September 26, 2019 Morning Focus

Company News & Analysis Major Indices Close Chg Chg (%) Heavy Industries (010140/Buy/TP: W10,500) KOSPI 2,073.39 -27.65 -1.32 Focus on renewed order momentum rather than order cancellation KOSPI 200 274.42 -3.55 -1.28 KOSDAQ 626.76 -15.09 -2.35 CJ CheilJedang (097950/Buy/TP: W340,000) Processed food recovery is a key variable Turnover ('000 shares, Wbn) Volume Value (000100/Buy/TP: W310,000) KOSPI 640,591 5,182 Licensing deals to drive re-rating KOSPI 200 70,273 3,230 KOSDAQ 973,414 4,562

Market Cap (Wbn) Value KOSPI 1,386,073 KOSDAQ 220,153

KOSPI Turnover (Wbn) Buy Sell Net Foreign 1,102 1,468 -366 Institutional 1,241 1,112 129 Retail 2,794 2,572 223

KOSDAQ Turnover (Wbn) Buy Sell Net Foreign 359 413 -54 Institutional 153 201 -47 Retail 4,024 3,907 116

Program Buy / Sell (Wbn) Buy Sell Net KOSPI 934 1,195 -261 KOSDAQ 334 391 -57

Advances & Declines Advances Declines Unchanged KOSPI 108 757 27 KOSDAQ 164 1,114 31

KOSPI Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value 48,900 -600 447 Maniker 1,565 40 304 LG Chem 305,000 -22,000 296 KODEX KOSDAQ150 8,985 135 231 INVERSE KODEX Kosdaq150 6,695 -235 188 Leverage

KOSDAQ Top 5 Most Active Stocks by Value (Wbn) Price (W) Chg (W) Value Woorison F&G 2,930 310 297 ViroMed 84,000 -36,000 260 RANIX 9,970 1,370 126 Hanil Feed 2,760 515 117 Samryoong 11,600 -900 104 Note: As of September 25, 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.

Samsung Heavy Industries (010140 KS) Focus on renewed order momentum rather than order cancellation Shipbuilding Cancellation of drillship orders removes risks Company Report (SHI) disclosed on September 24th that Transocean has September 26, 2019 cancelled its orders for two unfinished drillships. (The orders were originally made by Ocean Rig, which was acquired by Transocean.) Given that SHI has already received US$520mn, or 37% of the contract price (US$1.43bn), the order cancellation should not entail a heavy provisioning burden. The fair value of a vessel in the event of an order cancellation is usually set at 60% of the newbuilding price. Even if the fair value is (Maintain) Buy adjusted down further to reflect the shipbuilding industry’s current weakness, we estimate loss provisions will be equivalent to just 2-3% of shareholders’ equity. The Target Price (12M, W) 10,500 negative impact on enterprise value should therefore be limited.

Share Price (09/25/19, W) 7,960 Look beyond past risks to new opportunities SHI recently won a huge contract for more than 10 small/medium-sized LNG-fueled oil Expected Return 32% tankers. In our view, this large-scale contract is meaningful in at least three ways. First, it will allow SHI to secure a lead in LNG-fueled ships, a promising segment in the

