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1 Review 2018. 2. 26. Outperform(Downgrade). : 34,000 ( ). (012450). (2/23): 28,250 . RSP . : 14,860 . / K9 . Analyst , RSP , . 02) 3787-4862 . RSP . , . , 2025 . Stock Data KOSPI (2/23) 2, 52 . 4 , RSP . / 53,100 27,250 4 463 (YoY 52%) . (K9 ) , , , . 1W (TICN) . 1M 1Y , RSP , . SI . Company Data . 52,600 . (3M) 425 .. (18E) BPS(18E) 41,913 .. , . RSP . ( , IFRS) 2016 2017 2018E 2019E. , .. 35,189 42,155 44,219 47,226. 1,507 829 751 897 Outperform' . EBITDA 2,370 2,059 1,959 2,027. 4,185 178 516 668 1 -118 (YoY ), 751 (YoY -9%). 3,459 -477 399 517. 3,452 -482 399 517.. EPS( ) 6,498 -913 758 983 Pratt & Whitney GTF RSP. (%YoY 5, N/A N/A PER( ) . RSP 800~900 . PBR( ) EV/EBITDA( ) 2025 . (%) , ROE(%) (%) .. Price Trend ( ) ( ) (%). 60,000 ( ) 20. , . , 4 . 0. 40,000.. TICN 2 , . -20. 20,000. ( ) . -40.. 0 -60. '17/2 '17/5 '17/8 '17/11 '18/2. (012450) 2018. 2. 26. 4 ( : ).. 4Q16 1Q17 2Q17 3Q17 4Q17P QoQ YoY.

2 ( / ). 11,683 7,743 10,363 8,686 15,362 16,157 2,336 2,210 2,346 2,133 2,712 3,211 1,623 1,367 1,664 1,429 1,346 1,503 1,913 1,105 1,877 1,498 3,234 3,353 764 235 677 366 720 732 325 559 731 563 681 546 2,548 920 1,521 1,295 2,967 2,803 2,173 1,346 1,530 1,503 3,855 na 4,083 305 112 232 22 463 707 914 59 191 -101 30 652 885 99 171 -176 -577 504 . : , . : 2Q16, 4Q16 . ( : ). 1Q17 2Q17 3Q17 4Q17P 1Q18E 2Q18E 3Q18E 4Q18E 2016 YoY 2017P YoY 2018E YoY. 7,743 10,363 8,686 15,362 8,773 11,199 10,155 14,093 35,189 42,155 44,219 2,210 2,346 2,133 2,712 2,327 2,550 2,467 2,836 10,507 9,401 10,180 1,367 1,664 1,429 1,346 1,257 1,347 1,272 1,259 6,378 5,806 5,135 1,105 1,877 1,498 3,234 1,399 1,999 1,853 3,063 7,144 7,714 8,314 235 677 366 720 335 598 451 753 1,970 na 1,998 2,138 559 731 563 681 652 813 628 615 1,693 2,534 2,708 920 1,521 1,295 2,967 1,304 1,781 1,628 2,552 5,320 na 6,703 7,264 1,346 1,530 1,503 3,855 1,488 2,094 1,949 3,158 2,173 na 8,234 8,689 112 232 22 463 -118 232 89 548 1,507 829 751 170 52 -13 -205 -124 -50 -113 -153 498 4 -440.

3 -2 8 -49 -176 -97 -77 -52 -40 337 -218 -266 . 14 99 25 449 76 135 126 341 488 588 678 -71 -22 -7 65 -14 21 0 43 -148 na -35 50 . 37 100 41 33 35 84 36 36 -154 211 192 23 58 93 144 27 78 92 173 351 na 318 370 -15 -18 23 254 37 102 92 240 135 na 244 471 na na na : , . : 2Q16, 4Q16 . 2. (012450) 2018. 2. 26. ( : , , ). Sum-of-Parts 24,533 Target EV/EBITDA 6 Forward . 0 0. 1,594 IT . 12,690 . 7,401 . 2,849 . 3,057 . 9,488. 18,102. 53,130. 34,072. : . ( : ). (%). (IFRS ). 1Q18E 2017P 2018E 1Q18E 2017P 2018E 1Q18E 2017P 2018E. 9,163 42,950 45,324 10,363 42,155 44,219 164 1,074 1,626 232 829 751 157 801 1,451 191 178 516 122 599 1,122 171 -482 399 EPS( ) 1,134 2,132 -913 758 : . 3. (012450) 2018. 2. 26. ( : ) ( : ). 12 , IFRS 2015 2016 2017P 2018E 2019E 12 , IFRS 2015 2016 2017P 2018E 2019E. 26,134 35,189 42,155 44,219 47,226 19,980 27,802 32,859 32,712 34,416. 20,966 28,025 34,349 36,148 38,559 1,427 2,574 2,075 6,648 6,579.

4 5,168 7,164 7,806 8,071 8,668 3,549 3,485 3,814 2,090 2,232. 5,764 5,657 6,977 7,320 7,771 8,383 13,681 16,994 14,929 15,945. ( ) -596 1,507 829 751 897 5,688 7,688 9,485 8,595 9,179. ( ) -596 1,507 829 751 897 933 374 491 451 482. 404 2,678 -651 -235 -228 21,099 28,722 31,429 30,914 31,674. 34 83 54 46 49 297 637 837 768 820. 25 44 56 55 59 10,068 4,774 6,268 5,868 6,310. 537 629 675 0 0 8,449 13,601 13,908 14,342 14,884. 166 213 337 360 360 2,286 9,268 9,213 8,832 8,482. 516 696 687 0 0 0 444 1,202 1,103 1,178. 470 780 24 24 24 41,079 56,524 64,288 63,626 66,091. 12 2,174 -5 0 0 13,516 19,686 26,776 25,028 26,348. 2 3 9 0 0 8,794 14,767 19,417 17,813 19,024. 6 -127 -439 0 0 2,116 3,268 0 0 0. -191 4,185 178 516 668 1,523 329 5,620 5,620 5,620. -254 726 655 117 151 1,084 1,323 1,739 1,596 1,704. (%) 5,112 13,431 15,848 16,534 17,318. 62 3,459 -477 399 517 25 996 1,309 1,201 1,283. ( ) 57 3,452 -482 399 517 1,578 8,262 9,635 10,035 10,035.

5 EBITDA 187 2,370 2,059 1,959 2,027 3,509 4,173 4,904 5,299 6,000. (Cash Earnings) 845 4,322 753 1,607 1,648 18,628 33,117 42,624 41,563 43,666. 67 1,659 -464 399 517 2,657 2,657 2,657 2,657 2,657. (%, YoY) 1,872 1,872 1,872 1,872 1,872. 10,157 13,500 12,803 13,201 13,562. ( ) N/A N/A 7,748 5,362 4,317 4,317 4,317. ( ) N/A N/A 22,434 23,390 21,648 22,046 22,407. EBITDA 1, 18 17 17 17 18. N/A 5, N/A N/A 22,451 23,408 21,665 22,064 22,425. EPS N/A 5, N/A N/A 241 5,800 9,366 6,917 6,844. N/A 2, N/A N/A 5,216 11,858 15,255 15,655 15,655. ( : ) ( : , , %). 12 , IFRS 2015 2016 2017P 2018E 2019E 12 , IFRS 2015 2016 2017P 2018E 2019E. -375 1,961 6,380 3,635 1,288 ( ). -191 4,185 -477 399 517 EPS 108 6,498 -913 758 983. 421 494 821 826 781 BPS 42,224 44,025 41,155 41,913 42,599. 362 369 409 381 350 EBITDA 352 4,461 3,898 3,724 3,855. -17 1 13 0 0 CFPS 1,591 8,134 1,425 3,054 3,134. 7 25 5 0 0 DPS 500 300 0 300 300.

6 -548 -72 -24 -24 -24 ( ). -777 -159 -48 1,208 -281 PER 369 -2,883 5,682 844 -55 PBR 1,776 -7,183 -3,683 1,044 -1,902 EV/EBITDA 2,113 -6,133 -1,720 2,204 -504 PCFR 45 12 0 0 0 (%). -419 -891 -1,200 -1,260 -1,323 ( ) -189 -679 0 0 0 ( ) 226 508 -763 99 -75 EBITDA margin -918 6,379 -3,196 -105 546 -451 1,028 -3,268 0 0 (ROE) -460 5,511 -500 -500 0 (ROIC) 0 0 0 0 0 (%). -6 -159 -159 0 -156 0 0 731 395 702 484 1,147 -500 4,573 -69 ( ) N/A 943 1,427 2,574 2,075 6,648 ( ). 1,427 2,574 2,075 6,648 6,579 Gross Cash Flow 402 2,120 6,428 2,427 1,569 Op Free Cash Flow -409 379 -2,236 1,737 221 4. (012450) 2018. 2. 26. Compliance Notice 2 23 ' 1% . 3 .. , . (2 ) (2 ). (%) ( ) .. 80,000 .. 2015/11/03 Outperform(Maintain) 42,000 6 60,000. (012450) 2016/04/05 BUY(Upgrade) 50,000 6 2016/04/15 BUY(Maintain) 50,000 6 40,000. 2016/05/03 BUY(Maintain) 56,000 6 2016/06/02 BUY(Maintain) 56,000 6 2016/06/21 BUY(Maintain) 56,000 6 20,000.

7 Outperform 2016/08/05 68,000 6 (Downgrade) 0. Marketperform '16/2/26 '17/2/26 '18/2/26. 2016/11/02 56,000 6 (Downgrade). 2016/12/16 Outperform(Upgrade) 56,000 6 2017/02/21 Outperform(Maintain) 50,000 6 2017/04/12 Outperform(Maintain) 54,000 6 2017/04/24 Outperform(Maintain) 54,000 6 2017/07/07 Outperform(Maintain) 52,000 6 2017/08/18 BUY(Upgrade) 52,000 6 2017/11/06 BUY(Maintain) 52,000 6 Outperform 2018/02/26 34,000 6 . (Downgrade).. (6 ) (6 ). Buy( ) +20% Overweight ( ) +10% . Outperform( ) +10 +20% Neutral ( ) +10 -10% . Marketperform( ) +10 -10% Underweight ( ) -10% . Underperform( ) -10 -20% . Sell( ) -20% . (2017/01/01~2017/12/31). (%). 159 7 1 5.