September 10, 2019 Korea Morning Focus

Company News & Analysis Major Indices Close Chg Chg (%) Dongwon Industries (006040/Buy/TP: W330,000) KOSPI 2,019.55 10.42 0.52 Undervalued relative to improving fundamentals KOSPI 200 267.40 1.87 0.70 KOSDAQ 625.77 -5.38 -0.85 JYP Entertainment (035900/Buy/TP: W28,000) Foreign investor influx to begin Turnover ('000 shares, Wbn) Volume Value KOSPI 503,436 4,402 KOSPI 200 60,820 2,639 KOSDAQ 695,783 3,850

Market Cap (Wbn) Value KOSPI 1,348,800 KOSDAQ 219,019

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,112 879 234 Institutional 1,042 1,116 -75 2,203 2,376 -173

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 354 408 -53 Institutional 147 243 -95 Retail 3,321 3,175 146

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 941 852 89 KOSDAQ 321 399 -78

Advances & Declines Advances Declines Unchanged KOSPI 320 508 63 KOSDAQ 388 835 84

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Electronics 46,900 600 429 Hwacheon Machinery 5,060 -480 251 Works Korea Industrial 4,635 115 246 KODEX Leverage 11,685 165 229 Hynix 84,300 2,400 208

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Kukil Paper 5,820 -280 203 KMW 69,800 -6,200 138 KBIOGEN 9,610 1,220 122 RFHIC 42,400 -5,000 95 Soulbrain 71,800 2,700 94 Note: As of September 09, 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.

Dongwon Industries (006040 KS) Undervalued relative to improving fundamentals

Food & Beverage 3Q19 preview: Fisheries to return to profit For 3Q19, we forecast a 10.3% YoY gain in revenue and 43.4% YoY increase in operating Company Report profit (W48.4bn) for Dongwon Industries. We believe 3Q19 operating profit growth will September 9, 2019 be driven by the fisheries (tuna catching) business. In 3Q18, the fisheries division (14% of revenue) recorded a loss due to a drop in tuna (skipjack) prices. In 3Q19, we expect the division to post a 22.4% YoY rise in revenue and return to an operating profit (W12.5bn), as a 30% YoY increase in catches and a weaker won against both the dollar and the yen (tuna sales are settled in US$ and JPY) should outweigh a 10% fall in (Maintain) Buy average tuna prices. For logistics (39% of revenue), we forecast both revenue and operating profit to grow. For distribution (47% of revenue), we expect revenue to grow, but operating profit to decline. Target Price (12M, W) 330,000 Fundamentals to continue to improve Share Price (09/09/19, W) 222,000 Looking forward, we expect Dongwon Industries’ fundamentals to improve, with operating profit growing 21.1% YoY in 2019 and 9.1% YoY in 2020. Expected Return 49% Despite wide fluctuations in tuna prices, fisheries’ operating profit should prove less volatile than market expectations, thanks to steady growth in tuna catches. Dongwon Industries launched two new S-class vessels (W35bn invested) in July and September (one began fishing in August and the other will begin in October). With S-class vessels OP (19F, Wbn) 215 accounting for nine of the company’s 14 national flag carriers, we expect catch-per- Consensus OP (19F, Wbn) 214 vessel to increase. S-class vessels are more competitive, because they are equipped with state-of-the-art equipment that allow ships to identify schools and share EPS Growth (19F, %) 41.4 information. We think catches by S-class vessels will reach breakeven levels, even Market EPS Growth (19F, %) -27.9 under unfavorable conditions (climate, etc.). P/E (19F, x) 7.6 We believe the logistics business will grow steadily, following a series of M&As. Market P/E (19F, x) 12.7 Dongwon Industries, which was one of Korea’s first third-party logistics providers, KOSPI 2,019.55 acquired Dongbu Express (ground transportation, stevedoring, storage, and international logistics) in February 2017 to strengthen its logistics business. The Market Cap (Wbn) 816 increased size of the business has led to stronger pricing power, a rise in new Shares Outstanding (mn) 4 contracts, and scale effects. Dongwon Industries also acquired BIDC (a storage and Free Float (%) 36.6 transportation service provider that owns a distribution center in New Port; revenue of W69.5bn and operating profit of W6.1bn) in February 2019, and merged Foreign Ownership (%) 7.4 with Dongwon Cold Storage (revenue of W16.2bn and operating profit of W6.9bn) in Beta (12M) 0.79 May 2019. The company also established Dongwon Loex (operating profit in 2H18) to 52-Week Low 191,500 enter the cold storage business. 52-Week High 299,500 StarKist, a US canned tuna supplier wholly owned by Dongwon Industries, has been expanding its business beyond canned tuna and tuna pouches to products like canned (%) 1M 6M 12M salmon (2014), salmon pouches (2015), chicken pouches (2018), and shrimp pouches Absolute -1.8 -3.7 -24.5 (2H19). That said, increased SG&A expenses related to new products could lead to Relative -5.7 1.9 -14.7 profit contraction. Regarding the price-fixing lawsuits with US retailers, StarKist has set aside roughly US$100mn to cover the litigation costs. We could see additional litigation 110 Dongwon Industries KOSPI provisions, but they are unlikely to have a significant impact on fundamentals. 100 90 Maintain Buy and TP of W330,000 80 We think Dongwon Industries’ current share price offers a good entry point, as we 70 expect fundamentals to continue to improve and tuna prices to also rebound in 2019- 20. We also believe the company warrants a re-rating, as it continues to reduce its 60 exposure to the volatile fisheries business in favor of the more stable logistics and 50 9.18 1.19 5.19 9.19 distribution businesses. The stock is currently trading at a 2020F P/E of 6x and P/B of 0.6x.

