000830.KS) 업데이트 : 2013.08.26




52주 최고가 : 70,200 시가총액(십억원) : 9,466.8

52주 최저가 : 51,100 60일 평균 거래대금(백만원) : 32,553.6

연중 최고가 : 68,500 외국인지분(%) : 24.3

9 10 11 12 13


12.4 17.4 (10.6) (6.3) (4.9)

업종 대비 (1.1) 3.9 (24.1) (19.9) (18.4) 5

KOSPI 대비 6.1 4.9 (11.8) (7.7) (3.7) 10

22 23 24 19 20



2011/12A 21.3 351.0 (22.8) 610.0 (10.1) 402.0 (17.2) 473.0 2,722 60,181 500

2012/12A 17.5 490.3 39.7 555.7 (8.9) 450.6 12.1 651.1 3,049 73,846 500

2013/12F 13.7 516.2 5.3 582.1 4.8 416.5 (7.6) 680.9 2,748 86,878 500

2014/12F 1.6 643.0 24.6 693.7 19.2 496.3 19.2 810.1 3,275 100,408 500

2015/12F 2.6 774.4 20.4 822.4 18.6 588.4 18.6 943.9 3,882 114,509 500



2011/12A 9,385.0 2,939.9 45.1 (135.5) 1.6 29.1 25.0 1.13 4.5 0.7

2012/12A 11,588.0 3,202.3 42.3 (379.7) 1.9 20.2 20.5 0.85 4.3 0.8

2013/12F 13,684.6 2,765.9 33.5 (196.5) 1.8 18.3 22.1 0.70 3.3 0.8

2014/12F 15,861.0 2,498.2 27.4 (198.9) 2.2 15.1 18.5 0.60 3.4 0.8

2015/12F 18,129.4 2,259.4 22.1 (201.3) 2.6 12.8 15.6 0.53 3.5 0.8



2013/03A 12.8 (2.0) 67.5 (28.0) (67.1) 83.3 (53.7) 189.7 56.9 (55.4) 65.8

2013/06A 7.6 4.3 99.3 (28.8) 47.1 159.0 (43.4) 91.0 112.0 (57.4) 96.9

2013/09F 19.1 2.9 161.2 209.9 62.4 159.7 140.5 0.4 118.9 365.2 6.2

2013/12F 15.5 9.7 188.2 (8.3) 16.7 180.2 526.9 12.8 128.6 274.8 8.1

2014/03F 1.6 (13.8) 68.6 1.6 (63.6) 95.0 14.1 (47.3) 67.9 19.4 (47.2)

2014/06F 1.6 4.3 100.9 1.6 47.1 159.2 0.1 67.6 113.9 1.7 67.6

2014/09F 1.6 2.9 163.8 1.6 62.4 167.1 4.6 5.0 119.5 0.5 5.0

2014/12F 1.6 9.7 309.8 64.6 89.1 272.5 51.2 63.1 194.9 51.6 63.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 28,567.2 491.9 413.8 2,469 24.5 삼성물산 19.3 0.6 3.3 0.8

FY2014F 31,005.0 637.2 496.4 2,955 20.4 건설 16.6 0.8 5.2 0.7



삼성물산

21,545.5

25,325.9

28,792.1

29,248.8

30,006.9

20,922.0 11,436.9

25,964.0 14,274.8

26,245.6 12,415.4

28,096.2 12,043.7

30,402.9 12,034.1

6,701.5

6,993.0

7,198.0

7,899.5

6,807.8

7,103.9

7,312.2

8,024.8

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x30

x26

x22

x18

x15

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



93


A028050 201030 universe

삼성엔지니어링 (028050.KS) 업데이트 : 2013.09.22




52주 최고가 : 192,000 시가총액(십억원) : 3,516.0

52주 최저가 : 67,500 60일 평균 거래대금(백만원) : 37,213.3

연중 최고가 : 172,500 외국인지분(%) : 27.0

9 10 11 12 13


11.0 22.1 (31.3) (53.2) (47.4)

업종 대비 (2.5) 8.6 (44.9) (66.8) (60.9) 5

KOSPI 대비 4.7 9.5 (32.5) (54.6) (46.2) 10

22 23 24 19 20



2011/12A 75.0 626.4 46.1 687.0 49.7 513.3 51.3 664.8 13,892 40,887 3,000

2012/12A 23.0 732.3 16.9 700.7 2.0 523.8 2.1 792.3 14,173 50,606 3,000

2013/12F (5.4) (213.6) NA (225.7) NA (211.2) NA (140.3) -5,715 45,214 0

2014/12F (10.6) 364.5 NA 356.8 NA 267.0 NA 437.4 7,225 51,777 0

2015/12F 5.8 536.8 47.2 549.3 54.0 411.1 54.0 609.9 11,124 61,020 1,000



2011/12A 1,350.6 (706.6) 3.4 (267.4) 6.7 11.0 14.5 4.93 43.7 1.5

2012/12A 1,739.5 (122.1) 22.0 (214.8) 6.4 8.2 11.7 3.27 33.9 1.8

2013/12F 1,523.8 682.2 77.4 (68.4) (2.0) (29.9) NA 1.94 (12.9) 0.0

2014/12F 1,786.3 (55.5) 21.3 (70.4) 3.8 7.9 12.2 1.70 16.1 0.0

2015/12F 2,156.0 (89.9) 15.3 (70.4) 5.2 5.6 7.9 1.44 20.9 1.1



2013/03A (5.5) (10.4) (219.8) NA NA (184.2) NA NA (179.7) NA NA

2013/06A (14.5) 5.6 (88.7) NA NA (96.6) NA NA (92.7) NA NA

2013/09F (10.0) (3.1) (5.1) NA NA (15.2) NA NA (12.9) NA NA

2013/12F 9.3 19.2 100.0 (41.2) NA 70.3 (50.5) NA 74.0 (34.1) NA

2014/03F (10.6) (26.7) 124.8 NA 24.9 136.4 NA 94.1 102.1 NA 37.9

2014/06F (10.6) 5.6 (79.3) NA NA (91.0) NA NA (68.1) NA NA

2014/09F (10.6) (3.1) (4.6) NA NA (16.1) NA NA (12.0) NA NA

2014/12F (10.6) 19.2 323.6 223.7 NA 327.4 366.1 NA 245.1 231.2 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 10,808.9 (82.9) (88.0) -1,890 NA 삼성엔지니어링 23.0 1.8 8.5 0.0

FY2014F 10,417.7 409.4 306.3 7,871 11.2 건설 16.6 0.8 5.2 0.7



삼성엔지니어링

9,298.2

11,440.2

10,817.7

9,674.3

10,237.7

5,188.6 3,875.3

5,673.6 3,933.5

6,154.8 4,630.9

4,903.3 3,116.3

5,151.1 2,993.6

2,515.9

2,657.4

2,574.6

3,069.7

2,250.0

2,376.5

2,302.5

2,745.3

0

50,000

100,000

150,000

200,000

250,000


-70

-60

-50

-40

-30

-20

-10

0

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



94


A000720 201030 universe

현대건설 (000720.KS) 업데이트 : 2013.09.24




52주 최고가 : 74,500 시가총액(십억원) : 7,026.5

52주 최저가 : 53,000 60일 평균 거래대금(백만원) : 20,237.9

연중 최고가 : 73,800 외국인지분(%) : 26.5

9 10 11 12 13


14.7 15.6 (3.2) (6.4) (12.4)

업종 대비 1.2 2.0 (16.7) (19.9) (25.9) 5

KOSPI 대비 8.4 3.0 (4.4) (7.7) (11.2) 10

22 23 24 19 20



2011/12A 4.8 735.6 (6.7) 850.7 13.4 635.4 23.8 812.0 5,705 37,711 500

2012/12A 11.8 760.4 3.4 737.0 (13.4) 509.9 (19.8) 846.2 4,578 40,811 500

2013/12F 4.8 838.8 10.3 833.1 13.0 567.9 11.4 911.7 5,095 44,483 500

2014/12F 12.1 994.4 18.6 988.7 18.7 673.9 18.7 1,065.5 6,047 49,106 500

2015/12F 4.1 1,122.6 12.9 1,119.5 13.2 763.1 13.2 1,191.6 6,847 54,529 500



2011/12A 4,203.1 (539.1) 34.1 (68.1) 6.2 9.2 12.3 1.87 15.8 0.7

2012/12A 4,548.5 (500.2) 36.4 (97.1) 5.7 8.9 15.3 1.72 11.7 0.7

2013/12F 4,957.8 (327.8) 32.2 (91.3) 6.0 7.6 12.4 1.42 11.9 0.8

2014/12F 5,473.1 (492.2) 29.0 (90.8) 6.4 6.4 10.4 1.28 12.9 0.8

2015/12F 6,077.5 (498.9) 25.9 (90.3) 6.9 5.8 9.2 1.16 13.2 0.8



2013/03A 5.8 (30.5) 178.6 21.9 (24.5) 190.4 17.9 (1.1) 137.1 18.5 3.2

2013/06A 9.1 21.3 200.7 27.4 12.3 178.7 9.2 (6.2) 113.9 8.5 (16.9)

2013/09F 2.6 (1.9) 221.3 0.7 10.3 222.9 1.7 24.7 151.9 (2.9) 33.4

2013/12F 2.8 24.4 238.2 0.7 7.6 241.1 25.2 8.1 165.0 24.3 8.6

2014/03F 12.1 (24.3) 200.2 12.1 (15.9) 205.7 8.0 (14.7) 140.2 2.3 (15.0)

2014/06F 12.1 21.3 224.9 12.1 12.3 217.6 21.8 5.8 148.3 30.3 5.8

2014/09F 12.1 (1.9) 248.0 12.1 10.3 251.9 13.0 15.8 171.7 13.0 15.8

2014/12F 12.1 24.4 321.3 34.9 29.5 313.5 30.0 24.4 213.7 29.5 24.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 13,988.7 860.4 634.2 5,184 12.3 현대건설 10.9 1.3 12.7 0.8

FY2014F 15,487.1 1,021.3 760.6 6,192 10.3 건설 16.6 0.8 5.2 0.7



현대건설

11,920.2

13,324.8

13,970.8

15,659.0

16,295.1

11,871.9 7,508.4

12,746.8 7,990.9

12,548.5 7,331.3

13,928.4 8,131.9

14,467.4 7,992.5

2,861.2

3,470.7

3,404.7

4,234.2

3,207.0

3,890.1

3,816.1

4,745.9

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-20

-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x18

x16

x14

x12

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



95


A012630 201030 universe

현대산업 (012630.KS) 업데이트 : 2013.08.26




52주 최고가 : 28,750 시가총액(십억원) : 1,771.5

52주 최저가 : 17,800 60일 평균 거래대금(백만원) : 8,774.3

연중 최고가 : 28,350 외국인지분(%) : 53.5

9 10 11 12 13


14.4 0.6 (1.7) 4.9 7.3

업종 대비 0.8 (12.9) (15.2) (8.6) (6.2) 5

KOSPI 대비 8.0 (11.9) (2.9) 3.6 8.5 10

22 23 24 19 20



2011/12A 14.4 400.8 67.2 294.9 84.2 221.7 128.0 438.1 3,013 33,070 700

2012/12A (18.8) 103.8 (74.1) 41.5 (85.9) (0.1) NA 144.0 -1 32,316 200

2013/12F 14.1 99.8 (3.9) 38.9 (6.2) 22.9 NA 146.3 311 32,372 200

2014/12F 8.9 116.8 17.1 75.8 94.6 44.5 94.6 169.6 605 32,715 200

2015/12F 0.2 176.4 51.0 135.5 78.9 79.7 78.9 235.3 1,083 33,525 200



2011/12A 2,409.1 1,822.2 95.3 (51.2) 9.8 7.2 5.6 0.51 9.5 4.2

2012/12A 2,352.3 2,146.9 107.6 (202.0) 3.1 26.8 NA 0.67 (0.0) 0.9

2013/12F 2,356.5 1,441.1 80.6 (154.5) 2.6 22.5 75.6 0.73 1.0 0.9

2014/12F 2,382.4 1,163.0 70.3 (160.6) 2.8 17.8 38.8 0.72 1.9 0.9

2015/12F 2,443.4 1,066.9 64.8 (166.7) 4.3 12.4 21.7 0.70 3.3 0.9



2013/03A 2.9 (14.3) 29.2 (51.0) (47.0) 11.5 (71.6) NA 3.9 (85.3) NA

2013/06A 19.4 28.8 25.8 39.5 (11.7) 9.6 86.1 (16.1) (2.1) NA NA

2013/09F 17.4 (6.4) 23.7 9.1 (8.1) 16.6 6.7 72.7 9.8 44.0 NA

2013/12F 15.7 11.9 21.1 (61.6) (10.8) 1.2 NA (92.7) 11.2 NA 15.1

2014/03F 8.9 (19.3) 31.8 8.9 50.4 11.0 (3.9) 810.6 6.5 64.7 (42.4)

2014/06F 8.9 28.8 28.0 8.9 (11.7) 11.7 21.6 6.2 6.9 NA 6.2

2014/09F 8.9 (6.4) 25.8 8.9 (8.1) 22.5 35.4 92.3 13.2 35.4 92.3

2014/12F 8.9 11.9 31.2 47.6 21.0 30.5 2,423.3 35.6 18.0 59.6 35.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 4,000.9 133.0 30.0 321 72.9 현대산업 44.5 0.7 1.6 0.9

FY2014F 4,385.0 247.4 154.3 1,919 12.2 건설 16.6 0.8 5.2 0.7



현대산업

4,107.9

3,334.1

3,803.7

4,140.5

4,148.6

6,736.3 4,253.5

6,638.5 4,210.6

6,185.7 3,753.2

6,614.9 4,155.7

6,667.5 4,145.8

785.2

1,011.6

947.1

1,059.8

854.7

1,101.2

1,031.0

1,153.6

0

5,000

10,000

15,000

20,000

25,000

30,000


-20

-15

-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x95

x71

x48

x24

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



96


A006360 201030 universe

GS건설 (006360.KS) 업데이트 : 2013.08.26




52주 최고가 : 76,700 시가총액(십억원) : 2,012.0

52주 최저가 : 25,700 60일 평균 거래대금(백만원) : 20,171.1

연중 최고가 : 59,800 외국인지분(%) : 24.1

9 10 11 12 13


22.5 44.5 (26.0) (47.9) (34.0)

업종 대비 9.0 31.0 (39.5) (61.4) (47.6) 5

KOSPI 대비 16.2 32.0 (27.2) (49.2) (32.9) 10

22 23 24 19 20



2011/12A 7.5 431.0 (27.4) 563.6 1.4 423.7 6.6 493.4 8,563 74,846 1,000

2012/12A 2.6 160.4 (62.8) 169.8 (69.9) 102.1 (75.9) 233.9 2,063 74,061 250

2013/12F 0.4 (893.8) NA (1,003.8) NA (716.9) NA (828.5) -14,466 59,079 0

2014/12F 5.4 146.9 NA 33.7 NA 24.1 NA 212.2 486 58,627 0

2015/12F 3.3 336.7 129.2 228.3 577.6 163.0 577.6 402.1 3,290 60,657 250



2011/12A 3,735.1 (63.2) 50.0 (51.2) 4.8 9.8 10.8 1.23 11.6 1.1

2012/12A 3,701.4 801.1 67.8 (63.9) 1.7 17.2 27.8 0.77 2.7 0.4

2013/12F 2,937.3 1,470.5 90.0 (70.6) (9.6) (4.5) NA 0.67 (21.6) 0.0

2014/12F 2,914.3 1,419.8 91.5 (67.7) 1.5 17.3 81.3 0.67 0.8 0.0

2015/12F 3,017.8 1,242.0 87.5 (67.8) 3.3 8.7 12.0 0.65 5.5 0.6



2013/03A (19.0) (29.5) (544.3) NA NA (532.9) NA NA (414.8) NA NA

2013/06A (3.0) 33.7 (150.3) NA NA (182.5) NA NA (150.5) NA NA

2013/09F (1.4) 3.6 (106.6) NA NA (141.0) NA NA (100.7) NA NA

2013/12F 22.1 25.1 (92.6) NA NA (147.5) NA NA (51.0) NA NA

2014/03F 41.4 (18.4) 43.5 NA NA 14.7 NA NA 10.5 NA NA

2014/06F 7.5 1.6 41.7 NA (4.0) 24.8 NA 68.1 17.7 NA 68.1

2014/09F 5.4 1.6 67.4 NA 61.4 37.5 NA 51.2 26.7 NA 51.2

2014/12F (17.1) (1.6) (5.7) NA NA (43.3) NA NA (30.9) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 9,389.5 (850.6) (706.7) -13,558 NA GS건설 0.0 0.7 (5.1) 0.0

FY2014F 10,120.9 201.8 114.6 2,201 17.7 건설 16.6 0.8 5.2 0.7



GS건설

9,052.2

9,289.6

9,322.6

9,821.8

10,141.3

11,263.6 7,305.5

11,469.5 7,471.9

9,865.7 6,679.0

10,205.4 7,043.1

10,568.6 7,295.7

1,708.5

2,284.6

2,367.9

2,961.5

2,416.2

2,455.5

2,494.7

2,455.5

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


-70

-60

-50

-40

-30

-20

-10

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



97


A002380 201030 universe

KCC (002380.KS) 업데이트 : 2013.08.26




52주 최고가 : 454,500 시가총액(십억원) : 4,655.1

52주 최저가 : 277,000 60일 평균 거래대금(백만원) : 9,399.2

연중 최고가 : 449,000 외국인지분(%) : 18.9

9 10 11 12 13


7.4 40.7 49.0 58.6 46.5

업종 대비 (6.1) 27.2 35.5 45.1 33.0 5

KOSPI 대비 1.1 28.1 47.8 57.2 47.7 10

22 23 24 19 20



2011/12A 8.2 122.8 (47.4) 477.6 (10.7) 325.8 (18.9) 357.2 33,253 486,417 8,000

2012/12A (3.7) 198.9 62.0 626.7 31.2 444.6 36.5 362.8 45,384 480,284 8,000

2013/12F (0.6) 268.3 34.9 359.0 (42.7) 270.4 (39.2) 426.7 27,597 498,534 8,000

2014/12F 4.4 310.7 15.8 313.4 (12.7) 236.0 (12.7) 474.7 24,091 513,520 8,000

2015/12F 11.1 384.7 23.8 392.5 25.3 295.6 25.3 552.2 30,176 534,172 8,000



2011/12A 4,994.2 371.2 20.7 (513.4) 3.6 9.5 8.6 0.59 6.0 2.8

2012/12A 4,929.7 457.4 22.9 (438.1) 6.1 10.0 6.5 0.62 9.0 2.7

2013/12F 5,121.7 381.0 19.6 (237.4) 8.3 11.9 16.0 0.89 5.4 1.8

2014/12F 5,279.4 201.0 16.1 (213.0) 9.2 10.3 18.4 0.86 4.5 1.8

2015/12F 5,496.6 19.8 13.6 (166.5) 10.3 8.5 14.7 0.83 5.5 1.8



2013/03A (7.0) (12.5) 45.3 (14.0) 126.9 178.9 (76.6) NA 138.6 (76.0) NA

2013/06A 0.2 21.1 84.9 13.4 87.5 81.5 1,066.5 (54.4) 59.1 1,477.3 (57.4)

2013/09F (0.6) (8.6) 51.2 (0.6) (39.7) 54.1 74.5 (33.7) 40.7 101.4 (31.1)

2013/12F 4.6 7.9 86.9 335.5 69.8 44.4 NA (17.8) 31.9 NA (21.6)

2014/03F 4.4 (12.6) 47.3 4.4 (45.6) 52.6 (70.6) 18.4 39.6 (71.4) 24.1

2014/06F 4.4 21.1 88.6 4.4 87.5 102.9 26.2 95.6 77.5 31.1 95.6

2014/09F 4.4 (8.6) 53.5 4.4 (39.7) 33.8 (37.4) (67.1) 25.5 (37.4) (67.1)

2014/12F 4.4 7.9 121.3 39.6 127.0 124.0 179.0 266.4 93.4 192.4 266.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 3,286.6 260.2 287.2 27,096 16.2 KCC 17.7 0.9 4.8 1.8

FY2014F 3,444.4 290.4 249.6 23,508 18.7 건설 16.6 0.8 5.2 0.7



KCC

3,370.9

3,246.2

3,227.1

3,369.4

3,744.5

7,342.3 2,316.8

6,824.0 1,862.1

7,160.7 2,005.8

7,363.8 2,050.3

7,655.1 2,123.2

715.1

866.0

791.7

854.3

746.6

904.2

826.6

892.0

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000


-10

0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x16

x13

x11

x8

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



98


A108670 201030 universe

LG하우시스 (108670.KS) 업데이트 : 2013.08.26




52주 최고가 : 135,500 시가총액(십억원) : 1,152.3

52주 최저가 : 69,000 60일 평균 거래대금(백만원) : 7,172.9

연중 최고가 : 132,500 외국인지분(%) : 19.1

9 10 11 12 13


0.4 25.4 48.2 57.5 62.7

업종 대비 (13.1) 11.8 34.7 43.9 49.1 5

KOSPI 대비 (5.9) 12.8 47.0 56.1 63.8 10

22 23 24 19 20



2011/12A 9.1 71.2 18.1 63.4 13.5 46.6 14.1 142.8 4,659 72,346 1,000

2012/12A 0.2 56.6 (20.4) 52.4 (17.4) 29.0 (37.8) 140.1 2,898 72,300 1,000

2013/12F 6.7 128.4 126.8 119.3 127.7 91.9 217.0 212.4 9,199 78,515 1,000

2014/12F 12.6 152.2 18.5 146.0 22.4 112.4 22.4 241.6 11,261 86,788 1,000

2015/12F 9.9 171.8 12.9 169.1 15.8 130.2 15.8 262.7 13,045 96,842 1,000



2011/12A 721.5 374.5 107.7 (223.5) 2.9 8.3 18.7 1.20 6.6 1.2

2012/12A 721.0 404.6 83.9 (203.2) 2.3 8.2 27.3 1.10 4.0 1.3

2013/12F 783.1 355.9 72.9 (110.0) 4.9 7.3 14.0 1.64 12.2 0.8

2014/12F 865.9 284.1 61.0 (85.0) 5.2 6.2 11.4 1.48 13.6 0.8

2015/12F 966.4 184.7 47.0 (86.0) 5.3 5.3 9.9 1.33 14.2 0.8



2013/03A 5.6 (3.9) 24.0 486.2 69.0 17.0 351.8 6,332.1 13.6 663.7 NA

2013/06A 9.4 18.7 46.3 189.5 93.0 44.4 57.6 160.3 35.8 83.6 163.4

2013/09F 5.8 (3.5) 29.1 19.4 (37.2) 28.2 26.7 (36.4) 21.7 25.2 (39.2)

2013/12F 6.4 (3.3) 29.0 104.1 (0.4) 29.7 11,090.6 5.1 20.8 NA (4.4)

2014/03F 12.6 1.6 27.0 12.6 (6.8) 21.7 27.5 (26.7) 16.7 23.2 (19.5)

2014/06F 12.6 18.7 52.2 12.6 93.0 52.5 18.3 141.6 40.4 13.0 141.6

2014/09F 12.6 (3.5) 32.8 12.6 (37.2) 32.5 15.3 (38.0) 25.1 15.3 (38.0)

2014/12F 12.6 (3.3) 40.2 38.7 22.7 39.2 32.3 20.6 30.2 45.4 20.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,643.0 134.8 98.0 9,878 12.8 LG하우시스 12.0 1.5 13.3 0.8

FY2014F 2,841.4 163.0 117.9 11,864 10.7 건설 16.6 0.8 5.2 0.7



LG하우시스

2,445.4

2,451.1

2,615.3

2,944.5

3,237.1

1,942.5 1,220.2

1,778.0 1,051.5

1,795.2 1,007.6

1,890.4 1,021.6

1,998.3 1,030.7

589.0

698.9

674.8

652.6

663.2

786.9

759.7

734.8

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-20

-10

0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2009 2010 2011 2012 2013

주가

x33

x26

x20

x14

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



99


A006260 201040 universe

LS (006260.KS) 업데이트 : 2013.08.08

투자의견 : 매수 업종 : 전기부품·설비 주가 수익률(12개월)



52주 최고가 : 97,500 시가총액(십억원) : 2,479.4

52주 최저가 : 64,800 60일 평균 거래대금(백만원) : 10,291.9

연중 최고가 : 95,900 외국인지분(%) : 13.9

9 10 11 12 13


13.9 15.1 (10.5) (19.1) (18.9)

업종 대비 4.9 6.1 (19.5) (28.2) (28.0) 5

KOSPI 대비 7.6 2.5 (11.7) (20.5) (17.8) 10

22 23 24 19 20



2011/12A 19.2 258.0 (42.5) 107.4 (69.4) 117.6 (52.0) 540.7 4,237 69,755 1,250

2012/12A (3.8) 333.8 29.4 277.6 158.3 170.2 44.6 650.9 6,128 72,222 1,250

2013/12F 3.9 419.6 25.7 287.3 3.5 185.4 9.0 764.1 6,677 77,174 1,250

2014/12F 8.2 516.5 23.1 520.4 81.1 348.0 87.7 878.8 12,533 87,102 1,250

2015/12F 7.0 498.7 (3.4) 545.6 4.8 338.5 (2.7) 865.3 12,190 96,734 1,250



2011/12A 2,246.1 4,184.5 177.0 (460.0) 2.1 13.3 17.9 1.09 5.4 1.6

2012/12A 2,325.6 4,228.2 172.5 (371.5) 2.8 12.0 15.4 1.31 7.4 1.3

2013/12F 2,485.0 4,058.4 152.9 (451.8) 3.4 9.4 11.5 1.00 7.7 1.6

2014/12F 2,804.7 3,624.8 124.2 (422.1) 3.9 7.7 6.1 0.88 13.2 1.6

2015/12F 3,114.8 3,423.4 107.7 (314.1) 3.5 7.7 6.3 0.80 11.4 1.6



2013/03A (4.8) (0.7) 85.3 (26.4) 137.0 13.3 (86.8) (58.0) 4.7 (92.5) (75.3)

2013/06F (4.7) 7.4 97.9 (22.7) 14.8 1.6 (98.4) (87.6) (4.7) NA NA

2013/09F 9.7 4.1 104.0 87.1 6.2 135.0 194.0 8,111.4 91.3 217.7 NA

2013/12F 16.9 5.2 132.4 268.0 27.4 137.4 335.4 1.8 94.1 392.1 3.0

2014/03F 8.2 (8.1) 92.3 8.2 (30.3) 16.4 23.7 (88.1) 11.0 132.6 (88.3)

2014/06F 17.9 17.1 142.3 45.4 54.2 123.5 7,409.8 652.4 82.6 NA 652.4

2014/09F 2.5 (9.5) 62.5 (39.9) (56.1) 63.1 (53.3) (48.9) 42.2 (53.8) (48.9)

2014/12F 4.7 7.5 219.4 65.6 250.9 312.7 127.5 395.6 212.3 125.6 403.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 11,950.2 479.6 169.9 4,167 18.3 LS 7.0 0.9 11.7 1.6

FY2014F 12,537.9 589.5 308.7 7,830 9.7 전기부품·설비 9.0 1.1 12.7 1.3



LS

12,351.6

11,881.2

12,350.4

13,360.8

14,296.0

9,957.8 7,171.8

10,088.2 7,197.9

10,310.9 7,211.4

10,673.5 7,163.5

11,209.4 7,301.0

2,826.3

3,035.7

3,161.2

3,327.1

3,057.6

3,580.5

3,239.7

3,483.1

0

20,000

40,000

60,000

80,000

100,000

120,000


-35

-30

-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x27

x22

x18

x13

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



100


A010120 201040 universe

LS산전 (010120.KS) 업데이트 : 2012.12.13

투자의견 : 중립 업종 : 전기부품·설비 주가 수익률(12개월)



52주 최고가 : 74,300 시가총액(십억원) : 1,968.0

52주 최저가 : 53,500 60일 평균 거래대금(백만원) : 6,315.7

연중 최고가 : 70,400 외국인지분(%) : 11.4

9 10 11 12 13


3.5 20.8 9.3 (3.8) (6.8)

업종 대비 (5.6) 11.8 0.3 (12.9) (15.9) 5

KOSPI 대비 (2.9) 8.3 8.1 (5.2) (5.6) 10

22 23 24 19 20



2011/12A 12.9 128.2 (26.4) 95.5 (36.7) 70.4 (43.0) 199.7 2,400 26,570 600

2012/12F 12.5 181.6 41.6 146.2 53.0 111.3 58.2 264.1 3,796 29,775 600

2013/12F 21.0 224.0 23.3 193.0 32.0 156.1 40.2 315.0 5,322 34,472 600

2014/12F 14.8 266.3 18.9 243.3 26.1 199.6 27.9 365.2 6,805 40,619 600

2015/12F 5.9 292.6 9.9 270.6 11.2 221.6 11.0 397.6 7,556 47,499 600



2011/12A 771.6 439.8 74.8 (107.3) 6.2 12.2 27.7 2.50 9.4 0.9

2012/12F 867.7 447.5 72.1 (112.7) 7.8 9.3 17.7 2.25 13.6 0.9

2013/12F 1,008.6 411.2 62.3 (117.1) 7.9 7.6 12.3 1.90 16.6 0.9

2014/12F 1,193.0 360.6 51.3 (121.5) 8.2 6.4 9.6 1.62 18.1 0.9

2015/12F 1,399.4 297.6 40.3 (125.9) 8.5 5.7 8.7 1.38 17.1 0.9



2013/03F 21.0 (23.9) 40.0 21.0 (48.5) 31.0 18.7 (52.2) 25.1 18.6 (51.0)

2013/06F 21.0 33.4 63.1 21.0 57.7 56.2 23.5 81.3 45.5 39.7 81.3

2013/09F 21.0 (8.6) 22.7 21.0 (64.0) 12.1 43.5 (78.5) 9.8 52.4 (78.5)

2013/12F 21.0 30.4 98.2 26.5 332.7 94.9 46.1 685.2 75.7 47.9 675.4

2014/03F 14.8 (27.8) 45.9 14.8 (53.2) 36.9 19.1 (61.1) 30.3 20.8 (60.0)

2014/06F 14.8 33.4 72.4 14.8 57.7 65.9 17.3 78.5 54.1 19.0 78.5

2014/09F 14.8 (8.6) 26.1 14.8 (64.0) 15.3 26.5 (76.8) 12.5 28.3 (76.8)

2014/12F 14.8 30.4 121.9 24.1 367.8 125.3 32.1 720.1 102.6 35.5 718.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,477.1 190.5 120.3 4,074 16.3 LS산전 10.2 1.7 17.7 0.9

FY2014F 2,731.9 223.9 161.3 5,434 12.2 전기부품·설비 9.0 1.1 12.7 1.3



LS산전

2,070.9

2,328.8

2,818.0

3,235.0

3,425.0

1,769.4 992.9

1,975.1 1,101.4

2,287.2 1,244.0

2,559.9 1,310.9

2,708.6 1,238.0

548.0

730.8

668.2

871.0

629.1

839.0

767.0

999.9

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-20

-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x32

x26

x21

x15

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



101


A000150 201050 universe

두산 (000150.KS) 업데이트 : 2013.09.16

투자의견 : 매수 업종 : 지주회사·복합기업 주가 수익률(12개월)

목표주가 : 192,000 애널리스트 : 이훈


52주 최고가 : 152,000 시가총액(십억원) : 3,121.7

52주 최저가 : 116,000 60일 평균 거래대금(백만원) : 6,475.1

연중 최고가 : 152,000 외국인지분(%) : 14.2

9 10 11 12 13


8.3 19.6 18.2 8.9 13.7

업종 대비 0.0 11.3 9.9 0.6 5.4 5

KOSPI 대비 2.0 7.0 17.0 7.5 14.9 10

22 23 24 19 20



2011/12A 3.5 399.9 (55.8) 392.4 (53.8) 305.2 (60.3) 487.4 13,594 114,378 3,000

2012/12A (1.3) 204.9 (48.8) 122.1 (68.9) 83.8 (72.5) 307.4 3,871 119,948 3,500

2013/12F (2.0) 427.8 108.8 284.8 133.3 230.7 175.3 522.5 11,049 110,452 3,500

2014/12F 13.5 560.0 30.9 423.9 48.8 316.6 37.3 665.1 15,231 110,981 3,700

2015/12F 5.5 600.2 7.2 460.5 8.6 339.8 7.3 710.6 16,350 111,804 3,900



2011/12A 3,193.1 929.0 37.1 (171.8) 10.3 10.3 10.4 1.23 9.5 2.1

2012/12A 2,946.6 905.3 43.0 (134.0) 5.3 13.2 33.3 1.08 2.7 2.7

2013/12F 2,902.4 895.8 43.3 (98.4) 11.4 8.8 13.5 1.35 7.9 2.3

2014/12F 2,916.3 798.2 40.8 (102.5) 13.1 6.8 9.8 1.35 10.9 2.5

2015/12F 2,937.9 721.5 37.8 (105.0) 13.3 6.3 9.1 1.34 11.6 2.6



2013/03A (9.6) 477.0 246.7 (44.9) NA 29.8 (88.9) NA 54.0 10.4 NA

2013/06A (9.0) 12.5 382.0 (17.2) 54.8 100.8 (38.0) 237.9 42.7 (52.9) (21.0)

2013/09F (0.5) (84.0) 105.1 120.8 (72.5) 76.7 152.6 (23.9) 57.3 174.2 34.1

2013/12F 25.7 20.9 131.1 NA 24.8 102.7 NA 34.0 76.7 NA 34.0

2014/03F (82.3) (18.9) 121.3 (50.8) (7.5) 87.2 192.4 (15.1) 65.2 20.6 (15.1)

2014/06F (81.6) 17.4 137.7 (64.0) 13.6 103.7 2.8 18.8 77.4 81.3 18.8

2014/09F 12.5 (2.3) 135.7 29.1 (1.5) 101.6 32.6 (2.0) 75.9 32.6 (2.0)

2014/12F 6.6 14.6 165.4 26.1 21.9 131.4 27.9 29.2 98.1 27.9 29.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 15,265.3 867.9 297.5 9,393 16.2 두산 10.6 1.3 10.1 2.4

FY2014F 16,754.2 996.5 424.8 12,588 12.1 지주회사·복합기업 9.0 0.8 8.9 1.5


PBR 밴드 펀더멘탈 & 밸류에이션 5.4 avg. score : 5.4

두산

3,884.4

3,833.8

3,758.0

4,264.5

4,499.1

6,296.2 2,807.2

5,950.7 2,747.6

6,084.7 2,937.1

6,303.3 3,128.3

6,400.0 3,166.0

5,194.9

5,845.3

936.7

1,132.0

918.4

1,077.9

1,053.5

1,207.2

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.5

x1.4

x1.2

x1.0

x0.9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



102


A000880 201050 universe

한화 (000880.KS) 업데이트 : 2013.09.09




52주 최고가 : 37,450 시가총액(십억원) : 2,784.7

52주 최저가 : 28,700 60일 평균 거래대금(백만원) : 5,747.0

연중 최고가 : 37,150 외국인지분(%) : 26.7

9 10 11 12 13


18.1 27.7 11.7 9.7 7.2

업종 대비 9.8 19.4 3.4 1.5 (1.1) 5

KOSPI 대비 11.8 15.1 10.5 8.4 8.4 10

22 23 24 19 20



2011/12A (15.8) 306.5 (44.7) 296.3 (79.3) 134.5 (88.3) 431.3 1,934 62,388 450

2012/12A (5.6) 381.5 24.4 380.1 28.3 310.2 130.6 511.9 4,459 66,260 450

2013/12F 3.1 383.9 0.7 415.8 9.4 317.0 2.2 518.2 4,559 70,252 500

2014/12F 5.6 484.2 26.1 606.2 45.8 475.3 50.0 624.9 6,836 76,307 550

2015/12F 7.0 538.6 11.2 644.9 6.4 506.7 6.6 686.3 7,288 81,777 550



2011/12A 4,685.6 4,539.8 97.2 (277.0) 2.5 17.2 17.1 0.53 2.9 1.4

2012/12A 4,977.8 4,031.5 86.9 (174.3) 3.3 13.6 7.7 0.52 6.4 1.3

2013/12F 5,278.9 4,760.0 93.9 (299.6) 3.2 15.3 8.1 0.53 6.2 1.3

2014/12F 5,735.7 4,624.8 85.1 (323.6) 3.9 12.5 5.4 0.49 8.6 1.5

2015/12F 6,148.3 4,513.1 79.1 (345.0) 4.0 11.2 5.1 0.45 8.5 1.5



2013/03A 10.1 189.9 142.0 (58.2) 17.8 53.6 (78.8) (9.6) 86.8 17.1 43.7

2013/06A 15.6 3.7 246.7 (34.2) 73.7 128.3 (51.3) 139.3 30.0 (68.8) (65.4)

2013/09F (0.6) (71.4) 119.3 39.1 (51.6) 140.4 21.3 9.5 107.0 19.3 256.2

2013/12F 2.3 19.0 129.6 7.5 8.7 121.9 105.6 (13.1) 93.0 53.9 (13.1)

2014/03F (69.2) (12.6) 87.2 (38.6) (32.7) 181.8 239.1 49.1 142.5 64.1 53.3

2014/06F (65.2) 16.8 120.5 (51.2) 38.1 146.1 13.9 (19.6) 114.6 281.3 (19.6)

2014/09F 5.9 (12.9) 132.0 10.6 9.6 162.2 15.6 11.0 127.2 18.8 11.0

2014/12F 6.3 19.6 144.6 11.5 9.5 116.1 (4.8) (28.4) 91.0 (2.1) (28.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 28,416.9 784.4 371.4 4,178 8.8 한화 6.0 0.5 8.0 1.4

FY2014F 29,828.1 969.4 458.6 5,093 7.2 지주회사·복합기업 9.0 0.8 8.9 1.5



한화

12,185.9

11,503.2

11,858.1

12,527.7

13,404.6

15,029.7 9,970.9

15,865.4 10,505.0

16,193.9 10,516.0

16,673.8 10,528.6

17,176.8 10,626.5

9,225.8

9,566.8

2,734.8

3,255.5

2,845.7

3,325.0

2,895.4

3,461.5

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-10

-8

-6

-4

-2

0

2

4

6

8

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.6

x1.3

x1.0

x0.7

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



103


A001040 201050 universe

CJ (001040.KS) 업데이트 : 2013.09.09

투자의견 : 중립 업종 : 지주회사·복합기업 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이훈


52주 최고가 : 155,500 시가총액(십억원) : 3,410.2

52주 최저가 : 95,600 60일 평균 거래대금(백만원) : 12,831.6

연중 최고가 : 154,000 외국인지분(%) : 21.3

9 10 11 12 13


13.5 8.3 (18.7) 19.9 (5.6)

업종 대비 5.2 0.0 (27.0) 11.6 (13.9) 5

KOSPI 대비 7.2 (4.3) (19.9) 18.5 (4.5) 10

22 23 24 19 20



2011/12A 14.3 900.6 1.1 1,033.0 (10.8) 369.0 59.4 1,626.8 13,147 103,910 650

2012/12A 32.8 1,063.0 18.0 804.3 (22.1) 220.8 (40.2) 2,099.1 7,801 107,589 650

2013/12F 0.6 1,199.2 12.8 868.9 8.0 246.2 11.5 2,276.3 8,763 114,781 700

2014/12F 9.3 1,345.2 12.2 1,078.4 24.1 342.0 38.9 2,522.5 12,172 125,009 750

2015/12F 8.0 1,438.0 6.9 1,149.8 6.6 364.6 6.6 2,674.0 12,978 153,490 750



2011/12A 3,061.1 5,907.1 103.3 (1,188.7) 6.8 7.8 5.9 0.74 11.9 0.8

2012/12A 3,178.6 6,438.2 99.6 (1,517.6) 6.0 7.2 15.2 1.10 7.1 0.5

2013/12F 3,404.4 6,519.4 91.3 (756.4) 6.8 6.9 13.4 1.02 7.5 0.6

2014/12F 3,724.4 6,410.7 83.1 (748.9) 6.9 6.4 9.7 0.94 9.6 0.6

2015/12F 4,615.3 6,310.6 74.1 (786.3) 6.9 6.0 9.1 0.77 8.7 0.6



2013/03A 9.3 (0.6) 234.3 (3.9) (5.6) 110.3 (38.0) 42.4 5.7 (75.6) (29.3)

2013/06A 6.7 2.3 190.4 (33.1) (18.7) 57.4 (65.6) (48.0) (1.0) NA NA

2013/09F 0.5 0.6 401.9 38.6 111.1 416.7 9.0 626.1 132.1 (14.9) NA

2013/12F (3.8) (6.0) 250.8 1.0 (37.6) 89.5 15.6 (78.5) 28.4 254.0 (78.5)

2014/03F 8.5 12.1 255.3 9.0 1.8 191.9 74.0 114.4 60.9 974.1 114.4

2014/06F (0.6) (6.2) 342.5 79.9 34.1 287.9 401.6 50.0 91.3 NA 50.0

2014/09F 9.7 11.0 455.9 13.4 33.1 476.1 14.3 65.4 151.0 14.3 65.4

2014/12F 9.6 (6.0) 291.5 16.2 (36.1) 122.5 36.8 (74.3) 38.8 36.8 (74.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 19,239.9 1,026.2 544.2 7,909 15.1 CJ 10.4 1.0 9.0 0.6

FY2014F 21,309.1 1,239.3 692.5 11,374 10.5 지주회사·복합기업 9.0 0.8 8.9 1.5



CJ

13,271.1

17,628.4

17,729.3

19,374.4

20,924.4

19,656.1 12,092.0

21,385.0 13,001.0

21,900.4 12,855.9

22,652.5 12,806.4

23,750.9 12,806.4

4,514.5

4,619.7

4,647.2

4,369.2

4,896.9

4,591.4

5,096.3

4,789.8

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


-10

0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.3

x1.1

x0.9

x0.7

x0.6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



104


A003550 201050 universe

LG (003550.KS) 업데이트 : 2013.09.09




52주 최고가 : 71,400 시가총액(십억원) : 11,785.7

52주 최저가 : 58,900 60일 평균 거래대금(백만원) : 14,918.6

연중 최고가 : 70,600 외국인지분(%) : 26.9

9 10 11 12 13


2.2 11.1 4.4 10.3 1.9

업종 대비 (6.0) 2.8 (3.9) 2.0 (6.4) 5

KOSPI 대비 (4.1) (1.5) 3.2 9.0 3.1 10

22 23 24 19 20



2011/12A 6.1 1,351.1 (30.4) 1,233.5 (31.2) 978.3 (36.0) 1,678.7 5,565 59,998 1,000

2012/12A (2.3) 1,183.3 (12.4) 1,105.8 (10.4) 930.7 (4.9) 1,529.3 5,294 64,371 1,000

2013/12F 5.2 1,318.0 11.4 1,246.9 12.8 1,052.8 13.1 1,792.2 5,988 94,738 1,100

2014/12F 9.3 1,683.3 27.7 1,616.8 29.7 1,298.5 23.3 2,214.5 7,387 102,150 1,200

2015/12F 5.2 1,876.1 11.5 1,818.8 12.5 1,460.8 12.5 2,450.0 8,310 109,650 1,250



2011/12A 10,549.5 852.2 13.0 (600.4) 13.4 7.1 11.0 1.02 9.6 1.6

2012/12A 11,318.6 924.5 13.6 (378.4) 12.0 8.3 12.3 1.01 8.5 1.5

2013/12F 16,659.0 827.3 9.0 (475.0) 12.7 7.3 11.4 0.72 7.5 1.6

2014/12F 17,962.6 593.4 7.7 (487.0) 14.9 5.9 9.2 0.67 7.5 1.8

2015/12F 19,281.5 247.5 6.2 (501.0) 15.8 5.2 8.2 0.62 7.8 1.8



2013/03A 2.4 (21.2) 204.7 (36.5) 9.4 188.4 (39.7) 27.8 193.5 (29.1) 83.6

2013/06A (3.1) 12.3 324.4 (10.0) 58.5 307.8 (11.8) 63.4 252.0 (9.6) 30.2

2013/09F 5.5 5.9 359.0 8.2 10.7 342.4 8.0 11.3 275.0 (1.1) 9.2

2013/12F 16.1 23.9 434.8 132.3 21.1 413.7 180.7 20.8 332.3 215.3 20.8

2014/03F 12.3 (23.7) 358.4 75.1 (17.6) 341.1 81.1 (17.5) 274.0 41.6 (17.5)

2014/06F 11.0 11.0 410.4 26.5 14.5 397.7 29.2 16.6 319.4 26.8 16.6

2014/09F 8.3 3.3 422.1 17.6 2.9 406.2 18.6 2.1 326.2 18.6 2.1

2014/12F 7.9 23.4 492.4 13.3 16.7 471.7 14.0 16.1 378.9 14.0 16.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 10,393.8 1,390.0 1,134.8 6,337 10.8 LG 9.7 0.7 7.5 1.7

FY2014F 11,134.1 1,767.3 1,390.5 7,347 9.3 지주회사·복합기업 9.0 0.8 8.9 1.5



LG

10,059.0

9,827.2

10,342.1

11,301.3

11,888.7

15,160.7 4,200.2

16,047.7 4,312.8

17,060.2 4,345.5

18,430.3 4,418.2

19,823.7 4,353.5

2,153.8

2,418.8

2,560.6

3,172.4

2,419.2

2,685.8

2,773.9

3,422.4

52,000

54,000

56,000

58,000

60,000

62,000

64,000

66,000

68,000

70,000

72,000


-2

0

2

4

6

8

10

12

14

16

18

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.7

x1.4

x1.2

x0.9

x0.7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



105


A003600 201050 universe

SK (003600.KS) 업데이트 : 2013.09.09




52주 최고가 : 200,000 시가총액(십억원) : 9,251.5

52주 최저가 : 141,000 60일 평균 거래대금(백만원) : 20,905.1

연중 최고가 : 198,500 외국인지분(%) : 30.7

9 10 11 12 13


10.7 21.6 19.8 27.1 6.5

업종 대비 2.4 13.3 11.5 18.8 (1.8) 5

KOSPI 대비 4.3 9.1 18.6 25.7 7.7 10

22 23 24 19 20



2011/12A 22.1 6,420.7 5.4 7,395.7 64.7 1,673.1 80.9 9,919.1 41,308 235,266 1,950

2012/12A 8.2 4,597.1 (28.4) 4,029.4 (45.5) 1,048.9 (37.3) 8,295.3 25,881 247,927 2,500

2013/12F (0.6) 4,806.2 4.5 3,855.3 (4.3) 1,136.1 8.3 8,642.5 27,630 269,357 2,500

2014/12F 3.6 6,005.1 24.9 5,022.3 30.3 1,393.7 22.7 10,182.6 33,891 296,215 2,500

2015/12F 3.5 6,562.7 9.3 5,553.7 10.6 1,551.3 11.3 11,069.6 37,723 326,393 2,500



2011/12A 10,750.6 14,933.9 86.0 (5,562.4) 5.8 4.4 2.9 0.51 16.9 1.6

2012/12A 11,351.6 19,005.6 81.1 (6,280.4) 3.8 6.2 6.9 0.72 9.5 1.4

2013/12F 12,369.0 19,773.0 72.5 (6,387.1) 4.0 6.3 7.1 0.73 9.6 1.3

2014/12F 13,644.0 19,299.5 65.8 (6,508.5) 4.9 5.5 5.8 0.67 10.7 1.3

2015/12F 15,076.6 18,836.3 59.6 (6,632.1) 5.1 5.3 5.2 0.60 10.8 1.3



2013/03A (3.7) 2.1 1,066.4 (33.2) 14.7 520.7 (68.4) (51.6) 199.3 (56.6) (23.7)

2013/06A (6.8) (4.7) 1,140.8 69.2 7.0 1,045.0 178.1 100.7 305.8 290.6 53.5

2013/09F 1.2 5.6 1,262.0 (7.8) 10.6 1,107.2 19.0 6.0 305.2 22.1 (0.2)

2013/12F 8.5 5.6 1,337.0 43.8 5.9 1,182.3 9.9 6.8 325.9 24.8 6.8

2014/03F 3.5 (2.6) 1,531.7 43.6 14.6 1,286.0 147.0 8.8 356.9 79.1 9.5

2014/06F 3.6 (4.7) 1,369.5 20.0 (10.6) 1,123.8 7.5 (12.6) 311.9 2.0 (12.6)

2014/09F 3.6 5.7 1,505.2 19.3 9.9 1,259.5 13.8 12.1 349.5 14.5 12.1

2014/12F 3.7 5.7 1,598.7 19.6 6.2 1,353.0 14.4 7.4 375.4 15.2 7.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 118,341.5 4,940.9 3,099.7 27,442 7.1 SK 6.1 0.7 10.4 1.3

FY2014F 123,886.8 6,090.9 3,909.6 33,488 5.8 지주회사·복합기업 9.0 0.8 8.9 1.5



SK

110,574.1

119,677.7

118,949.5

123,243.7

127,553.9

92,413.9 58,391.4

90,645.1 55,229.6

95,401.1 57,383.3

99,668.6 58,132.1

103,901.5 58,467.8

29,578.6

28,173.9

29,762.4

31,434.6

30,624.0

29,178.1

30,837.7

32,603.9

0

50,000

100,000

150,000

200,000

250,000


-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x0.9

x0.8

x0.6

x0.5

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



106


A034730 201050 universe

SK C&C (034730.KS) 업데이트 : 2013.09.09




52주 최고가 : 118,000 시가총액(십억원) : 5,875.0

52주 최저가 : 87,100 60일 평균 거래대금(백만원) : 6,634.3

연중 최고가 : 117,500 외국인지분(%) : 20.7

9 10 11 12 13


10.3 23.3 19.5 13.0 12.4

업종 대비 2.0 15.0 11.2 4.7 4.1 5

KOSPI 대비 4.0 10.7 18.3 11.6 13.6 10

22 23 24 19 20



2011/12A 11.5 175.7 9.1 639.4 49.1 438.3 35.0 214.4 9,226 49,746 1,000

2012/12A 31.7 200.7 14.2 475.0 (25.7) 356.1 (18.7) 249.3 7,642 53,544 1,250

2013/12F 4.5 231.2 15.2 552.1 16.2 414.4 16.4 281.2 9,107 60,582 1,300

2014/12F 5.6 260.3 12.6 705.2 27.7 527.1 27.2 313.6 11,585 70,411 1,400

2015/12F 6.1 292.5 12.4 760.7 7.9 568.6 7.9 349.0 12,496 80,382 1,500



2011/12A 2,257.4 855.3 55.3 (103.5) 10.3 31.3 12.7 2.35 21.6 0.9

2012/12A 2,236.6 1,062.6 74.3 (53.4) 9.0 24.9 13.5 1.92 15.8 1.2

2013/12F 2,588.4 919.3 59.0 (40.0) 9.9 24.2 12.9 1.94 17.2 1.1

2014/12F 3,079.9 690.1 45.4 (42.1) 10.5 20.9 10.1 1.67 18.6 1.2

2015/12F 3,578.4 467.7 34.9 (44.0) 11.1 18.2 9.4 1.46 17.1 1.3



2013/03A 5.1 (22.8) 38.9 13.8 (43.7) 124.1 (31.8) 0.4 95.0 (31.1) 2.1

2013/06A 2.1 7.6 52.9 12.2 35.9 134.3 136.6 8.2 99.9 143.3 5.2

2013/09F 5.3 8.8 58.7 15.3 11.0 121.4 7.9 (9.6) 90.7 7.8 (9.2)

2013/12F 5.2 16.4 80.7 16.8 37.5 172.3 39.3 41.9 128.8 38.4 41.9

2014/03F 5.7 (22.5) 45.0 15.7 (44.2) 203.1 63.6 17.9 151.8 59.8 17.9

2014/06F 5.7 7.6 57.4 8.6 27.6 140.6 4.7 (30.8) 105.1 5.2 (30.8)

2014/09F 5.7 8.9 66.9 14.0 16.5 153.9 26.8 9.4 115.0 26.8 9.4

2014/12F 5.3 15.9 91.0 12.8 36.0 207.6 20.5 34.9 155.2 20.5 34.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,397.8 224.7 440.7 8,787 13.2 SKC&C 10.7 1.7 18.2 1.2

FY2014F 2,601.9 250.9 530.0 10,555 11.0 지주회사·복합기업 9.0 0.8 8.9 1.5



SK C&C

1,701.8

2,241.8

2,341.8

2,472.6

2,624.2

4,621.3 2,363.9

5,122.0 2,885.1

5,405.3 2,816.5

5,849.9 2,769.7

6,287.9 2,709.1

507.8

546.7

594.8

692.5

536.9

577.7

628.8

729.1

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

2009 2010 2011 2012

주가

x3.1

x2.6

x2.2

x1.7

x1.3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



107


A042660 20106010 universe

대우조선해양 (042660.KS) 업데이트 : 2013.08.14

투자의견 : 매수 업종 : 조선 주가 수익률(12개월)

목표주가 : 38,000 애널리스트 : 박민


52주 최고가 : 34,950 시가총액(십억원) : 6,478.6

52주 최저가 : 21,100 60일 평균 거래대금(백만원) : 32,191.0

연중 최고가 : 34,100 외국인지분(%) : 15.8

9 10 11 12 13


12.5 42.8 21.1 32.7 19.4

업종 대비 (2.7) 27.6 5.9 17.5 4.2 5

KOSPI 대비 6.1 30.3 19.9 31.4 20.6 10

22 23 24 19 20



2011/12A 7.0 1,088.7 (6.8) 997.6 (4.1) 686.4 (10.5) 1,325.2 3,631 24,096 500

2012/12A 1.1 486.3 (55.3) 265.1 (73.4) 221.9 (67.7) 744.9 1,174 24,566 250

2013/12F 5.3 438.5 (9.8) 341.4 28.8 240.9 8.6 703.5 1,274 25,577 250

2014/12F 6.6 979.7 123.4 897.2 162.8 650.7 170.1 1,253.4 3,442 28,730 250

2015/12F 0.2 1,016.5 3.8 953.9 6.3 691.8 6.3 1,299.8 3,659 32,098 250



2011/12A 4,581.7 3,869.8 107.6 (452.7) 7.8 6.4 6.7 1.01 15.9 2.1

2012/12A 4,671.6 5,114.7 128.1 (338.2) 3.5 13.7 23.1 1.11 4.8 0.9

2013/12F 4,865.3 4,864.3 118.3 (453.9) 3.0 16.0 26.6 1.32 5.1 0.7

2014/12F 5,468.7 4,311.2 95.3 (478.8) 6.2 8.5 9.8 1.18 12.6 0.7

2015/12F 6,113.2 3,705.4 74.9 (501.3) 6.4 7.8 9.3 1.05 11.9 0.7



2013/03A 6.3 (15.8) 67.3 (52.5) (23.8) 76.1 (38.9) NA 48.1 (45.3) NA

2013/06F (5.9) 14.0 100.3 (27.3) 49.1 47.5 (56.1) (37.5) 33.5 (75.9) (30.3)

2013/09F 15.8 (1.2) 110.1 (6.9) 9.8 65.2 (23.3) 37.2 46.0 (18.7) 37.2

2013/12F 7.4 13.2 160.8 82.1 46.0 152.6 NA 134.1 113.3 NA 146.2

2014/03F 15.3 (9.7) 189.7 182.1 18.0 178.7 134.9 17.1 129.6 169.4 14.4

2014/06F 6.6 5.5 241.6 140.9 27.4 204.2 329.5 14.2 148.1 341.4 14.2

2014/09F 6.6 (1.2) 274.0 148.8 13.4 241.2 269.9 18.1 174.9 280.2 18.1

2014/12F (0.2) 6.0 274.4 70.6 0.2 273.2 79.0 13.3 198.1 74.9 13.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 14,774.0 409.2 242.8 1,435 22.9 대우조선해양 11.8 1.2 10.6 0.7

FY2014F 15,628.0 743.9 520.3 3,018 10.9 조선 21.8 1.1 5.5 0.9



대우조선해양

13,903.3

14,057.8

14,802.9

15,781.7

15,817.7

16,659.7 12,157.7

16,122.2 11,568.0

16,820.5 12,067.7

17,700.3 12,330.7

17,928.7 11,900.5

3,258.9

3,715.5

3,671.1

4,157.3

3,756.0

3,961.2

3,913.9

4,150.6

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-15

-10

-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x30

x23

x17

x10

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



108


A010140 20106010 universe

삼성중공업 (010140.KS) 업데이트 : 2013.08.02

투자의견 : 매수 업종 : 조선 주가 수익률(12개월)



52주 최고가 : 44,050 시가총액(십억원) : 9,973.8

52주 최저가 : 29,800 60일 평균 거래대금(백만원) : 39,533.0

연중 최고가 : 43,900 외국인지분(%) : 32.7

9 10 11 12 13


10.3 27.4 20.2 16.3 11.8

업종 대비 (4.9) 12.2 5.0 1.1 (3.4) 5

KOSPI 대비 4.0 14.9 19.0 14.9 12.9 10

22 23 24 19 20



2011/12A 1.9 1,082.6 (9.8) 1,150.3 (11.4) 851.2 (14.9) 1,454.6 3,930 22,956 500

2012/12A 8.2 1,205.7 11.4 1,045.0 (9.2) 796.4 (6.4) 1,507.2 3,673 25,714 500

2013/12F 3.6 1,286.3 6.7 1,167.7 11.7 899.1 12.9 1,582.2 4,147 29,137 500

2014/12F 2.1 1,196.4 (7.0) 1,128.5 (3.4) 869.0 (3.4) 1,494.6 4,007 32,430 500

2015/12F 1.3 1,213.1 1.4 1,154.3 2.3 888.8 2.3 1,513.6 4,099 35,808 500



2011/12A 4,643.6 1,221.0 91.8 (305.9) 8.1 5.3 7.1 1.22 19.4 1.8

2012/12A 5,282.6 1,839.5 88.4 (245.0) 8.3 7.1 10.5 1.50 16.0 1.3

2013/12F 6,073.3 987.4 32.1 (293.8) 8.6 6.9 10.4 1.48 15.8 1.2

2014/12F 6,833.9 774.6 25.7 (293.8) 7.8 7.2 10.8 1.33 13.5 1.2

2015/12F 7,614.2 562.0 20.5 (293.9) 7.8 7.0 10.5 1.21 12.3 1.2



2013/03A 9.9 9.8 440.2 34.0 66.8 383.4 16.7 219.3 300.5 18.9 310.5

2013/06F 13.3 (2.3) 285.7 (0.9) (35.1) 286.7 14.9 (25.2) 215.0 11.3 (28.4)

2013/09F (11.2) (5.1) 269.8 (17.0) (5.5) 238.9 (31.2) (16.7) 183.9 (33.7) (14.5)

2013/12F 5.3 3.4 290.6 10.1 7.7 258.8 115.5 8.3 199.7 172.8 8.6

2014/03F (1.4) 2.9 328.2 (25.4) 12.9 428.9 11.9 65.7 330.3 9.9 65.4

2014/06F 0.6 (0.4) 296.8 3.9 (9.5) 332.7 16.0 (22.4) 256.2 19.1 (22.4)

2014/09F 5.5 (0.4) 284.8 5.5 (4.1) 271.4 13.6 (18.4) 209.0 13.6 (18.4)

2014/12F 4.1 2.0 286.6 (1.4) 0.7 95.6 (63.1) (64.8) 73.6 (63.2) (64.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 15,130.7 1,278.4 930.0 4,042 10.7 삼성중공업 10.7 1.4 14.1 1.2

FY2014F 15,465.2 1,203.8 914.0 3,937 11.0 조선 21.8 1.1 5.5 0.9



삼성중공업

13,391.8

14,489.5

15,018.0

15,337.7

15,534.5

16,413.9 11,770.0

16,635.0 11,352.0

17,976.8 11,903.1

17,924.9 11,090.7

18,069.6 10,455.0

3,887.9

3,798.1

3,604.3

3,727.7

3,834.4

3,819.1

3,803.8

3,880.4

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-20

-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



109


A097230 20106010 universe

한진중공업 (097230.KS) 업데이트 : 2013.09.03

투자의견 : 중립 업종 : 조선 주가 수익률(12개월)

목표주가 : - 애널리스트 : 박민


52주 최고가 : 14,400 시가총액(십억원) : 952.7

52주 최저가 : 7,140 60일 평균 거래대금(백만원) : 6,232.4

연중 최고가 : 14,150 외국인지분(%) : 8.2

9 10 11 12 13


18.5 44.0 51.4 17.2 20.0

업종 대비 3.3 28.8 36.2 2.0 4.8 5

KOSPI 대비 12.2 31.4 50.2 15.8 21.2 10

22 23 24 19 20



2011/12A (8.7) 89.5 (51.9) (81.8) NA (96.9) NA 201.9 -2,007 38,640 0

2012/12A (11.8) 52.9 (40.8) (43.0) NA (52.8) NA 163.6 -1,095 35,513 0

2013/12F 5.2 114.7 116.8 (66.3) NA (81.4) NA 219.2 -1,261 22,169 0

2014/12F 5.5 90.6 (21.0) (75.2) NA (92.3) NA 196.0 -1,332 19,430 0

2015/12F 5.4 132.0 45.6 (25.2) NA (19.5) NA 237.8 -282 17,743 0



2011/12A 1,864.4 3,043.5 210.0 (51.5) 3.1 19.5 NA 0.44 (5.1) 0.0

2012/12A 1,713.4 3,009.1 219.2 (68.5) 2.1 22.1 NA 0.32 (3.0) 0.0

2013/12F 1,534.6 2,781.9 232.7 (45.0) 4.3 17.0 NA 0.62 (5.0) 0.0

2014/12F 1,344.9 2,636.4 258.2 (51.0) 3.2 18.3 NA 0.71 (6.4) 0.0

2015/12F 1,227.9 2,592.8 283.1 (55.0) 4.4 14.9 NA 0.77 (1.5) 0.0



2013/03A (9.4) (23.5) (14.5) NA NA (57.8) NA NA (49.5) NA NA

2013/06A 13.7 32.1 79.3 NA NA 2.2 NA NA 9.7 NA NA

2013/09F 5.2 (14.6) 29.4 NA (62.9) (24.5) NA NA (30.1) NA NA

2013/12F 9.9 27.4 20.5 (10.1) (30.4) 13.8 (78.8) NA (11.5) NA NA

2014/03F 5.5 (26.6) 24.3 NA 18.8 (29.6) NA NA (36.3) NA NA

2014/06F 5.5 32.1 25.4 (68.0) 4.4 (62.9) NA NA (77.2) NA NA

2014/09F 5.5 (14.6) 18.0 (38.9) (29.3) (34.7) NA NA (42.6) NA NA

2014/12F 5.5 27.4 22.9 12.0 27.7 52.1 278.4 NA 63.9 NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,505.4 79.5 (23.2) -358 NA 한진중공업 0.0 0.7 (6.0) 0.0

FY2014F 2,761.0 91.1 (6.7) -98 NA 조선 21.8 1.1 5.5 0.9



한진중공업

2,891.5

2,549.3

2,681.7

2,828.3

2,982.3

7,036.7 5,169.8

6,585.1 4,869.6

6,713.8 5,178.4

6,868.4 5,524.1

7,037.1 5,810.5

549.1

725.2

619.1

788.4

579.1

764.8

652.9

831.5

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-40

-30

-20

-10

0

10

20

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2007 2008 2009 2010 2011 2012 2013

주가

x19

x14

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



110


A010620 20106010 universe

현대미포조선 (010620.KS) 업데이트 : 2013.08.14




52주 최고가 : 159,500 시가총액(십억원) : 3,110.0

52주 최저가 : 102,500 60일 평균 거래대금(백만원) : 16,291.9

연중 최고가 : 158,000 외국인지분(%) : 22.0

9 10 11 12 13


15.6 29.0 32.3 15.2 20.5

업종 대비 0.4 13.9 17.1 (0.0) 5.3 5

KOSPI 대비 9.3 16.5 31.1 13.8 21.7 10

22 23 24 19 20



2011/12A 11.7 383.8 (43.8) 314.7 (54.4) 199.8 (59.4) 447.0 10,201 163,132 2,000

2012/12A (4.5) 92.7 (75.8) 119.2 (62.1) 96.5 (51.7) 159.4 4,928 161,427 1,500

2013/12F (9.7) (176.2) NA (242.7) NA (180.2) NA (109.1) -9,198 150,948 1,500

2014/12F 2.8 (102.7) NA (87.3) NA (64.9) NA (34.2) -3,310 146,236 1,500

2015/12F 6.0 89.1 NA 103.2 NA 76.6 NA 159.2 3,913 148,599 1,500



2011/12A 3,217.3 (613.5) 53.8 (100.5) 8.3 4.1 11.0 0.69 5.5 1.8

2012/12A 3,183.2 (53.7) 64.7 (115.3) 2.1 16.9 25.8 0.79 3.0 1.2

2013/12F 2,973.6 128.7 70.5 (63.1) (4.4) (31.6) NA 1.03 (5.9) 1.0

2014/12F 2,879.3 154.2 71.4 (56.6) (2.5) (101.6) NA 1.06 (2.2) 1.0

2015/12F 2,926.6 28.0 70.1 (63.2) 2.1 21.0 39.7 1.05 2.6 1.0



2013/03A (16.5) (19.8) (10.0) NA NA 20.3 (60.5) NA 20.3 (53.7) NA

2013/06F (12.9) 4.6 (60.3) NA NA (136.5) NA NA (128.3) NA NA

2013/09F (9.1) 5.7 (41.1) NA NA (51.8) NA NA (38.4) NA NA

2013/12F (0.8) 11.9 (64.8) NA NA (74.7) NA NA (33.7) NA NA

2014/03F 9.6 (11.4) (58.2) NA NA 15.3 (24.8) NA 11.3 (44.2) NA

2014/06F 2.8 (1.9) (43.9) NA NA (102.9) NA NA (76.4) NA NA

2014/09F 2.8 5.7 (16.4) NA NA (6.6) NA NA (4.9) NA NA

2014/12F (2.8) 5.8 15.8 NA NA 6.9 NA NA 5.1 NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 3,938.5 (107.4) (118.4) -5,124 NA 현대미포조선 0.0 1.1 (3.2) 1.0

FY2014F 4,208.3 (2.9) 37.6 1,992 77.3 조선 21.8 1.1 5.5 0.9



현대미포조선

4,623.9

4,415.4

3,985.9

4,096.3

4,340.5

7,824.6 4,416.0

7,722.8 4,330.1

7,160.0 3,978.7

7,198.7 4,112.3

7,567.9 4,433.4

907.9

949.8

1,004.5

1,123.8

995.4

976.1

1,032.3

1,092.5

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


-25

-20

-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



111


A009540 20106010 universe

현대중공업 (009540.KS) 업데이트 : 2013.07.04




52주 최고가 : 269,500 시가총액(십억원) : 19,950.0

52주 최저가 : 172,000 60일 평균 거래대금(백만원) : 59,760.2

연중 최고가 : 266,000 외국인지분(%) : 18.1

9 10 11 12 13


18.5 49.1 23.5 4.0 5.6

업종 대비 3.3 34.0 8.3 (11.2) (9.6) 5

KOSPI 대비 12.2 36.6 22.3 2.6 6.8 10

22 23 24 19 20



2011/12A 43.8 4,561.0 (17.5) 3,876.3 (36.7) 2,559.0 (38.4) 5,498.7 46,337 233,942 4,000

2012/12A 2.3 1,993.2 (56.3) 1,435.9 (63.0) 984.3 (61.5) 2,988.5 17,823 240,543 2,500

2013/12F (1.5) 1,118.4 (43.9) 734.0 (48.9) 537.7 (45.4) 2,129.8 8,774 245,603 2,500

2014/12F 1.3 1,257.6 12.4 882.4 20.2 646.4 20.2 2,290.4 10,547 252,092 2,500

2015/12F 2.8 1,411.2 12.2 1,095.4 24.1 802.5 24.1 2,466.9 13,094 260,635 2,500



2011/12A 16,379.1 7,564.3 66.7 (1,626.7) 8.5 5.3 5.5 1.10 16.7 1.6

2012/12A 16,880.8 11,171.1 84.4 (1,095.4) 3.6 10.5 13.6 1.01 5.9 1.0

2013/12F 17,265.3 14,049.8 82.0 (820.1) 2.1 16.8 29.9 1.07 3.2 1.0

2014/12F 17,758.6 13,217.3 77.1 (1,118.3) 2.3 15.3 24.9 1.04 3.7 1.0

2015/12F 18,407.8 13,116.4 74.4 (1,257.4) 2.5 14.2 20.0 1.01 4.4 1.0



2013/03A (5.7) (7.0) 377.7 (61.7) 428.2 346.5 (54.9) NA 318.4 (36.0) NA

2013/06F (1.2) 3.0 230.4 (35.7) (39.0) 171.9 (17.6) (50.4) 126.0 (4.7) (60.4)

2013/09F (0.4) (2.9) 283.4 (52.3) 23.0 246.0 (75.6) 43.1 180.2 (74.1) 43.1

2013/12F 1.4 9.1 226.9 217.4 (19.9) (30.4) NA NA (86.8) NA NA

2014/03F 1.3 (7.2) 24.7 (93.4) (89.1) 323.0 (6.8) NA 236.6 (25.7) NA

2014/06F 1.3 3.0 356.7 54.8 1,341.3 303.9 76.7 (5.9) 222.6 76.7 (5.9)

2014/09F 1.3 (2.9) 557.6 96.8 56.3 545.3 121.7 79.4 399.5 121.7 79.4

2014/12F 1.3 9.1 318.5 40.4 (42.9) (289.8) NA NA (212.3) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 53,860.9 1,350.8 785.0 9,996 26.0 현대중공업 26.0 1.0 3.5 1.0

FY2014F 56,514.5 1,674.0 1,083.2 14,003 18.5 조선 21.8 1.1 5.5 0.9



현대중공업

53,711.7

54,973.7

54,156.7

54,835.6

56,389.8

49,000.8 30,824.3

49,273.2 30,531.8

45,890.4 26,759.1

46,610.4 26,979.4

47,680.3 27,391.9

13,142.9

13,532.9

13,144.9

14,336.1

13,307.6

13,702.5

13,309.6

14,515.8

0

50,000

100,000

150,000

200,000

250,000

300,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x29

x22

x15

x8

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



112


A042670 20106020 universe

두산인프라코어 (042670.KS) 업데이트 : 2013.07.25

투자의견 : 중립 업종 : 기계 주가 수익률(12개월)



52주 최고가 : 19,400 시가총액(십억원) : 2,799.7

52주 최저가 : 10,100 60일 평균 거래대금(백만원) : 20,414.9

연중 최고가 : 17,600 외국인지분(%) : 14.8

9 10 11 12 13


17.3 59.6 5.4 (11.5) (4.6)

업종 대비 6.3 48.6 (5.7) (22.5) (15.7) 5

KOSPI 대비 11.0 47.1 4.2 (12.8) (3.4) 10

22 23 24 19 20



2011/12A 13.1 679.6 (6.3) 285.3 33.2 298.2 42.2 901.4 1,769 10,946 0

2012/12A (3.6) 362.4 (46.7) (19.7) NA 349.8 17.3 609.3 2,075 14,506 0

2013/12F (4.7) 385.9 6.5 45.7 NA (43.4) NA 646.3 -404 13,820 0

2014/12F 4.5 493.9 28.0 196.9 330.8 140.3 NA 758.0 685 14,223 0

2015/12F 4.7 541.7 9.7 258.0 31.0 183.8 31.0 808.8 943 14,885 0



2011/12A 1,845.1 5,239.3 265.5 (426.1) 8.0 9.6 10.1 1.63 18.1 0.0

2012/12A 2,446.5 5,375.8 205.6 (460.1) 4.4 14.4 8.2 1.17 16.3 0.0

2013/12F 2,330.8 5,733.1 223.7 (321.5) 5.0 14.0 NA 1.20 (1.8) 0.0

2014/12F 2,398.9 5,471.8 210.3 (298.2) 6.1 11.6 24.2 1.17 5.9 0.0

2015/12F 2,510.5 5,166.2 193.4 (286.2) 6.4 10.5 17.6 1.12 7.5 0.0



2013/03A (18.3) 0.7 57.2 (68.9) NA (84.9) NA NA (66.3) NA NA

2013/06F (6.5) 21.9 121.2 (27.1) 111.9 26.9 286.6 NA (25.5) NA NA

2013/09F 4.1 (11.3) 104.0 193.3 (14.2) 14.9 NA (44.6) (14.1) NA NA

2013/12F 5.4 (3.3) 103.4 NA (0.6) 88.8 NA 496.3 62.5 (17.6) NA

2014/03F 4.5 (0.1) 164.0 186.6 58.5 79.9 NA (10.1) 56.9 NA (9.0)

2014/06F 4.5 21.9 254.8 110.2 55.4 172.5 542.3 116.1 122.9 NA 116.1

2014/09F 4.5 (11.3) 108.7 4.5 (57.4) 30.1 101.9 (82.6) 21.4 NA (82.6)

2014/12F 4.5 (3.3) (33.5) NA NA (85.6) NA NA (61.0) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 7,940.0 369.6 (11.9) -142 NA 두산인프라코어 41.6 1.2 3.9 0.0

FY2014F 8,420.3 489.5 173.8 935 17.5 기계 16.1 1.2 7.4 0.9



두산인프라코어

8,463.1

8,158.4

7,777.9

8,125.5

8,510.7

11,703.7 9,418.5

11,552.8 8,556.1

11,194.6 8,162.4

11,330.3 8,224.6

11,470.1 8,247.0

1,789.3

2,181.6

1,935.1

1,871.9

1,869.2

2,279.1

2,021.6

1,955.6

0

5,000

10,000

15,000

20,000

25,000


-45

-40

-35

-30

-25

-20

-15

-10

-5

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



113


A034020 20106020 universe

두산중공업 (034020.KS) 업데이트 : 2013.04.03

투자의견 : 매수 업종 : 기계 주가 수익률(12개월)



52주 최고가 : 57,100 시가총액(십억원) : 4,984.1

52주 최저가 : 33,650 60일 평균 거래대금(백만원) : 13,457.9

연중 최고가 : 49,200 외국인지분(%) : 13.9

9 10 11 12 13


10.6 14.8 10.2 (18.2) 2.4

업종 대비 (0.5) 3.7 (0.8) (29.3) (8.7) 5

KOSPI 대비 4.3 2.2 9.0 (19.6) 3.6 10

22 23 24 19 20



2011/12A 7.1 526.2 (4.6) 860.5 314.5 274.8 (78.0) 705.5 3,063 47,033 750

2012/12A 13.3 594.8 13.1 (12.5) NA 38.0 (86.2) 802.1 427 44,527 750

2013/12F (0.5) 600.6 1.0 418.6 NA 309.8 714.2 790.6 3,479 44,661 750

2014/12F 0.8 621.0 3.4 459.2 9.7 339.8 9.7 802.6 3,816 45,079 750

2015/12F 6.9 704.9 13.5 590.2 28.5 436.7 28.5 891.4 4,905 46,412 750



2011/12A 4,770.6 3,021.4 86.3 (261.2) 6.2 14.1 21.3 1.38 5.7 1.2

2012/12A 4,505.9 3,154.4 104.7 (200.3) 6.2 9.9 105.9 1.02 0.8 1.7

2013/12F 4,520.1 4,156.0 118.3 (165.0) 6.3 11.6 13.5 1.05 6.9 1.6

2014/12F 4,564.3 4,367.0 118.8 (187.0) 6.4 11.7 12.3 1.04 7.5 1.6

2015/12F 4,705.5 4,369.5 116.9 (282.7) 6.8 10.5 9.6 1.01 9.4 1.6



2013/03F (3.4) (31.1) 113.8 (20.3) (32.5) 77.0 (32.2) NA 57.0 (33.4) NA

2013/06F (0.8) 21.8 154.9 (9.1) 36.2 127.1 (21.7) 65.1 94.0 (26.2) 65.1

2013/09F 1.6 (8.4) 137.0 21.1 (11.6) 104.7 153.8 (17.6) 77.5 99.4 (17.6)

2013/12F 0.1 30.2 194.9 15.6 42.3 109.8 NA 4.9 81.3 NA 4.9

2014/03F 0.8 (30.6) 114.7 0.8 (41.2) 68.4 (11.2) (37.8) 50.6 (11.2) (37.8)

2014/06F 0.8 21.8 156.1 0.8 36.2 120.7 (5.0) 76.5 89.3 (5.0) 76.5

2014/09F 0.8 (8.4) 138.0 0.8 (11.6) 99.6 (4.9) (17.5) 73.7 (4.9) (17.5)

2014/12F 0.8 30.2 212.2 8.9 53.8 170.6 55.3 71.4 126.2 55.3 71.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 14,699.7 695.4 221.3 2,335 20.0 두산중공업 12.6 1.0 7.3 1.6

FY2014F 15,179.9 794.9 376.7 3,632 12.9 기계 16.1 1.2 7.4 0.9



두산중공업

8,495.5

9,627.2

9,576.8

9,650.1

10,313.4

13,589.2 8,792.2

13,524.4 9,014.8

14,270.5 9,729.6

14,209.6 9,596.8

15,097.1 10,316.0

2,001.2

2,436.6

2,232.3

2,906.7

2,016.5

2,455.2

2,249.4

2,929.0

0

10,000

20,000

30,000

40,000

50,000

60,000


-35

-30

-25

-20

-15

-10

-5

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x33

x25

x17

x9

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



114


A014620 20106020 universe

성광벤드 (014620.KQ) 업데이트 : 2013.08.12




52주 최고가 : 31,500 시가총액(십억원) : 876.6

52주 최저가 : 21,450 60일 평균 거래대금(백만원) : 7,814.6

연중 최고가 : 31,400 외국인지분(%) : 32.3

9 10 11 12 13


2.5 17.7 33.0 14.6 25.6

업종 대비 (8.6) 6.6 21.9 3.5 14.6 5

KOSPI 대비 (3.8) 5.1 31.8 13.2 26.8 10

22 23 24 19 20



2011/12A 22.8 30.8 15.4 35.1 39.4 23.0 24.9 33.4 803 10,852 150

2012/12A 35.7 76.3 147.4 72.8 107.5 54.4 136.7 79.2 1,901 12,618 150

2013/12F 15.2 107.1 40.5 107.3 47.4 81.0 48.9 111.0 2,832 15,250 200

2014/12F 7.0 112.5 5.0 113.3 5.6 85.5 5.6 117.3 2,989 18,039 200

2015/12F 3.0 120.4 7.1 122.2 7.9 92.2 7.9 125.4 3,225 21,065 200



2011/12A 310.4 42.9 15.8 (3.4) 11.1 17.9 23.7 1.75 7.6 0.8

2012/12A 360.9 2.6 16.0 (17.1) 20.3 9.0 12.9 1.94 16.2 0.6

2013/12F 436.2 (11.0) 12.1 (45.2) 24.7 7.9 10.8 2.01 20.3 0.7

2014/12F 515.9 (44.1) 8.4 (7.8) 24.3 7.2 10.3 1.70 18.0 0.7

2015/12F 602.4 (95.1) 4.8 (5.0) 25.2 6.3 9.5 1.46 16.5 0.7



2013/03A 14.5 NA 20.7 54.5 NA 22.4 74.3 NA 16.8 76.5 NA

2013/06F NA 11.2 29.8 NA 44.0 29.8 NA 33.3 22.5 NA 34.0

2013/09F NA (5.9) 26.3 NA (11.8) 26.3 NA (11.9) 19.8 NA (11.9)

2013/12F NA 14.9 30.3 NA 15.2 28.8 NA 9.6 21.8 NA 10.0

2014/03F 7.0 (11.0) 22.2 7.0 (26.9) 24.7 10.5 (14.2) 18.7 11.1 (14.5)

2014/06F 7.0 11.2 31.9 7.0 44.0 31.9 6.8 28.9 24.1 6.8 28.9

2014/09F 7.0 (5.9) 28.1 7.0 (11.8) 28.1 7.1 (11.7) 21.2 7.1 (11.7)

2014/12F 7.0 14.9 30.3 (0.0) 7.6 28.5 (1.0) 1.4 21.5 (1.3) 1.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 429.4 106.7 77.0 2,609 12.0 성광벤드 10.4 1.8 18.6 0.7

FY2014F 462.0 115.9 85.3 2,917 10.8 기계 16.1 1.2 7.4 0.9



성광벤드

277.0

375.9

433.1

463.4

477.3

448.6 128.1

510.7 138.9

602.0 154.0

650.1 121.5

696.5 80.4

99.3

110.4

103.9

119.4

106.3

118.2

111.2

127.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-25

-20

-15

-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x30

x24

x18

x12

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



115


A036890 20106020 universe

진성티이씨 (036890.KQ) 업데이트 : 2013.05.31




52주 최고가 : 12,000 시가총액(십억원) : 137.0

52주 최저가 : 4,830 60일 평균 거래대금(백만원) : 1,291.4

연중 최고가 : 9,910 외국인지분(%) : 1.3

9 10 11 12 13


16.5 37.0 (16.3) (39.1) (23.0)

업종 대비 5.4 25.9 (27.3) (50.2) (34.1) 5

KOSPI 대비 10.2 24.4 (17.4) (40.5) (21.9) 10

22 23 24 19 20



2011/12A 19.2 21.2 26.7 20.0 38.6 15.8 (47.0) 24.9 1,013 3,472 100

2012/12A (11.4) 10.2 (51.9) 5.2 (73.9) 4.3 (72.5) 14.9 238 3,588 100

2013/12F (1.4) 10.8 5.4 10.2 96.0 8.0 83.6 16.7 419 3,891 100

2014/12F 40.2 16.4 52.6 16.0 56.3 12.4 56.3 23.2 657 4,418 100

2015/12F 5.8 19.7 20.0 19.2 20.2 15.0 20.2 26.6 789 5,072 100



2011/12A 52.1 (3.1) 60.6 (11.4) 10.5 6.8 9.4 2.74 35.4 1.1

2012/12A 65.0 (7.3) 31.5 (9.5) 5.7 10.8 35.3 2.34 7.4 1.2

2013/12F 71.1 (5.4) 30.9 (17.0) 6.1 7.9 16.3 1.76 11.7 1.5

2014/12F 81.6 (13.5) 30.5 (5.7) 6.7 5.3 10.4 1.55 16.3 1.5

2015/12F 94.7 (12.2) 30.0 (8.6) 7.6 4.7 8.7 1.35 17.0 1.5



2013/03A (31.9) NA 1.4 (76.2) NA 0.7 (85.0) NA 0.3 (92.7) NA

2013/06F NA 5.9 1.9 NA 35.4 1.9 NA 183.1 1.5 NA 343.9

2013/09F NA 14.0 3.8 NA 97.9 3.8 NA 100.5 2.9 NA 100.5

2013/12F NA 7.4 3.7 NA (1.5) 3.9 NA 3.5 3.2 NA 9.9

2014/03F 40.2 8.1 3.1 121.6 (16.0) 3.1 361.0 (21.5) 2.4 622.8 (26.1)

2014/06F 40.2 5.9 3.3 73.3 5.9 3.1 62.5 (0.2) 2.4 62.5 (0.2)

2014/09F 40.2 14.0 4.4 17.2 33.8 4.2 10.7 36.5 3.3 10.7 36.5

2014/12F 40.2 7.4 5.6 51.8 27.7 5.7 45.6 36.2 4.4 37.1 36.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 175.2 11.7 7.9 388 17.7 진성티이씨 11.5 1.6 15.1 1.5

FY2014F 225.2 16.1 11.3 566 12.2 기계 16.1 1.2 7.4 0.9



진성티이씨

201.3

178.4

175.8

246.5

260.8

314.5 262.3

222.3 157.3

213.0 141.9

268.3 186.7

281.6 186.9

38.5

40.8

46.5

50.0

54.0

57.2

65.2

70.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-60

-50

-40

-30

-20

-10

0

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x36

x27

x18

x9

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



116


A023160 20106020 universe

태광 (023160.KQ) 업데이트 : 2013.06.25



현재주가 : 26,150 회계기준 : K-IFRS 개별

52주 최고가 : 30,500 시가총액(십억원) : 653.8

52주 최저가 : 20,050 60일 평균 거래대금(백만원) : 2,537.0

연중 최고가 : 27,000 외국인지분(%) : 22.2

9 10 11 12 13


3.0 20.0 9.4 (11.5) 18.9

업종 대비 (8.1) 8.9 (1.6) (22.6) 7.8 5

KOSPI 대비 (3.4) 7.4 8.2 (12.9) 20.0 10

22 23 24 19 20



2011/12A 19.9 36.5 NA 37.7 2,842.8 27.6 3,430.3 40.7 1,182 15,179 0

2012/12A 37.9 46.1 26.2 42.5 12.5 33.2 20.4 50.9 1,380 16,130 0

2013/12F 6.0 61.6 33.7 57.1 34.4 44.6 34.4 71.2 1,800 16,936 0

2014/12F 6.6 77.2 25.4 73.5 28.9 57.5 28.9 87.7 2,251 18,608 0

2015/12F 1.0 77.0 (0.3) 74.2 0.9 58.0 0.9 88.5 2,204 20,185 0



2011/12A 352.3 (21.3) 0.3 (5.0) 14.1 13.3 19.6 1.52 8.1 0.0

2012/12A 386.9 (46.1) 0.0 (14.9) 12.9 9.3 15.6 1.33 9.0 0.0

2013/12F 431.5 (83.2) 0.0 (11.3) 16.3 8.0 14.5 1.54 10.9 0.0

2014/12F 489.0 (141.1) 0.0 (13.1) 19.2 5.8 11.6 1.41 12.5 0.0

2015/12F 547.0 (183.2) 0.0 (15.1) 18.9 5.3 11.9 1.30 11.2 0.0



2013/03A 7.6 (20.0) 10.8 4.8 (2.0) 13.0 22.6 43.7 10.0 21.0 41.5

2013/06F 1.5 6.7 13.3 (0.5) 22.9 12.2 (5.7) (6.5) 9.5 (6.1) (4.7)

