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ݵ(Ƴ) 2018-06-30 (2-2)


2-1


ϰ ִ 鿡 Ǯϴ. Ư ŷ ߰ ʴ ϴ.



<ſ>

1. 3 ؼ ø( : 2,000 -> 2,200 -> 2,450 -> 2,750) ڶ Դϴ. 10% ø ߴ 2016 6 ѿ ؼ ǥ ݿ å 3 ѽ Ǵµ, ׷ٸ 2 ؼ 10% ÷ ߾ϴ. ǥ (ߴ η繶 亯 ƴ) ׷ Ϸ Ѵٴ ־ϴ. ׷ Ȯ ƴϾ ȸ 濵 帳ϴ.



2. 4 ʿ 濵 ȸ ־µ, 濵 忡 (ü)ǿ ſ ϴٴ ־ϴ. Ȱ 1 Ѵ ڱںδ ϴٸ ( ޴) ǻ翡 ڱ ޿ ־ Ҹ ǻμ Ͽϴ.



ȭ ŵǸ鼭 ̹ ȸ迬 þ ȮԿ ִٴ ҾȰ ߽ϴ. 1ð ȭ ߿ ̹ ÷־ ڴٴ ٶ ʳ 巯 Ǿϴ. ֵ ̹ 10% ϰ ġ μ ġڸ õѴٴ ø ٶϴٴ Կµ, ϰڴٴ 亯 ־ϴ. 2,450 -> 2,750 12.2% ׵Ǿϴ.



3. â 濵 ؿ ִ ǻ̸ ݵ ǥǴ ġ ǻ Ը ǻμ ( Ȯ忡)Ѱ谡 ֽϴ. ǻ Ŀ ߸鼭 ݵ Ǹſ ڻ  ξϴ.



̹ ǻ ߿ ϳ ߽߰ϴ. <İ 繫 >ε. ŷڸ Ưȭ ϰ ִ Family Office, Heritage Service / ڻ , Ź Ź ڻ°輭Դϴ. PB(Private Banker) Ͽµ, ⿡ ̷ <ſ> Դϴ. о߿ ˴ϴ.

PER: 6.3 / PBR: 0.44 / PDR: 4.9%, 5.6%()



<ڿ>

1. Ϲݱ⿡ ߻ Ǵ 5Gڿ 밡 Ůϴ. 4G ڰ ־ 2013 þ ʰ ֽϴ.

2. ðѾ 750︸ŭ ϰ ֽϴ.



<Ȧ> ð ϴ ٸ ð ü 强 ٴ 簡ġ û ΰ ŷǰ ֽϴ. – ٸ ۷ 6 20 ߴ Ϻθ űϴ.



2015 5 ó ż ̵

1. (Ư ڻ갡ġ ): PER 10 / PBR 0.3

2. : 2003 1,000 ̻ Ͽ ̻

- 2015 ø ʾ 2016 2015 250(20%) ø 1,500

3. - ȸ or ɼ

- ġ ΰ ִ ˸ / ٸ ð

4. - ݸ Ա ݸ ݵ忡

- ؿ ݵŹ : 5õ / 13.5%̻ ͷ 5 - 80 ڼ

5. öȸ ͺ並 2020 600 ޼Ѵٴ ǥ

- ð: 160 + Ż: 140 + 췮 ȸ: 300 (2017 3 22 )



2018 1 ż 2/3 ŵϰ 1/3 ϱ

1. ż 5 2020 600 ޼Ѵٸ  ְ

2. õ ɼ ϴ ŭ ż ° ż

3. ְ 3.5% ̻ ͷ 1, 2 ٸ ֽϴ.



ðѾ 1,7502,000 ̻ ڻ ϰ ݸ ǰ ϴ ڱݿ ܼ شȭϰ ֽϴ.

PER: 7.8 / PBR: 0.27 / PDR: 3.7%



<߾ӿʺ>

1. ϰ ִ ε ġ ŷԴϴ. ðѾ 316ε, ε ġ 1,000 ̶̻ ⸦ ֽϴ. ΰ ð ݿ ϴ ǥ Դϴ.

2. ⿹ ݸ ͷ 鼭 ε꿡 ߴٴ Ѻ ֽϴ.

PER: 19.7 / PBR: 0.70 / PDR: 2.6%



<KC׸Ȧ, KCƮ> ǥ ȯַν 强 ο ΰ Ͽ 1б ũ ְ ϶ ϰ ֽϴ. 2005~2007⿡ û Ȱ ̾µ, 츲 ִ ڴٴ ƴ ϰ Ƽ մϴ.

׸Ȧ> PER: 18.9 / PBR: 0.60 / PDR: 2.5%

Ʈ> PER: 7.7 / PBR: 0.70 / PDR: 2.4%



<> ֽĽ̶ ֽ Ѱ? ϴ մϴ. ȣ̵ ̵ M&A ְ ʴٴ ̴ϴ. ̷ 縸 ƴմϴ. 4 Ȳ ø 翡 κ űϴ.



4 å ߿ Ż īڽ , [Ÿֿ̹ ġ Active Value Investing in 2007] ֽϴ. 鼭 ̸ ſ ۿ ŵ鶰 ʾ û ȸߴ å̱⵵ ѵ. å ڰ ϴ ִµ, κ д ׸° <> ϴ. 켱 å 信 κ űϴ.



ִ. ̶ θ Ͼ ߸ ǹѴ. ⼭ ߿ <θ> <߸>̶ ̴. <θ> ְ ġ, <߸>̶ ȸ ش. ܼ ֽ ̸ ֽ 缭 Ǵ ﰢ Ǵ θ ˷ ٸ, е ׷ ִ 𸥴.



ġ ( ) ֽϴ. ǻͷ ֽ ŷ , ü ϸ鼭 ޴δ ̷ ʽϴ. ŷ 繫ǥ ؼ ֽ 鼭 (BM) ؼ ̾ϴ. ׷ ѿ ؼ 濵 Ǿϴ.



1) п ߸ ϴ ƴ ǹ ƴ϶ Ͱ 2) ü ִ ȼ ۿ 3) ´ ߻ϰ ʴٴ ־ϴ.



濵 ޾ Ϲֿ οٴ ҹ µ, ( 20% ) Ϲֿ ȣ ϴ. å 濵 ϴ Ը /븮 ľϴ ̹ ϱ ԰ ѿ Ƿ Ȳ Ƹ ֽϴ.



׷ ٳ ÷Ȱ ʰ ִ ݵ(ģ) ı ° Ǿϴ. ̶ Ȯ ʿ䰡 ְڳ׿. ۷ ΰΰ Ÿ ʾ ϴ ٶ ˴ϴ^^



ڻ 1,017,030( ֽ 31.8%) 25,200 ǥ ϴ. ڻָ ðѾ׺ ξ ϰ ִ ϴ.

* ðѾ: 805 (ڻ : 548)

* PER: 5.17 / PBR: 0.75 / ͷ: 4.3% / : 659



2018 1б ߽ϴ. 52 ϸ鼭 ְ ſ ǥ Դϴ. ðѾ 512 660 ϰ ֽϴ.

PER: 4.8 / PBR: 0.70 / PDR: 4.6%



<ϱ⿬>

1. 2009 Ⱘ ߼ ̾ ־µ, 2017 1б  ̷ ߼ 2017 ̾ϴ. ľ ɷ ǥ ε, 2018 1б ̷ 븦  ũϴ. п ְ ϶ϰ ֽϴ.



2. 10 ̻ ֽĹ 5% ϰ ִ ݹ ȸϴ ̶ ݹ縸ŭ ֽĹ ȣϴ Ʈ ϰ ִ Դϴ.



3. 2016 2017 ڰ 14(147->161) þ Ϳ Բ ִµ, ȸ翡 ū ǹ̸ ϴ± OTL



4. ðѾ 456£ ݰ 414 ݼ ڻ ϰ ֽϴ. <> ƴ ȸ ڸ ܼ ø ϴ Դϴ.

PER: 6.3 / PBR: 0.72 / PDR: 0.3% ֽĹ: 5.0%



<>

1. Ϻ 췮 Ŀ üԴϴ. ǰó ڵ ְ 90% ȯ ޽ϴ.

2. ū ƴ ϴ ̸ 2016 500 ø鼭 缺 ϴ.



3. ðѾ 850 415 繫 ͷ ⿡ ´ Դϴ.

PER: 8.6 / PBR: 0.68 / PDR: 5.0%



<̾> 6 15 ѿ ߴ Դϴ. 濵 谡 ȸ Ǿϴ.



: ۳⿡ ̾ 2 ؼ ٳԽϴ. 9ÿ ߱ ־ ѿ ϴ ٴϴ 10 40п ߽ϴ. VS ǰ ġ 亯



1. ä 126 -> 218 ѵ 9 ʰ 22̳ Ǿ ִ Ȯ

- տ ׷ 찡 ݾ ȸ Ǿϴ.

- ϱ νä ߻ ʴ´ٰ Ͽϴ.



2. Ѵ. 275 ε ڼ 4 Ǵ ݿ ƽ.

- 2~3 ø ִ ˰ 츮 ϰ ϴ ǥ ϸ մϴ.

2-1. ׷ٸ ø ּ.

- ۳ (1/3) ޸ 缺 ÷ ־ մϴ.

- ( ÷)⿡ ̶ ø ϰڽϴ.



3. <> , ۳ پ

- ʴ ƴϰ δ δ Ŭ ־ ͼ ؼ մϴ.

