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Hanwha Techwin 7.3 Avg April 2017 Monthly InsighT Clear skies ahead Wonjae Park +822-3774-1426 [email protected] Hyunwoo Doh Chuljoong Kim +822-3774-3803 +822-3774-1464 [email protected] [email protected] Young-gun Kim Sol Hong +822-3774-1583 +822-3774-1851 [email protected] [email protected] 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. Contents I. Investment strategy .......................................... 3 II. Overview of spotlight stocks ............................. 8 III. Sector view ....................................................... 10 IV. Think big ......................................................... 17 V. Global IT navigation ...................................... 34 Spotlight stocks & other notable stocks …………….… 37 2| Monthly InsighT Mirae Asset Daewoo Research I. Investment strategy Rotation among large caps expected; Greater focus on handsets/components; Time to invest in small/mid-caps II. Overview of spotlight stocks III. Sector view IV. Think big V. Global IT navigation Spotlight stocks & other notable stocks 3| Monthly InsighT Mirae Asset Daewoo Research I. Investment strategy Mirae Asset Daewoo IT universe share performance March: +6.4% for spotlight stocks and +6.5% for other notable stocks Monthly InsighT cumulative returns Cumulative returns Avg. of spotlight stocks 6.4 Avg. of spotlight stocks 94.5 SEMCO 18.8 Avg. of other notable stocks -38.8 LG Innotek 13.8 KOSPI 4.4 KOSDAQ 8.6 (%) LG Electronics 13.5 Spotlight stocks Note: September 2014-100 -March -50 02016 50 100 150 LG Display 10.4 March Hanwha Techwin 7.3 Avg. of spotlight stocks 6.4 Jusung Engineering 0.9 Avg. of other notable stocks 6.5 KOSPI 3.3 Eugene Tech -4.6 KOSDAQ 1.2 (%) SK materials -9.2 01234567 Avg. of other notable stocks 6.5 February Seoul Semiconductor 3.6 Avg. of spotlight stocks 1.0 Other notable stocks Avg. of other notable stocks 9.2 Samsung SDI 7.0 KOSPI 1.2 Samsung Electronics 7.2 KOSDAQ -0.6 (%) SK Hynix 8.1 (%) -20246810 -20 -15 -10 -5 0 5 10 15 20 25 4| Monthly InsighT Mirae Asset Daewoo Research I. Investment strategy Rotation among large caps expected; Greater focus on handsets/components; Time to invest in small/mid-caps ■ IT market update Share performance & OP consensus revision rates for Korean IT large caps - Semiconductor: Memory supply should increase, with contract prices weakening. (%) (%) - Display: Panel supply remains tight; Equipment orders from Samsung Display’s A5 Share performance (1M, L) 1Q17 OP consensus revision rate (R) line should increase in 2H. 20 60 - Handsets/components: Impact of new product releases should begin to be felt in 2Q 15 30 LGE’s G6, SEC’s Galaxy S8/Note 8/foldables, and Apple's iPhone 8. - Home appliances, TVs, and PCs: Volume growth remains muted, but sales of higher- 10 0 end products are increasing; many are turning to AI, autonomous driving, and healthcare in search of new growth engines. 5 -30 ■ Strategy 0 -60 1) Steady semiconductor and panel price trends should drive earnings, but growth will likely slow down, locking stocks within a boxed range. 2) New smartphone releases should continue to add upside to related shares. Few alternatives are available for investors. We expect to see rotation among IT large caps, and recommend a greater focus on handset/component plays. It is time to invest in small/mid-cap component plays and equipment/materials stocks. Source: WISEfn, Mirae Asset Daewoo Research ■ Spotlight stocks - Large-caps: LGD, LGE, SEMCO, Hanwha Techwin - Small/mid-caps: SK Materials, Eugene Technology, Jusung Engineering, Duksan Neolux, Amotech Mirae Asset Daewoo IT large-cap universe (W, %, x) Current Upside Share performance P/E P/B ROE Company Rating TP price (3/31) 1W 1M 17F 18F 17F 18F 17F 18F LGD Buy 38,000 30,250 25.6 2.9 -3.8 4.4 5.9 0.7 0.6 16.8 11.1 LGE Buy 87,700 67,900 29.2 -6.0 31.6 12.0 10.5 1.0 0.9 8.4 8.9 SEMCO Buy 85,000 69,500 22.3 1.9 36.8 46.1 27.7 0.8 0.8 1.9 3.1 Hanwha Techwin Buy 62,000 47,100 31.6 -2.3 8.4 16.6 13.8 0.9 0.8 5.4 6.2 SEC Trading Buy2,150,000 2,060,000 4.4 -0.7 14.3 10.6 