2645호 / 2015년 3 월 25일 수
TRANSCRIPT
KOSPI KOSDAQ KOSPI200 / 3
2,041.37 (+0.23%)
/ (): 2 1.8 []
Key Chart: , /
NHN, LG,
1 List
GS , , 1 . ""
BGF , , HMR . 2011 30%
CJ B2B . HMR
HMR ‘’ . HMR "" (,,,,)
INT , , , ,
AK . .
.
1 . ,
, 1 "" .
1 . ,
: ,
2015 1 (27.1%) - 2020 120
‘’, ‘’, ‘ ’
- (HMR, , ), (, , ), ( )
Daily Summary
/ ()
2 1 7,677 (+52.3%, YoY)
7 R&D 6,336
/ ‘’
SBS (034120)
/ 2015 3 25 ()
/ 3
_
2015 - 1 2
, , , , , , , , TV,
( ) ?
‘ ’ 8(3m x 2.7m) . ‘
’ ‘ ’ , ,
( 1).
.
.
1 2010 34.1%(Euromonitor). (47.0%),
(39.9%), (38.6%) 1/3 .
11 (‘ ’ , ) 1
27.1%(2015 ). 2015
1 . 2
26.7% , 4 (24.9%), 3
(21.3%) ( 2).
( 49 )
1 . 2005 16
2030 194 .
1. 3, 2.7 ‘ ’ - vs.
: , / : - http://freshome.com/2014/11/18/incredibly-small-apartment-in-paris-reduces-functions-to-minimum/
Matters Makes Man *1
Manners Maketh Man – ‘
2) () () ,
1
1 2030
194 ()
/ 4
2. – 2015
: ,
3. ( 49 )
: , / : 2010 20.1%, 10.6%
: (): 2000( 29.3, 26.5) → 05( 30.9, 27.7) → 2013( 32.2, 29.6)
4. 1 - 2030 200
: (1 ),
: 2006~2012 () ,
0
1
2
3
4
5
6
7
5
10
15
20
25
0
50
100
150
200
250
()
1990 vs. 2015
2010
2010 60(11.1%)
2020F 120(15.9%)
2030F 194(19.6%)
26.7 31.2
4 3 2 1(%)
/ 5
: ‘’, ‘’, ‘’
,
. 1
‘’, ‘’, ‘ ’ .
1 (HMR)
3 11 (‘ ’ ). HMR
2010 8,000 2014 1.7 .
‘ ’ .
‘ ’
.
.
(Rental) .
‘ ’ ‘’ .
‘ ’ . [ 5] [ 1] .
2
( , ). 1 ‘ ’
.
‘ ’ . 2012
/ ‘ ’ 2 .
/(32%), (24%), /
(22%) . 2014 .
(23%), (18%), (14%), / (13%) ( 1).
1 .
‘ , ,
, SUV’ .
5. – 2012 ,
: ,
2012 2014
1
:
: ‘’
(, , , SUV, )
/ 2015 3 25 ()
/ 6
1. ‘’ - 2012 2014
(2012) (%) (2014) (%)
1 32.2 22.8
2 23.6 18.6
3 22.3 17.7
4 15.3 13.7
5 TV 15.1 13.3
6 14.2 11.5
7 13.6 TV 8.8
8 10.7 8.2
9 10.6 7.5
10 8.7 6.1
: , / : 2014 1+2+3
‘’, ‘’
‘ ’. , ‘’
. .
SNS .
. 2012 2014 ‘ ’
( 2).
‘ ’ .
2,780 (2010
1,420). ‘ ’ ‘ ’
.
2. 2
30 40 70
2012 (%) 10.1 14.2 6.0 10.0 12.9 3.3
2014 (%) 11.7 15.9 7.6 11.7 14.8 6.0
: ‘ ’,
6. –
: ,
/ 7
. 2015 1
.
.
‘’, ‘’, ‘ ’
.
[ 3] . .
3. 1
GS , , 1 . ""
BGF , , HMR . 2011 30%
CJ B2B . HMR
HMR ‘’ . HMR "" (,,,,)
INT , , , ,
AK . .
.
1 . ,
, 1 "" .
1 . , .
:
: 1 , , – , , ,
: (), / : 2 1
0.8
1.0
1.2
1.4
1.6
1.8
1 (2 1)()
, (: ).
/ 2015 3 25 ()
/ 8
02-3772-2463
[email protected]
GDP GDP :
: ,
HSBC() 3 PMI() 49.2 .
50 4 48.1 . 50.7 1.5pt
. .
.
QE()
. 11 QE
.
. () GDP
.
. , , , ,
.
1 GDP 2 6.3%. 1 6.8% 2
6.3% . 3 1 6.5% . HSBC PMI
3 .
GDP 2009 6% .
7.2% .
7%
.
. 1 GDP 6% .
. ( ) .
, (: ).
2 GDP
7.3%
7%
:
6
8
10
12
14
1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15
GDP
GDP
/ 9
2 1 7,677 (+52.3%, YoY)
2 52.3% 1 7,677
.
.
1~2 (71.9 , +1,763.5%, YoY),
(41.2 , +53.1%, YoY), (38.8 , +30.2%, YoY),
(21.6 , +43.9%, YoY), (17.0 , -11.1%, YoY)
.
2015 7 R&D 6,336
R&D . 2004
7 (, , , , ,
, LG) R&D 7.7% 1,514
.
1,500 R&D 7
R&D 12.4% 6,100 . 7
3,688 R&D .
/ ‘’
R&D /
‘’ .
: ,
()
()
() (%)
/ 10
: ,
7 R&D
: ,
: FDA, ,
, (: , ).
2015 3 25 .
0
20
40
60
80
2014
2015
()
3
6
9
12
15
0
2,000
4,000
6,000
8,000
R&D ()
() (%)
0
1
2
3
4
5
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
()
/ 11
12 1.7%
12 EPS BPS PER EV/EBITDA PBR ROE
() () () () () (%) () () () () (%) (%)
2013 707.6 28.4 35.0 26.7 1,460 (7.8) 30,870 28.5 12.6 1.3 4.8 (4.8)
2014F 795.7 (12.9) (4.8) (3.4) (184) 30,686 (212.4) 31.5 1.3 (0.6) (10.7)
2015F 812.4 23.3 29.1 22.7 1,245 31,731 31.3 11.1 1.2 4.0 (13.7)
2016F 819.5 31.1 39.4 29.4 1,610 29.3 32,941 24.2 9.5 1.2 5.0 (16.5)
2017F 842.5 35.8 42.3 31.5 1,727 7.3 34,267 22.6 8.7 1.1 5.1 (22.4)
SBS (034120)
YoY) . . 4.3% YoY
1,123 . TV 2.6% YoY 948
.
