One-Asia Morning Focus

June 1, 2020 One-Asia Morning Focus

Today’s reports SM Entertainment (041510 KQ/Trading Buy/TP: W31,000) Downgrade rating/Lower TP – External conditions are key JYP Entertainment (035900 KQ/Trading Buy/TP: W27,000) Downgrade rating/Lower TP – External conditions are key Hanon Systems (018880 KS/Buy/TP: W12,500) Lower TP – Positive signs emerging in the US and Europe

Global performance monitor: Two-day change (%) Asia xJPN World EM World DM Korea Japan China Taiwan HK India Indonesia Singapore Thailand Index 0.52 0.35 0.54 0.13 -0.99 0.73 -0.08 -1.69 1.38 2.99 -0.12 1.11 Growth 1.04 0.93 1.07 -0.12 -0.33 1.13 -0.47 -1.62 1.79 0.84 0.21 1.44 Value 0.21 0.58 -0.59 0.44 -1.72 0.17 0.33 -1.78 0.99 5.59 -0.46 0.75 Semicon. & equip. -1.10 -1.09 0.32 -2.78 -2.41 0.68 -0.47 -2.07 N/A N/A N/A N/A Tech hardware & equip. 0.38 0.39 0.46 0.42 -1.85 -0.23 0.52 1.63 3.37 N/A -0.36 N/A Comm. & prof. services 1.33 1.33 1.73 6.12 -1.77 3.06 -0.95 N/A 3.09 1.51 N/A N/A Software & services 0.50 0.31 1.71 1.96 1.34 1.50 3.05 -3.28 -0.36 N/A 4.68 N/A Media & entertainment -1.65 -1.44 -0.42 -3.45 -0.55 2.66 -2.96 -1.79 3.18 N/A -12.13 N/A Consumer goods 0.95 1.14 0.19 2.98 -0.75 1.88 -0.33 -6.86 0.07 1.96 N/A 1.75 Consumer services 0.75 1.48 -1.58 -1.74 -1.95 0.87 2.07 -1.57 -0.57 4.93 1.52 -2.98 F&B & tobacco 1.80 0.76 0.95 1.13 0.09 1.54 1.50 0.41 3.60 4.70 1.24 1.86 Food & staples retailing 1.66 0.32 1.23 4.02 -0.58 3.79 -0.85 -0.94 -1.52 N/A 3.52 1.83 Retailing 3.50 1.65 1.22 0.95 -0.03 3.66 1.89 -1.63 2.13 5.27 2.76 2.79 HH & personal products 1.81 1.13 2.55 -0.67 -2.06 2.41 0.77 N/A 3.23 -2.59 N/A N/A Pharma & life sciences 0.36 0.32 2.79 1.37 3.71 1.64 0.64 2.87 3.45 5.34 N/A N/A Autos & parts 1.53 1.50 -0.75 3.09 -3.46 -0.90 -2.24 -0.45 2.11 5.98 N/A N/A Transportation 1.03 0.57 -0.47 2.33 -1.11 1.46 -1.63 -1.57 -0.08 -6.01 -2.09 0.91 Capital goods -0.77 -0.15 -0.90 0.69 -2.30 0.00 -4.42 -2.52 1.77 N/A -0.71 N/A Materials 0.56 0.94 1.16 -0.50 -2.04 0.19 -0.12 N/A 2.29 3.19 N/A 2.08 Real estate 0.16 0.20 0.25 1.23 0.28 -1.31 -0.58 -1.67 4.77 -2.92 2.62 -0.82 Energy 0.45 0.15 -1.85 -0.32 -1.63 -0.68 -0.23 -9.13 0.81 4.09 0.22 -0.74 Banks 1.54 0.80 -2.56 1.18 -2.16 -0.69 0.58 -2.50 1.50 3.08 -0.98 -0.25 Diversified financials -0.64 -1.12 -0.75 -2.26 -1.11 -1.65 -0.83 -0.94 0.82 N/A 1.82 4.05 Telecom services -0.53 -0.23 0.91 1.68 -0.43 -0.48 -0.12 -4.04 -1.39 1.71 -0.58 1.96 Utilities 0.95 1.10 3.08 1.21 -0.79 -0.45 2.16 -0.22 1.68 2.76 N/A 1.26 Key thematic ETFs: Change (%) Market movers Mkt cap US dollar total returns (%) Robotics & AI (Global X) Name Ctry Sector (US$mn) 1D 1M 3M 6M 1Y 3Y Cloud Computing (Global X) Top seven performers Lithium & Battery (Global X) Hartalega MY Healthcare 9,764 12.8 63.2 96.7 130.9 135.6 324.4 Internet of Things (Global X) PT Charoen Pokphand ID Consumer staples 6,482 12.0 27.8 -0.5 -17.1 17.9 75.8 Digitalisation (iShares) BDO Unibank PH Financials 8,693 11.3 -1.0 -27.1 -33.3 -24.4 -17.3 FinTech (Global X) Pinduoduo ADR CN Consumer disc. 80,085 10.8 41.0 86.9 86.0 244.3 NA Genomics & Biotech (Global X) Petronas Gas MY Utilities 8,648 10.1 22.0 13.0 21.4 9.0 13.4 Health & Wellness (Global X) Vipshop Holdings ADR CN Consumer disc. 11,660 10.0 8.9 35.2 35.7 130.0 40.2 Ageing Population (iShares) Petronas Dagangan MY Energy 5,365 9.7 14.2 1.7 1.2 -8.7 3.8 EM Consum Growth (iShares) Bottom seven performers Clean Energy (iShares) Geely Automobile H. HK Consumer disc. 12,599 -9.5 -10.7 -21.5 -25.3 -12.4 -11.4 Water Resources (Invesco) NAVER KR Commun. services 29,976 -5.9 12.6 27.4 25.6 95.3 21.7 Agribusiness (iShares) Shanghai Lujiazui Fin. CN Real estate 5,449 -5.4 -8.0 -3.3 -16.3 -34.1 -33.4 Global Infrastructure (iShares) Tenaga Nasional MY Utilities 14,729 -5.2 -9.0 -4.4 -12.9 -7.5 -5.6 ESG US Leaders (iShares) Guangzhou Auto. HK Consumer disc. 11,788 -3.8 -8.9 -26.3 -23.0 -10.3 -21.7 2D 10D Samsung Fire& Marine KR Financials 7,312 -3.6 -5.7 -9.6 -22.5 -33.0 -36.8 (6) (3) 0 3 6 9 12 15 18

