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Banks (Overweight) Volume Value KOSPI 440,766 3,752 Putting the Past Behind Us KOSPI 200 78,757 2,860 KOSDAQ 504,265 1,725

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Banks (Overweight) Volume Value KOSPI 440,766 3,752 Putting the Past Behind Us KOSPI 200 78,757 2,860 KOSDAQ 504,265 1,725 January 22, 2013 KOREA Morning Company News & Analysis Major Indices Close Chg Chg (%) Hyundai Mipo Dockyard (Buy/TP: W148,000) KOSPI 1,986.86 -0.99 -0.05 Steady orders, but concerns on price KOSPI 200 261.30 -0.41 -0.16 KOSDAQ 514.66 2.42 0.47 Sector News & Analysis Turnover ('000 shares, Wbn) Banks (Overweight) Volume Value KOSPI 440,766 3,752 Putting the past behind us KOSPI 200 78,757 2,860 KOSDAQ 504,265 1,725 Economy & Sector Update Market Cap (Wbn) Fixed Income Weekly Value Debt-limit fears built into yields KOSPI 1,148,862 KOSDAQ 112,796 KOSPI Turnover (Wbn) Buy Sell Net Foreign 889 1,076 -187 Institutional 982 805 176 Retail 1,857 1,845 11 KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 64 61 3 Institutional 77 78 -1 Retail 1,582 1,584 -3 Program Buy / Sell (Wbn) Buy Sell Net KOSPI 717 579 138 KOSDAQ 11 13 -2 Advances & Declines Advances Declines Unchanged KOSPI 462 353 77 KOSDAQ 533 382 84 KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Samsung Electronics 1,454,000 -26,000 420 KODEX LEVERAGE 12,735 45 310 KODEX 200 26,400 -5 185 KODEX INVERSE 7,450 -5 166 Hyundai Motor 210,500 -3,000 121 KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Danal 13,100 950 47 AHNLAB 53,700 -100 45 KCP 13,250 1,150 34 Digital Innovation Display 5,330 250 33 Lumens 7,990 370 33 Note: As of January 21, 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. January 22, 2013 Company Report Hyundai Mipo Dockyard (010620 KS) Shipbuilding Daewoo Securities Co., Ltd. Steady orders, but concerns on price Ki-jong Sung +822-768-3263 4Q12 preview: Profitability not expected to recover soon [email protected] We project Hyundai Mipo Dockyard (HMD) will record 4Q12 revenue and operating Ryan Kang profit of W1.1tr (-2.5% YoY) and W30.4bn (-52.0% YoY), respectively. Both figures +822-768-3065 would be below market consensus. We do not expect HMDÊs earnings to see any [email protected] significant recovery this year due to: 1) the firmÊs increased ratio of lower-priced orders (out of total backlogs), 2) won appreciation (F/X exposure 20-40%), and 3) delivery delays. We believe expectations of tepid earnings are already priced in. However, we project the delivery of heavy-tail contracted vessels will increase toward late 2013, and thus expect HMDÊs cash flow to improve. Buy (Maintain) Outstanding orders, but weak newbuilding prices Target Price (12M, W) 148,000 We project HMD will continue its robust performance with regard to product carriers. Share Price (01/21/13, W) 127,500 We expect the company will take a diverse array of orders for several vessel types, Expected Return (%) 16.1 including LPG carriers, PCTCs, bulk carriers, offshore supply vessels, etc. We note HMD EPS Growth (13F, %) 36.8 has been focusing on offshore-facility businesses. HMD received four PSV orders last Market EPS Growth (13F, %) 18.7 year, and is attempting to take orders for high-yield offshore supply vessels like DSVs P/E (13F, x) 14.2 (Diving Support Vessel). Even though HMD has only just begun to take orders for Market P/E (13F, x) 9.1 offshore supply vessels, we believe this will become a long-term catalyst for the KOSPI 1,986.86 company (a more diversified product lineup, and improved profitability). Market Cap (Wbn) 2,550 We project HMD will be able to secure orders despite the slowing shipbuilding market Shares Outstanding (mn) 20 due to its outstanding competitiveness in medium-to-small vessels. Weak newbuilding Avg Trading Volume (60D, '000) 121 prices are the biggest concern for the company (as they are for other shipbuilders). Avg Trading Value (60D, Wbn) 14 HMD is trying to raise its newbuilding prices on the back of its solid backlogs (HMD had Dividend Yield (13F, %) 1.6 secured order backlogs of US$7.3bn as of end-2012; 1.5 years of work). The company is Free Float (%) 51.6 making every effort to increase prices for newbuilding orders and existing, optional 52-Week Low (W) 102,500 orders to compensate for the decreased US$/W rate. 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.56 Maintain Buy call and TP of W148,000 Price Return Volatility (12M Daily, %, SD) 2.3 We maintain our Buy call and target price of W148,000. We expect HMD will be able to Foreign Ownership (%) 18.2 maintain stable orders and earnings growth despite the global economic slowdown and Major Shareholder(s) eurozone crisis. We expect HMDÊs share performance will distinguish the company in Hyundai Samho Heavy Industries et al. (46.4%) 2013 even amid expectations of a continued, depressed shipbuilding market. NPS (7.38%) International small- to mid-sized shipbuilders are suffering from a shrinking amount of new orders, and Chinese builders are only taking orders from China. We believe there Price Performance are only a few true competitors to HMD given the firmÊs technological prowess. (%) 1M 6M 12M Absolute 0.0 9.0 2.0 We believe HMDÊs shares are currently undervalued (trading at a 2013F P/E of 13.4x Relative -0.3 0.0 0.1 and a P/B of 0.9x) compared to its competitors given the value of HMDÊs stake in Hyundai Heavy Industries (about W1.4tr; 8.0% of outstanding shares). § Earnings & Valuation Metrics Share price FY Revenues OP OP Margin NP EPS EBITDAFCF ROE P/E P/B EV/EBITDA 160 KOSPI (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) (x) (x) 150 140 12/10 4,138 683 16.5 493 24,629 741 431 14.7 9.1 1.2 4.4 130 12/11 4,624 378 8.2 200 9,992 441 -633 5.5 11.2 0.8 4.2 120 110 12/12F 4,404 126 2.9 131 6,556 192 -563 4.3 19.4 1.0 13.8 100 12/13F 4,492 177 3.9 179 8,970 241 384 6.0 14.2 0.9 9.3 90 80 12/14F 4,717 195 4.1 209 10,443 258 383 6.7 12.2 0.9 7.2 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. January 22, 2013 Hyundai Mipo Dockyard Table 1. HMD 4Q earnings preview (Wbn, %, %p) 4Q12F Growth 4Q11 3Q12 KDB Daewoo Consensus YoY QoQ Revenues 1,150 1,105 1,121 1,117 -2.5 1.4 Operating profit 63 30 30 35 -52.0 2.6 OP margin 5.5 2.7 2.7 3.1 -2.8 0.0 Pretax profit -85 43 40 40 -146.8 -7.7 Net profit -91 32 29 30 -132.3 -7.7 Note: Consolidated K-IFRS basis Source: FnGuide, KDB Daewoo Securities Research Table 2. Earnings forecast revisions (Wbn, W, %) Previous Revised Chg % Comments 2012F 2013F 2014F 2012F 2013F 2014F 2012F 2013F 2014F Revenues 4,301 4,517 4,742 4,404 4,492 4,716 2.4 -0.6 -0.5 - Won appreciation; delivery Operating profit 151 210 240 126 177 195 -16.9 -15.9 -18.8 delays Pretax profit 180 277 318 167 229 268 -7.3 -17.3 -15.8 Net profit 135 211 242 126 174 203 -6.9 -17.5 -15.9 EPS 6,970 10,751 12,296 6,556 8,970 10,443 -5.9 -16.6 -15.1 OP margin 3.5 4.7 5.1 2.8 3.9 4.1 Net profit margin 3.1 4.7 5.1 2.9 3.9 4.3 Note: Consolidated K-IFRS basis Source: KDB Daewoo Securities Research Table 3. Earnings results and forecasts (Wbn, %, %p) 2012 2013F 2011 2012F 2013F 2014F 1Q 2Q 3Q 4QF 1QF 2QF 3QF 4QF Revenues 1,087 1,090 1,105 1,121 1,109 1,112 1,127 1,143 4,624 4,404 4,492 4,716 Operating profit 38 27 30 30 41 45 41 50 378 126 177 195 Pretax profit 51 33 43 40 81 44 50 53 315 167 229 268 Net profit 43 22 32 29 62 34 38 40 202 126 174 203 OP margin 3.5 2.5 2.7 2.7 3.7 4.1 3.6 4.3 8.2 2.8 3.9 4.1 Net profit margin 3.9 2.0 2.9 2.6 5.6 3.0 3.4 3.5 4.4 2.9 3.9 4.3 Note: Consolidated K-IFRS basis Source: KDB Daewoo Securities Research Table 4.
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