DOCSLIB.ORG

Nongshim (Buy/TP: W320,000) Raise TP KOSPI 1,889.70 -11.17 -0.59 Likely to Overcome All Negatives KOSPI 200 246.90 -1.28 -0.52 KOSDAQ 513.80 -7.63 -1.46

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Nongshim (Buy/TP: W320,000) Raise TP KOSPI 1,889.70 -11.17 -0.59 Likely to Overcome All Negatives KOSPI 200 246.90 -1.28 -0.52 KOSDAQ 513.80 -7.63 -1.46 November 13, 2012 KOREA Company News & Analysis Major Indices Close Chg Chg (%) Nongshim (Buy/TP: W320,000) Raise TP KOSPI 1,889.70 -11.17 -0.59 Likely to overcome all negatives KOSPI 200 246.90 -1.28 -0.52 KOSDAQ 513.80 -7.63 -1.46 Sector News & Analysis Turnover ('000 shares, Wbn) Shipbuilding (Neutral) Volume Value KOSPI 487,154 3,859 The law of the jungle KOSPI 200 74,365 2,631 KOSDAQ 472,518 2,034 Market Cap (Wbn) Value KOSPI 1,091,838 KOSDAQ 112,759 KOSPI Turnover (Wbn) Buy Sell Net Foreign 763 770 -7 Institutional 842 856 -14 Retail 2,224 2,215 9 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 68 104 -36 Institutional 117 100 17 Retail 1,846 1,828 18 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 567 525 42 KOSDAQ 15 13 2 Advances & Declines Advances Declines Unchanged KOSPI 214 613 75 KOSDAQ 254 700 37 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value KODEX LEVERAGE 11,220 -145 285 Samsung Electronics 1,349,000 4,000 196 LG Electronics 78,400 2,000 137 KODEX INVERSE 7,940 50 118 WOORIDUL SCIENCES 2,930 -240 91 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Tera Resource Co., Ltd 1,440 140 48 Celltrion 25,400 -850 37 Infraware 9,110 -1,140 36 Kornic Systems 8,360 870 35 Com2us 69,500 -300 32 Note: As of November 13, 2012 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. Company November 13, 2012 Food & Beverage Nongshim (004370 KS) Daewoo Securities Co., Ltd. Woon-mok Baek Likely to overcome all negatives +822-768-4158 [email protected] Raise TP to W320,000; Maintain Buy call This year, Nongshim has been plagued with three negatives: price-fixing fines, legal disputes over the distribution rights of Samdasoo (bottled water), and food safety issues. As a result, the company’s shares have fared poorly relative to its peers, despite the potential for a 3Q earnings improvement, and an expansion in ramen market share. We expect the company’s shares to find momentum in 2013 from a normalization of its ramen market share, potential price hikes, expectations for new Buy (Maintain) products in Korea and China, and new business expansion. We maintain our Buy call Target Price (12M, W) 320,000 and raise our target price to W320,000 (from W290,000). We derived our target Share Price (11/12/12, W) 255,000 price by applying a target P/E of 15x (up from 13.5x; on reflection of the recent rise Expected Return (%) 25.5 in the food and beverage industry’s average P/E) to the average of 2013 and 2014 EPS Growth (12F, %) TTR Market EPS Growth (12F, %) 9.0 EPS estimates. P/E (12F, x) - Market P/E (12F, x) 10.2 3Q review: Exceeded the consensus KOSPI 1,900.87 Nongshim’s 3Q operating results exceeded the market consensus, with revenues of Market Cap (Wbn) 1,551 W500.7bn (up 3.9% YoY), an operating profit of W34.7bn (up 25.4% YoY), and a net Shares Outstanding (mn) 6 profit of W31.2bn (up 60.1% YoY). Ramen revenues expanded 10.3% YoY. And Avg Trading Volume (60D, '000) 38 Avg Trading Value (60D, Wbn) 10 revenues related to cup-ramen products jumped 16.2% YoY, boosted by an increase Dividend Yield (12F, %) 1.6 in single-person households. The company’s ramen market share