Transcription of 현대글로비스 (086280) - imgstock.naver.com
1 (086280).. 4q17 Review: 1707 , . Company Report YoY 3 9,663 .. 1) , 2) .. 3) / . , (1,688 ) 1,707 .. ( ) ( ) .. (12M, ) 180,000 CKD . CKD .. (18/01/30) 141,500 . ( 900 ) , (384 ) . 27% 448 2,140 ( QoQ) . 2017 . 6,805 ( YoY) . (17F, ) 727. Consensus (17F, ) 740 . EPS (17F,%) 1) 3 : 2017 . MKT EPS (17F,%) P/E(17F,x) . , . MKT P/E(17F,x) 3 . 3 30% . KOSPI 2, . 3 . ( ) 5,306. PCC , 3 . ( ) 38. (%) 2) : 3 1) , 2) . (%) (12M) . M&A .. 52 ( ) 134,500 2017 105% . 52 ( ) 168,000.. (%) 1 6 12 . 3) : .. 130 KOSPI. 4q17 .. 120.. 110. 100.
2 90 180,000 . 80. 70 180,000 .. PER . [ / ] 1) , 2) .. 02-3774-1738. (12 ) 12/14 12/15 12/16 12/17P 12/18F 12/19F. ( ) 13,922 14,671 15,341 16,358 16,218 17,162. ( ) 645 698 729 727 735 774. (%) ( ) 536 377 506 681 591 626. EPS ( ) 14,300 10,052 13,483 18,167 15,751 16,690. ROE (%) P/E ( ) P/B ( ) (%) : K-IFRS , . : , .. 1. 4q17 ( , %, %p). 4Q17P . 4Q16 3Q17. YoY QoQ. 3,920 4,226 3,966 4,115 4,160 157 183 171 169 186 (%) 22 180 259 248 214 1, 5 125 214 146 133 4, : K-IFRS . : . 2. 4q17 ( , %). 4Q17P . 4Q16 3Q17. YoY QoQ. 3,920 4,226 4,115 3,966 336 310 365 316 1,579 1,710 1,708 1,674 - 826 929 868 919 -PCC 321 355 377 348 - 309 307 317 343 - 122 119 147 65 CKD 1,469 1,633 1,412 1,419 98 97 106 92 439 476 524 465 : K-IFRS.
3 : , . 3. ( , %).. 17F 18F 17F 18F 17F 18F. 16,507 16,812 16,358 16,218 . 725 738 727 735 CKD . 879 811 890 798 613 552 681 591 EPS (KRW) 16,346 14,710 18,167 15,751 : K-IFRS . : . 4. ( ). 1Q17 2Q17 3Q17 4Q17P 1Q18F 2Q18F 3Q18F 4Q18F 2017P 2018F 2019F. 3,977 4,189 4,226 3,966 3,873 4,103 4,136 4,106 16,358 16,218 17,162. 310 318 310 316 293 293 292 287 1,253 1,166 1,209. 1,589 1,722 1,710 1,674 1,592 1,724 1,684 1,651 6,695 6,651 6,823. CKD 1,574 1,573 1,633 1,419 1,440 1,490 1,544 1,547 6,199 6,021 6,317. 97 101 97 92 106 109 105 100 387 420 456.
4 408 475 476 465 442 487 511 521 1,825 1,961 2,358. 192 182 183 171 182 189 186 178 727 735 774. 302 149 180 259 216 202 197 183 890 798 848. (. ( ). ) 247 95 125 215 175 131 134 150 681 591 626. (%) (%) ( ,%) : K-IFRS . : . 2 Mirae Asset Daewoo Research .. 1. PER . ( ). 400,000. 350,000 300,000. 250,000. 200,000. 150,000. 100,000. 50,000. 0. 12 13 14 15 16 17 18. : . 2. vs. : 3 . (%) ( ). 11 350. (L). (R) 300. 10. 250. 9. 200. 150. 8. 100. 7. 50. 6 0. 06 07 08 09 10 11 12 13 14 15 16 17. : . Mirae Asset Daewoo Research 3.
5 (086280). ( ) ( ). ( ) 12/16 12/17P 12/18F 12/19F ( ) 12/16 12/17P 12/18F 12/19F. 15,341 16,358 16,218 17,162 3,936 3,895 4,016 4,263. 14,235 15,226 15,093 15,976 595 529 532 563. 1,106 1,132 1,125 1,186 2,022 2,031 2,103 2,233. 377 405 390 412 690 698 723 768. 729 727 735 774 629 637 658 699. 729 727 735 774 4,032 4,267 4,510 4,841. -25 163 63 74 437 442 458 486. -41 -44 -13 -10 3,109 3,328 3,553 3,844. 54 46 47 52 70 69 62 56. 704 890 798 848 7,967 8,161 8,526 9,104. 198 209 208 222 2,618 2,415 2,266 2,266. 506 681 591 626 1,319 1,335 1,382 1,468.
6 0 0 0 0 1,060 839 634 533. 506 681 591 626 239 241 250 265. 506 681 591 626 1,872 1,719 1,755 1,819. 0 0 0 0 826 709 709 709. 493 662 591 626 1,046 1,010 1,046 1,110. 493 662 591 626 4,490 4,134 4,020 4,086. 0 0 0 0 3,477 4,027 4,505 5,019. EBITDA 885 893 917 969 19 19 19 19. FCF 217 308 287 272 154 154 154 154. EBITDA (%) 3,231 3,800 4,278 4,791. (%) 0 0 0 0. (%) 3,477 4,027 4,505 5,019. ( ) valuation ( ). ( ) 12/16 12/17P 12/18F 12/19F 12/16 12/17P 12/18F 12/19F. 606 688 687 752 P/E (x) 506 681 591 626 P/CF (x) 399 215 270 319 P/B (x) 148 159 175 189 EV/EBITDA (x) 8 8 7 6 EPS ( ) 13,483 18,167 15,751 16,690.
7 243 48 88 124 CFPS ( ) 24,131 23,902 22,952 25,191. -32 -31 -9 -17 BPS ( ) 92,725 107,389 120,140 133,830. ( ) -258 11 -70 -127 DPS ( ) 3,000 3,000 3,000 3,000. ( ) 83 -7 -25 -45 (%) ( ) 140 -10 41 74 (%) -244 -166 -208 -222 (%) -518 -327 -399 -531 EBITDA (%) ( ) -384 -379 -400 -480 (%) ( ) -6 -2 0 0 EPS (%) ( ) -69 -9 -28 -51 ( ) -59 63 29 0 ( ) -185 -446 -317 -213 ( ) ( ) -4 -339 -205 -100 ROA (%) ( ) 0 0 0 0 ROE (%) -113 -113 -113 -113 ROIC (%) -68 6 1 0 (%) -81 -66 2 31 (%) 676 595 529 532 / (%) 595 529 532 563 / (x).
8 4 Mirae Asset Daewoo Research .. (%). ( ) ( ) . ( ) 300,000. (086280). 250,000. 180,000 - - 200,000. 200,000 220,000 150,000. 260,000 100,000. 50,000. 0. * : , 1 .. : 12 20% : 12 . Trading Buy : 12 10% : 12 . : 12 -10~10% : 12 . : 12 -10% . ( ), Trading Buy( ), ( ), ( ), ( ), ( ), Not covered( ).. ( ) Trading Buy( ) ( ) ( ). * 2017 12 31 1 . Compliance Notice - . - 3 . - . - . , .. Mirae Asset Daewoo Research 5.
