earnings guide 2012. 11. 26 -...

Earnings Guide 2012. 11. 26

2013년 예상 순이익 전월 대비 0.4% 상향

초대형주와 비초대형주로 양분된 예상 이익 변화

당사 유니버스 종목의 2012년 및 2013년 예상 순이익은 전월 대비 각각 1.0%, 0.4% 높아졌다. 추정치 상향은 삼성전자를 비롯한 초대형주(시가총액 상위 10개 기업)의 영향이 컸다. 초대형주의 2012년 및 2013년 예상 순이익은 전월 대비 각각 4.2%, 4.8% 상향된 반면, 비초대형주의 추정치는 전월 대비 1.9%, 3.7% 낮아져 가파른 하향세가 지속되었다. EPS 수정비율(상향 종목수/전체 변경 종목수) 또한 36.5%로 전월 35.4%에 이어 여전히 낮은 수준에 머물렀다. 반도체/반도체장비 및 석유정제 업종의 예상 순이익 상향

업종별로 살펴보면, 반도체/반도체장비 업종의 2012년 및 2013년 예상 순이익이 전월 대비 각각 8.7%, 9.4% 높아져 상향 폭이 가장 컸다. DRAM 가격 안정 및 NAND 가격 상승과 시스템 LSI의 매출 증가에 따른 반도체 실적 개선이 예상된다. 석유정제 업종은 유가 및 정제마진 안정과 예상보다 양호한 3분기 실적을 반영해 2012년 및 2013년 추정치가 전월 대비 각각 23.0%, 2.9% 상향되었다. 한편, 운송 업종은 경기침체로 인한 항공 및 해운업체 수요 부진을 반영해 2012년 및 2013년 예상 순이익이 전월 대비 각각 33.3%, 10.7% 줄어들었다. 증권 업종은 거래대금 급감으로, 화학 업종은 제품 수요 회복 지연으로 2013년 추정치가 전월 대비 각각 10.3%, 9.3% 하향되었다. 12개월 예상 PER은 9.1배, PBR은 1.0배 2012년 11월 23일 종가(KOSPI 1,911.3) 기준 12개월 예상 PER은 9.1배다. 12개월 예상 PBR은 1.0배, 2012년 예상 배당수익률은 1.3%이다. 유니버스 2013년 예상 순이익 추이

40

45

50

55

60

65

70

Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12

초대형주 비초대형주(조원)

주: 초대형주는 유니버스 시가총액 상위 10개 기업

자료: 한국투자증권

목차

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

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

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

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

V. 업종별 컨센서스 history.........................................272

VI. Appendix.........................................................................307

1. 유니버스 업종분류

2. 경제전망

3. 주요 증시 이벤트

4. 유무상 증자 일정

5. 이해관계 법인 현황

6. 업종별 담당 애널리스트

7. 용어 해설

김경주 3276-6179 [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

신규 분석 종목.................................................................. 22

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

수익추정 변경기업 ..................................................................25

업종별 1개월 변화율 ....................................................................26

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

업종별 컨센서스 history .........................................................272

업종별 컨센서스 history ........................................................................273

Appendix .........................................................................307

유니버스 업종분류 ..........................................................................308

경제 전망 ......................................................................... 309

주요 증시 이벤트 .........................................................................311

유무상 증자일정 .........................................................................312

이해관계 법인 현황 ....................................................................313

업종별 담당 애널리스트 ..................................................................314

용어 해설 ................................................................................315

업종순

036890 진성티이씨...............................................121

042670 두산인프라코어...............................................122 001300 제일모직...............................................228

001120 LG상사...............................................68 001800 오리온...............................................175 034220 LG디스플레이...............................................229

001250 GS글로벌...............................................69 004370 농심...............................................176 036490 OCI머티리얼즈...............................................230

001740 SK네트웍스...............................................70 012750 에스원...............................................123 004990 롯데제과...............................................177 036830 솔브레인...............................................231

011760 현대상사...............................................71 005180 빙그레...............................................178 040910 아이씨디...............................................232

047050 대우인터내셔널...............................................72 033780 KT&G...............................................179 056190 에스에프에이...............................................233

000120 CJ대한통운...............................................124 097950 CJ제일제당...............................................180 077360 덕산하이메탈...............................................234

002320 한진...............................................125 108320 실리콘웍스...............................................235

010950 S-Oil...............................................73 003490 대한항공...............................................126

078930 GS...............................................74 020560 아시아나항공...............................................127 044820 코스맥스...............................................181

096770 SK이노베이션...............................................75 086280 현대글로비스...............................................128 051900 LG생활건강...............................................182 006400 삼성SDI...............................................236

117930 한진해운...............................................129 090430 아모레퍼시픽...............................................183 009150 삼성전기...............................................237

115390 락앤락...............................................184 011070 LG이노텍...............................................238

161890 한국콜마...............................................185 012450 삼성테크윈...............................................239

003670 포스코켐텍...............................................76 038060 루멘스...............................................240

004000 삼성정밀화학...............................................77 000270 기아차...............................................130 046890 서울반도체...............................................241

004430 송원산업...............................................78 002350 넥센타이어...............................................131

008000 웅진케미칼...............................................79 005380 현대차...............................................132 000100 유한양행...............................................186

009830 한화케미칼...............................................80 005850 에스엘...............................................133 000640 동아제약...............................................187 000660 SK하이닉스...............................................242

010060 OCI...............................................81 011210 현대위아...............................................134 006280 녹십자...............................................188 005930 삼성전자...............................................243

011170 호남석유...............................................82 012330 현대모비스...............................................135 068870 LG생명과학...............................................189 029460 케이씨텍...............................................244

011780 금호석유...............................................83 013570 동양기전...............................................136 069620 대웅제약...............................................190 030530 원익IPS...............................................245

011790 SKC...............................................84 018880 한라공조...............................................137 128940 한미약품...............................................191 033170 시그네틱스...............................................246

051910 LG화학...............................................85 060980 만도...............................................138 033640 네패스...............................................247

069260 휴켐스...............................................86 064960 S&T모티브...............................................139 036540 STS반도체...............................................248

103130 웅진에너지...............................................87 161390 한국타이어...............................................140 036930 주성엔지니어링...............................................249

004940 외환은행...............................................192 039030 이오테크닉스...............................................250

024110 기업은행...............................................193 061970 엘비세미콘...............................................251

001230 동국제강...............................................88 009970 영원무역홀딩스...............................................141 053000 우리금융...............................................194 064760 티씨케이...............................................252

004020 현대제철...............................................89 020000 한섬...............................................142 055550 신한지주...............................................195 084370 유진테크...............................................253

005490 POSCO...............................................90 031430 신세계인터내셔날...............................................143 086790 하나금융지주...............................................196 104830 원익머트리얼즈...............................................254

009520 포스코엠텍...............................................91 081660 휠라코리아...............................................144 105560 KB금융...............................................197

010130 고려아연...............................................92 084870 베이직하우스...............................................145 138930 BS금융지주...............................................198

010520 현대하이스코...............................................93 093050 LG패션...............................................146 139130 DGB금융지주...............................................199

103140 풍산...............................................94 111770 영원무역...............................................147 017670 SK텔레콤...............................................255

030200 KT...............................................256

003450 현대증권...............................................200 032640 LG유플러스...............................................257

004150 한솔제지...............................................95 008770 호텔신라...............................................148 003540 대신증권...............................................201 033630 SK브로드밴드...............................................258

035250 강원랜드...............................................149 005940 우리투자증권...............................................202

079160 CJ CGV...............................................150 006800 대우증권...............................................203

114090 GKL...............................................151 016360 삼성증권...............................................204

000210 대림산업...............................................96 121440 골프존...............................................152 039490 키움증권...............................................205 004690 삼천리...............................................259

000720 현대건설...............................................97 015760 한국전력...............................................260

000830 삼성물산...............................................98 036460 한국가스공사...............................................261

002380 KCC...............................................99 019680 대교...............................................153 000060 메리츠화재...............................................206 051600 한전KPS...............................................262

006360 GS건설...............................................100 072870 메가스터디...............................................154 000810 삼성화재...............................................207 071320 지역난방공사...............................................263

012630 현대산업...............................................101 001450 현대해상...............................................208

028050 삼성엔지니어링...............................................102 002550 LIG손해보험...............................................209

047040 대우건설...............................................103 021240 웅진코웨이...............................................155 003690 코리안리...............................................210

108670 LG하우시스...............................................104 005830 동부화재...............................................211 008490 서흥캅셀...............................................264

032830 삼성생명...............................................212 023590 다우기술...............................................265

016170 로엔...............................................156 088350 한화생명...............................................213 033920 무학...............................................266

006260 LS...............................................105 030000 제일기획...............................................157 041020 인프라웨어...............................................267

010120 LS산전...............................................106 034120 SBS...............................................158 048260 오스템임플란트...............................................268

040300 YTN...............................................159 054950 제이브이엠...............................................269

041510 에스엠...............................................160 035420 NHN...............................................214 065510 휴비츠...............................................270

000150 두산...............................................107 046140 SBS콘텐츠허브...............................................161 035720 다음...............................................215 069330 유아이디...............................................271

000880 한화...............................................108 053210 케이티스카이라이프...............................................162 036570 엔씨소프트...............................................216 122990 와이솔...............................................272

001040 CJ...............................................109 122870 와이지엔터테인먼트...............................................163 095660 네오위즈게임즈...............................................217

003550 LG...............................................110 126560 현대에이치씨엔...............................................164

003600 SK...............................................111 130960 CJ E&M...............................................165

004130 대덕GDS...............................................218

008060 대덕전자...............................................219

009540 현대중공업...............................................112 004170 신세계...............................................166 020760 일진디스플...............................................220

010140 삼성중공업...............................................113 007070 GS리테일...............................................167 036710 심텍...............................................221

010620 현대미포조선...............................................114 023530 롯데쇼핑...............................................168 051370 인터플렉스...............................................222

042660 대우조선해양...............................................115 028150 GS홈쇼핑...............................................169 066570 LG전자...............................................223

097230 한진중공업...............................................116 035760 CJ오쇼핑...............................................170 088390 이녹스...............................................224

057050 현대홈쇼핑...............................................171 091700 파트론...............................................225

069960 현대백화점...............................................172 096640 멜파스...............................................226

013030 하이록코리아...............................................117 071840 하이마트...............................................173 097780 에스맥...............................................227

014620 성광벤드...............................................118 139480 이마트...............................................174

023160 태광...............................................119

034020 두산중공업...............................................120

IT

화학

교육서비스

디스플레이에너지

석유정제

소재

자원개발

필수소비재음식료·담배

상업서비스·기타

의료제약·바이오

생활용품

제지

철강·비철금속

산업재

건설

지주회사·복합기업

전기부품·설비

조선

기계

운송

경기소비재자동차·자동차부품

섬유·의류

호텔·레저

소비자서비스

미디어·광고

유통

금융

은행

증권

보험

인터넷·소프트웨어

통신장비·부품

전자부품

반도체·반도체장비

통신서비스

통신서비스

유틸리티전력·가스

스몰캡

스몰캡

가나다순

035250 강원랜드..........................................................................149 010620 현대미포조선..........................................................................114

010130 고려아연..........................................................................92 090430 아모레퍼시픽..........................................................................183 069960 현대백화점..........................................................................172

121440 골프존..........................................................................152 020560 아시아나항공..........................................................................127 012630 현대산업..........................................................................101

011780 금호석유..........................................................................83 040910 아이씨디..........................................................................232 011760 현대상사..........................................................................71

000270 기아차..........................................................................130 097780 에스맥..........................................................................227 126560 현대에이치씨엔..........................................................................164

024110 기업은행..........................................................................193 056190 에스에프에이..........................................................................233 011210 현대위아..........................................................................134

095660 네오위즈게임즈..........................................................................217 005850 에스엘..........................................................................133 004020 현대제철..........................................................................89

033640 네패스..........................................................................247 041510 에스엠..........................................................................160 009540 현대중공업..........................................................................112

002350 넥센타이어..........................................................................131 012750 에스원..........................................................................123 003450 현대증권..........................................................................200

006280 녹십자..........................................................................188 036570 엔씨소프트..........................................................................216 005380 현대차..........................................................................132

004370 농심..........................................................................176 061970 엘비세미콘..........................................................................251 010520 현대하이스코..........................................................................93

111770 영원무역..........................................................................147 001450 현대해상..........................................................................208

009970 영원무역홀딩스..........................................................................141 057050 현대홈쇼핑..........................................................................171

023590 다우기술..........................................................................265 001800 오리온..........................................................................175 011170 호남석유..........................................................................82

035720 다음..........................................................................215 048260 오스템임플란트..........................................................................268 008770 호텔신라..........................................................................148

019680 대교..........................................................................153 122990 와이솔..........................................................................272 081660 휠라코리아..........................................................................144

008060 대덕전자..........................................................................219 122870 와이지엔터테인먼트..........................................................................163 065510 휴비츠..........................................................................270

004130 대덕GDS..........................................................................218 004940 외환은행..........................................................................192 069260 휴켐스..........................................................................86

000210 대림산업..........................................................................96 053000 우리금융..........................................................................194

003540 대신증권..........................................................................201 005940 우리투자증권..........................................................................202

047040 대우건설..........................................................................103 103130 웅진에너지..........................................................................87 138930 BS금융지주..........................................................................198

047050 대우인터내셔널..........................................................................72 008000 웅진케미칼..........................................................................79 001040 CJ..........................................................................109

042660 대우조선해양..........................................................................115 021240 웅진코웨이..........................................................................155 079160 CJ CGV..........................................................................150

006800 대우증권..........................................................................203 104830 원익머트리얼즈..........................................................................254 130960 CJ E&M..........................................................................165

069620 대웅제약..........................................................................190 030530 원익IPS..........................................................................245 000120 CJ대한통운..........................................................................124

003490 대한항공..........................................................................126 069330 유아이디..........................................................................271 035760 CJ오쇼핑..........................................................................170

077360 덕산하이메탈..........................................................................234 084370 유진테크..........................................................................253 097950 CJ제일제당..........................................................................180

001230 동국제강..........................................................................88 000100 유한양행..........................................................................186 139130 DGB금융지주..........................................................................199

005830 동부화재..........................................................................211 088390 이녹스..........................................................................224 114090 GKL..........................................................................151

000640 동아제약..........................................................................187 139480 이마트..........................................................................174 078930 GS..........................................................................74

013570 동양기전..........................................................................136 039030 이오테크닉스..........................................................................250 006360 GS건설..........................................................................100

000150 두산..........................................................................107 051370 인터플렉스..........................................................................222 001250 GS글로벌..........................................................................69

042670 두산인프라코어..........................................................................122 041020 인프라웨어..........................................................................267 007070 GS리테일..........................................................................167

034020 두산중공업..........................................................................120 020760 일진디스플..........................................................................220 028150 GS홈쇼핑..........................................................................169

105560 KB금융..........................................................................197

002380 KCC..........................................................................99

115390 락앤락..........................................................................184 054950 제이브이엠..........................................................................269 030200 KT..........................................................................256

016170 로엔..........................................................................156 030000 제일기획..........................................................................157 033780 KT&G..........................................................................179

023530 롯데쇼핑..........................................................................168 001300 제일모직..........................................................................228 003550 LG..........................................................................110

004990 롯데제과..........................................................................177 036930 주성엔지니어링..........................................................................249 034220 LG디스플레이..........................................................................229

038060 루멘스..........................................................................240 071320 지역난방공사..........................................................................263 001120 LG상사..........................................................................68

060980 만도..........................................................................138 036890 진성티이씨..........................................................................121 068870 LG생명과학..........................................................................189

072870 메가스터디..........................................................................154 029460 케이씨텍..........................................................................244 051900 LG생활건강..........................................................................182

000060 메리츠화재..........................................................................206 053210 케이티스카이라이프..........................................................................162 032640 LG유플러스..........................................................................257

096640 멜파스..........................................................................226 003690 코리안리..........................................................................210 011070 LG이노텍..........................................................................238

033920 무학..........................................................................266 044820 코스맥스..........................................................................181 066570 LG전자..........................................................................223

084870 베이직하우스..........................................................................145 039490 키움증권..........................................................................205 093050 LG패션..........................................................................146

005180 빙그레..........................................................................178 023160 태광..........................................................................119 108670 LG하우시스..........................................................................104

064760 티씨케이..........................................................................252 051910 LG화학..........................................................................85

091700 파트론..........................................................................225 002550 LIG손해보험..........................................................................209

000830 삼성물산..........................................................................98 009520 포스코엠텍..........................................................................91 006260 LS..........................................................................105

032830 삼성생명..........................................................................212 003670 포스코켐텍..........................................................................76 010120 LS산전..........................................................................106

028050 삼성엔지니어링..........................................................................102 103140 풍산..........................................................................94 035420 NHN..........................................................................214

009150 삼성전기..........................................................................237 010060 OCI..........................................................................81

005930 삼성전자..........................................................................243 036490 OCI머티리얼즈..........................................................................230

004000 삼성정밀화학..........................................................................77 086790 하나금융지주..........................................................................196 005490 POSCO..........................................................................90

010140 삼성중공업..........................................................................113 013030 하이록코리아..........................................................................117 064960 S&T모티브..........................................................................139

016360 삼성증권..........................................................................204 071840 하이마트..........................................................................173 034120 SBS..........................................................................158

012450 삼성테크윈..........................................................................239 036460 한국가스공사..........................................................................261 046140 SBS콘텐츠허브..........................................................................161

000810 삼성화재..........................................................................207 015760 한국전력..........................................................................260 003600 SK..........................................................................111

006400 삼성SDI..........................................................................236 161890 한국콜마..........................................................................185 001740 SK네트웍스..........................................................................70

004690 삼천리..........................................................................259 161390 한국타이어..........................................................................140 033630 SK브로드밴드..........................................................................258

046890 서울반도체..........................................................................241 018880 한라공조..........................................................................137 096770 SK이노베이션..........................................................................75

008490 서흥캅셀..........................................................................264 128940 한미약품..........................................................................191 017670 SK텔레콤..........................................................................255

014620 성광벤드..........................................................................118 020000 한섬..........................................................................142 000660 SK하이닉스..........................................................................242

036830 솔브레인..........................................................................231 004150 한솔제지..........................................................................95 011790 SKC..........................................................................84

004430 송원산업..........................................................................78 051600 한전KPS..........................................................................262 010950 S-Oil..........................................................................73

033170 시그네틱스..........................................................................246 002320 한진..........................................................................125 036540 STS반도체..........................................................................248

004170 신세계..........................................................................166 097230 한진중공업..........................................................................116 040300 YTN..........................................................................159

031430 신세계인터내셔날..........................................................................143 117930 한진해운..........................................................................129

055550 신한지주..........................................................................195 000880 한화..........................................................................108

108320 실리콘웍스..........................................................................235 088350 한화생명..........................................................................213

036710 심텍..........................................................................221 009830 한화케미칼..........................................................................80

000720 현대건설..........................................................................97

086280 현대글로비스..........................................................................128

012330 현대모비스..........................................................................135

사

가-나

다

라-바

아

자-파

하

A-Z

유니버스 개관

Contents

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

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

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

Earnings Guide December 2012

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 2011/12A 83,975 (5.9) 773,133 12.4 5,878 54,894 966 11.1 1.2 10.9 1.5

Universe 2012/12F 93,269 11.1 860,566 11.3 6,415 60,927 874 10.6 1.1 10.8 1.3

Universe 2013/12F 111,464 19.5 960,483 11.6 7,667 67,800 921 8.9 1.0 11.6 1.3

Universe 2014/12F 125,588 12.7 1,073,534 11.8 8,638 75,576 959 7.9 0.9 11.7 1.4

에너지 2011/12A 5,874 75.2 32,922 22.7 10,784 60,522 1,912 6.4 1.1 17.8 2.7

에너지 2012/12F 3,863 (34.2) 36,624 11.2 6,934 66,004 1,601 10.7 1.1 10.5 2.1

에너지 2013/12F 5,028 30.2 40,911 11.7 9,026 73,701 1,915 8.2 1.0 12.3 2.5

에너지 2014/12F 5,586 11.1 45,756 11.8 10,027 82,396 1,915 7.4 0.9 12.2 2.5

소재 2011/12A 10,523 (3.3) 85,081 11.4 11,995 99,350 2,299 9.8 1.2 12.4 1.9

소재 2012/12F 7,450 (29.2) 91,148 7.1 8,814 110,878 2,042 11.9 0.9 8.2 1.9

소재 2013/12F 9,962 33.7 99,670 9.3 11,786 120,960 2,054 8.9 0.9 10.0 1.9

소재 2014/12F 11,025 10.7 109,425 9.8 13,044 132,502 2,059 8.0 0.8 10.1 1.9

산업재 2011/12A 11,076 (30.9) 118,488 5.1 4,296 47,278 653 12.2 1.1 9.3 1.2

산업재 2012/12F 11,669 5.3 128,449 8.4 4,458 50,947 663 10.9 1.0 9.1 1.4

산업재 2013/12F 13,386 14.7 140,256 9.2 5,114 55,458 690 9.5 0.9 9.5 1.4

산업재 2014/12F 15,491 15.7 153,663 9.6 5,918 60,580 711 8.2 0.8 10.1 1.4

경기소비재 2011/12A 22,376 41.3 109,895 24.8 17,743 88,127 1,325 7.9 1.6 20.4 0.9

경기소비재 2012/12F 22,443 0.3 133,253 21.3 17,290 104,135 1,450 7.8 1.3 16.8 1.0

경기소비재 2013/12F 25,459 13.4 156,507 17.5 19,615 122,051 1,500 6.9 1.1 16.3 1.1

경기소비재 2014/12F 28,490 11.9 182,684 16.7 21,950 142,219 1,543 6.2 1.0 15.6 1.1

필수소비재 2011/12A 2,108 (23.6) 16,551 8.6 10,234 83,670 3,060 19.1 2.3 12.7 1.6

필수소비재 2012/12F 2,225 5.5 18,108 9.4 10,672 90,358 3,061 22.0 2.6 12.3 1.3

필수소비재 2013/12F 2,819 26.7 20,617 13.9 13,523 102,395 3,080 17.4 2.3 13.7 1.3

필수소비재 2014/12F 3,352 18.9 23,734 15.1 16,082 117,349 3,100 14.6 2.0 14.1 1.3

의료 2011/12A 248 (25.3) 3,346 4.5 4,221 58,842 808 21.3 1.5 7.4 0.9

의료 2012/12F 268 8.1 3,576 6.9 4,462 62,112 800 25.9 1.9 7.5 0.7

의료 2013/12F 408 52.1 3,915 9.5 6,788 67,755 800 17.0 1.7 10.4 0.7

의료 2014/12F 512 25.3 4,347 11.0 8,506 74,927 800 13.6 1.5 11.8 0.7

금융 2011/12A 17,031 42.7 160,343 23.1 3,210 29,315 729 7.5 0.8 10.6 2.9

금융 2012/12F 15,505 (9.0) 173,522 8.2 2,842 31,966 550 7.7 0.7 8.9 2.5

금융 2013/12F 15,012 (3.2) 185,945 7.2 2,752 34,243 544 7.9 0.6 8.1 2.4

금융 2014/12F 16,353 8.9 199,480 7.3 2,998 36,724 606 7.3 0.6 8.2 2.7

IT 2011/12A 14,492 (39.6) 152,704 9.6 8,933 98,528 818 17.7 1.6 9.5 0.5

IT 2012/12F 28,228 94.8 181,867 19.1 16,179 109,370 766 11.5 1.7 15.5 0.4

IT 2013/12F 35,048 24.2 215,725 18.6 20,088 128,776 916 9.3 1.4 16.2 0.5

IT 2014/12F 38,989 11.2 253,167 17.4 22,347 150,236 962 8.3 1.2 15.4 0.5

통신서비스 2011/12A 3,130 (12.8) 28,317 2.9 2,898 29,985 1,258 8.2 0.8 11.1 5.3

통신서비스 2012/12F 2,205 (29.6) 29,410 3.9 2,201 33,416 1,279 12.4 0.8 7.5 4.7

통신서비스 2013/12F 3,256 47.7 31,411 6.8 3,250 35,414 1,410 8.4 0.8 10.4 5.2

통신서비스 2014/12F 3,863 18.6 34,000 8.2 3,856 37,998 1,432 7.1 0.7 11.4 5.2

유틸리티 2011/12A (2,990) NA 64,106 (4.7) (4,060) 88,234 195 (7.5) 0.3 (4.7) 0.6

유틸리티 2012/12F (796) NA 63,029 (1.7) (1,081) 86,772 195 (35.0) 0.4 (1.3) 0.5

유틸리티 2013/12F 813 NA 63,687 1.0 1,104 87,664 195 34.3 0.4 1.3 0.5

유틸리티 2014/12F 1,601 96.9 65,131 2.3 2,174 89,625 195 17.4 0.4 2.5 0.5

스몰캡 2011/12A 106 (22.2) 1,380 16.9 7,694 101,970 1,109 18.9 1.4 7.7 0.8

스몰캡 2012/12F 211 98.5 1,582 14.6 15,182 116,245 1,431 12.4 1.6 13.3 0.8

스몰캡 2013/12F 272 29.1 1,839 16.3 19,598 134,791 1,474 9.6 1.4 14.8 0.8

스몰캡 2014/12F 327 19.9 2,148 16.8 23,500 157,007 1,517 8.0 1.2 15.2 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


연결 종목수 : 114

연간추정 매출액 영업이익 세전이익 지배주주지분이익 EBITDA EPS BPS DPS

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

2010/12A 1,195,336.2 7.3 106,072.3 39.5 106,985.7 58.3 82,663.6 67.9 152,577.6 7,259 56,545 1,088

2011/12A 1,404,902.7 17.5 124,151.6 17.0 107,820.7 0.8 76,522.6 (7.4) 168,534.2 6,400 59,369 978

2012/12F 1,544,619.3 9.9 118,144.7 (4.8) 117,517.3 9.0 84,230.1 10.1 174,389.5 6,999 65,453 873

2013/12F 1,651,600.3 6.9 140,557.2 19.0 140,799.7 19.8 100,964.6 19.9 201,726.4 8,389 72,977 920

2014/12F 1,750,389.2 6.0 157,091.7 11.8 158,412.1 12.5 113,636.9 12.6 222,930.0 9,442 81,463 957

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

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

2010/12A 2,528,266.5 1,862,978.7 616,337.8 229,389.7 56.0 (89,803.7) 8.9 7.1 11.0 1.39 13.1 1.2

2011/12A 2,859,857.6 2,109,360.8 686,758.7 265,092.5 56.6 (100,661.9) 8.9 6.4 10.7 1.15 11.1 1.4

2012/12F 3,173,856.5 2,337,927.4 764,075.5 282,493.4 54.5 (104,330.3) 7.6 6.6 10.3 1.11 11.0 1.2

2013/12F 3,340,725.8 2,406,761.5 854,620.4 257,795.4 49.1 (99,387.6) 8.5 5.6 8.6 0.99 11.8 1.3

2014/12F 3,499,230.8 2,454,785.0 956,740.5 225,973.3 43.5 (100,352.4) 9.0 5.0 7.7 0.89 11.9 1.3

분기추정 매출액 영업이익 세전이익 순이익

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

2012/03A 371,058.3 13.2 (0.0) 29,711.4 (1.1) 43.1 31,488.4 (0.2) 56.4 22,376.4 0.9 84.8

2012/06A 378,242.8 9.9 1.9 23,818.1 (19.8) (19.8) 21,321.8 (31.9) (32.3) 15,483.7 (39.7) (30.8)

2012/09A 380,719.4 10.8 0.7 31,376.0 9.1 31.7 33,295.9 42.1 56.2 23,953.6 55.4 54.7

2012/12F 407,984.9 9.9 7.2 32,123.6 54.7 2.4 30,415.3 51.1 (8.7) 21,624.0 78.6 (9.7)

2013/03F 401,058.4 8.1 (1.7) 32,903.9 10.7 2.4 33,079.2 5.1 8.8 23,625.3 5.6 9.3

2013/06F 407,408.6 7.7 1.6 33,265.4 39.7 1.1 33,228.0 55.8 0.4 24,545.6 58.5 3.9

2013/09F 409,334.0 7.5 0.5 36,881.1 17.5 10.9 38,402.0 15.3 15.6 27,446.7 14.6 11.8

2013/12F 432,558.9 6.0 5.7 37,228.9 15.9 0.9 35,813.7 17.7 (6.7) 25,635.8 18.6 (6.6)

주 1) K-IFRS/K-GAAP 의 연결재무제표를 추정하는 종목의 합산

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

비연결 종목수 : 91

연간추정 매출액 영업이익 세전이익 순이익 EBITDA EPS BPS DPS


2010/12A 125,693.3 11.3 9,215.8 28.3 11,034.2 30.3 8,561.9 30.0 5,808.8 3,874 33,352 928

2011/12A 142,337.2 13.2 9,098.2 (1.3) 10,460.8 (5.2) 7,935.6 (7.3) 6,341.0 3,409 35,297 917

2012/12F 160,869.5 13.0 9,637.4 5.9 11,168.7 6.8 9,038.5 13.9 7,241.6 3,610 39,171 879

2013/12F 174,675.8 8.6 11,180.0 16.0 13,070.5 17.0 10,499.2 16.2 8,404.6 4,193 42,914 924

2014/12F 188,395.2 7.9 12,724.5 13.8 14,883.7 13.9 11,951.3 13.8 9,579.3 4,773 47,280 971

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


2010/12A 412,506.6 341,033.2 71,607.9 1,627.1 13.2 (3,163.5) 7.3 9.6 14.2 1.62 11.7 1.7

2011/12A 480,132.1 394,252.1 86,374.6 2,955.2 14.0 (3,848.3) 6.4 9.0 14.9 1.34 9.1 1.8

2012/12F 532,748.6 440,995.0 96,490.6 1,406.8 12.8 (3,334.9) 6.0 8.3 13.1 1.20 9.4 1.8

2013/12F 574,776.5 476,568.0 105,863.1 (354.1) 11.7 (3,262.9) 6.4 6.9 11.3 1.10 9.9 1.9

2014/12F 618,873.2 513,309.4 116,793.9 (2,572.3) 10.8 (3,201.7) 6.8 5.7 9.9 1.00 10.2 2.0



2012/03A 37,458.0 14.0 4.0 2,575.1 (4.4) 44.7 2,938.9 (11.2) 36.2 2,314.4 (8.8) 47.4

2012/06A 38,667.3 12.1 3.2 2,479.5 (14.3) (3.7) 2,857.9 (12.4) (2.8) 2,292.0 (11.6) (1.0)

2012/09F 41,787.4 16.7 8.1 2,332.2 24.4 (5.9) 2,748.1 44.1 (3.8) 2,191.6 46.8 (4.4)

2012/12F 40,504.0 12.5 (3.1) 2,287.0 28.5 (1.9) 2,631.6 22.0 (4.2) 2,255.8 43.7 2.9

2013/03F 40,469.0 8.0 (0.1) 2,631.9 2.2 15.1 2,972.6 1.1 13.0 2,501.6 8.1 10.9

2013/06F 42,081.6 8.8 4.0 2,805.1 13.1 6.6 3,255.0 13.9 9.5 2,726.4 18.9 9.0

2013/09F 43,243.2 3.5 2.8 2,785.6 19.4 (0.7) 3,270.1 19.0 0.5 2,726.3 24.4 (0.0)

2013/12F 43,579.1 7.6 0.8 2,677.0 17.0 (3.9) 3,335.9 26.8 2.0 2,435.2 8.0 (10.7)

주 1) K-IFRS/K-GAAP 의 개별 또는 별도재무제표를 추정하는 종목의 합산

2) K-IFRS 별도기준인 경우, 지분법을 반영한 순이익과 자본총계를 사용

9


12개월 예상 EPS 추정 추이

EPS 수정비율

주) 12개월 예상 EPS

종합 차트

7,553 7,369 7,295 7,2607,627 7,770 7,727 7,724 7,740 7,565 7,388 7,533

0

2,000

4,000

6,000

8,000

10,000

Dec-11 Mar-12 Jun-12 Sep-12

-15

-10

-5

0

5

10

1512MF EPS (좌)

전월비 증감률 (우)

-100

-50

0

50

100


0

20

40

60

80

100상향 (좌)

하향 (좌)

EPS 수정 비율(우), (상향기업수)/(전체 변경기업수)

(원) (%)

(%)(개)

10


유니버스 연간 순이익 추이

유니버스 분기 순이익 추이

0

20

40

60

80

100

120

2006A 2007A 2008A 2009A 2010A 2011A 2012F 2013F

-60

-40

-20

0

20

40

60

80

100

순이익(좌)

증가율(YoY, 우)

(%)(조원)

0

5

10

15

20

25

30

35

2011/03A 2011/09A 2012/03A 2012/09F 2013/03F 2013/09F

-60

-40

-20

0

20

40

60

80

순이익(좌)

증가율(YoY, 우)

(%)(조원)

11


업종별 EPS 추정치 변화율

주) 12개월 예상 EPS 변화율(1개월)

업종별 순이익 증가율

주) FY2012 순이익 증가율

-50 -30 -10 10 30 50

Universe

유통

화학

석유정제

증권

조선

통신서비스


은행

음식료·담배


건설

제약·바이오


자원개발

기계

자동차·자동차부품

섬유·의류

보험

미디어·광고

호텔·레저


전자부품

(%)

-10 -5 0 5 10

Universe

섬유·의류기계

운송

증권

인터넷·소프트웨어화학

전자부품

전자부품

건설

유통

미디어·광고보험

철강·비철금속디스플레이

은행

호텔·레저조선


음식료·담배자동차·자동차부품

자원개발

제약·바이오

통신장비·부품통신서비스

석유정제

(%)

-12 %

175 %

7.5 %

17.8 %

-52 %

72 %

2 %

-45 %

12


업종별 12개월 예상 PER

업종별 1개월 수익률

9.0

5.9

6.0

6.2

7.8

8.0

8.7

8.7

9.0

9.1

9.7

10.5

10.6

10.9

10.9

11.4

11.7

13.4

14.4

15.1

15.6

15.7

17.6

17.7

19.7

0 5 10 15 20

Universe


은행



석유정제


통신서비스

섬유·의류


유통

자원개발

건설

보험

기계

화학

조선

운송

미디어·광고

음식료·담배

호텔·레저

디스플레이

제약·바이오


증권

-1.0

-13.9

-9.2

-8.0

-7.4

-6.7

-6.6

-6.5

-5.4

-5.4

-5.3

0.6

0.6

1.0

2.0

2.1

2.5

4.6

5.4

5.9

6.3

6.4

6.9

8.2

-15 -10 -5 0 5 10

Universe

기계


조선

미디어·광고


운송


은행

보험

화학

생활용품

교육서비스

석유정제

통신서비스

음식료·담배

섬유·의류

전자부품



호텔·레저



디스플레이

(배)

(%)

13


PER & EPS 증가율

주) EPS 는 FY2012 ~ FY2013 평균 증가율, PER 은 FY2011 기준

PBR & ROE

주) ROE 는 FY2012 ~ FY2013 평균, PBR 은 FY2012 기준



보험

전자부품

미디어·광고


음식료·담배

통신서비스

섬유·의류

인터넷·소프트웨어생활용품

제약·바이오



Universe

0.0

5.0

10.0

15.0

20.0

25.0

30.0

0 5 10 15 20 25 30 35 40 45

화학


통신서비스


지주회사·복합기업증권

제약·바이오

전자부품자동차·자동차부품

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

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

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(FY2012)

FY2012 PER(배) PBR(배) ROE(%)

1 004130 대덕GDS 145.2 매수 8.6 0.96 12.2

2 013570 동양기전 132.1 중립 4.9 0.97 21.3

3 114090 GKL 130.3 매수 13.4 6.53 55.4

4 068870 LG생명과학 129.5 중립 57.7 2.95 5.2

5 002380 KCC 113.2 매수 4.0 0.53 13.2

6 008000 웅진케미칼 108.2 중립 14.7 0.78 5.6

7 008770 호텔신라 102.7 매수 16.8 2.81 17.7

8 103140 풍산 100.3 매수 10.9 0.89 8.4

9 006260 LS 98.5 매수 11.0 1.21 9.9

10 053210 케이티스카이라이프 90.7 매수 28.0 4.49 17.5

11 041510 에스엠 86.7 매수 17.7 5.72 37.7

12 036460 한국가스공사 81.7 매수 17.9 0.79 4.1

13 038060 루멘스 77.7 매수 12.9 2.49 21.8

14 020760 일진디스플 77.5 매수 11.5 5.99 51.9

15 005930 삼성전자 72.7 매수 9.2 1.90 21.4

16 001800 오리온 68.5 매수 34.6 6.24 17.5

17 161890 한국콜마 67.1 매수 27.1 3.90 15.2

18 091700 파트론 65.1 매수 10.5 3.21 36.6

19 086790 하나금융지주 64.3 매수 3.9 0.49 13.6

20 011210 현대위아 64.0 매수 11.5 2.44 23.9

20.0 4 7 8.00 9

영업이익 증가율 상위 20 종목

8

순위 종목코드 종목명 영업이익 증가율(%) 투자의견 투자지표(FY2012)


1 041510 에스엠 141.9 매수 17.7 5.72 37.7

2 091700 파트론 120.4 매수 10.5 3.21 36.6

3 033640 네패스 106.2 매수 13.4 2.09 15.1

4 009150 삼성전기 100.5 중립 18.1 1.98 11.5

5 096640 멜파스 94.4 중립 22.8 2.97 13.9

6 041020 인프라웨어 92.5 중립 20.7 2.11 10.5

7 004130 대덕GDS 87.3 매수 8.6 0.96 12.2

8 020760 일진디스플 86.1 매수 11.5 5.99 51.9

9 108320 실리콘웍스 79.4 매수 10.0 1.61 17.9

10 005930 삼성전자 79.4 매수 9.2 1.90 21.4

11 002350 넥센타이어 75.7 매수 10.9 2.39 23.2

12 161890 한국콜마 73.8 매수 27.1 3.90 15.2

13 036830 솔브레인 70.0 매수 10.9 2.77 28.8

14 006260 LS 69.7 매수 11.0 1.21 9.9

15 011210 현대위아 65.2 매수 11.5 2.44 23.9

16 053210 케이티스카이라이프 62.7 매수 28.0 4.49 17.5

17 161390 한국타이어 58.8 매수 2.6 1.39 19.2

18 002380 KCC 57.5 매수 4.0 0.53 13.2

19 008770 호텔신라 54.8 매수 16.8 2.81 17.7

20 001120 LG상사 53.2 매수 8.1 1.02 13.7

16


22 9.0 4 7 8.00 19.0

ROE 상위 20 종목

7

순위 종목코드 종목명 ROE(%) 투자의견 투자지표(FY2012)

FY2012 PER(배) PBR(배) EPS증가율(%)

1 114090 GKL 55.4 매수 13.4 6.53 130.3

2 020760 일진디스플 51.9 매수 11.5 5.99 77.5

3 084370 유진테크 42.6 매수 5.7 2.00 1.9

4 041510 에스엠 37.7 매수 17.7 5.72 86.7

5 091700 파트론 36.6 매수 10.5 3.21 65.1

6 028050 삼성엔지니어링 35.0 중립 10.1 2.95 3.5

7 086280 현대글로비스 33.1 매수 14.1 4.08 60.3

8 069330 유아이디 31.6 매수 11.3 3.14 25.8

9 036830 솔브레인 28.8 매수 10.9 2.77 NA

10 095660 네오위즈게임즈 28.7 중립 5.8 1.30 14.7

11 035420 NHN 28.6 매수 22.8 4.39 13.4

12 051900 LG생활건강 28.3 매수 34.2 8.71 22.1

13 122870 와이지엔터테인먼트 28.2 매수 25.0 5.91 (29.8)

14 048260 오스템임플란트 27.6 매수 21.1 4.84 NA

15 044820 코스맥스 27.1 매수 34.0 8.23 61.6

16 122990 와이솔 26.9 매수 10.8 2.54 45.7

17 077360 덕산하이메탈 26.0 중립 13.7 2.80 19.3

18 000270 기아차 25.1 매수 5.7 1.27 13.3

19 021240 웅진코웨이 24.7 중립 14.8 3.16 17.6

20 011210 현대위아 23.9 매수 11.5 2.44 64.0

10.0 4 7 8.00 9.0

배당 수익률 상위 20 종목

6

순위 종목코드 종목명 DY(%) 투자의견 투자지표(FY2012)


1 003540 대신증권 8.7 매수 15.5 0.39 2.5

2 017670 SK텔레콤 6.2 매수 9.5 0.85 9.4

3 030200 KT 5.1 매수 8.6 0.77 9.2

4 004150 한솔제지 4.9 매수 6.4 0.50 7.5

5 024110 기업은행 4.5 중립 5.2 0.52 9.9

6 019680 대교 4.4 중립 10.7 0.85 8.0

7 072870 메가스터디 4.0 중립 9.9 1.23 13.5

8 002550 LIG손해보험 3.9 매수 5.8 0.94 19.7

9 000060 메리츠화재 3.8 매수 7.9 1.14 17.8

10 114090 GKL 3.7 매수 13.4 6.53 55.4

11 033780 KT&G 3.7 매수 13.1 2.13 16.6

12 001450 현대해상 3.6 매수 7.6 1.39 23.0

13 010950 S-Oil 3.6 매수 12.8 1.99 16.3

14 138930 BS금융지주 3.4 매수 5.8 0.70 13.0

15 086790 하나금융지주 3.4 매수 3.9 0.49 13.6

16 003690 코리안리 3.3 매수 6.5 0.77 13.1

17 005490 POSCO 3.2 매수 9.1 0.63 6.7

18 139130 DGB금융지주 3.1 매수 5.8 0.69 12.4

19 088350 한화생명 3.0 중립 11.4 0.90 8.7

20 035250 강원랜드 2.9 매수 16.9 2.29 14.3

17


22 15 4 7 8.00 19.0

저 PER 20 종목

5

순위 종목코드 종목명 PER(배) 투자의견 투자지표(FY2012)

12개월 예상 PER(배) PBR(배) EPS증가율(%)

1 003600 SK 3.3 매수 5.2 0.68 (16.0)

2 009830 한화케미칼 3.9 매수 30.2 0.56 (69.3)

3 086790 하나금융지주 5.0 매수 3.9 0.49 64.3

4 000150 두산 5.0 매수 9.3 0.91 (15.9)

5 000880 한화 5.2 매수 6.1 0.48 NA

6 004130 대덕GDS 5.2 매수 8.6 0.96 145.2

7 005850 에스엘 5.3 매수 5.2 0.84 20.8

8 013570 동양기전 5.3 중립 4.9 0.97 132.1

9 004940 외환은행 5.6 중립 5.2 0.52 (46.8)

10 004150 한솔제지 5.6 매수 6.4 0.50 NA

11 002550 LIG손해보험 5.6 매수 5.8 0.94 26.3

12 053000 우리금융 5.7 중립 5.4 0.43 (31.8)

13 097780 에스맥 5.7 매수 11.4 1.84 (36.3)

14 139130 DGB금융지주 5.8 매수 5.8 0.69 (3.2)

15 009970 영원무역홀딩스 5.8 매수 6.7 1.66 4.3

16 024110 기업은행 6.0 중립 5.2 0.52 (11.9)

17 004020 현대제철 6.0 매수 7.9 0.66 8.7

18 000270 기아차 6.0 매수 5.7 1.27 13.3

19 071320 지역난방공사 6.0 중립 8.7 0.52 NA

20 036710 심텍 6.1 매수 7.2 1.47 (4.4)

16 4 7 8.00 19.0

저 PBR 20 종목

4

순위 종목코드 종목명 PBR(배) 투자의견 투자지표(FY2012)

12개월 예상 PER(배) PBR(배) EPS증가율(%)

1 097230 한진중공업 0.31 중립 NA 0.33 NA

2 015760 한국전력 0.34 매수 NA 0.33 NA

3 003540 대신증권 0.37 매수 15.5 0.39 (52.3)

4 071320 지역난방공사 0.43 중립 8.7 0.52 NA

5 053000 우리금융 0.44 중립 5.4 0.43 (31.8)

6 086790 하나금융지주 0.45 매수 3.9 0.49 64.3

7 000880 한화 0.46 매수 6.1 0.48 NA

8 003600 SK 0.50 매수 5.2 0.68 (16.0)

9 009830 한화케미칼 0.50 매수 30.2 0.56 (69.3)

10 004150 한솔제지 0.50 매수 6.4 0.50 NA

11 024110 기업은행 0.51 중립 5.2 0.52 (11.9)

12 004940 외환은행 0.54 중립 5.2 0.52 (46.8)

13 105560 KB금융 0.55 매수 6.3 0.55 (9.3)

14 012630 현대산업 0.55 매수 12.4 0.56 (48.4)

15 002380 KCC 0.55 매수 4.0 0.53 113.2

16 029460 케이씨텍 0.60 중립 7.0 0.61 32.4

17 000210 대림산업 0.60 중립 6.8 0.57 8.0

18 003450 현대증권 0.61 중립 NA 0.60 NA

19 023530 롯데쇼핑 0.62 매수 10.2 0.70 10.4

20 064960 S&T모티브 0.62 중립 10.7 0.74 (40.9)

18


22 18.0 4 7 8.00 9.0

수익률 상위 20 종목

3

순위 종목코드 종목명 수익률(%) 투자의견 투자지표(FY2012)

1개월 PER(배) PBR(배) ROE(%)

1 009520 포스코엠텍 40.2 매수 36.6 2.83 8.0

2 041020 인프라웨어 35.0 중립 20.7 2.11 10.5

3 028150 GS홈쇼핑 24.5 중립 10.4 1.33 13.3

4 091700 파트론 23.4 매수 10.5 3.21 36.6

5 126560 현대에이치씨엔 21.8 중립 10.3 1.08 11.0

6 069620 대웅제약 20.6 중립 16.7 1.14 6.9

7 048260 오스템임플란트 18.9 매수 21.1 4.84 27.6

8 000120 CJ대한통운 17.6 매수 17.1 0.85 4.8

9 061970 엘비세미콘 17.4 매수 14.0 1.98 15.2

10 065510 휴비츠 17.3 매수 15.3 2.90 20.6

11 000060 메리츠화재 17.1 매수 7.9 1.14 17.8

12 000100 유한양행 15.9 매수 21.1 1.58 7.9

13 051600 한전KPS 15.6 매수 22.2 4.94 23.2

14 044820 코스맥스 15.4 매수 34.0 8.23 27.1

15 079160 CJCGV 13.8 매수 11.1 1.89 18.3

16 128940 한미약품 12.0 중립 54.5 3.12 5.9

17 097950 CJ제일제당 12.0 매수 16.0 1.54 10.2

18 121440 골프존 11.8 매수 9.7 1.73 19.8

19 001040 CJ 10.7 중립 11.1 0.93 8.3

20 007070 GS리테일 10.6 중립 19.1 1.59 8.6

18.0 4 7 8.00 9.0

수익률 하위 20 종목

2

순위 종목코드 종목명 수익률(%) 투자의견 투자지표(FY2012)

1개월 PER(배) PBR(배) ROE(%)

1 122870 와이지엔터테인먼트 (22.1) 매수 25.0 5.91 28.2

2 036490 OCI머티리얼즈 (19.5) 중립 8.1 1.00 13.0

3 064760 티씨케이 (19.0) 중립 11.4 1.03 9.4

4 013570 동양기전 (18.3) 중립 4.9 0.97 21.3

5 000210 대림산업 (18.0) 중립 6.8 0.57 8.6

6 006360 GS건설 (17.8) 매수 10.0 0.64 6.5

7 028050 삼성엔지니어링 (17.3) 중립 10.1 2.95 35.0

8 009830 한화케미칼 (16.8) 매수 30.2 0.56 1.9

9 008060 대덕전자 (16.7) 매수 8.3 1.04 14.7

10 016170 로엔 (16.4) 매수 14.2 2.74 20.9

11 035720 다음 (16.3) 중립 13.3 2.21 17.9

12 117930 한진해운 (16.2) 중립 NA 0.75 (23.9)

13 011170 호남석유 (15.4) 매수 15.3 1.05 7.1

14 036710 심텍 (15.3) 매수 7.2 1.47 22.3

15 103140 풍산 (15.0) 매수 10.9 0.89 8.4

16 084870 베이직하우스 (14.7) 매수 16.4 1.27 8.1

17 010060 OCI (14.7) 중립 26.3 1.03 3.9

18 002350 넥센타이어 (14.6) 매수 10.9 2.39 23.2

19 033640 네패스 (14.3) 매수 13.4 2.09 15.1

20 011780 금호석유 (14.3) 매수 20.1 2.16 9.3

19

투자의견 및 수익추정 변경

Contents

신규 분석 종목.................................................................. 22

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

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

수익추정 변경기업 ..................................................................25

업종별 1개월 변화율 ....................................................................26


신규 분석 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) (베) (배)

로엔 2012/12F 984 14.2 2.7

(016170) 매수 19,600 14,000 2013/12F 1,201 11.7 2.3

신세계인터내셔날 2012/12F 6,953 13.0 1.6

(031430) 매수 100,000 90,100 2013/12F 7,497 12.0 1.4

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) (베) (배)

투자의견 상향

강원랜드 2012/12F 1,647 16.9 2.3

(035250) 매수 중립 32,000 27,800 2013/12F 1,603 17.3 2.2

투자의견 하향

동부화재 2013/03F 6,657 6.9 1.1

(005830) 중립 매수 - 45,650 2014/03F 6,434 7.1 1.0

한섬 2012/12F 3,192 9.2 1.0

(020000) 중립 매수 - 29,250 2013/12F 3,264 9.0 0.9

현대중공업 2012/12F 26,575 7.5 0.8

(009540) 중립 매수 - 198,000 2013/12F 17,681 11.2 0.8

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

CJ대한통운 2012/12F 6,576 17.1 0.9

(000120) 매수 130,000 103,000 26.2 112,500 2013/12F 7,402 15.2 0.8

케이티스카이라이프 2012/12F 1,155 28.0 4.5

(053210) 매수 40,000 36,000 11.1 32,300 2013/12F 2,130 15.2 3.5

와이지엔터테인먼트 2012/12F 2,332 25.0 5.9

(122870) 매수 95,000 76,500 24.2 58,400 2013/12F 4,000 14.6 4.1

오리온 2012/12F 31,857 34.6 6.2

(001800) 매수 1,230,000 960,000 28.1 1,102,000 2013/12F 44,873 24.6 5.1

LG생활건강 2012/12F 19,284 34.2 8.7

(051900) 매수 790,000 630,000 25.4 659,000 2013/12F 24,621 26.8 6.9

아모레퍼시픽 2012/12F 45,092 28.3 3.7

(090430) 매수 1,555,000 1,365,000 13.9 1,275,000 2013/12F 52,864 24.1 3.3

KT 2012/12F 4,573 8.6 0.8

(030200) 매수 48,000 43,500 10.3 39,450 2013/12F 5,057 7.8 0.7

한국가스공사 2012/12F 4,541 17.9 0.8

(036460) 매수 110,000 77,000 42.9 81,400 2013/12F 5,110 15.9 0.8

한전KPS 2012/12F 2,650 22.2 4.9

(051600) 매수 68,000 59,000 15.3 58,800 2013/12F 2,830 20.8 4.6

포스코엠텍 2012/12F 320 36.6 2.8

(009520) 매수 16,000 10,500 52.4 11,700 2013/12F 679 17.2 2.5

GKL 2012/12F 2,303 13.4 6.5

(114090) 매수 40,000 30,000 33.3 30,900 2013/12F 2,240 13.8 5.3

일진디스플 2012/12F 2,011 11.5 6.0

(020760) 매수 28,000 23,000 21.7 23,200 2013/12F 2,564 9.0 3.8

파트론 2012/12F 1,800 10.5 3.2

(091700) 매수 25,000 19,000 31.6 18,850 2013/12F 2,265 8.3 2.3

에스맥 2012/12F 1,506 11.4 1.8

(097780) 매수 24,000 17,000 41.2 17,100 2013/12F 2,205 7.8 0.9

솔브레인 2012/12F 4,467 10.9 2.8

(036830) 매수 65,000 56,000 16.1 48,500 2013/12F 5,414 9.0 2.2

루멘스 2012/12F 652 12.9 2.5

(038060) 매수 10,000 9,000 11.1 8,400 2013/12F 682 12.3 2.1

SK하이닉스 2012/12F (311) NA 1.8

(000660) 매수 34,000 28,000 21.4 25,600 2013/12F 1,355 18.9 1.6

삼성전자 2012/12F 153,798 9.2 1.9

(005930) 매수 1,850,000 1,700,000 8.8 1,417,000 2013/12F 184,578 7.7 1.6

목표주가(원)

23


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 하향

만도 2012/12F 10,970 11.3 1.4

(060980) 매수 200,000 225,000 (11.1) 124,500 2013/12F 14,125 8.8 1.3

엔씨소프트 2012/12F 6,853 23.3 3.2

(036570) 매수 300,000 340,000 (11.8) 159,500 2013/12F 14,993 10.6 2.5

고려아연 2012/12F 35,249 12.4 2.1

(010130) 매수 590,000 600,000 (1.7) 435,500 2013/12F 48,951 8.9 1.7

현대건설 2012/12F 4,672 13.5 1.6

(000720) 매수 90,000 97,000 (7.2) 63,200 2013/12F 5,931 10.7 1.4

삼성물산 2012/12F 3,206 18.4 0.9

(000830) 매수 97,000 110,000 (11.8) 59,000 2013/12F 3,175 18.6 0.8

GS건설 2012/12F 5,008 10.0 0.6

(006360) 매수 64,000 128,000 (50.0) 49,850 2013/12F 6,433 7.7 0.6

현대산업 2012/12F 1,554 12.4 0.6

(012630) 매수 28,000 32,000 (12.5) 19,200 2013/12F 2,831 6.8 0.5

두산 2012/12F 13,058 9.3 0.9

(000150) 매수 175,000 200,000 (12.5) 122,000 2013/12F 22,084 5.5 0.8

휠라코리아 2012/12F 5,364 11.4 1.6

(081660) 매수 76,000 88,000 (13.6) 61,000 2013/12F 6,641 9.2 1.4

네패스 2012/12F 1,020 13.4 2.1

(033640) 매수 17,000 25,000 (32.0) 13,700 2013/12F 1,958 7.0 1.9

원익머트리얼즈 2012/12F 3,328 9.7 1.5

(104830) 매수 44,000 53,000 (17.0) 32,400 2013/12F 4,254 7.6 1.2

태광 2012/12F 1,519 13.7 1.3

(023160) 매수 34,000 38,000 (10.5) 20,800 2013/12F 2,470 8.4 1.2

목표주가(원)

24


수익추정 변경 기업

2 25 21 10 33 27 26 11 13

주) FY2012 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

한미약품 2012/12F 2,311 488 374.0 54.5 3.1

(128940) 중립 - 126,000 2013/12F 4,860 4,827 0.7 54.5 3.1

CJ CGV 2012/12F 2,947 1,908 54.5 11.1 1.9

(079160) 매수 38,000 32,800 2013/12F 2,245 2,335 (3.8) 11.1 1.9

LG디스플레이 2012/12F 647 438 47.9 55.3 1.2

(034220) 중립 - 35,800 2013/12F 1,787 2,007 (11.0) 55.3 1.2

S-Oil 2012/12F 7,610 5,424 40.3 12.8 2.0

(010950) 매수 120,000 97,100 2013/12F 11,119 11,063 0.5 12.8 2.0

GS리테일 2012/12F 1,660 1,205 37.7 19.1 1.6

(007070) 중립 - 31,750 2013/12F 1,995 1,559 28.0 19.1 1.6

수익추정 하향

농심 2012/12F (458) 971 NA NA 1.0

(004370) 매수 330,000 256,000 2013/12F 22,127 24,530 (9.8) NA 1.0

현대증권 2013/03F (45) 335 NA NA 0.6

(003450) 중립 - 7,830 2014/03F 410 460 (10.7) NA 0.6

한화케미칼 2012/12F 550 3,410 (83.9) 30.2 0.6

(009830) 매수 30,000 16,600 2013/12F 1,993 4,892 (59.3) 30.2 0.6

두산 2012/12F 13,058 20,355 (35.8) 9.3 0.9

(000150) 매수 175,000 122,000 2013/12F 22,084 27,035 (18.3) 9.3 0.9

티씨케이 2012/12F 612 874 (30.0) 11.4 1.0

(064760) 중립 - 6,970 2013/12F 796 1,136 (29.9) 11.4 1.0

에스맥 2012/12F 1,506 2,106 (28.5) 11.4 1.8

(097780) 매수 24,000 17,100 2013/12F 2,205 2,994 (26.3) 11.4 1.8

베이직하우스 2012/12F 764 1,068 (28.4) 16.4 1.3

(084870) 매수 15,000 12,500 2013/12F 1,285 1,611 (20.3) 16.4 1.3

GS건설 2012/12F 5,008 6,984 (28.3) 10.0 0.6

(006360) 매수 64,000 49,850 2013/12F 6,433 9,105 (29.3) 10.0 0.6

대한항공 2012/12F 4,740 6,504 (27.1) 9.5 1.2

(003490) 매수 67,000 45,100 2013/12F 5,677 7,340 (22.7) 9.5 1.2

태광 2012/12F 1,519 2,061 (26.3) 13.7 1.3

(023160) 매수 34,000 20,800 2013/12F 2,470 2,986 (17.3) 13.7 1.3

YTN 2012/12F 211 281 (24.9) 17.9 0.9

(040300) 중립 - 3,770 2013/12F 283 362 (21.7) 17.9 0.9

엔씨소프트 2012/12F 6,853 8,794 (22.1) 23.3 3.2

(036570) 매수 300,000 159,500 2013/12F 14,993 16,938 (11.5) 23.3 3.2

EPS(원)

25


2 2 13 14 13 14 7 8 7 8 7 8 7 8

업종별 1개월 추정치 변화율 27 28 16 17

종목수 : 203 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 FY2012 FY2013 FY2012 FY2013 FY2012 FY2013 FY2012 FY2013 FY2012 FY2013 FY2012 FY2013

Universe 988,734 997,860 (0.9) 93,194 111,380 92,294 110,938 1.0 0.4 6,415 7,667 6,354 7,638 1.0 0.4

KGICS1

에너지 41,430 41,276 0.4 3,863 5,028 3,608 5,022 7.1 0.1 6,934 9,026 6,477 9,015 7.1 0.1

소재 88,586 94,175 (5.9) 7,450 9,962 7,992 10,588 (6.8) (5.9) 8,814 11,786 9,455 12,526 (6.8) (5.9)

산업재 127,010 132,159 (3.9) 11,669 13,386 12,296 14,056 (5.1) (4.8) 4,458 5,114 4,698 5,370 (5.1) (4.8)

경기소비재 174,495 185,282 (5.8) 22,368 25,375 22,593 25,723 (1.0) (1.4) 17,290 19,615 17,465 19,894 (1.0) (1.4)

필수소비재 48,938 48,242 1.4 2,225 2,819 2,294 2,906 (3.0) (3.0) 10,672 13,523 11,004 13,942 (3.0) (3.0)

의료 6,940 7,013 (1.0) 268 408 261 413 2.9 (1.1) 4,462 6,788 4,335 6,866 2.9 (1.1)

금융 118,853 125,497 (5.3) 15,505 15,012 15,569 15,282 (0.4) (1.8) 2,842 2,752 2,854 2,802 (0.4) (1.8)

IT 324,605 306,778 5.8 28,228 35,048 26,291 32,670 7.4 7.3 16,179 20,088 15,069 18,725 7.4 7.3

통신서비스 27,383 26,847 2.0 2,205 3,256 1,995 3,239 10.5 0.5 2,201 3,250 1,992 3,233 10.5 0.5

유틸리티 27,888 27,940 (0.2) (796) 813 (807) 775 NA 4.9 (1,081) 1,104 (1,095) 1,052 NA 4.9

스몰캡 2,607 2,650 (1.7) 211 272 203 264 4.0 3.2 15,182 19,598 14,593 18,984 4.0 3.2

KGICS2

자원개발 에너지9,130 9,304 (1.9) 774 879 774 879 0.0 0.0 2,493 2,831 2,493 2,831 0.0 0.0

석유정제 에너지32,300 31,972 1.0 3,089 4,150 2,834 4,143 9.0 0.2 12,520 16,820 10,177 16,351 23.0 2.9

화학 소재41,015 43,284 (5.2) 2,746 3,712 3,128 4,091 (12.2) (9.3) 6,298 8,514 7,174 9,383 (12.2) (9.3)

철강·비철금속 소재47,172 50,472 (6.5) 4,646 6,177 4,806 6,424 (3.3) (3.8) 12,709 16,897 13,147 17,573 (3.3) (3.8)

제지 소재 399 419 (4.7) 57 72 57 72 0.0 0.0 1,316 1,650 1,316 1,650 0.0 0.0

건설 산업재36,181 38,110 (5.1) 3,291 3,427 3,429 3,684 (4.0) (7.0) 3,603 3,752 3,754 4,000 (4.0) (6.2)

전기부품·설비 산업재5,145 4,881 5.4 349 535 380 601 (8.1) (11.0) 5,608 8,594 6,106 9,659 (8.1) (11.0)

지주회사·복합기업 산업재28,144 26,590 5.8 3,591 4,694 3,702 4,774 (3.0) (1.7) 10,081 13,179 10,394 13,405 (3.0) (1.7)

조선 산업재29,716 32,314 (8.0) 2,946 2,482 2,888 2,488 2.0 (0.2) 5,199 4,380 5,155 4,317 0.9 1.5

기계 산업재8,728 10,132 (13.9) 738 806 821 911 (10.1) (11.5) 2,606 2,847 2,898 3,218 (10.1) (11.5)

상업서비스·기타 산업재2,584 2,462 4.9 109 140 109 140 0.0 0.0 28,568 36,791 28,568 36,791 0.0 0.0

운송 산업재16,512 17,669 (6.5) 645 1,302 968 1,458 (33.3) (10.7) 1,493 3,014 2,240 3,376 (33.3) (10.7)

자동차·자동차부품 경기소비재115,902 127,132 (8.8) 17,695 20,020 17,837 20,015 (0.8) 0.0 19,960 22,582 20,120 22,576 (0.8) 0.0

섬유·의류 경기소비재4,924 4,811 2.3 491 571 528 630 (6.9) (9.3) 9,604 11,090 10,275 12,354 (6.5) (10.2)

호텔·레저 경기소비재11,224 10,558 6.3 728 716 701 724 3.8 (1.1) 10,269 10,104 9,898 10,217 3.8 (1.1)

교육서비스 경기소비재1,052 1,044 0.7 100 104 100 104 0.0 0.0 9,051 9,458 9,051 9,458 0.0 0.0

소비자서비스 경기소비재3,000 2,699 11.1 195 216 195 216 0.0 0.0 25,274 28,051 25,274 28,051 0.0 0.0

미디어·광고 경기소비재8,157 8,858 (7.9) 415 577 441 631 (5.9) (8.5) 3,945 5,448 4,241 5,931 (7.0) (8.1)

유통 경기소비재30,235 30,179 0.2 2,744 3,170 2,791 3,403 (1.7) (6.8) 17,825 20,592 18,128 22,105 (1.7) (6.8)

음식료·담배 필수소비재27,848 27,275 2.1 1,480 1,894 1,508 1,921 (1.8) (1.4) 8,457 10,823 8,615 10,975 (1.8) (1.4)

생활용품 필수소비재21,090 20,968 0.6 744 925 786 985 (5.3) (6.2) 22,271 27,660 23,512 29,477 (5.3) (6.2)

제약·바이오 의료 6,940 7,013 (1.0) 268 408 261 413 2.9 (1.1) 4,462 6,788 4,335 6,866 2.9 (1.1)

은행 금융60,214 63,639 (5.4) 10,944 10,007 10,944 10,007 0.0 0.0 3,094 2,829 3,094 2,829 0.0 0.0

증권 금융12,862 13,479 (4.6) 528 719 610 802 (13.5) (10.3) 538 733 622 818 (13.5) (10.3)

보험 금융45,776 48,379 (5.4) 4,032 4,286 4,014 4,473 0.5 (4.2) 4,303 4,574 4,283 4,774 0.5 (4.2)

인터넷·소프트웨어 IT 17,788 19,059 (6.7) 813 1,029 850 1,128 (4.3) (8.7) 77,132 97,601 80,504 108,811 (4.2) (10.3)

통신장비·부품 IT 17,435 16,371 6.5 1,219 1,996 1,231 2,002 (0.9) (0.3) 5,990 9,806 6,047 9,837 (0.9) (0.3)

디스플레이 IT 20,493 18,943 8.2 826 1,360 756 1,441 9.1 (5.6) 1,970 3,245 1,805 3,438 9.1 (5.6)

전자부품 IT 20,974 20,053 4.6 2,208 1,559 2,238 1,656 (1.3) (5.9) 10,618 7,496 10,758 7,963 (1.3) (5.9)

반도체·반도체장비 IT 247,915 232,351 6.7 23,161 29,104 21,216 26,442 9.2 10.1 25,633 32,211 23,481 29,265 9.2 10.1

통신서비스 통신서비스27,383 26,847 2.0 2,205 3,256 1,995 3,239 10.5 0.5 2,201 3,250 1,992 3,233 10.5 0.5

전력·가스 유틸리티27,888 27,940 (0.2) (796) 813 (807) 775 NA 4.9 (1,081) 1,104 (1,095) 1,052 NA 4.9

스몰캡 스몰캡2,607 2,650 (1.7) 211 272 203 264 4.0 3.2 15,182 19,598 14,609 18,720 3.9 4.7

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)

26

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 : 205 38 35 36

산업 종목 시가총액 매출액 영업이익

(십억원) (십억원) 증가율(%) (십억원) 증가율(%)

비중(%) FY2011 FY2012 FY2013 FY2012 FY2013 FY2011 FY2012 FY2013 FY2012 FY2013

Universe 205 988,974 100.0 1,544,790 1,702,903 1,823,366 10.2 7.1 133,177 127,700 151,634 (4.1) 18.7

KGICS1

에너지 8 41,430 4.2 177,433 193,697 204,351 9.2 5.5 6,137 5,254 6,865 (14.4) 30.7

소재 20 88,586 9.0 172,612 168,911 175,812 (2.1) 4.1 29,169 10,690 13,482 (63.4) 26.1

산업재 33 126,252 12.8 385,786 422,386 447,171 9.5 5.9 25,518 22,036 26,617 (13.6) 20.8

경기소비재 45 175,492 17.7 233,657 262,054 291,095 12.2 11.1 22,271 24,866 28,674 11.7 15.3

필수소비재 11 48,938 4.9 23,757 29,371 32,641 23.6 11.1 3,002 3,533 4,181 17.7 18.3

의료 6 6,940 0.7 3,943 4,182 4,676 6.0 11.8 311 255 404 (17.8) 58.2

금융 22 118,853 12.0 127,492 137,378 141,888 7.8 3.3 22,747 19,565 18,874 (14.0) (3.5)

IT 41 324,605 32.8 291,450 337,152 371,435 15.7 10.2 18,777 35,939 43,444 91.4 20.9

통신서비스 4 27,383 2.8 49,547 54,497 57,308 10.0 5.2 4,456 3,523 4,607 (20.9) 30.8

유틸리티 5 27,888 2.8 78,146 92,172 95,685 17.9 3.8 598 1,844 4,241 208.4 129.9

스몰캡 9 2,607 0.3 966 1,104 1,304 14.3 18.1 191 196 245 2.6 25.0

KGICS2

자원개발 5 9,130 0.9 68,655 72,926 80,510 6.2 10.4 731 1,008 1,128 38.0 11.9

석유정제 3 32,300 3.3 108,778 120,770 123,841 11.0 2.5 5,406 4,246 5,737 (21.5) 35.1

화학 12 41,015 4.1 63,834 63,283 67,733 (0.9) 7.0 7,156 3,875 5,212 (45.9) 34.5

철강·비철금속 7 47,172 4.8 107,237 104,063 106,547 (3.0) 2.4 21,921 6,677 8,120 (69.5) 21.6

제지 1 399 0.0 1,542 1,564 1,533 1.4 (2.0) 92 138 149 50.1 8.4

건설 8 35,424 3.6 74,303 85,699 94,185 15.3 9.9 4,060 3,857 4,469 (5.0) 15.9

전기부품·설비 2 5,145 0.5 14,423 14,630 16,422 1.4 12.2 466 758 1,021 62.7 34.6

지주회사·복합기업 5 28,144 2.8 150,767 168,380 176,724 11.7 5.0 11,327 10,300 13,417 (9.1) 30.3

조선 5 29,716 3.0 88,522 90,196 91,751 1.9 1.7 7,285 4,495 4,108 (38.3) (8.6)

기계 6 8,728 0.9 17,818 19,281 19,881 8.2 3.1 1,396 1,148 1,331 (17.8) 15.9

상업서비스·기타 1 2,584 0.3 1,026 1,080 1,183 5.2 9.6 160 142 185 (11.5) 30.7

운송 6 16,512 1.7 38,928 43,120 47,026 10.8 9.1 823 1,336 2,086 62.3 56.2

자동차·자동차부품 11 115,902 11.7 171,412 189,385 206,210 10.5 8.9 16,011 18,312 20,925 14.4 14.3

섬유·의류 7 5,567 0.6 6,336 6,621 7,218 4.5 9.0 925 900 1,030 (2.7) 14.4

호텔·레저 5 11,224 1.1 4,313 4,989 5,282 15.7 5.9 845 892 914 5.6 2.5

교육서비스 2 1,052 0.1 1,082 1,047 1,063 (3.2) 1.5 155 121 125 (22.3) 3.9

소비자서비스 1 3,000 0.3 1,710 1,849 2,001 8.1 8.3 242 265 285 9.1 7.8

미디어·광고 10 8,511 0.9 5,048 6,137 7,141 21.6 16.4 468 507 750 8.3 47.8

유통 9 30,235 3.1 43,757 52,028 62,179 18.9 19.5 3,624 3,869 4,645 6.8 20.0

음식료·담배 6 27,848 2.8 16,727 21,345 23,358 27.6 9.4 2,123 2,506 2,923 18.0 16.7

생활용품 5 21,090 2.1 7,030 8,026 9,283 14.2 15.7 880 1,027 1,258 16.7 22.5

제약·바이오 6 6,940 0.7 3,943 4,182 4,676 6.0 11.8 311 255 404 (17.8) 58.2

은행 8 60,214 6.1 44,400 43,719 42,445 (1.5) (2.9) 18,263 15,119 13,938 (17.2) (7.8)

증권 6 12,862 1.3 16,047 16,997 18,256 5.9 7.4 1,159 672 897 (42.0) 33.5

보험 8 45,776 4.6 67,045 76,662 81,187 14.3 5.9 3,326 3,774 4,039 13.5 7.0

인터넷·소프트웨어 4 17,788 1.8 3,819 4,299 4,779 12.6 11.2 976 1,011 1,259 3.6 24.5

통신장비·부품 10 17,435 1.8 57,986 55,862 58,935 (3.7) 5.5 598 1,732 2,397 189.9 38.3

디스플레이 8 20,493 2.1 31,954 37,201 36,565 16.4 (1.7) (292) 1,234 1,839 NA 49.0

전자부품 6 20,974 2.1 20,055 23,140 27,103 15.4 17.1 738 2,707 1,690 266.7 (37.6)

반도체·반도체장비 13 247,915 25.1 177,636 216,650 244,053 22.0 12.6 16,757 29,254 36,261 74.6 23.9

통신서비스 4 27,383 2.8 49,547 54,497 57,308 10.0 5.2 4,456 3,523 4,607 (20.9) 30.8

전력·가스 5 27,888 2.8 78,146 92,172 95,685 17.9 3.8 598 1,844 4,241 208.4 129.9

스몰캡 9 2,607 0.3 966 1,104 1,304 14.3 18.1 191 196 245 2.6 25.0

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) (%)

FY2011 FY2012 FY2013 FY2012 FY2013 FY2012 FY2013 FY2012 FY2013 12MF FY2012 FY2013 12MF FY2012 FY2013 12MF

83,975 93,269 111,464 11.1 19.5 859,807 959,670 10.6 8.9 9.0 1.1 1.0 1.0 10.8 11.6 11.5

5,874 3,863 5,028 (34.2) 30.2 36,624 40,911 10.7 8.2 8.4 1.1 1.0 1.0 10.5 12.3 12.1

10,523 7,450 9,962 (29.2) 33.7 91,148 99,670 8.9 7.7 8.1 1.1 1.0 1.0 8.2 10.0 9.8

11,029 11,618 13,318 5.3 14.6 127,690 139,442 10.9 9.5 9.6 1.0 0.9 0.9 9.1 9.5 9.5

22,825 22,443 25,459 (1.7) 13.4 133,253 156,507 7.8 6.9 7.0 1.3 1.1 1.1 16.8 16.3 16.3

2,127 2,225 2,819 4.6 26.7 18,108 20,617 22.0 17.4 17.8 2.6 2.3 2.3 12.3 13.7 13.5

248 268 408 8.1 52.1 3,576 3,915 25.9 17.0 17.6 1.9 1.7 1.7 7.5 10.4 10.1

17,031 15,505 15,012 (9.0) (3.2) 173,522 185,945 7.7 7.9 7.9 0.7 0.6 0.6 8.9 8.1 8.2

14,508 28,228 35,048 94.6 24.2 181,867 215,725 11.5 9.3 9.5 1.7 1.4 1.5 15.5 16.2 16.2

3,130 2,205 3,256 (29.6) 47.7 29,410 31,411 12.4 8.4 8.7 0.8 0.8 0.8 7.5 10.4 10.1

(2,990) (796) 813 NA NA 63,029 63,687 (35.0) 34.3 43.5 0.4 0.4 0.4 (1.3) 1.3 1.0

106 211 272 98.5 29.1 1,582 1,839 12.4 9.6 9.8 1.6 1.4 1.4 13.3 14.8 14.6

704 774 879 10.0 13.5 7,905 8,876 11.8 10.4 10.5 1.2 1.0 1.0 9.8 9.9 9.9

5,170 3,089 4,150 (40.3) 34.3 28,718 32,035 10.5 7.8 8.0 1.1 1.0 1.0 10.8 13.0 12.7

5,029 2,746 3,712 (45.4) 35.2 30,028 33,176 14.9 11.0 11.4 1.4 1.2 1.2 9.1 11.2 11.0

5,499 4,646 6,177 (15.5) 33.0 60,335 65,670 10.2 7.6 7.8 0.8 0.7 0.7 7.7 9.4 9.2

(6) 57 72 NA 25.3 785 824 7.0 5.5 5.7 0.5 0.5 0.5 7.3 8.7 8.6

3,065 3,240 3,359 5.7 3.7 36,517 39,289 11.0 10.6 10.6 0.9 0.9 0.9 8.8 8.5 8.6

188 349 535 85.5 53.2 3,324 3,818 14.7 9.6 10.0 1.5 1.3 1.4 10.5 14.0 13.6

3,460 3,591 4,694 3.8 30.7 35,314 39,865 7.8 6.0 6.2 0.8 0.7 0.7 10.2 11.8 11.6

4,200 2,946 2,482 (29.8) (15.8) 33,087 35,024 10.1 12.0 11.7 0.8 0.8 0.8 8.9 7.1 7.3

661 738 806 11.7 9.2 8,115 8,818 11.8 10.8 10.9 1.0 1.0 1.0 9.1 9.1 9.1

126 109 140 (14.1) 28.8 801 895 23.8 18.5 18.9 2.7 2.5 2.5 13.5 15.6 15.4

(670) 645 1,302 NA 101.9 10,531 11,732 25.6 12.7 13.4 1.5 1.3 1.4 6.1 11.1 10.6

15,358 17,695 20,020 15.2 13.1 88,382 107,096 6.6 5.8 5.9 1.3 1.1 1.1 20.0 18.7 18.8

468 541 624 15.6 15.5 3,788 4,335 10.3 8.9 9.0 1.5 1.3 1.3 14.3 14.4 14.4

567 728 716 28.4 (1.6) 4,183 4,628 15.4 15.7 15.6 2.6 2.3 2.3 17.4 15.5 15.7

121 100 104 (17.3) 4.5 1,043 1,111 10.5 10.1 10.1 0.9 0.9 0.9 9.6 9.4 9.4

167 195 216 16.7 11.0 843 967 15.4 13.9 14.0 3.2 2.8 2.8 23.1 22.4 22.5

368 440 608 19.7 38.1 4,009 4,585 19.3 14.0 14.4 2.1 1.8 1.9 11.0 13.3 13.0

5,777 2,744 3,170 (52.5) 15.5 31,004 33,785 11.0 9.5 9.7 1.0 0.9 0.9 8.9 9.4 9.3

1,454 1,480 1,894 1.8 28.0 13,709 15,381 18.8 14.7 15.1 1.9 1.7 1.8 10.8 12.3 12.2

673 744 925 10.7 24.2 4,400 5,237 28.3 22.8 23.3 4.7 4.0 4.0 16.9 17.7 17.6

248 268 408 8.1 52.1 3,576 3,915 25.9 17.0 17.6 1.9 1.7 1.7 7.5 10.4 10.1

12,668 10,944 10,007 (13.6) (8.6) 111,081 119,127 5.5 6.0 6.0 0.5 0.5 0.5 9.9 8.4 8.6

877 528 719 (39.8) 36.2 16,715 17,289 24.4 17.9 19.7 0.7 0.7 0.7 3.2 4.2 3.8

3,486 4,032 4,286 15.7 6.3 45,725 49,529 11.4 10.7 10.9 1.0 0.9 0.9 8.8 8.7 8.7

752 813 1,029 8.1 26.5 3,794 4,757 21.9 17.3 17.7 3.7 3.1 3.2 21.4 21.6 21.6

(216) 1,219 1,996 NA 63.7 15,756 17,780 14.3 8.7 9.1 1.1 1.0 1.0 7.7 11.2 10.9

(261) 826 1,360 NA 64.7 15,418 16,505 24.9 15.1 15.7 1.3 1.2 1.2 5.4 8.2 7.9

803 2,208 1,559 175.0 (29.4) 15,528 17,094 9.5 13.5 12.9 1.3 1.2 1.2 14.2 9.1 9.7

13,429 23,161 29,104 72.5 25.7 131,371 159,588 10.7 8.5 8.7 1.8 1.5 1.5 17.6 18.2 18.2

3,130 2,205 3,256 (29.6) 47.7 29,410 31,411 12.4 8.4 8.7 0.8 0.8 0.8 7.5 10.4 10.1

(2,990) (796) 813 NA NA 63,029 63,687 NA 34.3 43.5 0.4 0.4 0.4 (1.3) 1.3 1.0

106 211 272 98.5 29.1 1,582 1,839 12.4 9.6 9.8 1.6 1.4 1.4 13.3 14.8 14.6

29


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

업종별 주요 지표(연결)

종목수 : 114




Universe 114 870,848 100.0 1,402,453 1,542,034 1,648,690 10.0 6.9 124,079 118,063 140,454 (4.8) 19.0

KGICS1

에너지 7 40,979 4.7 172,402 188,112 197,818 9.1 5.2 6,063 5,158 6,749 (14.9) 30.9

소재 12 83,461 9.6 159,861 155,029 161,082 (3.0) 3.9 28,378 9,837 12,499 (65.3) 27.1

산업재 29 116,704 13.4 377,580 412,191 435,113 9.2 5.6 25,083 21,426 25,872 (14.6) 20.8

경기소비재 25 156,117 17.9 219,891 246,743 274,461 12.2 11.2 20,569 23,098 26,666 12.3 15.4

필수소비재 8 45,634 5.2 20,757 26,154 29,199 26.0 11.6 2,828 3,330 3,944 17.8 18.5

의료 2 2,248 0.3 1,149 1,213 1,387 5.5 14.3 99 111 163 11.9 46.8

금융 8 60,214 6.9 44,400 43,719 42,445 (1.5) (2.9) 18,263 15,119 13,938 (17.2) (7.8)

IT 14 313,274 36.0 282,598 326,511 358,789 15.5 9.9 17,922 34,806 41,983 94.2 20.6

통신서비스 4 27,383 3.1 49,547 54,497 57,308 10.0 5.2 4,456 3,523 4,607 (20.9) 30.8

유틸리티 3 24,679 2.8 74,160 87,735 90,927 18.3 3.6 408 1,641 4,013 302.5 144.6

스몰캡 1 157 0.0 107 129 162 20.7 25.5 12 16 21 29.2 28.1

KGICS2

자원개발 4 8,679 1.0 63,624 67,342 73,977 5.8 9.9 656 912 1,012 38.9 11.0

석유정제 3 32,300 3.7 108,778 120,770 123,841 11.0 2.5 5,406 4,246 5,737 (21.5) 35.1

화학 6 37,080 4.3 58,385 57,268 60,800 (1.9) 6.2 6,681 3,379 4,611 (49.4) 36.4

철강·비철금속 6 46,380 5.3 101,476 97,762 100,282 (3.7) 2.6 21,697 6,458 7,888 (70.2) 22.2

제지 - - - - - - - - - - - - -

건설 8 35,424 4.1 74,303 85,699 94,185 15.3 9.9 4,060 3,857 4,469 (5.0) 15.9

전기부품·설비 2 5,145 0.6 14,423 14,630 16,422 1.4 12.2 466 758 1,021 62.7 34.6

지주회사·복합기업 5 28,144 3.2 150,767 168,380 176,724 11.7 5.0 11,327 10,300 13,417 (9.1) 30.3

조선 5 29,716 3.4 88,522 90,196 91,751 1.9 1.7 7,285 4,495 4,108 (38.3) (8.6)

기계 3 7,279 0.8 17,160 18,380 18,838 7.1 2.5 1,300 981 1,108 (24.5) 13.0

상업서비스·기타 1 2,584 0.3 1,026 1,080 1,183 5.2 9.6 160 142 185 (11.5) 30.7

운송 5 8,412 1.0 31,380 33,827 36,010 7.8 6.5 484 892 1,563 84.6 75.1

자동차·자동차부품 9 115,178 13.2 170,378 188,114 204,853 10.4 8.9 15,952 18,242 20,846 14.4 14.3

섬유·의류 4 3,242 0.4 3,632 3,849 4,249 6.0 10.4 618 636 728 2.8 14.5

호텔·레저 1 5,948 0.7 1,266 1,313 1,327 3.8 1.0 489 420 404 (14.0) (3.8)

교육서비스 - - - - - - - - - - - - -

소비자서비스 - - - - - - - - - - - - -

미디어·광고 5 5,497 0.6 3,371 4,292 5,011 27.3 16.8 278 312 446 12.2 43.1

유통 6 26,253 3.0 41,244 49,175 59,021 19.2 20.0 3,233 3,488 4,242 7.9 21.6

음식료·담배 4 25,118 2.9 14,030 18,504 20,354 31.9 10.0 1,964 2,331 2,721 18.7 16.7

생활용품 4 20,515 2.4 6,727 7,651 8,844 13.7 15.6 864 999 1,224 15.7 22.5

제약·바이오 2 2,248 0.3 1,149 1,213 1,387 5.5 14.3 99 111 163 11.9 46.8

은행 8 60,214 6.9 44,400 43,719 42,445 (1.5) (2.9) 18,263 15,119 13,938 (17.2) (7.8)

증권 - - - - - - - - - - - - -

보험 - - - - - - - - - - - - -

인터넷·소프트웨어 4 17,788 2.0 3,819 4,299 4,779 12.6 11.2 976 1,011 1,259 3.6 24.5

통신장비·부품 1 13,017 1.5 54,257 51,008 52,794 (6.0) 3.5 280 1,271 1,784 353.6 40.3

디스플레이 2 17,414 2.0 29,872 34,811 33,933 16.5 (2.5) (637) 831 1,383 NA 66.3

전자부품 4 19,334 2.2 18,976 21,839 25,648 15.1 17.4 709 2,656 1,610 274.8 (39.4)

반도체·반도체장비 3 245,721 28.2 175,674 214,554 241,635 22.1 12.6 16,594 29,037 35,947 75.0 23.8

통신서비스 4 27,383 3.1 49,547 54,497 57,308 10.0 5.2 4,456 3,523 4,607 (20.9) 30.8

전력·가스 3 24,679 2.8 74,160 87,735 90,927 18.3 3.6 408 1,641 4,013 302.5 144.6

스몰캡 1 157 0.0 107 129 162 20.7 25.5 12 16 21 29.2 28.1

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) (%)


76,476 84,179 100,897 10.1 19.9 763,316 853,806 10.3 8.6 9.0 1.1 1.0 1.0 11.0 11.8 11.5

5,806 3,765 4,905 (35.2) 30.3 36,279 40,454 10.9 8.4 8.4 1.1 1.0 1.0 10.4 12.1 12.1

10,165 6,877 9,280 (32.3) 34.9 84,313 92,307 12.1 9.0 9.1 1.0 0.9 0.9 8.2 10.1 9.8

10,598 10,915 12,478 3.0 14.3 124,772 135,790 10.7 9.4 9.6 0.9 0.8 0.9 8.7 9.2 9.5

21,431 20,931 23,771 (2.3) 13.6 123,217 145,187 7.5 6.6 7.0 1.3 1.1 1.1 17.0 16.4 16.3

1,968 2,148 2,600 9.1 21.1 16,031 17,988 21.2 17.5 17.8 2.7 2.5 2.3 13.4 14.5 13.5

61 81 120 32.6 48.9 932 1,028 27.8 18.7 17.6 2.4 2.2 1.7 8.7 11.7 10.1

12,668 10,944 10,007 (13.6) (8.6) 111,081 119,127 5.5 6.0 7.9 0.5 0.5 0.6 9.9 8.4 8.2

13,824 27,304 33,869 97.5 24.0 175,724 208,408 11.5 9.2 9.5 1.7 1.4 1.5 15.5 16.3 16.2

3,130 2,205 3,256 (29.6) 47.7 29,410 31,411 12.4 8.4 8.7 0.8 0.8 0.8 7.5 10.4 10.1

(3,186) (1,005) 587 NA NA 61,497 62,024 (24.5) 42.1 43.5 0.4 0.4 0.4 (1.6) 0.9 1.0

10 14 23 48.8 61.5 60 81 11.0 6.8 9.8 2.5 1.9 1.4 23.9 28.2 14.6

636 676 755 6.3 11.7 7,560 8,419 12.8 11.5 10.5 1.1 1.0 1.0 8.9 9.0 9.9

5,170 3,089 4,150 (40.3) 34.3 28,718 32,035 10.5 7.8 8.0 1.1 1.0 1.0 10.8 13.0 12.7

4,717 2,387 3,273 (49.4) 37.1 26,958 29,742 15.5 11.3 11.4 1.4 1.2 1.2 8.9 11.0 11.0

5,448 4,490 6,007 (17.6) 33.8 57,355 62,565 10.3 7.7 7.8 0.8 0.7 0.7 7.8 9.6 9.2

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

3,065 3,240 3,359 5.7 3.7 36,517 39,289 11.0 10.6 10.6 0.9 0.9 0.9 8.8 8.5 8.6

188 349 535 85.5 53.2 3,324 3,818 14.7 9.6 10.0 1.5 1.3 1.4 10.5 14.0 13.6

3,460 3,591 4,694 3.8 30.7 35,314 39,865 7.8 6.0 6.2 0.8 0.7 0.7 10.2 11.8 11.6

4,200 2,946 2,482 (29.8) (15.8) 33,087 35,024 10.1 12.0 11.7 0.8 0.8 0.8 8.9 7.1 7.3

589 611 633 3.7 3.7 7,185 7,725 11.9 11.5 10.9 1.0 0.9 1.0 8.5 8.2 9.1

126 109 140 (14.1) 28.8 801 895 23.8 18.5 18.9 2.7 2.5 2.5 13.5 15.6 15.4

(1,029) 70 635 NA 812.4 8,544 9,174 120.9 13.2 13.4 0.9 0.9 1.4 0.8 6.9 10.6

15,263 17,553 19,860 15.0 13.1 87,551 106,176 6.6 5.8 5.9 1.3 1.1 1.1 20.0 18.7 18.8

239 330 383 38.0 15.9 1,774 2,105 9.8 8.5 9.0 1.8 1.5 1.3 18.6 18.2 14.4

381 335 326 (12.2) (2.6) 2,425 2,591 17.8 18.3 15.6 2.3 2.2 2.3 13.8 12.6 15.7

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

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

227 286 367 25.9 28.1 2,665 3,022 19.2 15.0 14.4 2.0 1.8 1.9 10.7 12.1 13.0

5,320 2,428 2,836 (54.4) 16.8 28,802 31,294 10.8 9.3 9.7 0.9 0.8 0.9 8.4 9.1 9.3

1,315 1,424 1,703 8.4 19.5 11,779 12,920 17.6 14.8 15.1 2.0 1.9 1.8 12.1 13.2 12.2

654 723 898 10.6 24.1 4,252 5,068 28.4 22.9 23.3 4.7 4.0 4.0 17.0 17.7 17.6

61 81 120 32.6 48.9 932 1,028 27.8 18.7 17.6 2.4 2.2 1.7 8.7 11.7 10.1

12,668 10,944 10,007 (13.6) (8.6) 111,081 119,127 5.5 6.0 6.0 0.5 0.5 0.5 9.9 8.4 8.6

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

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

752 813 1,029 8.1 26.5 3,794 4,757 21.9 17.3 17.7 3.7 3.1 3.2 21.4 21.6 21.6

(470) 838 1,512 NA 80.5 13,695 15,170 15.5 8.6 9.1 0.9 0.9 1.0 6.1 10.0 10.9

(512) 506 998 NA 97.1 13,800 14,582 34.4 17.4 15.7 1.3 1.2 1.2 3.7 6.8 7.9

754 2,159 1,481 186.5 (31.4) 14,747 16,244 9.0 13.1 12.9 1.3 1.2 1.2 14.6 9.1 9.7

13,300 22,987 28,849 72.8 25.5 129,689 157,655 10.7 8.5 8.7 1.8 1.5 1.5 17.7 18.3 18.2

3,130 2,205 3,256 (29.6) 47.7 29,410 31,411 12.4 8.4 8.7 0.8 0.8 0.8 7.5 10.4 10.1

(3,186) (1,005) 587 NA NA 61,497 62,024 NA 42.1 43.5 0.4 0.4 0.4 (1.6) 0.9 1.0

10 14 23 48.8 61.5 60 81 11.0 6.8 9.8 2.5 1.9 1.4 23.9 28.2 14.6

31


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

업종별 주요 지표(비연결)

종목수 : 91




Universe 91 118,126 100.0 142,337 160,869 174,676 13.0 8.6 9,098 9,637 11,180 5.9 16.0

KGICS1

에너지 1 451 0.4 5,031 5,585 6,533 11.0 17.0 74 97 116 30.2 20.3

소재 8 5,125 4.3 12,751 13,881 14,731 8.9 6.1 792 853 983 7.7 15.2

산업재 4 9,548 8.1 8,206 10,195 12,058 24.2 18.3 436 610 746 40.0 22.3

경기소비재 20 19,376 16.4 13,766 15,311 16,634 11.2 8.6 1,701 1,769 2,008 3.9 13.6

필수소비재 3 3,304 2.8 3,000 3,217 3,443 7.2 7.0 175 203 236 16.1 16.5

의료 4 4,692 4.0 2,794 2,968 3,289 6.2 10.8 212 145 241 (31.7) 67.0

금융 14 58,638 49.6 83,092 93,659 99,443 12.7 6.2 4,485 4,446 4,936 (0.9) 11.0

IT 27 11,331 9.6 8,852 10,641 12,646 20.2 18.8 855 1,133 1,462 32.4 29.0

통신서비스 - - - - - - - - - - - - -

유틸리티 2 3,210 2.7 3,986 4,437 4,759 11.3 7.2 190 204 227 7.0 11.6

스몰캡 8 2,450 2.1 859 975 1,142 13.5 17.2 178 180 224 0.7 24.7

KGICS2

자원개발 1 451 0.4 5,031 5,585 6,533 11.0 17.0 74 97 116 30.2 20.3

석유정제 - - - - - - - - - - - - -

화학 6 3,935 3.3 5,449 6,015 6,933 10.4 15.3 476 495 601 4.2 21.3

철강·비철금속 1 791 0.7 5,761 6,302 6,265 9.4 (0.6) 225 220 232 (2.1) 5.7

제지 1 399 0.3 1,542 1,564 1,533 1.4 (2.0) 92 138 149 50.1 8.4

건설 - - - - - - - - - - - - -

전기부품·설비 - - - - - - - - - - - - -

지주회사·복합기업 - - - - - - - - - - - - -

조선 - - - - - - - - - - - - -

기계 3 1,448 1.2 658 901 1,043 37.0 15.8 96 167 223 73.6 33.6

상업서비스·기타 - - - - - - - - - - - - -

운송 1 8,100 6.9 7,548 9,294 11,015 23.1 18.5 340 443 523 30.5 18.0

자동차·자동차부품 2 724 0.6 1,034 1,270 1,358 22.8 6.9 59 70 79 19.2 13.2

섬유·의류 3 2,326 2.0 2,704 2,772 2,969 2.5 7.1 307 265 302 (13.8) 14.3

호텔·레저 4 5,277 4.5 3,047 3,676 3,955 20.6 7.6 357 472 510 32.4 8.1

교육서비스 2 1,052 0.9 1,082 1,047 1,063 (3.2) 1.5 155 121 125 (22.3) 3.9

소비자서비스 1 3,000 2.5 1,710 1,849 2,001 8.1 8.3 242 265 285 9.1 7.8

미디어·광고 5 3,015 2.6 1,677 1,845 2,130 10.0 15.4 190 196 304 2.7 55.3

유통 3 3,982 3.4 2,512 2,853 3,158 13.6 10.7 391 381 402 (2.6) 5.6

음식료·담배 2 2,729 2.3 2,698 2,842 3,004 5.3 5.7 159 175 202 10.3 15.7

생활용품 1 575 0.5 303 375 439 24.0 16.9 16 28 34 73.8 21.4

제약·바이오 4 4,692 4.0 2,794 2,968 3,289 6.2 10.8 212 145 241 (31.7) 67.0

은행 - - - - - - - - - - - - -

증권 6 12,862 10.9 16,047 16,997 18,256 5.9 7.4 1,159 672 897 (42.0) 33.5

보험 8 45,776 38.8 67,045 76,662 81,187 14.3 5.9 3,326 3,774 4,039 13.5 7.0

인터넷·소프트웨어 - - - - - - - - - - - - -

통신장비·부품 9 4,419 3.7 3,729 4,853 6,141 30.1 26.5 317 461 612 45.3 32.8

디스플레이 6 3,079 2.6 2,082 2,390 2,632 14.8 10.1 345 403 456 16.7 13.1

전자부품 2 1,640 1.4 1,079 1,301 1,454 20.6 11.8 30 51 80 71.9 55.8

반도체·반도체장비 10 2,194 1.9 1,962 2,097 2,418 6.8 15.3 163 218 314 33.5 44.3

통신서비스 - - - - - - - - - - - - -

전력·가스 2 3,210 2.7 3,986 4,437 4,759 11.3 7.2 190 204 227 7.0 11.6

스몰캡 8 2,450 2.1 859 975 1,142 13.5 17.2 178 180 224 0.7 24.7

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) (%)


7,936 9,038 10,499 13.9 16.2 96,491 105,863 13.1 11.3 9.0 1.2 1.1 1.0 9.4 9.9 11.5

68 97 123 44.3 26.4 345 457 4.6 3.7 8.4 1.3 1.0 1.0 28.3 27.0 12.1

358 573 682 60.2 19.0 6,835 7,363 8.9 7.5 9.1 0.7 0.7 0.9 8.4 9.3 9.8

431 703 840 63.0 19.6 2,917 3,652 13.6 11.4 9.6 3.3 2.6 0.9 24.1 23.0 9.5

1,394 1,511 1,688 8.4 11.7 10,036 11,320 12.8 11.5 7.0 1.9 1.7 1.1 15.1 14.9 16.3

158 77 219 (51.4) 184.1 2,077 2,629 43.0 15.1 17.8 1.5 1.2 2.3 3.7 8.3 13.5

187 188 288 0.1 53.6 2,644 2,887 25.0 16.3 17.6 1.7 1.5 1.7 7.1 10.0 10.1

4,363 4,560 5,005 4.5 9.8 62,441 66,818 12.9 11.7 7.9 0.9 0.9 0.6 7.3 7.5 8.2

684 924 1,179 35.1 27.6 6,143 7,317 12.3 9.6 9.5 1.8 1.5 1.5 15.0 16.1 16.2

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

196 209 226 6.9 8.2 1,532 1,662 15.3 14.2 43.5 2.0 1.9 0.4 13.7 13.6 1.0

97 197 249 103.4 26.7 1,522 1,758 12.5 9.8 9.8 1.6 1.4 1.4 12.9 14.2 14.6

68 97 123 44.3 26.4 345 457 4.6 3.7 10.5 1.3 1.0 1.0 28.3 27.0 9.9

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

312 360 439 15.2 22.1 3,070 3,434 10.9 9.0 11.4 1.3 1.1 1.2 11.7 12.8 11.0

51 156 171 205.2 9.5 2,980 3,105 5.1 4.6 7.8 0.3 0.3 0.7 5.2 5.5 9.2

(6) 57 72 NA 25.3 785 824 7.0 5.5 5.7 0.5 0.5 0.5 7.3 8.7 8.6

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

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

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

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

72 127 173 76.4 36.0 930 1,094 11.4 8.4 10.9 1.5 1.3 1.0 13.7 15.8 9.1

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

359 575 667 60.3 16.0 1,987 2,558 14.1 12.1 13.4 4.1 3.2 1.4 29.0 26.1 10.6

95 142 160 50.1 12.4 831 919 5.1 4.5 5.9 0.9 0.8 1.1 17.1 17.4 18.8

228 210 242 (7.8) 14.9 2,014 2,230 11.1 9.6 9.0 1.1 1.0 1.3 10.4 10.8 14.4

185 393 390 112.0 (0.7) 1,758 2,038 13.4 13.5 15.6 3.0 2.6 2.3 22.4 19.2 15.7

121 100 104 (17.3) 4.5 1,043 1,111 10.5 10.1 10.1 0.9 0.9 0.9 9.6 9.4 9.4

167 195 216 16.7 11.0 843 967 15.4 13.9 14.0 3.2 2.8 2.8 23.1 22.4 22.5

140 154 241 9.7 56.6 1,345 1,563 19.6 12.5 14.4 2.2 1.9 1.9 11.4 15.4 13.0

457 316 334 (30.9) 5.6 2,202 2,492 12.6 11.9 9.7 1.8 1.6 0.9 14.4 13.4 9.3

140 56 192 (60.1) 243.8 1,929 2,460 49.0 14.2 15.1 1.3 1.1 1.8 2.9 7.8 12.2

19 21 27 13.3 27.3 148 169 27.1 21.3 23.3 3.9 3.4 4.0 14.4 16.0 17.6

187 188 288 0.1 53.6 2,644 2,887 25.0 16.3 17.6 1.7 1.5 1.7 7.1 10.0 10.1

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

877 528 719 (39.8) 36.2 16,715 17,289 24.4 17.9 19.7 0.7 0.7 0.7 3.2 4.2 3.8

3,486 4,032 4,286 15.7 6.3 45,725 49,529 11.4 10.7 10.9 1.0 0.9 0.9 8.8 8.7 8.7

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

254 382 484 50.3 26.9 2,061 2,610 11.6 9.1 9.1 2.1 1.7 1.0 18.5 18.6 10.9

252 319 362 26.9 13.2 1,618 1,924 9.7 8.5 15.7 1.9 1.6 1.2 19.7 18.8 7.9

49 49 79 (0.2) 59.8 781 850 33.4 20.9 12.9 2.1 1.9 1.2 6.3 9.2 9.7

129 174 255 34.6 46.6 1,682 1,933 12.6 8.6 8.7 1.3 1.1 1.5 10.3 13.2 18.2

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

196 209 226 6.9 8.2 1,532 1,662 15.3 14.2 43.5 2.0 1.9 0.4 13.7 13.6 1.0

97 197 249 103.4 26.7 1,522 1,758 12.5 9.8 9.8 1.6 1.4 1.4 12.9 14.2 14.6

33


10102020 universe자원개발

자원개발

종목수 : 5 시가총액(십억원) : 9,130.214 15 16 17 22

Top Picks

- 대우인터내셔널 (047050) : 2013년 중반부터 시작될 미얀마 가스전 개발 사업을 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 10.4 1.0 9.8 1.0 13.2 # 자원개발(%) (5.4) 6.0 20.3 4.2

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) (3.2) 7.9 16.4 0.2

주) FY2012기준, 단위: 배, % #

#


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

2010/12A 24.9 729.4 (7.7) 1,019.2 183.8 702.9 185.0 890.7 2,397 20,493 285

2011/12A 14.5 730.6 0.2 806.4 (20.9) 703.8 0.1 940.4 2,362 23,704 305

2012/12F 6.2 1,008.1 38.0 977.9 21.3 773.9 10.0 1,221.2 2,493 25,469 301

2013/12F 10.4 1,128.2 11.9 1,108.4 13.3 878.6 13.5 1,348.0 2,831 28,598 301

2014/12F 10.4 1,343.6 19.1 1,330.5 20.0 1,052.7 19.8 1,570.3 3,392 32,285 301

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

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

2010/12A 16,023.8 6,013.2 6,303.1 137.3 (303.5) 1.2 17.5 13.1 1.5 11.6 0.9

2011/12A 19,429.4 7,103.9 8,093.6 149.8 (817.5) 1.1 17.3 11.5 1.1 9.8 1.1

2012/12F 20,125.1 7,905.3 8,463.8 141.3 (533.9) 1.4 14.5 11.8 1.2 9.7 1.0

2013/12F 21,714.1 8,876.3 8,516.8 130.4 (532.1) 1.4 13.2 10.4 1.0 9.8 1.0

2014/12F 23,408.0 10,020.8 8,527.7 119.6 (530.2) 1.5 11.3 8.7 0.9 10.4 1.0

분기추정 영업이익 세전이익 순이익

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

2012/03A 7.5 (3.7) 262.8 16.8 45.8 230.2 23.9 (17.5) 187.4 29.2 (8.4)

2012/06F 5.8 6.0 218.4 11.1 (16.9) 271.1 4.4 17.8 208.7 (2.6) 11.3

2012/09F 4.7 (0.4) 154.9 23.2 (29.1) 119.5 52.1 (55.9) 90.3 (34.4) (56.7)

2012/12F 6.9 5.2 372.0 106.4 140.2 357.0 28.0 198.7 287.5 40.5 218.2

2013/03F 10.4 (0.6) 292.2 11.2 (21.4) 253.7 10.2 (28.9) 201.5 7.5 (29.9)

2013/06F 10.4 6.0 256.9 17.6 (12.1) 304.4 12.3 20.0 238.1 14.1 18.1

2013/09F 10.5 (0.4) 191.8 23.8 (25.3) 160.1 34.0 (47.4) 124.1 37.4 (47.9)

2013/12F 10.3 5.0 387.3 4.1 101.9 390.1 9.3 143.6 314.8 9.5 153.7

12개월 예상 PER 12개월 예상 EPS 증가율

PER PBR

21,133.0

19,158.4

19,052.8

20,201.7

20,122.4

17,254.6

18,295.8

18,217.7

(십억원)

27,812.1

30,349.6

33,165.6

매출액

(십억원)

22,069.6

26,603.5

72,926.5

80,509.8

88,901.6

자산총계

(십억원)

59,950.9

68,654.6

9.010.5

8.29.4

10.69.4

0

5

10

15

Universe

All

Universe

sector

Korea World US EM Asia

주) 한국증권, MSCI market sector

(배)

-10

-5

0

5

10

15

20

25

MSCI World EM Asia Korea

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

주) MSCI market sector

(%)

0

10

20

30

40

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

20

40

60

80

100

120PER(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

0

20

40

60

80

100

120PBR(좌)

업종지수(우)

(P)(배)

34


10102030 universe석유정제

석유정제

종목수 : 3 시가총액(십억원) : 32,300.014 15 16 17 22

Top Picks

- 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 7.8 1.0 12.5 3.0 6.3 # 석유정제(%) (2.4) (6.7) 9.8 (3.9)

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) (0.2) (4.8) 5.9 (7.9)

주) FY2012기준, 단위: 배, % #

#



2010/12A 21.3 3,633.1 78.6 3,270.2 95.2 2,650.3 90.0 4,557.9 10,742 84,380 2,459

2011/12A 44.7 5,406.5 48.8 6,785.2 107.5 5,170.1 95.1 6,387.8 20,956 104,647 3,850

2012/12F 11.0 4,246.2 (21.5) 4,093.0 (39.7) 3,089.0 (40.3) 5,206.5 12,520 116,403 3,236

2013/12F 2.5 5,737.1 35.1 5,566.3 36.0 4,149.9 34.3 6,659.4 16,820 129,845 3,945

2014/12F 1.3 6,243.8 8.8 6,085.9 9.3 4,533.5 9.2 7,193.1 18,375 144,842 3,945



2010/12A 24,422.5 20,818.0 9,933.3 67.8 (1,484.9) 4.8 9.8 13.1 1.7 12.7 1.7

2011/12A 31,808.2 25,818.3 8,121.9 56.2 (2,216.4) 5.0 6.0 5.7 1.1 19.3 3.2

2012/12F 33,831.2 28,718.5 9,038.5 58.0 (2,021.4) 3.5 8.2 10.5 1.1 10.4 2.4

2013/12F 35,276.4 32,034.9 8,225.7 52.6 (2,032.1) 4.6 6.3 7.8 1.0 12.5 3.0

2014/12F 35,176.1 35,735.0 7,292.7 46.5 (2,417.9) 5.0 5.7 7.1 0.9 12.2 3.0



2012/03A 16.5 6.2 1,544.3 (31.7) 77.7 1,542.5 (33.8) 64.2 1,145.0 (37.6) 88.1

2012/06A 10.8 (0.4) (180.6) NA NA (363.9) NA NA (369.4) NA NA

2012/09F 9.5 (1.3) 1,404.7 5.1 NA 2,919.1 13.8 NA 2,173.1 11.1 NA

2012/12F 7.7 3.1 1,477.8 70.0 5.2 (4.8) NA NA 140.3 (77.0) (93.5)

2013/03F 2.2 0.8 1,474.1 (4.5) (0.3) 1,467.3 (4.9) NA 1,091.0 (4.7) 677.8

2013/06F 0.6 (2.0) 1,362.1 NA (7.6) 1,319.8 NA (10.1) 983.7 NA (9.8)

2013/09F 3.5 1.5 1,454.1 3.5 6.8 3,052.7 4.6 131.3 2,259.7 4.0 129.7

2013/12F 3.9 3.5 1,446.8 (2.1) (0.5) (273.5) NA NA (184.6) NA NA


PER PBR

30,769.9

31,851.7

29,733.2

30,666.2

30,914.6

30,305.2

30,246.9

30,124.0

매출액

(십억원)

58,654.5

63,655.6

68,519.4

72,224.9

자산총계

(십억원)

45,340.7

108,778.4

120,770.4

123,841.3

125,469.6

(십억원)

75,162.1

9.08.0 8.2

9.410.6

9.4

0

5

10

15

Universe

All

Universe

sector



(배)

-10

-5

0

5

10

15

20

25


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

500

1,000

1,500

2,000PBR(좌)

업종지수(우)

(P)(배)

35


151010 universe화학

화학

종목수 : 12 시가총액(십억원) : 41,015.014 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 11.0 1.2 10.5 1.4 6.8 # 화학(%) (11.2) (15.2) (7.6) (22.4)

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) (9.1) (13.4) (11.5) (26.4)

주) FY2012기준, 단위: 배, % #

#



2010/12A 18.1 6,617.1 40.8 6,512.6 117.0 4,788.1 89.4 8,488.9 11,177 52,489 1,371

2011/12A 27.0 7,156.4 8.2 6,917.9 6.2 5,029.1 5.0 9,435.3 11,680 63,961 1,382

2012/12F (0.9) 3,874.6 (45.9) 3,593.6 (48.1) 2,746.4 (45.4) 6,415.0 6,298 68,864 1,388

2013/12F 7.0 5,212.0 34.5 4,895.9 36.2 3,712.5 35.2 7,951.4 8,514 76,084 1,407

2014/12F 7.6 6,297.2 20.8 5,992.7 22.4 4,529.9 22.0 9,274.4 10,389 85,166 1,416



2010/12A 23,898.5 22,559.6 8,478.3 54.3 (4,748.2) 13.2 8.0 12.0 2.5 19.6 1.0

2011/12A 27,042.0 27,860.1 8,301.1 49.1 (6,641.9) 11.2 6.5 10.2 1.8 16.9 1.1

2012/12F 27,920.5 30,027.7 11,154.6 51.0 (5,858.8) 6.1 8.4 14.9 1.4 8.6 1.4

2013/12F 28,771.8 33,176.0 10,826.2 46.6 (5,119.5) 7.7 6.8 11.0 1.2 10.5 1.4

2014/12F 29,916.8 37,136.0 10,660.7 42.7 (5,758.2) 8.6 5.8 9.1 1.1 11.6 1.4



2012/03A (2.5) 3.2 1,058.6 (57.5) 60.8 1,019.7 (58.6) 68.4 817.9 (53.7) 88.2

2012/06A (2.4) 2.0 803.4 (63.4) (24.1) 671.5 (70.0) (34.2) 534.6 (67.8) (34.6)

2012/09F (2.0) 1.3 1,226.9 (32.3) 52.7 1,165.2 (27.0) 73.5 916.8 (23.1) 71.5

2012/12F 3.7 (2.6) 785.7 19.3 (36.0) 737.2 21.7 (36.7) 477.1 9.8 (48.0)

2013/03F 4.7 4.1 1,215.4 14.8 54.7 1,136.8 11.5 54.2 866.2 5.9 81.6

2013/06F 6.0 3.2 1,310.8 63.2 7.8 1,171.2 74.4 3.0 880.7 64.8 1.7

2013/09F 8.4 3.6 1,482.4 20.8 13.1 1,431.6 22.9 22.2 1,085.7 18.4 23.3

2013/12F 9.0 (2.0) 1,203.4 53.2 (18.8) 1,156.3 56.9 (19.2) 879.9 84.4 (19.0)


PER PBR

16,854.0

17,454.8

17,099.2

15,901.7

16,104.0

15,681.8

16,324.7

15,595.7

69,084.6

매출액

(십억원)

48,304.3

56,849.1

59,966.2

63,969.7

72,894.9

자산총계

(십억원)

50,245.4

63,833.8

63,283.2

67,732.6

(십억원)

9.0

11.4

9.5

12.5 13.011.5

0

5

10

15

Universe

All

Universe

sector



(배)

0

5

10

15

20

25

30


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

500

1,000

1,500

2,000PBR(좌)

업종지수(우)

(P)(배)

36


151040 universe철강·비철금속


종목수 : 7 시가총액(십억원) : 47,171.714 15 16 17 22

Top Picks

- 현대하이스코 (010520) : - 생산능력 확대, 수익성 향상, 품질 개선이 동시에 이루어지고 있음

4 5 6 7 8 29 9 10 11 12 13


철강·비철금속 7.6 0.7 9.0 2.3 6.5 # 철강·비철금속(%) (10.0) (13.4) (5.9) (10.4)

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) (7.8) (11.6) (9.8) (14.5)

주) FY2012기준, 단위: 배, % #

#



2010/12A 27.0 8,012.4 48.2 7,662.0 32.7 6,067.1 20.2 12,003.0 15,391 131,545 3,289

2011/12A 38.6 21,921.2 173.6 7,247.1 (5.4) 5,499.3 (9.4) 25,586.9 13,644 140,091 3,470

2012/12F (3.0) 6,677.3 (69.5) 6,321.2 (12.8) 4,646.1 (15.5) 10,715.1 12,709 165,036 3,011

2013/12F 2.4 8,120.4 21.6 8,185.1 29.5 6,177.4 33.0 12,291.2 16,897 179,631 3,011

2014/12F 2.1 8,568.7 5.5 8,512.3 4.0 6,423.9 4.0 13,147.4 17,572 195,382 3,011



2010/12A 52,411.5 53,020.3 24,703.1 65.2 (9,090.7) 10.4 7.6 10.6 1.2 11.0 2.0

2011/12A 61,583.6 56,465.2 31,701.7 73.6 (8,606.9) 20.4 3.4 9.5 0.9 9.3 2.7

2012/12F 63,323.3 60,334.7 30,525.6 70.0 (8,836.3) 6.4 7.5 10.2 0.8 7.4 2.3

2013/12F 63,044.2 65,670.0 29,704.2 62.8 (8,479.9) 7.6 6.5 7.6 0.7 9.0 2.3

2014/12F 62,974.6 71,428.6 27,024.9 56.9 (6,887.6) 7.9 5.9 7.3 0.6 8.7 2.3



2012/03A 2.1 (9.3) 1,420.6 (34.6) (12.9) 1,519.9 (34.7) (21.7) 1,139.0 (35.3) (25.3)

2012/06A (1.9) 3.6 1,928.5 (27.3) 35.8 1,379.1 (50.3) (9.3) 1,027.0 (50.2) (9.8)

2012/09F (4.0) (4.8) 1,692.1 (15.0) (12.3) 1,697.0 788.4 23.1 1,200.5 774.1 16.9

2012/12F (6.6) 4.4 1,626.0 (0.3) (3.9) 1,853.6 (4.5) 9.2 1,279.5 (16.1) 6.6

2013/03F 2.2 (0.7) 1,474.1 3.8 (9.3) 1,462.9 (3.8) (21.1) 1,103.7 (3.1) (13.7)

2013/06F 2.3 3.7 1,997.7 3.6 35.5 1,973.5 43.1 34.9 1,492.7 45.4 35.2

2013/09F 4.0 (3.2) 2,047.7 21.0 2.5 2,028.7 19.5 2.8 1,525.7 27.1 2.2

2013/12F 2.6 3.0 2,600.9 60.0 27.0 2,822.6 52.3 39.1 2,131.4 66.6 39.7


PER PBR

26,150.8

27,119.4

26,242.7

27,033.7

25,586.7

26,508.0

25,231.1

26,348.3

131,359.9

137,136.3

매출액

(십억원)

107,497.2

120,551.6

126,222.5

106,546.5

108,738.5

자산총계

(십억원)

77,349.4

107,236.6

104,063.4

(십억원)

9.07.8 8.2

10.3 9.7 9.8

0

5

10

15

Universe

All

Universe

sector



(배)

0

5

10

15

20

25


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

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)

37


201030 universe건설

건설

종목수 : 9 시가총액(십억원) : 36,181.214 15 16 17 22

Top Picks

- 삼성물산 (000830) : 해외 매출에서 발전 비중이 높아지며 수익성 개선 전망; PPP와 E&P 등 개발사업 진출로 기업 체질의 구조적 개선

- 대우건설 (047040) : 주택에서 시작되는 턴어라운드 전망; 중동 과열 경쟁에서 벗어나 아프리카라는 자신만의 고유 시장 보유4 5 6 7 8 29 9 10 11 12 13


건설 10.6 0.9 8.3 1.4 7.2 # 건설(%) (8.3) (15.5) (15.0) (15.2)

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) (6.1) (13.6) (18.9) (19.3)

주) FY2012기준, 단위: 배, % #

#



2010/12A 3.8 2,279.8 (37.4) 2,502.3 (30.3) 1,781.1 (21.0) 3,013.6 2,160 36,297 540

2011/12A 16.4 4,132.0 81.2 4,273.2 70.8 3,111.1 74.7 4,889.0 3,406 37,834 501

2012/12F 15.0 3,938.3 (4.7) 4,458.1 4.3 3,291.4 5.8 4,711.5 3,603 40,808 544

2013/12F 10.0 4,572.8 16.1 4,656.8 4.5 3,427.4 4.1 5,367.0 3,752 43,903 574

2014/12F 6.8 5,188.0 13.5 5,355.1 15.0 3,946.3 15.1 6,003.0 4,320 47,537 604



2010/12A 45,189.3 33,155.6 3,729.0 41.7 (1,319.4) 3.5 18.0 28.1 1.5 5.3 0.9

2011/12A 49,935.2 34,559.5 5,723.9 46.3 (1,711.7) 5.4 10.3 14.1 1.2 8.8 1.0

2012/12F 52,937.0 37,276.1 2,439.9 43.9 (1,325.8) 4.5 8.4 11.0 0.9 8.6 1.4

2013/12F 57,365.1 40,102.9 1,449.3 40.4 (1,067.3) 4.7 7.2 10.6 0.9 8.3 1.4

2014/12F 59,896.9 43,422.8 956.5 37.3 (1,013.3) 5.0 6.4 9.2 0.8 8.9 1.5



2012/03A 18.4 (17.0) 896.3 (0.3) 25.1 1,665.4 64.8 204.8 1,225.2 65.5 167.8

2012/06A 18.6 15.4 1,134.4 (8.7) 26.6 935.7 (30.2) (43.8) 710.9 (26.6) (42.0)

2012/09F 17.4 (0.7) 948.8 (26.1) (16.4) 986.1 (28.3) 5.4 724.6 (23.3) 1.9

2012/12F 7.8 13.4 945.9 32.0 (0.3) 858.0 57.0 (13.0) 630.7 37.9 (13.0)

2013/03F 9.9 (15.3) 983.6 9.7 4.0 1,050.6 (36.9) 22.5 769.1 (37.2) 22.0

2013/06F 10.0 15.5 1,248.9 10.1 27.0 1,198.8 28.1 14.1 880.2 23.8 14.4

2013/09F 10.0 (0.7) 1,044.0 10.0 (16.4) 1,112.9 12.9 (7.2) 816.7 12.7 (7.2)

2013/12F 9.9 13.3 1,316.4 39.2 26.1 1,314.6 53.2 18.1 961.4 52.4 17.7


PER PBR

27,410.9

24,933.4

21,107.8

24,380.0

24,197.3

19,199.7

22,158.6

21,993.0

(십억원)

91,116.2

98,449.5

104,380.4

매출액

(십억원)

78,917.6

85,335.3

88,284.6

97,095.9

103,723.5

자산총계

(십억원)

65,964.2

76,752.7

9.010.6

7.5

10.411.3

9.2

0

5

10

15

Universe

All

Universe

sector



(배)

0

5

10

15

20

25


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

100

200

300

400

500

600

700PBR(좌)

업종지수(우)

(P)(배)

38


201040 universe전기부품·설비


종목수 : 2 시가총액(십억원) : 5,144.514 15 16 17 22

Top Picks

- LS (006260) : 4개 자회사들의 실적이 모두 호조를 보이면서 주가 상승을 견인할 것

4 5 6 7 8 29 9 10 11 12 13


전기부품·설비 9.6 1.3 11.8 1.1 6.9 # 전기부품·설비(%) 1.5 2.8 20.1 17.5

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 3.7 4.6 16.2 13.5

주) FY2012기준, 단위: 배, % #

#



2010/12A (18.7) 745.3 9.6 502.3 (30.7) 368.7 (4.3) 1,056.8 5,927 46,354 1,072

2011/12A 18.3 466.2 (37.4) 203.0 (59.6) 188.0 (49.0) 820.4 3,023 48,516 936

2012/12F 1.4 758.5 62.7 513.8 153.1 348.8 85.5 1,162.7 5,608 53,446 936

2013/12F 12.2 1,021.1 34.6 785.1 52.8 534.6 53.2 1,458.8 8,594 61,375 936

2014/12F 8.9 1,159.8 13.6 1,006.8 28.2 686.7 28.5 1,622.9 11,040 71,712 936



2010/12A 7,037.0 2,883.2 3,670.1 127.6 (483.7) 6.1 9.8 16.7 2.1 10.6 1.1

2011/12A 8,164.6 3,017.7 4,624.3 154.7 (567.3) 3.2 11.7 23.6 1.5 5.3 1.3

2012/12F 8,160.4 3,324.4 4,581.7 141.2 (555.8) 5.2 8.9 14.7 1.5 8.9 1.1

2013/12F 8,776.6 3,817.5 4,211.9 117.1 (567.5) 6.2 6.9 9.6 1.3 11.8 1.1

2014/12F 8,727.1 4,460.5 3,715.6 92.5 (541.8) 6.5 6.0 7.5 1.1 12.9 1.1



2012/03A (4.4) (2.6) 177.8 (7.9) (24.9) 126.3 1.9 (10.2) 83.9 (2.0) (16.4)

2012/06A (0.3) 10.7 215.6 75.5 21.2 145.4 168.0 15.2 92.1 1.7 9.9

2012/09F (1.7) (8.5) 140.6 NA (34.8) 78.2 NA (46.2) 55.6 NA (39.6)

2012/12F 12.5 14.1 224.4 (5.2) 59.6 163.9 16.5 109.6 117.3 16.9 111.0

2013/03F 12.0 (3.1) 231.8 30.3 3.3 178.1 41.0 8.7 117.9 40.6 0.5

2013/06F 12.2 10.9 280.3 30.0 20.9 215.0 47.8 20.7 145.6 58.1 23.5

2013/09F 17.4 (4.3) 199.8 42.1 (28.7) 138.1 76.6 (35.8) 89.7 61.3 (38.4)

2013/12F 7.9 4.9 309.2 37.7 54.7 255.0 55.6 84.7 181.4 54.7 102.4


PER PBR

4,069.1

4,268.1

3,464.6

3,954.5

3,832.8

4,251.7

3,422.8

3,787.9

매출액

(십억원)

11,727.2

12,102.2

13,323.3

14,041.1

자산총계

(십억원)