Mirae Asset Daewoo Co., Ltd.

[ F&B] FY (Dec.) 12/16 12/17 12/18 12/19F 12/20F 12/21F Revenue (Wbn) 1,576 2,381 2,445 2,704 2,906 3,095 Woon-mok Baek +822-3774-1679 OP (Wbn) 151 225 178 215 235 250 [email protected] OP margin (%) 9.6 9.4 7.3 8.0 8.1 8.1

NP (Wbn) 75 167 69 103 125 144 EPS (W) 22,300 49,609 20,549 29,056 34,024 39,264 ROE (%) 10.0 19.6 7.3 9.6 10.3 10.8

P/E (x) 16.3 6.8 9.9 7.6 6.5 5.7 P/B (x) 1.5 1.2 0.7 0.7 0.6 0.6 Dividend yield (%) 0.8 1.2 1.5 1.6 1.6 1.6 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) Foreign investor influx to begin

Entertainment US NDR takeaways: Despite worries, overall view on K-pop still positive We recently joined JYP Entertainment on a non-deal roadshow (NDR) in New York, Company Report Chicago, and Los Angeles during the first week of September. A wide range of topics September 10, 2019 were covered, from the Korean entertainment industry’s unique profit model (trainee incubation and profit sharing) to potential risks. US investors generally maintained a positive view on K-pop. Many investors believed that K-pop could become mainstream and expand its market, as the growth of digital music revives the global music market and removes the physical barriers to content consumption. (Maintain) Buy That said, investors appeared more wary than before of the various risks inherent in the entertainment industry, as a string of negative news since the beginning of the Target Price(12M, W) 28,000 year has caused a sharp selloff that has lasted for more than six months. Growth visibility and risk management capabilities stand out Share Price (09/09/19, W) 19,950 We believe JYP Entertainment has strong earnings visibility. Its main artists, TWICE and GOT7, are seeing growing album sales and concert attendees, while its newer artists Expected Return 40% like Stray Kids (debuted in 2018) and ITZY (debuted in 2019) are beginning to generate profits. Stray Kids’ album sales have more than doubled (from 70,000 copies to 170,000 copies) in just 18 months, and the number of the group’s overseas concerts is also continuing to rise. ITZY’s first mini album has sold more than 100,000 copies, which is OP (19F, Wbn) 39 considered a critical threshold of success for girl groups. Profit margins, which had Consensus OP (19F, Wbn) 37 contracted slightly when the two groups first debuted, should rapidly recover, as monetization gains traction. EPS Growth (19F, %) 31.8 Market EPS Growth (19F, %) -27.9 We believe JYP Entertainment is also better positioned from a risk management P/E (19F, x) 22.1 perspective: 1) The company has a profitable core business, while its exposure to non- core businesses is almost nonexistent. The company should continue to generate high Market P/E (19F, x) 12.7 margins from its main artists, GOT7 and TWICE, who are now five years into their KOSDAQ 625.77 careers. 2) JYP Entertainment also has a decision-making process that helps minimize risks. The company’s organization is divided into artist-specific labels, rather than Market Cap (Wbn) 708 function, which limits its dependence on a single artist. In addition, the company Shares Outstanding (mn) 35 maintains a content voting system that prevents any one person from exercising too Free Float (%) 74.8 much power and allows different opinions to be shared. Foreign Ownership (%) 10.6 Most suitable to investor needs; recommend as our top pick in Beta (12M) 1.30 entertainment 52-Week Low 16,950 In our view, the Korean entertainment industry’s competitiveness in the global music 52-Week High 39,150 market remains intact. Nevertheless, investors are becoming increasingly hesitant to overweight entertainment stocks, as a series of negative news items have weighed on (%) 1M 6M 12M the sector (JYP Entertainment is now trading at a 12-month forward P/E of 19x). While Absolute 7.3 -33.7 -41.7 the underlying view on entertainment stocks remains largely unchanged from the thesis that drove the 2018 rally (digital music sales to drive earnings; K-pop’s increasing Relative 1.1 -22.0 -23.7 popularity to drive multiple expansion), investors have become more cautious, as they weigh “cheap share prices” against “unknown risks”. 140 JYP Entertainment KOSDAQ 120 From this perspective, we believe JYP Entertainment is best-suited to investor needs, given: 1) its earnings growth visibility (growth of key artists and monetization of new 100 artists); 2) high earnings predictability (due to concentration on core business and 80 limited exposure to non-core businesses); and 3) risk-minimizing organizational 60 structure (independent labels and internal voting system). In particular, we believe JYP Entertainment will be the most favored option among foreign investors focused on 40 9.18 1.19 5.19 9.19 safety, and thus expect the stock’s foreign ownership (currently 10.3%) to gradually increase. We maintain our Buy rating and target price of W28,000 on JYP Entertainment. Mirae Asset Daewoo Co., Ltd.

[ Media] FY (Dec.) 12/15 12/16 12/17 12/18 12/19F 12/20F Revenue (Wbn) 51 74 102 125 155 190 Jeong-yeob Park +822-3774-1652 OP (Wbn) 4 14 19 29 39 51 [email protected] OP margin (%) 7.8 18.9 18.6 23.2 25.2 26.8

NP (Wbn) 3 8 16 24 32 40 EPS (W) 94 246 471 685 902 1,134 ROE (%) 5.6 13.4 21.4 22.5 22.5 22.8

P/E (x) 48.9 20.0 29.2 44.2 22.1 17.6 P/B (x) 2.2 2.1 4.8 7.7 4.2 3.4 Dividend yield (%) 0.0 0.0 0.0 0.4 0.6 0.6 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

