(33 KQ) Semiconductor and OLED investment prospects are improving Technology Results Comment November 8, 21 (Maintain) Buy Target Price (12M, W) 16, Share Price (11/6/1, W) 9,86 Expected Return 62% OP (, Wbn) 111 Consensus OP (, Wbn) 112 EPS Growth (, %) 7.2 Market EPS Growth (, %) 21.6 P/E (, x) 9.7 Market P/E (, x) 11.7 KOSDAQ 69.21 Market Cap (Wbn) 79 Shares Outstanding (mn) 81 Free Float (%) 66. Foreign Ownership (%) 18.7 Beta (12M) 1.2 2-Week Low 8,8 2-Week High 16,1 (%) 1M 6M 12M Absolute 6.3-1. -28.3 Relative. -18. -.1 1 KOSDAQ 13 11 9 7 11.1 3.1 7.1 11.1 3Q1 review: Revenue of W22.6bn (+8% YoY), OP of W3.bn (+18% YoY) For 3Q, delivered record-breaking earnings, with consolidated revenue of W22.6bn (+8% YoY) and operating profit of W3.bn (+18% YoY), beating our expectations (revenue of W23.bn and OP of W3.2bn). By business segment, semiconductor equipment revenue expanded considerably to W112.2bn (+13% QoQ, +169% YoY), bolstered by Samsung Electronics (SEC) 3D NAND (8-layer) capex in Xi an. Total gas solution (TGS) revenue grew materially to W32.6bn (+11% QoQ, +% YoY). After a sluggish 1H, display equipment revenue also improved to W26.8bn (+991% QoQ, +9% YoY) thanks to 8G LCD investments in Suzhou. The company s consolidated subsidiary Wonik Materials continued robust growth in 3Q, posting revenue of W.bn (+17% QoQ, +39% YoY) and operating profit of W9.3bn (+% QoQ, +33% YoY). Despite the record quarterly results, the company s stock is still down % from its prior peak. This is largely because of the anticipated lack of orders in 1H16, as equipment stocks typically lead customers order placements by six months. For Q, we estimate consolidated revenue and operating profit to decline to W17.bn (-22% QoQ, -13% YoY) and W26.1bn (-% QoQ, -28% YoY), respectively. While earnings momentum is likely to weaken through 1H16, we think such risks have been fully priced in. Rather, we expect to see positive share momentum on the back of increasing prospects of semiconductor and OLED capex expansions. 3D NAND capex to continue and OLED capex to expand in 216 Last week, Tsinghua Unigroup announced plans to raise W1tr in a private placement and invest W11tr in a new memory chip plant. Meanwhile, Intel has unveiled plans to spend US$.bn to convert its processor chip plant in Dalian to produce memory chips. Following a three-year up-cycle, the memory chip sector is now entering a new phase. With competition in the NAND space gathering steam, domestic chipmakers can no longer afford to delay investments. SEC, the only company currently mass producing 3D NAND, is likely to make continued investments to maintain its one-year technology lead. SEC has recently begun mass producing 8-layer TLC and is expected to invest in 6- layer 3D NAND in 216. Samsung Display s (SDC) OLED panel shipments expanded % QoQ in 3Q, as increased cost competitiveness led to applications in mid/low-end smartphones and stronger external sales to China. The company is now looking to invest in large-sized OLED TV panels and foldable OLEDs. For commercialization in 217, capex would need to start in 216. Such an event would be positive to OLED equipment suppliers. Maintain Buy and TP of W16, We keep our Buy rating and target price of W16, on. We believe risks have been fully discounted and expect to see positive share momentum on improving prospects of 3D NAND and OLED investments in 216. We believe now is the time to buy, considering the customer capex expected in 2H16. Daewoo Securities Co., Ltd. [Semiconductor] Jonathan Hwang +822-768-1 j.hwang@dwsec.com FY (Dec.) 12/12 12/13 12/1 12/ 12/ 12/17F Revenue (Wbn) 39 23 7 666 69 79 OP (Wbn) 26 92 111 97 137 OP margin (%) 7. 13. 16. 16.7 1.9 17.3 NP (Wbn) 8 27 7 82 77 16 EPS (W) 18 373 81 1,12 96 1,313 ROE (%) 3. 9.3 13.8 2. 16.1 18.6 P/E (x) 3.3 23. 2. 9.7 1.3 7. P/B (x) 1.2 2. 3. 1.7 1. 1.2 Notes: 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 t U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.