10,499.0

14,422.5

14,629.7

16,421.7

17,878.8

(십억원)

12,194.4

9.010.0

13.412.1

14.5

10.4

0

5

10

15

20

Universe

All

Universe

sector



(배)

0

10

20

30

40

50

60

70


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0102030405060708090

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

100

200

300

400

500

600

700PBR(좌)

업종지수(우)

(P)(배)

39


201050 universe지주회사·복합기업


종목수 : 5 시가총액(십억원) : 28,144.214 15 16 17 22

Top Picks

- 두산 (000150) : 하반기 밥켓의 실적호전 및 두산중공업 발전부분의 수익성 개선에 따른 지분법 평가이익 증가할 전망

4 5 6 7 8 29 9 10 11 12 13


지주회사·복합기업 6.0 0.7 6.2 1.6 5.2 # 지주회사·복합기업(%) 5.3 7.6 27.3 13.9

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 7.4 9.5 23.4 9.9

주) FY2012기준, 단위: 배, % #

#



2010/12A (13.6) 9,703.2 16.9 9,723.4 73.8 4,602.4 61.7 14,038.0 12,758 82,795 1,152

2011/12A 16.1 11,327.4 16.7 10,304.8 6.0 3,460.2 (24.8) 16,103.9 9,588 89,334 1,151

2012/12F 11.7 10,300.3 (9.1) 8,988.1 (12.8) 3,590.7 3.8 15,514.8 10,081 99,150 1,200

2013/12F 5.0 13,416.8 30.3 12,336.2 37.3 4,694.0 30.7 19,033.4 13,179 111,928 1,310

2014/12F 2.5 14,728.5 9.8 13,720.3 11.2 5,226.9 11.4 20,756.0 14,675 124,910 1,381



2010/12A 76,865.5 29,874.9 27,551.2 76.6 (5,648.4) 7.5 6.0 6.9 1.0 8.4 1.3

2011/12A 87,461.7 32,239.9 27,162.0 73.2 (7,805.2) 7.5 5.0 7.2 0.8 5.7 1.6

2012/12F 89,857.4 35,314.3 36,375.4 72.8 (7,039.2) 6.1 6.2 7.8 0.8 5.4 1.5

2013/12F 89,857.8 39,865.3 34,028.7 62.2 (7,149.3) 7.6 5.2 6.0 0.7 6.2 1.6

2014/12F 89,151.2 44,489.3 31,541.2 53.4 (7,286.7) 8.1 4.8 5.4 0.6 6.1 1.7



2012/03A 11.5 2.9 2,416.7 (24.2) 53.8 2,307.8 (21.3) 41.3 879.7 (9.8) 75.8

2012/06A 11.0 1.4 1,518.5 (33.4) (37.2) 1,081.9 (54.3) (53.1) 542.5 (46.4) (38.3)

2012/09F 10.3 (0.3) 2,365.4 (45.7) 55.8 1,987.6 (42.4) 83.7 661.2 (31.5) 21.9

2012/12F 12.0 7.6 3,614.8 130.0 52.8 3,228.2 97.7 62.4 1,049.2 109.7 58.7

2013/03F 7.3 (1.4) 3,559.0 47.3 (1.5) 3,295.2 42.8 2.1 1,174.7 33.5 12.0

2013/06F 5.7 (0.1) 2,409.1 58.6 (32.3) 2,139.6 97.8 (35.1) 1,066.7 96.6 (9.2)

2013/09F 4.8 (1.1) 3,054.1 29.1 26.8 2,794.5 40.6 30.6 1,090.0 64.9 2.2

2013/12F 2.6 5.4 4,161.1 15.1 36.2 3,870.6 19.9 38.5 1,384.0 31.9 27.0


PER PBR

43,621.3

43,148.3

45,470.1

41,287.1

41,169.0

44,315.6

43,679.7

40,721.7

174,409.8

매출액

(십억원)

131,798.3

148,556.6

156,828.0

165,668.1

181,132.9

자산총계

(십억원)

129,853.5

150,767.0

168,380.3

176,723.7

(십억원)

9.0

6.2

8.5

12.3 12.3 11.9

0

5

10

15

Universe

All

Universe

sector



(배)

0

5

10

15

20

25

30


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

100

200

300

400

500PBR(좌)

업종지수(우)

(P)(배)

40


20106010 universe조선

조선

종목수 : 5 시가총액(십억원) : 29,715.914 15 16 17 22

Top Picks

- 대우조선해양 (042660) : 3분기를 바닥으로 실적 우상향 전망. 드릴십 및 해양플랜트 수주모멘텀도 하반기 지속될 것

4 5 6 7 8 29 9 10 11 12 13


조선 12.0 0.8 6.7 1.9 8.5 # 조선(%) (13.1) (17.1) (18.0) (15.2)

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) (11.0) (15.3) (21.9) (19.2)

주) FY2012기준, 단위: 배, % #

#



2010/12A 11.7 8,970.2 66.5 9,071.5 66.0 6,341.1 63.0 10,466.4 11,190 50,407 1,435

2011/12A 25.1 7,285.4 (18.8) 6,257.1 (31.0) 4,199.7 (33.8) 9,007.2 7,411 54,152 980

2012/12F 1.9 4,494.9 (38.3) 4,201.9 (32.8) 2,946.2 (29.8) 6,388.3 5,199 58,389 980

2013/12F 1.7 4,108.2 (8.6) 3,410.4 (18.8) 2,482.0 (15.8) 6,041.4 4,380 61,808 980

2014/12F 3.2 4,469.1 8.8 3,932.2 15.3 2,856.7 15.1 6,442.0 5,041 65,890 980



2010/12A 68,168.6 28,563.8 11,735.7 90.4 (2,670.5) 12.7 6.7 8.9 1.8 20.8 1.4

2011/12A 64,337.7 30,686.2 15,116.2 82.9 (2,536.3) 8.2 5.6 8.0 1.0 12.9 1.6

2012/12F 64,899.2 33,087.0 22,693.7 86.3 (1,834.7) 5.0 8.5 10.1 0.8 8.4 1.9

2013/12F 64,423.4 35,024.5 19,457.6 73.9 (1,706.2) 4.5 8.5 12.0 0.8 6.7 1.9

2014/12F 64,534.3 37,337.9 17,932.8 66.9 (2,030.3) 4.7 7.7 10.4 0.8 7.2 1.9



2012/03A 4.0 (4.9) 1,610.6 (41.1) 29.6 1,306.4 (52.7) 329.3 918.4 (53.1) 697.6

2012/06A 3.0 2.2 753.3 (58.6) (53.2) 543.1 (69.5) (58.4) 441.1 (62.8) (52.0)

2012/09F 3.5 (1.3) 1,093.6 (26.4) 45.2 1,477.1 4.9 172.0 1,041.5 10.8 136.1

2012/12F (2.5) 1.6 1,037.5 (16.5) (5.1) 875.3 187.6 (40.7) 545.2 373.5 (47.7)

2013/03F 4.1 1.5 1,067.1 (33.7) 2.8 887.4 (32.1) 1.4 639.9 (30.3) 17.4

2013/06F 0.9 (0.9) 1,010.2 34.1 (5.3) 928.9 71.0 4.7 676.2 53.3 5.7

2013/09F 0.1 (2.1) 984.5 (10.0) (2.5) 790.1 (46.5) (14.9) 569.7 (45.3) (15.7)

2013/12F 1.9 3.4 1,046.4 0.9 6.3 804.0 (8.1) 1.8 596.3 9.4 4.7


PER PBR

23,147.2

22,936.9

22,446.3

23,220.7

22,235.0

22,731.1

22,434.5

22,795.6

101,594.5

104,134.2

매출액

(십억원)

98,629.4

96,935.7

100,037.6

91,751.0

94,670.3

자산총계

(십억원)

70,784.2

88,522.1

90,196.3

(십억원)

9.0

11.7

6.0

11.6 11.0

7.3

0

5

10

15

Universe

All

Universe

sector



(배)

0

5

10

15

20


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0102030405060708090

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

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) : 8,727.814 15 16 17 22

Top Picks

- 태광 (023160) : 신공장 가동에 따라 하반기 생산성 향상으로 인한 매출 증대및 수익성 개선 기대

4 5 6 7 8 29 9 10 11 12 13


기계 10.8 1.0 8.7 1.0 9.6 # 기계(%) (15.1) (25.2) (13.5) (26.7)

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) (13.0) (23.3) (17.4) (30.7)

주) FY2012기준, 단위: 배, % #

#



2010/12A (33.7) 1,261.9 1,222.9 487.6 NA 1,529.8 NA 1,719.3 5,415 24,852 309

2011/12A 10.6 1,396.2 10.6 1,262.6 159.0 661.0 (56.8) 1,810.0 2,337 26,436 310

2012/12F 8.2 1,147.9 (17.8) 704.8 (44.2) 738.1 11.7 1,576.2 2,606 28,659 310

2013/12F 3.1 1,331.0 15.9 1,079.7 53.2 806.3 9.2 1,772.9 2,847 31,142 315

2014/12F 1.1 1,543.3 16.0 1,252.1 16.0 935.2 16.0 1,993.6 3,303 34,081 315



2010/12A 21,510.4 7,026.8 8,443.7 151.8 (638.3) 7.8 14.3 10.1 2.1 19.8 0.6

2011/12A 18,722.9 7,478.4 8,280.8 129.9 (720.8) 7.8 11.1 17.3 1.5 8.3 0.8

2012/12F 17,587.4 8,115.1 7,835.7 113.6 (626.8) 6.0 10.8 11.8 1.0 8.6 1.0

2013/12F 17,341.9 8,818.3 7,789.5 106.8 (542.2) 6.7 9.6 10.8 1.0 8.7 1.0

2014/12F 16,674.5 9,650.6 7,451.5 94.9 (542.1) 7.7 8.4 9.3 0.9 9.2 1.0



2012/03A 11.4 (11.1) 346.4 (6.7) 19.2 270.3 (33.1) 200.7 180.2 (37.1) 142.8

2012/06A 11.5 11.9 368.2 (11.5) 6.3 210.1 (74.2) (22.3) 340.8 1.4 89.0

2012/09F 4.8 (14.2) 180.8 (38.9) (50.9) 81.2 NA (61.4) 87.6 NA (74.3)

2012/12F 9.9 28.8 252.6 (13.1) 39.7 143.2 59.3 76.3 129.5 74.5 47.9

2013/03F 7.1 (13.3) 299.9 (13.4) 18.7 247.9 (8.3) 73.1 184.9 2.6 42.8

2013/06F 2.9 7.5 309.3 (16.0) 3.1 265.3 26.3 7.0 197.9 (41.9) 7.0

2013/09F 0.8 (16.0) 272.5 50.8 (11.9) 253.6 212.3 (4.4) 189.4 116.3 (4.3)

2013/12F 1.9 30.1 449.3 77.9 64.9 312.9 118.5 23.4 234.1 80.8 23.6


PER PBR

5,625.0

5,522.7

4,785.8

5,146.9

4,322.9

4,468.7

5,000.1

4,289.3

(십억원)

26,174.9

26,639.1

26,817.5

매출액

(십억원)

29,226.1

26,666.8

19,280.7

19,880.6

20,104.2

자산총계

(십억원)

16,111.8

17,817.7

9.0

10.9

6.0

11.6 11.0

7.3

0

5

10

15

Universe

All

Universe

sector



(배)

0

5

10

15

20


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

40

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

200

400

600

800

1,000

1,200

1,400PBR(좌)

업종지수(우)

(P)(배)

42


2030 universe운송

운송

종목수 : 6 시가총액(십억원) : 16,512.214 15 16 17 22

Top Picks

- 대한항공 (003490) : 외국인입국자수 증가로 국제선 항공수요가 구조적으로 증가 중

- 현대글로비스 (086280) : CKD 사업과 완성차 해상운송의 사업량이 예정대로 늘어나면서 2012년 실적이 사상 최고치를 기록할 전망4 5 6 7 8 29 9 10 11 12 13


운송 12.7 1.3 11.0 0.4 9.0 # 운송(%) (8.6) (4.4) 7.7 3.8

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) (6.5) (2.6) 3.8 (0.2)

주) FY2012기준, 단위: 배, % #

#



2010/12A 66.4 2,964.4 1,933.7 1,781.9 NA 1,296.4 NA 4,764.5 3,462 27,657 297

2011/12A 7.8 823.1 (72.2) (720.9) NA (670.2) NA 2,942.7 -1,725 23,263 157

2012/12F 10.8 1,335.6 62.3 748.5 NA 644.9 NA 3,686.5 1,493 24,377 141

2013/12F 9.1 2,085.9 56.2 1,506.2 101.2 1,302.2 101.9 4,461.6 3,014 27,159 141

2014/12F 8.4 2,487.8 19.3 1,971.4 30.9 1,695.0 30.2 4,884.7 3,924 30,810 141



2010/12A 33,886.3 10,558.4 20,392.5 210.4 (2,896.9) 8.2 8.2 14.0 1.6 11.6 0.6

2011/12A 37,793.8 9,770.0 22,167.7 254.5 (2,665.6) 2.1 12.7 NA 1.4 (6.6) 0.4

2012/12F 39,875.7 10,530.6 23,673.8 255.3 (3,325.2) 3.1 11.0 25.6 1.5 6.0 0.4

2013/12F 41,075.3 11,732.3 23,689.4 236.5 (2,850.8) 4.4 9.0 12.7 1.3 11.0 0.4

2014/12F 41,690.9 13,309.4 22,995.1 209.9 (2,610.9) 4.9 8.1 9.7 1.2 12.7 0.4



2012/03A 10.5 (2.7) (107.2) NA NA (194.9) NA NA (257.0) NA NA

2012/06A 15.5 10.4 404.7 NA NA (93.8) NA NA (40.2) NA NA

2012/09F 12.8 4.9 683.6 62.1 68.9 759.9 NA NA 579.7 NA NA

2012/12F 5.2 (6.6) 354.5 326.0 (48.1) 277.4 NA (63.5) 362.4 NA (37.5)

2013/03F 12.1 3.7 340.7 NA (3.9) 69.9 NA (74.8) 52.9 NA (85.4)

2013/06F 7.3 5.8 547.3 35.2 60.6 148.2 NA 112.0 164.7 NA 211.0

2013/09F 7.5 5.1 703.1 2.8 28.5 532.6 (29.9) 259.5 434.9 (25.0) 164.1

2013/12F 9.7 (4.8) 494.8 39.6 (29.6) 755.5 172.4 41.8 649.6 79.2 49.4


PER PBR

12,360.6

11,773.3

11,496.9

10,732.7

11,125.6

11,766.1

9,927.0

10,963.9

매출액

(십억원)

47,910.5

50,621.3

52,913.4

55,003.8

자산총계

(십억원)

45,096.4

38,928.1

43,120.5

47,025.6

50,987.1

(십억원)

36,112.1

9.0

13.4

23.7

13.3 12.415.0

0

5

10

15

20

25

Universe

All

Universe

sector



(배)

0

200

400

600

800

1000

1200


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

40

50

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 : 11 시가총액(십억원) : 115,902.214 15 16 17 22

Top Picks

- 기아차 (000270) : 신차 출시 지속, 브랜드 가치 상승, volume car 증가, 높은 ASP, 비용 절감 등 선순환 구조에 진입 판단

4 5 6 7 8 29 9 10 11 12 13


자동차·자동차부품 5.8 1.1 18.0 1.0 5.6 # 자동차·자동차부품(%) (10.2) (18.2) (13.6) (13.5)

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) (8.0) (16.4) (17.5) (17.5)

주) FY2012기준, 단위: 배, % #

#



2010/12A (5.8) 11,761.6 31.5 15,168.6 62.0 11,657.8 97.8 15,506.9 13,961 65,338 1,057

2011/12A 22.8 15,443.3 31.3 20,358.6 34.2 15,002.0 28.7 19,583.0 17,293 80,484 1,198

2012/12F 14.8 18,312.4 18.6 23,974.5 17.8 17,694.9 18.0 22,730.9 19,960 99,693 1,356

2013/12F 8.9 20,925.1 14.3 27,120.9 13.1 20,020.2 13.1 25,272.2 22,582 120,802 1,412

2014/12F 9.5 23,291.0 11.3 30,087.5 10.9 22,219.5 11.0 27,892.9 25,063 144,317 1,462



2010/12A 88,676.2 54,943.6 28,847.6 84.7 (3,925.0) 8.8 8.3 8.3 1.7 20.1 0.8

2011/12A 102,399.5 70,244.4 30,990.6 75.4 (6,305.9) 9.4 7.9 8.0 1.7 20.4 0.8

2012/12F 112,847.2 88,381.8 24,709.9 62.4 (6,210.6) 9.7 6.3 6.6 1.3 19.3 1.0

2013/12F 116,376.1 107,095.6 21,110.7 51.3 (5,815.2) 10.1 5.6 5.8 1.1 18.0 1.0

2014/12F 116,238.2 127,942.7 13,073.7 40.6 (5,469.6) 10.3 4.8 5.2 0.9 16.7 1.0



2012/03A 12.2 3.7 4,493.5 23.4 20.7 6,297.8 24.1 30.1 4,731.7 27.3 36.1

2012/06A 10.4 6.9 4,784.3 14.1 6.5 6,103.1 4.0 (3.1) 4,690.3 6.8 (0.9)

2012/09A 9.2 (7.6) 3,900.6 2.2 (18.5) 5,460.0 20.5 (10.5) 3,990.4 18.3 (14.9)

2012/12F 16.5 13.7 4,454.1 19.6 14.2 5,437.0 12.3 (0.4) 3,950.6 13.7 (1.0)

2013/03F 13.8 1.3 5,072.5 12.9 13.9 6,591.0 4.7 21.2 4,948.0 4.6 25.2

2013/06F 14.5 7.6 5,630.5 17.7 11.0 7,286.7 19.4 10.6 5,467.4 16.6 10.5

2013/09F 13.3 (8.6) 4,911.1 25.9 (12.8) 6,361.3 16.5 (12.7) 4,769.3 19.5 (12.8)

2013/12F 7.1 7.5 5,311.0 19.2 8.1 6,882.0 26.6 8.2 5,144.9 30.2 7.9


PER PBR

53,888.5

49,267.5

52,976.9

47,068.3

43,501.4

49,457.1

50,077.5

44,020.2

248,872.1

매출액

(십억원)

146,729.3

175,953.4

204,510.0

227,429.5

225,751.9

자산총계

(십억원)

134,334.8

164,923.1

189,384.7

206,210.4

(십억원)

9.0

5.9 5.7

7.8 7.97.2

0

5

10

Universe

All

Universe

sector



(배)

0

10

20

30

40


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

500

1,000

1,500

2,000PBR(좌)

업종지수(우)

(P)(배)

44


252030 universe섬유·의류

섬유·의류

종목수 : 7 시가총액(십억원) : 5,567.314 15 16 17 22

Top Picks

- LG패션 (093050) : 투자 확대 이후 이익 개선 가시화, 중장기 성장 전략 검증되었고 신뢰도 상승, 소비재 업종 내 여전히 저평가

- 영원무역 (111770) : 일반 의류 사업이 증설 효과와 신규 고객 확보, 아웃도어에서 일반 캐주얼 의류 바이어로 확대로 성장 지속 예상 4 5 6 7 8 29 9 10 11 12 13


섬유·의류 8.9 1.3 12.4 1.0 4.6 # 섬유·의류(%) 2.2 11.1 3.2 (10.8)

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 4.3 12.9 (0.7) (14.9)

주) FY2012기준, 단위: 배, % #

#



2010/12A 42.6 656.3 50.6 654.8 43.9 399.2 52.4 759.9 8,388 51,431 859

2011/12A 39.9 925.2 41.0 826.9 26.3 467.6 17.2 1,074.3 8,582 59,516 793

2012/12F 4.5 900.1 (2.7) 899.5 8.8 540.8 15.6 1,066.9 9,604 67,273 821

2013/12F 9.0 1,030.1 14.4 1,039.8 15.6 624.5 15.5 1,201.3 11,090 76,980 947

2014/12F 11.7 1,194.4 15.9 1,223.2 17.6 742.6 18.9 1,369.6 13,187 88,606 1,030



2010/12A 1,398.1 2,482.9 (164.6) 17.1 (210.0) 14.5 4.9 8.4 1.3 13.4 1.2

2011/12A 2,026.5 3,319.1 139.6 23.1 (361.2) 14.6 5.8 12.1 1.7 12.5 0.8

2012/12F 2,086.4 3,788.3 (277.2) 21.1 (303.5) 13.6 5.5 10.3 1.5 12.5 0.8

2013/12F 2,184.4 4,334.9 (678.6) 18.2 (222.9) 14.3 4.6 8.9 1.3 12.4 1.0

2014/12F 2,314.1 4,989.5 (1,106.0) 15.7 (221.2) 14.8 3.9 7.5 1.1 12.7 1.0



2012/03A 25.8 (27.4) 150.6 (0.6) (45.9) 183.3 22.1 (12.8) 118.3 31.1 12.4

2012/06A 21.1 16.6 230.8 1.4 53.3 258.7 13.6 41.1 161.3 11.9 36.3

2012/09F 1.1 (1.4) 233.2 (2.0) 1.1 251.5 21.9 (2.8) 140.9 31.6 (12.7)

2012/12F 4.4 25.1 285.6 2.6 22.5 206.0 (1.9) (18.1) 120.3 14.2 (14.7)

2013/03F 6.9 (25.6) 183.2 21.6 (35.9) 193.1 5.3 (6.3) 124.7 5.3 3.7

2013/06F 7.9 17.7 255.9 10.9 39.7 269.7 4.3 39.7 167.0 3.5 33.9

2013/09F 9.9 0.4 269.0 15.4 5.1 271.9 8.1 0.8 146.2 3.7 (12.5)

2013/12F 10.7 26.0 322.0 12.8 19.7 305.1 48.1 12.2 186.7 55.3 27.7


PER PBR

1,489.0

1,752.7

1,759.9

2,216.8

1,393.2

1,623.9

1,601.3

2,002.5

7,201.1

8,146.0

매출액

(십억원)

4,382.2

5,773.1

6,420.5

7,218.4

8,065.6

자산총계

(십억원)

4,530.8

6,336.5

6,620.9

(십억원)

9.0 9.0

0.0

14.9 15.5

12.6

0

5

10

15

20

Universe

All

Universe

sector



(배)

-5

0

5

10

15

20


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

200

400

600

800

1,000

1,200PBR(좌)

업종지수(우)

(P)(배)

45


253010 universe호텔·레저

호텔·레저

종목수 : 5 시가총액(십억원) : 11,224.314 15 16 17 22

Top Picks

- 호텔신라 (008770) : 입출국객수 고성장 지속으로 면세사업과 호텔 사업의 실적 개선 전망

4 5 6 7 8 29 9 10 11 12 13


호텔·레저 15.7 2.3 15.4 2.5 9.1 # 호텔·레저(%) 6.6 13.7 13.3 14.5

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 8.8 15.6 9.5 10.5

주) FY2012기준, 단위: 배, % #

#



2010/12A 12.2 794.3 12.4 778.3 7.2 583.1 3.6 929.5 8,373 44,999 3,777

2011/12A 15.4 845.2 6.4 813.7 4.5 566.7 (2.8) 1,002.7 8,003 52,700 3,585

2012/12F 15.7 892.2 5.6 921.5 13.3 727.8 28.4 1,067.4 10,269 59,027 4,041

2013/12F 5.9 914.2 2.5 942.4 2.3 716.1 (1.6) 1,098.8 10,104 65,307 3,953

2014/12F 9.2 978.7 7.0 1,007.7 6.9 774.6 8.2 1,170.0 10,930 72,294 3,927



2010/12A 1,662.7 3,133.8 (715.9) 21.3 (384.0) 21.3 8.9 15.3 2.7 18.5 2.9

2011/12A 1,993.4 3,734.8 (900.7) 24.4 (323.6) 19.6 8.7 16.9 2.4 15.1 2.6

2012/12F 2,228.1 4,183.2 (1,041.8) 24.3 (388.9) 17.9 9.6 15.4 2.6 17.3 2.6

2013/12F 2,277.8 4,628.3 (1,248.8) 23.0 (270.2) 17.3 9.1 15.7 2.3 15.4 2.5

2014/12F 2,367.9 5,123.4 (1,506.5) 21.0 (271.1) 17.0 8.3 14.5 2.1 15.0 2.5



2012/03A 24.1 4.6 234.3 14.0 37.3 241.9 21.1 48.6 182.9 67.8 38.9

2012/06A 19.6 3.8 227.3 12.8 (3.0) 237.8 19.6 (1.7) 178.3 24.5 (2.5)

2012/09F 13.9 8.4 247.5 (3.8) 8.9 248.3 3.6 4.4 189.2 4.6 6.1

2012/12F 12.1 (4.8) 183.1 7.3 (26.0) 195.7 20.3 (21.2) 177.4 34.8 (6.2)

2013/03F 4.4 (2.6) 228.6 (2.5) 24.8 232.7 (3.8) 18.9 168.6 (7.8) (5.0)

2013/06F 3.5 2.9 212.8 (6.4) (6.9) 222.1 (6.6) (4.5) 160.2 (10.1) (5.0)

2013/09F 8.7 13.8 273.7 10.6 28.6 283.0 14.0 27.4 206.2 9.0 28.7

2013/12F 6.7 (6.5) 199.1 8.8 (27.2) 204.7 4.6 (27.7) 181.2 2.1 (12.1)


PER PBR

1,347.1

1,262.0

1,229.7

1,265.3

1,440.2

1,178.3

1,223.1

1,325.4

(십억원)

6,438.0

6,940.5

7,535.2

매출액

(십억원)

4,817.3

5,741.6

4,988.8

5,282.2

5,768.9

자산총계

(십억원)

3,735.8

4,312.5

9.0

15.6

11.5

16.4 16.9

13.2

0

5

10

15

20

Universe

All

Universe

sector



(배)

0

5

10

15

20

25


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

40

50

60

70

80

90

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

50

100

150

200

250PER(좌)

업종지수(우)

(P)(배)

0.0

2.0

4.0

6.0

8.0

10.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

50

100

150

200

250PBR(좌)

업종지수(우)

(P)(배)

46


253020 universe교육서비스

교육서비스

종목수 : 2 시가총액(십억원) : 1,051.814 15 16 17 22

Top Picks

4 5 6 7 8 29 9 10 11 12 13


교육서비스 10.1 0.9 9.6 4.5 2.8 # 교육서비스(%) (4.0) 8.7 (6.9) (20.5)

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) (1.8) 10.5 (10.8) (24.5)

주) FY2012기준, 단위: 배, % #

#



2010/12A (4.3) 151.6 4.7 156.5 (10.0) 110.2 (11.7) 200.6 9,975 86,483 3,394

2011/12A 4.3 155.3 2.4 164.6 5.2 121.0 9.8 209.7 10,951 88,087 4,747

2012/12F (3.2) 120.7 (22.3) 132.6 (19.4) 100.0 (17.3) 180.8 9,051 94,376 4,173

2013/12F 1.5 125.4 3.9 138.5 4.5 104.5 4.5 183.3 9,458 100,611 4,460

2014/12F 2.0 129.3 3.2 143.8 3.8 108.5 3.8 187.3 9,817 106,651 4,460



2010/12A 279.6 955.4 (350.1) 0.5 (52.1) 14.6 6.8 15.5 1.7 11.4 2.0

2011/12A 254.2 973.1 (379.1) 0.4 (13.4) 14.4 4.4 10.8 1.3 12.4 3.9

2012/12F 239.6 1,042.6 (451.3) 0.5 (80.7) 11.5 3.3 10.5 0.9 9.7 4.2

2013/12F 248.1 1,111.5 (513.0) 0.5 (73.4) 11.8 2.8 10.1 0.9 9.6 4.5

2014/12F 252.9 1,178.2 (565.4) 0.5 (68.5) 11.9 2.5 9.7 0.8 9.4 4.5



2012/03A 0.5 33.2 35.0 19.2 53.7 40.5 27.9 55.7 31.6 1.0 69.3

2012/06A (2.5) (0.4) 26.5 (46.1) (24.5) 28.8 (44.4) (28.9) 22.2 (37.2) (29.6)

2012/09F 0.5 18.0 43.6 (14.0) 64.7 46.5 (10.6) 61.4 35.1 (14.2) 58.0

2012/12F 2.8 (34.3) 15.5 (31.8) (64.3) 16.8 (35.3) (63.8) 11.2 (40.2) (68.2)

2013/03F 1.5 31.4 35.8 2.1 130.1 40.2 (0.7) 138.9 30.4 (3.8) 172.3

2013/06F 1.5 (0.3) 27.2 2.8 (23.9) 29.3 1.7 (27.2) 22.0 (0.7) (27.4)

2013/09F 1.6 18.1 44.8 2.8 64.6 48.7 4.7 66.3 36.7 4.7 66.7

2013/12F 1.6 (34.3) 17.5 12.8 (60.9) 20.4 21.0 (58.1) 15.3 37.5 (58.3)


PER PBR

316.9

208.1

312.0

204.9

269.2

268.3

265.3

264.3

매출액

(십억원)

1,229.7

1,271.5

1,337.9

1,404.5

자산총계

(십억원)

1,242.1

1,081.5

1,046.6

1,062.5

1,083.6

(십억원)

1,037.3

9.010.1

0.0

10.9

9.0

0.0

0

5

10

15

Universe

All

Universe

sector



(배)

0

2

4

6

8

10

12


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

2004 2005 2006 2007 2008 2009 2010 2011 2012

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

2004 2005 2006 2007 2008 2009 2010 2011 2012

0

100

200

300

400

500

600

700PBR(좌)

업종지수(우)

(P)(배)

47


2540 universe미디어·광고

미디어·광고

종목수 : 10 시가총액(십억원) : 8,511.114 15 16 17 22

Top Picks

- 케이티스카이라이프 (053210) : 디지털전환 및 공동주택 침투율 상승으로 가입자 증가, 플랫폼매출 확대, 비용통제로 수익성 개선 예상

- 제일기획 (030000) : 해외진출 확대로 비계열 광고주 확대될 전망, 민영 미디어렙 도입과 종편 진입에 따른 수혜, 삼성전자 광고집행 증가4 5 6 7 8 29 9 10 11 12 13


미디어·광고 14.0 1.8 12.9 0.5 6.0 # 미디어·광고(%) (9.1) 9.1 19.1 1.4

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) (6.9) 11.0 15.2 (2.6)

주) FY2012기준, 단위: 배, % #

#



2010/12A 36.4 228.4 74.3 234.4 17.2 169.4 9.4 318.9 4,139 43,265 1,153

2011/12A 84.3 468.4 105.0 479.4 104.5 367.6 117.0 918.0 3,516 32,987 389

2012/12F 21.6 507.3 8.3 536.8 12.0 440.1 19.7 968.1 3,945 35,941 365

2013/12F 16.4 749.8 47.8 792.9 47.7 607.8 38.1 1,230.7 5,448 41,097 365

2014/12F 12.6 985.0 31.4 1,046.3 32.0 803.1 32.1 1,506.6 7,199 47,928 365



2010/12A 1,494.0 1,848.5 (557.2) 18.7 (91.5) 8.3 9.3 19.0 1.7 7.9 1.5

2011/12A 2,970.0 3,672.9 (806.9) 22.1 (291.4) 9.3 7.3 20.1 2.0 9.7 0.6

2012/12F 3,513.8 4,009.4 (927.8) 20.3 (323.8) 8.3 7.9 19.3 2.1 10.7 0.5

2013/12F 4,109.1 4,584.7 (1,271.0) 17.8 (314.5) 10.5 6.0 14.0 1.8 12.9 0.5

2014/12F 4,543.7 5,346.6 (1,845.9) 13.6 (317.7) 12.3 4.5 10.6 1.6 14.7 0.5



2012/03A 54.5 (17.6) 40.8 (40.5) (53.6) 44.6 (37.4) (55.1) 35.4 (29.0) (51.4)

2012/06A 22.3 28.4 154.6 5.3 278.7 152.9 4.3 243.1 144.9 24.1 309.7

2012/09F 20.9 0.3 105.9 (4.9) (31.5) 113.6 3.4 (25.7) 84.1 (1.1) (42.0)

2012/12F 32.1 24.4 206.0 134.1 94.4 225.7 127.5 98.6 175.8 141.4 109.1

2013/03F 19.2 (25.6) 94.9 132.5 (53.9) 102.8 130.8 (54.4) 78.8 122.9 (55.2)

2013/06F 18.3 27.5 207.6 34.3 118.7 212.8 39.2 106.9 161.6 11.6 105.1

2013/09F 10.2 (6.6) 164.9 55.7 (20.6) 176.5 55.3 (17.0) 134.1 59.5 (17.0)

2013/12F 17.9 33.0 282.4 37.1 71.3 300.8 33.3 70.5 233.2 32.6 73.9


PER PBR

1,802.7

1,684.1

2,240.2

1,523.2

1,527.7

1,899.9

1,414.2

1,186.1

10,017.7

매출액

(십억원)

3,635.3

6,751.2

7,632.3

8,807.5

8,040.1

자산총계

(십억원)

2,739.2

5,048.1

6,136.9

7,141.1

(십억원)

9.0

14.4

0.0

13.5 13.6

21.9

0

5

10

15

20

25

Universe

All

Universe

sector



(배)

0

5

10

15

20

25


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

40

50

60

70

80

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

50

100

150

200

250PBR(좌)

업종지수(우)

(P)(배)

48


2550 universe유통

유통

종목수 : 9 시가총액(십억원) : 30,235.414 15 16 17 22

Top Picks

- 롯데쇼핑 (023530) : 중국사업이 2013년 연간 손익분기점에 다다를 것으로 예상

4 5 6 7 8 29 9 10 11 12 13


유통 9.5 0.9 8.9 0.6 5.9 # 유통(%) 1.6 6.2 7.4 (3.2)

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 3.8 8.1 3.5 (7.2)

주) FY2012기준, 단위: 배, % #

#



2010/12A (23.1) 2,600.3 (7.4) 2,816.7 3.1 2,741.4 65.5 3,255.1 23,689 209,374 1,666

2011/12A 64.1 3,520.8 35.4 3,595.2 27.6 5,683.7 107.3 4,572.6 39,200 196,424 1,110

2012/12F 30.8 3,868.9 9.9 3,908.9 8.7 2,744.0 (51.7) 5,476.0 17,825 201,402 1,166

2013/12F 19.5 4,644.5 20.0 4,604.2 17.8 3,169.9 15.5 6,429.2 20,592 219,470 1,166

2014/12F 11.6 5,289.1 13.9 5,231.1 13.6 3,606.9 13.8 7,204.8 23,431 240,362 1,166



2010/12A 24,997.0 23,916.4 3,347.0 49.6 (1,807.1) 10.7 11.1 11.6 1.3 11.0 0.6

2011/12A 30,237.2 27,212.7 4,244.2 55.3 (3,104.3) 8.9 7.7 5.2 1.1 19.9 0.5

2012/12F 34,665.9 31,004.0 5,922.8 54.8 (4,705.6) 7.4 6.9 11.0 1.0 8.4 0.6

2013/12F 41,248.4 33,785.4 6,170.2 59.5 (3,277.1) 7.5 5.9 9.5 0.9 8.9 0.6

2014/12F 43,507.4 37,001.5 4,103.8 54.2 (3,243.8) 7.6 5.0 8.4 0.8 9.2 0.6



2012/03A 80.6 11.6 928.8 24.3 0.4 1,003.7 6.4 5.6 713.8 (12.7) 41.1

2012/06A 82.0 (0.8) 1,015.7 37.9 9.3 956.3 20.1 (4.7) 676.3 (81.9) (5.3)

2012/09F 22.3 8.3 912.1 8.5 (10.2) 905.5 35.4 (5.3) 640.5 41.2 (5.3)

2012/12F 18.2 (1.3) 1,012.3 9.4 11.0 1,043.5 9.8 15.2 712.1 40.8 11.2

2013/03F 18.6 11.9 1,140.5 22.8 12.7 1,162.3 15.8 11.4 798.2 11.8 12.1

2013/06F 18.9 (0.6) 1,192.3 17.4 4.5 1,200.6 25.5 3.3 809.8 19.7 1.5

2013/09F 15.8 5.4 1,080.8 18.5 (9.3) 1,080.3 19.3 (10.0) 751.5 17.3 (7.2)

2013/12F 24.7 6.3 1,230.9 21.6 13.9 1,161.0 11.3 7.5 810.4 13.8 7.8


PER PBR

14,960.0

14,876.2

15,678.8

16,663.5

12,614.3

12,507.2

13,541.9

13,364.3

76,773.8

82,534.2

매출액

(십억원)

49,916.8

58,779.0

67,157.9

62,178.5

69,392.2

자산총계

(십억원)

24,241.3

39,775.0

52,027.7

(십억원)

9.0 9.7 8.9

16.3 17.0

12.7

0

5

10

15

20

Universe

All

Universe

sector



(배)

0

5

10

15

20

25

30

35


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

100

200

300

400

500

600

700

800PBR(좌)

업종지수(우)

(P)(배)

49


3020 universe음식료·담배

음식료·담배

종목수 : 6 시가총액(십억원) : 27,847.914 15 16 17 22

Top Picks

- 농심 (004370) : - 기존 제품의 가격 인상과 "1,000원"라면 인기로 ASP 상승 효과 본격화될 것

- KT&G (033780) : - 점유율 지속은 마케팅력 개선 시그널로 주가 지표 상향 이유될 것4 5 6 7 8 29 9 10 11 12 13


음식료·담배 14.7 1.7 10.8 1.9 8.9 # 음식료·담배(%) 2.4 9.1 15.7 24.2

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 4.6 10.9 11.8 20.2

주) FY2012기준, 단위: 배, % #

#



2010/12A 6.1 2,320.4 19.2 2,989.8 52.9 2,165.7 52.8 2,838.7 12,418 71,326 3,006

2011/12A 11.0 2,122.6 (8.5) 2,133.7 (28.6) 1,454.3 (32.8) 2,724.1 8,317 73,149 3,012

2012/12F 27.6 2,505.7 18.0 2,303.9 8.0 1,480.2 1.8 3,200.6 8,457 78,325 3,031

2013/12F 9.4 2,923.1 16.7 2,852.5 23.8 1,894.3 28.0 3,665.3 10,823 87,878 3,054

2014/12F 10.5 3,377.4 15.5 3,343.6 17.2 2,232.3 17.8 4,186.5 12,755 99,756 3,077



2010/12A 7,857.4 12,461.7 343.9 26.0 (883.1) 15.4 6.5 8.3 1.4 17.1 2.9

2011/12A 11,433.3 12,802.5 3,197.6 40.4 (1,390.3) 12.7 10.6 16.2 1.7 9.6 2.2

2012/12F 12,832.5 13,708.5 2,905.9 39.0 (2,043.3) 11.7 10.3 18.8 1.9 9.2 1.9

2013/12F 13,556.7 15,380.5 2,544.4 36.8 (1,545.1) 12.5 8.9 14.7 1.7 10.8 1.9

2014/12F 14,122.1 17,459.3 1,989.4 33.7 (1,593.8) 13.1 7.6 12.5 1.5 11.6 1.9



2012/03A 26.1 20.7 608.6 19.6 62.6 489.6 (9.5) 0.1 308.0 (19.1) 4.9

2012/06A 27.5 2.2 580.2 12.1 (4.7) 490.5 (6.1) 0.2 323.4 (15.0) 5.0

2012/09F 23.7 8.1 672.3 (6.9) 15.9 637.2 8.7 29.9 411.9 2.9 27.4

2012/12F 33.3 (0.0) 644.5 72.2 (4.1) 719.6 47.2 12.9 436.8 48.7 6.0

2013/03F 8.4 (1.9) 657.6 8.0 2.0 529.9 8.2 (26.4) 339.0 10.0 (22.4)

2013/06F 11.5 5.2 653.4 12.6 (0.6) 622.7 27.0 17.5 415.1 28.4 22.5

2013/09F 9.4 6.1 758.9 12.9 16.1 722.7 13.4 16.1 482.8 17.2 16.3

2013/12F 9.0 (0.4) 865.7 34.3 14.1 989.7 37.5 36.9 657.4 50.5 36.2


PER PBR

6,074.5

5,572.0

5,466.0

5,748.2

6,100.0

5,043.6

5,155.5

5,574.2

(십억원)

28,905.6

31,036.5

33,355.0

매출액

(십억원)

20,529.4

26,520.6

21,345.3

23,358.3

25,817.3

자산총계

(십억원)

15,065.4

16,727.3

9.0

15.1 14.315.6 14.8

18.2

0

5

10

15

20

Universe

All

Universe

sector



(배)

0

5

10

15

20


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

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

2.5

3.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

100

200

300

400

500

600PBR(좌)

업종지수(우)

(P)(배)

50


3030 universe생활용품

생활용품

종목수 : 5 시가총액(십억원) : 21,089.914 15 16 17 22

Top Picks

- LG생활건강 (051900) : 하반기 해태음료 턴어라운드 가속화와 페이스샵 중국 사업 확대

- 아모레퍼시픽 (090430) : 장기적 re-rating 위한 펀더멘탈 견고, 견고한 내수 시장 지배력과 중국스토리 부각으로 하반기 주가 반등 기대 4 5 6 7 8 29 9 10 11 12 13


생활용품 22.8 4.0 17.5 0.5 12.8 # 생활용품(%) 1.1 16.1 19.3 20.8

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 3.2 17.9 15.4 16.8

주) FY2012기준, 단위: 배, % #

#



2010/12A 31.5 800.5 46.5 777.1 48.7 593.3 52.5 982.1 19,170 89,364 3,199

2011/12A 18.6 863.6 7.9 887.2 14.2 653.9 10.2 1,058.7 21,005 119,073 3,301

2012/12F 19.3 1,026.8 18.9 987.0 11.3 744.5 13.9 1,343.8 22,271 131,617 3,218

2013/12F 15.7 1,257.5 22.5 1,226.0 24.2 924.6 24.2 1,653.3 27,660 156,659 3,218

2014/12F 14.8 1,501.6 19.4 1,484.4 21.1 1,120.0 21.1 1,974.8 33,506 187,721 3,218



2010/12A 1,714.4 2,775.9 96.8 20.3 (511.7) 14.1 15.7 25.7 5.4 20.9 0.6

2011/12A 2,282.4 3,748.3 154.6 21.1 (616.6) 12.8 15.9 25.4 4.3 17.1 0.6

2012/12F 2,925.8 4,399.6 282.6 23.1 (707.3) 12.8 15.9 28.3 4.7 16.8 0.5

2013/12F 2,954.3 5,236.7 32.2 16.4 (647.3) 13.5 12.8 22.8 4.0 17.5 0.5

2014/12F 2,976.3 6,275.0 (402.9) 12.1 (649.2) 14.1 10.5 18.8 3.3 17.7 0.5



2012/03A 13.1 18.9 309.0 11.3 99.6 310.7 13.6 58.5 225.6 11.9 53.3

2012/06A 13.3 1.1 241.9 12.6 (21.7) 221.3 7.7 (28.8) 156.9 5.5 (30.5)

2012/09A 14.7 2.8 256.9 18.7 6.2 256.2 20.6 15.8 190.1 21.7 21.2

2012/12F 19.6 (3.3) 197.7 27.7 (23.0) 183.8 (6.2) (28.3) 157.1 6.7 (17.4)

2013/03F 14.6 14.0 358.1 15.9 81.1 347.7 11.9 89.1 261.6 15.9 66.6

2013/06F 4.3 (8.0) 250.5 3.6 (30.0) 229.3 3.6 (34.1) 174.7 11.3 (33.2)

2013/09F 21.8 20.2 350.7 36.5 40.0 351.3 37.1 53.2 263.7 38.7 51.0

2013/12F 37.7 9.3 286.8 45.0 (18.2) 289.5 57.5 (17.6) 217.5 38.5 (17.5)


PER PBR

2,418.0

2,643.6

1,984.9

1,919.9

2,187.8

2,012.4

1,908.4

1,930.2

매출액

(십억원)

6,105.0

7,350.5

8,230.1

9,306.4

자산총계

(십억원)

4,557.6

6,727.3

8,026.0

9,283.0

10,659.1

(십억원)

5,670.5

9.0

23.3 24.1

16.9 16.2

26.3

0

5

10

15

20

25

30

Universe

All

Universe

sector



(배)

0

5

10

15

20

25

30


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

40

50

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

200

400

600

800

1,000

1,200PER(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

0

200

400

600

800

1,000

1,200PBR(좌)

업종지수(우)

(P)(배)

51


3520 universe제약·바이오

제약·바이오

종목수 : 6 시가총액(십억원) : 6,940.014 15 16 17 22

Top Picks

- 녹십자 (006280) : 가장 가시성이 높은 해외진출 스토리 보유(독감백신 및 혈액제제), 약가인하 방어성

- 동아제약 (000640) : 산업재편화 수혜, 신약 파이프라인, 박카스 매출 강세 등이 약가인하 충격 상쇄4 5 6 7 8 29 9 10 11 12 13


제약·바이오 17.0 1.7 10.9 0.7 12.5 # 제약·바이오(%) 6.4 21.6 55.4 26.2

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 8.5 23.4 51.5 22.2

주) FY2012기준, 단위: 배, % #

#



2010/12A 23.5 400.3 2.3 441.2 4.7 332.4 (1.4) 519.7 5,740 54,526 782

2011/12A 5.6 310.7 (22.4) 323.1 (26.8) 248.4 (25.3) 426.2 4,221 56,130 793

2012/12F 6.0 255.3 (17.8) 261.7 (19.0) 268.5 8.1 374.0 4,462 59,425 800

2013/12F 11.8 404.0 58.2 416.1 59.0 408.4 52.1 545.4 6,788 65,068 800

2014/12F 13.2 524.0 29.7 545.5 31.1 511.8 25.3 675.8 8,506 72,241 800



2010/12A 1,527.9 3,202.0 26.2 23.6 (249.7) 10.7 12.8 20.0 2.0 10.4 0.7

2011/12A 1,655.5 3,346.1 79.6 23.4 (234.6) 7.9 12.6 21.3 1.5 7.4 0.9

2012/12F 1,856.5 3,575.5 118.3 26.6 (216.0) 6.1 18.4 25.9 1.9 7.9 0.7

2013/12F 2,028.5 3,915.0 37.2 24.8 (195.0) 8.6 12.5 17.0 1.7 10.9 0.7

2014/12F 2,220.6 4,346.6 39.8 24.5 (155.3) 9.9 9.9 13.6 1.5 12.6 0.7



2012/03A 1.3 (5.5) 46.2 (47.8) 286.0 77.9 (20.5) 132.4 58.7 (24.2) NA

2012/06A 8.3 14.0 45.8 (48.8) (0.9) 40.4 (52.3) (48.1) 42.7 (48.3) (27.3)

2012/09F 7.9 7.9 88.3 (27.0) 92.9 88.2 (24.5) 118.4 80.3 (25.3) 88.2

2012/12F 6.3 (8.5) 75.1 527.8 (15.0) 55.1 64.4 (37.5) 86.8 NA 8.0

2013/03F (4.0) (14.6) 60.0 29.9 (20.1) 61.3 (21.4) 11.1 61.9 5.4 (28.7)

2013/06F 0.8 19.7 73.5 60.7 22.7 74.4 84.1 21.5 78.4 83.7 26.7

2013/09F 11.3 19.1 109.2 23.7 48.5 110.4 25.1 48.3 105.1 30.9 34.1

2013/12F 37.6 13.1 161.2 114.7 47.6 170.1 208.7 54.1 163.0 87.9 55.0


PER PBR

1,069.2

1,273.2

1,440.1

1,060.4

1,144.0

1,046.5

893.3

930.6

6,290.9

매출액

(십억원)

4,732.9

5,013.7

5,251.9

5,767.9

5,292.9

자산총계

(십억원)

3,732.8

3,943.5

4,181.5

4,675.8

(십억원)

9.0

17.6 17.2

12.6 12.8

19.5

0

5

10

15

20

25

Universe

All

Universe

sector



(배)

0

10

20

30

40

50


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

3.0

3.5

4.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

100

200

300

400

500

600

700

800PBR(좌)

업종지수(우)

(P)(배)

52


4010 universe은행

은행

종목수 : 8 시가총액(십억원) : 60,214.414 15 16 17 22

Top Picks

- 하나금융지주 (086790) : 탄탄한 자산건전성. 2013년 경상적 수익력을 회복하며 밸류에이션 할인도 해소될 전망

- KB금융 (105560) : 선제적 관리로 자산건전성 양호. 업계 최고수준의 자본비율, ING생명 인수 가시화로 비은행 부분 다각화 시도4 5 6 7 8 9 10 11 12 13

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

은행 6.0 0.5 7.6 2.4 - 은행(%) (7.9) (9.8) (8.8) (9.4)

유니버스 10.6 1.1 10.8 1.0 6.7 KOSPI 대비(%p) (5.8) (8.0) (12.6) (13.4)

주) FY2012기준, 단위: 배, %

연간추정 영업수익 영업이익 세전이익 지배주주지분순이익 충전이익 EPS BPS DPS


2010/12A 16.9 9,499.1 56.1 9,344.9 54.5 6,989.5 46.2 19,339.0 2,173 26,393 355

2011/12A 24.3 18,262.7 92.3 17,441.4 86.6 12,668.1 81.2 26,329.8 3,563 29,104 696

2012/12F (1.5) 15,119.2 (17.2) 14,686.4 (15.8) 10,944.3 (13.6) 23,874.2 3,094 31,405 458

2013/12F (2.9) 13,938.2 (7.8) 13,514.2 (8.0) 10,006.9 (8.6) 22,105.3 2,829 33,680 426

2014/12F 4.3 15,032.2 7.8 14,608.2 8.1 10,827.5 8.2 23,471.0 3,061 36,133 493

부채총계지배주주지

분총대출 예수부채 충전이익률 PPR PER PBR ROE DY

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

2010/12A 1,149,583.9 84,749.5 868,887.3 3.3 740,148.0 1.6 4.5 12.6 1.0 7.9 1.2

2011/12A 1,299,834.1 104,214.8 1,001,186.0 15.2 832,967.3 1.9 2.5 5.1 0.6 11.3 3.7

2012/12F 1,473,653.9 111,081.0 1,115,664.6 11.4 973,281.8 1.5 2.5 5.5 0.5 8.9 2.6

2013/12F 1,516,600.9 119,126.7 1,167,682.5 4.7 1,057,858.2 1.3 2.7 6.0 0.5 7.6 2.4

2014/12F 1,563,081.4 127,804.6 1,222,713.9 4.7 1,151,140.5 1.4 2.6 5.6 0.5 7.7 2.8



2012/03A 18.4 19.7 5,695.6 19.2 126.0 5,622.0 21.6 150.6 4,373.4 33.5 167.4

2012/06A (20.1) (13.5) 3,477.0 (49.4) (39.0) 3,261.3 (49.7) (42.0) 2,301.6 (51.8) (47.4)

2012/09F 8.0 (3.2) 3,079.4 (15.7) (11.4) 2,973.4 (18.7) (8.8) 2,223.3 (16.7) (3.4)

2012/12F 1.3 1.0 2,867.2 13.8 (6.9) 2,761.2 23.1 (7.1) 2,046.0 25.1 (8.0)

2013/03F (15.6) (0.2) 3,567.4 (37.4) 24.4 3,461.4 (38.4) 25.4 2,563.3 (41.4) 25.3

2013/06F (1.5) 1.0 3,440.1 (1.1) (3.6) 3,334.1 2.2 (3.7) 2,468.6 7.3 (3.7)

2013/09F 4.0 2.2 3,877.5 25.9 12.7 3,771.5 26.8 13.1 2,794.1 25.7 13.2

2013/12F 3.8 0.8 3,053.3 6.5 (21.3) 2,947.3 6.7 (21.9) 2,180.9 6.6 (21.9)


PER PBR

10,398.7

10,501.7

10,728.1

10,816.4

12,319.6

10,658.7

10,320.4

10,420.3

1,649,664.8

1,705,390.5

영업수익

(십억원)

1,238,377.1

1,413,809.7

1,598,153.1

42,445.0

44,281.7

자산총계

(십억원)

35,711.8

44,399.7

43,718.9

(십억원)

9.0

6.0 6.0

9.0 9.37.8

0

5

10

Universe

All

Universe

sector



(배)

-10

-5

0

5

10


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

2008 2009 2010 2011 2012

0

50

100

150

200

250PER(좌)

업종지수(우)

(P)(배)

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2008 2009 2010 2011 2012

0

50

100

150

200

250PBR(좌)

업종지수(우)

(P)(배)

53


40203020 universe증권

증권

종목수 : 6 시가총액(십억원) : 12,862.014 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 17.9 0.7 4.2 1.6 - 증권(%) (8.0) (10.5) (6.3) (2.5)

유니버스 10.6 1.1 10.8 1.0 6.7 KOSPI 대비(%p) (5.8) (8.7) (10.2) (6.5)

주) FY2012기준, 단위: 배, %

연간추정 영업수익 영업이익 세전이익 순이익 순수익 EPS BPS DPS


2011/03A (15.0) 1,284.8 (12.4) 1,521.9 2.2 1,131.6 2.6 4,027.7 1,538 18,253 536

2012/03A (1.6) 1,158.6 (9.8) 1,197.5 (21.3) 877.5 (22.5) 4,178.3 1,078 16,714 303

2013/03F 5.9 671.7 (42.0) 677.5 (43.4) 528.0 (39.8) 3,521.6 538 17,042 188

2014/03F 7.4 896.6 33.5 922.0 36.1 719.2 36.2 3,830.8 733 17,627 229

2015/03F 7.4 898.9 0.3 936.3 1.6 730.3 1.6 3,908.5 745 18,173 236

부채총계 자본총계 이자수익 순수수료 순이자 집합증권 영업 PER PBR ROE DY

자산 수익 수익 판매잔고 수지율

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

2011/03A 61,620.5 13,392.3 61,316.7 2,639.9 1,370.3 43,485.6 128.3 15.2 1.2 8.4 2.1

2012/03A 74,650.7 16,393.6 66,303.3 2,611.2 1,417.0 40,232.9 121.8 18.5 1.0 5.4 1.6

2013/03F 81,361.5 16,715.5 68,269.9 1,883.6 1,583.0 44,210.0 107.9 24.4 0.7 3.2 1.3

2014/03F 84,128.4 17,289.4 70,683.2 2,058.2 1,616.6 51,717.9 106.7 17.9 0.7 4.2 1.6

2015/03F 86,709.8 17,824.4 72,918.0 2,113.0 1,631.5 60,802.5 105.4 17.6 0.7 4.1 1.6



2012/03A (20.9) (17.4) 352.9 13.2 56.9 371.8 13.3 72.5 260.2 2.2 62.2

2012/06A (6.7) 41.2 109.7 (70.5) (68.9) 95.1 (75.3) (74.4) 77.4 (73.5) (70.3)

2012/09F (18.1) 1.8 168.6 (19.1) 53.7 175.4 (21.8) 84.3 135.8 (17.7) 75.5

2012/12F 20.8 1.8 176.2 (21.7) 4.5 183.0 (15.1) 4.3 141.7 (11.7) 4.4

2013/03F 48.9 1.8 217.2 (38.5) 23.2 224.0 (39.8) 22.4 173.2 (33.5) 22.2

2013/06F 7.4 1.8 223.1 103.3 2.7 229.4 141.1 2.4 179.0 131.3 3.4

2013/09F 7.4 1.8 230.4 36.7 3.3 236.8 35.0 3.2 184.7 36.0 3.2

2013/12F 7.4 1.8 204.6 16.1 (11.2) 210.9 15.3 (10.9) 164.5 16.1 (10.9)


PER PBR

4,604.0

4,286.4

4,363.6

4,442.2

4,522.4

2,929.7

4,136.3

4,210.6

(십억원)

98,077.0

101,417.7

104,534.2

영업수익

(십억원)

75,012.7

91,044.2

16,996.8

18,255.9

19,613.0

자산총계

(십억원)

16,305.0

16,046.7

9.0

19.7

11.39.7 9.3

11.5

0

5

10

15

20

25

Universe

All

Universe

sector



(배)

-5

0

5

10

15

20

25


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

40

50

60

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

50

100

150

200

250PBR(좌)

업종지수(우)

(P)(배)

54


4030 universe보험

보험

종목수 : 8 시가총액(십억원) : 45,776.214 15 16 17 22

Top Picks

- 삼성화재 (000810) : 손해보험업계의 RBC비율 산출 신뢰 수준 상향 조절 등의 규제변화가 삼성화재에 유리하게 작용할 것

- 메리츠화재 (000060) : 의료 사용량 증가세 둔화에 따른 장기 위험손해율 안정 수혜 가장 큼4 5 6 7 8 9 10 11 12 13


보험 10.6 0.9 8.8 2.2 - 보험(%) (3.8) (1.4) 1.9 5.3

유니버스 10.6 1.1 10.8 1.0 6.7 KOSPI 대비(%p) (1.6) 0.4 (1.9) 1.2

주) FY2012기준, 단위: 배, %

연간추정 영업수익 영업이익 세전이익 순이익 수정순이익 수정EPS 수정BPS DPS


2011/03A 17.4 1,979.1 8.1 1,987.6 15.5 1,410.1 8.3 1,675.9 27,526 222,125 8,597

2012/03A 20.6 2,859.7 44.5 2,738.7 37.8 2,004.1 42.1 2,004.1 41,644 311,455 10,414

2013/03F 12.8 3,193.4 11.7 3,080.5 12.5 2,351.4 17.3 2,351.4 48,425 366,662 12,438

2014/03F 10.7 3,495.2 9.5 3,391.2 10.1 2,570.6 9.3 2,570.6 52,937 408,220 12,346

2015/03F 3.2 3,591.4 2.8 3,487.4 2.8 2,643.4 2.8 2,643.4 54,439 451,362 13,432

부채총계 자본총계 수정 운용자산 손해율 사업비율 투자 수정PER 수정PBR 수정ROE DY

자기자본 수익률

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

2011/03A 201,156.3 25,966.5 12,837.1 65,083.9 37.0 21.5 10.7 12.9 1.6 12.8 1.7

2012/03A 232,016.2 33,236.9 15,123.7 81,546.1 36.5 17.9 10.2 13.9 1.2 8.9 1.9

2013/03F 264,399.9 38,684.2 17,804.5 97,970.8 29.2 18.0 10.1 11.3 1.0 9.0 2.2

2014/03F 290,526.9 42,092.4 19,822.5 110,270.9 23.8 17.7 10.1 10.6 0.9 8.8 2.2

2015/03F 317,208.8 46,008.3 21,917.4 122,630.7 23.4 17.8 10.4 9.4 0.8 9.1 2.5



2012/03A 20.1 8.7 980.8 (22.4) 54.4 1,337.1 (17.1) 40.7 1,064.8 (10.5) 64.2

2012/06F 15.9 (2.1) 937.7 (19.0) (4.4) 1,304.3 (11.3) (2.5) 1,008.2 (11.5) (5.3)

2012/09F 28.6 16.0 895.1 62.1 (4.5) 1,265.3 46.3 (3.0) 980.8 55.0 (2.7)

2012/12F 10.3 (10.7) 901.1 41.9 0.7 1,270.6 33.7 0.4 964.0 48.7 (1.7)

2013/03F 4.2 2.7 1,040.2 6.1 15.4 1,422.2 6.4 11.9 1,079.1 1.3 11.9

2013/06F 9.1 2.4 1,002.4 6.9 (3.6) 1,392.4 6.8 (2.1) 1,055.4 4.7 (2.2)

2013/09F (2.2) 4.0 1,013.4 13.2 1.1 1,408.8 11.3 1.2 1,067.8 8.9 1.2

2013/12F 9.1 (0.3) 995.6 10.5 (1.8) 1,403.5 10.5 (0.4) 1,063.9 10.4 (0.4)


PER PBR

20,404.4

20,343.1

20,872.5

18,643.6

19,154.6

19,622.1

18,386.1

17,991.1

영업수익

(십억원)

265,253.1

299,502.5

326,740.5

354,695.8

자산총계

(십억원)

227,122.9

44,891.5

50,615.5

56,043.5

57,817.1

(십억원)

37,208.8

9.0

10.910.0 9.7 9.5

13.3

0

5

10

15

Universe

All

Universe

sector



(배)

0

5

10

15

20

25

30


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

200

400

600

800

1,000PBR(좌)

업종지수(우)

(P)(배)

55


4510 universe인터넷·소프트웨어


종목수 : 4 시가총액(십억원) : 17,787.614 15 16 17 22

Top Picks

- 엔씨소프트 (036570) : 블레이드앤소울, 길드워2 등 탄탄한 신작 라인업과 글로벌 게임 개발 역량을 보유해 장기 성장 가능

- NHN (035420) : 하반기 모바일 메신저 "라인"의 수익 모델 본격화와 위닝일레븐 온라인 등 신규 게임 출시로 게임 매출도 회복될 전망4 5 6 7 8 29 9 10 11 12 13


인터넷·소프트웨어 17.3 3.1 21.5 0.4 10.5 # 인터넷·소프트웨어(%) (6.1) (11.2) (1.2) (19.5)

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) (3.9) (9.3) (5.0) (23.5)

주) FY2012기준, 단위: 배, % #

#



2010/12A 12.1 883.5 (5.7) 919.5 0.3 765.9 12.2 1,032.9 72,936 253,301 2,187

2011/12A 18.4 976.1 10.5 1,017.5 10.7 752.2 (1.8) 1,138.4 71,437 297,904 5,743

2012/12F 12.6 1,011.1 3.6 1,066.4 4.8 813.3 8.1 1,197.3 77,132 359,778 5,807

2013/12F 11.2 1,258.9 24.5 1,337.0 25.4 1,029.1 26.5 1,466.6 97,601 451,153 6,641

2014/12F 13.3 1,614.2 28.2 1,722.4 28.8 1,312.9 27.6 1,829.7 124,517 568,614 7,531



2010/12A 1,208.4 2,664.5 (1,542.4) 8.6 (201.9) 27.4 15.4 22.8 5.1 28.6 0.1

2011/12A 1,495.6 3,138.3 (1,525.0) 13.4 (453.8) 25.6 15.8 25.8 4.7 23.7 0.3

2012/12F 1,396.5 3,793.6 (1,502.3) 11.1 (330.8) 23.5 13.6 21.9 3.7 21.2 0.3

2013/12F 1,461.3 4,757.1 (2,371.4) 8.9 (182.7) 26.3 10.5 17.3 3.1 21.5 0.4

2014/12F 1,551.1 5,995.6 (3,269.0) 7.1 (364.5) 29.8 8.0 13.5 2.5 21.8 0.4



2012/03A 13.1 1.5 238.3 (9.2) 6.6 263.7 (2.4) 10.2 198.2 (0.1) 23.6

2012/06A 4.6 (1.7) 197.4 (18.8) (17.2) 201.9 (23.8) (23.5) 143.7 (32.1) (27.5)

2012/09F 12.1 6.1 258.5 17.9 31.0 273.9 22.0 35.7 213.3 18.0 48.5

2012/12F 20.1 13.4 316.9 41.8 22.6 326.9 36.6 19.4 258.1 60.9 21.0

2013/03F 7.3 (9.3) 254.1 6.6 (19.8) 270.0 2.4 (17.4) 206.4 4.1 (20.0)

2013/06F 13.3 3.8 269.0 36.3 5.8 286.3 41.8 6.0 217.6 51.4 5.4

2013/09F 9.5 2.5 301.2 16.5 12.0 318.9 16.5 11.4 240.8 12.9 10.7

2013/12F 14.1 18.2 434.6 37.2 44.3 461.8 41.2 44.8 364.4 41.2 51.3


PER PBR

1,137.4

1,166.3

1,378.9

1,003.8

1,065.4

1,208.4

1,096.1

1,021.4

7,581.1

매출액

(십억원)

3,884.8

4,671.1

5,226.2

6,253.7

5,414.4

자산총계

(십억원)

3,226.0

3,819.2

4,299.1

4,778.7

(십억원)

9.0

17.7

14.413.2 12.8

17.6

0

5

10

15

20

Universe

All

Universe

sector



(배)

0

5

10

15

20

25

30

35


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0102030405060708090

100110

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

100

200

300

400

500

600

700

800PER(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

0

100

200

300

400

500

600

700

800PBR(좌)

업종지수(우)

(P)(배)

56


452010 universe통신장비·부품


종목수 : 10 시가총액(십억원) : 17,435.414 15 16 17 22

Top Picks

4 5 6 7 8 29 9 10 11 12 13


통신장비·부품 8.7 1.0 11.0 0.5 5.0 # 통신장비·부품(%) 6.8 13.7 16.7 18.8

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 9.0 15.6 12.8 14.8

주) FY2012기준, 단위: 배, % #

#



2010/12A 1.9 472.2 (83.4) 767.3 (75.1) 1,511.9 (38.6) 1,843.5 8,089 74,965 426

2011/12A (1.0) 597.7 26.6 (93.7) NA (215.7) NA 1,931.5 -1,149 71,742 421

2012/12F (3.7) 1,732.4 189.9 1,503.0 NA 1,219.3 NA 3,489.3 5,990 77,405 409

2013/12F 5.5 2,396.6 38.3 2,493.5 65.9 1,996.0 63.7 4,118.9 9,806 87,347 409

2014/12F 4.1 2,743.1 14.5 2,912.6 16.8 2,324.8 16.5 4,451.2 11,421 99,780 409



2010/12A 20,429.9 14,043.1 5,241.9 53.4 (2,121.9) 0.8 14.2 13.6 1.5 10.6 0.4

2011/12A 20,639.4 14,574.5 5,091.5 53.2 (2,164.4) 1.0 10.2 NA 1.0 (1.5) 0.5

2012/12F 19,457.3 15,756.0 4,011.2 43.9 (1,478.1) 3.1 6.3 14.3 1.1 7.6 0.5

2013/12F 19,320.2 17,779.9 2,745.1 33.4 (1,850.3) 4.1 5.0 8.7 1.0 11.0 0.5

2014/12F 19,147.5 20,310.5 1,677.2 25.9 (2,502.9) 4.5 4.4 7.5 0.9 11.3 0.5



2012/03A (4.8) (11.1) 548.1 178.0 382.0 554.8 422.0 1,855.0 323.5 1,117.3 NA

2012/06A (8.2) 5.5 464.3 105.9 (15.3) 344.0 58.2 (38.0) 249.9 65.8 (22.8)

2012/09F (0.3) (0.8) 344.2 461.6 (25.9) 291.1 NA (15.4) 263.9 NA 5.6

2012/12F (0.9) 6.6 357.6 214.5 3.9 293.2 933.0 0.7 377.8 NA 43.2

2013/03F 1.0 (9.4) 521.8 (4.8) 45.9 572.4 3.2 95.2 472.3 46.0 25.0

2013/06F 4.4 9.0 703.0 51.4 34.7 765.9 122.6 33.8 625.8 150.4 32.5

2013/09F 7.7 2.3 593.6 72.4 (15.6) 659.5 126.6 (13.9) 539.3 104.4 (13.8)

2013/12F 8.2 7.1 555.4 55.3 (6.4) 475.5 62.2 (27.9) 350.1 (7.3) (35.1)


PER PBR

13,400.4

14,602.9

14,941.1

16,002.0

13,261.3

13,986.5

13,869.4

14,785.0

37,397.9

39,628.1

매출액

(십억원)

34,700.5

35,471.6

35,474.1

58,935.4

61,330.8

자산총계

(십억원)

58,547.7

57,985.8

55,861.6

(십억원)

9.0 9.1

0.0

12.711.4

12.7

0

5

10

15

Universe

All

Universe

sector



(배)

-40

-30

-20

-10

0

10

20


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

40

50

60

70

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

50

100

150

200

250

300PER(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

0

50

100

150

200

250

300PBR(좌)

업종지수(우)

(P)(배)

57


452020 universe디스플레이

디스플레이

종목수 : 8 시가총액(십억원) : 20,492.914 15 16 17 22

Top Picks

4 5 6 7 8 29 9 10 11 12 13


디스플레이 15.1 1.2 8.2 1.3 3.8 # 디스플레이(%) 10.3 9.5 22.9 8.3

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 12.4 11.4 19.0 4.3

주) FY2012기준, 단위: 배, % #

#



2010/12A 27.4 1,896.8 37.5 1,870.9 46.3 1,647.4 23.3 5,034.3 3,973 35,850 595

2011/12A (0.7) (292.0) NA (494.0) NA (260.5) NA 3,618.2 -625 35,037 194

2012/12F 16.4 1,234.3 NA 1,068.6 NA 825.6 NA 6,107.0 1,970 36,791 197

2013/12F (1.7) 1,838.6 49.0 1,677.8 57.0 1,359.7 64.7 6,521.0 3,245 39,385 624

2014/12F 7.7 2,115.5 15.1 1,953.9 16.5 1,582.2 16.4 6,822.8 3,775 42,488 624



2010/12A 14,726.3 14,874.6 1,685.4 35.3 (5,413.2) 5.9 5.0 14.1 1.6 11.1 1.1

2011/12A 17,557.5 14,677.8 2,902.2 39.7 (4,669.2) (0.9) 5.8 NA 1.2 (1.8) 0.4

2012/12F 20,088.4 15,418.3 3,552.8 45.6 (5,677.0) 3.3 4.0 24.9 1.3 5.3 0.4

2013/12F 19,986.4 16,505.2 3,881.6 45.1 (5,540.8) 5.0 3.8 15.1 1.2 8.2 1.3

2014/12F 20,533.0 17,806.0 3,579.1 41.7 (5,132.1) 5.4 3.5 13.0 1.1 8.8 1.3



2012/03A 12.7 (6.3) (4.1) NA NA (35.4) NA NA 3.0 (89.9) (97.0)

2012/06A 11.2 10.8 160.8 62.5 NA 91.7 5.1 NA 19.3 (87.2) 542.3

2012/09F 20.6 9.2 454.0 NA 182.3 421.7 NA 359.9 315.3 NA 1,536.1

2012/12F 21.3 6.9 620.3 11,173.0 36.6 587.6 NA 39.4 485.8 393.3 54.1

2013/03F 13.1 (12.6) 323.4 NA (47.9) 282.6 NA (51.9) 227.6 7,485.5 (53.2)

2013/06F (0.5) (2.5) 382.4 137.8 18.2 341.7 272.7 20.9 271.6 1,309.3 19.3

2013/09F (8.0) 1.0 464.4 2.3 21.4 425.0 0.8 24.4 344.4 9.2 26.8

2013/12F (8.5) 6.3 662.8 6.8 42.7 623.1 6.0 46.6 512.0 5.4 48.7


PER PBR

9,548.5

10,435.9

9,116.2

8,889.1

8,981.9

8,062.3

8,935.8

9,760.6

(십억원)

35,590.9

36,585.8

38,451.7

매출액

(십억원)

29,613.1

32,258.5

37,200.9

36,565.2

39,393.0

자산총계

(십억원)

32,170.6

31,954.0

9.0

15.7

0.0

9.5 9.410.6

0

5

10

15

20

Universe

All

Universe

sector



(배)

0

5

10

15

20

25

30


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

50

100

150

200

250

300

350

400PBR(좌)

업종지수(우)

(P)(배)

58


452030 universe전자부품

전자부품

종목수 : 6 시가총액(십억원) : 20,973.814 15 16 17 22

Top Picks

4 5 6 7 8 29 9 10 11 12 13


전자부품 13.5 1.2 8.7 0.8 7.3 # 전자부품(%) 4.1 (4.8) (4.3) 21.1

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 6.3 (2.9) (8.2) 17.1

주) FY2012기준, 단위: 배, % #

#



2010/12A 16.3 1,303.7 23.7 1,514.9 51.6 1,441.8 86.0 2,617.0 6,974 62,248 978

2011/12A 6.2 738.2 (43.4) 970.1 (36.0) 803.0 (44.3) 2,397.9 3,862 63,979 748

2012/12F 15.4 2,706.8 266.7 3,006.7 209.9 2,208.4 175.0 4,205.7 10,618 74,659 793

2013/12F 17.1 1,689.6 (37.6) 2,062.7 (31.4) 1,559.1 (29.4) 3,213.5 7,496 82,188 808

2014/12F 27.7 2,261.3 33.8 2,623.5 27.2 2,000.9 28.3 3,794.1 9,620 91,827 808



2010/12A 9,333.1 12,939.8 2,054.7 34.7 (3,162.4) 6.9 11.7 19.5 2.1 10.7 0.7

2011/12A 10,712.0 13,302.5 3,438.7 40.5 (2,523.5) 3.7 9.1 22.0 1.3 5.8 0.9

2012/12F 11,038.2 15,528.3 2,321.2 30.1 (1,638.7) 11.7 5.7 9.5 1.3 13.5 0.8

2013/12F 11,408.9 17,094.4 1,556.5 26.0 (1,584.4) 6.2 7.3 13.5 1.2 8.7 0.8

2014/12F 12,882.0 19,099.1 662.5 21.3 (1,617.6) 6.5 6.0 10.5 1.1 9.9 0.8



2012/03A 13.1 18.9 240.9 35.8 34,529.1 313.6 36.3 114.5 220.5 2.5 96.1

2012/06A 13.9 8.5 321.5 (13.6) 33.5 366.9 (0.4) 17.0 300.4 5.2 36.3

2012/09F 10.6 4.6 1,801.4 1,095.7 460.4 1,889.4 846.3 415.0 1,273.8 569.4 324.0

2012/12F 40.9 4.4 343.1 49,220.6 (81.0) 436.1 198.4 (76.9) 413.0 267.4 (67.6)

2013/03F 5.4 (11.0) 268.7 11.5 (21.7) 333.3 6.3 (23.6) 246.8 12.0 (40.2)

2013/06F 9.0 12.1 411.9 28.1 53.3 495.3 35.0 48.6 369.5 23.0 49.7

2013/09F 14.3 9.7 482.4 (73.2) 17.1 593.6 (68.6) 19.8 447.3 (64.9) 21.1

2013/12F 13.8 4.1 447.0 30.3 (7.3) 544.3 24.8 (8.3) 416.9 0.9 (6.8)


PER PBR

6,812.1

7,088.2

5,960.9

6,226.1

5,538.2

6,209.8

5,253.9

5,699.2

매출액

(십억원)

24,583.3

27,339.3

29,395.6

33,018.0

자산총계

(십억원)

22,785.7

20,055.2

23,140.2

27,102.6

34,598.8

(십억원)

18,887.8

9.0

12.911.8 11.7

10.0

12.8

0

5

10

15

Universe

All

Universe

sector



(배)

0

50

100

150

200


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

40

50

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

3.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

50

100

150

200

250

300

350PBR(좌)

업종지수(우)

(P)(배)

59


453010 universe반도체·반도체장비


종목수 : 13 시가총액(십억원) : 247,915.114 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 8.5 1.5 17.6 0.4 3.7 # 반도체·반도체장비(%) 7.7 9.2 10.6 38.4

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 9.9 11.0 6.8 34.4

주) FY2012기준, 단위: 배, % #

#



2010/12A 16.2 20,515.9 83.2 22,208.2 87.0 18,608.1 100.8 35,145.7 23,617 119,483 2,283

2011/12A 5.2 16,737.5 (18.4) 17,348.2 (21.9) 13,413.5 (27.9) 33,923.7 16,788 133,732 1,185

2012/12F 22.0 29,254.4 74.8 30,256.9 74.4 23,161.0 72.7 50,957.2 25,633 145,394 1,046

2013/12F 12.6 36,260.5 23.9 37,397.0 23.6 29,104.0 25.7 60,234.7 32,211 176,623 1,123

2014/12F 6.0 39,752.1 9.6 40,773.1 9.0 31,767.8 9.2 67,447.5 35,159 210,233 1,201



2010/12A 55,450.3 94,752.3 (7,596.8) 17.6 (25,279.9) 12.2 4.8 9.2 1.7 18.9 1.0

2011/12A 64,307.6 107,011.0 (6,971.3) 19.9 (25,854.0) 9.4 5.4 14.0 1.6 12.1 0.5

2012/12F 67,584.1 131,370.8 (15,011.6) 16.3 (28,320.7) 13.5 4.7 10.7 1.8 17.0 0.4

2013/12F 64,473.6 159,588.1 (29,877.4) 13.2 (24,396.9) 14.9 3.7 8.5 1.5 17.6 0.4

2014/12F 51,230.4 189,956.0 (42,149.3) 10.9 (27,188.6) 15.4 3.1 7.8 1.3 16.2 0.4



2012/03A 20.0 (4.1) 5,642.5 70.8 9.8 6,130.0 65.8 14.8 4,630.7 53.7 26.6

2012/06A 19.1 5.4 6,831.2 60.8 21.1 6,752.1 44.4 10.1 5,057.2 27.7 9.2

2012/09F 25.3 8.5 8,156.3 102.7 19.4 8,361.9 130.4 23.8 6,427.8 131.4 27.1

2012/12F 23.9 12.9 8,598.7 67.4 5.4 8,976.0 68.1 7.3 7,008.8 91.7 9.0

2013/03F 15.4 (10.6) 8,135.9 44.2 (5.4) 8,434.7 37.6 (6.0) 6,585.4 42.2 (6.0)

2013/06F 15.9 5.9 8,594.6 25.8 5.6 8,892.9 31.7 5.4 6,964.0 37.7 5.7

2013/09F 13.0 5.7 10,118.7 24.1 17.7 10,368.0 24.0 16.6 8,101.3 26.0 16.3

2013/12F 3.9 3.8 9,181.7 6.8 (9.3) 9,469.7 5.5 (8.7) 7,360.9 5.0 (9.1)


PER PBR

58,990.2

62,363.8

64,707.5

50,878.7

55,210.6

62,306.7

55,702.2

48,252.1

247,765.8

매출액

(십억원)

153,974.0

175,572.7

203,860.7

229,766.2

258,811.4

자산총계

(십억원)

168,798.1

177,545.9

216,650.3

244,052.9

(십억원)

9.0 8.78.0

11.512.6

9.7

0

5

10

15

Universe

All

Universe

sector



(배)

0

10

20

30

40


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0102030405060708090

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

0

100

200

300

400

500PBR(좌)

업종지수(우)

(P)(배)

60


5010 universe통신서비스

통신서비스

종목수 : 4 시가총액(십억원) : 27,383.314 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 8.4 0.8 9.8 5.2 3.9 # 통신서비스(%) 6.4 7.3 30.2 8.2

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 8.6 9.2 26.3 4.2

주) FY2012기준, 단위: 배, % #

#



2010/12A 13.4 4,926.5 61.8 4,447.9 103.0 3,587.6 102.5 12,196.1 3,330 25,488 1,455

2011/12A 6.4 4,455.5 (9.6) 3,935.1 (11.5) 3,129.9 (12.8) 11,591.4 2,898 26,221 1,258

2012/12F 10.0 3,522.7 (20.9) 2,927.8 (25.6) 2,204.6 (29.6) 11,204.7 2,201 29,358 1,279

2013/12F 5.2 4,606.7 30.8 4,196.1 43.3 3,255.6 47.7 12,335.4 3,250 31,356 1,410

2014/12F 2.1 5,016.4 8.9 5,074.2 20.9 3,862.5 18.6 12,672.8 3,856 33,940 1,432



2010/12A 33,015.0 27,525.0 15,886.7 69.4 (6,272.3) 10.6 4.0 8.7 1.0 12.4 5.0

2011/12A 40,672.5 28,317.0 17,521.3 76.3 (7,829.6) 9.0 3.9 8.2 0.8 10.4 5.3

2012/12F 46,420.6 29,409.7 20,720.2 84.7 (8,836.3) 6.5 4.5 12.4 0.8 7.1 4.7

2013/12F 46,973.5 31,411.0 19,458.8 76.9 (8,227.3) 8.0 3.9 8.4 0.8 9.8 5.2

2014/12F 45,719.6 33,999.6 18,445.2 69.1 (7,760.1) 8.6 3.7 7.1 0.7 10.9 5.2



2012/03A 8.8 (4.6) 1,124.0 (22.0) 64.9 909.1 (39.1) 98.4 716.3 (37.4) 93.1

2012/06A 8.0 2.6 807.4 (32.7) (28.2) 575.7 (46.5) (36.7) 334.6 (63.6) (53.3)

2012/09F 18.4 7.3 853.0 (26.6) 5.7 608.3 (35.0) 5.7 505.9 (27.2) 51.2

2012/12F 6.6 1.5 738.3 8.3 (13.5) 834.7 82.1 37.2 647.7 74.6 28.0

2013/03F 9.3 (2.2) 1,051.4 (6.5) 42.4 1,048.1 15.3 25.6 810.2 13.1 25.1

2013/06F 6.9 0.4 1,152.3 42.7 9.6 1,001.9 74.0 (4.4) 777.3 132.3 (4.1)

2013/09F 1.9 2.2 1,373.6 61.0 19.2 1,263.3 107.7 26.1 977.6 93.2 25.8

2013/12F 3.0 2.7 1,029.4 39.4 (25.1) 882.8 5.8 (30.1) 690.5 6.6 (29.4)


PER PBR

14,033.1

14,090.2

14,398.3

14,786.3

12,838.0

13,175.7

14,133.2

14,350.3

80,042.7

81,263.3

매출액

(십억원)

61,840.5

70,895.5

77,599.1

57,307.8

58,519.2

자산총계

(십억원)

46,563.6

49,547.2

54,497.2

(십억원)

9.0 8.7 8.9

11.8

17.4

13.0

0

5

10

15

20

Universe

All

Universe

sector



(배)

0

10

20

30

40


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

10

20

30

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

0

10

20

30

40

50

60

70PBR(좌)

업종지수(우)

(P)(배)

61


5510 universe전력·가스

전력·가스

종목수 : 5 시가총액(십억원) : 27,888.314 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 34.3 0.4 1.3 0.5 8.7 # 전력·가스(%) 1.6 14.1 31.6 29.6

유니버스 10.6 1.1 10.8 1.0 6.7 # KOSPI 대비(%p) 3.7 16.0 27.7 25.6

주) FY2012기준, 단위: 배, % #

#



2010/12A 18.7 3,489.7 25.1 1,011.2 5.7 425.7 18.3 11,185.8 578 91,389 163

2011/12A 16.2 598.0 (82.9) (1,825.0) NA (2,990.1) NA 8,588.8 -4,060 87,020 195

2012/12F 17.9 1,844.4 208.4 (960.4) NA (796.2) NA 10,386.8 -1,081 85,558 195

2013/12F 3.8 4,240.5 129.9 1,141.1 NA 813.1 NA 13,356.9 1,104 86,451 195

2014/12F 6.1 5,603.5 32.1 2,203.3 93.1 1,601.3 96.9 15,132.4 2,174 88,411 195



2010/12A 98,239.6 67,288.8 58,749.6 92.3 (12,659.8) 5.2 7.7 63.1 0.4 0.6 0.4

2011/12A 114,887.4 64,106.3 70,623.3 113.8 (13,446.8) 0.8 10.9 NA 0.3 (4.6) 0.6

2012/12F 131,476.3 63,029.4 81,111.0 132.6 (14,018.9) 2.0 10.6 NA 0.4 (1.3) 0.5

2013/12F 140,418.5 63,686.7 87,561.4 141.3 (18,056.6) 4.4 8.7 34.3 0.4 1.3 0.5

2014/12F 148,351.3 65,131.0 92,432.2 145.8 (16,962.3) 5.5 8.0 17.4 0.4 2.4 0.5



2012/03A 27.3 22.4 813.9 148.6 NA 311.3 371.5 NA 29.6 NA NA

2012/06A 23.6 (27.9) (1,678.3) NA NA (2,263.7) NA NA (1,734.0) NA NA

2012/09F 19.3 5.7 1,179.8 (10.8) NA 342.9 NA NA 387.6 NA NA

2012/12F 3.9 11.4 1,528.9 NA 29.6 649.1 NA 89.3 520.6 NA 34.3

2013/03F 5.5 24.3 1,191.4 46.4 (22.1) 511.5 64.3 (21.2) 540.4 1,727.1 3.8

2013/06F 1.5 (30.7) 427.1 NA (64.1) (288.9) NA NA (79.9) NA NA

2013/09F 3.0 7.2 1,610.9 36.5 277.2 721.5 110.4 NA 167.3 (56.8) NA

2013/12F 4.6 13.2 1,011.1 (33.9) (37.2) 197.0 (69.6) (72.7) 185.3 (64.4) 10.7


PER PBR

24,558.3

23,488.6

29,189.0

20,236.5

21,701.7

27,666.9

19,938.5

21,078.0

(십억원)

195,129.2

204,819.5

214,299.3

매출액

(십억원)

165,911.2

179,537.9

92,172.0

95,685.4

101,503.5

자산총계

(십억원)

67,257.1

78,145.7

9.0

43.5

22.7

13.9 14.1 13.2

0

10

20

30

40

50

Universe

All

Universe

sector



(배)

0

10

20

30

40

50

60


Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12


(%)

0

10

20

30

40

50

60

70

2002 2003 2004 2005 2006 2007 2008 2009 2010

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

0

20

40

60

80

100

120

140

160PBR(좌)

업종지수(우)

(P)(배)

62

유니버스 기업 수익 추정

Contents

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

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


유니버스 리스트

종목수 : 205주) EPS 변경종목은20% 이상 변경된 경우만 표시

산업 종목코드 종목명 시가총액 현재주가 EPS(FY2012, 원)

KGICS1 KGICS2 (십억원) (원) 변경 변경 변경

에너지 자원개발 001120 LG상사 1,628 42,000 매수 52,000 5,212

001250 GS글로벌 269 11,950 매수 19,000 1,475

001740 SK네트웍스 1,998 8,050 매수 15,000 877

011760 현대상사 451 20,200 중립 - 4,366

047050 대우인터내셔널 4,783 42,000 매수 45,000 2,092

석유정제 010950 S-Oil 10,932 97,100 매수 120,000 7,610

078930 GS 6,597 71,000 매수 80,000 6,140

096770 SK이노베이션 14,425 156,000 매수 210,000 17,359

소재 화학 003670 포스코켐텍 821 139,000 매수 190,000 14,473

004000 삼성정밀화학 1,589 61,600 매수 84,000 3,470

004430 송원산업 263 10,950 매수 13,000 1,618

008000 웅진케미칼 262 566 중립 - 39

009830 한화케미칼 2,329 16,600 매수 30,000 550

010060 OCI 3,506 147,000 중립 - 5,588

011170 호남석유 6,117 192,000 매수 310,000 12,586

011780 금호석유 3,077 101,000 매수 160,000 5,056

011790 SKC 1,412 39,000 매수 55,000 3,320

051910 LG화학 19,649 296,500 매수 370,000 21,050

069260 휴켐스 1,053 25,750 매수 29,000 1,564

103130 웅진에너지 123 1,850 중립 - 564

철강·비철금속 001230 동국제강 791 12,800 중립 - 2,412

004020 현대제철 6,492 76,100 매수 111,000 9,648

005490 POSCO 26,941 309,000 매수 420,000 33,963

009520 포스코엠텍 487 11,700 매수 16,000 320

010130 고려아연 8,218 435,500 매수 590,000 35,249

010520 현대하이스코 3,352 41,800 매수 60,000 4,225

103140 풍산 890 31,750 매수 40,000 2,909

제지 004150 한솔제지 399 9,150 매수 13,000 1,420

산업재 건설 000210 대림산업 2,412 69,300 중립 - 10,230

000720 현대건설 7,038 63,200 매수 90,000 4,672

000830 삼성물산 9,217 59,000 매수 97,000 3,206

002380 KCC 2,951 280,500 매수 348,000 72,709

006360 GS건설 2,542 49,850 매수 64,000 5,008

012630 현대산업 1,447 19,200 매수 28,000 1,554

028050 삼성엔지니어링 5,820 145,500 중립 - 14,375

047040 대우건설 3,845 9,250 매수 13,000 613

108670 LG하우시스 734 81,900 매수 106,000 5,110

전기부품·설비 006260 LS 2,979 92,500 매수 130,000 8,410

010120 LS산전 2,166 72,200 중립 - 3,933

지주회사·복합기업 000150 두산 2,529 122,000 매수 175,000 13,058

000880 한화 2,361 31,500 매수 42,000 5,136

001040 CJ 3,016 104,000 중립 - 9,370

003550 LG 11,406 66,100 매수 85,000 7,287

003600 SK 8,453 180,000 매수 212,000 34,691

조선 009540 현대중공업 15,048 198,000 중립 - 26,575

010140 삼성중공업 7,815 33,850 매수 57,000 4,050

010620 현대미포조선 2,110 105,500 중립 - 6,120

042660 대우조선해양 4,144 21,650 매수 33,000 2,008

097230 한진중공업 596 12,350 중립 - (1,248)

기계 013030 하이록코리아 274 20,150 매수 28,000 2,247

014620 성광벤드 669 23,400 매수 36,000 2,109

023160 태광 505 20,800 매수 34,000 1,519

034020 두산중공업 4,525 42,750 중립 - 3,585

036890 진성티이씨 148 7,410 매수 16,500 736

042670 두산인프라코어 2,606 15,450 중립 - 1,501

상업서비스·기타 012750 에스원 2,584 68,000 매수 80,000 3,215

운송 000120 CJ대한통운 2,566 112,500 매수 130,000 6,576

002320 한진 240 20,050 중립 - (115)

투자의견 목표주가(원)

64




산업재 운송 003490 대한항공 3,246 45,100 매수 67,000 4,740

020560 아시아나항공 1,167 5,980 매수 10,500 276

086280 현대글로비스 8,100 216,000 매수 260,000 15,341

117930 한진해운 1,174 9,390 중립 - (3,386)

경기소비재 자동차·자동차부품 000270 기아차 22,619 55,800 매수 105,000 9,712

002350 넥센타이어 1,457 15,350 매수 27,000 1,412

005380 현대차 46,258 210,000 매수 320,000 31,995

005850 에스엘 445 13,150 매수 24,000 2,534

011210 현대위아 4,580 178,000 매수 230,000 15,451

012330 현대모비스 25,650 263,500 매수 400,000 34,932

013570 동양기전 279 8,810 중립 - 1,787

018880 한라공조 2,471 23,150 매수 28,000 2,372

060980 만도 2,268 124,500 매수 200,000 10,970

064960 S&T모티브 256 22,000 중립 - 2,065

161390 한국타이어 5,091 41,100 매수 64,000 16,092

섬유·의류 009970 영원무역홀딩스 909 66,700 매수 77,000 9,903

020000 한섬 720 29,250 중립 - 3,192

031430 신세계인터내셔날 643 90,100 매수 100,000 6,953

081660 휠라코리아 606 61,000 매수 76,000 5,364

084870 베이직하우스 261 12,500 매수 15,000 764

093050 LG패션 962 32,900 매수 44,000 3,098

111770 영원무역 1,465 35,900 매수 37,000 3,382

호텔·레저 008770 호텔신라 1,907 48,600 매수 73,000 2,893

035250 강원랜드 5,948 27,800 매수 32,000 1,647

079160 CJ CGV 676 32,800 매수 38,000 2,947

114090 GKL 1,911 30,900 매수 40,000 2,303

121440 골프존 771 62,800 매수 86,800 6,455

교육서비스 019680 대교 500 5,900 중립 - 551

072870 메가스터디 477 75,300 중립 - 7,616

소비자서비스 021240 웅진코웨이 3,000 38,900 중립 - 2,629

미디어·광고 016170 로엔 354 14,000 매수 19,600 984

030000 제일기획 2,496 21,700 매수 26,500 951

034120 SBS 660 36,150 미제시 - 2,168

040300 YTN 158 3,770 중립 - 211

041510 에스엠 934 45,700 매수 70,000 2,579

046140 SBS콘텐츠허브 303 14,100 매수 18,500 1,193

053210 케이티스카이라이프 1,540 32,300 매수 40,000 1,155

122870 와이지엔터테인먼트 603 58,400 매수 95,000 2,332

126560 현대에이치씨엔 387 4,565 중립 - 445

130960 CJ E&M 1,077 28,400 매수 36,000 1,549

유통 004170 신세계 1,969 200,000 매수 300,000 21,574

007070 GS리테일 2,445 31,750 중립 - 1,660

023530 롯데쇼핑 10,441 359,500 매수 460,000 35,412

028150 GS홈쇼핑 916 139,600 중립 - 13,399

035760 CJ오쇼핑 1,560 251,500 매수 280,000 14,631

057050 현대홈쇼핑 1,506 125,500 중립 - 11,923

069960 현대백화점 3,499 149,500 매수 187,000 15,876

071840 하이마트 1,683 71,300 매수 95,000 4,221

139480 이마트 6,216 223,000 중립 - 21,317

필수소비재 음식료·담배 001800 오리온 6,575 1,102,000 매수 1,230,000 31,857

004370 농심 1,557 256,000 매수 330,000 (458)

004990 롯데제과 2,098 1,476,000 매수 2,000,000 95,828

005180 빙그레 1,172 119,000 중립 - 6,602

033780 KT&G 11,862 86,400 매수 92,000 6,583

097950 CJ제일제당 4,493 343,500 매수 390,000 21,414

생활용품 044820 코스맥스 639 47,000 매수 43,000 1,382

051900 LG생활건강 10,292 659,000 매수 790,000 19,284

090430 아모레퍼시픽 7,453 1,275,000 매수 1,555,000 45,092

115390 락앤락 1,326 24,100 매수 39,000 1,327

161890 한국콜마 575 29,500 매수 33,000 1,088


65




의료 제약·바이오 000100 유한양행 1,980 177,500 매수 181,000 8,417

000640 동아제약 1,214 109,000 매수 136,000 4,944

006280 녹십자 1,499 148,000 매수 191,000 6,711

068870 LG생명과학 743 44,850 중립 - 778

069620 대웅제약 482 42,750 중립 - 2,558

128940 한미약품 994 126,000 중립 - 2,311

금융 은행 004940 외환은행 4,566 7,080 중립 - 1,363

024110 기업은행 6,088 11,150 중립 - 2,141

053000 우리금융 7,955 9,870 중립 - 1,830

055550 신한지주 16,336 34,450 매수 51,000 5,070

086790 하나금융지주 7,826 32,200 매수 50,000 8,332

105560 KB금융 13,484 34,900 매수 57,000 5,574

138930 BS금융지주 2,243 11,600 매수 19,000 1,998

139130 DGB금융지주 1,716 12,800 매수 21,000 2,207

증권 003450 현대증권 1,331 7,830 중립 - (45)

003540 대신증권 438 8,630 매수 21,000 555

005940 우리투자증권 2,032 10,200 매수 14,000 465

006800 대우증권 3,283 10,050 중립 - 426

016360 삼성증권 3,573 46,750 매수 64,000 2,184

039490 키움증권 1,326 60,000 매수 75,000 3,811

보험 000060 메리츠화재 1,267 13,100 매수 17,800 1,655

000810 삼성화재 10,115 213,500 매수 300,000 17,227

001450 현대해상 3,084 34,500 매수 43,000 4,537

002550 LIG손해보험 1,524 25,400 매수 36,000 4,399

003690 코리안리 1,193 10,100 매수 19,000 1,547

005830 동부화재 3,232 45,650 중립 - 6,657

032830 삼성생명 18,600 93,000 매수 116,000 5,562

088350 한화생명 6,505 7,490 중립 - 654

IT 인터넷·소프트웨어 035420 NHN 12,609 262,000 매수 330,000 11,496

035720 다음 1,176 87,100 중립 - 6,567

036570 엔씨소프트 3,493 159,500 매수 300,000 6,853

095660 네오위즈게임즈 510 23,250 중립 - 4,013

통신장비·부품 004130 대덕GDS 332 16,150 매수 21,000 1,889

008060 대덕전자 498 10,200 매수 14,000 1,236

020760 일진디스플 636 23,200 매수 28,000 2,011

036710 심텍 321 10,000 매수 16,000 1,394

051370 인터플렉스 931 66,600 매수 72,000 3,177

066570 LG전자 12,650 77,300 매수 90,000 4,650

088390 이녹스 196 21,400 매수 22,000 1,524

091700 파트론 731 18,850 매수 25,000 1,800

096640 멜파스 482 27,000 중립 - 1,184

097780 에스맥 281 17,100 매수 24,000 1,506

디스플레이 001300 제일모직 4,604 87,800 매수 135,000 5,432

034220 LG디스플레이 12,810 35,800 중립 - 647

036490 OCI머티리얼즈 365 34,600 중립 - 4,261

036830 솔브레인 786 48,500 매수 65,000 4,467

040910 아이씨디 190 12,250 중립 - 852

056190 에스에프에이 746 41,550 매수 80,000 5,753

077360 덕산하이메탈 566 19,250 중립 - 1,409

108320 실리콘웍스 426 26,200 매수 38,000 2,625

전자부품 006400 삼성SDI 6,970 153,000 매수 190,000 34,898

009150 삼성전기 7,380 98,800 중립 - 5,450

011070 LG이노텍 1,743 86,400 매수 95,000 790

012450 삼성테크윈 3,076 57,900 매수 100,000 2,897

038060 루멘스 339 8,400 매수 10,000 652

046890 서울반도체 1,300 22,300 중립 - 320

반도체·반도체장비 000660 SK하이닉스 17,770 25,600 매수 34,000 (311)

005930 삼성전자 208,723 1,417,000 매수 1,850,000 153,798

029460 케이씨텍 120 3,590 중립 - 515

030530 원익IPS 326 4,455 매수 6,600 342


66




IT 반도체·반도체장비 033170 시그네틱스 275 3,210 매수 4,600 233

033640 네패스 299 13,700 매수 17,000 1,020

036540 STS반도체 296 6,830 매수 8,000 196

036930 주성엔지니어링 163 4,700 중립 - 376

039030 이오테크닉스 321 26,250 매수 39,000 864

061970 엘비세미콘 186 4,250 매수 4,500 305

064760 티씨케이 81 6,970 중립 - 612

084370 유진테크 235 11,450 매수 16,400 1,995

104830 원익머트리얼즈 191 32,400 매수 44,000 3,328

통신서비스 통신서비스 017670 SK텔레콤 12,314 152,500 매수 200,000 16,011

030200 KT 10,301 39,450 매수 48,000 4,573

032640 LG유플러스 3,392 7,770 매수 8,900 (113)

033630 SK브로드밴드 1,376 4,650 중립 - 75

유틸리티 전력·가스 004690 삼천리 564 139,000 중립 - 25,254

015760 한국전력 17,461 27,200 매수 33,000 (2,314)

036460 한국가스공사 6,291 81,400 매수 110,000 4,541

051600 한전KPS 2,646 58,800 매수 68,000 2,650

071320 지역난방공사 926 80,000 중립 - 9,191

스몰캡 스몰캡 008490 서흥캅셀 214 18,500 매수 21,000 1,285

023590 다우기술 722 16,100 매수 22,000 1,935

033920 무학 344 12,950 매수 18,000 1,499

041020 인프라웨어 161 8,830 중립 - 427

048260 오스템임플란트 411 28,950 매수 37,000 1,374

054950 제이브이엠 302 47,650 매수 55,000 2,080

065510 휴비츠 170 16,200 매수 20,000 1,060

069330 유아이디 125 10,550 매수 10,000 931

122990 와이솔 157 14,600 매수 20,000 1,358


67


A001120 10102020 universe

LG상사 (001120.KS) 업데이트 : 2012.07.05

투자의견 : 매수 업종 : 자원개발 주가 수익률(12개월)

목표주가 : 52,000 애널리스트 : 여영상

현재주가 : 42,000 회계기준 : K-IFRS 연결

52주 최고가 : 61,200 시가총액(십억원) : 1,627.9

52주 최저가 : 33,600 60일 평균 거래대금(백만원) : 17,250.6

연중 최고가 : 60,200 외국인지분(%) : 10.8

9 10 11 12 13

수익률(%) 1개월 3개월 6개월 12개월 YTD

(3.4) 0.2 10.7 (18.6) (8.7)

업종 대비 2.0 5.6 16.1 (13.2) (3.3) 5

KOSPI 대비 (1.3) 2.1 6.8 (22.6) (12.7) 10

22 23 24 19 20



2010/12A 39.3 231.5 24.5 413.5 227.1 319.2 241.6 274.8 8,258 26,686 350

2011/12A (2.8) 200.7 (13.3) 372.4 (9.9) 247.8 (22.4) 272.2 6,409 34,580 500

2012/12F (8.8) 307.6 53.2 271.2 (27.2) 201.5 (18.7) 385.7 5,212 41,184 500

2013/12F 8.0 351.1 14.1 312.7 15.3 234.1 16.2 435.3 6,055 48,549 500

2014/12F 7.0 427.8 21.8 381.7 22.1 285.7 22.1 517.8 7,391 57,228 500



2010/12A 1,033.4 1,285.9 146.7 (16.9) 1.6 10.1 4.7 1.45 37.5 0.9

2011/12A 1,339.3 1,225.3 132.0 (124.3) 1.4 11.3 7.4 1.36 20.9 1.1

2012/12F 1,595.3 1,402.2 113.2 (10.7) 2.4 7.9 8.1 1.02 13.7 1.2

2013/12F 1,880.8 1,373.3 96.1 (11.4) 2.5 7.0 6.9 0.87 13.5 1.2

2014/12F 2,217.2 1,350.7 81.8 (12.2) 2.9 5.8 5.7 0.73 13.9 1.2



2012/03A (6.6) (7.6) 80.6 29.1 103.0 78.8 (26.2) (29.7) 66.7 (19.2) 5.1

2012/06F (10.8) 2.0 61.7 17.9 (23.4) 66.2 (15.1) (16.0) 46.0 (20.7) (31.0)

2012/09F (15.0) 2.0 64.9 40.3 5.2 53.1 (29.6) (19.8) 36.9 (15.6) (19.8)

2012/12F (2.0) 2.0 100.4 152.8 54.6 73.0 (34.9) 37.5 51.9 (18.2) 40.6

2013/03F 8.0 1.8 90.4 12.1 (10.0) 80.6 2.2 10.3 60.3 (9.6) 16.2

2013/06F 8.0 2.0 82.8 34.1 (8.4) 72.7 9.8 (9.7) 54.4 18.3 (9.7)

2013/09F 8.0 2.0 90.6 39.6 9.5 79.9 50.4 9.8 59.8 62.0 9.8

2013/12F 8.0 2.0 87.3 (13.0) (3.7) 79.5 8.8 (0.5) 59.5 14.6 (0.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4

컨센서스 매출액 영업이익 순이익 EPS PER 12MF PER PBR ROE DY

FY2012F 13,474.7 246.1 191.8 4,802 8.9 LG상사 7.0 0.9 13.5 1.2

FY2013F 14,239.7 280.7 255.9 6,239 6.9 자원개발 10.5 1.0 9.9 1.0

자료)FnGuide 컨센서스, 단위 : 십억원, 원, 배 자료) 한국증권 리서치, 단위 : 배, %

PER 밴드 펀더멘탈 & 밸류에이션 6.0 avg. score : 6.0

LG상사

14,386.1

13,986.8

12,750.4

13,770.4

14,734.3

4,305.5 3,274.0

4,941.0 3,586.1

4,623.1 3,003.9

5,065.8 3,151.9

5,485.5 3,224.5

3,093.5

3,155.4

3,218.5

3,282.9

3,341.0

3,407.8

3,476.0

3,545.5

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Nov-11 Feb-12 Apr-12 Jun-12 Aug-12 Nov-12

-40

-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

주가

x13

x10

x8

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY

주) FY2012 기준 (단, EPS growth와 ROE 는 FY2012, FY2013 2년평균)

주) 각 항목의 백분위를 10점 만점으로 환산

68


A001250 10102020 universe

GS글로벌 (001250.KS) 업데이트 : 2012.07.25




52주 최고가 : 15,600 시가총액(십억원) : 269.3

52주 최저가 : 9,920 60일 평균 거래대금(백만원) : 2,489.7

연중 최고가 : 15,200 외국인지분(%) : 2.0

9 10 11 12 13


(14.0) (2.4) (1.6) 11.2 17.2

업종 대비 (8.6) 3.0 3.8 16.6 22.6 5

KOSPI 대비 (11.9) (0.6) (5.5) 7.2 13.2 10

22 23 24 19 20



2010/12A 10.8 19.3 (46.9) 21.4 (15.9) 19.7 (17.3) 20.5 1,757 8,373 500

2011/12A 75.7 (3.6) NA (18.2) NA (6.2) NA 2.2 -297 10,001 125

2012/12F 15.0 52.4 NA 33.5 NA 33.2 NA 60.8 1,475 11,349 125

2013/12F 12.5 59.5 13.4 33.3 (0.7) 33.0 (0.7) 69.6 1,465 12,687 125

2014/12F 12.0 66.7 12.2 33.3 (0.1) 32.9 (0.1) 78.6 1,464 14,023 125



2010/12A 93.6 255.3 283.2 (6.0) 1.2 22.7 9.9 2.07 22.8 2.9

2011/12A 224.6 390.5 196.5 (168.2) (0.1) 297.9 NA 1.03 (3.9) 1.2

2012/12F 255.0 574.3 245.3 (170.8) 1.6 14.4 8.1 1.05 13.8 1.0

2013/12F 285.2 758.8 284.9 (172.4) 1.6 15.3 8.2 0.94 12.2 1.0

2014/12F 315.3 942.0 317.7 (174.0) 1.6 15.9 8.2 0.85 11.0 1.0



2012/03A 38.2 (1.4) 17.6 184.4 NA 12.5 452.0 NA 9.4 161.3 NA

2012/06F 15.0 (10.6) 0.4 15.0 (97.6) (4.7) NA NA (4.7) NA NA

2012/09F 15.0 21.3 3.2 15.0 646.3 (1.6) NA NA (1.6) NA NA

2012/12F (3.6) (9.9) 31.2 NA 886.5 27.4 NA NA 30.1 NA NA

2013/03F 12.5 15.1 19.8 12.5 (36.5) 12.7 1.8 (53.7) 12.6 33.9 (58.2)

2013/06F 12.5 (10.6) 0.5 12.5 (97.6) (7.2) NA NA (7.1) NA NA

2013/09F 12.5 21.3 3.6 12.5 646.3 (3.4) NA NA (3.4) NA NA

2013/12F 12.5 (9.9) 35.6 14.1 900.4 31.1 13.7 NA 30.8 2.5 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,331.6 60.7 33.7 1,526 9.2 GS글로벌 8.2 1.0 12.4 1.0

FY2013F 3,818.2 72.9 41.2 1,876 7.5 자원개발 10.5 1.0 9.9 1.0



GS글로벌

1,648.5

2,896.9

3,331.4

3,747.9

4,197.6

633.9 525.9

1,066.1 807.9

1,346.9 1,058.0

1,622.8 1,303.5

1,907.9 1,558.1

841.8

753.0

913.5

823.1

947.0

847.1

1,027.7

926.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-10

-5

0

5

10

15

20

25

30

35

40

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

주가

x11

x8

x6

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



69


A001740 10102020 universe

SK네트웍스 (001740.KS) 업데이트 : 2012.01.16




52주 최고가 : 11,800 시가총액(십억원) : 1,997.9

52주 최저가 : 7,860 60일 평균 거래대금(백만원) : 5,564.7

연중 최고가 : 11,550 외국인지분(%) : 11.9

9 10 11 12 13


(18.7) (15.0) (3.7) (22.2) (17.8)

업종 대비 (13.3) (9.6) 1.7 (16.8) (12.4) 5

KOSPI 대비 (16.5) (13.2) (7.6) (26.2) (21.8) 10

22 23 24 19 20



2010/12A 9.8 248.3 (28.8) 298.8 357.7 209.9 315.5 342.7 846 12,732 150

2011/12F 12.6 296.8 19.5 220.9 (26.1) 181.7 (13.4) 399.7 707 13,314 150

2012/12F 10.9 333.1 12.2 274.6 24.3 225.9 24.3 441.1 877 14,074 150

2013/12F 11.0 373.5 12.1 322.3 17.4 265.1 17.4 486.8 1,028 14,991 150

2014/12F 11.1 418.5 12.1 381.6 18.4 314.0 18.4 537.5 1,216 16,106 150



2010/12A 3,161.4 1,401.0 77.1 (217.0) 1.0 13.8 15.8 1.05 6.7 1.1

2011/12F 3,305.8 1,370.6 76.8 (408.1) 1.1 9.8 14.3 0.76 5.6 1.5

2012/12F 3,494.5 1,434.7 78.2 (411.2) 1.1 7.8 9.2 0.57 6.6 1.9

2013/12F 3,722.4 1,391.0 76.1 (414.2) 1.1 7.0 7.8 0.54 7.3 1.9

2014/12F 3,999.1 1,330.1 73.4 (417.3) 1.1 6.2 6.6 0.50 8.1 1.9



2012/03F 10.9 (3.2) 72.5 10.9 (18.6) 60.0 23.2 (37.6) 49.4 28.9 (46.3)

2012/06F 10.9 9.6 80.4 10.9 10.8 76.2 27.8 27.0 62.7 36.5 27.0

2012/09F 10.9 (0.2) 77.3 10.9 (3.8) 34.6 110.1 (54.6) 28.4 411.2 (54.6)

2012/12F 10.9 4.7 102.9 15.4 33.1 103.9 8.0 200.5 85.5 (7.1) 200.5

2013/03F 11.0 (3.1) 80.5 11.0 (21.8) 68.9 14.9 (33.6) 56.7 14.9 (33.6)

2013/06F 11.0 9.6 89.2 11.0 10.8 87.3 14.6 26.7 71.8 14.6 26.7

2013/09F 11.0 (0.2) 85.8 11.0 (3.8) 41.4 19.7 (52.6) 34.1 19.7 (52.6)

2013/12F 11.0 4.7 118.0 14.7 37.6 124.6 20.0 201.0 102.5 20.0 201.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 28,939.4 382.3 197.4 811 12.0 SK네트웍스 8.0 0.5 7.3 1.9

FY2013F 30,118.3 418.3 266.9 1,038 9.4 자원개발 10.5 1.0 9.9 1.0



SK네트웍스

24,220.7

27,282.9

30,246.0

33,562.3

37,276.6

9,162.9 5,982.8

9,935.7 6,611.8

10,686.0 7,174.1

11,516.5 7,777.7

12,437.6 8,423.0

6,976.1

7,647.0

7,632.6

7,990.4

7,741.0

8,485.4

8,469.4

8,866.5

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-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

주가

x29

x24

x19

x14

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



70


A011760 10102020 universe

현대상사 (011760.KS) 업데이트 : 2012.04.26

투자의견 : 중립 업종 : 자원개발 주가 수익률(12개월)

목표주가 : - 애널리스트 : 여영상

현재주가 : 20,200 회계기준 : K-GAAP 개별

52주 최고가 : 29,700 시가총액(십억원) : 451.1

52주 최저가 : 18,800 60일 평균 거래대금(백만원) : 1,800.6

연중 최고가 : 28,900 외국인지분(%) : 6.1

9 10 11 12 13


(2.4) (7.6) (0.7) (30.9) (14.0)

업종 대비 3.0 (2.2) 4.7 (25.5) (8.6) 5

KOSPI 대비 (0.2) (5.7) (4.6) (34.9) (18.0) 10

22 23 24 19 20



2010/12A 41.0 54.1 (12.5) 51.0 NA 46.9 NA 58.1 2,098 6,670 250

2011/12A 38.4 74.2 37.0 78.7 54.1 67.6 44.2 78.1 3,026 12,131 500

2012/12F 11.0 96.5 30.2 121.9 54.9 97.5 44.3 102.1 4,366 12,815 500

2013/12F 17.0 116.2 20.3 154.0 26.4 123.2 26.4 123.8 5,517 17,610 500

2014/12F 14.8 136.3 17.3 181.6 17.9 145.3 17.9 146.2 6,505 23,388 500



2010/12A 193.8 47.4 79.5 (1.6) 1.5 10.7 12.2 3.85 27.5 1.0

2011/12A 326.7 393.8 184.7 (2.0) 1.5 11.6 7.6 1.90 26.0 2.2

2012/12F 344.9 312.8 175.0 (6.9) 1.7 7.5 4.6 1.58 29.0 2.5

2013/12F 457.0 212.3 132.1 (8.8) 1.8 5.4 3.7 1.15 30.7 2.5

2014/12F 591.1 94.7 102.1 (10.7) 1.8 3.7 3.1 0.86 27.7 2.5



2012/03F 11.0 24.4 15.6 (22.4) (10.4) 21.7 (3.3) 53.9 17.4 2.5 211.2

2012/06F 11.0 4.2 22.0 2.5 41.4 28.7 43.3 32.4 23.0 (4.2) 32.4

2012/09F 11.0 0.9 18.5 20.9 (15.8) 25.5 15.4 (11.3) 20.4 (3.4) (11.3)

2012/12F 11.0 (15.1) 40.5 133.3 118.9 46.0 226.0 80.4 36.8 559.4 80.4

2013/03F 17.0 31.1 18.2 17.0 (55.1) 27.4 26.4 (40.3) 21.9 26.4 (40.3)

2013/06F 17.0 4.2 25.7 17.0 41.4 35.7 24.2 30.1 28.5 24.2 30.1

2013/09F 17.0 0.9 21.6 17.0 (15.8) 31.9 25.2 (10.6) 25.5 25.2 (10.6)

2013/12F 17.0 (15.1) 50.6 25.0 133.9 59.0 28.3 84.9 47.2 28.3 84.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA NA NA NA 0.0 현대상사 3.7 1.2 30.5 2.5

FY2013F NA NA NA NA 0.0 자원개발 10.5 1.0 9.9 1.0



현대상사

3,633.8

5,030.8

5,584.9

6,532.7

7,498.8

1,018.1 824.3

1,756.5 1,429.7

1,758.8 1,710.4

2,018.4 1,889.1

2,301.9 2,071.0

1,401.5

1,459.7

1,472.9

1,250.7

1,639.4

1,707.5

1,722.9

1,463.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-45

-40

-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x24

x18

x12

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



71


A047050 10102020 universe

대우인터내셔널 (047050.KS) 업데이트 : 2012.05.23




52주 최고가 : 44,250 시가총액(십억원) : 4,782.8

52주 최저가 : 26,500 60일 평균 거래대금(백만원) : 17,531.3

연중 최고가 : 43,950 외국인지분(%) : 7.6

9 10 11 12 13


1.1 21.7 42.4 45.3 47.6

업종 대비 6.5 27.1 47.8 50.7 53.0 5

KOSPI 대비 3.3 23.6 38.5 41.3 43.6 10

22 23 24 19 20



2010/12A 39.1 176.2 12.3 234.5 27.7 107.2 (18.4) 194.6 1,063 15,151 200

2011/12A 21.1 162.6 (7.7) 152.6 (34.9) 212.9 98.7 188.2 2,072 18,485 200

2012/12F 8.0 218.4 34.4 276.7 81.3 215.8 1.4 231.5 2,092 21,472 200

2013/12F 9.0 228.0 4.4 286.2 3.4 223.2 3.4 232.4 2,163 24,530 200

2014/12F 10.0 294.4 29.1 352.3 23.1 274.8 23.1 290.2 2,664 28,088 200



2010/12A 1,531.0 3,313.5 253.2 (62.0) 1.1 35.8 34.0 2.39 7.3 0.6

2011/12A 1,907.3 4,713.4 277.0 (114.9) 0.8 40.9 14.0 1.57 12.4 0.7

2012/12F 2,215.5 4,739.8 243.0 65.6 1.0 41.1 20.1 1.96 10.5 0.5

2013/12F 2,531.0 4,781.5 216.7 74.8 1.0 41.2 19.4 1.71 9.4 0.5

2014/12F 2,898.2 4,810.3 192.7 84.0 1.2 33.1 15.8 1.50 10.1 0.5



2012/03F 8.0 (8.2) 76.5 8.0 52.4 57.3 902.6 (25.1) 44.7 1,112.0 (18.5)

2012/06F 8.0 6.9 53.9 8.0 (29.5) 104.8 (2.3) 83.0 81.7 (8.0) 83.0

2012/09F 8.0 (5.7) (9.0) NA NA 7.9 NA (92.4) 6.2 (90.6) (92.4)

2012/12F 8.0 16.7 97.0 93.4 NA 106.7 39.7 1,243.5 83.2 51.9 1,243.5

2013/03F 9.0 (7.3) 83.3 9.0 (14.1) 64.1 12.0 (39.9) 50.0 12.0 (39.9)

2013/06F 9.0 6.9 58.8 9.0 (29.5) 115.9 10.6 80.7 90.4 10.6 80.7

2013/09F 9.0 (5.7) (9.8) NA NA 10.3 30.0 (91.1) 8.1 30.0 (91.1)

2013/12F 9.0 16.7 95.8 (1.3) NA 95.9 (10.2) 828.7 74.8 (10.2) 828.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 19,555.8 236.0 198.2 1,689 24.6 대우인터내셔널 19.5 1.7 9.5 0.5

FY2013F 21,556.4 343.5 276.5 2,383 17.4 자원개발 10.5 1.0 9.9 1.0



대우인터내셔널

16,061.7

19,457.2

21,013.8

22,896.6

25,194.3

6,949.1 5,416.7

8,904.2 6,993.9

9,397.3 7,178.7

10,126.0 7,591.9

11,032.7 8,131.5

4,941.6

5,280.7

4,980.1

5,811.3

5,384.4

5,753.8

5,426.4

6,332.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x37

x31

x25

x19

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



72


A010950 10102030 universe

S-Oil (010950.KS) 업데이트 : 2012.10.31

투자의견 : 매수 업종 : 석유정제 주가 수익률(12개월)

목표주가 : 120,000 애널리스트 : 박기용


52주 최고가 : 145,000 시가총액(십억원) : 10,931.8

52주 최저가 : 86,400 60일 평균 거래대금(백만원) : 27,694.9

연중 최고가 : 144,500 외국인지분(%) : 48.1

9 10 11 12 13


(3.9) (9.3) 4.4 (10.9) (3.4)

업종 대비 (1.5) (6.8) 6.8 (8.5) (1.0) 5

KOSPI 대비 (1.7) (7.4) 0.5 (14.9) (7.4) 10

22 23 24 19 20



2010/12A 16.9 859.4 177.4 876.6 210.5 710.5 209.4 1,135.5 6,102 38,651 2,500

2011/12A 55.6 1,633.7 90.1 1,583.7 80.7 1,191.0 67.6 2,009.5 10,229 44,828 4,800

2012/12F 9.7 1,216.3 (25.6) 1,166.8 (26.3) 886.8 (25.5) 1,606.4 7,610 48,696 3,500

2013/12F (3.2) 1,814.7 49.2 1,774.9 52.1 1,295.7 46.1 2,193.9 11,119 54,573 5,000

2014/12F 1.6 1,900.4 4.7 1,873.9 5.6 1,368.0 5.6 2,284.5 11,739 61,070 5,000



2010/12A 4,505.1 1,714.9 58.3 (1,041.3) 4.2 10.9 15.2 2.39 16.9 2.7

2011/12A 5,225.3 2,576.1 71.7 (511.1) 5.1 7.0 9.8 2.23 24.5 4.8

2012/12F 5,676.3 2,643.1 73.1 (255.1) 3.5 8.6 12.8 1.99 16.3 3.6

2013/12F 6,361.6 1,870.9 52.3 (452.4) 5.4 5.9 8.7 1.78 21.5 5.1

2014/12F 7,119.2 1,309.9 41.1 (490.3) 5.5 5.5 8.3 1.59 20.3 5.1



2012/03A 32.5 (2.5) 383.9 (40.7) 2.2 415.8 (42.3) (9.2) 315.9 (42.8) (6.4)

2012/06A 9.6 (2.6) (159.5) NA NA (217.4) NA NA (165.2) NA NA

2012/09F 8.9 (3.4) 518.4 40.6 NA 500.4 503.4 NA 380.3 505.0 NA

2012/12F (6.5) 1.9 473.4 26.0 (8.7) 468.1 2.2 (6.5) 355.8 5.4 (6.4)

2013/03F (5.2) (1.1) 468.5 22.0 (1.0) 456.6 9.8 (2.4) 333.3 5.5 (6.3)

2013/06F (3.5) (1.0) 446.2 NA (4.8) 426.5 NA (6.6) 311.3 NA (6.6)

2013/09F (1.1) (1.0) 441.3 (14.9) (1.1) 429.5 (14.2) 0.7 313.5 (17.6) 0.7

2013/12F (2.7) 0.2 458.7 (3.1) 3.9 462.3 (1.2) 7.7 337.5 (5.1) 7.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 35,221.3 1,059.4 799.0 6,854 14.6 S-Oil 9.0 1.8 21.0 5.0