continued to pick Free Float (%) 49.6 up QoQ, reaching 67.4% in 3Q (from 63.7%). The company’s ramen market share 52-Week Low (W) 203,000 had plunged from 68.1% in 3Q11 to 62.7% in 4Q11 and 62.2% in 1Q12. Beverage 52-Week High (W) 296,000 revenues deteriorated 9.6% YoY due to a supply disruption of Samdasoo. Overseas Beta (12M, Daily Rate of Return) 0.27 revenues grew 18.6% YoY thanks to robust revenues in China (up 24.8% YoY) and Price Return Volatility (12M Daily, %, SD) 2.6 Foreign Ownership (%) 27.1 the US (up 20.9% YoY). Major Shareholder(s) Growth in operating profit and net profit was largely attributable to a reduction in Nongshim Holdings et al. (45.49%) fixed costs (resulting from ramen sales volume growth) and an increase in F/X- NPS (6.12%) related gains caused by won appreciation. Price Performance Noteworthy items for 2013: Ramen market share; Introduction of Baeksansoo (%) 1M 6M 12M Absolute -10.5 4.9 16.7 We anticipate Nongshim’s market share to expand to 70% in 2013, driven by the Relative -8.9 5.8 14.7 revival of red-soup ramen products, a re-launch of Shin Ramyun Black, launches of Key Business premium products priced at above W1,000 (e.g., Jinjja Jinjja, Gochu Bibimmyun, Nongshim is the top ramen and confectionery company in Korea. Shin Ramyun Black), and the renewals of some products. Although some sales of the company’s products could contract due to food safety issues, we believe sales should recover in three~six months. In addition, given that Samyang Foods and Paldo raised their ramen prices in August, we believe that Nongshim could also raise its ramen prices next year. Share price FY Revenues OP OP Margin NP EPS EBITDA FCF ROE P/E P/B EV/EBITDA 140 KOSPI (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (X) (X) (X) 130 12/10 1,895 155 8.2 138 22,696 201 104 10.4 9.0 0.8 4.2 120 110 12/11 1,971 110 5.6 86 14,167 162 43 5.9 16.4 0.9 6.3 100 12/12F 1,997 110 5.5 -6 -939 165 1 -0.4 - 1.1 7.0 90 12/13F 1,967 117 6.0 119 19,574 180 79 7.9 13.0 1.0 6.1 80 12/14F 2,136 135 6.3 143 23,482 197 115 8.9 10.9 0.9 5.1 11/11 3/12 7/12 11/12 Notes: All figures are based on non-consolidated K-IFRS Sources: Company data, KDB Daewoo Securities Research estimates 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. Company November 13, 2012 Given that the company’s contract regarding its Samdasoo distribution rights expires in mid-December, Nongshim plans to introduce its Chinese bottled water brand Baeksansoo in Korea around December. Nongshim’s Chinese subsidiary built a factory for Baeksansoo in the Jilin Province in 2010, the capacity of which is equivalent to 50% of the Samdasoo capacity. We project the discontinuation of Nongshim’s Samdasoo business will lead to a W190bn decline in revenues (9% of overall revenues) and a W12bn drop in operating profit (11% of overall operating profit) in 2013 for Nongshim. However, it should be noted that Nongshim has distribution networks for its bottled water business. We advise investors to keep tabs on whether the Baeksansoo brand can smoothly penetrate the domestic market. Table 1. Nongshim 3Q earnings vs. forecasts (Wbn, %) 3Q12 Change 3Q11 2Q12 Actual KDB Daewoo Consensus YoY QoQ Revenues 482.0 469.2 500.7 497.9 495.1 3.9 6.7 Operating profit 27.7 18.7 34.7 30.0 29.2 25.4 85.2 Pretax profit 25.6 22.1 41.4 37.8 33.9 61.5 87.0 Net profit 19.5 16.7 31.2 29.1 26.7 60.1 86.7 OP margin 5.7 4.0 6.9 6.0 5.9 - - NP margin 4.0 3.6 6.2 5.8 5.4 - - Sources: Company data, KDB Daewoo Securities Research Table 2.
Load more

Recommended publications
  • Interbrand-Best-Korean-Brands-2015
    Contents 02 Introduction 04 The future of business is personal 06 The Age of You: key questions answered 10 Best Korea Brands 2015 Top50 46 Best Korea Brands 2015 Analysis 54 Authors & Contributors 1 engage customers and generate genuine result, each of us will become our own 2015 will provide the insights you need value for the business. marketplace or “Mecosystem.” to drive your organization forward—and Introduction new inspiration to push creative thought The need to create brand experiences In our report, Jez Frampton, Global CEO Jihun Moon and innovation in these changing times. that are seamless and more holistic has of Interbrand, will elaborate on this new been precipitated by sector convergence era, which we at Interbrand refer to as Congratulations to all of Korea’s Best The origin of the term “branding” was and the rise of Big Data. Harnessing the the “Age of You”—the move from brand Global Brands—in particular those whose lit¬erally to burn one’s name onto prop- potential of Big Data isn’t just for tech as monologue, to brand as dialogue, leadership skills have earned them a erty as a crude mark of ownership. But companies anymore—it offers huge to brand as a communal experience, to place among the nation’s top brands. it’s only in our relatively recent history opportunities for all brands. By collecting brand as a truly personal and curated ex- that branding has become recognized as To your continued success, and analyzing customer data and honing perience created around each and every a business discipline.
    [Show full text]
  • Safety of Offshore and Subsea Structures in Extreme and Accidental Conditions 15-16 September 2015, Nongshim Hotel, Busan, Korea
    The Royal Institution of Naval Architects Supported by: ICSOT Korea: Safety of Offshore and Subsea Structures in Extreme and Accidental Conditions 15-16 September 2015, Nongshim Hotel, Busan, Korea Tuesday 15th September 2015 08.30-08.55 Coffee and Registration. 08.55-09.00 Welcome Address- Trevor Blakeley, The Royal Institution of Naval Architects, UK Keynote- NOVEL MATERIALS FOR OFFSHORE AND SUBSEA STRUCTURES: SAFETY 09.00-09.30 IMPLICATIONS, by Prof Igor Guz, University of Aberdeen, UK REDUCING PROJECT RISKS AND DELAYS IN INTERNATIONAL OFFSHORE 09.30-10.00 PROJECTS, Petter Ellingsen, DNV GL, Korea THE TRANSITION OF ADVANCED RISK AND SAFETY CAPABILITY TO THE OFFSHORE I Guz 10.00-10.30 INDUSTRY, John Waltham-Sajdak, Alion Science and Technology, USA TEST FACILITIES FOR SAFETY STUDIES OF SHIPS AND OFFSHORE STRUCTURES 10.30-11.00 ASSOCIATED WITH EXTREME AND ACCIDENTAL CONDITIONS, Jeom Kee Paik, Jung Kwan Seo, KOSORI, Korea 11.00-11.30 Coffee THE CHIRP AND MARS CONFIDENTIAL REPORTING SCHEMES, 11.30-12.00 Alan Loynd, Branscombe Marine Consultants, Hong Kong K W Yang THE NEW METHODOLOGY OF FMEA FOR PROCESS INDUSTRY 12.00-12.30 Jinhyung Park, Yokogawa Electric Korea, South Korea PHYSIOLOGICAL COMPUTING FOR MARITIME ERGONOMICS APPLICATIONS, 12.30-13.00 Yanbin Wu, T. Miwa, M. Uchida, Kobe University, Japan 13.00-14.00 Lunch THE INTEGRATION ON HUMAN FACTORS PRINCIPLES WITH THE DEVELOPMENT AND 14.00-14.30 QUALITY ASSURANCE PROCESS OF INTEGRATED SOFTWARE DEPENDENT SYSTEMS, Saara Keränen, DNV GL, Korea IMPLEMENTATION OF RISK AND WORKING ENVIRONMENT ANALYSES FOR J H Park 14.30-15.00 OFFSHORE INSTALLATIONS ON THE NORWEGIAN CONTINENTAL SHELF, Kyung Won Yang, DNV GL Oil & Gas, Korea STUDY ON WORKLOAD MEASUREMENTS AT THE MARINE ENGINEERING EDUCATION UNDER THE MARINE ENGINE SIMULATOR ENVIRONMENT, Takashi Miwa, K.
