November 12, 2014

KOREA

Company News & Analysis Major Indices Close Chg Chg (%) KEPCO (015760/Buy/TP: W55,000) KOSPI 1,967.27 4.27 0.22 Cash flow to continue to improve KOSPI 200 251.26 0.81 0.32 KOSDAQ 546.46 1.33 0.24

Sector News & Analysis Turnover ('000 shares, Wbn) Construction (Overweight) Volume Value KOSPI 344,719 4,401 Jeonse system in crisis as Korea shifts to monthly rents KOSPI 200 72,683 3,413 KOSDAQ 384,314 2,208

Economy & Strategy Update Market Cap (Wbn) Economic Note Value A shift in F/X policy KOSPI 1,177,450 KOSDAQ 141,150

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,164 1,191 -27 Institutional 964 987 -22 Retail 2,159 2,191 -32

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 143 151 -7 Institutional 118 126 -8 Retail 1,946 1,928 19

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 953 927 26 KOSDAQ 29 31 -1

Advances & Declines Advances Declines Unchanged KOSPI 442 380 57 KOSDAQ 550 386 79

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,230,000 -1,000 223 KODEX LEVERAGE 10,750 80 217 KEPCO 44,600 -2,300 185 Hyundai Motor 176,000 0 164 Hyundai Heavy Industries 118,000 11,500 136

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Com2us 143,000 -6,800 278 Daum Communications 142,500 2,500 87 Gamevil 114,400 4,400 58 Binex 10,600 810 58 Bosung Power Tec 4,400 -80 45 Note: As of November 12, 2014

KEPCO (015760 KS) Cash flow to continue to improve

Energy 3Q14 review: OP of W2.86tr beats consensus For 3Q, KEPCO announced revenue of W14.91tr and operating profit of W2.86tr, the Results Comment latter beating both our estimate (W2.68tr) and the consensus (W2.75tr). ASP rose 3.9% November 12, 2014 YoY, lower than our expectation (+4.8% YoY), but overall costs eased on weaker sales volume (-0.3% YoY). More specifically, the company’s LNG and coal consumption

declined 33.7% and 7.8% YoY, respectively. Other positive contributors in 3Q were 1) (Maintain) Buy lower fuel costs (-19.7% YoY) due to falling raw material prices, 2) solid nuclear reactor utilization (85.7% vs. our forecast of 83%), and 3) weaker electricity purchasing prices Target Price (12M, W) 55,000 on the Korea Power Exchange. Net profit attributable to controlling interests jumped 63.7% YoY to W1.55tr, above our Share Price (11/11/14, W) 46,900 projection (W1.4tr), helped by tamed interest expenses (up only 2.8% YoY to W548.5bn). Expected Return 17%

Solid earnings growth vs. increasing uncertainty on dividends OP (14F, Wbn) 6,084 1) Earnings growth to continue: Fuel costs should continue to fall on lower oil and coal Consensus OP (14F, Wbn) 5,859 prices, and ASP should remain on the uptrend at least until the end of the year on tariff hikes in 4Q14. Sales volume should remain weak for some time, keeping system marginal EPS Growth (14F, %) 3,892.9 prices (SMP) low. Furthermore, nuclear reactor utilization is likely to rise to the upper Market EPS Growth (14F, %) 2.6 80% level, thanks to the resumed operations of the Hanwool 2 and Hanbit 3 reactors (in P/E (14F, x) 12.6 November 2014 and January 2015, respectively). Market P/E (14F, x) 12.6 KOSPI 1,963.00 2) Increasing uncertainty on dividends: On a less positive note, the dividend outlook has become uncertain due to the divergence between KEPCO’s consolidated and non- Market Cap (Wbn) 30,108 consolidated earnings. Cumulative non-consolidated net profit for the first three Shares Outstanding (mn) 642 quarters stands at W647.3bn, only 29% of the consolidated figure. The situation is Free Float (%) 48.9 unlikely to reverse in 4Q, and we therefore conservatively estimate 2014F and 20 15F Foreign Ownership (%) 28.6 DPS at W300 and W1,000, respectively. That said, we do see potential of a special Beta (12M) 0.15 52-Week Low 29,150 dividend next year. There is also a slight chance the company will change its dividend 52-Week High 49,450 policy, suggesting potential upside to our forecasts.