FY2013F 35,174.6 1,652.5 1,244.6 10,630 9.4 석유정제 8.0 1.0 12.7 2.9



S-Oil

20,511.1

31,913.9

34,999.4

33,886.9

34,429.6

10,004.1 5,499.0

13,202.7 7,977.4

13,546.7 7,870.3

13,381.1 7,019.5

13,954.9 6,835.7

9,036.0

8,797.8

8,502.1

8,663.6

8,568.9

8,486.3

8,405.4

8,426.3

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x31

x25

x19

x13

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



73


A078930 10102030 universe

GS (078930.KS) 업데이트 : 2012.08.15




52주 최고가 : 76,000 시가총액(십억원) : 6,597.0

52주 최저가 : 48,950 60일 평균 거래대금(백만원) : 26,580.5

연중 최고가 : 75,300 외국인지분(%) : 17.0

9 10 11 12 13


4.0 9.1 29.6 21.4 38.1

업종 대비 6.4 11.5 32.0 23.8 40.5 5

KOSPI 대비 6.1 10.9 25.7 17.4 34.1 10

22 23 24 19 20



2010/12A 74.0 882.6 77.0 891.2 76.0 801.0 61.4 890.2 8,598 51,341 1,250

2011/12A 814.7 930.4 5.4 892.9 0.2 810.1 1.1 930.4 8,556 63,529 1,350

2012/12F 21.5 810.2 (12.9) 722.5 (19.1) 581.4 (28.2) 818.3 6,140 73,281 1,350

2013/12F 13.3 1,049.7 29.6 948.0 31.2 762.9 31.2 1,058.5 8,057 79,987 1,350

2014/12F 4.7 1,079.0 2.8 977.1 3.1 786.3 3.1 1,088.1 8,304 86,939 1,350



2010/12A 4,861.4 567.4 13.5 (0.0) 95.0 7.5 7.6 1.27 17.9 1.9

2011/12A 6,015.7 1,319.8 34.4 (513.2) 11.0 7.4 5.9 0.80 14.9 2.7

2012/12F 6,939.2 1,734.0 44.1 (713.3) 7.9 11.3 11.6 0.97 9.0 1.9

2013/12F 7,574.2 1,658.0 42.1 (113.8) 9.0 8.7 8.8 0.89 10.5 1.9

2014/12F 8,232.6 1,689.9 40.0 (64.0) 8.8 8.6 8.6 0.82 9.9 1.9



2012/03A 14.1 4.1 233.5 (44.6) 48.8 226.9 (44.2) 49.9 179.1 (52.4) 42.8

2012/06F 22.8 3.0 81.7 (64.4) (65.0) 43.4 (80.0) (80.9) 34.9 (82.2) (80.5)

2012/09F 27.9 11.3 237.6 98.7 190.8 199.5 72.6 360.0 160.5 114.4 360.0

2012/12F 21.3 1.6 257.4 64.0 8.3 252.7 66.9 26.7 206.9 65.0 28.9

2013/03F 16.3 (0.2) 243.7 4.4 (5.3) 207.0 (8.8) (18.1) 166.6 (7.0) (19.5)

2013/06F 16.3 3.0 258.6 216.5 6.1 221.8 411.5 7.2 178.5 411.5 7.2

2013/09F 11.0 6.2 280.4 18.0 8.5 243.5 22.1 9.8 196.0 22.1 9.8

2013/12F 10.3 0.9 267.0 3.7 (4.8) 275.7 9.1 13.2 221.8 7.2 13.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 10,304.3 879.8 684.5 6,575 10.3 GS 9.0 0.9 10.3 1.9

FY2013F 11,871.9 1,169.0 932.2 9,055 7.5 석유정제 8.0 1.0 12.7 2.9



GS

928.6

8,493.4

10,317.5

11,687.7

12,240.2

5,930.9 1,069.5

10,424.8 3,635.6

13,512.9 5,726.0

15,107.1 6,587.9

15,759.5 6,481.7

2,376.6

2,448.1

2,724.4

2,768.3

2,764.0

2,846.7

3,024.5

3,052.5

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

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

180,000

200,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x22

x17

x13

x8

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



74


A096770 10102030 universe

SK이노베이션 (096770.KS) 업데이트 : 2012.10.26




52주 최고가 : 195,500 시가총액(십억원) : 14,424.6

52주 최저가 : 124,000 60일 평균 거래대금(백만원) : 52,959.5

연중 최고가 : 194,000 외국인지분(%) : 36.5

9 10 11 12 13


(4.0) (8.2) 9.5 (4.6) 11.0

업종 대비 (1.6) (5.8) 11.9 (2.2) 13.4 5

KOSPI 대비 (1.8) (6.4) 5.6 (8.6) 7.0 10

22 23 24 19 20



2010/12A 22.5 1,891.2 54.3 1,502.4 69.4 1,138.8 70.1 2,532.2 12,241 123,724 2,100

2011/12A 27.3 2,842.4 50.3 4,308.6 186.8 3,169.0 178.3 3,447.9 34,004 157,089 2,800

2012/12F 10.4 2,219.7 (21.9) 2,203.6 (48.9) 1,620.7 (48.9) 2,781.8 17,359 173,368 2,800

2013/12F 3.7 2,872.7 29.4 2,843.3 29.0 2,091.2 29.0 3,407.0 22,441 194,669 2,800

2014/12F 0.7 3,264.4 13.6 3,234.9 13.8 2,379.2 13.8 3,820.5 25,531 219,043 2,800



2010/12A 11,451.5 7,651.0 94.3 (443.6) 3.5 10.2 15.8 1.57 11.9 1.1

2011/12A 14,577.3 4,226.0 60.8 (1,192.2) 4.2 5.1 4.2 0.90 24.4 2.0

2012/12F 16,102.9 4,661.4 59.4 (1,053.1) 2.9 7.0 9.0 0.90 10.6 1.8

2013/12F 18,099.1 4,696.8 57.5 (1,465.9) 3.7 5.7 7.0 0.80 12.2 1.8

2014/12F 20,383.2 4,292.9 51.3 (1,863.6) 4.1 5.0 6.1 0.71 12.4 1.8



2012/03A 10.3 11.2 926.9 (22.2) 175.3 899.8 (25.2) 172.5 650.0 (28.4) 346.6

2012/06A 10.0 0.2 (102.8) NA NA (189.9) NA NA (239.0) NA NA

2012/09F 7.5 (2.0) 648.7 (23.5) NA 2,219.2 (6.2) NA 1,632.2 (10.2) NA

2012/12F 13.6 3.9 747.0 121.9 15.2 (725.6) NA NA (422.5) NA NA

2013/03F 4.0 1.8 761.8 (17.8) 2.0 803.7 (10.7) NA 591.1 (9.1) NA

2013/06F 0.5 (3.1) 657.3 NA (13.7) 671.5 NA (16.4) 493.9 NA (16.4)

2013/09F 4.5 1.9 732.4 12.9 11.4 2,379.7 7.2 254.4 1,750.3 7.2 254.4

2013/12F 5.9 5.3 721.2 (3.5) (1.5) (1,011.5) NA NA (744.0) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 75,614.6 2,157.0 1,410.0 14,930 10.9 SK이노베이션 7.1 0.8 12.1 1.8

FY2013F 77,062.7 2,747.8 1,909.7 20,428 7.9 석유정제 8.0 1.0 12.7 2.9



SK이노베이션

53,722.5

68,371.2

75,453.5

78,266.7

78,799.8

29,405.7 17,854.0

35,026.9 20,195.3

36,596.1 20,235.0

40,031.2 21,669.1

42,510.4 21,858.6

18,834.3

18,878.1

18,506.7

19,234.4

19,581.7

18,972.2

19,340.0

20,372.8

0

50,000

100,000

150,000

200,000

250,000


-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

2007 2008 2009 2010 2011 2012

주가

x17

x13

x10

x7

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



75


A003670 151010 universe

포스코켐텍 (003670.KQ) 업데이트 : 2012.10.28

투자의견 : 매수 업종 : 화학 주가 수익률(12개월)

목표주가 : 190,000 애널리스트 : 김정수

현재주가 : 139,000 회계기준 : K-IFRS 별도

52주 최고가 : 195,700 시가총액(십억원) : 821.1

52주 최저가 : 116,900 60일 평균 거래대금(백만원) : 1,734.9

연중 최고가 : 183,000 외국인지분(%) : 3.1

9 10 11 12 13


(6.4) (1.6) 10.8 (28.9) (23.8)

업종 대비 4.8 9.7 22.0 (17.7) (12.6) 5

KOSPI 대비 (4.2) 0.3 6.9 (32.9) (27.8) 10

22 23 24 19 20



2010/12A 31.6 69.9 68.5 74.3 73.9 56.1 69.5 80.3 9,494 39,772 1,000

2011/12A 56.9 117.1 67.5 121.4 63.5 91.8 63.7 125.9 15,540 55,350 1,000

2012/12F 12.0 104.6 (10.7) 109.6 (9.7) 85.5 (6.9) 114.8 14,473 68,371 1,000

2013/12F 10.4 119.6 14.4 122.1 11.4 95.3 11.4 135.1 16,127 83,228 1,000

2014/12F 10.6 139.1 16.3 137.3 12.4 107.1 12.4 161.3 18,131 100,180 1,000



2010/12A 234.9 (90.2) 0.0 (16.8) 9.2 10.0 15.7 3.76 26.8 0.7

2011/12A 327.0 (135.7) 0.0 (33.1) 9.9 7.5 11.8 3.32 32.7 0.5

2012/12F 403.9 (112.9) 0.0 (44.0) 7.9 6.2 9.6 2.03 23.4 0.7

2013/12F 491.6 (47.9) 8.1 (80.1) 8.2 5.8 8.6 1.67 21.3 0.7

2014/12F 591.8 2.8 16.8 (99.7) 8.6 5.1 7.7 1.39 19.8 0.7



2012/03A 16.2 2.1 20.9 (10.7) (30.9) 22.6 (8.3) (28.2) 18.7 1.1 (22.5)

2012/06A 11.0 0.7 26.5 (18.9) 26.7 28.0 (16.2) 24.2 20.5 (19.2) 9.6

2012/09F 15.4 3.8 28.3 (7.5) 6.7 29.8 (6.6) 6.3 22.9 (3.3) 11.8

2012/12F 6.2 (0.5) 28.8 (5.0) 1.7 29.2 (7.1) (2.0) 23.3 (3.5) 1.6

2013/03F 7.4 3.2 29.4 40.4 2.1 30.4 34.8 4.1 23.8 27.1 2.0

2013/06F 10.6 3.7 30.2 13.7 2.7 31.0 10.4 1.8 24.2 18.0 1.8

2013/09F 11.7 4.9 31.1 9.8 2.9 31.7 6.3 2.2 24.8 7.9 2.2

2013/12F 11.8 (0.4) 29.0 0.7 (6.7) 29.1 (0.3) (8.0) 22.5 (3.4) (9.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,324.8 114.1 84.3 14,273 10.9 포스코켐텍 8.7 1.7 21.5 0.7

FY2013F 1,441.8 128.9 93.7 15,869 9.8 화학 11.4 1.2 11.0 1.4



포스코켐텍

756.1

1,186.6

1,329.4

1,467.8

1,623.4

371.2 128.3

479.6 152.4

567.4 160.6

723.1 227.0

906.9 309.6

324.9

327.0

339.5

337.9

348.9

361.8

379.4

377.7

0

50,000

100,000

150,000

200,000

250,000


-60

-50

-40

-30

-20

-10

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

주가

x15

x12

x9

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



76


A004000 151010 universe

삼성정밀화학 (004000.KS) 업데이트 : 2012.10.21




52주 최고가 : 71,000 시가총액(십억원) : 1,589.3

52주 최저가 : 47,600 60일 평균 거래대금(백만원) : 10,964.5

연중 최고가 : 70,700 외국인지분(%) : 7.4

9 10 11 12 13


(12.7) (0.3) 15.6 19.8 2.5

업종 대비 (1.5) 10.9 26.8 31.1 13.7 5

KOSPI 대비 (10.6) 1.5 11.7 15.8 (1.5) 10

22 23 24 19 20



2010/12A NA 84.5 NA 103.9 NA 85.1 NA 136.9 3,359 40,880 650

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 10.4 91.8 27.0 104.0 18.4 88.4 20.3 162.2 3,470 45,582 650

2013/12F 18.8 138.5 50.8 141.9 36.5 119.2 34.9 238.7 4,680 49,754 650

2014/12F 16.9 179.8 29.9 180.7 27.4 151.8 27.4 307.1 5,961 55,191 650



2010/12A 1,042.6 (206.8) 1.2 (71.3) 7.5 14.1 24.7 2.03 8.2 0.8

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 1,165.5 121.9 14.5 (301.8) 6.2 10.5 17.8 1.35 7.8 1.1

2013/12F 1,273.2 275.3 25.1 (302.9) 7.9 7.8 13.2 1.24 9.8 1.1

2014/12F 1,413.4 257.6 22.6 (187.2) 8.8 6.0 10.3 1.12 11.3 1.1



2012/03A 15.1 9.6 22.2 76.9 287.2 24.4 46.9 157.4 20.7 35.9 234.2

2012/06A 4.1 1.6 25.0 (17.5) 12.4 29.5 (17.2) 20.8 26.9 (8.1) 29.8

2012/09F 6.0 1.3 20.6 (13.3) (17.5) 23.0 (11.3) (22.0) 19.6 (14.0) (27.1)

2012/12F 17.4 4.1 24.1 319.1 16.8 26.9 183.8 17.0 21.2 242.6 8.4

2013/03F 12.3 4.8 32.6 46.5 35.4 32.6 33.5 21.1 27.4 32.5 29.2

2013/06F 17.1 5.9 34.7 39.1 6.7 37.7 27.6 15.4 31.6 17.8 15.4

2013/09F 21.6 5.2 38.2 85.6 10.0 39.1 69.8 3.8 32.8 67.8 3.8

2013/12F 24.0 6.2 32.9 36.9 (13.8) 32.5 20.6 (16.9) 27.3 28.6 (16.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,499.4 97.9 91.5 3,569 19.8 삼성정밀화학 13.5 1.2 9.6 1.1

FY2013F 1,757.1 137.7 115.2 4,533 15.6 화학 11.4 1.2 11.0 1.4



삼성정밀화학

1,130.6

1,333.6

1,472.6

1,750.1

2,046.4

1,284.1 241.5

1,400.5 311.7

1,657.5 492.0

1,984.3 711.2

2,193.5 780.1

357.7

363.4

368.2

383.2

401.8

425.5

447.5

475.3

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x28

x24

x21

x17

x14

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



77


A004430 151010 universe

송원산업 (004430.KS) 업데이트 : 2012.06.28




52주 최고가 : 12,800 시가총액(십억원) : 262.8

52주 최저가 : 7,410 60일 평균 거래대금(백만원) : 4,493.8

연중 최고가 : 12,550 외국인지분(%) : 12.1

9 10 11 12 13


(0.5) (0.9) 36.7 (4.8) 18.4

업종 대비 10.8 10.3 48.0 6.5 29.6 5

KOSPI 대비 1.7 0.9 32.8 (8.8) 14.4 10

22 23 24 19 20



2010/12A 33.0 32.2 (19.2) 14.6 (8.7) 22.2 (11.7) 55.4 924 8,113 60

2011/12A 7.4 33.2 3.3 10.6 (27.7) 10.0 (54.7) 56.8 419 11,459 60

2012/12F 8.8 56.6 70.4 33.2 214.0 38.8 286.9 81.5 1,618 12,904 60

2013/12F 13.0 64.9 14.6 44.0 32.4 35.8 (7.8) 90.3 1,492 14,246 60

2014/12F 11.1 74.6 14.9 55.0 25.0 41.8 16.9 100.5 1,744 15,837 60



2010/12A 194.7 333.0 138.3 (22.6) 5.8 12.7 13.6 1.55 12.0 0.5

2011/12A 275.0 404.2 167.9 (33.5) 5.6 10.9 22.1 0.81 4.3 0.6

2012/12F 309.7 356.5 138.7 (34.5) 8.7 7.5 6.8 0.85 13.3 0.5

2013/12F 341.9 325.1 116.6 (29.9) 8.8 6.4 7.3 0.77 11.0 0.5

2014/12F 380.1 311.2 102.9 (30.4) 9.1 5.6 6.3 0.69 11.6 0.5



2012/03A (4.1) 18.7 4.6 (46.4) NA 0.9 (81.8) 1,089.5 2.7 (91.0) NA

2012/06F 2.8 15.9 18.1 162.2 295.7 12.1 126.0 1,242.8 15.4 NA 476.8

2012/09F 16.7 4.9 20.0 (6.6) 10.6 14.9 8,691.7 22.4 18.5 NA 20.3

2012/12F 23.1 (14.6) 14.0 NA (29.7) 5.3 6,914.5 (64.1) 2.2 NA (88.1)

2013/03F 13.0 8.9 14.7 222.5 4.8 9.3 927.7 74.3 3.7 38.3 67.3

2013/06F 13.0 15.9 17.0 (5.6) 15.9 11.8 (3.1) 26.7 5.7 (63.2) 53.7

2013/09F 13.0 4.9 17.9 (10.5) 4.9 13.5 (9.2) 14.6 7.1 (62.0) 24.2

2013/12F 13.0 (14.6) 15.3 8.7 (14.6) 9.5 77.3 (29.9) 19.4 777.5 174.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 638.0 NA 36.0 1,500 7.4 송원산업 7.3 0.8 11.2 0.5

FY2013F 734.0 71.0 35.0 1,458 8.0 화학 11.4 1.2 11.0 1.4



송원산업

556.2

597.5

650.2

734.5

816.0

741.8 479.3

839.0 572.4

855.1 554.0

875.0 542.5

921.2 551.2

147.4

170.8

179.1

152.9

166.5

192.9

202.3

172.7

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-40

-35

-30

-25

-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

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x26

x19

x13

x7

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



78


A008000 151010 universe

웅진케미칼 (008000.KS) 업데이트 : 2012.09.26

투자의견 : 중립 업종 : 화학 주가 수익률(12개월)

목표주가 : - 애널리스트 : 박기용

현재주가 : 566 회계기준 : K-IFRS 별도

52주 최고가 : 1,195 시가총액(십억원) : 262.4

52주 최저가 : 476 60일 평균 거래대금(백만원) : 1,946.5

연중 최고가 : 1,180 외국인지분(%) : 2.8

9 10 11 12 13


(5.2) (23.8) (25.1) (38.7) (41.8)

업종 대비 6.1 (12.6) (13.9) (27.5) (30.6) 5

KOSPI 대비 (3.0) (22.0) (29.0) (42.8) (45.8) 10

22 23 24 19 20



2010/12A 13.4 50.4 132.5 41.4 264.5 60.2 491.1 75.2 127 696 0

2011/12A 18.9 11.0 (78.1) 0.0 (99.9) 8.3 (86.3) 39.7 19 687 0

2012/12F 3.4 33.8 206.7 19.6 57,719.0 17.6 113.4 67.3 39 725 0

2013/12F 4.9 40.0 18.5 31.6 61.2 26.9 52.2 75.4 58 783 0

2014/12F 8.3 50.4 25.8 36.2 14.6 29.0 7.8 87.1 63 845 0



2010/12A 322.8 112.7 62.2 (57.4) 5.5 9.1 9.5 1.73 20.4 0.0

2011/12A 307.7 196.9 80.4 (61.4) 1.0 16.6 51.8 1.40 2.6 0.0

2012/12F 325.3 216.0 79.4 (60.8) 3.0 7.2 14.7 0.78 5.6 0.0

2013/12F 352.2 203.2 70.8 (45.6) 3.4 6.2 9.7 0.72 7.9 0.0

2014/12F 381.2 204.1 67.0 (38.8) 4.0 5.4 9.0 0.67 7.9 0.0



2012/03A (2.7) (4.1) 9.8 (34.5) NA 7.9 (37.8) NA 7.8 (30.4) NA

2012/06A (3.5) (4.9) 8.8 (32.3) (9.9) 5.0 (49.1) (36.7) 7.2 (1.1) (7.4)

2012/09F 6.7 17.5 6.4 6.7 (27.7) 2.9 3.3 (43.1) 2.6 (66.7) (64.5)

2012/12F 12.6 5.2 8.8 NA 37.3 3.8 NA 33.5 0.0 NA (99.3)

2013/03F 4.8 (10.8) 10.3 4.8 17.3 6.9 (12.7) 81.7 5.9 (24.7) 32,895.5

2013/06F 15.0 4.3 10.2 15.0 (1.2) 6.8 36.1 (1.4) 5.8 (19.9) (1.4)

2013/09F (1.9) 0.2 6.3 (1.9) (38.3) 3.0 4.8 (56.2) 2.5 (1.1) (56.2)

2013/12F 3.3 10.7 13.3 52.2 112.9 14.9 290.1 397.2 12.6 70,751.4 397.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,120.5 56.2 17.6 38 16.0 웅진케미칼 10.0 0.7 7.7 0.0

FY2013F 1,175.8 63.6 26.9 58 10.5 화학 11.4 1.2 11.0 1.4



웅진케미칼

911.2

1,083.5

1,120.5

1,175.8

1,273.4

710.1 388.6

739.9 427.0

755.5 426.8

786.4 432.8

824.3 443.5

264.1

251.1

295.0

310.3

276.9

288.8

289.5

320.5

0

1,336


-70

-60

-50

-40

-30

-20

-10

0

10

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x34

x27

x20

x13

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



79


A009830 151010 universe

한화케미칼 (009830.KS) 업데이트 : 2012.11.07




52주 최고가 : 33,200 시가총액(십억원) : 2,328.7

52주 최저가 : 16,500 60일 평균 거래대금(백만원) : 15,072.9

연중 최고가 : 32,900 외국인지분(%) : 17.0

9 10 11 12 13


(9.3) (23.7) (20.2) (39.0) (32.0)

업종 대비 2.0 (12.4) (8.9) (27.7) (20.7) 5

KOSPI 대비 (7.1) (21.8) (24.1) (43.0) (36.0) 10

22 23 24 19 20



2010/12A 18.7 655.1 12.4 704.9 50.2 446.3 30.0 882.5 3,155 28,239 450

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 (9.1) 158.8 (51.3) 86.3 (69.3) 77.8 (69.3) 477.0 550 29,657 450

2013/12F 5.2 398.8 151.1 312.4 262.2 281.8 262.2 742.5 1,993 31,244 450

2014/12F 6.6 538.5 35.0 450.2 44.1 406.1 44.1 909.7 2,871 33,710 450



2010/12A 3,993.2 3,379.6 83.9 (1,086.2) 10.3 9.6 9.8 1.10 13.4 1.5

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 4,193.7 4,043.6 103.3 (605.8) 2.2 14.6 30.2 0.56 1.9 2.7

2013/12F 4,418.2 4,196.3 104.7 (480.6) 5.2 9.5 8.3 0.53 6.5 2.7

2014/12F 4,766.9 4,383.4 105.4 (557.2) 6.7 7.8 5.8 0.49 8.8 2.7



2012/03A (20.7) (4.5) 32.1 (86.6) NA 21.2 (90.7) NA 34.7 (75.9) NA

2012/06A (14.4) 1.0 45.1 (77.5) 40.5 (17.2) NA NA (12.7) NA NA

2012/09F (4.0) 13.8 41.3 (50.1) (8.5) 43.1 (34.8) NA 64.9 1.3 NA

2012/12F 4.9 (4.5) 40.3 NA (2.5) 39.1 NA (9.1) (9.0) NA NA

2013/03F 5.2 (4.2) 93.6 191.4 132.5 82.2 287.5 110.1 74.2 113.8 NA

2013/06F 5.2 1.0 94.6 109.7 1.0 19.4 NA (76.4) 17.5 NA (76.4)

2013/09F 5.2 13.8 107.7 160.8 13.8 111.4 158.7 475.2 100.5 54.9 475.2

2013/12F 5.2 (4.5) 102.9 155.5 (4.5) 99.4 154.0 (10.8) 89.7 NA (10.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 6,991.8 221.6 87.1 867 20.9 한화케미칼 9.0 0.5 6.0 2.7

FY2013F 7,583.8 379.7 247.8 1,746 10.4 화학 11.4 1.2 11.0 1.4



한화케미칼

6,341.2

7,942.6

7,217.8

7,595.5

8,098.0

10,977.2 6,275.2

11,853.5 7,055.8

11,947.3 7,157.9

12,423.7 7,508.6

13,057.9 7,935.4

1,694.6

1,712.3

1,948.8

1,862.0

1,783.3

1,802.0

2,050.8

1,959.5

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-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

140,000

160,000

180,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x50

x38

x26

x14

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



80


A010060 151010 universe

OCI (010060.KS) 업데이트 : 2012.10.17




52주 최고가 : 318,500 시가총액(십억원) : 3,505.9

52주 최저가 : 145,000 60일 평균 거래대금(백만원) : 33,474.1

연중 최고가 : 304,500 외국인지분(%) : 23.0

9 10 11 12 13


(10.1) (28.3) (25.2) (26.3) (31.8)

업종 대비 1.2 (17.0) (13.9) (15.1) (20.5) 5

KOSPI 대비 (7.9) (26.4) (29.1) (30.3) (35.8) 10

22 23 24 19 20



2010/12A 21.8 860.3 30.8 817.6 55.2 607.9 70.3 1,167.7 27,008 90,708 3,250

2011/12A 28.7 1,114.0 29.5 1,043.3 27.6 768.1 26.3 1,570.2 32,588 139,821 2,200

2012/12F (23.4) 258.0 (76.8) 181.0 (82.6) 133.3 (82.6) 806.2 5,588 143,355 2,200

2013/12F 4.6 197.3 (23.5) 109.4 (39.6) 80.5 (39.6) 783.0 3,377 144,678 2,200

2014/12F 22.6 371.6 88.4 289.2 164.4 212.9 164.4 1,038.8 8,928 151,552 2,200



2010/12A 2,002.3 964.2 69.3 (838.7) 25.9 7.6 12.2 3.64 35.5 1.0

2011/12A 3,334.6 654.5 40.4 (1,622.8) 26.1 4.0 6.7 1.57 28.8 1.0

2012/12F 3,418.9 1,294.1 52.7 (644.9) 7.9 6.5 26.3 1.03 3.9 1.5

2013/12F 3,450.5 1,100.7 48.0 (632.2) 5.8 6.4 43.5 1.02 2.3 1.5

2014/12F 3,614.4 1,021.5 47.5 (912.7) 8.8 4.8 16.5 0.97 6.0 1.5



2012/03A (23.3) 1.5 100.9 (75.5) 14.3 91.0 (77.3) 17.5 48.2 (84.3) 32.9

2012/06A (26.0) (2.7) 94.4 (73.9) (6.4) 83.8 (76.5) (7.9) 47.8 (82.6) (0.9)

2012/09F (23.4) (5.7) 193.4 (23.4) 104.8 169.1 (18.4) 101.7 124.5 (17.4) 160.5

2012/12F (20.1) (14.2) (130.6) NA NA (162.9) NA NA (87.2) NA NA

2013/03F 4.6 33.0 105.6 4.6 NA 82.2 (9.6) NA 60.5 25.6 NA

2013/06F 4.6 (2.7) 98.8 4.6 (6.4) 75.7 (9.7) (8.0) 55.7 16.6 (8.0)

2013/09F 4.6 (5.7) 202.3 4.6 104.8 178.0 5.3 135.3 131.1 5.3 135.3

2013/12F 4.6 (14.2) (209.4) NA NA (226.5) NA NA (166.8) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,369.0 295.9 205.7 6,307 25.5 OCI 40.7 1.0 2.5 1.5

FY2013F 3,615.1 386.8 283.9 9,702 16.5 화학 11.4 1.2 11.0 1.4



OCI

3,322.1

4,275.9

3,275.6

3,427.5

4,201.0

5,596.2 3,308.5

7,205.0 3,484.9

7,315.6 3,493.9

7,305.9 3,442.1

7,812.8 3,757.9

890.6

866.9

817.2

700.8

931.9

907.1

855.1

733.4

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-40

-30

-20

-10

0

10

20

30

40

50

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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x46

x36

x26

x16

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



81


A011170 151010 universe

호남석유 (011170.KS) 업데이트 : 2012.11.13




52주 최고가 : 398,000 시가총액(십억원) : 6,117.1

52주 최저가 : 191,000 60일 평균 거래대금(백만원) : 48,997.3

연중 최고가 : 395,000 외국인지분(%) : 24.4

9 10 11 12 13


(22.1) (25.0) (22.0) (38.7) (35.7)

업종 대비 (10.9) (13.8) (10.7) (27.4) (24.4) 5

KOSPI 대비 (19.9) (23.2) (25.8) (42.7) (39.7) 10

22 23 24 19 20



2010/12A 23.7 1,177.6 19.0 1,190.4 13.6 790.7 (0.9) 1,485.2 24,817 141,840 1,750

2011/12A 47.6 1,491.1 26.6 1,526.4 28.2 978.1 23.7 1,869.7 30,701 171,456 1,750

2012/12F 1.9 531.1 (64.4) 568.9 (62.7) 401.0 (59.0) 982.9 12,586 182,894 1,750

2013/12F 2.6 923.3 73.8 960.5 68.8 669.9 67.1 1,377.7 21,026 202,767 1,750

2014/12F 2.0 1,252.4 35.7 1,303.4 35.7 899.4 34.3 1,708.7 28,229 229,835 1,750



2010/12A 4,519.0 380.4 32.3 (415.3) 11.1 6.4 10.8 1.90 19.2 0.7

2011/12A 5,462.6 47.4 30.2 (933.0) 9.5 5.5 9.7 1.74 19.6 0.6

2012/12F 5,827.0 692.7 29.6 (869.3) 3.3 7.7 15.3 1.05 7.1 0.9

2013/12F 6,460.1 407.1 23.8 (672.0) 5.6 5.3 9.1 0.95 10.9 0.9

2014/12F 7,322.6 170.2 18.5 (903.7) 7.5 4.2 6.8 0.84 13.1 0.9



2012/03A (2.3) 3.4 219.6 (62.3) 42.1 225.2 (61.2) 98.1 167.4 (52.4) 227.2

2012/06A (0.0) 2.6 (28.3) NA NA (32.9) NA NA (12.7) NA NA

2012/09F 2.2 5.8 197.5 (49.8) NA 206.7 (49.7) NA 145.7 (49.3) NA

2012/12F 7.9 (3.9) 142.3 (7.9) (28.0) 169.9 49.5 (17.8) 100.5 96.5 (31.0)

2013/03F 6.8 2.4 175.7 (20.0) 23.4 172.3 (23.5) 1.4 120.2 (28.2) 19.5

2013/06F 4.5 0.3 219.4 NA 24.9 217.0 NA 25.9 151.3 NA 25.9

2013/09F (2.1) (0.8) 244.7 23.9 11.5 257.0 24.3 18.5 179.2 23.0 18.5

2013/12F 1.7 (0.2) 283.5 99.2 15.9 314.3 84.9 22.3 219.2 118.0 22.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 15,813.2 597.3 490.6 14,071 17.2 호남석유 9.5 1.0 10.5 0.9

FY2013F 16,872.3 1,046.4 838.8 24,013 10.1 화학 11.4 1.2 11.0 1.4



호남석유

10,634.8

15,700.0

15,991.9

16,412.2

16,747.9

8,792.5 3,725.1

10,746.6 4,588.8

11,070.4 4,526.0

11,517.0 4,295.6

12,149.2 3,996.2

3,850.4

3,948.8

4,177.7

4,015.0

4,112.4

4,126.1

4,091.6

4,082.2

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000


-50

-40

-30

-20

-10

0

10

20

30

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

주가

x29

x22

x15

x8

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



82


A011780 151010 universe

금호석유 (011780.KS) 업데이트 : 2012.10.20




52주 최고가 : 196,000 시가총액(십억원) : 3,077.2

52주 최저가 : 95,600 60일 평균 거래대금(백만원) : 20,414.7

연중 최고가 : 181,500 외국인지분(%) : 11.1

9 10 11 12 13


(13.3) (17.2) (12.9) (41.6) (38.8)

업종 대비 (2.1) (6.0) (1.7) (30.4) (27.5) 5

KOSPI 대비 (11.1) (15.4) (16.8) (45.6) (42.8) 10

22 23 24 19 20



2010/12A (28.1) 571.0 417.4 483.2 NA 316.0 NA 720.4 15,814 30,427 1,000

2011/12A 30.3 842.2 47.5 758.4 56.9 505.6 60.0 996.7 24,723 44,423 2,000

2012/12F (3.6) 277.7 (67.0) 207.8 (72.6) 138.6 (72.6) 440.1 5,021 46,834 2,000

2013/12F 15.4 632.3 127.7 572.7 175.6 381.8 175.6 805.9 13,917 56,508 2,000

2014/12F 7.7 665.7 5.3 616.0 7.6 410.7 7.6 848.1 14,975 67,046 2,000



2010/12A 825.5 2,355.7 285.9 (230.3) 11.5 6.7 5.7 2.97 49.1 1.1

2011/12A 1,447.7 1,763.7 147.8 (291.1) 13.0 7.1 6.8 3.77 44.5 1.2

2012/12F 1,528.4 1,788.7 129.4 (385.6) 4.5 11.5 20.1 2.16 9.3 2.0

2013/12F 1,852.5 1,469.9 95.1 (295.6) 8.8 5.9 7.3 1.79 22.6 2.0

2014/12F 2,205.4 1,373.5 77.1 (373.8) 8.6 5.5 6.7 1.51 20.2 2.0



2012/03A 1.4 9.0 129.3 (54.8) 113.9 132.3 (52.3) 100.5 101.6 (48.2) 151.5

2012/06A (7.2) (2.4) 28.8 (89.6) (77.7) 9.7 (96.5) (92.7) 8.9 (95.0) (91.3)

2012/09F (13.8) (9.6) 45.2 (79.4) 56.9 24.1 (82.9) 149.6 16.1 (82.1) 81.5

2012/12F 6.6 10.9 74.4 23.0 64.5 41.7 (36.7) 72.9 12.0 (70.4) (25.6)

2013/03F 1.8 4.1 112.4 (13.1) 51.1 100.9 (23.7) 141.7 67.2 (33.8) 461.7

2013/06F 13.4 8.7 131.1 355.3 16.7 114.1 1,079.9 13.1 76.1 757.9 13.1

2013/09F 30.5 4.0 136.4 201.7 4.0 124.7 416.8 9.3 83.1 416.8 9.3

2013/12F 17.6 0.0 252.4 239.4 85.1 233.0 458.4 86.9 155.4 1,197.8 86.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 6,241.5 308.3 226.2 6,399 17.5 금호석유 7.8 1.8 21.2 2.0

FY2013F 7,164.0 585.4 442.2 12,376 9.1 화학 11.4 1.2 11.0 1.4



금호석유

4,957.0

6,457.4

6,226.1

7,184.7

7,740.4

4,120.9 3,227.8

4,714.2 3,157.2

4,689.6 3,041.5

4,881.3 2,880.5

5,282.3 2,897.7

1,622.6

1,584.0

1,431.5

1,588.1

1,652.5

1,796.2

1,868.0

1,868.0

0

50,000

100,000

150,000

200,000

250,000


-60

-50

-40

-30

-20

-10

0

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

주가

x33

x25

x17

x9

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



83


A011790 151010 universe

SKC (011790.KS) 업데이트 : 2012.11.08




52주 최고가 : 54,200 시가총액(십억원) : 1,412.4

52주 최저가 : 36,350 60일 평균 거래대금(백만원) : 12,042.4

연중 최고가 : 53,300 외국인지분(%) : 11.7

9 10 11 12 13


(16.0) (17.1) (6.3) (11.4) 2.6

업종 대비 (4.8) (5.9) 5.0 (0.1) 13.9 5

KOSPI 대비 (13.9) (15.3) (10.1) (15.4) (1.4) 10

22 23 24 19 20



2010/12A 21.3 157.8 111.8 115.8 735.3 130.6 1,166.0 221.5 3,641 28,351 400

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 8.2 181.2 (21.2) 147.3 (24.3) 119.3 (5.4) 256.2 3,320 33,200 500

2013/12F 16.4 221.0 22.0 186.9 26.9 160.8 34.8 302.2 4,476 36,992 500

2014/12F 10.7 255.5 15.6 224.4 20.1 190.1 18.2 340.6 5,290 41,525 500



2010/12A 1,024.6 652.2 65.0 (174.0) 10.8 9.2 10.5 1.34 13.8 1.0

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 1,200.6 848.5 72.9 (240.4) 9.9 8.8 11.7 1.17 10.2 1.3

2013/12F 1,337.9 760.8 60.2 (130.0) 10.4 7.2 8.7 1.05 12.7 1.3

2014/12F 1,502.1 701.6 50.2 (130.1) 10.9 6.2 7.4 0.94 13.4 1.3



2012/03A 7.2 11.8 38.8 (19.2) 46.1 31.8 (26.0) 55.7 23.7 (20.7) 194.6

2012/06A (2.7) (3.7) 48.7 (52.9) 25.6 39.7 (59.0) 24.6 30.9 (59.3) 30.5

2012/09F 8.8 2.1 43.6 (16.3) (10.6) 36.6 6.8 (7.8) 28.2 (5.0) (8.9)

2012/12F 20.5 9.7 50.1 88.8 15.1 39.2 92.0 7.3 36.5 353.8 29.4

2013/03F 6.7 (1.1) 48.6 25.3 (3.0) 41.7 31.0 6.3 37.9 60.1 4.0

2013/06F 18.8 7.2 52.8 8.5 8.7 46.3 16.6 10.9 41.5 34.2 9.4

2013/09F 26.8 9.0 60.3 38.5 14.2 54.1 47.9 17.0 47.6 68.9 14.8

2013/12F 13.6 (1.7) 59.2 18.0 (1.9) 44.9 14.4 (17.1) 33.8 (7.4) (29.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,866.6 206.0 133.9 3,698 12.4 SKC 9.0 1.1 12.4 1.3

FY2013F 2,144.3 254.3 170.4 4,706 9.8 화학 11.4 1.2 11.0 1.4



SKC

1,465.1

1,687.5

1,825.2

2,123.7

2,352.0

2,001.4 981.9

2,252.7 1,150.0

2,441.1 1,241.5

2,580.3 1,252.9

2,722.9 1,238.4

453.6

436.7

445.9

489.0

483.9

518.7

565.4

555.7

0

10,000

20,000

30,000

40,000

50,000

60,000


-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

주가

x31

x24

x17

x10

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



84


A051910 151010 universe

LG화학 (051910.KS) 업데이트 : 2012.10.19




52주 최고가 : 434,000 시가총액(십억원) : 19,649.4

52주 최저가 : 261,500 60일 평균 거래대금(백만원) : 80,484.5

연중 최고가 : 434,000 외국인지분(%) : 34.5

9 10 11 12 13


(8.2) (7.1) 4.8 (8.8) (7.3)

업종 대비 3.0 4.2 16.0 2.5 3.9 5

KOSPI 대비 (6.0) (5.2) 0.9 (12.8) (11.3) 10

22 23 24 19 20



2010/12A 25.5 2,821.3 34.5 2,818.4 39.8 2,158.3 43.1 3,493.4 29,345 104,451 4,000

2011/12A 16.5 2,835.4 0.5 2,796.6 (0.8) 2,137.9 (0.9) 3,592.1 29,069 129,485 4,000

2012/12F 1.8 2,061.7 (27.3) 2,013.6 (28.0) 1,547.6 (27.6) 2,832.0 21,050 146,683 4,000

2013/12F 5.8 2,320.8 12.6 2,263.8 12.4 1,739.9 12.4 3,136.0 23,666 166,483 4,000

2014/12F 8.0 2,585.1 11.4 2,523.7 11.5 1,939.7 11.5 3,465.3 26,383 188,985 4,000



2010/12A 7,703.5 747.3 27.1 (1,617.2) 14.5 8.0 13.3 3.74 31.9 1.0

2011/12A 9,553.5 1,135.5 26.0 (2,195.4) 12.5 6.4 10.9 2.45 24.8 1.3

2012/12F 10,824.4 1,579.7 27.1 (2,318.1) 8.9 7.8 14.1 2.02 15.2 1.3

2013/12F 12,287.6 1,648.2 25.0 (2,102.0) 9.5 7.1 12.5 1.78 15.1 1.3

2014/12F 13,950.5 1,730.2 23.5 (2,265.6) 9.8 6.4 11.2 1.57 14.8 1.3



2012/03A 4.8 2.8 459.5 (45.0) (8.2) 440.2 (47.6) (12.3) 375.4 (41.2) (0.0)

2012/06A 5.2 4.2 503.0 (35.1) 9.5 480.1 (38.9) 9.0 376.6 (38.7) 0.3

2012/09F (0.9) (2.7) 601.3 (17.0) 19.6 584.5 (12.5) 21.8 449.3 (11.9) 19.3

2012/12F (1.7) (5.7) 498.0 (0.5) (17.2) 508.8 1.4 (13.0) 346.4 (7.7) (22.9)

2013/03F 1.9 6.6 561.6 22.2 12.8 548.1 24.5 7.7 421.3 12.2 21.6

2013/06F 1.9 4.2 580.2 15.4 3.3 571.0 18.9 4.2 438.9 16.5 4.2

2013/09F 8.9 4.0 603.4 0.4 4.0 586.1 0.3 2.6 450.4 0.3 2.6

2013/12F 11.0 (3.8) 575.6 15.6 (4.6) 558.6 9.8 (4.7) 429.4 23.9 (4.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 23,578.5 2,108.8 1,633.8 21,818 14.3 LG화학 12.7 1.8 15.1 1.3

FY2013F 25,645.3 2,602.7 2,003.7 26,666 11.7 화학 11.4 1.2 11.0 1.4



LG화학

19,471.5

22,675.6

23,083.9

24,429.8

26,378.4

12,673.5 4,829.6

15,285.6 5,577.9

16,968.8 5,967.0

18,737.1 6,246.0

20,815.2 6,632.1

5,753.1

5,995.6

5,833.5

5,501.7

5,863.1

6,107.4

6,351.7

6,107.4

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000


-30

-20

-10

0

10

20

30

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

주가

x18

x14

x10

x6

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



85


A069260 151010 universe

휴켐스 (069260.KS) 업데이트 : 2012.11.09




52주 최고가 : 27,500 시가총액(십억원) : 1,052.6

52주 최저가 : 18,150 60일 평균 거래대금(백만원) : 3,637.1

연중 최고가 : 26,950 외국인지분(%) : 14.9

9 10 11 12 13


8.9 6.2 24.4 29.4 31.0

업종 대비 20.1 17.4 35.6 40.6 42.3 5

KOSPI 대비 11.0 8.0 20.5 25.4 27.0 10

22 23 24 19 20



2010/12A 19.3 79.6 (3.8) 89.8 3.8 67.4 1.4 97.9 1,738 9,723 800

2011/12A 5.1 56.1 (29.5) 66.8 (25.6) 51.1 (24.2) 75.4 1,250 10,738 700

2012/12F 27.7 72.4 29.0 79.2 18.5 63.5 24.2 99.2 1,564 11,526 700

2013/12F 31.6 97.7 34.9 104.9 32.4 84.0 32.4 138.1 2,078 12,592 900

2014/12F 4.3 108.6 11.1 116.2 10.8 93.1 10.8 151.9 2,302 13,796 1,000



2010/12A 397.5 (172.6) 19.0 (68.4) 14.8 6.7 11.3 2.02 20.0 4.1

2011/12A 439.0 (33.3) 36.7 (82.6) 9.9 10.5 16.0 1.86 12.2 3.5

2012/12F 471.2 2.7 49.6 (125.4) 10.0 10.7 16.5 2.23 13.9 2.7

2013/12F 514.7 (36.3) 53.7 (70.4) 10.3 7.5 12.4 2.04 17.0 3.5

2014/12F 564.0 (8.2) 57.7 (70.4) 10.9 7.0 11.2 1.87 17.3 3.9



2012/03A (1.7) 18.8 13.1 (27.4) 293.0 14.6 (25.5) 194.9 10.8 (24.9) 136.4

2012/06A 1.2 7.3 22.4 (0.6) 71.5 23.4 0.6 60.3 17.5 (3.2) 61.6

2012/09F 27.7 9.3 15.6 27.7 (30.7) 17.6 (7.6) (24.7) 14.1 (3.2) (19.2)

2012/12F 96.7 41.1 21.3 540.0 37.0 23.6 378.0 34.2 21.1 361.3 49.5

2013/03F 31.6 (20.5) 17.2 31.6 (19.2) 18.6 27.4 (21.4) 14.9 37.8 (29.4)

2013/06F 31.6 7.3 29.5 31.6 71.5 31.1 33.1 67.5 24.9 42.8 67.5

2013/09F 31.6 9.3 20.5 31.6 (30.7) 22.3 26.9 (28.2) 17.9 26.9 (28.2)

2013/12F 31.6 41.1 30.5 42.8 48.6 32.8 38.8 46.9 26.3 24.7 46.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 676.1 76.9 62.7 1,534 15.7 휴켐스 12.7 2.1 16.7 3.4

FY2013F 888.3 109.2 88.9 2,175 11.1 화학 11.4 1.2 11.0 1.4



휴켐스

539.3

566.9

724.1

953.2

994.2

576.8 153.0

699.5 255.0

878.3 398.7

1,056.6 529.5

1,119.3 539.5

147.7

158.5

173.3

244.5

194.5

208.7

228.1

321.9

0

5,000

10,000

15,000

20,000

25,000

30,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x21

x16

x12

x7

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



86


A103130 151010 universe

웅진에너지 (103130.KS) 업데이트 : 2011.11.23



현재주가 : 1,850 회계기준 : K-IFRS 개별

52주 최고가 : 9,430 시가총액(십억원) : 123.4

52주 최저가 : 1,725 60일 평균 거래대금(백만원) : 4,716.2

연중 최고가 : 9,180 외국인지분(%) : 5.0

9 10 11 12 13


(7.5) (57.9) (65.0) (64.4) (54.3)

업종 대비 3.7 (46.6) (53.7) (53.2) (43.0) 5

KOSPI 대비 (5.3) (56.0) (68.8) (68.4) (58.3) 10

22 23 24 19 20



2010/12A 34.9 57.4 1.7 58.3 15.4 47.4 15.5 72.6 871 4,821 0

2011/12F 103.7 28.1 (51.1) 31.0 (46.9) 25.2 (46.9) 59.8 406 5,219 0

2012/12F 12.1 46.8 66.6 43.1 39.2 35.0 39.2 95.6 564 5,783 0

2013/12F 30.5 57.8 23.5 45.6 5.9 36.5 4.1 126.6 588 6,371 0

2014/12F 30.5 75.9 31.4 60.3 32.1 48.2 32.1 155.3 776 7,148 0



2010/12A 298.9 22.6 33.2 (149.9) 35.8 16.4 21.6 3.90 23.9 0.0

2011/12F 324.1 144.0 56.5 (163.3) 8.6 6.8 10.5 0.81 8.1 0.0

2012/12F 359.1 323.2 102.2 (228.2) 12.8 4.7 3.3 0.32 10.3 0.0

2013/12F 395.6 523.8 146.9 (278.1) 12.1 5.1 3.1 0.29 9.7 0.0

2014/12F 443.8 512.8 129.6 (188.5) 12.2 4.1 2.4 0.26 11.5 0.0



2012/03F 16.4 8.2 7.8 (30.9) (39.9) 7.6 (36.3) (60.8) 6.2 (33.6) (58.5)

2012/06F 7.1 (2.9) 10.9 9.5 40.2 10.2 5.2 34.9 8.3 (13.1) 34.9

2012/09F 8.2 8.9 13.9 NA 27.7 13.0 NA 26.7 10.5 NA 26.7

2012/12F 17.0 2.2 14.3 10.7 2.9 12.3 (36.4) (5.1) 10.0 (32.6) (5.1)

2013/03F 22.4 13.3 13.7 77.2 (3.8) 11.5 51.8 (6.4) 9.2 49.3 (7.9)

2013/06F 37.4 8.9 12.2 11.7 (11.6) 9.5 (7.4) (17.7) 7.6 (8.9) (17.7)

2013/09F 32.8 5.3 13.7 (1.4) 12.7 10.7 (17.6) 12.8 8.6 (18.9) 12.8

2013/12F 29.7 (0.2) 18.2 27.4 32.9 13.9 13.3 30.4 11.2 11.4 30.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 275.0 (41.0) (32.0) -484 NA 웅진에너지 3.2 0.3 9.7 0.0

FY2013F 437.0 37.0 26.0 390 5.3 화학 11.4 1.2 11.0 1.4



웅진에너지

160.3

326.7

366.1

477.9

623.9

458.7 159.8

633.0 309.0

819.6 460.4

1,098.8 703.2

1,279.1 835.2

89.1

86.5

94.2

96.3

109.1

118.8

125.2

124.9

0

1,336

2,671

4,007

5,342

6,678

8,014

9,349

10,685


-80

-60

-40

-20

0

20

40

60

80

100

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

2010 2011 2012

주가

x23

x18

x13

x8

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



87


A001230 151040 universe

동국제강 (001230.KS) 업데이트 : 2011.11.29

투자의견 : 중립 업종 : 철강·비철금속 주가 수익률(12개월)

목표주가 : - 애널리스트 : 최문선


52주 최고가 : 25,950 시가총액(십억원) : 791.4

52주 최저가 : 12,700 60일 평균 거래대금(백만원) : 4,302.3

연중 최고가 : 25,400 외국인지분(%) : 26.7

9 10 11 12 13


(11.4) (21.2) (21.2) (45.3) (36.8)

업종 대비 (1.4) (11.3) (11.3) (35.3) (26.8) 5

KOSPI 대비 (9.3) (19.4) (25.1) (49.3) (40.8) 10

22 23 24 19 20



2010/12A 15.5 272.7 77.5 173.5 3,195.0 135.5 169.8 467.7 2,236 45,749 750

2011/12F 9.3 224.5 (17.7) 119.3 (31.2) 51.0 (62.3) 504.4 835 45,754 750

2012/12F 9.4 219.7 (2.1) 194.8 63.3 155.8 205.2 510.8 2,412 47,445 750

2013/12F (0.6) 232.3 5.7 213.3 9.5 170.6 9.5 525.0 2,636 49,476 750

2014/12F 1.5 207.7 (10.6) 191.9 (10.0) 153.5 (10.0) 510.0 2,379 51,208 750



2010/12A 2,863.6 1,136.6 83.8 (443.9) 5.2 7.1 15.7 0.77 4.8 2.1

2011/12F 2,869.2 1,261.4 92.0 (531.7) 3.9 5.0 24.6 0.45 1.8 3.7

2012/12F 2,979.6 921.9 81.6 (324.7) 3.5 3.4 5.3 0.27 5.3 5.9

2013/12F 3,104.8 793.3 73.3 (559.3) 3.7 3.0 4.9 0.26 5.6 5.9

2014/12F 3,212.8 616.5 66.0 (562.4) 3.3 2.8 5.4 0.25 4.9 5.9



2012/03F 9.4 15.3 103.9 17.2 NA 96.6 (27.5) 102.9 75.5 (26.3) 98.1

2012/06F 9.4 7.4 130.1 19.7 25.2 125.0 (11.1) 29.4 97.7 (9.4) 29.4

2012/09F 24.0 (4.6) 80.3 150.5 (38.3) 75.3 NA (39.8) 58.8 NA (39.8)

2012/12F (4.5) (19.2) (94.5) NA NA (102.1) NA NA (76.2) NA NA

2013/03F (0.6) 20.1 103.3 (0.6) NA 103.2 6.9 NA 80.6 6.9 NA

2013/06F (0.6) 7.4 129.3 (0.6) 25.2 131.4 5.0 27.3 102.6 5.0 27.3

2013/09F (0.6) (4.6) 79.8 (0.6) (38.3) 81.2 7.9 (38.2) 63.5 7.9 (38.2)

2013/12F (0.6) (19.2) (80.1) NA NA 0.0 NA NA 0.0 NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA NA NA NA 0.0 동국제강 4.9 0.3 5.6 5.9

FY2013F NA NA NA NA 0.0 철강·비철금속 7.8 0.7 9.2 2.3



동국제강

5,271.4

5,760.9

6,301.8

6,264.6

6,357.0

7,467.6 4,604.0

8,055.6 5,186.4

8,444.2 5,464.6

8,616.5 5,511.7

8,980.9 5,768.1

1,604.8

1,724.1

1,644.4

1,328.6

1,595.3

1,713.9

1,634.7

1,320.7

0

5,000

10,000

15,000

20,000

25,000

30,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x25

x20

x15

x10

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



88


A004020 151040 universe

현대제철 (004020.KS) 업데이트 : 2012.10.28

투자의견 : 매수 업종 : 철강·비철금속 주가 수익률(12개월)

목표주가 : 111,000 애널리스트 : 최문선


52주 최고가 : 119,000 시가총액(십억원) : 6,492.4

52주 최저가 : 74,800 60일 평균 거래대금(백만원) : 25,677.3

연중 최고가 : 117,500 외국인지분(%) : 18.9

9 10 11 12 13


(6.9) (12.4) (11.3) (22.8) (19.3)

업종 대비 3.1 (2.5) (1.3) (12.8) (9.3) 5

KOSPI 대비 (4.7) (10.6) (15.2) (26.8) (23.3) 10

22 23 24 19 20



2010/12A 19.1 1,059.2 73.3 1,040.4 (15.1) 922.4 (19.9) 1,459.9 10,992 99,056 500

2011/12A 49.1 14,750.0 1,292.6 909.1 (12.6) 747.1 (19.0) 15,452.7 8,876 107,087 500

2012/12F (5.4) 979.3 (93.4) 961.3 5.7 813.2 8.8 1,838.8 9,648 115,752 500

2013/12F 0.9 1,240.7 26.7 1,320.3 37.3 1,049.2 29.0 2,104.0 12,449 127,184 500

2014/12F 9.0 1,380.4 11.3 1,369.1 3.7 1,087.9 3.7 2,398.8 12,907 139,068 500



2010/12A 8,430.9 7,440.0 105.8 (2,169.1) 10.3 12.4 11.3 1.26 12.3 0.4

2011/12A 9,118.9 8,737.2 111.6 (1,817.1) 96.7 1.1 10.8 0.89 8.5 0.5

2012/12F 9,858.1 9,242.5 106.9 (2,409.4) 6.8 8.6 7.9 0.66 8.6 0.7

2013/12F 10,833.4 9,876.4 104.6 (2,512.4) 8.5 7.8 6.1 0.60 10.1 0.7

2014/12F 11,847.3 9,607.3 99.2 (1,073.8) 8.7 6.7 5.9 0.55 9.6 0.7



2012/03A (0.2) (8.5) 158.8 (48.5) (45.9) 181.1 (46.9) (45.3) 154.0 (42.3) (43.5)

2012/06A (4.8) 8.5 332.1 (20.1) 109.1 212.1 (50.6) 17.1 186.7 (45.8) 21.2

2012/09F (5.4) (8.2) 270.5 (5.4) (18.6) 239.9 NA 13.1 202.9 NA 8.7

2012/12F (10.8) (2.2) 217.9 (25.8) (19.4) 328.3 (0.9) 36.8 269.5 (1.2) 32.8

2013/03F 0.9 3.5 160.2 0.9 (26.4) 152.2 (15.9) (53.6) 121.0 (21.5) (55.1)

2013/06F 0.9 8.5 335.1 0.9 109.1 331.0 56.1 117.4 263.1 40.9 117.4

2013/09F 0.9 (8.2) 272.9 0.9 (18.6) 256.3 6.8 (22.6) 203.7 0.4 (22.6)

2013/12F 0.9 (2.2) 472.6 116.9 73.2 580.8 76.9 126.6 461.5 71.2 126.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 14,638.6 1,035.8 760.2 8,878 9.0 현대제철 6.3 0.6 10.0 0.7

FY2013F 15,084.4 1,277.0 926.3 10,834 7.4 철강·비철금속 7.8 0.7 9.2 2.3



현대제철

10,235.5

15,259.5

14,435.2

14,563.2

15,877.0

19,877.4 11,446.5

21,776.7 12,657.8

22,667.0 12,808.9

24,534.7 13,701.3

26,235.9 14,388.6

3,558.5

3,861.7

3,546.9

3,468.1

3,590.1

3,895.9

3,578.4

3,498.8

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-30

-25

-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

주가

x15

x11

x8

x5

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



89


A005490 151040 universe

POSCO (005490.KS) 업데이트 : 2012.10.23




52주 최고가 : 427,000 시가총액(십억원) : 26,940.7

52주 최저가 : 304,500 60일 평균 거래대금(백만원) : 66,882.3

연중 최고가 : 424,000 외국인지분(%) : 52.3

9 10 11 12 13


(13.2) (19.1) (13.0) (15.7) (17.8)

업종 대비 (3.2) (9.1) (3.0) (5.7) (7.8) 5

KOSPI 대비 (11.0) (17.3) (16.8) (19.7) (21.8) 10

22 23 24 19 20



2010/12A 29.9 5,433.5 40.5 5,267.1 40.9 4,105.6 27.6 8,469.4 53,297 447,074 10,000

2011/12A 44.0 5,408.1 (0.5) 4,782.4 (9.2) 3,648.1 (11.1) 7,674.4 47,224 467,361 10,000

2012/12F (5.3) 3,965.7 (26.7) 3,785.3 (20.8) 2,623.5 (28.1) 6,438.4 33,963 491,228 10,000

2013/12F (0.5) 4,652.8 17.3 4,746.0 25.4 3,496.1 33.3 7,235.3 45,261 524,248 10,000

2014/12F (1.1) 4,774.9 2.6 4,776.9 0.6 3,518.8 0.6 7,554.2 45,555 559,882 10,000



2010/12A 36,575.7 14,246.3 55.3 (5,791.8) 11.3 6.9 9.1 1.09 12.2 2.1

2011/12A 38,356.3 20,068.2 66.5 (5,331.0) 7.8 7.2 8.0 0.81 9.7 2.6

2012/12F 40,437.2 18,767.0 63.6 (4,629.8) 6.1 7.5 9.1 0.63 6.7 3.2

2013/12F 43,316.1 17,875.5 55.3 (4,573.4) 7.2 6.5 6.8 0.59 8.3 3.2

2014/12F 46,423.0 16,214.7 50.2 (4,459.7) 7.4 6.1 6.8 0.55 7.8 3.2



2012/03A 0.4 (12.7) 787.8 (41.9) (22.6) 875.5 (39.0) (30.9) 629.5 (42.3) (37.5)

2012/06A (3.3) 1.1 1,064.9 (39.0) 35.2 735.4 (59.7) (16.0) 509.3 (61.5) (19.1)

2012/09F (7.2) (4.5) 1,061.7 (17.6) (0.3) 1,108.6 334.5 50.7 728.1 220.8 43.0

2012/12F (10.2) 6.6 1,051.4 3.3 (1.0) 1,186.8 (6.3) 7.1 756.6 (24.9) 3.9

2013/03F (0.5) (3.3) 783.6 (0.5) (25.5) 799.9 (8.6) (32.6) 589.2 (6.4) (22.1)

2013/06F (0.5) 1.1 1,059.2 (0.5) 35.2 1,056.1 43.6 32.0 778.0 52.8 32.0

2013/09F 1.5 (2.6) 1,213.5 14.3 14.6 1,226.3 10.6 16.1 903.4 24.1 16.1

2013/12F (2.4) 2.4 1,596.5 51.8 31.6 1,663.7 40.2 35.7 1,225.6 62.0 35.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 66,884.1 4,135.7 2,852.8 33,127 10.5 POSCO 7.0 0.6 8.2 3.2

FY2013F 69,558.3 4,939.2 3,602.2 41,353 8.4 철강·비철금속 7.8 0.7 9.2 2.3



POSCO

47,887.3

68,938.7

65,309.5

64,963.0

64,250.5

69,418.4 30,881.3

78,408.8 37,678.9

80,853.0 37,990.5

81,985.5 36,177.9

84,176.9 35,192.0

16,308.6

16,488.2

15,739.0

16,773.6

16,222.1

16,400.8

15,975.7

16,364.4

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000


-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

900,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x14

x11

x9

x7

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



90


A009520 151040 universe

포스코엠텍 (009520.KQ) 업데이트 : 2012.11.14




52주 최고가 : 83,500 시가총액(십억원) : 487.2

52주 최저가 : 5,640 60일 평균 거래대금(백만원) : 3,702.7

연중 최고가 : 12,000 외국인지분(%) : 1.2

9 10 11 12 13


23.4 77.3 89.0 52.7 58.5

업종 대비 33.4 87.2 99.0 62.7 68.5 5

KOSPI 대비 25.6 79.1 85.1 48.7 54.5 10

22 23 24 19 20



2010/12A 79.3 14.7 16.8 8.4 69.3 7.9 102.1 19.7 298 37,049 7,500

2011/12A 23.1 15.6 6.0 13.5 60.0 11.0 38.7 20.3 265 38,837 7,500

2012/12F 27.3 23.4 50.1 17.6 30.6 13.3 20.9 33.9 320 4,129 75

2013/12F 14.9 45.5 94.2 38.3 117.3 28.4 112.8 58.6 679 4,723 75

2014/12F 13.4 56.7 24.5 49.0 28.2 36.3 28.2 74.6 871 5,519 75



2010/12A 154.3 12.3 65.6 (9.1) 2.7 10.6 22.0 0.18 7.1 114.5

2011/12A 161.7 58.0 91.1 (6.1) 2.3 18.3 28.3 0.19 7.0 100.0

2012/12F 171.9 86.8 111.5 (68.6) 2.8 17.0 36.6 2.83 8.0 0.6

2013/12F 197.1 114.0 120.6 (35.0) 4.6 10.3 17.2 2.48 15.4 0.6

2014/12F 230.4 169.9 133.6 (57.6) 5.1 8.9 13.4 2.12 17.0 0.6



2012/03A NA NA NA NA NA NA NA NA


2012/09F NA NA 5.0 NA NA 5.0 NA NA 3.8 NA NA

2012/12F NA (7.8) 8.3 NA 66.4 6.9 NA 37.2 9.5 NA 152.3

2013/03F NA NA 0.0 NA NA (1.6) NA NA (1.2) NA NA



2013/12F 341.0 NA 45.5 447.3 NA 43.2 530.3 NA 32.0 235.7 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 841.9 26.4 18.2 447 21.9 포스코엠텍 18.3 2.5 14.6 0.6

FY2013F 1,019.5 40.9 29.4 704 13.9 철강·비철금속 7.8 0.7 9.2 2.3



포스코엠텍

543.8

669.4

852.4

979.8

1,110.9

303.5 148.3

357.1 194.3

440.5 267.1

525.5 325.4

643.7 408.5

240.9

222.1

0.0

0.0

0.0

979.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-40

-30

-20

-10

0

10

20

30

40

50

60

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

x36

x27

x18

x9

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



91


A010130 151040 universe

고려아연 (010130.KS) 업데이트 : 2012.11.14




52주 최고가 : 505,000 시가총액(십억원) : 8,217.9

52주 최저가 : 288,500 60일 평균 거래대금(백만원) : 30,197.9

연중 최고가 : 490,000 외국인지분(%) : 15.4

9 10 11 12 13


(4.2) 11.7 26.2 36.3 45.7

업종 대비 5.8 21.6 36.2 46.3 55.6 5

KOSPI 대비 (2.0) 13.5 22.4 32.3 41.6 10

22 23 24 19 20



2010/12A 20.5 684.2 63.3 726.5 34.2 548.9 32.2 772.8 31,054 146,631 2,500

2011/12A 44.8 964.4 41.0 974.5 34.1 704.6 28.4 1,075.9 39,868 182,490 5,000

2012/12F (0.1) 863.6 (10.5) 830.5 (14.8) 623.0 (11.6) 973.5 35,249 211,607 5,000

2013/12F 13.8 1,140.0 32.0 1,153.0 38.8 865.2 38.9 1,261.9 48,951 254,605 5,000

2014/12F 4.5 1,307.7 14.7 1,361.5 18.1 1,021.6 18.1 1,445.4 57,799 304,319 5,000



2010/12A 2,713.4 (253.0) 20.3 (327.6) 17.8 6.5 8.9 1.89 22.4 0.9

2011/12A 3,390.1 (799.3) 13.9 (252.0) 17.4 4.7 7.6 1.67 23.1 1.6

2012/12F 3,939.5 (1,153.5) 9.9 (248.0) 15.6 7.4 12.4 2.06 17.0 1.1

2013/12F 4,750.9 (1,516.0) 7.8 (238.8) 18.0 5.4 8.9 1.71 19.9 1.1

2014/12F 5,689.0 (1,883.4) 5.0 (333.5) 19.8 4.5 7.5 1.43 19.6 1.1



2012/03A 9.1 2.1 216.1 (8.1) (3.5) 228.7 (10.4) (3.7) 168.4 (9.1) 2.0

2012/06A (2.7) 9.6 245.2 8.6 13.5 194.4 (19.1) (15.0) 152.3 (13.3) (9.6)

2012/09F (15.4) (12.5) 139.5 (49.4) (43.1) 142.0 (41.2) (26.9) 105.2 (41.2) (30.9)

2012/12F 12.1 14.4 262.8 17.4 88.3 278.5 17.3 96.1 197.2 19.4 87.5

2013/03F 13.8 3.6 245.8 13.8 (6.5) 251.9 10.2 (9.5) 189.0 12.2 (4.1)

2013/06F 13.8 9.6 278.9 13.8 13.5 286.6 47.4 13.7 215.0 41.2 13.7

2013/09F 34.4 3.3 313.5 124.7 12.4 322.4 127.0 12.5 241.9 130.0 12.5

2013/12F (4.2) (18.4) 301.9 14.9 (3.7) 292.2 4.9 (9.4) 219.2 11.2 (9.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 5,515.5 929.3 698.4 36,598 12.3 고려아연 9.2 1.7 19.6 1.1

FY2013F 6,146.0 1,104.2 859.2 45,030 10.0 철강·비철금속 7.8 0.7 9.2 2.3



고려아연

3,838.0

5,556.4

5,552.6

6,316.9

6,598.2

3,974.0 1,163.1

4,606.2 1,095.8

5,234.0 1,165.9

6,245.2 1,354.2

7,092.2 1,249.8

1,337.1

1,465.5

1,282.4

1,467.6

1,521.1

1,667.2

1,723.0

1,405.6

0

100,000

200,000

300,000

400,000

500,000

600,000


-10

0

10

20

30

40

50

60

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

주가

x13

x10

x8

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



92


A010520 151040 universe

현대하이스코 (010520.KS) 업데이트 : 2012.11.01




52주 최고가 : 50,500 시가총액(십억원) : 3,352.4

52주 최저가 : 31,650 60일 평균 거래대금(백만원) : 8,079.2

연중 최고가 : 50,200 외국인지분(%) : 21.6

9 10 11 12 13


(7.7) (10.5) 16.8 5.2 20.8

업종 대비 2.2 (0.5) 26.7 15.1 30.8 5

KOSPI 대비 (5.6) (8.6) 12.9 1.1 16.8 10

22 23 24 19 20



2010/12A 31.1 306.9 88.5 250.8 234.7 193.7 234.9 522.8 2,438 16,914 250

2011/12A 19.0 435.1 41.8 381.7 52.2 296.7 53.1 686.4 3,733 20,386 250

2012/12F 5.9 460.9 5.9 423.3 10.9 335.8 13.2 698.1 4,225 24,442 250

2013/12F 17.6 607.9 31.9 565.9 33.7 451.0 34.3 826.9 5,672 29,840 250

2014/12F 8.5 621.7 2.3 596.2 5.4 475.2 5.4 861.6 5,977 35,541 250



2010/12A 1,349.6 961.2 104.0 (137.4) 4.5 5.7 10.3 1.49 15.4 1.0

2011/12A 1,628.0 1,071.8 93.0 (511.7) 5.3 5.7 9.4 1.72 19.9 0.7

2012/12F 1,953.4 1,332.8 90.1 (1,033.2) 5.3 6.7 9.9 1.71 18.8 0.6

2013/12F 2,386.3 1,219.9 78.6 (405.3) 6.0 5.5 7.4 1.40 20.8 0.6

2014/12F 2,843.5 1,010.5 62.5 (275.4) 5.6 5.1 7.0 1.18 18.2 0.6



2012/03A 13.6 (3.5) 115.4 8.2 15.8 113.6 13.8 54.6 93.8 28.3 57.6

2012/06A 6.7 5.5 122.9 0.3 6.5 94.5 (20.5) (16.8) 70.9 (23.6) (24.4)

2012/09F 1.0 (7.2) 94.0 (2.5) (23.5) 98.0 9.4 3.7 80.7 13.0 13.9

2012/12F 3.1 9.0 128.6 29.1 36.8 117.1 59.4 19.5 90.5 52.1 12.1

2013/03F 17.6 10.2 135.8 17.6 5.6 123.8 9.0 5.7 98.6 5.2 9.0

2013/06F 17.6 5.5 144.6 17.6 6.5 132.8 40.4 7.3 105.8 49.3 7.3

2013/09F 23.3 (2.7) 120.0 27.7 (17.0) 108.8 11.0 (18.1) 86.7 7.4 (18.1)

2013/12F 12.5 (0.6) 207.4 61.3 72.8 200.5 71.2 84.3 159.8 76.6 84.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 8,685.7 480.1 341.4 4,264 10.4 현대하이스코 7.6 1.4 20.6 0.6

FY2013F 9,410.5 546.9 401.2 4,993 8.9 철강·비철금속 7.8 0.7 9.2 2.3



현대하이스코

6,865.8

8,170.3

8,648.9

10,175.3

11,038.8

3,972.9 2,620.0

4,720.6 3,087.0

5,815.8 3,855.6

6,528.1 4,133.2

6,938.4 4,084.5

2,108.4

2,224.2

2,064.8

2,251.6

2,480.5

2,616.7

2,546.2

2,531.9

0

10,000

20,000

30,000

40,000

50,000

60,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x29

x23

x17

x11

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



93


A103140 151040 universe

풍산 (103140.KS) 업데이트 : 2012.10.30




52주 최고가 : 36,400 시가총액(십억원) : 889.8

52주 최저가 : 22,750 60일 평균 거래대금(백만원) : 8,831.3

연중 최고가 : 36,400 외국인지분(%) : 10.5

9 10 11 12 13


(0.3) 6.7 28.0 13.4 21.6

업종 대비 9.7 16.7 38.0 23.4 31.6 5

KOSPI 대비 1.9 8.6 24.2 9.4 17.6 10

22 23 24 19 20



2010/12A 26.4 241.2 35.7 195.3 6.4 152.9 2.3 290.6 5,460 33,290 800

2011/12A 6.4 123.4 (48.8) 66.5 (65.9) 40.7 (73.4) 172.8 1,452 33,582 400

2012/12F 2.8 164.6 33.4 108.4 62.9 81.5 100.3 221.6 2,909 35,509 800

2013/12F 10.8 201.1 22.2 148.2 36.7 116.9 43.5 279.6 4,173 38,595 800

2014/12F 6.8 219.5 9.1 167.6 13.1 130.6 11.7 302.9 4,661 42,206 800



2010/12A 932.8 1,159.7 131.1 (211.8) 8.9 8.6 8.8 1.44 17.3 1.7

2011/12A 941.0 1,304.4 145.0 (157.3) 4.3 11.8 18.0 0.78 4.3 1.5

2012/12F 995.0 1,328.1 145.1 (122.7) 5.6 10.0 10.9 0.89 8.4 2.5

2013/12F 1,081.5 1,341.1 132.8 (155.7) 6.1 8.0 7.6 0.82 11.3 2.5

2014/12F 1,182.6 1,289.4 117.7 (125.3) 6.3 7.2 6.8 0.75 11.5 2.5



2012/03A (4.5) (9.6) 38.6 (49.7) 3,555.0 24.4 (61.9) NA 17.8 (59.1) NA

2012/06A (1.0) 11.2 33.3 0.6 (13.7) 17.6 (5.5) (28.1) 10.2 (50.8) (42.9)

2012/09F 3.5 (4.2) 41.2 234.3 23.5 28.2 NA 60.6 21.1 NA 107.8

2012/12F 13.0 17.4 51.4 4,764.2 24.9 38.1 NA 35.0 32.4 NA 53.5

2013/03F 10.8 (11.3) 45.4 17.6 (11.7) 33.4 36.8 (12.3) 26.4 48.1 (18.7)

2013/06F 10.8 11.2 50.5 51.5 11.2 37.3 112.4 11.7 29.5 190.1 11.8

2013/09F 10.1 (4.9) 48.1 16.7 (4.9) 35.4 25.3 (5.2) 27.9 32.2 (5.3)

2013/12F 11.4 18.8 57.1 11.1 18.8 42.2 10.6 19.2 33.1 2.3 18.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,935.0 171.9 88.5 3,153 10.0 풍산 7.9 0.8 11.0 2.5

FY2013F 3,120.0 200.9 113.5 4,091 7.7 철강·비철금속 7.8 0.7 9.2 2.3



풍산

2,707.7

2,881.3

2,963.0

3,283.8

3,506.2

2,483.3 1,548.3

2,626.5 1,683.4

2,768.1 1,770.9

2,924.4 1,840.5

3,068.3 1,883.1

669.3

744.3

712.7

836.7

741.8

824.8

784.7

932.4

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

25

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

주가

x30

x22

x15

x8

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



94


A004150 151050 universe

한솔제지 (004150.KS) 업데이트 : 2012.10.11

투자의견 : 매수 업종 : 제지 주가 수익률(12개월)

목표주가 : 13,000 애널리스트 : 나은채


52주 최고가 : 10,750 시가총액(십억원) : 399.2

52주 최저가 : 6,560 60일 평균 거래대금(백만원) : 2,752.0

연중 최고가 : 10,550 외국인지분(%) : 22.2

9 10 11 12 13


(9.4) 2.0 25.9 1.2 10.0

업종 대비 0.0 11.4 35.3 10.6 19.4 5

KOSPI 대비 (7.2) 3.9 22.0 (2.8) 6.0 10

22 23 24 19 20



2010/12A 14.1 109.2 (20.4) 10.1 (85.8) 28.9 (35.9) 157.7 715 18,382 300

2011/12A (1.2) 91.8 (15.9) 26.2 160.2 (5.8) NA 140.0 -143 17,729 300

2012/12F 1.4 137.8 50.1 75.8 189.6 57.4 NA 185.1 1,420 18,411 450

2013/12F (2.0) 149.3 8.4 94.9 25.3 72.0 25.3 196.7 1,779 19,290 500

2014/12F 0.9 141.5 (5.3) 94.0 (1.0) 71.3 (1.0) 188.8 1,761 20,134 500



2010/12A 784.1 688.1 90.9 (42.8) 7.0 7.2 14.8 0.58 3.8 2.8

2011/12A 755.7 733.7 99.5 (49.4) 6.0 7.9 NA 0.48 (0.8) 3.5

2012/12F 785.5 681.9 87.0 (47.6) 8.8 5.9 6.4 0.50 7.5 4.9

2013/12F 823.8 622.9 75.8 (47.6) 9.7 5.3 5.1 0.47 8.9 5.5

2014/12F 860.6 584.2 69.2 (47.6) 9.1 5.4 5.2 0.45 8.5 5.5



2012/03A (1.1) (6.5) 33.8 62.1 28.2 26.0 95.7 NA 15.9 201.8 NA

2012/06A 5.7 7.3 47.1 65.2 39.5 36.7 78.1 41.3 28.2 NA 76.9

2012/09F 1.4 (6.5) 22.8 41.4 (51.6) 13.2 NA (64.1) 10.0 NA (64.5)

2012/12F (0.2) 6.5 34.1 29.4 49.4 (0.1) NA NA 3.3 NA (66.7)

2013/03F (2.0) (8.2) 33.1 (2.0) (2.8) 21.2 (18.6) NA 16.0 0.7 381.3

2013/06F (2.0) 7.3 46.2 (2.0) 39.5 34.2 (6.8) 61.8 25.9 (7.9) 61.8

2013/09F (2.0) (6.5) 22.4 (2.0) (51.6) 10.7 (18.8) (68.7) 8.1 (18.8) (68.7)

2013/12F (2.0) 6.5 47.7 39.9 113.2 28.9 NA 169.7 21.9 556.4 169.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,558.1 130.2 70.7 1,620 6.1 한솔제지 5.3 0.5 8.8 5.4

FY2013F 1,538.8 141.0 78.0 1,789 5.5 제지 5.7 0.5 8.6 5.4



한솔제지

1,560.2

1,541.8

1,564.0

1,533.2

1,547.2

1,760.6 984.9

1,764.3 1,011.0

1,761.0 968.5

1,753.7 909.5

1,780.3 885.1

377.5

404.9

378.5

403.2

370.0

396.9

371.0

395.3

0

2,000

4,000

6,000

8,000

10,000

12,000


-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

35,000

40,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x26

x19

x13

x7

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



95


A000210 201030 universe

대림산업 (000210.KS) 업데이트 : 2012.11.15

투자의견 : 중립 업종 : 건설 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이경자


52주 최고가 : 131,500 시가총액(십억원) : 2,411.6

52주 최저가 : 66,900 60일 평균 거래대금(백만원) : 24,394.5

연중 최고가 : 129,000 외국인지분(%) : 37.2

9 10 11 12 13


(15.1) (25.3) (26.3) (24.4) (23.3)

업종 대비 (6.8) (17.0) (18.0) (16.1) (15.0) 5

KOSPI 대비 (12.9) (23.5) (30.1) (28.4) (27.3) 10

22 23 24 19 20



2010/12A (2.4) 312.6 (37.6) 460.0 (0.2) 333.7 (2.8) 360.9 8,640 108,237 100

2011/12A 7.4 515.8 65.0 519.5 12.9 365.7 9.6 570.7 9,469 114,427 100

2012/12F 33.8 497.6 (3.5) 539.6 3.9 394.1 7.8 560.4 10,230 122,155 100

2013/12F 5.0 534.2 7.4 546.4 1.3 398.8 1.2 604.0 10,352 130,005 100

2014/12F 3.7 553.8 3.7 578.5 5.9 422.1 5.9 630.8 10,959 138,460 100



2010/12A 4,177.9 439.2 50.6 (97.2) 4.2 13.1 13.6 1.09 8.4 0.1

2011/12A 4,416.9 284.7 45.9 (302.0) 6.5 6.5 9.5 0.78 8.5 0.1

2012/12F 4,715.2 622.9 48.2 (128.4) 4.7 5.9 6.8 0.57 8.6 0.1

2013/12F 5,018.2 714.8 49.8 (138.3) 4.8 5.7 6.7 0.53 8.2 0.1

2014/12F 5,344.6 805.3 49.7 (148.8) 4.8 5.6 6.3 0.50 8.1 0.1



2012/03A 24.6 (13.0) 146.5 32.6 207.0 186.9 28.3 5,462.6 127.1 31.8 2,658.0

2012/06A 26.3 20.4 75.9 (61.0) (48.2) 53.9 (73.0) (71.2) 34.7 (76.3) (72.7)

2012/09F 32.0 8.6 146.2 (10.3) 92.7 159.3 (6.9) 195.5 116.3 (1.8) 235.0

2012/12F 47.8 29.9 115.8 142.7 (20.8) 126.3 3,657.1 (20.7) 116.0 2,417.2 (0.3)

2013/03F 5.0 (38.2) 153.8 5.0 32.8 186.9 (0.0) 48.0 136.4 7.3 17.6

2013/06F 5.0 20.4 79.7 5.0 (48.2) 55.3 2.6 (70.4) 40.4 16.3 (70.4)

2013/09F 5.0 8.6 153.5 5.0 92.7 161.1 1.1 191.2 117.5 1.1 191.2

2013/12F 5.0 29.9 147.3 27.2 (4.0) 143.2 13.4 (11.1) 104.5 (9.9) (11.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 10,019.2 552.1 438.2 10,963 7.1 대림산업 6.7 0.5 8.2 0.1

FY2013F 11,375.0 644.5 533.3 13,310 5.9 건설 10.6 0.9 8.6 1.4



대림산업

7,437.6

7,988.1

10,685.6

11,218.8

11,633.8

9,743.2 5,503.0

10,764.6 6,127.2

12,491.3 7,543.9

13,160.3 7,889.9

13,659.6 8,050.0

2,051.3

2,468.7

2,682.1

3,483.6

2,153.6

2,591.9

2,815.9

3,657.4

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-40

-30

-20

-10

0

10

20

30

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

주가

x15

x12

x9

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



96


A000720 201030 universe

현대건설 (000720.KS) 업데이트 : 2012.10.26

투자의견 : 매수 업종 : 건설 주가 수익률(12개월)

목표주가 : 90,000 애널리스트 : 이경자


52주 최고가 : 87,500 시가총액(십억원) : 7,037.7

52주 최저가 : 55,600 60일 평균 거래대금(백만원) : 29,931.7

연중 최고가 : 85,600 외국인지분(%) : 20.7

9 10 11 12 13


4.5 (1.3) (6.4) (0.6) (12.1)

업종 대비 12.8 7.0 1.9 7.7 (3.8) 5

KOSPI 대비 6.6 0.6 (10.2) (4.6) (16.1) 10

22 23 24 19 20



2010/12A 9.5 722.6 24.4 750.2 16.7 513.1 12.7 796.2 4,607 34,344 700

2011/12A 4.8 754.0 4.3 850.7 13.4 635.4 23.8 830.5 5,705 37,711 500

2012/12F 13.7 746.0 (1.1) 740.8 (12.9) 520.7 (18.0) 820.7 4,672 40,357 500

2013/12F 10.9 928.7 24.5 940.4 27.0 661.1 27.0 1,001.5 5,931 44,262 500

2014/12F 11.9 1,063.2 14.5 1,084.0 15.3 762.0 15.3 1,134.1 6,837 49,073 500



2010/12A 3,827.8 (922.6) 26.6 (84.7) 6.4 9.1 15.7 2.11 15.0 1.0

2011/12A 4,203.1 (539.1) 34.1 (68.1) 6.3 9.0 12.3 1.87 15.8 0.7

2012/12F 4,498.0 (644.5) 32.2 (91.7) 5.5 8.0 13.5 1.57 12.0 0.8

2013/12F 4,933.2 (639.5) 29.5 (91.1) 6.2 6.6 10.7 1.43 14.0 0.8

2014/12F 5,469.4 (796.5) 26.7 (90.5) 6.3 5.7 9.2 1.29 14.7 0.8



2012/03A 18.4 (28.9) 153.2 7.4 0.4 161.5 8.3 3.8 115.6 (4.7) (4.5)

2012/06A 10.8 17.6 166.8 (11.3) 8.9 163.7 (33.9) 1.4 104.9 (39.5) (9.2)

2012/09F 10.8 3.2 200.2 (26.1) 20.0 192.6 (35.5) 17.6 135.4 (38.4) 29.0

2012/12F 15.3 33.5 225.8 47.9 12.8 223.0 43.4 15.8 164.8 36.1 21.7

2013/03F 10.9 (31.6) 169.8 10.9 (24.8) 177.4 9.8 (20.5) 124.7 7.8 (24.3)

2013/06F 10.9 17.6 185.0 10.9 8.9 189.7 15.9 6.9 133.3 27.0 6.9

2013/09F 10.9 3.2 222.0 10.9 20.0 234.2 21.6 23.5 164.6 21.6 23.5

2013/12F 10.9 33.5 351.9 55.8 58.5 339.2 52.1 44.8 238.4 44.7 44.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 13,314.8 743.2 577.8 4,804 12.5 현대건설 10.9 1.4 13.8 0.8

FY2013F 14,999.3 965.8 762.5 6,352 9.4 건설 10.6 0.9 8.6 1.4



현대건설

11,377.9

11,920.2

13,552.2

15,026.0

16,808.8

10,996.4 7,058.0

11,871.9 7,508.4

12,445.1 7,759.2

13,371.1 8,211.6

14,823.3 9,081.2

2,705.6

3,181.3

3,282.3

4,383.0

2,999.8

3,527.3

3,639.3

4,859.6

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

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

x18

x16

x14

x12

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



97


A000830 201030 universe

삼성물산 (000830.KS) 업데이트 : 2012.11.01




52주 최고가 : 82,700 시가총액(십억원) : 9,216.8

52주 최저가 : 54,900 60일 평균 거래대금(백만원) : 38,080.5

연중 최고가 : 82,200 외국인지분(%) : 25.3

9 10 11 12 13


(5.9) (12.1) (14.9) (8.8) (13.9)

업종 대비 2.4 (3.8) (6.6) (0.5) (5.6) 5

KOSPI 대비 (3.7) (10.2) (18.7) (12.8) (17.9) 10

22 23 24 19 20



2010/12A (4.0) 631.9 (20.4) 678.8 (18.2) 485.6 57.8 739.1 3,298 55,025 500

2011/12A 21.3 596.9 (5.5) 610.0 (10.1) 402.0 (17.2) 718.8 2,722 60,181 500

2012/12F 17.4 747.4 25.2 660.9 8.3 485.8 20.8 871.7 3,206 65,757 500

2013/12F 8.6 684.0 (8.5) 672.6 1.8 481.2 (0.9) 810.7 3,175 71,304 500

2014/12F 2.8 693.1 1.3 702.3 4.4 502.4 4.4 822.2 3,315 76,984 500



2010/12A 8,545.6 1,425.5 30.8 (185.5) 3.6 18.9 23.9 1.43 6.1 0.6

2011/12A 9,385.0 3,039.7 45.1 (135.5) 2.8 19.3 25.0 1.13 4.5 0.7

2012/12F 10,281.9 (55.9) 44.5 (156.1) 3.0 10.7 18.4 0.90 4.9 0.8

2013/12F 11,174.3 (683.3) 38.9 (158.5) 2.5 10.8 18.6 0.83 4.5 0.8

2014/12F 12,087.9 (834.1) 35.8 (160.9) 2.5 10.5 17.8 0.77 4.3 0.8



2012/03A 26.6 (5.2) 174.6 4.9 36.2 179.7 (9.4) 73.3 127.7 (7.4) 31.9

2012/06A 25.3 9.3 322.5 185.3 84.7 280.9 166.0 56.3 263.1 285.4 106.1

2012/09F 17.5 (2.5) 119.7 (36.8) (62.9) 118.1 (41.7) (58.0) 84.6 (14.7) (67.8)

2012/12F 4.0 3.0 130.6 1.9 9.1 82.3 (20.6) (30.3) 10.4 (89.2) (87.7)

2013/03F 8.6 (1.0) 189.6 8.6 45.2 219.9 22.4 167.2 157.3 23.3 1,406.6

2013/06F 8.6 9.3 350.2 8.6 84.7 340.9 21.4 55.0 243.9 (7.3) 55.0

2013/09F 8.6 (2.5) 130.0 8.6 (62.9) 160.7 36.1 (52.9) 115.0 35.9 (52.9)

2013/12F 8.6 3.0 14.1 (89.2) (89.1) (48.9) NA NA (35.0) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 26,242.9 792.3 601.4 3,689 16.7 삼성물산 18.6 0.8 4.5 0.8

FY2013F 29,210.7 769.6 569.5 3,493 17.6 건설 10.6 0.9 8.6 1.4



삼성물산

17,755.9

21,545.5

25,295.9

27,473.8

28,241.8

17,501.1 8,922.7

20,922.0 11,436.9

24,416.5 14,014.6

26,821.9 15,507.9

28,175.3 15,927.5

5,943.5

6,496.1

6,334.1

6,522.2

6,455.2

7,055.4

6,879.4

7,083.8

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


-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

주가

x30

x26

x22

x18

x15

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



98


A002380 201030 universe

KCC (002380.KS) 업데이트 : 2012.09.25




52주 최고가 : 380,500 시가총액(십억원) : 2,950.9

52주 최저가 : 217,500 60일 평균 거래대금(백만원) : 7,664.7

연중 최고가 : 371,000 외국인지분(%) : 18.2

9 10 11 12 13


(10.0) (6.3) 4.7 23.3 1.3

업종 대비 (1.7) 1.9 13.0 31.6 9.6 5

KOSPI 대비 (7.8) (4.5) 0.8 19.3 (2.7) 10

22 23 24 19 20



2010/12A (20.0) 251.9 (34.4) 534.9 4.2 401.5 10.1 461.8 40,278 555,513 8,000

2011/12A 8.2 143.1 (43.2) 477.6 (10.7) 325.8 (18.9) 377.6 33,252 474,737 8,000

2012/12F 1.9 225.5 57.5 929.8 94.7 694.7 113.2 447.0 70,906 526,218 8,000

2013/12F 8.7 286.0 26.8 349.5 (62.4) 263.9 (62.0) 514.2 26,935 536,750 8,000

2014/12F 6.5 350.8 22.7 418.0 19.6 315.6 19.6 585.6 32,216 552,200 8,000



2010/12A 5,844.0 417.3 18.7 (341.1) 8.1 10.0 9.8 0.71 7.8 2.0

2011/12A 4,994.2 84.5 20.7 (513.4) 4.2 8.3 8.6 0.60 6.0 2.8

2012/12F 5,535.8 322.8 23.3 (425.6) 6.6 7.4 4.0 0.53 13.2 2.9

2013/12F 5,646.6 300.8 23.2 (307.2) 7.7 6.4 10.4 0.52 4.7 2.9

2014/12F 5,809.1 245.8 22.7 (263.8) 8.8 5.5 8.7 0.51 5.5 2.9



2012/03A 0.6 (13.0) 58.7 116.0 310.6 765.0 647.6 NA 578.2 576.8 NA

2012/06A (2.1) 12.4 62.1 (1.3) 5.9 7.0 (96.3) (99.1) 3.7 (97.4) (99.4)

2012/09F 1.9 (0.9) 40.7 1.9 (34.5) 74.7 (73.8) 968.8 56.6 (72.6) 1,409.5

2012/12F 6.9 10.2 63.9 347.2 56.9 83.2 NA 11.3 56.2 NA (0.6)

2013/03F 8.7 (11.5) 63.8 8.7 (0.2) 66.5 (91.3) (20.1) 50.2 (91.3) (10.7)

2013/06F 8.7 12.4 67.5 8.7 5.9 68.2 875.3 2.6 51.5 1,273.7 2.6

2013/09F 8.7 (0.9) 44.3 8.7 (34.5) 54.4 (27.2) (20.2) 41.1 (27.4) (20.2)

2013/12F 8.7 10.2 110.4 72.8 149.5 160.5 93.0 195.2 121.2 115.6 195.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,369.6 234.7 697.7 66,162 4.7 KCC 8.9 0.5 5.6 2.9

FY2013F 3,630.7 291.4 262.8 23,933 13.0 건설 10.6 0.9 8.6 1.4



KCC

3,115.6

3,370.9

3,433.7

3,731.4

3,973.4

8,511.3 2,636.4

7,342.3 2,316.8

8,127.1 2,557.6

8,519.2 2,838.2

8,987.6 3,143.1

768.7

864.2

856.6

944.2

835.4

939.1

930.8

1,026.1

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000


-10

0

10

20

30

40

50

60

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

주가

x15

x12

x9

x6

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



99


A006360 201030 universe

GS건설 (006360.KS) 업데이트 : 2012.11.11




52주 최고가 : 111,000 시가총액(십억원) : 2,542.4

52주 최저가 : 47,150 60일 평균 거래대금(백만원) : 28,550.7

연중 최고가 : 109,500 외국인지분(%) : 30.1

9 10 11 12 13


(25.9) (32.3) (35.7) (45.7) (46.6)

업종 대비 (17.6) (24.0) (27.4) (37.4) (38.3) 5

KOSPI 대비 (23.8) (30.4) (39.5) (49.7) (50.6) 10

22 23 24 19 20



2010/12A 10.6 633.0 3.7 555.8 7.0 397.3 4.9 682.0 8,030 71,244 1,000

2011/12A 7.5 598.1 (5.5) 563.6 1.4 423.7 6.6 660.5 8,563 74,846 1,000

2012/12F 5.6 284.6 (52.4) 329.8 (41.5) 247.8 (41.5) 345.7 5,008 77,762 1,000

2013/12F 9.7 367.2 29.0 423.6 28.4 318.3 28.4 428.5 6,433 82,061 1,000

2014/12F 10.8 555.0 51.2 614.9 45.2 462.0 45.2 616.5 9,337 89,178 1,000



2010/12A 3,549.9 (640.5) 39.9 (99.6) 7.5 8.1 14.4 1.63 11.6 0.9

2011/12A 3,735.1 (63.2) 50.0 (51.2) 6.6 7.4 10.8 1.23 11.6 1.1

2012/12F 3,883.8 608.6 62.5 (71.4) 3.0 9.8 10.0 0.64 6.5 2.0

2013/12F 4,103.1 532.4 58.3 (66.6) 3.5 7.7 7.7 0.61 8.0 2.0

2014/12F 4,466.0 357.6 52.2 (63.7) 4.8 5.1 5.3 0.56 10.8 2.0



2012/03A 4.1 (22.2) 55.0 (42.7) 118.1 102.5 (3.2) 32.4 73.2 1.5 (2.7)

2012/06A 7.9 11.7 119.9 (58.5) 117.8 110.3 (57.0) 7.7 72.1 (61.4) (1.5)

2012/09F 6.2 (3.6) 105.6 (43.8) (12.0) 116.8 (5.8) 5.8 87.7 (2.0) 21.7

2012/12F 4.5 24.6 4.5 (82.3) (95.8) 0.6 (99.2) (99.5) 14.8 (80.4) (83.2)

2013/03F 9.7 (18.2) 60.4 9.7 1,255.2 70.2 (31.5) 11,064.0 52.7 (28.0) 257.4

2013/06F 9.7 11.7 131.5 9.7 117.8 149.6 35.6 113.2 112.4 55.9 113.2

2013/09F 9.7 (3.6) 115.8 9.7 (12.0) 134.2 14.9 (10.3) 100.8 14.9 (10.3)

2013/12F 9.7 24.6 79.4 1,682.7 (31.4) 89.6 14,163.2 (33.2) 52.3 254.7 (48.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,623.5 446.5 363.8 7,016 9.2 GS건설 7.9 0.6 7.8 2.0

FY2013F 11,216.1 605.7 463.3 8,939 7.2 건설 10.6 0.9 8.6 1.4



GS건설

8,419.9

9,052.2

9,562.3

10,490.1

11,623.1

11,046.4 7,275.0

11,098.5 7,140.5

10,589.3 6,480.8

11,185.5 6,855.4

11,958.5 7,261.8

2,108.4

2,354.9

2,270.1

2,828.9

2,312.9

2,583.4

2,490.3

3,103.4

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

140,000

160,000

180,000

200,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x19

x15

x12

x9

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



100


A012630 201030 universe

현대산업 (012630.KS) 업데이트 : 2012.10.26




52주 최고가 : 28,850 시가총액(십억원) : 1,447.4

52주 최저가 : 15,650 60일 평균 거래대금(백만원) : 6,462.8

연중 최고가 : 28,450 외국인지분(%) : 49.2

9 10 11 12 13


(6.1) (13.1) (10.5) 11.6 11.6

업종 대비 2.2 (4.8) (2.2) 19.9 19.9 5

KOSPI 대비 (3.9) (11.3) (14.4) 7.6 7.6 10

22 23 24 19 20



2010/12A 32.7 243.5 62.2 160.1 104.6 97.3 292.6 283.0 1,322 30,849 500

2011/12A 14.4 402.7 65.4 294.9 84.2 221.7 128.0 440.0 3,013 33,070 700

2012/12F (15.9) 221.5 (45.0) 152.9 (48.1) 114.4 (48.4) 257.8 1,554 33,985 400

2013/12F 20.1 324.4 46.5 278.5 82.1 208.3 82.1 360.3 2,831 36,050 500

2014/12F 6.7 355.3 9.5 313.8 12.7 234.7 12.7 390.5 3,190 38,366 600



2010/12A 2,241.7 1,589.5 98.0 (28.7) 6.8 14.9 25.7 1.10 4.4 1.5

2011/12A 2,409.1 1,822.2 95.3 (51.2) 9.8 7.2 5.6 0.51 9.5 4.2

2012/12F 2,478.1 913.3 63.0 (51.1) 6.4 9.4 12.4 0.56 4.7 2.1

2013/12F 2,633.7 816.2 57.9 (50.4) 7.8 6.5 6.8 0.53 8.2 2.6

2014/12F 2,808.4 770.3 52.9 (49.7) 8.0 5.9 6.0 0.50 8.6 3.1



2012/03A (7.5) (37.7) 62.9 (32.6) (55.8) 40.6 (38.0) (64.8) 27.0 (42.1) (70.3)

2012/06A (22.6) 11.0 23.5 (60.0) (62.7) 5.1 (83.2) (87.4) 0.4 (98.2) (98.4)

2012/09F (11.4) 0.5 56.2 (48.1) 139.7 39.4 (52.7) 668.2 29.4 (51.1) 6,889.9

2012/12F (18.9) 16.6 78.9 (44.6) 40.2 67.8 (41.3) 72.2 57.5 (36.7) 95.4

2013/03F 20.1 (7.7) 75.6 20.1 (4.2) 64.0 57.5 (5.6) 47.9 77.4 (16.8)

2013/06F 20.1 11.0 28.2 20.1 (62.7) 15.8 207.5 (75.4) 11.8 2,697.9 (75.4)

2013/09F 20.1 0.5 67.6 20.1 139.7 56.0 42.2 255.2 41.9 42.2 255.2

2013/12F 20.1 16.6 153.1 94.1 126.6 142.8 110.6 155.2 106.8 85.7 155.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,298.9 195.4 95.4 1,150 17.5 현대산업 7.1 0.5 7.8 2.5

FY2013F 3,940.0 302.0 182.9 2,326 8.6 건설 10.6 0.9 8.6 1.4



현대산업

3,589.7

4,107.9

3,456.8

4,152.8

4,429.6

6,204.5 3,886.0

6,736.3 4,253.5

5,719.0 3,165.8

6,302.8 3,591.4

6,623.9 3,734.9

763.3

847.6

852.1

993.8

917.0

1,018.2

1,023.7

1,194.0

0

5,000

10,000

15,000

20,000

25,000

30,000


-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

주가

x32

x25

x18

x11

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



101


A028050 201030 universe

삼성엔지니어링 (028050.KS) 업데이트 : 2012.10.26

투자의견 : 중립 업종 : 건설 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이경자


52주 최고가 : 255,500 시가총액(십억원) : 5,820.0

52주 최저가 : 141,000 60일 평균 거래대금(백만원) : 33,093.5

연중 최고가 : 255,000 외국인지분(%) : 38.4

9 10 11 12 13


(13.1) (25.4) (24.6) (32.0) (30.0)

업종 대비 (4.8) (17.1) (16.3) (23.7) (21.8) 5

KOSPI 대비 (11.0) (23.5) (28.5) (36.0) (34.1) 10

22 23 24 19 20



2010/12A 31.5 412.3 22.4 459.0 31.2 339.3 30.8 441.9 9,032 32,052 2,500

2011/12A 75.0 717.3 74.0 687.0 49.7 513.3 51.3 755.7 13,892 40,887 3,000

2012/12F 23.3 736.5 2.7 709.8 3.3 531.3 3.5 785.2 14,375 49,308 3,500

2013/12F 8.3 768.2 4.3 787.4 10.9 589.4 10.9 817.4 15,947 58,720 4,000

2014/12F 5.2 818.0 6.5 836.6 6.2 626.2 6.2 867.5 16,943 68,591 4,500



2010/12A 997.0 (1,013.3) 6.5 (169.8) 7.8 15.0 21.3 5.99 38.3 1.3

2011/12A 1,350.6 (706.6) 3.4 (267.4) 7.7 9.7 14.5 4.93 43.7 1.5

2012/12F 1,687.5 (791.9) 0.6 (195.2) 6.4 6.4 10.1 2.95 35.0 2.4

2013/12F 2,064.0 (831.5) 0.0 (45.2) 6.2 6.1 9.1 2.48 31.4 2.7

2014/12F 2,458.8 (718.6) 0.0 (45.2) 6.3 5.8 8.6 2.12 27.7 3.1



2012/03A 46.2 (15.0) 189.3 16.9 6.0 184.2 12.6 (3.9) 143.8 18.3 (4.4)

2012/06A 46.5 16.8 204.2 24.5 7.9 197.4 24.9 7.2 143.4 27.2 (0.3)

2012/09F 28.3 (8.2) 184.1 (13.5) (9.9) 194.3 11.8 (1.6) 146.6 14.1 2.3

2012/12F (9.3) (0.5) 158.9 (11.0) (13.7) 133.8 (30.2) (31.2) 97.5 (35.2) (33.5)

2013/03F 8.3 1.6 205.0 8.3 29.0 210.0 14.0 57.0 157.2 9.3 61.3

2013/06F 8.3 16.8 221.2 8.3 7.9 226.2 14.6 7.7 169.3 18.1 7.7

2013/09F 8.3 (8.2) 199.4 8.3 (9.9) 204.3 5.1 (9.7) 152.9 4.3 (9.7)

2013/12F 8.3 (0.5) 142.5 (10.3) (28.5) 146.8 9.7 (28.2) 109.9 12.7 (28.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 11,780.3 797.8 595.3 14,794 10.9 삼성엔지니어링 9.2 2.5 31.8 2.7

FY2013F 13,403.2 887.2 669.3 16,549 9.7 건설 10.6 0.9 8.6 1.4



삼성엔지니어링

5,312.3

9,298.2

11,462.3

12,416.6

13,066.2

3,534.9 2,578.1

5,188.6 3,875.3

5,833.8 4,182.6

6,218.1 4,189.4

6,345.3 3,920.7

2,661.6

3,108.1

2,854.1

2,838.5

2,883.2

3,366.9

3,091.7

3,074.8

0

50,000

100,000

150,000

200,000

250,000

300,000


-50

-40

-30

-20

-10

0

10

20

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

주가

x21

x17

x13

x9

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



102


A047040 201030 universe

대우건설 (047040.KS) 업데이트 : 2012.11.02




52주 최고가 : 12,050 시가총액(십억원) : 3,844.5

52주 최저가 : 7,940 60일 평균 거래대금(백만원) : 5,385.1

연중 최고가 : 11,950 외국인지분(%) : 7.1

9 10 11 12 13


(8.9) (5.9) 11.6 3.4 (9.8)

업종 대비 (0.6) 2.4 19.9 11.6 (1.5) 5

KOSPI 대비 (6.7) (4.1) 7.7 (0.7) (13.8) 10

22 23 24 19 20



2010/12A (5.6) (991.4) NA (1,152.4) NA (827.6) NA (881.5) -2,577 8,145 0

2011/12A 4.6 331.9 NA 210.0 NA 177.1 NA 391.3 431 8,291 0

2012/12F 17.5 397.5 19.8 325.4 55.0 251.7 42.1 458.1 613 8,513 100

2013/12F 17.3 576.5 45.0 567.0 74.2 438.5 74.2 638.2 1,067 9,185 100

2014/12F 9.9 668.4 15.9 688.2 21.4 532.2 21.4 730.8 1,295 10,083 100



2010/12A 3,283.3 2,261.6 85.6 (126.6) (14.8) (7.4) NA 1.58 (26.1) 0.0

2011/12A 3,344.1 1,427.3 67.5 (99.5) 4.7 15.0 24.4 1.27 5.3 0.0

2012/12F 3,436.6 1,132.8 58.3 (84.6) 4.8 11.0 15.1 1.09 7.4 1.1

2013/12F 3,715.9 902.7 49.5 (75.0) 6.0 7.5 8.7 1.01 12.3 1.1

2014/12F 4,088.9 843.2 43.5 (70.5) 6.3 6.5 7.1 0.92 13.6 1.1



2012/03A 2.0 (23.0) 50.1 (40.4) 344.6 42.2 (35.8) NA 30.9 (36.3) 88.8

2012/06A 24.9 34.1 126.5 (18.5) 152.7 90.3 (35.0) 114.0 69.1 (33.8) 123.5

2012/09F 45.6 1.3 71.2 (20.4) (43.7) 69.4 263.9 (23.1) 51.0 556.4 (26.1)

2012/12F 3.0 (1.5) 149.8 1,230.2 110.5 123.4 NA 77.7 100.7 515.0 97.4

2013/03F 17.3 (12.3) 58.7 17.3 (60.8) 52.2 23.6 (57.7) 40.4 30.6 (59.9)

2013/06F 17.3 34.1 148.4 17.3 152.7 119.1 31.9 128.2 92.1 33.4 128.2

2013/09F 17.3 1.3 83.5 17.3 (43.7) 83.1 19.7 (30.2) 64.3 26.1 (30.2)

2013/12F 17.3 (1.5) 286.0 90.9 242.6 312.5 153.2 275.9 241.7 140.0 275.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 8,248.3 413.8 257.4 621 16.0 대우건설 9.1 1.0 11.7 1.1

FY2013F 9,532.4 554.8 380.7 923 10.8 건설 10.6 0.9 8.6 1.4



대우건설

6,713.4

7,019.6

8,250.1

9,676.0

10,638.4

9,860.2 6,506.3

9,468.6 6,056.4

9,543.2 6,041.2

10,720.3 6,945.4

11,510.1 7,370.4

1,638.0

2,196.6

2,224.2

2,191.3

1,921.1

2,576.2

2,608.7

2,570.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x35

x26

x18

x9

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



103


A108670 201030 universe

LG하우시스 (108670.KS) 업데이트 : 2012.10.17




52주 최고가 : 89,000 시가총액(십억원) : 734.5

52주 최저가 : 56,400 60일 평균 거래대금(백만원) : 1,657.8

연중 최고가 : 88,800 외국인지분(%) : 9.0

9 10 11 12 13


1.9 17.5 38.8 (4.3) (6.4)

업종 대비 10.2 25.8 47.1 4.0 1.9 5

KOSPI 대비 4.0 19.3 34.9 (8.3) (10.4) 10

22 23 24 19 20



2010/12A 34.9 63.5 48.3 55.9 79.1 40.8 78.3 130.2 4,084 69,029 1,000

2011/12A 9.3 72.3 13.9 60.0 7.3 46.6 14.1 143.9 4,659 72,346 1,000

2012/12F 5.5 81.8 13.1 69.0 15.1 51.1 9.7 164.9 5,110 76,119 1,000

2013/12F 12.6 103.6 26.7 91.3 32.4 68.1 33.3 192.4 6,816 81,593 1,000

2014/12F 13.7 130.6 26.0 118.9 30.2 89.1 30.9 225.0 8,920 89,168 1,000



2010/12A 688.3 172.4 61.4 (186.2) 2.8 7.6 21.4 1.26 6.0 1.1

2011/12A 721.5 374.5 107.7 (223.5) 3.0 8.2 18.7 1.20 6.6 1.2

2012/12F 759.2 331.9 94.9 (121.8) 3.2 6.6 16.0 1.08 6.9 1.2

2013/12F 813.9 336.5 95.1 (135.0) 3.6 5.7 12.0 1.00 8.7 1.2

2014/12F 889.7 283.5 87.8 (120.2) 3.9 4.6 9.2 0.92 10.5 1.2



2012/03A 2.0 (10.2) 6.1 (63.4) (63.5) 2.8 (80.6) (77.0) 1.8 (82.9) (82.9)

2012/06A 2.1 14.6 33.0 101.2 444.7 27.0 88.2 850.5 19.5 80.6 995.7

2012/09F (2.1) (0.6) 24.9 9.5 (24.6) 21.5 15.5 (20.3) 16.9 13.0 (13.1)

2012/12F 20.1 17.4 17.9 7.4 (28.2) 17.6 42.6 (18.2) 12.9 23.6 (24.1)

2013/03F 12.6 (15.8) 6.8 12.6 (61.8) 3.5 24.6 (79.9) 2.4 33.3 (81.6)

2013/06F 12.6 14.6 37.2 12.6 444.7 34.0 25.9 860.5 25.6 31.2 978.1

2013/09F 12.6 (0.6) 28.0 12.6 (24.6) 24.9 15.7 (26.8) 18.6 9.8 (27.2)

2013/12F 12.6 17.4 31.7 77.3 13.1 28.9 63.9 16.0 21.6 67.6 15.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,527.4 83.6 51.6 5,166 15.7 LG하우시스 12.3 1.0 8.5 1.2

FY2013F 2,837.2 112.3 74.1 7,418 11.0 건설 10.6 0.9 8.6 1.4



LG하우시스

2,242.1

2,450.1

2,585.7

2,910.5

3,308.3

1,519.7 823.8

1,942.5 1,220.2

1,951.0 1,191.3

2,150.2 1,336.1

2,296.8 1,407.4

559.4

641.0

637.4

748.0

629.6

721.5

717.4

841.9

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-40

-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

200,000

2009 2010 2011 2012

주가

x36

x29

x23

x17

x11

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



104


A006260 201040 universe

LS (006260.KS) 업데이트 : 2012.11.14

투자의견 : 매수 업종 : 전기부품·설비 주가 수익률(12개월)



52주 최고가 : 100,500 시가총액(십억원) : 2,978.5

52주 최저가 : 71,900 60일 평균 거래대금(백만원) : 10,356.3

연중 최고가 : 99,000 외국인지분(%) : 12.2

9 10 11 12 13


(2.7) 2.9 15.8 20.1 24.3

업종 대비 (4.2) 1.4 14.3 18.6 22.8 5

KOSPI 대비 (0.6) 4.7 11.9 16.1 20.3 10

22 23 24 19 20



2010/12A (22.9) 571.1 11.8 351.4 (31.0) 245.3 14.2 820.3 8,834 66,796 1,000

2011/12A 19.2 338.0 (40.8) 107.4 (69.4) 117.6 (52.0) 620.8 4,237 69,755 1,250

2012/12F (0.5) 573.8 69.7 364.5 239.3 233.5 98.5 895.4 8,410 76,169 1,250

2013/12F 10.7 769.2 34.1 564.2 54.8 356.2 52.6 1,115.9 12,829 86,417 1,250

2014/12F 7.6 847.4 10.2 717.4 27.1 452.9 27.1 1,211.5 16,312 99,596 1,250



2010/12A 2,150.8 3,302.7 143.4 (381.5) 5.5 8.9 12.1 1.59 13.1 0.9

2011/12A 2,246.1 4,184.5 177.0 (460.0) 2.7 11.6 17.9 1.09 5.4 1.6

2012/12F 2,452.6 4,134.9 161.0 (443.1) 4.7 8.6 11.0 1.21 9.9 1.4

2013/12F 2,782.6 3,800.6 133.7 (450.4) 5.7 6.7 7.2 1.07 13.6 1.4

2014/12F 3,207.0 3,355.0 105.9 (420.3) 5.8 5.9 5.7 0.93 15.1 1.4



2012/03A (3.7) 0.5 144.8 (7.9) (25.4) 100.2 6.3 (6.2) 62.7 (1.6) (14.5)

2012/06A (2.9) 7.2 163.4 82.2 12.9 99.9 243.0 (0.3) 59.6 (21.4) (5.0)

2012/09F (5.0) (9.5) 98.6 NA (39.7) 45.5 NA (54.5) 29.1 NA (51.1)

2012/12F 10.2 13.0 166.9 (14.0) 69.3 118.9 11.3 161.4 82.1 12.0 181.6

2013/03F 10.7 0.9 191.9 32.6 15.0 147.3 47.0 23.8 93.0 48.3 13.3

2013/06F 10.7 7.2 217.5 33.1 13.3 159.0 59.2 8.0 100.4 68.5 8.0

2013/09F 18.0 (3.5) 177.1 79.6 (18.6) 124.2 172.9 (21.9) 78.4 169.0 (21.9)

2013/12F 4.2 (0.3) 182.6 9.4 3.1 133.7 12.4 7.7 84.4 2.9 7.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 12,678.3 623.9 328.5 8,329 11.3 LS 7.5 1.1 13.2 1.4

FY2013F 13,532.8 724.8 428.8 11,078 8.5 전기부품·설비 10.0 1.4 13.6 1.1



LS

10,359.6

12,351.6

12,291.2

13,603.7

14,643.8

8,816.9 6,093.0

9,957.8 7,171.8

10,121.8 7,057.1

11,036.1 7,532.6

11,481.2 7,416.2

2,969.9

3,184.0

2,881.0

3,256.3

3,287.0

3,523.9

3,400.9

3,391.8

0

20,000

40,000

60,000

80,000

100,000

120,000


-20

-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x27

x20

x14

x7

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



105


A010120 201040 universe

LS산전 (010120.KS) 업데이트 : 2012.09.26

투자의견 : 중립 업종 : 전기부품·설비 주가 수익률(12개월)

목표주가 : - 애널리스트 : 최문선


52주 최고가 : 73,400 시가총액(십억원) : 2,166.0

52주 최저가 : 50,200 60일 평균 거래대금(백만원) : 5,167.9

연중 최고가 : 72,700 외국인지분(%) : 10.6

9 10 11 12 13


7.9 7.9 33.5 19.7 11.6

업종 대비 6.4 6.4 32.0 18.2 10.1 5

KOSPI 대비 10.1 9.8 29.6 15.7 7.6 10

22 23 24 19 20



2010/12A 17.7 174.3 2.9 150.9 (30.0) 123.4 (27.6) 236.4 4,207 25,265 1,150

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 12.9 184.7 44.1 149.3 56.3 115.3 63.9 267.3 3,933 29,909 600

2013/12F 20.5 251.9 36.4 220.9 48.0 178.4 54.6 342.9 6,082 35,349 600

2014/12F 14.8 312.4 24.0 289.4 31.0 233.7 31.1 411.4 7,970 42,635 600



2010/12A 732.4 367.4 69.6 (102.2) 9.5 13.0 21.5 3.58 17.9 1.3

2011/12A 771.6 439.8 74.8 (107.3) 6.2 12.2 27.7 2.50 9.4 0.9

2012/12F 871.7 446.7 71.8 (112.7) 7.9 9.8 18.4 2.41 14.0 0.8

2013/12F 1,034.9 411.2 60.7 (117.1) 8.9 7.5 11.9 2.04 18.7 0.8

2014/12F 1,253.5 360.6 48.8 (121.5) 9.7 6.1 9.1 1.69 20.4 0.8



2012/03A (9.3) (19.0) 33.1 (7.7) (22.3) 26.1 (12.0) (22.8) 21.2 (3.0) (21.8)

2012/06A 15.8 33.4 52.1 57.3 57.7 45.5 81.0 74.2 32.5 119.2 53.8

2012/09F 18.9 (3.4) 42.0 151.8 (19.4) 32.7 376.3 (28.2) 26.4 294.6 (18.7)

2012/12F 24.8 19.6 57.5 35.1 36.9 44.9 32.8 37.4 35.2 30.2 33.1

2013/03F 20.5 (21.8) 39.8 20.5 (30.7) 30.9 18.1 (31.3) 24.9 17.8 (29.2)

2013/06F 20.5 33.4 62.8 20.5 57.7 56.0 22.9 81.3 45.2 38.9 81.3

2013/09F 14.5 (8.2) 22.7 (46.0) (63.9) 13.9 (57.4) (75.1) 11.3 (57.4) (75.1)

2013/12F 25.5 31.2 126.5 120.0 457.5 121.3 169.9 769.7 97.0 175.5 761.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,315.7 191.5 128.4 4,272 15.4 LS산전 12.3 2.1 18.2 0.8

FY2013F 2,652.4 231.4 164.2 5,253 12.5 전기부품·설비 10.0 1.4 13.6 1.1



LS산전

1,834.8

2,070.9

2,338.5

2,818.0

3,235.0

1,682.1 944.0

1,769.4 992.9

1,980.4 1,103.3

2,287.2 1,244.0

2,559.9 1,310.9

452.9

603.9

583.6

698.1

545.7

727.8

668.2

876.3

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

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

주가

x33

x26

x20

x14

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



106


A000150 201050 universe

두산 (000150.KS) 업데이트 : 2012.11.01

투자의견 : 매수 업종 : 지주회사·복합기업 주가 수익률(12개월)

목표주가 : 175,000 애널리스트 : 이훈


52주 최고가 : 175,500 시가총액(십억원) : 2,528.7

52주 최저가 : 117,000 60일 평균 거래대금(백만원) : 10,553.1

연중 최고가 : 171,500 외국인지분(%) : 13.6

9 10 11 12 13


(7.6) (12.2) 0.4 (15.9) (15.0)

업종 대비 (12.8) (17.5) (4.8) (21.1) (20.2) 5

KOSPI 대비 (5.4) (10.4) (3.5) (19.9) (19.0) 10

22 23 24 19 20



2010/12A (81.7) 899.9 68.7 849.1 NA 768.0 232.4 975.9 33,072 107,671 2,500

2011/12A 7.5 453.2 (49.6) 403.2 (52.5) 305.2 (60.3) 540.7 15,521 114,378 3,000

2012/12F 6.8 411.7 (9.2) 352.2 (12.6) 262.8 (13.9) 498.0 13,058 133,579 3,000

2013/12F 11.4 636.0 54.5 575.8 63.5 455.7 73.4 730.6 22,084 148,588 3,100

2014/12F 6.7 730.4 14.8 671.9 16.7 531.8 16.7 835.5 25,798 166,460 3,200



2010/12A 3,211.7 555.6 27.8 (95.2) 24.0 5.0 4.7 1.43 30.7 1.6

2011/12A 3,193.1 929.0 37.1 (171.8) 11.2 9.3 9.2 1.25 9.5 2.1

2012/12F 3,393.5 952.4 35.3 (94.7) 9.6 8.1 9.3 0.91 8.0 2.5

2013/12F 3,785.6 939.4 31.5 (98.4) 13.3 5.5 5.5 0.82 12.7 2.5

2014/12F 4,252.5 879.5 27.2 (102.5) 14.3 4.8 4.7 0.73 13.2 2.6



2012/03A 20.2 (23.6) 86.0 (28.2) (16.8) 73.2 (33.9) (12.0) 39.0 (58.7) (45.0)

2012/06A 9.6 11.4 119.4 (36.5) 38.8 102.3 (41.8) 39.7 80.7 (40.4) 107.3

2012/09F (3.0) (2.3) 51.7 23.3 (56.7) 35.8 6.4 (65.0) 26.1 NA (67.7)

2012/12F 4.6 25.7 154.7 49.6 199.2 141.4 70.2 295.1 111.9 58.1 329.5

2013/03F 9.0 (20.4) 147.6 71.5 (4.6) 132.5 81.1 (6.3) 104.9 169.2 (6.3)

2013/06F 16.0 18.6 157.0 31.5 6.4 141.9 38.8 7.1 112.3 39.1 7.1

2013/09F 12.6 (5.1) 155.9 201.5 (0.7) 140.8 293.4 (0.8) 111.5 327.6 (0.8)

2013/12F 8.4 21.0 175.6 13.5 12.6 160.5 13.5 14.0 127.0 13.5 14.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 4,311.6 486.7 340.5 10,975 12.1 두산 5.8 0.8 12.2 2.5

FY2013F 4,786.5 597.8 450.4 15,407 8.6 지주회사·복합기업 6.2 0.7 11.6 1.6


PBR 밴드 펀더멘탈 & 밸류에이션 7.2 avg. score : 7.2

두산

3,752.6

4,033.3

4,308.3

4,798.0

5,118.3

5,930.3 2,499.3

6,296.2 2,807.2

6,620.3 2,911.1

7,182.6 3,051.8

7,727.1 3,095.1

942.3

1,049.9

1,026.1

1,289.9

1,027.0

1,217.8

1,155.5

1,397.7

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-25

-20

-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

주가

x2.1

x1.8

x1.5

x1.2

x0.9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



107


A000880 201050 universe

한화 (000880.KS) 업데이트 : 2012.09.18




52주 최고가 : 40,500 시가총액(십억원) : 2,361.2

52주 최저가 : 25,850 60일 평균 거래대금(백만원) : 8,299.9

연중 최고가 : 39,400 외국인지분(%) : 23.4

9 10 11 12 13


(3.4) 1.9 14.3 (14.3) (4.7)

업종 대비 (8.6) (3.3) 9.1 (19.5) (9.9) 5

KOSPI 대비 (1.2) 3.8 10.5 (18.3) (8.7) 10

22 23 24 19 20



2010/12A (51.8) 463.6 (69.2) 1,432.6 12.7 1,149.1 105.3 566.4 16,522 62,255 600

2011/12A (15.8) 313.6 (32.4) 296.3 (79.3) 134.5 (88.3) 438.4 1,934 62,388 450

2012/12F 3.8 383.4 22.3 471.3 59.0 357.1 165.4 512.2 5,136 65,295 450

2013/12F 5.9 380.1 (0.9) 591.3 25.5 437.6 22.5 514.3 6,293 69,181 500

2014/12F 5.7 450.4 18.5 709.7 20.0 525.1 20.0 591.1 7,553 74,081 550



2010/12A 4,675.6 4,647.2 95.6 (333.7) 3.2 15.2 2.8 0.75 33.2 1.3

2011/12A 4,685.6 4,539.8 97.2 (280.2) 2.6 16.9 17.1 0.53 2.9 1.4

2012/12F 4,905.0 5,193.5 104.9 (280.0) 3.0 15.5 6.1 0.48 7.4 1.4

2013/12F 5,198.1 5,149.8 98.7 (299.6) 2.8 15.3 5.0 0.46 8.7 1.6

2014/12F 5,567.8 5,048.2 91.2 (323.6) 3.2 13.2 4.2 0.43 9.8 1.7



2012/03A 0.1 (21.2) 79.3 9.5 152.2 104.0 156.8 NA 87.4 420.5 NA

2012/06A (3.3) 6.3 91.9 (16.0) 15.8 101.1 (44.5) (2.9) 72.7 (47.5) (16.7)

2012/09F 5.2 13.4 110.5 10.3 20.3 147.3 47.3 45.7 109.0 98.3 49.8

2012/12F 5.7 11.3 101.6 222.9 (8.1) 118.9 NA (19.2) 88.0 NA (19.2)

2013/03F 6.1 (20.8) 68.9 (13.2) (32.2) 118.3 13.7 (0.5) 87.5 0.2 (0.5)

2013/06F 14.9 15.0 82.8 (9.9) 20.2 140.4 38.9 18.6 103.9 42.8 18.6

2013/09F 5.8 4.5 118.7 7.4 43.3 189.0 28.4 34.7 139.9 28.4 34.7

2013/12F 5.1 10.5 109.7 8.0 (7.5) 143.6 20.7 (24.1) 106.3 20.8 (24.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 12,228.7 367.0 350.9 4,530 7.1 한화 5.1 0.5 8.5 1.6