452 . 1Q14
30 . 1Q15
3 . .
1,334(-1.3% YoY) .
.
1 TV 8.0% YoY . 2 3% YoY
. .
SBS 1 . 1 TV
3~4% YoY, 2 . 3 3~4%
. .
4 . 2Q14
. 2 140( YoY) . TV
6.7% YoY . S6 ( 3
) . 9.2%
.
48,000 . Multiple 1.5( 3
10% ) . GDP
.
4 . 3
. (030000) Top Picks
.
/ 12
SBS [K-IFRS ]
() 1Q14 2Q14 3Q14 4Q14P 1Q15F 2Q15F 3Q15F 4Q15F 1Q16F 2Q16F 3Q16F 4Q16F 2013 2014F 2015F 2016F
< >
391.7 536.9 457.7 533.3 407.9 586.2 464.3 541.0 403.8 580.4 459.7 535.6 2,047.8 1,919.6 1,999.5 1,995.4
- TV 348.8 482.4 407.6 474.2 366.2 530.6 415.8 483.7 362.6 525.3 411.6 478.9 1,823.1 1,713.0 1,796.3 1,792.7
- Radio 42.9 54.5 50.1 59.1 41.6 55.6 48.6 57.3 41.2 55.0 48.1 56.7 224.7 206.6 203.1 202.7
SBS 92.1 131.3 105.3 123.7 94.4 140.4 108.9 125.8 94.4 136.3 107.5 125.2 643.3 452.5 469.5 469.5
- TV 86.2 122.8 97.2 115.8 88.7 132.8 102.3 118.2 89.0 129.0 101.4 117.6 440.0 422.1 442.0 442.2
- Radio 5.9 8.5 8.1 7.9 5.7 7.6 6.6 7.7 5.4 7.2 6.2 7.6 32.4 30.4 27.6 27.3
TV 24.7 25.5 23.9 24.4 24.2 25.0 24.6 24.4 24.5 24.6 24.6 24.6 24.1 24.6 24.6 24.7
13.8 15.6 8.3 13.4 13.7 13.6 13.6 13.4 13.2 13.1 12.8 13.3 7.4 7.2 6.2 6.2
< >
160.1 231.8 189.6 214.3 163.7 242.7 191.9 219.7 171.4 239.2 192.6 221.3 707.6 795.7 818.0 824.5
107.7 149.7 126.4 141.8 112.3 167.4 129.9 150.1 112.7 162.4 128.3 149.3 547.6 525.6 559.8 552.7
- 92.4 131.8 105.6 110.9 94.8 140.7 109.2 126.1 94.7 136.5 107.8 125.4 473.8 440.8 470.7 464.5
- TV 86.2 122.8 97.2 101.9 88.7 132.8 102.3 118.2 89.0 129.0 101.4 117.6 440.0 408.2 442.0 437.0
- Radio 5.9 8.5 8.1 8.8 5.7 7.6 6.6 7.7 5.4 7.2 6.2 7.6 32.4 31.3 27.6 26.4
- DMB 0.3 0.5 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 1.4 1.3 1.2 1.1
- 15.3 17.8 20.7 30.9 17.6 26.7 20.8 24.0 18.0 25.9 20.5 23.9 73.8 84.8 89.0 88.2
- TV 13.4 16.0 18.1 27.8 16.0 24.6 18.9 21.9 16.5 23.9 18.8 21.8 64.2 75.4 81.3 80.8
- Radio 1.9 1.8 2.6 3.1 1.6 2.1 1.8 2.2 1.5 2.0 1.7 2.1 9.6 9.4 7.7 7.4
52.3 82.1 63.2 72.5 51.4 75.4 61.9 69.6 58.7 76.8 64.3 72.0 160.0 270.1 258.2 271.8
- 4.2 4.4 4.0 5.1 4.4 4.5 4.3 4.5 4.3 4.5 4.3 4.5 15.2 17.6 17.7 17.7
- 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.3 0.3 0.3
- 47.3 76.3 58.3 63.7 45.2 69.1 55.7 63.0 52.1 70.3 58.0 65.5 139.4 245.7 233.0 246.0
- 0.7 1.4 0.9 3.6 1.7 1.7 1.8 1.9 2.1 1.9 1.9 1.9 5.1 6.5 7.1 7.8
142.6 198.3 170.2 158.4 137.8 181.5 150.3 166.7 142.0 178.2 151.6 162.7 536.4 669.5 636.4 634.4
- 135.2 191.8 163.3 148.4 133.4 174.1 145.1 159.2 137.3 171.5 146.2 154.6 516.6 638.6 611.9 609.6
- 4.6 6.6 6.9 10.0 4.3 7.4 5.2 7.5 4.7 6.6 5.4 8.1 19.8 28.0 24.5 24.9
30.3 37.6 33.6 37.6 29.9 47.2 37.5 42.7 33.0 45.9 37.3 42.8 142.8 139.1 157.2 159.0
(12.9) (4.1) (14.2) 18.3 (3.9) 14.0 4.1 10.3 (3.6) 15.2 3.7 15.8 28.4 (12.9) 24.5 31.0
(8.3) (1.0) (13.1) 17.7 (2.2) 15.9 5.4 11.2 (2.7) 16.4 4.8 16.7 35.0 (4.8) 30.2 39.3
(6.5) (0.8) (10.0) 14.0 (1.7) 12.4 4.1 8.9 (2.1) 12.8 3.7 13.2 26.7 (3.4) 23.6 29.3
<% YoY growth>
12.9 20.9 11.0 5.4 2.3 4.7 1.2 2.5 4.7 (1.5) 0.4 0.7 (6.5) 12.4 2.8 0.8
72.9 (43.8) 7.9 53.2 (30.2) 26.8
62.0 (36.5) 3.1 (9.9) 49.0 (7.7) 24.0
<, %>
(8.0) (1.8) (7.5) 8.5 (2.4) 5.8 2.1 4.7 (2.1) 6.3 1.9 7.1 4.0 (1.6) 3.0 3.8
(4.0) (0.4) (5.3) 6.5 (1.0) 5.1 2.1 4.0 (1.2) 5.3 1.9 6.0 3.8 (0.4) 2.9 3.6
: ,
, (: , ).
2015 3 25 .
– Top down / 2015 3 25 ()
/ 13
: : : : : /
3 FOMC . 3.3%
""
2014 -
: Bloomberg,
23 -
16 , -73.3pt
2013
2
2013 Athex 2013
: Bloomberg, : Thomson Reuters,
80
85
90
95
100
105
1.0
1.1
1.2
1.3
1.4
1.5
- ()
(pt)
(100)
(50)
0
50
100
(pt)
– Bottom up / 2015 3 25 ()
/ 14
2.09%(-7bp MoM),
3.90%(-1bp MoM)
4% 87.7%
2000
7% 18.6%
: , : ,
2015 1 -11% YoY
11% YoY , 1 75,976
6.5% , 2
2014 -1.2% YoY
1 82,804
7.2% . (8.5%) 1.3%p
. 1
1
: , : Marklines,
1.7
1.8
1.9
2.0
2.1
2.2
(%)
0
20
40
60
80
100
4% 4% 5% 6% 7% 8% 9%
(%)
YoY
() (%)
(10)
(5)
0
5
10
15
(% YoY)
/ 15
)
KOSPI – NHN(), LG,
/ 16
)
Daily
(028260) KSP 4Q14 1.5(QoQ +24.0%), 785(QoQ +43.0%)
() 150,000
2 16 (, , ) EPS % YoY ROE PBR PER
1.7% 2014.12 51,296 2,134 4,551 3,632 903.4 9.9 3.6 43.5
-2.6%p 2015.12F 57,886 3,495 2,340 1,734 (52.2) 4.4 3.7 86.5
(005380) KSP
() 175,000 4/5
3 9 (, , ) EPS % YoY ROE PBR PER
1.2% 2014.12 892,563 75,500 76,495 25,735 (13.9) 13.4 0.8 6.6
-0.3%p 2015.12F 916,509 76,614 78,358 27,016 5.3 12.0 0.7 6.5
LG (051900) KSP ,
() 760,000 2015
3 16 (, , ) EPS % YoY ROE PBR PER
12.6% 2014.12* 46,770 5,110 3,546 19,722 (22.0) 22.9 6.5 31.6
9.8%p 2015.12F* 51,157 5,858 4,217 23,238 17.8 22.5 6.5 32.7
(005930) KSP S6 2 6.5(21.8% QoQ)
() 1,476,000 15 , S6 25.2(+0.9% YoY)
3 18 (, , ) EPS % YoY ROE PBR PER
-1.4% 2014.12 2,062,060 250,251 233,944 135,673 (22.5) 15.0 1.3 9.8
-2.0%p 2015.12F 2,164,691 252,277 216,556 124,931 (7.9) 12.4 1.4 11.8
LG (068870) KSP-M ‘DTP-HepB-Hib’ 3
() 56,400
3 20 (, , ) EPS % YoY ROE PBR PER
4.6% 2014.12 4,256 162 (20) (119) (0.8) 2.4 (305.0)
4.5%p 2015.12F 4,560 170 54 320 2.1 3.7 176.3
(008770) KSP 15 2
() 99,800
3 23 (, , ) EPS % YoY ROE PBR PER
1.3% 2014.12 29,090 1,390 735 1,837 580.3 10.4 5.0 49.8
1.1%p 2015.12F 40,041 2,705 2,002 5,100 177.6 24.2 4.4 19.6
/ 17
)
(004980) KSP-M 2015 55,658(-2.7% YoY)
() 13,900
3 24 (, , ) EPS % YoY ROE PBR PER
2.2% 2014.12* 6,137 444 82 343 104.2 2.4 0.7 30.6
2.0%p 2015.12F* 6,271 666 338 1,415 312.5 9.3 0.9 9.8
Daily
NHN(181710) KSP-M
3
(Payco) 4 . ‘’ ‘’
-1.4%p
, .
15% Stop Loss .
* FnGuide ** Guidance.
, ELS .
, LG, ELW , (LP) .
, , (LP) .
() .
( : )
2014 3/17 () 3/18 () 3/19 () 3/20 () 3/23 ()
37,717 45,113 45,249 45,736 45,991 46,283
5,355 7,874 7,693 7,794 7,921 7,952
KOSPI (20) KOSDAQ (20)
43,000
44,000
45,000
46,000
47,000
()
7,200
7,400
7,600
7,800
8,000
()
KOSPI ( : /) : 2015 3 23
983,673 34,458,042 100% SK 234,850 379,168 1% / 99%
844,065 12,256,901 95% / 5% 92,381 6,564,342 85% / 15%
SK 840,251 1,356,594 1% / 99% 30,313 264,660 11% / 89%
LG 790,562 16,956,649 1% / 99% 17,798 421,386 99% / 1%
553,641 9,253,237 100% LG 17,139 473,669 70% / 30%
LG 530,610 14,664,699 70% / 30% 16,152 293,061 97% / 3%
457,910 3,609,326 64% / 36% LG 14,923 289,945 94% / 6%
417,063 8,825,117 97% / 3% S-Oil 13,360 442,491 91% / 9%
KOSDAQ ( : /) : 2015 3 23
267,445 19,314,262 56% / 44% 17,758 1,282,466 56% / 44%
196,071 3,175,515 75% / 25% 2,735 44,298 75% / 25%
189,310 1,490,329 35% / 65% 2,717 21,386 35% / 65%
SK 137,391 7,283,703 100% 2,430 56,771 100%
114,918 7,554,767 56% / 44% 2,189 143,918 56% / 44%
100,000 3,822,677 100% 1,976 65,644 30% / 70%
76,000 429,794 100% 1,910 777,150 71% / 29%
.