shipbuilding industry. Second, it is positive from a profitability standpoint, as the OP (19F, Wbn) -103 contract price represents a 30% premium to the market rate. Lastly, the contract Consensus OP (19F, Wbn) -81 delivery schedule should help maximize shipyard efficiency in 2020, given that the final delivery is scheduled for January 31st, 2021. (Although SHI has an order backlog of two EPS Growth (19F, %) - years, some other recent orders are not set for delivery until 1H22 and thus will not Market EPS Growth (19F, %) -28.1 keep shipyards fully occupied in the near term.) As a result, we expect SHI to start P/E (19F, x) - seeing sharp margin improvement in 1Q20, when the LNG-fueled oil tanker orders Market P/E (19F, x) 13.3 enter production full swing. KOSPI 2,073.39 Maintain Buy and TP of W10,500; Focus on renewed order momentum Market Cap (Wbn) 5,015 Shares Outstanding (mn) 630 SHI has achieved 54% of its annual order target, winning orders worth US$4.2bn Free Float (%) 70.4 through the first eight months of 2019. Even with just one quarter remaining, we Foreign Ownership (%) 19.6 believe SHI stands a good chance of meeting its annual order target. First, the Beta (12M) 1.26 shipbuilder is likely to win US$1.5bn worth of additional orders related to existing LNG 52-Week Low 6,350 carrier contracts. In addition, SHI is set to participate in tenders for Evergreen’s ultra- 52-Week High 9,450 large containerships and Novatek's 15 LNG-powered icebreakers (for the Arctic LNG 2 project); even if SHI wins just one of these contracts, it will be worth US$1bn. Moreover, (%) 1M 6M 12M if SHI is awarded just one of the large-scale offshore projects of ConocoPhillips or Shell Absolute 6.4 -6.0 1.4 on which it is bidding, it would meet its annual order target. In light of SHI’s renewed Relative 0.0 -2.8 14.4 order momentum, we maintain our Buy rating with a target price of W10,500.

130 Samsung Heavy Industries KOSPI 120 110 100 90 80 70 9.18 1.19 5.19 9.19

Mirae Asset Daewoo Co., Ltd.

[ Telecom Services/Robotics/Shipbuilding] FY (Dec.) 12/16 12/17 12/18 12/19F 12/20F 12/21F Revenue (Wbn) 10,414 7,901 5,265 6,977 7,820 8,211 Hakmoo Lee +822-3774-1785 OP (Wbn) -147 -524 -409 -103 124 206 [email protected] OP margin (%) -1.4 -6.6 -7.8 -1.5 1.6 2.5

NP (Wbn) -121 -339 -388 -412 124 201 EPS (W) -382 -766 -693 -654 197 320 ROE (%) -2.3 -5.6 -6.2 -6.3 1.9 3.1

P/E (x) - - - - 40.4 24.9 P/B (x) 0.5 0.4 0.6 0.7 0.7 0.7 Dividend yield (%) 0.0 0.0 0.0 0.0 0.0 0.0 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

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.

CJ CheilJedang (097950 KS) Processed food recovery is a key variable

Food & Beverage 3Q19 preview Company Report For 3Q19, we project CJ CheilJedang (CJCJ) to post an 18.3% YoY rise in revenue and a ’ September 25, 2019 5.3% YoY fall in operating profit on a consolidated basis. For the company s mainstay businesses (processed food, foodstuff, bio, and feed/livestock; excluding CJ Logistics), we look for revenue growth of 25.9% YoY, but see operating profit declining 17.1% YoY (to W175bn). We expect the processed food and feed/livestock units to fare poorly.

(Maintain) Buy In processed food, which includes Schwan’s (acquired in 1Q19), we expect operating profit to contract 8.3% YoY. Excluding Schwan’s, we estimate a much sharper fall in Target Price (12M, W) 340,000 operating profit (-34.8% YoY), due to: 1) higher prices of raw materials (rice, etc.); 2) the recognition of Chuseok gift set returns (due to the holiday occurring earlier this year); 3) increased marketing spending in home meal replacement (HMR) and other competitive Share Price (09/25/19, W) 236,000 segments; 4) initial costs related to the operation of the Jincheon plant; 5) purchase price allocation (PPA) related to Schwan’s; and 6) costs associated with SKU Expected Return 44% rationalization.

In bio, we look for operating profit growth of 4.8% YoY. Despite lower prices of lysine OP (19F, Wbn) 795 and methionine and high base effects for Selecta, we expect operating profit to improve Consensus OP (19F, Wbn) 854 YoY thanks to higher prices and volume growth of tryptophan/nucleotides and valine.

