December 22, 2017

KOREA Morning Focus

No English report summaries Major Indices Close Chg Chg (%) KOSPI 2,429.83 -42.54 -1.72 KOSPI 200 319.72 -6.07 -1.86 KOSDAQ 740.32 -14.95 -1.98

Turnover ('000 shares, Wbn) Volume Value KOSPI 244,206 5,244 KOSPI 200 85,390 4,418 KOSDAQ 1,193,663 5,913

Market Cap (Wbn) Value KOSPI 1,579,690 KOSDAQ 263,267

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,288 1,615 -328 Institutional 1,351 1,047 304 Retail 2,551 2,556 -6

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 423 396 27 Institutional 284 184 100 Retail 5,199 5,321 -122

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,415 1,242 173 KOSDAQ 277 191 86

Advances & Declines Advances Declines Unchanged KOSPI 180 627 73 KOSDAQ 202 990 53

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Electronics 2,457,000 -87,000 762 HANALL BIOPHARMA 20,550 400 454 Hynix 77,000 -3,100 375 KODEX LEVERAGE 16,840 -680 273 KODEX 200 31,975 -635 223

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Woori Technology 4,010 -90 417 SillaJen 75,600 -3,900 331 197,300 -3,700 279 New Pride 4,445 -485 264 Vidente 22,500 -4,100 240 Note: As of December 21, 2017

Mirae Asset Daewoo Research 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.

Mirae Asset Daewoo Research Key Universe Valuations December 22, 2017

※All data as of close December 20, 2017, unless otherwise noted.

18F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 18F 19F 18F 19F 18F 19F 18F 19F 18F 19F 005930 317,195 2,457,000 2.8 17.5 -8.6 25.3 -6.4 7.2 7.7 1.4 1.2 21.4 17.1 000660 SK Hynix 56,056 77,000 0.8 11.3 -39.0 6.7 -38.7 4.9 8.1 1.2 1.1 29.0 14.5 005380 Hyundai Motor 33,041 150,000 3.1 17.2 16.4 31.5 15.0 7.5 6.5 0.6 0.5 7.8 8.4 005490 POSCO 29,382 337,000 2.8 8.8 2.5 7.7 2.8 8.9 8.7 0.6 0.6 7.2 7.0 035420 NAVER 27,755 842,000 0.2 26.5 16.8 32.6 16.3 24.9 21.4 3.9 3.3 20.7 19.8 051910 LG Chem 27,602 391,000 1.5 8.0 13.3 14.8 13.8 12.2 10.7 1.6 1.5 14.6 14.7 105560 KB Financial Group 25,881 61,900 11.5 3.7 -0.6 3.7 7.6 7.3 0.7 0.6 9.6 9.2 012330 25,212 259,000 1.5 18.4 4.5 19.4 3.7 8.6 8.2 0.8 0.7 9.2 8.8 032830 Samsung Life 24,900 124,500 - - - - 0.0 0.0 015760 KEPCO 24,844 38,700 3.1 20.5 3.9 19.1 6.6 6.2 5.8 0.3 0.3 5.5 5.6 068270 Celltrion 24,202 197,300 - - - - 0.0 0.0 055550 24,042 50,700 -0.2 6.1 -1.1 6.0 7.2 6.8 0.7 0.6 9.6 9.4 207940 23,092 349,000 1031.1 242.1 - 386.7 535.7 110.1 5.8 5.5 1.1 5.1 017670 SK Telecom 21,963 272,000 3.7 4.9 6.0 8.4 -5.4 7.3 7.7 1.0 0.9 16.1 13.6 034730 SK Holdings 19,595 278,500 1.3 9.6 -0.7 12.3 7.2 8.8 8.2 1.1 1.0 14.5 13.6 096770 SK Innovation 18,724 202,500 4.0 3.0 5.2 0.3 5.1 8.1 7.7 0.9 0.9 12.3 11.8 051900 LG Household & Health Care 18,539 1,187,000 0.8 10.5 10.2 10.2 9.8 28.9 26.3 5.8 4.9 22.3 20.6 090430 AmorePacific 17,567 300,500 0.7 41.3 20.0 49.7 20.6 30.7 25.5 4.4 3.8 15.1 16.0 033780 KT&G 16,544 120,500 3.4 5.4 4.8 12.6 7.1 13.7 12.8 1.9 1.7 15.0 14.7 066570 LG Electronics 16,250 99,300 0.4 38.2 9.9 15.3 8.7 8.0 7.4 1.1 1.0 15.3 14.4 003550 LG Corp. 15,340 88,900 1.5 3.3 0.0 -7.6 0.0 9.2 9.2 0.9 0.9 10.6 9.7 018260 Samsung SDS 15,205 196,500 0.4 10.1 5.7 12.1 5.7 25.7 24.3 2.5 2.3 10.2 9.8 251270 Games Corporation 15,177 178,500 16.0 -2.8 17.6 -3.6 36.4 37.7 3.3 3.0 9.5 8.4 086790 15,037 50,800 18.0 7.0 14.3 7.4 7.0 6.5 0.6 0.5 8.6 8.5 010950 S-Oil 13,960 124,000 6.2 39.0 14.2 29.9 14.2 9.5 8.4 1.9 1.7 21.2 21.8 006400 Samsung SDI 13,890 202,000 0.5 366.2 45.6 54.7 11.6 12.4 11.2 1.1 1.0 9.7 9.9 000270 Motors 13,336 32,900 3.6 113.9 6.7 62.5 8.8 5.4 5.0 0.5 0.4 8.8 8.9 000810 Samsung F&M 12,673 267,500 - - - - 0.0 0.0 011170 Lotte Chemical 12,493 364,500 1.6 9.6 8.4 10.7 9.0 4.8 4.4 0.9 0.8 20.4 18.6 091990 Celltrion Healthcare 12,237 89,100 64.5 44.1 29.6 56.9 37.8 24.1 10.2 7.2 31.2 34.9 002790 AmoreG 11,256 136,500 0.4 34.9 11.5 50.2 11.7 36.8 33.0 3.6 3.2 10.5 10.7 034220 LG Display 10,556 29,500 1.7 -49.2 95.4 -51.5 98.6 11.2 5.6 0.7 0.6 6.4 11.7 036570 NCSOFT 9,565 436,000 2.1 52.1 1.6 43.6 1.5 13.2 13.0 2.9 2.5 25.2 21.4 024110 9,408 16,800 7.5 6.4 7.8 7.2 6.8 6.3 0.5 0.5 8.0 8.0 010130 Korea Zinc 9,190 487,000 1.7 8.8 12.5 16.2 12.0 11.6 10.3 1.4 1.3 12.8 12.9 035720 Corp. 8,759 129,000 0.2 33.5 8.9 12.3 9.8 63.2 57.6 2.1 2.1 3.4 3.6 030200 KT 8,121 31,100 2.6 5.3 1.0 21.2 11.4 9.1 8.2 0.6 0.6 7.2 7.6 004020 7,740 58,000 1.3 9.4 5.8 9.2 6.9 7.8 7.3 0.4 0.4 5.8 5.9 009540 7,621 134,500 -40.6 65.8 1511.9 74.6 35.0 20.0 0.9 0.8 2.5 4.2 021240 Coway 7,519 100,500 3.7 8.6 7.3 10.9 6.6 19.6 18.4 6.5 5.9 37.0 35.9 009150 Samsung Electro-Mechanics 7,372 98,700 0.7 75.1 13.7 81.2 17.4 25.3 21.5 1.6 1.5 6.7 7.4 018880 Hanon Systems 6,993 13,100 - - - - 0.0 0.0 161390 6,627 53,500 0.9 42.8 11.2 40.5 11.8 7.1 6.4 0.9 0.8 13.5 13.3 032640 LG Uplus 6,287 14,400 3.8 9.8 1.3 14.1 0.5 10.4 10.3 1.1 1.1 11.4 10.6 128940 6,173 553,000 -11.3 162.5 -9.1 180.9 116.3 41.4 7.9 6.6 7.1 17.6 088350 Hanwha Life 6,123 7,050 - - - - 0.0 0.0 078930 GS Holdings 5,742 61,800 2.4 10.4 9.6 11.8 8.9 6.6 6.1 0.7 0.6 11.2 11.1 086280 5,250 140,000 2.1 3.4 3.2 3.6 -1.2 8.2 8.3 1.2 1.1 15.5 13.6 005830 DB Insurance 5,013 70,800 - - - - 0.0 0.0 009830 Hanwha Chemical 4,969 30,150 1.2 8.4 4.2 0.8 11.4 5.0 4.5 0.7 0.6 15.1 14.6 Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research Market Data December 22, 2017

※All data as of close December 21, 2017, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 547.75 -0.79 -0.14 43.63 USD/KRW 1,082.90 1,086.80 1,098.90 1,191.20 KOSPI 2,429.83 -42.54 -1.72 19.92 JPY100/KRW 955.40 962.79 976.19 1,010.78 KOSDAQ 740.32 -14.95 -1.98 17.13 EUR/KRW 1,285.84 1,287.04 1,289.50 1,238.19 Dow Jones* 24,726.65 -28.10 -0.11 24.37 3Y Treasury 2.09 2.09 2.16 1.69 S&P 500* 2,679.25 -2.22 -0.08 18.66 3Y Corporate 2.64 2.64 2.71 2.16 NASDAQ* 6,960.96 -2.89 -0.04 28.22 DDR2 1Gb* 1.31 1.30 1.28 1.20 Philadelphia Semicon* 1,285.44 8.92 0.70 41.67 NAND 16Gb* 2.87 2.87 2.88 1.87 FTSE 100* 7,525.22 -18.87 -0.25 4.84 Oil (Dubai)* 61.60 61.40 60.68 52.09 Nikkei 225 22,866.10 -25.62 -0.11 16.70 Gold* 1,266.10 1,260.70 1,275.30 1,131.50 Hang Seng* 29,234.09 -19.57 -0.07 31.98 Customer deposits (Wbn)* 24,918 25,728 27,182 21,761 Taiwan (Weighted) 10,488.97 -15.55 -0.15 13.11 Equity type BC (Wbn)(Dec. 19) 76,201 75,572 73,136 74,189 Note: * as of December 20, 2017 Source: KSDA, Wisefn, 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 POSCO 33.98 Samsung Electronics 163.56 Samsung Electronics 85.13 KODEX LEVERAGE 81.27 Industrial Bank of Korea 9.00 Hynix 44.50 KB Financial Group 20.03 KODEX KOSDAQ150 LEVERAGE 29.17 SK Energy 7.38 SEMCO 24.70 KODEX INVERSE 17.94 Hynix 18.47 NCsoft 6.95 Samsung SDI 15.33 KODEX 200 Futures Inverse 2X 14.63 SEMCO 13.43 Honam Petrochemical 5.81 KB Financial Group 13.29 Netmarble Games 13.41 LG Innotek 10.64 Hana Financial Group 4.48 Samsung Electronics (P) 13.14 SK Telecom 12.40 Hyundai Motor 7.81 OCI 4.23 TIGER200 12.93 TIGER200 12.11 KOREA KOLMAR 4.70 LG Display 4.04 KEPCO 12.03 SK C&C 10.52 3.77 Hotel Shilla 3.97 Netmarble Games 11.73 KT&G 8.05 KODEX 200 3.48 Glovis 3.90 SK Telecom 11.39 NHN 7.91 AmorePacific 3.16 Source: KSDA, Wisefn

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 Celltrion 21.30 Celltrion Healthcare 13.32 Celltrion 32.31 Jenexine 6.36 Medipost 9.80 Me2on 4.62 Celltrion Healthcare 10.56 BH,LTD. 4.48 Homecast 3.82 L&F 3.64 Medipost 9.15 PearlAbyss 3.28 PearlAbyss 3.59 SK Materials 2.70 Medy-tox 6.55 Interflex 3.17 Interflex 3.54 Koh Young 2.49 CJ E&M 4.88 Tes 2.32 Jenexine 3.39 GS Home Shopping 2.03 Hugel 3.32 Vidente 2.16 Semiconductor 2.60 SFA Engineering 1.97 Paradise 3.12 New Pride 1.60 Huons 2.33 Tes 1.91 HLB 2.88 Omnitel 1.26 HLB 2.27 Binex 1.55 GS Home Shopping 2.68 Webzen 1.18 CJ E&M 1.86 Jusung Engineering 1.50 Jtuen Entertainment 2.44 Ace Technology 1.17 Source: KSDA, Wisefn

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 2,457,000 -87,000 317,195 Celltrion 197,300 -3,700 24,202 Hynix 77,000 -3,100 56,056 Celltrion Healthcare 89,100 -900 12,237 Samsung Electronics (P) 1,956,000 -71,000 35,698 SillaJen 75,600 -3,900 5,141 Hyundai Motor 150,000 -2,500 33,041 CJ E&M 93,000 -100 3,602 POSCO 337,000 3,500 29,382 LOEN 110,400 -1,100 2,792 NHN 842,000 -7,000 27,755 TissueGene(Reg.S) 43,500 -150 2,627 LG Chem 391,000 -7,000 27,602 PearlAbyss 216,400 2,300 2,611 KB Financial Group 61,900 -900 25,881 Medy-tox 446,500 -500 2,526 Hyundai Mobis 259,000 -5,500 25,212 ViroMed 140,600 -2,700 2,243 124,500 0 24,900 Hugel 497,100 -7,100 2,141 Source: