April 3, 2018

Korea Morning Focus

Company News & Analysis Major Indices Close Chg Chg (%) CJ CGV (079160/Buy/TP: W98,000) Raise TP KOSPI 2,444.16 -1.69 -0.07 deserves a second look KOSPI 200 314.00 -0.61 -0.19 KOSDAQ 867.80 -3.29 -0.38

Turnover ('000 shares, Wbn) Volume Value KOSPI 386,502 6,607 KOSPI 200 84,650 4,191 KOSDAQ 836,411 5,677

Market Cap (Wbn) Value KOSPI 1,626,393 KOSDAQ 279,574

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,124 1,151 -27 Institutional 1,338 1,360 -21 Retail 4,120 4,047 74

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 411 449 -38 Institutional 246 260 -14 Retail 5,004 4,909 95

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,028 1,023 4 KOSDAQ 186 178 8

Advances & Declines Advances Declines Unchanged KOSPI 351 480 57 KOSDAQ 412 763 59

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Feelux 15,500 -4,950 442 Samsung Electronics 2,427,000 -34,000 346 Celltrion 304,000 -5,500 215 KODEX LEVERAGE 16,435 -65 203 INSCOB 9,200 -410 196

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value TELCON 15,450 100 483 BLS 25,750 2,650 180 Paradise 23,600 2,600 148 Diostech 20,350 650 141 NATURECELL 25,300 -1,550 103 Note: As of April 02, 2018

Mirae Asset Daewoo Research This document is a summary of a report prepared by Mirae Asset Daewoo Co., Ltd. (“Mirae Asset Daewoo”) and published on our website. Please review the compliance notices contained in the original report. 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.

CJ CGV

(079160 KS) China deserves a second look

Raising TP after revising China valuation to W1.2tr Media We reaffirm our Buy call on CJ CGV and raise our target price to W98,000. We revised up our valuation of the China business to W1.2tr (from W847.1bn previously), to Company Update reflect: 1) China’s growing box office, which has normalized after suffering from several market distortions in 2015-16 (ticket subsidies and foreign film regulations); 2) April 3, 2018 the share price gains and high multiples (P/E of around 30x) of recently listed Chinese cinema operators; and 3) the prospect of renewed long-term box-office growth due to continued content spending by major companies. For years, CJ CGV’s stock moved in line with China’s box office (2012-16), after the (Maintain) Buy company made an early entry into China’s large, growing market and began opening consolidated theater sites. However, the stock has struggled to reflect the box-office ▲ normalization that has taken place in China since 2017, following a volatile period of Target Price(12M, W) 98,000 strong growth (2015) and sharp slowdown (2016). This is mainly because worries have grown over domestic profit contraction and wage hikes and increasing competition in Share Price (04/02/18, W) 68,600 China. However, we believe domestic issues will be addressed through tighter cost control, while worries about China should clear on demand normalization. Expected Return 43% In 2018, we expect domestic margins to turn around (labor cost management and falling depreciation) and the value of the China business to regain attention. We also see several potential catalysts heading into 2H18, including the listing of CGV and a rise in ticket prices. In the near term, the much-anticipated Avengers: Infinity OP (18F, Wbn) 117 War opening on April 25th should fill the momentum gap. The Avengers series is one of Consensus OP (18F, Wbn) 108 Marvel’s most popular franchises, with a huge following in Korea, China, and .

