December 14, 2017

KOREA Morning Focus

Company News & Analysis Major Indices Close Chg Chg (%) Hanwha Corp. (000880/Buy/TP: W56,000) Upgrade rating & Present TP ' KOSPI 2,480.55 19.55 0.79 Earnings to improve on Hanwha E&C s normalization KOSPI 200 326.18 2.11 0.65 KOSDAQ 772.22 11.82 1.55

Sector News & Analysis Turnover ('000 shares, Wbn) Non-ferrous metals (Overweight) Volume Value Impact of Glencore’s zinc production restart KOSPI 251,104 5,028 KOSPI 200 89,459 4,107 KOSDAQ 1,131,049 5,394

Market Cap (Wbn) Value KOSPI 1,613,324 KOSDAQ 274,605

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,443 1,648 -205 Institutional 1,585 886 698 Retail 1,945 2,461 -515

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 412 324 88 Institutional 285 192 93 Retail 4,695 4,869 -174

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,513 1,206 307 KOSDAQ 206 120 86

Advances & Declines Advances Declines Unchanged KOSPI 566 244 67 KOSDAQ 733 408 100

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Electronics 2,566,000 -39,000 570 Hynix 76,800 -1,000 265 KODEX KOSDAQ150 LEVERAGE 17,680 280 191 NCsoft 488,000 22,000 189 KODEX 200 32,670 255 160

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value SillaJen 89,100 1,100 319 New Pride 4,850 145 263 Celltrion Healthcare 93,100 6,100 231 TissueGene(Reg.S) 54,100 4,300 225 Celltrion 210,000 4,400 205 Note: As of December 13, 2017

Mirae Asset Daewoo Research

Hanwha Corp.

(000880 KS) Earnings to improve on Hanwha E&C’s normalization Holding Companies Upgrade to Buy and Present TP of W56,000 We upgrade our rating on Hanwha Corp. to Buy (from Hold) and present a target price Company Update of W56,000. Our target price reflects our expectations on the profit growth of the in- December 14, 2017 house business and Hanwha E&C’s operating earnings normalization in 2018. Hanwha Corp.’s stock appreciated 48% earlier in the year on the anticipated earnings recovery of Hanwha E&C (its wholly-owned subsidiary). Since then, however, the stock has given back most of its gains, as overseas losses at the construction company reemerged in 2Q-3Q17. (Upgrade) Buy Looking ahead, we expect Hanwha E&C’s overseas uncertainties to dissipate in 4Q17 Target Price(12M, W) ▲ and operating earnings to normalize in 2018, as the company has already booked the 56,000 maximum amount of losses that could potentially arise from the completion of its overseas plant contracts. From this perspective, we think Hanwha Corp.’s stock is Share Price (12/13/17, W) 41,500 deeply undervalued. The stock is currently trading at a historically high discount of 49% to its NAV and a 2018F P/B of 0.7x. Expected Return 35% Simply put, we believe Hanwha E&C’s overseas plant risk reduction and earnings recovery will help lift Hanwha Corp.’s consolidated earnings and net asset value, leading to a significant reduction in the stock’s valuation discount and an upturn in OP (17F, Wbn) 2,256 share prices. Consensus OP (17F, Wbn) - ‘Hanwha E&C 2018F OP to recover to W207.5bn; Iraqi housing project to get back on track

EPS Growth (17F, %) 13.0 1) For 2018, we forecast Hanwha E&C to post revenue of W3.6tr and operating profit of W207.5bn. Market EPS Growth (17F, %) 45.5 P/E (17F, x) 6.0 We believe the biggest earnings contributor will be revenue from the lucrative Iraqi Market P/E (17F, x) 10.1 housing project. Hanwha E&C’s current order backlog stands at W17tr, of which the Iraqi housing project accounts for 50.8%. Ongoing domestic housing projects (which KOSPI 2,480.55 have recently exhibited strong presales) and continued orders from group affiliates (Hanwha Q Cells Korea, Yeochun NCC, etc.) should further support the company’s Market Cap (Wbn) 3,111 operating earnings recovery. Shares Outstanding (mn) 98 Free Float (%) 56.1 2) Additional interim payment to come in December; Iraqi housing project to get back on track in 2018 Foreign Ownership (%) 30.8 Beta (12M) 0.78 Regarding the Iraqi project, Hanwha E&C has kept cost input fairly tight to better 52-Week Low 34,600 manage risks in case of delays in the recovery of interim payments (following the receipt of US$560mn in December 2016). As such, we estimate revenue from the Iraqi 52-Week High 52,000 housing project will decline 4.3% YoY to W397.6bn in 2017 (from W415.7bn in 2016). (%) 1M 6M 12M However, the company is likely to receive an additional interim payment of around Absolute 0.2 -13.5 13.2 W150bn by the end of this month, which should reduce risks and allow the company to Relative 2.3 -17.2 -7.1 step up the pace of the project. We thus see revenue from the Iraqi housing project expanding 41.6% YoY to W563bn in 2018. 160 Hanwha Corp. KOSPI In-house business 2018 OP to grow to W295.5bn; Focus on product 140 development and export expansion to continue

120 We expect Hanwha Corp.’s in-house business to continue earnings growth, led by the explosives, defense, and machinery segments. In particular, the company could see 100 new revenue opportunities from the development of advanced weapons and export expansion through its collaboration with affiliates like Hanwha Techwin. (Hanwha 80 12.16 4.17 8.17 12.17 Group’s goal is to become one of the top 10 global defense players by 2025, with revenue of W12tr and operating profit of W1tr.) Meanwhile, the trading business is likely to experience an overall revenue decline due to restructuring, but margins Mirae Asset Daewoo Co., Ltd. should slightly improve.

[ Holding companies/IT services] FY (Dec.) 12/13 12/14 12/15 12/16 12/17F 12/18F Revenue (Wbn) 38,725 37,457 41,376 47,120 49,761 56,350 Dae-ro Jeong +822-3774-1634 OP (Wbn) 864 516 758 1,686 2,256 2,639 [email protected] OP margin (%) 2.2 1.4 1.8 3.6 4.5 4.7

Su Yeon Lee NP (Wbn) 130 -364 -285 492 673 780 +822-3774-7162 EPS (W) 1,723 -4,831 -3,778 6,082 6,870 7,968 [email protected] ROE (%) 3.0 -8.4 -6.7 11.5 14.5 14.9

P/E (x) 22.1 - - 5.8 6.0 5.2 P/B (x) 0.7 0.5 0.7 0.8 0.8 0.7 Dividend yield (%) 1.0 1.6 1.3 1.7 1.4 1.4 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.

December 14, 2017 Hanwha Corp.

Upgrade to Buy and Present TP of W56,000

We upgrade our rating on Hanwha Corp. to Buy (from Hold) and present a target price of W56,000. Our target price reflects our expectations on the profit growth of the in-house business and Hanwha E&C’s operating earnings normalization in 2018. We expect Hanwha E&C’s overseas uncertainties to dissipate in 4Q17 and operating earnings to normalize in 2018, as the construction company has already booked the maximum amount of losses that could potentially arise from the completion of its overseas plant contracts. From this perspective, we think Hanwha Corp.’s stock is deeply undervalued at current levels.

Table 1. Target price calculation (Wbn, W, %) 2017F 2018F Notes

1. Value of in-house businesses 4,118 4,288 Operating value 3,168 3,212 8 x 2017/18F EBITDA 15x based on 30bps brand royalty rate (minus Brand royalties 947 1,072 cost) Real estate 4 4 Book value of real estate investments

2. Value of investment assets 5,243 5,431 Listed subsidiaries 3,559 3,559 Unlisted subsidiaries 1,684 1,872 3. Total asset value (1+2) 9,361 9,718

4. Net borrowings (-) 2,775 2,775 As of end-3Q17 5. NAV (3+4) 6,586 6,943 Discount to NAV 46.4 49.1 Market cap 3,533 3,533 Based on Dec. 13th closing price Shares outstanding (including preferred shares, 6. Share count (‘000 shares) 92,030 92,030 excluding treasury shares) 7. NAV per share 71,561 75,446

8. Theoretical target price 53,671 56,584 2 5% discount to NAV per share Target price 53,000 56,000 Current price 41,500 41,500 Based on Dec. 13th closing price Upside potential 27.7 34.9 Source: Mirae Asset Daewoo Research estimates Table 2. Valuation of investment securities (Wbn) No. of shares Stake Book value Market price 2017F 2018F Notes

Listed subsidiaries 3,559 3,559 Dec. 13th closing Hanwha Life 157,600,000 18.2% 914 7,250 1,143 1,143 Hanwha Chemical 59,545,978 36.8% 972 30,200 1,798 1,798 Hanwha Techwin 17,189,609 32.4% 825 35,950 618 618 Unlisted subsidiaries 1,684 1,872 Hanwha H&R 5,864,847 50.6% 219 219 219 Book value Hanwha E&C 28,000,000 100.0% 1,259 1,259 1,447 Fair value Other 206 206 206 Book value Source: Mirae Asset Daewoo Research estimates Table 3. Valuation of Hanwha E&C (Wbn) 2018F Notes

Enterprise value 1,245 8x 2018F NOPAT Real estate 301

Value of investment assets 1,246 Listed 1,071 25.1% stake in Hanwha Life; 30% discount to market value Unlisted 140 38.1% stake in Hanwha Savings Bank; Based on book value Net borrowings 1,345 As of end-3Q17 Fair NAV 1,447

Mirae Asset Daewoo Research 2

Non-ferrous metals Impact of Glencore’s zinc production restart

Glencore to restart some of the zinc production it suspended Overweight (Maintain) Glencore announced that it will restart zinc production at its Lady Loretta mine (160,000 tonnes/year) in Australia during 1H18, beginning with 100,000 tonnes in 2018 and an Industry Report additional 60,000 tonnes in 2019. Production at Lady Loretta zinc mine was halted as December 14, 2017 part of Glencore’s plan to cut capacity by 500,000 tonnes in October 2015.

Zinc prices to flatten at US$3,000/tonne Following Glencore’s production cuts, zinc prices have gained roughly 86%. As such, the Mirae Asset Daewoo Co., Ltd. timing and volume of Glencore’s production restart has been a key focus of the market.

[Metals & Mining] We do not believe the latest move will put downside pressures on zinc prices, given that the planned restart represents only 20% of the company’s total output reduction. That Jaekwang Rhee said, further price gains also look unlikely, as higher zinc prices are likely to prompt +822-3774-6022 miners to ramp up production from 2018. We expect zinc core supply to grow at a rate [email protected] that does not disrupt the market, and thus see zinc prices flattening at around

US$3,000/tonne.

TC to rebound from current historical lows

While zinc prices have moved higher on Glencore’s production cuts, zinc treatment charges (TC) have tumbled 88% to historical lows due to the shortfall in zinc ore supply. Zinc TC, the fee that miners pay to smelters, typically falls when zinc ore supply is in shortage. In 2018, we expect zinc TC to turn around, as the current supply shortfall is likely to ease, driven by production ramp-ups and China’s smelting capacity cuts in response to tighter environmental rules.

Flattish prices and TC rebound positive to Korea Zinc In brief, we believe zinc prices will plateau at around US$3,000/tonne, as zinc core supply is likely to grow at a rate that does not disrupt the market. We also think zinc TC will turn around, as the shortage in zinc ore supply should ease up. This should be positive to Korea Zinc, which generates 38% of its revenue from zinc.

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.

Mirae Asset Daewoo Research Key Universe Valuations December 14, 2017

※All data as of close December 12, 2017, unless otherwise noted.

17F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 17F 18F 17F 18F 17F 18F 17F 18F 17F 18F 005930 331,267 2,566,000 1.3 85.2 17.5 99.1 25.3 9.4 7.5 1.7 1.4 20.8 21.4 000660 SK Hynix 55,911 76,800 0.8 309.1 11.3 260.3 6.7 5.3 4.9 1.6 1.2 36.9 29.0 005380 Hyundai Motor 33,372 151,500 2.6 0.5 17.2 -20.0 31.5 10.0 7.6 0.6 0.6 6.3 7.8 005490 POSCO 29,164 334,500 2.8 67.8 8.8 124.4 7.7 9.5 8.9 0.6 0.6 7.1 7.2 051910 LG Chem 27,743 393,000 1.5 53.1 8.0 61.3 14.8 14.1 12.2 1.9 1.6 14.5 14.6 035420 NAVER 27,722 841,000 0.1 13.7 26.5 12.2 32.6 33.0 24.9 4.6 3.9 19.9 20.7 068270 Celltrion 25,760 210,000 - - - - 0.0 0.0 105560 KB Financial Group 25,421 60,800 137.9 11.5 49.2 -0.6 7.4 7.4 0.7 0.7 10.4 9.6 012330 25,261 259,500 1.3 -17.3 18.4 -18.7 19.4 10.2 8.6 0.8 0.8 8.3 9.2 032830 Samsung Life 25,000 125,000 - - - - 0.0 0.0 015760 KEPCO 24,684 38,450 2.3 -46.5 20.5 -51.9 19.1 7.3 6.1 0.3 0.3 4.7 5.5 207940 23,985 362,500 - 1031.1 - - - 556.4 6.0 6.0 - 1.1 055550 22,951 48,400 40.9 -0.2 23.4 -1.1 6.8 6.9 0.7 0.6 10.5 9.6 017670 SK Telecom 22,326 276,500 3.6 6.1 4.9 65.0 8.4 8.1 7.4 1.1 1.0 16.5 16.1 034730 SK Holdings 20,123 286,000 1.3 11.0 9.6 160.5 12.3 10.2 9.1 1.3 1.2 14.5 14.5 096770 SK Innovation 18,863 204,000 3.9 -3.3 3.0 40.2 0.3 8.2 8.1 1.0 0.9 13.2 12.3 090430 AmorePacific 18,677 319,500 0.5 -25.9 41.3 -29.4 49.7 48.9 32.7 5.2 4.6 11.2 15.1 051900 LG Household & Health Care 18,476 1,183,000 0.7 7.7 10.5 16.4 10.2 31.7 28.8 6.9 5.8 24.1 22.3 251270 Games Corporation 16,878 198,500 84.7 16.0 62.7 17.6 47.5 40.4 4.0 3.7 13.2 9.5 033780 KT&G 16,406 119,500 3.3 3.6 5.4 -13.0 12.6 15.3 13.6 2.1 1.9 14.6 15.0 066570 LG Electronics 16,021 97,900 0.4 96.2 38.2 2427.2 15.3 9.1 7.9 1.3 1.1 15.2 15.3 018260 Samsung SDS 15,398 199,000 0.4 18.2 10.1 13.7 12.1 29.2 26.0 2.8 2.5 9.9 10.2 003550 LG Corp. 15,030 87,100 1.5 44.4 3.3 71.5 -7.6 8.3 9.0 1.0 0.9 12.6 10.6 006400 Samsung SDI 14,922 217,000 0.5 - 366.2 236.5 54.7 20.7 13.4 1.3 1.2 6.7 9.7 086790 14,208 48,000 54.4 18.0 42.0 14.3 7.5 6.6 0.6 0.5 8.1 8.6 010950 S-Oil 13,791 122,500 5.1 -13.6 39.0 -3.2 29.9 12.2 9.4 2.1 1.9 17.8 21.2 000270 Motors 13,418 33,100 3.3 -58.0 113.9 -44.8 62.5 8.8 5.4 0.5 0.5 5.6 8.8 091990 Celltrion Healthcare 12,786 93,100 31.1 64.5 65.1 29.6 51.1 39.5 14.6 10.6 29.4 31.2 000810 Samsung F&M 12,602 266,000 - - - - 0.0 0.0 011170 Lotte Chemical 12,511 365,000 1.6 15.5 9.6 28.1 10.7 5.3 4.8 1.1 0.9 22.6 20.4 002790 AmoreG 12,286 149,000 0.3 -30.8 34.9 -35.9 50.2 60.4 40.2 4.2 3.9 7.5 10.5 036570 NCSOFT 10,706 488,000 1.4 91.4 52.1 85.0 43.6 21.2 14.8 3.9 3.2 22.5 25.2 034220 LG Display 10,681 29,850 1.7 109.2 -49.2 115.0 -51.5 5.5 11.3 0.7 0.7 14.2 6.4 035720 Corp. 9,574 141,000 0.1 53.2 37.2 102.5 23.6 79.7 64.5 2.6 2.5 3.4 4.0 010130 Korea Zinc 8,963 475,000 1.8 20.8 8.8 15.3 16.2 13.1 11.3 1.5 1.4 12.0 12.8 024110 8,876 15,850 32.4 7.5 30.4 7.8 6.9 6.4 0.5 0.5 8.0 8.0 021240 Coway 8,118 108,500 3.0 45.2 8.6 46.2 10.9 23.4 21.1 7.6 7.0 32.1 37.0 030200 KT 8,068 30,900 2.6 6.6 5.3 3.4 21.2 11.0 9.1 0.6 0.6 6.3 7.2 004020 7,887 59,100 1.3 0.3 9.4 10.6 9.2 8.7 8.0 0.5 0.4 5.5 5.8 009540 7,593 134,000 -72.6 -40.6 -96.7 1511.9 561.6 34.8 0.9 0.9 0.1 2.5 009150 Samsung Electro-Mechanics 7,439 99,600 0.6 1152.0 75.1 1036.5 81.2 46.2 25.5 1.7 1.6 3.9 6.7 018880 Hanon Systems 7,313 13,700 - - - - 0.0 0.0 161390 6,689 54,000 0.7 -23.0 42.8 -23.9 40.5 10.1 7.2 1.0 0.9 10.7 13.5 128940 6,397 573,000 267.9 -11.3 150.4 -9.1 109.5 120.5 8.8 8.2 8.5 7.1 032640 LG Uplus 6,353 14,550 3.1 10.0 9.8 8.0 14.1 11.9 10.5 1.2 1.1 10.7 11.4 088350 Hanwha Life 6,297 7,250 - - - - 0.0 0.0 078930 GS Holdings 5,659 60,900 2.5 -5.3 10.4 -0.8 11.8 7.3 6.5 0.8 0.7 11.0 11.2 086280 5,344 142,500 2.1 1.6 3.4 22.2 3.6 8.6 8.3 1.4 1.2 16.9 15.5 097950 CJ CheilJedang 5,281 401,000 0.6 -3.6 14.4 43.9 -13.6 14.6 16.9 1.6 1.5 11.4 9.3 009830 Hanwha Chemical 4,977 30,200 1.2 1.6 8.4 31.4 0.8 5.0 5.0 0.8 0.7 17.4 15.1 Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research Market Data December 14, 2017

※All data as of close December 13, 2017, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 540.21 -1.31 -0.24 41.65 USD/KRW 1,090.10 1,092.40 1,117.20 1,170.20 KOSPI 2,480.55 19.55 0.79 22.43 JPY100/KRW 959.85 962.09 983.10 1,018.50 KOSDAQ 772.22 11.82 1.55 22.18 EUR/KRW 1,279.45 1,286.25 1,302.49 1,244.98 Dow Jones* 24,504.80 118.77 0.49 23.25 3Y Treasury 2.08 2.08 2.18 1.68 S&P 500* 2,664.11 4.12 0.15 17.99 3Y Corporate 2.63 2.63 2.74 2.15 NASDAQ* 6,862.32 -12.76 -0.19 26.40 DDR2 1Gb* 1.28 1.28 1.28 1.19 Philadelphia Semicon* 1,233.18 -12.40 -1.00 35.91 NAND 16Gb* 2.86 2.86 2.89 1.86 FTSE 100* 7,500.41 46.93 0.63 4.49 Oil (Dubai)* 62.52 60.96 62.06 54.18 Nikkei 225 22,758.07 -108.10 -0.47 16.15 Gold* 1,238.50 1,243.70 1,274.20 1,163.50 Hang Seng* 28,793.88 -171.41 -0.59 29.99 Customer deposits (Wbn)* 24,587 25,502 24,416 21,529 Taiwan (Weighted) 10,470.70 27.42 0.26 12.92 Equity type BC (Wbn)(Dec. 11) 74,240 73,921 72,250 74,210 Note: * as of December 12, 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 NCsoft 45.93 Samsung Electronics 206.59 Samsung Electronics 123.82 KODEX KOSDAQ150 LEVERAGE 10.06 KB Financial Group 28.01 Hynix 68.59 Netmarble Games 46.55 KODEX KOSDAQ 150 6.41 Netmarble Games 18.36 KODEX 200 37.47 NCsoft 42.38 LG Innotek 6.33 NHN 16.39 BGF 25.07 KODEX 200 37.00 TIGER KOSDAQ150 5.12 Samsung SDI 14.63 TIGER200 19.53 Shinhan Financial Group 19.17 4.96 Korean Air Lines 14.36 LG Display 15.90 SK Telecom 18.00 LG Chem 2.23 Hotel Shilla 11.02 Shinhan Financial Group 15.68 SAMSUNG BIOLOGICS 17.22 TIGER 200 Futures Inverse 2X 1.89 Amore Pacific 10.73 Hanwha Chemical 10.26 TIGER200 17.18 AJ RENT A CAR 1.86 Hana Financial Group 8.02 Samsung Fine Chemicals 9.25 LG Electronics 16.85 MERITZ SECU 1.71 SK Energy 7.71 SK Telecom 8.83 LG Uplus 15.96 Korea Circuit 1.71 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 23.47 SillaJen 14.44 Celltrion 29.39 TissueGene(Reg.S) 3.46 Celltrion Healthcare 9.27 Diostech 3.57 Celltrion Healthcare 11.87 PearlAbyss 2.89 Paradise 5.56 Sky Newpharm 2.72 SillaJen 6.93 Hugel 2.63 Unison 4.43 YIKC 2.22 Webzen 4.38 2.33 ECOPRO 3.87 Silicon Works 1.79 Meerecompany 4.16 Medy-tox 1.71 Wemade 3.86 SFA Engineering 1.78 Gamevil 3.60 Tego 1.61 Hugel 3.55 Toptec 1.66 Medipost 3.13 HY-LOK Corp. 1.59 Meerecompany 3.15 CrucialTec 1.65 ECOPRO 2.80 Paradise 1.36 Koh Young 2.71 MECARO 1.50 Jenexine 2.40 ORGANIC TEA COSMETICS 1.35 Medy-tox 2.56 Amotech 1.41 Kolon Life Science 2.33 Kaon Media 1.31 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 2,566,000 -39,000 331,267 Celltrion 210,000 4,400 25,760 Hynix 76,800 -1,000 55,911 Celltrion Healthcare 93,100 6,100 12,786 Samsung Electronics (P) 2,056,000 -29,000 37,523 SillaJen 89,100 1,100 6,059 Hyundai Motor 151,500 1,500 33,372 CJ E&M 90,500 700 3,505 POSCO 334,500 2,500 29,164 TissueGene(Reg.S) 54,100 4,300 3,267 LG Chem 393,000 3,000 27,743 LOEN 113,500 2,100 2,871 NHN 841,000 13,000 27,722 Medy-tox 455,500 4,200 2,577 KB Financial Group 60,800 2,500 25,421 PearlAbyss 205,000 1,000 2,474 Hyundai Mobis 259,500 3,500 25,261 ViroMed 151,100 4,000 2,411 SAMSUNG C&T 132,000 500 25,039 Paradise 23,000 1,200 2,092 Source: Korea Exchange