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Earnings Guide 2013. 3. 25

통신장비 및 반도체 업종의 예상 순이익 상향

2013년 예상 순이익 전월 대비 0.6% 하향 당사 유니버스 종목의 2013년 예상 순이익은 전월 대비 0.6% 낮아졌다. 3월에는 삼성전자의 예상 순이익이 3.8% 상향되었는데, 이 효과를 제거하면 당사 유니버스 종목의 2013년 예상 순이익은 전월 대비 2.2% 낮아진다. 실적시즌이었던 1월과 2월에 예상 순이익이 하향되던 것에 비하면 하향세가 다소 완화되기는 했지만, 통상적으로 실적시즌에 추정치 하향이 큰 것을 감안할 때, 여전히 예상 이익 하향세가 지속되고 있다고 판단한다. EPS 수정비율(상향 종목수/전체 변경 종목수)은 55.2%로 작년 6월 이후 처음으로 50%를 상회하였다. 통신장비/부품 및 반도체/반도체장비 업종의 예상 순이익 상향 2013년 예상 순이익이 전월 대비 상향된 업종은 통신장비/부품, 반도체/반도체장비가 있고, 하향된 업종은 철강/비철금속, 조선이 있다. 통신장비/부품 업종(6.3%)은 LG전자의 휴대폰 부문 경쟁력 강화로 인해 LG전자 예상 순이익이 상향 조정되면서 업종 예상 순이익이 높아졌고, 반도체/반도체장비 업종(3.6%)은 삼성전자의 갤럭시S4 판매 호조에 대한 전망을 반영하여 예상 순이익이 상향되었다. 한편, 철강/비철금속 업종(-18.9%)은 현물 원재료 가격은 상승 및 귀금속 가격이 하락될 것으로 전망되어서 예상 순이익이 낮아졌고, 조선 업종(-12.2%)은 대우조선해양에 자회사 관련 충당금을 반영하여 추정치가 하향 조정되었다. 12개월 예상 PER는 9.2배, PBR은 1.02배 2013년 3월 21일 종가(KOSPI 1,950.8) 기준 12개월 예상 PER은 9.2배다. 12개월 예상 PBR은 1.02배, 2013년 예상 배당수익률은 1.3%이다.

유니버스 2013년 예상 순이익 추이

90

100

110

120

130

Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13

-6

-4

-2

0

2

4

6

2013F

전월비 증감률(우)

(조원) (%)

자료: 한국투자증권

목차

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

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

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

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

V. Appendix.........................................................................273

1. 유니버스 업종분류

2. 경제전망

3. 주요 증시 이벤트

4. 유무상 증자 일정

5. 이해관계 법인 현황

6. 업종별 담당 애널리스트

7. 용어 해설

안혁 3276-6272 [email protected] 정인곤 3276-6166 [email protected]

계량분석 / 월보

Earnings Guide

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Appendix .........................................................................273

유니버스 업종분류 ..........................................................................274

경제 전망 ......................................................................... 275

주요 증시 이벤트 .........................................................................277

유무상 증자일정 .........................................................................278

이해관계 법인 현황 ....................................................................279

업종별 담당 애널리스트 ..................................................................280

용어 해설 ................................................................................281

업종순

012750 에스원...............................................120 001300 제일모직...............................................228

001120 LG상사...............................................68 001800 오리온...............................................173 034220 LG디스플레이...............................................229

001740 SK네트웍스...............................................69 004370 농심...............................................174 036490 OCI머티리얼즈...............................................230

047050 대우인터내셔널...............................................70 000120 CJ대한통운...............................................121 004990 롯데제과...............................................175 036830 솔브레인...............................................231

002320 한진...............................................122 005180 빙그레...............................................176 056190 에스에프에이...............................................232

003490 대한항공...............................................123 033780 KT&G...............................................177 077360 덕산하이메탈...............................................233

010950 S-Oil...............................................71 020560 아시아나항공...............................................124 097950 CJ제일제당...............................................178 108320 실리콘웍스...............................................234

078930 GS...............................................72 086280 현대글로비스...............................................125 141000 비아트론...............................................235

096770 SK이노베이션...............................................73 117930 한진해운...............................................126

044820 코스맥스...............................................179

051900 LG생활건강...............................................180 006400 삼성SDI...............................................236

090430 아모레퍼시픽...............................................181 009150 삼성전기...............................................237

004000 삼성정밀화학...............................................74 000270 기아차...............................................127 115390 락앤락...............................................182 011070 LG이노텍...............................................238

004430 송원산업...............................................75 002350 넥센타이어...............................................128 161890 한국콜마...............................................183 012450 삼성테크윈...............................................239

008000 웅진케미칼...............................................76 005380 현대차...............................................129 038060 루멘스...............................................240

009830 한화케미칼...............................................77 005850 에스엘...............................................130 046890 서울반도체...............................................241

010060 OCI...............................................78 011210 현대위아...............................................131 065680 우주일렉트로...............................................242

011170 롯데케미칼...............................................79 012330 현대모비스...............................................132 000100 유한양행...............................................184

011780 금호석유...............................................80 013570 동양기전...............................................133 000640 동아제약...............................................185

011790 SKC...............................................81 018880 한라공조...............................................134 006280 녹십자...............................................186 000660 SK하이닉스...............................................243

051910 LG화학...............................................82 060980 만도...............................................135 068870 LG생명과학...............................................187 005930 삼성전자...............................................244

069260 휴켐스...............................................83 064960 S&T모티브...............................................136 069620 대웅제약...............................................188 030530 원익IPS...............................................245

103130 웅진에너지...............................................84 161390 한국타이어...............................................137 128940 한미약품...............................................189 033170 시그네틱스...............................................246

033640 네패스...............................................247

039030 이오테크닉스...............................................248

001230 동국제강...............................................85 009970 영원무역홀딩스...............................................138 064760 티씨케이...............................................249

004020 현대제철...............................................86 020000 한섬...............................................139 004940 외환은행...............................................190 084370 유진테크...............................................250

005490 POSCO...............................................87 031430 신세계인터내셔날...............................................140 024110 기업은행...............................................191 104830 원익머트리얼즈...............................................251

009520 포스코엠텍...............................................88 081660 휠라코리아...............................................141 053000 우리금융...............................................192

010130 고려아연...............................................89 084870 베이직하우스...............................................142 055550 신한지주...............................................193

010520 현대하이스코...............................................90 093050 LG패션...............................................143 086790 하나금융지주...............................................194

103140 풍산...............................................91 111770 영원무역...............................................144 105560 KB금융...............................................195 017670 SK텔레콤...............................................252

138930 BS금융지주...............................................196 030200 KT...............................................253

139130 DGB금융지주...............................................197 032640 LG유플러스...............................................254

004150 한솔제지...............................................92 008770 호텔신라...............................................145 033630 SK브로드밴드...............................................255

035250 강원랜드...............................................146

079160 CJ CGV...............................................147 003450 현대증권...............................................198

114090 GKL...............................................148 003540 대신증권...............................................199

000210 대림산업...............................................93 121440 골프존...............................................149 005940 우리투자증권...............................................200 004690 삼천리...............................................256

000720 현대건설...............................................94 006800 대우증권...............................................201 015760 한국전력...............................................257

000830 삼성물산...............................................95 016360 삼성증권...............................................202 036460 한국가스공사...............................................258

002380 KCC...............................................96 019680 대교...............................................150 039490 키움증권...............................................203 051600 한전KPS...............................................259

006360 GS건설...............................................97 072870 메가스터디...............................................151 071320 지역난방공사...............................................260

012630 현대산업...............................................98

028050 삼성엔지니어링...............................................99 000060 메리츠화재...............................................204

047040 대우건설...............................................100 021240 코웨이...............................................152 000810 삼성화재...............................................205

108670 LG하우시스...............................................101 001450 현대해상...............................................206 008490 서흥캅셀...............................................261

002550 LIG손해보험...............................................207 023590 다우기술...............................................262

016170 로엔...............................................153 003690 코리안리...............................................208 033920 무학...............................................263

006260 LS...............................................102 030000 제일기획...............................................154 005830 동부화재...............................................209 039130 하나투어...............................................264

010120 LS산전...............................................103 034120 SBS...............................................155 032830 삼성생명...............................................210 048260 오스템임플란트...............................................265

037560 CJ헬로비전...............................................156 088350 한화생명...............................................211 054950 제이브이엠...............................................266

040300 YTN...............................................157 065510 휴비츠...............................................267

000150 두산...............................................104 041510 에스엠...............................................158 068400 AJ렌터카...............................................268

000880 한화...............................................105 046140 SBS콘텐츠허브...............................................159 069330 유아이디...............................................269

001040 CJ...............................................106 053210 스카이라이프...............................................160 035420 NHN...............................................212 080160 모두투어...............................................270

003550 LG...............................................107 122870 와이지엔터테인먼트...............................................161 035720 다음...............................................213 122990 와이솔...............................................271

003600 SK...............................................108 126560 현대에이치씨엔...............................................162 036570 엔씨소프트...............................................214

130960 CJ E&M...............................................163 095660 네오위즈게임즈...............................................215

009540 현대중공업...............................................109

010140 삼성중공업...............................................110 004170 신세계...............................................164 004130 대덕GDS...............................................216

010620 현대미포조선...............................................111 007070 GS리테일...............................................165 008060 대덕전자...............................................217

042660 대우조선해양...............................................112 023530 롯데쇼핑...............................................166 020760 일진디스플...............................................218

097230 한진중공업...............................................113 028150 GS홈쇼핑...............................................167 036710 심텍...............................................219

035760 CJ오쇼핑...............................................168 051370 인터플렉스...............................................220

057050 현대홈쇼핑...............................................169 052710 아모텍...............................................221

013030 하이록코리아...............................................114 069960 현대백화점...............................................170 053450 세코닉스...............................................222

014620 성광벤드...............................................115 071840 롯데하이마트...............................................171 066570 LG전자...............................................223

023160 태광...............................................116 139480 이마트...............................................172 088390 이녹스...............................................224

034020 두산중공업...............................................117 091700 파트론...............................................225

036890 진성티이씨...............................................118 096640 멜파스...............................................226

042670 두산인프라코어...............................................119 097780 에스맥...............................................227

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유틸리티

가나다순

035250 강원랜드..........................................................................146 055550 신한지주..........................................................................193 069960 현대백화점..........................................................................170

010130 고려아연..........................................................................89 108320 실리콘웍스..........................................................................234 012630 현대산업..........................................................................98

121440 골프존..........................................................................149 036710 심텍..........................................................................219 126560 현대에이치씨엔..........................................................................162

011780 금호석유..........................................................................80 011210 현대위아..........................................................................131

000270 기아차..........................................................................127 004020 현대제철..........................................................................86

024110 기업은행..........................................................................191 090430 아모레퍼시픽..........................................................................181 009540 현대중공업..........................................................................109

095660 네오위즈게임즈..........................................................................215 052710 아모텍..........................................................................221 003450 현대증권..........................................................................198

033640 네패스..........................................................................247 020560 아시아나항공..........................................................................124 005380 현대차..........................................................................129

002350 넥센타이어..........................................................................128 097780 에스맥..........................................................................227 010520 현대하이스코..........................................................................90

006280 녹십자..........................................................................186 056190 에스에프에이..........................................................................232 001450 현대해상..........................................................................206

004370 농심..........................................................................174 005850 에스엘..........................................................................130 057050 현대홈쇼핑..........................................................................169

041510 에스엠..........................................................................158 008770 호텔신라..........................................................................145

012750 에스원..........................................................................120 081660 휠라코리아..........................................................................141

023590 다우기술..........................................................................262 036570 엔씨소프트..........................................................................214 065510 휴비츠..........................................................................267

035720 다음..........................................................................213 111770 영원무역..........................................................................144 069260 휴켐스..........................................................................83

019680 대교..........................................................................150 009970 영원무역홀딩스..........................................................................138 068400 AJ렌터카..........................................................................268

008060 대덕전자..........................................................................217 001800 오리온..........................................................................173

004130 대덕GDS..........................................................................216 048260 오스템임플란트..........................................................................265

000210 대림산업..........................................................................93 122990 와이솔..........................................................................271 138930 BS금융지주..........................................................................196

003540 대신증권..........................................................................199 122870 와이지엔터테인먼트..........................................................................161 001040 CJ..........................................................................106

047040 대우건설..........................................................................100 004940 외환은행..........................................................................190 079160 CJ CGV..........................................................................147

047050 대우인터내셔널..........................................................................70 053000 우리금융..........................................................................192 130960 CJ E&M..........................................................................163

042660 대우조선해양..........................................................................112 005940 우리투자증권..........................................................................200 000120 CJ대한통운..........................................................................121

006800 대우증권..........................................................................201 065680 우주일렉트로..........................................................................242 035760 CJ오쇼핑..........................................................................168

069620 대웅제약..........................................................................188 103130 웅진에너지..........................................................................84 097950 CJ제일제당..........................................................................178

003490 대한항공..........................................................................123 008000 웅진케미칼..........................................................................76 037560 CJ헬로비전..........................................................................156

077360 덕산하이메탈..........................................................................233 104830 원익머트리얼즈..........................................................................251 139130 DGB금융지주..........................................................................197

001230 동국제강..........................................................................85 030530 원익IPS..........................................................................245 114090 GKL..........................................................................148

005830 동부화재..........................................................................209 069330 유아이디..........................................................................269 078930 GS..........................................................................72

000640 동아제약..........................................................................185 084370 유진테크..........................................................................250 006360 GS건설..........................................................................97

013570 동양기전..........................................................................133 000100 유한양행..........................................................................184 007070 GS리테일..........................................................................165

000150 두산..........................................................................104 088390 이녹스..........................................................................224 028150 GS홈쇼핑..........................................................................167

042670 두산인프라코어..........................................................................119 139480 이마트..........................................................................172 105560 KB금융..........................................................................195

034020 두산중공업..........................................................................117 039030 이오테크닉스..........................................................................248 002380 KCC..........................................................................96

051370 인터플렉스..........................................................................220 030200 KT..........................................................................253

020760 일진디스플..........................................................................218 033780 KT&G..........................................................................177

115390 락앤락..........................................................................182 003550 LG..........................................................................107

016170 로엔..........................................................................153 034220 LG디스플레이..........................................................................229

023530 롯데쇼핑..........................................................................166 054950 제이브이엠..........................................................................266 001120 LG상사..........................................................................68

004990 롯데제과..........................................................................175 030000 제일기획..........................................................................154 068870 LG생명과학..........................................................................187

011170 롯데케미칼..........................................................................79 001300 제일모직..........................................................................228 051900 LG생활건강..........................................................................180

071840 롯데하이마트..........................................................................171 071320 지역난방공사..........................................................................260 032640 LG유플러스..........................................................................254

038060 루멘스..........................................................................240 036890 진성티이씨..........................................................................118 011070 LG이노텍..........................................................................238

060980 만도..........................................................................135 003690 코리안리..........................................................................208 066570 LG전자..........................................................................223

072870 메가스터디..........................................................................151 044820 코스맥스..........................................................................179 093050 LG패션..........................................................................143

000060 메리츠화재..........................................................................204 021240 코웨이..........................................................................152 108670 LG하우시스..........................................................................101

096640 멜파스..........................................................................226 039490 키움증권..........................................................................203 051910 LG화학..........................................................................82

080160 모두투어..........................................................................270 023160 태광..........................................................................116 002550 LIG손해보험..........................................................................207

033920 무학..........................................................................263 064760 티씨케이..........................................................................249 006260 LS..........................................................................102

084870 베이직하우스..........................................................................142 091700 파트론..........................................................................225 010120 LS산전..........................................................................103

141000 비아트론..........................................................................235 009520 포스코엠텍..........................................................................88 035420 NHN..........................................................................212

005180 빙그레..........................................................................176 103140 풍산..........................................................................91 010060 OCI..........................................................................78

036490 OCI머티리얼즈..........................................................................230

005490 POSCO..........................................................................87

000830 삼성물산..........................................................................95 086790 하나금융지주..........................................................................194 064960 S&T모티브..........................................................................136

032830 삼성생명..........................................................................210 039130 하나투어..........................................................................264 034120 SBS..........................................................................155

028050 삼성엔지니어링..........................................................................99 013030 하이록코리아..........................................................................114 046140 SBS콘텐츠허브..........................................................................159

009150 삼성전기..........................................................................237 036460 한국가스공사..........................................................................258 003600 SK..........................................................................108

005930 삼성전자..........................................................................244 015760 한국전력..........................................................................257 001740 SK네트웍스..........................................................................69

004000 삼성정밀화학..........................................................................74 161890 한국콜마..........................................................................183 033630 SK브로드밴드..........................................................................255

010140 삼성중공업..........................................................................110 161390 한국타이어..........................................................................137 096770 SK이노베이션..........................................................................73

016360 삼성증권..........................................................................202 018880 한라공조..........................................................................134 017670 SK텔레콤..........................................................................252

012450 삼성테크윈..........................................................................239 128940 한미약품..........................................................................189 000660 SK하이닉스..........................................................................243

000810 삼성화재..........................................................................205 020000 한섬..........................................................................139 011790 SKC..........................................................................81

006400 삼성SDI..........................................................................236 004150 한솔제지..........................................................................92 010950 S-Oil..........................................................................71

004690 삼천리..........................................................................256 051600 한전KPS..........................................................................259 040300 YTN..........................................................................157

046890 서울반도체..........................................................................241 002320 한진..........................................................................122

008490 서흥캅셀..........................................................................261 097230 한진중공업..........................................................................113

014620 성광벤드..........................................................................115 117930 한진해운..........................................................................126

053450 세코닉스..........................................................................222 000880 한화..........................................................................105

036830 솔브레인..........................................................................231 088350 한화생명..........................................................................211

004430 송원산업..........................................................................75 009830 한화케미칼..........................................................................77

053210 스카이라이프..........................................................................160 000720 현대건설..........................................................................94

033170 시그네틱스..........................................................................246 086280 현대글로비스..........................................................................125

004170 신세계..........................................................................164 012330 현대모비스..........................................................................132

031430 신세계인터내셔날..........................................................................140 010620 현대미포조선..........................................................................111

가-나

다

라-바

A-Z

사

아

자-파

하

유니버스 개관

Contents

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

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

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

Earnings Guide April 2013

유니버스 개관0 5 10 15 20 25 30 35 40

주주 이익 관련 지표

연간추정 순이익 자본총계 EPS BPS DPS PER PBR ROE DY

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

Universe 2011/12A 84,383 (6.1) 771,305 12.4 5,887 54,978 970 11.1 1.2 10.9 1.5

Universe 2012/12A 84,345 0.0 852,724 10.6 5,797 60,446 817 12.4 1.2 9.9 1.1

Universe 2013/12F 106,342 26.1 947,701 11.1 7,309 66,867 894 9.6 1.0 11.2 1.3

Universe 2014/12F 124,680 17.2 1,060,292 11.9 8,566 74,603 943 8.2 0.9 11.8 1.3

에너지 2011/12A 5,776 75.9 32,371 19.7 11,272 63,410 2,005 6.4 1.1 17.8 2.8

에너지 2012/12F 3,475 (39.8) 35,245 8.9 6,703 67,606 1,608 12.5 1.2 9.9 1.9

에너지 2013/12F 4,056 16.7 38,503 9.2 7,749 73,829 1,971 9.8 1.0 10.5 2.6

에너지 2014/12F 5,066 24.9 42,771 11.1 9,677 81,981 1,971 7.8 0.9 11.8 2.6

소재 2011/12A 10,387 (5.2) 84,683 13.3 11,921 99,566 2,308 9.9 1.2 12.3 1.9

소재 2012/12A 6,552 (36.9) 89,007 5.1 7,807 108,795 1,735 14.9 1.1 7.4 1.5

소재 2013/12F 7,527 14.9 94,963 6.7 8,942 115,870 1,785 11.6 0.9 7.9 1.7

소재 2014/12F 9,302 23.6 102,511 7.9 11,051 124,837 1,809 9.4 0.8 9.1 1.7

산업재 2011/12A 11,076 (30.9) 118,488 5.1 4,296 47,324 653 12.2 1.1 9.3 1.2

산업재 2012/12A 8,534 (23.0) 130,326 10.0 3,260 51,707 652 16.2 1.0 6.5 1.2

산업재 2013/12F 10,296 20.7 140,398 7.7 3,901 55,094 684 12.6 0.9 7.3 1.4

산업재 2014/12F 13,109 27.3 152,752 8.8 4,967 59,775 706 9.9 0.8 8.6 1.4

경기소비재 2011/12A 22,375 41.3 109,880 24.8 17,742 88,115 1,325 7.9 1.6 20.4 0.9

경기소비재 2012/12A 22,180 (0.9) 133,460 21.5 16,702 101,424 1,305 8.3 1.4 16.6 0.9

경기소비재 2013/12F 24,709 11.4 154,769 16.0 18,446 117,120 1,520 7.6 1.2 16.0 1.0

경기소비재 2014/12F 27,483 11.2 179,768 16.2 20,517 135,781 1,514 6.8 1.0 15.3 1.0

필수소비재 2011/12A 2,095 (24.1) 16,555 8.9 10,172 83,691 3,050 19.2 2.3 12.7 1.6

필수소비재 2012/12A 2,005 (4.3) 17,716 7.0 9,621 88,473 953 24.0 2.6 11.3 0.4

필수소비재 2013/12F 2,600 29.6 19,963 12.7 12,471 99,250 973 17.3 2.2 13.0 0.4

필수소비재 2014/12F 3,075 18.3 22,617 13.3 14,749 111,982 992 14.6 1.9 13.6 0.4

의료 2011/12A 248 (25.3) 3,346 4.5 4,196 58,501 807 21.3 1.5 7.4 0.9

의료 2012/12A 254 2.4 3,560 6.4 4,211 61,499 800 26.8 1.8 7.1 0.7

의료 2013/12F 373 46.7 3,861 8.5 6,168 66,476 798 21.1 2.0 9.7 0.6

의료 2014/12F 475 27.2 4,250 10.1 7,848 72,900 798 16.6 1.8 11.2 0.6

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 14,251 (16.3) 174,215 8.7 2,611 32,093 495 9.0 0.7 8.2 2.0

금융 2013/12F 13,257 (7.0) 186,791 7.2 2,430 34,398 514 9.6 0.7 7.1 2.1

금융 2014/12F 14,370 8.4 200,222 7.2 2,634 36,860 578 8.9 0.6 7.2 2.4

IT 2011/12A 14,469 (39.4) 151,720 9.2 8,994 98,788 828 17.7 1.6 9.5 0.5

IT 2012/12A 27,142 87.6 177,206 16.8 15,796 107,557 1,024 12.4 1.8 15.3 0.5

IT 2013/12F 37,351 37.6 211,848 19.5 21,577 127,557 1,165 8.9 1.5 17.6 0.6

IT 2014/12F 43,825 17.3 252,476 19.2 25,317 151,027 1,309 7.6 1.3 17.4 0.7

통신서비스 2011/12A 3,130 (13.4) 28,317 2.9 2,898 29,985 1,258 8.2 0.8 11.1 5.3

통신서비스 2012/12A 2,172 (30.6) 29,021 2.5 2,061 33,028 1,216 12.1 0.8 7.5 4.9

통신서비스 2013/12F 3,294 51.7 30,901 6.5 3,288 34,905 1,388 8.8 0.8 10.7 4.8

통신서비스 2014/12F 3,940 19.6 33,377 8.0 3,933 37,376 1,432 7.3 0.8 11.8 5.0

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

유틸리티 2012/12A -2,448 NA 61,082 (4.7) -3,322 84,128 184 (12.0) 0.5 (4.0) 0.5

유틸리티 2013/12F 2,552 NA 63,477 3.9 3,464 87,380 184 11.1 0.4 4.0 0.5

유틸리티 2014/12F 3,560 39.5 66,884 5.4 4,833 92,004 184 8.0 0.4 5.3 0.5

스몰캡 2011/12A 200 9.1 1,497 16.1 13,783 107,716 2,222 11.8 1.5 13.3 1.4

스몰캡 2012/12A 266 33.1 1,886 26.0 15,148 109,694 2,253 15.2 2.1 14.1 1.1

스몰캡 2013/12F 373 40.5 2,227 18.1 20,900 128,803 2,427 12.2 2.0 16.8 1.0

스몰캡 2014/12F 475 27.2 2,664 19.6 26,588 153,306 2,461 9.6 1.7 17.8 1.0

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)

8


연결 종목수 : 119

연간추정 매출액 영업이익 세전이익 지배주주지분이익 EBITDA EPS BPS DPS

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

2010/12A 1,207,405.7 4.1 107,182.5 38.3 109,213.2 58.0 84,989.5 69.3 151,980.3 7,411 57,754 1,119

2011/12A 1,397,072.9 15.7 106,894.7 (0.3) 108,622.4 (0.5) 77,575.1 (8.7) 150,691.9 6,446 60,797 1,009

2012/12A 1,529,410.4 9.5 108,512.1 1.5 106,819.6 (1.7) 77,668.1 0.1 163,593.0 6,378 66,377 846

2013/12F 1,619,602.3 5.9 134,133.9 23.6 135,358.3 26.7 98,127.7 26.3 193,377.2 8,059 73,505 916

2014/12F 1,736,942.9 7.2 155,529.0 16.0 158,093.7 16.8 115,285.3 17.5 220,439.0 9,468 82,131 975

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

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

2010/12A 2,667,736.5 1,984,685.5 634,209.7 224,482.7 53.6 (89,172.9) 8.9 7.2 11.0 1.39 13.1 1.3

2011/12A 3,006,044.1 2,237,559.8 707,666.8 258,668.7 54.0 (99,050.8) 7.7 7.1 10.9 1.15 10.9 1.4

2012/12A 3,335,944.4 2,489,103.1 782,598.9 280,605.7 52.0 (107,735.5) 7.1 7.3 12.1 1.17 9.9 1.1

2013/12F 3,500,995.9 2,559,233.2 871,031.0 240,392.4 46.1 (101,782.4) 8.3 5.9 9.3 1.02 11.3 1.2

2014/12F 3,693,456.8 2,639,155.8 976,064.3 196,372.1 40.9 (103,375.2) 9.0 5.0 8.0 0.92 11.8 1.3

분기추정 매출액 영업이익 세전이익 순이익

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

2012/03A 369,134.5 13.1 0.3 28,803.0 (2.8) 42.2 31,750.7 (1.8) 57.3 22,760.4 (0.8) 84.9

2012/06A 375,507.3 9.6 1.7 23,266.9 (19.9) (19.2) 21,730.0 (31.3) (31.6) 15,662.4 (40.0) (31.2)

2012/09A 377,479.3 10.7 0.5 30,350.9 15.8 30.4 31,977.8 37.0 47.2 23,355.0 52.8 49.1

2012/12A 397,585.6 8.1 5.3 24,672.2 21.8 (18.7) 20,455.1 1.4 (36.0) 15,323.4 24.5 (34.4)

2013/03F 393,897.9 6.7 (0.9) 31,774.1 10.3 28.8 32,422.1 2.1 58.5 23,023.1 1.2 50.2

2013/06F 400,023.2 6.5 1.6 31,681.1 36.2 (0.3) 32,230.8 48.3 (0.6) 23,579.4 50.5 2.4

2013/09F 401,813.2 6.4 0.4 35,214.4 16.0 11.2 35,408.6 10.7 9.9 25,902.9 10.9 9.9

2013/12F 424,668.6 6.8 5.7 35,193.5 42.6 (0.1) 35,219.7 72.2 (0.5) 25,553.1 66.8 (1.4)

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 : 85

연간추정 매출액 영업이익 세전이익 순이익 EBITDA EPS BPS DPS


2010/12A 100,179.3 11.4 6,995.4 13.4 8,083.2 11.5 6,282.7 12.1 5,094.9 3,008 26,024 776

2011/12A 114,251.4 14.0 8,019.2 14.6 8,939.0 10.6 6,807.9 8.4 5,598.7 3,094 27,679 765

2012/12A 129,729.6 13.5 7,760.8 (3.2) 8,573.6 (4.1) 6,715.7 (1.4) 6,111.0 2,824 30,149 671

2013/12F 145,286.9 12.0 9,213.2 18.7 10,440.4 21.8 8,259.9 23.0 7,441.9 3,471 32,897 781

2014/12F 156,887.7 8.0 10,438.8 13.3 11,862.4 13.6 9,394.9 13.7 8,722.9 3,949 36,074 784

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


2010/12A 255,846.8 203,772.8 52,176.9 (88.8) 12.2 (2,571.8) 6.9 10.0 15.3 1.74 11.7 1.7

2011/12A 306,758.4 243,496.9 63,638.7 700.8 12.6 (3,052.9) 7.0 9.3 13.8 1.43 10.6 1.8

2012/12A 348,447.9 278,758.2 70,125.4 1,082.3 13.5 (2,898.9) 6.0 9.7 14.8 1.38 9.6 1.6

2013/12F 379,240.4 303,354.3 76,670.1 54.1 12.5 (3,315.1) 6.3 8.1 12.3 1.30 10.8 1.8

2014/12F 412,847.3 329,787.3 84,227.9 (1,500.7) 11.6 (3,117.3) 6.7 6.7 10.8 1.18 11.2 1.8



2012/03A 29,188.6 16.1 2.1 1,963.0 8.5 18.2 2,274.1 2.2 21.9 1,796.9 7.2 42.2

2012/06A 30,319.3 13.6 3.9 2,102.0 (14.4) 7.1 2,315.9 (13.6) 1.8 1,845.8 (13.1) 2.7

2012/09A 31,575.6 11.6 4.1 1,879.5 5.7 (10.6) 2,148.0 12.2 (7.2) 1,756.7 12.5 (4.8)

2012/12A 35,153.5 22.9 11.3 1,780.0 7.1 (5.3) 1,800.6 (3.5) (16.2) 1,371.4 8.5 (21.9)

2013/03F 33,008.3 13.1 (6.1) 1,946.6 (0.8) 9.4 2,275.9 0.1 26.4 1,853.5 3.2 35.2

2013/06F 34,358.7 13.3 4.1 2,258.2 7.4 16.0 2,527.5 9.1 11.1 2,034.8 10.2 9.8

2013/09F 36,231.8 14.7 5.5 2,318.3 23.3 2.7 2,651.3 23.4 4.9 2,123.1 20.9 4.3

2013/12F 39,486.9 12.3 9.0 2,543.7 42.9 9.7 2,810.7 56.1 6.0 2,237.1 63.1 5.4

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

7,627 7,770 7,727 7,724 7,740 7,5657,388 7,533 7,573 7,562 7,607 7,578

0

2,000

4,000

6,000

8,000

10,000

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

-15

-10

-5

0

5

10

1512MF EPS (좌)

전월비 증감률 (우)

-100

-50

0

50

100

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

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

100순이익(좌)

증가율(YoY, 우)

(%)(조원)

0

5

10

15

20

25

30

35

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

-60

-40

-20

0

20

40

60

80순이익(좌)

증가율(YoY, 우)

(%)(조원)

11


업종별 EPS 추정치 변화율

주) 12개월 예상 EPS 변화율(1개월)

업종별 순이익 증가율

주) FY2013 순이익 증가율

-20 0 20 40 60

Universe

전자부품

조선

은행

자원개발

건설


보험

호텔·레저

자동차·자동차부품

유통

석유정제

섬유·의류


화학

음식료·담배

증권

디스플레이


미디어·광고


제약·바이오

통신서비스

기계

(%)

-10 -5 0 5 10

Universe

철강·비철금속운송조선건설

자원개발

음식료·담배유통

지주회사·복합기업통신서비스

보험

미디어·광고섬유·의류

은행

호텔·레저석유정제

기계디스플레이

제약·바이오화학증권

인터넷·소프트웨어자동차·자동차부품

전력·가스반도체·반도체장비

전자부품


(%)-16.3 %

65.6 %

11.3 %

23.4 %

-33.4 %

51.7 %

-0.4 %

-12.1 %

12


업종별 12개월 예상 PER

업종별 1개월 수익률

9.2

6.1

7.0

7.5

7.7

8.4

8.7

9.3

9.7

10.1

10.2

10.9

11.4

12.0

12.1

12.7

14.1

14.4

15.5

16.3

16.5

17.3

17.7

19.1

19.9

19.9

0 5 10 15 20 25

Universe



은행


통신서비스

석유정제

섬유·의류



전력·가스

유통

기계

자원개발

보험

화학

건설

음식료·담배

미디어·광고

호텔·레저

디스플레이


조선

운송

증권

제약·바이오

-3.6

-9.3

-8.7

-8.6

-8.1

-7.5

-7.2

-6.3

-5.1

-4.4

-3.7

-0.6

0.0

1.1

1.3

1.9

2.2

3.0

3.3

3.5

3.5

5.6

6.7

7.8

-10 -5 0 5 10

Universe


운송

화학

석유정제

조선

은행

증권


건설

보험

교육서비스

디스플레이

유통

전자부품


통신서비스

자원개발

섬유·의류


스몰캡

제약·바이오

호텔·레저

미디어·광고

(배)

(%)

13


PER & EPS 증가율

주) EPS 는 FY2012 ~ FY2014 평균 증가율, PER 은 FY2012 기준

PBR & ROE

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


유통 철강·비철금속

보험

증권

미디어·광고

석유정제


조선

음식료·담배

통신서비스

섬유·의류


생활용품

화학

제약·바이오상업서비스·기타

반도체·반도체장비Universe

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

0 5 10 15 20 25 30 35 40

화학


통신서비스철강·비철금속지주회사·복합기업

증권

제약·바이오

전자부품자동차·자동차부품

음식료·담배

은행

조선

섬유·의류

유통

운송

석유정제

상업서비스·기타

보험

반도체·반도체장비미디어·광고

디스플레이Universe

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0 5 10 15 20 25

PER(배)

PBR(배)

EPS 증가율(%)

ROE (%)

14


유니버스 12개월 예상 PER

유니버스 12개월 예상 PBR

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

500

1,000

1,500

2,000

2,500

12개월 예상 PER(좌)

KOSPI(우)

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

500

1,000

1,500

2,000

2,500

12개월 예상 PBR(좌)

KOSPI(우)

(배)

(배)

(P)

(P

15


22 19.0 4 7 8.00 9

종목 스크리닝

EPS 증가율 상위 20 종목

9

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

FY2013 PER(배) PBR(배) ROE(%)

1 088390 이녹스 128.1 매수 8.7 2.27 30.4

2 011780 금호석유 125.8 중립 11.0 1.97 16.1

3 033640 네패스 105.4 매수 8.4 1.85 24.6

4 141000 비아트론 104.7 매수 8.5 2.47 33.5

5 034120 SBS 103.8 미제시 14.0 1.38 10.2

6 103140 풍산 103.8 매수 7.4 0.75 10.7

7 084870 베이직하우스 103.2 매수 12.4 1.59 13.7

8 021240 코웨이 94.9 매수 14.5 3.37 27.4

9 071840 롯데하이마트 89.4 매수 11.3 1.06 9.8

10 019680 대교 88.5 매수 11.0 0.97 8.7

11 011170 롯데케미칼 88.4 매수 11.2 1.10 10.0

12 011790 SKC 84.7 매수 9.9 0.96 10.0

13 052710 아모텍 81.7 매수 7.9 1.20 15.9

14 023160 태광 77.8 매수 9.9 1.35 14.2

15 108670 LG하우시스 77.0 매수 16.4 1.13 7.0

16 034220 LG디스플레이 76.8 중립 26.8 1.06 4.0

17 048260 오스템임플란트 75.9 매수 18.0 4.40 30.0

18 009520 포스코엠텍 74.4 매수 19.9 2.29 12.1

19 053210 스카이라이프 73.3 매수 15.6 3.45 24.8

20 122870 와이지엔터테인먼트 72.1 매수 24.4 6.20 30.6

20.0 4 7 8.00 9

영업이익 증가율 상위 20 종목

8

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


1 000150 두산 142.6 매수 8.9 0.94 8.9

2 011170 롯데케미칼 114.0 매수 11.2 1.10 10.0

3 130960 CJE&M 111.4 매수 22.6 1.05 4.8

4 000100 유한양행 111.3 매수 14.6 1.49 10.7

5 141000 비아트론 105.9 매수 8.5 2.47 33.5

6 034120 SBS 94.7 미제시 14.0 1.38 10.2

7 009520 포스코엠텍 90.4 매수 19.9 2.29 12.1

8 009830 한화케미칼 87.4 중립 19.0 0.68 3.6

9 011780 금호석유 85.8 중립 11.0 1.97 16.1

10 122870 와이지엔터테인먼트 80.8 매수 24.4 6.20 30.6

11 053210 스카이라이프 79.6 매수 15.6 3.45 24.8

12 084870 베이직하우스 76.0 매수 12.4 1.59 13.7

13 088390 이녹스 75.3 매수 8.7 2.27 30.4

14 052710 아모텍 74.0 매수 7.9 1.20 15.9

15 053450 세코닉스 70.9 매수 8.4 1.70 25.0

16 012630 현대산업 70.6 중립 27.9 0.71 2.6

17 038060 루멘스 68.4 매수 12.6 2.05 20.7

18 068870 LG생명과학 67.8 중립 41.7 3.58 8.9

19 033640 네패스 67.5 매수 8.4 1.85 24.6

20 023160 태광 59.5 매수 9.9 1.35 14.2

16


22 9.0 4 7 8.00 19.0

ROE 상위 20 종목

7

순위 종목코드 종목명 ROE(%) 투자의견 투자지표(FY2013)

FY2013 PER(배) PBR(배) EPS증가율(%)

1 020760 일진디스플 39.7 매수 7.7 2.50 16.2

2 114090 GKL 38.0 매수 14.6 5.09 (3.9)

3 091700 파트론 37.6 매수 9.0 2.83 53.0

4 084370 유진테크 36.6 매수 7.6 2.39 17.8

5 041510 에스엠 35.9 매수 14.8 4.49 59.4

6 141000 비아트론 33.5 매수 8.5 2.47 104.7

7 122870 와이지엔터테인먼트 30.6 매수 24.4 6.20 72.1

8 088390 이녹스 30.4 매수 8.7 2.27 128.1

9 048260 오스템임플란트 30.0 매수 18.0 4.40 75.9

10 035420 NHN 29.7 매수 17.6 3.68 24.0

11 044820 코스맥스 28.1 매수 24.5 6.11 17.7

12 039130 하나투어 27.9 매수 19.1 4.32 23.2

13 069330 유아이디 27.7 매수 9.9 2.49 19.0

14 021240 코웨이 27.4 매수 14.5 3.37 94.9

15 028050 삼성엔지니어링 26.8 중립 9.5 2.21 (1.8)

16 051900 LG생활건강 26.5 매수 26.3 6.37 23.3

17 053450 세코닉스 25.0 매수 8.4 1.70 26.8

18 053210 스카이라이프 24.8 매수 15.6 3.45 73.3

19 080160 모두투어 24.6 매수 13.0 2.83 42.6

20 086280 현대글로비스 24.6 매수 14.1 3.13 20.3

10.0 4 7 8.00 9.0

배당 수익률 상위 20 종목

6

순위 종목코드 종목명 DY(%) 투자의견 투자지표(FY2013)


1 003540 대신증권 7.8 매수 13.1 0.43 3.3

2 030200 KT 5.6 매수 7.7 0.68 9.0

3 017670 SK텔레콤 5.2 매수 7.3 0.95 13.8

4 021240 코웨이 5.0 매수 14.5 3.37 27.4

5 010950 S-Oil 4.9 매수 11.2 1.83 16.9

6 072870 메가스터디 4.9 중립 8.5 1.08 13.6

7 004150 한솔제지 4.4 매수 8.1 0.61 7.3

8 000060 메리츠화재 3.9 매수 6.2 0.98 18.2

9 002550 LIG손해보험 3.9 매수 5.7 0.80 15.9

10 001450 현대해상 3.8 매수 7.2 1.16 18.2

11 019680 대교 3.8 매수 11.0 0.97 8.7

12 114090 GKL 3.4 매수 14.6 5.09 38.0

13 088350 한화생명 3.3 중립 11.3 0.78 7.4

14 024110 기업은행 3.2 중립 6.3 0.52 8.6

15 005830 동부화재 3.1 중립 7.2 1.05 16.6

16 035250 강원랜드 3.0 매수 16.5 2.39 15.2

17 028050 삼성엔지니어링 3.0 중립 9.5 2.21 26.8

18 032640 LG유플러스 3.0 매수 9.7 0.92 9.8

19 069260 휴켐스 3.0 매수 12.9 1.91 15.2

20 004940 외환은행 2.9 중립 6.2 0.48 7.9

17


22 15 4 7 8.00 19.0

저 PER 20 종목

5

순위 종목코드 종목명 PER(배) 투자의견 투자지표(FY2013)

12개월 예상 PER(배) PBR(배) EPS증가율(%)

1 003600 SK 3.8 매수 3.9 0.54 47.5

2 000270 기아차 5.5 매수 5.7 1.05 1.6

3 002550 LIG손해보험 5.7 매수 5.7 0.80 3.8

4 004940 외환은행 6.1 중립 6.2 0.48 7.3

5 000060 메리츠화재 6.2 매수 6.2 0.98 45.2

6 024110 기업은행 6.3 중립 6.3 0.52 (6.2)

7 005380 현대차 6.3 매수 6.5 1.11 5.5

8 000880 한화 6.5 매수 6.8 0.48 10.4

9 009970 영원무역홀딩스 6.9 매수 7.0 1.59 38.7

10 005930 삼성전자 6.9 매수 7.1 1.63 32.5

11 003690 코리안리 6.9 매수 6.9 0.79 30.3

12 000210 대림산업 7.0 매수 7.2 0.65 20.2

13 071320 지역난방공사 7.0 중립 7.5 0.63 (4.6)

14 084370 유진테크 7.1 매수 7.6 2.39 17.8

15 017670 SK텔레콤 7.1 매수 7.3 0.95 48.6

16 012330 현대모비스 7.2 매수 7.3 1.39 9.1

17 139130 DGB금융지주 7.2 매수 7.4 0.79 5.9

18 005830 동부화재 7.2 중립 7.2 1.05 1.1

19 065680 우주일렉트로 7.2 매수 7.5 1.38 NA

20 001450 현대해상 7.2 매수 7.2 1.16 3.7

16 4 7 8.00 19.0

저 PBR 20 종목

4

순위 종목코드 종목명 PBR(배) 투자의견 투자지표(FY2013)

12개월 예상 PER(배) PBR(배) EPS증가율(%)

1 097230 한진중공업 0.24 중립 NA 0.24 NA

2 015760 한국전력 0.36 매수 10.8 0.36 NA

3 002320 한진 0.37 중립 90.5 0.37 NA

4 003540 대신증권 0.43 매수 13.1 0.43 31.9

5 053000 우리금융 0.47 중립 7.6 0.47 (25.2)

6 000880 한화 0.47 매수 6.8 0.48 10.4

7 004940 외환은행 0.47 중립 6.2 0.48 7.3

8 105560 KB금융 0.51 매수 8.2 0.52 (2.7)

9 024110 기업은행 0.51 중립 6.3 0.52 (6.2)

10 086790 하나금융지주 0.52 매수 7.6 0.53 (36.9)

11 003600 SK 0.53 매수 3.9 0.54 47.5

12 003450 현대증권 0.58 중립 19.2 0.58 NA

13 004150 한솔제지 0.61 매수 8.1 0.61 NA

14 071320 지역난방공사 0.62 중립 7.5 0.63 (4.6)

15 036460 한국가스공사 0.63 매수 10.7 0.64 30.6

16 000210 대림산업 0.64 매수 7.2 0.65 20.2

17 005490 POSCO 0.64 매수 10.6 0.65 (6.2)

18 004020 현대제철 0.64 매수 8.8 0.66 (1.1)

19 055550 신한지주 0.67 매수 9.5 0.68 (13.7)

20 002380 KCC 0.67 매수 13.1 0.66 (49.8)

18


22 18.0 4 7 8.00 9.0

수익률 상위 20 종목

3

순위 종목코드 종목명 수익률(%) 투자의견 투자지표(FY2013)

1개월 PER(배) PBR(배) ROE(%)

1 079160 CJCGV 23.0 매수 15.9 2.37 15.9

2 041510 에스엠 21.7 매수 14.8 4.49 35.9

3 126560 현대에이치씨엔 20.5 중립 11.6 1.30 11.5

4 002320 한진 20.1 중립 90.5 0.37 0.4

5 114090 GKL 19.6 매수 14.6 5.09 38.0

6 122990 와이솔 17.0 매수 11.1 2.40 24.5

7 008770 호텔신라 16.6 매수 23.9 2.91 12.7

8 038060 루멘스 14.7 매수 12.6 2.05 20.7

9 020000 한섬 14.6 중립 9.1 0.91 9.6

10 161890 한국콜마 12.4 매수 20.8 3.64 18.8

11 009520 포스코엠텍 12.4 매수 19.9 2.29 12.1

12 071320 지역난방공사 12.0 중립 7.5 0.63 8.8

13 012450 삼성테크윈 12.0 중립 33.5 1.60 5.1

14 037560 CJ헬로비전 11.4 매수 10.8 1.28 13.0

15 108670 LG하우시스 11.3 매수 16.4 1.13 7.0

16 068400 AJ렌터카 11.1 매수 8.6 1.23 15.2

17 008490 서흥캅셀 11.0 매수 15.2 1.39 9.4

18 004150 한솔제지 10.7 매수 8.1 0.61 7.3

19 122870 와이지엔터테인먼트 10.6 매수 24.4 6.20 30.6

20 065510 휴비츠 10.5 매수 14.7 2.77 20.6

18.0 4 7 8.00 9.0

수익률 하위 20 종목

2

순위 종목코드 종목명 수익률(%) 투자의견 투자지표(FY2013)

1개월 PER(배) PBR(배) ROE(%)

1 011170 롯데케미칼 (18.0) 매수 11.2 1.10 10.0

2 028050 삼성엔지니어링 (15.1) 중립 9.5 2.21 26.8

3 088350 한화생명 (15.0) 중립 11.3 0.78 7.4

4 003540 대신증권 (12.5) 매수 13.1 0.43 3.3

5 042660 대우조선해양 (12.5) 매수 21.1 1.10 5.2

6 000120 CJ대한통운 (12.5) 매수 16.3 0.79 4.5

7 012750 에스원 (12.1) 매수 18.7 2.29 13.4

8 005490 POSCO (11.7) 매수 10.6 0.65 5.9

9 003450 현대증권 (11.0) 중립 19.2 0.58 3.1

10 086280 현대글로비스 (10.5) 매수 14.1 3.13 24.6

11 055550 신한지주 (10.3) 매수 9.5 0.68 7.3

12 005940 우리투자증권 (9.4) 매수 20.4 0.70 3.5

13 011780 금호석유 (9.4) 중립 11.0 1.97 16.1

14 096770 SK이노베이션 (9.3) 매수 8.6 0.85 10.3

15 051910 LG화학 (9.2) 매수 12.2 1.68 14.6

16 072870 메가스터디 (9.2) 중립 8.5 1.08 13.6

17 060980 만도 (9.2) 매수 10.3 1.23 12.6

18 097230 한진중공업 (8.2) 중립 NA 0.24 (1.8)

19 078930 GS (7.9) 매수 7.8 0.84 11.3

20 051370 인터플렉스 (7.8) 매수 11.1 1.60 15.5

19

투자의견 및 수익추정 변경

Contents

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

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

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

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

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


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)

AJ렌터카 2013/12F 1,250 8.6 1.2

(068400) 매수 15,000 10,800 2014/12F 1,944 5.6 1.0

아모텍 2013/12F 2,264 7.9 1.2

(052710) 매수 24,000 17,900 2014/12F 2,378 7.5 1.0

세코닉스 2013/12F 2,842 8.4 1.7

(053450) 매수 31,000 23,800 2014/12F 2,910 8.2 1.4

우주일렉트로 2013/12F 3,555 7.5 1.4

(065680) 매수 40,000 26,800 2014/12F 4,228 6.3 1.1

투자의견 변경 기업

2 25 24 21 10 33 27 11 13

34 29 12 14

종목명 목표주가 현재주가 결산 EPS PER PBR

(종목코드) 변경 후 변경 전 (원) (원) (원) (베) (배)

투자의견 상향

대교 2013/12F 628 11.0 1.0

(019680) 매수 중립 8,300 6,930 2014/12F 734 9.4 0.9

투자의견 하향

원익IPS 2013/12F 43 114.1 1.5

(030530) 중립 매수 - 4,960 2014/12F 527 9.4 1.3

이오테크닉스 2013/12F 2,284 15.1 1.8

(039030) 중립 매수 - 34,400 2014/12F 2,828 12.2 1.6

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

제일기획 2013/12F 1,224 20.1 2.9

(030000) 매수 30,000 26,500 13.2 24,650 2014/12F 1,627 15.1 2.5

한국콜마 2014/03F 1,567 20.8 3.6

(161890) 매수 41,000 33,000 24.2 32,650 2015/03F 2,113 15.5 3.0

NHN 2013/12F 15,393 17.6 3.7

(035420) 매수 370,000 330,000 12.1 271,000 2014/12F 18,771 14.4 3.0

LG유플러스 2013/12F 869 9.7 0.9

(032640) 매수 10,800 9,800 10.2 8,460 2014/12F 1,204 7.0 0.8

다우기술 2013/12F 2,029 8.8 1.5

(023590) 매수 24,200 22,000 10.0 17,950 2014/12F 2,334 7.7 1.3

영원무역홀딩스 2013/12F 10,364 7.0 1.6

(009970) 매수 86,000 77,000 11.7 72,700 2014/12F 11,441 6.4 1.3

베이직하우스 2013/12F 1,438 12.4 1.6

(084870) 매수 22,000 18,000 22.2 17,800 2014/12F 1,936 9.2 1.4

영원무역 2013/12F 3,245 12.4 2.3

(111770) 매수 42,000 37,000 13.5 40,300 2014/12F 3,809 10.6 1.9

LG전자 2013/12F 6,743 11.8 1.0

(066570) 매수 110,000 90,000 22.2 79,700 2014/12F 9,379 8.5 0.9

루멘스 2013/12F 778 12.6 2.1

(038060) 매수 12,000 10,000 20.0 9,820 2014/12F 949 10.3 1.8

네패스 2013/12F 2,057 8.4 1.8

(033640) 매수 24,000 17,000 41.2 17,200 2014/12F 2,330 7.4 1.5

유진테크 2013/12F 2,395 7.6 2.4

(084370) 매수 24,000 16,400 46.3 18,300 2014/12F 3,231 5.7 1.7

목표주가 하향

와이지엔터테인먼트 2013/12F 3,021 24.4 6.2

(122870) 매수 85,000 95,000 (10.5) 73,800 2014/12F 3,635 20.3 4.8

메리츠화재 2014/03F 2,061 6.2 1.0

(000060) 매수 15,400 17,800 (13.5) 12,700 2015/03F 2,137 5.9 0.9

현대해상 2014/03F 4,332 7.2 1.2

(001450) 매수 37,000 39,000 (5.1) 31,350 2015/03F 4,512 6.9 1.0

LIG손해보험 2014/03F 4,111 5.7 0.8

(002550) 매수 31,000 36,000 (13.9) 23,350 2015/03F 4,698 5.0 0.7

코리안리 2014/03F 1,655 6.9 0.8

(003690) 매수 14,000 19,000 (26.3) 11,450 2015/03F 1,743 6.6 0.7

고려아연 2013/12F 43,751 7.9 1.4

(010130) 매수 530,000 590,000 (10.2) 345,000 2014/12F 47,071 7.3 1.2

목표주가(원)

23


수익추정 변경 기업

2 25 21 10 33 27 26 11 13

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

종목명 투자의견 목표주가 현재주가 결산 PER PBR

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

수익추정 상향

한국전력 2013/12F 2,737 1,961 39.6 10.8 0.4

(015760) 매수 38,000 29,600 2014/12F 4,122 3,173 29.9 10.8 0.4

유진테크 2013/12F 2,395 1,989 20.4 7.6 2.4

(084370) 매수 24,000 18,300 2014/12F 3,231 2,524 28.0 7.6 2.4

CJ 2013/12F 15,429 12,242 26.0 9.3 1.1

(001040) 중립 - 144,000 2014/12F 16,815 12,862 30.7 9.3 1.1

이오테크닉스 2013/12F 2,284 588 288.2 15.1 1.8

(039030) 중립 - 34,400 2014/12F 2,828 377 649.6 15.1 1.8

수익추정 하향

대우조선해양 2013/12F 1,292 2,483 (48.0) 21.1 1.1

(042660) 매수 38,000 27,250 2014/12F 3,335 3,481 (4.2) 21.1 1.1

POSCO 2013/12F 30,342 43,304 (29.9) 10.6 0.6

(005490) 매수 420,000 322,000 2014/12F 34,613 38,816 (10.8) 10.6 0.6

오리온 2013/12F 33,559 44,873 (25.2) 32.1 5.2

(001800) 매수 1,230,000 1,078,000 2014/12F 42,578 59,238 (28.1) 32.1 5.2

농심 2013/12F 16,708 22,127 (24.5) 17.0 1.1

(004370) 매수 330,000 284,000 2014/12F 21,206 26,525 (20.1) 17.0 1.1

현대산업 2013/12F (15) 1,645 NA NA 0.7

(012630) 중립 - 23,300 2014/12F (37) 2,032 NA NA 0.7

원익IPS 2013/12F 43 425 (89.8) 114.1 1.5

(030530) 중립 - 4,960 2014/12F 527 657 (19.8) 114.1 1.5

네오위즈게임즈 2013/12F 1,573 2,413 (34.8) 12.4 1.2

(095660) 중립 - 19,550 2014/12F 907 2,491 (63.6) 12.4 1.2

티씨케이 2013/12F 550 796 (30.9) 17.0 1.3

(064760) 중립 - 9,370 2014/12F 878 1,102 (20.3) 17.0 1.3

EPS(원)

24


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

업종별 1개월 추정치 변화율 27 28 16 17

종목수 : 200 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 1,017,555 1,054,905 (3.5) 84,157 106,034 86,378 106,633 (2.6) (0.6) 5,968 7,507 6,123 7,544 (2.5) (0.5)

KGICS1

에너지 39,569 42,074 (6.0) 3,475 4,056 3,475 4,056 0.0 0.0 6,704 7,825 6,704 7,825 0.0 0.0

소재 87,567 96,112 (8.9) 6,552 7,527 6,507 8,477 0.7 (11.2) 7,918 9,068 7,863 10,214 0.7 (11.2)

산업재 129,342 135,992 (4.9) 8,534 10,296 9,350 11,030 (8.7) (6.7) 3,289 3,935 3,604 4,216 (8.7) (6.7)

경기소비재 188,046 186,715 0.7 22,180 24,709 21,845 24,445 1.5 1.1 17,581 19,543 17,315 19,334 1.5 1.1

필수소비재 44,979 45,753 (1.7) 2,005 2,600 2,158 2,714 (7.1) (4.2) 9,832 12,745 10,582 13,304 (7.1) (4.2)

의료 7,865 7,450 5.6 254 373 254 373 0.0 0.0 4,318 6,334 4,318 6,334 0.0 0.0

금융 127,779 135,674 (5.8) 14,118 13,053 14,251 13,257 (0.9) (1.5) 2,710 2,505 2,735 2,544 (0.9) (1.5)

IT 331,153 343,647 (3.6) 27,106 37,274 27,221 36,028 (0.4) 3.5 16,097 22,150 16,148 21,367 (0.3) 3.7

통신서비스 28,893 28,268 2.2 2,172 3,294 2,172 3,408 (0.0) (3.4) 2,168 3,288 2,168 3,402 (0.0) (3.4)

유틸리티 28,426 29,404 (3.3) (2,448) 2,552 (1,084) 2,541 NA 0.4 (3,322) 3,464 (1,471) 3,449 NA 0.4

스몰캡 3,937 3,815 3.2 208 300 227 304 (8.5) (1.2) 14,880 20,900 15,958 21,098 (6.8) (0.9)

KGICS2

자원개발 에너지8,100 7,864 3.0 660 591 660 591 0.0 0.0 2,386 2,135 2,386 2,135 0.0 0.0

석유정제 에너지31,469 34,210 (8.0) 2,815 3,466 2,815 3,466 0.0 0.0 11,649 14,340 11,649 14,340 0.0 0.0

화학 소재40,685 44,542 (8.7) 2,333 3,067 2,326 2,989 0.3 2.6 5,577 7,289 5,559 7,103 0.3 2.6

철강·비철금속 소재46,385 51,121 (9.3) 4,199 4,403 4,162 5,432 0.9 (18.9) 11,487 12,042 11,384 14,857 0.9 (18.9)

제지 소재 497 449 10.7 20 57 20 57 0.0 0.0 459 1,310 459 1,310 0.0 0.0

건설 산업재38,093 39,836 (4.4) 2,629 2,639 2,854 2,814 (7.9) (6.2) 2,909 2,919 3,157 3,113 (7.9) (6.2)

전기부품·설비 산업재4,643 4,718 (1.6) 343 513 343 513 0.0 0.0 5,521 8,244 5,521 8,244 0.0 0.0

지주회사·복합기업 산업재28,702 28,861 (0.5) 2,798 3,986 3,063 4,187 (8.6) (4.8) 8,127 11,575 8,895 12,158 (8.6) (4.8)

조선 산업재31,977 34,588 (7.5) 2,082 1,628 2,238 1,854 (7.0) (12.2) 3,675 2,771 3,951 3,155 (7.0) (12.2)

기계 산업재8,689 9,013 (3.6) 437 723 440 725 (0.7) (0.3) 1,542 2,553 1,554 2,560 (0.7) (0.3)

상업서비스·기타 산업재2,337 2,660 (12.1) 102 111 102 111 0.0 0.0 26,897 29,294 26,897 29,294 0.0 0.0

운송 산업재14,901 16,318 (8.7) 142 696 309 827 (54.2) (15.8) 329 1,614 718 1,916 (54.2) (15.8)

자동차·자동차부품 경기소비재121,318 121,884 (0.5) 17,721 19,428 17,339 18,998 2.2 2.3 21,599 23,681 21,134 23,155 2.2 2.3

섬유·의류 경기소비재5,877 5,687 3.3 493 608 544 610 (9.4) (0.2) 8,761 10,738 9,666 10,764 (9.4) (0.2)

호텔·레저 경기소비재12,531 11,740 6.7 683 742 682 742 0.2 (0.0) 9,744 10,582 9,721 10,584 0.2 (0.0)

교육서비스 경기소비재1,118 1,124 (0.5) 79 112 100 104 (20.9) 6.8 8,686 12,261 10,983 11,476 (20.9) 6.8

소비자서비스 경기소비재3,656 3,849 (5.0) 125 245 125 245 0.0 0.0 16,183 31,723 16,183 31,723 0.0 0.0

미디어·광고 경기소비재10,727 9,953 7.8 466 657 483 664 (3.5) (0.9) 3,238 4,568 3,356 4,611 (3.5) (0.9)

유통 경기소비재32,820 32,478 1.1 2,613 2,916 2,572 3,082 1.6 (5.4) 16,973 18,648 16,707 19,710 1.6 (5.4)

음식료·담배 필수소비재26,640 26,851 (0.8) 1,323 1,777 1,480 1,894 (10.6) (6.2) 7,619 10,228 8,521 10,905 (10.6) (6.2)

생활용품 필수소비재18,338 18,902 (3.0) 682 823 678 820 0.6 0.4 22,530 27,191 22,403 27,073 0.6 0.4

제약·바이오 의료 7,865 7,450 5.6 254 373 254 373 0.0 0.0 4,318 6,334 4,318 6,334 0.0 0.0

은행 금융66,736 71,894 (7.2) 10,087 8,679 10,087 8,679 0.0 0.0 2,943 2,532 2,943 2,532 0.0 0.0

증권 금융14,284 15,231 (6.2) 528 719 528 719 0.0 0.0 625 851 625 851 0.0 0.0

보험 금융46,759 48,548 (3.7) 3,503 3,655 3,636 3,858 (3.7) (5.3) 3,739 3,901 3,882 4,119 (3.7) (5.3)

인터넷·소프트웨어 IT 18,018 17,406 3.5 783 982 864 970 (9.4) 1.3 74,263 93,120 81,942 91,943 (9.4) 1.3

통신장비·부품 IT 17,538 17,210 1.9 435 1,677 448 1,577 (2.8) 6.3 2,456 9,139 2,367 8,362 3.8 9.3

디스플레이 IT 19,122 19,115 0.0 790 1,099 790 1,099 0.0 0.0 1,886 2,625 1,886 2,625 0.0 0.0

전자부품 IT 20,649 20,347 1.5 1,934 1,259 1,940 1,256 (0.3) 0.2 9,506 6,329 9,534 6,180 (0.3) 2.4

반도체·반도체장비 IT 255,827 269,569 (5.1) 23,164 32,257 23,179 31,126 (0.1) 3.6 26,791 37,307 26,809 35,998 (0.1) 3.6

통신서비스 통신서비스28,893 28,268 2.2 2,172 3,294 2,172 3,408 (0.0) (3.4) 2,168 3,288 2,168 3,402 (0.0) (3.4)

전력·가스 유틸리티28,426 29,404 (3.3) (2,448) 2,552 (1,084) 2,541 NA 0.4 (3,322) 3,464 (1,471) 3,449 NA 0.4

스몰캡 스몰캡3,937 3,815 3.2 208 300 227 304 (8.5) (1.2) 14,880 20,900 15,958 21,098 (6.8) (0.9)

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

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

25

유니버스 업종 수익 추정

Contents

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

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

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

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


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

업종별 주요 지표(전체)

종목수 : 204 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 204 1,018,404 100.0 1,511,324 1,658,927 1,764,642 9.8 6.4 114,914 116,222 143,288 1.1 23.3

KGICS1

에너지 6 39,569 3.9 169,505 178,561 177,888 5.3 (0.4) 6,069 4,269 5,488 (29.7) 28.6

소재 19 87,567 8.6 144,770 139,728 140,452 (3.5) 0.5 14,489 8,612 9,715 (40.6) 12.8

산업재 34 129,342 12.7 388,231 421,350 444,373 8.5 5.5 23,034 18,518 23,081 (19.6) 24.6

경기소비재 46 188,046 18.5 234,253 262,295 285,176 12.0 8.7 22,386 23,337 26,252 4.2 12.5

필수소비재 11 44,979 4.4 23,951 29,191 32,664 21.9 11.9 2,978 3,233 3,904 8.6 20.8

의료 6 7,865 0.8 3,943 4,143 4,620 5.1 11.5 311 253 367 (18.5) 44.9

금융 22 127,779 12.5 127,492 142,085 147,738 11.4 4.0 22,747 17,765 15,989 (21.9) (10.0)

IT 40 331,763 32.6 290,706 334,237 373,081 15.0 11.6 18,291 35,890 47,887 96.2 33.4

통신서비스 4 28,893 2.8 48,680 53,488 56,989 9.9 6.5 4,388 3,182 4,262 (27.5) 33.9

유틸리티 5 28,426 2.8 78,146 92,047 99,523 17.8 8.1 27- 904 6,011 NA 564.7

스몰캡 11 4,176 0.4 1,645 1,804 2,138 9.7 18.5 248 259 332 4.7 27.8

KGICS2

자원개발 3 8,100 0.8 60,727 60,606 64,888 (0.2) 7.1 663 690 817 4.2 18.3

석유정제 3 31,469 3.1 108,778 117,955 112,999 8.4 (4.2) 5,406 3,579 4,672 (33.8) 30.5

화학 11 40,685 4.0 62,678 61,183 64,411 (2.4) 5.3 7,007 3,234 4,242 (53.9) 31.2

철강·비철금속 7 46,385 4.6 80,551 77,050 74,578 (4.3) (3.2) 7,390 5,271 5,353 (28.7) 1.6

제지 1 497 0.0 1,542 1,494 1,463 (3.1) (2.1) 92 108 121 17.1 12.2

건설 9 38,093 3.7 76,748 86,844 94,036 13.2 8.3 3,468 3,353 3,883 (3.3) 15.8

전기부품·설비 2 4,643 0.5 14,423 14,620 16,422 1.4 12.3 466 753 994 61.6 32.0

지주회사·복합기업 5 28,702 2.8 150,767 166,418 175,985 10.4 5.7 9,473 8,273 11,964 (12.7) 44.6

조선 5 31,977 3.1 88,522 90,729 92,190 2.5 1.6 7,243 3,863 3,118 (46.7) (19.3)

기계 6 8,689 0.9 17,818 18,978 19,021 6.5 0.2 1,395 1,167 1,233 (16.3) 5.7

상업서비스·기타 1 2,337 0.2 1,026 1,097 1,189 6.9 8.4 167 135 148 (19.5) 9.6

운송 6 14,901 1.5 38,928 42,663 45,531 9.6 6.7 822 974 1,741 18.6 78.7

자동차·자동차부품 11 121,318 11.9 171,412 189,117 202,343 10.3 7.0 15,857 17,114 18,875 7.9 10.3

섬유·의류 7 5,877 0.6 6,336 6,403 6,940 1.1 8.4 925 772 951 (16.5) 23.2

호텔·레저 5 12,531 1.2 4,302 4,929 5,511 14.6 11.8 846 827 955 (2.2) 15.5

교육서비스 2 1,118 0.1 1,082 998 1,049 (7.7) 5.1 136 95 120 (30.1) 26.0

소비자서비스 1 3,656 0.4 1,710 1,807 1,914 5.7 5.9 242 221 295 (8.9) 33.4

미디어·광고 11 10,727 1.1 5,654 7,084 8,348 25.3 17.8 611 645 871 5.5 35.1

유통 9 32,820 3.2 43,757 51,957 59,071 18.7 13.7 3,769 3,663 4,185 (2.8) 14.2

음식료·담배 6 26,640 2.6 16,921 21,257 23,600 25.6 11.0 2,099 2,293 2,788 9.2 21.6

생활용품 5 18,338 1.8 7,030 7,934 9,064 12.9 14.2 880 940 1,116 6.9 18.7

제약·바이오 6 7,865 0.8 3,943 4,143 4,620 5.1 11.5 311 253 367 (18.5) 44.9

은행 8 66,736 6.6 44,400 43,425 41,082 (2.2) (5.4) 18,263 13,801 11,661 (24.4) (15.5)

증권 6 14,284 1.4 16,047 16,997 18,256 5.9 7.4 1,159 672 897 (42.0) 33.5

보험 8 46,759 4.6 67,045 81,664 88,399 21.8 8.2 3,326 3,292 3,432 (1.0) 4.2

인터넷·소프트웨어 4 18,018 1.8 3,819 4,271 4,943 11.8 15.7 1,042 1,065 1,285 2.3 20.6

통신장비·부품 12 17,881 1.8 58,164 56,236 63,473 (3.3) 12.9 665 1,601 2,313 140.7 44.5

디스플레이 8 19,122 1.9 31,881 37,573 36,545 17.9 (2.7) (320) 1,652 1,554 NA (5.9)

전자부품 7 20,916 2.1 20,213 23,468 26,359 16.1 12.3 756 2,570 1,432 240.1 (44.3)

반도체·반도체장비 9 255,827 25.1 176,629 212,689 241,761 20.4 13.7 16,148 29,001 41,303 79.6 42.4

통신서비스 4 28,893 2.8 48,680 53,488 56,989 9.9 6.5 4,388 3,182 4,262 (27.5) 33.9

전력·가스 5 28,426 2.8 78,146 92,047 99,523 17.8 8.1 (27) 904 6,011 NA 564.7

스몰캡 11 4,176 0.4 1,645 1,804 2,138 9.7 18.5 248 259 332 4.7 27.8

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

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

28


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

5 6 7 8 9 10 11 12 13

순이익 자본총계 PER PBR ROE

(십억원) 증가율(%) (십억원) (배) (배) (%)

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

84,383 84,345 106,342 (0.0) 26.1 852,453 947,381 12.4 9.6 9.2 1.2 1.0 1.0 9.9 11.2 11.3

5,776 3,475 4,056 (39.8) 16.7 35,245 38,503 12.5 9.8 9.3 1.2 1.0 1.0 9.9 10.5 10.8

10,387 6,552 7,527 (36.9) 14.9 89,007 94,963 14.9 11.6 11.2 1.1 0.9 0.9 7.4 7.9 8.1

11,076 8,534 10,296 (23.0) 20.7 130,326 140,398 16.2 12.6 11.9 1.0 0.9 0.9 6.5 7.3 7.6

22,901 22,180 24,709 (3.1) 11.4 133,460 154,769 8.3 7.6 7.4 1.4 1.2 1.2 16.6 16.0 15.8

2,114 2,005 2,600 (5.1) 29.6 17,716 19,963 24.0 17.3 16.6 2.6 2.2 2.1 11.3 13.0 13.1

248 254 373 2.4 46.7 3,560 3,861 26.8 21.1 19.9 1.8 2.0 1.9 7.1 9.7 10.0

17,031 14,251 13,257 (16.3) (7.0) 174,215 186,791 9.0 9.6 9.5 0.7 0.7 0.7 8.2 7.1 7.1

14,495 27,142 37,351 87.2 37.6 177,206 211,848 12.4 8.9 8.6 1.8 1.5 1.4 15.3 17.6 17.6

3,130 2,172 3,294 (30.6) 51.7 29,021 30,901 12.1 8.8 8.4 0.8 0.8 0.8 7.5 10.7 10.9

(2,990) (2,448) 2,552 NA NA 61,082 63,477 (12.0) 11.1 10.2 0.5 0.4 0.4 (4.0) 4.0 4.3

214 227 328 6.3 44.3 1,614 1,907 15.2 12.2 11.8 2.1 2.0 1.9 14.1 16.8 16.8

642 660 591 2.8 (10.5) 7,245 7,867 12.9 13.7 12.0 1.2 1.0 1.0 9.1 7.5 8.3

5,134 2,815 3,466 (45.2) 23.1 28,001 30,636 12.4 9.1 8.7 1.2 1.0 1.0 10.1 11.3 11.5

4,937 2,333 3,067 (52.7) 31.5 29,661 32,029 19.7 13.3 12.7 1.5 1.3 1.3 7.9 9.6 9.9

5,456 4,199 4,403 (23.0) 4.8 58,580 62,138 12.3 10.5 10.1 0.8 0.7 0.7 7.2 7.1 7.2

(6) 20 57 NA 185.4 766 796 19.9 8.7 8.5 0.5 0.6 0.6 2.6 7.2 7.2

3,111 2,629 2,639 (15.5) 0.4 37,761 40,896 15.2 14.4 14.1 1.0 0.9 0.9 7.0 6.5 6.5

188 343 513 82.6 49.3 3,319 3,790 14.7 9.1 8.5 1.5 1.2 1.2 10.3 13.5 13.8

3,460 2,798 3,986 (19.1) 42.4 38,798 42,887 10.3 7.2 7.0 0.7 0.7 0.6 7.2 9.3 9.4

4,200 2,082 1,628 (50.4) (21.8) 32,207 33,284 17.1 19.6 17.7 1.0 0.9 0.9 6.5 4.9 5.3

661 437 723 (33.9) 65.6 7,814 8,434 21.3 12.0 11.4 1.2 1.0 1.0 5.6 8.6 8.8

126 102 111 (19.1) 8.9 797 864 26.0 21.0 20.3 2.8 2.3 2.2 12.8 12.9 13.0

(670) 142 696 NA 391.8 9,630 10,242 118.8 21.4 19.1 1.7 1.4 1.4 1.5 6.8 7.4

15,358 17,721 19,428 15.4 9.6 88,145 105,230 6.9 6.2 6.1 1.4 1.1 1.1 20.1 18.5 18.2

468 493 608 5.5 23.3 3,767 4,321 10.9 9.7 9.3 1.4 1.4 1.3 13.1 14.1 14.2

566 683 742 20.8 8.6 4,194 4,638 16.4 16.9 16.3 2.6 2.6 2.5 16.3 16.0 16.2

121 79 112 (34.6) 41.1 1,029 1,100 14.0 10.0 9.8 1.0 1.0 0.9 7.7 10.2 10.2

167 125 245 (25.3) 96.0 805 979 26.9 14.9 15.0 3.7 3.4 3.3 15.5 25.0 24.2

445 466 657 4.8 41.1 4,751 5,298 20.4 16.3 15.5 1.9 1.9 1.9 9.8 12.4 12.6

5,777 2,613 2,916 (54.8) 11.6 30,768 33,204 12.1 11.3 10.9 1.0 1.0 1.0 8.5 8.8 8.9

1,441 1,323 1,777 (8.2) 34.3 13,402 14,942 20.8 15.0 14.4 2.0 1.7 1.7 9.9 11.9 12.0

673 682 823 1.4 20.7 4,314 5,021 30.3 22.3 21.4 4.7 3.6 3.5 15.8 16.4 16.4

248 254 373 2.4 46.7 3,560 3,861 26.8 21.1 19.9 1.8 2.0 1.9 7.1 9.7 10.0

12,668 10,087 8,679 (20.4) (14.0) 111,949 120,685 6.6 7.7 7.5 0.6 0.6 0.5 9.0 7.2 7.2

877 528 719 (39.8) 36.2 16,715 17,289 27.1 19.9 19.9 0.8 0.8 0.8 3.2 4.2 4.2

3,486 3,636 3,858 4.3 6.1 45,550 48,817 12.9 12.1 12.1 1.0 1.0 1.0 8.0 7.9 7.9

752 783 982 4.1 25.4 3,766 4,567 20.4 18.3 17.3 3.4 3.2 3.1 20.8 21.5 21.6

(225) 462 1,719 NA 272.3 15,201 17,093 36.7 10.4 9.7 1.1 1.0 1.0 3.0 10.1 10.4

(273) 790 1,099 NA 39.1 15,423 16,262 24.3 17.4 16.5 1.2 1.2 1.2 5.1 6.8 7.0

803 1,944 1,294 142.0 (33.4) 14,916 16,214 10.9 16.2 14.8 1.4 1.3 1.2 13.0 8.0 8.5

13,438 23,164 32,257 72.4 39.3 127,901 157,713 11.4 7.9 7.7 1.9 1.5 1.5 18.1 20.5 20.2

3,130 2,172 3,294 (30.6) 51.7 29,021 30,901 12.1 8.8 8.4 0.8 0.8 0.8 7.5 10.7 10.9

(2,990) (2,448) 2,552 NA NA 61,082 63,477 NA 11.1 10.2 0.5 0.4 0.4 (4.0) 4.0 4.3

214 227 328 6.3 44.3 1,614 1,907 15.2 12.2 11.8 2.1 2.0 1.9 14.1 16.8 16.8

29


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

업종별 주요 지표(연결)

종목수 : 119




Universe 119 917,397 100.0 1,397,073 1,529,410 1,619,602 9.5 5.9 106,895 108,512 134,134 1.5 23.6

KGICS1

에너지 6 39,569 4.3 169,505 178,561 177,888 5.3 (0.4) 6,069 4,269 5,488 (29.7) 28.6

소재 14 84,290 9.2 139,564 134,296 134,437 (3.8) 0.1 14,072 8,190 9,230 (41.8) 12.7

산업재 30 120,964 13.2 380,026 411,173 432,769 8.2 5.3 22,603 17,932 22,347 (20.7) 24.6

경기소비재 26 166,448 18.1 220,497 247,277 268,744 12.1 8.7 20,693 21,689 24,237 4.8 11.7

필수소비재 8 41,359 4.5 20,757 25,858 28,938 24.6 11.9 2,797 3,040 3,637 8.7 19.6

의료 2 2,502 0.3 1,149 1,218 1,329 5.9 9.2 99 90 114 (9.5) 27.0

금융 9 87,136 9.5 59,390 64,728 62,305 9.0 (3.7) 18,819 14,420 12,339 (23.4) (14.4)

IT 16 320,598 34.9 283,237 325,086 361,304 14.8 11.1 17,556 34,995 46,689 99.3 33.4

통신서비스 4 28,893 3.1 48,680 53,488 56,989 9.9 6.5 4,388 3,182 4,262 (27.5) 33.9

유틸리티 3 25,471 2.8 74,160 87,603 94,737 18.1 8.1 -215 693 5,775 NA 732.9

스몰캡 1 166 0.0 107 123 162 14.9 31.8 12 11 16 (11.8) 47.3

KGICS2

자원개발 3 8,100 0.9 60,727 60,606 64,888 (0.2) 7.1 663 690 817 4.2 18.3

석유정제 3 31,469 3.4 108,778 117,955 112,999 8.4 (4.2) 5,406 3,579 4,672 (33.8) 30.5

화학 7 37,906 4.1 59,013 57,246 59,859 (3.0) 4.6 6,682 2,919 3,877 (56.3) 32.8

철강·비철금속 7 46,385 5.1 80,551 77,050 74,578 (4.3) (3.2) 7,390 5,271 5,353 (28.7) 1.6

제지 - - - - - - - - - - - - -

건설 9 38,093 4.2 76,748 86,844 94,036 13.2 8.3 3,468 3,353 3,883 (3.3) 15.8

전기부품·설비 2 4,643 0.5 14,423 14,620 16,422 1.4 12.3 466 753 994 61.6 32.0

지주회사·복합기업 5 28,702 3.1 150,767 166,418 175,985 10.4 5.7 9,473 8,273 11,964 (12.7) 44.6

조선 5 31,977 3.5 88,522 90,729 92,190 2.5 1.6 7,243 3,863 3,118 (46.7) (19.3)

기계 3 7,192 0.8 17,160 18,075 17,988 5.3 (0.5) 1,300 1,005 1,019 (22.7) 1.4

상업서비스·기타 1 2,337 0.3 1,026 1,097 1,189 6.9 8.4 167 135 148 (19.5) 9.6

운송 5 8,020 0.9 31,380 33,390 34,961 6.4 4.7 486 551 1,222 13.5 121.7

자동차·자동차부품 9 120,461 13.1 170,378 187,849 200,988 10.3 7.0 15,798 17,044 18,797 7.9 10.3

섬유·의류 4 3,759 0.4 3,632 3,700 4,034 1.9 9.0 618 541 678 (12.5) 25.4

호텔·레저 1 6,621 0.7 1,266 1,296 1,497 2.4 15.5 490 405 480 (17.3) 18.6

교육서비스 - - - - - - - - - - - - -

소비자서비스 - - - - - - - - - - - - -

미디어·광고 6 7,523 0.8 3,977 5,273 6,299 32.6 19.5 408 468 590 14.6 26.2

유통 6 28,084 3.1 41,244 49,158 55,926 19.2 13.8 3,380 3,232 3,691 (4.4) 14.2

음식료·담배 4 23,657 2.6 14,030 18,292 20,307 30.4 11.0 1,934 2,129 2,557 10.1 20.1

생활용품 4 17,702 1.9 6,727 7,567 8,631 12.5 14.1 864 911 1,080 5.4 18.6

제약·바이오 2 2,502 0.3 1,149 1,218 1,329 5.9 9.2 99 90 114 (9.5) 27.0

은행 8 66,736 7.3 44,400 43,425 41,082 (2.2) (5.4) 18,263 13,801 11,661 (24.4) (15.5)

증권 - - - - - - - - - - - - -

보험 1 20,400 2.2 14,991 21,304 21,223 42.1 (0.4) 556 620 679 11.3 9.5

인터넷·소프트웨어 4 18,018 2.0 3,819 4,271 4,943 11.8 15.7 1,042 1,065 1,285 2.3 20.6

통신장비·부품 1 13,409 1.5 54,257 50,960 56,306 (6.1) 10.5 343 1,136 1,684 231.0 48.2

디스플레이 3 16,308 1.8 30,354 36,120 34,811 19.0 (3.6) (581) 1,411 1,259 NA (10.8)

전자부품 5 18,834 2.1 19,134 22,126 24,654 15.6 11.4 720 2,522 1,329 250.3 (47.3)

반도체·반도체장비 3 254,030 27.7 175,674 211,609 240,589 20.5 13.7 16,032 28,861 41,132 80.0 42.5

통신서비스 4 28,893 3.1 48,680 53,488 56,989 9.9 6.5 4,388 3,182 4,262 (27.5) 33.9

전력·가스 3 25,471 2.8 74,160 87,603 94,737 18.1 8.1 (215) 693 5,775 NA 732.9

스몰캡 1 166 0.0 107 123 162 14.9 31.8 12 11 16 (11.8) 47.3

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

30


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

18 19 20 21 22 23 24 25 26

지배주주지분이익 지배주주지분 PER PBR ROE

(십억원) 증가율(%) (십억원) (배) (배) (%)


77,575 77,668 98,128 0.1 26.3 782,599 871,031 12.1 9.3 9.2 1.2 1.0 1.0 9.9 11.3 11.3

5,776 3,475 4,056 (39.8) 16.7 35,245 38,503 12.5 9.8 9.3 1.2 1.0 1.0 9.9 10.5 10.8

10,183 6,353 7,210 (37.6) 13.5 85,919 91,642 14.9 11.7 11.2 1.1 0.9 0.9 7.4 7.9 8.1

10,645 8,009 9,643 (24.8) 20.4 127,624 137,123 16.0 12.5 11.9 1.0 0.9 0.9 6.3 7.0 7.6

21,508 20,794 22,978 (3.3) 10.5 123,476 143,440 7.9 7.2 7.4 1.3 1.1 1.2 16.8 16.0 15.8

1,968 1,936 2,411 (1.6) 24.5 15,688 17,812 23.1 17.2 16.6 2.7 2.2 2.1 12.3 13.5 13.1

61 59 84 (3.9) 42.9 909 969 36.7 29.8 19.9 2.4 2.6 1.9 6.5 8.7 10.0

13,615 11,099 9,726 (18.5) (12.4) 133,092 143,218 7.9 9.0 9.5 0.7 0.6 0.7 8.3 6.8 7.1

13,865 26,416 36,389 90.5 37.8 172,014 205,538 12.4 8.8 8.6 1.8 1.5 1.4 15.4 17.7 17.6

3,130 2,172 3,294 (30.6) 51.7 29,021 30,901 12.1 8.8 8.4 0.8 0.8 0.8 7.5 10.7 10.9

(3,186) (2,655) 2,321 NA NA 59,553 61,814 (9.9) 11.0 10.2 0.4 0.4 0.4 (4.5) 3.8 4.3

10 11 16 14.2 42.0 56 71 12.4 10.7 11.8 2.3 2.3 1.9 19.4 22.0 16.8

642 660 591 2.8 (10.5) 7,245 7,867 12.9 13.7 12.0 1.2 1.0 1.0 9.1 7.5 8.3

5,134 2,815 3,466 (45.2) 23.1 28,001 30,636 12.4 9.1 8.7 1.2 1.0 1.0 10.1 11.3 11.5

4,727 2,154 2,807 (54.4) 30.3 27,340 29,504 19.9 13.5 12.7 1.6 1.3 1.3 7.9 9.5 9.9

5,456 4,199 4,403 (23.0) 4.8 58,580 62,138 12.3 10.5 10.1 0.8 0.7 0.7 7.2 7.1 7.2

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

3,111 2,629 2,639 (15.5) 0.4 37,761 40,896 15.2 14.4 14.1 1.0 0.9 0.9 7.0 6.5 6.5

188 343 513 82.6 49.3 3,319 3,790 14.7 9.1 8.5 1.5 1.2 1.2 10.3 13.5 13.8

3,460 2,798 3,986 (19.1) 42.4 38,798 42,887 10.3 7.2 7.0 0.7 0.7 0.6 7.2 9.3 9.4

4,200 2,082 1,628 (50.4) (21.8) 32,207 33,284 17.1 19.6 17.7 1.0 0.9 0.9 6.5 4.9 5.3

589 318 559 (46.0) 75.7 6,892 7,358 24.6 12.9 11.4 1.1 1.0 1.0 4.6 7.6 8.8

126 102 111 (19.1) 8.9 797 864 26.0 21.0 20.3 2.8 2.3 2.2 12.8 12.9 13.0

(1,029) (265) 208 NA NA 7,850 8,045 NA 38.6 19.1 1.0 0.9 1.4 (3.4) 2.6 7.4

15,263 17,583 19,273 15.2 9.6 87,321 104,319 6.9 6.3 6.1 1.4 1.1 1.1 20.1 18.5 18.2

239 298 379 24.6 27.1 1,766 2,116 10.4 9.9 9.3 1.8 1.8 1.3 16.9 17.9 14.2

381 306 381 (19.7) 24.5 2,411 2,601 20.4 17.4 16.3 2.4 2.4 2.5 12.7 14.7 16.2

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

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

304 331 442 8.7 33.7 3,422 3,775 19.3 17.0 15.5 1.7 1.9 1.9 9.7 11.7 12.6

5,320 2,275 2,502 (57.2) 10.0 28,555 30,628 12.0 11.2 10.9 1.0 0.9 1.0 8.0 8.2 8.9

1,315 1,279 1,618 (2.7) 26.5 11,524 12,965 19.3 14.6 14.4 2.0 1.8 1.7 11.1 12.5 12.0

654 657 793 0.5 20.6 4,164 4,846 30.5 22.3 21.4 4.7 3.6 3.5 15.8 16.4 16.4

61 59 84 (3.9) 42.9 909 969 36.7 29.8 19.9 2.4 2.6 1.9 6.5 8.7 10.0

12,668 10,087 8,679 (20.4) (14.0) 111,949 120,685 6.6 7.7 7.5 0.6 0.6 0.5 9.0 7.2 7.2

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

947 1,012 1,047 6.8 3.5 21,142 22,533 20.2 19.5 12.1 0.0 0.0 1.0 4.8 4.6 7.9

752 783 982 4.1 25.4 3,766 4,567 20.4 18.3 17.3 3.4 3.2 3.1 20.8 21.5 21.6

(470) 86 1,215 NA 1,308.1 12,943 14,121 143.7 11.0 9.7 1.0 0.9 1.0 0.7 8.6 10.4

(505) 587 857 NA 45.8 14,161 14,795 28.6 19.0 16.5 1.2 1.1 1.2 4.1 5.8 7.0

764 1,911 1,219 150.1 (36.2) 14,152 15,387 10.2 15.4 14.8 1.4 1.2 1.2 13.5 7.9 8.5

13,324 23,049 32,116 73.0 39.3 126,992 156,669 11.4 7.9 7.7 1.9 1.5 1.5 18.1 20.5 20.2

3,130 2,172 3,294 (30.6) 51.7 29,021 30,901 12.1 8.8 8.4 0.8 0.8 0.8 7.5 10.7 10.9

(3,186) (2,655) 2,321 NA NA 59,553 61,814 NA 11.0 10.2 0.4 0.4 0.4 (4.5) 3.8 4.3

10 11 16 14.2 42.0 56 71 12.4 10.7 11.8 2.3 2.3 1.9 19.4 22.0 16.8

31


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

업종별 주요 지표(비연결)

종목수 : 85




Universe 85 101,008 100.0 114,251 129,516 145,039 13.4 12.0 8,019 7,710 9,154 (3.9) 18.7

KGICS1

에너지 - - - - - - - - - - - - -

소재 5 3,277 3.2 5,206 5,431 6,015 4.3 10.7 417 422 485 1.2 14.9

산업재 4 8,378 8.3 8,206 10,176 11,604 24.0 14.0 431 585 734 36.0 25.3

경기소비재 20 21,598 21.4 13,756 15,018 16,432 9.2 9.4 1,693 1,647 2,015 (2.7) 22.3

필수소비재 3 3,620 3.6 3,194 3,332 3,726 4.3 11.8 181 193 267 6.9 38.3

의료 4 5,363 5.3 2,794 2,925 3,291 4.7 12.5 212 164 253 (22.7) 54.7

금융 13 40,643 40.2 68,101 77,357 85,433 13.6 10.4 3,928 3,344 3,650 (14.9) 9.1

IT 24 11,165 11.1 7,470 9,151 11,777 22.5 28.7 734 894 1,198 21.8 33.9

통신서비스 - - - - - - - - - - - - -

유틸리티 2 2,955 2.9 3,986 4,444 4,786 11.5 7.7 188 211 236 12.0 11.9

스몰캡 10 4,010 4.0 1,539 1,682 1,977 9.3 17.5 235 248 316 5.6 27.0

KGICS2

자원개발 - - - - - - - - - - - - -

석유정제 - - - - - - - - - - - - -

화학 4 2,779 2.8 3,665 3,937 4,552 7.4 15.6 325 315 364 (3.3) 15.8

철강·비철금속 - - - - - - - - - - - - -

제지 1 497 0.5 1,542 1,494 1,463 (3.1) (2.1) 92 108 121 17.1 12.2

건설 - - - - - - - - - - - - -

전기부품·설비 - - - - - - - - - - - - -

지주회사·복합기업 - - - - - - - - - - - - -

조선 - - - - - - - - - - - - -

기계 3 1,497 1.5 658 903 1,033 37.3 14.4 95 163 215 71.7 32.1

상업서비스·기타 - - - - - - - - - - - - -

운송 1 6,881 6.8 7,548 9,273 10,571 22.9 14.0 336 423 519 25.9 22.7

자동차·자동차부품 2 857 0.8 1,034 1,268 1,355 22.6 6.9 59 70 78 19.0 11.0

섬유·의류 3 2,118 2.1 2,704 2,703 2,906 (0.0) 7.5 307 232 273 (24.5) 18.0

호텔·레저 4 5,910 5.9 3,037 3,633 4,014 19.6 10.5 356 422 475 18.5 12.5

교육서비스 2 1,118 1.1 1,082 998 1,049 (7.7) 5.1 136 95 120 (30.1) 26.0

소비자서비스 1 3,656 3.6 1,710 1,807 1,914 5.7 5.9 242 221 295 (8.9) 33.4

미디어·광고 5 3,204 3.2 1,677 1,810 2,048 7.9 13.2 203 177 281 (12.9) 58.8

유통 3 4,735 4.7 2,512 2,799 3,145 11.4 12.4 389 431 494 10.7 14.6

음식료·담배 2 2,984 3.0 2,892 2,965 3,293 2.5 11.1 165 164 231 (0.7) 40.9

생활용품 1 636 0.6 303 367 433 21.4 17.8 16 30 37 85.2 24.1

제약·바이오 4 5,363 5.3 2,794 2,925 3,291 4.7 12.5 212 164 253 (22.7) 54.7

은행 - - - - - - - - - - - - -

증권 6 14,284 14.1 16,047 16,997 18,256 5.9 7.4 1,159 672 897 (42.0) 33.5

보험 7 26,359 26.1 52,055 60,360 67,177 16.0 11.3 2,769 2,673 2,753 (3.5) 3.0

인터넷·소프트웨어 - - - - - - - - - - - - -

통신장비·부품 11 4,473 4.4 3,908 5,276 7,167 35.0 35.8 322 465 629 44.5 35.3

디스플레이 5 2,813 2.8 1,528 1,453 1,734 (4.9) 19.3 261 241 295 (7.6) 22.5

전자부품 2 2,082 2.1 1,079 1,343 1,705 24.4 27.0 36 48 103 34.8 114.3

반도체·반도체장비 6 1,797 1.8 955 1,080 1,172 13.0 8.5 116 140 171 20.9 21.4

통신서비스 - - - - - - - - - - - - -

전력·가스 2 2,955 2.9 3,986 4,444 4,786 11.5 7.7 188 211 236 12.0 11.9

스몰캡 10 4,010 4.0 1,539 1,682 1,977 9.3 17.5 235 248 316 5.6 27.0

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) (%)


6,808 6,677 8,215 (1.9) 23.0 69,854 76,350 14.8 12.3 9.2 1.4 1.3 1.0 9.6 10.8 11.3

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

205 199 317 (2.6) 59.0 3,088 3,321 17.2 10.3 11.2 1.1 1.0 0.9 6.5 9.5 8.1

431 525 653 21.8 24.4 2,702 3,274 18.7 12.8 11.9 3.6 2.6 0.9 19.4 19.9 7.6

1,393 1,386 1,731 (0.5) 24.9 9,984 11,329 14.3 12.5 7.4 1.9 1.9 1.2 13.9 15.3 15.8

146 69 189 (52.6) 173.5 2,028 2,151 49.1 19.2 16.6 1.6 1.6 2.1 3.4 8.8 13.1

187 196 289 4.5 47.8 2,651 2,892 23.8 18.5 19.9 1.7 1.8 1.9 7.4 10.0 10.0

3,416 3,152 3,530 (7.7) 12.0 41,123 43,573 12.9 11.5 9.5 1.0 0.9 0.7 7.7 8.1 7.1

630 725 962 15.1 32.6 5,192 6,310 14.0 11.6 8.6 1.9 1.7 1.4 14.0 15.2 17.6

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

196 208 231 6.2 11.1 1,528 1,663 15.6 12.8 10.2 2.1 1.7 0.4 13.6 13.9 4.3

204 216 312 5.9 44.5 1,558 1,836 15.3 12.3 11.8 2.1 2.0 1.9 13.9 16.6 16.8

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

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

211 179 260 (14.8) 44.9 2,322 2,525 16.9 10.7 12.7 1.3 1.1 1.3 7.7 10.3 9.9

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

-6 20 57 NA 185.4 766 796 19.9 8.7 8.5 0.5 0.6 0.6 2.6 7.2 7.2

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

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

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

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

72 119 164 64.4 38.4 922 1,077 12.6 9.1 11.4 1.6 1.4 1.0 12.9 15.3 8.8

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

359 406 488 13.2 20.3 1,780 2,198 20.5 14.1 19.1 0.0 0.0 1.4 22.8 22.2 7.4

95 137 155 44.5 13.2 824 910 5.9 5.5 6.1 1.0 0.9 1.1 16.7 17.1 18.2

228 195 229 (14.5) 17.6 2,001 2,205 11.7 9.2 9.3 1.1 1.0 1.3 9.7 10.4 14.2

185 377 361 104.3 (4.3) 1,782 2,037 13.1 16.4 16.3 2.7 2.9 2.5 21.2 17.7 16.2

121 79 112 (34.6) 41.1 1,029 1,100 14.0 10.0 9.8 1.0 1.0 0.9 7.7 10.2 10.2

167 125 245 (25.3) 96.0 805 979 26.9 14.9 15.0 3.7 3.4 3.3 15.5 25.0 24.2

140 135 215 (3.6) 59.0 1,329 1,523 23.3 14.9 15.5 2.4 2.1 1.9 10.2 14.1 12.6

457 338 414 (26.1) 22.6 2,213 2,576 12.3 11.4 10.9 1.9 1.8 1.0 15.3 16.1 8.9

127 44 158 (65.3) 259.8 1,877 1,976 62.7 18.9 14.4 1.4 1.4 1.7 2.3 8.0 12.0

19 25 31 33.8 21.9 150 175 25.4 20.8 21.4 0.0 0.0 3.5 16.6 17.5 16.4

187 196 289 4.5 47.8 2,651 2,892 23.8 18.5 19.9 1.7 1.8 1.9 7.4 10.0 10.0

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

877 528 719 (39.8) 36.2 16,715 17,289 27.1 19.9 19.9 0.8 0.8 0.8 3.2 4.2 4.2

2,538 2,624 2,811 3.4 7.1 24,408 26,284 10.0 9.4 12.1 1.1 1.0 1.0 10.8 10.7 7.9

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

245 375 504 53.5 34.2 2,258 2,972 12.1 8.9 9.7 1.9 1.5 1.0 16.6 17.0 10.4

232 202 242 (12.9) 19.7 1,261 1,467 11.7 11.6 16.5 1.8 1.9 1.2 16.0 16.5 7.0

39 33 75 (16.3) 129.9 763 827 51.8 27.7 14.8 2.2 2.5 1.2 4.3 9.1 8.5

114 115 141 0.6 22.3 910 1,045 13.6 12.8 7.7 1.7 1.7 1.5 12.7 13.5 20.2

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

196 208 231 6.2 11.1 1,528 1,663 15.6 12.8 10.2 2.1 1.7 0.4 13.6 13.9 4.3

204 216 312 5.9 44.5 1,558 1,836 15.3 12.3 11.8 2.1 2.0 1.9 13.9 16.6 16.8

33


10102020 universe자원개발

자원개발

종목수 : 3 시가총액(십억원) : 8,100.214 15 16 17 22

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- 대우인터내셔널 (047050) : 올해 5월부터 시작될 미얀마 가스전 생산을 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 13.7 1.0 7.5 1.0 12.4 # 자원개발(%) 3.0 (4.7) (8.3) (6.2)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 6.2 (3.2) (5.8) (2.5)

주) FY2013기준, 단위: 배, % #

#


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

2010/12A 24.5 676.4 (2.2) 946.8 152.3 636.3 131.1 832.6 2,413 21,691 269

2011/12A 11.1 662.7 (2.0) 745.9 (21.2) 642.4 1.0 862.7 2,418 24,625 290

2012/12F (0.2) 690.3 4.2 866.7 16.2 660.2 2.8 976.4 2,429 26,174 288

2013/12F 7.1 816.8 18.3 756.0 (12.8) 590.8 (10.5) 1,124.2 2,134 28,424 287

2014/12F 11.7 1,233.8 51.1 1,273.0 68.4 972.2 64.6 1,567.4 3,512 32,051 287

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

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

2010/12A 14,673.6 5,725.8 6,000.3 136.6 (295.9) 1.2 17.4 13.3 1.5 11.1 0.8

2011/12A 17,191.8 6,552.5 7,309.3 146.2 (647.4) 1.1 17.0 11.4 1.1 9.7 1.1

2012/12F 15,943.1 7,244.6 5,736.6 112.6 (781.2) 1.1 14.6 12.9 1.2 9.1 0.9

2013/12F 16,763.5 7,867.3 5,769.0 106.0 (784.2) 1.3 12.4 13.7 1.0 7.5 1.0

2014/12F 18,317.3 8,871.4 5,983.7 99.4 (692.3) 1.7 9.0 8.3 0.9 10.9 1.0

분기추정 영업이익 세전이익 순이익

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

2012/03A 3.4 (8.2) 209.2 5.3 18.6 143.5 (10.2) (49.6) 123.9 (0.5) (41.1)

2012/06A 1.4 5.9 196.5 17.1 (6.1) 281.9 18.4 96.4 190.3 (1.3) 53.6

2012/09A (1.1) (2.0) 157.7 31.5 (19.8) 268.8 323.9 (4.7) 191.0 66.2 0.4

2012/12F (4.1) 0.6 127.0 (28.0) (19.5) 172.5 (39.4) (35.8) 155.1 (26.3) (18.8)

2013/03F 2.2 (2.2) 159.1 (23.9) 25.3 141.9 (1.1) (17.7) 112.2 (9.4) (27.6)

2013/06F 4.5 8.3 181.0 (7.9) 13.7 172.5 (38.8) 21.5 136.3 (28.4) 21.4

2013/09F 10.0 3.1 199.5 26.6 10.3 150.3 (44.1) (12.8) 115.8 (39.4) (15.0)

2013/12F 11.5 2.0 277.2 118.3 38.9 291.3 68.9 93.8 226.5 46.1 95.6

12개월 예상 PER 12개월 예상 EPS 증가율

PER PBR

(십억원)

54,668.6

60,727.0

60,606.3

64,888.3

72,505.7

자산총계

(십억원)

20,417.5

23,781.0

23,236.7

24,689.3

27,261.7

매출액

(십억원)

14,633.8

15,502.1

15,186.5

15,283.9

14,952.4

16,197.4

16,701.8

17,036.7

9.2

12.0

8.610.1

11.8

9.7

0

5

10

15

Universe

All

Universe

sector

Korea World US EM Asia

주) 한국증권, MSCI market sector

(배)

0

10

20

30

40

50

MSCI World EM Asia Korea

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

주) MSCI market sector

(%)

0

10

20

30

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

20

40

60

80

100

120

140PER(좌)

업종지수(우)

(P)(배)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

20

40

60

80

100

120

140PBR(좌)

업종지수(우)

(P)(배)

34


10102030 universe석유정제

석유정제

종목수 : 3 시가총액(십억원) : 31,468.914 15 16 17 22

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4 5 6 7 8 29 9 10 11 12 13


석유정제 9.1 1.0 10.9 3.0 7.4 # 석유정제(%) (8.1) (10.3) (8.4) (12.5)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) (4.9) (8.8) (5.9) (8.7)

주) FY2013기준, 단위: 배, % #

#



2010/12A (16.1) 3,461.5 17.1 3,058.2 43.2 2,647.4 90.8 4,378.6 10,731 86,419 2,459

2011/12A 35.2 5,406.5 56.2 6,785.2 121.9 5,133.7 93.9 6,387.8 20,808 104,647 3,850

2012/12F 8.4 3,578.6 (33.8) 3,245.3 (52.2) 2,815.2 (45.2) 4,595.9 11,411 113,494 3,057

2013/12F (4.2) 4,671.6 30.5 4,492.1 38.4 3,465.6 23.1 5,608.8 14,047 124,175 3,861

2014/12F 7.1 5,494.2 17.6 5,317.7 18.4 4,093.8 18.1 6,459.2 16,593 137,402 3,861



2010/12A 26,391.3 21,321.1 10,023.2 69.3 (1,715.3) 4.3 10.4 13.1 1.6 12.0 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 19.1 3.2

2012/12F 30,781.9 28,000.9 9,059.8 55.6 (2,082.6) 3.0 9.8 12.4 1.2 9.7 2.1

2013/12F 30,517.5 30,636.0 9,095.4 51.2 (1,604.4) 4.1 7.4 9.1 1.0 10.9 3.0

2014/12F 31,487.8 33,899.4 8,115.1 45.7 (2,098.9) 4.5 6.3 7.7 0.9 11.7 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 10.6 (0.6) (180.6) NA NA (341.6) NA NA (389.4) NA NA

2012/09A 8.8 (1.8) 1,448.7 4.4 NA 1,483.1 (42.2) NA 1,167.8 (40.3) NA

2012/12F (1.3) (4.8) 766.2 (11.9) (47.1) 561.3 (40.3) (62.2) 891.8 46.5 (23.6)

2013/03F (5.3) 1.9 1,106.3 (28.4) 44.4 1,108.5 (28.1) 97.5 857.1 (25.1) (3.9)

2013/06F (8.6) (4.0) 1,027.0 NA (7.2) 993.6 NA (10.4) 752.2 NA (12.2)

2013/09F (6.3) 0.6 1,268.9 (12.4) 23.6 1,207.8 (18.6) 21.6 938.7 (19.6) 24.8

2013/12F 3.9 5.5 1,269.4 65.7 0.0 1,182.2 110.6 (2.1) 917.6 2.9 (2.2)


PER PBR

(십억원)

80,476.4

108,778.4

117,954.6

112,999.4

121,007.2

자산총계

(십억원)

48,479.4

58,654.5

59,844.7

62,255.1

66,531.0

매출액

(십억원)

30,246.9

30,079.8

29,529.5

28,098.4

28,635.7

27,499.0

27,672.3

29,192.4

9.2 8.7 8.610.1

11.8

9.7

0

5

10

15

Universe

All

Universe

sector



(배)

0

10

20

30

40

50


Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13


(%)

0

10

20

30

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

0

500

1,000

1,500

2,000PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

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

0

500

1,000

1,500

2,000PBR(좌)

업종지수(우)

(P)(배)

35


151010 universe화학

화학

종목수 : 11 시가총액(십억원) : 40,685.014 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 13.3 1.3 9.2 1.3 7.7 # 화학(%) (8.6) (13.2) (17.1) (27.3)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) (5.4) (11.7) (14.6) (23.5)

주) FY2013기준, 단위: 배, % #

#



2010/12A 17.9 6,560.9 40.8 6,442.6 117.5 4,731.4 89.6 8,422.3 11,199 52,841 1,377

2011/12A 26.6 7,007.2 6.8 6,795.8 5.5 4,937.3 4.4 9,282.8 11,627 64,080 1,388

2012/12A (2.4) 3,233.7 (53.9) 3,028.1 (55.4) 2,333.0 (52.7) 5,772.5 5,424 68,573 1,207

2013/12F 5.3 4,241.5 31.2 3,932.1 29.9 3,067.1 31.5 7,013.0 7,091 74,046 1,308

2014/12F 9.9 5,604.7 32.1 5,244.9 33.4 4,046.1 31.9 8,598.3 9,354 81,733 1,354



2010/12A 23,775.3 22,398.8 8,564.3 54.9 (4,731.3) 13.3 7.9 11.9 2.5 19.6 1.0

2011/12A 26,912.3 27,533.2 8,408.2 49.7 (6,609.0) 11.2 6.5 10.1 1.8 16.7 1.1

2012/12A 27,342.8 29,661.4 11,831.4 53.3 (5,277.3) 5.3 10.2 19.7 1.5 7.5 1.1

2013/12F 28,804.1 32,028.8 11,902.9 51.1 (5,086.4) 6.6 7.7 13.3 1.3 9.2 1.3

2014/12F 30,115.8 35,353.8 11,830.7 47.4 (5,152.0) 7.9 6.3 10.1 1.1 11.0 1.4



2012/03A (2.8) 3.0 1,008.8 (58.7) 56.1 996.3 (59.0) 73.2 796.5 (53.6) 104.0

2012/06A (2.7) 1.9 736.8 (65.7) (27.0) 631.3 (71.3) (36.6) 498.6 (69.6) (37.4)

2012/09A (4.2) (0.6) 1,011.5 (42.2) 37.3 962.0 (39.1) 52.4 758.6 (35.8) 52.1

2012/12A (0.1) (4.3) 419.0 (35.2) (58.6) 402.8 (30.0) (58.1) 258.7 (33.7) (65.9)

2013/03F 1.3 4.6 849.5 (15.8) 102.8 798.3 (19.9) 98.2 604.6 (24.1) 133.7

2013/06F 4.2 4.7 1,043.4 41.6 22.8 929.9 47.3 16.5 700.6 40.5 15.9

2013/09F 8.5 3.5 1,177.1 16.4 12.8 1,103.6 14.7 18.7 845.0 11.4 20.6

2013/12F 12.0 (1.2) 1,171.5 179.6 (0.5) 1,100.3 173.1 (0.3) 916.9 254.4 8.5


PER PBR

(십억원)

49,490.2

62,678.0

61,183.4

64,411.1

70,768.5

자산총계

(십억원)

47,944.6

56,400.7

58,354.8

62,204.6

66,869.2

매출액

(십억원)

15,123.5

15,403.9

15,317.2

14,659.1

15,327.3

16,053.2

16,618.0

16,412.5

9.2

12.7

10.3

14.2 14.613.2

0

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Universe

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(배)

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Mar-13


(%)

0

10

20

30

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

0

500

1,000

1,500

2,000PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

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

0

500

1,000

1,500

2,000PBR(좌)

업종지수(우)

(P)(배)

36


151040 universe철강·비철금속


종목수 : 7 시가총액(십억원) : 46,384.614 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 10.5 0.7 7.0 2.0 7.6 # 철강·비철금속(%) (9.3) (10.0) (18.3) (17.6)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) (6.1) (8.5) (15.7) (13.9)

주) FY2013기준, 단위: 배, % #

#



2010/12A 21.5 7,509.4 63.4 7,127.1 27.3 6,191.3 23.7 11,112.3 15,706 127,980 3,289

2011/12A 24.1 7,389.8 (1.6) 6,489.9 (8.9) 5,455.8 (11.9) 10,556.6 13,536 139,915 3,470

2012/12A (4.3) 5,270.7 (28.7) 5,314.6 (18.1) 4,199.4 (23.0) 8,706.6 11,487 160,236 2,504

2013/12F (3.2) 5,352.8 1.6 5,574.2 4.9 4,402.5 4.8 8,926.9 12,042 169,968 2,504

2014/12F 3.6 6,640.0 24.0 6,626.7 18.9 5,194.1 18.0 10,510.7 14,208 181,432 2,504



2010/12A 36,451.9 51,583.5 18,469.2 49.5 (7,659.8) 11.6 7.5 10.3 1.2 11.7 2.0

2011/12A 40,853.3 56,394.1 23,799.4 55.0 (6,488.2) 9.2 7.2 9.6 0.9 9.7 2.7

2012/12A 41,299.1 58,579.7 23,123.7 52.0 (7,720.1) 6.8 8.6 12.3 0.8 7.1 1.8

2013/12F 40,326.5 62,137.7 20,684.3 47.7 (5,596.7) 7.2 7.6 10.5 0.7 7.0 2.0

2014/12F 40,602.1 66,328.8 18,725.2 43.8 (4,476.9) 8.6 6.3 8.9 0.7 7.7 2.0



2012/03A 3.1 (5.8) 974.5 (45.8) (29.4) 1,190.6 (43.5) (25.3) 1,028.0 (42.2) (29.1)

2012/06A (5.3) 2.4 1,853.7 (25.2) 90.2 1,372.3 (47.6) 15.3 895.4 (56.9) (12.9)

2012/09A (7.0) (5.7) 1,277.2 (25.7) (31.1) 1,381.5 800.5 0.7 1,156.9 742.4 29.2

2012/12A (7.5) 1.6 1,141.1 (17.4) (10.7) 1,369.9 (14.1) (0.8) 1,002.1 (30.9) (13.4)

2013/03F (7.0) (5.3) 1,045.4 7.3 (8.4) 1,198.7 0.7 (12.5) 1,010.5 (1.7) 0.8

2013/06F (5.1) 4.6 1,486.9 (19.8) 42.2 1,433.6 4.5 19.6 1,166.6 30.3 15.5

2013/09F (2.2) (2.8) 968.6 (24.2) (34.9) 935.6 (32.3) (34.7) 837.2 (27.6) (28.2)

2013/12F 4.9 8.9 1,896.2 66.2 95.8 2,006.0 46.4 114.4 1,388.2 38.5 65.8


PER PBR

(십억원)

64,927.6

80,550.7

77,050.2

74,578.1

77,243.6

자산총계

(십억원)

89,367.7

96,967.9

100,024.0

102,508.1

106,930.0

매출액

(십억원)

19,237.2

19,707.5

18,590.7

18,884.6

17,887.7

18,706.5

18,182.3

19,801.5

9.210.1 10.1 10.5

9.710.7

5

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15

Universe

All

Universe

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(배)

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5

10

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25

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Oct-12

Nov-12

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Jan-13

Feb-13

Mar-13


(%)

0

10

20

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

0

100

200

300

400

500

600PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

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

0

100

200

300

400

500

600PBR(좌)

업종지수(우)

(P)(배)

37


201030 universe건설

건설

종목수 : 9 시가총액(십억원) : 38,092.814 15 16 17 22

Top Picks

- 삼성물산 (000830) : 가스,석탄,원자력 등 모든 종류의 발전플랜트(IPP)에서 가시적인 성과 기대; 판관비율 감소로 수익성 개선

- 대림산업 (000210) : 시장다변화로 중동 프로젝트의 마진 경착륙 상쇄, 향후 볼륨과 이익 성장의 주축이 될 것4 5 6 7 8 29 9 10 11 12 13


건설 14.4 0.9 6.3 1.4 9.4 # 건설(%) (4.4) (5.3) (15.1) (27.9)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) (1.2) (3.8) (12.5) (24.1)

주) FY2013기준, 단위: 배, % #

#



2010/12A 3.8 2,976.4 (18.8) 2,502.3 (30.3) 1,781.1 (21.0) 3,710.1 2,160 36,297 540

2011/12A 16.3 3,468.3 16.5 4,276.7 70.9 3,111.1 74.7 4,225.2 3,406 37,834 501

2012/12A 13.2 3,352.8 (3.3) 3,659.5 (14.4) 2,629.3 (15.5) 4,130.8 2,878 41,339 522

2013/12F 8.3 3,882.7 15.8 3,683.8 0.7 2,638.6 0.4 4,710.4 2,889 44,771 591

2014/12F 8.3 4,695.7 20.9 4,594.7 24.7 3,301.0 25.1 5,539.3 3,614 48,900 621



2010/12A 45,189.3 33,155.6 3,729.0 41.7 (1,319.4) 4.5 14.7 28.1 1.5 5.3 0.9

2011/12A 49,935.2 34,559.5 5,625.7 46.3 (1,711.7) 4.5 11.9 14.1 1.2 8.8 1.0

2012/12A 51,353.5 37,761.4 7,482.8 44.8 (1,846.5) 3.9 11.7 15.2 1.0 6.8 1.2

2013/12F 49,239.5 40,896.0 5,099.4 37.7 (1,089.9) 4.1 9.4 14.4 0.9 6.3 1.4

2014/12F 52,048.8 44,667.2 4,270.0 34.0 (1,016.8) 4.6 7.8 11.5 0.8 7.2 1.5



2012/03A 18.4 (17.0) 829.9 3.5 16.9 1,665.4 64.8 202.9 1,225.2 65.5 167.8

2012/06A 18.6 15.4 848.4 (4.2) 2.2 935.7 (30.2) (43.8) 710.9 (26.6) (42.0)

2012/09A 16.6 (1.5) 847.2 (20.9) (0.2) 825.9 (40.0) (11.7) 548.3 (42.0) (22.9)

2012/12A 2.3 8.4 713.7 0.5 (15.8) 118.7 (78.4) (85.6) 144.9 (68.3) (73.6)

2013/03F 8.4 (12.0) 886.7 6.9 24.2 944.5 (43.3) 695.7 681.0 (44.4) 369.9

2013/06F 8.3 15.2 898.8 5.9 1.4 1,095.1 17.0 15.9 789.9 11.1 16.0

2013/09F 8.2 (1.6) 893.5 5.5 (0.6) 849.7 2.9 (22.4) 608.1 10.9 (23.0)

2013/12F 8.2 8.4 1,173.6 64.4 31.3 764.6 544.1 (10.0) 559.5 286.0 (8.0)


PER PBR

(십억원)

65,964.2

76,748.0

86,844.5

94,036.4

101,845.5

자산총계

(십억원)

78,917.6

85,335.3

89,968.9

91,916.9

98,467.8

매출액

(십억원)

19,199.7

22,158.6

21,829.9

23,656.3

20,821.5

23,996.4

23,613.2

25,605.4

9.2

14.1

9.1

12.1

15.0

10.0

0

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Universe

All

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(배)

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Nov-12

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(%)

0

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30

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

0

100

200

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400

500

600

700PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

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

0

100

200

300

400

500

600

700PBR(좌)

업종지수(우)

(P)(배)

38


201040 universe전기부품·설비

전기부품·설비

종목수 : 2 시가총액(십억원) : 4,642.514 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 9.1 1.2 11.4 1.3 6.7 # 전기부품·설비(%) (1.6) (7.3) (13.9) (2.9)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 1.6 (5.8) (11.3) 0.8

주) FY2013기준, 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 1.4 753.3 61.6 508.7 150.6 343.4 82.6 1,157.4 5,521 53,359 936

2013/12F 12.3 994.0 32.0 758.0 49.0 512.8 49.3 1,431.7 8,244 60,937 936

2014/12F 8.9 1,115.4 12.2 962.4 27.0 653.6 27.5 1,578.5 10,508 70,743 936



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 8,158.5 3,318.9 4,582.4 141.4 (555.8) 5.2 8.9 14.7 1.5 8.7 1.2

2013/12F 8,776.6 3,790.3 4,211.9 117.8 (567.5) 6.1 6.7 9.1 1.2 11.4 1.3

2014/12F 8,727.1 4,400.2 3,715.6 93.5 (541.8) 6.2 5.8 7.1 1.0 12.4 1.3



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 1.3 (5.7) (25.3) NA NA (99.1) NA NA (62.4) NA NA

2012/12F 9.2 7.5 385.2 62.7 NA 327.0 132.5 NA 229.9 129.0 NA

2013/03F 12.0 (0.1) 200.2 12.6 (48.0) 139.0 10.1 (57.5) 93.3 11.2 (59.4)

2013/06F 12.3 10.9 244.0 13.2 21.8 171.8 18.1 23.6 118.4 28.6 27.0

2013/09F 12.3 (5.8) (26.1) NA NA (95.9) NA NA (58.4) NA NA

2013/12F 12.6 7.8 575.8 49.5 NA 544.3 66.5 NA 359.5 56.4 NA


PER PBR

(십억원)

12,194.4

14,422.5

14,620.0

16,421.7

17,878.8

자산총계

(십억원)

10,499.0

11,727.2

12,096.8

13,323.3

14,041.1

매출액

(십억원)

3,422.8

3,787.9

3,571.2

3,838.1

3,835.0

4,254.8

4,009.6

4,322.2

9.2 8.5

12.1

14.415.5

10.8

0

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10

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Universe

All

Universe

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(배)

-10

0

10

20

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Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13


(%)

0102030405060708090

100

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

0

100

200

300

400

500

600

700PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

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

0

100

200

300

400

500

600

700PBR(좌)

업종지수(우)

(P)(배)

39


201050 universe지주회사·복합기업


종목수 : 5 시가총액(십억원) : 28,702.214 15 16 17 22

Top Picks

- SK (003600) : LNG발전소 수익성 개선 및 정부 에너지정책의 방향전환으로 SK E&S 및 SK로의 수혜 지속

4 5 6 7 8 29 9 10 11 12 13


지주회사·복합기업 7.2 0.7 5.1 1.5 5.5 # 지주회사·복합기업(%) (0.6) 0.9 5.3 5.4

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 2.6 2.4 7.9 9.1

주) FY2013기준, 단위: 배, % #

#



2010/12A (13.6) 10,386.8 25.2 9,723.4 73.8 4,602.4 61.7 14,721.6 12,758 82,795 1,152

2011/12A 16.1 9,472.9 (8.8) 10,304.8 6.0 3,460.2 (24.8) 14,249.4 9,588 89,334 1,151

2012/12F 10.4 8,272.7 (12.7) 6,984.5 (32.2) 2,798.4 (19.1) 13,487.2 7,823 108,889 1,183

2013/12F 5.7 11,963.8 44.6 10,695.7 53.1 3,985.8 42.4 17,580.4 11,186 120,363 1,273

2014/12F 1.9 13,293.3 11.1 12,114.2 13.3 4,625.4 16.0 19,320.7 12,981 132,251 1,348



2010/12A 76,865.5 29,874.9 27,551.2 76.6 (5,648.4) 8.0 5.7 6.9 1.0 8.4 1.3

2011/12A 87,461.7 32,239.9 27,162.0 73.2 (7,805.2) 6.3 5.7 7.2 0.8 5.7 1.6

2012/12F 89,515.2 38,798.5 36,202.0 69.6 (6,935.0) 5.0 7.1 10.3 0.7 4.0 1.4

2013/12F 89,457.3 42,886.9 33,760.4 60.4 (7,149.3) 6.8 5.5 7.2 0.7 5.1 1.5

2014/12F 88,330.3 47,122.7 31,133.1 52.4 (7,286.7) 7.4 5.1 6.2 0.6 5.3 1.6



2012/03A 11.5 2.9 2,338.4 (25.2) 39.6 2,307.8 (21.3) 41.3 879.7 (9.8) 75.8

2012/06A 11.0 1.4 1,544.2 (35.1) (34.0) 1,081.9 (54.3) (53.1) 542.5 (46.4) (38.3)

2012/09A 9.3 (2.8) 2,123.2 (9.8) 37.5 1,776.2 (48.5) 64.2 794.1 (17.4) 46.4

2012/12F 10.7 9.2 2,263.5 35.1 6.6 1,818.5 11.3 2.4 582.0 16.3 (26.7)

2013/03F 7.8 0.2 3,571.4 52.7 57.8 3,245.6 40.6 78.5 1,026.1 16.6 76.3

2013/06F 5.4 (0.9) 2,507.4 62.4 (29.8) 2,187.2 102.2 (32.6) 862.0 58.9 (16.0)

2013/09F 7.9 (0.5) 2,788.2 31.3 11.2 2,506.6 41.1 14.6 976.2 22.9 13.2

2013/12F 3.3 4.5 3,096.8 36.8 11.1 2,756.4 51.6 10.0 1,121.5 92.7 14.9


PER PBR

(십억원)

129,853.5

150,767.0

166,418.4

175,984.7

179,272.9

자산총계

(십억원)

131,798.3

148,556.6

155,323.1

163,089.6

170,454.9

매출액

(십억원)

40,721.7

41,287.1

40,142.8

43,817.7

43,894.3

43,517.6

43,316.8

45,273.0

9.2

7.0

9.6

13.8 14.2 13.7

0

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10

15

Universe

All

Universe

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(배)

0

10

20

30

40

50


Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13


(%)

0

10

20

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500PBR(좌)

업종지수(우)

(P)(배)

40


20106010 universe조선

조선

종목수 : 5 시가총액(십억원) : 31,977.414 15 16 17 22

Top Picks

- 대우조선해양 (042660) : 해양 생산저장설비 부문 최고 수주 경쟁력 보유. 하반기 부터 실적 반등 전망

4 5 6 7 8 29 9 10 11 12 13


조선 19.6 0.9 4.6 1.7 11.0 # 조선(%) (7.5) (11.1) (13.5) (27.7)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) (4.4) (9.6) (10.9) (23.9)

주) FY2013기준, 단위: 배, % #

#



2010/12A 11.7 8,935.6 65.8 9,071.5 66.0 6,341.1 63.0 10,431.8 11,190 50,407 1,435

2011/12A 25.1 7,242.8 (18.9) 6,257.1 (31.0) 4,199.7 (33.8) 8,964.6 7,411 54,152 980

2012/12F 2.5 3,862.8 (46.7) 2,909.5 (53.5) 2,082.1 (50.4) 5,757.0 3,674 56,835 980

2013/12F 1.6 3,117.9 (19.3) 2,232.3 (23.3) 1,628.3 (21.8) 5,051.9 2,771 56,637 945

2014/12F 2.7 4,059.8 30.2 3,323.6 48.9 2,424.5 48.9 6,033.3 4,126 59,836 945



2010/12A 68,168.6 28,563.8 11,735.7 90.4 (2,670.5) 12.6 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 5.7 8.0 1.0 12.9 1.6

2012/12F 65,076.1 32,206.8 23,763.8 88.7 (1,834.7) 4.3 10.7 17.1 1.0 6.1 1.6

2013/12F 65,171.3 33,284.0 21,764.2 80.5 (1,706.2) 3.4 11.0 19.6 0.9 4.6 1.7

2014/12F 65,444.1 35,163.8 20,246.6 73.6 (2,030.3) 4.3 9.0 13.2 0.9 6.5 1.7



2012/03A 4.0 (4.9) 1,571.0 (40.7) 20.2 1,306.4 (52.7) 329.3 918.4 (53.1) 697.6

2012/06A 3.0 2.2 777.2 (57.1) (50.5) 543.1 (69.5) (58.4) 441.1 (62.8) (52.0)

2012/09A 2.1 (2.7) 1,033.8 (29.9) 33.0 1,395.0 (0.9) 156.8 986.0 4.9 123.5

2012/12F 1.1 6.9 480.8 (63.2) (53.5) (335.1) NA NA (263.4) NA NA

2013/03F 4.6 (1.7) 906.3 (42.3) 88.5 747.8 (42.8) NA 540.4 (41.2) NA

2013/06F 1.3 (0.9) 746.4 (4.0) (17.6) 609.9 12.3 (18.4) 439.5 (0.4) (18.7)

2013/09F 1.6 (2.5) 664.4 (35.7) (11.0) 418.1 (70.0) (31.4) 300.1 (69.6) (31.7)

2013/12F (0.9) 4.3 800.8 66.5 20.5 456.5 NA 9.2 348.3 NA 16.1


PER PBR

(십억원)

70,784.2

88,522.1

90,729.0

92,189.7

94,705.5

자산총계

(십억원)

98,629.4

96,935.7

99,249.5

100,458.7

102,683.5

매출액

(십억원)

22,235.0

22,731.1

22,122.1

23,640.7

23,249.6

23,035.2

22,467.1

23,437.8

9.2

17.7

11.5

14.112.5

11.4

0

5

10

15

20

Universe

All

Universe

sector



(배)

-50

-40

-30

-20

-10

0

10

20


Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13


(%)

0102030405060708090

100

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

0

200

400

600

800

1,000

1,200

1,400

1,600PER(좌)

업종지수(우)

(P)(배)

0.0

1.0

2.0

3.0

4.0

5.0

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

0

200

400

600

800

1,000

1,200

1,400

1,600PBR(좌)

업종지수(우)

(P)(배)

41


20106020 universe기계

기계

종목수 : 6 시가총액(십억원) : 8,688.614 15 16 17 22

Top Picks

- 태광 (023160) : 월평균 300억원의 견조한 수주를 바탕으로 본격적인 실적 성장국면 진입

4 5 6 7 8 29 9 10 11 12 13


기계 12.0 1.0 8.1 1.0 10.4 # 기계(%) (3.6) (6.1) (25.1) (30.4)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) (0.4) (4.6) (22.5) (26.6)

주) FY2013기준, 단위: 배, % #

#



2010/12A (33.7) 1,259.2 1,220.0 487.6 NA 1,529.8 NA 1,716.6 5,413 24,845 309

2011/12A 10.6 1,394.7 10.8 1,262.6 159.0 661.0 (56.8) 1,808.5 2,336 26,429 309

2012/12F 6.5 1,167.4 (16.3) 242.4 (80.8) 436.7 (33.9) 1,591.3 1,543 27,588 310

2013/12F 0.2 1,233.4 5.7 967.0 298.9 723.2 65.6 1,668.8 2,553 29,779 315

2014/12F 3.9 1,478.8 19.9 1,206.7 24.8 901.7 24.7 1,925.6 3,184 32,600 315



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 8,494.8 132.6 (720.8) 7.8 11.3 17.3 1.5 8.3 0.8

2012/12F 17,554.6 7,814.0 7,822.3 117.0 (618.1) 6.2 11.1 21.3 1.2 5.3 0.9

2013/12F 18,614.4 8,434.4 8,222.2 116.4 (540.6) 6.5 10.4 12.0 1.0 8.1 1.0

2014/12F 18,766.1 9,233.5 7,867.2 103.5 (540.1) 7.5 8.9 9.6 0.9 9.3 1.0



2012/03A 11.4 (11.1) 346.3 (6.6) 18.8 270.3 (33.1) 200.7 180.2 (37.1) 141.7

2012/06A 11.5 11.9 368.2 (11.5) 6.3 210.1 (74.2) (22.3) 340.9 1.4 89.2

2012/09A 4.8 (14.2) 193.4 (25.4) (47.5) 80.7 NA (61.6) 93.7 NA (72.5)

2012/12F 3.8 21.6 259.4 (11.0) 34.1 (318.7) NA NA (178.1) NA NA

2013/03F 2.3 (12.4) 293.3 (15.3) 13.1 220.5 (18.4) NA 164.7 (8.6) NA

2013/06F (0.8) 8.5 290.4 (21.1) (1.0) 222.7 6.0 1.0 166.5 (51.2) 1.1

2013/09F (1.2) (14.5) 223.3 15.5 (23.1) 142.2 76.2 (36.2) 107.2 14.5 (35.6)

2013/12F 0.7 23.9 426.4 64.4 90.9 381.7 NA 168.5 284.7 NA 165.6


PER PBR

(십억원)

16,111.8

17,817.7

18,978.0

19,021.0

19,757.4

자산총계

(십억원)

29,226.1

26,666.8

25,830.4

27,498.0

28,469.4

매출액

(십억원)

4,468.7

5,000.1

4,291.0

5,218.2

4,570.4

4,959.6

4,238.7

5,252.4

9.2

11.4 11.5

14.112.5

11.4

0

5

10

15

Universe

All

Universe

sector



(배)

-50

-40

-30

-20

-10

0

10

20


Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13


(%)

0

10

20

30

40

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

0

200

400

600

800

1,000

1,200

1,400PER(좌)

업종지수(우)

(P)(배)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

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

0

200

400

600

800

1,000

1,200

1,400PBR(좌)

업종지수(우)

(P)(배)

42


2030 universe운송

운송

종목수 : 6 시가총액(십억원) : 14,901.314 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 21.4 1.4 6.5 0.4 9.6 # 운송(%) (8.7) (10.7) (18.2) (15.4)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) (5.5) (9.2) (15.6) (11.6)

주) FY2013기준, 단위: 배, % #

#



2010/12A 66.4 2,894.9 1,886.0 1,781.9 NA 1,296.4 NA 4,695.0 3,462 27,657 297

2011/12A 7.8 821.7 (71.6) (720.9) NA (670.2) NA 2,941.3 -1,725 23,263 157

2012/12A 9.6 974.2 18.6 481.7 NA 141.6 NA 3,280.1 329 22,292 142

2013/12F 6.7 1,741.3 78.7 960.8 99.4 696.3 391.8 4,089.4 1,609 23,661 141

2014/12F 10.8 2,217.9 27.4 1,447.0 50.6 1,074.4 54.3 4,602.3 2,482 25,915 141



2010/12A 33,886.3 10,558.4 20,392.5 210.4 (2,896.9) 8.0 8.4 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

2012/12A 39,320.6 9,629.9 23,397.5 267.7 (2,771.5) 2.3 12.4 118.8 1.7 1.4 0.4

2013/12F 40,537.5 10,242.1 23,971.5 259.5 (3,257.2) 3.8 9.6 21.4 1.4 6.5 0.4

2014/12F 41,852.1 11,217.7 24,140.6 241.8 (2,872.4) 4.4 8.6 13.9 1.3 9.2 0.4



2012/03A 10.5 (2.7) (111.5) NA NA (194.9) NA NA (257.0) NA NA

2012/06A 14.7 10.3 410.0 73,171.1 NA (104.6) NA NA (54.3) NA NA

2012/09A 10.7 3.1 661.7 53.6 61.4 670.7 NA NA 512.2 NA NA

2012/12A 2.9 (7.0) 14.0 (81.4) (97.9) 110.6 NA (83.5) 19.4 NA (96.2)

2013/03F 5.9 0.1 68.3 NA 386.4 (156.4) NA NA (138.8) NA NA

2013/06F 4.5 8.8 307.0 (25.1) 349.6 (56.2) NA NA (35.5) NA NA

2013/09F 6.6 5.1 808.0 22.1 163.2 730.8 9.0 NA 556.5 8.6 NA

2013/12F 10.0 (3.9) 557.9 3,874.7 (31.0) 442.6 300.4 (39.4) 314.1 1,517.3 (43.6)


PER PBR

(십억원)

36,112.1

38,928.1

42,663.2

45,531.4

50,430.1

자산총계

(십억원)

45,096.4

47,910.5

49,339.2

51,182.0

53,501.5

매출액

(십억원)

9,927.0

10,947.2

11,287.4

10,501.6

10,509.6

11,438.7

12,027.3

11,555.8

9.2

19.1

31.9

15.5 14.616.5

0

5

10

15

20

25

30

35

Universe

All

Universe

sector



(배)

-100

-50

0

50

100

150

200

250


Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13


(%)

0

10

20

30

40

50

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

0

100

200

300

400

500

600PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

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

0

100

200

300

400

500

600PBR(좌)

업종지수(우)

(P)(배)

43


2510 universe자동차·자동차부품


종목수 : 11 시가총액(십억원) : 121,317.614 15 16 17 22

Top Picks

- 기아차 (000270) : 올해 6~7개의 신차 출시 예정. 신모델 출시로 낮은 수준의 인센티브 유지될 전망

- 현대위아 (011210) : 수익성 좋은 T/M, CVJ 등의 capa 확대로 높은 수익성 유지될 전망4 5 6 7 8 29 9 10 11 12 13


자동차·자동차부품 6.2 1.1 17.8 0.9 6.1 # 자동차·자동차부품(%) (0.8) (2.2) (13.3) (6.6)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 2.3 (0.7) (10.7) (2.8)

주) FY2013기준, 단위: 배, % #

#



2010/12A (5.8) 11,590.7 29.6 15,168.6 62.0 11,657.8 97.8 15,336.1 13,961 65,371 1,057

2011/12A 22.8 15,289.3 31.9 20,358.6 34.2 15,002.1 28.7 19,429.0 17,293 80,466 1,198

2012/12A 14.7 17,114.0 11.9 23,608.1 16.0 17,720.6 18.1 22,061.8 20,182 99,427 1,295

2013/12F 7.0 18,875.2 10.3 25,880.2 9.6 19,428.4 9.6 22,421.6 21,915 118,698 1,392

2014/12F 8.9 20,788.7 10.1 28,601.5 10.5 21,478.8 10.6 25,546.8 24,228 141,281 1,423



2010/12A 88,676.2 54,971.0 28,849.9 84.7 (3,925.0) 8.6 8.4 8.3 1.7 20.1 0.8

2011/12A 102,399.5 70,229.1 30,979.2 75.4 (6,283.3) 9.3 7.9 8.0 1.7 20.4 0.8

2012/12A 114,684.6 88,145.4 25,703.6 62.9 (7,319.9) 9.0 6.9 6.9 1.4 19.2 0.9

2013/12F 107,639.4 105,229.8 11,878.0 46.0 (6,228.3) 9.3 6.1 6.2 1.1 17.8 0.9

2014/12F 104,426.3 125,250.9 1,425.9 37.0 (5,744.8) 9.4 5.0 5.6 1.0 16.5 1.0



2012/03A 12.2 1.5 4,244.6 21.8 10.3 6,297.8 24.1 28.2 4,740.6 27.5 34.0

2012/06A 10.4 6.9 4,832.8 16.7 13.9 6,103.0 4.0 (3.1) 4,697.0 7.0 (0.9)

2012/09A 9.2 (7.6) 3,710.2 (2.6) (23.2) 5,459.9 20.5 (10.5) 3,938.9 16.8 (16.1)

2012/12A 13.4 13.1 3,663.0 (4.8) (1.3) 5,072.8 3.2 (7.1) 3,807.8 7.6 (3.3)

2013/03F 12.3 0.5 4,382.2 3.2 19.6 6,096.0 (3.2) 20.2 4,577.1 (3.5) 20.2

2013/06F 12.1 6.7 5,015.5 3.8 14.5 6,987.1 14.5 14.6 5,220.7 11.2 14.1

2013/09F 11.0 (8.5) 4,387.0 18.2 (12.5) 6,093.3 11.6 (12.8) 4,562.0 15.8 (12.6)

2013/12F 5.4 7.3 4,830.1 31.9 10.1 6,703.8 32.2 10.0 5,037.8 32.3 10.4


PER PBR

(십억원)

134,334.8

164,923.1

189,116.8

202,342.8

220,401.3

자산총계

(십억원)

146,729.3

175,953.4

206,894.8

216,827.5

234,438.8

매출액

(십억원)

44,020.2

47,068.3

43,501.3

49,189.2

49,434.1

52,764.4

48,302.7

51,841.7

9.2

6.1 5.8

9.6 9.9

7.5

0

5

10

15

Universe

All

Universe

sector



(배)

0

10

20

30

40

50


Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13


(%)

0

10

20

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

0

500

1,000

1,500

2,000PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

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

0

500

1,000

1,500

2,000PBR(좌)

업종지수(우)

(P)(배)

44


252030 universe섬유·의류

섬유·의류

종목수 : 7 시가총액(십억원) : 5,876.814 15 16 17 22

Top Picks

- LG패션 (093050) : 보수적인 재고자산 평가손실 소멸 효과와 타이트한 판관비 관리로 이익 개선 사이클 기대, 벨류에이션 매력 부각될 전망

- 영원무역 (111770) : 방글라데시와 베트남 최대 생산 Capa 확보로 글로벌 소싱에서 우위, 지속적인 투자와 성장 긍정적 4 5 6 7 8 29 9 10 11 12 13


섬유·의류 9.7 1.4 12.3 0.9 5.3 # 섬유·의류(%) 3.3 9.2 4.2 (0.9)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 6.5 10.7 6.8 2.9

주) FY2013기준, 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 1.1 772.4 (16.5) 783.1 (5.3) 493.3 5.5 949.3 8,793 66,904 788

2013/12F 8.4 951.3 23.2 969.8 23.8 608.4 23.3 1,145.4 10,738 76,257 924

2014/12F 9.5 1,102.2 15.9 1,139.8 17.5 722.6 18.8 1,300.2 12,753 87,820 1,016



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 1,969.0 3,767.5 (71.7) 20.4 (376.9) 12.1 6.1 10.9 1.4 11.5 0.8

2013/12F 2,085.8 4,320.8 (392.8) 17.2 (359.0) 13.7 5.3 9.7 1.4 12.3 0.9

2014/12F 2,139.7 4,976.0 (803.8) 14.7 (247.5) 14.5 4.5 8.1 1.2 12.6 1.0



2012/03A 25.8 (27.4) 150.6 (0.6) (45.9) 187.0 24.6 (11.0) 118.3 31.1 16.8

2012/06A 21.1 16.6 230.8 1.4 53.3 263.8 15.8 41.1 159.9 10.9 35.1

2012/09A (0.5) (2.9) 203.9 (13.4) (11.6) 246.0 19.9 (6.7) 132.6 23.9 (17.0)

2012/12F (5.7) 14.8 187.2 (32.8) (8.2) 86.3 (58.9) (64.9) 82.5 (18.6) (37.8)

2013/03F 2.8 (20.9) 164.1 9.0 (12.3) 172.4 (7.8) 99.8 114.2 (3.4) 38.4

2013/06F 6.2 20.4 256.5 11.1 56.3 270.4 2.5 56.9 172.4 7.9 50.9

2013/09F 9.1 (0.3) 228.6 12.1 (10.9) 243.2 (1.1) (10.1) 145.5 9.7 (15.6)

2013/12F 14.1 20.1 302.2 61.4 32.2 283.8 228.9 16.7 176.2 113.5 21.1


PER PBR

(십억원)

4,530.8

6,336.5

6,403.0

6,940.0

7,597.1

자산총계

(십억원)

4,382.2

5,773.1

6,244.8

7,016.2

7,848.3

매출액

(십억원)

1,393.2

1,623.9

1,576.4

1,809.6

1,432.2

1,724.5

1,719.1

2,064.2

9.2 9.3

0.0

16.7 17.1

14.1

0

5

10

15

20

Universe

All

Universe

sector



(배)

-5

0

5

10

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20


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Jan-13

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(%)

0

10

20

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

0

200

400

600

800

1,000

1,200PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

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

0

200

400

600

800

1,000

1,200PBR(좌)

업종지수(우)

(P)(배)

45


253010 universe호텔·레저

호텔·레저

종목수 : 5 시가총액(십억원) : 12,531.514 15 16 17 22

Top Picks

- 강원랜드 (035250) : 신규영업장 4월부터 부분영업 개시할 예정으로 2분기부터 실적 개선 예상, 게임기구 증설은 중장기 실적 증가에 기여

- 호텔신라 (008770) : 입출국객수 고성장 지속으로 국내 면세사업 실적 개선이 예상되고, 비즈니스 호텔, 해외 면세점 등은 중장기 성장원4 5 6 7 8 29 9 10 11 12 13


호텔·레저 16.9 2.6 15.9 2.4 9.9 # 호텔·레저(%) 6.7 9.3 18.4 25.8

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 9.9 10.8 21.0 29.6

주) FY2013기준, 단위: 배, % #

#



2010/12A 12.2 810.7 14.7 778.3 7.2 583.1 3.6 945.9 8,373 44,999 3,777

2011/12A 15.2 845.6 4.3 813.7 4.5 565.7 (3.0) 1,003.1 7,989 52,700 3,585

2012/12A 14.6 826.7 (2.2) 867.7 6.6 683.2 20.8 994.9 9,640 59,172 3,805

2013/12F 11.8 954.7 15.5 982.7 13.2 742.0 8.6 1,140.3 10,470 65,450 4,309

2014/12F 11.7 1,110.2 16.3 1,148.9 16.9 874.3 17.8 1,301.5 12,337 73,060 4,718



2010/12A 1,662.7 3,133.8 (715.9) 21.3 (384.0) 21.7 8.7 15.3 2.7 18.5 2.9

2011/12A 1,993.4 3,734.8 (900.7) 24.4 (323.6) 19.7 8.7 17.0 2.4 15.1 2.6

2012/12A 2,280.0 4,193.5 (1,059.5) 24.2 (329.7) 16.8 10.2 16.4 2.6 16.2 2.4

2013/12F 2,482.2 4,638.4 (1,303.3) 22.7 (302.8) 17.3 9.9 16.9 2.6 15.9 2.4

2014/12F 2,657.2 5,177.7 (1,663.6) 19.9 (280.6) 18.0 8.4 14.3 2.3 16.7 2.7



2012/03A 24.1 5.6 232.2 12.6 35.6 241.9 21.1 48.6 182.9 67.8 50.0

2012/06A 19.6 3.8 225.3 10.0 (3.0) 237.8 19.6 (1.7) 177.4 23.9 (3.0)

2012/09A 13.9 8.4 219.4 (13.9) (2.6) 253.1 5.6 6.5 188.8 4.4 6.4

2012/12A 7.7 (9.3) 149.6 (12.6) (31.8) 135.0 (17.1) (46.7) 134.2 10.0 (28.9)

2013/03F 4.9 2.9 212.1 (8.7) 41.7 216.1 (10.7) 60.1 153.5 (16.1) 14.4

2013/06F 6.3 5.1 213.2 (5.4) 0.5 221.8 (6.7) 2.7 157.5 (11.2) 2.6

2013/09F 15.5 17.8 292.8 33.4 37.3 301.7 19.2 36.0 217.9 15.4 38.4

2013/12F 20.0 (5.8) 236.7 58.2 (19.1) 243.0 80.1 (19.5) 213.1 58.8 (2.2)


PER PBR

(십억원)

3,735.8

4,302.3

4,929.2

5,511.3

6,155.6

자산총계

(십억원)

4,817.3

5,741.6

6,504.3

7,161.1

7,889.4

매출액

(십억원)

1,178.3

1,223.1

1,325.6

1,202.1

1,236.6

1,300.1

1,531.6

1,443.0

9.2

16.314.4

18.2 18.9

14.8

0

5

10

15

20

Universe

All

Universe

sector



(배)

-10

0

10

20

30

40


Oct-12

Nov-12

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Jan-13

Feb-13

Mar-13


(%)

0

10

20

30

40

50

60

70

80

90

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

0

50

100

150

200

250PER(좌)

업종지수(우)

(P)(배)

0.0

2.0

4.0

6.0

8.0

10.0

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

0

50

100

150

200

250PBR(좌)

업종지수(우)

(P)(배)

46


253020 universe교육서비스

교육서비스

종목수 : 2 시가총액(십억원) : 1,117.814 15 16 17 22

Top Picks

4 5 6 7 8 29 9 10 11 12 13


교육서비스 10.0 1.0 10.3 4.2 4.2 # 교육서비스(%) (0.6) (1.5) 9.2 (14.5)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 2.6 0.0 11.8 (10.8)

주) FY2013기준, 단위: 배, % #

#



2010/12A (4.3) 138.9 (4.1) 156.5 (10.0) 110.2 (11.7) 187.9 9,975 86,483 3,394

2011/12A 4.3 135.9 (2.2) 164.6 5.2 121.0 9.8 190.4 10,951 88,087 4,747

2012/12F (7.7) 94.9 (30.1) 116.1 (29.5) 79.1 (34.6) 137.1 7,159 93,109 3,701

2013/12F 5.1 119.6 26.0 147.1 26.7 111.6 41.1 156.5 10,104 99,542 4,460

2014/12F 4.9 132.0 10.3 161.7 10.0 122.8 10.0 170.6 11,114 106,240 4,554



2010/12A 279.6 955.4 (350.1) 0.5 (52.1) 13.4 7.3 15.5 1.7 11.4 2.0

2011/12A 254.2 973.1 (379.1) 0.4 (13.4) 12.6 4.9 10.8 1.3 12.4 3.9

2012/12F 222.9 1,028.6 (375.1) 0.5 (64.2) 9.5 5.3 14.0 1.0 7.8 3.6

2013/12F 238.1 1,099.6 (439.9) 0.5 (51.2) 11.4 4.2 10.0 1.0 10.3 4.2

2014/12F 265.9 1,173.6 (489.2) 0.5 (48.0) 12.0 3.6 9.1 0.9 10.6 4.3



2012/03A 0.5 33.2 21.4 (16.6) 35.1 39.3 24.1 51.1 31.6 1.0 134.2

2012/06A (2.5) (0.4) 25.4 (38.7) 18.4 24.4 (52.9) (38.0) 20.2 (42.8) (35.9)

2012/09A (7.8) 0.5 32.2 (30.4) 26.8 35.0 (27.8) 43.7 28.2 (31.1) 39.3

2012/12F 1.8 (23.7) 15.9 0.2 (50.6) 17.4 (33.3) (50.5) (0.9) NA NA

2013/03F 0.7 31.8 26.8 24.9 68.3 42.5 8.3 145.2 33.8 7.1 NA

2013/06F 1.3 0.2 30.8 21.3 15.0 28.2 15.5 (33.8) 22.9 13.2 (32.3)

2013/09F 2.9 2.1 41.4 28.6 34.4 44.3 26.3 57.1 35.1 24.5 53.3

2013/12F 18.5 (12.1) 20.7 29.9 (50.1) 32.1 85.0 (27.5) 19.8 NA (43.5)


PER PBR

(십억원)

1,037.3

1,081.5

998.2

1,048.9

1,100.6

자산총계

(십억원)

1,242.1

1,229.7

1,225.8

1,336.2

1,428.1

매출액

(십억원)

265.3

264.3

265.7

202.8

267.3

267.9

273.4

240.4

9.2 9.8

0.0

21.8

14.9

0.0

0

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25

Universe

All

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(배)

0

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Mar-13


(%)

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

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300

400

500

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700PBR(좌)

업종지수(우)

(P)(배)

47


2540 universe미디어·광고

미디어·광고

종목수 : 11 시가총액(십억원) : 10,726.814 15 16 17 22

Top Picks

- 스카이라이프 (053210) : 디지털전환 및 공동주택 침투율 상승으로 가입자가 늘어나고 가입자 증가, 플랫폼매출 확대, 비용통제로 수익성 개선 예상

4 5 6 7 8 29 9 10 11 12 13


미디어·광고 16.3 1.9 12.1 0.3 6.4 # 미디어·광고(%) 7.8 19.2 3.8 23.4

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 11.0 20.6 6.3 27.2

주) FY2013기준, 단위: 배, % #

#



2010/12A 36.4 205.0 56.5 234.4 17.2 169.4 9.4 295.5 4,139 43,265 1,153

2011/12A 84.3 477.5 132.9 479.4 104.5 367.6 117.0 927.2 3,516 32,987 389

2012/12F 40.3 644.8 35.0 583.8 21.8 466.1 26.8 1,292.5 3,103 31,602 189

2013/12F 17.8 871.3 35.1 867.2 48.5 657.5 41.1 1,567.0 4,373 35,237 202

2014/12F 15.0 1,074.0 23.3 1,085.1 25.1 823.5 25.3 1,848.9 5,477 40,566 202



2010/12A 1,494.0 1,848.5 (557.2) 18.7 (91.5) 7.5 10.0 19.0 1.7 7.9 1.5

2011/12A 2,970.0 3,672.9 (806.9) 22.1 (291.4) 9.5 7.2 20.1 2.0 9.7 0.6

2012/12F 3,885.4 4,751.2 (361.3) 27.8 (583.9) 9.1 7.2 20.4 1.9 9.6 0.3

2013/12F 4,753.6 5,297.8 (787.9) 23.7 (642.3) 10.4 6.4 16.3 1.9 12.1 0.3

2014/12F 5,522.0 6,098.9 (1,330.6) 18.6 (637.4) 11.2 5.2 13.0 1.7 13.2 0.3



2012/03A 54.5 (17.6) 42.0 (39.0) (53.8) 44.6 (37.4) (55.1) 35.4 (28.7) (51.3)

2012/06A 22.3 28.4 156.5 4.0 272.2 152.9 4.3 243.1 144.9 24.0 309.7

2012/09A 20.9 0.3 107.2 (5.1) (31.5) 113.6 3.4 (25.7) 86.5 1.7 (40.3)

2012/12F 82.8 72.2 295.8 225.3 176.0 175.0 76.4 54.0 169.0 132.6 95.5

2013/03F 41.2 (36.3) 130.0 209.3 (56.1) 132.1 196.5 (24.5) 99.8 182.3 (40.9)

2013/06F 37.6 25.1 242.3 54.8 86.3 237.6 55.4 79.8 178.0 22.9 78.3

2013/09F 32.6 (3.3) 195.7 82.6 (19.2) 198.8 74.9 (16.3) 150.1 73.6 (15.7)

2013/12F (3.0) 25.9 303.3 2.5 54.9 298.7 70.7 50.3 229.5 35.8 52.9


PER PBR

(십억원)

2,739.2

5,048.1

7,083.6

8,347.8

9,598.7

자산총계

(십억원)

3,635.3

6,751.2

8,749.5

10,173.5

11,761.0

매출액

(십억원)

1,186.1

1,523.2

1,527.6

2,630.4

1,675.1

2,095.8

2,025.9

2,551.1

9.2

15.5

18.615.9 15.9

20.8

0

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Universe

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Mar-13


(%)

0

10

20

30

40

50

60

70

80

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

0

50

100

150

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250PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

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

0

50

100

150

200

250PBR(좌)

업종지수(우)

(P)(배)

48


2550 universe유통

유통

종목수 : 9 시가총액(십억원) : 32,819.814 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 11.3 1.0 8.4 0.6 7.1 # 유통(%) 1.1 3.0 8.8 3.0

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 4.2 4.5 11.4 6.7

주) FY2013기준, 단위: 배, % #

#



2010/12A (23.1) 2,660.5 (5.3) 2,816.7 3.1 2,741.4 65.5 3,315.4 23,689 209,374 1,666

2011/12A 64.1 3,675.2 38.1 3,595.2 27.6 5,683.7 107.3 4,727.0 39,200 196,424 1,110

2012/12F 30.6 3,663.0 (0.3) 3,790.2 5.4 2,612.8 (54.0) 5,053.4 16,973 199,871 1,166

2013/12F 13.7 4,184.6 14.2 4,225.5 11.5 2,916.4 11.6 5,759.0 18,648 212,318 1,171

2014/12F 9.6 4,627.0 10.6 4,656.0 10.2 3,218.8 10.4 6,367.3 20,582 229,967 1,171



2010/12A 24,997.0 23,916.4 3,347.0 49.6 (1,807.1) 11.0 10.9 11.6 1.3 11.0 0.6

2011/12A 30,237.2 27,212.7 4,244.2 55.3 (3,104.3) 9.2 7.5 5.2 1.1 19.9 0.5

2012/12F 36,458.0 30,768.3 6,983.2 56.7 (4,191.1) 7.1 7.9 12.1 1.0 8.1 0.6

2013/12F 40,005.9 33,204.0 6,584.3 54.2 (4,276.7) 7.1 7.1 11.3 1.0 8.4 0.6

2014/12F 42,481.4 35,964.2 5,185.9 50.6 (3,107.5) 7.1 6.3 10.2 0.9 8.5 0.6



2012/03A 80.7 11.6 942.9 21.3 (3.9) 978.3 3.7 3.0 694.2 (15.1) 40.1

2012/06A 79.1 (2.7) 919.1 22.3 (2.5) 891.2 11.9 (8.9) 628.2 (83.2) (9.5)

2012/09A 19.0 7.2 880.6 (1.4) (4.2) 916.8 36.4 2.9 650.9 42.5 3.6

2012/12F 23.0 5.6 920.7 (6.2) 4.6 1,003.6 5.6 9.5 639.6 29.1 (1.7)

2013/03F 11.2 1.0 990.0 5.0 7.5 1,015.0 3.7 1.1 697.7 0.5 9.1

2013/06F 14.3 0.0 1,024.7 11.5 3.5 1,031.0 15.7 1.6 711.3 13.2 2.0

2013/09F 15.9 8.7 1,011.5 14.9 (1.3) 1,015.7 10.8 (1.5) 709.3 9.0 (0.3)

2013/12F 13.1 3.1 1,158.8 25.9 14.6 1,163.5 15.9 14.5 795.2 24.3 12.1


PER PBR

(십억원)

24,241.3

39,775.0

51,957.4

59,070.7

64,753.9

자산총계

(십억원)

49,916.8

58,779.0

68,708.1

74,901.2

80,372.8

매출액

(십억원)

12,621.2

12,283.1

13,162.6

13,902.6

14,038.6

14,042.9

15,260.7

15,728.5

9.210.9 10.2

18.3 19.0

13.7

0

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Universe

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(배)

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(%)

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30

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

0

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700

800PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

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

0

100

200

300

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600

700

800PBR(좌)

업종지수(우)

(P)(배)

49


3020 universe음식료·담배

음식료·담배

종목수 : 6 시가총액(십억원) : 26,640.414 15 16 17 22

Top Picks

- 농심 (004370) : - 라면 시장점유율 개선과 프리미엄 브랜드의 매출 성장으로 ASP 상승, 수익성 긍정적 전망

- 오리온 (001800) : - 강한 브랜드와 영업력을 기반으로 해외 고성장 이어져 Peer대비 프리미엄 이유 충분4 5 6 7 8 29 9 10 11 12 13


음식료·담배 15.0 1.7 10.0 0.3 9.1 # 음식료·담배(%) (0.8) (3.3) (0.8) 12.2

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 2.4 (1.8) 1.7 16.0

주) FY2013기준, 단위: 배, % #

#



2010/12A 6.2 2,265.9 12.9 2,996.2 53.1 2,167.2 52.9 2,792.8 12,427 71,160 3,006

2011/12A 10.9 2,098.6 (7.4) 2,135.5 (28.7) 1,441.4 (33.5) 2,711.7 8,243 73,173 3,001

2012/12A 25.6 2,292.7 9.2 1,951.5 (8.6) 1,323.4 (8.2) 3,082.3 7,561 76,569 521

2013/12F 11.0 2,787.7 21.6 2,685.0 37.6 1,776.6 34.3 3,566.3 10,150 85,364 544

2014/12F 9.8 3,222.5 15.6 3,160.9 17.7 2,103.6 18.4 4,062.8 12,018 95,617 567



2010/12A 7,909.8 12,432.7 332.9 26.1 (892.1) 14.9 6.6 8.3 1.4 17.1 2.9

2011/12A 11,478.8 12,806.7 3,232.9 40.5 (1,410.9) 12.4 10.7 16.3 1.7 9.5 2.2

2012/12A 12,425.4 13,401.7 3,414.1 40.4 (1,777.4) 10.8 10.9 20.8 2.0 8.3 0.3

2013/12F 13,165.2 14,941.7 3,027.9 37.6 (1,630.9) 11.8 9.1 15.0 1.7 10.0 0.3

2014/12F 12,756.6 16,736.3 3,347.1 34.2 (1,709.5) 12.4 8.1 12.7 1.5 10.7 0.4



2012/03A 30.0 23.5 587.5 21.4 65.8 567.2 13.6 22.8 390.0 12.7 43.5

2012/06A 32.1 3.1 550.6 10.1 (6.3) 476.1 (2.1) (16.1) 308.2 (12.5) (21.0)

2012/09A 27.7 9.6 660.1 2.6 19.9 597.5 6.6 25.5 415.6 8.4 34.8

2012/12A 87.1 34.1 492.2 38.9 (25.4) 310.7 (32.7) (48.0) 208.9 (23.2) (49.7)

2013/03F 10.9 (26.8) 620.3 5.6 26.0 596.8 5.2 92.1 399.7 2.5 91.3

2013/06F 10.9 3.1 624.9 13.5 0.7 606.5 27.4 1.6 412.1 33.7 3.1

2013/09F 10.9 9.5 769.2 16.5 23.1 704.9 18.0 16.2 474.6 14.2 15.2

2013/12F 11.0 34.3 772.5 57.0 0.4 781.1 151.4 10.8 490.2 134.6 3.3


PER PBR

(십억원)

15,253.1

16,921.1

21,256.7

23,600.0

25,921.3

자산총계

(십억원)

20,595.5

26,599.0

28,433.0

30,854.2

32,401.1

매출액

(십억원)

4,546.9

4,685.7

5,135.6

6,888.4

5,041.9

5,197.3

5,693.3

7,648.0

9.2

14.4 14.617.1 16.1

19.5

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

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100

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업종지수(우)

(P)(배)

0.0

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1.0

1.5

2.0

2.5

3.0

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

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업종지수(우)

(P)(배)

50


3030 universe생활용품

생활용품

종목수 : 5 시가총액(십억원) : 18,338.314 15 16 17 22

Top Picks

- LG생활건강 (051900) : 견고한 실적, 해외 모멘텀, 업종 호황속 업종 대형 대표주로서의 매력

- 한국콜마 (161890) : 상대적인 valuation 매력과 해외스토리 본격화, 제약 ODM 캐털리스트 긍정적 4 5 6 7 8 29 9 10 11 12 13


생활용품 22.3 3.6 16.3 0.5 12.2 # 생활용품(%) (3.0) (9.6) (5.1) 4.3

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 0.2 (8.1) (2.5) 8.1

주) FY2013기준, 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 17.9 940.3 8.9 924.7 4.2 682.0 4.3 1,257.0 20,403 129,059 3,218

2013/12F 14.2 1,116.4 18.7 1,105.1 19.5 823.1 20.7 1,511.7 24,624 150,215 3,218

2014/12F 13.1 1,310.5 17.4 1,301.2 17.7 970.9 18.0 1,782.9 29,046 175,930 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 2,949.0 4,314.1 (14.4) 16.4 (695.2) 11.9 16.4 30.3 4.7 15.7 0.5

2013/12F 3,019.6 5,021.3 130.5 18.4 (631.8) 12.3 12.2 22.3 3.6 16.3 0.5

2014/12F 3,077.0 5,880.8 (220.9) 14.9 (618.4) 12.8 10.2 18.9 3.1 16.4 0.5



2012/03A 13.2 19.0 308.5 11.1 99.2 310.7 13.7 58.4 225.6 9.6 57.7

2012/06A 13.4 1.1 232.3 8.1 (24.7) 220.9 7.5 (28.9) 156.6 5.3 (30.6)

2012/09A 15.2 3.2 248.7 14.9 7.0 241.6 13.8 9.4 178.8 14.5 14.2

2012/12F 13.2 (8.9) 128.4 (17.1) (48.4) 124.7 (36.4) (48.4) 101.6 (28.9) (43.2)

2013/03F 14.4 20.3 342.7 11.1 166.9 341.6 10.0 174.0 255.0 13.0 150.8

2013/06F 11.7 (1.2) 272.8 17.4 (20.4) 258.1 16.8 (24.5) 190.4 21.6 (25.3)

2013/09F 3.9 (4.0) 309.1 24.3 13.3 306.5 26.9 18.8 223.7 25.1 17.5

2013/12F 44.8 27.0 176.8 37.7 (42.8) 189.0 51.6 (38.3) 149.3 46.9 (33.2)


PER PBR

(십억원)

5,670.5

6,727.3

7,933.9

9,063.7

10,255.0

자산총계

(십억원)

4,557.6

6,105.0

7,285.3

8,077.4

9,010.2

매출액

(십억원)

1,910.0

1,931.9

1,994.0

1,816.4

2,185.0

2,158.7

2,071.8

2,630.2

9.2

21.418.3 18.7 17.9

24.4

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업종지수(우)

(P)(배)

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

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업종지수(우)

(P)(배)

51


3520 universe제약·바이오

제약·바이오

종목수 : 6 시가총액(십억원) : 7,865.014 15 16 17 22

Top Picks

- 녹십자 (006280) : 가장 가시성이 높은 해외진출 스토리 보유(독감백신 및 혈액제제)

- 유한양행 (000100) : API 사업 가치 상승과 고수익 품목도입으로 2013년 강한 실적반등(영업이익 129% YoY)4 5 6 7 8 29 9 10 11 12 13


제약·바이오 21.1 2.0 10.6 0.6 15.1 # 제약·바이오(%) 5.6 16.9 23.3 66.0

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 8.8 18.4 25.9 69.8

주) FY2013기준, 단위: 배, % #

#



2010/12A 23.5 400.3 2.3 441.2 4.7 332.4 (1.4) 519.7 5,706 54,206 781

2011/12A 5.6 310.7 (22.4) 323.1 (26.8) 248.4 (25.3) 426.2 4,196 55,805 791

2012/12A 5.1 253.2 (18.5) 260.4 (19.4) 254.4 2.4 369.2 4,211 58,827 798

2013/12F 11.5 366.8 44.9 371.3 42.6 373.2 46.7 509.1 6,168 63,805 798

2014/12F 11.2 480.2 30.9 492.7 32.7 474.9 27.2 638.6 7,848 70,228 798



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

2012/12A 1,915.6 3,560.0 195.7 31.7 (166.9) 6.1 18.4 26.8 1.8 7.6 0.7

2013/12F 2,299.0 3,861.2 145.5 31.9 (233.1) 7.9 15.1 21.1 2.0 10.6 0.6

2014/12F 2,515.1 4,249.9 184.0 32.1 (208.3) 9.3 11.9 16.6 1.8 12.5 0.6



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 8.9 14.7 50.0 (44.1) 8.2 44.0 (48.2) (43.6) 42.7 (48.2) (27.2)

2012/09A 4.1 3.4 97.9 (19.1) 95.9 99.2 (15.1) 125.7 86.7 (19.4) 102.9

2012/12A 5.8 (5.6) 60.1 402.9 (38.6) 60.6 80.9 (38.9) 66.3 NA (23.6)

2013/03F (1.9) (12.4) 60.8 31.6 1.0 59.1 (24.1) (2.5) 83.1 41.5 25.3

2013/06F 0.0 16.9 72.5 45.1 19.3 70.4 60.1 19.0 95.3 122.9 14.7

2013/09F 10.1 13.9 125.1 27.8 72.5 122.3 23.3 73.8 131.4 51.5 37.9

2013/12F 36.8 17.2 108.5 80.4 (13.3) 119.5 97.0 (2.3) 63.5 (4.2) (51.7)


PER PBR

(십억원)

3,732.8

3,943.5

4,142.7

4,620.1

5,138.6

자산총계

(십억원)

4,732.9

5,013.7

5,260.9

5,819.9

6,302.3

매출액

(십억원)

930.6

1,066.9

1,103.4

1,041.8

912.9

1,067.0

1,215.3

1,424.9

9.2

19.9 20.8

14.5 14.6

20.8

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업종지수(우)

(P)(배)

0.0

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

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업종지수(우)

(P)(배)

52


4010 universe은행

은행

종목수 : 8 시가총액(십억원) : 66,735.914 15 16 17 22

Top Picks

- 하나금융지주 (086790) : 탄탄한 자산건전성. 2012년에는 비경상적 손실/비용으로 부진했으나 2013년 경상적 이익증가율 50% 예상

- KB금융 (105560) : 선제적 관리로 자산건전성 양호. 업계 최고수준의 자본비율. 새정부 이후 우리금융 M&A 모멘텀 존재4 5 6 7 8 9 10 11 12 13

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

은행 7.7 0.6 6.5 2.0 - 은행(%) (7.2) (1.0) (5.1) (15.4)

유니버스 9.6 1.0 11.2 1.3 1.2 KOSPI 대비(%p) (4.0) 0.5 (2.6) (11.6)

주) FY2013기준, 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 (2.2) 13,800.8 (24.4) 13,496.0 (22.6) 10,086.9 (20.4) 22,775.0 2,849 31,651 388

2013/12F (5.4) 11,660.8 (15.5) 11,623.9 (13.9) 8,678.9 (14.0) 20,118.7 2,454 34,120 388

2014/12F 4.9 12,856.6 10.3 12,819.8 10.3 9,565.4 10.2 21,538.3 2,704 36,785 454

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 1,485,417.4 111,949.4 1,112,757.7 11.1 953,034.8 1.4 2.9 6.6 0.6 8.1 2.0

2013/12F 1,525,071.0 120,685.0 1,162,795.5 4.5 1,004,905.6 1.2 3.3 7.7 0.6 6.5 2.0

2014/12F 1,569,490.2 130,111.2 1,217,055.4 4.7 1,059,857.5 1.3 3.1 7.0 0.5 6.7 2.3



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 (20.5) (13.9) 3,424.6 (50.2) (39.9) 3,220.1 (50.3) (42.7) 2,299.8 (51.8) (47.4)

2012/09A 11.5 0.5 3,043.5 (16.6) (11.1) 2,927.2 (20.0) (9.1) 2,192.6 (17.8) (4.7)

2012/12F (4.3) (7.6) 1,637.1 (35.0) (46.2) 1,627.9 (27.4) (44.4) 1,221.2 (25.3) (44.3)

2013/03F (17.0) 3.8 3,282.7 (42.4) 100.5 3,273.5 (41.8) 101.1 2,443.1 (44.1) 100.1

2013/06F (3.7) (0.1) 2,861.6 (16.4) (12.8) 2,852.4 (11.4) (12.9) 2,132.6 (7.3) (12.7)

2013/09F (3.8) 0.3 3,051.0 0.2 6.6 3,041.8 3.9 6.6 2,272.5 3.6 6.6

2013/12F 5.7 1.5 2,465.4 50.6 (19.2) 2,456.2 50.9 (19.3) 1,830.7 49.9 (19.4)


PER PBR

(십억원)

35,711.8

44,399.7

43,424.6

41,082.4

43,089.0

자산총계

(십억원)

1,238,377.1

1,413,809.7

1,610,740.0

1,659,624.7

1,714,011.6

영업수익

(십억원)

12,319.6

10,602.3

10,655.6

9,847.2

10,220.1

10,211.6

10,246.4

10,404.3

9.2

7.5 7.6

10.4 10.5

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2008 2009 2010 2011 2012 2013

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업종지수(우)

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업종지수(우)

(P)(배)

53


40203020 universe증권

증권

종목수 : 6 시가총액(십억원) : 14,284.114 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 19.9 0.8 4.2 1.4 - 증권(%) (6.3) (2.5) (10.0) (16.8)

유니버스 9.6 1.0 11.2 1.3 1.2 KOSPI 대비(%p) (3.1) (1.0) (7.4) (13.0)

주) FY2013기준, 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 27.1 0.8 3.2 1.1

2014/03F 84,128.4 17,289.4 70,683.2 2,058.2 1,616.6 51,717.9 106.7 19.9 0.8 4.2 1.4

2015/03F 86,709.8 17,824.4 72,918.0 2,113.0 1,631.5 60,802.5 105.4 19.6 0.8 4.1 1.5



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)

2012/09A (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

(십억원)

16,305.0

16,046.7

16,996.8

18,255.9

19,613.0

자산총계

(십억원)

75,012.7

91,044.2

98,077.0

101,417.7

104,534.2

영업수익

(십억원)

2,929.7

4,136.3

4,210.6

4,286.4

4,363.6

4,442.2

4,522.4

4,604.0

9.2

19.9

13.411.5 11.2

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200

250PBR(좌)

업종지수(우)

(P)(배)

54


4030 universe보험

보험

종목수 : 8 시가총액(십억원) : 46,759.214 15 16 17 22

Top Picks

- 삼성화재 (000810) : RBC 규제 강화에도 불구하고 자사주 매입 및 배당성향 유지 가능. 또한 2013년에는 해외진출 본격화

- LIG손해보험 (002550) : 상위사와의 갭축소 진행되는 가운데 저평가 매력 부각. 신정부 경제 민주화 과정에서 소유구조 변화 가능성에도 주목4 5 6 7 8 9 10 11 12 13


보험 12.8 1.0 7.5 2.4 - 보험(%) (3.7) (1.8) (0.9) (0.3)

유니버스 9.6 1.0 11.2 1.3 1.2 KOSPI 대비(%p) (0.5) (0.3) 1.7 3.5

주) FY2013기준, 단위: 배, %

연간추정 영업수익 영업이익 세전이익 순이익 수정순이익 수정EPS 수정BPS DPS


2011/03A 51.9 3,558.0 116.8 5,248.1 131.6 3,816.3 121.8 1,675.9 4,061 34,318 1,107

2012/03A 13.1 3,325.9 (6.5) 4,622.3 (11.9) 3,485.5 (8.7) 2,004.1 3,721 42,402 1,175

2013/03F 21.8 3,116.7 (6.3) 4,566.9 (1.2) 3,502.7 0.5 1,989.9 3,738 48,583 1,148

2014/03F 8.2 3,162.9 1.5 4,821.3 5.6 3,654.6 4.3 2,090.9 3,900 51,906 1,229

2015/03F 4.2 3,304.1 4.5 5,206.6 8.0 3,946.6 8.0 2,318.4 4,212 55,496 1,357

부채총계 자본총계 수정 운용자산 손해율 사업비율 투자 수정PER 수정PBR 수정ROE DY

자기자본 수익률

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

2011/03A 258,719.9 32,126.8 12,837.1 65,083.9 37.0 21.5 4.4 13.0 1.5 11.9 2.1

2012/03A 294,379.7 39,734.2 15,123.7 81,546.1 36.5 17.9 3.8 13.6 1.2 8.8 2.3

2013/03F 338,359.3 45,526.6 17,442.6 98,069.1 32.2 18.3 3.4 13.3 1.0 7.7 2.3

2014/03F 369,795.9 48,640.7 18,843.7 106,912.9 24.1 18.3 3.3 12.8 1.0 7.5 2.4

2015/03F 406,186.6 52,004.5 20,420.4 116,544.6 23.6 17.8 3.2 11.8 0.9 7.6 2.7



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

2012/06A 15.9 (2.1) 937.7 (19.0) (4.4) 1,304.3 (11.3) (2.5) 1,008.2 (11.5) (5.3)

2012/09A 28.6 16.0 864.8 56.7 (7.8) 1,233.3 42.6 (5.4) 956.5 51.2 (5.1)

2012/12F 24.8 1.1 531.8 (16.3) (38.5) 864.6 (9.0) (29.9) 655.2 1.0 (31.5)

2013/03F 18.0 2.8 782.4 (20.2) 47.1 1,164.7 (12.9) 34.7 882.8 (17.1) 34.7

2013/06F 18.1 (2.1) 810.3 (13.6) 3.6 1,199.8 (8.0) 3.0 909.5 (9.8) 3.0

2013/09F 6.8 4.9 749.5 (13.3) (7.5) 1,152.4 (6.6) (4.0) 873.5 (8.7) (4.0)

2013/12F 5.9 0.3 600.2 12.9 (19.9) 1,025.7 18.6 (11.0) 777.5 18.7 (11.0)


PER PBR

(십억원)

59,274.3

67,045.3

81,663.6

88,399.4

92,086.6

자산총계

(십억원)

290,846.7

334,113.9

383,885.8

418,436.6

458,191.1

영업수익

(십억원)

18,386.1

17,991.1

20,868.4

21,101.5

21,702.6

21,253.7

22,286.0

22,348.4

9.2

12.110.8 11.3 11.3

14.1

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1,000PER(좌)

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(P)(배)

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

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업종지수(우)

(P)(배)

55


4510 universe인터넷·소프트웨어


종목수 : 4 시가총액(십억원) : 18,017.614 15 16 17 22

Top Picks

- NHN (035420) : 모바일 메신저 "라인"의 수익모델 본격화와 위닝일레븐 온라인 등 신규 게임 출시로 게임 매출 회복 예상

- 엔씨소프트 (036570) : 리니지1등 기존 게임 매출이 견조하게 유지될 전망이여 블레이드앤소울 중국서비스 개시 등으로 하반기부터 성장 재개 예상4 5 6 7 8 29 9 10 11 12 13


인터넷·소프트웨어 18.3 3.2 21.3 0.4 10.6 # 인터넷·소프트웨어(%) 3.5 13.3 (14.8) (16.4)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 6.7 14.7 (12.2) (12.7)

주) FY2013기준, 단위: 배, % #

#



2010/12A 12.1 1,037.9 10.8 919.5 0.3 765.9 12.2 1,187.3 72,936 253,301 2,187

2011/12A 18.4 1,042.0 0.4 1,017.5 10.7 752.2 (1.8) 1,204.4 71,437 297,904 5,743

2012/12F 11.8 1,065.5 2.3 1,064.8 4.6 783.1 4.1 1,248.4 74,288 357,105 5,682

2013/12F 15.7 1,285.0 20.6 1,283.9 20.6 982.3 25.4 1,490.2 93,120 432,924 6,494

2014/12F 14.2 1,612.9 25.5 1,630.1 27.0 1,251.5 27.4 1,826.8 118,644 544,712 7,355



2010/12A 1,208.4 2,664.5 (1,542.4) 8.6 (201.9) 32.2 13.4 22.8 5.1 28.6 0.1

2011/12A 1,495.6 3,138.3 (1,525.0) 13.4 (453.8) 27.3 14.9 25.8 4.7 23.7 0.3

2012/12F 1,514.6 3,765.5 (1,699.3) 11.2 (333.8) 24.9 11.5 20.4 3.4 20.6 0.4

2013/12F 1,580.0 4,566.7 (2,203.9) 9.3 (185.4) 26.0 10.6 18.3 3.2 21.3 0.4

2014/12F 1,708.1 5,745.9 (3,055.8) 7.4 (341.0) 28.6 8.2 14.4 2.7 21.7 0.4



2012/03A 13.1 1.5 249.6 (10.2) (2.4) 263.7 (2.4) 10.2 198.2 (0.1) 23.6

2012/06A 4.6 (1.7) 212.4 (19.8) (14.9) 201.5 (23.9) (23.6) 143.7 (32.1) (27.5)

2012/09A 10.5 4.6 268.8 10.9 26.6 278.1 14.7 38.0 216.5 19.8 50.7

2012/12F 18.9 13.9 334.7 30.8 24.5 315.9 32.0 13.6 224.6 40.1 3.7

2013/03F 13.5 (3.1) 289.8 16.1 (13.4) 288.7 9.5 (8.6) 220.6 11.3 (1.8)

2013/06F 20.9 4.6 290.9 37.0 0.4 285.2 41.5 (1.2) 216.1 50.4 (2.0)

2013/09F 17.3 1.5 311.5 15.9 7.1 313.8 12.9 10.0 241.6 11.6 11.8

2013/12F 12.0 8.7 392.7 17.3 26.1 396.2 25.4 26.3 304.0 35.3 25.8


PER PBR

(십억원)

3,226.0

3,819.2

4,270.8

4,943.1

5,646.3

자산총계

(십억원)

3,884.8

4,671.1

5,315.2

6,181.1

7,487.7

매출액

(십억원)

1,021.4

1,003.8

1,049.7

1,195.8

1,159.3

1,213.2

1,231.8

1,338.9

9.2

17.3

13.815.0 14.7

18.1

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(%)

0102030405060708090

100110

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

0

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400

500

600

700

800PER(좌)

업종지수(우)

(P)(배)

0.0

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4.0

6.0

8.0

10.0

12.0

14.0

16.0

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

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업종지수(우)

(P)(배)

56


452010 universe통신장비·부품


종목수 : 12 시가총액(십억원) : 17,881.414 15 16 17 22

Top Picks

4 5 6 7 8 29 9 10 11 12 13


통신장비·부품 10.4 1.0 10.0 0.5 5.1 # 통신장비·부품(%) 1.9 6.8 4.3 (7.1)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 5.1 8.3 6.8 (3.3)

주) FY2013기준, 단위: 배, % #

#



2010/12A 1.9 396.0 (87.4) 779.6 (74.8) 1,515.3 (38.8) 1,782.0 8,032 75,042 425

2011/12A (1.0) 665.1 67.9 (95.3) NA (225.1) NA 2,016.6 -1,188 71,895 418

2012/12A (3.3) 1,600.9 140.7 974.5 NA 461.7 NA 3,455.5 2,250 74,026 419

2013/12F 12.9 2,313.0 44.5 2,133.5 118.9 1,718.6 272.3 4,221.0 8,365 83,195 421

2014/12F 5.3 2,846.2 23.0 2,859.9 34.1 2,281.4 32.8 4,719.7 11,104 95,548 421



2010/12A 20,554.2 14,189.2 5,312.0 53.4 (2,142.8) 0.7 14.8 13.7 1.5 10.5 0.4

2011/12A 20,814.0 14,732.4 5,215.3 53.5 (2,207.4) 1.1 9.9 NA 1.0 (1.5) 0.5

2012/12A 20,252.2 15,201.3 4,798.0 46.3 (1,874.2) 2.8 6.4 36.7 1.1 3.0 0.5

2013/12F 22,205.8 17,092.7 3,580.0 34.3 (2,080.2) 3.6 5.1 10.4 1.0 10.0 0.5

2014/12F 22,040.2 19,630.8 2,655.0 25.6 (1,917.6) 4.3 4.3 7.8 0.9 11.6 0.5



2012/03A (4.7) (11.1) 463.3 241.4 163.3 556.7 421.4 1,684.4 324.5 1,116.3 NA

2012/06A (7.9) 5.6 629.3 251.6 35.8 348.4 62.2 (37.4) 245.6 64.8 (24.3)

2012/09A (1.2) (1.9) 272.7 56.4 (56.7) 313.7 NA (10.0) 272.5 NA 11.0

2012/12A 0.7 9.4 237.8 35.1 (12.8) (241.7) NA NA (325.6) NA NA

2013/03F 9.1 (3.7) 431.8 (6.8) 81.6 300.4 (46.0) NA 263.2 (18.9) NA

2013/06F 12.0 8.4 620.3 (1.4) 43.7 534.4 53.4 77.9 440.8 79.5 67.4

2013/09F 17.3 2.7 667.4 144.7 7.6 663.0 111.4 24.1 525.8 92.9 19.3

2013/12F 13.0 5.3 593.5 149.6 (11.1) 635.7 NA (4.1) 613.8 NA 16.7


PER PBR

(십억원)

58,728.5

58,164.1

56,235.6

63,472.8

66,826.0

자산총계

(십억원)

34,996.0

35,815.7

35,694.5

39,431.7

41,602.9

매출액

(십억원)

13,310.7

14,059.7

13,785.9

15,080.1

14,522.4

15,742.2

16,173.8

17,034.3

9.2 9.7

0.0

13.412.4

16.9

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-30

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Mar-13


(%)

0

10

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30

40

50

60

70

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

0

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업종지수(우)

(P)(배)

0.0

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2.0

2.5

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

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업종지수(우)

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57


452020 universe디스플레이

디스플레이

종목수 : 8 시가총액(십억원) : 19,121.514 15 16 17 22

Top Picks

4 5 6 7 8 29 9 10 11 12 13


디스플레이 17.4 1.2 6.8 1.4 3.5 # 디스플레이(%) 0.0 1.7 (1.9) (6.0)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 3.2 3.1 0.7 (2.3)

주) FY2013기준, 단위: 배, % #

#



2010/12A 27.4 1,891.6 37.0 1,863.9 45.7 1,623.0 21.4 5,029.4 3,914 35,803 595

2011/12A (1.1) (330.8) NA (536.5) NA (283.2) NA 3,581.5 -681 34,980 194

2012/12F 18.0 1,651.9 NA 1,151.8 NA 789.5 NA 6,515.1 1,887 36,847 197

2013/12F (2.7) 1,554.4 (5.9) 1,314.0 14.1 1,098.6 39.1 6,261.1 2,625 38,853 624

2014/12F 7.4 1,872.9 20.5 1,631.4 24.2 1,369.5 24.7 6,603.7 3,272 41,480 624



2010/12A 14,744.8 14,855.4 1,689.4 35.4 (5,437.2) 5.9 5.0 14.3 1.6 10.9 1.1

2011/12A 17,552.4 14,599.8 2,967.6 40.2 (4,683.8) (1.0) 5.8 NA 1.2 (1.9) 0.5

2012/12F 16,802.6 15,422.6 2,531.8 37.9 (4,606.0) 4.4 3.3 24.3 1.2 5.1 0.4

2013/12F 16,246.6 16,261.9 2,859.1 38.5 (4,864.7) 4.3 3.5 17.4 1.2 6.8 1.4

2014/12F 16,622.0 17,361.7 2,580.4 35.8 (4,940.1) 4.8 3.3 14.0 1.1 7.9 1.4



2012/03A 11.9 (6.4) (30.0) NA NA (59.4) NA NA (17.2) NA NA

2012/06A 10.6 11.1 136.3 65.1 NA 69.0 (4.8) NA 7.5 (94.6) NA

2012/09A 18.7 7.3 393.5 NA 188.8 362.5 NA 425.5 269.6 NA 3,483.5

2012/12F 36.2 22.1 876.8 NA 122.9 780.3 NA 115.3 529.7 346.4 96.5

2013/03F 8.0 (25.8) 158.9 NA (81.9) 98.1 NA (87.4) 70.6 NA (86.7)

2013/06F (0.6) 2.3 274.3 101.3 72.6 213.6 209.7 117.7 170.2 2,162.6 141.2

2013/09F 1.9 10.0 488.9 24.2 78.2 429.5 18.5 101.1 366.1 35.8 115.1

2013/12F (15.5) 1.2 632.3 (27.9) 29.3 572.6 (26.6) 33.3 491.7 (7.2) 34.3


PER PBR

(십억원)

32,181.3

31,834.1

37,573.1

36,545.1

39,243.6

자산총계

(십억원)

29,633.3

32,155.2

32,214.5

32,495.1

33,978.1

매출액

(십억원)

7,898.9

8,772.1

9,409.2

11,493.0

8,528.2

8,720.8

9,589.8

9,706.3

9.2

16.5

0.0

9.3 9.0

11.4

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

0

50

100

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300

350

400PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

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

0

50

100

150

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300

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400PBR(좌)

업종지수(우)

(P)(배)

58


452030 universe전자부품

전자부품

종목수 : 7 시가총액(십억원) : 20,915.514 15 16 17 22

Top Picks

4 5 6 7 8 29 9 10 11 12 13


전자부품 16.2 1.3 7.6 0.8 7.7 # 전자부품(%) 1.3 (2.6) (2.9) (5.3)

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 4.5 (1.1) (0.4) (1.5)

주) FY2013기준, 단위: 배, % #

#



2010/12A 16.2 1,346.0 23.1 1,576.8 52.5 1,468.6 82.3 2,665.8 7,072 62,619 1,069

2011/12A 6.0 755.7 (43.9) 982.7 (37.7) 803.0 (45.3) 2,429.8 3,844 64,395 782

2012/12F 16.1 2,570.2 240.1 2,859.3 191.0 1,943.5 142.0 4,252.2 9,302 71,372 782

2013/12F 12.3 1,432.1 (44.3) 1,731.2 (39.5) 1,294.3 (33.4) 3,181.3 6,192 77,566 782

2014/12F 20.4 2,004.9 40.0 2,422.1 39.9 1,840.3 42.2 3,772.6 8,804 86,364 782



2010/12A 9,391.1 13,078.9 2,033.5 34.5 (3,194.6) 7.1 11.6 19.3 2.1 10.8 0.8

2011/12A 10,757.7 13,452.8 3,413.4 40.3 (2,538.3) 3.7 9.0 22.3 1.3 5.7 0.9

2012/12F 11,761.2 14,915.6 3,300.7 38.1 (2,405.8) 11.0 5.9 10.9 1.4 12.4 0.8

2013/12F 12,889.5 16,213.8 2,794.0 33.1 (1,901.2) 5.4 7.7 16.2 1.3 7.6 0.8

2014/12F 14,109.0 18,052.8 2,092.6 27.5 (1,943.1) 6.3 6.4 11.4 1.1 9.7 0.8



2012/03A 13.1 18.7 240.7 96.8 1,417.2 316.7 35.1 115.9 222.9 1.9 91.1

2012/06A 14.0 8.6 319.8 0.3 32.9 369.4 (0.4) 16.6 302.2 5.3 35.6

2012/09A 18.6 4.7 1,805.1 1,574.8 464.4 1,893.3 745.4 412.5 1,395.5 609.9 361.7

2012/12F 43.7 6.6 204.6 1,190.1 (88.7) 297.0 102.4 (84.3) 22.9 (80.4) (98.4)

2013/03F 9.8 (9.4) 192.7 (19.9) (5.9) 239.5 (24.4) (19.4) 166.2 (25.4) 626.0

2013/06F 11.0 9.7 326.6 2.1 69.5 396.1 7.2 65.4 291.2 (3.7) 75.2

2013/09F 16.4 9.8 466.8 (74.1) 42.9 554.2 (70.7) 39.9 420.5 (69.9) 44.4

2013/12F 11.8 2.4 446.1 118.0 (4.4) 541.3 82.3 (2.3) 416.4 1,718.9 (1.0)


PER PBR

(십억원)

19,068.0

20,212.9

23,468.3

26,359.4

31,725.8

자산총계

(십억원)

23,006.4

24,777.0

27,380.5

29,775.6

32,904.0

매출액

(십억원)

5,293.5

5,747.0

6,015.8

6,412.0

5,811.5

6,377.1

7,001.8

7,169.0

9.2

14.8

11.313.3

12.3 11.8

0

5

10

15

20

Universe

All

Universe

sector



(배)

-20

0

20

40

60

80

100


Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13


(%)

0

10

20

30

40

50

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

0

50

100

150

200

250

300

350PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

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

0

50

100

150

200

250

300

350PBR(좌)

업종지수(우)

(P)(배)

59


453010 universe반도체·반도체장비


종목수 : 9 시가총액(십억원) : 255,827.114 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 7.9 1.5 19.8 0.5 3.6 # 반도체·반도체장비(%) (5.1) 1.9 9.7 12.3

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) (1.9) 3.4 12.3 16.0

주) FY2013기준, 단위: 배, % #

#



2010/12A 15.9 19,767.6 76.1 22,124.6 86.3 18,521.9 99.7 34,370.6 23,808 120,381 2,309

2011/12A 5.2 16,128.2 (18.4) 17,359.3 (21.5) 13,422.4 (27.5) 33,259.5 17,122 134,809 1,204

2012/12A 20.5 29,001.1 79.8 29,886.6 72.2 23,163.8 72.6 47,972.1 26,469 144,123 1,563

2013/12F 13.7 41,302.6 42.4 41,809.3 39.9 32,257.1 39.3 61,865.0 36,347 177,710 1,619

2014/12F 10.4 46,873.4 13.5 47,483.5 13.6 37,082.3 15.0 71,042.5 41,784 215,990 1,891



2010/12A 54,961.3 94,202.0 (7,765.4) 17.5 (25,193.4) 11.8 4.8 9.2 1.7 18.9 1.0

2011/12A 64,422.0 105,796.7 (7,225.3) 19.8 (25,698.1) 9.1 5.5 13.9 1.6 12.2 0.5

2012/12A 69,183.1 127,901.4 (17,771.7) 16.5 (26,974.3) 13.6 5.2 11.4 1.9 17.5 0.5

2013/12F 74,309.2 157,713.1 (36,812.0) 13.7 (25,581.8) 17.1 3.6 7.9 1.5 19.8 0.5

2014/12F 80,041.9 191,685.0 (60,998.0) 11.3 (29,946.8) 17.6 2.8 6.9 1.3 18.7 0.6



2012/03A 20.1 (4.2) 5,420.9 72.3 17.6 6,129.0 66.2 13.8 4,624.5 54.1 24.9

2012/06A 19.1 5.4 6,456.1 58.7 19.1 6,742.2 44.4 10.0 5,042.3 27.6 9.0

2012/09A 25.3 8.5 8,006.3 98.5 24.0 8,348.8 130.8 23.8 6,456.4 133.3 28.0

2012/12A 17.7 7.5 9,107.8 97.6 13.8 8,669.1 61.0 3.8 7,046.3 90.4 9.1

2013/03F 15.7 (5.9) 9,171.9 69.2 0.7 9,309.7 51.9 7.4 7,169.5 55.0 1.7

2013/06F 18.0 7.5 10,694.8 65.7 16.6 10,855.0 61.0 16.6 8,378.8 66.2 16.9

2013/09F 11.2 2.3 10,772.1 34.5 0.7 10,878.9 30.3 0.2 8,400.5 30.1 0.3

2013/12F 10.6 6.9 10,665.5 17.1 (1.0) 10,764.8 24.2 (1.0) 8,307.7 17.9 (1.1)


PER PBR

(십억원)

167,771.7

176,539.0

212,688.8

241,760.9

266,987.2

자산총계

(십억원)

152,934.6

174,450.3

201,472.9

237,220.1

277,861.0

매출액

(십억원)

48,044.4

50,628.9

54,949.5

59,066.0

55,584.2

59,749.6

61,095.4

65,331.7

9.27.7 7.7

12.2

14.5

9.5

0

5

10

15

20

Universe

All

Universe

sector



(배)

0

5

10

15

20

25

30

35


Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13


(%)

0102030405060708090

100

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

0

100

200

300

400

500PER(좌)

업종지수(우)

(P)(배)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

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

0

100

200

300

400

500PBR(좌)

업종지수(우)

(P)(배)

60


5010 universe통신서비스

통신서비스

종목수 : 4 시가총액(십억원) : 28,893.014 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 8.8 0.8 10.1 4.8 3.9 # 통신서비스(%) 2.2 4.2 13.0 21.0

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) 5.4 5.7 15.6 24.8

주) FY2013기준, 단위: 배, % #

#



2010/12A 11.3 4,586.3 51.2 4,490.7 105.0 3,613.1 103.9 11,855.9 3,354 25,488 1,455

2011/12A 6.5 4,388.2 (4.3) 3,998.4 (11.0) 3,129.9 (13.4) 11,524.1 2,898 26,221 1,258

2012/12A 9.9 3,182.4 (27.5) 2,866.8 (28.3) 2,171.6 (30.6) 10,970.2 2,061 28,970 1,216

2013/12F 6.5 4,261.8 33.9 4,199.0 46.5 3,293.7 51.7 12,260.5 3,288 30,847 1,388

2014/12F 3.8 5,120.2 20.1 5,053.8 20.4 3,939.7 19.6 13,072.3 3,933 33,319 1,432



2010/12A 33,015.0 27,525.0 15,886.7 69.4 (6,272.3) 10.0 4.1 8.7 1.0 12.5 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

2012/12A 43,364.6 29,021.3 19,428.4 78.6 (9,943.4) 5.9 4.3 12.1 0.8 7.0 4.9

2013/12F 45,103.9 30,901.0 17,394.8 70.7 (8,564.1) 7.5 3.9 8.8 0.8 10.1 4.8

2014/12F 44,516.4 33,377.1 16,485.9 63.3 (8,214.7) 8.7 3.6 7.3 0.8 11.2 5.0



2012/03A 8.2 0.5 1,135.9 (22.3) 98.2 909.1 (39.1) 89.7 716.3 (37.4) 93.1

2012/06A 7.4 2.6 784.4 (34.7) (30.9) 575.7 (46.5) (36.7) 334.6 (63.6) (53.3)

2012/09A 15.0 5.0 530.5 (54.0) (32.4) 608.3 (36.0) 5.7 505.6 (27.2) 51.1

2012/12A 5.3 (2.7) 409.0 (28.6) (22.9) 773.7 61.5 27.2 615.1 65.8 21.7

2013/03F 8.5 3.5 993.5 (12.5) 142.9 973.4 7.1 25.8 758.4 5.9 23.3

2013/06F 8.2 2.3 1,066.2 35.9 7.3 958.7 66.5 (1.5) 751.9 124.7 (0.9)

2013/09F 4.1 1.1 1,219.0 129.8 14.3 1,263.0 107.6 31.7 989.4 95.7 31.6

2013/12F 9.2 2.0 983.1 140.3 (19.4) 1,003.8 29.7 (20.5) 793.9 29.1 (19.8)


PER PBR

(십억원)

45,706.6

48,680.2

53,487.6

56,988.6

59,150.9

자산총계

(십억원)

61,840.5

70,895.5

74,242.9

77,795.4

79,625.7

매출액

(십억원)

12,770.4

13,103.5

13,763.5

13,386.9

13,859.9

14,182.1

14,332.7

14,614.0

9.2 8.4 9.1

12.9

18.6

13.4

0

5

10

15

20

Universe

All

Universe

sector



(배)

0

20

40

60

80

100


Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13


(%)

0

10

20

30

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

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 2013

0

10

20

30

40

50

60

70PBR(좌)

업종지수(우)

(P)(배)

61


5510 universe전력·가스

전력·가스

종목수 : 5 시가총액(십억원) : 28,425.814 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 11.1 0.4 4.0 0.5 7.8 # 전력·가스(%) (3.3) (1.6) 8.9 33.8

유니버스 9.6 1.0 11.2 1.3 1.2 # KOSPI 대비(%p) (0.1) (0.1) 11.5 37.6

주) FY2013기준, 단위: 배, % #

#



2010/12A 18.7 2,967.6 6.4 1,011.2 5.7 425.7 18.3 10,663.7 578 91,389 163

2011/12A 16.2 (26.9) NA (1,825.0) NA (2,990.1) NA 7,963.9 -4,060 87,020 195

2012/12A 17.8 904.4 NA (3,099.2) NA (2,447.5) NA 9,382.5 -3,322 82,914 184

2013/12F 8.1 6,011.4 564.7 3,475.5 NA 2,551.9 NA 15,081.5 3,464 86,166 184

2014/12F 6.1 7,615.7 26.7 4,825.6 38.8 3,560.1 39.5 17,293.0 4,833 90,790 184



2010/12A 98,239.6 67,288.8 58,749.6 92.3 (12,659.8) 4.4 8.1 63.1 0.4 0.6 0.4

2011/12A 114,887.4 64,106.3 70,622.5 113.8 (13,446.8) (0.0) 11.8 NA 0.3 (4.6) 0.6

2012/12A 132,729.4 61,081.5 82,623.8 139.1 (17,860.7) 1.0 12.0 NA 0.5 (4.0) 0.5

2013/12F 143,231.2 63,477.2 88,778.5 143.7 (19,539.1) 6.0 7.8 11.1 0.4 4.0 0.5

2014/12F 151,094.7 66,883.5 92,912.2 142.7 (19,154.8) 7.2 7.1 8.0 0.4 5.3 0.5



2012/03A 27.3 22.4 597.7 358.0 NA 311.3 371.5 NA 29.6 NA NA

2012/06A 24.2 (27.6) (1,829.8) NA NA (2,226.0) NA NA (1,694.4) NA NA

2012/09A 20.7 6.5 1,804.8 52.4 NA 1,165.1 NA NA 752.8 NA NA

2012/12A 1.8 7.8 331.7 NA (81.6) (2,349.6) NA NA (1,535.6) NA NA

2013/03F 7.1 28.8 1,797.3 200.7 441.9 1,359.0 336.5 NA 1,038.2 3,410.2 NA

2013/06F 2.4 (30.8) (24.0) NA NA (540.5) NA NA (363.9) NA NA

2013/09F 7.5 11.8 2,946.2 63.2 NA 2,253.6 93.4 NA 1,629.3 116.4 NA

2013/12F 14.9 15.2 1,292.0 289.5 (56.1) 403.3 NA (82.1) 248.2 NA (84.8)


PER PBR

(십억원)

67,257.1

78,145.7

92,046.8

99,523.3

105,566.2

자산총계

(십억원)

165,911.2

179,537.9

194,451.3

207,467.0

218,856.6

매출액

(십억원)

27,666.9

20,038.1

21,337.2

26,422.8

23,004.6

29,638.2

20,521.5

22,940.9

9.210.2

12.114.3

15.5

12.7

0

5

10

15

20

Universe

All

Universe

sector



(배)

0

10

20

30

40

50


Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13


(%)

0

10

20

30

40

50

60

70

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

0

20

40

60

80

100

120

140

160PER(좌)

업종지수(우)

(P)(배)

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

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

0

20

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 : 204주) EPS 변경종목은20% 이상 변경된 경우만 표시

산업 종목코드 종목명 시가총액 현재주가 EPS(FY2013, 원)

KGICS1 KGICS2 (십억원) (원) 변경 변경 변경

에너지 자원개발 001120 LG상사 1,585 40,900 중립 - 4,627

001740 SK네트웍스 1,879 7,570 매수 15,000 1,028

047050 대우인터내셔널 4,635 40,700 매수 45,000 1,289

석유정제 010950 S-Oil 10,403 92,400 매수 120,000 8,257

078930 GS 5,919 63,700 매수 80,000 8,157

096770 SK이노베이션 14,794 160,000 매수 210,000 18,578

소재 화학 004000 삼성정밀화학 1,442 55,900 매수 71,000 3,210

004430 송원산업 295 12,300 매수 15,000 1,157

008000 웅진케미칼 419 904 중립 - 58

009830 한화케미칼 2,876 20,500 중립 - 1,079

010060 OCI 3,899 163,500 중립 - (429)

011170 롯데케미칼 7,112 207,500 매수 280,000 16,148

011780 금호석유 3,245 106,500 중립 - 9,650

011790 SKC 1,220 33,700 매수 45,000 3,399

051910 LG화학 18,258 275,500 매수 350,000 22,621

069260 휴켐스 969 23,700 매수 29,000 1,838

103130 웅진에너지 171 2,560 중립 - 588

철강·비철금속 001230 동국제강 751 12,150 중립 - 90

004020 현대제철 6,893 80,800 매수 111,000 9,180

005490 POSCO 28,074 322,000 매수 420,000 30,342

009520 포스코엠텍 435 10,450 매수 13,500 524

010130 고려아연 6,510 345,000 매수 530,000 43,751

010520 현대하이스코 2,923 36,450 매수 54,000 4,735

103140 풍산 797 28,450 매수 40,000 3,853

제지 004150 한솔제지 497 11,400 매수 13,000 1,413

산업재 건설 000210 대림산업 3,059 87,900 매수 121,000 12,179

000720 현대건설 7,138 64,100 매수 90,000 5,379

000830 삼성물산 10,498 67,200 매수 97,000 2,851

002380 KCC 3,145 299,000 매수 348,000 22,793

006360 GS건설 2,611 51,200 중립 - 1,952

012630 현대산업 1,756 23,300 중립 - (15)

028050 삼성엔지니어링 5,280 132,000 중립 - 13,913

047040 대우건설 3,657 8,800 매수 13,000 464

108670 LG하우시스 752 83,900 매수 106,000 5,131

전기부품·설비 006260 LS 2,789 86,600 매수 130,000 12,848

010120 LS산전 1,854 61,800 중립 - 5,322

지주회사·복합기업 000150 두산 2,649 127,000 매수 175,000 14,191

000880 한화 2,526 33,700 매수 42,000 4,924

001040 CJ 4,178 144,000 중립 - 15,429

003550 LG 11,251 65,200 매수 85,000 6,779

003600 SK 7,702 164,000 매수 234,000 41,857

조선 009540 현대중공업 15,808 208,000 중립 - 9,978

010140 삼성중공업 8,196 35,500 매수 57,000 3,942

010620 현대미포조선 2,320 116,000 중립 - (2,548)

042660 대우조선해양 5,215 27,250 매수 38,000 1,292

097230 한진중공업 435 9,010 중립 - (668)

기계 013030 하이록코리아 286 21,000 매수 23,500 2,147

014620 성광벤드 639 22,350 매수 36,000 2,658

023160 태광 572 23,550 매수 34,000 2,385

034020 두산중공업 4,472 42,250 중립 - 3,762

036890 진성티이씨 164 8,210 매수 16,500 721

042670 두산인프라코어 2,555 15,150 중립 - 1,097

상업서비스·기타 012750 에스원 2,337 61,500 매수 80,000 3,295

운송 000120 CJ대한통운 2,256 98,900 매수 130,000 6,055

002320 한진 290 24,200 중립 - 267

003490 대한항공 2,998 41,150 매수 60,000 1,986

020560 아시아나항공 1,110 5,690 매수 7,300 496

086280 현대글로비스 6,881 183,500 매수 260,000 13,025

117930 한진해운 1,350 10,800 중립 - (1,085)

투자의견 목표주가(원)

64




경기소비재 자동차·자동차부품 000270 기아차 22,254 54,900 매수 79,000 9,698

002350 넥센타이어 1,509 15,900 매수 17,500 1,489

005380 현대차 47,359 215,000 매수 320,000 33,237

005850 에스엘 493 14,550 매수 24,000 2,728

011210 현대위아 4,194 163,000 매수 230,000 18,210

012330 현대모비스 28,911 297,000 매수 400,000 40,644

013570 동양기전 364 11,500 중립 22,000 1,988

018880 한라공조 2,728 25,550 매수 28,000 2,665

060980 만도 2,158 118,500 매수 170,000 11,533

064960 S&T모티브 336 23,300 중립 - 2,964

161390 한국타이어 5,927 47,850 매수 64,000 5,100

섬유·의류 009970 영원무역홀딩스 991 72,700 매수 86,000 10,364

020000 한섬 707 28,700 중립 - 3,161

031430 신세계인터내셔날 560 78,500 매수 100,000 7,690

081660 휠라코리아 610 61,400 매수 76,000 7,014

084870 베이직하우스 371 17,800 매수 22,000 1,438

093050 LG패션 851 29,100 매수 44,000 3,589

111770 영원무역 1,786 40,300 매수 42,000 3,245

호텔·레저 008770 호텔신라 2,155 54,900 매수 53,000 2,297

035250 강원랜드 6,621 30,950 매수 40,000 1,876

079160 CJ CGV 976 47,350 매수 46,000 2,973

114090 GKL 2,023 32,700 매수 40,000 2,237

121440 골프존 747 60,800 매수 71,800 5,984

교육서비스 019680 대교 587 6,930 매수 8,300 628

072870 메가스터디 457 72,000 중립 - 8,449

소비자서비스 021240 코웨이 3,656 47,400 매수 56,000 3,278

미디어·광고 016170 로엔 374 14,800 매수 19,600 1,019

030000 제일기획 2,836 24,650 매수 30,000 1,224

034120 SBS 827 45,300 미제시 - 3,226

037560 CJ헬로비전 1,081 15,600 매수 19,000 1,440

040300 YTN 153 3,650 중립 - 87

041510 에스엠 993 48,600 매수 70,000 3,291

046140 SBS콘텐츠허브 325 15,150 매수 18,500 1,371

053210 스카이라이프 1,524 31,900 매수 40,000 2,041

122870 와이지엔터테인먼트 762 73,800 매수 85,000 3,021

126560 현대에이치씨엔 519 6,120 중립 - 527

130960 CJ E&M 1,333 35,150 매수 44,000 1,555

유통 004170 신세계 2,200 223,500 매수 250,000 18,100

007070 GS리테일 2,229 28,950 매수 38,000 2,203

023530 롯데쇼핑 12,108 384,500 매수 520,000 36,427

028150 GS홈쇼핑 1,248 190,200 매수 210,000 21,950

035760 CJ오쇼핑 1,867 301,000 매수 337,000 24,658

057050 현대홈쇼핑 1,620 135,000 중립 - 14,280

069960 현대백화점 3,698 158,000 매수 187,000 16,079

071840 롯데하이마트 1,716 72,700 매수 95,000 6,443

139480 이마트 6,133 220,000 중립 - 17,416

필수소비재 음식료·담배 001800 오리온 6,435 1,078,000 매수 1,230,000 33,559

004370 농심 1,727 284,000 매수 330,000 16,708

004990 롯데제과 2,372 1,669,000 매수 2,000,000 113,270

005180 빙그레 1,256 127,500 중립 - 6,965

033780 KT&G 10,242 74,600 매수 92,000 7,322

097950 CJ제일제당 4,516 345,000 매수 390,000 25,815

생활용품 044820 코스맥스 641 47,150 매수 51,000 1,924

051900 LG생활건강 9,262 593,000 매수 790,000 22,522

090430 아모레퍼시픽 5,554 950,000 매수 1,290,000 45,839

115390 락앤락 1,535 27,900 매수 36,000 1,383

161890 한국콜마 636 32,650 매수 41,000 1,567


65




의료 제약·바이오 000100 유한양행 2,013 180,500 매수 215,000 12,330

000640 동아제약 1,381 124,000 매수 168,000 7,855

006280 녹십자 1,545 152,500 매수 175,000 5,966

068870 LG생명과학 952 57,400 중립 0 1,375

069620 대웅제약 667 57,600 중립 0 3,505

128940 한미약품 1,279 154,500 중립 0 4,860

금융 은행 004940 외환은행 4,469 6,930 중립 0 1,115

024110 기업은행 6,825 12,500 중립 0 1,971

053000 우리금융 9,511 11,800 중립 0 1,550

055550 신한지주 17,901 37,750 매수 51,000 3,978

086790 하나금융지주 8,956 36,850 매수 50,000 4,831

105560 KB금융 13,967 36,150 매수 57,000 4,409

138930 BS금융지주 2,881 14,900 매수 19,000 1,829

139130 DGB금융지주 2,225 16,600 매수 21,000 2,241

증권 003450 현대증권 1,340 7,880 중립 0 410

003540 대신증권 488 9,620 매수 21,000 732

005940 우리투자증권 2,311 11,600 매수 14,000 570

006800 대우증권 3,724 11,400 중립 0 483

016360 삼성증권 4,082 53,400 매수 64,000 2,428

039490 키움증권 1,423 64,400 매수 75,000 4,427

보험 000060 메리츠화재 1,228 12,700 매수 15,400 2,061

000810 삼성화재 10,257 216,500 매수 260,000 16,266

001450 현대해상 2,803 31,350 매수 37,000 4,332

002550 LIG손해보험 1,401 23,350 매수 31,000 4,111

003690 코리안리 1,352 11,450 매수 14,000 1,655

005830 동부화재 3,214 45,400 중립 0 6,319

032830 삼성생명 20,400 102,000 매수 116,000 5,237

088350 한화생명 5,837 6,720 중립 0 594

IT 인터넷·소프트웨어 035420 NHN 13,043 271,000 매수 370,000 15,393

035720 다음 1,238 91,500 매수 138,000 7,969

036570 엔씨소프트 3,308 151,000 매수 200,000 8,549

095660 네오위즈게임즈 428 19,550 중립 0 1,573

통신장비·부품 004130 대덕GDS 380 18,450 매수 24,000 2,164

008060 대덕전자 520 10,650 매수 14,000 1,409

020760 일진디스플 590 20,850 매수 31,000 2,725

036710 심텍 268 8,320 매수 10,000 821

051370 인터플렉스 551 39,400 매수 50,000 3,542

052710 아모텍 174 17,900 매수 24,000 2,264

053450 세코닉스 169 23,800 매수 31,000 2,842

066570 LG전자 13,043 79,700 매수 110,000 6,743

088390 이녹스 236 25,800 매수 36,000 2,978

091700 파트론 957 24,700 매수 30,000 2,742

096640 멜파스 349 19,400 중립 0 1,357

097780 에스맥 266 16,200 매수 24,000 2,051

디스플레이 001300 제일모직 4,415 84,200 매수 135,000 7,090

034220 LG디스플레이 11,182 31,250 중립 0 1,166

036490 OCI머티리얼즈 379 35,950 중립 0 4,971

036830 솔브레인 711 43,900 매수 54,000 4,893

056190 에스에프에이 1,090 60,700 매수 62,000 4,114

077360 덕산하이메탈 807 27,450 중립 0 1,601

108320 실리콘웍스 355 21,850 매수 32,000 2,910

141000 비아트론 182 17,700 매수 21,000 2,076

전자부품 006400 삼성SDI 6,241 137,000 매수 190,000 11,176

009150 삼성전기 7,171 96,000 중립 0 5,795

011070 LG이노텍 1,567 77,700 중립 0 6,437

012450 삼성테크윈 3,432 64,600 중립 0 1,930

038060 루멘스 406 9,820 매수 12,000 778

046890 서울반도체 1,676 28,750 중립 0 716

065680 우주일렉트로 266 26,800 매수 40,000 3,555


66




반도체·반도체장비 000660 SK하이닉스 19,471 28,050 매수 32,000 1,822

005930 삼성전자 214,615 1,457,000 매수 2,000,000 204,006

030530 원익IPS 363 4,960 중립 0 43

033170 시그네틱스 288 3,355 매수 4,600 332

033640 네패스 375 17,200 매수 24,000 2,057

039030 이오테크닉스 421 34,400 중립 0 2,284

064760 티씨케이 109 9,370 중립 0 550

084370 유진테크 386 18,300 매수 24,000 2,395

104830 원익머트리얼즈 231 37,550 매수 44,000 4,066

통신서비스 통신서비스 017670 SK텔레콤 14,534 180,000 매수 220,000 24,561

030200 KT 9,335 35,750 매수 48,000 4,622

032640 LG유플러스 3,694 8,460 매수 10,800 869

033630 SK브로드밴드 1,330 4,495 중립 0 256

유틸리티 전력·가스 004690 삼천리 489 120,500 중립 0 27,809

015760 한국전력 19,002 29,600 매수 38,000 2,737

036460 한국가스공사 5,418 70,100 매수 110,000 6,542

051600 한전KPS 2,466 54,800 매수 68,000 2,984

071320 지역난방공사 1,051 90,800 중립 0 12,139

스몰캡 스몰캡 008490 서흥캅셀 279 24,150 매수 27,000 1,590

023590 다우기술 805 17,950 매수 24,200 2,029

033920 무학 394 14,800 매수 18,000 1,713

039130 하나투어 806 69,400 매수 76,300 3,632

048260 오스템임플란트 469 33,000 매수 37,000 1,830

054950 제이브이엠 351 55,500 매수 55,000 2,530

065510 휴비츠 193 18,350 매수 20,000 1,245

068400 AJ렌터카 239 10,800 매수 15,000 1,250

069330 유아이디 124 10,450 매수 10,000 1,056

080160 모두투어 349 27,700 매수 40,300 2,131

122990 와이솔 166 15,500 매수 20,000 1,398


67


A001120 10102020 universe

LG상사 (001120.KS) 업데이트 : 2013.01.23

투자의견 : 중립 업종 : 자원개발 주가 수익률(12개월)

목표주가 : - 애널리스트 : 여영상

현재주가 : 40,900 회계기준 : K-IFRS 연결

52주 최고가 : 54,300 시가총액(십억원) : 1,585.3

52주 최저가 : 33,600 60일 평균 거래대금(백만원) : 10,770.2

연중 최고가 : 49,600 외국인지분(%) : 11.5

9 10 11 12 13

수익률(%) 1개월 3개월 6개월 12개월 YTD

(4.4) (13.3) (11.0) (23.7) (16.4)

업종 대비 (7.4) (16.3) (14.0) (26.7) (19.4) 5

KOSPI 대비 (1.2) (11.9) (8.4) (19.9) (12.4) 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 (8.6) 206.1 2.7 300.1 (19.4) 222.1 (10.4) 353.7 5,745 39,811 500

2013/12F (0.4) 203.8 (1.1) 231.7 (22.8) 178.9 (19.5) 352.4 4,627 43,927 500

2014/12F 5.2 214.4 5.2 233.7 0.9 180.4 0.9 371.6 4,667 48,083 500



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 1,542.1 1,101.5 111.4 (100.0) 1.6 8.5 8.4 1.21 15.4 1.0

2013/12F 1,701.6 957.8 91.6 (100.0) 1.6 7.3 8.8 0.93 11.0 1.2

2014/12F 1,862.7 779.7 75.1 (100.0) 1.6 6.5 8.8 0.85 10.1 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

2012/06A (7.4) 5.9 56.5 8.0 (29.9) 44.1 (43.5) (44.1) 31.3 (46.0) (53.0)

2012/09A (12.4) 1.3 45.3 (2.0) (19.8) 42.7 (43.5) (3.2) 31.7 (27.6) 1.0

2012/12F (7.4) (6.5) 23.6 (40.5) (47.9) 134.5 19.9 215.3 92.4 45.6 192.0

2013/03F (0.4) (0.7) 48.3 (40.1) 104.7 54.1 (31.4) (59.8) 41.8 (37.4) (54.8)

2013/06F (0.4) 5.9 51.6 (8.8) 6.8 56.7 28.6 4.8 43.8 39.6 4.8

2013/09F (0.4) 1.3 52.5 15.9 1.8 57.6 34.9 1.6 44.4 40.4 1.6

2013/12F (0.4) (6.5) 51.4 117.6 (2.2) 63.3 (52.9) 10.0 48.9 (47.1) 10.0

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 12,964.8 252.2 238.3 5,895 8.1 LG상사 8.8 0.9 10.8 1.2

FY2013F 13,372.7 266.6 241.0 5,780 7.1 자원개발 12.0 1.0 8.3 1.0

자료)FnGuide 컨센서스, 단위 : 십억원, 원, 배 자료) 한국증권 리서치, 단위 : 배, %

PER 밴드 펀더멘탈 & 밸류에이션 6.2 avg. score : 6.2

3,304.9

3,090.3

3,318.1

3,102.7

3,081.2

3,261.7

3,093.5

3,274.8

5,241.8 3,342.4

4,987.6 3,421.8

4,981.6 3,249.9

4,305.5 3,274.0

4,941.0 3,586.1

12,789.2

12,738.1

13,397.5

LG상사

14,386.1

13,986.8

0

10,000

20,000

30,000

40,000

50,000

60,000

Mar-12 Jun-12 Aug-12 Oct-12 Jan-13 Mar-13

-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 2013

주가

x13

x10

x8

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY

주) FY2013 기준 (단, ROE 는 FY2012~FY2013 평균, EPG growth 는 FY2011~FY2013 CAGR)

주) 각 항목의 백분위를 10점 만점으로 환산

68


A001740 10102020 universe

SK네트웍스 (001740.KS) 업데이트 : 2012.01.16

투자의견 : 매수 업종 : 자원개발 주가 수익률(12개월)

목표주가 : 15,000 애널리스트 : 여영상


52주 최고가 : 10,650 시가총액(십억원) : 1,878.8

52주 최저가 : 7,550 60일 평균 거래대금(백만원) : 4,739.0

연중 최고가 : 8,800 외국인지분(%) : 11.3

9 10 11 12 13


(1.7) (12.7) (27.9) (27.9) (12.6)

업종 대비 (4.7) (15.7) (30.9) (30.9) (15.6) 5

KOSPI 대비 1.5 (11.2) (25.3) (24.1) (8.6) 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

2011/12A 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

2011/12A 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 8.0 9.6 0.60 6.6 1.8

2013/12F 3,722.4 1,391.0 76.1 (414.2) 1.1 6.8 7.4 0.50 7.3 2.0

2014/12F 3,999.1 1,330.1 73.4 (417.3) 1.1 6.0 6.2 0.47 8.1 2.0



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 28,589.6 301.4 122.9 518 15.5 SK네트웍스 7.1 0.5 7.5 2.0

FY2013F 28,711.3 319.2 137.4 560 13.9 자원개발 12.0 1.0 8.3 1.0



7,741.0

8,485.4

8,469.4

8,866.5

6,976.1

7,647.0

7,632.6

7,990.4

11,516.5 7,777.7

12,437.6 8,423.0

9,935.7 6,611.8

10,686.0 7,174.1

37,276.6

9,162.9 5,982.8

24,220.7

27,282.9

30,246.0

33,562.3

SK네트웍스0

2,000

4,000

6,000

8,000

10,000

12,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x27

x22

x17

x12

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



69


A047050 10102020 universe

대우인터내셔널 (047050.KS) 업데이트 : 2013.02.18

투자의견 : 매수 업종 : 자원개발 주가 수익률(12개월)



52주 최고가 : 44,250 시가총액(십억원) : 4,634.8

52주 최저가 : 28,100 60일 평균 거래대금(백만원) : 13,609.1

연중 최고가 : 41,950 외국인지분(%) : 6.3

9 10 11 12 13


8.0 2.6 2.3 15.6 1.5

업종 대비 5.0 (0.3) (0.7) 12.6 (1.5) 5

KOSPI 대비 11.2 4.1 4.8 19.4 5.4 10

22 23 24 19 20



2010/12A 39.1 196.6 25.3 234.5 27.7 107.2 (18.4) 215.1 1,063 15,151 200

2011/12A 21.1 165.2 (16.0) 152.6 (34.9) 212.9 98.7 190.8 2,072 18,485 200

2012/12F (9.7) 151.2 (8.5) 292.0 91.3 212.2 (0.4) 181.6 1,949 19,389 200

2013/12F 5.8 239.5 58.5 202.1 (30.8) 146.8 (30.8) 284.9 1,289 21,456 200

2014/12F 17.5 601.0 150.9 657.7 225.5 477.8 225.5 658.3 4,196 26,429 200



2010/12A 1,531.0 3,313.5 253.2 (62.0) 1.2 32.4 34.0 2.39 7.3 0.6

2011/12A 1,907.3 4,713.4 277.0 (114.9) 0.8 40.4 14.0 1.57 12.4 0.7

2012/12F 2,208.0 3,200.4 168.0 (270.0) 0.9 42.5 20.3 2.04 10.3 0.5

2013/12F 2,443.3 3,420.2 161.8 (270.0) 1.3 28.3 31.6 1.90 6.3 0.5

2014/12F 3,009.6 3,873.9 149.2 (175.0) 2.8 13.0 9.7 1.54 17.5 0.5



2012/03A 0.4 (15.2) 56.0 (20.8) 17.9 4.7 9.4 (93.8) 7.9 113.1 (85.7)

2012/06A (5.5) 0.4 59.6 38.7 6.3 161.7 60.9 3,331.8 96.3 8.3 1,125.9

2012/09A (9.5) (7.5) 35.0 788.0 (41.2) 191.5 NA 18.5 130.9 99.6 35.9

2012/12F (22.1) (1.1) 0.5 (98.9) (98.6) (65.9) NA NA (22.8) NA NA

2013/03F (9.5) (1.4) 30.3 (45.9) 5,962.0 18.9 300.8 NA 13.7 74.7 NA

2013/06F (2.8) 7.7 40.2 (32.5) 32.7 28.5 (82.4) 50.7 20.7 (78.5) 50.7

2013/09F 16.3 10.7 61.2 74.8 52.2 51.3 (73.2) 80.4 37.3 (71.5) 80.4

2013/12F 21.2 3.1 107.8 21,462.0 76.1 103.4 NA 101.3 75.1 NA 101.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 18,178.5 230.4 275.6 2,415 14.9 대우인터내셔널 21.1 1.8 8.8 0.5

FY2013F 18,781.2 254.7 230.9 2,116 19.0 자원개발 12.0 1.0 8.3 1.0



4,927.5

5,079.9

4,235.8

4,190.8

4,130.2

4,450.3

4,564.2

4,580.4

9,582.3 6,551.9

7,563.1 5,347.2

8,191.2 5,736.0

6,949.1 5,416.7

8,904.2 6,993.9

17,571.1

18,587.9

21,831.6

대우인터내셔널

16,061.7

19,457.2

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

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x37

x31

x25

x19

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



70


A010950 10102030 universe

S-Oil (010950.KS) 업데이트 : 2013.01.16

투자의견 : 매수 업종 : 석유정제 주가 수익률(12개월)

목표주가 : 120,000 애널리스트 : 박기용


52주 최고가 : 119,000 시가총액(십억원) : 10,402.6

52주 최저가 : 86,400 60일 평균 거래대금(백만원) : 26,830.2

연중 최고가 : 105,500 외국인지분(%) : 47.9

9 10 11 12 13


(6.4) (12.8) (12.0) (21.7) (12.4)

업종 대비 1.7 (4.7) (3.9) (13.6) (4.3) 5

KOSPI 대비 (3.2) (11.3) (9.4) (17.9) (8.5) 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 8.9 1,055.5 (35.4) 800.3 (49.5) 608.2 (48.9) 1,441.2 5,220 47,006 2,800

2013/12F (2.9) 1,362.3 29.1 1,317.8 64.7 962.0 58.2 1,741.7 8,257 50,521 4,500

2014/12F 1.7 1,404.4 3.1 1,370.8 4.0 1,000.7 4.0 1,788.9 8,588 54,367 4,500



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 5,479.3 2,653.6 75.7 (250.7) 3.0 10.1 19.9 2.21 11.4 2.7

2013/12F 5,889.1 1,876.8 56.5 (274.6) 4.0 7.2 11.2 1.83 16.9 4.9

2014/12F 6,337.6 1,451.6 46.2 (349.6) 4.1 6.8 10.8 1.70 16.4 4.9



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

2012/09A 8.9 (3.4) 522.1 28.7 NA 602.1 626.0 NA 456.5 626.1 NA

2012/12F (9.1) (1.0) 308.9 (17.8) (40.8) (0.1) NA NA 1.1 (99.7) (99.8)

2013/03F (6.1) 0.8 362.3 (5.6) 17.3 350.2 (15.8) NA 255.7 (19.1) 23,313.1

2013/06F (3.3) 0.3 333.8 NA (7.9) 313.8 NA (10.4) 229.1 NA (10.4)

2013/09F (1.4) (1.4) 330.5 (36.7) (1.0) 317.4 (47.3) 1.1 231.7 (49.2) 1.1

2013/12F (0.5) (0.1) 335.8 8.7 1.6 336.4 NA 6.0 245.6 22,386.6 6.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 34,917.2 1,059.0 792.8 6,743 14.8 S-Oil 11.1 1.8 16.8 4.9

FY2013F 33,744.9 1,485.2 1,146.2 9,773 9.6 석유정제 8.7 1.0 11.5 3.0



8,484.2

8,506.7

8,384.3

8,375.8

9,036.0

8,797.8

8,502.8

8,418.6

12,942.3 7,053.2

13,073.4 6,735.9

13,202.7 7,977.4

13,249.2 7,769.9

34,336.5

10,004.1 5,499.0

20,511.1

31,913.9

34,755.1

33,751.0

S-Oil0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x25

x19

x13

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



71


A078930 10102030 universe

GS (078930.KS) 업데이트 : 2013.01.17




52주 최고가 : 76,000 시가총액(십억원) : 5,918.7

52주 최저가 : 49,850 60일 평균 거래대금(백만원) : 21,957.3

연중 최고가 : 75,700 외국인지분(%) : 17.3

9 10 11 12 13


(7.9) (12.0) (3.8) (1.5) (15.1)

업종 대비 0.2 (3.9) 4.3 6.6 (7.0) 5

KOSPI 대비 (4.8) (10.5) (1.2) 2.2 (11.1) 10

22 23 24 19 20



2010/12A (81.9) 710.9 (49.9) 679.2 (29.8) 798.1 63.2 710.9 8,567 56,654 1,250

2011/12A 36.0 930.4 30.9 892.9 31.5 773.7 (3.1) 930.4 8,171 63,529 1,350

2012/12F 16.2 832.0 (10.6) 763.2 (14.5) 661.3 (14.5) 842.1 6,984 68,972 1,350

2013/12F 14.1 983.7 18.2 891.4 16.8 772.4 16.8 997.0 8,157 75,587 1,350

2014/12F 3.2 1,017.1 3.4 924.6 3.7 801.2 3.7 1,030.9 8,461 82,506 1,350



2010/12A 5,364.6 657.4 29.5 (230.4) 11.4 10.4 7.6 1.15 16.9 1.9

2011/12A 6,015.7 1,319.8 34.4 (513.2) 11.0 7.4 6.2 0.80 13.6 2.7

2012/12F 6,531.0 2,330.1 53.7 (716.5) 8.4 11.7 10.3 1.04 10.5 1.9

2013/12F 7,157.5 2,579.3 49.8 30.2 8.7 9.4 7.8 0.84 11.3 2.1

2014/12F 7,812.7 2,314.1 43.3 (170.3) 8.8 8.9 7.5 0.77 10.7 2.1



2012/03A 14.1 4.1 233.5 (44.6) 48.8 226.9 (44.2) 49.9 179.1 (52.4) 42.8

2012/06A 20.4 1.1 81.7 (64.8) (65.0) 65.7 (70.0) (71.0) 14.8 (92.5) (91.7)

2012/09A 20.6 6.9 277.9 132.4 240.1 256.3 121.8 289.9 203.9 172.4 1,275.0

2012/12F 10.4 (1.9) 238.9 52.3 (14.0) 214.2 41.5 (16.4) 263.5 110.1 29.2

2013/03F 14.1 7.6 266.3 14.1 11.5 244.3 7.7 14.0 211.7 18.2 (19.6)

2013/06F 14.1 1.1 93.2 14.1 (65.0) 70.5 7.3 (71.1) 61.1 312.1 (71.1)

2013/09F 14.1 6.9 317.0 14.1 240.1 293.6 14.5 316.2 254.4 24.7 316.2

2013/12F 14.1 (1.9) 307.1 28.6 (3.1) 282.9 32.0 (3.6) 245.1 (7.0) (3.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,994.3 822.4 656.8 6,203 11.2 GS 7.7 0.8 11.2 2.1

FY2013F 11,228.9 1,079.2 866.8 8,425 7.7 석유정제 8.7 1.0 11.5 3.0



2,929.9

2,874.3

2,568.6

2,519.9

2,710.9

2,742.0

2,376.6

2,403.9

14,226.6 5,537.4

12,781.6 5,446.6

13,707.2 5,710.2

9,069.6 3,038.3

10,424.8 3,635.6

9,869.0

11,257.1

11,618.8

GS

6,242.9

8,493.4

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

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

x9

x7

x5

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



72


A096770 10102030 universe

SK이노베이션 (096770.KS) 업데이트 : 2013.02.03




52주 최고가 : 183,500 시가총액(십억원) : 14,794.5

52주 최저가 : 124,000 60일 평균 거래대금(백만원) : 53,221.5

연중 최고가 : 182,000 외국인지분(%) : 35.8

9 10 11 12 13


(9.3) (7.8) (5.0) (6.4) (10.6)

업종 대비 (1.2) 0.3 3.1 1.7 (2.5) 5

KOSPI 대비 (6.2) (6.3) (2.5) (2.7) (6.7) 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 7.3 1,691.1 (40.5) 1,681.8 (61.0) 1,545.6 (51.2) 2,312.7 16,563 172,169 3,200

2013/12F (7.3) 2,325.6 37.5 2,282.9 35.7 1,731.2 12.0 2,870.2 18,578 189,230 3,200

2014/12F 10.4 3,072.7 32.1 3,022.3 32.4 2,292.0 32.4 3,639.5 24,595 212,275 3,200



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 15,990.5 4,076.2 49.7 (1,115.3) 2.3 8.9 10.5 1.01 10.1 1.8

2013/12F 17,589.4 4,639.4 50.0 (1,360.0) 3.4 6.9 8.6 0.85 10.3 2.0

2014/12F 19,749.1 4,349.4 46.5 (1,579.0) 4.1 5.4 6.5 0.75 12.3 2.0



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

2012/09A 7.3 (2.2) 648.7 (24.7) NA 624.7 (73.6) NA 507.4 (72.1) NA

2012/12F 1.4 (7.0) 218.4 (35.1) (66.3) 347.2 5.2 (44.4) 627.2 331.0 23.6

2013/03F (7.4) 1.6 477.7 (48.5) 118.8 513.9 (42.9) 48.0 389.7 (40.0) (37.9)

2013/06F (13.9) (6.8) 600.0 NA 25.6 609.2 NA 18.5 462.0 NA 18.5

2013/09F (11.4) 0.7 621.4 (4.2) 3.6 596.8 (4.5) (2.0) 452.6 (10.8) (2.0)

2013/12F 4.6 9.7 626.5 186.9 0.8 562.9 62.1 (5.7) 426.9 (31.9) (5.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 74,673.3 1,866.1 1,255.6 13,289 12.9 SK이노베이션 8.0 0.8 10.7 2.0

FY2013F 73,130.9 2,340.2 1,728.2 18,341 8.9 석유정제 8.7 1.0 11.5 3.0



17,440.6

16,250.4

16,358.0

17,942.4

18,834.3

18,878.1

18,458.0

17,160.0

35,605.6 17,754.1

39,231.0 19,214.6

35,026.9 20,195.3

33,814.0 17,565.4

75,051.9

29,405.7 17,854.0

53,722.5

68,371.2

73,330.4

67,991.4

SK이노베이션0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2007 2008 2009 2010 2011 2012

주가

x17

x13

x10

x7

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



73


A004000 151010 universe

삼성정밀화학 (004000.KS) 업데이트 : 2013.01.28

투자의견 : 매수 업종 : 화학 주가 수익률(12개월)

목표주가 : 71,000 애널리스트 : -


52주 최고가 : 71,000 시가총액(십억원) : 1,442.2

52주 최저가 : 50,100 60일 평균 거래대금(백만원) : 8,743.7

연중 최고가 : 62,000 외국인지분(%) : 5.2

9 10 11 12 13


1.3 (8.1) (16.8) (4.4) (9.8)

업종 대비 9.8 0.5 (8.3) 4.1 (1.3) 5

KOSPI 대비 4.5 (6.6) (14.2) (0.7) (5.9) 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 7.3 55.6 (23.2) 86.2 (1.8) 73.3 (0.1) 125.7 2,880 44,999 650

2013/12F 12.1 76.3 37.4 97.3 13.0 81.8 11.5 176.6 3,210 47,720 650

2014/12F 23.4 129.7 69.8 147.6 51.7 124.0 51.7 255.7 4,869 52,079 650



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 1,150.5 118.2 14.3 (301.8) 3.9 13.5 21.2 1.36 6.5 1.1

2013/12F 1,220.7 283.9 26.5 (300.8) 4.8 9.8 17.4 1.17 6.9 1.2

2014/12F 1,333.2 294.5 25.8 (180.3) 6.6 6.8 11.5 1.07 9.7 1.2



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

2012/09A 6.4 1.7 18.5 (22.3) (26.0) 19.9 (23.4) (32.6) 15.9 (30.1) (40.8)

2012/12F 4.3 (7.9) (10.1) NA NA 12.3 29.4 (38.3) 9.8 59.0 (38.1)

2013/03F (6.6) (1.9) 6.9 (69.0) NA 10.4 (57.4) (15.3) 8.7 (57.8) (11.3)

2013/06F 11.0 20.8 19.9 (20.5) 188.7 27.4 (7.3) 163.2 23.0 (14.4) 163.2

2013/09F 15.2 5.6 25.9 40.3 30.5 31.6 58.9 15.5 26.6 67.0 15.5

2013/12F 29.4 3.5 23.7 NA (8.6) 27.9 127.3 (11.8) 23.5 138.1 (11.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,475.6 88.7 86.9 3,202 16.6 삼성정밀화학 15.6 1.1 7.5 1.2

FY2013F 1,606.0 87.3 83.0 3,202 17.5 화학 12.7 1.3 9.9 1.3



425.8

440.7

369.6

340.5

334.0

403.4

357.7

363.4

2,119.5 786.4

1,631.1 480.6

1,901.4 680.7

1,284.1 241.5

1,400.5 311.7

1,431.2

1,603.9

1,978.9

삼성정밀화학

1,130.6

1,333.6

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

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x28

x24

x21

x17

x14

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



74


A004430 151010 universe

송원산업 (004430.KS) 업데이트 : 2013.03.21




52주 최고가 : 13,400 시가총액(십억원) : 295.2

52주 최저가 : 7,410 60일 평균 거래대금(백만원) : 3,386.8

연중 최고가 : 13,150 외국인지분(%) : 13.9

9 10 11 12 13


(0.8) 4.7 2.9 18.8 2.1

업종 대비 7.8 13.2 11.5 27.4 10.6 5

KOSPI 대비 2.4 6.2 5.5 22.6 6.0 10

22 23 24 19 20



2010/12A 30.6 34.6 (18.9) 18.9 (3.5) 21.6 (14.1) 57.7 900 11,204 60

2011/12A 12.9 25.2 (27.3) 8.9 (53.1) 10.0 (53.5) 54.2 418 11,459 60

2012/12A 8.1 57.7 129.2 24.3 174.4 20.6 105.2 88.0 858 11,900 80

2013/12F 13.9 69.7 20.8 34.1 40.0 27.8 34.8 104.0 1,157 12,618 80

2014/12F 8.4 83.9 20.4 46.6 36.9 36.1 30.1 117.6 1,505 13,684 80



2010/12A 268.9 328.8 135.2 (22.6) 6.2 10.9 14.0 1.12 9.8 0.5

2011/12A 275.0 375.7 163.9 (33.7) 4.0 11.0 22.2 0.81 3.7 0.6

2012/12A 285.6 350.2 151.6 (24.1) 8.5 7.2 13.9 1.00 7.3 0.7

2013/12F 302.8 338.9 138.1 (35.0) 9.0 6.1 10.6 0.97 9.4 0.7

2014/12F 328.4 336.6 128.8 (46.4) 10.0 5.4 8.2 0.90 11.4 0.7



2012/03A NA NA NA NA NA NA NA NA




2013/03F NA NA 16.8 NA NA 13.5 NA NA 11.0 NA NA

2013/06F NA 14.1 19.1 NA 14.1 16.3 NA 20.2 13.2 NA 20.2

2013/09F NA (9.9) 17.2 NA (9.9) 14.1 NA (13.1) 11.5 NA (13.1)

2013/12F NA (4.1) 16.5 NA (4.1) (9.8) NA NA (8.0) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA NA NA NA 0.0 송원산업 10.0 1.0 9.9 0.7

FY2013F 758.0 70.2 31.0 1,313 9.5 화학 12.7 1.3 9.9 1.3



186.3

212.6

191.5

183.7

891.2 587.4

936.3 607.0

870.2 595.1

862.1 575.4

838.8

753.3 484.4

557.0

629.0

679.6

774.1

송원산업0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x30

x24

x18

x12

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



75


A008000 151010 universe

웅진케미칼 (008000.KS) 업데이트 : 2012.09.26

투자의견 : 중립 업종 : 화학 주가 수익률(12개월)

목표주가 : - 애널리스트 : 박기용

현재주가 : 904 회계기준 : K-IFRS 별도

52주 최고가 : 1,085 시가총액(십억원) : 419.1

52주 최저가 : 476 60일 평균 거래대금(백만원) : 5,135.6

연중 최고가 : 1,005 외국인지분(%) : 2.6

9 10 11 12 13


(10.0) 21.3 20.4 (6.7) 23.0

업종 대비 (1.5) 29.9 28.9 1.8 31.6 5

KOSPI 대비 (6.9) 22.8 22.9 (2.9) 26.9 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 8.3 18.8 1.00 5.6 0.0

2013/12F 352.2 203.2 70.8 (45.6) 3.4 8.3 15.5 1.15 7.9 0.0

2014/12F 381.2 204.1 67.0 (38.8) 4.0 7.2 14.3 1.07 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 18.1 웅진케미칼 15.2 1.1 7.9 0.0

FY2013F 1,175.8 63.6 26.9 58 11.9 화학 12.7 1.3 9.9 1.3



289.5

320.5

295.0

310.3

276.9

288.8

264.1

251.1

824.3 443.5

755.5 426.8

786.4 432.8

710.1 388.6

739.9 427.0

1,120.5

1,175.8

1,273.4

웅진케미칼

911.2

1,083.5

0

1,336


-50

-40

-30

-20

-10

0

10

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 2013

주가

x35

x28

x21

x14

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



76


A009830 151010 universe

한화케미칼 (009830.KS) 업데이트 : 2013.01.23




52주 최고가 : 27,300 시가총액(십억원) : 2,875.8

52주 최저가 : 15,800 60일 평균 거래대금(백만원) : 13,830.6

연중 최고가 : 20,800 외국인지분(%) : 16.9

9 10 11 12 13


8.5 10.5 (8.9) (22.8) 8.2

업종 대비 17.0 19.1 (0.3) (14.2) 16.7 5

KOSPI 대비 11.7 12.0 (6.3) (19.0) 12.1 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 (13.5) 137.3 (57.9) 63.6 (77.4) 57.4 (77.4) 455.6 406 29,513 450

2013/12F 7.1 257.3 87.4 169.2 165.8 152.6 165.8 601.0 1,079 30,186 450

2014/12F 6.6 391.9 52.3 297.0 75.6 267.9 75.6 763.1 1,894 31,675 450



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 4,173.3 4,121.8 103.6 (704.0) 2.0 16.0 45.2 0.62 1.4 2.5

2013/12F 4,268.5 4,363.5 108.9 (478.5) 3.5 13.0 19.0 0.68 3.6 2.2

2014/12F 4,479.0 4,705.2 114.5 (555.0) 5.0 10.5 10.8 0.65 6.1 2.2



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

2012/09A (12.8) 3.4 40.3 (51.3) (10.6) 21.7 (67.1) NA 41.3 (35.5) NA

2012/12F (4.8) (4.6) 19.8 NA (51.0) 37.9 NA 74.4 (5.9) NA NA

2013/03F 7.1 7.4 63.5 97.7 221.3 52.5 147.4 38.6 47.4 36.5 NA

2013/06F 7.1 1.0 64.2 42.2 1.0 (12.0) NA NA (10.8) NA NA

2013/09F 7.1 3.4 66.4 64.5 3.4 47.3 117.9 NA 42.7 3.4 NA

2013/12F 7.1 (4.6) 63.3 220.3 (4.6) 81.4 114.9 72.0 73.4 NA 72.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 6,950.9 100.8 (33.9) 300 64.4 한화케미칼 16.3 0.7 4.2 2.2

FY2013F 7,494.1 235.9 129.4 1,133 17.9 화학 12.7 1.3 9.9 1.3



1,814.2

1,833.2

1,896.0

1,808.8

1,694.6

1,712.3

1,771.0

1,689.5

12,587.0 7,770.2

13,224.4 8,291.0

11,853.5 7,055.8

12,000.1 7,224.1

7,837.5

10,977.2 6,275.2

6,341.2

7,942.6

6,867.4

7,352.2

한화케미칼0

5,000

10,000

15,000

20,000

25,000

30,000


-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

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x39

x30

x21

x12

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



77


A010060 151010 universe

OCI (010060.KS) 업데이트 : 2013.02.06




52주 최고가 : 244,500 시가총액(십억원) : 3,899.4

52주 최저가 : 144,500 60일 평균 거래대금(백만원) : 39,010.0

연중 최고가 : 192,000 외국인지분(%) : 23.8

9 10 11 12 13


(4.1) (2.1) (14.4) (33.4) (2.4)

업종 대비 4.5 6.5 (5.8) (24.8) 6.2 5

KOSPI 대비 (0.9) (0.6) (11.8) (29.6) 1.6 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 (24.7) 162.6 (85.4) 192.4 (81.6) 141.6 (81.6) 705.6 5,939 144,406 1,500

2013/12F 1.3 35.5 (78.2) (12.1) NA (10.2) NA 624.1 -429 142,622 1,500

2014/12F 19.1 238.7 572.1 137.3 NA 100.0 NA 861.5 4,193 145,461 1,500



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 3,444.0 1,322.3 54.4 (546.8) 5.1 8.0 27.9 1.15 4.2 0.9

2013/12F 3,401.5 1,351.0 54.8 (665.3) 1.1 9.1 NA 1.15 (0.3) 0.9

2014/12F 3,469.2 1,388.9 56.7 (818.7) 6.1 6.6 39.0 1.12 2.9 0.9



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)

2012/09A (29.0) (12.6) 33.1 (86.9) (65.0) 19.1 (90.8) (77.2) (5.2) NA NA

2012/12F (19.8) (7.1) (65.8) NA NA (12.9) NA NA 50.9 40.3 NA

2013/03F (17.5) 4.4 (26.0) NA NA (47.1) NA NA (39.7) NA NA

2013/06F (9.3) 7.1 (8.7) NA NA (30.2) NA NA (25.5) NA NA

2013/09F 9.9 5.8 21.1 (36.3) NA 2.4 (87.4) NA 2.0 NA NA

2013/12F 29.0 9.0 49.2 NA 133.3 62.8 NA 2,503.1 53.0 4.1 2,503.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,248.8 229.1 152.1 4,150 39.6 OCI 280.1 1.1 0.4 0.9

FY2013F 3,310.7 235.2 159.9 5,615 30.4 화학 12.7 1.3 9.9 1.3



832.4

907.6

757.4

703.6

734.6

786.5

890.6

866.9

7,485.2 3,600.2

7,274.6 3,426.8

7,145.8 3,341.5

5,596.2 3,308.5

7,205.0 3,484.9

3,218.5

3,261.1

3,885.0

OCI

3,322.1

4,275.9

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

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



78


A011170 151010 universe

롯데케미칼 (011170.KS) 업데이트 : 2013.03.22




52주 최고가 : 342,000 시가총액(십억원) : 7,112.1

52주 최저가 : 186,000 60일 평균 거래대금(백만원) : 44,757.0

연중 최고가 : 261,000 외국인지분(%) : 25.2

9 10 11 12 13


(18.0) (15.3) (21.0) (33.7) (19.3)

업종 대비 (9.4) (6.7) (12.4) (25.1) (10.7) 5

KOSPI 대비 (14.8) (13.8) (18.4) (29.9) (15.3) 10

22 23 24 19 20



2010/12A 23.7 1,199.5 21.2 1,190.4 13.6 790.7 (0.9) 1,507.1 24,817 141,840 1,750

2011/12A 47.6 1,470.1 22.6 1,527.5 28.3 978.1 23.7 1,848.7 30,701 171,456 1,750

2012/12A 1.3 371.7 (74.7) 386.9 (74.7) 314.5 (67.8) 831.7 9,865 176,320 1,000

2013/12F (0.1) 795.7 114.0 800.6 106.9 625.4 98.8 1,283.7 18,583 188,323 1,800

2014/12F 1.9 1,030.6 29.5 1,044.2 30.4 809.8 29.5 1,520.7 24,065 205,658 1,900



2010/12A 4,519.0 380.4 32.3 (415.3) 11.3 6.3 10.8 1.90 19.2 0.7

2011/12A 5,462.6 47.4 30.2 (933.0) 9.4 5.5 9.7 1.74 19.6 0.6

2012/12A 6,043.4 1,025.8 32.5 (598.1) 2.3 10.7 24.9 1.39 5.5 0.4

2013/12F 6,454.8 797.0 27.5 (651.4) 5.0 6.2 11.2 1.10 10.0 0.9

2014/12F 7,049.0 547.7 21.8 (803.5) 6.4 5.1 8.6 1.01 12.0 0.9



2012/03A (2.3) 3.4 202.7 (63.8) 45.5 225.2 (61.2) 96.3 167.4 (52.4) 227.2

2012/06A (0.0) 2.6 (47.7) NA NA (32.9) NA NA (12.7) NA NA

2012/09A 1.1 4.6 193.6 (52.9) NA 203.1 (52.4) NA 157.9 (47.3) NA

2012/12A 6.7 (3.9) 23.1 (83.4) (88.1) (8.5) NA NA 1.9 (96.3) (98.8)

2013/03F 3.7 0.5 147.2 (27.4) 537.5 160.8 (28.6) NA 125.2 (25.2) 6,438.1

2013/06F (0.0) (1.2) 184.2 NA 25.1 200.2 NA 24.5 156.4 NA 24.9

2013/09F (4.5) (0.0) 231.1 19.4 25.5 241.6 19.0 20.7 189.2 19.8 20.9

2013/12F 0.5 1.2 233.2 910.2 0.9 197.9 NA (18.1) 154.6 7,970.5 (18.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 15,967.5 453.7 371.7 10,278 23.9 롯데케미칼 12.1 1.1 9.5 0.9

FY2013F 16,768.2 804.5 632.9 17,527 11.7 화학 12.7 1.3 9.9 1.3



3,993.1

3,947.1

3,946.9

3,992.3

3,850.4

3,948.8

4,131.9

3,971.8

10,764.8 4,239.1

11,137.8 3,968.4

10,746.6 4,588.8

10,372.3 4,288.2

16,185.8

8,792.5 3,725.1

10,634.8

15,699.4

15,902.8

15,879.3

롯데케미칼0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000


-35

-30

-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

1,000,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x23

x16

x9

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



79


A011780 151010 universe

금호석유 (011780.KS) 업데이트 : 2013.02.07




52주 최고가 : 149,500 시가총액(십억원) : 3,244.8

52주 최저가 : 95,600 60일 평균 거래대금(백만원) : 22,646.2

연중 최고가 : 138,000 외국인지분(%) : 11.2

9 10 11 12 13


(9.4) (15.1) (15.1) (29.0) (22.8)

업종 대비 (0.8) (6.6) (6.6) (20.4) (14.3) 5

KOSPI 대비 (6.2) (13.6) (12.6) (25.2) (18.9) 10

22 23 24 19 20



2010/12A (28.1) 560.3 407.7 483.2 NA 316.0 NA 709.7 15,814 30,427 1,000

2011/12A 30.3 839.0 49.7 758.4 56.9 505.6 60.0 993.6 24,723 44,423 2,000

2012/12F (8.9) 223.9 (73.3) 134.0 (82.3) 121.1 (76.1) 384.2 4,273 47,203 800

2013/12F 8.7 415.8 85.8 350.0 161.2 266.9 120.4 585.0 9,650 53,965 1,300

2014/12F 10.2 606.0 45.7 556.3 58.9 377.6 41.5 783.8 13,745 63,662 1,800



2010/12A 825.5 2,355.7 285.9 (230.3) 11.3 6.8 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 1,540.8 1,814.7 126.1 (433.9) 3.8 15.6 30.5 2.76 8.1 0.6

2013/12F 1,767.3 1,619.3 111.9 (312.1) 6.5 8.7 11.0 1.97 16.1 1.2

2014/12F 2,092.0 1,497.3 91.3 (270.0) 8.6 6.4 7.7 1.67 19.6 1.7



2012/03A 1.4 9.0 121.9 (58.0) 34.8 132.3 (52.3) 100.5 101.6 (48.2) 151.5

2012/06A (7.2) (2.4) 26.2 (90.3) (78.5) 9.7 (96.5) (92.7) 8.9 (95.0) (91.3)

2012/09A (13.8) (9.6) 45.2 (76.3) 72.9 44.3 (68.5) 358.6 40.6 (55.5) 357.4

2012/12F (16.4) (13.0) 30.6 (66.1) (32.2) (52.3) NA NA (30.0) NA NA

2013/03F (15.2) 10.4 77.0 (36.8) 151.4 68.1 (48.5) NA 51.9 (48.9) NA

2013/06F 1.0 16.3 105.6 303.6 37.0 88.5 815.4 29.9 67.5 661.2 29.9

2013/09F 20.6 8.0 122.6 171.3 16.2 97.8 120.6 10.5 74.6 83.9 10.5

2013/12F 36.1 (1.9) 110.6 261.0 (9.8) 95.5 NA (2.3) 72.9 NA (2.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 5,997.6 240.4 180.1 5,340 21.6 금호석유 10.1 1.9 16.9 1.3

FY2013F 6,321.0 420.2 306.7 8,751 11.5 화학 12.7 1.3 9.9 1.3



1,727.2

1,695.3

1,431.7

1,245.4

1,375.4

1,599.3

1,622.6

1,584.0

5,086.8 2,828.0

4,406.6 2,747.4

4,743.9 2,838.3

4,120.9 3,227.8

4,714.2 3,157.2

5,883.7

6,397.2

7,046.8

금호석유

4,957.0

6,457.4

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x23

x16

x8

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



80


A011790 151010 universe

SKC (011790.KS) 업데이트 : 2013.02.06


목표주가 : 45,000 애널리스트 : -

현재주가 : 33,700 회계기준 : K-IFRS 별도

52주 최고가 : 47,750 시가총액(십억원) : 1,220.4

52주 최저가 : 32,700 60일 평균 거래대금(백만원) : 8,202.3

연중 최고가 : 42,950 외국인지분(%) : 12.0

9 10 11 12 13


(4.3) (18.4) (22.7) (27.3) (19.2)

업종 대비 4.3 (9.8) (14.1) (18.7) (10.6) 5

KOSPI 대비 (1.1) (16.9) (20.1) (23.5) (15.2) 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 4.4 165.1 (28.2) 138.2 (28.9) 66.1 (47.5) 235.8 1,840 32,295 500

2013/12F 14.8 180.0 9.1 147.6 6.8 122.1 84.7 262.4 3,399 35,102 500

2014/12F 16.4 219.9 22.1 189.6 28.5 162.9 33.4 303.7 4,535 38,841 500



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 1,167.8 986.5 85.5 (250.3) 9.4 10.6 22.9 1.30 5.8 1.2

2013/12F 1,269.4 924.5 76.1 (131.3) 8.9 8.1 9.9 0.96 10.0 1.5

2014/12F 1,404.8 871.1 65.8 (100.8) 9.3 6.8 7.4 0.87 12.2 1.5



2012/03A 7.2 11.8 38.8 (19.2) 46.1 31.8 (26.0) 55.7 23.7 (14.7) NA

2012/06A (2.7) (3.7) 48.7 (52.9) 25.6 39.7 (59.0) 24.6 30.9 (61.6) 30.5

2012/09A 8.8 2.1 43.6 (16.2) (10.5) 36.6 6.8 (7.7) 29.6 (0.3) (4.3)

2012/12F 4.7 (4.7) 33.9 27.8 (22.2) 30.2 47.7 (17.6) (18.1) NA NA

2013/03F (8.8) (2.6) 33.6 (13.4) (0.9) 27.0 (15.1) (10.5) 6.2 (74.0) NA

2013/06F 17.7 24.2 45.0 (7.7) 33.8 38.8 (2.1) 43.7 15.4 (50.3) 149.5

2013/09F 23.8 7.3 51.7 18.5 14.9 45.8 25.2 18.0 20.8 (29.6) 35.5

2013/12F 27.5 (1.8) 49.8 46.8 (3.6) 36.0 19.2 (21.5) 79.8 NA 282.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,772.0 170.5 91.3 2,522 13.5 SKC 9.2 0.9 10.5 1.5

FY2013F 1,941.3 182.1 117.0 3,231 10.7 화학 12.7 1.3 9.9 1.3



413.9

514.1

551.8

541.7

453.6

436.7

445.8

425.0

2,651.4 1,388.5

2,805.4 1,412.5

2,252.7 1,150.0

2,532.8 1,367.1

2,352.0

2,001.4 981.9

1,465.1

1,687.5

1,761.0

2,021.4

SKC0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-30

-25

-20

-15

-10

-5

0

5

10

15KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x29

x22

x16

x10

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



81


A051910 151010 universe

LG화학 (051910.KS) 업데이트 : 2013.01.29




52주 최고가 : 375,500 시가총액(십억원) : 18,257.7

52주 최저가 : 261,500 60일 평균 거래대금(백만원) : 68,337.0

연중 최고가 : 342,500 외국인지분(%) : 34.4

9 10 11 12 13


(9.2) (18.4) (16.4) (25.1) (19.0)

업종 대비 (0.7) (9.8) (7.8) (16.6) (10.4) 5

KOSPI 대비 (6.0) (16.9) (13.8) (21.4) (15.0) 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 2.6 1,910.3 (32.6) 1,864.2 (33.3) 1,425.1 (33.3) 2,686.6 19,383 145,025 4,000

2013/12F 5.7 2,226.7 16.6 2,175.5 16.7 1,663.1 16.7 3,047.3 22,621 163,786 4,000

2014/12F 13.2 2,682.8 20.5 2,630.7 20.9 2,011.1 20.9 3,611.4 27,355 187,255 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 10,701.9 1,538.8 27.1 (2,074.0) 8.2 9.1 17.0 2.28 14.1 1.2

2013/12F 12,088.3 1,508.4 24.4 (2,107.3) 9.1 6.8 12.2 1.68 14.6 1.5

2014/12F 13,822.7 1,357.3 21.6 (2,063.0) 9.6 5.7 10.1 1.47 15.5 1.5



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

2012/09A (0.9) (2.7) 601.3 (17.0) 19.5 585.1 (12.4) 21.9 452.7 (11.3) 20.2

2012/12F 1.5 (2.6) 346.6 (30.7) (42.4) 358.8 (28.5) (38.7) 220.5 (41.3) (51.3)

2013/03F 2.6 3.9 489.9 6.6 41.3 476.7 8.3 32.8 364.4 (2.9) 65.3

2013/06F 2.5 4.2 563.4 12.0 15.0 554.7 15.5 16.4 424.0 12.6 16.4

2013/09F 9.6 4.0 601.2 (0.0) 6.7 587.5 0.4 5.9 449.1 (0.8) 5.9

2013/12F 8.2 (3.8) 572.3 65.1 (4.8) 556.7 55.1 (5.2) 425.6 93.0 (5.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 23,358.7 2,011.8 1,553.2 20,840 14.8 LG화학 11.6 1.6 14.8 1.5

FY2013F 24,610.8 2,309.8 1,783.7 23,779 11.2 화학 12.7 1.3 9.9 1.3



6,393.7

6,147.8

5,833.5

5,680.8

5,901.9

6,147.8

5,753.1

5,995.6

20,974.2 6,920.8

16,909.8 6,032.3

18,679.3 6,390.4

12,673.5 4,829.6

15,285.6 5,577.9

23,263.0

24,591.1

27,829.7

LG화학

19,471.5

22,675.6

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000


-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x16

x12

x8

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



82


A069260 151010 universe

휴켐스 (069260.KS) 업데이트 : 2013.01.24




52주 최고가 : 27,500 시가총액(십억원) : 968.8

52주 최저가 : 19,500 60일 평균 거래대금(백만원) : 1,944.4

연중 최고가 : 26,650 외국인지분(%) : 13.5

9 10 11 12 13


(0.4) (9.5) (11.6) 6.8 (7.4)

업종 대비 8.1 (1.0) (3.0) 15.3 1.1 5

KOSPI 대비 2.8 (8.0) (9.0) 10.5 (3.5) 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 21.6 69.0 22.9 75.5 13.0 60.5 18.4 96.5 1,492 11,489 700

2013/12F 27.2 86.5 25.4 92.8 22.8 74.3 22.8 126.9 1,838 12,419 700

2014/12F 4.5 94.9 9.7 99.1 6.8 79.4 6.8 138.3 1,963 13,466 700



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 469.7 13.9 49.9 (55.4) 10.0 11.2 17.4 2.25 13.3 2.7

2013/12F 507.7 (10.7) 54.2 (81.1) 9.9 7.7 12.9 1.91 15.2 3.0

2014/12F 550.5 115.2 68.8 (87.1) 10.4 8.0 12.1 1.76 15.0 3.0



2012/03A (1.7) 18.8 13.1 (27.4) 293.0 14.6 (25.5) 194.9 10.8 (24.9) 164.9

2012/06A 1.2 7.3 22.4 (0.6) 71.5 23.4 0.6 60.3 17.5 (3.2) 61.6

2012/09A 37.9 18.0 15.7 28.6 (30.2) 16.3 (14.4) (30.2) 12.8 (12.2) (26.7)

2012/12F 57.7 4.7 17.8 434.2 13.6 21.2 329.2 30.0 19.4 376.4 51.8

2013/03F 27.2 (4.1) 16.7 27.2 (6.4) 17.9 22.7 (15.7) 14.3 32.7 (26.2)

2013/06F 27.2 7.3 28.6 27.2 71.5 30.0 28.2 67.5 24.0 37.6 67.5

2013/09F 27.2 18.0 19.9 27.2 (30.2) 21.7 32.9 (27.6) 17.4 35.8 (27.6)

2013/12F 27.2 4.7 21.4 20.2 7.3 23.2 9.2 6.8 18.6 (4.4) 6.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 692.4 72.1 57.3 1,402 17.6 휴켐스 12.7 1.9 15.2 3.0

FY2013F 878.4 87.5 70.8 1,733 13.7 화학 12.7 1.3 9.9 1.3



187.9

201.7

238.1

249.3

147.7

158.5

187.1

196.0

954.6 432.0

996.3 422.7

699.5 255.0

790.2 313.6

916.6

576.8 153.0

539.3

566.9

689.4

877.0

휴켐스0

5,000

10,000

15,000

20,000

25,000

30,000


-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 2013

주가

x21

x16

x12

x7

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



83


A103130 151010 universe

웅진에너지 (103130.KS) 업데이트 : 2011.11.23



현재주가 : 2,560 회계기준 : K-IFRS 개별

52주 최고가 : 7,500 시가총액(십억원) : 170.8

52주 최저가 : 1,690 60일 평균 거래대금(백만원) : 7,403.8

연중 최고가 : 3,155 외국인지분(%) : 4.6

9 10 11 12 13


(18.9) 35.8 (25.9) (63.0) 42.2

업종 대비 (10.3) 44.4 (17.3) (54.4) 50.8 5

KOSPI 대비 (15.7) 37.3 (23.3) (59.2) 46.2 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

2011/12A 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

2011/12A 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 4.6 3.2 0.31 10.3 0.0

2013/12F 395.6 523.8 146.9 (278.1) 12.1 5.5 4.4 0.40 9.7 0.0

2014/12F 443.8 512.8 129.6 (188.5) 12.2 4.4 3.3 0.36 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 NA NA NA NA 0.0 웅진에너지 4.1 0.4 10.1 0.0

FY2013F NA NA NA NA 0.0 화학 12.7 1.3 9.9 1.3



125.2

124.9

94.2

96.3

109.1

118.8

89.1

86.5

1,279.1 835.2

819.6 460.4

1,098.8 703.2

458.7 159.8

633.0 309.0

366.1

477.9

623.9

웅진에너지

160.3

326.7

0

1,336

2,671

4,007

5,342

6,678

8,014


-80

-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

2010 2011 2012

주가

x24

x18

x13

x8

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



84


A001230 151040 universe

동국제강 (001230.KS) 업데이트 : 2012.12.13

투자의견 : 중립 업종 : 철강·비철금속 주가 수익률(12개월)

목표주가 : - 애널리스트 : 최문선


52주 최고가 : 23,550 시가총액(십억원) : 751.2

52주 최저가 : 12,100 60일 평균 거래대금(백만원) : 3,253.9

연중 최고가 : 14,500 외국인지분(%) : 22.7

9 10 11 12 13


(3.6) (13.2) (30.4) (48.4) (14.4)

업종 대비 5.7 (3.9) (21.1) (39.1) (5.2) 5

KOSPI 대비 (0.4) (11.7) (27.8) (44.6) (10.5) 10

22 23 24 19 20



2010/12A 16.1 346.4 445.6 228.4 NA 162.5 188.3 590.3 2,842 47,660 750

2011/12A 8.4 267.1 (22.9) 78.8 (65.5) 7.5 (95.4) 541.1 124 45,766 750

2012/12F 8.4 289.6 8.4 65.9 (16.4) 6.3 (16.4) 569.8 103 43,896 750

2013/12F 8.4 314.0 8.4 57.6 (12.5) 5.5 (12.5) 601.1 90 42,014 750

2014/12F 8.4 340.4 8.4 51.7 (10.3) 4.9 (10.3) 634.5 81 40,123 750



2010/12A 2,920.3 2,932.6 141.2 (496.5) 4.2 9.1 12.3 0.74 5.7 2.1

2011/12A 2,798.1 3,933.5 173.3 (439.6) 3.0 10.3 165.3 0.45 0.3 3.7

2012/12F 2,682.5 4,730.7 209.8 (390.7) 3.0 10.4 132.6 0.31 0.2 5.5

2013/12F 2,566.2 5,517.1 249.0 (396.5) 3.0 11.0 134.5 0.29 0.2 6.2

2014/12F 2,449.2 6,291.8 291.2 (402.3) 3.0 11.7 149.9 0.30 0.2 6.2



2012/03A (4.6) (5.5) (19.0) NA NA (37.5) NA NA (35.5) NA NA

2012/06A (7.8) 4.0 33.7 (80.9) NA (41.8) NA NA (33.9) NA NA

2012/09F 8.4 1.0 (61.2) NA NA (110.6) NA NA (10.5) NA NA

2012/12F 38.5 39.5 336.1 NA NA 255.7 NA NA 86.2 NA NA

2013/03F 8.4 (26.1) (20.6) NA NA (85.4) NA NA (8.1) NA NA

2013/06F 8.4 4.0 36.5 8.4 NA (29.3) NA NA (2.8) NA NA

2013/09F 8.4 1.0 (66.4) NA NA (126.7) NA NA (12.0) NA NA

2013/12F 8.4 39.5 364.4 8.4 NA 299.0 16.9 NA 28.4 (67.1) NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 7,870.2 (18.4) (144.5) -2,324 NA 동국제강 137.6 0.3 0.2 6.2

FY2013F 6,993.0 81.5 (41.7) -659 NA 철강·비철금속 10.1 0.7 7.2 2.0



2,280.7

2,372.9

2,396.8

3,344.4

2,103.5

2,188.5

2,210.6

3,084.5

11,388.6 9,128.3

12,070.0 10,207.3

10,152.9 7,005.2

10,750.7 8,061.2

11,270.7

9,670.3 6,462.9

8,154.8

8,841.9

9,587.0

10,394.8

동국제강0

5,000

10,000

15,000

20,000

25,000


-50

-40

-30

-20

-10

0

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x154

x117

x80

x43

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



85


A004020 151040 universe

현대제철 (004020.KS) 업데이트 : 2013.03.10

투자의견 : 매수 업종 : 철강·비철금속 주가 수익률(12개월)

목표주가 : 111,000 애널리스트 : 최문선


52주 최고가 : 109,000 시가총액(십억원) : 6,893.4

52주 최저가 : 74,800 60일 평균 거래대금(백만원) : 23,844.3

연중 최고가 : 90,600 외국인지분(%) : 18.5

9 10 11 12 13


(5.7) (9.1) (10.5) (19.6) (9.8)

업종 대비 3.5 0.2 (1.3) (10.3) (0.6) 5

KOSPI 대비 (2.5) (7.6) (7.9) (15.8) (5.9) 10

22 23 24 19 20



2010/12A 19.1 1,057.9 73.1 1,040.4 (15.1) 922.4 (19.9) 1,458.6 10,992 99,056 500

2011/12A 49.1 1,274.5 20.5 909.1 (12.6) 747.1 (19.0) 1,977.1 8,876 107,087 500

2012/12F (7.3) 871.9 (31.6) 917.0 0.9 782.7 4.8 1,731.4 9,286 115,239 500

2013/12F (8.0) 879.4 0.9 910.3 (0.7) 773.7 (1.1) 1,742.4 9,180 123,287 500

2014/12F 13.2 1,240.9 41.1 1,386.4 52.3 1,109.1 43.4 2,259.0 13,159 135,266 500



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) 8.4 8.5 10.8 0.89 8.5 0.5

2012/12F 9,814.4 9,847.8 111.2 (3,353.4) 6.2 10.0 9.5 0.76 8.3 0.6

2013/12F 10,501.0 10,338.7 111.5 (1,912.4) 6.8 9.9 8.8 0.66 7.6 0.6

2014/12F 11,523.0 9,986.7 105.2 (1,073.8) 8.4 7.5 6.1 0.60 10.1 0.6



2012/03A (0.2) (8.5) 156.4 (49.5) (47.2) 181.1 (46.9) (45.3) 154.0 (42.3) (43.5)

2012/06A (4.8) 8.5 324.0 (20.0) 107.1 212.1 (50.6) 17.1 186.7 (45.8) 21.2

2012/09A (9.1) (11.7) 227.2 (13.8) (29.9) 265.3 NA 25.1 232.9 NA 24.7

2012/12F (14.7) (2.7) 147.0 (50.4) (35.3) 258.5 (22.0) (2.6) 209.1 (23.3) (10.2)

2013/03F (8.0) (1.2) 144.0 (8.0) (2.0) 114.9 (36.5) (55.5) 97.7 (36.6) (53.3)

2013/06F (8.0) 8.5 298.2 (8.0) 107.1 277.7 30.9 141.7 236.0 26.4 141.7

2013/09F (8.0) (11.7) 209.1 (8.0) (29.9) 174.4 (34.2) (37.2) 148.3 (36.3) (37.2)

2013/12F (8.0) (2.7) 253.2 72.3 21.1 343.2 32.8 96.7 291.7 39.5 96.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 14,197.8 872.3 733.6 8,545 9.6 현대제철 8.0 0.6 8.2 0.6

FY2013F 13,709.5 914.8 667.7 8,022 10.1 철강·비철금속 10.1 0.7 7.2 2.0



3,138.2

3,052.1

3,409.9

3,316.3

3,275.0

3,554.0

3,558.5

3,861.7

26,237.0 14,714.0

22,952.4 13,138.0

24,441.8 13,940.8

19,877.4 11,446.5

21,776.7 12,657.8

14,146.4

13,019.2

14,738.4

현대제철

10,235.5

15,259.5

0

20,000

40,000

60,000

80,000

100,000

120,000


-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 2013

주가

x15

x12

x9

x6

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



86


A005490 151040 universe

POSCO (005490.KS) 업데이트 : 2013.03.20




52주 최고가 : 395,000 시가총액(십억원) : 28,074.2

52주 최저가 : 304,500 60일 평균 거래대금(백만원) : 60,064.4

연중 최고가 : 371,000 외국인지분(%) : 51.5

9 10 11 12 13


(11.7) (8.3) (15.5) (17.4) (10.7)

업종 대비 (2.4) 1.0 (6.2) (8.2) (1.4) 5

KOSPI 대비 (8.5) (6.8) (12.9) (13.7) (6.7) 10

22 23 24 19 20



2010/12A 20.9 4,904.1 55.8 4,677.4 30.6 4,202.8 32.5 7,503.5 54,558 429,944 10,000

2011/12A 20.2 4,330.4 (11.7) 4,065.7 (13.1) 3,648.1 (13.2) 6,103.6 47,224 467,361 10,000

2012/12A (9.0) 2,789.6 (35.6) 3,122.3 (23.2) 2,499.5 (31.5) 4,670.8 32,359 476,631 8,000

2013/12F (9.3) 2,453.4 (12.1) 2,929.8 (6.2) 2,343.8 (6.2) 4,445.1 30,342 497,303 8,000

2014/12F (4.5) 3,191.5 30.1 3,342.1 14.1 2,673.7 14.1 5,271.2 34,613 520,271 8,000



2010/12A 35,082.2 6,216.5 26.2 (4,308.4) 15.1 6.6 8.9 1.13 12.7 2.1

2011/12A 38,356.3 9,493.8 31.1 (3,304.4) 11.1 6.9 8.0 0.81 9.9 2.6

2012/12A 39,164.5 7,018.0 24.8 (2,494.9) 7.8 8.0 10.8 0.73 6.4 2.3

2013/12F 40,966.9 3,550.3 17.3 (2,452.1) 7.6 7.2 10.6 0.65 5.9 2.5

2014/12F 42,969.4 1,751.7 12.6 (2,208.1) 10.3 5.7 9.3 0.62 6.4 2.5



2012/03A 3.8 (6.0) 471.4 (49.0) (38.9) 680.3 (42.1) (31.5) 629.5 (42.3) (37.5)

2012/06A (8.1) (2.5) 1,101.2 (27.8) 133.6 895.4 (45.5) 31.6 509.3 (61.5) (19.1)

2012/09A (10.6) (3.4) 838.1 (24.5) (23.9) 946.6 270.6 5.7 730.8 222.0 43.5

2012/12A (19.8) (9.4) 378.8 (50.9) (54.8) 600.1 (39.6) (36.6) 512.9 (49.1) (29.8)

2013/03F (15.9) (1.4) 528.8 12.2 39.6 783.8 15.2 30.6 627.0 (0.4) 22.3

2013/06F (12.5) 1.4 709.7 (35.6) 34.2 747.6 (16.5) (4.6) 598.0 17.4 (4.6)

2013/09F (6.5) 3.3 525.2 (37.3) (26.0) 599.6 (36.7) (19.8) 479.7 (34.4) (19.8)

2013/12F (0.9) (4.0) 689.7 82.1 31.3 798.8 33.1 33.2 639.0 24.6 33.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 65,039.5 3,623.4 2,549.3 29,475 12.1 POSCO 10.3 0.6 6.0 2.5

FY2013F 64,698.4 3,955.6 2,850.5 32,520 10.0 철강·비철금속 10.1 0.7 7.2 2.0



7,959.8

8,067.5

8,333.6

7,999.4

9,460.4

9,223.4

8,910.3

8,070.9

51,328.1 10,162.7

51,714.1 8,325.0

52,727.9 15,129.9

52,320.4 13,155.9

30,910.3

49,086.2 13,062.7

32,582.0

39,171.7

35,664.9

32,360.3

POSCO0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000


-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x14

x12

x10

x8

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



87


A009520 151040 universe

포스코엠텍 (009520.KQ) 업데이트 : 2013.01.31




52주 최고가 : 78,300 시가총액(십억원) : 435.2

52주 최저가 : 5,640 60일 평균 거래대금(백만원) : 5,844.2

연중 최고가 : 11,500 외국인지분(%) : 1.2

9 10 11 12 13


12.4 (12.9) 35.7 37.0 (9.1)

업종 대비 21.6 (3.7) 45.0 46.2 0.1 5

KOSPI 대비 15.6 (11.4) 38.3 40.7 (5.2) 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 18.2 16.3 16.5 22.6 12.5 13.5 28.6 301 4,109 75

2013/12F 11.5 34.6 90.4 29.4 78.0 21.8 74.5 47.6 524 4,558 75

2014/12F 15.8 58.8 69.9 53.8 82.9 39.9 82.7 76.7 958 5,441 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 171.1 86.8 112.1 (68.6) 2.1 20.4 39.6 2.90 7.5 0.6

2013/12F 189.8 117.8 125.4 (35.0) 3.6 11.7 19.9 2.29 12.1 0.7

2014/12F 226.6 171.2 135.9 (57.6) 5.3 8.0 10.9 1.92 19.2 0.7







2013/03F NA NA 0.0 NA NA (1.1) NA NA (0.8) NA NA



2013/12F 327.9 NA 34.6 705.8 NA 32.9 746.0 NA 24.4 94.8 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 915.3 17.7 11.8 286 36.8 포스코엠텍 16.9 2.2 13.6 0.7

FY2013F 1,064.5 31.7 23.7 570 18.4 철강·비철금속 10.1 0.7 7.2 2.0



0.0

950.6

222.1

0.0

0.0

639.3 408.1

440.5 267.9

513.5 321.1

303.5 148.3

357.1 194.3

852.4

950.6

1,100.8

포스코엠텍

543.8

669.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-30

-20

-10

0

10

20

30

40

50

60

70

80

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x39

x30

x22

x14

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



88


A010130 151040 universe

고려아연 (010130.KS) 업데이트 : 2013.03.03




52주 최고가 : 505,000 시가총액(십억원) : 6,510.2

52주 최저가 : 316,500 60일 평균 거래대금(백만원) : 29,050.4

연중 최고가 : 406,500 외국인지분(%) : 16.7

9 10 11 12 13


(7.4) (10.0) (28.2) (9.3) (14.8)

업종 대비 1.9 (0.8) (18.9) (0.1) (5.5) 5

KOSPI 대비 (4.2) (8.5) (25.6) (5.6) (10.9) 10

22 23 24 19 20



2010/12A 20.5 647.8 54.6 726.5 34.2 548.9 32.2 736.5 31,054 146,631 2,500

2011/12A 44.8 968.1 49.4 974.5 34.1 704.6 28.4 1,079.7 39,868 182,490 5,000

2012/12F (1.1) 770.3 (20.4) 757.0 (22.3) 566.8 (19.6) 880.2 32,068 208,628 5,000

2013/12F 7.6 964.6 25.2 1,021.7 35.0 773.3 36.4 1,086.4 43,751 246,755 5,000

2014/12F 6.8 1,019.0 5.6 1,100.4 7.7 831.9 7.6 1,156.6 47,071 286,421 5,000



2010/12A 2,713.4 (253.0) 20.3 (327.6) 16.9 6.9 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 3,883.3 (1,137.1) 10.0 (248.0) 14.0 7.5 12.6 1.94 15.6 1.2

2013/12F 4,602.8 (1,394.2) 8.0 (238.8) 16.3 4.8 7.9 1.40 18.2 1.4

2014/12F 5,351.3 (1,788.8) 5.3 (333.5) 16.1 4.2 7.3 1.20 16.7 1.4



2012/03A 9.1 2.1 210.3 (8.7) (10.2) 228.7 (10.4) (3.7) 168.4 (9.1) 2.0

2012/06A (2.7) 9.6 243.9 8.5 16.0 194.4 (19.1) (15.0) 152.3 (13.3) (9.6)

2012/09A (15.4) (12.5) 142.2 (49.0) (41.7) 154.3 (36.1) (20.6) 101.9 (43.0) (33.1)

2012/12F 7.6 9.9 173.8 (25.8) 22.2 179.6 (24.4) 16.4 144.2 (12.6) 41.6

2013/03F 7.6 2.1 226.3 7.6 30.2 245.3 7.3 36.6 185.6 10.2 28.7

2013/06F 7.6 9.6 262.4 7.6 16.0 278.6 43.3 13.6 210.8 38.5 13.6

2013/09F 7.6 (12.5) 153.0 7.6 (41.7) 161.8 4.8 (41.9) 122.4 20.2 (41.9)

2013/12F 7.6 9.9 323.0 85.8 111.1 336.1 87.2 107.8 254.4 76.4 107.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 5,475.3 796.6 591.0 30,876 12.7 고려아연 7.8 1.4 17.9 1.4

FY2013F 5,796.4 864.7 690.4 35,962 9.7 철강·비철금속 10.1 0.7 7.2 2.0



1,438.5

1,576.7

1,379.7

1,516.0

1,337.1

1,465.5

1,282.5

1,409.1

5,959.2 1,218.2

6,870.2 1,369.9

4,606.2 1,095.8

5,196.6 1,185.5

6,311.5

3,974.0 1,163.1

3,838.0

5,556.4

5,494.1

5,910.9

고려아연0

100,000

200,000

300,000

400,000

500,000

600,000


-5

0

5

10

15

20

25

30

35

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x15

x12

x9

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



89


A010520 151040 universe

현대하이스코 (010520.KS) 업데이트 : 2013.01.28




52주 최고가 : 50,500 시가총액(십억원) : 2,923.3

52주 최저가 : 33,250 60일 평균 거래대금(백만원) : 10,810.2

연중 최고가 : 45,450 외국인지분(%) : 19.8

9 10 11 12 13


(3.2) (23.5) (23.2) (12.4) (19.8)

업종 대비 6.1 (14.2) (13.9) (3.1) (10.5) 5

KOSPI 대비 0.0 (22.0) (20.6) (8.6) (15.8) 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 2.9 403.4 (7.3) 357.8 (6.3) 278.7 (6.1) 640.4 3,506 23,730 250

2013/12F 5.4 529.3 31.2 481.3 34.5 376.5 35.1 747.6 4,735 28,199 250

2014/12F 7.2 591.6 11.8 535.9 11.3 417.3 10.8 830.5 5,248 33,177 250



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 1,896.2 1,345.0 92.8 (1,033.2) 4.8 7.8 13.0 1.92 15.8 0.6

2013/12F 2,254.7 1,305.6 83.1 (405.3) 6.0 5.7 7.7 1.29 18.1 0.7

2014/12F 2,653.9 1,118.4 67.0 (275.4) 6.2 4.9 6.9 1.10 17.0 0.7



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)

2012/09A 1.0 (7.2) 94.2 (15.3) (23.3) 97.7 9.1 3.3 80.7 13.0 13.8

2012/12F (8.1) (2.8) 70.9 (28.9) (24.8) 57.2 (22.1) (41.4) 33.4 (43.9) (58.6)

2013/03F 5.4 10.7 121.6 5.4 71.6 109.5 (3.6) 91.2 85.6 (8.7) 156.6

2013/06F 5.4 5.5 129.6 5.4 6.5 117.4 24.2 7.2 91.8 29.6 7.2

2013/09F 5.4 (7.2) 99.3 5.4 (23.3) 87.7 (10.2) (25.3) 68.6 (14.9) (25.3)

2013/12F 5.4 (2.8) 178.8 152.4 80.1 166.6 191.0 89.9 130.4 290.6 90.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 8,504.6 447.7 309.1 3,910 10.4 현대하이스코 7.5 1.2 17.9 0.7

FY2013F 8,725.3 465.1 338.1 4,220 8.5 철강·비철금속 10.1 0.7 7.2 2.0



2,175.8

2,115.8

2,064.8

2,007.8

2,221.7

2,343.8

2,108.4

2,224.2

6,371.5 3,707.9

5,731.0 3,828.1

6,049.7 3,787.0

3,972.9 2,620.0

4,720.6 3,087.0

8,405.1

8,857.1

9,497.9

현대하이스코

6,865.8

8,170.3

0

10,000

20,000

30,000

40,000

50,000

60,000


-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 2013

주가

x23

x18

x14

x10

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



90


A103140 151040 universe

풍산 (103140.KS) 업데이트 : 2013.02.17




52주 최고가 : 36,350 시가총액(십억원) : 797.3

52주 최저가 : 22,750 60일 평균 거래대금(백만원) : 7,029.8

연중 최고가 : 34,000 외국인지분(%) : 9.9

9 10 11 12 13


(2.2) (12.9) (18.7) (8.5) (16.3)

업종 대비 7.0 (3.6) (9.4) 0.7 (7.1) 5

KOSPI 대비 1.0 (11.4) (16.1) (4.8) (12.4) 10

22 23 24 19 20



2010/12A 26.4 231.5 30.2 195.3 6.4 152.9 2.3 280.9 5,460 33,290 800

2011/12A 6.4 98.9 (57.3) 66.5 (65.9) 40.7 (73.4) 148.3 1,452 33,582 400

2012/12F 0.7 127.8 29.2 78.1 17.4 53.0 30.2 185.5 1,891 34,535 400

2013/12F 6.4 177.5 38.9 144.1 84.4 107.9 103.8 256.7 3,853 37,701 400

2014/12F 10.7 197.9 11.5 156.5 8.6 117.3 8.6 282.1 4,186 41,236 400



2010/12A 932.8 1,159.7 131.1 (211.8) 8.5 8.9 8.8 1.44 17.3 1.7

2011/12A 941.0 1,304.4 145.0 (157.3) 3.4 13.8 18.0 0.78 4.3 1.5

2012/12F 967.7 1,232.6 139.0 (131.4) 4.4 11.7 17.8 0.97 5.6 1.2

2013/12F 1,056.4 1,249.0 126.7 (156.6) 5.8 8.0 7.4 0.75 10.7 1.4

2014/12F 1,155.5 1,194.2 112.0 (126.1) 5.8 7.1 6.8 0.69 10.6 1.4



2012/03A (4.5) (9.6) 40.0 (37.0) NA 24.4 (61.9) NA 17.8 (59.1) NA

2012/06A (1.0) 11.2 27.9 9.1 (30.2) 17.6 (5.5) (28.1) 10.2 (50.8) (42.9)

2012/09A 3.5 (4.2) 36.7 194.8 31.8 28.2 NA 60.6 21.2 NA 108.6

2012/12F 4.5 8.6 30.2 NA (17.8) 14.9 NA (47.4) 3.8 NA (82.0)

2013/03F 6.4 (8.0) 45.4 13.5 50.3 31.7 29.7 113.4 23.4 31.3 512.6

2013/06F 6.4 11.2 50.5 81.0 11.2 42.8 143.5 35.0 33.5 230.0 43.4

2013/09F 6.4 (4.2) 48.3 31.5 (4.2) 40.0 41.7 (6.5) 31.1 46.9 (7.2)

2013/12F 6.4 8.6 52.5 73.8 8.6 29.3 97.5 (26.6) 19.9 421.6 (36.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,934.0 162.2 78.3 2,777 10.6 풍산 7.2 0.7 10.7 1.4

FY2013F 2,990.8 167.6 94.7 3,353 8.4 철강·비철금속 10.1 0.7 7.2 2.0



712.0

791.7

758.1

823.3

669.3

744.3

712.7

774.0

2,827.2 1,768.4

3,027.9 1,869.9

2,626.5 1,683.4

2,632.5 1,662.6

3,414.0

2,483.3 1,548.3

2,707.7

2,881.3

2,900.3

3,085.1

풍산0

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

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2008 2009 2010 2011 2012

주가

x27

x20

x14

x8

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



91


A004150 151050 universe

한솔제지 (004150.KS) 업데이트 : 2013.01.27

투자의견 : 매수 업종 : 제지 주가 수익률(12개월)

목표주가 : 13,000 애널리스트 : 나은채


52주 최고가 : 12,350 시가총액(십억원) : 497.3

52주 최저가 : 6,560 60일 평균 거래대금(백만원) : 5,427.2

연중 최고가 : 12,200 외국인지분(%) : 20.8

9 10 11 12 13


10.7 21.9 17.6 37.7 25.3

업종 대비 (0.0) 11.2 7.0 27.0 14.6 5

KOSPI 대비 13.9 23.4 20.2 41.5 29.2 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 (3.1) 107.5 17.1 72.7 177.9 20.0 NA 154.9 495 17,967 450

2013/12F (2.1) 120.6 12.2 94.0 29.3 57.1 185.4 168.0 1,413 18,658 500

2014/12F 3.8 123.8 2.6 96.9 3.1 62.1 8.6 171.1 1,534 19,386 500



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 766.1 672.3 86.0 (47.6) 7.2 7.1 18.4 0.51 2.6 4.9

2013/12F 796.3 603.7 73.7 (47.6) 8.2 6.8 8.1 0.61 7.3 4.4

2014/12F 828.0 552.9 64.0 (47.6) 8.2 6.5 7.4 0.59 7.6 4.4



2012/03A (1.1) (6.5) 33.8 62.1 28.2 26.0 95.7 NA 15.9 201.8 231.5

2012/06A 5.7 7.3 47.1 65.2 39.5 36.7 78.1 41.3 24.6 NA 54.5

2012/09A (4.7) (12.2) 25.5 57.9 (46.0) 20.4 NA (44.5) 11.0 NA (55.5)

2012/12F (11.8) 0.2 1.2 (95.6) (95.4) (10.4) NA NA (31.5) NA NA

2013/03F (5.0) 0.6 26.9 (20.5) 2,212.5 19.9 (23.5) NA 11.1 (30.5) NA

2013/06F (2.4) 10.2 41.0 (13.1) 52.5 34.2 (6.7) 72.2 22.0 (10.7) 98.3

2013/09F (2.1) (11.9) 30.7 20.7 (25.0) 24.0 17.9 (29.8) 15.2 38.9 (30.7)

2013/12F 1.4 3.8 22.1 1,802.0 (28.1) 15.8 NA (34.2) 8.9 NA (41.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,513.6 107.0 59.9 1,373 7.7 한솔제지 7.9 0.6 7.4 4.4

FY2013F 1,477.6 117.1 70.1 1,607 7.4 제지 8.5 0.6 7.2 4.4



348.1

361.5

355.5

356.3

358.4

395.0

377.5

404.9

1,749.0 854.6

1,722.8 932.6

1,714.9 873.7

1,760.6 984.9

1,764.3 1,011.0

1,494.2

1,463.0

1,518.7

한솔제지

1,560.2

1,541.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-20

-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x21

x16

x11

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



92


A000210 201030 universe

대림산업 (000210.KS) 업데이트 : 2013.03.19

투자의견 : 매수 업종 : 건설 주가 수익률(12개월)

목표주가 : 121,000 애널리스트 : 이경자


52주 최고가 : 130,000 시가총액(십억원) : 3,058.9

52주 최저가 : 66,900 60일 평균 거래대금(백만원) : 21,864.6

연중 최고가 : 97,000 외국인지분(%) : 37.4

9 10 11 12 13


(5.5) 2.6 (12.0) (28.5) (0.7)

업종 대비 (1.1) 7.0 (7.6) (24.1) 3.7 5

KOSPI 대비 (2.3) 4.1 (9.4) (24.8) 3.3 10

22 23 24 19 20



2010/12A (2.4) 387.6 (22.7) 460.0 (0.2) 333.7 (2.8) 436.0 8,640 108,237 100

2011/12A 7.4 437.5 12.9 519.5 12.9 365.7 9.6 492.4 9,469 114,427 100

2012/12A 28.4 486.1 11.1 560.1 7.8 391.1 7.0 548.4 10,128 123,800 500

2013/12F 2.8 551.9 13.6 634.2 13.2 469.1 19.9 612.3 12,179 134,953 500

2014/12F 12.6 659.1 19.4 739.5 16.6 547.0 16.6 717.7 14,201 148,122 500



2010/12A 4,177.9 439.2 50.6 (97.2) 5.2 10.8 13.6 1.09 8.4 0.1

2011/12A 4,416.9 284.7 45.9 (302.0) 5.5 7.5 9.5 0.78 8.5 0.1

2012/12A 4,778.7 (417.8) 31.8 (155.7) 4.7 5.1 8.6 0.70 8.5 0.6

2013/12F 5,209.2 (44.7) 32.6 (16.0) 5.2 5.3 7.2 0.65 9.4 0.6

2014/12F 5,717.5 (119.1) 32.3 (12.6) 5.6 4.4 6.2 0.59 10.0 0.6



2012/03A 24.6 (13.0) 94.7 54.9 6.6 186.9 28.3 5,462.6 127.1 31.8 2,658.0

2012/06A 26.3 20.4 125.0 43.1 32.1 53.9 (73.0) (71.2) 34.7 (76.3) (72.7)

2012/09A 34.2 10.5 136.7 (31.7) 9.3 175.7 2.7 226.0 117.9 (0.4) 239.7

2012/12A 27.6 10.3 129.6 46.0 (5.2) 143.5 4,171.1 (18.3) 111.4 2,317.9 (5.6)

2013/03F 2.8 (29.9) 97.3 2.8 (24.9) 191.2 2.3 33.2 141.4 11.3 27.0

2013/06F 2.8 20.4 128.5 2.8 32.1 61.7 14.6 (67.7) 45.7 31.5 (67.7)

2013/09F 2.8 10.5 140.5 2.8 9.3 177.6 1.1 187.6 131.4 11.4 187.6

2013/12F 2.8 10.3 185.6 43.1 32.0 203.7 41.9 14.7 150.7 35.3 14.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 10,215.9 514.7 416.9 10,428 8.5 대림산업 7.0 0.6 9.5 0.6

FY2013F 10,898.4 562.7 460.9 11,779 7.7 건설 14.1 0.9 6.5 1.4



2,108.6

2,537.8

2,803.1

3,090.6

2,051.3

2,468.7

2,726.8

3,006.5

10,820.1 6,705.1

11,959.7 7,577.3

10,764.6 6,127.2

11,006.5 6,087.9

11,872.5

9,743.2 5,503.0

7,437.6

7,988.1

10,253.3

10,540.1

대림산업0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x13

x11

x9

x7

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



93


A000720 201030 universe

현대건설 (000720.KS) 업데이트 : 2013.03.19




52주 최고가 : 85,100 시가총액(십억원) : 7,137.9

52주 최저가 : 55,600 60일 평균 거래대금(백만원) : 28,312.5

연중 최고가 : 73,800 외국인지분(%) : 23.8

9 10 11 12 13


(6.8) (8.9) (7.9) (23.0) (11.0)

업종 대비 (2.4) (4.5) (3.5) (18.6) (6.6) 5

KOSPI 대비 (3.6) (7.5) (5.3) (19.3) (7.0) 10

22 23 24 19 20



2010/12A 9.5 788.6 35.7 750.2 16.7 513.1 12.7 862.1 4,607 34,344 700

2011/12A 4.8 735.6 (6.7) 850.7 13.4 635.4 23.8 812.0 5,705 37,711 500

2012/12A 11.8 760.4 3.4 737.0 (13.4) 509.9 (19.8) 846.2 4,578 40,811 500

2013/12F 4.8 914.1 20.2 913.3 23.9 599.6 17.6 986.9 5,379 44,767 500

2014/12F 8.8 1,049.3 14.8 1,046.2 14.5 686.8 14.5 1,120.3 6,162 49,506 500



2010/12A 3,827.8 (922.6) 26.6 (84.7) 6.9 8.4 15.7 2.11 15.0 1.0

2011/12A 4,203.1 (539.1) 34.1 (68.1) 6.2 9.2 12.3 1.87 15.8 0.7

2012/12A 4,548.5 (500.2) 36.4 (97.1) 5.7 8.9 15.3 1.72 11.7 0.7

2013/12F 4,989.5 (263.3) 33.2 (91.3) 6.5 7.2 11.9 1.43 12.6 0.8

2014/12F 5,517.6 (348.9) 30.1 (90.8) 6.9 6.4 10.4 1.29 13.1 0.8



2012/03A 18.4 (28.9) 146.6 (2.9) 5.2 161.5 8.3 3.8 115.6 (4.7) (4.5)

2012/06A 10.8 17.6 157.5 (17.4) 7.4 163.7 (33.9) 1.4 104.9 (39.5) (9.2)

2012/09A 12.1 4.3 219.7 (13.8) 39.5 219.2 (26.5) 33.9 156.5 (28.7) 49.1

2012/12A 8.3 24.1 236.6 69.8 7.7 192.6 23.8 (12.2) 132.8 9.7 (15.1)

2013/03F 4.8 (31.1) 153.7 4.8 (35.1) 163.9 1.5 (14.9) 107.6 (7.0) (19.0)

2013/06F 4.8 17.6 165.1 4.8 7.4 174.6 6.7 6.5 114.6 9.2 6.5

2013/09F 4.8 4.3 230.4 4.8 39.5 228.6 4.3 30.9 150.1 (4.1) 30.9

2013/12F 4.8 24.1 364.9 54.2 58.4 346.3 79.8 51.5 227.3 71.2 51.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 13,274.6 765.1 588.4 4,880 13.7 현대건설 11.5 1.4 12.7 0.8

FY2013F 14,261.8 902.8 692.5 5,729 11.2 건설 14.1 0.9 6.5 1.4



3,480.2

4,318.3

3,319.3

4,118.6

2,836.7

3,335.6

2,705.6

3,181.3

13,555.3 7,914.2

12,746.8 7,990.9

12,548.5 7,435.4

10,996.4 7,058.0

11,871.9 7,508.4

13,324.8

13,970.8

15,200.7

현대건설

11,377.9

11,920.2

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x18

x16

x14

x12

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



94


A000830 201030 universe

삼성물산 (000830.KS) 업데이트 : 2013.03.19




52주 최고가 : 82,700 시가총액(십억원) : 10,497.8

52주 최저가 : 54,900 60일 평균 거래대금(백만원) : 35,091.1

연중 최고가 : 67,900 외국인지분(%) : 24.6

9 10 11 12 13


1.5 8.2 (1.5) (15.4) 5.5

업종 대비 5.9 12.6 2.9 (11.0) 9.9 5

KOSPI 대비 4.7 9.7 1.1 (11.6) 9.4 10

22 23 24 19 20



2010/12A (4.0) 454.8 (42.7) 678.8 (18.2) 485.6 57.8 562.0 3,298 55,025 500

2011/12A 21.3 351.0 (22.8) 610.0 (10.1) 402.0 (17.2) 473.0 2,722 60,181 500

2012/12A 17.5 490.3 39.7 555.7 (8.9) 450.6 12.1 651.1 3,049 73,846 500

2013/12F 14.2 590.3 20.4 604.1 8.7 432.2 (4.1) 755.0 2,851 86,976 500

2014/12F 9.8 739.9 25.3 768.3 27.2 549.6 27.2 907.0 3,627 100,837 500



2010/12A 8,545.6 1,425.5 30.8 (185.5) 2.6 24.8 23.9 1.43 6.1 0.6

2011/12A 9,385.0 2,939.9 45.1 (135.5) 1.6 29.1 25.0 1.13 4.5 0.7

2012/12A 11,588.0 3,202.3 42.3 (379.7) 1.9 20.2 20.5 0.85 4.3 0.8

2013/12F 13,700.3 2,836.6 34.1 (196.5) 2.0 18.0 23.6 0.77 3.4 0.7

2014/12F 15,930.0 2,643.2 29.2 (198.9) 2.3 14.8 18.5 0.67 3.7 0.7



2012/03A 26.6 (5.2) 93.7 (20.6) 71,103.9 179.7 (9.4) 73.3 127.7 (7.4) 31.9

2012/06A 25.3 9.3 139.4 19.2 48.8 280.9 166.0 56.3 263.1 285.4 106.1

2012/09A 12.1 (6.9) 52.0 (55.1) (62.7) 66.4 (67.2) (76.4) 25.6 (74.2) (90.3)

2012/12A 9.1 13.2 205.2 155,801.8 294.3 28.7 (72.3) (56.7) 34.3 (64.5) 34.2

2013/03F 14.2 (0.8) 107.0 14.2 (47.9) 206.5 14.9 618.5 147.7 15.7 330.6

2013/06F 14.2 9.3 159.2 14.2 48.8 332.7 18.4 61.1 238.0 (9.5) 61.1

2013/09F 14.2 (6.9) 59.4 14.2 (62.7) 84.9 27.9 (74.5) 60.8 137.7 (74.5)

2013/12F 14.2 13.2 264.8 29.1 345.7 (20.0) NA NA (14.3) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 25,263.9 714.7 499.4 3,051 19.7 삼성물산 22.2 0.7 3.5 0.7

FY2013F 28,534.1 652.0 497.5 2,985 22.8 건설 14.1 0.9 6.5 1.4



6,784.9

7,415.7

6,900.9

7,809.8

5,943.5

6,496.1

6,045.1

6,841.3

26,349.0 12,502.9

28,801.9 12,679.0

20,922.0 11,436.9

25,964.0 14,274.8

31,751.7

17,501.1 8,922.7

17,755.9

21,545.5

25,325.9

28,911.4

삼성물산0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x30

x26

x22

x18

x15

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



95


A002380 201030 universe

KCC (002380.KS) 업데이트 : 2013.03.19




52주 최고가 : 333,000 시가총액(십억원) : 3,145.5

52주 최저가 : 252,500 60일 평균 거래대금(백만원) : 6,097.8

연중 최고가 : 312,500 외국인지분(%) : 18.2

9 10 11 12 13


4.9 (1.2) 7.4 (5.8) (1.0)

업종 대비 9.3 3.3 11.8 (1.4) 3.4 5

KOSPI 대비 8.1 0.3 9.9 (2.1) 3.0 10

22 23 24 19 20



2010/12A (20.0) 233.5 (39.2) 534.9 4.2 401.5 10.1 443.5 40,278 555,513 8,000

2011/12A 8.2 122.8 (47.4) 477.6 (10.7) 325.8 (18.9) 357.2 33,253 486,417 8,000

2012/12A (3.7) 198.9 62.0 626.7 31.2 444.6 36.5 362.8 45,384 480,284 8,000

2013/12F 5.8 248.6 25.0 295.7 (52.8) 223.3 (49.8) 427.9 22,793 453,216 8,000

2014/12F 7.7 283.9 14.2 349.7 18.2 264.1 18.2 468.0 26,953 430,022 8,000



2010/12A 5,844.0 417.3 18.7 (341.1) 7.5 10.4 9.8 0.71 7.8 2.0

2011/12A 4,994.2 86.1 20.7 (513.4) 3.6 8.7 8.6 0.59 6.0 2.8

2012/12A 4,929.7 477.7 17.4 (438.1) 6.1 10.0 6.5 0.62 9.0 2.7

2013/12F 4,645.0 (677.4) 5.9 (285.6) 7.2 5.8 13.1 0.66 4.7 2.7

2014/12F 4,401.0 (719.7) 6.9 (240.3) 7.7 5.2 11.1 0.70 5.8 2.7



2012/03A 0.6 (13.0) 52.7 130.5 8,536.2 765.0 647.6 NA 578.2 576.8 NA

2012/06A (2.1) 12.4 74.8 29.4 42.1 7.0 (96.3) (99.1) 3.7 (97.4) (99.4)

2012/09A (5.3) (7.8) 51.5 24.1 (31.2) 31.0 (89.1) 343.4 20.2 (90.2) 439.6

2012/12A (7.5) 2.6 20.0 3,174.0 (61.2) (176.3) NA NA (157.5) NA NA

2013/03F 5.8 (0.5) 55.7 5.8 179.0 65.7 (91.4) NA 49.6 (91.4) NA

2013/06F 5.8 12.4 79.2 5.8 42.1 69.1 888.4 5.2 52.2 1,292.4 5.2

2013/09F 5.8 (7.8) 54.5 5.8 (31.2) 42.2 36.2 (38.9) 31.9 57.6 (38.9)

2013/12F 5.8 2.6 74.3 272.1 36.4 133.8 NA 217.0 89.7 NA 181.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,277.3 215.1 660.7 60,681 4.7 KCC 12.6 0.7 4.9 2.7

FY2013F 3,401.5 247.6 218.4 19,854 15.3 건설 14.1 0.9 6.5 1.4



842.4

864.1

796.4

816.9

813.1

914.1

768.7

864.2

8,627.2 1,718.3

6,824.0 1,862.1

8,096.1 1,443.4

8,511.3 2,636.4

7,342.3 2,316.8

3,246.2

3,433.7

3,698.2

KCC

3,115.6

3,370.9

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x13

x11

x9

x7

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



96


A006360 201030 universe

GS건설 (006360.KS) 업데이트 : 2013.03.19

투자의견 : 중립 업종 : 건설 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이경자


52주 최고가 : 111,000 시가총액(십억원) : 2,611.2

52주 최저가 : 47,150 60일 평균 거래대금(백만원) : 21,078.2

연중 최고가 : 59,800 외국인지분(%) : 28.1

9 10 11 12 13


(7.4) (10.8) (36.9) (52.1) (14.4)

업종 대비 (3.0) (6.4) (32.5) (47.7) (10.0) 5

KOSPI 대비 (4.2) (9.3) (34.4) (48.4) (10.4) 10

22 23 24 19 20



2010/12A 10.6 593.4 (2.8) 555.8 7.0 397.3 4.9 642.3 8,030 71,244 1,000

2011/12A 7.5 394.9 (33.4) 563.6 1.4 423.7 6.6 457.3 8,563 74,846 1,000

2012/12F 2.6 159.5 (59.6) 169.6 (69.9) 121.0 (71.4) 220.6 2,446 75,275 1,000

2013/12F 11.2 219.8 37.8 128.8 (24.1) 96.8 (20.1) 281.2 1,952 75,229 1,000

2014/12F 5.8 361.1 64.2 273.5 112.4 205.5 112.4 422.4 4,146 77,315 1,000



2010/12A 3,549.9 (640.5) 39.9 (99.6) 7.0 8.6 14.4 1.63 11.6 0.9

2011/12A 3,735.1 (63.2) 50.0 (51.2) 4.4 10.6 10.8 1.23 11.6 1.1

2012/12F 3,757.0 1,150.9 64.5 (71.4) 1.7 19.5 23.4 0.76 3.2 1.7

2013/12F 3,754.6 873.2 63.5 (66.6) 2.1 13.2 26.2 0.68 2.6 2.0

2014/12F 3,861.0 700.7 59.9 (63.7) 3.3 8.4 12.3 0.66 5.4 2.0



2012/03A 4.1 (22.2) 93.3 (19.3) 25.9 102.5 (3.2) 32.4 73.2 1.5 (2.7)

2012/06A 7.9 11.7 70.8 (22.8) (24.1) 110.3 (57.0) 7.7 72.1 (61.4) (1.5)

2012/09A 12.4 2.0 48.9 (56.9) (31.0) 57.7 (53.4) (47.7) 36.7 (59.0) (49.1)

2012/12F (10.5) 0.9 (103.5) NA NA (150.9) NA NA (61.0) NA NA

2013/03F 11.2 (3.3) 103.7 11.2 NA 47.3 (53.8) NA 35.5 (51.5) NA

2013/06F 11.2 11.7 78.7 11.2 (24.1) 126.1 14.3 166.6 94.7 31.4 166.6

2013/09F 11.2 2.0 54.3 11.2 (31.0) 39.8 (31.0) (68.4) 29.9 (18.4) (68.4)

2013/12F 11.2 0.9 (61.9) NA NA (129.4) NA NA (63.4) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,509.0 301.8 248.3 4,815 11.2 GS건설 21.0 0.7 3.2 2.0

FY2013F 10,468.5 263.7 167.2 3,504 15.0 건설 14.1 0.9 6.5 1.4



2,344.2

2,618.3

2,669.8

2,695.1

2,108.4

2,354.9

2,401.3

2,424.0

10,736.4 6,757.8

11,159.3 7,073.0

11,098.5 7,140.5

9,863.0 5,882.4

10,931.1

11,046.4 7,275.0

8,419.9

9,052.2

9,288.6

10,327.4

GS건설0

20,000

40,000

60,000

80,000

100,000

120,000


-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 2012 2013

주가

x40

x31

x23

x15

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



97


A012630 201030 universe

현대산업 (012630.KS) 업데이트 : 2013.03.22




52주 최고가 : 26,250 시가총액(십억원) : 1,756.5

52주 최저가 : 17,800 60일 평균 거래대금(백만원) : 7,835.2

연중 최고가 : 24,950 외국인지분(%) : 49.3

9 10 11 12 13


(6.6) 6.6 (4.5) (10.2) 6.4

업종 대비 (2.2) 11.0 (0.1) (5.8) 10.8 5

KOSPI 대비 (3.4) 8.1 (1.9) (6.4) 10.3 10

22 23 24 19 20



2010/12A 32.7 239.7 59.7 160.1 104.6 97.3 292.6 279.2 1,322 30,849 500

2011/12A 14.4 400.8 67.2 294.9 84.2 221.7 128.0 438.1 3,013 33,070 700

2012/12A (18.8) 103.8 (74.1) 41.5 (85.9) (0.1) NA 144.0 -1 32,316 200

2013/12F 14.0 177.1 70.6 82.7 99.2 61.4 NA 223.6 835 32,590 500

2014/12F 7.6 273.9 54.7 207.4 150.9 154.1 150.9 326.7 2,094 33,996 600



2010/12A 2,241.7 1,589.5 98.0 (28.7) 6.7 15.1 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

2012/12A 2,352.3 2,146.9 107.6 (202.0) 3.1 26.8 NA 0.67 (0.0) 0.9

2013/12F 2,373.0 1,441.5 80.1 (154.5) 4.7 14.6 27.9 0.71 2.6 2.1

2014/12F 2,478.9 1,169.7 67.6 (160.6) 6.7 9.2 11.1 0.69 6.4 2.6



2012/03A (7.5) (37.7) 59.6 (33.1) (60.2) 40.6 (38.0) (64.8) 27.0 (42.1) (70.3)

2012/06A (22.6) 11.0 (32.7) NA NA 5.1 (83.2) (87.4) 0.4 (98.2) (98.4)

2012/09A (16.1) (4.8) 21.7 (78.7) NA 15.6 (81.3) 203.9 6.8 (88.7) 1,511.8

2012/12A (25.2) 13.6 55.1 (63.3) 153.8 (19.8) NA NA (34.3) NA NA

2013/03F 14.0 (5.0) 68.0 14.0 23.4 41.6 2.5 NA 30.9 14.6 NA

2013/06F 14.0 11.0 (37.2) NA NA (2.5) NA NA (1.8) NA NA

2013/09F 14.0 (4.8) 24.7 14.0 NA 3.1 (79.9) NA 2.3 (65.8) NA

2013/12F 14.0 13.6 121.6 120.7 391.4 40.4 NA 1,191.3 30.0 NA 1,191.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,367.3 132.2 47.2 585 39.2 현대산업 0.0 0.7 (0.1) 2.2

FY2013F 3,969.8 229.0 126.3 1,570 15.2 건설 14.1 0.9 6.5 1.4



919.8

1,044.6

806.9

916.4

870.1

966.2

763.3

847.6

6,549.7 3,991.0

6,638.5 4,210.6

6,181.7 3,732.0

6,204.5 3,886.0

6,736.3 4,253.5

3,334.1

3,800.8

4,091.4

현대산업

3,589.7

4,107.9

0

5,000

10,000

15,000

20,000

25,000

30,000


-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x47

x35

x24

x12

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



98


A028050 201030 universe

삼성엔지니어링 (028050.KS) 업데이트 : 2013.03.19




52주 최고가 : 255,500 시가총액(십억원) : 5,280.0

52주 최저가 : 132,000 60일 평균 거래대금(백만원) : 22,574.3

연중 최고가 : 172,500 외국인지분(%) : 38.0

9 10 11 12 13


(15.1) (23.5) (33.8) (46.7) (21.0)

업종 대비 (10.7) (19.1) (29.4) (42.3) (16.5) 5

KOSPI 대비 (11.9) (22.0) (31.3) (42.9) (17.0) 10

22 23 24 19 20



2010/12A 31.5 428.6 27.2 459.0 31.2 339.3 30.8 458.2 9,032 32,052 2,500

2011/12A 75.0 626.4 46.1 687.0 49.7 513.3 51.3 664.8 13,892 40,887 3,000

2012/12A 23.0 732.3 16.9 700.7 2.0 523.8 2.1 792.3 14,173 50,606 3,000

2013/12F 1.4 722.1 (1.4) 687.0 (2.0) 514.2 (1.8) 819.9 13,913 59,654 4,000

2014/12F 3.2 743.9 3.0 731.4 6.5 547.5 6.5 841.8 14,813 69,070 4,500



2010/12A 997.0 (1,013.3) 6.5 (169.8) 8.1 14.5 21.3 5.99 38.3 1.3

2011/12A 1,350.6 (706.6) 3.4 (267.4) 6.7 11.0 14.5 4.93 43.7 1.5

2012/12A 1,739.5 (122.1) 22.0 (214.8) 6.4 8.2 11.7 3.27 33.9 1.8

2013/12F 2,101.4 (408.0) 17.5 (94.5) 6.2 5.9 9.5 2.21 26.8 3.0

2014/12F 2,478.0 (294.1) 14.7 (94.5) 6.2 5.9 8.9 1.91 23.9 3.4



2012/03A 46.2 (15.0) 176.4 16.9 16.1 184.2 12.6 (3.9) 143.8 18.3 (4.4)

2012/06A 46.5 16.8 202.2 27.6 14.6 197.4 24.9 7.2 143.4 27.2 (0.3)

2012/09A 28.6 (7.9) 183.7 11.3 (9.1) 177.1 1.9 (10.3) 124.4 (3.2) (13.2)

2012/12A (10.3) (1.9) 170.0 11.9 (7.4) 142.0 (25.9) (19.8) 112.3 (25.4) (9.7)

2013/03F 1.4 (3.9) 178.9 1.4 5.2 183.1 (0.6) 28.9 137.0 (4.7) 22.0

2013/06F 1.4 16.8 204.9 1.4 14.6 197.8 0.2 8.1 148.1 3.3 8.1

2013/09F 1.4 (7.9) 186.2 1.4 (9.1) 175.0 (1.2) (11.5) 131.0 5.3 (11.5)

2013/12F 1.4 (1.9) 152.1 (10.6) (18.3) 131.1 (7.7) (25.1) 98.1 (12.6) (25.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 11,540.4 730.9 527.7 13,215 11.4 삼성엔지니어링 9.4 2.1 26.1 3.1

FY2013F 12,035.8 746.0 551.5 13,876 9.9 건설 14.1 0.9 6.5 1.4



2,698.1

3,150.8

2,901.2

2,847.1

2,661.6

3,108.1

2,861.9

2,808.5

5,497.1 3,165.7

5,508.6 3,152.5

5,188.6 3,875.3

5,673.6 3,933.5

11,967.0

3,534.9 2,578.1

5,312.3

9,298.2

11,440.2

11,597.2

삼성엔지니어링0

50,000

100,000

150,000

200,000

250,000

300,000


-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x21

x17

x14

x11

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



99


A047040 201030 universe

대우건설 (047040.KS) 업데이트 : 2013.03.19




52주 최고가 : 10,950 시가총액(십억원) : 3,657.5

52주 최저가 : 7,940 60일 평균 거래대금(백만원) : 4,264.3

연중 최고가 : 10,250 외국인지분(%) : 7.3

9 10 11 12 13


(4.0) (11.8) (17.8) (17.4) (13.3)

업종 대비 0.4 (7.4) (13.3) (13.0) (8.9) 5

KOSPI 대비 (0.8) (10.3) (15.2) (13.6) (9.3) 10

22 23 24 19 20



2010/12A (5.6) (210.1) NA (1,152.4) NA (827.6) NA (100.2) -2,577 8,145 0

2011/12A 4.6 328.2 NA 210.0 NA 177.1 NA 387.6 431 8,291 0

2012/12F 16.5 364.9 11.2 215.8 2.8 159.4 (10.0) 425.4 388 8,297 100

2013/12F 8.6 373.4 2.3 257.8 19.4 190.8 19.7 434.4 464 8,379 100

2014/12F 8.5 486.6 30.3 385.3 49.4 285.1 49.4 548.2 694 8,687 100



2010/12A 3,283.3 2,261.6 85.6 (126.6) (3.1) (65.1) NA 1.58 (26.1) 0.0

2011/12A 3,344.1 1,427.3 67.5 (99.5) 4.7 15.1 24.4 1.27 5.3 0.0

2012/12F 3,346.7 1,140.5 59.8 (84.6) 4.5 12.6 25.6 1.20 4.8 1.0

2013/12F 3,380.6 981.8 54.2 (75.0) 4.2 10.8 19.0 1.05 5.7 1.1

2014/12F 3,508.8 932.9 50.3 (70.5) 5.0 8.5 12.7 1.01 8.3 1.1



2012/03A 2.0 (23.0) 109.7 33.3 31.5 42.2 (35.8) NA 30.9 (36.3) 88.8

2012/06A 24.9 34.1 96.5 (9.8) (12.1) 90.3 (35.0) 114.0 69.1 (33.8) 123.5

2012/09A 46.3 1.7 108.6 95.6 12.5 61.0 219.5 (32.5) 42.9 451.6 (37.9)

2012/12F (0.8) (5.5) (13.6) NA NA (41.4) NA NA 16.6 1.1 (61.4)

2013/03F 8.6 (15.7) 119.2 8.6 NA 41.5 (1.8) NA 30.7 (0.7) 85.4

2013/06F 8.6 34.1 104.8 8.6 (12.1) 103.2 14.2 148.7 76.4 10.6 148.7

2013/09F 8.6 1.7 117.9 8.6 12.5 74.1 21.5 (28.2) 54.8 27.9 (28.2)

2013/12F 8.6 (5.5) 31.5 NA (73.3) 39.1 NA (47.3) 28.9 74.6 (47.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 8,280.8 331.0 155.8 384 23.0 대우건설 17.1 1.0 6.2 1.1

FY2013F 9,269.2 434.0 260.3 640 13.8 건설 14.1 0.9 6.5 1.4



2,427.3

2,292.9

2,234.7

2,111.0

1,779.2

2,385.8

1,638.0

2,196.6

10,509.0 6,932.1

9,474.5 6,059.8

9,909.9 6,461.3

9,860.2 6,506.3

9,468.6 6,056.4

8,180.3

8,885.2

9,642.0

대우건설

6,713.4

7,019.6

0

2,000

4,000

6,000

8,000

10,000

12,000


-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

6

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x38

x28

x19

x10

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



100


A108670 201030 universe

LG하우시스 (108670.KS) 업데이트 : 2013.03.19




52주 최고가 : 88,000 시가총액(십억원) : 752.4

52주 최저가 : 56,400 60일 평균 거래대금(백만원) : 2,411.3

연중 최고가 : 88,000 외국인지분(%) : 9.2

9 10 11 12 13


11.3 9.0 4.9 9.4 6.2

업종 대비 15.7 13.4 9.3 13.8 10.6 5

KOSPI 대비 14.5 10.5 7.4 13.2 10.2 10

22 23 24 19 20



2010/12A 34.9 60.3 (10.2) 55.9 79.1 40.8 78.3 127.0 4,084 69,029 1,000

2011/12A 9.1 71.2 18.1 63.4 13.5 46.6 14.1 142.8 4,659 72,346 1,000

2012/12A 0.2 56.6 (20.4) 52.4 (17.4) 29.0 (37.8) 140.1 2,898 72,300 1,000

2013/12F 4.9 85.4 50.8 80.2 53.1 51.3 76.9 169.3 5,131 74,455 1,000

2014/12F 4.7 98.0 14.7 93.5 16.5 61.5 19.9 187.0 6,154 77,631 1,000



2010/12A 688.3 172.4 61.4 (186.2) 2.7 7.8 21.4 1.26 6.0 1.1

2011/12A 721.5 374.5 107.7 (223.5) 2.9 8.3 18.7 1.20 6.6 1.2

2012/12A 721.0 404.6 83.9 (203.2) 2.3 8.2 27.3 1.10 4.0 1.3

2013/12F 742.6 359.7 76.8 (110.0) 3.3 6.7 16.4 1.13 7.0 1.2

2014/12F 774.3 305.3 68.1 (85.0) 3.6 5.8 13.6 1.08 8.1 1.2



2012/03A 2.0 (9.5) 3.2 (69.8) (85.3) 2.8 (80.6) (82.0) 1.8 (82.9) (82.9)

2012/06A 2.1 14.6 14.9 (4.0) 364.3 27.0 88.2 850.5 19.5 80.6 995.7

2012/09A (2.1) (0.5) 24.4 4.4 64.0 22.3 19.5 (17.6) 17.4 15.9 (10.9)

2012/12A (0.8) (3.8) 14.2 (34.7) (41.7) 0.3 (98.3) (98.8) (9.6) NA NA

2013/03F 4.9 (4.3) 3.4 4.9 (76.4) 3.8 33.2 1,329.2 0.5 (71.2) NA

2013/06F 4.9 14.6 15.6 4.9 364.3 32.4 19.8 755.0 22.2 13.9 4,226.8

2013/09F 4.9 (0.5) 25.6 4.9 64.0 24.3 9.3 (24.9) 16.0 (7.9) (27.9)

2013/12F 4.9 (3.8) 40.9 188.3 60.2 19.7 7,347.7 (18.9) 12.6 NA (21.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,518.6 80.8 49.5 4,978 15.4 LG하우시스 15.7 1.1 7.2 1.2

FY2013F 2,614.3 96.8 65.2 6,553 12.9 건설 14.1 0.9 6.5 1.4



586.5

672.1

668.5

642.9

559.4

641.0

637.6

613.1

1,778.0 1,035.9

1,796.9 1,011.4

1,942.5 1,220.2

1,778.0 1,051.5

2,691.0

1,519.7 823.8

2,242.1

2,445.4

2,451.1

2,570.0

LG하우시스0

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

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

x30

x25

x19

x14

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



101


A006260 201040 universe

LS (006260.KS) 업데이트 : 2012.12.13

투자의견 : 매수 업종 : 전기부품·설비 주가 수익률(12개월)



52주 최고가 : 100,500 시가총액(십억원) : 2,788.5

52주 최저가 : 72,400 60일 평균 거래대금(백만원) : 7,787.6

연중 최고가 : 95,900 외국인지분(%) : 12.5

9 10 11 12 13


0.0 (6.0) (12.1) 4.3 (8.8)

업종 대비 1.6 (4.4) (10.5) 5.9 (7.3) 5

KOSPI 대비 3.2 (4.5) (9.5) 8.1 (4.9) 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) 571.7 69.1 362.4 237.3 232.1 97.3 893.3 8,358 76,124 1,250

2013/12F 10.7 770.0 34.7 565.0 55.9 356.7 53.7 1,116.7 12,848 86,388 1,250

2014/12F 7.6 849.1 10.3 719.1 27.3 454.0 27.3 1,213.3 16,352 99,602 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 2,451.2 4,134.9 161.1 (443.1) 4.7 8.7 11.3 1.24 9.9 1.3

2013/12F 2,781.7 3,800.6 133.8 (450.4) 5.7 6.5 6.7 1.00 13.6 1.4

2014/12F 3,207.2 3,355.0 105.9 (420.3) 5.8 5.8 5.3 0.87 15.2 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 (0.5) (5.2) (44.1) NA NA (107.5) NA NA (68.8) NA NA

2012/12F 5.5 3.3 307.5 58.4 NA 262.1 145.3 NA 178.6 143.7 NA

2013/03F 10.7 5.4 160.2 10.7 (47.9) 108.0 7.8 (58.8) 68.2 8.7 (61.8)

2013/06F 10.7 7.2 180.9 10.7 12.9 115.5 15.6 7.0 73.0 22.4 7.0

2013/09F 10.7 (5.2) (48.8) NA NA (108.0) NA NA (68.2) NA NA

2013/12F 10.7 3.3 477.6 55.3 NA 449.5 71.5 NA 283.8 58.9 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 12,117.3 557.3 282.8 7,106 12.1 LS 6.4 1.0 14.0 1.4

FY2013F 12,362.4 629.7 358.2 9,306 9.6 전기부품·설비 8.5 1.2 13.8 1.3



3,341.4

3,451.2

3,019.1

3,118.3

3,287.0

3,523.9

2,969.9

3,184.0

11,481.2 7,416.2

10,121.8 7,057.1

11,036.1 7,532.6

8,816.9 6,093.0

9,957.8 7,171.8

12,291.2

13,603.7

14,643.8

LS

10,359.6

12,351.6

0

20,000

40,000

60,000

80,000

100,000

120,000


-15

-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x26

x21

x16

x11

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



102


A010120 201040 universe

LS산전 (010120.KS) 업데이트 : 2012.12.13

투자의견 : 중립 업종 : 전기부품·설비 주가 수익률(12개월)

목표주가 : - 애널리스트 : 최문선


52주 최고가 : 74,300 시가총액(십억원) : 1,854.0

52주 최저가 : 50,200 60일 평균 거래대금(백만원) : 5,871.5

연중 최고가 : 70,400 외국인지분(%) : 9.8

9 10 11 12 13


(3.9) (9.1) (12.0) (7.8) (12.2)

업종 대비 (2.3) (7.5) (10.4) (6.2) (10.6) 5

KOSPI 대비 (0.7) (7.6) (9.4) (4.0) (8.3) 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 12.5 181.6 41.6 146.2 53.0 111.3 58.2 264.1 3,796 29,775 600

2013/12F 21.0 224.0 23.3 193.0 32.0 156.1 40.2 315.0 5,322 34,472 600

2014/12F 14.8 266.3 18.9 243.3 26.1 199.6 27.9 365.2 6,805 40,619 600



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 867.7 447.5 72.1 (112.7) 7.8 9.3 17.7 2.25 13.6 0.9

2013/12F 1,008.6 411.2 62.3 (117.1) 7.9 7.2 11.6 1.79 16.6 1.0

2014/12F 1,193.0 360.6 51.3 (121.5) 8.2 6.1 9.1 1.52 18.1 1.0



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 12.5 (8.6) 18.8 12.5 (64.0) 8.4 22.6 (81.5) 6.4 (4.4) (80.3)

2012/12F 28.7 30.4 77.7 82.5 314.1 64.9 91.9 671.1 51.2 89.4 699.3

2013/03F 21.0 (23.9) 40.0 21.0 (48.5) 31.0 18.7 (52.2) 25.1 18.6 (51.0)

2013/06F 21.0 33.4 63.1 21.0 57.7 56.2 23.5 81.3 45.5 39.7 81.3

2013/09F 21.0 (8.6) 22.7 21.0 (64.0) 12.1 43.5 (78.5) 9.8 52.4 (78.5)

2013/12F 21.0 30.4 98.2 26.5 332.7 94.9 46.1 685.2 75.7 47.9 675.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,286.5 186.3 124.2 4,127 16.0 LS산전 10.9 1.7 17.0 1.0

FY2013F 2,495.7 202.1 142.2 4,752 13.5 전기부품·설비 8.5 1.2 13.8 1.3



548.0

730.8

668.2

871.0

452.9

603.9

552.2

719.8

2,287.2 1,244.0

2,559.9 1,310.9

1,769.4 992.9

1,975.1 1,101.4

3,235.0

1,682.1 944.0

1,834.8

2,070.9

2,328.8

2,818.0

LS산전0

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

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x25

x20

x14

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



103


A000150 201050 universe

두산 (000150.KS) 업데이트 : 2013.03.07

투자의견 : 매수 업종 : 지주회사·복합기업 주가 수익률(12개월)

목표주가 : 175,000 애널리스트 : 이훈


52주 최고가 : 153,500 시가총액(십억원) : 2,649.1

52주 최저가 : 116,000 60일 평균 거래대금(백만원) : 8,617.8

연중 최고가 : 133,500 외국인지분(%) : 16.1

9 10 11 12 13


(1.6) 5.0 (7.8) (15.4) (3.4)

업종 대비 (0.9) 5.6 (7.2) (14.8) (2.8) 5

KOSPI 대비 1.6 6.5 (5.3) (11.6) 0.5 10

22 23 24 19 20



2010/12A (81.7) 904.8 69.6 849.1 NA 768.0 232.4 980.7 33,072 107,671 2,500

2011/12A 7.5 408.9 (54.8) 403.2 (52.5) 305.2 (60.3) 496.3 15,521 114,378 3,000

2012/12F (4.9) 198.7 (51.4) 115.7 (71.3) 89.1 (70.8) 285.0 4,201 126,292 3,000

2013/12F 20.0 482.0 142.6 397.5 243.5 296.9 233.4 576.7 14,191 134,825 3,500

2014/12F 6.5 577.1 19.7 490.4 23.4 366.4 23.4 682.2 17,548 145,866 3,700



2010/12A 3,211.7 555.6 27.8 (95.2) 24.1 5.0 4.6 1.41 30.7 1.6

2011/12A 3,193.1 929.0 37.1 (171.8) 10.1 10.1 9.1 1.23 9.5 2.1

2012/12F 3,219.8 976.1 37.5 (94.7) 5.2 14.7 30.7 1.02 2.8 2.3

2013/12F 3,443.8 1,018.4 35.8 (98.4) 10.5 7.3 8.9 0.94 8.9 2.8

2014/12F 3,733.7 1,000.9 32.7 (102.5) 11.8 6.2 7.2 0.87 10.2 2.9



2012/03A 20.2 (23.6) 88.8 (27.0) (11.3) 73.2 (33.9) (12.0) 39.0 (58.7) (45.0)

2012/06A 9.6 11.4 130.1 (13.9) 46.4 102.3 (41.8) 39.7 80.7 (40.4) 107.3

2012/09A (0.5) (10.4) 47.6 83.2 (63.4) 30.4 29.1 (70.3) 20.9 NA (74.1)

2012/12F (33.9) (13.4) (56.1) NA NA (90.1) NA NA (51.5) NA NA

2013/03F 3.4 19.5 109.8 23.6 NA 88.7 21.2 NA 66.2 70.1 NA

2013/06F 11.1 19.6 121.9 (6.3) 11.0 100.8 (1.4) 13.7 75.3 (6.7) 13.7

2013/09F 19.6 (3.5) 110.5 132.2 (9.4) 89.4 194.4 (11.3) 66.8 219.6 (11.3)

2013/12F 63.9 18.7 139.8 NA 26.5 118.6 NA 32.7 88.6 NA 32.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 4,115.9 363.2 253.7 8,763 14.1 두산 8.5 0.9 9.2 2.8

FY2013F 4,259.1 417.8 315.8 11,053 11.6 지주회사·복합기업 7.0 0.6 9.4 1.5


PBR 밴드 펀더멘탈 & 밸류에이션 6.2 avg. score : 6.2

1,125.2

1,336.2

941.2

815.4

974.6

1,166.0

942.3

1,049.9

7,269.9 3,147.4

6,389.4 2,856.3

6,868.6 3,077.7

5,930.3 2,499.3

6,296.2 2,807.2

3,833.8

4,602.0

4,900.4

두산

3,752.6

4,033.3

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x2.0

x1.8

x1.5

x1.2

x0.9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



104


A000880 201050 universe

한화 (000880.KS) 업데이트 : 2013.03.14




52주 최고가 : 36,000 시가총액(십억원) : 2,526.1

52주 최저가 : 25,850 60일 평균 거래대금(백만원) : 4,840.2

연중 최고가 : 35,050 외국인지분(%) : 24.4

9 10 11 12 13


(0.1) (2.9) (4.5) (1.5) (2.7)

업종 대비 0.5 (2.3) (3.9) (0.8) (2.1) 5

KOSPI 대비 3.0 (1.4) (2.0) 2.3 1.2 10

22 23 24 19 20



2010/12A (51.8) 554.3 (63.1) 1,432.6 12.7 1,149.1 105.3 657.0 16,522 62,255 600

2011/12A (15.8) 305.1 (44.9) 296.3 (79.3) 134.5 (88.3) 429.9 1,934 62,388 450

2012/12F (5.6) 381.5 25.0 380.1 28.3 310.2 130.6 510.3 4,462 66,260 450

2013/12F 5.7 442.7 16.1 436.7 14.9 342.4 10.4 577.0 4,924 70,588 500

2014/12F 5.7 497.6 12.4 543.6 24.5 426.2 24.5 638.2 6,130 75,994 550



2010/12A 4,675.6 4,647.2 95.6 (333.7) 3.8 13.1 2.8 0.75 33.2 1.3

2011/12A 4,685.6 4,539.8 97.2 (280.2) 2.5 17.2 17.1 0.53 2.9 1.4

2012/12F 4,977.8 4,796.7 99.9 (175.8) 3.3 15.2 7.7 0.52 6.4 1.3

2013/12F 5,304.3 4,690.3 92.7 (299.6) 3.6 13.2 6.8 0.48 6.7 1.5

2014/12F 5,712.1 4,541.6 84.5 (323.6) 3.9 11.7 5.5 0.44 7.7 1.6



2012/03A 0.1 (21.2) 87.3 43.3 215.7 104.0 156.8 NA 87.4 420.5 NA

2012/06A (3.3) 6.3 87.9 (23.4) 0.7 101.1 (44.5) (2.9) 72.7 (47.5) (16.7)

2012/09A (11.1) (4.1) 85.8 (15.8) (2.4) 115.7 15.8 14.5 89.7 63.2 23.3

2012/12F (7.1) 15.7 120.4 335.6 40.4 59.3 NA (48.8) 60.4 NA (32.7)

2013/03F 5.1 (10.8) 80.1 (8.2) (33.5) 77.6 (25.4) 30.9 60.8 (30.4) 0.7

2013/06F 5.3 6.5 113.6 29.3 41.8 120.1 18.8 54.8 94.1 29.4 54.8

2013/09F 5.5 (4.0) 121.8 42.0 7.2 129.5 11.9 7.9 101.5 13.2 7.9

2013/12F 7.2 17.5 127.2 5.7 4.5 109.5 84.7 (15.4) 85.9 42.2 (15.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 11,727.9 342.0 331.4 4,264 8.1 한화 6.5 0.5 6.9 1.5

FY2013F 12,566.3 413.5 416.4 5,300 6.4 지주회사·복합기업 7.0 0.6 9.4 1.5



2,837.5

3,022.6

2,901.1

3,409.9

2,700.7

2,869.7

2,750.6

3,182.1

16,179.0 10,484.4

16,619.0 10,507.1

15,029.7 9,970.9

15,865.4 10,505.0

12,846.4

14,624.4 9,518.2

14,471.8

12,185.9

11,503.2

12,154.1

한화0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.6

x1.3

x1.0

x0.7

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



105


A001040 201050 universe

CJ (001040.KS) 업데이트 : 2013.03.07

투자의견 : 중립 업종 : 지주회사·복합기업 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이훈


52주 최고가 : 155,500 시가총액(십억원) : 4,178.3

52주 최저가 : 70,600 60일 평균 거래대금(백만원) : 15,292.0

연중 최고가 : 154,000 외국인지분(%) : 22.7

9 10 11 12 13


6.3 20.0 44.7 74.3 15.7

업종 대비 6.9 20.6 45.3 75.0 16.3 5

KOSPI 대비 9.5 21.5 47.3 78.1 19.6 10

22 23 24 19 20



2010/12A 20.2 891.1 20.9 1,157.7 63.0 231.5 22.4 1,425.5 8,296 106,776 800

2011/12A 14.3 893.1 0.2 1,033.0 (10.8) 369.0 59.4 1,619.3 13,147 103,910 650

2012/12F 32.4 997.2 11.6 939.5 (9.0) 301.1 (18.4) 1,971.2 10,724 113,124 650

2013/12F 8.6 1,341.1 34.5 1,171.2 24.7 433.3 43.9 2,418.3 15,429 126,461 650

2014/12F 8.8 1,443.8 7.7 1,276.4 9.0 472.2 9.0 2,621.1 16,815 141,017 650



2010/12A 3,128.2 2,658.7 75.8 (712.2) 7.7 5.5 9.5 0.74 9.0 1.0

2011/12A 3,061.1 5,907.1 103.3 (1,188.7) 6.7 7.8 5.9 0.74 11.9 0.8

2012/12F 3,351.7 6,213.6 92.1 (771.9) 5.7 7.5 11.1 1.05 9.4 0.5

2013/12F 3,768.9 6,079.7 82.8 (756.4) 7.0 6.6 9.3 1.14 12.2 0.5

2014/12F 4,224.2 5,980.6 74.7 (748.9) 7.0 6.2 8.6 1.02 11.8 0.5



2012/03A 31.6 19.6 243.8 22.1 53.0 177.8 (5.0) (60.8) 23.2 (45.1) (89.6)

2012/06A 37.4 4.8 280.9 19.7 15.2 166.7 (30.1) (6.3) 34.2 (47.4) 47.3

2012/09A 31.1 6.8 289.9 (3.2) 3.2 382.4 149.4 129.4 155.3 318.1 353.8

2012/12F 30.0 (3.0) 277.8 74.4 (4.2) 212.6 (53.2) (44.4) 88.3 (60.7) (43.1)

2013/03F 9.1 0.3 298.9 22.6 7.6 248.4 39.7 16.8 91.9 295.4 4.1

2013/06F 7.7 3.6 328.0 16.8 9.7 274.3 64.6 10.4 101.5 196.5 10.4

2013/09F 10.6 9.7 417.7 44.1 27.4 401.6 5.0 46.4 148.6 (4.3) 46.4

2013/12F 6.9 (6.2) 296.5 6.7 (29.0) 246.9 16.1 (38.5) 91.3 3.4 (38.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 17,672.5 1,122.5 648.7 9,394 15.8 CJ 9.2 1.1 12.1 0.5

FY2013F 19,650.3 1,352.6 822.2 12,472 11.9 지주회사·복합기업 7.0 0.6 9.4 1.5



5,117.9

4,799.6

4,625.7

4,489.2

4,504.1

4,664.1

4,130.3

4,330.6

22,715.4 12,373.2

20,880.8 12,365.8

21,784.5 12,395.4

13,800.6 7,789.3

19,656.1 12,092.0

17,577.4

19,085.7

20,763.9

CJ

11,615.5

13,271.1

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


-20

0

20

40

60

80

100

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.2

x1.0

x0.9

x0.7

x0.5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



106


A003550 201050 universe

LG (003550.KS) 업데이트 : 2013.03.07




52주 최고가 : 70,200 시가총액(십억원) : 11,250.7

52주 최저가 : 51,800 60일 평균 거래대금(백만원) : 20,640.7

연중 최고가 : 67,800 외국인지분(%) : 26.5

9 10 11 12 13


1.2 (1.2) 1.1 (3.3) (2.7)

업종 대비 1.9 (0.6) 1.7 (2.6) (2.1) 5

KOSPI 대비 4.4 0.3 3.7 0.5 1.3 10

22 23 24 19 20



2010/12A 18.5 1,942.2 8.3 1,793.3 2.9 1,528.8 (4.3) 2,237.9 8,715 56,102 1,000

2011/12A 6.1 1,349.8 (30.5) 1,233.5 (31.2) 978.3 (36.0) 1,677.4 5,565 59,998 1,000

2012/12F (2.3) 1,175.5 (12.9) 1,105.8 (10.4) 930.7 (4.9) 1,529.6 5,294 87,715 1,100

2013/12F 8.9 1,557.7 32.5 1,483.9 34.2 1,191.8 28.1 1,930.3 6,779 93,835 1,200

2014/12F 6.8 1,861.4 19.5 1,792.6 20.8 1,433.9 20.3 2,261.6 8,157 100,950 1,300



2010/12A 9,864.0 386.7 8.8 (374.2) 20.5 7.1 10.0 1.56 16.8 1.1

2011/12A 10,549.5 852.2 13.0 (600.4) 13.4 7.1 11.0 1.02 9.6 1.6

2012/12F 15,423.9 779.0 8.7 (465.0) 12.0 8.2 12.3 0.74 7.2 1.7

2013/12F 16,500.1 678.2 7.8 (475.0) 14.6 6.5 9.6 0.69 7.5 1.8

2014/12F 17,751.4 540.5 6.8 (487.0) 16.3 5.5 8.0 0.65 8.4 2.0



2012/03A (7.5) (25.5) 320.0 (8.0) (13.1) 310.0 (11.1) (1.7) 270.7 (8.6) 52.3

2012/06A (3.4) 22.0 344.4 (14.7) 7.6 331.3 (15.0) 6.9 276.5 (20.1) 2.2

2012/09A 5.1 (5.4) 331.8 37.1 (3.7) 317.1 64.8 (4.3) 278.2 75.6 0.6

2012/12F (3.1) 12.6 177.2 (51.9) (46.6) 147.3 (53.3) (53.5) 105.3 (40.7) (62.1)

2013/03F 3.0 (20.8) 250.2 (21.8) 41.2 232.0 (25.2) 57.5 186.3 (31.2) 77.0

2013/06F 5.3 24.8 349.7 1.5 39.8 331.3 (0.0) 42.8 266.1 (3.8) 42.8

2013/09F 6.6 (4.3) 388.7 17.2 11.2 370.0 16.7 11.7 297.2 6.8 11.7

2013/12F 18.7 25.4 569.1 221.2 46.4 550.6 273.8 48.8 442.2 320.0 48.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,893.1 1,285.8 1,011.4 5,570 11.8 LG 9.2 0.7 7.7 1.9

FY2013F 10,759.8 1,747.8 1,439.1 7,759 8.5 지주회사·복합기업 7.0 0.6 9.4 1.5



2,165.7

2,702.2

2,586.5

3,244.6

2,101.8

2,565.1

2,426.8

2,733.5

16,987.7 4,282.8

18,312.0 4,370.3

15,160.7 4,200.2

15,857.0 4,156.9

11,431.4

13,778.9 3,545.9

9,480.2

10,059.0

9,827.2

10,699.0

LG0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.7

x1.4

x1.1

x0.9

x0.6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



107


A003600 201050 universe

SK (003600.KS) 업데이트 : 2013.03.07




52주 최고가 : 190,000 시가총액(십억원) : 7,701.7

52주 최저가 : 113,000 60일 평균 거래대금(백만원) : 23,367.5

연중 최고가 : 188,500 외국인지분(%) : 31.8

9 10 11 12 13


(6.3) (4.4) 4.8 7.9 (11.4)

업종 대비 (5.7) (3.8) 5.4 8.5 (10.7) 5

KOSPI 대비 (3.1) (2.9) 7.4 11.7 (7.4) 10

22 23 24 19 20



2010/12A 10.2 6,094.5 63.4 4,490.7 101.1 924.9 243.9 9,420.3 22,812 198,292 1,950

2011/12A 22.8 6,516.0 6.9 7,338.8 63.4 1,673.1 80.9 10,026.4 41,315 235,266 1,950

2012/12F 11.2 5,519.9 (15.3) 4,443.4 (39.5) 1,167.4 (30.2) 9,191.1 28,387 257,906 1,950

2013/12F 4.7 8,140.2 47.5 7,206.4 62.2 1,721.4 47.5 12,078.1 41,857 300,971 1,950

2014/12F (0.1) 8,913.3 9.5 8,011.1 11.2 1,926.7 11.9 13,117.6 46,847 339,556 1,950



2010/12A 8,995.4 19,303.0 102.1 (4,133.1) 6.7 5.0 6.1 0.70 11.5 1.4

2011/12A 10,750.6 14,933.9 86.0 (5,564.2) 5.9 4.4 2.9 0.51 16.9 1.6

2012/12F 11,825.3 23,436.6 89.2 (5,427.6) 4.5 6.2 6.3 0.69 10.3 1.1

2013/12F 13,869.7 21,293.8 74.4 (5,519.9) 6.3 4.7 3.9 0.54 13.4 1.2

2014/12F 15,701.4 19,069.5 62.6 (5,624.8) 6.9 4.5 3.5 0.48 13.0 1.2



2012/03A 11.6 7.7 1,598.4 (33.3) 56.7 1,642.7 (26.8) 103.6 459.5 (12.7) 345.6

2012/06A 10.9 (1.2) 701.0 (52.5) (56.1) 380.6 (72.5) (76.8) 78.3 (76.0) (83.0)

2012/09A 9.5 (3.5) 1,368.2 (18.7) 95.2 930.7 (68.7) 144.6 250.0 (65.0) 219.3

2012/12F 13.8 10.9 1,744.2 71.0 27.5 1,489.3 84.6 60.0 379.5 268.1 51.8

2013/03F 8.3 2.5 2,832.3 77.2 62.4 2,598.9 58.2 74.5 620.8 35.1 63.6

2013/06F 4.9 (4.3) 1,594.2 127.4 (43.7) 1,360.8 257.6 (47.6) 325.0 315.2 (47.6)

2013/09F 7.4 (1.2) 1,749.5 27.9 9.7 1,516.0 62.9 11.4 362.1 44.8 11.4

2013/12F (0.4) 2.8 1,964.2 12.6 12.3 1,730.7 16.2 14.2 413.4 8.9 14.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 121,783.0 5,599.7 3,367.0 25,891 6.6 SK 3.8 0.5 13.3 1.2

FY2013F 123,222.0 6,867.6 4,402.1 32,076 5.2 지주회사·복합기업 7.0 0.6 9.4 1.5



31,586.0

32,482.6

29,398.4

32,597.5

33,412.5

31,962.7

30,846.6

30,471.9

105,538.5 57,932.3

96,330.6 59,631.2

101,269.8 59,217.1

83,664.1 53,512.8

92,413.9 58,391.4

123,676.8

129,443.9

129,330.7

SK

90,533.4

111,217.7

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-20

-10

0

10

20

30

40KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x0.9

x0.8

x0.6

x0.5

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



108


A009540 20106010 universe

현대중공업 (009540.KS) 업데이트 : 2013.02.07

투자의견 : 중립 업종 : 조선 주가 수익률(12개월)

목표주가 : - 애널리스트 : 박민


52주 최고가 : 339,500 시가총액(십억원) : 15,808.0

52주 최저가 : 193,500 60일 평균 거래대금(백만원) : 49,070.3

연중 최고가 : 248,500 외국인지분(%) : 18.2

9 10 11 12 13


(6.5) (14.8) (19.5) (34.7) (16.3)

업종 대비 1.0 (7.2) (12.0) (27.1) (8.7) 5

KOSPI 대비 (3.3) (13.3) (17.0) (30.9) (12.3) 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 2.3 1,979.0 (56.4) 1,457.9 (62.4) 952.3 (62.8) 3,057.1 15,538 243,246 4,000

2013/12F 1.2 1,394.1 (29.6) 898.2 (38.4) 611.5 (35.8) 2,495.1 9,978 248,067 4,000

2014/12F 1.4 1,616.2 15.9 1,218.4 35.6 829.5 35.6 2,740.2 13,534 255,755 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 17,086.3 13,488.1 79.8 (982.9) 3.6 11.0 15.6 0.99 5.7 1.7

2013/12F 17,452.6 13,340.7 77.4 (853.7) 2.5 12.5 20.8 0.84 3.5 1.9

2014/12F 18,036.9 12,488.8 72.2 (1,153.1) 2.9 11.1 15.4 0.81 4.7 1.9



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)

2012/09A 0.8 (3.7) 593.8 (35.1) 65.6 1,009.1 27.9 383.7 695.3 34.7 426.1

2012/12F (2.7) 7.1 57.3 (93.5) (90.3) (525.0) NA NA (370.9) NA NA

2013/03F 1.9 0.5 455.1 (53.0) 693.7 346.3 (54.7) NA 235.8 (52.4) NA

2013/06F 1.7 (1.9) 386.5 7.8 (15.1) 292.1 40.0 (15.6) 198.9 50.5 (15.6)

2013/09F 1.6 (3.7) 312.1 (47.4) (19.2) 285.0 (71.8) (2.4) 194.0 (72.1) (2.4)

2013/12F (0.3) 5.1 240.4 319.3 (23.0) (25.2) NA NA (17.1) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 54,681.6 2,408.0 1,721.4 21,113 10.0 현대중공업 19.3 0.8 3.8 1.9

FY2013F 55,648.6 1,940.4 1,175.6 15,113 13.8 조선 17.7 0.9 5.3 1.7



14,201.4

13,927.8

13,414.9

14,093.1

13,938.3

13,700.4

13,199.0

14,135.9

46,927.7 27,541.7

47,728.8 27,686.3

49,000.8 30,824.3

46,765.8 27,799.4

56,429.1

46,853.9 30,831.0

37,342.4

53,711.7

54,973.6

55,637.2

현대중공업0

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

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x21

x16

x11

x6

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



109


A010140 20106010 universe

삼성중공업 (010140.KS) 업데이트 : 2013.01.08

투자의견 : 매수 업종 : 조선 주가 수익률(12개월)

목표주가 : 57,000 애널리스트 : 박민


52주 최고가 : 42,350 시가총액(십억원) : 8,196.1

52주 최저가 : 31,650 60일 평균 거래대금(백만원) : 27,652.9

연중 최고가 : 39,200 외국인지분(%) : 31.2

9 10 11 12 13


(7.1) (8.6) (8.5) (13.8) (8.2)

업종 대비 0.5 (1.1) (1.0) (6.3) (0.6) 5

KOSPI 대비 (3.9) (7.1) (5.9) (10.1) (4.2) 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 1,205.2 3.9 1,148.7 (0.1) 884.6 3.9 1,564.5 4,080 26,316 500

2013/12F 3.3 1,183.5 (1.8) 1,109.9 (3.4) 854.7 (3.4) 1,547.0 3,942 29,547 500

2014/12F 2.9 1,279.6 8.1 1,230.0 10.8 947.2 10.8 1,647.1 4,369 33,178 500



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 5,419.8 2,056.8 56.9 (352.0) 8.2 7.0 9.4 1.46 17.6 1.3

2013/12F 6,166.1 1,168.3 36.2 (289.0) 7.8 6.1 9.0 1.20 14.8 1.4

2014/12F 7,004.9 981.3 29.6 (289.0) 8.2 5.6 8.1 1.07 14.4 1.4



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)

2012/09A 19.0 21.1 323.9 39.2 22.5 347.2 85.7 39.2 277.3 149.9 43.6

2012/12F 13.6 (7.6) 280.0 43.1 (13.6) 223.7 2.0 (35.6) 161.4 (8.7) (41.8)

2013/03F 5.1 (0.8) 277.8 (17.5) (0.8) 254.9 (22.4) 13.9 196.3 (22.3) 21.6

2013/06F 12.3 1.2 277.2 4.8 (0.2) 256.6 2.9 0.7 197.6 2.3 0.7

2013/09F (6.5) 0.8 302.1 (6.8) 9.0 283.3 (18.4) 10.4 218.2 (21.3) 10.4

2013/12F 4.0 2.8 326.4 16.6 8.1 315.1 40.8 11.2 242.6 50.3 11.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 14,538.7 1,171.6 899.4 3,907 9.7 삼성중공업 8.8 1.2 14.7 1.4

FY2013F 14,910.4 1,124.1 878.3 3,817 9.4 조선 17.7 0.9 5.3 1.7



3,796.3

3,902.6

4,058.7

3,752.2

3,720.4

3,765.9

3,538.9

3,352.3

22,757.9 15,753.0

21,760.8 16,340.8

22,586.7 16,420.4

18,850.4 14,718.0

16,413.9 11,770.0

14,702.2

15,185.2

15,627.7

삼성중공업

13,146.4

13,391.8

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-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 2013

주가

x12

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



110


A010620 20106010 universe

현대미포조선 (010620.KS) 업데이트 : 2013.02.12




52주 최고가 : 153,500 시가총액(십억원) : 2,320.0

52주 최저가 : 102,500 60일 평균 거래대금(백만원) : 11,307.0

연중 최고가 : 129,500 외국인지분(%) : 17.8

9 10 11 12 13


(4.1) (9.0) (16.5) (24.2) (10.1)

업종 대비 3.4 (1.5) (9.0) (16.6) (2.5) 5

KOSPI 대비 (0.9) (7.5) (14.0) (20.4) (6.1) 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 (4.5) 93.3 (75.3) 118.8 (62.2) 84.7 (57.6) 160.2 4,323 165,407 2,000

2013/12F (9.7) (65.4) NA (67.2) NA (49.9) NA 3.3 -2,548 160,953 2,000

2014/12F 2.8 23.3 NA 21.5 NA 15.9 NA 93.4 814 159,791 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 3,262.8 (353.0) 50.1 (71.5) 2.1 14.9 29.4 0.77 2.6 1.6

2013/12F 3,173.7 (303.7) 52.8 (65.0) (1.6) 659.8 NA 0.72 (1.6) 1.7

2014/12F 3,150.4 (400.2) 52.0 (58.5) 0.6 22.6 142.5 0.73 0.5 1.7



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)

2012/09A 0.4 1.4 29.6 (37.5) 9.5 43.3 (47.8) 33.0 32.9 (43.8) 29.9

2012/12F (1.5) 2.5 (1.8) NA NA (8.0) NA NA (17.0) NA NA

2013/03F (4.7) (8.5) (9.3) NA NA 2.2 (95.7) NA 1.6 (96.3) NA

2013/06F (9.3) (4.6) (13.9) NA NA (2.6) NA NA (2.0) NA NA

2013/09F (9.8) 0.8 (10.8) NA NA 0.6 (98.7) NA 0.4 (98.8) NA

2013/12F (14.8) (3.2) (31.3) NA NA (67.3) NA NA (50.0) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 4,391.2 126.5 123.8 6,240 18.3 현대미포조선 0.0 0.7 (1.1) 1.7

FY2013F 4,108.8 91.4 95.4 4,759 24.5 조선 17.7 0.9 5.3 1.7



1,036.3

988.5

996.5

964.6

1,087.3

1,090.2

1,105.3

1,132.5

6,839.0 3,473.7

6,992.3 3,650.0

7,824.6 4,416.0

7,262.6 3,807.7

4,096.3

9,577.2 5,254.4

4,138.1

4,623.9

4,415.4

3,985.9

현대미포조선0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



111


A042660 20106010 universe

대우조선해양 (042660.KS) 업데이트 : 2013.03.18

투자의견 : 매수 업종 : 조선 주가 수익률(12개월)



52주 최고가 : 34,350 시가총액(십억원) : 5,215.4

52주 최저가 : 21,100 60일 평균 거래대금(백만원) : 25,490.8

연중 최고가 : 31,850 외국인지분(%) : 17.4

9 10 11 12 13


(12.5) (2.3) 4.0 (20.3) (3.9)

업종 대비 (5.0) 5.2 11.6 (12.8) 3.7 5

KOSPI 대비 (9.3) (0.8) 6.6 (16.6) 0.1 10

22 23 24 19 20



2010/12A (1.9) 1,168.5 75.1 1,040.2 40.7 766.9 24.3 1,384.2 4,056 21,456 500

2011/12A 7.0 1,061.3 (9.2) 997.6 (4.1) 686.4 (10.5) 1,297.7 3,631 24,096 500

2012/12F 1.1 486.3 (54.2) 263.4 (73.6) 220.7 (67.8) 762.4 1,167 24,330 500

2013/12F 5.3 474.3 (2.5) 333.8 26.7 244.2 10.6 759.7 1,292 24,740 500

2014/12F 6.6 979.7 106.6 852.0 155.2 630.5 158.2 1,274.1 3,335 27,202 500



2010/12A 4,076.5 2,446.0 98.8 (303.9) 9.0 6.8 9.0 1.69 20.9 1.4

2011/12A 4,581.7 3,900.9 108.2 (452.7) 7.6 6.5 6.7 1.01 15.9 2.1

2012/12F 4,626.5 5,366.7 140.5 (373.3) 3.5 13.7 23.3 1.12 4.8 1.8

2013/12F 4,705.0 4,649.1 124.1 (453.5) 3.2 12.8 21.1 1.10 5.2 1.8

2014/12F 5,176.3 4,564.2 112.2 (478.7) 6.2 7.6 8.2 1.00 12.8 1.8



2012/03A (7.8) (16.1) 141.6 (59.1) (12.5) 124.6 (63.3) 40.4 87.9 (64.6) 122.6

2012/06A 9.3 28.9 138.0 (54.2) (2.5) 108.2 (47.5) (13.2) 138.9 0.8 58.0

2012/09A (4.2) (19.7) 118.3 (53.0) (14.3) 85.0 (76.6) (21.4) 56.6 (78.3) (59.3)

2012/12F 6.0 22.1 88.3 (45.4) (25.3) (54.4) NA NA (62.7) NA NA

2013/03F 20.3 (4.8) 97.9 (30.8) 10.9 105.9 (15.0) NA 77.4 (11.9) NA

2013/06F (5.9) 0.8 107.5 (22.1) 9.7 123.7 14.4 16.9 90.5 (34.8) 16.9

2013/09F 15.8 (1.2) 93.0 (21.4) (13.5) (70.9) NA NA (51.8) NA NA

2013/12F (3.7) 1.6 175.9 99.1 89.1 175.1 NA NA 128.1 NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 13,773.6 598.9 311.2 1,785 16.0 대우조선해양 15.7 1.1 6.9 1.8

FY2013F 14,607.1 667.6 422.9 2,337 12.2 조선 17.7 0.9 5.3 1.7



3,671.3

3,730.5

3,170.6

3,872.6

3,686.1

3,715.7

3,064.6

3,950.5

18,498.3 13,446.1

16,875.4 12,357.3

17,593.1 13,012.2

15,822.6 11,795.8

16,659.7 12,157.7

14,058.4

14,803.5

15,782.4

대우조선해양

12,989.5

13,903.3

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x30

x23

x17

x10

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



112


A097230 20106010 universe

한진중공업 (097230.KS) 업데이트 : 2013.01.02




52주 최고가 : 21,100 시가총액(십억원) : 435.1

52주 최저가 : 8,500 60일 평균 거래대금(백만원) : 4,831.3

연중 최고가 : 11,597 외국인지분(%) : 8.4

9 10 11 12 13


(8.2) (21.4) (29.1) (53.6) (21.4)

업종 대비 (0.6) (13.8) (21.5) (46.1) (13.8) 5

KOSPI 대비 (5.0) (19.9) (26.5) (49.8) (17.4) 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 0.85 (3.6) 0.0

2011/12A 1,864.4 3,043.5 210.0 (50.5) 3.7 17.9 NA 0.44 (5.1) 0.0

2012/12F 1,811.5 3,205.2 220.5 (55.0) 3.8 17.9 NA 0.31 (3.3) 0.0

2013/12F 1,786.6 2,909.7 207.0 (45.0) 5.1 13.6 NA 0.24 (1.8) 0.0

2014/12F 1,795.2 2,612.5 192.8 (51.0) 5.8 10.9 319.7 0.24 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

2012/09A (22.1) (7.7) (31.9) NA NA (89.6) NA NA (76.1) NA NA

2012/12F (1.0) 27.0 57.0 761.9 NA 28.5 NA NA 25.7 NA NA

2013/03F (0.1) (19.0) 84.7 (0.1) 48.7 38.5 3.1 35.1 29.3 (24.1) 13.9

2013/06F (0.1) 5.3 (10.9) NA NA (59.9) NA NA (45.5) NA NA

2013/09F (0.1) (7.7) (31.9) NA NA (79.9) NA NA (60.7) NA NA

2013/12F (0.1) 27.0 89.4 57.0 NA 58.9 106.4 NA 44.7 74.0 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,526.4 83.2 (41.4) -737 NA 한진중공업 0.0 0.2 (1.4) 0.0

FY2013F 2,585.3 75.5 (48.2) -776 NA 조선 17.7 0.9 5.3 1.7



605.4

637.3

588.1

747.0

605.8

637.7

588.5

747.5

6,512.2 4,723.3

6,706.3 4,908.6

7,036.7 5,169.8

6,584.8 4,770.9

2,770.0

7,525.4 5,569.6

3,167.8

2,891.5

2,579.4

2,577.9

한진중공업0

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

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2007 2008 2009 2010 2011 2012

주가

x20

x15

x10

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



113


A013030 20106020 universe

하이록코리아 (013030.KQ) 업데이트 : 2013.02.19

투자의견 : 매수 업종 : 기계 주가 수익률(12개월)



52주 최고가 : 24,100 시가총액(십억원) : 285.9

52주 최저가 : 17,550 60일 평균 거래대금(백만원) : 1,321.1

연중 최고가 : 21,350 외국인지분(%) : 16.9

9 10 11 12 13


2.2 8.2 (9.1) 11.1 5.0

업종 대비 5.8 11.8 (5.5) 14.7 8.6 5

KOSPI 대비 5.4 9.7 (6.5) 14.9 9.0 10

22 23 24 19 20



2010/12A 9.1 26.7 (2.4) 25.5 7.4 19.7 2.5 28.7 1,444 9,734 150

2011/12A 28.8 29.3 10.0 30.2 18.3 24.2 23.0 32.1 1,777 11,570 150

2012/12F 29.5 40.4 37.7 36.4 20.5 28.4 17.2 43.6 2,083 13,479 150

2013/12F 8.4 41.7 3.2 37.5 3.1 29.2 3.1 45.4 2,147 15,439 150

2014/12F 14.2 47.3 13.4 42.7 13.9 33.3 13.9 51.8 2,446 17,699 150



2010/12A 132.5 (13.1) 18.6 (12.0) 24.1 6.5 10.0 1.48 17.3 1.0

2011/12A 157.5 4.7 19.2 (13.9) 20.6 7.4 9.6 1.47 16.7 0.9

2012/12F 183.5 3.3 16.4 (6.2) 21.9 6.2 9.5 1.47 16.6 0.8

2013/12F 210.2 (1.0) 13.3 (12.1) 20.8 6.3 9.8 1.36 14.9 0.7

2014/12F 240.9 (4.1) 12.0 (14.7) 20.7 5.5 8.6 1.19 14.8 0.7



2012/03A 55.1 26.1 11.2 61.2 41.3 11.1 56.0 65.4 8.3 43.4 43.2

2012/06A 30.8 (8.0) 9.7 27.9 (12.9) 9.4 24.7 (15.1) 7.6 37.6 (8.4)

2012/09A 20.9 (7.7) 8.9 29.6 (8.8) 8.8 0.4 (7.2) 6.9 (4.2) (9.5)

2012/12F 15.1 7.4 10.6 33.5 19.0 7.0 4.4 (19.9) 5.7 (1.7) (17.3)

2013/03F (4.2) 5.0 9.8 (12.9) (7.8) 9.6 (13.6) 36.9 7.5 (8.8) 33.0

2013/06F 6.2 2.1 10.1 3.2 3.1 9.8 4.2 2.3 7.7 2.0 2.3

2013/09F 17.4 2.0 10.5 18.3 4.5 10.4 19.0 6.1 8.2 19.4 6.0

2013/12F 15.9 6.0 11.4 7.4 8.0 7.6 8.2 (27.2) 5.8 2.2 (29.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 185.4 40.0 30.2 2,219 9.3 하이록코리아 9.5 1.3 14.8 0.7

FY2013F 203.2 43.2 31.3 2,299 9.3 기계 11.4 1.0 8.8 1.0



50.1

53.1

42.6

45.8

48.1

49.1

50.2

46.2

312.1 73.2

251.8 74.6

274.8 73.4

184.8 50.1

220.0 63.3

184.8

200.3

228.7

하이록코리아

110.8

142.8

0

5,000

10,000

15,000

20,000

25,000


-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x10

x8

x6

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



114


A014620 20106020 universe

성광벤드 (014620.KQ) 업데이트 : 2013.01.24




52주 최고가 : 28,100 시가총액(십억원) : 639.2

52주 최저가 : 17,050 60일 평균 거래대금(백만원) : 6,042.1

연중 최고가 : 24,700 외국인지분(%) : 14.4

9 10 11 12 13


(5.7) (5.3) (15.0) (10.8) (8.4)

업종 대비 (2.1) (1.7) (11.4) (7.2) (4.8) 5

KOSPI 대비 (2.5) (3.8) (12.4) (7.0) (4.4) 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 41.1 76.0 164.0 74.2 155.6 57.2 179.4 79.2 1,999 12,334 150

2013/12F 17.0 99.5 30.9 98.7 33.0 76.0 33.0 103.0 2,658 14,762 200

2014/12F 5.0 108.5 9.0 108.6 10.0 83.6 10.0 111.9 2,925 17,458 200



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 352.7 19.3 16.8 (19.4) 21.0 9.1 12.3 1.99 17.5 0.6

2013/12F 422.2 (15.7) 14.3 (12.1) 23.5 6.1 8.4 1.51 19.6 0.9

2014/12F 499.3 (72.9) 11.2 (3.2) 24.4 5.1 7.6 1.28 18.2 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

2012/09A 51.6 25.7 22.5 120.5 16.5 21.9 123.1 17.7 16.7 125.2 17.6

2012/12F 35.5 3.3 21.8 157.8 (3.4) 21.5 127.4 (1.9) 16.8 196.8 0.8

2013/03F 26.4 (1.2) 24.0 93.5 10.0 23.7 94.4 10.2 18.2 93.6 8.4

2013/06F 25.7 (2.1) 23.5 21.3 (2.1) 23.2 24.8 (1.9) 17.9 26.0 (1.9)

2013/09F 6.4 6.4 24.1 7.0 2.8 23.9 9.2 3.0 18.4 10.3 3.0

2013/12F 13.2 10.0 28.0 28.6 16.1 27.9 29.5 16.4 21.5 27.4 16.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 357.6 73.3 55.5 1,940 12.1 성광벤드 8.2 1.5 19.3 0.9

FY2013F 411.0 87.0 65.6 2,294 10.2 기계 11.4 1.0 8.8 1.0



101.5

99.4

105.7

116.3

80.3

79.1

99.4

102.7

573.6 151.4

636.3 137.0

417.1 116.4

532.9 180.2

444.1

372.5 87.1

205.4

256.2

361.5

422.9

성광벤드0

5,000

10,000

15,000

20,000

25,000

30,000


-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

70,000

80,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x28

x23

x18

x13

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



115


A023160 20106020 universe

태광 (023160.KQ) 업데이트 : 2013.03.13




52주 최고가 : 32,000 시가총액(십억원) : 571.7

52주 최저가 : 20,050 60일 평균 거래대금(백만원) : 2,583.8

연중 최고가 : 25,450 외국인지분(%) : 22.6

9 10 11 12 13


(5.6) 14.6 (21.5) (24.2) 7.0

업종 대비 (2.0) 18.1 (17.9) (20.6) 10.6 5

KOSPI 대비 (2.4) 16.0 (18.9) (20.4) 11.0 10

22 23 24 19 20



2010/12A (17.7) (0.7) NA 1.3 (97.8) 0.8 (98.2) 3.2 34 14,431 0

2011/12A 19.9 36.5 NA 37.7 2,842.8 27.6 3,430.3 40.7 1,182 15,179 0

2012/12F 37.8 46.1 26.3 42.5 12.8 33.2 20.6 54.2 1,341 15,636 0

2013/12F 14.9 73.5 59.5 75.7 77.9 59.1 77.9 81.5 2,385 17,474 0

2014/12F 5.9 82.4 12.1 85.9 13.5 67.1 13.5 91.2 2,627 19,490 0



2010/12A 324.9 (31.7) 2.5 (7.8) (0.3) 179.6 735.0 1.75 0.3 0.0

2011/12A 352.3 (21.3) 0.3 (5.0) 14.1 13.3 19.6 1.52 8.1 0.0

2012/12F 385.4 (50.0) 0.0 (14.1) 12.9 8.7 16.0 1.37 9.0 0.0

2013/12F 444.4 (90.2) 0.0 (11.0) 17.9 5.9 9.9 1.35 14.2 0.0

2014/12F 511.4 (152.0) 0.0 (12.8) 19.0 4.6 9.0 1.21 14.0 0.0



2012/03A 31.8 (8.5) 10.3 523.4 (42.9) 10.6 646.7 (39.5) 8.2 2,592.9 (33.6)

2012/06A 49.5 13.1 13.4 336.4 29.5 12.9 520.3 21.5 10.1 361.6 22.9

2012/09A 52.6 8.9 11.3 (17.5) (15.9) 9.9 (40.7) (23.3) 7.8 (38.7) (23.4)

2012/12F 23.1 9.2 11.1 (38.8) (1.4) 9.1 (47.9) (7.6) 7.1 (42.9) (8.6)

2013/03F 19.0 (11.5) 12.4 20.4 12.1 12.8 20.6 40.0 10.0 21.2 40.9

2013/06F 19.6 13.6 16.7 24.8 34.3 17.1 32.4 33.4 13.3 31.6 33.4

2013/09F 8.9 (0.8) 21.3 88.8 27.1 20.9 110.9 22.1 16.3 110.0 22.1

2013/12F 13.4 13.7 23.1 108.3 8.8 25.0 173.0 19.7 19.5 174.9 19.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 354.1 48.8 37.2 1,532 16.3 태광 9.7 1.3 14.2 0.0

FY2013F 400.5 66.3 51.5 2,120 11.6 기계 11.4 1.0 8.8 1.0



101.7

115.6

93.4

102.0

90.2

102.5

75.8

85.7

589.6 78.2

461.9 76.5

523.3 78.8

376.0 51.0

422.5 70.1

356.9

410.1

434.2

태광

215.9

258.9

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x29

x24

x19

x14

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



116


A034020 20106020 universe

두산중공업 (034020.KS) 업데이트 : 2013.02.04

투자의견 : 중립 업종 : 기계 주가 수익률(12개월)



52주 최고가 : 65,400 시가총액(십억원) : 4,472.4

52주 최저가 : 39,900 60일 평균 거래대금(백만원) : 16,496.3

연중 최고가 : 49,200 외국인지분(%) : 13.6

9 10 11 12 13


(4.3) (6.9) (27.8) (33.9) (7.9)

업종 대비 (0.7) (3.3) (24.2) (30.3) (4.3) 5

KOSPI 대비 (1.1) (5.4) (25.2) (30.1) (3.9) 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 13.3 594.8 4.4 (13.0) NA 15.0 (94.6) 757.7 168 46,538 750

2013/12F (1.7) 518.7 (12.8) 452.7 NA 335.0 2,139.2 686.0 3,762 49,072 750

2014/12F 0.8 564.7 8.9 557.4 23.1 412.5 23.1 736.7 4,632 52,337 750



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 4,718.8 2,759.4 82.5 (315.3) 6.2 10.0 269.0 0.97 0.3 1.7

2013/12F 4,987.0 3,216.8 87.8 (251.3) 5.5 11.2 11.2 0.86 6.9 1.8

2014/12F 5,332.7 3,281.6 80.8 (286.3) 5.9 10.6 9.1 0.81 8.0 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

2012/09A 10.7 (10.6) 119.3 52.3 (29.8) 41.3 NA (74.6) 38.9 NA (69.5)

2012/12F 4.1 32.1 168.5 3.2 41.3 (330.1) NA NA (236.8) NA NA

2013/03F 3.0 (26.5) 124.0 (9.5) (26.4) 99.3 (12.5) NA 73.5 (14.1) NA

2013/06F (3.6) 11.0 133.7 (21.3) 7.8 110.4 (32.0) 11.1 81.7 (35.9) 11.1

2013/09F (3.6) (10.7) 106.3 (10.9) (20.5) 78.9 91.2 (28.5) 58.4 50.2 (28.5)

2013/12F (1.9) 34.6 154.7 (8.2) 45.5 164.1 NA 108.1 121.5 NA 108.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,867.0 601.8 339.3 3,234 13.2 두산중공업 10.7 0.8 7.1 1.8

FY2013F 9,508.3 595.7 327.1 3,138 13.6 기계 11.4 1.0 8.8 1.0



2,133.7

2,368.8

2,116.1

2,847.3

2,072.1

2,456.4

2,196.2

2,902.2

14,537.4 9,524.1

14,605.8 9,246.8

13,589.2 8,792.2

13,146.3 8,401.2

9,544.7

16,977.1 11,800.9

7,928.9

8,495.5

9,626.9

9,465.9

두산중공업0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-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

450,000

500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x23

x16

x8

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



117


A036890 20106020 universe

진성티이씨 (036890.KQ) 업데이트 : 2012.12.14




52주 최고가 : 12,350 시가총액(십억원) : 164.2

52주 최저가 : 6,790 60일 평균 거래대금(백만원) : 893.5

연중 최고가 : 9,910 외국인지분(%) : 5.2

9 10 11 12 13


(3.4) (6.1) (28.3) (22.3) (7.8)

업종 대비 0.2 (2.5) (24.7) (18.7) (4.2) 5

KOSPI 대비 (0.2) (4.6) (25.7) (18.5) (3.8) 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 (9.6) 10.2 (53.7) 4.7 (76.2) 3.6 (77.1) 14.4 194 2,860 100

2013/12F 26.8 20.3 99.3 18.5 290.2 14.1 290.2 25.9 721 3,466 100

2014/12F 47.0 37.7 85.8 36.0 94.2 27.3 94.2 44.2 1,400 4,735 100



2010/12A 36.8 (2.6) 97.2 (7.7) 9.8 7.9 4.5 3.47 118.9 1.1

2011/12A 52.1 210.9 470.9 (11.4) 10.9 15.0 9.4 2.74 35.4 1.1

2012/12F 53.8 19.0 93.6 (21.1) 5.6 13.0 43.4 2.94 6.8 1.2

2013/12F 65.9 24.7 97.7 (13.3) 8.8 7.3 11.4 2.37 23.5 1.2

2014/12F 91.3 (0.3) 63.6 (5.0) 11.1 3.7 5.9 1.73 34.8 1.2










2013/12F 26.8 NA 20.3 99.3 NA 19.8 314.0 NA 15.0 314.0 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 181.9 10.2 3.6 180 47.7 진성티이씨 9.4 2.2 26.0 1.2

FY2013F 230.7 20.3 14.1 704 12.2 기계 11.4 1.0 8.8 1.0



0.0

230.7

0.0

181.9

0.0

0.0

446.1 354.8

309.3 255.5

352.9 287.0

304.0 267.2

314.5 262.3

181.9

230.7

339.2

진성티이씨

168.9

201.3

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

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x23

x16

x8

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



118


A042670 20106020 universe

두산인프라코어 (042670.KS) 업데이트 : 2013.01.24

투자의견 : 중립 업종 : 기계 주가 수익률(12개월)



52주 최고가 : 22,600 시가총액(십억원) : 2,555.2

52주 최저가 : 15,100 60일 평균 거래대금(백만원) : 15,015.3

연중 최고가 : 17,600 외국인지분(%) : 11.0

9 10 11 12 13


(1.9) (9.8) (23.7) (31.8) (12.9)

업종 대비 1.7 (6.2) (20.1) (28.2) (9.3) 5

KOSPI 대비 1.3 (8.3) (21.1) (28.0) (9.0) 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 (2.3) 399.9 (43.6) 97.5 (65.8) 299.4 0.4 642.2 1,629 12,568 0

2013/12F 0.3 479.7 20.0 283.8 191.1 209.7 (30.0) 727.0 1,097 13,665 0

2014/12F 5.7 638.2 33.0 376.1 32.5 277.9 32.5 889.7 1,501 15,166 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 2,119.7 5,071.2 219.6 (242.0) 4.8 13.1 10.4 1.35 15.1 0.0

2013/12F 2,304.7 5,087.7 210.9 (240.9) 5.8 11.1 13.8 1.11 9.5 0.0

2014/12F 2,557.8 4,814.9 184.9 (218.1) 7.3 8.8 10.1 1.00 11.4 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

2012/09A (4.5) (20.3) 31.5 (79.1) (79.8) (1.1) NA NA 23.5 556.1 (87.1)

2012/12F (7.7) 1.3 37.2 (60.3) 18.4 (31.1) NA NA 25.5 NA 8.5

2013/03F 0.3 16.6 123.1 (29.8) 230.5 75.5 (38.5) NA 55.8 (18.9) 118.6

2013/06F 0.3 6.5 106.5 (31.6) (13.5) 62.6 800.3 (17.1) 46.2 (74.6) (17.1)

2013/09F 0.3 (20.3) 61.1 94.3 (42.6) 8.5 NA (86.4) 6.3 (73.3) (86.4)

2013/12F 0.3 1.3 189.0 407.4 209.1 137.3 NA 1,518.2 101.5 297.9 1,518.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 8,286.8 396.5 317.3 1,915 8.1 두산인프라코어 12.8 1.1 9.9 0.0

FY2013F 8,671.9 479.1 140.0 849 18.1 기계 11.4 1.0 8.8 1.0



2,196.9

2,339.8

1,865.0

1,889.4

2,190.3

2,332.7

1,859.4

1,883.6

11,236.0 8,499.7

11,879.4 8,876.0

11,703.7 9,418.5

11,128.2 8,566.7

8,766.5

11,011.6 9,254.1

7,481.9

8,463.1

8,266.0

8,291.1

두산인프라코어0

5,000

10,000

15,000

20,000

25,000


-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x22

x16

x11

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



119


A012750 2020 universe

에스원 (012750.KS) 업데이트 : 2013.01.29

투자의견 : 매수 업종 : 상업서비스·기타 주가 수익률(12개월)

목표주가 : 80,000 애널리스트 : 홍종길


52주 최고가 : 75,500 시가총액(십억원) : 2,336.9

52주 최저가 : 52,400 60일 평균 거래대금(백만원) : 4,301.2

연중 최고가 : 74,300 외국인지분(%) : 49.4

9 10 11 12 13


(12.1) (9.8) (8.5) 15.6 (17.2)

업종 대비 0.0 2.3 3.7 27.7 (5.1) 5

KOSPI 대비 (8.9) (8.3) (5.9) 19.4 (13.3) 10

22 23 24 19 20



2010/12A 15.8 141.7 20.2 157.0 17.5 115.0 18.8 201.4 3,352 21,747 1,200

2011/12A 14.3 167.2 18.0 176.2 12.2 126.3 9.8 236.2 3,745 23,553 1,250

2012/12F 6.9 134.6 (19.5) 142.6 (19.1) 102.2 (19.1) 209.8 3,026 25,132 1,250

2013/12F 8.4 147.6 9.6 155.2 8.9 111.3 8.9 231.8 3,295 26,905 1,300

2014/12F 6.6 170.9 15.8 179.6 15.7 128.8 15.7 264.5 3,811 29,093 1,350



2010/12A 665.9 (325.1) 0.0 (87.4) 15.8 9.0 16.7 2.58 17.9 2.1

2011/12A 736.6 (468.1) 0.0 (117.9) 16.3 7.4 15.5 2.46 18.0 2.2

2012/12F 796.6 (493.4) 0.0 (108.5) 12.3 10.5 23.1 2.78 13.3 1.8

2013/12F 864.0 (537.2) 0.0 (118.5) 12.4 7.9 18.7 2.29 13.4 2.1

2014/12F 947.1 (597.8) 0.0 (127.9) 13.5 6.8 16.1 2.11 14.2 2.2



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)

2012/09A 5.1 3.7 27.9 (33.7) (16.3) 30.4 (27.9) (16.0) 21.4 (29.1) (15.8)

2012/12F 13.5 11.8 31.8 (23.5) 13.9 33.2 (27.4) 9.4 23.6 (26.2) 10.2

2013/03F 9.1 (7.0) 37.8 (9.2) 18.8 38.3 (10.7) 15.4 27.5 (13.3) 16.4

2013/06F 10.1 2.1 35.4 6.2 (6.3) 38.0 5.2 (0.8) 27.3 7.2 (0.8)

2013/09F 10.2 3.8 39.3 40.9 11.1 41.6 36.9 9.3 29.8 39.1 9.3

2013/12F 4.7 6.3 35.1 10.5 (10.6) 37.3 12.2 (10.3) 26.7 13.2 (10.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,080.2 138.4 113.2 2,794 24.3 에스원 18.0 2.2 13.6 2.1

FY2013F 1,197.1 159.1 127.0 3,134 20.3 상업서비스·기타 20.3 2.2 13.0 2.1



299.4

318.3

271.7

303.9

282.5

288.4

259.0

261.9

1,346.8 351.8

1,136.5 308.5

1,234.0 330.9

931.3 249.0

1,057.7 296.6

1,096.5

1,188.6

1,266.6

에스원

897.9

1,026.1

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-5

0

5

10

15

20

25

30

35

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x23

x20

x18

x15

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



120



CJ대한통운 (000120.KS) 업데이트 : 2013.03.20

투자의견 : 매수 업종 : 운송 주가 수익률(12개월)

목표주가 : 130,000 애널리스트 : 윤희도


52주 최고가 : 126,500 시가총액(십억원) : 2,256.1

52주 최저가 : 62,100 60일 평균 거래대금(백만원) : 7,556.7

연중 최고가 : 124,500 외국인지분(%) : 2.6

9 10 11 12 13


(12.5) 2.6 7.7 14.6 (4.4)

업종 대비 (3.8) 11.3 16.4 23.3 4.2 5

KOSPI 대비 (9.3) 4.1 10.3 18.4 (0.5) 10

22 23 24 19 20



2010/12A 9.6 146.3 (3.0) 128.2 24.7 98.1 2,711.7 213.1 6,092 115,324 0

2011/12A 5.0 125.0 (14.5) 43.5 (66.1) 84.5 (13.9) 199.4 4,858 118,018 0

2012/12A 7.2 129.0 3.2 103.4 137.8 82.8 (2.0) 201.0 4,763 121,359 0

2013/12F 8.7 140.8 9.1 131.4 27.1 105.3 27.1 220.4 6,055 125,615 0

2014/12F 11.4 162.5 15.5 149.5 13.7 119.7 13.7 254.5 6,886 130,504 0



2010/12A 2,151.2 947.6 48.7 (176.9) 5.9 14.8 15.5 0.82 4.9 0.0

2011/12A 2,212.6 586.1 37.1 (139.9) 4.8 11.8 15.4 0.64 3.9 0.0

2012/12A 2,288.9 704.9 37.0 (182.6) 4.7 15.1 21.1 0.83 3.7 0.0

2013/12F 2,386.0 811.6 41.5 (308.0) 4.7 14.0 16.3 0.79 4.5 0.0

2014/12F 2,497.5 1,004.2 48.4 (310.0) 4.8 12.8 14.4 0.76 4.9 0.0



2012/03A 8.2 (7.6) 36.3 100.5 36.3 29.9 328.4 NA 28.1 322.7 (27.2)

2012/06A 12.7 7.8 42.2 (1.7) 16.3 35.2 7.1 17.6 22.8 6.7 (18.9)

2012/09A 11.0 (2.2) 32.9 (12.1) (22.0) 32.1 86.6 (8.7) 26.9 50.5 18.2

2012/12A (2.0) 0.6 17.6 (33.8) (46.4) 6.2 NA (80.7) 5.1 (86.9) (81.2)

2013/03F 7.6 1.5 18.6 (48.6) 5.7 13.7 (54.1) 121.5 11.0 (60.9) 117.3

2013/06F 6.1 6.4 32.5 (22.9) 74.6 28.4 (19.3) 106.9 22.7 (0.2) 106.9

2013/09F 9.0 0.4 34.2 4.0 5.1 39.3 22.5 38.7 31.5 17.1 38.7

2013/12F 12.2 3.6 55.4 214.2 61.9 50.0 707.5 27.1 40.1 692.2 27.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,801.9 152.4 91.1 4,481 25.7 CJ대한통운 15.9 0.8 4.6 0.0

FY2013F 3,243.9 158.7 92.5 4,408 23.5 운송 19.1 1.4 7.4 0.4



711.7

756.9

759.9

787.0

661.5

713.1

697.3

701.3

3,933.3 1,523.7

4,296.7 1,793.4

3,595.2 1,330.5

3,669.5 1,341.4

3,358.8

3,909.4 1,703.5

2,463.6

2,587.8

2,773.2

3,015.5

CJ대한통운0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-30

-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x36

x29

x22

x15

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



121



한진 (002320.KS) 업데이트 : 2013.01.29

투자의견 : 중립 업종 : 운송 주가 수익률(12개월)

목표주가 : - 애널리스트 : 윤희도


52주 최고가 : 24,750 시가총액(십억원) : 289.8

52주 최저가 : 16,750 60일 평균 거래대금(백만원) : 1,606.7

연중 최고가 : 24,200 외국인지분(%) : 7.2

9 10 11 12 13


20.1 20.4 17.2 7.6 19.2

업종 대비 28.8 29.1 25.9 16.2 27.9 5

KOSPI 대비 23.3 21.9 19.8 11.3 23.2 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 3.8 41.9 19.8 (3.2) NA (2.3) NA 80.3 -194 64,758 400

2013/12F 3.6 43.8 4.4 4.3 NA 3.2 NA 83.5 267 64,628 400

2014/12F 3.3 48.7 11.2 10.9 151.0 7.9 151.0 89.2 671 64,895 400



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 769.4 626.1 87.8 (51.0) 2.9 10.8 NA 0.30 (0.3) 2.0

2013/12F 767.9 650.1 91.3 (45.9) 2.9 11.4 90.5 0.37 0.4 1.7

2014/12F 771.1 663.1 92.8 (41.3) 3.1 10.8 36.1 0.37 1.0 1.7



2012/03A 3.4 (0.8) 13.4 47.9 62.2 (0.1) NA NA (2.2) NA NA

2012/06A 1.5 (1.0) 7.5 (18.6) (44.1) (4.4) NA NA (4.1) NA NA

2012/09A 3.4 4.3 9.7 16.1 29.1 (0.8) NA NA (1.0) NA NA

2012/12F 7.0 4.5 11.2 35.7 15.9 2.2 NA NA 4.9 NA NA

2013/03F 3.6 (4.0) 13.9 3.6 23.8 (0.4) NA NA (0.3) NA NA

2013/06F 3.6 (1.0) 7.8 3.6 (44.1) (3.5) NA NA (2.5) NA NA

2013/09F 3.6 4.3 10.1 3.6 29.1 0.8 NA NA 0.6 NA NA

2013/12F 3.6 4.5 12.0 6.8 19.4 7.4 235.6 771.0 5.4 8.3 771.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,434.9 41.3 (6.4) -551 NA 한진 68.0 0.4 0.5 1.7

FY2013F 1,496.9 45.2 2.2 308 78.0 운송 19.1 1.4 7.4 0.4



376.6

393.4

363.6

379.8

364.7

361.0

352.1

348.5

1,892.5 1,112.8

1,823.9 1,046.4

1,861.4 1,085.3

1,989.6 1,040.6

1,793.1 1,026.0

1,444.0

1,495.7

1,545.7

한진

1,264.3

1,390.7

0

5,000

10,000

15,000

20,000

25,000

30,000


-20

-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x90

x67

x45

x23

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



122



대한항공 (003490.KS) 업데이트 : 2013.03.05




52주 최고가 : 53,700 시가총액(십억원) : 2,997.9

52주 최저가 : 40,950 60일 평균 거래대금(백만원) : 17,776.9

연중 최고가 : 48,400 외국인지분(%) : 14.8

9 10 11 12 13


(7.4) (8.6) (18.2) (23.4) (11.5)

업종 대비 1.3 0.1 (9.5) (14.7) (2.8) 5

KOSPI 대비 (4.2) (7.1) (15.6) (19.6) (7.6) 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 3.7 321.5 (30.1) 448.1 NA 235.0 NA 1,779.5 3,415 35,913 0

2013/12F 3.7 476.9 48.3 211.3 (52.8) 138.3 (41.1) 1,946.4 1,986 37,351 0

2014/12F 7.9 626.4 31.4 379.4 79.5 264.2 91.0 2,100.3 3,789 40,910 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 2,569.3 13,477.4 519.7 (1,719.4) 2.5 9.6 13.3 1.26 9.3 0.0

2013/12F 2,707.6 13,632.3 499.6 (1,762.0) 3.6 8.7 20.7 1.10 5.2 0.0

2014/12F 2,971.9 13,463.4 455.8 (1,490.8) 4.4 8.0 10.9 1.01 9.3 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

2012/09A 2.6 4.8 313.2 30.5 149.2 460.9 NA NA 338.3 NA NA

2012/12F (3.4) (9.3) (18.5) NA NA 239.2 353.9 (48.1) 130.0 131.7 (61.6)

2013/03F (0.3) (3.0) (42.6) NA NA (111.7) NA NA (73.1) NA NA

2013/06F (0.4) 8.0 53.4 (57.5) NA (110.6) NA NA (72.4) NA NA

2013/09F 6.2 11.7 343.2 9.6 543.3 357.2 (22.5) NA 233.8 (30.9) NA

2013/12F 9.0 (6.9) 122.9 NA (64.2) 76.4 (68.1) (78.6) 50.0 (61.5) (78.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 12,734.4 380.1 290.1 3,933 11.6 대한항공 17.3 1.1 6.1 0.0

FY2013F 12,995.0 544.1 264.0 3,442 12.2 운송 19.1 1.4 7.4 0.4



2,990.8

3,231.5

3,610.9

3,360.6

2,998.3

3,245.9

3,400.3

3,083.4

23,470.2 20,400.6

24,066.2 20,709.1

22,388.3 19,619.4

22,971.0 20,061.6

14,240.1

20,010.0 16,732.7

11,640.0

12,269.1

12,728.0

13,193.8

대한항공0

10,000

20,000

30,000

40,000

50,000

60,000


-20

-15

-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x22

x16

x11

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



123



아시아나항공 (020560.KS) 업데이트 : 2013.03.06




52주 최고가 : 7,800 시가총액(십억원) : 1,110.1

52주 최저가 : 5,690 60일 평균 거래대금(백만원) : 3,427.6

연중 최고가 : 6,530 외국인지분(%) : 5.0

9 10 11 12 13


(5.5) (8.1) (19.2) (24.2) (9.1)

업종 대비 3.2 0.6 (10.5) (15.6) (0.4) 5

KOSPI 대비 (2.3) (6.6) (16.6) (20.5) (5.2) 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 4.9 179.2 (50.0) 88.1 NA 60.8 NA 414.7 314 4,523 0

2013/12F 4.1 259.7 44.9 128.8 46.3 96.7 59.2 496.8 496 5,019 0

2014/12F 7.2 400.8 54.4 277.0 115.1 209.0 116.1 639.3 1,071 6,090 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 882.5 3,040.3 370.6 (274.1) 3.0 10.3 19.7 1.37 7.0 0.0

2013/12F 979.2 2,984.9 329.3 (255.3) 4.2 8.3 11.5 1.13 10.4 0.0

2014/12F 1,188.2 2,814.3 258.7 (257.3) 6.1 6.2 5.3 0.93 19.3 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

2012/09A 5.2 9.4 108.9 (39.6) 179.8 104.2 NA NA 79.8 NA NA

2012/12F 2.1 (6.1) (15.7) NA NA 31.3 NA (70.0) 20.9 NA (73.9)

2013/03F 2.7 (1.3) (7.3) NA NA (92.6) NA NA (69.5) NA NA

2013/06F 5.0 3.5 58.5 50.2 NA (74.3) NA NA (55.8) NA NA

2013/09F 4.8 9.2 150.9 38.5 158.0 102.7 (1.5) NA 77.1 (3.4) NA

2013/12F 3.9 (6.9) 57.6 NA (61.9) 193.1 516.5 88.0 144.9 594.6 88.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 5,889.4 216.9 57.3 304 19.2 아시아나항공 9.2 1.1 12.3 0.0

FY2013F 6,188.0 267.8 97.5 496 11.7 운송 19.1 1.4 7.4 0.4



1,642.4

1,528.6

1,566.5

1,471.0

1,452.6

1,503.5

1,414.9

1,431.5

6,433.3 5,237.8

6,072.9 5,185.0

6,206.5 5,220.9

6,258.4 5,344.3

5,747.4 4,886.1

5,883.9

6,127.0

6,565.3

아시아나항공

5,285.0

5,609.4

0

1,336

2,671

4,007

5,342

6,678

8,014

9,349


-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 2013

주가

x24

x18

x12

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



124



현대글로비스 (086280.KS) 업데이트 : 2013.03.20




52주 최고가 : 245,000 시가총액(십억원) : 6,881.3

52주 최저가 : 182,500 60일 평균 거래대금(백만원) : 18,471.3

연중 최고가 : 220,000 외국인지분(%) : 27.0

9 10 11 12 13


(10.5) (16.8) (19.5) (9.6) (16.6)

업종 대비 (1.8) (8.1) (10.8) (0.9) (7.9) 5

KOSPI 대비 (7.3) (15.3) (16.9) (5.8) (12.6) 10

22 23 24 19 20



2010/12A 82.7 230.4 58.6 284.4 21.4 265.6 40.0 256.5 7,083 29,803 700

2011/12A 29.4 336.0 45.8 374.1 31.6 358.8 35.1 369.6 9,568 39,780 1,500

2012/12A 22.9 422.9 25.9 496.0 32.6 406.1 13.2 469.7 10,829 47,475 1,500

2013/12F 14.0 519.0 22.7 596.6 20.3 488.4 20.3 586.1 13,025 58,601 1,500

2014/12F 19.8 629.5 21.3 715.1 19.9 585.5 19.9 717.8 15,613 71,925 1,500



2010/12A 1,117.6 258.9 48.0 (109.4) 3.9 22.9 21.0 5.00 27.3 0.5

2011/12A 1,491.7 199.3 48.6 (132.5) 4.5 19.8 20.1 4.83 27.5 0.8

2012/12A 1,780.3 194.7 42.8 (137.3) 4.6 18.1 20.5 4.67 24.8 0.7

2013/12F 2,197.6 233.1 39.7 (467.0) 4.9 12.2 14.1 3.13 24.6 0.8

2014/12F 2,697.2 210.3 36.3 (411.0) 5.0 9.9 11.8 2.55 23.9 0.8



2012/03A 37.3 5.6 109.0 50.2 31.8 124.7 38.9 22.8 122.8 48.9 40.7

2012/06A 28.0 6.3 121.8 50.8 11.8 130.4 39.2 4.6 141.1 43.3 14.9

2012/09A 20.2 (1.6) 100.2 0.3 (17.8) 119.6 34.2 (8.3) 119.0 31.5 (15.7)

2012/12A 9.6 (0.8) 91.9 11.2 (8.3) 121.2 19.4 1.3 101.9 16.7 (14.4)

2013/03F 14.0 9.8 104.5 (4.1) 13.7 123.5 (1.0) 1.9 101.1 (17.7) (0.8)

2013/06F 14.0 6.3 125.9 3.3 20.4 135.5 3.9 9.7 110.9 (21.4) 9.7

2013/09F 14.0 (1.6) 137.8 37.6 9.5 168.5 40.8 24.4 138.0 15.9 24.4

2013/12F 14.0 (0.8) 150.8 64.1 9.4 169.1 39.5 0.4 138.5 35.9 0.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,451.4 443.7 408.6 10,896 18.2 현대글로비스 13.5 3.0 24.4 0.8

FY2013F 10,505.9 485.7 459.9 12,264 15.5 운송 19.1 1.4 7.4 0.4



2,549.1

2,709.1

2,666.4

2,646.1

2,236.1

2,376.5

2,339.0

2,321.2

4,434.7 2,222.2

5,338.0 2,596.3

3,189.6 1,760.0

3,667.0 1,886.7

12,665.6

2,278.6 1,142.9

5,834.0

7,547.8

9,272.9

10,570.8

현대글로비스0

50,000

100,000

150,000

200,000

250,000

300,000


-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2005 2006 2007 2008 2009 2010 2011 2012

주가

x23

x19

x16

x13

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



125



한진해운 (117930.KS) 업데이트 : 2013.02.05

투자의견 : 중립 업종 : 운송 주가 수익률(12개월)



52주 최고가 : 17,050 시가총액(십억원) : 1,350.0

52주 최저가 : 9,330 60일 평균 거래대금(백만원) : 13,928.6

연중 최고가 : 13,450 외국인지분(%) : 15.1

9 10 11 12 13


(2.3) (8.5) (31.0) (34.9) (13.9)

업종 대비 6.4 0.2 (22.3) (26.3) (5.3) 5

KOSPI 대비 0.9 (7.0) (28.4) (31.2) (10.0) 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 10.9 (120.3) NA (650.7) NA (640.8) NA 334.9 -5,127 10,720 0

2013/12F 5.4 301.2 NA (111.7) NA (135.6) NA 756.2 -1,085 9,635 0

2014/12F 8.3 350.0 16.2 (84.9) NA (112.0) NA 801.2 -896 8,739 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 1,339.5 5,354.1 457.5 (407.0) (1.1) 20.4 NA 1.11 (38.5) 0.0

2013/12F 1,203.9 5,659.5 542.0 (419.0) 2.7 9.3 NA 1.12 (10.7) 0.0

2014/12F 1,091.9 5,985.3 638.8 (362.0) 2.9 9.1 NA 1.24 (9.8) 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

2012/09A 18.3 3.1 96.8 NA 31.0 (45.4) NA NA (50.9) NA NA

2012/12F 6.6 (12.9) (72.5) NA NA (289.6) NA NA (243.4) NA NA

2013/03F 7.8 (4.1) (18.9) NA NA (89.0) NA NA (108.0) NA NA

2013/06F 1.6 17.9 29.0 (60.8) NA (31.7) NA NA (38.5) NA NA

2013/09F 1.7 3.3 131.9 36.3 355.1 62.2 NA NA 75.5 NA NA

2013/12F 11.6 (4.4) 159.2 NA 20.7 (53.3) NA NA (64.7) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 10,602.5 (50.1) (510.8) -4,225 NA 한진해운 0.0 1.1 (10.5) 0.0

FY2013F 11,056.9 294.3 (73.6) -588 NA 운송 19.1 1.4 7.4 0.4



2,971.1

2,840.0

2,920.7

2,544.8

2,440.7

2,876.7

2,264.1

2,831.7

11,474.7 10,402.7

11,134.8 9,799.5

11,275.9 10,084.8

10,650.5 7,922.3

11,196.8 9,171.8

10,561.2

11,128.5

12,054.6

한진해운

9,625.2

9,523.3

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-35

-30

-25

-20

-15

-10

-5

0

5

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

2009 2010 2011 2012

주가

x9

x7

x5

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



126



기아차 (000270.KS) 업데이트 : 2013.03.20

투자의견 : 매수 업종 : 자동차·자동차부품 주가 수익률(12개월)

목표주가 : 79,000 애널리스트 : 서성문


52주 최고가 : 84,800 시가총액(십억원) : 22,254.4

52주 최저가 : 47,850 60일 평균 거래대금(백만원) : 102,044.9

연중 최고가 : 56,300 외국인지분(%) : 33.5

9 10 11 12 13


(0.4) (5.0) (25.0) (23.3) (2.5)

업종 대비 0.5 (4.2) (24.2) (22.5) (1.6) 5

KOSPI 대비 2.8 (3.5) (22.4) (19.6) 1.5 10

22 23 24 19 20



2010/12A 21.7 2,369.9 98.3 3,323.0 172.2 2,682.1 173.8 3,298.3 6,844 25,129 500

2011/12A 20.6 3,499.1 47.7 4,721.7 42.1 3,415.6 27.3 4,489.9 8,573 33,501 600

2012/12A 9.4 3,522.3 0.7 5,164.1 9.4 3,864.7 13.1 4,586.1 9,546 41,623 650

2013/12F 3.6 3,648.4 3.6 5,401.0 4.6 4,050.7 4.8 4,915.7 9,698 52,382 700

2014/12F 9.7 4,015.8 10.1 5,937.4 9.9 4,453.0 9.9 4,982.2 10,662 62,667 750



2010/12A 9,983.2 3,421.3 61.9 (907.3) 6.6 7.2 7.4 2.01 32.1 1.0

2011/12A 13,509.7 1,686.0 41.6 (1,433.8) 8.1 6.4 7.8 1.99 29.1 0.9

2012/12A 16,848.1 (439.4) 23.0 (1,574.6) 7.5 4.9 5.9 1.36 25.5 1.2

2013/12F 21,233.9 (1,978.4) 19.2 (1,400.0) 7.5 4.1 5.7 1.05 21.3 1.3

2014/12F 25,403.2 (2,788.7) 15.0 (1,200.0) 7.5 3.9 5.1 0.88 19.1 1.4



2012/03A 10.6 7.5 1,085.3 35.6 31.2 1,568.0 23.4 35.9 1,201.3 29.7 56.8

2012/06A 8.4 6.5 1,231.5 21.4 13.5 1,506.3 5.8 (3.9) 1,096.5 (0.9) (8.7)

2012/09A 16.4 (7.4) 801.4 (6.5) (34.9) 1,239.1 41.8 (17.7) 829.5 34.5 (24.4)

2012/12A 2.9 (3.0) 404.2 (51.1) (49.6) 850.7 (26.3) (31.3) 737.5 (3.7) (11.1)

2013/03F 3.0 7.7 857.4 (21.0) 112.1 1,269.2 (19.1) 49.2 951.9 (20.8) 29.1

2013/06F 5.4 8.9 1,003.3 (18.5) 17.0 1,485.3 (1.4) 17.0 1,114.0 1.6 17.0

2013/09F 1.0 (11.2) 846.4 5.6 (15.6) 1,253.0 1.1 (15.6) 939.8 13.3 (15.6)

2013/12F 4.9 0.8 941.3 132.9 11.2 1,393.5 63.8 11.2 1,045.1 41.7 11.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 47,734.6 3,966.7 3,964.3 9,775 5.4 기아차 5.5 1.0 20.8 1.3

FY2013F 47,905.9 3,545.4 3,858.4 9,533 5.7 자동차·자동차부품 6.1 1.1 18.2 1.0



12,148.8

13,227.1

11,744.3

11,834.9

11,790.0

12,550.9

11,625.0

11,277.0

34,138.1 12,904.2

37,142.3 11,739.1

30,255.2 16,745.5

32,398.3 15,550.3

53,727.4

26,275.1 16,027.0

35,827.0

43,190.9

47,242.9

48,955.2

기아차0

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

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x9

x7

x5

x3

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



127



넥센타이어 (002350.KS) 업데이트 : 2013.02.05




52주 최고가 : 22,400 시가총액(십억원) : 1,509.2

52주 최저가 : 11,800 60일 평균 거래대금(백만원) : 7,957.9

연중 최고가 : 16,550 외국인지분(%) : 7.5

9 10 11 12 13


8.2 (2.5) (16.3) (6.5) (1.9)

업종 대비 9.0 (1.6) (15.5) (5.6) (1.0) 5

KOSPI 대비 11.4 (1.0) (13.7) (2.7) 2.1 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 18.9 174.2 52.4 154.6 36.6 133.4 52.0 256.1 1,339 6,712 60

2013/12F 11.7 197.0 13.1 190.6 23.3 148.3 11.2 282.0 1,489 7,141 60

2014/12F 11.7 222.1 12.7 216.6 13.7 168.6 13.7 300.8 1,693 8,744 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 677.8 872.9 147.7 (268.5) 10.2 9.4 11.9 2.38 21.5 0.4

2013/12F 721.3 882.9 146.1 (200.0) 10.4 8.6 10.7 2.23 21.2 0.4

2014/12F 883.8 817.2 115.3 (150.0) 10.5 7.8 9.4 1.82 21.0 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)

2012/09A 22.9 3.9 50.5 98.1 (2.5) 51.4 143.3 20.3 41.1 142.9 34.7

2012/12F 2.4 (8.8) 23.7 46.2 (53.1) 12.8 (45.0) (75.0) 20.5 12.2 (50.0)

2013/03F 14.6 13.3 47.3 (7.3) 99.7 45.7 (8.2) 256.7 35.6 (13.9) 73.5

2013/06F 14.0 6.1 51.2 (1.1) 8.3 49.5 16.1 8.3 38.6 26.5 8.3

2013/09F 1.3 (7.7) 48.3 (4.4) (5.8) 46.7 (9.1) (5.8) 36.3 (11.5) (5.8)

2013/12F 18.0 6.3 50.2 112.2 4.1 48.6 279.0 4.1 37.8 84.4 4.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,749.2 193.4 141.7 1,401 8.8 넥센타이어 10.4 2.1 21.2 0.4

FY2013F 1,893.4 191.6 138.1 1,362 11.7 자동차·자동차부품 6.1 1.1 18.2 1.0



456.0

484.5

450.3

410.7

465.5

494.0

406.3

433.3

2,326.8 1,443.0

2,035.7 1,358.0

2,184.3 1,463.0

1,258.9 775.5

1,902.2 1,337.2

1,700.6

1,900.0

2,122.0

넥센타이어

1,148.6

1,430.0

0

5,000

10,000

15,000

20,000

25,000


-30

-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x23

x17

x12

x7

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



128



현대차 (005380.KS) 업데이트 : 2013.03.20




52주 최고가 : 272,500 시가총액(십억원) : 47,359.4

52주 최저가 : 195,000 60일 평균 거래대금(백만원) : 135,793.7

연중 최고가 : 221,000 외국인지분(%) : 45.4

9 10 11 12 13


(0.5) (3.4) (10.8) (4.7) (0.5)

업종 대비 0.4 (2.5) (9.9) (3.8) 0.4 5

KOSPI 대비 2.7 (1.9) (8.2) (0.9) 3.5 10

22 23 24 19 20



2010/12A (26.8) 5,884.5 4.7 7,491.6 34.8 5,567.1 87.2 8,039.2 20,517 108,646 1,500

2011/12A 16.1 8,028.8 36.4 10,447.1 39.5 7,655.9 37.5 10,363.6 28,200 133,957 1,750

2012/12A 8.6 8,436.9 5.1 11,605.1 11.1 8,561.8 11.8 10,960.9 31,515 158,218 1,900

2013/12F 7.1 9,465.7 12.2 12,933.6 11.4 9,488.5 10.8 10,311.2 33,237 193,143 2,000

2014/12F 9.0 10,376.8 9.6 14,380.9 11.2 10,550.3 11.2 12,711.9 36,956 230,344 2,000



2010/12A 30,097.8 25,573.3 119.6 (2,044.7) 8.8 8.8 8.5 1.60 21.5 0.9

2011/12A 37,113.0 28,223.8 109.1 (2,899.2) 10.3 8.0 7.6 1.59 22.8 0.8

2012/12A 44,039.1 26,459.1 95.4 (3,000.0) 10.0 7.6 6.9 1.38 21.1 0.9

2013/12F 50,675.2 12,655.7 69.6 (2,500.0) 10.5 6.7 6.5 1.11 20.0 0.9

2014/12F 60,435.7 4,435.0 55.4 (2,500.0) 10.5 4.9 5.8 0.93 19.0 0.9



2012/03A 10.6 (1.7) 2,090.8 21.4 (0.9) 3,148.2 27.7 23.7 2,300.5 31.3 18.0

2012/06A 9.2 8.8 2,536.5 20.8 21.3 3,145.1 5.4 (0.1) 2,445.8 14.3 6.3

2012/09A 3.6 (10.5) 1,952.2 (6.8) (23.0) 2,780.7 13.4 (11.6) 2,025.2 11.6 (17.2)

2012/12A 10.7 15.6 1,857.5 (12.0) (4.8) 2,531.2 (0.6) (9.0) 1,790.3 (8.2) (11.6)

2013/03F 10.4 (2.0) 2,163.3 3.5 16.5 3,039.4 (3.5) 20.1 2,231.2 (3.0) 24.6

2013/06F 7.3 5.7 2,531.5 (0.2) 17.0 3,556.7 13.1 17.0 2,611.0 6.8 17.0

2013/09F 10.0 (8.2) 2,209.3 13.2 (12.7) 3,104.1 11.6 (12.7) 2,278.7 12.5 (12.7)

2013/12F 1.7 6.9 2,301.3 23.9 4.2 3,233.4 27.7 4.2 2,373.6 32.6 4.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 83,725.5 8,933.6 9,254.7 30,788 7.1 현대차 6.3 1.1 19.8 0.9

FY2013F 87,732.6 8,768.2 9,386.4 31,298 7.0 자동차·자동차부품 6.1 1.1 18.2 1.0



22,271.6

23,532.7

21,602.1

23,100.9

20,164.9

21,940.2

19,645.6

22,719.0

124,190.1 69,051.9

131,793.4 66,035.1

109,480.0 69,152.3

121,537.8 73,620.2

98,668.0

94,714.1 61,826.2

66,985.3

77,797.9

84,469.7

90,507.3

현대차0

50,000

100,000

150,000

200,000

250,000

300,000


-15

-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x11

x9

x8

x6

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



129



에스엘 (005850.KS) 업데이트 : 2012.11.28


목표주가 : 24,000 애널리스트 : -

현재주가 : 14,550 회계기준 : -

52주 최고가 : 23,300 시가총액(십억원) : 492.7

52주 최저가 : 10,550 60일 평균 거래대금(백만원) : 5,170.8

연중 최고가 : 15,850 외국인지분(%) : 9.8

9 10 11 12 13


(4.3) 5.8 (11.0) (24.4) 4.7

업종 대비 (3.4) 6.7 (10.2) (23.6) 5.5 5

KOSPI 대비 (1.1) 7.3 (8.4) (20.6) 8.6 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) 71.1 (13.4) 29.3 2,100 13,318 150

2012/12F 31.9 18.5 (8.2) 30.1 8.1 80.7 13.4 33.4 2,382 15,507 200

2013/12F 4.0 19.3 4.0 32.7 8.5 92.4 14.5 34.3 2,728 16,379 200

2014/12F 3.6 21.5 11.7 35.2 7.8 107.3 16.1 35.7 3,168 17,407 200



2011/03A 452.7 (59.5) 28.6 (25.0) 6.4 17.7 10.1 1.87 20.7 0.8

2011/12A 451.0 (43.3) 22.4 (26.8) 4.6 22.6 9.9 1.57 15.7 0.7

2012/12F 525.1 (23.7) 23.4 (14.0) 3.2 11.9 5.9 0.91 16.5 1.4

2013/12F 554.7 (48.7) 23.2 (10.0) 3.2 11.0 5.3 0.89 17.1 1.4

2014/12F 589.5 (81.5) 22.6 (5.0) 3.4 9.3 4.6 0.84 18.8 1.4



2012/03A 10.5 (5.3) 12.6 194.4 533.9 20.3 128.6 310.7 37.4 245.7 883.6

2012/06A (0.3) (6.2) (2.4) NA NA 5.2 (58.8) (74.4) 11.6 (66.7) (69.0)

2012/09A (7.0) (5.0) 3.6 (62.5) NA 1.7 (83.5) (67.1) 20.4 0.5 75.7

2012/12F 1.3 20.0 4.7 135.5 29.1 3.0 (40.0) 73.3 11.2 195.2 (45.0)

2013/03F 1.3 (5.2) 6.8 (46.2) 44.8 19.7 (3.0) 564.7 33.0 (11.9) 193.5

2013/06F 3.7 (4.0) 3.6 NA (46.7) 3.5 (32.2) (82.1) 18.0 55.4 (45.3)

2013/09F 15.6 5.8 6.7 85.6 86.3 6.6 288.3 88.6 21.2 3.9 17.5

2013/12F (2.9) 0.8 2.2 (54.0) (68.0) 2.9 (3.1) (56.8) 20.2 79.6 (4.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 575.8 20.4 31.4 928 15.1 에스엘 5.2 0.9 17.5 1.4

FY2013F 589.3 18.4 29.4 867 17.2 자동차·자동차부품 6.1 1.1 18.2 1.0



153.0

154.2

132.3

158.8

150.5

144.5

148.6

139.3

748.4 238.0

694.9 226.3

722.6 234.1

695.3 255.4

690.6 239.5

579.1

602.2

623.7

에스엘

525.6

438.9

0

5,000

10,000

15,000

20,000

25,000


-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 2010 2012 2013

주가

x14

x11

x8

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



130



현대위아 (011210.KS) 업데이트 : 2013.03.20




52주 최고가 : 194,500 시가총액(십억원) : 4,194.0

52주 최저가 : 131,000 60일 평균 거래대금(백만원) : 23,842.7

연중 최고가 : 170,500 외국인지분(%) : 18.0

9 10 11 12 13


4.8 (6.6) (9.9) 25.9 (3.3)

업종 대비 5.7 (5.7) (9.1) 26.7 (2.4) 5

KOSPI 대비 8.0 (5.1) (7.4) 29.6 0.7 10

22 23 24 19 20



2010/12A NA 201.3 NA 165.6 NA 127.9 NA 290.1 5,885 43,708 0

2011/12A 24.7 317.9 57.9 312.1 88.5 237.8 85.9 416.4 9,421 56,421 500

2012/12A 9.8 539.7 69.8 556.3 78.2 418.4 76.0 652.2 16,262 71,238 500

2013/12F 8.1 597.9 10.8 624.6 12.3 467.8 11.8 717.1 18,210 90,848 1,000

2014/12F 8.6 667.4 11.6 694.2 11.1 520.0 11.1 785.3 20,238 110,352 1,100



2010/12A 949.8 830.1 105.3 (151.3) 3.9 13.5

2011/12A 1,451.7 697.6 70.2 (221.6) 5.0 10.6 15.1 2.53 19.8 0.4

2012/12A 1,833.0 415.2 52.6 (316.7) 7.7 7.5 10.6 2.43 25.5 0.3

2013/12F 2,351.0 350.9 43.4 (350.0) 7.9 6.3 9.0 1.79 22.4 0.6

2014/12F 2,865.9 360.7 38.4 (250.0) 8.1 5.8 8.1 1.48 19.9 0.7



2012/03A 10.3 (5.6) 111.5 65.1 18.8 118.8 81.8 31.2 89.9 67.9 42.1

2012/06A 4.3 2.1 127.1 59.6 14.0 128.5 64.5 8.2 94.5 56.5 5.2

2012/09A 13.7 3.3 135.5 76.3 6.6 142.1 82.0 10.6 106.3 75.5 12.4

2012/12A 11.1 11.6 165.6 76.4 22.2 166.8 84.2 17.4 127.7 101.9 20.1

2013/03F 7.1 (9.0) 134.5 20.6 (18.7) 140.5 18.3 (15.7) 106.8 18.9 (16.4)

2013/06F 14.4 9.0 155.5 22.3 15.6 162.4 26.3 15.6 123.4 30.5 15.6

2013/09F 4.6 (5.5) 143.5 5.9 (7.7) 149.9 5.5 (7.7) 113.9 7.2 (7.7)

2013/12F 6.7 13.7 164.4 (0.7) 14.6 171.8 3.0 14.6 130.5 2.2 14.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 7,029.7 555.5 412.4 15,894 9.3 현대위아 8.7 1.7 21.8 0.6

FY2013F 7,477.8 613.7 476.9 18,327 9.1 자동차·자동차부품 6.1 1.1 18.2 1.0



1,768.7

1,928.1

1,821.8

2,072.3

1,651.6

1,685.5

1,741.0

1,943.0

5,318.7 2,981.2

6,046.2 3,206.8

4,252.8 2,757.4

4,573.5 2,691.4

8,244.8

3,534.3 2,544.0

5,124.9

6,392.7

7,021.1

7,590.8

현대위아0

50,000

100,000

150,000

200,000

250,000


-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2011 2012 2013

주가

x17

x14

x12

x9

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



131



현대모비스 (012330.KS) 업데이트 : 2013.03.21




52주 최고가 : 325,000 시가총액(십억원) : 28,911.1

52주 최저가 : 250,500 60일 평균 거래대금(백만원) : 75,119.6

연중 최고가 : 315,500 외국인지분(%) : 50.2

9 10 11 12 13


(3.4) 0.7 (6.8) 5.7 3.3

업종 대비 (2.6) 1.5 (5.9) 6.5 4.2 5

KOSPI 대비 (0.2) 2.2 (4.2) 9.5 7.3 10

22 23 24 19 20



2010/12A 28.5 2,519.8 48.7 3,482.6 67.9 2,712.9 73.1 2,853.1 28,451 113,736 1,500

2011/12A 18.7 2,637.3 4.7 4,063.0 16.7 3,023.0 11.4 2,990.3 31,671 142,715 1,750

2012/12A 17.1 2,906.4 10.2 4,607.3 13.4 3,558.5 17.7 3,364.8 37,239 174,861 1,900

2013/12F 9.9 3,322.4 14.3 5,082.7 10.3 3,957.4 11.2 3,808.4 40,644 213,706 1,900

2014/12F 7.8 3,660.1 10.2 5,524.4 8.7 4,301.4 8.7 4,145.5 44,176 255,927 1,900



2010/12A 10,943.5 (352.7) 21.5 (415.4) 11.4 9.6 10.0 2.50 29.0 0.5

2011/12A 13,774.3 (499.6) 20.5 (716.1) 10.0 9.3 9.2 2.05 24.5 0.6

2012/12A 16,904.4 (3,833.0) 15.1 (858.4) 9.4 7.2 7.7 1.65 23.2 0.7

2013/12F 21,293.6 (2,162.0) 8.2 (700.0) 9.8 6.9 7.3 1.39 20.7 0.6

2014/12F 25,437.3 (3,412.0) 5.9 (600.0) 10.0 6.0 6.7 1.16 18.4 0.6



2012/03A 18.5 4.3 726.5 6.5 12.2 1,211.7 16.3 26.4 929.2 16.1 49.9

2012/06A 17.3 4.8 716.4 (1.7) (1.4) 1,116.3 (3.1) (7.9) 900.2 0.3 (3.1)

2012/09A 15.0 (3.0) 642.9 11.1 (10.3) 1,097.7 20.7 (1.7) 822.6 16.6 (8.6)

2012/12A 17.6 10.9 820.7 26.7 27.7 1,181.5 23.2 7.6 906.6 46.2 10.2

2013/03F 10.6 (2.0) 780.8 7.5 (4.9) 1,194.4 (1.4) 1.1 925.7 (0.4) 2.1

2013/06F 12.1 6.2 863.8 20.6 10.6 1,321.5 18.4 10.6 1,024.2 13.8 10.6

2013/09F 6.5 (7.8) 747.5 16.3 (13.5) 1,143.6 4.2 (13.5) 886.3 7.7 (13.5)

2013/12F 10.3 14.9 930.3 13.4 24.4 1,423.1 20.5 24.4 1,102.9 21.7 24.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 30,539.3 2,793.2 3,457.6 35,606 7.6 현대모비스 7.2 1.3 20.2 0.6

FY2013F 33,107.5 3,144.1 3,768.0 38,675 7.8 자동차·자동차부품 6.1 1.1 18.2 1.0



7,950.0

9,134.1

7,467.2

8,283.1

8,119.2

8,626.6

7,341.5

7,697.3

37,281.9 12,362.6

30,047.0 13,007.3

33,125.1 12,316.7

18,298.1 7,337.7

22,575.6 8,781.1

30,789.0

33,830.0

36,457.6

현대모비스

22,143.5

26,294.6

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



132



동양기전 (013570.KS) 업데이트 : 2012.08.23

투자의견 : 중립 업종 : 자동차·자동차부품 주가 수익률(12개월)

목표주가 : - 애널리스트 : 서성문

현재주가 : 11,500 회계기준 : K-GAAP 개별

52주 최고가 : 14,800 시가총액(십억원) : 364.2

52주 최저가 : 8,030 60일 평균 거래대금(백만원) : 2,706.1

연중 최고가 : 12,050 외국인지분(%) : 6.5

9 10 11 12 13


(3.8) 10.6 (9.1) (19.6) 7.5

업종 대비 (2.9) 11.4 (8.2) (18.7) 8.3 5

KOSPI 대비 (0.6) 12.1 (6.5) (15.8) 11.4 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 5.1 5.9 1.17 21.3 1.9

2013/12F 355.7 13.5 32.4 (10.0) 7.8 5.0 5.8 1.06 19.2 1.7

2014/12F 419.4 3.3 29.9 (9.5) 8.1 4.5 5.2 0.90 18.0 1.7



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 644.1 44.4 41.9 1,324 8.5 동양기전 5.6 1.0 19.0 1.7

FY2013F 661.4 43.6 42.3 1,337 8.6 자동차·자동차부품 6.1 1.1 18.2 1.0



180.2

192.0

183.6

196.8

164.8

175.7

168.0

180.0

642.4 286.7

740.6 321.2

414.4 181.1

565.4 266.4

815.1

323.1 106.5

473.9

595.4

688.5

752.6

동양기전0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-40

-35

-30

-25

-20

-15

-10

-5

0

5

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 2013

주가

x24

x18

x12

x6

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



133



한라공조 (018880.KS) 업데이트 : 2013.03.20




52주 최고가 : 28,200 시가총액(십억원) : 2,727.7

52주 최저가 : 17,400 60일 평균 거래대금(백만원) : 3,617.8

연중 최고가 : 25,850 외국인지분(%) : 86.7

9 10 11 12 13


5.6 7.8 6.5 14.8 5.8

업종 대비 6.4 8.7 7.3 15.7 6.6 5

KOSPI 대비 8.8 9.3 9.0 18.6 9.7 10

22 23 24 19 20



2010/12A 21.8 302.9 32.5 330.2 41.5 225.2 48.7 422.9 2,109 10,602 664

2011/12A 13.8 270.7 (10.7) 310.6 (5.9) 223.2 (0.9) 396.6 2,091 11,704 664

2012/12A 10.3 309.6 14.4 342.5 10.3 231.6 3.8 422.1 2,169 13,082 716

2013/12F 8.8 341.5 10.3 377.8 10.3 284.6 22.9 451.9 2,665 13,772 725

2014/12F 6.7 376.6 10.3 407.6 7.9 311.5 9.5 492.5 2,918 16,015 750



2010/12A 1,159.3 (266.4) 7.2 (130.8) 10.4 4.4 9.5 1.89 22.3 3.3

2011/12A 1,283.1 (257.2) 8.3 (144.6) 8.2 5.2 10.4 1.86 19.1 3.0

2012/12A 1,438.7 (318.5) 5.8 (134.3) 8.5 5.2 10.9 1.81 18.0 3.0

2013/12F 1,663.5 (345.8) 5.5 (150.0) 8.6 5.3 9.6 1.86 19.4 2.8

2014/12F 1,915.8 (368.9) 5.1 (150.0) 8.9 4.8 8.8 1.60 18.4 2.9



2012/03A 11.2 (2.5) 78.9 8.1 25.0 84.3 0.2 16.3 63.0 12.7 0.9

2012/06A 14.5 6.8 68.7 (3.2) (12.9) 74.3 0.3 (11.9) 50.1 9.0 (20.5)

2012/09A 8.5 (7.7) 67.8 6.8 (1.3) 80.2 0.3 7.8 47.3 (19.7) (5.6)

2012/12A 7.2 11.6 94.1 49.1 38.8 103.7 43.1 29.4 71.2 13.9 50.5

2013/03F 4.0 (5.5) 87.0 10.3 (7.5) 85.0 0.8 (18.0) 64.4 2.1 (9.5)

2013/06F 10.0 13.0 75.8 10.3 (12.9) 98.2 32.2 15.6 56.5 12.8 (12.2)

2013/09F 7.7 (9.6) 74.8 10.3 (1.3) 86.9 8.4 (11.5) 59.3 25.5 4.9

2013/12F 13.0 17.0 103.8 10.3 38.8 107.7 3.8 23.9 76.6 7.6 29.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,661.4 322.9 242.4 2,173 11.6 한라공조 9.4 1.8 19.2 2.9

FY2013F 4,337.3 350.4 283.9 2,612 9.8 자동차·자동차부품 6.1 1.1 18.2 1.0



934.0

1,093.0

867.2

967.5

914.2

1,033.4

879.3

939.1

2,852.7 937.0

2,236.2 797.5

2,541.8 878.4

1,870.9 711.6

2,047.7 764.7

3,653.1

3,974.6

4,239.7

한라공조

2,909.9

3,312.1

0

5,000

10,000

15,000

20,000

25,000

30,000


-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

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x10

x8

x6

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



134



만도 (060980.KS) 업데이트 : 2013.03.20




52주 최고가 : 183,000 시가총액(십억원) : 2,158.4

52주 최저가 : 115,000 60일 평균 거래대금(백만원) : 9,752.2

연중 최고가 : 131,000 외국인지분(%) : 26.9

9 10 11 12 13


(9.2) (6.3) (25.9) (27.5) (7.1)

업종 대비 (8.3) (5.5) (25.1) (26.7) (6.2) 5

KOSPI 대비 (6.0) (4.8) (23.4) (23.8) (3.1) 10

22 23 24 19 20



2010/12A 33.5 272.6 54.2 262.2 98.3 201.7 87.8 400.8 11,565 66,930 1,000

2011/12A 25.3 300.4 10.2 274.6 4.7 224.2 11.1 444.0 12,349 76,908 1,250

2012/12A 10.9 255.9 (14.8) 208.3 (24.1) 163.1 (27.2) 425.5 9,065 85,456 1,000

2013/12F 10.9 306.7 19.8 271.0 30.1 210.1 28.8 500.2 11,533 96,529 1,000

2014/12F 9.8 363.6 18.6 335.6 23.8 260.1 23.8 553.1 14,282 109,721 1,000



2010/12A 1,216.7 81.0 20.3 (211.9) 7.5 6.1 11.2 1.93 19.3 0.8

2011/12A 1,410.8 324.0 49.5 (400.0) 6.6 9.2 16.7 2.68 17.1 0.6

2012/12A 1,567.4 784.6 68.1 (511.8) 5.1 7.3 14.2 1.50 11.0 0.8

2013/12F 1,758.2 886.6 63.7 (380.0) 5.5 6.1 10.3 1.23 12.6 0.8

2014/12F 1,998.5 895.2 60.7 (350.0) 5.9 5.5 8.3 1.08 13.9 0.8



2012/03A 22.1 (1.0) 74.7 0.2 3.0 73.3 7.5 39.9 59.0 3.3 24.2

2012/06A 14.6 1.3 78.5 (12.4) 5.1 64.7 (19.9) (11.8) 49.9 (18.0) (15.4)

2012/09A 2.5 (7.0) 31.4 (50.8) (60.0) 39.4 (46.1) (39.1) 24.7 (58.0) (50.5)

2012/12A 6.4 14.1 71.3 (1.6) 127.2 30.9 (41.0) (21.5) 29.5 (37.7) 19.6

2013/03F 8.4 0.8 73.6 (1.5) 3.2 65.0 (11.3) 110.4 49.4 (16.2) 67.2

2013/06F 12.5 5.2 79.7 1.6 8.3 70.5 8.9 8.3 54.4 9.1 10.2

2013/09F 11.4 (7.8) 69.0 119.8 (13.5) 61.0 54.8 (13.5) 44.5 80.3 (18.1)

2013/12F 11.2 13.8 84.3 18.2 22.2 74.5 141.1 22.2 64.1 117.0 43.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 5,114.7 269.4 196.1 10,645 11.4 만도 9.8 1.2 12.9 0.8

FY2013F 5,641.2 318.6 230.6 12,560 9.9 자동차·자동차부품 6.1 1.1 18.2 1.0



1,360.2

1,430.3

1,318.1

1,500.4

1,255.3

1,271.8

1,182.7

1,349.4

4,233.4 2,475.2

4,642.9 2,644.4

3,435.4 2,024.6

4,034.7 2,467.4

6,157.4

2,536.0 1,296.4

3,639.6

4,560.1

5,059.3

5,608.9

만도0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-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

2010 2011 2012

주가

x20

x17

x14

x11

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



135



S&T모티브 (064960.KS) 업데이트 : 2012.11.21

투자의견 : 중립 업종 : 자동차·자동차부품 주가 수익률(12개월)

목표주가 : - 애널리스트 : 서성문


52주 최고가 : 27,800 시가총액(십억원) : 335.6

52주 최저가 : 17,750 60일 평균 거래대금(백만원) : 411.8

연중 최고가 : 24,550 외국인지분(%) : 4.8

9 10 11 12 13


1.3 (1.7) 18.9 (13.2) 1.3

업종 대비 2.2 (0.8) 19.7 (12.4) 2.2 5

KOSPI 대비 4.5 (0.2) 21.5 (9.5) 5.3 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 6.7 11.4 0.78 5.4 0.9

2013/12F 466.6 2.4 17.9 (28.3) 4.8 5.3 7.9 0.73 7.5 1.3

2014/12F 501.4 (3.3) 16.4 (30.3) 5.4 4.6 6.6 0.68 8.4 1.7



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 898.9 35.4 26.3 1,834 12.3 S&T모티브 7.5 0.7 7.7 1.4

FY2013F 988.1 49.0 32.3 2,311 10.5 자동차·자동차부품 6.1 1.1 18.2 1.0



239.0

254.9

222.0

208.7

212.3

235.8

217.9

235.2

1,041.2 493.5

944.4 461.0

991.6 478.8

757.8 339.9

899.4 416.2

883.8

942.0

1,009.6

S&T모티브

681.4

910.5

0

5,000

10,000

15,000

20,000

25,000

30,000


-35

-30

-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x27

x22

x17

x12

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



136



한국타이어 (161390.KS) 업데이트 : 2013.01.17




52주 최고가 : 52,300 시가총액(십억원) : 5,927.4

52주 최저가 : 39,300 60일 평균 거래대금(백만원) : 18,278.4

연중 최고가 : 49,400 외국인지분(%) : 35.3

9 10 11 12 13


2.2 5.2 NA NA 1.2

업종 대비 3.1 6.0 NA NA 2.0 5

KOSPI 대비 5.4 6.7 NA NA 5.1 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 8.3 866.1 52.7 837.6 74.6 628.2 76.6 1,230.0 15,467 29,329 400

2013/12F 9.2 872.4 0.7 842.4 0.6 631.8 0.6 1,252.0 5,100 34,014 400

2014/12F 8.6 964.7 10.6 928.0 10.2 696.0 10.2 1,376.0 5,619 39,214 400



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 3,575.9 1,741.9 65.3 (600.0) 12.3 6.2 3.0 1.60 18.5 0.9

2013/12F 4,156.1 1,620.7 60.5 (500.0) 11.4 6.0 9.4 1.41 16.3 0.8

2014/12F 4,800.3 1,568.9 54.2 (500.0) 11.6 5.5 8.5 1.22 15.5 0.8



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)

2012/09A (63.5) (66.6) 86.2 (35.9) (59.4) 87.7 27.9 (58.2) 70.9 45.5 (57.1)

2012/12F (5.2) 174.4 200.1 45.5 132.0 167.1 63.1 90.6 93.7 30.1 32.0

2013/03F 7.9 8.9 209.4 (10.3) 4.7 202.2 (20.3) 21.0 151.6 (30.2) 61.9

2013/06F 4.1 4.2 222.5 4.6 6.2 214.8 2.3 6.2 161.1 (2.6) 6.3

2013/09F 208.3 (1.0) 213.7 147.8 (3.9) 206.4 135.4 (3.9) 154.8 118.2 (3.9)

2013/12F 19.1 6.1 226.8 13.4 6.1 219.0 31.0 6.1 164.3 75.4 6.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 7,188.5 910.0 700.2 5,604 8.0 한국타이어 9.2 1.4 16.2 0.8

FY2013F 7,444.0 929.8 687.2 5,543 8.9 자동차·자동차부품 6.1 1.1 18.2 1.0



1,843.0

1,919.8

1,900.6

2,015.8

1,707.4

1,844.4

616.6

1,692.0

8,739.4 4,569.2

9,822.4 5,005.8

7,436.4 4,219.7

7,826.8 4,238.9

8,336.0

6,133.2 3,229.4

5,420.1

6,489.0

7,029.6

7,679.3

한국타이어0

10,000

20,000

30,000

40,000

50,000

60,000

Oct-12 Dec-12 Feb-13

-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

2012

주가

x9

x7

x5

x3

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



137


A009970 252030 universe

영원무역홀딩스 (009970.KS) 업데이트 : 2013.03.04

투자의견 : 매수 업종 : 섬유·의류 주가 수익률(12개월)



52주 최고가 : 73,400 시가총액(십억원) : 991.3

52주 최저가 : 53,900 60일 평균 거래대금(백만원) : 272.9

연중 최고가 : 73,300 외국인지분(%) : 29.9

9 10 11 12 13


5.7 27.3 16.5 23.6 21.4

업종 대비 2.3 24.0 13.2 20.3 18.0 5

KOSPI 대비 8.9 28.8 19.1 27.4 25.3 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 3.1 235.7 (19.6) 229.1 (22.5) 83.4 (18.6) 275.7 7,471 38,160 550

2013/12F 11.7 313.0 32.8 306.7 33.8 120.3 44.2 360.0 10,364 45,763 600

2014/12F 10.6 343.9 9.9 338.5 10.4 132.8 10.4 394.5 11,441 54,239 650



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 515.3 (235.6) 8.9 (108.2) 16.3 3.9 8.0 1.56 17.3 0.9

2013/12F 619.0 (337.2) 7.5 (115.2) 19.3 3.5 7.0 1.59 21.2 0.8

2014/12F 734.6 (453.2) 6.4 (93.7) 19.2 3.1 6.4 1.34 19.6 0.9



2012/03A 1.6 (45.8) 40.5 (2.7) (51.8) 42.6 1.5 (49.7) 14.6 (1.7) (42.8)

2012/06A 16.9 58.4 68.3 4.7 68.5 71.6 9.9 68.0 24.9 7.7 70.5

2012/09F 2.9 12.1 88.5 (12.7) 29.6 87.1 (15.9) 21.7 33.3 (14.7) 33.9

2012/12F (6.2) (2.5) 38.3 (54.5) (56.7) 27.8 (67.2) (68.1) 10.7 (58.2) (68.0)

2013/03F 11.7 (35.5) 45.3 11.7 18.2 46.6 9.2 67.5 18.3 25.1 71.3

2013/06F 11.7 58.4 76.3 11.7 68.5 80.1 11.9 72.1 31.4 26.3 72.1

2013/09F 11.7 12.1 98.9 11.7 29.6 97.0 11.4 21.1 38.1 14.3 21.1

2013/12F 11.7 (2.5) 92.6 141.7 (6.4) 83.0 198.5 (14.5) 32.5 205.3 (14.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,504.9 276.6 204.7 7,306 9.7 영원무역홀딩스 6.9 1.5 20.9 0.8

FY2013F 1,664.2 315.1 232.7 8,648 8.4 섬유·의류 9.3 1.3 14.2 0.9



471.8

460.1

422.5

412.0

265.7

420.8

237.9

376.8

1,906.6 470.2

1,418.9 409.0

1,668.0 456.3

1,066.1 328.4

1,268.6 403.7

1,449.2

1,618.4

1,790.4

영원무역홀딩스

1,163.7

1,406.0

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-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 2013

주가

x10

x8

x6

x4

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



138


A020000 252030 universe

한섬 (020000.KS) 업데이트 : 2013.03.04

투자의견 : 중립 업종 : 섬유·의류 주가 수익률(12개월)

목표주가 : - 애널리스트 : 나은채


52주 최고가 : 39,250 시가총액(십억원) : 706.9

52주 최저가 : 21,650 60일 평균 거래대금(백만원) : 2,663.4

연중 최고가 : 29,550 외국인지분(%) : 22.9

9 10 11 12 13


14.6 (1.7) 5.5 (15.0) (1.0)

업종 대비 11.2 (5.0) 2.2 (18.3) (4.4) 5

KOSPI 대비 17.8 (0.2) 8.1 (11.2) 2.9 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 (0.5) 74.7 (30.7) 78.6 (28.1) 59.7 (30.3) 82.2 2,719 29,087 420

2013/12F 2.2 86.8 16.2 91.4 16.3 69.5 16.3 94.3 3,161 31,525 500

2014/12F 7.2 100.7 16.0 106.3 16.3 80.8 16.3 108.2 3,678 34,324 500



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 694.2 (147.9) 0.5 (15.3) 15.0 6.7 10.8 1.01 8.9 1.4

2013/12F 754.3 (197.0) 0.5 (15.3) 17.0 5.1 9.1 0.91 9.6 1.7

2014/12F 823.2 (227.8) 0.4 (15.3) 18.5 4.2 7.8 0.84 10.2 1.7



2012/03A 7.6 (27.3) 22.4 (7.4) (47.1) 25.1 1.4 (40.3) 18.4 (4.5) (48.1)

2012/06A 3.3 (14.2) 15.9 (26.6) (29.1) 16.0 (29.4) (36.3) 14.1 (12.5) (23.6)

2012/09A (17.7) (28.5) 10.1 (48.4) (36.7) 12.9 (35.6) (19.4) 9.5 (36.2) (32.8)

2012/12F 0.9 126.3 26.3 (38.0) 161.1 24.7 (41.2) 91.5 17.8 (50.0) 87.9

2013/03F (7.0) (33.0) 19.9 (11.3) (24.3) 22.3 (11.0) (9.5) 16.3 (11.3) (8.1)

2013/06F 0.0 (7.7) 16.1 1.3 (19.1) 15.9 (0.2) (28.6) 11.5 (18.5) (29.7)

2013/09F 8.0 (22.8) 12.2 21.5 (24.1) 15.1 17.0 (5.4) 10.8 14.4 (5.7)

2013/12F 7.6 125.5 38.6 46.7 215.2 38.0 54.2 152.3 30.8 73.3 184.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 495.4 81.1 63.4 2,576 11.5 한섬 8.8 0.9 9.7 1.7

FY2013F 526.1 94.1 76.1 3,091 9.4 섬유·의류 9.3 1.3 14.2 0.9



120.0

110.8

85.5

192.9

129.1

110.8

79.2

179.3

802.1 77.4

874.3 79.9

696.1 81.8

744.3 77.7

545.7

615.9 76.0

446.8

501.0

498.3

509.2

한섬0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x14

x11

x8

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



139


A031430 252030 universe

신세계인터내셔날 (031430.KS) 업데이트 : 2013.03.04




52주 최고가 : 108,500 시가총액(십억원) : 560.5

52주 최저가 : 66,200 60일 평균 거래대금(백만원) : 623.6

연중 최고가 : 90,900 외국인지분(%) : 1.1

9 10 11 12 13


(4.3) (11.8) (10.4) (27.0) (9.9)

업종 대비 (7.6) (15.1) (13.7) (30.3) (13.2) 5

KOSPI 대비 (1.1) (10.3) (7.8) (23.2) (5.9) 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 (0.5) 55.3 (1.7) 66.9 10.9 56.0 21.2 69.7 7,838 58,308 600

2013/12F 5.8 51.1 (7.6) 64.2 (4.0) 54.9 (1.9) 65.4 7,690 65,573 600

2014/12F 19.9 67.8 32.6 82.4 28.4 70.0 27.5 82.2 9,807 74,566 600



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 416.3 24.1 23.3 (46.1) 7.0 9.4 11.4 1.53 14.4 0.7

2013/12F 468.2 (0.2) 21.1 (14.1) 6.1 8.3 10.2 1.20 12.4 0.8

2014/12F 532.4 1.4 15.9 (14.1) 6.8 6.6 8.0 1.05 14.0 0.8



2012/03A 6.8 (8.3) 9.1 (32.3) (49.2) 11.9 (16.8) (46.8) 9.1 (17.6) (47.6)

2012/06A (1.6) (2.8) 12.4 (23.2) 36.4 14.1 (11.6) 18.8 11.3 (4.9) 25.0

2012/09A (4.2) (6.9) 21.1 136.1 70.6 42.6 903.1 202.0 18.3 347.0 61.5

2012/12F (2.6) 17.4 12.8 (28.4) (39.4) (1.6) NA NA 17.2 (0.4) (5.8)

2013/03F 1.0 (5.0) 11.3 24.3 (11.9) 14.7 23.5 NA 15.1 66.4 (12.5)

2013/06F 1.0 (2.8) 16.2 31.0 43.7 18.3 30.0 25.0 17.9 57.7 18.5

2013/09F 8.0 (0.5) 6.9 (67.2) (57.2) 29.7 (30.3) 61.9 26.5 44.9 48.4

2013/12F 12.7 22.5 16.7 30.5 140.9 1.5 NA (94.8) (4.6) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 792.9 36.9 50.5 7,080 12.7 신세계인터내셔날 9.6 1.2 12.8 0.8

FY2013F 845.4 50.8 48.1 6,743 11.5 섬유·의류 9.3 1.3 14.2 0.9



195.6

239.6

181.1

212.6

202.1

196.5

200.1

194.5

698.1 192.8

600.2 191.6

642.2 192.6

369.3 180.6

534.9 173.0

788.3

833.7

999.2

신세계인터내셔날

580.7

792.3

0

20,000

40,000

60,000

80,000

100,000

120,000


-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

140,000

160,000

2011 2012

주가

x18

x15

x13

x10

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



140


A081660 252030 universe

휠라코리아 (081660.KS) 업데이트 : 2013.03.04




52주 최고가 : 90,300 시가총액(십억원) : 610.2

52주 최저가 : 56,400 60일 평균 거래대금(백만원) : 3,531.9

연중 최고가 : 64,900 외국인지분(%) : 17.0

9 10 11 12 13


3.2 0.8 (10.0) (31.8) (3.2)

업종 대비 (0.1) (2.5) (13.3) (35.1) (6.5) 5

KOSPI 대비 6.4 2.3 (7.4) (28.0) 0.8 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 (12.3) 91.1 (14.5) 107.1 3,827.3 81.4 3,639.8 99.3 6,622 39,028 250

2013/12F 3.1 101.5 11.4 113.4 5.9 86.2 5.9 109.7 7,014 47,400 300

2014/12F 3.9 115.1 13.4 137.7 21.4 104.6 21.4 123.3 8,514 57,428 500



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 387.9 323.6 105.3 (8.3) 13.6 9.6 9.7 1.64 23.4 0.4

2013/12F 471.1 267.3 89.5 (8.3) 14.7 7.9 8.8 1.30 20.1 0.5

2014/12F 570.7 219.3 76.3 (8.3) 16.0 6.6 7.2 1.07 20.1 0.8



2012/03A (5.3) (15.4) 24.0 24.9 (21.5) 53.2 210.9 NA 43.2 213.7 NA

2012/06A (11.6) 0.3 26.7 (17.0) 11.1 55.3 75.3 3.8 39.6 53.4 (8.3)

2012/09F (21.8) (16.1) 17.2 (30.2) (35.3) 40.3 NA (27.2) 31.9 NA (19.6)

2012/12F (10.6) 25.6 23.2 (24.0) 34.7 (41.7) NA NA (33.3) NA NA

2013/03F 1.0 (4.4) 21.5 (10.5) (7.5) 23.3 (56.2) NA 17.8 (58.7) NA

2013/06F 3.1 2.3 29.6 11.2 37.9 37.3 (32.5) 60.1 28.4 (28.4) 58.8

2013/09F 3.1 (16.1) 19.1 11.1 (35.4) 14.1 (65.0) (62.2) 10.7 (66.4) (62.2)

2013/12F 5.0 27.9 31.2 34.5 63.2 38.7 NA 174.5 29.3 NA 173.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 680.3 95.4 86.5 8,603 7.5 휠라코리아 8.4 1.2 20.1 0.6

FY2013F 701.0 99.7 88.4 9,030 6.8 섬유·의류 9.3 1.3 14.2 0.9



173.5

177.6

149.0

190.6

171.8

172.3

144.6

181.5

1,038.9 578.2

1,157.2 596.8

839.4 540.8

923.9 546.4

717.5

680.7 364.5

615.5

764.4

670.1

690.7

휠라코리아0

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

10

15

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

x17

x12

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



141


A084870 252030 universe

베이직하우스 (084870.KS) 업데이트 : 2013.03.04




52주 최고가 : 19,200 시가총액(십억원) : 371.3

52주 최저가 : 9,980 60일 평균 거래대금(백만원) : 2,416.5

연중 최고가 : 18,300 외국인지분(%) : 30.2

9 10 11 12 13


2.3 31.9 11.3 (4.6) 23.6

업종 대비 (1.0) 28.5 7.9 (7.9) 20.3 5

KOSPI 대비 5.5 33.3 13.8 (0.8) 27.6 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 10.5 28.0 (15.9) 20.6 (24.0) 14.8 (16.4) 52.3 708 9,754 0

2013/12F 6.3 49.3 76.0 43.9 112.5 30.0 103.2 73.6 1,438 11,192 0

2014/12F 12.7 63.2 28.2 59.0 34.6 40.4 34.6 87.6 1,936 13,128 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 203.4 105.5 54.2 (23.7) 5.4 8.0 20.7 1.50 7.5 0.0

2013/12F 233.4 68.2 30.5 (23.7) 8.9 6.1 12.4 1.59 13.7 0.0

2014/12F 273.8 60.9 22.4 (23.7) 10.1 5.1 9.2 1.36 15.9 0.0



2012/03A 15.5 (20.4) 2.8 (80.1) (81.9) 1.1 (91.4) (91.7) 0.1 (98.3) (98.5)

2012/06A 15.1 (9.5) 6.1 59.8 121.5 4.2 60.9 281.8 1.9 (52.5) 1,365.4

2012/09A 10.0 (9.6) (4.3) NA NA (6.0) NA NA (3.1) NA NA

2012/12F 4.4 60.3 23.4 53.0 NA 21.2 59.2 NA 15.9 94.8 NA

2013/03F 11.5 (15.0) 12.2 341.7 (47.8) 10.7 864.0 (49.5) 7.3 5,708.7 (54.0)

2013/06F 6.3 (13.7) 7.3 19.7 (40.0) 6.6 54.9 (38.6) 4.5 143.3 (38.6)

2013/09F 6.3 (9.6) (0.9) NA NA (2.1) NA NA (1.4) NA NA

2013/12F 2.4 54.3 30.6 30.6 NA 28.6 34.8 NA 19.6 22.9 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 531.8 30.6 18.0 801 19.5 베이직하우스 11.5 1.5 14.2 0.0

FY2013F 567.4 45.1 30.2 1,365 12.9 섬유·의류 9.3 1.3 14.2 0.9



112.4

173.4

105.7

169.4

144.0

124.3

129.1

116.9

486.5 198.1

420.3 210.1

422.4 178.9

340.7 172.3

437.1 243.3

521.1

554.1

624.2

베이직하우스

389.4

471.6

0

5,000

10,000

15,000

20,000

25,000


-35

-30

-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2005 2006 2007 2008 2009 2010 2011 2012

주가

x32

x25

x19

x12

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



142


A093050 252030 universe

LG패션 (093050.KS) 업데이트 : 2013.03.04




52주 최고가 : 43,250 시가총액(십억원) : 850.9

52주 최저가 : 25,850 60일 평균 거래대금(백만원) : 6,503.1

연중 최고가 : 33,700 외국인지분(%) : 17.0

9 10 11 12 13


0.5 (8.2) (4.6) (29.7) (7.3)

업종 대비 (2.8) (11.5) (7.9) (33.0) (10.7) 5

KOSPI 대비 3.7 (6.7) (2.0) (25.9) (3.4) 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 0.4 101.6 (28.9) 104.4 (29.0) 79.4 (17.6) 144.5 2,714 30,463 400

2013/12F 10.3 135.4 33.2 138.4 32.6 104.9 32.2 178.5 3,589 33,605 500

2014/12F 3.4 159.5 17.8 165.2 19.3 125.2 19.3 202.7 4,283 37,324 550



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 890.7 (63.5) 10.2 (38.6) 7.2 6.0 11.5 1.03 9.3 1.3

2013/12F 982.6 (110.9) 9.3 (38.6) 8.7 4.2 8.1 0.87 11.2 1.7

2014/12F 1,091.3 (198.7) 8.4 (38.6) 9.9 3.3 6.8 0.78 12.1 1.9



2012/03A 16.4 (17.4) 27.9 (20.0) (45.9) 27.9 (23.0) (46.3) 18.1 (25.1) (43.2)

2012/06A (2.0) (8.5) 34.1 (27.8) 22.3 34.1 (30.6) 22.1 21.9 (38.3) 21.0

2012/09A (7.4) (21.1) (6.3) NA NA (7.1) NA NA (11.5) NA NA

2012/12F (4.0) 61.1 45.9 (10.9) NA 49.6 (4.5) NA 50.8 59.4 NA

2013/03F (2.0) (15.7) 28.6 2.6 (37.7) 29.0 4.0 (41.5) 22.0 21.4 (56.7)

2013/06F 5.0 (2.0) 38.3 12.1 33.7 38.6 13.2 32.9 29.2 33.3 32.9

2013/09F 10.3 (17.1) 7.7 NA (79.9) 7.2 NA (81.4) 5.4 NA (81.4)

2013/12F 25.1 82.6 60.8 32.4 689.6 63.7 28.4 786.5 48.3 (5.0) 786.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,414.9 104.6 80.2 2,743 10.6 LG패션 7.8 0.8 11.4 1.8

FY2013F 1,530.3 133.0 103.7 3,545 8.3 섬유·의류 9.3 1.3 14.2 0.9



365.5

358.3

296.9

542.2

373.0

341.2

269.1

433.5

1,312.4 318.3

1,410.0 306.7

1,152.3 316.2

1,192.9 289.1

1,616.8

970.3 228.6

1,108.7

1,410.9

1,416.8

1,563.0

LG패션0

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

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2007 2008 2009 2010 2011 2012 2013

주가

x16

x13

x11

x9

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



143


A111770 252030 universe

영원무역 (111770.KS) 업데이트 : 2013.03.03




52주 최고가 : 42,050 시가총액(십억원) : 1,785.8

52주 최저가 : 20,850 60일 평균 거래대금(백만원) : 3,989.8

연중 최고가 : 41,100 외국인지분(%) : 32.9

9 10 11 12 13


2.3 25.7 8.8 75.2 16.0

업종 대비 (1.0) 22.4 5.4 71.9 12.6 5

KOSPI 대비 5.5 27.2 11.3 79.0 19.9 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 7.0 186.0 0.3 176.3 (4.6) 118.7 1.4 225.6 2,909 16,163 200

2013/12F 10.6 214.2 15.2 211.8 20.2 142.7 20.2 263.8 3,245 17,880 225

2014/12F 11.3 252.1 17.7 250.6 18.3 168.8 18.3 301.7 3,809 21,439 250



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 659.6 (78.0) 11.6 (136.7) 17.6 5.8 11.3 2.04 19.6 0.6

2013/12F 792.3 (83.0) 9.6 (143.8) 18.3 6.7 12.4 2.25 19.7 0.6

2014/12F 950.0 (205.7) 7.9 (53.8) 19.3 5.5 10.6 1.88 19.4 0.6



2012/03A 8.9 (42.8) 23.9 35.7 (34.7) 25.1 47.2 (31.2) 14.8 38.9 6.8

2012/06A 16.7 104.5 67.3 17.0 181.8 68.5 20.8 172.5 46.2 16.2 211.4

2012/09F 18.0 20.2 77.6 8.5 15.4 76.3 2.4 11.3 54.3 2.9 17.6

2012/12F (16.9) (40.8) 17.2 (53.0) (77.9) 6.4 (82.6) (91.7) 3.4 (75.6) (93.8)

2013/03F 6.0 (27.1) 25.3 6.0 47.2 25.8 2.7 305.5 17.4 17.3 413.9

2013/06F 8.0 108.4 72.7 8.0 187.2 73.6 7.5 185.0 49.6 7.3 185.0

2013/09F 9.0 21.3 84.6 9.0 16.5 82.2 7.8 11.7 55.4 1.9 11.7

2013/12F 19.9 (34.9) 31.7 84.3 (62.6) 30.2 374.2 (63.3) 20.3 501.1 (63.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,074.0 195.6 141.9 2,945 12.9 영원무역 12.0 2.2 19.6 0.6

FY2013F 1,177.6 216.2 161.4 3,347 12.3 섬유·의류 9.3 1.3 14.2 0.9



407.9

265.4

374.2

221.3

161.4

336.3

152.3

311.4

1,315.5 295.2

944.2 245.1

1,130.1 284.1

708.6 228.2

844.6 267.7

1,059.1

1,171.0

1,303.3

영원무역

806.6

990.2

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-20

-10

0

10

20

30

40

50

60

70

80

90

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

2009 2010 2011 2012

주가

x12

x9

x7

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



144


A008770 253010 universe

호텔신라 (008770.KS) 업데이트 : 2013.01.27

투자의견 : 매수 업종 : 호텔·레저 주가 수익률(12개월)



52주 최고가 : 59,800 시가총액(십억원) : 2,154.7

52주 최저가 : 41,200 60일 평균 거래대금(백만원) : 16,608.4

연중 최고가 : 54,900 외국인지분(%) : 39.0

9 10 11 12 13


16.6 23.4 (5.5) 13.3 26.2

업종 대비 9.8 16.6 (12.3) 6.6 19.5 5

KOSPI 대비 19.8 24.9 (2.9) 17.1 30.2 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 24.1 129.2 34.6 133.4 81.4 101.4 80.6 171.1 2,576 17,046 300

2013/12F 7.8 125.0 (3.3) 118.9 (10.9) 90.4 (10.8) 173.3 2,297 18,889 300

2014/12F 16.0 210.5 68.4 205.1 72.5 155.9 72.4 261.3 3,961 22,204 350



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 677.7 381.2 90.2 (55.4) 5.9 12.4 17.1 2.58 15.9 0.7

2013/12F 751.4 445.2 86.2 (86.8) 5.3 15.1 23.9 2.91 12.7 0.5

2014/12F 884.0 393.5 70.5 (72.3) 7.7 9.9 13.9 2.47 19.1 0.6



2012/03A 32.1 (4.7) 30.8 107.2 (13.9) 27.6 96.5 (6.3) 21.4 102.9 (4.3)

2012/06A 38.0 14.3 41.0 229.8 33.3 51.3 481.5 85.7 38.1 507.1 78.5

2012/09A 23.4 6.9 34.9 5.9 (14.8) 32.5 53.5 (36.6) 24.4 43.7 (35.9)

2012/12F 8.0 (7.1) 22.5 (37.1) (35.6) 22.0 (25.3) (32.3) 17.5 (21.7) (28.4)

2013/03F 3.3 (8.9) 14.2 (54.0) (37.1) 12.8 (53.7) (41.9) 9.7 (54.4) (44.3)

2013/06F 3.3 14.2 25.0 (38.9) 76.9 23.1 (55.0) 80.4 17.6 (53.9) 80.4

2013/09F 10.4 14.2 42.1 20.6 68.2 40.8 25.4 76.8 31.0 26.9 76.3

2013/12F 13.6 (4.5) 43.7 94.3 3.8 42.3 92.2 3.7 32.1 83.7 3.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,217.6 142.3 109.3 2,733 15.3 호텔신라 20.6 2.8 14.1 0.6

FY2013F 2,357.3 141.0 96.7 2,419 22.2 호텔·레저 16.3 2.5 16.2 2.5



503.1

574.7

656.5

627.1

486.8

556.3

594.5

552.1

1,799.4 1,033.2

2,034.8 1,126.6

1,375.6 777.6

1,677.9 990.4

2,740.1

1,179.1 612.3

1,439.6

1,764.4

2,189.7

2,361.4

호텔신라0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-20

-15

-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x26

x23

x20

x17

x15

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



145


A035250 253010 universe

강원랜드 (035250.KS) 업데이트 : 2013.02.15




52주 최고가 : 33,800 시가총액(십억원) : 6,621.5

52주 최저가 : 22,300 60일 평균 거래대금(백만원) : 12,524.7

연중 최고가 : 33,550 외국인지분(%) : 32.5

9 10 11 12 13


(1.0) 1.3 29.0 24.8 8.0

업종 대비 (7.7) (5.4) 22.2 18.1 1.3 5

KOSPI 대비 2.2 2.8 31.5 28.6 12.0 10

22 23 24 19 20



2010/12A 8.9 569.5 22.8 561.5 10.3 426.2 9.3 623.8 2,088 10,493 970

2011/12A (3.7) 489.6 (14.0) 499.7 (11.0) 381.2 (10.6) 554.8 1,875 11,331 910

2012/12F 2.4 404.9 (17.3) 407.1 (18.5) 306.2 (19.7) 475.1 1,507 12,050 750

2013/12F 15.5 480.2 18.6 502.9 23.5 381.2 24.5 556.6 1,876 12,940 940

2014/12F 12.3 546.5 13.8 572.7 13.9 434.1 13.9 623.2 2,137 13,953 1,070



2010/12A 2,099.2 (1,025.2) 0.3 (261.2) 43.3 7.9 13.4 2.66 21.4 3.5

2011/12A 2,257.4 (1,116.3) 0.3 (155.3) 38.7 8.5 14.5 2.40 17.5 3.3

2012/12F 2,411.2 (1,224.2) 0.3 (122.1) 31.2 10.6 19.4 2.43 13.1 2.6

2013/12F 2,601.5 (1,369.9) 0.3 (131.1) 32.1 9.4 16.5 2.39 15.2 3.0

2014/12F 2,818.2 (1,539.1) 0.3 (131.1) 32.5 8.2 14.5 2.22 16.0 3.5



2012/03A 4.0 12.2 123.3 (16.8) 33.6 125.7 (13.0) 30.9 93.3 (9.1) 17.3

2012/06A 3.4 (11.9) 101.5 (12.3) (17.7) 107.9 (9.1) (14.2) 80.9 (14.7) (13.3)

2012/09A 1.7 8.8 105.0 (21.4) 3.5 108.4 (22.8) 0.5 81.8 (21.6) 1.1

2012/12F 0.5 (6.6) 75.1 (18.6) (28.5) 65.1 (32.2) (39.9) 50.3 (36.7) (38.4)

2013/03F (3.2) 8.1 116.2 (5.7) 54.8 120.5 (4.1) 85.0 91.3 (2.1) 81.4

2013/06F 7.9 (1.8) 106.2 4.7 (8.6) 112.8 4.6 (6.3) 85.5 5.8 (6.3)

2013/09F 26.9 28.0 139.5 32.9 31.4 146.5 35.1 29.8 111.0 35.8 29.8

2013/12F 31.6 (3.1) 118.3 57.5 (15.2) 123.2 89.2 (15.9) 93.4 85.5 (15.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,310.5 417.9 326.1 1,525 21.1 강원랜드 16.0 2.4 15.4 3.1

FY2013F 1,549.1 511.2 402.0 1,879 16.8 호텔·레저 16.3 2.5 16.2 2.5



422.1

409.0

332.6

310.8

335.9

329.8

347.0

305.8

3,386.1 567.9

2,877.7 466.5

3,122.1 520.6

2,609.1 509.9

2,711.4 454.0

1,296.2

1,496.8

1,680.8

강원랜드

1,313.8

1,265.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-10

-5

0

5

10

15

20

25

30

35

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x16

x13

x10

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



146


A079160 253010 universe

CJ CGV (079160.KS) 업데이트 : 2013.02.14




52주 최고가 : 48,600 시가총액(십억원) : 976.2

52주 최저가 : 24,200 60일 평균 거래대금(백만원) : 5,433.5

연중 최고가 : 47,800 외국인지분(%) : 19.6

9 10 11 12 13


23.0 55.0 58.9 78.0 46.8

업종 대비 16.2 48.2 52.2 71.3 40.1 5

KOSPI 대비 26.2 56.5 61.5 81.8 50.8 10

22 23 24 19 20



2010/12A 18.5 60.7 1.9 53.5 28.1 33.3 (18.0) 91.5 3,521 12,596 250

2011/12A 9.6 69.6 14.7 55.4 3.4 18.5 (44.6) 105.1 896 14,832 300

2012/12F 21.3 72.2 3.8 95.1 71.7 60.2 226.0 110.7 2,922 17,351 350

2013/12F 14.1 103.7 43.6 93.2 (2.0) 61.3 1.8 144.6 2,973 19,941 400

2014/12F 6.6 115.9 11.7 107.5 15.4 78.3 27.7 158.5 3,796 23,263 450



2010/12A 259.7 221.3 80.3 (67.1) 12.1 9.1 8.0 2.22 13.6 0.9

2011/12A 305.8 310.3 119.3 (55.1) 12.7 8.4 29.7 1.80 6.5 1.1

2012/12F 357.7 234.4 84.1 (52.6) 10.9 8.4 11.0 1.85 18.2 1.1

2013/12F 411.1 210.0 72.4 (49.2) 13.7 8.5 15.9 2.37 15.9 0.8

2014/12F 479.6 186.1 62.3 (50.5) 14.3 7.6 12.5 2.04 17.6 1.0



2012/03A 19.4 3.1 17.1 38.5 158.1 15.4 26.0 NA 8.9 92.1 NA

2012/06A 20.4 11.4 22.6 20.5 32.0 21.1 32.8 37.0 14.8 605.0 66.0

2012/09A 17.8 29.2 27.3 (14.4) 20.9 52.9 81.4 150.4 35.8 56.3 141.4

2012/12F 28.2 (13.6) 5.3 (19.8) (80.5) 5.6 NA (89.5) 0.6 NA (98.3)

2013/03F 31.4 5.6 26.8 57.1 405.4 24.8 61.1 345.7 6.5 (27.2) 972.8

2013/06F 15.0 (2.5) 21.2 (5.9) (20.9) 19.2 (9.0) (22.6) 2.2 (85.0) (65.9)

2013/09F 8.7 22.1 38.5 41.2 81.2 36.2 (31.6) 88.1 15.2 (57.6) 584.4

2013/12F 5.7 (15.9) 17.1 222.3 (55.5) 12.9 131.7 (64.3) 37.4 6,061.5 146.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 657.0 80.1 71.4 3,461 11.2 CJCGV 15.0 2.3 16.3 0.9

FY2013F 753.7 97.4 69.9 3,389 13.7 호텔·레저 16.3 2.5 16.2 2.5



182.0

177.5

216.8

182.2

138.5

154.3

199.4

172.3

1,063.7 611.7

1,155.2 630.2

905.0 581.6

962.1 573.1

808.6

690.8 393.9

500.0

547.8

664.5

758.5

CJ CGV0

10,000

20,000

30,000

40,000

50,000

60,000


-10

0

10

20

30

40

50

60

70

80

90

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x34

x27

x20

x13

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



147


A114090 253010 universe

GKL (114090.KS) 업데이트 : 2013.03.21




52주 최고가 : 33,350 시가총액(십억원) : 2,022.7

52주 최저가 : 20,400 60일 평균 거래대금(백만원) : 9,610.2

연중 최고가 : 32,700 외국인지분(%) : 25.5

9 10 11 12 13


19.6 12.8 6.7 52.8 11.8

업종 대비 12.8 6.0 (0.1) 46.1 5.1 5

KOSPI 대비 22.8 14.3 9.3 56.6 15.7 10

22 23 24 19 20



2010/12A (1.3) 99.2 (23.3) 97.6 (26.8) 73.8 (26.8) 118.6 1,193 3,098 620

2011/12A 6.7 137.5 38.5 135.0 38.3 63.3 (14.3) 157.0 1,023 3,578 512

2012/12A (2.4) 146.4 6.5 151.2 12.0 144.1 127.6 160.6 2,328 5,358 1,217

2013/12F 17.6 175.2 19.6 184.5 22.0 138.4 (3.9) 190.5 2,237 6,429 1,120

2014/12F 3.7 167.7 (4.3) 179.8 (2.5) 134.9 (2.5) 182.7 2,181 7,472 1,090



2010/12A 191.6 (184.1) 16.5 (15.1) 20.6 9.2 17.3 6.67 38.6 3.0

2011/12A 221.3 (251.2) 4.9 (7.6) 26.7 5.6 17.8 5.09 30.7 2.8

2012/12A 331.4 (305.7) 1.2 (14.8) 29.1 9.1 12.3 5.35 52.1 4.2

2013/12F 397.6 (412.7) 1.0 (8.5) 29.6 8.4 14.6 5.09 38.0 3.4

2014/12F 462.2 (489.2) 0.9 (8.0) 27.4 8.4 15.0 4.38 31.4 3.3



2012/03A 10.4 33.9 43.8 41.9 68.2 46.4 60.1 83.1 35.3 NA 101.5

2012/06A (6.5) (11.4) 35.7 (7.8) (18.6) 35.8 (4.5) (23.0) 24.3 2.8 (31.1)

2012/09A (3.2) 3.7 36.9 (11.8) 3.3 38.8 (10.1) 8.6 28.4 (8.0) 16.7

2012/12A (11.7) (28.3) 30.0 15.2 (18.6) 30.2 18.9 (22.4) 56.0 219.7 97.3

2013/03F (4.7) 44.6 33.6 (23.3) 11.9 33.7 (27.5) 11.6 25.2 (28.5) (54.9)

2013/06F 8.7 1.1 42.1 18.0 25.3 45.1 26.0 33.9 33.8 38.9 33.9

2013/09F 21.1 15.5 55.8 51.3 32.5 58.2 49.9 29.2 43.7 53.8 29.2

2013/12F 58.7 (6.0) 43.7 45.5 (21.7) 47.6 57.7 (18.3) 35.7 (36.3) (18.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 558.2 150.5 143.2 2,315 12.2 GKL 14.7 4.9 36.5 3.4

FY2013F 581.5 175.8 136.7 2,211 14.2 호텔·레저 16.3 2.5 16.2 2.5



161.4

151.7

133.3

95.6

138.2

139.7

145.0

128.5

693.9 231.7

488.5 157.1

615.9 218.2

338.2 146.6

376.4 155.0

502.4

591.0

612.7

GKL

482.4

514.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-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

2009 2010 2011 2012

주가

x22

x18

x15

x11

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



148


A121440 253010 universe

골프존 (121440.KQ) 업데이트 : 2013.02.05




52주 최고가 : 75,000 시가총액(십억원) : 746.8

52주 최저가 : 51,000 60일 평균 거래대금(백만원) : 3,839.3

연중 최고가 : 62,500 외국인지분(%) : 1.9

9 10 11 12 13


5.0 (1.0) 14.3 (14.6) (1.8)

업종 대비 (1.7) (7.7) 7.5 (21.3) (8.5) 5

KOSPI 대비 8.2 0.5 16.9 (10.8) 2.2 10

22 23 24 19 20



2010/12A 38.5 63.5 21.9 69.2 24.4 65.8 22.6 65.4 6,462 15,580 0

2011/12A 13.8 52.9 (16.7) 50.1 (27.6) 46.6 (29.1) 56.0 4,046 30,571 800

2012/12F 31.7 73.9 39.7 81.0 61.7 71.3 53.0 77.4 6,040 35,992 1,200

2013/12F 9.9 70.7 (4.4) 83.1 2.6 70.6 (0.9) 75.3 5,984 40,981 1,200

2014/12F 3.2 69.5 (1.6) 83.6 0.7 71.1 0.7 75.7 6,024 45,617 1,200



2010/12A 160.2 (127.2) 0.0 (3.0) 34.5 53.8

2011/12A 348.9 (229.7) 0.0 (39.3) 25.2 6.4 11.8 1.56 18.3 1.7

2012/12F 415.5 (145.2) 15.8 (84.8) 26.7 8.0 10.4 1.75 18.7 1.9

2013/12F 476.8 (175.9) 13.9 (27.3) 23.3 7.4 10.2 1.48 15.8 2.0

2014/12F 533.7 (214.9) 12.3 (18.7) 22.2 6.8 10.1 1.33 14.1 2.0



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)

2012/09A 37.2 (15.8) 15.4 4.1 (37.5) 20.4 264.4 (6.1) 18.4 214.0 (4.4)

2012/12F 35.1 8.4 16.7 58.5 9.0 12.1 (12.6) (40.6) 9.7 (29.5) (47.1)

2013/03F 27.1 8.5 21.3 23.5 27.3 24.3 (9.2) 100.7 20.7 (13.9) 112.7

2013/06F 0.2 1.3 18.6 (24.4) (12.9) 21.7 (0.3) (10.9) 18.4 (4.1) (10.9)

2013/09F 13.8 (4.4) 16.8 9.7 (9.3) 20.0 (1.8) (7.5) 17.0 (7.3) (7.5)

2013/12F 2.2 (2.6) 13.9 (16.7) (17.3) 17.1 41.0 (14.8) 14.5 49.5 (14.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 272.6 72.9 77.4 6,297 8.6 골프존 10.1 1.4 15.4 2.0

FY2013F 312.4 78.9 69.8 5,681 10.9 호텔·레저 16.3 2.5 16.2 2.5



77.4

78.4

74.9

72.9

60.9

78.2

65.8

71.4

560.0 98.5

619.3 100.8

373.2 25.1

498.1 92.9

313.4

181.7 22.0

184.3

209.8

276.3

303.6

골프존0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2011 2012

주가

x18

x15

x13

x10

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



149


A019680 253020 universe

대교 (019680.KS) 업데이트 : 2013.03.12

투자의견 : 매수 업종 : 교육서비스 주가 수익률(12개월)



52주 최고가 : 7,400 시가총액(십억원) : 587.0

52주 최저가 : 5,460 60일 평균 거래대금(백만원) : 765.0

연중 최고가 : 7,190 외국인지분(%) : 16.7

9 10 11 12 13


7.3 6.1 18.7 17.1 7.3

업종 대비 7.9 6.7 19.3 17.7 7.9 5

KOSPI 대비 10.5 7.6 21.2 20.8 11.2 10

22 23 24 19 20



2010/12A (6.3) 63.9 6.3 72.1 (13.7) 49.4 (12.5) 107.6 527 6,924 220

2011/12A 3.3 60.0 (6.1) 81.3 12.7 52.7 6.5 106.4 562 6,586 260

2012/12F (5.7) 39.7 (33.9) 53.3 (34.5) 31.5 (40.2) 72.4 333 6,788 210

2013/12F 2.3 57.9 46.0 77.5 45.4 58.9 87.0 84.4 628 7,136 260

2014/12F 6.0 69.8 20.5 90.7 17.1 68.9 17.1 98.0 734 7,536 270



2010/12A 673.4 (180.7) 0.7 (17.4) 8.1 3.9 11.4 0.87 7.7 3.7

2011/12A 637.7 (183.5) 0.6 (7.1) 7.3 4.1 11.1 0.95 8.0 4.2

2012/12F 658.8 (192.8) 0.6 (42.7) 5.1 5.8 19.1 0.94 4.9 3.3

2013/12F 695.0 (220.9) 0.6 (33.9) 7.3 5.2 11.0 0.97 8.7 3.8

2014/12F 736.7 (251.1) 0.5 (35.6) 8.3 4.2 9.4 0.92 9.6 3.9



2012/03A 3.8 36.3 8.9 7.4 (27.6) 23.2 84.7 17.2 16.7 74.1 61.6

2012/06A 1.2 (1.9) 11.3 (36.8) 26.6 13.1 (50.0) (43.6) 7.1 (59.3) (57.2)

2012/09A (5.7) (2.3) 11.2 (42.6) (0.6) 13.3 (35.2) 1.9 8.8 (41.9) 23.7

2012/12F 5.6 (19.2) 8.3 (32.1) (25.5) 3.7 (81.5) (72.5) (1.2) NA NA

2013/03F (3.1) 25.1 12.4 39.6 48.9 26.1 12.6 613.2 21.4 28.0 NA

2013/06F (2.6) (1.3) 14.6 29.9 17.8 16.2 23.9 (37.9) 13.8 93.7 (35.2)

2013/09F (1.0) (0.8) 17.3 54.9 18.5 19.4 45.6 19.7 16.3 84.0 17.5

2013/12F 19.6 (2.4) 13.6 62.6 (21.8) 15.7 329.0 (19.1) 7.4 NA (54.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 794.2 46.3 46.6 448 14.4 대교 10.6 1.0 8.9 3.8

FY2013F 792.1 60.7 59.9 575 12.0 교육서비스 9.8 0.9 10.2 4.3



197.0

192.4

199.1

160.9

201.3

198.6

207.7

203.8

932.1 196.8

818.5 161.9

865.1 173.7

884.7 204.3

829.8 185.2

771.5

789.3

836.9

대교

792.2

818.5

0

1,336

2,671

4,007

5,342

6,678

8,014


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x19

x16

x13

x10

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



150


A072870 253020 universe

메가스터디 (072870.KQ) 업데이트 : 2013.03.15

투자의견 : 중립 업종 : 교육서비스 주가 수익률(12개월)

목표주가 : - 애널리스트 : 나은채


52주 최고가 : 119,000 시가총액(십억원) : 456.5

52주 최저가 : 61,300 60일 평균 거래대금(백만원) : 1,313.7

연중 최고가 : 80,600 외국인지분(%) : 52.9

9 10 11 12 13


(9.2) (9.8) (3.5) (37.9) (6.0)

업종 대비 (8.6) (9.2) (2.9) (37.3) (5.4) 5

KOSPI 대비 (6.0) (8.3) (0.9) (34.2) (2.1) 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 (13.8) 55.3 (27.2) 62.8 (24.6) 47.6 (30.3) 64.7 7,623 61,465 3,000

2013/12F 14.5 61.7 11.7 69.6 10.8 52.7 10.8 72.1 8,449 66,970 3,500

2014/12F 1.6 62.2 0.8 71.0 2.1 53.9 2.1 72.6 8,627 72,064 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 369.8 (182.3) 0.2 (21.5) 24.4 4.7 10.3 1.28 13.5 3.8

2013/12F 404.7 (219.0) 0.3 (17.3) 23.8 3.1 8.5 1.08 13.6 4.9

2014/12F 437.0 (238.1) 0.3 (12.3) 23.6 2.8 8.3 1.00 12.8 4.9



2012/03A (9.6) 23.0 12.5 (28.0) 249.2 16.1 (15.7) 158.8 14.9 (31.4) 373.0

2012/06A (13.1) 5.0 14.1 (40.2) 12.6 11.3 (55.8) (29.9) 13.1 (26.6) (12.0)

2012/09A (13.6) 10.2 21.0 (21.6) 48.6 21.7 (22.3) 92.1 19.3 (24.7) 47.9

2012/12F (10.5) (37.1) 7.6 110.8 (63.9) 13.7 119.9 (36.9) 0.3 (90.0) (98.4)

2013/03F 14.5 57.4 14.4 14.5 89.7 16.4 2.0 20.0 12.4 (16.3) 3,861.0

2013/06F 14.5 5.0 16.2 14.5 12.6 11.9 5.7 (27.3) 9.0 (30.8) (27.3)

2013/09F 14.5 10.2 24.1 14.5 48.6 24.8 14.5 108.1 18.8 (2.6) 108.1

2013/12F 14.5 (37.1) 7.1 (6.1) (70.4) 16.4 19.7 (34.0) 12.4 3,852.3 (34.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 229.7 58.8 47.6 7,502 10.7 메가스터디 8.5 1.1 13.4 4.9

FY2013F 228.3 54.6 47.0 7,407 10.2 교육서비스 9.8 0.9 10.2 4.3



66.0

69.3

76.4

48.0

57.6

60.5

66.7

41.9

471.1 64.5

496.0 69.0

399.8 69.1

407.3 61.0

263.7

357.4 75.3

245.0

263.1

226.7

259.6

메가스터디0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-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

x22

x18

x15

x11

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



151


A021240 253030 universe

코웨이 (021240.KS) 업데이트 : 2013.02.17

투자의견 : 매수 업종 : 소비자서비스 주가 수익률(12개월)



52주 최고가 : 51,900 시가총액(십억원) : 3,655.7

52주 최저가 : 28,650 60일 평균 거래대금(백만원) : 8,521.9

연중 최고가 : 51,700 외국인지분(%) : 51.6

9 10 11 12 13


(5.0) 9.1 17.6 29.5 9.0

업종 대비 (0.0) 14.1 22.6 34.5 14.0 5

KOSPI 대비 (1.8) 10.6 20.2 33.3 12.9 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 5.7 221.0 (8.9) 157.6 (30.0) 124.8 (25.3) 391.1 1,682 11,837 0

2013/12F 5.9 294.8 33.4 316.2 100.6 244.7 96.0 468.9 3,278 14,084 2,350

2014/12F 6.0 324.7 10.1 313.4 (0.9) 242.5 (0.9) 502.7 3,250 16,000 1,450



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 805.4 442.7 62.5 (173.8) 12.2 9.9 25.9 3.68 16.2 0.0

2013/12F 978.7 260.6 35.2 (177.3) 15.4 8.3 14.5 3.37 27.4 5.0

2014/12F 1,126.5 186.3 28.1 (180.7) 16.0 7.5 14.6 2.96 23.0 3.1



2012/03A 10.6 (0.4) 64.4 14.0 2.5 40.5 (19.7) (26.7) 43.2 11.5 96.3

2012/06A 2.4 0.9 63.0 2.0 (2.1) 44.3 (19.6) 9.3 42.4 0.9 (1.8)

2012/09A 6.5 2.6 62.0 1.0 (1.6) (7.2) NA NA 13.2 (79.5) (69.0)

2012/12F 3.6 0.4 31.5 (49.8) (49.2) 80.0 44.9 NA 26.0 17.9 97.3

2013/03F 5.9 1.9 68.7 6.7 117.8 101.1 149.5 26.3 78.2 80.8 200.9

2013/06F 5.9 0.9 67.2 6.6 (2.2) 58.7 32.7 (41.9) 46.0 8.5 (41.1)

2013/09F 5.9 2.6 73.5 18.5 9.4 69.7 NA 18.7 54.4 313.0 18.1

2013/12F 5.9 0.4 85.5 171.1 16.3 86.6 8.2 24.3 66.1 154.5 21.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,854.8 306.7 153.8 1,994 23.5 코웨이 14.5 3.3 26.5 4.5

FY2013F 1,933.3 327.0 257.3 3,336 14.2 소비자서비스 15.0 3.3 24.2 4.5



485.2

487.3

458.0

460.0

468.6

472.9

442.4

446.4

1,665.3 603.5

1,681.4 813.2

1,549.4 616.9

1,358.3 631.1

1,576.5 828.1

1,806.8

1,914.0

2,028.7

코웨이

1,501.8

1,709.9

0

10,000

20,000

30,000

40,000

50,000

60,000


-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x25

x22

x19

x16

x14

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



152



로엔 (016170.KQ) 업데이트 : 2013.03.18

투자의견 : 매수 업종 : 미디어·광고 주가 수익률(12개월)

목표주가 : 19,600 애널리스트 : 김시우


52주 최고가 : 17,650 시가총액(십억원) : 374.3

52주 최저가 : 9,990 60일 평균 거래대금(백만원) : 4,418.7

연중 최고가 : 16,200 외국인지분(%) : 9.6

9 10 11 12 13


6.5 27.6 (3.9) (11.9) 7.6

업종 대비 (1.3) 19.8 (11.7) (19.7) (0.1) 5

KOSPI 대비 9.7 29.1 (1.3) (8.1) 11.6 10

22 23 24 19 20



2010/12A 37.0 17.6 176.7 9.7 53.1 10.8 140.2 25.4 467 3,238 167

2011/12A 20.3 29.4 67.1 28.4 193.7 21.4 97.3 39.3 882 4,299 170

2012/12F 10.7 30.1 2.4 31.5 10.9 23.8 11.4 42.5 943 5,041 189

2013/12F 16.1 33.6 11.7 33.8 7.2 25.8 8.1 48.1 1,019 5,861 189

2014/12F 28.1 40.2 19.6 40.7 20.4 30.9 19.9 57.1 1,222 6,883 189



2010/12A 72.2 (58.4) 0.0 (1.7) 12.7 6.2 18.3 2.64 16.2 2.0

2011/12A 108.7 (63.2) 0.0 (4.4) 17.6 6.9 15.1 3.09 23.7 1.3

2012/12F 127.5 (67.5) 0.0 (4.2) 16.3 6.6 14.7 2.75 20.2 1.4

2013/12F 148.2 (78.4) 0.0 (4.6) 15.7 6.2 14.5 2.53 18.7 1.3

2014/12F 174.1 (100.4) 0.0 (5.0) 14.6 4.8 12.1 2.15 19.2 1.3



2012/03A 27.3 (6.0) 9.2 17.8 27.7 9.0 21.4 47.6 7.0 29.4 43.0

2012/06A 7.6 4.5 7.3 (20.0) (19.9) 9.0 (1.8) (0.5) 6.3 (7.8) (10.5)

2012/09A 9.2 2.4 8.0 52.0 9.3 8.9 56.2 (1.7) 6.7 55.1 7.1

2012/12F 2.5 2.0 5.6 (22.0) (30.3) 4.6 (24.4) (47.6) 3.9 (20.0) (41.6)

2013/03F 9.8 0.6 7.3 (20.3) 30.5 6.7 (25.6) 45.3 5.1 (26.5) 31.3

2013/06F 10.2 4.8 7.8 6.8 7.3 9.6 6.1 41.8 7.3 16.5 41.8

2013/09F 21.3 12.8 9.7 20.9 23.9 10.4 17.4 8.8 7.9 18.3 8.8

2013/12F 22.5 3.0 8.8 56.9 (9.6) 7.1 53.5 (31.5) 5.4 38.7 (31.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 188.0 30.0 24.0 949 16.3 로엔 13.9 2.4 18.8 1.3

FY2013F 215.0 33.0 28.0 1,107 14.0 미디어·광고 15.5 1.9 12.6 0.3



48.3

50.6

57.1

58.8

44.0

46.0

47.0

48.0

202.6 54.4

255.3 81.1

157.1 48.4

171.5 44.0

275.2

132.4 60.2

139.0

167.2

185.0

214.8

로엔0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-35

-30

-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x34

x27

x20

x13

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



153



제일기획 (030000.KS) 업데이트 : 2013.02.27




52주 최고가 : 26,200 시가총액(십억원) : 2,835.8

52주 최저가 : 17,100 60일 평균 거래대금(백만원) : 8,372.5

연중 최고가 : 25,500 외국인지분(%) : 39.3

9 10 11 12 13


8.8 16.8 12.8 36.6 15.5

업종 대비 1.1 9.1 5.0 28.8 7.7 5

KOSPI 대비 12.0 18.3 15.4 40.3 19.4 10

22 23 24 19 20



2010/12A 24.0 108.4 18.5 153.5 31.9 107.5 17.3 118.9 985 5,998 340

2011/12A 21.3 106.5 (1.7) 126.8 (17.4) 93.3 (13.2) 118.8 853 6,374 160

2012/12F 34.5 125.7 18.0 136.6 7.8 92.0 (1.4) 150.4 852 7,214 0

2013/12F 20.8 162.5 29.3 177.7 30.1 127.0 38.0 191.0 1,224 8,359 0

2014/12F 14.6 207.0 27.4 225.5 26.9 161.1 26.9 239.3 1,627 9,800 0



2010/12A 659.2 (568.5) 0.7 (12.4) 7.5 8.7 14.1 2.31 17.5 2.5

2011/12A 703.5 (646.5) 0.3 (20.9) 6.1 13.0 22.2 2.97 13.7 0.8

2012/12F 800.2 (547.6) 0.3 (50.3) 5.3 13.0 25.3 2.99 12.2 0.0

2013/12F 835.5 (683.5) 0.2 (31.3) 5.7 11.4 20.1 2.95 15.5 0.0

2014/12F 1,001.3 (815.9) 0.2 (34.9) 6.3 8.6 15.1 2.52 17.5 0.0



2012/03A 36.3 (26.3) 11.8 (4.9) (71.5) 14.9 (13.3) (67.8) 9.4 (22.5) (73.0)

2012/06A 44.5 46.2 39.4 29.5 232.9 42.0 20.1 181.3 29.4 16.9 214.1

2012/09A 34.2 (1.2) 28.8 29.8 (26.9) 32.3 15.2 (23.1) 21.1 (1.4) (28.5)

2012/12F 26.3 18.8 45.7 10.2 59.0 47.3 1.9 46.2 32.1 (7.3) 52.6

2013/03F 22.4 (28.6) 15.8 33.5 (65.5) 20.8 39.1 (56.0) 14.9 58.4 (53.8)

2013/06F 26.1 50.6 51.9 31.8 228.6 57.0 35.6 174.1 40.7 38.3 174.1

2013/09F 20.6 (5.6) 35.6 23.8 (31.4) 41.6 28.6 (27.0) 29.7 41.2 (27.0)

2013/12F 15.3 13.6 59.3 29.6 66.5 58.4 23.4 40.3 41.7 29.8 40.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,280.6 119.9 99.7 829 25.3 제일기획 18.8 2.8 16.0 0.0

FY2013F 2,726.1 160.4 130.9 1,091 22.4 미디어·광고 15.5 1.9 12.6 0.3



732.6

831.9

607.3

721.4

515.0

775.7

420.8

615.0

2,755.0 1,714.6

1,994.7 1,174.4

2,382.2 1,518.2

1,423.4 753.3

1,810.6 1,092.8

2,364.6

2,855.2

3,270.8

제일기획

1,449.8

1,758.2

0

5,000

10,000

15,000

20,000

25,000

30,000


-10

-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 2013

주가

x40

x32

x25

x17

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



154



SBS (034120.KS) 업데이트 : 2013.02.21

투자의견 : 미제시 업종 : 미디어·광고 주가 수익률(12개월)

목표주가 : - 애널리스트 : 김시우


52주 최고가 : 48,500 시가총액(십억원) : 826.8

52주 최저가 : 31,150 60일 평균 거래대금(백만원) : 2,939.1

연중 최고가 : 48,200 외국인지분(%) : 0.0

9 10 11 12 13


(1.3) 13.3 7.9 35.6 8.9

업종 대비 (9.1) 5.5 0.1 27.9 1.1 5

KOSPI 대비 1.9 14.7 10.4 39.4 12.8 10

22 23 24 19 20



2010/12A 22.8 (4.3) NA (0.2) NA 3.8 (84.2) 20.4 206 25,577 0

2011/12A 5.6 82.7 NA 77.0 NA 59.1 1,473.8 105.7 3,236 29,101 750

2012/12F 5.1 40.7 (50.8) 40.9 (46.8) 28.9 (51.1) 67.5 1,583 30,357 600

2013/12F 4.5 79.2 94.7 78.5 91.8 58.9 103.8 106.0 3,226 32,922 700

2014/12F 12.2 93.3 17.8 92.8 18.2 69.6 18.2 122.0 3,814 35,678 700



2010/12A 466.9 (26.1) 20.9 (35.2) (0.6) 25.0 138.1 1.11 0.8 0.0

2011/12A 531.2 (65.4) 22.9 (46.7) 11.5 5.8 11.5 1.28 11.8 2.0

2012/12F 554.1 (117.5) 10.3 (46.4) 5.4 9.7 26.8 1.40 5.3 1.4

2013/12F 600.9 (122.8) 8.6 (40.1) 10.0 6.6 14.0 1.38 10.2 1.5

2014/12F 651.2 (175.8) 7.1 (45.8) 10.5 5.4 11.9 1.27 11.1 1.5



2012/03A (19.6) (35.5) (19.5) NA NA (16.8) NA NA (13.4) NA NA

2012/06A 11.9 69.8 41.7 17.2 NA 37.3 13.5 NA 28.5 16.6 NA

2012/09A 21.8 1.8 9.4 (67.1) (77.4) 9.9 (52.1) (73.3) 8.1 (48.9) (71.6)

2012/12F 2.9 (7.7) 9.0 NA (4.2) 10.5 197.5 5.5 5.7 62.2 (29.6)

2013/03F 27.9 (19.8) 3.4 NA (62.7) 6.5 NA (38.2) 5.4 NA (4.9)

2013/06F 1.8 35.1 36.4 (12.9) 980.5 34.4 (7.6) 431.0 26.4 (7.5) 386.8

2013/09F (12.8) (12.8) 15.9 69.3 (56.1) 15.9 60.2 (53.7) 12.5 54.4 (52.6)

2013/12F 11.6 18.1 23.5 161.0 47.6 21.7 106.6 36.0 14.6 155.7 16.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 754.5 51.4 39.1 2,140 21.6 SBS 13.5 1.4 10.4 1.5

FY2013F 761.4 79.4 60.7 3,327 13.6 미디어·광고 15.5 1.9 12.6 0.3



160.8

217.2

189.5

223.8

125.7

213.4

217.3

200.6

814.8 216.4

926.7 271.1

848.9 315.6

781.1 229.3

888.2

689.4 204.3

682.1

720.6

757.1

791.3

SBS0

10,000

20,000

30,000

40,000

50,000

60,000


-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x34

x27

x21

x14

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



155



CJ헬로비전 (037560.KS) 업데이트 : 2013.02.14




52주 최고가 : 16,200 시가총액(십억원) : 1,080.5

52주 최저가 : 12,250 60일 평균 거래대금(백만원) : 6,241.3

연중 최고가 : 15,750 외국인지분(%) : 4.8

9 10 11 12 13


11.4 22.8 NA NA 13.9

업종 대비 3.7 15.1 NA NA 6.1 5

KOSPI 대비 14.6 24.3 NA NA 17.8 10

22 23 24 19 20



2010/12A NA 92.6 NA 71.6 NA 57.6 NA 176.9 1,389 6,757 0

2011/12A 30.6 133.9 44.6 104.3 45.7 77.1 34.0 266.2 2,582 9,539 0

2012/12F 47.0 149.3 11.5 124.4 19.3 104.3 35.3 331.5 1,490 10,884 0

2013/12F 25.1 153.5 2.8 126.2 1.4 100.9 (3.3) 359.4 1,440 12,184 0

2014/12F 27.2 159.8 4.1 132.5 5.0 106.0 5.0 397.7 1,514 13,550 0



2010/12A 313.5 488.1 172.1 (120.2) 20.0 18.4

2011/12A 529.0 396.6 81.2 (143.7) 22.1 18.3

2012/12F 724.9 464.3 73.8 (254.9) 16.8 4.3 9.4 1.28 16.6 0.0

2013/12F 825.6 414.7 61.8 (324.4) 13.8 4.2 10.8 1.28 13.0 0.0

2014/12F 931.4 348.0 51.9 (315.1) 11.3 3.6 10.3 1.15 12.1 0.0





2012/09A 25.8 NA 43.3 16.6 NA 37.8 18.0 NA 30.4 17.4 NA

2012/12F NA 211.9 106.0 NA 144.9 26.7 NA (29.4) 73.9 NA 143.2

2013/03F NA (65.5) 28.6 NA (73.0) 21.6 NA (18.9) 17.1 NA (76.8)

2013/06F NA 15.5 47.6 NA 66.1 39.6 NA 82.9 31.6 NA 84.2

2013/09F 26.9 2.0 44.1 1.9 (7.3) 38.1 0.9 (3.7) 30.6 0.7 (3.0)

2013/12F (49.9) 23.1 33.2 (68.7) (24.7) 26.9 0.7 (29.5) 21.6 (70.8) (29.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 854.5 152.6 99.5 1,271 11.8 CJ헬로비전 10.7 1.2 12.8 0.0

FY2013F 1,101.5 162.6 110.0 1,415 11.1 미디어·광고 15.5 1.9 12.6 0.3



274.4

337.8

216.3

674.7

232.9

269.1

2,224.8 1,292.9

1,555.1 829.9

1,870.7 1,044.7

964.8 651.2

1,186.1 656.8

891.0

1,114.3

1,417.8

CJ헬로비전

463.8

606.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Nov-12 Jan-13

-25

-20

-15

-10

-5

0

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

2012

주가

x10

x9

x9

x9

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



156



YTN (040300.KQ) 업데이트 : 2013.01.25

투자의견 : 중립 업종 : 미디어·광고 주가 수익률(12개월)



52주 최고가 : 4,815 시가총액(십억원) : 153.3

52주 최저가 : 2,995 60일 평균 거래대금(백만원) : 180.4

연중 최고가 : 4,595 외국인지분(%) : 0.1

9 10 11 12 13


(2.8) 3.1 (10.5) (23.5) 5.0

업종 대비 (10.6) (4.7) (18.3) (31.2) (2.7) 5

KOSPI 대비 0.4 4.6 (8.0) (19.7) 9.0 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 (0.5) 10.9 (41.2) 6.8 (51.8) 4.9 (54.2) 14.8 116 4,237 25

2013/12F 3.9 11.0 0.8 5.1 (24.5) 3.7 (24.5) 15.3 87 4,312 25

2014/12F 11.1 13.5 23.1 7.4 45.4 5.3 45.4 18.3 127 4,413 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 177.9 110.9 70.5 (14.8) 8.8 17.5 30.6 0.83 2.8 0.7

2013/12F 181.1 126.3 78.4 (16.5) 8.5 18.3 41.8 0.85 2.0 0.7

2014/12F 185.3 125.3 77.7 (17.2) 9.5 15.2 28.8 0.83 2.9 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

2012/09A (3.9) (0.7) 2.1 (59.6) (65.6) 0.9 (75.8) (82.6) 0.6 (76.4) (85.7)

2012/12F (2.5) 15.0 3.3 (39.5) 54.7 2.2 (58.4) 142.1 1.8 (62.3) 193.2

2013/03F 0.1 (24.2) (1.8) NA NA (3.2) NA NA (2.3) NA NA

2013/06F 2.0 17.9 5.3 (15.1) NA 3.9 (27.6) NA 2.8 (34.3) NA

2013/09F 7.2 4.4 3.1 46.1 (40.9) 1.5 63.2 (60.9) 1.1 79.3 (60.9)

2013/12F 5.5 13.2 4.4 34.5 42.4 2.9 28.9 91.3 2.1 17.0 91.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 121.4 12.2 6.0 143 30.0 YTN 38.0 0.8 2.2 0.7

FY2013F 129.0 11.0 4.0 95 38.4 미디어·광고 15.5 1.9 12.6 0.3



26.8

31.6

33.0

37.3

26.8

31.0

30.8

35.4

370.6 190.7

412.3 228.1

339.5 166.0

349.9 172.6

143.0

317.3 153.7

118.4

124.5

123.9

128.7

YTN0

1,336

2,671

4,007

5,342


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x52

x40

x29

x18

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



157



에스엠 (041510.KQ) 업데이트 : 2013.03.12




52주 최고가 : 71,600 시가총액(십억원) : 992.7

52주 최저가 : 36,000 60일 평균 거래대금(백만원) : 20,884.0

연중 최고가 : 48,600 외국인지분(%) : 17.5

9 10 11 12 13


21.7 25.9 (19.1) (0.2) 9.5

업종 대비 13.9 18.1 (26.9) (8.0) 1.7 5

KOSPI 대비 24.8 27.4 (16.6) 3.6 13.4 10

22 23 24 19 20



2010/12A NA 19.9 NA 17.3 NA 17.1 NA 25.8 1,053 5,279 0

2011/12A 47.7 25.6 28.7 26.2 50.9 22.8 33.0 32.3 1,381 6,682 0

2012/12F 68.8 60.5 136.4 57.2 118.8 41.3 81.5 69.1 2,065 7,488 0

2013/12F 21.7 76.6 26.6 78.4 37.0 67.2 62.7 88.0 3,291 10,823 0

2014/12F 27.9 106.3 38.7 108.6 38.5 93.1 38.5 120.4 4,557 15,425 0



2010/12A 86.2 (50.5) 5.4 (2.8) 20.6 8.8 14.3 2.85 19.9 0.0

2011/12A 110.7 (67.9) 3.5 (13.0) 17.9 21.4 29.5 6.09 23.1 0.0

2012/12F 153.0 (112.2) 2.2 (4.6) 25.1 11.8 22.1 6.08 31.3 0.0

2013/12F 221.1 (144.2) 0.5 (5.7) 26.1 9.5 14.8 4.49 35.9 0.0

2014/12F 315.1 (192.4) 0.4 (6.2) 28.3 6.5 10.7 3.15 34.7 0.0



2012/03A

2012/06A

2012/09A

2012/12F

2013/03F

2013/06F

2013/09F

2013/12F

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 193.0 52.3 38.5 1,945 24.6 에스엠 13.6 4.1 35.7 0.0

FY2013F 229.2 67.3 55.5 2,818 17.0 미디어·광고 15.5 1.9 12.6 0.3



457.5 159.3

266.2 115.5

336.5 123.8

120.5 33.9

168.1 55.9

241.3

293.7

375.7

에스엠

96.8

143.0

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-30

-20

-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x24

x17

x10

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



158



SBS콘텐츠허브 (046140.KQ) 업데이트 : 2013.02.22




52주 최고가 : 18,300 시가총액(십억원) : 325.2

52주 최저가 : 8,760 60일 평균 거래대금(백만원) : 1,436.1

연중 최고가 : 15,850 외국인지분(%) : 7.6

9 10 11 12 13


9.0 27.3 (11.9) 18.8 13.9

업종 대비 1.2 19.5 (19.7) 11.1 6.1 5

KOSPI 대비 12.2 28.8 (9.3) 22.6 17.9 10

22 23 24 19 20



2010/12A 103.2 29.2 157.6 28.9 122.6 20.3 96.3 32.0 948 4,155 150

2011/12A 29.2 30.8 5.7 30.6 5.9 22.4 10.2 33.7 1,044 5,046 150

2012/12F (3.7) 27.9 (9.5) 29.4 (3.9) 21.7 (3.3) 30.8 1,009 5,855 150

2013/12F 19.7 36.2 29.6 39.2 33.6 29.4 35.9 39.5 1,371 7,028 150

2014/12F 9.9 39.7 9.7 43.1 9.8 32.3 9.8 43.4 1,505 8,333 150



2010/12A 89.1 (40.8) 0.0 (9.6) 18.8 7.8 14.2 3.25 25.2 1.1

2011/12A 108.3 (70.1) 0.0 (13.2) 15.4 5.5 11.3 2.34 22.7 1.3

2012/12F 125.7 (67.5) 0.0 (4.1) 14.5 7.0 12.9 2.23 18.5 1.1

2013/12F 150.8 (81.2) 0.0 (3.9) 15.7 6.3 11.1 2.16 21.3 1.0

2014/12F 178.8 (83.7) 0.0 (3.6) 15.6 5.7 10.1 1.82 19.6 1.0



2012/03A (7.9) 11.9 8.1 (9.7) 81.4 8.8 (6.5) 921.7 5.1 (23.6) 5,557.5

2012/06A 13.7 38.9 11.1 79.7 36.5 9.8 60.5 11.3 9.3 83.7 82.6

2012/09A (24.5) (24.8) 5.8 (48.6) (47.6) 7.8 (45.2) (20.8) 6.2 (41.5) (34.2)

2012/12F 10.0 (5.9) 3.0 (33.2) (48.5) 3.0 245.9 (61.6) 1.0 1,051.7 (83.1)

2013/03F 17.3 19.3 9.9 21.7 230.5 10.5 18.6 250.3 7.8 51.9 646.0

2013/06F 0.1 18.5 11.4 3.1 15.5 10.1 3.4 (3.0) 7.5 (19.3) (3.0)

2013/09F 29.0 (3.0) 9.1 56.2 (20.5) 11.3 45.5 11.3 8.4 36.5 11.5

2013/12F 39.8 2.0 5.9 97.2 (35.0) 7.4 146.4 (34.9) 5.7 449.3 (31.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 198.1 30.7 25.1 1,170 11.9 SBS콘텐츠허브 10.8 2.1 20.9 1.0

FY2013F 216.6 34.7 28.2 1,315 12.1 미디어·광고 15.5 1.9 12.6 0.3



51.3

60.7

58.9

60.0

43.7

60.7

45.7

43.0

203.4 49.3

247.7 64.6

166.9 57.2

172.3 44.3

253.8

141.6 51.8

155.0

200.3

193.0

230.9

SBS콘텐츠허브0

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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x16

x13

x10

x7

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



159



스카이라이프 (053210.KS) 업데이트 : 2013.01.30




52주 최고가 : 35,100 시가총액(십억원) : 1,524.4

52주 최저가 : 17,350 60일 평균 거래대금(백만원) : 5,155.3

연중 최고가 : 34,650 외국인지분(%) : 12.3

9 10 11 12 13


2.9 (0.8) 10.0 24.6 (4.1)

업종 대비 (4.9) (8.5) 2.2 16.8 (11.8) 5

KOSPI 대비 6.1 0.7 12.6 28.4 (0.1) 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 18.7 67.4 61.5 72.5 87.3 56.1 108.2 122.4 1,178 7,198 0

2013/12F 23.8 121.1 79.6 126.7 74.6 97.5 73.7 186.0 2,041 9,240 0

2014/12F 11.7 179.2 48.0 188.1 48.5 144.9 48.5 252.9 3,032 12,272 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 343.9 (19.1) 42.5 (94.1) 12.2 12.9 28.4 4.65 17.8 0.0

2013/12F 441.5 (107.7) 23.3 (124.4) 17.7 7.6 15.6 3.45 24.8 0.0

2014/12F 586.4 (158.6) 17.0 (132.1) 23.5 5.4 10.5 2.60 28.2 0.0



2012/03A 10.0 3.1 19.5 78.8 111.6 19.6 123.2 140.5 12.9 65.5 145.9

2012/06A 14.9 6.8 16.2 69.8 (16.9) 16.7 76.0 (15.0) 12.4 130.1 (3.5)

2012/09A 18.1 5.6 17.1 41.9 5.4 21.3 73.1 27.5 17.6 106.7 42.0

2012/12F 31.2 12.9 14.6 57.9 (14.8) 15.0 83.4 (29.7) 13.2 151.3 (25.4)

2013/03F 29.5 1.7 31.6 61.6 116.5 32.4 65.1 116.6 24.9 93.5 89.4

2013/06F 29.6 6.8 29.1 79.6 (7.7) 30.4 82.2 (6.2) 23.4 88.2 (6.2)

2013/09F 25.6 2.4 28.4 66.1 (2.5) 30.8 44.6 1.2 23.7 34.2 1.2

2013/12F 13.0 1.6 32.0 119.6 12.7 33.1 121.5 7.7 25.5 93.7 7.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 540.4 71.1 57.1 1,195 26.8 스카이라이프 14.1 3.2 25.6 0.0

FY2013F 655.3 129.8 99.8 2,089 14.8 미디어·광고 15.5 1.9 12.6 0.3



174.8

177.5

139.1

157.0

159.7

170.7

123.4

131.7

938.6 345.8

622.7 275.1

781.4 334.8

524.0 432.8

522.9 232.8

551.3

682.6

762.3

스카이라이프

426.7

464.4

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

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2011 2012

주가

x35

x30

x25

x20

x15

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



160



와이지엔터테인먼트 (122870.KQ) 업데이트 : 2013.03.05




52주 최고가 : 108,700 시가총액(십억원) : 761.7

52주 최저가 : 37,300 60일 평균 거래대금(백만원) : 12,353.1

연중 최고가 : 74,200 외국인지분(%) : 5.9

9 10 11 12 13


10.6 27.9 (6.6) 52.6 18.3

업종 대비 2.9 20.1 (14.4) 44.9 10.5 5

KOSPI 대비 13.8 29.4 (4.0) 56.4 22.2 10

22 23 24 19 20



2010/12A NA 12.9 NA 13.5 NA 9.6 NA 14.1 2,578 5,649 0

2011/12A 35.8 17.8 37.7 17.6 30.6 12.9 34.3 20.3 3,322 15,320 0

2012/12F 36.4 21.5 20.9 24.8 40.3 18.8 45.0 26.9 1,755 8,960 300

2013/12F 38.3 38.8 80.8 41.2 66.5 33.0 75.8 45.9 3,021 11,896 300

2014/12F 14.5 45.5 17.2 49.7 20.5 39.7 20.5 54.2 3,635 15,487 300



2010/12A 21.1 (14.7) 0.0 (3.2) 22.4 45.6

2011/12A 76.4 (64.1) 0.0 (2.4) 22.7 15.0 11.1 2.40 26.5 0.0

2012/12F 92.5 (63.9) 0.0 (5.2) 20.1 21.3 35.0 6.86 22.2 0.5

2013/12F 122.8 (92.9) 0.0 (5.3) 26.3 14.6 24.4 6.20 30.6 0.4

2014/12F 159.8 (124.9) 0.0 (5.5) 27.0 11.7 20.3 4.77 28.1 0.4



2012/03A (2.5) NA 3.5 (25.5) NA 3.8 (9.8) NA 3.0 (6.4) NA

2012/06A (13.7) 27.5 4.0 (27.0) 15.5 5.0 (7.4) 31.0 3.5 (12.0) 15.4

2012/09A 91.2 31.5 7.1 183.4 77.0 8.0 145.3 59.4 5.8 92.7 65.3

2012/12F NA 19.8 6.8 NA (4.4) 8.0 NA 0.8 6.4 NA 11.6

2013/03F 86.9 (6.9) 7.9 126.1 15.7 8.9 134.9 11.6 7.2 135.9 10.9

2013/06F 44.9 (1.1) 7.5 86.4 (4.8) 8.1 62.0 (9.6) 6.5 84.8 (9.6)

2013/09F 31.7 19.5 11.2 56.4 48.5 12.2 52.9 50.5 9.7 68.2 50.5

2013/12F 15.6 5.1 12.3 79.9 9.9 12.1 50.4 (0.8) 9.6 49.5 (0.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 107.0 22.0 18.9 1,829 40.2 와이지엔터테인먼트 23.4 5.8 30.1 0.4

FY2013F 140.8 35.1 29.0 2,833 26.2 미디어·광고 15.5 1.9 12.6 0.3



33.4

33.0

39.5

41.5

17.9

22.8

30.0

35.9

166.0 43.2

220.8 61.0

90.4 14.0

111.2 18.8

168.8

37.3 16.2

57.5

78.1

106.6

147.4

와이지엔터테인먼트0

20,000

40,000

60,000

80,000

100,000

120,000


-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

160,000

2011 2012

주가

x44

x35

x27

x19

x11

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



161



현대에이치씨엔 (126560.KS) 업데이트 : 2013.02.18

투자의견 : 중립 업종 : 미디어·광고 주가 수익률(12개월)



52주 최고가 : 6,390 시가총액(십억원) : 518.5

52주 최저가 : 2,800 60일 평균 거래대금(백만원) : 1,927.8

연중 최고가 : 6,280 외국인지분(%) : 15.6

9 10 11 12 13


20.5 39.1 54.4 89.8 38.1

업종 대비 12.7 31.3 46.6 82.0 30.4 5

KOSPI 대비 23.7 40.6 56.9 93.5 42.1 10

22 23 24 19 20



2010/12A 10.0 45.3 1,255.1 44.5 497.4 32.4 1,187.0 86.1 528 3,415 0

2011/12A 9.4 54.2 19.6 57.0 28.0 41.6 28.6 98.8 492 3,801 0

2012/12F 10.7 71.9 32.7 76.4 34.1 52.0 24.8 111.6 493 4,244 50

2013/12F 9.9 76.6 6.5 81.8 7.1 55.7 7.1 118.4 527 4,721 50

2014/12F 8.2 85.0 11.0 92.1 12.6 62.7 12.6 126.2 592 5,264 50



2010/12A 368.4 (12.5) 34.4 (38.1) 19.9 10.5

2011/12A 410.0 (58.9) 23.9 (37.2) 21.8 2.0 5.5 0.71 10.7 0.0

2012/12F 457.8 (41.3) 18.6 (47.4) 26.1 3.1 8.7 1.01 12.0 1.2

2013/12F 509.3 (67.1) 14.1 (43.8) 25.3 4.1 11.6 1.30 11.5 0.8

2014/12F 567.8 (92.5) 11.2 (37.2) 26.0 3.7 10.3 1.16 11.6 0.8



2012/03A 7.8 (0.5) 13.4 13.2 23.7 14.6 14.3 36.8 10.6 14.5 50.4

2012/06A 11.7 13.0 20.9 29.4 56.1 22.2 30.0 52.2 16.3 24.4 53.9

2012/09A 11.3 (3.5) 15.6 1.9 (25.5) 16.9 2.7 (23.9) 12.5 2.4 (23.8)

2012/12F 11.9 3.2 22.0 102.8 40.9 22.7 112.8 34.4 12.5 77.5 0.7

2013/03F 15.1 2.3 16.5 23.3 (24.7) 17.7 21.2 (22.1) 12.0 13.3 (4.1)

2013/06F 10.2 8.1 20.7 (1.1) 25.1 21.8 (1.9) 23.2 14.8 (9.3) 23.2

2013/09F 7.4 (5.9) 17.6 12.7 (15.1) 18.4 9.2 (15.4) 12.5 0.7 (15.4)

2013/12F 7.4 3.2 21.8 (0.8) 24.1 23.9 5.4 29.7 16.3 29.8 29.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 274.6 66.3 53.9 479 11.0 현대에이치씨엔 11.3 1.3 11.5 0.8

FY2013F 309.8 75.5 62.2 550 11.0 미디어·광고 15.5 1.9 12.6 0.3



74.2

76.6

69.1

71.3

73.0

78.9

63.4

71.6

760.1 152.8

632.1 143.4

702.5 158.2

570.1 177.6

595.8 158.7

275.4

302.6

327.5

현대에이치씨엔

227.3

248.7

0

1,336

2,671

4,007

5,342

6,678


-20

0

20

40

60

80

100

120

KOSPI대비(우)

주가(좌)

(%p)(원)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2011 2012 2013

주가

x11

x9

x7

x5

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



162



CJ E&M (130960.KQ) 업데이트 : 2013.02.06




52주 최고가 : 39,050 시가총액(십억원) : 1,333.5

52주 최저가 : 22,000 60일 평균 거래대금(백만원) : 18,452.4

연중 최고가 : 38,400 외국인지분(%) : 8.9

9 10 11 12 13


1.3 36.8 13.0 18.0 27.8

업종 대비 (6.5) 29.0 5.3 10.2 20.0 5

KOSPI 대비 4.5 38.3 15.6 21.7 31.8 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 22.0 38.8 (44.7) (16.7) NA 22.4 (60.5) 325.0 595 31,782 0

2013/12F 13.7 82.0 111.4 78.4 NA 58.4 161.3 369.5 1,555 33,554 0

2014/12F 8.2 104.5 27.3 104.6 33.3 77.9 33.3 417.3 2,073 35,839 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 1,193.7 100.1 31.1 (58.0) 2.8 3.6 44.5 0.83 1.9 0.0

2013/12F 1,260.9 48.8 30.1 (42.4) 5.2 3.9 22.6 1.05 4.8 0.0

2014/12F 1,347.6 (59.7) 22.5 (34.7) 6.1 3.2 17.0 0.98 6.0 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

2012/09A 7.7 3.1 13.2 1.9 38.1 7.7 (10.8) 38.0 8.0 (18.2) (77.1)

2012/12F 9.5 17.7 19.3 42.7 45.6 (22.2) NA NA (22.9) NA NA

2013/03F 16.7 (7.0) 10.9 NA (43.5) 9.4 NA NA 7.0 177.0 NA

2013/06F 23.4 9.2 24.6 157.0 126.3 21.9 293.5 133.4 16.3 (53.1) 133.4

2013/09F 14.8 (4.0) 21.1 59.4 (14.3) 17.7 130.2 (19.3) 13.2 65.4 (19.3)

2013/12F 2.6 5.1 25.4 32.0 20.6 29.4 NA 66.1 21.9 NA 66.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,389.9 41.8 55.0 1,557 22.6 CJE&M 21.1 1.0 5.0 0.0

FY2013F 1,603.8 88.9 66.9 1,680 20.9 미디어·광고 15.5 1.9 12.6 0.3



373.9

408.3

391.9

412.1

320.5

331.0

341.3

401.8

2,342.7 1,019.6

2,562.4 1,150.8

2,050.9 828.7

2,092.6 838.1

1,715.7

810.7 236.8

98.1

1,143.1

1,394.6

1,586.1

CJ E&M0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2010 2011 2012

주가

x42

x35

x29

x23

x17

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



163



신세계 (004170.KS) 업데이트 : 2013.01.30

투자의견 : 매수 업종 : 유통 주가 수익률(12개월)



52주 최고가 : 271,000 시가총액(십억원) : 2,200.4

52주 최저가 : 182,500 60일 평균 거래대금(백만원) : 5,944.5

연중 최고가 : 237,000 외국인지분(%) : 56.0

9 10 11 12 13


3.7 (0.4) (0.4) (9.5) 1.8

업종 대비 2.7 (1.5) (1.5) (10.6) 0.8 5

KOSPI 대비 6.9 1.0 2.1 (5.7) 5.8 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 5.3 259.2 (3.1) 250.1 (8.7) 175.7 (95.0) 337.1 17,866 202,720 750

2013/12F 7.2 282.2 8.8 253.4 1.3 178.0 1.3 391.3 18,100 205,771 750

2014/12F 6.7 307.1 8.8 286.1 12.9 201.0 12.9 421.5 20,438 211,158 750



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 1,992.2 1,677.1 82.8 (1,221.2) 11.3 12.0 12.2 1.08 8.9 0.3

2013/12F 2,022.3 1,666.8 81.6 (241.3) 11.4 10.4 12.3 1.09 8.9 0.3

2014/12F 2,075.3 1,656.7 79.6 (238.5) 11.7 9.7 10.9 1.06 9.8 0.3



2012/03A 3.5 0.1 68.9 1.0 (24.1) 69.0 2.8 (24.8) 47.1 (71.0) (19.1)

2012/06A 0.4 (3.4) 62.0 (15.2) (10.0) 77.6 (11.4) 12.4 49.8 (98.5) 5.7

2012/09A 3.4 (0.6) 40.4 13.6 (34.8) 37.9 36.7 (51.2) 16.0 (14.4) (67.8)

2012/12F 20.2 25.1 87.9 (3.1) 117.5 65.6 (28.4) 73.2 62.8 7.8 291.7

2013/03F 7.2 (10.8) 73.8 7.2 (16.0) 59.5 (13.8) (9.4) 41.8 (11.3) (33.4)

2013/06F 7.2 (3.4) 66.5 7.2 (10.0) 52.6 (32.1) (11.5) 37.0 (25.8) (11.5)

2013/09F 7.2 (0.6) 43.3 7.2 (34.8) 28.9 (23.6) (45.0) 20.3 26.9 (45.0)

2013/12F 7.2 25.1 98.5 12.1 127.4 112.3 71.2 288.2 78.9 25.7 288.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,277.1 249.5 191.0 17,230 12.9 신세계 12.0 1.1 9.1 0.3

FY2013F 2,510.4 279.0 194.7 18,000 12.6 유통 10.9 1.0 8.9 0.6



574.3

718.4

535.7

670.2

597.9

577.6

557.7

538.8

5,939.3 3,639.1

5,393.6 3,183.6

5,671.4 3,428.7

14,328.1 6,895.9

4,144.7 1,965.1

2,302.4

2,468.1

2,632.3

신세계

1,868.0

2,185.5

0

50,000

100,000

150,000

200,000

250,000

300,000


-20

-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x15

x11

x8

x4

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



164



GS리테일 (007070.KS) 업데이트 : 2013.02.07




52주 최고가 : 35,850 시가총액(십억원) : 2,229.2

52주 최저가 : 21,750 60일 평균 거래대금(백만원) : 6,996.4

연중 최고가 : 32,100 외국인지분(%) : 11.6

9 10 11 12 13


0.0 (1.5) 0.9 20.4 (2.4)

업종 대비 (1.1) (2.6) (0.2) 19.3 (3.4) 5

KOSPI 대비 3.2 (0.0) 3.4 24.1 1.6 10

22 23 24 19 20



2010/12A NA 79.7 NA 106.1 NA 442.2 NA 172.6 1,149 17,877 12,500

2011/12A 21.4 93.7 17.6 129.2 21.7 93.6 (78.8) 214.4 1,213 18,574 300

2012/12F 13.0 140.5 50.0 172.3 33.4 131.5 40.5 284.8 1,707 19,937 300

2013/12F 13.0 181.5 29.2 222.4 29.1 169.7 29.1 346.9 2,203 21,796 300

2014/12F 12.3 193.3 6.5 235.9 6.1 180.0 6.1 377.0 2,338 23,789 300



2010/12A 1,376.5 386.3 36.8 (167.1) 2.4 32.1

2011/12A 1,430.2 827.5 63.5 (188.1) 2.4 6.7

2012/12F 1,535.1 538.8 42.3 (188.0) 3.1 10.0 17.5 1.50 8.9 1.0

2013/12F 1,678.3 533.4 39.0 (188.0) 3.6 8.0 13.1 1.33 10.6 1.0

2014/12F 1,831.7 496.6 34.4 (188.0) 3.4 7.2 12.4 1.22 10.3 1.0



2012/03A 19.6 1.3 11.0 265.1 (48.4) 20.9 64.6 (28.3) 15.8 73.7 (16.3)

2012/06A 14.9 7.6 40.9 42.7 272.1 44.1 41.9 111.2 33.4 49.7 110.8

2012/09A 12.5 9.0 59.1 45.2 44.6 65.2 15.7 47.8 49.8 15.3 49.1

2012/12F 6.2 (10.5) 29.5 38.7 (50.1) 42.2 44.8 (35.3) 32.4 71.3 (34.9)

2013/03F 13.0 7.7 25.2 128.9 (14.7) 36.1 72.8 (14.5) 27.5 73.7 (15.1)

2013/06F 13.0 7.6 46.2 13.0 83.6 59.9 35.8 65.9 45.7 36.7 65.9

2013/09F 13.0 9.0 66.8 13.0 44.6 84.0 29.0 40.3 64.1 28.7 40.3

2013/12F 13.0 (10.5) 43.4 47.0 (35.1) 42.4 0.5 (49.6) 32.3 (0.2) (49.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 4,571.7 166.5 128.5 1,657 16.4 GS리테일 13.0 1.3 10.5 1.0

FY2013F 5,008.3 181.3 146.2 1,894 15.6 유통 10.9 1.0 8.9 0.6



1,182.9

1,272.4

1,386.9

1,240.7

1,047.2

1,126.4

1,227.7

1,098.3

3,158.3 1,492.7

3,409.3 1,600.4

2,994.0 1,559.4

2,913.0 1,381.5

5,709.9

2,595.5 1,219.1

3,280.3

3,981.6

4,499.7

5,082.9

GS리테일0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2012 2013

주가

x18

x16

x15

x13

x12

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



165



롯데쇼핑 (023530.KS) 업데이트 : 2013.02.22




52주 최고가 : 404,500 시가총액(십억원) : 12,108.2

52주 최저가 : 273,500 60일 평균 거래대금(백만원) : 19,267.9

연중 최고가 : 399,000 외국인지분(%) : 15.0

9 10 11 12 13


0.0 3.6 17.6 7.7 0.4

업종 대비 (1.1) 2.6 16.5 6.6 (0.7) 5

KOSPI 대비 3.2 5.1 20.2 11.5 4.3 10

22 23 24 19 20



2010/12A 18.8 1,658.0 44.4 1,540.2 29.2 1,034.7 44.6 2,105.6 35,626 451,374 1,500

2011/12A 17.0 1,818.8 9.7 1,555.2 1.0 931.8 (9.9) 2,378.7 32,084 480,875 1,500

2012/12F 12.4 1,468.0 (19.3) 1,631.6 4.9 1,081.8 16.1 2,125.9 37,248 516,623 1,500

2013/12F 19.5 1,746.1 18.9 1,757.3 7.7 1,146.6 6.0 2,492.7 36,427 511,381 1,500

2014/12F 10.3 1,945.7 11.4 1,910.5 8.7 1,246.6 8.7 2,791.0 39,586 549,467 1,500



2010/12A 13,109.4 764.7 62.0 (1,165.6) 8.7 7.1 13.3 1.05 8.1 0.3

2011/12A 13,966.2 572.1 69.6 (1,592.1) 8.2 4.7 10.6 0.71 6.9 0.4

2012/12F 15,004.5 2,161.6 73.3 (1,590.0) 5.9 6.5 10.1 0.73 7.5 0.4

2013/12F 16,103.8 2,536.8 73.5 (2,620.0) 5.8 6.2 10.6 0.75 7.4 0.4

2014/12F 17,303.2 2,152.3 72.2 (1,519.0) 5.9 5.5 9.7 0.70 7.5 0.4



2012/03A 8.9 2.0 407.6 (15.0) (14.9) 443.7 0.6 (11.8) 310.3 (4.3) 26.6

2012/06A 9.3 (2.0) 385.6 (15.0) (5.4) 307.0 (31.5) (30.8) 193.6 (30.0) (37.6)

2012/09A 10.0 3.1 320.3 (21.2) (16.9) 320.0 96.4 4.2 207.5 141.6 7.1

2012/12F 20.8 17.2 354.6 (26.0) 10.7 561.0 11.5 75.3 370.4 51.1 78.5

2013/03F 17.4 (0.8) 396.6 (2.7) 11.9 425.0 (4.2) (24.2) 277.3 (10.6) (25.1)

2013/06F 21.0 1.0 428.4 11.1 8.0 421.6 37.3 (0.8) 275.1 42.1 (0.8)

2013/09F 24.8 6.3 398.2 24.3 (7.1) 386.5 20.8 (8.3) 252.2 21.5 (8.3)

2013/12F 15.3 8.3 522.8 47.5 31.3 524.1 (6.6) 35.6 342.0 (7.7) 35.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 24,660.7 1,417.2 1,056.6 31,157 12.8 롯데쇼핑 10.4 0.7 7.4 0.4

FY2013F 28,522.9 1,686.7 1,213.9 35,909 10.8 유통 10.9 1.0 8.9 0.6



7,555.7

8,181.8

6,054.9

7,093.8

7,036.1

7,109.2

5,991.9

5,874.1

44,246.8 25,887.6

36,853.0 21,058.5

40,957.8 23,936.5

29,191.5 15,549.5

33,061.1 18,382.1

25,014.8

29,882.9

32,956.7

롯데쇼핑

19,017.7

22,253.1

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000


-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

2006 2007 2008 2009 2010 2011 2012 2013

주가

x15

x13

x11

x9

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



166



GS홈쇼핑 (028150.KQ) 업데이트 : 2013.02.04




52주 최고가 : 200,600 시가총액(십억원) : 1,248.2

52주 최저가 : 88,600 60일 평균 거래대금(백만원) : 4,393.3

연중 최고가 : 197,900 외국인지분(%) : 35.2

9 10 11 12 13


3.5 30.7 64.0 65.8 24.4

업종 대비 2.5 29.7 62.9 64.8 23.3 5

KOSPI 대비 6.7 32.2 66.5 69.6 28.3 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 12.5 135.7 27.9 148.9 (43.2) 111.0 (45.1) 143.6 17,537 107,847 3,500

2013/12F 15.0 171.5 26.4 184.3 23.8 137.4 23.8 179.8 21,950 125,250 3,500

2014/12F 13.0 192.9 12.5 207.1 12.4 154.4 12.4 201.7 24,665 145,076 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 693.9 (355.0) 0.0 (17.0) 13.3 4.5 8.7 1.41 17.1 2.3

2013/12F 808.1 (408.3) 0.0 (17.0) 14.6 4.7 8.7 1.52 18.3 1.8

2014/12F 938.2 (461.3) 0.0 (17.0) 14.6 4.0 7.7 1.31 17.7 1.8



2012/03A 23.1 0.3 27.6 (3.6) 2.3 33.6 (83.3) NA 23.2 (85.6) NA

2012/06A 11.4 (7.5) 22.4 (18.1) (18.7) 28.5 (13.7) (15.2) 19.7 (26.8) (15.1)

2012/09A 15.8 (1.2) 30.1 29.6 34.3 35.4 25.9 24.2 25.3 30.3 28.4

2012/12F 2.2 11.5 55.6 106.4 84.9 51.4 NA 45.4 43.0 NA 70.1

2013/03F 15.0 12.9 31.7 15.0 (43.0) 34.6 3.1 (32.6) 27.3 17.9 (36.4)

2013/06F 15.0 (7.5) 25.8 15.0 (18.7) 28.9 1.6 (16.5) 23.0 17.2 (15.6)

2013/09F 15.0 (1.2) 34.6 15.0 34.3 37.9 7.2 31.1 29.7 17.8 29.1

2013/12F 15.0 11.5 79.4 42.8 129.5 82.8 60.9 118.2 57.3 33.5 92.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,043.6 118.6 101.5 15,468 10.6 GS홈쇼핑 8.4 1.5 18.2 1.8

FY2013F 1,146.2 154.0 129.0 19,662 9.8 유통 10.9 1.0 8.9 0.6



303.9

281.1

277.8

309.7

264.3

244.5

241.6

269.3

1,277.9 460.6

1,458.4 506.0

967.4 360.1

1,110.1 411.1

1,325.0

752.0 322.4

792.2

906.1

1,019.6

1,172.5

GS홈쇼핑0

50,000

100,000

150,000

200,000

250,000


-20

-10

0

10

20

30

40

50

60

70

80

90

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x9

x7

x6

x4

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



167



CJ오쇼핑 (035760.KQ) 업데이트 : 2013.03.22




52주 최고가 : 322,700 시가총액(십억원) : 1,867.3

52주 최저가 : 163,300 60일 평균 거래대금(백만원) : 7,170.4

연중 최고가 : 313,500 외국인지분(%) : 16.5

9 10 11 12 13


3.4 12.7 32.2 14.0 10.0

업종 대비 2.4 11.7 31.2 13.0 8.9 5

KOSPI 대비 6.6 14.2 34.8 17.8 13.9 10

22 23 24 19 20



2010/12A 10.4 122.4 19.5 106.9 4.0 92.8 18.1 137.8 10,222 59,410 1,200

2011/12A 25.8 130.8 6.9 117.8 10.2 112.5 21.2 143.7 18,698 80,261 2,000

2012/12F 13.9 142.3 8.8 162.6 38.0 122.6 9.0 157.4 20,377 98,510 2,000

2013/12F 10.0 154.9 8.8 139.9 (14.0) 105.5 (14.0) 171.1 17,531 113,658 2,000

2014/12F 12.0 184.2 18.9 167.7 19.9 126.5 19.9 201.7 21,017 131,677 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) 14.6 11.6 13.8 3.21 27.0 0.8

2012/12F 598.8 160.5 55.0 (22.4) 14.0 11.0 13.6 2.81 22.6 0.7

2013/12F 692.7 131.3 42.1 (23.0) 13.8 10.9 17.2 2.65 16.3 0.7

2014/12F 804.5 99.2 31.9 (23.5) 14.7 9.1 14.3 2.29 16.9 0.7



2012/03A 19.1 (10.6) 34.2 (2.1) 12.2 31.4 (4.5) 20.4 32.8 (4.4) 1,512.5

2012/06A 18.8 8.2 30.8 (7.5) (10.0) 30.2 (3.7) (3.8) 41.3 (7.5) 26.0

2012/09A 27.5 5.0 28.7 (10.6) (6.8) 71.5 160.9 136.3 66.9 112.3 62.1

2012/12F (4.9) (6.4) 48.6 59.3 69.3 29.5 12.9 (58.7) (18.4) NA NA

2013/03F 13.9 7.0 36.4 6.5 (25.0) 32.4 3.2 10.0 24.5 (25.4) NA

2013/06F 7.1 1.7 38.1 23.9 4.7 34.1 12.9 5.3 25.7 (37.7) 5.3

2013/09F 1.9 (0.0) 31.3 9.1 (17.8) 28.3 (60.3) (17.0) 21.4 (68.1) (17.0)

2013/12F 18.0 8.4 49.0 0.8 56.4 45.0 52.6 58.8 33.9 NA 58.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,874.1 260.8 176.1 23,588 12.9 CJ오쇼핑 11.9 2.4 21.6 0.7

FY2013F 2,113.8 285.1 177.4 23,680 12.9 유통 10.9 1.0 8.9 0.6



275.6

298.7

270.4

253.2

270.9

275.6

237.8

257.4

1,300.6 634.5

1,060.9 602.7

1,165.9 614.2

801.8 537.9

905.6 557.9

1,018.9

1,120.8

1,255.3

CJ오쇼핑

711.2

894.7

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x25

x20

x15

x10

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



168



현대홈쇼핑 (057050.KS) 업데이트 : 2013.02.04

투자의견 : 중립 업종 : 유통 주가 수익률(12개월)



52주 최고가 : 152,000 시가총액(십억원) : 1,620.0

52주 최저가 : 89,600 60일 평균 거래대금(백만원) : 3,967.5

연중 최고가 : 146,000 외국인지분(%) : 35.6

9 10 11 12 13


8.0 22.7 16.9 (3.9) 10.2

업종 대비 6.9 21.7 15.8 (5.0) 9.2 5

KOSPI 대비 11.2 24.2 19.5 (0.1) 14.2 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 6.9 152.8 0.3 150.3 (19.9) 104.1 (26.9) 161.8 8,678 76,695 1,100

2013/12F 12.0 167.5 9.6 225.5 50.0 171.4 64.6 176.5 14,280 89,618 1,100

2014/12F 11.0 186.8 11.5 250.6 11.2 190.5 11.2 196.0 15,874 104,135 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 920.3 (453.7) 0.3 (17.2) 20.1 6.2 13.9 1.58 11.9 0.9

2013/12F 1,075.4 (571.8) 0.3 (17.2) 19.7 5.9 9.5 1.51 17.2 0.8

2014/12F 1,249.6 (679.0) 0.3 (17.2) 19.8 4.8 8.5 1.30 16.4 0.8



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

2012/09A 6.5 (4.5) 30.4 (1.4) (14.5) 40.4 (4.4) (29.5) 34.9 5.7 (22.1)

2012/12F 4.8 11.4 40.7 4.2 33.9 (2.2) NA NA (17.3) NA NA

2013/03F 1.2 3.9 47.7 3.0 17.3 55.6 1.6 NA 42.3 1.5 NA

2013/06F 12.0 1.4 40.5 13.9 (15.1) 62.2 8.6 11.9 47.3 5.5 11.9

2013/09F 12.0 (4.5) 34.7 14.1 (14.3) 51.0 26.4 (18.0) 38.8 11.1 (18.0)

2013/12F 23.0 22.4 44.7 10.0 29.0 56.6 NA 10.9 43.0 NA 10.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 766.0 154.1 134.5 11,207 12.5 현대홈쇼핑 9.2 1.5 17.0 0.8

FY2013F 830.7 164.8 166.7 13,890 10.0 유통 10.9 1.0 8.9 0.6



204.4

207.3

197.9

242.1

201.9

185.1

176.7

196.8

1,390.6 315.2

1,583.4 333.8

1,101.6 269.1

1,218.9 298.6

945.4

926.7 221.6

581.4

711.4

760.5

851.7

현대홈쇼핑0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-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

2010 2011 2012

주가

x16

x13

x11

x9

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



169



현대백화점 (069960.KS) 업데이트 : 2013.01.07




52주 최고가 : 185,500 시가총액(십억원) : 3,697.6

52주 최저가 : 116,000 60일 평균 거래대금(백만원) : 12,208.8

연중 최고가 : 170,500 외국인지분(%) : 40.8

9 10 11 12 13


5.0 2.3 9.0 (7.1) (1.6)

업종 대비 3.9 1.2 7.9 (8.1) (2.6) 5

KOSPI 대비 8.2 3.8 11.5 (3.3) 2.4 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 7.3 446.9 (0.7) 504.9 (9.9) 328.5 (5.2) 537.6 14,260 122,241 650

2013/12F 14.0 513.0 14.8 569.3 12.8 370.4 12.8 616.4 16,079 140,094 650

2014/12F 7.4 550.9 7.4 607.5 6.7 395.2 6.7 666.2 17,158 160,128 650



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 2,807.1 249.5 15.4 (459.8) 28.9 8.3 11.1 1.30 12.5 0.4

2013/12F 3,224.9 46.2 13.4 (472.3) 29.1 7.0 9.8 1.13 12.3 0.4

2014/12F 3,693.8 (252.7) 11.7 (384.2) 29.2 6.2 9.2 0.99 11.4 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

2012/06A 8.7 (7.2) 117.6 (6.9) (6.9) 133.9 (5.0) (5.3) 89.5 0.7 (4.2)

2012/09A 0.8 (4.5) 77.5 (7.1) (34.1) 90.3 (37.2) (32.5) 59.1 (41.9) (34.0)

2012/12F 10.1 31.8 125.9 5.8 62.4 139.0 9.3 53.8 86.6 48.1 46.6

2013/03F 9.6 (6.1) 145.3 15.0 15.4 160.3 13.4 15.4 103.6 10.9 19.6

2013/06F 15.4 (2.3) 141.5 20.3 (2.7) 154.9 15.7 (3.4) 100.1 11.9 (3.4)

2013/09F 14.2 (5.5) 90.5 16.8 (36.0) 104.2 15.4 (32.7) 67.3 13.9 (32.7)

2013/12F 13.5 31.0 136.2 8.2 50.4 149.4 7.5 43.4 96.5 11.4 43.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,536.3 443.6 366.3 13,958 11.5 현대백화점 9.7 1.1 12.1 0.4

FY2013F 1,685.9 485.8 399.7 15,368 10.4 유통 10.9 1.0 8.9 0.6



395.3

517.9

346.2

456.3

428.5

418.5

390.9

362.6

6,465.2 2,092.8

5,215.8 1,892.9

5,857.0 2,039.6

3,916.6 1,469.7

4,720.1 1,827.7

1,544.0

1,760.1

1,889.6

현대백화점

1,270.7

1,439.1

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

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x10

x8

x6

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



170



롯데하이마트 (071840.KS) 업데이트 : 2013.01.10




52주 최고가 : 80,000 시가총액(십억원) : 1,716.3

52주 최저가 : 45,950 60일 평균 거래대금(백만원) : 6,511.8

연중 최고가 : 74,500 외국인지분(%) : 7.0

9 10 11 12 13


1.0 8.2 6.1 16.7 7.2

업종 대비 (0.1) 7.1 5.1 15.6 6.2 5

KOSPI 대비 4.2 9.7 8.7 20.5 11.2 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 (5.3) 165.8 (36.0) 105.2 (43.7) 80.3 (42.9) 209.7 3,402 63,007 880

2013/12F 24.6 233.6 40.9 198.1 88.2 152.1 89.4 282.2 6,443 68,570 880

2014/12F 18.0 290.4 24.3 261.5 32.1 200.9 32.1 346.5 8,508 76,198 880



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 1,487.5 729.5 67.9 (60.0) 5.1 11.2 20.2 1.09 5.5 1.3

2013/12F 1,618.8 651.5 61.7 (80.0) 5.8 8.4 11.3 1.06 9.8 1.2

2014/12F 1,798.9 493.2 48.9 (100.0) 6.1 6.4 8.5 0.95 11.8 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

2012/09A 0.4 26.3 67.9 (15.3) 101.6 51.5 (19.2) 194.5 39.6 (18.1) 195.1

2012/12F (0.3) (6.1) 32.6 (34.6) (52.0) 20.3 (40.6) (60.6) 15.6 (37.6) (60.6)

2013/03F 7.0 (14.6) 41.7 31.9 27.9 32.6 105.0 60.7 25.1 113.0 60.8

2013/06F 23.8 22.1 45.1 33.7 8.1 36.1 106.4 10.7 27.7 106.9 10.7

2013/09F 27.0 29.7 83.4 22.8 85.2 74.6 44.7 106.6 57.3 44.8 106.6

2013/12F 36.9 1.2 63.4 94.7 (24.0) 54.7 169.6 (26.6) 42.0 169.8 (26.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,227.0 164.9 78.2 3,342 21.1 롯데하이마트 10.5 1.0 10.2 1.2

FY2013F 3,505.5 219.9 138.5 5,832 12.6 유통 10.9 1.0 8.9 0.6



744.9

909.2

1,179.0

1,193.5

695.9

734.7

928.0

871.9

2,975.7 1,356.9

3,104.2 1,305.3

2,768.2 1,340.3

2,786.3 1,298.9

4,750.7

2,657.2 1,658.4

3,052.3

3,410.6

3,230.4

4,026.6

롯데하이마트0

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

2011 2012

주가

x22

x18

x15

x12

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



171



이마트 (139480.KS) 업데이트 : 2013.01.30

투자의견 : 중립 업종 : 유통 주가 수익률(12개월)



52주 최고가 : 289,000 시가총액(십억원) : 6,132.7

52주 최저가 : 210,500 60일 평균 거래대금(백만원) : 10,660.4

연중 최고가 : 242,000 외국인지분(%) : 63.2

9 10 11 12 13


(2.4) (6.8) (12.0) (11.6) (7.0)

업종 대비 (3.5) (7.8) (13.1) (12.7) (8.0) 5

KOSPI 대비 0.8 (5.3) (9.4) (7.9) (3.0) 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 57.6 751.7 53.3 664.3 47.4 477.2 56.0 1,095.6 17,126 205,632 750

2013/12F 1.1 734.3 (2.3) 675.6 1.7 485.3 1.7 1,102.1 17,416 214,629 750

2014/12F 4.6 775.7 5.6 729.1 7.9 523.7 7.9 1,165.6 18,794 225,005 750



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 5,728.9 2,274.9 42.2 (615.6) 6.0 8.2 13.9 1.16 8.5 0.3

2013/12F 5,979.7 1,998.3 35.9 (617.9) 5.8 7.5 12.6 1.03 8.3 0.3

2014/12F 6,268.9 1,680.9 29.4 (620.0) 5.8 6.8 11.7 0.98 8.6 0.3



2012/03A NA 12.7 189.5 NA 29.6 167.6 NA 38.1 118.2 NA 57.2

2012/06A 53.9 (8.5) 190.7 33.5 0.6 195.2 27.2 16.4 142.7 27.0 20.7

2012/09A 6.3 14.3 226.2 12.3 18.6 204.7 16.3 4.9 151.8 28.4 6.4

2012/12F 4.3 (11.5) 145.4 (0.6) (35.7) 96.8 (20.2) (52.7) 64.5 (14.3) (57.5)

2013/03F 1.1 9.2 191.6 1.1 31.8 178.8 6.6 84.6 128.4 8.6 99.1

2013/06F 1.1 (8.5) 192.7 1.1 0.6 180.5 (7.5) 1.0 129.7 (9.1) 1.0

2013/09F 1.1 14.3 228.6 1.1 18.6 220.2 7.5 22.0 158.2 4.2 22.0

2013/12F 1.1 (11.5) 121.4 (16.5) (46.9) 96.1 (0.7) (56.3) 69.0 7.1 (56.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 12,504.3 768.3 516.0 18,156 11.9 이마트 12.4 1.0 8.3 0.3

FY2013F 12,952.4 787.3 516.9 18,699 11.6 유통 10.9 1.0 8.9 0.6



3,418.3

3,025.6

3,381.3

2,992.8

3,269.1

2,992.0

3,233.6

2,959.5

12,865.5 6,481.8

12,156.4 6,330.3

12,446.6 6,361.4

11,110.4 5,535.0

12,567.2

12,705.0

13,289.0

이마트

7,974.4

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-20

-15

-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

2011 2012

주가

x28

x24

x20

x16

x12

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



172



오리온 (001800.KS) 업데이트 : 2013.03.20

투자의견 : 매수 업종 : 음식료·담배 주가 수익률(12개월)

목표주가 : 1,230,000 애널리스트 : 이경주

현재주가 : 1,078,000 회계기준 : K-IFRS 연결

52주 최고가 : 1,149,000 시가총액(십억원) : 6,434.7

52주 최저가 : 772,000 60일 평균 거래대금(백만원) : 16,975.8

연중 최고가 : 1,123,000 외국인지분(%) : 39.2

9 10 11 12 13


4.1 3.7 17.2 33.3 (0.5)

업종 대비 4.8 4.4 18.0 34.0 0.3 5

KOSPI 대비 7.2 5.1 19.7 37.0 3.5 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

2011/12A 20.0 210.0 (37.8) 175.8 (42.2) 99.4 (49.2) 320.0 18,908 149,762 3,000

2012/12F 23.7 263.7 25.6 224.1 27.5 151.6 52.6 390.4 28,842 166,014 3,100

2013/12F 10.5 326.2 23.7 288.0 28.5 176.4 16.4 455.0 33,559 208,111 3,300

2014/12F 10.9 400.9 22.9 364.6 26.6 223.8 26.9 555.5 42,578 247,061 3,500



2010/12A 775.0 379.4 78.5 (216.8) 21.2 6.6 10.4 2.89 31.9 0.6

2011/12A 876.7 393.4 75.7 (190.1) 11.0 14.3 35.9 4.53 12.0 0.4

2012/12F 973.9 324.0 69.2 (258.7) 11.1 18.0 38.1 6.62 16.4 0.3

2013/12F 1,225.0 328.7 51.4 (232.9) 12.5 15.3 32.1 5.18 16.0 0.3

2014/12F 1,457.4 256.0 41.6 (312.9) 13.8 12.4 25.3 4.36 16.7 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 22.2 11.3 59.5 (10.2) (13.9) 51.3 (8.0) (12.6) 38.7 9.0 17.1

2012/12F 13.4 (0.4) 19.6 (47.3) (67.1) 6.7 (77.2) (87.0) 15.8 224.6 (59.3)

2013/03F 7.2 12.1 80.3 (28.8) 310.6 73.3 (31.9) 998.3 44.9 (29.9) 184.6

2013/06F 8.9 (12.3) 73.1 5.8 (9.0) 66.7 13.7 (9.0) 40.9 23.6 (8.9)

2013/09F 12.7 15.2 87.3 46.8 19.5 75.9 48.1 13.9 46.5 20.1 13.8

2013/12F 13.0 (0.2) 85.4 336.7 (2.2) 72.1 981.0 (5.0) 44.1 180.0 (5.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,370.7 265.5 164.7 24,333 45.0 오리온 30.3 5.0 16.2 0.3

FY2013F 2,696.2 317.2 207.3 32,250 34.0 음식료·담배 14.4 1.7 12.0 0.4



671.8

588.8

678.2

677.1

626.3

540.8

601.7

599.2

2,822.4 1,420.4

3,149.1 1,486.7

2,319.9 1,310.3

2,647.6 1,519.6

2,900.5

2,169.7 1,271.5

1,595.5

1,914.3

2,368.0

2,615.9

오리온0

200,000

400,000

600,000

800,000

1,000,000

1,200,000


0

10

20

30

40

50

60KOSPI대비(우)

주가(좌)

(%p)(원)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x52

x40

x29

x17

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



173



농심 (004370.KS) 업데이트 : 2013.03.20


목표주가 : 330,000 애널리스트 : 이경주


52주 최고가 : 300,000 시가총액(십억원) : 1,727.5

52주 최저가 : 203,000 60일 평균 거래대금(백만원) : 5,672.1

연중 최고가 : 297,000 외국인지분(%) : 27.1

9 10 11 12 13


4.6 6.4 6.2 22.4 4.4

업종 대비 5.4 7.2 7.0 23.2 5.2 5

KOSPI 대비 7.8 7.9 8.7 26.2 8.4 10

22 23 24 19 20



2010/12A 3.8 163.1 42.1 183.6 16.1 139.8 9.7 232.3 24,168 251,916 4,000

2011/12A 4.2 115.8 (29.0) 127.8 (30.4) 84.8 (39.3) 190.6 14,662 259,430 4,000

2012/12F 0.2 96.9 (16.4) 25.6 (80.0) (6.8) NA 177.5 -1,173 250,158 4,000

2013/12F 11.8 151.3 56.2 174.6 582.4 96.6 NA 231.4 16,708 258,879 4,000

2014/12F 7.5 189.0 24.9 220.5 26.3 122.6 26.9 269.1 21,206 271,877 4,000



2010/12A 1,451.5 (434.0) 7.7 (112.6) 7.8 3.5 8.4 0.81 10.5 2.0

2011/12A 1,497.2 (418.9) 7.9 (91.0) 5.3 5.3 15.9 0.90 5.8 1.7

2012/12F 1,440.8 (361.3) 7.0 (68.5) 4.5 7.4 NA 1.09 (0.5) 1.5

2013/12F 1,493.9 (444.6) 6.7 (74.0) 6.2 5.7 17.0 1.10 6.6 1.4

2014/12F 1,573.0 (667.8) 6.2 (78.9) 7.2 4.2 13.4 1.04 8.0 1.4



2012/03A 496.1 (1.4) 1.0 27.2 (27.3) 86.5 (71.8) (270.9) (397.8) (80.6) (354.4) (1,192.5)

2012/06A 469.2 (5.0) (5.4) 14.5 (41.9) (46.6) 22.1 (38.8) 130.8 16.7 (39.6) 120.7

2012/09A 500.7 3.9 6.7 30.4 42.5 109.9 41.4 61.5 87.0 31.2 60.1 86.7

2012/12A 492.9 0.3 (1.5) 29.7 103.9 (2.5) 42.3 75.4 2.2 33.0 346.7 5.8

2013/03F 544.1 9.7 10.4 35.9 32.2 21.0 39.9 155.6 (5.7) 29.9 137.1 (9.2)

2013/06F 515.6 9.9 (5.2) 25.8 77.9 (28.2) 29.9 35.3 (24.9) 22.5 34.6 (24.9)

2013/09F 515.6 3.0 0.0 33.5 10.1 30.0 37.9 (8.5) 26.4 28.4 8.9 26.4

2013/12F 573.0 16.2 11.1 35.9 20.8 7.0 64.3 52.0 69.8 48.2 46.4 69.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,003.4 101.2 (0.2) -32 NA 농심 16.1 1.1 6.9 1.4

FY2013F 1,975.6 119.1 120.9 19,876 14.7 음식료·담배 14.4 1.7 12.0 0.4



2,572.6 918.6

2,151.3 692.0

2,290.8 751.7

2,181.6 726.8

2,270.3 751.0

2,175.7

2,431.4

2,613.6

농심

2,082.8

2,170.9

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-5

0

5

10

15

20

25

30

35

40KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x17

x13

x9

x5

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



174



롯데제과 (004990.KS) 업데이트 : 2012.10.25


목표주가 : 2,000,000 애널리스트 : 이경주


52주 최고가 : 1,879,000 시가총액(십억원) : 2,372.3

52주 최저가 : 1,415,000 60일 평균 거래대금(백만원) : 2,709.1

연중 최고가 : 1,842,000 외국인지분(%) : 40.2

9 10 11 12 13


(5.6) 3.5 6.0 1.8 3.7

업종 대비 (4.8) 4.3 6.8 2.6 4.5 5

KOSPI 대비 (2.4) 5.0 8.5 5.6 7.6 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

2011/12A 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

2011/12A 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 8.8 17.0 0.93 5.4 0.2

2013/12F 2,464.3 81.7 14.2 (100.8) 10.9 8.0 14.7 0.96 6.4 0.2

2014/12F 2,470.9 28.4 13.0 (93.9) 11.4 7.1 12.6 0.96 7.6 0.2



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 1,939.5 146.2 105.1 72,162 24.2 롯데제과 14.2 1.0 6.7 0.2

FY2013F 2,031.5 164.9 116.4 79,435 22.0 음식료·담배 14.4 1.7 12.0 0.4



473.2

503.2

619.2

639.7

436.4

464.1

571.1

590.0

4,011.7 1,464.7

4,073.7 1,519.7

3,901.3 1,286.3

3,931.2 1,362.8

2,410.8

3,991.9 1,299.9

1,650.7

1,854.2

2,061.6

2,235.3

롯데제과0

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


-15

-10

-5

0

5

10

15

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 2013

주가

x25

x22

x19

x16

x14

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



175



빙그레 (005180.KS) 업데이트 : 2013.03.21

투자의견 : 중립 업종 : 음식료·담배 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이경주


52주 최고가 : 140,000 시가총액(십억원) : 1,256.0

52주 최저가 : 56,200 60일 평균 거래대금(백만원) : 5,941.7

연중 최고가 : 138,500 외국인지분(%) : 21.9

9 10 11 12 13


2.0 15.9 17.5 124.9 12.8

업종 대비 2.8 16.7 18.3 125.7 13.6 5

KOSPI 대비 5.2 17.4 20.1 128.6 16.8 10

22 23 24 19 20



2010/12A 9.0 59.8 (1.3) 64.6 2.3 48.9 0.2 78.0 5,567 40,225 1,400

2011/12A 5.2 49.1 (17.9) 52.0 (19.5) 42.0 (14.1) 68.9 4,754 42,286 1,200

2012/12A 9.5 66.8 36.2 67.1 29.2 50.8 20.8 87.8 5,740 46,576 1,400

2013/12F 9.2 79.3 18.6 80.5 20.0 61.6 21.3 100.7 6,965 51,246 1,400

2014/12F 7.7 90.1 13.7 92.7 15.1 70.9 15.1 112.0 8,017 56,737 1,400



2010/12A 373.8 (140.1) 2.4 (22.8) 8.7 5.2 10.1 1.39 13.9 2.5

2011/12A 394.1 (116.7) 2.5 (27.2) 6.8 6.8 12.5 1.41 10.9 2.0

2012/12A 436.4 (145.0) 2.2 (31.7) 8.5 10.9 19.5 2.40 12.2 1.3

2013/12F 482.4 (192.7) 2.0 (20.1) 9.2 10.6 18.3 2.49 13.4 1.1

2014/12F 536.4 (236.2) 1.8 (25.5) 9.7 9.2 15.9 2.25 13.9 1.1



2012/03A 7.5 7.4 6.5 123.9 NA 7.8 80.9 NA 6.1 90.9 NA

2012/06A 10.5 55.4 29.7 30.6 354.6 31.0 27.8 298.3 22.8 24.7 274.4

2012/09A 13.1 9.5 36.5 38.5 23.1 37.9 36.3 22.3 28.5 37.0 25.0

2012/12A 4.3 (43.0) (5.9) NA NA (9.5) NA NA (7.3) NA NA

2013/03F 9.2 12.5 7.3 12.0 NA 8.8 12.6 NA 6.7 9.8 NA

2013/06F 9.2 55.4 35.1 18.4 380.6 36.6 18.1 317.9 28.0 22.5 317.9

2013/09F 9.2 9.5 41.8 14.4 18.9 43.7 15.4 19.5 33.4 17.2 19.5

2013/12F (4.1) (49.9) (5.8) NA NA (4.4) NA NA (6.5) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 797.8 71.7 58.7 5,958 19.8 빙그레 17.7 2.4 13.5 1.1

FY2013F 866.7 83.8 67.9 6,895 19.2 음식료·담배 14.4 1.7 12.0 0.4



280.6

140.5

257.0

146.6

164.9

256.2

151.0

234.6

663.8 117.0

543.0 106.6

601.1 114.2

472.8 101.8

491.6 96.8

789.1

861.8

928.4

빙그레

684.9

720.6

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-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

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x21

x17

x14

x10

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



176



KT&G (033780.KS) 업데이트 : 2013.03.21




52주 최고가 : 92,300 시가총액(십억원) : 10,242.0

52주 최저가 : 72,500 60일 평균 거래대금(백만원) : 30,501.7

연중 최고가 : 81,000 외국인지분(%) : 58.7

9 10 11 12 13


(2.2) (12.2) (17.1) 2.1 (5.2)

업종 대비 (1.4) (11.4) (16.3) 2.8 (4.4) 5

KOSPI 대비 1.0 (10.7) (14.5) 5.8 (1.3) 10

22 23 24 19 20



2010/12A (4.5) 1,081.2 (10.3) 1,405.7 21.0 1,031.8 21.2 1,230.2 8,109 34,765 3,000

2011/12A 7.6 1,090.3 0.8 1,161.1 (17.4) 816.1 (20.9) 1,247.7 6,451 37,378 3,200

2012/12A 7.0 1,035.9 (5.0) 1,022.4 (11.9) 738.0 (9.6) 1,214.3 5,869 39,550 0

2013/12F 8.6 1,261.1 21.7 1,251.5 22.4 920.7 24.8 1,411.9 7,322 46,257 0

2014/12F 7.2 1,380.7 9.5 1,372.5 9.7 1,012.2 9.9 1,538.4 8,049 53,629 0



2010/12A 4,556.2 (949.2) 1.5 (211.6) 31.2 6.5 8.0 1.86 24.2 4.6

2011/12A 4,788.1 (711.4) 2.5 (288.5) 29.3 8.5 12.6 2.18 17.5 3.9

2012/12A 5,090.9 (825.9) 3.9 (263.4) 26.0 8.5 13.8 2.04 14.9 0.0

2013/12F 6,011.6 (1,004.0) 3.3 (213.5) 29.1 6.6 10.2 1.61 16.6 0.0

2014/12F 7,023.8 (618.7) 2.8 (222.1) 29.7 6.3 9.3 1.39 15.5 0.0



2012/03A 16.6 0.8 266.0 2.4 25.2 268.1 4.2 20.7 190.8 4.6 40.4

2012/06A 11.9 4.6 271.6 (7.4) 2.1 294.3 0.9 9.8 214.4 (0.3) 12.3

2012/09A 1.7 5.8 317.2 (2.4) 16.8 304.0 (22.1) 3.3 226.1 (20.0) 5.5

2012/12A 0.0 (10.2) 181.0 (14.8) (42.9) 156.1 (29.7) (48.6) 106.7 (21.5) (52.8)

2013/03F 10.3 11.1 314.9 18.4 74.0 316.8 18.2 103.0 233.1 22.1 118.4

2013/06F 9.3 3.7 318.8 17.4 1.2 345.6 17.4 9.1 254.2 18.6 9.1

2013/09F 7.1 3.5 358.6 13.0 12.5 346.1 13.9 0.2 254.6 12.6 0.2

2013/12F 7.9 (9.5) 268.8 48.5 (25.0) 243.0 55.7 (29.8) 178.8 67.6 (29.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 4,010.6 1,072.9 791.9 5,800 13.4 KT&G 10.0 1.6 16.4 0.0

FY2013F 4,077.8 1,079.9 798.8 5,875 12.7 음식료·담배 14.4 1.7 12.0 0.4



1,060.4

1,099.4

1,138.3

1,030.1

961.6

1,005.4

1,063.3

954.4

7,360.7 1,236.3

7,311.6 164.8

6,276.4 1,391.3

6,796.0 1,601.5

4,641.7

5,777.1 1,178.7

3,461.4

3,723.0

3,984.7

4,328.2

KT&G0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-5

0

5

10

15

20

25

30

35KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x14

x12

x10

x8

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



177



CJ제일제당 (097950.KS) 업데이트 : 2013.03.21




52주 최고가 : 390,000 시가총액(십억원) : 4,516.4

52주 최저가 : 273,000 60일 평균 거래대금(백만원) : 16,521.0

연중 최고가 : 386,500 외국인지분(%) : 22.2

9 10 11 12 13


(4.0) (1.6) 9.0 (2.5) (4.7)

업종 대비 (3.2) (0.8) 9.8 (1.7) (3.9) 5

KOSPI 대비 (0.8) (0.1) 11.6 1.2 (0.7) 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

2011/12A 13.2 454.1 0.3 461.4 (49.2) 301.5 (54.1) 635.1 21,854 200,616 1,800

2012/12F 51.1 615.5 35.5 425.0 (7.9) 254.9 (15.5) 925.1 18,359 213,450 2,000

2013/12F 12.7 726.8 18.1 669.0 57.4 361.9 42.0 1,049.3 25,815 233,574 2,200

2014/12F 11.7 886.1 21.9 851.0 27.2 487.1 34.6 1,237.1 34,754 262,043 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

2011/12A 2,719.9 3,965.9 99.9 (725.8) 6.9 15.5 13.2 1.44 11.2 0.6

2012/12F 2,974.5 4,287.9 95.3 (1,052.9) 6.2 12.2 19.4 1.67 9.0 0.6

2013/12F 3,264.5 4,258.8 93.9 (989.6) 6.5 10.7 13.4 1.48 11.6 0.6

2014/12F 3,674.8 4,585.5 88.6 (976.2) 7.1 9.4 9.9 1.32 14.0 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 3.2 16.1 146.8 208.3 107.8 84.4 225.2 159.5

2012/12F 52.4 (8.3) 128.7 60.0 (24.7) 74.0 (59.8) (49.6) 48.1 (60.7) (43.0)

2013/03F 12.7 10.3 181.8 7.6 41.3 150.1 12.3 102.8 81.2 (9.7) 68.8

2013/06F 12.7 2.9 162.1 10.1 (10.9) 133.3 88.7 (11.2) 72.1 121.7 (11.2)

2013/09F 12.7 8.3 199.2 16.5 22.9 176.0 19.9 32.1 95.2 12.8 32.1

2013/12F 12.7 (8.3) 183.6 42.7 (7.8) 209.7 183.4 19.1 113.4 135.8 19.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,938.8 632.5 350.2 20,246 18.9 CJ제일제당 12.4 1.4 12.1 0.7

FY2013F 11,091.8 741.8 434.1 26,116 13.6 음식료·담배 14.4 1.7 12.0 0.4



2,977.0

2,729.1

2,642.6

2,422.6

2,671.7

2,749.6

2,371.6

2,440.8

14,630.2 8,549.9

12,363.9 7,142.8

13,767.4 8,177.9

6,002.6 3,331.0

11,339.5 6,643.0

9,877.5

11,127.4

12,426.3

CJ제일제당

5,777.8

6,538.2

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000


-20

-15

-10

-5

0

5

10

15

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

2007 2008 2009 2010 2011 2012

주가

x20

x16

x12

x8

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



178



코스맥스 (044820.KS) 업데이트 : 2013.02.21

투자의견 : 매수 업종 : 생활용품 주가 수익률(12개월)

목표주가 : 51,000 애널리스트 : 이정인


52주 최고가 : 54,500 시가총액(십억원) : 640.9

52주 최저가 : 16,000 60일 평균 거래대금(백만원) : 9,216.4

연중 최고가 : 49,450 외국인지분(%) : 15.1

9 10 11 12 13


6.7 20.9 20.0 165.6 9.4

업종 대비 9.7 23.9 23.0 168.6 12.4 5

KOSPI 대비 9.9 22.4 22.5 169.4 13.3 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 28.1 26.3 56.0 25.1 78.0 22.0 91.0 34.1 1,634 5,956 200

2013/12F 22.0 33.7 28.1 30.5 21.5 25.9 17.7 43.5 1,924 7,718 200

2014/12F 22.0 43.4 28.9 40.4 32.4 34.3 32.4 55.3 2,547 10,096 200



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 80.3 73.0 113.5 (20.0) 8.4 19.5 26.5 7.27 31.3 0.5

2013/12F 104.2 73.6 91.9 (25.0) 8.8 16.5 24.5 6.11 28.1 0.4

2014/12F 136.6 68.3 70.0 (20.0) 9.3 12.9 18.5 4.67 28.5 0.4



2012/03A 26.1 8.2 6.9 47.4 71.8 6.3 38.2 71.8 4.8 15.2 34.3

2012/06A 44.3 20.9 9.2 80.8 32.3 8.7 121.7 39.0 7.7 269.2 60.3

2012/09A 33.1 (11.3) 5.9 90.8 (36.0) 4.8 139.0 (45.4) 3.7 114.0 (52.0)

2012/12F 10.8 (4.6) 4.4 8.3 (25.6) 5.4 47.1 12.9 5.9 64.4 59.1

2013/03F 24.8 22.0 9.2 33.5 111.8 8.2 31.2 53.3 6.6 37.2 12.1

2013/06F 6.9 3.5 8.5 (6.8) (7.6) 7.6 (12.5) (7.4) 7.4 (3.4) 12.8

2013/09F 6.9 (11.3) 5.7 (2.1) (32.7) 4.8 1.1 (36.9) 3.5 (5.1) (52.8)

2013/12F 52.7 36.3 10.2 133.4 77.3 9.9 83.3 104.7 8.4 43.9 141.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 312.8 26.3 22.0 1,580 30.5 코스맥스 22.9 5.7 28.1 0.4

FY2013F 379.4 32.2 24.9 1,757 27.4 생활용품 21.4 3.5 16.4 0.5



90.6

93.9

83.3

113.5

72.6

87.8

77.9

74.3

294.0 187.9

342.0 202.9

199.3 138.2

246.1 164.5

465.3

142.8 91.5

203.7

244.0

312.6

381.3

코스맥스0

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 2013

주가

x29

x22

x15

x8

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



179



LG생활건강 (051900.KS) 업데이트 : 2013.02.19




52주 최고가 : 697,000 시가총액(십억원) : 9,261.6

52주 최저가 : 531,000 60일 평균 거래대금(백만원) : 19,877.4

연중 최고가 : 685,000 외국인지분(%) : 44.5

9 10 11 12 13


(3.1) (6.9) (5.1) 11.9 (8.9)

업종 대비 (0.1) (3.9) (2.1) 14.9 (5.9) 5

KOSPI 대비 0.1 (5.4) (2.5) 15.7 (5.0) 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 12.9 445.6 11.2 430.3 15.6 304.2 14.9 576.3 18,265 74,732 2,650

2013/12F 17.0 554.3 24.4 526.9 22.4 375.0 23.3 709.3 22,522 93,164 2,650

2014/12F 12.7 658.8 18.8 626.9 19.0 446.2 19.0 838.0 26,801 115,614 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 1,253.2 266.9 30.7 (258.2) 11.4 19.1 36.0 8.79 27.0 0.4

2013/12F 1,579.8 444.4 36.6 (276.8) 12.2 14.3 26.3 6.37 26.5 0.4

2014/12F 1,977.6 298.9 27.1 (295.4) 12.8 12.0 22.1 5.13 25.1 0.4



2012/03A 17.1 17.1 129.9 17.5 67.5 126.3 21.4 81.0 89.8 16.8 91.8

2012/06A 13.3 0.9 105.0 4.4 (19.2) 103.9 11.9 (17.7) 73.8 11.3 (17.7)

2012/09A 13.7 7.4 131.3 17.1 25.0 123.3 17.0 18.6 87.9 17.6 19.1

2012/12F 7.2 (15.6) 79.3 2.3 (39.6) 71.7 2.8 (41.8) 52.7 12.7 (40.0)

2013/03F 10.3 20.4 142.8 10.0 80.1 137.0 8.4 91.0 96.9 7.9 83.8

2013/06F 12.9 3.3 142.7 35.9 (0.1) 135.9 30.8 (0.8) 96.1 30.1 (0.8)

2013/09F (0.2) (5.0) 179.5 36.7 25.8 172.6 40.0 27.0 122.0 38.8 27.0

2013/12F 49.1 26.1 89.2 12.5 (50.3) 81.4 13.4 (52.9) 60.0 13.9 (50.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 3,941.8 467.6 321.3 17,734 37.5 LG생활건강 25.3 6.0 26.2 0.4

FY2013F 4,507.1 539.8 373.7 20,765 29.4 생활용품 21.4 3.5 16.4 0.5



1,052.0

1,326.8

1,053.9

889.7

1,071.5

1,107.0

971.8

980.9

3,588.7 1,519.4

2,726.2 1,402.2

3,140.5 1,480.3

1,945.0 1,100.3

2,368.9 1,308.3

3,896.2

4,557.2

5,134.0

LG생활건강

2,826.5

3,452.4

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000


-5

0

5

10

15

20

25

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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x35

x30

x25

x20

x16

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



180



아모레퍼시픽 (090430.KS) 업데이트 : 2013.02.07


목표주가 : 1,290,000 애널리스트 : 이정인


52주 최고가 : 1,334,000 시가총액(십억원) : 5,553.6

52주 최저가 : 923,000 60일 평균 거래대금(백만원) : 15,995.2

연중 최고가 : 1,244,000 외국인지분(%) : 33.9

9 10 11 12 13


(6.7) (23.0) (19.5) (15.6) (21.5)

업종 대비 (3.7) (20.0) (16.5) (12.6) (18.5) 5

KOSPI 대비 (3.5) (21.5) (16.9) (11.8) (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 11.5 364.2 (2.3) 360.6 (16.1) 268.2 (18.0) 515.5 38,875 339,435 6,500

2013/12F 9.3 398.8 9.5 416.4 15.5 316.2 17.9 596.6 45,839 377,285 6,500

2014/12F 11.1 448.5 12.5 471.1 13.1 358.7 13.4 692.7 51,996 421,290 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 2,341.3 (327.9) 3.4 (280.0) 12.8 13.9 31.2 3.58 12.0 0.5

2013/12F 2,602.5 (400.8) 3.1 (250.0) 12.8 9.2 20.7 2.52 12.8 0.7

2014/12F 2,906.2 (573.1) 2.9 (250.0) 13.0 7.7 18.3 2.25 13.0 0.7



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)

2012/09A 17.7 0.9 90.1 17.7 (8.2) 91.9 10.1 4.9 70.1 10.1 18.8

2012/12F 10.1 (11.7) 25.6 (53.2) (71.6) 25.5 (75.4) (72.2) 25.8 (67.3) (63.2)

2013/03F 7.6 23.2 161.8 7.6 532.1 167.5 7.7 556.2 124.6 9.9 383.0

2013/06F (0.8) (9.6) 97.4 (0.8) (39.8) 86.8 (0.9) (48.2) 64.5 9.4 (48.2)

2013/09F (0.8) 0.9 89.4 (0.8) (8.2) 91.3 (0.6) 5.2 67.9 (3.1) 5.2

2013/12F 34.0 19.3 50.2 96.2 (43.8) 70.8 177.3 (22.4) 59.2 129.4 (12.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,864.2 396.9 299.2 43,911 23.1 아모레퍼시픽 20.1 2.5 12.8 0.7

FY2013F 3,127.3 396.9 307.4 44,656 22.2 생활용품 21.4 3.5 16.4 0.5



797.8

721.0

727.5

868.0

741.5

726.8

733.3

647.9

3,600.9 987.8

3,912.0 994.9

2,815.4 677.1

3,375.6 1,023.9

3,459.5

2,024.4 466.5

2,252.2

2,554.7

2,849.4

3,114.4

아모레퍼시픽0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000


-20

-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

2006 2007 2008 2009 2010 2011 2012

주가

x31

x27

x23

x19

x16

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



181



락앤락 (115390.KS) 업데이트 : 2013.02.08




52주 최고가 : 35,350 시가총액(십억원) : 1,534.5

52주 최저가 : 20,000 60일 평균 거래대금(백만원) : 13,547.9

연중 최고가 : 29,400 외국인지분(%) : 11.1

9 10 11 12 13


2.6 19.5 9.4 (16.0) 17.7

업종 대비 5.6 22.5 12.4 (13.0) 20.7 5

KOSPI 대비 5.8 21.0 12.0 (12.2) 21.7 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 6.8 74.5 1.8 80.2 12.3 62.6 23.7 95.3 1,148 9,145 200

2013/12F 13.7 92.8 24.6 96.6 20.5 75.5 20.5 117.9 1,383 10,436 200

2014/12F 18.3 113.1 21.9 116.0 20.1 90.6 20.1 141.5 1,661 12,076 200



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 488.9 (45.7) 19.8 (120.0) 14.6 12.9 20.2 2.53 11.9 0.9

2013/12F 559.9 (10.3) 17.8 (50.0) 16.0 12.9 20.2 2.67 14.4 0.7

2014/12F 650.1 (36.7) 14.3 (40.0) 16.5 10.6 16.8 2.31 15.0 0.7



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 28.1 (6.1) 20.7 37.3 (7.7) 16.1 88.3 (9.1)

2012/09A 5.0 (5.5) 21.4 (13.0) 6.9 21.7 0.5 4.6 17.2 6.7 6.6

2012/12F (0.6) (7.7) 11.5 (37.7) (46.1) 15.1 (19.6) (30.3) 11.5 (17.0) (33.0)

2013/03F 4.0 8.5 23.2 8.9 101.3 25.2 12.1 66.5 19.6 10.7 70.4

2013/06F (7.6) (2.4) 18.5 (7.6) (20.3) 20.4 (1.5) (18.9) 15.9 (1.2) (18.9)

2013/09F (13.4) (11.5) 28.1 31.6 52.2 30.0 38.6 47.2 23.5 36.4 47.2

2013/12F 77.6 89.3 22.9 98.7 (18.5) 21.0 39.2 (30.0) 16.4 42.4 (30.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 516.0 80.1 63.5 1,139 24.1 락앤락 19.3 2.6 14.5 0.7

FY2013F 579.9 95.1 74.8 1,379 20.0 생활용품 21.4 3.5 16.4 0.5



111.6

211.3

128.9

119.0

129.1

126.1

124.1

136.4

809.0 158.7

703.6 214.5

728.4 168.3

445.4 56.2

721.4 158.7

508.4

578.2

684.2

락앤락

388.1

476.1

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-40

-30

-20

-10

0

10

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2010 2011 2012 2013

주가

x40

x34

x28

x22

x16

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



182



한국콜마 (161890.KS) 업데이트 : 2013.03.04




52주 최고가 : 35,350 시가총액(십억원) : 636.1

52주 최저가 : 21,500 60일 평균 거래대금(백만원) : 6,665.9

연중 최고가 : 35,300 외국인지분(%) : 32.6

9 10 11 12 13


12.4 24.1 NA NA 16.6

업종 대비 15.4 27.1 NA NA 19.6 5

KOSPI 대비 15.6 25.6 NA NA 20.6 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 21.4 29.7 85.2 28.5 111.4 25.0 33.8 35.7 1,285 7,720 105

2014/03F 17.8 36.8 24.1 34.7 21.9 30.5 21.9 44.5 1,567 8,974 105

2015/03F 18.4 46.7 26.9 46.8 34.9 41.2 34.9 55.3 2,113 10,802 105



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 150.4 19.3 41.5 (17.0) 8.1 16.6 25.4 4.23 17.8 0.3

2014/03F 174.8 23.6 38.3 (30.0) 8.5 13.6 20.8 3.64 18.8 0.3

2015/03F 210.4 21.6 30.0 (13.0) 9.1 10.9 15.5 3.02 21.4 0.3



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 34.7 (2.4) 11.7 165.0 143.2 10.3 162.7 139.9 8.3 130.6 128.7

2012/12F 10.7 (6.8) 7.6 156.4 (34.7) 6.9 233.6 (32.7) 5.8 195.1 (31.1)

2013/03F 17.7 12.1 5.6 44.5 (26.2) 3.7 36.9 (46.5) 7.3 260.9 26.8

2013/06F 17.8 15.5 5.6 17.8 0.5 7.4 71.7 98.8 6.5 77.9 (11.0)

2013/09F 6.1 (12.0) 6.3 (46.0) 11.4 7.7 (24.8) 5.0 6.8 (18.3) 5.0

2013/12F 29.2 13.5 4.2 (44.2) (32.5) 5.9 (14.3) (23.3) 5.2 (9.0) (23.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 370.3 32.4 21.8 1,121 31.2 한국콜마 21.0 3.7 18.7 0.3

FY2013F 426.0 37.9 26.6 1,367 25.6 생활용품 21.4 3.5 16.4 0.5



95.9

110.7

97.4

110.5

81.5

94.0

91.8

85.6

313.7 195.4

358.5 201.1

244.8 120.7

233.7 143.9

512.1

211.3 92.8

259.6

302.6

367.3

432.6

한국콜마0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Oct-12 Dec-12 Mar-13

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

70,000

2011

주가

x45

x39

x33

x27

x22

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



183



유한양행 (000100.KS) 업데이트 : 2013.03.18

투자의견 : 매수 업종 : 제약·바이오 주가 수익률(12개월)



52주 최고가 : 195,000 시가총액(십억원) : 2,013.0

52주 최저가 : 105,000 60일 평균 거래대금(백만원) : 5,947.5

연중 최고가 : 191,000 외국인지분(%) : 26.3

9 10 11 12 13


4.9 4.9 17.6 54.3 4.6

업종 대비 (0.6) (0.6) 12.0 48.7 (1.0) 5

KOSPI 대비 8.1 6.4 20.2 58.0 8.6 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

2012/12A 14.3 30.4 (38.2) 54.6 (41.3) 83.5 0.5 40.5 7,912 111,916 1,000

2013/12F 20.3 64.3 111.3 81.6 49.4 130.1 55.8 75.2 12,330 121,180 1,000

2014/12F 12.4 100.9 57.1 119.5 46.4 169.8 30.5 112.8 16,092 132,930 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

2012/12A 1,162.6 (337.0) 0.1 (9.0) 4.0 38.2 21.9 1.55 7.4 0.6

2013/12F 1,268.1 (396.0) 0.1 (13.0) 7.0 21.9 14.6 1.49 10.7 0.6

2014/12F 1,401.9 (388.9) 0.1 (13.0) 9.8 14.3 11.2 1.36 12.7 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) 9.2 (56.6) (71.6) 13.5 (51.8) (49.9)

2012/09A 22.0 (0.2) 13.2 (16.7) 163.2 17.2 (13.6) 88.0 24.3 (15.1) 79.8

2012/12A 15.5 (3.5) 4.1 555.2 (68.9) 16.4 (15.0) (4.8) 18.6 665.7 (23.5)

2013/03F 26.7 8.8 10.2 27.0 147.9 14.3 (55.6) (12.6) 45.9 69.9 146.3

2013/06F 14.8 9.6 14.5 188.1 41.9 18.6 103.4 30.0 48.3 257.0 5.4

2013/09F 16.4 1.2 28.2 112.8 94.4 32.3 87.6 73.4 56.1 130.6 16.1

2013/12F 24.4 3.1 11.4 177.4 (59.4) 16.4 (0.0) (49.3) (20.2) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 770.3 32.6 69.6 6,111 29.4 유한양행 13.7 1.5 11.1 0.6

FY2013F 905.3 59.1 93.1 8,175 22.9 제약·바이오 19.9 1.9 10.0 0.6



234.0

241.3

200.9

194.0

211.0

231.2

166.5

201.3

1,623.4 254.0

1,303.0 206.1

1,513.1 234.1

1,243.2 170.7

1,261.1 173.2

762.8

917.5

1,031.4

유한양행

649.3

667.7

0

50,000

100,000

150,000

200,000

250,000


-20

-10

0

10

20

30

40

50

60

70

80KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x23

x20

x17

x14

x12

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



184



동아제약 (000640.KS) 업데이트 : 2013.01.21




52주 최고가 : 129,500 시가총액(십억원) : 1,380.7

52주 최저가 : 68,600 60일 평균 거래대금(백만원) : 6,170.0

연중 최고가 : 128,500 외국인지분(%) : 25.6

9 10 11 12 13


0.8 11.7 22.2 50.1 6.9

업종 대비 (4.8) 6.1 16.6 44.5 1.3 5

KOSPI 대비 4.0 13.2 24.7 53.9 10.8 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 2.6 89.6 (5.7) 78.5 (9.3) 68.4 12.8 116.9 6,165 72,894 1,000

2013/12F 10.2 113.2 26.3 97.2 23.9 85.8 25.5 159.3 7,855 94,823 1,000

2014/12F 12.0 138.2 22.1 119.6 23.1 99.1 15.4 193.1 9,068 105,322 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 790.2 136.6 70.7 (42.0) 9.6 10.6 17.7 1.50 9.0 0.9

2013/12F 861.1 270.7 107.7 (108.0) 11.0 8.4 15.8 1.31 10.4 0.8

2014/12F 942.0 323.7 118.5 (92.0) 12.0 6.9 13.7 1.18 11.0 0.8



2012/03A 4.0 (5.2) 16.2 (46.7) 143.2 19.7 (29.7) 313.0 16.4 (24.3) NA

2012/06A 9.8 12.8 16.2 (45.7) 0.1 11.9 (55.4) (39.9) 8.6 (62.3) (47.4)

2012/09A 0.5 (1.3) 29.1 3.1 79.9 27.4 1.4 130.8 20.4 (22.5) 135.7

2012/12F (3.4) (8.4) 28.1 322.8 (3.5) 19.5 307.3 (28.9) 23.0 NA 13.1

2013/03F 9.9 7.8 27.0 67.0 (3.9) 21.8 10.3 11.9 23.1 40.6 0.2

2013/06F 4.0 6.8 29.4 81.8 9.0 24.2 104.0 11.1 25.0 189.4 8.4

2013/09F 13.6 7.8 36.3 24.7 23.4 31.1 13.5 28.5 30.5 49.9 22.1

2013/12F 13.8 (8.3) 20.4 (27.3) (43.8) 20.1 3.4 (35.3) 7.3 (68.3) (76.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 945.4 86.9 58.8 4,797 25.3 동아제약 15.3 1.3 10.5 0.8

FY2013F 1,020.3 109.0 78.4 6,401 19.4 제약·바이오 19.9 1.9 10.0 0.6



240.1

256.4

276.3

253.5

218.6

246.5

243.2

222.7

1,421.4 874.7

1,540.6 967.7

1,236.8 504.4

1,355.9 674.5

1,149.7

1,160.4 431.6

846.8

907.3

931.0

1,026.3

동아제약0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-20

-10

0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x20

x17

x15

x13

x11

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



185



녹십자 (006280.KS) 업데이트 : 2013.02.01




52주 최고가 : 176,500 시가총액(십억원) : 1,545.0

52주 최저가 : 114,000 60일 평균 거래대금(백만원) : 4,950.7

연중 최고가 : 159,500 외국인지분(%) : 28.8

9 10 11 12 13


3.7 12.1 (1.0) 32.6 9.7

업종 대비 (1.9) 6.5 (6.6) 27.0 4.1 5

KOSPI 대비 6.9 13.6 1.6 36.4 13.7 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 5.7 74.4 (15.8) 70.4 (18.2) 50.1 (9.4) 91.1 4,960 64,543 1,750

2013/12F 9.5 88.3 18.7 83.1 18.1 60.8 21.2 107.4 5,966 68,621 1,750

2014/12F 11.6 108.2 22.6 103.3 24.3 76.5 25.9 129.7 7,514 74,244 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 658.1 66.7 11.5 (60.0) 9.2 16.3 27.9 2.15 7.9 1.3

2013/12F 699.8 51.7 12.1 (60.0) 9.9 15.1 25.6 2.22 9.0 1.1

2014/12F 757.1 57.6 12.4 (60.0) 10.9 12.5 20.3 2.05 10.5 1.1



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)

2012/09A 3.0 18.5 44.2 (4.3) 172.3 43.3 (6.0) 173.6 32.6 (1.8) 187.0

2012/12F 1.4 (19.4) (6.0) NA NA (9.6) NA NA (9.7) NA NA

2013/03F 9.2 (2.5) 23.3 11.7 NA 22.4 3.0 NA 16.0 1.1 NA

2013/06F 9.2 17.2 18.2 12.0 (21.9) 16.8 6.1 (25.2) 12.0 5.2 (25.2)

2013/09F 9.2 18.5 48.3 9.2 165.4 46.3 6.9 175.7 33.0 1.1 175.7

2013/12F 10.4 (18.5) (1.5) NA NA (2.4) NA NA (0.2) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 820.5 83.6 62.8 5,890 23.9 녹십자 24.2 2.2 9.3 1.1

FY2013F 889.8 91.0 68.9 6,614 23.6 제약·바이오 19.9 1.9 10.0 0.6



263.0

214.3

240.9

194.1

189.4

221.9

173.4

203.3

1,092.9 311.3

858.8 185.3

978.3 259.1

741.3 199.1

860.4 230.1

811.8

888.6

991.9

녹십자

791.0

767.9

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x34

x27

x21

x15

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



186



LG생명과학 (068870.KS) 업데이트 : 2013.01.29

투자의견 : 중립 업종 : 제약·바이오 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이정인


52주 최고가 : 62,000 시가총액(십억원) : 951.5

52주 최저가 : 27,050 60일 평균 거래대금(백만원) : 8,293.9

연중 최고가 : 61,800 외국인지분(%) : 10.6

9 10 11 12 13


1.8 39.2 20.8 59.0 18.1

업종 대비 (3.8) 33.6 15.3 53.4 12.5 5

KOSPI 대비 5.0 40.6 23.4 62.8 22.1 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 6.4 15.2 42.8 8.1 88.0 8.6 50.3 43.5 509 14,945 0

2013/12F 8.6 25.5 67.8 23.8 195.8 23.1 170.1 55.8 1,375 16,024 0

2014/12F 9.6 35.9 40.9 34.7 45.5 29.5 27.5 67.8 1,753 17,480 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 251.3 82.7 66.8 (40.0) 3.7 19.2 88.5 3.01 3.4 0.0

2013/12F 269.4 54.1 69.2 (35.0) 5.8 18.1 41.7 3.58 8.9 0.0

2014/12F 293.9 40.0 62.9 (25.0) 7.4 14.7 32.7 3.28 10.5 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

2012/09A (7.7) 4.4 3.3 (27.0) 100.5 1.4 (48.9) NA 1.3 (49.7) 8,889.7

2012/12F 29.5 26.6 15.3 863.7 365.8 14.2 NA 925.8 12.3 1,180.5 856.7

2013/03F (4.9) (35.0) (4.8) NA NA (6.8) NA NA (7.2) NA NA

2013/06F (4.9) 10.6 1.6 (4.9) NA (0.4) NA NA (0.5) NA NA

2013/09F (4.9) 4.4 3.1 (4.9) 100.5 1.0 (26.6) NA 1.1 (15.9) NA

2013/12F 38.5 84.4 25.6 67.1 718.3 30.0 111.2 2,849.7 29.7 141.4 2,646.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 387.4 7.9 2.3 138 413.0 LG생명과학 39.4 3.5 9.2 0.0

FY2013F 438.4 22.9 16.1 970 60.9 제약·바이오 19.9 1.9 10.0 0.6



81.8

90.5

94.4

174.1

85.9

95.1

99.3

125.7

640.1 370.7

675.4 381.5

500.2 252.5

563.9 312.7

483.0

405.8 158.8

341.0

381.5

406.0

440.7

LG생명과학0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-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

70,000

80,000

90,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x61

x55

x50

x45

x40

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



187



대웅제약 (069620.KS) 업데이트 : 2012.09.27




52주 최고가 : 58,900 시가총액(십억원) : 667.4

52주 최저가 : 20,200 60일 평균 거래대금(백만원) : 1,115.2

연중 최고가 : 58,500 외국인지분(%) : 12.8

9 10 11 12 13


12.7 29.2 55.1 114.1 23.1

업종 대비 7.1 23.6 49.5 108.6 17.5 5

KOSPI 대비 15.9 30.7 57.7 117.9 27.0 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 25.6 1.34 5.5 1.3

2011/12A 359.1 (25.1) 8.3 (40.4) 9.2 3.7 5.5 0.77 15.2 2.1

2012/12F 379.4 (32.5) 9.0 (7.7) 4.4 9.5 18.7 1.27 6.9 1.3

2013/12F 406.2 (35.8) 8.1 (9.0) 5.8 9.7 16.4 1.44 8.9 1.0

2014/12F 440.9 (40.6) 7.8 (10.2) 6.6 7.9 13.5 1.34 10.1 1.0



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 678.8 38.0 34.7 2,995 17.0 대웅제약 15.7 1.4 9.2 1.0

FY2013F 708.5 59.2 50.4 4,350 13.4 제약·바이오 19.9 1.9 10.0 0.6



193.5

241.8

184.0

173.8

122.2

173.2

172.3

164.6

520.2 137.3

486.2 153.7

498.1 130.1

508.6 186.2

493.2 134.1

694.7

730.8

784.4

대웅제약

510.0

706.6

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-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

160,000

180,000

2004 2005 2006 2007 2008 2009 2009 2011 2012 2013

주가

x26

x20

x15

x10

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



188



한미약품 (128940.KS) 업데이트 : 2012.11.16




52주 최고가 : 166,500 시가총액(십억원) : 1,279.4

52주 최저가 : 50,400 60일 평균 거래대금(백만원) : 7,072.7

연중 최고가 : 164,000 외국인지분(%) : 15.1

9 10 11 12 13


14.4 32.1 72.1 200.2 27.7

업종 대비 8.9 26.5 66.5 194.6 22.1 5

KOSPI 대비 17.6 33.6 74.7 203.9 31.6 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 1.98 (1.5) 0.0

2011/12A 300.7 244.8 89.2 (11.1) 0.5 26.0 NA 1.56 (2.7) 0.0

2012/12F 318.3 279.3 97.9 (8.2) 2.4 42.3 52.1 2.98 5.9 0.0

2013/12F 356.6 200.8 67.4 (8.2) 5.4 29.1 31.8 3.41 11.3 0.0

2014/12F 414.0 192.2 57.8 (8.2) 6.5 22.7 21.2 2.94 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 543.8 44.4 11.0 1,323 122.4 한미약품 28.7 3.3 12.1 0.0

FY2013F 597.6 85.6 27.5 3,318 49.4 제약·바이오 19.9 1.9 10.0 0.6



68.4

93.8

154.0

299.9

113.8

156.1

135.1

131.4

768.8 430.3

849.9 463.4

662.1 361.3

693.0 383.4

698.2

673.6 381.6

594.6

512.5

536.4

616.2

한미약품0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


-50

0

50

100

150

200

250

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2010 2011 2012

주가

x51

x38

x26

x13

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



189



외환은행 (004940.KS) 업데이트 : 2013.01.23

투자의견 : 중립 업종 : 은행 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이고은


52주 최고가 : 8,920 시가총액(십억원) : 4,469.2

52주 최저가 : 6,680 60일 평균 거래대금(백만원) : 7,936.6

연중 최고가 : 7,880 외국인지분(%) : 18.3

8 9 10 10 11


(7.0) (9.1) (20.3) (22.0) (10.2)

업종 대비 0.2 (1.9) (13.2) (14.8) (3.1) 5

KOSPI 대비 (3.8) (7.6) (17.8) (18.2) (6.3) 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 (26.6) 923.0 (57.3) 933.0 (57.2) 671.1 (59.4) 1,552.2 1,040 13,718 100

2013/12F (7.6) 913.0 (1.1) 923.0 (1.1) 719.9 7.3 1,449.5 1,115 14,545 200

2014/12F 5.4 1,008.0 10.4 1,018.0 10.3 794.0 10.3 1,591.2 1,230 15,486 200

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 8,853.5 73,476.9 8.1 68,570.5 50.1 1.6 7.3 0.56 7.7 1.3

2013/12F 9,387.3 78,061.2 6.2 71,354.3 50.6 1.6 6.2 0.48 7.9 2.9

2014/12F 9,995.0 82,931.5 6.2 74,251.1 52.7 1.5 5.6 0.45 8.2 2.9

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 (62.7) (22.1) 243.6 (83.6) (43.2) 246.1 (83.4) (43.0) 157.9 (86.1) (49.7)

2012/09A 9.6 (2.1) 158.0 9.6 (35.1) 160.5 12.6 (34.8) 125.5 7.2 (20.5)

2012/12F (7.8) (1.7) 92.1 (65.5) (41.7) 94.6 (66.7) (41.1) 73.8 (64.4) (41.2)

2013/03F (24.8) 0.3 228.8 (46.7) 148.5 231.3 (46.4) 144.6 180.4 (42.5) 144.6

2013/06F (3.8) (0.4) 233.4 (4.2) 2.0 235.9 (4.1) 2.0 184.0 16.5 2.0

2013/09F (0.2) 1.6 227.2 43.8 (2.7) 229.7 43.1 (2.6) 179.2 42.8 (2.6)

2013/12F 3.9 2.4 223.5 142.8 (1.6) 226.0 139.0 (1.6) 176.3 139.0 (1.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 4,422.3 908.9 659.5 1,022 7.1 외환은행 6.1 0.5 8.0 2.9

FY2013F 4,583.6 948.6 721.6 1,125 6.4 은행 7.5 0.5 7.2 2.1



716.8

733.7

718.2

706.2

708.3

705.5

941.3

733.4

119,553.5 109,554.8

111,993.9 103,138.1

115,567.7 106,177.5

94,930.8 86,555.1

100,497.0 91,860.5

3,099.0

2,864.3

3,019.9

외환은행

3,012.0

4,221.5

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 2013

주가

x1.2

x1.0

x0.8

x0.7

x0.5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



190



기업은행 (024110.KS) 업데이트 : 2013.01.23




52주 최고가 : 14,400 시가총액(십억원) : 6,825.0

52주 최저가 : 10,950 60일 평균 거래대금(백만원) : 12,191.1

연중 최고가 : 13,300 외국인지분(%) : 12.9

8 9 10 10 11


(3.5) 5.0 (3.8) (11.0) 4.6

업종 대비 3.7 12.2 3.3 (3.9) 11.8 5

KOSPI 대비 (0.3) 6.5 (1.3) (7.3) 8.6 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 (6.2) 1,655.7 (14.8) 1,655.7 (14.8) 1,258.6 (13.5) 2,829.8 2,101 21,645 500

2013/12F (2.7) 1,514.8 (8.5) 1,514.8 (8.5) 1,180.7 (6.2) 2,672.5 1,971 23,992 400

2014/12F 7.1 1,606.7 6.1 1,606.7 6.1 1,252.4 6.1 2,949.1 2,090 25,985 500



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 13,191.9 150,555.6 5.6 75,547.2 59.8 1.4 5.6 0.55 9.6 4.2

2013/12F 14,373.9 160,421.2 6.6 82,546.2 58.1 1.5 6.3 0.52 8.6 3.2

2014/12F 15,567.7 170,429.9 6.2 90,193.6 59.8 1.4 6.0 0.48 8.4 4.0



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 (14.2) (14.6) 419.7 (33.8) (33.2) 419.7 (33.8) (33.2) 310.6 (35.3) (34.4)

2012/09A (1.7) (1.5) 312.7 (43.4) (25.5) 312.7 (43.4) (25.5) 243.9 (40.5) (21.5)

2012/12F (6.1) (0.7) 295.5 307.6 (5.5) 295.5 307.6 (5.5) 230.2 331.3 (5.6)

2013/03F (15.3) 1.3 393.6 (37.3) 33.2 393.6 (37.3) 33.2 306.8 (35.3) 33.2

2013/06F (0.9) (0.0) 376.7 (10.2) (4.3) 376.7 (10.2) (4.3) 293.6 (5.5) (4.3)

2013/09F 2.5 1.8 389.4 24.5 3.4 389.4 24.5 3.4 303.5 24.4 3.4

2013/12F 5.4 2.2 355.2 20.2 (8.8) 355.2 20.2 (8.8) 276.8 20.2 (8.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,443.3 1,633.0 1,202.1 1,841 6.9 기업은행 6.3 0.5 8.6 3.4

FY2013F 9,487.2 1,458.4 1,102.5 1,686 7.5 은행 7.5 0.5 7.2 2.1



1,134.4

1,134.3

1,155.0

1,180.1

1,339.5

1,144.3

1,127.1

1,119.4

210,655.7 196,135.7

221,096.8 205,322.1

185,908.9 172,688.4

200,476.4 187,196.6

4,932.8

165,481.8 154,992.4

4,749.5

5,041.0

4,730.3

4,603.8

기업은행0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-18

-16

-14

-12

-10

-8

-6

-4

-2

0

2

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.1

x0.9

x0.8

x0.6

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



191



우리금융 (053000.KS) 업데이트 : 2013.01.23




52주 최고가 : 14,000 시가총액(십억원) : 9,511.0

52주 최저가 : 9,700 60일 평균 거래대금(백만원) : 20,522.6

연중 최고가 : 13,150 외국인지분(%) : 24.3

8 9 10 10 11


(7.8) (0.4) 0.9 (12.9) (0.8)

업종 대비 (0.6) 6.8 8.0 (5.7) 6.3 5

KOSPI 대비 (4.6) 1.1 3.4 (9.1) 3.1 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 (9.4) 2,818.8 (27.6) 2,416.7 (24.5) 1,665.1 (22.8) 5,182.2 2,071 23,334 200

2013/12F (13.5) 1,719.6 (39.0) 1,719.6 (28.8) 1,246.2 (25.2) 3,772.9 1,550 24,856 200

2014/12F 3.2 2,110.3 22.7 2,110.3 22.7 1,529.2 22.7 3,901.0 1,902 26,744 200



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 18,260.7 214,035.1 2.5 205,860.9 56.4 1.0 5.7 0.51 9.2 1.7

2013/12F 19,484.4 221,623.2 3.5 214,219.7 47.5 1.2 7.6 0.47 6.4 1.7

2014/12F 21,002.9 230,162.6 3.9 222,917.9 47.6 1.2 6.2 0.44 7.4 1.7



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)

2012/09A (1.3) 3.9 836.1 (14.0) 45.8 738.2 8.4 72.0 503.9 3.8 72.2

2012/12F (10.8) (17.2) 308.6 (49.7) (63.1) 308.6 (33.3) (58.2) 223.6 (40.5) (55.6)

2013/03F (18.1) 0.6 591.2 (46.3) 91.6 591.2 (37.2) 91.6 428.4 (33.6) 91.6

2013/06F (14.2) (0.9) 293.7 (48.8) (50.3) 293.7 (31.6) (50.3) 212.8 (27.3) (50.3)

2013/09F (18.5) (1.3) 535.0 (36.0) 82.2 535.0 (27.5) 82.2 387.7 (23.1) 82.2

2013/12F (0.9) 0.7 299.8 (2.8) (44.0) 299.8 (2.8) (44.0) 217.3 (2.8) (44.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 15,097.9 2,497.9 1,683.8 2,011 6.2 우리금융 7.3 0.5 6.6 1.7

FY2013F 15,413.5 2,163.3 1,466.2 1,707 7.3 은행 7.5 0.5 7.2 2.1



1,965.6

1,979.0

2,411.9

1,997.3

2,009.2

1,991.5

2,453.5

2,322.3

341,804.4 315,699.0

324,529.8 301,405.2

332,571.2 308,115.5

291,427.6 274,508.8

312,804.0 290,711.3

9,184.9

7,945.3

8,198.6

우리금융

8,116.0

10,132.9

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.0

x0.8

x0.7

x0.6

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



192



신한지주 (055550.KS) 업데이트 : 2013.01.23

투자의견 : 매수 업종 : 은행 주가 수익률(12개월)

목표주가 : 51,000 애널리스트 : 이고은


52주 최고가 : 45,600 시가총액(십억원) : 17,901.0

52주 최저가 : 33,100 60일 평균 거래대금(백만원) : 41,175.9

연중 최고가 : 42,650 외국인지분(%) : 63.4

8 9 10 10 11


(10.3) (3.1) (2.7) (15.9) (5.7)

업종 대비 (3.2) 4.1 4.5 (8.7) 1.4 5

KOSPI 대비 (7.1) (1.6) (0.1) (12.2) (1.8) 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 (5.9) 2,981.3 (28.8) 3,078.4 (26.6) 2,248.3 (27.5) 4,415.1 4,611 52,518 600

2013/12F (2.4) 2,602.2 (12.7) 2,602.2 (15.5) 1,948.5 (13.3) 4,075.7 3,978 55,899 600

2014/12F 4.4 2,697.4 3.7 2,697.4 3.7 2,019.8 3.7 4,313.9 4,129 59,326 700



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 25,694.9 201,824.0 4.8 173,837.3 50.6 2.1 8.4 0.74 9.7 1.5

2013/12F 27,298.5 209,395.1 3.8 185,232.8 47.8 2.1 9.5 0.68 7.3 1.6

2014/12F 28,923.5 217,896.1 4.1 197,375.3 48.5 2.0 9.1 0.64 7.2 1.9



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)

2012/09A 20.3 (2.9) 636.4 (7.5) (27.0) 655.2 (33.2) (24.6) 485.0 (31.1) (23.2)

2012/12F (10.9) (5.1) 408.1 (41.8) (35.9) 408.1 (38.2) (37.7) 305.6 (39.7) (37.0)

2013/03F (8.0) 3.7 770.3 (27.7) 88.7 770.3 (32.8) 88.7 576.8 (30.2) 88.7

2013/06F (4.2) 0.2 733.6 (15.8) (4.8) 733.6 (15.5) (4.8) 549.4 (13.0) (4.8)

2013/09F (1.3) (0.0) 626.7 (1.5) (14.6) 626.7 (4.4) (14.6) 469.3 (3.2) (14.6)

2013/12F 4.8 0.9 471.6 15.5 (24.8) 471.6 15.5 (24.8) 353.1 15.5 (24.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 14,155.8 3,207.2 2,437.5 4,827 8.2 신한지주 9.4 0.7 7.3 1.6

FY2013F 14,571.7 3,096.9 2,344.7 4,519 8.7 은행 7.5 0.5 7.2 2.1



2,121.4

2,126.6

2,126.4

2,144.6

2,307.1

2,220.4

2,155.2

2,046.1

317,655.1 287,158.3

326,540.5 294,250.5

288,117.5 261,258.7

309,978.4 281,247.6

8,890.4

266,031.8 242,833.7

8,567.1

9,276.3

8,728.8

8,518.9

신한지주0

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

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x1.3

x1.2

x1.0

x0.8

x0.7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



193



하나금융지주 (086790.KS) 업데이트 : 2013.01.23




52주 최고가 : 45,300 시가총액(십억원) : 8,956.4

52주 최저가 : 30,100 60일 평균 거래대금(백만원) : 37,084.9

연중 최고가 : 41,200 외국인지분(%) : 67.8

8 9 10 10 11


(7.6) 3.2 (0.5) (17.0) 1.5

업종 대비 (0.5) 10.4 6.6 (9.8) 8.7 5

KOSPI 대비 (4.4) 4.7 2.0 (13.2) 5.5 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 62.8 2,271.3 31.1 2,263.7 31.9 1,846.5 51.1 3,540.3 7,661 64,725 1,000

2013/12F (8.4) 1,706.6 (24.9) 1,716.5 (24.2) 1,164.4 (36.9) 2,831.5 4,831 69,580 700

2014/12F 4.9 1,884.7 10.4 1,894.6 10.4 1,285.2 10.4 3,068.7 5,332 74,812 900



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 15,600.7 201,085.6 55.7 179,262.0 48.8 1.2 4.5 0.54 12.6 2.9

2013/12F 16,770.9 209,457.1 4.2 190,264.0 42.6 1.3 7.6 0.53 7.2 1.9

2014/12F 18,031.8 218,177.1 4.2 201,941.3 44.0 1.3 6.9 0.49 7.4 2.4



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)

2012/09A 72.7 5.5 325.5 9.8 (15.8) 326.9 6.0 (7.0) 232.1 13.1 15.2

2012/12F 50.0 (2.5) 142.3 (38.8) (56.3) 144.8 (34.5) (55.7) 98.2 (33.8) (57.7)

2013/03F (33.5) 3.1 425.8 (70.0) 199.3 428.3 (70.3) 195.9 290.5 (77.9) 195.9

2013/06F 5.8 (0.2) 432.8 12.0 1.6 435.3 23.8 1.6 295.3 46.6 1.6

2013/09F 1.7 1.4 400.4 23.0 (7.5) 402.9 23.3 (7.4) 273.3 17.7 (7.4)

2013/12F 6.2 1.9 447.6 214.6 11.8 450.1 210.9 11.7 305.3 210.9 11.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 11,439.0 2,214.1 1,827.9 7,162 5.4 하나금융지주 7.5 0.5 7.2 2.0

FY2013F 12,036.3 1,936.3 1,400.3 5,506 7.0 은행 7.5 0.5 7.2 2.1



1,665.2

1,696.2

1,636.8

1,596.7

1,645.4

1,642.3

2,474.8

1,551.6

309,084.3 285,837.2

294,286.9 273,523.0

301,372.2 279,413.4

158,497.2 147,126.3

178,228.9 163,407.9

7,260.0

6,649.0

6,972.1

하나금융지주

3,890.1

4,460.4

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2005 2006 2007 2008 2009 2010 2011 2012

주가

x0.9

x0.8

x0.7

x0.6

x0.5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



194



KB금융 (105560.KS) 업데이트 : 2013.01.23




52주 최고가 : 44,500 시가총액(십억원) : 13,966.6

52주 최저가 : 32,500 60일 평균 거래대금(백만원) : 61,843.5

연중 최고가 : 40,750 외국인지분(%) : 66.1

8 9 10 10 11


(6.1) (5.4) (11.9) (17.2) (6.8)

업종 대비 1.1 1.8 (4.8) (10.0) 0.3 5

KOSPI 대비 (2.9) (3.9) (9.4) (13.4) (2.9) 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 (9.9) 2,332.1 (31.2) 2,294.9 (29.6) 1,750.1 (26.2) 4,085.4 4,530 63,706 500

2013/12F 0.2 2,309.3 (1.0) 2,309.3 0.6 1,765.2 0.9 4,096.6 4,409 69,890 600

2014/12F 4.8 2,540.1 10.0 2,540.1 10.0 1,941.6 10.0 4,366.3 4,865 76,439 700



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 24,613.0 218,395.9 3.0 198,241.3 50.0 1.8 8.4 0.59 7.4 1.3

2013/12F 27,002.1 226,138.6 3.5 206,290.7 50.0 1.7 8.2 0.52 6.8 1.7

2014/12F 29,532.5 235,085.7 4.0 214,666.9 50.9 1.6 7.4 0.47 6.9 1.9



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)

2012/09A (0.6) (4.9) 536.8 (31.2) (27.1) 510.8 (34.7) (30.0) 410.1 (29.2) (25.1)

2012/12F (15.8) (9.9) 247.7 (46.4) (53.8) 247.7 (34.1) (51.5) 189.4 (13.6) (53.8)

2013/03F (7.4) 11.6 623.9 (23.1) 151.9 623.9 (22.6) 151.9 476.9 (20.9) 151.9

2013/06F (4.2) 0.2 555.2 (24.6) (11.0) 555.2 (23.9) (11.0) 424.4 (22.5) (11.0)

2013/09F 0.6 (0.1) 625.3 16.5 12.6 625.3 22.4 12.6 478.0 16.6 12.6

2013/12F 13.9 2.0 504.8 103.8 (19.3) 504.8 103.8 (19.3) 385.9 103.8 (19.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 14,302.3 2,534.5 1,823.0 4,700 8.0 KB금융 8.0 0.5 6.8 1.7

FY2013F 14,347.0 2,478.8 1,870.0 4,662 8.0 은행 7.5 0.5 7.2 2.1



2,035.5

2,039.3

2,036.3

2,077.7

2,197.3

2,128.2

2,024.3

1,824.6

300,314.5 272,950.1

309,674.9 279,627.1

277,600.8 254,501.0

292,334.5 267,501.4

8,581.2

262,008.0 243,567.6

7,377.0

9,074.1

8,174.4

8,188.8

KB금융0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000


-18

-16

-14

-12

-10

-8

-6

-4

-2

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 2013

주가

x1.3

x1.1

x0.9

x0.7

x0.5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



195



BS금융지주 (138930.KS) 업데이트 : 2013.01.23




52주 최고가 : 16,900 시가총액(십억원) : 2,881.4

52주 최저가 : 10,550 60일 평균 거래대금(백만원) : 9,172.9

연중 최고가 : 16,150 외국인지분(%) : 63.2

8 9 10 10 11


(3.6) 9.6 18.7 4.9 10.8

업종 대비 3.6 16.7 25.9 12.1 18.0 5

KOSPI 대비 (0.4) 11.1 21.3 8.7 14.7 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 6.5 476.3 (12.9) 480.4 (9.8) 363.5 (9.2) 668.0 1,880 16,659 300

2013/12F 1.4 453.4 (4.8) 453.4 (5.6) 353.7 (2.7) 648.5 1,829 18,368 400

2014/12F 8.2 512.1 13.0 512.1 13.0 399.5 13.0 714.1 2,066 20,215 500



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 3,221.5 29,675.2 13.8 27,960.1 53.1 2.0 7.0 0.79 12.2 2.3

2013/12F 3,552.1 32,436.3 9.3 30,277.8 50.9 2.3 8.1 0.81 10.4 2.7

2014/12F 3,909.2 35,454.3 9.3 32,787.5 51.7 2.1 7.2 0.74 10.7 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)

2012/09A 15.8 14.5 147.5 20.7 28.2 146.5 22.9 28.4 113.1 18.8 30.9

2012/12F (1.1) (4.0) 69.8 (32.8) (52.7) 69.8 (30.3) (52.4) 54.4 (31.4) (51.9)

2013/03F (10.1) 1.8 134.3 (6.7) 92.5 134.3 (5.3) 92.5 104.8 (4.5) 92.5

2013/06F 12.8 0.9 120.3 4.5 (10.4) 120.3 5.5 (10.4) 93.8 8.7 (10.4)

2013/09F (0.4) 1.1 131.7 (10.7) 9.5 131.7 (10.1) 9.5 102.7 (9.1) 9.5

2013/12F 5.9 2.0 67.1 (3.8) (49.1) 67.1 (3.8) (49.1) 52.3 (3.8) (49.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,132.4 486.1 362.9 1,889 8.2 BS금융지주 7.9 0.8 10.5 2.8

FY2013F 2,265.4 505.6 384.0 1,966 7.9 은행 7.5 0.5 7.2 2.1



319.6

326.0

320.7

307.9

313.3

316.0

348.5

280.2

48,782.0 44,872.8

43,068.6 39,847.1

45,778.1 42,226.1

34,726.1 32,268.1

39,358.7 36,403.7

1,257.3

1,274.9

1,380.0

BS금융지주

993.9

1,180.7

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-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

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



196



DGB금융지주 (139130.KS) 업데이트 : 2013.01.23




52주 최고가 : 17,100 시가총액(십억원) : 2,225.3

52주 최저가 : 12,050 60일 평균 거래대금(백만원) : 4,456.0

연중 최고가 : 17,000 외국인지분(%) : 76.4

8 9 10 10 11


2.2 14.9 12.9 (1.5) 11.4

업종 대비 9.3 22.1 20.1 5.7 18.6 5

KOSPI 대비 5.3 16.4 15.5 2.3 15.4 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 (2.3) 342.1 (16.7) 373.2 (10.1) 283.7 (7.2) 502.1 2,116 18,748 300

2013/12F 4.8 441.8 29.2 385.1 3.2 300.4 5.9 571.4 2,241 21,006 400

2014/12F 7.4 497.3 12.6 440.6 14.4 343.7 14.4 634.0 2,564 23,487 500



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 2,513.2 23,709.3 8.3 23,755.5 50.7 2.0 6.9 0.78 11.8 2.1

2013/12F 2,815.9 25,262.9 6.6 24,720.1 55.1 2.1 7.4 0.79 11.3 2.4

2014/12F 3,148.5 26,918.3 6.6 25,723.8 56.9 2.0 6.5 0.71 11.5 3.0



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)

2012/09A 2.6 17.8 90.5 (4.5) 15.3 76.4 (16.6) 25.4 79.0 8.3 9.7

2012/12F (1.8) (4.7) 73.1 8.4 (19.3) 58.9 (12.6) (22.8) 46.0 (1.1) (41.8)

2013/03F (2.0) 1.4 114.8 14.9 57.1 100.6 16.4 70.8 78.5 (9.6) 70.8

2013/06F 15.4 1.4 115.9 47.6 0.9 101.7 67.1 1.1 79.3 10.2 1.1

2013/09F 0.1 2.1 115.3 27.3 (0.5) 101.1 32.4 (0.6) 78.8 (0.2) (0.6)

2013/12F 7.3 2.1 95.8 31.1 (16.9) 81.7 38.6 (19.2) 63.7 38.6 (19.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,709.1 362.3 276.5 2,074 8.2 DGB금융지주 7.2 0.8 11.3 2.5

FY2013F 1,785.7 384.2 289.2 2,200 7.7 은행 7.5 0.5 7.2 2.1



252.6

256.2

261.6

267.1

257.6

221.9

261.4

249.0

35,710.2 32,894.3

37,475.2 34,326.7

31,294.0 29,002.6

34,071.5 31,558.4

1,114.0

30,084.1 28,071.3

962.0

1,012.8

989.9

1,037.5

DGB금융지주0

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

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

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



197


A003450 40203020 universe

현대증권 (003450.KS) 업데이트 : 2013.02.04

투자의견 : 중립 업종 : 증권 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이철호


52주 최고가 : 11,400 시가총액(십억원) : 1,339.6

52주 최저가 : 7,700 60일 평균 거래대금(백만원) : 3,337.8

연중 최고가 : 9,370 외국인지분(%) : 17.3

8 9 10 10 11


(11.0) (10.0) (19.0) (31.2) (15.9)

업종 대비 (4.6) (3.7) (12.7) (24.8) (9.6) 5

KOSPI 대비 (7.8) (8.6) (16.4) (27.4) (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 19.2 0.58 3.1 1.3

2015/03F 3,145.6 14,678.8 280.4 311.3 10,405.0 120.0 21.1 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

2012/09A (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 NA (20.3) (10.2) -43 NA 현대증권 19.2 0.6 3.1 1.3

FY2013F NA 99.4 93.2 394 20.6 증권 19.9 0.8 4.2 1.4



551.9

562.9

509.9

520.0

530.5

541.1

338.7

499.9

17,269.1 14,123.6

16,391.3 13,405.6

16,926.6 13,843.4

12,296.8 9,607.4

15,788.4 12,746.2

2,060.2

2,230.0

2,413.9

현대증권

1,814.9

1,773.0

0

2,000

4,000

6,000

8,000

10,000

12,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.2

x1.1

x0.9

x0.7

x0.5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



198


A003540 40203020 universe

대신증권 (003540.KS) 업데이트 : 2013.02.04

투자의견 : 매수 업종 : 증권 주가 수익률(12개월)

목표주가 : 21,000 애널리스트 : 이철호


52주 최고가 : 12,550 시가총액(십억원) : 488.4

52주 최저가 : 7,900 60일 평균 거래대금(백만원) : 1,939.2

연중 최고가 : 11,100 외국인지분(%) : 24.4

8 9 10 10 11


(12.5) (6.6) 5.0 (22.4) (5.7)

업종 대비 (6.2) (0.3) 11.4 (16.1) 0.7 5

KOSPI 대비 (9.3) (5.1) 7.6 (18.7) (1.7) 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 17.3 0.43 2.5 7.8

2014/03F 1,762.5 6,613.0 232.2 116.1 4,210.7 120.0 13.1 0.43 3.3 7.8

2015/03F 1,780.2 6,755.8 247.0 117.8 5,118.2 120.0 15.5 0.42 2.7 7.8



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)

2012/09A (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 NA 42.6 43.2 498 19.9 대신증권 13.1 0.4 3.3 7.8

FY2013F NA 63.5 57.0 657 15.1 증권 19.9 0.8 4.2 1.4



861.4

870.0

878.7

887.5

565.8

836.1

844.4

852.9

10,893.6 9,131.0

11,055.9 9,275.7

9,870.2 8,134.5

10,638.3 8,908.6

3,676.1

8,797.2 7,089.0

4,188.4

4,298.0

3,394.8

3,532.6

대신증권0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-30

-25

-20

-15

-10

-5

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x0.8

x0.7

x0.6

x0.5

x0.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



199


A005940 40203020 universe

우리투자증권 (005940.KS) 업데이트 : 2013.02.04




52주 최고가 : 13,800 시가총액(십억원) : 2,311.3

52주 최저가 : 9,940 60일 평균 거래대금(백만원) : 13,588.0

연중 최고가 : 12,900 외국인지분(%) : 19.0

8 9 10 10 11


(9.4) (1.7) (9.0) (14.7) (8.7)

업종 대비 (3.0) 4.6 (2.7) (8.4) (2.3) 5

KOSPI 대비 (6.2) (0.2) (6.4) (10.9) (4.7) 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 24.9 0.72 2.9 1.0

2014/03F 3,605.0 16,674.7 335.4 405.7 12,269.8 135.0 20.4 0.70 3.5 1.3

2015/03F 3,700.5 17,116.4 334.0 409.8 13,281.2 135.0 19.7 0.68 3.6 1.3



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)

2012/09A 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 NA 165.2 115.1 528 22.5 우리투자증권 20.4 0.7 3.5 1.3

FY2013F NA 251.3 194.1 890 13.3 증권 19.9 0.8 4.2 1.4



1,151.2

1,174.2

1,063.5

1,084.8

1,106.5

1,128.6

522.4

1,042.6

25,982.9 22,282.5

24,623.8 21,116.9

25,312.4 21,707.4

19,359.2 16,730.5

22,408.0 18,952.4

4,297.3

4,651.6

5,035.0

우리투자증권

3,779.2

2,625.2

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.4

x1.2

x1.0

x0.8

x0.6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



200


A006800 40203020 universe

대우증권 (006800.KS) 업데이트 : 2013.02.04

투자의견 : 중립 업종 : 증권 주가 수익률(12개월)



52주 최고가 : 14,150 시가총액(십억원) : 3,724.4

52주 최저가 : 9,730 60일 평균 거래대금(백만원) : 18,112.3

연중 최고가 : 12,850 외국인지분(%) : 13.6

8 9 10 10 11


(7.3) (3.8) (14.3) (17.4) (10.6)

업종 대비 (1.0) 2.5 (7.9) (11.0) (4.2) 5

KOSPI 대비 (4.1) (2.3) (11.7) (13.6) (6.6) 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 26.7 0.93 3.6 1.0

2014/03F 4,166.8 13,477.1 373.3 331.9 9,482.7 87.1 23.6 0.90 4.0 1.1

2015/03F 4,295.8 13,894.6 396.5 335.2 10,264.4 86.3 21.6 0.88 4.2 1.2



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)

2012/09A (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 655.8 155.7 133.6 392 29.7 대우증권 23.7 0.9 4.0 1.0

FY2013F 718.3 221.6 180.1 529 22.0 증권 19.9 0.8 4.2 1.4



949.2

968.2

987.6

1,007.3

979.5

894.5

912.4

930.6

24,503.8 20,337.0

25,262.7 20,966.9

22,463.4 18,490.5

23,812.2 19,763.0

4,319.5

17,940.5 15,077.3

3,524.4

4,153.8

3,686.7

3,990.6

대우증권0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.7

x1.5

x1.2

x0.9

x0.6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



201


A016360 40203020 universe

삼성증권 (016360.KS) 업데이트 : 2013.02.04




52주 최고가 : 59,900 시가총액(십억원) : 4,081.6

52주 최저가 : 45,050 60일 평균 거래대금(백만원) : 17,001.5

연중 최고가 : 57,500 외국인지분(%) : 23.3

8 9 10 10 11


(6.2) (0.2) (1.5) (9.8) (5.2)

업종 대비 0.2 6.2 4.9 (3.5) 1.2 5

KOSPI 대비 (3.0) 1.3 1.1 (6.0) (1.2) 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 24.5 1.11 4.9 1.0

2014/03F 3,715.4 16,038.0 679.8 322.1 16,979.6 119.7 22.0 1.07 5.2 1.2

2015/03F 3,866.0 16,688.0 700.3 325.3 21,501.2 119.7 20.6 1.03 5.3 1.2



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 776.7 199.4 151.6 1,984 27.5 삼성증권 22.0 1.1 5.2 1.2

FY2013F 917.1 312.1 230.6 3,016 18.1 증권 19.9 0.8 4.2 1.4



826.7

843.2

763.7

779.0

794.6

810.4

424.8

748.7

19,462.6 15,596.6

17,985.7 14,413.0

18,704.5 14,989.0

13,120.6 10,321.9

16,770.9 13,390.4

3,085.9

3,340.3

3,615.7

삼성증권

2,501.6

2,729.6

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-16

-14

-12

-10

-8

-6

-4

-2

0

2

4

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x2.1

x1.9

x1.6

x1.3

x1.1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



202


A039490 40203020 universe

키움증권 (039490.KS) 업데이트 : 2013.02.04




52주 최고가 : 76,000 시가총액(십억원) : 1,423.2

52주 최저가 : 51,800 60일 평균 거래대금(백만원) : 2,930.6

연중 최고가 : 66,500 외국인지분(%) : 29.0

8 9 10 10 11


10.1 2.5 (6.8) (8.1) 2.1

업종 대비 16.4 8.9 (0.5) (1.8) 8.4 5

KOSPI 대비 13.3 4.0 (4.2) (4.4) 6.0 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 16.9 1.63 10.4 0.9

2014/03F 956.5 3,492.8 154.4 122.3 214.8 145.8 14.5 1.49 11.2 1.1

2015/03F 1,036.3 3,784.4 154.8 132.0 232.5 145.8 15.0 1.37 9.9 1.0



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)

2012/09A (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 NA 118.0 92.6 4,191 15.3 키움증권 14.5 1.5 11.3 1.1

FY2013F NA 143.8 115.4 5,223 12.3 증권 19.9 0.8 4.2 1.4



121.5

123.9

126.4

128.9

98.6

114.5

116.8

119.1

5,076.9 4,120.5

5,500.9 4,464.5

3,743.4 2,936.6

4,625.7 3,754.3

552.9

3,498.5 2,794.4

496.5

467.2

471.9

510.8

키움증권0

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

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

x2.4

x2.2

x1.9

x1.7

x1.4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



203



메리츠화재 (000060.KS) 업데이트 : 2013.03.22

투자의견 : 매수 업종 : 보험 주가 수익률(12개월)



52주 최고가 : 16,000 시가총액(십억원) : 1,228.1

52주 최저가 : 9,910 60일 평균 거래대금(백만원) : 6,208.9

연중 최고가 : 14,350 외국인지분(%) : 12.8

8 9 10 10 11


8.5 (8.3) (1.9) (0.4) (3.8)

업종 대비 12.2 (4.6) 1.8 3.3 (0.1) 5

KOSPI 대비 11.7 (6.8) 0.6 3.4 0.2 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 12.0 180.3 (18.3) 170.2 (21.8) 129.2 (21.5) 129.2 1,336 11,247 350

2014/03F 11.8 210.2 16.5 202.2 18.8 153.3 18.7 153.3 1,585 12,485 400

2015/03F 0.3 244.3 16.2 236.3 16.9 179.1 16.9 179.1 1,852 13,940 500

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 1,087.5 1,087.5 7,866.0 80.5 23.0 4.7 9.5 1.13 14.4 2.8

2014/03F 1,207.2 1,207.2 8,940.8 80.9 21.8 4.2 8.0 1.02 14.1 3.1

2015/03F 1,347.9 1,347.9 9,904.7 81.0 21.4 4.0 6.9 0.91 14.8 3.9

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)

2012/06A 14.5 3.3 65.8 (7.4) 60.6 62.8 (9.0) 47.9 47.7 (7.7) 47.1

2012/09A 12.5 3.1 48.0 (6.6) (27.0) 46.0 (10.1) (26.8) 34.9 (12.8) (26.8)

2012/12F 10.7 1.1 31.7 (44.7) (33.9) 29.1 (47.1) (36.6) 22.1 (45.5) (36.6)

2013/03F 10.6 2.7 34.8 (14.9) 9.8 32.3 (23.8) 11.1 24.5 (24.4) 10.9

2013/06F 10.3 3.0 56.7 (13.7) 62.8 54.7 (12.8) 69.2 41.5 (13.0) 69.2

2013/09F 12.2 4.9 45.4 (5.4) (19.9) 43.4 (5.5) (20.7) 32.9 (5.6) (20.7)

2013/12F 11.6 0.7 55.6 75.2 22.4 53.6 84.1 23.5 40.6 83.8 23.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 4,819.7 195.3 136.7 1,414 8.7 메리츠화재 6.2 1.0 18.2 3.9

FY2013F 5,458.3 265.1 188.0 1,944 6.3 보험 12.1 1.0 7.9 2.6



1,261.8

1,270.0

1,125.1

1,137.6

1,168.2

1,203.4

1,056.5

1,091.4

12,805.1 11,457.2

10,222.2 9,134.7

11,588.9 10,381.7

6,973.9 6,358.3

8,654.5 7,755.5

4,522.3

5,055.4

5,068.1

메리츠화재

3,526.3

4,037.3

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

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.6

x1.4

x1.1

x0.9

x0.7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



204



삼성화재 (000810.KS) 업데이트 : 2013.03.22




52주 최고가 : 244,500 시가총액(십억원) : 10,256.7

52주 최저가 : 195,500 60일 평균 거래대금(백만원) : 22,862.5

연중 최고가 : 228,500 외국인지분(%) : 54.2

8 9 10 10 11


(2.5) (2.9) (5.9) 1.6 1.2

업종 대비 1.2 0.8 (2.2) 5.3 4.9 5

KOSPI 대비 0.7 (1.4) (3.3) 5.4 5.1 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 14.1 1,002.5 (8.9) 954.6 (9.8) 735.4 (6.3) 735.4 14,542 172,867 4,000

2014/03F 9.5 1,035.4 3.3 1,015.4 6.4 769.7 4.7 769.7 15,221 179,551 4,500

2015/03F 10.0 1,088.5 5.1 1,070.5 5.4 811.4 5.4 811.4 16,047 186,374 5,000


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 8,647.8 8,647.8 38,376.1 85.6 17.4 4.2 14.9 1.25 9.4 1.8

2014/03F 8,985.7 8,985.7 40,255.7 86.4 17.0 4.2 14.2 1.21 8.8 2.1

2015/03F 9,330.7 9,330.7 41,801.2 86.6 16.3 4.1 13.5 1.16 8.9 2.3



2012/03A 16.7 4.5 290.6 12.5 76.8 281.0 10.9 94.9 216.0 11.6 151.9

2012/06A 17.9 6.1 342.7 (6.0) 17.9 332.4 (6.6) 18.3 251.2 (7.8) 16.3

2012/09A 17.0 2.4 235.5 (16.2) (31.3) 225.9 (18.4) (32.0) 184.9 (12.1) (26.4)

2012/12F 12.3 (1.1) 183.1 11.4 (22.2) 160.7 11.4 (28.9) 120.6 40.7 (34.7)

2013/03F 9.9 2.3 241.2 (17.0) 31.7 235.7 (16.1) 46.7 178.7 (17.3) 48.1

2013/06F 9.2 5.5 307.9 (10.2) 27.7 302.9 (8.9) 28.5 229.6 (8.6) 28.5

2013/09F 11.4 4.5 254.7 8.2 (17.3) 249.7 10.5 (17.6) 189.3 2.4 (17.6)

2013/12F 10.0 (2.3) 194.1 6.0 (23.8) 189.1 17.7 (24.3) 143.3 18.8 (24.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 16,900.0 1,075.4 790.0 15,623 13.9 삼성화재 13.3 1.2 9.4 2.1

FY2013F 18,623.8 1,210.8 907.5 17,946 12.1 보험 12.1 1.0 7.9 2.6



3,969.9

4,186.6

4,374.6

4,272.0

3,613.6

3,833.9

3,925.7

3,882.2

47,624.4 38,638.7

49,452.9 40,122.1

38,621.2 30,926.1

45,400.7 36,752.9

18,797.0

31,587.6 25,782.6

11,861.1

13,679.4

15,611.7

17,088.2

삼성화재0

50,000

100,000

150,000

200,000

250,000

300,000


-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

400,000

450,000

500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x2.6

x2.2

x1.9

x1.6

x1.3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



205



현대해상 (001450.KS) 업데이트 : 2013.03.22




52주 최고가 : 37,850 시가총액(십억원) : 2,802.7

52주 최저가 : 25,100 60일 평균 거래대금(백만원) : 9,712.3

연중 최고가 : 35,400 외국인지분(%) : 33.6

8 9 10 10 11


(0.2) (6.0) (7.5) (3.7) (2.0)

업종 대비 3.5 (2.3) (3.8) 0.0 1.7 5

KOSPI 대비 3.0 (4.5) (4.9) 0.1 1.9 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 9.4 497.5 (11.2) 469.3 (12.4) 354.7 (11.1) 354.7 3,967 23,937 1,000

2014/03F 12.5 497.9 0.1 467.9 (0.3) 354.6 (0.0) 354.6 3,967 26,968 1,000

2015/03F 0.0 555.6 11.6 525.6 12.3 398.4 12.3 398.4 4,457 30,448 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 2,119.9 2,119.9 16,223.9 83.0 18.6 4.4 7.9 1.31 20.1 3.2

2014/03F 2,390.9 2,390.9 18,297.6 83.1 18.7 4.0 7.9 1.16 16.6 3.2

2015/03F 2,702.0 2,702.0 20,679.2 83.7 18.2 3.9 7.0 1.03 16.5 3.8



2012/03A 41.1 18.8 128.6 48.9 (1.1) 123.1 56.2 (0.2) 93.5 66.4 9.9

2012/06A 20.6 (9.7) 161.4 (2.3) 25.4 155.7 (4.8) 26.4 118.0 (5.9) 26.2

2012/09A 18.0 3.2 129.2 (5.1) (19.9) 121.8 (3.3) (21.8) 92.3 (2.9) (21.7)

2012/12F 11.6 0.8 106.2 (18.4) (17.8) 98.6 (20.1) (19.0) 73.7 (13.3) (20.2)

2013/03F (7.6) (1.7) 100.7 (21.7) (5.2) 93.2 (24.3) (5.4) 70.7 (24.4) (4.1)

2013/06F 12.8 10.4 115.0 (28.7) 14.2 107.5 (30.9) 15.3 81.5 (30.9) 15.3

2013/09F 14.3 4.5 104.8 (18.9) (8.9) 97.3 (20.1) (9.5) 73.8 (20.1) (9.5)

2013/12F 10.7 (2.3) 126.8 19.4 20.9 119.3 21.0 22.5 90.4 22.7 22.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 10,352.4 519.3 368.1 4,118 7.8 현대해상 7.2 1.2 18.2 3.8

FY2013F 11,761.3 545.9 402.7 4,505 7.1 보험 12.1 1.0 7.9 2.6



2,632.5

2,570.8

2,303.8

2,322.8

2,283.1

2,519.4

2,472.0

2,233.1

26,750.3 24,048.2

20,987.0 18,867.1

23,669.4 21,278.6

13,005.8 11,853.0

17,571.3 15,827.3

9,142.7

10,283.3

10,283.3

현대해상

6,634.2

8,357.9

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x2.1

x1.8

x1.6

x1.3

x1.0

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



206



LIG손해보험 (002550.KS) 업데이트 : 2013.03.22




52주 최고가 : 29,300 시가총액(십억원) : 1,401.0

52주 최저가 : 21,600 60일 평균 거래대금(백만원) : 4,553.0

연중 최고가 : 26,350 외국인지분(%) : 18.4

8 9 10 10 11


(1.7) (9.1) (6.0) (8.6) (4.5)

업종 대비 2.0 (5.5) (2.3) (4.9) (0.8) 5

KOSPI 대비 1.5 (7.6) (3.5) (4.8) (0.5) 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 14.0 292.2 (14.0) 270.8 (12.1) 210.6 0.8 210.6 3,510 25,968 800

2014/03F 11.8 294.6 0.8 270.6 (0.1) 205.1 (2.6) 205.1 3,418 28,696 800

2015/03F 0.2 367.1 24.6 343.1 26.8 260.0 26.8 260.0 4,334 32,341 950


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 4.4 7.5 1.17 16.6 3.1

2013/03F 1,539.2 1,539.2 13,802.8 84.1 18.6 4.2 6.7 0.90 15.7 3.4

2014/03F 1,702.9 1,702.9 15,139.2 84.0 19.3 4.1 6.8 0.81 13.2 3.4

2015/03F 1,921.6 1,921.6 17,083.1 84.2 18.6 3.9 5.4 0.72 15.1 4.1



2012/03A 27.6 2.5 96.9 25.8 21.7 83.1 28.2 14.4 61.8 24.3 33.2

2012/06A 28.2 5.2 103.6 0.4 6.9 99.6 (0.0) 19.9 75.5 0.1 22.0

2012/09A 18.0 1.2 75.4 25.6 (27.2) 68.9 30.1 (30.9) 56.9 124.1 (24.6)

2012/12F 6.9 (2.0) 66.1 (17.0) (12.4) 61.4 (15.5) (10.9) 47.2 1.5 (17.1)

2013/03F 5.6 1.3 47.1 (51.4) (28.8) 41.1 (50.6) (33.1) 31.1 (49.7) (34.0)

2013/06F 7.4 7.0 67.3 (35.1) 42.9 61.3 (38.5) 49.2 46.4 (38.5) 49.2

2013/09F 13.2 6.6 55.2 (26.8) (17.9) 49.2 (28.5) (19.7) 37.3 (34.4) (19.7)

2013/12F 13.1 (2.2) 76.7 16.1 38.9 70.7 15.3 43.7 53.6 13.7 43.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,040.5 333.2 237.6 3,961 6.0 LIG손해보험 5.7 0.8 15.9 3.8

FY2013F 10,164.2 368.3 267.0 4,451 5.3 보험 12.1 1.0 7.9 2.6



2,014.4

2,155.4

2,298.5

2,248.0

1,907.1

2,006.2

2,029.6

1,988.2

19,583.7 17,880.8

22,098.2 20,176.6

14,872.9 13,548.7

17,855.0 16,315.7

9,000.6

11,580.1 10,708.9

5,679.8

7,051.5

8,038.4

8,982.9

LIG손해보험0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-15

-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2004 2005 2006 2007 2008 2009 2010 2011 2012

주가

x1.8

x1.6

x1.4

x1.1

x0.9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



207



코리안리 (003690.KS) 업데이트 : 2013.03.22




52주 최고가 : 13,950 시가총액(십억원) : 1,352.4

52주 최저가 : 9,020 60일 평균 거래대금(백만원) : 3,772.6

연중 최고가 : 12,050 외국인지분(%) : 43.0

8 9 10 10 11


0.0 8.0 3.6 (13.6) 0.0

업종 대비 3.7 11.7 7.3 (9.9) 3.7 5

KOSPI 대비 3.2 9.5 6.2 (9.8) 4.0 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 11,148 60

2013/03F 7.9 193.4 152.7 182.9 147.0 139.0 216.7 139.0 1,199 12,275 200

2014/03F 10.5 247.2 27.8 245.2 34.0 185.9 33.7 185.9 1,603 13,684 250

2015/03F (0.1) 251.1 1.6 249.1 1.6 188.8 1.6 188.8 1,629 15,063 250


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 1.22 3.4 0.4

2013/03F 1,387.4 1,387.4 3,682.8 78.9 18.7 3.0 9.5 0.93 10.8 1.7

2014/03F 1,550.8 1,550.8 4,056.8 78.2 19.7 4.3 7.1 0.84 13.1 2.2

2015/03F 1,710.7 1,710.7 4,434.0 78.3 20.0 4.4 7.0 0.76 11.9 2.2



2012/03A 9.7 1.2 (82.5) NA NA (83.6) NA NA (64.4) NA NA

2012/06A 12.8 0.7 28.4 (70.3) NA 26.6 (71.3) NA 20.2 (71.6) NA

2012/09A 11.4 9.9 45.2 (30.2) 59.5 43.0 (37.5) 61.4 32.5 (37.4) 60.8

2012/12F 4.7 (6.6) 60.9 NA 34.5 54.7 NA 27.3 41.9 NA 29.0

2013/03F 3.3 (0.1) 58.9 NA (3.2) 58.6 NA 7.1 44.4 NA 6.1

2013/06F 5.7 3.0 62.3 119.5 5.7 61.8 132.1 5.4 46.8 131.8 5.4

2013/09F 11.3 15.8 61.4 35.8 (1.3) 60.9 41.8 (1.4) 46.2 42.2 (1.4)

2013/12F 11.7 (6.2) 57.9 (4.8) (5.7) 57.4 5.0 (5.7) 43.5 3.9 (5.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F NA 195.2 141.6 1,199 9.5 코리안리 6.9 0.8 12.8 2.6

FY2013F NA 244.4 183.3 1,552 7.4 보험 12.1 1.0 7.9 2.6



1,080.8

1,013.2

970.7

907.1

906.2

933.5

877.0

883.2

9,237.6 7,526.9

7,672.4 6,285.0

8,451.8 6,901.0

4,750.6 3,995.8

6,932.5 5,675.7

3,667.2

4,052.1

4,048.5

코리안리

3,085.3

3,397.4

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-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 2012

주가

x1.4

x1.2

x1.1

x1.0

x0.9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



208



동부화재 (005830.KS) 업데이트 : 2013.03.22

투자의견 : 중립 업종 : 보험 주가 수익률(12개월)



52주 최고가 : 52,300 시가총액(십억원) : 3,214.3

52주 최저가 : 38,550 60일 평균 거래대금(백만원) : 7,883.1

연중 최고가 : 49,300 외국인지분(%) : 37.2

8 9 10 10 11


(1.7) (0.9) 0.4 (6.8) 2.1

업종 대비 2.0 2.8 4.1 (3.1) 5.8 5

KOSPI 대비 1.5 0.6 3.0 (3.0) 6.1 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 8.8 582.4 3.6 560.1 2.8 421.1 4.4 421.1 5,947 38,002 1,200

2014/03F 11.7 577.2 (0.9) 557.2 (0.5) 422.4 0.3 422.4 5,966 42,880 1,200

2015/03F 0.2 653.9 13.3 633.9 13.8 480.5 13.8 480.5 6,787 48,547 1,400


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 2,660.9 2,660.9 18,117.6 84.1 17.1 4.4 7.6 1.19 18.8 2.6

2014/03F 3,006.3 3,006.3 20,222.7 84.6 17.2 4.1 7.6 1.06 15.7 2.6

2015/03F 3,407.5 3,407.5 22,642.3 84.7 17.0 3.9 6.7 0.94 15.8 3.1



2012/03A 40.6 8.7 112.2 (11.1) (26.4) 105.4 (10.5) (28.6) 80.8 (9.9) (20.1)

2012/06A 24.5 (7.1) 156.4 (4.7) 39.5 153.5 (4.8) 45.7 112.4 (8.2) 39.1

2012/09A 13.6 0.7 177.1 32.9 13.2 170.9 30.7 11.3 130.3 31.8 15.9

2012/12F 2.1 0.4 124.3 (18.5) (29.8) 116.1 (21.3) (32.1) 87.8 (13.2) (32.6)

2013/03F (0.5) 5.9 124.6 11.1 0.2 119.6 13.5 3.1 90.7 12.2 3.3

2013/06F 5.1 (1.8) 137.9 (11.8) 10.7 132.9 (13.4) 11.1 100.7 (10.3) 11.1

2013/09F 9.7 5.0 153.7 (13.2) 11.5 148.7 (13.0) 11.9 112.7 (13.5) 11.9

2013/12F 15.3 5.6 148.2 19.2 (3.6) 143.2 23.4 (3.7) 108.6 23.7 (3.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 9,846.9 594.9 430.0 6,074 7.4 동부화재 7.2 1.1 16.6 3.1

FY2013F 10,994.1 638.2 483.0 6,823 6.5 보험 12.1 1.0 7.9 2.6



2,385.4

2,341.6

2,459.4

2,596.1

2,397.5

2,227.3

2,242.5

2,252.5

24,651.3 21,645.0

27,600.7 24,193.2

17,528.3 15,323.7

22,085.1 19,424.3

10,199.0

12,871.3 11,494.1

6,422.1

8,368.0

9,107.7

10,177.6

동부화재0

10,000

20,000

30,000

40,000

50,000

60,000


-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

x2.3

x2.1

x1.8

x1.5

x1.2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



209



삼성생명 (032830.KS) 업데이트 : 2013.02.19




52주 최고가 : 110,000 시가총액(십억원) : 20,400.0

52주 최저가 : 89,500 60일 평균 거래대금(백만원) : 21,492.2

연중 최고가 : 110,000 외국인지분(%) : 10.6

8 9 10 10 11


(2.4) 5.6 4.4 3.9 6.7

업종 대비 1.3 9.3 8.1 7.6 10.4 5

KOSPI 대비 0.8 7.1 7.0 7.6 10.6 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 42.1 619.6 11.3 1,304.2 10.9 1,011.8 6.8 133,306 5,059 108,489 2,000

2014/03F (0.4) 678.5 9.5 1,381.7 5.9 1,047.4 3.5 148,236 5,237 115,442 2,200

2015/03F 7.2 639.0 (5.8) 1,434.4 3.8 1,087.3 3.8 164,838 5,437 122,642 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 17.7 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 21,142.2 149,618.5 107.6 16.6 4.4 0.8 20.2 0.94 5.6 2.0

2014/03F 22,532.7 159,052.9 108.0 16.5 4.0 0.7 19.5 0.88 5.0 2.2

2015/03F 23,972.7 168,678.3 107.7 16.5 3.9 0.7 18.8 0.83 4.8 2.4

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

2012/06A 8.1 (3.2) 124.1 (29.0) (68.9) 288.0 (10.3) (49.7) 242.0 (9.8) (49.9)

2012/09A 56.7 44.2 158.5 NA 27.7 344.2 322.0 19.5 259.5 414.3 7.2

2012/12F 55.1 0.7 39.3 (15.1) (75.2) 210.5 4.8 (38.8) 160.5 10.2 (38.1)

2013/03F 47.8 5.1 297.7 (25.4) 657.6 461.5 (19.4) 119.2 349.9 (27.6) 118.0

2013/06F 37.7 (9.8) 146.1 17.7 (50.9) 310.7 7.9 (32.7) 235.5 (2.7) (32.7)

2013/09F (6.6) (2.1) 159.2 0.5 9.0 330.8 (3.9) 6.5 250.7 (3.4) 6.5

2013/12F (7.1) 0.1 50.4 28.1 (68.4) 232.1 10.2 (29.8) 175.9 9.6 (29.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 20,496.8 635.3 1,010.5 5,115 19.8 삼성생명 19.5 0.9 5.0 2.2

FY2013F 21,539.7 752.1 1,127.7 5,448 18.5 보험 12.1 1.0 7.9 2.6



5,295.4

5,300.3

5,667.8

5,706.5

5,999.5

5,411.3

4,059.8

3,929.8

211,663.7 187,691.1

182,145.0 161,002.8

195,122.1 172,589.3

146,353.6 130,963.6

161,072.4 142,959.2

21,303.5

21,222.8

22,753.2

삼성생명

14,850.7

14,990.6

0

20,000

40,000

60,000

80,000

100,000

120,000


-10

-5

0

5

10

15

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

2009 2010 2011

주가

x244

.9x183

.9x122

.9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



210



한화생명 (088350.KS) 업데이트 : 2013.02.19

투자의견 : 중립 업종 : 보험 주가 수익률(12개월)



52주 최고가 : 8,200 시가총액(십억원) : 5,836.5

52주 최저가 : 5,880 60일 평균 거래대금(백만원) : 6,959.0

연중 최고가 : 8,050 외국인지분(%) : 13.7

8 9 10 10 11


(15.0) (17.5) (12.7) (12.7) (13.8)

업종 대비 (11.4) (13.9) (9.0) (9.0) (10.2) 5

KOSPI 대비 (11.8) (16.1) (10.2) (9.0) (9.9) 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 9,450 615 7,701 230

2013/03F 43.4 (251.1) NA 654.7 (7.4) 501.0 (6.2) 10,584 577 8,212 223

2014/03F 12.3 (378.1) NA 681.1 4.0 516.3 3.0 11,854 594 8,584 223

2015/03F 3.5 (495.5) NA 713.6 4.8 540.9 4.8 13,277 623 8,984 223

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 0.8 12.2 0.97 8.7 3.1

2013/03F 6,941.7 58,517.7 108.4 20.4 5.3 0.7 11.6 0.82 7.7 3.3

2014/03F 7,264.2 66,264.6 109.5 19.3 5.1 0.6 11.3 0.78 7.4 3.3

2015/03F 7,611.4 74,338.9 111.3 19.7 4.9 0.6 10.8 0.75 7.4 3.3

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

2012/06A 5.7 (10.8) (44.6) NA NA 185.8 (10.2) (12.7) 141.4 (7.4) (12.6)

2012/09A 49.6 45.7 (4.1) NA NA 212.8 176.8 14.6 165.3 171.7 16.9

2012/12F 67.9 11.6 (79.8) NA NA 133.5 (36.7) (37.3) 101.4 (36.1) (38.6)

2013/03F 48.6 2.5 (122.7) NA NA 122.6 (42.4) (8.2) 92.9 (42.6) (8.4)

2013/06F 40.1 (15.9) (82.9) NA NA 168.1 (9.5) 37.1 127.4 (9.9) 37.1

2013/09F 10.7 15.2 (85.1) NA NA 172.3 (19.0) 2.5 130.6 (21.0) 2.5

2013/12F 6.0 6.8 (109.5) NA NA 160.3 20.0 (7.0) 121.5 19.8 (7.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 8,907.6 (85.0) 553.3 637 10.8 한화생명 11.3 0.8 7.4 3.3

FY2013F 8,698.9 (84.0) 593.8 684 10.0 보험 12.1 1.0 7.9 2.6



2,976.0

2,502.4

2,883.1

3,077.8

2,002.6

1,786.2

2,603.2

2,904.7

87,745.1 80,480.9

98,582.6 90,971.2

68,860.8 62,363.5

77,518.4 70,576.7

11,936.9

63,723.9 57,563.6

7,214.8

7,163.2

10,270.1

11,537.3

한화생명0

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

2009 2010 2011 2012

주가

x1.4

x1.3

x1.1

x0.9

x0.8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



211



NHN (035420.KS) 업데이트 : 2013.03.18

투자의견 : 매수 업종 : 인터넷·소프트웨어 주가 수익률(12개월)



52주 최고가 : 292,500 시가총액(십억원) : 13,042.6

52주 최저가 : 210,000 60일 평균 거래대금(백만원) : 54,987.2

연중 최고가 : 275,000 외국인지분(%) : 55.8

9 10 11 12 13


3.6 19.4 (2.2) 8.6 19.1

업종 대비 0.1 15.9 (5.7) 5.1 15.6 5

KOSPI 대비 6.8 20.9 0.4 12.4 23.1 10

22 23 24 19 20



2010/12A 11.7 616.5 6.5 603.5 7.0 473.1 12.4 709.7 10,553 40,696 0

2011/12A 18.8 656.3 6.4 632.1 4.7 450.0 (4.9) 744.5 10,134 49,703 536

2012/12F 12.6 702.6 7.1 733.1 16.0 545.6 21.3 803.8 12,412 60,483 616

2013/12F 32.6 915.0 30.2 900.3 22.8 670.1 22.8 1,041.2 15,393 73,738 739

2014/12F 17.5 1,106.7 20.9 1,097.9 21.9 817.1 21.9 1,232.2 18,771 89,914 887



2010/12A 1,323.8 (650.4) 17.0 (124.2) 34.5 14.5 21.5 5.58 41.0 0.0

2011/12A 1,577.5 (885.8) 14.1 (122.4) 30.9 12.5 20.8 4.25 31.0 0.3

2012/12F 1,995.7 (817.3) 11.1 (206.3) 29.4 12.6 18.3 3.75 30.5 0.3

2013/12F 2,516.4 (1,132.2) 8.8 (73.2) 28.9 11.4 17.6 3.68 29.7 0.3

2014/12F 3,294.9 (1,628.7) 6.7 (256.8) 29.7 9.3 14.4 3.01 28.1 0.3



2012/03A 14.2 (0.0) 173.6 2.0 (4.2) 181.2 7.4 8.0 136.1 10.3 22.5

2012/06A 9.6 (0.1) 163.3 3.9 (5.9) 153.8 (0.8) (15.1) 114.5 0.9 (15.9)

2012/09A 12.9 3.6 165.5 12.0 1.3 168.5 19.9 9.6 127.2 24.6 11.2

2012/12F 13.8 10.0 200.2 10.6 21.0 229.7 36.9 36.3 167.9 51.2 32.0

2013/03F 26.4 11.0 197.8 14.0 (1.2) 191.9 5.9 (16.5) 142.8 4.9 (14.9)

2013/06F 36.9 8.2 213.8 30.9 8.1 204.5 33.0 6.6 152.2 33.0 6.6

2013/09F 35.4 2.5 221.0 33.6 3.4 218.1 29.4 6.7 162.3 27.6 6.7

2013/12F 31.6 6.9 282.4 41.0 27.7 285.9 24.5 31.1 212.8 26.8 31.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,374.3 644.1 509.7 10,593 21.4 NHN 16.8 3.5 29.4 0.3

FY2013F 2,956.3 843.3 658.6 13,696 19.9 인터넷·소프트웨어 17.3 3.1 21.6 0.4



802.4

858.1

592.5

651.9

723.9

783.1

572.9

572.1

4,315.1 1,019.9

2,790.7 794.7

3,434.8 918.1

1,967.0 645.0

2,372.7 794.8

2,389.3

3,167.6

3,720.6

NHN

1,785.4

2,121.3

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-15

-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x24

x21

x19

x17

x15

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



212



다음 (035720.KQ) 업데이트 : 2013.03.21




52주 최고가 : 124,600 시가총액(십억원) : 1,238.3

52주 최저가 : 83,200 60일 평균 거래대금(백만원) : 9,131.3

연중 최고가 : 109,700 외국인지분(%) : 49.8

9 10 11 12 13


(5.3) 2.9 (16.4) (24.9) (1.9)

업종 대비 (8.8) (0.6) (19.9) (28.4) (5.4) 5

KOSPI 대비 (2.1) 4.4 (13.8) (21.1) 2.0 10

22 23 24 19 20



2010/12A 27.8 95.6 117.1 93.4 140.1 122.8 278.6 119.7 2,680 26,671 749

2011/12A 20.2 116.1 21.4 127.4 36.4 108.5 (11.7) 143.1 8,084 34,297 1,607

2012/12F 7.6 101.8 (12.3) 100.9 (20.9) 76.3 (29.7) 133.2 5,680 38,601 1,269

2013/12F 22.0 123.5 21.3 129.2 28.1 107.8 41.4 157.2 7,969 45,025 1,462

2014/12F 6.7 125.9 1.9 134.8 4.3 112.5 4.3 161.6 8,312 51,730 1,607



2010/12A 356.4 (219.4) 0.2 (27.4) 27.3 6.8 28.8 2.89 43.4 1.0

2011/12A 456.5 (228.2) 0.1 (42.8) 27.6 9.7 14.8 3.50 26.7 1.3

2012/12F 516.4 (283.1) 0.2 (44.0) 22.4 7.1 16.0 2.36 15.7 1.4

2013/12F 604.4 (340.3) 0.2 (33.0) 22.3 5.7 11.5 2.03 19.2 1.6

2014/12F 695.1 (423.7) 0.2 (29.4) 21.3 5.0 11.0 1.77 17.3 1.8



2012/03A 13.3 (6.0) 27.2 (15.7) 1.0 28.1 (15.0) 28.6 21.2 (17.4) 92.4

2012/06A 12.7 5.8 30.3 7.7 11.6 29.3 (12.2) 4.3 22.3 (42.9) 5.2

2012/09A 6.2 (6.1) 22.4 (22.9) (26.1) 25.6 (34.1) (12.5) 19.3 (41.2) (13.5)

2012/12F (0.1) 7.0 21.9 (18.4) (2.0) 17.8 (18.7) (30.7) 13.5 22.7 (29.9)

2013/03F 18.5 11.4 30.0 10.3 36.6 31.3 11.2 75.9 26.1 23.1 93.0

2013/06F 19.9 7.1 33.4 10.4 11.6 34.4 17.4 10.1 28.7 28.8 10.1

2013/09F 23.5 (3.3) 27.7 23.6 (17.2) 28.2 9.8 (18.2) 23.5 21.9 (18.2)

2013/12F 25.9 9.2 32.4 47.8 17.2 35.4 99.1 25.6 29.5 118.4 25.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 455.8 104.2 84.8 6,255 17.5 다음 11.4 2.0 18.8 1.6

FY2013F 550.5 114.3 97.8 7,268 12.7 인터넷·소프트웨어 17.3 3.1 21.6 0.4



130.6

139.8

135.2

147.5

110.2

116.6

109.5

117.2

742.1 138.8

841.0 147.5

558.7 102.5

637.8 122.0

590.0

460.8 104.5

350.4

421.3

453.4

553.1

다음0

20,000

40,000

60,000

80,000

100,000

120,000

140,000


-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x25

x20

x14

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



213



엔씨소프트 (036570.KS) 업데이트 : 2013.02.06




52주 최고가 : 328,000 시가총액(십억원) : 3,308.3

52주 최저가 : 125,000 60일 평균 거래대금(백만원) : 42,444.0

연중 최고가 : 158,500 외국인지분(%) : 33.6

9 10 11 12 13


7.5 0.7 (40.9) (52.4) (1.9)

업종 대비 4.0 (2.8) (44.4) (55.9) (5.4) 5

KOSPI 대비 10.7 2.2 (38.3) (48.6) 2.0 10

22 23 24 19 20



2010/12A 3.9 222.3 (5.0) 195.1 (19.0) 143.7 (22.0) 243.4 7,284 39,182 600

2011/12A (7.7) 135.7 (38.9) 157.2 (19.4) 120.7 (16.0) 161.2 6,097 44,008 600

2012/12F 23.8 151.3 11.4 182.9 16.3 153.7 27.3 179.3 7,722 50,385 600

2013/12F 3.6 187.5 23.9 210.0 14.8 170.4 10.9 215.8 8,549 57,618 600

2014/12F 27.7 344.5 83.8 371.8 77.1 302.3 77.4 381.8 15,169 70,876 600



2010/12A 748.1 (616.2) 0.5 (40.0) 33.7 16.2 28.6 5.32 20.8 0.3

2011/12A 855.6 (522.5) 1.4 (190.9) 22.3 38.5 50.4 6.99 15.1 0.2

2012/12F 997.3 (595.2) 1.2 (81.2) 20.1 15.1 19.5 2.99 16.6 0.4

2013/12F 1,155.7 (682.0) 1.1 (82.1) 24.0 12.2 17.7 2.62 15.8 0.4

2014/12F 1,446.0 (912.1) 0.8 (59.5) 34.5 6.3 10.0 2.13 23.2 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

2012/09A 23.4 24.1 50.6 49.8 NA 54.2 39.6 NA 48.7 74.6 NA

2012/12F 103.9 55.5 94.5 466.8 86.8 113.6 419.8 109.6 99.7 518.4 104.9

2013/03F 23.1 (38.7) 42.8 211.3 (54.7) 47.4 158.4 (58.3) 37.7 200.6 (62.1)

2013/06F 7.3 (9.3) 24.2 NA (43.5) 28.9 NA (39.1) 21.8 NA (42.2)

2013/09F 8.9 25.9 51.7 2.1 113.8 56.5 4.2 95.6 47.3 (2.7) 116.9

2013/12F (11.4) 26.6 68.8 (27.2) 33.0 77.2 (32.0) 36.7 63.5 (36.4) 34.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 741.2 161.7 138.9 6,416 21.4 엔씨소프트 15.1 2.5 17.4 0.4

FY2013F 827.3 223.9 194.6 8,858 16.5 인터넷·소프트웨어 17.3 3.1 21.6 0.4



198.4

251.1

182.2

283.4

173.8

157.6

141.2

146.8

1,707.3 248.4

1,247.8 237.6

1,390.4 221.9

1,023.5 262.3

1,113.4 245.0

753.5

780.8

997.3

엔씨소프트

659.7

608.9

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000


-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 2012 2013

주가

x37

x30

x23

x16

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



214



네오위즈게임즈 (095660.KQ) 업데이트 : 2013.03.21

투자의견 : 중립 업종 : 인터넷·소프트웨어 주가 수익률(12개월)

목표주가 : - 애널리스트 : 홍종길


52주 최고가 : 37,500 시가총액(십억원) : 428.4

52주 최저가 : 17,600 60일 평균 거래대금(백만원) : 15,113.9

연중 최고가 : 25,750 외국인지분(%) : 5.8

9 10 11 12 13


(2.0) (13.5) (26.1) (46.6) (24.1)

업종 대비 (5.5) (17.0) (29.6) (50.1) (27.6) 5

KOSPI 대비 1.2 (12.0) (23.5) (42.8) (20.1) 10

22 23 24 19 20



2010/12A 16.3 103.6 29.7 27.5 (62.4) 26.3 (41.8) 114.5 1,308 11,243 0

2011/12A 55.1 134.0 29.4 100.8 266.5 73.0 177.5 155.6 3,499 14,143 0

2012/12F 1.0 109.9 (18.0) 47.9 (52.5) 7.5 (89.7) 132.1 358 14,486 0

2013/12F (34.5) 59.0 (46.3) 44.4 (7.2) 34.0 353.8 76.0 1,573 16,038 0

2014/12F (23.4) 35.8 (39.4) 25.6 (42.4) 19.6 (42.4) 51.1 907 16,933 0



2010/12A 236.2 (56.3) 0.2 (10.3) 24.1 8.0 35.1 4.09 11.3 0.0

2011/12A 248.7 111.5 70.1 (97.7) 20.1 7.0 12.3 3.05 30.1 0.0

2012/12F 256.2 (3.6) 68.6 (2.3) 16.3 4.3 69.8 1.73 3.0 0.0

2013/12F 290.2 (49.4) 61.2 3.0 13.4 5.3 12.4 1.22 12.5 0.0

2014/12F 309.8 (91.3) 57.6 4.7 10.6 7.0 21.6 1.15 6.5 0.0



2012/03A 33.1 11.6 35.2 0.9 12.8 36.1 66.4 30.0 28.4 90.4 28.3

2012/06A 0.3 (14.6) 26.4 (26.8) (25.0) 21.7 (20.1) (39.9) 14.2 (20.6) (49.9)

2012/09A (5.3) (1.6) 30.3 (5.1) 14.9 29.7 22.8 37.2 21.4 18.2 50.2

2012/12F (18.9) (13.4) 18.0 (42.2) (40.6) (45.2) NA NA (56.5) NA NA

2013/03F (33.6) (8.6) 19.3 (45.2) 6.9 18.2 (49.5) NA 13.9 (50.9) NA

2013/06F (21.2) 1.3 19.5 (26.0) 1.3 17.5 (19.4) (4.1) 13.4 (6.1) (4.1)

2013/09F (42.2) (27.8) 11.1 (63.4) (43.2) 11.1 (62.7) (36.5) 8.5 (60.3) (36.5)

2013/12F (42.7) (14.2) 9.2 (49.2) (17.5) (2.3) NA NA (1.8) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 693.8 119.8 80.0 3,698 5.4 네오위즈게임즈 13.7 1.2 11.2 0.0

FY2013F 478.3 92.5 62.3 2,673 7.1 인터넷·소프트웨어 17.3 3.1 21.6 0.4



131.0

132.7

95.8

82.2

197.2

168.4

165.6

143.4

613.7 301.2

624.4 292.4

626.2 353.3

638.9 360.2

338.4

433.6 196.7

430.5

667.7

674.6

441.7

네오위즈게임즈0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-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

2007 2008 2009 2010 2011 2012

주가

x32

x26

x21

x15

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



215


A004130 452010 universe

대덕GDS (004130.KS) 업데이트 : 2013.03.20

투자의견 : 매수 업종 : 통신장비·부품 주가 수익률(12개월)

목표주가 : 24,000 애널리스트 : 양정훈


52주 최고가 : 20,200 시가총액(십억원) : 379.6

52주 최저가 : 11,150 60일 평균 거래대금(백만원) : 3,611.2

연중 최고가 : 20,050 외국인지분(%) : 25.7

9 10 11 12 13


(6.3) 13.5 35.2 40.8 6.0

업종 대비 (8.2) 11.6 33.3 38.9 4.1 5

KOSPI 대비 (3.1) 15.0 37.7 44.6 10.0 10

22 23 24 19 20



2010/12A (1.4) 12.6 (69.9) 49.2 12.3 30.9 (4.9) 21.0 1,358 14,932 300

2011/12A 15.8 24.3 92.6 31.4 (36.3) 16.1 (47.9) 39.3 770 15,461 300

2012/12A 11.3 41.6 71.5 50.9 62.3 34.0 111.7 61.9 1,720 16,901 300

2013/12F 23.8 58.1 39.6 62.1 22.0 49.2 44.6 82.8 2,164 19,066 300

2014/12F 15.0 66.8 15.0 70.8 14.0 55.0 11.7 91.5 2,418 21,712 300



2010/12A 331.3 (122.9) 0.4 (47.1) 3.5 4.2 6.8 0.62 9.7 3.2

2011/12A 342.2 (91.5) 0.4 (34.3) 5.8 3.2 12.7 0.63 4.8 3.1

2012/12A 374.5 (158.7) 0.5 (22.5) 9.0 3.5 10.3 1.04 9.5 1.7

2013/12F 517.3 (39.2) 0.0 (50.0) 10.1 4.3 8.5 0.97 11.0 1.6

2014/12F 577.4 (41.7) 0.0 (30.0) 10.1 3.8 7.6 0.85 10.0 1.6



2012/03A 10.9 3.5 10.9 69.0 205.2 12.9 43.3 289.2 10.2 55.3 NA

2012/06A 12.6 1.2 9.3 25.0 (14.8) 14.3 58.1 11.4 10.0 119.0 (1.2)

2012/09A 15.3 9.3 13.4 97.8 44.0 14.1 40.7 (2.0) 14.5 48.2 45.1

2012/12A 6.6 (6.9) 8.0 122.8 (40.5) 9.6 190.7 (31.6) 2.0 NA (86.3)

2013/03F 7.3 4.2 11.1 1.4 39.0 12.1 (6.1) 25.7 9.8 (3.8) 388.3

2013/06F 23.6 16.5 13.7 47.1 23.5 14.7 2.4 21.6 10.4 3.6 6.4

2013/09F 25.5 11.1 16.4 22.2 19.6 17.4 23.6 18.3 10.1 (30.7) (2.9)

2013/12F 38.2 2.5 16.9 112.4 3.4 17.9 86.7 3.2 19.0 848.9 88.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 465.0 40.7 37.7 1,657 11.5 대덕GDS 8.3 0.9 10.8 1.6

FY2013F 547.3 55.7 47.1 2,071 9.0 통신장비·부품 9.7 1.0 10.4 0.5



155.5

159.4

123.9

115.3

120.2

140.0

112.0

113.3

577.4 109.5

454.5 80.1

517.3 97.5

409.8 68.7

427.5 78.7

464.5

575.1

661.3

대덕GDS

360.3

417.3

0

5,000

10,000

15,000

20,000

25,000


-20

-10

0

10

20

30

40

50

60

70

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x10

x8

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



216


A008060 452010 universe

대덕전자 (008060.KS) 업데이트 : 2012.10.17




52주 최고가 : 12,850 시가총액(십억원) : 519.7

52주 최저가 : 8,760 60일 평균 거래대금(백만원) : 3,895.3

연중 최고가 : 11,650 외국인지분(%) : 13.1

9 10 11 12 13


3.4 (0.5) (0.5) (13.8) 0.5

업종 대비 1.5 (2.4) (2.4) (15.7) (1.4) 5

KOSPI 대비 6.6 1.0 2.1 (10.0) 4.4 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 4.1 8.7 1.09 14.7 2.8

2013/12F 490.1 (61.8) 1.4 (30.0) 10.7 3.4 7.6 0.97 14.9 2.8

2014/12F 558.1 (112.2) 1.2 (20.0) 10.7 2.8 6.5 0.86 15.4 2.8



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 740.6 52.0 47.3 970 11.7 대덕전자 7.3 0.9 15.0 2.8

FY2013F 853.5 75.5 68.9 1,411 7.9 통신장비·부품 9.7 1.0 10.4 0.5



187.2

207.2

219.4

201.9

170.6

185.8

188.4

184.0

636.0 145.7

737.7 165.9

512.5 127.1

553.6 133.0

938.0

465.6 108.6

530.7

655.7

728.9

815.7

대덕전자0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


-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

18,000

20,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x13

x10

x8

x5

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



217


A020760 452010 universe

일진디스플 (020760.KS) 업데이트 : 2013.03.20




52주 최고가 : 24,150 시가총액(십억원) : 590.4

52주 최저가 : 10,450 60일 평균 거래대금(백만원) : 7,389.3

연중 최고가 : 22,750 외국인지분(%) : 12.2

9 10 11 12 13


2.7 1.2 13.9 65.5 (4.8)

업종 대비 0.8 (0.7) 12.0 63.6 (6.7) 5

KOSPI 대비 5.9 2.7 16.5 69.2 (0.8) 10

22 23 24 19 20



2010/12A 237.5 14.4 2,486.5 11.5 2,082.3 11.5 2,108.0 18.8 447 2,034 0

2011/12A 184.7 36.4 151.9 30.6 165.7 30.7 167.3 43.8 1,133 3,313 100

2012/12A 83.9 64.6 77.6 59.5 94.3 64.1 109.1 74.1 2,344 5,504 200

2013/12F 40.5 83.2 28.9 87.4 46.8 76.8 19.8 112.0 2,725 8,332 200

2014/12F 30.0 108.2 30.0 112.4 28.6 85.2 10.9 137.0 3,015 11,340 200



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

2012/12A 150.9 (20.9) 24.4 (36.3) 10.8 7.9 9.4 4.02 53.3 0.9

2013/12F 235.8 (53.8) (13.5) (70.0) 9.9 4.8 7.7 2.50 39.7 1.0

2014/12F 321.0 (103.9) (16.1) (30.0) 9.9 3.6 6.9 1.84 30.6 1.0



2012/03A 148.7 17.3 14.1 161.4 15.7 14.3 176.8 6.8 14.3 176.8 6.8

2012/06A 170.1 32.8 19.8 182.5 40.1 16.8 156.5 17.6 16.8 155.4 17.6

2012/09A 41.2 6.8 16.5 40.5 (17.0) 17.9 223.8 6.7 17.9 223.8 6.7

2012/12A 53.8 (7.5) 14.1 15.8 (14.0) 10.5 (21.6) (41.5) 15.1 12.7 (15.9)

2013/03F 47.5 12.5 16.5 17.0 16.9 17.6 23.1 67.6 15.5 8.2 2.4

2013/06F 21.2 9.1 18.2 (8.1) 10.1 19.3 14.5 9.5 16.9 0.7 9.5

2013/09F 45.8 28.4 25.0 52.0 37.4 26.1 45.3 35.3 22.9 27.7 35.3

2013/12F 48.9 (5.6) 23.5 65.8 (6.2) 24.5 133.4 (6.0) 21.5 42.7 (6.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 593.9 66.4 62.9 2,227 8.6 일진디스플 7.5 2.3 37.7 1.0

FY2013F 759.7 76.8 67.4 2,385 9.0 통신장비·부품 9.7 1.0 10.4 0.5



243.9

230.3

167.2

154.7

174.0

189.9

118.0

156.6

403.8 82.0

272.6 121.7

308.7 72.0

145.1 92.8

181.2 91.4

596.5

838.1

1,089.6

일진디스플

113.9

324.4

0

5,000

10,000

15,000

20,000

25,000


-20

0

20

40

60

80

100

120

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x27

x21

x15

x9

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



218


A036710 452010 universe

심텍 (036710.KQ) 업데이트 : 2013.01.30




52주 최고가 : 15,600 시가총액(십억원) : 267.9

52주 최저가 : 7,380 60일 평균 거래대금(백만원) : 3,704.2

연중 최고가 : 10,200 외국인지분(%) : 5.8

9 10 11 12 13


(3.5) (18.8) (34.5) (44.0) (18.4)

업종 대비 (5.4) (20.7) (36.4) (45.9) (20.3) 5

KOSPI 대비 (0.3) (17.3) (31.9) (40.2) (14.5) 10

22 23 24 19 20



2010/12A 16.1 84.9 65.6 78.3 26.6 70.7 43.3 111.6 2,791 4,755 170

2011/12A 6.2 61.1 (28.0) 51.5 (34.2) 42.6 (39.8) 93.0 1,479 6,031 200

2012/12F 3.0 43.4 (28.9) 35.8 (30.5) 26.9 (37.0) 75.0 875 6,492 200

2013/12F 11.7 40.3 (7.3) 33.7 (5.8) 26.3 (2.2) 74.6 821 7,309 200

2014/12F 15.0 46.3 15.0 39.7 17.9 30.8 17.3 80.6 963 8,267 200



2010/12A 136.4 180.2 144.9 (15.2) 14.7 5.1 5.1 2.98 94.1 1.2

2011/12A 173.3 145.1 93.3 (20.9) 10.0 5.4 8.3 2.03 27.5 1.6

2012/12F 209.1 139.8 96.8 (25.0) 6.9 6.3 11.8 1.59 14.1 1.9

2013/12F 235.3 180.0 80.6 (76.0) 5.7 6.0 10.1 1.14 11.8 2.4

2014/12F 266.2 174.8 71.3 (20.0) 5.7 5.5 8.6 1.01 12.3 2.4



2012/03A 6.8 (4.5) 12.8 (23.5) (17.7) 11.9 (16.5) (7.3) 9.0 (17.6) (33.3)

2012/06A 5.0 2.6 14.1 (22.0) 10.1 12.8 (16.5) 7.2 8.1 (23.0) (9.4)

2012/09A 15.7 2.4 13.6 24.7 (3.5) 11.5 26.3 (9.6) 8.0 3.6 (1.9)

2012/12F (13.3) (13.6) 3.1 (80.3) (77.4) (0.4) NA NA 1.8 (86.7) (77.6)

2013/03F (6.3) 3.2 2.0 (84.7) (36.2) 0.3 (97.4) NA 9.0 (0.0) 401.8

2013/06F 2.0 11.8 7.4 (47.1) 280.5 5.8 (54.7) 1,782.9 10.1 24.1 12.4

2013/09F 16.2 16.7 15.2 12.2 105.0 13.6 17.7 134.8 9.5 19.4 (5.6)

2013/12F 37.1 2.0 15.7 412.3 3.0 14.0 NA 3.3 (2.3) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 656.7 56.9 37.8 1,174 6.6 심텍 9.8 1.1 11.9 2.4

FY2013F 681.6 45.5 31.5 979 9.1 통신장비·부품 9.7 1.0 10.4 0.5



148.2

165.7

193.3

197.1

158.3

162.4

166.3

143.7

556.7 321.4

605.3 339.1

447.2 274.0

517.3 308.2

809.9

431.6 294.3

576.6

612.3

630.6

704.3

심텍0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-50

-40

-30

-20

-10

0

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x16

x12

x8

x4

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



219


A051370 452010 universe

인터플렉스 (051370.KQ) 업데이트 : 2013.03.20




52주 최고가 : 77,700 시가총액(십억원) : 550.8

52주 최저가 : 37,900 60일 평균 거래대금(백만원) : 14,497.8

연중 최고가 : 54,100 외국인지분(%) : 1.9

9 10 11 12 13


(7.8) (24.1) (44.4) (27.6) (26.8)

업종 대비 (9.7) (26.0) (46.3) (29.5) (28.7) 5

KOSPI 대비 (4.6) (22.6) (41.8) (23.8) (22.8) 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 47.8 46.5 15.2 54.1 38.0 43.3 39.4 80.1 3,100 21,018 150

2013/12F 37.5 59.4 27.6 65.3 20.8 49.5 14.3 92.9 3,542 24,692 150

2014/12F 15.0 68.3 15.0 74.2 13.6 57.6 16.3 101.8 4,120 28,944 150



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 293.8 45.0 33.7 (70.0) 6.1 10.0 17.4 2.56 15.9 0.3

2013/12F 345.2 61.1 28.7 (30.0) 5.6 6.6 11.1 1.60 15.5 0.4

2014/12F 404.7 41.9 24.5 (20.0) 5.6 5.8 9.6 1.36 15.4 0.4



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)

2012/09A 21.7 40.4 9.6 (39.0) (18.1) 13.3 1.6 (0.1) 10.3 3.3 (9.7)

2012/12F 111.2 81.9 11.8 (39.9) 22.2 11.0 (42.3) (17.0) 8.4 (48.6) (19.1)

2013/03F 35.7 (41.0) 6.7 (50.0) (43.2) 7.9 (51.9) (28.1) 6.0 (54.6) (28.1)

2013/06F 72.9 14.8 8.9 (24.2) 33.3 10.2 (23.6) 28.3 7.7 (32.7) 28.3

2013/09F 78.5 45.0 21.3 121.5 139.4 23.1 73.7 127.1 17.5 69.4 127.1

2013/12F 1.8 3.7 22.4 90.7 5.2 24.2 119.4 4.8 18.3 119.4 4.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 735.1 55.1 52.0 3,719 11.4 인터플렉스 10.7 1.5 15.5 0.4

FY2013F 1,090.6 67.6 59.1 4,224 9.9 통신장비·부품 9.7 1.0 10.4 0.5



316.2

327.9

177.1

322.1

190.0

218.0

140.0

126.1

830.6 425.9

603.4 309.5

729.6 384.4

374.5 205.9

491.9 241.5

765.4

1,052.2

1,210.0

인터플렉스

419.2

517.7

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

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 2013

주가

x24

x18

x13

x7

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



220


A052710 452010 universe

아모텍 (052710.KQ) 업데이트 : 2013.02.27




52주 최고가 : 18,900 시가총액(십억원) : 174.4

52주 최저가 : 4,530 60일 평균 거래대금(백만원) : 2,806.6

연중 최고가 : 18,200 외국인지분(%) : 6.7

9 10 11 12 13


8.2 66.5 139.6 248.9 50.4

업종 대비 6.3 64.6 137.7 247.0 48.5 5

KOSPI 대비 11.4 68.0 142.2 252.7 54.4 10

22 23 24 19 20



2010/12A 19.9 6.5 4.1 4.2 35.0 1.9 (41.8) 17.9 203 10,238 0

2011/12A 2.7 2.4 (63.2) (3.0) NA (4.3) NA 15.5 -472 11,344 0

2012/12F 93.1 17.2 623.8 12.2 NA 11.4 NA 37.4 1,246 12,810 0

2013/12F 66.3 29.9 74.0 23.7 93.4 20.8 82.9 44.9 2,264 14,946 0

2014/12F 15.0 34.4 15.0 28.2 19.0 21.9 5.0 46.4 2,378 17,189 0



2010/12A 95.1 60.3 66.7 (10.2) 7.1 8.1 35.1 0.70 2.2 0.0

2011/12A 105.8 97.7 97.6 (26.2) 2.5 8.7 NA 0.31 (4.3) 0.0

2012/12F 120.8 99.5 98.1 (21.7) 9.6 5.7 9.4 0.91 10.0 0.0

2013/12F 141.6 103.7 83.7 (15.0) 10.0 6.2 7.9 1.20 15.9 0.0

2014/12F 163.5 108.3 72.5 (20.0) 10.0 6.1 7.5 1.04 14.3 0.0



2012/03A 30.5 (5.2) 1.8 8,063.0 (22.7) 1.0 NA (8.0) 0.3 NA NA

2012/06A 89.4 49.5 3.0 NA 72.2 1.9 NA 87.7 0.8 NA 180.8

2012/09A 113.5 30.9 4.1 222.3 33.7 3.4 NA 77.2 2.6 NA 230.4

2012/12F 123.5 20.5 6.7 194.9 65.7 6.0 445.7 78.4 6.1 NA 135.7

2013/03F 127.4 (3.5) 6.0 240.9 (10.6) 4.4 341.1 (25.6) 3.9 1,292.7 (36.3)

2013/06F 72.5 13.4 6.8 124.5 13.4 5.3 177.6 18.1 4.6 485.8 18.1

2013/09F 62.4 23.2 8.8 117.3 29.4 7.3 116.3 38.1 6.4 144.9 38.1

2013/12F 39.7 3.6 8.3 22.9 (6.3) 6.7 12.1 (7.6) 5.9 (4.0) (7.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 175.0 14.4 8.1 834 17.3 아모텍 7.8 1.2 15.5 0.0

FY2013F 256.8 28.5 17.7 1,820 9.8 통신장비·부품 9.7 1.0 10.4 0.5



60.1

68.2

84.0

87.1

26.4

39.5

51.7

62.3

352.9 211.2

387.6 224.2

238.1 129.5

292.1 171.3

344.3

209.7 97.7

90.8

93.3

180.0

299.4

아모텍0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000


-50

0

50

100

150

200

250

300

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x27

x20

x14

x7

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



221


A053450 452010 universe

세코닉스 (053450.KQ) 업데이트 : 2013.02.27




52주 최고가 : 26,200 시가총액(십억원) : 169.3

52주 최저가 : 10,200 60일 평균 거래대금(백만원) : 4,045.3

연중 최고가 : 25,650 외국인지분(%) : 5.4

9 10 11 12 13


0.6 27.5 65.4 134.2 10.4

업종 대비 (1.3) 25.6 63.5 132.3 8.5 5

KOSPI 대비 3.8 29.0 67.9 138.0 14.4 10

22 23 24 19 20



2010/12A 35.1 8.5 19.4 8.1 (1.5) 9.3 13.4 11.7 1,510 9,769 60

2011/12A (5.3) 3.1 (63.6) 1.3 (83.3) 2.2 (76.3) 7.6 348 10,575 0

2012/12F 73.7 14.8 378.0 16.2 1,099.6 15.1 582.9 23.5 2,241 11,016 0

2013/12F 53.9 25.2 70.9 23.7 46.6 20.8 37.6 34.8 2,842 13,983 0

2014/12F 15.0 29.0 15.0 27.5 16.0 21.3 2.4 37.9 2,910 17,261 0



2010/12A 59.6 9.8 23.2 (10.7) 9.4 7.8 7.8 1.20 17.0 0.5

2011/12A 66.0 26.1 51.8 (16.8) 3.6 10.4 23.3 0.77 3.5 0.0

2012/12F 71.1 36.7 54.3 (20.0) 10.0 8.0 9.5 1.92 22.1 0.0

2013/12F 95.2 43.3 51.0 (20.0) 11.1 6.1 8.4 1.70 25.0 0.0

2014/12F 119.2 39.8 40.8 (15.0) 11.1 5.5 8.2 1.38 19.9 0.0



2012/03A 17.1 (5.2) 0.9 (9.8) (41.6) 0.8 (38.2) (51.1) 0.7 (25.8) (67.8)

2012/06A 80.2 46.9 3.5 NA 276.3 2.9 NA 244.7 1.9 NA 167.0

2012/09A 122.9 49.9 7.3 486.8 110.2 10.3 NA 256.2 10.0 NA 438.8

2012/12F 68.3 (19.3) 3.0 90.9 (58.6) 2.1 21.4 (79.8) 2.6 21.6 (73.8)

2013/03F 80.6 1.6 4.1 340.6 34.7 3.7 339.5 77.0 0.3 (61.1) (89.7)

2013/06F 55.8 26.8 5.9 69.1 44.4 5.5 90.0 49.0 2.7 46.1 902.8

2013/09F 27.2 22.4 7.9 8.2 34.5 7.5 (27.0) 36.9 6.3 (36.9) 132.9

2013/12F 70.5 8.2 7.3 141.8 (7.6) 6.9 232.4 (8.0) 11.6 341.5 83.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 149.1 16.2 16.6 2,332 8.0 세코닉스 8.3 1.6 23.9 0.0

FY2013F 227.3 28.0 23.4 3,286 7.2 통신장비·부품 9.7 1.0 10.4 0.5



64.2

69.5

50.5

40.7

41.4

52.5

22.9

33.7

214.3 95.1

134.5 63.4

184.5 89.2

85.9 26.7

106.1 45.1

147.9

227.6

261.8

세코닉스

89.9

85.1

0

5,000

10,000

15,000

20,000

25,000

30,000


-20

0

20

40

60

80

100

120

140

160

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x28

x21

x15

x9

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



222


A066570 452010 universe

LG전자 (066570.KS) 업데이트 : 2013.03.04


목표주가 : 110,000 애널리스트 : 이승혁


52주 최고가 : 90,800 시가총액(십억원) : 13,042.7

52주 최저가 : 55,800 60일 평균 거래대금(백만원) : 77,980.4

연중 최고가 : 80,900 외국인지분(%) : 17.5

9 10 11 12 13


3.0 8.0 6.0 (11.4) 2.8

업종 대비 1.1 6.1 4.1 (13.3) 0.9 5

KOSPI 대비 6.2 9.5 8.6 (7.7) 6.8 10

22 23 24 19 20



2010/12A 0.5 88.2 (97.0) 434.5 (84.8) 1,227.0 (46.4) 1,377.9 7,419 78,408 200

2011/12A (2.7) 343.2 289.3 (399.3) NA (469.6) NA 1,545.5 -2,880 71,551 200

2012/12F (6.1) 1,136.0 231.0 524.1 NA 86.3 NA 2,773.0 474 71,824 200

2013/12F 10.5 1,684.1 48.2 1,504.2 187.0 1,214.6 1,308.1 3,356.7 6,743 78,337 200

2014/12F 3.4 2,078.3 23.4 2,091.7 39.1 1,689.1 39.1 3,715.6 9,379 87,474 200



2010/12A 12,644.1 5,184.8 56.3 (1,745.2) 0.2 16.9 15.5 1.47 10.0 0.2

2011/12A 12,894.0 4,928.6 56.7 (1,830.0) 0.6 10.6 NA 1.04 (3.7) 0.3

2012/12F 12,943.3 4,605.5 49.0 (1,568.5) 2.2 6.2 155.1 1.02 0.7 0.3

2013/12F 14,121.1 3,231.0 36.6 (1,679.2) 3.0 5.1 11.8 1.02 9.0 0.3

2014/12F 15,773.3 2,429.1 27.0 (1,607.6) 3.6 4.4 8.5 0.91 11.3 0.3



2012/03A (7.1) (11.5) 363.0 422.2 372.1 449.8 1,069.1 NA 235.7 NA NA

2012/06A (10.6) 5.2 506.9 343.2 39.6 236.1 57.7 (47.5) 156.5 60.0 (33.6)

2012/09A (4.0) (3.8) 138.7 68.2 (72.6) 178.7 NA (24.3) 151.4 NA (3.2)

2012/12F (2.3) 9.1 127.5 65.8 (8.1) (340.4) NA NA (457.4) NA NA

2013/03F 6.6 (3.5) 322.1 (11.3) 152.7 190.9 (57.6) NA 154.1 (34.6) NA

2013/06F 9.5 8.0 485.6 (4.2) 50.8 399.9 69.4 109.5 322.9 106.4 109.5

2013/09F 14.6 0.8 478.0 244.6 (1.6) 473.2 164.8 18.3 382.1 152.3 18.3

2013/12F 11.2 5.8 398.4 212.6 (16.7) 440.2 NA (7.0) 355.5 NA (7.0)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 50,895.9 1,161.7 622.7 3,365 21.8 LG전자 10.9 1.0 9.5 0.3

FY2013F 53,769.5 1,418.6 1,159.6 6,267 12.9 통신장비·부품 9.7 1.0 10.4 0.5



13,031.5

14,076.8

14,186.8

15,011.3

12,227.9

12,859.0

12,375.8

13,497.3

34,786.9 20,343.1

36,122.0 19,937.0

32,658.5 19,510.2

31,888.7 18,686.6

58,244.5

32,318.5 19,458.9

55,753.8

54,256.6

50,960.0

56,306.3

LG전자0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-30

-25

-20

-15

-10

-5

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x31

x23

x16

x8

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



223


A088390 452010 universe

이녹스 (088390.KQ) 업데이트 : 2013.03.20




52주 최고가 : 27,700 시가총액(십억원) : 236.2

52주 최저가 : 16,150 60일 평균 거래대금(백만원) : 4,378.8

연중 최고가 : 27,250 외국인지분(%) : 4.9

9 10 11 12 13


(1.9) 36.5 15.2 16.7 30.3

업종 대비 (3.8) 34.6 13.3 14.8 28.4 5

KOSPI 대비 1.3 38.0 17.8 20.5 34.3 10

22 23 24 19 20



2010/12A 42.4 13.6 101.3 11.5 158.7 8.9 119.2 16.4 1,141 6,219 0

2011/12A 11.5 14.3 5.1 11.4 (0.8) 9.2 3.0 18.8 1,067 7,110 0

2012/12F 23.3 19.8 38.1 14.9 30.0 11.7 27.0 28.4 1,306 8,193 0

2013/12F 45.6 34.7 75.3 32.3 117.3 27.2 132.8 43.3 2,978 11,347 0

2014/12F 30.0 45.1 30.0 42.7 32.2 33.2 21.8 53.7 3,623 14,968 0



2010/12A 52.9 21.7 56.4 (29.3) 13.2 7.5 10.4 1.91 22.2 0.0

2011/12A 62.2 38.4 85.8 (20.2) 12.4 9.9 15.5 2.33 16.0 0.0

2012/12F 75.0 60.2 86.9 (25.0) 13.9 8.4 14.9 2.37 17.0 0.0

2013/12F 103.9 75.2 82.0 (20.0) 16.8 7.2 8.7 2.27 30.4 0.0

2014/12F 137.1 78.2 69.5 (15.0) 16.8 5.9 7.1 1.72 27.5 0.0



2012/03A 32.1 4.7 4.8 62.4 37.4 4.7 67.0 54.9 3.9 76.6 21.4

2012/06A 7.4 (4.0) 4.1 20.8 (15.9) 3.0 12.6 (36.5) 2.0 10.0 (48.6)

2012/09A 34.0 38.8 6.8 52.9 67.3 5.2 74.2 74.0 4.2 91.1 111.3

2012/12F 22.5 (12.1) 5.5 55.3 (19.7) 4.6 51.5 (11.5) 1.5 (52.4) (63.9)

2013/03F 29.5 10.7 6.7 38.5 22.5 6.1 29.5 32.4 3.6 (8.6) 133.1

2013/06F 54.3 14.3 7.7 88.4 14.4 7.0 136.4 15.9 2.7 34.4 (24.4)

2013/09F 35.6 22.0 9.9 45.7 29.3 9.4 81.2 33.4 4.5 5.6 65.9

2013/12F 60.6 4.1 10.4 90.2 4.9 9.9 115.1 5.1 16.5 975.0 267.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 143.1 20.8 14.2 1,548 16.4 이녹스 8.3 2.1 29.8 0.0

FY2013F 208.1 35.2 25.7 2,811 9.3 통신장비·부품 9.7 1.0 10.4 0.5



57.9

60.2

42.7

37.5

41.5

47.5

32.1

30.8

253.3 116.3

147.2 72.2

205.7 101.8

101.2 48.4

127.9 65.5

142.3

207.1

269.3

이녹스

103.5

115.4

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

10,000

20,000

30,000

40,000

50,000

60,000

2006 2007 2008 2009 2010 2011 2012

주가

x17

x13

x9

x5

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



224


A091700 452010 universe

파트론 (091700.KQ) 업데이트 : 2013.02.27




52주 최고가 : 26,400 시가총액(십억원) : 957.2

52주 최저가 : 10,150 60일 평균 거래대금(백만원) : 13,779.6

연중 최고가 : 26,350 외국인지분(%) : 32.1

9 10 11 12 13


1.2 35.7 92.2 132.4 27.3

업종 대비 (0.7) 33.8 90.3 130.5 25.4 5

KOSPI 대비 4.4 37.2 94.8 136.2 31.3 10

22 23 24 19 20



2010/12A 21.1 36.8 10.3 38.3 34.3 23.7 (1.9) 39.4 1,217 5,874 275

2011/12A 54.7 37.2 1.3 37.4 (2.3) 26.2 10.9 40.9 886 4,704 200

2012/12F 119.9 85.0 128.3 81.7 118.3 69.0 163.0 105.0 1,791 5,858 200

2013/12F 54.4 133.0 56.5 132.6 62.3 105.6 53.0 156.3 2,742 8,722 200

2014/12F 30.0 172.9 30.0 172.5 30.1 133.9 26.8 201.0 3,477 12,317 200



2010/12A 116.0 (8.3) 8.2 (21.2) 15.8 11.1 9.3 1.93 22.9 2.4

2011/12A 139.1 27.2 24.3 (37.8) 10.3 11.6 12.6 2.38 20.6 1.8

2012/12F 225.6 4.1 15.3 (35.0) 10.7 7.3 10.9 3.34 37.8 1.0

2013/12F 336.6 (17.3) 10.3 (50.0) 10.9 6.0 9.0 2.83 37.6 0.8

2014/12F 475.9 (51.5) 7.3 (70.0) 10.9 4.5 7.1 2.01 33.0 0.8



2012/03A 146.1 7.7 9.9 96.9 (20.8) 12.6 125.7 24.7 10.9 133.1 209.0

2012/06A 138.2 41.8 20.5 158.9 106.2 16.3 79.4 29.4 13.6 66.9 24.8

2012/09A 120.6 27.9 29.5 152.4 44.0 28.4 125.1 73.7 29.1 127.7 114.1

2012/12F 96.1 0.4 27.3 117.5 (7.5) 24.4 140.8 (14.1) 20.6 483.7 (29.3)

2013/03F 96.3 7.7 28.0 181.2 2.4 27.9 120.9 14.4 23.5 116.2 14.4

2013/06F 51.3 9.4 30.6 49.2 9.4 30.5 86.7 9.4 25.7 89.5 9.4

2013/09F 34.7 13.8 36.1 22.2 17.9 36.0 26.9 18.0 27.3 (6.2) 6.0

2013/12F 53.4 14.4 38.4 40.4 6.3 38.3 57.0 6.3 29.0 41.0 6.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 792.6 86.9 71.4 1,842 13.0 파트론 8.5 2.6 36.5 0.8

FY2013F 1,188.8 132.5 104.9 2,706 8.9 통신장비·부품 9.7 1.0 10.4 0.5



256.6

280.7

319.3

365.2

130.8

185.5

237.1

238.2

604.8 268.2

814.2 338.4

263.9 110.9

409.8 184.3

1,588.4

173.4 48.7

232.6

359.9

791.5

1,221.9

파트론0

5,000

10,000

15,000

20,000

25,000

30,000


-40

-20

0

20

40

60

80

100

120

140

160

180

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2007 2008 2009 2010 2011 2012 2013

주가

x13

x10

x7

x4

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



225


A096640 452010 universe

멜파스 (096640.KQ) 업데이트 : 2013.01.11

투자의견 : 중립 업종 : 통신장비·부품 주가 수익률(12개월)

목표주가 : - 애널리스트 : 양정훈


52주 최고가 : 29,250 시가총액(십억원) : 348.8

52주 최저가 : 16,600 60일 평균 거래대금(백만원) : 14,600.9

연중 최고가 : 27,350 외국인지분(%) : 11.7

9 10 11 12 13


(5.8) (22.2) (14.9) (17.1) (28.9)

업종 대비 (7.7) (24.1) (16.8) (19.0) (30.8) 5

KOSPI 대비 (2.6) (20.7) (12.3) (13.3) (25.0) 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 45.9 26.6 82.6 18.6 26.3 16.5 10.4 37.2 948 8,486 100

2013/12F 51.6 31.3 17.7 31.5 68.9 23.9 45.0 41.9 1,357 9,570 100

2014/12F 15.0 36.0 15.0 36.2 14.9 27.4 14.9 46.6 1,560 10,853 100



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 151.5 38.1 32.5 (10.0) 7.1 14.0 28.5 3.19 11.3 0.4

2013/12F 170.8 80.8 43.1 (30.0) 5.5 10.3 14.3 2.03 14.8 0.5

2014/12F 193.7 129.7 50.6 (50.0) 5.5 10.3 12.4 1.79 15.0 0.5



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

2012/09A 40.2 26.4 9.2 175.3 24.2 6.8 104.8 218.8 5.7 84.7 164.6

2012/12F 92.2 60.5 7.7 19,446.6 (16.0) 7.8 22,270.5 14.5 7.0 753.1 22.2

2013/03F 115.9 (14.0) 5.8 153.3 (25.3) 5.8 197.4 (25.2) 4.4 178.6 (37.0)

2013/06F 80.3 3.4 2.9 (61.1) (50.1) 2.9 37.1 (49.8) 2.2 2.3 (49.8)

2013/09F 69.5 18.8 9.3 1.4 223.6 9.4 38.0 220.9 7.1 24.1 220.9

2013/12F 0.7 (4.7) 13.3 72.5 43.0 13.4 72.2 42.8 10.1 45.0 42.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 375.4 25.5 15.0 836 24.5 멜파스 13.8 2.0 14.9 0.5

FY2013F 595.1 36.6 32.1 1,787 10.8 통신장비·부품 9.7 1.0 10.4 0.5



157.0

149.6

92.6

148.6

127.8

132.1

59.2

73.3

354.6 98.1

237.6 49.2

304.7 73.6

173.6 40.3

206.3 65.7

373.7

566.6

651.6

멜파스

251.7

256.2

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-30

-20

-10

0

10

20

30

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2010 2011 2012 2013

주가

x34

x27

x20

x13

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



226


A097780 452010 universe

에스맥 (097780.KQ) 업데이트 : 2013.01.16




52주 최고가 : 18,050 시가총액(십억원) : 265.8

52주 최저가 : 9,890 60일 평균 거래대금(백만원) : 5,242.2

연중 최고가 : 17,750 외국인지분(%) : 4.5

9 10 11 12 13


0.0 4.5 6.5 21.3 (4.7)

업종 대비 (1.9) 2.6 4.6 19.4 (6.6) 5

KOSPI 대비 3.2 6.0 9.0 25.1 (0.8) 10

22 23 24 19 20



2010/12A 43.4 11.8 NA 12.3 NA 12.3 NA 13.7 1,954 5,779 150

2011/12A 128.9 34.2 190.6 38.5 213.8 33.6 174.3 37.3 2,283 10,188 300

2012/12F (3.4) 30.3 (11.3) 29.1 (24.4) 23.1 (31.4) 39.3 1,348 9,282 300

2013/12F 45.0 46.4 53.2 46.3 59.0 35.1 52.0 47.7 2,051 17,429 300

2014/12F 15.0 60.3 29.9 60.1 30.0 45.6 30.0 61.6 2,666 37,230 300



2010/12A 42.6 (13.0) 29.5 (6.4) 5.7 6.7 3.5 1.20 36.3 2.2

2011/12A 83.8 4.7 15.1 (7.2) 7.3 4.3 4.0 0.90 53.2 3.3

2012/12F 152.0 (19.8) 9.9 (10.0) 6.7 5.3 12.5 1.81 19.6 1.8

2013/12F 299.8 (23.0) 7.3 (10.0) 7.0 1.8 7.9 0.93 15.5 1.9

2014/12F 640.8 (37.7) 5.5 (20.0) 8.0 (3.7) 6.1 0.44 9.7 1.9



2012/03A 38.2 (31.2) 10.0 137.9 (44.0) 9.7 117.3 (49.4) 7.7 73.8 (39.6)

2012/06A (10.7) (16.7) 9.0 59.7 (9.5) 9.6 74.2 (0.6) 7.6 37.2 (2.2)

2012/09A (6.3) 20.0 5.8 (11.0) (35.9) 5.0 (46.4) (47.6) 4.1 (58.8) (45.2)

2012/12F (17.2) 20.4 5.5 (69.1) (4.7) 4.8 (74.9) (4.8) 52.7 311.2 1,170.4

2013/03F 27.8 6.1 6.7 (33.1) 21.2 6.6 (31.3) 38.7 20.3 162.5 (61.4)

2013/06F 74.7 13.9 11.8 30.4 76.3 11.7 22.2 76.6 18.3 142.1 (9.8)

2013/09F 56.7 7.7 13.6 134.5 15.2 13.5 168.7 15.2 11.9 187.3 (35.0)

2013/12F 29.1 (0.8) 14.4 161.5 6.3 14.4 199.7 6.3 109.6 108.2 820.3

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 457.3 30.8 25.9 1,581 9.0 에스맥 7.4 0.7 14.2 1.9

FY2013F 616.5 43.9 34.7 2,115 7.9 통신장비·부품 9.7 1.0 10.4 0.5



143.8

163.7

176.3

174.8

112.5

93.7

112.5

135.5

244.1 97.6

301.9 108.7

154.8 74.4

183.2 72.8

757.4

107.4 63.3

205.3

470.0

454.2

658.6

에스맥0

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

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2008 2009 2010 2011 2012 2013

주가

x12

x9

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 : 108,500 시가총액(십억원) : 4,415.3

52주 최저가 : 84,200 60일 평균 거래대금(백만원) : 20,618.6

연중 최고가 : 98,800 외국인지분(%) : 23.8

9 10 11 12 13


(4.8) (11.2) (18.6) (13.6) (14.1)

업종 대비 (4.8) (11.2) (18.7) (13.7) (14.1) 5

KOSPI 대비 (1.6) (9.7) (16.1) (9.9) (10.1) 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 9.5 17.3 1.41 8.2 0.8

2013/12F 3,773.7 975.6 28.9 (337.6) 7.3 7.3 11.9 1.15 9.9 0.9

2014/12F 4,151.3 919.2 25.4 (276.0) 7.3 6.4 10.3 1.05 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 6,036.2 380.3 251.5 4,827 18.1 제일모직 11.5 1.1 10.0 0.9

FY2013F 6,761.0 407.7 300.4 5,706 15.1 디스플레이 16.5 1.2 7.0 1.4



1,644.4

1,763.6

1,460.5

1,617.7

1,592.7

1,644.0

1,428.5

1,513.0

6,408.4 2,256.4

5,486.1 2,032.5

5,899.9 2,125.5

4,038.8 1,272.3

4,930.8 1,714.1

6,019.7

6,644.8

7,641.5

제일모직

5,113.0

5,581.0

0

20,000

40,000

60,000

80,000

100,000

120,000


-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

140,000

160,000

180,000

200,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x26

x21

x17

x13

x9

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



228


A034220 452020 universe

LG디스플레이 (034220.KS) 업데이트 : 2013.01.25

투자의견 : 중립 업종 : 디스플레이 주가 수익률(12개월)

목표주가 : - 애널리스트 : 유종우


52주 최고가 : 36,950 시가총액(십억원) : 11,181.7

52주 최저가 : 19,600 60일 평균 거래대금(백만원) : 71,760.3

연중 최고가 : 33,050 외국인지분(%) : 28.6

9 10 11 12 13


0.6 3.3 9.6 5.4 (0.8)

업종 대비 0.6 3.3 9.6 5.4 (0.8) 5

KOSPI 대비 3.8 4.8 12.2 9.2 3.2 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 21.2 912.0 NA 458.0 NA 236.0 NA 5,424.2 660 28,930 0

2013/12F (7.0) 663.7 (27.2) 463.7 1.2 417.3 76.8 4,988.5 1,166 29,597 500

2014/12F 5.0 852.3 28.4 643.9 38.9 579.5 38.9 5,172.3 1,620 30,716 500



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 10,351.7 1,809.3 43.1 (3,999.5) 3.1 2.4 47.1 1.07 2.3 0.0

2013/12F 10,590.1 2,320.6 46.8 (4,318.4) 2.4 2.7 26.8 1.06 4.0 1.6

2014/12F 10,990.7 2,238.4 45.6 (4,421.1) 3.0 2.6 19.3 1.02 5.4 1.6



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

2012/09A 21.1 9.9 253.4 NA NA 230.1 NA NA 158.6 NA NA

2012/12F 32.3 15.1 587.0 NA 131.6 503.0 NA 118.6 317.0 6,099.1 99.9

2013/03F 3.5 (26.8) (37.3) NA NA (87.3) NA NA (78.5) NA NA

2013/06F (6.5) 1.0 61.3 NA NA 11.3 NA NA 10.2 NA NA

2013/09F (4.3) 12.5 254.6 0.5 315.2 204.6 (11.1) 1,707.8 184.2 16.1 1,707.8

2013/12F (17.2) (0.4) 385.0 (34.4) 51.2 335.0 (33.4) 63.7 301.5 (4.9) 63.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 28,767.3 494.6 267.8 742 39.0 LG디스플레이 24.7 1.0 4.3 1.6

FY2013F 30,745.5 1,296.5 967.5 2,657 12.2 디스플레이 16.5 1.2 7.0 1.4



6,397.5

6,461.7

7,268.9

7,243.4

6,183.7

6,910.4

7,593.0

8,743.0

24,017.9 13,412.5

24,650.9 13,644.8

25,162.9 15,031.9

24,455.2 14,088.1

28,740.1

23,857.7 12,796.7

25,511.5

24,291.3

29,430.0

27,371.6

LG디스플레이0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-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

x46

x34

x23

x12

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 : 72,300 시가총액(십억원) : 379.2

52주 최저가 : 31,100 60일 평균 거래대금(백만원) : 2,596.2

연중 최고가 : 40,450 외국인지분(%) : 3.3

9 10 11 12 13


4.8 (2.7) (21.8) (49.9) (6.3)

업종 대비 4.8 (2.7) (21.8) (49.9) (6.3) 5

KOSPI 대비 8.0 (1.2) (19.2) (46.1) (2.3) 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 3.9 9.0 1.10 13.0 2.0

2013/12F 411.0 86.3 22.2 (82.1) 27.1 3.0 7.2 0.92 13.5 2.1

2014/12F 467.2 54.8 12.9 (99.8) 27.0 2.5 5.7 0.81 15.0 2.1



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 265.8 56.1 37.6 3,561 9.6 OCI머티리얼즈 6.8 0.9 13.8 2.1

FY2013F 261.2 47.9 29.1 2,759 13.7 디스플레이 16.5 1.2 7.0 1.4



76.7

76.3

69.9

69.3

68.9

70.9

67.9

69.7

661.1 197.5

584.7 222.8

602.2 196.2

524.3 257.7

606.9 281.6

276.8

292.8

336.7

OCI머티리얼즈

235.4

296.4

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-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

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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 : 2013.01.22




52주 최고가 : 52,600 시가총액(십억원) : 711.5

52주 최저가 : 25,650 60일 평균 거래대금(백만원) : 3,170.0

연중 최고가 : 49,450 외국인지분(%) : 13.8

9 10 11 12 13


3.3 (2.1) 6.6 19.9 (7.0)

업종 대비 3.3 (2.2) 6.5 19.9 (7.0) 5

KOSPI 대비 6.5 (0.6) 9.1 23.7 (3.0) 10

22 23 24 19 20



2010/12A 18.7 44.7 21.9 43.0 22.7 32.4 27.3 60.0 2,231 14,530 300

2011/12A 33.9 56.2 25.7 18.7 (56.5) 7.0 (78.3) 76.4 484 15,601 350

2012/12F 39.3 110.2 96.1 105.2 462.9 76.7 991.4 139.3 4,645 21,788 350

2013/12F 18.6 112.6 2.1 107.4 2.1 80.8 5.3 144.1 4,893 26,312 350

2014/12F 10.0 125.8 11.7 121.8 13.4 91.6 13.4 159.3 5,548 31,491 350



2010/12A 210.1 62.1 39.7 (76.0) 12.4 8.5 13.7 2.11 16.5 1.0

2011/12A 225.8 165.7 85.2 (118.2) 11.7 9.6 79.8 2.47 3.2 0.9

2012/12F 356.4 81.2 31.4 (59.1) 16.4 6.0 10.1 2.15 26.3 0.7

2013/12F 431.1 55.7 21.4 (51.4) 14.2 5.3 9.0 1.67 20.5 0.8

2014/12F 516.6 22.9 13.0 (53.3) 14.4 4.6 7.9 1.39 19.3 0.8



2012/03A

2012/06A

2012/09A


2013/03F NA (72.7) 26.2 NA (76.2) 25.0 NA (76.3) 18.8 NA (75.5)

2013/06F NA 4.8 27.9 NA 6.3 26.6 NA 6.6 20.0 NA 6.6

2013/09F NA 6.0 30.8 NA 10.4 29.5 NA 11.0 22.2 NA 11.0

2013/12F (67.8) 6.1 27.7 (74.9) (10.2) 26.4 (74.9) (10.7) 19.8 (74.2) (10.7)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 621.0 97.9 68.8 4,242 10.3 솔브레인 8.7 1.6 20.3 0.8

FY2013F 724.0 106.6 76.5 4,722 9.3 디스플레이 16.5 1.2 7.0 1.4



183.3

192.1

203.7

216.0

670.4

628.5 197.9

687.3 171.3

475.3 250.1

554.4 198.5

874.6

337.4 127.6

359.4

481.3

670.4

795.1

솔브레인0

10,000

20,000

30,000

40,000

50,000

60,000


-30

-20

-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x28

x22

x17

x11

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



231


A056190 452020 universe

에스에프에이 (056190.KQ) 업데이트 : 2013.01.28




52주 최고가 : 63,500 시가총액(십억원) : 1,089.8

52주 최저가 : 39,750 60일 평균 거래대금(백만원) : 3,909.9

연중 최고가 : 61,400 외국인지분(%) : 12.5

9 10 11 12 13


4.1 33.6 35.5 9.8 27.5

업종 대비 4.1 33.5 35.5 9.7 27.5 5

KOSPI 대비 7.3 35.0 38.1 13.5 31.5 10

22 23 24 19 20



2010/12A 106.0 70.5 363.8 74.8 198.6 39.4 118.3 75.2 2,225 15,646 500

2011/12A 19.1 92.1 30.8 95.8 28.1 88.8 125.5 98.5 5,017 20,787 1,280

2012/12F (32.4) 74.7 (18.9) 83.4 (13.0) 63.8 (28.1) 82.7 3,553 23,567 1,280

2013/12F 28.6 92.7 24.1 95.9 15.1 73.9 15.8 102.2 4,114 26,585 1,280

2014/12F 20.0 114.2 23.2 117.9 22.9 90.8 22.9 125.1 5,055 30,060 1,280



2010/12A 264.0 (178.8) 0.8 (8.4) 11.1 9.5 22.0 3.13 16.0 1.0

2011/12A 356.3 (246.3) 0.8 (24.0) 12.2 8.5 12.2 2.93 28.6 2.1

2012/12F 406.2 (244.0) 0.8 (26.4) 14.7 7.0 13.3 2.00 16.7 2.7

2013/12F 460.4 (274.9) 0.8 (32.8) 14.2 7.7 14.8 2.28 17.0 2.1

2014/12F 522.8 (314.4) 0.8 (34.2) 14.5 6.0 12.0 2.02 18.5 2.1



2012/03A (25.2) (61.1) 19.7 13.8 (39.7) 21.6 19.4 (35.5) 17.8 18.1 (49.7)

2012/06A (51.7) 0.7 12.0 (55.9) (39.3) 14.7 (48.8) (31.8) 12.5 (52.4) (29.6)

2012/09A (35.5) (3.0) 13.6 (8.9) 13.8 16.2 3.7 10.0 12.2 1.2 (2.5)

2012/12F (18.6) 114.3 29.4 (10.2) 116.0 30.9 (7.6) 91.1 21.3 (39.8) 74.2

2013/03F 29.6 (38.1) 16.3 (17.2) (44.4) 17.1 (20.6) (44.5) 12.4 (30.5) (41.9)

2013/06F 53.3 19.2 21.6 80.4 32.1 22.4 52.2 30.6 16.4 30.9 32.7

2013/09F 73.5 9.7 25.8 89.5 19.5 26.6 64.5 18.8 19.6 60.8 19.8

2013/12F (4.8) 17.6 29.0 (1.4) 12.4 29.8 (3.6) 12.0 25.5 19.7 29.6

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 505.2 58.6 62.7 3,495 15.3 에스에프에이 14.1 2.2 17.4 2.1

FY2013F 718.1 100.3 88.3 4,920 12.5 디스플레이 16.5 1.2 7.0 1.4



170.0

200.0

98.0

210.0

130.0

155.0

100.3

101.1

728.1 226.6

545.7 161.1

630.0 195.3

514.3 234.4

558.7 214.0

509.4

655.0

786.0

에스에프에이

632.4

753.4

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-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

140,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x22

x18

x14

x10

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



232


A077360 452020 universe

덕산하이메탈 (077360.KQ) 업데이트 : 2013.02.21




52주 최고가 : 28,800 시가총액(십억원) : 806.8

52주 최저가 : 16,500 60일 평균 거래대금(백만원) : 8,142.2

연중 최고가 : 28,200 외국인지분(%) : 17.6

9 10 11 12 13


5.0 35.6 31.7 11.4 24.5

업종 대비 4.9 35.5 31.6 11.3 24.5 5

KOSPI 대비 8.2 37.1 34.2 15.1 28.4 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 12.9 15.1 3.10 26.0 0.0

2013/12F 227.1 (45.0) 3.1 (25.8) 29.5 14.0 17.1 3.24 23.1 0.0

2014/12F 277.2 (50.9) 2.6 (41.9) 28.0 12.9 16.1 2.70 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 143.5 41.9 41.9 1,424 19.8 덕산하이메탈 16.9 3.1 22.4 0.0

FY2013F 168.2 49.0 48.0 1,634 17.3 디스플레이 16.5 1.2 7.0 1.4



37.3

42.5

44.4

38.3

32.5

37.0

38.7

33.4

242.3 15.1

294.0 16.8

151.8 13.3

194.3 14.3

181.8

119.0 18.9

72.5

129.4

141.4

162.5

덕산하이메탈0

5,000

10,000

15,000

20,000

25,000

30,000


-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

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



233


A108320 452020 universe

실리콘웍스 (108320.KQ) 업데이트 : 2013.01.08




52주 최고가 : 35,750 시가총액(십억원) : 355.4

52주 최저가 : 19,500 60일 평균 거래대금(백만원) : 5,506.0

연중 최고가 : 24,300 외국인지분(%) : 19.3

9 10 11 12 13


7.1 (2.5) (21.7) (39.1) (2.0)

업종 대비 7.1 (2.5) (21.7) (39.2) (2.1) 5

KOSPI 대비 10.3 (1.0) (19.1) (35.4) 1.9 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 55.0 44.1 73.6 49.6 49.2 41.6 26.5 46.2 2,557 16,204 400

2013/12F 10.0 50.0 13.4 55.7 12.2 47.3 13.8 52.2 2,910 18,678 400

2014/12F 10.0 57.1 14.0 63.4 14.0 53.9 14.0 59.3 3,316 21,557 400



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 256.5 (205.5) 0.0 (1.7) 9.4 3.4 8.7 1.38 17.4 1.8

2013/12F 294.7 (233.9) 0.0 (1.5) 9.7 2.4 7.5 1.17 17.2 1.8

2014/12F 340.1 (260.1) 0.0 (1.5) 10.1 1.7 6.6 1.01 17.0 1.8



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

2012/09A 70.7 12.3 13.9 167.4 2.7 15.1 81.0 1.2 15.1 78.1 41.1

2012/12F 58.4 (10.6) 8.9 1.7 (35.7) 10.3 0.2 (31.7) 6.7 (39.1) (55.8)

2013/03F 6.0 (25.6) 7.8 (0.1) (12.6) 9.2 (0.5) (10.8) 9.2 1.4 37.8

2013/06F 8.1 44.7 13.5 (0.1) 73.3 14.9 (0.2) 62.1 11.3 5.4 22.8

2013/09F 11.2 15.4 16.2 16.8 20.1 17.6 16.6 18.2 17.6 16.6 56.0

2013/12F 13.5 (8.7) 12.5 40.4 (22.8) 13.9 35.0 (21.0) 9.2 37.6 (47.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 462.5 45.8 46.6 2,864 7.1 실리콘웍스 7.3 1.1 17.1 1.8

FY2013F 502.2 48.3 48.1 2,954 7.5 디스플레이 16.5 1.2 7.0 1.4



152.2

138.9

136.9

122.4

91.1

131.8

86.0

121.9

439.3 95.4

334.5 78.3

384.7 88.0

242.0 37.2

268.7 47.5

467.1

514.0

565.4

실리콘웍스

257.0

301.3

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-45

-40

-35

-30

-25

-20

-15

-10

-5

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2010 2011 2012

주가

x19

x15

x12

x9

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



234


A141000 452020 universe

비아트론 (141000.KQ) 업데이트 : 2013.01.09




52주 최고가 : 26,000 시가총액(십억원) : 181.9

52주 최저가 : 9,990 60일 평균 거래대금(백만원) : 5,432.9

연중 최고가 : 18,600 외국인지분(%) : 13.4

9 10 11 12 13


6.0 46.9 26.0 NA 38.8

업종 대비 6.0 46.9 25.9 NA 38.8 5

KOSPI 대비 9.2 48.4 28.6 NA 42.8 10

22 23 24 19 20



2010/12A 247.2 7.4 392.4 7.0 482.1 7.5 526.0 7.6 2,463 1,385 0

2011/12A 116.2 10.5 41.9 10.7 54.0 10.2 36.2 11.1 1,394 2,712 0

2012/12F 23.3 12.1 15.3 12.1 12.5 10.3 1.1 12.7 1,014 5,130 0

2013/12F 88.1 24.9 105.9 24.9 105.8 21.2 104.7 27.1 2,076 7,176 0

2014/12F 7.4 26.1 5.0 26.1 5.0 22.2 5.0 30.6 2,179 9,324 0



2010/12A 11.0 0.8 28.7 (1.6) 33.9 104.6

2011/12A 23.8 (5.7) 6.0 (2.3) 22.2 58.7

2012/12F 52.7 (18.9) 0.4 (3.6) 20.8 8.6 12.3 2.44 27.0 0.0

2013/12F 73.7 (25.4) 0.4 (15.1) 22.8 5.8 8.5 2.47 33.5 0.0

2014/12F 95.8 (29.6) 0.4 (12.3) 22.2 5.0 8.1 1.90 26.2 0.0



2012/03A

2012/06A 4.9 NA 4.5 (9.7) NA 4.7 (5.1) NA 4.5 14.1 NA

2012/09A 22.1 (36.9) 2.6 42.0 (41.0) 2.4 (11.7) (48.9) 1.8 (20.0) (60.5)

2012/12F NA 121.6 5.0 NA 88.7 5.0 NA 108.7 4.0 NA 127.1

2013/03F NA 2.3 6.7 NA 34.5 6.7 NA 33.6 5.7 NA 40.5

2013/06F 19.0 (16.9) 5.3 19.3 (20.4) 5.3 13.4 (20.4) 4.5 0.2 (20.4)

2013/09F 143.1 29.0 6.6 148.9 23.1 6.6 173.2 23.2 5.6 212.6 23.2

2013/12F 10.5 0.8 6.3 26.4 (4.2) 6.3 26.6 (3.3) 5.4 33.1 (3.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 56.5 11.4 10.2 991 17.5 비아트론 8.4 2.3 31.9 0.0

FY2013F 101.9 23.2 20.9 2,031 9.0 디스플레이 16.5 1.2 7.0 1.4



27.4

22.8

29.4

29.7

19.2

12.1

26.8

89.7 16.0

109.0 13.2

31.4 7.6

59.6 6.9

117.4

21.2 10.3

21.8

47.1

58.1

109.3

비아트론0

5,000

10,000

15,000

20,000

25,000

May-12 Jul-12 Sep-12 Nov-12 Feb-13

-50

-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

2012

주가

x14

x12

x10

x8

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



235


A006400 452030 universe

삼성SDI (006400.KS) 업데이트 : 2013.01.30

투자의견 : 매수 업종 : 전자부품 주가 수익률(12개월)



52주 최고가 : 171,500 시가총액(십억원) : 6,241.5

52주 최저가 : 127,000 60일 평균 거래대금(백만원) : 21,934.4

연중 최고가 : 157,000 외국인지분(%) : 22.9

9 10 11 12 13


(2.8) (10.5) (9.9) 0.0 (10.2)

업종 대비 (4.2) (11.8) (11.2) (1.3) (11.5) 5

KOSPI 대비 0.4 (9.0) (7.3) 3.8 (6.2) 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 6.0 1,672.3 720.9 2,095.4 338.3 1,403.1 338.3 2,173.7 31,252 157,339 1,500

2013/12F 4.1 244.1 (85.4) 687.9 (67.2) 501.8 (64.2) 730.8 11,176 166,548 1,500

2014/12F 11.3 433.2 77.5 1,000.3 45.4 729.7 45.4 915.1 16,251 180,588 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 7,252.0 161.5 15.0 (640.2) 29.0 3.4 4.8 0.96 21.0 1.0

2013/12F 7,686.4 260.1 14.1 (460.0) 4.1 9.5 12.3 0.82 6.7 1.1

2014/12F 8,348.8 166.7 11.4 (491.1) 6.5 7.6 8.4 0.76 9.1 1.1



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)

2012/09A 3.8 1.7 1,520.5 3,435.1 1,710.7 1,641.7 1,108.2 887.2 1,198.5 1,099.0 1,037.9

2012/12F (1.6) (5.9) 0.8 (93.1) (99.9) 122.2 22.2 (92.6) (12.8) NA NA

2013/03F 3.3 0.6 30.7 (54.2) 3,882.4 117.8 (28.7) (3.6) 85.9 (23.3) NA

2013/06F (1.9) 1.9 63.3 (24.6) 106.0 159.2 (4.3) 35.2 116.2 10.3 35.2

2013/09F 1.7 5.5 75.4 (95.0) 19.1 196.2 (88.0) 23.2 143.1 (88.1) 23.2

2013/12F 13.6 5.1 74.7 9,586.0 (0.9) 214.7 75.7 9.4 156.6 NA 9.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 5,832.7 1,545.0 1,576.7 32,249 4.4 삼성SDI 11.1 0.8 7.2 1.1

FY2013F 5,996.1 211.0 578.0 11,696 12.0 전자부품 14.8 1.2 8.5 0.8



1,528.8

1,607.2

1,502.9

1,414.4

1,422.2

1,449.2

1,376.7

1,477.4

11,839.8 3,059.5

10,895.1 3,330.6

11,000.8 2,953.3

7,933.6 1,702.7

8,527.4 2,212.9

5,771.4

6,007.4

6,684.4

삼성SDI

5,124.3

5,443.9

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x29

x22

x16

x10

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



236


A009150 452030 universe

삼성전기 (009150.KS) 업데이트 : 2013.01.31

투자의견 : 중립 업종 : 전자부품 주가 수익률(12개월)

목표주가 : - 애널리스트 : 이승혁


52주 최고가 : 112,500 시가총액(십억원) : 7,170.6

52주 최저가 : 85,700 60일 평균 거래대금(백만원) : 41,636.4

연중 최고가 : 101,000 외국인지분(%) : 21.4

9 10 11 12 13


0.5 (5.9) 1.6 (4.5) (5.0)

업종 대비 (0.8) (7.2) 0.2 (5.8) (6.3) 5

KOSPI 대비 3.7 (4.4) 4.2 (0.7) (1.0) 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 31.2 608.3 89.6 583.4 60.3 392.6 12.3 1,123.8 5,061 46,245 750

2013/12F 13.7 680.2 11.8 647.2 10.9 449.6 14.5 1,247.9 5,795 51,287 750

2014/12F 34.2 763.6 12.2 730.5 12.9 507.5 12.9 1,344.1 6,541 57,076 750



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 3,581.1 801.9 38.4 (978.1) 7.7 7.7 19.6 2.15 11.1 0.8

2013/12F 3,972.4 494.3 29.7 (679.2) 7.6 6.6 16.6 1.87 11.9 0.8

2014/12F 4,421.7 203.2 22.4 (686.0) 6.3 5.9 14.7 1.68 12.1 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

2012/09A 39.0 14.4 200.4 148.5 28.3 190.9 172.5 32.0 139.1 114.2 2.9

2012/12F 193.2 (5.0) 145.0 99.4 (27.6) 149.0 (0.0) (22.0) 48.8 (66.3) (64.9)

2013/03F 11.4 (6.1) 130.4 22.2 (10.1) 122.1 23.6 (18.0) 84.8 22.1 73.7

2013/06F 17.6 15.2 179.5 15.0 37.7 171.3 18.4 40.3 119.0 (12.0) 40.3

2013/09F 13.8 10.8 206.5 3.1 15.0 198.3 3.8 15.8 137.7 (1.0) 15.8

2013/12F 12.0 (6.5) 163.8 12.9 (20.7) 155.5 4.4 (21.6) 108.0 121.2 (21.6)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 7,853.8 627.8 502.4 6,154 15.0 삼성전기 16.1 1.8 11.9 0.8

FY2013F 8,899.8 694.7 544.1 6,639 14.4 전자부품 14.8 1.2 8.5 0.8



1,946.8

2,243.2

2,484.6

2,323.4

1,747.7

1,907.9

2,183.1

2,074.2

8,909.3 4,497.1

10,163.3 5,239.5

7,328.9 3,453.1

6,891.5 2,925.8

12,078.1

6,836.0 3,033.1

5,651.1

6,031.8

7,912.9

8,998.1

삼성전기0

20,000

40,000

60,000

80,000

100,000

120,000


-10

-5

0

5

10

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x29

x25

x21

x17

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



237


A011070 452030 universe

LG이노텍 (011070.KS) 업데이트 : 2013.01.31




52주 최고가 : 106,000 시가총액(십억원) : 1,567.3

52주 최저가 : 68,800 60일 평균 거래대금(백만원) : 8,748.1

연중 최고가 : 87,900 외국인지분(%) : 10.0

9 10 11 12 13


3.3 (5.0) (11.2) (26.7) (10.6)

업종 대비 2.0 (6.4) (12.5) (28.0) (11.9) 5

KOSPI 대비 6.5 (3.5) (8.6) (22.9) (6.6) 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 16.8 75.4 NA (17.6) NA (25.0) NA 569.8 -1,240 62,892 0

2013/12F 21.1 236.7 214.0 145.9 NA 129.8 NA 736.2 6,437 69,328 0

2014/12F 10.9 402.7 70.2 311.9 113.8 277.6 113.8 885.5 13,764 83,090 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 1,268.3 1,774.0 171.3 (598.4) 1.4 6.0 NA 1.31 (1.9) 0.0

2013/12F 1,398.1 1,547.2 145.2 (529.2) 3.7 4.2 12.1 1.12 9.7 0.0

2014/12F 1,675.7 1,362.6 113.2 (509.2) 5.6 3.3 5.6 0.94 18.1 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

2012/09A 14.3 (1.3) 26.2 NA 37.4 3.7 NA NA 3.6 NA (19.9)

2012/12F 34.0 33.3 6.3 NA (75.9) (13.4) NA NA (30.6) NA NA

2013/03F 16.7 (11.5) (2.4) NA NA (25.1) NA NA (25.1) NA NA

2013/06F 19.9 2.9 32.5 70.5 NA 9.3 NA NA 8.3 85.7 NA

2013/09F 38.0 13.6 102.1 290.2 214.6 79.6 2,063.8 755.5 70.8 1,882.8 755.5

2013/12F 12.6 8.8 104.5 1,558.4 2.3 82.1 NA 3.1 75.8 NA 7.0

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 5,157.2 89.8 4.5 225 350.6 LG이노텍 9.7 1.1 11.6 0.0

FY2013F 6,059.7 142.6 44.7 1,903 40.7 전자부품 14.8 1.2 8.5 0.8



1,683.1

1,831.8

1,219.9

1,626.4

1,439.6

1,481.5

1,234.0

1,235.8

5,222.0 3,546.2

4,886.3 3,618.0

4,942.0 3,543.8

4,133.9 2,663.9

4,410.0 3,085.1

5,316.1

6,435.9

7,138.0

LG이노텍

4,103.5

4,553.0

0

20,000

40,000

60,000

80,000

100,000

120,000


-35

-30

-25

-20

-15

-10

-5

0

5

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2008 2009 2010 2011 2012

주가

x26

x19

x13

x7

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



238


A012450 452030 universe

삼성테크윈 (012450.KS) 업데이트 : 2013.01.30


목표주가 : - 애널리스트 : 서원석


52주 최고가 : 80,900 시가총액(십억원) : 3,432.2

52주 최저가 : 55,000 60일 평균 거래대금(백만원) : 18,099.3

연중 최고가 : 65,600 외국인지분(%) : 14.5

9 10 11 12 13


12.0 6.4 (2.9) (7.4) 6.1

업종 대비 10.6 5.1 (4.2) (8.8) 4.7 5

KOSPI 대비 15.2 7.9 (0.3) (3.7) 10.0 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 (0.4) 156.0 (37.8) 147.2 (40.6) 130.9 (43.0) 261.2 2,464 35,651 500

2013/12F 0.0 126.1 (19.1) 115.4 (21.6) 102.5 (21.7) 240.5 1,930 40,250 500

2014/12F 19.8 219.9 74.3 203.0 75.8 180.7 76.2 349.6 3,401 46,319 500



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 1,893.8 532.1 43.5 (108.6) 5.3 14.2 24.2 1.67 7.4 0.8

2013/12F 2,138.2 511.7 40.3 (121.7) 4.3 16.4 33.5 1.60 5.1 0.8

2014/12F 2,460.7 410.3 36.6 (135.7) 6.3 11.0 19.0 1.39 7.9 0.8



2012/03A (1.3) (22.5) 30.5 NA 223.7 42.2 (6.8) NA 34.9 (19.2) 137.1

2012/06A (4.8) 18.7 50.9 (61.1) 66.8 46.0 (72.4) 8.9 41.6 (68.3) 19.3

2012/09A (0.3) (8.2) 38.3 NA (24.9) 39.3 0.2 (14.6) 34.0 (17.5) (18.3)

2012/12F 4.3 23.6 36.3 284.5 (5.2) 36.7 NA (6.6) 20.4 38.9 (39.9)

2013/03F (4.2) (28.9) 7.0 (77.2) (80.8) 4.9 (88.4) (86.7) 4.3 (87.8) (79.1)

2013/06F (4.6) 18.3 25.7 (49.6) 269.3 23.5 (48.9) 381.3 21.0 (49.6) 391.4

2013/09F 11.9 7.6 42.8 11.8 66.6 40.5 3.2 72.3 36.2 6.6 72.9

2013/12F (2.3) 7.9 50.7 39.9 18.6 46.5 26.8 14.7 41.1 101.1 13.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,920.0 159.2 147.1 2,754 21.1 삼성테크윈 28.7 1.6 5.7 0.8

FY2013F 3,192.0 159.6 151.9 2,845 22.8 전자부품 14.8 1.2 8.5 0.8



608.0

719.0

774.0

835.0

635.0

753.5

691.5

854.8

3,256.4 1,278.2

3,754.7 1,526.9

3,193.5 1,568.4

3,301.5 1,403.0

3,516.0

2,897.9 1,627.3

2,924.0

2,947.5

2,934.7

2,936.0

삼성테크윈0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000


-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

160,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x33

x27

x22

x17

x12

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



239


A038060 452030 universe

루멘스 (038060.KQ) 업데이트 : 2013.03.10




52주 최고가 : 9,950 시가총액(십억원) : 405.6

52주 최저가 : 4,895 60일 평균 거래대금(백만원) : 14,008.9

연중 최고가 : 9,820 외국인지분(%) : 19.5

9 10 11 12 13


14.7 53.9 36.2 33.1 37.3

업종 대비 13.4 52.6 34.9 31.7 36.0 5

KOSPI 대비 17.9 55.4 38.8 36.8 41.3 10

22 23 24 19 20



2010/12A 84.8 24.7 332.0 24.7 453.2 7.9 51.7 31.6 197 2,602 0

2011/12A 38.1 5.3 (78.7) 13.5 (45.5) 22.2 181.3 13.7 552 3,266 0

2012/12F 43.6 26.1 394.9 23.4 74.0 18.6 (16.2) 37.7 456 3,636 0

2013/12F 15.9 43.9 68.4 41.9 78.6 33.5 80.2 55.6 778 4,783 0

2014/12F 12.5 55.3 26.0 53.6 28.0 42.9 28.0 67.1 949 5,482 0



2010/12A 104.3 27.5 45.6 (18.2) 10.1 11.4 41.6 3.15 8.2 0.0

2011/12A 126.6 (2.5) 37.6 (14.2) 1.6 17.7 11.2 1.90 19.2 0.0

2012/12F 145.2 21.3 54.1 (14.2) 5.3 8.2 15.4 1.93 13.7 0.0

2013/12F 178.7 (15.1) 33.9 (14.2) 7.8 7.5 12.6 2.05 20.7 0.0

2014/12F 221.6 (25.8) 28.1 (14.2) 8.7 6.1 10.3 1.79 21.4 0.0



2012/03A (5.0) 1.8 8.4 10.0 NA 5.0 (34.9) 1,991.2 3.4 (35.5) (43.3)

2012/06A 49.7 42.9 1.5 (45.8) (82.3) 9.2 143.5 84.8 6.7 18.5 95.6

2012/09A 52.9 7.8 7.9 63.3 427.3 9.3 427.6 0.1 13.9 384.1 108.0

2012/12F 80.1 14.8 8.3 NA 5.8 (0.1) NA NA (5.4) NA NA

2013/03F 15.9 (34.5) 9.7 15.9 17.2 5.3 6.6 NA 4.3 25.0 NA

2013/06F 15.9 42.9 1.7 15.9 (82.3) 10.6 14.1 97.7 8.4 26.3 97.7

2013/09F 15.9 7.8 9.1 15.9 427.3 10.7 15.7 1.5 8.6 (38.4) 1.5

2013/12F 15.9 14.8 23.3 180.6 156.3 15.3 NA 42.7 12.2 NA 42.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 449.4 28.1 24.5 593 15.1 루멘스 12.0 2.0 20.9 0.0

FY2013F 543.5 40.2 31.6 767 12.7 전자부품 14.8 1.2 8.5 0.8



151.6

174.1

130.9

150.3

98.4

140.6

84.9

121.3

384.7 136.5

289.0 141.3

345.9 140.2

208.0 98.6

244.8 122.7

487.4

564.8

635.5

루멘스

245.9

339.5

0

2,000

4,000

6,000

8,000

10,000

12,000


-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

x32

x26

x20

x14

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



240


A046890 452030 universe

서울반도체 (046890.KQ) 업데이트 : 2013.02.03




52주 최고가 : 32,100 시가총액(십억원) : 1,676.3

52주 최저가 : 20,050 60일 평균 거래대금(백만원) : 21,490.4

연중 최고가 : 31,150 외국인지분(%) : 18.1

9 10 11 12 13


(1.9) 26.7 26.7 11.4 18.3

업종 대비 (3.2) 25.3 25.3 10.1 17.0 5

KOSPI 대비 1.3 28.1 29.2 15.2 22.3 10

22 23 24 19 20



2010/12A 85.0 117.4 167.1 126.3 281.8 94.1 233.1 140.7 1,614 9,844 315

2011/12A (11.9) 30.5 (74.0) 41.3 (67.3) 16.9 (82.0) 60.7 290 10,405 119

2012/12F 15.7 22.1 (27.4) 16.2 (60.8) 14.2 (16.3) 61.5 243 10,602 119

2013/12F 33.3 59.3 168.4 49.7 207.5 41.8 195.2 105.4 716 11,113 119

2014/12F 17.7 80.5 35.8 71.5 43.8 60.1 43.8 132.7 1,030 11,849 119



2010/12A 573.9 (102.7) 18.7 (109.3) 14.0 16.2 25.2 4.13 18.2 0.8

2011/12A 606.6 64.9 32.3 (85.5) 4.1 21.3 72.5 2.02 2.9 0.6

2012/12F 618.2 51.9 30.0 (42.6) 2.6 23.8 99.7 2.28 2.3 0.5

2013/12F 648.0 43.0 29.9 (47.1) 5.2 16.4 40.1 2.59 6.6 0.4

2014/12F 690.9 31.1 29.8 (51.6) 6.0 13.0 27.9 2.43 9.0 0.4



2012/03A (15.3) 11.3 1.3 (90.2) NA 2.2 (86.3) NA 3.1 (74.8) NA

2012/06A 1.0 19.6 5.5 (70.9) 333.0 8.0 (62.1) 255.2 6.0 (59.2) 93.7

2012/09A 40.9 11.4 5.8 92.2 5.0 2.2 (85.3) (72.0) 1.9 (89.6) (67.9)

2012/12F 49.1 0.6 9.5 NA 64.2 3.8 NA 68.4 3.2 NA 64.4

2013/03F 34.5 0.4 9.5 641.8 (0.7) 6.4 185.9 70.5 5.4 74.1 70.2

2013/06F 31.7 17.0 13.8 150.7 46.3 11.4 43.6 78.3 9.6 60.3 78.3

2013/09F 30.9 10.8 18.4 217.2 32.9 16.4 634.4 43.4 13.8 615.7 43.4

2013/12F 36.3 4.8 17.7 85.5 (4.0) 15.5 313.9 (5.1) 13.1 313.2 (5.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 850.6 21.4 18.0 309 87.3 서울반도체 36.6 2.6 7.1 0.4

FY2013F 1,042.5 61.3 52.1 893 32.4 전자부품 14.8 1.2 8.5 0.8



236.3

276.6

306.4

321.0

175.7

210.1

234.0

235.5

1,032.1 379.7

1,185.8 480.4

878.7 269.8

886.7 269.1

1,342.5

814.2 221.7

839.0

739.5

855.3

1,140.4

서울반도체0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-20

-15

-10

-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x60

x50

x41

x31

x22

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



241


A065680 452030 universe

우주일렉트로 (065680.KQ) 업데이트 : 2013.02.27




52주 최고가 : 30,400 시가총액(십억원) : 266.2

52주 최저가 : 20,250 60일 평균 거래대금(백만원) : 1,384.0

연중 최고가 : 28,800 외국인지분(%) : 15.5

9 10 11 12 13


(6.0) 0.9 14.0 5.5 (2.2)

업종 대비 (7.3) (0.4) 12.7 4.2 (3.5) 5

KOSPI 대비 (2.8) 2.4 16.6 9.3 1.8 10

22 23 24 19 20



2010/12A 3.1 34.6 (11.4) 36.3 5.1 26.8 (11.7) 49.7 3,076 14,010 150

2011/12A (12.5) 11.5 (66.8) 12.5 (65.5) 10.2 (61.8) 25.9 1,032 14,958 100

2012/12F 20.8 10.1 (11.7) 11.3 (9.9) 9.2 (9.9) 24.5 931 15,858 100

2013/12F 45.2 41.8 312.2 43.1 281.9 35.2 281.9 64.9 3,555 19,377 100

2014/12F 19.7 49.7 19.0 51.3 18.9 41.9 18.9 78.5 4,228 23,566 100



2010/12A 139.2 (37.7) 8.7 (33.1) 19.2 5.9 10.8 2.37 24.2 0.5

2011/12A 148.1 (38.2) 13.7 (14.8) 7.3 7.4 22.5 1.55 7.1 0.4

2012/12F 157.1 (42.0) 18.3 (23.7) 5.3 9.5 29.8 1.75 6.0 0.4

2013/12F 192.0 (47.2) 19.3 (49.7) 15.1 3.4 7.5 1.38 20.2 0.4

2014/12F 233.6 (55.5) 19.4 (55.3) 15.0 2.7 6.3 1.14 19.7 0.4



2012/03A 12.1 (5.4) 2.9 (22.5) 543.3 3.2 (17.8) 467.9 2.5 (23.5) 719.7

2012/06A 5.8 3.7 2.7 7.0 (5.9) 3.2 6.4 (0.2) 3.0 42.6 24.1

2012/09A 27.9 30.3 6.1 28.3 125.1 6.1 18.9 94.8 4.5 (3.0) 47.0

2012/12F 35.0 5.6 (1.6) NA NA (1.2) NA NA (0.7) NA NA

2013/03F 51.8 6.4 7.8 170.6 NA 8.1 156.0 NA 6.6 169.8 NA

2013/06F 63.1 11.5 10.0 269.8 28.6 10.8 241.4 33.1 8.8 189.3 33.1

2013/09F 36.9 9.4 12.4 103.7 24.0 12.5 103.8 16.3 10.2 128.8 16.3

2013/12F 35.5 4.4 11.5 NA (7.8) 11.7 NA (6.3) 9.6 NA (6.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 186.9 13.9 9.8 862 31.1 우주일렉트로 7.2 1.3 20.1 0.4

FY2013F 269.0 36.5 29.4 3,001 8.9 전자부품 14.8 1.2 8.5 0.8



73.2

76.5

53.5

56.5

60.1

66.9

39.6

41.0

353.6 120.0

230.5 73.4

289.2 97.2

183.0 43.8

193.8 45.6

190.5

276.7

331.3

우주일렉트로

180.1

157.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-20

-15

-10

-5

0

5

10

15

20

25

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x27

x21

x15

x9

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



242


A000660 453010 universe

SK하이닉스 (000660.KS) 업데이트 : 2013.02.14

투자의견 : 매수 업종 : 반도체·반도체장비 주가 수익률(12개월)

목표주가 : 32,000 애널리스트 : 서원석


52주 최고가 : 30,950 시가총액(십억원) : 19,471.1

52주 최저가 : 20,100 60일 평균 거래대금(백만원) : 114,435.0

연중 최고가 : 28,900 외국인지분(%) : 28.1

9 10 11 12 13


5.5 10.4 17.6 (2.9) 5.5

업종 대비 10.5 15.5 22.7 2.1 10.5 5

KOSPI 대비 8.6 11.9 20.2 0.8 9.4 10

22 23 24 19 20



2010/12A 53.1 3,001.4 1,463.5 2,666.4 NA 2,621.0 NA 6,150.6 4,440 13,394 150

2011/12A (14.1) 368.8 (87.7) 45.1 (98.3) (56.6) NA 3,835.7 -96 13,300 0

2012/12F (2.2) (226.8) NA (199.4) NA (158.4) NA 3,063.2 -232 14,031 0

2013/12F 14.6 1,554.9 NA 1,510.1 NA 1,294.7 NA 4,934.9 1,822 16,089 100

2014/12F 0.9 1,880.9 21.0 1,769.6 17.2 1,517.3 17.2 5,673.5 2,128 18,113 200



2010/12A 7,905.9 3,912.8 77.3 (3,391.9) 24.8 2.9 5.4 1.79 39.2 0.6

2011/12A 7,875.7 4,947.0 86.6 (3,568.2) 3.5 4.7 NA 1.65 (0.7) 0.0

2012/12F 9,739.7 4,761.0 67.2 (3,850.5) (2.2) 7.4 NA 1.84 (1.8) 0.0

2013/12F 11,472.3 3,295.1 57.1 (3,271.0) 13.4 4.6 15.4 1.74 12.2 0.4

2014/12F 12,915.7 2,157.8 50.8 (3,682.5) 16.0 3.8 13.2 1.55 12.4 0.7



2012/03A (14.5) (6.5) (267.4) NA NA (271.0) NA NA (271.1) NA NA

2012/06A (4.6) 10.2 1.1 (99.6) NA (43.9) NA NA (53.2) NA NA

2012/09A 5.8 (7.9) (31.2) NA NA 5.2 NA NA 1.9 NA NA

2012/12F 6.5 12.2 55.0 NA NA 110.4 NA 2,030.0 164.0 NA 8,596.7

2013/03F 13.9 0.1 237.3 NA 331.7 217.3 NA 96.8 186.3 NA 13.6

2013/06F 13.3 9.6 466.3 40,591.7 96.5 452.1 NA 108.1 387.6 NA 108.1

2013/09F 24.1 0.8 465.4 NA (0.2) 455.8 8,691.5 0.8 390.8 20,619.6 0.8

2013/12F 8.0 (2.4) 385.9 601.9 (17.1) 385.0 248.6 (15.5) 330.1 101.2 (15.5)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 10,122.1 (139.1) (232.4) -336 NA SK하이닉스 14.9 1.7 12.3 0.4

FY2013F 11,928.0 1,469.8 1,242.5 1,775 16.1 반도체·반도체장비 7.7 1.5 20.2 0.6



2,720.6

2,982.6

3,007.1

2,935.7

2,388.4

2,632.0

2,423.5

2,718.4

20,545.6 9,069.9

21,750.7 8,826.9

17,238.1 9,362.9

18,621.3 8,882.4

11,755.3

17,412.1 9,504.5

12,106.1

10,395.8

10,162.2

11,646.0

SK하이닉스0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x15

x11

x8

x4

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



243


A005930 453010 universe

삼성전자 (005930.KS) 업데이트 : 2013.03.19


목표주가 : 2,000,000 애널리스트 : 서원석


52주 최고가 : 1,584,000 시가총액(십억원) : 214,615.1

52주 최저가 : 1,091,000 60일 평균 거래대금(백만원) : 404,130.0

연중 최고가 : 1,576,000 외국인지분(%) : 49.8

9 10 11 12 13


(6.0) 1.0 11.9 17.3 (7.6)

업종 대비 (0.9) 6.1 17.0 22.4 (2.5) 5

KOSPI 대비 (2.8) 2.5 14.5 21.1 (3.6) 10

22 23 24 19 20



2010/12A 13.4 16,621.0 51.4 19,328.7 58.5 15,799.0 65.1 28,014.9 105,992 548,698 10,000

2011/12A 6.7 15,644.3 (5.9) 17,191.9 (11.1) 13,382.6 (15.3) 29,236.4 89,229 614,990 5,500

2012/12A 21.9 29,049.3 85.7 29,915.0 74.0 23,185.4 73.2 44,671.4 154,020 731,458 8,000

2013/12F 13.6 39,513.2 36.0 40,067.9 33.9 30,777.6 32.7 56,619.0 204,006 895,456 8,000

2014/12F 10.9 44,662.8 13.0 45,378.5 13.3 35,298.1 14.7 64,944.4 233,969 1,085,138 9,000



2010/12A 85,589.6 (11,704.6) 12.1 (21,619.2) 10.7 5.2 9.0 1.73 20.4 1.1

2011/12A 97,090.4 (12,231.0) 14.5 (21,965.7) 9.5 5.6 11.9 1.72 14.7 0.5

2012/12A 117,094.1 (22,553.1) 12.3 (22,965.3) 14.4 5.0 9.9 2.08 21.7 0.5

2013/12F 144,995.5 (40,146.2) 10.2 (22,134.7) 17.3 3.5 7.1 1.63 23.5 0.5

2014/12F 177,266.7 (63,133.9) 8.4 (26,071.2) 17.6 2.7 6.2 1.34 21.9 0.6



2012/03A 22.4 (4.3) 5,636.6 101.6 17.8 6,350.3 87.4 15.3 4,860.9 79.1 24.3

2012/06A 20.7 5.1 6,393.5 69.4 13.4 6,730.1 61.6 6.0 5,049.0 46.1 3.9

2012/09A 26.4 9.6 7,993.3 86.3 25.0 8,302.4 100.9 23.4 6,424.9 94.7 27.2

2012/12A 18.5 7.4 9,025.9 88.7 12.9 8,532.3 54.9 2.8 6,850.6 75.2 6.6

2013/03F 16.1 (6.2) 8,916.4 58.2 (1.2) 9,070.9 42.8 6.3 6,967.7 43.3 1.7

2013/06F 18.5 7.3 10,191.8 59.4 14.3 10,369.2 54.1 14.3 7,965.0 57.8 14.3

2013/09F 10.4 2.1 10,217.4 27.8 0.3 10,332.1 24.4 (0.4) 7,936.4 23.5 (0.4)

2013/12F 10.5 7.5 10,187.7 12.9 (0.3) 10,295.7 20.7 (0.4) 7,908.5 15.4 (0.4)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 201,398.8 29,275.6 23,936.5 137,112 11.1 삼성전자 6.9 1.6 23.1 0.6

FY2013F 231,308.5 37,070.0 30,678.2 176,080 8.4 반도체·반도체장비 7.7 1.5 20.2 0.6



57,613.3

61,939.2

52,177.3

56,058.8

52,561.8

56,409.1

45,270.5

47,597.0

253,786.0 70,347.5

181,071.6 59,591.4

214,725.8 64,515.6

134,288.7 44,939.7

155,800.3 54,486.6

201,103.6

228,523.4

253,335.2

삼성전자

154,630.3

165,001.8

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000


-5

0

5

10

15

20

25

30

KOSPI대비(우)

주가(좌)

(%p)(원)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x10

x9

x8

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



244


A030530 453010 universe

원익IPS (030530.KQ) 업데이트 : 2013.02.26

투자의견 : 중립 업종 : 반도체·반도체장비 주가 수익률(12개월)



52주 최고가 : 8,920 시가총액(십억원) : 362.8

52주 최저가 : 4,080 60일 평균 거래대금(백만원) : 4,996.7

연중 최고가 : 5,350 외국인지분(%) : 2.3

9 10 11 12 13


(2.4) 9.4 (6.4) (40.8) 4.9

업종 대비 2.7 14.5 (1.3) (35.7) 9.9 5

KOSPI 대비 0.8 10.9 (3.8) (37.0) 8.8 10

22 23 24 19 20



2010/12A 90.0 20.1 250.0 20.9 38.4 15.9 32.4 23.3 472 2,599 0

2011/12A 44.7 8.6 (57.0) 36.8 75.6 28.3 78.0 15.7 441 3,333 0

2012/12F (4.7) (2.7) NA (3.8) NA (2.9) NA 9.1 -43 3,244 0

2013/12F (6.4) 4.7 NA 3.8 NA 3.0 NA 20.9 43 3,272 0

2014/12F 48.5 44.9 855.8 46.5 1,111.7 35.8 1,111.7 66.6 527 3,749 0



2010/12A 156.6 (11.9) 32.5 (6.3) 11.6 11.9 18.3 3.32 13.0 0.0

2011/12A 219.1 (8.1) 30.6 (47.8) 3.4 43.7 21.8 2.89 15.1 0.0

2012/12F 215.3 31.5 47.9 (55.7) (1.1) 41.1 NA 1.44 (1.3) 0.0

2013/12F 217.4 72.2 64.1 (60.3) 2.1 20.8 114.1 1.52 1.4 0.0

2014/12F 252.3 75.7 69.5 (64.9) 13.5 6.6 9.4 1.32 15.2 0.0



2012/03A 192.0 20.6 13.8 NA NA 9.6 NA (60.8) 7.7 NA (58.4)

2012/06A (9.3) (33.1) (1.0) NA NA 3.6 (22.6) (63.0) 5.6 52.2 (27.3)

2012/09A (13.1) (5.8) 2.5 (59.9) NA 1.6 (83.4) (54.1) 2.1 (72.7) (63.3)

2012/12F (74.5) (66.5) (12.0) NA NA (12.5) NA NA (12.2) NA NA

2013/03F (61.8) 80.9 (6.9) NA NA (6.6) NA NA (6.9) NA NA

2013/06F (29.5) 23.7 (2.6) NA NA (2.7) NA NA (3.0) NA NA

2013/09F 6.3 41.9 3.9 53.7 NA 3.5 111.9 NA 3.8 85.0 NA

2013/12F 291.1 23.2 10.3 NA 166.2 9.8 NA 182.5 8.8 NA 131.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 242.0 6.7 4.0 55 92.7 원익IPS 33.2 1.5 4.4 0.0

FY2013F 218.0 4.7 2.0 27 189.0 반도체·반도체장비 7.7 1.5 20.2 0.6



36.3

44.9

63.7

78.5

95.1

63.6

59.9

20.1

394.7 177.3

539.4 287.1

373.7 154.6

386.1 170.8

331.8

282.5 126.0

173.1

250.5

238.7

223.4

원익IPS0

1,336

2,671

4,007

5,342

6,678

8,014

9,349


-50

-40

-30

-20

-10

0

10

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x115

x86

x58

x29

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



245


A033170 453010 universe

시그네틱스 (033170.KQ) 업데이트 : 2013.02.26




52주 최고가 : 3,885 시가총액(십억원) : 287.6

52주 최저가 : 2,510 60일 평균 거래대금(백만원) : 2,679.0

연중 최고가 : 3,515 외국인지분(%) : 1.4

9 10 11 12 13


9.5 11.1 5.7 (11.9) 7.9

업종 대비 14.5 16.2 10.8 (6.9) 13.0 5

KOSPI 대비 12.7 12.6 8.2 (8.2) 11.8 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 11.9 24.1 18.2 23.2 25.0 20.5 34.3 24.1 239 2,003 0

2013/12F 18.1 34.4 42.6 32.3 39.1 28.4 39.1 34.4 332 2,358 0

2014/12F 16.7 44.4 29.1 42.6 31.8 37.5 31.8 44.4 437 2,819 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 171.7 50.9 35.0 (11.6) 7.8 13.1 12.9 1.54 12.7 0.0

2013/12F 202.1 39.3 31.2 (11.6) 9.4 9.5 10.1 1.42 15.2 0.0

2014/12F 241.6 23.2 27.3 (11.6) 10.4 7.0 7.7 1.19 16.9 0.0



2012/03A 5.0 (6.4) 2.2 (49.8) 125.9 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

2012/09A 2.6 (3.6) 5.9 (13.4) (7.9) 6.2 42.9 32.8 5.4 69.2 20.5

2012/12F 28.3 7.4 9.7 914.6 63.6 9.1 1,598.6 48.4 7.9 NA 45.2

2013/03F 18.1 (13.9) 2.5 18.1 (73.7) 3.7 20.6 (59.0) 3.3 36.6 (58.3)

2013/06F 18.1 32.4 7.6 18.1 197.9 5.6 20.2 48.9 4.9 8.7 48.9

2013/09F 18.1 (3.6) 7.0 18.1 (7.9) 7.3 18.3 30.7 6.4 17.9 30.7

2013/12F 18.1 7.4 17.3 79.2 148.3 15.4 68.5 111.4 13.5 71.2 110.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 309.9 21.7 19.0 221 15.9 시그네틱스 9.5 1.4 15.6 0.0

FY2013F 356.5 29.8 27.0 314 11.2 반도체·반도체장비 7.7 1.5 20.2 0.6



93.9

100.9

79.5

85.4

73.6

97.4

62.3

82.5

360.6 133.3

274.7 109.1

314.8 120.8

242.6 110.6

250.7 101.5

309.8

365.8

426.8

시그네틱스

238.9

276.8

0

1,336

2,671

4,007

5,342


-30

-25

-20

-15

-10

-5

0

5

10

KOSPI대비(우)

주가(좌)

(%p)(원)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2010 2011 2012

주가

x26

x21

x17

x12

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



246


A033640 453010 universe

네패스 (033640.KQ) 업데이트 : 2013.03.22




52주 최고가 : 21,650 시가총액(십억원) : 375.4

52주 최저가 : 11,050 60일 평균 거래대금(백만원) : 6,667.6

연중 최고가 : 18,400 외국인지분(%) : 9.7

9 10 11 12 13


(0.9) 28.4 3.6 (12.0) 20.7

업종 대비 4.2 33.4 8.7 (6.9) 25.8 5

KOSPI 대비 2.3 29.9 6.2 (8.3) 24.7 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 24.3 38.2 100.5 27.6 1,145.8 21.7 NA 67.5 1,001 7,360 50

2013/12F 22.3 63.9 67.5 56.0 102.7 44.1 102.7 101.5 2,057 9,310 50

2014/12F 4.9 67.7 6.0 63.4 13.3 49.9 13.3 113.5 2,330 11,527 50



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 158.1 99.3 85.5 (52.5) 11.1 6.1 13.9 1.90 14.7 0.4

2013/12F 200.7 103.1 69.5 (60.6) 15.2 4.8 8.4 1.85 24.6 0.3

2014/12F 249.1 93.4 57.7 (68.7) 15.4 4.2 7.4 1.49 22.2 0.3



2012/03A 27.5 2.5 7.6 35.5 63.8 6.1 78.4 NA 0.0 NA NA

2012/06A 24.9 7.6 7.8 42.3 2.7 3.6 3.7 (41.7) 0.0 NA NA

2012/09A 31.2 1.1 10.2 200.3 30.9 7.4 289.3 106.5 0.0 NA NA

2012/12F 15.5 3.6 12.7 174.8 24.8 10.6 NA 43.4 21.7 NA NA

2013/03F 20.0 6.6 11.4 50.9 (10.1) 10.6 73.7 0.7 8.4 NA (61.5)

2013/06F 19.9 7.5 14.0 80.9 23.1 13.3 271.9 24.7 10.4 NA 24.7

2013/09F 23.8 4.4 14.9 46.4 6.0 14.1 91.4 6.3 11.1 NA 6.3

2013/12F 25.1 4.6 23.6 86.1 58.5 18.0 70.2 27.5 14.2 (34.9) 27.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 342.6 38.1 22.0 988 17.6 네패스 8.1 1.8 24.0 0.3

FY2013F 412.1 59.6 42.5 1,796 9.7 반도체·반도체장비 7.7 1.5 20.2 0.6



96.1

103.2

107.8

112.7

80.0

86.1

87.0

90.1

402.2 219.6

440.5 227.0

319.7 176.3

362.5 202.1

440.4

326.6 179.5

272.8

276.1

343.3

419.8

네패스0

5,000

10,000

15,000

20,000

25,000


-40

-30

-20

-10

0

10

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x28

x21

x14

x7

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



247


A039030 453010 universe

이오테크닉스 (039030.KQ) 업데이트 : 2013.03.19




52주 최고가 : 40,550 시가총액(십억원) : 420.7

52주 최저가 : 25,100 60일 평균 거래대금(백만원) : 1,519.3

연중 최고가 : 36,100 외국인지분(%) : 13.7

9 10 11 12 13


3.5 19.9 6.5 18.6 12.6

업종 대비 8.5 24.9 11.6 23.7 17.7 5

KOSPI 대비 6.7 21.4 9.1 22.4 16.6 10

22 23 24 19 20



2010/12A 153.7 44.0 544.3 42.0 879.6 32.0 511.0 46.4 2,727 13,409 200

2011/12A (28.1) 13.2 (70.0) 15.5 (63.0) 17.3 (45.8) 15.6 1,415 14,452 100

2012/12F 38.1 33.0 150.2 35.6 129.5 28.1 62.5 35.9 2,301 16,476 100

2013/12F 3.0 32.3 (2.1) 35.3 (0.7) 27.9 (0.7) 35.2 2,284 18,609 100

2014/12F 14.9 40.3 24.7 43.8 23.9 34.6 23.9 43.5 2,828 21,277 100



2010/12A 164.0 (15.5) 8.6 (23.6) 21.4 8.1 11.7 2.38 24.3 0.6

2011/12A 176.6 0.5 18.3 (14.8) 8.9 18.7 16.7 1.63 10.2 0.4

2012/12F 201.4 6.9 24.9 (14.8) 16.2 10.9 13.4 1.88 14.9 0.3

2013/12F 227.5 24.4 30.1 (14.7) 15.4 12.8 15.1 1.85 13.0 0.3

2014/12F 260.1 36.4 33.4 (14.7) 16.7 10.7 12.2 1.62 14.2 0.3



2012/03A 8.6 13.6 2.2 (22.9) 647.5 2.7 41.9 NA 2.5 18.4 149.2

2012/06A 51.8 84.9 12.4 127.5 456.7 11.8 134.5 335.2 10.1 106.1 305.9

2012/09A 55.9 (2.5) 14.3 213.5 15.4 13.5 52.8 14.8 12.3 50.4 21.6

2012/12F 26.5 (38.2) 3.9 1,209.4 (72.7) 7.0 NA (48.4) 3.3 230.1 (73.2)

2013/03F (5.6) (15.2) 0.9 (59.8) (77.1) 1.4 (48.4) (80.0) 1.1 (55.7) (66.5)

2013/06F (35.6) 26.0 4.6 (63.2) 410.2 5.1 (57.0) 263.1 4.0 (60.4) 263.1

2013/09F 19.6 81.2 18.3 27.8 300.9 18.8 39.2 271.1 14.8 21.0 271.1

2013/12F 48.0 (23.6) 10.4 166.7 (43.1) 11.5 65.3 (38.8) 8.0 142.4 (46.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 208.5 32.0 27.2 2,221 16.2 이오테크닉스 14.3 1.8 13.3 0.3

FY2013F 231.6 36.5 30.9 2,524 13.8 반도체·반도체장비 7.7 1.5 20.2 0.6



76.3

58.3

63.8

39.4

33.4

42.1

35.4

65.4

412.0 145.0

334.7 127.7

356.7 123.0

224.2 56.6

246.3 66.2

204.0

210.1

241.3

이오테크닉스

205.4

147.8

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-20

-10

0

10

20

30

40

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x32

x25

x19

x12

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



248


A064760 453010 universe

티씨케이 (064760.KQ) 업데이트 : 2013.02.26




52주 최고가 : 14,650 시가총액(십억원) : 109.4

52주 최저가 : 6,400 60일 평균 거래대금(백만원) : 1,212.5

연중 최고가 : 10,250 외국인지분(%) : 35.5

9 10 11 12 13


1.6 31.8 (26.8) (35.6) 30.1

업종 대비 6.7 36.9 (21.7) (30.5) 35.2 5

KOSPI 대비 4.8 33.3 (24.2) (31.8) 34.1 10

22 23 24 19 20



2010/12A 52.8 12.5 93.2 13.2 84.6 10.5 80.4 14.7 904 5,312 100

2011/12A 16.3 15.9 27.4 15.5 17.9 12.1 15.7 19.8 1,037 6,249 200

2012/12F (17.9) 8.2 (48.6) 8.3 (46.3) 6.9 (42.7) 12.8 594 6,743 100

2013/12F (5.7) 7.6 (6.6) 8.0 (4.6) 6.4 (7.4) 12.6 550 7,193 100

2014/12F 18.6 11.5 50.9 12.7 59.2 10.3 59.6 16.5 878 7,872 200



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) 26.8 8.7 14.8 2.45 17.9 1.3

2012/12F 78.7 (13.3) 0.0 (4.6) 16.8 5.4 12.0 1.06 9.1 1.4

2013/12F 84.0 (18.1) 0.0 (4.9) 16.6 7.3 17.0 1.30 7.9 1.1

2014/12F 91.9 (26.4) 0.0 (4.9) 21.1 5.0 10.7 1.19 11.7 2.1



2012/03A (5.7) (14.2) 2.4 (29.4) (41.9) 2.5 (28.5) (30.9) 2.1 (31.3) (27.0)

2012/06A 5.6 24.3 4.2 4.4 75.9 4.2 6.1 69.7 3.5 16.6 68.4

2012/09A (32.2) (27.0) 0.8 (81.1) (79.8) 0.9 (80.7) (79.9) 0.7 (78.5) (79.6)

2012/12F (36.3) (18.2) 0.6 (85.9) (32.0) 0.6 (84.4) (33.8) 0.5 (82.0) (28.4)

2013/03F (28.7) (3.9) 0.6 (74.7) 4.5 0.6 (75.9) 6.8 0.5 (76.4) (4.3)

2013/06F (31.8) 18.8 2.0 (52.8) 228.3 2.0 (53.4) 228.3 1.6 (54.1) 228.3

2013/09F 16.6 24.8 2.6 201.5 29.1 2.6 199.7 29.1 2.1 190.5 29.1

2013/12F 41.9 (0.5) 2.5 336.8 (1.4) 2.8 402.0 10.9 2.3 349.7 10.9

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 50.6 8.4 6.8 582 16.2 티씨케이 15.1 1.3 8.7 1.3

FY2013F 46.0 16.0 6.0 514 18.9 반도체·반도체장비 7.7 1.5 20.2 0.6



8.9

10.6

13.3

13.2

12.5

15.6

11.4

9.3

94.3 13.8

104.1 14.9

88.1 15.1

92.1 14.2

54.6

82.9 20.8

51.1

59.4

48.8

46.0

티씨케이0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000


-60

-50

-40

-30

-20

-10

0

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x27

x22

x18

x14

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



249


A084370 453010 universe

유진테크 (084370.KQ) 업데이트 : 2013.02.26




52주 최고가 : 39,050 시가총액(십억원) : 386.1

52주 최저가 : 11,200 60일 평균 거래대금(백만원) : 4,576.3

연중 최고가 : 19,650 외국인지분(%) : 13.6

9 10 11 12 13


(0.5) 38.1 29.1 (26.2) 28.4

업종 대비 4.5 43.2 34.1 (21.1) 33.5 5

KOSPI 대비 2.7 39.6 31.6 (22.5) 32.4 10

22 23 24 19 20



2010/12A 92.5 19.7 159.6 19.2 213.0 17.9 192.9 20.7 1,406 3,921 100

2011/12A 39.3 37.9 92.1 33.6 75.1 25.7 43.4 38.9 1,957 5,721 150

2012/12F 28.7 54.4 43.6 54.7 63.1 42.7 66.0 55.8 2,033 5,612 150

2013/12F 13.5 61.7 13.5 64.2 17.4 50.1 17.4 63.6 2,395 7,645 150

2014/12F 25.7 83.4 35.0 86.6 34.9 67.6 34.9 85.7 3,231 10,623 150



2010/12A 50.2 (37.9) 0.6 (0.9) 21.0 6.8 6.2 2.23 43.4 1.1

2011/12A 74.7 (71.7) 1.9 (4.5) 29.0 6.1 7.8 2.65 41.2 1.0

2012/12F 113.8 (91.6) 2.2 (4.8) 32.3 3.5 6.9 2.50 45.3 1.1

2013/12F 160.1 (103.1) 2.3 (5.2) 32.3 4.5 7.6 2.39 36.6 0.8

2014/12F 223.0 (129.5) 2.2 (5.5) 34.7 3.0 5.7 1.72 35.3 0.8



2012/03A 145.7 85.7 17.8 187.1 19.3 19.3 196.9 61.4 15.1 207.3 77.3

2012/06A 141.1 (18.5) 26.9 214.9 51.2 22.7 229.2 17.7 18.4 218.6 22.2

2012/09A (45.7) (69.6) 4.1 (49.8) (84.6) 5.1 (37.7) (77.6) 4.0 (39.3) (78.5)

2012/12F (67.4) (29.2) 5.6 (62.4) 35.0 5.1 (57.3) 0.4 5.2 (38.6) 31.7

2013/03F (69.7) 72.7 2.5 (85.7) (54.6) 4.3 (77.8) (15.9) 3.4 (77.8) (35.8)

2013/06F (53.7) 24.6 5.1 (81.2) 98.9 4.3 (81.3) (1.1) 3.3 (82.0) (1.1)

2013/09F 356.6 199.6 35.1 746.2 594.8 36.9 625.2 768.1 28.8 625.7 768.1

2013/12F 315.2 (35.6) 19.0 240.1 (45.7) 16.8 228.3 (54.6) 14.6 180.3 (49.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 171.4 53.0 42.3 2,004 9.7 유진테크 7.1 2.2 36.3 0.8

FY2013F 191.8 58.2 48.6 2,304 8.4 반도체·반도체장비 7.7 1.5 20.2 0.6



85.1

54.8

18.6

13.2

22.8

28.4

75.2

61.3

247.2 22.0

172.3 58.2

197.5 36.5

74.9 23.7

133.5 58.8

168.3

191.1

240.3

유진테크

93.9

130.8

0

5,000

10,000

15,000

20,000

25,000

30,000


-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

35,000

2006 2007 2008 2009 2010 2011 2012 2013

주가

x12

x9

x6

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



250


A104830 453010 universe

원익머트리얼즈 (104830.KQ) 업데이트 : 2013.03.18




52주 최고가 : 46,200 시가총액(십억원) : 230.6

52주 최저가 : 28,100 60일 평균 거래대금(백만원) : 495.5

연중 최고가 : 39,500 외국인지분(%) : 3.9

9 10 11 12 13


5.0 2.5 14.5 (15.8) 3.9

업종 대비 10.1 7.5 19.6 (10.7) 9.0 5

KOSPI 대비 8.2 4.0 17.1 (12.0) 7.8 10

22 23 24 19 20



2010/12A 12.0 15.0 25.2 14.4 11.2 11.4 9.7 18.1 2,765 11,842 0

2011/12A 35.2 20.0 33.3 19.8 37.7 15.7 37.6 24.0 3,789 18,757 0

2012/12F 22.3 23.4 16.8 25.1 26.6 19.8 25.7 32.4 3,358 21,755 0

2013/12F 22.9 29.7 26.9 31.6 25.9 24.9 25.9 43.0 4,066 24,982 0

2014/12F 19.3 37.3 25.6 39.8 25.7 31.3 25.7 54.5 5,092 30,074 0



2010/12A 48.9 (4.4) 15.7 (12.2) 22.6 26.7

2011/12A 108.8 (51.2) 4.2 (9.6) 22.3 19.9

2012/12F 128.5 (63.3) 3.8 (14.6) 21.3 4.6 10.7 1.66 16.7 0.0

2013/12F 153.4 (78.6) 3.3 (18.9) 22.0 3.5 9.2 1.50 17.6 0.0

2014/12F 184.7 (94.5) 2.9 (22.7) 23.1 2.5 7.4 1.25 18.5 0.0



2012/03A 39.3 0.7 5.8 46.3 (2.0) 6.4 51.4 10.6 5.0 55.2 8.5

2012/06A 3.1 1.7 4.9 1.7 (15.4) 5.5 7.9 (14.6) 4.3 3.0 (14.1)

2012/09A 25.7 11.8 6.2 18.0 26.7 6.7 41.9 21.7 5.2 41.8 19.5

2012/12F 25.9 9.9 6.4 8.3 3.2 6.5 12.5 (2.1) 5.2 12.9 1.4

2013/03F 22.9 (1.7) 7.1 22.9 11.1 7.5 16.3 14.3 5.9 16.8 12.2

2013/06F 22.9 1.7 6.0 22.9 (15.4) 6.3 15.3 (15.4) 5.0 15.1 (15.4)

2013/09F 22.9 11.8 7.7 22.9 26.7 8.0 19.6 26.2 6.3 21.5 26.2

2013/12F 22.9 9.9 8.9 37.6 15.6 9.8 50.4 23.2 7.7 47.7 23.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 110.0 23.0 19.1 3,224 11.0 원익머트리얼즈 8.8 1.4 17.8 0.0

FY2013F 132.7 28.2 23.2 3,793 10.2 반도체·반도체장비 7.7 1.5 20.2 0.6



30.7

31.2

34.9

38.4

25.0

25.4

28.4

31.2

188.6 32.7

220.6 38.3

131.7 22.9

157.6 27.3

161.4

71.4 22.4

66.6

90.0

110.1

135.3

원익머트리얼즈0

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

2012 2013

주가

x14

x12

x11

x9

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



251



SK텔레콤 (017670.KS) 업데이트 : 2013.03.20

투자의견 : 매수 업종 : 통신서비스 주가 수익률(12개월)

목표주가 : 220,000 애널리스트 : 양종인


52주 최고가 : 188,500 시가총액(십억원) : 14,534.2

52주 최저가 : 120,000 60일 평균 거래대금(백만원) : 40,809.2

연중 최고가 : 185,500 외국인지분(%) : 44.5

9 10 11 12 13


4.7 11.8 22.4 27.7 19.6

업종 대비 2.4 9.6 20.2 25.4 17.4 5

KOSPI 대비 7.8 13.3 25.0 31.4 23.6 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 2.1 2,295.6 0.4 2,240.7 (3.3) 1,612.9 (12.4) 4,778.3 22,848 174,280 9,400

2012/12A 2.3 1,760.2 (23.3) 1,550.9 (30.8) 1,151.7 (28.6) 4,373.2 16,525 176,669 9,400

2013/12F 6.0 2,163.1 22.9 2,244.8 44.7 1,711.8 48.6 4,973.1 24,561 189,755 9,400

2014/12F 4.9 2,486.8 15.0 2,527.0 12.6 1,926.9 12.6 5,300.0 27,648 205,505 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) 14.4 3.2 6.2 0.81 14.0 6.6

2012/12A 11,854.8 5,338.0 53.9 (3,394.3) 10.8 4.3 9.2 0.86 9.8 6.2

2013/12F 12,911.4 4,122.5 46.3 (2,810.0) 12.5 3.9 7.3 0.95 13.8 5.2

2014/12F 14,183.2 3,572.2 39.8 (2,733.2) 13.7 3.6 6.5 0.88 14.2 5.2



2012/03A 1.8 0.3 480.8 (25.0) 21.4 382.0 (50.3) 36.4 306.4 (43.5) 41.6

2012/06A (0.4) 0.9 428.9 (39.6) (10.8) 323.3 (52.1) (15.4) 143.4 (69.3) (53.2)

2012/09A 2.0 2.9 305.9 (44.2) (28.7) 195.3 (62.2) (39.6) 178.9 (53.7) 24.7

2012/12A 6.0 1.7 544.6 37.6 78.1 650.2 132.2 232.9 523.0 141.7 192.4

2013/03F 5.0 (0.7) 483.5 0.6 (11.2) 582.8 52.6 (10.4) 444.4 45.0 (15.0)

2013/06F 5.3 1.2 531.0 23.8 9.8 535.6 65.7 (8.1) 408.4 184.8 (8.1)

2013/09F 6.0 3.6 593.1 93.9 11.7 608.3 211.4 13.6 463.9 159.3 13.6

2013/12F 7.7 3.4 555.5 2.0 (6.3) 518.1 (20.3) (14.8) 395.1 (24.5) (14.8)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 16,309.3 1,653.3 1,170.3 14,974 11.5 SK텔레콤 7.1 0.9 13.9 5.2

FY2013F 17,324.3 2,149.3 1,576.9 19,732 9.4 통신서비스 8.4 0.8 10.9 4.8



4,371.8

4,521.7

4,125.5

4,197.4

4,169.1

4,218.4

3,970.0

4,007.6

27,582.1 12,634.9

25,595.6 12,740.8

26,835.6 13,041.1

23,132.4 10,724.4

24,366.0 11,633.3

16,300.5

17,281.1

18,122.9

SK텔레콤

15,599.2

15,926.5

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000


-15

-10

-5

0

5

10

15

20

25

30

35

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x11

x9

x8

x7

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



252



KT (030200.KS) 업데이트 : 2013.03.20




52주 최고가 : 39,850 시가총액(십억원) : 9,334.7

52주 최저가 : 27,550 60일 평균 거래대금(백만원) : 41,379.8

연중 최고가 : 38,750 외국인지분(%) : 47.6

9 10 11 12 13


2.3 (7.3) (0.4) 8.0 1.0

업종 대비 0.1 (9.5) (2.6) 5.8 (1.2) 5

KOSPI 대비 5.5 (5.8) 2.2 11.8 4.9 10

22 23 24 19 20



2010/12A 1.8 2,188.6 126.5 1,724.1 141.1 1,321.4 167.0 5,427.4 5,434 46,296 2,410

2011/12A 6.3 1,748.4 (20.1) 1,603.4 (7.0) 1,446.6 9.5 4,740.1 5,946 48,477 2,000

2012/12A 11.8 1,213.9 (30.6) 1,422.5 (11.3) 1,057.0 (26.9) 4,521.4 4,341 50,707 2,000

2013/12F 5.1 1,418.5 16.9 1,457.2 2.4 1,126.6 6.6 4,828.7 4,622 52,620 2,000

2014/12F 3.0 1,699.0 19.8 1,751.6 20.2 1,337.1 18.7 5,052.4 5,486 55,317 2,000



2010/12A 11,133.3 7,889.0 83.8 (2,713.4) 10.9 3.7 8.5 1.00 12.3 5.2

2011/12A 11,704.2 9,484.0 91.2 (3,208.3) 8.2 4.1 6.0 0.74 12.7 5.6

2012/12A 12,309.2 8,967.3 88.2 (4,278.2) 5.1 4.2 8.2 0.70 8.8 5.6

2013/12F 12,808.6 8,774.3 84.2 (3,700.0) 5.7 3.9 7.7 0.68 9.0 5.6

2014/12F 13,512.7 8,385.1 77.6 (3,500.0) 6.6 3.7 6.5 0.65 10.2 5.6



2012/03A 8.2 0.8 583.6 (19.2) 656.9 525.2 (20.6) 142.9 386.9 (29.7) 70.6

2012/06A 6.9 0.1 349.1 (19.4) (40.2) 300.5 (16.9) (42.8) 220.0 (47.4) (43.1)

2012/09A 23.7 8.1 230.1 (55.4) (34.1) 469.7 28.9 56.3 358.7 42.5 63.0

2012/12A 1.4 (7.0) (271.4) NA NA 127.2 (41.2) (72.9) 91.6 (59.6) (74.5)

2013/03F 8.2 7.6 371.9 (36.3) NA 304.7 (42.0) 139.5 235.6 (39.1) 157.3

2013/06F 9.8 1.5 371.8 6.5 (0.0) 308.9 2.8 1.4 238.8 8.6 1.4

2013/09F 1.5 (0.1) 443.8 92.9 19.4 518.1 10.3 67.7 400.5 11.7 67.7

2013/12F 9.6 0.5 231.0 NA (47.9) 325.5 155.9 (37.2) 251.6 174.8 (37.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 24,257.0 1,698.2 1,219.7 4,507 8.1 KT 7.4 0.7 9.2 5.6

FY2013F 25,199.4 1,548.7 1,262.3 4,736 7.8 통신서비스 8.4 0.8 10.9 4.8



6,176.2

6,269.5

6,264.0

6,293.7

5,705.8

5,708.7

6,172.6

5,740.0

35,838.0 22,123.2

36,702.4 22,222.3

32,085.4 19,547.6

34,479.5 21,315.0

25,754.2

26,941.6 15,587.5

20,009.4

21,272.0

23,790.4

25,003.5

KT0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-15

-10

-5

0

5

10

15

20

25

30

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 2013

주가

x17

x14

x11

x8

x5

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



253



LG유플러스 (032640.KS) 업데이트 : 2013.03.20




52주 최고가 : 9,070 시가총액(십억원) : 3,693.7

52주 최저가 : 5,130 60일 평균 거래대금(백만원) : 16,279.6

연중 최고가 : 8,980 외국인지분(%) : 23.5

9 10 11 12 13


(5.8) 11.2 15.4 28.0 10.6

업종 대비 (8.0) 9.0 13.2 25.8 8.4 5

KOSPI 대비 (2.6) 12.7 18.0 31.8 14.5 10

22 23 24 19 20



2010/12A 61.2 129.3 (62.5) 568.2 67.9 569.9 94.5 1,382.8 1,318 9,034 350

2011/12A 15.2 279.3 116.0 168.5 (70.3) 84.6 (85.1) 1,468.9 196 7,837 150

2012/12A 18.7 126.8 (54.6) (129.2) NA (59.7) NA 1,519.8 -136 8,582 0

2013/12F 9.8 563.3 344.4 421.2 NA 379.5 NA 1,857.3 869 9,161 250

2014/12F 3.1 755.9 34.2 625.1 48.4 525.7 38.5 2,054.0 1,204 9,975 350



2010/12A 3,946.9 2,196.7 70.6 (1,183.1) 1.6 4.3 5.4 0.79 19.2 4.9

2011/12A 3,857.7 3,764.1 101.5 (1,356.5) 3.0 5.2 37.8 0.94 2.2 2.0

2012/12A 3,746.8 3,915.8 114.6 (1,945.8) 1.2 4.8 NA 0.91 (1.6) 0.0

2013/12F 3,999.6 3,788.2 105.2 (1,613.4) 4.7 4.0 9.7 0.92 9.8 3.0

2014/12F 4,355.0 3,903.3 94.3 (1,580.8) 6.1 3.7 7.0 0.85 12.6 4.1



2012/03A 20.4 4.1 55.5 (33.2) (38.7) 0.9 (98.6) NA 22.0 (61.4) NA

2012/06A 21.9 9.7 (9.7) NA NA (51.4) NA NA (32.0) NA NA

2012/09A 19.9 1.2 (23.1) NA NA (63.2) NA NA (38.4) NA NA

2012/12A 13.1 (2.1) 104.1 15.0 NA (15.6) NA NA (11.3) NA NA

2013/03F 14.5 5.4 112.9 103.6 8.5 75.4 7,849.4 NA 68.0 208.3 NA

2013/06F 9.1 4.5 132.4 NA 17.2 96.9 NA 28.4 87.3 NA 28.4

2013/09F 5.9 (1.8) 150.2 NA 13.5 117.2 NA 21.0 105.6 NA 21.0

2013/12F 10.4 2.0 167.7 61.1 11.6 131.6 NA 12.2 118.6 NA 12.2

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 10,993.3 117.7 (44.6) -104 NA LG유플러스 9.0 0.9 10.4 3.2

FY2013F 11,574.3 567.4 320.4 733 12.0 통신서비스 8.4 0.8 10.9 4.8



2,985.4

3,045.4

2,819.2

2,759.6

2,908.0

3,039.3

2,539.7

2,786.2

12,189.9 7,834.2

11,088.7 7,340.2

11,958.7 7,957.8

8,525.2 4,576.7

11,048.5 7,189.2

10,904.6

11,978.2

12,351.6

LG유플러스

7,974.7

9,186.4

0

1,336

2,671

4,007

5,342

6,678

8,014

9,349

10,685


-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

45,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x29

x22

x15

x8

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



254



SK브로드밴드 (033630.KQ) 업데이트 : 2013.03.20

투자의견 : 중립 업종 : 통신서비스 주가 수익률(12개월)

목표주가 : - 애널리스트 : 양종인


52주 최고가 : 5,230 시가총액(십억원) : 1,330.3

52주 최저가 : 2,795 60일 평균 거래대금(백만원) : 4,685.9

연중 최고가 : 5,140 외국인지분(%) : 3.8

9 10 11 12 13


(0.2) (0.7) 14.7 29.0 (5.8)

업종 대비 (2.4) (2.9) 12.5 26.8 (8.0) 5

KOSPI 대비 3.0 0.8 17.2 32.8 (1.8) 10

22 23 24 19 20



2010/12A 11.5 (17.5) NA (119.7) NA (119.8) NA 457.5 -405 3,767 0

2011/12A 8.1 64.9 NA (14.2) NA (14.2) NA 536.7 -48 3,694 0

2012/12A 8.6 81.6 25.7 22.6 NA 22.5 NA 555.8 76 3,752 0

2013/12F 9.4 116.9 43.3 75.8 235.4 75.8 237.1 601.3 256 3,991 0

2014/12F 7.2 178.5 52.7 150.1 97.9 150.1 97.9 666.0 507 4,481 0



2010/12A 1,114.9 1,413.3 142.1 (233.5) (0.8) 6.6 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

2012/12A 1,110.5 1,207.4 130.6 (325.0) 3.3 4.7 61.4 1.24 2.0 0.0

2013/12F 1,181.3 709.8 82.6 (440.6) 4.3 3.4 17.5 1.13 6.6 0.0

2014/12F 1,326.2 625.2 68.6 (400.7) 6.1 2.9 8.9 1.00 12.0 0.0



2012/03A 7.4 (14.2) 16.1 3.3 70.4 1.0 NA NA 1.0 NA NA

2012/06A 9.0 8.3 16.1 3.3 0.2 3.3 NA 225.3 3.3 NA 240.4

2012/09A 11.4 7.5 17.6 (27.3) 9.6 6.5 784.1 97.6 6.4 916.3 96.4

2012/12A 6.6 6.8 31.7 236.5 79.9 11.9 NA 83.9 11.9 NA 85.5

2013/03F 9.3 (12.1) 25.2 56.5 (20.7) 10.5 944.2 (11.6) 10.5 995.4 (11.6)

2013/06F 9.0 8.0 31.0 92.3 23.0 17.3 429.6 65.0 17.3 431.0 65.0

2013/09F 10.1 8.6 31.9 80.7 3.0 19.4 200.2 12.0 19.4 202.9 12.0

2013/12F 9.2 5.9 28.9 (9.0) (9.4) 28.6 141.1 47.7 28.6 141.1 47.7

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,502.4 77.8 21.0 69 71.5 SK브로드밴드 14.4 1.1 7.8 0.0

FY2013F 2,689.4 130.1 74.9 260 17.5 통신서비스 8.4 0.8 10.9 4.8



606.6

654.9

711.4

753.1

555.0

601.0

646.2

690.0

3,163.1 1,981.8

3,151.2 1,825.0

3,395.5 2,302.4

3,079.2 1,968.6

2,922.2

3,241.3 2,126.3

2,123.3

2,295.3

2,492.2

2,725.9

SK브로드밴드0

1,336

2,671

4,007

5,342

6,678


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x37

x28

x19

x10

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



255



삼천리 (004690.KS) 업데이트 : 2011.10.19

투자의견 : 중립 업종 : 전력·가스 주가 수익률(12개월)



52주 최고가 : 141,000 시가총액(십억원) : 488.6

52주 최저가 : 87,100 60일 평균 거래대금(백만원) : 806.7

연중 최고가 : 128,000 외국인지분(%) : 24.7

9 10 11 12 13


7.6 (3.6) 18.1 24.9 (2.4)

업종 대비 10.9 (0.3) 21.5 28.2 0.9 5

KOSPI 대비 10.8 (2.1) 20.7 28.6 1.5 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

2011/12A 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

2011/12A 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 2.5 4.9 0.48 9.4 1.6

2013/12F 1,088.0 (203.0) 16.4 (117.3) 2.1 1.9 4.3 0.43 9.5 1.7

2014/12F 1,189.7 (280.2) 12.5 (111.5) 2.2 1.5 3.9 0.39 9.6 1.7



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 3,346.0 54.0 45.0 11,097 10.5 삼천리 4.2 0.4 9.5 1.7

FY2013F 3,087.0 54.0 42.0 10,358 11.5 전력·가스 10.2 0.4 4.3 0.5



916.9

916.9

429.7

1,127.5

916.9

916.9

1,247.8

632.5

2,162.6 918.0

1,951.0 926.8

2,032.8 903.4

1,471.9 641.0

1,805.3 877.2

3,437.6

3,667.6

3,909.1

삼천리

2,638.4

3,060.3

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000


-10

0

10

20

30

40

50

60

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x6

x5

x4

x3

x3

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



256



한국전력 (015760.KS) 업데이트 : 2013.03.15

투자의견 : 매수 업종 : 전력·가스 주가 수익률(12개월)



52주 최고가 : 35,400 시가총액(십억원) : 19,002.1

52주 최저가 : 21,200 60일 평균 거래대금(백만원) : 64,818.0

연중 최고가 : 34,850 외국인지분(%) : 24.9

9 10 11 12 13


(6.0) (0.8) 15.0 27.0 (6.2)

업종 대비 (2.7) 2.5 18.3 30.4 (2.9) 5

KOSPI 대비 (2.8) 0.7 17.5 30.8 (2.2) 10

22 23 24 19 20



2010/12A 16.2 1,674.6 (2.3) 369.6 14.6 (119.9) NA 8,371.2 -193 89,717 0

2011/12A 10.2 (1,301.4) NA (2,473.1) NA (3,370.5) NA 5,576.0 -5,411 84,135 0

2012/12F 13.5 (818.2) NA (4,063.0) NA (3,166.4) NA 6,454.9 -5,082 79,203 0

2013/12F 11.6 4,110.4 NA 2,374.2 NA 1,705.3 NA 11,886.8 2,737 81,859 0

2014/12F 7.4 5,510.2 34.1 3,519.3 48.2 2,568.1 50.6 13,810.9 4,122 85,860 0



2010/12A 56,818.0 38,281.1 71.7 (10,184.0) 4.2 6.9 NA 0.34 (0.2) 0.0

2011/12A 53,270.3 45,406.0 88.4 (10,610.4) (3.0) 11.2 NA 0.30 (6.1) 0.0

2012/12F 50,103.9 53,623.8 110.5 (15,537.2) (1.7) 11.4 NA 0.38 (6.1) 0.0

2013/12F 51,809.2 59,755.7 118.9 (16,830.0) 7.5 6.7 10.8 0.36 3.3 0.0

2014/12F 54,377.3 64,470.4 122.1 (16,744.2) 9.3 6.1 7.2 0.34 4.8 0.0



2012/03A 23.2 11.9 (316.0) NA NA (446.5) NA NA (538.1) NA NA

2012/06A 16.4 (20.2) (2,133.7) NA NA (2,361.8) NA NA (1,784.3) NA NA

2012/09A 17.1 29.3 1,829.5 35.1 NA 1,393.6 204.9 NA 939.6 253.1 NA

2012/12F (0.9) (14.1) (198.0) NA NA (2,648.2) NA NA (1,783.5) NA NA

2013/03F 9.9 24.1 845.5 NA NA 576.5 NA NA 414.1 NA NA

2013/06F 8.1 (21.5) (371.5) NA NA (695.5) NA NA (499.5) NA NA

2013/09F 8.1 29.3 2,919.8 59.6 NA 2,417.8 73.5 NA 1,736.7 84.8 NA

2013/12F 20.8 (4.1) 716.6 NA (75.5) 75.3 NA (96.9) 54.1 NA (96.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 50,551.6 (458.6) (1,784.2) -2,838 NA 한국전력 9.7 0.4 3.7 0.0

FY2013F 54,422.3 4,390.4 1,864.8 2,877 10.7 전력·가스 10.2 0.4 4.3 0.5



14,616.2

11,472.4

14,836.9

14,230.1

13,303.0

10,612.3

13,724.0

11,782.2

158,224.3 105,699.6

168,817.8 113,627.2

136,467.9 82,663.9

146,161.8 95,435.5

59,220.0

129,517.8 72,241.3

39,506.6

43,532.3

49,421.5

55,155.6

한국전력0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x11

x8

x6

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



257



한국가스공사 (036460.KS) 업데이트 : 2013.03.07




52주 최고가 : 87,400 시가총액(십억원) : 5,417.6

52주 최저가 : 37,850 60일 평균 거래대금(백만원) : 22,157.9

연중 최고가 : 82,000 외국인지분(%) : 9.0

9 10 11 12 13


(0.6) (4.5) (4.9) 81.8 (5.8)

업종 대비 2.8 (1.2) (1.6) 85.2 (2.5) 5

KOSPI 대비 2.6 (3.0) (2.3) 85.6 (1.8) 10

22 23 24 19 20



2010/12A 16.4 1,047.7 12.2 366.5 (0.1) 276.8 15.6 1,853.1 3,813 101,328 620

2011/12A 25.3 1,023.2 (2.3) 389.4 6.2 181.5 (34.4) 1,868.7 2,499 105,478 760

2012/12F 24.1 1,267.2 23.9 512.8 31.7 363.6 100.4 2,161.1 5,008 103,903 760

2013/12F 4.0 1,416.4 11.8 630.1 22.9 475.0 30.6 2,374.1 6,542 109,335 760

2014/12F 4.1 1,545.2 9.1 752.5 19.4 549.4 15.7 2,566.9 7,567 115,730 760



2010/12A 7,728.7 18,620.6 244.3 (1,619.2) 4.6 12.1 12.7 0.48 4.3 1.3

2011/12A 8,049.4 22,998.0 288.0 (2,096.9) 3.6 14.0 16.7 0.40 2.3 1.8

2012/12F 7,927.7 26,808.5 340.5 (1,813.0) 3.6 15.1 15.0 0.72 4.6 1.0

2013/12F 8,347.5 26,906.1 324.7 (2,157.7) 3.9 13.6 10.7 0.64 5.8 1.1

2014/12F 8,841.7 26,501.3 302.1 (1,887.9) 4.0 12.4 9.3 0.61 6.4 1.1



2012/03A 34.4 35.6 718.1 11.7 87.1 555.6 5.3 96.7 412.2 1.3 314.0

2012/06A 36.8 (32.6) 238.9 81.7 (66.7) 58.2 118.0 (89.5) 41.8 147.5 (89.9)

2012/09A 29.7 (17.9) (18.6) NA NA (215.4) NA NA (166.9) NA NA

2012/12F 2.1 36.1 328.8 (14.3) NA 114.4 (59.5) NA 76.6 (23.1) NA

2013/03F 8.1 43.6 776.4 8.1 136.1 605.7 9.0 429.4 456.7 10.8 496.3

2013/06F (8.5) (43.0) 285.1 19.3 (63.3) 76.1 30.9 (87.4) 57.4 37.4 (87.4)

2013/09F (0.3) (10.6) (18.5) NA NA (209.0) NA NA (157.6) NA NA

2013/12F 12.7 53.9 373.5 13.6 NA 157.3 37.4 NA 118.6 54.8 NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 35,894.5 1,256.4 381.9 4,984 14.0 한국가스공사 10.4 0.6 6.0 1.1

FY2013F 36,315.5 1,346.8 429.3 5,655 12.8 전력·가스 10.2 0.4 4.3 0.5



6,545.7

10,076.0

6,567.3

8,936.9

12,834.1

7,318.0

11,870.5

7,996.3

41,831.1 33,002.3

40,690.0 32,770.4

41,401.4 33,064.5

30,024.8 22,294.6

36,010.5 27,966.6

35,371.1

36,773.9

38,279.1

한국가스공사

22,740.5

28,493.7

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x16

x13

x11

x9

x7

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



258



한전KPS (051600.KS) 업데이트 : 2013.03.22




52주 최고가 : 61,800 시가총액(십억원) : 2,466.0

52주 최저가 : 38,000 60일 평균 거래대금(백만원) : 7,174.5

연중 최고가 : 59,800 외국인지분(%) : 9.1

9 10 11 12 13


5.4 (8.7) 13.7 28.6 (8.4)

업종 대비 8.7 (5.3) 17.0 32.0 (5.0) 5

KOSPI 대비 8.6 (7.2) 16.3 32.4 (4.4) 10

22 23 24 19 20



2010/12A 4.1 74.2 (32.6) 84.8 (33.0) 98.4 2.1 96.7 2,186 11,575 1,100

2011/12A 10.4 117.1 57.7 130.6 54.0 104.7 6.4 142.1 2,326 10,981 1,620

2012/12A 8.8 142.2 21.5 154.3 18.2 117.9 12.6 170.8 2,620 11,812 1,440

2013/12F 11.1 158.2 11.2 170.4 10.5 131.9 11.9 188.5 2,931 12,772 1,440

2014/12F 11.3 180.3 14.0 192.2 12.8 149.9 13.6 213.7 3,331 14,173 1,440



2010/12A 520.9 (245.9) 0.0 (47.2) 8.9 20.9 24.0 4.53 19.8 2.1

2011/12A 494.2 (176.6) 0.0 (48.8) 12.6 11.8 17.7 3.75 20.6 3.9

2012/12A 531.5 (210.9) 0.0 (57.0) 14.1 14.8 23.2 5.16 23.0 2.4

2013/12F 574.7 (178.9) 0.0 (93.1) 14.1 12.2 18.7 4.29 23.8 2.6

2014/12F 637.8 (195.4) 0.0 (92.3) 14.5 10.8 16.5 3.87 24.7 2.6



2012/03A 7.4 (15.1) 32.4 20.3 (34.4) 35.6 22.8 (31.4) 27.5 24.2 (39.2)

2012/06A 16.3 26.9 44.5 62.8 37.2 47.6 52.6 33.8 36.8 59.4 33.7

2012/09A 8.6 (19.1) 22.9 71.6 (48.5) 26.3 42.4 (44.9) 20.5 45.4 (44.2)

2012/12A 3.1 18.2 42.4 (14.2) 85.1 44.8 (13.7) 70.5 33.0 (27.1) 61.0

2013/03F 11.8 (8.0) 36.2 11.8 (14.5) 39.6 11.2 (11.6) 30.6 11.3 (7.3)

2013/06F 6.2 20.6 47.3 6.2 30.4 50.3 5.5 27.0 38.9 5.7 27.0

2013/09F 11.1 (15.3) 26.5 15.6 (44.0) 29.7 13.0 (41.0) 23.0 11.9 (41.0)

2013/12F 15.7 23.1 48.2 13.7 82.2 50.9 13.6 71.5 39.4 19.2 71.5

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 1,012.0 143.3 119.4 2,653 20.3 한전KPS 17.8 4.2 24.3 3.0

FY2013F 1,139.5 165.5 136.2 3,027 18.0 전력·가스 10.2 0.4 4.3 0.5



249.4

300.8

254.7

313.4

223.1

283.2

229.2

271.0

822.3 231.3

937.6 269.0

672.4 178.3

756.2 224.7

1,244.7

690.7 259.7

838.6

925.5

1,006.6

1,118.3

한전KPS0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2008 2009 2010 2011 2012 2013

주가

x31

x26

x22

x17

x13

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



259



지역난방공사 (071320.KS) 업데이트 : 2013.02.15

투자의견 : 중립 업종 : 전력·가스 주가 수익률(12개월)



52주 최고가 : 94,700 시가총액(십억원) : 1,051.3

52주 최저가 : 47,300 60일 평균 거래대금(백만원) : 1,122.4

연중 최고가 : 94,000 외국인지분(%) : 3.0

9 10 11 12 13


12.0 22.7 32.6 79.1 21.1

업종 대비 15.3 26.0 35.9 82.4 24.4 5

KOSPI 대비 15.2 24.2 35.1 82.9 25.0 10

22 23 24 19 20



2010/12A 21.6 130.0 (18.9) 99.5 (47.5) 99.7 (34.3) 246.4 8,761 120,083 1,250

2011/12A 39.2 62.8 (51.6) (5.8) NA 3.1 (96.9) 225.0 271 119,077 350

2012/12F 31.7 244.3 288.7 164.1 NA 147.3 4,595.9 437.0 12,725 131,418 350

2013/12F (0.1) 248.4 1.7 156.6 (4.6) 140.6 (4.6) 461.5 12,139 143,173 350

2014/12F 3.8 292.5 17.7 204.7 30.7 183.7 30.7 520.7 15,867 158,656 350



2010/12A 1,390.4 2,185.5 166.0 (700.7) 8.5 12.6 9.1 0.66 8.8 1.6

2011/12A 1,378.8 2,484.8 184.4 (560.9) 2.9 14.3 230.6 0.52 0.2 0.6

2012/12F 1,521.7 2,533.2 170.8 (330.0) 8.7 7.8 5.8 0.56 10.2 0.5

2013/12F 1,657.8 2,498.6 155.1 (341.0) 8.8 7.7 7.5 0.63 8.8 0.4

2014/12F 1,837.0 2,416.1 135.8 (319.0) 10.0 6.6 5.7 0.57 10.5 0.4



2012/03A 29.9 48.1 110.8 42.1 509.9 91.4 41.0 NA 79.8 35.2 7,833.9

2012/06A 40.8 (49.7) 0.4 NA (99.7) (1.9) NA NA (3.1) NA NA

2012/09A 32.7 (24.7) 8.5 NA 2,243.5 (10.0) NA NA (7.1) NA NA

2012/12F 28.5 129.2 124.6 585.8 1,374.7 84.6 NA NA 77.7 7,623.0 NA

2013/03F (0.1) 15.2 119.7 8.0 (3.9) 101.4 10.9 19.8 91.0 14.0 17.1

2013/06F (0.1) (49.7) (4.4) NA NA (7.3) NA NA (6.6) NA NA

2013/09F (0.1) (24.7) (1.0) NA NA (20.9) NA NA (18.8) NA NA

2013/12F (0.1) 129.2 134.1 7.6 NA 83.5 (1.3) NA 75.0 (3.5) NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 2,768.1 225.7 114.9 10,842 7.3 지역난방공사 7.0 0.6 9.2 0.4

FY2013F 2,962.2 271.9 160.0 13,160 7.1 전력·가스 10.2 0.4 4.3 0.5



386.7

886.2

387.0

886.9

1,021.6

513.4

1,022.3

513.8

5,107.5 3,278.2

4,892.4 3,372.0

4,986.1 3,332.3

4,206.0 2,803.0

4,581.8 3,201.5

2,810.0

2,808.0

2,913.3

지역난방공사

1,533.1

2,134.0

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000


-10

0

10

20

30

40

50

60

70

80

90

100

KOSPI대비(우)

주가(좌)

(%p)(원)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2010 2011 2012 2013

주가

x27

x21

x15

x9

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



260



서흥캅셀 (008490.KS) 업데이트 : 2013.01.21

투자의견 : 매수 업종 : 스몰캡 주가 수익률(12개월)

목표주가 : 27,000 애널리스트 : 한지형


52주 최고가 : 24,150 시가총액(십억원) : 279.4

52주 최저가 : 11,300 60일 평균 거래대금(백만원) : 810.1

연중 최고가 : 24,150 외국인지분(%) : 7.8

9 10 11 12 13


11.0 28.8 32.7 78.9 31.3

업종 대비 7.5 25.3 29.2 75.4 27.7 5

KOSPI 대비 14.2 30.3 35.3 82.7 35.2 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 7.8 5.5 (73.8) (16.0) NA (4.0) NA 13.1 -355 16,063 0

2013/12F 29.9 20.0 266.6 13.0 NA 18.0 NA 29.2 1,590 17,399 280

2014/12F 20.0 30.5 52.5 26.0 99.5 32.0 77.7 40.9 2,825 19,745 280



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 184.5 130.8 98.0 (16.4) 3.5 25.0 NA 1.15 (2.2) 0.0

2013/12F 200.0 126.5 86.8 (13.0) 10.0 13.0 15.2 1.39 9.4 1.2

2014/12F 227.1 115.3 69.1 (12.2) 12.7 8.9 8.5 1.22 15.0 1.2



2012/03A 0.3 0.7 2.2 (59.5) (47.1) 0.8 (84.4) (79.8) 1.5 (59.6) (45.9)

2012/06A 9.2 10.0 2.3 (65.5) 4.6 2.6 (54.1) 236.6 4.2 (42.4) 180.8

2012/09A 20.3 1.3 (0.2) NA NA 1.3 (73.6) (49.3) 2.8 (32.6) (32.0)

2012/12F 2.2 (9.0) 1.1 (73.2) NA (20.8) NA NA (12.5) NA NA

2013/03F 29.8 28.0 2.9 29.8 156.6 2.0 153.1 NA 11.9 698.3 NA

2013/06F 29.8 10.0 3.0 29.8 4.6 4.7 77.2 135.7 14.5 246.1 21.7

2013/09F 29.8 1.3 (0.2) NA NA 3.4 152.9 (27.6) 13.3 365.5 (8.5)

2013/12F 29.8 (9.0) 14.4 1,187.2 NA 3.0 NA (12.5) (21.7) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 155.1 5.0 (4.0) -346 NA 서흥캅셀 13.0 1.3 10.6 1.2

FY2013F 198.0 20.0 18.0 1,556 15.2 스몰캡 11.8 1.9 16.8 1.0



47.3

52.0

52.7

48.0

36.4

40.1

40.6

36.9

357.0 183.5

364.7 170.1

359.6 180.0

350.1 185.2

240.0

257.3 91.9

124.9

142.9

154.0

200.0

서흥캅셀0

5,000

10,000

15,000

20,000

25,000

30,000


-20

0

20

40

60

80

100

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x15

x11

x8

x4

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



261



다우기술 (023590.KS) 업데이트 : 2013.03.20




52주 최고가 : 18,800 시가총액(십억원) : 805.4

52주 최저가 : 10,550 60일 평균 거래대금(백만원) : 4,537.6

연중 최고가 : 18,600 외국인지분(%) : 19.5

9 10 11 12 13


3.2 16.2 11.1 30.5 8.1

업종 대비 (0.3) 12.7 7.6 27.0 4.6 5

KOSPI 대비 6.4 17.7 13.7 34.3 12.1 10

22 23 24 19 20



2010/12A 29.1 14.9 17.6 65.9 13.4 71.4 61.5 17.9 1,672 11,718 130

2011/12A 8.0 17.4 17.0 34.3 (48.0) 61.1 (14.3) 21.3 1,433 14,547 130

2012/12A 19.6 21.6 24.0 36.8 7.3 64.6 5.7 25.9 1,506 10,291 130

2013/12F 9.7 26.0 20.6 32.6 (11.2) 87.8 35.8 30.8 2,029 12,124 130

2014/12F 11.7 29.9 14.9 38.3 17.5 101.0 15.0 35.0 2,334 14,251 130



2010/12A 513.3 8.3 32.5 (11.7) 9.6 15.6 5.1 0.73 15.0 1.5

2011/12A 640.2 31.1 20.6 (8.9) 10.4 12.9 7.2 0.71 10.6 1.3

2012/12A 452.6 11.2 27.1 (3.2) 10.8 27.7 10.5 1.53 11.8 0.8

2013/12F 534.8 21.4 22.9 (3.4) 11.8 24.8 8.8 1.48 17.8 0.7

2014/12F 630.2 (1.2) 18.7 (3.6) 12.2 19.2 7.7 1.26 17.3 0.7



2012/03A 10.0 (13.3) 4.6 48.3 (35.8) 6.8 192.4 0.4 25.0 128.2 231.6

2012/06A 36.0 14.6 6.5 119.3 41.6 15.6 (16.7) 130.6 8.5 (63.3) (65.9)

2012/09A 11.8 (15.8) 5.3 24.6 (18.6) 8.8 35.8 (43.6) 14.8 (23.5) 73.3

2012/12A 21.1 44.7 5.2 (26.5) (0.6) 5.6 (17.1) (36.5) 4.7 (37.3) (68.0)

2013/03F 6.1 (24.0) 5.0 8.5 (5.3) 4.9 (27.1) (11.7) 5.1 (79.5) 8.6

2013/06F 6.1 14.6 6.4 (1.8) 28.1 15.5 (0.8) 213.7 15.4 80.2 199.2

2013/09F 12.3 (10.9) 6.2 18.5 (1.7) 4.7 (46.6) (69.7) 8.8 (40.3) (42.6)

2013/12F 13.5 46.2 8.4 60.8 34.9 7.5 34.7 60.4 58.4 1,133.7 560.8

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 195.0 31.0 31.0 691 25.9 다우기술 8.6 1.4 17.7 0.7

FY2013F 216.0 27.0 33.0 736 25.0 스몰캡 11.8 1.9 16.8 1.0



48.2

70.5

42.9

62.1

47.2

54.1

44.5

51.0

692.2 195.2

652.8 200.2

670.4 197.8

601.8 200.5

581.3 159.5

200.4

220.0

245.6

다우기술

155.1

167.6

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

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x11

x9

x7

x5

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



262



무학 (033920.KS) 업데이트 : 2012.11.15


목표주가 : 18,000 애널리스트 : 박가영


52주 최고가 : 15,400 시가총액(십억원) : 393.7

52주 최저가 : 9,880 60일 평균 거래대금(백만원) : 708.1

연중 최고가 : 15,200 외국인지분(%) : 14.3

9 10 11 12 13


3.9 10.5 11.3 32.9 7.6

업종 대비 0.4 6.9 7.8 29.4 4.1 5

KOSPI 대비 7.1 12.0 13.9 36.7 11.6 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 5.6 0.92 17.0 2.1

2011/12A 230.4 (31.5) 0.1 (35.2) 28.2 3.9 6.7 1.22 19.4 0.5

2012/12F 271.6 (39.3) 0.1 (32.9) 23.7 5.6 9.1 1.31 15.3 1.6

2013/12F 320.0 (55.7) 0.1 (16.1) 24.0 5.0 8.6 1.21 15.3 1.5

2014/12F 375.2 (40.4) 0.0 (15.3) 24.9 4.4 7.5 1.04 15.0 1.5



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 211.0 46.8 37.1 1,395 10.2 무학 8.4 1.2 30.4 3.0

FY2013F 233.4 56.5 46.8 1,759 8.6 스몰캡 11.8 1.9 16.8 1.0



59.1

62.5

58.4

67.5

51.0

53.9

50.4

58.2

418.6 98.5

482.0 106.9

324.1 94.5

368.8 97.2

270.5

271.6 69.8

159.3

195.7

213.4

247.5

무학0

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

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x9

x7

x5

x3

x2

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



263



하나투어 (039130.KS) 업데이트 : 2013.01.11




52주 최고가 : 74,500 시가총액(십억원) : 806.2

52주 최저가 : 40,750 60일 평균 거래대금(백만원) : 7,077.5

연중 최고가 : 73,600 외국인지분(%) : 18.6

9 10 11 12 13


3.4 19.7 15.9 53.5 17.0

업종 대비 (0.1) 16.1 12.4 50.0 13.5 5

KOSPI 대비 6.6 21.1 18.4 57.3 21.0 10

22 23 24 19 20



2010/12A 75.8 27.2 6,290.5 30.6 NA 24.1 NA 30.4 2,193 11,208 850

2011/12A 3.8 22.1 (18.7) 24.8 (19.1) 21.1 (12.8) 26.0 1,930 12,304 900

2012/12F 14.1 35.8 62.1 35.7 44.0 32.5 54.4 40.0 2,947 13,814 900

2013/12F 15.2 45.9 28.4 45.7 28.1 41.1 26.3 50.4 3,632 16,067 900

2014/12F 14.7 62.0 35.1 61.3 34.3 54.9 33.7 66.9 4,858 19,436 900



2010/12A 110.8 (110.8) 0.8 (2.0) 12.5 12.9 19.9 3.89 23.9 2.0

2011/12A 116.3 (116.8) 0.3 (0.7) 9.8 10.6 17.7 2.78 18.5 2.6

2012/12F 133.8 (131.3) 1.8 (0.6) 13.9 14.3 20.7 4.42 26.0 1.5

2013/12F 160.0 (151.6) 1.5 (0.5) 15.5 12.9 19.1 4.32 27.9 1.3

2014/12F 199.1 (174.2) 1.2 (0.4) 18.2 9.3 14.3 3.57 30.6 1.3



2012/03A (0.8) 29.2 9.9 (8.7) 518.8 10.7 (11.8) 385.6 8.9 4.3 196.8

2012/06A 20.7 (8.9) 5.8 1,006.9 (42.0) 6.7 665.3 (37.4) 5.5 512.4 (38.1)

2012/09A 9.5 26.2 11.6 27.7 101.6 12.5 30.9 86.0 11.5 32.4 108.6

2012/12F 33.3 (10.3) 8.5 430.0 (26.8) 5.8 160.9 (53.8) 6.7 123.6 (41.6)

2013/03F 15.2 11.7 11.4 15.2 34.5 11.8 10.5 105.7 13.9 56.5 107.7

2013/06F 15.2 (8.9) 6.6 15.2 (42.0) 7.1 6.4 (39.8) 10.2 86.4 (26.3)

2013/09F 15.2 26.2 13.4 15.2 101.6 14.0 12.1 95.9 15.6 35.8 51.9

2013/12F 15.2 (10.3) 14.5 70.7 8.6 12.7 120.8 (9.1) 1.4 (79.5) (91.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 260.0 34.5 30.0 2,581 26.1 하나투어 17.8 4.1 28.5 1.3

FY2013F 300.7 42.9 37.1 3,196 22.2 스몰캡 11.8 1.9 16.8 1.0



83.4

74.8

72.5

65.0

72.6

66.1

63.0

57.4

368.3 176.5

289.5 160.4

329.1 174.7

218.6 110.6

247.6 136.2

257.9

297.0

340.7

하나투어

217.8

226.0

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


-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

100,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x26

x19

x13

x7

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



264



오스템임플란트 (048260.KQ) 업데이트 : 2013.01.30




52주 최고가 : 39,000 시가총액(십억원) : 468.7

52주 최저가 : 9,860 60일 평균 거래대금(백만원) : 16,125.0

연중 최고가 : 38,350 외국인지분(%) : 21.2

9 10 11 12 13


(4.6) 23.6 24.5 178.5 14.6

업종 대비 (8.1) 20.1 21.0 175.0 11.1 5

KOSPI 대비 (1.4) 25.1 27.1 182.3 18.5 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 28.5 35.2 22.3 24.2 14.5 164.3 32.6 1,040 5,668 0

2013/12F 10.0 31.0 8.9 27.0 21.0 26.0 79.6 35.4 1,830 7,498 0

2014/12F 10.0 35.5 14.3 32.0 18.4 33.5 28.9 40.1 2,360 9,858 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 73.7 19.1 54.1 (4.4) 19.0 13.5 27.5 5.05 21.8 0.0

2013/12F 99.7 14.2 41.9 (4.6) 18.8 13.9 18.0 4.40 30.0 0.0

2014/12F 133.2 9.1 32.8 (4.8) 19.5 11.9 14.0 3.35 28.8 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)

2012/09A 15.6 (5.3) 7.5 21.1 (2.6) 5.8 (41.2) (28.6) 2.1 (73.6) (50.9)

2012/12F 11.7 1.9 6.8 34.3 (8.4) 1.9 (35.8) (66.8) 3.0 NA 44.2

2013/03F 10.0 0.4 7.2 10.0 5.5 7.6 16.2 296.2 4.5 (10.0) 50.1

2013/06F 10.0 13.6 8.4 10.0 16.9 8.7 7.3 14.1 5.4 26.2 18.8

2013/09F 10.0 (5.3) 8.2 10.0 (2.6) 8.5 46.5 (2.5) 5.2 149.0 (3.2)

2013/12F 10.0 1.9 7.2 5.3 (12.4) 2.3 17.9 (73.3) 10.8 256.3 106.4

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 149.8 30.2 17.5 1,235 28.2 오스템임플란트 17.0 4.1 29.7 0.0

FY2013F 168.8 34.2 25.9 1,822 17.8 스몰캡 11.8 1.9 16.8 1.0



38.3

43.5

41.2

42.0

34.8

39.6

37.5

38.2

249.9 141.2

272.3 139.2

211.0 138.2

230.2 142.2

181.5

197.1 126.9

120.7

131.8

150.0

165.0

오스템임플란트0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


-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

70,000

80,000

2007 2008 2009 2010 2011 2012 2013

주가

x38

x31

x24

x17

x10

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



265



제이브이엠 (054950.KQ) 업데이트 : 2013.02.12




52주 최고가 : 59,600 시가총액(십억원) : 351.4

52주 최저가 : 32,450 60일 평균 거래대금(백만원) : 1,388.6

연중 최고가 : 59,600 외국인지분(%) : 10.6

9 10 11 12 13


5.3 26.0 31.2 26.0 15.4

업종 대비 1.8 22.5 27.7 22.5 11.9 5

KOSPI 대비 8.5 27.5 33.8 29.8 19.3 10

22 23 24 19 20



2010/12A (8.6) 10.0 (36.7) 10.9 (70.1) 5.9 (80.4) 12.3 941 9,178 0

2011/12A 33.7 20.4 104.5 16.5 51.6 12.5 111.4 22.9 2,010 11,214 0

2012/12F 1.9 16.0 (22.0) 15.5 (6.3) 12.0 (4.2) 18.7 1,920 13,110 0

2013/12F 16.9 21.5 34.5 21.0 35.5 16.0 33.4 24.5 2,530 15,640 0

2014/12F 27.8 30.0 39.6 30.0 43.2 23.5 46.6 33.3 3,710 19,350 0



2010/12A 55.8 27.5 284.0 (1.8) 17.7 15.5 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 80.7 35.6 94.1 (4.6) 20.7 17.6 24.2 3.54 16.1 0.0

2013/12F 96.7 26.8 72.2 (3.8) 23.8 15.5 21.9 3.55 18.1 0.0

2014/12F 120.2 13.8 54.2 (4.0) 26.0 11.0 15.0 2.87 21.7 0.0



2012/03A 5.5 (0.7) 4.2 (1.6) (21.4) 4.0 (41.6) 24.5 3.1 (43.5) 48.3

2012/06A 1.1 10.0 4.8 (16.9) 15.0 3.7 (36.0) (6.3) 3.3 (24.8) 6.2

2012/09A (13.9) (16.9) 3.0 (42.3) (37.6) 5.4 694.6 45.4 1.7 157.5 (47.6)

2012/12F 16.2 28.0 4.0 (23.8) 35.2 2.3 (26.9) (56.9) 3.9 90.3 130.5

2013/03F 16.9 (0.1) 4.9 16.9 20.6 3.3 (17.3) 40.9 2.1 (31.9) (47.0)

2013/06F 16.9 10.0 5.6 16.9 15.0 5.3 41.8 60.6 3.7 12.2 75.1

2013/09F 16.9 (16.9) 3.5 16.9 (37.6) 3.3 (38.9) (37.4) 2.1 23.1 (42.5)

2013/12F 16.9 28.0 7.5 86.6 115.8 9.1 288.2 173.8 8.1 106.3 286.1

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 76.6 16.8 12.2 1,931 29.0 제이브이엠 19.9 3.4 18.8 0.0

FY2013F 100.1 25.1 18.4 2,912 19.7 스몰캡 11.8 1.9 16.8 1.0



19.7

25.2

16.8

21.5

21.5

23.7

18.4

20.2

205.2 85.3

173.3 92.6

185.1 88.2

264.9 208.3

186.8 118.2

77.0

90.0

115.0

제이브이엠

56.5

75.5

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000


-30

-20

-10

0

10

20

30

40

50

KOSPI대비(우)

주가(좌)

(%p)(원)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

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



266



휴비츠 (065510.KQ) 업데이트 : 2013.01.28




52주 최고가 : 18,950 시가총액(십억원) : 192.5

52주 최저가 : 8,160 60일 평균 거래대금(백만원) : 4,698.3

연중 최고가 : 18,900 외국인지분(%) : 15.9

9 10 11 12 13


10.5 32.5 26.6 67.6 23.6

업종 대비 7.0 29.0 23.0 64.1 20.1 5

KOSPI 대비 13.7 34.0 29.1 71.3 27.5 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 10.5 11.8 10.5 38.5 11.0 25.1 14.6 1,055 5,582 150

2013/12F 15.6 12.5 18.9 12.3 17.1 13.1 19.0 16.9 1,245 6,619 150

2014/12F 16.9 16.0 28.0 16.0 30.2 17.1 30.6 21.0 1,625 7,975 150



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 0.8 17.9 (2.8) 16.4 10.5 14.0 2.65 20.6 1.0

2013/12F 68.9 (2.3) 14.3 (3.0) 16.9 11.0 14.7 2.77 20.6 0.8

2014/12F 83.1 (6.1) 11.1 (4.2) 18.5 8.6 11.3 2.30 22.4 0.8



2012/03A 16.7 (11.2) 1.9 (8.6) (3.8) 2.6 12.0 34.7 2.6 34.8 0.3

2012/06A 17.5 23.5 3.2 18.1 68.6 3.0 2.5 17.0 3.4 25.8 32.6

2012/09A 11.2 (6.7) 2.7 6.9 (15.5) 3.4 611.9 12.8 1.5 61.9 (56.3)

2012/12F 9.2 6.8 2.6 30.8 (4.6) 1.6 (17.6) (53.6) 3.5 33.8 130.2

2013/03F 15.6 (6.0) 2.2 15.6 (15.0) 1.9 (24.7) 23.1 2.8 8.9 (18.3)

2013/06F 15.6 23.5 3.7 15.6 68.6 3.5 15.6 79.7 4.3 24.2 51.1

2013/09F 15.6 (6.7) 3.2 15.6 (15.5) 2.7 (21.5) (23.4) 3.5 133.3 (17.9)

2013/12F 15.6 6.8 3.4 28.9 6.4 4.2 171.6 60.4 2.5 (28.4) (29.3)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 64.0 11.0 10.3 982 16.8 휴비츠 13.8 2.7 21.0 0.8

FY2013F 74.1 13.0 12.5 1,191 15.2 스몰캡 11.8 1.9 16.8 1.0



16.0

19.8

18.5

19.7

13.9

17.1

16.0

17.1

81.0 16.9

94.9 17.7

63.5 17.0

71.0 16.4

86.5

57.6 18.9

44.7

56.4

64.0

74.0

휴비츠0

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

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

20,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x15

x12

x9

x6

x4

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



267



AJ렌터카 (068400.KS) 업데이트 : 2013.02.19




52주 최고가 : 11,400 시가총액(십억원) : 239.2

52주 최저가 : 5,700 60일 평균 거래대금(백만원) : 1,561.1

연중 최고가 : 11,150 외국인지분(%) : 2.9

9 10 11 12 13


11.1 21.3 23.9 NA 17.5

업종 대비 7.6 17.8 20.3 NA 14.0 5

KOSPI 대비 14.3 22.8 26.4 NA 21.5 10

22 23 24 19 20



2010/12A 34.2 39.1 50.0 14.4 168.6 10.3 170.8 167.7 681 6,268 0

2011/12A 6.6 41.8 6.8 14.8 3.0 14.2 37.2 178.0 897 6,883 0

2012/12F 2.7 46.8 12.0 21.0 41.3 19.2 35.5 181.5 1,008 7,630 0

2013/12F 17.7 53.7 14.8 31.7 51.5 27.7 44.2 207.7 1,250 8,766 0

2014/12F 18.3 77.8 44.9 51.3 61.5 43.1 55.5 247.9 1,944 10,597 0



2010/12A 98.9 360.8 369.8 (1.1) 11.5 11.8

2011/12A 114.2 430.1 393.7 (2.8) 11.5 13.3

2012/12F 169.0 489.1 306.5 (240.5) 12.5 3.8 9.3 1.23 13.6 0.0

2013/12F 194.1 550.5 296.5 (219.2) 12.2 3.8 8.6 1.23 15.2 0.0

2014/12F 234.7 614.4 273.6 (288.7) 15.0 3.4 5.6 1.02 20.1 0.0



2012/03A 6.6 12.6 14.0 50.1 12.3 7.0 113.3 NA 6.1 64.3 NA

2012/06A (3.6) (0.8) 15.1 30.5 8.1 8.1 64.9 15.6 6.8 40.4 10.3

2012/09A 1.4 2.8 12.8 (3.3) (15.2) 6.4 5.6 (21.3) 5.0 13.7 (27.0)

2012/12F 7.6 (6.3) 4.8 (61.5) (62.6) (0.6) NA NA 1.3 NA (73.4)

2013/03F 17.7 23.2 16.5 17.7 243.6 11.3 60.0 NA 11.6 88.0 779.1

2013/06F 17.7 (0.8) 17.8 17.7 8.1 12.4 52.8 10.4 12.5 84.1 8.0

2013/09F 17.7 2.8 15.1 17.7 (15.2) 9.6 50.0 (22.7) 10.3 107.1 (17.8)

2013/12F 17.7 (6.3) 4.3 (10.0) (71.4) (1.5) NA NA (6.6) NA NA

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 374.0 41.3 16.0 722 14.1 AJ렌터카 7.7 1.2 16.3 0.0

FY2013F 440.0 49.1 26.0 1,174 9.5 스몰캡 11.8 1.9 16.8 1.0



113.0

105.9

96.0

90.0

110.8

109.9

94.1

93.4

932.9 700.9

726.9 560.6

805.3 613.8

513.1 414.3

602.3 491.6

373.5

439.5

519.9

AJ렌터카

341.0

363.6

0

2,000

4,000

6,000

8,000

10,000

12,000

Jul-12 Oct-12 Dec-12 Feb-13

-20

-10

0

10

20

30

40

50

60

70

80

KOSPI대비(우)

주가(좌)

(%p)(원)

0

2,000

4,000

6,000

8,000

10,000

12,000

2012

주가

x9

x8

x7

x6

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



268



유아이디 (069330.KQ) 업데이트 : 2013.02.01


목표주가 : 10,000 애널리스트 : 이민영


52주 최고가 : 11,300 시가총액(십억원) : 124.2

52주 최저가 : 4,350 60일 평균 거래대금(백만원) : 2,501.2

연중 최고가 : 10,950 외국인지분(%) : 1.8

9 10 11 12 13


9.7 26.7 27.9 53.9 10.0

업종 대비 6.1 23.2 24.4 50.4 6.5 5

KOSPI 대비 12.8 28.2 30.5 57.7 14.0 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 (0.1) 12.8 15.0 11.9 16.7 9.7 19.8 16.5 887 3,321 150

2013/12F 32.8 15.5 21.2 14.5 21.5 11.6 19.0 20.3 1,056 4,189 200

2014/12F 23.3 19.0 22.4 18.0 24.0 14.4 24.0 24.6 1,309 5,190 250



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 36.8 11.1 39.0 (16.8) 22.1 7.2 10.4 2.77 30.3 1.6

2013/12F 47.1 7.0 30.8 (4.9) 20.1 6.4 9.9 2.49 27.7 1.9

2014/12F 59.0 1.6 24.4 (5.7) 20.0 5.0 8.0 2.01 27.1 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

2012/09A 8.2 (10.7) 3.1 (0.2) (13.9) 3.0 (1.2) (13.7) 2.5 3.6 (12.4)

2012/12F 79.2 12.0 3.5 197.9 11.9 3.2 227.8 7.4 1.9 98.5 (25.3)

2013/03F 32.8 6.9 4.3 32.8 23.4 4.1 31.8 27.8 3.3 27.2 77.9

2013/06F 32.8 24.2 4.8 32.8 11.7 4.6 33.5 12.6 3.7 31.1 12.6

2013/09F 32.8 (10.7) 4.1 32.8 (13.9) 4.0 33.0 (14.0) 3.2 28.7 (14.0)

2013/12F 32.8 12.0 4.2 21.2 2.1 4.1 27.0 2.6 1.4 (23.9) (55.9)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 57.9 13.2 10.3 865 12.2 유아이디 9.4 2.4 27.5 2.0

FY2013F 79.3 18.7 13.9 1,168 8.5 스몰캡 11.8 1.9 16.8 1.0



16.8

20.8

18.6

20.8

12.6

15.7

14.0

15.7

69.4 24.1

82.3 25.1

44.5 17.0

58.6 22.8

95.0

45.9 26.6

11.3

58.1

58.0

77.0

유아이디0

2,000

4,000

6,000

8,000

10,000

12,000


-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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

주가

x11

x8

x6

x3

x1

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



269



모두투어 (080160.KQ) 업데이트 : 2013.01.09




52주 최고가 : 37,750 시가총액(십억원) : 349.0

52주 최저가 : 17,550 60일 평균 거래대금(백만원) : 2,626.5

연중 최고가 : 32,000 외국인지분(%) : 15.1

9 10 11 12 13


(5.5) (4.6) 6.5 37.5 (6.1)

업종 대비 (9.0) (8.2) 3.0 34.0 (9.6) 5

KOSPI 대비 (2.3) (3.2) 9.1 41.2 (2.1) 10

22 23 24 19 20



2010/12A 90.8 17.5 7,306.4 19.6 1,209.2 16.0 1,219.2 18.3 1,991 8,801 600

2011/12A 3.4 16.0 (8.4) 18.3 (6.7) 13.6 (15.4) 17.1 1,686 9,517 500

2012/12F 10.0 20.5 28.0 22.2 21.2 18.3 35.0 22.1 1,494 8,365 500

2013/12F 25.0 30.0 46.1 30.9 39.3 26.1 42.6 32.1 2,131 9,777 500

2014/12F 15.0 37.6 25.6 38.8 25.6 32.2 23.5 39.8 2,632 11,659 500



2010/12A 65.8 (71.6) 15.5 (1.4) 14.9 12.2 11.9 2.69 27.6 2.5

2011/12A 71.9 (64.5) 17.3 (0.7) 13.2 8.0 9.5 1.69 19.7 3.1

2012/12F 97.3 (72.2) 15.0 (9.4) 15.4 13.2 20.1 3.60 21.6 1.7

2013/12F 115.1 (93.3) 12.4 (2.1) 18.0 7.5 13.0 2.83 24.6 1.8

2014/12F 138.8 (109.2) 10.0 (2.1) 19.7 5.6 10.5 2.38 25.4 1.8



2012/03A (4.0) 29.8 5.9 (25.8) NA 6.5 (23.8) 1,722.4 5.9 0.0 NA

2012/06A 10.4 (12.5) 2.8 44.5 (51.8) 3.0 19.6 (53.6) 2.1 5.6 (63.8)

2012/09A 7.8 37.7 7.9 24.9 176.2 8.4 22.1 177.9 6.9 25.8 221.5

2012/12F 31.8 (15.7) 3.9 NA (50.5) 4.2 1,088.3 (49.4) 3.4 NA (51.1)

2013/03F 25.0 23.0 7.4 25.0 89.5 8.0 22.9 88.5 7.6 28.0 124.6

2013/06F 25.0 (12.5) 3.6 25.0 (51.8) 3.7 24.2 (53.2) 4.2 98.1 (43.9)

2013/09F 25.0 37.7 9.8 25.0 176.2 10.5 25.6 181.0 9.5 38.6 124.9

2013/12F 25.0 (15.7) 9.2 136.6 (6.3) 8.6 102.4 (18.4) 4.8 41.4 (50.1)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 133.6 19.9 17.2 1,362 22.4 모두투어 12.4 2.7 24.7 1.8

FY2013F 154.9 26.0 21.8 1,728 16.6 스몰캡 11.8 1.9 16.8 1.0



49.0

41.3

39.2

33.0

40.6

35.6

32.5

28.5

216.0 93.1

147.6 65.8

190.6 91.2

123.5 60.3

129.0 57.9

133.2

166.4

191.5

모두투어

117.1

121.0

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000


-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

70,000

80,000

2005 2006 2007 2008 2009 2010 2011 2012

주가

x32

x26

x20

x14

x8

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



270



와이솔 (122990.KQ) 업데이트 : 2013.02.07


목표주가 : 20,000 애널리스트 : 이민영


52주 최고가 : 16,100 시가총액(십억원) : 166.3

52주 최저가 : 10,000 60일 평균 거래대금(백만원) : 2,164.7

연중 최고가 : 15,950 외국인지분(%) : 1.5

9 10 11 12 13


17.0 31.2 20.9 11.0 22.0

업종 대비 13.5 27.7 17.4 7.5 18.5 5

KOSPI 대비 20.2 32.7 23.5 14.7 26.0 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 14.9 10.9 (11.8) 10.7 4.6 10.9 14.2 19.6 992 5,430 150

2013/12F 31.8 16.1 47.3 16.0 49.3 15.5 42.0 25.3 1,398 6,452 150

2014/12F 16.4 20.0 23.9 19.9 24.4 19.3 24.4 29.6 1,740 8,064 150



2010/12A 35.0 7.3 60.6 (14.5) 19.2 5.8 7.0 2.51 41.4 1.7

2011/12A 46.3 23.3 106.1 (21.5) 11.6 10.0 17.7 3.64 23.5 0.9

2012/12F 56.2 22.2 87.5 (13.7) 8.9 8.0 12.7 2.32 21.3 1.2

2013/12F 70.6 17.7 69.7 (12.2) 10.0 7.3 11.1 2.40 24.5 1.0

2014/12F 88.7 12.5 55.4 (11.6) 10.6 6.1 8.9 1.92 24.2 1.0



2012/03A 17.7 NA 3.3 40.7 NA 5.1 91.6 NA 3.7 59.7 NA

2012/06A 43.8 15.4 3.3 461.4 (1.0) 0.9 142.8 (82.4) 2.3 172.3 (36.7)

2012/09A 17.0 19.6 5.2 (6.1) 59.2 5.5 26.8 515.2 4.4 18.7 88.1

2012/12F NA (31.6) (0.8) NA NA (1.8) NA NA 0.5 NA (87.7)

2013/03F 7.0 13.4 1.9 (41.8) NA 1.9 (62.3) NA 1.9 (49.4) 246.1

2013/06F 48.4 60.0 4.3 32.6 125.5 4.2 373.0 120.7 4.1 76.4 120.7

2013/09F 27.3 2.6 5.8 11.4 33.7 5.9 6.4 38.4 5.7 29.8 38.4

2013/12F 44.5 (22.4) 4.1 NA (29.2) 3.1 NA (47.3) 3.9 617.0 (32.2)

17 19 23 25 2718 20 24 26 28 5 6 7 4


FY2012F 122.8 13.1 11.6 1,081 11.6 와이솔 10.5 2.3 24.4 1.0

FY2013F 178.1 17.8 14.4 1,342 11.3 스몰캡 11.8 1.9 16.8 1.0



29.3

46.9

48.1

37.3

27.4

31.6

37.8

25.8

138.6 68.0

159.5 70.8

103.9 57.5

117.0 60.8

188.0

66.7 31.7

66.1

106.7

122.6

161.6

와이솔0

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

15

20

KOSPI대비(우)

주가(좌)

(%p)(원)

0

5,000

10,000

15,000

20,000

25,000

2010 2011 2012

주가

x17

x14

x11

x8

x6

(원)

0

2

4

6

8

10

EPS growth

ROE

PERPBR

DY



271

Appendix

Contents

업종 분류 .............................................................................274

경제 전망 .............................................................................275

주요 증시 이벤트 .........................................................................277

유무상 증자일정 .........................................................................278

이해관계 법인 현황 ....................................................................279

업종별 담당 애널리스트 ..................................................................280

용어 해설 ................................................................................281


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

274


연간 경제전망

2007 2008 2009 2010 2011 2012 2013F 2014F

국민계정

실질GDP (2005년 기준) (%,YoY) 5.1 2.3 0.3 6.2 3.6 2.0 2.3 3.9

최종소비지출 (%,YoY) 5.1 2.0 1.2 3.9 2.2 2.2 2.6 3.5

민간소비 (%,YoY) 5.1 1.3 0.0 4.1 2.3 1.8 2.6 3.6

정부지출 (%,YoY) 5.4 4.3 5.6 3.0 2.1 3.6 3.0 3.2

총자본형성 (%,YoY) 3.5 0.0 (13.5) 15.4 1.5 (1.5) (0.6) 5.0

고정자본형성 (%,YoY) 4.2 (1.9) (1.0) 7.0 (1.1) (1.3) 1.1 5.2

건설투자 (%,YoY) 1.4 (2.8) 3.4 (1.4) (5.0) (1.5) 1.3 4.7

설비투자 (%,YoY) 9.3 (1.0) (9.8) 25.0 3.7 (1.8) 0.0 5.9

재화와 용역의 수출 (%,YoY) 12.6 6.6 (1.2) 14.5 9.5 3.7 3.7 4.8

재화와 용역의 수입 (%,YoY) 11.7 4.4 (8.0) 16.9 6.5 2.3 2.5 5.9

대외거래

수출 (십억달러) 371.5 422.0 363.5 466.4 555.2 548.2 570.9 603.9

증가율 (%,YoY) 14.1 13.6 (13.9) 28.3 19.0 (1.3) 4.2 5.8

수입 (십억달러) 356.8 435.3 323.1 425.2 524.4 519.5 546.3 587.3

증가율 (%,YoY) 15.3 22.0 (25.8) 31.6 23.3 (0.9) 5.1 7.5

무역수지 (십억달러) 14.6 (13.3) 40.4 41.2 33.3 28.6 24.6 16.7

경상수지 (십억달러) 21.8 3.2 32.8 28.2 26.5 40.5 20.9 13.9

수출(원화기준) (조원) 345.2 465.6 464.0 539.2 618.0 617.8 605.7 628.7

증가율 (%,YoY) 11.0 34.9 (0.4) 16.2 14.6 0.4 (2.0) 3.8

수입(원화기준) (조원) 331.6 480.3 412.4 491.5 581.1 585.5 579.6 611.4

증가율 (%,YoY) 12.2 44.9 (14.1) 19.2 18.2 0.8 (1.0) 5.5

물가

생산자물가 (%,YoY) 1.4 8.6 (0.2) 3.8 6.0 1.3 0.3 2.4

소비자물가 (%,YoY) 2.5 4.7 2.8 2.9 4.0 2.2 2.4 2.8

WTI 가격(평균) (달러/배럴) 72.3 99.6 61.8 79.5 95.1 94.1 95.4 92.8

시장지표

원/달러 환율(기말) (원) 936.1 1,259.5 1,164.5 1,134.8 1,152.0 1,071.0 1,045.0 1,020.0

원/달러 환율(평균) (원) 929.2 1,103.4 1,276.4 1,156.0 1,108.0 1,127.0 1,061.0 1,041.0

기준금리(기말) (%) 5.00 3.00 2.00 2.50 3.25 2.75 2.00

275


분기 경제전망

2012 2013 2014

Q1 2Q 3Q 4Q Q1(F) 2Q(F) 3Q(F) 4Q(F) Q1(F) 2Q(F) 3Q(F) 4Q(F)

국민계정

실질GDP (2005년 기준) (%,YoY) 2.8 2.3 1.5 1.5 1.4 2.0 3.3 2.3 3.9 3.7 3.2 2.2

최종소비지출 (%,YoY) 2.2 1.7 2.0 2.9 2.4 2.6 2.8 2.8 3.1 3.5 3.4 3.4

민간소비 (%,YoY) 1.6 1.1 1.6 2.8 2.5 2.7 2.9 2.4 3.1 3.4 3.5 3.5

정부소비 (%,YoY) 4.7 3.6 3.1 3.1 2.0 2.7 2.8 4.3 3.1 3.8 3.1 2.9

총자본형성 (%,YoY) 4.0 (1.6) (3.0) (4.2) (5.3) (3.6) 2.6 3.7 (0.8) 4.4 5.6 4.2

고정자본형성 (%,YoY) 4.6 (2.1) (2.3) (4.1) (5.5) (1.3) 3.0 7.1 6.9 5.4 4.2 4.5

건설투자 (%,YoY) 1.5 (2.1) (0.2) (4.1) (1.6) (0.3) 0.7 5.4 5.3 5.0 4.5 3.9

설비투자 (%,YoY) 8.6 (3.5) (6.5) (5.1) (12.7) (3.0) 6.5 10.5 8.8 5.9 3.7 5.6

재화와 용역의 수출 (%,YoY) 4.7 3.2 2.9 4.0 1.7 3.9 3.2 5.8 5.4 5.0 4.3 4.5

재화와 용역의 수입 (%,YoY) 4.4 0.5 1.1 3.1 (1.1) 2.7 3.2 5.2 6.3 5.8 5.2 6.5

대외거래

수출 (십억달러) 134.9 140.2 133.1 140.0 134.4 144.6 143.0 148.9 140.6 152.9 151.8 158.7

증가율 (%,YoY) 3.0 (1.7) (5.7) (0.3) (0.3) 3.1 7.4 6.5 4.6 5.8 6.2 6.5

수입 (십억달러) 133.6 130.5 125.6 129.9 130.5 134.5 138.3 143.0 139.3 144.0 148.5 155.6

증가율 (%,YoY) 7.8 (2.8) (6.9) (1.0) (2.3) 3.1 10.1 10.1 6.7 7.0 7.4 8.8

무역수지 (십억달러) 1.3 9.7 7.5 10.1 3.9 10.0 4.7 5.9 1.3 8.9 3.3 3.1

경상수지 (십억달러) 2.6 11.2 14.7 12.1 1.3 6.5 6.4 6.7 0.5 5.8 4.5 3.1

수출(원화기준) (조원) 152.6 161.5 150.8 150.6 143.8 153.9 151.3 156.3 147.9 160.2 157.1 163.5

증가율 (%,YoY) 4.0 4.6 (1.6) (6.2) (5.7) (4.7) 0.3 3.8 2.9 4.1 3.8 4.6

수입(원화기준) (조원) 151.1 150.3 142.3 139.8 139.6 143.1 146.3 150.2 146.5 150.9 153.7 160.3

증가율 (%,YoY) 9.1 3.3 (2.8) (7.0) (7.6) (4.8) 2.8 7.4 4.9 5.5 5.0 6.7

물가

생산자물가 (%) 3.2 1.7 0.4 (0.3) (1.3) (0.4) 1.1 1.8 2.0 2.3 2.4 2.6

소비자물가 (%) 3.0 2.4 1.6 1.7 1.8 2.3 2.6 2.8 2.7 2.8 3.0 3.0

WTI 가격(평균) (달러/배럴) 102.9 93.4 92.3 88.0 94.0 94.8 96.0 96.8 94.8 94.0 92.5 90.0

시장지표

원/달러 환율(기말) (원) 1,133.0 1,145.0 1,111.0 1,071.0 1,080.0 1,068.0 1,050.0 1,045.0 1,040.0 1,032.0 1,028.0 1,020.0

원/달러 환율(평균) (원) 1,131.0 1,152.0 1,133.0 1,076.0 1,070.0 1,064.0 1,058.0 1,050.0 1,052.0 1,048.0 1,035.0 1,030.0

기준금리(기말) (%) 3.25 3.25 3.00 2.75 2.75 2.25 2.00 2.00

276


주요 증시 이벤트

월 화 수 목 금

1 2 3 4 5[한국]

3월 소비자물가지수 YoY

3월 무역수지

3월 HSBC 제조업 PMI

[미국]

2월 건설지출 MoM

[중국]

3월 HSBC PMI 제조업

[일본]

1분기 단칸 대형 제조업 지수

[한국]

3월 외환보유액(잠정치)

[미국]

3월 ISM 뉴욕

3월 제조업수주

4월 IBD/TIPP 경기낙관지수

[유럽]

2월 유로권 실업률

[일본]

3월 자동차판매 YoY

[미국]

3월 국내 자동차판매

MBA 주택융자 신청지수

ADB 취업자변동

3월 ISM 비제조업지수

[중국]

3월 HSBC PMI 비제조업

실적발표>

美 몬산토

[미국]

4월 RBC 소비자전망지수

신규 실업수당 청구건수

실업보험연속수급신청자수

[유럽]

2월 유로권 PPI YoY

ECB 금리 공시

[일본]

일본은행 정책금리

[미국]

3월 비농업부분고용자수 변동

3월 민간부문 고용자수 변동

3월 실업률

2월 소비자신용지수

[유럽]

2월 유로권 소매판매 YoY

[일본]

2월 동행지수 CI

2월 선행지수 CI

8 9 10 11 12[유럽]

4월 센틱스 투자자기대지수

[일본]

2월 경상수지 YoY%

[미국]

3월 NFIB 소기업 낙관지수

[중국]

3월 소비자물가지수 (전년대

비)

3월 생산자물가지수 (전년대

비)

[한국]

3월 실업률 SA

3월 M2 통화공급 SA

3월 은행가계대출

[미국]


[중국]

3월 무역수지 (미달러)

[한국]

대한민국 7일물 REPO 금리

[미국]



FOMC 회의록 공개

[중국]

3월 통화공급 - M2 YoY

[일본]

3월 일본 통화량 M2 YoY

[미국]

3월 소매판매액지수

3월 생산자물가지수 YoY

2월 기업재고

[유럽]

2월 유로권 산업생산

YoY(wda)

EU 재무장관회의

[중국]

3월 통화공급 - M2 YoY

실적발표>

美 JP모건&체이스

15 16 17 18 19[미국]

4월 NAHB 주택시장지수

[유럽]

2월 유럽권 무역수지 SA

[중국]

3월 실질 FDI YoY

3월 산업생산 YoY

1분기 실질 GDP YoY

[미국]

3월 주택착공건수

3월 소비자물가지수 YoY

3월 건축허가

3월 산업생산

[유럽]

3월 유로권 CPI MoM

3월 유로권 CPI YoY

실적발표>

美 코카콜라,. 인텔

[한국]

3월 생산자물가지수 YoY

[미국]


[유럽]

3월 EU27 신규 차량등록 YoY

[일본]

3월 소비자기대지수

실적발표>

美 샌디스크

[한국]

3월 할인점 매출 YoY (잠정치)

3월 백화점 매출 YoY (잠정치)

[미국]



4월 필라델피아 연준지수

3월 경기선행지수

베이지북 발간

[일본]

3월 수입

3월 수출

실적발표>

美 버라이즌, 마이크로소프트

[유럽]

2월 ECB 유로권 경상수지 SA

실적발표>

美 맥도날드, 킴벌리 클락

22 233 24 25 26[미국]

3월 시카고 연방 국가활동 지수

3월 기존주택매매

3월 기존주택매매 MoM

[유럽]

4월 PMI 제조업

4월 PMI 서비스

실적발표>

美 캐터필러

[미국]

2월 주택가격지수

3월 신규주택매매

3월 신규주택매매 MoM

[중국]

4월 HSBC 플래시 제조업 PMI

실적발표>

美 T.로 프라이스, AT&T

[미국]


3월 내구재 주문

실적발표>

美 보잉, 피앤지, 퀄컴

[한국]

1분기 GDP QoQ

1분기 GDP YoY

[미국]



실적발표>

美 스타벅스, 3M, 다우케미칼,

콜게이트, 엑스페디아

[한국]

4월 한국 소비자기대지수

[미국]

1분기 개인소비

4월 미시건대 소비심리평가지

수

[유럽]

3월 유로권 M3 SA YoY

[일본]

3월 국내 CPI YoY

일본은행 정책금리

29 30[한국]

3월 경상수지

[미국]

3월 개인소비지수

3월 미결주택매매 MoM

3월 미결주택매매 YoY

[유럽]

4월 유로권 경제기대지수

4월 유로권 산업기대지수

[중국]

3월 선행지수

[한국]

5월 제조업 BSI

3월 선행지수 순환변동치

[미국]

2월 S&P/케이스쉴러 주택가격

지수

4월 소비자기대지수

FOMC 회의

[유럽]

3월 유로권 실업률

[중국]

4월 HSBC 제조업 PMI

[일본]

3월 실업률

3월 주택착공건수 YoY

3월 건설수주 YoY

4월

277


유무상 증자 일정

유가증권시장

코드 종목 증자구분 발행가 발행주식수 배정기준일 납입일 배정비율 청약기간(원) (주)

A097230 한진중공업 유상보통 7,220 21,000,000 2013.02.04 2013.03.22 - 2013.03.14 ~ 2013.03.15

A011160 두산건설 유상보통 2,700 166,666,667 2013.02.20 2013.04.17 - 2013.04.15 ~ 2013.04.15

A003780 진양산업 유상보통 2,300 3,000,000 2013.04.01 2013.05.13 0.30 2013.05.07 ~ 2013.05.08

A002630 오리엔트바이오 유상보통 500 20,000,000 2013.04.03 2013.05.20 0.24 2013.05.08 ~ 2013.05.09

A010600 와이비로드 유상보통 1,140 877,190 2013.04.05 - 2013.04.03 ~ 2013.04.04

A007190 아트원제지 무상보통 - -15,469,222 2013.04.29 -

코스닥

코드 종목 증자구분 발행가 발행주식수 배정기준일 납입일 배정비율 청약기간(원) (주)

A094860 코닉글로리 유상보통 1,065 7,200,000 2013.02.13 2013.04.01 0.39 2013.03.22 ~ 2013.03.25

A054800 아이디스홀딩스 유상보통 59,900 465,930 2013.02.20 2013.04.25 0.15

A143160 아이디스 유상보통 59,900 465,930 2013.02.20 2013.04.25 - 2013.04.16 ~ 2013.04.17

A060590 씨티씨바이오 유상보통 19,050 1,600,000 2013.03.06 2013.04.19 0.11 2013.04.11 ~ 2013.04.12

A106240 파인테크닉스 유상보통 2,670 5,500,000 2013.04.04 2013.05.16 0.33 2013.05.08 ~ 2013.05.09

A024810 이화전기 유상보통 504 28,000,000 2013.04.04 2013.05.16 0.24 2013.05.09 ~ 2013.05.10

A050120 라이브플렉스 유상보통 1,895 13,100,168 2013.04.05 2013.05.20 -

A004790 기륭E&E 유상보통 760 802,920 2013.03.26 - 2013.03.26 ~ 2013.03.26

A053810 유비프리시젼 유상보통 580 1,720,000 2013.04.01 - 2013.04.01 ~ 2013.04.01

A122990 와이솔 무상보통 - 3,326,905 2013.04.08 0.30 2013.05.07 ~ 2013.05.08

A091700 파트론 무상보통 - 15,401,831 2013.04.16 - 2013.04.15 ~ 2013.04.15

A054800 아이디스홀딩스 무상보통 - 7,144,260 2013.04.26 -

A143160 아이디스 무상보통 - 7,144,260 2013.04.26 - 2013.05.08 ~ 2013.05.09

278


이해관계 법인 현황

이해관계 내역 종목명 기준일/적용일 보유비율(%)

자기주식취득 신탁 휴켐스 2012.11.24 - 2013.11.23

자기주식 취득(처분) 제일기획 2013.01.30 ~ 2013.04.29

유상증자 주관사 한진중공업 2013.01.16 ~ 2013.05.16

기업은행 2013.01.02 ~ 2017.12.31

하나금융지주 2012.04.02 ~ 2013.03.31

대우인터내셔널 2012.04.17 ~ 2013.04.16

골프존 2011.05.20 ~ 2013.05.19

신세계인터내셔널 2011.07.14 ~ 2013.07.13

GS리테일 2011.11.23 ~ 2013.11.22

비아트론 2012.05.04 ~ 2014.05.03

에스비에스(SBS) 2013-03-22 8.10%

신한금융지주 2013-03-22 1%미만 보유

고려아연 서울반도체 CJ오쇼핑

금호석유 셀트리온 CJ제일제당

기아차 신한지주 GS

다음 엔씨소프트 GS건설

대림산업 우리금융 KB금융

대우인터내셔널 제일모직 KT

대우조선해양 파라다이스 KT&G

대우증권 하나금융지주 LG

대한항공 한국가스공사 LG디스플레이

두산인프라코어 한국전력 LG전자

두산중공업 한라공조 LG화학

롯데케미칼 한화케미칼 NHN

삼성물산 현대건설 OCI

삼성엔지니어링 현대모비스 POSCO

삼성전기 현대위아 SK

삼성전자 현대제철 SK이노베이션

삼성중공업 현대중공업 SK텔레콤

삼성테크윈 현대차 SK하이닉스

삼성화재 호남석유 S-Oil

삼성SDI CJ E&M

기타 이해관계

IPO 주관사

투자유가증권

ELW발행 및 유동성공급자

(59개 기업)

279


업종별 담당 애널리스트

산업 섹터 애널리스트 직 책 전화E-mail

@truefriend.com

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금융 증권/보험 이철호 연구위원 6167 chlee

박석규 연구원 6186 sk.park

은행/카드 이고은 수석연구원 5956 joanne.lee

최수현 연구원 4126 soohyun.choi

IT 인터넷/SW/엔터테인먼트 홍종길 연구위원 6168 jonggil

박다희 연구원 6172 dahui.park

반도체 서원석 연구위원 6162 wonseo

이지용 연구원 6170 jy.lee

디스플레이 유종우 연구위원 6178 jay_woo

이민영 연구원 6192 minyoung.lee

전기전자 이승혁 연구위원 4589 kevin.lee

최재훈 연구원 5643 jaehoon.choi

통신장비/부품 양정훈 수석연구원 6174 mattew.yang

홍보화 연구원 5644 bohwa.hong

통신서비스 통신서비스 양종인 전문위원 6153 jiyang

황인혁 연구원 6245 inhyuk.hwang

미디어 김시우 수석연구원 6240 swkim

한상웅 연구원 4563 sangung

유틸리티 전력/가스/운송 윤희도 연구위원 6165 heedo

이창원 연구원 4564 cw.lee

매크로/시장 거시경제 전민규 연구위원 6229 min.jun

진은정 수석연구원 5231 eunjung.jin

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

송승연 연구원 6273 seungyeon.song

계량분석 안 혁 수석연구원 6272 ray.ahn

허영주 수석연구원 6238 youngjoo.huh

이동연 수석연구원 6276 dongyeon

정인곤 연구원 6166 inkon.jung

센터장

280


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

281


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

282

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