(%)(%)(%) 1M1M1M 6M6M6M 12M12M12M Maintain Buy and TP of W55,000 Absolute -3.7 13.4 60.9 We remain Buy on KEPCO with a target price of W55,000. Key investment points are 1) Relative -4.8 13.0 62.1 falling raw material prices, 2) continued cash flow improvement as a result of lower SMP and limited cost pressures, and 3) a healthier balance sheet following the sale of the 180 KEPCO KOSPI 160 headquarters site. The stock has gained 35.7% YTD, but still trades at a 2015F P/B of just 0.5x. While d ividend momentum could weaken in the near term, we estimate 140 dividend yield to be around 2.1% in 2015, even on a conservative basis, and thus remain 120 positive on the stock over the long term. 100

80 11.13 3.14 7.14 11.14

Daewoo Securities CCo.,o., Ltd. FY (Dec.) 12/11 12/12 12/13 12/14F 12/15F 12/16F Revenue (Wbn) 43,456 49,422 54,038 56,541 58,383 59,268 [Transportation/Energy] OP (Wbn) -1,020 -818 1,519 6,084 7,318 9,255

Jay JH Ryu OP margin (%) -2.3 -1.7 2.8 10.8 12.5 15.6 +822-768-4175 NP (Wbn) -3,370 -3,167 60 2,396 8,607 4,807 [email protected] EPS (W) -5,251 -4,933 93 3,733 13,407 7,488

Choong-hyun Kim ROE (%) -6.1 -6.1 0.1 4.7 15.2 7.7 +822-768-4126 P/E (x) - - 371.7 12.6 3.5 6.3 [email protected] P/B (x) 0.3 0.4 0.4 0.6 0.5 0.5 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.

Construction Jeonse system in crisis as Korea shifts to monthly rents

Korea’s housing diffusion ratio: 102.7% as of 2012 Under the updated formula, housing diffusion ratio is calculated by dividing the number of housing units (regardless of ownership) by the number of households (including single-person households). In 2012, Korea’s housing diffusion ratio stood at 102.7%, Overweight (Maintain) indicating that 2.7% of housing units were vacant (assuming no households were residing in two homes simultaneously). Against this backdrop, the unyielding uptrend in Industry Report jeonse prices (massive lump sum deposits paid in lieu of monthly rent) appears November 11, 2014 counterintuitive. In our view, this situation points to a major shift in the Korean housing market.

Daewoo Securities CCCo.,Co., Ltd. Since 1986, the jeonse price index has seen only three sustained falls Since 1986, there have been only three periods in which the jeonse price has fallen for at [Construction/Construction Materials] least four straight months: 1) during the Asian financial crisis in the late 1990s; 2) after

Hyung-ryul Park the credit card crisis in Korea in the early 2000s; 3) after the global financial crisis in +822-768-4165 2008. From 2000 to just before the global financial crisis, the national average jeonse [email protected] price soared by 62%. After moving sideways for four months following the crisis , the average national price has since surged by 59%. Ye-gee Kim +822-768-4155 Jeonse system in crisis [email protected] Amid skyrocketing jeonse prices, the Korean housing market has been tr ansitioning to

the more globally common housing system of monthly rent agreements . Drivers of this change include: 1) the falling number of new housing units available for move-in, 2) landlords’ increased bargaining power amid both low interest rates and a shortage of jeonse housing, 3) households’ rising preference for apartments in large complexes , and 4) higher housing demand from occupants displaced by reconstruction/redevelopment projects.

Outlook: Korean market is transitioning to monthly rent agreements We think the Korean housing market is currently shifting to a n environment dominated by monthly rent agreements, as jeonse contracts are not advantageous for landlords in a prolonged low interest rate environment. In the Seoul capital area (SCA), jeonse prices will likely continue to rise on a shortage of available housing units , whereas prices are likely to stagnate in other regions due to increased availability . Meanwhile, housing earnings at large builders are likely to improve, buoyed by: 1) a rise in real demand and 2) an increase in reconstruction/redevelopment projects.

Rental income-based housing valuations to become the norm The paradigm shift to a monthly rent-based housing market will allow for rationalized housing price valuations, as housing prices will likely converge to: (total annual rental income) x (1/expected rate of return). Although the expected rate of return may vary by investor and region, we believe that housing valuations based on rental income will li kely become the norm.

JJJeonseJeonse price index (3/13=100) Asian financial crisis: Credit card crisis: Global financial crisis: 120 Period of jeonse price decline -23.3% over 10 months -5.4% over 22 months -3.2% over four months Apartment jeonse price 100

0 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14

Source: KB Kookmin Bank, KDB Daewoo Securities Research

Economic Note A shift in F/X policy

The government to keep USD/KRW in tandem with USD/JPY

We expect the government to change its course on F/X policy. On November 6th, vice Economy Report finance minister, Hyunghwan Joo, implied a shift in its F/X stance, saying at a meeting held by the Strategy and Finance Committee of the National Assembly that the November 12, 2014 government was monitoring yen movements to induce the won-yen coupling.

We interpret this comment as the government’s determination to provide relief from Daewoo Securities Co., Ltd. the effects of yen depreciation on the Korean economy, even if it requires market

[Economy] intervention. For example, if USD/JPY rate rises (yen depreciates), the government will likely induce a rise in USD/KRW rate (won depreciates) to keep the JPY/KRW rate at a Dae-il Suh certain level. +822-768-3069 [email protected] The government had placed a greater focus on domestic consumption than on exports, tolerating a modest strengthening of the won. Generally speaking, if the won appreciates (USD/KRW rate drops), consumer purchasing power would grow, boosting domestic consumption more than exports.

During 2-3Q, foreign currency reserves at the BOK decreased more sharply than foreign currency inflow. This suggests the government used the reserves to contain won depreciation in a bid to mitigate the impact of foreign currency outflow.

However, given the aforementioned comments by the vice finance minister, we believe the government will now reverse course and take efforts to induce won depreciation, in line with the anticipated depreciation yen (due to Japan’s expansion of QE program and the US recovery).

If the government’s goal is to keep the JPY100/KRW at 950, and the USD/JPY rises to 120 (yen depreciates), the USD/KRW rate will need to be 1,140. We anticipate expectations for a rise in USD/KRW rate to depend on yen depreciation.

Will the government shift policy to follow yen movements? (KRW) (JPY) 1,800 JPY100/KRW (L) USD/JPY (R) 160 150 1,600 140 130 1,400 120 1,200 110 100 1,000 90 80 800 70 600 60 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

Source: Bloomberg, KDB Daewoo Securities Research

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 November 12, 2014

※All data as of close November 11, 2014, unless otherwise noted.

