2010年1月韩国半导体与通信设备行业研究报告

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【出版时间及名称】：2010年1月韩国半导体与通信设备行业研究报告
        【作者】：Korea Investment
        【文件格式】：pdf
        【页数】：206
        【目录或简介】：


Contents
Universe overview ...................................................7
Recommendation.................................................. 21
Universe sector earnings forecast ................ 27
Universe corporate earnings forecast ......... 57
Appendix .................................................................201

Semiconductors and Telecom Services 􀃆
Upward revisions to earnings
2010F net profit upped 2.7% MoM
In January, we peg the 2010F net profit of the KIS Universe at W74.3trn,
up 2.7% from the previous month. Unlike the 2010F net profit that has
seen steady upward revisions, the northbound pace for 2011F has
slowed significantly since October 2009 and was lowered 0.5% MoM in
January. While the 2010F net profit had a slight upward revision, the
12-month-forward EPS increased 8.4% to W6,200 in January from
W5,717 in the previous month due to the changed Universe lineup.
Upward revisions by sector: Semiconductors & Semiconductor
Equipment, Telecom Services
By sector, we raise the earnings forecasts for semiconductors &
semiconductor equipment and telecom services. For semiconductors &
semiconductor equipment, net profit is raised 12.2% prompted by a
favorable memory chip price forecast. For telecom services, earnings
are revised up 12.9% backed by bigger mobile data sales. For F&B and
tobacco, one-off gains from the sale of On*Media by Orion sent earnings
upward. Meanwhile, the brokerage sector’s earnings are lowered
significantly due to the sluggish stock market and one-off losses from
Kumho Group’s debt-workout program.
12-month-forward PER of 10.2x versus 10.4x in December
The KIS Universe 12-month-forward PER stands at 10.2x as of the Jan
21 close (Kospi 1,722.01) compared to the 10.4x seen at the Dec 23
close (Kospi 1,661.35). This is because earnings estimates were revised
up 8.4% while the Kospi gained 3.7%. The 12-month-forward PBR and
the expected dividend yield stand at 1.27x and 1.37%, respectively.

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