Mirae Asset Daewoo Research Key Universe Valuations September 10, 2019

※All data as of close September 06, 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 279,983 46,900 3.0 -53.4 23.9 -46.6 21.4 14.6 12.0 1.2 1.2 8.8 10.0 000660 SK Hynix 61,371 84,300 1.8 -85.3 102.4 -84.1 94.0 24.9 12.8 1.2 1.1 5.2 9.5 005380 Hyundai Motor 27,136 127,000 3.1 67.7 4.7 142.3 10.8 9.8 8.8 0.5 0.5 5.2 5.5 035420 25,216 153,000 0.2 -23.3 105.7 -50.8 169.4 79.1 29.4 3.7 3.3 5.9 14.5 012330 23,922 251,000 1.6 10.3 7.8 25.4 8.8 10.3 9.5 0.7 0.7 7.4 7.4 051910 LG Chem 22,943 325,000 1.8 -33.1 66.6 -42.2 97.7 29.9 15.1 1.4 1.3 4.9 9.2 068270 21,304 166,000 - - - - 0.0 0.0 055550 19,679 41,500 14.3 5.4 11.3 0.9 5.6 5.6 0.5 0.5 9.3 8.6 051900 LG H&H 19,398 1,242,000 0.9 12.8 9.7 16.5 10.7 24.4 22.0 5.3 4.5 20.3 19.1 017670 SK Telecom 19,137 237,000 4.2 11.4 3.3 -58.6 71.4 14.8 8.6 0.8 0.7 5.7 9.3 005490 POSCO 18,920 217,000 4.6 -21.1 -1.8 55.3 -0.7 7.2 7.3 0.4 0.4 5.9 5.7 000270 Motors 17,471 43,100 1.9 20.5 19.7 54.5 16.7 9.8 8.4 0.6 0.6 6.3 7.0 105560 KB Financial Group 17,205 41,150 10.3 4.1 12.6 3.2 5.0 4.8 0.4 0.4 9.3 8.9 006400 Samsung SDI 16,572 241,000 0.4 22.3 40.8 14.1 34.5 21.2 15.8 1.3 1.2 6.4 8.0 028260 Samsung C&T 16,560 87,300 2.3 -16.8 41.4 -39.5 16.8 16.1 13.8 0.5 0.5 4.2 4.1 015760 KEPCO 16,017 24,950 - 305.3 - - - 26.1 0.2 0.2 - 0.9 096770 SK Innovation 15,303 165,500 4.8 -21.3 14.0 -33.2 22.1 14.1 11.5 0.8 0.8 6.0 7.1 018260 Samsung SDS 14,895 192,500 1.3 13.6 15.8 13.2 15.8 20.9 18.1 2.3 2.1 11.3 12.0 034730 SK Holdings 14,283 203,000 2.5 3.5 23.6 -50.2 14.0 12.8 11.3 0.8 0.7 6.5 6.9 033780 KT&G 14,072 102,500 4.1 12.8 5.6 17.5 5.1 13.3 12.6 1.6 1.5 12.7 12.6 032830 Samsung Life 13,900 69,500 - - - - 0.0 0.0 003550 LG Corp. 12,407 71,900 3.2 17.2 15.4 5.5 15.6 6.4 5.6 0.6 0.6 10.5 11.1 036570 NCsoft 12,119 552,000 1.1 4.9 73.6 31.4 51.5 22.0 14.6 3.8 3.1 21.3 26.5 035720 11,146 133,000 0.1 184.9 132.6 205.6 127.5 71.0 31.2 2.1 2.0 3.0 