/ Analyst

02) 3787-4862

jisan@kiwoom.com

LG(011070)

BUY(Maintain) (9/18) 172,000

220,000()

2017. 9. 19

X , 3D

, 2Metal COF, RF-PCB ,

. Apple

Flexible OLED 3D

,

.

. 2014

Valuation Premium

.

2

LG

LG

LG (011070)

Stock Data

KOSPI (9/18) 2,418.21pt

() 40,707

52

184,500 74,500

/ -8.4% 126.8%

1M 2.4% 0.2%

6M 30.5% 16.7%

1Y 116.7% 81.6%

Company Data

() 23,667

(3M) 205

30.3%

(17.E) 0.5%

BPS(17.E) 83,036

LG 40.8%

(17E) 60%

16%

15%

LED 9%

Price Trend

-20

0

20

40

60

80

100

0

50,000

100,000

150,000

200,000

'16/9 '16/12 '17/3 '17/6

(%)() ()

()

Apple LG

-500

0

500

1000

1500

0

5,000

10,000

15,000

20,000

25,000

30,000

1Q11 2Q12 3Q13 4Q14 1Q16 2Q17

()Apple ()

LG ()()

Contents

Summary 3

> 3

I. Valuation 4

> Apple Vendor 4

> 6

> Valuation 9

II. , 11

> 11

> 14

III. 3D , 17

> X 17

> 20

IV. RF-PCB, FPCB 22

> PCB 22

> SLP 25

IV. 2Metal COF,

, 26

> 2Metal COF, Flexible OLED 22

> , 25

> , 29

Compliance Notice

9 18 LG(011070) 1% .

3 . .

,

3

Summary

Apple Vendor .

OLED , .

Apple X , OLED

. 1 OLED , 3~4 2~3

OLED . OLED 7,000

1 7,000 .

1 2 ,

. 3D 1 2

. Apple .

3D ,

2Metal COF, RF-PCB, .

, Apple .

20% , 3D 3,000 6,000

~1 , RF-PCB 2,000 , 2Metal COF 300

, 800 1,000~1,500

.

Apple , 10

. LG ZKW LED

. LED Mix

, 10.5 . LG V30

.

14% 8.5, 39% 4,231

. 22 .

, IFRS 2015 2016 2017E 2018E 2019E

() 61,381 57,546 75,002 85,467 89,911

(%YoY) -5.1 -6.2 30.3 14.0 5.2

() 2,237 1,048 3,042 4,231 4,586

(%YoY) -28.8 -53.1 190.2 39.1 8.4

EBITDA() 7,060 4,556 6,180 7,735 7,673

() 1,221 107 2,698 3,996 4,357

() 951 50 2,033 3,097 3,376

EPS() 4,018 209 8,588 13,085 14,266

(%YoY) -15.6 -94.8 4,003.9 52.4 9.0

PER() 24.5 422.4 19.7 12.9 11.8

PBR() 1.3 1.2 2.0 1.8 1.6

EV/EBITDA() 4.3 6.2 8.1 6.4 6.5

(%) 3.6 1.8 4.1 5.0 5.1

ROE(%) 5.5 0.3 10.9 14.6 13.9

(%) 39.7 41.6 52.4 41.7 37.3

4

LG

I. Valuation

Apple Vendor

Apple

LG LG IT Apple . 2010 Apple

Apple 2015 30%

60% .

LG Apple .

Flagship , 4

, Apple 4 .

Apple , 3D , 2Metal COF, RF-PCB,

, Apple .

Apple LG

-500

0

500

1000

1500

0

5000

10000

15000

20000

25000

30000

1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17

()()Apple () LG ()

:

Apple LG

5000

10000

15000

20000

25000

0

20000

40000

60000

80000

100000

1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17

()() Apple () LG ()

:

5

Apple Vendor .

OLED . Apple

Trend , 3D (Augmented

Reality) . 3D .

Flexible OLED Full Screen . RF-PCB

Vendor , 2Metal COF .

OLED

OLED .

Apple X , OLED

. IT , 78%

X . .

1 OLED , 3~4 2~3 OLED

. OLED 7,000

1 7,000 . RF-PCB 2Metal COF .

1 2 ,

. 3D 1 2

. 3D Sharp ,

, .

LG OLED

LG 2019 OLED 7.8

, 1.8 OLED OLED

. , 2Metal COF, RF-PCB, Fine Metal Mask

.

6

LG

2009

30% 7.5, 190% 3,042 .