Public Bank MY Financials 13,091 -3.2 -11.5 -14.9 -26.5 -37.7 -20.9

This publication contains summaries of reports prepared by Mirae Asset Daewoo Co., Ltd. and/or its non-US affiliates (“Mirae Asset Daewoo”). Please review the compliance notices contained in the original reports. Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Mirae Asset Daewoo makes no guarantee, representation, or warranty, express or implied, as to the fairness, accuracy, or completeness of the information and opinions contained in this document. Mirae Asset Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed, or published in whole or in part for any purpose.

June 1, 2020 One-Asia Morning Focus

MSCI valuations (DM, EM, Asia ex-JP)

14 12M forward P/E (x) 20 2.0 12M trailing P/B (x) 2.8 19 2.6 13 18 1.8

17 2.4 12 1.6 16 2.2 15 11 1.4 14 2.0

10 13 1.2 1.8 12 9 11 1.0 1.6 Jun-19 Sep-19 Dec-19 Mar-20 Jun-19 Sep-19 Dec-19 Mar-20 MSCI Asia ex-JP (L) MSCI World EM (L) MSCI World DM (R) MSCI Asia ex-JP (L) MSCI World EM (L) MSCI World DM (R)

MSCI 12M forward P/E (x) Currencies (vs. USD) Value Change(%) Korea Vietnam 12 1D 3M YTD 1,238.5 -0.08 1.97 7.09 11 19 KRW CNY 7.1 -0.19 2.23 2.58 10 16 JPY 107.7 0.10 -0.12 -0.87 9 IDR 14,610.0 -0.86 1.83 5.24 13 8 HKD 7.8 -0.03 -0.54 -0.52

7 TWD 30.0 0.01 -0.84 0.16 10 May-19 Aug-19 Nov-19 Feb-20 May-19 Aug-19 Nov-19 Feb-20 SGD 1.4 -0.22 1.27 5.11 THB 31.8 -0.15 0.81 6.20 Indonesia India 17 20 INR 75.6 -0.18 4.78 5.94 PHP 50.6 -0.18 -0.70 -0.05 15 18 MYR 4.3 -0.22 3.14 6.28 VND 23,281.5 -0.04 0.17 0.47 13 16

