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September 24, 2014 KOREA Sector News & Analysis Major Indices Close Chg Chg (%) Machinery (Overweight) KOSPI 2,035.64 6.73 0.33 Machine tool industry unlikely to deteriorate further KOSPI 200 258.88 0.39 0.15 KOSDAQ 580.42 4.86 0.84 Turnover ('000 shares, Wbn) Volume Value KOSPI 328,759 4,342 KOSPI 200 58,451 3,311 KOSDAQ 365,054 2,290 Market Cap (Wbn) Value KOSPI 1,214,686 KOSDAQ 141,816 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,183 1,199 -16 Institutional 1,144 1,024 120 Retail 1,966 2,077 -111 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 170 109 60 Institutional 134 128 6 Retail 1,984 2,047 -63 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 982 733 249 KOSDAQ 32 24 9 Advances & Declines Advances Declines Unchanged KOSPI 501 308 72 KOSDAQ 549 386 69 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,150,000 -11,000 358 KODEX LEVERAGE 11,525 -25 301 Samsung SDI 134,000 -13,000 203 Hynix 44,200 1,700 171 NHN 833,000 -1,000 157 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Daum Communications 161,500 -400 71 Dae Han New Pharm 23,450 50 68 Celltrion 46,850 1,300 63 ACTOZ SOFT 36,950 -1,850 61 Com2us 144,400 400 53 Note: As of September 24, 2014 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. Machinery Machine tool industry unlikely to deteriorate further Rising geopolitical risks deal setback to machine tool industry recovery Overweight (Maintain) Until last April, the domestic machine tool industry had been showing strong signs of recovery. However, the tides have turned, as heightened geopolitical risks (Ukraine crisis Sector Update and US air strikes on targets in Syria) have disrupted the much anticipated pic kup in September 24, 2014 eurozone manufacturing. This has caused business spending in Korea to slow, with several capex indicators (manufacturing utilization and the Business Survey Index (BSI) ) displaying weakness. We believe the fate of the domestic machine tool industry still Daewoo Securities CCCo.,Co., Ltd. rests on recovery in Europe. Meanwhile, the situation in the US appears supportive. [Shipbuilding & Machinery] 1) Exports: After a weak 1Q and a benign 2Q, exports to the US have largely remained flat in 3Q. Exports to Europe have been losing momentum amid the European Cen tral Ki-jong Sung Bank’s (ECB) slow policy response and rising geopolitical tensions. In China, slowing +822-768-3263 exports and domestic demand are weighing on machinery investments, and the [email protected] government’s mini-stimulus alone is unlikely to turn capex around. 2) Domestic demand: In Korea, both capex and the BSI have been decelerating in line with the slowdowns in Europe and China. ECB to come under increasing pressure to boost growth The e urozone flash manufacturing PMI came in at 50.5 in September, down from 50.7 in August and sligh tly below the consensus of 50.6. Faced with geopolitical risks, falling commodity prices, and worsening economic data, the ECB is likely to come under increasing pressure to take aggressive action. Maintain Overweight; Watch Doosan Infracore, LSIS and YG-1 Europe’s faltering economy and lingering geopolitical risks are likely to delay the recovery of the domestic machine tool industry. That said, we believe these risks have been largely priced in. Indeed, Korean machine tool stocks have been the biggest underperformers compared to major foreign rivals. However , going forward, we expect discounts on Korean firms to gradually dissipate, as sensitivity to Europe has become less differentiated globally. One bright spot is the recent reversal in won appreciation. We also believe Europe’s growth, although slow, is unlikely to deteriorate. Furthermore, we do not see any major risk from China, where the outlook remains little changed. Although the pace of recovery may be slower than originally projected, we do not ex pect the domestic machine tool industry to further retreat. We maintain our Overweight recommendation on the machinery sector and advise closely watching Doosan Infracore (042670 KS/Buy/TP: W17,000), LS Industrial Systems (LSIS; 010120 KS/Buy/TP: W83,000), and YG-1 (019210 KQ/Not Rated). Global machine tool orders & relative share performanceperformancessss of key players (1/07=100) (index) 340 Global machine tool order index (R) 180 DMG Mori Seiki (L) Doosan Infracore (L) 160 290 Fanuc (L) 140 240 120 100 190 80 140 60 40 90 20 40 0 07 08 09 10 11 12 13 14 Source: KDB Daewoo Securities Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including t he U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. Key Universe Valuations September 24, 2014 ※All data as of close September 23, 2014, unless otherwise noted. 14F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 14F 15F 14F 15F 14F 15F 14F 15F 14F 15F 005930 Samsung Electronics 169,394 1,150,000 1.3 -24.7 -1.2 -18.2 0.0 8.0 8.0 1.1 1.0 15.8 13.9 005380 Hyundai Motor 42,293 192,000 1.1 0.2 4.6 -1.3 4.1 6.5 6.2 0.9 0.8 15.2 13.9 000660 SK Hynix 31,986 44,200 32.6 1.1 9.9 4.4 9.8 9.4 2.0 1.6 21.9 18.8 015760 KEPCO 30,204 47,050 2.3 296.4 18.7 3984.2 46.1 12.3 8.4 0.6 0.5 4.8 6.6 005490 POSCO 29,513 338,500 2.4 21.2 32.4 25.6 71.4 17.1 10.0 0.7 0.6 4.1 6.7 035420 NAVER 27,458 833,000 0.1 74.5 21.0 -62.6 47.0 49.0 33.3 10.3 7.9 32.2 34.2 055550 Shinhan Financial Group 24,421 51,500 - - - - 0.0 0.0 012330 Hyundai Mobis 24,287 249,500 0.8 6.3 12.4 11.1 7.0 6.4 6.0 1.0 0.9 17.4 16.0 017670 SK Telecom 24,022 297,500 3.2 2.8 1.7 17.4 1.4 12.5 12.3 1.5 1.4 14.0 13.2 032830 Samsung Life 21,700 108,500 - - - - 0.0 0.0 000270 Kia Motors 21,525 53,100 1.4 -4.6 9.0 -3.6 3.7 5.8 5.6 0.9 0.8 16.9 15.2 051910 LG Chem 18,059 272,500 1.5 -14.0 34.1 -12.5 39.1 18.2 13.1 1.6 1.5 9.3 11.9 105560 KB Financial Group 15,589 40,350 - - - - 0.0 0.0 090430 Amorepacific 13,241 2,265,000 0.3 54.0 19.6 50.0 21.4 38.9 32.0 5.4 4.7 14.8 15.7 000810 Samsung F&M 13,170 278,000 - - - - 0.0 0.0 003550 LG Corp. 13,080 75,800 1.3 5.6 18.0 11.4 18.5 12.6 10.6 1.0 1.0 8.6 9.4 033780 KT&G 13,043 95,000 3.5 8.2 2.9 37.5 8.7 16.6 15.3 2.2 2.0 14.4 14.5 034220 LG Display 12,738 35,600 -8.4 -28.9 84.3 -30.7 16.2 23.4 1.1 1.1 7.2 4.7 086280 Hyundai Glovis 12,263 327,000 0.5 7.0 10.5 37.3 -9.2 18.6 20.4 4.2 3.6 25.3 18.9 034730 SK C&C 11,925 238,500 0.5 16.9 9.9 142.2 15.8 26.1 22.5 3.7 3.2 17.8 17.6 086790 Hana Financial Group 11,871 40,950 - - - - 0.0 0.0 000830 Samsung C&T 11,091 71,000 0.7 40.6 30.7 110.4 27.8 22.4 17.5 1.0 0.9 4.6 5.6 066570 LG Electronics 11,013 67,300 0.3 62.9 21.6 478.8 46.3 11.9 8.1 1.0 0.9 8.5 11.4 009540 Hyundai Heavy Industries 10,982 144,500 1.4 - - - - - 13.4 0.6 0.6 - 4.8 023530 Lotte Shopping 10,266 326,000 0.5 0.3 8.3 -1.3 15.3 13.2 11.4 0.6 0.6 4.7 5.2 030200 KT 9,322 35,700 -95.3 5080.4 - - - 7.7 0.8 0.7 - 10.7 006400 Samsung SDI 9,214 134,000 1.2 - 6081.5 -30.9 121.4 70.0 31.6 