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Ÿ-









ѱ ġ Ÿ
귣 : ŸӰ ̶ ְ 귣带
BM : ߰ ʿ
а : ȭ
ROE : 4 ROE 25% ̻
ͷ : 4 ͷ 20% ̻
PER : 2002 PER 4



1. 2002 м


2002 Ÿ 9.26% þ 884.7, 9.56% 201.7, 15.63% 184.9 ޼Ͽ. 귣 Ÿ ι 17.93% , 30% ر , ι üǾ ִ ¶ ִ. Ÿ Ŀ ü ӿ ־ Һڵ鿡 ɷִ мǸ Դ´ٴ ǰ ̹ ϰ ɴµ δ. Ÿ 귣 ̹ 翡 Ŀ Ӹ ƴ϶ ߿ 귣 Ŀ 귣 ղ ִ.

̿ ſ ü ̰ ִ. ̴ ij Դ ֱ ޼ϰ ִ ij ްϰ ̵ϸ鼭 ü ҵǰ ִ Ͱ . ij 忡 ڳ ̻ ġ ġ ִ ͵ ִ. Ŀ κп Ÿ , ij 忡 ġ Ÿ װͺٴ Ҿ ̴.




պ Ÿ 02 Ÿ ν 弼 ü ټ ٷ , Ű ȣ ̶ ִ. Ÿ ¿ ̷ ν ſ ǹ ִ ġ̴. 漺 1δ ž , ȭ Ը Ȯ ֿ ľǵȴ. ű 귣 Ī, 귣 ɼ Ÿ 强 Ͽ ƾ ̴.


2. Ÿ, 򰡵 񿵾


2002 Ÿ 15% , 20% ROE Ͽ. ׷ ұϰ Ÿ ְ 2002 3 2 ̷, ݿ 11,700(11 3 ) . ִ ڻ 14,800 Ѽ PBR 0.79, 2,700 PER 4.3 ̴. Ź ͼ 귣 Ŀ ɷ¿ ұϰ ̷ Ÿ ְ 򰡵 ϱ? 򰡵 õ ̶ . 򰡵 񿵾 ̰, å ٲν غ ִ κ̶ ֵ ָ ϸ鼭 ͷμ ִ.


2-1. ƴ , ִ ؾ


Ÿ , ù° Ȱ̴. Ѽ 2002 ׿ 735.5, ں 10 ̻, ںѰ 72% شϴ ݾ ϰ Ȱ ݾ̴. Ÿ ̹ 9°, Ұ 9⸸ ڵ 10 ̻ θ 鿴ٴ ̴. Ÿ ׿ ̷ ־ 纸ٴ 系 ȣϴ å Ա ̴. ׷ٸ Ÿ ȰǾ Դ°?

̸ Ÿ ڻ걸 . Ÿ ڻ õ ڻ ä, ڻ, ڻ 330 ̴. ̿ 񿵾 ڻ ݰ Ͽ Ӵ ε, KT ֽ, ȯä 923 ȴ. Ÿ ü ڻԸ 1,253̹Ƿ 74% 񿵾 ڻ Ǿ ִ ̴.

ͱ . Ÿ ̹ 3б 202̰, 59 ̴. ̰, ȭ ü Ϳ ϴ 1% ʱ κ Ϳ ߸ ϰ м ִ. 68 ڼ, й , ׸ Ӵ ֿ ̴. ڻ 񿵾 ڻ ͼ غ ´. ڻ 330 202 ͷ(ROA) 61.2% ȴ. ̿ 񿵾 ڻ 923 59 ͷ(ROA) 6.3% Ұϴ. Ÿ ü ڻ ͷ(ROA) 25.7% ̹Ƿ, Ź ͼ Ŀְ ִ ̴.

۳ ̷ Ÿ ֿ ڸ Ȱɷ . ۳ 3 Ǿ õ Ӵ ε Կ 53, ǹ࿡ 47 . 100 Ե ǹ Ǽڸƿ 15 5õ 12Ⱓ Ӵ ӴǾ. 100 15.5%¥ äǿ ȿ ڶ ִ. ä ε ״ ÷̼ Ŀ ִٴ ִ.

Ÿ ٸ ֿ ڴ û KTֿ ȯä(EB)̴. KT ûడ 54,000 67.9ġ ߰, EB ԰ ְ 10% 59,400 149.5ġ ߴ. EB 3 μ ų ϴ ǥ 3%, ⺸ ͷ 4.4% 1 ֽ ȯ ϴ. Ű ֽ 0.5% ̻ ֿ 1ִ EB 2ָ ֱ Ÿ 븲 ҽþ Ͽ Ը û ߴ. KT ȯä ⺸ ͷ 4.4% ⿹ ݸ ϰ, ȯä üδ äڿ ϴٰ ִ.

׷ٸ Ÿ KT û  ? к ڸ Ȥ ణ ڿ ٰ ִ. 54,000 KTֽ ִ ڻ갡 Ұ 37,000̴. 67.9ġ ΰ׸ Ǵڸ KT ڸ 21.4 ̴. KTֽ ͷ ROE ڸ̰, PER 14 ϱ KTֽ ׸ ŷ ̴.

KT ְ, 强 ʴİ ݹ Ѵٸ ׷ ɼ ִٰ ִ. ū KT Ÿ ڵ ϱ о߶ ̴. Ÿ ̹ ̴н ȸä ڷ 134̶ ִ. ȸä ÿ ϴ ̾, ũ ȭǾ Ÿ Ҽ ϴ 쿩 ѱ ־. ̴н ȸä ڰ ϰ ٺ ̴н ȸü ߴ ̶ ٴ ڸ ߴ Ÿ ڵ ݵü ̾.