EPS Growth (19F, %) -72.3 We expect the feed/livestock unit to turn to a loss YoY, as poultry pricing in Indonesia Market EPS Growth (19F, %) -28.1 and hog pricing in Vietnam have been recovering more slowly than expected following the outbreak of African swine fever. P/E (19F, x) 15.7 Market P/E (19F, x) 13.3 Processed food unit in need of fundamental improvements; Investments in KOSPI 2,073.39 high value-added bio business

Market Cap (Wbn) 3,553 Improving the profitability of the processed food unit remains a challenge for CJCJ. The Shares Outstanding (mn) 16 unit has performed poorly since 2H18, hurt by: 1) investments in the Jincheon plant; 2) Free Float (%) 51.9 the effects of SKU expansion from 2014 to 2018; and 3) increased SG&A expenses due Foreign Ownership (%) 22.0 to investments and marketing expenses in the HMR segment. Currently, CJCJ is overhauling the processed food business by reducing less-profitable SKUs. CJCJ reduced Beta (12M) 0.38 SKUs by approximately 300 in 1H19 and plans an additional reduction of 700 SKUs in 52-Week Low 221,500 2H19, bringing the SKU count down from 4,200 in 2018 to 3,200 at end-2019. 52-Week High 361,500 Meanwhile, CJCJ is investing in nucleotides and tryptophan, which are high value-added (%) 1M 6M 12M bio products. The company expanded tryptophan capacity by 8,000 tonnes (from 23,000 Absolute 2.8 -26.5 -28.7 to 31,000 tonnes) in June, as 100% capacity had been reached. We expect the volume Relative -3.4 -23.9 -19.6 growth to generate operating leverage effects. CJCJ also plans to expand nucleotide capacity by 10,000 tonnes (from 35,000 to 45,000 tonnes) by end-2019 to meet growing 120 CJ CheilJedang KOSPI demand from China’s downstream industries (instant noodles, fermented paste, etc.). 110 100 Higher prices and volume growth should support nucleotide earnings expansion. 90 Maintain Buy and TP of W340,000 80 70 With CJCJ working on improving its fundamentals, we believe profitability is likely to 60 improve in earnest from 2020. That said, the short-term earnings outlook is weak. Thus, 9.18 1.19 5.19 9.19 we advise accumulating the stock at current share price levels, given the earnings upside in 2020 and CJCJ’s long-term growth potential. Mirae Asset Daewoo Co., Ltd.

[ F&B] FY (Dec.) 12/16 12/17 12/18 12/19F 12/20F 12/21F Revenue (Wbn) 14,563 16,477 18,670 22,251 24,529 26,688 Woon-mok Baek +822-3774-1679 OP (Wbn) 844 777 833 795 927 1,015 [email protected] OP margin (%) 5.8 4.7 4.5 3.6 3.8 3.8

NP (Wbn) 276 370 875 246 351 390 EPS (W) 19,044 25,536 54,173 15,029 21,400 23,822 ROE (%) 8.4 10.9 21.5 5.0 6.7 7.1

P/E (x) 18.8 14.3 6.1 15.7 11.0 9.9 P/B (x) 1.5 1.5 1.1 0.8 0.7 0.7 Dividend yield (%) 0.7 0.8 1.1 1.5 1.5 1.5 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

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.

Yuhan (000100 KS) Licensing deals to drive re-rating

Healthcare Three major out-licensing deals likely to be reflected in share prices Company Report We maintain our Buy rating on Yuhan with a target price of W310,000. In late 2018, the company licensed out its lung cancer treatment candidate Lazertinib to Janssen in a September 26, 2019 deal worth W1.4tr. And this year, Yuhan signed two nonalcoholic steatohepatitis (NASH) treatment deals, one with Gilead and the other with Boehringer Ingelheim; each is worth roughly W1tr. By clinching massive deals with three multinational pharmas within eight months, Yuhan has proven its technological expertise. However, (Maintain) Buy the company’s shares have yet to display upside. We attribute this to 1) the early stage of the out-licensed NASH candidates and 2) the broader issues plaguing the Target Price (12M, W) 310,000 pharmaceutical/biotech sector (which has sold off sharply this year). We believe negatives in the sector have subsided, and the out-licensed drug candidates are set to move on to next-stage clinical trials. Thus, we expect the value of Yuhan’s deals to be Share Price (09/25/19, W) 227,000 priced in, driving a share price re-rating. Expected Return 37% Notable candidates: Lazertinib and YH25724 1) Lazertinib (licensed out to Janssen for W1.4tr): Yuhan’s most anticipated

candidate is Lazertinib, a third-generation epidermal growth factor receptor (EGFR)- OP (19F, Wbn) 23 tyrosine kinase inhibitor (TKI) that is being developed to treat non-small cell lung Consensus OP (19F, Wbn) 34 cancer (NSCLC). With the completion of phase 2 clinical trials, Lazertinib is close to commercialization. Clinical trial results on its safety and efficacy were already EPS Growth (19F, %) 3.7 presented at the American Association for Cancer Research (AACR) and the American Market EPS Growth (19F, %) -28.1 Society of Clinical Oncology (ASCO). Notably, Janssen included it in a list of 10 drug P/E (19F, x) 49.6 candidates likely to generate US$1bn in revenue. In particular, Janssen is showing keen Market P/E (19F, x) 13.3 interest in Lazertinib as a combination therapy with its own bispecific antibody JNJ- KOSPI 2,073.39 6372, as preclinical results suggest they have dramatic anti-cancer benefits when used together. Market Cap (Wbn) 2,900 Shares Outstanding (mn) 13 2) YH25724 (licensed out to Boehringer Ingelheim for W1tr): The NASH treatment Free Float (%) 67.9 candidate YH25724 is being tested for toxicity, and phase 1 clinical trials are likely to Foreign Ownership (%) 22.2 begin in mid-2020. Given the absence of available NASH treatments and the very limited number of NASH drug candidates in phase 3 studies, we do not regard the Beta (12M) 0.50 development of YH25724 as slow. As a GLP-1/FGF21 dual agonist, the candidate is 52-Week Low 160,283 expected to have synergistic effects (the effects of GLP-1 and FGF21 alone are already 52-Week High 265,500 verified). According to preclinical studies, YH25724 is effective in treating lipidosis, (%) 1M 6M 12M hepatitis, and fibrosis. Absolute 2.7 -3.8 -0.1 2020 earnings to be driven by upfront and milestone payments Relative -3.5 -0.5 12.7 For 3Q19, we expect Yuhan to post consolidated revenue of W395.5bn (+10.0% QoQ)

120 Yuhan KOSPI and operating profit of W8bn (turning to profit QoQ). Although likely to mark a 110 turnaround, 3Q19 operating profit should fall short of the market consensus, hurt by 100 drug price cuts for key products, increased R&D expenses, and weak API exports. 90 Going forward, earnings should be supported by the continued recognition of upfront 80 payments (an average W9bn per quarter) from the aforementioned out-licensing deals. 70 And when the candidates proceed to next-stage clinical trials—the NASH treatment 60 candidate out-licensed to Gilead is entering a preclinical trial, and phase 1 clinical trials 9.18 1.19 5.19 9.19 for YH25724 are scheduled for mid-2020—Yuhan will likely receive tens of billions of won in milestone payments. We estimate milestone payments at more than W40bn in Mirae Asset Daewoo Co., Ltd. 2020.

[Biotech/Healthcare] FY (Dec.) 12/16 12/17 12/18 12/19F 12/20F 12/21F Revenue (Wbn) 1,321 1,462 1,519 1,506 1,638 1,671 Taehee Kim +822-3774-6813 OP (Wbn) 98 89 50 23 77 68 [email protected] OP margin (%) 7.4 6.1 3.3 1.5 4.7 4.1 NP (Wbn) 161 109 57 60 103 100 EPS (W) 12,391 8,379 4,417 4,578 7,881 7,654 ROE (%) 11.3 7.0 3.5 3.6 6.0 5.6 P/E (x) 14.8 25.0 46.3 49.6 28.8 29.7 P/B (x) 1.4 1.6 1.5 1.6 1.5 1.5 Dividend yield (%) 1.0 0.9 0.9 0.9 0.9 1.0 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates

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.

