December 31, 2019 Korea Morning Focus

No English report summaries this morning Major Indices Close Chg Chg (%) KOSPI 2,197.67 -6.54 -0.30 KOSPI 200 293.77 -1.43 -0.48 KOSDAQ 669.83 8.59 1.30

Turnover ('000 shares, Wbn) Volume Value KOSPI 410,028 4,114 KOSPI 200 54,656 2,517 KOSDAQ 778,508 3,799

Market Cap (Wbn) Value KOSPI 1,475,909 KOSDAQ 241,351

KOSPI Turnover (Wbn) Buy Sell Net Foreign 957 1,297 -340 Institutional 949 745 204 Retail 2,174 2,051 124

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 475 428 47 Institutional 174 138 36 Retail 3,124 3,203 -79

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 885 1,152 -266 KOSDAQ 450 404 46

Advances & Declines Advances Declines Unchanged KOSPI 467 359 82 KOSDAQ 921 326 103

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Electronics 55,800 -700 467 KODEX Kosdaq150 8,870 300 258 Leverage KAL 40,000 200 243 Hynix 94,100 -1,900 176 KODEX 200 29,780 -105 121

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value HLB 114,900 7,900 249 S-MAC 1,300 225 152 GemVax 38,550 2,500 142 Kukyoung G&M 1,960 130 95 ABL Bio 24,150 2,000 91 Note: As of December 30, 2019

This document is a summary of a report prepared by Mirae Asset Daewoo Co., Ltd. (“Mirae Asset 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. Mirae Asset 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. Mirae Asset 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.

Mirae Asset Daewoo Research Key Universe Valuations December 31, 2019

※All data as of close December 27, 2019, unless otherwise noted.