Ÿ ֽڸ ͼ ̰, Ʈ ٰȭ ϴ ִ ̴. ׷ ׷ ڰ ϱ ؼ о߰ Ÿ ִ о̾ Ѵٴ Ǿ Ѵ. ֽĿ ϴ ͵ ٴ ϴ ̴. ڱⰡ 𸣴 о߿ ϴ ͸ŭ ڵ . Ÿ 迡 ִ , Ѽ мǸ ϰ ִ F&F ͷ 7% 鼭 Ƴ ĸ, ڽ 귣带 ϰ ִ Ϲ ϴ ξ ڰ ִ. Ÿ мǾ ̱ 迡 ִ ü ֽĸ ޿ ȿ Ȱ ũ.


2-2. Ϲ Ҿ ȸ뿡 ←


Ÿ ̹ 꿡 200 ̴. Ѿ 3 1õ, 184 9õ̱ 缺 1.69%, 8 ð 1.41%̴. ߽ð濵 ȭη ΰǸ鼭 , ϻ 缺 ϰ ִ ߼̴. Ÿ 1% ϰ ִ. Ÿ 缺 ̷ ϱ? ׸ Ÿ ո ϱ?

Ÿ 缺 谡 ִ. Ÿ ȸ Ѽ 32.0%, 27.6% ִ Ͽ ֿ Ư 74.39% ϰ ִ. ϱ ִ ҵ հ ü 40% Ѵ. ٸ ƿ ̴. 缺 40% Ư ޴ 31, ϴ 12 ȴ. 12 ʰ ȸ翡 Ű, Ҿֿ 3 ϴ ٰ Ǵ ̴.

߼ұ 缺 δ. ʰ 系 Ű ׿ݿ . Ģζ ׿ ֵ鿡 1/n ưٰ , δ 100% ȿ  ȴ. ݱ 鼭 ϴ ʴ ̴.

ֿ ΰǴ 缺 ȭų ? Ÿ ȸ̰ų װ ϴ. ׷ Ÿ 忡 ȸ̴. ȸ縦 ߴٴ ǹ̴ ٸ Ҿֵ ϰ ڴٴ ǻǥ ƾ Ѵ. ڿ ȸ . ֽĿ ߴٸ ְº ȸ ִ ȴ. ְ ֽ ʴ , ȸ̶ 鿡 Ѱ谡 ִ. Ϲ ֵ ֽ ϸ鼭 ִ ۿ ̴.

Ȥڴ Ÿ ROE ʰ ȸ翡 Ű ʴİ 𸥴. Ȱ κп ҵ Ÿ κ ڷ ƴ϶ ´. ϴ ø ȭȴ. ݸ , ׸ ֿκ ϰ ִ KT ֽİ ȯä ͷ 5%븦 ѱ δ.

ȸ 谡Ű, ڸ ִٴ 鿡 ߿ ǹ̸ ´. ȸ ϰ ȣ ָ 淯ٴ 鿡 ū ǹ̰ ִ. Ÿ å ġ ذ迡 ġ ʴ. Ÿ å ȭ ̷ ִٸ 𵨻Ӹ ƴ϶ å 鿡 Ǵ ȸ簡 ̴.


3. պ Ͽ ؾ


Ÿ ִ ȸ̴. ü ƿҽϰ ְ, Ǹ δ ּȭϰ, ȭ ߽ Ŵν ڻ ִ ٿ. Ÿ м 귣带 ϰ ְ, 20% ͷ ROE ϴ ȸμ ? 鿡 Ź ġ Ȯϰ ִ. ׷ ұϰ Ÿ ֽ PER 4, PBR 0.8 ġ ϰ 򰡵Ǿ ŷ ǰ ִ. Ư ֱ ְ϶ ۿϿ.

ù° Ѽ ȯä Ը ȯǸ鼭 ְ ༼ ̴. ŸӰ Ѽ պ ̾߱Ⱑ ŸӰ պǥ ʹϱ 1 ̴. պǰ ۵ Ÿ ְ Ѽ ְ 1 ⼺ Դ. Ѽ պ ǰƮ ٰȭ ȿ, ðѾ ֽ ǥ ġ ȭ ȿ Ŭ δ. պǰ ȸ Ѽ ߽ Ǹ鼭 պ ü ۿ Ÿ ְ Ͱġ ڻ갡ġ ¿ ְ Ǿ.

ι° ֱ Һɸ ̴. ȭ 10 κδ ü ߴٴ Դ. Һ縦 ȸ ְ . Ÿ ߻ ǰ ɼ . Ÿ Һɸ ǿ ̶ ð ִ ̴.

° Ȯϰ ϰ ִٴ ̴. Ÿ Ī Ͽ ű 귣 Ī ȹ ƴ, ﵵ ġϰ ü · Ÿ ִ. ؿ̳ ο 귣 Ī ٽɿ ִ Ȱ ִ ð Ÿ 忡 򰡵ǰ ִ ̴. ⿡ ռ ׿ ٽɿ ֽڳ ε ʿ Ը ڵǰ ִ ְ īƮŰ ϳ̴. Ÿ 忡 򰡸 ޱ ؼ Բ Ѽ պ ü ʿ䰡 ִ.


м Ʈ – ſڷ

written by ѱ ġ


ֳθƮ α
neominde@hanmail.net
ֳθƮ ö
wallstreet@korea.com








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  1. ̽ý
    ̽ý | 05.01/30 18:03
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    Ѽ Ʈ vipڰ شٸ ϼڱ ^^
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