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July 30, 2015 July 30, 2015 KOREA Company News & Analysis Major Indices Close Chg Chg (%) LG Electronics (066570/Buy/TP: W67,000) KOSPI 2,019.03 -18.59 -0.91 Seasonality fails to lift earnings KOSPI 200 243.61 -2.36 -0.96 KOSDAQ 712.86 -17.61 -2.41 Hanwha Techwin (012450/Buy/TP: W44,000) Raise TP Easing uncertainties vs. weak earnings Turnover ('000 shares, Wbn) Volume Value Dong-A ST (170900/Buy/TP: W207,000) KOSPI 503,234 6,690 Pipeline value to gain increasing attention KOSPI 200 103,824 4,907 KOSDAQ 563,655 3,741 Doosan Corp. (000150/Buy/TP: W175,000) Market Cap (Wbn) In-house earnings improve; Watch for more shareholder-friendly actions in 2H Value KOSPI 1,262,118 Hyundai Heavy Industries (009540/Buy/TP: W156,000) KOSDAQ 195,673 Well positioned to gain competitive advantages KOSPI Turnover (Wbn) Doosan Heavy I&C (034020/Buy/TP: W28,000) Lower TP Buy Sell Net Foreign 1,531 1,615 -84 A stable, high dividend stock Institutional 1,367 1,294 73 Retail 3,735 3,759 -24 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 283 233 50 Institutional 177 290 -113 Retail 3,278 3,205 73 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,333 1,156 177 KOSDAQ 69 62 7 Advances & Declines Advances Declines Unchanged KOSPI 227 589 43 KOSDAQ 243 767 64 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Hanmi Pharm 394,000 -51,000 396 NHN 518,000 -84,000 394 Samsung Electronics 1,215,000 -48,000 378 Hynix 34,500 -2,500 327 Hanmi Science 138,500 1,000 223 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value i3system 58,000 -5,000 197 Komipharm 14,400 -1,200 90 Daum Communications 129,400 100 81 Binex 22,050 -3,900 71 Sansung P&C 72,500 -9,400 68 Note: As of July 30, 2015 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. LG Electronics (066570 KS) Seasonality fails to lift earnings Technology 2Q15 review: OP of W244.1bn (-60.0% YoY, -20.0% QoQ) LG Electronics (LGE) announced 2Q revenue of W13.93tr (-7.6% YoY, -0.5% QoQ) and Results Comment operating profit of W244.1bn (-60.0% YoY, -20.0% QoQ). Excluding LG Innotek, revenue July 30, 2015 and operating profit were W12.48tr (-7.7% YoY, +0.2% QoQ) and W195.1bn (-62.5% YoY, -17.4% QoQ), respectively, missing our estimates (W13.31tr and W263.3bn) by 6.2% and 25.9%, respectively. The earnings miss was attributable to the weaker-than- (Maintain) Buy expected performance of the home entertainment (HE) and mobile communications (MC) divisions. Target Price (12M, W) 67,000 The HE division remained i n the red for the second straight quarter, with operating loss increasing QoQ to W82.7bn. The deterioration was largely due to 1) the weakness of Share Price (7/29/15, W) 43,800 emerging-market currencies (especially the ruble), 2) unfavorable panel prices, and 3) increased marketing spend amid intense competition. Expected Return 53% The MC division barely broke even, generating operating profit of just W0.2bn, weighed down by the poor sales of the G4. Smartphone shipments fell 8.4% QoQ to 14.1mn OP (15F, Wbn) 1,083 units. Higher marketing spend also negatively affected margins. Consensus OP (15F, Wbn) 1,235 3Q15 preview: OP of W263bn (+7.7% QoQ); HE unit to return to profit EPS Growth (15F, %) 31.8 Market EPS Growth (15F, %) 31.5 For 3Q, we look for revenue of W13.9tr (-5.5% YoY, -0.2% QoQ) and operating profit of P/E (15F, x) 15.0 W263bn (-43.5% YoY, +7.7% QoQ). Excluding LG Innotek, we forecast revenue of Market P/E (15F, x) 11.0 W12.32tr and operating profit of W193.2bn KOSPI 2,037.62 The HE division should return to profitability in 3Q with an OP margin of 1.3%. TV Market Cap (Wbn) 7,168 shipments should recover to the 7mn level on the back of new releases. The F/X Shares Outstanding (mn) 181 environment is also starting to show signs of improvement, and as such, the TV business Free Float (%) 64.7 should gradually pick up. The MC division’s OP margin should slightly improve to 1% in Foreign Ownership (%) 20.9 2Q, helped by marketing spend reductions. Beta (12M) 0.48 52-Week Low 41,150 Reaffirm Buy and TP of W67,000 52-Week High 79,200 We previously argued that, even though a strong earnings recovery is unlikely in the (%)(%)(%) 1M1M1M 6M6M6M 12M12M12M near term, shares will appreciate in 2Q on favorable seasonality. Our call, however, Absolute -7.1 -30.0 -41.2 proved incorrect, as the positive impact of seasonality on the appliance business was Relative -6.1 -33.0 -40.5 more than offset by the weakness of the TV business. 120 LG Electronics KOSPI Despite heading into the off-season, we maintain our Buy rating on LGE, as 1) the stock is trading at a 2015F P/B of only 0.7x, 2) operating profit should improve QoQ , and 3) 100 the outlook for the vehicle components (VC) business look promising (although growth 80 so far has been underwhelming). 60 We keep our target price of W67,000, which equals 0.97x our 12-month forward BPS of 40 7.14 11.14 3.15 7.15 W68,883. Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 55,123 56,772 59,041 57,202 60,839 66,514 [Telecom equipment/Electronic OP (Wbn) 1,217 1,249 1,829 1,083 1,691 2,043 components] OP margin (%) 2.2 2.2 3.1 1.9 2.8 3.1 Wonjae Park NP (Wbn) 92 177 399 526 973 1,135 +822-768-3372 EPS (W) 511 978 2,208 2,911 5,382 6,279 [email protected] ROE (%) 0.7 1.5 3.4 4.5 7.9 8.5 P/E (x) 144.1 69.7 26.8 15.0 8.1 7.0 P/B (x) 1.1 1.0 0.9 0.7 0.6 0.6 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 t he U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. Hanwha Techwin (012450 KS) Easing uncertainties vs. weak earnings Technology 2Q15 review: Operating loss of W79.2bn; Minus one-off, OP of W6.8bn For 2Q, Hanwha Techwin posted revenue of W607.2bn (-16.1% YoY, +0.8% QoQ) and an Results Comment operating loss of W79.2bn (turning to red YoY and QoQ). Revenue missed our estimate July 30, 2015 (W642.5bn) by 5.5%, while the operating figure was far worse than our expectation (operating profit of W12.6bn). However, stripping away a one-off W86bn employee compensation package, actual operating profit was W6.8bn. (Maintain) Buy The Security Solutions (SS; CCTVs) and Intelligent Machinery & Solutions (IMS; high- speed chip mounters) divisions both performed poorly, with revenue declining QoQ and Target Price (12M, W) 44,000 YoY. We believe this was due to business interruptions caused by the company’s ownership transition to Hanwha Group. We estimate both units suffered losses as a Share Price (07/29/15, W) 35,700 result of revenue contraction. Expected Return 23% Looking forward to 3Q, we forecast revenue of W613.9bn (+1.5% YoY, +1.1% QoQ) and operating profit of W4.7bn (-9.8% YoY, turning to profit QoQ). We believe upside to earnings will remain limited for some time, as 1) we expect the SS and IMS divisions to OP (15F, Wbn) -50 continue to be affected by the ownership transition, and 2) the outlooks for the power Consensus OP (15F, Wbn) -2 systems and defense divisions remain challenging. EPS Growth (15F, %) - Earnings unlikely to sharply pick up, but uncertainties are easing Market EPS Growth (15F, %) 31.5 P/E (15F, x) 2,308.5 The confusion sparked by the ownership change is likely to delay the company’s business Market P/E (15F, x) 11.0 normalization. However, we highlight that uncertainties are starting to dissipate. The KOSPI 2,037.62 employee compensation issue is now resolved, and Hanwha Group has said that it has no intention of further restructuring.
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