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August 10, 2012 August 10, 2012 KOREA Company News & Analysis Major Indices Close Chg Chg (%) Amorepacific (Buy/TP: W1,240,000) Lower TP KOSPI 1,946.40 5.81 0.30 Robust overseas growth offset domestic sluggishness in 2Q KOSPI 200 258.91 0.83 0.32 KOSDAQ 475.51 1.46 0.31 NHN (Buy/TP: W330,000) Lower TP Focus on mobile monetization efforts & secular growth potential Turnover ('000 shares, Wbn) Volume Value LS (Buy/TP: W109,000) Lower TP KOSPI 320,982 4,000 Weaker-than-expected results, but earnings stability recovering KOSPI 200 73,422 3,385 KOSDAQ 504,180 1,519 Doosan Heavy I&C (Buy/TP: W82,000) Market Cap (Wbn) 2H Share price performance to hinge on order-taking Value KOSPI 1,122,272 Silicon Works (Buy/TP: W40,000) KOSDAQ 103,748 Growing demand for thinner and clearer displays KOSPI Turnover (Wbn) Buy Sell Net S&T Dynamics (Buy/TP: W18,100) Lower TP Foreign 1,431 776 655 Lower expectations, but valuations appear attractive Institutional 919 1,203 -284 Retail 1,636 1,988 -352 CJ E&M (Trading Buy/TP: W28,000) Lower TP Broadcasting operations: The lone bright spot KOSDAQ Turnover (Wbn) Buy Sell Net S&T Motiv (Hold) Downgrade rating Foreign 41 58 -16 Normalization to take some time Institutional 64 78 -14 Retail 1,416 1,381 35 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,220 616 604 KOSDAQ 11 13 -2 Advances & Declines Advances Declines Unchanged KOSPI 410 374 114 KOSDAQ 498 421 83 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,348,000 8,000 395 KODEX LEVERAGE 12,590 20 244 KODEX INVERSE 7,525 -35 202 NHN 250,500 -13,000 155 KODEX 200 25,995 55 142 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Hicel 2,870 215 43 Ewha Technologies 1,140 20 35 Information Celltrion 28,500 500 31 Kyung Bong 8,390 390 30 Agabang 13,300 400 29 Note: As of August 10, 2012 This document is a summary of a report prepared by Daewoo Securities Co., Ltd. („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. 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. 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. Company August 10, 2012 Cosmetics (090430 KS) Amorepacific Daewoo Securities Co., Ltd. Mina Kim Robust overseas growth offset domestic sluggishness in 2Q +822-768-4163 [email protected] Lower TP to W1,250,000; Maintain Buy call Jieun Lee +822-768-3265 We maintain our Buy call on Amorepacific but lower our target price by 8% to [email protected] W1,250,000 (from W1,360,000). Our target price revision is mainly due to the fact that we adjusted down our 2012 and 2013 net profit estimates by 8.3% and 8%, respectively, to reflect the slower-than-expected recovery of domestic consumption. However, we expect AmorepacificÊs overseas cosmetics operations to display strong growth despite intensifying competition. Using a sum-of-the-parts Buy (Maintain) methodology, we derived our target price by adding the value of AmorepacificÊs Target Price (12M, W) 1,250,000 domestic operations (W1,180,000/sh; based on our 2012F EPS for the domestic Share Price (08/09/12, W) 1,037,000 business and a three-year average P/E of 22x) to the value of its Chinese operations Expected Return (%) 20.5 (W70,000/sh; based on our 2012F EPS for the Chinese business and a P/E of 30x). EPS Growth (12F, %) -4.1 Market EPS Growth (12F, %) 13.0 2Q Review: Robust overseas growth offset domestic sluggishness P/E (12F, x) 22.8 Market P/E (12F, x) 10.1 For 2Q, Amorepacific posted revenues of W726.8bn (up 11.5% YoY) and an KOSPI 1,940.59 operating profit of W98.1bn (up 4.9% YoY), under consolidated K-IFRS. As for the Market Cap (Wbn) 6,062 domestic cosmetics division, revenues at department stores