Korea E&C snapshot 3
Investment summary 5
More of the same in 2013 5
What this means for Korea E&C companies 6
Our stock ideas 7
Housing market overview 8
Issue #1: US experience tells us prices need to fall before
they rise 8
Issue #2: Japan’s experience points to risk from
population ageing 10
Issue #3: Domestic indicators pointing to weak
market trend 11
Issue #4: Government policies won’t solve
structural challenges 12
Impact on major Korea E&C
companies 14
Hyundai E&C (000720 SK) 15
Daelim (000210 KS) 17
GS E&C (006360 KS) 19
Hyundai Development (012630 KS) 21
Daewoo E&C 23
Disclosure appendix 27
Disclaimer 31