韩国电子元件行业研究报告2009年2月

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Overweight; Top pick is LS Holdings
We initiate coverage of the wire/cable sector with an Overweight rating. Wire/cable
companies are expected to display stable performance and steadily improving
profitability on growing demand for energy cables thanks to an increasing proportion
of ultra-high-voltage/submarine cables in their product mixes. Furthermore,
acquisitions or equity partnerships with global players are anticipated to generate
synergies going forward.
Our top pick is LS Holdings (006260/Buy), the parent company of LS Cable. We also
recommend Taihan Electric Wire (001440/Trading Buy).
􀂄 Steady growth in energy cable demand
The energy cable market is projected to maintain steady growth thanks to rising
replacement demand in advanced economies, increasing electricity consumption in
emerging markets, and higher renewable energy consumption.
􀂄 Bucking a weak market
While the global stock market is expected to remain bearish in 2009, investors are
likely to pay more attention to wire/cable stocks as the sector is forecast to display
defensiveness in a weak market. Wire/cable companies should concentrate on their
flagship cable business since they saw a rapid deterioration in the value of their
subsidiaries. Accordingly, the stability of the industry is forecast to be highlighted.
However, as opposed to the marketÊs expectations, they are likely to rebound less
sharply than other stocks when the market turns around.
Wire/cable

Contents
I. Investment Summary .....................................................................................................3
Overweight; Top pick is LS Holdings...................................................................................3
II. Investment strategy.......................................................................................................4
Attractive investment in a bear market ................................................................................4
III. Industry overview .........................................................................................................5
Wire and cable industry to grow by an annual average of 4% during 2007~2011 .............5
IV. Industry outlook............................................................................................................8
1. Demand: Strong demand expected for energy cables....................................................8
2. Supply: Growth through M&As ......................................................................................16
V. Peer Valuation.............................................................................................................18
VI. Appendix: Manufacturing process of cables ..............................................................21
1. Super-high voltage cables .............................................................................................21
2. Optical cables ................................................................................................................22
LS (006260) ....................................................................................................................23
1. Initiate coverage with Buy and target price of W93,000................................................24
2. Earnings forecasts.........................................................................................................25
3. Status of subsidiaries ....................................................................................................25
Taihan Electric Cable (001440).......................................................................................28

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韩国电子元件行业研究报告2009年2月
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