11 14 Commodities Latest Change (%) 9 12 close May-19 Aug-19 Nov-19 Feb-20 1D 3M YTD May-19 Aug-19 Nov-19 Feb-20 Crude oil (US$/bbl) 37.7 6.9 -40.8 -44.4 Hong Kong China Thermal coal (US$/tonne) 58.6 0.0 -11.5 -12.6 17 13 Iron ore (US$/tonne) 92.5 0.5 -2.4 1.1 Copper (US$/tonne) 5,332.5 1.0 -13.4 -13.4 15 12 Nickel (US$/tonne) 12,120.0 -0.1 -11.9 -13.4 Tin (US$/tonne) 15,602.0 0.1 -11.7 -7.4 13 11 Gold (US$/ozt) 1,736.9 1.4 11.6 14.3 Palm oil (INR/tonne) 726.3 0.3 -14.8 -16.6

11 10 Soybean oil (c/lb) 25.9 -0.0 -20.8 -24.7 May-19 Aug-19 Nov-19 Feb-20 May-19 Aug-19 Nov-19 Feb-20 Corn (US$/bu) 3.2 -0.5 -18.4 -18.9 Wheat (US$/bu) 5.2 1.2 -10.4 -6.8 Source: FactSet, Mirae Asset Daewoo Research (updated on 5/31/20 at 23:00 KST)

SM Entertainment (041510 KQ) Despite best efforts, much will depend on external conditions Entertainment 1Q20 review: COVID-19 weighs on subsidiary earnings For 1Q20, SM Entertainment reported consolidated revenue of W144.7bn (+10.7% YoY; Results Comment all growth figures hereafter are YoY) and operating profit of W1.7bn (-40.2%). June 1, 2020 Operating profit disappointed expectations, mainly due to subsidiaries. Parent operating profit fell 9.3% to W7.8bn. Album/digital music revenue jumped 70% to W40.6bn, helped by the growing domestic/overseas fan bases of major artists. In particular, the overseas mix of digital music revenue (W18.9bn) increased further to (Downgrade) 69.8%. However, concert cancellations in March due to COVID-19 weighed on related Trading Buy subsidiaries, including SM Japan and Dream Maker. KeyEast managed to turn a profit (operating profit of W2.4bn), thanks to sales of its tentpole drama Hyena. At SM C&C, Target Price (12M, W) ▼ 31,000 losses widened to W3.5bn due to the travel segment. Doing its best under challenging circumstances Share Price (05/29/20, W) 26,000 For the full year, we look for revenue of W546.7bn (-16.9%) and operating profit of W10.6bn (-73.7%). Live performances have essentially come to a halt globally due to Expected Return 19% the pandemic. With a major source of income now gone, earnings deterioration will be inevitable.

In response, SM Entertainment launched a paid concert streaming service called OP (20F, Wbn) 11 “Beyond LIVE” in April in collaboration with NAVER’s V LIVE. The service has so far Consensus OP (20F, Wbn) 26 featured weekly performances from a number of artists, including SuperM, WayV, NCT Dream, and NCT 127. We believe the service is not yet as profitable as traditional EPS Growth (20F, %) - concerts, largely due to issues regarding ticket prices, platform commissions, and Market EPS Growth (20F, %) 25.9 venue efficiency. If the company enhances efficiency by expanding audiences, P/E (20F, x) 3,684.1 diversifying merchandise offerings, and selling VoD, we think the service could provide a more meaningful buffer to earnings. Market P/E (20F, x) 13.8 KOSDAQ 713.68 Meanwhile, we find it encouraging that the company is continuing to see strong album sales, even amid limited management activities and the absence of several groups Market Cap (Wbn) 610 (EXO and SHINee). In 1Q20, album sales totaled 1.08mn copies. In particular, NCT 127’s Shares Outstanding (mn) 23 newest album sold 760,000 copies (vs. previous record of 460,000 copies), proving the group’s fan base is rapidly expanding. Free Float (%) 80.6 Foreign Ownership (%) 14.9 Downgrade to Trading Buy and cut TP to W31,000 Beta (12M) 1.01 We downgrade SM Entertainment to Trading Buy and cut our target price to W31,000. 52-Week Low 16,700 We derived our target price by applying to our 2021F net profit attributable to 52-Week High 47,950 controlling interests (W26.7bn) a P/E of 25x (which takes into account our valuation base year). (%) 1M 6M 12M Major tailwinds, such as growing global digital music sales (margin improvement), the Absolute -6.1 -32.3 -30.9 increasing influence of K-pop (multiple expansion), and new artist debuts in 2H20, have Relative -15.1 -39.9 -33.1 all been eclipsed by a massive negative event.