Mirae Asset Daewoo Research Key Universe Valuations September 26, 2019

※All data as of close September 24, 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 Samsung Electronics 291,922 48,900 2.9 -53.4 23.9 -46.6 21.4 15.2 12.5 1.3 1.2 8.8 10.0 000660 SK Hynix 59,623 81,900 1.8 -85.3 102.4 -84.1 94.0 24.1 12.4 1.2 1.1 5.2 9.5 005380 Hyundai Motor 28,738 134,500 3.0 67.7 4.7 142.3 10.8 10.4 9.4 0.5 0.5 5.2 5.5 035420 NAVER 26,041 158,000 0.2 -23.3 105.7 -50.8 169.4 81.7 30.3 3.8 3.4 5.9 14.5 012330 24,303 255,000 1.6 10.3 7.8 25.4 8.8 10.5 9.6 0.7 0.7 7.4 7.4 051910 LG Chem 21,531 305,000 2.0 -50.7 85.8 -60.7 131.6 41.3 17.8 1.3 1.3 3.4 7.5 068270 21,368 166,500 - - - - 0.0 0.0 055550 20,296 42,800 14.3 5.4 11.3 0.9 5.8 5.7 0.5 0.5 9.3 8.6 051900 LG H&H 20,147 1,290,000 0.8 12.8 9.7 16.5 10.7 25.3 22.9 5.5 4.7 20.3 19.1 005490 POSCO 20,097 230,500 4.3 -21.1 -1.8 55.3 -0.7 7.7 7.7 0.4 0.4 5.9 5.7 017670 SK Telecom 19,379 240,000 4.2 11.4 3.3 -58.6 71.4 15.0 8.7 0.8 0.7 5.7 9.3 000270 Motors 18,586 45,850 1.7 20.5 19.7 54.5 16.7 10.4 8.9 0.6 0.6 6.3 7.0 105560 KB Financial Group 18,188 43,500 10.3 4.1 12.6 3.2 5.3 5.1 0.5 0.4 9.3 8.9 028260 Samsung C&T 17,243 90,900 2.2 -16.8 41.4 -39.5 16.8 16.8 14.4 0.6 0.5 4.2 4.1 015760 KEPCO 17,076 26,600 - 305.3 - - - 27.8 0.2 0.2 - 0.9 096770 SK Innovation 15,534 168,000 4.8 -37.5 28.9 -60.6 85.6 24.2 13.1 0.8 0.8 3.6 6.5 018260 Samsung SDS 15,476 200,000 1.3 13.6 15.8 13.2 15.8 21.7 18.8 2.4 2.1 11.3 12.0 006400 Samsung SDI 15,334 223,000 0.4 22.3 40.8 14.1 34.5 19.6 14.6 1.2 1.1 6.4 8.0 034730 SK Holdings 14,635 208,000 2.4 3.5 23.6 -50.2 14.0 13.1 11.5 0.8 0.7 6.5 6.9 032830 Samsung Life 14,620 73,100 - - - - 0.0 0.0 033780 KT&G 14,347 104,500 4.0 12.8 5.6 17.5 5.1 13.5 12.9 1.6 1.5 12.7 12.6 003550 LG Corp. 12,200 70,700 3.3 17.2 15.4 5.5 15.6 6.3 5.5 0.6 0.6 10.5 11.1 010950 S-Oil 11,483 102,000 1.3 10.0 148.5 39.0 265.3 33.2 9.1 1.7 1.5 5.4 17.7 036570 NCsoft 11,460 522,000 1.2 4.9 73.6 31.4 