Yonsei Investment Group
COMPANY ANALYSIS
Jan. 22, 2005
( 03)
ġ 1 / ݵŴ
: Ǵ
< Key Point >
- ü 1. (ü 3)
- κ dz ΰ , Ǽ ũ .
- ο Ϲ Ǽ Ұ.
- 2004 ݱ , ҷ ְ 50%̻ ϶.
- ڻ 61% ݿ 忡 ŷǰ .
1. ?
ڱ ̳İ Ͻ , ؼ Ȯ ʽϴ. ǹ , Ȥ ѵǴ, ƴϸ ǹ õ 븸 ĵ ̶ ִ Ȯ ϴ.
츮 ֽڵ̾ ε ڿ ̴ ǹϰ Ͽ콺 ǹϰ , ΰ Ϲ Ǽ 㰡 ְ ʱ Ϲ Ǽ簡 ʿ ü ־ Ѵٴ Դϴ. ü Ϲ Ǽ纸 ۿ , Դٰ տ ָ ̿Ͽ δ Ǽ簡 ƴ Ǽ ִ Դϴ.
ĵ ǹ ġ ø ȿϱ , ĵ ǹ ϰ ִ 츮 Ȳ Ϲ Ǽ ŷ ִ Դϴ. Ϲ Ǽ 纸 Ⱓ ª , ä ۿ Ϲ Ǽ 濵 ϴٴ ū Դϴ.
2. Ȳ
Ʒ ǥ Ǽȸ ǥԴϴ.
|
2004 |
2003 | ||
ȸ |
ð ɷ |
ȸ |
ð ɷ | |
1 |
()ݰȭ |
2,428 |
()ݰȭ |
1,288 |
2 |
()̿ |
1,140 |
() |
675 |
3 |
() |
911 |
()߾ӵ |
479 |
4 |
()Ƶ |
721 |
() |
475 |
5 |
()߾ӵ |
569 |
()dz̵ |
460 |
6 |
()ص |
530 |
() |
430 |
7 |
()ǿ |
484 |
()ǿ |
428 |
8 |
īͳų |
442 |
()輱 |
421 |
9 |
()dz. |
438 |
()ðũ |
371 |
10 |
()輱 |
412 |
īͳų |
366 |
1120 |
|
2,936 |
|
2,234 |
Ұ |
|
11,011 |
|
7,627 |
հ |
3,019 |
55,824 |
2,943 |
|
ǥ ø Ǽþ Ư ~~ ʿϱ , ұԸü ֽϴ. м 3 ũǾ ֽϴ. ִ ݰȭ, ̾ھ ü ƴϱ , ǻ ü ߿ 1 ֽϴ.
, ݰȭа ̾ھ ü ƴ ȸ 縦 ϴ εٰ Ϲ Ǽ ȸ縦 ־ ܼ ߽ ƽϴ. ݴ ȸ ٸ κа ó ȿ Ͽ κ ϴ Դϴ. 庮 ſ ٴ ϸ, ϱ ƽϴ.
3. Ȳ
ȲԴϴ. ôٽ ְ ó 𰡿 ̻ ϶ Դϴ. 2003 ְ ް߰, ġ. Դٰ Ǽ ־Դϴ. ڰ, ŷ Դϴ. Ϸ մϴ.
, ڸ ؼ Ȯؾ մϴ.
ְ 60% ϶Ͽ, ̼ ְ 1,700 PER 10.5 , PBR 0.5 , ROE 5.07% Դϴ. PER ROE ŷ , ǰ ִ ڻ갡ġ ±. ִ ڻ(ڻ-ä) 206̰ ðѾ 127Դϴ. ðѾ ܿ ڻ 61.6% ۿ ݿ ϴ ؽ Դϴ. ڻ 103 ä̰ ֱ Ǽ ε մٸ ִٴ ϴ ڻ갡ġ ǿ ̰ Դϴ.
ڻ갡ġ μ M&A ɼ ȸ ڻ , Ȥ ż, Ⱓ ƿ ְ ϴ ͷ ؾ Դϴ. ƽԵ 53.05% μ ɼ , Ⱓ ڻ ż ż Ͼ ϴ. ͷ δ 5.88% , å ŷڼ ް ȭ ؿ Դϴ.
Ƶ ڻ ̿ ڻ Ұ ϰų, ƴϸ ֿ Ͽ ڻ갡ġ ְ ÷ Ѵ մϴ. ƽ ̴ ʴ±.
4. Ͼ ɼ
Ͼ ɼ Դϴ.
|
2000.12.31 |
2001.12.31 |
2002.12.31 |
2003.12.31 |
2004. 9.30 |
ROE |
21.27 |
43.97 |
36.05 |
20.35 |
5.07 |
̷ 2003 ſ ͼ ־ ¼ 2004 ϶? ܰ Ǽ ȭ ֽϴ.
|
2002. 9.30 |
2003. 3.31 |
2003. 9.30 |
2004. 3.31 |
2004. 9.30 |
ܰ |
298 |
223 |
211 |
235 |
255 |
Ϲ Ǽ 쿡 ֱٿ Ǽ ȭ ֺ ݿǰ , Ⱓ Ϲ Ǽ ª Ϲ Ǽ 3~6 ⸦ ݿѴ ֽϴ. ǥ ø, Ǽ ȣȲ̴ 2001~2003 ֺ 2003 κ Ͽ ֽϴ. 2004 ȭ ̹ ̾ϴ. ܰ ݾ ϰ , ̴ Ǽ ħü ȭ Ȳ ֹ ֺ̱ Ͼ ȿ ϰ ִ Դϴ.
ٸ, ڼ м ſ Ҵ 2001~2003 縦 ߴ ϱ? 30 ̻ 簡 , 50 ̻ ͵鸸 ̾Ƶ...
ó |
|
|
ϰ |
|
Z, |
ŸӸ 1 |
2000.09.05 |
2002.12.31 |
178 |
Z߰ |
ŸӸ 3 |
2002.05.06 |
2004.04.30 |
86 |
Z |
ξӸ |
2001.04.01 |
2003.07.07 |
67 |
|
ī |
2002.06.21 |
2003.01.20 |
104 |
츲, 뼺 |
ƹ̰ |
2002.10.01 |
2003.03.31 |
81 |
ſ ȭ ֽԴϴ. ŸӸ ī 縦 Ǽ ȣȲ ֻ 翬մϴ. 2004 ֺ ͵ ̾ƺ...
ó |
|
|
ϰ |
|
ȣ |
ũ |
2004.09.21 |
2005.06.30 |
53 |
Z |
ü |
2004.03.22 |
2005.07.20 |
39 |
հǼ |
̴ |
2004.04.01 |
2004.06.30 |
39 |
ȣ |
߾ӵ |
2004.01.29 |
2004.03.31 |
36 |
ֽȸ VON |
JEPE θ |
|
|
31 |
ŸӸ ī밡 ƽ (...)
5.
ڻ 61% ŷ ڻ갡ġ ſ ȸԴϴ. ̷ Ը ȭ ſ ũ, ܰ Ǽ а ƴٰ Ǵܵ˴ϴ.
ڻ갡ġ ߽ ڰ е鲲 ż, Ͱġ ߽ Ͼ ڰ е鲲 ҡ õ ۿ ȲԴϴ.
ڹ ϴ μ ǰ߿ , ڻ갡ġ Ͱġ ߿ ϴĴ ڰ ڽ ũ ¿ȴٰ ֽϴ. ںе ° ϵ Ǵ մϴ.
* : ش ֽ ż/ŵ ȣ ƴϸ, ڿ å ο ͼӵ˴ϴ. ۼ ۾̴ Ʈ ֽ ϰ , ŵ ϰ ʽϴ.
, Ǽ迡 ()ü մϴ. հǼȸ ¾ü ϴ 쵵 ְ, ̶ ܵ ؼ .
, Ŀư, ö, ߿ Դϴ.
, Ⱑ ( Ѿϴϱ) ؼ ȣ Ͽ ָ ϰԵ˴ϴ. ROE . ϰ ϸ 迡 ޱ ȣ 縦 Ȯ ϴ. , дٸ ǹ̰ ְڳ.
ҿܹ ɼ ,,, ٴ ´ٸ 2,3 дٰ ϰ δ ͵ ϴ.
̻ 4 ǰԴϴ. ^^
, κ ó ֽĵ ٰ ^^
ǹ̿ Ͱġ ϶ϴ( ڿ ) ڻ갡ġ ִٰ ؼ żѴٴ û γ մϴ.
Ǽ 빫Ͽ ؾ ϴ.
ȸüоߴ ְ úоߴ 븦 ƾ Դϴ.
úо߿ ִ ̻ ŵ ٶ Դϴ.
۽ ְ ϶ 鵵 ְ 帧 ϶ 鵵 ᱹ ڻ갡ġ ġ Ѵٸ (?) Ǿ ϴ ǴϿϴ. ƾ ϰ ȹ̰ ݾ Ȳ ߾ ÷ ȹԴϴ.