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Hankook Tire (Buy/TP: W57,000) Lower TP KOSPI 340,419 3,495 Solid Earnings to Overcome Concerns About Demand KOSPI 200 74,372 2,731 KOSDAQ 453,320 1,587

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Hankook Tire (Buy/TP: W57,000) Lower TP KOSPI 340,419 3,495 Solid Earnings to Overcome Concerns About Demand KOSPI 200 74,372 2,731 KOSDAQ 453,320 1,587 February 5, 2013 KOREA Morning Company News & Analysis Major Indices Close Chg Chg (%) Doosan Corp. (Buy/TP: W160,000) Lower TP KOSPI 1,953.21 -4.58 -0.23 Going to painstaking lengths to eliminate risks KOSPI 200 256.89 -0.75 -0.29 KOSDAQ 501.32 -1.99 -0.40 Doosan Heavy I&C (Buy/TP: W60,000) Lower TP Construction business needs to get back on track Turnover ('000 shares, Wbn) Volume Value Hankook Tire (Buy/TP: W57,000) Lower TP KOSPI 340,419 3,495 Solid earnings to overcome concerns about demand KOSPI 200 74,372 2,731 KOSDAQ 453,320 1,587 Com2uS (Buy/TP :W60,000) Lower TP Market Cap (Wbn) Smartphone mobile games still in early stages of growth Value KOSPI 1,130,353 KOSDAQ 110,222 KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,149 1,089 60 Institutional 821 896 -75 Retail 1,513 1,498 16 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 74 71 3 Institutional 82 73 9 Retail 1,434 1,445 -12 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 717 748 -31 KOSDAQ 12 13 -2 Advances & Declines Advances Declines Unchanged KOSPI 339 477 70 KOSDAQ 316 616 65 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,437,000 -4,000 367 KODEX LEVERAGE 12,210 -75 257 KODEX 200 25,925 -65 176 KODEX INVERSE 7,615 30 139 Hyundai Motor 203,500 -3,000 121 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Victek 2,995 355 69 Celltrion 27,100 1,300 46 Com2us 37,800 650 46 ONSE TELECOM 543 70 38 Seoul Semiconductor 25,700 -1,500 29 Note: As of February 4, 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. February 5, 2013 Company Report Holding Doosan Corp. (000150 KS) Companies Daewoo Securities Co., Ltd. Going to painstaking lengths to eliminate risks Dae-ro Jeong +822-768-4160 4Q12 review: Doosan E&C provisioning leads to large equity method losses [email protected] Doosan Corp. reported 4Q consolidated revenues of W900.4bn (12.3% QoQ; -24.8% YoY) and an operating loss of W56.1bn (turning to loss QoQ and YoY), widely missing our estimates and the market consensus. The biggest reason behind the disappointing numbers was a substantial equity method loss, led by W750.6bn in loss provisioning at Doosan E&C (a second-tier subsidiary) in 4Q, which caused Doosan Heavy I&C (a subsidiary) to turn to a pre-tax loss of W329.5bn. The firm’s in-house businesses posted 4Q revenues and operating profit of W419.1bn (- 15.3% YoY) and W37.1bn (+31.4%), respectively (based on a simplified sum). The Electro-Materials unit delivered decent earnings (operating profit of W25.5bn; OP margin Buy (Maintain) of 14.5%), thanks to its efforts to improve margins by increasing the proportion of high- Target Price (12M, W) 160,000 value products (e.g. FCCL), in addition to capacity expansions. On the other hand, the Share Price (11/07/01,W) 123,500 Mottrol unit suffered a sequential slowdown (operating loss of W1bn), due to the Expected Return (%) 29.6 delayed recovery of the Chinese excavator market. EPS Growth (13F, %) 151.5 2013 outlook: In-house to pick up Market EPS Growth (13F, %) 18.1 P/E(13F, x) 14.6 Looking forward, we expect the Electro-Materials division to see top-line growth, Market P/E(13F, x) 9.3 supported by: 1) continued strength in downstream industries (of note: a major client KOSPI 1,953.21 has begun full-fledged production of a new product), and 2) bottom-line growth aided by Market Cap (Wbn) 2,576 a better product mix thanks in part to high-end materials (the firm aims to raise high-end Shares Outstanding (mn) 26 ratio to 47% of revenues in 2013; +9% YoY). As for the Mottrol unit, we look for a Avg Trading Volume (60D, '000) 86 gradual earnings recovery following a bottom in 4Q. We do not expect a meaningful Avg Trading Value (60D, Wbn) 11 recovery in the Chinese excavators market any time soon, but we foresee modest Dividend Yield (13F, %) 2.4 earnings growth driven by Chinese excavator manufacturers placing pre-orders to Free Float (%) 32.9 replenish their inventories. 52-Week Low 116,000 Doosan Corp. is currently working to sell its stake in DIP Holdings (which owns stakes in 52-Week High 175,500 KAI and SRS (KFC)) and some of its non-core Doosan Group assets. Once the sales are Beta (12M, Daily Rate of Return) 0.99 completed, we believe the cash proceeds could be used to pay off the company’s debt Price Return Volatility (12M Daily, %,SD) 1.8 and improve its balance sheet. Foreign Ownership (%) 12.3 Major Shareholder(s) Maintain Buy, but Lower TP to W160,000 Park Yong Kon et al. (45.44%) We cut our target price on Doosan Corp. by 7% from W172,000 to W160,000 to reflect Treasury Shares (11.53%) our 2013 earnings adjustments to in-house units, as well as the decline in the Treasury Fund (9.65%) company’s investment asset value following share pullbacks of subsidiaries. We do not Price Performance doubt the growth potential of the company’s in-house businesses (especially with the (%) 1M 6M 12M construction of an overseas production base in China). Thus, we believe the projected Absolute -6.8 -9.4 -26.2 earnings pickup in in-house units, as well as the recent capital injection into Doosan Relative -3.9 -15.0 -25.2 E&C (and the resulting, improved balance sheet) should eliminate, to some extent, the discounts to Doosan Corp. and affiliates’ stock. § Earnings & Valuation Metrics Share price KOSPI FY Revenues OP OP Margin NP EPS EBITDA FCF ROE P/E P/B EV/EBITDA 120 (Wbn) (Wbn) (%) (Wbn) (W) (Wbn) (Wbn) (%) (X) (X) (X) 110 12/10 3,753 900 24.0 768 24,986 981 3,493 30.7 6.3 1.5 5.1 100 12/11 4,033 453 11.2 305 9,893 496 146 9.5 14.8 1.4 10.4 90 80 12/12P 3,834 199 5.2 96 3,361 292 193 2.9 36.7 1.1 14.0 70 12/13F 4,028 357 8.9 222 8,452 482 173 6.9 14.6 1.0 7.7 60 12/14F 4,365 425 9.7 260 9,919 600 211 7.9 12.5 1.0 5.9 1/12 5/12 9/12 1/13 Note: 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. February 5, 2013 Company Report Doosan Heavy I&C (034020 KS) Machinery Daewoo Securities Co., Ltd. Construction business needs to get back on track Ki-jong Sung +822-768-3263 4Q review: Revenues of W2.9tr (+4.1% YoY), OP of W168.6bn (+9.2% YoY) [email protected] Doosan Heavy I&C (DHIC) posted 4Q revenues of W2.9tr (+4.1% YoY), an operating Ryan Kang profit of W168.6bn (+9.2% YoY), and a net loss of W219.1bn (turning to loss YoY), +822-768-3065 missing both our estimates and the market consensus. 4Q OP margin edged up 0.3%p [email protected] YoY and 0.7%p QoQ to 5.8%. Revenues were not far off our projections, but margins were still disappointing in what is normally considered a strong season. We attribute overall weakness in margins to: 1) slower-than-expected revenue growth (9.1%) at the firm’s largest business (power generation), and 2) the global economic slowdown causing top-line contraction at the construction and DPS units, as well as the more profitable forging unit. Non-operating Buy (Maintain) profit was hit by Doosan E&C’s substantial provisioning, which led to equity method Target Price (12M, W) 60,000 losses of W382.7bn. Net financing costs stood at W39.2bn, while the strengthening of Share Price (02/04/13, W) 42,850 the won resulted in F/X gains of W20.6bn. Expected Return (%) 40.0 EPS Growth (13F, %) 1,307.8 It all comes down to construction Market EPS Growth (13F, %) 18.1 Doosan Heavy I&C announced it will inject net cash of W505.5bn and transfer its heat P/E (13F, x) 9.9 recovery system generator (HRSG) business (estimated at W371.6bn, including W70bn Market P/E (13F, x) 9.3 in other assets) to Doosan E&C.
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