150 SM Entertainment KOSDAQ The suspension of live performances will inevitably hurt earnings. Moreover, it remains 130 unclear when performances can resume. Without any real solution to the pandemic, the industry is likely to suffer more damage as time goes by. That said, potential 110 improvements in China-Korea relations and the upcoming IPO of Big Hit Entertainment 90 could help the industry buy some time until uncertainties dissipate. We believe 70 investors should pay closer attention to external conditions than individual companies. 50 30 5.19 9.19 1.20 5.20

Mirae Asset Daewoo Co., Ltd.

[ Media] FY (Dec.) 12/16 12/17 12/18 12/19 12/20F 12/21F Revenue (Wbn) 350 365 612 658 547 672 Jeong-yeob Park +822-3774-1652 OP (Wbn) 21 11 48 40 11 47 [email protected] OP margin (%) 6.0 3.0 7.8 6.1 2.0 7.0

NP (Wbn) 4 4 31 -9 0 28 EPS (W) 169 199 1,361 -390 7 1,193 ROE (%) 1.2 1.3 8.0 -2.1 0.0 6.2

P/E (x) 153.0 174.4 38.4 - 3,684.1 21.8 P/B (x) 1.7 2.2 2.8 2.0 1.4 1.3 Dividend yield (%) 0.0 0.0 0.0 0.0 0.0 0.0 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

JYP Entertainment (035900 KQ) External conditions will be key

Entertainment 1Q20 review: Robust results, driven by merchandise and intellectual property Results Comment For 1Q20, JYP Entertainment announced consolidated revenue of W34bn (+28.9% YoY; all growth figures hereafter are YoY) and operating profit of W13.4bn (+132.3%). June 1, 2020 Operating profit beat expectations, boosted by: 1) margin gains from the continued growth of global digital content revenue; and 2) strong merchandise revenue in Japan (related to TWICE’s tour; recognized earlier than expected). Album/digital music revenue rose 9% to W10.4bn. ITZY’s newest album sold 134,000 (Downgrade) Trading Buy copies, 15% more than its previous album. Concert revenue declined 37% to W1.3bn, hurt by concert/fan meeting cancellations later in the quarter due to COVID-19. Other Target Price (12M, W) ▼ 27,000 revenue surged 135% to W17.9bn, as merchandise sales (W8.5bn) related to TWICE’s arena tour (October 2019-February 2020) were recognized earlier than expected. Share Price (05/29/20, W) 22,850 Digital content revenue (YouTube, etc.) also continued to grow. Earnings contraction in 2020 appears inevitable Expected Return 18% For the full year, we forecast revenue of W142bn (-8.7%) and operating profit of W33.5bn (-23.0%). Live performances have essentially come to a halt globally due to the pandemic, causing a major disruption to artist monetization. This has come at a OP (20F, Wbn) 33 particularly crucial time for JYP Entertainment, which was looking to monetize its newer Consensus OP (20F, Wbn) 42 artists (Stray Kids and ITZY), following the steady growth of TWICE and GOT7. Given that concerts have accounted for 12.1% of revenue over the past five years and that EPS Growth (20F, %) -15.7 merchandise sales (in addition to ticket sales) have also contributed meaningfully to Market EPS Growth (20F, %) 25.9 profits, we believe earnings assumptions need to be conservatively adjusted. P/E (20F, x) 30.7 Market P/E (20F, x) 13.8 Despite the challenging conditions surrounding management activities (concerts, etc.), KOSDAQ 713.68 the company has continued to release new content as originally planned. We believe this will allow the company to better cushion its earnings. Album sales are also Market Cap (Wbn) 811 progressing smoothly. The latest albums from GOT7 and DAY6 (released in 2Q20) are Shares Outstanding (mn) 35 doing better than expected (400,000 and 150,000 copies sold, respectively). Meanwhile, Free Float (%) 74.9 TWICE and Stray Kids are due to make their comeback in June. Foreign Ownership (%) 14.9 Downgrade to Trading Buy and cut TP to W27,000 Beta (12M) 0.72 We downgrade JYP Entertainment to Trading Buy and cut our target price by 13% to 52-Week Low 15,350 W27,000. We derived our target price by applying a P/E of 25x to our 2021F net profit 52-Week High 27,300 attributable to controlling interests of W37.8bn. (%) 1M 6M 12M The company has been hit by a massive negative event just when major tailwinds— Absolute 10.1 2.9 -8.8 such as global digital content revenue growth (margin improvement), monetization of Relative -0.4 -8.7 -11.6 new artists (top-line growth), and new idol projects targeting the global audience (multiple expansion)—were about to materialize. The company’s other advantages, 110 JYP Entertainment KOSDAQ such as steady album releases and strong intellectual properties, have also been 100 overshadowed by external headwinds. 90 80 The suspension of live performances will inevitably hurt earnings. Moreover, it remains 70 unclear when performances can resume. Without any real solution to the pandemic, 60 the industry is likely to suffer more damage as time goes by. That said, potential 50 improvements in China-Korea relations and the upcoming IPO of Big Hit Entertainment 5.19 9.19 1.20 5.20 could help the industry buy some time until uncertainties dissipate. We believe investors should pay closer attention to external conditions than individual companies.

Mirae Asset Daewoo Co., Ltd.

[ Media] FY (Dec.) 12/16 12/17 12/18 12/19 12/20F 12/21F Revenue (Wbn) 74 102 125 155 142 176 Jeong-yeob Park +822-3774-1652 OP (Wbn) 14 19 29 43 33 50 [email protected] OP margin (%) 18.9 18.6 23.2 27.7 23.2 28.4

NP (Wbn) 8 16 24 31 26 38 EPS (W) 246 471 685 883 744 1,058 ROE (%) 13.4 21.4 22.5 21.9 15.5 19.0

P/E (x) 20.0 29.2 44.2 27.4 30.7 21.6 P/B (x) 2.1 4.8 7.7 5.0 4.2 3.6 Dividend yield (%) 0.0 0.0 0.4 0.6 0.7 0.7 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

Hanon Systems (018880 KS) Positive signs emerging in the US and Europe

Auto Parts Strengths have turned into weaknesses during pandemic Company Report Hanon Systems’ well-diversified customer/geographical portfolio and the strong growth prospects of its end-market (eco-friendly vehicles) are generally considered two May 31, 2020 of its biggest investment points. Recently, however, these strengths have become a drag on earnings, causing the stock to underperform.

While China and Korea have recovered relatively quickly from the global pandemic, the US and Europe have lagged behind. This has disadvantaged Hanon Systems, whose (Maintain) Buy geographical exposure is more diverse than that of peers (whose main customers are in Korea and China). In addition, the company’s increased spending in response to Target Price (12M, W) ▼ 12,500 strong end-market growth and surging orders has led to a rise in depreciation expenses, negatively affecting shares. Share Price (05/29/20, W) 9,740 Medium/long-term growth potential intact; Key will be timing of stock rebound Expected Return 28% We believe Hanon Systems’ medium/long-term growth potential remains intact, supported by end-market growth and the company’s order competitiveness. Once the pandemic is over, we expect the company’s diversified portfolio and strong revenue OP (20F, Wbn) 254 related to eco-friendly vehicles to once again appeal to investors. Consensus OP (20F, Wbn) 261 We believe production has bottomed out, as major US and European automakers have EPS Growth (20F, %) -51.3 resumed operations in late April/early May. Demand also appears to have hit a bottom, Market EPS Growth (20F, %) 25.9 as we believe auto demand is merely being deferred and will pick up seasonally later in P/E (20F, x) 33.5 the year. With the auto sector starting to recover more quickly than other industries, Market P/E (20F, x) 13.8 we believe share prices will rebound once we see signs that the pandemic is subsiding. KOSPI 2,029.60 That said, weakened purchasing power is a concern from a demand perspective. As such, we believe a key near-term variable will be policy stimulus to support Market Cap (Wbn) 5,199 auto/electric vehicle (EV) consumption. In the US, expectations are growing on Shares Outstanding (mn) 534 potential stimulus for the auto sector ahead of the election, given the industry’s Free Float (%) 30.0 importance in key swing states. Of note, US auto sales data are picking up, albeit Foreign Ownership (%) 20.2 modestly. In Europe, where there have been worries over potential delays to new CO2 Beta (12M) 0.52 regulations, policymakers are actually looking to bolster support for eco-friendly 52-Week Low 8,250 vehicles, suggesting the region’s eco-friendly vehicle policy will remain unaffected by 52-Week High 12,350 near-term issues.

(%) 1M 6M 12M Eco-friendly vehicle parts account for 68% of Hanon Systems’ order backlog and 16% of its revenue. Major customers are set to begin rolling out EV volume models in late Absolute 6.7 -9.8 -15.7 2Q20. Meanwhile, capex is likely to be reduced this year, and the rise in depreciation Relative 2.4 -7.2 -15.9 expenses should slow in 2021. In sum, chronic headwinds are beginning to dissipate.

120 Hanon Systems KOSPI Maintain Buy, but lower TP by 22% to W12,500 110 100 We believe that share prices have already priced in negatives and that the industry 90 cycle has bottomed out. As such, we based our target price on a P/E of 20x our 12- 80 month forward EPS estimate from 3Q20 (which is when the impact of the pandemic is 70 likely to abate). While we are lowering our target price to reflect the earnings erosion 60 caused by the slump in industry demand, we believe risks to share prices are skewed to 5.19 9.19 1.20 5.20 the upside and thus maintain our Buy rating.

Mirae Asset Daewoo Co., Ltd.

[Autos] FY (Dec.) 12/17 12/18 12/19 12/20F 12/21F 12/22F Revenue (Wbn) 5,586 5,938 7,154 6,217 8,138 8,601 Minkyung Kim +822-3774-1732 OP (Wbn) 468 434 484 254 590 604 [email protected] OP margin (%) 8.4 7.3 6.8 4.1 7.2 7.0 NP (Wbn) 289 278 319 155 427 441 EPS (W) 541 520 597 291 800 826 ROE (%) 15.2 13.8 15.0 7.0 18.0 16.7 P/E (x) 25.7 20.8 18.7 33.5 12.2 11.8 P/B (x) 3.7 2.8 2.7 2.3 2.1 1.9 Dividend yield (%) 2.2 3.0 2.9 3.2 3.2 3.2 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

May 31, 2020 Hanon Systems

Table 1. Quarterly and annual earnings (Wbn, %) 1Q19 2Q19 3Q19 4Q19 2019 1Q20 2Q20F 3Q20F 4Q20F 2020F 2021F Revenue 1,429 1,904 1,860 1,961 7,154 1,675 1,105 1,503 1,934 6,217 8,138 Operating profit 93 112 107 171 484 60 -11 70 135 254 590 Pretax profit 76 90 97 145 407 45 -17 56 117 202 535 Net profit (controlling) 56 71 75 116 319 34 -16 44 92 155 427 YoY growth (%) Revenue 3.0 25.4 31.0 21.6 20.5 17.2 -42.0 -19.2 -1.4 -13.1 30.9 Operating profit -1.8 11.4 30.5 9.9 11.5 -36.1 TTR -34.9 -20.9 -47.6 132.7 Pretax profit -15.2 -7.8 29.0 23.2 7.3 -40.7 TTR -41.8 -19.0 -50.4 164.9 Net profit (controlling) -11.6 0.8 41.8 28.0 14.7 -39.2 TTR -41.3 -20.5 -51.3 175.2 Margins (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 OP margin 6.5 5.9 5.8 8.7 6.8 3.6 -1.0 4.6 7.0 4.1 7.3 Pretax margin 5.3 4.7 5.2 7.4 5.7 2.7 -1.5 3.7 6.1 3.2 6.6 Net margin (controlling) 3.9 3.7 4.1 5.9 4.5 2.0 -1.4 2.9 4.8 2.5 5.2 Source: Company data, Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research 2