대‹ ë¦¬¬¸_ë¨ë‹‌미Œ…_140704

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  • 2014 7 4 Global Radar , - , . , - . , , . / - / . 769.3091 eunjoolee@daishin.com GKL: - 58,000, - 2 - 3 , 4 - . 769.3398 yoonjinkim@daishin.com : - , 43,000 - 2Q 1,505(+2.1% yoy, -0.5% qoq), 210(+14.1% yoy, -34.8% qoq) - 2Q , - KT 2012~2013 . UHD , N/W , KT 769.3540 khjaeje@daishin.com
  • 2 Global Radar , 02.769.3091 eunjoolee@dashin.com , - 2001 13 . 227 - - 5 , - 1994 : - 1994 - , , 94 - Fragile Four - , - , Fragile Five - (Fragile Four) - , - - , , Fragile Four - - - - , 0 2 4 6 8 10 12 14 16 13.1 13.2 13.3 13.4 13.5 13.6 13.7 13.8 13.9 13.10 13.11 13.12 14.1 14.2 14.3 14.4 14.5 14.6 14.7 (ARS/USD) 200 250 300 350 400 450 500 550 600 650 700 0 10 20 30 40 50 60 10.1 10.5 10.9 11.1 11.5 11.9 12.1 12.5 12.9 13.1 13.5 13.9 14.1 14.5 (%) () () : Datastream, : CEIC,
  • 3 Earnings Preview GKL (114090) 769.3398 yoonjinkim@daishin.co m 769.3530 jwchoi@daishin.com BUY , 58,000 (14.07.03) 42,750 2 - GKL 2 1,221(-8% YoY), 330(-24% YoY) - -14%, -26% - Luck factor 3 - 3 1,431(-8% YoY), 477(-29% YoY) - 3 (16.0%) - 2 4 - 4 1,489(+5% YoY), 439(+12% YoY) - 4 - 1): . . . 2015 2): . 3 3) : . . . , 58,000 - () CASINO BIG CYCLE 2020 - () - () , (: , %) 2Q13 1Q14 2Q14(F) YoY QoQ 2Q14F Consensus Difference (%) 133 139 122 -8.2 -12.2 142 -14.0 44 47 33 -24.4 -29.9 45 -26.1 30 38 25 -17.7 -34.1 34 -26.4 2012 2013 2014(F) Growth 2014(F) Consensus Difference (%)2013 2014 502 561 553 11.7 -1.4 589 -6.1 146 191 172 30.5 -10.1 186 -7.6 144 138 134 -4.5 -2.3 141 -4.8 : GKL, WISEfn, KOSPI 2015.28 2,719 0.23% () 31 52 / 48,650 / 29,650 120 112 25.54% 51.00% 7.47% (%) 1M 3M 6M 12M 8.5 -5.1 8.9 27.9 7.8 -5.9 6.3 17.8 -20 -10 0 10 20 30 40 50 18 23 28 33 38 43 48 53 13.07 13.10 14.01 14.04 (%)() GKL() Relative to KOSPI()
  • 4 Earnings Preview (053210) 769.3540 khjaeje@daishin.com BUY , 43,000 (14.07.03) 27,350 2Q - 2Q14 1,505(+2.1% yoy, -0.5% qoq), 210 (+14.1% yoy, -34.8% qoq) - 18(-4.8 yoy, +0.4 qoq), 15(+2.9 yoy +1.4 qoq), 2.7(-7.7 yoy, -1.0 qoq) - 333 . , 1~4Q 70 2Q . , 2.7( 9.1) , 1 SOD(Cloud VOD ) ARPU 1Q 7,673 4Q13 8,100 , SOD PVR( VOD ) ARPU 1Q14 90 2014~2015 - 1~6 6.3 , DCS , 2014 45 34 . 2015 DCS 51 56 - 1 SOD VOD ARPU , VOD PVR , OTS(TV + + ) 3.2 2.9 ARPU , 2014 ARPU 8,015 7,749 . 2015 ARPU 8,122 7,844 - 2013 824 35% 1,113 . 2013 3~4Q (Buy), 43,000 - 12M FWD EPS 2,270 PER 18 (2011~2013 PER band 18.4. PER 20.3 10% . 2014 2011 43, 2012 53, 2013 39 34 PER band . 12M FWD EPS ) (: , %) 2Q13 1Q14 2Q14(F) YoY QoQ 2Q14F Consensus Difference (%) 147 151 151 2.1 -0.5 155 -3.0 18 32 21 14.1 -34.8 25 -17.4 14 24 16 12.9 -31.5 18 -9.3 2012 2013 2014(F) Growth 2014(F) Consensus Difference (%)2013 2014 551 600 642 8.9 7.0 628 2.3 67 99 114 47.3 14.7 119 -3.9 56 73 87 29.2 20.3 88 -1.2 : , WISEfn, KOSPI 2010.97 1,308 0.11% () 120 52 / 38,300 / 20,950 120 66 12.75% 1 50.11% 6.78% (%) 1M 3M 6M 12M 19.2 18.7 -5.2 -24.3 19.0 17.6 -8.3 -31.4 -60 -50 -40 -30 -20 -10 0 10 18 23 28 33 38 43 13.07 13.10 14.01 14.04 14.07 (%)() () Relative to KOSPI()
  • 5 (: ) (: ) 7/03 7/02 7/01 6/30 6/27 07 14 -23.8 -244.5 38.5 -200.6 -466.2 -230 -135 157.6 314.8 100.6 189.5 309.0 573 2,812 -116.8 -50.0 -127.9 26.6 164.6 -295 -2,281 46.1 46.6 18.8 -3.7 48.7 112 -3,007 -0.7 35.6 -7.6 30.9 17.6 27 781 -116.1 -103.5 -61.7 0.5 31.7 -281 -1,458 -12.4 -10.0 -16.3 -27.2 -5.3 -39 -1,138 0.0 -1.2 -2.8 -6.7 5.6 -4 -581 -36.5 -14.6 -34.2 53.3 71.3 -85 3,346 0.9 -4.0 -21.4 -20.9 -14.0 -24 -267 1.9 1.1 -2.6 0.3 9.1 0 43 : Bloomberg (: ) 50.6 NAVER 21.0 17.7 51.8 SK 34.1 LG 15.9 LG 15.0 42.2 30.6 15.3 NAVER 14.0 40.8 24.6 15.0 12.2 SK 21.6 SDI 15.8 LG 10.3 10.0 20.5 15.1 10.3 9.6 13.6 11.7 5.5 9.4 SK 11.0 11.5 5.1 8.2 8.5 7.7 5.1 7.4 SK 7.8 5.5 LG 4.2 7.2 6.9 : KOSCOM (: ) IPS 12.3 5.7 ISC 9.7 4.4 TV 3.5 3.4 3.1 4.0 INT 3.3 3.0 3.1 2.5 2.6 2.8 2.4 INT 1.5 1.3 2.6 CJ 2.1 1.3 CJ E&M 1.2 CJ 2.6 2.1 CJ E&M 1.2 1.1 1.4 1.8 SK 1.2 0.7 1.3 1.4 1.2 KG 0.7 1.1 1.2 1.0 0.7 1.1 1.2 GS 0.9 : KOSCOM
  • 6 5 , (: %, ) (: %, ) SK C&C 374.6 1.8 55.5 -1.2 LG 80.6 -1.4 223.0 0.5 143.8 0.5 LG 28.4 -1.4 55.3 5.6 SK 61.3 7.2 SK 125.8 7.2 24.6 1.4 53.7 6.5 60.6 -0.9 96.4 -0.9 20.9 0.8 LG 52.7 3.8 60.0 -3.2 40.7 -0.5 LG 20.8 -4.7 49.6 -1.2 50.6 -0.8 40.1 -3.2 19.1 -0.7 GS 25.8 11.0 29.6 -0.5 39.5 9.1 15.0 -1.1 KT 25.2 2.3 LG 28.9 2.0 32.9 -0.8 OCI 11.0 0.0 20.0 4.9 24.0 -0.7 SDI 30.9 5.6 BS 10.6 3.4 19.0 -1.0 24.0 1.4 POSCO 21.9 -0.8 9.4 -3.6 18.6 1.9 23.2 -1.2 : KOSCOM : KOSCOM (: ) 7/03 7/02 7/01 6/30 6/27 07 14 167.1 306.0 123.2 212.6 300.7 596 3,490 7.8 298.8 202.8 240.4 108.4 509 10,772 -- -- 375.4 -- 37.8 375 10,293 13.8 19.4 -- 73.9 59.0 33 -1,214 -17.4 23.0 44.7 42.7 -26.6 50 3,880 -4.9 9.2 27.4 23.2 6.3 32 1,044 1.8 0.5 1.5 2.5 6.6 4 287 : TWSE(Taiwan Stock Exchange) + GTSM(Gre Tai Securities Market) . GTSM General Board . General Board : Bloomberg,