1.2 1.2 1.8 3.7 004020 Hyundai Steel 8,986 77,100 0.6 72.4 7.8 -16.6 7.6 11.4 10.6 0.6 0.6 5.8 5.9 003600 SK Holdings 8,688 185,000 1.4 6.3 29.8 278.9 34.0 8.2 6.1 0.7 0.6 8.9 10.9 096770 SK Innovation 7,804 84,400 3.8 -48.6 165.1 -43.0 244.0 19.0 5.5 0.5 0.5 2.6 8.7 051900 LG Household & Health Care 7,801 499,500 0.8 -0.3 12.0 -5.7 12.5 26.3 23.4 5.1 4.3 21.8 20.7 010130 Korea Zinc 7,576 401,500 1.2 12.2 19.5 15.6 23.2 14.6 11.9 1.6 1.5 11.8 13.0 035250 Kangwon Land 7,445 34,800 2.8 35.2 7.8 33.3 13.0 18.8 16.6 2.5 2.3 15.0 15.5 002380 KCC 7,311 695,000 1.2 40.7 7.9 3.2 10.2 28.6 25.9 1.4 1.3 5.0 5.4 000720 Hyundai E&C 6,971 62,600 0.8 34.7 16.3 11.7 31.2 12.4 9.5 1.3 1.2 11.0 13.0 161390 Hankook Tire 6,553 52,900 0.9 -0.6 8.2 -2.6 14.2 9.1 8.0 1.5 1.3 17.2 16.9 139480 Emart 6,537 234,500 0.6 -5.2 12.4 -6.1 18.1 14.9 12.6 0.9 0.8 6.4 7.0 021240 Coway 6,494 84,200 2.1 11.1 14.8 9.0 16.5 24.3 20.9 5.5 4.8 26.5 26.8 088350 Hanwha Life 6,123 7,050 - - - - 0.0 0.0 010140 Samsung Heavy Industries 5,910 25,600 2.0 -63.8 138.9 -55.1 117.9 20.8 9.6 0.9 0.8 4.8 9.8 011170 Lotte Chemical 5,484 160,000 0.6 -16.3 118.4 -2.6 142.9 19.6 8.0 0.9 0.8 4.4 10.1 032640 LG Uplus 5,479 12,550 1.4 -0.7 4.2 -7.4 10.1 21.2 19.2 1.3 1.3 6.3 6.7 001800 Orion 5,473 916,000 0.3 4.1 5.8 4.3 15.9 36.0 31.1 4.4 3.9 12.9 13.5 011210 Hyundai Wia 5,455 212,000 0.2 9.2 16.7 11.6 13.9 11.7 10.3 2.0 1.7 18.8 18.0 097950 CJ CheilJedang 5,228 398,500 0.5 48.7 26.2 75.1 64.4 28.1 17.1 1.9 1.7 6.9 10.6 036460 Korea Gas 5,133 55,600 1.8 -15.1 17.9 - -8.6 13.3 14.6 0.5 0.5 4.2 3.7 010950 S-Oil 5,089 45,200 1.7 -64.8 469.5 -31.0 186.5 26.4 9.2 1.0 0.9 3.7 10.1 008770 Hotel Shilla 4,631 118,000 0.3 74.2 72.3 841.7 76.7 46.4 26.2 6.1 5.0 14.0 21.0 005830 Dongbu Insurance 4,368 61,700 - - - - 0.0 0.0 047050 Daewoo International 4,231 37,150 2.3 139.3 20.5 144.3 24.4 12.5 10.1 1.7 1.5 14.3 15.7 Source: KDB Daewoo Securities Research Market Data September 24, 2014 ※All data as of close September 24, 2014, unless otherwise noted.
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    Quarterly Holdings Report for Fidelity ZERO℠ International Index Fund July 31, 2021 IID-NPRT3-0921 1.9891457.102 Schedule of Investments July 31, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks ± 94.9% Common Stocks ± continued Shares Value ($) Shares Value ($) Australia ± 4.4% Australia ± continued Afterpay Ltd. (a) 22,894 1,623,962 Mineral Resources Ltd. 16,203 749,225 AGL Energy Ltd. 60,306 319,968 Mirvac Group unit 390,767 820,146 ALS Ltd. 46,060 430,626 National Australia Bank Ltd. 321,999 6,127,232 Altium Ltd. 12,261 305,023 Newcrest Mining Ltd. 80,716 1,569,094 Alumina Ltd. 227,547 278,866 NEXTDC Ltd. (a) 47,767 446,936 AMP Ltd. 338,142 258,071 Nine Entertainment Co. Holdings Ltd. 140,465 284,501 Ampol Ltd. 22,892 474,580 Northern Star Resources Ltd. 112,165 841,232 Ansell Ltd. 12,312 354,630 Orica Ltd. 39,099 355,504 APA Group unit 117,800 823,845 Origin Energy Ltd. 172,715 520,930 ARB Corp. Ltd. 7,663 262,617 OZ Minerals Ltd. 32,271 548,950 Aristocrat Leisure Ltd. 62,693 1,915,742 Qantas Airways Ltd. 191,439 644,838 ASX Ltd. 19,106 1,078,070 QBE Insurance Group Ltd. 145,409 1,162,054 Atlas Arteria Ltd. unit 91,490 420,967 Qube Holdings Ltd. 176,280 377,740 Aurizon Holdings Ltd. 185,010 524,071 Ramsay Health Care Ltd. 18,062 850,163 AusNet Services 178,343 238,851 REA Group Ltd. 4,891 580,240 Australia & New Zealand Banking Group Ltd.
  • KOREA Morning

    KOREA Morning

    May 14, 2012 KOREA Morning Company News & Analysis Major Indices Close Chg Chg (%) SK Hynix (Buy/TP: W38,000) KOSPI 1,917.13 -27.80 -1.43 Focus on fundamental improvements KOSPI 200 254.00 -3.89 -1.51 KOSDAQ 493.66 -0.61 -0.12 LG Corp. (Buy/TP: W90,000) Share price to hinge on LG Chem’s performance Turnover ('000 shares, Wbn) Volume Value Kangwon Land (Buy/TP: W30,000) Lower TP KOSPI 529,990 4,335 Starting growth; Rising expectations for capacity expansion KOSPI 200 65,470 3,447 KOSDAQ 490,950 1,845 Daum Communications (Buy/TP: W150,000) Lower TP Market Cap (Wbn) 2Q: Strong seasonality; 2H: Mobile monetization models Value KOSPI 1,103,732 LS (Buy/TP: W118,000) Raise TP KOSDAQ 106,544 Positive 1Q results; LS Cable & System picking up KOSPI Turnover (Wbn) Buy Sell Net Hanjin Shipping (Buy/TP: W25,000) Foreign 897 1,067 -170 Buying opportunity has re-emerged Institutional 936 956 -20 Retail 2,349 2,082 267 SFA Engineering (Buy/TP: W70,000) Resumption of OLED investments to provide boost KOSDAQ Turnover (Wbn) Buy Sell Net GS Holdings (Trading Buy/TP: W65,000) Lower TP Foreign 87 80 7 GS Caltex was sluggish relative to its peers Institutional 85 64 21 Retail 1,666 1,693 -27 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 533 783 -249 KOSDAQ 10 14 -3 Advances & Declines Advances Declines Unchanged KOSPI 198 606 83 KOSDAQ 290 641 62 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,303,000 -24,000 351 KODEX LEVERAGE 12,385 -435 245 Hynix 25,400 -1,200 175 LG Chem 278,000 -10,000 135 Kia Motors 80,600 800 124 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Celltrion 43,500 5,650 256 RFTech 10,450 350 41 WISEPOWER CO.,LTD 1,880 -30 40 Crosscert 2,795 -30 34 AHNLAB 116,600 -100 29 Note: As of May 11, 2012 This document is a summary of a report prepared by Daewoo Securities Co., Ltd.
  • Interim Financial Statements the Accompanying Interim Financial Statements Have Not Been Reviewed by the External Auditors of the Etfs

    Interim Financial Statements the Accompanying Interim Financial Statements Have Not Been Reviewed by the External Auditors of the Etfs

    MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying financial statements have been prepared by RBC Global Asset Management Inc. (“RBC GAM”) as manager of the RBC ETFs (the “ETFs”) and approved by the Board of Directors of RBC GAM. We are responsible for the information contained within the financial statements. We have maintained appropriate procedures and controls to ensure that timely and reliable financial information is produced. The financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) (and they include certain amounts that are based on estimates and judgments). The significant accounting policies, which we believe are appropriate for the ETFs, are described in Note 3 to the financial statements. Damon G. Williams, FSA, FCIA, CFA Heidi Johnston, CPA, CA Chief Executive Officer Chief Financial Officer RBC Global Asset Management Inc. RBC GAM Funds May 10, 2021 Unaudited Interim Financial Statements The accompanying interim financial statements have not been reviewed by the external auditors of the ETFs. The external auditors will be auditing the annual financial statements of the ETFs in accordance with Canadian generally accepted auditing standards. 2021 INTERIM FINANCIAL STATEMENTS SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) (in $000s) RBC QUANT EMERGING MARKETS DIVIDEND LEADERS ETF March 31, 2021 Fair % of Net Fair % of Net Holdings Security Cost Value Assets Holdings Security Cost Value Assets INTERNATIONAL EQUITIES Consumer Discretionary (cont.) Communication Services 220 Hyundai Mobis $ 59 $ 71 21 600 Advanced Info Service PCL, 374 Hyundai Motor Co. 101 91 Subscription Receipts $ 170 $ 151 900 Joyoung Co. Ltd. 5 5 137 100 America Movil S.A.B.