(14316 KQ) NVRs and IP cameras to rejuvenate growth Snapshot: Growing into a global total security solutions provider Telecom Equipment Company Report February 6, 215 Not Rated Target Price (12M, W) - Share Price (2/5/15, W) 16,25 Expected Return - OP (14F, Wbn) 9 Consensus OP (14F, Wbn) 12 EPS Growth (14F, %) -52.6 Market EPS Growth (14F, %) -1.8 P/E (14F, x) 14. Market P/E (14F, x) 13.5 KOSDAQ 6.81 Market Cap (Wbn) 174 Shares Outstanding (mn) 11 Free Float (%) 53.3 Foreign Ownership (%) 13.4 Beta (12M) 1.33 52-Week Low 11,55 52-Week High 21,6 (%) 1M 6M 12M Absolute 31. 4.8-2.7 Relative 22.4-4.4-33.3 13 11 9 7 Daewoo Securities Co., Ltd. [IT Small Cap] Will Lee +822-768-4168 will.lee@dwsec.com KOSDAQ 5 2.14 6.14 1.14 2.15 Established in 1997, is the leading digital video recorder () provider in Korea and the largest in the world for high-end s. s, which are used in analog cameras, account for most of the surveillance camera market in terms of sales. As the market matures and network video recorders (NVRs) begin to replace s, a shift from analog to IP surveillance cameras is also rapidly taking place. In response to this trend, is working to expand its foothold by becoming a total security solutions provider, encompassing all the necessary components for video surveillance devices, including cameras, recorders (, NVR), and other relevant software. Catalysts: Proliferation of network cameras; Domestic ODM revenue growth; Overseas sales expansion 1) Rapid growth of network cameras: With the surveillance camera market going digital, the existing combination of s and analog cameras is quickly giving way to a combination of NVRs and IP cameras. IP cameras are connected through LAN cables or wireless networks, and thus are free from certain drawbacks of analog cameras (which are connected using s and coaxial cables) related to video quality and installation. Because the selling prices and margins of NVRs and IP cameras are higher than those of s and analog cameras, we expect the growth of s network camera business to drive the company s earnings growth. 2) Expansion of domestic ODM revenue and overseas sales: relies heavily on domestic revenue from key clients such as S-1 Corp. (a leader in the rapid response security services market) and KT Telecop (a new customer acquired in 214). Of note, among players in the industry, S-1 Corp. is replacing its analog cameras with network products the most quickly. Thus, we expect growth in network camera revenue to outstrip the decline in revenue. Until now, s overseas revenue has mostly been attributable to ODM orders. Starting this year, however, the company plans to expand overseas revenue from in-house brand products. Last year, the company worked to address inefficiencies in its overseas business network by bringing in brand marketing experts while restructuring overseas sales departments and investing heavily in overseas sales promotion and brand marketing activities. As such, we expect overseas revenue from in-house brand products to increase gradually in 215. Earnings & Valuation: Earning to pick up in 215 For 214, we project to have delivered disappointing earnings due to the sluggish market and fiercer competition, with revenue of W117.6bn (flat YoY) and operating profit of W9.4bn (-52% YoY). In 215, however, we expect the company to resume growth, with revenue of W141.3bn (+2% YoY) and operating profit W2.3bn (+115% YoY). Shares are currently trading at a 215F P/E of 9.1x, which appears undemanding in light of 1) the company s solid financials (with cash and cash equivalents of W6bn and no borrowing) and 2) global video security equipment makers average P/E of 18x. FY (12) 12/11 12/12 12/13 12/14F 12/15F Revenue (Wbn) 65 152 118 118 141 OP (Wbn) 14 32 2 9 2 OP Margin (%) 21.5 21.1 16.9 7.6 14.2 NP (Wbn) 14 25 2 1 19 EPS (W) 1,433 2,626 1,876 89 1,775 ROE (%) 21.3 33. 17.9 6.9 12.8 P/E (x) 7.8 9.1 8.9 14. 9.1 P/B (x) 1.7 2.6 1.3.9 1.1 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, estimates Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.
Earnings and forecasts For 214, we project to have delivered disappointing earnings due to the sluggish market and fiercer competition, with revenue of W117.6bn (flat YoY) and operating profit of W9.4bn (-52% YoY). Another factor likely to have weighed on profits was the roughly W3bn in write-offs related to uncollectible accounts receivable. In 215, however, we expect the company to resume growth, with revenue of W141.3bn (+2% YoY) and operating profit W2.3bn (+115% YoY), on the back of increased sales of NVRs and IP cameras, which have higher ASP and margins. One-off expenses related to accounts receivable were fully recognized by 4Q14, and the company has around W6bn in cash and cash equivalents, allowing financial income to cover most of the non-operating expenses. NVR market to see sharp growth IMS Research forecasts that the and analog camera markets each will expand at an annual average rate of 4% between 211 and 216 (to US$3.37bn for the former, and US$6.89bn for the latter). During the same period, the NVR and IP camera markets are forecast to grow at CAGRs of 24% and 27%, respectively, to US$1.71bn and US$6.33bn. With the surveillance camera market going digital, the existing combination of s and analog cameras is quickly giving way to a combination of NVRs and IP cameras. IP cameras are connected through LAN cables or wireless networks, and thus are free from certain drawbacks of analog cameras (which are connected using s and coaxial cables) related to video quality and installation. Because the selling prices and margins of NVRs and IP cameras are higher than those of s and analog cameras, we expect the growth of s network camera business to drive the company s earnings growth. In light of the recent high-profile child abuse cases at day care centers, such centers are widely anticipated to install CCTV cameras. Accordingly, has released a CCTV package targeted at day care centers, and although revenue growth has not yet been detected, the growth in demand for security cameras is certain to benefit the firm. Table 1. Annual earnings and forecasts by segment (unconsolidated) (Wbn, %) 211 212 213 214F 215F Revenue 65.5 151.9 117.1 117.4 141.1-18.3 71.9 33.8 15.4 NVR - 1.9 7.6 3.9 55.4 IP camera - 3.3 1.3 25.6 45.6 Other - 38.4 27.3 27. 24.6 Operating profit 14.2 32.6 2.1 1.4 2.7 OP margin 21.7 21.5 17.1 8.9 14.6 Net profit 13.8 25.8 18.4 1.1 19.1 Net margin 21.1 17. 15.7 8.6 13.6 Growth (YoY) Revenue - 132. -22.9.3 2.2 - - -33.6-53. -54.3 NVR - - 293.2 36.2 79.2 IP camera - - 29.8 149.4 77.8 Other - - -28.9 -.9-9. Operating profit - 129.9-38.5-48. 98.2 Net profit - 87. -28.9-45.2 9.2 Revenue proportion (%) - 71.3 61.4 28.8 1.9 NVR - 1.3 6.5 26.3 39.3 IP camera - 2.2 8.8 21.8 32.3 Other - 25.3 23.3 23. 17.4 Source: Company data, estimates 2
Table 2. Annual earnings and forecasts (consolidated) (Wbn, %) 211 212 213 214F 215F Revenue 64.6 152.4 117.6 117.6 141.3 %, YoY - 135.8-22.8. 2.1 Operating profit 13.8 31.9 19.6 9.4 2.3 %, YoY - 131.3-38.4-52. 115.3 OP margin 21.3 2.9 16.7 8. 14.4 Pretax profit 15.2 31.7 24.5 11.6 23.2 Net profit attributable to controlling interests 13.8 25.4 2.1 9.5 19.1 %, YoY - 83.2-2.7-52.5 99.6 Net margin 21.4 16.6 17.1 8.1 13.5 Source: Company data, estimates Figure 1. Classification of security industry products Source: Company data, Figure 2. Global CCTV recorder (NVR, ) market size and forecast Figure 3. Global CCTV camera (IP, analog) market size and forecast (US$mn) 6, 5, NVR NVR market: 211-216F CAGR of 24% (US$mn) 15, IP Analog IP camera market: 211-216F CAGR of 27% 4, 3, 586 728 911 1,119 1,394 1,79 1, 1,923 2,441 3,133 4,7 5,64 6,335 2, 1, 2,779 2,945 3,131 3,233 3,312 3,375 5, 5,79 6, 6,276 6,488 6,695 6,897 11 12 13 14F 15F 16F 11 12 13 14F 15F 16F Source: IMS Research, Source: IMS Research, 3
Table 3. vs. NVR NVR Product Camera Analog IP Camera Multistream X O Image transmission medium Coaxial cable LAN/WAN Display TV/PC monitor TV/PC monitor Extendibility Low High Storing medium HDD HDD Storage NVR or remote area Maximum channels 16CH Unlimited Resolution CIF-D1 CIF-Megapixel Compression type MJPEG, MPEG, H.264 MJPEG, MPEG, H.264 Composition board, standalone solution S/W only, standalone IP Solution Cable unit price Expensive Inexpensive (PoE) Installation site Spacious Narrow Storage extendibility Difficult Easy Maintenance Difficult Easy One-level management Impossible (standalone) Possible Solution risk High (storage, management by 1 ) Low (separation, compression, storage) Integration Limited (standalone) Easy and flexible Source: Company data, Figure 4. New growth drivers: NVR and IP camera businesses Target Stable market 안정적인 entrance 시장진입 Revenue expansion 매출확대 IP cameras Camera NVR IP cameras Product Extra Other 실질적인 Cash cow maintenance Cash Cow 유지 Source: Company data, 213 217F 4
Figure 5. Quarterly revenue by segment and contribution of NVR and IP camera Figure 6. Domestic and overseas revenue trend (Wbn) 5 4 Other NVR NVR+IP camera IP camera 44.7 53.5 58.1 (%) 7 6 5 (Wbn) 5 4 Overseas Domestic 3 36.7 4 3 2 27.3 3 2 14.3 15.5 1 3.6 3.8 4.3 6.1 2.3 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 Source: Company data, 2 1 1 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 Source: Company data, Figure 7. Global security rankings in 213: Ranked #15 Source: asmag.com, 5
Global peers earnings & valuation Table 4. Image surveillance security firms earnings (Wbn, %) Company Mkt cap. Revenue Operating profit OP margin Net profit 13 14F 15F 13 14F 15F 13 14F 15F 13 14F 15F Samsung Techwin 1,318 2,912 2,616 2,523 123 8 5 4.2.3 2. 132-119 35 151 117 117 141 2 9 2 16.8 8. 14.4 2 1 19 ITX Security 38 83 - - 3 - - 4.1 - - 2 - - Hikvision 19,596 1,893 2,82 3,953 57 774 1,99 26.8 27.6 27.8 546 785 1,13 FLIR Systems 4,696 1,638 1,664 1,765 264 292 354 16.1 17.5 2. 194 214 258 Verint Systems 3,576 993 1,239 1,351 134 275 313 13.5 22.2 23.2 59 68 19 Axis 2,12 838 861 981 11 116 134 13.1 13.5 13.7 83 9 15 Avigilon 833 19 253 348 3 35 63 15.7 - - 23 29 4 Mobotix 18 112 118 125 27 - - 24.4 - - 2 11 13 Average 15. 14.9 16.8 Note: Market cap data based on Feb. 5 closing prices Source: Bloomberg, Table 5. Image surveillance security firms valuation (Wbn, %) Company Mkt cap. ROE P/E P/B EV/EBITDA 13 14F 15F 13 14F 15F 13 14F 15F 13 14F 15F Samsung Techwin 1,318 8.1-7.1 2.1 21.8-35.4 1.7.8.7 15.6 18.9 12.2 151 17.9 6.9 12.8 7.2 14. 9.1 1.1.9 1.1 4.6 4.5 3.8 ITX Security 38 -.5 - - - - - 1. - - 12. - - Hikvision 19,596 35.3 3.4 32.5 27.5 25.4 18.5 8.6 7.6 5.7-23.6 17.1 FLIR Systems 4,696 9.7 12.9 13.6 23.1 2.9 17.9 2.6 2.6 2.4 14. 12.1 1.4 Verint Systems 3,576 6.2 12.8 13.8 31.7 15.6 14.2 3.2 5.9 5.4 24.1 12.3 11.1 Axis 2,12 53. 56.3 53.4 28.2 22.4 19.6 13.9 11.3 9.4 14.9 15.3 13.3 Avigilon 833 15.4 12.9 14.6 31.2 28.8 2.6 3.3 5.1.1 17.1 16.1 11.1 Mobotix 18-14.7 17. - 17.8 15.3 3.5 3. 2.9-9.3 8. Average 4,415 18.1 17.5 2. 24.4 2.7 18.8 4.3 4.7 3.5 14.6 14. 1.9 Note: Market cap data based on Feb. 5 closing prices Source: Bloomberg, Figure 8. Relative share performances of domestic image security firms Figure 9. Relative share performances of global image security firms (1/1/14=1) 16 14 12 Samsung Techwin ITX (1.1.14 = 1) 16 145 13 Axis Verint Systems Avigilon Hikvision FLIR Systems Mobotix 1 115 8 1 6 85 4 7 2 55 1/14 3/14 5/14 7/14 9/14 11/14 1/15 Source: Bloomberg, 4 1/14 3/14 5/14 7/14 9/14 11/14 1/15 Source: Bloomberg, 6
(14316 KQ/Not Rated) Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 212 213 214F 215F (Wbn) 212 213 214F 215F Revenue 152 118 118 141 Current Assets 85 14 18 125 Cost of Sales 97 72 75 87 Cash and Cash Equivalents 6 22 23 27 Gross Profit 55 46 43 54 AR & Other Receivables 33 24 29 32 SG&A Expenses 23 26 33 34 Inventories 11 15 13 16 Operating Profit (Adj) 32 2 9 2 Other Current Assets 35 43 43 5 Operating Profit 32 2 9 2 Non-Current Assets 39 42 44 44 Non-Operating Profit 4 3 3 Investments in Associates 14 17 17 21 Net Financial Income 1 1 2 Property, Plant and Equipment 1 11 17 17 Net Gain from Inv in Associates 3 Intangible Assets 9 9 5 Pretax Profit 32 24 12 23 Total Assets 124 146 152 169 Income Tax 6 4 2 4 Current Liabilities 34 1 1 12 Profit from Continuing Operations 25 2 1 19 AP & Other Payables 1 9 9 11 Profit from Discontinued Operations Short-Term Financial Liabilities 18 Net Profit 25 2 1 19 Other Current Liabilities 6 1 1 1 Controlling Interests 25 2 1 19 Non-Current Liabilities 1 1 1 1 Non-Controlling Interests Long-Term Financial Liabilities Total Comprehensive Profit 25 2 1 19 Other Non-Current Liabilities 1 1 1 1 Controlling Interests 25 2 1 19 Total Liabilities 35 11 11 13 Non-Controlling Interests Controlling Interests 89 135 141 156 EBITDA 36 25 15 26 Capital Stock 2 5 5 5 FCF (Free Cash Flow) 39 19 5 18 Capital Surplus 5 74 74 74 EBITDA Margin (%) 23.7 21.2 12.7 18.4 Retained Earnings 38 56 62 77 Operating Profit Margin (%) 21.1 16.9 7.6 14.2 Non-Controlling Interests Net Profit Margin (%) 16.4 16.9 8.5 13.5 Stockholders' Equity 89 135 141 156 Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 212 213 214F 215F 212 213 214F 215F Cash Flows from Op Activities 41 21 12 2 P/E (x) 9.1 8.9 14. 9.1 Net Profit 25 2 1 19 P/CF (x) 5.9 6.5 8.5 6.5 Non-Cash Income and Expense 14 7 6 8 P/B (x) 2.6 1.3.9 1.1 Depreciation 2 2 2 2 EV/EBITDA (x) 5.8 4.6 4.5 3.8 Amortization 2 4 4 4 EPS (W) 2,626 1,876 89 1,775 Others 1 1 2 CFPS (W) 4,65 2,564 1,47 2,52 Chg in Working Capital 4 1-3 -5 BPS (W) 9,21 12,62 13,16 14,585 Chg in AR & Other Receivables 3 9-5 -3 DPS (W) 45 35 35 4 Chg in Inventories 2-4 2-3 Payout ratio (%) 5.5 18.7 39.3 22.5 Chg in AP & Other Payables -2-2 1 Dividend Yield (%) 1.9 2.1 2.8 2.5 Income Tax Paid -3-9 -2-4 Revenue Growth (%) 133.8-22.4. 19.5 Cash Flows from Inv Activities -15-13 -7-9 EBITDA Growth (%) 14. -3.6-4. 73.3 Chg in PP&E -2-2 -7-2 Operating Profit Growth (%) 128.6-37.5-55. 122.2 Chg in Intangible Assets -4-4 EPS Growth (%) 83.3-28.6-52.6 99.4 Chg in Financial Assets -4-36 Accounts Receivable Turnover (x) 4.4 4.2 4.5 4.6 Others 31 29-7 Inventory Turnover (x) 11.7 8.8 8.2 9.6 Cash Flows from Fin Activities -21 8-4 -4 Accounts Payable Turnover (x) 12.2 9.9 11.2 11.8 Chg in Financial Liabilities -2-18 ROA (%) 21.3 14.9 6.4 11.9 Chg in Equity 28 ROE (%) 33. 17.9 6.9 12.8 Dividends Paid -1-1 -4-4 ROIC (%) 47.1 31.8 14.3 29.4 Others -1 Liability to Equity Ratio (%) 39.5 8. 7.7 8.3 Increase (Decrease) in Cash 4 16 1 4 Current Ratio (%) 249. 1,46.5 1,93.3 1,52.4 Beginning Balance 2 6 22 23 Net Debt to Equity Ratio (%) -24.6-46.6-45.7-47.9 Ending Balance 6 22 23 27 Interest Coverage Ratio (x) 21.6 88.8 42.9 92.3 Source: Company data, estimates 7
APPENDIX 1 Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co., Ltd and/or its affiliates do not have any special interest with the subject company and do not own 1% or more of the subject company's shares outstanding. Analyst Certification The research analysts who prepared this report (the Analysts ) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co., Ltd. policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst s area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Daewoo Securities, the Analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or Daewoo Securities Co., Ltd. except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co., Ltd. ( Daewoo ), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange. Information and opinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information has not been independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising from the use hereof. This report is for general information purposes only and it is not and should not be construed as an offer or a solicitation of an offer to effect transactions in any securities or other financial instruments. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or agents. Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial services as are permitted under applicable laws and regulations. The price and value of the investments referred to in this report and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur Distribution United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd. in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2 (Financial Promotion) Order 25 (the Order ), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as Relevant Persons ). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents. United States: This report is distributed in the U.S. by Daewoo Securities (America) Inc., a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. All U.S. persons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders with Daewoo Securities (America) Inc., which accepts responsibility for the contents of this report in the U.S. The securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements. Hong Kong: This document has been approved for distribution in Hong Kong by Daewoo Securities (Hong Kong) Ltd., which is regulated by the Hong Kong Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person. All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Daewoo or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Daewoo and its affiliates to any registration or licensing requirement within such jurisdiction. KDB Daewoo Securities International Network Daewoo Securities Co. Ltd. (Seoul) Daewoo Securities (Hong Kong) Ltd. Daewoo Securities (America) Inc. Head Office 34-3 Yeouido-dong, Yeongdeungpo-gu Seoul 15-716 Korea Two International Finance Centre Suites 25-212 8 Finance Street, Central Hong Kong, China 32 Park Avenue 31st Floor New York, NY 122 United States Tel: 82-2-768-326 Tel: 85-2-2845-6332 Tel: 1-212-47-1 Daewoo Securities (Europe) Ltd. Daewoo Securities (Singapore) Pte. Ltd. Tokyo Branch 41st Floor, Tower 42 25 Old Broad St. Six Battery Road #11-1 Singapore, 4999 7th Floor, Yusen Building 2-3-2 Marunouchi, Chiyoda-ku 8
London EC2N 1HQ United Kingdom Tokyo 1-5 Japan Tel: 44-2-7982-8 Tel: 65-6671-9845 Tel: 81-3- 3211-5511 Beijing Representative Office Shanghai Representative Office Ho Chi Minh Representative Office 241A, 24th Floor, East Tower, Twin Towers B-12 Jianguomenwai Avenue Chaoyang District, Beijing 122 China Room 38T31, 38F SWFC 1 Century Avenue Pudong New Area, Shanghai 212 China Suite 213, Saigon Trade Center 37 Ton Duc Thang St, Dist. 1, Ho Chi Minh City, Vietnam Tel: 86-1-6567-9299 Tel: 86-21-513-6392 Tel: 84-8-391-6 Daewoo Investment Advisory (Beijing) Co., Ltd. Daewoo Securities (Mongolia) LLC PT. Daewoo Securities Indonesia 241B, 24th Floor, East Tower, Twin Towers B-12 Jianguomenwai Avenue, Chaoyang District, Beijing 122 China #46, Blue Sky Tower, Peace Avenue 17 1 Khoroo, Sukhbaatar District Ulaanbaatar 1424 Mongolia Tel: 86-1-6567-9699 Tel: 976-711-87 Tel: 62-21-515-114 Equity Tower Building Lt.5 Sudirman Central Business District Jl. Jendral Sudirman Kav. 52-53, Jakarta Selatan Indonesia 1219 9