Table 1. Sum-of-the-parts valuation. EPS Growth
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- Marylou Arnold
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1 (001120) Solid 4Q, excluding one-offs (LGI) yesterday reported that its consolidated sales rose 3.8% q-q to KRW3.8t in 4Q, but that its operating profit plunged 98% q-q to KRW600m with a net loss of KRW237.2b, which we attribute to impairment losses. Since non-ferrous metal derivative profits are reflected as non-operating profit, we believe pre-tax profit better illustrates the company s earnings power, with the figure up in 4Q absent a one-off CER-related profit of KRW20b reflected in 3Q15. The firm was also weighed down by impairment losses of KRW300b, 55% of which came from oil fields, but additional losses are unlikely absent further commodity price declines. Weak commodity prices might forestall earnings improvements, with LGI set to assume a larger role in the LG Group since the Koo family owns a controlling stake and given its status as the only affiliate involved in logistics. Still, the firm has yet to disclose detailed business plans for Pantos Logistics, the logistics player acquired in May 2015, so we cut our 12-month target price by 15% to KRW38,000. Our BUY rating is nevertheless unchanged given the growth potential of its logistics operations. WHAT S THE STORY? 4Q review: (LGI) yesterday reported that its consolidated sales rose 3.8% q-q to KRW3.8t in 4Q, but that its operating profit plunged 98% q-q to KRW600m with a net loss of KRW237.2b, which we attribute to impairment losses of KRW300b. We see pretax profit as a better earnings power indicator since non-ferrous metal derivatives used for hedging against price volatility are reflected as non-operating profit and which would have improved q-q, if excluding: 1) a one-off profit of KRW20b related to certified emission reductions futures [CER] that was reflected in 3Q15; 2) losses from non-ferrous metal products [which rose KRW26.4b q-q]; and 3) the aforementioned impairment losses. Moreover, recognition of additional impairment losses seems improbable if commodity prices remain at current levels. Expectations remain: We reiterate LGI at BUY, but cut our 12-month target price by 15% to KRW38,000, since: 1) earnings improvements are unlikely amid weak commodity prices; and 2) it has yet to detail business plans for Pantos Logistics [acquired in May 2015] although this might sustain related expectations. Investors should nevertheless note that: 1) the company s value chain now includes E&P, trade, and logistics, which differentiates it from local peers; and 2) the Koo family hold controlling stakes in the firm and Pantos Logistics, which insinuates both soon assuming more prominent roles within the group.
2 Table 1. Sum-of-the-parts valuation (KRWb) Consolidated value (A) 1, ) Trading business net profit 2.7 Target P/E (x)* 6.4 2) Pantos Logistics net profit 46.8 Target P/E (x)** ) Other business (including E&P) net profit 45.6 Target P/E (x)*** 14.6 Enterprise value 1,450.3 Shares outstanding 38,760,000 Target price (KRW) 38,000 Note: * 20% discount to global peer average ** 40% discount to domestic peer average *** 30% discount to global mining companies average Table 2. Trading companies: Global peer valuations (KRWb) Sales Operating profit Net profit EPS Growth P/E ROE P/B EBITDA Growth EV/ EBITDA Operation margin (2016E) (2016E) (2016E) (CAGR*, %) (2016E, x) (2016E, %) (2016E, x) (CAGR*, %) (2016E, x) (2016E, %) 14, (2.6) Mitsubishi 80,613 1,994 3,418 (10.8) (0.5) Mitsui 51,000 1,729 2,292 (18.0) (3.8) Marubeni 139,915 1,627 1, Sumitomo 86,672 1,778 2,228 n/a Itochu 55,797 3,019 3, Toyota Tsusho 86,051 1, (8.5) Sojitz 45, Trading business average Hyundai Glovis 16, (1.5) Samsung SDS 9, (0.2) CJ Korea Express 5, Distribution business average ADM 86,013 2,945 2,146 (6.8) (1.6) Noble Group 95,961 1, Bunge 54,083 1,814 1, Vale 29,041 2,183 (580) n/a n/a (30.9) Rio Tinto 38,275 6,957 3,540 (33.7) (21.2) BHP Billiton 41,306 7,976 3, (10.1) Teck Resources 6, n/a n/a (24.1) Boliden 5, FMG 7,448 1, (58.0) (8.7) Resource development business average (7.3) Total average** Note: * CAGR; ** excludes LGI 2