November 8, 21 Table 1. 3Q1 Q1P review 3Q1 Q1 2Q1 Q1 3Q1 Q1P Preliminary KDB Daewoo Consensus (Wbn, %, %p) Growth Revenue 122.3 19. 22.6 23. 22.8 8. 16.1 Operating profit 17.6 12.7 3. 3.2 3.6 17.6 21.3 OP margin 1. 11.6 19.3 21.2 19.8.9 7.6 Pretax profit 19.1 17.1.1 8.2 2. 136.2 163. Net profit 11.9 9.8 31. 3.7 3.7 16.6 219.6 Source: Company data, estimates, WISEfn consensus Table 2.. Earnings forecast revisions (Wbn, W, %,%p) Previous 2 2 Revised 2 2 2 % chg. 2 Revenue 66 679 666 69 3.2 -.3 - Decreased DRAM investment Operating profit 113 119 111 97-1.6-18. Net profit 82 88 82 77 -.3-12.8 EPS 1,12 1,297 1,12 96. -26.3 OP margin 17. 17.6 16.7 1. -.8-2.6 Net margin 12.7 13. 12.2 11.8 -. -1.2 Avg. US$/W rate 1,123 1,88 1,13 1,2 1. 1.3 Source: Company data, estimates Table 3. Quarterly and annual earnings (Wbn, %) 1Q1 2Q1 3Q1P Q 1Q 2Q 3Q YoY Notes QoQ Q 21 21 216 Revenue 1. 19. 22.6 17. 16.1 11.7 169.3 178.3 7.2 666. 69.3 Semiconductor 9.9 8.7 112.2 61.7.. 62. 68.7 267.1 317. 236.7 Display. 2. 26.8 38.9 3. 17. 26.3 28.9. 68.7 17.7 Solar.1. 2.3 1.6 1. 1.7 1.6 1.7 2.. 6. TGS 21.6 1.2 32.6 22.8 2. 21.6 23.7 21. 89.3 92.2 87.2 Wonik Materials 38.3 3.1 1.7. 7..9.3 7.6 13.9 183. 211.3 Revenue contribution 1 1 1 1 1 1 1 1 1 1 1 Semiconductor 61 3 3 3 37 39 8 8 36 Display 2 12 22 22 12 16 16 1 1 17 Solar 1 1 1 1 1 1 1 1 TGS 1 1 1 13 13 1 1 12 16 1 13 Wonik Materials 2 39 23 29 3 36 33 32 26 28 33 Operating profit 29.1 12.7 3. 26.1 22. 18.6 3.8 26.1 91.9 111. 97. OP margin (%) 18.7 11.6 19.3 1.9 13.7 13.2 18.2 1.6 16. 16.7 1. Net profit 19.9 9.8 31. 2.3 17.3 1.6 23.6 2.3 6.8 81. 76.9 Net margin (%) 12.8 9. 13.9 11.6 1.8 11. 1. 11. 8. 12.2 11.8 Growth rate (QoQ/YoY) Revenue -23.2-29.6 16.1-22.2-8.8-11. 19..3 31.7 19. -2. Semiconductor -6.8-8.7 13. -. -1. -1. 2. 1. 77. 18.9-2. Display -97. 386.2 99.9. -1. -.. 1. -18.3 26.3 6.7 Solar -9. -31.8 17.8-3. -1. 2. -1. 1. -62. 67. 61. TGS -.1-29.8 11.1-3. -1.. 1. -1. 28.6 3.2 -. Wonik Materials -.3 12. 2. -2. -.8 7.1 8.6.2 11. 27. 1.1 Operating profit -19. -6.3 21.3-39.9-1.9-1.2 6.1-1.2 66.7 21.3-12. Net profit 6.8 -.6 219.6-3. -1. -1. 1. -1. 7.6 7.2 -.6 Notes: Wonik Materials figures are based on WISEfn consensus Source: Company data, 2
November 8, 21 Table. Major domestic semiconductor players investment road maps Company Line Specifics SEC 17 DRAM System LSI (FinFET) 11/13/1 DRAM migration 16 NAND migration Xi an 3D NAND phase 1 3D NAND phase 1 supplement 3D NAND (8-layer) 3D NAND ph2 S1/S2 SK Hynix M1 System LSI (FinFET) DRAM Cheongju NAND migration 3D NAND Source: 1Q1 2Q1 3Q1 Q1 1Q1 2Q1 3Q Q 1Q 2Q 3Q Q Figure 1. Global DRAM capex (US$bn) SEC (L) SK Hynix (L) (%) 2 Micron (L) Other (L) 2 YoY growth (R) 2 1 1 1 1 - Figure 2. Global NAND capex (US$bn) SEC (L) SK Hynix (L) (%) 1 Toshiba/SanDisk (L) Micron/Intel (L) 2 YoY growth (R) 12 1 1 1 8 6 2-2 6 8 1 12 1-1 2 6 8 1 12 1-1 Source: Source: Figure 3. US semiconductor equipment book-to to-bill ratio Figure. Japan semiconductor equipment book-to to-bill ratio (US$bn) 2. New orders (L) Revenue (L) BB Ratio (R) 1.2 (JPYbn) 16 New orders (L) Revenue (L) BB Ratio (R) 1.8 1. 1.7 in Sept. 1.1 1. 1 12 1.69 in Sept. 1.6 1. 1..9 8 1.2..8.7 6 2 1..8. 12 13 1 1.6 12 13 1 1.6 Source: SEMI, Source: SEAJ, 3
