- - File : 3.jpg
Summary
Investment Idea
. õ 3ܰ Ȯ翡
. ö 翡
. , ұϰ
PER ް . ū
ǴܵǹǷ, ְ ° ΰ.
Valuation
[P/E Multiple] 簡ġ 簡ġ 35,000 , ְ 52% ¿ , Strong Buy ǰ մϴ.
Overview
ðѾ( ) |
|
ֽļ(õ ) |
3,000,000 |
ְ() |
22,900 |
52 ְ/() |
30,000/20,100 |
ܱκ(%) |
0.16% |
ִ() |
600 |
ֿ | |
(25.24%), (23.27%), ѱڹڻ(10.15), ſڻ(9.32) |
Key Ratio
|
P/E |
P/B |
ROE |
DV |
EPS |
BPS |
OPM |
NPM |
D.R |
C.R |
TATO |
Recent |
4.69 |
0.72 |
15.31% |
2.75 |
|
31,909 |
7% |
6% |
12% |
32% |
- |
Avg(5yr) |
7.64 |
0.63 |
8.87% |
3.21 |
- |
- |
4.4% |
4% |
20% |
14% |
- |
. Introduction
Ϲ Ǽ Ÿ缺簡 Ǿ ϸ Ÿ缺 Ÿ缺 ִ Ǹ ܰ ⺻谡 Ǹ ð ϴ ǽü谡 Ǵµ 쿡 ⺻ ǽü谡 ÿ DZ մϴ. ȮǸ ð ܰ迡 Ǽü ϰ Ǹ, Ǽü ð ϱ Ͽ Ǹ ذ ǰ ִµ, ϾȰ Ǽ ð о߸ ϰ ֽϴ.
̷ Ͼ Ȱ ϰ Ư S.O.C.(Social Overhead Capital : ȸں) üԴϴ.
1.2. о, S.O.C , , ö ʿ ϰ .
캸 2010 1б / о߿ 8.67%, ö/ о߿ 28.09%,
о߿ 11.85%, Ÿ迡 28.85%, ؿܵ뿪 21.06% Ͽϴ. ַ , , ö S.O.C Ͼ Ȱ ֽϴ.
о߿ 1967 Ⱓ ü ִ ΰӵ, 1970 IBRD ADB μ迡 Ͽ, ʷ ~õ Ȯ 硻 Ÿ缺 ADB ǽü踦 Ͽϴ.
ö о߿ μ ȣ 9 ö öȭ öȭ, Ǽ ؼ ö Ͽ Ư 2004 ΰö 縦 Ͽ 簨 Ͽ, ȣö ⺻ȹ 迡 Ͽϴ. ̿ܿ ö ⺻ȹ Ͽ ؼ, žȻ꼱 öż ⺻ȹ ټ Ͽϴ.
о߿ 1967 ֱ ⺻踦 踦 Ͽ 1979 Aozou 踦 ϴ ؿܽ忡 Ͽϴ. Ư ִ å õ Ÿ缺 ⺻, ǽü ֵ Ͽ ǥâ ֽϴ. 2008 õ װ ؿܰװ ذ üϿ ؿܰ ϰ ֽϴ.
ó , ö, װ о߿ ɷ ֿ å Ͽ
ø ִ Դϴ.
1.3 , Ͼ ȸ Ǽо 4 ü
(054930) Ǽ Ͼ о߿ ֱݾ 迡 4 ġ ְ, δ ȭձ ֽϴ. ȭձ ȵ Ű S.O.C о߿ ȸ ַ ̳ , Ưȭ Ǿ ְ, , ö, , ʿ Ưȭ Ǿֽϴ. Ű 簡 ̴ ũ ʴٰ ֽϴ.
2. Investment Point
2.1. õ 3ܰ, ö 뿡
2.1.1 õ 3ܰ, 簡 , ǽü, .
츮 ִԸ 簡 õ 翴ϴ. 1989 ⺻ Ÿ缺 翡 2000 1ܰ 簡 Ϸǰ, 2001 3 29Ͽ Ͽϴ. õ ǽü Ͽ õ Ͽϴ. ᱹ ǥâ Ұ, 2ܰ 翡 ֵ 忡 迡 ϰ Ǿϴ. ̷ θ ̹ 3ܰ 翡 ˴ϴ.
õ 3ܰ Ȯ ̳ 2̳ ȭ̳ Ȯϸ, 嵵 Ȯϴ ȹԴϴ. ̹ۿ 2 ̳ ᵵ, ö ٱü Ȯ ȹԴϴ. õ 3ܰ Ȯ ҿǴ 4 Ը õװ ͱ ȰϿ ȹ̸, 2011 ݱ 翡 Ͽ 2015 ϰ Դϴ.
縦 ϴ ܰ ⺻踦 Ͽ 100 Ͽϴ. 1, 2ܰ 縦 3ܰ ǽü赵 簡 Ǹ ̷ ̱̾߱ 4ܰ 絵 簡 մϴ.
2.1.2. ö ż 翡
2004, ΰö , λ ̵ ð 2ð 40 Ǿϴ. ̴ ȣ ̵ð 90 1 Ȱ µ ū Ͽϴ. ΰö ö 簡 ƴϰ ε 簡 ִ Դϴ. Ư ð ö Ǽ ǥϰ Դϴ. ö ~ź~ð 61.08Km ϴ ö 2011 Ͽ 2014 ȣö ÿ ϰϴ ȹϰ ֽϴ. ü 3 7,231 ΰ 40%, öü 60% ڱ ϱ Ǿֽϴ.
2004 ΰö 縦 Ͽ 簨 Ͽ, ȣö ⺻ȹ 迡 Ͽϴ. ö κ ϰ ֽϴ.
2.2 dz ְ
2.2.1. ڻ ġ, ðѾ 65% ش
ݼ ڻ 79, ܱ⿹ 402, ܱŸ 3.6, ǰ 50, 24 뷫 558.6 , Ǵ ȭ ڻ ֽϴ. ä 406ε, ̴ ٷ ִ ݾ̶ մϴ. 960 ڻ갡ġ ϴµ, ä 457 뷫 503 ڻ갡ġ ɴϴ. ̴ ðѾ 747 65% شϴ ġԴϴ. ̴ ְ ۿ Դϴ.
2.2.2. 2009 Ͽ ü
2010 2009 , Ȥ ̴µ, 2009 ܾ 3000 Ѱ ֱ Դϴ. Ϲ ܾ , ϴ Ȯ ֽϴ.
ö, õ 3ܰ Ȯ ֱ ϸ ϴ. 2009 Ѵٰ Ͽ ְ PER 뷫 5 ˴ϴ. ̴ PER 10, ȵ ȭձ(002150) PER 9 ġԴϴ. 1 ŸƮ ִٰ , PER 5 ġ Ǵܵ˴ϴ.
Valuation
ܰ ̸ 2009 Ѵٰ ϰ, EPS 5000 Ͽϴ. ( PER 10, ȭձ PER 9 Ǿ ִ PER ġ, ݼ ڻ Ͽ PER 7 Ͽϴ. ̴ ̷ ְ 5000*7=35,000 Ͽ ְ 52% ¿ , Strong Buy ǰ ϴ Դϴ.
Conclusion
ڻ갡ġ Ҿ Ǿ ִ . þ ̰ õ 3ܰ Ȯ, ö ų ε մϴ. 1 ƴ üʹ ٸ о߿ ƯȭϿ ÷ ִ Ȳ , ص ū ̶ Ǵܵ˴ϴ. ѱڹڻ뿡 ֽ , 7%뿡 12% ø Դϴ. Ǵ ڷ Ȱ ϴ.
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