10.5 1.4 1.3 15.1 13.5 SK Hynix Trading Buy 54,000 50,500 6.9 2.0 13.0 6.5 9.4 1.2 1.1 20.5 12.2 Samsung SDI Neutral - 138,000 - 1.8 26.6 20.5 17.9 0.8 0.8 4.3 4.8 LG Innotek Buy 171,000 136,500 25.3 -1.8 54.4 8.2 6.4 1.0 0.9 12.8 14.2 Seoul Semiconductor Buy 23,400 17,400 34.5 1.8 11.9 15.6 13.0 1.3 1.2 8.8 9.7 Source: WISEfn, Mirae Asset Daewoo Research 5| Monthly InsighT Mirae Asset Daewoo Research I. Investment strategy Earnings forecast revisions for large caps in the Mirae Asset Daewoo IT universe (Wbn, %) Previous Revised % chg. Notes 1Q17F 2017F 2018F 1Q17F 2017F 2018F 1Q17F 2017F 2018F LGD Revenue 7,056 28,776 27,706 7,177 28,808 27,739 1.7 0.1 0.1 Upward revisions to panel price forecasts OP 797 2,704 1,792 916 3,299 2,417 15.0 22.0 34.9 NP 573 2,005 1,368 639 2,361 1,763 11.6 17.8 28.9 LGE Revenue 14,584 62,187 69,112 14,584 62,187 69,112 0.0 0.0 0.0 OP 804 2,566 2,824 804 2,566 2,824 0.0 0.0 0.0 NP 308 967 1,102 308 967 1,102 0.0 0.0 0.0 SEMCO Revenue 1,482 6,181 6,535 1,487 6,396 6,605 0.4 3.5 1.1 OP 23 171 252 31 220 268 32.8 28.4 6.5 Cost reductions; positive outlook NP 8 79 132 17 118 149 108.9 49.1 12.5 for ACI business Hanwha Revenue 1,032 4,427 4,917 1,032 4,410 4,782 0.0 -0.4 -2.7 Techwin OP 32 185 218 21 164 199 -36.9 -11.1 -8.6 Engine, equipment, and defense businesses remain sluggish NP 23 131 159 9 95 124 -62.0 -27.7 -21.8 SEC Revenue 49,024 223,041 226,703 49,024 223,041 226,703 0.0 0.0 0.0 OP 8,730 37,969 37,589 8,730 37,969 37,589 0.0 0.0 0.0 NP 6,553 29,013 29,273 6,553 29,013 29,273 0.0 0.0 0.0 SK Hynix Revenue 5,899 22,056 20,932 5,899 22,056 20,932 0.0 0.0 0.0 OP 2,192 6,984 4,858 2,192 6,984 4,858 0.0 0.0 0.0 NP 1,741 5,342 3,695 1,741 5,342 3,695 0.0 0.0 0.0 Samsung SDI Revenue 1,396 6,065 6,792 1,314 6,080 6,886 -5.8 0.3 1.4 Supply for the Galaxy S8 delayed OP -32 1 92 -60 5 128 RR 558.4 39.4 NP 92 555 634 67 469 536 -27.6 -15.6 -15.5 LG Innotek Revenue 1,657 6,968 7,443 1,657 6,968 7,443 0.0 0.0 0.0 OP 85 356 436 85 356 436 0.0 0.0 0.0 NP 55 233 295 55 233 295 0.0 0.0 0.0 Seoul Revenue 243 1,035 1,101 243 1,035 1,101 0.0 0.0 0.0 Semiconductor OP 16 84 100 16 84 100 0.0 0.0 0.0 NP 11 55 66 11 55 66 0.0 0.0 0.0 Source: Mirae Asset Daewoo Research 6| Monthly InsighT Mirae Asset Daewoo Research I. Investment strategy Consensus vs. Mirae Asset Daewoo estimates (Wbn, %) Mirae Asset Daewoo Consensus % diff. Notes 1Q17F 2016F 2017F 1Q17F 2016F 2017F 1Q17F 2016F 2017F LGD Revenue 7,177 28,808 27,739 7,046 28,686 28,743 1.9 0.4 -3.5 OP 916 3,299 2,417 861 2,907 2,325 6.4 13.5 3.9 NP 639 2,361 1,763 595 2,055 1,630 7.5 14.9 8.2 LGE Revenue 14,584 62,187 69,112 14,416 59,553 61,924 1.2 4.4 11.6 MC earnings improved OP 804 2,566 2,824 571 2,127 2,362 40.8 20.6 19.5 NP 308 967 1,102 325 1,061 1,217 -5.0 -8.8 -9.5 SEMCO Revenue 1,487 6,396 6,605 1,477 6,531 7,079 0.7 -2.1 -6.7 OP 31 220 268 32 223 314 -1.9 -1.5 -14.6 NP 17 118 149 20 144 207 -14.2 -18.2 -28.1 Hanwha Revenue 1,032 4,410 4,782 993 4,455 4,725 4.0 -1.0 1.2 Reflected RSP expenses Techwin OP 21 164 199 30 172 203 -30.6 -4.7 -1.9 NP 9 95 124 21 128 152 -59.2 -25.9 -18.6 SEC Revenue 49,024 223,041 226,703 49,514 223,285 237,097 -1.0 -0.1 -4.4 OP 8,730 37,969 37,589 9,331 44,635 48,051 -6.4 -14.9 -21.8 NP 6,553 29,013 29,273 6,845 33,499 36,254 -4.3 -13.4 -19.3 SK Hynix Revenue 5,899 22,056 20,932 5,891 24,607 25,740 0.1 -10.4 -18.7 OP 2,192 6,984 4,858 2,183 8,950 8,864 0.4 -22.0 -45.2 NP 1,741 5,342 3,695 1,743 7,057 7,019 -0.1 -24.3 -47.4 Samsung SDI Revenue 1,314 6,080 6,886 1,401 6,094 6,694 -6.2 -0.2 2.9 OP -60 5 128 -43 -19 170 RR TTB -24.4 NP 67 469 536 82 457 711 -18.8 2.5 -24.6 LG Innotek Revenue 1,657 6,968 7,443 1,590 6,855 7,336 4.2 1.6 1.5 Dual-camera module effects OP 85 356 436 71 336 379 20.2 6.0 15.2 NP 55 233 295 54 217 242 2.2 7.4 22.1 Seoul Revenue 243 1,035 1,101 241 992 1,021 0.5 4.4 7.8 Robust auto earnings Semiconductor OP 16 84 100 16 69 72 4.9 22.8 38.8 NP 11 55 66 11 41 44 -0.1 33.2 50.1 Source: WISEfn, Mirae Asset Daewoo Research 7| Monthly InsighT Mirae Asset Daewoo Research I.
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