EPS Growth (18F, %) - China: Market normalization and newly listed peers Market EPS Growth (18F, %) 6.7 China’s box-office market enjoyed a period of healthy structural growth from 2005 to P/E (18F, x) 29.2 2014 (35% CAGR), driven by shopping mall construction, transportation infrastructure Market P/E (18F, x) 9.3 buildout, and rising income. The market subsequently underwent some distortions in KOSPI 2,444.16 2015 (+48%) and 2016 (+4%) due to ticket subsidies, but has resumed “healthy” growth since 2017 (+28%). In 1Q18, China’s box office grew an impressive 38%. In our view, Market Cap (Wbn) 1,452 China deserves a second look. Shares Outstanding (mn) 21 We believe the main factor behind the market strength since 2017, which is also the Free Float (%) 60.9 key rationale behind our outlook for continued demand growth, is the increasing Foreign Ownership (%) 19.0 appeal of local content. This is evidenced by the growing number of Chinese films topping the monthly box office (seven titles in 2017), as well as major Chinese Beta (12M) 0.67 platforms’ focus on content spending within the movie value chain over the past two 52-Week Low 59,900 years. Of note, Korea’s rapid market growth during the 2000s coincided with the 52-Week High 88,200 production of domestic blockbuster films.

(%) 1M 6M 12M Reflecting the recent market strength and outlook for increased content spending, Absolute 0.4 6.5 -8.7 stocks of Chinese peers are performing strongly. Pure cinema plays Hengdian Entertainment and Guangzhou Jinyi Media have advanced 45% and 27%, respectively, Relative -1.3 4.4 -19.3 since their IPOs in October 2017, and are now trading at 2018F P/E multiples of 33x and 29x, respectively, underscoring investors’ bullish outlook on China’s box-office 130 CJ CGV KOSPI market. In China, cinema operators trade at a premium to film studios and distributors 120 (unlike in Korea, where the theater market is maturing). 110 100 Domestic: Cost control to continue, competition to ease 90 On the domestic front, we expect competition to ease from 2018, and CJ CGV’s cost 80 control to continue. As with competitors, CJ CGV will likely focus on margins rather 70 than theater rollouts. The company’s ability to reign in labor costs was already 3.17 7.17 11.17 3.18 confirmed in the 4Q17 earnings report. Depreciation expenses should also begin to come down, as the number of new theaters has slowly declined since 2013. Mirae Asset Daewoo Co., Ltd.

[ Media] FY (Dec.) 12/14 12/15 12/16 12/17 12/18F 12/19F Revenue (Wbn) 1,039 1,194 1,432 1,714 1,885 2,109 Jeong-yeob Park +822-3774-1652 OP (Wbn) 52 67 70 86 117 154 [email protected] OP margin (%) 5.0 5.6 4.9 5.0 6.2 7.3

NP (Wbn) 17 52 12 -1 50 74 EPS (W) 787 2,455 583 -66 2,348 3,476 ROE (%) 4.4 12.9 3.1 -0.4 15.1 19.2

P/E (x) 68.6 51.3 120.7 - 29.2 19.7 P/B (x) 3.0 6.3 4.0 5.1 4.1 3.5 Dividend yield (%) 0.6 0.3 0.5 0.5 0.5 0.5 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.

April 3, 2018 CJ CGV

Earnings forecasts and valuation

Earnings preview: 1Q to disappoint; Avengers film to boost 2Q

For 1Q18, we forecast consolidated revenue of W445.1bn (+9.8% YoY; all growth figures hereafter are YoY) and operating profit of W20.9bn (+43.1%), which is below the current consensus of W25.4bn. Robust box-office revenue across Korea, China, and Turkey in January had raised expectations on 1Q18 earnings. However, February and March proved to be somewhat slow, causing earnings expectations to come down.

For the domestic business, we expect revenue of W218.1bn (+0.7%) and operating profit of W5.8bn (+34.2%). Several films released late last year continued to do well into January, but the Pyeongchang Winter Olympics and absence of content had negative effects on February and March, resulting in a 2.2% decline in nationwide box-office revenue. We estimate screen ad revenue expanded 20%, helped by an easy comparison (due to last year’s political uncertainty). Despite sluggish box-office revenue and wage increases, we believe domestic profit margins improved in the quarter.