2009 .

Apple 3D ,

. 57% 4.5 .

3D 2Metal

COF, RF-PCB, .

. ,

3.7, 9.5

, .

LED, HDI, . LED

5~6 . Middle Power

, , UV, High-Power

.

HDI , , Apple RF-

PCB .

, .

3 4

3 706 487(QoQ 50%, YoY 137%) .

X .

.

, 4 . 4 1,561

(QoQ 220%, YoY 33%) . 3D ,

. , HDI

.

X . 8

.

.

Apple . Apple

.

,

20% . Apple

, .

3D 6,000 1 , 3,000~7,000

. Face ID .

7

RF-PCB 2,000 . 4 TSP

, LG

. HDI .

2Metal COF 300 .

3

. ,

800 1,000~1,500 .

2018 Apple

2018

20%(5,000)

3D 3,000~7,000 3D

RF-PCB 2,000 4Q17 , TSP

2Metal COF 300 OLED

200~700 3Q17

:

Non-Apple

Apple ,

10

. LG ZKW LED

.

LED Mix .

10.5 .

, LG V30

.

14% 8.5, 39% 4,231

. .

LG (: )

1Q17 2Q17 3Q17E 4Q17E 1Q18E 2Q18E 3Q18E 4Q18E 2016 YoY 2017 YoY 2018 YoY

16,447 13,396 16,812 28,346 18,866 15,697 21,278 29,626 57,546 -6.2% 75,002 30.3% 85,467 14.0%

9,242 6,349 9,085 20,455 11,300 8,122 12,382 20,282 28,708 -5.1% 45,132 57.2% 52,086 15.4%

LED 1,676 1,768 1,694 1,559 1,579 1,663 1,609 1,524 6,948 -11.5% 6,697 -3.6% 6,375 -4.8%

2,641 2,713 2,818 3,010 2,661 2,743 3,836 4,257 11,524 -21.5% 11,181 -3.0% 13,496 20.7%

3,072 2,715 3,215 3,323 3,325 3,169 3,452 3,563 11,329 9.1% 12,325 8.8% 13,509 9.6%

668 325 487 1,561 794 596 1,128 1,713 1,048 -53.1% 3,042 190.2% 4,231 39.1%

4.1% 2.4% 2.9% 5.5% 4.2% 3.8% 5.3% 5.8% 1.8% -1.8%p 4.1% 2.2%p 5.0% 0.9%p

532 236 428 1,504 732 535 1,073 1,656 107 -91.3% 2,698 2427% 3,996 48.1%

366 170 331 1,165 567 415 831 1,283 50 -94.8% 2,033 4003% 3,097 52.4%

: LG,

8

LG

LG

-4%

-2%

0%

2%

4%

6%

8%

10%

-1500

-1000

-500

0

500

1000

1500

2000

1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18E

() LED

()

: LG,

LED

-20%

-15%

-10%

-5%

0%

5%

0

2000

4000

6000

8000

10000

12000

'07 '09 '11 '13 '15 '17E

() LED ()

()

-15%

-10%

-5%

0%

5%

10%

0

2000

4000

6000

8000

10000

12000

'10 '11 '12 '13 '14 '15 '16 '17E '18E

() ()

()

: LG, : LG,

9

Valuation

20 22 .

12 Forward

. Target EV/EBITDA 8.0 IT 20% , Apple

Vendor OLED .

PER 12.9 Valuation .

Valuation Premium

6 Forward PBR 1.98 2014 .

Valuation Premium 1) 3D

, RF-PCB, 2Metal COF,

. 2) Apple . LG Apple

. 3) 2 7,900 .

4) LED, HDI, Risk

.

2014 .

2019 . HDI SLP

.

2014 ,

, .

3 .

(Free Cash Flow) . EBITDA

, , 3D , , RF-PCB .

.

LG (: , )

EV/EBITDA

59,734 Target EV/EBITDA 12 Forward

EBITDA 7,467 8.0 IT 20%

8,383

51,352

23,668

216,971

:

10

LG

LG PBR Band

0

1

2

3

4

5

09 10 11 12 13 14 15 16 17

() 0.5 1

1.5 2 2.5

.

:

11

II. ,

Apple .

,

. (OIS) ,

, AP (ISP)

.

8

8 1200 , f/1.8 , 6 , OIS ,

LED . 60

4K .

7 ,

X 8 .

A11 (ISP) , , ,

, HDR, .