6.5 010950 S-Oil 10,977 97,500 1.5 20.9 139.4 59.3 237.7 27.7 8.2 1.7 1.4 6.2 18.5 000810 Samsung F&M 10,754 227,000 - - - - 0.0 0.0 086790 10,253 34,150 11.5 6.2 9.6 8.5 4.2 3.8 0.4 0.3 9.0 8.9 066570 LG Electronics 10,032 61,300 1.2 -11.8 30.9 -20.9 81.5 11.3 6.2 0.7 0.7 6.6 11.1 009540 KSOE 8,493 120,000 - 215.7 - 27.2 208.1 163.6 0.7 0.7 0.3 0.4 010130 Korea Zinc 8,284 439,000 2.5 14.1 2.3 26.3 -2.0 12.4 12.7 1.2 1.1 10.2 9.3 251270 8,264 96,400 16.8 50.4 24.2 35.1 34.9 25.8 1.7 1.6 5.3 6.7 090430 AmorePacific 8,155 139,500 0.8 -15.7 30.9 -9.8 31.4 27.2 20.7 2.1 1.9 6.6 8.1 011170 Lotte Chemical 8,038 234,500 4.5 -35.8 23.4 -39.4 33.6 8.4 6.3 0.6 0.6 7.3 9.2 024110 7,302 12,700 6.0 3.0 3.9 2.0 4.6 4.5 0.4 0.4 8.5 8.1 009150 Samsung Electro-Mechanics 7,245 97,000 1.1 -39.9 36.8 -3.0 -7.6 11.8 12.8 1.3 1.2 12.4 10.3 030200 KT 7,063 27,050 4.1 9.5 1.0 18.2 5.3 8.7 8.2 0.5 0.5 6.0 6.0 091990 Celltrion Healthcare 6,627 46,050 - 214.5 745.0 180.7 68.5 24.4 3.6 3.3 5.7 14.8 018880 Hanon Systems 6,112 11,450 - - - - 0.0 0.0 032640 LG Uplus 5,741 13,150 4.9 -13.0 8.7 -18.0 12.3 14.5 12.9 0.8 0.8 5.7 6.2 086280 5,700 152,000 2.2 13.5 4.6 23.2 21.9 10.6 8.7 1.2 1.1 11.9 13.1 267250 5,505 338,000 5.5 78.7 2.1 154.0 4.5 8.1 7.7 0.6 0.6 8.6 8.5 Holdings 004020 5,111 38,300 2.0 6.1 22.5 53.1 31.9 8.4 6.3 0.3 0.3 3.5 4.3 034220 LG Display 5,099 14,250 - - - - - 27.4 0.4 0.4 - 1.4 010140 5,084 8,070 - - - - - 32.5 0.7 0.7 - 2.4 000720 Hyundai E&C 4,683 42,050 1.2 22.4 10.8 49.0 7.3 8.2 7.7 0.7 0.7 8.9 8.9 071050 Korea Investment Holdings 3,962 71,100 - - - - 0.0 0.0 023530 Lotte Shopping 3,876 137,000 3.8 16.6 4.2 - 1.1 12.3 12.2 0.3 0.3 2.7 2.6 029780 3,870 33,400 -16.3 3.1 2.8 4.1 10.9 10.5 0.6 0.5 1.5 1.5 271560 Orion 3,835 97,000 0.6 1.3 8.9 36.8 11.4 20.0 18.0 2.4 2.1 12.7 12.5 012750 S1 3,705 97,500 2.8 4.9 7.3 52.9 8.6 23.5 21.7 2.5 2.4 12.1 12.4 Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research Market Data September 10, 2019

※All data as of close September 09, 2019, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 410.18 2.98 0.73 -4.37 USD/KRW 1,196.90 1,199.60 1,211.30 1,121.20 KOSPI 2,019.55 10.42 0.52 0.48 JPY100/KRW 1,119.49 1,120.96 1,144.73 1,013.15 KOSDAQ 625.77 -5.38 -0.85 -6.51 EUR/KRW 1,319.46 1,323.82 1,355.08 1,303.34 Dow Jones* 26,797.46 69.31 0.26 14.88 3Y Treasury 1.24 1.27 1.19 1.92 S&P 500* 2,978.71 2.71 0.09 18.67 3Y Corporate 1.74 1.77 1.71 2.37 NASDAQ* 8,103.07 -13.76 -0.17 21.56 DDR4 8Gb* 3.31 3.33 3.64 7.46 Philadelphia Semicon* 1,568.34 2.13 0.14 34.59 NAND MLC 64G* 2.43 2.43 2.46 3.11 FTSE 100* 7,282.34 11.17 0.15 8.14 Oil (Dubai)* 59.23 58.53 58.75 75.31 Nikkei 225 21,318.42 118.85 0.56 8.98 Gold* 1,509.00 1,519.00 1,472.40 1,199.00 Hang Seng* 26,690.76 175.23 0.66 6.21 Customer deposits (Wbn)* 23,760 23,923 25,641 25,296 Taiwan (Weighted) 10,801.14 20.50 0.19 13.05 Equity type BC (Wbn)(Sep. 5) 78,941 78,808 78,281 81,969 Note: * as of September 06, 2019 Source: KSDA, FnGuide, 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 Samsung Electronics 102.67 TIGER MSCI Korea TR 90.83 TIGER MSCI Korea TR 90.83 Hynix 30.58 Hynix 86.78 Amore Pacific 10.87 KODEX Leverage 37.27 Kakao 27.90 Kakao 16.90 NC Soft 10.37 14.90 Samsung SDI 17.54 NAVER 16.59 Shinhan Financial Group 9.72 Amore Pacific 14.10 KODEX 200 Futures Inverse 2X 16.39 KODEX 200 14.97 Celltrion 8.09 Hana Financial Group 11.07 LG Innotek 13.13 Samsung Electronics (P) 10.85 Honam Petrochemical 7.55 Honam Petrochemical 11.03 KODEX 200 10.81 Hyundai Mobis 9.38 Hana Financial Group 7.11 NC Soft 10.62 Iljin Materials 9.96 KT&G 8.47 SK C&C 6.73 Shinhan Financial Group 9.73 LG Chem 9.49 F&F 7.12 LG Display 5.33 Celltrion 7.64 Samsung Electronics 9.02 Samsung Techwin 5.89 POSCO 3.99 International 6.94 Hyundai Mobis 7.37 Source: KSDA, FnGuide

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 Soulbrain 9.28 KMW 13.37 8.42 RFHIC 11.19 Koh Young 3.70 RFHIC 7.06 CJ ENM 5.39 Esmo 9.36 AfteecaTV 3.35 HLB 2.64 J contentree 1.51 KMW 7.02 CJ ENM 2.87 ABL Bio 2.17 Ace Technology 1.06 ViroMed 5.33 NHN KCP 2.84 Deutsch Motors 1.92 ASTORY 1.04 ECOPROBM 4.67 Danawa 2.33 Dong-A Hwasung 1.74 Dongjin Semichem 1.00 LB Semicon 4.02 Paradise 1.96 SFA Engineering 1.69 Kornic Systems 0.99 Nepes 2.77 JYP Entertainment 1.77 L&F 1.67 CLIO Cosmetics 0.97 L&F 2.43 SillaJen 1.66 Neuros 1.51 NEOWIZ Games 0.79 MC Nex 2.21 Wonik IPS 1.58 Dasan Networks 1.45 Se Gyung Hi Tech 0.78 BH,LTD. 2.16 Source: KSDA, FnGuide

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 46,900 600 279,983 Celltrion Healthcare 46,050 -350 6,627 Hynix 84,300 2,400 61,371 ViroMed 180,500 -2,900 3,848 Samsung Electronics (P) 39,100 550 32,175 CJ ENM 165,100 8,600 3,621 Hyundai Motor 127,000 -500 27,136 KMW 69,800 -6,200 2,775 NAVER 153,000 3,500 25,216 PearlAbyss 200,400 1,400 2,610 Hyundai Mobis 251,000 2,000 23,922 Medy-tox 356,600 1,100 2,074 LG Chem 325,000 -3,500 22,943 Studio Dragon 69,100 5,200 1,940 Celltrion 166,000 500 21,304 Hugel 371,000 -1,700 1,937 Shinhan Financial Group 41,500 50 19,679 SK Materials 177,500 -2,200 1,872 LG Household & Health Care 1,242,000 -5,000 19,398 HLB 47,550 -450 1,866 Source: