December 26, 2019 Korea Morning Focus

No English report summaries this morning Major Indices Close Chg Chg (%) KOSPI 2,190.08 -13.63 -0.62 KOSPI 200 292.90 -1.97 -0.67 KOSDAQ 638.91 -8.71 -1.34

Turnover ('000 shares, Wbn) Volume Value KOSPI 560,158 4,756 KOSPI 200 57,102 2,504 KOSDAQ 748,129 3,572

Market Cap (Wbn) Value KOSPI 1,472,110 KOSDAQ 231,076

KOSPI Turnover (Wbn) Buy Sell Net Foreign 865 1,032 -167 Institutional 1,154 896 258 2,679 2,787 -108

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 393 394 -2 Institutional 205 152 53 Retail 2,948 2,986 -38

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 709 823 -114 KOSDAQ 372 376 -5

Advances & Declines Advances Declines Unchanged KOSPI 311 512 85 KOSDAQ 305 941 98

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value KAL 42,900 -3,300 580 Electronics 55,000 -500 506 KODEX Kosdaq150 7,900 -255 143 Leverage Hynix 93,800 -800 138 185,000 -1,500 125

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value HLB 100,100 -8,200 162 Energy Solutions 25,850 -2,150 112 JC Chemical 6,220 950 102 ESA 1,430 -545 75 GemVax 32,450 150 73 Note: As of December 24, 2019

This document is a summary of a report prepared by Mirae Asset 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 26, 2019