KOSPI ( : /) : 2015 3 23
LG 346,743 20.35% SK 15,325 20.65%
291,905 11.14% 11,802 15.42%
LG 251,587 15.05% 9,000 31.22%
167,495 24.97% LG 8,093 15.03%
GS 146,898 17.51% GS 4,818 17.49%
141,054 5.47% 4,792 2.18%
140,302 7.57% LG 4,625 16.27%
SK 137,449 1.36% 4,530 3.91%
KOSDAQ ( : /) : 2015 3 23
107,064 7.24% 12,015 7.85%
105,720 9.11% 5,293 8.50%
SK 102,857 0.41% 2,407 9.72%
99,164 1.42% 1,098 4.12%
98,931 7.90% 1,005 8.78%
79,692 8.54% KH 1,001 10.55%
78,084 1.39% 990 4.93%
67,695 1.27% 870 4.21%
( : )
KOSPI 5 KOSDAQ 5
2,465,594 28.39% 618,185 1.92%
1,235,072 5.73% 501,681 10.97%
1,215,583 11.14% 481,739 5.30%
977,833 8.95% 319,274 0.22%
LG 974,313 12.40% 282,917 3.57%
962,759 12.42% 240,847 3.32%
LG 867,071 9.16% 237,754 2.40%
GS 775,032 12.51% 221,568 3.19%
/ 2015 3 25 ()
/ 20
KOSPI (3 24)
(, )
9,994.6 11,190.3 24,764.7 599.1 2,271.6 1,415.4 2,706.7 828.9 182.5 89.3 2,232.6 267.7 599.1
9,145.4 11,844.2 25,165.3 417.7 1,667.8 1,425.2 1,786.6 721.6 212.4 54.0 3,026.3 251.5 417.7
-849.1 654.0 400.6 -181.4 -603.8 9.9 -920.1 -107.4 29.9 -35.2 793.7 -16.2 -181.4
/ (, )
KB 162.7 KODEX 103.2 110.0 110.9
139.7 100.9 87.3 LG 100.2
LG 136.6 85.4 80.1 94.2
KODEX 122.3 LG 75.9 NH 72.9 SDI 83.5
115.7 74.7 LG 61.0 LG 83.2
95.1 KCC 73.3 42.2 LG 78.9
94.5 NH 67.9 KT&G 37.3 POSCO 63.3
KOSDAQ (3 24)
(, )
1,492.7 1,228.5 23,542.9 278.0 401.1 172.0 410.1 110.2 36.6 44.6 284.4 33.8 278.0
1,433.7 1,383.0 23,427.8 298.3 515.9 138.3 376.2 82.1 34.4 25.5 220.7 40.5 298.3
-59.0 154.5 -115.1 20.3 114.9 -33.7 -33.8 -28.1 -2.2 -19.1 -63.7 6.7 20.3
/ (, )
77.1 CJ E&M 52.0 117.4 24.1
37.5 38.7 33.3 GS 23.7
37.4 SK 36.8 STS 17.9 18.2
24.5 27.2 17.2 16.9
GS 21.7 26.1 13.8 16.4
INT 17.7 24.1 12.2 ISC 15.4
CJ 17.6 19.0 9.2 14.5
17.6 16.2 9.1 14.3
KG 14.6 LIG 13.4 7.7 14.3
12.4 11.6 CJ E&M 7.1 13.3
/ 2015 3 25 ()
/ 21
KOSPI () 1,915.59 2,028.45(-1.46) 2,037.89(+9.44) 2,037.24(-0.65) 2,036.59(-0.65) 2,041.37(+4.78)
() 25,302 36,200 44,516 35,173 31,489 32,883
() 36,430 53,885 55,578 51,952 46,863 46,646
() 1,192 1,263 1,269 1,268 1,267 -
() 1,033 1,022 1,022 1,022 1,022 -
KOSPI200 P/E* () 13.18 15.25 15.32 15.3 14.37 -
323(11) 479(6) 408(8) 433(8) 484(5)
463(3) 328(1) 410(0) 367(1) 315(0)
5 2,000.41 2,013.87 2,024.16 2,034.02 2,036.31
20 1,990.09 1,994.07 1,997.86 2,001.27 2,004.54
60 1,949.90 1,952.20 1,954.53 1,956.30 1,957.94
120 1,955.29 1,955.28 1,955.35 1,955.35 1,955.42
5 101.40 101.19 100.65 100.13 100.25
20 101.93 102.20 101.97 101.76 101.84
10 50 50 40 40 50
2014 3/18() 3/19() 3/20() 3/23() 3/24()
KOSDAQ () 542.97 628.99(-7.06) 631.81(+2.82) 640.08(+8.27) 640.29(+0.21) 641.87(+1.58)
() 38,323 55,657 55,903 57,870 53,014 52,578
() 16,605 33,982 32,924 33,681 30,106 26,591
() 143.0 168.0 168.6 170.8 170.8 -
() 13.4 13.5 13.5 13.5 13.5 -
P/E* () 23.34 26.00 26.36 26.86 26.71 -
328(16) 451(12) 549(12) 529(23) 550(12)
664(1) 530(5) 433(4) 444(3) 427(6)
5 632.57 633.30 634.47 635.44 636.61
20 624.65 625.74 627.28 628.52 629.55
60 590.38 592.03 593.90 595.65 597.40
120 570.97 571.42 571.96 572.46 573.00
5 99.43 99.76 100.88 100.76 100.83
20 100.69 100.97 102.04 101.87 101.96
10 60 60 60 70 80
* P/E
3/17() 3/18() 3/19() 3/20() 3/23() 3/24()
() 173,235 166,065 181,408 172,248 175,903 -
*** () +1,694 -7,170 +15,343 -9,160 +3,655 -
** () 61,835 62,130 62,333 62,736 63,015 -
() 1,196 1,417 1,271 1,401 1,475 -
02) 538-0707 02) 857-8600 02) 554-2878 02) 820-2000 02) 3775-4270
02) 6354-5300 02) 757-0707 02) 2057-0707 02) 563-3770 02) 3142-6363
02) 887-0809 02) 937-0707 02) 718-0900 02) 3477-4567 02) 3772-1200
02) 739-7155 02) 518-2222 02) 752-6655 02) 449-0808 02) 423-6868
02) 732-0770 02) 2217-2114 02) 2653-0844 02) 2254-4090 02) 2270-6500
02) 722-4388 02) 466-4228 02) 533-1851 5000-115 )20
032) 553-2772 031) 392-1141 032) 819-0110 031) 715-8600 031) 381-8686
032) 464-0707 031) 246-0606 031) 848-9100 1100-898 )130
031) 712-0109 031) 485-4481 031) 907-3100 0109-756 )130
051) 516-8222 055) 297-2277 051) 818-0100 7770-752 )250
051) 505-6400 055) 355-7707 052) 273-8700 0055-582 )550
053) 423-7700 053) 793-8282 054) 252-0370
042) 484-9090 042) 823-8577 043) 296-5600
PWM
02) 508-2210 02) 2649-0101 02) 335-6600 02) 547-0202 02) 317-9100
02) 523-7471 02) 3478-2400 02) 778-9600 02) 782-8331 051) 701-2200
053) 252-3560 02) 537-0885 02) 532-6181 02) 3785-2536 051) 819-9011
042) 489-7904 031) 717-0280 02) 2052-5511 031) 906-3891 Privilege 02) 559-3399
02) 554-6556 031) 718-5015 02) 541-5566 02) 2143-0800 Privilege 02) 6050-8100
/
(1-212) 397-4000 852) 3713-5333 (86-21) 6888-9135/6 (84-8) 3824-6445
00_
2,041.37 (+0.23%)
/ (): 2 1.8 []
Key Chart: , /
NHN, LG,
1 List
GS , , 1 . ""
BGF , , HMR . 2011 30%
CJ B2B . HMR
HMR ‘’ . HMR "" (,,,,)
INT , , , ,
AK . .