November 8, 21 Global peer group analysis Table. Global semiconductor/display equipment players earnings and valuation metrics (Wbn, %, X) Market cap Revenue OP NP ROE P/E P/B EV/EBITDA 666 666 69 111 97 82 77 2. 16.1 9.7 1.3 1.7 1. 6. 6.1 SFA Engineering 8 8 63 61 7 67 9.1 12.8 18.8 12. 1.6 1. 6..6 Hanmi Semi. 1 1 192 2 9 17 38 8.2 18. 16.6 7.1 1.3 1.2 9.3 3.9 Eugene Technology 128 128 16 3 39 28 33 1.2 16. 1.2 8. 1. 1.2.7 3.2 KC Tech 12 12 7 39 3 32 36 12.6 12. 9.7 8.8 1.1 1.. 3.9 ASML 7,767 7,767 8,323 1,93 2,1 1,686 1,893 17.6 18. 28.1 2.3.7.3 2.2 18.7 AMAT 11,22 11,22 11,89 2,138 2,179 1, 1,1 17.7 18.9 1.6 13.6 2.7 2.7 8.8 8. TEL 6,71 6,71 6,3 96 98 67 68 11.6 11.8 17. 16.6 2.1 1.9 8. 8. Lam Research 6,677 6,677 6,911 1,28 1,1 1,23 1,1 18. 18. 12.7 11.7 2.2 2.1 6.8 6.3 KLA-Tencor 3,23 3,23 3,66 91 1,13 99 678 18.9 236.6 19. 16.6 3.7 21.2 12.9 11. Hitachi Kokusai 1,767 1,767 1,7 2 19 16 129 17. 12.3 1.6 12.9 1.6 1..2. Screen Holdings 2,338 2,338 2,39 192 28 139 16 13. 11.8 11.7 11.1 1. 1.3 8.3 7.6 Daifuku 3,13 3,13 3,399 188 219 126 1 11.3 12.2 1.9 13.8 1.7 1.6 9.2 8.1 Ulvac 1,823 1,823 1,87 138 17 1 1 11.7 11.6 1. 1.3 1. 1.3 6. 6.1 Average 3.. 1. 13.3 6.6. 8.2 7.6 Note: Figures for companies not under our coverage are based on Bloomberg consensus Source: Bloomberg, Figure. OP consensus and share performance (2) (Wbn) (W) 1 2 OP consensus (L) Share price (R) 18, 16, 13 1, 12 12, 11 1, 1 8, 11/1 2/1 /1 8/1 11/1 Source: Bloomberg, Figure 7. P/B-ROE comparison for global equipment players (2) (P/B, x) ASML 3 AMAT 3 TEL Lam research 2 SFA 2 1 Hanmi Semi Eugene Tech K.C.Tech 1 (ROE, %) 7 9 11 13 1 17 19 21 23 Source: Bloomberg, Figure 6. Global equipment players share performances (-1Y=1) SFA 1 Hanmi Semi ASML 13 AMAT Lam Research 12 11 1 9 8 7 6 11/13 /1 11/1 /1 11/1 Source: Bloomberg, Figure 8. P/E-EPS EPS growth comparison for global equipment players (2) (P/E, x) 3 ASML 2 2 SFA TEL AMAT 1 Hanmi Semi 1 K.C.Tech Lam Research Eugene Tech (EPSG, %) -6 - -2 2 6 8 1 Source: Bloomberg,
November 8, 21 (33 KQ/Buy/TP: W16,) Comprehensive Income Statement (Summarized) Statement of Financial Condition (Summarized) (Wbn) 12/1 12/ 12/ 12/17F (Wbn) 12/1 12/ 12/ 12/17F Revenue 7 666 69 79 Current Assets 293 338 7 19 Cost of Sales 36 3 12 97 Cash and Cash Equivalents 12 127 193 263 Gross Profit 197 236 237 293 AR & Other Receivables 8 93 9 11 SG&A Expenses 1 12 1 16 Inventories 77 8 87 1 Operating Profit (Adj) 92 111 97 137 Other Current Assets 29 33 32 38 Operating Profit 92 111 97 137 Non-Current Assets 366 392 16 Non-Operating Profit -1 12 2 2 Investments in Associates 73 63 6 77 Net Financial Income 2-1 - -6 Property, Plant and Equipment 176 216 21 263 Net Gain from Inv in Associates 11 2 3 Intangible Assets 32 33 31 29 Pretax Profit 77 123 117 161 Total Assets 69 78 82 993 Income Tax 2 27 26 3 Current Liabilities 162 19 1 172 Profit from Continuing Operations 7 97 92 126 AP & Other Payables 97 8 8 12 Profit from Discontinued Operations Short-Term Financial Liabilities 36 39 39 39 Net Profit 7 97 92 126 Other Current Liabilities 29 26 26 31 Controlling Interests 7 82 77 16 Non-Current Liabilities 2 37 37 1 Non-Controlling Interests 1 1 1 2 Long-Term Financial Liabilities 18 16 16 16 Total Comprehensive Profit 96 92 126 Other Non-Current Liabilities 2 21 21 2 Controlling Interests 71 6 88 Total Liabilities 23 18 187 213 Non-Controlling Interests 1 2 28 38 Controlling Interests 37 16 622 EBITDA 113 137 126 169 Capital Stock FCF (Free Cash Flow) 8 23 72 1 Capital Surplus 17 17 17 17 EBITDA Margin (%) 2.3 2.6 19. 21. Retained Earnings 16 2 321 27 Operating Profit Margin (%) 16. 16.7 1.9 17.3 Non-Controlling Interests 99 123 138 18 Net Profit Margin (%) 8. 12.3 11.9 13. Stockholders' Equity 6 63 6 78 Cash Flows (Summarized) Forecasts/Valuations (Summarized) (Wbn) 12/1 12/ 12/ 12/17F 12/1 12/ 12/ 12/17F Cash Flows from Op Activities 89 8 12 12 P/E (x) 2. 9.7 1.3 7. Net Profit 7 97 92 126 P/CF (x) 9.3.2.3. Non-Cash Income and Expense 63 6 9 7 P/B (x) 3. 1.7 1. 1.2 Depreciation 19 23 27 3 EV/EBITDA (x) 1.2 6. 6.1.2 Amortization 2 3 2 2 EPS (W) 81 1,12 96 1,313 Others 2 3 3 2 CFPS (W) 1,92 1,89 1,87 2,7 Chg in Working Capital -19-32 -1-12 BPS (W),76,727 6,682 7,996 Chg in AR & Other Receivables -32-7 -1-18 DPS (W) Chg in Inventories 1-9 -1-17 Payout ratio (%).... Chg in AP & Other Payables 7-13 1 1 Dividend Yield (%).... Income Tax Paid -12-3 -26-3 Revenue Growth (%) 31.7 19.6-2.6 21.7 Cash Flows from Inv Activities -72-7 -8-7 EBITDA Growth (%) 6.9 21.2-8. 3.1 Chg in PP&E -3-62 -2-2 Operating Profit Growth (%) 67.3 2.7-12.6 1.2 Chg in Intangible Assets -2-1 EPS Growth (%).8 7.2 -. 37.3 Chg in Financial Assets -3 3-1 -11 Accounts Receivable Turnover (x) 8. 7.8 7.2 7.9 Others -37-1 - -7 Inventory Turnover (x) 6. 8.2 7.6 8.3 Cash Flows from Fin Activities -1 2 2 2 Accounts Payable Turnover (x).6.6.7 6.2 Chg in Financial Liabilities -3 2 ROA (%) 9.1 13.7 11. 13.7 Chg in Equity ROE (%) 13.8 2. 16.1 18.6 Dividends Paid ROIC (%) 27. 29.3 21.8 28.2 Others -7-2 2 Liability to Equity Ratio (%).6 32.9 28.6 27. Increase (Decrease) in Cash 8 2 66 7 Current Ratio (%) 181. 227.2 27. 31.2 Beginning Balance 9 12 127 193 Net Debt to Equity Ratio (%) -1.7-16. -2.2-29.8 Ending Balance 12 127 193 263 Interest Coverage Ratio (x) 3.7-18. -6.9-91.2 Source: Company data, estimates