※All data as of close December 23, 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 328,338 55,000 2.6 -54.3 40.3 -47.7 35.9 17.5 12.8 1.4 1.3 8.6 10.8 000660 SK Hynix 68,287 93,800 1.6 -85.8 150.5 -85.5 140.0 30.2 12.6 1.3 1.2 4.7 10.7 035420 NAVER 29,996 182,000 0.2 -17.8 77.0 -47.3 132.4 87.8 37.8 4.4 4.0 6.3 13.4 005380 Hyundai Motor 26,068 122,000 3.3 49.6 41.9 118.5 48.0 10.4 7.0 0.5 0.4 4.7 6.6 012330 24,541 257,500 1.9 17.9 16.4 24.3 17.1 10.7 9.1 0.7 0.7 7.3 7.9 068270 Celltrion 23,743 185,000 - - - - 0.0 0.0 051910 LG Chem 22,060 312,500 1.3 -55.7 70.9 -72.5 164.0 60.4 22.9 1.4 1.3 2.4 6.1 055550 21,600 45,550 12.3 3.9 10.0 -0.2 6.2 6.2 0.5 0.5 9.1 8.4 005490 POSCO 20,925 240,000 4.6 -23.9 -9.2 37.8 -0.3 9.0 9.0 0.5 0.4 5.3 5.1 105560 KB Financial Group 20,676 49,450 9.3 2.3 12.6 0.9 6.0 5.9 0.5 0.5 9.2 8.5 028260 Samsung C&T 20,487 108,000 1.9 -27.7 39.8 -42.8 17.9 21.1 17.9 0.7 0.6 4.0 3.9 051900 LG H&H 19,663 1,259,000 0.9 12.8 9.7 16.5 10.7 24.7 22.3 5.4 4.6 20.3 19.1 017670 SK Telecom 19,581 242,500 4.1 7.3 -3.5 -60.6 68.2 15.9 9.4 0.8 0.7 5.4 8.8 034730 SK Holdings 18,434 262,000 1.9 -2.8 21.5 -36.6 11.0 13.0 11.7 1.0 0.9 8.2 8.3 000270 Motors 18,120 44,700 2.0 70.4 29.1 79.8 24.5 8.7 7.0 0.6 0.6 7.4 8.5 015760 KEPCO 17,911 27,900 - - - - - 146.1 0.3 0.3 - 0.2 006400 Samsung SDI 15,472 225,000 0.4 -33.0 108.9 -38.3 99.8 36.6 18.3 1.2 1.2 3.5 6.7 032830 Samsung Life 15,260 76,300 - - - - 0.0 0.0 018260 Samsung SDS 15,089 195,000 1.3 10.4 12.3 10.3 11.8 21.7 19.4 2.3 2.1 11.1 11.3 096770 SK Innovation 14,240 154,000 4.2 -42.8 18.2 -68.7 92.4 27.9 14.5 0.7 0.7 2.8 5.4 033780 KT&G 13,372 97,400 4.3 12.8 5.6 17.5 5.1 12.6 12.0 1.5 1.4 12.7 12.6 003550 LG Corp. 12,925 74,900 3.3 -28.0 45.0 -18.4 16.8 8.7 7.4 0.7 0.6 8.1 8.9 035720 12,630 146,500 0.1 184.6 138.3 226.0 114.7 73.3 34.1 2.4 2.2 3.2 6.7 000810 Samsung F&M 11,820 249,500 - - - - 0.0 0.0 066570 LG Electronics 11,766 71,900 1.0 -4.2 15.6 -39.2 107.1 17.3 8.3 0.9 0.8 5.1 9.9 036570 NCsoft 11,701 533,000 1.1 6.0 76.9 33.5 52.9 21.0 13.7 3.6 3.0 21.6 27.0 090430 AmorePacific 11,575 198,000 0.6 -15.7 30.9 -9.8 31.4 38.6 29.4 2.9 2.7 6.6 8.1 086790 11,484 38,250 4.6 2.7 14.8 -6.2 4.4 4.7 0.4 0.4 9.2 8.1 010950 S-Oil 10,943 97,200 0.3 -13.3 197.8 -54.2 948.9 96.0 9.1 1.7 1.5 1.8 17.3 009150 Samsung Electro-Mechanics 9,038 121,000 0.9 -32.8 17.4 -5.4 -2.9 15.1 15.6 1.7 1.5 12.1 10.5 009540 KSOE 8,882 125,500 - 88.1 - -39.1 36.2 59.4 0.8 0.8 2.1 1.3 010130 Korea Zinc 8,105 429,500 2.6 12.2 15.7 25.4 9.3 12.3 11.2 1.2 1.1 10.2 10.3 011170 Lotte Chemical 7,952 232,000 4.5 -46.0 12.7 -54.7 32.3 11.1 8.4 0.6 0.6 5.5 6.9 091990 Celltrion Healthcare 7,945 55,200 - 144.5 435.7 165.0 129.6 48.9 4.4 4.2 3.7 9.3 251270 7,863 91,700 1.8 57.7 14.5 36.9 36.0 26.3 1.7 1.6 4.9 6.3 024110 7,157 12,400 0.6 -0.8 -1.0 -2.3 4.7 4.8 0.4 0.3 8.0 7.3 030200 KT 7,128 27,300 4.0 -2.4 -1.1 -7.8 21.0 11.2 9.3 0.5 0.5 4.7 5.5 032640 LG Uplus 6,265 14,350 4.5 -11.8 10.9 -16.7 15.0 15.6 13.6 0.9 0.9 5.8 6.4 018880 Hanon Systems 6,059 11,350 - - - - 0.0 0.0 267250 5,831 358,000 5.2 -1.6 92.1 74.3 199.2 12.5 4.2 0.7 0.6 6.0 16.5 Holdings 034220 LG Display 5,600 15,650 ------0.4 0.5 - - 086280 5,456 145,500 2.3 22.7 2.0 3.3 34.0 12.1 9.0 1.2 1.1 10.1 12.2 000720 Hyundai E&C 4,727 42,450 1.2 12.4 10.9 42.6 -6.7 8.7 9.3 0.7 0.7 8.3 7.3 029780 4,675 40,350 11.7 -28.6 1.7 6.8 13.3 12.5 0.7 0.6 1.5 1.6 010140 4,479 7,110 - - - - - 45.4 0.7 0.7 - 1.7 271560 Orion 4,270 108,000 0.6 14.2 7.7 56.5 9.1 19.5 17.9 2.6 2.3 14.4 13.7 004020 4,257 31,900 2.4 -45.2 39.1 -75.8 289.4 44.2 11.4 0.2 0.2 0.6 2.1 071050 Korea Investment Holdings 4,068 73,000 - - - - 0.0 0.0 004990 4,065 38,750 2.1 91.0 11.9 198.2 20.3 7.4 6.2 0.4 0.4 7.5 8.3 023530 Lotte Shopping 3,876 137,000 3.8 -2.6 14.7 - 16.9 16.5 14.1 0.3 0.3 2.0 2.3 Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research Market Data December 26, 2019

※All data as of close December 24, 2019, unless otherwise noted. Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 472.10 -2.10 -0.44 10.07 USD/KRW 1,161.70 1,162.60 1,176.50 1,123.90 KOSPI 2,190.08 -13.63 -0.62 8.96 JPY100/KRW 1,061.88 1,061.98 1,083.43 1,011.84 KOSDAQ 638.91 -8.71 -1.34 -4.55 EUR/KRW 1,288.50 1,288.04 1,301.44 1,277.87 Dow Jones* 28,551.53 96.44 0.34 22.39 3Y Treasury 1.37 1.38 1.46 1.85 S&P 500* 3,224.01 2.79 0.09 28.45 3Y Corporate 1.95 1.95 1.97 2.31 NASDAQ* 8,945.65 20.69 0.23 34.20 DDR4 8Gb* 3.03 3.03 2.76 6.38 Philadelphia Semicon* 1,857.12 3.25 0.18 59.37 NAND MLC 64G* 2.35 2.34 2.34 2.73 FTSE 100* 7,623.59 41.11 0.54 13.21 Oil (Dubai)* 66.21 66.87 63.74 53.51 Nikkei 225 23,830.58 9.47 0.04 21.82 Gold* 1,482.50 1,474.70 1,463.60 1,253.80 Hang Seng* 27,906.41 35.06 0.13 11.05 Customer deposits (Wbn)* 26,628 26,019 26,458 23,119 Taiwan (Weighted) 11,976.38 -45.85 -0.38 -99.82 Equity type BC (Wbn)(Dec. 20) 85,893 85,503 81,703 83,945 Note: * as of December 23, 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 SEMCO 28.84 KODEX 200 TR 100.46 KODEX 200 TR 100.36 Hanjin KAL 47.20 LG Chem 15.35 TIGER200 68.84 Samsung Electronics 76.56 KODEX Kosdaq150 Leverage 18.08 Kakao 7.08 Samsung Electronics 55.78 TIGER200 68.74 KODEX Inverse 7.65 Dongbu Hannong Chemical 5.96 KODEX 200 31.01 KODEX 200 31.47 SK Telecom 2.93 Korea 5.40 Hyundai Motor 29.84 Hyundai Motor 24.08 Kakao 2.72 Celltrion 4.39 Hanjin KAL 10.11 Hynix 18.66 Shilla 2.60 S-Oil 3.82 KT&G 9.73 Samsung C&T 12.94 KODEX KOSDAQ 150 2.39 Hana Tour 3.72 KT 8.70 12.52 Samsung Electronics (P) 1.92 Shinhan 2X Natural Gas KODEX Inverse 3.53 Samsung Biologics 8.06 KODEX Leverage 9.54 1.92 Futures ETN(H) SK Energy 2.97 Orange Life 7.44 SK C&C 7.90 1.79 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 MC Nex 9.78 HLB 11.47 HLB 20.24 Metal-Life 6.79 GemVax 6.00 ViroMed 5.11 GemVax 8.96 IDIS 5.17 Mezzion Pharma 3.34 SillaJen 4.68 Mezzion Pharma 5.71 Energy Solutions 4.13 Nepes 3.02 Energy Solutions 4.08 Alteogen 3.55 SK Materials 3.93 EO Technics 2.57 KMW 3.42 Wemade 3.03 TiumBio 2.65 Soulbrain 2.10 Komipharm 2.70 Sam Chun Dang Pharm. 2.86 MC Nex 2.05 Duksan Neolux 2.04 ABL Bio 2.68 Semiconductor 2.57 AfteecaTV 2.01 Paradise 1.82 Korea SE 2.21 ADTechnology 2.50 LegoChem Bio 1.87 Dongjin Semichem 1.70 IDIS 2.13 MedPacto 2.03 ICD 1.65 Vieworks 1.63 AfteecaTV 2.00 Wonik IPS 1.86 ABL Bio 1.43 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 55,000 -500 328,338 Celltrion Healthcare 55,200 -100 7,945 Hynix 93,800 -800 68,287 HLB 100,100 -8,200 4,278 Samsung Electronics (P) 44,900 -200 36,948 CJ ENM 155,900 -1,100 3,419 NAVER 182,000 -2,000 29,996 PearlAbyss 184,000 -2,000 2,396 Samsung Biologics 417,000 -5,500 27,591 76,300 -1,300 2,144 Hyundai Motor 122,000 -500 26,068 Hugel 387,600 3,300 1,984 Hyundai Mobis 257,500 -2,500 24,541 SK Materials 183,800 -7,300 1,939 Celltrion 185,000 -1,500 23,743 KMW 48,350 -1,050 1,924 LG Chem 312,500 -500 22,060 ViroMed 85,300 -2,700 1,827 Shinhan Financial Group 45,550 -250 21,600 Medy-tox 302,300 -4,500 1,758 Source: