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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. („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 May 14, 2012 Semiconductor SK Hynix (000660 KS) Daewoo Securities Co., Ltd. James Song Focus on fundamental improvements +822-768-3722 [email protected] What’s new: Shares are falling due to non-fundamental issues SK HynixÊs shares have pulled back since April, affected by: 1) negative effects from the companyÊs bid for Elpida, 2) overhang risks related to the potential sale of creditorsÊ remaining stake (6.4%), and 3) delays to the companyÊs earnings recovery (due to weak mobile DRAM and NAND prices). We believe that non-fundamental issues (i.e., the first and second points) have had especially large impacts on shares. Buy (Maintain) Micron Technology was selected as the preferred bidder for Elpida. Over the long Target Price (12M, W) 38,000 term, Micron should be able to enhance its competitiveness via this acquisition. Share Price (05/11/12, W) 25,400 However, since the deal is not an M&A between top-tier firms, Micron is unlikely to Expected Return (%) 49.6 see a near-term boost. Rather, we think that the resulting streamlining of DRAM EPS Growth (12F, %) TTB suppliers should positively affect the overall DRAM market. Market EPS Growth (12F, %) 20.0 P/E (12F, x) 28.1 Catalyst: PC DRAM prices to rise; Mobile DRAM and NAND prices to stabilize Market P/E (12F, x) 9.5 KOSPI 1,917.13 PC DRAM prices have been rising since early to mid-2Q, while mobile DRAM prices Market Cap (Wbn) 17,628 and NAND prices have remained sluggish. Shares Outstanding (mn) 694 Avg Trading Volume (60D, '000) 6,123 The rise of PC DRAM prices has been slower than the market expected. However, Avg Trading Value (60D, Wbn) 176 the PC DRAM business is likely to see positive effects from: 1) limited supply Dividend Yield (12F, %) 0.0 expansion, 2) gradual demand growth (e.g., from Ultrabooks), and 3) the expected Free Float (%) 72.6 restructuring of the Elpida camp in 2H. As such, we forecast PC DRAM prices to 52-Week Low (W) 15,500 exceed US$1.2 in end-2Q and US$1.4 in end-3Q. 52-Week High (W) 35,200 Beta (12M, Daily Rate of Return) 1.3 Mobile DRAM and NAND prices are likely to find boosts from smartphone demand Price Return Volatility (12M Daily, %, SD) 3.5 growth. Still, Samsung ElectronicsÊ (SEC) smartphone shipment expansion should Foreign Ownership (%) 23.5 only have a minimal impact on SK Hynix, as subsequent memory demand growth Major Shareholder(s) should mostly benefit SEC. Since new smartphone sales are growing full swing, SK Telecom (27.43%) mobile DRAM and NAND prices are likely to stabilize gradually. In particular, SECÊs National Pension Service (8.08%) expected NAND capacity cuts (a switch from NAND to system LSI) should positively Price Performance affect the NAND market. (%) 1M 6M 12M Absolute -8.5 17.9 -24.6 Valuation & recommendation: Focus on gradual fundamental improvements Relative -4.6 15.0 -13.1 We reiterate our Buy call on SK Hynix with a target price of W38,000. Although Key Business SK Hynix manufactures semiconductor earnings improvement has been somehow slower than market expectations, we products, including DRAM and NAND flash stay optimistic on the memory market recovery story and the companyÊs memory. fundamental improvement. Since the companyÊs share pullback has been mostly driven by non-fundamental issues, we advise investors to accumulate shares. SK HynixÊs shares have fallen to a 2012F P/B of only 1.7x. Share price FY Revenues OP OP Margin NP EPS EBITDA FCF ROE P/E P/B EV/EBITDA 110 KOSPI (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (X) (X) (X) 100 90 12/10 12,099 3,273 27.1 2,648 4,486 6,100 2,588 38.9 5.4 1.8 3.0 80 12/11 10,396 326 3.1 -57 -96 3,572 -1,101 -0.7 - 1.7 5.2 70 12/12F 11,392 822 7.2 627 903 4,202 -5 6.6 28.1 1.7 5.0 60 50 12/13F 14,757 2,162 14.7 2,022 2,914 5,621 845 16.7 8.7 1.4 3.6 40 12/14F 16,932 2,426 14.3 2,326 3,351 6,006 1,423 16.2 7.6 1.2 3.1 5/11 9/11 1/12 5/12 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 May 14, 2012 Holding Companies LG Corp. (003550 KS) Daewoo Securities Co., Ltd. Dae-ro Jeong Share price to hinge on LG Chem’s performance +822-768-4160 [email protected] Maintain Buy call with TP of W90,000 We maintain our Buy call on LG Corp. with a target price of W90,000. The companyÊs current market cap (W10tr) is only equivalent to the combined value of its stakes in LG Electronics (LGE) and LG Chem. We believe that LG Corp.Ês shares are undervalued, trading at a 54% discount to the companyÊs net asset value per share. Since early this year, LG Corp.Ês shares have showed a strong correlation to LG Buy (Maintain) ChemÊs shares. LGE (one of the culprits behind LG Corp.Ês share discount) swung to Target Price (12M, W) 90,000 positive in 4Q and posted solid 1Q results despite lingering concerns over its Share Price (05/11/12, W) 58,100 Expected Return (%) 54.9 smartphone business.
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