2013/09F 3.3 10.9 16.5 46.5 23.8 14.4 46.0 18.7 11.3 45.6 18.7

2013/12F 11.1 17.4 20.9 89.2 26.9 17.4 92.6 20.6 13.8 95.9 22.3

2014/03F 16.2 (16.3) 19.2 76.9 (8.4) 18.3 40.6 4.9 14.3 43.3 3.5

2014/06F 12.2 3.0 20.8 56.1 8.4 19.7 62.2 7.9 15.4 62.2 7.9

2014/09F 4.9 3.7 19.2 16.6 (7.5) 17.4 20.2 (12.0) 13.6 20.2 (12.0)

2014/12F (3.1) 8.4 18.0 (13.8) (6.2) 18.1 4.1 4.4 14.2 2.6 4.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 375.1 58.5 47.8 1,912 13.7 태광 12.3 1.4 12.1 0.0

FY2014F 423.6 74.9 59.1 2,364 11.0 기계 16.1 1.2 7.4 0.9



태광

258.9

356.9

378.3

403.2

407.3

422.5 70.1

449.4 62.5

494.4 62.9

557.3 68.3

593.7 46.7

81.6

87.0

96.5

113.2

94.8

97.6

101.2

109.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x34

x28

x23

x17

x12

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



117


A013030 20106020 universe

하이록코리아 (013030.KQ) 업데이트 : 2013.08.13




52주 최고가 : 25,650 시가총액(십억원) : 339.0

52주 최저가 : 18,600 60일 평균 거래대금(백만원) : 744.2

연중 최고가 : 25,500 외국인지분(%) : 27.5

9 10 11 12 13


7.8 13.2 19.1 10.7 24.5

업종 대비 (3.3) 2.1 8.1 (0.4) 13.4 5

KOSPI 대비 1.5 0.6 17.9 9.3 25.7 10

22 23 24 19 20



2011/12A 28.8 30.3 13.8 30.2 18.3 24.2 23.0 33.0 1,777 11,570 150

2012/12A 29.5 40.4 33.2 36.4 20.7 28.9 19.5 43.9 2,123 13,558 250

2013/12F 8.4 44.2 9.4 43.1 18.4 33.6 16.4 47.9 2,470 15,774 250

2014/12F 14.2 49.5 12.0 45.8 6.3 35.7 6.3 54.0 2,625 18,129 250

2015/12F 13.2 51.4 3.9 47.5 3.6 37.0 3.6 56.2 2,718 20,561 250



2011/12A 157.5 4.7 19.2 (13.9) 21.3 7.1 9.6 1.47 16.7 0.9

2012/12A 184.6 (8.6) 18.0 (5.0) 21.9 5.9 9.3 1.46 16.9 1.3

2013/12F 214.7 (14.1) 14.5 (10.8) 22.1 6.8 10.1 1.58 16.8 1.0

2014/12F 246.8 (19.5) 13.0 (13.5) 21.6 5.9 9.5 1.37 15.5 1.0

2015/12F 279.9 (27.3) 11.1 (12.2) 19.9 5.6 9.2 1.21 14.1 1.0



2013/03A (18.2) (10.3) 8.6 (26.7) (18.8) 10.1 (9.2) 42.8 7.8 (6.0) 24.9

2013/06F (6.2) 5.5 9.8 0.5 14.1 10.2 8.4 1.3 8.0 5.5 2.9

2013/09F 29.2 27.1 12.4 39.3 26.4 13.1 49.3 27.9 10.2 49.1 27.9

2013/12F 32.7 10.4 13.5 27.2 8.7 9.7 36.6 (26.1) 7.7 23.3 (25.0)

2014/03F 14.2 (22.8) 9.9 15.0 (26.6) 10.9 8.1 13.0 8.5 9.7 11.2

2014/06F 14.2 5.5 11.0 12.7 11.8 11.0 7.2 0.5 8.6 7.2 0.5

2014/09F 14.2 27.1 14.1 14.2 28.1 14.3 8.8 29.8 11.1 8.8 29.8

2014/12F 14.2 10.4 14.5 7.4 2.2 9.7 (0.1) (32.2) 7.5 (1.6) (32.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 194.9 42.6 32.8 2,412 10.4 하이록코리아 9.6 1.4 15.8 1.0

FY2014F 225.7 50.4 38.8 2,851 8.8 기계 16.1 1.2 7.4 0.9



하이록코리아

142.8

184.8

200.3

228.7

258.9

220.0 63.3

244.4 61.1

264.3 50.4

291.5 45.0

325.7 45.3

41.1

43.3

55.1

60.8

46.9

49.5

62.9

69.4

0

5,000

10,000

15,000

20,000

25,000

30,000


-20

-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x10

x8

x6

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



118


A121440 2020 universe

골프존 (121440.KQ) 업데이트 : 2013.08.08

투자의견 : 매수 업종 : 상업서비스·기타 주가 수익률(12개월)

목표주가 : 26,700 애널리스트 : 홍종길


52주 최고가 : 72,000 시가총액(십억원) : 751.7

52주 최저가 : 20,050 60일 평균 거래대금(백만원) : 5,111.6

연중 최고가 : 24,000 외국인지분(%) : 3.2

9 10 11 12 13


(0.7) 4.4 0.4 15.6 (1.2)

업종 대비 (1.3) 3.8 (0.1) 15.1 (1.7) 5

KOSPI 대비 (7.1) (8.2) (0.8) 14.2 (0.0) 10

22 23 24 19 20



2011/12A 13.4 53.9 (19.0) 50.0 (31.1) 46.6 (31.8) 57.6 4,045 30,571 800

2012/12A 34.2 69.0 27.9 82.5 65.1 73.5 57.8 77.1 5,988 35,680 1,200

2013/12F 24.7 81.0 17.4 75.3 (8.7) 57.2 (22.2) 91.0 1,556 11,595 400

2014/12F 5.2 80.1 (1.2) 84.6 12.4 64.3 12.4 90.7 1,745 12,940 400

2015/12F 8.7 89.9 12.3 95.4 12.7 72.5 12.7 102.5 1,968 14,508 400



2011/12A 348.9 (255.4) 0.2 (41.1) 25.0 5.8 3.9 0.52 18.2 5.0

2012/12A 411.6 (142.7) 21.5 (102.5) 23.8 8.2 3.5 0.59 19.3 5.7

2013/12F 427.3 (112.0) 20.7 (38.9) 22.4 7.0 13.1 1.76 13.6 2.0

2014/12F 476.8 (139.5) 18.6 (25.3) 21.1 6.7 11.7 1.58 14.2 2.0

2015/12F 534.6 (192.4) 16.6 (11.0) 21.8 5.5 10.4 1.41 14.3 2.0



2013/03A 35.4 NA 19.5 25.9 NA 18.6 (23.2) NA 14.0 (34.3) NA

2013/06F NA 15.4 24.9 NA 27.7 16.1 NA (13.5) 12.1 NA (13.2)

2013/09F NA (8.3) 20.2 NA (18.6) 24.2 NA 50.6 18.7 NA 54.3

2013/12F NA (1.1) 16.5 NA (18.6) 16.5 NA (32.0) 12.5 NA (33.2)

2014/03F 15.6 10.4 25.6 31.5 55.3 26.6 43.1 61.6 20.2 44.8 61.8

2014/06F (3.2) (3.3) 19.3 (22.5) (24.7) 20.3 26.5 (23.5) 15.4 27.6 (23.5)

2014/09F 4.7 (0.8) 19.0 (5.9) (1.2) 20.2 (16.7) (0.9) 15.3 (18.0) (0.9)

2014/12F 5.2 (0.6) 16.2 (1.7) (15.0) 17.6 6.7 (12.9) 13.3 6.8 (12.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 366.1 85.4 62.6 1,779 11.4 골프존 12.0 1.6 14.1 2.0

FY2014F 398.4 88.1 75.6 2,027 10.0 상업서비스·기타 19.3 2.4 13.6 1.3



골프존

215.8

289.6

361.2

380.2

413.3

378.1 29.1

540.9 129.3

564.1 137.1

614.9 138.4

678.2 144.1

84.8

97.9

89.7

88.8

98.0

94.8

94.0

93.4

0

5,000

10,000

15,000

20,000

25,000

30,000


-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2011 2012 2013

주가

x14

x11

x8

x5

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



119



에스원 (012750.KS) 업데이트 : 2013.07.28




52주 최고가 : 75,500 시가총액(십억원) : 2,439.5

52주 최저가 : 57,400 60일 평균 거래대금(백만원) : 3,675.9

연중 최고가 : 74,300 외국인지분(%) : 49.9

9 10 11 12 13


3.2 9.0 3.7 (2.7) (13.6)

업종 대비 2.7 8.5 3.2 (3.3) (14.1) 5

KOSPI 대비 (3.1) (3.6) 2.5 (4.1) (12.4) 10

22 23 24 19 20



2011/12A 14.3 167.2 18.0 176.2 12.2 126.3 9.8 236.2 3,745 23,553 1,250

2012/12A 6.9 134.6 (19.5) 142.6 (19.1) 100.9 (20.1) 217.7 2,987 24,465 1,250

2013/12F 13.7 134.2 (0.3) 139.7 (2.1) 98.1 (2.8) 203.3 2,903 25,935 1,250

2014/12F 4.8 152.9 13.9 159.5 14.2 112.0 14.2 220.2 3,315 27,727 1,300

2015/12F 5.6 179.7 17.6 187.8 17.7 131.9 17.7 244.3 3,902 29,997 1,350



2011/12A 736.6 (468.1) 0.0 (117.9) 16.3 7.4 15.5 2.46 18.0 2.2

2012/12A 773.4 (407.7) 0.0 (147.2) 12.3 10.5 23.4 2.86 13.4 1.8

2013/12F 829.2 (423.9) 0.0 (120.4) 10.8 10.1 22.1 2.48 12.2 1.9

2014/12F 897.3 (450.7) 0.0 (118.6) 11.7 9.3 19.4 2.32 13.0 2.0

2015/12F 983.6 (496.7) 0.0 (115.9) 13.0 8.2 16.5 2.14 14.0 2.1



2013/03A 7.0 (8.8) 29.6 (28.7) (6.8) 31.1 (27.5) (6.1) 23.6 (25.5) 5.7

2013/06F 23.7 16.9 34.8 4.4 17.4 33.4 (7.6) 7.3 23.3 (8.5) (1.3)

2013/09F 14.6 (3.9) 33.6 20.5 (3.4) 34.9 15.0 4.5 24.5 14.5 5.3

2013/12F 10.1 7.4 36.2 13.7 7.6 40.2 21.3 15.2 26.7 19.4 8.7

2014/03F 14.5 (5.1) 46.4 56.6 28.3 51.3 64.9 27.6 36.0 52.7 35.2

2014/06F (0.6) 1.4 43.7 25.5 (5.9) 45.0 34.7 (12.3) 31.6 35.6 (12.3)

2014/09F 5.2 1.7 43.4 29.2 (0.6) 44.8 28.2 (0.5) 31.4 28.2 (0.5)

2014/12F 1.6 3.8 19.4 (46.4) (55.3) 18.4 (54.2) (58.9) 12.9 (51.5) (58.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,232.1 137.6 110.8 2,729 23.8 에스원 20.0 2.4 12.8 2.0

FY2014F 1,309.0 157.6 126.5 3,128 20.8 상업서비스·기타 19.3 2.4 13.6 1.3



에스원

1,026.1

1,096.5

1,246.8

1,306.5

1,379.8

1,057.7 296.6

1,080.9 275.9

1,182.8 313.9

1,274.3 328.1

1,386.9 343.7

277.2

324.0

311.3

334.4

317.4

321.9

327.4

339.8

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x23

x20

x18

x15

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



120



호텔신라 (008770.KS) 업데이트 : 2013.07.15




52주 최고가 : 70,600 시가총액(십억원) : 2,539.4

52주 최저가 : 41,200 60일 평균 거래대금(백만원) : 24,089.4

연중 최고가 : 69,200 외국인지분(%) : 35.1

9 10 11 12 13


(1.5) 7.8 22.8 17.6 48.7

업종 대비 (2.1) 7.3 22.2 17.1 48.2 5

KOSPI 대비 (7.8) (4.7) 21.6 16.3 49.9 10

22 23 24 19 20



2011/12A 23.1 97.5 15.5 74.6 7.8 56.1 9.1 133.7 1,426 15,141 300

2012/12A 23.4 129.3 32.5 133.5 79.0 101.0 80.0 174.2 2,566 17,328 300

2013/12F 1.9 121.6 (5.9) 83.3 (37.6) 63.1 (37.6) 165.8 1,601 18,565 300

2014/12F 18.4 204.7 68.3 198.0 137.7 149.9 137.7 257.6 3,807 21,971 300

2015/12F 9.7 221.9 8.4 216.1 9.2 163.6 9.2 277.7 4,156 25,720 300



2011/12A 601.5 291.9 70.7 (72.7) 5.4 13.6 27.0 2.54 9.6 0.8

2012/12A 689.2 197.4 68.4 (43.9) 5.8 11.1 17.1 2.54 15.7 0.7

2013/12F 738.6 347.6 96.3 (80.1) 5.4 17.5 40.4 3.49 8.8 0.5

2014/12F 874.9 227.8 63.1 (74.6) 7.6 10.8 17.0 2.94 18.6 0.5

2015/12F 1,024.9 211.1 53.8 (87.5) 7.6 10.0 15.6 2.52 17.2 0.5



2013/03A (3.9) NA 7.4 (76.4) NA (25.8) NA NA (20.1) NA NA

2013/06F NA 14.5 27.1 NA 267.1 25.5 NA NA 19.3 NA NA

2013/09F NA 12.9 44.0 NA 62.7 42.1 NA 65.2 31.8 NA 65.2

2013/12F NA 0.1 43.2 NA (2.0) 41.6 NA (1.1) 32.0 NA 0.6

2014/03F 27.7 (1.3) 41.5 462.3 (4.0) 39.4 NA (5.2) 29.8 NA (6.9)

2014/06F 24.4 11.5 49.5 82.9 19.4 47.7 87.4 21.1 36.1 87.4 21.1

2014/09F 17.0 6.2 62.5 42.0 26.3 60.9 44.7 27.5 46.1 44.7 27.5

2014/12F 7.5 (8.1) 51.2 18.6 (18.1) 49.9 20.1 (18.0) 37.8 18.0 (18.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,254.1 108.8 54.9 1,373 47.0 호텔신라 20.0 3.1 16.0 0.5

FY2014F 2,677.6 186.6 148.1 3,763 17.1 상업서비스·기타 19.3 2.4 13.6 1.3



호텔신라

1,798.4

2,219.6

2,261.2

2,677.6

2,937.8

1,385.3 783.8

1,547.6 858.4

1,747.7 1,009.1

1,811.8 936.9

1,996.7 971.8

478.0

547.2

617.8

618.2

610.3

680.4

722.5

664.3

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-30

-20

-10

0

10

20

30

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x42

x35

x28

x21

x15

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



121



대한항공 (003490.KS) 업데이트 : 2013.09.09

투자의견 : 중립 업종 : 운송 주가 수익률(12개월)

목표주가 : - 애널리스트 : 윤희도


52주 최고가 : 51,200 시가총액(십억원) : 2,285.4

52주 최저가 : 28,200 60일 평균 거래대금(백만원) : 9,790.4

연중 최고가 : 47,456 외국인지분(%) : 12.9

9 10 11 12 13


40.9 32.9 (2.8) (19.8) (14.6)

업종 대비 30.0 22.0 (13.6) (30.7) (25.4) 5

KOSPI 대비 34.5 20.3 (3.9) (21.2) (13.4) 10

22 23 24 19 20



2011/12A 5.2 452.6 (63.4) (269.0) NA (218.8) NA 1,786.1 -3,197 34,426 0

2012/12A 3.9 318.6 (29.6) 432.2 NA 246.4 NA 1,834.7 3,673 36,626 0

2013/12F (4.6) 86.2 (72.9) (589.1) NA (465.7) NA 1,642.9 -6,729 34,684 0

2014/12F 5.3 339.5 293.8 250.9 NA 183.3 NA 1,905.3 2,650 37,152 0

2015/12F 5.1 429.8 26.6 186.7 (25.6) 133.8 (27.0) 1,996.8 1,935 38,954 0



2011/12A 2,460.2 13,544.7 549.5 (664.2) 3.7 9.5 NA 1.24 (8.4) 0.0

2012/12A 2,621.6 13,629.1 525.5 (906.0) 2.5 9.4 12.1 1.21 9.7 0.0

2013/12F 2,509.6 13,751.1 543.4 (1,756.0) 0.7 10.0 NA 1.12 (18.2) 0.0

2014/12F 2,692.9 13,621.5 506.7 (1,668.2) 2.7 8.5 14.7 1.05 7.0 0.0

2015/12F 2,826.7 13,537.8 483.3 (1,584.8) 3.2 8.1 20.1 1.00 4.8 0.0



2013/03A (1.9) (4.3) (123.4) NA NA (450.0) NA NA (305.0) NA NA

2013/06A (10.3) (6.8) (74.0) NA NA (551.3) NA NA (362.1) NA NA

2013/09F (4.7) 18.1 253.4 (19.1) NA 231.7 (49.7) NA 180.9 (46.5) NA

2013/12F 4.4 (0.9) 30.2 NA (88.1) 180.5 (19.2) (22.1) 20.5 (85.5) (88.7)

2014/03F 6.9 (2.1) 15.1 NA (50.2) (399.5) NA NA (284.1) NA NA

2014/06F 9.8 (4.2) (0.8) NA NA (512.1) NA NA (364.5) NA NA

2014/09F 5.0 13.0 262.7 3.7 NA 158.2 (31.7) NA 114.0 (37.0) NA

2014/12F 0.3 (5.3) 62.5 107.0 (76.2) 1,004.4 456.4 534.7 717.8 3,397.1 529.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 12,169.0 112.1 (454.9) -6,088 NA 대한항공 212.2 1.1 0.4 0.0

FY2014F 12,673.9 349.0 75.4 1,721 22.3 운송 34.5 1.3 3.9 0.4



대한항공

12,245.7

12,719.6

12,135.9

12,778.8

13,430.6

22,388.3 19,619.4

22,973.4 20,069.0

22,678.2 19,860.8

23,043.8 20,031.8

23,386.5 20,228.5

2,941.4

2,742.5

3,240.2

3,211.8

3,142.9

3,011.6

3,401.6

3,222.8

0

10,000

20,000

30,000

40,000

50,000

60,000


-50

-40

-30

-20

-10

0

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x14

x10

x7

x4

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



122



아시아나항공 (020560.KS) 업데이트 : 2013.09.13

투자의견 : 매수 업종 : 운송 주가 수익률(12개월)

목표주가 : 7,300 애널리스트 : 윤희도


52주 최고가 : 7,100 시가총액(십억원) : 1,008.7

52주 최저가 : 4,520 60일 평균 거래대금(백만원) : 4,602.1

연중 최고가 : 6,530 외국인지분(%) : 4.2

9 10 11 12 13


9.5 3.2 (9.3) (26.9) (17.4)

업종 대비 (1.3) (7.6) (20.1) (37.7) (28.2) 5

KOSPI 대비 3.2 (9.4) (10.5) (28.2) (16.2) 10

22 23 24 19 20



2011/12A 6.1 358.3 (34.9) (36.8) NA (30.9) NA 600.2 -171 4,685 0

2012/12A 5.0 179.4 (49.9) 86.5 NA 61.4 NA 463.9 317 5,128 0

2013/12F (2.2) 24.8 (86.2) (89.7) NA (69.1) NA 317.8 -354 4,774 0

2014/12F 5.8 155.6 528.7 5.2 NA 2.7 NA 449.8 14 4,788 0

2015/12F 5.2 187.2 20.3 36.7 608.2 26.6 868.2 479.8 136 4,924 0



2011/12A 857.8 2,830.3 357.8 (258.6) 6.4 6.7 NA 1.38 (3.5) 0.0

2012/12A 1,000.5 3,007.9 325.1 (388.1) 3.0 9.1 19.5 1.21 6.6 0.0

2013/12F 931.4 3,077.7 355.5 (325.0) 0.4 12.9 NA 1.08 (7.2) 0.0

2014/12F 934.2 3,107.0 358.7 (278.0) 2.6 9.2 367.7 1.08 0.3 0.0

2015/12F 960.7 3,056.6 344.6 (230.0) 2.9 8.5 38.0 1.05 2.8 0.0



2013/03A 0.4 (3.7) (21.1) NA NA (61.0) NA NA (48.5) NA NA

2013/06A (4.1) (3.4) (29.9) NA NA (104.3) NA NA (80.4) NA NA

2013/09F (0.7) 13.3 66.4 (39.1) NA 78.3 (24.9) NA 60.4 (24.4) NA

2013/12F (4.7) (9.6) 9.4 NA (85.8) (2.7) NA NA (0.5) NA NA

2014/03F 6.9 8.0 35.3 NA 275.5 (38.7) NA NA (20.5) NA NA

2014/06F 4.7 (5.3) (7.8) NA NA (120.3) NA NA (63.8) NA NA

2014/09F 1.7 10.0 77.5 16.8 NA 50.9 (35.0) NA 27.0 (55.3) NA

2014/12F 10.2 (2.1) 50.6 437.4 (34.7) 113.3 NA 122.4 60.0 NA 122.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 5,877.6 68.4 (84.6) -389 NA 아시아나항공 0.0 1.1 (1.7) 0.0

FY2014F 6,215.8 191.7 32.6 204 25.1 운송 34.5 1.3 3.9 0.4



아시아나항공

5,609.4

5,887.9

5,755.8

6,089.0

6,405.6

5,747.4 4,886.1

6,086.4 5,081.5

6,061.5 5,124.5

6,188.6 5,247.8

6,262.2 5,293.6

1,420.7

1,373.1

1,555.9

1,406.1

1,518.8

1,438.2

1,582.2

1,549.8

0

1,336

2,671

4,007

5,342

6,678

8,014


-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



123



한진 (002320.KS) 업데이트 : 2013.09.24




52주 최고가 : 25,400 시가총액(십억원) : 258.1

52주 최저가 : 19,150 60일 평균 거래대금(백만원) : 551.4

연중 최고가 : 25,000 외국인지분(%) : 6.7

9 10 11 12 13


3.1 0.0 (12.6) 2.6 6.2

업종 대비 (7.7) (10.8) (23.4) (8.2) (4.7) 5

KOSPI 대비 (3.2) (12.6) (13.8) 1.3 7.3 10

22 23 24 19 20



2011/12A 10.0 34.6 (23.5) (25.9) NA (28.4) NA 69.5 -2,404 63,943 400

2012/12A 3.4 37.5 8.5 (8.3) NA (10.1) NA 72.8 -854 63,506 400

2013/12F 4.9 41.8 11.5 (0.2) NA (0.3) NA 79.5 -25 63,087 400

2014/12F 2.5 49.4 18.0 9.8 NA 11.9 NA 87.5 1,005 63,684 400

2015/12F 3.4 51.0 3.4 12.0 22.6 14.5 22.6 89.3 1,232 64,504 400



2011/12A 759.7 622.2 88.2 (83.5) 2.5 12.8 NA 0.34 (3.3) 1.8

2012/12A 754.4 707.3 99.7 (53.7) 2.6 13.1 NA 0.31 (1.3) 2.0

2013/12F 749.4 738.5 104.8 (48.0) 2.8 12.7 NA 0.34 (0.0) 1.9

2014/12F 756.6 746.9 105.0 (43.2) 3.2 11.6 21.4 0.34 1.6 1.9

2015/12F 766.4 752.8 104.7 (39.0) 3.2 11.5 17.5 0.33 1.9 1.9



2013/03A 5.6 (0.4) 10.2 (19.3) 42.7 (3.9) NA NA (3.0) NA NA

2013/06A 5.0 (1.5) 9.7 18.8 (4.6) (2.1) NA NA (1.7) NA NA

2013/09F 4.9 4.2 10.4 7.4 6.8 0.1 NA NA 0.1 NA NA

2013/12F 4.1 1.9 11.6 62.9 12.0 5.7 NA 6,126.9 4.3 NA 3,762.2

2014/03F 2.5 (1.9) 10.7 5.0 (8.0) (5.8) NA NA (7.0) NA NA

2014/06F 2.5 (1.5) 11.7 20.2 9.2 (0.8) NA NA (0.9) NA NA

2014/09F 2.5 4.2 12.6 21.4 7.9 1.9 1,929.7 NA 2.2 1,929.7 NA

2014/12F 2.5 1.9 14.4 24.3 14.7 14.5 155.4 683.7 17.6 311.8 683.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,507.5 41.8 (0.3) -24 NA 한진 29.4 0.3 1.2 1.9

FY2014F 1,545.9 49.4 12.4 991 21.9 운송 34.5 1.3 3.9 0.4



한진

1,390.7

1,437.4

1,507.5

1,545.9

1,598.4

1,793.1 1,026.0

1,858.7 1,091.4

1,907.1 1,141.1

1,930.5 1,156.8

1,958.4 1,174.3

371.7

366.0

381.3

388.6

381.1

375.3

391.0

398.4

0

5,000

10,000

15,000

20,000

25,000

30,000


-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



124



한진해운 (117930.KS) 업데이트 : 2013.09.13




52주 최고가 : 15,000 시가총액(십억원) : 1,241.7

52주 최저가 : 6,610 60일 평균 거래대금(백만원) : 14,412.2

연중 최고가 : 13,450 외국인지분(%) : 13.8

9 10 11 12 13


13.4 45.9 (9.5) (34.2) (21.0)

업종 대비 2.6 35.1 (20.3) (45.0) (31.9) 5

KOSPI 대비 7.1 33.4 (10.7) (35.5) (19.9) 10

22 23 24 19 20



2011/12A (1.1) (512.9) NA (810.8) NA (835.4) NA (121.4) -8,481 15,907 0

2012/12A 11.2 (109.8) NA (608.2) NA (650.5) NA 319.9 -5,205 9,927 0

2013/12F (1.9) (94.5) NA (346.1) NA (380.5) NA 351.2 -3,042 7,726 0

2014/12F 2.5 166.8 NA (147.6) NA (179.4) NA 609.4 -1,432 6,294 0

2015/12F 5.1 284.9 70.8 (2.9) NA (33.3) NA 721.4 -266 6,029 0



2011/12A 1,987.9 4,385.0 258.6 (1,386.9) (5.4) (48.1) NA 0.71 (35.6) 0.0

2012/12A 1,240.4 5,984.1 526.8 (838.9) (1.0) 23.5 NA 1.20 (40.3) 0.0

2013/12F 967.6 6,271.8 691.2 (419.0) (0.9) 21.6 NA 1.28 (34.5) 0.0

2014/12F 788.2 6,512.6 865.4 (362.0) 1.6 12.8 NA 1.57 (20.4) 0.0

2015/12F 754.9 6,611.2 917.3 (328.0) 2.5 11.0 NA 1.64 (4.3) 0.0



2013/03A 10.2 (3.0) (59.9) NA NA (34.7) NA NA (38.4) NA NA

2013/06A (5.8) 6.9 (55.7) NA NA (69.6) NA NA (83.3) NA NA

2013/09F (6.0) 2.9 69.0 (22.3) NA (79.5) NA NA (91.2) NA NA

2013/12F (3.8) (9.8) (47.9) NA NA (162.4) NA NA (167.5) NA NA

2014/03F (6.4) (5.6) (33.5) NA NA (78.1) NA NA (86.8) NA NA

2014/06F (1.9) 12.0 (17.7) NA NA (76.0) NA NA (85.7) NA NA

2014/09F 4.7 9.8 166.1 140.6 NA 72.0 NA NA 62.2 NA NA

2014/12F 13.8 (2.0) 52.0 NA (68.7) (65.4) NA NA (69.1) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 10,792.8 (68.3) (326.1) -2,681 NA 한진해운 0.0 1.5 (24.1) 0.0

FY2014F 11,423.4 192.6 (158.1) -1,312 NA 운송 34.5 1.3 3.9 0.4



한진해운

9,523.3

10,589.4

10,385.7

10,647.9

11,191.0

11,196.8 9,171.8

11,030.8 9,739.7

10,943.4 9,919.9

10,944.3 10,096.7

11,003.0 10,188.1

2,496.0

2,668.4

2,744.8

2,476.5

2,336.8

2,617.8

2,874.8

2,818.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-60

-50

-40

-30

-20

-10

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2009 2010 2011 2012

주가

x9

x7

x5

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



125



현대글로비스 (086280.KS) 업데이트 : 2013.09.24




52주 최고가 : 243,500 시가총액(십억원) : 7,387.5

52주 최저가 : 149,000 60일 평균 거래대금(백만원) : 10,690.6

연중 최고가 : 220,000 외국인지분(%) : 26.5

9 10 11 12 13


5.9 4.5 3.1 (17.2) (10.5)

업종 대비 (4.9) (6.3) (7.7) (28.1) (21.3) 5

KOSPI 대비 (0.4) (8.0) 2.0 (18.6) (9.3) 10

22 23 24 19 20



2011/12A 30.8 462.5 39.8 486.2 30.0 358.8 28.5 516.4 9,568 39,780 1,500

2012/12A 23.0 613.7 32.7 667.8 37.3 497.7 38.7 680.3 13,271 51,180 1,500

2013/12F 10.3 667.0 8.7 704.5 5.5 523.7 5.2 757.2 13,964 64,124 1,500

2014/12F 14.1 783.5 17.5 826.5 17.3 613.4 17.1 898.9 16,357 78,981 1,500

2015/12F 11.8 902.4 15.2 953.3 15.3 708.8 15.6 1,043.8 18,902 96,383 1,500



2011/12A 1,491.7 404.6 69.9 (262.5) 4.8 14.7 20.1 4.83 27.2 0.8

2012/12A 1,919.3 349.4 56.9 (240.5) 5.2 12.7 16.7 4.33 29.2 0.7

2013/12F 2,404.7 333.1 47.9 (467.0) 5.1 10.2 14.1 3.07 24.2 0.8

2014/12F 2,961.8 240.4 40.0 (411.0) 5.3 8.5 12.0 2.49 22.9 0.8

2015/12F 3,614.4 62.0 33.2 (328.8) 5.5 7.1 10.4 2.04 21.6 0.8



2013/03A 8.8 NA 140.1 (11.3) NA 153.6 (14.5) NA 108.9 (11.4) NA

2013/06A 8.4 7.0 179.2 3.3 27.9 184.9 4.3 20.4 128.5 (8.9) 18.0

2013/09F NA 2.1 174.4 NA (2.6) 186.8 NA 1.0 138.8 NA 8.0

2013/12F NA (3.3) 173.3 NA (0.6) 179.2 NA (4.1) 147.4 NA 6.2

2014/03F 16.4 10.2 163.1 16.4 (5.9) 176.1 14.7 (1.7) 130.7 20.1 (11.3)

2014/06F 12.0 2.9 200.6 12.0 23.0 207.0 11.9 17.5 153.6 19.5 17.5

2014/09F 14.1 4.0 198.9 14.1 (0.9) 212.4 13.7 2.6 157.6 13.5 2.6

2014/12F 13.9 (3.5) 220.9 27.4 11.0 231.0 28.9 8.8 171.5 16.3 8.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 12,954.6 681.1 528.2 13,966 14.0 현대글로비스 12.5 2.6 23.2 0.8

FY2014F 14,256.8 790.3 614.7 16,213 12.1 운송 34.5 1.3 3.9 0.4



현대글로비스

9,546.0

11,746.0

12,950.5

14,770.2

16,517.3

3,826.6 2,334.8

4,257.8 2,338.6

4,924.2 2,519.6

5,694.8 2,733.0

6,533.5 2,919.1

3,070.0

3,284.1

3,354.2

3,242.2

3,574.4

3,677.8

3,825.5

3,692.6

0

50,000

100,000

150,000

200,000

250,000

300,000


-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2005 2006 2007 2008 2009 2010 2011 2012

주가

x23

x20

x17

x14

x12

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



126



CJ대한통운 (000120.KS) 업데이트 : 2013.09.23




52주 최고가 : 126,500 시가총액(십억원) : 2,244.7

52주 최저가 : 87,100 60일 평균 거래대금(백만원) : 4,510.8

연중 최고가 : 124,500 외국인지분(%) : 3.6

9 10 11 12 13


0.2 7.4 (3.5) 5.0 (4.9)

업종 대비 (10.6) (3.4) (14.4) (5.8) (15.8) 5

KOSPI 대비 (6.1) (5.1) (4.7) 3.7 (3.8) 10

22 23 24 19 20



2011/12A 5.0 125.0 (14.5) 43.5 (66.1) 84.5 (13.9) 199.4 4,858 118,018 0

2012/12A 7.2 129.0 3.2 103.4 137.8 82.8 (2.0) 201.0 4,763 121,359 0

2013/12F 42.4 86.8 (32.7) 37.6 (63.7) 38.5 (53.5) 179.2 2,211 122,055 0

2014/12F 19.2 143.0 64.7 70.6 87.8 62.5 62.4 245.7 3,589 124,794 0

2015/12F 9.8 182.1 27.4 105.1 48.9 87.7 40.4 294.2 5,039 128,640 0



2011/12A 2,212.6 586.1 37.1 (139.9) 4.8 11.8 15.4 0.64 3.9 0.0

2012/12A 2,288.9 704.9 37.0 (182.6) 4.7 15.1 21.1 0.83 3.7 0.0

2013/12F 2,304.7 1,377.9 67.4 (224.0) 2.2 20.4 44.5 0.81 1.7 0.0

2014/12F 2,367.2 1,474.0 71.5 (201.6) 3.0 15.2 27.4 0.79 2.7 0.0

2015/12F 2,455.0 1,555.8 73.4 (207.6) 3.5 13.0 19.5 0.76 3.6 0.0



2013/03A (1.4) (7.0) 14.3 (60.6) (18.9) 12.5 (58.4) 101.1 11.2 (60.1) 121.4

2013/06A 47.9 61.7 14.2 (66.3) (0.6) 2.5 (92.9) (79.9) 0.2 (99.0) (97.9)

2013/09F 60.2 5.9 22.1 (32.8) 55.6 4.2 (86.9) 68.2 4.3 (84.0) 1,739.8

2013/12F 60.4 0.7 36.2 105.5 64.0 18.4 197.2 336.9 22.7 349.7 427.1

2014/03F 71.4 (0.6) 31.1 117.8 (14.1) 19.4 55.6 5.3 17.2 53.3 (24.5)

2014/06F 11.3 5.0 35.3 148.6 13.4 15.9 534.2 (18.1) 14.1 5,898.3 (18.1)

2014/09F 8.6 3.3 38.8 75.4 9.8 20.5 387.8 29.4 18.2 321.8 29.4

2014/12F 7.0 (0.7) 37.8 4.3 (2.5) 14.8 (19.8) (28.2) 13.1 (42.5) (28.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 3,683.2 103.7 47.0 2,459 39.9 CJ대한통운 30.5 0.8 2.4 0.0

FY2014F 4,362.2 185.8 110.5 5,377 18.3 운송 34.5 1.3 3.9 0.4



CJ대한통운

2,587.8

2,773.2

3,949.0

4,708.4

5,170.9

3,595.2 1,330.5

3,669.5 1,341.4

4,594.3 2,256.7

4,910.1 2,519.1

5,174.7 2,704.0

652.3

1,054.8

1,116.9

1,125.0

1,118.1

1,173.6

1,212.6

1,204.1

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x64

x50

x36

x22

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



127



기아차 (000270.KS) 업데이트 : 2013.07.29

투자의견 : 매수 업종 : 자동차·자동차부품 주가 수익률(12개월)

목표주가 : 87,000 애널리스트 : 서성문


52주 최고가 : 73,000 시가총액(십억원) : 26,916.1

52주 최저가 : 47,850 60일 평균 거래대금(백만원) : 80,729.7

연중 최고가 : 68,900 외국인지분(%) : 37.1

9 10 11 12 13


3.9 12.9 19.2 (7.6) 17.9

업종 대비 (2.6) 6.4 12.7 (14.2) 11.4 5

KOSPI 대비 (2.4) 0.4 18.0 (9.0) 19.1 10

22 23 24 19 20



2011/12A 20.6 3,499.1 47.7 4,721.7 42.1 3,415.6 27.3 4,489.9 8,573 33,501 600

2012/12A 9.4 3,522.3 0.7 5,164.1 9.4 3,864.7 13.1 4,586.1 9,546 41,623 650

2013/12F 5.3 3,795.0 7.7 5,450.9 5.6 4,020.7 4.0 5,067.6 9,919 52,608 700

2014/12F 7.0 4,159.6 9.6 5,939.8 9.0 4,352.5 8.3 5,122.8 10,737 62,971 750

2015/12F 6.8 4,523.0 8.7 6,455.9 8.7 4,699.3 8.0 5,531.4 11,593 74,166 800



2011/12A 13,509.7 (1,644.3) 41.6 (1,433.8) 8.1 5.6 7.8 1.99 30.0 0.9

2012/12A 16,848.1 (1,644.3) 23.0 (1,574.6) 7.5 4.6 5.9 1.36 25.5 1.2

2013/12F 21,325.9 (1,704.1) 19.1 (1,400.0) 7.6 5.0 6.7 1.26 21.7 1.1

2014/12F 25,526.7 (2,891.6) 14.5 (1,200.0) 7.8 4.7 6.2 1.05 19.1 1.1

2015/12F 30,064.6 (4,236.5) 10.8 (1,000.0) 8.0 4.1 5.7 0.90 17.4 1.2



2013/03F (6.0) (1.7) 704.2 (35.1) 74.2 971.3 (38.1) 14.2 783.9 (34.7) 6.3

2013/06F 4.5 18.3 1,126.4 (8.5) 60.0 1,468.6 (2.5) 51.2 1,146.1 4.5 46.2

2013/09F 10.2 (2.3) 929.8 16.0 (17.5) 1,335.5 7.8 (9.1) 985.1 18.8 (14.1)

2013/12F 13.1 (0.4) 1,034.7 156.0 11.3 1,675.6 97.0 25.5 1,105.6 49.9 12.2

2014/03F 7.0 (7.0) 771.8 9.6 (25.4) 1,058.4 9.0 (36.8) 823.6 5.1 (25.5)

2014/06F 7.0 18.3 1,234.6 9.6 60.0 1,600.3 9.0 51.2 1,240.7 8.3 50.6

2014/09F 7.0 (2.3) 1,019.1 9.6 (17.5) 1,455.3 9.0 (9.1) 1,066.4 8.3 (14.1)

2014/12F 7.0 (0.4) 1,134.1 9.6 11.3 1,825.9 9.0 25.5 1,221.8 10.5 14.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 48,585.3 3,668.2 3,959.7 9,707 6.9 기아차 6.3 1.1 19.8 1.1

FY2014F 50,920.7 3,933.0 4,326.8 10,630 6.3 자동차·자동차부품 7.0 1.2 17.0 0.8



기아차

43,190.9

47,242.9

49,764.7

53,251.5

56,873.3

30,255.2 16,745.5

32,398.3 15,550.3

34,225.1 12,899.3

37,488.2 11,961.5

41,131.0 11,066.4

11,084.8

13,112.6

12,808.2

12,759.1

11,861.5

14,031.3

13,705.6

13,653.1

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x9

x7

x5

x3

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



128



넥센타이어 (002350.KS) 업데이트 : 2013.08.07


목표주가 : 21,000 애널리스트 : 김진우


52주 최고가 : 19,500 시가총액(십억원) : 1,499.7

52주 최저가 : 11,800 60일 평균 거래대금(백만원) : 9,761.2

연중 최고가 : 17,750 외국인지분(%) : 7.7

9 10 11 12 13


5.3 2.3 (2.5) (17.9) (2.5)

업종 대비 (1.2) (4.3) (9.0) (24.5) (9.0) 5

KOSPI 대비 (1.0) (10.3) (3.7) (19.3) (1.3) 10

22 23 24 19 20



2011/12A 24.5 112.0 (18.0) 113.1 (13.6) 87.8 (18.1) 164.0 878 5,601 60

2012/12A 18.9 176.9 58.0 156.7 38.5 133.4 52.0 258.3 1,335 6,712 60

2013/12F 8.8 202.4 14.4 185.8 18.6 144.9 8.7 311.4 1,455 8,026 60

2014/12F 22.9 258.1 27.5 245.2 32.0 191.3 32.0 376.0 1,921 9,797 60

2015/12F 13.6 300.2 16.3 291.8 19.0 227.6 19.0 424.9 2,286 11,927 60



2011/12A 565.0 776.0 165.3 (350.8) 7.8 15.5 21.1 3.30 16.7 0.3

2012/12A 677.8 894.8 147.8 (268.5) 10.4 9.4 12.0 2.38 21.5 0.4

2013/12F 811.1 814.2 118.6 (220.3) 10.9 7.5 10.9 1.97 19.5 0.4

2014/12F 990.7 710.7 90.1 (155.9) 11.4 6.0 8.2 1.61 21.2 0.4

2015/12F 1,206.6 566.3 64.1 (135.5) 11.6 4.9 6.9 1.32 20.7 0.4



2013/03F 8.8 7.6 53.9 8.8 127.4 50.9 2.1 296.7 39.7 (4.0) 93.4

2013/06F 8.8 6.7 57.0 8.8 5.9 52.6 23.3 3.5 41.0 34.7 3.5

2013/09F 8.8 3.9 55.9 8.8 (2.1) 53.2 3.6 1.1 41.5 1.1 1.1

2013/12F 8.8 (8.8) 35.6 50.5 (36.2) 29.1 127.3 (45.2) 22.7 10.8 (45.2)

2014/03F 22.9 21.6 66.2 22.9 85.7 64.4 26.6 121.1 50.2 26.6 121.1

2014/06F 22.9 6.7 70.1 22.9 5.9 66.5 26.4 3.3 51.9 26.4 3.3

2014/09F 22.9 3.9 68.6 22.9 (2.1) 67.2 26.3 1.0 52.4 26.3 1.0

2014/12F 22.9 (8.8) 53.2 49.2 (22.5) 47.1 61.5 (30.0) 36.7 61.5 (30.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,818.5 207.1 139.9 1,373 11.7 넥센타이어 8.8 1.7 20.8 0.4

FY2014F 2,015.8 231.0 158.3 1,554 10.3 자동차·자동차부품 7.0 1.2 17.0 0.8



넥센타이어

1,430.0

1,700.6

1,850.1

2,273.5

2,581.7

1,902.2 1,337.2

2,035.7 1,358.0

2,216.9 1,410.5

2,449.2 1,462.0

2,602.0 1,413.6

442.0

471.4

489.9

446.8

543.2

579.3

601.9

549.0

0

5,000

10,000

15,000

20,000

25,000


-40

-35

-30

-25

-20

-15

-10

-5

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x23

x18

x13

x8

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



129



동양기전 (013570.KS) 업데이트 : 2013.05.23




52주 최고가 : 13,300 시가총액(십억원) : 384.7

52주 최저가 : 8,030 60일 평균 거래대금(백만원) : 3,425.5

연중 최고가 : 13,200 외국인지분(%) : 10.0

9 10 11 12 13


13.6 20.3 1.3 (2.0) 13.6

업종 대비 7.0 13.7 (5.3) (8.6) 7.0 5

KOSPI 대비 7.2 7.7 0.1 (3.4) 14.7 10

22 23 24 19 20



2011/12A 19.0 63.3 (7.3) 57.6 (19.5) 42.2 (26.0) 78.2 1,359 9,500 200

2012/12A 0.7 46.2 (27.0) 61.7 7.1 41.5 (1.5) 66.8 1,360 10,366 200

2013/12F 11.7 61.4 32.9 64.0 3.7 50.0 20.5 85.5 1,654 11,505 200

2014/12F 5.4 66.4 8.2 68.6 7.2 53.5 7.0 94.7 1,770 12,756 200

2015/12F 5.5 71.0 6.8 72.9 6.3 56.9 6.3 102.9 1,882 14,112 200



2011/12A 297.5 114.3 56.3 (97.4) 8.7 6.6 9.3 1.33 15.2 1.6

2012/12A 314.2 79.0 54.9 (34.1) 6.3 6.2 7.8 1.02 13.6 1.9

2013/12F 350.3 85.8 54.3 (57.9) 7.5 5.5 7.3 1.06 15.1 1.6

2014/12F 389.9 97.8 53.3 (47.0) 7.7 5.1 6.9 0.95 14.5 1.6

2015/12F 432.8 97.6 49.4 (55.6) 7.8 4.7 6.5 0.86 13.8 1.6




2013/06F NA 21.8 16.4 NA 37.4 16.2 NA 45.5 13.3 NA 35.4

2013/09F NA 1.4 16.4 NA 0.2 16.4 NA 0.7 13.3 NA 0.2

2013/12F NA 10.3 16.8 NA 2.3 20.2 NA 23.7 13.6 NA 2.2

2014/03F (23.9) (44.1) 8.4 (29.3) (49.8) 7.5 (32.6) (62.8) 5.9 (40.2) (56.9)

2014/06F 12.5 80.0 19.8 21.1 135.4 19.5 20.2 159.8 15.2 14.7 159.8

2014/09F 19.1 7.4 18.8 14.6 (5.2) 18.6 13.5 (4.9) 14.5 8.9 (4.9)

2014/12F 8.1 0.0 19.5 16.1 3.7 23.0 13.4 23.5 17.9 31.7 23.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 804.4 50.6 42.3 1,230 10.1 동양기전 7.0 1.0 14.6 1.6

FY2014F 847.1 61.4 47.6 1,460 8.5 자동차·자동차부품 7.0 1.2 17.0 0.8



동양기전

728.0

732.9

818.5

862.8

910.0

551.3 253.7

573.5 259.2

649.5 299.2

690.8 300.9

738.5 305.7

170.0

207.0

210.0

231.5

129.4

233.0

250.2

250.2

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-35

-30

-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x13

x10

x7

x4

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



130



만도 (060980.KS) 업데이트 : 2013.07.29




52주 최고가 : 157,500 시가총액(십억원) : 2,249.9

52주 최저가 : 73,800 60일 평균 거래대금(백만원) : 15,520.2

연중 최고가 : 134,500 외국인지분(%) : 13.1

9 10 11 12 13


2.9 23.2 7.3 (19.4) (2.0)

업종 대비 (3.7) 16.6 0.7 (25.9) (8.5) 5

KOSPI 대비 (3.4) 10.6 6.1 (20.7) (0.8) 10

22 23 24 19 20



2011/12A 25.3 300.4 10.2 274.6 4.7 224.2 11.1 444.0 12,307 77,457 1,250

2012/12A 10.9 255.9 (14.8) 208.3 (24.1) 163.1 (27.2) 425.5 8,954 86,052 1,000

2013/12F 13.3 344.4 34.6 301.1 44.5 233.4 43.1 538.0 12,967 98,968 1,000

2014/12F 11.4 430.8 25.1 393.3 30.6 304.9 30.6 620.3 16,938 114,799 1,000

2015/12F 9.5 509.4 18.2 470.8 19.7 368.6 20.9 696.5 20,478 134,147 1,000



2011/12A 1,362.5 337.8 49.5 (400.0) 6.6 9.3 16.7 2.66 17.0 0.6

2012/12A 1,505.2 853.4 68.1 (511.8) 5.1 7.7 14.4 1.49 10.9 0.8

2013/12F 1,781.4 1,070.0 73.2 (380.0) 6.0 6.2 9.6 1.26 13.9 0.8

2014/12F 2,066.3 1,002.1 63.8 (350.0) 6.7 5.2 7.4 1.09 15.7 0.8

2015/12F 2,414.6 937.0 55.8 (320.0) 7.3 4.6 6.1 0.93 16.3 0.8



2013/03F 8.8 1.2 82.0 9.7 14.9 88.2 20.3 185.5 69.5 17.8 135.1

2013/06F 14.4 6.5 90.2 14.9 10.1 66.7 3.1 (24.4) 51.2 2.6 (26.3)

2013/09F 13.9 (7.4) 77.5 146.9 (14.1) 67.7 72.0 1.5 49.5 100.4 (3.3)

2013/12F 15.8 16.1 94.8 32.9 22.3 78.4 153.5 15.7 63.3 114.2 27.8

2014/03F 11.4 (2.6) 102.5 25.1 8.2 115.3 30.6 47.1 90.7 30.6 43.4

2014/06F 11.4 6.5 112.8 25.1 10.1 87.2 30.6 (24.4) 66.8 30.6 (26.3)

2014/09F 11.4 (7.4) 96.9 25.1 (14.1) 88.5 30.6 1.5 64.7 30.6 (3.3)

2014/12F 11.4 16.1 118.5 25.1 22.3 102.4 30.6 15.7 82.7 30.6 27.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 5,699.2 341.4 241.9 13,429 9.5 만도 7.9 1.1 15.2 0.8

FY2014F 6,323.4 401.7 286.7 15,968 8.0 자동차·자동차부품 7.0 1.2 17.0 0.8



만도

4,560.1

5,059.3

5,730.2

6,384.5

6,990.3

3,435.4 2,024.6

4,034.7 2,467.4

4,406.2 2,624.8

4,837.2 2,770.9

5,266.9 2,852.3

1,366.0

1,454.8

1,346.6

1,562.8

1,522.0

1,621.0

1,500.4

1,741.2

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


-50

-40

-30

-20

-10

0

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2010 2011 2012 2013

주가

x20

x16

x13

x9

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



131



에스엘 (005850.KS) 업데이트 : 2013.07.25




52주 최고가 : 17,900 시가총액(십억원) : 531.7

52주 최저가 : 10,550 60일 평균 거래대금(백만원) : 3,108.5

연중 최고가 : 17,800 외국인지분(%) : 10.6

9 10 11 12 13


2.6 0.6 5.0 1.6 12.9

업종 대비 (3.9) (5.9) (1.5) (4.9) 6.4 5

KOSPI 대비 (3.7) (11.9) 3.8 0.3 14.1 10

22 23 24 19 20



2011/12A (9.6) 29.6 (54.9) 76.5 (36.5) 55.7 (41.3) 56.9 1,644 16,188 150

2012/12A 33.1 37.1 25.6 78.2 2.2 58.1 4.3 83.1 1,715 17,351 150

2013/12F 5.8 52.0 39.9 114.7 46.7 85.7 47.6 107.8 2,531 19,640 150

2014/12F 3.6 58.6 12.8 105.8 (7.8) 79.7 (7.0) 117.0 2,353 21,751 150

2015/12F 6.1 65.4 11.6 113.7 7.5 85.7 7.5 128.5 2,530 24,040 150



2011/12A 548.2 71.6 45.8 (72.6) 3.4 13.8 12.7 1.29 10.6 0.7

2012/12A 587.6 79.5 35.7 (80.6) 3.2 6.8 8.3 0.82 10.2 1.1

2013/12F 665.1 46.6 31.4 (83.8) 4.2 5.5 6.2 0.80 13.7 1.0

2014/12F 736.6 8.9 28.3 (77.3) 4.6 4.7 6.7 0.72 11.4 1.0

2015/12F 814.1 (3.6) 25.6 (97.8) 4.8 4.2 6.2 0.65 11.1 1.0




2013/06F NA 14.9 14.8 NA 34.4 14.5 NA 36.4 19.6 NA (17.2)

2013/09F NA (9.9) 11.8 NA (20.2) 11.6 NA (20.1) 22.2 NA 13.1

2013/12F NA 9.6 14.2 NA 20.4 78.0 NA 574.0 20.2 NA (8.8)

2014/03F 2.9 (9.4) 11.7 6.2 (17.7) 21.8 104.8 (72.1) 16.4 (30.8) (19.0)

2014/06F 9.0 21.7 14.3 (3.8) 21.7 28.4 96.1 30.6 21.4 9.2 30.6

2014/09F (0.7) (17.9) 8.8 (25.7) (38.4) 19.0 64.3 (33.1) 14.3 (35.4) (33.1)

2014/12F 2.4 13.0 23.8 67.0 170.7 36.6 (53.1) 92.4 27.6 36.2 92.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,215.8 45.6 82.9 2,349 6.8 에스엘 6.5 0.7 12.0 1.0

FY2014F 1,317.5 53.3 81.9 2,427 6.6 자동차·자동차부품 7.0 1.2 17.0 0.8



에스엘

873.1

1,162.5

1,230.4

1,274.1

1,352.1

1,108.0 552.0

1,125.4 529.0

1,213.5 536.7

1,298.4 547.3

1,394.4 562.9

284.7

327.3

295.0

323.4

293.0

356.8

293.0

331.3

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-30

-25

-20

-15

-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2004 2005 2006 2007 2008 2009 2010 2010 2012 2013

주가

x18

x14

x11

x7

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



132



코라오홀딩스 (900140.KS) 업데이트 : 2013.08.26




52주 최고가 : 34,000 시가총액(십억원) : 1,316.4

52주 최저가 : 15,350 60일 평균 거래대금(백만원) : 4,474.0

연중 최고가 : 33,800 외국인지분(%) : 26.3

9 10 11 12 13


8.8 17.9 23.2 97.8 82.9

업종 대비 2.3 11.3 16.7 91.2 76.4 5

KOSPI 대비 2.5 5.3 22.0 96.4 84.1 10

22 23 24 19 20



2011/12A 56.4 22.2 43.2 22.4 26.2 21.9 25.5 23.2 576 2,480 0

2012/12A 48.6 29.4 32.5 29.5 31.9 29.2 33.1 30.6 766 3,001 0

2013/12F 23.4 40.3 37.1 40.0 35.5 39.2 34.2 42.2 973 3,831 0

2014/12F 64.7 62.7 55.6 61.7 54.4 60.5 54.4 65.8 1,502 5,331 0

2015/12F 33.2 84.5 34.9 82.8 34.0 81.1 34.0 89.0 2,013 7,343 0



2011/12A 95.2 (11.8) 0.0 (2.4) 11.9 25.8

2012/12A 115.2 (4.3) 9.9 (11.1) 10.6 27.8

2013/12F 154.4 (3.0) 10.6 (19.4) 11.8 31.1 33.6 8.52 29.1 0.0

2014/12F 215.0 9.3 19.2 (14.7) 11.2 20.1 21.7 6.12 32.8 0.0

2015/12F 296.1 10.6 18.0 (16.9) 11.3 14.9 16.2 4.45 31.7 0.0



2013/03A 30.2 12.5 7.7 (16.1) 196.0 8.4 (11.1) 217.4 8.4 (9.4) 232.5

2013/06F 23.4 22.0 13.4 23.4 75.2 12.7 21.0 51.9 12.4 18.0 49.0

2013/09F 23.4 (11.4) 8.5 23.4 (36.6) 8.5 20.7 (32.8) 8.4 19.3 (32.8)

2013/12F 17.6 (3.4) 10.7 314.3 25.9 10.4 295.1 21.9 10.0 299.7 20.1

2014/03F 64.7 57.6 12.6 64.7 17.7 13.7 63.7 31.6 13.4 60.6 33.6

2014/06F 64.7 22.0 22.1 64.7 75.2 21.2 66.8 54.7 20.8 66.8 54.7

2014/09F 64.7 (11.4) 14.0 64.7 (36.6) 14.2 66.3 (33.0) 13.9 66.3 (33.0)

2014/12F 64.7 (3.4) 14.0 30.4 (0.3) 12.7 21.9 (10.6) 12.4 23.8 (10.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 362.7 40.9 39.9 989 32.4 코라오홀딩스 24.0 6.6 31.8 0.0

FY2014F 546.0 61.5 60.3 1,480 21.6 자동차·자동차부품 7.0 1.2 17.0 0.8



코라오홀딩스

185.7

275.9

340.5

560.9

747.1

111.7 16.4

142.6 27.4

188.3 33.8

297.3 82.4

392.1 96.0

78.3

95.6

84.7

81.9

129.0

157.5

139.5

134.8

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-20

0

20

40

60

80

100

120KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2013

주가

x34

x33

x32

x31

x30

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



133



한국타이어 (161390.KS) 업데이트 : 2013.07.31




52주 최고가 : 65,400 시가총액(십억원) : 7,568.8

52주 최저가 : 39,300 60일 평균 거래대금(백만원) : 25,305.3

연중 최고가 : 64,900 외국인지분(%) : 37.7

9 10 11 12 13


4.8 22.2 23.2 NA 29.2

업종 대비 (1.8) 15.6 16.6 NA 22.6 5

KOSPI 대비 (1.5) 9.6 22.0 NA 30.3 10

22 23 24 19 20



2011/12A 19.7 578.1 (6.8) 479.6 (21.6) 355.7 (23.2) 939.6 0

2012/12A 8.3 912.8 57.9 757.0 57.8 612.0 72.0 1,048.0 4,942 25,939 400

2013/12F 3.4 1,108.6 21.4 1,064.9 40.7 828.9 35.4 1,587.2 6,693 32,544 100

2014/12F 16.6 1,263.6 14.0 1,237.1 16.2 963.0 16.2 1,795.4 7,776 40,233 100

2015/12F 12.0 1,428.6 13.1 1,415.8 14.4 1,102.1 14.4 2,000.8 8,899 49,048 100



2011/12A 3,205.9 1,864.0 87.5 (623.6) 8.9 11.6

2012/12A 3,212.1 2,139.8 87.6 (207.0) 13.0 7.6 9.5 1.81 19.1 0.9

2013/12F 4,030.3 1,787.6 71.6 (827.5) 15.3 5.9 9.1 1.88 22.9 0.2

2014/12F 4,982.8 1,553.3 62.5 (758.4) 14.9 5.1 7.9 1.52 21.4 0.2

2015/12F 6,074.8 1,005.7 52.4 (743.1) 15.0 4.3 6.9 1.25 19.9 0.2



2013/03F (1.7) (1.3) 262.0 13.7 17.8 237.8 (6.2) 15.5 189.2 (12.9) 17.8

2013/06F 1.4 11.4 271.3 11.3 3.5 275.6 31.3 15.9 215.0 29.9 13.6

2013/09F 193.6 (3.2) 277.2 221.4 2.2 259.6 196.1 (5.8) 202.5 185.4 (5.8)

2013/12F 12.2 5.4 298.4 34.2 7.6 292.2 41.9 12.5 223.9 39.4 10.6

2014/03F 22.6 7.9 277.8 6.0 (6.9) 280.0 17.7 (4.2) 218.4 15.4 (2.5)

2014/06F 18.9 8.0 294.0 8.4 5.8 258.9 (6.1) (7.5) 201.9 (6.1) (7.5)

2014/09F 17.0 (4.7) 296.4 6.9 0.8 326.0 25.6 25.9 254.3 25.6 25.9

2014/12F 8.7 (2.1) 395.4 32.5 33.4 372.2 27.4 14.2 290.3 29.7 14.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 7,256.9 1,091.9 817.2 6,588 9.5 한국타이어 8.2 1.6 21.8 0.2

FY2014F 7,832.5 1,167.0 874.9 7,062 8.9 자동차·자동차부품 7.0 1.2 17.0 0.8



한국타이어

6,489.0

7,029.1

7,267.1

8,475.2

9,493.5

7,436.4 4,219.7

7,182.5 3,961.0

8,274.1 4,234.4

9,667.3 4,675.0

10,996.2 4,912.0

1,679.1

1,869.8

1,810.4

1,907.8

2,058.7

2,223.9

2,118.8

2,073.8

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Oct-12 Dec-12 Feb-13 May-13 Jul-13 Sep-13

-20

-10

0

10

20

30

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2012

주가

x9

x8

x7

x6

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



134



한라비스테온공조 (018880.KS) 업데이트 : 2013.08.09




52주 최고가 : 42,500 시가총액(십억원) : 4,270.4

52주 최저가 : 17,400 60일 평균 거래대금(백만원) : 7,648.3

연중 최고가 : 42,400 외국인지분(%) : 89.1

9 10 11 12 13


8.3 17.3 46.0 77.8 65.6

업종 대비 1.7 10.7 39.4 71.2 59.1 5

KOSPI 대비 1.9 4.7 44.8 76.4 66.8 10

22 23 24 19 20



2011/12A 13.8 270.7 (10.7) 310.6 (5.9) 223.2 (0.9) 396.6 2,091 10,335 664

2012/12A 10.3 309.6 14.4 342.5 10.3 231.6 3.8 422.1 2,169 11,813 716

2013/12F 45.5 372.6 20.4 401.6 17.2 294.5 27.2 481.6 2,759 13,260 775

2014/12F 12.6 452.2 21.3 485.2 20.8 356.6 21.1 603.5 3,340 15,716 825

2015/12F 7.9 498.6 10.3 530.0 9.2 389.6 9.2 648.5 3,649 18,539 875



2011/12A 1,249.5 (257.2) 8.3 (144.6) 8.2 5.3 10.4 2.11 19.1 3.0

2012/12A 1,396.6 (318.5) 5.8 (134.3) 8.5 5.3 10.9 2.01 18.0 3.0

2013/12F 1,674.0 (216.9) 22.0 (140.0) 7.0 8.4 14.5 3.02 20.0 1.9

2014/12F 1,968.7 (344.2) 16.0 (145.0) 7.6 6.5 12.0 2.55 20.7 2.1

2015/12F 2,293.0 (510.0) 11.6 (150.0) 7.7 5.8 11.0 2.16 19.4 2.2



2013/03F 40.6 27.8 78.1 (1.1) (17.1) 92.3 9.5 (11.0) 72.7 15.3 2.2

2013/06F 55.2 17.9 101.5 47.7 30.0 105.6 42.1 14.4 72.0 43.7 (1.0)

2013/09F 44.1 (14.3) 85.7 26.4 (15.6) 92.4 15.2 (12.6) 67.7 43.3 (5.9)

2013/12F 41.9 9.9 107.4 14.1 25.3 111.3 7.3 20.5 82.1 15.3 21.1

2014/03F 16.2 4.6 106.3 36.1 (1.0) 114.0 23.5 2.5 83.8 15.3 2.1

2014/06F 6.8 8.3 117.6 15.8 10.6 126.1 19.4 10.6 92.7 28.7 10.6

2014/09F 13.8 (8.7) 105.4 22.9 (10.4) 113.0 22.4 (10.4) 83.1 22.7 (10.4)

2014/12F 14.4 10.5 123.0 14.5 16.7 132.0 18.6 16.7 97.0 18.2 16.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 5,326.9 363.2 309.8 2,750 14.6 한라비스테온공조 12.5 2.7 20.5 2.0

FY2014F 5,738.6 425.1 353.0 3,139 12.8 자동차·자동차부품 7.0 1.2 17.0 0.8



한라비스테온공조

3,312.1

3,653.1

5,316.7

5,985.9

6,456.3

2,047.7 764.7

2,236.2 797.5

3,237.1 1,563.1

3,528.1 1,559.3

3,885.8 1,592.8

1,236.4

1,457.8

1,249.4

1,373.2

1,436.6

1,556.3

1,421.7

1,571.3

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-20

0

20

40

60

80

100

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x14

x11

x9

x7

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



135



현대모비스 (012330.KS) 업데이트 : 2013.07.29




52주 최고가 : 320,500 시가총액(십억원) : 28,083.7

52주 최저가 : 245,000 60일 평균 거래대금(백만원) : 70,843.3

연중 최고가 : 315,500 외국인지분(%) : 49.8

9 10 11 12 13


6.3 12.0 (5.4) (8.8) 0.3

업종 대비 (0.3) 5.5 (12.0) (15.4) (6.2) 5

KOSPI 대비 (0.1) (0.5) (6.6) (10.2) 1.5 10

22 23 24 19 20



2011/12A 18.7 2,637.3 4.7 4,063.0 16.7 3,023.0 11.4 2,990.3 31,046 142,715 1,750

2012/12A 17.1 2,906.4 10.2 4,607.3 13.4 3,558.5 17.7 3,364.8 36,547 174,861 1,900

2013/12F 9.9 2,903.2 (0.1) 4,573.7 (0.7) 3,533.6 (0.7) 3,389.3 36,291 209,373 1,750

2014/12F 7.8 3,191.2 9.9 4,994.3 9.2 3,858.5 9.2 3,676.5 39,628 247,067 1,750

2015/12F 6.6 3,468.9 8.7 5,395.6 8.0 4,168.6 8.0 3,947.5 42,812 287,931 1,750



2011/12A 13,774.3 (533.0) 20.5 (716.1) 10.0 9.3 9.4 2.05 24.5 0.6

2012/12A 16,904.4 (3,571.6) 15.1 (858.4) 9.4 7.3 7.9 1.65 23.0 0.7

2013/12F 20,868.4 (2,162.0) 8.3 (700.0) 8.6 7.5 7.9 1.38 18.8 0.6

2014/12F 24,567.8 (3,412.0) 6.1 (600.0) 8.8 6.6 7.3 1.17 17.3 0.6

2015/12F 28,578.3 (4,458.0) 4.2 (500.0) 8.9 5.8 6.7 1.00 15.9 0.6



2013/03F 10.5 (2.1) 634.5 (12.7) (22.7) 1,034.1 (14.7) (12.5) 781.6 (15.9) (13.8)

2013/06F 13.1 7.4 733.2 2.3 15.6 1,185.1 6.2 14.6 897.8 (0.3) 14.9

2013/09F 6.5 (8.7) 667.7 3.9 (8.9) 1,052.0 (4.2) (11.2) 812.7 (1.2) (9.5)

2013/12F 9.4 14.0 867.9 5.8 30.0 1,302.6 10.3 23.8 1,041.5 14.9 28.2

2014/03F 7.8 (3.6) 697.4 9.9 (19.6) 1,129.2 9.2 (13.3) 852.1 9.0 (18.2)

2014/06F 7.8 7.4 805.9 9.9 15.6 1,294.0 9.2 14.6 980.4 9.2 15.1

2014/09F 7.8 (8.7) 734.0 9.9 (8.9) 1,148.7 9.2 (11.2) 887.5 9.2 (9.5)

2014/12F 7.8 14.0 953.9 9.9 30.0 1,422.4 9.2 23.8 1,138.7 9.3 28.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 33,761.1 2,841.7 3,484.9 35,881 8.2 현대모비스 7.4 1.2 17.7 0.6

FY2014F 36,653.3 3,245.5 3,909.0 40,102 7.4 자동차·자동차부품 7.0 1.2 17.0 0.8



현대모비스

26,294.6

30,789.0

33,830.0

36,457.6

38,865.1

22,575.6 8,781.1

30,047.0 13,007.3

33,124.1 12,737.5

37,281.8 13,225.0

41,498.9 13,463.3

8,109.8

8,708.2

7,950.0

9,061.9

8,739.7

9,384.6

8,567.5

9,765.8

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-25

-20

-15

-10

-5

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x10

x8

x6

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



136



현대위아 (011210.KS) 업데이트 : 2013.09.25




52주 최고가 : 188,000 시가총액(십억원) : 4,361.3

52주 최저가 : 126,000 60일 평균 거래대금(백만원) : 16,802.0

연중 최고가 : 177,000 외국인지분(%) : 17.4

9 10 11 12 13


7.3 5.0 0.0 (7.4) 0.6

업종 대비 0.7 (1.6) (6.6) (13.9) (6.0) 5

KOSPI 대비 1.0 (7.6) (1.2) (8.7) 1.8 10

22 23 24 19 20



2011/12A 24.7 317.9 57.9 312.1 88.5 237.8 85.9 416.4 9,446 59,411 500

2012/12A 9.8 539.7 69.8 556.3 78.2 418.4 76.0 652.2 16,286 73,148 500

2013/12F 6.4 559.9 3.7 586.1 5.4 441.4 5.5 679.1 17,154 90,028 750

2014/12F 8.3 622.5 11.2 649.4 10.8 489.0 10.8 744.2 19,007 108,535 1,000

2015/12F 8.0 689.0 10.7 715.5 10.2 538.8 10.2 815.2 20,942 128,753 1,100



2011/12A 1,451.7 690.7 70.2 (221.6) 5.0 10.6 15.1 2.40 19.4 0.4

2012/12A 1,833.0 622.3 52.6 (316.7) 7.7 7.9 10.6 2.37 25.1 0.3

2013/12F 2,329.3 350.2 43.9 (350.0) 7.5 6.9 9.9 1.88 21.3 0.4

2014/12F 2,817.9 365.7 39.3 (300.0) 7.7 6.3 8.9 1.56 19.4 0.6

2015/12F 3,351.7 320.4 34.1 (300.0) 7.9 5.7 8.1 1.32 17.9 0.6



2013/03F 7.8 (8.4) 113.0 1.3 (31.7) 115.1 (3.1) (31.0) 81.2 (9.7) (36.5)

2013/06F 9.6 3.7 131.7 3.6 16.6 138.4 7.7 20.3 104.1 10.1 28.2

2013/09F 5.1 (0.9) 137.2 1.2 4.1 143.6 1.0 3.7 108.1 1.7 3.9

2013/12F 3.5 9.9 178.0 7.5 29.8 188.9 13.3 31.6 153.8 20.4 42.2

2014/03F 8.3 (4.1) 125.6 11.2 (29.4) 127.5 10.8 (32.5) 95.0 17.0 (38.3)

2014/06F 8.3 3.7 146.4 11.2 16.6 153.4 10.8 20.3 115.3 10.8 21.5

2014/09F 8.3 (0.9) 152.5 11.2 4.1 159.1 10.8 3.7 119.8 10.8 3.9

2014/12F 8.3 9.9 197.9 11.2 29.8 209.3 10.8 31.6 158.9 3.4 32.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 7,469.0 546.2 439.5 16,772 10.5 현대위아 9.2 1.6 19.9 0.6

FY2014F 8,112.2 624.6 508.8 19,376 9.1 자동차·자동차부품 7.0 1.2 17.0 0.8



현대위아

6,392.7

7,021.1

7,467.7

8,090.3

8,734.8

4,252.8 2,757.4

4,573.5 2,691.4

5,318.4 3,001.9

6,093.6 3,301.0

6,812.4 3,499.6

1,780.3

1,846.5

1,829.6

2,011.3

1,928.7

2,000.5

1,982.1

2,178.9

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2011 2012 2013

주가

x17

x14

x12

x9

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



137



현대차 (005380.KS) 업데이트 : 2013.09.06




52주 최고가 : 257,500 시가총액(십억원) : 56,500.9

52주 최저가 : 176,500 60일 평균 거래대금(백만원) : 117,016.8

연중 최고가 : 256,500 외국인지분(%) : 46.0

9 10 11 12 13


8.2 23.3 16.3 3.8 18.8

업종 대비 1.7 16.8 9.8 (2.7) 12.2 5

KOSPI 대비 1.9 10.8 15.1 2.5 19.9 10

22 23 24 19 20



2011/12A 16.1 8,028.8 36.4 10,447.1 39.5 7,655.9 37.5 10,363.6 26,894 141,666 1,750

2012/12A 8.6 8,436.9 5.1 11,605.1 11.1 8,561.8 11.8 10,960.9 29,991 167,850 1,900

2013/12F 7.0 8,839.4 4.8 12,084.9 4.1 8,888.7 3.8 11,422.1 31,136 190,921 2,000

2014/12F 8.9 9,915.6 12.2 13,652.0 13.0 10,028.4 12.8 12,563.1 35,128 226,188 2,000

2015/12F 7.3 10,806.9 9.0 14,862.1 8.9 10,903.3 8.7 13,568.0 38,193 264,697 2,000



2011/12A 37,113.0 27,924.1 109.1 (2,899.2) 10.3 7.9 7.9 1.50 22.1 0.8

2012/12A 44,039.1 26,471.7 95.4 (3,000.0) 10.0 7.6 7.3 1.30 20.5 0.9

2013/12F 50,092.2 19,490.5 76.0 (2,500.0) 9.8 7.7 8.2 1.34 18.4 0.8

2014/12F 59,345.3 15,338.9 60.5 (2,500.0) 10.1 6.7 7.3 1.13 17.8 0.8

2015/12F 69,449.0 13,308.0 51.5 (2,200.0) 10.2 6.1 6.7 0.97 16.5 0.8



2013/03F 6.0 (6.0) 1,868.5 (10.6) 0.6 2,744.1 (12.8) 8.4 1,945.3 (15.4) 8.7

2013/06F 5.7 8.5 2,406.5 (5.1) 28.8 3,195.2 1.6 16.4 2,385.8 (2.5) 22.6

2013/09F 9.9 (6.9) 2,165.7 10.9 (10.0) 2,960.8 6.5 (7.3) 2,177.7 7.5 (8.7)

2013/12F 6.6 12.2 2,398.7 29.1 10.8 3,184.7 25.8 7.6 2,379.9 32.9 9.3

2014/03F 8.9 (3.9) 2,096.0 12.2 (12.6) 3,100.0 13.0 (2.7) 2,253.9 15.9 (5.3)

2014/06F 8.9 8.5 2,699.5 12.2 28.8 3,609.6 13.0 16.4 2,724.3 14.2 20.9

2014/09F 8.9 (6.9) 2,429.3 12.2 (10.0) 3,344.7 13.0 (7.3) 2,486.8 14.2 (8.7)

2014/12F 8.9 12.2 2,690.8 12.2 10.8 3,597.7 13.0 7.6 2,563.3 7.7 3.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 89,255.1 8,633.6 9,251.3 30,835 8.2 현대차 7.5 1.2 18.0 0.8

FY2014F 94,490.5 9,515.1 10,118.5 33,708 7.5 자동차·자동차부품 7.0 1.2 17.0 0.8



현대차

77,797.9

84,469.7

90,371.3

98,451.9

105,662.8

109,480.0 69,152.3

121,537.8 73,620.2

128,778.9 74,275.1

137,270.6 72,698.7

146,975.9 71,410.5

21,367.1

23,183.4

21,591.6

24,229.1

23,277.6

25,256.4

23,522.3

26,395.6

0

50,000

100,000

150,000

200,000

250,000

300,000


-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x11

x9

x8

x6

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



138



S&T모티브 (064960.KS) 업데이트 : 2013.04.30

투자의견 : 중립 업종 : 자동차·자동차부품 주가 수익률(12개월)

목표주가 : - 애널리스트 : 서성문


52주 최고가 : 31,650 시가총액(십억원) : 434.3

52주 최저가 : 17,750 60일 평균 거래대금(백만원) : 975.6

연중 최고가 : 31,150 외국인지분(%) : 7.1

9 10 11 12 13


3.8 10.6 23.8 53.8 31.1

업종 대비 (2.8) 4.1 17.3 47.3 24.5 5

KOSPI 대비 (2.5) (1.9) 22.6 52.5 32.3 10

22 23 24 19 20



2011/12A 33.6 34.8 (27.3) 57.2 30.2 39.8 20.6 57.1 3,494 30,384 400

2012/12A (0.6) 34.4 (1.0) 22.6 (60.4) 21.6 (45.7) 57.7 1,942 31,420 500

2013/12F (0.0) 34.4 (0.0) 22.6 0.0 21.6 (0.0) 57.7 1,555 30,764 500

2014/12F 10.5 55.0 59.8 45.9 102.9 38.6 78.4 79.9 2,774 32,721 500

2015/12F 7.7 62.3 13.4 52.4 14.1 40.6 5.3 85.5 2,920 35,022 500



2011/12A 437.0 (12.1) 10.7 (31.3) 3.8 6.9 8.8 1.01 9.3 1.3

2012/12A 449.9 (16.6) 10.7 (27.0) 3.8 6.3 12.1 0.75 4.9 2.1

2013/12F 449.9 (15.4) 10.9 (20.6) 3.8 8.0 19.4 0.98 4.8 1.7

2014/12F 478.5 8.1 16.1 (20.0) 5.5 6.0 10.9 0.92 8.3 1.7

2015/12F 512.1 5.8 15.8 (20.0) 5.8 5.6 10.3 0.86 8.2 1.7



2013/03F 0.0 (5.3) 1.3 (42.1) (88.0) 2.7 (0.1) 3.8 2.2 (0.8) (51.3)

2013/06F (0.0) 7.9 9.4 6.1 620.6 8.4 0.0 211.5 6.8 (16.9) 216.7

2013/09F 0.0 (5.6) 12.8 12.4 35.2 8.9 0.0 5.9 5.9 (13.5) (13.1)

2013/12F 0.0 3.6 10.9 (0.0) (14.7) 2.6 (0.0) (70.8) 0.8 (81.2) (86.0)

2014/03F 3.3 (2.2) 11.0 739.0 1.0 9.2 240.0 253.1 7.1 230.9 757.2

2014/06F 9.7 14.7 12.9 36.8 17.5 10.8 28.3 17.5 8.4 22.8 17.5

2014/09F 12.6 (3.1) 14.8 16.3 14.9 12.4 39.1 14.9 9.6 62.2 14.9

2014/12F 16.1 6.8 16.2 49.0 9.3 13.5 420.8 9.3 10.5 1,164.4 9.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 950.9 56.4 45.5 3,466 8.5 S&T모티브 12.3 0.9 7.4 1.7

FY2014F 1,044.4 65.4 50.7 4,212 7.0 자동차·자동차부품 7.0 1.2 17.0 0.8



S&T모티브

910.5

905.1

905.1

1,000.1

1,077.4

899.4 416.2

895.1 405.0

895.1 405.0

974.4 455.7

1,044.7 492.4

217.9

235.2

222.0

230.0

225.0

258.0

250.0

267.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-20

-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x33

x26

x20

x14

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



139


A084870 252030 universe

베이직하우스 (084870.KS) 업데이트 : 2013.09.26

투자의견 : 매수 업종 : 섬유·의류 주가 수익률(12개월)



52주 최고가 : 21,950 시가총액(십억원) : 380.6

52주 최저가 : 9,980 60일 평균 거래대금(백만원) : 1,477.1

연중 최고가 : 21,000 외국인지분(%) : 31.9

9 10 11 12 13


16.2 16.6 (2.4) 18.1 26.7

업종 대비 8.3 8.7 (10.3) 10.2 18.8 5

KOSPI 대비 9.9 4.1 (3.6) 16.8 27.9 10

22 23 24 19 20



2011/12A 21.1 31.3 15.2 27.2 14.2 17.7 180.8 53.9 849 9,046 0

2012/12A 10.5 28.0 (10.5) 20.6 (24.2) 14.4 (18.2) 57.2 693 8,876 0

2013/12F 4.3 53.8 92.1 49.5 140.2 33.8 133.7 80.8 1,618 10,494 0

2014/12F 10.3 64.7 20.2 61.6 24.5 42.0 24.5 91.8 2,014 12,509 0

2015/12F 9.4 74.0 14.4 71.6 16.3 48.8 16.3 101.1 2,342 14,851 0



2011/12A 188.7 126.1 75.3 (29.8) 6.6 9.0 20.1 1.88 10.0 0.0

2012/12A 185.1 34.6 38.7 (23.2) 5.4 6.2 21.1 1.65 7.7 0.0

2013/12F 218.9 11.2 24.2 (27.3) 9.9 5.1 11.3 1.74 16.7 0.0

2014/12F 260.9 (23.5) 20.2 (27.3) 10.8 4.1 9.1 1.46 17.5 0.0

2015/12F 309.7 (57.3) 17.0 (27.3) 11.3 3.5 7.8 1.23 17.1 0.0



2013/03A 7.3 (18.2) 12.9 364.2 (46.5) 10.6 850.8 (51.3) 7.4 5,773.7 (52.5)

2013/06A 2.9 (13.2) 7.8 40.7 (39.4) 5.3 44.3 (50.3) 2.7 48.0 (63.1)

2013/09F 4.3 (8.3) 2.3 NA (70.1) 1.6 NA (70.7) 1.1 NA (61.4)

2013/12F 3.1 58.4 30.7 27.6 1,217.6 32.0 46.3 1,962.9 22.5 44.4 2,030.8

2014/03F 10.3 (12.5) 14.2 10.3 (53.8) 13.0 21.6 (59.5) 8.8 19.1 (60.8)

2014/06F 10.3 (13.2) 8.6 10.3 (39.4) 7.2 36.2 (44.3) 4.9 79.6 (44.3)

2014/09F 10.3 (8.3) 2.6 10.3 (70.1) 1.9 23.2 (73.5) 1.3 23.2 (73.5)

2014/12F 10.3 58.4 39.3 27.7 1,425.9 39.5 23.5 1,967.8 27.0 19.6 1,967.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 557.3 49.7 33.0 1,403 13.0 베이직하우스 9.6 1.5 17.3 0.0

FY2014F 630.4 60.1 45.3 1,938 9.4 섬유·의류 10.3 1.2 12.0 0.8



베이직하우스

471.6

521.1

543.7

599.6

655.7

437.1 243.3

429.6 230.0

445.4 208.3

510.2 226.5

574.3 236.3

138.5

120.3

110.3

174.7

152.8

132.6

121.6

192.6

0

5,000

10,000

15,000

20,000

25,000


-30

-20

-10

0

10

20

30

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2005 2006 2007 2008 2009 2010 2011 2012

주가

x31

x25

x20

x14

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



140


A031430 252030 universe

신세계인터내셔날 (031430.KS) 업데이트 : 2013.08.29

투자의견 : 중립 업종 : 섬유·의류 주가 수익률(12개월)

목표주가 : - 애널리스트 : 나은채


52주 최고가 : 97,500 시가총액(십억원) : 634.0

52주 최저가 : 70,000 60일 평균 거래대금(백만원) : 755.7

연중 최고가 : 90,900 외국인지분(%) : 2.2

9 10 11 12 13


7.5 15.3 14.3 (0.1) 2.0

업종 대비 (0.4) 7.4 6.4 (8.0) (5.9) 5

KOSPI 대비 1.2 2.8 13.1 (1.5) 3.1 10

22 23 24 19 20



2011/12A 36.4 53.2 35.7 56.2 26.3 46.2 21.1 66.1 7,536 50,690 500

2012/12A (0.5) 33.3 (37.5) 61.2 9.0 50.0 8.3 48.5 7,003 57,062 600

2013/12F 3.5 31.4 (5.7) 38.1 (37.7) 29.2 (41.7) 51.7 4,085 60,904 600

2014/12F 20.5 50.8 61.9 58.8 54.2 45.0 54.2 76.2 6,297 66,527 600

2015/12F 14.4 72.9 43.7 78.8 33.9 60.2 33.9 103.5 8,435 74,023 600



2011/12A 361.9 69.6 23.5 (93.5) 6.7 13.3 15.1 2.25 16.8 0.4

2012/12A 407.4 121.8 30.3 (109.9) 4.2 15.5 12.7 1.56 13.0 0.7

2013/12F 434.9 122.9 32.6 (51.2) 3.8 14.5 21.7 1.46 6.9 0.7

2014/12F 475.0 134.4 30.9 (46.3) 5.2 10.0 14.1 1.33 9.9 0.7

2015/12F 528.5 147.0 28.6 (51.4) 6.5 7.5 10.5 1.20 12.0 0.7



2013/03A (7.8) (13.3) 4.5 (48.4) (62.8) 4.0 (61.7) (71.5) 2.9 (67.9) (74.2)

2013/06F (7.4) (2.3) 5.2 (53.0) 15.6 6.8 (46.8) 69.3 5.2 (54.3) 78.1

2013/09F 12.0 12.6 5.5 246.1 7.0 7.1 (69.4) 4.2 5.4 (70.5) 4.2

2013/12F 16.9 22.6 16.2 34.7 192.5 20.3 44.9 188.0 15.7 39.0 190.8

2014/03F 20.5 (10.6) 5.4 20.5 (66.7) 8.0 100.2 (60.6) 6.1 110.6 (61.0)

2014/06F 20.5 (2.3) 8.6 66.1 59.3 11.0 62.5 37.4 8.4 62.5 37.4

2014/09F 20.5 12.6 6.7 20.5 (22.4) 8.4 19.4 (23.5) 6.4 19.4 (23.5)

2014/12F 20.5 22.6 30.1 86.1 351.9 31.4 54.4 272.4 24.0 52.9 272.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 797.3 31.5 28.0 3,925 22.9 신세계인터내셔날 15.5 1.4 9.1 0.7