3 Table 3. Results and forecasts (consolidated) (KRWb) 1Q15 2Q15 3Q15 4Q15 1Q16E 2Q16E 3Q16E 4Q16E E Sales 2, , , , , , , , , , ,688.9 Resource development , , ,899.6 E&P Coal Oil Other Trading , , ,365.4 Industrial materials 1, , , , , , , , , , ,999.3 Project Trading 1, , , , , , , , , , ,709.3 Distribution n/a n/a 1, ,790.0 Operating profit Resources/development (37.2) (63.1) (8.1) (10.4) (4.9) (5.8) 77.9 (95.9) (29.2) Coal Oil (4.2) 0.8 (3.8) (0.9) (0.7) (0.8) (0.8) (0.9) 29.0 (8.1) (3.2) Other (10.7) (13.5) (44.4) (67.0) (14.0) (16.3) (10.9) (11.8) 23.0 (135.6) (53.0) Adjustment (0.0) Industrial material Project Trading Other 0.0 (0.0) (0.0) (0.0) 0.0 Distribution n/a n/a Operating margin (%) Resources/development (5.2) (7.9) (1.2) (1.4) (0.7) (0.8) 2.5 (3.1) (1.0) Industry material Distribution n/a n/a Chart 1. Raw materials: Coal vs oil Chart 2. Quarterly pre-tax profit (2015) (USD/tonne) (USD/bbl) Oil (RHS) Coal (LHS) (KRWb) Operating profit Operating profit excluding loss on derivatives* Pre-tax profit** Source: Bloomberg Note: * Excludes one-off income of KRW20b from 3Q15 operating profit ** Excludes impairment losses of KRW300b from 4Q15 pre-tax profit Source: Samsung Securities 3
4 Table 4. E&P businesses related to fields and wells E&P businesses Stake (%) Book value (KRWb) Oman fields 8 (Bukha gas well) Oman field 8 (West Bukha gas well) 50.0 Vietnam field Geopark Chile Geopark TdE Geopark Colombia Kazakhstan ADA field Kazakhstan Zhambyl field Kazakhstan NW Konys field Total* Note: * 55% of KRW300b in impairment losses reflected in 4Q15 comprise gas well and field book value Source: Company data, Samsung Securities estimates Chart 3. P/B band (KRW) 120, ,000 80,000 60,000 40,000 20, x 2.0x 1.5x 1.0x 0.5x Table 5. Earnings revision (KRWb) 2016E 2017E Before After Diff. (%) Before After Diff. (%) Sales 14,579 14, ,264 15, Operating profit (12.7) (13.5) Pre-tax profit (22.4) (15.2) Net profit (22.4) (15.2) EPS (KRW) 2,902 2,454 (15.4) 3,805 3,268 (14.1) 4
5 Income statement Year-end Dec 31(KRWb) E 2017E Sales 12,073 11,372 13,224 14,689 15,286 Cost of goods sold 11,583 10,873 12,711 14,001 14,548 Gross profit Gross margin (%) SG&A expenses Operating profit Operating margin (%) Non-operating gains (losses) (24) (159) (297) (86) (49) Financial profit (24) 8 Financial costs Equity-method gains (losses) (30) (8) (221) (11) (7) Other 47 (106) Pre-tax profit (215) Taxes Effective tax rate (%) (0.9) Profit from continuing operations 44 (14) (217) Profit from discontinued operations Net profit 44 (14) (217) Net margin (%) 0.4 (0.1) (1.6) Net profit (controlling interests) 48 (13) (217) Net profit (non-controlling interests) (4) (1) EBITDA EBITDA margin (%) EPS (parent-based) (KRW) 1,242 (340) (5,601) 1,730 3,005 EPS (consolidated) (KRW) 1,138 (355) (5,601) 1,730 3,005 Adjusted EPS (KRW)* 1, ,088 2,454 3,268 Balance sheet Year-end Dec 31(KRWb) E 2017E Current assets 2,799 2,830 3,179 3,375 3,561 Cash & equivalents Accounts receivable 1,181 1,053 1,328 1,389 1,450 Inventories 689 1, Other current assets Fixed assets 2,078 2,067 2,316 2,363 2,415 Investment assets Tangible assets Intangible assets Other long-term assets Total assets 4,877 4,897 5,495 5,738 5,976 Current liabilities 2,245 2,352 2,589 2,703 2,809 Accounts payable 1,239 1,476 1,550 1,600 1,640 Short-term debt Other current liabilities Long-term liabilities 1, ,332 1,427 1,449 Bonds & long-term debt ,112 1,112 1,112 Other long-term liabilities Total liabilities 3,264 3,332 3,922 4,130 4,259 Owners of parent equity 1,476 1,427 1,230 1,265 1,373 Capital stock Capital surplus Retained earnings 1,125 1, ,040 Other Non-controlling interests equity Total equity 1,613 1,565 1,574 1,608 1,717 Net debt 1, ,126 1,077 1,030 Cash flow statement Year-end Dec 31(KRWb) E 2017E Cash flow from operations (174) Net profit 44 (14) (217) Non-cash profit and expenses Depreciation Amortization Other Changes in A/L from