15F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 15F 16F 15F 16F 15F 16F 15F 16F 15F 16F 005380 Hyundai Motor 38,769 176,000 1.3 1.9 6.2 3.7 7.1 6.2 5.8 0.7 0.7 13.0 12.4 015760 KEPCO 28,632 44,600 2.2 20.3 26.5 259.2 -44.1 3.3 6.0 0.5 0.4 15.2 7.7 005490 POSCO 26,156 300,000 2.7 26.2 14.5 98.6 20.4 10.5 8.7 0.6 0.5 5.7 6.6 035420 NAVER 24,689 749,000 0.1 38.9 30.3 61.7 34.6 32.3 24.0 7.5 5.7 33.3 32.5 032830 Samsung Life 24,100 120,500 - - - - 0.0 0.0 055550 Shinhan Financial Group 23,354 49,250 - - - - 0.0 0.0 012330 Hyundai Mobis 22,681 233,000 1.0 11.4 8.8 11.8 6.6 5.7 5.4 0.8 0.7 15.8 14.6 017670 SK Telecom 22,528 279,000 3.6 15.8 7.5 13.9 8.0 10.7 9.9 1.2 1.1 13.8 13.6 000270 Kia Motors 22,295 55,000 1.6 19.5 10.2 12.9 7.7 5.6 5.2 0.8 0.7 15.9 14.8 105560 KB Financial Group 15,667 40,550 - - - - 0.0 0.0 000810 Samsung F&M 13,905 293,500 - - - - 0.0 0.0 090430 Amorepacific 13,533 2,315,000 0.3 16.0 22.1 16.7 23.0 33.1 26.9 4.8 4.1 15.5 16.4 051910 LG Chem 13,387 202,000 2.0 19.7 35.2 29.2 36.2 11.7 8.6 1.1 1.0 10.1 12.5 033780 KT&G 13,015 94,800 3.5 1.0 2.4 3.3 -1.5 15.4 15.6 2.0 1.9 14.4 13.2 034220 LG Display 12,327 34,450 -7.6 23.2 -17.5 32.3 14.3 10.8 1.0 0.9 7.2 8.8 000830 Samsung C&T 11,998 76,800 0.8 26.7 6.4 41.7 6.8 19.1 17.9 1.0 1.0 5.7 5.8 034730 SK C&C 11,925 238,500 0.5 9.9 19.7 15.8 -56.6 22.5 51.9 3.2 3.1 17.6 6.9 086280 Hyundai Glovis 11,325 302,000 0.5 9.5 13.5 -0.1 11.4 19.0 17.1 3.3 2.8 19.0 17.9 003550 LG Corp. 11,199 64,900 1.5 18.0 4.2 18.5 5.9 9.1 8.6 0.8 0.8 9.4 9.2 066570 LG Electronics 10,752 65,700 0.6 18.2 25.4 68.7 26.5 9.8 7.8 0.9 0.8 9.5 10.9 086790 Hana Financial Group 10,306 35,550 - - - - 0.0 0.0 051900 LG Household & Health Care 9,543 611,000 0.7 18.8 12.2 20.0 14.6 26.1 22.7 5.1 4.3 22.3 21.2 023530 Lotte Shopping 8,991 285,500 0.5 8.3 6.0 15.3 7.3 10.0 9.3 0.5 0.5 5.2 5.3 009540 Hyundai Heavy Industries 8,968 118,000 1.7 - 103.3 - 118.1 21.5 9.9 0.5 0.5 2.7 5.6 006400 Samsung SDI 8,802 128,000 1.2 - 71.5 143.2 52.1 32.6 21.4 1.1 1.1 3.5 5.1 024110 Industrial Bank of Korea 8,785 15,900 - - - - 0.0 0.0 030200 KT 8,369 32,050 3.1 - 7.2 - 33.0 15.5 11.6 0.7 0.7 4.9 6.3 096770 SK Innovation 8,257 89,300 3.6 198.4 35.4 - 35.5 11.2 8.2 0.5 0.5 4.8 6.2 035720 Daum Communications 8,060 142,500 0.8 226.9 35.3 144.0 39.4 33.0 23.7 10.4 7.7 37.2 38.4 010130 Korea Zinc 7,963 422,000 1.2 15.6 5.5 21.5 6.2 13.2 12.4 1.5 1.4 12.5 11.9 003600 SK Holdings 7,890 168,000 1.5 29.8 6.2 34.0 -3.9 5.6 5.8 0.6 0.5 10.9 9.5 004020 Hyundai Steel 7,611 65,300 0.8 -0.5 8.0 1.0 17.7 9.6 8.2 0.5 0.5 5.6 6.2 088350 Hanwha Life 7,356 8,470 - - - - 0.0 0.0 035250 Kangwon Land 7,349 34,350 3.2 7.2 5.3 12.1 7.1 16.7 15.6 2.3 2.1 15.3 15.1 161390 Hankook Tire 6,801 54,900 0.9 7.0 9.0 13.2 10.1 8.2 7.4 1.3 1.1 17.1 16.1 002380 KCC 6,522 620,000 1.3 7.9 11.4 10.2 12.3 23.1 20.6 1.2 1.2 5.4 5.8 021240 Coway 6,347 82,300 2.4 14.4 13.6 14.3 17.3 21.5 18.3 4.8 4.1 26.0 26.3 010140 Samsung Heavy Industries 6,118 26,500 1.9 152.4 4.2 128.4 6.0 10.3 9.7 0.9 0.8 9.5 9.3 011170 Lotte Chemical 5,707 166,500 0.6 65.2 25.9 76.9 29.2 11.1 8.6 0.8 0.8 7.7 9.2 139480 Emart 5,617 201,500 0.7 12.4 9.7 18.1 13.8 10.8 9.5 0.7 0.7 7.0 7.3 000720 Hyundai E&C 5,117 45,950 1.3 19.8 5.1 38.8 9.6 7.7 7.0 0.8 0.8 11.6 11.4 036460 Korea Gas 4,856 52,600 1.9 17.9 0.9 -8.6 24.9 13.8 11.1 0.5 0.5 3.7 4.5 001800 Orion 4,786 801,000 0.4 6.3 9.4 16.3 9.8 27.7 25.2 3.5 3.1 13.4 13.0 032640 LG Uplus 4,694 10,750 2.1 16.6 3.6 35.9 9.5 14.5 13.2 1.1 1.0 7.5 7.8 011210 Hyundai Wia 4,683 182,000 0.3 20.6 10.4 11.8 10.5 9.2 8.3 1.5 1.3 18.3 17.0 010950 S-Oil 4,616 41,000 3.3 - 62.4 - 62.4 13.6 8.4 0.9 0.8 6.6 10.0 097950 CJ CheilJedang 4,565 348,000 0.5 22.3 7.9 118.2 14.7 16.8 14.6 1.5 1.4 9.7 10.2 000120 CJ Korea Express 4,460 195,500 45.4 14.5 139.8 9.5 28.8 26.3 1.5 1.4 6.6 6.8 042660 DSME 4,153 21,700 1.4 27.7 18.4 119.3 30.5 12.1 9.2 0.8 0.7 6.7 8.2 009150 Samsung Electro-Mechanics 4,093 54,800 1.0 - 105.7 -72.7 94.7 31.4 16.1 0.9 0.9 3.0 5.6 Source: KDB Daewoo Securities Research

Market Data November 12, 2014

※All data as of close November 12, 2014, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 400.57 -3.03 -0.75 -9.48 USD/KRW 1,089.90 1,085.20 1,072.30 1,068.50 KOSPI 1,967.27 4.27 0.22 0.00 JPY100/KRW 940.66 945.05 993.84 1,077.28 KOSDAQ 546.46 1.33 0.24 10.11 EUR/KRW 1,359.54 1,348.25 1,360.43 1,432.38 Dow Jones* 17,614.90 1.16 0.01 7.14 3Y Treasury 2.20 2.18 2.26 2.96 S&P 500* 2,039.68 1.42 0.07 11.34 3Y Corporate 2.52 2.49 2.63 3.39 NASDAQ* 4,660.55 8.93 0.19 12.49 DDR2 1Gb* 1.40 1.40 1.43 1.51 Philadelphia Semicon* 640.43 -1.82 -0.28 21.35 NAND 16Gb* 2.36 2.36 2.43 3.54 FTSE 100* 6,627.40 16.15 0.24 -1.35 Oil (Dubai)* 78.84 81.48 88.28 103.50 Nikkei 225 17,197.05 72.94 0.43 8.10 Gold* 1,163.00 1,159.80 1,221.00 1,281.10 Hang Seng* 23,808.28 63.58 0.27 2.01 Customer deposits (Wbn)* 15,889 15,766 14,648 14,674 Taiwan (Weighted) 8,918.95 -115.19 -1.28 3.56 Equity type BC (Wbn)(Nov. 10) 78,901 78,666 76,841 83,957 Note: * as of November 11, 2014 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 Hynix 23.20 Glovis 15.43 KODEX LEVERAGE 51.66 Hyundai Mobis 43.26 CJ Cheiljedang 8.97 KEPCO 14.64 Honam Petrochemical 23.73 KEPCO 34.92 LG Display 8.71 Samsung F&M Insurance 13.87 SK Energy 21.07 Samsung Heavy Ind. 22.32 Korea Zinc 6.38 Hyundai Heavy Industries 7.57 Glovis 19.90 NHN 21.91 Hyundai Motor 5.21 Samsung Corp. 7.01 DSME 19.73 Hyundai Motor 12.97 GKL 5.15 Honam Petrochemical 6.94 LG Innotek 16.62 CJ Cheiljedang 10.61 Kia Motors 4.92 Hyundai Motor (2P) 6.46 Hyundai Heavy Industries 16.48 Samsung Electronics 8.46 KB Financial Group 4.70 HANJINKAL 6.34 Samsung Corp. 14.77 Hyundai Steel 7.96 SK Telecom 4.59 Hyundai Eng. & Cosnt. 5.80 Samsung F&M Insurance 10.44 KODEX INVERSE 7.86 Korean Air Lines 3.95 Industrial Bank of Korea 5.67 NCsoft 9.22 Hotel Shilla 6.94 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 Daum Communications 11.23 CJ O Shopping 5.20 Daum Communications 6.52 Com2us 5.73 Com2us 7.62 Paradise 3.62 Binex 5.18 Koh Young 4.73 Koh Young 3.97 NaturalendoTech 2.74 BLUECOM 2.50 Paradise 4.71 Celltrion 2.03 Binex 2.51 Sung Kwang Bend 2.30 Celltrion 4.31 Gamevil 1.59 YG Entertainment 2.08 KCP 2.12 EO Technics 4.12 OSSTEM IMPLANT 1.57 Soribada 1.85 MCS 1.98 Hyundai Able SPAC 1 2.55 Techwing 1.48 Seoul Semiconductor 1.79 KREIT 1.76 Gamevil 2.41 Sansung P&C 1.42 SundayToz 1.67 SM 1.62 CJ E&M 1.70 Medy-tox 1.35 KCP 1.61 Interpark INT 1.51 INICIS 1.64 Partrion 1.19 GAMEHI 1.49 ISC 1.35 GS Home Shopping 1.60 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 1,230,000 -1,000 181,178 Daum Communications 142,500 2,500 8,060 Hyundai Motor 176,000 0 38,769 Celltrion 42,750 -400 4,426 Hynix 48,100 500 35,017 Paradise 28,150 -650 2,560 KEPCO 44,600 -2,300 28,632 Dongsuh 23,500 -50 2,343 POSCO 300,000 1,000 26,156 Com2us 143,000 -6,800 1,442 NHN 749,000 7,000 24,689 Medy-tox 253,500 -1,500 1,434 Samsung Life Insurance 120,500 500 24,100 CJ E&M 36,250 -650 1,404 Shinhan Financial Group 49,250 400 23,354 CJ O Shopping 226,200 -11,800 1,404 Hyundai Mobis 233,000 -2,000 22,681 EO Technics 113,900 -4,100 1,393 SK Telecom 279,000 1,000 22,528 SK Broadband 4,555 -35 1,348 Source: Korea Exchange