FY2014F 883.0 44.3 39.6 5,543 16.2 섬유·의류 10.3 1.2 12.0 0.8



신세계인터내셔날

792.3

788.3

816.1

983.4

1,125.0

532.1 173.0

613.3 211.2

655.3 228.7

732.2 265.2

803.4 280.8

184.5

180.2

202.8

248.7

222.3

217.1

244.4

299.6

0

20,000

40,000

60,000

80,000

100,000

120,000


-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2011 2012 2013

주가

x22

x18

x15

x12

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



141


A111770 252030 universe

영원무역 (111770.KS) 업데이트 : 2013.08.14




52주 최고가 : 47,150 시가총액(십억원) : 1,369.2

52주 최저가 : 29,750 60일 평균 거래대금(백만원) : 4,108.8

연중 최고가 : 46,200 외국인지분(%) : 30.1

9 10 11 12 13


0.5 (19.2) (28.2) (15.3) (11.1)

업종 대비 (7.4) (27.1) (36.1) (23.2) (19.0) 5

KOSPI 대비 (5.8) (31.8) (29.4) (16.7) (9.9) 10

22 23 24 19 20



2011/12A 22.8 182.3 64.8 184.8 76.8 117.1 61.0 209.4 2,869 13,454 200

2012/12A 7.0 185.8 1.9 178.4 (3.5) 118.7 1.4 216.6 2,909 15,724 200

2013/12F 2.4 165.0 (11.2) 157.9 (11.5) 107.1 (9.8) 197.3 2,436 16,699 200

2014/12F 14.8 205.0 24.3 200.8 27.2 136.2 27.2 238.8 3,074 19,572 200

2015/12F 17.6 248.4 21.2 244.5 21.8 165.8 21.8 283.7 3,742 23,115 200



2011/12A 549.1 (122.2) 14.0 (73.2) 18.4 5.0 9.7 2.06 23.2 0.7

2012/12A 641.7 (94.8) 17.0 (161.0) 17.5 6.0 11.3 2.10 19.9 0.6

2013/12F 739.9 (54.4) 14.7 (135.5) 15.2 6.9 12.7 1.85 15.5 0.6

2014/12F 867.3 (80.9) 10.3 (107.2) 16.5 5.7 10.1 1.58 16.9 0.6

2015/12F 1,024.2 (145.1) 5.7 (98.6) 17.0 4.6 8.3 1.34 17.5 0.6



2013/03A 5.3 (27.6) 21.7 (3.2) 27.5 23.1 (2.3) 171.9 15.5 4.6 356.4

2013/06F (7.2) 80.1 47.4 (27.8) 118.3 46.8 (29.9) 102.5 31.8 (31.2) 104.8

2013/09F 2.0 32.2 71.8 (11.1) 51.7 71.3 (10.2) 52.3 48.4 (10.9) 52.3

2013/12F 14.7 (33.5) 24.1 41.8 (66.4) 16.6 94.7 (76.8) 11.4 235.8 (76.4)

2014/03F 14.8 (27.5) 24.9 14.8 3.2 24.5 5.8 47.8 16.6 7.0 45.5

2014/06F 14.8 80.1 53.0 12.0 113.0 52.7 12.4 115.1 35.7 12.4 115.1

2014/09F 14.8 32.2 82.4 14.8 55.4 82.2 15.2 56.0 55.7 15.2 56.0

2014/12F 14.8 (33.5) 44.7 85.1 (45.8) 41.5 150.3 (49.5) 28.1 146.4 (49.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,089.4 166.4 122.9 2,534 12.4 영원무역 10.6 1.6 16.6 0.6

FY2014F 1,213.3 203.2 148.3 3,021 10.4 섬유·의류 10.3 1.2 12.0 0.8



영원무역

990.2

1,059.1

1,084.8

1,245.1

1,464.0

844.6 267.7

998.5 318.0

1,118.7 328.6

1,266.0 334.2

1,452.4 346.0

160.3

288.8

381.7

254.0

184.0

331.5

438.1

291.5

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-20

-10

0

10

20

30

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2009 2010 2011 2012 2013

주가

x18

x14

x10

x6

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



142


A009970 252030 universe

영원무역홀딩스 (009970.KS) 업데이트 : 2013.08.14




52주 최고가 : 81,200 시가총액(십억원) : 970.9

52주 최저가 : 55,600 60일 평균 거래대금(백만원) : 197.4

연중 최고가 : 80,700 외국인지분(%) : 29.4

9 10 11 12 13


14.8 6.0 (5.9) 13.9 18.9

업종 대비 6.9 (1.9) (13.8) 6.0 11.0 5

KOSPI 대비 8.5 (6.6) (7.1) 12.6 20.0 10

22 23 24 19 20



2011/12A 20.8 292.8 33.3 295.5 39.0 102.5 41.4 323.5 9,495 35,257 500

2012/12A 3.1 235.7 (19.5) 228.1 (22.8) 83.4 (18.6) 271.0 7,465 37,417 500

2013/12F 1.1 234.3 (0.6) 224.7 (1.5) 83.2 (0.2) 275.3 7,170 42,495 500

2014/12F 11.9 290.8 24.1 279.7 24.5 103.6 24.5 336.8 8,925 49,066 500

2015/12F 13.5 342.0 17.6 330.5 18.2 122.4 18.2 390.9 10,547 57,018 500



2011/12A 447.2 (216.3) 10.2 (79.3) 20.8 2.9 5.9 1.59 25.5 0.9

2012/12A 505.2 (102.5) 15.1 (167.0) 16.3 4.3 8.0 1.60 17.5 0.8

2013/12F 574.4 (35.3) 17.0 (195.1) 16.0 5.3 9.9 1.68 15.4 0.7

2014/12F 664.0 (78.3) 17.1 (124.4) 17.7 4.5 8.0 1.45 16.7 0.7

2015/12F 772.4 (178.9) 16.8 (117.1) 18.4 3.9 6.8 1.25 17.0 0.7



2013/03A 1.5 (41.4) 32.8 (16.0) (14.5) 35.0 (14.9) 30.9 12.7 (12.3) 19.6

2013/06F 1.9 59.0 64.4 (1.3) 96.6 68.0 (0.8) 94.6 25.2 1.3 98.3

2013/09F 1.1 11.3 96.7 4.0 50.1 94.9 3.6 39.4 35.1 5.5 39.4

2013/12F 0.2 (3.4) 40.5 5.6 (58.1) 26.8 0.3 (71.7) 10.2 (4.2) (71.0)

2014/03F 11.9 (34.6) 36.7 11.9 (9.4) 37.4 7.1 39.6 13.9 9.1 36.3

2014/06F 11.9 59.0 72.1 11.9 96.6 75.6 11.1 101.9 28.0 11.1 101.9

2014/09F 11.9 11.3 108.1 11.9 50.1 105.9 11.6 40.1 39.2 11.6 40.1

2014/12F 11.9 (3.4) 74.0 82.8 (31.6) 60.7 126.4 (42.7) 22.5 120.9 (42.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,531.1 266.6 197.1 6,976 9.9 영원무역홀딩스 8.4 1.5 16.4 0.7

FY2014F 1,703.9 325.7 237.4 8,430 8.2 섬유·의류 10.3 1.2 12.0 0.8



영원무역홀딩스

1,406.0

1,449.2

1,465.8

1,640.1

1,861.2

1,268.6 403.7

1,396.2 437.3

1,565.9 468.7

1,811.0 528.7

2,111.7 606.8

241.5

384.0

427.3

413.0

270.2

429.7

478.2

462.1

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


-15

-10

-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x10

x8

x6

x4

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



143


A020000 252030 universe

한섬 (020000.KS) 업데이트 : 2013.08.29

투자의견 : 중립 업종 : 섬유·의류 주가 수익률(12개월)



52주 최고가 : 33,400 시가총액(십억원) : 724.1

52주 최저가 : 24,400 60일 평균 거래대금(백만원) : 1,421.2

연중 최고가 : 33,000 외국인지분(%) : 21.9

9 10 11 12 13


11.6 4.8 0.7 9.5 1.4

업종 대비 3.7 (3.1) (7.2) 1.6 (6.5) 5

KOSPI 대비 5.2 (7.7) (0.5) 8.1 2.6 10

22 23 24 19 20



2011/12A 9.5 94.2 15.6 109.4 33.2 85.7 19.1 101.9 3,903 26,949 470

2012/12A 0.1 69.8 (25.9) 80.1 (26.7) 63.5 (26.0) 77.1 2,888 29,165 300

2013/12F (1.0) 62.5 (10.5) 70.4 (12.2) 53.3 (16.0) 77.1 2,427 31,073 300

2014/12F 11.5 75.1 20.1 81.4 15.7 61.7 15.7 97.3 2,808 33,280 400

2015/12F 11.3 86.5 15.3 92.7 13.9 70.3 13.9 110.9 3,199 35,781 400



2011/12A 641.6 (119.2) 0.6 (14.2) 19.3 5.7 7.6 1.10 14.4 1.6

2012/12A 696.1 (151.2) 0.3 (7.4) 14.3 7.1 10.2 1.01 9.5 1.0

2013/12F 743.1 (103.9) 0.3 (117.6) 12.9 7.7 12.1 0.95 7.4 1.0

2014/12F 797.5 (94.5) 0.3 (45.2) 13.9 6.2 10.5 0.88 8.0 1.4

2015/12F 859.1 (75.8) 0.3 (47.4) 14.4 5.6 9.2 0.82 8.5 1.4



2013/03A (5.6) (30.5) 18.2 (13.1) (21.6) 21.5 (9.0) (23.3) 16.6 (10.0) (22.9)

2013/06F (16.2) (21.6) 7.3 (57.3) (59.7) 9.6 (44.5) (55.4) 7.3 (48.5) (56.2)

2013/09F 7.0 (8.7) 7.5 (12.4) 2.0 9.5 (16.0) (0.4) 7.2 (23.6) (0.4)

2013/12F 10.5 122.4 29.5 27.2 294.5 29.8 6.5 212.7 22.3 3.7 208.4

2014/03F 11.5 (29.9) 21.9 20.2 (25.9) 26.1 21.4 (12.5) 19.8 19.2 (11.3)

2014/06F 11.5 (21.6) 12.6 71.3 (42.5) 14.6 52.2 (44.1) 11.0 52.2 (44.1)

2014/09F 11.5 (8.7) 9.8 30.4 (22.4) 11.7 22.5 (19.9) 8.8 22.5 (19.9)

2014/12F 11.5 122.4 30.9 4.8 216.8 29.1 (2.3) 149.4 22.1 (1.0) 149.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 476.9 66.7 59.2 2,402 12.2 한섬 10.9 0.9 7.9 1.3

FY2014F 527.6 80.0 69.1 2,804 10.5 섬유·의류 10.3 1.2 12.0 0.8



한섬

489.2

489.6

484.5

540.2

600.9

696.1 81.8

742.1 71.3

792.1 73.0

860.9 87.2

925.6 88.7

118.5

92.8

84.7

188.5

132.1

103.5

94.5

210.1

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-15

-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x13

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



144


A081660 252030 universe

휠라코리아 (081660.KS) 업데이트 : 2013.08.14




52주 최고가 : 74,100 시가총액(십억원) : 672.8

52주 최저가 : 56,400 60일 평균 거래대금(백만원) : 2,264.8

연중 최고가 : 73,700 외국인지분(%) : 27.5

9 10 11 12 13


5.6 0.7 7.1 (5.8) 6.8

업종 대비 (2.3) (7.2) (0.8) (13.7) (1.1) 5

KOSPI 대비 (0.7) (11.8) 5.9 (7.2) 8.0 10

22 23 24 19 20



2011/12A 24.2 109.2 11.7 2.7 (97.3) 2.2 (97.4) 117.0 237 32,607 250

2012/12A (12.3) 91.4 (16.3) 147.1 5,295.3 121.4 5,481.0 100.6 12,423 42,495 250

2013/12F 4.0 97.8 6.9 111.2 (24.4) 84.1 (30.7) 107.1 8,465 50,610 350

2014/12F 4.1 107.2 9.7 115.5 3.9 87.4 3.9 116.6 8,792 58,902 500

2015/12F 4.3 116.2 8.3 135.5 17.3 102.5 17.3 125.5 10,316 68,718 500



2011/12A 309.0 309.3 121.4 (11.1) 14.3 8.8 327.8 2.38 0.7 0.3

2012/12A 422.3 251.3 71.0 (11.0) 13.6 8.7 5.2 1.51 33.2 0.4

2013/12F 503.0 225.1 55.4 (9.2) 14.0 8.3 8.0 1.34 18.2 0.5

2014/12F 585.4 185.8 42.3 (9.2) 14.8 7.3 7.7 1.15 16.1 0.7

2015/12F 682.9 130.6 31.7 (9.2) 15.3 6.3 6.6 0.99 16.2 0.7



2013/03A (0.7) (6.2) 21.7 (12.7) (9.3) 15.3 (71.5) NA 14.1 (67.1) 107.2

2013/06F 3.0 4.0 25.5 (4.0) 17.6 41.7 (24.5) 172.4 31.5 (20.4) 124.1

2013/09F 4.0 (15.3) 19.6 22.0 (23.2) 5.7 (85.3) (86.2) 4.3 (86.4) (86.2)

2013/12F 9.4 32.3 31.0 29.4 58.1 48.5 NA 744.2 34.2 403.3 686.8

2014/03F 4.1 (10.7) 25.4 17.1 (18.0) 40.5 164.6 (16.5) 30.6 117.7 (10.4)

2014/06F 4.1 4.0 31.0 21.6 22.2 53.8 29.1 32.9 40.7 29.1 32.9

2014/09F 4.1 (15.3) 21.2 8.1 (31.8) 21.1 268.3 (60.7) 16.0 268.3 (60.7)

2014/12F 4.1 32.3 29.6 (4.4) 39.8 0.0 (99.9) (99.8) 0.0 (99.9) (99.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 677.7 94.9 69.2 6,864 10.1 휠라코리아 7.8 1.2 16.6 0.7

FY2014F 716.1 102.7 83.9 8,416 8.2 섬유·의류 10.3 1.2 12.0 0.8



휠라코리아

764.4

670.4

697.3

726.0

757.4

839.4 540.8

876.8 462.7

949.0 454.0

1,014.5 437.0

1,092.1 416.8

170.6

177.4

150.4

198.9

177.6

184.7

156.5

207.1

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2010 2011 2012

주가

x27

x21

x15

x9

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



145


A093050 252030 universe

LG패션 (093050.KS) 업데이트 : 2013.08.29




52주 최고가 : 34,300 시가총액(십억원) : 856.7

52주 최저가 : 25,750 60일 평균 거래대금(백만원) : 3,131.8

연중 최고가 : 33,700 외국인지분(%) : 24.7

9 10 11 12 13


8.9 4.6 (2.0) (4.1) (6.7)

업종 대비 1.0 (3.3) (9.9) (12.0) (14.6) 5

KOSPI 대비 2.6 (7.9) (3.2) (5.4) (5.5) 10

22 23 24 19 20



2011/12A 27.3 141.3 14.6 147.0 12.6 96.3 4.4 181.6 3,294 28,101 400

2012/12A (1.5) 101.6 (28.1) 103.2 (29.8) 60.7 (37.0) 146.6 2,076 29,701 400

2013/12F 3.8 109.5 7.8 112.2 8.7 71.0 17.0 151.6 2,429 31,829 400

2014/12F 4.6 134.2 22.6 139.7 24.5 97.9 37.8 176.5 3,348 34,741 400

2015/12F 6.4 144.4 7.6 152.6 9.3 110.7 13.1 187.0 3,785 38,031 400



2011/12A 821.7 85.2 11.0 (60.3) 10.0 7.1 12.3 1.44 13.2 1.0

2012/12A 868.4 (37.1) 12.1 (40.6) 7.3 6.2 15.1 1.05 7.2 1.3

2013/12F 930.7 (106.6) 11.2 (38.4) 7.6 5.3 12.1 0.92 7.9 1.4

2014/12F 1,015.8 (177.1) 10.2 (38.4) 8.9 4.2 8.8 0.84 10.1 1.4

2015/12F 1,112.0 (243.6) 9.3 (38.4) 9.0 3.6 7.7 0.77 10.4 1.4



2013/03A (3.2) (11.1) 24.7 (10.2) (44.2) 23.3 (17.2) (50.1) 14.4 (20.3) (55.1)

2013/06F 1.9 (3.7) 28.2 (18.3) 14.2 28.6 (17.0) 22.9 18.7 (14.9) 29.4

2013/09F 6.3 (17.8) 5.2 NA (81.6) 4.8 NA (83.1) 0.7 NA (96.5)

2013/12F 10.3 56.8 51.5 16.4 891.8 55.5 19.1 1,051.5 37.3 16.0 5,595.9

2014/03F 4.6 (15.7) 27.5 11.3 (46.6) 28.5 22.4 (48.7) 19.6 35.8 (47.5)

2014/06F 4.6 (3.7) 38.6 37.1 40.7 39.8 39.4 39.9 28.2 51.1 44.0

2014/09F 4.6 (17.8) 9.9 91.2 (74.3) 11.3 134.0 (71.7) 6.6 900.6 (76.8)

2014/12F 4.6 56.8 58.2 13.1 486.6 60.1 8.3 432.9 43.6 16.8 565.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,425.8 106.1 83.0 2,839 10.1 LG패션 9.4 0.9 9.5 1.4

FY2014F 1,531.9 121.5 99.4 3,400 8.4 섬유·의류 10.3 1.2 12.0 0.8



LG패션

1,410.9

1,389.7

1,443.1

1,510.1

1,606.6

1,152.3 316.2

1,202.5 297.6

1,286.0 302.6

1,390.7 313.3

1,506.4 325.3

361.0

347.8

286.0

448.3

377.8

363.9

299.3

469.2

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2007 2008 2009 2010 2011 2012 2013

주가

x21

x17

x14

x11

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



146


A035250 253010 universe

강원랜드 (035250.KS) 업데이트 : 2013.08.11

투자의견 : 매수 업종 : 레저·엔터테인먼트 주가 수익률(12개월)

목표주가 : 34,500 애널리스트 : 김시우


52주 최고가 : 37,000 시가총액(십억원) : 6,129.4

52주 최저가 : 24,200 60일 평균 거래대금(백만원) : 13,892.0

연중 최고가 : 35,200 외국인지분(%) : 29.8

9 10 11 12 13


6.5 (6.2) (7.3) 15.5 0.0

업종 대비 (3.4) (16.1) (17.2) 5.6 (9.9) 5

KOSPI 대비 0.2 (18.8) (8.5) 14.2 1.2 10

22 23 24 19 20



2011/12A (3.7) 489.6 (14.0) 499.7 (11.0) 381.2 (10.6) 554.8 1,875 11,331 910

2012/12A 2.4 404.9 (17.3) 407.1 (18.5) 306.2 (19.7) 474.4 1,509 11,901 755

2013/12F 9.5 443.9 9.7 449.2 10.3 341.4 11.5 521.7 1,681 12,685 850

2014/12F 18.5 561.4 26.5 568.1 26.5 431.8 26.5 645.4 2,125 13,654 1,100

2015/12F 7.8 614.2 9.4 624.8 10.0 474.8 10.0 702.9 2,337 14,729 1,200



2011/12A 2,257.4 (1,116.3) 0.3 (155.3) 38.7 8.5 14.5 2.40 17.5 3.3

2012/12A 2,372.0 (1,114.6) 0.3 (118.6) 31.2 10.8 19.4 2.46 13.2 2.6

2013/12F 2,539.7 (1,154.3) 0.3 (225.8) 31.3 9.5 17.0 2.26 13.9 3.0

2014/12F 2,747.0 (1,285.4) 0.2 (127.8) 33.4 7.5 13.5 2.10 16.3 3.8

2015/12F 2,977.1 (1,479.2) 0.2 (149.1) 33.9 6.6 12.3 1.95 16.6 4.2



2013/03A (1.4) 10.0 118.3 (4.0) 57.4 118.8 (5.5) 82.4 88.9 (4.7) 76.7

2013/06F 1.1 (9.6) 93.0 (8.3) (21.4) 96.9 (10.2) (18.4) 73.7 (8.9) (17.2)

2013/09F 20.1 29.1 138.2 31.7 48.6 136.9 26.3 41.3 104.1 27.3 41.3

2013/12F 18.4 (7.8) 94.3 25.5 (31.8) 96.6 48.3 (29.5) 74.8 48.5 (28.2)

2014/03F 26.3 17.3 157.2 32.9 66.7 155.8 31.2 61.3 118.4 33.2 58.4

2014/06F 25.7 (10.0) 136.6 46.9 (13.1) 140.1 44.5 (10.1) 106.5 44.5 (10.1)

2014/09F 10.7 13.7 153.2 10.8 12.1 152.1 11.1 8.6 115.6 11.1 8.6

2014/12F 13.8 (5.3) 114.3 21.1 (25.4) 120.2 24.4 (21.0) 91.3 22.2 (21.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,420.8 443.7 344.5 1,621 17.7 강원랜드 14.3 2.1 15.7 3.6

FY2014F 1,673.2 546.1 427.0 2,006 14.3 레저·엔터테인먼트 16.4 2.6 16.5 2.5



강원랜드

1,265.7

1,296.2

1,418.8

1,681.7

1,812.2

2,711.4 454.0

2,906.7 534.6

3,123.2 583.5

3,380.1 633.0

3,662.8 685.7

342.0

309.3

399.4

368.1

431.9

388.8

442.3

418.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-5

0

5

10

15

20

25

30

35

40

45

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x16

x13

x10

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



147


A041510 253010 universe

에스엠 (041510.KQ) 업데이트 : 2013.08.30




52주 최고가 : 71,600 시가총액(십억원) : 771.2

52주 최저가 : 29,100 60일 평균 거래대금(백만원) : 11,566.0

연중 최고가 : 50,600 외국인지분(%) : 9.7

9 10 11 12 13


19.3 24.5 (17.0) (34.9) (15.9)

업종 대비 9.4 14.6 (26.9) (44.8) (25.8) 5

KOSPI 대비 13.0 11.9 (18.2) (36.3) (14.7) 10

22 23 24 19 20



2011/12A 47.7 25.6 28.7 26.2 50.9 22.8 33.0 32.3 1,256 6,682 0

2012/12A 68.8 60.5 136.4 56.9 117.6 39.9 75.3 70.1 2,002 10,407 0

2013/12F 17.8 60.0 (1.0) 61.5 8.1 41.2 3.2 75.9 2,008 12,127 0

2014/12F 28.6 76.5 27.6 77.9 26.7 53.4 29.6 96.2 2,597 14,558 0

2015/12F 15.2 93.5 22.2 94.8 21.7 64.8 21.3 117.3 3,151 17,541 0



2011/12A 110.7 (67.9) 3.5 (13.0) 17.9 21.4 32.4 6.09 23.1 0.0

2012/12A 212.6 (133.3) 4.4 (22.7) 25.1 11.7 22.8 4.38 24.7 0.0

2013/12F 250.4 (137.2) 2.8 (10.2) 21.1 8.7 18.6 3.08 17.8 0.0

2014/12F 300.6 (160.4) 2.4 (11.0) 20.9 6.6 14.4 2.57 19.4 0.0

2015/12F 362.2 (165.0) 2.0 (12.3) 22.2 5.4 11.9 2.13 19.5 0.0



2013/03A 0.8 NA 5.1 (72.2) NA 5.0 (72.6) NA 2.7 (74.4) NA

2013/06F NA 13.8 3.7 NA (27.9) 4.6 NA (7.0) 0.7 NA (73.1)

2013/09F NA 62.5 22.3 NA 509.0 22.7 NA 393.8 16.7 NA 2,188.4

2013/12F NA (8.1) 29.0 NA 30.0 29.2 NA 28.5 21.1 NA 26.7

2014/03F 29.5 (23.8) 12.6 148.4 (56.5) 12.6 154.1 (56.9) 8.6 218.8 (59.2)

2014/06F 61.4 41.9 18.4 402.9 45.9 19.1 313.9 51.5 13.1 1,694.1 51.5

2014/09F 4.5 5.2 21.9 (1.8) 18.9 22.5 (0.9) 18.2 15.4 (7.3) 18.2

2014/12F 32.4 16.4 23.6 (18.3) 8.1 23.7 (18.7) 5.4 16.3 (22.9) 5.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 286.7 61.0 45.4 2,215 16.9 에스엠 15.3 2.7 19.0 0.0

FY2014F 359.0 75.3 60.6 2,712 13.8 레저·엔터테인먼트 16.4 2.6 16.5 2.5



에스엠

143.0

241.3

284.3

365.6

421.3

168.1 55.9

322.8 83.9

361.3 86.2

435.8 109.4

507.2 117.6

50.0

56.9

92.5

84.9

64.7

91.8

96.6

112.4

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-50

-40

-30

-20

-10

0

10

20

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x34

x26

x19

x11

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



148


A122870 253010 universe

와이지엔터테인먼트 (122870.KQ) 업데이트 : 2013.08.30




52주 최고가 : 108,700 시가총액(십억원) : 567.6

52주 최저가 : 45,350 60일 평균 거래대금(백만원) : 5,067.7

연중 최고가 : 86,600 외국인지분(%) : 3.2

9 10 11 12 13


8.9 14.5 (22.3) (36.5) (11.9)

업종 대비 (1.0) 4.6 (32.2) (46.4) (21.8) 5

KOSPI 대비 2.6 1.9 (23.5) (37.8) (10.7) 10

22 23 24 19 20



2011/12A 35.8 17.8 37.7 17.6 30.6 12.9 34.3 20.3 1,661 15,320 0

2012/12A 36.4 21.5 20.9 24.8 40.3 18.8 45.0 24.3 1,849 9,437 300

2013/12F 27.6 28.0 30.4 30.1 21.7 22.9 22.0 31.4 2,160 11,284 300

2014/12F 25.9 43.2 54.3 46.8 55.3 35.6 55.3 47.5 3,351 14,358 300

2015/12F 15.6 55.9 29.5 61.2 30.8 46.5 30.8 61.3 4,380 18,494 300



2011/12A 76.4 (64.1) 0.0 (2.4) 22.7 15.0 22.2 2.40 26.5 0.0

2012/12A 97.4 (70.4) 0.0 (6.0) 20.1 23.2 33.3 6.52 21.6 0.5

2013/12F 116.5 (85.6) 0.0 (12.6) 20.6 15.4 25.5 4.87 21.4 0.5

2014/12F 148.2 (126.6) 0.0 (4.6) 25.2 9.3 16.4 3.83 26.9 0.5

2015/12F 190.9 (160.2) 0.0 (3.1) 28.3 6.6 12.6 2.97 27.4 0.5



2013/03A 66.8 (17.0) 6.3 80.3 (7.7) 6.2 63.1 (22.5) 4.2 38.6 (34.9)

2013/06F 34.2 2.6 5.5 36.5 (12.6) 6.4 27.4 2.3 5.5 56.5 30.3

2013/09F 37.1 34.3 9.2 29.1 67.3 9.6 21.4 51.9 7.3 26.9 34.0

2013/12F (4.1) (16.2) 7.0 2.4 (24.1) 7.9 (1.3) (18.0) 5.9 (8.7) (19.7)

2014/03F 25.2 8.4 8.1 29.2 16.4 8.1 30.2 2.1 6.1 46.2 4.3

2014/06F 47.7 21.0 12.6 128.8 54.9 12.6 97.7 55.4 9.5 74.4 55.4

2014/09F 10.3 0.4 13.4 45.8 6.6 14.8 53.0 17.5 11.2 53.0 17.5

2014/12F 25.7 (4.5) 9.1 29.6 (32.6) 11.4 43.9 (22.9) 8.7 47.0 (22.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 130.2 26.8 22.5 2,179 25.0 와이지엔터테인먼트 18.1 4.1 25.4 0.5

FY2014F 159.3 35.6 30.3 2,920 18.7 레저·엔터테인먼트 16.4 2.6 16.5 2.5



와이지엔터테인먼트

78.1

106.6

135.9

171.1

197.8

90.4 14.0

117.5 20.1

165.2 48.8

244.9 96.7

314.7 123.8

29.8

30.6

41.1

34.4

37.3

45.2

45.3

43.3

0

20,000

40,000

60,000

80,000

100,000

120,000


-60

-50

-40

-30

-20

-10

0

10

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2011 2012

주가

x45

x39

x33

x27

x21

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



149


A034230 253010 universe

파라다이스 (034230.KQ) 업데이트 : 2013.08.09




52주 최고가 : 26,100 시가총액(십억원) : 2,205.4

52주 최저가 : 15,600 60일 평균 거래대금(백만원) : 9,662.5

연중 최고가 : 25,700 외국인지분(%) : 15.6

9 10 11 12 13


13.8 9.0 15.2 39.4 34.7

업종 대비 4.0 (0.9) 5.3 29.5 24.8 5

KOSPI 대비 7.5 (3.6) 14.0 38.0 35.9 10

22 23 24 19 20



2011/12A 16.2 50.9 49.3 66.0 31.5 32.6 (14.4) 59.5 419 6,612 150

2012/12A 38.6 89.8 76.4 106.4 61.4 74.7 129.4 103.1 960 7,419 200

2013/12F 23.9 119.8 33.5 139.6 31.2 98.0 31.2 134.7 1,256 8,262 230

2014/12F 16.4 124.4 3.8 149.8 7.3 104.6 6.7 141.2 1,341 9,178 230

2015/12F 11.4 127.0 2.1 156.4 4.4 109.2 4.4 145.1 1,400 10,102 280



2011/12A 558.7 (234.1) 4.6 (9.1) 13.6 8.9 20.0 1.27 5.9 1.8

2012/12A 633.1 (230.2) 12.5 (17.0) 17.3 13.9 17.9 2.32 12.5 1.2

2013/12F 709.8 (323.8) 7.1 (33.4) 18.6 14.7 19.3 2.94 14.6 0.9

2014/12F 793.1 (381.7) 6.9 (26.4) 16.6 13.7 18.1 2.64 13.9 0.9

2015/12F 877.1 (442.0) 5.7 (26.5) 15.2 13.0 17.3 2.40 13.1 1.2



2013/03A 17.3 NA 35.1 17.5 NA 37.3 4.3 NA 27.5 8.3 NA

2013/06F NA 5.9 39.8 NA 13.4 47.9 NA 28.5 36.0 NA 30.8

2013/09F NA 14.9 43.5 NA 9.5 48.5 NA 1.2 24.5 NA (32.0)

2013/12F NA (4.9) 1.5 NA (96.7) 5.9 NA (87.8) 10.0 NA (59.3)

2014/03F 23.9 7.1 40.2 14.8 2,663.4 46.6 24.9 689.4 26.2 (5.0) 162.4

2014/06F 20.7 3.2 41.4 4.0 2.8 47.7 (0.4) 2.4 26.2 (27.4) 0.0

2014/09F 8.7 3.5 46.3 6.4 12.0 52.7 8.7 10.4 26.2 6.7 0.0

2014/12F 13.9 (0.4) (3.6) NA NA 2.8 (52.5) (94.7) 26.2 162.4 0.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 630.9 125.2 115.1 1,207 19.0 파라다이스 18.4 2.7 14.1 0.9

FY2014F 735.6 130.4 123.9 1,289 17.8 레저·엔터테인먼트 16.4 2.6 16.5 2.5



파라다이스

374.0

518.5

642.5

747.6

833.0

742.0 181.8

1,036.6 308.7

1,159.6 347.8

1,270.5 367.2

1,366.9 371.1

145.0

153.5

176.4

167.6

179.5

185.3

191.7

191.0

0

5,000

10,000

15,000

20,000

25,000

30,000


-20

-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x21

x17

x13

x9

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



150


A079160 253010 universe

CJ CGV (079160.KS) 업데이트 : 2013.08.09




52주 최고가 : 60,800 시가총액(십억원) : 1,163.9

52주 최저가 : 28,500 60일 평균 거래대금(백만원) : 9,730.8

연중 최고가 : 60,000 외국인지분(%) : 20.1

9 10 11 12 13


16.4 10.0 12.0 86.1 70.5

업종 대비 6.5 0.1 2.1 76.2 60.6 5

KOSPI 대비 10.1 (2.6) 10.8 84.8 71.7 10

22 23 24 19 20



2011/12A 14.6 44.9 (17.3) 33.0 (28.0) 18.5 (45.1) 94.6 896 14,832 300

2012/12A 24.0 55.2 22.9 78.3 137.6 54.2 193.1 111.3 2,626 16,762 350

2013/12F 27.7 71.2 29.1 71.3 (9.0) 51.5 (4.9) 129.8 2,465 18,113 350

2014/12F 11.5 104.9 47.3 101.4 42.3 73.3 42.3 166.9 3,464 20,925 350

2015/12F 11.8 121.5 15.8 118.3 16.7 85.5 16.7 187.6 4,041 24,314 350



2011/12A 305.8 284.5 127.7 (79.5) 7.1 8.8 29.7 1.80 6.2 1.1

2012/12A 345.6 152.3 99.7 (81.4) 7.1 7.3 12.2 1.92 16.6 1.1

2013/12F 383.3 143.3 92.5 (59.2) 7.2 10.1 22.3 3.04 14.1 0.6

2014/12F 442.8 180.7 93.9 (60.5) 9.5 8.1 15.9 2.63 17.7 0.6

2015/12F 514.5 149.5 80.2 (65.5) 9.8 7.0 13.6 2.26 17.9 0.6



2013/03A 37.2 NA 20.8 57.8 NA 17.5 111.6 NA 10.8 126.1 NA

2013/06F NA (6.2) 12.0 NA (42.4) 1.9 NA (89.1) 0.8 NA (92.7)

2013/09F NA 42.4 32.1 NA 167.5 33.6 NA 1,660.8 25.0 NA 3,045.4

2013/12F NA (13.4) 6.3 NA (80.4) 18.2 NA (45.8) 14.9 NA (40.2)

2014/03F 12.7 (2.5) 25.8 23.6 309.3 21.1 20.6 16.0 15.3 41.2 2.2

2014/06F 15.5 (4.0) 25.5 112.2 (1.2) 21.2 1,009.7 0.3 15.3 1,829.4 0.3

2014/09F 9.7 35.3 40.3 25.7 58.4 41.3 22.9 95.0 29.9 19.6 95.0

2014/12F 9.2 (13.8) 13.4 112.3 (66.9) 17.8 (2.3) (56.9) 12.9 (13.9) (56.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 977.9 72.6 47.1 2,229 23.6 CJCGV 17.2 2.7 16.8 0.6

FY2014F 1,114.9 103.0 70.4 3,404 15.4 레저·엔터테인먼트 16.4 2.6 16.5 2.5



CJ CGV

628.5

779.3

995.5

1,109.9

1,241.2

933.4 625.7

1,008.0 660.0

1,148.6 762.4

1,282.1 835.8

1,406.9 888.0

224.7

210.7

300.1

259.9

253.4

243.4

329.3

283.8

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-20

0

20

40

60

80

100

120

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x34

x27

x20

x13

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



151


A114090 253010 universe

GKL (114090.KS) 업데이트 : 2013.08.13




52주 최고가 : 38,950 시가총액(십억원) : 2,115.5

52주 최저가 : 26,200 60일 평균 거래대금(백만원) : 9,451.7

연중 최고가 : 38,850 외국인지분(%) : 24.8

9 10 11 12 13


9.8 6.2 5.9 14.8 16.9

업종 대비 (0.1) (3.7) (4.0) 4.9 7.0 5

KOSPI 대비 3.5 (6.3) 4.7 13.4 18.1 10

22 23 24 19 20



2011/12A 6.7 137.5 38.5 135.0 38.3 63.3 (14.3) 157.0 1,023 3,578 512

2012/12A (2.4) 146.4 6.5 151.2 12.0 144.1 127.6 160.6 2,328 5,358 1,217

2013/12F 8.6 170.2 16.2 172.4 14.0 131.0 (9.0) 182.2 2,119 6,350 1,080

2014/12F 7.8 160.3 (5.8) 164.6 (4.6) 125.1 (4.6) 172.5 2,022 7,245 1,080

2015/12F 9.7 186.7 16.4 192.6 17.1 146.4 17.1 199.8 2,367 8,336 1,230



2011/12A 221.3 (251.2) 4.9 (7.6) 26.7 5.6 17.8 5.09 30.7 2.8

2012/12A 331.4 (305.7) 1.2 (14.8) 29.1 9.1 12.3 5.35 52.1 4.2

2013/12F 392.8 (338.2) 0.0 (5.2) 31.2 9.8 16.1 5.39 36.2 3.2

2014/12F 448.2 (358.8) 0.0 (11.2) 27.3 10.2 16.9 4.72 29.7 3.2

2015/12F 515.6 (406.3) 0.0 (13.9) 28.9 8.6 14.4 4.10 30.4 3.6



2013/03A 0.7 37.9 41.0 (6.4) 36.6 44.6 (3.9) 48.0 34.4 (2.7) (38.7)

2013/06F 3.5 0.9 43.7 22.5 6.6 39.9 11.5 (10.7) 30.1 23.5 (12.5)

2013/09F 3.5 3.7 50.2 36.2 14.9 52.0 34.0 30.6 39.6 39.3 31.5

2013/12F 49.3 3.4 35.2 17.3 (29.9) 35.9 19.1 (31.0) 27.1 (51.7) (31.5)

2014/03F 11.9 3.4 41.5 1.1 17.7 43.2 (3.1) 20.4 32.8 (4.4) 21.3

2014/06F 5.4 (4.9) 40.3 (7.8) (2.8) 42.1 5.5 (2.7) 32.0 6.3 (2.7)

2014/09F 6.4 4.7 46.4 (7.6) 15.1 48.1 (7.5) 14.5 36.6 (7.5) 14.5

2014/12F 7.7 4.7 32.2 (8.7) (30.7) 31.2 (13.2) (35.2) 23.7 (12.5) (35.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 549.2 170.9 133.5 2,159 15.6 GKL 16.7 4.9 31.4 3.2

FY2014F 599.3 175.5 139.3 2,252 15.0 레저·엔터테인먼트 16.4 2.6 16.5 2.5



GKL

514.7

502.4

545.5

588.2

644.9

376.4 155.0

488.5 157.1

509.5 116.8

603.8 155.7

695.7 180.1

131.8

133.0

137.9

142.7

147.5

140.2

146.8

153.6

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-15

-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2009 2010 2011 2012

주가

x22

x18

x15

x11

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



152


A019680 253020 universe

대교 (019680.KS) 업데이트 : 2013.05.27

투자의견 : 매수 업종 : 교육서비스 주가 수익률(12개월)



52주 최고가 : 7,950 시가총액(십억원) : 571.7

52주 최저가 : 5,680 60일 평균 거래대금(백만원) : 656.9

연중 최고가 : 7,830 외국인지분(%) : 14.9

9 10 11 12 13


0.9 (8.3) 0.1 11.9 4.5

업종 대비 (1.4) (10.6) (2.2) 9.6 2.2 5

KOSPI 대비 (5.4) (20.8) (1.0) 10.6 5.7 10

22 23 24 19 20



2011/12A 0.2 65.4 2.4 86.7 20.3 52.7 6.5 111.8 562 6,586 260

2012/12A (2.8) 40.3 (38.5) 53.2 (38.6) 22.9 (56.5) 71.5 246 6,443 210

2013/12F 0.7 58.6 45.4 78.8 48.0 60.1 162.2 80.4 638 6,797 260

2014/12F 6.1 69.1 18.1 90.8 15.2 69.3 15.2 90.9 734 7,201 270

2015/12F 6.1 73.3 6.1 96.6 6.4 73.7 6.4 90.8 781 7,638 280



2011/12A 637.7 (183.5) 0.6 (7.1) 8.2 3.9 11.1 0.95 8.0 4.2

2012/12A 615.6 (168.4) 0.4 (23.8) 5.2 6.4 25.8 0.99 3.7 3.3

2013/12F 652.5 (183.4) 0.4 (21.8) 7.5 5.9 10.6 0.99 9.5 3.9

2014/12F 694.6 (211.2) 0.4 (21.8) 8.4 5.0 9.2 0.94 10.3 4.0

2015/12F 740.1 (250.3) 0.3 (17.5) 8.4 4.6 8.6 0.88 10.3 4.1



2013/03F (8.3) 18.3 11.3 27.1 26.4 24.5 5.8 579.0 18.7 12.2 NA

2013/06F (4.5) 2.3 14.7 30.5 30.0 16.5 26.1 (32.7) 12.6 76.3 (32.7)

2013/09F (2.0) 0.2 15.2 35.9 3.6 17.5 31.4 6.1 13.4 51.2 6.1

2013/12F 22.0 0.6 17.4 94.4 14.2 20.2 459.5 15.5 15.4 NA 15.5

2014/03F 4.0 0.9 11.9 5.6 (31.3) 25.7 4.9 27.3 19.6 4.9 27.3

2014/06F 6.0 4.2 15.6 6.0 30.4 17.5 6.2 (31.9) 13.4 6.2 (31.9)

2014/09F 6.1 0.3 16.1 6.1 3.7 18.6 6.4 6.3 14.2 6.4 6.3

2014/12F 8.2 2.6 25.5 46.8 58.1 28.8 42.6 54.8 22.0 42.6 54.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 768.2 53.3 54.5 523 12.9 대교 9.5 1.0 10.1 4.0

FY2014F 786.9 58.3 61.7 593 11.4 교육서비스 8.5 0.9 11.5 4.8



대교

793.7

771.5

776.5

823.9

873.8

829.8 185.2

791.8 158.8

809.9 141.0

867.2 154.2

937.5 176.9

190.4

194.7

195.1

196.3

198.0

206.4

207.0

212.5

0

1,336

2,671

4,007

5,342

6,678

8,014

9,349


-5

0

5

10

15

20

25

30

35

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x25

x20

x16

x12

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



153


A072870 253020 universe

메가스터디 (072870.KQ) 업데이트 : 2013.05.09

투자의견 : 중립 업종 : 교육서비스 주가 수익률(12개월)



52주 최고가 : 89,400 시가총액(십억원) : 466.7

52주 최저가 : 57,500 60일 평균 거래대금(백만원) : 843.5

연중 최고가 : 80,600 외국인지분(%) : 44.8

9 10 11 12 13


4.1 24.5 8.7 1.4 (3.9)

업종 대비 1.8 22.2 6.4 (0.9) (6.2) 5

KOSPI 대비 (2.2) 12.0 7.5 0.0 (2.7) 10

22 23 24 19 20



2011/12A 7.4 75.9 (5.4) 83.3 (1.2) 68.3 12.4 84.0 10,940 56,039 4,000

2012/12A (13.8) 50.5 (33.4) 63.1 (24.3) 50.1 (26.6) 60.0 8,028 59,708 3,000

2013/12F (2.7) 55.0 8.8 62.2 (1.5) 53.1 6.0 65.1 8,508 65,265 3,000

2014/12F 0.7 54.2 (1.5) 61.0 (1.9) 52.1 (1.9) 64.3 8,346 70,252 3,200

2015/12F 1.5 55.1 1.7 61.9 1.6 52.9 1.4 65.3 8,466 75,202 3,200



2011/12A 335.4 (196.2) 0.0 (6.2) 28.9 5.9 10.1 1.96 22.1 3.6

2012/12A 358.6 (148.0) 0.0 (43.3) 22.3 5.8 9.8 1.32 14.4 3.8

2013/12F 393.9 (134.2) 0.0 (20.6) 24.9 4.9 8.7 1.13 14.1 4.1

2014/12F 425.5 (130.7) 0.0 (20.6) 24.4 5.0 8.8 1.05 12.7 4.3

2015/12F 456.9 (137.2) 0.0 (20.6) 24.4 4.7 8.7 0.98 12.0 4.3



2013/03F (2.7) 33.7 13.0 (5.6) NA 14.7 (15.2) 118.9 11.1 (25.1) 112.5

2013/06F (2.7) 5.0 17.9 (3.7) 37.4 14.1 (10.3) (4.1) 10.7 (18.4) (4.1)

2013/09F (2.7) 10.2 22.0 (2.7) 23.4 22.4 (4.0) 59.2 17.0 (12.1) 59.2

2013/12F (2.7) (37.1) 2.1 NA (90.4) 11.0 63.7 (51.0) 14.3 173.5 (15.7)

2014/03F 0.7 38.4 13.1 0.7 516.3 14.6 (0.2) 33.4 17.1 53.7 19.4

2014/06F 0.7 5.0 18.0 0.7 37.4 14.1 (0.1) (4.0) 16.7 56.1 (2.6)

2014/09F 0.7 10.2 22.2 0.7 23.4 22.5 0.3 59.9 23.0 35.7 38.3

2014/12F 0.7 (37.1) 0.9 (57.9) (96.0) 9.8 (11.2) (56.6) (4.7) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 220.5 55.0 47.1 7,430 9.2 메가스터디 8.8 1.1 13.1 4.3

FY2014F 222.1 54.2 46.2 7,287 9.4 교육서비스 8.5 0.9 11.5 4.8



메가스터디

263.1

226.7

220.5

222.1

225.4

399.8 69.1

419.2 65.3

414.5 36.5

425.4 25.5

447.5 25.0

56.0

58.8

64.8

40.8

56.4

59.3

65.3

41.1

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-15

-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x22

x18

x14

x10

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



154


A095720 253020 universe

웅진씽크빅 (095720.KS) 업데이트 : 2013.05.21

투자의견 : 매수 업종 : 교육서비스 주가 수익률(12개월)



52주 최고가 : 9,860 시가총액(십억원) : 188.9

52주 최저가 : 5,800 60일 평균 거래대금(백만원) : 874.1

연중 최고가 : 9,840 외국인지분(%) : 5.6

9 10 11 12 13


2.4 (10.5) (21.4) (15.9) (0.6)

업종 대비 0.0 (12.9) (23.7) (18.2) (2.9) 5

KOSPI 대비 (4.0) (23.1) (22.6) (17.2) 0.6 10

22 23 24 19 20



2011/12A (5.2) 34.7 (55.5) 27.1 (57.8) 25.5 (43.1) 59.2 997 10,226 410

2012/12A (5.2) 6.9 (80.0) (7.8) NA (53.9) NA 32.6 -2,083 7,163 0

2013/12F (0.8) 34.5 397.3 27.3 NA 20.7 NA 57.6 741 7,646 350

2014/12F 4.9 53.3 54.2 50.3 84.4 38.2 84.4 77.2 1,366 8,537 650

2015/12F 5.0 64.5 21.1 62.1 23.4 47.1 23.4 89.4 1,685 9,649 800



2011/12A 264.0 139.8 58.9 (7.7) 4.6 9.2 15.9 1.55 9.9 2.6

2012/12A 197.2 157.0 90.5 (3.7) 1.0 10.8 NA 0.91 (23.4) 0.0

2013/12F 211.2 81.0 57.8 (5.6) 4.9 4.7 8.8 0.85 10.1 5.4

2014/12F 236.9 66.7 49.2 (5.6) 7.2 3.3 4.8 0.76 17.0 10.0

2015/12F 269.1 60.4 44.5 (5.6) 8.3 2.7 3.9 0.68 18.6 12.3



2013/03F (9.8) (0.7) (2.2) NA NA (3.3) NA NA (2.5) NA NA

2013/06F (4.3) (4.3) 4.9 NA NA 5.3 NA NA 4.0 NA NA

2013/09F 2.0 6.5 9.0 NA 82.8 5.7 NA 8.8 4.4 NA 8.8

2013/12F 9.7 8.3 22.8 17.7 152.6 19.6 70.4 241.0 14.9 NA 241.0

2014/03F 10.4 0.0 14.4 NA (36.8) 14.0 NA (28.5) 10.6 NA (28.5)

2014/06F 6.4 (7.7) (2.4) NA NA (1.4) NA NA (1.1) NA NA

2014/09F (1.5) (1.4) 7.9 (12.7) NA 4.4 (24.1) NA 3.3 (24.1) NA

2014/12F 4.6 14.9 33.3 46.3 323.1 33.4 70.3 665.3 25.3 70.3 665.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 708.6 33.4 23.0 795 8.2 웅진씽크빅 5.4 0.8 15.2 8.7

FY2014F 725.5 43.1 28.4 982 6.7 교육서비스 8.5 0.9 11.5 4.8



웅진씽크빅

751.4

712.1

706.1

740.8

778.1

576.7 319.1

535.6 333.0

507.1 293.5

536.7 303.1

574.7 316.3

173.0

165.7

176.4

191.0

191.0

176.2

173.8

199.7

0

2,000

4,000

6,000

8,000

10,000

12,000


-20

-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2007 2008 2009 2010 2011 2012 2013

주가

x18

x13

x9

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



155


A021240 253030 universe

코웨이 (021240.KS) 업데이트 : 2013.08.08

투자의견 : 매수 업종 : 소비자서비스 주가 수익률(12개월)



52주 최고가 : 63,400 시가총액(십억원) : 4,619.8

52주 최저가 : 28,650 60일 평균 거래대금(백만원) : 10,056.6

연중 최고가 : 61,400 외국인지분(%) : 53.2

9 10 11 12 13


5.1 11.3 22.2 40.9 37.7

업종 대비 (0.0) 6.3 17.2 35.9 32.6 5

KOSPI 대비 (1.2) (1.2) 21.1 39.6 38.9 10

22 23 24 19 20



2011/12A 13.9 243.3 (20.7) 225.4 (7.4) 167.1 (5.6) 395.8 2,235 10,962 1,050

2012/12A 5.7 227.8 (6.4) 161.5 (28.3) 94.0 (43.7) 399.7 1,268 11,354 0

2013/12F 9.9 303.7 33.3 338.6 109.7 259.7 176.1 486.5 3,478 13,739 2,300

2014/12F 6.7 349.6 15.1 344.7 1.8 264.7 1.9 545.4 3,544 15,902 1,400

2015/12F 6.4 378.9 8.4 377.2 9.4 289.9 9.5 587.9 3,881 18,321 1,500



2011/12A 737.9 468.3 72.4 (299.4) 14.2 8.3 16.4 3.34 22.2 2.9

2012/12A 785.1 472.7 73.8 (295.0) 12.6 9.6 34.4 3.84 12.4 0.0

2013/12F 969.0 402.0 52.1 (209.2) 15.3 10.2 17.2 4.36 29.6 3.8

2014/12F 1,135.8 315.5 40.4 (222.2) 16.5 8.9 16.9 3.77 25.2 2.3

2015/12F 1,322.4 236.1 30.5 (235.2) 16.8 8.1 15.4 3.27 23.6 2.5



2013/03A 5.2 1.1 69.2 7.9 NA 115.0 106.7 262.2 57.4 32.8 NA

2013/06F 11.3 6.8 89.9 19.6 29.9 81.1 43.8 (29.4) 61.5 44.8 7.1

2013/09F 9.5 0.9 75.8 (12.8) (15.7) 71.5 304.0 (11.8) 54.2 311.8 (11.8)

2013/12F 13.3 3.9 68.8 NA (9.2) 71.0 123.8 (0.6) 86.6 NA 59.8

2014/03F 6.7 (4.8) 76.8 10.9 11.5 120.5 4.8 69.6 94.3 64.3 8.9

2014/06F 8.5 8.6 85.2 (5.2) 11.0 76.8 (5.3) (36.2) 61.2 (0.4) (35.1)

2014/09F 6.7 (0.7) 89.9 18.7 5.6 86.6 21.1 12.7 68.6 26.6 12.1

2014/12F 5.0 2.3 97.7 42.0 8.7 60.8 (14.4) (29.8) 40.5 (53.2) (41.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,959.0 303.5 256.0 3,319 18.1 코웨이 17.0 3.9 26.3 2.7

FY2014F 2,111.5 345.5 264.5 3,430 17.6 소비자서비스 17.5 3.9 24.2 2.7



코웨이

1,709.9

1,806.8

1,985.0

2,117.9

2,253.9

1,576.5 828.1

1,701.5 898.8

1,729.0 841.3

1,864.8 820.5

1,984.0 765.7

465.2

496.9

501.5

521.3

496.4

539.1

535.1

547.2

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-30

-20

-10

0

10

20

30

40

50

60

70

80

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x34

x28

x23

x18

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



156



로엔 (016170.KQ) 업데이트 : 2013.08.15

투자의견 : 매수 업종 : 미디어·광고 주가 수익률(12개월)



52주 최고가 : 16,850 시가총액(십억원) : 331.3

52주 최저가 : 11,450 60일 평균 거래대금(백만원) : 1,239.5

연중 최고가 : 16,200 외국인지분(%) : 65.0

9 10 11 12 13


0.4 (10.3) (15.2) (13.8) (4.7)

업종 대비 (1.1) (11.7) (16.7) (15.3) (6.2) 5

KOSPI 대비 (5.9) (22.8) (16.4) (15.2) (3.6) 10

22 23 24 19 20



2011/12A 20.3 29.4 67.1 28.4 193.7 21.4 97.3 39.3 882 4,299 170

2012/12A 10.7 30.1 2.4 31.5 10.9 23.8 11.4 41.3 943 5,064 189

2013/12F 20.6 32.6 8.2 33.3 5.5 25.4 6.4 46.6 1,003 5,871 189

2014/12F 19.5 36.8 13.0 37.7 13.2 28.6 12.8 53.6 1,132 6,807 189

2015/12F 15.3 39.8 8.0 40.9 8.7 31.1 8.7 59.1 1,230 7,841 189



2011/12A 108.7 (63.2) 0.0 (4.4) 17.6 6.9 15.1 3.09 23.7 1.3

2012/12A 128.1 (71.1) 0.0 (4.0) 16.3 6.8 14.7 2.73 20.1 1.4

2013/12F 148.5 (81.5) 0.0 (4.4) 14.6 5.4 13.1 2.23 18.3 1.4

2014/12F 172.2 (97.4) 0.0 (4.7) 13.8 4.4 11.6 1.92 17.9 1.4

2015/12F 198.3 (120.0) 0.0 (5.2) 12.9 3.6 10.7 1.67 16.8 1.4



2013/03A 14.7 5.1 6.1 (24.9) 9.5 7.9 (12.3) 72.0 6.0 (14.7) 53.0

2013/06A 19.3 8.7 8.0 (4.5) 31.1 7.8 (13.5) (1.9) 5.9 (5.0) (0.3)

2013/09F 17.1 0.4 7.9 (1.8) (1.5) 8.4 (5.3) 7.6 6.4 (4.5) 7.6

2013/12F 30.8 14.0 10.6 90.0 34.5 9.1 98.1 9.1 7.1 81.6 10.6

2014/03F 19.5 (3.9) 6.8 11.5 (35.8) 9.0 12.9 (2.0) 6.8 14.3 (3.7)

2014/06F 19.5 8.7 9.0 13.0 32.9 8.8 12.8 (2.0) 6.7 12.3 (2.0)

2014/09F 19.5 0.4 8.9 12.9 (1.6) 9.4 12.6 7.5 7.2 12.1 7.5

2014/12F 19.5 14.0 12.1 14.1 35.9 10.5 14.5 11.0 8.0 12.5 11.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 223.0 33.0 25.0 988 13.2 로엔 11.9 2.0 18.0 1.4

FY2014F 267.0 37.0 29.0 1,147 11.4 미디어·광고 15.5 1.7 11.3 0.5



로엔

167.2

185.0

223.2

266.8

307.7

157.1 48.4

173.1 45.0

203.4 54.9

243.1 70.9

295.2 96.9

50.5

54.8

55.1

62.8

60.3

65.5

65.8

75.1

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-30

-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x33

x26

x20

x13

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



157



스카이라이프 (053210.KS) 업데이트 : 2013.09.02

투자의견 : 중립 업종 : 미디어·광고 주가 수익률(12개월)

목표주가 : - 애널리스트 : 김시우


52주 최고가 : 43,100 시가총액(십억원) : 1,384.4

52주 최저가 : 25,500 60일 평균 거래대금(백만원) : 8,460.0

연중 최고가 : 42,550 외국인지분(%) : 18.0

9 10 11 12 13


(7.5) (19.6) (10.5) (2.9) (12.9)

업종 대비 (9.0) (21.0) (12.0) (4.3) (14.4) 5

KOSPI 대비 (13.8) (32.1) (11.7) (4.2) (11.8) 10

22 23 24 19 20



2011/12A 7.8 40.5 (10.7) 38.7 36.3 27.0 (33.2) 88.1 606 6,038 0

2012/12A 19.9 67.4 66.7 72.5 87.3 56.0 107.6 122.4 1,175 7,220 350

2013/12F 10.9 103.0 52.7 107.5 48.3 82.8 47.9 166.0 1,732 8,773 350

2014/12F 13.4 148.5 44.2 153.4 42.7 118.1 42.7 220.0 2,470 10,832 350

2015/12F 11.3 181.7 22.3 189.4 23.4 145.8 23.4 263.2 3,049 13,229 350



2011/12A 287.8 (9.9) 35.1 (98.1) 8.8 14.7 45.2 4.54 12.5 0.0

2012/12A 345.0 (85.3) 23.4 (94.6) 12.2 12.4 28.5 4.63 17.7 1.0

2013/12F 419.5 (71.0) 25.1 (119.7) 16.8 7.9 16.7 3.30 21.7 1.2

2014/12F 518.0 (94.2) 19.5 (127.8) 21.4 5.8 11.7 2.67 25.2 1.2

2015/12F 632.6 (160.0) 9.4 (137.6) 23.5 4.7 9.5 2.19 25.3 1.2



2013/03A 22.1 (5.3) 31.6 74.1 116.9 32.6 66.2 118.0 26.3 103.9 101.9

2013/06F 11.9 (0.9) 21.3 31.1 (32.7) 21.9 31.4 (32.8) 14.5 16.4 (44.9)

2013/09F 14.3 7.9 27.4 60.0 28.7 27.7 30.3 26.5 21.3 20.9 47.4

2013/12F (0.3) (1.6) 22.7 56.0 (17.0) 25.3 69.1 (8.8) 20.7 59.0 (3.0)

2014/03F 11.0 5.5 38.0 20.0 67.0 39.3 20.5 55.4 30.3 15.1 46.2

2014/06F 18.1 5.5 35.0 64.6 (7.8) 36.0 64.4 (8.3) 27.8 91.7 (8.3)

2014/09F 10.8 1.2 34.0 24.1 (2.9) 35.7 28.9 (0.9) 27.5 28.9 (0.9)

2014/12F 13.9 1.2 41.6 83.0 22.5 42.4 67.5 18.6 32.6 57.5 18.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 622.1 106.8 86.3 1,805 15.0 스카이라이프 12.7 2.8 24.3 1.2

FY2014F 700.5 148.7 119.2 2,492 10.9 미디어·광고 15.5 1.7 11.3 0.5



스카이라이프

459.8

551.3

611.6

693.5

771.7

522.9 232.8

622.8 275.3

694.9 282.8

833.8 321.8

960.4 320.8

148.7

147.4

159.0

156.5

165.1

174.1

176.2

178.2

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2011 2012 2013

주가

x36

x31

x26

x21

x16

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



158



제일기획 (030000.KS) 업데이트 : 2013.07.25




52주 최고가 : 28,600 시가총액(십억원) : 2,870.3

52주 최저가 : 19,750 60일 평균 거래대금(백만원) : 7,236.6

연중 최고가 : 28,100 외국인지분(%) : 37.6

9 10 11 12 13


4.8 5.7 4.0 6.6 16.9

업종 대비 3.4 4.3 2.5 5.2 15.4 5

KOSPI 대비 (1.5) (6.8) 2.8 5.3 18.0 10

22 23 24 19 20



2011/12A 21.3 106.5 (1.7) 126.8 (17.4) 93.3 (13.2) 118.8 853 6,374 160

2012/12A 34.5 126.0 18.3 136.9 8.0 93.7 0.4 144.1 867 7,020 0

2013/12F 22.3 151.9 20.6 161.8 18.2 111.6 19.1 176.3 1,104 7,963 0

2014/12F 16.5 178.5 17.5 190.6 17.8 131.4 17.8 206.2 1,374 9,080 0

2015/12F 11.8 208.3 16.7 222.4 16.6 153.3 16.6 238.9 1,603 10,386 0



2011/12A 703.5 (646.5) 0.3 (19.8) 6.1 13.0 22.2 2.97 13.7 0.8

2012/12A 680.7 (541.1) 0.6 (44.9) 5.3 13.6 24.9 3.07 13.5 0.0

2013/12F 692.9 (551.9) 0.9 (29.0) 5.3 13.3 22.6 3.13 16.2 0.0

2014/12F 821.4 (631.2) 1.1 (30.9) 5.3 11.0 18.2 2.75 17.4 0.0

2015/12F 971.7 (696.2) 1.2 (32.9) 5.5 9.3 15.6 2.40 17.1 0.0



2013/03A 34.0 (21.9) 18.1 52.0 (60.5) 21.1 40.5 (55.6) 13.0 37.2 (61.6)

2013/06F 15.9 26.4 40.8 3.7 125.0 44.1 4.9 108.6 31.7 7.5 143.9

2013/09F 23.5 5.2 30.6 6.3 (25.1) 35.1 8.5 (20.5) 25.2 19.6 (20.5)

2013/12F 19.8 15.4 62.3 35.5 103.7 61.5 29.2 75.2 41.7 23.6 65.8

2014/03F 15.0 (25.0) 21.6 19.0 (65.4) 25.4 20.0 (58.7) 17.5 34.8 (58.1)

2014/06F 22.4 34.5 50.7 24.1 134.6 54.5 23.4 114.5 37.5 18.5 114.5

2014/09F 14.5 (1.6) 39.2 28.1 (22.6) 44.2 25.9 (18.9) 30.5 20.9 (18.9)

2014/12F 14.4 15.3 67.1 7.6 71.2 66.6 8.4 50.8 45.9 10.0 50.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,884.8 150.2 121.5 1,001 24.7 제일기획 19.1 2.8 17.1 0.0

FY2014F 3,390.1 178.9 146.3 1,205 20.5 미디어·광고 15.5 1.7 11.3 0.5



제일기획

1,758.2

2,365.0

2,891.8

3,369.6

3,765.7

1,810.6 1,092.8

1,994.7 1,295.5

2,274.1 1,556.4

2,628.9 1,775.2

2,928.4 1,915.5

563.9

712.9

749.9

865.2

648.7

872.3

858.5

990.1

0

5,000

10,000

15,000

20,000

25,000

30,000


-15

-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x42

x34

x26

x18

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



159



현대에이치씨엔 (126560.KS) 업데이트 : 2013.08.11




52주 최고가 : 6,390 시가총액(십억원) : 428.7

52주 최저가 : 4,005 60일 평균 거래대금(백만원) : 939.5

연중 최고가 : 6,280 외국인지분(%) : 15.6

9 10 11 12 13


(1.2) (5.2) (14.2) 23.9 14.2

업종 대비 (2.6) (6.7) (15.7) 22.4 12.8 5

KOSPI 대비 (7.5) (17.8) (15.4) 22.5 15.4 10

22 23 24 19 20



2011/12A 9.4 54.2 19.6 57.0 28.0 41.6 28.6 98.8 492 3,801 0

2012/12A 10.7 65.3 20.5 71.4 25.3 52.2 25.3 112.9 616 4,273 40

2013/12F 10.2 67.8 3.9 83.1 16.4 60.7 16.4 108.4 572 4,793 40

2014/12F 8.5 76.9 13.3 91.5 10.1 66.9 10.1 118.0 629 5,369 40

2015/12F 8.0 91.1 18.5 100.6 9.9 73.5 9.9 132.9 690 6,006 40



2011/12A 410.0 (58.9) 23.9 (37.2) 21.8 2.0 5.5 0.71 10.7 0.0

2012/12A 461.0 (101.0) 7.8 (32.5) 23.7 2.6 6.9 1.00 12.0 0.9

2013/12F 517.0 (98.6) 11.3 (41.2) 22.4 3.4 8.8 1.06 12.4 0.8

2014/12F 579.1 (118.8) 9.5 (36.7) 23.3 3.0 8.0 0.94 12.2 0.8

2015/12F 647.9 (135.4) 11.3 (39.9) 25.6 2.5 7.3 0.84 12.0 0.8



2013/03A 12.4 (0.1) 15.5 15.7 1.0 18.8 29.1 6.5 13.7 29.0 7.5

2013/06F 6.5 7.0 11.6 (44.6) (25.3) 19.2 (13.5) 2.1 14.3 (12.6) 4.3

2013/09F 14.9 4.1 21.2 36.1 83.1 23.9 41.8 24.6 17.5 40.5 22.5

2013/12F 7.3 (3.6) 19.5 26.7 (8.3) 21.1 19.3 (11.9) 15.3 19.7 (12.9)

2014/03F 11.4 3.7 17.6 13.4 (9.6) 20.8 10.5 (1.4) 15.2 11.1 (0.3)

2014/06F 12.6 8.1 22.1 90.9 25.8 25.7 33.9 23.6 18.8 31.6 23.6

2014/09F 1.8 (5.9) 18.8 (11.7) (15.3) 22.0 (8.0) (14.4) 16.1 (8.0) (14.4)

2014/12F 8.9 3.1 18.4 (5.7) (2.1) 22.9 8.7 4.2 16.8 10.0 4.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 302.8 66.3 61.2 546 8.9 현대에이치씨엔 8.2 1.0 12.3 0.8

FY2014F 332.0 75.3 67.8 596 8.2 미디어·광고 15.5 1.7 11.3 0.5



현대에이치씨엔

248.7

275.4

303.4

329.3

355.7

595.8 158.7

584.1 92.5

679.4 127.7

743.1 124.8

838.6 146.6

71.2

76.2

79.4

76.5

79.4

85.8

80.8

83.3

0

1,336

2,671

4,007

5,342

6,678


0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2011 2012 2013

주가

x10

x8

x7

x5

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



160



CJ E&M (130960.KQ) 업데이트 : 2013.08.08




52주 최고가 : 41,000 시가총액(십억원) : 1,509.9

52주 최저가 : 25,300 60일 평균 거래대금(백만원) : 19,272.2

연중 최고가 : 40,600 외국인지분(%) : 8.1

9 10 11 12 13


4.7 16.9 10.9 32.7 44.7

업종 대비 3.3 15.4 9.4 31.2 43.3 5

KOSPI 대비 (1.6) 4.3 9.7 31.3 45.9 10

22 23 24 19 20



2011/12A 1,065.0 69.7 257.7 63.2 260.5 56.6 844.3 361.4 1,765 30,969 0

2012/12A 22.0 38.9 (44.1) (16.6) NA 37.0 (34.6) 403.3 985 31,775 0

2013/12F 19.0 71.4 83.4 63.5 NA 44.8 21.2 460.6 1,193 32,580 0

2014/12F 8.2 100.1 40.1 93.5 47.3 67.8 51.4 506.5 1,806 33,993 0

2015/12F 6.5 116.5 16.4 111.6 19.3 80.9 19.3 544.0 2,154 35,749 0



2011/12A 1,162.7 127.1 30.9 (34.5) 6.1 3.7 17.2 0.98 7.7 0.0

2012/12A 1,193.4 68.4 26.2 (26.3) 2.8 2.9 26.9 0.83 3.1 0.0

2013/12F 1,224.0 104.1 29.3 (41.3) 4.3 3.7 33.4 1.22 3.7 0.0

2014/12F 1,277.6 71.2 27.4 (33.6) 5.6 3.3 22.0 1.17 5.4 0.0

2015/12F 1,344.2 21.5 24.0 (42.4) 6.1 3.0 18.5 1.11 6.2 0.0



2013/03A 15.1 (8.2) 4.3 NA (77.6) (5.4) NA NA (7.6) NA NA

2013/06F 18.3 6.2 19.3 65.3 353.6 20.0 258.4 NA 15.6 (55.1) NA

2013/09F 23.0 7.2 19.9 85.1 3.0 22.2 188.3 11.0 16.7 109.9 7.2

2013/12F 19.1 14.0 28.0 46.9 40.6 26.7 NA 20.5 20.0 NA 19.6

2014/03F 13.8 (12.3) 7.6 79.2 (72.7) (1.9) NA NA (1.4) NA NA

2014/06F 15.9 8.1 29.6 53.2 287.8 26.0 30.3 NA 18.9 20.8 NA

2014/09F 6.5 (1.6) 25.2 26.5 (14.9) 27.5 24.1 5.8 19.9 19.2 5.8

2014/12F (0.9) 6.1 37.7 34.7 49.7 42.0 57.1 52.6 30.4 52.1 52.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,659.4 74.7 44.2 1,195 32.0 CJE&M 24.2 1.2 5.0 0.0

FY2014F 1,846.0 107.8 74.7 1,998 19.2 미디어·광고 15.5 1.7 11.3 0.5



CJ E&M

1,143.1

1,394.6

1,659.0

1,795.3

1,912.8

2,050.9 828.7

2,091.0 814.4

2,230.0 922.2

2,410.1 1,047.7

2,501.0 1,070.6

368.9

391.7

419.8

478.6

419.9

454.1

447.0

474.3

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2010 2011 2012

주가

x33

x29

x25

x21

x17

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



161



CJ헬로비전 (037560.KS) 업데이트 : 2013.08.11




52주 최고가 : 19,350 시가총액(십억원) : 1,281.7

52주 최저가 : 12,250 60일 평균 거래대금(백만원) : 5,221.6

연중 최고가 : 19,300 외국인지분(%) : 4.3

9 10 11 12 13


2.2 (12.0) 6.1 NA 20.8

업종 대비 0.7 (13.4) 4.6 NA 19.4 5

KOSPI 대비 (4.2) (24.5) 4.9 NA 22.0 10

22 23 24 19 20



2011/12A 46.7 151.7 63.8 120.3 68.1 90.7 57.6 294.8 1,420 10,736 0

2012/12A 30.9 149.3 (1.6) 124.4 3.4 104.3 15.0 321.3 1,491 9,354 0

2013/12F 37.1 136.6 (8.5) 111.4 (10.4) 93.6 (10.3) 354.3 1,252 10,554 0

2014/12F 27.3 155.2 13.6 129.0 15.8 105.1 12.4 401.2 1,358 11,904 0

2015/12F 22.9 197.3 27.1 174.2 35.0 139.3 32.5 467.1 1,798 13,694 0



2011/12A 621.7 370.5 69.9 (180.5) 22.3 19.4

2012/12A 724.4 454.6 74.2 (188.6) 16.8 4.4 9.4 1.49 15.5 0.0

2013/12F 817.4 487.8 77.7 (261.8) 11.2 5.0 13.2 1.57 12.1 0.0

2014/12F 921.9 391.0 64.5 (258.2) 10.0 4.2 12.2 1.39 12.1 0.0

2015/12F 1,060.6 214.8 45.6 (276.4) 10.3 3.2 9.2 1.21 14.0 0.0



2013/03A 50.6 (2.2) 25.5 (9.3) (22.9) 21.2 (3.4) (20.5) 16.5 (2.5) (33.7)

2013/06F 33.7 4.1 23.7 (46.9) (7.0) 19.2 (49.4) (9.3) 16.6 (48.2) 0.7

2013/09F 46.8 11.4 49.6 14.6 109.0 42.6 12.9 121.8 35.4 16.5 113.0

2013/12F 23.3 8.7 37.7 13.9 (24.0) 28.4 6.3 (33.5) 25.0 0.6 (29.3)

2014/03F 24.2 (1.6) 27.2 6.6 (27.8) 19.7 (6.9) (30.4) 15.4 (6.6) (38.4)

2014/06F 32.5 11.0 45.3 90.8 66.5 38.8 102.0 96.8 30.8 85.3 99.8

2014/09F 25.1 5.2 42.6 (14.3) (6.1) 38.1 (10.7) (2.0) 31.0 (12.3) 0.8

2014/12F 27.5 10.9 40.1 6.3 (5.8) 32.4 14.2 (14.9) 27.9 11.4 (10.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,193.5 131.4 89.6 1,158 14.0 CJ헬로비전 12.4 1.4 12.1 0.0

FY2014F 1,421.4 168.0 114.0 1,475 11.0 미디어·광고 15.5 1.7 11.3 0.5



CJ헬로비전

680.4

891.0

1,221.2

1,554.4

1,910.5

1,305.4 683.5

1,556.0 831.2

1,903.7 1,086.0

2,176.8 1,254.5

2,510.4 1,449.3

273.6

284.9

317.5

345.2

339.8

377.4

397.1

440.2

0

5,000

10,000

15,000

20,000

25,000

Nov-12 Jan-13 Apr-13 Jun-13 Aug-13

-30

-20

-10

0

10

20

30

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

2012

주가

x14

x12

x11

x10

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



162



SBS (034120.KS) 업데이트 : 2013.08.30

투자의견 : 미제시 업종 : 미디어·광고 주가 수익률(12개월)



52주 최고가 : 51,900 시가총액(십억원) : 767.5

52주 최저가 : 35,150 60일 평균 거래대금(백만원) : 1,720.5

연중 최고가 : 51,700 외국인지분(%) : 0.0

9 10 11 12 13


1.6 0.8 (9.0) 0.4 1.1

업종 대비 0.1 (0.6) (10.4) (1.1) (0.4) 5

KOSPI 대비 (4.8) (11.7) (10.2) (1.0) 2.3 10

22 23 24 19 20



2011/12A 5.6 82.9 NA 77.0 NA 59.1 1,473.8 105.9 3,236 29,101 750

2012/12A 5.1 40.7 (50.9) 40.9 (46.8) 27.5 (53.4) 67.4 1,508 29,862 600

2013/12F (1.2) 65.2 60.3 61.6 50.4 46.2 67.8 91.9 2,530 31,873 700

2014/12F 14.1 78.7 20.7 75.4 22.5 56.6 22.5 106.3 3,099 34,051 700

2015/12F 2.2 100.1 27.1 97.5 29.3 73.1 29.3 130.1 4,007 36,880 700



2011/12A 531.2 (65.4) 22.9 (46.7) 11.5 5.8 11.5 1.28 11.8 2.0

2012/12A 545.1 (61.0) 20.7 (33.9) 5.4 10.6 28.1 1.42 5.1 1.4

2013/12F 581.8 (92.0) 16.3 (35.6) 8.7 7.4 16.6 1.32 8.2 1.7

2014/12F 621.5 (123.6) 14.3 (42.6) 9.2 6.1 13.6 1.23 9.4 1.7

2015/12F 673.2 (148.8) 12.6 (44.6) 11.5 4.9 10.5 1.14 11.3 1.7



2013/03A 12.8 (29.3) (7.3) NA NA (6.5) NA NA (6.6) NA NA

2013/06F (10.1) 35.3 21.7 (48.1) NA 20.6 (44.7) NA 15.9 (44.4) NA

2013/09F (15.3) (4.0) 12.1 28.7 (44.1) 11.1 11.3 (46.3) 8.3 2.5 (47.7)

2013/12F 14.7 25.0 38.7 329.3 219.3 36.4 247.2 228.9 28.6 560.6 244.4

2014/03F 16.8 (28.0) (0.7) NA NA 1.7 NA (95.2) 1.3 NA (95.4)

2014/06F 20.1 39.1 29.9 37.8 NA 30.9 50.0 1,673.2 23.2 46.1 1,673.2

2014/09F 13.7 (9.2) 19.6 62.0 (34.3) 19.0 71.3 (38.7) 14.2 71.3 (38.7)

2014/12F 7.9 18.7 29.9 (22.7) 52.3 23.8 (34.7) 25.4 17.8 (37.6) 25.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 732.9 61.2 46.1 2,523 16.6 SBS 14.3 1.3 9.1 1.7

FY2014F 826.2 81.4 61.4 3,365 12.5 미디어·광고 15.5 1.7 11.3 0.5



SBS

720.6

757.1

747.8

853.4

872.3

848.9 315.6

824.8 275.8

814.8 231.9

909.6 282.4

959.2 271.2

141.8

191.8

184.1

230.1

165.6

230.3

209.2

248.3

0

10,000

20,000

30,000

40,000

50,000

60,000


-20

-15

-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x36

x29

x22

x15

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



163



SBS콘텐츠허브 (046140.KQ) 업데이트 : 2013.08.30




52주 최고가 : 18,300 시가총액(십억원) : 290.8

52주 최저가 : 10,800 60일 평균 거래대금(백만원) : 834.6

연중 최고가 : 15,850 외국인지분(%) : 4.9

9 10 11 12 13


1.1 12.4 (10.9) (15.6) 1.9

업종 대비 (0.3) 11.0 (12.3) (17.0) 0.4 5

KOSPI 대비 (5.2) (0.1) (12.0) (16.9) 3.1 10

22 23 24 19 20



2011/12A 29.2 30.8 5.7 30.6 5.9 22.4 10.2 33.7 1,044 5,046 150

2012/12A (3.7) 27.9 (9.5) 29.4 (3.9) 23.1 3.1 30.7 1,076 6,002 150

2013/12F 8.6 31.9 14.2 37.0 26.1 27.8 20.3 35.2 1,294 7,108 150

2014/12F 11.7 36.3 13.8 41.6 12.5 31.2 12.5 40.3 1,455 8,367 150

2015/12F 6.8 38.8 6.9 44.7 7.4 33.5 7.4 43.0 1,562 9,737 150



2011/12A 108.3 (70.1) 0.0 (13.2) 15.4 5.5 11.3 2.34 22.7 1.3

2012/12A 128.8 (79.6) 0.0 (13.6) 14.5 6.5 12.1 2.17 19.5 1.1

2013/12F 152.6 (80.9) 0.0 (20.3) 15.2 6.0 10.5 1.91 19.7 1.1

2014/12F 179.6 (77.2) 0.0 (10.3) 15.5 5.3 9.3 1.62 18.8 1.1

2015/12F 209.0 (102.5) 0.0 (10.5) 15.5 4.4 8.7 1.39 17.3 1.1



2013/03A 0.7 2.4 6.5 (20.2) 116.7 7.5 (15.2) 150.6 5.9 16.0 139.4

2013/06F (10.8) 23.0 11.1 0.7 72.2 11.3 15.5 51.5 8.8 (5.5) 48.8

2013/09F 22.6 3.4 8.5 46.7 (23.7) 10.7 38.2 (5.3) 8.0 30.7 (8.9)

2013/12F 29.2 (0.8) 5.8 94.0 (31.9) 7.5 151.5 (30.0) 5.0 100.2 (38.3)

2014/03F 11.7 (11.4) 6.9 7.4 20.0 8.1 8.2 7.8 6.1 2.2 22.2

2014/06F 12.4 23.8 11.3 1.4 62.5 11.5 1.4 41.9 8.6 (2.5) 41.9

2014/09F 12.1 3.1 11.2 31.7 (0.8) 13.6 26.4 18.1 10.2 26.4 18.1

2014/12F 10.5 (2.2) 6.9 18.8 (38.6) 8.5 13.5 (37.2) 6.4 28.6 (37.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 209.1 31.6 26.2 1,221 11.0 SBS콘텐츠허브 9.6 1.7 19.0 1.1

FY2014F 233.6 35.3 29.3 1,363 9.8 미디어·광고 15.5 1.7 11.3 0.5



SBS콘텐츠허브

200.3

193.0

209.6

234.1

250.0

166.9 57.2

172.3 43.5

190.5 37.2

231.5 50.4

286.4 75.1

44.0

54.1

56.0

55.5

49.2

60.9

62.7

61.3

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-35

-30

-25

-20

-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x16

x14

x12

x10

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



164



YTN (040300.KQ) 업데이트 : 2013.07.28




52주 최고가 : 4,670 시가총액(십억원) : 114.5

52주 최저가 : 2,505 60일 평균 거래대금(백만원) : 47.6

연중 최고가 : 4,595 외국인지분(%) : 0.0

9 10 11 12 13


1.3 1.9 (26.7) (30.3) (21.6)

업종 대비 (0.1) 0.4 (28.2) (31.8) (23.0) 5

KOSPI 대비 (5.0) (10.7) (27.9) (31.7) (20.4) 10

22 23 24 19 20



2011/12A 5.2 18.4 18.2 14.0 80.5 10.6 176.4 26.7 252 4,132 25

2012/12A (0.5) 12.0 (35.0) 6.8 (51.6) 4.9 (53.4) 20.8 118 4,195 10

2013/12F (4.4) 4.4 (63.1) 0.8 (88.4) 0.4 (91.2) 8.7 10 4,205 10

2014/12F 14.6 8.6 95.3 4.8 512.2 3.5 695.1 13.3 82 4,262 10

2015/12F 6.6 10.1 17.3 6.7 39.5 4.9 41.2 15.4 116 4,343 10



2011/12A 173.5 77.8 51.1 (21.2) 14.8 7.2 11.0 0.67 6.3 0.9

2012/12A 176.2 81.8 53.8 (17.5) 9.6 11.1 29.9 0.84 2.8 0.3

2013/12F 176.6 98.1 63.3 (16.4) 3.7 24.4 263.4 0.65 0.2 0.4

2014/12F 179.0 92.8 63.7 (17.2) 6.3 15.4 33.1 0.64 1.9 0.4

2015/12F 182.4 78.5 53.1 (12.9) 7.0 12.4 23.5 0.63 2.7 0.4



2013/03A (7.3) (29.8) (3.0) NA NA (4.1) NA NA (4.1) NA NA

2013/06F (5.9) 17.5 3.6 (42.2) NA 2.8 (47.0) NA 3.0 (29.3) NA

2013/09F (2.3) 3.1 1.3 (37.6) (63.7) 0.4 (56.4) (85.7) 0.3 (49.9) (89.8)

2013/12F (2.8) 14.4 2.6 (41.7) 96.9 1.7 (25.4) 319.3 1.3 (30.9) 323.6

2014/03F 13.5 (18.0) (2.7) NA NA (3.9) NA NA (3.1) NA NA

2014/06F 12.6 16.5 4.8 35.0 NA 3.7 29.8 NA 2.6 (13.1) NA

2014/09F 15.0 5.3 1.9 45.5 (60.9) 1.0 135.6 (74.0) 0.6 84.5 (78.5)

2014/12F 16.8 16.2 4.5 77.7 140.4 4.1 143.4 333.2 3.4 165.1 508.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 118.0 4.0 1.0 24 114.7 YTN 43.0 0.6 1.5 0.4

FY2014F 136.0 9.0 4.0 95 28.7 미디어·광고 15.5 1.7 11.3 0.5



YTN

124.5

123.9

118.4

135.8

144.7

339.5 166.0

345.8 169.6

352.5 177.3

371.3 194.2

371.1 190.6

24.8

29.2

30.1

34.4

28.2

32.8

34.6

40.2

0

1,336

2,671

4,007

5,342


-40

-30

-20

-10

0

10

20

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x283

x214

x145

x76

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



165



롯데쇼핑 (023530.KS) 업데이트 : 2013.08.29

투자의견 : 매수 업종 : 유통 주가 수익률(12개월)



52주 최고가 : 420,000 시가총액(십억원) : 11,887.8

52주 최저가 : 311,500 60일 평균 거래대금(백만원) : 16,328.1

연중 최고가 : 415,000 외국인지분(%) : 13.4

9 10 11 12 13


10.9 9.6 (1.8) 15.8 (1.4)

업종 대비 2.5 1.2 (10.2) 7.4 (9.8) 5

KOSPI 대비 4.5 (3.0) (3.0) 14.4 (0.3) 10

22 23 24 19 20



2011/12A 17.0 1,694.9 2.2 1,555.2 1.0 931.8 (9.9) 2,254.8 32,084 480,875 1,500

2012/12A 12.5 1,467.5 (13.4) 1,630.7 4.9 1,080.3 15.9 2,191.7 37,195 512,281 1,500

2013/12F 15.7 1,605.1 9.4 1,456.5 (10.7) 982.9 (9.0) 2,366.8 33,275 504,414 1,500

2014/12F 9.4 1,822.7 13.6 1,744.3 19.8 1,166.6 18.7 2,679.6 39,476 540,052 1,500

2015/12F 10.2 2,088.7 14.6 2,005.2 15.0 1,341.1 15.0 3,007.1 45,381 581,231 1,500



2011/12A 13,966.2 572.1 69.6 (1,592.1) 7.6 4.9 10.6 0.71 6.9 0.4

2012/12A 14,878.4 3,402.3 78.2 (1,778.5) 5.9 6.9 10.1 0.74 7.5 0.4

2013/12F 15,884.4 4,511.7 80.5 (2,620.0) 5.5 7.3 11.3 0.75 6.4 0.4

2014/12F 17,006.7 4,431.9 79.0 (1,600.0) 5.7 6.5 9.6 0.70 7.1 0.4

2015/12F 18,303.5 4,221.5 77.2 (1,600.0) 6.0 5.8 8.3 0.65 7.6 0.4



2013/03A 15.0 (3.3) 345.1 (5.2) (2.5) 293.7 (33.8) (47.6) 184.4 (40.6) (50.0)

2013/06A 18.8 1.3 414.0 14.8 20.0 341.7 11.3 16.4 245.7 26.9 33.2

2013/09F 21.4 5.3 359.2 12.2 (13.2) 344.2 7.6 0.7 233.8 12.7 (4.8)

2013/12F 9.1 5.7 486.7 37.5 35.5 476.9 (14.8) 38.6 319.0 (13.5) 36.4

2014/03F 7.6 (4.6) 379.5 10.0 (22.0) 358.7 22.1 (24.8) 239.9 30.1 (24.8)