FY2013F 13,228.9 404.1 408.6 5,254 6.1 지주회사·복합기업 6.2 0.7 11.6 1.6



한화

14,471.8

12,185.9

12,647.7

13,397.5

14,166.8

14,624.4 9,518.2

15,029.7 9,970.9

15,411.5 10,132.4

15,876.2 10,299.8

16,398.8 10,446.8

2,700.7

2,869.7

3,253.0

3,621.0

2,866.2

3,295.9

3,443.1

3,804.1

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-35

-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.6

x1.3

x1.0

x0.7

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



108


A001040 201050 universe

CJ (001040.KS) 업데이트 : 2012.11.01

투자의견 : 중립 업종 : 지주회사·복합기업 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이훈


52주 최고가 : 115,000 시가총액(십억원) : 3,016.5

52주 최저가 : 70,600 60일 평균 거래대금(백만원) : 14,718.5

연중 최고가 : 111,500 외국인지분(%) : 20.4

9 10 11 12 13


(5.5) 30.3 32.3 30.7 35.1

업종 대비 (10.7) 25.1 27.1 25.4 29.8 5

KOSPI 대비 (3.3) 32.2 28.4 26.6 31.1 10

22 23 24 19 20



2010/12A 20.2 833.5 13.1 1,157.7 63.0 231.5 22.4 1,367.9 8,296 106,776 800

2011/12A 14.3 907.6 8.9 1,033.0 (10.8) 369.0 59.4 1,633.7 13,147 103,910 650

2012/12F 30.1 1,152.8 27.0 839.7 (18.7) 263.1 (28.7) 2,126.7 9,370 111,948 650

2013/12F 9.1 1,245.3 8.0 929.1 10.7 343.7 30.7 2,322.4 12,242 122,429 850

2014/12F 8.7 1,303.8 4.7 976.2 5.1 361.1 5.1 2,481.0 12,862 133,438 900



2010/12A 3,128.2 2,658.7 75.8 (712.2) 7.2 5.8 9.5 0.74 9.0 1.0

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

2012/12F 3,313.7 6,069.9 92.5 (771.9) 6.7 6.7 11.1 0.93 8.3 0.6

2013/12F 3,641.4 6,055.5 85.4 (756.4) 6.6 6.3 8.5 0.85 9.9 0.8

2014/12F 3,985.6 6,125.5 79.5 (748.9) 6.4 6.1 8.1 0.78 9.5 0.9



2012/03A 31.6 19.6 245.7 19.9 62.3 177.8 (5.0) (60.8) 23.2 (45.1) (89.6)

2012/06A 37.4 4.8 275.7 13.5 12.2 166.7 (30.1) (6.3) 34.2 (47.4) 47.3

2012/09F 25.7 2.4 312.4 2.0 13.3 242.5 58.2 45.5 34.2 (7.9) (0.0)

2012/12F 26.4 (1.6) 317.2 109.5 1.5 252.7 (44.4) 4.2 100.7 (55.1) 194.2

2013/03F 7.8 2.0 271.9 10.7 (14.3) 194.6 9.5 (23.0) 104.9 351.5 4.2

2013/06F 6.9 4.0 304.6 10.5 12.0 224.1 34.5 15.2 263.1 668.7 150.7

2013/09F 9.8 5.2 348.4 11.5 14.4 266.3 9.8 18.8 72.0 110.4 (72.6)

2013/12F 11.7 0.1 320.4 1.0 (8.0) 244.0 (3.4) (8.4) 82.9 (17.6) 15.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 17,396.4 1,141.3 596.5 7,974 13.6 CJ 8.7 0.9 9.7 0.8

FY2013F 18,946.9 1,329.3 742.4 10,612 10.2 지주회사·복합기업 6.2 0.7 11.6 1.6



CJ

11,615.5

13,271.1

17,261.6

18,824.1

20,455.5

13,800.6 7,789.3

19,656.1 12,092.0

20,661.4 12,267.6

21,437.6 12,355.2

22,206.3 12,400.5

4,130.3

4,330.6

4,434.7

4,364.4

4,451.4

4,629.1

4,869.5

4,874.2

0

20,000

40,000

60,000

80,000

100,000

120,000


-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

주가

x1.0

x0.8

x0.7

x0.6

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



109


A003550 201050 universe

LG (003550.KS) 업데이트 : 2012.10.24




52주 최고가 : 77,700 시가총액(십억원) : 11,406.0

52주 최저가 : 51,800 60일 평균 거래대금(백만원) : 28,918.8

연중 최고가 : 76,300 외국인지분(%) : 25.3

9 10 11 12 13


4.9 8.2 22.4 14.8 7.5

업종 대비 (0.3) 2.9 17.2 9.5 2.2 5

KOSPI 대비 7.1 10.0 18.5 10.7 3.5 10

22 23 24 19 20



2010/12A 18.5 1,859.4 3.6 1,793.3 2.9 1,528.8 (4.3) 2,155.1 8,715 56,102 1,000

2011/12A 6.1 1,306.5 (29.7) 1,233.5 (31.2) 978.3 (36.0) 1,634.1 5,565 59,998 1,000

2012/12F 5.6 1,629.9 24.8 1,555.1 26.1 1,281.1 30.9 1,984.0 7,287 66,070 1,150

2013/12F 7.7 1,863.5 14.3 1,791.5 15.2 1,438.9 12.3 2,236.1 8,185 72,877 1,300

2014/12F 5.0 1,985.8 6.6 1,920.4 7.2 1,538.1 6.9 2,386.0 8,749 80,083 1,400



2010/12A 9,864.0 386.7 8.8 (374.2) 19.6 7.4 10.0 1.56 16.8 1.1

2011/12A 10,549.5 852.2 13.0 (600.4) 13.0 7.3 11.0 1.02 9.6 1.6

2012/12F 11,617.4 723.1 11.2 (465.0) 15.3 6.4 9.1 1.00 11.6 1.7

2013/12F 12,814.5 590.3 9.6 (475.0) 16.3 5.6 8.1 0.91 11.8 2.0

2014/12F 14,081.9 418.5 8.1 (487.0) 16.5 5.2 7.6 0.83 11.4 2.1



2012/03A (7.5) (25.5) 320.1 (8.4) (2.9) 310.0 (11.1) (1.7) 270.7 (8.6) 52.3

2012/06A (3.4) 22.0 352.1 (12.9) 10.0 331.3 (15.0) 6.9 276.5 (20.1) 2.2

2012/09F 6.1 (4.5) 245.0 6.1 (30.4) 221.8 18.1 (33.0) 174.0 9.8 (37.1)

2012/12F 0.0 15.2 329.5 0.0 34.5 308.8 (2.1) 39.2 177.7 0.0 2.1

2013/03F (0.0) (25.5) 320.1 0.0 (2.9) 310.0 (0.0) 0.4 270.7 0.0 52.3

2013/06F 0.0 22.0 352.1 0.0 10.0 331.3 0.0 6.9 276.5 0.0 2.2

2013/09F 7.9 3.1 450.0 83.7 27.8 428.1 93.0 29.2 343.8 97.6 24.3

2013/12F 17.3 25.3 507.7 54.1 12.8 485.7 57.3 13.5 390.1 119.6 13.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 10,506.0 1,548.7 1,296.6 6,920 9.0 LG 8.2 0.9 11.8 1.9

FY2013F 11,662.1 1,861.3 1,573.7 8,349 7.4 지주회사·복합기업 6.2 0.7 11.6 1.6



LG

9,480.2

10,059.0

10,621.1

11,437.1

12,008.6

13,778.9 3,545.9

15,160.7 4,200.2

16,301.4 4,228.4

17,657.3 4,321.2

19,034.2 4,354.6

2,101.8

2,565.1

2,450.2

2,822.4

2,101.8

2,565.1

2,643.4

3,310.9

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

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

x1.7

x1.5

x1.2

x1.0

x0.8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



110


A003600 201050 universe

SK (003600.KS) 업데이트 : 2012.11.16




52주 최고가 : 183,000 시가총액(십억원) : 8,453.1

52주 최저가 : 113,000 60일 평균 거래대금(백만원) : 29,234.8

연중 최고가 : 180,000 외국인지분(%) : 32.1

9 10 11 12 13


18.4 9.1 50.0 33.3 49.4

업종 대비 13.2 3.8 44.7 28.1 44.1 5

KOSPI 대비 20.6 10.9 46.1 29.3 45.4 10

22 23 24 19 20



2010/12A 10.2 5,646.8 51.4 4,490.7 101.1 924.9 243.9 8,972.7 22,812 198,292 1,950

2011/12A 22.8 8,346.5 47.8 7,338.8 63.4 1,673.1 80.9 11,856.9 41,315 235,266 1,950

2012/12F 11.1 6,722.5 (19.5) 5,769.8 (21.4) 1,426.7 (14.7) 10,393.8 34,691 263,368 1,950

2013/12F 3.8 9,292.0 38.2 8,448.5 46.4 2,018.1 41.5 13,229.9 49,070 312,683 1,950

2014/12F 0.9 10,258.1 10.4 9,442.0 11.8 2,270.8 12.5 14,462.4 55,213 358,517 1,950



2010/12A 8,995.4 19,303.0 102.1 (4,133.1) 6.2 5.2 6.1 0.70 11.5 1.4

2011/12A 10,750.6 14,933.9 86.0 (5,564.2) 7.5 3.7 2.9 0.51 16.9 1.6

2012/12F 12,084.6 23,436.6 87.4 (5,427.6) 5.4 5.5 5.2 0.68 12.5 1.1

2013/12F 14,425.7 21,293.8 71.7 (5,519.9) 7.2 4.5 3.7 0.58 15.2 1.1

2014/12F 16,601.5 19,069.5 59.4 (5,624.8) 7.9 4.2 3.3 0.50 14.6 1.1



2012/03A 11.6 7.7 1,685.5 (30.9) 76.4 1,642.7 (26.8) 103.6 459.5 (12.7) 345.6

2012/06A 10.9 (1.2) 679.5 (49.1) (59.7) 380.6 (72.5) (76.8) 78.3 (76.0) (83.0)

2012/09F 9.7 (1.5) 1,645.7 (55.2) 142.2 1,340.2 (54.9) 252.2 318.0 (55.5) 306.1

2012/12F 12.5 7.4 2,711.8 183.8 64.8 2,406.3 198.3 79.5 570.9 453.7 79.5

2013/03F 7.7 3.2 2,750.6 63.2 1.4 2,539.7 54.6 5.5 606.7 32.0 6.3

2013/06F 4.7 (4.0) 1,512.7 122.6 (45.0) 1,301.8 242.1 (48.7) 311.0 297.2 (48.7)

2013/09F 3.4 (2.7) 1,981.1 20.4 31.0 1,770.2 32.1 36.0 422.9 33.0 36.0

2013/12F (0.4) 3.4 3,047.7 12.4 53.8 2,836.8 17.9 60.3 677.6 18.7 60.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 121,096.7 5,868.2 3,468.3 27,832 5.4 SK 3.8 0.6 14.9 1.1

FY2013F 123,411.3 7,428.6 4,831.6 34,642 4.4 지주회사·복합기업 6.2 0.7 11.6 1.6



SK

90,533.4

111,217.7

123,541.7

128,267.0

129,383.8

83,664.1 53,512.8

92,413.9 58,391.4

97,833.4 60,317.9

103,514.3 59,829.9

109,043.4 58,854.2

30,846.6

30,471.9

30,004.9

32,218.0

33,233.4

31,913.5

31,036.8

32,083.2

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-30

-20

-10

0

10

20

30

40

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

주가

x0.9

x0.8

x0.6

x0.5

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



111


A009540 20106010 universe

현대중공업 (009540.KS) 업데이트 : 2012.11.08

투자의견 : 중립 업종 : 조선 주가 수익률(12개월)

목표주가 : - 애널리스트 : 박민


52주 최고가 : 346,500 시가총액(십억원) : 15,048.0

52주 최저가 : 194,000 60일 평균 거래대금(백만원) : 54,617.8

연중 최고가 : 345,000 외국인지분(%) : 18.8

9 10 11 12 13


(18.7) (19.0) (24.6) (24.4) (23.4)

업종 대비 (5.5) (5.9) (11.4) (11.3) (10.3) 5

KOSPI 대비 (16.5) (17.2) (28.4) (28.4) (27.4) 10

22 23 24 19 20



2010/12A 27.6 5,531.8 82.9 6,128.2 92.9 4,153.5 94.0 6,325.5 75,873 206,480 7,000

2011/12A 43.8 4,535.7 (18.0) 3,876.3 (36.7) 2,559.0 (38.4) 5,473.4 46,337 233,942 4,000

2012/12F 1.4 2,473.6 (45.5) 2,493.5 (35.7) 1,628.8 (36.4) 3,550.9 26,575 252,147 4,000

2013/12F 1.3 1,942.0 (21.5) 1,591.7 (36.2) 1,083.6 (33.5) 3,042.1 17,681 263,180 4,000

2014/12F 1.4 1,991.5 2.5 1,750.5 10.0 1,191.8 10.0 3,114.6 19,445 275,635 4,000



2010/12A 14,292.0 5,408.6 72.1 (1,781.3) 14.8 6.5 5.8 2.15 34.5 1.6

2011/12A 16,379.1 7,564.3 66.7 (1,626.7) 8.4 5.3 5.5 1.10 16.7 1.6

2012/12F 17,762.7 12,358.9 76.8 (982.9) 4.5 8.3 7.5 0.79 9.5 2.0

2013/12F 18,601.2 10,968.1 67.9 (853.7) 3.5 9.2 11.2 0.75 6.0 2.0

2014/12F 19,547.8 10,099.7 62.1 (1,153.1) 3.6 8.8 10.2 0.72 6.2 2.0



2012/03A 9.7 (4.0) 969.3 (43.3) 10.3 765.1 (58.4) 497.6 495.7 (61.3) 833.4

2012/06A 2.3 (1.7) 358.6 (65.2) (63.0) 208.6 (81.4) (72.7) 132.2 (81.4) (73.3)

2012/09F 0.8 (3.7) 593.9 (35.1) 65.6 1,008.9 27.9 383.6 671.1 30.0 407.8

2012/12F (6.1) 3.3 551.8 (37.2) (7.1) 510.9 299.0 (49.4) 329.8 521.1 (50.9)

2013/03F 1.1 3.3 571.1 (41.1) 3.5 479.7 (37.3) (6.1) 326.6 (34.1) (1.0)

2013/06F 0.9 (1.9) 505.1 40.9 (11.6) 430.5 106.4 (10.3) 293.1 121.8 (10.3)

2013/09F 0.8 (3.7) 432.8 (27.1) (14.3) 426.9 (57.7) (0.8) 290.6 (56.7) (0.8)

2013/12F 2.2 4.8 432.9 (21.6) 0.0 254.7 (50.1) (40.3) 173.4 (47.4) (40.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 55,558.1 2,606.0 1,793.6 22,247 10.6 현대중공업 10.6 0.8 6.3 2.0

FY2013F 57,289.0 2,830.4 1,926.9 24,430 9.6 조선 11.7 0.8 7.3 1.9



현대중공업

37,342.4

53,711.7

54,478.5

55,167.8

55,943.0

46,853.9 30,831.0

49,000.8 30,824.3

47,628.9 27,927.1

48,041.1 27,406.6

48,850.0 27,165.3

13,938.3

13,700.4

13,199.0

13,640.8

14,091.3

13,821.8

13,311.1

13,943.7

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000


-40

-30

-20

-10

0

10

20

30

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

주가

x12

x9

x7

x4

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



112


A010140 20106010 universe

삼성중공업 (010140.KS) 업데이트 : 2012.11.01

투자의견 : 매수 업종 : 조선 주가 수익률(12개월)

목표주가 : 57,000 애널리스트 : 박민


52주 최고가 : 42,350 시가총액(십억원) : 7,815.1

52주 최저가 : 26,800 60일 평균 거래대금(백만원) : 36,850.9

연중 최고가 : 41,900 외국인지분(%) : 31.1

9 10 11 12 13


(1.0) (12.0) (5.8) 15.5 20.5

업종 대비 12.1 1.2 7.3 28.7 33.6 5

KOSPI 대비 1.1 (10.1) (9.7) 11.5 16.5 10

22 23 24 19 20



2010/12A (0.0) 1,432.7 66.0 1,297.8 44.3 1,000.3 42.5 1,735.7 4,626 20,755 500

2011/12A 1.9 1,160.0 (19.0) 1,150.3 (11.4) 851.2 (14.9) 1,532.0 3,930 22,956 500

2012/12F 9.8 1,196.8 3.2 1,140.2 (0.9) 878.1 3.2 1,556.0 4,050 26,288 500

2013/12F 3.3 1,161.5 (3.0) 1,087.8 (4.6) 837.8 (4.6) 1,524.9 3,864 29,445 500

2014/12F 2.9 1,279.6 10.2 1,230.0 13.1 947.2 13.1 1,647.1 4,369 33,076 500



2010/12A 4,132.0 2,713.0 156.1 (405.8) 10.9 7.0 8.9 1.99 28.7 1.2

2011/12A 4,643.6 1,221.0 91.8 (305.9) 8.7 5.0 7.1 1.22 19.4 1.8

2012/12F 5,413.3 2,056.8 57.0 (352.0) 8.1 6.3 8.4 1.29 17.5 1.5

2013/12F 6,142.6 1,168.3 36.3 (289.0) 7.6 5.9 8.8 1.15 14.5 1.5

2014/12F 6,981.4 981.3 29.7 (289.0) 8.2 5.3 7.7 1.02 14.4 1.5



2012/03A 0.7 7.1 336.9 (14.2) 72.2 328.4 (17.3) 49.8 252.7 (15.9) 42.9

2012/06A 6.0 (5.3) 264.4 (22.0) (21.5) 249.4 (28.2) (24.1) 193.1 (26.6) (23.6)

2012/09F 19.0 21.0 324.3 39.4 22.7 346.9 85.5 39.1 277.2 149.8 43.5

2012/12F 13.6 (7.5) 271.2 38.6 (16.4) 215.5 (1.7) (37.9) 155.1 (12.3) (44.1)

2013/03F 5.1 (0.9) 262.9 (22.0) (3.0) 240.0 (26.9) 11.4 184.8 (26.9) 19.2

2013/06F 12.3 1.2 258.4 (2.3) (1.7) 237.8 (4.7) (0.9) 183.1 (5.2) (0.9)

2013/09F (6.4) 0.8 304.6 (6.1) 17.9 285.8 (17.6) 20.2 220.1 (20.6) 20.2

2013/12F 4.0 2.8 335.6 23.8 10.2 324.2 50.4 13.5 249.7 61.0 13.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 14,267.9 1,098.5 824.3 3,580 9.4 삼성중공업 8.7 1.2 14.8 1.5

FY2013F 14,975.8 1,103.9 849.8 3,662 9.2 조선 11.7 0.8 7.3 1.9



삼성중공업

13,146.4

13,391.8

14,702.2

15,185.2

15,627.7

18,850.4 14,718.0

16,413.9 11,770.0

21,760.8 16,347.3

22,586.7 16,443.9

22,757.9 15,776.4

3,538.9

3,352.3

4,057.8

3,753.1

3,720.4

3,765.9

3,796.3

3,902.6

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

25

30

35

40

45

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

x12

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



113


A010620 20106010 universe

현대미포조선 (010620.KS) 업데이트 : 2012.11.12




52주 최고가 : 167,000 시가총액(십억원) : 2,110.0

52주 최저가 : 98,600 60일 평균 거래대금(백만원) : 15,637.8

연중 최고가 : 164,500 외국인지분(%) : 19.1

9 10 11 12 13


(17.9) (20.7) (3.2) 2.4 (3.7)

업종 대비 (4.8) (7.5) 9.9 15.6 9.5 5

KOSPI 대비 (15.7) (18.8) (7.1) (1.6) (7.7) 10

22 23 24 19 20



2010/12A 2.7 682.8 54.2 689.9 27.2 492.6 30.1 741.0 25,270 207,725 3,500

2011/12A 11.7 377.8 (44.7) 314.7 (54.4) 199.8 (59.4) 441.1 10,201 163,132 2,000

2012/12F (6.0) 126.0 (66.7) 159.3 (49.4) 119.9 (40.0) 192.9 6,120 167,167 2,000

2013/12F (8.3) 124.2 (1.5) 144.9 (9.0) 109.0 (9.0) 192.9 5,566 170,660 2,000

2014/12F 2.8 159.9 28.8 181.2 25.0 136.3 25.0 230.0 6,958 175,517 2,000



2010/12A 4,109.1 (1,485.6) 40.3 (86.8) 16.5 4.3 8.9 1.08 14.6 1.6

2011/12A 3,217.3 (613.5) 53.8 (100.5) 8.2 4.1 11.0 0.69 5.5 1.8

2012/12F 3,298.0 (291.9) 50.4 (71.5) 2.9 10.4 17.2 0.63 3.7 1.9

2013/12F 3,367.8 (235.5) 51.8 (65.0) 3.1 10.7 19.0 0.62 3.3 1.9

2014/12F 3,465.0 (293.4) 50.4 (58.5) 3.9 8.7 15.2 0.60 4.0 1.9



2012/03A (10.0) (5.4) 38.4 (75.1) (39.3) 50.9 (74.0) NA 43.5 (69.0) NA

2012/06A (6.4) 0.3 27.1 (76.1) (29.6) 32.6 (73.1) (36.1) 25.3 (70.3) (41.8)

2012/09F 0.3 1.3 29.9 (36.9) 10.6 43.4 (47.7) 33.2 31.8 (45.7) 25.5

2012/12F (7.2) (3.4) 30.6 (51.6) 2.3 32.5 NA (25.1) 19.3 NA (39.3)

2013/03F (4.7) (2.8) 32.1 (16.3) 5.0 47.4 (6.9) 46.0 35.7 (18.0) 84.8

2013/06F (9.3) (4.6) 31.6 16.6 (1.8) 46.7 43.3 (1.6) 35.1 38.7 (1.6)

2013/09F (9.8) 0.8 30.0 0.2 (5.0) 45.3 4.5 (2.8) 34.1 7.4 (2.8)

2013/12F (9.6) (3.2) 30.5 (0.5) 1.6 5.5 (83.0) (87.8) 4.2 (78.5) (87.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 4,406.9 151.1 142.2 7,027 17.6 현대미포조선 18.8 0.6 3.3 1.9

FY2013F 4,403.1 197.2 188.5 9,217 13.4 조선 11.7 0.8 7.3 1.9



현대미포조선

4,138.1

4,623.9

4,348.6

3,985.9

4,096.3

9,577.2 5,254.4

7,824.6 4,416.0

7,166.4 3,675.9

6,839.0 3,277.6

6,992.3 3,332.4

1,087.3

1,090.2

1,104.6

1,066.5

1,036.3

988.5

996.5

964.6

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

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

주가

x25

x19

x14

x9

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



114


A042660 20106010 universe

대우조선해양 (042660.KS) 업데이트 : 2012.09.27

투자의견 : 매수 업종 : 조선 주가 수익률(12개월)



52주 최고가 : 36,600 시가총액(십억원) : 4,143.6

52주 최저가 : 21,100 60일 평균 거래대금(백만원) : 25,555.3

연중 최고가 : 36,050 외국인지분(%) : 19.0

9 10 11 12 13


(11.1) (20.1) (20.0) (23.9) (7.7)

업종 대비 2.0 (7.0) (6.8) (10.8) 5.5 5

KOSPI 대비 (8.9) (18.3) (23.8) (27.9) (11.7) 10

22 23 24 19 20



2010/12A (1.9) 1,203.2 80.2 1,040.2 40.7 766.9 24.3 1,418.8 4,056 21,456 500

2011/12A 7.0 1,103.8 (8.3) 997.6 (4.1) 686.4 (10.5) 1,340.3 3,631 24,096 500

2012/12F 1.3 599.6 (45.7) 488.1 (51.1) 379.6 (44.7) 875.7 2,008 25,244 500

2013/12F 5.3 749.2 24.9 628.4 28.7 483.8 27.4 1,034.7 2,559 26,941 500

2014/12F 9.4 877.2 17.1 768.7 22.3 580.1 19.9 1,171.7 3,068 29,147 500



2010/12A 4,076.5 2,446.0 98.8 (303.9) 9.3 6.6 9.0 1.69 20.9 1.4

2011/12A 4,581.7 3,900.9 108.2 (452.7) 7.9 6.3 6.7 1.01 15.9 2.1

2012/12F 4,801.5 5,364.7 134.6 (373.3) 4.3 10.8 10.8 0.86 8.1 2.3

2013/12F 5,126.2 4,647.0 112.7 (453.5) 5.1 8.4 8.5 0.80 9.7 2.3

2014/12F 5,548.4 4,532.7 103.5 (478.7) 5.4 7.3 7.1 0.74 10.9 2.3



2012/03A (7.8) (16.1) 181.2 (58.2) 84.2 124.6 (63.3) 40.4 87.9 (64.6) 122.6

2012/06A 9.3 28.9 114.1 (62.9) (37.0) 108.2 (47.5) (13.2) 138.9 0.8 58.0

2012/09F 3.0 (13.7) 146.6 (44.3) 28.4 122.1 (66.4) 12.9 95.0 (63.5) (31.6)

2012/12F 0.3 7.5 157.6 60.2 7.5 133.3 50.2 9.1 57.9 46.5 (39.1)

2013/03F 20.5 0.8 175.5 (3.2) 11.3 140.4 12.7 5.4 108.1 23.0 86.9

2013/06F (5.7) 0.8 182.0 59.4 3.7 225.5 108.4 60.6 173.6 25.0 60.6

2013/09F 7.9 (1.2) 183.9 25.5 1.1 43.0 (64.8) (80.9) 33.1 (65.1) (80.9)

2013/12F 2.0 1.6 207.8 31.8 13.0 219.5 64.7 410.1 169.0 192.1 410.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 13,796.7 599.7 411.1 2,295 10.3 대우조선해양 8.7 0.8 9.6 2.3

FY2013F 14,271.7 724.4 521.8 2,771 8.5 조선 11.7 0.8 7.3 1.9



대우조선해양

12,989.5

13,903.3

14,087.5

14,834.2

16,233.4

15,822.6 11,795.8

16,659.7 12,157.7

16,896.7 12,177.9

17,615.5 12,572.1

18,827.7 13,351.6

3,064.6

3,950.5

3,409.2

3,663.2

3,693.7

3,723.4

3,678.9

3,738.2

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x17

x13

x10

x7

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



115


A097230 20106010 universe

한진중공업 (097230.KS) 업데이트 : 2012.09.27




52주 최고가 : 23,850 시가총액(십억원) : 596.4

52주 최저가 : 10,750 60일 평균 거래대금(백만원) : 3,264.9

연중 최고가 : 23,200 외국인지분(%) : 8.0

9 10 11 12 13


3.8 (5.0) (16.0) (35.7) (35.5)

업종 대비 16.9 8.1 (2.8) (22.5) (22.4) 5

KOSPI 대비 5.9 (3.2) (19.9) (39.7) (39.5) 10

22 23 24 19 20



2010/12A (13.9) 119.7 (69.3) (84.6) NA (72.2) NA 245.3 -1,511 40,899 0

2011/12A (8.7) 108.0 (9.8) (81.8) NA (96.9) NA 220.4 -2,007 38,640 0

2012/12F (10.8) 98.9 (8.4) (79.3) NA (60.2) NA 212.8 -1,248 37,544 0

2013/12F (0.1) 131.4 32.8 (42.4) NA (32.2) NA 246.8 -668 37,028 0

2014/12F 7.5 160.9 22.5 1.8 NA 1.4 NA 278.6 28 37,207 0



2010/12A 1,954.2 2,653.8 194.4 (92.8) 3.8 18.2 NA 0.92 (3.6) 0.0

2011/12A 1,864.4 3,043.5 210.0 (50.5) 3.7 17.9 NA 0.48 (5.1) 0.0

2012/12F 1,811.5 3,205.2 220.5 (55.0) 3.8 17.9 NA 0.33 (3.3) 0.0

2013/12F 1,786.6 2,909.7 207.0 (45.0) 5.1 14.2 NA 0.33 (1.8) 0.0

2014/12F 1,795.2 2,612.5 192.8 (51.0) 5.8 11.5 438.2 0.33 0.1 0.0



2012/03A (5.1) (19.8) 84.8 90.8 1,182.6 37.4 NA NA 38.6 NA NA

2012/06A (14.1) 5.3 (10.9) NA NA (55.6) NA NA (48.4) NA NA

2012/09F (12.1) 4.1 (1.2) NA NA (44.2) NA NA (33.6) NA NA

2012/12F (11.0) 1.2 26.3 297.2 NA (16.9) NA NA (16.9) NA NA

2013/03F (0.1) (9.9) 25.4 (70.0) (3.1) (20.1) NA NA (15.2) NA NA

2013/06F (0.1) 5.3 33.1 NA 30.3 (11.5) NA NA (8.8) NA NA

2013/09F (0.1) 4.1 33.2 NA 0.1 (10.9) NA NA (8.3) NA NA

2013/12F (0.1) 1.2 39.6 50.9 19.4 0.1 NA NA 0.1 NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,693.5 143.5 (15.6) -430 NA 한진중공업 0.0 0.3 (1.9) 0.0

FY2013F 2,798.2 137.5 (21.0) -333 NA 조선 11.7 0.8 7.3 1.9



한진중공업

3,167.8

2,891.5

2,579.4

2,577.9

2,770.0

7,525.4 5,569.6

7,036.7 5,169.8

6,584.8 4,770.9

6,512.2 4,723.3

6,706.3 4,908.6

605.8

637.7

664.0

672.0

605.4

637.3

663.6

671.6

0

5,000

10,000

15,000

20,000

25,000


-60

-50

-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

2007 2008 2009 2010 2011 2012

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



116


A013030 20106020 universe

하이록코리아 (013030.KQ) 업데이트 : 2012.11.12

투자의견 : 매수 업종 : 기계 주가 수익률(12개월)



52주 최고가 : 24,100 시가총액(십억원) : 274.3

52주 최저가 : 16,200 60일 평균 거래대금(백만원) : 2,614.1

연중 최고가 : 23,600 외국인지분(%) : 10.0

9 10 11 12 13


(5.8) 1.8 0.8 13.2 16.5

업종 대비 9.3 16.9 15.9 28.3 31.6 5

KOSPI 대비 (3.7) 3.6 (3.1) 9.2 12.5 10

22 23 24 19 20



2010/12A 9.1 26.8 (2.0) 25.5 7.4 19.7 2.5 28.8 1,444 9,734 150

2011/12A 28.8 30.4 13.5 30.2 18.3 24.2 23.0 33.1 1,777 11,570 150

2012/12F 27.6 39.7 30.5 39.2 30.0 30.6 26.5 42.9 2,247 13,629 150

2013/12F 12.0 44.1 11.1 43.8 11.6 34.1 11.6 48.3 2,508 15,923 150

2014/12F 14.2 50.2 13.9 50.1 14.3 39.0 14.3 54.7 2,867 18,586 150



2010/12A 132.5 (13.1) 18.6 (12.0) 24.2 6.4 10.0 1.48 17.3 1.0

2011/12A 157.5 4.7 19.2 (13.9) 21.3 7.1 9.6 1.47 16.7 0.9

2012/12F 185.5 (1.3) 16.7 (11.7) 21.8 6.4 9.0 1.48 17.8 0.7

2013/12F 216.8 (7.1) 13.3 (14.8) 21.6 5.5 8.0 1.27 17.0 0.7

2014/12F 253.0 (11.3) 11.8 (12.9) 21.5 4.8 7.0 1.08 16.6 0.7



2012/03A 55.1 26.1 11.3 59.8 60.8 11.1 56.0 65.4 8.3 43.4 52.6

2012/06A 30.8 (8.0) 9.7 27.4 (13.6) 9.4 24.7 (15.1) 7.4 34.3 (10.6)

2012/09F 20.3 (8.1) 8.9 3.1 (8.1) 8.9 1.3 (6.3) 6.9 (3.5) (6.6)

2012/12F 8.8 2.0 9.7 38.1 8.2 9.8 45.8 10.9 8.0 48.5 16.6

2013/03F (2.4) 13.1 10.7 (4.7) 11.0 10.7 (4.2) 8.7 8.3 0.6 3.4

2013/06F 8.2 2.1 10.8 10.8 0.4 10.7 13.5 0.5 8.4 13.2 0.5

2013/09F 20.2 2.0 10.9 22.1 1.2 10.9 22.8 1.3 8.5 22.8 1.3

2013/12F 24.9 6.0 11.6 19.6 6.0 11.5 17.7 6.2 9.0 11.9 6.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 193.4 42.1 31.6 2,322 9.2 하이록코리아 8.1 1.3 17.1 0.7

FY2013F 227.5 48.1 38.2 2,806 7.6 기계 10.9 1.0 9.1 1.0



하이록코리아

110.8

142.8

182.1

204.0

233.0

184.8 50.1

220.0 63.3

260.5 80.8

292.7 84.3

329.7 83.5

50.2

46.2

42.4

43.3

49.0

50.0

51.0

54.1

0

5,000

10,000

15,000

20,000

25,000


-20

-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

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x12

x9

x7

x4

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



117


A014620 20106020 universe

성광벤드 (014620.KQ) 업데이트 : 2012.10.11




52주 최고가 : 28,100 시가총액(십억원) : 669.2

52주 최저가 : 17,050 60일 평균 거래대금(백만원) : 9,141.9

연중 최고가 : 27,500 외국인지분(%) : 18.9

9 10 11 12 13


(7.9) (2.7) 22.8 11.4 21.9

업종 대비 7.3 12.4 38.0 26.6 37.0 5

KOSPI 대비 (5.7) (0.9) 19.0 7.4 17.9 10

22 23 24 19 20



2010/12A (15.1) 24.5 (58.4) 24.6 (58.7) 18.3 (59.6) 26.6 639 9,978 150

2011/12A 24.7 28.8 17.5 29.0 17.9 20.5 11.9 31.0 715 10,514 150

2012/12F 43.1 79.7 176.6 78.3 169.7 60.3 194.7 82.8 2,109 12,444 150

2013/12F 17.0 100.9 26.7 101.2 29.2 77.9 29.2 104.0 2,724 14,938 200

2014/12F 5.0 110.0 9.0 111.5 10.2 85.8 10.2 113.0 3,001 17,709 200



2010/12A 285.4 27.6 12.2 (18.4) 11.9 26.4 36.9 2.36 6.6 0.6

2011/12A 300.7 39.9 14.7 (3.3) 11.2 18.8 26.6 1.81 7.0 0.8

2012/12F 355.9 (4.7) 11.0 (20.1) 21.7 8.0 11.1 1.88 18.4 0.6

2013/12F 427.2 (75.2) 9.5 (3.7) 23.5 5.7 8.6 1.57 19.9 0.9

2014/12F 506.5 (121.5) 7.1 (3.5) 24.4 4.8 7.8 1.32 18.4 0.9



2012/03A 42.1 6.0 12.4 205.4 46.6 12.2 214.3 28.9 9.4 220.2 66.2

2012/06A 35.6 (1.6) 19.3 218.1 56.3 18.6 216.8 52.8 14.2 220.7 50.7

2012/09F 49.4 23.8 22.5 119.7 16.1 22.0 124.0 18.2 16.9 128.5 19.3

2012/12F 44.2 11.7 25.5 201.8 13.5 25.5 169.7 15.8 19.7 247.9 16.4

2013/03F 28.1 (5.8) 24.3 96.3 (4.7) 24.2 98.8 (5.0) 18.7 97.9 (5.5)

2013/06F 27.5 (2.1) 23.8 23.0 (2.1) 23.8 27.9 (1.7) 18.3 29.1 (1.7)

2013/09F 9.6 6.4 24.4 8.9 2.8 24.6 11.6 3.1 18.9 11.6 3.1

2013/12F 7.9 10.0 28.4 11.4 16.1 28.6 12.1 16.4 22.0 11.5 16.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 354.9 70.3 54.5 1,904 14.2 성광벤드 8.8 1.6 19.7 0.8

FY2013F 423.2 88.1 68.9 2,408 11.2 기계 10.9 1.0 9.1 1.0



성광벤드

205.4

256.2

366.6

428.9

450.4

372.5 87.1

417.1 116.4

542.5 186.6

610.6 183.4

658.8 152.3

80.3

79.1

97.9

109.3

102.9

100.8

107.2

118.0

0

5,000

10,000

15,000

20,000

25,000

30,000


-25

-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x31

x24

x18

x11

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



118


A023160 20106020 universe

태광 (023160.KQ) 업데이트 : 2012.11.11




52주 최고가 : 32,500 시가총액(십억원) : 504.9

52주 최저가 : 20,650 60일 평균 거래대금(백만원) : 4,270.5

연중 최고가 : 31,950 외국인지분(%) : 23.0

9 10 11 12 13


(23.9) (25.0) (9.4) (16.9) (12.2)

업종 대비 (8.8) (9.9) 5.8 (1.8) 2.9 5

KOSPI 대비 (21.8) (23.2) (13.2) (20.9) (16.2) 10

22 23 24 19 20



2010/12A (17.7) 1.9 (95.5) 1.3 (97.8) 0.8 (98.2) 5.8 34 14,431 0

2011/12A 19.9 36.9 1,874.1 37.7 2,842.8 27.6 3,430.3 41.1 1,182 15,179 0

2012/12F 36.1 47.5 28.8 47.4 25.7 36.5 32.4 56.1 1,519 15,767 0

2013/12F 16.4 77.9 63.8 79.4 67.6 61.2 67.6 86.2 2,470 17,678 0

2014/12F 5.9 98.3 26.3 100.5 26.5 77.4 26.5 107.5 3,031 20,075 0



2010/12A 324.9 (31.7) 2.5 (7.8) 0.9 99.1 756.2 1.80 0.3 0.0

2011/12A 352.3 (21.3) 0.3 (5.0) 14.3 13.1 20.1 1.57 8.1 0.0

2012/12F 388.7 (49.3) 0.0 (13.8) 13.5 8.1 13.7 1.32 9.9 0.0

2013/12F 449.8 (77.9) 0.0 (14.7) 19.0 5.0 8.4 1.18 14.6 0.0

2014/12F 527.0 (95.5) 0.0 (13.5) 22.6 3.8 6.9 1.04 15.8 0.0



2012/03A 31.8 (8.5) 10.3 390.8 (42.5) 10.6 646.7 (39.5) 8.2 2,592.9 (33.6)

2012/06A 49.5 13.1 13.4 340.9 29.0 12.9 520.3 21.5 10.1 361.6 22.9

2012/09F 52.5 8.9 10.4 (24.8) (22.5) 9.9 (40.4) (22.9) 7.7 (39.5) (24.5)

2012/12F 17.6 4.3 13.5 (25.2) 30.1 14.0 (20.5) 40.3 10.5 (15.7) 36.7

2013/03F 27.2 (1.1) 14.3 37.9 6.0 14.6 37.6 4.6 11.2 36.3 7.4

2013/06F 18.6 5.5 17.6 31.5 23.0 17.9 39.0 22.8 13.8 36.3 22.8

2013/09F 9.8 0.8 21.4 106.8 22.0 21.8 119.7 21.8 16.8 119.7 21.8

2013/12F 12.4 6.8 24.6 82.8 14.9 25.1 79.8 14.9 19.3 84.5 14.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 353.9 61.0 46.9 1,933 14.5 태광 8.8 1.2 14.1 0.0

FY2013F 422.9 84.7 65.3 2,691 10.4 기계 10.9 1.0 9.1 1.0



태광

215.9

258.9

352.3

410.1

434.2

376.0 51.0

422.5 70.1

456.9 68.2

525.9 76.1

557.8 30.8

75.8

85.7

93.4

97.4

96.4

101.7

102.5

109.5

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

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x33

x25

x18

x11

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



119


A034020 20106020 universe

두산중공업 (034020.KS) 업데이트 : 2012.10.30

투자의견 : 중립 업종 : 기계 주가 수익률(12개월)



52주 최고가 : 78,300 시가총액(십억원) : 4,525.4

52주 최저가 : 41,500 60일 평균 거래대금(백만원) : 22,093.5

연중 최고가 : 77,100 외국인지분(%) : 14.4

9 10 11 12 13


(16.8) (31.8) (17.2) (33.9) (33.6)

업종 대비 (1.7) (16.7) (2.0) (18.8) (18.5) 5

KOSPI 대비 (14.7) (30.0) (21.0) (37.9) (37.6) 10

22 23 24 19 20



2010/12A (56.1) 515.8 45.0 207.6 NA 1,251.6 NA 709.9 13,940 46,814 750

2011/12A 7.1 569.6 10.4 860.5 314.5 274.8 (78.0) 748.9 3,063 47,033 750

2012/12F 16.4 569.3 (0.1) 431.3 (49.9) 319.2 16.2 735.8 3,585 49,411 750

2013/12F 2.7 593.7 4.3 538.1 24.8 398.2 24.8 765.9 4,472 52,542 750

2014/12F (4.3) 597.6 0.7 566.3 5.2 419.1 5.2 772.9 4,706 55,870 750



2010/12A 4,796.2 2,938.2 106.4 (270.8) 6.5 17.5 6.2 1.83 30.9 0.9

2011/12A 4,770.6 3,021.4 86.3 (261.2) 6.7 13.3 21.3 1.38 5.7 1.2

2012/12F 5,023.0 2,805.8 79.1 (318.0) 5.8 10.0 11.9 0.87 6.5 1.8

2013/12F 5,354.4 2,855.0 73.8 (254.0) 5.8 9.7 9.6 0.81 7.7 1.8

2014/12F 5,706.7 2,883.4 68.1 (289.0) 6.2 9.6 9.1 0.77 7.6 1.8



2012/03A 25.2 (25.7) 137.0 5.9 (16.1) 113.6 (43.7) 49.3 85.6 (37.4) 38.5

2012/06A 18.7 18.5 169.9 3.6 24.0 162.2 (75.9) 42.8 127.4 (19.9) 48.9

2012/09F 10.7 (10.6) 107.6 (4.8) (36.7) 41.5 NA (74.4) 32.8 NA (74.3)

2012/12F 13.6 44.1 154.7 (5.2) 43.7 114.0 49.9 174.9 73.5 18.9 124.2

2013/03F 11.7 (26.9) 125.9 (8.1) (18.6) 121.7 7.2 6.8 90.1 5.3 22.6

2013/06F 2.8 9.2 149.3 (12.1) 18.6 149.4 (7.9) 22.7 110.6 (13.2) 22.7

2013/09F (1.0) (13.9) 116.1 7.8 (22.3) 90.6 118.4 (39.4) 67.0 104.6 (39.4)

2013/12F (0.7) 44.5 202.3 30.8 74.3 176.4 54.7 94.7 130.5 77.6 94.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,774.4 634.1 423.3 4,075 12.6 두산중공업 9.8 0.8 7.6 1.8

FY2013F 10,805.1 774.7 560.3 5,334 9.6 기계 10.9 1.0 9.1 1.0



두산중공업

7,928.9

8,495.5

9,889.9

10,155.0

9,716.1

16,977.1 11,800.9

13,589.2 8,792.2

13,426.9 8,377.6

13,499.5 8,118.7

12,820.0 7,087.0

2,072.1

2,456.4

2,196.2

3,165.2

2,313.5

2,525.8

2,174.1

3,141.6

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


-50

-40

-30

-20

-10

0

10

20

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

x25

x19

x13

x7

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



120


A036890 20106020 universe

진성티이씨 (036890.KQ) 업데이트 : 2012.09.17




52주 최고가 : 14,450 시가총액(십억원) : 148.2

52주 최저가 : 6,790 60일 평균 거래대금(백만원) : 1,700.0

연중 최고가 : 12,536 외국인지분(%) : 1.3

9 10 11 12 13


(29.4) (10.6) (13.0) (25.9) (23.9)

업종 대비 (14.3) 4.5 2.1 (10.7) (8.7) 5

KOSPI 대비 (27.3) (8.8) (16.9) (29.9) (27.9) 10

22 23 24 19 20



2010/12A 65.4 16.5 122.7 14.4 NA 29.7 NA 19.7 1,939 2,507 100

2011/12A 19.2 22.0 33.1 20.0 38.6 15.8 (47.0) 25.7 1,013 3,472 100

2012/12F 0.9 19.2 (12.8) 18.0 (9.8) 13.7 (13.0) 23.4 736 3,365 100

2013/12F 32.0 27.5 43.7 25.8 43.3 19.6 43.3 34.0 1,006 4,249 100

2014/12F 40.9 40.7 47.7 39.0 51.1 29.7 51.1 47.3 1,519 5,634 100



2010/12A 36.8 (2.6) 97.2 (7.7) 9.8 7.9 4.5 3.47 118.9 1.1

2011/12A 52.1 (3.1) 60.6 (11.4) 10.9 6.6 9.4 2.74 35.4 1.1

2012/12F 63.9 15.4 78.8 (21.1) 9.4 7.0 10.1 2.20 23.6 1.3

2013/12F 81.6 18.2 78.9 (14.1) 10.3 4.9 7.4 1.74 27.0 1.3

2014/12F 109.3 (7.0) 53.1 (5.1) 10.8 3.0 4.9 1.32 31.1 1.3










2013/12F 32.0 NA 27.5 43.7 NA 27.1 49.8 NA 20.6 49.8 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 203.0 18.0 14.0 745 14.0 진성티이씨 7.6 1.8 26.6 1.3

FY2013F 272.5 29.0 22.0 1,100 9.5 기계 10.9 1.0 9.1 1.0



진성티이씨

168.9

201.3

203.2

268.3

378.0

304.0 267.2

314.5 262.3

337.0 273.1

397.4 315.8

488.3 379.0

0.0

203.2

0.0

0.0

0.0

268.3

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-40

-30

-20

-10

0

10

20

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

x16

x12

x8

x4

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



121


A042670 20106020 universe

두산인프라코어 (042670.KS) 업데이트 : 2012.10.25

투자의견 : 중립 업종 : 기계 주가 수익률(12개월)



52주 최고가 : 24,650 시가총액(십억원) : 2,605.8

52주 최저가 : 15,150 60일 평균 거래대금(백만원) : 25,840.8

연중 최고가 : 24,300 외국인지분(%) : 11.6

9 10 11 12 13


(11.7) (18.5) (14.9) (22.8) (13.9)

업종 대비 3.4 (3.3) 0.3 (7.6) 1.2 5

KOSPI 대비 (9.5) (16.6) (18.7) (26.8) (17.9) 10

22 23 24 19 20



2010/12A 35.1 676.5 NA 214.1 NA 209.8 NA 928.4 1,245 8,614 0

2011/12A 13.1 708.5 4.7 285.3 33.2 298.2 42.2 930.2 1,769 10,946 0

2012/12F (2.1) 392.6 (44.6) 90.5 (68.3) 277.8 (6.8) 635.2 1,501 12,440 0

2013/12F 1.5 486.9 24.0 291.3 221.9 215.2 (22.5) 734.5 1,129 13,569 0

2014/12F 5.7 646.5 32.8 384.8 32.1 284.3 32.1 898.3 1,539 15,108 0



2010/12A 1,451.0 5,525.1 347.2 (321.6) 9.0 11.4 22.5 3.25 15.4 0.0

2011/12A 1,845.1 5,239.3 265.5 (426.1) 8.4 9.3 10.1 1.63 18.1 0.0

2012/12F 2,098.1 5,069.8 221.6 (242.0) 4.7 12.8 10.3 1.24 14.1 0.0

2013/12F 2,288.6 5,076.6 212.2 (240.9) 5.8 11.1 13.7 1.14 9.8 0.0

2014/12F 2,548.1 4,803.5 185.5 (218.1) 7.3 8.8 10.0 1.02 11.8 0.0



2012/03A (1.0) 7.3 175.4 (23.4) 86.8 122.8 (35.4) NA 68.8 (51.1) NA

2012/06A 3.0 6.5 155.8 (33.8) (11.2) 6.9 (94.5) (94.3) 181.7 10.1 164.2

2012/09F (4.5) (20.3) 31.4 (79.1) (79.8) (1.1) NA NA 23.3 551.0 (87.2)

2012/12F (6.7) 2.4 30.1 (67.9) (4.2) (38.2) NA NA 4.1 NA (82.6)

2013/03F 1.5 16.8 124.6 (28.9) 314.2 77.0 (37.3) NA 56.9 (17.3) 1,304.5

2013/06F 1.5 6.5 107.8 (30.8) (13.5) 63.9 819.0 (17.1) 47.2 (74.0) (17.1)

2013/09F 1.5 (20.3) 99.7 217.4 (7.5) 106.2 NA 66.3 78.5 236.5 66.3

2013/12F 1.5 2.4 154.8 414.6 55.3 44.2 NA (58.3) 32.7 707.1 (58.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 8,780.8 578.5 333.7 1,854 9.4 두산인프라코어 13.2 1.1 10.3 0.0

FY2013F 9,514.5 725.6 322.3 1,779 9.8 기계 10.9 1.0 9.1 1.0



두산인프라코어

7,481.9

8,463.1

8,286.7

8,414.3

8,892.5

11,011.6 9,254.1

11,703.7 9,418.5

11,151.1 8,601.1

11,313.0 8,563.5

11,962.8 8,941.8

2,190.3

2,332.7

1,859.4

1,904.3

2,224.0

2,368.6

1,888.0

1,933.6

0

5,000

10,000

15,000

20,000

25,000

30,000


-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

35,000

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x22

x16

x11

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



122


A012750 2020 universe

에스원 (012750.KS) 업데이트 : 2012.10.21

투자의견 : 매수 업종 : 상업서비스·기타 주가 수익률(12개월)

목표주가 : 80,000 애널리스트 : 홍종길


52주 최고가 : 71,700 시가총액(십억원) : 2,583.9

52주 최저가 : 51,600 60일 평균 거래대금(백만원) : 4,813.1

연중 최고가 : 70,800 외국인지분(%) : 49.7

9 10 11 12 13


0.4 12.4 19.7 19.5 16.2

업종 대비 0.0 12.0 19.3 19.1 15.8 5

KOSPI 대비 2.6 14.2 15.8 15.5 12.2 10

22 23 24 19 20



2010/12A 15.8 140.4 19.1 157.0 17.5 115.0 18.8 200.0 3,352 21,747 1,200

2011/12A 14.3 160.3 14.2 176.2 12.2 126.3 9.8 229.3 3,745 23,553 1,250

2012/12F 5.2 141.8 (11.5) 151.4 (14.1) 108.6 (14.1) 217.0 3,215 25,254 1,300

2013/12F 9.6 185.4 30.7 195.0 28.8 139.8 28.8 269.7 4,138 27,733 1,350

2014/12F 4.7 189.3 2.1 200.8 3.0 144.0 3.0 282.9 4,262 30,278 1,400



2010/12A 665.9 (325.1) 0.0 (87.4) 15.6 9.1 16.7 2.58 17.9 2.1

2011/12A 736.6 (468.1) 0.0 (117.9) 15.6 7.7 15.5 2.46 18.0 2.2

2012/12F 801.2 (496.6) 0.0 (108.5) 13.1 9.8 21.2 2.69 14.1 1.9

2013/12F 895.4 (567.8) 0.0 (118.5) 15.7 7.6 16.4 2.45 16.5 2.0

2014/12F 992.1 (644.1) 0.0 (127.9) 15.3 7.0 16.0 2.25 15.3 2.1



2012/03A 7.4 (3.2) 41.6 6.3 0.2 42.9 (0.1) (6.2) 31.7 0.5 (1.0)

2012/06A 1.2 1.1 33.3 (19.7) (19.8) 36.2 (20.2) (15.7) 25.5 (21.7) (19.7)

2012/09F 5.1 3.7 27.9 (26.8) (16.3) 30.4 (27.9) (16.0) 21.9 (27.6) (14.0)

2012/12F 7.2 5.6 39.0 (6.0) 39.8 41.9 (8.4) 38.0 29.5 (7.8) 34.9

2013/03F 9.1 (1.5) 44.3 6.5 13.5 44.9 4.6 7.1 32.2 1.6 9.1

2013/06F 11.6 3.4 47.7 43.2 7.8 50.5 39.6 12.4 36.2 42.2 12.4

2013/09F 10.6 2.8 51.3 83.9 7.5 54.3 78.8 7.6 38.9 77.9 7.6

2013/12F 7.1 2.3 42.1 7.9 (17.9) 45.3 8.0 (16.6) 32.5 10.0 (16.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,091.8 146.8 124.3 3,040 22.2 에스원 16.8 2.5 16.2 2.0

FY2013F 1,203.7 182.5 152.6 3,746 18.0 상업서비스·기타 18.9 2.5 15.4 2.0



에스원

897.9

1,026.1

1,079.6

1,182.9

1,238.7

931.3 249.0

1,057.7 296.6

1,135.4 302.3

1,263.1 326.2

1,386.1 342.7

259.0

261.9

271.7

287.0

282.6

292.3

300.5

307.5

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

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

주가

x21

x19

x17

x15

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



123



CJ대한통운 (000120.KS) 업데이트 : 2012.08.02

투자의견 : 매수 업종 : 운송 주가 수익률(12개월)

목표주가 : 130,000 애널리스트 : 윤희도


52주 최고가 : 122,000 시가총액(십억원) : 2,566.4

52주 최저가 : 62,100 60일 평균 거래대금(백만원) : 8,050.3

연중 최고가 : 121,000 외국인지분(%) : 3.2

9 10 11 12 13


(6.3) 22.4 72.3 60.3 51.6

업종 대비 2.4 31.1 80.9 68.9 60.3 5

KOSPI 대비 (4.1) 24.3 68.4 56.2 47.6 10

22 23 24 19 20



2010/12A 9.6 173.7 15.2 128.2 24.7 98.1 2,711.7 240.5 6,092 115,324 0

2011/12A 5.0 122.8 (29.3) 43.5 (66.1) 84.5 (13.9) 197.1 4,858 118,018 0

2012/12F 10.9 166.5 35.6 145.8 235.3 114.4 35.4 251.7 6,576 132,236 0

2013/12F 12.2 195.4 17.4 164.8 13.1 128.7 12.6 292.9 7,402 137,878 0

2014/12F 12.0 222.7 14.0 184.1 11.7 143.3 11.3 332.9 8,241 144,160 0



2010/12A 2,151.2 947.6 48.7 (176.9) 7.0 13.1 15.5 0.82 4.9 0.0

2011/12A 2,212.6 586.1 37.1 (139.9) 4.7 11.9 15.4 0.64 3.9 0.0

2012/12F 2,537.0 779.9 35.2 (315.0) 5.8 13.5 17.1 0.85 4.8 0.0

2013/12F 2,665.7 970.3 41.1 (317.0) 6.1 12.2 15.2 0.82 4.9 0.0

2014/12F 2,809.0 1,146.3 45.6 (329.0) 6.2 11.3 13.7 0.78 5.2 0.0



2012/03A 8.2 (7.6) 38.2 103.7 31.9 29.9 328.4 NA 28.1 322.7 (27.2)

2012/06F 21.8 7.6 42.0 25.6 9.9 42.5 61.6 42.0 33.3 56.0 18.6

2012/09F 17.5 3.6 41.5 31.2 (1.2) 39.7 130.8 (6.5) 31.2 74.2 (6.5)

2012/12F 6.1 2.9 44.8 54.4 7.8 33.7 NA (15.2) 21.8 (43.5) (30.0)

2013/03F 12.2 (2.3) 40.7 6.5 (9.0) 28.3 (5.4) (16.1) 22.1 (21.4) 1.2

2013/06F 12.2 7.6 47.1 12.2 15.8 44.3 4.4 56.7 34.6 3.9 56.7

2013/09F 12.2 3.6 46.6 12.2 (1.2) 42.2 6.3 (4.7) 33.0 5.8 (4.7)

2013/12F 12.2 2.9 61.0 36.3 30.9 50.0 48.5 18.5 39.1 79.1 18.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,855.1 169.7 103.7 4,968 23.3 CJ대한통운 15.4 0.8 4.9 0.0

FY2013F 3,215.2 197.7 127.6 5,960 19.4 운송 13.4 1.4 10.6 0.4



CJ대한통운

2,463.6

2,587.8

2,870.7

3,221.3

3,609.0

3,909.4 1,703.5

3,595.2 1,330.5

4,041.8 1,456.7

4,434.6 1,724.5

4,820.4 1,970.8

661.5

711.9

737.8

759.5

742.3

798.9

827.9

852.2

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

80

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

주가

x37

x29

x22

x15

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



124



한진 (002320.KS) 업데이트 : 2012.06.14

투자의견 : 중립 업종 : 운송 주가 수익률(12개월)

목표주가 : - 애널리스트 : 윤희도


52주 최고가 : 25,900 시가총액(십억원) : 240.1

52주 최저가 : 16,750 60일 평균 거래대금(백만원) : 2,222.7

연중 최고가 : 25,150 외국인지분(%) : 7.5

9 10 11 12 13


(1.7) 6.9 14.6 (10.5) (5.2)

업종 대비 6.9 15.6 23.2 (1.9) 3.4 5

KOSPI 대비 0.5 8.8 10.7 (14.5) (9.2) 10

22 23 24 19 20



2010/12A 25.2 45.3 60.7 0.7 (87.3) (2.1) NA 75.9 -179 79,176 400

2011/12A 10.0 35.0 (22.9) (25.9) NA (28.4) NA 69.8 -2,404 63,943 400

2012/12F 6.7 42.7 22.1 (1.9) NA (1.4) NA 82.0 -115 66,324 400

2013/12F 6.2 45.1 5.6 12.6 NA 9.2 NA 85.4 775 66,694 400

2014/12F 5.8 51.6 14.5 20.8 65.4 15.1 65.4 92.4 1,282 67,563 400



2010/12A 942.1 545.0 71.4 (69.9) 3.6 12.7 NA 0.43 (0.3) 1.2

2011/12A 759.7 622.2 88.2 (83.5) 2.5 12.7 NA 0.34 (3.3) 1.8

2012/12F 788.2 614.6 84.4 (50.7) 2.9 10.5 NA 0.30 (0.2) 2.0

2013/12F 792.6 645.0 88.1 (45.6) 2.9 10.5 25.9 0.30 1.2 2.0

2014/12F 803.0 662.4 89.5 (41.0) 3.1 9.9 15.6 0.30 1.9 2.0



2012/03A 3.4 (0.8) 13.4 47.9 62.2 (0.1) NA NA (2.2) NA NA

2012/06F 6.7 4.1 9.1 (1.7) (32.5) (0.8) NA NA (0.6) NA NA

2012/09F 6.7 2.4 10.2 21.8 12.1 (0.4) NA NA (0.3) NA NA

2012/12F 9.9 4.0 10.0 20.7 (1.6) (0.5) NA NA 1.7 NA NA

2013/03F 6.2 (4.2) 13.4 (0.5) 33.7 2.8 NA NA 2.0 NA 17.8

2013/06F 6.2 4.1 9.6 6.2 (28.0) 0.0 NA (98.7) 0.0 NA (98.7)

2013/09F 6.2 2.4 10.8 6.2 12.1 0.3 NA 643.9 0.2 NA 643.9

2013/12F 6.2 4.0 11.2 12.4 4.1 9.5 NA 3,351.9 6.9 301.1 3,351.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,486.6 48.2 (5.1) 693 29.4 한진 29.5 0.3 1.0 2.0

FY2013F 1,606.5 56.2 NA 1,378 14.8 운송 13.4 1.4 10.6 0.4



한진

1,264.3

1,390.7

1,483.6

1,575.4

1,666.4

1,989.6 1,040.6

1,793.1 1,026.0

1,843.4 1,046.3

1,903.5 1,101.6

1,958.2 1,145.2

352.1

366.4

375.0

390.1

373.9

389.0

398.2

414.3

0

5,000

10,000

15,000

20,000

25,000

30,000


-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

70,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



125



대한항공 (003490.KS) 업데이트 : 2012.11.22




52주 최고가 : 58,900 시가총액(십억원) : 3,245.9

52주 최저가 : 41,500 60일 평균 거래대금(백만원) : 25,044.6

연중 최고가 : 58,100 외국인지분(%) : 15.1

9 10 11 12 13


(9.3) (7.2) 1.1 7.1 3.7

업종 대비 (0.6) 1.4 9.8 15.8 12.3 5

KOSPI 대비 (7.1) (5.4) (2.8) 3.1 (0.3) 10

22 23 24 19 20



2010/12A 20.5 1,235.8 606.5 805.5 NA 563.2 NA 2,360.6 8,340 38,159 500

2011/12A 5.4 460.2 (62.8) (260.4) NA (218.8) NA 1,803.4 -3,240 34,426 0

2012/12F 6.1 487.2 5.9 449.8 NA 326.3 NA 1,964.4 4,740 38,868 0

2013/12F 7.5 709.6 45.6 536.6 19.3 390.7 19.8 2,189.7 5,677 44,195 0

2014/12F 6.5 877.6 23.7 744.2 38.7 549.5 40.6 2,363.2 7,984 51,687 0



2010/12A 2,734.0 11,453.8 385.0 (1,301.6) 10.6 7.2 8.3 1.82 19.4 0.7

2011/12A 2,460.2 13,544.7 549.5 (664.2) 3.8 9.4 NA 1.26 (8.4) 0.0

2012/12F 2,786.0 13,615.0 494.0 (1,791.0) 3.7 8.8 9.5 1.16 12.4 0.0

2013/12F 3,176.8 13,306.9 431.3 (1,566.0) 5.1 7.7 7.9 1.02 13.1 0.0

2014/12F 3,726.3 12,664.4 358.4 (1,487.0) 5.9 6.9 5.6 0.87 15.9 0.0



2012/03A 6.3 (6.0) (98.9) NA NA (27.6) NA NA (62.6) NA NA

2012/06A 10.2 8.3 125.7 NA NA (224.4) NA NA (170.7) NA NA

2012/09F 7.7 9.9 317.8 32.4 152.9 545.8 NA NA 395.9 NA NA

2012/12F 0.7 (10.0) 142.7 85.2 (55.1) 156.0 196.0 (71.4) 163.6 191.5 (58.7)

2013/03F 9.6 2.3 107.5 NA (24.6) 25.0 NA (83.9) 18.2 NA (88.9)

2013/06F 4.8 3.6 201.9 60.6 87.8 15.8 NA (36.9) 11.5 NA (36.9)

2013/09F 6.4 11.6 286.5 (9.9) 41.9 254.3 (53.4) 1,509.4 185.1 (53.2) 1,509.4

2013/12F 9.5 (7.3) 113.7 (20.3) (60.3) 241.5 54.8 (5.0) 175.9 7.5 (5.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 13,072.9 530.7 301.5 4,086 12.3 대한항공 8.1 1.0 13.0 0.0

FY2013F 13,797.2 892.2 629.9 8,507 5.9 운송 13.4 1.4 10.6 0.4



대한항공

11,640.0

12,269.1

13,022.9

14,000.4

14,913.6

20,010.0 16,732.7

22,388.3 19,619.4

23,092.4 19,977.3

23,724.4 20,196.7

24,207.3 20,106.7

2,998.3

3,245.9

3,567.0

3,211.7

3,285.1

3,401.8

3,795.2

3,518.3

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-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

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x11

x8

x6

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



126



아시아나항공 (020560.KS) 업데이트 : 2012.11.20




52주 최고가 : 8,390 시가총액(십억원) : 1,166.7

52주 최저가 : 5,930 60일 평균 거래대금(백만원) : 10,537.8

연중 최고가 : 8,320 외국인지분(%) : 4.8

9 10 11 12 13


(10.6) (23.2) (8.4) (14.6) (6.3)

업종 대비 (2.0) (14.6) 0.2 (5.9) 2.4 5

KOSPI 대비 (8.4) (21.4) (12.3) (18.6) (10.3) 10

22 23 24 19 20



2010/12A 29.3 550.5 NA 188.0 NA 85.1 NA 785.2 484 5,114 0

2011/12A 6.1 358.3 (34.9) (36.8) NA (30.9) NA 600.2 -171 4,685 0

2012/12F 5.9 236.3 (34.1) 71.8 NA 53.5 NA 472.7 276 4,486 0

2013/12F 5.3 394.3 66.9 270.2 276.5 203.9 281.0 632.1 1,045 5,531 0

2014/12F 5.5 424.8 7.8 308.5 14.2 232.8 14.2 664.0 1,193 6,724 0



2010/12A 911.4 3,502.6 408.8 (204.9) 10.4 6.7 20.0 1.89 10.4 0.0

2011/12A 857.8 2,830.3 357.8 (258.6) 6.4 6.7 NA 1.38 (3.5) 0.0

2012/12F 875.2 3,037.8 373.6 (275.0) 4.0 8.9 21.6 1.33 6.2 0.0

2013/12F 1,079.1 2,936.5 295.0 (256.0) 6.3 6.5 5.7 1.08 20.9 0.0

2014/12F 1,311.9 2,806.9 234.0 (258.0) 6.4 6.0 5.0 0.89 19.5 0.0



2012/03A 8.1 (1.7) 47.1 (32.9) (6.1) 0.5 (99.2) NA (2.2) NA NA

2012/06A 4.3 1.2 38.9 (32.5) (17.3) (47.9) NA NA (37.7) NA NA

2012/09F 6.8 11.1 118.4 (38.3) 204.2 105.6 NA NA 78.7 NA NA

2012/12F 4.5 (5.3) 31.8 (36.6) (73.2) 13.7 NA (87.0) 14.8 NA (81.2)

2013/03F 7.4 0.9 53.5 13.7 68.4 (32.5) NA NA (24.6) NA NA

2013/06F 6.8 0.6 96.6 148.1 80.4 (37.4) NA NA (28.2) NA NA

2013/09F 4.1 8.3 164.3 38.7 70.1 109.5 3.7 NA 82.6 5.0 NA

2013/12F 3.1 (6.2) 79.9 151.2 (51.4) 230.6 1,584.4 110.6 174.0 1,078.5 110.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 5,972.8 301.4 89.3 467 14.2 아시아나항공 6.2 1.1 19.3 0.0

FY2013F 6,285.7 397.1 178.8 944 7.0 운송 13.4 1.4 10.6 0.4



아시아나항공

5,285.0

5,609.4

5,941.6

6,255.2

6,599.2

6,258.4 5,344.3

5,747.4 4,886.1

6,100.3 5,219.7

6,267.3 5,181.8

6,449.4 5,130.1

1,414.9

1,431.5

1,589.9

1,505.3

1,519.5

1,528.3

1,655.1

1,552.2

0

1,336

2,671

4,007

5,342

6,678

8,014

9,349


-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

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x27

x20

x14

x7

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



127



현대글로비스 (086280.KS) 업데이트 : 2012.10.23




52주 최고가 : 245,000 시가총액(십억원) : 8,100.0

52주 최저가 : 172,500 60일 평균 거래대금(백만원) : 17,381.1

연중 최고가 : 243,500 외국인지분(%) : 25.8

9 10 11 12 13


(4.8) 3.3 11.3 (2.7) 13.7

업종 대비 3.8 12.0 20.0 5.9 22.3 5

KOSPI 대비 (2.7) 5.2 7.5 (6.7) 9.7 10

22 23 24 19 20



2010/12A 82.7 272.5 87.6 284.4 21.4 265.6 40.0 298.6 7,083 29,803 700

2011/12A 29.4 339.6 24.6 374.1 31.6 358.8 35.1 373.2 9,568 39,780 1,500

2012/12F 23.1 443.1 30.5 496.8 32.8 575.3 60.3 484.6 15,341 52,986 1,500

2013/12F 18.5 523.0 18.0 587.3 18.2 667.1 16.0 569.5 17,789 68,223 1,500

2014/12F 19.1 635.6 21.5 713.6 21.5 791.7 18.7 689.2 21,111 86,314 1,500



2010/12A 1,117.6 258.9 48.0 (109.4) 4.7 19.6 21.0 5.00 27.3 0.5

2011/12A 1,491.7 199.3 48.6 (132.5) 4.5 19.7 20.1 4.83 27.5 0.8

2012/12F 1,987.0 95.1 48.7 (144.5) 4.8 16.5 14.1 4.08 33.1 0.7

2013/12F 2,558.4 (42.9) 48.6 (147.2) 4.7 13.6 12.1 3.17 29.4 0.7

2014/12F 3,236.8 (269.6) 48.0 (140.9) 4.8 10.7 10.2 2.50 27.3 0.7



2012/03A 37.3 5.6 111.4 45.4 26.3 124.7 38.9 22.8 122.8 48.9 (9.3)

2012/06A 28.0 6.3 115.1 28.4 3.4 130.4 39.2 4.6 141.1 43.3 14.9

2012/09F 19.9 (1.8) 111.8 31.3 (2.9) 124.4 39.5 (4.7) 114.4 26.4 (18.9)

2012/12F 10.9 0.7 104.9 18.9 (6.2) 117.3 15.6 (5.6) 196.9 45.3 72.1

2013/03F 18.5 12.8 111.5 0.1 6.3 126.2 1.2 7.6 154.1 25.5 (21.7)

2013/06F 18.5 6.3 120.1 4.3 7.7 136.1 4.3 7.8 162.6 15.2 5.5

2013/09F 18.5 (1.8) 142.4 27.4 18.6 158.6 27.5 16.5 182.0 59.1 11.9

2013/12F 18.5 0.7 149.0 42.1 4.6 166.5 41.9 5.0 168.3 (14.5) (7.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,516.4 464.9 422.4 11,264 19.4 현대글로비스 12.3 3.2 29.7 0.7

FY2013F 11,111.1 544.6 496.6 13,243 16.5 운송 13.4 1.4 10.6 0.4



현대글로비스

5,834.0

7,547.8

9,293.9

11,015.1

13,116.1

2,278.6 1,142.9

3,189.6 1,760.0

3,983.7 2,183.1

4,832.5 2,583.0

5,888.1 3,081.3

2,236.1

2,376.5

2,332.8

2,348.5

2,650.3

2,816.6

2,764.8

2,783.4

0

50,000

100,000

150,000

200,000

250,000

300,000


-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

350,000

400,000

2005 2006 2007 2008 2009 2010 2011

주가

x23

x19

x16

x12

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



128



한진해운 (117930.KS) 업데이트 : 2012.11.20

투자의견 : 중립 업종 : 운송 주가 수익률(12개월)



52주 최고가 : 18,950 시가총액(십억원) : 1,173.8

52주 최저가 : 7,950 60일 평균 거래대금(백만원) : 22,988.4

연중 최고가 : 18,600 외국인지분(%) : 19.7

9 10 11 12 13


(29.9) (34.3) (26.6) 14.2 (22.4)

업종 대비 (21.3) (25.7) (18.0) 22.9 (13.8) 5

KOSPI 대비 (27.8) (32.5) (30.5) 10.2 (26.4) 10

22 23 24 19 20



2010/12A 540.8 686.7 NA 375.1 NA 286.5 NA 1,003.8 3,598 31,794 500

2011/12A (1.1) (492.6) NA (815.3) NA (835.4) NA (101.1) -8,481 15,907 0

2012/12F 10.3 (40.2) NA (413.8) NA (423.2) NA 431.3 -3,386 12,461 0

2013/12F 4.3 218.6 NA (65.4) NA (97.4) NA 692.0 -779 11,682 0

2014/12F 1.1 275.6 26.1 0.3 NA (37.4) NA 742.9 -300 11,383 0



2010/12A 2,702.1 3,684.6 180.9 (1,034.2) 7.1 7.0 9.9 1.12 12.4 1.4

2011/12A 1,987.9 4,385.0 258.6 (1,386.9) (5.2) (57.8) NA 0.71 (35.6) 0.0

2012/12F 1,557.2 5,531.4 401.6 (749.0) (0.4) 15.6 NA 0.75 (23.9) 0.0

2013/12F 1,459.8 5,873.7 455.7 (519.0) 2.0 10.2 NA 0.80 (6.5) 0.0

2014/12F 1,422.4 5,984.7 476.9 (355.0) 2.5 9.6 NA 0.82 (2.6) 0.0



2012/03A (0.5) (5.2) (218.4) NA NA (322.3) NA NA (341.0) NA NA

2012/06A 18.4 25.1 73.9 NA NA 6.5 NA NA (5.6) NA NA

2012/09F 17.2 2.2 84.0 NA 13.7 (55.1) NA NA (40.2) NA NA

2012/12F 5.5 (13.0) 20.4 NA (75.7) (42.9) NA NA (36.4) NA NA

2013/03F 12.8 1.5 14.1 NA (31.0) (79.9) NA NA (119.0) NA NA

2013/06F (0.0) 10.8 72.0 (2.6) 411.3 (10.7) NA NA (15.9) NA NA

2013/09F 0.9 3.1 52.5 (37.5) (27.0) (32.2) NA NA (48.0) NA NA

2013/12F 5.4 (9.1) 80.0 292.3 52.4 57.4 NA NA 85.5 NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 10,712.6 134.5 (261.1) -2,037 NA 한진해운 0.0 0.8 (8.3) 0.0

FY2013F 11,373.9 371.9 19.3 -121 NA 운송 13.4 1.4 10.6 0.4



한진해운

9,625.2

9,523.3

10,507.8

10,958.2

11,082.7

10,650.5 7,922.3

11,196.8 9,171.8

11,559.6 9,992.7

11,751.1 10,287.7

11,680.4 10,256.9

2,264.1

2,831.7

2,894.4

2,517.7

2,554.5

2,831.4

2,919.5

2,652.7

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-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

2009 2010 2011

주가

x9

x7

x5

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



129



기아차 (000270.KS) 업데이트 : 2012.11.21

투자의견 : 매수 업종 : 자동차·자동차부품 주가 수익률(12개월)

목표주가 : 105,000 애널리스트 : 서성문


52주 최고가 : 84,800 시가총액(십억원) : 22,619.3

52주 최저가 : 54,000 60일 평균 거래대금(백만원) : 126,773.0

연중 최고가 : 83,800 외국인지분(%) : 34.8

9 10 11 12 13


(15.7) (28.6) (26.7) (22.9) (16.1)

업종 대비 (5.5) (18.4) (16.5) (12.7) (5.9) 5

KOSPI 대비 (13.5) (26.7) (30.5) (26.9) (20.1) 10

22 23 24 19 20



2010/12A 21.7 2,490.0 108.3 3,323.0 172.2 2,682.1 173.8 3,418.4 6,844 25,129 500

2011/12A 20.6 3,525.1 41.6 4,721.7 42.1 3,415.6 27.3 4,515.9 8,573 33,501 600

2012/12F 11.6 4,100.9 16.3 5,437.5 15.2 3,931.6 15.1 5,233.8 9,712 43,927 700

2013/12F 7.8 4,742.2 15.6 6,175.9 13.6 4,465.5 13.6 5,647.5 11,026 54,578 800

2014/12F 10.3 5,330.1 12.4 6,852.3 11.0 4,954.6 11.0 6,342.2 12,234 66,371 900



2010/12A 9,983.2 3,421.3 61.9 (907.3) 7.0 7.0 7.4 2.01 32.1 1.0

2011/12A 13,509.7 1,686.7 41.6 (1,456.5) 8.2 6.3 7.8 1.99 29.1 0.9

2012/12F 17,806.5 (2,318.1) 27.7 (1,250.0) 8.5 3.9 5.7 1.27 25.1 1.3

2013/12F 22,123.8 (3,540.9) 21.3 (1,100.0) 9.1 3.4 5.1 1.02 22.4 1.4

2014/12F 26,904.5 (4,904.4) 17.5 (1,000.0) 9.3 2.8 4.6 0.84 20.2 1.6



2012/03A 10.6 7.5 1,120.6 33.4 35.7 1,568.0 23.4 35.9 1,201.3 29.7 56.8

2012/06A 8.4 6.5 1,219.1 18.1 8.8 1,506.3 5.8 (3.9) 1,096.5 (0.9) (8.7)

2012/09F 16.4 (7.4) 861.2 4.1 (29.4) 1,239.1 41.8 (17.7) 829.5 34.5 (24.4)

2012/12F 11.8 5.4 900.0 9.0 4.5 1,124.2 (2.6) (9.3) 923.8 20.6 11.4

2013/03F 9.3 5.1 1,161.8 3.7 29.1 1,513.1 (3.5) 34.6 1,127.2 (6.2) 22.0

2013/06F 13.1 10.2 1,304.1 7.0 12.2 1,698.4 12.7 12.2 1,265.3 15.4 12.2

2013/09F 5.7 (13.4) 1,052.8 22.2 (19.3) 1,371.0 10.7 (19.3) 1,021.4 23.1 (19.3)

2013/12F 2.9 2.6 1,223.5 35.9 16.2 1,593.4 41.7 16.2 1,187.1 28.5 16.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 48,420.4 4,492.9 4,428.4 10,888 6.0 기아차 5.1 1.0 22.7 1.4

FY2013F 51,954.7 4,879.7 4,821.2 11,892 5.5 자동차·자동차부품 5.9 1.1 18.8 1.0



기아차

35,827.0

43,190.9

48,222.4

51,977.6

57,320.2

26,275.1 16,027.0

30,255.2 16,745.5

32,999.5 15,193.0

36,338.0 14,214.2

40,142.3 13,237.8

11,790.0

12,550.9

11,625.0

12,256.5

12,881.2

14,197.9

12,291.7

12,606.8

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


-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

주가

x9

x7

x5

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



130



넥센타이어 (002350.KS) 업데이트 : 2012.11.21




52주 최고가 : 22,400 시가총액(십억원) : 1,457.0

52주 최저가 : 14,600 60일 평균 거래대금(백만원) : 6,700.0

연중 최고가 : 21,800 외국인지분(%) : 8.2

9 10 11 12 13


(12.3) (24.6) (22.7) (22.9) (15.0)

업종 대비 (2.1) (14.4) (12.5) (12.7) (4.8) 5

KOSPI 대비 (10.1) (22.7) (26.5) (26.9) (19.0) 10

22 23 24 19 20



2010/12A 13.7 132.9 (19.5) 130.9 (6.7) 107.2 (5.4) 176.0 1,142 4,795 45

2011/12A 24.5 114.3 (14.0) 113.1 (13.6) 87.8 (18.1) 166.5 878 5,601 60

2012/12F 22.9 200.8 75.7 181.5 60.4 140.6 60.3 289.4 1,412 6,436 60

2013/12F 12.7 251.0 25.0 234.0 28.9 181.3 28.9 357.5 1,821 8,168 60

2014/12F 13.4 308.5 22.9 292.8 25.1 226.9 25.1 409.9 2,279 10,351 60



2010/12A 483.3 408.5 113.4 (150.4) 11.6 6.9 7.4 1.75 24.6 0.5

2011/12A 565.0 776.0 165.3 (350.8) 8.0 15.3 21.1 3.30 16.7 0.3

2012/12F 649.7 885.9 186.4 (250.0) 11.4 8.2 10.9 2.39 23.2 0.4

2013/12F 825.5 744.8 143.0 (250.0) 12.7 6.2 8.4 1.88 24.6 0.4

2014/12F 1,046.8 610.0 102.3 (150.0) 13.7 5.1 6.7 1.48 24.2 0.4



2012/03A 23.7 1.3 51.0 36.5 214.9 49.8 22.8 113.7 41.3 11.3 126.2

2012/06A 29.8 6.7 51.8 90.1 1.6 42.7 51.8 (14.3) 30.5 97.3 (26.3)

2012/09F 22.9 3.9 51.3 53.1 (0.9) 51.4 143.6 20.4 38.6 128.1 26.5

2012/12F 16.6 3.9 46.7 188.5 (8.9) 37.6 61.1 (26.9) 31.7 73.2 (17.9)

2013/03F 19.5 3.8 62.8 23.1 34.3 58.5 17.4 55.7 45.3 9.6 43.2

2013/06F 18.9 6.1 69.0 33.3 10.0 64.3 50.8 10.0 49.9 63.6 10.0

2013/09F 5.6 (7.7) 61.5 19.9 (10.9) 57.3 11.5 (10.9) 44.4 15.2 (10.9)

2013/12F 8.0 6.3 57.7 23.6 (6.1) 53.8 43.2 (6.1) 41.7 31.8 (6.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,779.9 215.3 149.5 1,473 11.7 넥센타이어 8.6 1.9 24.4 0.4

FY2013F 2,094.6 262.7 184.3 1,792 9.7 자동차·자동차부품 5.9 1.1 18.8 1.0



넥센타이어

1,148.6

1,430.0

1,757.8

1,981.4

2,246.5

1,258.9 775.5

1,902.2 1,337.2

2,240.2 1,590.5

2,533.4 1,708.0

2,666.6 1,619.8

406.3

433.3

450.3

467.9

485.4

515.2

475.5

505.3

0

5,000

10,000

15,000

20,000

25,000


-40

-35

-30

-25

-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

주가

x23

x17

x12

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



131



현대차 (005380.KS) 업데이트 : 2012.11.21




52주 최고가 : 272,500 시가총액(십억원) : 46,258.1

52주 최저가 : 197,500 60일 평균 거래대금(백만원) : 149,394.2

연중 최고가 : 268,500 외국인지분(%) : 46.2

9 10 11 12 13


(7.1) (13.9) (11.4) (4.8) (1.2)

업종 대비 3.1 (3.8) (1.2) 5.4 9.0 5

KOSPI 대비 (4.9) (12.1) (15.3) (8.8) (5.2) 10

22 23 24 19 20



2010/12A (26.8) 5,918.5 5.3 7,491.6 34.8 5,567.1 87.2 8,073.3 20,517 108,646 1,500

2011/12A 16.1 8,075.5 36.4 10,447.1 39.5 7,655.9 37.5 10,410.2 28,200 133,957 1,750

2012/12F 8.1 8,979.0 11.2 11,756.3 12.5 8,617.5 12.6 10,947.3 31,995 153,889 2,000

2013/12F 8.3 10,191.2 13.5 13,279.4 13.0 9,733.9 13.0 12,237.1 36,144 185,369 2,000

2014/12F 9.2 11,228.4 10.2 14,709.8 10.8 10,782.4 10.8 13,359.6 40,040 220,428 2,000



2010/12A 30,097.8 25,573.3 119.6 (2,044.7) 8.8 8.7 8.5 1.60 21.5 0.9

2011/12A 37,113.0 28,223.8 109.1 (2,899.2) 10.4 7.9 7.6 1.59 22.8 0.8

2012/12F 42,803.4 24,543.1 93.7 (2,500.0) 10.7 7.2 6.6 1.36 21.6 1.0

2013/12F 51,790.2 22,586.0 77.4 (2,500.0) 11.2 6.4 5.8 1.13 20.6 1.0

2014/12F 61,798.7 17,086.3 60.8 (2,500.0) 11.3 5.5 5.2 0.95 19.0 1.0



2012/03A 10.6 (1.7) 2,282.6 24.9 7.3 3,148.2 27.7 23.7 2,300.5 31.3 18.0

2012/06A 9.2 8.8 2,502.3 17.7 9.6 3,145.1 5.4 (0.1) 2,445.8 14.3 6.3

2012/09F 3.6 (10.5) 2,055.8 3.1 (17.8) 2,780.7 13.4 (11.6) 2,079.8 14.7 (15.0)

2012/12F 9.0 13.8 2,138.3 0.6 4.0 2,682.3 5.4 (3.5) 1,881.4 (3.5) (9.5)

2013/03F 9.7 (1.1) 2,496.9 9.4 16.8 3,253.4 3.3 21.3 2,424.6 5.4 28.9

2013/06F 7.9 7.0 2,802.6 12.0 12.2 3,651.8 16.1 12.2 2,721.5 11.3 12.2

2013/09F 12.0 (7.0) 2,445.9 19.0 (12.7) 3,187.0 14.6 (12.7) 2,375.1 14.2 (12.7)

2013/12F 4.3 5.9 2,445.9 14.4 0.0 3,187.0 18.8 0.0 2,375.1 26.2 0.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 84,207.0 9,325.1 9,486.6 31,677 7.0 현대차 5.9 1.2 20.7 1.0

FY2013F 90,132.7 10,014.9 10,236.8 34,297 6.5 자동차·자동차부품 5.9 1.1 18.8 1.0



현대차

66,985.3

77,797.9

84,106.6

91,123.1

99,503.4

94,714.1 61,826.2

109,480.0 69,152.3

121,834.5 75,323.6

134,503.1 78,226.8

145,220.9 78,069.3

20,164.9

21,940.2

19,645.6

22,355.9

22,117.9

23,673.5

22,011.8

23,319.9

0

50,000

100,000

150,000

200,000

250,000

300,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x16

x13

x10

x7

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



132



에스엘 (005850.KS) 업데이트 : 2012.11.21


목표주가 : 24,000 애널리스트 : 이헌영


52주 최고가 : 27,400 시가총액(십억원) : 445.3

52주 최저가 : 10,550 60일 평균 거래대금(백만원) : 3,345.8

연중 최고가 : 23,050 외국인지분(%) : 8.6

9 10 11 12 13


(8.7) (22.0) (33.4) (49.7) (33.8)

업종 대비 1.5 (11.8) (23.2) (39.5) (23.6) 5

KOSPI 대비 (6.5) (20.1) (37.3) (53.7) (37.8) 10

22 23 24 19 20



2011/03A 48.7 33.8 96.9 50.3 (53.7) 82.1 (4.6) 43.8 2,478 13,367 200

2011/12A (16.5) 20.2 (40.4) 27.9 (44.6) 71.0 (13.5) 29.3 2,097 16,188 150

2012/12F 32.6 18.6 (7.7) 33.3 19.3 85.8 20.8 33.7 2,534 15,705 150

2013/12F 4.0 20.9 12.1 35.8 7.7 97.1 13.2 37.4 2,867 16,639 200

2014/12F 3.6 23.2 11.1 38.5 7.3 114.1 17.6 41.4 3,370 17,804 200



2011/03A 452.7 (59.5) 28.6 (25.0) 6.4 17.7 10.1 1.87 20.7 0.8

2011/12A 548.2 (43.3) 22.4 (26.8) 4.6 19.3 9.9 1.29 14.2 0.7

2012/12F 531.8 (19.0) 23.2 (17.7) 3.2 10.9 5.2 0.84 15.9 1.1

2013/12F 563.5 (27.2) 22.6 (20.0) 3.4 9.3 4.6 0.79 17.7 1.5

2014/12F 602.9 (37.9) 21.7 (20.0) 3.7 7.8 3.9 0.74 19.6 1.5



2012/03A 10.5 (5.3) 12.6 194.4 245.2 20.3 128.6 310.7 28.4 162.8 647.9

2012/06A (0.3) (6.2) (2.4) NA NA 5.3 (58.3) (74.1) 4.9 (85.9) (82.7)

2012/09F (7.0) (5.0) 3.6 (62.5) NA 1.7 (83.5) (67.5) 20.4 0.5 314.0

2012/12F 3.1 22.1 4.8 30.7 31.6 6.1 23.4 256.5 16.4 330.2 (19.8)

2013/03F 1.8 (6.4) 6.8 (46.0) 42.7 20.0 (1.5) 227.9 34.5 21.1 110.5

2013/06F 4.2 (4.0) 3.6 NA (46.7) 3.8 (27.7) (81.0) 18.1 267.0 (47.5)

2013/09F 16.1 5.8 6.8 86.5 86.3 6.9 305.7 82.4 21.3 4.3 17.6

2013/12F (4.2) 0.8 3.7 (23.0) (45.7) 5.1 (15.6) (25.8) 23.3 42.2 9.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 589.3 26.2 38.3 1,130 12.6 에스엘 4.6 0.8 17.5 1.5

FY2013F 625.1 29.5 39.0 1,151 12.4 자동차·자동차부품 5.9 1.1 18.8 1.0



에스엘

525.6

438.9

581.9

605.1

626.6

695.3 255.4

690.6 239.5

698.3 225.7

726.1 231.0

751.9 232.4

148.6

139.3

132.3

161.7

151.3

145.2

153.7

154.9

0

5,000

10,000

15,000

20,000

25,000

30,000


-70

-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

45,000

2004 2005 2006 2007 2008 2009 2010 2010 2012

주가

x14

x10

x7

x4

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



133



현대위아 (011210.KS) 업데이트 : 2012.11.21




52주 최고가 : 194,500 시가총액(십억원) : 4,580.0

52주 최저가 : 122,500 60일 평균 거래대금(백만원) : 28,426.3

연중 최고가 : 192,500 외국인지분(%) : 15.8

9 10 11 12 13


(0.8) 7.9 8.2 10.6 30.9

업종 대비 9.3 18.1 18.4 20.7 41.1 5

KOSPI 대비 1.3 9.7 4.3 6.5 26.9 10

22 23 24 19 20



2010/12A NA 220.1 NA 165.6 NA 127.9 NA 308.9 5,885 43,708 0

2011/12A 24.7 336.8 53.0 312.1 88.5 237.8 85.9 435.3 9,421 56,421 500

2012/12F 10.4 556.3 65.2 533.5 70.9 397.6 67.2 671.1 15,451 73,065 750

2013/12F 11.2 647.0 16.3 633.6 18.8 472.2 18.8 760.1 18,350 91,429 1,000

2014/12F 10.1 734.6 13.5 731.8 15.5 545.4 15.5 845.9 21,195 112,502 1,100



2010/12A 949.8 830.1 105.3 (151.3) 4.3 13.5

2011/12A 1,451.7 697.6 70.2 (221.6) 5.3 10.1 15.1 2.53 19.8 0.4

2012/12F 1,880.0 565.5 49.6 (278.5) 7.9 7.7 11.5 2.44 23.9 0.4

2013/12F 2,352.5 508.9 39.4 (200.0) 8.3 6.7 9.7 1.95 22.3 0.6

2014/12F 2,894.7 400.0 29.8 (180.0) 8.5 5.9 8.4 1.58 20.8 0.6



2012/03A 10.3 (5.6) 122.6 69.5 28.0 118.8 81.8 31.2 89.9 67.9 42.1

2012/06A 4.3 2.1 132.1 55.0 7.8 128.5 64.5 8.2 94.5 56.5 5.2

2012/09F 13.7 3.3 144.2 72.9 9.1 142.1 82.0 10.6 107.5 77.4 13.7

2012/12F 13.0 13.5 157.4 64.3 9.2 144.0 59.1 1.3 109.5 73.1 1.9

2013/03F 10.6 (7.6) 146.2 19.2 (7.2) 142.5 20.0 (1.1) 113.3 26.1 3.4

2013/06F 18.2 9.0 169.3 28.1 15.8 165.3 28.6 16.0 133.5 41.1 17.8

2013/09F 8.1 (5.5) 148.7 3.1 (12.2) 143.0 0.6 (13.5) 109.2 1.6 (18.2)

2013/12F 8.3 13.8 182.8 16.1 23.0 182.7 26.9 27.8 122.5 11.8 12.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 7,027.2 542.5 400.9 15,476 11.2 현대위아 9.9 2.0 22.5 0.5

FY2013F 7,867.1 629.6 474.1 18,281 9.4 자동차·자동차부품 5.9 1.1 18.8 1.0



현대위아

5,124.9

6,392.7

7,055.0

7,841.7

8,630.5

3,534.3 2,544.0

4,252.8 2,757.4

4,562.7 2,677.3

5,124.9 2,780.5

5,774.2 2,902.9

1,651.6

1,685.5

1,741.0

1,976.9

1,827.1

1,991.8

1,882.0

2,140.8

0

50,000

100,000

150,000

200,000

250,000


-40

-35

-30

-25

-20

-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

2011 2012

주가

x17

x14

x12

x10

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



134



현대모비스 (012330.KS) 업데이트 : 2012.11.21




52주 최고가 : 328,000 시가총액(십억원) : 25,650.1

52주 최저가 : 258,000 60일 평균 거래대금(백만원) : 61,922.2

연중 최고가 : 323,000 외국인지분(%) : 50.7

9 10 11 12 13


(11.4) (16.5) (2.9) (15.9) (9.9)

업종 대비 (1.2) (6.3) 7.2 (5.8) 0.3 5

KOSPI 대비 (9.3) (14.6) (6.8) (20.0) (13.9) 10

22 23 24 19 20



2010/12A 28.5 2,507.1 48.0 3,482.6 67.9 2,712.9 73.1 2,840.3 28,451 113,736 1,500

2011/12A 18.7 2,674.9 6.7 4,063.0 16.7 3,023.0 11.4 3,027.9 31,671 142,715 1,750

2012/12F 14.4 2,844.5 6.3 4,455.5 9.7 3,337.4 10.4 3,247.4 34,932 178,582 1,750

2013/12F 10.2 3,266.2 14.8 4,977.8 11.7 3,728.6 11.7 3,686.1 39,027 215,228 1,750

2014/12F 8.4 3,629.2 11.1 5,442.1 9.3 4,076.3 9.3 4,055.5 42,667 255,455 1,750



2010/12A 10,943.5 (352.7) 21.5 (415.4) 11.3 9.6 10.0 2.50 29.0 0.5

2011/12A 13,774.3 (499.6) 20.5 (716.1) 10.2 9.2 9.2 2.05 24.5 0.6

2012/12F 17,388.4 (820.5) 17.5 (600.0) 9.5 7.5 7.5 1.48 21.4 0.7

2013/12F 20,956.6 (934.1) 14.2 (600.0) 9.8 6.6 6.8 1.22 19.4 0.7

2014/12F 24,873.5 (1,703.5) 10.1 (500.0) 10.1 5.8 6.2 1.03 17.8 0.7



2012/03A 18.5 4.3 730.6 6.4 24.5 1,211.7 16.3 26.4 929.2 16.1 49.9

2012/06A 17.3 4.8 705.5 (3.9) (3.4) 1,116.3 (3.1) (7.9) 900.2 0.3 (3.1)

2012/09F 15.0 (3.0) 641.1 (3.9) (9.1) 1,097.7 20.7 (1.7) 819.5 16.2 (9.0)

2012/12F 7.6 1.5 767.3 30.8 19.7 1,029.8 7.4 (6.2) 700.0 12.9 (14.6)

2013/03F 8.4 5.0 767.6 5.1 0.0 1,169.8 (3.5) 13.6 877.3 (5.6) 25.3

2013/06F 9.9 6.2 832.9 18.1 8.5 1,269.3 13.7 8.5 952.0 5.8 8.5

2013/09F 4.4 (7.8) 767.6 19.7 (7.8) 1,169.8 6.6 (7.8) 877.3 7.1 (7.8)

2013/12F 18.2 14.9 898.2 17.1 17.0 1,368.9 32.9 17.0 1,026.7 46.7 17.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 30,118.2 2,912.0 3,541.9 36,299 8.0 현대모비스 6.8 1.2 19.7 0.7

FY2013F 33,049.5 3,293.7 3,934.8 40,262 7.2 자동차·자동차부품 5.9 1.1 18.8 1.0



현대모비스

22,143.5

26,294.6

30,084.7

33,165.3

35,945.4

18,298.1 7,337.7

22,575.6 8,781.1

26,602.1 9,633.1

30,800.7 10,268.8

34,919.7 10,476.5

7,341.5

7,697.3

7,467.2

7,578.8

7,959.7

8,457.2

7,793.9

8,954.6

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-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

450,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x12

x9

x7

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



135



동양기전 (013570.KS) 업데이트 : 2012.08.23

투자의견 : 중립 업종 : 자동차·자동차부품 주가 수익률(12개월)

목표주가 : - 애널리스트 : 서성문


52주 최고가 : 16,500 시가총액(십억원) : 279.0

52주 최저가 : 8,030 60일 평균 거래대금(백만원) : 3,414.5

연중 최고가 : 16,300 외국인지분(%) : 6.7

9 10 11 12 13


(21.3) (34.0) (29.0) (38.6) (28.1)

업종 대비 (11.2) (23.8) (18.8) (28.4) (17.9) 5

KOSPI 대비 (19.2) (32.2) (32.8) (42.6) (32.1) 10

22 23 24 19 20



2010/12A 68.4 26.3 354.2 53.9 200.2 46.5 253.4 36.4 1,499 6,838 200

2011/12A 25.6 38.7 46.9 31.3 (41.8) 23.9 (48.6) 48.2 770 7,347 200

2012/12F 15.6 51.5 33.2 70.7 125.6 56.6 136.9 71.1 1,787 9,049 200

2013/12F 9.3 58.5 13.5 78.7 11.2 62.9 11.2 75.7 1,988 10,805 200

2014/12F 8.3 66.1 12.9 87.4 11.1 69.9 11.1 81.5 2,209 12,782 200



2010/12A 216.6 37.0 22.5 (11.3) 5.6 10.4 7.2 1.59 23.9 1.8

2011/12A 233.3 84.1 45.8 (59.1) 6.5 10.0 16.4 1.72 10.6 1.6

2012/12F 298.9 27.5 38.0 (15.0) 7.5 4.3 4.9 0.97 21.3 2.3

2013/12F 355.7 13.5 32.4 (10.0) 7.8 3.9 4.4 0.82 19.2 2.3

2014/12F 419.4 3.3 29.9 (9.5) 8.1 3.5 4.0 0.69 18.0 2.3



2012/03A 10.1 19.5 11.1 (6.2) 135.6 20.6 (8.8) 265.7 16.9 (7.8) 346.9

2012/06A 10.3 6.6 15.9 32.0 43.2 11.5 (55.2) (44.4) 9.7 (53.5) (42.9)

2012/09F 13.1 (4.4) 13.7 35.2 (14.0) 18.7 NA 63.2 15.0 NA 55.3

2012/12F 30.5 7.2 11.0 132.5 (19.8) 13.6 140.2 (27.7) 10.8 186.6 (27.7)

2013/03F 9.3 0.1 12.6 13.4 14.9 25.2 22.1 85.9 20.3 20.1 87.2

2013/06F 9.3 6.6 18.0 13.4 43.2 14.0 22.1 (44.4) 11.6 20.1 (42.9)

2013/09F 9.3 (4.4) 15.5 13.4 (14.0) 22.9 22.1 63.2 18.0 20.1 55.3

2013/12F 9.3 7.2 12.4 13.4 (19.8) 16.6 22.1 (27.7) 13.0 20.1 (27.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 688.5 51.5 56.6 1,787 5.9 동양기전 4.5 0.8 19.4 2.3

FY2013F 752.6 58.5 62.9 1,988 5.3 자동차·자동차부품 5.9 1.1 18.8 1.0



동양기전

473.9

595.4

688.5

752.6

815.1

323.1 106.5

414.4 181.1

565.4 266.4

642.4 286.7

740.6 321.2

164.8

175.7

168.0

180.0

180.2

192.0

183.6

196.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-60

-50

-40

-30

-20

-10

0

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

600,000,000

700,000,000

800,000,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x24

x18

x12

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



136



한라공조 (018880.KS) 업데이트 : 2012.11.21




52주 최고가 : 28,200 시가총액(십억원) : 2,471.5

52주 최저가 : 17,400 60일 평균 거래대금(백만원) : 6,549.0

연중 최고가 : 27,850 외국인지분(%) : 85.3

9 10 11 12 13


0.7 (2.1) 15.5 6.7 8.7

업종 대비 10.8 8.1 25.6 16.9 18.9 5

KOSPI 대비 2.8 (0.3) 11.6 2.7 4.7 10

22 23 24 19 20



2010/12A 21.8 329.3 44.1 330.2 41.5 225.2 48.7 449.2 2,109 10,602 664

2011/12A 13.8 304.6 (7.5) 310.6 (5.9) 223.2 (0.9) 430.5 2,091 11,704 664

2012/12F 13.8 346.7 13.8 352.4 13.4 253.2 13.4 475.7 2,372 13,120 664

2013/12F 13.8 394.6 13.8 400.7 13.7 288.0 13.7 526.7 2,698 14,862 664

2014/12F 13.8 449.2 13.8 456.0 13.8 327.7 13.8 584.4 3,069 16,975 664



2010/12A 1,131.8 (268.8) 7.2 (130.8) 11.3 4.2 9.5 1.89 21.4 3.3

2011/12A 1,249.5 (246.6) 8.3 (144.6) 9.2 4.9 10.4 1.86 18.7 3.0

2012/12F 1,400.7 (272.3) 9.0 (154.1) 9.2 4.7 9.8 1.76 19.1 2.9

2013/12F 1,586.6 (304.6) 9.3 (157.0) 9.2 4.2 8.6 1.56 19.3 2.9

2014/12F 1,812.3 (344.6) 9.3 (159.8) 9.2 3.8 7.5 1.36 19.3 2.9



2012/03A 11.2 NA 84.4 3.4 NA 84.3 0.2 NA 63.0 12.7 NA

2012/06A 14.5 6.8 74.7 2.2 (11.5) 74.3 0.3 (11.9) 50.1 9.0 (20.5)

2012/09A 8.5 (7.7) 77.5 (2.6) 3.7 80.2 0.3 7.8 47.3 (19.7) (5.6)

2012/12F NA 25.0 110.0 NA 41.9 113.5 NA 41.7 92.8 NA 96.2

2013/03F 13.8 (7.7) 96.1 13.8 (12.6) 98.1 16.4 (13.6) 70.5 11.9 (24.0)

2013/06F 13.8 6.8 85.1 13.8 (11.5) 86.2 16.0 (12.1) 62.0 23.6 (12.1)

2013/09F 13.8 (7.7) 88.2 13.8 3.7 90.5 12.9 5.0 65.0 37.5 5.0

2013/12F 13.8 25.0 125.2 13.8 41.9 125.9 10.9 39.2 90.5 (2.5) 39.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,654.1 325.9 262.0 2,345 9.6 한라공조 8.7 1.6 19.3 2.9

FY2013F 4,020.5 361.6 300.0 2,696 8.3 자동차·자동차부품 5.9 1.1 18.8 1.0



한라공조

2,909.9

3,312.1

3,770.0

4,291.2

4,884.4

1,870.9 711.6

2,047.7 764.7

2,257.9 878.8

2,494.6 1,005.6

2,761.4 1,146.7

879.3

939.1

867.2

1,084.4

1,000.8

1,069.0

987.1

1,234.3

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

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x12

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



137



만도 (060980.KS) 업데이트 : 2012.11.21




52주 최고가 : 211,500 시가총액(십억원) : 2,267.6

52주 최저가 : 120,000 60일 평균 거래대금(백만원) : 13,838.9

연중 최고가 : 201,500 외국인지분(%) : 29.7

9 10 11 12 13


(15.6) (21.7) (26.8) (35.5) (38.2)

업종 대비 (5.4) (11.5) (16.6) (25.3) (28.0) 5

KOSPI 대비 (13.4) (19.9) (30.6) (39.5) (42.2) 10

22 23 24 19 20



2010/12A 33.5 275.7 55.9 262.2 98.3 201.7 87.8 403.9 11,565 66,930 1,000

2011/12A 25.3 291.3 5.7 274.6 4.7 224.2 11.1 434.9 12,349 76,908 1,250

2012/12F 11.2 280.6 (3.7) 250.9 (8.6) 197.4 (11.9) 437.2 10,970 86,548 1,250

2013/12F 12.2 340.3 21.3 322.6 28.6 253.9 28.6 524.2 14,125 99,292 1,250

2014/12F 10.0 400.2 17.6 392.8 21.7 309.1 21.7 611.9 17,195 115,078 1,250



2010/12A 1,216.7 81.0 20.3 (211.9) 7.6 6.1 11.2 1.93 19.3 0.8

2011/12A 1,362.5 324.0 49.5 (400.0) 6.4 9.5 16.7 2.68 17.4 0.6

2012/12F 1,576.4 335.5 44.3 (518.7) 5.5 6.0 11.3 1.44 13.4 1.0

2013/12F 1,808.5 407.7 41.7 (450.0) 6.0 5.1 8.8 1.25 15.0 1.0

2014/12F 2,096.0 366.7 38.5 (420.0) 6.4 4.3 7.2 1.08 15.8 1.0



2012/03A 22.1 (1.0) 75.6 8.6 35.9 73.3 7.5 39.9 59.0 3.3 24.2

2012/06A 14.6 1.3 76.3 (8.0) 0.9 64.7 (19.9) (11.8) 49.9 (18.0) (15.4)

2012/09F 2.5 (7.0) 40.9 (50.8) (46.4) 39.4 (46.1) (39.1) 26.0 (55.7) (47.8)

2012/12F 7.3 15.1 87.8 57.8 114.7 73.5 40.2 86.6 62.6 32.0 140.5

2013/03F 10.0 1.4 80.0 5.7 (8.9) 75.8 3.4 3.2 59.1 0.2 (5.7)

2013/06F 14.1 5.2 88.5 15.9 10.6 83.9 29.7 10.6 66.4 33.2 12.5

2013/09F 10.7 (9.8) 74.9 83.1 (15.4) 71.0 80.2 (15.4) 56.1 115.3 (15.6)

2013/12F 13.9 18.5 97.0 10.5 29.5 92.0 25.1 29.5 72.6 16.0 29.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 5,222.1 313.1 234.0 12,776 11.4 만도 9.0 1.3 14.8 1.0

FY2013F 6,042.2 400.1 307.2 16,734 8.7 자동차·자동차부품 5.9 1.1 18.8 1.0



만도

3,639.6

4,560.1

5,071.3

5,692.1

6,263.3

2,536.0 1,296.4

3,435.4 2,024.6

3,908.7 2,322.4

4,455.7 2,637.4

4,944.1 2,838.2

1,255.3

1,271.8

1,182.7

1,361.4

1,380.3

1,451.5

1,309.2

1,551.1

0

50,000

100,000

150,000

200,000

250,000


-50

-40

-30

-20

-10

0

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2010 2011 2012

주가

x17

x15

x13

x11

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



138



S&T모티브 (064960.KS) 업데이트 : 2012.11.21

투자의견 : 중립 업종 : 자동차·자동차부품 주가 수익률(12개월)

목표주가 : - 애널리스트 : 서성문


52주 최고가 : 33,300 시가총액(십억원) : 256.1

52주 최저가 : 17,750 60일 평균 거래대금(백만원) : 675.3

연중 최고가 : 31,850 외국인지분(%) : 4.4

9 10 11 12 13


22.6 7.8 9.2 (28.9) (26.1)

업종 대비 32.7 18.0 19.4 (18.7) (15.9) 5

KOSPI 대비 24.7 9.7 5.3 (32.9) (30.1) 10

22 23 24 19 20



2010/12A 50.4 47.8 142.7 43.9 326.1 33.0 233.4 65.5 2,927 29,079 400

2011/12A 33.6 61.9 29.4 57.2 30.2 39.8 20.6 84.3 3,494 30,384 400

2012/12F (2.9) 32.8 (47.1) 31.5 (44.9) 23.6 (40.6) 59.8 2,065 29,895 200

2013/12F 6.6 45.4 38.7 45.1 43.2 33.8 43.2 73.0 2,964 31,909 300

2014/12F 7.2 54.1 19.0 54.2 20.2 40.7 20.2 82.3 3,552 34,289 400



2010/12A 417.9 7.6 18.4 (28.2) 7.0 5.7 10.8 1.08 8.5 1.3

2011/12A 437.0 (12.1) 10.7 (31.3) 6.8 4.7 8.8 1.01 9.3 1.3

2012/12F 437.2 16.9 21.2 (26.5) 3.7 5.3 10.7 0.74 5.4 0.9

2013/12F 466.6 2.4 17.9 (28.3) 4.8 4.2 7.4 0.69 7.5 1.4

2014/12F 501.4 (3.3) 16.4 (30.3) 5.4 3.6 6.2 0.64 8.4 1.8



2012/03A 6.7 (4.6) 2.3 (79.9) (75.2) 2.7 (67.0) (56.7) 2.2 (66.2) (34.6)

2012/06A 0.6 7.9 8.9 (27.9) 293.3 8.4 (9.2) 211.2 8.2 21.4 277.9

2012/09A (9.0) (5.6) 11.4 (61.2) 27.6 8.9 (73.4) 5.9 6.8 (70.6) (16.5)

2012/12F (8.7) (6.0) 10.3 12.7 (9.7) 11.5 84.2 29.1 8.8 164.2 27.9

2013/03F (2.6) 1.7 9.6 325.4 (6.2) 9.6 253.9 (16.8) 7.2 230.8 (18.1)

2013/06F 0.2 11.1 10.6 19.3 10.3 10.6 25.5 10.3 7.9 (3.4) 10.3

2013/09F 7.7 1.4 12.2 7.8 15.4 12.2 36.8 15.5 9.1 33.5 15.5

2013/12F 22.1 6.6 13.0 26.5 6.0 12.8 11.5 5.2 9.6 9.8 5.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 960.6 37.9 26.8 1,769 10.4 S&T모티브 7.7 0.7 7.3 1.3

FY2013F 1,058.8 55.7 40.6 2,690 6.8 자동차·자동차부품 5.9 1.1 18.8 1.0



S&T모티브

681.4

910.5

883.8

942.0

1,009.6

757.8 339.9

899.4 416.2

944.4 461.0

991.6 478.8

1,041.2 493.5

217.9

235.2

222.0

208.7

212.3

235.8

239.0

254.9

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-60

-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

주가

x30

x23

x16

x9

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



139



한국타이어 (161390.KS) 업데이트 : 2012.11.21




52주 최고가 : 52,300 시가총액(십억원) : 5,091.3

52주 최저가 : 39,300 60일 평균 거래대금(백만원) : 35,075.7

연중 최고가 : 50,400 외국인지분(%) : 34.5

9 10 11 12 13


(14.5) NA NA NA NA

업종 대비 (4.3) NA NA NA NA 5

KOSPI 대비 (12.3) NA NA NA NA 10

22 23 24 19 20



2010/12A 5.3 623.6 0.5 611.9 19.5 462.9 35.3 943.1 3,188 19,457 350

2011/12A 19.7 567.3 (9.0) 479.6 (21.6) 355.7 (23.2) 928.8 2,450 21,442 400

2012/12F 10.4 900.7 58.8 871.4 81.7 653.6 83.7 1,264.6 16,092 29,595 350

2013/12F 9.4 967.7 7.4 937.3 7.6 703.0 7.6 1,346.9 5,675 34,901 350

2014/12F 8.5 1,067.5 10.3 1,029.8 9.9 772.3 9.9 1,478.4 6,235 40,766 350



2010/12A 2,903.9 1,137.9 71.0 (503.9) 11.5 18.9

2011/12A 3,205.9 1,864.0 87.5 (623.6) 8.7 11.6

2012/12F 3,608.7 1,765.2 66.0 (600.0) 12.6 5.4 2.6 1.39 19.2 0.9

2013/12F 4,266.1 1,654.3 60.2 (500.0) 12.3 5.0 7.2 1.18 17.9 0.9

2014/12F 4,992.5 1,601.1 53.2 (500.0) 12.5 4.5 6.6 1.01 16.7 0.9



2012/03A 17.0 (4.4) 233.4 20.6 69.8 253.5 30.2 147.5 217.2 48.7 201.8

2012/06A 18.5 8.0 212.6 109.2 (8.9) 209.9 84.4 (17.2) 165.5 86.1 (23.8)

2012/09F 5.8 (3.2) 234.0 73.8 10.0 207.0 201.9 (1.4) 158.2 224.4 (4.4)

2012/12F 2.2 2.2 220.7 60.5 (5.7) 201.0 96.2 (2.9) 112.9 56.8 (28.6)

2013/03F 10.2 3.1 232.2 (0.5) 5.2 224.9 (11.3) 11.9 168.7 (22.3) 49.4

2013/06F 6.2 4.2 246.8 16.0 6.2 239.0 13.9 6.3 179.3 8.3 6.2

2013/09F 8.6 (1.0) 237.1 1.3 (3.9) 229.6 10.9 (3.9) 172.2 8.9 (3.9)

2013/12F 12.7 6.1 251.6 14.0 6.1 243.7 21.3 6.1 182.8 61.9 6.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 7,245.6 926.8 712.9 5,760 8.3 한국타이어 6.1 1.2 18.0 0.9

FY2013F 7,857.4 1,016.2 754.0 6,105 7.8 자동차·자동차부품 5.9 1.1 18.8 1.0



한국타이어

5,420.1

6,489.0

7,162.6

7,838.3

8,506.8

6,133.2 3,229.4

7,436.4 4,219.7

7,896.3 4,275.4

8,818.9 4,538.4

9,909.5 4,899.9

1,707.4

1,844.4

1,785.8

1,825.0

1,881.2

1,959.6

1,940.0

2,057.5

0

10,000

20,000

30,000

40,000

50,000

60,000

Oct-12

-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

40,000

45,000

50,000

2012

주가

x2

x2

x2

x2

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



140


A009970 252030 universe

영원무역홀딩스 (009970.KS) 업데이트 : 2012.10.11

투자의견 : 매수 업종 : 섬유·의류 주가 수익률(12개월)



52주 최고가 : 70,000 시가총액(십억원) : 909.5

52주 최저가 : 45,400 60일 평균 거래대금(백만원) : 678.4

연중 최고가 : 68,500 외국인지분(%) : 29.9

9 10 11 12 13


4.7 10.2 22.6 4.5 21.3

업종 대비 2.6 8.1 20.5 2.4 19.1 5

KOSPI 대비 6.9 12.1 18.7 0.5 17.3 10

22 23 24 19 20



2010/12A 5.6 211.9 18.7 212.6 4.7 72.5 (8.4) 234.2 6,714 28,189 500

2011/12A 20.8 292.9 38.3 295.5 39.0 102.5 41.4 323.7 9,495 35,257 500

2012/12F 9.0 307.9 5.1 311.7 5.5 110.6 7.9 346.0 9,903 40,160 550

2013/12F 14.2 353.2 14.7 359.3 15.3 127.5 15.3 395.3 10,985 48,349 600

2014/12F 11.0 391.1 10.8 400.6 11.5 142.1 11.5 436.6 12,246 57,569 650



2010/12A 356.5 (182.6) 11.5 (68.3) 18.2 2.9 5.5 1.30 24.0 1.4

2011/12A 447.2 (216.3) 10.2 (79.3) 20.8 2.8 5.9 1.59 25.5 0.9

2012/12F 542.6 (315.7) 8.4 (103.3) 20.1 3.2 6.7 1.66 22.3 0.8

2013/12F 654.2 (459.4) 6.9 (87.3) 20.2 2.8 6.1 1.38 21.3 0.9

2014/12F 780.0 (654.5) 5.8 (85.6) 20.1 2.4 5.4 1.16 19.8 1.0



2012/03A 1.6 (45.8) 40.5 (2.7) (51.8) 41.2 (1.9) (51.4) 14.6 (1.7) (42.8)

2012/06A 16.9 58.4 68.3 4.7 68.5 68.6 5.2 66.4 24.9 7.7 70.5

2012/09F 9.0 18.8 109.1 7.0 59.8 110.3 6.5 60.8 39.1 0.2 57.3

2012/12F 7.2 5.2 89.9 6.9 (17.6) 91.6 8.1 (16.9) 32.0 25.4 (18.2)

2013/03F 14.2 (42.3) 46.3 14.2 (48.5) 47.4 14.9 (48.3) 16.8 15.2 (47.5)

2013/06F 14.2 58.4 78.0 14.2 68.5 79.9 16.6 68.8 28.4 14.0 68.8

2013/09F 14.2 18.8 132.0 20.9 69.3 135.0 22.4 68.9 47.9 22.4 68.9

2013/12F 14.2 5.2 96.9 7.8 (26.6) 97.0 5.9 (28.2) 34.4 7.6 (28.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,539.6 301.5 223.1 8,216 7.7 영원무역홀딩스 6.1 1.4 21.4 0.9

FY2013F 1,746.5 348.3 257.5 9,176 6.9 섬유·의류 9.0 1.3 14.4 0.9



영원무역홀딩스

1,163.7

1,406.0

1,532.8

1,749.7

1,941.5

1,066.1 328.4

1,268.6 403.7

1,473.1 405.2

1,745.8 440.8

2,061.0 489.2

237.9

376.8

447.5

470.6

271.6

430.2

510.8

537.2

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-40

-35

-30

-25

-20

-15

-10

-5

0

5KOSPI대비(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

x10

x8

x6

x4

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



141


A020000 252030 universe

한섬 (020000.KS) 업데이트 : 2012.11.16

투자의견 : 중립 업종 : 섬유·의류 주가 수익률(12개월)

목표주가 : - 애널리스트 : 나은채


52주 최고가 : 39,250 시가총액(십억원) : 720.4

52주 최저가 : 21,650 60일 평균 거래대금(백만원) : 2,597.5

연중 최고가 : 38,700 외국인지분(%) : 22.7

9 10 11 12 13


6.4 14.7 (14.7) 7.3 1.2

업종 대비 4.2 12.5 (16.9) 5.2 (0.9) 5

KOSPI 대비 8.5 16.6 (18.6) 3.3 (2.8) 10

22 23 24 19 20



2010/12A 15.5 80.0 21.8 82.1 25.5 72.0 39.9 87.5 3,209 23,051 380

2011/12A 12.1 107.8 34.7 109.4 33.2 85.7 19.1 115.5 3,903 26,949 470

2012/12F 0.6 88.2 (18.2) 92.3 (15.6) 70.1 (18.2) 95.7 3,192 29,459 420

2013/12F 0.9 89.5 1.5 94.3 2.2 71.7 2.2 97.0 3,264 31,998 500

2014/12F 7.1 103.4 15.6 109.4 15.9 83.1 15.9 111.0 3,783 34,908 500



2010/12A 545.3 (97.6) 0.9 (8.8) 17.9 4.0 5.7 0.79 14.0 2.1

2011/12A 641.6 (119.2) 0.6 (14.2) 21.5 5.1 7.6 1.10 14.4 1.6

2012/12F 703.4 (159.8) 0.5 (15.3) 17.5 5.6 9.2 0.99 10.4 1.4

2013/12F 765.9 (207.0) 0.5 (15.3) 17.6 5.0 9.0 0.91 9.8 1.7

2014/12F 837.6 (238.3) 0.4 (15.3) 19.0 4.1 7.7 0.84 10.4 1.7



2012/03A 7.6 (27.3) 22.4 (7.4) (47.1) 23.6 (4.7) (43.9) 18.4 (4.5) (43.9)

2012/06A 3.3 (14.2) 15.9 (26.6) (29.1) 17.3 (23.8) (26.8) 13.3 (17.2) (27.7)

2012/09F (17.7) (28.5) 10.1 (48.4) (36.7) 10.9 (45.3) (36.7) 8.3 (44.0) (37.7)

2012/12F 4.3 133.8 39.8 (6.2) 295.6 40.5 (3.4) 270.9 30.1 (8.3) 262.2

2013/03F (2.0) (31.7) 21.9 (2.5) (45.1) 23.0 (2.6) (43.3) 17.5 (5.3) (42.0)

2013/06F (2.0) (14.2) 15.8 (0.7) (27.8) 17.0 (1.6) (26.1) 12.9 (3.2) (26.1)

2013/09F 1.5 (26.0) 11.7 16.6 (25.7) 13.0 18.8 (23.5) 9.9 18.8 (23.5)

2013/12F 4.3 140.4 40.1 0.7 241.9 41.4 2.2 219.0 31.5 4.6 219.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 514.1 93.5 75.8 3,079 9.2 한섬 9.0 0.9 9.8 1.7

FY2013F 554.3 102.1 84.6 3,435 8.2 섬유·의류 9.0 1.3 14.4 0.9



한섬

446.8

501.0

504.2

508.7

544.7

615.9 76.0

696.1 81.8

762.2 84.9

811.6 73.6

883.9 73.8

129.1

110.8

79.2

185.2

126.5

108.6

80.4

193.2

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-30

-20

-10

0

10

20

30

40KOSPI대비(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

x11

x9

x7

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



142


A031430 252030 universe

신세계인터내셔날 (031430.KS) 업데이트 : 2012.11.19




52주 최고가 : 142,000 시가총액(십억원) : 643.3

52주 최저가 : 66,200 60일 평균 거래대금(백만원) : 1,438.7

연중 최고가 : 123,000 외국인지분(%) : 0.8

9 10 11 12 13


(3.5) 24.4 6.5 (35.2) (19.2)

업종 대비 (5.7) 22.3 4.3 (37.3) (21.4) 5

KOSPI 대비 (1.4) 26.3 2.6 (39.2) (23.2) 10

22 23 24 19 20



2010/12A 32.3 39.6 39.1 44.5 35.5 38.1 52.9 50.0 7,775 36,805 500

2011/12A 36.4 56.3 42.1 60.3 35.6 46.2 21.1 69.1 7,536 50,690 500

2012/12F 1.6 60.2 6.9 65.3 8.3 49.6 7.5 74.5 6,953 57,447 500

2013/12F 4.6 63.2 5.0 70.4 7.8 53.5 7.8 77.6 7,497 64,560 500

2014/12F 20.5 78.9 24.8 88.2 25.3 67.1 25.3 93.3 9,393 73,277 500



2010/12A 189.2 107.5 57.0 (21.1) 6.8 22.6

2011/12A 361.9 69.6 23.3 (93.5) 7.1 12.8 15.1 2.25 16.8 0.4

2012/12F 410.2 14.5 23.3 (46.1) 7.5 8.8 13.0 1.57 12.9 0.6

2013/12F 461.0 (13.8) 20.9 (14.1) 7.5 8.1 12.0 1.40 12.3 0.6

2014/12F 523.2 (20.1) 15.6 (14.1) 7.8 6.7 9.6 1.23 13.6 0.6



2012/03A 6.8 (8.3) 9.1 (32.3) (49.2) 11.5 (19.8) (48.6) 9.1 (17.6) (47.6)

2012/06A (1.6) (2.8) 12.4 (23.2) 36.4 12.7 (20.2) 11.1 9.3 (22.2) 2.4

2012/09F (4.2) (6.9) 21.1 136.1 70.6 22.0 308.7 73.4 16.8 309.1 80.5

2012/12F 5.1 26.7 17.7 (1.2) (16.3) 19.1 (14.3) (13.4) 14.5 (16.1) (13.3)

2013/03F 1.0 (11.9) 12.5 37.8 (29.2) 14.0 22.2 (26.8) 10.6 17.2 (26.8)

2013/06F 1.0 (2.8) 16.2 31.0 29.6 15.5 22.0 10.9 11.8 27.0 10.9

2013/09F 8.0 (0.5) 9.9 (53.3) (39.1) 11.4 (48.1) (26.3) 8.7 (48.1) (26.3)