and online channels Shares Outstanding (mn) 7 jumped 14.8% YoY and 13.3% YoY on the back of successful new product launches Avg Trading Volume (60D, '000) 11 Avg Trading Value (60D, Wbn) 12 and marketing efforts. And door-to-door sales increased 3.1% YoY (after slowing for Dividend Yield (12F, %) 0.0 two consecutive quarters) thanks to an increase in sales personnel. Meanwhile, Free Float (%) 50.4 discount store revenues declined 1.8% YoY. Overseas revenues soared 40.9% YoY 52-Week Low (W) 923,000 to W109.1bn (15% of overall revenues) on the back of strong performances in China 52-Week High (W) 1,325,000 (up 49% YoY to W67.2bn; driven by the launch of a new brand and retail channel Beta (12M, Daily Rate of Return) 0.26 expansion) and the rest of Asia (up 35.1% YoY to W17.7bn). Price Return Volatility (12M Daily, %, SD) 2.0 Foreign Ownership (%) 32.0 Meanwhile, operating profit at the domestic cosmetics division only inched up 1.6% Major Shareholder(s) due to an increase in promotional expenses at the MC&S (personal care) unit Amore G et al. (49.55%) (operating profit: down 18.3% YoY). However, this domestic sluggishness was FSIMet al. (6.8%) CRMC et al. (5.27%) offset by strong overseas performances. Overseas operating profit leaped YoY from Price Performance W800mn to W3.9bn in 2Q, aided by a surge in margins at Chinese cosmetics (%) 1M 6M 12M operation. Absolute -2.6 4.8 -2.2 Relative -8.3 8.4 -9.9 Chinese operations to show robust growth on brand reputation improvement Key Business In the domestic market, low-end cosmetics brands remain strong regardless of Develops, manufactures, and exports cosmetics and household goods. Sales economic conditions. In 2Q, sales of Etude and Innisfree (low-end brands that were portion of two divisions is 85:15. spun off from Amorepacific) jumped 34% YoY and 86% YoY, respectively. Since the spin-offs of these brands, Amorepacific has focused on mid- and high-end products. Because the recovery of domestic consumption is slowing, the companyÊs mid and high-end cosmetics business is likely to show only modest growth. Nevertheless, Share price FY Revenues OP OP Margin NP EPS EBITDA FCF ROE P/E P/B EV/EBITDA 120 KOSPI (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (X) (X) (X) 110 12/10 2,272 365 16.0 288 41,693 445 113 18.3 27.3 4.3 15.1 100 12/11 2,555 373 14.6 327 47,384 454 -52 16.4 22.2 3.6 13.7 90 12/12F 2,846 393 13.8 314 45,420 399 94 13.9 22.8 3.1 14.8 80 12/13F 3,156 439 13.9 357 51,736 460 134 14.0 20.0 2.7 12.6 70 12/14F 3,508 490 14.0 407 58,916 515 173 14.1 17.6 2.4 10.9 8/11 12/11 4/12 8/12 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates This document is a summary of a report prepared by Daewoo Securities Co., Ltd. („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. 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. 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. Company August 10, 2012 we believe that, once the economy picks up, the high-end cosmetics unit should grow drastically. We expect the companyÊs Chinese operations to stay robust on the back of its improving reputation. In particular, AmorepacificÊs diversified product portfolio (with the launch of Innisfree) should help the company become less vulnerable to economic conditions. 2 Company August 10, 2012 Internet NHN (035420 KS) Daewoo Securities Co., Ltd. Chang-kwean Kim Focus on mobile monetization efforts & secular growth potential +822-768-4321 [email protected] Focus more on strong mobile business growth potential (than on earnings) We maintain our Buy call on NHN but trim our target price to W330,000 (from W340,000).
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