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Korea Morning Focus May 23, 2019 Korea Morning Focus Company News & Analysis Major Indices Close Chg Chg (%) LG Electronics (066570/Buy/TP: W99,500) KOSPI 2,064.86 3.61 0.18 5G presents new opportunities KOSPI 200 266.65 0.53 0.20 KOSDAQ 706.93 2.95 0.42 Turnover ('000 shares, Wbn) Volume Value KOSPI 500,633 4,638 KOSPI 200 60,374 2,652 KOSDAQ 712,110 4,222 Market Cap (Wbn) Value KOSPI 1,368,593 KOSDAQ 242,884 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,300 1,294 5 Institutional 940 1,032 -92 Retail 2,369 2,296 73 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 458 515 -57 Institutional 231 213 17 Retail 3,505 3,464 41 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,056 1,113 -57 KOSDAQ 398 429 -31 Advances & Declines Advances Declines Unchanged KOSPI 390 428 77 KOSDAQ 661 532 89 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 43,500 350 463 KODEX Leverage 11,720 30 303 KODEX 200 Futures 7,860 -20 244 Inverse 2X Hynix 68,900 -1,400 213 KODEX Kosdaq150 10,485 40 141 Leverage KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Hyundai IT 18,300 3,000 367 Nexon GT 17,650 650 188 TPLEX 3,150 420 114 ABL Bio 33,250 2,350 100 Kukil Paper 3,980 110 84 Note: As of May 22, 2019 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. LG Electronics (066570 KS) 5G presents new opportunities Technology Strong competitiveness of home appliances/TVs; Potential benefits from US- China trade dispute Company Report We recently hosted LG Electronics (LGE) for meetings with foreign investors. Many May 23, 2019 investors showed strong interest in the home appliance & air solution (H&A) business due to its robust competitiveness, as well as the mobile communications (MC) business due to expected benefits from the US-China trade conflict and Huawei’s recent woes. Components are a key part of the home appliance business’s competitiveness. LGE (Maintain) Buy internally produces components like motors, inverters, and compressors, which allows it to generate high margins. New growth items are also doing well. The sales mix of air Target Price (12M, W) 99,500 purifiers, electric dryers, cordless vacuums, and stylers has been rising, providing a boost to margins. Share Price (05/22/19, W) 73,100 While there are worries about US safeguard tariffs, the company is addressing the issue through the operation of its Tennessee plant (which began in 4Q18). The home Expected Return 36% appliance rental business also looks promising. Rental subscribers have continued to grow thanks to the strong popularity of the company’s water and air purifiers. In addition, there are high expectations on the company’s HomeBrew machine and hair OP (19F, Wbn) 2,895 growth devices. LGE recently installed WiFi modules on all of its appliances to prepare Consensus OP (19F, Wbn) 2,824 for the upcoming big data era. EPS Growth (19F, %) 23.7 The smartphone business is continuing to struggle. However, we believe 5G presents new opportunities for LGE, which has an extensive list of 5G-related patents. The initial Market EPS Growth (19F, %) -19.5 response to the company’s 5G smartphones has so far been positive. In particular, LGE P/E (19F, x) 8.6 looks well-positioned to capture opportunities in markets that are actively introducing Market P/E (19F, x) 11.6 5G, such as Korea and the US. KOSPI 2,064.86 In addition, the smartphone business may benefit from Huawei’s troubles in the US. Market Cap (Wbn) 11,963 Meanwhile, prices of components such as semiconductors and multilayer ceramic Shares Outstanding (mn) 181 capacitors (MLCCs) have been falling, leading to cost improvements. The company Free Float (%) 65.7 could also see labor cost savings from 4Q19, when the relocation of the Pyeongtaek Foreign Ownership (%) 