51.5 20.8 13.8 3.6 2.9 21.3 26.5 035720 11,397 136,000 0.1 184.9 132.6 205.6 127.5 72.6 31.9 2.1 2.0 3.0 6.5 000810 Samsung F&M 11,133 235,000 - - - - 0.0 0.0 066570 LG Electronics 10,833 66,200 1.1 -11.8 30.9 -20.9 81.5 12.2 6.7 0.8 0.7 6.6 11.1 086790 10,629 35,400 11.5 6.2 9.6 8.5 4.3 4.0 0.4 0.3 9.0 8.9 009540 KSOE 8,776 124,000 - 215.7 - 27.2 215.0 169.0 0.7 0.7 0.3 0.4 010130 Korea Zinc 8,416 446,000 2.5 14.1 2.3 26.3 -2.0 12.6 12.9 1.2 1.2 10.2 9.3 251270 8,154 95,100 16.8 50.4 24.2 35.1 34.4 25.5 1.7 1.6 5.3 6.7 090430 AmorePacific 8,126 139,000 0.8 -15.7 30.9 -9.8 31.4 27.1 20.6 2.1 1.9 6.6 8.1 011170 Lotte Chemical 8,089 236,000 4.4 -35.3 21.0 -39.4 30.8 8.5 6.5 0.6 0.6 7.3 9.0 024110 7,647 13,300 6.0 3.0 3.9 2.0 4.8 4.7 0.4 0.4 8.5 8.1 009150 Samsung Electro-Mechanics 7,417 99,300 1.1 -39.9 36.8 -3.0 -7.6 12.1 13.1 1.4 1.3 12.4 10.3 091990 Celltrion Healthcare 7,397 51,400 - 214.5 745.0 180.7 76.5 27.3 4.0 3.7 5.7 14.8 030200 KT 7,181 27,500 4.0 9.5 1.0 18.2 5.3 8.8 8.4 0.5 0.5 6.0 6.0 018880 Hanon Systems 6,592 12,350 - - - - 0.0 0.0 032640 LG Uplus 5,960 13,650 4.8 -13.0 8.7 -18.0 12.3 15.1 13.4 0.8 0.8 5.7 6.2 086280 5,869 156,500 2.1 13.5 4.6 23.2 21.9 10.9 8.9 1.2 1.1 11.9 13.1 267250 5,717 351,000 5.3 78.7 2.1 154.0 4.5 8.4 8.0 0.7 0.6 8.6 8.5 Holdings 004020 5,264 39,450 1.9 6.1 22.5 53.1 31.9 8.6 6.5 0.3 0.3 3.5 4.3 000720 Hyundai E&C 5,139 46,150 1.1 22.4 10.8 49.0 7.3 9.0 8.4 0.8 0.7 8.9 8.9 034220 LG Display 5,063 14,150 - - - - - 27.2 0.4 0.4 - 1.4 010140 Samsung Heavy Industries 5,015 7,960 - - - - - 40.4 0.7 0.7 - 1.9 071050 Korea Investment Holdings 4,118 73,900 - - - - 0.0 0.0 004990 3,918 37,350 2.1 91.0 11.9 198.2 20.3 7.2 6.0 0.4 0.4 7.5 8.3 029780 Samsung Card 3,910 33,750 -16.3 3.1 2.8 4.1 11.0 10.6 0.6 0.5 1.5 1.5 023530 Lotte Shopping 3,890 137,500 3.8 16.6 4.2 - 1.1 12.4 12.2 0.3 0.3 2.7 2.6 271560 Orion 3,871 97,900 0.6 5.1 9.8 42.5 12.5 19.4 17.3 2.4 2.1 13.2 13.1 Source: Mirae Asset Daewoo Research