2010 LG .

X LED 8 6

: Apple

.

1600 .

,

. DSLR DSLR

.

12

LG

.

1.5~2 , 1 2

. LG,

, Sharp, Sunny Optical .

, , //

.

.

1) 3D Depth Refocusing , 2)

, 3) , 4) .

+, +, RGB + , +

.

Apple 2

Apple .

X 8 1200 2 (

10 ) . Bokeh .

8 X OIS 2 ,

.

: Apple

13

2

: Apple

7 .

Flagship , 8 Apple

1200 1200 2 . X

OIS .

Apple .

2 1 , 3 2

, 70~80% .

.

20% .

Roadmap 5 , 3 .

14

LG

7

7 .

Sony 4 , Sharp

1 . Sony

Apple Vendor ,

O-Film .

Apple 7 , LG

. Apple .

Sharp Vendor ,

. Sharp LG

. .

LG

LG ,

. .

.

, Capa. .

.

,

2,600 .

50% 1,500 , 2

. 3 .

, .

, .

.

Apple 1st Vendor

. 3 Apple H

, Flagship P10 Mate10 .

H S , O, V

.

15

LG

Apple iPhone X/8/8+ LG G6 LG V30 Huawei P10 Sony Xperia XA1

: LG,

LG

0

2000

4000

6000

8000

10000

12000

14000

1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17

() 5MP 5~8MP 12MP

: LG,

4.5

57% 4.5 . 4

. 3 3D

. Sharp ,

3D ,

.

, .

X

3 X . 3 4

, 1 .

X 8 9

.

16

LG

LG

0

20000

40000

60000

80000

100000

0

2000

4000

6000

8000

10000

12000

14000

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17

()() LG () ()

: LG, Gartner,

LG

-10%

-5%

0%

5%

10%

15%

0

5000

10000

15000

20000

25000

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18E

() () ()

: LG,

17

III. 3D ,

X

3D

3D .

Apple .

Apple 3D ,

.

(ROIC) , (Emitter)

. Vendor ,

, .

3D

3D .

3D (Depth Information)

. 3D ( ).

3D

.

. 3D

.

(Depth Sensing)

SL(Structured Light) ToF(Time of Flight) . Apple .

SL

3D .

ToF

3D .

3D

3D ,

.

3D . (VR) (AR)

3D , 3D VR AR .

.

3D 3D .

5G 3D .

18

LG

X Face ID

Apple X Face ID .

Face ID TrueDepth 3D . TrueDepth Dot

Projector, , .

, 1) Dot Projector 30,000 Dot

. 2) Dot

, A11 (Secure Enclave)

. .

Dot Projector (Emitter) (Receiver).

Touch ID 5 1

Face ID 100 1 .

Face ID A11 .

. .

X Face ID

: Apple

Face ID X TrueDepth

: Apple : Apple

19

TrueDepth

Apple TrueDepth Animoji . 3D

.

. 50

. .

3D TrueDepth .

TrueDepth Animoji

: Apple

Apple M&A

Apple 3D PrimeSense,

RealFace, Metaio, FlyBy

Media .

3D AP, GPU, ISP, OS

.

LG

(Dot Projector) . 2,700

. .

High-end 1

3,000 .

3D 2 .

6,000 1 .

Apple 3D 2019 .

3D Sharp

, 3D IT

.

20

LG

Apple AR

Apple (Augmented Reality) . 3D

.

. . Tim Cook

.

, Mac PC ,

.

ARkit

Apple 6 Application ARkit . ARkit

iOS , ,

.

ARkit (VIO) , (CoreMotion)

. ARkit ,

(), , . AR

, AR iOS

. 6S . 8/X

A11 .

, ,

.

ARkit (Ikea Place) ,

. , , , , , .

ARkit Ikea Place A11 Apple

: Ikea : Apple : Apple

21

Google, AR Android OS

Apple Google Qualcomm .

Google AR Android OS . 2013 Tango

. Tango

. Tango Lenovo Phab2, ASUS

ZenFone . Lenovo Phab 2 Pro 3 5

.

ARCore

Google Android ARCore .

Apple ARkit

. ARCore Android 7.0 Nougat OS .

Google ARCore 1 , LG,

Huawei, ASUS . ARCore ,

.

Apple Google AR , ,

Google

Apple .

Google ARCore Google Tango AR

: Google : CNet

, AP Android

Qualcomm Snapdragon AP Android 3D .

Qualcomm 2015 Snapdragon 810 .

Qualcomm ISP(2 Spectra ) ,

, , , . 2

Spectra ISP Snapdragon 845 ,

Snapdragon 3D

.

22

LG

IV. RF-PCB, FPCB

PCB

X

PCB , LG

.

Flexible OLED . X PCB OLED

TSP(Touch Screen Panel) 2 Rigid-Flex(RF) PCB .

RF PCB , HDI PCB

.

X Vendor X

, 2 , PCB

Vendor PCB .

Apple

.

TSP RF PCB RF PCB

: :

X RF-PCB Vendor

, X RF-PCB Vendor

, , 3 , TSP RF-PCB , , Unimicron,

LG 4 .

LG PCB

Vendor .

LG Apple Flexible OLED RF-PCB LG

. LG PCB

Vendor .

23

LG RF-PCB , Tablet PC

. HDI ,

RF-PCB .

3

PCB 3 .

1) S3

, 2)

Tablet PC PCB .

1) 2012 PCB

, 2) Apple PCB

.

, ,

PCB .

3 PCB ,

.

LG HDI PCB ,

, Downsizing .

Apple , .

, , GDS PCB 3 -725

1,620, 2,460 .

PCB 1) 2) Mix

.

PCB

-1000

-500

0

500

1000

1500

2000

2500

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17E '18E

() GDS

: , Fnguide,

24

LG

4

4 TSP RF-PCB .

4 , HDI .

TSP .

.

HDI

2 OLED , RF-PCB 2,500

. LG Flexible OLED Vendor . HDI

3,000 , RF-PCB 2 ,

6 .

2019 OLED , Apple LG

PCB .

HDI(RF-PCB )

-20%

-15%

-10%

-5%

0%

5%

10%

15%

0

2000

4000

6000

8000

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17E '18E

() HDI () ()

: LG,

25

SLP

SLP

PCB Apple RF-PCB SLP(Substrate-Like PCB) .

HDI ,

, SLP .

MSAP , MSAP , ,

.

HDI SLP .

Apple HDI

Apple SLP HDI .

Apple HDI 6 MSAP , 50~60% .

Kinsus, Ibiden, TTM, Unimicron, AT&S, Zhen Ding .

Flagship

, S9 Exynos AP

. , , , GDS, , Ibiden

SLP . 1,100

, 500, GDS 200, 165 .

Flagship HDI SLP MSAP

2012 ~2016 2017~

Line / Space

Full-Stack

10 12

50/50 40/40 30/40 30/30

MSAP

: , :

LG

LG .

, SLP .

LG SLP , . HDI

IVH(Full Stack) .

SLP . LG HDI Vendor

. FC-CSP MSAP SLP

. .

26

LG

V. 2Metal COF, ,

2Metal COF, Flexible OLED

2Metal COF(Chip On Film) Flexible OLED .

.

2Metal COF HDI .

COF 2Metal COF

. Flexible

.

2Metal COF Lead Pitch 10.5 COF 20

.

Tape Substrate

Tape Substrate . Tape Substrate

Driver-IC COF , ,

Photo Etching , , .

Tape Substrate 1, .

2Metal COF .

. X . LG

Flexible OLED V30 . LG

. BOE, CSOT Flexible OLED

.

2Metal COF 100 400~500, 700~800

2019 1,000 .

2Metal COF 2Metal COF

: :

27

COF

:

28

LG

,

, X 8

. Apple .

(Transmitter) ,

, .

(Receiver) .

PCB ,

, .

. Belkin 8/X

59 . .

15W

15W

. 5W 3 ,

30 50% . WPC(Wireless Power Consortium)

.

3 800

. 1,000 1,500 .

TSR , 2015 5 5,300

2019 20 1,700 .

8/X

: Belkin

29

,

10.5

10.5 LCD OLED

.

1,060 . LG

OLED . LG 2020 OLED

10.5 OLED 2.8, P10 E4-2 5

.

.

10.5 , 500

2019 1,000 .

.

LG Tape Substrate .

Photo Etching , Photolithography Quartz

.

LG .

LCD TV . OLED

.

10.5 SKE .

. LG 1 ,

.

OLED LCD , TV 1.8~2 .

OLED TV .

LCD

: Hoya : LG

30

LG

(: ) (: )

12 2015 2016 2017E 2018E 2019E 12 2015 2016 2017E 2018E 2019E

61,381 57,546 75,002 85,467 89,911 17,889 20,844 25,180 26,056 27,073

53,654 51,022 65,575 74,420 78,200 3,603 3,413 2,215 3,059 2,880

7,727 6,524 9,427 11,046 11,711 31 4 5 6 6

5,490 5,475 6,385 6,815 7,125 10,996 13,106 16,997 16,760 17,631

() 2,237 1,048 3,042 4,231 4,586 3,031 4,032 5,563 5,814 6,117

() 2,237 1,048 3,042 4,231 4,586 228 290 400 418 439

-1,016 -941 -344 -235 -229 21,254 22,393 27,131 30,411 33,828

67 56 59 69 74 805 874 1,206 1,261 1,327

0 0 0 0 0 345 344 474 495 537

1,285 1,751 918 180 90 16,473 17,294 20,841 24,334 27,850

462 357 303 304 304 2,070 2,271 2,389 1,999 1,673

1,301 1,673 1,013 180 90 1,562 1,610 2,221 2,321 2,442

0 0 0 0 0 39,143 43,237 52,311 56,467 60,901

1 6 45 0 0 12,955 17,337 20,835 22,069 23,072

28 15 6 0 0 8,173 12,330 17,012 17,780 18,704

-633 -740 -55 0 0 36 291 310 310 310

1,221 107 2,698 3,996 4,357 3,624 3,661 2,057 2,457 2,457

270 57 666 899 980 1,122 1,055 1,456 1,521 1,601

(%) 22.1% 53.6% 24.7% 22.5% 22.5% 8,538 8,115 11,824 11,744 12,035

951 50 2,033 3,097 3,376 8 0 0 0 0

() 951 50 2,033 3,097 3,376 6,983 6,861 10,142 9,742 9,742

EBITDA 7,060 4,556 6,180 7,735 7,673 1,547 1,254 1,682 2,002 2,293

(Cash Earnings) 5,774 3,558 5,171 6,601 6,463 21,493 25,452 32,659 33,813 35,107

929 40 1,994 3,097 3,376 1,183 1,183 1,183 1,183 1,183

(%, YoY) 11,068 11,068 11,068 11,068 11,068

-5.1 -6.2 30.3 14.0 5.2 5,220 5,425 7,414 10,416 13,556

() -28.8 -53.1 190.2 39.1 8.4 178 108 -13 -13 -13

() -28.8 -53.1 190.2 39.1 8.4 17,651 17,785 19,652 22,654 25,794

EBITDA -16.8 -35.5 35.6 25.2 -0.8 0 0 0 0 0

-15.6 -94.8 4,003.9 52.4 9.0 17,651 17,785 19,652 22,654 25,794

EPS -15.6 -94.8 4,003.9 52.4 9.0 7,009 7,396 10,289 9,444 9,623

-13.1 -95.7 4,910.5 55.3 9.0 10,643 10,813 12,509 12,509 12,509

(: ) (: , , %)

12 2015 2016 2017E 2018E 2019E 12 2015 2016 2017E 2018E 2019E

6,784 3,318 7,253 7,849 6,206 ()

1,221 107 2,033 3,097 3,376 EPS 4,018 209 8,588 13,085 14,266

4,429 3,089 2,682 3,114 2,761 BPS 74,578 75,145 83,036 95,721 108,987

395 419 456 390 326 EBITDA 29,831 19,252 26,112 32,683 32,421

47 -23 95 0 0 CFPS 24,398 15,032 21,847 27,890 27,310

62 53 -45 0 0 DPS 350 250 400 500 1,000

0 0 0 0 0 ()

-340 -1,754 -782 748 -257 PER 24.5 422.4 19.7 12.9 11.8

970 1,427 2,814 500 0 PBR 1.3 1.2 2.0 1.8 1.6

-3,062 -3,559 -8,040 -6,729 -6,439 EV/EBITDA 4.3 6.2 8.1 6.4 6.5

-16 21 -132 -22 -42 PCFR 4.0 5.9 7.7 6.1 6.2

90 182 0 0 0 (%)

-2,615 -3,190 -7,341 -6,607 -6,277 () 3.6 1.8 4.1 5.0 5.1

-542 -564 0 0 0 () 3.6 1.8 4.1 5.0 5.1

21 -7 -566 -100 -121 EBITDA margin 11.5 7.9 8.2 9.1 8.5

-4,085 65 -411 -275 54 1.5 0.1 2.7 3.6 3.8

0 0 19 0 0 (ROE) 5.5 0.3 10.9 14.6 13.9

-4,025 148 -800 -500 0 (ROIC) 6.8 2.0 8.6 10.9 10.8

0 0 0 0 0 (%)

-59 -83 -59 -95 -237 121.8 143.1 166.2 149.3 136.1

0 0 429 320 291 39.7 41.6 52.4 41.7 37.3

-362 -190 -1,198 845 -179 () 4.8 2.9 10.0 13.9 15.1

3,965 3,603 3,413 2,215 3,059 ()

3,603 3,413 2,215 3,059 2,880 5.2 4.8 5.0 5.1 5.2

Gross Cash Flow 7,124 5,072 8,035 7,101 6,463 18.7 16.3 15.6 15.0 15.1

Op Free Cash Flow 3,068 -1,514 -2,694 923 107 6.7 5.6 5.1 4.9 4.9

31

(2) (2)

(%)

0

100,000

200,000

300,000

'15/9/19 '16/9/19 '17/9/19

()

LG 2015/09/15 BUY(Maintain) 130,000 6 -31.0 -28.0

(011070) 2015/10/05 BUY(Maintain) 130,000 6 -32.0 -28.0

2015/10/14 BUY(Maintain) 130,000 6 -31.7 -25.4

2015/10/28 BUY(Maintain) 130,000 6 -31.3 -25.4

2015/11/03 BUY(Maintain) 130,000 6 -30.7 -24.2

2015/11/20 BUY(Maintain) 130,000 6 -28.9 -20.8

2015/12/10 BUY(Maintain) 130,000 6 -27.9 -20.8

2016/01/12 BUY(Maintain) 130,000 6 -28.5 -20.8

2016/01/26 BUY(Maintain) 120,000 6 -29.9 -26.1

2016/03/28 BUY(Maintain) 110,000 6 -27.9 -25.5

2016/04/15 BUY(Maintain) 110,000 6 -27.5 -25.5

2016/04/28 BUY(Maintain) 100,000 6 -22.0 -11.3

2016/06/02 BUY(Maintain) 100,000 6 -20.3 -11.3

2016/06/13 BUY(Maintain) 100,000 6 -19.3 -8.8

2016/07/19 BUY(Maintain) 120,000 6 -24.0 -22.6

2016/07/28 BUY(Maintain) 120,000 6 -26.6 -21.9

2016/09/08 BUY(Maintain) 120,000 6 -27.2 -21.9

2016/09/13 BUY(Maintain) 110,000 6 -28.1 -24.1

2016/09/27 BUY(Maintain) 110,000 6 -28.9 -24.1

2016/10/11 BUY(Maintain) 110,000 6 -28.9 -24.1

2016/10/27 BUY(Maintain) 110,000 6 -28.9 -24.1

2016/11/01 BUY(Maintain) 110,000 6 -29.0 -24.1

2016/11/10 BUY(Maintain) 120,000 6 -35.5 -34.2

2016/11/15 BUY(Maintain) 120,000 6 -35.4 -34.2

2016/11/18 BUY(Maintain) 120,000 6 -29.9 -23.6

2017/01/25 BUY(Maintain) 120,000 6 -27.5 -11.7

2017/02/09 BUY(Maintain) 140,000 6 -8.5 2.1

2017/04/27 Outperform

(Downgrade) 160,000 6 -17.9 -13.4

2017/05/31 Outperform

(Maintain) 160,000 6 -15.6 -2.8

2017/06/15 BUY(Upgrade) 200,000 6 -20.8 -18.3

2017/06/20 BUY(Maintain) 200,000 6 -18.8 -12.5

2017/07/06 BUY(Maintain) 200,000 6 -20.0 -12.5

2017/07/20 BUY(Maintain) 200,000 6 -19.9 -12.5

2017/07/27 BUY(Maintain) 200,000 6 -19.6 -12.5

2017/08/22 BUY(Maintain) 200,000 6 -17.8 -7.8

2017/09/13 BUY(Maintain) 200,000 6 -17.7 -7.8

2017/09/19 BUY(Maintain) 220,000 6

* .

(6) (6)

Buy()

Outperform( )

Marketperform()

Underperform( )

Sell()

+20%

+10+20%

+10-10%

-10-20%

-20%

Overweight ()

Neutral ()

Underweight ()

+10%

+10-10%

-10%

(2016/7/1~2017/6/30) (%)

172 97.73%

4 2.27%

0 0.00%