.
1 . ,
, 1 "" .
1 . ,
: ,
2015 1 (27.1%) - 2020 120
‘’, ‘’, ‘ ’
- (HMR, , ), (, , ), ( )
Daily Summary
/ ()
2 1 7,677 (+52.3%, YoY)
7 R&D 6,336
/ ‘’
SBS (034120)
/ 2015 3 25 ()
/ 3
_
2015 - 1 2
, , , , , , , , TV,
( ) ?
‘ ’ 8(3m x 2.7m) . ‘
’ ‘ ’ , ,
( 1).
.
.
1 2010 34.1%(Euromonitor). (47.0%),
(39.9%), (38.6%) 1/3 .
11 (‘ ’ , ) 1
27.1%(2015 ). 2015
1 . 2
26.7% , 4 (24.9%), 3
(21.3%) ( 2).
( 49 )
1 . 2005 16
2030 194 .
1. 3, 2.7 ‘ ’ - vs.
: , / : - http://freshome.com/2014/11/18/incredibly-small-apartment-in-paris-reduces-functions-to-minimum/
Matters Makes Man *1
Manners Maketh Man – ‘
2) () () ,
1
1 2030
194 ()
/ 4
2. – 2015
: ,
3. ( 49 )
: , / : 2010 20.1%, 10.6%
: (): 2000( 29.3, 26.5) → 05( 30.9, 27.7) → 2013( 32.2, 29.6)
4. 1 - 2030 200
: (1 ),
: 2006~2012 () ,
0
1
2
3
4
5
6
7
5
10
15
20
25
0
50
100
150
200
250
()
1990 vs. 2015
2010
2010 60(11.1%)
2020F 120(15.9%)
2030F 194(19.6%)
26.7 31.2
4 3 2 1(%)
/ 5
: ‘’, ‘’, ‘’
,
. 1
‘’, ‘’, ‘ ’ .
1 (HMR)
3 11 (‘ ’ ). HMR
2010 8,000 2014 1.7 .
‘ ’ .
‘ ’
.
.
(Rental) .
‘ ’ ‘’ .
‘ ’ . [ 5] [ 1] .
2
( , ). 1 ‘ ’
.
‘ ’ . 2012
/ ‘ ’ 2 .
/(32%), (24%), /
(22%) . 2014 .
(23%), (18%), (14%), / (13%) ( 1).
1 .
‘ , ,
, SUV’ .
5. – 2012 ,
: ,
2012 2014
1
:
: ‘’
(, , , SUV, )
/ 2015 3 25 ()
/ 6
1. ‘’ - 2012 2014
(2012) (%) (2014) (%)
1 32.2 22.8
2 23.6 18.6
3 22.3 17.7
4 15.3 13.7
5 TV 15.1 13.3
6 14.2 11.5
7 13.6 TV 8.8
8 10.7 8.2
9 10.6 7.5
10 8.7 6.1
: , / : 2014 1+2+3
‘’, ‘’
‘ ’. , ‘’
. .
SNS .
. 2012 2014 ‘ ’
( 2).
‘ ’ .
2,780 (2010
1,420). ‘ ’ ‘ ’
.
2. 2
30 40 70
2012 (%) 10.1 14.2 6.0 10.0 12.9 3.3
2014 (%) 11.7 15.9 7.6 11.7 14.8 6.0
: ‘ ’,
6. –
: ,
/ 7
. 2015 1
.
.
‘’, ‘’, ‘ ’
.
[ 3] . .
3. 1
GS , , 1 . ""
BGF , , HMR . 2011 30%
CJ B2B . HMR
HMR ‘’ . HMR "" (,,,,)
INT , , , ,
AK . .
.
1 . ,
, 1 "" .
1 . , .
:
: 1 , , – , , ,
: (), / : 2 1
0.8
1.0
1.2
1.4
1.6
1.8
1 (2 1)()
, (: ).
/ 2015 3 25 ()
/ 8
02-3772-2463
[email protected]
GDP GDP :
: ,
HSBC() 3 PMI() 49.2 .
50 4 48.1 . 50.7 1.5pt
. .
.
QE()
. 11 QE
.
. () GDP
.
. , , , ,
.
1 GDP 2 6.3%. 1 6.8% 2
6.3% . 3 1 6.5% . HSBC PMI
3 .
GDP 2009 6% .
7.2% .
7%
.
. 1 GDP 6% .
. ( ) .
, (: ).
2 GDP
7.3%
7%
:
6
8
10
12
14
1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15
GDP
GDP
/ 9
2 1 7,677 (+52.3%, YoY)
2 52.3% 1 7,677
.
.
1~2 (71.9 , +1,763.5%, YoY),
(41.2 , +53.1%, YoY), (38.8 , +30.2%, YoY),
(21.6 , +43.9%, YoY), (17.0 , -11.1%, YoY)
.
2015 7 R&D 6,336
R&D . 2004
7 (, , , , ,
, LG) R&D 7.7% 1,514
.
1,500 R&D 7
R&D 12.4% 6,100 . 7
3,688 R&D .
/ ‘’
R&D /
‘’ .
: ,
()
()
() (%)
/ 10
: ,
7 R&D
: ,
: FDA, ,
, (: , ).
2015 3 25 .
0
20
40
60
80
2014
2015
()
3
6
9
12
15
0
2,000
4,000
6,000
8,000
R&D ()
() (%)
0
1
2
3
4
5
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
()
/ 11
12 1.7%
12 EPS BPS PER EV/EBITDA PBR ROE
() () () () () (%) () () () () (%) (%)
2013 707.6 28.4 35.0 26.7 1,460 (7.8) 30,870 28.5 12.6 1.3 4.8 (4.8)
2014F 795.7 (12.9) (4.8) (3.4) (184) 30,686 (212.4) 31.5 1.3 (0.6) (10.7)
2015F 812.4 23.3 29.1 22.7 1,245 31,731 31.3 11.1 1.2 4.0 (13.7)
2016F 819.5 31.1 39.4 29.4 1,610 29.3 32,941 24.2 9.5 1.2 5.0 (16.5)
2017F 842.5 35.8 42.3 31.5 1,727 7.3 34,267 22.6 8.7 1.1 5.1 (22.4)
SBS (034120)
YoY) . . 4.3% YoY
1,123 . TV 2.6% YoY 948
.
452 . 1Q14
30 . 1Q15
3 . .
1,334(-1.3% YoY) .
.
1 TV 8.0% YoY . 2 3% YoY
. .
SBS 1 . 1 TV
3~4% YoY, 2 . 3 3~4%
. .
4 . 2Q14
. 2 140( YoY) . TV
6.7% YoY . S6 ( 3
) . 9.2%
.
48,000 . Multiple 1.5( 3
10% ) . GDP
.
4 . 3
. (030000) Top Picks
.
/ 12
SBS [K-IFRS ]
() 1Q14 2Q14 3Q14 4Q14P 1Q15F 2Q15F 3Q15F 4Q15F 1Q16F 2Q16F 3Q16F 4Q16F 2013 2014F 2015F 2016F
< >
391.7 536.9 457.7 533.3 407.9 586.2 464.3 541.0 403.8 580.4 459.7 535.6 2,047.8 1,919.6 1,999.5 1,995.4
- TV 348.8 482.4 407.6 474.2 366.2 530.6 415.8 483.7 362.6 525.3 411.6 478.9 1,823.1 1,713.0 1,796.3 1,792.7
- Radio 42.9 54.5 50.1 59.1 41.6 55.6 48.6 57.3 41.2 55.0 48.1 56.7 224.7 206.6 203.1 202.7
SBS 92.1 131.3 105.3 123.7 94.4 140.4 108.9 125.8 94.4 136.3 107.5 125.2 643.3 452.5 469.5 469.5
- TV 86.2 122.8 97.2 115.8 88.7 132.8 102.3 118.2 89.0 129.0 101.4 117.6 440.0 422.1 442.0 442.2
- Radio 5.9 8.5 8.1 7.9 5.7 7.6 6.6 7.7 5.4 7.2 6.2 7.6 32.4 30.4 27.6 27.3
TV 24.7 25.5 23.9 24.4 24.2 25.0 24.6 24.4 24.5 24.6 24.6 24.6 24.1 24.6 24.6 24.7
13.8 15.6 8.3 13.4 13.7 13.6 13.6 13.4 13.2 13.1 12.8 13.3 7.4 7.2 6.2 6.2
< >
160.1 231.8 189.6 214.3 163.7 242.7 191.9 219.7 171.4 239.2 192.6 221.3 707.6 795.7 818.0 824.5
107.7 149.7 126.4 141.8 112.3 167.4 129.9 150.1 112.7 162.4 128.3 149.3 547.6 525.6 559.8 552.7
- 92.4 131.8 105.6 110.9 94.8 140.7 109.2 126.1 94.7 136.5 107.8 125.4 473.8 440.8 470.7 464.5
- TV 86.2 122.8 97.2 101.9 88.7 132.8 102.3 118.2 89.0 129.0 101.4 117.6 440.0 408.2 442.0 437.0
- Radio 5.9 8.5 8.1 8.8 5.7 7.6 6.6 7.7 5.4 7.2 6.2 7.6 32.4 31.3 27.6 26.4
- DMB 0.3 0.5 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 1.4 1.3 1.2 1.1
- 15.3 17.8 20.7 30.9 17.6 26.7 20.8 24.0 18.0 25.9 20.5 23.9 73.8 84.8 89.0 88.2
- TV 13.4 16.0 18.1 27.8 16.0 24.6 18.9 21.9 16.5 23.9 18.8 21.8 64.2 75.4 81.3 80.8
- Radio 1.9 1.8 2.6 3.1 1.6 2.1 1.8 2.2 1.5 2.0 1.7 2.1 9.6 9.4 7.7 7.4
52.3 82.1 63.2 72.5 51.4 75.4 61.9 69.6 58.7 76.8 64.3 72.0 160.0 270.1 258.2 271.8
- 4.2 4.4 4.0 5.1 4.4 4.5 4.3 4.5 4.3 4.5 4.3 4.5 15.2 17.6 17.7 17.7
- 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.3 0.3 0.3
- 47.3 76.3 58.3 63.7 45.2 69.1 55.7 63.0 52.1 70.3 58.0 65.5 139.4 245.7 233.0 246.0
- 0.7 1.4 0.9 3.6 1.7 1.7 1.8 1.9 2.1 1.9 1.9 1.9 5.1 6.5 7.1 7.8
142.6 198.3 170.2 158.4 137.8 181.5 150.3 166.7 142.0 178.2 151.6 162.7 536.4 669.5 636.4 634.4
- 135.2 191.8 163.3 148.4 133.4 174.1 145.1 159.2 137.3 171.5 146.2 154.6 516.6 638.6 611.9 609.6
- 4.6 6.6 6.9 10.0 4.3 7.4 5.2 7.5 4.7 6.6 5.4 8.1 19.8 28.0 24.5 24.9
30.3 37.6 33.6 37.6 29.9 47.2 37.5 42.7 33.0 45.9 37.3 42.8 142.8 139.1 157.2 159.0
(12.9) (4.1) (14.2) 18.3 (3.9) 14.0 4.1 10.3 (3.6) 15.2 3.7 15.8 28.4 (12.9) 24.5 31.0
(8.3) (1.0) (13.1) 17.7 (2.2) 15.9 5.4 11.2 (2.7) 16.4 4.8 16.7 35.0 (4.8) 30.2 39.3
(6.5) (0.8) (10.0) 14.0 (1.7) 12.4 4.1 8.9 (2.1) 12.8 3.7 13.2 26.7 (3.4) 23.6 29.3
<% YoY growth>
12.9 20.9 11.0 5.4 2.3 4.7 1.2 2.5 4.7 (1.5) 0.4 0.7 (6.5) 12.4 2.8 0.8
72.9 (43.8) 7.9 53.2 (30.2) 26.8
62.0 (36.5) 3.1 (9.9) 49.0 (7.7) 24.0
<, %>
(8.0) (1.8) (7.5) 8.5 (2.4) 5.8 2.1 4.7 (2.1) 6.3 1.9 7.1 4.0 (1.6) 3.0 3.8
(4.0) (0.4) (5.3) 6.5 (1.0) 5.1 2.1 4.0 (1.2) 5.3 1.9 6.0 3.8 (0.4) 2.9 3.6
: ,
, (: , ).
2015 3 25 .
– Top down / 2015 3 25 ()
/ 13
: : : : : /
3 FOMC . 3.3%
""
2014 -
: Bloomberg,
23 -
16 , -73.3pt
2013
2
2013 Athex 2013
: Bloomberg, : Thomson Reuters,
80
85
90
95
100
105
1.0
1.1
1.2
1.3
1.4
1.5
- ()
(pt)
(100)
(50)
0
50
100
(pt)
– Bottom up / 2015 3 25 ()
/ 14
2.09%(-7bp MoM),
3.90%(-1bp MoM)
4% 87.7%
2000
7% 18.6%
: , : ,
2015 1 -11% YoY
11% YoY , 1 75,976
6.5% , 2
2014 -1.2% YoY
1 82,804
7.2% . (8.5%) 1.3%p
. 1
1
: , : Marklines,
1.7
1.8
1.9
2.0
2.1
2.2
(%)
0
20
40
60
80
100
4% 4% 5% 6% 7% 8% 9%
(%)
YoY
() (%)
(10)
(5)
0
5
10
15
(% YoY)
/ 15
)
KOSPI – NHN(), LG,
/ 16
)
Daily
(028260) KSP 4Q14 1.5(QoQ +24.0%), 785(QoQ +43.0%)
() 150,000
2 16 (, , ) EPS % YoY ROE PBR PER
1.7% 2014.12 51,296 2,134 4,551 3,632 903.4 9.9 3.6 43.5
-2.6%p 2015.12F 57,886 3,495 2,340 1,734 (52.2) 4.4 3.7 86.5
(005380) KSP
() 175,000 4/5
3 9 (, , ) EPS % YoY ROE PBR PER
1.2% 2014.12 892,563 75,500 76,495 25,735 (13.9) 13.4 0.8 6.6
-0.3%p 2015.12F 916,509 76,614 78,358 27,016 5.3 12.0 0.7 6.5
LG (051900) KSP ,
() 760,000 2015
3 16 (, , ) EPS % YoY ROE PBR PER
12.6% 2014.12* 46,770 5,110 3,546 19,722 (22.0) 22.9 6.5 31.6
9.8%p 2015.12F* 51,157 5,858 4,217 23,238 17.8 22.5 6.5 32.7
(005930) KSP S6 2 6.5(21.8% QoQ)
() 1,476,000 15 , S6 25.2(+0.9% YoY)
3 18 (, , ) EPS % YoY ROE PBR PER
-1.4% 2014.12 2,062,060 250,251 233,944 135,673 (22.5) 15.0 1.3 9.8
-2.0%p 2015.12F 2,164,691 252,277 216,556 124,931 (7.9) 12.4 1.4 11.8
LG (068870) KSP-M ‘DTP-HepB-Hib’ 3
() 56,400
3 20 (, , ) EPS % YoY ROE PBR PER
4.6% 2014.12 4,256 162 (20) (119) (0.8) 2.4 (305.0)
4.5%p 2015.12F 4,560 170 54 320 2.1 3.7 176.3
(008770) KSP 15 2
() 99,800
3 23 (, , ) EPS % YoY ROE PBR PER
1.3% 2014.12 29,090 1,390 735 1,837 580.3 10.4 5.0 49.8
1.1%p 2015.12F 40,041 2,705 2,002 5,100 177.6 24.2 4.4 19.6
/ 17
)
(004980) KSP-M 2015 55,658(-2.7% YoY)
() 13,900
3 24 (, , ) EPS % YoY ROE PBR PER
2.2% 2014.12* 6,137 444 82 343 104.2 2.4 0.7 30.6
2.0%p 2015.12F* 6,271 666 338 1,415 312.5 9.3 0.9 9.8
Daily
NHN(181710) KSP-M
3
(Payco) 4 . ‘’ ‘’
-1.4%p
, .
15% Stop Loss .
* FnGuide ** Guidance.
, ELS .
, LG, ELW , (LP) .
, , (LP) .
() .
( : )
2014 3/17 () 3/18 () 3/19 () 3/20 () 3/23 ()
37,717 45,113 45,249 45,736 45,991 46,283
5,355 7,874 7,693 7,794 7,921 7,952
KOSPI (20) KOSDAQ (20)
43,000
44,000
45,000
46,000
47,000
()
7,200
7,400
7,600
7,800
8,000
()
KOSPI ( : /) : 2015 3 23
983,673 34,458,042 100% SK 234,850 379,168 1% / 99%
844,065 12,256,901 95% / 5% 92,381 6,564,342 85% / 15%
SK 840,251 1,356,594 1% / 99% 30,313 264,660 11% / 89%
LG 790,562 16,956,649 1% / 99% 17,798 421,386 99% / 1%
553,641 9,253,237 100% LG 17,139 473,669 70% / 30%
LG 530,610 14,664,699 70% / 30% 16,152 293,061 97% / 3%
457,910 3,609,326 64% / 36% LG 14,923 289,945 94% / 6%
417,063 8,825,117 97% / 3% S-Oil 13,360 442,491 91% / 9%
KOSDAQ ( : /) : 2015 3 23
267,445 19,314,262 56% / 44% 17,758 1,282,466 56% / 44%
196,071 3,175,515 75% / 25% 2,735 44,298 75% / 25%
189,310 1,490,329 35% / 65% 2,717 21,386 35% / 65%
SK 137,391 7,283,703 100% 2,430 56,771 100%
114,918 7,554,767 56% / 44% 2,189 143,918 56% / 44%
100,000 3,822,677 100% 1,976 65,644 30% / 70%
76,000 429,794 100% 1,910 777,150 71% / 29%
.
KOSPI ( : /) : 2015 3 23
LG 346,743 20.35% SK 15,325 20.65%
291,905 11.14% 11,802 15.42%
LG 251,587 15.05% 9,000 31.22%
167,495 24.97% LG 8,093 15.03%
GS 146,898 17.51% GS 4,818 17.49%
141,054 5.47% 4,792 2.18%
140,302 7.57% LG 4,625 16.27%
SK 137,449 1.36% 4,530 3.91%
KOSDAQ ( : /) : 2015 3 23
107,064 7.24% 12,015 7.85%
105,720 9.11% 5,293 8.50%
SK 102,857 0.41% 2,407 9.72%
99,164 1.42% 1,098 4.12%
98,931 7.90% 1,005 8.78%
79,692 8.54% KH 1,001 10.55%
78,084 1.39% 990 4.93%
67,695 1.27% 870 4.21%
( : )
KOSPI 5 KOSDAQ 5
2,465,594 28.39% 618,185 1.92%
1,235,072 5.73% 501,681 10.97%
1,215,583 11.14% 481,739 5.30%
977,833 8.95% 319,274 0.22%
LG 974,313 12.40% 282,917 3.57%
962,759 12.42% 240,847 3.32%
LG 867,071 9.16% 237,754 2.40%
GS 775,032 12.51% 221,568 3.19%
/ 2015 3 25 ()
/ 20
KOSPI (3 24)
(, )
9,994.6 11,190.3 24,764.7 599.1 2,271.6 1,415.4 2,706.7 828.9 182.5 89.3 2,232.6 267.7 599.1
9,145.4 11,844.2 25,165.3 417.7 1,667.8 1,425.2 1,786.6 721.6 212.4 54.0 3,026.3 251.5 417.7
-849.1 654.0 400.6 -181.4 -603.8 9.9 -920.1 -107.4 29.9 -35.2 793.7 -16.2 -181.4
/ (, )
KB 162.7 KODEX 103.2 110.0 110.9
139.7 100.9 87.3 LG 100.2
LG 136.6 85.4 80.1 94.2
KODEX 122.3 LG 75.9 NH 72.9 SDI 83.5
115.7 74.7 LG 61.0 LG 83.2
95.1 KCC 73.3 42.2 LG 78.9
94.5 NH 67.9 KT&G 37.3 POSCO 63.3
KOSDAQ (3 24)
(, )
1,492.7 1,228.5 23,542.9 278.0 401.1 172.0 410.1 110.2 36.6 44.6 284.4 33.8 278.0
1,433.7 1,383.0 23,427.8 298.3 515.9 138.3 376.2 82.1 34.4 25.5 220.7 40.5 298.3
-59.0 154.5 -115.1 20.3 114.9 -33.7 -33.8 -28.1 -2.2 -19.1 -63.7 6.7 20.3
/ (, )
77.1 CJ E&M 52.0 117.4 24.1
37.5 38.7 33.3 GS 23.7
37.4 SK 36.8 STS 17.9 18.2
24.5 27.2 17.2 16.9
GS 21.7 26.1 13.8 16.4
INT 17.7 24.1 12.2 ISC 15.4
CJ 17.6 19.0 9.2 14.5
17.6 16.2 9.1 14.3
KG 14.6 LIG 13.4 7.7 14.3
12.4 11.6 CJ E&M 7.1 13.3
/ 2015 3 25 ()
/ 21
KOSPI () 1,915.59 2,028.45(-1.46) 2,037.89(+9.44) 2,037.24(-0.65) 2,036.59(-0.65) 2,041.37(+4.78)
() 25,302 36,200 44,516 35,173 31,489 32,883
() 36,430 53,885 55,578 51,952 46,863 46,646
() 1,192 1,263 1,269 1,268 1,267 -
() 1,033 1,022 1,022 1,022 1,022 -
KOSPI200 P/E* () 13.18 15.25 15.32 15.3 14.37 -
323(11) 479(6) 408(8) 433(8) 484(5)
463(3) 328(1) 410(0) 367(1) 315(0)
5 2,000.41 2,013.87 2,024.16 2,034.02 2,036.31
20 1,990.09 1,994.07 1,997.86 2,001.27 2,004.54
60 1,949.90 1,952.20 1,954.53 1,956.30 1,957.94
120 1,955.29 1,955.28 1,955.35 1,955.35 1,955.42
5 101.40 101.19 100.65 100.13 100.25
20 101.93 102.20 101.97 101.76 101.84
10 50 50 40 40 50
2014 3/18() 3/19() 3/20() 3/23() 3/24()
KOSDAQ () 542.97 628.99(-7.06) 631.81(+2.82) 640.08(+8.27) 640.29(+0.21) 641.87(+1.58)
() 38,323 55,657 55,903 57,870 53,014 52,578
() 16,605 33,982 32,924 33,681 30,106 26,591
() 143.0 168.0 168.6 170.8 170.8 -
() 13.4 13.5 13.5 13.5 13.5 -
P/E* () 23.34 26.00 26.36 26.86 26.71 -
328(16) 451(12) 549(12) 529(23) 550(12)
664(1) 530(5) 433(4) 444(3) 427(6)
5 632.57 633.30 634.47 635.44 636.61
20 624.65 625.74 627.28 628.52 629.55
60 590.38 592.03 593.90 595.65 597.40
120 570.97 571.42 571.96 572.46 573.00
5 99.43 99.76 100.88 100.76 100.83
20 100.69 100.97 102.04 101.87 101.96
10 60 60 60 70 80
* P/E
3/17() 3/18() 3/19() 3/20() 3/23() 3/24()
() 173,235 166,065 181,408 172,248 175,903 -
*** () +1,694 -7,170 +15,343 -9,160 +3,655 -
** () 61,835 62,130 62,333 62,736 63,015 -
() 1,196 1,417 1,271 1,401 1,475 -
02) 538-0707 02) 857-8600 02) 554-2878 02) 820-2000 02) 3775-4270
02) 6354-5300 02) 757-0707 02) 2057-0707 02) 563-3770 02) 3142-6363
02) 887-0809 02) 937-0707 02) 718-0900 02) 3477-4567 02) 3772-1200
02) 739-7155 02) 518-2222 02) 752-6655 02) 449-0808 02) 423-6868
02) 732-0770 02) 2217-2114 02) 2653-0844 02) 2254-4090 02) 2270-6500
02) 722-4388 02) 466-4228 02) 533-1851 5000-115 )20
032) 553-2772 031) 392-1141 032) 819-0110 031) 715-8600 031) 381-8686
032) 464-0707 031) 246-0606 031) 848-9100 1100-898 )130
031) 712-0109 031) 485-4481 031) 907-3100 0109-756 )130
051) 516-8222 055) 297-2277 051) 818-0100 7770-752 )250
051) 505-6400 055) 355-7707 052) 273-8700 0055-582 )550
053) 423-7700 053) 793-8282 054) 252-0370
042) 484-9090 042) 823-8577 043) 296-5600
PWM
02) 508-2210 02) 2649-0101 02) 335-6600 02) 547-0202 02) 317-9100
02) 523-7471 02) 3478-2400 02) 778-9600 02) 782-8331 051) 701-2200
053) 252-3560 02) 537-0885 02) 532-6181 02) 3785-2536 051) 819-9011
042) 489-7904 031) 717-0280 02) 2052-5511 031) 906-3891 Privilege 02) 559-3399
02) 554-6556 031) 718-5015 02) 541-5566 02) 2143-0800 Privilege 02) 6050-8100
/
(1-212) 397-4000 852) 3713-5333 (86-21) 6888-9135/6 (84-8) 3824-6445
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