    [Show full text]
  • Vanguard Total World Stock Index Fund Annual Report October 31, 2020
    Annual Report | October 31, 2020 Vanguard Total World Stock Index Fund See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. Important information about access to shareholder reports Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com. You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
    [Show full text]
  • Schedule of Investments (Unaudited) Blackrock Advantage Emerging Markets Fund January 31, 2021 (Percentages Shown Are Based on Net Assets)
    Schedule of Investments (unaudited) BlackRock Advantage Emerging Markets Fund January 31, 2021 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Common Stocks China (continued) China Life Insurance Co. Ltd., Class H .................. 221,000 $ 469,352 Argentina — 0.0% China Longyuan Power Group Corp. Ltd., Class H ....... 52,000 76,119 (a) 313 $ 60,096 Globant SA .......................................... China Mengniu Dairy Co. Ltd.(a) ......................... 15,000 89,204 Brazil — 4.9% China Merchants Bank Co. Ltd., Class H ................ 36,000 275,683 Ambev SA ............................................. 236,473 653,052 China Overseas Land & Investment Ltd.................. 66,500 151,059 Ambev SA, ADR ....................................... 94,305 263,111 China Pacific Insurance Group Co. Ltd., Class H......... 22,000 90,613 B2W Cia Digital(a) ...................................... 20,949 315,188 China Railway Group Ltd., Class A ...................... 168,800 138,225 B3 SA - Brasil Bolsa Balcao............................. 33,643 367,703 China Resources Gas Group Ltd. ....................... 30,000 149,433 Banco do Brasil SA..................................... 15,200 94,066 China Resources Land Ltd. ............................. 34,000 134,543 BRF SA(a).............................................. 22,103 85,723 China Resources Pharmaceutical Group Ltd.(b) .......... 119,500 62,753 BRF SA, ADR(a) ........................................ 54,210 213,045 China Vanke Co. Ltd., Class A .......................... 67,300 289,157 Cia de Saneamento de Minas Gerais-COPASA .......... 52,947 150,091 China Vanke Co. Ltd., Class H .......................... 47,600 170,306 Duratex SA ............................................ 19,771 71,801 CITIC Ltd............................................... 239,000 186,055 Embraer SA(a).......................................... 56,573 90,887 Contemporary Amperex Technology Co. Ltd., Class A .... 1,700 92,204 Gerdau SA, ADR ......................................
    [Show full text]
  • September 21, 2012
    September 21, 2012 KOREA Company News & Analysis Major Indices Close Chg Chg (%) Simmtech (Buy/TP: W20,000) Raise TP KOSPI 2,002.37 12.04 0.60 Mobile revenues growing at full speed KOSPI 200 263.41 1.54 0.59 KOSDAQ 531.49 3.43 0.65 Shinsegae (Buy/TP: W285,000) Lower TP Taking on new challenges Turnover ('000 shares, Wbn) Volume Value KOSPI 642,062 4,904 KOSPI 200 74,083 3,308 KOSDAQ 911,594 3,368 Market Cap (Wbn) Value KOSPI 1,153,158 KOSDAQ 116,068 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,208 1,040 168 Institutional 1,118 1,138 -20 Retail 2,557 2,700 -143 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 108 94 13 Institutional 139 98 41 Retail 3,122 3,171 -49 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,058 787 271 KOSDAQ 19 19 0 Advances & Declines Advances Declines Unchanged KOSPI 463 356 79 KOSDAQ 479 465 58 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,302,000 15,000 388 KODEX LEVERAGE 12,940 120 275 WillBes 3,520 -115 181 LG Display 28,500 -800 118 Hynix 23,850 -50 115 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value AHNLAB 99,800 -17,500 162 Solco Biomedical 2,260 -395 146 YG Entertainment 79,000 7,000 122 SaraminHR 27,200 2,400 110 S Connect 1,910 -75 89 Note: As of September 21, 2012 This document is a summary of a report prepared by Daewoo Securities Co., Ltd.
    [Show full text]
  • Delivering Happiness to the World Happiness Delivering
    ANNU A L REPO Delivering Happiness to the World ANNUAL REPORT 2017 R T 2017 Contents INTRODUCTION DIFFERENTIATED COMPETITIVENESS 03 Milestones 42 R&D 05 Corporate Profile 43 Purchase 06 Message from the CEO 44 Production & Quality 08 ‌Delivering Happiness to the World 45 Sales & Marketing - Captivating People Around the World 46 Logistics - Securing a New Growth Engine 47 Environment 12 Financial Highlights 48 Social Contribution REVIEW OF OPERATIONS FINANCIAL REVIEW & OTHERS 16 Instant Noodles 51 ‌Management's Discussion & Analysis 20 Snacks 54 Consolidated Financial Statements 22 Beverages 58 ‌Non-consolidated Financial 24 Import Brands Statements 62 Affiliates GLOBAL BUSINESS 63 ‌Holding Co. & Investment Structure 28 United States 64 Overseas Plants 32 China 66 Global Network 36 Japan 38 Australia & Export ANNUAL REPORT 2017 The taste of Nongshim, which represents the taste of Korea, touches people throughout the world. With the phenomenal success of Shin Ramyun in Korea, Nongshim entered the global market in earnest in the 1980s and spearheaded the globalization of Korean instant noodles. As a result, Shin Ramyun has grown to be a global brand that represents Korea. Now, Nongshim must pursue the global market. Rather than being satisfied as Korea’s no. 1 food company, we are making a concerted effort to be one step ahead of the increasingly fierce competition by magnifying our expertise in R&D, production, and marketing. Moreover, we are focusing on cultivating Baeksan Artesian Water as a global brand while establishing a profitable business portfolio and stable global network. We will take steps toward the global market to deliver health and happiness to customers around the world.
    [Show full text]
  • Open a New Horizon of Brand
    ANNUAL REPORT 2018 Introduction Milestones 03 OPEN A NEW Corporate Profile 05 Message from the CEO 06 HORIZON OF BRAND Financial Highlights 08 Brand Portfolio 10 Review of Operations Instant Noodles 24 Snacks 28 Beverages 30 Import Brands 32 Global Business United States 36 China 40 Japan 44 CONTENTS Australia & Export 46 Differentiated Competitiveness R&D 50 Purchasing 51 Production & Quality 52 Sales & Marketing 53 Logistics 54 Environment 55 Social Contribution 56 Financial Review & Others Management's Discussion & Analysis 59 Consolidated Financial Statements 62 Non-consolidated Financial Statements 66 Affiliates 70 Holding Co. & Investment Structure 71 Overseas Plants 72 Global Network 74 Milestones In just about 50 years since its establishment in 1965, Nongshim has ranked alongside the world’s leading food companies to become the pride of Korea. As The taste of Nongshim, a global food company, Nongshim will make a new which represents the taste of Korea, history in the field of food culture. touches people around the world. HISTORY With the phenomenal success of Shin Ramyun in Korea, 1965 Establishing business Nongshim entered the global market in earnest in the 1980s foundation and spearheaded the globalization of Korean instant noodles. 1965. 09 As a result, Shin Ramyun has grown to be a global brand that Founded the Company 1971. 12 Shrimp Crackers represents Korea. 1972. 09 Honey Twist Snack 1967. 09 1975. 10 Nongshim Ramyun Completed Dongrae Ansungtangmyun, Chapagetti, Shrimp Crackers, and Honey 1978. 05 Banana Kick Plant in Busan Twist Snack have also been the long-loved brands for over 1976. 01 Completed Busan Plant 30 years.
    [Show full text]
  • Korea Morning Focus
    September 23, 2019 Korea Morning Focus Company News & Analysis Major Indices Close Chg Chg (%) Nongshim (004370/Buy/TP: W320,000) KOSPI 2,091.52 11.17 0.54 Global expansion KOSPI 200 276.44 1.52 0.55 KOSDAQ 649.07 3.36 0.52 Osstem Implant (048260/Buy/TP: W77,000) Turnover ('000 shares, Wbn) Volume Value Comment on tax penalty disclosure KOSPI 577,244 5,402 KOSPI 200 71,956 3,375 KOSDAQ 827,749 4,340 Market Cap (Wbn) Value KOSPI 1,398,475 KOSDAQ 227,802 KOSPI Turnover (Wbn) Buy Sell Net Foreign 2,036 1,992 45 Institutional 1,099 918 182 Retail 2,241 2,456 -215 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 519 486 34 Institutional 146 172 -26 Retail 3,652 3,648 4 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 1,568 1,378 190 KOSDAQ 473 446 26 Advances & Declines Advances Declines Unchanged KOSPI 492 305 97 KOSDAQ 652 551 107 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 49,200 50 736 Baekkwang Mineral 7,040 1,310 295 Products Maniker 1,360 140 207 Hynix 82,200 -500 194 KODEX Leverage 12,470 120 165 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Eagle Vet 10,650 1,250 255 KMW 75,800 3,800 168 Harim 3,860 210 154 Olipass 24,800 -5,800 107 ViroMed 176,000 -8,000 96 Note: As of September 20, 2019 This document is a summary of a report prepared by Mirae Asset Daewoo Co., Ltd.
    [Show full text]
  • 2016 Csv Report About This Report Contents
    2016 CSV REPORT ABOUT THIS REPORT CONTENTS CJ CSV REPORT REPORTING PERIOD CONTACT INFO. CHAIRMAN’S MESSAGE 2 CJ is leading CSV (Creating Shared AND SCOPE The 2016 CJ CSV Report is published in Value) management to create economic This report contains CJ Group’s activities Korean and English, and it is available on 01 GLOBAL LIFESTYLE COMPANY, CJ and social values through management and performance between January CJ Corporation website (www.cj.net). For CJ MANAGEMENT PHILOSOPHY 6 activities. Since 2015, CJ has been 1, 2016 and December 31, 2016, and more details, please send your inquiries to BUSINESS OVERVIEW 8 annually publishing the CJ CSV Report some performance in 2017 considered the following: GLOBAL STATUS 13 CSV GOVERNANCE STRUCTURE 14 in order to share with our stakeholders significant for reporting. The scope of the direction and performance of CSV reporting covers the activities of CJ 02 CJ CSV MANAGEMENT management. Taking a central role, CJ Group and our nine CJ affiliates (CJ CONTACT CSV MANAGEMENT 18 Creating Shared Value Team formed a CheilJedang, CJ Freshway, CJ Foodville, CJ Corporation ETHICAL MANAGEMENT 20 task force team with the CSV teams of CJ Logistics, CJ O Shopping, CJ CSV Team, 26, Pildong-ro, SAFETY MANAGEMENT 22 Group’s nine affiliates to prepare the OliveNetworks, CJ E&M, CJ CGV and Jung-gu, Seoul, Korea Tel. 82-2-726-8114 www.cj.net ENVIRONMENTAL MANAGEMENT 28 report, and discussed the direction of CJ HelloVision) and two foundations SOCIAL RESPONSIBILITY 30 CSV initiatives and reporting. CJ will strive (CJ Welfare Foundation and CJ Cultural CJ CheilJedang MATERIALITY ASSESSMENT 34 CJ CheilJedang Center, 330, Dongho-ro, to achieve shared growth with society Foundation).
    [Show full text]
  • Vanguard Developed Markets Index Fund Annual Report December 31, 2020
    Annual Report | December 31, 2020 Vanguard Developed Markets Index Fund Contents Your Fund’s Performance at a Glance. 1 About Your Fund’s Expenses. 2 Performance Summary. .4 Financial Statements. 7 Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus. Your Fund’s Performance at a Glance • Vanguard Developed Markets Index Fund’s returns for the 12 months ended December 31, 2020, ranged from 10.11% for Investor Shares to 10.29% for ETF Shares. The fund’s benchmark, the FTSE Developed All Cap ex US Index, returned 10.00%. • The emergence of COVID-19 in early 2020 turned into a global health crisis, and aggressive attempts to contain it resulted in a sharp downturn in economic activity. Unemployment spiked, and sectors where social distancing isn’t possible were hit hard. Stocks initially plummeted as infections surged, but they finished the year significantly higher. The gain was thanks in part to rapid and robust monetary and fiscal action by policymakers and the rollout of COVID-19 vaccines as the year drew to a close. • The technology and industrial sectors contributed the most to results, while financials detracted. • Over the past decade, the fund recorded an average annual return of almost 6%, in line with its benchmark index. Market Barometer Average Annual Total Returns Periods Ended December 31, 2020 One Year Three Years Five Years Stocks Russell 1000 Index (Large-caps) 20.96% 14.82% 15.60% Russell 2000 Index (Small-caps) 19.96 10.25 13.26 Russell 3000 Index (Broad U.S.
    [Show full text]
  • Matthews Korea Fund
    Matthews Korea Fund Choose a Share Class: Investor Period ended September 30, 2020 Average Annual Total Returns - Investor Class (9/30/2020) For the quarter ending September 30, 2020, the Matthews Korea Fund returned 13.33% (Investor Class) and 13.48% (Institutional Class), while its benchmark, the Korea Composite Stock Price Index, returned 13.43% over the same period. 1-year 20.43% 3-year -0.30% 5-year 4.26% Market Environment: 10-year 6.65% Inception (1/3/95) 5.79% South Korean equities bounced and slightly outperformed global emerging markets in the third quarter. Korea's response to COVID-19 was prompt and effective resulting in a relatively efficient command over the spread of cases. However by mid quarter, a second wave of COVID-19 caused the government to re-impose social Gross Expense Ratio distancing restrictions which should result in year-on-year economic growth to be revised downward. Korea has a 1.15% couple of potential tailwinds going into the fourth quarter. The country's external vulnerability and financing risks All performance quoted is past performance and is are low with room to ease monetary aggregates. Korea has fiscal firepower to stimulate and has begun to utilize no guarantee of future results. Investment return and its resources. Its valuations are some of the region's most attractive and the prospect of earnings growth from a principal value will fluctuate with changing market very low base is a good possibility, especially if its influential neighbor, China, continues to recover. conditions so that shares, when redeemed, may be worth more or less than their original cost.
    [Show full text]
  • Stoxx® South Korea 200 Index
    STOXX® SOUTH KOREA 200 INDEX Components1 Company Supersector Country Weight (%) Samsung Electronics Co Ltd Technology South Korea 28.94 SK HYNIX INC Technology South Korea 4.68 NAVER CORP Technology South Korea 4.12 KAKAO CORP Technology South Korea 3.20 LG Chem Ltd Chemicals South Korea 2.70 Samsung SDI Co Ltd Technology South Korea 2.61 Hyundai Motor Co Automobiles & Parts South Korea 2.57 Celltrion Health Care South Korea 2.08 POSCO Basic Resources South Korea 2.07 KB Financial Group Inc Banks South Korea 1.66 KIA CORPORATION Automobiles & Parts South Korea 1.66 Shinhan Financial Group Co Ltd Banks South Korea 1.41 Hyundai Mobis Automobiles & Parts South Korea 1.34 LG H&H Personal Care, Drug & Grocery Stores South Korea 1.22 LG Electronics Inc Consumer Products & Services South Korea 1.19 SK TELECOM Telecommunications South Korea 1.17 SAMSUNG C&T CORP Construction & Materials South Korea 1.12 SK INNOVATION Energy South Korea 1.00 NCsoft Consumer Products & Services South Korea 0.99 SAMSUNG BIOLOGICS Health Care South Korea 0.97 Hana Financial G Banks South Korea 0.95 LG Corp Industrial Goods & Services South Korea 0.87 KT&G Corp Food, Beverage & Tobacco South Korea 0.82 HMM Industrial Goods & Services South Korea 0.80 Samsung Electro-Mechanics Co L Technology South Korea 0.71 KOREAN AIR LINES Travel & Leisure South Korea 0.68 SK Technology South Korea 0.68 CELLTRION HEALTHCARE Health Care South Korea 0.66 Amorepacific Consumer Products & Services South Korea 0.60 Samsung Fire & Marine Insuranc Insurance South Korea 0.59 Korea Electric
    [Show full text]