2013/12F 8.0 26.6 24.7 39.7 150.0 29.5 54.4 157.9 22.4 54.3 157.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 797.3 44.7 50.8 7,118 12.3 신세계인터내셔날 12.1 1.4 12.3 0.6

FY2013F 869.4 55.1 48.6 6,801 12.8 섬유·의류 9.0 1.3 14.4 0.9



신세계인터내셔날

580.7

792.3

805.1

841.8

1,014.1

369.3 180.6

534.9 173.0

617.6 209.6

659.5 201.6

726.4 204.9

200.1

194.5

181.1

229.4

202.1

196.5

195.6

247.7

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-70

-60

-50

-40

-30

-20

-10

0

10KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2011 2012

주가

x18

x15

x13

x11

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



143


A081660 252030 universe

휠라코리아 (081660.KS) 업데이트 : 2012.11.15




52주 최고가 : 90,900 시가총액(십억원) : 606.2

52주 최저가 : 58,100 60일 평균 거래대금(백만원) : 6,807.6

연중 최고가 : 90,000 외국인지분(%) : 20.0

9 10 11 12 13


(12.0) (15.4) (26.1) (24.4) (26.2)

업종 대비 (14.1) (17.6) (28.2) (26.6) (28.3) 5

KOSPI 대비 (9.8) (13.6) (29.9) (28.4) (30.2) 10

22 23 24 19 20



2010/12A 22.6 101.8 19.7 101.2 91.3 83.4 117.1 107.5 10,024 34,646 500

2011/12A 24.2 106.6 4.7 2.7 (97.3) 2.2 (97.4) 114.4 237 32,607 250

2012/12F (10.2) 97.1 (8.9) 86.7 3,081.0 65.9 2,929.2 105.3 5,364 37,222 500

2013/12F 5.2 110.7 14.1 107.4 23.8 81.6 23.8 118.9 6,641 44,883 550

2014/12F 6.6 126.0 13.7 132.4 23.3 100.6 23.3 134.2 8,189 54,308 700



2010/12A 316.1 176.4 69.4 (7.7) 16.5 8.2 7.8 2.26 34.8 0.6

2011/12A 309.0 309.3 121.4 (11.1) 13.9 9.0 327.8 2.38 0.7 0.3

2012/12F 369.9 297.8 110.5 (8.3) 14.1 8.5 11.4 1.64 19.4 0.8

2013/12F 446.0 278.7 94.6 (8.3) 15.3 7.4 9.2 1.36 20.0 0.9

2014/12F 539.7 246.3 80.7 (8.3) 16.4 6.3 7.4 1.12 20.4 1.1



2012/03A (5.3) (15.4) 24.0 24.9 (21.5) 54.1 216.1 NA 43.2 213.7 NA

2012/06A (11.6) 0.3 26.7 (17.0) 11.1 55.2 75.1 2.0 39.6 53.4 (8.3)

2012/09F (21.8) (16.1) 18.4 (25.4) (30.8) 33.1 NA (40.0) 25.2 NA (36.4)

2012/12F (2.5) 36.9 28.0 (8.4) 51.9 (55.8) NA NA (42.1) NA NA

2013/03F 5.2 (8.7) 25.2 5.2 (9.9) 33.3 (38.5) NA 25.5 (40.9) NA

2013/06F 5.2 0.3 28.0 5.2 11.1 40.9 (26.0) 22.7 31.0 (21.6) 21.8

2013/09F 5.2 (16.1) 21.1 14.5 (24.7) 18.0 (45.8) (56.0) 13.7 (45.8) (56.0)

2013/12F 5.2 36.9 36.4 29.8 72.3 15.2 NA (15.2) 11.4 NA (16.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 707.2 103.4 103.2 10,585 6.5 휠라코리아 9.4 1.4 19.9 0.9

FY2013F 761.4 116.0 115.7 11,655 5.9 섬유·의류 9.0 1.3 14.4 0.9



휠라코리아

615.5

764.4

686.5

722.2

770.2

680.7 364.5

839.4 540.8

906.2 546.7

1,013.0 577.7

1,135.5 607.7

171.8

172.3

144.6

197.9

180.7

181.2

152.1

208.2

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-35

-30

-25

-20

-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

2010 2011 2012

주가

x31

x25

x19

x13

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



144


A084870 252030 universe

베이직하우스 (084870.KS) 업데이트 : 2012.11.13




52주 최고가 : 22,150 시가총액(십억원) : 260.7

52주 최저가 : 9,980 60일 평균 거래대금(백만원) : 2,680.1

연중 최고가 : 21,950 외국인지분(%) : 29.8

9 10 11 12 13


(9.4) (3.8) (16.1) (34.4) (28.2)

업종 대비 (11.6) (6.0) (18.3) (36.5) (30.3) 5

KOSPI 대비 (7.3) (2.0) (20.0) (38.4) (32.2) 10

22 23 24 19 20



2010/12A 28.8 29.2 (8.4) 23.8 5.0 6.3 (35.0) 44.0 302 7,937 50

2011/12A 21.1 33.3 14.0 27.2 14.2 17.7 180.8 56.0 849 9,046 0

2012/12F 15.2 29.8 (10.7) 24.2 (11.0) 15.9 (9.8) 54.1 764 9,810 0

2013/12F 12.7 47.8 60.7 41.6 72.1 26.8 68.1 72.2 1,285 11,095 0

2014/12F 14.3 54.5 14.1 48.4 16.2 31.1 16.2 79.1 1,492 12,587 0



2010/12A 164.6 89.7 59.5 (18.0) 7.5 10.8 60.5 2.31 3.9 0.3

2011/12A 188.7 133.5 79.2 (29.8) 7.1 8.8 20.1 1.88 10.0 0.0

2012/12F 204.6 107.1 72.7 (23.7) 5.5 6.9 16.4 1.27 8.1 0.0

2013/12F 231.4 83.6 56.2 (23.7) 7.8 4.9 9.7 1.13 12.3 0.0

2014/12F 262.5 111.5 49.1 (23.7) 7.8 4.9 8.4 0.99 12.6 0.0



2012/03A 15.5 (20.4) 2.8 (80.1) (81.9) 1.1 (91.3) (91.6) 0.1 (98.3) (98.5)

2012/06A 15.1 (9.5) 6.1 59.8 121.5 3.7 38.9 227.4 1.9 (52.5) 1,365.4

2012/09F 10.0 (9.6) (2.6) NA NA (3.2) NA NA (2.1) NA NA

2012/12F 18.1 81.3 23.5 53.4 NA 22.5 69.0 NA 16.0 96.1 NA

2013/03F 15.0 (22.5) 13.1 372.8 (44.3) 11.4 920.5 (49.3) 7.4 5,726.8 (54.1)

2013/06F 12.7 (11.3) 6.9 12.7 (47.2) 5.3 45.1 (53.5) 3.4 85.0 (53.5)

2013/09F 12.7 (9.6) (3.5) NA NA (5.0) NA NA (3.2) NA NA

2013/12F 11.1 78.8 31.3 33.3 NA 29.9 32.7 NA 19.3 20.0 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 545.1 38.7 23.0 1,022 14.1 베이직하우스 10.2 1.1 11.8 0.0

FY2013F 630.6 54.4 35.7 1,584 9.1 섬유·의류 9.0 1.3 14.4 0.9



베이직하우스

389.4

471.6

543.4

612.2

699.5

340.7 172.3

437.1 243.3

471.1 259.4

499.8 257.3

551.4 273.2

129.1

116.9

105.7

191.7

148.5

131.7

119.1

212.9

0

5,000

10,000

15,000

20,000

25,000


-60

-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

2005 2006 2007 2008 2009 2010 2011

주가

x36

x27

x18

x9

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



145


A093050 252030 universe

LG패션 (093050.KS) 업데이트 : 2012.11.14




52주 최고가 : 49,300 시가총액(십억원) : 962.0

52주 최저가 : 25,850 60일 평균 거래대금(백만원) : 9,457.7

연중 최고가 : 46,450 외국인지분(%) : 12.2

9 10 11 12 13


2.3 11.5 (5.5) (32.9) (20.2)

업종 대비 0.2 9.4 (7.6) (35.0) (22.4) 5

KOSPI 대비 4.5 13.4 (9.3) (36.9) (24.2) 10

22 23 24 19 20



2010/12A 20.2 127.3 37.2 130.6 38.5 92.2 28.9 161.6 3,155 21,861 400

2011/12A 27.3 142.8 12.2 147.0 12.6 96.3 4.4 183.2 3,294 28,101 400

2012/12F 3.7 116.2 (18.7) 119.2 (18.9) 90.6 (5.9) 159.2 3,098 30,796 400

2013/12F 10.7 149.6 28.8 153.6 28.8 116.4 28.5 192.9 3,981 34,306 500

2014/12F 9.7 171.2 14.4 178.0 15.9 134.9 15.9 214.9 4,614 38,361 550



2010/12A 639.2 (69.8) 4.1 (44.0) 11.5 5.9 9.9 1.43 15.4 1.3

2011/12A 821.7 85.2 11.0 (60.3) 10.1 7.0 12.3 1.44 13.2 1.0

2012/12F 900.5 (68.6) 10.1 (38.6) 7.9 5.7 10.6 1.07 10.5 1.2

2013/12F 1,003.1 (150.5) 9.1 (38.6) 9.2 4.3 8.3 0.96 12.2 1.5

2014/12F 1,121.7 (209.5) 8.2 (38.6) 9.6 3.5 7.1 0.86 12.7 1.7



2012/03A 16.4 (17.4) 27.9 (20.0) (45.9) 28.1 (22.4) (45.9) 18.1 (25.1) (53.0)

2012/06A (2.0) (8.5) 34.1 (27.8) 22.3 34.4 (29.8) 22.5 26.2 (26.3) 44.6

2012/09F (7.4) (21.1) (6.0) NA NA (5.4) NA NA (4.1) NA NA

2012/12F 6.2 78.1 60.2 16.6 NA 62.1 19.5 NA 50.4 30.8 NA

2013/03F 8.0 (16.0) 39.6 41.9 (34.2) 40.3 43.3 (35.1) 30.5 68.6 (39.4)

2013/06F 10.7 (6.3) 40.3 18.2 1.8 41.2 19.6 2.2 31.2 19.1 2.2

2013/09F 10.7 (21.1) 8.4 NA (79.3) 9.4 NA (77.2) 7.1 NA (77.2)

2013/12F 12.8 81.5 61.3 1.9 633.7 62.7 1.1 568.3 47.5 (5.6) 568.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,496.7 130.0 98.8 3,379 9.8 LG패션 8.5 1.0 12.0 1.5

FY2013F 1,659.9 158.8 120.6 4,125 8.0 섬유·의류 9.0 1.3 14.4 0.9



LG패션

1,108.7

1,410.9

1,462.7

1,618.8

1,775.7

970.3 228.6

1,152.3 316.2

1,220.5 307.3

1,366.6 353.6

1,479.4 349.4

373.0

341.2

269.1

479.3

402.8

377.7

297.8

540.5

0

10,000

20,000

30,000

40,000

50,000

60,000


-60

-50

-40

-30

-20

-10

0

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

주가

x14

x12

x10

x8

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



146


A111770 252030 universe

영원무역 (111770.KS) 업데이트 : 2012.11.09




52주 최고가 : 38,100 시가총액(십억원) : 1,465.1

52주 최저가 : 20,850 60일 평균 거래대금(백만원) : 4,629.4

연중 최고가 : 37,700 외국인지분(%) : 30.3

9 10 11 12 13


11.0 18.3 33.7 31.0 33.0

업종 대비 8.8 16.1 31.5 28.9 30.8 5

KOSPI 대비 13.1 20.1 29.8 27.0 29.0 10

22 23 24 19 20



2010/12A 74.0 106.1 59.1 104.6 49.9 72.7 45.1 125.2 1,782 11,299 200

2011/12A 22.8 185.3 74.7 184.8 76.8 117.1 61.0 212.4 2,869 13,454 200

2012/12F 9.7 200.8 8.4 200.1 8.3 138.0 17.9 232.1 3,382 16,102 200

2013/12F 7.3 216.1 7.6 213.1 6.5 147.0 6.5 247.4 3,602 18,946 225

2014/12F 13.3 269.1 24.6 266.2 24.9 183.6 24.9 300.5 4,500 22,662 250



2010/12A 461.1 (80.7) 14.7 (63.1) 13.2 2.9 5.9 0.93 16.9 1.9

2011/12A 549.1 (122.4) 14.0 (73.2) 18.7 4.9 9.7 2.06 23.2 0.7

2012/12F 657.2 (152.6) 11.6 (68.2) 18.5 5.8 10.6 2.23 22.9 0.6

2013/12F 773.2 (210.3) 9.8 (35.6) 18.5 5.3 10.0 1.89 20.6 0.6

2014/12F 924.9 (341.4) 8.2 (35.6) 20.4 4.0 8.0 1.58 21.6 0.7



2012/03A 8.9 (42.8) 23.9 35.7 (34.7) 23.7 38.7 (35.2) 14.8 38.9 6.8

2012/06A 16.7 104.5 67.3 17.0 181.8 66.8 17.8 182.1 46.2 16.2 211.4

2012/09F 18.0 20.2 83.1 12.9 23.6 83.6 12.3 25.2 57.7 9.3 24.9

2012/12F (6.8) (33.6) 26.5 (27.5) (68.1) 25.9 (29.0) (69.0) 19.3 39.0 (66.5)

2013/03F 3.0 (36.9) 24.6 3.0 (7.3) 23.8 0.3 (8.4) 16.4 10.5 (15.1)

2013/06F 5.0 108.5 70.6 5.0 187.3 69.9 4.7 194.4 48.2 4.4 194.4

2013/09F 8.0 23.6 89.5 7.6 26.7 90.1 7.8 28.9 62.2 7.8 28.9

2013/12F 11.6 (31.4) 31.3 18.1 (65.0) 29.3 12.9 (67.5) 20.2 4.7 (67.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,102.6 204.9 150.9 3,415 9.7 영원무역 10.0 1.9 20.8 0.6

FY2013F 1,211.5 224.5 165.8 3,750 8.9 섬유·의류 9.0 1.3 14.4 0.9



영원무역

806.6

990.2

1,086.2

1,164.9

1,319.9

708.6 228.2

844.6 267.7

969.7 273.3

1,104.7 279.8

1,308.5 315.9

152.3

311.4

374.2

248.3

156.8

326.9

404.1

277.1

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-40

-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

30,000

35,000

40,000

2009 2010 2011 2012

주가

x10

x8

x6

x4

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



147


A008770 253010 universe

호텔신라 (008770.KS) 업데이트 : 2012.10.29

투자의견 : 매수 업종 : 호텔·레저 주가 수익률(12개월)



52주 최고가 : 59,800 시가총액(십억원) : 1,907.5

52주 최저가 : 35,250 60일 평균 거래대금(백만원) : 20,065.3

연중 최고가 : 58,100 외국인지분(%) : 28.1

9 10 11 12 13


(2.5) 2.9 (4.3) 28.2 21.0

업종 대비 (9.1) (3.8) (11.0) 21.6 14.4 5

KOSPI 대비 (0.3) 4.7 (8.2) 24.2 17.0 10

22 23 24 19 20



2010/12A 18.7 81.3 50.1 65.7 56.7 49.7 57.8 112.0 1,270 14,695 300

2011/12A 22.6 96.0 18.2 73.5 11.9 56.1 12.9 130.3 1,427 15,141 300

2012/12F 26.3 148.7 54.8 149.7 103.6 113.8 102.8 190.9 2,893 17,281 350

2013/12F 8.9 181.8 22.3 171.7 14.7 130.5 14.6 227.0 3,315 19,935 400

2014/12F 16.3 250.1 37.6 231.0 34.6 175.6 34.6 298.6 4,461 23,676 400



2010/12A 583.2 272.2 69.5 (40.5) 5.6 12.1 21.9 1.89 9.0 1.1

2011/12A 601.5 386.2 85.4 (66.2) 5.4 14.6 27.0 2.54 9.5 0.8

2012/12F 687.0 430.4 88.8 (55.7) 6.7 12.4 16.8 2.81 17.7 0.7

2013/12F 793.2 488.0 82.4 (61.4) 7.5 10.7 14.7 2.44 17.6 0.8

2014/12F 942.8 482.6 69.9 (69.8) 8.9 8.1 10.9 2.05 20.2 0.8



2012/03A 32.1 (4.7) 30.8 107.2 (13.9) 27.6 96.5 (6.3) 21.4 102.9 (3.6)

2012/06A 38.0 14.3 41.0 229.8 33.3 51.3 481.5 85.7 39.0 521.4 82.7

2012/09F 23.4 6.9 34.9 5.9 (14.8) 31.3 47.7 (39.0) 23.8 40.0 (39.0)

2012/12F 15.7 (0.5) 41.9 17.3 20.1 39.5 34.2 26.3 29.7 33.9 24.8

2013/03F 8.6 (10.6) 37.5 22.0 (10.5) 34.9 26.5 (11.7) 26.5 24.2 (10.6)

2013/06F 4.8 10.3 39.2 (4.3) 4.5 36.9 (28.1) 5.6 28.0 (28.2) 5.6

2013/09F 13.2 15.5 55.5 58.7 41.3 53.1 69.6 44.0 40.3 69.6 44.0

2013/12F 8.6 (4.6) 49.6 18.2 (10.6) 46.8 18.5 (11.8) 35.6 19.9 (11.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,237.3 162.7 121.7 3,042 16.5 호텔신라 14.9 2.5 17.6 0.8

FY2013F 2,539.7 198.8 141.9 3,548 14.1 호텔·레저 15.6 2.3 15.7 2.5



호텔신라

1,439.6

1,764.4

2,229.0

2,426.8

2,821.4

1,179.1 612.3

1,375.6 777.6

1,645.7 947.6

1,783.2 970.5

2,005.6 1,033.1

486.8

556.3

594.5

591.4

528.6

582.9

673.1

642.2

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-20

-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x26

x23

x20

x17

x14

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



148


A035250 253010 universe

강원랜드 (035250.KS) 업데이트 : 2012.11.18




52주 최고가 : 29,350 시가총액(십억원) : 5,947.5

52주 최저가 : 22,300 60일 평균 거래대금(백만원) : 10,727.3

연중 최고가 : 28,450 외국인지분(%) : 32.0

9 10 11 12 13


10.1 17.5 14.2 0.0 (1.1)

업종 대비 3.5 10.9 7.5 (6.6) (7.7) 5

KOSPI 대비 12.3 19.4 10.3 (4.0) (5.1) 10

22 23 24 19 20



2010/12A 8.9 555.7 19.8 561.5 10.3 426.2 9.3 610.0 2,088 10,493 970

2011/12A (3.7) 488.5 (12.1) 499.7 (11.0) 381.2 (10.6) 553.7 1,875 11,331 910

2012/12F 3.8 420.0 (14.0) 438.4 (12.3) 334.5 (12.2) 490.2 1,647 12,116 820

2013/12F 1.0 404.0 (3.8) 427.0 (2.6) 325.8 (2.6) 480.1 1,603 12,888 790

2014/12F 1.9 399.3 (1.2) 426.4 (0.1) 325.4 (0.1) 475.8 1,601 13,659 790



2010/12A 2,099.2 (1,025.2) 0.3 (261.2) 42.3 8.1 13.4 2.66 21.4 3.5

2011/12A 2,257.4 (1,116.3) 0.3 (155.3) 38.6 8.5 14.5 2.40 17.5 3.3

2012/12F 2,425.3 (1,240.4) 0.3 (122.1) 32.0 9.6 16.9 2.29 14.3 2.9

2013/12F 2,590.6 (1,352.9) 0.3 (131.1) 30.4 9.6 17.3 2.16 13.0 2.8

2014/12F 2,755.4 (1,466.7) 0.3 (131.1) 29.5 9.4 17.4 2.04 12.2 2.8



2012/03A 4.0 12.2 123.9 (14.8) 29.2 125.7 (13.0) 30.9 93.3 (9.1) 17.3

2012/06A 3.4 (11.9) 102.0 (9.9) (17.6) 107.9 (9.1) (14.2) 80.9 (14.7) (13.3)

2012/09F 1.7 8.8 105.8 (21.0) 3.7 108.4 (22.8) 0.5 81.8 (21.6) 1.1

2012/12F 6.0 (1.4) 88.3 (8.0) (16.6) 98.7 2.8 (9.0) 78.6 (1.1) (3.8)

2013/03F (0.6) 5.2 120.2 (3.0) 36.2 125.2 (0.4) 26.9 95.5 2.4 21.5

2013/06F 1.1 (10.4) 94.3 (7.6) (21.5) 101.6 (5.8) (18.9) 77.5 (4.1) (18.9)

2013/09F 1.9 9.7 109.8 3.7 16.4 117.3 8.2 15.5 89.5 9.5 15.5

2013/12F 1.9 (1.4) 79.7 (9.7) (27.4) 82.8 (16.1) (29.4) 63.2 (19.6) (29.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,323.7 438.3 343.8 1,602 15.7 강원랜드 17.3 2.2 13.1 2.9

FY2013F 1,419.9 477.5 382.5 1,792 14.1 호텔·레저 15.6 2.3 15.7 2.5



강원랜드

1,313.8

1,265.7

1,313.3

1,327.0

1,352.3

2,609.1 509.9

2,711.4 454.0

2,897.7 472.4

3,068.2 477.7

3,242.2 486.8

347.0

305.8

332.6

327.9

345.0

309.0

338.9

334.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-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

40,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x16

x13

x11

x8

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



149


A079160 253010 universe

CJ CGV (079160.KS) 업데이트 : 2012.10.31




52주 최고가 : 35,150 시가총액(십억원) : 676.3

52주 최저가 : 24,200 60일 평균 거래대금(백만원) : 3,242.5

연중 최고가 : 34,350 외국인지분(%) : 18.7

9 10 11 12 13


3.6 15.3 29.9 32.5 23.1

업종 대비 (3.0) 8.7 23.3 25.9 16.5 5

KOSPI 대비 5.8 17.1 26.0 28.5 19.1 10

22 23 24 19 20



2010/12A 18.5 59.7 0.2 53.5 28.1 33.3 (18.0) 90.5 3,521 12,596 250

2011/12A 9.6 70.6 18.4 55.4 3.4 18.5 (44.6) 106.1 896 14,832 300

2012/12F 16.4 106.1 50.2 94.0 69.9 60.8 228.9 144.3 2,947 17,373 300

2013/12F 2.3 79.5 (25.0) 70.8 (24.7) 46.3 (23.8) 119.5 2,245 19,338 300

2014/12F 4.7 84.8 6.7 78.5 10.8 60.6 30.9 126.4 2,940 21,923 300



2010/12A 259.7 221.3 80.3 (67.1) 11.9 9.2 8.0 2.22 13.6 0.9

2011/12A 305.8 310.3 119.3 (55.1) 12.9 8.3 29.7 1.80 6.5 1.1

2012/12F 358.2 238.1 84.2 (52.6) 16.6 6.5 11.1 1.89 18.3 0.9

2013/12F 398.7 200.2 75.0 (49.2) 12.2 7.6 14.6 1.70 12.2 0.9

2014/12F 452.0 187.4 66.8 (50.5) 12.4 7.1 11.2 1.50 14.3 0.9



2012/03A 19.4 3.1 18.6 34.1 283.7 15.4 26.0 NA 8.9 92.1 NA

2012/06A 20.4 11.4 24.1 32.6 29.6 21.1 32.8 37.0 14.8 605.0 66.0

2012/09F 17.8 29.2 55.1 63.2 128.9 52.9 81.4 150.4 40.4 76.0 171.8

2012/12F 8.3 (27.0) 8.3 70.8 (85.0) 4.5 NA (91.4) (3.4) NA NA

2013/03F 5.7 0.5 15.7 (15.3) 90.2 13.7 (10.9) 203.2 (0.1) NA NA

2013/06F 3.1 8.6 17.9 (25.8) 13.6 15.9 (24.9) 15.5 1.5 (89.7) NA

2013/09F (1.2) 23.9 35.5 (35.6) 98.8 33.2 (37.2) 109.4 14.7 (63.6) 860.1

2013/12F 3.2 (23.7) 10.4 25.6 (70.7) 8.0 76.6 (75.9) 30.2 NA 105.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 632.5 83.0 55.6 2,697 11.7 CJCGV 14.1 1.7 12.9 0.9

FY2013F 686.0 95.1 62.8 3,044 10.4 호텔·레저 15.6 2.3 15.7 2.5



CJ CGV

500.0

547.8

637.8

652.6

683.5

690.8 393.9

905.0 581.6

937.9 549.5

993.7 557.7

1,057.2 567.9

138.5

154.3

199.4

145.6

146.4

159.0

197.0

150.3

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

2004 2005 2006 2007 2008 2009 2010 2011

주가

x31

x24

x18

x12

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



150


A114090 253010 universe

GKL (114090.KS) 업데이트 : 2012.11.05




52주 최고가 : 32,600 시가총액(십억원) : 1,911.3

52주 최저가 : 16,000 60일 평균 거래대금(백만원) : 13,590.9

연중 최고가 : 32,500 외국인지분(%) : 22.3

9 10 11 12 13


4.4 13.6 32.6 66.6 67.9

업종 대비 (2.2) 7.0 26.0 60.0 61.3 5

KOSPI 대비 6.6 15.4 28.7 62.6 63.9 10

22 23 24 19 20



2010/12A (1.3) 97.7 (24.4) 97.6 (26.8) 73.8 (26.8) 117.1 1,193 3,098 620

2011/12A 8.8 135.2 38.4 135.0 38.3 63.3 (14.3) 154.8 1,000 3,578 512

2012/12F 3.1 147.5 9.1 154.3 14.3 142.5 125.1 167.5 2,303 4,731 1,150

2013/12F 9.2 175.2 18.7 184.7 19.7 138.5 (2.8) 191.0 2,240 5,851 1,120

2014/12F 3.7 167.7 (4.3) 179.5 (2.8) 134.6 (2.8) 183.5 2,176 6,937 1,090



2010/12A 191.6 (184.1) 16.5 (15.1) 20.3 9.3 17.3 6.67 38.6 3.0

2011/12A 221.3 (251.2) 4.9 (7.6) 25.8 5.7 18.2 5.09 30.7 2.8

2012/12F 292.7 (334.2) 1.4 (12.5) 27.3 9.4 13.4 6.53 55.4 3.7

2013/12F 361.9 (412.7) 1.1 (8.2) 29.6 7.8 13.8 5.28 42.3 3.6

2014/12F 429.1 (489.2) 0.9 (8.1) 27.4 7.7 14.2 4.45 34.0 3.5



2012/03A 10.4 22.4 43.8 39.8 86.0 46.4 60.1 83.1 35.3 NA 101.5

2012/06A (6.5) (11.4) 35.6 (7.4) (18.8) 35.8 (4.5) (23.0) 24.3 2.8 (31.1)

2012/09F (3.2) 3.7 36.6 (12.5) 2.8 38.8 (10.2) 8.6 28.4 (8.0) 16.6

2012/12F 13.3 0.8 31.5 33.5 (14.0) 33.3 31.2 (14.3) 54.4 210.7 91.8

2013/03F (4.7) 2.9 33.6 (23.4) 6.8 33.9 (26.9) 1.9 25.4 (27.9) (53.3)

2013/06F 8.7 1.1 42.1 18.3 25.3 45.1 26.0 32.8 33.8 38.9 32.8

2013/09F 21.1 15.5 55.8 52.4 32.5 58.2 50.0 29.2 43.7 53.9 29.2

2013/12F 13.0 (6.0) 43.7 38.9 (21.7) 47.5 42.7 (18.4) 35.6 (34.6) (18.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 559.9 163.9 127.7 2,064 14.2 GKL 13.8 5.4 43.7 3.6

FY2013F 614.3 187.1 143.9 2,326 12.6 호텔·레저 15.6 2.3 15.7 2.5



GKL

482.4

524.9

541.1

591.0

612.7

338.2 146.6

376.4 155.0

446.3 153.6

526.7 164.8

601.1 172.0

145.0

128.5

133.3

134.3

138.2

139.7

161.4

151.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-20

-10

0

10

20

30

40

50

60

70

80

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2009 2010 2011

주가

x23

x19

x15

x11

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



151


A121440 253010 universe

골프존 (121440.KQ) 업데이트 : 2012.10.16




52주 최고가 : 75,000 시가총액(십억원) : 771.4

52주 최저가 : 43,200 60일 평균 거래대금(백만원) : 3,584.6

연중 최고가 : 74,000 외국인지분(%) : 1.3

9 10 11 12 13


14.2 13.2 5.2 9.8 33.1

업종 대비 7.6 6.5 (1.4) 3.2 26.4 5

KOSPI 대비 16.3 15.0 1.3 5.8 29.0 10

22 23 24 19 20



2010/12A 38.5 62.5 19.9 69.2 24.4 65.8 22.6 64.4 6,462 15,580 0

2011/12A 13.8 54.7 (12.5) 50.1 (27.6) 47.6 (27.6) 57.8 4,131 30,571 800

2012/12F 27.5 69.9 27.8 85.0 69.7 76.2 60.1 74.5 6,455 36,364 1,600

2013/12F 6.5 73.8 5.5 88.2 3.8 75.0 (1.6) 81.3 6,354 41,561 1,600

2014/12F 5.0 76.8 4.1 92.3 4.6 78.4 4.6 85.7 6,646 46,461 1,600



2010/12A 160.2 (127.2) 0.0 (3.0) 33.9 53.8

2011/12A 348.9 (229.7) 0.0 (39.3) 26.1 6.2 11.6 1.56 18.7 1.7

2012/12F 420.0 (135.7) 16.0 (146.0) 26.1 8.3 9.7 1.73 19.8 2.5

2013/12F 483.9 (171.4) 14.1 (20.3) 25.9 7.1 9.9 1.51 16.6 2.5

2014/12F 544.1 (220.6) 12.5 (11.6) 25.7 6.2 9.4 1.35 15.3 2.5



2012/03A 21.1 15.3 17.3 70.3 63.4 26.8 109.5 93.1 24.0 106.0 74.1

2012/06A 33.3 28.4 24.6 27.5 42.3 21.7 21.6 (18.8) 19.2 17.8 (20.0)

2012/09F 36.7 (16.1) 15.0 1.5 (39.0) 16.8 200.4 (22.6) 14.9 154.5 (22.5)

2012/12F 18.9 (4.3) 13.1 24.4 (12.2) 19.7 42.3 17.2 18.1 31.2 21.5

2013/03F 17.4 13.9 21.5 24.5 63.6 24.9 (7.0) 26.3 21.2 (11.8) 17.0

2013/06F (4.6) 4.4 19.3 (21.4) (10.2) 22.7 4.5 (8.8) 19.3 0.5 (8.8)

2013/09F 6.4 (6.5) 17.2 14.8 (11.0) 21.1 25.3 (7.1) 17.9 20.4 (7.1)

2013/12F 9.6 (1.4) 15.8 20.2 (8.1) 19.5 (0.9) (7.3) 16.6 (8.2) (7.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 275.0 75.1 79.2 6,447 8.7 골프존 9.9 1.5 16.9 2.5

FY2013F 309.0 84.0 79.8 6,493 8.6 호텔·레저 15.6 2.3 15.7 2.5



골프존

184.3

209.8

267.5

284.8

299.1

181.7 22.0

373.2 25.1

510.3 105.0

568.6 107.2

629.0 108.1

60.9

78.2

65.6

62.8

71.5

74.7

69.8

68.8

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

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2011 2012

주가

x17

x14

x12

x10

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



152


A019680 253020 universe

대교 (019680.KS) 업데이트 : 2012.10.14

투자의견 : 중립 업종 : 교육서비스 주가 수익률(12개월)



52주 최고가 : 7,400 시가총액(십억원) : 499.7

52주 최저가 : 5,460 60일 평균 거래대금(백만원) : 704.8

연중 최고가 : 7,270 외국인지분(%) : 19.1

9 10 11 12 13


(11.1) (0.7) 1.7 (4.1) (3.0)

업종 대비 (7.2) 3.3 5.7 (0.1) 1.0 5

KOSPI 대비 (9.0) 1.2 (2.1) (8.1) (7.0) 10

22 23 24 19 20



2010/12A (6.3) 76.6 27.5 72.1 (13.7) 49.4 (12.5) 120.3 527 6,924 220

2011/12A 3.3 79.3 3.6 81.3 12.7 52.7 6.5 125.7 562 6,586 260

2012/12F (1.9) 67.6 (14.8) 69.9 (14.0) 52.4 (0.5) 118.2 551 6,923 260

2013/12F 0.5 68.0 0.5 70.8 1.2 53.1 1.3 115.5 563 7,258 260

2014/12F 1.0 68.6 1.0 71.8 1.4 53.9 1.4 116.2 571 7,587 260



2010/12A 673.4 (180.7) 0.7 (17.4) 9.7 3.5 11.4 0.87 7.7 3.7

2011/12A 637.7 (183.5) 0.6 (7.1) 9.7 3.4 11.1 0.95 8.0 4.2

2012/12F 672.8 (241.0) 0.6 (59.2) 8.4 2.8 10.7 0.85 8.0 4.4

2013/12F 707.7 (282.6) 0.6 (56.1) 8.4 2.5 10.5 0.81 7.7 4.4

2014/12F 741.9 (309.7) 0.5 (56.1) 8.4 2.2 10.3 0.78 7.4 4.4



2012/03A 3.8 36.3 22.5 88.1 17.1 23.2 84.7 17.2 16.7 74.1 16.1

2012/06A 1.2 (1.9) 12.3 (51.7) (45.1) 13.1 (50.0) (43.6) 10.3 (41.5) (38.5)

2012/09F 3.0 16.3 20.9 (3.2) 69.7 21.4 (1.7) 63.7 16.1 5.9 56.7

2012/12F 1.5 (34.8) 11.8 (38.5) (43.6) 12.2 (38.5) (43.2) 9.4 (34.7) (41.7)

2013/03F 0.5 35.0 22.6 0.5 91.3 23.3 0.4 91.3 17.5 4.9 86.7

2013/06F 0.5 (1.9) 12.4 0.5 (45.1) 13.1 0.0 (43.7) 9.8 (4.8) (44.2)

2013/09F 0.5 16.3 21.1 0.5 69.7 21.8 1.6 66.3 16.4 1.6 67.2

2013/12F 0.5 (34.8) 11.9 0.5 (43.6) 12.6 3.7 (42.0) 9.5 0.8 (42.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 823.1 54.7 59.4 570 11.1 대교 10.5 0.8 7.7 4.4

FY2013F 851.9 65.7 64.6 620 10.2 교육서비스 10.1 0.9 9.4 4.5



대교

792.2

818.5

803.3

807.4

815.1

884.7 204.3

829.8 185.2

853.7 180.9

886.0 184.4

917.7 186.6

207.7

203.8

237.1

154.6

208.8

204.9

238.3

155.4

0

1,336

2,671

4,007

5,342

6,678

8,014


-25

-20

-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x23

x18

x14

x10

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



153


A072870 253020 universe

메가스터디 (072870.KQ) 업데이트 : 2012.10.11

투자의견 : 중립 업종 : 교육서비스 주가 수익률(12개월)



52주 최고가 : 125,000 시가총액(십억원) : 477.5

52주 최저가 : 61,300 60일 평균 거래대금(백만원) : 4,233.4

연중 최고가 : 123,200 외국인지분(%) : 49.6

9 10 11 12 13


4.9 17.1 (16.5) (34.1) (30.5)

업종 대비 8.9 21.1 (12.5) (30.1) (26.6) 5

KOSPI 대비 7.0 19.0 (20.4) (38.1) (34.5) 10

22 23 24 19 20



2010/12A 2.8 75.0 (11.5) 84.4 (6.5) 60.7 (11.0) 80.3 9,731 47,617 2,300

2011/12A 7.4 75.9 1.2 83.3 (1.2) 68.3 12.4 84.0 10,940 56,039 4,000

2012/12F (7.5) 53.1 (30.1) 62.7 (24.7) 47.5 (30.4) 62.6 7,616 61,460 3,000

2013/12F 4.9 57.4 8.2 67.8 8.0 51.4 8.0 67.8 8,229 66,821 3,500

2014/12F 5.2 60.7 5.8 72.0 6.2 54.6 6.2 71.1 8,742 71,950 3,500



2010/12A 282.0 (169.5) 0.1 (34.7) 30.6 11.8 18.1 3.70 23.5 1.3

2011/12A 335.4 (195.6) 0.2 (6.2) 28.9 5.9 10.1 1.96 22.1 3.6

2012/12F 369.7 (210.2) 0.2 (21.5) 21.8 4.1 9.9 1.23 13.5 4.0

2013/12F 403.7 (230.5) 0.3 (17.3) 22.5 3.4 9.2 1.13 13.3 4.6

2014/12F 436.3 (255.7) 0.3 (12.3) 22.6 2.9 8.6 1.05 13.0 4.6



2012/03A (9.6) 23.0 12.5 (28.0) 249.2 17.3 (9.4) 178.2 14.9 (31.4) 248.2

2012/06A (13.1) 5.0 14.1 (40.2) 12.6 15.7 (38.6) (9.4) 11.9 (33.0) (19.7)

2012/09F (6.5) 23.8 22.7 (22.0) 60.3 25.0 (17.1) 59.4 19.0 (26.1) 59.0

2012/12F 7.3 (32.9) 3.7 3.7 (83.6) 4.7 (24.9) (81.3) 1.8 (58.5) (90.7)

2013/03F 4.9 20.3 13.2 4.9 253.2 17.0 (2.1) 262.9 12.9 (13.6) 625.4

2013/06F 4.9 5.0 14.8 4.9 12.6 16.2 3.0 (4.6) 12.3 2.7 (4.6)

2013/09F 4.9 23.8 23.8 4.9 60.3 26.9 7.4 66.2 20.4 7.4 66.2

2013/12F 4.9 (32.9) 5.7 52.0 (76.2) 7.8 66.0 (71.1) 5.9 231.9 (71.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 236.3 60.7 46.9 7,398 9.7 메가스터디 9.2 1.1 13.3 4.6

FY2013F 248.1 65.8 48.6 7,667 9.4 교육서비스 10.1 0.9 9.4 4.5



메가스터디

245.0

263.1

243.2

255.1

268.4

357.4 75.3

399.8 69.1

417.8 58.7

451.9 63.7

486.8 66.3

57.6

60.5

74.9

50.2

60.4

63.4

78.5

52.7

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-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

350,000

400,000

2004 2005 2006 2007 2008 2009 2010 2011

주가

x22

x18

x15

x11

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



154


A021240 253030 universe

웅진코웨이 (021240.KS) 업데이트 : 2012.10.11

투자의견 : 중립 업종 : 소비자서비스 주가 수익률(12개월)



52주 최고가 : 44,350 시가총액(십억원) : 3,000.2

52주 최저가 : 28,650 60일 평균 거래대금(백만원) : 11,145.4

연중 최고가 : 43,100 외국인지분(%) : 51.1

9 10 11 12 13


11.5 0.0 15.1 2.1 9.6

업종 대비 (0.0) (11.5) 3.6 (9.4) (1.9) 5

KOSPI 대비 13.6 1.8 11.2 (1.9) 5.6 10

22 23 24 19 20



2010/12A 6.4 253.5 24.1 243.3 20.0 177.0 15.5 391.9 2,327 10,358 1,050

2011/12A 13.9 242.5 (4.4) 225.4 (7.4) 167.1 (5.6) 394.9 2,235 10,962 1,050

2012/12F 8.1 264.6 9.1 249.9 10.9 194.9 16.7 434.9 2,629 12,329 1,050

2013/12F 8.3 285.2 7.8 278.1 11.3 216.3 11.0 459.6 2,914 13,932 1,200

2014/12F 7.6 307.0 7.6 302.4 8.8 234.9 8.6 485.6 3,164 15,686 1,300



2010/12A 764.8 264.1 44.6 (223.1) 16.9 8.5 17.3 3.89 24.5 2.6

2011/12A 737.9 468.3 72.4 (299.4) 14.2 8.4 16.4 3.34 22.2 2.9

2012/12F 843.4 295.9 39.8 (173.8) 14.3 7.6 14.8 3.16 24.7 2.7

2013/12F 967.0 242.3 29.8 (177.3) 14.2 7.1 13.3 2.79 23.9 3.1

2014/12F 1,102.3 174.2 26.3 (180.7) 14.2 6.6 12.3 2.48 22.7 3.3



2012/03A 10.6 (0.4) 64.4 14.0 2.5 55.6 10.3 0.7 43.2 11.5 (8.2)

2012/06A 2.4 0.9 63.0 2.0 (2.1) 56.4 2.5 1.4 44.0 4.6 1.8

2012/09F 6.0 2.1 65.6 6.8 4.1 70.9 9.7 25.7 53.9 (15.9) 22.4

2012/12F 13.5 10.5 71.6 14.0 9.1 67.0 21.2 (5.6) 53.8 14.2 (0.2)

2013/03F 8.3 (5.0) 70.2 9.0 (1.9) 67.2 20.8 0.4 56.1 29.7 4.3

2013/06F 8.3 0.9 71.4 13.3 1.7 69.9 23.9 4.0 58.1 32.0 3.6

2013/09F 8.3 2.1 71.0 8.3 (0.5) 81.1 14.4 16.0 66.6 23.7 14.7

2013/12F 8.3 10.5 72.6 1.4 2.1 59.9 (10.6) (26.2) 35.5 (34.0) (46.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,835.4 315.6 183.8 2,383 14.6 웅진코웨이 13.5 2.8 24.0 3.0

FY2013F 1,978.2 338.3 204.7 2,654 13.1 소비자서비스 14.0 2.8 22.5 3.0



웅진코웨이

1,501.8

1,709.9

1,848.6

2,001.4

2,154.5

1,358.3 631.1

1,576.5 828.1

1,497.8 637.4

1,574.6 592.0

1,733.3 617.3

442.4

446.4

455.9

504.0

478.9

483.3

493.6

545.6

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

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

x19

x17

x15

x13

x11

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



155



로엔 (016170.KQ) 업데이트 : 2012.11.20

투자의견 : 매수 업종 : 미디어·광고 주가 수익률(12개월)

목표주가 : 19,600 애널리스트 : 김시우


52주 최고가 : 23,400 시가총액(십억원) : 354.1

52주 최저가 : 9,990 60일 평균 거래대금(백만원) : 5,521.0

연중 최고가 : 17,550 외국인지분(%) : 9.0

9 10 11 12 13


(1.1) 24.4 28.4 (36.2) 6.5

업종 대비 8.0 33.5 37.5 (27.1) 15.5 5

KOSPI 대비 1.1 26.3 24.6 (40.2) 2.5 10

22 23 24 19 20



2010/12A 37.0 7.0 9.9 9.7 53.1 10.8 140.2 14.8 467 3,238 167

2011/12A 20.3 26.6 279.9 28.4 193.7 21.4 97.3 36.5 882 4,299 170

2012/12F 12.5 31.0 16.7 32.6 14.7 24.9 16.3 43.3 984 5,101 170

2013/12F 28.0 38.5 24.3 39.8 22.1 30.4 22.1 54.1 1,201 6,122 170

2014/12F 24.0 50.1 30.0 52.8 32.6 40.1 32.1 67.9 1,586 7,527 170



2010/12A 72.2 (58.4) 0.0 (1.7) 5.0 10.7 18.3 2.64 16.2 2.0

2011/12A 108.7 (63.2) 0.0 (4.4) 15.9 7.5 15.1 3.09 23.7 1.3

2012/12F 129.0 (68.7) 0.0 (3.9) 16.5 6.6 14.2 2.74 20.9 1.2

2013/12F 154.8 (87.9) 0.0 (4.3) 16.0 4.9 11.7 2.29 21.4 1.2

2014/12F 190.4 (109.0) 0.0 (4.6) 16.8 3.6 8.8 1.86 23.2 1.2



2012/03A 27.3 (6.0) 8.1 17.4 44.6 9.0 21.4 47.6 7.0 29.4 43.0

2012/06A 7.6 4.5 8.3 (5.9) 2.2 9.0 (1.8) (0.5) 6.3 (7.8) (10.5)

2012/09F 9.4 2.6 8.1 56.0 (2.5) 8.7 54.2 (3.0) 6.7 54.3 6.6

2012/12F 9.0 8.3 6.5 15.3 (20.0) 5.8 (5.1) (33.4) 5.0 1.6 (25.5)

2013/03F 21.4 4.6 7.7 (5.5) 18.6 8.3 (8.5) 42.4 6.3 (9.6) 27.2

2013/06F 22.1 5.1 8.3 0.0 8.1 9.0 (0.0) 8.6 6.9 9.8 8.6

2013/09F 37.6 15.5 11.8 45.5 41.8 12.0 37.4 33.4 9.2 37.4 33.4

2013/12F 30.2 2.5 10.8 66.4 (8.6) 10.5 80.9 (12.3) 8.0 61.6 (12.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 190.2 31.4 24.6 974 14.4 로엔 11.9 2.3 21.4 1.2

FY2013F 238.8 35.2 31.7 1,253 11.2 미디어·광고 14.4 1.9 13.0 0.5



로엔

139.0

167.2

188.1

240.9

298.8

132.4 60.2

157.1 48.4

174.2 45.2

225.7 70.8

275.9 85.5

44.0

46.0

47.1

51.0

53.4

56.1

64.9

66.5

0

5,000

10,000

15,000

20,000

25,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x34

x27

x20

x13

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



156



제일기획 (030000.KS) 업데이트 : 2012.11.20




52주 최고가 : 24,700 시가총액(십억원) : 2,496.4

52주 최저가 : 16,350 60일 평균 거래대금(백만원) : 14,613.7

연중 최고가 : 24,150 외국인지분(%) : 37.5

9 10 11 12 13


(3.3) 9.9 14.8 17.3 17.9

업종 대비 5.7 18.9 23.9 26.4 27.0 5

KOSPI 대비 (1.2) 11.7 10.9 13.3 13.9 10

22 23 24 19 20



2010/12A 24.0 138.9 51.8 153.5 31.9 107.5 17.3 149.4 985 5,998 340

2011/12A 21.3 108.6 (21.8) 126.8 (17.4) 93.3 (13.2) 120.9 853 6,374 160

2012/12F 30.4 118.5 9.1 142.4 12.3 103.2 10.6 137.9 951 7,164 160

2013/12F 18.4 156.5 32.1 182.6 28.3 135.0 30.8 178.5 1,261 8,230 160

2014/12F 13.3 207.7 32.7 240.1 31.5 177.5 31.5 232.2 1,657 9,665 160



2010/12A 659.2 (568.5) 0.7 (12.4) 9.6 6.9 14.1 2.31 17.5 2.5

2011/12A 703.5 (646.5) 0.3 (20.9) 6.2 12.8 22.2 2.97 13.7 0.8

2012/12F 719.0 (635.1) 0.3 (20.4) 5.2 13.6 22.8 3.03 14.5 0.7

2013/12F 841.7 (758.2) 0.2 (23.4) 5.8 9.9 17.2 2.64 17.3 0.7

2014/12F 1,006.8 (982.1) 0.2 (25.7) 6.8 6.7 13.1 2.25 19.2 0.7



2012/03A 36.3 (26.3) 9.4 (29.1) (77.5) 14.9 (13.3) (67.8) 9.4 (22.5) (73.0)

2012/06A 44.5 46.2 39.7 28.9 320.6 42.0 20.1 181.3 29.4 16.9 214.1

2012/09F 34.2 (1.2) 27.5 22.1 (30.7) 32.3 15.0 (23.2) 23.4 9.6 (20.5)

2012/12F 13.7 6.9 41.9 (0.3) 52.3 53.1 14.3 64.4 41.0 18.2 75.0

2013/03F 18.0 (23.6) 19.4 105.4 (53.7) 24.4 63.1 (54.1) 18.0 92.3 (56.0)

2013/06F 20.7 49.5 56.1 41.4 189.6 61.2 45.7 151.2 45.3 53.7 151.2

2013/09F 8.1 (11.6) 38.4 39.8 (31.5) 44.4 37.6 (27.4) 32.8 40.3 (27.4)

2013/12F 26.2 24.8 42.6 1.6 10.8 52.6 (1.0) 18.3 38.8 (5.2) 18.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,305.6 132.9 115.5 960 23.7 제일기획 17.7 2.7 17.0 0.7

FY2013F 2,563.2 155.4 135.9 1,135 20.1 미디어·광고 14.4 1.9 13.0 0.5



제일기획

1,449.8

1,758.2

2,292.5

2,714.3

3,074.8

1,423.4 753.3

1,810.6 1,092.8

2,191.2 1,453.4

2,612.7 1,746.4

2,980.6 1,941.5

420.8

615.0

607.3

649.4

496.5

742.2

656.3

819.3

0

5,000

10,000

15,000

20,000

25,000

30,000


-20

-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

30,000

35,000

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x42

x34

x26

x18

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



157



SBS (034120.KS) 업데이트 : 2012.11.20

투자의견 : 미제시 업종 : 미디어·광고 주가 수익률(12개월)

목표주가 : - 애널리스트 : 김시우


52주 최고가 : 47,500 시가총액(십억원) : 659.8

52주 최저가 : 31,000 60일 평균 거래대금(백만원) : 3,328.3

연중 최고가 : 45,950 외국인지분(%) : 0.0

9 10 11 12 13


(16.7) (6.8) 4.8 (18.2) (6.7)

업종 대비 (7.6) 2.2 13.9 (9.1) 2.4 5

KOSPI 대비 (14.5) (5.0) 0.9 (22.2) (10.7) 10

22 23 24 19 20



2010/12A 22.8 (2.1) NA (0.2) NA 3.8 (84.2) 22.7 206 25,577 0

2011/12A 5.6 75.0 NA 77.0 NA 59.1 1,473.8 98.1 3,236 29,101 750

2012/12F 7.9 47.6 (36.6) 51.4 (33.2) 39.6 (33.0) 71.2 2,168 30,821 750

2013/12F 9.0 80.9 70.1 86.0 67.4 66.2 67.4 104.5 3,629 33,747 750

2014/12F 6.5 98.5 21.7 104.4 21.4 80.4 21.4 123.4 4,406 36,994 750



2010/12A 466.9 (26.1) 20.9 (35.2) (0.3) 22.6 138.1 1.11 0.8 0.0

2011/12A 531.2 (65.4) 22.9 (46.7) 10.4 6.3 11.5 1.28 11.8 2.0

2012/12F 562.6 (147.1) 10.2 (32.5) 6.1 7.1 16.7 1.17 7.2 2.1

2013/12F 616.0 (150.3) 8.5 (35.0) 9.6 4.7 10.0 1.07 11.2 2.1

2014/12F 675.2 (200.1) 7.0 (39.9) 10.9 3.6 8.2 0.98 12.5 2.1



2012/03A (19.6) (35.5) (18.0) NA NA (16.8) NA NA (13.4) NA NA

2012/06A 11.9 69.8 38.3 21.2 NA 37.3 13.5 NA 28.5 16.6 NA

2012/09F 21.8 1.8 7.5 (68.4) (80.4) 9.9 (52.1) (73.3) 7.7 (51.1) (72.8)

2012/12F 13.2 1.5 19.8 1,106.9 164.8 20.9 494.1 110.7 16.7 618.4 116.0

2013/03F 37.1 (21.9) 2.0 NA (90.1) 3.2 NA (84.8) 3.0 NA (82.1)

2013/06F 9.6 35.6 38.8 1.5 1,888.2 40.1 7.7 1,163.6 31.4 10.2 948.0

2013/09F (7.1) (13.7) 11.6 54.5 (70.2) 12.8 29.1 (68.0) 10.4 34.7 (66.8)

2013/12F 8.2 18.3 28.6 44.3 147.2 29.9 42.8 133.0 21.4 27.7 104.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 755.8 66.3 49.7 2,722 15.8 SBS 10.4 1.1 10.8 2.1

FY2013F 802.1 95.0 72.5 3,973 10.8 미디어·광고 14.4 1.9 13.0 0.5



SBS

682.1

720.6

777.2

847.1

902.4

689.4 204.3

848.9 315.6

880.7 326.5

919.9 318.1

1,012.2 348.7

125.7

213.4

217.3

220.7

172.4

233.9

201.9

238.8

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-45

-40

-35

-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

주가

x36

x29

x22

x15

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



158



YTN (040300.KQ) 업데이트 : 2012.11.20

투자의견 : 중립 업종 : 미디어·광고 주가 수익률(12개월)



52주 최고가 : 4,985 시가총액(십억원) : 158.3

52주 최저가 : 2,740 60일 평균 거래대금(백만원) : 133.1

연중 최고가 : 4,820 외국인지분(%) : 0.2

9 10 11 12 13


(7.5) 14.4 16.5 22.8 36.1

업종 대비 1.6 23.5 25.6 31.9 45.2 5

KOSPI 대비 (5.3) 16.3 12.7 18.8 32.1 10

22 23 24 19 20



2010/12A 12.1 15.1 138.3 7.8 (76.6) 3.8 (84.4) 22.5 91 3,921 15

2011/12A 5.2 18.6 22.9 14.0 80.5 10.6 176.4 26.9 252 4,132 25

2012/12F 1.4 16.4 (11.9) 11.7 (16.4) 8.9 (16.4) 20.3 211 4,324 25

2013/12F 9.1 20.4 24.9 15.7 34.3 11.9 34.3 24.7 283 4,575 25

2014/12F 12.0 26.7 30.8 21.9 38.8 16.5 38.8 31.5 393 4,928 25



2010/12A 164.7 111.3 72.8 (20.8) 12.8 11.7 40.4 0.94 2.3 0.4

2011/12A 173.5 111.9 70.5 (21.2) 14.9 8.5 11.0 0.67 6.3 0.9

2012/12F 181.6 110.6 68.9 (14.8) 13.0 13.3 17.9 0.87 5.0 0.7

2013/12F 192.2 125.3 73.4 (16.5) 14.8 11.5 13.3 0.82 6.4 0.7

2014/12F 207.0 123.9 68.9 (17.2) 17.3 9.0 9.6 0.77 8.3 0.7



2012/03A 6.9 (26.2) (0.7) NA NA (1.8) NA NA (1.8) NA NA

2012/06A (0.6) 15.7 6.2 (22.9) NA 5.3 (14.1) NA 4.2 (10.6) NA

2012/09F (3.9) (0.7) 2.1 (59.6) (65.6) 0.9 (75.8) (82.6) 0.7 (72.7) (83.4)

2012/12F 3.8 22.5 8.7 60.7 310.7 7.2 33.7 678.4 5.7 20.5 712.4

2013/03F 6.3 (24.4) (0.1) NA NA (1.3) NA NA (1.0) NA NA

2013/06F 8.7 18.2 7.3 17.7 NA 6.1 13.7 NA 4.6 8.5 NA

2013/09F 14.3 4.4 5.2 145.6 (28.3) 3.8 315.0 (36.7) 2.9 315.0 (36.7)

2013/12F 7.2 14.9 8.0 (8.0) 53.8 7.2 (0.8) 86.1 5.4 (4.9) 86.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 131.0 19.8 11.8 281 14.2 YTN 13.7 0.8 6.2 0.7

FY2013F 141.5 24.5 15.2 362 11.0 미디어·광고 14.4 1.9 13.0 0.5



YTN

118.4

124.5

126.2

137.7

154.2

317.3 153.7

339.5 166.0

354.4 173.1

387.8 195.7

434.0 226.5

26.8

31.0

30.8

37.7

28.5

33.7

35.1

40.4

0

1,336

2,671

4,007

5,342


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x37

x29

x22

x14

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



159



에스엠 (041510.KQ) 업데이트 : 2012.11.20




52주 최고가 : 71,600 시가총액(십억원) : 933.5

52주 최저가 : 36,950 60일 평균 거래대금(백만원) : 34,230.3

연중 최고가 : 69,200 외국인지분(%) : 20.5

9 10 11 12 13


(26.2) (6.9) 11.7 (14.6) 10.9

업종 대비 (17.1) 2.2 20.8 (5.6) 20.0 5

KOSPI 대비 (24.0) (5.1) 7.9 (18.6) 6.9 10

22 23 24 19 20



2010/12A NA 20.2 NA 17.3 NA 17.1 NA 26.1 1,053 5,279 0

2011/12A 47.7 25.3 25.1 26.2 50.9 22.8 33.0 32.1 1,381 6,682 0

2012/12F 60.5 61.3 141.9 61.8 136.3 51.6 126.7 69.6 2,579 7,990 0

2013/12F 35.1 90.5 47.7 91.9 48.7 76.8 48.7 101.9 3,759 11,791 0

2014/12F 40.3 142.9 58.0 145.6 58.4 121.6 58.4 158.2 5,953 17,786 0



2010/12A 86.2 (50.5) 5.4 (2.8) 20.9 8.7 14.3 2.85 19.9 0.0

2011/12A 110.7 (67.9) 3.5 (13.0) 17.7 21.5 29.5 6.09 23.1 0.0

2012/12F 163.2 (106.5) 2.1 (4.6) 26.7 11.9 17.7 5.72 37.7 0.0

2013/12F 240.9 (152.3) 0.5 (5.7) 29.2 7.6 12.2 3.88 38.0 0.0

2014/12F 363.3 (222.9) 0.3 (6.2) 32.9 4.4 7.7 2.57 40.3 0.0






2012/12F NA NA 61.3 NA NA 61.6 NA 34,078.8 51.5 NA 34,078.9

2013/03F NA NA 0.0 NA NA 0.7 NA (98.8) 0.6 NA (98.8)

2013/06F NA NA 0.0 NA NA 0.8 NA 10.3 0.7 NA 10.3

2013/09F NA NA 0.0 NA NA 0.9 398.6 9.3 0.8 398.6 9.3

2013/12F 35.1 NA 90.5 47.7 NA 89.5 45.2 9,849.9 74.7 45.2 9,849.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 185.9 72.4 61.5 3,072 20.7 에스엠 12.6 4.0 38.0 0.0

FY2013F 235.9 97.3 82.6 4,044 15.7 미디어·광고 14.4 1.9 13.0 0.5



에스엠

96.8

143.0

229.5

310.0

435.0

120.5 33.9

168.1 55.9

254.1 91.6

353.9 117.0

525.7 171.5

0.0

229.5

0.0

0.0

0.0

310.0

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-40

-30

-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

80,000

90,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x31

x24

x17

x10

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



160



SBS콘텐츠허브 (046140.KQ) 업데이트 : 2012.11.20




52주 최고가 : 18,300 시가총액(십억원) : 302.6

52주 최저가 : 8,760 60일 평균 거래대금(백만원) : 2,593.2

연중 최고가 : 18,300 외국인지분(%) : 12.7

9 10 11 12 13


(16.8) 15.1 37.6 (16.1) 11.5

업종 대비 (7.7) 24.2 46.6 (7.0) 20.5 5

KOSPI 대비 (14.6) 16.9 33.7 (20.1) 7.5 10

22 23 24 19 20



2010/12A 103.2 30.1 165.6 28.9 122.6 20.3 96.3 32.9 948 4,155 150

2011/12A 29.2 28.5 (5.3) 30.6 5.9 22.4 10.2 31.3 1,044 5,046 150

2012/12F 3.3 32.7 14.8 35.6 16.4 25.6 14.3 35.7 1,193 6,002 150

2013/12F 16.9 39.6 20.9 41.5 16.7 31.1 21.6 43.0 1,450 7,254 150

2014/12F 8.9 43.2 9.3 45.3 9.3 34.0 9.3 47.0 1,585 8,643 150



2010/12A 89.1 (40.8) 0.0 (9.6) 19.4 7.6 14.2 3.25 25.2 1.1

2011/12A 108.3 (70.1) 0.0 (13.2) 14.2 5.9 11.3 2.34 22.7 1.3

2012/12F 128.8 (72.4) 0.0 (4.1) 15.8 6.6 11.8 2.35 21.6 1.1

2013/12F 155.7 (85.1) 0.0 (3.9) 16.4 5.2 9.7 1.94 21.9 1.1

2014/12F 185.5 (86.9) 0.0 (3.6) 16.4 4.7 8.9 1.63 19.9 1.1



2012/03A (7.9) 11.9 8.0 (11.5) 8,072.6 8.8 (6.5) 921.7 5.1 (26.4) 1,555.5

2012/06A 13.7 38.9 10.7 90.5 33.1 9.8 60.5 11.3 9.3 89.4 82.6

2012/09F (24.5) (24.8) 6.8 (50.0) (36.1) 7.8 (45.2) (20.8) 6.1 (42.3) (35.0)

2012/12F 45.5 24.5 7.1 7,139.2 4.2 9.2 965.1 18.4 5.1 1,540.7 (16.5)

2013/03F 22.9 (5.5) 8.8 9.2 23.3 9.5 8.1 3.7 7.1 38.2 39.5

2013/06F 4.8 18.5 10.0 (6.2) 14.3 9.1 (6.7) (4.0) 6.8 (27.3) (4.0)

2013/09F 40.4 0.8 12.5 82.6 24.4 13.3 71.3 45.4 9.9 63.0 45.8

2013/12F 6.4 (5.7) 8.2 15.7 (34.0) 9.5 3.8 (28.2) 7.4 45.2 (25.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 211.9 38.6 29.6 1,378 12.2 SBS콘텐츠허브 9.9 2.0 21.8 1.1

FY2013F 235.2 44.1 35.2 1,638 10.3 미디어·광고 14.4 1.9 13.0 0.5



SBS콘텐츠허브

155.0

200.3

206.9

241.9

263.4

141.6 51.8

166.9 57.2

205.7 73.4

238.5 78.1

255.8 64.5

43.7

60.7

45.7

56.8

53.7

63.6

64.1

60.5

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-60

-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x16

x13

x10

x7

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



161



케이티스카이라이프 (053210.KS) 업데이트 : 2012.11.20




52주 최고가 : 35,000 시가총액(십억원) : 1,539.6

52주 최저가 : 17,350 60일 평균 거래대금(백만원) : 9,613.9

연중 최고가 : 34,300 외국인지분(%) : 9.4

9 10 11 12 13


7.5 33.5 64.4 25.0 17.0

업종 대비 16.6 42.5 73.5 34.0 26.1 5

KOSPI 대비 9.7 35.3 60.5 20.9 13.0 10

22 23 24 19 20



2010/12A 7.4 45.3 40.6 28.4 14.5 40.4 62.7 82.9 1,188 3,667 0

2011/12A 8.8 41.7 (7.9) 38.7 36.3 27.0 (33.2) 89.4 606 6,038 0

2012/12F 17.7 67.9 62.7 70.6 82.4 55.1 104.2 123.1 1,155 7,193 0

2013/12F 21.2 124.3 83.1 130.2 84.4 101.5 84.4 186.5 2,130 9,323 0

2014/12F 11.8 181.8 46.2 189.5 45.6 147.8 45.6 255.3 3,101 12,425 0



2010/12A 145.1 129.6 313.1 (90.7) 10.6 32.4

2011/12A 287.8 (9.9) 35.1 (98.1) 9.0 14.5 45.2 4.54 12.5 0.0

2012/12F 342.9 (36.4) 45.8 (129.5) 12.4 12.2 28.0 4.49 17.5 0.0

2013/12F 444.4 (66.8) 35.3 (133.8) 18.8 7.9 15.2 3.46 25.8 0.0

2014/12F 592.2 (101.0) 26.4 (142.5) 24.6 5.7 10.4 2.60 28.5 0.0



2012/03A 10.0 3.1 19.5 78.8 111.6 19.6 123.2 140.5 12.9 65.5 102.1

2012/06A 14.9 6.8 16.2 69.8 (16.9) 16.7 76.0 (15.0) 12.4 130.1 (3.5)

2012/09F 18.1 5.6 17.1 41.9 5.4 21.3 73.1 27.5 16.8 96.9 35.2

2012/12F 27.4 9.6 15.1 63.2 (11.9) 13.0 59.7 (38.7) 12.9 102.8 (23.1)

2013/03F 25.6 1.7 30.7 57.3 104.0 31.5 60.4 141.6 24.6 90.5 89.9

2013/06F 23.2 4.7 26.9 65.6 (12.6) 27.6 65.6 (12.3) 21.5 73.2 (12.3)

2013/09F 23.3 5.7 34.3 100.5 27.7 36.5 71.8 32.3 28.5 69.5 32.3

2013/12F 13.8 1.2 32.4 115.4 (5.4) 34.5 165.1 (5.5) 26.9 108.3 (5.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 540.9 72.8 55.4 1,162 26.6 케이티스카이라이프 15.9 3.6 24.9 0.0

FY2013F 640.8 117.7 95.0 1,993 15.5 미디어·광고 14.4 1.9 13.0 0.5



케이티스카이라이프

426.7

464.4

546.7

662.5

740.4

524.0 432.8

522.9 232.8

721.5 374.9

883.6 434.1

1,044.7 446.0

123.4

131.7

139.1

152.5

155.0

162.3

171.6

173.6

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-40

-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

2011 2012

주가

x47

x39

x32

x24

x17

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



162



와이지엔터테인먼트 (122870.KQ) 업데이트 : 2012.11.22




52주 최고가 : 108,700 시가총액(십억원) : 602.7

52주 최저가 : 37,300 60일 평균 거래대금(백만원) : 56,153.3

연중 최고가 : 106,900 외국인지분(%) : 7.1

9 10 11 12 13


(26.0) 5.2 42.8 NA 60.4

업종 대비 (16.9) 14.3 51.9 NA 69.5 5

KOSPI 대비 (23.8) 7.1 38.9 NA 56.4 10

22 23 24 19 20



2010/12A NA 13.6 NA 13.5 NA 9.6 NA 14.8 2,578 5,649 0

2011/12A 35.8 17.3 27.6 17.6 30.6 12.9 34.3 19.8 3,322 15,320 0

2012/12F 40.0 24.5 41.0 31.5 78.4 25.2 94.7 29.9 2,332 9,883 0

2013/12F 43.6 50.0 104.3 54.9 74.5 43.9 74.5 57.3 4,000 14,181 0

2014/12F 16.3 63.8 27.8 70.7 28.7 55.1 25.5 72.9 5,021 19,565 0



2010/12A 21.1 (14.7) 0.0 (3.2) 23.6 45.6

2011/12A 76.4 (64.1) 0.0 (2.4) 22.2 15.3 11.1 2.40 26.5 0.0

2012/12F 102.0 (65.6) 0.0 (5.2) 22.4 18.0 25.0 5.91 28.2 0.0

2013/12F 146.4 (99.0) 0.0 (5.3) 31.8 8.8 14.6 4.12 35.4 0.0

2014/12F 201.9 (135.2) 0.0 (5.5) 35.0 6.4 11.6 2.98 31.7 0.0



2012/03A (2.5) NA 3.6 (15.3) NA 3.8 (9.8) NA 3.0 (6.4) NA

2012/06A (13.7) 27.5 4.1 (24.7) 15.1 5.0 (7.4) 31.0 3.5 (12.0) 15.4

2012/09F NA 31.5 7.4 NA 80.9 8.0 NA 59.4 5.8 NA 65.3

2012/12F NA 29.2 9.4 NA 26.6 14.7 NA 85.4 12.9 NA 122.8

2013/03F 99.2 (8.1) 10.4 191.5 10.6 11.8 210.9 (19.7) 9.5 212.3 (26.5)

2013/06F 90.9 22.2 16.4 300.6 58.2 17.5 251.0 47.9 14.0 300.5 47.9

2013/09F 17.7 (18.9) 10.6 42.5 (35.6) 11.5 45.1 (34.1) 9.2 59.7 (34.1)

2013/12F 10.2 21.0 12.6 34.4 19.4 14.1 (4.7) 21.8 11.2 (12.7) 21.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 111.3 27.1 22.0 1,923 40.3 와이지엔터테인먼트 15.3 4.3 34.6 0.0

FY2013F 157.9 48.2 38.9 2,973 26.1 미디어·광고 14.4 1.9 13.0 0.5



와이지엔터테인먼트

57.5

78.1

109.4

157.1

182.6

37.3 16.2

90.4 14.0

114.0 12.0

176.2 29.9

238.0 36.0

17.9

22.8

30.0

38.7

35.6

43.5

35.3

42.7

0

20,000

40,000

60,000

80,000

100,000

120,000


-40

-20

0

20

40

60

80

100

120

140

160

180

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2011 2012

주가

x40

x32

x25

x18

x11

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



163



현대에이치씨엔 (126560.KS) 업데이트 : 2012.11.20

투자의견 : 중립 업종 : 미디어·광고 주가 수익률(12개월)



52주 최고가 : 5,650 시가총액(십억원) : 386.8

52주 최저가 : 2,615 60일 평균 거래대금(백만원) : 3,647.8

연중 최고가 : 5,510 외국인지분(%) : 14.5

9 10 11 12 13


(17.2) 35.3 49.7 63.6 70.3

업종 대비 (8.1) 44.3 58.7 72.7 79.4 5

KOSPI 대비 (15.0) 37.1 45.8 59.6 66.3 10

22 23 24 19 20



2010/12A 10.0 48.4 1,348.5 44.5 497.4 32.4 1,187.0 89.2 528 3,415 0

2011/12A 9.4 56.5 16.7 57.0 28.0 41.6 28.6 101.2 492 3,801 0

2012/12F 10.7 63.7 12.7 65.6 15.1 47.9 15.1 103.4 445 4,246 0

2013/12F 8.4 69.3 8.8 71.7 9.3 52.4 9.3 111.1 486 4,732 0

2014/12F 7.6 74.4 7.3 78.4 9.3 57.3 9.3 115.5 531 5,264 0



2010/12A 368.4 (12.5) 34.4 (38.1) 21.3 10.5

2011/12A 410.0 (58.9) 23.9 (37.2) 22.7 1.9 5.5 0.71 10.7 0.0

2012/12F 458.0 (41.3) 18.6 (47.4) 23.1 3.6 10.3 1.08 11.0 0.0

2013/12F 510.5 (66.7) 14.1 (43.8) 23.2 3.2 9.4 0.96 10.8 0.0

2014/12F 567.8 (92.6) 11.2 (37.2) 23.2 2.9 8.6 0.87 10.6 0.0



2012/03A 7.8 (0.5) 14.1 9.0 34.5 14.6 14.3 36.8 10.6 14.5 50.4

2012/06A 11.7 13.0 21.5 25.7 53.0 22.2 30.0 52.2 16.3 24.4 53.9

2012/09F 11.3 (3.5) 16.1 0.7 (25.0) 16.9 2.6 (24.0) 12.3 1.3 (24.7)

2012/12F 12.0 3.3 12.0 14.5 (25.8) 11.9 11.6 (29.5) 8.7 22.6 (29.7)

2013/03F 13.5 0.8 16.0 13.6 33.5 16.4 12.2 37.6 12.0 12.6 38.2

2013/06F 8.8 8.3 20.1 (6.6) 25.7 20.5 (7.5) 25.5 15.0 (8.1) 25.5

2013/09F 5.9 (6.0) 16.7 3.4 (17.0) 17.4 3.1 (15.3) 12.7 3.4 (15.3)

2013/12F 5.8 3.1 16.6 38.2 (0.8) 17.4 46.0 (0.2) 12.7 46.7 (0.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 274.3 64.0 51.4 454 11.8 현대에이치씨엔 9.5 1.0 10.8 0.0

FY2013F 304.9 73.7 60.6 536 10.0 미디어·광고 14.4 1.9 13.0 0.5



현대에이치씨엔

227.3

248.7

275.4

298.5

321.1

570.1 177.6

595.8 158.7

632.1 143.5

696.9 152.1

752.1 145.7

63.4

71.6

69.1

71.3

71.9

77.9

73.2

75.5

0

1,336

2,671

4,007

5,342

6,678


-40

-20

0

20

40

60

80

100

KOSPI대비(우)

주가(좌)

(%p)(원)

0

1,000

2,000

3,000

4,000

5,000

6,000

2011 2012

주가

x11

x9

x7

x5

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



164



CJ E&M (130960.KQ) 업데이트 : 2012.11.20




52주 최고가 : 34,800 시가총액(십억원) : 1,077.2

52주 최저가 : 22,000 60일 평균 거래대금(백만원) : 12,181.9

연중 최고가 : 34,150 외국인지분(%) : 6.3

9 10 11 12 13


(3.4) 5.6 (7.8) (16.8) (6.6)

업종 대비 5.7 14.7 1.3 (7.8) 2.5 5

KOSPI 대비 (1.2) 7.4 (11.7) (20.8) (10.6) 10

22 23 24 19 20



2010/12A NA 19.2 NA 17.5 NA 6.0 NA 50.5 1,210 62,593 0

2011/12A 1,065.0 70.1 266.0 63.2 260.5 56.6 844.3 361.9 1,765 30,969 0

2012/12F 21.2 43.8 (37.6) 33.7 (46.7) 58.2 2.9 333.8 1,549 32,542 0

2013/12F 10.6 79.7 82.1 78.5 133.1 58.5 0.5 369.2 1,557 34,123 0

2014/12F 8.9 95.7 20.1 97.6 24.3 72.7 24.3 402.7 1,935 36,078 0



2010/12A 310.2 75.8 29.6 (8.9) 19.5 10.1 28.5 0.55 1.9 0.0

2011/12A 1,162.7 127.1 30.9 (34.5) 6.1 3.7 17.2 0.98 7.7 0.0

2012/12F 1,222.3 134.6 31.0 (61.4) 3.2 3.8 18.3 0.87 4.9 0.0

2013/12F 1,282.3 69.9 30.2 (42.9) 5.2 3.3 18.2 0.83 4.7 0.0

2014/12F 1,356.4 (40.0) 23.0 (35.2) 5.7 2.7 14.7 0.79 5.5 0.0



2012/03A 134.3 (12.6) (3.3) NA NA (7.8) NA NA 2.5 10.6 (79.7)

2012/06A 2.6 3.3 9.6 (72.8) NA 5.6 (81.8) NA 34.8 8.5 1,277.1

2012/09F 7.7 3.1 13.2 1.9 38.1 7.7 (10.8) 38.0 4.4 (54.7) (87.3)

2012/12F 6.9 14.9 24.2 79.5 83.2 28.2 56.1 266.3 16.4 31.9 272.9

2013/03F 8.3 (11.5) 0.1 NA (99.4) (1.6) NA NA (1.2) NA NA

2013/06F 17.7 12.2 23.6 146.3 16,372.4 20.7 271.6 NA 15.4 (55.7) NA

2013/09F 11.8 (2.0) 23.8 80.2 1.0 23.7 208.2 14.5 17.7 300.3 14.5

2013/12F 5.3 8.2 32.1 32.4 34.6 35.7 26.9 50.8 26.6 61.9 50.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,423.5 49.7 67.0 1,771 16.2 CJE&M 18.3 0.8 4.7 0.0

FY2013F 1,608.3 98.2 69.7 1,767 16.2 미디어·광고 14.4 1.9 13.0 0.5



CJ E&M

98.1

1,143.1

1,385.0

1,531.3

1,667.3

810.7 236.8

2,050.9 828.7

2,104.4 820.3

2,312.2 966.9

2,498.7 1,077.7

320.5

331.0

341.3

392.3

347.1

389.5

381.7

413.0

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

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2010 2011 2012

주가

x30

x26

x22

x18

x15

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



165



신세계 (004170.KS) 업데이트 : 2012.07.25

투자의견 : 매수 업종 : 유통 주가 수익률(12개월)



52주 최고가 : 290,000 시가총액(십억원) : 1,969.0

52주 최저가 : 182,500 60일 평균 거래대금(백만원) : 6,055.7

연중 최고가 : 286,500 외국인지분(%) : 54.7

9 10 11 12 13


0.5 (12.7) (12.9) (19.8) (17.4)

업종 대비 (1.1) (14.3) (14.5) (21.5) (19.0) 5

KOSPI 대비 2.7 (10.8) (16.7) (23.8) (21.4) 10

22 23 24 19 20



2010/12A (83.7) 239.0 (74.4) 388.4 (50.6) 1,087.5 92.0 353.3 57,658 386,259 2,500

2011/12A 17.0 267.6 12.0 274.0 (29.5) 3,501.6 222.0 396.0 184,581 199,903 750

2012/12F 12.3 287.0 7.3 298.0 8.8 212.2 (93.9) 424.4 21,574 220,709 750

2013/12F 14.9 343.7 19.8 357.3 19.9 254.4 19.9 493.1 25,866 245,803 750

2014/12F 13.3 409.5 19.1 426.4 19.3 303.6 19.3 569.1 30,863 275,890 750



2010/12A 7,285.0 3,077.5 44.8 (331.8) 12.8 41.9 5.3 0.79 18.6 0.8

2011/12A 1,964.5 659.7 36.9 (282.0) 12.2 8.3 1.3 1.23 75.7 0.3

2012/12F 2,169.3 819.4 39.7 (422.7) 11.7 7.1 9.3 0.91 10.3 0.4

2013/12F 2,416.4 844.2 37.6 (434.7) 12.2 6.2 7.7 0.81 11.1 0.4

2014/12F 2,712.6 836.1 33.6 (445.0) 12.8 5.4 6.5 0.72 11.8 0.4



2012/03A 3.5 0.1 68.9 1.0 (24.1) 69.0 2.8 (24.8) 47.1 (71.0) (19.1)

2012/06F 11.5 10.0 87.1 19.2 26.5 89.8 2.7 30.2 64.0 (98.0) 35.7

2012/09F 16.0 (0.2) 43.9 23.4 (49.6) 46.6 68.3 (48.1) 33.2 77.3 (48.1)

2012/12F 20.4 9.6 87.1 (4.0) 98.2 92.6 0.9 98.6 67.9 16.7 104.7

2013/03F 27.8 6.2 100.1 45.4 15.0 103.7 50.2 12.0 73.8 56.7 8.7

2013/06F 16.6 0.4 106.7 22.4 6.5 110.2 22.7 6.3 78.5 22.7 6.3

2013/09F 12.4 (3.8) 53.8 22.5 (49.6) 57.3 23.0 (48.0) 40.8 23.0 (48.0)

2013/12F 4.9 2.2 83.1 (4.6) 54.4 86.1 (7.0) 50.2 61.3 (9.8) 50.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,318.1 258.8 202.5 18,768 10.6 신세계 7.9 0.8 11.0 0.4

FY2013F 2,592.1 288.3 223.0 20,772 9.6 유통 9.7 0.9 9.3 0.6



신세계

1,868.0

2,185.5

2,454.5

2,819.9

3,196.2

14,328.1 6,895.9

4,144.7 1,965.1

4,676.2 2,275.7

5,256.8 2,590.1

5,724.1 2,738.4

557.7

613.5

612.4

670.9

712.6

715.4

688.3

703.6

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-30

-25

-20

-15

-10

-5

0

5

10

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

주가

x12

x9

x6

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



166



GS리테일 (007070.KS) 업데이트 : 2012.10.28

투자의견 : 중립 업종 : 유통 주가 수익률(12개월)



52주 최고가 : 35,850 시가총액(십억원) : 2,444.8

52주 최저가 : 19,350 60일 평균 거래대금(백만원) : 11,310.3

연중 최고가 : 34,800 외국인지분(%) : 9.4

9 10 11 12 13


(5.2) 20.5 33.7 NA 38.0

업종 대비 (6.9) 18.9 32.0 NA 36.4 5

KOSPI 대비 (3.1) 22.3 29.8 NA 34.0 10

22 23 24 19 20



2010/12A NA 95.0 NA 106.1 NA 442.2 NA 188.0 1,149 17,877 12,500

2011/12A 21.4 103.0 8.4 129.2 21.7 93.6 (78.8) 223.7 1,213 18,574 300

2012/12F 14.8 157.4 52.8 169.7 31.4 127.8 36.6 306.0 1,660 19,933 300

2013/12F 14.7 183.8 16.8 203.7 20.0 153.6 20.2 352.7 1,995 21,628 300

2014/12F 14.4 214.7 16.8 233.4 14.6 176.0 14.6 400.7 2,285 23,613 300



2010/12A 1,376.5 386.3 36.8 (167.1) 2.9 32.1

2011/12A 1,430.2 827.5 63.5 (188.1) 2.6 6.7

2012/12F 1,534.9 545.1 46.2 (188.1) 3.4 9.8 19.1 1.59 8.6 0.9

2013/12F 1,665.4 420.7 36.6 (188.1) 3.5 8.1 15.9 1.47 9.6 0.9

2014/12F 1,818.2 323.4 29.7 (188.1) 3.6 6.9 13.9 1.34 10.1 0.9



2012/03A 19.6 1.3 14.4 86.2 (33.0) 20.9 64.6 (28.3) 15.8 73.7 (16.3)

2012/06A 14.9 7.6 46.8 83.4 225.8 44.1 41.9 111.2 33.4 49.7 110.8

2012/09F 18.6 14.9 57.3 18.7 22.4 62.7 11.4 42.3 47.2 9.3 41.4

2012/12F 6.8 (14.7) 38.9 81.0 (32.2) 42.0 44.3 (33.0) 31.3 65.5 (33.7)

2013/03F 16.8 10.8 28.6 98.8 (26.5) 34.0 62.8 (19.2) 25.6 61.7 (18.2)

2013/06F 22.0 12.3 52.8 12.8 84.9 58.7 33.1 72.8 44.3 32.5 72.8

2013/09F 18.1 11.2 69.5 21.3 31.5 74.9 19.5 27.6 56.5 19.6 27.6

2013/12F 1.4 (26.7) 32.9 (15.3) (52.6) 36.1 (14.0) (51.8) 27.2 (13.0) (51.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 4,634.9 164.6 129.4 1,685 20.0 GS리테일 16.2 1.5 9.5 0.9

FY2013F 5,243.1 201.2 161.1 2,103 16.1 유통 9.7 0.9 9.3 0.6



GS리테일

3,280.3

3,981.6

4,571.8

5,245.3

5,999.6

2,595.5 1,219.1

2,994.0 1,559.4

3,028.8 1,489.5

3,158.1 1,488.3

3,364.8 1,542.2

1,047.2

1,126.4

1,294.0

1,104.2

1,223.3

1,374.3

1,528.0

1,119.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Dec-11 Mar-12 May-12 Jul-12 Oct-12

-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

2012

주가

x19

x17

x16

x14

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



167



롯데쇼핑 (023530.KS) 업데이트 : 2012.11.08




52주 최고가 : 390,000 시가총액(십억원) : 10,441.1

52주 최저가 : 273,500 60일 평균 거래대금(백만원) : 16,571.9

연중 최고가 : 388,000 외국인지분(%) : 14.0

9 10 11 12 13


6.0 12.7 13.2 6.2 7.3

업종 대비 4.4 11.1 11.6 4.6 5.7 5

KOSPI 대비 8.2 14.5 9.4 2.2 3.3 10

22 23 24 19 20



2010/12A 18.8 1,597.7 39.1 1,540.2 29.2 1,034.7 44.6 2,045.3 35,626 451,374 1,500

2011/12A 17.0 1,662.9 4.1 1,555.2 1.0 931.8 (9.9) 2,222.8 32,084 480,875 1,500

2012/12F 9.3 1,445.4 (13.1) 1,508.2 (3.0) 1,028.5 10.4 2,281.5 35,412 514,786 1,500

2013/12F 26.7 1,855.0 28.3 1,806.6 19.8 1,170.6 13.8 2,791.0 40,305 553,591 1,500

2014/12F 10.9 2,085.2 12.4 1,990.4 10.2 1,289.7 10.2 3,075.9 44,406 596,497 1,500



2010/12A 13,109.4 764.7 62.0 (1,165.6) 8.4 7.4 13.3 1.05 8.1 0.3

2011/12A 13,966.2 572.1 69.6 (1,592.1) 7.5 5.0 10.6 0.71 6.9 0.4

2012/12F 14,951.1 1,927.6 72.2 (3,092.1) 5.9 5.8 10.2 0.70 7.1 0.4

2013/12F 16,078.2 3,132.1 86.8 (1,592.8) 6.0 5.2 8.9 0.65 7.5 0.4

2014/12F 17,324.3 2,398.6 81.2 (1,591.9) 6.1 4.5 8.1 0.60 7.7 0.4



2012/03A 8.9 2.0 364.9 (18.5) (13.8) 443.7 0.6 (11.8) 310.3 (4.3) 26.6

2012/06A 9.3 (2.0) 366.9 (16.0) 0.5 307.0 (31.5) (30.8) 193.6 (30.0) (37.6)

2012/09F 13.5 6.4 286.0 (19.4) (22.0) 280.8 72.4 (8.5) 191.5 123.0 (1.1)

2012/12F 5.8 (0.5) 427.5 1.0 49.5 476.7 (5.2) 69.8 333.1 35.9 73.9

2013/03F 21.1 16.8 425.5 16.6 (0.5) 444.5 0.2 (6.8) 287.1 (7.5) (13.8)

2013/06F 21.9 (1.3) 424.4 15.7 (0.3) 430.2 40.2 (3.2) 260.7 34.6 (9.2)

2013/09F 17.6 2.6 362.1 26.6 (14.7) 358.1 27.5 (16.8) 232.1 21.2 (11.0)

2013/12F 45.6 23.2 642.9 50.4 77.5 573.7 20.3 60.2 390.7 17.3 68.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 24,480.0 1,499.3 1,039.4 33,460 10.3 롯데쇼핑 9.0 0.7 7.5 0.4

FY2013F 27,182.8 1,721.6 1,176.7 37,671 9.2 유통 9.7 0.9 9.3 0.6



롯데쇼핑

19,017.7

22,253.1

24,328.0

30,815.6

34,186.9

29,191.5 15,549.5

33,061.1 18,382.1

35,964.8 20,216.3

42,784.6 25,746.4

45,578.4 27,114.9

5,991.9

5,874.1

6,248.0

6,214.0

7,257.7

7,163.2

7,346.2

9,048.4

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000


-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

2006 2007 2008 2009 2010 2011 2012

주가

x15

x12

x10

x8

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



168



GS홈쇼핑 (028150.KQ) 업데이트 : 2012.07.27




52주 최고가 : 153,900 시가총액(십억원) : 916.1

52주 최저가 : 88,600 60일 평균 거래대금(백만원) : 2,562.6

연중 최고가 : 151,900 외국인지분(%) : 29.7

9 10 11 12 13


5.3 32.3 39.7 38.9 26.7

업종 대비 3.6 30.7 38.1 37.3 25.0 5

KOSPI 대비 7.4 34.2 35.9 34.9 22.7 10

22 23 24 19 20



2010/12A 14.2 116.6 17.6 110.7 32.1 77.0 32.1 124.6 12,156 67,561 3,000

2011/12A 14.4 106.1 (9.0) 262.2 136.8 202.4 162.8 113.1 32,164 94,521 3,500

2012/12F 18.9 97.0 (8.6) 116.0 (55.8) 85.1 (57.9) 105.1 13,399 104,642 3,500

2013/12F 10.0 102.7 5.9 119.0 2.6 87.3 2.6 111.1 13,749 114,971 3,500

2014/12F 8.0 106.8 4.0 124.7 4.7 91.5 4.7 115.5 14,400 125,930 3,500



2010/12A 425.2 (41.9) 0.0 (12.2) 14.7 5.5 9.0 1.62 19.6 2.7

2011/12A 606.4 (312.8) 0.0 (15.1) 11.7 4.0 3.6 1.23 39.2 3.0

2012/12F 672.8 (215.4) 0.0 (4.7) 9.0 6.7 10.4 1.33 13.3 2.5

2013/12F 740.6 (238.1) 0.0 (4.7) 8.7 6.1 10.2 1.21 12.4 2.5

2014/12F 812.5 (258.5) 0.0 (4.7) 8.3 5.7 9.7 1.11 11.8 2.5



2012/03A 23.1 0.3 27.6 (3.6) 2.3 33.6 (83.3) NA 23.2 (85.6) NA

2012/06F 18.9 (1.3) 32.5 18.9 17.9 37.2 12.8 10.8 27.3 1.7 18.0

2012/09F 18.9 (5.0) 27.6 18.9 (15.1) 32.0 13.8 (14.1) 23.5 21.1 (14.1)

2012/12F 15.4 22.6 9.3 (65.4) (66.3) 13.2 NA (58.7) 9.9 NA (58.0)

2013/03F 10.0 (4.4) 30.3 10.0 225.7 34.3 1.9 159.6 25.1 8.6 154.9

2013/06F 10.0 (1.3) 35.8 10.0 17.9 39.8 6.9 16.2 29.2 6.9 16.2

2013/09F 10.0 (5.0) 30.4 10.0 (15.1) 34.5 7.9 (13.3) 25.3 7.9 (13.3)

2013/12F 10.0 22.6 6.3 (32.8) (79.4) 10.5 (20.5) (69.6) 7.7 (21.9) (69.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,034.9 104.6 90.4 13,776 9.8 GS홈쇼핑 10.2 1.2 12.5 2.5

FY2013F 1,148.3 116.7 102.0 15,540 8.7 유통 9.7 0.9 9.3 0.6



GS홈쇼핑

792.2

906.1

1,077.0

1,184.7

1,279.5

752.0 322.4

967.4 360.1

1,093.5 420.6

1,179.8 439.2

1,276.9 464.3

264.3

260.8

247.9

303.9

290.7

286.9

272.7

334.3

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-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

350,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x10

x8

x6

x4

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



169



CJ오쇼핑 (035760.KQ) 업데이트 : 2012.10.30




52주 최고가 : 300,000 시가총액(십억원) : 1,560.2

52주 최저가 : 163,300 60일 평균 거래대금(백만원) : 8,021.9

연중 최고가 : 300,000 외국인지분(%) : 14.2

9 10 11 12 13


0.7 18.6 41.3 (11.5) (3.6)

업종 대비 (0.9) 17.0 39.7 (13.1) (5.3) 5

KOSPI 대비 2.9 20.5 37.4 (15.5) (7.6) 10

22 23 24 19 20



2010/12A 10.4 122.4 19.6 106.9 4.0 92.8 18.1 137.8 10,222 59,410 1,200

2011/12A 25.8 132.4 8.2 117.8 10.2 112.5 21.2 145.3 18,698 80,261 2,000

2012/12F 12.3 130.2 (1.6) 115.7 (1.8) 88.0 (21.7) 147.3 14,631 93,363 2,000

2013/12F 10.8 135.4 4.0 124.1 7.2 94.4 7.2 153.2 15,690 106,725 2,000

2014/12F 12.9 147.1 8.7 135.7 9.3 103.2 9.3 167.1 17,157 121,146 2,000



2010/12A 348.9 161.9 101.1 (14.5) 17.2 10.7 22.6 3.89 20.6 0.5

2011/12A 485.5 212.0 70.9 (21.7) 14.8 11.5 13.8 3.21 27.0 0.8

2012/12F 566.8 200.2 56.2 (21.7) 13.0 11.0 17.2 2.69 16.7 0.8

2013/12F 649.7 188.5 45.4 (21.7) 12.2 10.5 16.0 2.36 15.5 0.8

2014/12F 739.2 185.5 38.8 (21.7) 11.7 9.6 14.7 2.08 14.9 0.8



2012/03A 19.1 (10.6) 34.6 (4.8) 13.1 31.4 (4.5) 20.4 32.8 (4.4) 73.5

2012/06A 18.8 8.2 34.0 (2.1) (1.7) 30.2 (3.7) (3.8) 41.3 (7.5) 26.0

2012/09F 12.3 (7.4) 30.4 (1.0) (10.4) 26.8 (2.0) (11.3) 20.4 (35.2) (50.6)

2012/12F 2.0 13.9 31.3 2.3 2.6 27.2 4.1 1.3 (6.4) NA NA

2013/03F 10.8 (2.9) 38.3 10.8 22.6 34.6 9.9 27.2 26.3 (19.7) NA

2013/06F 10.8 8.2 37.7 10.8 (1.7) 33.0 9.0 (4.6) 25.1 (39.3) (4.6)

2013/09F 10.8 (7.4) 33.7 10.8 (10.4) 30.3 13.1 (8.0) 23.1 13.1 (8.0)

2013/12F 10.8 13.9 25.7 (17.8) (23.9) 26.2 (3.6) (13.7) 19.9 NA (13.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,034.8 132.7 108.6 17,512 14.6 CJ오쇼핑 16.1 2.4 15.7 0.8

FY2013F 1,166.2 151.0 117.1 18,876 13.5 유통 9.7 0.9 9.3 0.6



CJ오쇼핑

711.2

894.7

1,005.0

1,113.8

1,257.2

801.8 537.9

905.6 557.9

1,018.3 592.8

1,129.5 619.8

1,270.9 668.2

237.8

257.4

238.3

271.4

263.6

285.3

264.1

300.8

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-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

350,000

400,000

450,000

500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x25

x20

x15

x10

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



170



현대홈쇼핑 (057050.KS) 업데이트 : 2012.10.30




52주 최고가 : 155,000 시가총액(십억원) : 1,506.0

52주 최저가 : 89,600 60일 평균 거래대금(백만원) : 3,569.4

연중 최고가 : 154,000 외국인지분(%) : 40.9

9 10 11 12 13


(0.4) 14.6 2.0 4.1 (0.8)

업종 대비 (2.0) 13.0 0.4 2.5 (2.4) 5

KOSPI 대비 1.8 16.5 (1.8) 0.1 (4.8) 10

22 23 24 19 20



2010/12A 12.7 132.3 10.2 150.4 18.2 113.4 18.8 140.7 11,450 58,756 1,000

2011/12A 22.4 152.3 15.1 187.6 24.8 142.5 25.6 161.3 11,874 69,374 1,100

2012/12F 8.4 153.5 0.8 188.4 0.4 143.1 0.4 163.9 11,923 80,196 1,100

2013/12F 11.4 164.1 6.9 200.2 6.3 152.0 6.3 175.3 12,669 91,766 1,100

2014/12F 15.0 188.8 15.0 227.7 13.8 172.9 13.8 201.5 14,412 105,078 1,100



2010/12A 705.1 (715.6) 0.0 (9.2) 22.8 3.7 9.0 1.74 22.1 1.0

2011/12A 832.5 (838.7) 0.3 (17.2) 21.4 4.7 11.2 1.92 18.5 0.8

2012/12F 962.4 (901.6) 0.2 (17.2) 19.9 3.7 10.5 1.56 15.9 0.9

2013/12F 1,101.2 (996.0) 0.2 (17.2) 19.1 2.9 9.9 1.37 14.7 0.9

2014/12F 1,260.9 (1,136.3) 0.2 (17.2) 19.1 1.8 8.7 1.19 14.6 0.9



2012/03A 10.3 7.5 46.3 3.6 18.5 54.7 4.9 16.6 41.7 5.2 17.2

2012/06A 6.0 (8.3) 35.5 (6.7) (23.2) 57.3 3.9 4.7 44.8 3.8 7.6

2012/09F 13.6 1.9 33.5 8.6 (5.7) 42.3 7.9 (26.2) 32.1 7.2 (28.3)

2012/12F 4.1 3.7 38.3 (2.0) 14.3 34.1 (27.5) (19.5) 24.5 (31.1) (23.8)

2013/03F 15.1 18.8 55.0 18.8 43.7 65.0 18.7 90.8 49.3 18.4 101.6

2013/06F 18.6 (5.5) 45.1 26.9 (18.0) 55.0 (4.0) (15.3) 41.8 (6.8) (15.3)

2013/09F 16.4 (0.0) 39.8 18.9 (11.7) 49.7 17.4 (9.7) 37.7 17.4 (9.7)

2013/12F (4.0) (14.5) 24.2 (36.7) (39.2) 30.5 (10.3) (38.5) 23.2 (5.2) (38.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 778.1 154.7 157.1 13,090 10.1 현대홈쇼핑 10.0 1.4 14.9 0.9

FY2013F 866.2 169.6 168.5 14,039 9.4 유통 9.7 0.9 9.3 0.6



현대홈쇼핑

581.4

711.4

771.1

859.1

988.3

926.7 221.6

1,101.6 269.1

1,187.6 225.2

1,308.6 207.4

1,485.6 224.7

201.9

185.1

188.5

195.6

232.4

219.5

219.5

187.7

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


-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

2010 2011 2012

주가

x12

x10

x9

x8

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



171



현대백화점 (069960.KS) 업데이트 : 2012.07.31




52주 최고가 : 187,500 시가총액(십억원) : 3,498.7

52주 최저가 : 116,000 60일 평균 거래대금(백만원) : 13,863.1

연중 최고가 : 184,500 외국인지분(%) : 36.9

9 10 11 12 13


9.9 4.2 1.7 0.3 (4.2)

업종 대비 8.3 2.5 0.1 (1.3) (5.8) 5

KOSPI 대비 12.1 6.0 (2.2) (3.7) (8.2) 10

22 23 24 19 20



2010/12A (53.0) 392.2 (25.4) 520.0 (8.3) 336.1 41.7 453.4 17,819 90,126 600

2011/12A 13.3 450.2 14.8 560.6 7.8 346.4 3.1 527.8 15,183 106,702 650

2012/12F 12.8 491.3 9.1 549.2 (2.0) 365.7 5.6 596.2 15,876 121,689 650

2013/12F 15.6 581.8 18.4 647.5 17.9 431.2 17.9 710.2 18,718 139,474 650

2014/12F 13.7 662.6 13.9 734.8 13.5 489.3 13.5 813.8 21,242 159,743 650



2010/12A 2,042.8 100.3 12.5 (273.8) 30.9 8.1 7.8 1.55 17.9 0.4

2011/12A 2,443.5 354.4 17.7 (732.6) 31.3 8.7 10.7 1.53 15.4 0.4

2012/12F 2,794.2 234.5 15.6 (403.9) 30.3 7.1 9.4 1.23 14.0 0.4

2013/12F 3,210.4 7.8 13.6 (427.3) 31.0 5.7 8.0 1.07 14.4 0.4

2014/12F 3,684.8 (324.1) 11.9 (350.1) 31.0 4.7 7.0 0.94 14.2 0.4



2012/03A 12.4 (5.6) 126.3 4.0 6.2 141.4 (4.9) 11.2 93.4 (4.1) 59.6

2012/06F 20.1 2.5 153.0 21.1 21.1 168.4 19.5 19.1 112.1 26.2 20.1

2012/09F 13.8 (2.5) 97.4 16.8 (36.3) 112.8 (21.6) (33.0) 75.1 (26.2) (33.0)

2012/12F 6.5 13.0 114.6 (3.7) 17.6 126.6 (0.5) 12.2 85.1 45.5 13.2

2013/03F 23.3 9.2 176.5 39.8 54.1 193.1 36.6 52.5 128.6 37.7 51.1

2013/06F 19.4 (0.8) 183.4 19.9 3.9 200.0 18.8 3.6 133.2 18.8 3.6

2013/09F 13.7 (7.1) 111.4 14.4 (39.2) 128.0 13.4 (36.0) 85.2 13.4 (36.0)

2013/12F 7.1 6.4 110.4 (3.6) (0.9) 126.5 (0.1) (1.1) 84.2 (1.0) (1.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,570.4 454.4 375.9 14,323 9.5 현대백화점 8.1 1.1 14.3 0.4

FY2013F 1,752.3 512.6 416.3 15,955 8.5 유통 9.7 0.9 9.3 0.6



현대백화점

1,270.7

1,439.1

1,623.7

1,877.3

2,134.3

3,916.6 1,469.7

4,720.1 1,827.7

5,256.6 1,966.7

5,923.1 2,161.9

6,597.2 2,299.1

390.9

400.7

390.8

441.4

482.0

478.4

444.3

472.6

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

10

15

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

주가

x12

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



172



하이마트 (071840.KS) 업데이트 : 2012.09.20




52주 최고가 : 94,000 시가총액(십억원) : 1,683.2

52주 최저가 : 45,950 60일 평균 거래대금(백만원) : 6,515.5

연중 최고가 : 83,000 외국인지분(%) : 5.8

9 10 11 12 13


(3.3) 21.1 18.8 (20.7) (11.1)

업종 대비 (4.9) 19.4 17.2 (22.3) (12.7) 5

KOSPI 대비 (1.1) 22.9 15.0 (24.7) (15.1) 10

22 23 24 19 20



2010/12A 14.6 215.5 18.4 142.7 59.2 106.9 70.0 252.3 10,225 52,289 0

2011/12A 11.7 258.9 20.2 186.8 31.0 140.7 31.7 299.6 6,855 60,485 880

2012/12F (2.3) 189.5 (26.8) 132.3 (29.2) 99.6 (29.2) 233.4 4,221 63,826 880

2013/12F 24.3 253.4 33.7 199.6 50.8 150.3 50.8 302.0 6,365 69,311 880

2014/12F 18.0 315.6 24.6 269.2 34.9 202.7 34.9 371.7 8,585 77,016 880



2010/12A 998.8 1,157.4 139.5 (52.9) 7.1 13.0

2011/12A 1,427.9 718.0 70.7 (60.0) 7.6 8.8 11.8 1.34 11.6 1.1

2012/12F 1,506.8 729.5 67.0 (60.0) 5.7 10.3 16.9 1.12 6.8 1.2

2013/12F 1,636.3 651.5 61.1 (80.0) 6.1 7.7 11.2 1.03 9.6 1.2

2014/12F 1,818.2 493.2 48.4 (100.0) 6.5 5.9 8.3 0.93 11.7 1.2



2012/03A (9.5) (20.4) 31.6 (43.2) (36.6) 15.9 (55.9) (53.5) 11.8 (56.4) (52.9)

2012/06A (12.8) 5.6 33.7 (54.0) 6.6 17.5 (66.8) 10.0 13.4 (66.9) 13.9

2012/09F (2.7) 22.5 68.9 (14.1) 104.5 55.7 (12.6) 218.5 42.0 (13.1) 213.1

2012/12F 14.6 11.4 55.3 11.1 (19.7) 43.2 26.3 (22.5) 32.5 30.2 (22.5)

2013/03F 42.8 (0.8) 49.7 57.1 (10.3) 36.0 126.3 (16.6) 27.1 130.5 (16.6)

2013/06F 37.0 1.2 54.9 62.9 10.6 41.4 136.5 14.9 31.2 132.5 14.9

2013/09F 24.8 11.6 79.0 14.7 44.0 65.6 17.8 58.6 49.4 17.8 58.6

2013/12F 1.7 (9.3) 69.8 26.1 (11.7) 56.5 30.9 (13.9) 42.6 30.9 (13.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,255.8 186.5 96.3 4,082 18.0 하이마트 11.6 1.0 9.3 1.2

FY2013F 3,576.6 237.0 143.4 6,075 12.1 유통 9.7 0.9 9.3 0.6



하이마트

3,052.3

3,410.6

3,332.0

4,141.5

4,889.0

2,657.2 1,658.4

2,768.2 1,340.3

2,841.5 1,334.7

3,026.1 1,389.8

3,155.7 1,337.5

695.9

734.7

899.6

1,001.8

994.0

1,006.4

1,122.7

1,018.5

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-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

2011 2012

주가

x18

x15

x13

x11

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



173



이마트 (139480.KS) 업데이트 : 2012.04.03




52주 최고가 : 307,000 시가총액(십억원) : 6,216.3

52주 최저가 : 212,500 60일 평균 거래대금(백만원) : 5,997.5

연중 최고가 : 287,000 외국인지분(%) : 64.1

9 10 11 12 13


(4.5) (10.8) (9.7) (20.9) (17.6)

업종 대비 (6.1) (12.4) (11.4) (22.6) (19.2) 5

KOSPI 대비 (2.3) (9.0) (13.6) (24.9) (21.6) 10

22 23 24 19 20



NA NA NA NA

2011/12A NA 490.5 NA 450.8 NA 305.8 NA 706.7 10,976 196,924 750

2012/12F 61.3 917.6 87.1 831.4 84.4 594.0 94.2 1,218.2 21,317 209,820 750

2013/12F 9.8 1,024.7 11.7 946.2 13.8 676.0 13.8 1,340.5 24,261 225,660 750

2014/12F 9.5 1,158.8 13.1 1,089.0 15.1 778.0 15.1 1,489.4 27,921 245,158 750



2011/12A 5,486.1 2,879.6 53.7 (383.5) 6.2 15.2 25.4 1.42 5.6 0.3

2012/12F 5,845.6 2,583.5 50.4 (495.1) 7.1 7.3 10.5 1.06 10.5 0.3

2013/12F 6,287.2 2,159.6 46.8 (510.4) 7.3 6.3 9.2 0.99 11.1 0.3

2014/12F 6,830.7 1,585.9 43.0 (525.1) 7.5 5.3 8.0 0.91 11.9 0.3



2012/03F NA 12.5 214.3 NA 46.5 193.0 NA 59.0 137.9 NA 83.3

2012/06F 58.8 (5.3) 226.2 58.4 5.5 204.8 33.5 6.1 146.3 30.2 6.1

2012/09F 7.6 12.0 267.0 32.5 18.0 245.6 39.6 19.9 175.5 48.4 19.9

2012/12F 10.2 (7.6) 210.1 43.7 (21.3) 188.0 54.9 (23.5) 134.3 78.5 (23.5)

2013/03F 8.6 10.8 236.4 10.3 12.5 217.2 12.6 15.6 155.2 12.6 15.6

2013/06F 9.6 (4.5) 251.6 11.2 6.4 232.4 13.5 7.0 166.0 13.5 7.0

2013/09F 10.8 13.3 301.0 12.7 19.7 281.8 14.7 21.3 201.3 14.7 21.3

2013/12F 10.0 (8.3) 235.7 12.2 (21.7) 214.8 14.3 (23.8) 153.5 14.3 (23.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 12,402.4 763.5 525.9 18,030 12.9 이마트 9.3 1.0 11.1 0.3

FY2013F 13,092.5 835.4 578.8 19,887 11.7 유통 9.7 0.9 9.3 0.6



이마트

7,974.4

12,864.5

14,121.3

15,461.4

11,110.4 5,535.0

12,090.8 6,144.4

13,007.3 6,605.4

14,080.6 7,118.1

3,226.7

3,054.5

3,422.4

3,161.0

3,503.7

3,346.7

3,793.0

3,477.9

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-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

2011 2012

주가

x28

x23

x19

x14

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



174



오리온 (001800.KS) 업데이트 : 2012.11.22

투자의견 : 매수 업종 : 음식료·담배 주가 수익률(12개월)

목표주가 : 1,230,000 애널리스트 : 이경주

현재주가 : 1,102,000 회계기준 : K-IFRS 연결

52주 최고가 : 1,149,000 시가총액(십억원) : 6,574.8

52주 최저가 : 573,000 60일 평균 거래대금(백만원) : 14,194.7

연중 최고가 : 1,112,000 외국인지분(%) : 38.3

9 10 11 12 13


10.6 29.5 29.6 67.7 67.0

업종 대비 8.3 27.1 27.3 65.3 64.6 5

KOSPI 대비 12.8 31.3 25.8 63.7 63.0 10

22 23 24 19 20



2010/12A 3.5 337.6 136.5 304.1 287.8 195.7 925.6 422.7 37,270 133,517 2,250

2011/12F 20.0 210.0 (37.8) 175.8 (42.2) 99.4 (49.2) 320.0 18,908 149,762 3,000

2012/12F 21.0 288.4 37.3 260.8 48.4 167.5 68.5 413.8 31,857 176,725 3,100

2013/12F 15.7 386.4 34.0 360.4 38.2 235.9 40.9 516.4 44,873 215,013 3,300

2014/12F 17.3 493.0 27.6 470.5 30.5 311.4 32.0 652.7 59,238 265,782 3,500



2010/12A 775.0 379.4 78.5 (216.8) 21.2 6.6 10.4 2.89 31.9 0.6

2011/12F 876.7 393.4 75.7 (190.1) 11.0 14.3 35.9 4.53 12.0 0.4

2012/12F 1,037.8 386.4 65.5 (232.2) 12.5 17.2 34.6 6.24 17.5 0.3

2013/12F 1,266.2 319.3 49.8 (259.4) 14.4 13.7 24.6 5.13 20.5 0.3

2014/12F 1,569.1 219.9 38.7 (312.9) 15.7 10.7 18.6 4.15 22.0 0.3



2012/03F 28.0 18.5 112.8 46.3 203.5 107.5 56.7 267.5 64.0 50.0 1,218.5

2012/06F 33.7 (13.7) 69.1 142.7 (38.8) 58.6 164.6 (45.5) 33.1 103.4 (48.4)

2012/09F 10.0 0.1 65.0 (3.5) (5.9) 59.4 6.7 1.3 37.9 6.7 14.7

2012/12F 14.9 12.1 41.6 11.8 (36.0) 35.2 20.2 (40.8) 32.4 567.1 (14.6)

2013/03F 2.1 5.4 115.2 2.1 177.2 107.8 0.2 206.3 70.5 10.1 117.7

2013/06F 31.5 11.2 90.8 31.5 (21.1) 84.1 43.3 (22.0) 55.0 66.4 (22.0)

2013/09F 26.7 (3.5) 82.3 26.7 (9.3) 76.0 27.8 (9.6) 49.7 31.0 (9.6)

2013/12F 5.7 (6.5) 98.0 135.8 19.0 92.6 163.3 21.9 60.6 87.1 21.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,337.3 294.2 181.2 27,041 36.6 오리온 25.3 5.2 20.2 0.3

FY2013F 2,743.9 349.0 224.0 33,605 29.5 음식료·담배 15.1 1.8 12.2 1.9



오리온

1,595.5

1,914.3

2,315.5

2,678.8

3,140.9

2,169.7 1,271.5

2,319.9 1,310.3

2,600.0 1,409.5

2,852.4 1,405.9

3,261.4 1,476.1

626.3

540.8

541.4

606.9

639.8

711.2

686.2

641.6

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000


-30

-20

-10

0

10

20

30

40

50

60

70

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

주가

x54

x40

x27

x14

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



175



농심 (004370.KS) 업데이트 : 2012.11.13


목표주가 : 330,000 애널리스트 : 이경주


52주 최고가 : 296,000 시가총액(십억원) : 1,557.2

52주 최저가 : 203,000 60일 평균 거래대금(백만원) : 10,302.0

연중 최고가 : 285,000 외국인지분(%) : 26.3

9 10 11 12 13


(6.4) 7.1 16.6 19.9 7.8

업종 대비 (8.8) 4.7 14.2 17.5 5.4 5

KOSPI 대비 (4.2) 9.0 12.8 15.9 3.8 10

22 23 24 19 20



2010/12A 1,895.2 2.7 155.3 47.8 178.2 14.0 138.1 8.3 215.6 23,903 257,563 4,000

2011/12A 1,970.7 4.0 110.1 (29.1) 127.9 (28.2) 86.2 (37.6) 174.3 14,902 256,319 4,000

2012/12F 2,044.3 3.7 113.8 3.3 26.7 (79.1) (2.6) NA 180.3 -458 255,974 4,000

2013/12F 2,148.3 5.1 133.0 16.9 170.6 538.8 128.0 NA 199.4 22,127 335,203 4,000

2014/12F 2,295.3 6.8 162.1 21.9 204.5 19.9 153.4 19.9 228.8 26,525 430,069 4,000



2010/12A 2113.563095 675.3 1,438.3 (422.9) 6.7 (103.5) 8.2 3.4 8.5 0.8 10.3 2.0

2011/12A 2170.397253 692.1 1,478.3 (409.9) 6.8 (73.0) 5.6 5.3 15.6 0.9 5.8 1.7

2012/12F 2143.322076 713.8 1,429.6 (348.1) 7.1 (85.1) 5.6 5.3 NM 0.9 (0.2) 1.7

2013/12F 2270.078526 758.7 1,511.4 (424.7) 6.7 (79.9) 6.2 4.3 10.5 0.7 7.5 1.7

2014/12F 2426.392974 807.8 1,618.6 (513.0) 6.2 (85.9) 7.1 3.3 8.7 0.5 6.8 1.7



2012/03F 496.1 (1.4) 1.0 31.3 (10.9) 72.9 (71.8) NA NA (80.6) NA NA

2012/06F 469.2 (5.0) (5.4) 18.7 (36.0) (40.1) 22.1 (38.8) NA 16.7 (39.6) NA

2012/09F 500.7 3.9 6.7 34.7 25.4 85.2 41.4 61.5 87.0 31.2 60.1 86.7

2012/12F 578.3 17.7 15.5 29.1 60.9 (16.1) 35.0 45.0 (15.5) 30.1 308.0 (3.4)

2013/03F 543.5 9.6 (6.0) 40.4 29.1 38.7 (68.5) NA NA (51.4) NA NA

2013/06F 515.6 9.9 (5.1) 30.4 62.5 (24.6) 39.5 78.6 NA 29.7 77.7 NA

2013/09F 515.6 3.0 0.0 37.9 9.3 24.5 46.9 13.2 18.6 35.2 12.8 18.6

2013/12F 573.6 (0.8) 11.3 24.3 (16.6) (36.0) 152.7 336.5 225.7 114.5 280.4 225.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,332.0 144.0 9.0 1,480 173.0 농심 13.0 0.8 6.6 1.6

FY2013F 2,539.0 174.0 144.0 23,674 10.8 음식료·담배 15.1 1.8 12.2 1.9



농심0

50,000

100,000

150,000

200,000

250,000

300,000


-20

-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

450,000

500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x18

x13

x9

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



176



롯데제과 (004990.KS) 업데이트 : 2012.10.25


목표주가 : 2,000,000 애널리스트 : 이경주


52주 최고가 : 1,900,000 시가총액(십억원) : 2,098.0

52주 최저가 : 1,415,000 60일 평균 거래대금(백만원) : 2,260.6

연중 최고가 : 1,840,000 외국인지분(%) : 38.8

9 10 11 12 13


(5.0) (10.3) (2.4) (8.5) (11.6)

업종 대비 (7.3) (12.7) (4.8) (10.9) (14.0) 5

KOSPI 대비 (2.8) (8.5) (6.3) (12.5) (15.6) 10

22 23 24 19 20



2010/12A 5.4 171.3 72.2 130.7 (8.7) 93.5 (3.3) 228.3 66,461 1,845,603 4,000

2011/12F 12.3 179.3 4.7 157.6 20.6 97.7 4.4 249.4 69,402 1,784,827 4,000

2012/12F 11.2 213.8 19.3 187.3 18.8 134.9 38.1 287.1 95,828 1,752,827 4,000

2013/12F 8.4 243.1 13.7 221.4 18.2 159.4 18.2 318.0 113,270 1,738,097 4,000

2014/12F 7.8 275.6 13.4 259.6 17.3 187.0 17.3 350.6 132,843 1,742,747 4,000



2010/12A 2,617.1 142.5 16.7 (69.5) 10.4 10.3 22.7 0.82 3.7 0.3

2011/12F 2,530.7 120.6 15.5 (88.2) 9.7 10.6 24.6 0.96 3.8 0.2

2012/12F 2,485.2 134.3 15.3 (102.2) 10.4 8.1 15.4 0.84 5.4 0.3

2013/12F 2,464.3 81.7 14.2 (100.8) 10.9 7.1 13.0 0.85 6.4 0.3

2014/12F 2,470.9 28.4 13.0 (93.9) 11.4 6.3 11.1 0.85 7.6 0.3



2012/03F 4.7 (7.0) 33.1 (7.7) 21.8 46.0 (6.1) 49.8 40.3 10.5 240.2

2012/06F 0.4 6.3 33.0 (41.2) (0.2) 17.6 (54.2) (61.7) 6.5 (79.1) (84.0)

2012/09F 12.9 23.0 75.9 26.1 130.0 53.8 36.7 205.5 38.8 111.1 499.0

2012/12F 25.7 3.3 71.9 164.7 (5.3) 69.8 127.2 29.7 49.3 315.9 27.2

2013/03F 8.4 (19.8) 35.9 8.4 (50.1) 44.3 (3.7) (36.5) 31.9 (20.8) (35.2)

2013/06F 8.4 6.3 35.8 8.4 (0.2) 20.6 17.1 (53.5) 14.9 129.6 (53.5)

2013/09F 8.4 23.0 82.3 8.4 130.0 59.2 10.1 187.1 42.7 10.1 187.1

2013/12F 8.4 3.3 89.2 24.0 8.4 97.2 39.2 64.0 70.0 41.9 64.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,983.3 182.0 115.3 79,375 19.8 롯데제과 13.2 0.8 6.3 0.3

FY2013F 2,110.1 206.0 140.1 96,423 16.3 음식료·담배 15.1 1.8 12.2 1.9



롯데제과

1,650.7

1,854.2

2,061.6

2,235.3

2,410.8

3,991.9 1,299.9

3,901.3 1,286.3

3,931.2 1,362.8

4,011.7 1,464.7

4,073.7 1,519.7

436.4

464.1

571.1

590.0

473.2

503.2

619.2

639.7

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


-20

-15

-10

-5

0

5

10

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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x25

x21

x17

x13

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



177



빙그레 (005180.KS) 업데이트 : 2012.02.24

투자의견 : 중립 업종 : 음식료·담배 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이경주


52주 최고가 : 135,000 시가총액(십억원) : 1,172.3

52주 최저가 : 54,900 60일 평균 거래대금(백만원) : 7,194.4

연중 최고가 : 131,500 외국인지분(%) : 22.8

9 10 11 12 13


15.0 24.7 81.7 111.4 95.1

업종 대비 12.6 22.4 79.3 109.0 92.7 5

KOSPI 대비 17.1 26.6 77.8 107.4 91.1 10

22 23 24 19 20



2010/12A 684.9 9.0 64.6 6.6 64.6 2.3 49.7 1.9 82.8 5,658 39,703 1,400

2011/12A 720.6 5.2 50.2 (22.2) 52.0 (19.5) 39.9 (19.7) 70.1 4,513 42,127 1,200

2012/12F 804.1 11.6 67.0 33.4 67.3 29.5 51.5 29.0 87.9 5,821 46,066 1,400

2013/12F 861.8 7.2 76.8 14.6 77.4 15.1 59.2 15.1 98.7 6,699 50,711 1,500

2014/12F 928.4 7.7 83.9 9.2 85.3 10.1 65.2 10.1 106.9 7,377 55,872 1,600



2010/12A 472.8 101.8 371.0 (140.1) 2.4 (22.8) 9.4 4.0 8.9 1.3 14.2 2.5

2011/12A 491.6 96.8 394.8 (116.7) 2.5 (27.2) 7.0 6.6 13.6 1.5 10.4 1.6

2012/12F 538.5 104.7 433.9 (134.8) 2.3 (31.2) 8.3 10.2 18.4 2.3 12.4 1.3

2013/12F 576.1 96.3 479.8 (153.8) 2.1 (28.7) 8.9 8.9 16.0 2.1 13.0 1.4

2014/12F 640.0 109.1 530.9 (194.3) 1.9 (33.0) 9.0 7.8 14.5 1.9 12.9 1.5



2012/03F 151.0 7.5 7.4 6.6 123.1 NA 7.8 80.9 NA 6.1 83.6 NA

2012/06F 234.6 10.5 55.4 29.8 31.3 349.4 31.0 27.8 298.3 23.1 23.2 278.5

2012/09F 257.3 13.2 9.7 31.4 18.7 5.4 31.2 12.1 0.6 23.8 13.2 3.3

2012/12F 161.2 14.7 (37.3) (0.8) NA NA (2.6) NA NA (1.6) NA NA

2013/03F 161.8 7.2 0.4 19.7 197.9 NA 20.1 159.0 NA 15.4 152.6 NA

2013/06F 251.4 7.2 55.4 30.7 3.0 55.4 30.6 (1.3) 51.7 23.4 1.3 51.7

2013/09F 275.8 7.2 9.7 33.6 7.2 9.7 33.5 7.5 9.6 25.6 7.5 9.6

2013/12F 172.8 7.2 (37.3) (7.3) NA NA (6.8) NA NA (5.2) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 797.5 73.1 59.5 6,038 17.5 빙그레 16.7 2.3 13.3 1.2

FY2013F 854.9 82.3 67.2 6,826 15.5 음식료·담배 15.1 1.8 12.2 1.9



빙그레0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-40

-20

0

20

40

60

80

100

120

140

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

x18

x15

x12

x9

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



178



KT&G (033780.KS) 업데이트 : 2012.10.25




52주 최고가 : 92,300 시가총액(십억원) : 11,862.1

52주 최저가 : 70,200 60일 평균 거래대금(백만원) : 23,996.7

연중 최고가 : 92,000 외국인지분(%) : 58.7

9 10 11 12 13


1.1 0.8 13.2 12.8 9.0

업종 대비 (1.3) (1.6) 10.9 10.4 6.6 5

KOSPI 대비 3.2 2.7 9.4 8.8 4.9 10

22 23 24 19 20



2010/12A (4.5) 1,140.1 (1.4) 1,405.7 21.0 1,031.8 21.2 1,289.1 8,109 34,765 3,000

2011/12A 7.6 1,120.6 (1.7) 1,161.1 (17.4) 816.1 (20.9) 1,278.0 6,451 37,378 3,200

2012/12F 8.2 1,165.5 4.0 1,186.8 2.2 827.7 1.4 1,304.3 6,583 40,476 3,200

2013/12F 7.1 1,292.8 10.9 1,323.3 11.5 927.4 12.0 1,436.4 7,375 44,300 3,200

2014/12F 7.3 1,406.8 8.8 1,443.7 9.1 1,009.8 8.9 1,556.8 8,030 48,724 3,200



2010/12A 4,556.2 (949.2) 1.5 (211.6) 32.9 6.2 8.0 1.86 24.2 4.6

2011/12A 4,788.1 (711.4) 2.5 (288.5) 30.1 8.3 12.6 2.18 17.5 3.9

2012/12F 5,213.5 (1,024.9) 2.3 (199.0) 28.9 8.4 13.1 2.13 16.6 3.7

2013/12F 5,738.5 (1,359.4) 2.0 (180.5) 30.0 7.4 11.7 1.95 16.9 3.7

2014/12F 6,345.9 (1,687.0) 1.8 (189.0) 30.4 6.6 10.8 1.77 16.7 3.7



2012/03A 16.6 0.8 258.1 3.5 20.1 268.1 4.2 20.7 190.8 4.6 40.4

2012/06A 11.9 4.6 286.9 1.9 11.1 294.3 0.9 9.8 214.4 (0.3) 12.3

2012/09F 1.7 5.8 295.8 (21.1) 3.1 304.0 (22.1) 3.3 220.5 (22.0) 2.9

2012/12F 4.7 (6.1) 324.7 51.1 9.8 323.0 45.5 6.3 202.0 48.6 (8.4)