Subsidiary performance is likely to be mixed. On a consolidated basis, we expect 1Q18 operating profit of W4.2bn (+317%) for China, W13.6bn (+8.8%; not adjusting for PPA) for Turkey, and W3.1bn (-40%) for Vietnam. For 4DPLEX, we expect an operating loss of W1bn (turning to loss). We believe China benefited from strong box-office growth (+38%) thanks to robust local content and the Chinese New Year effects. Vietnam, on the other hand, was likely hit by an overall weak market (due to the U-23 Championship event), won appreciation, and aggressive theater rollouts. The theater openings are part of the company’s effort to consolidate its top market position, similar to the ticket price promotions implemented in the previous quarter. Once theater rollouts and promotions normalize, we expect the size of profits to grow. We believe Turkey was negatively affected by tepid box-office revenue and lira depreciation, while 4DPLEX was likely hurt by the absence of content.

Looking to 2Q18, we expect earnings to benefit from a low base of comparison caused by last year’s massive domestic losses (the Yongsan location was temporarily shut down due to renovation). Moreover, several highly anticipated films are set to hit theaters starting in April. Despite off-seasonality, we expect second-quarter profit to contribute 7% to annual consolidated profit (vs. -4% in 2017). Avengers: Infinity War is probably the most-anticipated film coming out in 2Q18 (opens on April 25th in Korea and May 11th in China). The first two Avengers films sold roughly 7.07mn and 10.5mn tickets, respectively. Marvel’s franchises have had a growing influence in the global box office, especially in Korea, China, and Turkey, CJ CGV’s three biggest markets. Marvel films as a share of annual box-office revenue have increased 1) from 2.8% in 2010 to 6.9% in 2017 in Korea, 2) from 1.7% in 2011 to 4.1% in 2017 in China, and 3) from 0.7% in 2010 to 3.6% in 2017 in Turkey.

Figure 1. Box-office growth assumptions in major countries

(%) 40 1Q18 2018 30

20

10

0

-10 China Turkey Vietnam

Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research April 3, 2018 CJ CGV

Table 1. Consolidated earnings and forecasts (Wbn, %, mn, %p) 1Q17 2Q17 3Q17 4Q17 1Q18F 2Q18F 3Q18F 4Q18F 2016 2017 2018F Revenue 406 383 472 454 445 427 526 487 1,432 1,714 1,885 Parent 217 197 269 249 218 214 317 242 915 932 991 Subsidiaries 189 185 203 205 227 213 209 245 518 782 894 China (consolidated) 68 67 74 72 94 85 97 94 241 281 393 Turkey 65 44 38 65 71 48 35 78 115 211 232 Vietnam 34 39 30 28 29 38 33 29 111 131 129 4DPLEX 13 26 50 27 20 30 32 31 82 115 113 Operating profit 14.6 -3.1 32.2 42.6 20.9 7.6 49.4 38.8 70 86 117 OP margin 3.6 -0.8 6.8 9.4 4.7 1.8 9.4 8.0 4.9 5.0 6.2 Parent 4.3 -9.0 22.5 26.2 5.8 -1.7 40.8 18.4 62 44 63 Subsidiaries 10.3 5.9 9.7 16.4 15.1 9.3 8.6 20.4 8 42 53 China (consolidated) 1.0 1.6 2.2 1.3 4.2 4.0 5.5 4.6 -1 6 18 Turkey (excluding PPA) 12.5 1.5 -0.2 13.3 13.6 2.7 0.1 15.8 8 27 32 Vietnam 5.1 4.2 1.7 0.1 3.1 3.5 1.9 0.4 12 11 9 4DPLEX -2.6 2.1 10.1 2.6 -1.0 3.6 5.3 3.9 3 12 12 Other & consolidation adj. -5.7 -3.5 -4.1 -0.9 -4.7 -4.4 -4.2 -4.3 -13 -14 -18 (including PPA) Pretax profit 0.4 -16.1 36.6 -9.4 12.1 -1.5 40.8 30.7 18 12 82 Net profit 1.9 -11.8 30.2 -10.2 9.4 -1.1 31.8 23.9 6 10 64 Net margin 0.5 -3.1 6.4 -2.3 2.1 -0.3 6.0 4.9 0.4 0.6 3.4 Net profit attributable to -4.4 -11.2 29.1 -14.9 3.9 -1.3 30.7 16.4 12.3 -1.4 49.7 controlling interests YoY Revenue 29.0 21.6 11.9 19.1 9.8 11.6 11.3 7.4 20.0 19.7 10.0 Parent 6.2 -2.2 -6.7 13.0 0.7 8.4 17.8 -2.7 2.0 1.9 6.3 Subsidiaries 71.4 64.2 51.9 27.5 20.2 15.0 2.7 19.6 74.4 51.1 14.3 China (consolidated) -1.9 18.6 27.3 26.4 37.4 27.6 31.1 30.6 48.2 16.6 39.7 Turkey 243.3 0.3 0.3 10.2 9.1 -6.5 19.5 - 83.7 9.8 Vietnam 8.0 30.4 19.0 13.4 -15.0 -2.1 11.5 4.5 21.9 17.6 -1.0 4DPLEX -23.6 19.1 127.4 25.5 48.9 17.6 -35.6 14.8 23.7 40.6 -2.4 Key assumptions China attendance 411 368 454 388 560 449 553 473 1,374 1,620 2,036 CGV share 2.6 2.8 2.5 2.8 2.9 2.9 2.9 2.9 2.7 2.7 2.9 Turkey attendance 25 14 10 22 25 16 11 25 58 71 77 CGV share 40.7 42.1 46.7 44.0 42.2 43.6 48.2 45.5 41.9 42.8 44.4 Source: Company data, Mirae Asset Daewoo Research estimates

