Transcription of 대상 BUY(유지 - imgstock.naver.com
1 ( ) 35,000 (03/12) 24,300 Up/Downside + Investment Fundamentals ( ifrs ) ( : , , , %) FYE Dec 2015 2016 2017E 2018E 2019E 2,635 2,855 2,969 3,114 3,224 ( ) 110 111 97 121 142 ( ) 58 65 53 82 97 EPS 1,675 1,859 1,506 2,349 2,787 PER (H/L) PBR (H/L) EV/EBITDA (H/L) ROE Stock Data 52 / 21,450/28,550 KOSDAQ /KOSPI 866/2,459pt 8,419 60 - 160,937 60 - + 4 1M 3M 12M BUY( ) 001680 | 2018. 03. 13 18 , 02 369 3378 Analyst News 4Q17 Review : 4Q17 126 . 220 4Q17 , / , (4Q17 OP 22 , +55 ).
2 52 , ( 35 ), PT ( 50~60 ) . , PT 2H18 BEP . ( ) , . Comment 18 : 16~17 , 18 . 2~3 , ( , ) .. PT BEP , ( / ), , 240 . , , 1H18 2H18 . 020005017/0317/0617/1018/01 ( )KOSPI ( )( )(pt) 2 DB Financial Investment 1. 4Q17 Review ( : , %) 4Q17 4Q16 %YoY DB % 5,180 4,534 5,291 126 103 72 7,093 7,112 7,463 52 91 76 29 -69 -12 -86 -75 4 - : , DB 2.
3 ( : , %) 1Q17 2Q17 3Q17 4Q17P 1Q18E 2Q18E 3Q18E 4Q18E 5,310 5,320 6,091 5,180 5,487 5,516 6,296 5,335 1,523 1,595 1,820 1,506 1,586 1,655 1,908 1,567 GP% 271 247 389 126 277 252 428 213 %YoY OP% 7,142 7,241 8,193 7,083 7,504 7,576 8,551 7,509 289 239 387 52 300 250 453 211 OP% 303 178 325 29 334 187 393 176 243 125 245 -86 259 144 301 117 : , DB Action 18 , : 18 . , . 17 P/E 18 EPS P/E 10.
4 35,000 BUY . 3 18 , DB Financial Investment 12 ( ) 2015 2016 2017E 2018E 2019E 12 ( ) 2015 2016 2017E 2018E 2019E 1,002 1,086 1,073 1,167 1,270 2,635 2,855 2,969 3,114 3,224 254 184 182 226 292 1,895 2,079 2,175 2,270 2,344 247 288 266 280 290 740 776 794 844 880 285 294 289 310 321 630 665 698 722 738 1,103 1,222 1,270 1,263 1,256 110 111 97 121 142 802 854 907 904 900 EBITDA 178 188 187 214 236 113 139 134 130 127 -32 -29 -13 -13 -13 102 108 108 108 108 -23 -24 -12 -13 -13 2,105 2,308 2,343 2,430 2,525 4 3 3 3 3 799 715 724 749 764 -13 -8 -4 -3 -3 296 313 323 347 363 78 82 83 109 129 274 309 309 309 309 0 0 0 0 0 195 63 63 63 63 47 60 52 79 94 488 726 714 711 711 58 65 53 82 97 355 585 573 570 570 -11 -5 -1 -2 -3 1,286 1,441 1,439 1,460 1.
5 476 39 65 52 79 94 36 36 36 36 36 (%YoY) 292 292 292 292 292 509 556 594 661 744 25 19 18 16 13 EPS 819 867 904 969 1,049 : K- ifrs / 12 ( ) 2015 2016 2017E 2018E 2019E 12 ( , %, ) 2015 2016 2017E 2018E 2019E 92 55 198 188 201 ( ) 47 60 52 79 94 EPS 1,675 1,859 1,506 2,349 2,787 159 150 144 149 147 BPS 22,027 23,549 24,610 26,481 28,772 68 76 91 93 94 DPS 400 400 400 400 400 -61 -99 34 -11 -6 Multiple( ) -20 -34 21 -14 -10 P/E -47 1 4 -21 -10 P/B 40 3 10 25 15 EV/EBITDA -187 -220 -142 -95 -89 (%) CAPEX -185 -117 -139 -85 -87 -19 -4 0 0 0 EBITDA 195 97 -58 -48 -45 201 133 -12 -3 0 ROE -4 0 0 0 0 ROA -11 -14 -14 -14 -14 ROIC -2 -1 0 0 0 98 -69 -2 44 66 (%) 156 254 184 182 226 ( ) 254 184 182 226 292 ( ) : , DB : ifrs Compliance Notice.
6 1 IPO . 1% . 2 3 . 3 . , . , .. 1 (2017-12-31 ) - ( ) ( ) ( ) 12 KOSPI Buy: 10%p Hold: -10~10%p Underperform: -10%p 12 KOSPI Overweight: 10%p Neutral: -10~10%p Underweight: -10%p 0102030405016/316/616/916/1217/317/617/9 17/1218/3( ) 2 (%) (%) / / 16/02/01 Buy 46,000 16/12/01 Buy 43,000 17/04/02 Buy 33,000 17/06/12 Buy 39,000 17/08/14 Buy 35,000.