2014/06F 10.3 3.8 456.2 10.2 20.2 436.9 27.9 21.8 292.2 18.9 21.8

2014/09F 10.6 5.6 419.6 16.8 (8.0) 397.7 15.5 (9.0) 266.0 13.8 (9.0)

2014/12F 9.2 4.4 567.4 16.6 35.2 551.1 15.5 38.6 368.6 15.5 38.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 29,120.9 1,583.8 1,068.0 31,647 12.1 롯데쇼핑 10.0 0.7 6.9 0.4

FY2014F 31,503.6 1,751.7 1,238.3 36,717 10.4 유통 11.3 0.9 8.4 0.6



롯데쇼핑

22,253.1

25,043.7

28,984.6

31,716.8

34,947.3

33,061.1 18,382.1

36,857.0 21,138.7

40,317.4 23,460.4

43,172.0 25,033.6

46,347.4 26,729.4

6,889.9

6,977.4

7,347.8

7,769.5

7,411.0

7,692.7

8,127.2

8,485.9

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000


-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

2006 2007 2008 2009 2010 2011 2012 2013

주가

x15

x13

x11

x9

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



166



롯데하이마트 (071840.KS) 업데이트 : 2013.08.11




52주 최고가 : 87,900 시가총액(십억원) : 1,909.9

52주 최저가 : 62,600 60일 평균 거래대금(백만원) : 7,009.2

연중 최고가 : 86,900 외국인지분(%) : 7.9

9 10 11 12 13


(1.2) 3.7 9.9 13.5 19.3

업종 대비 (9.6) (4.7) 1.5 5.1 10.9 5

KOSPI 대비 (7.5) (8.8) 8.7 12.1 20.5 10

22 23 24 19 20



2011/12A 11.7 250.8 15.4 186.8 31.0 140.7 31.7 291.5 6,855 60,485 880

2012/12A (5.6) 161.5 (35.6) 91.3 (51.2) 69.6 (50.6) 205.3 2,947 62,454 250

2013/12F 18.8 233.6 44.6 210.7 130.9 162.3 133.3 279.5 6,877 68,983 250

2014/12F 24.3 298.4 27.8 273.6 29.8 210.7 29.8 347.5 8,925 77,559 250

2015/12F 20.4 368.7 23.6 345.9 26.4 266.4 26.4 424.1 11,284 88,494 250



2011/12A 1,427.9 703.9 69.7 (60.0) 7.4 9.0 11.8 1.34 11.6 1.1

2012/12A 1,474.4 787.2 58.3 (50.0) 5.0 11.7 23.3 1.10 4.8 0.4

2013/12F 1,628.5 740.9 54.8 (60.0) 6.1 9.5 11.8 1.17 10.5 0.3

2014/12F 1,831.0 605.4 48.0 (70.0) 6.3 7.2 9.1 1.04 12.2 0.3

2015/12F 2,089.1 585.4 47.0 (100.0) 6.4 5.9 7.2 0.91 13.6 0.3



2013/03A 4.7 (15.5) 30.4 (1.1) 10.9 25.7 61.3 305.9 19.5 65.6 301.2

2013/06F 25.4 26.4 64.7 90.1 112.9 60.2 244.2 134.6 47.6 255.0 144.3

2013/09F 14.5 15.4 80.1 17.6 23.7 72.5 40.7 20.4 55.3 39.8 16.2

2013/12F 29.2 4.9 58.4 112.8 (27.1) 52.4 728.3 (27.7) 40.0 723.0 (27.7)

2014/03F 19.7 (21.7) 49.5 62.8 (15.2) 42.4 65.2 (19.1) 32.6 67.5 (18.3)

2014/06F 26.1 33.1 71.2 9.9 43.8 64.5 7.0 52.1 49.6 4.3 52.1

2014/09F 27.7 16.8 104.4 30.5 46.7 98.1 35.3 52.2 75.5 36.6 52.2

2014/12F 22.6 0.7 73.3 25.5 (29.9) 68.7 31.2 (30.0) 52.9 32.4 (30.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 3,593.8 220.7 149.8 6,362 12.4 롯데하이마트 9.6 1.1 11.7 0.3

FY2014F 3,953.0 254.8 175.4 7,482 10.5 유통 11.3 0.9 8.4 0.6



롯데하이마트

3,410.6

3,221.1

3,826.9

4,756.0

5,725.1

2,768.2 1,340.3

2,603.5 1,129.1

2,818.1 1,189.5

3,077.0 1,246.0

3,502.0 1,412.8

728.7

921.2

1,062.7

1,114.3

872.1

1,161.2

1,356.7

1,366.0

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-15

-10

-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

2011 2012 2013

주가

x25

x21

x17

x13

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



167



신세계 (004170.KS) 업데이트 : 2013.06.20




52주 최고가 : 243,000 시가총액(십억원) : 2,239.8

52주 최저가 : 188,000 60일 평균 거래대금(백만원) : 6,209.7

연중 최고가 : 237,000 외국인지분(%) : 48.0

9 10 11 12 13


11.2 8.9 5.3 2.2 3.6

업종 대비 2.8 0.4 (3.1) (6.2) (4.8) 5

KOSPI 대비 4.9 (3.7) 4.1 0.9 4.8 10

22 23 24 19 20



2011/12A 17.0 254.4 7.4 274.0 (29.5) 3,501.6 222.0 382.8 183,504 199,903 750

2012/12A 5.1 236.5 (7.0) 271.2 (1.0) 161.6 (95.4) 385.1 16,429 224,549 1,000

2013/12F 5.4 255.1 7.9 248.8 (8.3) 158.4 (2.0) 426.3 16,101 245,116 1,000

2014/12F 7.5 289.4 13.4 288.6 16.0 183.7 16.0 464.5 18,671 268,250 1,000

2015/12F 12.8 336.4 16.2 337.4 16.9 214.8 16.9 527.1 21,834 294,544 1,000



2011/12A 1,964.5 659.7 36.9 (282.0) 11.6 8.6 1.3 1.23 75.7 0.3

2012/12A 2,207.2 1,982.0 68.6 (485.6) 10.3 13.1 13.3 0.97 7.7 0.5

2013/12F 2,409.6 1,925.3 62.1 (450.0) 10.5 12.0 14.1 0.93 6.9 0.4

2014/12F 2,637.4 1,895.8 56.9 (400.0) 11.1 11.0 12.2 0.85 7.3 0.4

2015/12F 2,896.3 1,888.0 52.7 (450.0) 11.5 9.8 10.4 0.77 7.8 0.4



2013/03A 6.5 (10.6) 66.6 12.0 (32.9) 57.3 (17.0) (34.0) 38.7 (17.9) (20.5)

2013/06F 3.4 (6.2) 58.8 0.6 (11.7) 57.0 (26.5) (0.5) 36.1 (27.5) (6.6)

2013/09F 2.2 (1.7) 22.6 16.5 (61.6) 24.8 (34.6) (56.5) 15.7 (1.9) (56.5)

2013/12F 8.7 31.9 107.2 8.0 374.7 109.7 26.5 342.7 67.8 39.4 331.6

2014/03F 7.1 (11.9) 75.0 12.6 (30.1) 74.8 30.5 (31.8) 47.6 23.0 (29.8)

2014/06F 9.8 (3.8) 68.6 16.7 (8.4) 68.5 20.1 (8.5) 43.6 20.6 (8.5)

2014/09F 4.7 (6.3) 23.7 5.2 (65.4) 23.6 (4.8) (65.5) 15.0 (4.5) (65.5)

2014/12F 8.0 36.1 122.1 13.9 414.2 121.7 10.9 415.8 77.4 14.2 415.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,483.4 286.6 186.8 16,730 13.8 신세계 12.6 0.9 7.2 0.4

FY2014F 2,686.1 322.7 211.8 18,967 12.1 유통 11.3 0.9 8.4 0.6



신세계

2,185.5

2,296.7

2,420.0

2,600.6

2,934.0

4,144.7 1,965.1

6,968.5 3,867.7

7,380.9 4,035.5

7,769.0 4,148.6

8,314.2 4,381.5

593.7

557.0

547.3

722.0

636.0

611.5

573.1

780.0

0

50,000

100,000

150,000

200,000

250,000


-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x16

x12

x8

x4

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



168



신세계푸드 (031440.KS) 업데이트 : 2013.04.24




52주 최고가 : 121,000 시가총액(십억원) : 323.0

52주 최저가 : 85,100 60일 평균 거래대금(백만원) : 502.6

연중 최고가 : 109,000 외국인지분(%) : 16.3

9 10 11 12 13


3.3 (2.4) (1.9) (0.6) (5.6)

업종 대비 (5.1) (10.8) (10.3) (9.0) (14.0) 5

KOSPI 대비 (3.0) (14.9) (3.1) (2.0) (4.4) 10

22 23 24 19 20



2011/12A 11.1 39.9 0.6 40.5 6.9 31.3 8.1 51.9 9,128 51,409 750

2012/12A 3.3 34.3 (14.0) 35.9 (11.2) 27.7 (11.5) 47.1 8,077 59,225 750

2013/12F 9.5 39.2 14.3 40.7 13.4 31.4 13.4 54.2 9,161 67,576 750

2014/12F 21.1 51.6 31.4 53.0 30.2 40.9 30.2 69.2 11,924 78,479 750

2015/12F 16.7 64.8 25.6 67.3 26.8 51.9 26.8 82.5 15,123 92,404 750



2011/12A 176.3 (11.0) 0.0 (21.8) 5.7 5.0 8.6 1.52 18.9 1.0

2012/12A 203.1 (7.3) 0.0 (32.2) 4.8 7.2 12.5 1.71 14.6 0.7

2013/12F 231.7 (8.0) 0.0 (42.0) 5.0 5.8 10.3 1.39 14.4 0.8

2014/12F 269.1 (18.3) 0.0 (27.0) 5.4 4.5 7.9 1.20 16.3 0.8

2015/12F 316.8 (43.7) 0.0 (27.0) 5.8 3.5 6.2 1.02 17.7 0.8



2013/03F 7.3 8.9 7.5 (6.2) 5.6 7.8 (3.0) (5.5) 6.0 (1.5) (5.7)

2013/06F 10.1 9.5 11.0 12.5 46.7 11.3 6.1 44.9 8.7 4.9 44.9

2013/09F 11.3 (3.4) 12.0 27.1 9.1 12.2 35.9 8.0 9.4 36.1 8.0

2013/12F 9.4 (5.1) 8.7 23.1 (27.1) 9.4 14.4 (22.6) 7.3 14.1 (22.6)

2014/03F 21.6 21.1 10.1 34.7 15.5 10.4 33.3 10.2 8.0 33.3 10.2

2014/06F 19.2 7.4 15.6 41.8 54.5 15.9 40.7 52.9 12.3 40.7 52.9

2014/09F 20.4 (2.4) 14.6 21.7 (6.4) 14.8 21.3 (6.9) 11.4 21.3 (6.9)

2014/12F 23.4 (2.7) 11.3 28.8 (22.9) 11.9 26.3 (19.4) 9.2 26.3 (19.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 748.9 31.3 25.2 7,362 12.8 신세계푸드 8.4 1.2 15.8 0.8

FY2014F 820.7 40.1 31.9 9,304 10.1 유통 11.3 0.9 8.4 0.6



신세계푸드

698.2

721.1

789.8

956.4

1,116.4

248.7 72.5

264.2 61.2

302.1 68.5

353.9 80.3

419.3 94.8

190.0

208.0

201.0

190.8

231.0

248.0

242.0

235.4

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-15

-10

-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x13

x11

x10

x8

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



169



이마트 (139480.KS) 업데이트 : 2013.09.13




52주 최고가 : 249,000 시가총액(십억원) : 6,550.8

52주 최저가 : 184,000 60일 평균 거래대금(백만원) : 13,576.9

연중 최고가 : 248,500 외국인지분(%) : 57.2

9 10 11 12 13


17.2 25.3 8.5 (3.7) (0.6)

업종 대비 8.8 16.9 0.1 (12.1) (9.0) 5

KOSPI 대비 10.9 12.8 7.4 (5.0) 0.5 10

22 23 24 19 20



2011/12A NA 554.3 NA 450.8 NA 305.8 NA 770.6 10,976 196,899 750

2012/12A 58.7 735.9 32.7 615.9 36.6 424.7 38.9 1,095.4 15,243 216,175 1,500

2013/12F 3.8 707.4 (3.9) 638.7 3.7 468.9 10.4 1,099.8 16,829 236,340 1,500

2014/12F 8.2 815.5 15.3 761.9 19.3 559.4 19.3 1,235.2 20,076 259,751 1,500

2015/12F 8.7 916.7 12.4 869.9 14.2 638.7 14.2 1,369.2 22,921 286,005 1,500



2011/12A 5,486.1 2,879.6 53.7 (383.5) 6.9 13.9 25.4 1.42 5.6 0.3

2012/12A 6,023.4 3,305.8 55.9 (813.2) 5.8 9.2 15.6 1.10 7.4 0.6

2013/12F 6,585.6 2,893.3 45.0 (700.0) 5.4 8.7 14.0 0.99 7.4 0.6

2014/12F 7,238.2 2,725.2 39.0 (900.0) 5.7 7.6 11.7 0.90 8.1 0.6

2015/12F 7,970.0 2,654.5 34.8 (1,000.0) 5.9 6.8 10.3 0.82 8.4 0.6



2013/03A (0.2) 3.9 176.9 (7.1) 13.1 152.4 (9.0) 214.6 111.4 (5.6) 826.8

2013/06A 5.3 (3.4) 183.2 (1.8) 3.6 180.7 (7.3) 18.6 132.8 (6.8) 19.2

2013/09F 3.0 11.5 195.0 (9.7) 6.4 176.5 (13.8) (2.3) 130.4 (14.1) (1.9)

2013/12F 7.0 (4.4) 152.3 (2.6) (21.9) 129.1 166.6 (26.8) 94.3 684.0 (27.7)

2014/03F 6.8 3.8 190.1 7.4 24.8 170.3 11.7 31.9 125.0 12.2 32.6

2014/06F 7.7 (2.6) 209.4 14.3 10.2 210.5 16.5 23.6 154.6 16.4 23.6

2014/09F 8.7 12.5 230.7 18.3 10.2 215.3 22.0 2.3 158.1 21.2 2.3

2014/12F 9.4 (3.8) 185.3 21.7 (19.7) 165.8 28.4 (23.0) 121.8 29.2 (23.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 12,875.2 721.4 481.4 16,875 14.2 이마트 12.2 0.9 7.9 0.6

FY2014F 13,576.4 772.5 538.1 18,940 12.6 유통 11.3 0.9 8.4 0.6



이마트

7,994.6

12,685.0

13,166.7

14,246.1

15,488.8

11,110.4 5,535.0

12,254.0 6,124.8

12,660.2 5,956.3

13,458.9 6,087.8

14,401.6 6,282.6

3,233.0

3,123.3

3,481.0

3,329.3

3,454.2

3,365.1

3,784.8

3,641.9

0

50,000

100,000

150,000

200,000

250,000

300,000


-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

2011 2012 2013

주가

x28

x23

x19

x15

x11

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



170



현대백화점 (069960.KS) 업데이트 : 2013.07.30




52주 최고가 : 174,000 시가총액(십억원) : 3,650.8

52주 최저가 : 129,000 60일 평균 거래대금(백만원) : 8,172.0

연중 최고가 : 172,000 외국인지분(%) : 41.3

9 10 11 12 13


3.0 4.0 (2.5) 4.7 (2.8)

업종 대비 (5.4) (4.4) (10.9) (3.7) (11.2) 5

KOSPI 대비 (3.4) (8.6) (3.7) 3.3 (1.6) 10

22 23 24 19 20



2011/12A 13.3 436.6 14.1 560.6 7.8 346.4 3.1 514.2 15,183 106,702 650

2012/12A 5.6 426.3 (2.4) 490.3 (12.5) 321.9 (7.1) 523.8 13,974 119,746 650

2013/12F 5.3 433.6 1.7 511.4 4.3 335.3 4.2 546.8 14,558 133,351 650

2014/12F 8.7 479.8 10.7 555.6 8.6 364.7 8.7 604.5 15,830 148,208 650

2015/12F 16.7 559.4 16.6 640.0 15.2 420.0 15.2 699.8 18,234 165,432 650



2011/12A 2,443.5 354.4 17.7 (732.6) 30.3 9.0 10.7 1.53 15.4 0.4

2012/12A 2,748.8 258.1 26.5 (312.6) 28.0 8.5 11.4 1.33 12.4 0.4

2013/12F 3,067.1 167.5 22.5 (350.0) 27.1 8.0 10.7 1.17 11.5 0.4

2014/12F 3,414.8 86.8 19.5 (420.0) 27.6 7.1 9.9 1.05 11.3 0.4

2015/12F 3,817.9 28.3 18.7 (500.0) 27.5 6.2 8.6 0.94 11.6 0.4



2013/03A (1.3) (8.2) 104.8 (13.6) (13.3) 133.0 (5.9) 6.7 89.6 (4.0) 12.1

2013/06F 4.4 (1.8) 108.9 (3.5) 3.9 126.7 (5.4) (4.7) 83.8 (6.3) (6.4)

2013/09F 5.2 (3.8) 81.0 13.7 (25.6) 100.1 10.8 (21.0) 65.4 10.7 (22.0)

2013/12F 12.5 29.8 138.9 14.8 71.5 151.7 21.7 51.6 96.5 20.6 47.5

2014/03F 8.8 (11.2) 117.6 12.2 (15.3) 145.9 9.7 (3.8) 95.8 6.9 (0.7)

2014/06F 7.1 (3.4) 120.6 10.7 2.5 140.8 11.1 (3.5) 92.4 10.2 (3.5)

2014/09F 8.3 (2.7) 87.3 7.8 (27.6) 106.4 6.4 (24.4) 69.9 6.8 (24.4)

2014/12F 10.3 32.1 154.4 11.2 76.8 162.4 7.1 52.6 106.6 10.5 52.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,588.5 427.4 369.3 14,359 10.9 현대백화점 10.1 1.1 11.3 0.4

FY2014F 1,717.6 471.8 399.8 15,520 10.1 유통 11.3 0.9 8.4 0.6



현대백화점

1,439.1

1,520.0

1,601.3

1,740.8

2,031.6

4,720.1 1,827.7

5,400.1 2,163.5

5,747.4 2,148.5

6,215.3 2,220.8

6,936.9 2,484.1

385.7

378.6

364.3

472.7

419.5

405.4

394.6

521.3

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x13

x11

x9

x7

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



171



현대홈쇼핑 (057050.KS) 업데이트 : 2013.07.30

투자의견 : 중립 업종 : 유통 주가 수익률(12개월)

목표주가 : - 애널리스트 : 여영상


52주 최고가 : 175,500 시가총액(십억원) : 1,878.0

52주 최저가 : 107,000 60일 평균 거래대금(백만원) : 3,837.3

연중 최고가 : 174,500 외국인지분(%) : 31.8

9 10 11 12 13


(3.4) 7.9 13.8 29.3 27.8

업종 대비 (11.8) (0.5) 5.4 20.9 19.3 5

KOSPI 대비 (9.7) (4.6) 12.6 28.0 28.9 10

22 23 24 19 20



2011/12A 22.4 154.5 14.7 197.1 31.1 151.9 33.9 163.6 12,659 72,438 1,100

2012/12A 6.9 152.8 (1.1) 150.2 (23.8) 104.0 (31.6) 161.9 8,664 81,224 1,100

2013/12F 11.0 148.0 (3.2) 259.2 72.7 199.6 92.0 156.8 16,635 97,981 1,100

2014/12F 12.0 163.0 10.1 228.1 (12.0) 175.6 (12.0) 171.9 14,635 112,738 1,100

2015/12F 11.2 182.0 11.7 258.8 13.5 199.3 13.5 191.1 16,605 129,465 1,100



2011/12A 869.3 (840.4) 0.2 (17.2) 21.7 4.6 10.5 1.84 19.3 0.8

2012/12A 974.7 (548.8) 0.5 (5.5) 20.1 5.6 14.0 1.49 11.3 0.9

2013/12F 1,175.8 (677.8) 0.5 (11.0) 17.5 7.7 9.4 1.60 18.6 0.7

2014/12F 1,352.9 (806.1) 0.5 (11.0) 17.2 6.2 10.7 1.39 13.9 0.7

2015/12F 1,553.6 (959.7) 0.5 (11.0) 17.3 4.8 9.4 1.21 13.7 0.7



2013/03A (3.6) (1.1) 34.4 (27.0) (11.6) 103.3 63.4 NA 86.7 78.6 NA

2013/06F 9.9 4.5 35.7 (0.8) 3.7 45.6 (20.4) (55.8) 35.6 (20.6) (58.9)

2013/09F 15.9 0.6 33.2 7.5 (6.9) 44.2 9.5 (3.0) 32.7 (6.3) (8.1)

2013/12F 22.5 17.7 44.6 14.6 34.3 66.1 NA 49.6 44.6 NA 36.3

2014/03F 18.1 (4.6) 47.0 36.5 5.3 57.0 (44.8) (13.9) 43.9 (49.4) (1.6)

2014/06F 11.0 (1.8) 44.7 25.2 (4.9) 67.7 48.4 18.8 52.1 46.4 18.8

2014/09F 10.0 (0.3) 41.6 25.3 (6.8) 54.6 23.5 (19.3) 42.1 28.5 (19.3)

2014/12F 9.6 17.3 29.7 (33.5) (28.7) 48.8 (26.3) (10.7) 37.6 (15.8) (10.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 810.1 150.4 203.5 16,962 9.2 현대홈쇼핑 10.3 1.4 15.1 0.7

FY2014F 892.1 171.0 177.8 14,818 10.6 유통 11.3 0.9 8.4 0.6



현대홈쇼핑

711.6

760.5

844.1

945.4

1,051.8

1,139.8 270.6

1,306.4 331.7

1,527.1 351.3

1,749.1 396.3

2,000.8 447.2

194.7

203.5

204.8

241.1

230.0

225.9

225.3

264.3

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-20

-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2010 2011 2012

주가

x16

x13

x11

x9

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



172



CJ오쇼핑 (035760.KQ) 업데이트 : 2013.07.04




52주 최고가 : 372,700 시가총액(십억원) : 2,153.1

52주 최저가 : 227,600 60일 평균 거래대금(백만원) : 6,282.0

연중 최고가 : 368,000 외국인지분(%) : 20.4

9 10 11 12 13


4.1 8.4 15.7 48.7 26.8

업종 대비 (4.3) (0.0) 7.3 40.3 18.4 5

KOSPI 대비 (2.2) (4.2) 14.5 47.4 28.0 10

22 23 24 19 20



2011/12A 25.8 130.9 7.0 117.8 10.2 112.5 21.2 143.8 18,698 80,261 2,000

2012/12A 20.4 138.8 6.0 162.6 38.0 159.9 42.2 152.5 26,576 96,719 2,000

2013/12F 9.2 166.0 19.6 153.0 (5.9) 148.2 (7.3) 179.7 24,633 117,983 2,000

2014/12F 12.0 196.2 18.2 183.2 19.7 182.0 22.8 211.0 30,241 144,006 2,000

2015/12F 11.0 220.2 12.2 207.2 13.1 222.9 22.5 236.0 37,032 176,459 2,000



2011/12A 485.5 212.0 70.9 (21.7) 14.6 11.6 13.8 3.21 27.0 0.8

2012/12A 587.6 129.0 45.4 (7.2) 12.9 11.3 10.4 2.86 29.8 0.7

2013/12F 719.7 61.3 26.2 (15.0) 14.1 11.6 14.1 2.94 22.7 0.6

2014/12F 881.2 0.4 14.3 (15.0) 14.9 9.4 11.5 2.41 22.7 0.6

2015/12F 1,082.5 (53.5) 6.9 (15.0) 15.1 8.0 9.4 1.97 22.7 0.6



2013/03A 17.1 (10.6) 38.0 10.7 (15.7) 35.7 13.6 21.1 32.4 (1.1) 71.2

2013/06F 12.3 3.8 38.1 23.9 0.4 34.1 12.9 (4.4) 25.7 (37.7) (20.6)

2013/09F 6.9 (0.0) 31.3 9.1 (17.8) 28.3 (60.3) (17.0) 21.4 (68.1) (17.0)

2013/12F 2.4 10.4 58.6 29.9 86.9 54.8 86.0 93.6 68.7 262.9 221.6

2014/03F 18.2 3.2 37.2 (2.2) (36.5) 34.6 (3.2) (36.9) 58.9 81.7 (14.2)

2014/06F 14.3 0.4 33.7 (11.6) (9.3) 34.7 1.7 0.4 59.0 129.3 0.2

2014/09F 9.3 (4.4) 25.1 (20.0) (25.6) 78.2 176.2 125.3 91.9 329.9 55.6

2014/12F 6.9 7.9 100.3 71.3 300.4 35.7 (35.0) (54.4) (27.8) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,206.4 160.9 120.2 19,374 17.8 CJ오쇼핑 12.1 2.5 22.7 0.6

FY2014F 1,329.9 181.4 136.7 22,029 15.7 유통 11.3 0.9 8.4 0.6



CJ오쇼핑

894.7

1,077.3

1,176.1

1,317.2

1,462.1

905.6 557.9

1,007.1 538.8

1,094.8 513.2

1,217.2 499.5

1,365.9 494.0

278.5

289.2

289.2

319.2

329.3

330.6

316.1

341.2

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000


0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x25

x20

x15

x10

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



173



GS리테일 (007070.KS) 업데이트 : 2013.08.13




52주 최고가 : 35,850 시가총액(십억원) : 2,452.5

52주 최저가 : 25,900 60일 평균 거래대금(백만원) : 4,979.7

연중 최고가 : 33,800 외국인지분(%) : 16.1

9 10 11 12 13


2.6 10.0 8.1 7.8 7.4

업종 대비 (5.8) 1.6 (0.3) (0.6) (1.0) 5

KOSPI 대비 (3.8) (2.5) 7.0 6.4 8.6 10

22 23 24 19 20



2011/12A 21.4 93.9 17.9 129.2 21.7 93.6 (78.8) 214.6 1,213 18,574 300

2012/12A 13.0 140.5 49.6 161.8 25.3 123.5 32.0 293.2 1,603 19,798 400

2013/12F 10.1 159.9 13.8 166.9 3.2 127.4 3.2 337.1 1,654 20,976 400

2014/12F 10.6 179.0 11.9 200.7 20.2 153.1 20.2 364.4 1,989 22,489 400

2015/12F 11.4 207.9 16.1 235.2 17.2 179.5 17.2 401.7 2,331 24,344 400



2011/12A 1,430.2 148.1 63.5 (188.1) 2.4 6.7

2012/12A 1,524.5 275.0 49.4 (192.9) 3.1 8.8 18.7 1.51 8.4 1.3

2013/12F 1,615.2 145.3 43.5 (205.0) 3.2 7.7 19.3 1.52 8.1 1.3

2014/12F 1,731.7 57.0 38.5 (190.0) 3.3 6.9 16.0 1.42 9.2 1.3

2015/12F 1,874.5 (36.5) 34.0 (190.0) 3.4 6.0 13.7 1.31 10.0 1.3



2013/03A 6.7 1.8 14.4 31.2 (51.1) 15.6 (25.2) (50.7) 11.7 (26.0) (52.0)

2013/06F 7.0 7.8 46.8 14.4 224.3 43.8 (0.6) 180.7 33.0 (1.3) 181.2

2013/09F 10.8 12.9 63.7 7.8 36.2 68.0 4.3 55.2 52.3 5.0 58.6

2013/12F 15.5 (6.8) 35.0 18.7 (45.1) 39.5 24.8 (41.9) 30.4 24.6 (41.9)

2014/03F 14.1 0.6 19.5 35.1 (44.3) 23.0 47.4 (41.8) 17.6 49.8 (42.2)

2014/06F 14.9 8.6 50.8 8.6 160.8 56.8 29.7 147.0 43.4 31.5 147.0

2014/09F 13.5 11.5 75.8 18.9 49.1 81.8 20.3 43.9 62.4 19.3 43.9

2014/12F 0.1 (17.8) 32.9 (5.9) (56.5) 39.1 (1.1) (52.2) 29.8 (1.9) (52.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 4,781.7 163.3 126.2 1,652 18.8 GS리테일 16.8 1.4 8.9 1.3

FY2014F 5,213.2 188.7 149.2 1,950 15.9 유통 11.3 0.9 8.4 0.6



GS리테일

3,981.6

4,499.7

4,952.2

5,474.8

6,099.5

2,994.0 1,559.4

2,913.8 1,389.4

3,039.7 1,424.6

3,208.8 1,477.1

3,419.3 1,544.9

1,117.7

1,205.4

1,360.9

1,268.3

1,275.2

1,385.0

1,544.6

1,270.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2012 2013

주가

x20

x18

x17

x15

x14

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



174



GS홈쇼핑 (028150.KQ) 업데이트 : 2013.07.30




52주 최고가 : 251,900 시가총액(십억원) : 1,584.8

52주 최저가 : 107,600 60일 평균 거래대금(백만원) : 4,113.5

연중 최고가 : 248,200 외국인지분(%) : 40.7

9 10 11 12 13


11.2 (0.6) 22.3 118.6 57.9

업종 대비 2.8 (9.0) 13.9 110.1 49.5 5

KOSPI 대비 4.9 (13.2) 21.1 117.2 59.1 10

22 23 24 19 20



2011/12A 14.4 109.5 (8.1) 262.2 136.8 202.4 162.8 116.4 32,164 94,521 3,500

2012/12A 12.5 135.7 23.9 148.5 (43.4) 106.6 (47.3) 144.4 16,842 107,806 3,000

2013/12F 10.2 170.1 25.4 183.2 23.3 136.5 28.0 180.1 21,795 125,278 3,000

2014/12F 12.5 193.9 14.0 208.4 13.8 155.3 13.8 205.1 24,803 145,606 3,000

2015/12F 12.2 221.1 14.0 236.6 13.5 176.3 13.5 233.5 28,159 168,636 3,000



2011/12A 606.4 (607.7) 0.0 (15.1) 12.1 1.3 3.6 1.23 39.2 3.0

2012/12A 682.6 (643.7) 0.0 (17.0) 13.3 2.5 9.1 1.41 16.5 2.0

2013/12F 797.2 (740.1) 0.0 (8.2) 15.1 4.7 11.1 1.93 18.4 1.2

2014/12F 930.6 (921.1) 0.0 (8.1) 15.3 3.3 9.7 1.66 18.0 1.2

2015/12F 1,081.8 (1,076.1) 0.0 (7.9) 15.6 2.3 8.6 1.43 17.5 1.2



2013/03A (6.4) (8.2) 37.6 32.8 (26.1) 40.3 20.0 (21.0) 31.9 37.6 (17.3)

2013/06F 15.8 14.4 37.3 61.5 (0.8) 43.0 51.0 6.6 32.5 65.1 1.9

2013/09F 7.3 (8.4) 34.9 4.3 (6.5) 37.9 7.1 (11.9) 29.2 15.4 (10.2)

2013/12F 24.1 28.9 60.4 18.7 73.2 62.0 21.3 63.6 43.0 11.5 47.4

2014/03F 20.5 (10.8) 45.9 22.2 (23.9) 48.9 21.3 (21.0) 36.4 14.4 (15.2)

2014/06F 12.0 6.3 47.9 28.4 4.3 51.4 19.5 5.1 38.3 18.0 5.1

2014/09F 11.0 (9.2) 46.0 32.0 (3.9) 49.5 30.8 (3.6) 36.9 26.6 (3.6)

2014/12F 8.1 25.6 54.0 (10.5) 17.4 58.6 (5.4) 18.3 43.6 1.5 18.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,079.4 163.3 135.6 20,663 11.6 GS홈쇼핑 10.1 1.7 18.1 1.2

FY2014F 1,181.9 180.1 152.7 23,272 10.3 유통 11.3 0.9 8.4 0.6



GS홈쇼핑

906.1

1,019.6

1,123.6

1,264.0

1,418.3

967.4 360.1

1,058.2 370.2

1,190.7 385.0

1,376.1 433.9

1,598.1 498.3

247.3

283.0

259.2

334.1

298.1

317.0

287.7

361.3

0

50,000

100,000

150,000

200,000

250,000

300,000


-20

0

20

40

60

80

100

120

140

160

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x11

x9

x7

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



175



농심 (004370.KS) 업데이트 : 2013.08.22

투자의견 : 매수 업종 : 음식료·담배 주가 수익률(12개월)

목표주가 : 330,000 애널리스트 : 이경주


52주 최고가 : 362,000 시가총액(십억원) : 1,590.6

52주 최저가 : 229,500 60일 평균 거래대금(백만원) : 4,412.8

연중 최고가 : 358,000 외국인지분(%) : 23.8

9 10 11 12 13


9.9 1.2 (9.8) (1.1) (3.9)

업종 대비 1.3 (7.4) (18.4) (9.7) (12.4) 5

KOSPI 대비 3.5 (11.4) (11.0) (2.5) (2.7) 10

22 23 24 19 20



2011/12A 4.2 101.6 (33.7) 127.8 (30.4) 84.8 (39.3) 176.3 14,662 259,430 4,000

2012/12A 0.2 96.9 (4.6) 25.6 (80.0) (6.8) NA 177.5 -1,173 250,158 4,000

2013/12F 3.0 114.0 17.7 147.6 477.0 107.4 NA 194.3 18,581 259,480 4,000

2014/12F 6.7 144.2 26.5 183.3 24.2 135.7 26.3 225.5 23,465 273,446 4,000

2015/12F 6.8 170.9 18.6 215.8 17.7 160.8 18.5 253.3 27,804 291,537 4,000



2011/12A 1,497.2 (418.9) 7.9 (91.0) 4.7 5.8 15.9 0.90 5.8 1.7

2012/12A 1,440.8 (361.3) 7.0 (68.5) 4.5 7.4 NA 1.09 (0.5) 1.5

2013/12F 1,497.6 (421.8) 6.8 (81.6) 5.1 6.1 14.1 1.01 7.3 1.5

2014/12F 1,582.5 (511.2) 6.4 (92.5) 6.0 4.9 11.1 0.96 8.8 1.5

2015/12F 1,692.5 (610.6) 6.0 (92.9) 6.7 3.9 9.4 0.90 9.8 1.5



2013/03A (3.5) NA 30.4 13.7 NA 33.9 NA NA 25.4 NA NA

2013/06F NA (6.7) 13.8 NA (54.7) 15.9 NA (53.2) 11.9 NA (53.2)

2013/09F NA 16.8 39.3 NA 185.2 43.5 NA 173.8 31.7 NA 166.2

2013/12F NA 9.1 30.5 NA (22.3) 49.2 NA 13.1 38.5 NA 21.6

2014/03F 9.2 (8.1) 31.9 4.9 4.4 36.1 6.5 (26.5) 26.7 5.4 (30.5)

2014/06F 13.4 (3.2) 15.4 12.1 (51.5) 20.0 25.9 (44.7) 14.8 24.5 (44.7)

2014/09F 6.6 9.8 39.7 1.1 157.2 44.5 2.3 122.5 32.9 4.1 122.5

2014/12F (0.7) 1.7 57.1 87.1 43.8 82.7 68.1 85.8 61.2 58.9 85.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,126.8 105.9 96.5 15,955 16.2 농심 11.8 1.0 8.4 1.5

FY2014F 2,248.7 128.2 114.4 18,876 13.7 음식료·담배 17.4 1.5 8.9 2.2



농심

2,170.9

2,175.7

2,240.5

2,390.0

2,551.4

2,270.3 751.0

2,151.3 692.0

2,237.9 721.8

2,373.3 772.3

2,532.5 821.5

532.0

496.4

579.7

632.5

581.1

562.7

618.0

628.2

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000


-15

-10

-5

0

5

10

15

20

25

30

35

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x18

x13

x9

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



176



롯데제과 (004990.KS) 업데이트 : 2013.08.13


목표주가 : 2,000,000 애널리스트 : 이경주

현재주가 : 1,704,000 회계기준 : K-IFRS 연결

52주 최고가 : 2,189,000 시가총액(십억원) : 2,422.1

52주 최저가 : 1,415,000 60일 평균 거래대금(백만원) : 1,654.4

연중 최고가 : 2,005,000 외국인지분(%) : 39.6

9 10 11 12 13


14.2 10.5 (0.8) 10.8 5.8

업종 대비 5.6 1.9 (9.4) 2.2 (2.7) 5

KOSPI 대비 7.9 (2.0) (2.0) 9.4 7.0 10

22 23 24 19 20



2011/12A 12.3 173.2 2.7 157.6 20.6 97.7 4.4 243.3 69,402 1,784,827 4,000

2012/12A 0.6 115.4 (33.4) 126.0 (20.1) 91.6 (6.2) 190.0 65,102 1,907,881 4,000

2013/12F 3.7 118.0 2.2 128.5 2.0 88.2 (3.7) 195.6 62,668 2,022,965 4,000

2014/12F 7.0 144.5 22.5 158.1 23.1 108.6 23.1 224.6 77,147 2,152,386 4,000

2015/12F 7.3 166.7 15.3 183.0 15.7 125.6 15.7 249.2 89,253 2,293,793 4,000



2011/12A 2,530.7 120.6 15.5 (88.2) 9.3 10.8 24.6 0.96 3.8 0.2

2012/12A 2,705.6 95.7 11.9 (65.4) 6.2 13.2 25.0 0.85 3.5 0.2

2013/12F 2,869.2 29.9 9.6 (165.0) 6.1 13.1 27.2 0.84 3.2 0.2

2014/12F 3,053.2 (27.9) 7.7 (122.5) 7.0 11.1 22.1 0.79 3.7 0.2

2015/12F 3,254.1 (117.8) 5.2 (124.8) 7.5 9.7 19.1 0.74 4.0 0.2



2013/03A 6.9 1.0 21.8 (28.7) 540.6 28.3 (38.5) NA 18.5 (54.0) NA

2013/06F 4.2 3.7 26.1 (17.6) 19.6 12.4 (29.6) (56.2) 8.5 31.7 (54.1)

2013/09F 4.0 8.0 53.3 7.3 104.0 68.3 (8.5) 450.3 46.9 (15.6) 450.3

2013/12F 0.1 (11.5) 16.8 391.8 (68.5) 19.5 NA (71.5) 14.3 NA (69.6)

2014/03F 7.0 8.0 29.9 37.1 78.6 24.0 (15.4) 23.1 16.4 (11.3) 15.3

2014/06F 7.0 3.7 45.0 72.4 50.3 36.5 193.8 52.2 25.0 193.8 52.2

2014/09F 7.0 8.0 63.1 18.5 40.3 80.4 17.7 120.5 55.2 17.7 120.5

2014/12F 7.0 (11.5) 6.4 (61.7) (89.8) 17.4 (10.8) (78.4) 11.9 (16.5) (78.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,968.1 109.0 82.9 62,356 27.8 롯데제과 23.2 0.8 3.5 0.2

FY2014F 2,101.6 136.7 113.3 82,917 20.9 음식료·담배 17.4 1.5 8.9 2.2



롯데제과

1,854.2

1,864.5

1,934.3

2,069.8

2,221.0

3,901.3 1,286.3

4,024.4 1,222.8

4,171.2 1,199.7

4,372.2 1,209.5

4,590.5 1,219.0

466.4

483.6

522.3

462.0

499.1

517.4

558.8

494.4

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000


-10

-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x30

x26

x23

x20

x17

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



177



롯데칠성 (005300.KS) 업데이트 : 2013.08.15




52주 최고가 : 1,730,000 시가총액(십억원) : 1,995.6

52주 최저가 : 1,296,000 60일 평균 거래대금(백만원) : 2,183.3

연중 최고가 : 1,722,000 외국인지분(%) : 25.9

9 10 11 12 13


22.1 22.7 11.2 20.0 6.8

업종 대비 13.5 14.1 2.7 11.5 (1.8) 5

KOSPI 대비 15.8 10.1 10.1 18.7 7.9 10

22 23 24 19 20



2011/12A 12.9 175.2 26.8 132.6 51.7 76.9 23.4 273.1 56,570 1,576,619 3,000

2012/12A 5.3 150.2 (14.3) 121.7 (8.2) 83.1 8.0 256.5 61,145 1,668,321 3,500

2013/12F 5.1 172.5 14.8 138.8 14.0 95.2 14.6 294.0 70,140 1,734,462 4,000

2014/12F 7.3 204.3 18.4 170.7 23.0 117.1 23.0 338.1 86,259 1,816,220 4,500

2015/12F 8.2 234.9 15.0 202.4 18.6 138.8 18.6 374.1 102,274 1,913,495 5,000



2011/12A 2,139.8 482.5 29.7 (113.6) 8.4 8.6 25.9 0.93 3.6 0.2

2012/12A 2,264.3 482.4 31.3 (141.4) 6.8 9.4 24.8 0.91 3.8 0.2

2013/12F 2,354.0 566.1 34.1 (291.4) 7.5 8.9 23.0 0.93 4.1 0.2

2014/12F 2,465.0 458.8 28.9 (138.0) 8.2 7.4 18.7 0.89 4.9 0.3

2015/12F 2,597.0 337.8 23.6 (137.0) 8.8 6.4 15.8 0.84 5.5 0.3



2013/03A 1.9 5.7 29.6 (18.3) 101.8 27.7 (6.0) 229.3 18.0 (15.4) 146.4

2013/06F (1.9) 13.9 59.5 26.2 100.8 62.6 48.9 126.0 46.3 62.8 157.1

2013/09F 7.5 13.8 63.0 23.0 5.9 52.3 25.3 (16.4) 35.9 37.8 (22.4)

2013/12F 14.2 (16.6) 20.3 38.2 (67.8) 1.8 (79.1) (96.6) (5.0) NA NA

2014/03F 7.3 (0.7) 31.8 7.3 56.7 28.3 2.2 1,513.1 19.4 7.9 NA

2014/06F 11.8 18.7 62.0 4.1 94.9 56.7 (9.5) 100.2 38.9 (16.0) 100.2

2014/09F 7.3 9.1 67.6 7.3 9.1 56.4 7.8 (0.5) 38.7 7.8 (0.5)

2014/12F 2.4 (20.4) 42.9 111.5 (36.5) 29.3 1,566.5 (48.1) 20.1 NA (48.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,245.3 165.8 109.8 79,778 19.7 롯데칠성 19.7 0.9 4.7 0.3

FY2014F 2,373.7 183.2 120.6 87,596 17.9 음식료·담배 17.4 1.5 8.9 2.2



롯데칠성

2,087.2

2,198.6

2,311.7

2,479.6

2,682.7

3,599.2 1,455.2

3,750.5 1,482.0

3,992.3 1,634.2

4,091.7 1,622.8

4,222.5 1,621.8

512.0

583.1

663.5

553.1

549.2

652.1

711.6

566.6

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000


-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x42

x35

x28

x21

x15

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



178



빙그레 (005180.KS) 업데이트 : 2013.09.10

투자의견 : 중립 업종 : 음식료·담배 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이경주


52주 최고가 : 140,000 시가총액(십억원) : 951.6

52주 최저가 : 85,300 60일 평균 거래대금(백만원) : 3,776.5

연중 최고가 : 138,500 외국인지분(%) : 22.2

9 10 11 12 13


9.2 (4.8) (24.5) (8.0) (14.5)

업종 대비 0.6 (13.4) (33.1) (16.6) (23.1) 5

KOSPI 대비 2.8 (17.4) (25.7) (9.4) (13.3) 10

22 23 24 19 20



2011/12A 5.2 50.2 (22.2) 52.0 (19.5) 42.0 (14.1) 70.1 4,754 42,286 1,200

2012/12A 9.5 66.8 33.1 67.1 29.2 50.8 20.8 87.8 5,744 46,507 1,400

2013/12F 6.1 64.8 (3.0) 66.1 (1.5) 50.6 (0.5) 86.3 5,717 50,340 1,400

2014/12F 7.5 73.0 12.6 75.4 14.1 57.7 14.1 94.8 6,525 54,723 1,400

2015/12F 7.3 80.4 10.2 84.3 11.7 64.5 11.7 102.7 7,290 59,732 1,400



2011/12A 394.1 (116.7) 2.5 (27.2) 7.0 6.7 12.5 1.41 10.9 2.0

2012/12A 435.7 (145.0) 2.2 (31.7) 8.5 10.9 19.5 2.41 12.2 1.3

2013/12F 473.4 (187.0) 2.0 (20.1) 7.7 8.9 16.9 1.92 11.1 1.4

2014/12F 516.6 (228.8) 1.8 (25.5) 8.1 7.7 14.8 1.77 11.7 1.4

2015/12F 566.0 (282.9) 1.7 (26.0) 8.3 6.6 13.3 1.62 11.9 1.4



2013/03A 7.1 10.4 3.3 (50.3) NA 3.6 (54.3) NA 1.8 (68.8) NA

2013/06A 0.7 46.1 20.0 (32.9) 506.7 21.2 (31.4) 497.6 16.6 (27.4) 816.9

2013/09F 5.3 14.5 34.6 (4.6) 73.3 36.6 (3.5) 72.1 28.0 (2.0) 68.6

2013/12F 15.3 (37.6) 6.9 NA (80.0) 9.1 NA (75.2) 4.2 NA (85.1)

2014/03F 8.6 4.0 4.9 49.3 (29.0) 6.6 86.7 (26.7) 5.1 180.5 21.4

2014/06F 12.4 51.3 24.7 23.6 402.5 26.4 24.2 297.7 20.2 21.7 297.7

2014/09F 7.5 9.5 39.9 15.1 61.3 42.4 16.0 60.8 32.4 16.0 60.8

2014/12F (0.3) (42.1) 3.5 (49.6) (91.2) 5.4 (40.8) (87.4) (0.0) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 829.1 61.8 48.9 4,961 19.5 빙그레 15.3 1.8 11.5 1.4

FY2014F 893.6 73.5 59.5 6,035 16.1 음식료·담배 17.4 1.5 8.9 2.2



빙그레

720.6

789.1

837.4

900.6

966.0

491.6 96.8

543.0 106.6

589.8 113.9

650.1 127.4

723.1 146.9

161.7

236.3

270.5

168.9

175.6

265.7

290.9

168.4

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-20

-10

0

10

20

30

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x23

x19

x15

x11

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



179



오리온 (001800.KS) 업데이트 : 2013.09.11




52주 최고가 : 1,239,000 시가총액(십억원) : 5,707.1

52주 최저가 : 868,000 60일 평균 거래대금(백만원) : 15,471.7

연중 최고가 : 1,214,000 외국인지분(%) : 39.4

9 10 11 12 13


4.9 (1.9) (8.1) 3.8 (11.7)

업종 대비 (3.6) (10.5) (16.6) (4.8) (20.3) 5

KOSPI 대비 (1.4) (14.5) (9.3) 2.4 (10.6) 10

22 23 24 19 20



2011/12A 19.9 215.1 1.0 178.1 (41.4) 99.4 (49.2) 325.1 18,908 149,762 3,000

2012/12A 23.8 263.7 22.6 224.1 25.9 151.6 52.6 388.7 28,841 167,797 3,000

2013/12F 5.8 271.7 3.0 240.5 7.3 151.8 0.1 399.4 28,860 185,723 3,300

2014/12F 9.0 311.5 14.7 283.5 17.9 179.0 17.9 455.3 34,021 208,103 3,500

2015/12F 14.5 376.8 20.9 354.9 25.2 224.3 25.3 540.7 42,636 241,158 0



2011/12A 876.7 393.4 75.7 (190.1) 11.2 14.1 35.9 4.53 12.0 0.4

2012/12A 984.5 478.1 86.7 (325.9) 11.1 18.5 38.1 6.55 16.3 0.3

2013/12F 1,092.0 575.8 76.8 (305.0) 10.8 16.1 33.1 5.15 14.6 0.3

2014/12F 1,225.6 598.8 64.2 (325.0) 11.4 14.2 28.1 4.59 15.4 0.4

2015/12F 1,422.9 562.2 53.0 (332.8) 12.1 12.0 22.4 3.96 16.9 0.0



2013/03A 3.0 7.6 93.0 (19.7) 375.5 84.8 (21.4) 1,170.8 56.0 (12.6) 255.2

2013/06A 6.9 (10.2) 48.1 (30.4) (48.3) 43.5 (25.9) (48.6) 23.8 (28.1) (57.5)

2013/09F 2.4 6.4 70.9 19.1 47.2 59.9 16.9 37.6 37.8 (2.3) 59.1

2013/12F 11.0 7.9 59.6 204.8 (15.9) 59.4 790.2 (0.9) 34.2 116.8 (9.7)

2014/03F 9.0 5.6 101.4 9.0 70.1 92.4 9.0 55.6 58.7 4.7 71.6

2014/06F 9.0 (10.2) 52.5 9.0 (48.3) 45.9 5.4 (50.3) 28.7 20.5 (51.1)

2014/09F 9.0 6.4 77.2 9.0 47.2 66.1 10.3 44.0 41.7 10.1 45.4

2014/12F 9.0 7.9 80.5 34.9 4.2 79.1 33.1 19.6 50.0 46.2 19.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,548.6 279.9 180.1 28,284 34.4 오리온 29.3 4.7 15.2 0.4

FY2014F 2,798.2 327.3 220.7 35,539 27.4 음식료·담배 17.4 1.5 8.9 2.2



오리온

1,912.6

2,368.0

2,505.2

2,730.4

3,125.3

2,319.9 1,310.3

2,647.6 1,519.6

2,825.7 1,576.2

3,008.7 1,608.6

3,311.8 1,692.3

644.8

579.0

616.3

665.2

702.7

631.0

671.7

725.0

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000


-5

0

5

10

15

20

25

30

35

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x53

x41

x29

x17

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



180



CJ제일제당 (097950.KS) 업데이트 : 2013.08.10

투자의견 : 중립 업종 : 음식료·담배 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이경주


52주 최고가 : 390,000 시가총액(십억원) : 3,641.4

52주 최저가 : 240,000 60일 평균 거래대금(백만원) : 15,561.8

연중 최고가 : 386,500 외국인지분(%) : 14.6

9 10 11 12 13


13.0 9.4 (18.7) (8.7) (23.2)

업종 대비 4.4 0.9 (27.3) (17.3) (31.8) 5

KOSPI 대비 6.7 (3.1) (19.9) (10.1) (22.0) 10

22 23 24 19 20



2011/12A 13.2 459.9 1.7 461.4 (49.2) 301.5 (54.1) 640.9 21,854 200,616 1,800

2012/12A 51.1 615.5 33.8 425.0 (7.9) 254.9 (15.5) 925.1 18,369 213,450 1,800

2013/12F 2.3 418.4 (32.0) 296.5 (30.2) 167.5 (34.3) 729.1 11,941 220,388 2,000

2014/12F 9.1 606.5 45.0 472.4 59.3 266.8 59.3 954.8 19,031 234,025 2,200

2015/12F 8.6 702.5 15.8 565.2 19.7 319.3 19.7 1,072.5 22,773 251,300 2,200



2011/12A 2,719.9 3,938.5 99.3 (725.8) 7.0 15.3 13.2 1.44 11.2 0.6

2012/12A 2,974.5 4,287.9 95.3 (1,052.9) 6.2 12.2 19.4 1.67 9.0 0.5

2013/12F 3,074.5 4,401.0 99.0 (878.8) 4.1 14.3 23.3 1.26 5.5 0.7

2014/12F 3,271.0 4,842.9 99.7 (858.1) 5.5 11.5 14.6 1.19 8.4 0.8

2015/12F 3,520.0 5,053.3 97.3 (900.7) 5.9 10.5 12.2 1.11 9.4 0.8



2013/03A 3.2 1.1 125.2 (21.0) (2.7) 65.5 (51.0) (11.5) 36.1 (59.8) (24.9)

2013/06F 12.8 12.5 79.8 (49.1) (36.3) 7.7 (89.1) (88.2) 2.8 (91.4) (92.3)

2013/09F 3.3 (0.9) 171.9 0.3 115.4 143.6 (2.1) 1,765.9 81.1 (3.9) 2,803.6

2013/12F (10.2) (20.3) 41.4 (67.8) (75.9) 40.7 (45.0) (71.6) 47.4 (1.4) (41.5)

2014/03F 2.7 15.6 145.8 16.4 252.0 108.7 66.0 166.9 61.4 70.0 29.4

2014/06F (1.9) 7.5 183.7 130.3 26.0 151.9 1,873.8 39.8 85.8 2,971.9 39.8

2014/09F 9.9 11.0 207.0 20.4 12.7 179.3 24.9 18.0 101.3 24.9 18.0

2014/12F 29.3 (6.3) 70.0 68.9 (66.2) 32.4 (20.4) (81.9) 18.3 (61.4) (81.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 10,935.5 480.6 231.2 13,971 20.0 CJ제일제당 16.2 1.2 7.7 0.8

FY2014F 12,076.0 652.6 360.9 20,615 13.6 음식료·담배 17.4 1.5 8.9 2.2



CJ제일제당

6,538.2

9,877.5

10,106.1

11,027.8

11,977.3

11,339.5 6,643.0

12,363.9 7,142.8

13,119.2 7,760.4

13,889.1 8,266.8

14,645.0 8,691.4

2,448.4

2,753.4

2,728.6

2,175.6

2,514.3

2,701.8

2,999.6

2,812.1

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000


-20

-15

-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2007 2008 2009 2010 2011 2012

주가

x32

x25

x18

x11

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



181



KT&G (033780.KS) 업데이트 : 2013.07.18


목표주가 : 86,000 애널리스트 : 이경주


52주 최고가 : 92,300 시가총액(십억원) : 10,599.0

52주 최저가 : 71,000 60일 평균 거래대금(백만원) : 16,448.6

연중 최고가 : 81,000 외국인지분(%) : 58.6

9 10 11 12 13


5.5 7.5 2.4 (9.9) (1.9)

업종 대비 (3.1) (1.0) (6.2) (18.5) (10.5) 5

KOSPI 대비 (0.9) (5.0) 1.2 (11.3) (0.7) 10

22 23 24 19 20



2011/12A 7.6 1,090.3 0.8 1,161.1 (17.4) 816.1 (20.9) 1,247.7 6,451 37,378 3,200

2012/12A 7.0 1,035.9 (5.0) 1,022.4 (11.9) 738.0 (9.6) 1,214.3 5,869 39,550 3,200

2013/12F (8.9) 953.4 (8.0) 941.9 (7.9) 673.4 (8.8) 1,119.9 5,349 41,337 3,400

2014/12F 6.0 1,084.0 13.7 1,077.5 14.4 776.7 15.3 1,257.0 6,170 43,693 3,600

2015/12F 23.9 1,324.4 22.2 1,314.0 22.0 955.8 23.1 1,506.9 7,592 47,171 3,800



2011/12A 4,788.1 (711.4) 2.5 (288.5) 29.3 8.5 12.6 2.18 17.5 3.9

2012/12A 5,090.9 (825.9) 3.9 (263.4) 26.0 8.5 13.8 2.04 14.9 4.0

2013/12F 5,336.2 (942.4) 3.7 (231.2) 26.3 8.7 14.4 1.87 12.9 4.4

2014/12F 5,659.7 (1,078.2) 3.5 (239.7) 28.2 7.7 12.5 1.77 14.1 4.7

2015/12F 6,137.1 (1,322.3) 3.2 (246.4) 27.8 6.2 10.2 1.64 16.2 4.9



2013/03A (6.8) (6.1) 248.8 (6.4) 37.4 280.8 4.7 79.9 203.1 6.4 90.3

2013/06F (9.0) 2.1 248.7 (8.4) (0.0) 266.1 (9.6) (5.2) 190.8 (11.0) (6.1)

2013/09F (6.2) 9.1 301.3 (5.0) 21.2 289.1 (4.9) 8.6 206.7 (8.6) 8.4

2013/12F (14.1) (17.8) 154.6 (14.6) (48.7) 100.7 (35.5) (65.2) 72.8 (31.7) (64.8)

2014/03F 6.0 15.8 263.8 6.0 70.6 308.9 10.0 206.7 222.7 9.6 205.7

2014/06F (6.2) (9.7) 238.0 (4.3) (9.8) 260.6 (2.1) (15.7) 187.8 (1.5) (15.7)

2014/09F 6.0 23.3 319.4 6.0 34.2 307.8 6.5 18.1 221.9 7.3 18.1

2014/12F 19.6 (7.3) 262.8 70.0 (17.7) 200.2 98.7 (35.0) 144.3 98.2 (35.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 3,807.3 968.7 744.2 5,425 14.3 KT&G 13.0 1.8 13.8 4.6

FY2014F 3,931.6 1,029.5 773.6 5,669 13.7 음식료·담배 17.4 1.5 8.9 2.2



KT&G

3,723.0

3,984.7

3,628.2

3,846.0

4,763.4

6,276.4 1,391.3

6,796.0 1,601.5

6,791.1 1,344.5

7,171.2 1,393.4

7,923.8 1,658.9

896.0

914.5

997.8

819.9

949.8

857.7

1,057.6

980.9

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-20

-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x14

x12

x10

x8

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



182



락앤락 (115390.KS) 업데이트 : 2013.08.07

투자의견 : 매수 업종 : 생활용품 주가 수익률(12개월)

목표주가 : 31,000 애널리스트 : 이정인


52주 최고가 : 29,550 시가총액(십억원) : 1,435.5

52주 최저가 : 17,850 60일 평균 거래대금(백만원) : 9,455.7

연중 최고가 : 29,400 외국인지분(%) : 8.9

9 10 11 12 13


6.3 38.8 (5.3) 8.1 10.1

업종 대비 2.4 34.9 (9.2) 4.2 6.2 5

KOSPI 대비 (0.0) 26.3 (6.5) 6.7 11.3 10

22 23 24 19 20



2011/12A 23.3 77.9 (7.3) 71.4 (15.8) 50.6 (23.3) 93.7 1,007 10,484 160

2012/12A 6.8 72.1 (7.4) 77.1 8.1 59.9 18.4 96.4 1,100 10,979 80

2013/12F 1.9 87.6 21.5 90.5 17.3 70.2 17.2 109.7 1,290 10,016 80

2014/12F 13.2 102.2 16.7 105.6 16.7 81.9 16.7 127.9 1,505 11,803 80

2015/12F 13.0 117.0 14.4 121.7 15.2 94.4 15.2 145.3 1,734 13,451 80



2011/12A 562.5 (108.4) 16.7 (115.7) 16.4 21.4 38.1 3.66 10.6 0.4

2012/12A 584.8 (81.3) 19.8 (93.9) 14.2 12.4 21.0 2.11 10.4 0.3

2013/12F 531.9 (81.5) 17.6 (60.0) 16.9 12.3 20.2 2.61 12.6 0.3

2014/12F 630.2 (124.7) 11.7 (30.0) 17.4 10.2 17.3 2.21 14.1 0.3

2015/12F 720.8 (170.4) 7.4 (30.0) 17.7 8.7 15.0 1.94 14.0 0.3



2013/03A (8.1) (4.2) 20.0 (2.8) 118.6 17.2 (23.2) 39.8 13.4 (24.4) 52.6

2013/06F 1.9 21.9 21.9 1.9 9.7 21.2 2.5 23.4 16.5 2.1 22.7

2013/09F 1.9 (5.5) 20.2 1.9 (7.9) 22.5 4.0 6.1 17.5 1.7 6.1

2013/12F 12.3 1.8 25.4 178.1 26.0 29.5 139.6 30.9 22.8 159.4 30.5

2014/03F 13.2 (3.4) 22.7 13.2 (11.0) 21.2 22.8 (28.3) 16.4 22.2 (28.1)

2014/06F 13.2 21.9 24.8 13.2 9.7 24.1 13.6 14.1 18.7 13.6 14.1

2014/09F 13.2 (5.5) 22.9 13.2 (7.9) 25.7 14.1 6.6 20.0 14.1 6.6

2014/12F 13.2 1.8 31.9 25.2 39.3 34.6 17.4 34.6 26.9 17.7 34.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 517.4 89.9 67.4 1,238 20.4 락앤락 18.0 2.3 13.7 0.3

FY2014F 576.0 102.6 79.7 1,459 17.3 생활용품 19.7 3.1 16.0 0.7



락앤락

476.1

508.4

517.9

586.5

662.6

721.4 158.7

757.9 172.9

727.9 195.8

782.7 152.4

840.9 119.9

114.0

139.0

131.3

133.6

129.1

157.4

148.7

151.3

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-20

-15

-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2010 2011 2012 2013

주가

x40

x33

x27

x21

x15

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



183



아모레퍼시픽 (090430.KS) 업데이트 : 2013.08.06


목표주가 : 1,100,000 애널리스트 : 이정인


52주 최고가 : 1,334,000 시가총액(십억원) : 5,273.0

52주 최저가 : 860,000 60일 평균 거래대금(백만원) : 7,620.6

연중 최고가 : 1,244,000 외국인지분(%) : 35.2

9 10 11 12 13


1.0 1.7 (6.0) (22.4) (25.5)

업종 대비 (2.9) (2.2) (10.0) (26.4) (29.4) 5

KOSPI 대비 (5.3) (10.9) (7.2) (23.8) (24.3) 10

22 23 24 19 20



2011/12A 12.4 372.9 2.3 429.6 17.5 327.0 13.6 454.4 47,403 308,544 6,500

2012/12A 11.5 364.3 (2.3) 360.6 (16.1) 269.6 (17.6) 465.9 39,080 338,323 6,500

2013/12F 8.1 365.2 0.3 380.6 5.5 289.0 7.2 473.7 41,892 372,247 6,500

2014/12F 12.1 433.8 18.8 455.7 19.7 347.0 20.1 549.1 50,298 414,573 6,500

2015/12F 12.0 510.8 17.7 541.9 18.9 412.7 18.9 632.9 59,817 466,557 6,500



2011/12A 2,128.1 (266.2) 3.6 (316.8) 14.6 13.6 22.2 3.41 16.4 0.6

2012/12A 2,333.6 (234.9) 3.3 (231.8) 12.8 15.6 31.1 3.59 12.1 0.5

2013/12F 2,567.7 (392.3) 3.3 (229.8) 11.9 11.1 21.5 2.42 11.8 0.7

2014/12F 2,859.8 (563.8) 3.2 (236.6) 12.6 9.3 17.9 2.18 12.8 0.7

2015/12F 3,218.6 (868.0) 3.1 (243.5) 13.2 7.5 15.1 1.93 13.6 0.7



2013/03A 8.4 24.1 140.2 (6.9) 446.7 128.6 (17.5) 402.7 90.6 (20.2) 233.0

2013/06F 7.8 (2.5) 99.4 1.3 (29.1) 94.1 7.5 (26.8) 69.6 18.0 (23.2)

2013/09F 8.1 1.2 103.1 14.4 3.7 105.7 15.1 12.3 80.3 14.6 15.4

2013/12F 8.2 (11.6) 22.6 (12.1) (78.1) 52.2 103.9 (50.7) 48.5 78.3 (39.6)

2014/03F 12.1 28.5 157.1 12.1 596.7 145.9 13.5 179.7 111.1 22.6 129.0

2014/06F 12.1 (2.5) 111.4 12.1 (29.1) 106.5 13.2 (27.0) 81.1 16.5 (27.0)

2014/09F 12.1 1.2 115.5 12.1 3.7 119.5 13.1 12.3 91.0 13.4 12.3

2014/12F 12.1 (11.6) 49.8 121.0 (56.8) 83.8 60.6 (29.9) 63.8 31.5 (29.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 3,106.6 366.3 273.5 39,561 22.9 아모레퍼시픽 18.8 2.2 12.5 0.7

FY2014F 3,454.2 409.6 314.7 45,483 19.9 생활용품 19.7 3.1 16.0 0.7



아모레퍼시픽

2,554.7

2,849.5

3,081.5

3,453.0

3,868.8

2,815.4 677.1

3,026.2 682.4

3,368.8 790.7

3,777.2 906.8

4,332.1 1,102.6

803.8

783.8

793.0

700.9

900.7

878.3

888.6

785.4

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000


-30

-25

-20

-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x27

x23

x19

x16

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



184



코스맥스 (044820.KS) 업데이트 : 2013.08.09




52주 최고가 : 57,200 시가총액(십억원) : 662.0

52주 최저가 : 37,800 60일 평균 거래대금(백만원) : 4,333.3

연중 최고가 : 56,500 외국인지분(%) : 22.8

9 10 11 12 13


1.6 13.0 7.4 23.6 13.0

업종 대비 (2.3) 9.1 3.5 19.7 9.1 5

KOSPI 대비 (4.8) 0.4 6.2 22.2 14.2 10

22 23 24 19 20



2011/12A 19.8 16.9 32.6 14.1 33.6 11.5 13.5 21.6 855 4,482 200

2012/12A 28.1 26.1 54.8 24.2 71.5 20.5 78.0 31.9 1,523 5,726 270

2013/12F 21.6 30.4 16.4 28.9 19.5 23.9 16.6 37.1 1,774 7,066 270

2014/12F 26.5 44.0 44.8 41.9 44.8 34.6 44.8 51.5 2,569 9,194 270

2015/12F 25.7 58.8 33.5 57.3 36.8 47.3 36.8 67.1 3,513 12,257 270



2011/12A 60.3 59.5 118.9 (29.4) 6.9 12.6 18.4 3.50 20.9 1.3

2012/12A 77.2 76.0 119.0 (38.4) 8.4 20.9 28.4 7.56 29.8 0.6

2013/12F 95.4 99.9 132.0 (40.0) 8.0 20.6 27.4 6.89 27.7 0.6

2014/12F 124.4 107.3 113.2 (20.0) 9.2 15.0 19.0 5.30 31.5 0.6

2015/12F 166.0 102.8 88.0 (15.0) 9.7 11.5 13.9 3.97 32.6 0.6



2013/03A 20.2 17.5 7.1 2.4 70.3 7.1 13.3 59.6 5.6 17.5 28.9

2013/06F 15.8 16.4 10.3 12.8 45.8 10.1 15.3 41.4 8.3 8.3 47.8

2013/09F 21.6 (6.8) 7.1 21.6 (31.0) 6.1 27.9 (39.4) 5.0 36.6 (39.4)

2013/12F 29.9 1.9 5.8 40.3 (18.2) 5.7 27.4 (6.8) 4.9 13.4 (1.8)

2014/03F 26.5 14.4 9.0 26.5 53.6 9.0 26.2 58.1 7.4 31.9 50.0

2014/06F 26.5 16.4 13.1 26.5 45.8 12.8 27.3 42.6 10.6 27.3 42.6

2014/09F 26.5 (6.8) 9.0 26.5 (31.0) 7.9 28.9 (38.7) 6.5 28.9 (38.7)

2014/12F 26.5 1.9 13.0 121.8 43.5 12.3 116.0 56.2 10.1 105.0 56.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 383.9 30.7 24.4 1,685 28.7 코스맥스 20.6 5.6 30.5 0.6

FY2014F 474.7 40.5 31.2 2,161 22.4 생활용품 19.7 3.1 16.0 0.7



코스맥스

244.0

312.6

380.1

480.9

604.7

199.3 138.2

241.7 161.7

295.6 196.5

338.1 208.7

385.6 212.6

87.3

101.6

94.7

96.5

110.4

128.6

119.8

122.1

0

10,000

20,000

30,000

40,000

50,000

60,000


-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x24

x17

x10

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



185



한국콜마 (161890.KS) 업데이트 : 2013.08.29




52주 최고가 : 35,350 시가총액(십억원) : 446.2

52주 최저가 : 20,150 60일 평균 거래대금(백만원) : 2,939.7

연중 최고가 : 35,300 외국인지분(%) : 35.5

9 10 11 12 13


0.9 (4.8) (30.5) NA (18.2)

업종 대비 (3.0) (8.7) (34.4) NA (22.1) 5

KOSPI 대비 (5.4) (17.3) (31.7) NA (17.0) 10

22 23 24 19 20



2012/03A 16.5 15.1 (7.1) 13.5 12.6 11.7 6.1 20.8 408 4,373 0

2013/03A 19.1 29.3 94.6 28.7 113.4 24.5 109.5 32.0 1,260 5,020 105

2014/03F 9.3 32.7 11.5 34.5 19.9 29.3 19.3 38.7 1,503 6,481 105

2015/03F 14.0 39.5 20.8 43.4 26.0 36.9 26.0 45.8 1,708 7,469 105

2016/03F 13.8 47.8 21.0 55.0 26.6 46.7 26.6 54.4 2,164 9,478 105



2012/03A 124.1 44.5 49.4 (12.0) 5.0 9.7

2013/03A 97.8 22.4 57.3 (5.2) 8.1 21.2 26.6 6.68 22.1 0.3

2014/03F 126.3 36.5 93.7 (28.0) 8.3 12.5 15.2 3.53 26.1 0.5

2015/03F 161.3 9.9 52.0 (16.0) 8.8 11.0 13.4 3.07 25.7 0.5

2016/03F 204.7 (3.6) 42.9 (11.0) 9.4 9.0 10.6 2.42 25.5 0.5



2013/03A 8.5 3.4 5.3 39.7 (28.6) 5.3 95.0 (23.8) 5.8 189.5 (4.2)

2013/06F 9.3 16.1 5.1 9.3 (5.2) 5.2 22.1 (0.8) 4.5 22.2 (23.8)

2013/09F NA NA (6.3) NA NA (6.6) NA NA (5.6) NA NA

2013/12F 9.3 NA 8.2 9.3 NA 8.3 20.3 NA 7.1 16.2 NA

2014/03F 238.7 220.6 25.8 381.7 214.6 27.5 420.2 229.6 23.4 299.6 229.6

2014/06F 14.0 (60.9) 5.8 14.0 (77.5) 6.0 14.2 (78.2) 5.1 14.2 (78.2)

2014/09F NA NA (7.2) NA NA (7.5) NA NA (6.4) NA NA

2014/12F 14.0 NA 9.3 14.0 NA 9.6 14.5 NA 8.1 14.5 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F NA NA NA NA 0.0 한국콜마 14.3 3.3 25.9 0.5

FY2014F NA NA NA NA 0.0 생활용품 19.7 3.1 16.0 0.7



한국콜마

302.6

360.4

393.8

449.1

510.9

244.8 120.7

223.8 124.3

314.6 188.1

361.0 152.3

401.7 148.7

88.5

102.7

(102.1)

93.5

299.7

117.2

(116.5)

106.6

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Oct-12 Dec-12 Mar-13 May-13 Jul-13

-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2011

주가

x38

x32

x27

x21

x16

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



186



LG생활건강 (051900.KS) 업데이트 : 2013.09.24




52주 최고가 : 697,000 시가총액(십억원) : 8,262.0

52주 최저가 : 478,000 60일 평균 거래대금(백만원) : 19,124.0

연중 최고가 : 685,000 외국인지분(%) : 44.9

9 10 11 12 13


5.8 (0.2) (11.4) (14.4) (18.7)

업종 대비 1.9 (4.1) (15.3) (18.3) (22.6) 5

KOSPI 대비 (0.5) (12.7) (12.6) (15.8) (17.6) 10

22 23 24 19 20



2011/12A 22.3 370.2 13.0 372.1 16.8 264.7 14.8 463.1 15,786 60,295 3,500

2012/12A 12.7 445.5 20.4 430.3 15.6 303.9 14.8 554.1 18,126 71,816 3,750

2013/12F 11.2 503.3 13.0 475.8 10.6 338.3 11.3 639.3 20,310 86,708 3,800

2014/12F 11.6 583.4 15.9 554.3 16.5 394.2 16.5 737.3 23,659 104,697 3,850

2015/12F 10.5 666.8 14.3 642.7 16.0 457.1 16.0 838.6 27,448 126,101 4,000



2011/12A 997.4 469.7 53.2 (154.6) 10.7 18.1 30.9 8.09 29.7 0.7

2012/12A 1,201.6 650.3 57.2 (167.7) 11.4 20.5 36.2 9.15 27.6 0.6

2013/12F 1,465.4 690.7 54.8 (304.0) 11.6 14.8 26.0 6.10 25.4 0.7

2014/12F 1,784.1 624.9 42.6 (320.8) 12.1 12.8 22.4 5.05 24.3 0.7

2015/12F 2,163.4 478.8 33.2 (337.5) 12.5 11.1 19.3 4.20 23.2 0.8



2013/03A 10.3 19.9 145.9 12.3 66.7 139.8 10.6 82.2 101.5 13.1 93.5

2013/06A 9.6 0.3 120.2 14.4 (17.6) 118.7 14.2 (15.0) 83.3 12.8 (17.9)

2013/09F 11.0 8.6 147.1 14.2 22.4 136.1 10.4 14.7 96.8 10.1 16.3

2013/12F 13.8 (12.8) 90.2 3.1 (38.7) 81.1 5.8 (40.4) 56.8 8.2 (41.4)

2014/03F 11.6 17.5 162.8 11.6 80.5 152.2 8.9 87.6 108.3 6.7 90.7

2014/06F 11.6 0.3 134.1 11.6 (17.6) 132.7 11.8 (12.8) 94.4 13.3 (12.8)

2014/09F 11.6 8.6 164.2 11.6 22.4 157.4 15.6 18.6 111.9 15.6 18.6

2014/12F 11.6 (12.8) 122.3 35.6 (25.5) 111.9 37.9 (28.9) 79.6 40.1 (28.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 4,361.9 510.9 358.4 19,728 26.6 LG생활건강 23.2 5.3 24.6 0.7

FY2014F 4,811.0 586.6 411.6 22,729 23.1 생활용품 19.7 3.1 16.0 0.7



LG생활건강

3,456.1

3,896.2

4,333.8

4,836.5

5,342.3

2,368.9 1,308.3

2,764.1 1,492.5

3,256.5 1,712.4

3,672.4 1,799.4

4,169.8 1,905.7

1,072.3

1,075.5

1,167.6

1,018.4

1,196.7

1,200.3

1,303.0

1,136.5

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000


-25

-20

-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x36

x32

x28

x24

x20

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



187



녹십자 (006280.KS) 업데이트 : 2013.07.17

투자의견 : 매수 업종 : 제약·바이오 주가 수익률(12개월)



52주 최고가 : 176,500 시가총액(십억원) : 1,583.5

52주 최저가 : 115,500 60일 평균 거래대금(백만원) : 3,330.0

연중 최고가 : 150,138 외국인지분(%) : 28.5

9 10 11 12 13


10.2 16.3 (4.4) (9.5) 3.9

업종 대비 6.2 12.3 (8.4) (13.5) (0.1) 5

KOSPI 대비 3.8 3.8 (5.6) (10.8) 5.1 10

22 23 24 19 20



2011/12A (3.2) 85.4 (45.2) 86.1 (41.1) 55.4 (51.3) 98.4 5,544 61,071 1,500

2012/12A 5.7 74.4 (12.9) 73.1 (15.0) 53.6 (3.1) 90.0 5,305 66,369 1,250

2013/12F 8.4 79.2 6.6 92.4 26.3 67.1 25.0 96.8 5,924 63,237 1,250

2014/12F 12.2 99.3 25.4 98.3 6.4 72.3 7.8 119.5 6,197 69,386 1,250

2015/12F 16.6 132.3 33.2 130.4 32.6 97.1 34.3 155.2 8,323 77,657 1,250



2011/12A 618.1 (48.4) 6.0 (43.5) 11.1 14.7 24.7 2.24 9.6 1.1

2012/12A 671.8 52.7 12.0 (65.2) 9.2 16.3 24.5 1.96 8.3 1.0

2013/12F 738.5 (57.6) 12.2 (60.0) 9.0 16.0 22.9 2.14 9.5 0.9

2014/12F 810.3 (26.0) 12.3 (80.0) 10.1 13.2 21.9 1.95 9.3 0.9

2015/12F 907.0 20.3 12.0 (80.0) 11.5 10.5 16.3 1.74 11.3 0.9



2013/03A 3.2 (7.8) 11.8 (42.3) NA 25.3 16.4 NA 19.1 20.8 NA

2013/06F 1.0 14.7 16.3 4.0 37.9 18.6 17.4 (26.7) 13.5 18.7 (29.3)

2013/09F 11.3 30.7 46.9 6.5 187.4 50.7 17.2 173.0 36.8 12.9 173.0

2013/12F 17.0 (15.3) 4.1 NA (91.2) (2.3) NA NA (2.4) NA NA

2014/03F 12.2 (11.6) 13.3 12.2 223.1 14.6 (42.4) NA 10.7 (43.8) NA

2014/06F 12.2 14.7 18.3 12.2 37.9 18.6 (0.1) 27.1 13.6 1.1 27.1

2014/09F 12.2 30.7 52.7 12.2 187.4 51.9 2.3 179.8 38.2 3.6 179.8

2014/12F 12.2 (15.3) 15.1 266.2 (71.4) 13.2 NA (74.6) 9.7 NA (74.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 861.6 80.8 73.5 6,244 21.6 녹십자 22.1 2.0 9.4 0.9

FY2014F 941.5 93.6 75.9 6,325 21.3 제약·바이오 20.3 1.8 8.9 0.6



녹십자

767.9

811.8

879.6

986.7

1,150.7

860.4 230.1

954.4 269.1

1,170.9 413.6

1,293.6 458.6

1,443.0 503.8

179.0

205.2

268.3

227.1

200.8

230.2

300.9

254.8

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x29

x23

x18

x12

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



188



대웅제약 (069620.KS) 업데이트 : 2013.07.17




52주 최고가 : 77,400 시가총액(십억원) : 863.2

52주 최저가 : 36,200 60일 평균 거래대금(백만원) : 1,802.9

연중 최고가 : 75,400 외국인지분(%) : 12.7

9 10 11 12 13


7.3 32.8 24.6 106.0 59.2

업종 대비 3.4 28.8 20.6 102.1 55.2 5

KOSPI 대비 1.0 20.2 23.4 104.7 60.4 10

22 23 24 19 20



2011/12A 38.6 60.3 (18.2) 65.0 (4.9) 50.2 185.8 75.9 4,999 36,689 800

2012/12A (5.9) 37.8 (37.3) 42.8 (34.2) 34.1 (32.1) 55.3 3,401 37,937 800

2013/12F (0.7) 63.9 69.1 66.5 55.5 53.2 56.1 80.6 5,155 40,491 800

2014/12F 4.0 76.2 19.2 79.0 18.8 63.2 18.8 92.0 6,126 44,970 800

2015/12F 6.0 88.1 15.6 91.2 15.4 73.0 15.4 103.1 7,071 50,181 800



2011/12A 358.5 (25.1) 8.3 (40.4) 8.5 3.9 5.7 0.77 14.7 2.8

2012/12A 383.2 (50.2) 0.1 (23.2) 5.7 8.9 14.0 1.26 9.2 1.7

2013/12F 424.2 (58.8) 0.2 (23.2) 9.7 10.0 14.5 1.84 13.2 1.1

2014/12F 476.1 (60.8) 0.2 (23.2) 11.1 8.8 12.2 1.66 14.0 1.1

2015/12F 536.5 (64.2) 0.3 (23.2) 12.1 7.8 10.5 1.48 14.4 1.1



2013/03A (5.6) 13.3 16.9 48.8 47.6 16.9 4.2 39.8 11.9 4.4 9.5

2013/06F (13.0) (7.3) 17.0 5,361.9 0.5 17.9 1,505.5 5.9 14.3 203.7 20.1

2013/09F 1.6 18.3 17.5 17.7 3.0 17.7 32.7 (1.2) 14.1 100.6 (1.2)

2013/12F 17.5 (5.4) 12.6 10.6 (27.6) 14.0 15.9 (20.8) 12.8 17.7 (9.4)

2014/03F 4.0 0.3 17.5 4.0 38.7 18.9 11.9 35.0 15.1 27.0 18.1

2014/06F 4.0 (7.3) 17.6 4.0 0.5 18.1 1.2 (4.2) 14.5 1.2 (4.2)

2014/09F 4.0 18.3 18.2 4.0 3.0 18.4 3.9 1.4 14.7 3.9 1.4

2014/12F 4.0 (5.4) 22.8 80.6 25.7 23.6 68.5 28.5 18.9 47.4 28.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 656.7 71.3 58.2 5,022 14.3 대웅제약 12.7 1.7 13.8 1.1

FY2014F 694.0 79.2 65.6 5,665 12.7 제약·바이오 20.3 1.8 8.9 0.6



대웅제약

706.6

664.6

660.3

686.8

728.2

493.2 134.1

477.1 92.6

491.1 63.0

514.3 32.6

547.0 1.9

162.6

150.7

178.3

168.7

169.1

156.8

185.4

175.4

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-20

0

20

40

60

80

100

120

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2004 2005 2006 2007 2008 2009 2009 2011 2012 2013

주가

x25

x20

x15

x10

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



189



동아에스티 (170900.KS) 업데이트 : 2013.07.17




52주 최고가 : 189,500 시가총액(십억원) : 988.7

52주 최저가 : 104,000 60일 평균 거래대금(백만원) : 5,012.8

연중 최고가 : 178,000 외국인지분(%) : 23.3

9 10 11 12 13


3.5 18.5 NA NA NA

업종 대비 (0.5) 14.5 NA NA NA 5

KOSPI 대비 (2.9) 5.9 NA NA NA 10

22 23 24 19 20



2011/12A 7.1 97.4 (10.1) 86.5 (5.0) 69.2 (1.7) 123.1 6,366 70,887 1,000

2012/12A 2.6 88.5 (9.1) 88.9 2.7 85.9 24.1 116.5 8,077 72,781 1,000

2013/12F (33.4) 60.7 (31.4) 55.2 (37.8) (40.1) NA 89.1 -5,925 105,876 1,000

2014/12F 15.5 81.1 33.6 66.0 19.5 52.8 NA 110.9 7,346 112,374 1,000

2015/12F 16.8 97.6 20.3 83.8 26.9 67.0 26.9 128.9 9,374 120,766 1,000



2011/12A 825.4 84.0 38.1 (67.5) 10.7 8.9

2012/12A 848.9 122.0 64.5 (55.5) 9.5 10.3

2013/12F 815.4 375.3 118.2 (40.0) 9.8 10.8 NA 1.27 (4.8) 0.7

2014/12F 865.5 321.4 110.5 (40.0) 11.3 8.1 18.3 1.20 6.3 0.7

2015/12F 930.1 291.2 98.3 (40.0) 11.7 6.7 14.3 1.11 7.5 0.7



2013/03A (33.4) (34.7) 9.4 (33.4) (65.8) 9.7 (50.7) (67.4) (7.1) NA NA

2013/06F (33.4) 12.8 12.4 (33.4) 32.6 9.5 (19.9) (2.3) (6.9) NA NA

2013/09F (33.4) (1.3) 18.8 (33.4) 51.3 17.7 (35.5) 85.7 (12.8) NA NA

2013/12F (33.4) (8.4) 20.1 (26.7) 6.7 18.3 (38.6) 3.9 (13.3) NA NA

2014/03F 15.5 13.3 10.8 15.5 (46.0) 8.3 (15.0) (54.9) 6.6 NA NA

2014/06F 15.5 12.8 14.4 15.5 32.6 8.4 (11.9) 1.2 6.7 NA 1.2

2014/09F 15.5 (1.3) 21.7 15.5 51.3 18.4 4.3 119.8 14.7 NA 119.8

2014/12F 15.5 (8.4) 34.2 70.3 57.3 31.0 68.9 68.3 24.8 NA 68.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 570.6 50.7 (47.3) -6,138 NA 동아에스티 34.9 1.2 3.4 0.7

FY2014F 670.0 73.5 52.2 6,773 19.4 제약·바이오 20.3 1.8 8.9 0.6



동아에스티

907.3

931.0

619.6

715.6

835.9

1,236.8 504.4

1,425.8 679.5

1,047.7 632.3

1,176.4 722.9

1,275.3 765.6

145.5

164.0

161.9

148.2

168.0

189.4

186.9

171.2

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Apr-13 Jun-13 Aug-13

-30

-25

-20

-15

-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2013

주가

x1

x1

x1

x1

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



190



유한양행 (000100.KS) 업데이트 : 2013.07.17




52주 최고가 : 216,000 시가총액(십억원) : 2,130.1

52주 최저가 : 152,500 60일 평균 거래대금(백만원) : 6,164.9

연중 최고가 : 214,000 외국인지분(%) : 26.6

9 10 11 12 13


0.0 3.8 1.9 23.6 10.7

업종 대비 (4.0) (0.2) (2.1) 19.6 6.7 5

KOSPI 대비 (6.3) (8.7) 0.7 22.3 11.9 10

22 23 24 19 20



2011/12A 2.8 52.6 (37.4) 93.1 (38.0) 94.2 (26.4) 67.6 8,679 107,887 1,250

2012/12A 14.3 30.4 (42.2) 93.0 (0.0) 80.8 (14.3) 45.2 7,692 113,958 1,250

2013/12F 20.7 59.8 96.7 79.5 (14.6) 119.9 48.4 74.9 11,375 123,021 1,250

2014/12F 13.5 88.9 48.6 109.7 38.0 150.8 25.8 104.6 14,310 133,865 1,250

2015/12F 11.1 111.8 25.8 132.3 20.6 176.9 17.3 128.2 16,780 146,623 1,250



2011/12A 1,116.7 (294.2) 0.1 (9.8) 7.9 16.6 14.7 1.18 8.6 1.0

2012/12A 1,188.2 (336.8) 0.0 (15.3) 4.0 34.9 22.5 1.52 7.0 0.7

2013/12F 1,291.4 (404.0) 0.0 (13.0) 6.5 22.4 16.8 1.55 9.7 0.7

2014/12F 1,414.9 (376.2) 0.0 (13.0) 8.5 15.8 13.3 1.43 11.1 0.7

2015/12F 1,560.2 (383.2) 0.0 (13.0) 9.6 12.5 11.4 1.30 11.9 0.7



2013/03A 29.4 11.1 12.1 19.2 53.5 35.9 11.2 4.4 23.6 6.0 13.9

2013/06F 14.3 6.8 13.1 41.4 8.6 17.7 93.6 (50.6) 28.2 108.2 19.7

2013/09F 19.2 4.0 19.6 530.0 49.6 24.8 44.0 39.9 34.8 43.1 23.6

2013/12F 21.5 (1.6) 15.0 90.2 (23.8) 1.1 (96.8) (95.6) 33.3 61.1 (4.4)