32.8 plant to Vietnam is set to be completed. Beta (12M) 1.34 The home entertainment (HE) business faces a number of headwinds, including rising 52-Week Low 59,400 panel prices, slowing growth in emerging markets, and the absence of major sports 52-Week High 98,700 events. In our view, increasing the mix of OLED TVs is critical, and we expect that to happen after LG Display’s Guangzhou fab goes into operation in 2H19. The vehicle (%) 1M 6M 12M component solutions (VS) business is LGE’s next growth driver. Order backlog currently Absolute -0.5 5.6 -25.9 stands at over W40tr. We project orders to gradually translate into revenue from 2H19. Relative 6.8 5.9 -11.6 Maintain Buy and TP of W99,500; Steeply undervalued 110 LG Electronics KOSPI We maintain our Buy rating and target price of W99,500 on LGE. The stock looks 100 steeply undervalued, currently trading at a 12-month forward P/E of 7.6x and P/B of 90 0.81x. The company has a market value of just W12tr, even though the home appliance 80 and TV businesses alone generate more than W3tr in annual operating profit. We also 70 expect the smartphone business to benefit from US-China trade disputes and capture 60 opportunities in 5G. 50 5.18 9.18 1.19 5.19 Mirae Asset Daewoo Co., Ltd. [ Telecom Equipment/Electronic FY (Dec.) 12/16 12/17 12/18 12/19F 12/20F 12/21F Components] Revenue (Wbn) 55,367 61,396 61,342 63,512 68,371 73,602 Wonjae Park OP (Wbn) 1,338 2,469 2,703 2,895 3,473 4,150 +822-3774-1426 OP margin (%) 2.4 4.0 4.4 4.6 5.1 5.6 [email protected] NP (Wbn) 77 1,726 1,240 1,535 2,147 2,726 EPS (W) 425 9,543 6,858 8,487 11,872 15,072 ROE (%) 0.7 13.7 9.0 10.3 12.9 14.4 P/E (x) 121.4 11.1 9.1 8.6 6.2 4.9 P/B (x) 0.8 1.4 0.8 0.8 0.7 0.7 Dividend yield (%) 0.8 0.4 1.2 1.0 1.1 1.1 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. Mirae Asset Daewoo Research Key Universe Valuations May 23, 2019 ※All data as of close May 21, 2019, unless otherwise noted. 19F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 19F 20F 19F 20F 19F 20F 19F 20F 19F 20F 005930 Samsung Electronics 259,686 43,500 3.3 -54.2 38.9 -46.7 34.7 13.5 10.1 1.2 1.1 8.8 11.1 000660 SK Hynix 50,159 68,900 2.2 -78.7 60.6 -78.6 55.5 15.1 9.7 1.0 0.9 6.9 10.1 005380 Hyundai Motor 27,136 127,000 3.1 40.1 30.5 139.2 15.0 9.9 8.6 0.5 0.5 5.1 5.7 068270 Celltrion 23,677 184,500 - - - - 0.0 0.0 051910 LG Chem 23,437 332,000 1.8 -13.1 52.7 -15.4 63.6 20.9 12.8 1.4 1.3 7.1 10.9 055550 Shinhan Financial Group 21,837 46,050 12.5 3.1 10.5 0.7 6.3 6.2 0.6 0.5 9.4 8.8 017670 SK Telecom 20,429 253,000 4.0 5.8 9.8 -34.9 53.0 10.0 6.6 0.8 0.7 8.8 12.5 005490 POSCO 20,358 233,500 4.7 -16.7 1.8 69.3 2.3 7.1 7.0 0.4 0.4 6.5 6.3 012330 Hyundai Mobis 20,110 211,000 1.7 9.1 10.2 27.0 7.4 8.6 8.0 0.6 0.6 7.5 7.6 051900 LG H&H 20,023 1,282,000 0.9 12.5 9.5 15.3 10.4 25.4 23.0 5.5 4.7 19.9 18.8 105560 KB Financial Group 19,317 46,200 9.7 3.8 10.8 4.0 5.7 5.5 0.5 0.5 9.3 9.0 035420 NAVER 18,624 113,000 0.3 -15.1 26.3 -31.4 68.6 41.8 24.8 2.7 2.4 8.2 12.5 028260 Samsung C&T 18,153 95,700 2.1 5.4 20.1 -4.2 20.7 14.4 11.9 0.7 0.6 5.2 5.9 034730 SK Holdings 16,781 238,500 2.0 13.3 12.9 -32.3 20.1 11.1 9.2 0.9 0.8 8.9 9.8 000270 Kia Motors 16,681 41,150 1.9 20.5 19.7 54.5 16.7 9.3 8.0 0.6 0.5 6.3 7.0 032830 Samsung Life 16,160 80,800 - - - - 0.0 0.0 015760 KEPCO 16,113 25,100 - - - - - - 0.2 0.2 - - 018260 Samsung SDS 16,017 207,000 1.4 11.6 16.5 12.7 15.4 22.6 19.6 2.4 2.2 11.3 12.0 096770 SK Innovation 15,488 167,500 4.8 -29.5 18.8 -40.7 27.9 16.0 12.5 0.8 0.8 5.3 6.7 006400 Samsung SDI 14,647 213,000 0.5 16.8 45.7 -1.0 42.4 21.6 15.2 1.1 1.1 5.6 7.5 033780 KT&G 13,867 101,000 4.2 12.8 5.6 17.5 5.1 13.1 12.5 1.6 1.5 12.7 12.6 000810 Samsung F&M 13,123 277,000 - - - - 0.0 0.0 003550 LG Corp.
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