19F Earnings growth Mkt Cap Price P/E (x) P/B (x) ROE (%) Ticker Company Div Yield OP EPS (Wbn) (W) (%) 19F 20F 19F 20F 19F 20F 19F 20F 19F 20F 005930 333,114 55,800 2.5 -53.2 41.0 -46.6 37.2 17.3 12.6 1.5 1.3 8.7 11.1 000660 SK Hynix 68,505 94,100 1.6 -85.8 150.5 -85.5 140.0 30.3 12.6 1.3 1.2 4.7 10.7 035420 30,738 186,500 0.2 -17.8 77.0 -47.3 132.4 90.0 38.7 4.5 4.1 6.3 13.4 005380 Hyundai Motor 25,747 120,500 3.3 49.6 41.9 118.5 48.0 10.3 7.0 0.5 0.4 4.7 6.6 012330 24,399 256,000 2.0 17.9 16.4 24.3 17.1 10.6 9.1 0.7 0.7 7.3 7.9 068270 23,229 181,000 - - - - 0.0 0.0 051910 LG Chem 22,413 317,500 1.3 -55.7 70.9 -72.5 164.0 61.3 23.2 1.4 1.4 2.4 6.1 005490 POSCO 20,620 236,500 4.7 -23.9 -9.2 37.8 -0.3 8.9 8.9 0.4 0.4 5.3 5.1 028260 Samsung C&T 20,581 108,500 1.8 -27.7 39.8 -42.8 17.9 21.2 18.0 0.7 0.6 4.0 3.9 055550 20,557 43,350 12.3 3.9 10.0 -0.2 5.9 5.9 0.5 0.5 9.1 8.4 105560 KB Financial Group 19,813 47,650 9.3 2.3 12.6 0.9 5.8 5.7 0.5 0.5 9.2 8.5 051900 LG H&H 19,695 1,261,000 0.9 12.8 9.7 16.5 10.7 24.8 22.4 5.4 4.6 20.3 19.1 017670 SK Telecom 19,217 238,000 4.2 7.3 -3.5 -60.6 68.2 15.6 9.3 0.8 0.7 5.4 8.8 034730 SK Holdings 18,434 262,000 1.9 -2.8 21.5 -36.6 11.0 13.0 11.7 1.0 0.9 8.2 8.3 000270 Motors 17,958 44,300 2.0 70.4 29.1 79.8 24.5 8.6 6.9 0.6 0.6 7.4 8.5 015760 KEPCO 17,847 27,800 - - - - - 145.6 0.3 0.3 - 0.2 006400 Samsung SDI 16,228 236,000 0.4 -33.6 89.7 -37.7 75.8 38.0 21.6 1.3 1.2 3.6 5.9 018260 Samsung SDS 15,050 194,500 1.3 10.4 12.3 10.3 11.8 21.7 19.4 2.3 2.1 11.1 11.3 032830 Samsung Life 14,900 74,500 - - - - 0.0 0.0 096770 SK Innovation 13,870 150,000 4.3 -42.8 18.2 -68.7 92.4 27.2 14.1 0.7 0.7 2.8 5.4 035720 13,234 153,500 0.1 184.6 138.3 226.0 114.7 76.8 35.8 2.5 2.3 3.2 6.7 033780 KT&G 12,878 93,800 4.5 12.8 5.6 17.5 5.1 12.2 11.6 1.4 1.4 12.7 12.6 003550 LG Corp. 12,735 73,800 3.4 -28.0 45.0 -18.4 16.8 8.5 7.3 0.7 0.6 8.1 8.9 036570 NCsoft 11,877 541,000 1.1 6.0 76.9 33.5 52.9 21.3 13.9 3.7 3.0 21.6 27.0 066570 LG Electronics 11,799 72,100 1.0 -6.4 13.9 -42.2 106.7 18.2 8.8 0.9 0.8 4.9 9.4 090430 AmorePacific 11,692 200,000 0.5 -15.7 30.9 -9.8 31.4 39.0 29.7 3.0 2.8 6.6 8.1 000810 Samsung F&M 11,536 243,500 - - - - 0.0 0.0 086790 11,079 36,900 4.6 2.7 14.8 -6.2 4.3 4.6 0.4 0.4 9.2 8.1 010950 S-Oil 10,729 95,300 0.3 -13.3 197.8 -54.2 948.9 94.1 9.0 1.7 1.4 1.8 17.3 009150 Samsung Electro-Mechanics 9,337 125,000 0.9 -30.5 18.6 -39.3 60.9 24.3 15.1 1.7 1.5 7.6 10.7 009540 KSOE 8,953 126,500 - 88.1 - -39.1 36.5 59.9 0.8 0.8 2.1 1.3 010130 Korea Zinc 8,020 425,000 2.6 12.2 15.7 25.4 9.3 12.1 11.1 1.2 1.1 10.2 10.3 251270 7,923 92,400 1.8 57.7 14.5 36.9 36.2 26.5 1.7 1.6 4.9 6.3 011170 Lotte Chemical 7,678 224,000 4.7 -46.0 12.7 -54.7 32.3 10.7 8.1 0.6 0.6 5.5 6.9 091990 Celltrion Healthcare 7,628 53,000 - 144.5 435.7 165.0 124.5 47.0 4.3 4.0 3.7 9.3 030200 KT 7,050 27,000 4.1 -2.4 -1.1 -7.8 21.0 11.1 9.2 0.5 0.5 4.7 5.5 024110 6,810 11,800 0.6 -0.8 -1.0 -2.3 4.5 4.6 0.3 0.3 8.0 7.3 032640 LG Uplus 6,200 14,200 4.6 -11.8 10.9 -16.7 15.0 15.4 13.4 0.9 0.9 5.8 6.4 018880 Hanon Systems 5,952 11,150 - - - - 0.0 0.0 034220 LG Display 5,815 16,250 ------0.5 0.5 - - 267250 5,505 338,000 5.5 -1.6 92.1 74.3 199.2 11.8 3.9 0.7 0.6 6.0 16.5 Holdings 086280 5,363 143,000 2.3 22.7 2.0 3.3 34.0 11.9 8.9 1.1 1.0 10.1 12.2 000720 Hyundai E&C 4,710 42,300 1.2 12.4 10.9 42.6 -6.7 8.7 9.3 0.7 0.7 8.3 7.3 010140 4,580 7,270 - - - - - 46.4 0.7 0.7 - 1.7 029780 4,472 38,600 11.7 -28.6 1.7 6.8 12.7 11.9 0.7 0.6 1.5 1.6 004020 4,197 31,450 2.4 -45.2 39.1 -75.8 289.4 43.6 11.2 0.2 0.2 0.6 2.1 271560 Orion 4,171 105,500 0.6 14.2 7.7 56.5 9.1 19.1 17.5 2.5 2.3 14.4 13.7 004990 4,086 38,950 2.1 91.0 11.9 198.2 20.3 7.5 6.2 0.4 0.4 7.5 8.3 071050 Korea Investment Holdings 4,035 72,400 - - - - 0.0 0.0 023530 Lotte Shopping 3,833 135,500 3.8 -2.6 14.7 - 16.9 16.3 14.0 0.3 0.3 2.0 2.3 Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research Market Data December 31, 2019