2014/03F 16.4 6.4 27.1 124.2 81.0 32.5 (9.5) 2,872.5 53.3 126.2 59.9

2014/06F 13.5 4.2 27.2 107.1 0.3 32.5 83.6 0.2 53.3 89.2 0.1

2014/09F 11.3 2.0 24.8 26.2 (8.8) 30.1 21.3 (7.6) 51.4 47.4 (3.7)

2014/12F 13.1 0.0 9.8 (34.4) (60.3) 14.6 1,236.4 (51.5) (7.1) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 927.6 56.3 91.4 8,026 23.7 유한양행 14.1 1.5 10.8 0.7

FY2014F 1,029.4 72.6 107.0 9,397 20.3 제약·바이오 20.3 1.8 8.9 0.6



유한양행

667.7

762.8

920.9

1,045.1

1,161.3

1,261.1 173.2

1,344.9 192.0

1,435.3 211.3

1,524.2 233.5

1,642.5 255.3

215.6

230.2

239.4

235.7

250.8

261.3

266.5

266.5

0

50,000

100,000

150,000

200,000

250,000


-5

0

5

10

15

20

25

30

35

40

45

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x24

x21

x18

x15

x12

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



191



한미약품 (128940.KS) 업데이트 : 2013.07.17

투자의견 : 중립 업종 : 제약·바이오 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이정인


52주 최고가 : 181,500 시가총액(십억원) : 1,204.9

52주 최저가 : 86,800 60일 평균 거래대금(백만원) : 9,839.8

연중 최고가 : 180,000 외국인지분(%) : 8.7

9 10 11 12 13


2.5 (2.0) (7.0) 65.8 20.2

업종 대비 (1.5) (6.0) (11.0) 61.8 16.3 5

KOSPI 대비 (3.9) (14.6) (8.2) 64.4 21.4 10

22 23 24 19 20



2011/12A 79.6 21.2 NA 6.5 NA 1.3 NA 56.9 156 44,859 0

2012/12A 11.2 48.1 127.2 32.2 399.3 22.6 1,652.7 81.7 2,737 46,062 0

2013/12F 11.6 74.1 53.9 58.8 82.7 41.4 82.7 104.8 5,000 49,106 0

2014/12F 17.6 97.3 31.3 82.4 40.0 57.9 40.0 125.4 7,000 56,098 0

2015/12F 17.6 120.1 23.5 105.4 27.9 74.1 27.9 145.8 8,954 65,041 0



2011/12A 336.3 262.5 79.7 (19.6) 3.5 14.0 401.6 1.40 0.4 0.0

2012/12A 362.4 223.6 76.6 (13.9) 7.1 15.0 44.0 2.62 6.5 0.0

2013/12F 405.8 203.1 65.5 (14.0) 9.9 14.0 29.1 2.96 10.8 0.0

2014/12F 463.7 185.4 56.5 (14.0) 11.0 11.7 20.8 2.59 13.3 0.0

2015/12F 537.7 164.5 48.1 (14.0) 11.6 10.0 16.2 2.24 14.8 0.0



2013/03A 17.3 (1.9) 18.0 NA (6.7) 16.3 NA 23.1 12.5 NA 15.1

2013/06F 11.6 21.5 10.7 11.6 (40.5) 9.3 32.8 (43.0) 6.5 38.6 (47.6)

2013/09F 11.6 (8.4) 22.4 11.6 109.5 17.2 19.3 84.4 12.1 24.2 84.4

2013/12F 6.7 (2.1) 23.0 19.5 2.8 16.1 21.2 (6.3) 10.3 (5.1) (14.7)

2014/03F 17.6 8.0 21.1 17.6 (8.3) 19.6 19.9 21.7 13.7 10.2 33.6

2014/06F 17.6 21.5 12.6 17.6 (40.5) 11.6 24.5 (40.8) 8.1 24.5 (40.8)

2014/09F 17.6 (8.4) 26.3 17.6 109.5 20.8 21.5 80.0 14.6 21.5 80.0

2014/12F 17.6 (2.1) 37.2 61.7 41.3 30.4 89.1 45.8 21.4 107.7 45.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 745.8 68.4 51.3 4,990 29.0 한미약품 22.5 2.7 12.6 0.0

FY2014F 849.0 90.9 71.0 6,900 20.9 제약·바이오 20.3 1.8 8.9 0.6



한미약품

606.2

674.0

751.9

883.9

1,039.3

787.8 409.5

835.6 426.2

875.0 411.1

977.8 440.4

1,103.8 472.3

170.3

206.9

189.4

185.4

200.2

243.2

222.6

217.9

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-20

0

20

40

60

80

100

120

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2010 2011 2012 2013

주가

x49

x37

x25

x13

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



192



LG생명과학 (068870.KS) 업데이트 : 2013.07.17

투자의견 : 중립 업종 : 제약·바이오 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이정인


52주 최고가 : 62,000 시가총액(십억원) : 886.9

52주 최저가 : 40,450 60일 평균 거래대금(백만원) : 3,987.9

연중 최고가 : 61,800 외국인지분(%) : 9.5

9 10 11 12 13


3.1 16.4 (8.7) 15.9 10.1

업종 대비 (0.9) 12.4 (12.7) 11.9 6.1 5

KOSPI 대비 (3.2) 3.9 (9.9) 14.6 11.3 10

22 23 24 19 20



2011/12A 11.9 11.8 4.3 4.3 (73.3) 5.7 (66.2) 32.4 339 14,732 0

2012/12A 6.4 15.2 29.6 8.0 87.5 8.5 49.8 37.1 507 15,028 0

2013/12F 7.6 19.6 28.5 16.5 105.7 16.0 88.0 45.2 954 15,769 0

2014/12F 9.7 32.0 63.5 30.6 85.3 26.0 62.3 60.1 1,548 17,105 0

2015/12F 9.7 40.2 25.5 39.4 28.6 33.5 28.6 69.8 1,992 18,885 0



2011/12A 247.7 112.1 66.0 (62.3) 3.1 21.1 101.2 2.33 2.3 0.0

2012/12A 252.7 159.0 79.5 (53.5) 3.8 24.6 88.9 3.00 3.4 0.0

2013/12F 265.1 91.5 75.7 (40.0) 4.5 21.8 56.1 3.39 6.2 0.0

2014/12F 287.6 81.2 69.9 (35.0) 6.7 16.2 34.6 3.13 9.4 0.0

2015/12F 317.5 64.6 61.7 (25.0) 7.6 13.7 26.9 2.83 11.1 0.0



2013/03A 8.6 (25.8) (3.1) NA NA (5.2) NA NA (4.1) NA NA

2013/06F 9.5 11.6 2.5 500.6 NA 1.6 NA NA 1.5 10,432.1 NA

2013/09F 10.9 5.8 7.2 140.4 189.2 6.3 357.9 308.7 6.2 378.8 308.7

2013/12F 3.0 17.6 13.0 (30.6) 81.8 13.8 (2.4) 118.3 12.5 1.7 102.8

2014/03F 9.7 (21.0) (3.4) NA NA (3.3) NA NA (2.8) NA NA

2014/06F 9.7 11.6 2.7 9.7 NA 2.9 87.2 NA 2.5 64.0 NA

2014/09F 9.7 5.8 7.8 9.7 189.2 7.6 19.2 160.3 6.4 4.4 160.3

2014/12F 9.7 17.6 24.8 90.7 216.2 23.5 69.6 210.6 19.9 59.9 210.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 436.4 18.7 12.6 746 70.5 LG생명과학 38.4 3.2 8.6 0.0

FY2014F 484.9 29.5 22.1 1,320 39.9 제약·바이오 20.3 1.8 8.9 0.6



LG생명과학

381.5

406.0

437.0

479.2

525.6

500.2 252.5

568.8 316.2

675.1 409.9

724.9 437.3

767.4 449.9

93.3

104.1

110.1

129.5

102.3

114.1

120.8

142.0

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-20

-10

0

10

20

30

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x76

x67

x58

x49

x41

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



193



기업은행 (024110.KS) 업데이트 : 2013.07.08

투자의견 : 중립 업종 : 은행 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이고은


52주 최고가 : 13,350 시가총액(십억원) : 6,574.8

52주 최저가 : 10,650 60일 평균 거래대금(백만원) : 6,401.9

연중 최고가 : 13,300 외국인지분(%) : 12.4

8 9 10 10 11


6.7 10.6 (6.3) (4.4) 0.0

업종 대비 (4.7) (0.7) (17.6) (15.8) (11.4) 5

KOSPI 대비 0.4 (1.9) (7.5) (5.8) 1.2 10

22 23 24 19 20

연간추정 총영업수익 영업이익 세전이익 지배주주지분순이익 충전이익 EPS BPS DPS


2011/12A 6.1 1,943.9 17.7 1,943.9 13.6 1,465.1 13.6 3,374.4 2,402 21,945 580

2012/12A (9.6) 1,531.1 (21.2) 1,531.1 (21.2) 1,168.0 (20.3) 2,683.0 1,920 22,760 400

2013/12F (3.3) 1,236.6 (19.2) 1,236.6 (19.2) 946.3 (19.0) 2,557.2 1,579 23,021 300

2014/12F 4.3 1,258.4 1.8 1,258.4 1.8 975.3 3.1 2,597.6 1,628 24,261 400

2015/12F 3.8 1,317.4 4.7 1,317.4 4.7 1,021.4 4.7 2,691.0 1,705 25,578 400

자산총계 부채총계 지배주주지분 대출채권 예수부채 충전이익률 PPR PER PBR ROE DY

(십억원) (십억원) (십억원) (십억원) (YoY,%) (십억원) (%) (배) (배) (배) (%) (%)

2011/12A 12,547.3 142,527.5 11.9 67,324.3 66.9 1.4 5.2 0.57 12.2 4.6

2012/12A 13,260.1 147,610.9 3.6 76,229.5 58.8 1.4 6.2 0.52 8.6 3.4

2013/12F 13,792.5 152,947.3 3.6 76,631.3 58.0 1.5 7.6 0.52 6.9 2.5

2014/12F 14,535.2 160,105.0 4.7 75,591.7 56.5 1.4 7.3 0.49 6.9 3.3

2015/12F 15,323.9 167,597.6 4.7 74,566.1 56.4 1.4 7.0 0.47 6.8 3.3

분기추정 총영업수익 영업이익 세전이익 순이익


2013/03F (16.7) 17.6 347.8 (44.6) 103.6 347.8 (44.6) 103.6 257.7 (45.3) 80.6

2013/06F (7.6) (5.2) 255.7 (39.1) (26.5) 255.7 (39.1) (26.5) 197.9 (36.3) (23.2)

2013/09F (1.4) 5.1 354.2 13.3 38.5 354.2 13.3 38.5 274.7 12.8 38.8

2013/12F 18.5 1.1 279.0 63.4 (21.2) 279.0 63.4 (21.2) 216.0 51.5 (21.4)

2014/03F 1.6 0.9 313.9 (9.7) 12.5 313.9 (9.7) 12.5 243.3 (5.6) 12.6

2014/06F 8.2 0.9 325.3 27.2 3.6 325.3 27.2 3.6 252.2 27.5 3.7

2014/09F 3.9 0.9 325.6 (8.1) 0.1 325.6 (8.1) 0.1 252.4 (8.1) 0.1

2014/12F 3.7 0.9 293.6 5.2 (9.8) 293.6 5.2 (9.8) 227.4 5.3 (9.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 8,957.8 1,186.1 896.2 1,403 8.5 기업은행 7.4 0.5 6.9 3.1

FY2014F 9,487.3 1,319.8 1,026.9 1,581 7.5 은행 9.0 0.6 6.6 1.7



기업은행

5,041.0

4,559.2

4,408.0

4,597.9

4,770.5

185,908.9 172,688.4

197,182.9 183,248.8

207,490.6 193,590.3

214,945.8 200,257.3

222,866.9 207,342.3

1,115.5

1,057.7

1,111.3

1,123.5

1,133.7

1,144.1

1,154.6

1,165.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-8

-6

-4

-2

0

2

4

6

8

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.1

x0.9

x0.8

x0.6

x0.5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



194



신한지주 (055550.KS) 업데이트 : 2013.07.08

투자의견 : 매수 업종 : 은행 주가 수익률(12개월)

목표주가 : 51,000 애널리스트 : 이고은


52주 최고가 : 45,100 시가총액(십억원) : 21,030.8

52주 최저가 : 33,350 60일 평균 거래대금(백만원) : 36,115.8

연중 최고가 : 44,850 외국인지분(%) : 64.0

8 9 10 10 11


11.6 22.9 11.9 17.6 10.7

업종 대비 0.2 11.5 0.5 6.3 (0.6) 5

KOSPI 대비 5.2 10.3 10.7 16.3 11.9 10

22 23 24 19 20



2011/12A 8.3 4,186.6 29.4 4,192.6 35.7 3,100.0 30.0 5,140.9 5,803 41,138 750

2012/12A (7.3) 3,183.7 (24.0) 3,233.0 (22.9) 2,322.7 (25.1) 4,543.4 4,768 52,566 700

2013/12F (5.7) 2,692.0 (15.4) 2,703.8 (16.4) 1,995.6 (14.1) 4,092.7 4,078 55,379 600

2014/12F 1.7 2,807.8 4.3 2,807.8 3.8 2,102.5 5.4 4,112.1 4,303 59,956 700

2015/12F 2.7 2,873.8 2.4 2,873.8 2.4 2,151.9 2.4 4,214.5 4,407 64,575 800



2011/12A 24,157.9 192,562.6 9.3 163,429.8 55.4 2.0 6.8 0.97 14.4 1.9

2012/12A 25,773.2 199,546.6 3.6 170,580.5 52.8 2.1 8.1 0.74 10.0 1.8

2013/12F 27,107.4 205,323.7 2.9 183,605.1 50.4 2.6 10.9 0.80 7.6 1.4

2014/12F 29,277.6 211,339.4 2.9 197,624.1 49.8 2.5 10.3 0.74 7.5 1.6

2015/12F 31,467.9 217,531.2 2.9 212,713.6 49.7 2.5 10.1 0.69 7.1 1.8



2013/03F (10.1) 8.0 669.8 (37.1) 9.7 681.6 (40.6) 21.1 481.3 (41.7) 26.6

2013/06F (8.4) (2.0) 667.1 (23.5) (0.4) 667.1 (23.2) (2.1) 499.5 (20.9) 3.8

2013/09F (7.3) (1.8) 685.7 7.7 2.8 685.7 4.7 2.8 513.4 5.9 2.8

2013/12F 4.7 0.7 669.5 9.7 (2.4) 669.5 19.0 (2.4) 501.3 31.9 (2.4)

2014/03F (1.2) 2.0 685.4 2.3 2.4 685.4 0.6 2.4 513.3 6.6 2.4

2014/06F 2.1 1.2 713.0 6.9 4.0 713.0 6.9 4.0 533.9 6.9 4.0

2014/09F 2.6 (1.2) 704.4 2.7 (1.2) 704.4 2.7 (1.2) 527.5 2.7 (1.2)

2014/12F 3.5 1.5 705.0 5.3 0.1 705.0 5.3 0.1 527.9 5.3 0.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 13,713.5 2,796.6 2,061.5 4,156 10.6 신한지주 10.5 0.8 7.5 1.5

FY2014F 14,341.9 3,046.3 2,265.7 4,542 9.7 은행 9.0 0.6 6.6 1.7



신한지주

9,276.3

8,602.9

8,114.8

8,254.8

8,481.6

288,117.5 261,258.7

300,848.5 272,068.7

316,892.8 286,643.3

323,403.2 290,788.4

330,367.0 295,362.8

2,074.3

2,033.2

1,997.0

2,010.3

2,050.4

2,075.1

2,049.5

2,079.9

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.3

x1.2

x1.0

x0.8

x0.7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



195



우리금융 (053000.KS) 업데이트 : 2013.06.27

투자의견 : 중립 업종 : 은행 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이고은


52주 최고가 : 13,250 시가총액(십억원) : 10,115.5

52주 최저가 : 9,700 60일 평균 거래대금(백만원) : 17,998.3

연중 최고가 : 13,150 외국인지분(%) : 21.4

8 9 10 10 11


15.7 20.7 1.6 11.6 5.5

업종 대비 4.3 9.3 (9.7) 0.2 (5.9) 5

KOSPI 대비 9.3 8.1 0.4 10.2 6.6 10

22 23 24 19 20



2011/12A 24.9 3,892.4 111.7 3,202.9 78.4 2,156.1 80.4 6,350.5 2,682 21,821 250

2012/12F (16.1) 2,228.6 (42.7) 2,291.3 (28.5) 1,583.6 (26.6) 4,550.1 1,970 23,161 250

2013/12F (10.2) 1,028.2 (53.9) 1,032.3 (54.9) 716.8 (54.7) 3,689.3 892 23,879 100

2014/12F 3.9 1,461.6 42.1 1,461.6 41.6 1,094.4 52.7 3,877.8 1,361 25,256 200

2015/12F 3.3 1,758.4 20.3 1,758.4 20.3 1,316.7 20.3 4,018.6 1,638 26,920 200



2011/12A 17,234.3 208,893.7 6.8 195,930.5 62.7 0.8 3.5 0.43 13.4 2.7

2012/12F 18,121.7 217,552.3 4.1 202,919.6 53.5 1.1 6.0 0.51 8.8 2.1

2013/12F 18,699.2 227,872.5 4.7 207,895.5 48.3 1.3 14.1 0.53 3.8 0.8

2014/12F 19,806.0 236,652.7 3.9 212,084.7 48.9 1.3 9.2 0.50 5.5 1.6

2015/12F 21,144.2 246,501.2 4.2 220,696.2 49.0 1.2 7.7 0.47 6.3 1.6



2013/03F (23.9) 41.6 356.4 (67.6) NA 360.5 (61.7) 96.8 213.7 (66.9) 50.5

2013/06F (17.3) 2.9 (11.1) NA NA (11.1) NA NA (8.3) NA NA

2013/09F (20.4) (0.1) 471.0 (43.7) NA 471.0 (36.2) NA 352.7 (30.0) NA

2013/12F 46.3 0.6 211.9 NA (55.0) 211.9 15.7 (55.0) 158.7 11.7 (55.0)

2014/03F 5.0 1.6 485.6 36.2 129.2 485.6 34.7 129.2 363.6 70.1 129.2

2014/06F 2.8 0.8 239.2 NA (50.7) 239.2 NA (50.7) 179.1 NA (50.7)

2014/09F 3.8 0.8 496.5 5.4 107.5 496.5 5.4 107.5 371.8 5.4 107.5

2014/12F 4.0 0.8 240.3 13.4 (51.6) 240.3 13.4 (51.6) 179.9 13.4 (51.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 13,429.5 1,473.1 1,027.8 1,209 10.3 우리금융 10.1 0.5 5.1 1.4

FY2014F 13,874.6 1,886.2 1,359.9 1,586 7.9 은행 9.0 0.6 6.6 1.7



우리금융

10,132.9

8,506.4

7,637.1

7,934.4

8,196.8

312,804.0 290,711.3

325,705.9 302,703.2

334,611.3 311,020.4

343,990.9 319,196.7

354,680.4 328,432.9

1,867.0

1,921.3

1,919.1

1,929.8

1,960.7

1,975.9

1,991.4

2,006.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.0

x0.8

x0.7

x0.6

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



196



하나금융지주 (086790.KS) 업데이트 : 2013.09.26




52주 최고가 : 41,550 시가총액(십억원) : 10,958.0

52주 최저가 : 30,100 60일 평균 거래대금(백만원) : 32,718.5

연중 최고가 : 41,200 외국인지분(%) : 60.1

8 9 10 10 11


10.7 15.2 (1.2) 10.4 4.1

업종 대비 (0.7) 3.9 (12.5) (1.0) (7.2) 5

KOSPI 대비 4.4 2.7 (2.4) 9.0 5.3 10

22 23 24 19 20



2011/12A 14.7 1,732.5 35.3 1,715.8 25.2 1,222.4 20.9 2,352.7 5,072 57,180 600

2012/12A 63.9 1,981.4 14.4 1,957.7 14.1 1,602.4 31.1 3,496.0 6,648 64,090 250

2013/12F (15.0) 1,354.5 (31.6) 1,446.1 (26.1) 1,094.3 (31.7) 2,466.6 3,967 71,103 500

2014/12F 5.9 1,605.3 18.5 1,605.3 11.0 1,178.6 7.7 2,681.8 4,272 75,042 600

2015/12F 4.6 1,814.7 13.0 1,814.7 13.0 1,332.3 13.0 2,947.1 4,829 79,473 700



2011/12A 13,782.1 129,182.1 16.5 104,552.0 52.7 1.9 7.0 0.62 10.0 1.7

2012/12A 15,447.7 196,300.9 52.0 177,099.2 47.8 1.2 5.2 0.54 11.0 0.7

2013/12F 19,614.6 205,942.5 4.9 193,841.1 39.7 1.8 9.5 0.53 6.2 1.3

2014/12F 20,701.2 217,708.3 5.7 214,762.7 40.8 1.7 8.8 0.50 5.8 1.6

2015/12F 21,923.5 230,146.2 5.7 237,942.3 42.8 1.6 7.8 0.48 6.3 1.9



2013/03F (38.7) (7.9) 367.1 (74.1) NA 410.4 (71.5) NA 289.8 (78.0) NA

2013/06F (6.9) (4.7) 206.9 (46.5) (43.7) 255.2 (27.4) (37.8) 231.5 14.9 (20.1)

2013/09F 3.9 17.7 478.0 46.8 131.0 478.0 46.2 87.3 350.9 51.2 51.6

2013/12F (5.8) (8.9) 302.5 NA (36.7) 302.5 NA (36.7) 222.1 NA (36.7)

2014/03F 5.6 3.3 371.5 1.2 22.8 371.5 (9.5) 22.8 272.7 (5.9) 22.8

2014/06F 12.0 1.1 384.1 85.7 3.4 384.1 50.5 3.4 282.0 21.8 3.4

2014/09F 0.0 5.1 459.3 (3.9) 19.6 459.3 (3.9) 19.6 337.2 (3.9) 19.6

2014/12F 6.9 (2.6) 390.4 29.0 (15.0) 390.4 29.0 (15.0) 286.6 29.0 (15.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 11,022.1 1,417.7 1,168.0 4,129 9.2 하나금융지주 9.0 0.5 6.0 1.5

FY2014F 11,672.9 1,804.4 1,400.9 4,867 7.8 은행 9.0 0.6 6.6 1.7



하나금융지주

4,460.4

7,308.7

6,211.5

6,578.7

6,882.9

178,228.9 163,407.9

283,722.2 263,348.0

303,591.8 282,903.1

314,137.8 292,330.8

325,641.1 302,575.8

1,515.9

1,445.1

1,700.9

1,549.7

1,601.2

1,619.0

1,701.1

1,657.3

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2005 2006 2007 2008 2009 2010 2011 2012

주가

x0.9

x0.8

x0.7

x0.6

x0.5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



197



BS금융지주 (138930.KS) 업데이트 : 2013.07.08




52주 최고가 : 17,000 시가총액(십억원) : 3,210.1

52주 최저가 : 11,500 60일 평균 거래대금(백만원) : 8,176.6

연중 최고가 : 16,850 외국인지분(%) : 60.7

8 9 10 10 11


15.7 22.5 11.4 38.3 23.4

업종 대비 4.3 11.2 0.1 27.0 12.1 5

KOSPI 대비 9.4 10.0 10.2 37.0 24.6 10

22 23 24 19 20



2011/12A 18.8 547.0 26.0 532.8 12.0 400.3 9.4 692.2 2,070 15,281 350

2012/12A 5.9 469.7 (14.1) 478.9 (10.1) 361.1 (9.8) 675.6 1,868 16,833 330

2013/12F (2.0) 433.5 (7.7) 435.4 (9.1) 336.4 (6.8) 624.7 1,740 17,849 300

2014/12F 8.0 483.3 11.5 483.3 11.0 377.0 12.1 684.8 1,949 19,218 400

2015/12F 7.8 549.4 13.7 549.4 13.7 428.5 13.7 769.1 2,216 20,753 500



2011/12A 2,954.9 26,070.7 18.1 24,991.3 58.6 1.8 5.3 0.72 15.9 3.2

2012/12A 3,255.2 30,100.4 15.5 28,345.7 54.1 2.0 7.1 0.78 12.3 2.5

2013/12F 3,451.6 33,575.1 11.5 30,203.1 51.0 2.6 9.5 0.93 10.0 1.8

2014/12F 3,716.3 36,913.9 9.9 32,182.2 51.8 2.4 8.5 0.86 10.5 2.4

2015/12F 4,013.2 40,584.7 9.9 34,291.1 53.9 2.3 7.5 0.80 11.1 3.0



2013/03F (15.5) (2.0) 123.1 (14.5) 94.9 121.1 (14.6) 108.4 94.4 (14.0) 81.2

2013/06F 9.7 4.4 117.4 2.0 (4.6) 117.4 2.9 (3.1) 91.6 6.0 (3.0)

2013/09F (3.5) 0.7 124.2 (15.8) 5.8 124.2 (15.3) 5.8 96.9 (14.3) 5.8

2013/12F 4.4 1.3 68.8 9.0 (44.6) 68.8 18.4 (44.6) 53.7 3.1 (44.6)

2014/03F 9.3 2.6 141.5 15.0 105.7 141.5 16.8 105.7 110.4 17.0 105.7

2014/06F 6.7 1.9 136.6 16.4 (3.5) 136.6 16.4 (3.5) 106.6 16.4 (3.5)

2014/09F 7.8 1.8 137.3 10.6 0.5 137.3 10.6 0.5 107.1 10.6 0.5

2014/12F 8.1 1.6 67.9 (1.4) (50.6) 67.9 (1.4) (50.6) 52.9 (1.4) (50.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,147.6 474.9 358.5 1,854 9.1 BS금융지주 8.8 0.9 10.4 2.3

FY2014F 2,312.8 524.9 399.4 2,063 8.2 은행 9.0 0.6 6.6 1.7



BS금융지주

1,180.7

1,249.9

1,225.0

1,322.7

1,426.2

39,358.7 36,403.7

42,891.4 39,636.2

46,946.6 43,495.0

50,292.2 46,575.9

54,005.7 49,992.4

294.4

307.4

309.5

313.7

321.8

327.9

333.8

339.2

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


0

5

10

15

20

25

30

35

40

45

KOSPI대비(우)

주가(좌)

(%p)(원)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2011 2012 2013

주가

x1.1

x1.0

x0.9

x0.8

x0.7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



198



DGB금융지주 (139130.KS) 업데이트 : 2013.07.08




52주 최고가 : 17,300 시가총액(십억원) : 2,171.7

52주 최저가 : 12,650 60일 평균 거래대금(백만원) : 3,589.5

연중 최고가 : 17,100 외국인지분(%) : 75.1

8 9 10 10 11


3.2 6.9 (3.6) 9.8 8.7

업종 대비 (8.2) (4.4) (14.9) (1.5) (2.6) 5

KOSPI 대비 (3.1) (5.6) (4.8) 8.5 9.9 10

22 23 24 19 20



2011/12A 5.3 410.8 37.0 415.3 38.5 305.7 34.4 545.8 2,281 17,093 350

2012/12A (5.6) 302.1 (26.5) 362.0 (12.8) 273.4 (10.6) 462.4 2,039 18,823 330

2013/12F (1.1) 343.1 13.6 343.9 (5.0) 266.4 (2.5) 482.0 1,987 20,579 300

2014/12F 6.9 400.8 16.8 402.5 17.0 314.0 17.9 533.7 2,342 22,860 400

2015/12F 8.3 460.0 14.8 461.7 14.7 360.1 14.7 603.1 2,686 25,385 500



2011/12A 2,291.4 21,898.2 12.4 21,943.4 53.9 1.7 5.7 0.75 14.2 2.7

2012/12A 2,523.3 24,159.9 10.3 24,520.8 48.4 2.0 7.1 0.77 11.4 2.3

2013/12F 2,758.6 26,761.8 10.8 27,364.2 51.0 2.3 8.2 0.79 10.1 1.9

2014/12F 3,064.4 29,308.1 9.5 29,619.8 52.8 2.1 6.9 0.71 10.8 2.5

2015/12F 3,402.9 32,096.8 9.5 32,061.5 55.1 2.0 6.0 0.64 11.1 3.1



2013/03F (7.9) 10.3 101.0 1.0 205.2 101.4 17.3 450.7 76.6 (11.8) 115.0

2013/06F 2.4 (4.3) 76.3 (2.9) (24.5) 76.7 25.9 (24.4) 59.8 (16.9) (21.9)

2013/09F (8.4) 5.4 96.5 6.6 26.5 96.9 26.9 26.4 75.6 (4.3) 26.4

2013/12F 12.2 0.8 69.3 109.5 (28.2) 69.7 278.7 (28.0) 54.4 52.7 (28.0)

2014/03F 3.3 1.6 109.7 8.6 58.2 110.1 8.6 57.9 85.9 12.2 57.9

2014/06F 10.2 2.1 103.3 35.5 (5.8) 103.8 35.3 (5.8) 80.9 35.3 (5.8)

2014/09F 6.9 2.2 108.6 12.5 5.1 109.0 12.5 5.1 85.0 12.5 5.1

2014/12F 7.4 1.2 79.2 14.2 (27.1) 79.6 14.1 (27.0) 62.1 14.1 (27.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,719.9 350.5 254.8 1,900 8.7 DGB금융지주 7.2 0.7 10.6 2.3

FY2014F 1,862.4 409.2 294.8 2,199 7.5 은행 9.0 0.6 6.6 1.7



DGB금융지주

1,012.8

955.9

945.2

1,010.8

1,094.5

31,294.0 29,002.6

34,217.8 31,694.5

37,528.6 34,769.9

40,174.8 37,110.4

43,088.8 39,685.9

237.3

227.2

239.5

241.3

245.2

250.4

256.0

259.1

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-15

-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

2011 2012 2013

주가

x1.0

x0.9

x0.8

x0.8

x0.7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



199



KB금융 (105560.KS) 업데이트 : 2013.09.26




52주 최고가 : 40,950 시가총액(십억원) : 14,913.2

52주 최저가 : 31,100 60일 평균 거래대금(백만원) : 41,008.8

연중 최고가 : 40,750 외국인지분(%) : 63.8

8 9 10 10 11


11.2 14.7 5.0 (2.3) (0.5)

업종 대비 (0.1) 3.4 (6.3) (13.6) (11.9) 5

KOSPI 대비 4.9 2.2 3.8 (3.6) 0.7 10

22 23 24 19 20



2011/12A 23.0 3,390.6 1,659.1 3,260.8 16,888.7 2,373.0 2,586.9 5,142.3 6,142 59,319 720

2012/12A (9.9) 2,411.4 (28.9) 2,261.3 (30.7) 1,702.9 (28.2) 4,289.5 4,408 63,438 600

2013/12F (6.5) 2,012.6 (16.5) 1,899.3 (16.0) 1,377.0 (19.1) 3,583.7 3,404 65,593 400

2014/12F 8.4 2,541.1 26.3 2,541.1 33.8 1,982.1 43.9 4,107.0 4,970 68,722 700

2015/12F 4.0 2,679.4 5.4 2,679.4 5.4 2,089.9 5.4 4,313.7 5,249 72,031 800



2011/12A 22,918.0 212,107.0 7.9 190,366.4 56.7 1.5 5.9 0.61 11.6 2.0

2012/12A 24,509.5 212,716.3 0.3 194,443.2 52.5 1.8 8.6 0.60 7.2 1.6

2013/12F 25,341.8 219,723.1 3.3 201,129.2 46.9 2.0 11.3 0.59 5.5 1.0

2014/12F 26,550.9 231,138.2 5.2 210,471.0 49.5 1.8 7.8 0.56 7.6 1.8

2015/12F 27,829.2 241,711.9 4.6 220,246.6 50.0 1.7 7.4 0.54 7.7 2.1



2013/03F (12.2) 5.7 532.9 (34.3) 63.0 547.7 (32.1) 155.7 411.5 (31.8) 189.4

2013/06F (14.6) (5.8) 451.5 (38.7) (15.3) 323.4 (55.7) (41.0) 163.5 (70.1) (60.3)

2013/09F (5.3) 5.5 549.1 2.3 21.6 549.1 7.5 69.8 428.3 4.4 161.9

2013/12F 8.7 3.4 479.1 46.5 (12.7) 479.1 123.7 (12.7) 373.7 162.9 (12.7)

2014/03F 5.6 2.7 655.1 22.9 36.7 655.1 19.6 36.7 511.0 24.2 36.7

2014/06F 13.4 1.1 608.8 34.8 (7.1) 608.8 88.3 (7.1) 474.9 190.4 (7.1)

2014/09F 9.0 1.4 685.9 24.9 12.7 685.9 24.9 12.7 535.0 24.9 12.7

2014/12F 6.1 0.8 591.3 23.4 (13.8) 591.3 23.4 (13.8) 461.2 23.4 (13.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 12,974.7 2,029.1 1,386.2 3,565 10.7 KB금융 8.5 0.6 7.1 1.6

FY2014F 13,489.0 2,323.1 1,716.5 4,502 8.5 은행 9.0 0.6 6.6 1.7



KB금융

9,074.1

8,174.7

7,646.8

8,292.0

8,624.3

277,600.8 254,501.0

282,006.6 257,302.5

297,410.9 272,047.5

309,267.3 282,636.5

320,465.7 292,493.9

1,929.5

1,817.0

1,917.2

1,983.2

2,037.5

2,060.6

2,089.1

2,104.8

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-12

-10

-8

-6

-4

-2

0

2

4

6

8

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.3

x1.1

x0.9

x0.7

x0.5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



200


A003540 40203020 universe

대신증권 (003540.KS) 업데이트 : 2013.07.15

투자의견 : 매수 업종 : 증권 주가 수익률(12개월)

목표주가 : 21,000 애널리스트 : 이철호


52주 최고가 : 11,200 시가총액(십억원) : 474.7

52주 최저가 : 8,230 60일 평균 거래대금(백만원) : 433.6

연중 최고가 : 11,100 외국인지분(%) : 25.4

8 9 10 10 11


9.5 6.5 (6.0) 6.3 (8.3)

업종 대비 2.1 (0.9) (13.4) (1.1) (15.7) 5

KOSPI 대비 3.2 (6.1) (7.2) 4.9 (7.2) 10

22 23 24 19 20



2012/03A 2.6 95.4 16.0 125.5 13.7 90.7 7.5 454.6 1,165 22,282 650

2013/03A (36.0) (2.4) NA 1.0 (99.2) 3.3 (96.3) 351.3 43 21,295 750

2014/03F (33.8) 44.5 NA 43.1 4,004.8 33.6 909.2 286.5 250 21,705 750

2015/03F 38.1 80.7 81.2 78.7 82.8 61.4 82.8 404.6 788 22,261 750

2016/03F 4.1 118.5 46.9 116.6 48.1 90.9 48.1 426.2 1,167 23,007 750

자산총계 부채총계 자본총계 이자수익 순수수료 순이자 집합증권 영업수지율 PER PBR ROE DY

자산 수익 수익 판매잔고

(십억원) (십억원) (십억원) (십억원) (십억원) (십억원) (십억원) (%) (배) (배) (%) (%)

2012/03A 1,735.6 5,987.8 312.0 124.1 3,329.0 112.4 9.5 0.50 5.3 5.9

2013/03A 1,658.7 6,259.3 197.8 121.6 3,464.2 102.9 229.6 0.46 0.2 7.6

2014/03F 1,690.7 6,442.4 156.5 94.0 4,010.2 120.0 37.3 0.43 1.2 8.0

2015/03F 1,734.0 6,683.4 221.5 135.1 4,874.4 120.0 11.9 0.42 3.6 8.0

2016/03F 1,792.1 6,986.1 227.1 151.2 5,924.9 120.0 8.0 0.41 5.2 8.0

분기추정 영업수익 영업이익 세전이익 순이익


2013/03A 10.9 1.0 (17.6) NA NA (18.0) NA NA (14.1) NA NA

2013/06F (28.1) 1.0 14.5 1,010.4 NA 14.0 278.3 NA 10.9 101.6 NA

2013/09F (17.0) 1.0 14.0 (32.3) (3.4) 13.5 (40.4) (3.5) 10.6 (39.5) (3.5)

2013/12F 4.1 1.0 16.0 NA 13.7 15.5 NA 14.2 12.1 NA 14.2

2014/03F 4.1 1.0 2.9 NA (82.1) 2.4 NA (84.7) 1.8 NA (84.7)

2014/06F 4.1 1.0 25.4 74.8 791.0 24.9 77.5 954.7 19.4 77.5 954.7

2014/09F 4.1 1.0 25.0 78.1 (1.6) 24.5 80.9 (1.6) 19.1 80.9 (1.6)

2014/12F 4.1 1.0 27.4 71.9 9.7 26.9 74.2 9.9 21.0 74.2 9.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F NA 44.5 33.6 387 24.2 대신증권 18.2 0.4 2.4 8.0

FY2014F NA 80.7 61.4 708 13.3 증권 21.3 0.7 3.5 1.3



대신증권

4,298.0

2,752.7

1,821.9

2,515.3

2,617.5

9,870.2 8,134.5

10,793.0 9,134.3

11,051.5 9,360.8

11,386.9 9,652.9

11,822.1 10,030.0

595.3

601.3

607.3

613.3

619.5

625.7

631.9

638.3

0

2,000

4,000

6,000

8,000

10,000

12,000


-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x0.8

x0.7

x0.6

x0.5

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



201


A006800 40203020 universe

대우증권 (006800.KS) 업데이트 : 2013.07.15

투자의견 : 중립 업종 : 증권 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이철호


52주 최고가 : 13,100 시가총액(십억원) : 3,263.7

52주 최저가 : 8,970 60일 평균 거래대금(백만원) : 7,796.2

연중 최고가 : 12,850 외국인지분(%) : 13.5

8 9 10 10 11


8.0 3.6 (13.5) (22.0) (21.6)

업종 대비 0.6 (3.7) (20.9) (29.3) (29.0) 5

KOSPI 대비 1.7 (8.9) (14.7) (23.3) (20.5) 10

22 23 24 19 20



2012/03A (14.0) 211.4 (36.4) 222.4 (37.2) 166.9 (34.8) 774.3 624 12,039 160

2013/03A 3.0 134.8 (36.2) 148.7 (33.1) 115.9 (30.5) 691.5 347 12,011 90

2014/03F (35.2) 120.7 (10.5) 138.7 (6.8) 108.2 (6.7) 545.8 324 12,206 80

2015/03F 42.9 206.3 70.9 230.3 66.0 179.6 66.0 753.1 538 12,641 140

2016/03F 8.2 230.7 11.8 254.7 10.6 198.6 10.6 772.0 595 13,057 140




2012/03A 3,972.9 14,568.9 470.0 204.7 8,093.4 114.1 21.2 1.10 5.8 1.2

2013/03A 3,963.4 14,428.3 333.4 228.6 8,760.6 100.6 33.3 0.96 2.9 0.8

2014/03F 4,029.8 14,670.0 279.8 183.4 9,296.8 105.0 30.8 0.82 3.6 0.8

2015/03F 4,177.9 15,209.1 388.4 251.7 10,063.2 108.2 18.6 0.79 4.5 1.4

2016/03F 4,319.8 15,725.7 397.8 260.2 10,892.7 110.1 16.8 0.77 4.8 1.4



2013/03A 52.6 2.0 35.1 (68.6) 75.9 34.3 (68.5) 78.9 26.8 (67.0) 102.8

2013/06F (26.1) 2.0 35.4 77.0 0.8 41.4 43.8 20.5 32.3 32.0 20.5

2013/09F (28.5) 2.0 31.9 (46.7) (9.8) 37.9 (43.0) (8.3) 29.6 (42.6) (8.3)

2013/12F 8.2 2.0 53.4 168.1 67.4 59.4 209.7 56.8 46.4 251.1 56.8

2014/03F 8.2 2.0 57.8 64.8 8.2 63.8 85.9 7.4 49.8 85.9 7.4

2014/06F 8.2 2.0 44.9 26.9 (22.3) 50.9 23.0 (20.2) 39.7 23.0 (20.2)

2014/09F 8.2 2.0 41.1 28.7 (8.5) 47.1 24.2 (7.5) 36.7 24.2 (7.5)

2014/12F 8.2 2.0 62.5 17.0 52.2 68.5 15.3 45.6 53.4 15.3 45.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F NA 120.7 108.2 317 31.4 대우증권 23.3 0.8 4.0 1.1

FY2014F NA 206.3 179.6 527 18.9 증권 21.3 0.7 3.5 1.3



대우증권

3,030.5

3,121.3

2,023.2

2,891.5

3,129.8

22,463.4 18,490.5

23,539.2 19,575.8

23,933.6 19,903.7

24,813.0 20,635.1

25,655.9 21,336.1

648.1

661.1

674.3

687.8

701.5

715.6

729.9

744.5

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-30

-25

-20

-15

-10

-5

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.7

x1.4

x1.2

x0.9

x0.6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



202


A016360 40203020 universe

삼성증권 (016360.KS) 업데이트 : 2013.07.15




52주 최고가 : 58,700 시가총액(십억원) : 3,642.1

52주 최저가 : 44,000 60일 평균 거래대금(백만원) : 9,828.7

연중 최고가 : 57,500 외국인지분(%) : 27.0

8 9 10 10 11


6.8 5.8 (11.4) (9.2) (15.4)

업종 대비 (0.5) (1.6) (18.8) (16.6) (22.7) 5

KOSPI 대비 0.5 (6.8) (12.6) (10.6) (14.2) 10

22 23 24 19 20



2012/03A 9.1 286.4 (19.6) 286.0 (15.4) 192.5 (19.2) 1,178.7 2,748 45,674 700

2013/03A (12.3) 214.2 (25.2) 210.3 (26.5) 157.9 (18.0) 949.4 2,065 47,001 530

2014/03F (54.4) 156.3 (27.0) 148.4 (29.4) 115.7 (26.7) 727.0 1,514 48,040 390

2015/03F 42.9 253.7 62.4 243.2 63.9 189.7 63.9 1,009.3 2,481 50,104 630

2016/03F 8.2 281.7 11.0 271.1 11.5 211.5 11.5 1,044.9 2,767 52,230 630




2012/03A 3,380.4 10,480.8 775.6 278.5 11,648.8 119.9 20.7 1.24 6.9 1.2

2013/03A 3,481.8 11,035.9 577.4 252.8 13,733.6 108.4 26.2 1.15 4.7 1.0

2014/03F 3,561.3 11,500.7 506.2 175.8 16,394.1 109.5 31.5 0.99 4.4 0.8

2015/03F 3,719.0 12,010.1 707.5 241.9 20,759.7 109.5 19.2 0.95 5.3 1.3

2016/03F 3,881.5 12,535.0 734.1 250.7 26,287.8 109.5 17.2 0.91 5.7 1.3



2013/03A (17.7) 2.0 59.2 (40.8) 146.2 56.6 (43.3) 164.2 42.7 (31.1) 151.2

2013/06F (52.6) 2.0 48.5 16.9 (18.0) 45.9 8.1 (18.9) 35.8 7.2 (16.2)

2013/09F (61.8) 2.0 45.5 (49.2) (6.3) 42.8 (52.3) (6.6) 33.4 (48.4) (6.6)

2013/12F 8.2 2.0 62.3 159.0 37.0 59.7 178.6 39.3 46.5 173.7 39.3

2014/03F 8.2 2.0 67.1 13.4 7.7 64.5 14.0 8.1 50.3 17.8 8.1

2014/06F 8.2 2.0 59.6 23.0 (11.1) 57.0 24.3 (11.6) 44.5 24.3 (11.6)

2014/09F 8.2 2.0 54.8 20.5 (8.1) 52.2 21.8 (8.5) 40.7 21.8 (8.5)

2014/12F 8.2 2.0 72.1 15.8 31.6 69.5 16.5 33.2 54.2 16.5 33.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 802.3 168.6 125.7 1,645 28.9 삼성증권 24.0 1.0 4.9 1.1

FY2014F 846.7 240.3 178.8 2,340 20.3 증권 21.3 0.7 3.5 1.3



삼성증권

2,729.6

2,394.2

1,090.6

1,558.7

1,687.2

16,770.9 13,390.4

18,453.7 14,971.8

19,230.8 15,669.6

20,082.6 16,363.6

20,960.3 17,078.8

349.4

356.4

363.5

370.8

378.2

385.8

393.5

401.3

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x2.1

x1.8

x1.5

x1.2

x1.0

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



203


A005940 40203020 universe

우리투자증권 (005940.KS) 업데이트 : 2013.07.15




52주 최고가 : 13,150 시가총액(십억원) : 2,311.3

52주 최저가 : 9,940 60일 평균 거래대금(백만원) : 7,263.2

연중 최고가 : 12,900 외국인지분(%) : 17.6

8 9 10 10 11


5.0 8.9 (1.7) (5.7) (8.7)

업종 대비 (2.4) 1.5 (9.1) (13.1) (16.0) 5

KOSPI 대비 (1.4) (3.6) (2.9) (7.0) (7.5) 10

22 23 24 19 20



2012/03A (32.0) 224.2 35.9 220.4 13.3 168.0 9.6 779.3 899 15,842 230

2013/03A 49.7 133.0 (40.7) 109.9 (50.2) 88.1 (47.6) 638.7 404 15,950 100

2014/03F (26.4) 108.3 (18.5) 108.3 (1.4) 84.5 (4.1) 505.1 387 16,237 100

2015/03F 42.9 169.9 56.8 175.9 62.3 137.2 62.3 689.6 629 16,766 160

2016/03F 8.2 171.3 0.8 179.3 1.9 139.9 1.9 696.3 641 17,261 160




2012/03A 3,455.5 15,204.6 464.4 336.9 10,330.8 120.9 14.5 0.82 6.4 1.8

2013/03A 3,479.0 17,402.0 299.4 385.3 11,753.5 126.2 29.1 0.74 2.6 0.9

2014/03F 3,541.7 17,715.6 238.6 295.0 12,472.9 135.0 29.9 0.71 3.2 0.9

2015/03F 3,657.1 18,292.7 326.5 392.2 13,501.0 135.0 18.4 0.69 3.9 1.4

2016/03F 3,765.1 18,833.0 326.2 396.1 14,613.9 135.0 18.1 0.67 3.8 1.4



2013/03A 113.5 2.0 43.3 (56.4) 250.7 42.2 (54.5) 276.1 32.9 (53.5) 286.6

2013/06F (11.3) 2.0 26.5 (23.8) (38.9) 26.5 98.3 (37.3) 20.6 68.0 (37.3)

2013/09F (6.3) 2.0 38.1 (10.7) 43.9 38.1 (11.7) 43.9 29.7 (13.7) 43.9

2013/12F 8.2 2.0 43.8 254.7 15.1 43.8 290.6 15.1 34.2 301.6 15.1

2014/03F 8.2 2.0 45.0 3.9 2.7 45.0 6.6 2.7 35.1 6.6 2.7

2014/06F 8.2 2.0 32.4 22.4 (28.0) 34.4 30.0 (23.6) 26.8 30.0 (23.6)

2014/09F 8.2 2.0 43.3 13.9 33.9 45.3 19.1 31.9 35.4 19.1 31.9

2014/12F 8.2 2.0 49.2 12.2 13.4 51.2 16.7 12.8 39.9 16.7 12.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 647.3 123.6 97.4 446 25.9 우리투자증권 22.9 0.7 3.6 1.1

FY2014F 764.0 183.9 146.9 673 17.2 증권 21.3 0.7 3.5 1.3



우리투자증권

2,569.4

3,845.5

2,831.1

4,046.2

4,379.7

22,408.0 18,952.4

25,044.4 21,565.4

25,495.7 21,954.0

26,326.3 22,669.2

27,103.8 23,338.7

906.9

925.1

943.6

962.5

981.7

1,001.3

1,021.4

1,041.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.4

x1.2

x1.0

x0.8

x0.6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



204


A039490 40203020 universe

키움증권 (039490.KS) 업데이트 : 2013.07.15




52주 최고가 : 70,300 시가총액(십억원) : 1,164.7

52주 최저가 : 49,250 60일 평균 거래대금(백만원) : 1,461.7

연중 최고가 : 69,800 외국인지분(%) : 30.3

8 9 10 10 11


1.7 (2.6) (21.7) (19.2) (16.5)

업종 대비 (5.6) (10.0) (29.1) (26.5) (23.9) 5

KOSPI 대비 (4.6) (15.1) (22.9) (20.5) (15.3) 10

22 23 24 19 20



2012/03A (5.9) 161.6 21.0 162.7 12.2 122.7 13.7 320.7 5,552 36,506 850

2013/03A (0.3) 76.1 (52.9) 79.0 (51.4) 58.2 (52.5) 231.2 2,634 38,248 400

2014/03F (19.4) 80.7 6.1 81.3 3.0 61.4 5.5 200.6 3,566 40,711 430

2015/03F 42.9 134.9 67.1 135.7 66.9 102.5 66.9 301.0 4,637 45,123 710

2016/03F 8.2 149.6 10.9 150.4 10.8 113.5 10.8 322.3 5,137 49,832 710




2012/03A 806.8 3,172.9 177.0 113.1 184.6 161.2 12.8 1.94 17.4 1.2

2013/03A 845.3 4,959.2 126.0 116.3 339.1 145.6 26.0 1.79 7.2 0.6

2014/03F 899.7 5,278.5 100.7 84.9 359.8 146.4 14.8 1.29 10.1 0.8

2015/03F 997.2 5,850.7 140.3 122.8 389.5 146.4 11.4 1.17 11.4 1.3

2016/03F 1,101.3 6,461.2 142.5 135.9 421.6 146.4 10.3 1.06 11.4 1.3



2013/03A 22.0 2.0 23.6 (31.4) 185.9 23.8 (30.1) 181.6 17.4 (31.1) 172.5

2013/06F 7.1 2.0 26.7 94.6 12.9 26.9 71.7 12.8 20.3 79.4 16.6

2013/09F 10.8 2.0 25.0 (18.0) (6.3) 25.2 (18.9) (6.3) 19.0 (17.8) (6.3)

2013/12F 8.2 2.0 29.1 251.8 16.4 29.3 245.9 16.3 22.1 246.3 16.3

2014/03F 8.2 2.0 26.8 13.6 (7.7) 27.0 13.5 (7.6) 20.4 17.4 (7.6)

2014/06F 8.2 2.0 35.8 34.1 33.2 36.0 33.8 33.0 27.2 33.8 33.0

2014/09F 8.2 2.0 33.9 35.8 (5.1) 34.1 35.5 (5.1) 25.8 35.5 (5.1)

2014/12F 8.2 2.0 38.4 32.1 13.2 38.6 31.9 13.1 29.1 31.9 13.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F NA 80.7 61.4 2,778 19.0 키움증권 12.9 1.2 10.7 1.1

FY2014F NA 134.9 102.5 4,637 11.4 증권 21.3 0.7 3.5 1.3



키움증권

467.2

465.6

375.4

536.6

580.8

3,743.4 2,936.6

5,696.8 4,851.5

6,063.6 5,163.9

6,720.8 5,723.6

7,422.2 6,320.9

120.3

122.7

125.1

127.6

130.2

132.8

135.4

138.2

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x2.1

x1.9

x1.7

x1.5

x1.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



205


A003450 40203020 universe

현대증권 (003450.KS) 업데이트 : 2013.07.15

투자의견 : 중립 업종 : 증권 주가 수익률(12개월)



52주 최고가 : 9,470 시가총액(십억원) : 1,169.6

52주 최저가 : 5,540 60일 평균 거래대금(백만원) : 2,532.4

연중 최고가 : 9,370 외국인지분(%) : 16.5

8 9 10 10 11


18.2 12.8 (14.3) (27.0) (26.6)

업종 대비 10.8 5.4 (21.7) (34.4) (33.9) 5

KOSPI 대비 11.9 0.2 (15.5) (28.4) (25.4) 10

22 23 24 19 20



2012/03A (4.6) 156.3 (27.4) 191.0 (49.7) 146.5 (49.8) 654.1 857 13,453 200

2013/03A 12.5 (15.8) NA (73.3) NA (54.3) NA 445.8 -239 13,122 0

2014/03F (27.8) 51.1 NA 66.1 NA 51.6 NA 391.6 75 13,412 50

2015/03F 42.9 78.5 53.5 101.5 53.5 79.2 53.5 566.5 349 13,709 80

2016/03F 8.2 75.4 (4.0) 99.4 (2.1) 77.5 (2.1) 578.1 341 13,966 80




2012/03A 3,053.7 13,441.6 404.9 212.0 6,506.2 120.3 12.3 0.78 5.4 1.9

2013/03A 2,978.6 14,235.3 279.6 272.8 7,145.0 120.0 NA 0.61 (1.8) 0.0

2014/03F 3,044.6 14,550.6 217.4 243.3 8,271.2 120.0 92.0 0.51 0.6 0.7

2015/03F 3,111.9 14,872.2 298.0 340.7 10,053.7 120.0 19.7 0.50 2.6 1.2

2016/03F 3,170.3 15,151.2 298.9 351.3 12,220.4 120.0 20.1 0.49 2.5 1.2



2013/03A 42.9 2.0 (12.7) NA NA (44.3) NA NA (34.6) NA NA

2013/06F (3.1) 2.0 10.2 735.1 NA 15.2 241.2 NA 11.9 141.2 NA

2013/09F (19.3) 2.0 36.9 (32.8) 261.3 41.9 (27.2) 175.5 32.7 (24.9) 175.5

2013/12F 8.2 2.0 4.0 NA (89.2) 9.0 NA (78.6) 7.0 NA (78.6)

2014/03F 8.2 2.0 (1.2) NA NA 3.8 NA (58.1) 2.9 NA (58.1)

2014/06F 8.2 2.0 14.8 44.4 NA 20.8 36.4 451.3 16.2 36.4 451.3

2014/09F 8.2 2.0 57.0 54.4 286.5 63.0 50.3 203.6 49.2 50.3 203.6

2014/12F 8.2 2.0 8.0 99.7 (86.0) 14.0 55.3 (77.9) 10.9 55.3 (77.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F NA 51.1 51.6 218 31.7 현대증권 32.9 0.5 1.6 0.9

FY2014F NA 78.5 79.2 335 20.6 증권 21.3 0.7 3.5 1.3



현대증권

1,731.1

1,948.1

1,407.0

2,010.8

2,176.6

15,088.6 12,034.9

16,747.4 13,768.8

17,118.4 14,073.8

17,496.7 14,384.8

17,825.0 14,654.7

450.7

459.7

468.9

478.3

487.9

497.6

507.6

517.7

0

1,336

2,671

4,007

5,342

6,678

8,014

9,349

10,685


-40

-35

-30

-25

-20

-15

-10

-5

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.1

x1.0

x0.8

x0.6

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



206



동부화재 (005830.KS) 업데이트 : 2013.09.25

투자의견 : 중립 업종 : 보험 주가 수익률(12개월)



52주 최고가 : 52,300 시가총액(십억원) : 3,331.1

52주 최저가 : 40,400 60일 평균 거래대금(백만원) : 5,530.6

연중 최고가 : 50,500 외국인지분(%) : 35.7

8 9 10 10 11


1.5 1.2 (0.9) 0.7 5.8

업종 대비 (2.0) (2.3) (4.4) (2.7) 2.4 5

KOSPI 대비 (4.8) (11.4) (2.1) (0.6) 7.0 10

22 23 24 19 20

연간추정 경과보험료 영업이익 세전이익 순이익 수정순이익 수정EPS 수정BPS DPS


2012/03A 30.3 562.0 44.9 545.0 47.7 403.1 41.7 403.1 5,694 31,558 1,200

2013/03A 7.6 566.1 0.7 547.0 0.4 413.3 2.5 413.3 5,837 39,351 1,250

2013/12F (20.0) 386.2 (31.8) 372.8 (31.8) 283.5 (31.4) 283.5 4,004 38,901 900

2014/12F 38.3 547.2 41.7 527.2 41.4 399.6 41.0 399.6 5,644 43,741 1,350

2015/12F 2.0 569.3 4.0 549.3 4.2 416.4 4.2 416.4 5,881 48,415 1,350

자산총계 부채총계 자본총계 수정 운용자산 손해율 사업비율 투자수익률 수정PER 수정PBR 수정ROE DY

자기자본

(십억원) (십억원) (십억원) (십억원) (십억원) (%) (%) (%) (배) (배) (%) (%)

2012/03A 2,204.7 2,204.7 14,300.2 83.4 16.9 4.8 8.6 1.55 23.0 2.5

2013/03A 2,756.4 2,756.4 17,439.1 83.8 17.7 4.5 7.8 1.16 18.5 2.7

2013/12F 2,724.6 2,724.6 19,061.7 84.7 17.6 4.1 11.8 1.21 13.6 1.9

2014/12F 3,067.2 3,067.2 20,951.0 85.0 17.5 4.0 8.3 1.08 14.5 2.9

2015/12F 3,398.1 3,398.1 23,211.6 85.4 17.6 4.1 8.0 0.97 13.4 2.9

분기추정 경과보험료 영업이익 세전이익 순이익


2013/03A (4.8) 1.3 108.3 (3.5) (12.9) 106.5 1.1 (8.2) 82.9 2.6 (5.6)

2013/06A 3.5 1.1 131.1 (16.2) 21.1 127.7 (16.8) 19.9 97.7 (13.0) 17.9

2013/09A 6.3 3.4 117.0 (33.9) (10.7) 112.0 (34.4) (12.3) 84.9 (34.8) (13.1)

2013/12F 11.7 5.5 138.1 11.1 18.0 133.1 14.7 18.8 100.9 14.9 18.8

2014/03F 17.7 6.8 147.9 36.6 7.1 142.9 34.1 7.4 108.3 30.7 7.4

2014/06F 2.2 (12.2) 148.3 13.2 0.3 143.3 12.2 0.3 108.7 11.2 0.3

2014/09F 1.7 2.8 111.4 (4.8) (24.9) 106.4 (5.0) (25.7) 80.7 (5.0) (25.7)

2014/12F (0.8) 3.0 139.5 1.1 25.2 134.5 1.1 26.4 102.0 1.1 26.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 7,764.4 406.9 301.7 4,262 11.0 동부화재 9.0 1.1 14.3 2.6

FY2014F 11,094.4 612.0 454.6 6,421 7.3 보험 14.0 1.1 7.5 1.9



동부화재

8,368.0

9,003.9

7,206.5

9,963.9

10,162.6

17,528.3 15,323.7

21,189.4 18,433.0

23,022.4 20,297.9

25,304.4 22,237.2

28,034.6 24,636.5

2,281.6

2,306.3

2,384.1

2,516.1

2,686.1

2,357.6

2,424.0

2,496.3

0

10,000

20,000

30,000

40,000

50,000

60,000


-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2012

주가

x2.2

x2.0

x1.7

x1.4

x1.1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



207



메리츠화재 (000060.KS) 업데이트 : 2013.08.01

투자의견 : 매수 업종 : 보험 주가 수익률(12개월)



52주 최고가 : 16,000 시가총액(십억원) : 1,393.3

52주 최저가 : 11,000 60일 평균 거래대금(백만원) : 3,506.7

연중 최고가 : 14,350 외국인지분(%) : 17.3

8 9 10 10 11


6.2 10.0 10.9 11.3 4.2

업종 대비 2.7 6.5 7.4 7.9 0.7 5

KOSPI 대비 (0.2) (2.6) 9.7 10.0 5.3 10

22 23 24 19 20



2012/03A 14.5 220.7 36.9 217.5 (21.5) 164.6 36.1 164.6 1,702 9,298 550

2013/03A 11.4 182.4 (17.3) 172.3 (20.8) 130.7 (20.6) 130.7 1,352 11,238 300

2014/03F (22.6) 178.9 (1.9) 172.9 0.3 130.8 0.1 130.8 1,291 10,946 250

2015/03F 35.9 262.4 46.7 254.4 47.1 192.8 47.4 192.8 1,903 12,599 400

2016/03F (0.1) 293.2 11.8 285.2 12.1 216.2 12.1 216.2 2,134 14,333 400


자기자본


2012/03A 899.0 899.0 6,642.2 80.4 20.8 4.6 7.6 1.39 20.8 4.3

2013/03A 1,086.7 1,086.7 7,995.8 80.6 23.0 4.8 8.8 1.06 14.5 2.5

2014/03F 1,109.1 1,109.1 8,251.5 80.5 21.8 4.3 10.7 1.26 14.6 1.8

2015/03F 1,276.6 1,276.6 9,374.4 80.5 21.2 4.0 7.2 1.09 17.4 2.9

2016/03F 1,452.2 1,452.2 10,692.1 80.7 21.3 3.9 6.4 0.96 16.9 2.9



2013/03A 8.4 0.7 36.9 (9.8) 16.4 34.5 (18.6) 18.5 26.1 (19.6) 17.9

2013/06F 4.9 (0.0) 70.8 7.7 91.7 68.8 9.7 99.4 51.9 8.9 99.1

2013/09F 3.6 1.8 51.9 8.0 (26.8) 49.9 8.5 (27.6) 37.8 8.4 (27.2)

2013/12F 3.1 0.7 56.2 77.2 8.4 54.2 86.3 8.8 41.1 85.9 8.8

2014/03F 6.8 4.3 69.1 87.1 22.9 67.1 94.5 23.8 50.9 95.2 23.8

2014/06F 0.6 (5.8) 64.8 (8.6) (6.3) 62.8 (8.8) (6.5) 47.6 (8.3) (6.5)

2014/09F (0.3) 0.8 62.0 19.5 (4.3) 60.0 20.3 (4.4) 45.5 20.3 (4.4)

2014/12F 1.8 2.7 66.5 18.3 7.4 64.5 19.0 7.6 48.9 19.0 7.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 3,793.6 187.1 136.4 1,348 10.1 메리츠화재 8.6 1.2 16.0 2.4

FY2014F 5,417.7 285.4 204.6 2,019 6.7 보험 14.0 1.1 7.5 1.9



메리츠화재

4,037.3

4,499.5

3,483.4

4,732.3

4,729.5

8,654.5 7,755.5

10,158.4 9,071.7

10,702.4 9,593.3

12,127.3 10,850.7

13,796.3 12,344.0

1,145.4

1,145.1

1,165.4

1,173.0

1,223.7

1,152.4

1,162.1

1,194.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-15

-10

-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.6

x1.4

x1.3

x1.1

x0.9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



208



삼성생명 (032830.KS) 업데이트 : 2013.08.12




52주 최고가 : 110,000 시가총액(십억원) : 20,700.0

52주 최저가 : 91,100 60일 평균 거래대금(백만원) : 25,998.7

연중 최고가 : 110,000 외국인지분(%) : 11.7

8 9 10 10 11


1.0 (1.4) 2.5 8.5 8.3

업종 대비 (2.5) (4.9) (1.0) 5.0 4.8 5

KOSPI 대비 (5.4) (14.0) 1.3 7.1 9.4 10

22 23 24 19 20

연간추정 보험영억수익 영업이익 세전이익 순이익 EVPS EPS BPS DPS

(십억원) (YoY,%) (십억원) (YoY,%) (십억원) (YoY,%) (십억원) (YoY,%) (원) (원) (원) (원)

2012/03A 0.9 556.5 (66.1) 1,176.2 (54.9) 947.4 (50.8) 118,705 4,737 91,944 2,000

2013/03A 48.5 531.0 (4.6) 1,240.6 5.5 983.6 3.8 124,315 4,918 111,430 1,500

2014/03F (39.5) 294.5 (44.5) 859.1 (30.7) 656.4 (33.3) 138,238 3,282 100,469 1,015

2015/03F 56.5 620.2 110.6 1,447.4 68.5 1,097.2 67.1 153,721 5,486 108,901 1,697

2016/03F 7.9 707.7 14.1 1,635.7 13.0 1,239.9 13.0 6,199 117,647 1,917

자산총계 부채총계 자본총계 운용자산 보험금 사업비율 투자수익률 P/EV PER PBR ROE DY

지급율

(십억원) (십억원) (십억원) (십억원) (%) (%) (%) (배) (배) (배) (%) (%)

2012/03A 18,113.2 130,272.2 112.1 22.6 4.7 0.8 20.9 1.08 6.2 2.0

2013/03A 21,730.3 150,667.3 106.8 16.4 4.3 0.8 21.2 0.94 5.4 1.4

2014/03F 19,538.2 165,031.9 111.7 19.7 4.0 0.8 31.5 1.03 4.0 1.0

2015/03F 21,224.6 181,190.3 110.5 17.5 3.8 0.7 18.9 0.95 5.6 1.6

2016/03F 22,973.8 198,237.8 110.6 18.4 3.9 16.7 0.88 5.8 1.9

주) EV 할인율 9.5% 적용

분기추정 보험영업수익 영업이익 세전이익 순이익


2013/03A 71.5 22.0 209.1 (47.6) 432.2 397.9 (30.5) 89.0 321.7 (33.4) 100.4

2013/06F 6.1 (40.1) 136.3 9.8 (34.8) 325.4 13.0 (18.2) 251.9 4.1 (21.7)

2013/09F (19.9) 8.8 174.1 9.8 27.7 355.4 3.3 9.2 269.4 3.8 7.0

2013/12F (16.7) 4.7 (15.9) NA NA 178.3 (15.3) (49.8) 135.2 (15.8) (49.8)

2014/03F (22.8) 13.0 144.0 (31.2) NA 348.1 (12.5) 95.2 263.9 (18.0) 95.2

2014/06F 34.6 4.5 134.4 (1.4) (6.6) 336.3 3.4 (3.4) 254.9 1.2 (3.4)

2014/09F 8.5 (12.3) 131.8 (24.3) (1.9) 335.2 (5.7) (0.3) 254.1 (5.7) (0.3)

2014/12F 8.5 4.7 210.0 NA 59.3 427.8 139.9 27.6 324.3 139.9 27.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 13,148.0 324.6 684.6 3,341 30.8 삼성생명 23.7 1.0 4.8 1.3

FY2014F 18,052.0 505.6 1,059.8 5,225 19.7 보험 14.0 1.1 7.5 1.9



삼성생명

14,990.6

22,266.6

13,460.6

21,067.1

22,731.9

161,072.4 142,959.2

186,039.4 164,309.1

199,854.0 180,315.8

222,694.9 201,470.3

243,557.6 220,583.8

6,962.5

4,170.2

4,537.8

4,752.6

5,372.6

5,613.8

4,925.0

5,155.8

80,000

85,000

90,000

95,000

100,000

105,000

110,000

115,000


-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

2009 2010 2011 2012

주가

x244.

9x183.

9x122.

9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



209



삼성화재 (000810.KS) 업데이트 : 2013.08.01




52주 최고가 : 257,000 시가총액(십억원) : 11,677.9

52주 최저가 : 204,500 60일 평균 거래대금(백만원) : 20,551.8

연중 최고가 : 253,500 외국인지분(%) : 54.5

8 9 10 10 11


4.4 8.8 12.6 9.3 15.2

업종 대비 1.0 5.4 9.1 5.9 11.7 5

KOSPI 대비 (1.9) (3.7) 11.4 8.0 16.4 10

22 23 24 19 20



2012/03A 15.3 1,100.7 19.4 1,058.0 19.1 784.5 18.0 784.5 15,515 154,027 3,750

2013/03A 14.8 1,031.2 (6.3) 985.8 (6.8) 760.5 (3.1) 760.5 15,039 184,518 3,750

2014/03F (22.0) 766.2 (25.7) 753.1 (23.6) 572.0 (24.8) 572.0 11,311 181,663 3,000

2015/03F 42.6 1,090.7 42.3 1,072.2 42.4 812.7 42.1 812.7 16,072 195,123 4,250

2016/03F 9.8 1,218.9 11.8 1,199.4 11.9 909.1 11.9 909.1 17,979 209,499 4,400


자기자본


2012/03A 7,695.0 7,695.0 32,489.2 84.1 17.8 4.7 13.8 1.39 11.5 1.8

2013/03A 8,916.3 8,916.3 38,733.9 85.2 17.5 4.1 14.5 1.18 9.8 1.7

2014/03F 8,155.0 8,155.0 38,372.3 84.3 18.6 3.9 21.8 1.36 8.2 1.2

2015/03F 8,645.0 8,645.0 40,677.7 85.0 17.5 3.9 15.3 1.26 8.8 1.7

2016/03F 9,131.9 9,131.9 42,581.9 85.1 17.0 4.0 13.7 1.18 9.2 1.8



2013/03A 12.3 4.5 270.0 (7.1) 47.4 266.8 (5.0) 66.1 203.8 (5.7) 68.9

2013/06F 4.5 (1.2) 251.1 (26.7) (7.0) 247.9 (25.4) (7.1) 189.1 (24.7) (7.2)

2013/09F 6.1 4.0 253.2 7.6 0.9 248.2 9.9 0.1 188.2 1.8 (0.5)

2013/12F 4.8 (2.3) 261.9 43.0 3.4 256.9 59.9 3.5 194.7 61.4 3.5

2014/03F (0.4) (0.6) 280.4 3.9 7.1 275.4 3.2 7.2 208.8 2.4 7.2

2014/06F 9.2 8.2 297.4 18.5 6.1 292.9 18.2 6.4 222.0 17.4 6.4

2014/09F 9.7 4.5 260.6 2.9 (12.4) 256.1 3.1 (12.6) 194.1 3.1 (12.6)

2014/12F 9.7 (2.3) 252.3 (3.7) (3.2) 247.8 (3.5) (3.2) 187.8 (3.5) (3.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 13,311.3 768.7 582.3 11,514 21.4 삼성화재 18.1 1.3 8.5 1.5

FY2014F 19,010.0 1,142.0 897.0 17,738 13.9 보험 14.0 1.1 7.5 1.9



삼성화재

13,679.4

15,698.5

12,240.9

17,452.9

19,158.0

38,621.2 30,926.1

45,649.3 36,733.1

45,260.4 37,105.4

47,979.6 39,334.7

50,225.7 41,093.8

4,056.8

4,006.9

4,165.8

4,068.1

4,042.2

4,375.0

4,571.4

4,464.3

0

50,000

100,000

150,000

200,000

250,000

300,000


-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x2.6

x2.2

x1.9

x1.5

x1.2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



210



코리안리 (003690.KS) 업데이트 : 2013.08.01




52주 최고가 : 12,800 시가총액(십억원) : 1,458.7

52주 최저가 : 9,840 60일 평균 거래대금(백만원) : 4,378.3

연중 최고가 : 12,650 외국인지분(%) : 35.9

8 9 10 10 11


10.8 23.5 8.3 8.8 7.9

업종 대비 7.3 20.0 4.9 5.3 4.4 5

KOSPI 대비 4.4 10.9 7.1 7.5 9.0 10

22 23 24 19 20



2012/03A 10.1 76.5 (46.6) 74.1 (47.5) 43.9 (59.2) 43.9 379 11,148 60

2013/03A 8.2 185.0 141.8 177.9 140.2 135.5 208.8 135.5 1,169 12,455 250

2014/03F (20.3) 189.0 2.1 193.6 8.8 146.6 8.2 146.6 1,265 13,381 250

2015/03F 33.9 254.8 34.8 252.8 30.6 191.6 30.7 191.6 1,653 14,785 350

2016/03F (0.4) 261.4 2.6 259.4 2.6 196.6 2.6 196.6 1,696 16,133 250


자기자본


2012/03A 1,256.8 1,256.8 3,477.1 84.0 18.9 5.4 36.0 1.22 3.4 0.4

2013/03A 1,408.3 1,408.3 3,688.3 79.7 18.1 3.0 9.8 0.92 10.5 2.2

2014/03F 1,515.6 1,515.6 3,783.0 78.4 19.3 4.4 9.8 0.92 13.5 2.0

2015/03F 1,678.4 1,678.4 4,108.7 77.9 19.8 4.2 7.5 0.84 12.4 2.8

2016/03F 1,834.6 1,834.6 4,491.2 77.9 19.8 4.1 7.3 0.77 11.5 2.0



2013/03A 4.3 0.9 50.6 NA (16.9) 53.6 NA (2.1) 41.0 NA (2.3)

2013/06F 10.9 7.1 70.2 147.5 38.8 75.8 184.9 41.5 57.4 184.0 40.1

2013/09F 3.8 2.8 60.9 34.7 (13.2) 60.4 40.6 (20.3) 45.8 41.0 (20.1)

2013/12F 4.1 (6.2) 57.8 (5.0) (5.1) 57.3 4.8 (5.1) 43.5 3.7 (5.1)

2014/03F 6.7 3.4 69.8 38.0 20.7 69.3 29.3 20.9 52.5 28.3 20.9

2014/06F (3.4) (3.1) 63.4 (9.7) (9.1) 62.9 (17.0) (9.2) 47.7 (16.8) (9.2)

2014/09F 2.6 9.3 68.2 11.9 7.5 67.7 12.0 7.5 51.3 12.0 7.5

2014/12F 2.5 (6.4) 53.4 (7.6) (21.6) 52.9 (7.7) (21.8) 40.1 (7.7) (21.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 4,525.0 163.9 129.6 1,097 11.3 코리안리 8.5 0.9 13.0 2.4

FY2014F 5,976.0 221.3 171.8 1,454 8.5 보험 14.0 1.1 7.5 1.9



코리안리

3,397.4

3,675.9

2,931.0

3,923.5

3,907.0

6,932.5 5,675.7

7,339.4 5,931.1

7,881.2 6,365.6

8,559.8 6,881.4

9,356.6 7,522.0

914.9

979.5

1,007.2

944.3

976.1

945.8

1,033.9

967.7

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.4

x1.2

x1.1

x1.0

x0.8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



211



한화생명 (088350.KS) 업데이트 : 2013.08.12

투자의견 : 중립 업종 : 보험 주가 수익률(12개월)



52주 최고가 : 8,200 시가총액(십억원) : 6,218.7

52주 최저가 : 6,210 60일 평균 거래대금(백만원) : 2,675.0

연중 최고가 : 8,050 외국인지분(%) : 14.1

8 9 10 10 11


12.6 10.0 5.8 (5.3) (8.2)

업종 대비 9.1 6.5 2.3 (8.8) (11.7) 5

KOSPI 대비 6.3 (2.6) 4.6 (6.6) (7.0) 10

22 23 24 19 20

연간추정 보험영억수익 영업이익 세전이익 순이익 EVPS EPS BPS DPS

(십억원) (YoY,%) (십억원) (YoY,%) (십억원) (YoY,%) (십억원) (YoY,%) (원) (원) (원) (원)

2012/03A (0.7) (90.2) NA 707.4 8.7 521.6 8.4 9,450 601 7,701 230

2013/03A 41.6 (289.1) NA 611.2 (13.6) 467.2 (10.4) 9,494 538 8,279 160

2014/03F (37.5) (151.5) NA 498.7 (18.4) 366.1 (21.6) 10,634 421 8,280 130

2015/03F 51.7 (234.1) NA 739.4 48.3 560.4 53.1 11,910 645 8,808 190

2016/03F 3.3 (336.1) NA 773.0 4.6 585.9 4.6 13,339 675 9,293 190

자산총계 부채총계 자본총계 운용자산 보험금 사업비율 투자수익률 P/EV PER PBR ROE DY

지급율

(십억원) (십억원) (십억원) (십억원) (%) (%) (%) (배) (배) (배) (%) (%)

2012/03A 6,497.3 51,562.2 113.1 26.6 5.6 0.8 12.5 0.97 8.5 3.1

2013/03A 6,999.4 58,527.2 110.6 20.6 5.3 0.7 12.7 0.82 7.2 2.3

2014/03F 7,000.4 62,575.6 113.2 24.2 4.9 0.6 17.0 0.86 7.0 1.8

2015/03F 7,459.0 69,576.7 113.3 22.4 4.9 0.6 11.1 0.81 8.0 2.7

2016/03F 7,879.9 76,663.0 116.1 22.1 4.8 0.5 10.6 0.77 7.9 2.7

주) EV 할인율 9.5% 적용

분기추정 보험영업수익 영업이익 세전이익 순이익


2013/03A 42.3 (1.9) (160.6) NA NA 79.1 (62.8) (40.8) 59.1 (60.4) (41.7)

2013/06F 15.5 (27.7) (42.4) NA NA 168.7 (9.2) 113.4 116.0 (18.0) 96.1

2013/09F (19.0) 2.3 (54.9) NA NA 159.6 (25.0) (5.4) 121.0 (26.8) 4.3

2013/12F (25.5) 2.6 (54.3) NA NA 170.4 27.6 6.8 129.2 27.4 6.8

2014/03F 7.2 41.3 (54.3) NA NA 179.8 127.4 5.5 136.3 130.5 5.5

2014/06F 1.8 (31.3) (73.2) NA NA 165.4 (2.0) (8.0) 125.4 8.1 (8.0)

2014/09F 3.8 4.4 (55.5) NA NA 189.1 18.5 14.3 143.3 18.5 14.3

2014/12F 4.8 3.5 (51.2) NA NA 205.1 20.4 8.4 155.4 20.4 8.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 6,616.0 (155.1) 415.3 478 15.0 한화생명 13.5 0.8 7.5 2.2

FY2014F 9,889.0 (220.8) 574.9 662 10.8 보험 14.0 1.1 7.5 1.9



한화생명

7,163.2

10,144.5

6,335.3

9,611.8

9,926.3

68,860.8 62,363.5

77,439.5 70,440.0

82,886.1 75,885.7

92,337.1 84,878.1

102,218.7 94,338.8

2,850.4

2,062.2

2,109.5

2,163.6

3,056.1

2,098.4

2,189.9

2,267.4

0

1,336

2,671

4,007

5,342

6,678

8,014

9,349


-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2009 2010 2011 2012

주가

x1.8

x1.6

x1.3

x1.0

x0.8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



212



현대해상 (001450.KS) 업데이트 : 2013.08.01




52주 최고가 : 37,850 시가총액(십억원) : 2,632.8

52주 최저가 : 28,050 60일 평균 거래대금(백만원) : 6,045.8

연중 최고가 : 35,400 외국인지분(%) : 33.7

8 9 10 10 11


(0.7) (2.5) (8.8) (11.4) (8.0)

업종 대비 (4.1) (5.9) (12.3) (14.9) (11.4) 5

KOSPI 대비 (7.0) (15.0) (10.0) (12.8) (6.8) 10

22 23 24 19 20



2012/03A 26.0 560.0 137.1 536.0 149.2 398.9 150.1 398.9 4,462 19,732 1,350

2013/03A 10.2 472.2 (15.7) 442.4 (17.5) 333.4 (16.4) 333.4 3,729 23,736 1,050

2014/03F (20.4) 333.7 (29.3) 316.0 (28.6) 239.6 (28.1) 239.6 2,680 23,099 750

2015/03F 34.1 470.6 41.0 446.6 41.3 338.5 41.3 338.5 3,787 26,211 1,200

2016/03F 0.0 512.9 9.0 488.9 9.5 370.6 9.5 370.6 4,145 29,277 1,600


자기자본


2012/03A 1,744.0 1,744.0 13,422.2 82.2 17.4 4.6 7.3 1.65 27.0 4.1

2013/03A 2,101.9 2,101.9 16,290.6 83.1 19.2 4.7 8.5 1.34 18.9 3.3

2014/03F 2,045.0 2,045.0 17,241.8 83.9 18.3 4.0 11.0 1.27 15.1 2.5

2015/03F 2,323.2 2,323.2 19,043.4 84.1 18.4 4.1 7.8 1.12 16.4 4.1

2016/03F 2,597.3 2,597.3 20,986.0 84.5 18.3 4.0 7.1 1.01 15.8 5.4



2013/03A (4.8) 1.3 75.4 (41.4) (29.0) 66.4 (46.1) (32.7) 49.4 (47.2) (33.0)

2013/06F 6.7 1.2 117.0 (27.5) 55.1 109.3 (29.8) 64.7 82.9 (29.7) 67.9

2013/09F 8.4 4.9 108.4 (16.1) (7.4) 103.4 (15.1) (5.4) 78.4 (15.1) (5.5)

2013/12F 5.5 (1.9) 108.2 1.9 (0.2) 103.2 4.7 (0.2) 78.3 6.2 (0.2)

2014/03F 4.0 (0.1) 128.9 70.9 19.1 122.9 85.1 19.0 93.1 88.6 19.0

2014/06F 1.1 (1.6) 114.8 (1.9) (10.9) 108.8 (0.5) (11.4) 82.5 (0.5) (11.4)

2014/09F 0.7 4.5 111.4 2.8 (3.0) 105.4 1.9 (3.2) 79.9 1.9 (3.2)

2014/12F 0.3 (2.3) 115.5 6.7 3.7 109.5 6.1 3.9 83.0 6.1 3.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 8,134.8 348.9 259.5 2,903 10.2 현대해상 9.1 1.2 15.7 3.3

FY2014F 11,849.1 525.7 409.1 4,576 6.5 보험 14.0 1.1 7.5 1.9



현대해상

8,357.9

9,212.8

7,329.4

9,826.8

9,826.8

17,571.3 15,827.3

20,867.8 18,765.8

22,086.2 20,041.2

24,394.0 22,070.7

26,882.4 24,285.1

2,353.2

2,381.7

2,497.8

2,450.0

2,446.9

2,407.6

2,515.7

2,456.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-20

-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x2.1

x1.9

x1.6

x1.4

x1.2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



213



LIG손해보험 (002550.KS) 업데이트 : 2013.08.01




52주 최고가 : 29,300 시가총액(십억원) : 1,452.0

52주 최저가 : 21,000 60일 평균 거래대금(백만원) : 4,378.0

연중 최고가 : 26,900 외국인지분(%) : 17.7

8 9 10 10 11


(0.8) 3.6 (0.8) (5.1) (1.0)

업종 대비 (4.3) 0.2 (4.3) (8.6) (4.5) 5

KOSPI 대비 (7.1) (8.9) (2.0) (6.5) 0.1 10

22 23 24 19 20



2012/03A 24.2 339.7 163.5 308.2 218.8 209.0 187.6 209.0 3,484 22,384 800

2013/03A 14.1 231.9 (31.7) 208.8 (32.2) 164.4 (21.3) 164.4 2,740 26,100 550

2014/03F (24.6) 253.1 9.1 244.6 17.1 185.5 12.8 185.5 3,091 26,038 550

2015/03F 33.6 356.8 41.0 344.8 40.9 261.3 40.9 261.3 4,355 29,920 900

2016/03F 0.2 369.0 3.4 343.0 (0.5) 260.0 (0.5) 260.0 4,333 33,477 1,000


자기자본


2012/03A 1,324.2 1,324.2 11,215.1 83.3 18.1 4.5 7.5 1.17 16.6 3.1

2013/03A 1,547.1 1,547.1 13,675.4 84.0 19.0 3.9 8.7 0.91 12.2 2.3

2014/03F 1,543.5 1,543.5 15,158.4 84.2 18.5 3.9 7.8 0.93 15.8 2.3

2015/03F 1,776.3 1,776.3 16,970.5 84.5 18.8 3.9 5.6 0.81 16.7 3.7

2016/03F 1,989.8 1,989.8 17,793.1 84.7 19.0 3.9 5.6 0.72 14.5 4.1



2013/03A 5.9 1.6 (13.2) NA NA (20.9) NA NA (15.1) NA NA

2013/06F 0.8 0.2 78.1 (24.6) NA 75.7 (24.0) NA 57.4 (23.9) NA

2013/09F 0.4 0.7 85.5 13.3 9.4 82.5 19.8 9.0 62.5 9.9 8.9

2013/12F 0.9 (1.6) 89.5 35.4 4.7 86.5 41.0 4.9 65.6 39.0 4.9

2014/03F 0.4 1.1 81.8 NA (8.6) 78.8 NA (8.9) 59.7 NA (8.9)