operating activities (287) (37) (39) Cash flow from investments (235) (23) (107) (94) (90) Change in tangible assets (8) (8) (8) (10) (10) Change in financial assets (27) 95 (7) (7) (7) Other (200) (110) (92) (77) (73) Cash flow from financing 239 (237) 134 (72) (91) Change in debt 178 (165) Change in equity Dividends (22) (23) Other 83 (49) (65) (72) (91) Change in cash (149) Cash at beginning of year Cash at end of year Gross cash flow Free cash flow (183) Note: * Excluding one-off items; ** fully diluted, excluding one-off items *** From companies subject to equity-method valuation Source: Company data, Samsung Securities estimates Financial ratios Year-end Dec E 2017E Growth (%) Sales (5.6) (5.8) Operating profit (52.2) 75.0 (52.5) Net profit (80.8) nm nm nm 73.7 Adjusted EPS** (64.0) (51.3) Per-share data (KRW) EPS (parent-based) 1,242 (340) (5,601) 1,730 3,005 EPS (consolidated) 1,138 (355) (5,601) 1,730 3,005 Adjusted EPS** 1, ,088 2,454 3,268 BVPS 41,655 41,005 40,490 41,044 42,893 DPS (common) Valuations (x) P/E*** P/B*** EV/EBITDA Ratios (%) ROE ROA 0.9 (0.3) (4.2) ROIC 3.5 (11.3) Payout ratio 24.1 (87.9) (5.3) Dividend yield (common) Net debt to equity Interest coverage (x)
6 Compliance notice - As of Feb 3, 2016, the covering analyst(s) did not own any shares, or debt instruments convertible into shares, of any company covered in this report. - As of Feb 3, 2016, Samsung Securities' holdings of shares and debt instruments convertible into shares of each company covered in this report would not, if such debt instruments were converted, exceed 1% of each company's outstanding shares. - This report has been prepared without any undue external influence or interference, and accurately reflects the views of the analyst(s) covering the company or companies herein. - All material presented in this report, unless specifically indicated otherwise, is under copyright to Samsung Securities. - Neither the material nor its content (including copies) may be altered in any form, or by any means transmitted, copied, or distributed to another party, without prior express written permission from Samsung Securities. - This memorandum is based upon information available to the public. While we have taken all reasonable care to ensure its reliability, we do not guarantee its accuracy or completeness. This memorandum is not intended to be an offer, or a solicitation of any offer, to buy or sell the securities mentioned herein. Samsung Securities shall not be liable whatsoever for any loss, direct or consequential, arising from the use of this memorandum or its contents. Statements made regarding affiliates of Samsung Securities are also based upon publicly available information and do not necessarily represent the views of management at such affiliates. - This material has not been distributed to institutional investors or other third parties prior to its publication. Target price changes in past two years (KRW) 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Feb 14 Aug 14 Feb 15 Aug 15 Feb 16 Rating changes in past two years Date 2014/2/4 7/ /1/21 4/2 5/12 12/3 2016/2/4 Recommendation BUY HOLD BUY BUY BUY BUY BUY Target price (KRW) 39,000 32,000 38,000 40,000 47,000 45,000 38,000 Samsung Securities uses the following investment ratings. Company BUY BUY HOLD SELL SELL Expected to increase in value by 30% or more within 12 months and is highly attractive within sector Expected to increase in value by 10% or more within 12 months Expected to increase/decrease in value by less than 10% within 12 months Expected to decrease in value by 10% or more within 12 months Expected to decrease in value by 30% or more within 12 months Percentage of ratings in 12 months prior to Dec 31, 2015 BUY (69.8%) HOLD (30.2%) SELL (0%) Industry OVERWEIGHT Expected to outperform market by 5% or more within 12 months NEUTRAL Expected to outperform/underperform market by less than 5% within 12 months UNDERWEIGHT Expected to underperform market by 5% or more within 12 months 6
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