2013/03F 7.1 3.1 276.3 7.1 (14.9) 283.9 5.9 (12.1) 199.0 4.3 (1.5)

2013/06F 7.1 4.6 307.1 7.1 11.1 314.3 6.8 10.7 220.3 2.7 10.7

2013/09F 7.1 5.8 339.6 14.8 10.6 347.5 14.3 10.6 243.5 10.4 10.6

2013/12F 7.1 (6.1) 369.8 13.9 8.9 377.6 16.9 8.7 264.6 31.0 8.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 4,060.7 1,110.2 826.4 6,082 14.1 KT&G 11.9 2.0 16.9 3.7

FY2013F 4,243.1 1,212.9 912.8 6,728 12.8 음식료·담배 15.1 1.8 12.2 1.9



KT&G

3,461.4

3,723.0

4,028.8

4,312.9

4,628.6

5,777.1 1,178.7

6,276.4 1,391.3

6,791.8 1,473.0

7,451.4 1,598.2

8,104.2 1,633.4

961.6

1,005.4

1,063.3

998.5

1,029.4

1,076.3

1,138.3

1,068.9

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

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

주가

x13

x11

x9

x7

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



179



CJ제일제당 (097950.KS) 업데이트 : 2012.11.01




52주 최고가 : 381,000 시가총액(십억원) : 4,492.6

52주 최저가 : 268,500 60일 평균 거래대금(백만원) : 23,857.0

연중 최고가 : 374,500 외국인지분(%) : 20.2

9 10 11 12 13


(1.0) 11.9 0.9 15.3 16.4

업종 대비 (3.4) 9.5 (1.5) 12.9 14.1 5

KOSPI 대비 1.2 13.7 (3.0) 11.3 12.4 10

22 23 24 19 20



2010/12A 15.7 453.0 18.0 907.5 157.8 657.5 139.7 601.3 47,314 191,217 4,000

2011/12F 13.2 454.1 0.3 461.4 (49.2) 301.5 (54.1) 635.1 21,854 200,616 1,800

2012/12F 54.4 663.1 46.0 580.1 25.7 294.4 (2.4) 934.4 21,414 223,018 2,000

2013/12F 10.2 798.5 20.4 706.3 21.7 380.0 29.1 1,105.5 27,648 251,388 2,200

2014/12F 11.7 960.2 20.3 884.4 25.2 501.4 31.9 1,296.9 36,484 288,190 2,400



2010/12A 2,659.0 1,334.3 73.7 (258.9) 7.8 7.0 4.6 1.13 29.3 1.8

2011/12F 2,719.9 3,965.9 99.9 (725.8) 6.9 15.5 13.2 1.44 11.2 0.6

2012/12F 3,042.6 3,947.6 94.9 (1,396.3) 6.6 11.4 16.0 1.54 10.2 0.6

2013/12F 3,451.3 4,139.9 90.9 (895.3) 7.2 9.9 12.4 1.37 11.7 0.6

2014/12F 3,981.5 4,187.4 83.5 (882.0) 7.7 8.5 9.4 1.19 13.5 0.7



2012/03F 45.8 49.2 169.1 56.0 110.2 133.6 11.6 (27.4) 89.8 10.5 (26.6)

2012/06F 55.4 2.9 147.3 48.0 (12.9) 70.6 (35.7) (47.1) 32.5 (54.7) (63.8)

2012/09F 50.9 8.3 171.0 3.1 16.1 146.7 208.3 107.8 60.2 131.8 85.0

2012/12F 66.2 0.0 175.8 118.5 2.8 253.2 37.5 72.5 111.8 (8.7) 85.8

2013/03F 10.2 (1.1) 186.3 10.2 6.0 156.9 17.4 (38.0) 84.4 (6.0) (24.5)

2013/06F 10.2 2.9 162.3 10.2 (12.9) 135.1 91.3 (13.9) 72.7 123.6 (13.9)

2013/09F 8.6 6.7 186.6 9.1 15.0 160.7 9.5 18.9 86.5 43.7 18.9

2013/12F 11.8 2.9 263.3 49.8 41.1 253.6 0.2 57.8 136.4 22.0 57.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,411.4 633.4 370.1 22,019 15.4 CJ제일제당 12.7 1.4 11.5 0.6

FY2013F 10,218.7 731.7 459.1 27,600 12.3 음식료·담배 15.1 1.8 12.2 1.9



CJ제일제당

5,777.8

6,538.2

10,097.6

11,127.4

12,426.3

6,002.6 3,331.0

11,339.5 6,643.0

12,872.8 7,748.5

13,836.3 8,201.1

14,815.9 8,551.2

2,371.6

2,440.8

2,642.5

2,642.7

2,613.4

2,689.7

2,870.9

2,953.4

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

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

x36

x28

x20

x12

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



180



코스맥스 (044820.KS) 업데이트 : 2012.10.05

투자의견 : 매수 업종 : 생활용품 주가 수익률(12개월)

목표주가 : 43,000 애널리스트 : 이정인


52주 최고가 : 54,500 시가총액(십억원) : 638.9

52주 최저가 : 14,000 60일 평균 거래대금(백만원) : 15,221.0

연중 최고가 : 54,400 외국인지분(%) : 13.4

9 10 11 12 13


(3.8) 39.7 112.7 156.8 190.1

업종 대비 (4.9) 38.6 111.6 155.8 189.0 5

KOSPI 대비 (1.6) 41.5 108.8 152.8 186.1 10

22 23 24 19 20



2010/12A 32.1 12.7 42.1 10.6 6.6 10.1 3.5 16.2 779 3,710 200

2011/12A 19.8 16.9 32.6 14.1 33.6 11.5 13.5 21.6 855 4,482 200

2012/12F 27.1 25.3 50.0 22.4 58.7 18.6 61.5 33.0 1,382 5,707 200

2013/12F 26.4 34.0 34.3 31.6 41.1 26.2 41.1 43.8 1,950 7,496 200

2014/12F 22.6 43.5 28.1 41.4 30.8 34.3 30.8 55.4 2,550 9,878 200



2010/12A 49.8 43.3 93.7 (10.3) 6.2 13.1 15.8 3.31 21.7 1.6

2011/12A 60.3 59.5 118.9 (29.4) 6.9 12.6 18.4 3.50 20.9 1.3

2012/12F 76.9 55.9 93.4 (20.0) 8.2 21.0 34.0 8.23 27.1 0.4

2013/12F 101.2 56.4 76.0 (25.0) 8.7 15.9 24.1 6.27 29.5 0.4

2014/12F 133.6 51.6 57.7 (20.0) 9.1 12.5 18.4 4.76 29.2 0.4



2012/03A 26.1 8.2 6.9 47.4 71.8 6.3 33.6 79.4 4.8 NA (38.0)

2012/06A 44.3 20.9 9.2 80.8 32.3 8.7 121.7 39.0 7.7 269.2 60.3

2012/09F 22.9 (18.0) 5.0 61.4 (45.8) 3.7 88.2 (57.0) 3.0 77.2 (60.3)

2012/12F 16.1 8.3 4.3 5.7 (14.2) 3.7 4.5 (2.5) 3.1 (59.9) 1.5

2013/03F 23.9 15.5 9.2 32.5 115.4 8.4 34.1 130.3 6.9 43.5 121.9

2013/06F 6.1 3.5 8.5 (7.5) (7.6) 7.8 (10.4) (7.2) 7.8 1.2 13.1

2013/09F 28.1 (1.1) 6.4 28.1 (25.0) 5.4 44.1 (30.9) 4.0 31.5 (48.3)

2013/12F 50.0 26.8 10.0 134.4 57.0 10.0 173.3 84.9 7.6 145.9 89.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 315.5 27.2 20.3 1,480 32.6 코스맥스 24.9 6.4 29.2 0.4

FY2013F 386.5 34.5 25.0 1,828 26.4 생활용품 23.3 4.0 17.6 0.5



코스맥스

203.7

244.0

310.2

392.2

480.7

142.8 91.5

199.3 138.2

242.3 164.6

295.6 193.7

344.9 210.7

72.6

87.8

71.9

77.9

90.0

93.2

92.2

116.9

0

10,000

20,000

30,000

40,000

50,000

60,000


-50

0

50

100

150

200

250

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

x35

x26

x18

x10

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



181



LG생활건강 (051900.KS) 업데이트 : 2012.11.20




52주 최고가 : 668,000 시가총액(십억원) : 10,292.4

52주 최저가 : 445,500 60일 평균 거래대금(백만원) : 16,196.9

연중 최고가 : 666,000 외국인지분(%) : 44.6

9 10 11 12 13


0.9 10.6 14.6 25.5 37.4

업종 대비 (0.2) 9.5 13.5 24.4 36.4 5

KOSPI 대비 3.1 12.4 10.7 21.5 33.4 10

22 23 24 19 20



2010/12A 27.5 346.8 52.0 318.6 49.7 230.6 50.4 426.6 13,743 48,483 2,650

2011/12A 22.1 400.8 15.6 372.1 16.8 264.7 14.8 493.7 15,792 60,295 2,650

2012/12F 14.2 480.4 19.9 439.2 18.0 321.1 21.3 611.2 19,284 75,689 2,650

2013/12F 14.1 596.6 24.2 560.6 27.6 409.9 27.6 751.5 24,621 96,091 2,650

2014/12F 13.4 715.9 20.0 688.6 22.8 503.6 22.8 895.0 30,252 121,780 2,650



2010/12A 788.1 457.4 59.8 (148.6) 12.3 15.9 28.4 8.04 33.1 0.7

2011/12A 997.4 469.7 53.2 (154.6) 11.6 17.0 30.9 8.09 29.7 0.5

2012/12F 1,270.2 595.2 54.9 (258.2) 12.2 18.6 34.2 8.71 28.3 0.4

2013/12F 1,631.7 397.4 32.6 (276.8) 13.3 14.9 26.8 6.86 28.3 0.4

2014/12F 2,086.8 201.4 21.2 (295.4) 14.0 12.3 21.8 5.41 27.1 0.4



2012/03A 17.0 16.9 130.4 18.0 68.2 126.3 21.4 81.0 89.8 16.8 91.8

2012/06A 13.1 0.9 114.5 13.9 (12.2) 103.9 11.9 (17.7) 73.8 11.3 (17.7)

2012/09A 13.5 7.5 131.1 16.9 14.4 123.3 17.0 18.6 88.2 18.0 19.5

2012/12F 13.6 (10.4) 104.2 34.3 (20.5) 87.3 25.0 (29.2) 69.3 48.2 (21.4)

2013/03F 9.8 13.0 156.3 19.9 50.1 144.9 14.7 66.1 106.0 18.1 52.8

2013/06F (6.5) (14.0) 113.7 (0.8) (27.3) 101.5 (2.4) (30.0) 74.2 0.5 (30.0)

2013/09F 15.5 32.7 188.0 43.4 65.3 178.5 44.8 75.9 130.5 48.0 75.9

2013/12F 38.5 7.4 138.6 33.1 (26.3) 135.6 55.4 (24.0) 99.2 43.0 (24.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,957.2 470.5 327.4 18,058 36.2 LG생활건강 27.4 7.0 28.3 0.4

FY2013F 4,405.2 544.5 383.5 21,283 30.7 생활용품 23.3 4.0 17.6 0.5



LG생활건강

2,826.5

3,452.4

3,944.4

4,502.3

5,104.2

1,945.0 1,100.3

2,368.9 1,308.3

2,748.2 1,406.8

3,115.4 1,402.0

3,574.7 1,393.3

970.2

979.2

1,052.2

942.7

1,065.0

915.9

1,215.6

1,305.8

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000


-30

-20

-10

0

10

20

30

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

주가

x34

x29

x25

x20

x16

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



182



아모레퍼시픽 (090430.KS) 업데이트 : 2012.11.20


목표주가 : 1,555,000 애널리스트 : 이정인


52주 최고가 : 1,334,000 시가총액(십억원) : 7,453.5

52주 최저가 : 923,000 60일 평균 거래대금(백만원) : 13,391.4

연중 최고가 : 1,315,000 외국인지분(%) : 35.2

9 10 11 12 13


1.3 18.7 22.5 18.9 21.5

업종 대비 0.2 17.6 21.4 17.9 20.5 5

KOSPI 대비 3.4 20.6 18.6 14.9 17.5 10

22 23 24 19 20



2010/12A 16.1 355.9 15.1 360.9 20.4 284.5 25.9 440.8 47,598 224,607 6,000

2011/12A 13.4 372.9 4.8 429.6 19.0 327.0 15.0 454.4 47,403 308,544 6,500

2012/12F 10.7 398.9 7.0 408.5 (4.9) 311.1 (4.9) 550.2 45,092 345,648 6,500

2013/12F 14.3 464.9 16.6 479.1 17.3 364.7 17.2 662.7 52,864 390,520 6,500

2014/12F 13.2 531.8 14.4 551.4 15.1 419.7 15.1 776.1 60,842 443,365 6,500



2010/12A 1,548.8 (312.4) 0.9 (310.4) 15.8 15.2 23.9 5.07 20.0 0.5

2011/12A 2,128.1 (266.2) 3.6 (316.8) 14.6 13.6 22.2 3.41 17.8 0.6

2012/12F 2,384.2 (324.7) 3.3 (280.0) 14.1 13.7 28.3 3.69 13.8 0.5

2013/12F 2,693.8 (419.0) 3.0 (250.0) 14.4 11.2 24.1 3.26 14.4 0.5

2014/12F 3,058.6 (611.2) 2.7 (250.0) 14.5 9.4 21.0 2.88 14.6 0.5



2012/03A 7.1 26.0 150.4 1.6 174.7 155.6 4.6 49.8 113.4 0.4 43.8

2012/06A 11.5 (2.0) 98.1 4.9 (34.7) 87.5 (6.4) (43.7) 59.0 (17.7) (48.0)

2012/09F 14.0 (2.4) 94.4 23.3 (3.8) 101.9 22.0 16.3 77.6 21.8 31.5

2012/12F 10.3 (8.5) 56.0 2.2 (40.7) 63.5 (38.9) (37.7) 61.2 (22.4) (21.1)

2013/03F 6.8 22.0 160.5 6.8 186.9 166.2 6.8 161.7 126.6 11.6 106.9

2013/06F (1.6) (9.6) 96.6 (1.6) (39.8) 86.1 (1.7) (48.2) 65.5 11.1 (48.2)

2013/09F 15.7 14.8 109.2 15.7 13.0 118.3 16.1 37.5 90.1 16.1 37.4

2013/12F 39.3 10.1 98.6 76.2 (9.7) 108.6 70.9 (8.2) 82.6 34.9 (8.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,832.7 397.7 307.3 44,694 27.8 아모레퍼시픽 24.5 3.3 14.3 0.5

FY2013F 3,164.4 454.2 365.1 52,730 23.5 생활용품 23.3 4.0 17.6 0.5



아모레퍼시픽

2,252.2

2,554.7

2,826.9

3,231.8

3,660.0

2,024.4 466.5

2,815.4 677.1

3,363.0 968.4

3,668.2 963.7

4,033.7 964.1

741.5

726.8

709.7

649.0

791.5

715.3

820.9

904.0

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

2006 2007 2008 2009 2010 2011 2012

주가

x28

x24

x21

x17

x14

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



183



락앤락 (115390.KS) 업데이트 : 2012.10.05




52주 최고가 : 40,350 시가총액(십억원) : 1,325.5

52주 최저가 : 20,000 60일 평균 거래대금(백만원) : 14,327.8

연중 최고가 : 37,850 외국인지분(%) : 6.4

9 10 11 12 13


2.1 (9.1) (20.5) (37.0) (35.7)

업종 대비 1.0 (10.1) (21.5) (38.1) (36.8) 5

KOSPI 대비 4.3 (7.2) (24.3) (41.0) (39.7) 10

22 23 24 19 20



2010/12A 38.7 85.0 31.1 87.0 36.3 68.1 42.7 98.5 1,380 7,784 160

2011/12A 22.7 73.2 (14.0) 71.4 (18.0) 50.6 (25.7) 88.9 990 10,484 160

2012/12F 19.6 94.4 29.0 92.8 30.1 72.4 43.2 115.4 1,327 9,726 200

2013/12F 26.2 128.2 35.8 124.0 33.6 96.8 33.6 153.8 1,773 11,910 200

2014/12F 26.5 168.4 31.4 162.9 31.4 127.1 31.4 197.7 2,330 14,743 200



2010/12A 389.2 (91.5) 3.2 (42.4) 21.9 17.4 25.8 4.57 24.2 0.4

2011/12A 562.5 (108.4) 16.7 (115.7) 15.4 22.5 38.7 3.66 10.6 0.4

2012/12F 520.8 (62.7) 18.6 (122.1) 16.6 10.9 18.2 2.48 13.4 0.8

2013/12F 640.9 (36.8) 15.5 (82.5) 17.9 8.4 13.6 2.02 16.7 0.8

2014/12F 796.8 (79.3) 11.7 (72.8) 18.5 6.3 10.3 1.63 17.7 0.8



2012/03A 14.5 3.7 21.3 47.7 15.1 22.4 40.9 19.5 17.8 47.8 27.8

2012/06A 8.9 9.9 20.0 28.2 (6.0) 21.1 39.6 (6.2) 16.4 91.8 (7.4)

2012/09F 23.1 10.7 26.4 7.5 32.1 27.3 26.6 29.7 21.3 32.2 29.7

2012/12F 31.7 4.3 26.6 43.7 0.6 22.0 17.2 (19.5) 16.9 21.8 (20.6)

2013/03F 16.5 (8.2) 26.0 22.0 (2.3) 26.6 18.8 21.1 20.8 17.1 22.9

2013/06F 30.5 23.2 26.1 30.5 0.6 26.6 26.5 (0.0) 20.8 26.5 (0.0)

2013/09F 26.2 7.0 40.8 54.3 56.1 41.3 51.2 55.1 32.2 51.2 55.1

2013/12F 30.0 7.5 35.3 32.6 (13.5) 29.4 33.6 (28.8) 22.9 35.6 (28.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 544.6 85.6 70.4 1,231 19.3 락앤락 14.0 2.1 16.3 0.8

FY2013F 652.6 111.1 91.7 1,576 15.0 생활용품 23.3 4.0 17.6 0.5



락앤락

388.1

476.1

569.2

718.1

908.5

445.4 56.2

721.4 158.7

750.0 228.8

852.2 211.0

1,019.3 222.4

124.1

136.4

151.1

157.6

144.6

178.1

190.6

204.8

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-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

2010 2011 2012

주가

x38

x32

x26

x20

x15

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



184



한국콜마 (161890.KS) 업데이트 : 2012.10.18




52주 최고가 : 34,500 시가총액(십억원) : 574.8

52주 최저가 : 21,500 60일 평균 거래대금(백만원) : 35,462.9

연중 최고가 : 33,500 외국인지분(%) : 28.2

9 10 11 12 13


4.8 NA NA NA NA

업종 대비 3.7 NA NA NA NA 5

KOSPI 대비 7.0 NA NA NA NA 10

22 23 24 19 20



2011/03A 38.0 13.1 (3.3) 12.0 (1.2) 11.2 (4.3) 18.0 402 3,876 100

2012/03A 16.5 16.0 22.3 13.5 12.6 18.7 66.6 21.8 651 4,628 105

2013/03F 24.0 27.9 73.8 24.1 79.0 21.2 13.3 33.9 1,088 7,572 105

2014/03F 16.9 33.8 21.4 30.7 27.3 27.0 27.3 41.5 1,386 8,674 105

2015/03F 15.3 42.0 24.1 40.1 30.7 35.3 30.7 50.6 1,811 10,227 105



2011/03A 111.9 14.4 32.5 (10.1) 5.0 10.7

2012/03A 131.5 44.5 49.4 (12.0) 5.3 15.4

2013/03F 147.5 18.9 41.5 (27.0) 7.4 15.8 27.1 3.90 15.2 0.4

2014/03F 169.0 34.3 39.4 (13.0) 7.7 13.4 21.3 3.40 17.1 0.4

2015/03F 199.2 34.6 31.9 (11.0) 8.3 11.0 16.3 2.88 19.2 0.4



2012/03A 16.1 5.4 3.9 NA 30.9 2.7 NA 30.4 2.0 NA 3.7

2012/06A 24.4 15.3 4.8 0.4 23.3 4.3 (9.5) 58.5 3.6 (11.6) 80.6

2012/09F 34.8 (2.3) 10.3 134.3 115.1 10.9 178.3 154.2 9.6 165.5 163.4

2012/12F 19.9 0.9 6.7 126.9 (34.6) 7.4 256.4 (32.1) 6.5 234.6 (32.1)

2013/03F 18.7 4.4 6.0 55.0 (10.6) 1.5 (45.9) (80.2) 1.4 (29.6) (78.2)

2013/06F 16.9 13.6 5.6 16.9 (7.0) 7.3 69.6 396.7 6.4 75.7 350.5

2013/09F 7.5 (10.1) 6.4 (38.1) 13.9 7.8 (28.4) 7.2 6.9 (28.4) 7.2

2013/12F 21.0 13.5 4.3 (36.1) (32.5) 6.0 (19.4) (23.6) 5.3 (19.4) (23.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 372.0 26.0 20.0 1,027 25.9 한국콜마 23.0 3.6 16.4 0.4

FY2013F 428.7 32.0 25.7 1,317 20.2 생활용품 23.3 4.0 17.6 0.5



한국콜마

259.6

302.6

375.2

438.7

505.8

211.3 92.8

244.8 120.7

247.1 157.3

298.7 183.9

333.7 185.7

81.5

94.0

91.8

92.7

96.7

109.9

98.8

112.1

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Oct-12

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

2011

주가

x45

x44

x44

x44

x44

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



185



유한양행 (000100.KS) 업데이트 : 2012.09.14

투자의견 : 매수 업종 : 제약·바이오 주가 수익률(12개월)



52주 최고가 : 195,000 시가총액(십억원) : 1,979.6

52주 최저가 : 105,000 60일 평균 거래대금(백만원) : 9,013.6

연중 최고가 : 193,500 외국인지분(%) : 26.6

9 10 11 12 13


9.2 33.5 50.4 54.3 39.2

업종 대비 2.9 27.1 44.1 48.0 32.9 5

KOSPI 대비 11.4 35.3 46.6 50.3 35.2 10

22 23 24 19 20



2010/12A 3.0 78.0 2.8 141.7 6.0 128.0 5.5 96.6 11,573 103,271 1,000

2011/12A 2.8 49.2 (36.9) 93.1 (34.3) 83.1 (35.1) 64.2 7,655 105,359 1,000

2012/12F 15.0 30.8 (37.4) 45.1 (51.5) 88.8 6.9 41.0 8,417 112,334 1,000

2013/12F 15.9 70.5 128.8 86.9 92.5 137.8 55.1 81.5 13,060 122,408 1,000

2014/12F 16.4 101.4 43.8 118.9 36.9 170.2 23.5 113.3 16,134 134,614 1,000



2010/12A 1,072.5 (326.5) 0.0 (6.4) 12.0 16.0 15.0 1.68 12.6 0.6

2011/12A 1,087.9 (294.2) 0.1 (9.8) 7.4 17.9 16.7 1.21 7.7 0.8

2012/12F 1,167.4 (338.1) 0.2 (5.7) 4.0 39.0 21.1 1.58 7.9 0.6

2013/12F 1,282.1 (381.8) 0.3 (9.7) 7.9 19.3 13.6 1.45 11.3 0.6

2014/12F 1,421.1 (387.3) 0.3 (9.8) 9.8 13.7 11.0 1.32 12.6 0.6



2012/03A 1.4 (0.8) 8.0 (53.1) 1,178.3 32.3 (1.4) 67.4 27.0 12.9 1,010.3

2012/06A 17.8 20.9 5.0 (67.7) (37.4) 9.1 (56.7) (71.7) 15.4 (45.1) (42.9)

2012/09F 20.3 (1.6) 6.0 (62.1) 19.8 9.7 (51.2) 6.4 19.7 (31.4) 27.5

2012/12F 20.2 1.9 11.7 1,768.2 94.9 (6.0) NA NA 26.7 999.9 36.1

2013/03F 11.9 (7.7) 9.0 11.9 (23.5) 12.8 (60.3) NA 22.3 (17.6) (16.8)

2013/06F 13.2 22.3 9.6 91.3 7.0 13.5 48.2 5.6 23.8 54.1 6.8

2013/09F 15.9 0.8 7.0 15.9 (27.4) 11.1 13.9 (18.2) 21.5 9.3 (9.6)

2013/12F 22.0 7.2 44.9 282.9 543.9 49.5 NA 347.1 70.3 162.9 227.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 759.7 39.9 72.6 6,372 26.8 유한양행 14.1 1.5 10.9 0.6

FY2013F 859.1 58.1 93.2 8,181 20.9 제약·바이오 17.6 1.7 10.1 0.7



유한양행

649.3

667.7

767.9

890.0

1,036.2

1,243.2 170.7

1,261.1 173.2

1,305.1 204.8

1,462.8 224.8

1,617.7 254.3

166.5

201.4

198.1

201.9

186.3

227.8

229.6

246.3

0

50,000

100,000

150,000

200,000

250,000


-20

-10

0

10

20

30

40

50

60

70

80

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

주가

x22

x19

x17

x14

x12

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



186



동아제약 (000640.KS) 업데이트 : 2012.07.29




52주 최고가 : 119,500 시가총액(십억원) : 1,213.7

52주 최저가 : 68,600 60일 평균 거래대금(백만원) : 4,073.8

연중 최고가 : 118,500 외국인지분(%) : 25.9

9 10 11 12 13


19.9 10.2 55.3 18.3 18.5

업종 대비 13.5 3.8 48.9 12.0 12.1 5

KOSPI 대비 22.1 12.1 51.4 14.3 14.5 10

22 23 24 19 20



2010/12A 5.7 98.5 7.2 96.1 13.0 70.4 11.3 127.7 6,752 67,075 1,000

2011/12A 7.1 95.0 (3.6) 86.5 (10.0) 60.7 (13.9) 120.7 5,578 62,936 1,000

2012/12F 6.8 70.1 (26.2) 61.5 (28.9) 54.9 (9.6) 100.1 4,944 68,945 1,000

2013/12F 8.5 95.3 35.9 85.8 39.5 76.7 39.9 140.4 7,021 75,350 1,000

2014/12F 13.2 120.6 26.6 110.8 29.1 92.6 20.7 168.6 8,472 86,258 1,000



2010/12A 729.6 105.6 32.7 (106.9) 11.6 11.6 18.2 1.83 10.8 0.8

2011/12A 732.4 84.3 38.1 (67.5) 10.5 8.9 15.9 1.41 8.3 1.1

2012/12F 778.8 158.2 48.6 (89.5) 7.2 13.0 22.0 1.58 7.3 0.9

2013/12F 842.1 231.9 53.7 (69.3) 9.1 9.6 15.5 1.45 9.5 0.9

2014/12F 917.7 263.2 60.0 (39.3) 10.1 7.8 12.9 1.26 10.5 0.9



2012/03A 4.0 (5.2) 16.2 (46.7) 143.2 19.7 (29.7) 313.0 16.4 (24.3) NA

2012/06F 6.9 9.8 12.0 (59.8) (25.9) 8.3 (68.7) (57.7) 6.7 (70.9) (59.3)

2012/09F 13.4 14.3 25.3 (10.2) 111.4 21.6 (20.0) 159.0 17.3 (34.2) 159.0

2012/12F 2.6 (13.8) 16.6 149.5 (34.5) 11.8 147.6 (45.2) 14.5 NA (16.1)

2013/03F 12.6 4.0 27.7 71.2 66.9 23.7 20.2 100.5 24.6 50.1 69.9

2013/06F 9.5 6.8 35.7 198.0 29.0 31.7 279.6 33.4 31.0 363.9 25.8

2013/09F 3.2 7.8 34.9 37.8 (2.2) 30.7 42.1 (3.1) 30.2 74.7 (2.5)

2013/12F 9.8 (8.3) (3.0) NA NA (0.3) NA NA (9.0) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 957.0 69.8 49.4 4,229 22.4 동아제약 16.0 1.5 9.2 0.9

FY2013F 1,034.0 91.2 63.8 5,457 17.4 제약·바이오 17.6 1.7 10.1 0.7



동아제약

846.8

907.3

969.4

1,051.7

1,190.2

1,160.4 431.6

1,236.8 504.4

1,265.1 560.4

1,294.9 551.3

1,357.9 605.0

218.6

239.9

274.4

236.6

246.1

262.7

283.2

259.8

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x22

x19

x16

x13

x11

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



187



녹십자 (006280.KS) 업데이트 : 2012.11.16




52주 최고가 : 176,500 시가총액(십억원) : 1,499.4

52주 최저가 : 114,000 60일 평균 거래대금(백만원) : 6,441.3

연중 최고가 : 175,000 외국인지분(%) : 28.8

9 10 11 12 13


(10.3) (0.7) 21.3 (13.5) (1.3)

업종 대비 (16.7) (7.0) 14.9 (19.8) (7.7) 5

KOSPI 대비 (8.1) 1.2 17.4 (17.5) (5.3) 10

22 23 24 19 20



2010/12A 23.0 145.6 22.0 134.7 28.7 104.7 30.0 164.9 11,087 55,008 1,750

2011/12A (2.9) 88.3 (39.3) 86.1 (36.1) 55.4 (47.1) 101.4 5,544 61,071 1,750

2012/12F 6.4 97.4 10.3 95.3 10.7 67.9 22.6 114.2 6,711 66,279 1,750

2013/12F 17.4 139.5 43.2 136.7 43.4 99.9 47.2 158.9 9,806 74,189 1,750

2014/12F 16.1 174.7 25.2 171.2 25.2 126.7 26.8 196.6 12,439 84,727 1,750



2010/12A 538.5 (70.2) 12.2 (27.2) 18.4 7.9 12.5 2.53 23.3 1.3

2011/12A 618.1 (48.4) 6.0 (43.5) 11.5 14.2 26.3 2.39 9.6 1.2

2012/12F 675.9 (33.5) 8.2 (64.8) 11.9 13.0 22.1 2.23 10.5 1.2

2013/12F 756.6 (36.0) 10.2 (63.9) 14.5 9.4 15.1 1.99 13.9 1.2

2014/12F 864.1 (31.8) 11.4 (62.9) 15.7 7.6 11.9 1.75 15.6 1.2



2012/03A 11.0 (9.4) 20.8 23.4 93.4 21.8 27.8 145.8 15.8 24.3 NA

2012/06A 9.1 17.2 16.2 12.1 (22.1) 15.8 12.4 (27.3) 11.4 8.7 (28.1)

2012/09F 3.0 18.5 44.2 (4.3) 172.2 43.3 (6.0) 173.6 30.8 (7.1) 171.2

2012/12F 4.3 (17.1) 16.1 49.7 (63.5) 14.4 62.5 (66.8) 9.8 NA (68.1)

2013/03F 9.9 (4.5) 22.9 9.9 42.0 22.9 5.0 58.9 16.3 3.0 65.4

2013/06F 9.9 17.2 17.8 9.9 (22.1) 17.3 9.0 (24.5) 12.3 8.1 (24.5)

2013/09F 21.3 30.8 53.1 20.0 197.3 52.2 20.6 202.5 38.2 23.7 210.5

2013/12F 26.8 (13.4) 45.7 183.3 (13.8) 44.3 208.0 (15.1) 33.2 236.7 (13.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 856.1 102.4 77.4 7,365 22.9 녹십자 15.6 2.0 13.6 1.2

FY2013F 966.5 120.6 93.1 8,775 19.2 제약·바이오 17.6 1.7 10.1 0.7



녹십자

791.0

767.9

817.4

959.5

1,114.0

741.3 199.1

860.4 230.1

947.0 254.5

1,115.0 335.2

1,281.8 386.0

173.4

203.3

240.9

199.7

190.7

223.4

292.2

253.2

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-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

350,000

400,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x31

x25

x19

x13

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



188



LG생명과학 (068870.KS) 업데이트 : 2012.10.05

투자의견 : 중립 업종 : 제약·바이오 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이정인


52주 최고가 : 51,100 시가총액(십억원) : 743.5

52주 최저가 : 27,050 60일 평균 거래대금(백만원) : 4,850.8

연중 최고가 : 49,500 외국인지분(%) : 8.6

9 10 11 12 13


(2.4) 18.3 60.2 24.9 28.0

업종 대비 (8.8) 12.0 53.8 18.6 21.6 5

KOSPI 대비 (0.2) 20.2 56.3 20.9 24.0 10

22 23 24 19 20



2010/12A 1.9 20.0 (32.3) 16.1 (40.3) 16.9 (25.4) 37.5 1,003 14,690 0

2011/12A 11.9 10.6 (46.8) 4.3 (73.3) 5.7 (66.2) 31.3 339 14,732 0

2012/12F 3.7 13.3 25.4 10.9 154.3 13.1 129.7 41.6 778 15,214 0

2013/12F 8.1 23.0 72.4 21.3 95.0 20.6 57.6 53.2 1,226 16,143 0

2014/12F 9.9 30.3 31.7 28.9 36.2 22.3 8.1 62.0 1,325 17,172 0



2010/12A 247.0 63.2 39.5 (56.1) 5.9 25.1 52.4 3.58 7.0 0.0

2011/12A 247.7 118.3 68.5 (62.3) 2.8 22.1 101.2 2.33 2.3 0.0

2012/12F 255.8 84.8 65.7 (40.0) 3.4 20.0 57.7 2.95 5.2 0.0

2013/12F 271.4 58.0 68.6 (35.0) 5.4 15.2 36.6 2.78 7.8 0.0

2014/12F 288.7 44.0 64.0 (25.0) 6.4 12.8 33.8 2.61 8.0 0.0



2012/03A (2.6) (11.5) (5.1) NA NA (6.8) NA NA (5.0) NA NA

2012/06A 7.3 10.6 1.6 (37.7) NA (0.7) NA NA 0.0 (99.2) NA

2012/09F 3.7 17.3 4.7 3.7 185.1 3.7 36.1 NA 4.4 73.4 30,865.3

2012/12F 6.2 (7.5) 12.1 659.7 158.3 14.7 NA 300.0 13.7 1,324.4 209.0

2013/03F (7.3) (22.7) (4.7) NA NA (5.5) NA NA (6.6) NA NA

2013/06F (7.3) 10.6 1.5 (7.3) NA 0.8 NA NA 0.9 6,330.9 NA

2013/09F 8.1 36.7 5.1 8.1 232.3 4.8 29.0 521.3 4.6 4.3 402.2

2013/12F 35.0 15.5 21.1 74.8 317.7 21.2 44.1 346.5 21.7 58.7 370.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 395.5 7.4 2.6 167 279.4 LG생명과학 38.1 2.8 7.5 0.0

FY2013F 443.2 20.0 13.4 799 58.5 제약·바이오 17.6 1.7 10.1 0.7



LG생명과학

341.0

381.5

395.7

427.6

469.8

405.8 158.8

500.2 252.5

555.5 299.7

628.2 356.8

663.5 374.7

85.9

95.1

111.5

103.1

79.7

88.2

120.5

139.2

0

10,000

20,000

30,000

40,000

50,000

60,000


-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

주가

x77

x65

x53

x41

x29

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



189



대웅제약 (069620.KS) 업데이트 : 2012.09.27




52주 최고가 : 50,700 시가총액(십억원) : 482.5

52주 최저가 : 20,200 60일 평균 거래대금(백만원) : 1,665.3

연중 최고가 : 50,700 외국인지분(%) : 10.9

9 10 11 12 13


(0.5) 53.8 102.6 44.9 44.7

업종 대비 (6.8) 47.4 96.2 38.6 38.3 5

KOSPI 대비 1.7 55.6 98.7 40.9 40.7 10

22 23 24 19 20



2010/12A (16.9) 71.2 (4.6) 67.1 (5.9) 17.6 (64.5) 81.4 1,780 33,981 600

2011/12A 38.6 64.7 (9.1) 65.0 (3.1) 51.8 194.7 80.2 5,155 36,753 600

2012/12F (1.7) 30.6 (52.7) 32.0 (50.7) 25.6 (50.5) 48.3 2,558 37,598 600

2013/12F 5.2 42.3 38.2 43.9 37.1 35.1 37.1 61.2 3,505 39,974 600

2014/12F 7.3 51.6 21.8 53.3 21.3 42.6 21.3 71.7 4,253 43,050 600



2010/12A 322.4 (3.3) 26.9 (27.8) 14.0 6.3 26.2 1.37 5.5 1.3

2011/12A 359.1 (25.1) 8.3 (40.4) 9.2 3.7 5.6 0.79 15.2 2.1

2012/12F 379.4 (32.5) 9.0 (7.7) 4.4 8.4 16.7 1.14 6.9 1.4

2013/12F 406.2 (35.8) 8.1 (9.0) 5.8 6.7 12.2 1.07 8.9 1.4

2014/12F 440.9 (40.6) 7.8 (10.2) 6.6 5.4 10.1 0.99 10.1 1.4



2012/03A (0.4) 1.9 12.6 (32.5) 766.5 16.2 (12.3) 389.9 11.9 (11.8) 86.3

2012/06F (7.3) (4.4) 5.1 (76.4) (59.5) 5.6 (74.3) (65.5) 4.5 (74.5) (62.4)

2012/09F (1.7) 11.7 (0.5) NA NA 0.1 (99.8) (99.1) 0.0 (99.7) (99.1)

2012/12F 2.8 (5.5) 13.3 814.8 NA 10.2 206.6 19,108.2 9.2 44.1 21,666.3

2013/03F (29.0) (29.7) 9.0 (29.0) (32.8) 9.3 (43.0) (8.9) 7.4 (37.8) (19.6)

2013/06F 5.2 41.7 5.4 5.2 (39.9) 5.8 2.8 (37.8) 4.6 2.8 (37.8)

2013/09F 5.2 11.7 (0.5) NA NA (0.1) NA NA (0.1) NA NA

2013/12F 39.1 25.0 28.5 113.4 NA 29.0 185.3 NA 23.2 151.8 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 693.0 32.3 30.0 2,656 17.1 대웅제약 12.6 1.1 8.7 1.4

FY2013F 739.5 45.5 39.3 3,480 13.0 제약·바이오 17.6 1.7 10.1 0.7



대웅제약

510.0

706.6

694.7

730.8

784.4

508.6 186.2

493.2 134.1

486.2 153.7

498.1 130.1

520.2 137.3

172.3

164.6

184.0

173.8

122.2

173.2

193.5

241.8

0

10,000

20,000

30,000

40,000

50,000

60,000


-40

-20

0

20

40

60

80

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

주가

x26

x20

x15

x10

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



190



한미약품 (128940.KS) 업데이트 : 2012.11.16




52주 최고가 : 131,500 시가총액(십억원) : 993.8

52주 최저가 : 50,400 60일 평균 거래대금(백만원) : 5,326.4

연중 최고가 : 129,500 외국인지분(%) : 18.3

9 10 11 12 13


31.4 51.3 137.7 91.8 88.1

업종 대비 25.0 44.9 131.4 85.4 81.7 5

KOSPI 대비 33.6 53.1 133.9 87.8 84.1 10

22 23 24 19 20



2010/12A (3.5) (13.0) NA (14.5) NA (5.2) NA 11.7 -1,396 40,872 0

2011/12A (13.8) 2.8 NA (11.8) NA (8.1) NA 28.4 -1,032 40,126 0

2012/12F 4.7 13.0 371.9 16.8 NA 18.2 NA 28.9 2,311 40,445 0

2013/12F 14.9 33.3 156.2 41.6 147.6 38.3 110.3 50.3 4,860 45,299 0

2014/12F 13.3 45.4 36.4 62.4 49.9 57.4 49.9 63.5 7,286 52,575 0



2010/12A 292.0 257.5 91.7 (25.2) (2.2) 76.4 NA 2.07 (1.5) 0.0

2011/12A 300.7 244.8 89.2 (11.1) 0.5 26.0 NA 1.63 (2.7) 0.0

2012/12F 318.3 279.3 97.9 (8.2) 2.4 43.8 54.5 3.12 5.9 0.0

2013/12F 356.6 200.8 67.4 (8.2) 5.4 23.4 25.9 2.78 11.3 0.0

2014/12F 414.0 192.2 57.8 (8.2) 6.5 18.2 17.3 2.40 14.9 0.0



2012/03A (10.3) (11.5) (6.5) NA NA (5.3) NA NA (7.4) NA NA

2012/06A 18.5 37.2 5.8 11.6 NA 2.2 56,069.9 NA 4.7 161.0 NA

2012/09F 7.9 (13.5) 8.5 153.9 47.9 9.9 NA 343.7 8.1 223.0 71.3

2012/12F 2.1 (2.8) 5.2 NA (39.1) 10.0 NA 1.1 12.8 NA 58.3

2013/03F (39.9) (47.9) (3.9) NA NA (1.9) NA NA (2.1) NA NA

2013/06F (39.9) 37.2 3.5 (39.9) NA 5.4 143.6 NA 5.9 24.6 NA

2013/09F 14.0 64.2 9.7 14.0 180.6 11.7 18.5 115.8 10.8 33.3 83.2

2013/12F 128.3 94.7 24.0 362.8 147.3 26.4 164.2 125.4 23.7 85.3 120.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 548.9 4.9 (0.3) -32 NA 한미약품 27.5 2.8 10.8 0.0

FY2013F 603.3 23.8 16.0 2,030 47.7 제약·바이오 17.6 1.7 10.1 0.7



한미약품

594.6

512.5

536.4

616.2

698.2

673.6 381.6

662.1 361.3

693.0 383.4

768.8 430.3

849.9 463.4

113.8

156.1

135.1

131.4

68.4

93.8

154.0

299.9

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-40

-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

2010 2011 2012

주가

x54

x40

x27

x14

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



191



외환은행 (004940.KS) 업데이트 : 2012.10.17

투자의견 : 중립 업종 : 은행 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이고은


52주 최고가 : 9,120 시가총액(십억원) : 4,565.9

52주 최저가 : 6,680 60일 평균 거래대금(백만원) : 5,036.2

연중 최고가 : 8,890 외국인지분(%) : 19.5

8 9 10 10 11


(10.4) (18.2) (12.9) (8.2) (3.3)

업종 대비 (2.5) (10.3) (5.0) (0.3) 4.6 5

KOSPI 대비 (8.2) (16.4) (16.8) (12.2) (7.3) 10

22 23 24 19 20

연간추정 총영업수익 영업이익 세전이익 지배주주지분순이익 충전이익 EPS BPS DPS


2010/12A 13.8 1,301.2 81.9 1,360.3 73.7 1,021.4 14.5 1,775.3 1,584 12,987 140

2011/12A 40.2 2,159.1 65.9 2,177.4 60.1 1,654.7 62.0 2,730.9 2,564 13,378 1,510

2012/12F (24.4) 1,196.1 (44.6) 1,189.8 (45.4) 879.8 (46.8) 1,769.6 1,363 13,646 200

2013/12F (5.3) 1,135.6 (5.1) 1,135.6 (4.6) 885.8 0.7 1,627.7 1,372 14,133 200

2014/12F 4.2 1,181.0 4.0 1,181.0 4.0 921.2 4.0 1,721.5 1,427 14,675 200

자산총계 부채총계 지배주주지분 대출채권 예수부채 충전이익률 PPR PER PBR ROE DY

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

2010/12A 8,375.7 62,423.8 (0.3) 60,704.2 58.9 2.5 7.5 0.91 12.5 1.2

2011/12A 8,384.4 67,944.3 8.8 64,429.6 64.7 1.1 2.9 0.55 19.5 20.5

2012/12F 8,807.0 72,924.4 7.3 68,179.0 55.4 1.4 5.2 0.52 10.1 2.8

2013/12F 9,121.5 76,713.0 5.2 70,946.9 53.8 1.5 5.2 0.50 9.9 2.8

2014/12F 9,471.4 80,698.4 5.2 73,827.2 54.6 1.4 5.0 0.48 9.9 2.8

분기추정 총영업수익 영업이익 세전이익 순이익


2012/03A 13.1 22.9 429.3 66.0 60.7 431.8 63.6 52.1 313.9 58.1 51.7

2012/06A (61.3) (19.2) 247.8 (83.4) (42.3) 239.1 (83.9) (44.6) 161.1 (85.8) (48.7)

2012/09F 14.6 (1.4) 267.7 85.7 8.0 267.7 87.7 11.9 208.8 78.4 29.6

2012/12F (3.3) (1.3) 251.3 (5.9) (6.1) 251.3 (11.5) (6.1) 196.0 (5.3) (6.1)

2013/03F (21.6) (0.4) 269.7 (37.2) 7.3 269.7 (37.5) 7.3 210.4 (33.0) 7.3

2013/06F (2.0) 1.1 267.3 7.9 (0.9) 267.3 11.8 (0.9) 208.5 29.4 (0.9)

2013/09F 2.1 2.7 305.4 14.1 14.3 305.4 14.1 14.3 238.2 14.1 14.3

2013/12F 4.5 1.0 293.1 16.6 (4.0) 293.1 16.6 (4.0) 228.6 16.6 (4.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 4,550.5 1,132.1 833.5 1,258 6.1 외환은행 5.2 0.5 9.9 2.8

FY2013F 4,819.0 1,080.4 827.4 1,221 6.3 은행 6.0 0.5 8.6 2.4



외환은행

3,012.0

4,221.5

3,193.3

3,024.5

3,150.2

94,930.8 86,555.1

100,497.0 91,860.5

110,438.5 101,629.0

113,223.2 104,098.8

116,325.6 106,850.8

941.3

760.8

750.5

740.6

738.0

746.0

766.3

774.3

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

18,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.2

x1.0

x0.8

x0.6

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



192



기업은행 (024110.KS) 업데이트 : 2012.10.17




52주 최고가 : 15,300 시가총액(십억원) : 6,087.9

52주 최저가 : 10,950 60일 평균 거래대금(백만원) : 10,390.5

연중 최고가 : 14,500 외국인지분(%) : 12.6

8 9 10 10 11


(6.3) (10.8) (6.3) (18.9) (10.1)

업종 대비 1.6 (2.9) 1.6 (11.0) (2.2) 5

KOSPI 대비 (4.1) (9.0) (10.2) (22.9) (14.1) 10

22 23 24 19 20



2010/12A 42.3 1,651.4 96.2 1,710.7 89.8 1,290.1 81.6 3,354.3 2,086 17,508 410

2011/12A 6.1 1,943.9 17.7 1,943.9 13.6 1,455.8 12.8 3,374.4 2,430 21,945 580

2012/12F (6.6) 1,742.6 (10.4) 1,742.6 (10.4) 1,282.9 (11.9) 2,825.9 2,141 21,525 500

2013/12F (0.9) 1,499.2 (14.0) 1,499.2 (14.0) 1,159.9 (9.6) 2,735.1 1,936 23,451 400

2014/12F 5.8 1,663.7 11.0 1,663.7 11.0 1,288.2 11.1 2,953.4 2,150 25,117 500



2010/12A 10,489.4 127,352.5 9.5 58,287.1 70.6 2.2 9.0 1.07 12.7 2.2

2011/12A 12,547.3 142,527.5 11.9 67,324.3 66.9 1.4 5.1 0.57 12.3 4.6

2012/12F 13,120.2 149,947.2 5.2 78,803.9 60.0 1.3 5.2 0.52 9.9 4.5

2013/12F 14,049.9 159,772.9 6.6 93,842.6 58.6 1.3 5.8 0.48 8.6 3.6

2014/12F 15,048.1 169,741.2 6.2 111,751.2 59.8 1.2 5.2 0.44 8.9 4.5



2012/03A (2.1) 12.3 627.9 (8.3) 766.2 627.9 (8.3) 766.2 473.8 (7.6) 787.6

2012/06A (12.0) (12.4) 467.9 (26.2) (25.5) 467.9 (26.2) (25.5) 309.3 (35.6) (34.7)

2012/09F (4.0) (6.2) 351.5 (36.4) (24.9) 351.5 (36.4) (24.9) 271.8 (33.6) (12.1)

2012/12F (8.2) (0.5) 295.3 307.3 (16.0) 295.3 307.3 (16.0) 228.0 327.0 (16.1)

2013/03F (15.3) 3.7 377.1 (39.9) 27.7 377.1 (39.9) 27.7 291.8 (38.4) 28.0

2013/06F (2.0) 1.4 379.3 (18.9) 0.6 379.3 (18.9) 0.6 293.5 (5.1) 0.6

2013/09F 7.8 3.2 417.6 18.8 10.1 417.6 18.8 10.1 323.4 19.0 10.2

2013/12F 9.3 0.8 325.2 10.1 (22.1) 325.2 10.1 (22.1) 251.3 10.2 (22.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,628.6 1,787.9 1,319.5 2,029 5.8 기업은행 5.7 0.5 8.7 3.7

FY2013F 10,048.3 1,749.7 1,309.1 2,045 5.8 은행 6.0 0.5 8.6 2.4



기업은행

4,749.5

5,041.0

4,708.3

4,668.0

4,938.7

165,481.8 154,992.4

185,908.9 172,688.4

201,281.4 188,060.7

211,410.4 197,203.7

221,797.0 206,530.7

1,339.5

1,173.2

1,100.7

1,094.9

1,134.9

1,150.2

1,186.5

1,196.3

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.1

x0.9

x0.7

x0.6

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



193



우리금융 (053000.KS) 업데이트 : 2012.11.01




52주 최고가 : 14,000 시가총액(십억원) : 7,955.4

52주 최저가 : 8,980 60일 평균 거래대금(백만원) : 19,129.4

연중 최고가 : 13,750 외국인지분(%) : 24.0

8 9 10 10 11


(6.9) (11.9) (7.8) 4.9 5.8

업종 대비 1.0 (4.0) 0.2 12.8 13.7 5

KOSPI 대비 (4.7) (10.0) (11.6) 0.9 1.8 10

22 23 24 19 20



2010/12A 13.7 1,838.7 32.0 1,795.2 23.0 1,195.0 16.5 4,715.4 1,487 18,095 250

2011/12A 24.9 3,892.4 111.7 3,202.9 78.4 2,156.1 80.4 6,350.5 2,682 21,820 250

2012/12F (11.3) 2,607.7 (33.0) 2,103.4 (34.3) 1,471.4 (31.8) 5,015.1 1,830 22,786 200

2013/12F (5.9) 2,425.9 (7.0) 2,025.9 (3.7) 1,474.2 0.2 4,282.6 1,834 23,939 200

2014/12F 3.9 2,656.3 9.5 2,256.3 11.4 1,641.9 11.4 4,484.5 2,042 25,310 200



2010/12A 14,538.8 195,619.1 (0.6) 187,009.3 58.1 1.5 10.4 0.86 8.5 1.6

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 17,820.5 217,985.8 4.4 213,213.0 55.8 0.9 5.4 0.43 8.2 2.0

2013/12F 18,747.8 227,057.5 4.2 233,906.8 50.7 0.9 5.4 0.41 7.8 2.0

2014/12F 19,849.8 237,208.5 4.5 256,609.1 51.1 0.9 4.8 0.39 8.3 2.0



2012/03A 11.2 9.6 1,100.7 21.0 79.3 940.8 8.6 103.5 645.0 28.3 71.7

2012/06A (28.4) (5.3) 573.5 (58.9) (47.9) 429.1 (64.1) (54.4) 292.6 (63.1) (54.6)

2012/09F (13.3) (8.7) 431.6 (55.6) (24.7) 331.6 (51.3) (22.7) 241.3 (50.3) (17.5)

2012/12F (6.7) (1.5) 501.9 (18.2) 16.3 401.9 (13.1) 21.2 292.4 (22.2) 21.2

2013/03F (15.3) (0.5) 682.9 (38.0) 36.1 582.9 (38.0) 45.0 424.1 (34.2) 45.0

2013/06F (9.8) 0.8 561.7 (2.1) (17.7) 461.7 7.6 (20.8) 336.0 14.8 (20.8)

2013/09F 0.7 2.0 722.3 67.4 28.6 622.3 87.7 34.8 452.9 87.7 34.8

2013/12F 2.9 0.6 459.0 (8.5) (36.5) 359.0 (10.7) (42.3) 261.2 (10.7) (42.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 15,671.1 2,480.9 1,778.9 2,051 5.1 우리금융 5.4 0.4 7.9 2.0

FY2013F 16,375.9 2,556.6 1,812.4 2,170 4.8 은행 6.0 0.5 8.6 2.4



우리금융

8,116.0

10,132.9

8,983.3

8,455.0

8,782.1

291,427.6 274,508.8

312,804.0 290,711.3

322,474.2 299,819.7

332,354.5 308,668.5

343,530.2 318,624.1

2,453.5

2,322.3

2,119.6

2,088.0

2,077.1

2,094.2

2,135.3

2,148.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-5

0

5

10

15

20

25

30

35

40

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

주가

x1.0

x0.8

x0.7

x0.5

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



194



신한지주 (055550.KS) 업데이트 : 2012.10.16

투자의견 : 매수 업종 : 은행 주가 수익률(12개월)

목표주가 : 51,000 애널리스트 : 이고은


52주 최고가 : 47,500 시가총액(십억원) : 16,336.2

52주 최저가 : 33,100 60일 평균 거래대금(백만원) : 38,980.2

연중 최고가 : 47,000 외국인지분(%) : 63.3

8 9 10 10 11


(10.1) (7.3) (9.9) (11.9) (13.0)

업종 대비 (2.1) 0.7 (2.0) (4.0) (5.1) 5

KOSPI 대비 (7.9) (5.4) (13.8) (15.9) (17.0) 10

22 23 24 19 20



2010/12A 11.3 3,234.2 54.2 3,088.8 56.0 2,383.9 82.6 4,348.5 4,427 39,565 750

2011/12A 8.3 4,186.6 29.4 4,192.6 35.7 3,100.0 30.0 5,140.9 5,774 41,138 750

2012/12F (5.1) 3,283.6 (21.6) 3,362.0 (19.8) 2,466.2 (20.4) 4,667.3 5,070 51,763 700

2013/12F (1.4) 3,197.0 (2.6) 3,197.0 (4.9) 2,393.9 (2.9) 4,423.5 4,918 55,943 700

2014/12F 3.8 3,407.7 6.6 3,407.7 6.6 2,551.7 6.6 4,623.4 5,250 60,301 900



2010/12A 22,724.8 176,099.1 5.9 153,083.1 50.8 2.9 11.9 1.34 11.9 1.4

2011/12A 24,102.4 192,562.6 9.3 163,429.8 55.4 2.0 6.9 0.97 14.3 1.9

2012/12F 25,337.1 198,772.0 3.2 172,738.2 53.0 1.9 6.8 0.67 10.8 2.0

2013/12F 27,319.3 206,228.6 3.8 184,061.6 51.0 1.9 7.0 0.62 9.1 2.0

2014/12F 29,385.8 213,964.9 3.8 196,127.3 51.3 1.8 6.6 0.57 9.0 2.6



2012/03A (8.5) 0.4 1,065.2 (24.1) 52.0 1,146.5 (9.7) 73.6 826.3 (10.6) 63.1

2012/06A (16.7) (3.8) 871.6 (37.4) (18.2) 868.6 (32.2) (24.2) 631.4 (34.6) (23.6)

2012/09F 19.5 (3.5) 796.7 15.8 (8.6) 796.7 (18.8) (8.3) 596.6 (15.3) (5.5)

2012/12F (7.2) (0.5) 550.2 (21.5) (30.9) 550.2 (16.7) (30.9) 412.0 (18.7) (30.9)

2013/03F (7.5) 0.1 821.5 (22.9) 49.3 821.5 (28.3) 49.3 615.1 (25.6) 49.3

2013/06F (3.1) 0.8 816.7 (6.3) (0.6) 816.7 (6.0) (0.6) 611.6 (3.1) (0.6)

2013/09F 2.2 1.8 927.7 16.4 13.6 927.7 16.4 13.6 694.7 16.4 13.6

2013/12F 3.6 0.9 631.1 14.7 (32.0) 631.1 14.7 (32.0) 472.6 14.7 (32.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 14,292.4 3,589.5 2,669.8 5,251 7.1 신한지주 7.0 0.6 9.3 2.0

FY2013F 14,951.8 3,659.2 2,685.2 5,259 7.1 은행 6.0 0.5 8.6 2.4



신한지주

8,567.1

9,276.3

8,801.7

8,681.9

9,009.6

266,031.8 242,833.7

288,117.5 261,258.7

302,869.3 274,455.3

310,427.6 279,831.9

318,531.4 285,656.5

2,307.1

2,220.4

2,142.1

2,132.2

2,133.9

2,150.5

2,189.0

2,208.5

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

70,000

80,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.3

x1.2

x1.0

x0.8

x0.7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



195



하나금융지주 (086790.KS) 업데이트 : 2012.10.16




52주 최고가 : 45,300 시가총액(십억원) : 7,826.2

52주 최저가 : 30,100 60일 평균 거래대금(백만원) : 39,624.9

연중 최고가 : 44,900 외국인지분(%) : 62.5

8 9 10 10 11


0.3 (10.2) (12.4) (13.4) (8.3)

업종 대비 8.2 (2.3) (4.5) (5.5) (0.3) 5

KOSPI 대비 2.5 (8.3) (16.3) (17.5) (12.3) 10

22 23 24 19 20



2010/12A 32.8 1,280.8 231.2 1,370.9 269.2 1,010.8 230.0 2,098.4 4,829 50,996 700

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

2012/12F 62.3 2,560.3 47.8 2,548.8 48.5 2,008.4 64.3 3,737.4 8,332 65,175 1,100

2013/12F (5.4) 2,145.6 (16.2) 2,145.6 (15.8) 1,395.4 (30.5) 3,246.1 5,790 71,219 900

2014/12F 3.9 2,214.1 3.2 2,214.1 3.2 1,440.0 3.2 3,416.0 5,974 77,384 1,000



2010/12A 10,675.0 110,847.9 7.0 96,397.4 53.9 2.4 9.0 0.85 10.0 1.6

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

2012/12F 15,709.2 202,459.3 56.7 182,284.7 51.6 1.1 3.9 0.49 13.6 3.4

2013/12F 17,165.8 210,887.9 4.2 197,310.8 47.4 1.1 5.6 0.45 8.5 2.8

2014/12F 18,651.8 219,667.4 4.2 213,575.5 48.0 1.1 5.4 0.42 8.0 3.1



2012/03A 114.0 132.4 1,417.0 172.3 510.0 1,440.4 175.6 551.9 1,314.7 246.9 787.0

2012/06A 20.1 (37.3) 386.5 (43.4) (72.7) 351.6 (47.0) (75.6) 201.5 (58.9) (84.7)

2012/09F 61.3 (1.5) 315.6 6.4 (18.3) 315.6 2.4 (10.2) 205.3 (0.0) 1.9

2012/12F 58.3 10.2 441.2 89.9 39.8 441.2 99.7 39.8 286.9 93.6 39.8

2013/03F (32.2) (0.4) 523.5 (63.1) 18.7 523.5 (63.7) 18.7 340.4 (74.1) 18.7

2013/06F 9.2 0.9 538.4 39.3 2.9 538.4 53.1 2.9 350.1 73.8 2.9

2013/09F 13.2 2.1 562.2 78.1 4.4 562.2 78.1 4.4 365.7 78.1 4.4

2013/12F 3.6 0.9 521.6 18.2 (7.2) 521.6 18.2 (7.2) 339.2 18.2 (7.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 11,575.9 2,668.2 2,165.3 8,601 3.7 하나금융지주 5.3 0.5 9.0 2.9

FY2013F 12,391.6 2,190.8 1,571.3 5,889 5.4 은행 6.0 0.5 8.6 2.4



하나금융지주

3,890.1

4,460.4

7,240.6

6,848.4

7,116.3

158,497.2 147,126.3

178,228.9 163,407.9

295,769.4 274,909.6

302,818.1 280,470.1

310,488.6 286,622.4

2,474.8

1,551.6

1,529.0

1,685.2

1,678.4

1,694.1

1,730.3

1,745.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-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

2005 2006 2007 2008 2009 2010 2011

주가

x0.9

x0.8

x0.6

x0.5

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



196



KB금융 (105560.KS) 업데이트 : 2012.10.16




52주 최고가 : 45,000 시가총액(십억원) : 13,483.7

52주 최저가 : 32,500 60일 평균 거래대금(백만원) : 39,399.6

연중 최고가 : 45,000 외국인지분(%) : 64.5

8 9 10 10 11


(10.5) (6.7) (3.6) (7.4) (3.3)

업종 대비 (2.6) 1.2 4.3 0.5 4.6 5

KOSPI 대비 (8.3) (4.8) (7.5) (11.4) (7.3) 10

22 23 24 19 20



2010/12A 8.7 192.7 (70.4) 19.2 (96.5) 88.3 (83.6) 3,047.1 242 46,449 120

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

2012/12F (5.7) 2,871.5 (15.3) 2,848.2 (12.7) 2,153.4 (9.3) 4,610.5 5,574 63,697 700

2013/12F (1.8) 2,644.1 (7.9) 2,620.1 (8.0) 2,002.8 (7.0) 4,457.0 5,024 68,562 700

2014/12F 4.2 2,972.3 12.4 2,948.3 12.5 2,253.7 12.5 4,813.9 5,673 73,990 800



2010/12A 17,945.8 196,545.0 0.6 184,666.9 41.3 3.1 247.9 1.29 0.5 0.2

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

2012/12F 24,609.5 219,782.0 3.6 203,902.3 53.9 1.6 6.3 0.55 9.1 2.0

2013/12F 26,489.2 228,928.4 4.2 216,763.5 53.0 1.6 6.9 0.51 7.8 2.0

2014/12F 28,586.2 238,692.7 4.3 230,435.9 55.0 1.5 6.2 0.47 8.2 2.3



2012/03A (5.5) 1.4 811.6 (18.9) 75.5 806.3 (20.7) 114.5 603.2 (20.4) 175.3

2012/06A (16.3) (3.1) 736.0 (35.9) (9.3) 730.0 (32.8) (9.5) 547.5 (33.0) (9.2)

2012/09F 4.1 (0.3) 677.6 (13.1) (7.9) 671.6 (14.2) (8.0) 513.4 (11.3) (6.2)

2012/12F (2.6) (0.5) 646.3 39.8 (4.6) 640.3 70.3 (4.7) 489.4 123.4 (4.7)

2013/03F (6.1) (2.3) 662.9 (18.3) 2.6 656.9 (18.5) 2.6 502.2 (16.7) 2.6

2013/06F (2.1) 1.0 656.6 (10.8) (1.0) 650.6 (10.9) (1.0) 497.3 (9.2) (1.0)

2013/09F 0.1 1.9 704.3 3.9 7.3 698.3 4.0 7.3 533.7 4.0 7.3

2013/12F 1.2 0.6 620.3 (4.0) (11.9) 614.3 (4.1) (12.0) 469.6 (4.1) (12.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 14,398.0 2,834.4 2,128.9 5,426 7.0 KB금융 6.9 0.5 8.0 2.0

FY2013F 14,830.3 2,953.3 2,209.9 5,611 6.8 은행 6.0 0.5 8.6 2.4



KB금융

7,377.0

9,074.1

8,558.0

8,406.2

8,758.2

262,008.0 243,567.6

277,600.8 254,501.0

291,532.7 266,669.5

301,049.2 274,179.3

311,354.9 282,245.6

2,197.3

2,128.2

2,121.2

2,111.2

2,062.9

2,083.4

2,123.4

2,136.6

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.3

x1.1

x0.9

x0.7

x0.5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



197



BS금융지주 (138930.KS) 업데이트 : 2012.10.17




52주 최고가 : 14,850 시가총액(십억원) : 2,243.2

52주 최저가 : 10,300 60일 평균 거래대금(백만원) : 6,597.2

연중 최고가 : 14,700 외국인지분(%) : 60.4

8 9 10 10 11


(6.1) (1.7) (1.7) 8.9 8.9

업종 대비 1.8 6.2 6.2 16.8 16.8 5

KOSPI 대비 (3.9) 0.1 (5.6) 4.9 4.9 10

22 23 24 19 20



2010/12A 14.7 434.1 36.8 475.7 38.9 365.9 35.7 588.4 1,960 13,167 140

2011/12A 18.8 547.0 26.0 532.8 12.0 400.3 9.4 692.2 2,070 15,281 350

2012/12F 7.5 503.1 (8.0) 506.3 (5.0) 386.4 (3.5) 728.3 1,998 16,554 400

2013/12F 4.5 488.2 (3.0) 488.2 (3.6) 380.8 (1.5) 756.9 1,969 18,159 400

2014/12F 6.4 495.2 1.4 495.2 1.4 386.3 1.4 824.3 1,997 19,792 400



2010/12A 2,458.0 22,079.2 9.3 21,490.0 59.2 15.5

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

2012/12F 3,201.3 29,808.7 14.3 28,726.9 57.4 1.8 5.8 0.70 13.0 3.4

2013/12F 3,511.6 32,013.4 7.4 31,524.0 57.1 1.7 5.9 0.64 11.3 3.4

2014/12F 3,827.4 34,381.2 7.4 34,593.3 58.4 1.6 5.8 0.59 10.5 3.4



2012/03A 19.9 11.9 144.0 (15.3) 38.6 141.8 (17.2) 41.6 109.7 (14.6) 38.3

2012/06A (5.1) (19.6) 115.1 (13.6) (20.0) 114.1 (15.6) (19.5) 86.4 (11.3) (21.2)

2012/09F 15.5 14.2 142.6 16.6 23.9 142.6 19.6 25.0 111.2 16.9 28.8

2012/12F 3.0 0.3 101.5 (2.3) (28.8) 101.5 1.4 (28.8) 79.2 (0.1) (28.8)

2013/03F (7.3) 0.7 131.3 (8.8) 29.4 131.3 (7.4) 29.4 102.4 (6.6) 29.4

2013/06F 17.0 1.5 112.3 (2.4) (14.5) 112.3 (1.6) (14.5) 87.6 1.5 (14.5)

2013/09F 4.6 2.1 133.3 (6.5) 18.7 133.3 (6.5) 18.7 104.0 (6.5) 18.7

2013/12F 6.0 1.6 111.3 9.6 (16.5) 111.3 9.6 (16.5) 86.8 9.6 (16.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,147.8 519.9 391.3 2,006 6.1 BS금융지주 5.9 0.6 11.5 3.4

FY2013F 2,301.9 550.1 411.5 2,140 5.7 은행 6.0 0.5 8.6 2.4



BS금융지주

993.9

1,180.7

1,269.5

1,326.0

1,410.9

34,726.1 32,268.1

39,358.7 36,403.7

41,305.9 38,104.7

43,606.5 40,094.9

46,097.6 42,270.2

348.5

280.2

320.0

320.8

323.2

327.9

334.7

340.2

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-5

0

5

10

15

20

25

30

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

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 : 2012.11.19




52주 최고가 : 17,400 시가총액(십억원) : 1,715.9

52주 최저가 : 11,400 60일 평균 거래대금(백만원) : 2,648.8

연중 최고가 : 17,250 외국인지분(%) : 74.1

8 9 10 10 11


(6.6) (1.5) (4.5) 1.6 2.8

업종 대비 1.3 6.4 3.4 9.5 10.7 5

KOSPI 대비 (4.4) 0.3 (8.3) (2.4) (1.2) 10

22 23 24 19 20



2010/12A 21.8 299.8 24.6 299.7 27.4 227.4 33.4 564.2 1,721 15,234 140

2011/12A 5.3 410.8 37.0 415.3 38.5 305.7 34.4 545.8 2,281 17,093 350

2012/12F (4.8) 354.3 (13.8) 385.4 (7.2) 295.9 (3.2) 520.1 2,207 18,473 400

2013/12F 7.3 402.5 13.6 402.5 4.4 313.9 6.1 576.4 2,342 20,302 400

2014/12F 7.8 441.8 9.8 441.8 9.8 344.6 9.8 634.1 2,571 22,261 500



2010/12A 2,012.8 19,479.7 3.8 19,094.7 58.6 12.0

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

2012/12F 2,476.3 23,985.1 9.5 25,433.9 53.9 1.8 5.8 0.69 12.4 3.1

2013/12F 2,721.6 26,080.8 8.7 29,502.0 55.7 1.7 5.5 0.63 12.1 3.1

2014/12F 2,984.1 28,359.5 8.7 34,220.9 56.8 1.5 5.0 0.58 12.1 3.9



2012/03A (0.9) 1.5 100.0 (26.1) 48.3 86.5 (36.1) 28.3 86.8 (13.7) 86.8

2012/06A (9.3) (13.9) 78.5 (30.7) (21.5) 60.9 (45.7) (29.6) 72.0 (16.0) (17.1)

2012/09F (6.8) 7.0 96.2 1.4 22.5 96.2 5.1 58.0 75.0 2.9 4.3

2012/12F (2.5) 4.2 79.6 18.1 (17.2) 79.6 18.1 (17.2) 62.1 33.7 (17.2)

2013/03F (2.8) 1.3 98.5 (1.5) 23.7 98.5 13.9 23.7 76.8 (11.5) 23.7

2013/06F 15.1 2.0 107.6 37.1 9.3 107.6 76.8 9.3 83.9 16.6 9.3

2013/09F 10.6 2.8 104.6 8.7 (2.8) 104.6 8.7 (2.8) 81.6 8.7 (2.8)

2013/12F 7.8 1.5 91.8 15.3 (12.2) 91.8 15.3 (12.2) 71.6 15.3 (12.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,735.3 387.9 294.8 2,200 6.2 DGB금융지주 5.5 0.6 12.1 3.1

FY2013F 1,832.0 412.3 309.7 2,308 5.9 은행 6.0 0.5 8.6 2.4



DGB금융지주

962.0

1,012.8

964.2

1,035.1

1,115.9

30,084.1 28,071.3

31,294.0 29,002.6

32,481.8 30,005.4

34,775.2 32,053.7

37,265.2 34,281.1

257.6

221.9

237.3

247.4

250.5

255.5

262.5

266.6

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-15

-10

-5

0

5

10

15

20

25

30

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

주가

x1.0

x0.9

x0.8

x0.8

x0.7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



199


A003450 40203020 universe

현대증권 (003450.KS) 업데이트 : 2012.11.12

투자의견 : 중립 업종 : 증권 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이철호


52주 최고가 : 11,800 시가총액(십억원) : 1,331.1

52주 최저가 : 7,700 60일 평균 거래대금(백만원) : 3,138.0

연중 최고가 : 11,700 외국인지분(%) : 16.9

8 9 10 10 11


(8.0) (12.4) (5.4) (9.9) (7.9)

업종 대비 (0.0) (4.5) 2.5 (1.9) 0.1 5

KOSPI 대비 (5.8) (10.6) (9.3) (13.9) (11.9) 10

22 23 24 19 20



2011/03A (36.6) 215.2 (15.7) 379.9 51.1 291.6 63.0 684.8 1,802 16,623 500

2012/03A (2.3) 145.5 (32.4) 180.6 (52.5) 136.7 (53.1) 662.3 814 13,402 200

2013/03F 16.2 (20.3) NA (9.7) NA (10.2) NA 492.6 -45 13,153 0

2014/03F 8.2 99.4 NA 119.4 NA 93.2 NA 617.5 410 13,582 100

2015/03F 8.2 84.5 (15.1) 108.5 (9.2) 84.6 (9.2) 607.7 373 13,857 90

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) (%) (%)

2011/03A 2,689.4 11,128.1 400.6 255.1 6,381.7 124.6 7.2 0.78 12.0 3.8

2012/03A 3,042.2 13,441.6 412.3 220.6 6,506.2 121.8 13.0 0.79 5.1 1.9

2013/03F 2,985.7 13,932.6 266.7 310.0 7,042.5 120.0 NA 0.60 (0.3) 0.0

2014/03F 3,083.2 14,387.6 283.0 318.5 8,560.3 120.0 19.1 0.58 3.1 1.3

2015/03F 3,145.6 14,678.8 280.4 311.3 10,405.0 120.0 21.0 0.57 2.7 1.1

분기추정 영업수익 영업이익 세전이익 순이익


2012/03A (19.7) 25.6 (19.7) NA NA 4.8 (90.0) (86.5) 3.0 (92.5) (88.2)

2012/06A (0.7) 47.6 (11.4) NA NA (8.7) NA NA (9.5) NA NA

2012/09F (22.9) 2.0 (32.2) NA NA (29.6) NA NA (23.1) NA NA

2012/12F 92.8 2.0 18.6 (41.9) NA 21.3 (40.1) NA 16.6 (35.7) NA

2013/03F 56.6 2.0 4.7 NA (74.8) 7.4 52.9 (65.4) 5.7 89.0 (65.4)

2013/06F 8.2 2.0 26.8 NA 470.9 31.8 NA 332.6 24.8 NA 332.6

2013/09F 8.2 2.0 38.3 NA 42.9 43.3 NA 36.1 33.8 NA 36.1

2013/12F 8.2 2.0 25.0 34.4 (34.7) 30.0 41.1 (30.7) 23.4 41.1 (30.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 619.0 78.1 69.9 270 31.2 현대증권 31.4 0.6 1.9 0.8

FY2013F 730.0 189.7 160.8 561 15.1 증권 19.7 0.7 3.8 1.5



현대증권

1,814.9

1,773.0

2,060.2

2,230.0

2,413.9

12,296.8 9,607.4

15,788.4 12,746.2

16,391.3 13,405.6

16,926.6 13,843.4

17,269.1 14,123.6

338.7

499.9

509.9

520.0

530.5

541.1

551.9

562.9

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-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

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011

주가

x1.2

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 : 2012.11.12

투자의견 : 매수 업종 : 증권 주가 수익률(12개월)

목표주가 : 21,000 애널리스트 : 이철호


52주 최고가 : 13,050 시가총액(십억원) : 438.2

52주 최저가 : 7,900 60일 평균 거래대금(백만원) : 1,352.4

연중 최고가 : 12,950 외국인지분(%) : 22.5

8 9 10 10 11


0.5 0.7 (5.3) (15.8) (16.6)

업종 대비 8.4 8.7 2.7 (7.8) (8.7) 5

KOSPI 대비 2.6 2.5 (9.1) (19.8) (20.6) 10

22 23 24 19 20



2011/03A 27.9 82.2 (52.4) 110.5 (25.9) 84.4 (7.6) 428.1 1,084 21,929 750

2012/03A 2.6 95.4 16.0 125.5 13.7 90.7 7.5 454.6 1,165 22,282 650

2013/03F (21.0) 42.6 (55.4) 52.2 (58.4) 43.2 (52.3) 363.3 555 22,205 750

2014/03F 4.1 63.5 49.2 73.1 40.1 57.0 31.9 396.4 732 22,628 750

2015/03F 4.1 52.5 (17.3) 62.1 (15.0) 48.5 (15.0) 412.8 622 22,854 750




2011/03A 1,708.1 7,461.4 296.5 156.0 2,955.3 119.4 13.6 0.67 5.0 5.1

2012/03A 1,735.6 5,987.8 312.0 124.1 3,329.0 111.9 9.5 0.50 5.3 5.9

2013/03F 1,729.6 6,415.5 206.9 107.4 3,464.2 113.2 15.5 0.39 2.5 8.7

2014/03F 1,762.5 6,613.0 232.2 116.1 4,210.7 120.0 11.8 0.38 3.3 8.7

2015/03F 1,780.2 6,755.8 247.0 117.8 5,118.2 120.0 13.9 0.38 2.7 8.7



2012/03A (37.8) (58.2) 11.1 32.8 (65.6) 31.4 208.4 (8.4) 18.0 151.6 (30.4)

2012/06A (30.1) 47.8 1.3 (93.0) (88.2) 3.7 (83.6) (88.2) 5.4 (68.2) (69.9)

2012/09F (28.6) 1.0 12.6 (62.4) 859.5 15.0 (59.9) 303.0 11.7 (60.7) 114.8

2012/12F (37.0) 1.0 14.3 (55.4) 14.2 16.7 (51.2) 11.9 13.1 (49.6) 11.9

2013/03F 52.2 1.0 14.4 29.9 0.2 16.8 (46.6) 0.2 13.1 (27.5) 0.2

2013/06F 4.1 1.0 17.2 1,214.6 19.7 19.6 428.2 16.9 15.3 181.5 16.9

2013/09F 4.1 1.0 16.2 28.8 (6.0) 18.6 24.1 (5.3) 14.5 24.1 (5.3)

2013/12F 4.1 1.0 15.5 7.8 (4.4) 17.9 6.7 (3.8) 13.9 6.7 (3.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 407.5 77.6 64.1 736 11.7 대신증권 12.9 0.4 3.0 8.7

FY2013F 458.7 103.2 86.8 996 8.6 증권 19.7 0.7 3.8 1.5



대신증권

4,188.4

4,298.0

3,394.8

3,532.6

3,676.1

8,797.2 7,089.0

9,870.2 8,134.5

10,638.3 8,908.6

10,893.6 9,131.0

11,055.9 9,275.7

565.8

836.1

844.4

852.9

861.4

870.0

878.7

887.5

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-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

35,000

40,000

2004 2005 2006 2007 2008 2009 2010 2011

주가

x0.8

x0.7

x0.6

x0.5

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



201


A005940 40203020 universe

우리투자증권 (005940.KS) 업데이트 : 2012.11.12




52주 최고가 : 14,550 시가총액(십억원) : 2,032.4

52주 최저가 : 9,460 60일 평균 거래대금(백만원) : 11,350.5

연중 최고가 : 14,250 외국인지분(%) : 19.4

8 9 10 10 11


(7.3) (12.1) (4.2) 2.7 (1.0)

업종 대비 0.7 (4.1) 3.7 10.7 7.0 5

KOSPI 대비 (5.1) (10.2) (8.1) (1.3) (5.0) 10

22 23 24 19 20



2011/03A (30.4) 165.0 (15.1) 194.5 (14.9) 153.3 (15.1) 680.8 1,013 17,363 300

2012/03A (30.5) 224.2 35.9 220.4 13.3 168.0 9.6 779.3 899 15,841 230

2013/03F 63.7 149.1 (33.5) 127.7 (42.1) 101.5 (39.6) 686.2 465 16,076 120

2014/03F 8.2 159.3 6.9 159.3 24.7 124.2 22.4 707.1 570 16,526 150

2015/03F 8.2 156.4 (1.8) 164.4 3.2 128.2 3.2 709.7 588 16,964 150




2011/03A 2,628.7 14,833.8 486.2 321.3 11,730.8 132.1 19.0 1.11 6.1 1.6

2012/03A 3,455.5 15,354.4 464.4 367.5 10,472.1 129.2 14.5 0.82 6.4 1.8

2013/03F 3,506.9 16,221.1 317.2 401.7 11,335.4 130.5 21.9 0.63 2.9 1.2

2014/03F 3,605.0 16,674.7 335.4 405.7 12,269.8 135.0 17.9 0.62 3.5 1.5

2015/03F 3,700.5 17,116.4 334.0 409.8 13,281.2 135.0 17.4 0.60 3.6 1.5



2012/03A (40.2) 35.8 99.3 67.1 99.8 92.7 37.9 84.0 70.8 37.1 112.1

2012/06A (0.9) 99.6 34.7 (42.4) (65.0) 13.3 (78.1) (85.6) 12.3 (74.8) (82.6)

2012/09F 59.8 2.0 31.6 110.0 (9.1) 31.6 94.0 136.5 24.6 61.8 100.4

2012/12F 182.1 2.0 37.9 (23.8) 20.0 37.9 (24.8) 20.0 29.6 (11.4) 20.0

2013/03F 111.8 2.0 44.9 (54.8) 18.5 44.9 (51.6) 18.5 35.0 (50.5) 18.5

2013/06F 8.2 2.0 40.3 16.0 (10.3) 40.3 201.8 (10.3) 31.4 155.7 (10.3)

2013/09F 8.2 2.0 35.3 11.9 (12.3) 35.3 11.9 (12.3) 27.5 11.9 (12.3)

2013/12F 8.2 2.0 39.2 3.5 11.0 39.2 3.5 11.0 30.6 3.5 11.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 818.3 228.2 177.6 828 13.1 우리투자증권 19.1 0.6 3.3 1.4

FY2013F 916.9 312.9 242.8 1,099 9.8 증권 19.7 0.7 3.8 1.5



우리투자증권

3,779.2

2,625.2

4,297.3

4,651.6

5,035.0

19,359.2 16,730.5

22,408.0 18,952.4

24,623.8 21,116.9

25,312.4 21,707.4

25,982.9 22,282.5

522.4

1,042.6

1,063.5

1,084.8

1,106.5

1,128.6

1,151.2

1,174.2

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


0

5

10

15

20

25

30

35

40

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

주가

x1.4

x1.2

x1.0

x0.8

x0.6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



202


A006800 40203020 universe

대우증권 (006800.KS) 업데이트 : 2012.11.12

투자의견 : 중립 업종 : 증권 주가 수익률(12개월)



52주 최고가 : 14,850 시가총액(십억원) : 3,283.3

52주 최저가 : 9,250 60일 평균 거래대금(백만원) : 17,595.3

연중 최고가 : 14,600 외국인지분(%) : 13.0

8 9 10 10 11


(13.7) (13.4) (3.4) 2.4 (2.9)

업종 대비 (5.8) (5.4) 4.6 10.4 5.1 5

KOSPI 대비 (11.6) (11.5) (7.2) (1.6) (6.9) 10

22 23 24 19 20



2011/03A (23.2) 332.6 (19.3) 353.9 (16.4) 256.2 (19.7) 971.3 1,295 14,658 400

2012/03A 17.9 211.4 (36.4) 222.4 (37.2) 166.9 (34.8) 774.3 624 12,039 160

2013/03F (11.2) 144.9 (31.5) 180.0 (19.1) 142.4 (14.7) 706.1 426 12,263 110

2014/03F 8.2 182.8 26.2 206.8 14.9 161.3 13.3 755.3 483 12,608 120

2015/03F 8.2 201.9 10.4 225.9 9.2 176.2 9.2 785.8 527 12,987 140




2011/03A 2,863.3 15,407.8 568.1 314.1 9,398.0 124.3 15.6 1.38 9.0 2.0

2012/03A 3,972.9 12,754.9 470.0 273.7 8,093.4 117.2 21.2 1.10 5.8 1.2

2013/03F 4,049.2 13,096.8 329.9 328.6 8,760.6 90.9 23.6 0.82 3.6 1.1

2014/03F 4,166.8 13,477.1 373.3 331.9 9,482.7 87.1 20.8 0.80 4.0 1.2

2015/03F 4,295.8 13,894.6 396.5 335.2 10,264.4 86.3 19.1 0.77 4.2 1.4



2012/03A 25.0 (1.6) 111.6 77.1 317.2 109.0 37.1 295.4 81.2 29.6 216.4

2012/06A 7.3 (8.7) 20.0 (53.5) (82.1) 28.8 (42.4) (73.6) 24.4 (32.1) (69.9)

2012/09F (32.2) 2.0 45.6 51.6 128.5 54.4 51.9 89.2 42.4 76.5 73.7

2012/12F (6.5) 2.0 22.6 (15.7) (50.6) 31.3 13.7 (42.4) 24.4 (4.7) (42.4)

2013/03F (3.1) 2.0 56.7 (49.2) 151.4 65.5 (39.9) 108.9 51.1 (37.1) 108.9

2013/06F 8.2 2.0 29.0 45.1 (48.9) 35.0 21.7 (46.6) 27.3 11.6 (46.6)

2013/09F 8.2 2.0 51.9 13.7 79.1 57.9 6.4 65.5 45.2 6.4 65.5

2013/12F 8.2 2.0 34.2 51.8 (34.0) 40.2 28.4 (30.5) 31.4 28.4 (30.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 814.6 232.0 190.4 572 19.9 대우증권 21.7 0.8 3.8 1.2

FY2013F 931.0 313.8 247.1 731 15.6 증권 19.7 0.7 3.8 1.5



대우증권

3,524.4

4,153.8

3,686.7

3,990.6

4,319.5

17,940.5 15,077.3

22,463.4 18,490.5

23,812.2 19,763.0

24,503.8 20,337.0

25,262.7 20,966.9

979.5

894.5

912.4

930.6

949.2

968.2

987.6

1,007.3

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-10

-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

2004 2005 2006 2007 2008 2009 2010 2011

주가

x1.7

x1.5

x1.2

x0.9

x0.6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



203


A016360 40203020 universe

삼성증권 (016360.KS) 업데이트 : 2012.11.12




52주 최고가 : 65,900 시가총액(십억원) : 3,573.3

52주 최저가 : 45,050 60일 평균 거래대금(백만원) : 15,975.3

연중 최고가 : 64,700 외국인지분(%) : 23.0

8 9 10 10 11


(6.2) (6.7) (5.8) (5.7) (4.5)

업종 대비 1.7 1.3 2.1 2.2 3.5 5

KOSPI 대비 (4.1) (4.8) (9.7) (9.8) (8.5) 10

22 23 24 19 20



2011/03A (2.5) 356.4 13.0 338.1 5.9 238.3 (2.9) 977.2 3,566 43,531 1,250

2012/03A 9.1 320.5 (10.1) 285.9 (15.4) 192.4 (19.3) 1,187.1 2,748 45,674 700

2013/03F 13.1 249.6 (22.1) 213.7 (25.3) 166.9 (13.3) 1,018.3 2,184 48,189 560

2014/03F 8.2 273.8 9.7 237.9 11.4 185.6 11.2 1,057.9 2,428 50,057 620

2015/03F 8.2 289.8 5.8 253.8 6.7 198.0 6.7 1,081.7 2,590 52,028 660




2011/03A 2,798.7 9,683.6 749.7 215.3 12,820.6 131.9 22.1 1.81 9.2 1.6

2012/03A 3,380.4 15,591.7 775.6 317.9 11,648.8 119.9 20.7 1.24 6.9 1.2

2013/03F 3,572.7 15,421.7 619.0 318.9 13,408.9 119.7 21.4 0.97 4.9 1.2

2014/03F 3,715.4 16,038.0 679.8 322.1 16,979.6 119.7 19.3 0.93 5.2 1.3

2015/03F 3,866.0 16,688.0 700.3 325.3 21,501.2 119.7 18.0 0.90 5.3 1.4



2012/03A (29.5) (0.4) 116.2 5.0 273.6 99.7 4.1 661.4 62.0 (15.2) 683.5

2012/06A (1.0) 76.3 51.4 (45.6) (55.8) 42.4 (55.1) (57.4) 33.4 (51.6) (46.2)

2012/09F (32.0) 2.0 79.1 0.6 53.9 70.1 (10.8) 65.3 54.7 2.2 64.0

2012/12F 82.7 2.0 51.4 65.3 (35.0) 42.5 224.3 (39.5) 33.1 318.6 (39.5)

2013/03F 87.1 2.0 67.6 (41.8) 31.4 58.6 (41.2) 38.1 45.7 (26.2) 38.1

2013/06F 8.2 2.0 82.2 59.8 21.5 73.2 72.5 24.8 57.1 71.1 24.8

2013/09F 8.2 2.0 57.1 (27.8) (30.5) 48.1 (31.4) (34.2) 37.5 (31.4) (34.2)

2013/12F 8.2 2.0 59.9 16.4 4.9 50.9 19.9 5.8 39.7 19.9 5.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,089.6 292.0 217.6 2,838 17.4 삼성증권 20.0 0.9 5.1 1.3

FY2013F 1,224.1 379.4 282.0 3,795 13.0 증권 19.7 0.7 3.8 1.5



삼성증권

2,501.6

2,729.6

3,085.9

3,340.3

3,615.7

13,120.6 10,321.9

16,770.9 13,390.4

17,985.7 14,413.0

18,704.5 14,989.0

19,462.6 15,596.6

424.8

748.7

763.7

779.0

794.6

810.4

826.7

843.2

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-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

2004 2005 2006 2007 2008 2009 2010 2011

주가

x2.1

x1.8

x1.6

x1.3

x1.0

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



204


A039490 40203020 universe

키움증권 (039490.KS) 업데이트 : 2012.11.12




52주 최고가 : 76,000 시가총액(십억원) : 1,326.0

52주 최저가 : 49,600 60일 평균 거래대금(백만원) : 3,939.3

연중 최고가 : 76,000 외국인지분(%) : 28.5

8 9 10 10 11


(0.3) (2.0) (8.8) 12.8 8.9

업종 대비 7.6 6.0 (0.9) 20.7 16.9 5

KOSPI 대비 1.8 (0.1) (12.7) 8.8 4.9 10

22 23 24 19 20



2011/03A 6.6 133.6 14.6 145.0 23.5 107.9 23.1 285.4 4,877 31,863 800

2012/03A (5.9) 161.6 21.0 162.7 12.2 122.7 13.7 320.7 5,552 36,506 850

2013/03F 1.0 105.9 (34.4) 113.7 (30.1) 84.2 (31.3) 255.1 3,811 39,432 580

2014/03F 8.2 117.7 11.1 125.4 10.3 97.8 16.1 296.7 4,427 43,279 680

2015/03F 8.2 113.9 (3.2) 121.7 (3.0) 94.9 (3.0) 310.8 4,294 46,893 660




2011/03A 704.2 2,802.1 138.7 108.4 199.2 168.5 12.2 1.86 15.3 1.3

2012/03A 806.8 3,172.9 177.0 113.1 183.3 161.2 12.8 1.94 17.4 1.2

2013/03F 871.4 3,182.4 143.9 116.3 198.4 145.8 15.7 1.52 10.4 1.0

2014/03F 956.5 3,492.8 154.4 122.3 214.8 145.8 13.6 1.39 11.2 1.1

2015/03F 1,036.3 3,784.4 154.8 132.0 232.5 145.8 14.0 1.28 9.9 1.1



2012/03A (12.0) (16.4) 34.4 28.8 (35.3) 34.1 24.0 (37.6) 25.3 28.0 (39.6)

2012/06A 27.9 16.2 13.7 (61.7) (60.2) 15.7 (56.3) (54.1) 11.3 (58.2) (55.2)

2012/09F (27.6) 2.0 31.9 (16.2) 133.0 33.9 (11.1) 116.5 25.4 (10.9) 124.7

2012/12F 1.0 2.0 31.4 (41.0) (1.8) 33.3 (39.0) (1.7) 25.0 (40.2) (1.7)

2013/03F 23.3 2.0 28.9 (16.1) (7.9) 30.8 (9.5) (7.4) 22.5 (10.9) (9.9)

2013/06F 8.2 2.0 27.7 101.8 (4.3) 29.6 89.2 (4.0) 23.1 104.2 2.6

2013/09F 8.2 2.0 31.6 (1.0) 14.3 33.6 (0.9) 13.4 26.2 3.0 13.4

2013/12F 8.2 2.0 30.8 (2.0) (2.7) 32.7 (1.9) (2.6) 25.5 2.1 (2.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 269.9 118.2 94.2 4,262 14.0 키움증권 14.3 1.4 10.9 1.1

FY2013F 310.1 148.8 117.7 5,326 11.2 증권 19.7 0.7 3.8 1.5



키움증권

496.5

467.2

471.9

510.8

552.9

3,498.5 2,794.4

3,743.4 2,936.6

4,625.7 3,754.3

5,076.9 4,120.5

5,500.9 4,464.5

98.6

114.5

116.8

119.1

121.5

123.9

126.4

128.9

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-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

100,000

2004 2005 2006 2007 2008 2009 2010 2011

주가

x2.4

x2.2

x1.9

x1.7

x1.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



205



메리츠화재 (000060.KS) 업데이트 : 2012.10.29

투자의견 : 매수 업종 : 보험 주가 수익률(12개월)



52주 최고가 : 16,000 시가총액(십억원) : 1,266.8

52주 최저가 : 9,910 60일 평균 거래대금(백만원) : 6,051.1

연중 최고가 : 15,700 외국인지분(%) : 12.7

8 9 10 10 11


(11.5) 4.8 12.4 12.0 14.4

업종 대비 (7.7) 8.6 16.2 15.7 18.2 5

KOSPI 대비 (9.3) 6.6 8.6 8.0 10.4 10

22 23 24 19 20

연간추정 경과보험료 영업이익 세전이익 순이익 수정순이익 수정EPS 수정BPS DPS


2011/03A 15.8 161.2 (15.7) 277.3 48.1 120.9 (13.9) 132.3 1,484 8,189 450

2012/03A 14.5 220.7 36.9 217.5 (21.5) 164.6 36.1 164.6 1,702 9,298 550

2013/03F 12.2 217.4 (1.5) 208.4 (4.2) 160.1 (2.8) 160.1 1,655 11,512 500

2014/03F 11.5 310.7 42.9 302.7 45.2 229.4 43.3 229.4 2,372 13,385 500

2015/03F 0.2 349.7 12.6 341.7 12.9 259.0 12.9 259.0 2,678 15,563 550

자산총계 부채총계 자본총계 수정 운용자산 손해율 사업비율 투자수익률 수정PER 수정PBR 수정ROE DY

자기자본

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

2011/03A 615.6 708.3 5,367.5 79.3 23.1 5.3 6.2 1.13 20.6 4.9

2012/03A 899.0 899.0 6,642.2 80.4 20.8 4.6 7.6 1.39 20.8 4.3

2013/03F 1,113.2 1,113.2 8,051.8 80.6 22.2 4.8 7.9 1.14 17.8 3.8

2014/03F 1,294.2 1,294.2 9,435.8 81.6 19.6 4.3 5.5 0.98 20.6 3.8

2015/03F 1,504.9 1,504.9 11,000.1 81.7 19.8 4.3 4.9 0.84 20.0 4.2

분기추정 경과보험료 영업이익 세전이익 순이익


2012/03A 15.2 2.8 41.0 (3.3) (28.6) 42.4 (38.1) (22.9) 32.4 8.8 (20.2)

2012/06F 14.5 3.3 65.8 (7.4) 60.6 62.8 (9.0) 47.9 47.7 (7.7) 47.1

2012/09F 12.5 3.1 48.0 (6.6) (27.0) 46.0 (10.1) (26.8) 34.9 (12.8) (26.8)

2012/12F 11.3 1.6 47.0 (18.2) (2.2) 45.0 (18.3) (2.2) 35.0 (13.8) 0.3

2013/03F 10.9 2.4 56.7 38.4 20.8 54.7 29.0 21.7 42.6 31.3 21.7

2013/06F 10.3 2.7 84.3 28.2 48.7 82.3 31.1 50.4 62.4 30.9 46.6

2013/09F 12.1 4.9 77.6 61.7 (7.9) 75.6 64.5 (8.1) 57.3 64.4 (8.1)

2013/12F 10.5 0.1 72.8 54.9 (6.3) 70.8 57.4 (6.4) 53.6 53.3 (6.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA 243.9 185.5 1,885 7.9 메리츠화재 6.2 1.0 19.6 3.8

FY2013F NA 278.1 212.7 2,158 6.9 보험 10.9 0.9 8.7 2.6



메리츠화재

3,526.3

4,037.3

4,531.2

5,050.2

5,062.8

6,973.9 6,358.3

8,654.5 7,755.5

10,463.7 9,350.5

12,230.4 10,936.2

14,221.2 12,716.3

1,056.5

1,091.4

1,125.1

1,143.5

1,171.2

1,203.3

1,261.7

1,263.3

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-20

-15

-10

-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2004 2005 2006 2007 2008 2009 2010 2011

주가

x1.6

x1.4

x1.1

x0.8

x0.6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



206



삼성화재 (000810.KS) 업데이트 : 2012.10.31




52주 최고가 : 244,500 시가총액(십억원) : 10,114.5

52주 최저가 : 195,500 60일 평균 거래대금(백만원) : 19,892.9

연중 최고가 : 241,500 외국인지분(%) : 55.9

8 9 10 10 11


(8.4) (5.5) (1.6) (1.8) 3.9

업종 대비 (4.6) (1.8) 2.2 1.9 7.7 5

KOSPI 대비 (6.2) (3.7) (5.5) (5.8) (0.1) 10

22 23 24 19 20



2011/03A 19.6 921.8 27.2 888.3 29.1 664.9 26.8 720.3 13,979 134,482 3,750

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

2013/03F 15.8 1,163.1 5.7 1,132.2 7.0 871.1 11.0 871.1 17,227 173,532 5,000

2014/03F 8.8 1,260.2 8.3 1,240.2 9.5 940.1 7.9 940.1 18,591 187,511 5,000

2015/03F 10.0 1,179.0 (6.4) 1,159.0 (6.5) 878.5 (6.5) 878.5 17,373 200,272 5,500


자기자본


2011/03A 5,805.0 6,647.7 26,923.9 81.7 20.6 5.2 17.3 1.80 12.0 1.5

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

2013/03F 8,681.4 8,681.4 38,216.1 85.3 17.0 4.5 12.4 1.23 11.2 2.3

2014/03F 9,388.2 9,388.2 41,725.0 85.9 16.8 4.4 11.5 1.14 10.7 2.3

2015/03F 10,033.5 10,033.5 44,168.2 86.6 16.9 4.4 12.3 1.07 9.3 2.6



2012/03A 16.7 4.5 290.6 12.5 76.8 281.0 10.9 94.9 216.0 11.6 151.9

2012/06F 17.9 6.1 342.7 (6.0) 17.9 332.4 (6.6) 18.3 251.2 (7.8) 16.3

2012/09F 17.0 2.4 235.5 (16.2) (31.3) 225.9 (18.4) (32.0) 184.9 (12.1) (26.4)

2012/12F 15.9 2.1 277.2 68.6 17.7 271.7 88.5 20.3 206.0 140.2 11.4

2013/03F 12.8 1.7 307.7 5.9 11.0 302.2 7.5 11.2 229.1 6.0 11.2

2013/06F 10.1 3.6 349.4 1.9 13.5 344.4 3.6 14.0 261.0 3.9 14.0

2013/09F 12.4 4.5 300.6 27.7 (14.0) 295.6 30.9 (14.2) 224.1 21.2 (14.2)

2013/12F 7.5 (2.3) 296.7 7.0 (1.3) 291.7 7.4 (1.3) 221.1 7.4 (1.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 14,529.0 1,242.1 919.6 18,166 12.7 삼성화재 11.8 1.2 10.9 2.3

FY2013F 16,018.0 1,370.8 1,004.0 19,861 11.6 보험 10.9 0.9 8.7 2.6



삼성화재

11,861.1

13,679.4

15,844.4

17,236.0

18,959.6

31,587.6 25,782.6

38,621.2 30,926.1

45,143.2 36,461.8

49,288.2 39,899.9

52,174.2 42,140.7

3,613.6

3,833.9

3,925.7

4,007.4

4,077.5

4,222.8

4,412.4

4,309.0

0

50,000

100,000

150,000

200,000

250,000

300,000


-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

주가

x2.6

x2.3

x2.0

x1.7

x1.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



207



현대해상 (001450.KS) 업데이트 : 2012.10.31




52주 최고가 : 37,850 시가총액(십억원) : 3,084.3

52주 최저가 : 25,100 60일 평균 거래대금(백만원) : 10,347.3

연중 최고가 : 37,500 외국인지분(%) : 34.5

8 9 10 10 11


(4.7) 7.8 14.4 1.6 4.1

업종 대비 (0.9) 11.6 18.2 5.4 7.9 5

KOSPI 대비 (2.5) 9.7 10.6 (2.4) 0.1 10

22 23 24 19 20



2011/03A 17.7 236.2 (5.6) 215.1 (14.8) 159.5 (13.5) 205.4 2,173 16,548 700

2012/03A 26.0 560.0 137.1 536.0 149.2 398.9 150.1 398.9 4,462 19,732 1,350

2013/03F 9.6 563.3 0.6 535.1 (0.2) 405.6 1.7 405.6 4,537 24,863 1,250

2014/03F 11.4 598.7 6.3 568.7 6.3 431.1 6.3 431.1 4,822 28,560 1,200

2015/03F 0.0 638.0 6.6 608.0 6.9 460.9 6.9 460.9 5,155 32,636 1,200


자기자본


2011/03A 1,152.8 1,439.6 10,313.1 79.8 22.5 4.7 14.1 1.85 14.3 2.3

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

2013/03F 2,202.7 2,202.7 16,615.4 83.0 17.9 4.4 7.6 1.39 23.0 3.6

2014/03F 2,533.2 2,533.2 18,913.8 83.6 17.7 4.2 7.2 1.21 19.4 3.5

2015/03F 2,897.6 2,897.6 21,634.3 83.8 17.9 4.1 6.7 1.06 18.1 3.5



2012/03A 41.1 18.8 128.6 48.9 (1.1) 123.1 56.2 (0.2) 93.5 66.4 9.9

2012/06F 20.6 (9.7) 161.4 (2.3) 25.4 155.7 (4.8) 26.4 118.0 (5.9) 26.2

2012/09F 18.0 3.2 129.2 (5.1) (19.9) 121.8 (3.3) (21.8) 92.3 (2.9) (21.7)

2012/12F 9.4 (1.1) 127.2 (2.2) (1.5) 119.7 (3.0) (1.7) 90.7 6.7 (1.7)

2013/03F (5.0) 3.1 145.5 13.1 14.4 138.0 12.1 15.3 104.6 11.9 15.3

2013/06F 11.4 5.9 173.4 7.4 19.2 165.9 6.6 20.2 125.7 6.6 20.2

2013/09F 12.8 4.5 135.1 4.6 (22.1) 127.6 4.8 (23.1) 96.7 4.7 (23.1)

2013/12F 11.4 (2.3) 132.8 4.4 (1.7) 125.3 4.7 (1.8) 95.0 4.7 (1.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA 587.2 424.2 4,745 7.6 현대해상 7.3 1.3 20.7 3.5

FY2013F NA 648.1 470.3 5,261 6.9 보험 10.9 0.9 8.7 2.6



현대해상

6,634.2

8,357.9

9,161.9

10,206.6

10,206.6

13,005.8 11,853.0

17,571.3 15,827.3

21,586.1 19,383.4

24,572.2 22,039.0

28,106.6 25,209.0

2,472.0

2,233.1

2,303.8

2,277.6

2,347.4

2,486.7

2,598.3

2,537.4

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-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

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011

주가

x2.1

x1.8

x1.5

x1.2

x0.9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



208



LIG손해보험 (002550.KS) 업데이트 : 2012.11.04




52주 최고가 : 29,300 시가총액(십억원) : 1,524.0

52주 최저가 : 21,300 60일 평균 거래대금(백만원) : 3,822.9

연중 최고가 : 28,800 외국인지분(%) : 19.3

8 9 10 10 11


(5.8) 8.5 4.3 10.9 10.7

업종 대비 (2.0) 12.3 8.1 14.7 14.5 5

KOSPI 대비 (3.6) 10.4 0.4 6.9 6.7 10

22 23 24 19 20



2011/03A 21.4 128.9 (40.9) 96.7 (50.4) 72.7 (51.0) 112.8 1,718 20,998 500

2012/03A 24.2 339.7 163.5 308.2 218.8 209.0 187.6 209.0 3,484 22,384 800

2013/03F 17.1 364.6 7.3 342.0 11.0 264.0 26.3 264.0 4,399 27,075 1,000

2014/03F 11.8 414.7 13.7 390.7 14.2 296.1 12.2 296.1 4,935 31,148 1,000

2015/03F 0.2 461.8 11.4 437.8 12.1 331.9 12.1 331.9 5,531 35,816 1,200


자기자본


2011/03A 871.2 1,194.9 8,906.4 81.3 22.8 5.1 15.6 1.27 9.0 1.9

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

2013/03F 1,605.6 1,605.6 14,040.8 84.1 18.0 4.3 5.8 0.94 19.7 3.9

2014/03F 1,850.0 1,850.0 16,037.1 84.4 17.8 4.2 5.1 0.82 18.2 3.9

2015/03F 2,130.1 2,130.1 18,465.3 84.5 17.9 4.1 4.6 0.71 17.8 4.7



2012/03A 27.6 2.5 96.9 25.8 21.7 83.1 28.2 14.4 61.8 24.3 33.2

2012/06F 28.2 5.2 103.6 0.4 6.9 99.6 (0.0) 19.9 75.5 0.1 22.0

2012/09F 18.0 1.2 75.4 25.6 (27.2) 68.9 30.1 (30.9) 56.9 124.1 (24.6)

2012/12F 13.0 3.6 94.7 19.0 25.6 88.7 22.2 28.9 67.3 44.8 18.3

2013/03F 11.0 0.7 90.9 (6.2) (4.1) 84.9 2.2 (4.3) 64.3 4.1 (4.3)

2013/06F 12.0 6.1 109.7 5.9 20.7 103.7 4.1 22.1 78.6 4.1 22.1

2013/09F 18.0 6.6 88.5 17.3 (19.3) 82.5 19.8 (20.4) 62.5 10.0 (20.4)

2013/12F 10.4 (3.1) 107.9 13.9 21.9 101.9 14.8 23.5 77.2 14.8 23.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA 379.5 272.5 4,540 5.9 LIG손해보험 5.4 0.9 18.7 3.9

FY2013F NA 434.0 312.1 5,199 5.2 보험 10.9 0.9 8.7 2.6



LIG손해보험

5,679.8

7,051.5

8,254.5

9,225.3

9,243.8

11,580.1 10,708.9

14,872.9 13,548.7

18,465.0 16,859.3

21,090.2 19,240.2

24,283.6 22,153.4

1,907.1

2,006.2

2,029.6

2,101.8

2,116.9

2,246.4

2,395.5

2,320.3

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-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

35,000

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011

주가

x1.8

x1.6

x1.3

x1.1

x0.8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



209



코리안리 (003690.KS) 업데이트 : 2012.08.22




52주 최고가 : 16,000 시가총액(십억원) : 1,193.0

52주 최저가 : 9,020 60일 평균 거래대금(백만원) : 4,586.3

연중 최고가 : 14,872 외국인지분(%) : 42.5

8 9 10 10 11


(12.9) (5.6) (20.8) (31.4) (29.0)

업종 대비 (9.2) (1.8) (17.0) (27.6) (25.3) 5

KOSPI 대비 (10.8) (3.8) (24.7) (35.4) (33.0) 10

22 23 24 19 20



2011/03A 5.4 143.3 5.0 141.2 36.1 107.6 37.2 176.7 1,381 11,081 330

2012/03A 10.1 76.5 (46.6) 74.1 (47.5) 43.9 (59.2) 43.9 379 11,790 60

2013/03F 11.0 239.8 213.4 236.6 219.5 179.3 308.6 179.3 1,547 13,199 330

2014/03F 11.6 290.1 21.0 288.1 21.8 218.4 21.8 218.4 1,884 14,769 330

2015/03F (0.1) 301.5 3.9 299.5 4.0 227.0 4.0 227.0 1,959 16,413 330


자기자본


2011/03A 754.8 1,147.5 3,049.7 79.1 19.4 5.9 9.1 1.13 13.8 2.6

2012/03A 1,256.8 1,256.8 3,477.1 84.0 18.9 5.4 36.0 1.16 3.4 0.4

2013/03F 1,420.1 1,420.1 3,478.2 77.7 20.0 4.4 6.5 0.77 13.1 3.3

2014/03F 1,602.1 1,602.1 4,134.2 76.9 20.3 4.6 5.4 0.68 14.3 3.3

2015/03F 1,792.6 1,792.6 4,662.2 77.0 20.5 4.5 5.2 0.62 13.3 3.3



2012/03A 9.7 1.2 (82.5) NA NA (83.6) NA NA (64.4) NA NA

2012/06F 12.8 0.7 28.4 (70.3) NA 26.6 (71.3) NA 20.2 (71.6) NA

2012/09F 11.9 10.4 75.5 16.4 166.1 75.0 9.0 181.7 56.8 9.5 181.4

2012/12F 13.1 0.5 70.0 NA (7.3) 69.5 NA (7.4) 52.7 NA (7.4)

2013/03F 6.6 (4.6) 66.0 NA (5.7) 65.5 NA (5.7) 49.7 NA (5.7)

2013/06F 8.7 2.8 71.4 151.6 8.1 70.9 166.2 8.2 53.7 165.9 8.2

2013/09F 11.8 13.5 72.3 (4.3) 1.3 71.8 (4.3) 1.3 54.4 (4.3) 1.3

2013/12F 11.2 (0.0) 68.7 (1.8) (4.9) 68.2 (1.8) (4.9) 51.7 (1.8) (4.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA NA 191.5 NA 0.0 코리안리 5.7 0.7 13.9 3.3

FY2013F NA NA NA NA 0.0 보험 10.9 0.9 8.7 2.6



코리안리

3,085.3

3,397.4

3,772.0

4,210.5

4,208.1

4,750.6 3,995.8

6,932.5 5,675.7

6,887.6 5,467.5

8,186.5 6,584.5

9,232.1 7,439.5

877.0

883.2

974.8

979.5

934.5

960.2

1,089.8

1,089.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-45

-40

-35

-30

-25

-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

18,000

2004 2005 2006 2007 2008 2009 2010 2011

주가

x1.4

x1.3

x1.1

x1.0

x0.8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



210



동부화재 (005830.KS) 업데이트 : 2012.11.01

투자의견 : 중립 업종 : 보험 주가 수익률(12개월)



52주 최고가 : 54,000 시가총액(십억원) : 3,232.0

52주 최저가 : 38,550 60일 평균 거래대금(백만원) : 6,963.1

연중 최고가 : 52,100 외국인지분(%) : 37.1

8 9 10 10 11


(8.3) 2.6 (6.5) (5.4) (10.5)

업종 대비 (4.6) 6.4 (2.7) (1.6) (6.7) 5

KOSPI 대비 (6.2) 4.4 (10.3) (9.4) (14.5) 10

22 23 24 19 20



2011/03A 17.1 387.8 25.0 369.0 25.6 284.5 25.7 328.4 4,489 24,729 900

2012/03A 30.3 562.0 44.9 545.0 47.7 403.1 41.7 403.1 5,694 31,558 1,200

2013/03F 8.2 645.2 14.8 626.1 14.9 471.3 16.9 471.3 6,657 39,706 1,300

2014/03F 11.7 620.9 (3.8) 600.9 (4.0) 455.5 (3.4) 455.5 6,434 44,977 1,300

2015/03F 0.2 661.4 6.5 641.4 6.7 486.2 6.7 486.2 6,867 50,682 1,450


자기자본


2011/03A 1,377.2 1,699.0 10,523.3 79.7 21.2 5.2 11.2 2.03 21.0 1.8

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

2013/03F 2,781.5 2,781.5 17,568.5 83.6 16.8 4.4 6.9 1.15 21.1 2.8

2014/03F 3,154.7 3,154.7 20,024.9 84.6 16.9 4.2 7.1 1.01 16.2 2.8

2015/03F 3,558.6 3,558.6 22,700.4 84.6 17.1 4.0 6.6 0.90 15.3 3.2



2012/03A 40.6 8.7 112.2 (11.1) (26.4) 105.4 (10.5) (28.6) 80.8 (9.9) (20.1)

2012/06F 24.5 (7.1) 156.4 (4.7) 39.5 153.5 (4.8) 45.7 112.4 (8.2) 39.1

2012/09F 13.6 0.7 177.1 32.9 13.2 170.9 30.7 11.3 130.3 31.8 15.9

2012/12F 2.4 0.7 151.3 (0.7) (14.5) 146.3 (0.8) (14.4) 110.9 9.7 (14.9)

2013/03F (3.1) 2.8 160.3 42.9 5.9 155.3 47.4 6.1 117.7 45.8 6.1

2013/06F 4.9 0.6 155.6 (0.5) (2.9) 150.6 (1.9) (3.0) 114.2 1.6 (3.0)

2013/09F 9.4 5.0 169.7 (4.2) 9.1 164.7 (3.6) 9.4 124.8 (4.2) 9.4

2013/12F 14.6 5.5 154.1 1.8 (9.2) 149.1 1.9 (9.5) 113.0 1.9 (9.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA 618.0 453.1 6,399 7.8 동부화재 7.0 1.1 17.9 2.8

FY2013F NA 681.8 502.5 7,097 7.1 보험 10.9 0.9 8.7 2.6



동부화재

6,422.1

8,368.0

9,051.5

10,115.0

10,136.2

12,871.3 11,494.1

17,528.3 15,323.7

21,834.9 19,053.4

24,764.8 21,610.0

27,935.4 24,376.7

2,397.5

2,227.3

2,242.5

2,258.9

2,322.7

2,336.0

2,453.2

2,587.7

0

10,000

20,000

30,000

40,000

50,000

60,000


-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

2004 2005 2006 2007 2008 2009 2010 2011

주가

x2.3

x2.0

x1.6

x1.2

x0.9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



211



삼성생명 (032830.KS) 업데이트 : 2012.11.09




52주 최고가 : 102,000 시가총액(십억원) : 18,600.0

52주 최저가 : 79,500 60일 평균 거래대금(백만원) : 10,715.5

연중 최고가 : 100,500 외국인지분(%) : 10.3

8 9 10 10 11


0.3 (4.1) (3.2) 13.4 15.7

업종 대비 4.1 (0.3) 0.6 17.2 19.5 5

KOSPI 대비 2.5 (2.3) (7.1) 9.4 11.7 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)

2011/03A 0.5 1,643.9 141.5 2,609.6 123.3 1,924.9 112.4 107,165 9,624 76,950 2,000

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

2013/03F 18.4 735.1 32.1 1,438.2 22.3 1,112.5 17.4 133,306 5,562 107,177 2,000

2014/03F (2.9) 724.0 (1.5) 1,485.4 3.3 1,125.9 1.2 148,236 5,630 114,128 2,200

2015/03F 6.6 1,193.7 64.9 2,047.3 37.8 1,551.9 37.8 164,838 7,759 123,233 2,420

자산총계 부채총계 자본총계 운용자산 보험금 사업비율 투자수익률 P/EV PER PBR ROE DY

지급율

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

2011/03A 15,390.0 118,655.9 113.2 23.2 6.4 1.0 10.7 1.34 15.9 1.9

2012/03A 18,113.2 130,272.2 112.1 22.6 4.7 0.8 20.9 1.08 6.2 2.0

2013/03F 20,879.7 142,219.9 108.8 20.2 4.5 0.7 16.7 0.87 6.1 2.2

2014/03F 22,269.9 150,515.0 110.7 21.5 4.5 0.6 16.5 0.81 5.4 2.4

2015/03F 24,090.9 159,050.1 108.5 20.6 4.4 0.6 12.0 0.75 7.0 2.6

주) EV 할인율 9.5% 적용

분기추정 보험영업수익 영업이익 세전이익 순이익


2012/03A 6.2 10.3 399.1 (42.1) 762.1 572.8 (33.1) 185.3 482.9 (25.9) 231.6

2012/06F 8.1 (3.2) 124.1 (29.0) (68.9) 288.0 (10.3) (49.7) 242.0 (9.8) (49.9)

2012/09F 56.7 44.2 158.5 NA 27.7 344.2 322.0 19.5 259.5 414.3 7.2

2012/12F 10.2 (28.5) 160.3 246.3 1.1 335.5 67.1 (2.5) 254.3 74.6 (2.0)

2013/03F 1.1 1.2 292.2 (26.8) 82.3 470.6 (17.8) 40.3 356.7 (26.1) 40.3

2013/06F 9.0 4.4 115.1 (7.2) (60.6) 294.2 2.2 (37.5) 223.0 (7.8) (37.5)

2013/09F (24.6) (0.3) 175.8 10.9 52.7 361.9 5.2 23.0 274.3 5.7 23.0

2013/12F 6.5 1.1 192.2 19.9 9.4 388.5 15.8 7.4 294.5 15.8 7.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 15,387.0 760.6 1,095.9 5,426 17.1 삼성생명 16.6 0.8 5.7 2.3

FY2013F 15,732.7 881.2 1,212.0 5,955 15.6 보험 10.9 0.9 8.7 2.6



삼성생명

14,850.7

14,990.6

17,755.0

17,247.1

18,389.8

146,353.6 130,963.6

161,072.4 142,959.2

175,122.1 157,824.0

186,608.2 170,217.1

198,742.7 183,173.1

4,059.8

3,929.8

5,667.8

4,054.3

4,103.1

4,284.7

4,270.9

4,318.3

0

20,000

40,000

60,000

80,000

100,000

120,000


-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

180,000

2009 2010 2011

주가

x1.8

x1.6

x1.4

x1.1

x0.9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



212



한화생명 (088350.KS) 업데이트 : 2012.11.08

투자의견 : 중립 업종 : 보험 주가 수익률(12개월)



52주 최고가 : 7,900 시가총액(십억원) : 6,505.3

52주 최저가 : 5,880 60일 평균 거래대금(백만원) : 2,996.7

연중 최고가 : 7,890 외국인지분(%) : 12.9

8 9 10 10 11


(0.7) (2.5) 20.8 3.2 4.5

업종 대비 3.1 1.3 24.6 6.9 8.2 5

KOSPI 대비 1.5 (0.6) 16.9 (0.8) 0.5 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)

2011/03A (1.6) (65.1) NA 650.8 19.3 481.3 15.1 9,070 554 7,093 230

2012/03A (0.7) (90.2) NA 707.4 8.7 534.0 11.0 945 615 7,701 230

2013/03F 15.8 (154.5) NA 743.8 5.1 568.3 6.4 1,058 654 8,327 223

2014/03F (4.8) (179.8) NA 777.5 4.5 589.3 3.7 1,185 679 8,782 223

2015/03F 5.3 (233.6) NA 791.3 1.8 599.8 1.8 1,328 691 9,250 223

자산총계 부채총계 자본총계 운용자산 보험금 사업비율 투자수익률 P/EV PER PBR ROE DY

지급율

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

2011/03A 6,160.2 47,408.0 104.2 27.6 5.9 0.8 13.7 1.07 8.5 3.0

2012/03A 6,497.3 51,562.2 110.6 26.6 5.6 7.9 12.2 0.97 8.7 3.1

2013/03F 7,041.1 56,814.1 110.8 24.9 5.6 5.8 11.4 0.90 8.7 3.0

2014/03F 7,436.6 61,240.5 113.1 25.9 5.3 5.2 11.0 0.85 8.4 3.0

2015/03F 7,842.7 66,020.6 114.7 25.4 5.2 4.6 10.8 0.81 8.1 3.0

주) EV 할인율 9.5% 적용

분기추정 보험영업수익 영업이익 세전이익 순이익


2012/03A 16.2 15.7 (5.1) NA NA 212.8 19.1 1.0 161.8 31.1 1.9

2012/06F 5.7 (10.8) (44.6) NA NA 185.8 (10.2) (12.7) 141.4 (7.4) (12.6)

2012/09F 49.6 45.7 (4.1) NA NA 212.8 176.8 14.6 165.3 171.7 16.9

2012/12F 5.2 (30.1) (26.6) NA NA 194.2 (7.9) (8.7) 147.2 (7.2) (10.9)

2013/03F 3.9 14.3 (79.2) NA NA 151.0 (29.1) (22.2) 114.5 (29.2) (22.2)

2013/06F 5.4 (9.6) (56.4) NA NA 180.5 (2.9) 19.5 136.8 (3.3) 19.5

2013/09F (26.1) 2.2 (6.2) NA NA 229.1 7.6 26.9 173.6 5.0 26.9

2013/12F 5.3 (0.3) (29.6) NA NA 208.0 7.1 (9.2) 157.7 7.1 (9.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA NA NA NA 0.0 한화생명 11.2 0.9 8.5 3.0

FY2013F NA NA NA NA 0.0 보험 10.9 0.9 8.7 2.6



한화생명

7,214.8

7,163.2

8,291.4

7,896.1

8,310.7

63,723.9 57,563.6

68,860.8 62,363.5

74,658.4 67,617.3

80,210.9 72,774.2

86,197.1 78,354.4

2,002.6

1,786.2

2,603.2

1,820.8

2,081.2

1,881.9

1,922.5

1,917.7

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

2009 2010 2011

주가

x1.4

x1.3

x1.1

x0.9

x0.8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



213



NHN (035420.KS) 업데이트 : 2012.11.08

투자의견 : 매수 업종 : 인터넷·소프트웨어 주가 수익률(12개월)



52주 최고가 : 292,500 시가총액(십억원) : 12,609.5

52주 최저가 : 198,500 60일 평균 거래대금(백만원) : 61,466.9

연중 최고가 : 290,500 외국인지분(%) : 52.6

9 10 11 12 13


0.8 0.2 14.4 8.0 25.4

업종 대비 6.9 6.3 20.5 14.1 31.5 5

KOSPI 대비 2.9 2.0 10.5 4.0 21.4 10

22 23 24 19 20



2010/12A 11.7 590.4 2.0 603.5 7.0 473.1 12.4 683.6 10,553 40,696 0

2011/12A 18.8 620.4 5.1 632.1 4.7 450.0 (4.9) 708.7 10,134 49,703 536

2012/12F 11.7 633.9 2.2 674.2 6.7 505.6 12.4 734.8 11,496 59,621 643

2013/12F 13.8 728.4 14.9 774.6 14.9 580.9 14.9 849.6 13,205 70,986 772

2014/12F 15.0 931.4 27.9 994.6 28.4 745.9 28.4 1,050.5 16,956 85,638 926



2010/12A 1,323.8 (650.4) 17.0 (124.2) 33.1 15.0 21.5 5.58 41.0 0.0

2011/12A 1,577.5 (885.8) 14.1 (122.4) 29.2 13.1 20.8 4.25 31.0 0.3

2012/12F 1,954.2 (715.6) 11.4 (206.3) 26.8 16.2 22.8 4.39 28.6 0.2

2013/12F 2,501.1 (1,214.4) 8.9 (73.2) 27.0 13.4 19.8 3.69 26.1 0.3

2014/12F 3,206.3 (1,658.9) 6.9 (256.8) 30.1 10.4 15.5 3.06 26.1 0.4



2012/03A 14.2 (0.0) 161.7 (3.7) 6.8 181.2 7.4 8.0 136.1 10.3 22.5

2012/06A 9.6 (0.1) 149.5 (0.8) (7.5) 153.8 (0.8) (15.1) 114.5 0.9 (15.9)

2012/09F 12.9 3.6 156.6 4.3 4.7 168.5 19.9 9.6 126.8 24.2 10.8

2012/12F 10.1 6.5 166.0 9.6 6.0 170.7 1.7 1.3 128.3 15.5 1.2

2013/03F 10.3 0.1 163.6 1.2 (1.4) 172.6 (4.7) 1.1 129.5 (4.8) 0.9

2013/06F 16.7 5.7 178.2 19.2 8.9 187.7 22.1 8.7 140.8 23.0 8.7

2013/09F 13.5 0.7 181.6 15.9 1.9 190.6 13.1 1.5 142.9 12.7 1.5

2013/12F 14.5 7.4 204.9 23.5 12.9 223.6 31.0 17.3 167.7 30.7 17.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,381.0 641.6 509.1 10,558 24.2 NHN 20.1 3.8 26.4 0.3

FY2013F 2,787.8 832.1 660.0 13,552 18.8 인터넷·소프트웨어 17.7 3.2 21.6 0.4



NHN

1,785.4

2,121.3

2,368.5

2,694.4

3,098.6

1,967.0 645.0

2,372.7 794.8

2,678.2 723.6

3,280.0 778.5

4,044.3 837.7

572.9

572.1

592.5

631.1

631.8

667.8

672.5

722.3

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-25

-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

300,000

350,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x25

x22

x19

x16

x14

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



214



다음 (035720.KQ) 업데이트 : 2012.10.21

투자의견 : 중립 업종 : 인터넷·소프트웨어 주가 수익률(12개월)

목표주가 : - 애널리스트 : 홍종길


52주 최고가 : 150,100 시가총액(십억원) : 1,176.1

52주 최저가 : 83,200 60일 평균 거래대금(백만원) : 14,648.2

연중 최고가 : 132,500 외국인지분(%) : 47.2

9 10 11 12 13


(7.7) (16.2) (19.0) (38.5) (29.6)

업종 대비 (1.6) (10.1) (12.9) (32.4) (23.5) 5

KOSPI 대비 (5.6) (14.3) (22.8) (42.5) (33.6) 10

22 23 24 19 20



2010/12A 27.8 92.6 110.4 93.4 140.1 122.8 278.6 116.8 2,680 26,671 749

2011/12A 20.2 113.8 22.8 127.4 36.4 108.5 (11.7) 140.8 8,084 34,297 1,607

2012/12F 9.4 102.1 (10.3) 108.7 (14.7) 88.1 (18.8) 133.2 6,567 39,434 1,269

2013/12F 13.5 106.7 4.5 122.7 12.9 99.4 12.9 140.9 7,365 45,337 1,462

2014/12F 8.1 118.5 11.0 137.9 12.4 111.7 12.4 154.9 8,276 52,006 1,607



2010/12A 356.4 (219.4) 0.2 (27.4) 26.4 6.9 28.8 2.89 43.4 1.0

2011/12A 456.5 (228.2) 0.1 (42.8) 27.0 9.8 14.8 3.50 26.7 1.3

2012/12F 527.5 (278.4) 0.2 (43.8) 22.2 6.7 13.3 2.21 17.9 1.5

2013/12F 607.2 (345.4) 0.2 (34.2) 20.4 5.9 11.8 1.92 17.5 1.7

2014/12F 697.2 (429.0) 0.2 (31.1) 21.0 4.8 10.5 1.67 17.1 1.8



2012/03A 13.3 (6.0) 27.1 (11.3) 6.1 28.1 (15.0) 28.6 21.2 (17.4) 92.4

2012/06A 12.7 5.8 29.8 1.9 10.0 29.3 (12.2) 4.3 22.3 (42.9) 5.2

2012/09F 7.8 (4.4) 22.6 119.6 (24.2) 25.5 22.1 (13.0) 19.7 (39.8) (11.5)

2012/12F 4.6 10.0 22.6 (11.3) 0.2 25.8 17.9 1.1 24.9 125.9 26.0

2013/03F 11.6 0.3 23.9 (11.9) 5.4 27.6 (2.0) 6.9 22.3 5.4 (10.2)

2013/06F 12.7 6.7 26.8 (10.2) 12.2 30.7 4.6 11.3 24.9 11.5 11.3

2013/09F 15.7 (1.8) 28.0 23.8 4.5 32.1 25.7 4.5 26.0 31.7 4.5

2013/12F 13.9 8.3 28.1 24.2 0.5 32.4 25.7 1.1 26.3 5.6 1.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 471.8 112.8 92.3 6,808 13.6 다음 12.0 1.9 17.6 1.7

FY2013F 549.8 136.2 114.1 8,387 11.0 인터넷·소프트웨어 17.7 3.2 21.6 0.4



다음

350.4

421.3

460.9

523.0

565.3

460.8 104.5

558.7 102.5

635.3 108.5

732.0 126.0

832.5 137.0

110.2

116.6

111.5

122.7

123.0

131.3

129.0

139.7

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x31

x25

x19

x13

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



215



엔씨소프트 (036570.KS) 업데이트 : 2012.11.07

투자의견 : 매수 업종 : 인터넷·소프트웨어 주가 수익률(12개월)



52주 최고가 : 329,000 시가총액(십억원) : 3,492.6

52주 최저가 : 154,000 60일 평균 거래대금(백만원) : 74,258.4

연중 최고가 : 322,500 외국인지분(%) : 39.7

9 10 11 12 13


(23.5) (35.0) (26.8) (50.9) (47.4)

업종 대비 (17.4) (28.9) (20.7) (44.8) (41.3) 5

KOSPI 대비 (21.3) (33.2) (30.7) (54.9) (51.4) 10

22 23 24 19 20



2010/12A 3.9 173.6 (25.8) 195.1 (19.0) 143.7 (22.0) 194.8 7,284 39,182 600

2011/12A (7.7) 135.1 (22.2) 157.2 (19.4) 120.7 (16.0) 160.5 6,097 44,008 600

2012/12F 21.8 156.8 16.1 173.3 10.2 136.3 13.0 184.7 6,853 49,600 600

2013/12F 24.6 353.4 125.4 374.4 116.0 298.7 119.1 380.6 14,993 62,698 600

2014/12F 19.2 493.1 39.5 522.4 39.5 403.6 35.1 526.9 20,257 80,586 600



2010/12A 748.1 (616.2) 0.5 (40.0) 26.3 20.2 28.6 5.32 20.8 0.3

2011/12A 855.6 (522.5) 1.4 (190.9) 22.2 38.7 50.4 6.99 15.1 0.2

2012/12F 980.0 (604.3) 1.2 (61.2) 21.1 15.7 23.3 3.22 14.9 0.4

2013/12F 1,266.8 (824.0) 1.0 (54.9) 38.2 7.0 10.6 2.54 26.6 0.4

2014/12F 1,658.4 (1,157.8) 0.7 (55.3) 44.7 4.5 7.9 1.98 27.6 0.4



2012/03A (9.2) 1.6 13.7 (66.2) (17.6) 18.3 (60.7) (16.0) 12.6 (63.6) (22.1)

2012/06A (12.0) 4.0 (7.6) NA NA (3.2) NA NA (7.3) NA NA

2012/09F 23.4 24.1 50.6 49.8 NA 54.2 39.6 NA 47.2 69.2 NA

2012/12F 95.5 49.1 100.1 500.0 97.7 104.0 375.9 91.9 83.9 420.3 77.9

2013/03F 28.6 (33.2) 49.6 261.1 (50.4) 54.4 196.8 (47.6) 42.8 240.8 (49.0)

2013/06F 23.2 (0.4) 47.6 NA (4.0) 52.9 NA (2.8) 40.5 NA (5.4)

2013/09F 13.0 13.8 72.9 43.9 52.9 78.7 45.1 48.6 58.4 23.9 44.2

2013/12F 31.2 73.1 183.2 83.1 151.5 188.3 81.1 139.4 157.0 87.2 168.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 796.5 187.0 150.9 6,926 29.6 엔씨소프트 11.3 2.6 25.3 0.4

FY2013F 1,047.7 425.9 337.9 15,346 13.4 인터넷·소프트웨어 17.7 3.2 21.6 0.4



엔씨소프트

659.7

608.9

741.9

924.6

1,102.2

1,023.5 262.3

1,113.4 245.0

1,233.5 240.7

1,526.4 246.7

1,936.2 264.9

141.2

146.8

182.2

271.7

181.5

180.9

205.9

356.3

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-60

-50

-40

-30

-20

-10

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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x43

x33

x24

x15

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



216



네오위즈게임즈 (095660.KQ) 업데이트 : 2012.08.14

투자의견 : 중립 업종 : 인터넷·소프트웨어 주가 수익률(12개월)

목표주가 : - 애널리스트 : 홍종길


52주 최고가 : 56,500 시가총액(십억원) : 509.5

52주 최저가 : 21,100 60일 평균 거래대금(백만원) : 20,684.5

연중 최고가 : 44,500 외국인지분(%) : 20.9

9 10 11 12 13


(13.6) (1.1) (17.7) (58.8) (44.5)

업종 대비 (7.5) 5.0 (11.6) (52.7) (38.4) 5

KOSPI 대비 (11.4) 0.8 (21.6) (62.8) (48.5) 10

22 23 24 19 20



2010/12A 16.3 26.9 (66.3) 27.5 (62.4) 26.3 (41.8) 37.8 1,308 11,243 0

2011/12A 55.1 106.8 297.1 100.8 266.5 73.0 177.5 128.4 3,499 14,143 0

2012/12F 9.0 118.3 10.8 110.2 9.3 83.2 14.0 144.5 4,013 17,942 0

2013/12F (12.5) 70.5 (40.4) 65.4 (40.7) 50.0 (39.9) 95.5 2,413 20,225 0

2014/12F 1.8 71.2 1.0 67.5 3.2 51.7 3.2 97.4 2,491 22,582 0



2010/12A 236.2 (56.3) 0.2 (10.3) 6.2 24.2 35.1 4.09 11.3 0.0

2011/12A 248.7 111.5 70.1 (97.7) 16.0 8.4 12.3 3.05 30.1 0.0

2012/12F 331.9 96.0 53.8 (19.5) 16.2 4.4 5.8 1.30 28.7 0.0

2013/12F 382.0 12.4 47.2 (20.4) 11.1 5.7 9.6 1.15 14.0 0.0

2014/12F 433.6 (23.3) 41.9 (21.3) 11.0 5.2 9.3 1.03 12.7 0.0



2012/03A 33.1 11.6 35.7 53.5 19.7 36.1 66.4 30.0 28.4 90.4 28.3

2012/06F 0.3 (14.6) 25.7 30.7 (28.1) 22.0 (18.8) (39.0) 14.2 (20.7) (50.0)

2012/09F 2.5 6.5 28.7 14.5 11.6 25.7 6.1 16.6 19.7 8.7 38.4

2012/12F 3.5 2.1 28.2 (5.5) (1.5) 26.4 (4.9) 2.9 21.0 (5.3) 6.7

2013/03F (19.0) (12.7) 17.0 (52.5) (39.8) 15.3 (57.5) (41.9) 11.7 (58.6) (44.0)

2013/06F (6.5) (1.4) 16.3 (36.4) (3.9) 14.9 (32.2) (2.7) 11.4 (19.5) (2.7)

2013/09F (11.3) 1.0 18.8 (34.3) 15.4 17.6 (31.3) 18.1 13.5 (31.3) 18.1

2013/12F (12.3) 0.9 18.4 (35.0) (2.6) 17.5 (33.9) (1.0) 13.4 (36.3) (1.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 722.8 119.6 82.7 3,750 7.2 네오위즈게임즈 9.0 1.2 15.6 0.0

FY2013F 670.0 89.7 63.4 2,913 9.2 인터넷·소프트웨어 17.7 3.2 21.6 0.4



네오위즈게임즈

430.5

667.7

727.9

636.7

648.3

433.6 196.7

626.2 353.3

679.3 323.7

715.3 310.1

768.0 311.5

197.2

168.4

179.3

183.0

159.7

157.5

159.0

160.5

0

10,000

20,000

30,000

40,000

50,000

60,000


-80

-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

2007 2008 2009 2010 2011 2012

주가

x25

x19

x14

x8

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



217


A004130 452010 universe

대덕GDS (004130.KS) 업데이트 : 2012.11.16

투자의견 : 매수 업종 : 통신장비·부품 주가 수익률(12개월)

목표주가 : 21,000 애널리스트 : 양정훈


52주 최고가 : 16,600 시가총액(십억원) : 332.3

52주 최저가 : 9,000 60일 평균 거래대금(백만원) : 2,521.7

연중 최고가 : 16,150 외국인지분(%) : 23.4

9 10 11 12 13


25.2 12.2 18.8 72.0 64.6

업종 대비 18.4 5.3 11.9 65.2 57.8 5

KOSPI 대비 27.4 14.0 14.9 68.0 60.6 10

22 23 24 19 20



2010/12A (1.4) 14.5 (65.3) 49.2 12.3 30.9 (4.9) 22.9 1,358 14,932 300

2011/12A 15.8 25.4 75.1 31.4 (36.3) 16.1 (47.9) 40.4 770 15,461 300

2012/12F 12.9 47.6 87.3 55.0 75.5 42.9 167.1 72.2 1,889 16,755 300

2013/12F 16.5 56.9 19.7 60.9 10.7 48.3 12.4 81.6 2,124 19,009 300

2014/12F 15.0 65.5 15.0 69.5 14.0 53.9 11.7 90.2 2,372 21,581 300



2010/12A 331.3 (122.9) 0.4 (47.1) 4.0 3.8 6.8 0.62 9.7 3.2

2011/12A 342.2 (91.5) 0.4 (34.3) 6.1 3.1 12.7 0.63 4.8 3.1

2012/12F 363.5 (20.1) 0.0 (25.0) 10.1 5.9 8.6 0.96 12.2 1.9

2013/12F 387.9 (46.3) 0.0 (50.0) 10.4 5.2 7.6 0.85 12.9 1.9

2014/12F 415.8 (48.3) 0.0 (30.0) 10.4 5.0 6.8 0.75 13.4 1.9



2012/03A 10.9 3.5 11.3 60.6 418.5 12.9 43.3 289.2 10.2 55.3 420.1

2012/06A 12.6 1.2 11.4 60.3 0.9 14.3 58.1 11.4 10.0 119.0 (1.2)

2012/09F 15.8 9.8 10.5 15.8 (8.1) 12.7 26.7 (11.7) 9.6 (2.4) (4.4)

2012/12F 23.5 7.3 (3.8) NA NA (4.8) NA NA 13.2 575.5 37.6

2013/03F 15.8 (2.9) 13.1 15.8 NA 13.7 6.6 NA 9.9 (2.9) (25.3)

2013/06F 15.8 1.2 13.2 15.8 0.9 15.1 5.6 10.3 10.9 9.0 10.9

2013/09F 15.8 9.8 12.1 15.8 (8.1) 13.8 8.7 (9.1) 9.9 3.1 (9.5)

2013/12F 15.8 7.3 (4.4) NA NA (1.9) NA NA 17.6 33.6 78.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 462.3 39.3 39.4 1,731 7.3 대덕GDS 7.7 0.9 12.8 1.9

FY2013F 521.3 45.6 44.7 1,965 6.4 통신장비·부품 9.1 1.0 10.9 0.5



대덕GDS

360.3

417.3

471.2

549.0

631.4

409.8 68.7

427.5 78.7

464.7 83.3

516.0 93.1

574.5 104.5

112.0

113.3

124.5

133.6

129.7

131.3

144.2

154.7

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

70KOSPI대비(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

주가

x12

x9

x6

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



218


A008060 452010 universe

대덕전자 (008060.KS) 업데이트 : 2012.10.17




52주 최고가 : 12,850 시가총액(십억원) : 497.7

52주 최저가 : 8,760 60일 평균 거래대금(백만원) : 4,286.5

연중 최고가 : 12,550 외국인지분(%) : 12.0

9 10 11 12 13


3.8 (10.5) (4.7) (8.5) (14.6)

업종 대비 (3.1) (17.3) (11.5) (15.3) (21.5) 5

KOSPI 대비 5.9 (8.7) (8.5) (12.5) (18.6) 10

22 23 24 19 20



2010/12A 34.1 50.5 118.5 58.0 2.0 52.9 18.5 69.6 1,083 8,219 300

2011/12A 23.6 54.0 6.8 50.9 (12.3) 42.2 (20.1) 93.9 865 8,802 300

2012/12F 11.2 75.1 39.1 77.4 52.2 60.3 42.8 120.7 1,236 9,795 300

2013/12F 11.9 87.4 16.4 90.7 17.2 68.8 14.0 133.0 1,409 10,948 300

2014/12F 15.0 100.5 15.0 103.8 14.5 80.6 17.2 146.1 1,651 12,343 300



2010/12A 356.9 (35.0) 0.0 (113.3) 9.5 5.2 7.4 0.98 16.4 3.7

2011/12A 385.3 (20.1) 0.0 (87.9) 8.2 5.7 13.1 1.29 11.4 2.6

2012/12F 433.8 (31.6) 1.6 (30.0) 10.3 3.9 8.3 1.04 14.7 2.9

2013/12F 490.1 (61.8) 1.4 (30.0) 10.7 3.3 7.2 0.93 14.9 2.9

2014/12F 558.1 (112.2) 1.2 (20.0) 10.7 2.6 6.2 0.83 15.4 2.9



2012/03A 15.2 (8.4) 19.4 45.8 86.5 20.6 42.7 412.8 17.0 39.4 359.7

2012/06A 20.7 8.9 19.9 65.3 2.7 19.3 45.4 (6.2) 14.7 41.5 (13.5)

2012/09F 12.5 1.4 18.3 0.1 (8.3) 19.1 (0.1) (1.1) 14.6 (8.6) (1.1)

2012/12F (1.2) (2.3) 17.5 68.9 (3.9) 18.4 357.6 (3.8) 14.0 278.3 (3.8)

2013/03F 9.7 1.7 16.2 (16.3) (7.6) 17.0 (17.2) (7.2) 12.9 (24.1) (7.7)

2013/06F 11.5 10.7 20.9 4.7 28.6 21.7 12.2 27.2 16.4 11.6 27.2

2013/09F 16.4 5.9 25.9 41.6 24.0 26.7 39.8 23.1 20.2 39.0 23.1

2013/12F 9.7 (8.0) 24.5 39.4 (5.4) 25.3 37.6 (5.3) 19.2 36.9 (5.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 741.8 64.8 61.6 1,262 7.4 대덕전자 7.3 0.9 14.9 2.9

FY2013F 834.9 76.6 71.1 1,457 6.4 통신장비·부품 9.1 1.0 10.9 0.5



대덕전자

530.7

655.7

728.9

815.7

938.0

465.6 108.6

512.5 127.1

553.6 133.0

636.0 145.7

737.7 165.9

170.6

185.8

188.4

184.0

187.2

207.2

219.4

201.9

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-30

-25

-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

주가

x13

x10

x7

x4

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



219


A020760 452010 universe

일진디스플 (020760.KS) 업데이트 : 2012.10.29




52주 최고가 : 24,150 시가총액(십억원) : 636.2

52주 최저가 : 10,450 60일 평균 거래대금(백만원) : 9,140.1

연중 최고가 : 23,250 외국인지분(%) : 11.9

9 10 11 12 13


13.7 31.1 102.6 104.4 96.6

업종 대비 6.9 24.3 95.8 97.6 89.8 5

KOSPI 대비 15.9 32.9 98.7 100.4 92.6 10

22 23 24 19 20



2010/12A 237.5 14.5 2,494.7 11.5 2,082.3 11.5 2,108.0 18.8 447 2,034 0

2011/12A 184.7 36.3 150.7 30.6 165.7 30.7 167.3 43.7 1,133 3,313 100

2012/12F 85.4 67.5 86.1 67.4 119.9 63.0 105.4 77.6 2,011 3,875 100

2013/12F 27.7 86.8 28.5 92.0 36.5 80.8 28.3 94.9 2,564 6,173 100

2014/12F 30.0 112.8 30.0 118.0 28.3 89.5 10.6 121.0 2,837 8,894 100



2010/12A 52.3 34.2 89.5 (40.9) 12.7 17.3 25.3 5.56 25.3 0.0

2011/12A 89.8 33.7 65.3 (17.8) 11.2 8.0 10.2 3.50 43.2 0.9

2012/12F 152.8 (12.6) 38.0 (20.0) 11.2 8.0 11.5 5.99 51.9 0.4

2013/12F 233.6 (58.3) 24.9 (20.0) 11.3 6.1 9.0 3.76 41.8 0.4

2014/12F 323.1 (105.4) 18.0 (20.0) 11.3 4.4 8.2 2.61 32.1 0.4



2012/03A 148.7 17.3 13.0 139.5 14.5 14.3 176.8 6.8 14.3 176.8 6.8

2012/06A 170.1 32.8 18.9 156.4 45.1 16.8 156.5 17.6 16.8 155.4 17.6

2012/09F 42.3 7.6 18.4 51.5 (2.5) 18.7 237.7 11.3 16.4 196.8 (2.2)

2012/12F 57.6 (5.9) 17.3 52.0 (6.1) 17.6 31.3 (6.1) 15.4 15.4 (6.1)

2013/03F 21.5 (9.6) 15.5 18.9 (10.5) 16.8 17.3 (4.6) 14.7 3.1 (4.6)

2013/06F 20.8 32.0 21.2 12.6 37.4 22.5 34.1 34.5 19.8 17.9 34.5

2013/09F 28.8 14.7 24.9 35.2 17.1 26.2 39.9 16.1 23.0 39.9 16.1

2013/12F 38.0 0.8 25.2 45.9 1.3 26.5 50.8 1.2 23.3 50.8 1.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 590.7 69.2 62.6 2,300 8.7 일진디스플 9.3 3.9 42.9 0.4

FY2013F 729.1 85.0 68.7 2,505 8.0 통신장비·부품 9.1 1.0 10.9 0.5



일진디스플

113.9

324.4

601.7

768.4

998.9

145.1 92.8

181.2 91.4

269.9 117.2

367.3 133.7

478.3 155.2

118.0

156.6

168.5

158.6

143.4

189.2

217.0

218.8

0

5,000

10,000

15,000

20,000

25,000


-20

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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x31

x23

x16

x8

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



220


A036710 452010 universe

심텍 (036710.KQ) 업데이트 : 2012.07.30




52주 최고가 : 15,600 시가총액(십억원) : 321.0

52주 최저가 : 9,340 60일 평균 거래대금(백만원) : 5,360.9

연중 최고가 : 15,450 외국인지분(%) : 8.4

9 10 11 12 13


(7.4) (11.5) (14.5) (20.3) (18.4)

업종 대비 (14.2) (18.3) (21.4) (27.1) (25.2) 5

KOSPI 대비 (5.2) (9.7) (18.4) (24.3) (22.4) 10

22 23 24 19 20



2010/12A 16.1 84.9 65.6 78.3 26.6 70.7 43.3 111.6 2,597 4,755 170

2011/12A 6.2 61.1 (28.0) 51.5 (34.2) 42.6 (39.8) 93.0 1,458 6,031 200

2012/12F 8.2 59.2 (3.1) 55.7 8.0 42.8 0.4 86.8 1,394 6,801 200

2013/12F 23.9 77.2 30.4 73.5 32.0 55.7 30.2 104.9 1,795 8,439 200

2014/12F 15.0 88.8 15.0 85.1 15.8 66.0 18.5 116.4 2,127 10,409 200



2010/12A 136.4 180.2 144.9 (15.2) 14.7 5.1 5.4 2.98 94.1 1.2

2011/12A 173.3 145.1 93.3 (20.9) 10.0 5.4 8.4 2.03 27.5 1.6

2012/12F 211.0 143.4 63.6 (25.0) 8.9 5.3 7.2 1.47 22.3 2.0

2013/12F 261.9 136.0 34.9 (50.0) 9.4 4.4 5.6 1.19 23.6 2.0

2014/12F 323.0 98.1 19.0 (20.0) 9.4 3.6 4.7 0.96 22.6 2.0



2012/03A 6.8 (4.5) 12.8 (23.5) (17.7) 11.9 (16.5) (7.3) 9.0 (17.6) (22.2)

2012/06F 5.0 2.6 14.1 (22.0) 10.1 13.2 (13.8) 10.7 14.1 33.1 56.6

2012/09F 15.7 2.4 15.7 44.8 12.1 15.0 64.4 14.0 7.9 2.5 (43.9)

2012/12F 6.1 5.8 16.6 7.1 5.5 15.6 21.1 3.6 11.9 3.0 50.6

2013/03F 13.1 1.8 13.5 5.5 (18.9) 12.6 5.5 (19.3) 9.6 6.8 (19.2)

2013/06F 17.6 6.6 16.4 16.7 21.7 15.5 17.4 23.2 15.2 8.0 58.3

2013/09F 29.5 12.8 21.4 35.8 30.5 20.6 37.2 33.2 8.7 10.1 (42.8)

2013/12F 34.1 9.5 25.9 56.1 21.3 24.8 59.7 20.6 22.2 87.3 156.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 680.0 63.9 45.2 1,464 7.3 심텍 5.7 1.2 23.4 2.0

FY2013F 779.8 80.7 57.9 1,822 5.9 통신장비·부품 9.1 1.0 10.9 0.5



심텍

576.6

612.3

662.8

821.2

944.4

431.6 294.3

447.2 274.0

452.5 242.1

502.3 236.9

557.5 226.7

158.3

162.4

166.3

175.9

179.1

191.0

215.3

235.9

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

15KOSPI대비(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

주가

x10

x7

x5

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



221


A051370 452010 universe

인터플렉스 (051370.KQ) 업데이트 : 2012.10.15




52주 최고가 : 77,700 시가총액(십억원) : 931.1

52주 최저가 : 30,600 60일 평균 거래대금(백만원) : 10,893.8

연중 최고가 : 77,400 외국인지분(%) : 4.5

9 10 11 12 13


(0.6) (6.1) 22.7 101.2 77.6

업종 대비 (7.4) (12.9) 15.8 94.4 70.8 5

KOSPI 대비 1.6 (4.2) 18.8 97.2 73.6 10

22 23 24 19 20



2010/12A 50.0 30.7 90.5 34.7 39.0 30.6 36.7 43.9 2,486 13,708 150

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 31.2 49.4 22.3 55.8 42.5 44.4 42.9 82.9 3,177 21,095 150

2013/12F 30.5 72.6 46.9 76.2 36.5 57.8 30.1 106.1 4,132 25,360 150

2014/12F 15.0 83.4 15.0 87.1 14.3 67.6 17.0 117.0 4,834 30,326 150



2010/12A 168.6 37.5 51.1 (50.5) 7.3 10.1 13.3 2.41 20.9 0.5

2011/12A 250.3 11.9 36.3 (71.2) 7.8 9.0 16.3 2.07 14.8 0.4

2012/12F 294.9 36.8 33.6 (70.0) 7.3 11.7 21.0 3.16 16.3 0.2

2013/12F 354.5 37.4 27.9 (30.0) 8.2 9.1 16.1 2.63 17.8 0.2

2014/12F 424.0 6.0 23.4 (20.0) 8.2 8.0 13.8 2.20 17.4 0.2



2012/03A 34.6 (8.2) 13.4 265.1 (31.8) 16.5 270.9 (13.7) 13.2 285.0 (18.7)

2012/06A 9.1 (9.9) 11.8 777.0 (12.0) 13.3 415.4 (19.3) 11.4 723.2 (13.4)

2012/09F 51.1 74.4 10.8 (31.8) (8.3) 11.7 (10.7) (12.2) 8.8 (11.5) (22.7)

2012/12F 45.2 0.7 13.5 (31.2) 25.1 14.4 (24.6) 23.4 10.9 (32.9) 23.4

2013/03F 41.5 (10.5) 13.2 (1.5) (2.3) 14.1 (14.4) (2.0) 10.7 (19.1) (2.0)

2013/06F 55.0 (1.3) 14.6 23.9 10.6 15.5 16.4 9.7 11.7 2.5 9.7

2013/09F 13.4 27.6 21.8 101.9 49.5 22.7 94.4 46.7 17.2 94.4 46.7

2013/12F 9.8 (2.6) 23.1 71.0 5.9 24.0 66.4 5.6 18.2 66.4 5.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 701.3 56.9 51.6 3,691 18.2 인터플렉스 16.5 2.7 17.6 0.2

FY2013F 1,066.8 88.3 75.8 5,423 12.4 통신장비·부품 9.1 1.0 10.9 0.5



인터플렉스

419.2

517.7

679.1

886.2

1,019.1

374.5 205.9

491.9 241.5

577.9 282.9

688.3 333.7

791.7 367.7

140.0

126.1

220.0

221.4

198.2

195.6

249.4

243.1

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


-20

0

20

40

60

80

100

120

140

160KOSPI대비(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

x28

x21

x14

x7

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



222


A066570 452010 universe

LG전자 (066570.KS) 업데이트 : 2012.10.16


목표주가 : 90,000 애널리스트 : 이승혁


52주 최고가 : 94,300 시가총액(십억원) : 12,650.0

52주 최저가 : 55,800 60일 평균 거래대금(백만원) : 115,539.2

연중 최고가 : 93,300 외국인지분(%) : 15.8

9 10 11 12 13


6.2 15.9 14.2 15.5 1.6

업종 대비 (0.6) 9.1 7.4 8.7 (5.2) 5

KOSPI 대비 8.3 17.7 10.3 11.5 (2.4) 10

22 23 24 19 20



2010/12A 0.5 176.5 (93.4) 434.5 (84.8) 1,227.0 (46.4) 1,466.2 7,419 78,408 200

2011/12A (2.7) 280.3 58.8 (399.3) NA (469.6) NA 1,482.6 -2,880 71,551 200

2012/12F (6.0) 1,271.3 353.6 1,037.5 NA 837.8 NA 2,845.0 4,650 75,980 200

2013/12F 3.5 1,784.2 40.3 1,872.1 80.5 1,511.8 80.5 3,330.8 8,394 84,136 200

2014/12F 2.6 2,019.5 13.2 2,180.0 16.4 1,760.4 16.4 3,552.0 9,776 93,667 200



2010/12A 12,644.1 5,184.8 56.3 (1,745.2) 0.3 15.8 15.5 1.47 10.0 0.2

2011/12A 12,894.0 4,928.6 56.7 (1,830.0) 0.5 11.0 NA 1.04 (3.7) 0.3

2012/12F 13,694.8 3,933.8 47.5 (1,248.1) 2.5 6.1 16.6 1.02 6.3 0.3

2013/12F 15,169.7 2,838.8 36.3 (1,606.3) 3.4 4.9 9.2 0.92 10.5 0.3

2014/12F 16,893.2 2,018.4 28.2 (2,282.9) 3.7 4.4 7.9 0.83 11.0 0.3



2012/03A (7.1) (11.5) 448.2 242.5 1,842.6 449.8 1,069.1 NA 235.7 NA NA

2012/06A (10.6) 5.2 349.0 120.6 (22.1) 236.1 57.7 (47.5) 156.5 60.0 (33.6)

2012/09F (2.9) (2.6) 223.3 NA (36.0) 165.5 NA (29.9) 157.2 NA 0.5

2012/12F (3.0) 7.0 250.8 987.2 12.3 186.2 NA 12.5 288.3 NA 83.4

2013/03F (1.5) (10.1) 402.4 (10.2) 60.4 451.1 0.3 142.3 364.3 54.5 26.3

2013/06F 2.2 9.2 560.3 60.6 39.2 620.1 162.7 37.5 500.7 220.0 37.5

2013/09F 6.1 1.1 424.1 89.9 (24.3) 487.0 194.3 (21.5) 393.2 150.1 (21.5)

2013/12F 6.8 7.8 397.4 58.4 (6.3) 314.0 68.7 (35.5) 253.6 (12.1) (35.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 51,568.0 1,226.1 817.1 4,453 16.4 LG전자 9.7 0.9 10.0 0.3

FY2013F 53,991.4 1,572.6 1,299.1 7,096 10.3 통신장비·부품 9.1 1.0 10.9 0.5



LG전자

55,753.8

54,256.6

51,008.5

52,794.2

54,153.1

32,318.5 19,458.9

32,658.5 19,510.2

32,169.5 18,176.3

33,383.9 17,836.2

34,863.1 17,499.3

12,227.9

12,859.0

12,520.5

13,401.1

12,042.9

13,146.1

13,287.7

14,317.6

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

20

25

30

35KOSPI대비(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

주가

x28

x21

x14

x7

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



223


A088390 452010 universe

이녹스 (088390.KQ) 업데이트 : 2012.10.22




52주 최고가 : 24,250 시가총액(십억원) : 196.0

52주 최저가 : 13,900 60일 평균 거래대금(백만원) : 3,422.7

연중 최고가 : 24,050 외국인지분(%) : 3.4

9 10 11 12 13


6.7 3.9 9.7 27.4 23.3

업종 대비 (0.1) (2.9) 2.9 20.6 16.5 5

KOSPI 대비 8.9 5.7 5.9 23.4 19.3 10

22 23 24 19 20



2010/12A 42.4 13.4 98.0 11.5 158.7 9.0 121.5 16.2 1,153 6,219 0

2011/12A 11.5 14.0 4.7 11.4 (0.8) 9.2 1.9 18.5 1,067 7,110 0

2012/12F 30.5 21.2 51.2 17.9 56.2 13.7 48.3 29.8 1,524 7,929 0

2013/12F 31.6 28.3 33.4 24.2 35.3 18.3 34.2 36.9 2,000 8,993 0

2014/12F 15.0 32.6 15.0 28.4 17.6 22.0 20.4 41.2 2,408 10,110 0



2010/12A 52.9 21.7 56.4 (29.3) 13.0 7.6 10.3 1.91 22.4 0.0

2011/12A 62.2 38.4 85.8 (20.2) 12.2 10.0 15.5 2.33 16.0 0.0

2012/12F 71.6 (31.1) 49.7 (25.0) 14.1 6.3 14.0 2.70 20.4 0.0

2013/12F 81.4 (65.6) 35.7 (4.0) 14.3 4.9 10.7 2.38 23.9 0.0

2014/12F 91.6 (94.1) 33.0 (20.0) 14.3 4.4 8.9 2.12 25.5 0.0



2012/03A 32.1 4.7 4.9 61.7 39.0 4.7 67.0 54.9 3.9 76.6 40.4

2012/06A 7.4 (4.0) 4.0 35.7 (18.5) 3.0 12.6 (36.5) 1.9 1.6 (52.5)

2012/09F 34.0 38.8 5.9 30.9 45.8 4.8 62.4 62.2 3.4 52.6 82.6

2012/12F 47.1 5.5 6.4 80.9 9.6 5.4 78.2 11.7 0.3 (90.0) (91.8)

2013/03F 46.2 4.1 6.7 34.8 3.6 5.6 19.8 4.2 4.1 5.4 1,383.0

2013/06F 59.2 4.5 7.0 73.1 4.6 5.9 98.9 5.3 3.3 79.4 (19.1)

2013/09F 18.8 3.5 7.3 24.0 4.5 6.2 29.2 5.4 4.2 24.9 27.1

2013/12F 14.5 1.7 7.4 16.0 2.5 6.4 19.1 3.0 (1.9) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 146.0 21.3 15.2 1,693 12.2 이녹스 11.0 2.4 23.6 0.0

FY2013F 201.3 31.4 22.8 2,494 8.3 통신장비·부품 9.1 1.0 10.9 0.5



이녹스

103.5

115.4

150.6

198.2

227.9

101.2 48.4

127.9 65.5

162.8 67.9

221.1 71.4

291.8 83.7

32.1

30.8

42.7

45.1

46.9

49.0

50.7

51.6

0

5,000

10,000

15,000

20,000

25,000

30,000


-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

2006 2007 2008 2009 2010 2011 2012

주가

x16

x12

x8

x4

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



224


A091700 452010 universe

파트론 (091700.KQ) 업데이트 : 2012.11.14




52주 최고가 : 19,000 시가총액(십억원) : 730.5

52주 최저가 : 10,150 60일 평균 거래대금(백만원) : 9,597.6

연중 최고가 : 18,850 외국인지분(%) : 19.4

9 10 11 12 13


24.4 60.4 75.4 69.9 65.9

업종 대비 17.6 53.6 68.6 63.1 59.1 5

KOSPI 대비 26.6 62.3 71.6 65.9 61.9 10

22 23 24 19 20



2010/12A 21.1 37.8 13.5 38.3 34.3 32.0 32.6 40.5 1,645 6,306 275

2011/12A 54.7 37.5 (0.8) 37.4 (2.3) 32.3 1.0 41.1 1,090 5,170 200

2012/12F 117.6 82.7 120.4 82.1 119.4 69.3 114.7 98.3 1,800 5,867 200

2013/12F 36.7 116.5 40.9 115.1 40.1 87.2 25.8 132.1 2,265 8,257 200

2014/12F 15.0 134.0 15.0 132.5 15.2 102.8 17.9 149.6 2,671 11,051 200



2010/12A 124.7 (8.3) 8.2 (21.2) 16.3 10.6 6.9 1.80 29.8 2.4

2011/12A 153.0 27.2 24.3 (37.8) 10.4 11.2 10.2 2.16 23.3 1.8

2012/12F 225.9 (17.5) 15.3 (15.0) 10.6 7.3 10.5 3.21 36.6 1.1

2013/12F 318.6 (63.1) 10.8 (20.0) 10.9 5.1 8.3 2.28 32.0 1.1

2014/12F 426.8 (135.9) 8.1 (20.0) 10.9 4.0 7.1 1.71 27.6 1.1



2012/03A 146.1 7.7 12.9 133.2 26.3 12.6 125.7 24.7 10.9 133.1 28.3

2012/06A 138.2 41.8 18.9 109.9 46.4 16.3 79.4 29.4 13.6 66.9 24.8

2012/09F 120.6 27.9 26.7 109.6 41.5 28.4 125.1 73.7 23.9 117.8 76.2

2012/12F 89.4 (3.0) 24.2 136.3 (9.7) 24.8 145.0 (12.6) 20.9 146.4 (12.6)

2013/03F 75.3 (0.3) 24.1 86.4 (0.3) 23.7 87.8 (4.4) 18.0 65.0 (14.1)

2013/06F 35.6 9.7 27.7 46.4 14.9 27.3 67.1 15.2 20.7 52.3 15.2

2013/09F 18.3 11.5 32.2 20.6 16.6 31.9 12.4 16.8 24.2 1.0 16.8

2013/12F 34.7 10.5 32.5 34.7 0.9 32.2 29.8 0.9 24.4 16.6 0.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 754.8 75.0 60.7 1,567 9.8 파트론 8.5 2.4 32.5 1.1

FY2013F 925.5 93.0 75.5 1,948 7.9 통신장비·부품 9.1 1.0 10.9 0.5



파트론

232.6

359.9

783.3

1,070.9

1,231.5

173.4 48.7

263.9 110.9

409.1 183.2

557.3 238.7

696.2 269.4

130.8

185.5

237.1

230.0

229.2

251.4

280.4

309.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-40

-20

0

20

40

60

80

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

2007 2008 2009 2010 2011 2012

주가

x10

x7

x5

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



225


A096640 452010 universe

멜파스 (096640.KQ) 업데이트 : 2012.10.15

투자의견 : 중립 업종 : 통신장비·부품 주가 수익률(12개월)

목표주가 : - 애널리스트 : 양정훈


52주 최고가 : 33,000 시가총액(십억원) : 481.9

52주 최저가 : 16,600 60일 평균 거래대금(백만원) : 13,018.3

연중 최고가 : 27,000 외국인지분(%) : 11.2

9 10 11 12 13


17.9 31.1 56.5 (10.0) 1.9

업종 대비 11.1 24.2 49.7 (16.8) (4.9) 5

KOSPI 대비 20.1 32.9 52.6 (14.0) (2.1) 10

22 23 24 19 20



2010/12A 66.2 37.6 124.9 38.9 129.2 35.8 116.8 40.2 2,257 7,984 350

2011/12A 1.8 14.6 (61.3) 14.8 (62.1) 14.9 (58.3) 21.7 883 8,607 100

2012/12F 25.4 28.3 94.4 22.8 54.2 20.5 37.8 38.7 1,184 9,106 100

2013/12F 31.9 41.3 45.9 41.4 81.9 31.4 52.7 51.9 1,784 10,611 100

2014/12F 15.0 47.5 15.0 47.6 15.0 36.1 15.0 58.1 2,052 12,379 100



2010/12A 133.2 (37.3) 0.3 (52.8) 14.9 11.1 12.8 3.63 31.3 1.2

2011/12A 140.6 13.6 17.7 (37.1) 5.7 20.7 28.8 2.95 10.9 0.4

2012/12F 155.6 29.4 31.6 (10.0) 8.8 13.2 22.8 2.97 13.9 0.4

2013/12F 182.4 56.7 40.4 (30.0) 9.8 10.4 15.1 2.54 18.6 0.4

2014/12F 214.0 95.0 45.8 (50.0) 9.8 9.9 13.2 2.18 18.2 0.4



2012/03A (2.8) (23.5) 2.3 (69.3) 5,665.1 2.0 (74.6) 5,527.4 1.6 (77.7) 92.9

2012/06A 41.2 23.8 7.4 96.4 224.7 2.1 (42.6) 8.9 2.2 (44.4) 36.8

2012/09F 34.6 21.3 8.9 165.3 19.7 8.9 167.9 317.0 8.0 157.8 269.4

2012/12F 29.3 12.5 9.8 24,626.4 10.4 9.8 28,103.4 10.3 8.8 975.6 10.3

2013/03F 91.7 13.4 10.3 352.1 5.4 10.3 428.2 5.4 7.8 394.9 (11.2)

2013/06F 50.7 (2.6) 11.4 53.4 10.2 11.4 434.3 10.2 8.6 298.6 10.2

2013/09F 16.7 (6.1) 10.4 17.6 (8.2) 10.4 17.6 (8.2) 7.9 (1.0) (8.2)

2013/12F (3.8) (7.2) 9.3 (5.4) (11.2) 9.3 (5.4) (11.2) 7.0 (20.4) (11.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 322.2 29.7 22.6 1,284 17.5 멜파스 15.7 2.6 18.1 0.4

FY2013F 436.0 43.5 38.7 2,169 10.4 통신장비·부품 9.1 1.0 10.9 0.5



멜파스

251.7

256.2

321.5

424.0

487.5

173.6 40.3

206.3 65.7

231.4 98.6

287.9 139.8

342.3 174.1

59.2

73.3

88.9

100.0

113.5

110.5

103.7

96.3

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-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

90,000

100,000

2010 2011 2012

주가

x42

x33

x24

x15

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



226


A097780 452010 universe

에스맥 (097780.KQ) 업데이트 : 2012.11.16




52주 최고가 : 22,950 시가총액(십억원) : 280.5

52주 최저가 : 9,750 60일 평균 거래대금(백만원) : 9,037.9

연중 최고가 : 17,500 외국인지분(%) : 4.0

9 10 11 12 13


(2.3) 52.7 49.3 60.2 77.4

업종 대비 (9.1) 45.9 42.5 53.4 70.6 5

KOSPI 대비 (0.1) 54.5 45.5 56.2 73.4 10

22 23 24 19 20



2010/12A 43.4 11.8 NA 12.3 NA 11.6 NA 13.7 1,853 5,779 150

2011/12A 128.9 34.2 190.6 38.5 213.8 34.8 199.5 37.3 2,363 10,188 300

2012/12F (3.4) 30.1 (11.9) 31.5 (18.1) 24.6 (29.4) 37.1 1,506 9,282 300

2013/12F 33.9 45.4 50.7 47.4 50.7 36.0 46.4 46.6 2,205 18,294 300

2014/12F 15.0 58.5 29.0 60.6 27.7 45.9 27.7 59.8 2,816 39,089 300



2010/12A 42.6 (13.0) 29.5 (6.4) 5.7 6.7 3.9 1.25 34.4 2.1

2011/12A 83.8 4.7 15.1 (7.2) 7.3 4.3 4.1 0.95 55.1 3.1

2012/12F 152.0 (19.3) 9.7 (10.0) 6.6 5.8 11.4 1.84 20.8 1.8

2013/12F 299.8 (28.6) 7.2 (10.0) 7.5 2.0 7.8 0.93 15.9 1.8

2014/12F 640.9 (44.5) 5.4 (20.0) 8.4 (3.6) 6.1 0.44 9.8 1.8



2012/03A 38.2 (31.2) 10.0 137.9 (44.0) 9.7 117.3 (49.4) 7.7 73.8 (49.2)

2012/06A (10.7) (16.7) 9.0 59.7 (9.5) 9.6 74.2 (0.6) 8.8 58.7 13.1

2012/09F (6.3) 20.0 5.8 (11.0) (35.9) 6.4 (32.4) (33.9) 14.0 39.6 60.5

2012/12F (17.3) 20.3 5.3 (70.2) (8.1) 5.9 (69.3) (7.7) (6.0) NA NA

2013/03F 15.9 (3.6) 6.9 (30.9) 29.8 7.4 (23.1) 26.9 20.3 162.5 NA

2013/06F 40.6 1.0 10.4 15.2 50.8 10.9 13.8 46.9 18.3 109.4 (9.7)

2013/09F 54.0 31.4 13.6 134.4 30.3 14.1 121.4 28.7 30.8 119.0 67.9

2013/12F 27.4 (0.5) 14.5 173.0 7.0 15.0 155.9 6.7 (33.4) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 478.2 38.5 32.1 1,955 8.5 에스맥 8.0 1.0 16.4 1.8

FY2013F 580.7 56.9 43.6 2,660 6.3 통신장비·부품 9.1 1.0 10.9 0.5



에스맥

205.3

470.0

454.0

607.7

698.9

107.4 63.3

154.8 74.4

182.6 72.7

237.9 91.0

295.1 101.2

112.5

93.7

112.5

135.3

130.5

131.7

173.2

172.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-30

-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

2008 2009 2010 2011 2012

주가

x11

x8

x6

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



227


A001300 452020 universe

제일모직 (001300.KS) 업데이트 : 2012.10.22

투자의견 : 매수 업종 : 디스플레이 주가 수익률(12개월)

목표주가 : 135,000 애널리스트 : 유종우


52주 최고가 : 109,500 시가총액(십억원) : 4,604.0

52주 최저가 : 85,100 60일 평균 거래대금(백만원) : 33,295.2

연중 최고가 : 109,000 외국인지분(%) : 25.9

9 10 11 12 13


(5.1) (10.2) (10.6) (8.6) (17.6)

업종 대비 (15.3) (20.5) (20.8) (18.9) (27.8) 5

KOSPI 대비 (2.9) (8.4) (14.5) (12.6) (21.6) 10

22 23 24 19 20



2010/12A 16.1 329.9 30.4 345.2 138.1 278.7 132.5 466.1 5,812 56,357 750

2011/12A 9.2 287.2 (12.9) 275.7 (20.1) 259.1 (7.0) 448.9 5,274 62,270 750

2012/12F 7.9 388.8 35.4 342.8 24.4 274.8 6.1 623.6 5,432 66,787 750

2013/12F 10.4 483.0 24.2 448.4 30.8 358.7 30.5 740.0 7,090 72,903 750

2014/12F 15.0 555.5 15.0 519.5 15.8 415.5 15.8 828.6 8,214 80,103 750



2010/12A 2,765.9 280.6 11.8 (256.4) 6.5 12.5 19.1 1.97 11.8 0.7

2011/12A 3,216.2 753.6 26.5 (327.3) 5.1 13.5 19.2 1.62 8.7 0.7

2012/12F 3,453.0 997.9 32.0 (460.3) 6.5 9.0 16.2 1.31 8.2 0.9

2013/12F 3,773.7 975.6 28.9 (337.6) 7.3 7.5 12.4 1.20 9.9 0.9

2014/12F 4,151.3 919.2 25.4 (276.0) 7.3 6.7 10.7 1.10 10.5 0.9



2012/03A 2.1 3.3 95.3 (7.3) 93.8 83.6 (23.8) 170.7 64.3 (29.9) 58.6

2012/06A 2.2 5.9 103.2 64.5 8.3 85.9 54.6 2.7 68.3 25.5 6.3

2012/09F 10.9 (3.5) 81.7 12.6 (20.9) 72.4 (9.0) (15.7) 59.3 (18.1) (13.1)

2012/12F 16.9 10.8 108.7 121.0 33.1 100.9 226.8 39.4 82.8 104.4 39.6

2013/03F 11.5 (1.5) 112.1 17.7 3.2 102.8 23.0 1.9 82.2 28.0 (0.7)

2013/06F 8.7 3.2 113.9 10.4 1.6 104.6 21.8 1.8 83.7 22.5 1.8

2013/09F 12.6 0.0 119.6 46.5 5.0 111.6 54.2 6.7 89.3 50.4 6.7

2013/12F 9.0 7.2 137.4 26.5 14.9 129.4 28.2 15.9 103.5 24.9 15.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 6,036.9 395.2 293.6 5,574 16.7 제일모직 12.7 1.2 9.7 0.9

FY2013F 6,745.1 479.4 380.3 7,256 12.8 디스플레이 15.7 1.2 7.9 1.2



제일모직

5,113.0

5,581.0

6,019.7

6,644.8

7,641.5

4,038.8 1,272.3

4,930.8 1,714.1

5,486.1 2,032.5

5,899.9 2,125.5

6,408.4 2,256.4

1,428.5

1,513.0

1,460.5

1,617.7

1,592.7

1,644.0

1,644.4

1,763.6

0

20,000

40,000

60,000

80,000

100,000

120,000


-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

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x26

x21

x17

x13

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



228


A034220 452020 universe

LG디스플레이 (034220.KS) 업데이트 : 2012.10.28

투자의견 : 중립 업종 : 디스플레이 주가 수익률(12개월)

목표주가 : - 애널리스트 : 유종우


52주 최고가 : 36,600 시가총액(십억원) : 12,809.8

52주 최저가 : 19,600 60일 평균 거래대금(백만원) : 72,359.7

연중 최고가 : 36,150 외국인지분(%) : 30.9

9 10 11 12 13


21.4 32.8 68.5 47.0 43.5

업종 대비 11.1 22.6 58.2 36.8 33.2 5

KOSPI 대비 23.5 34.7 64.6 43.0 39.5 10

22 23 24 19 20



2010/12A 27.3 1,310.5 29.7 1,265.6 24.9 1,156.3 3.5 4,235.9 3,232 30,843 500

2011/12A (4.8) (924.3) NA (1,081.0) NA (771.2) NA 2,727.1 -2,155 28,271 0

2012/12F 18.5 442.6 NA 325.1 NA 231.6 NA 4,944.2 647 28,918 0

2013/12F (5.2) 899.8 103.3 779.8 139.9 639.5 176.2 5,203.4 1,787 30,205 500

2014/12F 5.0 1,035.2 15.0 907.2 16.3 743.9 16.3 5,333.9 2,079 31,784 500



2010/12A 11,036.1 1,500.5 42.0 (4,942.4) 5.1 3.7 12.3 1.29 11.0 1.3

2011/12A 10,115.7 2,284.4 45.6 (4,063.1) (3.8) 4.1 NA 0.87 (7.3) 0.0

2012/12F 10,347.3 2,953.4 55.2 (5,054.9) 1.5 3.2 55.3 1.24 2.3 0.0

2013/12F 10,807.9 3,446.2 57.4 (4,997.1) 3.3 3.1 20.0 1.19 6.0 1.4

2014/12F 11,372.8 3,357.6 55.0 (4,599.8) 3.6 3.0 17.2 1.13 6.7 1.4



2012/03A 15.2 (6.4) (178.2) NA NA (197.0) NA NA (128.5) NA NA

2012/06A 14.3 11.8 (25.5) NA NA (77.6) NA NA (111.2) NA NA

2012/09F 21.1 9.9 253.0 NA NA 230.0 NA NA 158.0 NA NA

2012/12F 22.6 6.7 393.1 NA 55.4 369.4 NA 60.6 313.2 6,024.4 98.2

2013/03F 12.3 (14.3) 113.1 NA (71.2) 83.1 NA (77.5) 68.2 NA (78.2)

2013/06F (4.4) (4.9) 155.7 NA 37.6 125.7 NA 51.2 103.0 NA 51.2

2013/09F (12.4) 0.7 218.1 (13.8) 40.1 188.1 (18.2) 49.7 154.2 (2.4) 49.7

2013/12F (12.6) 6.5 413.0 5.1 89.4 383.0 3.7 103.6 314.0 0.3 103.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 27,736.1 324.4 186.1 496 60.6 LG디스플레이 21.5 1.2 5.6 1.2

FY2013F 29,306.3 1,094.9 869.6 2,397 12.5 디스플레이 15.7 1.2 7.9 1.2



LG디스플레이

25,511.5

24,291.3

28,791.1

27,288.0

28,652.4

23,857.7 12,796.7

25,162.9 15,031.9

27,695.6 17,333.0

28,025.3 17,202.1

28,970.4 17,582.3

6,183.7

6,910.4

7,593.0

8,104.1

6,947.3

6,606.3

6,651.3

7,083.2

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-30

-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

350,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x55

x41

x28

x14

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



229


A036490 452020 universe

OCI머티리얼즈 (036490.KQ) 업데이트 : 2012.09.26




52주 최고가 : 97,500 시가총액(십억원) : 364.9

52주 최저가 : 31,100 60일 평균 거래대금(백만원) : 4,644.4

연중 최고가 : 92,300 외국인지분(%) : 3.5

9 10 11 12 13


(10.8) (25.4) (20.1) (59.4) (55.9)

업종 대비 (21.1) (35.7) (30.3) (69.7) (66.2) 5

KOSPI 대비 (8.7) (23.6) (24.0) (63.4) (59.9) 10

22 23 24 19 20



2010/12A 31.0 78.3 28.3 72.2 30.3 59.9 18.4 131.7 5,680 26,115 750

2011/12A 25.9 97.8 24.9 85.9 19.0 65.7 9.7 164.9 6,230 30,946 750

2012/12F (6.6) 69.1 (29.4) 58.5 (31.9) 44.9 (31.6) 140.3 4,261 34,702 750

2013/12F 5.8 79.4 15.0 69.0 17.8 52.4 16.7 152.6 4,971 38,965 750

2014/12F 15.0 90.9 14.5 86.8 25.8 66.0 25.8 169.9 6,256 44,293 750



2010/12A 275.5 186.7 73.2 (115.1) 33.3 9.6 18.1 3.93 24.1 0.7

2011/12A 326.4 197.5 61.3 (126.3) 33.0 6.3 12.8 2.57 21.8 0.9

2012/12F 366.0 146.1 41.3 (40.7) 24.9 3.6 8.1 1.00 13.0 2.2

2013/12F 411.0 86.3 22.2 (82.1) 27.1 2.9 7.0 0.89 13.5 2.2

2014/12F 467.2 54.8 12.9 (99.8) 27.0 2.4 5.5 0.78 15.0 2.2



2012/03A (5.5) (7.0) 16.3 (32.4) (30.6) 13.6 (36.3) (35.3) 10.8 (35.9) (32.0)

2012/06A (13.1) 2.6 18.1 (35.8) 11.2 15.5 (37.1) 13.7 11.8 (39.3) 9.1

2012/09F (2.0) 0.3 17.5 (20.8) (3.2) 14.9 (21.2) (3.8) 11.3 (24.8) (3.8)

2012/12F (5.1) (0.9) 17.2 (26.8) (2.0) 14.6 (30.9) (2.3) 11.1 (30.3) (2.3)

2013/03F 1.5 (0.5) 16.4 1.0 (4.2) 13.8 1.6 (5.0) 10.5 (2.5) (5.0)

2013/06F 1.7 2.8 18.8 3.6 14.0 16.1 4.2 16.6 12.3 4.2 16.6

2013/09F 9.7 8.3 22.9 30.6 22.0 20.3 36.0 25.6 15.4 36.0 25.6

2013/12F 10.1 (0.5) 21.4 24.5 (6.6) 18.8 28.9 (7.4) 14.3 28.9 (7.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 267.7 61.5 38.6 3,655 10.3 OCI머티리얼즈 7.1 0.9 13.4 2.2

FY2013F 288.4 71.3 45.6 4,322 8.8 디스플레이 15.7 1.2 7.9 1.2



OCI머티리얼즈

235.4

296.4

276.8

292.8

336.7

524.3 257.7

606.9 281.6

584.7 222.8

602.2 196.2

661.1 197.5

67.9

69.7

69.9

69.3

68.9

70.9

76.7

76.3

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-80

-70

-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

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x21

x17

x14

x10

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



230


A036830 452020 universe

솔브레인 (036830.KQ) 업데이트 : 2012.11.14




52주 최고가 : 50,700 시가총액(십억원) : 786.0

52주 최저가 : 25,650 60일 평균 거래대금(백만원) : 3,086.7

연중 최고가 : 50,000 외국인지분(%) : 13.6

9 10 11 12 13


16.3 24.8 66.4 9.5 16.0

업종 대비 6.1 14.6 56.1 (0.8) 5.8 5

KOSPI 대비 18.5 26.7 62.5 5.5 12.0 10

22 23 24 19 20



2010/12A 20.2 50.0 39.9 50.0 45.7 39.8 56.3 64.9 2,739 14,615 300

2011/12A 31.4 62.5 25.0 28.7 (42.6) 17.2 (56.9) 78.4 1,181 15,601 350

2012/12F 28.1 106.2 70.0 101.2 252.6 73.7 330.0 129.3 4,467 17,528 350

2013/12F 13.1 124.0 16.8 118.9 17.4 89.4 21.2 152.7 5,414 22,070 350

2014/12F 20.0 147.1 18.6 142.8 20.1 107.4 20.1 180.3 6,505 27,626 350



2010/12A 211.3 58.1 32.3 (52.0) 14.3 7.8 11.2 2.09 20.2 1.0

2011/12A 225.8 133.3 64.2 (87.9) 13.6 9.0 32.7 2.47 7.8 0.9

2012/12F 286.1 57.8 21.9 (68.4) 18.1 7.1 10.9 2.77 28.8 0.7

2013/12F 361.1 40.4 14.5 (58.9) 18.7 6.0 9.0 2.20 27.6 0.7

2014/12F 452.8 24.0 10.1 (68.4) 18.5 5.0 7.5 1.76 26.4 0.7



2012/03A 39.1 (0.4) 22.3 100.2 29.2 20.7 103.6 NA 18.2 137.8 NA

2012/06A 29.7 8.8 25.7 56.7 15.4 24.9 68.3 20.7 15.3 28.2 (15.9)

2012/09F 29.2 8.8 30.6 70.7 18.9 29.3 75.6 17.6 22.0 61.2 43.6

2012/12F 17.8 (0.1) 27.6 60.0 (9.8) 26.3 NA (10.2) 18.1 NA (17.8)

2013/03F 19.0 0.6 29.4 32.1 6.6 28.1 36.3 7.0 18.5 1.6 2.4

2013/06F 14.0 4.2 31.2 21.3 6.0 29.9 20.0 6.3 19.9 29.4 7.2

2013/09F 7.9 3.0 33.3 8.7 6.6 32.0 9.1 6.9 21.4 (2.8) 7.8

2013/12F 12.4 4.0 30.1 9.1 (9.5) 28.8 9.5 (9.9) 29.6 63.3 38.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 581.4 96.2 69.4 4,340 9.5 솔브레인 9.1 2.2 27.8 0.7

FY2013F 661.6 108.6 82.3 5,080 8.1 디스플레이 15.7 1.2 7.9 1.2



솔브레인

348.7

458.1

586.7

663.5

796.2

317.1 109.1

434.9 201.3

515.0 154.1

585.9 142.2

676.7 132.0

131.7

143.3

156.0

155.8

156.7

163.4

168.3

175.1

0

10,000

20,000

30,000

40,000

50,000

60,000


-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

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x30

x24

x18

x12

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



231


A040910 452020 universe

아이씨디 (040910.KQ) 업데이트 : 2012.09.26


목표주가 : - 애널리스트 : 양정훈


52주 최고가 : 66,000 시가총액(십억원) : 190.1

52주 최저가 : 10,300 60일 평균 거래대금(백만원) : 5,195.7

연중 최고가 : 32,450 외국인지분(%) : 4.8

9 10 11 12 13


(8.2) (11.2) (35.7) (53.3) (54.2)

업종 대비 (18.5) (21.5) (46.0) (63.6) (64.5) 5

KOSPI 대비 (6.1) (9.4) (39.6) (57.3) (58.2) 10

22 23 24 19 20



2010/09A 324.7 4.3 NA 2.9 NA 2.8 NA 5.8 504 1,970 0

2011/09A 303.6 32.6 659.9 32.4 1,012.6 25.7 806.5 34.7 4,115 11,568 0

2012/09F (38.1) 17.0 (47.9) 17.2 (46.9) 13.2 (48.5) 43.7 852 6,632 0

2013/09F 5.6 16.9 (0.0) 16.8 (2.3) 12.8 (3.4) 19.1 823 7,455 0

2014/09F 15.0 19.5 15.0 19.4 15.1 14.7 15.1 21.6 947 8,401 0



2010/09A 11.1 9.3 113.2 (7.1) 12.1 29.6

2011/09A 89.7 (33.0) 7.5 (15.7) 22.7 11.0 6.5 2.32 50.9 0.0

2012/09F 102.9 (75.4) 14.8 (10.0) 19.1 3.2 16.4 2.10 13.7 0.0

2013/09F 115.7 (80.3) 14.0 (5.0) 18.1 5.8 14.9 1.64 11.7 0.0

2014/09F 130.4 (84.4) 13.1 (5.0) 18.1 4.9 12.9 1.46 11.9 0.0



2012/03A 12.7 1.5 3.6 (48.5) (55.0) 3.3 (51.0) (56.1) 2.6 (53.1) (55.5)

2012/06A (79.7) (66.5) 2.4 (79.2) (32.3) 2.8 (75.3) (14.9) 2.1 (77.1) (19.4)

2012/09F (79.0) 0.0 2.4 (81.0) 0.0 2.8 (78.7) (0.0) 2.1 (78.7) 0.0

2012/12F (5.7) 177.0 5.5 (31.1) 126.3 5.4 (28.3) 91.8 4.1 (29.7) 95.9

2013/03F (7.2) 0.0 5.5 53.3 0.0 5.5 63.9 0.4 4.1 58.6 0.4

2013/06F 151.4 (9.2) 4.7 95.1 (13.8) 4.7 65.8 (13.9) 3.6 69.4 (13.9)

2013/09F (24.7) (70.1) 1.3 (47.4) (73.1) 1.2 (56.1) (73.5) 0.9 (55.2) (73.5)


17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 86.8 16.9 12.7 818 16.4 아이씨디 15.0 1.6 11.4 0.0

FY2013F 161.6 34.9 27.4 1,762 7.6 디스플레이 15.7 1.2 7.9 1.2



아이씨디

35.5

143.1

88.6

93.6

107.6

47.2 36.1

143.6 53.9

151.0 48.0

164.2 48.5

180.8 50.4

31.7

10.6

10.6

29.4

29.4

26.7

8.0

0.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-80

-70

-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

140,000

160,000

2011 2012

주가

x34

x27

x20

x13

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



232


A056190 452020 universe

에스에프에이 (056190.KQ) 업데이트 : 2012.05.23




52주 최고가 : 67,500 시가총액(십억원) : 746.0

52주 최저가 : 39,750 60일 평균 거래대금(백만원) : 3,210.5

연중 최고가 : 63,300 외국인지분(%) : 7.1

9 10 11 12 13


(7.9) (9.6) (26.3) (36.9) (33.8)

업종 대비 (18.1) (19.8) (36.6) (47.1) (44.1) 5

KOSPI 대비 (5.7) (7.7) (30.2) (40.9) (37.8) 10

22 23 24 19 20



2010/12A 106.0 70.5 363.8 74.8 198.6 56.3 212.5 75.2 3,186 16,647 500

2011/12A 19.1 92.1 30.8 95.8 28.1 75.6 34.2 98.5 4,275 20,138 1,280

2012/12F 12.2 124.2 34.8 130.6 36.3 103.3 36.6 132.3 5,753 24,639 1,280

2013/12F 3.5 128.2 3.2 131.4 0.6 105.1 1.8 137.6 5,854 29,175 1,280

2014/12F 20.0 148.0 15.4 151.5 15.3 121.2 15.3 158.8 6,752 34,275 1,280



2010/12A 282.0 (178.8) 0.8 (8.4) 11.1 9.3 15.4 2.94 22.1 1.0

2011/12A 344.7 (246.3) 0.8 (24.0) 12.2 8.6 14.3 3.03 24.1 2.1

2012/12F 425.5 (276.2) 0.7 (26.4) 14.7 3.5 7.2 1.69 26.8 3.1

2013/12F 506.9 (285.5) 0.7 (32.8) 14.6 3.3 7.1 1.42 22.5 3.1

2014/12F 598.5 (342.9) 0.7 (34.2) 14.1 2.5 6.2 1.21 21.9 3.1



2012/03F (25.2) (61.1) 19.7 13.8 (39.7) 21.6 19.4 (35.5) 17.2 13.9 (31.0)

2012/06F (37.8) 29.6 12.8 (52.7) (34.9) 14.3 (50.1) (33.5) 11.3 (56.9) (34.0)

2012/09F 94.0 126.9 44.2 195.7 244.0 45.7 192.8 218.5 36.1 199.1 218.5

2012/12F 24.0 8.5 47.5 45.2 7.6 49.0 46.5 7.3 38.7 55.8 7.3

2013/03F 59.4 (50.0) 23.1 17.2 (51.4) 23.9 10.8 (51.2) 19.1 11.5 (50.6)

2013/06F 50.0 21.9 30.8 139.6 33.1 31.6 120.1 32.0 25.3 122.9 32.0

2013/09F (18.6) 23.1 40.1 (9.2) 30.3 40.9 (10.4) 29.6 32.7 (9.3) 29.6

2013/12F (12.5) 16.7 34.2 (28.0) (14.7) 35.0 (28.6) (14.4) 28.0 (27.7) (14.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 642.4 74.6 74.4 4,144 10.7 에스에프에이 7.1 1.4 23.0 3.1

FY2013F 886.9 116.0 101.7 5,664 7.8 디스플레이 15.7 1.2 7.9 1.2



에스에프에이

632.4

753.4

845.3

875.0

1,050.0

514.3 234.4

558.7 214.0

631.8 208.5

672.6 168.8

800.5 200.1

100.3

130.0

295.0

320.0

160.0

195.0

240.0

280.0

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-50

-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

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x16

x12

x9

x5

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



233


A077360 452020 universe

덕산하이메탈 (077360.KQ) 업데이트 : 2012.11.13




52주 최고가 : 28,700 시가총액(십억원) : 565.8

52주 최저가 : 16,500 60일 평균 거래대금(백만원) : 6,814.4

연중 최고가 : 27,500 외국인지분(%) : 8.6

9 10 11 12 13


(10.3) (5.4) (18.1) (32.1) (28.6)

업종 대비 (20.5) (15.7) (28.3) (42.4) (38.8) 5

KOSPI 대비 (8.1) (3.6) (22.0) (36.1) (32.6) 10

22 23 24 19 20



2010/12A 125.5 20.1 327.0 19.4 239.7 15.9 236.2 21.8 643 4,222 0

2011/12A 78.6 34.7 73.0 35.1 81.1 34.6 116.9 38.2 1,181 5,457 0

2012/12F 9.3 40.8 17.6 42.1 20.2 41.4 19.8 46.0 1,409 6,868 0

2013/12F 14.9 47.9 17.4 49.0 16.3 47.1 13.6 54.3 1,601 8,471 0

2014/12F 11.9 51.0 6.3 52.1 6.2 50.0 6.2 58.5 1,700 10,173 0



2010/12A 100.1 8.4 13.7 (28.2) 27.7 23.6 31.6 4.81 18.7 0.0

2011/12A 138.5 (14.3) 4.7 (22.1) 26.8 19.2 21.5 4.65 29.0 0.0

2012/12F 180.0 (34.3) 3.7 (14.7) 28.9 11.6 13.7 2.80 26.0 0.0

2013/12F 227.1 (45.0) 3.1 (25.8) 29.5 9.6 12.0 2.27 23.1 0.0

2014/12F 277.2 (50.9) 2.6 (41.9) 28.0 8.8 11.3 1.89 19.8 0.0



2012/03A 39.6 (12.2) 9.2 62.5 (15.9) 9.5 64.9 (12.3) 9.3 75.3 (14.0)

2012/06A 9.2 13.9 10.5 25.5 14.3 10.8 30.2 13.4 10.9 26.1 16.6

2012/09F 9.3 4.6 10.7 9.3 2.5 11.4 13.0 5.2 11.2 14.4 3.0

2012/12F (9.7) (13.7) 10.4 (4.2) (2.8) 10.4 (4.5) (8.8) 10.0 (7.5) (10.4)

2013/03F 14.9 11.7 10.5 14.9 0.9 10.8 12.8 3.7 10.3 10.9 3.0

2013/06F 14.9 13.9 12.0 14.9 14.3 12.4 14.1 14.7 11.9 9.1 14.7

2013/09F 14.9 4.6 12.3 14.9 2.5 12.8 12.2 3.5 12.3 9.6 3.5

2013/12F 14.9 (13.7) 13.0 24.9 5.6 13.1 26.3 2.6 12.6 25.5 2.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 150.9 43.5 42.4 1,443 14.7 덕산하이메탈 12.2 2.3 23.4 0.0

FY2013F 197.4 55.2 53.7 1,829 11.6 디스플레이 15.7 1.2 7.9 1.2



덕산하이메탈

72.5

129.4

141.4

162.5

181.8

119.0 18.9

151.8 13.3

194.3 14.3

242.3 15.1

294.0 16.8

32.5

37.0

38.7

33.4

37.3

42.5

44.4

38.3

0

5,000

10,000

15,000

20,000

25,000

30,000


-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

50,000

2005 2006 2007 2008 2009 2010 2011 2012

주가

x33

x25

x17

x9

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



234


A108320 452020 universe

실리콘웍스 (108320.KQ) 업데이트 : 2012.11.20




52주 최고가 : 36,550 시가총액(십억원) : 426.1

52주 최저가 : 21,750 60일 평균 거래대금(백만원) : 7,374.1

연중 최고가 : 36,450 외국인지분(%) : 25.6

9 10 11 12 13


(4.9) (19.1) 5.4 (12.8) (14.8)

업종 대비 (15.2) (29.4) (4.8) (23.1) (25.1) 5

KOSPI 대비 (2.7) (17.3) 1.6 (16.8) (18.8) 10

22 23 24 19 20



2010/12A 35.8 37.7 4.1 43.7 11.1 40.4 5.1 38.6 2,656 12,384 600

2011/12A 17.2 25.4 (32.5) 33.3 (23.9) 32.9 (18.7) 27.4 2,046 14,251 400

2012/12F 49.7 45.6 79.4 50.9 53.1 42.7 29.9 47.7 2,625 16,284 400

2013/12F 20.8 59.1 29.7 64.5 26.6 54.8 28.4 61.4 3,371 19,203 400

2014/12F 15.0 68.3 15.5 74.7 15.9 63.5 15.9 71.1 3,906 22,661 400



2010/12A 203.8 (170.0) 0.0 (10.7) 14.7 9.7 12.6 2.71 27.3 1.8

2011/12A 220.9 (173.1) 0.0 (2.9) 8.4 12.2 15.2 2.19 15.5 1.3

2012/12F 257.5 (216.5) 0.0 (1.7) 10.1 4.4 10.0 1.61 17.9 1.5

2013/12F 301.8 (256.2) 0.0 (1.5) 10.8 2.8 7.8 1.36 19.6 1.5

2014/12F 355.9 (298.4) 0.0 (6.9) 10.9 1.9 6.7 1.16 19.3 1.5



2012/03A 29.2 11.3 7.8 11.2 (11.0) 9.2 9.2 (10.2) 9.1 7.1 (17.2)

2012/06A 57.6 41.8 13.5 205.0 73.2 14.9 143.1 61.6 10.7 104.6 18.1

2012/09F 70.7 12.3 13.9 167.4 2.7 15.2 81.9 1.6 15.2 78.9 41.7

2012/12F 37.6 (22.4) 10.4 18.4 (25.2) 11.6 12.2 (23.9) 7.7 (29.6) (49.2)

2013/03F 44.1 16.6 13.2 68.9 26.9 14.5 57.1 25.7 14.5 60.1 88.2

2013/06F 15.2 13.4 15.4 13.9 16.8 16.7 12.0 15.3 12.1 12.5 (17.0)

2013/09F 8.7 5.9 16.8 21.2 9.3 18.2 19.7 8.6 18.2 19.7 50.8

2013/12F 24.2 (11.3) 13.7 32.0 (18.5) 15.1 30.3 (17.1) 10.1 30.5 (44.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 453.7 47.8 47.8 2,937 9.8 실리콘웍스 8.0 1.4 19.4 1.5

FY2013F 531.9 59.0 59.6 3,665 7.8 디스플레이 15.7 1.2 7.9 1.2



실리콘웍스

257.0

301.3

451.0

545.0

626.8

242.0 37.2

268.7 47.5

332.5 75.2

393.5 88.0

459.8 97.5

86.0

121.9

136.9

106.3

123.9

140.4

148.7

132.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-30

-25

-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

2010 2011 2012

주가

x19

x16

x13

x10

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



235


A006400 452030 universe

삼성SDI (006400.KS) 업데이트 : 2012.10.31

투자의견 : 매수 업종 : 전자부품 주가 수익률(12개월)



52주 최고가 : 171,500 시가총액(십억원) : 6,970.4

52주 최저가 : 119,000 60일 평균 거래대금(백만원) : 35,681.6

연중 최고가 : 168,000 외국인지분(%) : 20.4

9 10 11 12 13


2.7 3.7 (2.2) 23.9 11.3

업종 대비 (1.4) (0.4) (6.3) 19.8 7.2 5

KOSPI 대비 4.9 5.6 (6.1) 19.9 7.3 10

22 23 24 19 20



2010/12A 3.5 286.8 6.9 422.6 58.9 356.1 63.6 662.3 8,203 132,039 1,600

2011/12A 6.2 203.7 (29.0) 478.1 13.1 320.1 (10.1) 642.3 7,341 133,305 1,500

2012/12F 8.5 1,728.0 748.2 2,147.7 349.2 1,566.7 389.4 2,160.2 34,898 165,086 1,500

2013/12F 20.9 329.1 (81.0) 813.8 (62.1) 593.7 (62.1) 773.7 13,221 176,242 1,500

2014/12F 27.1 594.7 80.7 1,048.6 28.9 765.0 28.9 1,041.3 17,037 191,029 1,500



2010/12A 6,051.2 (780.5) 5.8 (398.6) 5.6 10.8 20.5 1.27 6.5 1.0

2011/12A 6,118.1 (25.3) 12.1 (435.5) 3.7 9.9 18.2 1.00 5.3 1.1

2012/12F 7,617.5 (147.3) 8.9 (374.1) 29.2 3.4 4.4 0.93 22.8 1.0

2013/12F 8,143.7 (326.6) 8.3 (416.7) 4.6 9.2 11.6 0.87 7.5 1.0

2014/12F 8,841.3 (554.8) 6.3 (448.7) 6.6 6.7 9.0 0.80 9.0 1.0



2012/03A 13.9 (4.2) 67.0 11.1 502.5 165.2 47.9 65.2 112.0 42.3 103.9

2012/06A 9.5 7.3 84.0 (5.9) 25.3 166.3 27.4 0.7 105.3 21.7 (6.0)

2012/09F 3.8 1.7 1,520.5 3,435.2 1,710.8 1,641.7 1,108.2 887.2 1,092.9 993.4 937.6

2012/12F 7.9 3.2 56.4 407.3 (96.3) 174.5 74.5 (89.4) 256.5 367.0 (76.5)

2013/03F 3.9 (7.8) 37.7 (43.7) (33.1) 131.7 (20.3) (24.5) 96.0 (14.3) (62.6)

2013/06F 14.5 18.3 89.7 6.8 137.6 203.4 22.3 54.5 148.3 40.8 54.5

2013/09F 28.7 14.3 103.6 (93.2) 15.5 244.2 (85.1) 20.1 178.1 (83.7) 20.1

2013/12F 34.5 7.9 98.1 73.7 (5.4) 234.6 34.5 (3.9) 171.1 (33.3) (3.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 5,829.6 576.0 689.0 13,293 10.9 삼성SDI 9.8 0.9 9.2 1.0

FY2013F 5,980.5 326.8 575.5 11,286 12.8 전자부품 12.9 1.2 9.7 0.8



삼성SDI

5,124.3

5,443.9

5,908.3

7,142.4

9,076.6

7,933.6 1,702.7

8,527.4 2,212.9

10,457.1 2,491.7

11,322.8 2,773.8

12,573.5 3,252.9

1,376.7

1,477.4

1,502.9

1,551.3

1,430.3

1,691.9

1,933.7

2,086.5

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


-10

-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

700,000

800,000

900,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x24

x18

x13

x8

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



236


A009150 452030 universe

삼성전기 (009150.KS) 업데이트 : 2012.10.25

투자의견 : 중립 업종 : 전자부품 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이승혁


52주 최고가 : 112,500 시가총액(십억원) : 7,379.7

52주 최저가 : 68,100 60일 평균 거래대금(백만원) : 54,286.9

연중 최고가 : 111,000 외국인지분(%) : 19.7

9 10 11 12 13


8.1 (2.7) (1.7) 34.1 24.6

업종 대비 4.0 (6.8) (5.8) 29.9 20.5 5

KOSPI 대비 10.3 (0.8) (5.6) 30.0 20.6 10

22 23 24 19 20



2010/12A 1.8 498.1 7.1 569.4 31.9 554.7 99.2 1,017.4 7,171 44,941 1,000

2011/12A 6.7 320.9 (35.6) 364.0 (36.1) 349.5 (37.0) 984.5 4,510 45,295 750

2012/12F 30.2 643.4 100.5 608.5 67.2 422.7 21.0 1,165.6 5,450 49,991 750

2013/12F 15.2 752.0 16.9 718.9 18.1 499.4 18.1 1,276.5 6,437 55,676 750

2014/12F 40.7 831.0 10.5 815.4 13.4 566.5 13.4 1,362.8 7,301 62,225 750



2010/12A 3,475.1 874.4 45.0 (1,135.9) 8.8 10.4 17.3 2.76 18.3 0.8

2011/12A 3,507.4 1,037.0 41.0 (1,240.2) 5.3 7.4 17.2 1.72 10.0 1.0

2012/12F 3,871.9 700.1 33.1 (601.0) 8.2 7.4 18.1 1.98 11.5 0.8

2013/12F 4,313.0 381.8 25.3 (606.0) 8.3 6.5 15.3 1.77 12.2 0.8

2014/12F 4,821.2 54.2 18.7 (606.0) 6.5 5.9 13.5 1.59 12.4 0.8



2012/03A 25.0 147.0 106.7 46.7 46.6 98.8 29.8 (33.7) 69.5 (18.8) (52.0)

2012/06A 36.3 9.2 156.2 128.0 46.4 144.7 136.7 46.4 135.2 149.7 94.5

2012/09F 13.2 14.4 200.4 190.8 28.3 192.4 274.2 33.0 133.6 105.8 (1.1)

2012/12F 184.7 (7.7) 180.1 147.7 (10.1) 172.6 15.8 (10.3) 84.4 (41.7) (36.8)

2013/03F 12.6 (2.3) 153.7 44.1 (14.7) 148.2 49.9 (14.2) 102.9 48.1 21.9

2013/06F 19.0 15.3 206.4 32.2 34.3 199.7 38.0 34.8 138.7 2.6 34.8

2013/09F 15.1 10.7 221.9 10.7 7.5 215.9 12.2 8.1 150.0 12.2 8.1

2013/12F 13.9 (8.7) 169.9 (5.7) (23.4) 155.2 (10.1) (28.1) 107.8 27.7 (28.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 7,660.6 592.7 478.8 5,787 15.7 삼성전기 15.6 1.8 12.1 0.8

FY2013F 8,472.8 682.4 544.9 6,599 13.8 전자부품 12.9 1.2 9.7 0.8



삼성전기

5,651.1

6,031.8

7,852.9

9,045.8

12,723.5

6,836.0 3,033.1

7,328.9 3,453.1

7,912.6 3,620.4

8,527.9 3,733.3

9,820.9 4,448.5

1,747.7

1,907.9

2,183.1

2,014.2

1,968.2

2,269.6

2,512.9

2,295.1

0

20,000

40,000

60,000

80,000

100,000

120,000


-10

0

10

20

30

40

50

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

주가

x38

x30

x23

x16

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



237


A011070 452030 universe

LG이노텍 (011070.KS) 업데이트 : 2012.10.25




52주 최고가 : 109,000 시가총액(십억원) : 1,742.8

52주 최저가 : 61,500 60일 평균 거래대금(백만원) : 10,452.7

연중 최고가 : 107,000 외국인지분(%) : 13.1

9 10 11 12 13


8.8 (8.3) 14.9 29.7 23.6

업종 대비 4.7 (12.4) 10.8 25.6 19.5 5

KOSPI 대비 11.0 (6.4) 11.0 25.7 19.6 10

22 23 24 19 20



2010/12A 67.0 156.5 205.1 108.7 899.1 195.6 176.7 439.9 10,325 73,048 350

2011/12A 11.0 (66.8) NA (174.5) NA (145.4) NA 352.0 -7,211 65,733 0

2012/12F 13.7 114.4 NA 17.9 NA 15.9 NA 476.7 790 66,485 0

2013/12F 14.3 290.4 153.8 199.6 1,014.4 177.6 1,014.4 645.5 8,806 75,290 0

2014/12F 16.0 384.9 32.6 294.1 47.4 261.8 47.4 724.6 12,978 88,267 0



2010/12A 1,469.9 1,360.4 112.2 (1,328.9) 3.8 9.2 13.0 1.83 16.5 0.3

2011/12A 1,324.8 1,778.2 169.4 (691.5) (1.5) 8.9 NA 1.03 (10.4) 0.0

2012/12F 1,340.7 1,320.5 126.2 (506.9) 2.2 6.4 109.3 1.30 1.2 0.0

2013/12F 1,518.3 1,159.4 104.3 (386.3) 4.9 4.5 9.8 1.15 12.4 0.0

2014/12F 1,780.1 959.4 81.6 (366.3) 5.6 3.7 6.7 0.98 15.9 0.0



2012/03A 12.3 1.7 23.9 NA NA 0.0 NA NA (2.4) NA NA

2012/06A 5.3 0.1 19.0 222.0 (20.2) (8.0) NA NA 4.5 NA NA

2012/09F 14.3 (1.3) 26.2 NA 37.4 3.4 NA NA 3.3 NA (24.9)

2012/12F 22.5 21.8 45.4 NA 73.3 22.4 NA 549.3 10.6 NA 215.5

2013/03F 11.5 (7.4) 33.6 40.7 (26.0) 10.5 24,307.1 (53.1) 9.4 NA (11.5)

2013/06F 12.6 1.1 56.4 196.0 67.9 33.7 NA 220.4 30.0 571.9 220.4

2013/09F 19.0 4.3 92.4 252.9 63.8 69.8 1,924.9 107.3 62.1 1,755.9 107.3

2013/12F 14.3 17.0 108.1 138.3 17.0 85.6 282.4 22.6 76.2 621.1 22.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 5,200.3 114.1 18.3 872 87.3 LG이노텍 10.9 1.2 11.2 0.0

FY2013F 6,006.0 240.7 124.5 6,010 12.7 전자부품 12.9 1.2 9.7 0.8



LG이노텍

4,103.5

4,553.0

5,175.7

5,916.2

6,863.1

4,133.9 2,663.9

4,410.0 3,085.1

4,485.6 3,144.8

4,456.4 2,938.0

4,783.0 3,002.8

1,234.0

1,235.8

1,219.9

1,486.1

1,376.0

1,390.9

1,451.3

1,698.0

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

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

2008 2009 2010 2011 2012

주가

x124

x93

x62

x31

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



238


A012450 452030 universe

삼성테크윈 (012450.KS) 업데이트 : 2012.10.22


목표주가 : 100,000 애널리스트 : 서원석


52주 최고가 : 80,900 시가총액(십억원) : 3,076.2

52주 최저가 : 50,800 60일 평균 거래대금(백만원) : 21,801.9

연중 최고가 : 79,900 외국인지분(%) : 16.2

9 10 11 12 13


(6.0) (20.5) (19.5) 4.5 6.0

업종 대비 (10.1) (24.6) (23.6) 0.4 1.9 5

KOSPI 대비 (3.8) (18.6) (23.3) 0.5 2.0 10

22 23 24 19 20



2010/12A 8.6 228.0 3.5 288.8 13.9 233.4 33.5 324.2 4,398 23,830 800

2011/12A 0.8 250.8 10.0 247.7 (14.2) 229.5 (1.7) 350.7 4,321 30,518 500

2012/12F (1.5) 169.9 (32.2) 171.9 (30.6) 153.9 (32.9) 274.9 2,897 36,087 500

2013/12F 22.1 238.5 40.3 234.3 36.3 209.9 36.4 355.6 3,951 42,710 500

2014/12F 21.0 352.9 48.0 344.3 47.0 308.7 47.1 486.0 5,811 51,193 500



2010/12A 1,265.3 692.1 63.3 (170.6) 7.8 19.1 23.5 4.34 20.0 0.8

2011/12A 1,621.1 599.3 48.4 (56.6) 8.5 9.8 12.3 1.74 15.9 0.9

2012/12F 1,917.0 562.7 44.4 (108.6) 5.9 13.3 20.0 1.60 8.7 0.9

2013/12F 2,268.9 512.1 41.2 (121.7) 6.7 10.1 14.7 1.36 10.0 0.9

2014/12F 2,719.6 421.4 37.5 (135.7) 8.2 7.2 10.0 1.13 12.4 0.9



2012/03A (1.3) (22.5) 32.6 7.7 NA 42.2 (6.8) NA 34.9 (19.2) 137.1

2012/06A (4.8) 18.7 53.0 (72.0) 62.6 46.0 (72.4) 8.9 41.6 (68.3) 19.3

2012/09F (0.3) (8.2) 36.9 6.0 (30.4) 39.3 0.9 (14.6) 34.0 (17.1) (18.2)

2012/12F 0.3 18.9 47.5 NA 29.0 44.4 NA 13.0 43.4 195.1 27.6

2013/03F 20.3 (7.1) 43.7 34.0 (8.2) 43.0 1.8 (3.1) 38.5 10.4 (11.3)

2013/06F 13.8 12.3 59.4 12.1 36.0 58.7 27.4 36.4 52.5 26.3 36.4

2013/09F 32.2 6.6 64.5 75.1 8.6 63.7 62.1 8.6 57.1 67.8 8.7

2013/12F 22.7 10.3 70.9 49.2 9.9 68.9 55.3 8.2 61.7 42.3 8.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,960.3 173.6 166.3 3,187 18.3 삼성테크윈 15.1 1.4 9.9 0.9

FY2013F 3,464.1 235.6 223.7 4,193 13.9 전자부품 12.9 1.2 9.7 0.8



삼성테크윈

2,924.0

2,947.5

2,901.9

3,543.8

4,288.5

2,897.9 1,627.3

3,193.5 1,568.4

3,272.4 1,350.8

3,783.9 1,509.6

4,421.2 1,695.2

635.0

753.5

691.5

822.0

763.7

857.3

914.2

1,008.6

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


-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

180,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x37

x30

x23

x16

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



239


A038060 452030 universe

루멘스 (038060.KQ) 업데이트 : 2012.07.09


목표주가 : 10,000 애널리스트 : 정영우


52주 최고가 : 8,430 시가총액(십억원) : 339.4

52주 최저가 : 4,895 60일 평균 거래대금(백만원) : 8,170.5

연중 최고가 : 8,400 외국인지분(%) : 19.4

9 10 11 12 13


20.3 27.3 60.6 33.3 31.9

업종 대비 16.2 23.2 56.5 29.2 27.8 5

KOSPI 대비 22.5 29.1 56.7 29.3 27.9 10

22 23 24 19 20



2010/12A 84.8 24.4 327.2 14.0 214.0 7.9 51.7 31.6 198 2,572 0

2011/12A 38.1 5.3 (78.5) 13.5 (4.1) 14.7 85.9 13.7 367 3,085 0

2012/12F 32.2 33.2 530.3 38.1 182.6 30.5 107.7 52.0 652 3,370 0

2013/12F 12.2 32.8 (1.0) 39.8 4.5 31.8 4.5 53.9 682 4,051 0

2014/12F 10.8 36.7 11.8 45.6 14.6 36.5 14.6 55.7 781 4,832 0



2010/12A 104.3 21.3 41.8 (19.1) 9.9 11.1 41.4 3.18 8.2 0.0

2011/12A 122.1 (2.9) 37.3 (14.2) 1.6 18.0 16.9 2.01 13.0 0.0

2012/12F 157.4 (44.6) 28.9 (14.0) 7.4 5.7 12.9 2.49 21.8 0.0

2013/12F 189.3 (76.9) 24.1 (15.7) 6.5 4.9 12.3 2.07 18.4 0.0

2014/12F 225.8 (109.7) 20.2 (17.4) 6.6 4.1 10.8 1.74 17.6 0.0



2012/03A (5.0) 1.8 8.4 10.0 NA 5.0 (34.9) 1,991.2 3.4 (35.5) 61.2

2012/06F 41.3 34.9 7.7 179.2 (8.7) 9.9 160.6 97.9 7.9 40.4 131.9

2012/09F 51.3 13.0 9.2 91.7 20.0 10.3 486.0 3.8 8.2 410.5 3.8

2012/12F 43.7 (7.3) 7.9 NA (14.5) 12.9 5,288.8 25.4 10.9 414.6 32.5

2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA NA NA NA 0.0 루멘스 12.4 2.1 18.7 0.0

FY2013F NA NA NA NA 0.0 전자부품 12.9 1.2 9.7 0.8



루멘스

245.9

339.5

448.9

503.5

557.6

197.5 93.2

244.8 122.7

305.0 147.6

349.2 160.0

398.0 172.3

84.9

114.5

129.5

120.0

0

1,336

2,671

4,007

5,342

6,678

8,014

9,349


-30

-20

-10

0

10

20

30

40KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

2006 2007 2008 2009 2010 2011 2012

주가

x32

x24

x16

x8

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



240


A046890 452030 universe

서울반도체 (046890.KQ) 업데이트 : 2012.10.25

투자의견 : 중립 업종 : 전자부품 주가 수익률(12개월)

목표주가 : - 애널리스트 : 정영우


52주 최고가 : 29,250 시가총액(십억원) : 1,300.2

52주 최저가 : 19,500 60일 평균 거래대금(백만원) : 13,601.8

연중 최고가 : 28,650 외국인지분(%) : 16.2

9 10 11 12 13


7.0 3.2 (0.9) (0.9) 5.9

업종 대비 2.8 (0.9) (5.0) (5.0) 1.8 5

KOSPI 대비 9.1 5.1 (4.8) (4.9) 1.9 10

22 23 24 19 20



2010/12A 85.0 109.9 150.2 111.5 236.9 94.1 233.1 141.5 1,614 9,721 0

2011/12A (11.9) 24.5 (77.7) 41.3 (62.9) 34.6 (63.2) 54.7 593 9,974 0

2012/12F 15.3 18.0 (26.7) 22.5 (45.5) 18.7 (46.0) 76.3 320 10,699 161

2013/12F 11.6 46.8 160.7 56.3 149.9 46.7 149.9 108.2 801 11,339 215

2014/12F 14.6 61.0 30.4 75.4 33.9 62.5 33.9 123.8 1,073 12,197 215



2010/12A 573.9 (113.0) 17.7 (109.3) 13.1 15.9 25.2 4.18 18.2 0.0

2011/12A 608.9 52.4 30.3 (85.5) 3.3 23.3 35.4 2.11 5.9 0.0

2012/12F 623.8 (70.2) 29.6 (34.1) 2.1 16.1 69.6 2.08 3.0 0.7

2013/12F 661.1 (93.3) 27.9 (38.0) 4.9 11.2 27.8 1.97 7.3 1.0

2014/12F 711.1 (108.0) 25.9 (43.6) 5.6 9.6 20.8 1.83 9.1 1.0



2012/03A (15.3) 11.3 2.3 (83.1) NA 2.2 (85.9) NA 3.1 (73.9) NA

2012/06A 1.0 19.6 1.6 (90.2) (29.7) 8.0 (63.2) 255.2 6.0 (60.9) 93.7

2012/09F 40.9 11.4 8.3 81.9 406.8 2.2 (85.1) (72.0) 1.7 (90.7) (71.4)

2012/12F 47.3 (0.6) 5.7 NA (30.8) 9.3 NA 318.2 7.3 NA 325.2

2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 812.0 20.0 19.0 326 63.8 서울반도체 29.8 2.0 6.8 0.9

FY2013F 914.0 47.0 43.0 738 28.2 전자부품 12.9 1.2 9.7 0.8



서울반도체

839.0

739.5

852.4

950.9

1,089.5

786.8 212.9

878.7 269.8

906.7 282.9

955.4 294.2

1,021.4 310.2

175.7

210.1

234.0

232.6

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-20

-15

-10

-5

0

5

10

15

20

25KOSPI대비(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

주가

x84

x63

x42

x21

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



241


A000660 453010 universe

SK하이닉스 (000660.KS) 업데이트 : 2012.11.04

투자의견 : 매수 업종 : 반도체·반도체장비 주가 수익률(12개월)

목표주가 : 34,000 애널리스트 : 서원석


52주 최고가 : 30,950 시가총액(십억원) : 17,770.3

52주 최저가 : 19,750 60일 평균 거래대금(백만원) : 117,183.1

연중 최고가 : 30,550 외국인지분(%) : 24.8

9 10 11 12 13


9.4 12.0 8.7 10.1 9.2

업종 대비 1.7 4.3 1.0 2.4 1.5 5

KOSPI 대비 11.6 13.9 4.8 6.1 5.2 10

22 23 24 19 20



2010/12A 53.1 2,975.3 1,449.9 2,666.4 NA 2,621.0 NA 6,124.5 4,440 13,394 150

2011/12A (14.1) 325.5 (89.1) 45.1 (98.3) (56.6) NA 3,792.4 -96 13,300 0

2012/12F (2.6) (150.9) NA (180.2) NA (211.8) NA 3,149.7 -311 14,515 0

2013/12F 9.1 1,181.1 NA 1,126.9 NA 966.2 NA 4,590.8 1,355 16,100 100

2014/12F 6.1 1,818.5 54.0 1,724.9 53.1 1,479.0 53.1 5,684.9 2,074 18,070 200



2010/12A 7,905.9 3,912.8 77.3 (3,391.9) 24.6 3.0 5.4 1.79 39.2 0.6

2011/12A 7,875.7 4,947.0 86.6 (3,568.2) 3.1 4.7 NA 1.65 (0.7) 0.0

2012/12F 10,075.1 4,209.9 67.4 (4,100.0) (1.5) 7.0 NA 1.76 (2.4) 0.0

2013/12F 11,479.3 3,011.8 55.1 (3,200.0) 10.7 4.5 18.9 1.59 9.0 0.4

2014/12F 12,884.3 2,344.6 45.5 (4,000.0) 15.5 3.5 12.3 1.42 12.1 0.8



2012/03A (14.5) (6.5) (260.0) NA NA (271.0) NA NA (271.1) NA NA

2012/06A (4.6) 10.2 22.8 (94.9) NA (43.9) NA NA (53.2) NA NA

2012/09F 5.8 (7.9) (15.1) NA NA 5.2 NA NA 2.0 NA NA

2012/12F 5.0 10.7 101.4 NA NA 129.5 NA 2,397.8 110.5 NA 5,328.0

2013/03F 9.9 (2.1) 129.9 NA 28.2 116.1 NA (10.3) 99.6 NA (9.9)

2013/06F 3.1 3.3 280.3 1,129.2 115.7 261.8 NA 125.4 224.5 NA 125.4

2013/09F 17.7 5.1 387.9 NA 38.4 373.4 7,103.9 42.7 320.2 15,635.8 42.7

2013/12F 6.5 0.2 382.9 277.7 (1.3) 375.6 190.0 0.6 322.0 191.5 0.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 10,218.0 (211.3) (345.8) -513 NA SK하이닉스 21.7 1.6 7.8 0.3

FY2013F 12,122.3 1,393.6 1,114.6 1,537 15.0 반도체·반도체장비 8.7 1.5 18.2 0.4



SK하이닉스

12,106.1

10,395.8

10,125.8

11,047.1

11,717.2

17,412.1 9,504.5

17,238.1 9,362.9

19,727.8 9,653.6

20,378.5 8,897.0

21,155.0 8,263.8

2,388.4

2,632.0

2,423.5

2,682.0

2,625.4

2,713.0

2,851.8

2,856.9

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

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

x6

x4

x3

x2

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



242


A005930 453010 universe

삼성전자 (005930.KS) 업데이트 : 2012.11.15


목표주가 : 1,850,000 애널리스트 : 서원석


52주 최고가 : 1,419,000 시가총액(십억원) : 208,723.2

52주 최저가 : 921,000 60일 평균 거래대금(백만원) : 359,584.7

연중 최고가 : 1,417,000 외국인지분(%) : 50.4

9 10 11 12 13


7.8 12.1 14.3 47.1 31.2

업종 대비 0.0 4.4 6.6 39.4 23.5 5

KOSPI 대비 9.9 13.9 10.4 43.1 27.2 10

22 23 24 19 20



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

2011/12A 6.7 16,249.7 (6.1) 17,159.0 (11.2) 13,359.2 (15.4) 29,841.8 89,073 617,984 5,500

2012/12F 23.7 29,148.4 79.4 30,182.0 75.9 23,177.2 73.5 47,370.5 153,798 746,468 5,500

2013/12F 12.8 34,701.2 19.1 35,873.0 18.9 27,841.1 20.1 55,054.9 184,578 902,364 5,500

2014/12F 5.9 37,450.6 7.9 38,525.5 7.4 29,899.6 7.4 61,033.7 198,226 1,070,361 5,500



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

2011/12A 97,599.8 (12,231.0) 14.4 (21,965.7) 9.8 5.5 11.9 1.71 14.6 0.5

2012/12F 119,459.0 (19,419.2) 11.8 (24,000.0) 14.3 4.5 9.2 1.90 21.4 0.4

2013/12F 145,982.1 (32,964.0) 9.7 (21,000.0) 15.1 3.6 7.7 1.57 21.0 0.4

2014/12F 174,563.8 (44,304.8) 8.1 (23,000.0) 15.4 3.1 7.1 1.32 18.7 0.4



2012/03A 22.4 (4.3) 5,850.4 98.4 10.5 6,350.3 87.4 16.0 4,860.9 79.1 25.0

2012/06A 20.7 5.1 6,724.1 79.2 14.9 6,730.1 61.6 6.0 5,049.0 46.1 3.9

2012/09F 26.4 9.6 8,124.7 91.0 20.8 8,302.4 100.9 23.4 6,385.7 93.5 26.5

2012/12F 24.8 13.1 8,449.1 59.5 4.0 8,799.3 60.7 6.0 6,881.5 77.0 7.8

2013/03F 16.9 (10.3) 7,969.3 36.2 (5.7) 8,277.8 30.4 (5.9) 6,424.4 32.2 (6.6)

2013/06F 17.9 6.0 8,277.3 23.1 3.9 8,589.9 27.6 3.8 6,666.6 32.0 3.8

2013/09F 13.8 5.8 9,693.5 19.3 17.1 9,953.0 19.9 15.9 7,724.5 21.0 15.9

2013/12F 4.5 3.9 8,761.1 3.7 (9.6) 9,052.3 2.9 (9.0) 7,025.5 2.1 (9.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 198,791.1 27,898.4 23,126.7 132,866 9.9 삼성전자 7.8 1.6 21.0 0.4

FY2013F 219,757.4 32,049.7 26,930.8 154,693 8.5 반도체·반도체장비 8.7 1.5 18.2 0.4



삼성전자

154,630.3

165,001.8

204,079.3

230,151.7

243,791.8

134,288.7 44,939.7

155,631.3 53,785.9

180,915.2 56,573.9

205,774.6 54,142.7

222,477.8 41,438.8

45,270.5

47,597.0

52,177.3

59,034.5

52,937.5

56,136.7

59,370.1

61,707.5

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000


0

5

10

15

20

25

30

35

40

45

50

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

2,000,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x12

x10

x9

x8

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



243


A029460 453010 universe

케이씨텍 (029460.KS) 업데이트 : 2012.09.26

투자의견 : 중립 업종 : 반도체·반도체장비 주가 수익률(12개월)



52주 최고가 : 6,250 시가총액(십억원) : 119.9

52주 최저가 : 3,450 60일 평균 거래대금(백만원) : 592.1

연중 최고가 : 5,970 외국인지분(%) : 5.3

9 10 11 12 13


(7.9) (8.1) (6.8) (24.7) (33.8)

업종 대비 (15.7) (15.8) (14.5) (32.4) (41.5) 5

KOSPI 대비 (5.8) (6.2) (10.6) (28.7) (37.8) 10

22 23 24 19 20



2010/12A 141.1 22.9 135.7 31.8 176.5 25.0 149.0 27.6 736 4,915 60

2011/12A (16.6) 16.0 (30.4) 17.7 (44.4) 13.0 (48.1) 21.4 389 5,176 30

2012/12F (32.3) 13.5 (15.7) 21.7 22.7 17.0 30.6 24.3 515 5,924 30

2013/12F 11.5 16.0 18.4 23.9 10.3 18.9 11.5 24.8 566 6,460 30

2014/12F 27.5 22.2 39.1 32.4 35.4 25.6 35.4 28.5 767 7,198 30



2010/12A 171.0 (7.2) 0.0 (4.6) 10.0 7.0 8.4 1.26 16.1 1.0

2011/12A 181.9 (30.2) 2.7 (4.3) 8.3 6.5 13.4 1.01 7.4 0.6

2012/12F 197.8 (65.7) 2.5 (3.0) 10.4 2.2 7.0 0.61 8.9 0.8

2013/12F 215.7 (78.9) 2.3 (4.4) 11.0 1.7 6.3 0.56 9.1 0.8

2014/12F 240.4 (87.2) 2.1 (5.5) 12.0 1.1 4.7 0.50 11.2 0.8



2012/03A (57.7) (42.9) 1.7 (61.0) 1,419.5 2.6 (45.9) NA 2.0 (44.4) NA

2012/06A (28.3) 90.8 4.6 (26.1) 165.1 6.2 (5.3) 134.6 4.9 0.1 139.7

2012/09F (35.9) (17.8) 3.3 (37.0) (28.9) 4.8 (33.1) (22.5) 3.7 (31.1) (23.3)

2012/12F 1.1 12.7 3.9 3,290.9 18.4 5.3 NA 11.3 4.1 NA 11.3

2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA NA NA NA 0.0 케이씨텍 6.4 0.6 9.1 0.8

FY2013F NA NA NA NA 0.0 반도체·반도체장비 8.7 1.5 18.2 0.4



케이씨텍

230.3

192.1

130.1

145.0

185.0

214.4 43.4

214.2 32.3

221.3 23.5

241.3 25.6

271.6 31.3

20.8

39.7

32.7

36.8

0

1,336

2,671

4,007

5,342

6,678


-40

-30

-20

-10

0

10

20

30KOSPI대비(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

x22

x17

x13

x9

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



244


A030530 453010 universe

원익IPS (030530.KQ) 업데이트 : 2012.10.17




52주 최고가 : 10,550 시가총액(십억원) : 325.8

52주 최저가 : 4,080 60일 평균 거래대금(백만원) : 4,667.8

연중 최고가 : 10,150 외국인지분(%) : 2.8

9 10 11 12 13


(6.9) (22.4) (44.0) (55.3) (55.7)

업종 대비 (14.6) (30.1) (51.7) (63.0) (63.4) 5

KOSPI 대비 (4.7) (20.5) (47.9) (59.3) (59.7) 10

22 23 24 19 20



2010/12A 90.0 19.9 246.4 20.9 38.4 15.9 32.4 23.1 472 2,599 0

2011/12A 44.7 14.2 (28.4) 36.8 75.6 28.3 78.0 21.3 441 3,333 0

2012/12F 4.3 12.7 (10.4) 23.6 (35.9) 23.2 (18.1) 35.7 342 3,612 0

2013/12F 0.7 21.0 65.0 36.1 53.0 28.9 24.6 47.3 425 4,007 0

2014/12F 20.4 34.8 65.5 55.8 54.7 44.6 54.7 65.3 657 4,619 0



2010/12A 156.6 (11.9) 32.5 (6.3) 11.5 12.0 18.3 3.32 13.0 0.0

2011/12A 219.1 (8.1) 30.6 (47.8) 5.7 32.2 21.8 2.89 15.1 0.0

2012/12F 242.3 (16.6) 26.7 (26.1) 4.9 8.7 13.0 1.23 10.0 0.0

2013/12F 271.2 (29.0) 23.9 (26.3) 8.0 6.3 10.5 1.11 11.2 0.0

2014/12F 315.9 (42.7) 20.5 (31.6) 11.0 4.3 6.8 0.96 15.2 0.0



2012/03A 192.0 20.6 10.1 NA 416.3 9.6 NA (60.8) 7.7 NA (58.4)

2012/06A (9.3) (33.1) 2.2 (56.7) (78.4) 3.6 (22.6) (63.0) 5.6 52.2 (27.3)

2012/09F (12.8) (5.6) 0.2 (97.6) (89.0) 1.3 (86.6) (62.9) 1.1 (86.0) (81.1)

2012/12F (46.3) (29.6) (0.3) NA NA 0.8 (96.6) (37.5) 0.7 (96.4) (37.5)

2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 361.7 32.0 36.3 499 9.7 원익IPS 10.7 1.1 11.1 0.0

FY2013F 469.3 48.0 55.0 752 6.4 반도체·반도체장비 8.7 1.5 18.2 0.4



원익IPS

173.1

250.5

261.1

262.9

316.4

282.5 126.0

373.7 154.6

400.5 158.2

429.9 158.8

492.9 177.0

95.1

63.6

60.1

42.3

0

2,000

4,000

6,000

8,000

10,000

12,000


-70

-60

-50

-40

-30

-20

-10

0

10KOSPI대비(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

주가

x28

x21

x15

x8

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



245


A033170 453010 universe

시그네틱스 (033170.KQ) 업데이트 : 2012.10.17




52주 최고가 : 4,910 시가총액(십억원) : 275.2

52주 최저가 : 2,510 60일 평균 거래대금(백만원) : 2,407.2

연중 최고가 : 4,210 외국인지분(%) : 0.6

9 10 11 12 13


11.1 0.6 (4.3) (35.1) (21.3)

업종 대비 3.4 (7.1) (12.0) (42.8) (29.0) 5

KOSPI 대비 13.2 2.5 (8.2) (39.1) (25.3) 10

22 23 24 19 20



2010/12A 19.7 19.8 19.7 15.8 26.2 14.2 26.5 47.4 174 1,540 0

2011/12A 15.8 20.4 3.1 18.6 17.8 15.2 7.0 51.4 178 1,741 0

2012/12F 15.2 23.6 15.5 22.7 22.2 20.0 31.3 54.6 233 1,974 0

2013/12F 18.9 35.7 51.3 33.6 47.8 29.6 47.8 69.2 345 2,319 0

2014/12F 20.6 47.6 33.4 45.8 36.2 40.3 36.2 87.5 470 2,789 0



2010/12A 132.0 44.1 48.8 (54.3) 8.3 5.1 13.4 1.51 13.3 0.0

2011/12A 149.2 52.5 38.6 (42.3) 7.4 7.7 22.6 2.31 10.8 0.0

2012/12F 169.2 51.5 35.7 0.0 7.4 6.0 13.8 1.63 12.6 0.0

2013/12F 198.8 36.8 30.6 0.0 9.4 4.5 9.3 1.38 16.1 0.0

2014/12F 239.1 14.4 25.8 0.0 10.4 3.3 6.8 1.15 18.4 0.0



2012/03A 5.0 (6.4) 2.2 (49.8) 236.3 3.1 (40.0) 477.2 2.4 (48.5) NA

2012/06A 12.4 32.4 6.4 (23.4) 197.9 4.6 (45.9) 49.4 4.5 (40.6) 87.1

2012/09F 7.9 1.4 6.7 38.7 4.4 6.2 43.6 33.5 5.5 71.3 22.0

2012/12F 33.0 5.9 8.0 1,146.3 19.1 7.5 1,288.5 20.6 6.8 NA 23.2

2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 323.8 25.6 22.3 261 11.0 시그네틱스 9.6 1.4 15.7 0.0

FY2013F 394.6 41.5 34.7 405 7.1 반도체·반도체장비 8.7 1.5 18.2 0.4



시그네틱스

238.9

276.8

319.0

379.4

457.4

242.6 110.6

250.7 101.5

277.5 108.2

316.7 117.9

369.4 130.3

62.3

82.5

83.6

88.6

0

1,336

2,671

4,007

5,342


-60

-50

-40

-30

-20

-10

0KOSPI대비(우)

주가(좌)

(%p)(원)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2010 2011

주가

x26

x22

x18

x14

x11

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



246


A033640 453010 universe

네패스 (033640.KQ) 업데이트 : 2012.11.11




52주 최고가 : 21,650 시가총액(십억원) : 299.0

52주 최저가 : 11,050 60일 평균 거래대금(백만원) : 6,515.9

연중 최고가 : 21,200 외국인지분(%) : 7.2

9 10 11 12 13


(7.4) (18.0) (30.5) (25.1) (17.0)

업종 대비 (15.1) (25.7) (38.2) (32.8) (24.7) 5

KOSPI 대비 (5.3) (16.1) (34.3) (29.1) (21.0) 10

22 23 24 19 20



2010/12A 6.1 29.1 9.9 18.5 (24.0) 11.4 (42.5) 52.5 582 6,607 50

2011/12A 1.2 19.0 (34.5) 2.2 (88.0) (2.3) NA 45.8 -106 6,433 50

2012/12F 26.2 39.2 106.2 29.4 1,223.6 22.1 NA 68.4 1,020 6,571 49

2013/12F 25.2 64.2 63.7 56.6 92.9 42.1 90.9 101.7 1,958 7,361 49

2014/12F (1.0) 63.2 (1.6) 59.0 4.2 44.4 5.4 108.9 2,063 9,241 49



2010/12A 141.7 55.7 83.9 (78.0) 10.7 8.0 28.3 2.49 8.5 0.3

2011/12A 137.9 92.5 88.1 (39.9) 6.9 10.0 NA 2.56 (1.6) 0.3

2012/12F 154.5 76.1 71.1 (45.0) 11.3 5.6 13.4 2.09 15.1 0.4

2013/12F 193.9 79.0 56.6 (52.3) 14.7 3.8 7.0 1.86 24.2 0.4

2014/12F 235.6 29.7 46.6 (38.9) 14.6 3.1 6.6 1.48 20.7 0.4



2012/03A NA NA 0.0 NA NA 0.0 NA NA 0.0 NA NA

2012/06F NA 7.6 12.0 NA NA 0.0 NA NA 0.0 NA NA



2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 353.1 44.8 32.0 1,419 10.1 네패스 7.4 1.9 23.2 0.4

FY2013F 416.9 61.0 44.8 1,990 7.2 반도체·반도체장비 8.7 1.5 18.2 0.4



네패스

272.8

276.1

348.5

436.2

431.9

326.6 179.5

319.7 176.3

367.7 207.1

416.7 215.0

453.6 208.6

80.0

86.1

89.7

92.7

0

5,000

10,000

15,000

20,000

25,000


-50

-40

-30

-20

-10

0

10

20KOSPI대비(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

x33

x25

x17

x9

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



247


A036540 453010 universe

STS반도체 (036540.KQ) 업데이트 : 2012.10.17




52주 최고가 : 11,350 시가총액(십억원) : 295.8

52주 최저가 : 5,120 60일 평균 거래대금(백만원) : 4,889.9

연중 최고가 : 10,250 외국인지분(%) : 20.9

9 10 11 12 13


20.2 12.2 13.3 (40.3) (30.3)

업종 대비 12.5 4.4 5.6 (48.1) (38.0) 5

KOSPI 대비 22.4 14.0 9.4 (44.4) (34.3) 10

22 23 24 19 20



2010/12A 61.5 28.3 470.1 15.8 NA 24.4 NA 46.1 848 4,421 0

2011/12A 13.4 26.6 (6.0) 15.7 (0.0) 14.1 (42.3) 51.2 367 4,969 50

2012/12F (12.1) 11.0 (58.5) 9.0 (43.0) 8.3 (40.8) 29.4 196 5,192 50

2013/12F 10.5 30.4 175.0 36.4 306.2 33.9 306.2 48.7 796 5,974 50

2014/12F 14.1 39.3 29.5 48.4 32.7 45.0 32.7 57.7 1,056 7,013 50



2010/12A 148.6 127.6 99.5 (39.3) 7.6 7.8 7.4 1.41 21.9 0.0

2011/12A 212.1 155.7 95.8 (76.9) 6.3 10.8 24.9 1.84 7.8 0.5

2012/12F 221.8 173.6 123.7 0.0 3.0 16.0 34.9 1.32 3.8 0.7

2013/12F 255.7 169.2 107.5 0.0 7.4 9.5 8.6 1.14 14.2 0.7

2014/12F 300.7 164.9 91.7 0.0 8.4 8.0 6.5 0.97 16.2 0.7



2012/03A 8.9 (14.8) 3.0 (46.5) (25.8) 0.1 (97.1) (95.3) 0.1 (97.3) (93.2)

2012/06A (20.2) (1.5) 4.5 (39.9) 47.9 0.4 (90.2) 432.4 0.4 (91.4) 432.9

2012/09F (17.1) (3.3) 0.0 NA NA (2.6) NA NA (2.6) NA NA

2012/12F (15.2) 4.5 5.1 24.1 NA 2.5 38.1 NA 2.0 102.8 NA

2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 394.2 11.0 16.7 385 14.8 STS반도체 9.3 1.2 13.1 0.7

FY2013F 451.6 30.4 38.4 888 6.4 반도체·반도체장비 8.7 1.5 18.2 0.4



STS반도체

372.7

422.5

371.3

410.1

468.1

353.0 204.5

462.0 249.9

534.0 311.1

572.3 315.5

623.8 322.1

94.4

93.0

89.9

94.0

0

2,000

4,000

6,000

8,000

10,000

12,000


-70

-60

-50

-40

-30

-20

-10

0KOSPI대비(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

주가

x50

x37

x25

x13

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



248


A036930 453010 universe

주성엔지니어링 (036930.KQ) 업데이트 : 2012.03.19




52주 최고가 : 13,300 시가총액(십억원) : 162.9

52주 최저가 : 4,095 60일 평균 거래대금(백만원) : 1,917.0

연중 최고가 : 12,440 외국인지분(%) : 4.0

9 10 11 12 13


(21.9) (27.9) (34.4) (47.4) (56.0)

업종 대비 (29.6) (35.6) (42.1) (55.1) (63.7) 5

KOSPI 대비 (19.7) (26.0) (38.3) (51.4) (60.0) 10

22 23 24 19 20



2010/12A 148.9 48.9 239.1 36.1 1,397.3 36.7 1,698.3 53.2 1,097 6,564 0

2011/12F (28.0) (2.9) NA (6.7) NA (9.6) NA 11.9 59 6,497 0

2012/12F 9.9 18.9 NA 14.6 NA 13.9 NA 37.9 376 6,449 0

2013/12F 24.8 44.1 133.7 40.6 177.6 38.6 177.6 67.1 1,004 7,495 0

2014/12F 14.3 60.7 37.7 58.8 44.8 55.9 44.8 87.3 1,454 8,979 0



2010/12A 230.8 48.2 38.3 (42.7) 11.6 13.9 17.4 2.92 18.4 0.0

2011/12F 230.9 69.9 55.5 (20.0) (0.9) 37.5 175.5 1.59 (4.2) 0.0

2012/12F 247.8 72.3 51.7 (33.5) 5.6 6.2 12.5 0.73 5.8 0.0

2013/12F 288.0 58.7 44.5 (20.9) 10.5 3.3 4.7 0.63 14.4 0.0

2014/12F 345.0 17.9 37.1 (23.9) 12.7 2.1 3.2 0.52 17.7 0.0



2012/03F (29.0) 64.7 3.8 (46.9) NA 2.9 (41.4) NA 2.8 (44.9) NA

2012/06F (22.5) 25.0 4.7 5.2 25.0 3.7 172.9 25.0 3.5 92.3 25.0

2012/09F 51.6 12.0 5.3 NA 12.0 4.1 NA 12.0 3.9 NA 12.0

2012/12F 122.4 (3.6) 5.1 NA (3.6) 4.0 NA (3.6) 3.8 NA (3.6)

2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA NA NA NA 0.0 주성엔지니어링 5.0 0.6 13.5 0.0

FY2013F NA NA NA NA 0.0 반도체·반도체장비 8.7 1.5 18.2 0.4



주성엔지니어링

423.4

304.8

334.8

417.8

477.6

472.0 241.1

454.8 223.8

471.6 227.8

534.8 252.2

609.6 269.8

67.0

83.7

93.7

90.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40KOSPI대비(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

주가

x32

x24

x16

x8

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



249


A039030 453010 universe

이오테크닉스 (039030.KQ) 업데이트 : 2012.10.17




52주 최고가 : 36,800 시가총액(십억원) : 321.1

52주 최저가 : 22,850 60일 평균 거래대금(백만원) : 1,464.0

연중 최고가 : 36,600 외국인지분(%) : 13.7

9 10 11 12 13


(13.1) (23.6) (19.1) (5.2) 11.5

업종 대비 (20.8) (31.3) (26.8) (12.9) 3.8 5

KOSPI 대비 (10.9) (21.7) (23.0) (9.2) 7.5 10

22 23 24 19 20



2010/12A 153.7 44.2 546.4 42.0 879.6 32.0 511.0 46.6 2,727 13,409 200

2011/12A (28.1) 13.6 (69.2) 15.5 (63.0) 17.3 (45.8) 16.1 1,415 14,452 100

2012/12F 43.9 34.2 151.3 34.0 119.3 10.6 (39.0) 45.6 864 15,212 100

2013/12F 14.9 47.2 37.9 49.7 46.0 7.2 (31.9) 60.9 588 15,747 100

2014/12F 15.9 60.3 27.8 64.4 29.6 4.6 (35.9) 75.9 377 16,078 100



2010/12A 164.0 (15.5) 8.6 (23.6) 21.5 8.1 11.7 2.38 24.3 0.6

2011/12A 176.6 0.5 18.3 (14.8) 9.2 18.2 16.7 1.63 10.2 0.4

2012/12F 185.9 (9.4) 15.6 (15.6) 16.1 7.4 30.4 1.73 5.8 0.4

2013/12F 192.5 (38.9) 12.9 (9.8) 19.3 5.6 44.6 1.67 3.8 0.4

2014/12F 196.5 (77.7) 10.6 (11.3) 21.3 4.7 69.6 1.63 2.4 0.4



2012/03A 8.6 13.6 2.4 (22.5) NA 2.7 41.9 NA 2.5 18.4 415.9

2012/06A 51.8 84.9 12.7 126.6 439.1 11.8 134.5 335.2 12.4 152.4 397.1

2012/09F 46.2 (8.6) 11.0 24.1 (13.1) 11.0 24.9 (6.2) 6.4 (21.3) (48.1)

2012/12F 66.9 (13.0) 8.6 NA (22.2) 8.5 NA (22.5) (10.7) NA NA

2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 229.0 38.0 33.0 2,698 11.4 이오테크닉스 42.5 1.7 4.0 0.4