Mirae Asset Daewoo Research Market Data September 26, 2019

※All data as of close September 25, 2019, unless otherwise noted.

Other Major Indices Economic Indicators Close Net Chg 1D (%) YTD (%) Close 1D ago 1M ago 1Y ago MSCI Korea* 429.48 0.73 0.17 0.13 USD/KRW 1,194.00 1,193.10 1,205.10 1,119.90 KOSPI 2,073.39 -27.65 -1.32 3.15 JPY100/KRW 1,114.59 1,109.40 1,131.92 995.73 KOSDAQ 626.76 -15.09 -2.35 -6.37 EUR/KRW 1,315.73 1,311.75 1,335.43 1,319.24 Dow Jones* 26,807.77 -142.22 -0.53 14.92 3Y Treasury 1.30 1.33 1.17 2.02 S&P 500* 2,966.60 -25.18 -0.84 18.19 3Y Corporate 1.81 1.83 1.69 2.46 NASDAQ* 7,993.63 -118.83 -1.46 19.92 DDR4 8Gb* 3.20 3.23 3.48 7.35 Philadelphia Semicon* 1,551.99 -26.09 -1.65 33.18 NAND MLC 64G* 2.35 2.36 2.48 3.02 FTSE 100* 7,291.43 -34.65 -0.47 8.27 Oil (Dubai)* 63.46 63.59 59.43 78.45 Nikkei 225 22,020.15 -78.69 -0.36 12.57 Gold* 1,532.60 1,524.00 1,526.60 1,199.60 Hang Seng* 26,281.00 58.60 0.22 4.58 Customer deposits (Wbn)* 24,710 25,113 23,733 25,316 Taiwan (Weighted) 10,873.69 -44.32 -0.41 13.81 Equity type BC (Wbn)(Sep. 23) 79,350 79,426 78,583 82,612 Note: * as of September 24, 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 KODEX 200 11.02 KODEX 200 TR 99.50 KODEX 200 TR 99.66 LG Chem 112.28 Mando 10.49 Samsung Electronics 67.16 Samsung Electronics 73.54 Samsung SDI 36.14 KODEX Leverage 8.10 KODEX MSCI Korea TR 59.68 KODEX MSCI Korea TR 59.64 KODEX 200 Futures Inverse 2X 16.82 Hyundai Elevator 5.97 Samsung SDI 47.58 SK Telecom 14.21 Posco Chemtech 12.56 TIGER200 4.83 Hynix 22.41 Celltrion 11.80 KODEX 200 12.23 Samsung Heavy Ind. 4.22 Celltrion 20.20 KEPCO 11.37 KODEX Kosdaq150 Leverage 11.06 Korea Aerospace Industries 3.89 LG Chem 19.89 Samsung Electronics (P) 10.84 Honam Petrochemical 9.80 LG Innotek 3.75 SEMCO 19.09 10.58 Iljin Materials 6.99 LG Chemical (P) 2.97 Samsung Electronics (P) 14.63 Kia Motors 10.40 KODEX Leverage 5.94 KODEX 200 Futures Inverse 2X 2.91 SK Telecom 12.95 KB Financial Group 10.29 SKC 5.93 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 Emerson Pacific 6.75 ViroMed 8.64 Dongjin Semichem 8.16 ECOPROBM 10.81 KMW 4.75 Nexon GT 3.67 ViroMed 6.68 L&F 6.64 Dongjin Semichem 3.82 SillaJen 2.96 Celltrion Healthcare 5.35 KMW 4.60 AP Systems 3.79 HLB 2.94 CJ ENM 2.76 RFHIC 3.54 Tes 2.98 Celltrion Healthcare 2.61 TESNA 2.45 RANIX 3.37 Woorison F&G 2.31 ECOPRO 2.60 Wonik IPS 2.28 Chunbo 3.20 Nepes 2.08 L&F 2.36 Tes 1.82 Daejoo Electronic Materials 2.67 EO Technics 1.72 Mezzion Pharma 2.36 JAS Tech 1.40 SM 2.52 BH,LTD. 1.54 Nano Chem Tech 2.25 Silicon Works 1.22 SKC Kolon PI 2.44 SM 1.49 Keayeast 2.00 PearlAbyss 1.15 Nepes 2.38 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 48,900 -600 291,922 Celltrion Healthcare 51,400 500 7,397 Hynix 81,900 -1,500 59,623 CJ ENM 171,200 900 3,754 Samsung Electronics (P) 40,200 -500 33,080 KMW 76,500 -1,200 3,041 Hyundai Motor 134,500 500 28,738 PearlAbyss 197,100 800 2,567 NAVER 158,000 0 26,041 Medy-tox 351,700 -6,100 2,045 Hyundai Mobis 255,000 -4,500 24,303 Hugel 384,000 -6,100 2,004 LG Chem 305,000 -22,000 21,531 67,500 -1,600 1,896 Celltrion 166,500 -2,000 21,368 SK Materials 171,800 -1,200 1,812 318,000 -500 21,040 ViroMed 84,000 -36,000 1,791 Shinhan Financial Group 42,800 150 20,296 HLB 45,000 -550 1,766 Source: