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KOREA Morning June 13, 2012 KOREA Morning Company News & Analysis Major Indices Close Chg Chg (%) Partron (Buy/TP: W15,500) Adjust TP KOSPI 1,854.74 -12.30 -0.66 2Q Earnings likely to hit a new high KOSPI 200 246.43 -1.87 -0.75 KOSDAQ 471.97 2.38 0.51 Turnover ('000 shares, Wbn) Volume Value KOSPI 417,375 3,588 KOSPI 200 55,369 2,639 KOSDAQ 579,923 1,737 Market Cap (Wbn) Value KOSPI 1,067,878 KOSDAQ 99,696 KOSPI Turnover (Wbn) Buy Sell Net Foreign 819 869 -50 Institutional 729 639 90 Retail 1,960 1,917 42 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 60 49 11 Institutional 52 53 -1 Retail 1,624 1,630 -6 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 605 639 -34 KOSDAQ 11 8 3 Advances & Declines Advances Declines Unchanged KOSPI 351 441 105 KOSDAQ 455 449 94 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,255,000 -13,000 221 Hynix 23,550 500 184 KODEX LEVERAGE 11,570 -185 164 KODEX INVERSE 7,900 70 133 NCsoft 259,000 4,000 106 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value AZTECHWB 6,110 -300 61 Daum Communications 99,500 4,700 54 Openbase 1,820 -120 54 Makus 3,240 -140 51 Celltrion 32,100 350 36 Note: As of June 12, 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 June 13, 2012 Telecom Equipment Partron (091700 KQ) Daewoo Securities Co., Ltd. Wonjae Park 2Q Earnings likely to hit a new high +822-768-3372 [email protected] TP adjusted to W15,500 due to bonus issue; Maintain Buy call Young Ryu +822-768-4138 We maintain our Buy call on Partron. And, taking into account the companyÊs [email protected] upcoming 0.3:1 bonus issue (announced on May 23rd), we adjust our 12-month target price to W15,500. Given that the record date of the bonus issue is June 14th, th the ex-rights date will be June 13 . We derived our target price by applying a P/E of 11.2x to our 2012 EPS estimate of W1,385. Our target price implies an upside of 42.2% from the adjusted share price (W10,900). Buy (Maintain) Target Price (12M, W) 15,500 2Q Preview: Earnings likely to hit a new high Standard Price (06/13/12, W) 10,900 For 2Q, we project PartronÊs earnings to hit a historic high for the second Expected Return (%) 42.2 EPS Growth (12F, %) 66.4 consecutive quarter. We forecast 2Q revenues and operating profit to come in at Market EPS Growth (12F, %) 19.6 W180.5bn (up 131.7% YoY; up 38.0% QoQ) and W17.3bn (up 92.1% YoY; up P/E (12F, x) 7.8 34.0% QoQ), respectively. Market P/E (12F, x) 9.3 KOSDAQ 471.97 These stellar results should be attributable to: 1) a surge in Galaxy Note sales Market Cap (Wbn) 421 volume and 2) PartronÊs full-swing supply of parts for use in the Galaxy S III (since Shares Outstanding (mn) 39 May). In particular, given that pre-orders for the Galaxy S III are exceeding those of Avg Trading Volume (60D, '000) 393 its predecessors (i.e., Galaxy S, Galaxy S II), the outlook for this new device looks Avg Trading Value (60D, Wbn) 5 rosy. Accordingly, Partron is seeing an increase in orders for related parts. As such, Dividend Yield (12F, %) 1.8 we have raised our estimates for the companyÊs 2Q revenues and operating profit Free Float (%) 73.8 52-Week Low (W) 6,469 by 9.4% and 11.0%, respectively. 52-Week High (W) 14,692 Time to focus on rapid earnings growth Beta (12M, Daily Rate of Return) 1.2 Price Return Volatility (12M Daily, %, SD) 3.7 Partron has displayed the fastest earnings growth in the handset parts segment. An Foreign Ownership (%) 10.6 increasing number of the companyÊs parts are being used in the production of Major Shareholder(s) Samsung ElectronicsÊ (SEC; a top customer) flagship products. Even though the Jonggu Kim et al. (25.36%) NPS (5.19%) companyÊs dependence on SEC is heavy, given that the smartphone market is dominated by SEC and Apple, this dependence seems unavoidable. We believe that Price Performance investors need to focus on the fact that Partron is a major beneficiary of the growth (%) 1M 6M 12M of SECÊs smartphone business. Furthermore, we believe that downside risks to Absolute 0.4 -11.6 30.6 margins are limited, since: 1) PartronÊs overall OP margin has already fallen to the Relative 3.6 -9.2 40.0 OP margin level of its camera module unit (whose earnings contributions have Key Business surged), and 2) strong top-line growth should lead to fixed cost savings. Partron manufactures and sells handset components (e.g., camera modules, antennae, GPS, passive parts, etc.) Share price FY Revenues OP OP Margin NP EPS EBITDA FCF ROE P/E P/B EV/EBITDA 160 KOSDAQ (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (X) (X) (X) 140 12/10 233 38 16.3 32 1,071 39 6 29.8 13.7 3.6 10.9 120 12/11 360 38 10.4 32 1,081 41 -15 23.3 13.4 2.9 11.3 100 80 12/12F 671 65 9.7 54 1,385 66 20 30.3 7.8 2.1 7.0 60 12/13F 742 70 9.5 60 1,540 76 36 26.3 7.1 1.7 6.3 40 12/14F 856 83 9.7 69 1,777 89 34 24.4 6.1 1.4 5.4 6/11 10/11 2/12 6/12 Notes: All figures are based on non-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. Market Data June 13, 2012 ※All data as of close June 12, 2012, unless otherwise noted. Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 372.21 9.76 2.69 3.91 USD/KRW 1,167.00 1,173.00 1,142.50 1,083.10 KOSPI 1,854.74 -12.30 -0.66 1.55 JPY100/KRW 1,471.91 1,475.47 1,430.54 1,348.57 KOSDAQ 471.97 2.38 0.51 -6.87 EUR/KRW 1,455.60 1,483.26 1,477.48 1,571.90 Dow Jones* 12,411.23 -142.97 -1.14 1.59 3Y Treasury 3.29 3.32 3.37 3.65 S&P 500* 1,308.93 -16.73 -1.26 2.50 3Y Corporate 3.87 3.91 4.00 4.39 NASDAQ* 2,809.73 -48.69 -1.70 6.08 DDR2 1Gb* 1.28 1.27 1.27 1.13 Philadelphia Semicon* 365.69 -7.04 -1.89 -0.79 NAND 16Gb* 2.13 2.08 2.12 2.93 FTSE 100* 5,432.37 -2.71 -0.05 -4.69 Oil (Dubai)* 98.76 95.97 108.19 112.05 Nikkei 225 8,536.72 -88.18 -1.02 -0.27 Gold* 1,595.50 1,590.10 1,584.00 1,528.60 Hang Seng* 18,953.63 451.29 2.44 0.40 Customer deposits (Wbn)* 16,996 16,594 17,437 15,729 Taiwan (Weighted) 7,072.08 -48.15 -0.68 1.72 Equity type BC (Wbn)(Jun.
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