Table 2. Consolidated earnings forecast revisions (Wbn, %, %p) Previous Revised Change 18F 19F 18F 19F 18F 19F Revenue 1,921 2,108 1,885 2,109 -1.9 0.1 Operating profit 131 183 117 154 -10.7 -16.0 OP margin 6.8 8.7 6.2 7.3 -0.6 -1.4 Notes: All figures are based on consolidated K-IFRS; net profit is attributable to controlling interests Source: Mirae Asset Daewoo Research estimates

Mirae Asset Daewoo Research

Mirae Asset Daewoo Research Key Universe Valuations April 3, 2018

※All data as of close March 30, 2018, unless otherwise noted.

18F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 18F 19F 18F 19F 18F 19F 18F 19F 18F 19F 068270 Celltrion, Inc. 37,291 304,000 - - - - 0.0 0.0 005380 Hyundai Motor 32,711 148,500 2.7 7.4 21.1 10.6 20.2 9.5 7.9 0.6 0.5 6.3 7.1 207940 Samsung Biologics 32,156 486,000 1031.1 242.1 - 386.7 746.0 153.3 8.0 7.6 1.1 5.1 005490 POSCO 28,554 327,500 3.1 18.0 2.5 26.0 2.7 8.1 7.9 0.6 0.6 7.7 7.4 051910 LG Chem 27,355 387,500 1.5 1.4 20.9 17.0 21.2 13.3 11.0 1.6 1.5 13.2 14.3 035420 NAVER 25,876 785,000 0.2 21.4 22.1 28.9 21.7 26.0 21.4 3.8 3.2 19.0 19.3 105560 KB Financial Group 24,878 59,500 18.2 5.0 3.8 5.0 7.1 6.8 0.7 0.6 9.9 9.6 012330 Hyundai Mobis 23,801 244,500 1.4 4.3 10.4 43.3 8.7 10.6 9.7 0.8 0.7 7.4 7.6 032830 Samsung Life 23,800 119,000 - - - - 0.0 0.0 055550 Shinhan Financial Group 21,529 45,400 16.8 4.6 11.5 4.6 6.6 6.3 0.6 0.6 9.5 9.2 015760 KEPCO 21,345 33,250 3.0 23.4 42.9 120.3 57.4 7.1 4.5 0.3 0.3 4.2 6.3 034730 SK Holdings 20,580 292,500 1.3 9.6 -0.7 12.3 7.2 9.3 8.6 1.2 1.1 14.5 13.6 096770 SK Innovation 19,788 214,000 3.7 1.1 0.3 12.9 0.1 8.4 8.4 1.0 0.9 12.5 11.5 051900 LG Household & Health Care 19,538 1,251,000 0.9 7.5 9.9 10.2 10.3 33.2 30.1 6.1 5.3 20.4 19.3 090430 AmorePacific 19,467 333,000 0.5 19.9 18.0 29.1 16.1 45.2 38.9 5.0 4.6 11.7 12.3 018260 Samsung SDS 19,383 250,500 1.0 18.2 12.1 19.5 11.0 30.6 27.5 3.1 2.9 10.8 11.0 017670 SK Telecom 18,975 235,000 4.3 0.1 1.7 13.8 -7.2 6.2 6.7 0.8 0.8 15.9 13.2 066570 LG Electronics 18,083 110,500 0.6 48.8 19.8 38.0 20.8 8.4 6.9 1.3 1.1 16.1 16.6 003550 LG Corp. 15,030 87,100 1.5 0.8 6.8 -21.5 7.1 8.1 7.6 0.9 0.8 11.1 10.8 011170 Lotte Chemical 14,721 429,500 2.4 3.8 6.5 14.4 9.6 5.7 5.2 1.1 0.9 20.2 18.6 091990 Celltrion Healthcare 14,426 104,900 64.5 44.1 29.6 56.9 44.5 28.3 12.0 8.4 31.2 34.9 033780 KT&G 13,798 100,500 4.6 -5.3 0.1 -14.9 2.2 13.9 13.6 1.6 1.5 12.3 11.9 006400 Samsung SDI 13,719 199,500 0.5 319.7 40.6 39.3 14.8 14.8 12.9 1.1 1.0 8.1 8.7 010950 S-Oil 13,623 121,000 5.5 18.5 33.6 3.4 29.1 10.9 8.5 1.9 1.7 18.1 21.2 086790 Hana Financial Group 13,496 44,950 18.3 7.6 12.6 7.9 5.8 5.4 0.5 0.5 9.2 9.1 251270 Games Corporation 13,392 157,500 0.2 0.8 3.1 0.9 3.4 42.6 41.2 3.0 2.8 7.3 7.1 000810 Samsung F&M 12,768 269,500 - - - - 0.0 0.0 000270 Kia Motors 12,647 31,200 3.2 150.6 21.8 110.1 17.0 6.2 5.3 0.4 0.4 7.3 8.0 002790 AmoreG 12,327 149,500 0.3 24.5 12.2 30.3 7.7 50.3 46.7 4.0 3.7 8.5 8.5 035720 Kakao Corp. 9,839 129,000 0.2 10.4 24.7 2.5 25.0 77.0 61.6 1.7 1.7 2.5 2.7 036570 NCSOFT 9,368 427,000 2.3 70.7 3.7 65.4 3.8 12.9 12.4 2.8 2.4 25.5 22.2 034220 LG Display 9,196 25,700 1.9 -78.9 158.6 -80.8 182.6 26.6 9.4 0.6 0.6 2.4 6.5 010130 Korea Zinc 8,888 471,000 1.8 7.9 2.9 20.3 2.8 11.6 11.3 1.3 1.2 12.1 11.3 009540 Hyundai Heavy Industries 8,715 126,000 467.0 402.1 - - - 37.8 1.0 1.1 - 3.1 024110 Industrial Bank of Korea 8,484 15,150 12.2 8.8 10.1 9.4 6.0 5.5 0.5 0.4 8.2 8.3 009150 Samsung Electro-Mechanics 7,693 103,000 0.8 80.5 12.1 87.3 15.5 26.4 22.9 1.7 1.6 6.7 7.3 139480 Emart 7,624 273,500 0.6 23.2 11.3 -56.4 13.9 28.4 24.9 0.9 0.9 3.2 3.6 030200 KT 7,154 27,400 2.9 11.1 1.7 21.0 12.8 8.9 7.9 0.5 0.5 6.6 7.0 004020 Hyundai Steel 6,712 50,300 1.5 9.4 5.8 9.2 6.9 6.8 6.3 0.4 0.4 5.8 5.9 161390 Hankook Tire 6,640 53,600 0.9 38.5 13.1 33.2 13.6 8.0 7.0 0.9 0.8 12.1 12.1 021240 Coway 6,605 89,500 3.7 11.6 7.3 12.5 6.3 18.4 17.3 5.3 4.8 34.1 33.1 086280 Hyundai Glovis 6,413 171,000 1.8 0.7 3.9 -20.0 13.1 11.8 10.4 1.5 1.3 13.0 13.2 018880 Hanon Systems 6,272 11,750 - - - - 0.0 0.0 078930 GS Holdings 5,947 64,000 2.8 -8.0 4.8 -2.6 5.3 6.3 6.0 0.7 0.6 11.8 11.3 128940 Hanmi Pharmaceutical 5,773 507,000 -1.4 100.0 14.7 113.1 104.6 49.1 7.5 6.5 7.5 14.3 088350 Hanwha Life 5,385 6,200 - - - - 0.0 0.0 032640 LG Uplus 5,348 12,250 4.5 4.6 4.2 6.7 4.2 9.3 8.9 0.9 0.9 10.6 10.3 271560 Orion 5,218 132,000 0.5 153.2 15.7 18.4 17.6 28.7 24.4 3.4 3.1 12.6 13.3 097950 CJ CheilJedang 4,960 329,500 0.9 16.7 10.2 -9.9 10.6 14.3 13.0 1.2 1.1 9.1 9.3 009830 Hanwha Chemical 4,829 29,300 1.2 0.7 -2.8 12.0 6.6 5.1 4.8 0.7 0.6 14.5 13.6 Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research Market Data April 3, 2018

※All data as of close April 02, 2018, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 548.87 0.87 0.16 -0.96 USD/KRW 1,064.40 1,066.50 1,081.90 1,116.10 KOSPI 2,444.16 -1.69 -0.07 -1.43 JPY100/KRW 1,000.80 1,001.46 1,019.27 998.52 KOSDAQ 867.80 -3.29 -0.38 6.81 EUR/KRW 1,311.07 1,311.95 1,327.38 1,192.61 Dow Jones* 24,103.11 254.69 1.07 -2.90 3Y Treasury 2.23 2.22 2.29 1.66 S&P 500* 2,640.87 35.87 1.38 -2.04 3Y Corporate 2.80 2.80 2.84 2.18 NASDAQ* 7,063.44 114.21 1.64 0.81 DDR2 1Gb* 1.34 1.34 1.34 1.25 Philadelphia Semicon* 1,328.90 29.08 2.24 3.20 NAND 16Gb* 3.00 3.00 2.96 2.18 FTSE 100* 7,056.61 11.87 0.17 -7.73 Oil (Dubai)* 65.33 65.24 61.42 50.14 Nikkei 225 21,388.58 -65.72 -0.31 -9.01 Gold* 1,322.80 1,324.20 1,305.20 1,253.70 Hang Seng* 30,093.38 70.85 0.24 -1.38 Customer deposits (Wbn)* 27,001 28,186 27,311 22,565 Taiwan (Weighted) 10,888.27 -17.95 -0.16 1.66 Equity type BC (Wbn)(Mar. 29) 81,157 80,692 80,686 69,528 Note: * as of March 30, 2018 Source: KSDA, Wisefn, DRAMeXchange, MSCI

KOSPI Top 10 Foreign Net Buy / Net Sell (Wbn) KOSPI Top 10 Institutional Net Buy / Net Sell (Wbn) Net Buy Net Sell Net Buy Net Sell Hyundai Motor 36.57 Samsung Electronics 93.11 Amore Pacific 42.74 Samsung Electronics 34.09 Hyundai Mobis 30.03 Samsung SDI 23.74 Samsung SDI 39.01 Doosan Infracore 29.63 Amore Pacific 15.39 AmorePacific 10.22 Lotte Shopping 19.52 NHN 26.48 MANDO 13.06 Woori Bank 8.22 AmorePacific 19.16 Hyundai Heavy Industries 20.53 Shinhan Financial Group 11.68 KEPCO 7.39 Samsung Life Insurance 18.58 Samsung Heavy Ind. 17.54 Samsung Heavy Ind. 9.67 LG Chem 6.78 Hotel Shilla 18.05 Hynix 14.19 KOREA KOLMAR 9.08 Doosan Infracore 6.59 Glovis 17.17 KODEX KRX300 14.07 NHN 8.88 COSMAX 6.49 Netmarble Games 16.91 Hyundai Mobis 13.15 SAMSUNG C&T 8.77 Hyundai Eng. & Cosnt. 6.30 KODEX 200 15.19 KB Financial Group 12.67 Honam Petrochemical 7.94 Glovis 6.13 SK Energy 14.90 Woori Bank 12.08 Source: KSDA, Wisefn

KOSDAQ Top 10 Foreign Net Buy / Net Sell (Wbn) KOSDAQ Top 10 Institutional Net Buy / Net Sell (Wbn) Net Buy Net Sell Net Buy Net Sell SillaJen 8.32 TELCON 6.16 Paradise 22.59 INNOX Advanced Materials 5.61 Paradise 4.84 AHNLAB 5.47 PearlAbyss 15.90 SM 5.14 PearlAbyss 4.23 CJ E&M 5.19 CJ E&M 13.75 WONIK IPS 4.22 SM 3.90 Modetour Network 3.26 Diostech 6.94 Com2us 3.96 GemVax 3.05 COSON 3.16 ECOPRO 2.83 Modetour Network 3.65 Cafe24 Corp. 3.01 Jenexine 2.25 Oscotec 2.49 HLB 3.29 Media Flex 2.77 SKPI 2.08 YG Entertainment 2.37 Wemade 3.19 Diostech 2.76 Wemade 1.84 YONWOO 2.15 Nasmedia 2.99 Seobu T&D 2.72 Nowcom 1.82 Green Cross Lab Cell 2.11 Celltrion Healthcare 2.91 Texcell-Netcom 2.38 Nasmedia 1.81 KANGSTEM BIOTECH 1.99 PSK 2.71 Source: KSDA, Wisefn

KOSPI Top 10 by Market Cap (Wbn) KOSDAQ Top 10 by Market Cap (Wbn) Close (W) Chg (W) Mkt Cap Close (W) Chg (W) Mkt Cap Samsung Electronics 2,427,000 -34,000 311,594 Celltrion Healthcare 104,900 -1,600 14,426 Hynix 81,300 0 59,187 SillaJen 104,800 -2,200 7,147 Celltrion 304,000 -5,500 37,291 Medy-tox 728,600 -3,500 4,121 Samsung Electronics (P) 2,009,000 -31,000 36,308 CJ E&M 93,600 2,100 3,625 Hyundai Motor 148,500 5,000 32,711 ViroMed 224,000 -900 3,574 SAMSUNG BIOLOGICS 486,000 -1,000 32,156 PearlAbyss 240,800 14,100 2,906 POSCO 327,500 2,000 28,554 Kolon TissueGene(Reg.S) 47,200 -1,200 2,874 LG Chem 387,500 2,000 27,355 LOEN 111,300 1,500 2,815 SAMSUNG C&T 140,500 500 26,651 Posco Chemtech 47,500 50 2,806 NHN 785,000 -7,000 25,876 Celltrion 83,000 -1,300 2,769 Source: