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September 24, 2013 September 24, 2013 Korea Company News & Analysis Major Indices Close Chg Chg (%) Cheil Industries (Buy/TP: W120,000) KOSPI 2,007.10 -2.31 -0.11 Selling off fashion unit to focus on electronic materials KOSPI 200 262.83 -0.19 -0.07 KOSDAQ 527.29 0.22 0.04 Turnover ('000 shares, Wbn) Volume Value KOSPI 305,884 4,181 KOSPI 200 107,310 3,419 KOSDAQ 300,603 1,682 Market Cap (Wbn) Value KOSPI 1,173,541 KOSDAQ 122,876 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,357 1,286 72 Institutional 912 1,012 -99 Retail 1,887 1,844 43 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 101 81 20 Institutional 80 71 10 Retail 1,496 1,521 -25 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,004 897 107 KOSDAQ 25 21 4 Advances & Declines Advances Declines Unchanged KOSPI 343 464 85 KOSDAQ 382 506 92 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,373,000 13,000 410 KODEX LEVERAGE 12,240 -20 305 KODEX INVERSE 7,520 -5 179 NHN 543,000 3,000 127 Hynix 30,500 -50 115 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Celltrion 46,000 -1,250 158 GemVax 23,500 900 92 Speco 4,020 30 39 HyVISION 33,150 2,150 35 Seoul Semiconductor 41,300 1,200 35 Note: As of September 24, 2013 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. Cheil Industries (001300 KS) Selling off fashion unit to focus on electronic materials Technology What’s new: Cheil to sell fashion unit to Samsung Everland for W1.05tr On September 23rd, Cheil Industries announced that it will sell its fashion unit to Samsung News Comment Everland for W1.05tr. The deal appears to be favorable for Cheil Industries, given that: 1) we September 24, 2013 previously estimated the fashion unit’s operating value at W700bn, 2) and the division’s net asset value stood at W883bn at end-2Q13. We expect the company to use the proceeds from the sale to invest in its electronic materials and chemicals businesses. Gains on the deal (an estimated W167.4bn) will be booked as non-operating profit in 4Q. (Maintain) Buy Impact: Increased focus on materials is positive; Efficient investments to be key Target Price (12M, W) 120,000 1) Evolving into a pure electronic materials player: We are encouraged by Cheil Industries’ decision, as the fashion business: 1) generated little synergy with the Share Price (09/23/13, W) 95,000 electronic materials and chemicals units and 2) has dented the company’s overall profitability due to new brand launches and massive marketing expenses. The sale of the Expected Return 26% fashion business, which is cyclical in nature, will likely allow the company to lower its earnings volatility and focus on the materials business, leading to structural growth. OP (13F, Wbn) 327 2) ROE improvement through efficient investments: We expect Cheil Industries to Consensus OP (13F, Wbn) 343 raise its ROE through investments in the high-margin materials. Based on the company’s 2013F earnings, the combined ROE for the electronic materials and chemicals units EPS Growth (13F, %) 98.6 stands at 11.2%, while that of the fashion unit is only 2.7%. Although the fashion unit Market EPS Growth (13F, %) 21.8 has particularly underperformed this year, its profitability is typically lower than that of P/E (13F, x) 12.0 the electronic materials and chemicals units. Although the company’s overall ROE should Market P/E (13F, x) 10.3 drop due to the exclusion of fashion-related earnings in the short term, we expect ROE KOSPI 2,009.41 to improve in the long term, aided by: 1) the expansion of existing high-margin Market Cap (Wbn) 4,982 businesses and 2) investments in new materials businesses. Shares Outstanding (mn) 52 3) Investments to catalyze shares: We believe that efficient investments (i.e., spending Free Float (%) 86.4 in more profitable segments) are essential for Cheil Industries’ shares to rise from the current Foreign Ownership (%) 24.3 level. A likely scenario is: W200bn in OLED (acquisition of Novaled), W400bn in polarizer Beta (12M) 0.78 capacity ramp-ups, W60bn in rechargeable battery separators, W200bn in polycarbonate 52-Week Low (W) 82,100 capacity expansion, and W90bn in Samsung Group’s new electronic materials research 52-Week High (W) 105,000 center. The growth of these areas, which report OP margin levels of roughly 5-15%, should contribute to Cheil’s margin improvements. Moreover, the fact that they are related to (%) 1M 6M 12M Samsung Group’s new growth drivers should ensure greater earnings visibility. Absolute 11.0 14.3 -8.2 Relative 3.5 11.2 -8.6 Valuation: Maintain Buy with TP of W120,000 Share price We maintain our Buy rating on Cheil Industries with a target price of W120,000. We 110 KOSPI derived our target price using the sum of the company’s operating value and asset value. 100 The fashion division’s operating value (W700bn) was not included, but cash proceeds 90 80 from the sale of the division should help reduce the company’s net borrowings from 70 W1.3tr to W250bn, allowing enterprise value to remain largely intact. The company may 60 even undergo a re-rating once its newly secured financial resources are channeled into 9/12 1/13 5/13 9/13 highly profitable businesses. Daewoo Securities Co., Ltd. FY (Dec.) 12/10 12/11 12/12 12/13F 12/14F 12/15F Electronic materials Revenue (Wbn) 5,113 5,581 6,010 6,633 5,594 6,304 OP (Wbn) 330 223 322 327 415 487 Will Cho OP Margin (%) 6.5 4.0 5.4 4.9 7.4 7.7 +822-768-4306 [email protected] NP (Wbn) 279 259 209 414 340 402 EPS (W) 5,573 5,079 3,979 7,900 6,491 7,657 ROE (%) 11.8 8.7 6.5 12.6 10.3 12.1 P/E (x) 19.9 19.9 23.7 12.0 14.6 12.4 P/B (x) 2.0 1.9 1.7 1.8 1.8 1.8 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 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. Key Universe Valuations September 24, 2013 ※All data as of close September 24, 2013, unless otherwise noted. 13F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 13F 14F 13F 14F 13F 14F 13F 14F 13F 14F 005930 Samsung Electronics 200,327 1,360,000 0.6 33.8 11.1 36.9 14.3 7.3 6.4 1.6 1.3 24.2 22.3 005380 Hyundai Motor 56,171 255,000 0.9 4.0 10.3 2.6 5.6 8.3 7.9 1.5 1.3 18.3 16.5 012330 Hyundai Mobis 28,765 295,500 0.8 -4.0 18.4 -3.8 12.7 8.4 7.5 1.5 1.3 18.6 17.7 005490 POSCO 28,554 327,500 2.5 -10.5 39.5 -26.6 62.6 15.6 9.6 0.7 0.6 4.6 7.2 000270 Kia Motors 27,565 68,000 1.1 5.3 6.2 3.3 8.4 6.9 6.4 1.5 1.2 21.3 19.2 000660 SK Hynix 21,697 30,550 0.5 - 18.9 - 22.0 7.8 6.4 1.9 1.5 24.8 24.0 055550 Shinhan Financial Group 21,220 44,750 0.2 -10.3 14.2 -10.1 13.7 11.3 9.9 0.8 0.7 7.1 7.6 051910 LG Chem 21,041 317,500 1.3 4.1 25.6 3.1 26.2 15.2 12.1 2.0 1.8 13.7 15.3 032830 Samsung Life 21,000 105,000 2.0 0.0 9.3 4.2 4.3 18.1 17.4 1.1 1.0 6.0 5.8 009540 Hyundai Heavy 20,216 266,000 -31.9 47.9 -5.8 72.5 21.8 12.6 1.2 1.1 5.4 8.6 015760 KEPCO 19,259 30,000 - 80.9 - 295.0 34.4 8.7 0.4 0.4 1.1 4.3 035420 NHN 17,800 540,000 0.2 -5.8 54.7 28.3 47.9 37.1 25.1 27.4 14.4 26.8 37.1 017670 SK Telecom 17,320 214,500 4.4 26.0 29.6 66.0 25.6 9.1 7.2 1.7 1.5 15.6 18.0 105560 KB Financial Group 14,990 38,800 -3.3 11.4 3.8 11.4 8.5 7.7 0.6 0.6 6.9 7.4 096770 SK Innovation 14,055 152,000 2.0 21.5 17.6 19.7 33.4 10.0 7.5 0.9 0.8 8.9 10.8 066570 LG Electronics 11,848 72,400 0.4 32.1 45.6 670.8 115.3 25.4 11.8 1.2 1.1 4.2 8.8 000810 Samsung F&M 11,725 247,500 2.8 20.2 14.1 19.2 14.4 11.1 9.7 1.2 1.1 11.7 11.9 003550 LG Corp.
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