※All data as of close December 30, 2019, unless otherwise noted. Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 474.12 2.40 0.51 10.54 USD/KRW 1,160.90 1,161.20 1,179.30 1,121.30 KOSPI 2,197.67 -6.54 -0.30 9.34 JPY100/KRW 1,060.72 1,059.92 1,076.89 1,010.95 KOSDAQ 669.83 8.59 1.30 0.07 EUR/KRW 1,298.06 1,288.82 1,298.47 1,281.81 Dow Jones* 28,645.26 23.87 0.08 22.80 3Y Treasury 1.36 1.37 1.39 1.82 S&P 500* 3,240.02 0.11 0.00 29.08 3Y Corporate 1.94 1.94 1.92 2.29 NASDAQ* 9,006.62 -15.77 -0.17 35.11 DDR4 8Gb* 3.03 3.03 2.75 6.35 Philadelphia Semicon* 1,858.59 -5.90 -0.32 59.49 NAND MLC 64G* 2.37 2.37 2.35 2.72 FTSE 100* 7,644.90 12.66 0.17 13.52 Oil (Dubai)* 67.88 67.48 63.69 53.07 Nikkei 225 23,656.62 -181.10 -0.76 20.93 Gold* 1,513.80 1,509.30 1,453.40 1,277.30 Hang Seng* 28,225.42 361.21 1.30 12.32 Customer deposits (Wbn)* 28,714 27,823 24,863 24,901 Taiwan (Weighted) 12,053.37 -38.22 -0.32 -99.81 Equity type BC (Wbn)(Dec. 26) 86,427 85,858 81,443 84,330 Note: * as of December 27, 2019 Source: KSDA, FnGuide, 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 Samsung Electronics (P) 12.23 Samsung Electronics 176.41 Samsung Electronics 104.24 Samsung Electronics (P) 14.74 LG Chem 6.86 Hynix 58.66 KODEX 200 29.68 Shinhan Financial Group 12.90 Hyundai Heavy Industries 5.23 KODEX 200 23.20 TIGER200 17.93 10.20 Holdings KB Financial Group 4.85 Celltrion 13.87 KODEX Kosdaq150 Leverage 16.80 KB Financial Group 7.69 Hanmi Pharm 3.61 TIGER200 13.15 Hynix 15.59 Honam Petrochemical 6.76 Hyundai Heavy Industries 3.47 KODEX Leverage 12.87 Hotel Shilla 11.92 Hana Financial Group 6.27 Holdings SK Telecom 3.33 Hyundai Motor 10.36 Samsung SDI 9.16 KODEX KOSDAQ150 INVERSE 5.11 Samsung SDI 2.59 10.16 LG Chem 8.92 Hanjin KAL 3.86 Posco Chemtech 2.55 LG Display 8.70 LG Household & Health Care 8.76 Samsung Biologics 3.72 Hanall Biopharma 2.51 Kakao 8.04 Samsung C&T 7.29 Korea Gas Corp. 3.68 Source: KSDA, FnGuide

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 ITM Semiconductor 4.81 Mezzion Pharma 5.63 Semiconductor 4.17 HLB 9.00 HLB 3.29 KMW 3.90 Paradise 3.85 Alteogen 4.18 OSSTEM IMPLANT 3.14 SFA Semicon 3.08 Sam Chun Dang Pharm. 3.00 TESNA 3.41 Alteogen 3.01 Wonik IPS 2.98 2.72 TiumBio 3.07 S-MAC 2.74 ECOPRO 2.71 iNtRON Bio 2.38 GS Home Shopping 2.62 Studio Dragon 2.49 Vieworks 2.62 BRIDGE BIOTHERAPEUTICS 2.28 Celltrion 2.40 Victek 2.36 BH,LTD. 2.28 GemVax 2.27 Aptabio 1.66 Kukil Paper 2.25 EO Technics 2.07 OliX 2.09 ITM Semiconductor 1.63 Hugel 2.14 ViroMed 2.03 Medy-tox 1.89 Hugel 1.52 AP Systems 1.95 Medy-tox 1.78 MedPacto 1.84 KH Vatec 1.32 Source: KSDA, FnGuide

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 55,800 -700 333,114 Celltrion Healthcare 53,000 -1,100 7,628 Hynix 94,100 -1,900 68,505 HLB 114,900 7,900 4,911 Samsung Electronics (P) 45,400 -300 37,359 CJ ENM 159,600 900 3,500 NAVER 186,500 3,000 30,738 PearlAbyss 185,200 -1,700 2,412 Samsung Biologics 433,000 3,500 28,649 Studio Dragon 80,900 2,000 2,273 Hyundai Motor 120,500 0 25,747 KMW 51,100 -500 2,034 Hyundai Mobis 256,000 -1,500 24,399 ViroMed 92,700 3,900 1,985 Celltrion 181,000 -3,000 23,229 SK Materials 185,500 1,800 1,957 LG Chem 317,500 7,000 22,413 Paradise 19,750 400 1,796 POSCO 236,500 -2,000 20,620 Wonik IPS 35,850 -400 1,760 Source: