1999.6

1989 : PRO 2000 / ECO 2000 1994 : 3

1998 : IMF

1999 : 21

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Hanwha chemical NCC

Hanwha chemicalHANWHA

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SG- Hanwha (99. 4. 28)The contingency risk from nearly bankrupt Hanwha Group, of which Hanwha is the parent company, has been practically eliminated thanks to the Groups aggressive restructuring. Given its rapidly growing earnings, easing contingency risk and low valuations, Hanwhas shares look attractive.And given that its real estate holdings will generate huge cash injections in the near future, there is huge upside potential to the share price.Target price : 13,500

Merrill Lynch Hanwha chemical (99. 5) Hanwha-Daelim deal leading the way in the Korea Chemical Industry Cost savings : Interest expenses(53bn) Big deal with Daelim(30bn) Processed goods division spin-off(10bn)

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