FY2013F 259.0 46.0 39.0 3,189 9.6 반도체·반도체장비 8.7 1.5 18.2 0.4



이오테크닉스

205.4

147.8

212.6

244.3

283.1

224.2 56.6

246.3 66.2

305.7 96.1

358.0 105.5

425.2 117.1

35.4

65.4

59.8

52.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-30

-20

-10

0

10

20

30

40KOSPI대비(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

x41

x32

x23

x14

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



250


A061970 453010 universe

엘비세미콘 (061970.KQ) 업데이트 : 2012.10.29




52주 최고가 : 4,815 시가총액(십억원) : 185.7

52주 최저가 : 1,990 60일 평균 거래대금(백만원) : 1,995.7

연중 최고가 : 4,780 외국인지분(%) : 0.8

9 10 11 12 13


0.6 27.1 76.3 49.4 69.0

업종 대비 (7.1) 19.3 68.6 41.7 61.3 5

KOSPI 대비 2.8 28.9 72.5 45.4 65.0 10

22 23 24 19 20



2010/12A 30.7 18.2 14.3 13.6 9.4 17.1 37.9 25.1 492 1,141 0

2011/12A 16.9 7.8 (57.3) (4.9) NA (2.8) NA 17.8 -66 1,851 0

2012/12F 56.3 23.3 200.2 15.0 NA 13.2 NA 44.9 305 2,143 0

2013/12F 29.6 32.6 39.9 25.6 70.7 22.6 70.7 61.3 516 2,665 0

2014/12F 26.9 43.6 33.8 37.3 45.5 32.8 45.5 80.9 751 3,424 0



2010/12A 40.2 55.5 143.1 (29.2) 24.3 55.5

2011/12A 80.1 58.6 90.5 (54.7) 8.9 9.2 NA 1.31 (4.7) 0.0

2012/12F 93.6 84.2 107.5 (64.5) 17.0 6.0 14.0 1.98 15.2 0.0

2013/12F 116.5 92.7 86.5 (50.0) 18.4 4.5 8.2 1.59 21.5 0.0

2014/12F 149.6 79.0 67.3 (45.0) 19.4 3.3 5.7 1.24 24.7 0.0



2012/03A 31.4 12.3 1.9 74.8 NA 1.4 92.5 NA 1.3 48.1 NA

2012/06A 39.9 31.0 6.1 133.3 218.7 3.3 NA 125.9 4.0 NA 212.0

2012/09F 86.9 25.1 8.6 268.8 40.6 8.6 1,066.7 164.1 7.4 579.7 87.8

2012/12F 59.6 (13.2) 6.7 NA (22.0) 6.7 NA (22.0) 5.5 NA (25.5)

2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 137.1 23.6 15.1 349 12.2 엘비세미콘 8.6 1.6 20.8 0.0

FY2013F 173.4 32.1 22.4 512 8.3 반도체·반도체장비 8.7 1.5 18.2 0.4



엘비세미콘

74.9

87.5

136.8

177.3

225.0

107.3 67.1

160.4 80.3

206.7 113.0

232.9 116.5

270.2 120.6

25.5

33.4

41.7

36.2

0

1,336

2,671

4,007

5,342


-40

-20

0

20

40

60

80

100KOSPI대비(우)

주가(좌)

(%p)(원)

0

1,000

2,000

3,000

4,000

5,000

6,000

2011 2012

주가

x13

x10

x7

x4

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



251


A064760 453010 universe

티씨케이 (064760.KQ) 업데이트 : 2012.10.31


목표주가 : - 애널리스트 : 서원석


52주 최고가 : 19,400 시가총액(십억원) : 81.4

52주 최저가 : 6,890 60일 평균 거래대금(백만원) : 853.6

연중 최고가 : 17,250 외국인지분(%) : 35.5

9 10 11 12 13


(33.9) (33.3) (34.2) (58.1) (53.7)

업종 대비 (41.6) (41.0) (42.0) (65.8) (61.4) 5

KOSPI 대비 (31.8) (31.5) (38.1) (62.1) (57.7) 10

22 23 24 19 20



2010/12A 52.8 12.5 93.0 13.2 84.6 10.5 80.4 14.6 904 5,312 100

2011/12A 16.3 15.4 23.4 15.5 17.9 12.1 15.7 19.3 1,037 6,249 200

2012/12F (14.4) 8.8 (43.3) 8.8 (43.2) 7.1 (41.0) 13.4 612 6,761 100

2013/12F 9.9 11.7 33.5 11.6 31.9 9.3 30.2 16.6 796 7,457 100

2014/12F 18.0 16.2 38.3 16.1 38.2 12.9 38.4 21.1 1,102 8,358 200



2010/12A 62.0 (8.0) 0.0 (19.2) 24.5 10.1 14.8 2.51 19.7 0.7

2011/12A 73.0 (7.1) 0.0 (15.0) 26.0 8.9 14.8 2.45 17.9 1.3

2012/12F 78.9 (5.1) 0.0 (4.6) 17.2 5.7 11.4 1.03 9.4 1.4

2013/12F 87.1 (5.7) 0.0 (4.9) 20.9 4.6 8.8 0.93 11.2 1.4

2014/12F 97.6 (7.4) 0.0 (4.9) 24.5 3.5 6.3 0.83 13.9 2.9



2012/03A (5.7) (14.2) 2.4 (26.5) (32.2) 2.5 (28.5) (30.9) 2.1 (31.3) (27.0)

2012/06A 5.6 24.3 4.2 1.0 73.5 4.2 6.1 69.7 3.5 16.6 68.4

2012/09F (32.2) (27.0) 0.8 (81.8) (80.9) 0.9 (80.7) (79.9) 0.6 (81.1) (82.0)

2012/12F (22.0) 0.2 1.3 (64.6) 57.7 1.2 (67.6) 37.5 0.9 (67.4) 47.4

2013/03F (3.8) 5.8 2.4 (2.0) 87.7 2.4 (5.0) 102.8 1.9 (8.1) 106.0

2013/06F (14.9) 9.9 2.7 (34.7) 15.5 2.7 (35.3) 15.5 2.2 (36.9) 15.5

2013/09F 29.2 10.9 3.1 289.7 13.9 3.1 266.9 13.9 2.5 299.5 13.9

2013/12F 39.5 8.2 3.4 171.8 10.0 3.4 190.3 8.8 2.7 194.9 8.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 55.3 13.5 10.1 862 12.2 티씨케이 9.0 0.9 11.0 1.4

FY2013F 67.0 17.5 13.5 1,159 9.1 반도체·반도체장비 8.7 1.5 18.2 0.4



티씨케이

51.1

59.4

50.9

55.9

66.0

82.9 20.8

88.1 15.1

85.3 8.9

87.2 11.1

90.8 12.7

12.5

15.6

11.4

11.4

12.1

13.3

14.7

15.9

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-70

-60

-50

-40

-30

-20

-10

0

10

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

주가

x26

x22

x18

x14

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



252


A084370 453010 universe

유진테크 (084370.KQ) 업데이트 : 2012.10.07




52주 최고가 : 39,050 시가총액(십억원) : 234.6

52주 최저가 : 11,200 60일 평균 거래대금(백만원) : 3,694.3

연중 최고가 : 25,451 외국인지분(%) : 6.1

9 10 11 12 13


(17.6) (29.1) (52.2) (6.2) (31.4)

업종 대비 (25.3) (36.8) (59.9) (13.9) (39.1) 5

KOSPI 대비 (15.5) (27.3) (56.1) (10.2) (35.4) 10

22 23 24 19 20



2010/12A 92.5 18.6 144.8 19.2 213.0 17.9 192.9 19.6 1,406 3,921 100

2011/12A 39.3 32.1 72.7 33.6 75.1 25.7 43.4 33.2 1,957 5,721 150

2012/12F 30.1 48.4 50.6 51.3 53.0 40.7 58.3 50.5 1,995 5,738 150

2013/12F 10.8 45.3 (6.5) 50.7 (1.2) 40.6 (0.4) 48.0 1,989 7,568 150

2014/12F 21.2 57.1 26.3 64.4 26.9 51.5 26.9 60.7 2,524 9,931 150



2010/12A 50.2 (37.9) 0.6 (0.9) 19.8 7.2 6.4 2.29 43.4 1.1

2011/12A 74.7 (71.7) 1.9 (4.5) 24.6 7.2 8.0 2.72 41.2 1.0

2012/12F 116.4 (116.7) 1.2 (3.4) 28.4 2.3 5.7 2.00 42.6 1.3

2013/12F 153.9 (154.3) 0.9 (3.8) 24.0 1.7 5.8 1.51 30.0 1.3

2014/12F 202.3 (204.8) 0.7 (4.6) 25.0 0.5 4.5 1.15 28.9 1.3



2012/03A 145.7 85.7 18.7 197.0 62.6 19.3 196.9 61.4 15.1 207.3 78.1

2012/06A 141.1 (18.5) 21.9 233.4 17.5 22.7 229.2 17.7 18.4 218.6 22.2

2012/09F (45.7) (69.6) 4.5 (42.6) (79.6) 5.3 (35.3) (76.8) 8.9 36.0 (51.8)

2012/12F (62.7) (19.0) 3.3 (71.1) (25.8) 4.0 (66.7) (24.5) (1.6) NA NA

2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 187.2 53.8 38.8 1,894 7.2 유진테크 5.8 1.6 31.4 1.3

FY2013F 215.9 57.4 45.9 2,241 6.1 반도체·반도체장비 8.7 1.5 18.2 0.4



유진테크

93.9

130.8

170.2

188.6

228.6

74.9 23.7

133.5 58.8

192.3 75.9

237.7 83.8

303.4 101.1

75.2

61.3

18.6

15.1

0

5,000

10,000

15,000

20,000

25,000

30,000


-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

2006 2007 2008 2009 2010 2011 2012

주가

x12

x9

x6

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



253


A104830 453010 universe

원익머트리얼즈 (104830.KQ) 업데이트 : 2012.11.01




52주 최고가 : 49,300 시가총액(십억원) : 191.5

52주 최저가 : 28,100 60일 평균 거래대금(백만원) : 838.4

연중 최고가 : 48,000 외국인지분(%) : 4.0

9 10 11 12 13


6.1 (8.5) (26.1) NA (13.6)

업종 대비 (1.7) (16.2) (33.8) NA (21.3) 5

KOSPI 대비 8.2 (6.6) (30.0) NA (17.6) 10

22 23 24 19 20



2010/12A 12.0 15.2 26.4 14.4 11.2 11.4 9.7 18.2 2,765 11,842 0

2011/12A 35.2 19.8 30.1 19.8 37.7 15.7 37.6 23.7 3,789 18,757 0

2012/12F 21.9 23.3 17.8 25.0 25.9 19.6 24.6 32.2 3,328 21,726 0

2013/12F 24.5 30.1 29.6 32.0 28.3 25.1 28.3 43.4 4,254 25,980 0

2014/12F 19.7 38.0 26.0 40.4 26.0 31.7 26.0 55.1 5,361 31,340 0



2010/12A 48.9 (4.4) 15.7 (12.2) 22.8 26.7

2011/12A 108.8 (51.2) 4.2 (9.6) 21.9 19.9

2012/12F 128.4 (46.5) 7.4 (25.0) 21.2 4.5 9.7 1.49 16.5 0.0

2013/12F 153.5 (54.8) 7.0 (24.6) 22.1 3.2 7.6 1.25 17.8 0.0

2014/12F 185.2 (75.3) 6.5 (22.9) 23.2 2.1 6.0 1.03 18.7 0.0



2012/03A 39.3 0.7 5.9 46.6 7.0 6.4 51.4 10.6 5.0 55.2 8.5

2012/06A 3.1 1.7 4.9 (0.3) (16.1) 5.5 7.9 (14.6) 4.3 3.0 (14.1)

2012/09F 25.7 11.8 6.3 19.1 27.0 6.7 41.9 21.7 5.2 41.8 19.5

2012/12F 23.3 7.6 6.6 19.4 4.6 6.8 17.5 2.3 5.4 16.3 4.4

2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 110.5 24.4 20.2 3,429 8.9 원익머트리얼즈 7.8 1.3 17.7 0.0

FY2013F 142.3 32.7 26.9 4,552 6.7 반도체·반도체장비 8.7 1.5 18.2 0.4



원익머트리얼즈

66.6

90.0

109.7

136.6

163.5

71.4 22.4

131.7 22.9

155.2 26.8

185.6 32.1

222.5 37.3

25.0

25.4

28.4

30.6

0

10,000

20,000

30,000

40,000

50,000

60,000

Dec-11 Mar-12 May-12 Jul-12 Oct-12

-35

-30

-25

-20

-15

-10

-5

0

5

10

15

20KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2012

주가

x14

x12

x11

x10

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



254



SK텔레콤 (017670.KS) 업데이트 : 2012.11.06

투자의견 : 매수 업종 : 통신서비스 주가 수익률(12개월)

목표주가 : 200,000 애널리스트 : 양종인


52주 최고가 : 162,500 시가총액(십억원) : 12,313.7

52주 최저가 : 120,000 60일 평균 거래대금(백만원) : 26,351.9

연중 최고가 : 159,500 외국인지분(%) : 45.5

9 10 11 12 13


(1.9) (0.3) 18.7 1.7 9.3

업종 대비 (8.3) (6.7) 12.3 (4.7) 2.9 5

KOSPI 대비 0.2 1.5 14.8 (2.3) 5.3 10

22 23 24 19 20



2010/12A 7.2 2,285.9 21.7 2,318.1 65.5 1,841.6 47.7 4,588.2 25,599 167,593 9,400

2011/12A 2.5 2,131.5 (6.8) 2,182.9 (5.8) 1,612.9 (12.4) 4,614.2 22,848 174,280 9,400

2012/12F 2.5 1,562.3 (26.7) 1,529.1 (29.9) 1,115.9 (30.8) 4,136.6 16,011 179,986 9,400

2013/12F 4.6 1,932.8 23.7 2,059.5 34.7 1,570.5 40.7 4,598.9 22,534 191,322 9,400

2014/12F 3.0 2,037.6 5.4 2,597.1 26.1 1,954.2 24.4 4,708.4 28,039 207,410 9,400



2010/12A 11,330.0 4,387.7 49.2 (2,142.3) 14.7 4.2 6.8 1.04 16.4 5.4

2011/12A 11,661.9 2,989.3 46.8 (2,960.6) 13.3 3.4 6.2 0.81 14.0 6.6

2012/12F 12,122.6 5,184.2 61.4 (2,734.3) 9.5 4.5 9.5 0.85 9.4 6.2

2013/12F 13,038.0 4,513.7 54.0 (2,666.1) 11.3 3.8 6.8 0.80 12.5 6.2

2014/12F 14,337.0 3,985.9 46.8 (2,590.8) 11.5 3.6 5.4 0.74 14.3 6.2



2012/03A 2.2 (0.1) 465.2 (24.3) 42.7 382.0 (50.3) 45.6 306.4 (43.5) 41.6

2012/06A (0.2) 0.7 415.6 (39.5) (10.7) 323.3 (52.1) (15.4) 143.4 (69.3) (53.2)

2012/09F 2.7 2.7 300.7 (43.4) (27.6) 195.3 (61.2) (39.6) 178.9 (53.7) 24.7

2012/12F 6.7 3.2 380.9 16.8 26.7 628.5 139.6 221.7 487.2 125.1 172.4

2013/03F 5.9 (0.8) 446.3 (4.1) 17.2 585.8 53.3 (6.8) 446.7 45.8 (8.3)

2013/06F 4.1 (1.0) 504.9 21.5 13.1 497.1 53.8 (15.1) 379.1 164.4 (15.1)

2013/09F 4.4 3.0 521.4 73.4 3.3 543.8 178.4 9.4 414.7 131.8 9.4

2013/12F 4.0 2.7 460.2 20.8 (11.7) 432.8 (31.1) (20.4) 330.0 (32.3) (20.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 16,314.0 1,578.7 1,009.9 12,934 12.2 SK텔레콤 7.0 0.8 12.2 6.2

FY2013F 17,200.5 2,057.1 1,499.8 18,824 8.4 통신서비스 8.7 0.8 10.1 5.1



SK텔레콤

15,599.2

15,988.3

16,382.6

17,136.5

17,644.4

23,132.4 10,724.4

24,366.0 11,633.3

27,265.1 14,213.3

28,049.2 14,197.7

28,521.0 13,489.8

3,985.6

4,015.3

4,125.5

4,256.2

4,222.0

4,181.5

4,308.4

4,424.7

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x13

x11

x9

x7

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



255



KT (030200.KS) 업데이트 : 2012.11.05




52주 최고가 : 39,750 시가총액(십억원) : 10,300.9

52주 최저가 : 27,550 60일 평균 거래대금(백만원) : 35,271.5

연중 최고가 : 39,550 외국인지분(%) : 47.6

9 10 11 12 13


12.9 12.6 36.7 11.3 11.4

업종 대비 6.5 6.1 30.3 4.9 5.0 5

KOSPI 대비 15.0 14.4 32.9 7.3 7.4 10

22 23 24 19 20



2010/12A 3.4 2,007.9 107.8 1,681.3 135.1 1,295.8 161.9 5,246.7 5,329 46,296 2,410

2011/12A 8.2 1,973.7 (1.7) 1,597.9 (5.0) 1,446.6 11.6 4,965.5 5,946 48,477 2,000

2012/12F 11.8 1,764.0 (10.6) 1,488.6 (6.8) 1,113.6 (23.0) 5,016.4 4,573 51,107 2,000

2013/12F 5.7 1,910.2 8.3 1,617.9 8.7 1,232.4 10.7 5,228.7 5,057 54,146 2,000

2014/12F 0.8 2,016.9 5.6 1,741.3 7.6 1,292.8 4.9 5,255.5 5,304 57,424 2,000



2010/12A 11,133.3 7,889.0 83.8 (2,713.4) 9.9 3.8 8.7 1.00 12.0 5.2

2011/12A 11,704.2 9,484.0 91.2 (3,208.3) 9.0 4.0 6.0 0.74 12.7 5.6

2012/12F 12,391.1 9,474.1 88.1 (4,118.0) 7.2 4.1 8.6 0.77 9.2 5.1

2013/12F 13,184.6 9,049.3 80.9 (3,615.7) 7.3 3.9 7.8 0.73 9.6 5.1

2014/12F 14,040.6 8,730.6 74.2 (3,270.1) 7.7 3.8 7.4 0.69 9.5 5.1



2012/03A 9.1 (9.7) 574.7 (20.4) 89.1 525.2 (20.6) 146.4 386.9 (29.7) 70.5

2012/06A 8.1 0.3 371.7 (14.2) (35.3) 300.5 (16.9) (42.8) 220.0 (47.4) (43.1)

2012/09F 30.6 12.9 538.8 4.3 44.9 469.7 29.1 56.3 359.0 42.7 63.2

2012/12F 2.5 0.3 278.7 (8.3) (48.3) 193.2 (9.3) (58.9) 147.7 (34.9) (58.9)

2013/03F 10.7 (2.5) 436.3 (24.1) 56.6 358.6 (31.7) 85.6 273.1 (29.4) 84.9

2013/06F 11.0 0.5 456.6 22.8 4.6 377.9 25.8 5.4 287.8 30.9 5.4

2013/09F (0.1) 1.7 656.4 21.8 43.8 585.2 24.6 54.9 445.8 24.2 54.9

2013/12F 2.6 3.0 360.9 29.5 (45.0) 296.2 53.3 (49.4) 225.7 52.8 (49.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 23,860.3 1,631.9 1,074.3 3,976 8.9 KT 7.9 0.7 9.6 5.1

FY2013F 24,792.6 1,840.9 1,228.6 4,596 7.7 통신서비스 8.7 0.8 10.1 5.1



KT

20,326.3

21,990.1

24,588.1

25,999.7

26,213.2

26,941.6 15,587.5

32,085.4 19,547.6

34,366.9 21,137.7

35,872.1 21,844.6

36,169.7 21,281.2

5,757.8

5,773.3

6,519.4

6,537.8

6,371.1

6,406.1

6,513.3

6,709.2

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-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

주가

x17

x14

x11

x8

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



256



LG유플러스 (032640.KS) 업데이트 : 2012.11.01




52주 최고가 : 8,350 시가총액(십억원) : 3,392.5

52주 최저가 : 5,130 60일 평균 거래대금(백만원) : 18,480.1

연중 최고가 : 7,930 외국인지분(%) : 25.1

9 10 11 12 13


16.5 7.5 44.4 14.3 8.7

업종 대비 10.1 1.1 38.0 7.9 2.3 5

KOSPI 대비 18.7 9.3 40.6 10.3 4.7 10

22 23 24 19 20



2010/12A 71.4 655.3 84.0 568.2 67.9 569.9 94.5 1,908.8 1,318 9,034 350

2011/12A 8.9 285.7 (56.4) 168.5 (70.3) 84.6 (85.1) 1,475.3 196 8,861 150

2012/12F 18.9 116.6 (59.2) (112.3) NA (47.3) NA 1,497.1 -113 8,757 0

2013/12F 4.1 633.9 443.5 439.4 NA 373.3 NA 1,919.0 860 9,262 300

2014/12F 2.9 779.0 22.9 600.8 36.7 480.4 28.7 2,074.9 1,106 9,963 350



2010/12A 3,946.9 2,196.7 70.6 (1,183.1) 7.7 3.1 5.4 0.79 19.2 4.9

2011/12A 3,857.7 3,764.1 101.5 (1,356.5) 3.1 5.1 37.8 0.84 2.2 2.0

2012/12F 3,788.1 4,869.2 133.3 (1,615.1) 1.1 5.5 NA 0.89 (1.2) 0.0

2013/12F 4,008.8 4,771.7 123.7 (1,583.5) 5.5 4.3 9.0 0.84 9.6 3.9

2014/12F 4,314.9 4,666.3 112.6 (1,548.1) 6.6 3.9 7.0 0.78 11.5 4.5



2012/03A 20.4 4.1 68.2 (24.1) 68.0 0.9 (98.6) NA 22.0 (61.4) NA

2012/06A 21.9 9.7 3.1 (94.8) (95.4) (51.4) NA NA (32.0) NA NA

2012/09F 20.6 1.8 (6.1) NA NA (63.2) NA NA (38.4) NA NA

2012/12F 16.6 0.3 51.4 26.8 NA 1.3 NA NA 1.1 NA NA

2013/03F 11.7 (0.3) 140.3 105.8 172.7 88.8 9,255.0 6,591.1 75.4 242.2 6,598.7

2013/06F 2.5 0.7 160.7 5,010.8 14.6 110.2 NA 24.2 93.7 NA 24.2

2013/09F 1.3 0.6 162.3 NA 0.9 114.3 NA 3.6 97.1 NA 3.6

2013/12F 1.6 0.6 170.6 231.7 5.2 126.1 9,403.7 10.4 107.1 9,414.5 10.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 10,999.4 156.1 (8.2) -9 NA LG유플러스 10.3 0.8 8.4 3.4

FY2013F 11,551.2 597.0 361.0 834 8.4 통신서비스 8.7 0.8 10.1 5.1



LG유플러스

8,500.8

9,256.3

11,006.4

11,456.9

11,788.4

8,525.2 4,576.7

11,048.5 7,189.2

12,571.0 8,781.2

12,722.9 8,712.3

13,195.0 8,878.1

2,539.7

2,786.2

2,836.2

2,844.3

2,836.9

2,856.1

2,873.5

2,890.5

0

1,336

2,671

4,007

5,342

6,678

8,014

9,349


-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

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



257



SK브로드밴드 (033630.KQ) 업데이트 : 2012.11.20

투자의견 : 중립 업종 : 통신서비스 주가 수익률(12개월)

목표주가 : - 애널리스트 : 양종인


52주 최고가 : 4,990 시가총액(십억원) : 1,376.2

52주 최저가 : 2,795 60일 평균 거래대금(백만원) : 6,493.2

연중 최고가 : 4,885 외국인지분(%) : 3.5

9 10 11 12 13


20.6 50.0 56.3 28.6 36.6

업종 대비 14.2 43.6 49.9 22.2 30.2 5

KOSPI 대비 22.8 51.8 52.4 24.6 32.6 10

22 23 24 19 20



2010/12A 12.2 (22.6) NA (119.7) NA (119.8) NA 452.4 -405 3,767 0

2011/12A 8.2 64.6 NA (14.2) NA (14.2) NA 536.4 -48 3,694 0

2012/12F 9.0 79.8 23.5 22.4 NA 22.3 NA 554.8 75 3,743 0

2013/12F 7.7 129.8 62.6 79.3 253.4 79.3 255.2 588.8 268 3,986 0

2014/12F 5.8 183.0 41.0 135.1 70.3 135.1 70.3 634.0 456 4,416 0



2010/12A 1,114.9 1,413.3 142.1 (233.5) (1.1) 6.7 NA 1.44 (10.2) 0.0

2011/12A 1,093.1 1,283.9 158.7 (304.2) 2.8 4.3 NA 0.94 (1.3) 0.0

2012/12F 1,107.9 1,192.7 152.0 (369.0) 3.2 4.6 61.6 1.24 2.0 0.0

2013/12F 1,179.6 1,124.0 140.1 (362.0) 4.8 4.2 17.3 1.17 6.9 0.0

2014/12F 1,307.1 1,062.4 124.1 (351.1) 6.4 3.8 10.2 1.05 10.9 0.0



2012/03A 7.4 (14.3) 15.9 5.2 43.0 1.0 NA NA 1.0 NA NA

2012/06A 9.0 8.3 17.0 (10.0) 6.6 3.3 NA 225.3 3.3 NA 240.4

2012/09F 12.4 8.5 19.7 0.5 15.9 6.5 784.2 97.6 6.4 916.2 96.4

2012/12F 10.0 9.2 27.3 145.3 38.9 11.7 NA 81.3 11.7 NA 82.9

2013/03F 8.7 (15.3) 28.5 79.0 4.3 15.0 1,389.7 27.8 15.0 1,462.8 27.8

2013/06F 7.6 7.2 30.1 77.8 5.9 16.6 409.2 11.2 16.6 410.5 11.2

2013/09F 7.8 8.7 33.5 70.6 11.2 20.0 210.1 20.3 20.0 212.8 20.3

2013/12F 7.0 8.4 37.6 37.8 12.2 27.7 136.3 38.2 27.7 136.3 38.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,470.1 83.8 29.3 100 39.7 SK브로드밴드 18.8 1.2 6.4 0.0

FY2013F 2,635.3 139.4 81.9 277 14.3 통신서비스 8.7 0.8 10.1 5.1



SK브로드밴드

2,137.5

2,312.6

2,520.1

2,714.6

2,873.2

3,241.3 2,126.3

3,395.5 2,302.4

3,396.1 2,288.3

3,398.5 2,218.9

3,377.6 2,070.5

555.0

601.0

652.1

712.0

603.1

646.6

703.1

761.9

0

1,336

2,671

4,007

5,342


-30

-20

-10

0

10

20

30

40

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

주가

x61

x46

x31

x16

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



258



삼천리 (004690.KS) 업데이트 : 2011.10.19

투자의견 : 중립 업종 : 전력·가스 주가 수익률(12개월)



52주 최고가 : 141,000 시가총액(십억원) : 563.6

52주 최저가 : 87,100 60일 평균 거래대금(백만원) : 1,204.9

연중 최고가 : 140,000 외국인지분(%) : 26.3

9 10 11 12 13


35.0 45.1 55.7 54.8 52.7

업종 대비 33.4 43.5 54.1 53.2 51.2 5

KOSPI 대비 37.1 46.9 51.8 50.8 48.7 10

22 23 24 19 20



2010/12A 14.6 41.2 33.3 90.8 (35.6) 70.7 (41.5) 96.3 19,042 216,883 2,000

2011/12F 16.0 71.4 73.4 133.9 47.5 91.1 28.8 152.1 25,559 237,317 2,000

2012/12F 12.3 68.8 (3.6) 132.5 (1.1) 90.0 (1.2) 158.7 25,254 257,795 2,000

2013/12F 6.7 78.0 13.2 144.2 8.8 99.1 10.1 170.6 27,809 280,288 2,000

2014/12F 6.6 87.6 12.3 156.9 8.8 109.0 10.0 180.9 30,597 305,377 2,000



2010/12A 830.9 (91.7) 15.3 (108.7) 1.6 3.7 5.8 0.51 8.6 1.8

2011/12F 913.7 (89.7) 29.4 (129.9) 2.3 1.9 3.6 0.39 10.4 2.2

2012/12F 996.8 (130.9) 24.2 (123.5) 2.0 2.9 5.5 0.54 9.4 1.4

2013/12F 1,088.0 (203.0) 16.4 (117.3) 2.1 2.4 5.0 0.50 9.5 1.4

2014/12F 1,189.7 (280.2) 12.5 (111.5) 2.2 1.9 4.5 0.46 9.6 1.4



2012/03F 12.2 24.4 52.3 3.9 59.4 75.2 43.1 (9.9) 48.2 17.5 (7.5)

2012/06F 12.3 (49.3) 20.1 (11.3) (61.5) 31.9 35.0 (57.6) 14.4 (27.0) (70.0)

2012/09F 12.3 (32.1) (37.4) NA NA (29.3) NA NA (33.3) NA NA

2012/12F 12.4 162.4 33.8 2.9 NA 54.7 (34.4) NA 60.6 16.5 NA

2013/03F (26.5) (18.7) 19.5 (62.8) (42.3) 35.8 (52.4) (34.6) 45.9 (4.8) (24.3)

2013/06F 45.0 0.0 19.5 (3.3) 0.0 35.9 12.7 0.4 46.0 218.3 0.2

2013/09F 113.4 0.0 19.5 NA 0.0 36.1 NA 0.3 46.1 NA 0.2

2013/12F (18.7) 0.0 19.5 (42.3) 0.0 36.4 (33.6) 0.9 (38.8) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,132.4 NA 46.6 11,492 8.9 삼천리 5.0 0.5 9.5 1.4

FY2013F 3,141.6 NA 47.5 11,714 8.8 전력·가스 43.5 0.4 1.0 0.5



삼천리

2,638.4

3,060.3

3,437.6

3,667.6

3,909.1

1,471.9 641.0

1,805.3 877.2

1,951.0 926.8

2,032.8 903.4

2,162.6 918.0

1,247.8

632.5

429.7

1,127.5

916.9

916.9

916.9

916.9

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-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

350,000

400,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x11

x9

x7

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



259



한국전력 (015760.KS) 업데이트 : 2012.10.17

투자의견 : 매수 업종 : 전력·가스 주가 수익률(12개월)



52주 최고가 : 30,250 시가총액(십억원) : 17,461.4

52주 최저가 : 21,200 60일 평균 거래대금(백만원) : 55,809.7

연중 최고가 : 29,900 외국인지분(%) : 25.4

9 10 11 12 13


(2.7) 9.2 19.6 13.1 8.4

업종 대비 (4.2) 7.7 18.0 11.5 6.8 5

KOSPI 대비 (0.5) 11.1 15.7 9.1 4.4 10

22 23 24 19 20



2010/12A 16.2 2,259.9 31.8 369.6 14.6 (119.9) NA 8,956.6 -193 89,717 0

2011/12A 10.2 (685.0) NA (2,473.1) NA (3,370.5) NA 6,192.4 -5,411 84,135 0

2012/12F 14.8 236.1 NA (1,794.4) NA (1,441.5) NA 7,530.6 -2,314 81,890 0

2013/12F 7.3 2,447.7 936.7 210.0 NA 73.8 NA 10,235.3 118 82,005 0

2014/12F 7.4 3,609.5 47.5 1,038.5 394.5 697.5 845.5 11,761.1 1,120 83,091 0



2010/12A 56,818.0 38,281.1 71.7 (10,184.0) 5.7 6.5 NA 0.34 (0.2) 0.0

2011/12A 53,270.3 45,406.0 88.4 (10,610.4) (1.6) 10.1 NA 0.30 (6.1) 0.0

2012/12F 51,828.8 49,810.7 99.7 (11,470.5) 0.5 9.0 NA 0.33 (2.7) 0.0

2013/12F 51,902.5 57,242.3 113.9 (15,843.0) 4.6 7.4 229.7 0.33 0.1 0.0

2014/12F 52,600.0 62,660.1 122.7 (14,774.3) 6.3 6.9 24.3 0.33 1.3 0.0



2012/03A 23.2 11.9 (105.4) NA NA (446.5) NA NA (538.1) NA NA

2012/06A 16.4 (20.2) (1,956.3) NA NA (2,361.8) NA NA (1,784.3) NA NA

2012/09F 15.9 28.1 1,304.9 (11.9) NA 622.7 36.2 NA 612.1 130.0 NA

2012/12F 4.8 (8.3) 992.9 NA (23.9) 391.3 NA (37.2) 268.8 NA (56.1)

2013/03F 5.6 12.7 220.3 NA (77.8) (249.2) NA NA (87.6) NA NA

2013/06F 10.2 (16.8) 167.6 NA (23.9) (316.3) NA NA (111.1) NA NA

2013/09F 3.4 20.2 1,658.0 27.1 889.1 966.7 55.2 NA 339.6 (44.5) NA

2013/12F 11.0 (1.5) 401.8 (59.5) (75.8) (191.1) NA NA (67.1) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 50,236.4 (347.3) (1,741.3) -2,744 NA 한국전력 0.0 0.3 (0.2) 0.0

FY2013F 53,879.7 3,282.9 842.9 1,210 23.5 전력·가스 43.5 0.4 1.0 0.5



한국전력

39,506.6

43,532.3

49,972.6

53,628.9

57,581.9

129,517.8 72,241.3

136,467.9 82,663.9

144,235.4 91,791.7

154,362.4 101,759.4

163,222.7 109,832.6

13,303.0

10,612.3

13,592.5

12,464.7

14,050.8

11,691.1

14,050.8

13,836.3

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

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

x1

x1

x1

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



260



한국가스공사 (036460.KS) 업데이트 : 2012.11.19




52주 최고가 : 87,400 시가총액(십억원) : 6,291.0

52주 최저가 : 35,500 60일 평균 거래대금(백만원) : 30,447.1

연중 최고가 : 86,000 외국인지분(%) : 8.7

9 10 11 12 13


9.3 36.8 90.0 113.9 99.0

업종 대비 7.7 35.2 88.4 112.4 97.5 5

KOSPI 대비 11.4 38.7 86.1 109.9 95.0 10

22 23 24 19 20



2010/12A 16.4 970.1 3.9 366.5 (0.1) 276.8 15.6 1,775.5 3,813 101,328 620

2011/12A 25.3 1,018.2 5.0 389.4 6.2 181.5 (34.4) 1,863.7 2,499 105,478 760

2012/12F 23.7 1,211.2 19.0 454.3 16.7 329.7 81.7 2,130.7 4,541 103,464 760

2013/12F (1.7) 1,334.0 10.1 491.5 8.2 371.1 12.5 2,294.5 5,110 107,551 760

2014/12F 4.1 1,487.6 11.5 673.9 37.1 497.7 34.1 2,486.6 6,854 113,276 760



2010/12A 7,728.7 18,620.6 244.3 (1,619.2) 4.3 12.6 12.7 0.48 4.3 1.3

2011/12A 8,049.4 22,998.0 288.0 (2,096.9) 3.6 14.1 16.7 0.40 2.3 1.8

2012/12F 7,893.7 28,912.8 369.2 (1,813.0) 3.4 16.5 17.9 0.79 4.1 0.9

2013/12F 8,209.6 27,988.3 343.8 (1,644.0) 3.8 14.9 15.9 0.76 4.6 0.9

2014/12F 8,652.1 27,573.0 321.6 (1,665.0) 4.1 13.6 11.9 0.72 5.9 0.9



2012/03A 34.4 35.6 720.4 11.6 98.9 555.6 5.3 96.7 412.2 1.3 314.0

2012/06A 36.8 (32.6) 232.6 69.5 (67.7) 58.2 118.0 (89.5) 41.8 147.5 (89.9)

2012/09F 28.8 (18.4) (100.5) NA NA (244.7) NA NA (177.6) NA NA

2012/12F 1.3 35.9 358.8 (0.9) NA 85.2 (69.8) NA 53.4 (46.4) NA

2013/03F 8.6 45.4 782.3 8.6 118.0 576.6 3.8 576.4 435.4 5.6 716.0

2013/06F (13.8) (46.5) 200.6 (13.8) (74.4) (25.7) NA NA (19.4) NA NA

2013/09F (5.4) (10.6) (95.1) NA NA (288.0) NA NA (217.5) NA NA

2013/12F (1.9) 41.0 446.2 24.4 NA 228.5 168.1 NA 172.6 223.4 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 34,673.5 1,149.3 347.0 4,560 17.1 한국가스공사 16.1 0.8 4.6 0.9

FY2013F 34,985.3 1,247.0 384.5 5,047 15.5 전력·가스 43.5 0.4 1.0 0.5



한국가스공사

22,740.5

28,493.7

35,252.1

34,652.1

36,070.5

30,024.8 22,294.6

36,010.5 27,966.6

42,937.8 35,052.2

42,217.1 34,018.1

42,502.4 33,863.2

11,870.5

7,996.3

6,521.6

8,863.6

12,890.6

6,895.8

6,168.1

8,697.7

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-40

-20

0

20

40

60

80

100

120

140

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

주가

x17

x14

x12

x10

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



261



한전KPS (051600.KS) 업데이트 : 2012.10.31




52주 최고가 : 60,800 시가총액(십억원) : 2,646.0

52주 최저가 : 34,700 60일 평균 거래대금(백만원) : 10,516.0

연중 최고가 : 60,000 외국인지분(%) : 8.4

9 10 11 12 13


3.9 15.5 35.5 58.5 44.5

업종 대비 2.3 14.0 33.9 56.9 42.9 5

KOSPI 대비 6.1 17.4 31.6 54.5 40.5 10

22 23 24 19 20



2010/12A 4.1 74.1 (32.6) 84.8 (33.0) 98.4 2.1 96.6 2,186 11,575 1,100

2011/12A 10.4 119.1 60.6 130.6 54.0 104.7 6.4 144.1 2,326 10,981 1,620

2012/12F 8.0 135.0 13.4 148.8 13.9 119.2 13.9 162.0 2,650 11,893 1,620

2013/12F 9.2 149.5 10.7 161.9 8.8 127.3 6.8 179.7 2,830 12,761 1,620

2014/12F 10.1 168.3 12.6 180.3 11.4 143.6 12.8 211.4 3,192 13,952 1,620



2010/12A 520.9 (245.9) 0.0 (47.2) 8.8 20.9 24.0 4.53 19.8 2.1

2011/12A 494.2 (175.8) 0.0 (48.8) 12.9 11.6 17.7 3.75 20.6 3.9

2012/12F 535.2 (164.9) 0.0 (82.8) 13.5 15.4 22.2 4.94 23.2 2.8

2013/12F 574.2 (141.8) 0.0 (82.8) 13.7 14.1 20.8 4.61 23.0 2.8

2014/12F 627.8 (155.0) 0.0 (81.1) 14.0 12.0 18.4 4.21 23.9 2.8



2012/03A 7.4 (15.1) 32.8 23.2 (34.1) 35.6 22.8 (31.4) 27.5 24.2 (39.2)

2012/06A 16.3 26.9 44.7 59.5 36.3 47.6 52.6 33.8 36.8 59.4 33.7

2012/09F 3.2 (23.1) 23.7 65.3 (46.8) 26.8 45.4 (43.7) 21.5 52.3 (41.6)

2012/12F 4.7 26.3 33.8 (32.0) 42.4 38.7 (25.5) 44.3 33.4 (26.2) 55.5

2013/03F 9.0 (11.6) 35.7 9.0 5.7 39.0 9.4 0.7 30.6 11.4 (8.3)

2013/06F 3.6 20.6 46.3 3.6 29.5 49.4 3.7 26.8 38.9 5.6 26.8

2013/09F 9.2 (19.0) 26.4 11.2 (43.0) 29.4 9.7 (40.5) 23.1 7.6 (40.5)

2013/12F 15.0 33.0 41.1 21.6 55.7 44.1 14.0 50.0 34.7 3.8 50.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,032.4 149.7 124.0 2,755 20.9 한전KPS 20.9 4.6 23.0 2.8

FY2013F 1,153.3 165.6 138.9 3,086 18.7 전력·가스 43.5 0.4 1.0 0.5



한전KPS

838.6

925.5

999.4

1,091.0

1,201.5

690.7 259.7

672.4 178.3

743.0 202.5

803.7 208.8

892.0 226.4

223.1

283.2

217.9

275.2

243.3

293.5

237.8

316.4

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-20

-10

0

10

20

30

40

50

60

70

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

2008 2009 2010 2011 2012

주가

x31

x25

x20

x15

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



262



지역난방공사 (071320.KS) 업데이트 : 2012.09.13

투자의견 : 중립 업종 : 전력·가스 주가 수익률(12개월)



52주 최고가 : 81,500 시가총액(십억원) : 926.3

52주 최저가 : 47,300 60일 평균 거래대금(백만원) : 1,476.0

연중 최고가 : 80,000 외국인지분(%) : 1.4

9 10 11 12 13


16.8 31.4 65.3 33.3 33.1

업종 대비 15.2 29.8 63.7 31.8 31.5 5

KOSPI 대비 19.0 33.2 61.4 29.3 29.1 10

22 23 24 19 20



2010/12A 21.6 144.4 (9.9) 99.5 (47.5) 99.7 (34.3) 260.8 8,761 120,083 1,250

2011/12A 39.2 74.3 (48.5) (5.8) NA 3.1 (96.9) 236.4 271 119,077 350

2012/12F 17.6 193.2 159.9 98.5 NA 106.4 3,292.0 404.8 9,191 153,296 350

2013/12F 5.4 231.3 19.8 133.6 35.6 141.9 33.3 476.8 12,253 165,160 350

2014/12F 3.6 250.5 8.3 153.6 15.0 153.5 8.2 492.3 13,255 178,028 350



2010/12A 1,390.4 2,185.5 166.0 (700.7) 9.4 11.9 9.1 0.66 8.8 1.6

2011/12A 1,378.8 2,484.8 184.4 (560.9) 3.5 13.6 230.6 0.52 0.2 0.6

2012/12F 1,775.0 2,683.4 156.1 (529.2) 7.7 8.9 8.7 0.52 6.7 0.4

2013/12F 1,912.3 2,675.7 146.2 (369.5) 8.7 7.5 6.5 0.48 7.7 0.4

2014/12F 2,061.3 2,634.3 134.5 (330.5) 9.1 7.1 6.0 0.45 7.7 0.4



2012/03A 29.9 48.1 113.8 41.2 426.0 91.4 41.0 NA 79.8 35.2 7,833.9

2012/06F 13.5 (59.5) (19.4) NA NA (39.6) NA NA (42.7) NA NA

2012/09F 8.4 (23.6) (10.8) NA NA (32.5) NA NA (35.1) NA NA

2012/12F 9.7 139.5 109.6 406.7 NA 79.1 NA NA 104.4 10,274.2 NA

2013/03F 6.4 43.5 133.6 17.4 21.9 109.3 19.6 38.1 116.1 45.4 11.2

2013/06F 6.0 (59.6) (6.9) NA NA (32.2) NA NA (34.2) NA NA

2013/09F 3.7 (25.3) 2.1 NA NA (22.6) NA NA (24.0) NA NA

2013/12F 4.4 141.1 102.5 (6.5) 4,683.9 79.0 (0.1) NA 83.9 (19.6) NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,689.8 200.1 98.1 8,321 8.4 지역난방공사 6.7 0.5 7.6 0.4

FY2013F 2,876.4 236.2 133.2 11,234 6.2 전력·가스 43.5 0.4 1.0 0.5



지역난방공사

1,533.1

2,134.0

2,510.4

2,645.8

2,740.5

4,206.0 2,803.0

4,581.8 3,201.5

5,262.0 3,503.2

5,403.5 3,528.8

5,519.6 3,511.1

1,022.3

414.2

316.3

757.5

1,087.4

439.2

328.1

791.1

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


-40

-30

-20

-10

0

10

20

30

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2010 2011 2012

주가

x28

x22

x16

x10

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



263



서흥캅셀 (008490.KS) 업데이트 : 2012.10.28

투자의견 : 매수 업종 : 스몰캡 주가 수익률(12개월)

목표주가 : 21,000 애널리스트 : 한지형


52주 최고가 : 20,750 시가총액(십억원) : 214.0

52주 최저가 : 11,300 60일 평균 거래대금(백만원) : 1,439.1

연중 최고가 : 20,100 외국인지분(%) : 7.1

9 10 11 12 13


(3.4) 27.6 55.5 29.4 19.4

업종 대비 (2.7) 28.3 56.1 30.0 20.0 5

KOSPI 대비 (1.2) 29.4 51.6 25.4 15.4 10

22 23 24 19 20



2010/12A 15.8 20.9 5.6 17.4 7.2 14.0 13.2 24.8 1,262 15,200 280

2011/12A 14.4 20.9 0.1 19.7 13.5 17.9 28.5 22.9 1,603 16,336 280

2012/12F 22.5 17.5 (16.3) 12.6 (36.0) 14.5 (18.9) 19.9 1,285 17,322 280

2013/12F 20.0 26.0 49.0 24.6 94.9 28.8 98.0 29.2 2,545 19,200 280

2014/12F 15.0 33.0 26.9 33.5 36.2 38.1 32.2 36.7 3,365 21,778 280



2010/12A 173.2 66.3 42.5 (49.3) 16.7 6.1 6.4 0.53 9.5 3.5

2011/12A 187.7 153.1 86.1 (92.1) 14.6 14.0 9.5 0.93 9.9 1.8

2012/12F 199.1 159.9 87.5 (8.3) 10.0 18.1 14.4 1.07 7.5 1.5

2013/12F 220.8 147.0 73.3 (5.0) 12.4 11.8 7.3 0.96 13.7 1.5

2014/12F 250.6 131.7 58.4 (4.5) 13.7 9.0 5.5 0.85 16.2 1.5



2012/03A 0.3 0.7 2.2 (59.5) (47.1) 0.8 (84.4) (79.8) 1.5 (59.6) (56.5)

2012/06A 9.2 10.0 2.3 (65.5) 4.6 2.6 (54.1) 236.6 4.2 (42.4) 180.8

2012/09F 22.5 3.1 5.6 22.5 141.3 3.9 (23.6) 46.5 3.1 (27.0) (26.4)

2012/12F 58.2 38.5 7.4 76.7 32.4 5.3 37.3 37.5 5.8 69.0 87.8

2013/03F 20.0 (23.6) 2.6 20.0 (64.1) 2.2 180.2 (58.7) 6.6 342.7 14.1

2013/06F 19.9 10.0 2.8 20.0 4.6 4.7 78.9 114.9 9.0 115.3 36.6

2013/09F 19.9 3.1 6.7 20.0 141.3 5.3 36.5 11.8 9.6 209.9 5.9

2013/12F 19.9 38.5 13.9 88.7 108.2 12.4 132.7 134.4 3.6 (37.1) (61.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 157.7 10.1 5.1 437 44.3 서흥캅셀 7.7 1.0 13.1 1.5

FY2013F 181.3 18.7 12.9 1,115 17.4 스몰캡 9.8 1.4 14.6 0.8



서흥캅셀

124.9

142.9

175.0

210.0

241.5

257.3 91.9

359.6 180.0

377.9 192.1

390.4 185.0

405.6 172.0

36.4

40.1

41.3

57.2

43.7

48.1

49.6

68.6

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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x14

x11

x9

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



264



다우기술 (023590.KS) 업데이트 : 2012.11.15




52주 최고가 : 17,850 시가총액(십억원) : 722.4

52주 최저가 : 9,650 60일 평균 거래대금(백만원) : 7,263.7

연중 최고가 : 17,450 외국인지분(%) : 18.4

9 10 11 12 13


4.5 35.9 26.3 40.6 55.6

업종 대비 5.2 36.5 26.9 41.3 56.2 5

KOSPI 대비 6.7 37.7 22.4 36.6 51.6 10

22 23 24 19 20



2010/12A 29.1 65.3 416.5 65.9 13.4 71.4 61.5 68.3 1,672 11,718 130

2011/12A 8.0 36.0 (44.8) 34.3 (48.0) 0.0 NA 39.9 0 14,547 130

2012/12F 16.9 36.4 1.1 37.2 8.6 82.7 NA 40.9 1,935 16,266 130

2013/12F 11.0 40.5 11.2 39.3 5.6 89.3 8.0 45.3 2,063 18,122 130

2014/12F 10.7 45.7 12.9 45.4 15.5 101.9 14.1 50.8 2,355 20,250 130



2010/12A 513.3 8.3 32.5 (11.7) 42.1 4.1 5.1 0.73 15.0 1.5

2011/12A 640.2 31.1 20.6 (8.9) 21.5 6.9 NA 0.71 0.0 1.3

2012/12F 717.4 34.5 16.8 (3.2) 18.6 11.9 8.3 0.99 12.2 0.8

2013/12F 800.6 16.2 13.2 (3.4) 18.6 9.0 7.8 0.89 11.8 0.8

2014/12F 896.1 (5.6) 9.5 (3.6) 19.0 6.3 6.8 0.80 12.0 0.8



2012/03A 10.0 (13.3) 5.0 81.4 (30.8) 6.8 192.4 0.4 25.0 128.2 482.6

2012/06A 36.0 14.6 15.8 (16.9) 218.7 15.6 (16.7) 130.6 8.5 (63.3) (65.9)

2012/09F 18.5 (10.8) 8.4 19.0 (46.8) 8.0 23.7 (48.6) 5.6 (71.1) (34.5)

2012/12F 7.1 20.8 7.2 0.4 (14.4) 6.8 1.0 (15.1) 43.5 912.1 677.7

2013/03F 14.8 (7.0) 6.1 23.4 (15.0) 5.8 (13.9) (14.4) 63.6 153.9 46.2

2013/06F 11.4 11.2 16.4 3.6 167.6 16.1 3.1 176.2 72.6 749.8 14.2

2013/09F 8.7 (12.9) 9.6 13.5 (41.7) 9.3 15.4 (42.5) 65.8 1,077.2 (9.3)

2013/12F 9.5 21.7 8.4 16.7 (12.0) 8.1 19.2 (12.4) (112.8) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 197.0 23.0 28.0 624 24.4 다우기술 7.9 0.9 11.8 0.8

FY2013F 219.0 27.0 29.0 646 23.6 스몰캡 9.8 1.4 14.6 0.8



다우기술

155.1

167.6

195.9

217.5

240.6

601.8 200.5

581.3 159.5

604.6 158.4

624.8 153.9

650.6 150.6

44.5

51.0

45.5

54.9

51.1

56.8

49.4

60.2

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-20

-10

0

10

20

30

40

50

60

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

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x9

x7

x5

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



265



무학 (033920.KS) 업데이트 : 2012.11.15


목표주가 : 18,000 애널리스트 : 박가영


52주 최고가 : 14,500 시가총액(십억원) : 344.5

52주 최저가 : 9,880 60일 평균 거래대금(백만원) : 1,182.8

연중 최고가 : 14,150 외국인지분(%) : 14.0

9 10 11 12 13


(5.1) 2.8 19.9 17.2 18.3

업종 대비 (4.5) 3.4 20.6 17.9 18.9 5

KOSPI 대비 (3.0) 4.6 16.0 13.2 14.3 10

22 23 24 19 20



2010/12A 17.6 40.6 47.0 41.0 (26.3) 31.0 (31.7) 50.7 1,245 7,607 150

2011/12A 22.8 55.1 35.8 55.5 35.4 41.4 33.6 67.2 1,639 8,983 50

2012/12F 9.1 50.6 (8.2) 51.1 (7.9) 38.5 (7.0) 57.3 1,499 10,400 220

2013/12F 16.0 59.4 17.3 60.0 17.5 45.2 17.5 67.2 1,713 12,220 220

2014/12F 9.3 67.4 13.6 69.0 14.9 52.0 14.9 79.7 1,969 14,294 220



2010/12A 196.0 (14.6) 0.1 (13.8) 25.5 3.5 5.7 0.93 17.0 2.1

2011/12A 230.4 (31.5) 0.1 (35.2) 28.2 3.9 6.8 1.24 19.4 0.5

2012/12F 271.6 (39.3) 0.1 (32.9) 23.7 5.3 8.6 1.25 15.3 1.7

2013/12F 320.0 (55.7) 0.1 (16.1) 24.0 4.3 7.6 1.06 15.3 1.7

2014/12F 375.2 (40.4) 0.0 (15.3) 24.9 3.8 6.6 0.91 15.0 1.7



2012/03A 1.6 0.9 12.5 (26.1) 12.5 12.6 (25.8) 12.7 9.7 (24.2) 24.7

2012/06A 6.4 5.7 12.2 (31.0) (1.9) 12.3 (30.9) (1.9) 9.1 (34.2) (5.8)

2012/09F 13.5 (6.5) 8.2 (13.0) (32.9) 8.3 (12.7) (32.8) 6.2 (15.0) (31.5)

2012/12F 15.2 15.5 17.7 59.5 115.4 17.9 60.3 115.7 13.4 72.9 115.0

2013/03F 16.0 1.6 14.5 16.0 (18.2) 14.6 16.1 (18.3) 11.0 13.6 (18.1)

2013/06F 16.0 5.7 14.2 16.0 (1.9) 14.4 16.4 (1.7) 10.8 18.5 (1.7)

2013/09F 16.0 (6.5) 9.5 16.0 (32.9) 9.7 16.9 (32.4) 7.3 16.9 (32.4)

2013/12F 16.0 15.5 21.2 19.7 122.4 21.4 19.4 120.3 16.1 19.8 120.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 213.0 48.4 42.9 1,611 8.7 무학 7.7 1.1 15.3 1.7

FY2013F 235.8 56.9 50.8 1,910 7.3 스몰캡 9.8 1.4 14.6 0.8



무학

159.3

195.7

213.4

247.5

270.5

271.6 69.8

324.1 94.5

368.8 97.2

418.6 98.5

482.0 106.9

51.0

53.9

50.4

58.2

59.1

62.5

58.4

67.5

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-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 2011 2012

주가

x28

x21

x15

x8

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



266



인프라웨어 (041020.KQ) 업데이트 : 2012.10.31

투자의견 : 중립 업종 : 스몰캡 주가 수익률(12개월)

목표주가 : - 애널리스트 : 김정수


52주 최고가 : 17,750 시가총액(십억원) : 161.1

52주 최저가 : 6,750 60일 평균 거래대금(백만원) : 8,834.5

연중 최고가 : 16,700 외국인지분(%) : 3.1

9 10 11 12 13


(0.3) 7.6 1.7 (45.0) (38.9)

업종 대비 0.3 8.2 2.4 (44.3) (38.2) 5

KOSPI 대비 1.8 9.4 (2.1) (49.0) (42.9) 10

22 23 24 19 20



2010/12A (11.4) (5.0) NA (6.4) NA (6.3) NA (2.6) -358 3,731 0

2011/12A 17.1 4.3 NA 1.5 NA 2.5 NA 6.0 136 3,918 0

2012/12F 30.3 8.3 92.5 9.0 498.8 7.9 220.2 11.2 427 4,186 0

2013/12F 27.2 11.5 39.3 12.8 42.1 10.9 38.9 14.1 577 4,762 0

2014/12F 14.0 13.5 17.2 15.3 19.0 13.0 19.0 15.8 686 5,447 0



2010/12A 68.0 (44.4) 27.7 (0.8) (18.8) (39.8) NA 2.20 (12.0) 0.0

2011/12A 71.2 (33.9) 27.8 (0.7) 13.8 38.4 105.1 3.66 3.5 0.0

2012/12F 79.0 (48.2) 13.5 (0.4) 20.4 11.3 20.7 2.11 10.5 0.0

2013/12F 89.9 (55.3) 7.3 (0.3) 22.3 8.5 15.3 1.85 12.9 0.0

2014/12F 102.9 (66.1) 2.3 (0.1) 23.0 6.9 12.9 1.62 13.5 0.0



2012/03A 39.9 (2.7) 1.1 NA (43.1) 1.2 NA NA 0.7 NA NA

2012/06A 23.0 12.7 1.6 90.1 44.2 0.9 3.7 (22.8) (2.3) NA NA

2012/09F 30.3 26.8 3.3 30.3 107.9 3.5 26.9 282.2 3.0 106.3 NA

2012/12F 30.0 (6.5) 2.3 19.0 (30.3) 3.5 NA 0.1 6.4 NA 112.4

2013/03F 27.2 (4.8) 1.4 27.2 (39.1) 1.7 43.8 (51.3) 1.4 105.2 (77.6)

2013/06F 27.2 12.7 2.0 27.2 44.2 1.3 42.8 (23.3) 1.1 NA (23.3)

2013/09F 27.2 26.8 4.2 27.2 107.9 4.5 30.1 248.2 3.8 27.1 248.2

2013/12F 27.2 (6.5) 3.9 70.8 (6.4) 5.3 53.4 17.9 4.5 (29.4) 17.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 40.0 NA 8.0 439 20.2 인프라웨어 15.7 1.9 12.6 0.0

FY2013F 53.0 NA 13.0 713 12.4 스몰캡 9.8 1.4 14.6 0.8



인프라웨어

26.6

31.1

40.5

51.6

58.8

92.4 24.7

99.8 27.7

115.1 21.7

123.0 18.9

132.9 16.1

8.3

9.3

11.8

11.1

10.5

11.9

15.1

14.1

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-80

-70

-60

-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

2005 2006 2007 2008 2009 2010 2011 2012

주가

x40

x30

x20

x10

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



267



오스템임플란트 (048260.KQ) 업데이트 : 2012.10.28




52주 최고가 : 33,800 시가총액(십억원) : 411.1

52주 최저가 : 9,860 60일 평균 거래대금(백만원) : 20,710.3

연중 최고가 : 33,000 외국인지분(%) : 12.1

9 10 11 12 13


(12.3) 32.2 146.4 114.4 122.7

업종 대비 (11.6) 32.9 147.1 115.1 123.4 5

KOSPI 대비 (10.1) 34.0 142.5 110.4 118.7 10

22 23 24 19 20



2010/12A (3.1) 20.3 24.8 10.4 414.7 3.1 (14.7) 24.2 218 6,011 0

2011/12A 9.3 21.1 3.6 18.0 72.9 5.5 77.0 25.0 397 4,649 0

2012/12F 13.8 27.0 28.2 23.0 27.9 19.0 246.2 31.1 1,374 5,984 0

2013/12F 10.0 30.5 13.0 28.5 23.9 28.0 47.9 34.8 1,974 7,958 0

2014/12F 10.0 34.5 12.9 32.8 15.0 35.3 26.1 39.1 2,488 10,446 0



2010/12A 85.4 21.3 71.8 (1.0) 16.9 9.1 69.3 2.51 3.7 0.0

2011/12A 59.2 20.2 64.4 (3.2) 16.0 8.4 31.4 2.68 7.6 0.0

2012/12F 78.2 19.1 52.9 (4.3) 18.0 14.2 21.1 4.84 27.6 0.0

2013/12F 106.2 14.2 40.8 (4.5) 18.5 12.4 14.7 3.64 30.4 0.0

2014/12F 141.5 9.1 31.7 (4.7) 19.0 10.7 11.6 2.77 28.5 0.0



2012/03A 5.2 2.0 6.6 22.9 28.8 6.5 337.7 119.1 5.1 2,834.7 NA

2012/06A 23.0 13.6 7.7 69.9 16.9 8.1 120.3 23.6 4.3 14.0 (15.3)

2012/09F 13.8 (6.8) 7.0 13.8 (8.5) 7.5 (23.8) (7.5) 5.8 (26.8) 36.4

2012/12F 13.4 5.1 5.8 14.1 (17.1) 0.9 (70.5) (88.2) 3.8 NA (35.4)

2013/03F 10.0 (1.1) 7.2 10.0 24.1 8.1 23.9 820.1 7.4 46.6 96.3

2013/06F 10.0 13.6 8.4 10.0 16.9 9.3 14.4 14.1 8.3 94.1 12.2

2013/09F 10.0 (6.8) 7.7 10.0 (8.5) 8.5 13.2 (8.5) 7.7 31.7 (7.4)

2013/12F 10.0 5.1 7.2 23.9 (6.7) 2.7 203.0 (68.5) 4.6 22.1 (40.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 150.1 27.6 19.2 1,352 24.0 오스템임플란트 15.2 3.7 30.1 0.0

FY2013F 166.0 32.0 23.9 1,685 19.2 스몰캡 9.8 1.4 14.6 0.8



오스템임플란트

120.7

131.8

150.0

165.0

181.5

197.1 126.9

211.0 138.2

230.2 140.2

249.9 138.1

272.3 134.9

34.8

39.6

36.9

38.7

38.3

43.5

40.6

42.6

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-50

0

50

100

150

200

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

주가

x41

x32

x24

x16

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



268



제이브이엠 (054950.KQ) 업데이트 : 2012.11.22




52주 최고가 : 51,500 시가총액(십억원) : 301.7

52주 최저가 : 32,450 60일 평균 거래대금(백만원) : 1,759.9

연중 최고가 : 49,800 외국인지분(%) : 10.4

9 10 11 12 13


3.7 42.2 22.3 2.8 7.2

업종 대비 4.4 42.9 23.0 3.5 7.9 5

KOSPI 대비 5.9 44.1 18.5 (1.2) 3.2 10

22 23 24 19 20



2010/12A (8.6) 9.5 (39.6) 10.9 (70.1) 5.9 (80.4) 11.9 941 9,178 0

2011/12A 33.7 20.4 114.2 16.5 51.6 12.5 111.4 22.9 2,010 11,214 0

2012/12F (0.7) 15.8 (22.5) 16.4 (0.5) 13.0 3.5 18.6 2,080 13,262 0

2013/12F 33.3 26.5 67.1 26.8 63.4 21.0 62.3 29.8 3,325 16,587 0

2014/12F 25.0 34.5 30.3 35.1 30.9 28.0 33.1 38.0 4,425 21,012 0



2010/12A 55.8 27.5 284.0 (1.8) 16.9 16.1 27.4 2.81 13.1 0.0

2011/12A 68.7 46.7 148.5 (1.6) 27.1 13.9 21.4 3.83 20.1 0.0

2012/12F 81.7 33.9 90.5 (6.7) 21.1 18.0 22.9 3.59 17.3 0.0

2013/12F 102.7 25.0 67.4 (4.0) 26.5 11.0 14.3 2.87 22.8 0.0

2014/12F 130.7 7.7 45.6 (3.1) 27.6 8.1 10.8 2.27 24.0 0.0



2012/03A 5.5 (0.7) 4.3 (0.2) (5.3) 4.0 (41.6) 24.5 3.1 (43.5) 48.3

2012/06A 1.1 10.0 4.3 (24.7) (0.8) 3.7 (36.0) (6.3) 3.3 (24.8) 6.2

2012/09F (0.7) (4.1) 5.8 (0.7) 34.9 5.2 667.7 40.5 4.3 545.3 31.4

2012/12F (8.5) (12.7) 1.4 (69.9) (76.2) 3.5 8.9 (33.5) 2.3 12.4 (45.7)

2013/03F 33.3 44.8 5.8 33.3 318.8 4.2 6.4 21.7 2.8 (8.3) 21.0

2013/06F 33.3 10.0 5.7 33.3 (0.8) 6.5 75.2 54.2 4.6 41.5 63.8

2013/09F 33.3 (4.1) 7.7 33.3 34.9 6.9 31.8 5.7 4.9 14.4 6.3

2013/12F 33.3 (12.7) 7.2 420.0 (7.3) 9.2 163.7 32.9 8.7 272.8 77.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 84.5 20.7 16.2 2,551 18.4 제이브이엠 14.9 2.9 22.2 0.0

FY2013F 102.5 26.6 21.0 3,317 14.2 스몰캡 9.8 1.4 14.6 0.8



제이브이엠

56.5

75.5

75.0

100.0

125.0

264.9 208.3

186.8 118.2

175.7 94.0

196.9 94.6

217.7 88.3

18.4

20.2

19.4

16.9

24.5

27.0

25.9

22.6

0

10,000

20,000

30,000

40,000

50,000

60,000


-40

-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

140,000

160,000

180,000

200,000

2006 2007 2008 2009 2010 2011 2012

주가

x35

x26

x18

x9

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



269



휴비츠 (065510.KQ) 업데이트 : 2012.10.17




52주 최고가 : 17,550 시가총액(십억원) : 169.8

52주 최저가 : 8,160 60일 평균 거래대금(백만원) : 5,844.4

연중 최고가 : 16,850 외국인지분(%) : 17.7

9 10 11 12 13


(3.0) 44.0 77.0 75.3 26.6

업종 대비 (2.3) 44.7 77.7 76.0 27.2 5

KOSPI 대비 (0.8) 45.8 73.2 71.3 22.6 10

22 23 24 19 20



2010/12A 15.6 8.2 7.1 7.3 (3.4) 6.7 (1.0) 11.4 728 4,004 100

2011/12A 26.3 9.4 15.1 7.6 3.7 8.8 30.7 13.1 958 4,850 150

2012/12F 13.4 11.0 17.3 10.0 32.3 11.0 25.4 15.1 1,060 5,589 150

2013/12F 15.6 14.0 27.5 13.0 30.2 14.0 27.7 18.5 1,340 6,700 150

2014/12F 16.9 17.0 21.2 16.0 22.4 17.1 21.7 22.0 1,630 8,054 150



2010/12A 37.9 7.6 38.2 (4.7) 18.3 4.8 6.7 1.21 19.4 2.1

2011/12A 48.8 3.8 24.4 (2.5) 16.7 9.7 12.9 2.55 20.2 1.2

2012/12F 58.0 0.1 16.4 (2.8) 17.2 11.0 15.3 2.90 20.6 0.9

2013/12F 69.7 (3.8) 11.5 (3.0) 19.0 8.7 12.1 2.42 22.0 0.9

2014/12F 83.9 (8.1) 7.6 (3.1) 19.7 7.0 9.9 2.01 22.3 0.9



2012/03A 16.7 (11.2) 1.9 (8.6) (3.8) 2.6 12.0 34.7 2.6 34.8 14.4

2012/06A 17.5 23.5 3.2 18.1 68.6 3.0 2.5 17.0 3.4 25.8 32.6

2012/09F 13.4 (4.9) 2.9 13.4 (10.3) 3.4 626.4 15.1 3.2 242.5 (7.5)

2012/12F 7.2 2.8 3.0 48.2 1.9 1.0 (45.8) (70.1) 1.8 (20.2) (43.1)

2013/03F 15.6 (4.2) 2.2 15.6 (25.0) 1.9 (24.7) 87.3 3.5 33.9 92.0

2013/06F 15.6 23.5 3.7 15.6 68.6 3.5 15.7 79.7 4.8 40.6 39.2

2013/09F 15.6 (4.9) 3.4 15.6 (10.3) 4.1 18.1 17.4 5.4 68.8 11.1

2013/12F 15.6 2.8 4.7 59.7 40.8 3.6 248.9 (11.7) 0.4 (78.0) (92.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 64.8 10.9 10.3 982 17.1 휴비츠 12.4 2.5 21.8 0.9

FY2013F 74.7 13.5 12.4 1,185 14.1 스몰캡 9.8 1.4 14.6 0.8



휴비츠

44.7

56.4

64.0

74.0

86.5

57.6 18.9

63.5 17.0

69.3 15.5

78.4 15.2

90.8 15.5

13.9

17.1

16.3

16.7

16.0

19.8

18.8

19.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-20

0

20

40

60

80

100

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

x15

x11

x8

x5

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



270



유아이디 (069330.KQ) 업데이트 : 2012.09.19


목표주가 : 10,000 애널리스트 : 이민영


52주 최고가 : 11,300 시가총액(십억원) : 125.4

52주 최저가 : 4,350 60일 평균 거래대금(백만원) : 2,999.4

연중 최고가 : 11,000 외국인지분(%) : 2.3

9 10 11 12 13


39.6 65.1 104.1 82.8 87.1

업종 대비 40.2 65.8 104.7 83.5 87.7 5

KOSPI 대비 41.7 66.9 100.2 78.8 83.1 10

22 23 24 19 20



2010/12A (38.3) 3.1 NA (0.2) NA (0.0) NA 3.4 -3 1,546 0

2011/12A 414.7 11.1 259.0 10.2 NA 8.1 NA 12.9 740 2,544 150

2012/12F 5.0 13.0 16.8 12.4 21.7 10.2 25.7 17.3 931 3,359 150

2013/12F 25.7 15.6 19.7 15.0 20.5 12.0 17.3 20.3 1,092 4,260 200

2014/12F 23.9 18.6 19.2 18.0 20.0 14.4 20.0 24.2 1,310 5,266 250



2010/12A 15.7 18.0 121.6 (6.3) 27.5 15.6 NA 1.75 (0.2) 0.0

2011/12A 27.6 7.5 36.2 (5.4) 19.2 5.4 7.1 2.06 37.6 2.9

2012/12F 37.2 10.9 38.5 (17.4) 21.3 7.8 11.3 3.14 31.6 1.4

2013/12F 47.9 7.1 30.2 (4.9) 20.3 6.4 9.7 2.48 28.2 1.9

2014/12F 59.9 1.6 24.1 (5.7) 19.6 5.2 8.1 2.00 26.7 2.4



2012/03A (24.9) 44.3 3.2 2.9 176.9 3.1 11.1 217.7 2.6 19.4 177.6

2012/06A (19.7) 24.2 3.6 (1.8) 11.7 3.5 2.1 11.2 2.8 7.1 9.3

2012/09F 5.0 (13.4) 3.3 5.0 (9.4) 3.1 3.0 (10.0) 2.6 7.3 (9.3)

2012/12F 117.6 40.2 3.7 215.8 12.8 3.5 253.0 11.0 2.2 140.2 (12.8)

2013/03F 25.7 (16.7) 4.1 25.7 10.2 3.9 24.5 12.1 3.1 20.2 38.9

2013/06F 25.7 24.2 4.6 25.7 11.7 4.4 26.2 12.7 3.5 23.9 12.7

2013/09F 25.7 (13.4) 4.1 25.7 (9.4) 4.0 27.0 (9.4) 3.2 23.6 (9.4)

2013/12F 25.7 40.2 4.2 14.2 2.5 4.1 17.8 3.0 2.2 (1.5) (30.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 69.7 14.9 11.5 971 8.0 유아이디 9.8 2.5 28.5 1.8

FY2013F 95.8 19.5 15.4 1,297 6.0 스몰캡 9.8 1.4 14.6 0.8



유아이디

11.3

58.1

61.0

76.6

94.9

45.9 26.6

44.5 17.0

59.4 23.1

70.0 23.8

83.4 25.4

12.6

15.7

13.6

19.0

15.9

19.7

17.1

23.9

0

2,000

4,000

6,000

8,000

10,000

12,000


-40

-20

0

20

40

60

80

100

KOSPI대비(우)

주가(좌)

(%p)(원)

0

2,000

4,000

6,000

8,000

10,000

12,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x11

x8

x6

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



271



와이솔 (122990.KQ) 업데이트 : 2012.10.26


목표주가 : 20,000 애널리스트 : 이민영


52주 최고가 : 18,150 시가총액(십억원) : 156.7

52주 최저가 : 10,000 60일 평균 거래대금(백만원) : 3,548.5

연중 최고가 : 17,350 외국인지분(%) : 1.5

9 10 11 12 13


(3.6) 29.2 14.5 (6.7) (15.6)

업종 대비 (3.0) 29.9 15.2 (6.0) (14.9) 5

KOSPI 대비 (1.5) 31.0 10.6 (10.7) (19.6) 10

22 23 24 19 20



2010/12A 34.3 12.7 36.7 13.5 68.1 10.8 73.9 18.0 1,256 3,526 150

2011/12A 61.4 12.4 (2.4) 10.2 (24.2) 9.6 (11.7) 20.6 932 4,515 150

2012/12F 20.7 16.0 29.2 14.4 40.5 14.2 48.8 28.0 1,358 5,744 150

2013/12F 25.5 20.5 28.1 23.0 60.0 23.0 61.5 34.1 2,192 7,790 150

2014/12F 16.6 25.1 22.4 27.6 20.0 26.8 16.5 39.6 2,554 10,191 150



2010/12A 35.0 7.3 60.6 (14.5) 19.2 5.8 7.4 2.62 41.4 1.6

2011/12A 46.3 23.3 106.1 (21.5) 11.6 10.0 18.5 3.81 23.5 0.9

2012/12F 59.5 21.5 82.6 (21.1) 12.4 6.4 10.8 2.54 26.9 1.0

2013/12F 81.5 12.0 60.4 (19.6) 12.7 4.9 6.7 1.87 32.6 1.0

2014/12F 107.2 0.2 45.9 (20.5) 13.3 4.0 5.7 1.43 28.4 1.0



2012/03A 17.7 NA 3.3 40.7 NA 3.8 42.0 NA 3.7 59.7 NA

2012/06A 43.8 15.4 3.3 461.4 (1.0) 1.4 271.8 (63.6) 2.3 172.3 (36.7)

2012/09F NA 19.6 5.2 NA 59.1 5.4 NA 294.3 4.8 NA 104.4

2012/12F NA (15.3) 4.3 NA (17.5) 5.0 NA (7.6) 3.5 NA (27.0)

2013/03F 32.2 13.1 4.3 29.9 (0.0) 5.3 40.2 5.7 5.3 43.3 51.8

2013/06F 26.4 10.3 5.4 64.4 25.3 5.3 285.4 0.1 5.3 126.7 0.1

2013/09F 17.4 11.1 5.9 13.1 9.5 5.9 8.6 11.1 5.9 23.2 11.1

2013/12F 28.4 (7.4) 5.0 17.2 (14.5) 1.5 (70.1) (74.6) 6.6 89.7 12.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 130.0 16.4 13.9 1,266 11.9 와이솔 6.9 1.9 32.0 1.0

FY2013F 154.1 21.0 16.2 1,460 10.3 스몰캡 9.8 1.4 14.6 0.8



와이솔

66.1

106.7

128.7

161.5

188.4

66.7 31.7

103.9 57.5

124.5 65.0

152.4 70.9

183.9 76.7

27.4

31.6

44.4

41.1

37.8

32.0

36.2

39.9

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-50

-40

-30

-20

-10

0

10

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2010 2011 2012

주가

x18

x15

x12

x9

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



272

업종별 컨센서스 history

Contents

- 업종별 컨센서스 추이, 밸류에이션, 수익률 등을 월간 단위로 제공

- 한국시장(MSCI Korea 지수), 글로벌 동일 업종(Global 섹터 지수)과의

밸류에이션 비교를 통해 할증/할인 거래 여부를 판단

- 업종별로 과거 10년 추이와 최근 1년 동안의 변화를 동시에 확인함으로써

장.단기적 관점에서 분석 가능

- MSCI 지수는 매월 중순 경 발표되며,

- MSCI 업종분류 체계가 한국증권 분류와 다소 차이가 있을 수 있음


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)

자료: MSCI, 한국투자증권 자료: MSCI, 한국투자증권

12MF EPS 12MF EPS Revisions

2011년 수익률 (%)

정유 0.3

MSCI Korea 2.2

Global 정유 -1.5

자료: MSCI, 한국투자증권 주: EPS revision = (EPS추정치 상향종목 수 – 하향종목 수) / 전체 EPS추정치 수

(3개월 평균치로 계산)

자료: MSCI, 한국투자증권

12MF PER - 한국시장 대비 12MF PER - 글로벌 섹터 대비

주: 할증률이 0보다 큰 경우 한국시장 대비 할증 거래되고 있음을 의미 주: 할증률이 0보다 큰 경우 글로벌 섹터 대비 할증 거래되고 있음을 의미


정유 (과거10년)

0

200

400

600

800

1,000

1,200

Dec-01 Dec-03 Dec-05 Dec-07 Dec-09 Dec-11

정유

MSCI Korea

Global 정유

(p)

0.3

2.2

-1.5

-3

0

3

정유 MSCI Korea Global 정유(%)

0

20

40

60

80

100

120

140


0

5

10

15

20

25

30

35

40정유

MSCI Korea

Global 정유 (우)

-100

-75

-50

-25

0

25

50

75

100

Jan-08 Jan-09 Jan-10 Jan-11 Jan-12

정유

MSCI Korea

Global 정유

(%)

0

2

4

6

8

10

12

14

16

18


-100

-75

-50

-25

0

25

50

75

100한국시장대비 할증률 (우)

MSCI Korea

정유

(x) (%)

0

2

4

6

8

10

12

14

16

18


-100

-75

-50

-25

0

25

50

75

100Global 섹터대비 할증률 (우)

Global 정유

정유

(x) (%)

274


MSCI 섹터 지수 (2011.11.15=100) 최근 1개월, 1년 수익률


EPS 추정치 추이 12MF EPS revisions

수익률 (%)

1개월 1년

정유 2.7 -9.7

MSCI Korea -2.7 1.0

Global 정유 -6.0 -4.6







정유 (최근1년)

50

60

70

80

90

100

110

120

Nov-11 Feb-12 May-12 Aug-12 Nov-12

정유

MSCI Korea

Global 정유

(p)

2.7

-2.7

-6.0

-9.7

1.0

-4.6

-20

-10

0

10

정유 MSCI Korea Global 정유

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


정유

MSCI Korea

Global 정유

(%)

0

2

4

6

8

10

12


-30

-20

-10

0

10

20


MSCI Korea

정유

(x) (%)

0

2

4

6

8

10

12


-30

-20

-10

0

10

20


Global 정유

정유

(x) (%)

50

60

70

80

90

100

110

120

130

140


FY1 EPS

FY2 EPS

12MF EPS

275


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

화학 -17.1

MSCI Korea 2.2

Global 화학 10.4







화학 (과거10년)

0

200

400

600

800

1,000

1,200

1,400


화학

MSCI Korea

Global 화학

(p)

-17.1

2.2

10.4

-20

-16

-12

-8

-4

0

4

8

12

화학 MSCI Korea Global 화학(%)

0

20

40

60

80

100

120

140

160


0

5

10

15

20

25화학

MSCI Korea

Global 화학 (우)

-100

-75

-50

-25

0

25

50

75

100


화학

MSCI Korea

Global 화학

(%)

0

4

8

12

16

20


-80

-60

-40

-20

0

20

40

60


MSCI Korea

화학

(x) (%)

0

4

8

12

16

20


-80

-60

-40

-20

0

20

40

60


Global 화학

화학

(x) (%)

276





수익률 (%)

1개월 1년

화학 -6.0 -22.3

MSCI Korea -2.7 1.0

Global 화학 -4.4 4.2







화학 (최근1년)

50

60

70

80

90

100

110

120


화학

MSCI Korea

Global 화학

(p)

-6.0

-2.7-4.4

-22.3

1.0

4.2

-30

-20

-10

0

10

화학 MSCI Korea Global 화학

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


화학

MSCI Korea

Global 화학

(%)

0

2

4

6

8

10

12

14


-40

-20

0

20


MSCI Korea

화학

(x) (%)

0

2

4

6

8

10

12

14


-40

-20

0

20


Global 화학

화학

(x) (%)

50

70

90

110

130

150


FY1 EPS

FY2 EPS

12MF EPS

277


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

철강 -13.6

MSCI Korea 2.2

Global 철강 -8.5







철강 (과거10년)

0

100

200

300

400

500

600

700


철강

MSCI Korea

Global 철강

(p)

-13.6

2.2

-8.5

-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

철강 MSCI Korea Global 철강(%)

0

10

20

30

40

50

60

70

80

90


철강

MSCI Korea

Global 철강

-100

-75

-50

-25

0

25

50

75

100


철강 MSCI Korea Global 철강

(%)

0

4

8

12

16

20


-60

-40

-20

0

20

40


MSCI Korea

철강

(x) (%)

0

4

8

12

16

20


-60

-40

-20

0

20

40


Global 철강

철강

(x) (%)

278





수익률 (%)

1개월 1년

철강 -7.4 -15.1

MSCI Korea -2.7 1.0

Global 철강 -2.7 -15.8







철강 (최근1년)

60

70

80

90

100

110

120


철강

MSCI Korea

Global 철강

(p)

-7.4

-2.7 -2.7

-15.1

1.0

-15.8-18

-12

-6

0

6

철강 MSCI Korea Global 철강

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


철강

MSCI Korea

Global 철강

(%)

0

1

2

3

4

5

6

7

8

9

10


-20

-10

0

10

20

한국시장대비 할증률 (우)

MSCI Korea

철강

(x) (%)

0

2

4

6

8

10

12


-20

-10

0

10

20

Global 섹터대비 할증률 (우)

Global 철강

철강

(x) (%)

40

50

60

70

80

90


FY1 EPS

FY2 EPS

12MF EPS

279


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

건설 -28.9

MSCI Korea 2.2

Global 건설 -0.9







건설 (과거10년)

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800


건설

MSCI Korea

Global 건설

(p)

-28.9

2.2

-0.9

-32

-28

-24

-20

-16

-12

-8

-4

0

4

건설 MSCI Korea Global 건설(%)

0

5

10

15

20

25

30

35

40


0

10

20

30

40

50

60

70

건설

Global 건설

MSCI Korea (우)

-100

-75

-50

-25

0

25

50

75

100


건설

MSCI Korea

Global 건설

(%)

0

4

8

12

16

20


-80

-60

-40

-20

0

20

40

60


MSCI Korea

건설

(x) (%)

0

4

8

12

16

20


-80

-60

-40

-20

0

20

40

60


Global 건설

건설

(x) (%)

280





수익률 (%)

1개월 1년

건설 -13.1 -28.5

MSCI Korea -2.7 1.0

Global 건설 -5.4 -5.4







건설 (최근1년)

60

70

80

90

100

110

120


건설

MSCI Korea

Global 건설

(p)

-13.1

-2.7

-5.4

-28.5

1.0

-5.4

-30

-24

-18

-12

-6

0

6

건설 MSCI Korea Global 건설

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


건설

MSCI Korea

Global 건설

(%)

0

2

4

6

8

10

12


-20

-10

0

10

20


MSCI Korea

건설

(x) (%)

0

2

4

6

8

10

12


-20

-10

0

10

20


Global 건설

건설

(x) (%)

25

30

35

40


FY1 EPS

FY2 EPS

12MF EPS

281


MSCI 섹터 지수 (2006.06.13=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

지주·복합기업 13.6

MSCI Korea 2.2

Global 지주·복합기업19.5







지주·복합기업 (과거10년)

0

20

40

60

80

100

120

140

160

180

200


지주·복합기업

MSCI Korea

Global 지주·복합기업

(p)

13.6

2.2

19.5

0

5

10

15

20

25

지주·복합기업 MSCI Korea Global 지주·복합기업(%)

0

2

4

6

8

10

12

14

16

18


0

10

20

30

40

50

60

70지주·복합기업


MSCI Korea (우)

-100

-75

-50

-25

0

25

50

75

100



MSCI Korea


(%)

0

4

8

12

16

20

24

28


-50

-25

0

25


MSCI Korea


(x) (%)

0

4

8

12

16

20

24

28


-50

-25

0

25




(x) (%)

282





수익률 (%)

1개월 1년

지주·복합기업 9.1 13.7

MSCI Korea -2.7 1.0

Global 지주·복합기업-4.4 17.3







지주·복합기업 (최근1년)

60

70

80

90

100

110

120

130



MSCI Korea


(p)

9.1

-2.7-4.4

13.7

1.0

17.3

-6

0

6

12

18

24

지주·복합기업 MSCI Korea Global 지주·복합기업

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100



MSCI Korea


(%)

0

2

4

6

8

10

12

14

16


-50

-25

0

25


MSCI Korea


(x) (%)

0

2

4

6

8

10

12

14


-50

-25

0

25




(x) (%)

10

12

14

16

18


FY1 EPS

FY2 EPS

12MF EPS

283


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

조선·기계 -14.5

MSCI Korea 2.2

Global 조선·기계 5.1







조선·기계 (과거10년)

0

500

1,000

1,500

2,000

2,500


조선·기계

MSCI Korea

Global 조선·기계

(p)

-14.5

2.2

5.1

-20

-15

-10

-5

0

5

10

조선·기계 MSCI Korea Global 조선·기계(%)

0

5

10

15

20

25


0

10

20

30

40

50

60

70조선·기계


MSCI Korea (우)

-100

-75

-50

-25

0

25

50

75

100


조선·기계

MSCI Korea


(%)

0

5

10

15

20

25


-100

-75

-50

-25

0

25

50

75


MSCI Korea

조선·기계

(x) (%)

0

5

10

15

20

25


-100

-75

-50

-25

0

25

50

75



조선·기계

(x) (%)

284





수익률 (%)

1개월 1년

조선·기계 -9.4 -17.5

MSCI Korea -2.7 1.0

Global 조선·기계 -0.2 1.3







조선·기계 (최근1년)

50

60

70

80

90

100

110

120

130


조선·기계

MSCI Korea


(p)

-9.4

-2.7

-0.2

-17.5

1.0 1.3

-24

-18

-12

-6

0

6

조선·기계 MSCI Korea Global 조선·기계

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


조선·기계

MSCI Korea


(%)

0

2

4

6

8

10

12

14


-40

-20

0

20


MSCI Korea

조선·기계

(x) (%)

0

2

4

6

8

10

12

14


-40

-20

0

20



조선·기계

(x) (%)

10

12

14

16

18


FY1 EPS

FY2 EPS

12MF EPS

285


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

자동차 -6.4

MSCI Korea 2.2

Global 자동차 8.5




12MF PER - 한국시장 대비 12MF PER - 이머징 섹터 대비

주: 할증률이 0보다 큰 경우 한국시장 대비 할증 거래되고 있음을 의미 주: 1) 할증률이 0보다 큰 경우 이머징 섹터 대비 할증 거래되고 있음을 의미

자료: MSCI, 한국투자증권 2) 글로벌 자동차가 적자를 기록한 구간이 있어 이머징 자동차 PER로 대체


자동차 (과거10년)

0

200

400

600

800

1,000

1,200


자동차

MSCI Korea

Global 자동차

(p)

-6.4

2.2

8.5

-8

-6

-4

-2

0

2

4

6

8

10

자동차 MSCI Korea Global 자동차(%)

0

50

100

150

200

250


-5

0

5

10

15

20자동차

MSCI Korea

Global 자동차 (우)

-100

-75

-50

-25

0

25

50

75

100


자동차

MSCI Korea

Global 자동차

(%)

0

2

4

6

8

10

12

14


-50

-25

0

25


MSCI Korea

자동차

(x) (%)

0

2

4

6

8

10

12

14


-50

-25

0

25

50Emerging 섹터대비 할증률 (우)

Emerging Market 자동차

자동차

(x) (%)

286





수익률 (%)

1개월 1년

자동차 -10.0 -14.1

MSCI Korea -2.7 1.0

Global 자동차 -1.7 4.0







자동차 (최근1년)

70

80

90

100

110

120


자동차

MSCI Korea

Global 자동차

(p)

-10.0

-2.7-1.7

-14.1

1.0

4.0

-18

-12

-6

0

6

자동차 MSCI Korea Global 자동차

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


자동차

MSCI Korea

Global 자동차

(%)

0

2

4

6

8

10

12


-40

-20

0

20


MSCI Korea

자동차

(x) (%)

0

2

4

6

8

10

12


-40

-20

0

20


Global 자동차

자동차

(x) (%)

120

140

160

180

200

220

240


FY1 EPS

FY2 EPS

12MF EPS

287


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

유통 -7.6

MSCI Korea 2.2

Global 유통 19.2







유통 (과거10년)

0

100

200

300

400

500

600

700

800

900

1,000


유통

MSCI Korea

Global 유통

(p)

-7.6

2.2

19.2

-10

-5

0

5

10

15

20

25

유통 MSCI Korea Global 유통(%)

0

50

100

150

200

250

300

350


0

2

4

6

8

10

12유통

MSCI Korea

Global 유통 (우)

-100

-75

-50

-25

0

25

50

75

100


유통

MSCI Korea

Global 유통

(%)

0

4

8

12

16

20

24

28


-80

-60

-40

-20

0

20

40

60


MSCI Korea

유통

(x) (%)

0

4

8

12

16

20

24

28


-80

-60

-40

-20

0

20

40

60


Global 유통

유통

(x) (%)

288





수익률 (%)

1개월 1년

유통 0.0 -12.0

MSCI Korea -2.7 1.0

Global 유통 -1.8 13.9







유통 (최근1년)

60

70

80

90

100

110

120


유통

MSCI Korea

Global 유통

(p)

0.0

-2.7-1.8

-12.0

1.0

13.9

-18

-12

-6

0

6

12

18

유통 MSCI Korea Global 유통

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


유통

MSCI Korea

Global 유통

(%)

0

2

4

6

8

10

12

14

16

18


-60

-30

0

30

60


MSCI Korea

유통

(x) (%)

0

2

4

6

8

10

12

14

16

18


-60

-30

0

30

60


Global 유통

유통

(x) (%)

250

270

290

310

330

350

370


FY1 EPS

FY2 EPS

12MF EPS

289


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

음식료·담배 14.0

MSCI Korea 2.2

Global 음식료 12.6







음식료·담배 (과거10년)

0

50

100

150

200

250

300

350

400

450

500


음식료·담배

MSCI Korea

Global 음식료·담배

(p)

14.0

2.2

12.6

0

2

4

6

8

10

12

14

16

음식료·담배 MSCI Korea Global 음식료·담배(%)

0

10

20

30

40

50

60

70


0

2

4

6

8

10

12

14

음식료·담배

MSCI Korea

Global 음식료·담배 (우)

-100

-75

-50

-25

0

25

50

75

100


음식료·담배

MSCI Korea


(%)

0

4

8

12

16

20


-100

-75

-50

-25

0

25

50

75

100


MSCI Korea

음식료·담배

(x) (%)

0

4

8

12

16

20


-100

-75

-50

-25

0

25

50

75

100



음식료·담배

(x) (%)

290





수익률 (%)

1개월 1년

음식료·담배 -4.7 21.2

MSCI Korea -2.7 1.0

Global 음식료 -3.5 12.8







음식료·담배 (최근1년)

80

90

100

110

120

130


음식료·담배

MSCI Korea


(p)

-4.7

-2.7-3.5

21.2

1.0

12.8

-6

0

6

12

18

24

음식료·담배 MSCI Korea Global 음식료·담배

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


음식료·담배

MSCI Korea


(%)

0

2

4

6

8

10

12

14

16

18


-80

-60

-40

-20

0

20

40

60

80


MSCI Korea

음식료·담배

(x) (%)

0

2

4

6

8

10

12

14

16

18


-80

-60

-40

-20

0

20

40

60

80



음식료·담배

(x) (%)

25

27

29

31

33

35

37

39

41

43

45


FY1 EPS

FY2 EPS

12MF EPS

291


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

은행 -6.0

MSCI Korea 2.2

Global 은행 14.2







은행 (과거10년)

0

50

100

150

200

250

300

350

400


은행

MSCI Korea

Global 은행

(p)

-6.0

2.2

14.2

-10

-5

0

5

10

15

20

은행 MSCI Korea Global 은행(%)

0

10

20

30

40

50

60

70


0

2

4

6

8

10

12

14

16은행

MSCI Korea

Global 은행 (우)

-100

-75

-50

-25

0

25

50

75

100


은행

MSCI Korea

Global 은행

(%)

0

2

4

6

8

10

12

14

16


-60

-40

-20

0

20

40


MSCI Korea

은행

(x) (%)

0

2

4

6

8

10

12

14

16


-60

-40

-20

0

20

40


Global 은행

은행

(x) (%)

292





수익률 (%)

1개월 1년

은행 -5.8 -10.4

MSCI Korea -2.7 1.0

Global 은행 -3.3 11.8







은행 (최근1년)

60

70

80

90

100

110

120


은행

MSCI Korea

Global 은행

(p)

-5.8

-2.7 -3.3

-10.4

1.0

11.8

-12

-6

0

6

12

18

은행 MSCI Korea Global 은행

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


은행

MSCI Korea

Global 은행

(%)

0

2

4

6

8

10

12


-40

-20

0

20


MSCI Korea

은행

(x) (%)

0

2

4

6

8

10

12


-40

-20

0

20


Global 은행

은행

(x) (%)

35

40

45

50


FY1 EPS

FY2 EPS

12MF EPS

293


MSCI 섹터 지수 (2003.05.13=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

증권 -6.0

MSCI Korea 2.2

Global 증권 15.9







증권 (과거10년)

0

50

100

150

200

250

300

350

400


증권

MSCI Korea

Global 증권

(p)

-6.0

2.2

15.9

-8

-6

-4

-2

0

2

4

6

8

10

12

14

16

18

증권 MSCI Korea Global 증권(%)

0

5

10

15

20

25

30

35


0

10

20

30

40

50

60

70증권

Global 증권

MSCI Korea (우)

-100

-75

-50

-25

0

25

50

75

100


증권

MSCI Korea

Global 증권

(%)

0

5

10

15

20

25


-100

-75

-50

-25

0

25

50

75


MSCI Korea

증권

(x) (%)

0

5

10

15

20

25


-100

-75

-50

-25

0

25

50

75


Global 증권

증권

(x) (%)

294





수익률 (%)

1개월 1년

증권 -6.3 -5.0

MSCI Korea -2.7 1.0

Global 증권 -0.5 12.4







증권 (최근1년)

40

60

80

100

120

140


증권

MSCI Korea

Global 증권

(p)

-6.3

-2.7

-0.5

-5.0

1.0

12.4

-12

-6

0

6

12

18

증권 MSCI Korea Global 증권

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


증권

MSCI Korea

Global 증권

(%)

0

2

4

6

8

10

12

14


-50

-25

0

25

50


MSCI Korea

증권

(x) (%)

0

2

4

6

8

10

12

14


-50

-25

0

25

50


Global 증권

증권

(x) (%)

5

10

15

20

25


FY1 EPS

FY2 EPS

12MF EPS

295


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

보험 1.6

MSCI Korea 2.2

Global 보험 17.6







보험 (과거10년)

0

50

100

150

200

250

300

350

400

450

500


보험

MSCI Korea

Global 보험

(p)

1.62.2

17.6

0

2

4

6

8

10

12

14

16

18

20

보험 MSCI Korea Global 보험(%)

0

10

20

30

40

50

60

70


0

2

4

6

8

10

12

14보험

MSCI Korea

Global 보험 (우)

-100

-75

-50

-25

0

25

50

75

100


보험

MSCI Korea

Global 보험

(%)

0

5

10

15

20


-100

-75

-50

-25

0

25

50

75

100


MSCI Korea

보험

(x) (%)

0

5

10

15

20


-100

-75

-50

-25

0

25

50

75

100


Global 보험

보험

(x) (%)

296





수익률 (%)

1개월 1년

보험 -3.3 0.7

MSCI Korea -2.7 1.0

Global 보험 -3.7 12.7







보험 (최근1년)

70

80

90

100

110

120


보험

MSCI Korea

Global 보험

(p)

-3.3-2.7

-3.7

0.7 1.0

12.7

-6

0

6

12

18

보험 MSCI Korea Global 보험

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


보험

MSCI Korea

Global 보험

(%)

0

2

4

6

8

10

12

14


-30

-15

0

15

30


MSCI Korea

보험

(x) (%)

0

2

4

6

8

10

12

14


-30

-15

0

15

30


Global 보험

보험

(x) (%)

30

35

40

45

50


FY1 EPS

FY2 EPS

12MF EPS

297


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

소프트웨어 -11.1

MSCI Korea 2.2

Global 소프트웨어 9.1





주: 1) 할증률이 0보다 큰 경우 한국시장 대비 할증 거래되고 있음을 의미 주: 1) 할증률이 0보다 큰 경우 글로벌 섹터 대비 할증 거래되고 있음을 의미

2) 할증률 계산 시 PER이 50 이상인 구간은 50으로 처리 2) 할증률 계산 시 PER이 50 이상인 구간은 50으로 처리


소프트웨어 (과거10년)

0

100

200

300

400

500

600

700


소프트웨어

MSCI Korea

Global 소프트웨어

(p)

-11.1

2.2

9.1

-15

-10

-5

0

5

10

15

소프트웨어 MSCI Korea Global 소프트웨어(%)

0

2

4

6

8

10

12


0

10

20

30

40

50

60

70소프트웨어


MSCI Korea (우)

-100

-75

-50

-25

0

25

50

75

100


소프트웨어

MSCI Korea


(%)

0

10

20

30

40

50


-300

-150

0

150


MSCI Korea

소프트웨어

(x) (%)

0

10

20

30

40

50


-60

-40

-20

0

20

40



소프트웨어

(x) (%)

298





수익률 (%)

1개월 1년

소프트웨어 -11.6 -18.5

MSCI Korea -2.7 1.0

Global 소프트웨어 -6.4 5.9







소프트웨어 (최근1년)

80

90

100

110

120


소프트웨어

MSCI Korea


(p)

-11.6

-2.7

-6.4

-18.5

1.0

5.9

-24

-18

-12

-6

0

6

12

소프트웨어 MSCI Korea Global 소프트웨어

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


소프트웨어

MSCI Korea


(%)

0

4

8

12

16

20


-120

-80

-40

0

40

80

120


MSCI Korea

소프트웨어

(x) (%)

0

4

8

12

16

20


-120

-80

-40

0

40

80

120



소프트웨어

(x) (%)

6

7

8

9

10

11

12

13

14

15


FY1 EPS

FY2 EPS

12MF EPS

299


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)


12MF EPS 12MF Earnings Revisions

2011년 수익률 (%)

하드웨어 16.7

MSCI Korea 2.2

Global 하드웨어 5.9





주: 1) 할증률이 0보다 큰 경우 한국시장 대비 할증 거래되고 있음을 의미 주: 1) 할증률이 0보다 큰 경우 글로벌 섹터 대비 할증 거래되고 있음을 의미

2) 할증률 계산 시 PER이 50 이상인 구간은 50으로 처리 2) 할증률 계산 시 PER이 50 이상인 구간은 50으로 처리


하드웨어 (과거10년)

0

50

100

150

200

250

300

350

400


하드웨어

MSCI Korea

Global 하드웨어

(p)

16.7

2.2

5.9

0

2

4

6

8

10

12

14

16

18

하드웨어 MSCI Korea Global 하드웨어(%)

0

10

20

30

40

50

60

70


0

2

4

6

8

10

12하드웨어

MSCI Korea

Global 하드웨어 (우)

-100

-75

-50

-25

0

25

50

75

100


하드웨어

MSCI Korea

Global 하드웨어

(%)

0

10

20

30

40

50


-400

-300

-200

-100

0

100

200

300


MSCI Korea

하드웨어

(x) (%)

0

10

20

30

40

50


-300

-200

-100

0

100

200


Global 하드웨어

하드웨어

(x) (%)

300





수익률 (%)

1개월 1년

하드웨어 11.3 28.8

MSCI Korea -2.7 1.0

Global 하드웨어 -9.1 2.1







하드웨어 (최근1년)

60

80

100

120

140


하드웨어

MSCI Korea

Global 하드웨어

(p)

11.3

-2.7

-9.1

28.8

1.0 2.1

-12

-6

0

6

12

18

24

30

36

하드웨어 MSCI Korea Global 하드웨어

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


하드웨어

MSCI Korea

Global 하드웨어

(%)

0

5

10

15

20

25

30


-200

-100

0

100


MSCI Korea

하드웨어

(x) (%)

0

5

10

15

20

25

30


-200

-100

0

100


Global 하드웨어

하드웨어

(x) (%)

-10

-5

0

5

10

15

20

25

30

35


FY1 EPS

FY2 EPS

12MF EPS

301


MSCI 섹터 지수 (2003.05.13=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

반도체 25.9

MSCI Korea 2.2

Global 반도체 7.8





주: 할증률이 0보다 큰 경우 한국시장 대비 할증 거래되고 있음을 의미 주: 1) 할증률이 0보다 큰 경우 글로벌 섹터 대비 할증 거래되고 있음을 의미

자료: MSCI, 한국투자증권 2) 할증률 계산 시 PER이 50 이상인 구간은 50으로 처리


반도체 (과거10년)

0

50

100

150

200

250

300

350

400

450


반도체

MSCI Korea

Global 반도체

(p)

25.9

2.2

7.8

0

5

10

15

20

25

30

반도체 MSCI Korea Global 반도체(%)

0

10

20

30

40

50

60

70


0

2

4

6

8

10

12

14

16반도체

MSCI Korea

Global 반도체 (우)

-100

-75

-50

-25

0

25

50

75

100


반도체

MSCI Korea

Global 반도체

(%)

0

5

10

15

20

25

30

35

40


-200

-150

-100

-50

0

50

100

150


MSCI Korea

반도체

(x) (%)

0

10

20

30

40

50


-80

-60

-40

-20

0

20

40

60


Global 반도체

반도체

(x) (%)

302





수익률 (%)

1개월 1년

반도체 2.1 32.7

MSCI Korea -2.7 1.0

Global 반도체 -1.0 1.9







반도체 (최근1년)

70

90

110

130

150


반도체

MSCI Korea

Global 반도체

(p)

2.1

-2.7-1.0

32.7

1.0 1.9

-5

0

5

10

15

20

25

30

35

반도체 MSCI Korea Global 반도체

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


반도체

MSCI Korea

Global 반도체

(%)

0

2

4

6

8

10

12

14


-40

-20

0

20


MSCI Korea

반도체

(x) (%)

0

2

4

6

8

10

12

14


-40

-20

0

20


Global 반도체

반도체

(x) (%)

10

20

30

40

50

60


FY1 EPS

FY2 EPS

12MF EPS

303


MSCI 섹터 지수 (2001.12.18=100) 2012년 누적 수익률 (2011.12.13~2012.11.13)



2011년 수익률 (%)

통신서비스 5.3

MSCI Korea 2.2

Global 통신서비스 3.0







통신서비스 (과거10년)

0

50

100

150

200

250

300

350

400


통신서비스

MSCI Korea

Global 통신서비스

(p)

5.3

2.2

3.0

0

1

2

3

4

5

6

통신서비스 MSCI Korea Global 통신서비스(%)

0

10

20

30

40

50

60

70


0

1

2

3

4

5

6

7통신서비스

MSCI Korea

Global 통신서비스 (우)

-100

-75

-50

-25

0

25

50

75

100


통신서비스

MSCI Korea


(%)

0

2

4

6

8

10

12

14

16

18


-80

-60

-40

-20

0

20

40

60


MSCI Korea

통신서비스

(x) (%)

0

5

10

15

20

25

30

35

40

45

50


-80

-60

-40

-20

0

20

40

60



통신서비스

(x) (%)

304





수익률 (%)

1개월 1년

통신서비스 5.9 7.5

MSCI Korea -2.7 1.0

Global 통신서비스 -4.0 -0.1







통신서비스 (최근1년)

70

80

90

100

110

120


통신서비스

MSCI Korea


(p)

5.9

-2.7

-4.0

7.5

1.0

-0.1

-6

0

6

12

통신서비스 MSCI Korea Global 통신서비스

1개월

1년

(%)

-100

-75

-50

-25

0

25

50

75

100


통신서비스

MSCI Korea


(%)

0

2

4

6

8

10

12

14


-50

-25

0

25


MSCI Korea

통신서비스

(x) (%)

0

2

4

6

8

10

12

14


-50

-25

0

25



통신서비스

(x) (%)

15

20

25

30

35

40


FY1 EPS

FY2 EPS

12MF EPS

305

Appendix

Contents

업종 분류 .............................................................................308

경제 전망 .............................................................................309

주요 증시 이벤트 .........................................................................311

유무상 증자일정 .........................................................................312

이해관계 법인 현황 ....................................................................313

업종별 담당 애널리스트 ..................................................................314

용어 해설 ................................................................................315


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

308


연간 경제전망

2006 2007 2008 2009 2010 2011 2012F 2013F

국민계정

실질GDP (2005년 기준) (%,YoY) 5.2 5.1 2.3 0.3 6.2 3.6 2.3 3.3

최종소비지출 (%,YoY) 5.1 5.1 2.0 1.2 3.9 2.2 2.4 2.5

민간소비 (%,YoY) 4.7 5.1 1.3 0.0 4.1 2.3 1.8 2.6

정부지출 (%,YoY) 6.6 5.4 4.3 5.6 3.0 2.1 4.5 2.6

총자본형성 (%,YoY) 4.4 3.5 0.0 (13.5) 15.4 1.5 (1.0) 3.7

고정자본형성 (%,YoY) 3.4 4.2 (1.9) (1.0) 7.0 (1.1) 0.2 4.0

건설투자 (%,YoY) 0.5 1.4 (2.8) 3.4 (1.4) (5.0) 0.2 3.4

설비투자 (%,YoY) 8.2 9.3 (1.0) (9.8) 25.0 3.7 (0.6) 3.6

재화와 용역의 수출 (%,YoY) 11.4 12.6 6.6 (1.2) 14.5 9.5 4.2 6.1

재화와 용역의 수입 (%,YoY) 11.3 11.7 4.4 (8.0) 16.9 6.5 2.9 6.3

대외거래

수출 (십억달러) 325.5 371.5 422.0 363.5 466.4 555.2 551.1 574.3

증가율 (%,YoY) 14.4 14.1 13.6 (13.9) 28.3 19.0 (0.7) 4.2

수입 (십억달러) 309.4 356.8 435.3 323.1 425.2 524.4 523.5 558.8

증가율 (%,YoY) 18.4 15.3 22.0 (25.8) 31.6 23.3 (0.2) 6.7

무역수지 (십억달러) 16.1 14.6 (13.3) 40.4 41.2 33.3 27.6 15.6

경상수지 (십억달러) 14.1 21.8 3.2 32.8 28.2 26.5 40.5 20.6

수출(원화기준) (조원) 310.9 345.2 465.6 464.0 539.2 618.0 622.7 607.6

증가율 (%,YoY) 6.7 11.0 34.9 (0.4) 16.2 14.6 1.2 (2.4)

수입(원화기준) (조원) 295.5 331.6 480.3 412.4 491.5 581.1 591.6 591.2

증가율 (%,YoY) 10.5 12.2 44.9 (14.1) 19.2 18.2 1.8 (0.1)

물가

생산자물가 (%,YoY) 0.9 1.4 8.6 (0.2) 3.8 6.0 1.3 1.6

소비자물가 (%,YoY) 2.2 2.5 4.7 2.8 2.9 4.0 2.2 2.4

WTI 가격(평균) (달러/배럴) 66.1 72.3 99.6 61.8 79.5 95.1 94.7 93.4

시장지표

원/달러 환율(기말) (원) 929.8 936.1 1,259.5 1,164.5 1,134.8 1,152.0 1,075.0 1,020.0

원/달러 환율(평균) (원) 955.1 929.2 1,103.4 1,276.4 1,156.0 1,108.0 1,130.0 1,058.0

기준금리(기말) (%) 4.50 5.00 3.00 2.00 2.50 3.25 2.75 2.00

309


분기 경제전망

2011 2012 2013

Q1 2Q 3Q 4Q Q1 2Q 3Q(F) 4Q(F) Q1(F) 2Q(F) 3Q(F) 4Q(F)

국민계정

실질GDP (2005년 기준) (%,YoY) 4.2 3.5 3.6 3.3 2.8 2.4 1.6 2.4 2.4 2.9 3.8 3.9

최종소비지출 (%,YoY) 2.6 2.7 2.3 1.3 2.2 1.8 1.9 3.6 2.5 2.7 2.5 2.4

민간소비 (%,YoY) 2.9 3.0 2.1 1.1 1.6 1.2 1.5 2.8 2.4 2.5 2.6 2.7

정부소비 (%,YoY) 1.4 1.8 3.3 1.8 4.7 3.7 3.3 6.4 3.1 3.6 2.6 1.3

총자본형성 (%,YoY) (1.9) 3.3 0.4 3.7 4.0 (1.0) (2.3) (3.1) (0.6) 0.9 6.1 7.8

고정자본형성 (%,YoY) (2.1) 0.7 (1.5) (1.8) 4.6 (1.5) (2.0) 1.0 (0.4) 3.2 6.2 6.1

건설투자 (%,YoY) (11.0) (4.2) (4.0) (2.1) 1.5 (1.4) (0.1) 1.6 2.9 3.5 3.8 3.4

설비투자 (%,YoY) 10.3 7.7 1.2 (3.3) 8.6 (2.9) (6.0) (0.8) (7.2) 2.3 9.2 10.5

재화와 용역의 수출 (%,YoY) 17.0 8.5 9.6 4.4 4.7 3.2 2.6 6.4 4.7 7.0 6.2 6.5

재화와 용역의 수입 (%,YoY) 10.8 7.9 6.2 1.6 4.4 0.7 0.9 5.9 3.2 7.2 7.3 7.4

대외거래

수출 (십억달러) 131.0 142.6 141.3 140.4 134.9 140.2 133.3 142.7 137.8 145.4 142.6 148.6

증가율 (%,YoY) 29.6 18.6 21.4 9.0 3.0 (1.7) (5.6) 1.7 2.1 3.7 7.0 4.1

수입 (십억달러) 123.9 134.3 135.0 131.2 133.4 130.8 125.4 133.9 133.9 138.9 141.4 144.6

증가율 (%,YoY) 26.3 27.1 27.7 13.4 7.6 (2.6) (7.1) 2.1 0.3 6.3 12.8 8.0

무역수지 (십억달러) 7.0 8.3 6.3 9.2 1.5 9.5 7.9 3.9 6.5 1.2 3.9

경상수지 (십억달러) 2.6 5.5 6.9 11.5 2.6 11.2 14.7 12.1 7.5 5.3 3.0 4.7

수출(원화기준) (조원) 146.7 154.5 153.2 163.5 152.6 161.5 151.0 157.3 149.9 154.9 149.4 153.1

증가율 (%,YoY) 26.9 10.3 11.3 12.2 4.0 4.5 (1.4) (3.8) (1.7) (4.1) (1.0) (2.7)

수입(원화기준) (조원) 138.5 145.6 146.4 150.3 150.9 150.7 142.1 147.6 145.7 147.9 148.2 148.9

증가율 (%,YoY) 23.4 18.3 17.0 14.7 8.9 3.5 (2.9) (1.8) (3.5) (1.8) 4.3 0.9

물가

생산자물가 (%) 6.7 6.4 6.2 5.0 3.2 1.7 0.4 1.8 1.7 3.3 4.4 4.5

소비자물가 (%) 3.8 4.0 4.3 4.0 3.0 2.4 1.6 2.0 2.3 3.0 3.5 3.6

WTI 가격(평균) (달러/배럴) 94.3 102.5 90.5 94.2 102.9 93.4 92.3 90.0 91.5 92.8 94.2 95.0

시장지표

원/달러 환율(기말) (원) 1,097.0 1,068.0 1,178.0 1,152.0 1,133.0 1,145.4 1,111.0 1,075.0 1,060.0 1,048.0 1,035.0 1,020.0

원/달러 환율(평균) (원) 1,120.0 1,083.0 1,085.0 1,144.0 1,131.3 1,152.1 1,133.0 1,102.0 1,088.0 1,065.0 1,048.0 1,030.0

기준금리(기말) (%) 3.00 3.25 3.25 3.25 3.25 3.25 3.00 2.75 2.50 2.25 2.00 2.00

310


주요 증시 이벤트

월 화 수 목 금

3 4 5 6 7[한국]

(12/1) 11월 수출 YoY

(12/1) 11월 수입 YoY

(12/1) 11월 무역수지

11월 외환보유액 (미확정)

11월 소비자물가지수 YoY

[미국]

11월 ISM 제조업

10월 건설지출 MoM

[유럽]

11월 유로존 PMI 제조업 속보

치

(12/1) 스페인 배드뱅크 출범

[중국]

(12/1) 11월 PMI 제조업

[미국]

11월 국내 자동차판매

[미국]

주간 MBA 주택융자신청지수

11월 ADP취업자 변동

11월 ISM 비제조업

10월 제조업수주 MoM

[유럽]

11월 유로존 PMI 서비스 속보

치

10월 유로권 소매판매 YoY

[중국]

11월 HSBC PMI 서비스

[미국]

주간 신규 실업수당 청구건수

[유럽]

ECB 금리 공시

BOE 금리 공시

[미국]

11월 비농업부분 고용자수 변

동

11월 실업률

10월 소비자신용지수

12월 미시건대 소비자신뢰지수 속보치

10 11 12 13 14[한국]

11월 생산자물가지수 YoY

[유럽]

12월 센틱스 투자자기대지수

[중국](12/9) 11월 소비자물가지수 YoY

(12/9) 11월 생산자물가지수 YoY

(12/9) 산업생산 YoY

(12/9) 11월 소매판매 YoY

11월 무역수지

11월 수출 YoY

11월 수입 YoY

[일본]

10월 경상수지 YoY

[미국]

11월 NFIB 소기업 낙관지수

10월 무역수지

[중국]

11월 신규 위안 대출 (미확정)

11월 통화공급 M2 YoY (미확정)

[일본]

11월 통화공급 M2 YoY

[한국]

11월 실업률

10월 통화공급 M2 YoY

[미국]


11월 수입물가지수 YoY

11월 월간 재정수지

FOMC 금리 결정

[유럽]

10월 유로권 산업생산 YoY

[한국]

금통위 금리결정

[미국]


11월 생산자물가지수 YoY

11월 소매판매액지수 MoM

10월 기업재고 MoM

[유럽]

EU 정상 회담

[한국]

11월 수출물가지수 YoY

11월 수입물가지수 YoY

[미국]


11월 산업생산 YoY

[유럽]

3분기 유로권 고용 YoY

11월 유로권 CPI YoY

[중국]

11월 실질 FDI (미확정)

17 18 19 20 21[한국]

11월 할인점 매출 YoY (미확

정)

11월 백화점 매출 YoY (미확

정).

12월 뉴욕주 제조업지수

[미국]

12월 NAHB 주택시장지수

[한국]

제18대 대통령선거

[미국]


11월 주택건설착공 MoM

11월 건축허가 MoM

[유럽]

10월 유로권 경상수지 SA

[미국]


12월 필라델피아 연준지수

10월 주택가격지수 MoM

11월 기존주택매매 MoM

11월 경기선행지수 MoM

[일본]

BOJ 정책금리 결정

[미국]

11월 개인소득 MoM

11월 개인소비지수 MoM

24 25 26 27 28[미국]

11월 내구재 주문 MoM

[한국]

12월 소비자기대지수

[미국]

주간 MBA 주택융자신청지수10월 S&P/CS 주택가격지수

MoM

[한국]

1월 BSI 제조업

1월 BSI 비제조업

[미국]


12월 소비자 기대지수

11월 신규주택매매 MoM

[중국]

11월 선행지수 (미확정)

[한국]

11월 경상수지

11월 산업생산 YoY

11월 선행지수 순환변동치

MoM

[미국]

11월 미결주택매매 MoM

[일본]

11월 실업률

11월 국내 CPI YoY

11월 산업생산 YoY 속보치

31[한국]


12월

311


유무상 증자 일정

유가증권시장

코드 종목 증자구분 발행가 발행주식수 배정기준일 납입일 배정비율 청약기간(원) (주)

A092220 KEC 유상보통 500 40,000,000 2012.12.13 - 2012.12.04 ~ 2012.12.04

A006840 AK홀딩스 유상보통 23,612 5,171,184 2012.12.24 - 2013.01.21 ~ 2013.01.22

A034310 NICE 유상보통 57,600 520,333 2012.12.26 -

A004710 한솔테크닉스 유상보통 10,550 4,627,397 2012.12.11 2013.01.28 -

A011090 에넥스 유상보통 500 20,000,000 2012.12.07 2013.01.24 -

A017800 현대엘리베이 유상보통 63,600 1,300,000 2012.11.12 2012.12.26 0.10 2012.12.20 ~ 2012.12.21

A025750 한솔홈데코 유상보통 1,015 10,000,000 2012.11.06 2012.12.18 0.15

A011200 현대상선 유상보통 20,400 11,000,000 2012.11.02 2012.12.21 - 2012.12.10 ~ 2012.12.11

A011930 신성솔라에너지 유상보통 1,210 18,300,000 2012.11.02 2012.12.21 0.45 2012.12.17 ~ 2012.12.18

A000400 롯데손해보험 유상보통 3,180 25,230,000 2012.10.26 2012.12.11 0.51

A001440 대한전선 유상보통 4,315 80,000,000 2012.10.22 2012.12.11 0.41

코스닥

코드 종목 증자구분 발행가 발행주식수 배정기준일 납입일 배정비율 청약기간(원) (주)

A036930 주성엔지니어링 유상보통 3,635 6,600,000 2012.11.08 2012.12.24 0.19 2012.12.17 ~ 2012.12.18

A038540 텍셀네트컴 유상보통 500 3,000,000 2012.11.15 2012.12.17 0.49 2012.12.10 ~ 2012.12.11

A090120 잘만테크 유상보통 1,775 10,000,000 2012.11.23 2012.12.27 0.44 2012.12.20 ~ 2012.12.21

A043100 솔고바이오 유상보통 1,100 8,000,000 2012.12.10 2013.01.29 - 2013.01.21 ~ 2013.01.22

A056340 CU전자 유상보통 500 1,999,990 2012.12.05 - 2012.12.04 ~ 2012.12.04

A026960 동서 무상보통 - 29,375,920 2012.11.29 -

A137400 피엔티 무상보통 - 3,800,000 2012.12.03 1.00

A069410 엔텔스 무상보통 - 3,390,896 2012.12.05 1.00

A114190 웰크론강원 무상보통 - 5,300,000 2012.12.06 1.00

312


이해관계 법인 현황

이해관계 내역 종목명 기준일/적용일 보유비율(%)

기아차 2009.12.14 ~ 2012.12.31

대우증권 2009.12.14 ~ 2012.12.31

삼성물산 2009.12.14 ~ 2012.12.31

SK하이닉스 2009.12.14 ~ 2012.12.31

GS건설 2009.12.14 ~ 2012.12.31

SK이노베이션 2009.12.14 ~ 2012.12.31

자기주식취득 신탁 휴켐스 2011.11.24 - 2012.11.23

NHN 2012.11.13 ~ 2013.02.12

제일기획 2012.09.26 ~ 2012.12.24

하나금융지주 2012.04.02 ~ 2013.03.31

기업은행 2012.01.18 ~ 2012.12.31

대우인터내셔널 2012.04.17 ~ 2013.04.16

GS리테일 2011.11.23 ~ 2012.11.22

엘비세미콘 2011.01.31 ~ 2013.01.30

신세계인터내셔널 2011.07.14 ~ 2013.07.13

골프존 2011.05.20 ~ 2013.05.19

투자유가증권 에스비에스(SBS) 2012-11-23 8.11%

고려아연 서울반도체 호남석유

금호석유 셀트리온 CJ오쇼핑

기아차 신한지주 CJ제일제당

다음 안랩 GS

대림산업 에스엠 GS건설

대우조선해양 엔씨소프트 KB금융

대한항공 우리금융 KT

두산인프라코어 제일모직 KT&G

두산중공업 파라다이스 LG

롯데쇼핑 하나금융지주 LG디스플레이

삼성물산 한국전력 LG전자

삼성생명 한라공조 LG화학

삼성엔지니어링 한화케미칼 NHN

삼성전기 현대건설 OCI

삼성전자 현대글로비스 POSCO

삼성중공업 현대모비스 SK

삼성증권 현대위아 SK이노베이션

삼성테크윈 현대제철 SK텔레콤

삼성화재 현대중공업 SK하이닉스

삼성SDI 현대차 S-Oil

ELW발행 및 유동성공급자

(60개 기업)

주식선물LP

자기주식 취득(처분)

기타 이해관계

IPO 주관사

313


업종별 담당 애널리스트

산업 섹터 애널리스트 직 책 전화E-mail

@truefriend.com

이준재 상무 3276-6156 junj.lee

에너지 정유/화학 박기용 수석연구원 6177 kiyong

이나경 연구원 6241 nklee

소재 철강/비철금속/전선 최문선 수석연구원 6182 moonsun

김진우 연구원 6278 jinwoo.kim

건설 이경자 수석연구원 6155 momo322

안형준 연구원 4460 hyungjoon

산업재 지주회사 이 훈 연구위원 6158 hoon.lee

박선영 연구원 6195 sunyoung.park

조선/기계 박 민 수석연구원 6175 richard.park

조철희 연구원 6189 chulhee.cho

스몰캡 한지형 수석연구원 6236 jhh6

김정수 수석연구원 4459 kjungsoo

박가영 수석연구원 5979 parkga00

이민영 수석연구원 6235 my.lee

진 만 연구원 6582 jinman05

경기소비재 자동차/자동차 부품 서성문 전문위원 6152 sungmoon.suh

이헌영 연구원 6279 lee.heonyoung

섬유/의류/제지 나은채 수석연구원 6160 ec.na

나진아 연구원 6171 jinah.na

유통 여영상 연구위원 6195 yeongsang.yeo

정미경 연구원 6248 mkchung

필수소비재 음식료/담배 이경주 연구위원 6269 kjlee

이은경 연구원 6194 ek.lee

의료 제약/화장품 이정인 수석연구원 6239 jilee

이상은 연구원 6196 sangeun.lee

금융 증권/보험 이철호 연구위원 6167 chlee

송희정 연구원 6187 hjsong

박준식 연구원 6820 junsik.park

은행/카드 이고은 수석연구원 5956 joanne.lee

최수현 연구원 4126 soohyun.choi

IT 인터넷/SW/엔터테인먼트 홍종길 연구위원 6168 jonggil

최민하 연구원 6260 mhchoi

반도체 서원석 연구위원 6162 wonseo

박기흥 연구원 4130 kiheung.park

디스플레이 유종우 연구위원 6178 jay_woo

정희석 연구원 6277 heuiseok.j

전기전자 이승혁 연구위원 4589 kevin.lee

황인혁 연구원 6245 inhyuk.hwang

통신장비/부품 양정훈 수석연구원 6174 mattew.yang

반도체장비/전자부품 정영우 수석연구원 6186 youngwoo.chung

홍보화 연구원 5644 bohwa.hong

통신서비스 통신서비스 양종인 전문위원 6153 jiyang

이동연 연구원 6276 dongyeon

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 연구원 5231 eunjung.jin

이채원 연구원 5150 chaewon.lee

투자전략/시황 노근환 전문위원 6226 khnoh

박소연 연구위원 4176 sypark

박중제 수석연구원 6560 jj.park

김철중 수석연구원 6247 cjkim

이다슬 연구원 6246 ds.lee

이수정 연구원 6252 sujeong.lee

계량분석 안 혁 수석연구원 6272 ray.ahn

허영주 연구원 6238 youngjoo.huh

김경주 연구원 6179 kj.kim

정인곤 연구원 6166 inkon.jung

센터장

314


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

315


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

316

earnings guide 2012. 11. 26 -...

Documents