- ȸ ħ ( 20~25%)40~50% ǥ մϴ.



4. ؼ ̶ ǥ̻ ǰ(/ɷ/µ/ ) ϴ Ůϴ. ׷ ǥ̻ ִڿ ȭ ߰

- 150 ä Ǵµ, ǥ̻ ü ߿ 7~8 ϴ.

- ɾ ȸݿ մϴ.

- ǥ̻ ߱ ̿ؼ մϴ.

׷, ӱ 缱 Ȱǿ , ø ָ ǥؼ ־ϴ^^



5. ȸ⿡ 12% þ ڸ 10% þ 200Դϴ.

- ڻָ ðѾ 300 ణ Ѱ äǿ 뷫 ðѾ׿ ݰ 300 ..

PER: 10.5 / PBR: 0.70 / PDR: 4.3%





ݱ⸦ ϴ 6 뺸 ŭ ϰ ִ ݵ ͷ Ȳ ϴ. ڻ ͷ 9.0% 5.7% ϶ Kospi ؼ 14.7% ͷ ֽϴ. ӰԵ ۳ 6 򰡼ͷ + 9.0% ѵ, ۳⿣ 1б + 0.3% -> 9.0% ͷ þ Ϳ ش 13.2% -> 9.0% پ ʽϴ.



ݵ(ģ) ݵ(Ƴ)ó Ÿϰ ٸ ֽ Ҵ ݵ ͷ ȭ ϴ.



< ݵ庰 ͷ>


2017-12
2018-03
2018-06
Kospi
2,467.49
2,445.85
2,326.13

-


-0.9%
-5.7%
Kosdaq
798.42
871.09
818.22

-


9.1%
2.5%
ݵ
2017-12
2018-03
2018-06
Fund(1ȣ)

12.8%
8.0%
Fund(B)

11.3%
7.9%
Fund()

10.8%
6.6%
Fund(Ƴ)

13.6%
8.8%
Fund(1)

16.0%
12.0%
Fund(2)

19.4%
14.1%
Ѿ

13.2%
9.0%
Fund(ģ)

12.4%
11.4%
Fund(BB)

16.8%
14.4%





å ϴ ִ ٵ Ʈ ϳ ߽߰ϴ. å д ̸ Ű ϴ ̷ Ʈ ٵ. ׷ å, [David and Goliath] ܾ µ, ʰ ġǾ. Ʈ ī [λ]2014 3 14Ͽ Ű ޸ ҽϴ.



渮콺 ø ο , ֽĽ ư ־ ̶ Ǿ 2018 ݱ⸦ ϴ ۷ ︮ڴ ; űϴ. ġԳ ںϸ鼭, ó ʴ ֽĽ õ ϴ Դ ׷̾ [ м] 鼭 ù ο ȣ̽ ÿ Բ ϳ մϴ.



ϴ ,

̷ ߴ ̳



ڴ ̹ ̰,

ڴ ʾϱ.

׸ ׷ Ѻǿ ߸

̷ ؾ ̳.



Ʋ ø

ſ .




ƮƮ ũα (0) ֱֱ(1)
:
|

 Ѹ ( 5)

  1. ݰ
    ݰ | 18.07/03 11:25
    |
    ޽ϴ. 6 ս Ǿ 򰡼 پϴ. ϰ ϰ 򰡵 ȸ縦 ޾ Դϴ. ö ǰϽð ſ ǽʽÿ
    ۾
  2. | 18.07/03 16:19
    |
    ׷ ͷ ̽ó׿
    ڷ ̳ʽ Ƽϴ. ̤̤̤̤̤̤̤̤
    ڴ ̴ ȵdz׿
    ۾
  3. | 18.07/03 16:26
    |
    ݰ ֽ ż ִٴ ̳׿. ηϴ^^
    6 7 װ ׵ ƴϸ 8 . .. ֽ ٺ Ͼ ǽġ ʽϴ.

    dz ۵ǰ.
    ݰ Ե ǰϰ ñ ٶɴϴ.
    ۾
  4. | 18.07/03 16:31
    |
    Ʈ Ǯ±. ġģ ̶.. dz ϴ ̷ڽϱ. ȥ 츮 Ҵ Ͷ߸ .

    .. ƽôٽ 1б⿡ Ư Ȳ ־ Ű.. Ű ֽϴ. ϱ ֽ ÷ ū ̴ϴ. ô ŭ ɷ Ÿ ʰ ϼ~
    ۾
  5. Ҵ88
    Ҵ88 | 18.07/22 16:38
    |
    ̿ ϱ⸦ а ڿ ȸ߽ϴ.
    ۾
    • | 18.07/23 07:34
      Ҵ88 Բ ܰ ϴ Ⱑ Ǿ մϴ^^

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