November 8, 21 APPENDIX 1 Important Disclosures & Disclaimers 2-Year Rating and Target Price History Company (Code) Date Rating Target Price (33) 8/1/21 Buy 16, 8/3/21 Buy 17, 1/22/21 Buy 18, No Coverage 11/2/213 Buy 13, 1/1/213 Buy 1, (W) 2, 1, 1,, Nov 13 Nov 1 Nov 1 Stock Ratings Industry Ratings Buy : Relative performance of 2% or greater Overweight : Fundamentals are favorable or improving Trading Buy : Relative performance of 1% or greater, but with volatility Neutral : Fundamentals are steady without any material changes Hold : Relative performance of -1% and 1% Underweight : Fundamentals are unfavorable or worsening Sell : Relative performance of -1% Ratings and Target Price History (Share price ( ), Target price ( ), Not covered ( ), Buy ( ), Trading Buy ( ), Hold ( ), Sell ( )) * Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst s estimate of future earnings. * The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions. Equity Ratings Distribution Buy Trading Buy 72.77% 13.86% 13.37%.% * Based on recommendations in the last 12-months (as of September 3, 21) 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 Hold Sell 6
November 8, 21 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() of the Financial Services and Markets Act 2 (Financial Promotion) Order 2 (the Order ), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 9(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 1a-6(b)() under the U.S. Securities Exchange Act of 193. 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. 71, 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 3-3 Yeouido-dong, Yeongdeungpo-gu Seoul 1-716 Korea Two International Finance Centre Suites 2-212 8 Finance Street, Central Hong Kong, China 32 Park Avenue 31st Floor New York, NY 122 United States Tel: 82-2-768-326 Tel: 8-2-28-6332 Tel: 1-212-7-1 Daewoo Securities (Europe) Ltd. Daewoo Securities (Singapore) Pte. Ltd. Tokyo Branch 1st Floor, Tower 2 2 Old Broad St. London EC2N 1HQ United Kingdom Six Battery Road #11-1 Singapore, 999 7th Floor, Yusen Building 2-3-2 Marunouchi, Chiyoda-ku Tokyo 1- Japan Tel: -2-7982-8 Tel: 6-6671-98 Tel: 81-3- 3211-11 Beijing Representative Office Shanghai Representative Office Ho Chi Minh Representative Office 21A, 2th 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: 86-1-667-9299 Tel: 86-21-13-6392 Tel: 8-8-391-6 Daewoo Investment Advisory (Beijing) Co., Ltd. 21B, 2th Floor, East Tower, Twin Towers B-12 Jianguomenwai Avenue, Chaoyang District, Beijing 122 China Daewoo Securities (Mongolia) LLC #6, Blue Sky Tower, Peace Avenue 17 1 Khoroo, Sukhbaatar District Ulaanbaatar 12 Mongolia PT. Daewoo Securities Indonesia Tel: 86-1-667-9699 Tel: 976-711-87 Tel: 62-21-1-11 Equity Tower Building Lt. Sudirman Central Business District Jl. Jendral Sudirman Kav. 2-3, Jakarta Selatan Indonesia 1219 7