2014/06F (1.9) (2.1) 92.4 18.3 13.0 89.4 18.2 13.5 67.8 18.0 13.5

2014/09F 1.7 4.4 85.3 (0.1) (7.6) 82.3 (0.1) (7.9) 62.4 (0.1) (7.9)

2014/12F 0.9 (2.3) 97.2 8.6 13.9 94.2 8.9 14.4 71.4 8.9 14.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 7,159.9 253.5 176.2 2,937 7.8 LIG손해보험 6.5 0.9 16.3 3.0

FY2014F 10,289.4 381.2 272.7 4,546 5.0 보험 14.0 1.1 7.5 1.9



LIG손해보험

7,051.5

8,044.0

6,066.3

8,106.2

8,122.5

14,872.9 13,548.7

18,010.3 16,463.1

19,833.4 18,290.0

22,204.3 20,428.0

23,280.6 21,290.8

2,020.1

2,023.2

2,037.5

2,005.5

2,027.7

1,984.5

2,071.2

2,022.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-20

-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.8

x1.6

x1.3

x1.1

x0.9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



214



게임빌 (063080.KQ) 업데이트 : 2013.08.12

투자의견 : 매수 업종 : 인터넷·소프트웨어 주가 수익률(12개월)



52주 최고가 : 147,600 시가총액(십억원) : 408.3

52주 최저가 : 53,800 60일 평균 거래대금(백만원) : 18,919.1

연중 최고가 : 123,500 외국인지분(%) : 19.8

9 10 11 12 13


9.4 (20.3) (32.2) (41.1) (38.1)

업종 대비 (7.2) (36.9) (48.8) (57.7) (54.7) 5

KOSPI 대비 3.1 (32.8) (33.4) (42.4) (36.9) 10

22 23 24 19 20



2011/12A 39.6 17.5 12.1 19.8 13.9 16.1 8.8 18.6 2,933 12,564 0

2012/12A 64.3 24.1 37.8 27.0 36.5 22.4 39.2 25.6 4,081 16,591 0

2013/12F 32.9 23.1 (4.5) 26.2 (3.1) 22.1 (1.2) 25.0 3,705 27,047 0

2014/12F 39.3 36.1 56.6 41.0 56.6 33.7 52.0 38.5 5,203 32,207 0

2015/12F 20.0 43.9 21.7 49.6 20.9 40.7 20.9 46.7 6,291 38,446 0



2011/12A 68.3 (55.6) 1.6 (2.2) 40.9 17.3 23.2 5.42 26.5 0.0

2012/12A 90.8 (51.1) 0.9 (14.1) 34.3 19.8 24.7 6.08 28.2 0.0

2013/12F 175.1 (121.8) 0.3 (1.4) 24.7 11.5 16.9 2.31 16.7 0.0

2014/12F 208.7 (140.1) 0.2 (1.5) 27.8 7.0 12.0 1.94 17.5 0.0

2015/12F 249.4 (168.1) 0.1 (1.6) 28.2 5.1 10.0 1.63 17.8 0.0



2013/03A 4.8 (20.7) 4.8 (22.0) (27.8) 5.6 (15.1) (26.2) 5.4 3.9 (16.4)

2013/06F 34.5 18.1 3.5 (38.7) (26.4) 4.5 (34.6) (19.2) 4.0 (32.3) (26.5)

2013/09F 47.7 19.6 5.7 2.5 61.4 6.6 11.5 45.9 5.4 11.5 36.4

2013/12F 41.7 26.5 9.0 35.6 58.2 9.5 24.6 43.1 7.3 13.4 35.4

2014/03F 78.7 0.0 8.9 85.2 (1.4) 10.0 79.2 6.2 8.2 52.3 12.2

2014/06F 46.4 (3.2) 8.1 128.4 (9.3) 9.0 99.4 (10.1) 7.4 86.3 (10.1)

2014/09F 34.7 10.0 9.3 63.0 15.2 10.3 55.6 13.9 8.4 55.6 13.9

2014/12F 16.1 9.1 9.8 9.2 5.9 11.7 23.5 13.5 9.6 30.5 13.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 90.5 22.2 21.5 3,575 17.1 게임빌 13.0 2.0 17.3 0.0

FY2014F 118.9 29.3 28.4 4,312 14.2 인터넷·소프트웨어 25.9 4.0 18.2 0.2



게임빌

42.8

70.3

93.3

130.0

156.0

77.9 9.6

99.4 8.6

184.6 9.5

220.2 11.3

261.5 12.0

17.3

20.5

24.5

31.0

31.0

30.0

33.0

36.0

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2009 2010 2011 2012 2013

주가

x32

x25

x19

x13

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



215



네오위즈게임즈 (095660.KQ) 업데이트 : 2013.06.21

투자의견 : 중립 업종 : 인터넷·소프트웨어 주가 수익률(12개월)

목표주가 : - 애널리스트 : 홍종길


52주 최고가 : 31,700 시가총액(십억원) : 381.3

52주 최저가 : 13,950 60일 평균 거래대금(백만원) : 4,030.3

연중 최고가 : 25,750 외국인지분(%) : 5.2

9 10 11 12 13


11.2 17.6 (10.5) (33.1) (32.4)

업종 대비 (5.5) 0.9 (27.2) (49.7) (49.1) 5

KOSPI 대비 4.9 5.0 (11.7) (34.4) (31.3) 10

22 23 24 19 20



2011/12A 55.1 134.0 29.4 100.8 266.5 73.0 177.5 155.6 3,499 14,143 0

2012/12A 1.0 110.5 (17.5) 47.9 (52.5) 7.5 (89.7) 141.2 358 12,628 0

2013/12F (32.2) 68.1 (38.4) 61.3 28.0 60.4 705.7 84.9 2,792 14,957 0

2014/12F (26.1) 35.8 (47.5) 34.0 (44.5) 33.5 (44.5) 50.8 1,549 16,059 0

2015/12F 0.2 35.0 (2.2) 34.2 0.4 33.6 0.4 49.0 1,555 17,168 0



2011/12A 248.7 95.1 70.1 (97.7) 20.1 6.9 12.3 3.05 30.1 0.0

2012/12A 262.0 54.1 65.8 (4.6) 16.4 4.5 69.8 1.98 2.9 0.0

2013/12F 313.0 (3.7) 57.5 1.4 14.9 4.6 6.2 1.16 21.0 0.0

2014/12F 337.2 (63.3) 59.4 2.9 10.6 6.4 11.2 1.08 10.3 0.0

2015/12F 361.4 (84.9) 61.7 3.9 10.3 6.1 11.2 1.01 9.6 0.0



2013/03A (25.5) 2.6 28.2 (22.2) 50.9 26.5 (28.3) NA 20.1 (29.4) NA

2013/06F (21.2) (9.8) 19.5 (26.0) (30.8) 16.4 (24.2) (37.9) 16.2 13.7 (19.4)

2013/09F (42.2) (27.8) 11.1 (63.4) (43.2) 10.0 (66.4) (39.1) 9.8 (53.9) (39.1)

2013/12F (42.7) (14.2) 9.3 (50.2) (16.0) 8.4 NA (15.5) 14.3 NA 45.4

2014/03F (43.7) 0.8 8.8 (69.0) (6.0) 4.1 (84.4) (51.0) 4.1 (79.7) (71.5)

2014/06F (36.3) 2.0 8.8 (55.1) 0.0 6.0 (63.3) 45.5 5.9 (63.3) 45.5

2014/09F (10.2) 1.8 10.3 (7.4) 17.2 9.2 (7.9) 52.9 9.1 (7.9) 52.9

2014/12F 3.5 (1.1) 8.0 (14.2) (22.2) 14.7 73.4 59.1 14.4 0.8 59.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 436.1 78.1 49.7 2,378 7.0 네오위즈게임즈 9.3 1.1 13.1 0.0

FY2014F 287.4 51.3 36.5 1,703 9.8 인터넷·소프트웨어 25.9 4.0 18.2 0.2



네오위즈게임즈

667.7

674.6

457.7

338.4

339.2

626.2 353.3

625.8 337.3

618.1 290.2

643.4 296.9

678.6 313.3

147.1

132.7

95.8

82.2

82.8

84.5

86.0

85.1

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-50

-40

-30

-20

-10

0

10

20

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2007 2008 2009 2010 2011 2012 2013

주가

x26

x20

x15

x10

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



216



다음 (035720.KQ) 업데이트 : 2013.08.11




52주 최고가 : 114,700 시가총액(십억원) : 1,269.1

52주 최저가 : 77,000 60일 평균 거래대금(백만원) : 4,902.7

연중 최고가 : 109,700 외국인지분(%) : 54.5

9 10 11 12 13


6.7 19.5 1.7 (13.1) 0.3

업종 대비 (9.9) 2.9 (14.9) (29.7) (16.3) 5

KOSPI 대비 0.4 7.0 0.5 (14.4) 1.5 10

22 23 24 19 20



2011/12A 20.2 116.8 22.1 127.4 36.4 108.5 (11.7) 143.8 8,084 34,297 1,607

2012/12A 7.6 101.8 (12.8) 100.9 (20.9) 76.3 (29.7) 137.5 5,679 38,158 1,110

2013/12F 17.8 93.7 (7.9) 98.2 (2.6) 78.7 3.1 127.6 5,816 42,675 1,166

2014/12F 7.5 105.3 12.4 117.3 19.3 94.1 19.6 140.9 7,141 48,260 1,395

2015/12F 5.9 109.1 3.6 123.4 5.3 99.1 5.3 146.3 7,518 54,140 1,468



2011/12A 456.5 (228.1) 0.4 (42.8) 27.7 9.6 14.8 3.50 26.7 1.3

2012/12A 515.3 (268.2) 0.0 (36.8) 22.4 7.0 16.0 2.39 15.7 1.2

2013/12F 549.6 (297.5) 0.0 (33.2) 17.5 7.7 16.1 2.19 14.8 1.2

2014/12F 625.3 (360.3) 0.0 (29.4) 18.3 6.5 13.1 1.94 16.0 1.5

2015/12F 705.0 (427.5) 0.0 (30.4) 18.0 5.8 12.5 1.73 14.9 1.6



2013/03A 13.3 6.6 22.6 (17.1) 2.9 23.9 (15.2) 34.2 19.3 (8.8) 43.1

2013/06F 13.7 6.1 23.9 (21.2) 5.7 22.2 (24.4) (7.0) 17.5 (21.5) (9.5)

2013/09F 22.4 1.1 22.6 0.9 (5.3) 25.0 (2.6) 12.6 20.0 4.0 14.5

2013/12F 21.6 6.4 24.7 12.5 9.3 27.2 53.3 9.1 21.8 61.2 8.7

2014/03F 9.1 (4.4) 23.3 3.2 (5.5) 26.0 9.2 (4.4) 20.9 8.1 (4.0)

2014/06F 9.6 6.6 28.5 19.6 22.4 31.5 41.9 20.8 25.3 44.3 20.8

2014/09F 4.8 (3.3) 24.6 9.1 (13.6) 27.7 10.8 (12.1) 22.2 10.8 (12.1)

2014/12F 6.5 8.1 28.8 16.7 16.9 32.0 17.6 15.8 25.7 18.1 15.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 537.7 94.1 79.6 5,804 16.1 다음 13.8 2.0 15.7 1.4

FY2014F 588.4 112.5 99.4 7,238 12.9 인터넷·소프트웨어 25.9 4.0 18.2 0.2



다음

421.3

453.4

533.9

573.8

607.6

558.7 102.5

611.9 91.9

657.4 102.9

739.8 109.1

827.4 116.5

124.9

132.5

134.0

142.5

136.3

145.2

140.5

151.8

0

20,000

40,000

60,000

80,000

100,000

120,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x25

x20

x14

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



217



엔씨소프트 (036570.KS) 업데이트 : 2013.08.14




52주 최고가 : 254,000 시가총액(십억원) : 4,251.5

52주 최저가 : 125,000 60일 평균 거래대금(백만원) : 30,707.3

연중 최고가 : 194,000 외국인지분(%) : 38.7

9 10 11 12 13


15.8 25.2 23.6 (20.2) 26.0

업종 대비 (0.8) 8.5 6.9 (36.8) 9.3 5

KOSPI 대비 9.5 12.6 22.4 (21.5) 27.1 10

22 23 24 19 20



2011/12A (7.7) 135.7 (38.9) 157.2 (19.4) 120.7 (16.0) 161.2 6,097 44,008 600

2012/12A 23.8 151.3 11.4 182.9 16.3 155.8 29.1 189.6 7,830 50,384 600

2013/12F (2.1) 205.4 35.8 219.7 20.1 164.4 5.5 246.8 8,244 57,303 600

2014/12F 25.0 310.2 51.0 333.9 52.0 269.2 63.8 356.0 13,499 69,041 600

2015/12F (4.5) 223.2 (28.0) 252.1 (24.5) 200.0 (25.7) 271.5 10,030 77,623 600



2011/12A 855.6 (522.5) 1.4 (190.9) 22.3 38.5 50.4 6.99 15.1 0.2

2012/12A 1,000.6 (539.4) 2.3 (89.8) 20.1 14.6 19.2 2.99 16.8 0.4

2013/12F 1,153.0 (726.3) 2.0 (98.8) 27.8 14.4 23.5 3.39 15.3 0.3

2014/12F 1,410.3 (922.1) 1.6 (71.9) 33.6 9.4 14.4 2.81 21.0 0.3

2015/12F 1,598.3 (1,081.6) 1.4 (74.7) 25.4 11.7 19.3 2.50 13.3 0.3



2013/03A 31.0 NA 55.5 303.7 NA 65.3 255.8 NA 52.1 314.8 NA

2013/06F 30.8 3.9 62.2 NA 12.1 58.7 NA (10.1) 34.7 NA (33.4)

2013/09F (3.4) (8.4) 45.7 (9.6) (26.5) 50.3 (7.1) (14.2) 40.8 (16.1) 17.7

2013/12F NA 5.0 41.9 NA (8.5) 45.4 NA (9.9) 36.8 NA (9.9)

2014/03F 0.7 0.8 42.1 (24.2) 0.5 47.7 (26.9) 5.1 35.2 (32.4) (4.2)

2014/06F 13.4 17.0 68.8 10.6 63.5 74.6 27.2 56.5 59.7 72.2 69.6

2014/09F 59.1 28.6 124.9 173.0 81.4 131.0 160.2 75.5 107.7 163.8 80.3

2014/12F 29.2 (14.7) 74.3 77.5 (40.5) 80.6 77.6 (38.5) 66.5 80.9 (38.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 758.1 210.9 178.4 8,065 23.2 엔씨소프트 16.0 2.9 19.5 0.3

FY2014F 956.3 313.9 286.6 13,031 14.4 인터넷·소프트웨어 25.9 4.0 18.2 0.2



엔씨소프트

608.9

753.5

737.5

922.2

880.4

1,113.4 245.0

1,316.8 296.3

1,426.5 255.8

1,700.5 276.2

1,881.3 271.6

184.9

192.0

175.9

184.7

186.1

217.7

279.8

238.6

0

50,000

100,000

150,000

200,000

250,000

300,000


-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x43

x35

x28

x20

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



218



위메이드 (112040.KQ) 업데이트 : 2013.07.19




52주 최고가 : 68,400 시가총액(십억원) : 783.7

52주 최저가 : 35,050 60일 평균 거래대금(백만원) : 9,310.0

연중 최고가 : 65,300 외국인지분(%) : 5.5

9 10 11 12 13


(13.6) (8.5) 0.6 (9.6) 2.1

업종 대비 (30.2) (25.2) (16.0) (26.2) (14.6) 5

KOSPI 대비 (19.9) (21.1) (0.5) (11.0) 3.2 10

22 23 24 19 20



2011/12A 6.4 20.4 (26.2) 26.5 (18.9) 23.3 14.4 27.2 1,445 33,633 991

2012/12A 3.5 (2.0) NA (4.8) NA (4.3) NA 6.1 -258 16,888 0

2013/12F 120.2 33.3 NA 38.9 NA 16.4 NA 41.8 983 17,863 0

2014/12F 23.3 73.6 121.0 79.0 103.1 43.6 166.2 83.3 2,615 20,458 0

2015/12F 10.9 79.2 7.6 86.5 9.4 50.8 16.6 88.7 3,050 23,483 0



2011/12A 269.8 (176.4) 0.1 (8.3) 17.6 19.0 26.0 1.12 8.8 2.6

2012/12A 275.9 (97.3) 0.0 (51.3) (1.6) 121.0 NA 2.72 (1.6) 0.0

2013/12F 292.3 (145.2) 0.0 (43.9) 12.6 17.1 47.5 2.61 5.8 0.0

2014/12F 335.9 (192.1) 0.0 (4.8) 22.6 8.2 17.8 2.28 13.9 0.0

2015/12F 386.7 (260.0) 0.0 (4.8) 21.9 7.1 15.3 1.99 14.1 0.0



2013/03A 93.1 71.4 4.5 (34.8) NA 7.9 (0.8) NA 2.7 (50.4) NA

2013/06F 154.2 11.8 8.6 NA 92.6 9.4 NA 19.3 4.0 141.1 50.7

2013/09F 139.3 1.7 9.4 NA 9.4 10.0 NA 6.3 4.3 NA 6.3

2013/12F 103.0 4.2 10.9 NA 16.5 11.7 NA 17.0 5.4 NA 26.2

2014/03F 28.9 8.9 15.6 250.3 42.7 17.0 115.8 45.5 9.4 250.6 73.5

2014/06F 19.0 3.2 17.2 100.2 10.1 18.6 97.6 9.2 10.2 154.2 9.2

2014/09F 24.0 5.9 20.4 117.8 19.0 21.8 118.8 17.6 12.0 181.4 17.6

2014/12F 21.9 2.5 20.5 87.4 0.2 21.7 85.6 (0.7) 11.9 121.3 (0.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 273.8 40.3 36.4 1,422 32.9 위메이드 21.3 2.4 11.7 0.0

FY2014F 347.5 78.4 63.5 2,757 17.0 인터넷·소프트웨어 25.9 4.0 18.2 0.2



위메이드

115.8

119.9

264.0

325.5

361.2

359.2 28.7

360.6 21.7

390.9 23.4

455.3 27.8

522.9 30.0

59.5

66.5

67.6

70.5

76.7

79.1

83.8

85.9

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-30

-20

-10

0

10

20

30

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2010 2011 2012 2013

주가

x65

x49

x33

x17

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



219



컴투스 (078340.KQ) 업데이트 : 2013.08.02




52주 최고가 : 76,000 시가총액(십억원) : 293.0

52주 최저가 : 25,800 60일 평균 거래대금(백만원) : 8,952.8

연중 최고가 : 58,800 외국인지분(%) : 10.7

9 10 11 12 13


(0.2) (15.3) (43.0) (56.2) (39.4)

업종 대비 (16.8) (31.9) (59.7) (72.8) (56.1) 5

KOSPI 대비 (6.5) (27.9) (44.2) (57.5) (38.2) 10

22 23 24 19 20



2011/12A 17.2 3.1 34.4 4.5 2.9 4.1 0.1 4.5 432 7,290 0

2012/12A 112.4 16.1 412.8 23.8 426.8 20.5 393.5 18.4 2,115 9,419 0

2013/12F 22.1 14.9 (7.5) 20.2 (15.3) 17.2 (16.1) 17.7 1,770 11,165 0

2014/12F 26.7 25.0 68.2 25.9 28.1 22.0 28.1 27.8 2,266 13,389 0

2015/12F 18.5 34.5 37.8 36.0 39.4 30.6 39.4 37.4 3,158 16,471 0



2011/12A 70.0 (38.3) 0.2 (0.7) 8.6 40.5 50.9 3.02 6.3 0.0

2012/12A 91.1 (33.5) 0.0 (3.5) 20.9 24.7 22.9 5.15 25.4 0.0

2013/12F 108.8 (47.0) 0.0 (1.6) 15.8 13.9 16.4 2.60 17.2 0.0

2014/12F 131.2 (76.2) 0.0 (1.6) 21.0 7.8 12.8 2.17 18.3 0.0

2015/12F 162.3 (101.5) 0.0 (1.6) 24.4 5.1 9.2 1.76 20.9 0.0



2013/03A 121.1 17.1 5.1 1,448.6 38.6 10.5 133.6 198.5 8.6 120.0 183.9

2013/06F (7.6) (18.1) 2.0 (69.1) (60.6) 2.9 (58.6) (72.5) 3.3 (45.9) (61.9)

2013/09F 2.5 13.0 3.3 (39.9) 64.5 3.3 (62.3) 14.3 2.7 (64.7) (19.0)

2013/12F 21.1 11.7 4.4 18.2 31.6 3.4 (2.7) 3.7 2.7 (11.8) 0.5

2014/03F 8.6 5.1 4.9 (3.8) 12.8 5.6 (47.3) 61.7 4.7 (45.0) 77.2

2014/06F 42.5 7.4 6.1 199.7 22.7 6.8 135.3 22.8 5.8 77.2 22.8

2014/09F 32.6 5.2 6.7 101.5 10.6 6.6 100.7 (2.5) 5.7 113.2 (2.5)

2014/12F 26.5 6.6 7.3 66.5 8.7 6.8 99.0 2.8 5.8 118.1 2.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 94.7 16.6 19.5 1,939 14.3 컴투스 13.6 2.3 18.0 0.0

FY2014F 116.4 24.7 22.9 2,277 12.2 인터넷·소프트웨어 25.9 4.0 18.2 0.2



컴투스

36.2

76.9

93.9

119.0

141.0

75.3 5.2

100.4 9.3

115.3 6.5

139.6 8.4

171.5 9.2

24.9

20.3

23.0

25.7

27.0

29.0

30.5

32.5

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-70

-60

-50

-40

-30

-20

-10

0

10

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2007 2008 2009 2010 2011 2012 2013

주가

x36

x29

x22

x15

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



220



NAVER (035420.KS) 업데이트 : 2013.09.24




52주 최고가 : 561,000 시가총액(십억원) : 18,228.4

52주 최저가 : 215,000 60일 평균 거래대금(백만원) : 87,320.6

연중 최고가 : 555,000 외국인지분(%) : 55.5

9 10 11 12 13


20.2 27.8 32.4 30.4 55.1

업종 대비 3.6 11.2 15.8 13.8 38.5 5

KOSPI 대비 13.9 15.3 31.2 29.1 56.3 10

22 23 24 19 20



2011/12A 18.8 660.4 7.1 632.1 4.7 450.0 (4.9) 748.6 10,134 49,703 536

2012/12A 12.6 702.2 6.3 731.7 15.7 546.1 21.4 809.3 12,422 58,637 616

2013/12F 0.1 545.3 (22.3) 545.8 (25.4) 403.5 (26.1) 668.5 10,678 94,741 739

2014/12F 27.1 788.9 44.7 768.0 40.7 576.0 42.8 920.7 19,316 111,412 887

2015/12F 16.0 975.3 23.6 952.9 24.1 714.6 24.1 1,119.3 23,967 132,129 1,064



2011/12A 1,577.5 (885.8) 14.1 (122.4) 31.1 12.4 20.7 4.22 31.0 0.3

2012/12A 1,896.4 (1,059.9) 17.3 (280.4) 29.4 12.2 18.1 3.84 31.4 0.3

2013/12F 2,080.1 (1,250.8) 11.8 (137.4) 22.8 25.4 51.8 5.84 20.3 0.1

2014/12F 2,629.6 (1,660.3) 9.3 (161.7) 26.0 18.0 28.6 4.96 24.5 0.2

2015/12F 3,312.5 (2,211.5) 7.4 (170.7) 27.7 14.3 23.1 4.19 24.1 0.2



2013/03A (9.1) (20.1) 126.9 (26.6) (36.5) 138.6 (23.5) (39.3) 157.2 15.5 (6.6)

2013/06A 0.8 10.8 140.2 (14.1) 10.5 142.6 (7.2) 2.9 124.9 9.1 (20.6)

2013/09F 3.3 6.1 113.1 (31.7) (19.4) 114.2 (32.2) (19.9) 85.6 (32.7) (31.4)

2013/12F 4.7 11.5 165.1 (17.4) 46.0 150.4 (34.1) 31.7 35.7 (78.8) (58.3)

2014/03F 35.0 3.0 171.5 35.2 3.9 167.1 20.6 11.2 125.4 (20.3) 250.7

2014/06F 29.6 6.4 190.3 35.7 11.0 189.9 33.2 13.6 142.5 14.1 13.6

2014/09F 26.2 3.3 201.8 78.5 6.1 201.0 76.0 5.8 150.7 76.0 5.8

2014/12F 19.6 5.7 225.2 36.5 11.6 209.9 39.6 4.4 157.4 340.4 4.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,643.4 738.3 523.7 13,322 41.7 NAVER 32.4 5.2 23.4 0.2

FY2014F 3,283.1 989.1 713.0 22,879 24.3 인터넷·소프트웨어 25.9 4.0 18.2 0.2



NAVER

2,121.3

2,389.3

2,392.1

3,039.3

3,525.4

2,372.7 794.8

2,927.3 1,023.7

3,010.1 922.9

3,669.2 1,032.4

4,424.4 1,104.8

520.6

576.9

612.2

682.5

702.7

747.8

772.5

816.4

0

100,000

200,000

300,000

400,000

500,000

600,000


-40

-20

0

20

40

60

80

100

120KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x51

x42

x33

x24

x16

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



221


A085670 452010 universe

뉴프렉스 (085670.KQ) 업데이트 : 2013.05.20

투자의견 : 매수 업종 : 통신장비·부품 주가 수익률(12개월)

목표주가 : 8,500 애널리스트 : 박기흥


52주 최고가 : 7,180 시가총액(십억원) : 48.0

52주 최저가 : 3,300 60일 평균 거래대금(백만원) : 877.1

연중 최고가 : 7,030 외국인지분(%) : 1.3

9 10 11 12 13


1.2 (3.4) (30.3) 9.1 (21.0)

업종 대비 0.6 (4.0) (30.9) 8.6 (21.5) 5

KOSPI 대비 (5.2) (16.0) (31.5) 7.8 (19.8) 10

22 23 24 19 20



2011/12A (4.3) 1.7 51.3 0.2 NA (0.6) NA 4.8 -51 2,947 0

2012/12A 70.9 5.1 194.5 0.9 373.8 2.2 NA 9.0 271 3,123 0

2013/12F 74.9 13.8 168.2 11.3 1,115.4 10.2 358.6 17.9 844 11,762 0

2014/12F 31.9 28.0 102.8 25.5 125.6 22.4 118.9 34.0 1,847 14,740 0

2015/12F 30.0 36.3 30.0 33.9 32.9 26.3 17.3 44.7 2,166 18,414 0



2011/12A 35.7 9.4 45.0 (4.7) 2.6 6.5 NA 0.54 (1.7) 0.0

2012/12A 37.9 22.9 61.2 (7.4) 4.5 9.0 17.4 1.51 6.1 0.0

2013/12F 143.0 37.8 29.6 (10.0) 6.9 4.8 4.7 0.34 11.3 0.0

2014/12F 179.1 40.1 25.3 (10.0) 10.6 2.6 2.1 0.27 13.9 0.0

2015/12F 223.8 39.2 21.1 (10.0) 10.6 1.9 1.8 0.21 13.1 0.0



2013/03F 33.6 4.6 0.5 67.0 (60.6) (0.1) NA NA (0.1) NA NA

2013/06F 51.9 34.8 2.4 67.6 379.8 1.8 32.0 NA 1.6 12.0 NA

2013/09F 81.5 51.5 5.3 150.5 116.1 4.6 212.7 155.9 4.2 183.5 155.9

2013/12F 120.9 3.4 5.6 334.5 6.3 5.0 NA 7.3 4.5 NA 7.3

2014/03F 83.4 (13.2) 4.7 826.5 (16.0) 4.1 NA (18.0) 3.6 NA (20.5)

2014/06F 35.5 (0.4) 6.0 147.7 28.3 5.4 198.4 32.5 4.8 189.2 32.5

2014/09F 23.3 38.0 9.0 71.4 49.6 8.4 81.1 55.3 7.4 75.5 55.3

2014/12F 13.5 (4.8) 8.2 47.1 (8.8) 7.6 53.0 (9.4) 6.7 48.3 (9.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 199.0 14.0 10.0 823 4.6 뉴프렉스 2.5 0.3 13.2 0.0

FY2014F 263.0 28.0 22.0 1,811 2.1 통신장비·부품 7.5 1.2 16.1 1.3



뉴프렉스

66.6

113.8

199.0

262.5

341.3

79.1 40.8

94.2 54.8

143.0 93.4

179.1 107.1

223.8 125.5

30.6

41.3

62.5

64.6

56.1

55.9

77.1

73.4

0

1,336

2,671

4,007

5,342

6,678

8,014


0

10

20

30

40

50

60

70

80

90

100KOSPI대비(우)

주가(좌)

(%p)(원)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2006 2007 2008 2009 2010 2011 2012 2013

주가

x17

x13

x9

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



222


A008060 452010 universe

대덕전자 (008060.KS) 업데이트 : 2013.05.31

투자의견 : 중립 업종 : 통신장비·부품 주가 수익률(12개월)

목표주가 : - 애널리스트 : 박기흥


52주 최고가 : 12,150 시가총액(십억원) : 454.8

52주 최저가 : 8,710 60일 평균 거래대금(백만원) : 2,203.7

연중 최고가 : 12,150 외국인지분(%) : 17.1

9 10 11 12 13


2.4 1.3 (15.3) (12.9) (12.1)

업종 대비 1.9 0.8 (15.8) (13.4) (12.6) 5

KOSPI 대비 (3.9) (11.2) (16.5) (14.3) (10.9) 10

22 23 24 19 20



2011/12A 23.6 52.6 12.5 55.7 (5.4) 46.3 (12.8) 93.8 865 8,928 300

2012/12A 14.4 56.4 7.2 61.4 10.2 48.6 4.9 113.2 981 9,767 300

2013/12F 5.2 48.9 (13.2) 56.9 (7.4) 43.5 (10.3) 89.8 892 13,101 300

2014/12F 13.9 88.8 81.6 91.5 60.9 69.4 59.4 129.7 1,422 14,483 300

2015/12F 15.0 102.1 15.0 104.9 14.5 81.4 17.3 120.6 1,668 16,273 300



2011/12A 391.5 (23.0) 0.1 (90.1) 8.0 5.7 13.1 1.27 12.3 2.6

2012/12A 432.4 (82.3) 0.1 (38.3) 7.5 3.9 10.9 1.10 11.8 2.8

2013/12F 595.1 (18.0) 0.0 (40.0) 6.2 4.9 10.4 0.71 8.5 3.2

2014/12F 662.5 (10.3) 0.0 (50.0) 9.9 3.4 6.6 0.64 11.0 3.2

2015/12F 749.9 (16.7) 0.0 (50.0) 9.9 3.6 5.6 0.57 11.5 3.2




2013/06F NA 5.1 11.3 NA 76.6 13.0 NA 26.0 0.0 NA NA

2013/09F NA 3.6 15.2 NA 34.3 16.4 NA 26.0 0.0 NA NA

2013/12F NA 3.4 16.0 NA 5.3 17.2 NA 4.9 0.0 NA NA

2014/03F 11.8 (0.7) 19.6 205.8 22.4 20.3 96.4 18.0 0.0 NA NA

2014/06F 11.9 5.2 21.3 88.3 8.8 22.0 69.1 8.5 0.0 NA NA

2014/09F 13.4 4.9 22.6 48.5 5.9 23.3 41.9 5.7 0.0 NA NA

2014/12F 18.0 7.7 25.3 58.4 12.3 26.0 51.4 11.9 0.0 NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 784.1 46.7 47.5 975 9.5 대덕전자 7.3 0.7 10.4 3.2

FY2014F 834.0 58.8 59.3 1,139 8.2 통신장비·부품 7.5 1.2 16.1 1.3



대덕전자

656.5

751.1

789.9

899.5

1,034.5

523.4 131.9

550.2 117.8

595.1 142.8

662.5 153.4

749.9 171.8

185.2

194.6

201.6

208.5

207.1

217.8

228.5

246.1

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-20

-15

-10

-5

0

5

10

15

20KOSPI대비(우)

주가(좌)

(%p)(원)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x13

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



223


A004130 452010 universe

대덕GDS (004130.KS) 업데이트 : 2013.03.20




52주 최고가 : 23,200 시가총액(십억원) : 419.7

52주 최저가 : 11,800 60일 평균 거래대금(백만원) : 3,512.7

연중 최고가 : 22,900 외국인지분(%) : 31.5

9 10 11 12 13


9.1 4.9 11.2 53.4 17.2

업종 대비 8.6 4.4 10.6 52.9 16.7 5

KOSPI 대비 2.8 (7.7) 10.0 52.0 18.4 10

22 23 24 19 20



2011/12A 15.8 24.3 92.6 31.4 (36.3) 16.1 (47.9) 39.3 770 15,461 300

2012/12A 11.3 41.6 71.5 50.9 62.3 34.0 111.7 61.9 1,720 16,901 300

2013/12F 23.8 58.1 39.6 62.1 22.0 49.2 44.6 82.8 2,164 19,066 300

2014/12F 15.0 66.8 15.0 70.8 14.0 55.0 11.7 91.5 2,418 21,712 300

2015/12F 15.0 76.9 15.0 80.9 14.2 62.7 14.2 101.5 2,760 24,781 300



2011/12A 342.2 (91.5) 0.4 (34.3) 5.8 3.2 12.7 0.63 4.8 3.1

2012/12A 374.5 (158.7) 0.5 (22.5) 9.0 3.5 10.3 1.04 9.5 1.7

2013/12F 517.3 (39.2) 0.0 (50.0) 10.1 4.8 9.4 1.07 11.0 1.5

2014/12F 577.4 (41.7) 0.0 (30.0) 10.1 4.3 8.4 0.94 10.0 1.5

2015/12F 647.2 (49.5) 0.0 (30.0) 10.1 3.8 7.4 0.82 10.2 1.5



2013/03F 7.3 4.2 11.1 1.4 39.0 12.1 (6.1) 25.7 9.8 (3.8) 388.3

2013/06F 23.6 16.5 13.7 47.1 23.5 14.7 2.4 21.6 10.4 3.6 6.4

2013/09F 25.5 11.1 16.4 22.2 19.6 17.4 23.6 18.3 10.1 (30.7) (2.9)

2013/12F 38.2 2.5 16.9 112.4 3.4 17.9 86.7 3.2 19.0 848.9 88.1

2014/03F

2014/06F

2014/09F

2014/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 686.0 80.0 65.0 2,859 6.7 대덕GDS 8.7 1.0 10.3 1.5

FY2014F 771.0 82.0 67.0 2,947 6.5 통신장비·부품 7.5 1.2 16.1 1.3



대덕GDS

417.3

464.5

575.1

661.3

760.5

427.5 78.7

454.5 80.1

517.3 97.5

577.4 109.5

647.2 123.3

120.2

140.0

155.5

159.4

0

5,000

10,000

15,000

20,000

25,000


-20

-10

0

10

20

30

40

50

60

70

80KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x10

x8

x6

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



224


A096640 452010 universe

멜파스 (096640.KQ) 업데이트 : 2013.01.11




52주 최고가 : 29,250 시가총액(십억원) : 229.2

52주 최저가 : 11,450 60일 평균 거래대금(백만원) : 2,829.7

연중 최고가 : 27,350 외국인지분(%) : 9.5

9 10 11 12 13


4.5 3.7 (34.3) (44.3) (53.3)

업종 대비 4.0 3.1 (34.8) (44.9) (53.8) 5

KOSPI 대비 (1.8) (8.9) (35.5) (45.7) (52.1) 10

22 23 24 19 20



2011/12A 1.8 14.6 (61.3) 14.8 (62.1) 14.9 (58.3) 21.7 883 8,607 100

2012/12F 45.9 26.6 82.6 18.6 26.3 16.5 10.4 37.2 948 8,486 100

2013/12F 51.6 31.3 17.7 31.5 68.9 23.9 45.0 41.9 1,357 9,570 100

2014/12F 15.0 36.0 15.0 36.2 14.9 27.4 14.9 46.6 1,560 10,853 100

2015/12F 15.0 41.4 15.0 41.6 14.9 31.5 14.9 52.0 1,793 12,366 100



2011/12A 140.6 13.6 17.7 (37.1) 5.7 20.7 28.8 2.95 10.9 0.4

2012/12F 151.5 38.1 32.5 (10.0) 7.1 14.0 28.5 3.19 11.3 0.4

2013/12F 170.8 80.8 43.1 (30.0) 5.5 7.4 9.4 1.33 14.8 0.8

2014/12F 193.7 129.7 50.6 (50.0) 5.5 7.7 8.2 1.17 15.0 0.8

2015/12F 220.7 176.1 55.5 (50.0) 5.5 7.8 7.1 1.03 15.2 0.8



2013/03F 115.9 (14.0) 5.8 153.3 (25.3) 5.8 197.4 (25.2) 4.4 178.6 (37.0)

2013/06F 80.3 3.4 2.9 (61.1) (50.1) 2.9 37.1 (49.8) 2.2 2.3 (49.8)

2013/09F 69.5 18.8 9.3 1.4 223.6 9.4 38.0 220.9 7.1 24.1 220.9

2013/12F 0.7 (4.7) 13.3 72.5 43.0 13.4 72.2 42.8 10.1 45.0 42.8

2014/03F

2014/06F

2014/09F

2014/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 699.5 11.9 8.5 475 26.9 멜파스 8.5 1.2 15.0 0.8

FY2014F 789.9 36.5 30.6 1,703 7.5 통신장비·부품 7.5 1.2 16.1 1.3



멜파스

256.2

373.7

566.6

651.6

749.3

206.3 65.7

237.6 49.2

304.7 73.6

354.6 98.1

410.7 122.5

127.8

132.1

157.0

149.6

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-50

-40

-30

-20

-10

0

10

20

30

40KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2010 2011 2012 2013

주가

x29

x23

x18

x12

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



225


A053450 452010 universe

세코닉스 (053450.KQ) 업데이트 : 2013.05.16




52주 최고가 : 33,300 시가총액(십억원) : 167.0

52주 최저가 : 15,100 60일 평균 거래대금(백만원) : 4,949.2

연중 최고가 : 32,600 외국인지분(%) : 9.7

9 10 11 12 13


2.5 1.4 (12.5) 45.3 3.9

업종 대비 2.0 0.8 (13.0) 44.8 3.4 5

KOSPI 대비 (3.8) (11.2) (13.7) 44.0 5.1 10

22 23 24 19 20



2011/12A (5.3) 3.1 (63.6) 1.3 (83.3) 2.2 (76.3) 7.6 348 10,575 0

2012/12A 73.7 14.8 378.0 16.2 1,099.6 15.0 575.4 21.1 2,288 12,366 100

2013/12F 55.2 25.6 73.5 24.0 48.6 21.1 41.0 37.1 2,881 14,082 100

2014/12F 15.0 29.5 15.0 27.9 16.0 21.6 2.4 40.3 2,864 16,452 100

2015/12F 15.0 33.9 15.0 32.3 15.9 25.0 15.9 43.5 3,222 19,100 100



2011/12A 66.0 26.1 51.8 (16.8) 3.6 10.4 23.3 0.77 3.5 0.0

2012/12A 88.0 35.7 52.0 (30.2) 10.0 8.7 9.3 1.71 19.4 0.5

2013/12F 106.3 47.6 54.2 (20.0) 11.2 5.8 7.8 1.59 21.7 0.4

2014/12F 127.9 45.2 45.0 (15.0) 11.2 5.3 7.8 1.36 18.5 0.4

2015/12F 152.9 40.9 37.6 (15.0) 11.2 4.8 7.0 1.17 17.8 0.4



2013/03F 99.0 12.0 4.8 416.1 57.8 4.4 420.0 109.5 1.5 120.4 (39.4)

2013/06F 53.8 13.5 5.8 66.5 21.4 5.4 86.3 23.5 5.9 219.9 287.4

2013/09F 25.6 22.4 7.8 6.6 34.6 7.4 (28.3) 37.2 12.4 24.7 110.1

2013/12F 68.3 8.2 7.2 138.3 (7.6) 6.8 226.6 (7.9) 1.2 (51.6) (90.2)

2014/03F

2014/06F

2014/09F

2014/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 232.5 29.9 27.7 3,746 5.7 세코닉스 7.8 1.4 19.3 0.4

FY2014F 284.0 36.8 33.4 4,472 4.8 통신장비·부품 7.5 1.2 16.1 1.3



세코닉스

85.1

147.9

229.5

263.9

303.5

106.1 45.1

154.8 69.6

141.5 96.1

171.4 101.8

205.2 108.3

45.7

51.8

63.4

68.6

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


0

20

40

60

80

100

120KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x27

x21

x15

x9

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



226


A036710 452010 universe

심텍 (036710.KQ) 업데이트 : 2013.01.30




52주 최고가 : 13,050 시가총액(십억원) : 283.0

52주 최저가 : 7,380 60일 평균 거래대금(백만원) : 2,240.3

연중 최고가 : 10,750 외국인지분(%) : 3.1

9 10 11 12 13


4.9 1.6 4.5 (28.2) (13.8)

업종 대비 4.4 1.1 4.0 (28.8) (14.4) 5

KOSPI 대비 (1.4) (10.9) 3.3 (29.6) (12.7) 10

22 23 24 19 20



2011/12A 6.2 61.1 (28.0) 51.5 (34.2) 42.6 (39.8) 93.0 1,479 6,031 200

2012/12F 3.0 43.4 (28.9) 35.8 (30.5) 26.9 (37.0) 75.0 875 6,492 200

2013/12F 11.7 40.3 (7.3) 33.7 (5.8) 26.3 (2.2) 74.6 821 7,309 200

2014/12F 15.0 46.3 15.0 39.7 17.9 30.8 17.3 80.6 963 8,267 200

2015/12F 15.0 53.3 15.0 46.7 17.5 36.2 17.5 87.5 1,132 9,392 200



2011/12A 173.3 145.1 93.3 (20.9) 10.0 5.4 8.3 2.03 27.5 1.6

2012/12F 209.1 139.8 96.8 (25.0) 6.9 6.3 11.8 1.59 14.1 1.9

2013/12F 235.3 180.0 80.6 (76.0) 5.7 6.2 10.7 1.20 11.8 2.3

2014/12F 266.2 174.8 71.3 (20.0) 5.7 5.7 9.1 1.06 12.3 2.3

2015/12F 302.4 165.1 52.8 (20.0) 5.7 5.1 7.8 0.94 12.7 2.3



2013/03F (6.3) 3.2 2.0 (84.7) (36.2) 0.3 (97.4) NA 9.0 (0.0) 401.8

2013/06F 2.0 11.8 7.4 (47.1) 280.5 5.8 (54.7) 1,782.9 10.1 24.1 12.4

2013/09F 16.2 16.7 15.2 12.2 105.0 13.6 17.7 134.8 9.5 19.4 (5.6)

2013/12F 37.1 2.0 15.7 412.3 3.0 14.0 NA 3.3 (2.3) NA NA

2014/03F

2014/06F

2014/09F

2014/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 552.8 (6.6) (12.7) -393 NA 심텍 9.5 1.1 12.2 2.3

FY2014F 665.3 47.4 31.5 978 9.0 통신장비·부품 7.5 1.2 16.1 1.3



심텍

612.3

630.6

704.3

809.9

931.4

447.2 274.0

517.3 308.2

556.7 321.4

605.3 339.1

632.0 329.5

148.2

165.7

193.3

197.1

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

10KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x16

x12

x9

x5

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



227


A052710 452010 universe

아모텍 (052710.KQ) 업데이트 : 2013.06.12




52주 최고가 : 25,300 시가총액(십억원) : 143.2

52주 최저가 : 7,070 60일 평균 거래대금(백만원) : 4,364.6

연중 최고가 : 24,500 외국인지분(%) : 7.1

9 10 11 12 13


7.7 (13.0) (17.4) 102.5 23.5

업종 대비 7.2 (13.6) (17.9) 101.9 23.0 5

KOSPI 대비 1.4 (25.6) (18.6) 101.1 24.7 10

22 23 24 19 20



2011/12A 4.3 0.9 (85.8) (5.4) NA (4.3) NA 15.2 -473 11,344 0

2012/12A 91.5 16.4 1,670.2 10.1 NA 9.2 NA 34.0 1,008 12,051 0

2013/12F 75.7 32.9 100.3 28.9 186.8 23.6 156.3 49.2 2,525 15,124 0

2014/12F 30.0 42.8 30.0 38.2 32.4 29.7 25.8 56.0 3,143 18,170 0

2015/12F 20.0 51.3 20.0 46.8 22.4 36.3 22.4 63.0 3,847 21,897 0



2011/12A 105.8 98.2 102.6 (26.7) 0.9 8.7 NA 0.31 (4.0) 0.0

2012/12A 113.4 109.4 115.2 (28.4) 8.8 6.5 11.6 0.97 8.4 0.0

2013/12F 143.3 103.8 86.8 (15.0) 10.0 5.0 5.8 0.97 18.4 0.0

2014/12F 173.0 91.2 71.9 (20.0) 10.0 4.2 4.7 0.81 18.8 0.0

2015/12F 209.3 69.7 59.5 (15.0) 10.0 3.4 3.8 0.67 19.0 0.0



2013/03A 140.4 NA 6.6 342.9 NA 5.9 973.1 NA 4.8 1,343.8 NA

2013/06F NA 14.5 7.6 NA 15.8 6.6 NA 11.4 5.4 NA 11.4

2013/09F NA 26.7 10.2 NA 33.0 9.1 NA 38.5 7.4 NA 38.5

2013/12F NA (7.9) 8.5 NA (16.7) 7.4 NA (18.7) 6.0 NA (18.7)

2014/03F

2014/06F

2014/09F

2014/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 283.1 27.0 18.9 1,950 7.2 아모텍 4.9 0.8 18.7 0.0

FY2014F 343.9 33.0 25.5 2,361 6.0 통신장비·부품 7.5 1.2 16.1 1.3



아모텍

97.9

187.4

329.3

428.1

513.7

237.6 131.8

295.9 182.5

362.8 219.5

417.0 243.9

474.5 265.1

66.8

76.5

96.8

89.2

0

5,000

10,000

15,000

20,000

25,000

30,000


0

50

100

150

200

250

300KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x24

x18

x12

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



228


A097780 452010 universe

에스맥 (097780.KQ) 업데이트 : 2013.04.29




52주 최고가 : 18,050 시가총액(십억원) : 207.1

52주 최저가 : 10,400 60일 평균 거래대금(백만원) : 1,841.7

연중 최고가 : 17,750 외국인지분(%) : 3.8

9 10 11 12 13


(5.1) 10.6 (26.8) (20.6) (29.4)

업종 대비 (5.7) 10.1 (27.4) (21.2) (29.9) 5

KOSPI 대비 (11.5) (2.0) (28.0) (22.0) (28.2) 10

22 23 24 19 20



2011/12A 101.6 36.6 194.7 41.9 197.7 34.8 150.3 40.4 2,363 10,188 300

2012/12A 8.7 36.0 (1.8) 33.9 (19.0) 26.8 (23.1) 40.9 1,642 6,553 50

2013/12F 43.0 44.1 22.6 45.4 33.9 34.4 28.5 45.4 2,010 7,983 50

2014/12F 15.0 58.1 31.6 59.4 30.7 45.0 30.8 59.4 2,505 10,102 50

2015/12F 15.0 75.1 29.4 76.4 28.7 57.9 28.7 76.4 3,070 12,649 50



2011/12A 83.8 (8.8) 14.5 (8.9) 8.2 3.7 3.9 0.90 53.7 3.3

2012/12A 107.0 (23.3) 14.3 (36.9) 7.4 6.2 10.2 2.56 28.1 0.3

2013/12F 143.8 (46.2) 11.7 (10.0) 6.4 3.5 6.0 1.50 27.4 0.4

2014/12F 191.3 (72.3) 10.4 (20.0) 7.3 2.3 4.8 1.19 26.9 0.4

2015/12F 251.6 (110.9) 9.1 (20.0) 8.2 1.3 3.9 0.95 26.2 0.4




2013/06F NA 12.3 9.8 NA 33.4 10.1 NA 32.0 7.6 NA 32.8

2013/09F NA 20.8 13.2 NA 35.4 13.5 NA 34.2 10.3 NA 34.2

2013/12F NA (4.2) 13.8 NA 4.5 14.1 NA 4.4 10.7 NA 4.4

2014/03F

2014/06F

2014/09F

2014/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 593.1 36.2 29.0 1,680 7.1 에스맥 5.1 1.3 27.0 0.4

FY2014F 684.3 44.2 36.5 2,111 5.6 통신장비·부품 7.5 1.2 16.1 1.3



에스맥

446.5

485.4

694.3

798.5

918.2

156.5 72.7

193.2 86.2

257.2 113.4

321.1 129.9

399.8 148.2

145.3

163.2

197.1

188.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-25

-20

-15

-10

-5

0

5

10

15

20

25KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

2008 2009 2010 2011 2012 2013

주가

x10

x7

x5

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



229


A088390 452010 universe

이녹스 (088390.KQ) 업데이트 : 2013.04.29




52주 최고가 : 32,900 시가총액(십억원) : 310.2

52주 최저가 : 17,800 60일 평균 거래대금(백만원) : 2,345.9

연중 최고가 : 26,507 외국인지분(%) : 5.3

9 10 11 12 13


9.4 19.2 14.8 41.3 56.3

업종 대비 8.8 18.7 14.3 40.8 55.8 5

KOSPI 대비 3.0 6.7 13.6 39.9 57.5 10

22 23 24 19 20



2011/12A 11.5 13.7 0.2 11.4 (0.8) 9.2 3.0 18.1 1,067 7,110 0

2012/12A 23.3 19.8 44.9 14.9 30.1 12.7 37.6 26.5 1,414 8,435 0

2013/12F 43.1 34.4 73.7 34.1 129.2 27.5 117.2 42.6 3,008 11,292 0

2014/12F 30.0 44.7 30.0 44.4 30.3 34.5 25.3 53.0 3,764 15,056 0

2015/12F 15.0 51.4 15.0 51.1 15.1 39.7 15.1 59.7 4,332 19,388 0



2011/12A 62.2 38.4 85.8 (20.2) 11.8 10.2 12.6 1.90 16.0 0.0

2012/12A 76.1 36.7 72.3 (21.4) 13.9 8.1 11.2 1.87 18.3 0.0

2013/12F 103.4 50.5 74.1 (20.0) 16.9 8.5 8.4 2.23 30.6 0.0

2014/12F 137.9 47.8 62.8 (15.0) 16.9 6.8 6.7 1.67 28.6 0.0

2015/12F 177.5 44.1 46.0 (25.0) 16.9 5.9 5.8 1.30 25.2 0.0



2013/03F 24.7 8.8 6.3 30.5 55.1 6.4 36.1 211.4 5.1 31.6 127.4

2013/06F 58.0 21.6 8.0 95.3 25.9 7.8 163.8 23.0 6.3 214.9 23.0

2013/09F 28.3 12.6 9.6 41.3 21.0 9.5 83.8 21.3 7.7 80.7 21.3

2013/12F 63.9 10.0 10.5 157.7 9.0 10.4 406.5 9.1 8.4 270.0 9.1

2014/03F

2014/06F

2014/09F

2014/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 205.5 36.3 27.7 2,422 10.2 이녹스 7.1 1.8 29.1 0.0

FY2014F 304.6 55.2 42.6 3,465 7.1 통신장비·부품 7.5 1.2 16.1 1.3



이녹스

115.4

142.3

203.7

264.7

304.5

127.9 65.5

147.1 71.2

196.2 92.8

245.6 107.7

283.4 105.9

40.0

48.6

54.8

60.3

0

5,000

10,000

15,000

20,000

25,000

30,000


-20

-10

0

10

20

30

40

50

60KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2006 2007 2008 2009 2010 2011 2012

주가

x13

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



230


A051370 452010 universe

인터플렉스 (051370.KQ) 업데이트 : 2013.03.20




52주 최고가 : 71,200 시가총액(십억원) : 538.3

52주 최저가 : 36,500 60일 평균 거래대금(백만원) : 9,544.9

연중 최고가 : 52,450 외국인지분(%) : 3.7

9 10 11 12 13


(0.3) 7.5 3.4 (43.2) (26.2)

업종 대비 (0.9) 6.9 2.9 (43.7) (26.7) 5

KOSPI 대비 (6.7) (5.1) 2.2 (44.5) (25.0) 10

22 23 24 19 20



2011/12A 23.5 40.4 31.5 39.2 12.8 31.1 1.7 59.2 2,283 17,907 150

2012/12F 47.8 46.5 15.2 54.1 38.0 43.3 39.4 80.1 3,100 21,018 150

2013/12F 37.5 59.4 27.6 65.3 20.8 49.5 14.3 92.9 3,542 24,692 150

2014/12F 15.0 68.3 15.0 74.2 13.6 57.6 16.3 101.8 4,120 28,944 150

2015/12F 15.0 78.5 15.0 84.5 13.8 65.6 13.8 112.1 4,689 33,765 150



2011/12A 250.3 11.9 36.3 (71.2) 7.8 9.0 15.8 2.01 14.8 0.4

2012/12F 293.8 45.0 33.7 (70.0) 6.1 10.0 16.8 2.48 15.9 0.3

2013/12F 345.2 61.1 28.7 (30.0) 5.6 6.4 10.9 1.56 15.5 0.4

2014/12F 404.7 41.9 24.5 (20.0) 5.6 5.7 9.3 1.33 15.4 0.4

2015/12F 472.1 17.7 21.0 (20.0) 5.6 5.0 8.2 1.14 15.0 0.4



2013/03F 35.7 (41.0) 6.7 (50.0) (43.2) 7.9 (51.9) (28.1) 6.0 (54.6) (28.1)

2013/06F 72.9 14.8 8.9 (24.2) 33.3 10.2 (23.6) 28.3 7.7 (32.7) 28.3

2013/09F 78.5 45.0 21.3 121.5 139.4 23.1 73.7 127.1 17.5 69.4 127.1

2013/12F 1.8 3.7 22.4 90.7 5.2 24.2 119.4 4.8 18.3 119.4 4.8

2014/03F

2014/06F

2014/09F

2014/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,117.0 61.6 51.6 3,689 10.6 인터플렉스 9.7 1.4 15.4 0.4

FY2014F 1,355.6 92.1 74.2 5,309 7.4 통신장비·부품 7.5 1.2 16.1 1.3



인터플렉스

517.7

765.4

1,052.2

1,210.0

1,391.5

491.9 241.5

603.4 309.5

729.6 384.4

830.6 425.9

945.8 473.7

190.0

218.0

316.2

327.9

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-50

-40

-30

-20

-10

0

10

20KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x24

x18

x13

x8

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



231


A020760 452010 universe

일진디스플 (020760.KS) 업데이트 : 2013.05.14




52주 최고가 : 24,150 시가총액(십억원) : 460.1

52주 최저가 : 14,550 60일 평균 거래대금(백만원) : 5,409.2

연중 최고가 : 23,150 외국인지분(%) : 13.2

9 10 11 12 13


(6.9) 1.6 (24.8) (9.2) (25.8)

업종 대비 (7.4) 1.0 (25.3) (9.8) (26.3) 5

KOSPI 대비 (13.2) (11.0) (26.0) (10.6) (24.6) 10

22 23 24 19 20



2011/12A 184.7 36.4 151.9 30.6 165.7 30.7 167.3 43.8 1,133 3,313 100

2012/12A 83.9 64.6 77.6 59.5 94.3 64.1 109.1 74.1 2,344 5,504 200

2013/12F 25.3 69.2 7.2 76.9 29.1 69.6 8.6 96.8 2,469 7,910 200

2014/12F 30.0 90.0 30.0 97.6 27.0 74.0 6.3 117.6 2,620 10,619 200

2015/12F 30.0 117.0 30.0 124.6 27.6 94.5 27.6 144.6 3,344 14,052 200



2011/12A 89.8 33.7 65.3 (17.8) 11.2 8.0 10.2 3.50 43.2 0.9

2012/12A 150.9 (20.9) 24.4 (36.3) 10.8 7.9 9.4 4.02 53.3 0.9

2013/12F 223.9 (73.0) 6.9 (35.0) 9.3 4.0 6.6 2.05 37.2 1.2

2014/12F 300.6 (113.1) (1.5) (30.0) 9.3 3.0 6.2 1.53 28.2 1.2

2015/12F 397.8 (171.7) (6.2) (30.0) 9.3 2.0 4.9 1.16 27.1 1.2



2013/03F 46.3 11.5 14.7 3.9 3.9 16.9 17.9 60.6 16.9 17.9 11.7

2013/06F 2.1 (7.3) 14.5 (27.0) (1.6) 16.3 (3.0) (3.3) 14.3 (14.8) (15.0)

2013/09F 24.8 30.5 20.2 22.7 39.7 22.0 22.8 35.1 19.4 7.9 35.1

2013/12F 33.4 (1.2) 19.9 40.5 (1.6) 21.7 106.7 (1.5) 19.1 26.4 (1.5)

2014/03F

2014/06F

2014/09F

2014/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 738.2 69.3 62.1 2,196 7.4 일진디스플 6.3 1.6 30.6 1.2

FY2014F 855.5 79.6 68.4 2,415 6.8 통신장비·부품 7.5 1.2 16.1 1.3



일진디스플

324.4

596.5

747.6

971.9

1,263.4

181.2 91.4

272.6 121.7

350.8 126.9

438.7 138.1

556.4 158.6

172.5

160.0

208.8

206.3

0

5,000

10,000

15,000

20,000

25,000


-20

-10

0

10

20

30

40KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x26

x20

x15

x9

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



232


A091700 452010 universe

파트론 (091700.KQ) 업데이트 : 2013.05.31




52주 최고가 : 30,000 시가총액(십억원) : 909.8

52주 최저가 : 12,300 60일 평균 거래대금(백만원) : 25,223.3

연중 최고가 : 25,700 외국인지분(%) : 23.6

9 10 11 12 13


(4.0) (5.1) (11.1) 83.0 20.7

업종 대비 (4.5) (5.6) (11.6) 82.5 20.2 5

KOSPI 대비 (10.3) (17.6) (12.3) 81.6 21.9 10

22 23 24 19 20



2011/12A 56.2 30.3 6.7 30.0 15.8 26.2 12.0 46.5 596 4,703 200

2012/12A 105.0 91.2 201.1 90.8 202.3 72.2 175.4 116.0 1,256 5,078 300

2013/12F 37.7 133.3 46.3 139.4 53.6 109.7 52.0 161.5 2,026 5,935 300

2014/12F 14.7 151.5 13.6 149.4 7.2 119.1 8.5 179.7 2,198 8,133 300

2015/12F 20.0 192.0 26.8 190.0 27.2 147.5 23.8 236.8 2,723 10,856 300



2011/12A 139.1 64.4 56.9 (55.7) 7.1 10.7 13.4 1.70 20.6 2.5

2012/12A 194.6 46.7 42.8 (80.0) 10.4 7.0 11.2 2.76 43.3 2.1

2013/12F 319.2 (23.9) 3.1 (50.0) 11.1 5.5 8.3 2.83 42.7 1.8

2014/12F 438.3 (66.5) 2.3 (70.0) 11.0 4.7 7.6 2.07 31.4 1.8

2015/12F 585.7 (132.9) 1.7 (70.0) 11.6 3.3 6.2 1.55 28.8 1.8




2013/06F NA 12.4 31.1 NA 3.8 30.6 NA (18.5) 0.0 NA NA

2013/09F NA 14.3 36.8 NA 18.5 36.3 NA 18.8 0.0 NA NA

2013/12F NA 3.6 35.5 NA (3.7) 35.0 NA (3.8) 0.0 NA NA

2014/03F 0.0 (24.9) 28.8 (3.9) (18.8) 28.3 (24.6) (19.1) 0.0 NA NA

2014/06F 27.1 42.9 39.5 27.1 37.2 39.0 27.6 37.9 0.0 NA NA

2014/09F 18.9 7.0 43.8 18.9 10.9 43.3 19.2 11.0 0.0 NA NA

2014/12F 11.1 (3.2) 39.4 11.1 (10.1) 38.9 11.2 (10.2) 0.0 NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,194.8 137.3 114.7 2,222 7.4 파트론 7.8 2.2 34.4 1.8

FY2014F 1,402.1 153.9 126.9 2,357 6.9 통신장비·부품 7.5 1.2 16.1 1.3



파트론

425.9

873.1

1,202.4

1,378.6

1,654.4

297.4 155.1

435.7 237.9

531.8 209.4

677.8 236.3

866.2 277.3

253.7

285.1

325.9

337.7

253.7

362.4

387.6

375.0

0

5,000

10,000

15,000

20,000

25,000

30,000


0

20

40

60

80

100

120

140

160

180

200KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2007 2008 2009 2010 2011 2012 2013

주가

x14

x11

x8

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



233


A077360 452020 universe

덕산하이메탈 (077360.KQ) 업데이트 : 2013.09.10

투자의견 : 중립 업종 : 디스플레이 주가 수익률(12개월)

목표주가 : - 애널리스트 : 유종우


52주 최고가 : 29,600 시가총액(십억원) : 630.5

52주 최저가 : 16,500 60일 평균 거래대금(백만원) : 5,804.6

연중 최고가 : 29,200 외국인지분(%) : 16.0

9 10 11 12 13


(14.2) (15.2) (22.1) 7.0 (2.7)

업종 대비 (10.5) (11.5) (18.5) 10.7 1.0 5

KOSPI 대비 (20.5) (27.8) (23.3) 5.6 (1.6) 10

22 23 24 19 20



2011/12A 78.6 39.3 96.0 35.1 81.1 34.6 116.9 42.8 1,181 5,457 0

2012/12A 11.1 41.7 5.9 42.9 22.5 41.9 21.3 47.5 1,426 6,956 0

2013/12F (4.5) 36.7 (12.0) 38.5 (10.3) 38.8 (7.6) 44.6 1,318 8,260 0

2014/12F 11.3 38.6 5.1 39.6 2.8 40.5 4.4 48.2 1,377 9,622 0

2015/12F 11.1 53.6 39.1 54.4 37.5 55.6 37.5 65.7 1,893 11,501 0



2011/12A 138.5 (18.0) 2.0 (22.1) 30.4 17.0 21.5 4.65 29.0 0.0

2012/12A 182.6 (61.0) 1.0 (4.4) 29.0 11.9 14.9 3.06 26.1 0.0

2013/12F 220.9 (60.1) 0.2 (15.3) 26.7 12.8 16.3 2.60 19.2 0.0

2014/12F 261.0 (68.0) 0.3 (26.7) 25.2 11.7 15.6 2.23 16.8 0.0

2015/12F 316.2 (73.6) 0.4 (38.8) 31.6 8.5 11.3 1.87 19.3 0.0



2013/03F (0.8) (16.1) 9.2 0.3 (16.1) 10.3 7.5 (11.1) 9.9 5.9 (8.8)

2013/06F (20.1) (8.2) 7.5 (28.1) (18.0) 7.8 (28.0) (24.1) 8.0 (26.7) (19.3)

2013/09F (1.2) 20.5 8.9 (16.9) 18.7 9.2 (16.5) 18.1 9.4 (13.7) 18.1

2013/12F 4.2 12.2 11.0 0.4 23.0 11.3 (2.5) 22.3 11.5 6.3 22.3

2014/03F 14.0 (8.2) 9.8 7.1 (10.5) 10.1 (1.6) (10.3) 10.3 4.6 (10.3)

2014/06F 27.0 2.2 9.8 30.1 (0.4) 10.1 29.1 (0.4) 10.3 29.1 (0.4)

2014/09F 8.1 2.6 9.5 6.4 (3.0) 9.8 6.2 (2.9) 10.0 6.2 (2.9)

2014/12F 0.4 4.3 9.4 (14.6) (1.3) 9.7 (14.3) (1.3) 9.9 (14.3) (1.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 140.4 38.9 40.7 1,386 15.0 덕산하이메탈 15.8 2.3 17.4 0.0

FY2014F 181.6 50.6 51.1 1,738 12.0 디스플레이 9.5 1.0 10.9 1.6



덕산하이메탈

129.4

143.8

137.4

152.9

169.9

151.8 13.3

198.5 15.9

247.1 26.2

293.1 32.2

353.4 37.2

32.2

29.5

35.6

40.0

36.7

37.5

38.5

40.1

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2005 2006 2007 2008 2009 2010 2011 2012

주가

x36

x30

x24

x18

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



234


A141000 452020 universe

비아트론 (141000.KQ) 업데이트 : 2013.05.10

투자의견 : 매수 업종 : 디스플레이 주가 수익률(12개월)

목표주가 : 30,000 애널리스트 : 유종우


52주 최고가 : 21,000 시가총액(십억원) : 130.3

52주 최저가 : 9,990 60일 평균 거래대금(백만원) : 4,024.9

연중 최고가 : 20,300 외국인지분(%) : 7.6

9 10 11 12 13


(12.7) (19.0) (35.5) (10.5) (3.1)

업종 대비 (9.0) (15.3) (31.8) (6.8) 0.5 5

KOSPI 대비 (19.0) (31.6) (36.7) (11.9) (2.0) 10

22 23 24 19 20



2011/12A 116.2 10.6 35.2 10.7 54.0 10.2 36.2 11.2 1,394 2,712 0

2012/12A 12.9 10.4 (1.6) 11.4 6.3 10.2 0.1 11.1 1,053 5,120 0

2013/12F 85.8 23.2 122.2 24.0 110.2 20.4 99.6 25.6 1,998 7,032 0

2014/12F 32.2 30.8 32.6 31.6 31.5 26.8 31.5 35.6 2,621 9,606 0

2015/12F 12.9 29.0 (5.9) 29.8 (5.7) 25.3 (5.7) 35.3 2,471 12,032 0



2011/12A 23.8 (5.7) 6.0 (2.3) 22.5 58.7

2012/12A 51.2 (4.7) 0.5 (5.8) 19.6 11.2 11.9 2.44 27.3 0.0

2013/12F 71.4 (23.2) 0.0 (15.0) 23.5 4.2 6.2 1.76 33.3 0.0

2014/12F 98.1 (33.3) 0.0 (12.3) 23.5 2.7 4.7 1.29 31.7 0.0

2015/12F 123.2 (37.6) 0.0 (13.8) 19.6 2.6 5.0 1.03 22.9 0.0



2013/03F NA (17.3) 2.0 NA (41.4) 2.2 NA (45.8) 1.9 NA (49.1)

2013/06F 4.4 60.0 4.7 10.0 136.2 4.9 5.1 123.8 4.2 (7.1) 123.8

2013/09F 177.7 68.0 8.4 217.0 76.7 8.6 256.9 73.6 7.3 308.3 73.6

2013/12F 116.3 (2.7) 8.1 137.9 (2.7) 8.3 104.9 (2.6) 7.1 92.4 (2.6)

2014/03F 82.2 (30.3) 5.1 153.1 (37.7) 5.3 139.2 (36.8) 4.5 139.2 (36.8)

2014/06F 70.7 49.9 7.7 63.4 52.5 7.9 60.8 50.5 6.7 60.8 50.5

2014/09F 10.4 8.7 9.1 8.8 17.7 9.3 8.6 17.3 7.9 8.6 17.3

2014/12F 11.8 (1.5) 8.9 9.3 (2.2) 9.1 9.1 (2.2) 7.7 9.1 (2.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 98.0 23.1 21.7 2,077 5.7 비아트론 5.0 1.4 32.1 0.0

FY2014F 142.0 33.2 30.6 2,902 4.1 디스플레이 9.5 1.0 10.9 1.6



비아트론

47.1

53.2

98.9

130.7

147.6

31.4 7.6

70.6 19.4

91.6 20.2

128.3 30.2

148.9 25.7

12.5

20.0

33.6

32.7

22.8

34.2

37.1

36.6

0

5,000

10,000

15,000

20,000

25,000


-30

-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2012 2013

주가

x13

x11

x9

x7

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



235


A036830 452020 universe

솔브레인 (036830.KQ) 업데이트 : 2013.09.24




52주 최고가 : 52,600 시가총액(십억원) : 829.8

52주 최저가 : 37,700 60일 평균 거래대금(백만원) : 3,951.9

연중 최고가 : 51,200 외국인지분(%) : 18.8

9 10 11 12 13


14.5 18.1 18.9 22.5 8.5

업종 대비 18.2 21.8 22.6 26.2 12.2 5

KOSPI 대비 8.2 5.6 17.7 21.1 9.6 10

22 23 24 19 20



2011/12A 33.9 58.6 28.6 18.7 (56.5) 7.0 (78.3) 78.9 484 15,601 350

2012/12A 37.9 107.0 82.5 96.0 413.7 73.8 950.2 137.0 4,680 20,752 375

2013/12F 1.8 124.6 16.4 113.6 18.3 84.6 14.7 160.5 5,222 25,617 375

2014/12F 9.8 139.5 11.9 131.5 15.7 98.1 15.9 177.1 6,054 31,314 375

2015/12F 15.0 154.9 11.1 137.9 4.9 102.9 4.9 194.9 6,349 37,306 375



2011/12A 225.8 165.7 85.2 (118.2) 12.2 9.3 79.8 2.47 3.2 0.9

2012/12A 333.0 75.9 37.5 (59.2) 16.1 6.1 10.0 2.25 26.4 0.8

2013/12F 411.8 29.3 21.8 (65.9) 18.4 5.4 9.8 2.00 22.7 0.7

2014/12F 504.2 (19.1) 10.9 (67.6) 18.8 4.6 8.5 1.64 21.4 0.7

2015/12F 601.3 (55.3) 5.0 (84.6) 18.2 4.0 8.1 1.37 18.6 0.7



2013/03A 8.8 NA 23.7 3.7 NA 21.5 (1.5) NA 16.7 (0.0) NA

2013/06A 3.6 5.4 33.0 38.9 39.6 30.2 21.9 40.2 22.0 36.6 32.1

2013/09F NA 3.1 34.1 NA 3.1 31.1 NA 3.1 23.2 NA 5.4

2013/12F NA 2.4 33.8 NA (0.7) 30.8 NA (0.7) 22.8 NA (1.7)

2014/03F 13.1 1.6 31.1 31.7 (8.0) 29.1 35.5 (5.5) 21.7 30.6 (4.6)

2014/06F 11.2 3.6 36.6 10.9 17.6 34.6 14.8 18.8 25.8 17.4 18.8

2014/09F 8.5 0.6 36.6 7.5 (0.0) 34.6 11.4 (0.0) 25.8 11.4 (0.0)

2014/12F 6.9 0.9 35.1 3.7 (4.1) 33.1 7.3 (4.4) 24.7 8.4 (4.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 696.0 119.7 87.4 5,329 9.2 솔브레인 8.8 1.7 21.8 0.7

FY2014F 781.8 132.0 99.4 6,094 8.0 디스플레이 9.5 1.0 10.9 1.6



솔브레인

481.3

663.6

675.3

741.6

852.9

475.3 250.1

527.4 194.0

573.7 161.1

640.4 135.0

735.1 132.0

158.8

167.4

172.5

176.7

179.6

186.0

187.1

188.9

0

10,000

20,000

30,000

40,000

50,000

60,000


-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x29

x23

x17

x11

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



236


A108320 452020 universe

실리콘웍스 (108320.KQ) 업데이트 : 2013.05.24




52주 최고가 : 29,800 시가총액(십억원) : 374.1

52주 최저가 : 19,500 60일 평균 거래대금(백만원) : 3,355.6

연중 최고가 : 25,400 외국인지분(%) : 24.1

9 10 11 12 13


(1.5) 8.5 2.2 (21.4) 3.1

업종 대비 2.2 12.2 5.9 (17.7) 6.8 5

KOSPI 대비 (7.8) (4.1) 1.0 (22.7) 4.3 10

22 23 24 19 20



2011/12A 17.3 24.8 (34.2) 32.8 (24.9) 32.9 (19.7) 26.8 2,046 14,251 400

2012/12A 56.8 43.6 75.5 49.6 51.0 41.1 25.1 46.3 2,628 16,253 650

2013/12F 1.0 36.4 (16.5) 42.4 (14.5) 36.0 (12.4) 39.5 2,301 17,816 650

2014/12F 7.3 38.4 5.7 44.4 4.8 37.8 4.8 41.7 2,420 19,486 650

2015/12F 10.0 49.4 28.6 56.1 26.3 47.7 26.3 52.8 3,057 21,768 650



2011/12A 220.9 (181.7) 0.0 (3.0) 8.2 12.1 15.2 2.19 15.5 1.3

2012/12A 255.8 (169.3) 0.0 (1.2) 9.2 4.2 8.5 1.38 17.3 2.9

2013/12F 281.2 (197.6) 0.0 (1.4) 7.6 4.5 10.0 1.29 13.4 2.8

2014/12F 308.3 (212.0) 0.0 (1.3) 7.5 3.9 9.5 1.18 12.8 2.8

2015/12F 345.4 (238.8) 0.0 (1.3) 8.8 2.6 7.5 1.06 14.6 2.8




2013/06F NA 15.0 6.2 NA 44.3 7.7 NA 32.8 5.7 NA (2.1)

2013/09F NA 41.6 12.0 NA 92.8 13.5 NA 74.7 13.5 NA 137.0

2013/12F NA 1.1 13.8 NA 15.3 15.3 NA 13.6 11.0 NA (18.4)

2014/03F 41.6 (14.0) 10.6 145.7 (23.4) 12.1 108.0 (21.1) 12.1 108.0 9.9

2014/06F 10.0 (10.7) 7.3 16.9 (31.4) 8.8 13.6 (27.5) 5.6 (0.9) (53.3)

2014/09F (3.3) 24.4 10.4 (13.6) 42.5 11.9 (12.1) 35.2 11.9 (12.1) 110.2

2014/12F (5.0) (0.6) 10.2 (26.4) (1.7) 11.7 (23.8) (1.5) 8.2 (25.9) (31.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 430.4 29.7 30.0 1,847 12.4 실리콘웍스 9.6 1.2 13.0 2.8

FY2014F 503.4 40.9 39.6 2,435 9.4 디스플레이 9.5 1.0 10.9 1.6



실리콘웍스

301.5

472.6

477.4

512.1

563.3

268.4 47.5

336.2 80.4

365.9 84.7

391.4 83.1

434.7 89.3

88.0

101.2

143.3

144.9

124.6

111.3

138.5

137.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-35

-30

-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2010 2011 2012 2013

주가

x19

x16

x13

x10

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



237


A056190 452020 universe

에스에프에이 (056190.KQ) 업데이트 : 2013.09.10




52주 최고가 : 69,100 시가총액(십억원) : 807.9

52주 최저가 : 39,750 60일 평균 거래대금(백만원) : 4,688.9

연중 최고가 : 67,700 외국인지분(%) : 12.7

9 10 11 12 13


(14.6) (17.6) (25.5) 2.2 (5.5)

업종 대비 (10.9) (13.9) (21.8) 5.8 (1.8) 5

KOSPI 대비 (20.9) (30.1) (26.7) 0.8 (4.3) 10

22 23 24 19 20



2011/12A 19.4 108.5 68.7 110.8 51.2 88.8 62.1 115.5 5,017 20,787 1,280

2012/12A (35.1) 70.0 (35.5) 92.9 (16.2) 71.3 (19.6) 78.7 4,070 23,468 1,000

2013/12F 27.2 100.2 43.1 114.2 23.0 89.7 25.7 108.6 4,993 27,015 1,500

2014/12F 13.9 126.6 26.3 137.8 20.7 106.1 18.4 134.6 5,911 31,479 1,500

2015/12F 20.0 159.8 26.2 173.9 26.2 133.9 26.2 167.4 7,458 37,490 1,500



2011/12A 356.3 (256.8) 1.3 (24.4) 13.9 7.3 12.2 2.93 28.0 2.1

2012/12A 373.0 (269.2) 0.0 (6.0) 13.8 7.3 11.6 2.01 19.6 2.1

2013/12F 436.7 (342.4) 0.0 (6.9) 15.5 4.3 9.0 1.67 22.1 3.3

2014/12F 516.8 (405.6) 0.0 (6.5) 17.2 3.0 7.6 1.43 22.3 3.3

2015/12F 624.8 (522.0) 0.0 (6.2) 18.1 1.7 6.0 1.20 23.5 3.3




2013/06F NA 26.0 21.0 NA 14.7 24.4 NA 10.4 19.1 NA 10.4

2013/09F NA 0.9 21.0 NA 0.2 24.4 NA 0.1 19.2 NA 0.1

2013/12F NA 61.2 40.0 NA 90.1 43.4 NA 77.6 34.0 NA 77.6

2014/03F 16.7 (43.0) 24.3 32.8 (39.2) 27.1 22.7 (37.5) 20.9 20.3 (38.7)

2014/06F 9.8 18.5 30.8 46.6 26.7 33.6 37.7 23.9 25.8 35.1 23.9

2014/09F 29.3 18.8 30.6 45.6 (0.5) 33.4 36.8 (0.5) 25.7 34.2 (0.5)

2014/12F 5.5 31.6 41.0 2.6 34.0 43.8 1.0 31.1 33.7 (0.9) 31.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 636.3 89.9 82.0 4,461 9.8 에스에프에이 7.9 1.5 22.2 3.3

FY2014F 772.8 115.8 98.1 5,342 8.2 디스플레이 9.5 1.0 10.9 1.6



에스에프에이

781.5

507.5

645.4

735.0

882.0

572.4 215.9

578.5 205.5

702.6 265.9

798.1 281.3

968.9 344.1

115.7

145.8

147.0

237.0

135.0

160.0

190.0

250.0

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x15

x12

x10

x7

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



238


A001300 452020 universe

제일모직 (001300.KS) 업데이트 : 2013.09.24




52주 최고가 : 103,000 시가총액(십억원) : 5,007.8

52주 최저가 : 82,100 60일 평균 거래대금(백만원) : 27,409.7

연중 최고가 : 98,800 외국인지분(%) : 24.2

9 10 11 12 13


11.0 10.4 12.9 (6.4) (2.6)

업종 대비 14.7 14.1 16.6 (2.7) 1.1 5

KOSPI 대비 4.7 (2.1) 11.7 (7.7) (1.4) 10

22 23 24 19 20



2011/12A 9.2 222.5 (35.2) 275.7 (20.1) 259.1 (7.0) 384.2 5,274 62,270 750

2012/12A 7.7 321.7 44.6 293.0 6.3 208.6 (19.5) 530.4 4,124 62,984 750

2013/12F 6.7 335.4 4.3 325.3 11.0 252.5 21.0 553.5 4,990 64,540 750

2014/12F 7.5 419.1 24.9 437.7 34.6 339.8 34.6 653.0 6,715 67,760 750

2015/12F 10.0 455.4 8.7 474.6 8.4 368.4 8.4 702.9 7,281 71,527 750



2011/12A 3,216.2 753.6 26.5 (327.3) 4.0 15.7 19.2 1.62 8.7 0.7

2012/12A 3,254.3 1,122.3 39.0 (412.3) 5.4 11.4 22.8 1.50 6.4 0.8

2013/12F 3,335.9 1,095.2 37.7 (361.8) 5.2 11.0 19.1 1.48 7.7 0.8

2014/12F 3,504.8 1,063.1 35.3 (326.9) 6.1 9.3 14.2 1.41 9.9 0.8

2015/12F 3,702.3 1,087.1 32.9 (339.3) 6.0 8.7 13.1 1.34 10.2 0.8



2013/03A 6.6 (3.7) 72.1 (0.4) (4.2) 93.7 12.1 63.9 67.4 4.9 89.3

2013/06A 7.6 6.9 72.7 (33.9) 0.9 66.1 (23.1) (29.5) 53.0 (22.4) (21.4)

2013/09F 5.8 (3.3) 85.6 33.5 17.6 73.0 10.1 10.4 58.3 44.4 10.1

2013/12F 6.8 7.2 105.0 39.6 22.8 92.5 61.8 26.8 73.8 107.0 26.4

2014/03F 8.5 (2.1) 94.7 31.3 (9.9) 115.6 23.3 24.9 89.7 33.0 21.6

2014/06F 5.2 3.6 98.4 35.3 4.0 104.3 58.0 (9.7) 81.0 52.9 (9.7)

2014/09F 7.3 (1.4) 105.9 23.8 7.6 101.8 39.6 (2.4) 79.1 35.5 (2.4)

2014/12F 8.9 8.9 120.0 14.3 13.3 115.9 25.3 13.9 90.0 22.0 13.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 6,553.4 339.7 335.0 6,213 15.0 제일모직 15.3 1.4 9.3 0.8

FY2014F 6,240.3 435.3 306.7 5,928 15.7 디스플레이 9.5 1.0 10.9 1.6



제일모직

5,581.0

6,009.9

6,412.9

6,892.6

7,581.8

4,930.8 1,714.1

5,418.6 2,161.1

5,492.8 2,153.7

5,700.2 2,192.1

6,077.1 2,371.3

1,523.0

1,628.1

1,574.0

1,687.8

1,652.7

1,713.0

1,688.7

1,838.2

0

20,000

40,000

60,000

80,000

100,000

120,000


-18

-16

-14

-12

-10

-8

-6

-4

-2

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x26

x21

x17

x13

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



239


A054620 452020 universe

AP시스템 (054620.KQ) 업데이트 : 2013.09.10




52주 최고가 : 13,950 시가총액(십억원) : 243.4

52주 최저가 : 6,080 60일 평균 거래대금(백만원) : 8,167.3

연중 최고가 : 13,600 외국인지분(%) : 5.0

9 10 11 12 13


(5.3) (7.0) 0.9 9.3 38.7

업종 대비 (1.7) (3.3) 4.6 13.0 42.4 5

KOSPI 대비 (11.7) (19.5) (0.2) 8.0 39.8 10

22 23 24 19 20



2011/12A 66.1 26.4 127.5 17.2 NA 11.7 NA 30.7 547 3,811 0

2012/12A (3.8) 12.4 (53.0) 17.7 2.5 13.3 13.6 16.8 627 4,437 0

2013/12F 36.4 28.6 130.1 29.1 64.6 24.3 82.2 34.0 980 5,748 0

2014/12F 11.7 40.2 40.6 41.4 42.4 35.2 44.8 46.6 1,419 7,153 0

2015/12F (3.8) 18.2 (54.7) 19.6 (52.6) 16.7 (52.6) 25.4 673 7,812 0



2011/12A 81.8 4.4 80.6 (21.7) 11.9 9.3 23.8 3.41 16.0 0.0

2012/12A 87.9 (1.1) 46.0 (27.8) 5.8 9.3 11.6 1.64 15.7 0.0

2013/12F 134.6 (2.7) 40.1 (32.0) 9.8 7.1 10.9 1.85 21.9 0.0

2014/12F 169.4 4.1 39.8 (32.9) 12.3 5.3 7.5 1.49 23.2 0.0

2015/12F 185.8 (2.8) 40.9 (33.8) 5.8 9.5 15.8 1.36 9.4 0.0



2013/03A 33.9 35.9 8.4 (6.8) 240.3 8.4 (15.4) 67.9 6.6 (6.4) 59.3

2013/06A 77.3 (6.6) 7.3 1,218.7 (12.7) 5.8 185.9 (30.6) 4.7 197.7 (29.3)

2013/09F 24.3 (14.1) 5.8 1,207.9 (20.0) 6.0 770.5 3.2 5.1 777.5 9.7

2013/12F 20.3 10.4 7.1 188.9 21.6 8.8 76.2 46.6 7.9 91.5 55.1

2014/03F 1.1 14.2 9.4 11.9 31.9 9.7 14.9 9.5 8.2 24.4 3.5

2014/06F 47.8 36.6 14.3 96.6 53.3 14.6 151.1 51.6 12.4 166.9 51.6

2014/09F (9.5) (47.4) 7.2 24.1 (49.5) 7.5 25.4 (48.5) 6.4 25.4 (48.5)

2014/12F 4.8 27.8 9.3 30.5 27.8 9.6 8.4 26.7 8.1 2.5 26.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 308.3 31.2 26.5 1,182 9.0 AP시스템 8.2 1.6 22.8 0.0

FY2014F 346.0 40.8 34.9 1,529 6.9 디스플레이 9.5 1.0 10.9 1.6



AP시스템

222.4

214.0

291.9

326.0

313.6

273.0 191.2

204.8 116.9

272.8 138.3

309.7 140.2

331.0 145.2

80.6

75.3

64.6

71.3

81.5

111.3

58.5

74.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-40

-30

-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x30

x22

x15

x8

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



240


A034220 452020 universe

LG디스플레이 (034220.KS) 업데이트 : 2013.07.19




52주 최고가 : 36,950 시가총액(십억원) : 9,589.5

52주 최저가 : 25,600 60일 평균 거래대금(백만원) : 53,730.1

연중 최고가 : 33,050 외국인지분(%) : 27.4

9 10 11 12 13


(9.6) 1.3 (16.3) (3.9) (14.9)

업종 대비 (5.9) 5.0 (12.6) (0.3) (11.2) 5

KOSPI 대비 (15.9) (11.2) (17.4) (5.3) (13.7) 10

22 23 24 19 20



2011/12A (4.8) (763.5) NA (1,081.0) NA (771.2) NA 2,887.9 -2,155 28,271 0

2012/12A 21.2 912.4 NA 458.5 NA 233.2 NA 5,381.8 652 28,534 0

2013/12F (7.0) 1,106.4 21.3 692.1 50.9 541.6 132.2 5,100.0 1,514 29,547 500

2014/12F 8.6 1,831.3 65.5 1,631.3 135.7 1,448.6 167.5 5,867.1 4,049 33,096 500

2015/12F 5.0 1,287.3 (29.7) 1,094.6 (32.9) 972.0 (32.9) 4,872.4 2,717 35,312 500



2011/12A 10,115.7 2,281.1 45.6 (4,063.1) (3.1) 3.8 NA 0.87 (7.3) 0.0

2012/12A 10,209.8 1,798.3 43.5 (3,972.5) 3.1 2.4 47.6 1.09 2.3 0.0

2013/12F 10,572.5 1,884.5 41.1 (4,239.4) 4.0 2.3 17.7 0.91 5.2 1.9

2014/12F 11,842.2 760.6 34.1 (4,189.1) 6.2 1.8 6.6 0.81 12.9 1.9

2015/12F 12,635.4 95.9 28.0 (3,733.4) 4.1 2.0 9.9 0.76 7.9 1.9



2013/03A 10.0 (22.2) 151.3 NA (74.2) 40.8 NA (91.9) 3.9 NA (98.8)

2013/06F (4.9) (3.4) 366.0 52.9 141.9 162.0 NA 297.5 103.6 NA 2,557.2

2013/09F (8.2) 6.1 391.5 31.8 7.0 341.5 48.4 110.8 303.3 91.2 192.8

2013/12F (19.7) 0.7 197.5 (66.4) (49.6) 147.8 (70.6) (56.7) 130.8 (58.4) (56.9)

2014/03F (3.7) (6.7) 284.1 87.8 43.8 234.1 474.4 58.4 207.9 5,231.8 58.9

2014/06F 6.5 6.9 341.8 (6.6) 20.3 291.8 80.1 24.7 259.2 150.1 24.7

2014/09F 13.5 13.1 514.6 31.4 50.6 464.6 36.0 59.2 412.6 36.0 59.2

2014/12F 17.7 4.4 690.7 249.7 34.2 640.7 333.5 37.9 569.0 335.0 37.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 28,608.6 1,349.3 713.2 1,982 13.5 LG디스플레이 7.9 0.8 10.9 1.9

FY2014F 29,962.4 1,375.1 925.2 2,587 10.4 디스플레이 9.5 1.0 10.9 1.6



LG디스플레이

24,291.3

29,429.7

27,367.6

29,730.4

31,216.9

25,162.9 15,031.9

24,455.5 14,215.3

23,954.9 13,344.7

25,669.1 13,769.7

26,467.2 13,761.5

6,803.2

6,572.0

6,972.8

7,019.6

6,550.0

7,000.0

7,914.9

8,265.4

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-10

-5

0

5

10

15

20

25

30

35

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x37

x28

x19

x10

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



241


A036490 452020 universe

OCI머티리얼즈 (036490.KQ) 업데이트 : 2013.05.24




52주 최고가 : 44,800 시가총액(십억원) : 381.3

52주 최저가 : 28,800 60일 평균 거래대금(백만원) : 2,379.3

연중 최고가 : 40,450 외국인지분(%) : 5.6

9 10 11 12 13


2.6 17.0 (1.8) (17.0) (5.7)

업종 대비 6.2 20.7 1.9 (13.3) (2.1) 5

KOSPI 대비 (3.8) 4.4 (3.0) (18.3) (4.6) 10

22 23 24 19 20



2011/12A 26.0 96.8 21.9 84.4 17.1 65.7 11.2 164.1 6,230 30,946 750

2012/12A (14.2) 50.3 (48.1) 35.8 (57.6) 29.1 (55.8) 123.7 2,756 32,792 2,850

2013/12F (4.7) 34.2 (32.1) 20.3 (43.1) 16.3 (44.0) 110.0 1,544 31,324 2,850

2014/12F 4.9 53.5 56.5 39.6 94.8 31.7 94.8 131.8 3,009 31,320 2,850

2015/12F 10.0 55.3 3.4 38.9 (1.8) 31.2 (1.8) 136.3 2,956 31,263 2,850



2011/12A 326.4 198.8 62.7 (150.3) 32.7 6.3 12.8 2.57 22.2 0.9

2012/12A 345.9 262.5 84.4 (114.8) 19.8 5.4 13.9 1.17 8.6 7.5

2013/12F 330.4 334.7 120.8 (109.2) 14.1 6.5 23.4 1.15 4.8 7.9

2014/12F 330.4 409.5 156.0 (111.7) 21.0 6.0 12.0 1.15 9.6 7.9

2015/12F 329.8 470.2 191.4 (114.3) 19.8 6.2 12.2 1.16 9.4 7.9




2013/06F NA 6.1 5.0 NA (32.4) 1.5 NA (61.1) 1.2 NA (61.1)

2013/09F NA 10.9 11.1 NA 123.7 7.7 NA 406.6 6.1 NA 406.6

2013/12F NA 1.6 10.8 NA (3.2) 7.3 NA (4.7) 5.8 NA (4.7)

2014/03F (1.6) (17.7) 8.4 14.3 (22.0) 4.9 27.0 (32.4) 4.0 27.0 (32.4)

2014/06F 5.4 13.6 13.4 168.9 59.1 9.9 555.0 100.5 7.9 555.0 100.5

2014/09F 5.5 11.1 15.0 34.7 12.1 11.5 50.4 16.3 9.2 50.4 16.3

2014/12F 9.2 5.1 16.8 55.9 12.0 13.3 82.4 15.6 10.7 82.4 15.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 234.1 24.4 16.5 1,567 23.2 OCI머티리얼즈 13.8 1.2 8.3 7.9

FY2014F 260.3 35.7 23.0 2,181 16.7 디스플레이 9.5 1.0 10.9 1.6



OCI머티리얼즈

296.5

254.4

242.5

254.3

279.7

613.8 287.2

690.7 344.6

776.6 446.1

896.0 565.6

1,016.5 686.7

54.7

58.0

64.4

65.4

53.8

61.1

67.9

71.4

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-30

-25

-20

-15

-10

-5

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x32

x26

x21

x16

x11

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



242


A038060 452030 universe

루멘스 (038060.KQ) 업데이트 : 2013.08.29

투자의견 : 중립 업종 : 전자부품 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이승혁


52주 최고가 : 12,200 시가총액(십억원) : 405.1

52주 최저가 : 6,340 60일 평균 거래대금(백만원) : 21,780.7

연중 최고가 : 12,200 외국인지분(%) : 11.5

9 10 11 12 13


(6.8) (5.7) (3.0) 23.5 26.6

업종 대비 (10.3) (9.2) (6.5) 20.0 23.1 5

KOSPI 대비 (13.1) (18.3) (4.2) 22.1 27.7 10

22 23 24 19 20



2011/12A 38.5 22.5 7.6 23.2 35.7 22.2 111.9 33.8 556 3,266 0

2012/12A 43.5 31.6 40.2 25.2 8.6 19.9 (10.2) 50.3 503 3,757 0

2013/12F 10.0 33.8 7.1 30.5 21.2 26.2 31.4 48.9 554 4,538 0

2014/12F 12.7 50.3 48.9 45.1 47.5 38.6 47.5 65.3 818 5,301 0

2015/12F 11.5 61.6 22.3 56.5 25.3 48.4 25.3 76.7 1,024 6,270 0



2011/12A 126.6 18.1 58.7 (17.6) 6.5 7.9 11.2 1.90 19.3 0.0

2012/12A 150.0 32.6 49.3 (24.5) 6.4 6.4 14.0 1.87 14.4 0.0

2013/12F 211.0 (6.8) 31.6 (13.0) 6.2 8.1 16.3 1.99 14.5 0.0

2014/12F 247.1 (32.3) 23.0 (15.1) 8.2 5.7 11.1 1.71 16.9 0.0

2015/12F 292.9 (46.0) 19.4 (13.0) 9.0 4.7 8.8 1.44 17.9 0.0



2013/03A 44.3 NA 7.4 36.5 NA 7.3 161.5 NA 6.6 436.6 NA

2013/06F NA 7.8 9.4 NA 26.4 7.9 NA 7.4 6.7 NA 1.9

2013/09F NA 10.2 10.4 NA 10.2 8.8 NA 12.3 7.6 NA 12.3

2013/12F NA (7.1) 6.6 NA (36.3) 6.5 NA (26.5) 5.2 NA (31.0)

2014/03F 12.7 2.0 8.4 12.7 27.1 7.3 0.1 12.9 6.3 (5.1) 20.2

2014/06F 12.7 7.8 10.6 12.7 26.4 9.1 15.5 24.0 7.8 15.5 24.0

2014/09F 12.7 10.2 11.7 12.7 10.2 10.2 15.2 12.0 8.7 15.2 12.0

2014/12F 12.7 (7.1) 19.7 198.0 68.3 18.4 183.7 81.1 15.8 202.2 81.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 552.9 34.7 26.3 593 14.5 루멘스 12.1 1.8 16.2 0.0

FY2014F 611.2 48.2 36.6 829 10.4 전자부품 11.0 1.1 9.8 0.6



루멘스

344.9

495.0

544.7

613.8

684.1

260.6 133.7

304.2 153.8

352.1 141.2

388.4 142.1

438.1 147.0

124.6

134.4

148.1

137.6

140.4

151.4

166.9

155.1

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-20

-10

0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

2006 2007 2008 2009 2010 2011 2012 2013

주가

x36

x29

x22

x15

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



243


A009150 452030 universe

삼성전기 (009150.KS) 업데이트 : 2013.07.22

투자의견 : 매수 업종 : 전자부품 주가 수익률(12개월)

목표주가 : 115,000 애널리스트 : 이승혁


52주 최고가 : 110,000 시가총액(십억원) : 6,341.5

52주 최저가 : 76,600 60일 평균 거래대금(백만원) : 39,695.4

연중 최고가 : 101,000 외국인지분(%) : 19.4

9 10 11 12 13


5.5 (1.2) (14.2) (11.4) (15.9)

업종 대비 2.0 (4.6) (17.7) (14.9) (19.4) 5

KOSPI 대비 (0.9) (13.7) (15.4) (12.7) (14.8) 10

22 23 24 19 20



2011/12A 6.7 277.8 (40.3) 364.0 (36.1) 349.5 (37.0) 941.5 4,510 45,295 750

2012/12A 31.2 580.5 108.9 583.4 60.3 440.8 26.1 1,099.3 5,685 50,214 1,000

2013/12F 23.4 725.2 24.9 688.4 18.0 490.0 11.2 1,316.3 6,315 55,528 1,000

2014/12F 16.0 843.4 16.3 803.1 16.7 571.8 16.7 1,468.1 7,369 61,895 1,000

2015/12F 11.5 910.5 8.0 878.7 9.4 625.6 9.4 1,540.1 8,062 68,956 1,000



2011/12A 3,507.4 1,037.0 41.0 (1,240.2) 4.6 7.7 17.2 1.72 10.0 1.0

2012/12A 3,894.4 806.6 38.4 (906.8) 7.3 7.6 17.4 1.98 11.9 1.0

2013/12F 4,306.8 643.2 34.4 (959.1) 7.4 5.4 13.4 1.53 12.0 1.2

2014/12F 4,800.9 504.1 27.6 (631.2) 7.5 4.8 11.5 1.37 12.6 1.2

2015/12F 5,348.8 297.8 22.8 (631.2) 7.2 4.4 10.5 1.23 12.3 1.2



2013/03A 16.9 (1.5) 113.1 19.4 (22.0) 122.1 23.6 (18.0) 95.0 36.7 (2.1)

2013/06F 34.6 25.7 220.2 40.6 94.6 213.9 47.8 75.1 152.3 12.6 60.2

2013/09F 20.8 2.7 210.1 14.2 (4.6) 224.6 17.6 5.0 159.9 14.9 5.0

2013/12F 21.2 (4.7) 181.8 25.4 (13.5) 127.8 (14.2) (43.1) 82.9 (14.6) (48.2)

2014/03F 16.0 (5.7) 131.2 16.0 (27.8) 144.1 18.0 12.8 102.6 8.0 23.8

2014/06F 16.0 25.7 255.3 16.0 94.6 244.4 14.3 69.5 174.0 14.3 69.5

2014/09F 16.0 2.7 243.6 16.0 (4.6) 258.2 15.0 5.7 183.8 15.0 5.7

2014/12F 16.0 (4.7) 213.3 17.3 (12.5) 156.4 22.4 (39.4) 111.3 34.4 (39.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 9,069.3 681.4 531.6 6,663 12.5 삼성전기 12.0 1.4 12.4 1.2

FY2014F 9,840.9 734.5 573.7 7,205 11.6 전자부품 11.0 1.1 9.8 0.6



삼성전기

6,031.8

7,912.8

9,762.5

11,319.8

12,617.2

7,328.9 3,453.1

6,891.5 2,925.8

8,296.0 3,905.6

8,614.1 3,715.0

9,062.3 3,599.4

2,043.7

2,568.8

2,637.1

2,512.9

2,369.7

2,978.6

3,057.8

2,913.8

0

20,000

40,000

60,000

80,000

100,000

120,000


-20

-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x29

x24

x20

x16

x12

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



244


A006400 452030 universe

삼성SDI (006400.KS) 업데이트 : 2013.07.22




52주 최고가 : 193,000 시가총액(십억원) : 8,770.0

52주 최저가 : 120,500 60일 평균 거래대금(백만원) : 56,080.4

연중 최고가 : 192,500 외국인지분(%) : 28.7

9 10 11 12 13


9.4 43.7 37.5 25.8 26.2

업종 대비 5.9 40.2 34.0 22.3 22.8 5

KOSPI 대비 3.0 31.1 36.3 24.5 27.4 10

22 23 24 19 20



2011/12A 6.2 110.0 (53.1) 478.1 13.1 320.1 (10.1) 548.6 7,341 133,305 1,500

2012/12A 6.0 186.9 69.9 2,029.4 324.5 1,471.5 359.7 641.4 33,885 159,857 1,500

2013/12F (0.8) 133.7 (28.5) 647.9 (68.1) 513.0 (65.1) 621.1 11,425 169,303 1,500

2014/12F 11.5 352.7 163.8 927.6 43.2 734.5 43.2 835.9 16,357 183,443 1,500

2015/12F 9.6 474.8 34.6 1,146.2 23.6 907.5 23.6 961.6 20,212 201,252 1,500



2011/12A 6,118.1 (41.5) 12.1 (435.5) 2.0 11.5 18.2 1.00 5.3 1.1

2012/12A 7,373.2 120.7 15.0 (459.7) 3.2 11.3 4.5 0.94 21.8 1.0

2013/12F 7,818.9 331.4 16.6 (700.0) 2.3 15.2 16.8 1.14 6.8 0.8

2014/12F 8,485.9 180.0 14.2 (445.8) 5.5 11.1 11.8 1.05 9.0 0.8

2015/12F 9,326.1 8.6 12.9 (445.8) 6.8 9.5 9.5 0.96 10.2 0.8



2013/03A (12.2) (14.6) (33.3) NA NA 109.0 (34.0) 94.0 77.7 (30.7) 39.5

2013/06F (4.4) 16.9 37.2 (55.0) NA 137.9 (17.1) 26.6 101.0 (4.1) 30.1

2013/09F 0.4 6.9 74.4 (14.1) 100.2 206.0 (87.5) 49.3 150.8 (87.4) 49.3

2013/12F 12.7 5.6 55.4 7,751.7 (25.6) 195.0 247.2 (5.3) 183.5 229.7 21.6

2014/03F 11.5 (15.5) (37.1) NA NA 110.3 1.2 (43.4) 87.3 12.5 (52.4)

2014/06F 11.5 16.9 41.4 11.5 NA 156.2 13.2 41.6 123.7 22.4 41.6

2014/09F 11.5 6.9 83.0 11.5 100.2 232.0 12.7 48.6 183.7 21.8 48.6

2014/12F 11.5 5.6 265.4 379.1 219.8 429.1 120.0 84.9 339.7 85.1 84.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 5,398.5 106.1 529.2 10,916 17.0 삼성SDI 12.8 1.1 8.4 0.8

FY2014F 5,856.2 272.7 711.5 14,702 12.7 전자부품 11.0 1.1 9.8 0.6



삼성SDI

5,443.9

5,771.2

5,723.6

6,381.9

6,997.1

8,527.4 2,212.9

10,895.1 3,330.6

11,070.8 3,055.4

11,993.4 3,303.2

12,970.7 3,431.0

1,208.2

1,411.9

1,509.3

1,594.3

1,347.2

1,574.2

1,682.8

1,777.7

0

50,000

100,000

150,000

200,000

250,000


-20

-15

-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x29

x22

x16

x10

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



245


A046890 452030 universe

서울반도체 (046890.KQ) 업데이트 : 2013.08.17




52주 최고가 : 41,950 시가총액(십억원) : 2,381.8

52주 최저가 : 20,300 60일 평균 거래대금(백만원) : 27,303.6

연중 최고가 : 41,300 외국인지분(%) : 26.1

9 10 11 12 13


4.5 32.2 42.3 87.4 68.1

업종 대비 1.0 28.7 38.9 83.9 64.6 5

KOSPI 대비 (1.9) 19.6 41.1 86.0 69.3 10

22 23 24 19 20



2011/12A (10.7) 25.8 (77.6) 23.6 (81.9) 16.9 (85.0) 58.6 290 10,405 119

2012/12A 14.5 17.9 (30.5) 9.9 (58.1) 7.0 (58.7) 56.6 120 10,353 31

2013/12F 22.6 106.3 493.2 117.7 1,089.3 83.5 1,096.7 135.0 1,432 11,706 31

2014/12F 17.3 160.6 51.1 176.8 50.1 141.4 69.4 198.3 2,425 14,051 31

2015/12F 14.0 154.8 (3.6) 171.2 (3.1) 137.0 (3.1) 193.9 2,349 16,321 31



2011/12A 606.6 57.5 32.5 (90.8) 3.4 21.9 72.4 2.02 2.8 0.6

2012/12A 603.7 (6.9) 27.6 (25.8) 2.1 24.8 201.7 2.34 1.2 0.1

2013/12F 682.5 (38.3) 25.6 (30.0) 10.1 17.4 28.5 3.49 13.0 0.1

2014/12F 819.3 (67.9) 25.5 (30.0) 13.0 11.7 16.8 2.91 18.8 0.1

2015/12F 951.6 (70.6) 25.9 (30.0) 11.0 11.9 17.4 2.50 15.5 0.1



2013/03A 26.6 NA 12.5 NA NA 11.8 NA NA 9.0 NA NA

2013/06F NA 15.3 29.2 NA 134.4 27.5 NA 132.2 19.5 NA 117.0

2013/09F NA 4.4 31.1 NA 6.5 30.2 NA 9.9 21.4 NA 9.9

2013/12F NA 1.0 33.5 NA 7.8 48.3 NA 59.9 33.6 NA 57.1

2014/03F 17.3 (3.5) 14.6 17.3 (56.4) 15.1 27.7 (68.7) 12.1 34.7 (64.1)

2014/06F 17.3 15.3 34.3 17.3 134.4 35.4 28.8 134.2 28.3 45.3 134.2

2014/09F 17.3 4.4 36.5 17.3 6.5 37.7 25.0 6.7 30.2 41.0 6.7

2014/12F 17.3 1.0 75.2 124.5 106.2 88.5 83.5 134.6 70.8 110.6 134.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,048.3 96.9 65.1 1,061 38.4 서울반도체 18.9 3.0 17.3 0.1

FY2014F 1,249.2 134.0 104.0 1,694 24.1 전자부품 11.0 1.1 9.8 0.6



서울반도체

749.8

858.7

1,053.0

1,235.2

1,407.5

875.8 269.1

862.6 258.9

982.0 299.5

1,175.5 356.2

1,348.3 396.7

230.2

265.5

277.3

280.0

270.0

311.4

325.3

328.4

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-20

0

20

40

60

80

100

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x48

x40

x33

x25

x18

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



246


A065680 452030 universe

우주일렉트로 (065680.KQ) 업데이트 : 2013.04.17




52주 최고가 : 30,400 시가총액(십억원) : 204.1

52주 최저가 : 19,800 60일 평균 거래대금(백만원) : 534.1

연중 최고가 : 30,000 외국인지분(%) : 15.6

9 10 11 12 13


(1.7) (14.2) (24.7) (15.8) (25.0)

업종 대비 (5.2) (17.7) (28.2) (19.3) (28.5) 5

KOSPI 대비 (8.0) (26.7) (25.9) (17.1) (23.8) 10

22 23 24 19 20



2011/12A (12.5) 11.5 (66.8) 12.5 (65.5) 10.2 (61.8) 25.9 1,032 14,958 100

2012/12A 20.3 15.7 37.2 9.9 (21.1) 8.7 (15.0) 30.4 879 15,646 100

2013/12F 42.4 40.3 156.1 40.6 310.6 35.7 310.6 63.5 3,608 19,057 100

2014/12F 20.7 48.3 19.9 48.6 19.9 42.9 19.9 77.2 4,324 23,183 100

2015/12F 14.8 55.5 14.8 56.0 15.1 49.3 15.1 90.0 4,976 27,958 100



2011/12A 148.1 (38.2) 13.7 (14.8) 7.3 7.4 22.5 1.55 7.1 0.4

2012/12A 154.9 (25.8) 13.9 (26.6) 8.3 8.2 31.6 1.77 5.7 0.4

2013/12F 188.8 (24.6) 27.8 (56.3) 14.9 2.8 5.7 1.08 20.8 0.5

2014/12F 229.8 (34.5) 25.5 (61.9) 14.8 2.2 4.8 0.89 20.5 0.5

2015/12F 277.3 (42.2) 23.3 (67.5) 14.8 1.8 4.1 0.74 19.4 0.5



2013/03F 48.2 5.4 7.6 164.1 89.4 7.8 147.4 NA 6.9 181.2 NA

2013/06F 59.2 11.5 9.8 261.0 28.6 10.4 230.6 33.3 9.2 202.0 33.3

2013/09F 33.6 9.4 12.1 98.8 24.0 12.1 97.7 16.4 10.7 139.2 16.4

2013/12F 34.2 4.4 10.7 166.7 (11.7) 10.2 NA (16.1) 9.0 NA (16.1)

2014/03F 20.7 (5.2) 9.2 20.7 (14.3) 9.4 20.2 (7.7) 8.3 20.2 (7.7)

2014/06F 20.7 11.5 11.8 20.7 28.6 12.6 20.5 33.6 11.1 20.5 33.6

2014/09F 20.7 9.4 14.7 20.7 24.0 14.6 20.5 16.5 12.9 20.5 16.5

2014/12F 20.7 4.4 12.6 17.8 (13.8) 12.0 18.2 (17.7) 10.6 18.2 (17.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 238.3 22.9 17.5 1,759 11.9 우주일렉트로 5.0 0.9 20.6 0.5

FY2014F 270.7 26.4 20.1 2,020 10.3 전자부품 11.0 1.1 9.8 0.6



우주일렉트로

157.7

189.7

270.1

325.9

374.1

193.8 45.6

200.1 45.2

290.3 101.5

361.4 131.6

427.3 150.1

58.6

65.3

71.5

74.6

70.7

78.9

86.3

90.1

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-20

-15

-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x25

x20

x15

x10

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



247


A011070 452030 universe

LG이노텍 (011070.KS) 업데이트 : 2013.07.17




52주 최고가 : 109,000 시가총액(십억원) : 1,762.9

52주 최저가 : 68,800 60일 평균 거래대금(백만원) : 13,466.6

연중 최고가 : 105,500 외국인지분(%) : 7.5

9 10 11 12 13


(5.4) 2.0 10.5 5.6 0.6

업종 대비 (8.9) (1.5) 7.0 2.1 (2.9) 5

KOSPI 대비 (11.7) (10.6) 9.3 4.2 1.7 10

22 23 24 19 20



2011/12A 11.0 (45.1) NA (174.5) NA (145.4) NA 373.7 -7,211 65,733 0

2012/12A 16.8 77.2 NA (17.6) NA (25.0) NA 548.7 -1,240 62,892 0

2013/12F 26.0 152.5 97.4 60.9 NA 54.2 NA 658.7 2,686 65,577 0

2014/12F 15.6 380.3 149.4 291.6 379.1 259.5 379.1 897.5 12,868 78,443 0

2015/12F 12.6 490.1 28.9 399.8 37.1 355.8 37.1 1,021.8 17,642 96,083 0



2011/12A 1,324.8 1,778.2 169.4 (691.5) (1.0) 8.4 NA 1.03 (10.4) 0.0

2012/12A 1,268.3 1,809.1 170.9 (350.1) 1.5 6.3 NA 1.31 (1.9) 0.0

2013/12F 1,322.4 1,592.1 156.4 (400.0) 2.3 5.1 32.5 1.33 4.2 0.0

2014/12F 1,581.9 1,467.7 127.5 (510.0) 4.9 3.6 6.8 1.11 17.9 0.0

2015/12F 1,937.7 1,213.5 96.4 (510.0) 5.6 2.9 5.0 0.91 20.2 0.0



2013/03A 25.7 (4.6) 15.8 (42.6) (14.5) (9.8) NA NA (6.5) NA NA

2013/06F 29.4 3.1 33.0 116.5 108.5 15.6 NA NA 13.9 212.3 NA

2013/09F 47.7 12.7 52.0 106.1 57.6 31.9 767.4 103.9 28.4 694.9 103.9

2013/12F 7.4 (3.0) 51.7 179.1 (0.7) 23.1 NA (27.7) 18.4 NA (35.4)

2014/03F 15.6 2.6 18.3 15.6 (64.6) 0.7 NA (97.1) 0.6 NA (96.8)

2014/06F 15.6 3.1 38.2 15.6 108.5 24.3 55.5 3,588.1 21.7 55.5 3,588.1

2014/09F 15.6 12.7 60.1 15.6 57.6 42.4 32.9 74.3 37.7 32.9 74.3

2014/12F 15.6 (3.0) 263.7 410.4 338.5 224.2 871.6 428.6 199.5 987.1 428.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 6,412.3 145.8 49.7 2,517 33.5 LG이노텍 8.6 1.2 14.3 0.0

FY2014F 6,964.4 259.1 158.3 7,626 11.1 전자부품 11.0 1.1 9.8 0.6



LG이노텍

4,553.0

5,316.0

6,699.3

7,747.2

8,723.2

4,410.0 3,085.1

4,886.3 3,618.0

5,190.2 3,867.7

5,644.8 4,062.8

6,138.7 4,200.9

1,550.9

1,599.0

1,802.0

1,747.3

1,793.5

1,849.1

2,083.9

2,020.6

0

20,000

40,000

60,000

80,000

100,000

120,000


-20

-15

-10

-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

2008 2009 2010 2011 2012 2013

주가

x39

x29

x20

x10

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



248


A066570 452030 universe

LG전자 (066570.KS) 업데이트 : 2013.07.25




52주 최고가 : 91,800 시가총액(십억원) : 11,815.4

52주 최저가 : 66,800 60일 평균 거래대금(백만원) : 74,491.5

연중 최고가 : 90,400 외국인지분(%) : 16.2

9 10 11 12 13


0.1 1.3 (12.8) 4.3 (6.8)

업종 대비 (3.3) (2.2) (16.3) 0.9 (10.3) 5

KOSPI 대비 (6.2) (11.3) (14.0) 3.0 (5.7) 10

22 23 24 19 20



2011/12A (2.7) 379.0 329.9 (399.3) NA (469.6) NA 1,581.3 -2,880 71,551 200

2012/12A (6.1) 1,136.0 199.7 524.1 NA 66.8 NA 2,447.8 366 69,120 200

2013/12F 8.8 1,367.5 20.4 978.0 86.6 486.0 627.8 2,966.3 2,695 71,604 200

2014/12F 5.8 2,158.0 57.8 2,550.0 160.7 1,593.6 227.9 3,825.2 8,849 80,213 200

2015/12F 2.0 2,145.4 (0.6) 2,410.0 (5.5) 1,506.1 (5.5) 3,858.4 8,363 88,337 200



2011/12A 12,894.0 4,928.6 56.7 (1,830.0) 0.7 10.3 NA 1.04 (3.7) 0.3

2012/12A 12,454.4 4,526.7 51.1 (1,404.1) 2.2 7.0 201.1 1.06 0.5 0.3

2013/12F 12,903.5 5,169.2 54.8 (2,369.6) 2.5 6.0 26.8 1.01 3.8 0.3

2014/12F 14,460.3 5,062.5 47.3 (1,243.9) 3.7 4.8 8.2 0.90 11.6 0.3

2015/12F 15,929.5 4,791.3 42.0 (1,202.5) 3.6 4.8 8.6 0.82 9.9 0.3



2013/03A 6.8 4.5 349.5 (13.0) 174.2 176.7 (61.4) NA 24.2 (90.1) NA

2013/06F 9.3 (0.3) 443.2 (12.6) 26.8 233.0 (1.3) 31.8 115.8 (26.0) 378.4

2013/09F 9.4 (3.6) 270.4 95.0 (39.0) 293.0 64.0 25.8 183.1 20.9 58.1

2013/12F 2.0 1.7 304.4 138.9 12.6 275.3 NA (6.0) 162.9 NA (11.0)

2014/03F 5.8 8.3 369.6 5.8 21.4 194.2 9.9 (29.5) 121.4 401.5 (25.5)

2014/06F 5.8 (0.3) 468.8 5.8 26.8 263.9 13.3 35.9 164.9 42.4 35.9

2014/09F 5.8 (3.6) 286.0 5.8 (39.0) 342.0 16.7 29.6 213.7 16.7 29.6

2014/12F 5.8 1.7 1,033.7 239.5 261.4 1,749.9 535.7 411.7 1,093.6 571.2 411.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 59,753.7 1,483.9 673.1 3,474 20.8 LG전자 10.0 0.9 9.6 0.3

FY2014F 62,958.8 1,947.8 1,264.0 6,575 11.0 전자부품 11.0 1.1 9.8 0.6



LG전자

54,256.6

50,960.0

55,465.3

58,662.8

59,839.6

32,658.5 19,510.2

31,457.4 18,753.2

34,744.9 21,416.5

37,004.2 21,545.2

38,045.1 20,574.5

14,100.6

14,051.4

13,544.3

13,769.0

14,913.5

14,861.4

14,325.1

14,562.8

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-5

0

5

10

15

20

25

30

35

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x46

x34

x23

x12

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



249


A033640 453010 universe

네패스 (033640.KQ) 업데이트 : 2013.08.28

투자의견 : 매수 업종 : 반도체·반도체장비 주가 수익률(12개월)

목표주가 : 15,000 애널리스트 : 서원석


52주 최고가 : 19,600 시가총액(십억원) : 227.0

52주 최저가 : 10,100 60일 평균 거래대금(백만원) : 5,319.1

연중 최고가 : 19,400 외국인지분(%) : 5.8

9 10 11 12 13


(5.0) (13.3) (41.7) (38.1) (27.0)

업종 대비 (10.4) (18.8) (47.2) (43.5) (32.4) 5

KOSPI 대비 (11.4) (25.9) (42.9) (39.5) (25.8) 10

22 23 24 19 20



2011/12A 7.4 11.8 (59.5) 2.5 (86.6) 2.8 (75.6) 40.6 130 6,608 50

2012/12A 17.4 31.4 167.2 19.5 683.4 15.9 469.0 62.6 731 7,607 100

2013/12F 27.7 16.4 (47.8) 13.6 (30.0) 10.6 (33.0) 51.4 497 7,988 100

2014/12F 25.9 63.3 286.3 55.4 306.2 43.2 306.2 105.8 2,019 9,827 100

2015/12F 12.3 87.3 37.8 79.1 42.7 61.7 42.7 135.2 2,881 12,511 100



2011/12A 141.7 89.3 84.7 (39.9) 4.0 11.2 127.3 2.50 2.0 0.3

2012/12A 160.5 95.9 82.4 (67.2) 9.1 6.4 19.1 1.83 10.5 0.7

2013/12F 168.8 99.7 86.5 (32.5) 3.7 6.4 20.9 1.30 6.5 1.0

2014/12F 208.9 92.6 77.5 (67.2) 11.5 3.1 5.2 1.06 22.9 1.0

2015/12F 267.5 89.8 62.6 (68.5) 14.1 2.4 3.6 0.83 25.9 1.0



2013/03A 19.7 7.1 (1.3) NA NA (2.1) NA NA (1.4) NA NA

2013/06F 57.4 46.5 (2.5) NA NA (3.7) NA NA (3.1) NA NA

2013/09F 83.6 22.3 7.7 (23.9) NA 5.1 (37.1) NA 4.7 NA NA

2013/12F 116.8 13.0 12.5 24.6 62.5 14.4 298.2 180.9 10.4 NA 120.2

2014/03F 73.0 (14.6) 10.3 NA (17.8) 7.7 NA (46.7) 6.0 NA (42.7)

2014/06F 30.3 10.3 14.2 NA 38.3 14.1 NA 84.6 11.0 NA 84.6

2014/09F 19.0 11.7 19.3 151.2 35.8 18.4 260.3 30.3 14.4 203.4 30.3

2014/12F 5.4 0.1 19.6 57.2 1.8 15.2 5.7 (17.6) 11.9 13.6 (17.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 440.6 16.6 9.8 471 21.8 네패스 6.4 1.1 18.6 1.0

FY2014F 555.2 49.3 33.6 1,441 7.1 반도체·반도체장비 6.8 1.3 19.9 0.6



네패스

293.0

344.1

439.6

553.2

621.1

331.0 183.8

380.1 217.4

411.6 240.4

522.1 309.8

565.9 293.4

70.0

102.5

125.4

141.7

121.1

133.6

149.2

149.4

0

5,000

10,000

15,000

20,000

25,000


-50

-40

-30

-20

-10

0

10

20

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x40

x32

x25

x17

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



250


A005930 453010 universe

삼성전자 (005930.KS) 업데이트 : 2013.09.24


목표주가 : 1,800,000 애널리스트 : 서원석


52주 최고가 : 1,584,000 시가총액(십억원) : 202,094.7

52주 최저가 : 1,209,000 60일 평균 거래대금(백만원) : 354,296.6

연중 최고가 : 1,576,000 외국인지분(%) : 48.8

9 10 11 12 13


5.5 8.8 (9.1) 3.5 (12.9)

업종 대비 0.1 3.4 (14.5) (1.9) (18.4) 5

KOSPI 대비 (0.8) (3.8) (10.3) 2.2 (11.8) 10

22 23 24 19 20



2011/12A 6.7 15,644.3 (5.9) 17,191.9 (11.1) 13,382.6 (15.3) 29,236.4 89,229 614,990 5,500

2012/12A 21.9 29,049.3 85.7 29,915.0 74.0 23,185.4 73.2 44,671.4 154,020 731,458 8,000

2013/12F 15.8 38,197.8 31.5 39,227.3 31.1 30,249.3 30.5 55,438.1 200,410 892,348 8,000

2014/12F 6.3 42,440.8 11.1 43,471.5 10.8 33,814.7 11.8 62,959.9 224,032 1,073,307 9,000

2015/12F 3.8 42,847.9 1.0 45,130.2 3.8 35,105.0 3.8 63,903.7 232,580 1,260,964 10,000



2011/12A 97,090.4 (12,231.0) 14.5 (21,965.7) 9.5 5.6 11.9 1.72 14.7 0.5

2012/12A 117,094.1 (22,553.1) 12.3 (22,965.3) 14.4 5.0 9.9 2.08 21.7 0.5

2013/12F 144,466.6 (41,773.2) 9.9 (23,724.6) 16.4 3.3 6.8 1.54 23.1 0.6

2014/12F 175,253.8 (61,900.2) 8.2 (26,822.2) 17.1 2.6 6.1 1.28 21.2 0.7

2015/12F 207,180.3 (80,952.6) 6.9 (24,953.6) 16.7 2.3 5.9 1.09 18.4 0.7



2013/03A 16.8 (5.7) 8,779.5 54.3 (2.7) 9,045.4 42.4 6.0 6,976.9 43.5 1.8

2013/06A 20.7 8.7 9,530.7 47.5 8.6 9,827.8 46.0 8.6 7,575.0 50.0 8.6

2013/09F 12.9 2.5 9,734.5 21.8 2.1 9,968.1 20.1 1.4 7,705.3 19.9 1.7

2013/12F 13.7 8.2 10,153.2 12.5 4.3 10,385.9 21.7 4.2 7,992.0 16.7 3.7

2014/03F 10.1 (8.6) 10,161.4 15.7 0.1 10,583.6 17.0 1.9 8,232.5 18.0 3.0

2014/06F 6.4 5.1 10,509.1 10.3 3.4 10,828.3 10.2 2.3 8,422.9 11.2 2.3

2014/09F 5.1 1.2 10,881.4 11.8 3.5 11,049.5 10.8 2.0 8,595.0 11.5 2.0

2014/12F 4.0 7.0 10,888.8 7.2 0.1 11,010.1 6.0 (0.4) 8,564.3 7.2 (0.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 233,870.3 38,919.0 31,781.9 182,405 7.5 삼성전자 6.3 1.3 21.7 0.6

FY2014F 252,741.4 42,087.3 33,988.1 194,980 7.0 반도체·반도체장비 6.8 1.3 19.9 0.6



삼성전자

165,001.8

201,103.6

232,937.8

247,551.4

256,845.4

155,800.3 54,486.6

181,071.6 59,591.4

218,921.4 69,255.2

251,781.5 70,413.1

278,650.3 64,403.8

52,868.1

57,464.4

58,887.6

63,717.7

58,213.1

61,165.5

61,909.9

66,262.9

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000


-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x10

x9

x7

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



251


A012450 453010 universe

삼성테크윈 (012450.KS) 업데이트 : 2013.07.30




52주 최고가 : 71,000 시가총액(십억원) : 3,320.6

52주 최저가 : 55,000 60일 평균 거래대금(백만원) : 15,697.3

연중 최고가 : 70,500 외국인지분(%) : 18.7

9 10 11 12 13


(6.4) 1.3 (2.0) (2.6) 2.6

업종 대비 (11.9) (4.1) (7.5) (8.1) (2.8) 5

KOSPI 대비 (12.8) (11.3) (3.2) (4.0) 3.8 10

22 23 24 19 20



2011/12A 0.8 89.4 (58.2) 248.7 (13.9) 230.9 (1.1) 189.3 4,347 29,929 500

2012/12A (0.4) 156.0 74.6 164.2 (34.0) 131.0 (43.2) 239.1 2,467 29,659 500

2013/12F 7.4 208.6 33.7 231.2 40.7 196.0 49.6 296.6 3,691 33,131 500

2014/12F 15.7 267.4 28.2 290.5 25.7 246.4 25.7 360.6 4,638 37,324 500

2015/12F 15.0 359.3 34.4 390.4 34.4 331.1 34.4 460.5 6,232 43,149 500



2011/12A 1,589.8 599.3 49.4 (56.6) 3.0 18.1 12.2 1.78 16.2 0.9

2012/12A 1,575.6 545.1 49.7 (45.8) 5.3 15.6 24.2 2.01 8.3 0.8

2013/12F 1,760.0 511.1 45.3 (62.1) 6.6 12.9 16.9 1.89 11.8 0.8

2014/12F 1,982.8 470.8 40.9 (72.7) 7.3 10.5 13.5 1.67 13.2 0.8

2015/12F 2,292.3 403.9 35.9 (94.9) 8.6 8.1 10.0 1.45 15.5 0.8



2013/03A 3.2 (23.3) 25.2 (15.3) (39.2) 42.3 (1.0) 15.2 31.4 (10.7) 52.7

2013/06F 3.3 18.8 60.8 26.4 141.5 74.4 61.6 75.9 64.0 53.9 103.6

2013/09F 23.7 9.8 64.7 73.6 6.4 58.8 49.7 (20.9) 51.6 51.9 (19.3)

2013/12F 0.8 0.8 57.9 39.9 (10.5) 58.0 58.0 (1.4) 48.9 137.8 (5.2)

2014/03F 10.9 (15.7) 35.7 41.7 (38.4) 32.9 (22.3) (43.3) 24.6 (21.8) (49.8)

2014/06F 16.9 25.2 65.5 7.8 83.7 62.6 (15.8) 90.6 53.1 (17.0) 116.0

2014/09F 18.7 11.5 87.9 35.8 34.1 84.8 44.3 35.5 71.1 37.7 33.9

2014/12F 15.2 (2.2) 78.3 35.2 (10.8) 99.2 71.1 16.9 97.6 99.3 37.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 3,158.2 204.5 209.4 3,927 16.0 삼성테크윈 14.2 1.7 12.8 0.8

FY2014F 3,598.9 265.3 259.7 4,912 12.8 반도체·반도체장비 6.8 1.3 19.9 0.6



삼성테크윈

2,947.5

2,934.7

3,151.3

3,645.0

4,193.0

3,203.5 1,609.8

3,240.9 1,663.3

3,336.1 1,573.5

3,605.8 1,619.8

3,882.0 1,585.8

655.4

778.7

855.2

862.0

727.0

910.0

1,015.0

993.0

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-20

-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x26

x21

x16

x12

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



252


A033170 453010 universe

시그네틱스 (033170.KQ) 업데이트 : 2013.08.27




52주 최고가 : 3,715 시가총액(십억원) : 232.8

52주 최저가 : 2,510 60일 평균 거래대금(백만원) : 1,763.1

연중 최고가 : 3,590 외국인지분(%) : 1.1

9 10 11 12 13


(1.8) (3.6) (19.7) (11.1) (12.7)

업종 대비 (7.2) (9.0) (25.1) (16.6) (18.1) 5

KOSPI 대비 (8.1) (16.1) (20.9) (12.5) (11.5) 10

22 23 24 19 20



2011/12A 15.8 20.4 3.1 18.6 17.8 15.2 7.0 51.4 178 1,741 0

2012/12A 11.9 18.5 (9.5) 17.8 (4.5) 15.9 4.2 51.8 185 2,197 0

2013/12F 0.1 23.4 26.5 23.2 30.5 19.7 24.2 54.7 230 2,427 0

2014/12F 13.2 29.7 27.1 29.9 28.9 24.5 24.3 64.0 286 2,713 0

2015/12F 7.6 35.2 18.6 35.3 18.3 28.3 15.4 72.4 330 3,043 0



2011/12A 149.2 52.3 38.4 (42.3) 7.4 7.7 22.7 2.31 10.8 0.0

2012/12A 188.3 45.7 25.9 (40.6) 6.0 6.0 16.7 1.41 9.4 0.0

2013/12F 208.1 32.3 25.2 (46.0) 7.5 4.8 11.8 1.12 9.9 0.0

2014/12F 232.6 26.0 26.3 (53.9) 8.5 4.0 9.5 1.00 11.1 0.0

2015/12F 260.8 30.1 30.4 (61.8) 9.3 3.6 8.2 0.89 11.5 0.0



2013/03A 3.8 (24.4) 3.1 44.0 (22.8) 1.9 (39.9) (51.5) 2.3 (5.0) (34.6)

2013/06A (9.7) 15.2 5.8 (9.8) 86.5 4.4 (5.7) 134.1 3.2 (28.2) 41.5

2013/09F 3.1 10.1 6.7 13.0 15.5 7.0 14.0 60.5 6.0 9.8 84.2

2013/12F 3.9 8.4 7.8 95.1 17.2 9.9 157.1 41.2 8.2 134.3 37.4

2014/03F 23.4 (10.2) 4.7 52.4 (39.7) 3.3 76.3 (66.8) 2.7 17.9 (67.1)

2014/06F 15.0 7.3 6.7 16.8 42.9 5.1 17.5 56.1 4.2 30.1 56.1

2014/09F 10.2 5.6 8.3 24.7 23.4 8.8 25.4 71.3 7.2 21.0 71.3

2014/12F 7.1 5.3 9.9 26.7 19.1 12.6 27.4 43.4 10.4 26.3 43.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 313.3 23.0 19.1 223 12.2 시그네틱스 10.0 1.0 10.8 0.0

FY2014F 362.6 29.6 24.2 282 9.6 반도체·반도체장비 6.8 1.3 19.9 0.6



시그네틱스

276.8

309.9

310.0

351.0

377.8

250.7 101.5

286.2 97.8

318.0 109.9

360.8 128.2

411.4 150.5

64.7

74.5

82.0

88.9

79.8

85.6

90.4

95.2

0

1,336

2,671

4,007


-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2010 2011 2012

주가

x26

x22

x18

x14

x11

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



253


A104830 453010 universe

원익머트리얼즈 (104830.KQ) 업데이트 : 2013.08.27




52주 최고가 : 43,700 시가총액(십억원) : 208.2

52주 최저가 : 28,100 60일 평균 거래대금(백만원) : 316.6

연중 최고가 : 41,800 외국인지분(%) : 4.1

9 10 11 12 13


(5.8) 0.1 (14.0) 5.1 (6.2)

업종 대비 (11.3) (5.3) (19.4) (0.3) (11.6) 5

KOSPI 대비 (12.2) (12.4) (15.2) 3.8 (5.1) 10

22 23 24 19 20



2011/12A 35.2 20.0 33.3 19.8 37.7 15.7 37.6 24.0 3,789 18,757 0

2012/12A 22.3 23.5 17.2 25.6 29.2 19.9 26.8 28.7 3,391 22,038 0

2013/12F 18.2 25.8 9.9 28.3 10.5 22.7 13.8 32.7 3,709 24,890 0

2014/12F 23.4 34.3 32.9 36.5 28.8 29.2 28.8 42.9 4,761 29,640 0

2015/12F 23.8 44.5 29.6 46.0 26.0 36.8 26.0 54.8 6,000 35,628 0



2011/12A 108.8 (51.2) 4.2 (9.6) 22.3 19.9

2012/12A 130.2 (63.8) 0.1 (12.2) 21.3 5.2 10.6 1.64 16.7 0.0

2013/12F 152.8 (75.3) 0.2 (16.7) 19.8 4.1 9.1 1.36 16.0 0.0

2014/12F 182.0 (92.9) 0.2 (18.4) 21.4 2.7 7.1 1.14 17.5 0.0

2015/12F 218.8 (115.0) 0.3 (20.1) 22.4 1.7 5.7 0.95 18.4 0.0



2013/03A 15.0 (8.0) 4.7 (18.9) (27.5) 4.5 (30.6) (36.8) 3.5 (30.3) (35.2)

2013/06F 16.0 2.6 5.6 13.7 18.6 5.8 6.1 30.4 4.5 5.0 29.5

2013/09F 16.3 12.1 6.5 4.8 16.8 7.3 9.7 25.8 5.9 13.5 29.1

2013/12F 24.4 17.5 9.0 37.8 37.1 10.3 46.7 41.3 8.8 62.1 49.8

2014/03F 28.2 (5.2) 7.6 61.5 (15.0) 7.2 60.6 (30.8) 5.7 63.5 (34.7)

2014/06F 28.9 3.2 7.9 40.8 3.4 8.5 45.3 18.0 6.8 49.0 18.0

2014/09F 24.3 8.0 8.8 34.8 11.8 9.6 30.9 13.4 7.7 30.9 13.4

2014/12F 15.0 8.8 10.0 11.6 13.6 11.3 9.4 18.1 9.1 3.2 18.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 130.3 25.8 22.7 3,711 9.2 원익머트리얼즈 7.6 1.2 17.1 0.0

FY2014F 160.1 34.3 28.6 4,657 7.3 반도체·반도체장비 6.8 1.3 19.9 0.6



원익머트리얼즈

90.0

110.1

130.2

160.7

198.9

131.7 22.9

152.1 21.9

180.4 27.6

218.3 36.3

263.3 44.6

28.8

29.5

33.1

38.9

36.9

38.0

41.1

44.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-10

-5

0

5

10

15

20

25

30

35

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2012 2013

주가

x14

x12

x11

x10

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



254


A030530 453010 universe

원익IPS (030530.KQ) 업데이트 : 2013.08.27




52주 최고가 : 7,840 시가총액(십억원) : 517.7

52주 최저가 : 4,080 60일 평균 거래대금(백만원) : 7,510.3

연중 최고가 : 7,700 외국인지분(%) : 4.7

9 10 11 12 13


6.6 2.2 36.0 37.0 49.5

업종 대비 1.2 (3.3) 30.5 31.6 44.0 5

KOSPI 대비 0.3 (10.4) 34.8 35.7 50.6 10

22 23 24 19 20



2011/12A 41.2 29.0 (16.5) 28.7 (17.9) 17.9 (30.1) 39.7 279 3,818 0

2012/12A 2.5 26.5 (8.8) 22.7 (20.9) 7.9 (56.0) 38.9 116 3,966 0

2013/12F 18.7 48.4 82.9 49.5 118.4 28.3 260.3 62.6 416 4,347 0

2014/12F 42.1 116.1 140.0 122.5 147.3 84.0 196.9 132.9 1,234 5,495 0

2015/12F 19.2 139.7 20.3 146.0 19.2 98.9 17.8 160.4 1,454 6,846 0



2011/12A 254.2 (60.2) 23.2 (57.4) 8.5 17.4 34.5 2.52 8.1 0.0

2012/12A 268.1 (45.1) 22.7 (47.3) 7.6 9.3 40.2 1.18 3.0 0.0

2013/12F 296.4 (33.1) 22.2 (32.4) 11.7 9.0 17.0 1.63 10.0 0.0

2014/12F 380.4 (83.0) 19.6 (46.1) 19.7 4.0 5.7 1.29 24.8 0.0

2015/12F 479.4 (127.4) 17.7 (58.7) 19.9 3.1 4.9 1.03 23.0 0.0



2013/03A (36.4) 201.4 (2.2) NA NA (3.0) NA NA (4.2) NA NA

2013/06F 24.3 30.8 3.9 NA NA 3.9 10.7 NA 0.7 NA NA

2013/09F 115.4 63.2 19.7 687.8 405.1 20.1 1,134.4 411.4 13.2 NA 1,759.8

2013/12F 624.8 12.7 26.9 NA 36.5 28.5 NA 41.6 18.6 NA 40.4

2014/03F 123.1 (7.2) 25.7 NA (4.7) 24.5 NA (13.8) 16.9 NA (8.8)

2014/06F 62.1 (5.0) 21.0 436.8 (18.3) 21.7 450.8 (11.8) 14.0 1,868.1 (17.4)

2014/09F 21.9 22.7 32.9 66.7 56.9 34.1 69.5 57.4 23.7 79.0 69.2

2014/12F 15.4 6.7 36.6 35.7 11.1 42.2 48.2 23.8 29.4 58.2 24.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 281.6 17.4 17.3 236 29.2 원익IPS 6.9 1.4 20.9 0.0

FY2014F 421.3 58.9 53.4 729 9.5 반도체·반도체장비 6.8 1.3 19.9 0.6



원익IPS

340.4

348.7

414.1

588.3

701.5

492.7 183.7

477.9 142.5

520.6 147.5

665.9 187.8

832.1 244.1

60.5

79.1

129.1

145.5

135.0

128.2

157.3

167.8

0

1,336

2,671

4,007

5,342

6,678

8,014

9,349


-20

-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x37

x29

x21

x13

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



255


A084370 453010 universe

유진테크 (084370.KQ) 업데이트 : 2013.08.27




52주 최고가 : 24,800 시가총액(십억원) : 360.8

52주 최저가 : 11,200 60일 평균 거래대금(백만원) : 5,469.8

연중 최고가 : 24,550 외국인지분(%) : 14.2

9 10 11 12 13


4.9 (13.6) (11.6) 26.7 20.0

업종 대비 (0.5) (19.1) (17.1) 21.3 14.6 5

KOSPI 대비 (1.4) (26.2) (12.8) 25.3 21.2 10

22 23 24 19 20



2011/12A 39.3 37.8 96.1 33.6 75.3 25.7 57.1 39.0 1,957 5,721 150

2012/12A 28.6 52.8 39.8 63.0 87.4 50.5 96.3 56.1 2,429 6,214 150

2013/12F (22.0) 41.2 (22.0) 53.0 (15.8) 42.3 (16.3) 42.7 2,020 7,887 150

2014/12F 52.6 67.2 63.1 73.4 38.4 58.5 38.4 69.2 2,796 10,511 150

2015/12F 20.0 75.8 12.9 82.6 12.6 62.5 6.8 78.3 2,987 13,324 150



2011/12A 74.7 (71.7) 1.9 (4.5) 28.9 6.1 7.8 2.65 40.8 1.0

2012/12A 124.6 (124.2) 0.2 (5.3) 31.4 2.9 5.8 2.26 50.7 1.1

2013/12F 163.6 (116.2) 1.2 (6.4) 31.4 5.8 8.5 2.17 29.3 0.9

2014/12F 219.0 (142.2) 1.8 (6.6) 33.5 3.2 6.1 1.63 30.6 0.9

2015/12F 278.3 (171.9) 2.1 (6.8) 31.5 2.5 5.7 1.28 25.1 0.9



2013/03A (66.4) 92.1 6.8 (62.0) 41.9 7.7 (60.3) (54.0) 6.0 NA NA

2013/06F (59.6) (2.0) 8.9 (66.9) 31.8 17.5 (23.1) 128.1 15.8 NA 161.7

2013/09F 41.6 6.6 5.5 32.4 (38.3) 6.4 25.7 (63.4) 4.7 NA (70.5)

2013/12F 316.2 107.6 20.0 321.4 265.0 21.1 26.9 230.7 15.8 NA 240.4

2014/03F 68.0 (22.4) 13.5 99.2 (32.9) 14.3 87.1 (32.2) 11.4 90.0 (27.8)

2014/06F 93.7 12.9 15.9 79.0 18.4 23.3 33.0 62.2 18.6 17.8 62.2

2014/09F 112.5 16.9 19.8 260.4 24.3 17.9 179.6 (23.2) 14.3 206.5 (23.2)

2014/12F (2.0) (4.3) 18.0 (10.2) (9.1) 17.9 (15.4) 0.0 14.3 (10.0) 0.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 140.0 40.4 43.7 2,050 8.3 유진테크 6.6 1.7 30.3 0.9

FY2014F 215.3 58.2 58.0 2,770 6.2 반도체·반도체장비 6.8 1.3 19.9 0.6



유진테크

130.8

168.3

131.3

200.3

240.4

133.6 58.8

164.5 39.5

175.2 9.8

225.4 2.8

280.0 (3.9)

25.3

24.8

26.4

54.8

42.5

48.0

56.1

53.7

0

5,000

10,000

15,000

20,000

25,000

30,000


-20

0

20

40

60

80

100

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2006 2007 2008 2009 2010 2011 2012 2013

주가

x11

x9

x7

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



256


A039030 453010 universe

이오테크닉스 (039030.KQ) 업데이트 : 2013.08.27

투자의견 : 중립 업종 : 반도체·반도체장비 주가 수익률(12개월)

목표주가 : - 애널리스트 : 서원석


52주 최고가 : 47,400 시가총액(십억원) : 507.0

52주 최저가 : 25,100 60일 평균 거래대금(백만원) : 2,266.4

연중 최고가 : 47,200 외국인지분(%) : 14.7

9 10 11 12 13


(6.3) 19.5 19.5 32.0 35.7

업종 대비 (11.8) 14.0 14.0 26.6 30.3 5

KOSPI 대비 (12.7) 6.9 18.3 30.6 36.9 10

22 23 24 19 20



2011/12A (24.0) 15.6 (65.5) 19.1 (53.9) 17.3 (46.6) 24.1 1,449 14,452 100

2012/12A 24.0 34.3 119.5 33.4 74.8 27.4 58.2 46.4 2,259 16,519 100

2013/12F 15.6 41.6 21.1 40.1 20.0 33.7 23.2 58.5 2,760 19,086 100

2014/12F 14.5 49.3 18.5 47.6 18.7 38.6 14.5 69.8 3,159 22,053 100

2015/12F 17.6 66.2 34.3 64.2 35.0 50.9 31.7 91.6 4,161 26,022 100



2011/12A 176.6 4.5 24.8 (23.6) 10.2 12.2 16.3 1.63 10.2 0.4

2012/12A 201.9 45.4 32.0 (64.8) 18.0 9.2 13.7 1.87 14.5 0.3

2013/12F 233.3 52.3 31.9 (42.4) 18.9 9.6 15.0 2.17 15.5 0.2

2014/12F 269.6 50.5 29.5 (62.7) 19.5 8.0 13.1 1.88 15.4 0.2

2015/12F 318.2 44.3 26.5 (77.2) 22.3 6.1 10.0 1.59 17.3 0.2



2013/03A (3.0) NA 4.9 150.5 NA 7.5 46.5 NA 6.4 32.5 NA

2013/06F NA 61.3 10.9 NA 121.8 9.4 NA 26.4 8.0 NA 24.8

2013/09F NA 6.8 12.1 NA 11.0 10.7 NA 13.1 9.0 NA 13.1

2013/12F NA 8.8 13.8 NA 14.2 12.5 NA 16.8 10.4 NA 15.9

2014/03F 37.0 (26.9) 6.6 35.4 (51.9) 7.5 (0.1) (40.2) 6.1 (4.9) (41.8)

2014/06F 6.3 25.1 11.4 5.3 72.5 11.6 22.4 54.8 9.4 18.0 54.8

2014/09F 14.9 15.5 15.2 26.0 32.8 15.4 44.1 33.2 12.5 39.0 33.2

2014/12F 9.0 3.3 16.0 16.4 5.6 13.3 6.8 (13.5) 10.7 2.4 (14.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F NA NA NA NA 0.0 이오테크닉스 13.6 1.9 15.4 0.2

FY2014F NA NA NA NA 0.0 반도체·반도체장비 6.8 1.3 19.9 0.6



이오테크닉스

153.7

190.6

220.3

252.1

296.5

258.4 79.4

313.7 109.2

339.8 103.5

383.4 110.5

472.8 150.8

35.5

57.2

61.1

66.5

48.6

60.8

70.2

72.5

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-20

-10

0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x35

x27

x20

x13

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



257


A064760 453010 universe

티씨케이 (064760.KQ) 업데이트 : 2013.08.27

투자의견 : 중립 업종 : 반도체·반도체장비 주가 수익률(12개월)

목표주가 : - 애널리스트 : 서원석


52주 최고가 : 13,150 시가총액(십억원) : 101.6

52주 최저가 : 6,400 60일 평균 거래대금(백만원) : 175.1

연중 최고가 : 11,700 외국인지분(%) : 35.6

9 10 11 12 13


5.1 (12.6) (9.9) (29.3) 20.8

업종 대비 (0.4) (18.0) (15.4) (34.7) 15.4 5

KOSPI 대비 (1.3) (25.1) (11.1) (30.6) 22.0 10

22 23 24 19 20



2011/12A 16.3 15.9 27.4 15.5 17.9 12.1 15.7 19.8 1,037 6,249 200

2012/12A (17.9) 8.0 (49.9) 8.2 (47.3) 6.8 (43.8) 12.5 583 6,632 120

2013/12F (23.6) 5.7 (28.3) 5.6 (31.6) 4.6 (32.6) 11.4 393 6,906 120

2014/12F 10.7 8.9 54.9 8.7 55.7 7.1 55.7 15.4 612 7,318 200

2015/12F 12.0 9.9 12.0 9.8 12.0 8.0 12.0 17.2 686 7,804 200



2011/12A 73.0 (7.1) 0.0 (15.0) 26.8 8.7 14.8 2.45 17.9 1.3

2012/12A 77.4 (5.2) 0.0 (4.1) 16.4 6.2 12.2 1.07 9.1 1.7

2013/12F 80.6 (4.6) 0.0 (15.7) 15.4 8.5 22.1 1.26 5.8 1.4

2014/12F 85.4 (5.1) 0.0 (14.6) 21.5 6.3 14.2 1.19 8.6 2.3

2015/12F 91.1 (5.7) 0.0 (13.3) 21.5 5.6 12.7 1.11 9.1 2.3



2013/03A (33.5) (10.4) 0.8 (67.9) 32.5 0.7 (71.7) 19.0 0.6 (72.8) (0.6)

2013/06A (40.9) 10.5 1.1 (72.8) 49.2 1.1 (72.9) 62.2 0.7 (79.3) 28.2

2013/09F (14.6) 5.5 1.9 123.0 65.8 1.9 121.7 64.3 1.6 126.3 122.9

2013/12F 7.7 3.1 1.9 236.4 2.6 1.9 227.4 3.2 1.8 218.6 12.2

2014/03F 13.0 (6.0) 1.8 139.5 (5.6) 1.8 158.0 (6.2) 1.5 166.9 (16.8)

2014/06F 8.8 6.4 2.1 85.5 15.6 2.1 83.8 15.6 1.7 140.6 15.6

2014/09F 11.1 7.8 2.5 30.2 16.4 2.5 30.2 16.4 2.0 25.6 16.4

2014/12F 10.2 2.2 2.5 27.5 0.5 2.6 31.7 4.4 2.1 19.4 6.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 38.1 5.6 4.7 398 21.8 티씨케이 15.7 1.2 7.9 2.1

FY2014F 44.5 7.7 6.2 527 16.5 반도체·반도체장비 6.8 1.3 19.9 0.6



티씨케이

59.4

48.8

37.3

41.3

46.2

88.1 15.1

86.3 8.9

88.9 8.3

95.4 9.9

104.5 13.4

8.3

9.2

9.7

10.0

9.4

10.0

10.8

11.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-50

-40

-30

-20

-10

0

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x28

x23

x19

x14

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



258


A000660 453010 universe

SK하이닉스 (000660.KS) 업데이트 : 2013.09.17




52주 최고가 : 32,950 시가총액(십억원) : 21,554.6

52주 최저가 : 22,100 60일 평균 거래대금(백만원) : 174,874.3

연중 최고가 : 32,650 외국인지분(%) : 36.1

9 10 11 12 13


7.1 0.3 2.9 33.4 14.1

업종 대비 1.6 (5.1) (2.5) 28.0 8.7 5

KOSPI 대비 0.7 (12.2) 1.7 32.0 15.3 10

22 23 24 19 20



2011/12A (14.1) 369.1 (87.7) 45.1 (98.3) (56.6) NA 3,836.0 -96 13,300 0

2012/12A (2.2) (227.3) NA (199.3) NA (158.9) NA 2,976.2 -233 14,032 0

2013/12F 37.2 2,867.4 NA 2,494.5 NA 2,298.1 NA 6,150.0 3,279 16,420 100

2014/12F 19.0 4,254.4 48.4 4,193.6 68.1 3,597.1 56.5 8,273.7 5,065 20,854 200

2015/12F 1.2 3,882.5 (8.7) 3,855.7 (8.1) 3,131.0 (13.0) 7,853.4 4,409 24,582 250



2011/12A 7,875.7 4,940.8 86.6 (3,568.2) 3.6 4.7 NA 1.65 (0.7) 0.0

2012/12A 9,740.2 4,704.2 66.6 (3,772.9) (2.2) 7.6 NA 1.84 (1.8) 0.0

2013/12F 11,661.4 2,956.8 46.9 (3,089.8) 20.6 4.0 9.3 1.85 21.5 0.3

2014/12F 14,810.7 508.8 28.6 (3,782.4) 25.6 2.7 6.0 1.46 27.2 0.7

2015/12F 17,458.3 (1,915.6) 17.9 (3,715.8) 23.1 2.5 6.9 1.23 19.4 0.8



2013/03A 16.4 2.3 317.0 NA 351.9 208.2 NA 88.6 178.6 NA 9.2

2013/06A 49.4 41.4 1,113.6 21,123.6 251.3 1,012.8 NA 386.4 946.8 NA 430.1

2013/09F 59.6 (1.7) 900.2 NA (19.2) 816.7 15,653.5 (19.4) 759.9 40,193.1 (19.7)

2013/12F 23.8 (13.0) 536.7 665.2 (40.4) 450.1 307.6 (44.9) 412.7 152.4 (45.7)

2014/03F 45.3 20.1 1,026.2 223.8 91.2 1,013.5 386.8 125.2 892.4 399.7 116.2

2014/06F 2.8 0.0 1,021.6 (8.3) (0.4) 1,010.7 (0.2) (0.3) 859.6 (9.2) (3.7)

2014/09F 9.9 5.2 1,135.4 26.1 11.1 1,125.5 37.8 11.4 957.2 26.0 11.4

2014/12F 26.6 0.2 1,071.2 99.6 (5.7) 1,043.9 131.9 (7.2) 887.8 115.1 (7.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 14,668.5 3,476.2 3,024.4 4,255 7.0 SK하이닉스 6.6 1.5 25.7 0.6

FY2014F 15,819.6 3,794.4 3,266.0 4,594 6.5 반도체·반도체장비 6.8 1.3 19.9 0.6



SK하이닉스

10,395.8

10,162.2

13,945.5

16,592.1

16,785.2

17,238.1 9,362.9

18,648.7 8,909.3

21,121.1 9,461.5

23,426.0 8,619.1

25,098.7 7,645.7

2,781.1

3,932.6

3,867.5

3,364.3

4,040.6

4,041.7

4,250.3

4,259.4

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x9

x7

x5

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



259



KT (030200.KS) 업데이트 : 2013.09.23

투자의견 : 매수 업종 : 통신서비스 주가 수익률(12개월)

목표주가 : 48,000 애널리스트 : 양종인


52주 최고가 : 41,250 시가총액(십억원) : 9,530.6

52주 최저가 : 33,800 60일 평균 거래대금(백만원) : 36,480.3

연중 최고가 : 40,850 외국인지분(%) : 42.1

9 10 11 12 13


4.9 4.4 3.1 3.0 3.1

업종 대비 4.0 3.5 2.2 2.1 2.2 5

KOSPI 대비 (1.4) (8.1) 1.9 1.6 4.3 10

22 23 24 19 20



2011/12A 6.3 1,748.4 (20.1) 1,603.4 (7.0) 1,446.6 9.5 4,740.1 5,946 48,477 2,000

2012/12A 11.8 1,213.9 (30.6) 1,422.5 (11.3) 1,057.0 (26.9) 4,521.4 4,341 50,707 2,000

2013/12F (1.6) 1,267.9 4.4 1,204.1 (15.4) 838.3 (20.7) 4,773.0 3,438 51,786 2,000

2014/12F 0.7 1,473.1 16.2 1,538.7 27.8 1,141.5 36.2 4,887.8 4,681 53,876 2,000

2015/12F 1.3 1,557.1 5.7 1,683.1 9.4 1,240.6 8.7 4,943.0 5,087 56,345 2,000



2011/12A 11,704.2 9,484.0 91.2 (3,208.3) 8.2 4.1 6.0 0.74 12.7 5.6

2012/12A 12,309.2 8,967.3 88.2 (4,278.2) 5.1 4.2 8.2 0.70 8.8 5.6

2013/12F 12,590.7 8,949.8 85.6 (3,823.3) 5.4 4.1 10.6 0.70 6.7 5.5

2014/12F 13,136.5 8,624.5 79.8 (3,600.0) 6.2 3.9 7.8 0.68 8.9 5.5

2015/12F 13,781.3 8,332.8 74.3 (3,625.5) 6.5 3.8 7.2 0.65 9.2 5.5



2013/03A 7.0 6.4 367.3 (37.1) NA 295.3 (43.8) 132.1 181.6 (53.1) 98.3

2013/06A 0.8 (5.7) 348.3 (0.2) (5.2) 201.0 (33.1) (31.9) 108.5 (50.7) (40.2)

2013/09F (6.8) (0.1) 354.1 53.9 1.7 401.0 (14.6) 99.5 308.9 (13.9) 184.7

2013/12F 1.2 1.0 198.2 NA (44.0) 306.9 141.2 (23.5) 239.3 161.4 (22.5)

2014/03F (3.4) 1.5 472.8 28.7 138.5 419.0 41.9 36.5 310.8 71.2 29.9

2014/06F 2.3 (0.0) 390.3 12.1 (17.5) 317.7 58.1 (24.2) 235.7 117.2 (24.2)

2014/09F 2.4 (0.1) 384.8 8.7 (1.4) 399.5 (0.4) 25.7 296.3 (4.1) 25.7

2014/12F 2.0 0.6 225.2 13.6 (41.5) 402.6 31.2 0.8 298.7 24.8 0.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 23,739.9 1,359.4 981.9 3,521 10.3 KT 8.4 0.7 8.3 5.5

FY2014F 24,220.3 1,539.1 1,231.3 4,442 8.2 통신서비스 8.8 0.9 11.6 4.2



KT

21,272.0

23,790.4

23,421.5

23,596.9

23,896.5

32,085.4 19,547.6

34,479.5 21,315.0

34,591.5 21,105.9

35,002.7 20,918.1

35,571.2 20,783.5

6,104.5

5,757.0

5,751.3

5,808.7

5,894.0

5,891.2

5,887.5

5,924.2

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x17

x14

x11

x8

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



260



LG유플러스 (032640.KS) 업데이트 : 2013.09.09




52주 최고가 : 13,900 시가총액(십억원) : 5,239.3

52주 최저가 : 6,160 60일 평균 거래대금(백만원) : 25,996.0

연중 최고가 : 13,750 외국인지분(%) : 27.8

9 10 11 12 13


(7.7) 6.2 49.4 65.5 56.9

업종 대비 (8.6) 5.3 48.5 64.6 56.0 5

KOSPI 대비 (14.0) (6.4) 48.2 64.2 58.0 10

22 23 24 19 20



2011/12A 15.2 279.3 116.0 168.5 (70.3) 84.6 (85.1) 1,468.9 196 7,837 150

2012/12A 18.7 126.8 (54.6) (129.2) NA (59.7) NA 1,519.8 -136 8,582 0

2013/12F 4.0 607.1 378.9 441.4 NA 379.3 NA 1,897.2 869 9,160 250

2014/12F 3.5 830.8 36.9 705.8 59.9 592.8 56.3 2,113.9 1,358 10,128 350

2015/12F 2.9 966.4 16.3 842.6 19.4 640.4 8.0 2,285.1 1,467 11,205 350



2011/12A 3,857.7 3,764.1 101.5 (1,356.5) 3.0 5.2 37.8 0.94 2.2 2.0

2012/12A 3,746.8 3,915.8 114.6 (1,945.8) 1.2 4.8 NA 0.91 (1.6) 0.0

2013/12F 3,999.5 3,810.4 105.2 (1,631.1) 5.4 4.8 13.8 1.31 9.8 2.1

2014/12F 4,422.0 3,913.5 92.9 (1,589.5) 7.1 4.3 8.8 1.18 14.1 2.9

2015/12F 4,892.1 3,807.9 81.9 (1,427.1) 8.0 4.0 8.2 1.07 13.8 2.9



2013/03A 12.6 3.6 123.2 85.1 18.3 88.2 9,198.4 NA 74.5 237.8 NA

2013/06A (0.9) (3.4) 144.8 NA 17.6 90.3 NA 2.3 81.5 NA 9.4

2013/09F 0.6 2.6 159.6 NA 10.2 116.9 NA 29.5 99.4 NA 22.0

2013/12F 4.5 1.7 179.5 72.5 12.4 146.0 NA 24.8 123.9 NA 24.7

2014/03F 0.8 (0.1) 195.2 58.5 8.7 164.2 86.1 12.5 137.9 85.2 11.3

2014/06F 5.6 1.3 206.6 42.6 5.8 176.1 95.0 7.2 147.9 81.5 7.2

2014/09F 3.8 0.8 210.2 31.7 1.8 181.2 55.0 2.9 152.2 53.2 2.9

2014/12F 3.8 1.7 218.8 21.9 4.1 184.3 26.2 1.7 154.8 24.9 1.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 11,329.5 595.5 370.3 842 14.3 LG유플러스 9.8 1.2 13.0 2.7

FY2014F 11,795.0 763.2 548.0 1,228 9.8 통신서비스 8.8 0.9 11.6 4.2



LG유플러스

9,186.4

10,904.6

11,342.7

11,735.3

12,073.1

11,048.5 7,189.2

11,088.7 7,340.2

11,669.1 7,668.0

11,925.4 7,501.7

12,323.4 7,429.6

2,859.7

2,763.4

2,835.8

2,883.8

2,881.6

2,918.8

2,942.4

2,992.7

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-20

0

20

40

60

80

100

120

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x33

x25

x17

x9

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



261



SK브로드밴드 (033630.KQ) 업데이트 : 2013.09.17

투자의견 : 중립 업종 : 통신서비스 주가 수익률(12개월)

목표주가 : - 애널리스트 : 양종인


52주 최고가 : 5,790 시가총액(십억원) : 1,408.8

52주 최저가 : 3,655 60일 평균 거래대금(백만원) : 6,754.7

연중 최고가 : 5,720 외국인지분(%) : 4.3

9 10 11 12 13


(9.7) (1.3) 15.8 27.3 (0.2)

업종 대비 (10.6) (2.2) 14.9 26.4 (1.1) 5

KOSPI 대비 (16.0) (13.9) 14.6 25.9 1.0 10

22 23 24 19 20



2011/12A 8.2 75.7 531.1 19.3 NA 19.3 NA 495.9 65 4,639 0

2012/12A 8.8 68.0 (10.1) 26.4 37.0 26.4 37.0 495.1 89 4,659 0

2013/12F 5.9 81.6 20.1 37.1 40.4 37.1 40.4 555.8 125 4,767 0

2014/12F 5.8 125.9 54.3 86.1 132.3 86.1 132.3 610.3 291 5,040 0

2015/12F 5.8 182.7 45.1 149.1 73.1 149.1 73.1 658.9 504 5,527 0



2011/12A 1,372.9 949.2 101.7 (302.0) 3.3 4.0 53.2 0.75 1.4 0.0

2012/12A 1,378.7 919.2 84.3 (318.1) 2.7 4.6 52.4 1.00 1.9 0.0

2013/12F 1,410.7 841.4 80.7 (434.0) 3.1 4.0 38.0 1.00 2.7 0.0

2014/12F 1,491.7 716.6 72.3 (420.0) 4.5 3.5 16.4 0.94 5.9 0.0

2015/12F 1,635.7 536.5 59.8 (410.0) 6.2 3.0 9.4 0.86 9.5 0.0



2013/03A 9.1 (11.9) 16.6 3.4 (32.4) 5.2 417.8 (44.7) 5.2 443.2 (44.7)

2013/06A 1.9 1.2 14.9 (7.3) (10.2) 3.2 (2.1) (38.5) 3.2 (1.8) (38.5)

2013/09F 6.7 12.7 24.1 71.8 61.5 13.3 128.9 314.9 13.3 128.9 314.9

2013/12F 5.7 5.2 26.0 5.8 7.9 15.4 63.6 16.0 15.4 63.6 16.0

2014/03F 7.5 (10.4) 26.6 59.8 2.2 17.3 231.9 12.1 17.3 231.9 12.1

2014/06F 6.9 0.6 29.0 94.1 9.0 18.9 491.7 9.7 18.9 491.7 9.7

2014/09F 4.7 10.3 35.1 45.8 21.3 25.6 92.8 35.2 25.6 92.8 35.2

2014/12F 4.4 5.0 35.3 35.8 0.5 24.3 57.9 (5.0) 24.3 57.9 (5.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,582.3 80.4 32.8 111 43.6 SK브로드밴드 19.2 1.0 5.1 0.0

FY2014F 2,737.2 127.1 76.3 258 18.8 통신서비스 8.8 0.9 11.6 4.2



SK브로드밴드

2,285.8

2,486.3

2,633.9

2,786.2

2,948.6

3,318.7 1,945.8

3,035.7 1,656.9

3,106.3 1,695.6

3,154.9 1,663.2

3,219.7 1,584.0

605.2

612.3

690.2

726.3

650.7

654.7

722.4

758.3

0

1,336

2,671

4,007

5,342

6,678


0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x57

x43

x29

x15

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



262



SK텔레콤 (017670.KS) 업데이트 : 2013.09.23




52주 최고가 : 230,500 시가총액(십억원) : 17,441.1

52주 최저가 : 144,000 60일 평균 거래대금(백만원) : 37,802.3

연중 최고가 : 226,500 외국인지분(%) : 46.2

9 10 11 12 13


2.6 7.7 20.0 49.0 43.5

업종 대비 1.7 6.8 19.1 48.1 42.6 5

KOSPI 대비 (3.7) (4.8) 18.8 47.6 44.7 10

22 23 24 19 20



2011/12A 2.1 2,295.6 0.4 2,240.7 (3.3) 1,612.9 (12.4) 4,778.3 22,848 174,280 9,400

2012/12A 2.3 1,760.2 (23.3) 1,550.9 (30.8) 1,151.7 (28.6) 4,373.2 16,525 176,669 9,400

2013/12F 4.2 2,054.3 16.7 2,136.2 37.7 1,704.6 48.0 4,850.2 24,458 189,666 9,400

2014/12F 4.2 2,431.9 18.4 2,899.8 35.7 2,313.7 35.7 5,245.1 33,198 210,207 9,400

2015/12F 3.4 2,618.3 7.7 3,574.2 23.3 2,851.8 23.3 5,382.3 40,919 236,549 10,400



2011/12A 11,661.9 2,989.3 46.8 (2,960.6) 14.4 3.2 6.2 0.81 14.0 6.6

2012/12A 11,854.8 5,338.0 53.9 (3,394.3) 10.8 4.3 9.2 0.86 9.8 6.2

2013/12F 12,904.3 4,161.4 46.3 (2,795.9) 12.1 4.6 8.8 1.14 13.8 4.4

2014/12F 14,562.8 3,627.5 38.8 (2,733.2) 13.7 4.2 6.5 1.03 16.8 4.4

2015/12F 16,689.9 2,560.2 31.8 (2,694.0) 14.3 3.8 5.3 0.91 18.3 4.8



2013/03A 3.6 (2.0) 410.6 (17.8) (24.6) 427.9 8.4 (34.2) 354.2 15.6 (32.3)

2013/06A 3.9 1.3 553.4 33.2 34.8 600.7 93.5 40.4 466.6 225.4 31.8

2013/09F 3.9 3.0 563.9 84.4 1.9 593.7 203.9 (1.2) 473.7 164.8 1.5

2013/12F 5.3 3.1 526.3 (3.4) (6.7) 513.9 (21.0) (13.4) 410.1 (21.6) (13.4)

2014/03F 5.9 (1.4) 576.0 40.3 9.4 700.2 63.6 36.2 558.7 57.8 36.2

2014/06F 5.0 0.4 702.3 26.9 21.9 825.6 37.4 17.9 658.8 41.2 17.9

2014/09F 3.8 1.8 620.0 9.9 (11.7) 764.9 28.8 (7.4) 610.3 28.8 (7.4)

2014/12F 2.3 1.6 533.7 1.4 (13.9) 609.1 18.5 (20.4) 486.0 18.5 (20.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 16,978.9 2,083.5 1,809.4 22,527 9.5 SK텔레콤 7.0 1.1 16.0 4.4

FY2014F 17,886.9 2,424.0 2,070.8 25,879 8.3 통신서비스 8.8 0.9 11.6 4.2



SK텔레콤

15,926.5

16,300.5

16,984.4

17,700.8

18,298.8

24,366.0 11,633.3

25,595.6 12,740.8

26,540.7 12,752.5

27,162.7 11,838.8

28,225.9 10,903.1

4,112.6

4,164.2

4,288.2

4,419.3

4,356.8

4,372.4

4,450.7

4,520.8

0

50,000

100,000

150,000

200,000

250,000


0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x10

x9

x8

x7

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



263



지역난방공사 (071320.KS) 업데이트 : 2013.09.25

투자의견 : 중립 업종 : 전력·가스 주가 수익률(12개월)



52주 최고가 : 108,000 시가총액(십억원) : 1,132.4

52주 최저가 : 63,000 60일 평균 거래대금(백만원) : 1,077.7

연중 최고가 : 107,000 외국인지분(%) : 4.9

9 10 11 12 13


12.8 16.0 4.6 42.8 30.4

업종 대비 9.5 12.7 1.3 39.4 27.1 5

KOSPI 대비 6.5 3.5 3.4 41.4 31.6 10

22 23 24 19 20



2011/12A 39.8 71.9 (44.7) (5.8) NA 3.1 (96.9) 234.0 271 119,077 350

2012/12A 31.1 243.7 239.0 164.3 NA 147.2 4,591.0 444.3 12,711 131,604 3,750

2013/12F 1.8 251.0 3.0 157.5 (4.1) 137.7 (6.5) 471.2 11,889 140,116 3,376

2014/12F 2.6 252.3 0.5 153.7 (2.4) 132.9 (3.4) 494.9 11,480 148,336 3,260

2015/12F 2.4 258.0 2.3 161.0 4.8 139.3 4.8 525.1 12,027 156,947 3,416



2011/12A 1,378.8 2,484.8 184.4 (560.9) 3.4 13.7 230.6 0.52 0.2 0.6

2012/12A 1,523.8 2,534.4 169.7 (377.1) 8.7 7.6 5.8 0.56 10.1 5.1

2013/12F 1,622.4 2,758.8 173.9 (527.2) 8.8 8.3 8.2 0.70 8.8 3.5

2014/12F 1,717.5 2,746.3 163.5 (344.2) 8.6 7.8 8.5 0.66 8.0 3.3

2015/12F 1,817.2 2,702.1 152.2 (316.3) 8.6 7.3 8.1 0.62 7.9 3.5



2013/03A 2.5 18.7 103.3 (9.7) (16.7) 81.2 (11.1) (4.1) 64.4 (19.4) (17.0)

2013/06A 1.7 (50.0) 32.2 713.8 (68.8) 8.5 NA (89.5) 7.6 NA (88.2)

2013/09F 15.1 (15.3) 19.8 134.5 (38.5) (1.5) NA NA (1.3) NA NA

2013/12F (5.5) 88.1 95.6 (22.9) 382.3 69.2 (18.3) NA 67.0 (13.6) NA

2014/03F 2.6 28.8 111.2 7.7 16.3 86.7 6.7 25.3 75.0 16.5 12.0

2014/06F 2.6 (50.0) 9.3 (71.2) (91.7) (16.9) NA NA (14.6) NA NA

2014/09F 2.6 (15.3) 22.6 14.1 143.6 (2.3) NA NA (2.0) NA NA

2014/12F 2.6 88.1 109.2 14.2 382.8 86.2 24.5 NA 74.5 11.3 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 2,901.9 248.4 154.3 13,086 7.5 지역난방공사 8.4 0.7 8.2 3.4

FY2014F 2,923.3 257.8 168.3 14,133 6.9 전력·가스 14.2 0.4 3.1 0.8



지역난방공사

2,143.0

2,809.6

2,861.2

2,934.6

3,004.2

4,581.8 3,201.5

4,892.4 3,369.3

5,224.8 3,601.7

5,351.6 3,630.6

5,420.6 3,597.1

1,051.9

526.0

445.5

837.8

1,078.9

539.5

456.9

859.3

0

20,000

40,000

60,000

80,000

100,000

120,000


-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2010 2011 2012 2013

주가

x28

x22

x16

x10

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



264



한국가스공사 (036460.KS) 업데이트 : 2013.09.08

투자의견 : 매수 업종 : 전력·가스 주가 수익률(12개월)



52주 최고가 : 87,400 시가총액(십억원) : 4,498.0

52주 최저가 : 47,450 60일 평균 거래대금(백만원) : 15,934.3

연중 최고가 : 79,267 외국인지분(%) : 8.8

9 10 11 12 13


8.5 23.2 (13.0) (14.8) (19.1)

업종 대비 5.1 19.9 (16.3) (18.2) (22.4) 5

KOSPI 대비 2.2 10.7 (14.2) (16.2) (17.9) 10

22 23 24 19 20



2011/12A 25.0 1,023.2 (2.3) 389.4 6.2 181.5 (34.4) 1,868.7 2,499 105,478 760

2012/12A 23.2 1,266.7 23.8 518.5 33.2 366.7 102.0 2,323.1 5,050 109,734 1,640

2013/12F 5.0 1,311.3 3.5 471.1 (9.1) 357.7 (2.4) 2,437.0 4,754 93,892 1,640

2014/12F 4.1 1,896.3 44.6 1,195.6 153.8 869.9 143.2 3,098.2 9,927 101,759 1,640

2015/12F 4.0 2,271.8 19.8 1,634.9 36.7 1,209.0 39.0 3,525.4 13,796 113,298 1,640



2011/12A 8,049.4 22,993.1 288.0 (2,096.9) 3.6 14.0 16.1 0.38 2.3 1.9

2012/12A 8,378.3 26,839.7 324.6 (3,210.6) 3.6 14.0 14.4 0.66 4.5 2.3

2013/12F 8,565.0 27,213.5 322.2 (2,321.0) 3.6 13.0 12.2 0.62 4.2 2.8

2014/12F 9,291.2 26,827.6 293.1 (2,075.0) 5.0 10.1 5.9 0.57 9.7 2.8

2015/12F 10,356.5 25,842.4 253.6 (1,867.5) 5.7 8.6 4.2 0.51 12.3 2.8



2013/03A 7.5 42.2 849.7 18.3 158.9 452.2 (18.6) 276.5 283.2 (31.3) 255.6

2013/06A 9.6 (33.1) 209.2 (12.5) (75.4) (19.9) NA NA (30.0) NA NA

2013/09F 4.2 (16.3) (19.1) NA NA (151.5) NA NA (95.1) NA NA

2013/12F 11.0 39.5 271.5 (17.3) NA 190.3 58.5 NA 199.7 150.8 NA

2014/03F 4.1 33.3 884.5 4.1 225.8 514.8 13.8 170.5 374.5 32.3 87.6

2014/06F 4.1 (33.1) 217.7 4.1 (75.4) 6.1 NA (98.8) 4.4 NA (98.8)

2014/09F 4.1 (16.3) (19.9) NA NA (185.5) NA NA (135.0) NA NA

2014/12F 4.1 39.5 814.0 199.8 NA 860.2 352.0 NA 625.9 213.4 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 37,538.3 1,332.7 226.0 3,009 19.7 한국가스공사 6.8 0.6 8.3 2.8

FY2014F 38,622.5 1,558.2 549.9 7,338 8.1 전력·가스 14.2 0.4 3.1 0.8



한국가스공사

28,429.8

35,031.3

36,784.8

38,290.5

39,826.0

36,015.3 27,971.4

40,621.7 32,252.8

41,436.7 32,885.1

41,996.9 32,723.3

42,315.3 31,980.3

12,222.4

8,177.1

6,842.0

9,543.4

12,722.7

8,511.8

7,122.0

9,934.1

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


-30

-20

-10

0

10

20

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x16

x13

x11

x9

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



265



한국전력 (015760.KS) 업데이트 : 2013.09.25




52주 최고가 : 35,400 시가총액(십억원) : 19,066.3

52주 최저가 : 24,500 60일 평균 거래대금(백만원) : 38,449.4

연중 최고가 : 34,850 외국인지분(%) : 23.4

9 10 11 12 13


2.1 17.4 2.4 6.5 (5.9)

업종 대비 (1.3) 14.0 (0.9) 3.1 (9.2) 5

KOSPI 대비 (4.3) 4.8 1.2 5.1 (4.7) 10

22 23 24 19 20



2011/12A 10.0 (1,020.5) NA (2,473.1) NA (3,370.5) NA 5,856.9 -5,411 84,135 0

2012/12A 13.7 (817.9) NA (4,063.3) NA (3,166.6) NA 6,178.8 -5,083 78,868 0

2013/12F 9.0 1,489.6 NA (34.2) NA (119.0) NA 8,914.3 -191 78,757 0

2014/12F 5.5 3,538.1 137.5 1,793.7 NA 1,261.0 NA 11,469.5 2,024 80,721 0

2015/12F 5.6 5,067.8 43.2 3,475.2 93.7 2,529.8 100.6 13,398.1 4,060 84,662 0



2011/12A 53,270.3 45,396.8 88.4 (10,610.4) (2.3) 10.6 NA 0.30 (6.1) 0.0

2012/12A 49,888.8 52,231.5 107.4 (11,446.8) (1.7) 11.8 NA 0.39 (6.1) 0.0

2013/12F 49,817.6 59,710.4 122.5 (16,415.0) 2.8 9.0 NA 0.38 (0.2) 0.0

2014/12F 51,078.6 65,858.7 131.3 (16,344.0) 6.2 7.5 14.7 0.37 2.5 0.0

2015/12F 53,608.4 68,756.4 130.6 (15,024.0) 8.4 6.7 7.3 0.35 4.8 0.0



2013/03A 6.6 17.1 657.8 NA NA 208.0 NA NA 133.3 NA NA

2013/06A 15.9 (15.4) (1,094.1) NA NA (1,738.2) NA NA (1,613.8) NA NA

2013/09F 9.9 29.2 1,249.1 (31.7) NA 918.6 (34.1) NA 716.0 (23.8) NA

2013/12F 13.0 (11.7) 676.9 NA (45.8) 577.4 NA (37.1) 645.5 NA (9.8)

2014/03F 5.5 9.3 843.9 28.3 24.7 423.4 103.5 (26.7) 297.7 123.3 (53.9)

2014/06F 5.5 (15.4) (593.4) NA NA (1,115.5) NA NA (784.2) NA NA

2014/09F 5.5 29.2 2,971.8 137.9 NA 2,532.3 175.7 NA 1,780.2 148.6 NA

2014/12F 5.5 (11.7) 315.8 (53.4) (89.4) (46.5) NA NA (32.7) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 53,594.3 2,632.3 294.9 375 78.8 한국전력 20.6 0.4 1.8 0.0

FY2014F 55,879.3 5,060.3 2,106.5 3,128 9.5 전력·가스 14.2 0.4 3.1 0.8



한국전력

43,455.7

49,421.5

53,880.1

56,819.9

59,989.6

136,467.9 82,663.9

146,152.8 95,088.6

157,316.4 106,231.6

167,164.8 114,721.3

175,417.2 120,341.3

13,799.1

11,676.3

15,086.4

13,318.3

14,552.0

12,313.3

15,909.6

14,045.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1

x1

x1

x1

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



266



한전KPS (051600.KS) 업데이트 : 2013.09.23




52주 최고가 : 61,800 시가총액(십억원) : 2,371.5

52주 최저가 : 49,700 60일 평균 거래대금(백만원) : 2,964.6

연중 최고가 : 59,800 외국인지분(%) : 11.3

9 10 11 12 13


0.2 1.5 (5.7) 3.3 (11.9)

업종 대비 (3.2) (1.8) (9.1) (0.0) (15.2) 5

KOSPI 대비 (6.1) (11.0) (6.9) 2.0 (10.7) 10

22 23 24 19 20



2011/12A 10.4 117.1 57.7 130.6 54.0 104.7 6.4 142.1 2,326 10,981 1,620

2012/12A 8.8 142.2 21.5 154.3 18.2 117.9 12.6 170.8 2,620 11,812 1,440

2013/12F 9.9 158.3 11.3 171.1 10.9 132.5 12.4 190.2 2,944 12,776 1,440

2014/12F 9.7 176.0 11.2 188.0 9.9 146.6 10.7 212.4 3,259 14,149 1,440

2015/12F 9.5 195.2 10.9 208.2 10.7 160.9 9.7 236.2 3,575 15,960 1,440



2011/12A 494.2 (176.6) 0.0 (48.8) 12.6 11.8 17.7 3.75 20.6 3.9

2012/12A 531.5 (210.9) 0.0 (57.0) 14.1 14.8 23.2 5.16 23.0 2.4

2013/12F 574.9 (171.5) 0.0 (121.7) 14.3 11.7 17.9 4.13 23.9 2.7

2014/12F 636.7 (179.7) 0.0 (143.5) 14.5 10.5 16.2 3.72 24.2 2.7

2015/12F 718.2 (200.8) 0.0 (87.5) 14.7 9.4 14.7 3.30 23.7 2.7



2013/03A (7.4) (23.7) 20.4 (37.1) (51.9) 24.2 (32.2) (46.1) 18.7 (32.2) (43.5)

2013/06A 16.7 59.9 62.3 40.0 205.6 64.6 35.6 167.3 48.9 32.9 162.1

2013/09F 20.7 (16.3) 24.3 6.2 (61.0) 28.3 7.9 (56.1) 21.9 6.8 (55.2)

2013/12F 8.0 5.8 51.3 21.0 111.0 54.1 20.8 90.9 43.0 30.0 95.9

2014/03F 9.7 (22.5) 22.4 9.7 (56.4) 25.9 7.4 (52.0) 20.2 8.4 (52.9)

2014/06F 9.7 59.9 68.4 9.7 205.6 71.1 10.1 173.9 55.4 13.3 173.9

2014/09F 9.7 (16.3) 26.7 9.7 (61.0) 30.0 5.8 (57.8) 23.4 6.6 (57.8)

2014/12F 9.7 5.8 58.6 14.2 119.7 61.0 12.9 103.6 47.6 10.8 103.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 1,134.6 161.4 134.0 2,979 17.7 한전KPS 16.6 3.8 24.1 2.7

FY2014F 1,224.3 179.0 148.4 3,297 16.0 전력·가스 14.2 0.4 3.1 0.8



한전KPS

925.5

1,006.6

1,106.3

1,214.0

1,329.9

672.4 178.3

756.2 224.7

838.7 239.5

988.6 307.6

1,095.5 318.3

206.7

330.5

276.6

292.6

226.8

362.6

303.5

321.1

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2008 2009 2010 2011 2012 2013

주가

x31

x26

x22

x17

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



267



다우기술 (023590.KS) 업데이트 : 2013.09.09

투자의견 : 매수 업종 : 스몰캡 주가 수익률(12개월)



52주 최고가 : 20,700 시가총액(십억원) : 655.1

52주 최저가 : 13,500 60일 평균 거래대금(백만원) : 2,307.9

연중 최고가 : 20,400 외국인지분(%) : 19.2

9 10 11 12 13


(3.9) (9.9) (18.4) (11.8) (12.0)

업종 대비 (3.8) (9.7) (18.3) (11.6) (11.9) 5

KOSPI 대비 (10.3) (22.4) (19.6) (13.1) (10.9) 10

22 23 24 19 20



2011/12A 8.0 17.4 17.0 34.3 (48.0) 61.1 (14.3) 21.3 1,433 14,547 130

2012/12A 19.6 21.6 24.0 36.8 7.3 64.6 5.7 25.9 1,506 15,916 130

2013/12F 8.3 22.5 4.4 25.2 (31.4) 70.3 8.7 27.3 1,624 17,358 130

2014/12F 9.2 26.0 15.2 30.8 22.2 91.3 29.9 31.1 2,110 19,269 130

2015/12F 10.1 28.4 9.3 28.4 (7.9) 98.4 7.9 33.8 2,275 21,136 130



2011/12A 640.2 31.1 20.6 (8.9) 10.4 12.9 7.2 0.71 10.6 1.3

2012/12A 704.9 11.2 27.1 (3.2) 10.8 18.0 10.5 0.99 9.6 0.8

2013/12F 769.6 24.0 23.6 (3.4) 10.4 13.8 9.0 0.84 9.5 0.9

2014/12F 855.4 3.4 19.7 (3.6) 11.0 9.3 6.9 0.76 11.2 0.9

2015/12F 948.3 (2.4) 17.5 (3.9) 10.9 6.1 6.4 0.69 10.9 0.9



2013/03A 18.5 (15.2) 5.0 10.2 (3.8) 4.9 (27.3) (12.0) 9.4 (62.6) (42.3)

2013/06A 1.1 (2.2) 4.4 (32.1) (12.7) 9.2 (41.2) 86.6 7.2 (15.6) (23.0)

2013/09F 7.6 (10.3) 5.7 8.8 30.3 4.4 (49.7) (51.8) 8.8 (40.3) 22.6

2013/12F 7.4 44.5 7.3 40.2 28.1 6.7 19.5 50.8 44.9 176.2 407.6

2014/03F 8.9 (14.0) 5.2 3.9 (28.7) 5.7 15.4 (15.0) 55.4 491.4 23.4

2014/06F 9.2 (2.0) 6.4 44.9 21.7 12.4 34.5 117.5 59.4 724.4 7.3

2014/09F 9.4 (10.2) 6.5 12.6 1.3 5.3 20.7 (56.7) 61.0 589.7 2.6

2014/12F 9.2 44.2 7.9 7.2 22.0 7.4 11.4 39.2 (84.5) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 217.1 22.5 19.8 442 32.9 다우기술 7.4 0.8 10.8 0.9

FY2014F 236.9 26.0 24.0 536 27.2 스몰캡 11.1 1.6 15.2 0.8



다우기술

167.6

200.4

217.1

236.9

260.9

581.3 159.5

652.8 200.2

668.5 201.6

684.0 198.6

697.0 194.9

52.7

51.5

46.2

66.7

57.4

56.2

50.5

72.8

0

5,000

10,000

15,000

20,000

25,000


-20

-15

-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



268



디지탈옵틱 (106520.KQ) 업데이트 : 2013.08.27


목표주가 : 32,200 애널리스트 : 이민영


52주 최고가 : 25,750 시가총액(십억원) : 100.3

52주 최저가 : 11,550 60일 평균 거래대금(백만원) : 2,164.3

연중 최고가 : 25,250 외국인지분(%) : 2.2

9 10 11 12 13


(4.7) 9.5 (5.4) 52.1 14.3

업종 대비 (4.5) 9.7 (5.2) 52.2 14.4 5

KOSPI 대비 (11.0) (3.0) (6.6) 50.7 15.5 10

22 23 24 19 20



2011/12A 118.4 9.0 244.2 7.4 315.5 5.5 195.8 11.2 1,380 4,955 0

2012/12A 43.2 12.2 35.6 10.5 41.7 7.9 42.5 16.0 1,681 7,841 100

2013/12F 105.4 25.5 108.2 24.8 136.7 20.6 160.9 31.1 3,783 11,548 110

2014/12F 15.8 29.5 15.9 28.3 13.9 23.4 13.5 36.4 4,293 15,715 120

2015/12F 20.0 36.4 23.2 35.1 24.2 28.8 23.1 44.8 5,284 20,794 120



2011/12A 19.9 5.0 63.6 (2.8) 15.5 31.9

2012/12A 42.8 1.5 52.2 (18.9) 14.6 5.7 9.6 2.05 25.2 0.6

2013/12F 63.0 4.6 60.7 (19.2) 14.8 3.4 4.9 1.59 39.0 0.6

2014/12F 85.7 (1.5) 42.6 (16.8) 14.8 2.8 4.3 1.17 31.5 0.7

2015/12F 113.4 (12.8) 32.3 (13.2) 15.2 2.0 3.5 0.88 28.9 0.7



2013/03A 102.0 (2.5) 3.5 62.3 (27.2) 3.7 52.2 (5.4) 3.0 51.7 (3.8)


2013/09F 105.4 NA 7.2 105.4 NA 6.6 120.9 NA 5.4 146.2 NA

2013/12F 211.1 96.0 14.8 208.0 106.4 13.7 251.7 108.4 12.4 292.2 127.1

2014/03F 15.8 (63.7) 4.1 15.8 (72.6) 3.8 2.7 (72.4) 3.1 2.9 (74.8)


2014/09F 15.8 NA 8.3 15.8 NA 7.5 14.9 NA 6.2 14.5 NA

2014/12F 15.8 96.0 17.2 15.9 106.7 16.0 17.2 112.4 14.4 16.4 130.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 162.0 23.3 18.4 3,380 5.3 디지탈옵틱 4.4 1.3 33.5 0.6

FY2014F 198.5 29.5 23.0 4,218 4.2 스몰캡 11.1 1.6 15.2 0.8



디지탈옵틱

58.4

83.6

171.8

198.9

238.7

52.6 32.1

92.0 47.3

146.5 81.7

175.6 88.1

216.6 100.9

29.5

0.0

48.1

94.2

34.2

0.0

55.7

109.1

0

5,000

10,000

15,000

20,000

25,000

30,000


-20

0

20

40

60

80

100

120

140

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2012 2013

주가

x9

x7

x6

x5

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



269



바이오랜드 (052260.KQ) 업데이트 : 2013.09.16


목표주가 : 17,000 애널리스트 : 한지형


52주 최고가 : 20,650 시가총액(십억원) : 186.0

52주 최저가 : 11,900 60일 평균 거래대금(백만원) : 912.9

연중 최고가 : 18,900 외국인지분(%) : 1.9

9 10 11 12 13


(1.6) (6.8) (24.4) (27.1) (20.0)

업종 대비 (1.4) (6.6) (24.2) (26.9) (19.8) 5

KOSPI 대비 (7.9) (19.3) (25.6) (28.4) (18.8) 10

22 23 24 19 20



2011/12A 8.8 15.7 2.1 15.2 1.3 13.7 9.2 19.0 915 6,219 200

2012/12A 7.2 15.6 (0.6) 14.6 (3.9) 10.1 (26.1) 22.6 676 6,710 200

2013/12F 16.7 20.0 28.3 19.0 30.7 16.0 57.6 27.1 1,065 7,510 200

2014/12F 17.6 24.0 19.9 23.5 23.4 20.0 24.9 31.3 1,330 8,530 200

2015/12F 20.0 30.0 25.2 30.0 27.7 25.0 25.2 37.3 1,665 9,845 200



2011/12A 93.3 8.4 18.5 (29.4) 23.1 10.8 14.3 2.11 16.6 1.5

2012/12A 100.7 12.9 32.7 (7.6) 21.4 10.9 22.9 2.30 10.4 1.3

2013/12F 112.7 6.9 25.4 (7.4) 23.5 7.2 11.6 1.65 15.0 1.6

2014/12F 127.9 (1.0) 18.3 (7.5) 24.0 6.0 9.3 1.45 16.6 1.6

2015/12F 147.7 (9.4) 13.0 (7.5) 25.0 4.9 7.4 1.26 18.1 1.6



2013/03A (5.9) 10.6 4.1 (17.6) 40.8 4.1 (8.9) 42.7 3.7 (7.2) 8,154.6

2013/06A (12.5) (10.7) 2.8 (33.1) (32.1) 2.9 (32.3) (30.7) 2.4 (29.0) (34.1)

2013/09F 16.7 4.1 4.0 16.7 44.2 3.5 21.2 24.2 3.0 13.0 21.7

2013/12F 76.2 71.3 9.0 208.0 123.7 8.5 194.4 139.6 6.8 15,075.5 129.3

2014/03F 17.6 (26.1) 4.9 17.6 (46.2) 4.6 11.3 (46.0) 3.9 4.9 (42.9)

2014/06F 17.6 (10.7) 3.3 17.6 (32.1) 2.9 3.0 (35.9) 2.5 2.2 (35.9)

2014/09F 17.6 4.1 4.8 17.6 44.2 4.2 19.5 44.1 3.6 21.0 44.1

2014/12F 17.6 71.3 11.1 22.7 133.3 11.7 37.7 176.0 9.9 45.6 176.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 73.6 14.6 11.6 776 15.8 바이오랜드 9.8 1.5 16.2 1.6

FY2014F 83.0 16.5 13.8 918 13.3 스몰캡 11.1 1.6 15.2 0.8



바이오랜드

68.0

72.8

85.0

100.0

120.0

128.6 35.4

147.2 46.3

158.0 43.9

171.1 39.7

191.9 38.1

19.3

17.2

17.9

30.7

22.6

20.2

21.1

36.1

0

5,000

10,000

15,000

20,000

25,000


-40

-30

-20

-10

0

10

20

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x26

x20

x15

x9

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



270



뷰웍스 (100120.KQ) 업데이트 : 2013.09.17




52주 최고가 : 24,350 시가총액(십억원) : 234.0

52주 최저가 : 13,750 60일 평균 거래대금(백만원) : 4,541.6

연중 최고가 : 23,750 외국인지분(%) : 2.7

9 10 11 12 13


25.1 62.5 15.3 41.8 19.1

업종 대비 25.3 62.7 15.4 42.0 19.2 5

KOSPI 대비 18.8 49.9 14.1 40.5 20.3 10

22 23 24 19 20



2011/12A 15.7 8.2 6.1 8.4 (2.2) 6.7 (8.7) 9.6 674 4,880 100

2012/12A 32.5 8.9 8.1 8.3 (0.2) 5.7 (15.6) 11.5 567 5,332 100

2013/12F 39.0 12.0 34.3 11.5 37.5 10.5 84.6 14.9 1,045 6,249 100

2014/12F 30.8 17.5 46.0 17.5 52.3 15.5 47.8 21.3 1,545 7,601 100

2015/12F 29.4 24.5 40.4 24.6 40.7 22.0 42.4 29.4 2,200 9,582 100



2011/12A 48.8 (12.2) 0.0 (1.8) 23.4 8.3 13.5 1.87 14.7 1.1

2012/12A 53.3 (13.1) 0.0 (2.0) 19.1 16.5 35.7 3.79 11.1 0.5

2013/12F 62.5 (17.3) 0.0 (1.9) 18.4 14.7 22.4 3.74 18.1 0.4

2014/12F 76.0 (22.1) 0.0 (2.0) 20.6 10.1 15.1 3.08 22.3 0.4

2015/12F 95.8 (24.2) 0.0 (2.1) 22.3 7.3 10.6 2.44 25.6 0.4



2013/03A 27.0 9.0 1.8 (21.3) 184.6 2.2 (0.8) 707.6 1.9 18.1 NA

2013/06A 6.0 12.2 1.6 (59.0) (13.5) 1.9 (50.3) (12.8) 1.2 (67.9) (37.7)

2013/09F 39.0 15.6 2.9 39.0 86.6 3.0 42.1 61.7 2.8 149.2 137.5

2013/12F 87.5 32.7 5.6 779.1 91.4 4.4 1,556.6 45.5 4.7 NA 68.6

2014/03F 30.8 (24.0) 2.4 30.8 (57.7) 2.4 12.1 (45.3) 2.1 14.2 (54.2)

2014/06F 30.8 12.2 2.1 30.8 (13.5) 2.1 9.5 (14.9) 1.8 56.1 (14.9)

2014/09F 30.8 15.6 3.8 30.8 86.6 4.0 32.0 94.9 3.5 28.1 94.9

2014/12F 30.8 32.7 9.2 63.1 138.8 9.0 104.1 125.0 8.0 70.9 125.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 65.6 11.8 9.9 992 23.3 뷰웍스 16.6 3.2 21.2 0.4

FY2014F 87.2 17.1 14.8 1,475 15.7 스몰캡 11.1 1.6 15.2 0.8



뷰웍스

35.3

46.8

65.0

85.0

110.0

53.1 3.9

59.4 4.0

71.9 7.2

87.7 8.6

109.7 9.6

12.6

14.2

16.4

21.8

16.5

18.6

21.4

28.5

0

5,000

10,000

15,000

20,000

25,000


-20

-10

0

10

20

30

40

50KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2009 2010 2011 2012 2013

주가

x39

x30

x22

x13

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



271



비에이치 (090460.KQ) 업데이트 : 2013.07.27




52주 최고가 : 14,900 시가총액(십억원) : 196.2

52주 최저가 : 6,760 60일 평균 거래대금(백만원) : 3,930.3

연중 최고가 : 14,550 외국인지분(%) : 1.9

9 10 11 12 13


5.9 24.9 (3.8) 67.3 3.7

업종 대비 6.1 25.0 (3.7) 67.5 3.9 5

KOSPI 대비 (0.4) 12.3 (5.0) 66.0 4.9 10

22 23 24 19 20



2011/12A 38.0 10.9 101.9 7.7 296.3 8.6 898.5 14.9 752 4,294 0

2012/12A 47.1 18.5 68.7 14.4 88.5 14.1 63.0 23.6 934 5,017 0

2013/12F 69.4 33.2 79.7 33.1 129.1 29.2 107.4 39.3 1,982 6,698 0

2014/12F 17.7 39.6 19.4 38.8 17.3 33.7 15.7 46.6 2,250 8,855 0

2015/12F 19.1 48.9 23.4 47.2 21.8 38.7 14.8 56.7 2,582 11,332 0



2011/12A 59.9 41.1 79.8 (10.3) 7.1 8.6 8.3 1.45 18.4 0.0

2012/12A 70.7 48.9 81.4 (13.7) 8.2 9.8 12.9 2.39 21.5 0.0

2013/12F 99.9 55.6 71.3 (14.3) 8.7 6.4 6.3 1.87 34.2 0.0

2014/12F 133.6 51.4 52.8 (15.2) 8.8 5.3 5.6 1.42 28.9 0.0

2015/12F 172.3 40.3 40.5 (16.1) 9.1 4.2 4.9 1.11 25.3 0.0



2013/03A 77.2 15.4 5.8 59.3 23.2 6.8 103.4 124.2 5.7 67.8 149.7

2013/06F 69.4 25.5 7.5 69.4 30.2 7.4 150.8 8.0 6.5 97.6 15.0

2013/09F 69.4 18.5 9.7 69.4 28.4 9.9 94.1 33.4 8.7 69.7 33.4

2013/12F 64.3 (4.3) 10.2 117.7 5.7 11.9 291.2 21.1 8.3 265.5 (4.6)

2014/03F 17.7 (17.3) 6.8 17.7 (33.4) 9.1 33.6 (23.5) 7.9 40.3 (4.2)

2014/06F 17.7 25.5 8.9 17.7 30.2 8.8 18.6 (4.1) 7.6 17.0 (4.1)

2014/09F 17.7 18.5 11.4 17.7 28.4 11.6 18.0 32.7 10.1 16.4 32.7

2014/12F 17.7 (4.3) 12.6 23.2 10.6 11.7 (2.3) 0.3 8.0 (3.0) (20.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 382.0 33.0 29.0 1,887 6.4 비에이치 5.8 1.5 30.3 0.0

FY2014F 450.0 40.0 34.0 2,175 5.6 스몰캡 11.1 1.6 15.2 0.8



비에이치

153.4

225.6

382.0

449.6

535.5

129.0 67.9

160.8 89.0

215.3 114.3

254.0 119.2

300.8 127.3

73.9

92.8

110.0

105.3

87.0

109.2

129.4

123.9

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


0

20

40

60

80

100

120

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2007 2008 2009 2010 2011 2012 2013

주가

x26

x20

x15

x9

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



272



서흥캅셀 (008490.KS) 업데이트 : 2013.09.24




52주 최고가 : 41,000 시가총액(십억원) : 409.5

52주 최저가 : 17,000 60일 평균 거래대금(백만원) : 1,866.4

연중 최고가 : 40,400 외국인지분(%) : 6.0

9 10 11 12 13


(7.5) 43.9 53.6 94.5 92.4

업종 대비 (7.3) 44.1 53.7 94.7 92.6 5

KOSPI 대비 (13.8) 31.3 52.4 93.1 93.6 10

22 23 24 19 20



2011/12A 12.6 26.9 5.4 24.4 13.4 17.9 19.3 34.7 1,603 16,336 280

2012/12A 10.2 14.4 (46.4) (5.6) NA (4.3) NA 29.2 -383 15,435 150

2013/12F 30.4 30.0 107.6 22.0 NA 18.5 NA 45.1 1,617 16,880 150

2014/12F 18.5 48.0 60.2 38.0 72.5 33.0 78.8 62.6 2,852 19,581 150

2015/12F 15.6 63.0 31.3 57.0 49.8 49.0 48.5 77.7 4,236 23,668 150



2011/12A 187.7 193.7 94.9 (100.2) 14.3 11.3 9.5 0.93 10.0 1.8

2012/12A 177.2 220.9 114.7 (51.5) 7.0 15.7 NA 1.20 (2.4) 0.8

2013/12F 194.0 214.5 102.8 (20.1) 11.1 14.4 21.9 2.10 9.9 0.4

2014/12F 225.2 201.3 85.4 (15.6) 15.0 10.2 12.4 1.81 15.7 0.4

2015/12F 272.5 183.3 66.8 (15.6) 17.0 8.1 8.4 1.50 19.7 0.4



2013/03A 28.2 NA 5.2 0.8 NA 4.1 15.2 NA 3.3 28.1 NA

2013/06A 29.9 8.6 8.9 76.0 70.6 7.2 32.9 77.6 5.3 28.9 59.0



2014/03F 18.5 (44.7) 6.2 18.5 (61.3) 4.6 12.8 (65.0) 4.0 20.9 (66.5)

2014/06F 18.5 8.6 10.5 18.5 70.6 8.3 14.8 80.7 7.2 37.3 80.7


2014/12F 18.5 NA 31.3 97.0 NA 27.2 107.0 NA 23.6 98.0 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 271.6 31.2 21.2 1,618 21.9 서흥캅셀 14.0 1.9 14.2 0.4

FY2014F 312.7 43.5 34.9 2,719 13.1 스몰캡 11.1 1.6 15.2 0.8



서흥캅셀

187.9

207.0

270.0

320.0

370.0

434.2 225.4

466.5 266.5

487.2 268.0

518.7 265.2

559.4 253.6

63.9

69.4

0.0

136.8

75.7

82.2

0.0

162.1

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-20

0

20

40

60

80

100

120

140

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x22

x16

x11

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



273



오스템임플란트 (048260.KQ) 업데이트 : 2013.09.10




52주 최고가 : 39,000 시가총액(십억원) : 411.1

52주 최저가 : 25,600 60일 평균 거래대금(백만원) : 3,365.8

연중 최고가 : 38,350 외국인지분(%) : 20.7

9 10 11 12 13


(1.2) 5.3 (9.8) 10.9 0.5

업종 대비 (1.0) 5.4 (9.7) 11.1 0.7 5

KOSPI 대비 (7.5) (7.3) (11.0) 9.6 1.7 10

22 23 24 19 20



2011/12A 15.5 16.4 26.8 11.4 560.9 5.5 106.3 21.1 397 4,649 0

2012/12A 18.2 20.4 24.3 10.2 (10.9) 6.1 11.5 24.5 439 5,169 0

2013/12F 9.2 21.0 2.6 16.8 64.9 14.0 129.1 25.6 985 6,154 0

2014/12F 13.6 25.0 19.0 21.9 30.2 17.0 21.4 30.9 1,195 7,350 0

2015/12F 16.0 30.0 20.1 28.4 29.9 21.0 23.8 36.6 1,480 8,830 0



2011/12A 59.2 38.2 106.6 (4.0) 9.6 10.5 31.4 2.68 9.1 0.0

2012/12A 73.4 45.2 122.6 (10.5) 10.1 18.6 65.1 5.53 9.2 0.0

2013/12F 87.4 51.0 115.9 (8.8) 9.5 18.2 29.4 4.70 17.4 0.0

2014/12F 104.4 47.2 97.7 (8.1) 10.0 15.0 24.2 3.94 17.7 0.0

2015/12F 125.4 39.1 78.9 (7.8) 10.3 12.4 19.6 3.28 18.3 0.0



2013/03A (0.4) NA 1.0 (74.4) NA 3.8 1.1 NA 3.3 24.0 NA

2013/06A 9.2 26.9 2.7 (46.6) 161.9 3.0 (30.7) (20.4) 2.8 (22.3) (15.4)

2013/09F NA 8.8 9.9 NA 263.6 8.4 NA 176.8 7.0 NA 149.9

2013/12F NA (7.2) 7.4 NA (25.2) 1.5 NA (82.4) 0.8 NA (88.2)

2014/03F 13.6 (11.2) 1.2 13.6 (84.0) (0.2) NA NA (0.1) NA NA

2014/06F 13.6 26.9 3.1 13.6 161.9 2.0 (33.8) NA 1.6 (44.3) NA

2014/09F 13.6 8.8 11.2 13.6 263.6 10.5 24.0 418.3 8.1 15.6 418.3

2014/12F 13.6 (7.2) 9.5 28.8 (15.2) 9.6 544.5 (8.4) 7.4 795.5 (8.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 223.9 21.0 14.3 1,004 29.0 오스템임플란트 25.4 4.1 17.6 0.0

FY2014F 256.3 25.0 19.2 1,308 22.3 스몰캡 11.1 1.6 15.2 0.8



오스템임플란트

170.4

201.4

220.0

250.0

290.0

234.7 168.8

268.9 190.4

285.8 194.4

304.0 195.6

326.8 196.3

44.6

56.6

61.6

57.1

50.7

64.3

70.0

64.9

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2007 2008 2009 2010 2011 2012 2013

주가

x49

x42

x35

x28

x21

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



274



옵트론텍 (082210.KQ) 업데이트 : 2013.08.08




52주 최고가 : 17,850 시가총액(십억원) : 254.1

52주 최저가 : 8,370 60일 평균 거래대금(백만원) : 4,542.9

연중 최고가 : 17,500 외국인지분(%) : 6.3

9 10 11 12 13


2.0 4.6 (20.5) 47.9 (2.3)

업종 대비 2.2 4.7 (20.3) 48.0 (2.2) 5

KOSPI 대비 (4.3) (8.0) (21.7) 46.5 (1.2) 10

22 23 24 19 20



2011/12A (1.7) 13.1 28.3 7.9 175.9 7.5 0.1 18.5 428 4,074 0

2012/12A 65.9 25.5 94.4 17.3 119.1 10.1 35.5 31.7 510 4,382 0

2013/12F 62.6 43.9 72.3 37.9 118.7 33.9 234.9 52.0 1,680 6,023 0

2014/12F 18.3 52.3 19.1 47.5 25.2 41.8 23.3 61.3 2,071 8,094 0

2015/12F 25.0 65.2 24.6 60.4 27.1 51.3 22.8 74.6 2,544 10,638 0



2011/12A 73.9 63.4 96.5 (6.1) 16.0 7.1 8.8 0.92 10.6 0.0

2012/12A 87.6 61.4 71.5 (18.4) 18.8 10.3 25.1 2.92 12.5 0.0

2013/12F 121.5 55.8 54.2 (21.1) 19.9 6.1 7.5 2.09 32.4 0.0

2014/12F 163.3 46.0 38.2 (4.3) 20.1 5.0 6.1 1.56 29.3 0.0

2015/12F 214.6 30.5 24.0 (7.3) 20.0 3.9 5.0 1.18 27.2 0.0



2013/03A 115.4 (25.3) 7.1 189.7 (28.0) 6.7 345.9 27.7 5.6 286.7 408.7

2013/06F 62.6 15.5 8.2 62.6 15.7 6.5 64.4 (2.6) 5.8 104.0 4.3

2013/09F 62.6 55.2 13.2 62.6 61.0 11.9 80.4 81.6 10.6 126.4 81.6

2013/12F 44.3 7.8 15.4 56.0 16.4 11.6 120.9 (2.2) 11.8 969.2 11.0

2014/03F 18.3 (38.8) 8.4 18.3 (45.4) 7.2 6.8 (38.3) 6.3 12.6 (46.4)

2014/06F 18.3 15.5 9.7 18.3 15.7 8.1 23.4 12.6 7.1 21.5 12.6

2014/09F 18.3 55.2 15.6 18.3 61.0 14.4 21.3 78.6 12.7 19.5 78.6

2014/12F 18.3 7.8 18.5 20.5 18.6 15.2 30.9 5.5 15.7 32.8 23.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 216.6 44.0 34.8 1,728 6.8 옵트론텍 6.4 1.7 30.1 0.0

FY2014F 256.7 52.6 42.7 2,116 5.6 스몰캡 11.1 1.6 15.2 0.8



옵트론텍

81.7

135.6

220.5

260.7

325.9

160.9 86.5

181.8 85.2

219.6 89.4

261.0 89.1

302.6 79.7

37.5

43.3

67.2

72.4

44.3

51.2

79.5

85.7

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


0

20

40

60

80

100

120

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x25

x20

x15

x10

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



275



와이솔 (122990.KQ) 업데이트 : 2013.02.07




52주 최고가 : 16,200 시가총액(십억원) : 184.6

52주 최저가 : 11,050 60일 평균 거래대금(백만원) : 2,394.7

연중 최고가 : 15,850 외국인지분(%) : 2.1

9 10 11 12 13


(5.1) 1.2 2.7 23.4 24.1

업종 대비 (4.9) 1.4 2.9 23.6 24.3 5

KOSPI 대비 (11.4) (11.3) 1.5 22.1 25.3 10

22 23 24 19 20



2011/12A 61.4 12.4 (2.4) 10.2 (24.2) 9.6 (11.7) 20.6 932 4,515 150

2012/12F 14.9 10.9 (11.8) 10.7 4.6 10.9 14.2 19.6 992 5,430 150

2013/12F 31.8 16.1 47.3 16.0 49.3 15.5 42.0 25.3 1,398 6,452 150

2014/12F 16.4 20.0 23.9 19.9 24.4 19.3 24.4 29.6 1,740 8,064 150

2015/12F 61.4 52.9 165.0 52.6 164.5 52.6 172.7 63.0 4,743 12,633 150



2011/12A 46.3 23.3 106.1 (21.5) 11.6 10.0 13.7 2.82 23.5 1.2

2012/12F 56.2 22.2 87.5 (13.7) 8.9 8.0 9.8 1.80 21.3 1.5

2013/12F 70.6 17.7 69.7 (12.2) 10.0 8.0 8.7 1.89 24.5 1.2

2014/12F 88.7 12.5 55.4 (11.6) 10.6 6.7 7.0 1.51 24.2 1.2

2015/12F 140.2 (10.0) 35.1 (11.9) 17.4 2.8 2.6 0.97 46.0 1.2



2013/03F 7.0 13.4 1.9 (41.8) NA 1.9 (62.3) NA 1.9 (49.4) 246.1

2013/06F 48.4 60.0 4.3 32.6 125.5 4.2 373.0 120.7 4.1 76.4 120.7

2013/09F 27.3 2.6 5.8 11.4 33.7 5.9 6.4 38.4 5.7 29.8 38.4

2013/12F 44.5 (22.4) 4.1 NA (29.2) 3.1 NA (47.3) 3.9 617.0 (32.2)




2014/12F 403.6 NA 20.0 388.3 NA 19.2 520.2 NA 19.3 400.7 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 189.7 22.4 18.3 1,225 9.6 와이솔 7.4 1.6 24.3 1.2

FY2014F 248.0 30.4 26.7 1,759 6.7 스몰캡 11.1 1.6 15.2 0.8



와이솔

106.7

122.6

161.6

188.0

303.5

103.9 57.5

117.0 60.8

138.6 68.0

159.5 70.8

225.8 85.6

29.3

46.9

48.1

37.3

0.0

0.0

0.0

188.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-20

-10

0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2010 2011 2012

주가

x13

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



276



유아이디 (069330.KQ) 업데이트 : 2013.08.20




52주 최고가 : 12,700 시가총액(십억원) : 118.6

52주 최저가 : 7,290 60일 평균 거래대금(백만원) : 1,134.7

연중 최고가 : 12,450 외국인지분(%) : 2.1

9 10 11 12 13


(3.6) 5.7 (5.8) 27.9 5.1

업종 대비 (3.4) 5.9 (5.7) 28.1 5.2 5

KOSPI 대비 (9.9) (6.8) (7.0) 26.6 6.2 10

22 23 24 19 20



2011/12A 414.7 10.8 252.3 10.2 NA 8.1 NA 12.6 740 2,544 150

2012/12A (0.1) 16.1 48.8 15.3 49.6 12.4 53.0 18.3 1,133 3,482 150

2013/12F 30.4 20.6 27.6 20.3 32.4 16.5 32.8 25.1 1,505 4,749 200

2014/12F 19.2 25.0 21.4 24.3 19.8 19.7 18.9 30.7 1,789 6,183 250

2015/12F 25.0 31.6 26.4 30.7 26.4 24.5 24.8 37.7 2,233 7,988 250



2011/12A 27.6 7.5 36.2 (5.4) 18.7 5.5 7.1 2.06 37.6 2.9

2012/12A 38.7 11.2 44.7 (11.4) 27.8 6.6 8.1 2.64 37.6 1.6

2013/12F 53.8 9.6 31.7 (7.6) 27.2 5.1 6.6 2.10 35.8 2.0

2014/12F 70.8 1.3 21.1 (8.8) 27.7 3.9 5.6 1.61 31.6 2.5

2015/12F 92.3 (7.5) 13.9 (9.2) 28.0 2.9 4.5 1.25 30.1 2.5



2013/03A 10.1 (11.3) 3.3 (0.8) (45.5) 3.1 0.8 (44.9) 2.5 (1.7) (44.1)

2013/06F 30.4 47.1 4.8 30.4 45.5 4.6 31.1 44.7 3.6 27.5 41.7

2013/09F 30.4 (10.7) 4.2 30.4 (12.4) 3.9 30.4 (14.1) 3.1 24.4 (14.5)

2013/12F 46.8 26.0 9.6 60.1 130.5 9.2 60.8 134.7 7.3 60.4 136.7

2014/03F 19.2 (28.0) 3.9 19.2 (59.4) 3.7 18.1 (59.5) 3.3 31.1 (54.3)

2014/06F 19.2 47.1 5.7 19.2 45.5 5.5 21.2 48.4 4.8 32.9 43.7

2014/09F 19.2 (10.7) 5.0 19.2 (12.4) 4.8 21.6 (13.8) 4.2 35.5 (12.9)

2014/12F 19.2 26.0 11.8 23.2 138.2 11.5 25.0 141.3 7.3 0.7 75.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 74.6 20.4 16.0 1,342 7.5 유아이디 5.8 1.7 32.7 2.4

FY2014F 90.0 24.1 19.0 1,598 6.3 스몰캡 11.1 1.6 15.2 0.8



유아이디

58.1

58.0

75.7

90.2

112.8

44.5 17.0

63.0 24.3

76.9 23.9

92.9 23.0

114.8 23.0

13.9

20.5

18.3

23.0

16.6

24.4

21.8

27.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-10

0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x8

x6

x4

x2

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



277



인터파크 (035080.KQ) 업데이트 : 2013.08.14


목표주가 : 11,500 애널리스트 : 최민하


52주 최고가 : 9,410 시가총액(십억원) : 533.6

52주 최저가 : 6,220 60일 평균 거래대금(백만원) : 3,830.0

연중 최고가 : 9,370 외국인지분(%) : 6.3

9 10 11 12 13


2.1 14.5 14.8 30.3 23.5

업종 대비 2.3 14.6 14.9 30.5 23.7 5

KOSPI 대비 (4.2) 1.9 13.6 29.0 24.7 10

22 23 24 19 20



2011/12A (4.7) (15.1) NA (8.9) NA (9.5) NA (6.4) -192 6,391 0

2012/12A 481.8 34.3 NA 55.8 NA 12.5 NA 67.7 260 6,867 30

2013/12F 19.7 58.7 71.2 42.7 (23.5) 15.5 23.9 112.4 281 7,122 40

2014/12F 14.2 79.9 36.2 69.6 63.1 26.3 69.7 140.4 476 7,509 50

2015/12F 10.5 95.9 20.1 84.4 21.2 31.9 21.2 162.3 577 7,987 50



2011/12A 321.0 88.9 72.5 (15.6) (3.5) (79.0) NA 1.05 (2.8) 0.0

2012/12A 388.8 58.3 18.4 (21.8) 1.4 12.2 26.8 1.02 3.5 0.4

2013/12F 404.4 42.4 17.2 (15.2) 2.0 8.3 31.2 1.23 3.9 0.5

2014/12F 427.9 10.2 14.6 (15.9) 2.3 6.6 18.4 1.17 6.3 0.6

2015/12F 457.0 (34.3) 10.7 (16.6) 2.6 5.7 15.2 1.10 7.2 0.6



2013/03A 19.0 437.9 10.7 166.3 (7.0) 2.2 (84.2) 1,615.7 (2.3) NA NA

2013/06F 630.5 12.0 14.4 1,335.8 34.3 (0.3) NA NA (0.4) NA NA

2013/09F 582.4 3.3 14.7 471.3 2.4 23.1 39.2 NA 8.7 (32.7) NA

2013/12F 569.4 7.6 18.9 63.9 28.1 17.8 13,820.4 (23.1) 9.5 NA 9.5

2014/03F 13.2 (9.1) 13.3 24.5 (29.3) 8.9 305.2 (50.1) 3.3 NA (64.9)

2014/06F 16.1 15.0 19.2 33.8 44.3 19.0 NA 114.7 7.2 NA 114.7

2014/09F 14.5 1.8 22.8 55.0 18.6 22.5 (2.7) 17.9 8.5 (2.7) 17.9

2014/12F 13.1 6.3 24.5 30.0 7.5 19.2 8.4 (14.3) 7.3 (23.8) (14.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 3,096.0 60.4 28.9 376 23.4 인터파크 20.6 1.2 5.7 0.5

FY2014F 3,389.4 80.8 51.8 662 13.3 스몰캡 11.1 1.6 15.2 0.8



인터파크

427.8

2,488.6

2,977.7

3,400.6

3,759.1

777.7 448.8

1,515.1 780.8

1,524.3 758.9

1,741.0 925.9

1,927.6 1,051.6

658.5

737.8

761.9

819.5

745.1

856.7

872.0

926.7

0

1,336

2,671

4,007

5,342

6,678

8,014

9,349

10,685


-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x32

x24

x16

x8

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



278



제이브이엠 (054950.KQ) 업데이트 : 2013.09.16

투자의견 : 중립 업종 : 스몰캡 주가 수익률(12개월)

목표주가 : - 애널리스트 : 한지형


52주 최고가 : 60,900 시가총액(십억원) : 308.6

52주 최저가 : 40,850 60일 평균 거래대금(백만원) : 1,205.7

연중 최고가 : 60,700 외국인지분(%) : 9.0

9 10 11 12 13


(9.7) 13.1 (6.3) 15.5 1.4

업종 대비 (9.6) 13.3 (6.1) 15.7 1.5 5

KOSPI 대비 (16.1) 0.6 (7.4) 14.2 2.5 10

22 23 24 19 20



2011/12A 33.7 20.4 104.5 16.5 51.6 12.5 111.4 22.9 2,010 11,214 0

2012/12A 3.1 14.3 (29.8) 14.2 (14.0) 6.0 (51.8) 17.7 967 12,421 0

2013/12F 9.2 14.5 1.4 14.0 (1.1) 11.0 82.0 18.3 1,741 14,159 0

2014/12F 17.6 18.0 24.0 19.0 35.4 15.0 36.0 22.1 2,374 16,522 0

2015/12F 20.0 25.0 38.7 26.5 39.5 22.0 46.9 29.4 3,487 19,992 0



2011/12A 68.7 46.7 148.5 (1.6) 27.1 13.9 21.4 3.83 20.1 0.0

2012/12A 78.6 34.8 84.4 (4.4) 18.4 18.6 48.0 3.74 8.2 0.0

2013/12F 89.6 31.6 68.6 (5.5) 17.1 18.6 28.0 3.44 13.1 0.0

2014/12F 104.6 28.9 54.0 (5.9) 18.0 15.3 20.5 2.95 15.4 0.0

2015/12F 126.6 25.0 41.1 (6.2) 20.8 11.3 14.0 2.44 19.0 0.0



2013/03A (30.9) (43.2) 0.0 (98.9) (98.0) 0.3 (93.2) (74.6) 0.4 (86.8) NA

2013/06A 4.4 66.3 5.6 17.2 11,601.6 4.9 30.7 1,702.2 3.6 10.6 788.1

2013/09F 9.2 (13.1) 3.3 9.2 (41.6) 4.2 (21.6) (12.9) 3.3 94.3 (7.9)

2013/12F 46.3 78.5 5.7 134.0 74.0 4.6 335.5 9.4 3.7 NA 9.7

2014/03F 17.6 (54.4) 0.1 17.6 (99.0) 2.1 663.7 (55.5) 1.6 299.7 (55.5)

2014/06F 17.6 66.3 6.6 17.6 11,601.7 7.9 62.7 283.9 6.2 72.7 283.9

2014/09F 17.6 (13.1) 3.8 17.6 (41.6) 4.8 13.0 (39.5) 3.8 13.5 (39.5)

2014/12F 17.6 78.5 7.6 33.9 98.0 4.2 (9.4) (12.3) 3.3 (9.3) (12.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 84.8 16.2 12.2 1,934 25.3 제이브이엠 22.1 3.1 14.8 0.0

FY2014F 105.0 22.9 18.3 2,892 16.9 스몰캡 11.1 1.6 15.2 0.8



제이브이엠

75.5

77.9

85.0

100.0

120.0

186.8 118.2

163.6 85.0

168.8 79.3

180.7 76.3

197.0 71.8

12.7

21.1

18.4

32.8

15.0

24.9

21.6

38.6

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-10

-5

0

5

10

15

20

25

30

35

40

45

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2006 2007 2008 2009 2010 2011 2012 2013

주가

x48

x37

x26

x15

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



279



제이콘텐트리 (036420.KQ) 업데이트 : 2013.08.30


목표주가 : 6,500 애널리스트 : 정희석


52주 최고가 : 5,700 시가총액(십억원) : 311.1

52주 최저가 : 3,170 60일 평균 거래대금(백만원) : 3,352.8

연중 최고가 : 5,650 외국인지분(%) : 3.9

9 10 11 12 13


3.3 5.6 (4.4) 9.1 22.3

업종 대비 3.4 5.7 (4.3) 9.2 22.4 5

KOSPI 대비 (3.1) (7.0) (5.6) 7.7 23.4 10

22 23 24 19 20



2011/12A 11.3 3.6 382.9 16.9 NA 18.1 NA 14.2 324 1,334 0

2012/12A 187.3 42.6 1,098.0 29.4 73.9 11.6 (35.8) 63.1 181 1,510 0

2013/12F 7.9 46.4 9.1 37.6 28.0 14.5 25.3 67.9 227 1,732 0

2014/12F 17.4 63.0 35.7 55.0 46.2 25.1 72.6 87.6 391 2,114 0

2015/12F 8.3 73.4 16.5 62.2 13.1 28.3 13.0 100.0 443 2,547 0



2011/12A 82.3 87.6 149.2 (0.8) 2.6 22.1 10.7 2.59 40.0 0.0

2012/12A 93.8 145.1 181.1 (10.6) 10.8 6.9 21.4 2.57 13.2 0.0

2013/12F 108.4 140.9 152.1 (17.1) 10.9 7.5 20.9 2.74 14.4 0.0

2014/12F 133.4 133.1 123.1 (17.8) 12.7 5.9 12.1 2.25 20.7 0.0

2015/12F 161.7 133.9 102.2 (19.4) 13.6 5.4 10.7 1.87 19.2 0.0



2013/03A 1.5 NA 9.0 57.2 NA 5.6 14.9 NA (0.3) NA NA

2013/06F NA (5.8) 7.7 NA (14.7) 4.5 NA (19.7) 2.0 NA NA

2013/09F NA 31.8 17.2 NA 122.9 14.2 NA 214.5 7.7 NA 289.2

2013/12F NA (11.3) 12.5 NA (27.6) 13.3 NA (6.2) 5.2 NA (32.4)

2014/03F 14.5 3.9 10.0 10.0 (20.1) 8.0 41.6 (40.2) 3.3 NA (35.9)

2014/06F 26.5 4.1 15.1 95.7 51.8 13.1 190.6 64.8 6.8 245.0 104.5

2014/09F 7.6 12.1 20.1 16.9 33.2 18.1 27.7 38.2 7.5 (1.6) 11.0

2014/12F 23.3 1.7 17.8 43.2 (11.3) 15.8 19.0 (12.6) 7.4 43.4 (1.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 428.5 46.4 32.0 244 19.4 제이콘텐트리 13.6 2.4 19.1 0.0

FY2014F 485.5 63.0 41.5 344 13.8 스몰캡 11.1 1.6 15.2 0.8



제이콘텐트리

136.8

393.2

424.2

498.0

539.4

262.7 181.2

514.5 382.3

571.9 409.0

662.5 454.4

717.2 458.4

99.0

93.3

122.9

109.1

113.3

117.9

132.2

134.5

0

1,336

2,671

4,007

5,342

6,678


-30

-20

-10

0

10

20

30

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x24

x18

x12

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



280



휴비츠 (065510.KQ) 업데이트 : 2013.09.10




52주 최고가 : 28,900 시가총액(십억원) : 192.3

52주 최저가 : 13,400 60일 평균 거래대금(백만원) : 3,051.4

연중 최고가 : 26,250 외국인지분(%) : 18.1

9 10 11 12 13


(1.9) 1.9 (3.2) 30.7 23.2

업종 대비 (1.7) 2.1 (3.0) 30.9 23.4 5

KOSPI 대비 (8.2) (10.6) (4.4) 29.4 24.4 10

22 23 24 19 20



2011/12A 24.5 11.5 18.0 9.8 16.4 8.8 24.4 15.4 958 4,850 150

2012/12A 18.1 12.6 9.5 12.7 29.3 11.1 26.0 16.9 1,063 5,898 150

2013/12F 11.4 14.0 11.0 13.0 2.4 11.0 (0.7) 20.4 1,045 6,784 150

2014/12F 13.3 16.5 17.9 15.0 15.4 13.0 18.2 25.2 1,235 7,869 150

2015/12F 17.6 21.0 27.4 19.5 30.1 16.5 27.1 30.6 1,570 9,289 150



2011/12A 48.8 (1.3) 22.0 (2.6) 20.1 8.3 12.9 2.55 19.9 1.2

2012/12A 61.9 (1.2) 18.1 (9.3) 18.7 9.3 13.9 2.51 20.0 1.0

2013/12F 71.3 11.3 37.0 (20.0) 18.6 10.2 17.5 2.70 16.5 0.8

2014/12F 82.7 6.2 28.5 (7.0) 19.4 8.1 14.8 2.33 16.9 0.8

2015/12F 97.6 (0.1) 21.3 (7.4) 21.0 6.5 11.7 1.97 18.3 0.8



2013/03A 0.4 NA 1.3 (48.7) NA 0.7 (78.7) NA 0.4 (83.1) NA

2013/06A 4.5 23.9 3.3 (9.0) 147.3 2.3 (32.5) 244.7 2.4 (27.0) 442.6



2014/03F 13.3 (58.3) 1.5 13.3 (83.7) 1.8 167.2 (82.4) 1.6 256.2 (81.3)

2014/06F 13.3 23.9 3.8 13.3 147.3 3.7 59.6 105.9 3.2 35.2 105.9


2014/12F 13.3 NA 11.2 20.2 NA 9.6 (5.7) NA 8.3 (0.1) NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2013F 76.9 14.2 12.2 1,082 16.8 휴비츠 15.4 2.4 16.8 0.8

FY2014F 86.2 16.5 14.6 1,316 13.8 스몰캡 11.1 1.6 15.2 0.8



휴비츠

57.0

67.3

75.0

85.0

100.0

68.1 16.4

83.9 18.6

109.6 34.4

119.2 32.1

133.4 30.3

15.1

18.8

0.0

41.1

17.2

21.3

0.0

46.6

0

5,000

10,000

15,000

20,000

25,000

30,000


-10

0

10

20

30

40

50

60

70

80

90

100

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x21

x16

x12

x8

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



281

Appendix

Contents

업종 분류 .............................................................................284

경제 전망 .............................................................................285

주요 증시 이벤트 .........................................................................287

유무상 증자일정 .........................................................................288

이해관계 법인 현황 ....................................................................289

업종별 담당 애널리스트 ..................................................................290

용어 해설 ................................................................................291


한국증권 유니버스 업종분류

자원개발

석유정제 음식료/담배

생활용품

화학

건설자재

철강/비철금속

제지

은행

건설 증권

전기부품/설비 보험

지주회사/복합기업

조선 인터넷/소프트웨어

기계 통신장비/부품

상업서비스/기타 디스플레이

운송 전자부품

반도체/반도체장비

자동차/자동차 부품

섬유/의류

호텔/레저

교육서비스

소비자서비스

미디어/광고

유통

필수소비재

산업재

경기소비재

통신서비스

유틸리티

IT

금융

에너지

소재 제약/바이오

통신서비스

전력/가스

의료

284


연간 경제전망

2007 2008 2009 2010 2011 2012 2013F 2014F

국민계정

실질GDP (2005년 기준) (%,YoY) 5.1 2.3 0.3 6.2 3.6 2.0 2.5 3.8

최종소비지출 (%,YoY) 5.1 2.0 1.2 4.1 2.3 2.2 1.8 2.9

민간소비 (%,YoY) 5.1 1.3 0.0 4.4 2.4 1.7 1.5 3.0

정부지출 (%,YoY) 5.4 4.3 5.6 2.9 2.1 3.9 3.1 2.8

총자본형성 (%,YoY) 3.5 0.0 (13.5) 15.8 1.4 (1.8) 1.4 5.3

고정자본형성 (%,YoY) 4.2 (1.9) (1.0) 5.8 (1.0) (1.7) 3.2 5.1

건설투자 (%,YoY) 1.4 (2.8) 3.4 (3.7) (4.7) (2.2) 7.1 4.5

설비투자 (%,YoY) 9.3 (1.0) (9.8) 25.7 3.6 (1.9) (3.4) 5.5

재화와 용역의 수출 (%,YoY) 12.6 6.6 (1.2) 14.7 9.1 4.2 5.1 5.3

재화와 용역의 수입 (%,YoY) 11.7 4.4 (8.0) 17.3 6.1 2.5 4.3 5.4

대외거래

수출 (십억달러) 371.5 422.0 363.5 466.4 555.2 547.9 564.5 588.3

증가율 (%,YoY) 14.1 13.6 (13.9) 28.3 19.0 (1.3) 3.0 4.2

수입 (십억달러) 356.8 435.3 323.1 425.2 524.4 519.6 525.7 562.1

증가율 (%,YoY) 15.3 22.0 (25.8) 31.6 23.3 (0.9) 1.2 6.9

무역수지 (십억달러) 14.6 (13.3) 40.4 41.2 30.8 28.3 38.8 26.2

경상수지 (십억달러) 21.8 3.2 32.8 29.4 26.1 43.2 42.3 21.5

수출(원화기준) (조원) 345.1 465.5 463.9 539.2 615.2 617.5 628.1 663.0

증가율 (%,YoY) 11.0 34.9 (0.3) 16.2 14.1 0.4 1.7 5.6

수입(원화기준) (조원) 331.5 480.1 412.3 491.5 581.0 585.6 586.7 633.5

증가율 (%,YoY) 12.2 44.8 (14.1) 19.2 18.2 0.8 0.2 8.0

물가

생산자물가 (%,YoY) 1.4 8.5 (0.2) 3.8 6.7 2.2 (1.3) 1.6

소비자물가 (%,YoY) 2.5 4.7 2.8 3.0 4.0 0.7 1.6 2.7

WTI 가격(평균) (달러/배럴) 72.3 99.5 61.9 79.5 94.9 94.0 100.0 102.5

시장지표

원/달러 환율(기말) (원) 936.0 1,260.0 1,165.0 1,135.0 1,152.0 1,071.0 1,150.0 1,130.0

원/달러 환율(평균) (원) 929.0 1,103.0 1,276.0 1,156.0 1,108.0 1,127.0 1,112.0 1,127.0

기준금리(기말) (%) 5.00 3.00 2.00 2.50 3.25 2.75 2.25 2.25

285


분기 경제전망

2012 2013 2014

Q1 2Q 3Q 4Q Q1 2Q 3Q(F) 4Q(F) Q1(F) 2Q(F) 3Q(F) 4Q(F)

국민계정

실질GDP (2005년 기준) (%,YoY) 2.8 2.4 1.6 1.5 1.5 2.3 2.9 3.4 3.5 3.4 3.9 4.3

최종소비지출 (%,YoY) 2.1 1.6 2.1 2.8 1.4 2.2 1.8 2.0 2.9 2.5 2.9 3.4

민간소비 (%,YoY) 1.3 1.0 1.7 2.7 1.5 1.7 1.4 1.4 2.6 2.7 3.1 3.5

정부소비 (%,YoY) 4.9 3.6 3.5 3.4 1.3 3.9 3.3 4.0 4.1 2.1 2.3 2.7

총자본형성 (%,YoY) 2.7 (1.7) (3.7) (3.7) (2.7) 0.6 3.2 3.9 5.4 3.5 6.3 6.4

고정자본형성 (%,YoY) 3.7 (2.6) (2.5) (4.2) (3.8) 2.7 4.7 7.9 6.7 3.8 4.8 5.7

건설투자 (%,YoY) (0.4) (3.1) (0.3) (4.2) 2.4 7.1 6.5 10.8 6.1 4.1 4.2 5.0

설비투자 (%,YoY) 8.8 (3.5) (6.9) (5.2) (11.9) (5.1) 1.6 2.5 4.7 4.2 5.8 7.1

재화와 용역의 수출 (%,YoY) 5.7 3.5 3.2 4.4 3.4 5.3 4.4 7.0 5.4 5.1 5.2 5.4

재화와 용역의 수입 (%,YoY) 4.7 0.5 1.4 3.5 1.8 4.6 4.4 6.3 5.5 5.5 5.3 5.5

대외거래

수출 (십억달러) 134.8 140.1 133.1 140.0 135.4 141.3 140.3 147.4 137.7 149.0 147.4 154.1

증가율 (%,YoY) 2.9 (1.7) (5.8) (0.4) 0.4 0.8 5.3 5.4 1.7 5.5 5.1 4.5

수입 (십억달러) 133.7 130.4 125.7 129.8 129.7 127.5 130.6 137.9 135.7 138.9 141.6 145.9

증가율 (%,YoY) 7.8 (2.9) (6.9) (1.1) (3.0) (2.3) 4.0 6.2 4.7 8.9 8.4 5.8

무역수지 (십억달러) 1.3 9.7 7.5 10.1 5.7 13.8 9.6 9.6 2.0 10.2 5.8 8.2

경상수지 (십억달러) 2.6 11.2 14.6 14.8 10.0 18.6 8.2 5.5 0.9 6.8 6.4 7.4

수출(원화기준) (조원) 152.6 161.5 150.8 150.6 147.0 158.7 155.9 166.6 154.9 166.7 166.6 174.6

증가율 (%,YoY) 4.0 4.6 (1.6) (6.2) (3.6) (1.8) 3.4 10.6 5.4 5.1 5.5 4.8

수입(원화기준) (조원) 151.1 150.3 142.3 139.8 140.7 143.2 146.9 155.8 152.7 155.4 160.0 165.3

증가율 (%,YoY) 9.1 3.3 (2.8) (7.0) (6.9) (4.8) 3.2 11.5 8.5 8.6 8.9 6.1

물가

생산자물가 (%) 2.9 0.9 (0.2) (0.9) 1.4 (2.3) (0.9) (0.3) 0.4 1.8 1.9 2.2

소비자물가 (%) 3.0 2.4 1.6 1.7 (1.9) 1.1 1.7 2.1 2.5 3.1 2.9 2.4

WTI 가격(평균) (달러/배럴) 102.9 93.4 92.3 88.0 94.4 94.1 105.0 107.0 105.0 103.0 102.0 100.0

시장지표

원/달러 환율(기말) (원) 1,133.0 1,145.0 1,111.0 1,071.0 1,111.0 1,142.0 1,077.0 1,150.0 1,140.0 1,100.0 1,120.0 1,130.0

원/달러 환율(평균) (원) 1,131.0 1,152.0 1,133.0 1,090.0 1,085.0 1,123.0 1,111.0 1,130.0 1,125.0 1,119.0 1,130.0 1,133.0

기준금리(기말) (%) 3.25 3.25 3.00 2.75 2.75 2.50 2.25 2.25 2.25 2.25 2.25 2.25

286


주요 증시 이벤트

월 화 수 목 금

1 2 3 4[한국]

9월 CPI MoM, YoY

9월 HSBC/Markit 제조업 PMI

[미국]

9월 Markit PMI 최종

9월 ISM 제조업지수

9월 ISM 구매물가지수

[유럽]

9월 유로존 제조업 PMI (최종)

9월 독일 제조업 PMI (최종)

[중국]

9월 관방 제조업 PMI

9월 HSBC 제조업 PMI

[일본]

9월 자동차 판매 YoY

[미국]

9월 총 차량판매

MBA 주택융자 신청지수

9월 ADP 취업자 변동

[유럽]

8월 유로존 생산자물가지수

[일본]

9월 본원통화 YoY

[미국]

신규 실업수당 청구건수

실업보험연속수급신청자수

8월 제조업 수주

9월 ISM 비제조업지수

[유럽]

ECB 금리 공시

8월 소매판매 MoM, YoY

9월 유로존 서비스 PMI(최종)

8월 독일 서비스 PMI(최종)

[중국]

9월 관방 비제조업 PMI

[미국]

9월 비농업부분고용자수 변동

9월 실업률

[중국]

9월 HSBC/Markit 서비스 PMI

[일본]

일본은행 정책금리

7 8 9 10 11[일본]

8월 예상 동행지수

8월 예상 선행지수 CI

[미국]

9월 NFIB 소기업 낙관지수

8월 무역수지

10월 IBD/TIPP 경기낙관지수

[유럽]

8월 독일 공장수주

[일본]

8월 BoP 경상수지

[미국]


8월 도매재고 MoM

9월 FOMC 의사록 공개

[유럽]

8월 독일 산업생산 SA

[한국]

금통위 기준금리 발표

[미국]



9월 수입물가지수

[중국]

9월 외환보유고

[일본]

8월 기계수주

[한국]

9월 수출/수입 물가지수

[미국]

9월 생산자물가지수

9월 소매판매

[중국]

10월 무역수지

[일본]

9월 통화량 M2 YoY

9월 통화량 M3 YoY

9월 국내 CGPI YoY

14 15 16 17 18[유럽]

8월 산업생산 SA

[중국]

9월 소비자물가지수

9월 생산자물가지수

[미국]

8월 기업재고

[일본]

8월 광공업생산

8월 설비가동률

[한국]

9월 실업률 SA

[미국]


9월 유로존 소비자물가지수

8월 순 TIC 흐름

10월 NAHB 주택시장지수

연준 베이지북 발간

[유럽]

9월 유로존 소비자물가지수

8월 유로존 무역수지

[한국]

9월 생산자물가지수 YoY

[미국]



9월 주택착공건수

9월 건축허가

[미국]

10월 필라델피아 연준 경기전

망

[중국]

3분기 GDP

9월 광공업생산

[중국]

9월 소매판매

[일본]

9월 전국 백화점 판매

21 22 23 24 25[미국]

9월 시카고 연방 국가활동 지수

9월 기존주택매매

[일본]

8월 최종 동행지수

8월 최종 선행지수 CI

9월 조정 무역수지

[미국]


8월 주택가격지수 MoM

[미국]



10월 잠정 Markit PMI

[유럽]

10월 유로존 제조업 PMI 예상

10월 독일 제조업 PMI 예상

[중국]

10월 HSBC 플래시 제조업

PMI

[한국]

3분기 예상 GDP SA QoQ,

YoY

8월 BoP 상품수지

[미국]

10월 미시간대 기대지수 최종

[유럽]

9월 독일 소매판매

[일본]

9월 전국 소비자물가지수

28 29 30 31[한국]

10월 소비자기대지수

[미국]

9월 미결주택매매

[한국]

9월 BoP 경상수지

[미국]

8월 케이스쉴러 주택가격지수

[일본]

9월 실업률

9월 소매판매

[한국]

9월 광공업생산 YoY

[미국]


10월 ADP 취업자 변동

3분기 GDP 연간화 QoQ

FOMC 금리결정

[유럽]

10월 소비자기대지수

10월 예상 독일 소비자물가지

수

[일본]

9월 광공업생산 예상

9월 자동차 생산

[미국]



[유럽]

9월 유로존 실업률

10월 예상 유로존 소비자물가

지수

[일본]

일본은행 정책금리

9월 건설 수주 YoY

10월 Markit/JMMA 제조업 PMI

10월

287


유무상 증자 일정

유가증권시장

코드 종목 증자구분 발행가 발행주식수 배정기준일 납입일 배정비율 청약기간(원) (주)

A036460 한국가스공사 유상보통 47,250 15,028,490 2013.09.06 2013.10.29 0.17 2013.10.21 ~ 2013.10.22

A092220 KEC 유상보통 774 40,000,000 2013.09.17 2013.11.05 2.10 2013.10.28 ~ 2013.10.29

A011200 현대상선 유상보통 14,300 15,000,000 2013.09.24 2013.11.15 0.08 2013.11.07 ~ 2013.11.08

A007980 태평양물산 유상보통 3,100 7,900,000 2013.09.25 2013.11.15 0.30 2013.11.07 ~ 2013.11.08

A000370 한화손해보험 유상보통 3,905 42,000,000 2013.10.11 2013.11.15 0.69 2013.11.07 ~ 2013.11.08

코스닥

코드 종목 증자구분 발행가 발행주식수 배정기준일 납입일 배정비율 청약기간(원) (주)

A032860 자원 유상보통 695 18,331,226 2013.08.14 2013.10.01 0.74 2013.09.23 ~ 2013.09.24

A051380 피씨디렉트 유상보통 2,570 2,700,000 2013.08.21 2013.10.04 0.57 2013.09.26 ~ 2013.09.27

A051370 인터플렉스 유상보통 31,000 2,400,000 2013.09.05 2013.10.18 0.17 2013.10.15 ~ 2013.10.16

A079190 EMW 유상보통 3,240 1,400,000 2013.09.16 2013.11.05 0.11 2013.10.28 ~ 2013.10.29

A021880 씨엑스씨종합캐피탈 유상보통 - 33,000,000 2013.09.24 2013.11.14 0.66 2013.11.11 ~ 2013.11.12

A066980 하이쎌 유상보통 1,330 10,200,000 2013.09.25 2013.11.08 0.36 2013.10.31 ~ 2013.11.01

A039790 위노바 유상보통 500 22,000,000 2013.10.07 2013.11.21 0.71 2013.11.11 ~ 2013.11.12

A111610 승화프리텍 유상보통 780 10,918,723 2013.10.10 2013.11.21 0.70 2013.11.11 ~ 2013.11.12

A018700 바른손 유상보통 1,085 11,000,000 2013.10.14 2013.11.22 0.39 2013.11.14 ~ 2013.11.15

A001540 안국약품 유상보통 7,450 939,597 2013.10.17 2013.11.29 0.09 2013.11.21 ~ 2013.11.22

A033430 한국자원투자개발 유상보통 500 1,998,000 2013.09.27 - 2013.09.26 ~ 2013.09.27

A044180 국제디와이 유상보통 260 3,846,153 2013.10.02 - 2013.09.30 ~ 2013.09.30

A078940 일경산업개발 유상보통 1,015 10,000,000 2013.11.01 - 2013.10.29 ~ 2013.10.30

A048530 인트론바이오 무상보통 - 3,223,740 2013.10.10 0.30

288


이해관계 법인 현황

이해관계 내역 종목명 기준일/적용일 보유비율(%)

자기주식취득 삼성화재 2013.09.13 ~ 2013.12.12

휴켐스 2013.07.09 ~ 2014.07.08

락앤락 2013.06.12 ~ 2013.12.11

컴투스 2013.01.22 ~ 2014.01.21

인터플렉스 2013.02.06 ~ 2013.12.31

비아트론 2013.07.03 ~ 2013.12.31

POSCO 2013.07.09 ~ 2015.07.30

LG상사 2013.08.14 ~ 2015.08.31

기업은행 2013.01.02 ~ 2017.12.31

대우인터내셔널 2012.04.17 ~ 2018.04.16

GS리테일 2011.11.23 ~ 2013.11.22

비아트론 2012.05.04 ~ 2014.05.03

AJ렌터카 2012.07.27 ~ 2014.07.26

에스비에스(SBS) 2013-09-26 8.10%

하나금융지주 2013-09-26 0.80%

AJ렌터카 2013-09-26 3.25%

인터플렉스 2013-09-26 2.10%

고려아연 엔씨소프트 GS홈쇼핑

금호석유 오리온 KB금융

기아차 우리금융 KT

대림산업 이마트 KT&G

대우조선해양 제일모직 LG

동서 파라다이스 LG디스플레이

롯데쇼핑 하나금융지주 LG생활건강

롯데케미칼 한국가스공사 LG유플러스

만도 한국전력 LG이노텍

삼성물산 현대건설 LG전자

삼성생명 현대글로비스 LG화학

삼성엔지니어링 현대모비스 OCI

삼성전기 현대위아 POSCO

삼성전자 현대제철 SK

삼성중공업 현대중공업 SK이노베이션

삼성테크윈 현대차 SK텔레콤

삼성화재 CJ오쇼핑 SK하이닉스

삼성SDI CJ제일제당 S-Oil

서울반도체 GS

신한지주 GS건설

ELW발행 및 유동성공급자

(58개 기업)

IPO 주관사

자기주식취득 신탁

기타 이해관계

투자유가증권

289


업종별 담당 애널리스트

산업 섹터 애널리스트 직 책 전화E-mail

@truefriend.com

이준재 상무 3276-6156 junj.lee

에너지 정유/화학 양정훈 수석연구원 6174 mattew.yang

홍보화 연구원 5644 bohwa.hong

소재 철강/비철금속/전선 최문선 수석연구원 6182 moonsun

박선영 연구원 6195 sunyoung.park

건설 이경자 수석연구원 6155 momo322

안형준 연구원 4460 hyungjoon

산업재 지주회사 이 훈 연구위원 6158 hoon.lee

김서윤 연구원 5782 seoyun.kim

조선/기계 박 민 수석연구원 6175 richard.park

조철희 연구원 6189 chulhee.cho

스몰캡 한지형 수석연구원 6236 jhh6

이민영 수석연구원 6235 my.lee

정희석 수석연구원 6277 heuiseok.j

최민하 수석연구원 6260 mhchoi

경기소비재 자동차/자동차 부품 서성문 전문위원 6152 sungmoon.suh

진 만 연구원 6279 jinman05

타이어 김진우 수석연구원 6278 jinwoo.kim

섬유/의류/제지 나은채 수석연구원 6160 ec.na

나진아 연구원 6171 jinah.na

유통 여영상 연구위원 6195 yeongsang.yeo

박준식 연구원 6820 junsik.park

필수소비재 음식료/담배 이경주 연구위원 6269 kjlee

최원준 연구원 5534 wonjoon.choi

의료 제약/화장품 이정인 수석연구원 6239 jilee

이상은 연구원 6196 sangeun.lee

금융 증권/보험 이철호 연구위원 6167 chlee

박석규 연구원 6186 sk.park

은행/카드 이고은 수석연구원 5956 joanne.lee

최수현 연구원 4126 soohyun.choi

IT 인터넷/SW/엔터테인먼트 홍종길 연구위원 6168 jonggil

박다희 연구원 6172 dahui.park

반도체 서원석 연구위원 6162 wonseo

이지용 연구원 6170 jy.lee

디스플레이 유종우 연구위원 6178 jay_woo

전기전자 이승혁 연구위원 4589 kevin.lee

최재훈 연구원 5643 jaehoon.choi

통신장비/부품 박기흥 수석연구원 4130 kiheung.park

통신서비스 통신서비스 양종인 전문위원 6153 jiyang

황인혁 연구원 6245 inhyuk.hwang

미디어 김시우 수석연구원 6240 swkim

한상웅 연구원 4563 sangung

유틸리티 전력/가스/운송 윤희도 연구위원 6165 heedo

이창원 연구원 4564 cw.lee

매크로/시장 거시경제 전민규 연구위원 6229 min.jun

진은정 수석연구원 5231 eunjung.jin

투자전략/시황 노근환 전문위원 6226 khnoh

박소연 연구위원 4176 sypark

박중제 수석연구원 6560 jj.park

김철중 수석연구원 6247 cjkim

이수정 연구원 6252 sujeong.lee

송승연 연구원 6273 seungyeon.song

계량분석 안 혁 수석연구원 6272 ray.ahn

허영주 수석연구원 6238 youngjoo.huh

박가영 수석연구원 5979 parkga00

정인곤 연구원 6166 inkon.jung

센터장

290


주요 용어 해설

① 투자의견 향후 12개월간 현 주가 대비 주가등락 기준

매 수 : 현 주가 대비 15% 이상의 주가 상승 예상

중 립 : 현 주가 대비 -15 ~ 15%의 주가 등락 예상

비중축소 : 현 주가 대비 15% 이상의 주가 하락 예상

② 현재주가 보통주 최근 종가

③ 시가총액 우선주 포함 전체 시가총액

④ 순이익 연결: 지배주주지분순이익, 개별: 당기순이익, 별도: 지분법적용순이익

⑤ EBITDA = 영업이익 + 감가상각비 + 무형자산상각비

⑥ EPS = (순이익 - 우선주 배당금 - 잔여배당가능이익 중 우선주귀속분) / 평균발행주식수 (보통주)

⑦ 자본총계 연결: 지배주주지분, 개별: 자본총계, 별도: 지분법적용자본총계

⑧ D/E = 이자지급차입금 / 자본총계

⑨ EV/EBITDA EV = 시가총액 - 자기주식 + 순차입금 + 비지배주주지분(연결인 경우)

순차입금 = 이자지급차입금 - (현금 및 현금성 자산 + 단기투자자산)

이자지급차입금 = 단기차입금 + 유동성 장기부채 + 사채 + 장기차입금 + 금융리스부채

⑩ PER = 보통주 종가 / EPS

삼성전자 (005930.KS) 업데이트 : 2011.07.04


목표주가 : 1,120,000 애널리스트 : 한승훈


52주 최고가 : 1,014,000 시가총액(십억원) : 123,289.5

52주 최저가 : 735,000 60일 평균 거래대금(백만원) : 293,354.0

연중 최고가 : 1,010,000 외국인지분(%) : 51.1

9 10 11 12 13


0.6 (7.0) (17.1) 0.0 (12.6)

업종 대비 0.7 (6.9) (17.0) 0.1 (12.5) 5

KOSPI 대비 (3.9) (4.6) (19.4) (21.6) (16.8) 10

22 23 24 19 20



2009/12A 12.4 10,925.3 81.1 12,191.6 85.3 9,571.6 73.2 22,063.0 64,888 458,288 8,000

2010/12A 13.4 17,296.5 58.3 19,328.7 58.5 15,799.0 65.1 28,690.4 105,992 548,698 10,000

2011/12F 11.2 15,028.2 (13.1) 17,339.1 (10.3) 13,593.9 (14.0) 29,033.5 90,552 622,223 10,000

2012/12F 8.7 18,788.0 25.0 21,460.2 23.8 16,824.8 23.8 35,079.1 112,051 715,127 10,000

2013/12F 4.1 18,217.6 (3.0) 20,908.2 (2.6) 16,392.0 (2.6) 35,314.1 109,168 805,435 10,000



2009/12A 69,565.1 (11,488.9) 12.9 (8,072.2) 8.0 5.5 12.3 1.74 15.0 1.0

2010/12A 85,589.6 (11,704.6) 12.1 (21,619.2) 11.2 5.1 9.0 1.73 20.4 1.1

2011/12F 98,098.7 (11,999.5) 10.7 (23,000.0) 8.7 4.4 9.2 1.35 14.8 1.2

2012/12F 113,904.6 (10,913.5) 9.3 (25,300.0) 10.1 3.7 7.5 1.17 15.9 1.2

2013/12F 129,268.9 (12,923.7) 8.2 (26,565.0) 9.4 3.6 7.7 1.04 13.5 1.2



2010/03A NA NA 4,405.6 NA NA 4,972.9 NA NA 4,016.4 NA NA

2010/06A NA 9.4 5,014.2 NA 13.8 5,314.0 NA 6.9 4,172.7 NA 3.9

2010/09A NA 6.2 4,864.4 NA (3.0) 5,423.7 NA 2.1 4,310.4 NA 3.3

2010/12A NA 4.1 3,012.3 NA (38.1) 3,618.0 NA (33.3) 3,299.5 NA (23.5)

2011/03A 6.8 (11.7) 2,950.0 (33.0) (2.1) 3,387.8 (31.9) (6.4) 2,729.0 (32.1) (17.3)

2011/06F 9.7 12.3 3,387.6 (32.4) 14.8 3,995.7 (24.8) 17.9 3,132.7 (24.9) 14.8

2011/09F 12.0 8.4 4,361.4 (10.3) 28.7 4,979.7 (8.2) 24.6 3,904.1 (9.4) 24.6

2011/12F 15.4 7.3 4,329.2 43.7 (0.7) 4,975.9 37.5 (0.1) 3,828.1 16.0 (1.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2011F 166,567.1 14,799.8 13,869.5 80,570 10.4 삼성전자 8.1 1.2 14.2 1.2

FY2012F 182,711.4 18,117.5 16,749.5 95,762 8.7 반도체·반도체장비 8.7 1.2 14.3 1.1

주)FnGuide 컨센서스 자료) 한국증권 리서치

삼성전자

136,323.7

154,630.3

171,927.4

186,936.1

194,543.6

112,179.8 39,134.6

134,288.7 44,939.7

151,041.9 47,091.3

165,705.7 48,041.6

181,839.3 48,810.8

34,638.1

37,891.9

40,229.3

41,871.1

36,990.0

41,550.9

45,053.0

48,333.6

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Jul-10 Oct-10 Dec-10 Feb-11 May-11 Jul-11

-25

-20

-15

-10

-5

0

5KOSPI대비(우)

주가(좌)

(%p)(원)

①

②③

⑤④

⑧⑦

⑥

⑨⑩

김한국

291


① PPR = 주가 / 주당 충전이익

① 상품자산 = 카드(일시불, 할부) + 현금서비스 + 카드론

① 영업수지율 = (수수료 이익 + 이자 수익)/(수수료 비용 + 이자 비용 + 판관비)

① 수정순이익 = 당기순이익 + 비상위험준비금 증가금

② 수정자기자본 = 자기자본 + 비상위험준비금

③ 손해율 = (보험금 + 계약자적립금) / 경과보험료

④ 사업비율 = (판관비 + 판매수당) / 경과보험료

⑤ 투자수익률 = 투자이익 / 운용자산 평가잔액

카드 22 23 24 19 20

자산총계 부채총계 자본총계 상품자산 차입금 충전이익률 PPR PER PBR ROE DY


2008/12A 3,769.4 12,453.6 5.9 11,282.7 4.9 5.6 17.5 1.2 7.0 1.6

2009/12A 4,426.0 10,499.2 (15.7) 7,427.3 6.9 7.8 11.7 1.6 14.7 2.1

2010/12F 4,897.4 11,532.9 9.8 7,737.6 6.4 6.2 9.3 1.2 13.3 2.6

2011/12F 5,008.1 12,500.2 8.4 8,063.4 8.7 5.6 9.5 1.1 11.9 2.6

2012/12F 5,504.5 13,556.3 8.4 8,405.5 9.1 7.8 8.9 1.0 12.4 2.6

11,832.1 6,824.1

12,828.8 7,324.3

13,448.7 9,022.8

14,581.5 9,684.1

16,573.8 12,804.3

①

증권 (006800.KS)자산총계 부채총계 자본총계 이자수익 순수수료 순이자 집합증권 영업수지율 PER PBR ROE DY



2009/03A 2,489.8 11,389.6 494.3 246.0 9,219.3 130.8 20.6 1.5 7.4 1.1

2010/03A 2,856.0 15,384.2 652.6 320.0 7,991.2 141.9 12.9 1.4 12.8 2.5

2011/03F 3,074.1 17,320.6 573.3 334.2 8,315.6 140.0 14.9 1.4 10.1 1.7

2012/03F 3,399.6 20,310.7 568.4 378.1 8,653.3 140.0 14.8 1.3 9.5 1.7

2013/03F 3,769.1 23,799.9 569.2 439.4 9,004.7 140.0 13.5 1.1 9.4 1.9

23,895.0 20,495.4

27,999.9 24,230.7

17,503.8 14,647.8

20,377.1 17,303.1

14,225.1 11,735.4

①

손해보험 (000060.KS)



2009/03A 15.1 (80.3) NA (39.2) NA (58.8) NA (99.1) -800 5,266 50

2010/03A 16.7 191.2 NA 93.7 NA 140.4 NA 154.0 1,244 7,431 300

2011/03F 12.1 202.7 6.0 90.3 (3.6) 145.5 3.6 159.7 1,290 8,421 200

2012/03F 9.2 219.5 8.3 96.6 7.0 155.7 7.0 170.4 1,376 9,383 200

2013/03F 6.0 251.3 14.5 110.9 14.8 178.7 14.8 194.0 1,567 10,542 200


자기자본


2009/03A 425.6 531.4 4,138.3 82.5 26.2 2.8 NA 0.7 (15.0) 1.3

2010/03A 680.0 799.4 4,627.6 75.4 24.7 4.9 5.9 1.0 23.6 4.1

2011/03F 788.3 922.0 5,521.8 75.8 24.8 4.8 6.4 1.0 17.4 2.4

2012/03F 892.8 1,041.1 6,183.1 77.1 24.0 4.8 6.0 0.9 16.3 2.4

2013/03F 1,020.8 1,184.5 7,110.1 77.4 23.7 4.8 5.3 0.8 16.7 2.4

7,856.5 6,963.7

9,034.4 8,013.5

6,035.0 5,355.0

7,016.2 6,227.9

3,954.2

5,265.5 4,839.8

2,609.8

3,046.4

3,415.3

3,729.9

①

②③ ⑤④

은행 22 23 24 19 20

자산총계 부채총계 자본총계 대출채권 예수부채 충전이익률 PPR PER PBR ROE DY


2009/12A 7,954.8 62,627.0 (2.8) 56,951.9 1.5 6.4 11.3 1.18 11.7 3.5

2010/12F 8,391.2 62,349.2 (0.4) 59,193.0 2.0 3.9 7.2 0.91 13.0 10.0

2011/12F 8,267.4 63,732.2 2.2 60,707.6 1.7 3.0 5.6 0.59 10.4 5.3

2012/12F 8,872.6 65,145.9 2.2 61,779.8 1.6 3.1 5.6 0.55 10.2 6.6

2013/12F 9,406.3 66,458.6 2.0 62,793.9 1.5 3.1 5.7 0.52 9.4 6.6

95,008.5 87,053.7

99,398.8 91,007.6

101,603.6 93,336.2

103,857.3 94,984.7

105,950.1 96,543.8

①

292

Earnings Guide 130927file.truefriend.com/Storage/research/research06/Earnings... · 2013-09-30 ·...

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