David Hurwitz Opportunities for Activism in Korea

7/22/2019 David Hurwitz Opportunities for Activism in Korea

1/15

0td mggumlYpr`gb vmluc `gvcst`gb ijgbrcss

Mpr`l > , 68= > Lms Qcbms, GQ

Jppjrtug`t`cs ajr Mit`v`se g Kjrcm Nmv`n Durw`tz, YI Augnmecgtml

www.Qmluc@gvcst`gbIjgbrcss.ije


2/15

Jppjrtug`t`cs ajr Mit`v`se `g Kjrcm Mpr`l 68=>


3/15

N`silmècrs

^d`s prcscgtmt`jg `s ajr `gajremt`jgml purpjscs jgly mgn njcs gjt ijgst`tutc `gvcstecgt mnvìc. Gjtd`gb ijgtm`gcn dcrc g sdmll ijgst`tutc mgjaacr tj scll jr m sjlì`tmt`jg ja mg jaacr tj fuy mgy sciur`ty jr pmrtgcrsd`p `gstruecgt.

@gajremt`jg mgn mgmlyscs rclmt`gb tj tdc ijepmg`cs prcscgtcn dcrc`g mrc fmscn jg tdc ijepmgys a`l`gbs mgn sciur`ty prìcs ms ja Emrid 61,68=> jr suid jtdcr tèc ms `gnìmtcn. @gncx mgn cijgjeì nmtm `s sjuricn ms gnìmtcn dcrc`g. @gvcstecgts augns emgmbcn fy YIAugnmecgtml LLI mgn `ts maa`l`mtcs (ijllcit`vcly, YI) dmn jr dmvc pjs`t`jgs `g tdc ijepmg`cs n`siusscn dcrc`g. YI dms gj jf l`bmt`jg tj upnmtctdc `gajremt`jg ijgtm`gcn dcrc`g mgn emy emkc `gvcstecgt nci`s`jgs `gijgs`stcgt w td tdc v`cws cxprcsscn `g tdc prcscgtmt`jg. YI emkcs gjrcprcscgtmt`jg jr wmrrmgty ms tj tdc miiurmiy, ijeplctcgcss jr tècl`gcss ja tdc `gajremt`jg, tcxt, brmpds, mgn mgmlyscs ijgtm`gcn `g td`s

prcscgtmt`jg. YI cxprcssly n`silmès mll l`mf`l`ty ajr crrjrs jr je`ss`jgs g, jr tdc e`susc jr e`s`gtcrprctmt`jg ja, mgytd gb ijgtm`gcn g td`sprcscgtmt`jg.

Xmst `gvcstecgt pcrajremgic `s gj bumrmgtcc ja auturc rcsults.


4/15

Ijugtry Jvcrv`cw

Kjrcms BNX rmgks =3 td `g tdc wjrln *

^dc tjtml emrkct imp`tml`zmt`jg ja Kjrcmg ijepmg`cs mpprjxèmtcs $=.6 r`ll`jg* Gcmrly tdc s`zc ja Mustrml`m ($=.9 tr`ll`jg) mgn Bcremgy ($=.> tr`ll`jg) Lmrbcr tdmg Yw`tzcrlmgn ($=.= tr`ll`jg) mgn Djgb Kjgb ($=.= tr`ll`jg) Ejrc tdmg twìc tdc s`zc ja @tmly ($8.3 tr`ll`jg)

A`simlly sjugn bjvcrgecgt mgn cijgjey

Funbct surplus 0 ja tdc pmst =8 ycmrs Xuflì ncft / BNX `s mejgbst tdc ljwcst ja ncvcljpcn cijgje`cs (mpprjx. 9>%) Iurrcgtly rugg`gb m trmnc surplus Y&X sjvcrc`bg rmt`gb ja M+

* @EA, Rjrln Fmgk, JCIN nmtm ms ja 68=6.

9


5/15

Guecrjus Idcmp Ytjiks `g Kjrcm

Jvcrv`cw Ijepmr`sjg tj tdc Y&X 388*?

Njllmr mejugt ja ijepmg`cs trmn`gb ajr lcss tdmg?

*Yjuric? Fljjefcrb

X/C 68=>c X / Fjjk

KJYX@ 0.9x =.=xY&X 388 =3.0x 6.1x

4x 3-Pcmr Mvcrmbc Cmrg`gbs $988+ F`ll`jg

28% ja mgb`flc Fjjk Qmluc $=08+ F`ll`jg

FJ^D ja tdc Mfjvc $63+ F`ll`jg

=98% ja Gct Imsd $32+ F`ll`jg

Iurrcgt Msscts E`gus ^J^ML L`mf`l`t`cs MGN Xrja`tmflc ( ruc "gct-gcts") $6+ F`ll`jg


6/15

Rmrrcg Fuaactt jg Kjrcm

688>? Xuridmscn >% ja Xjsij

6881? @a @n fccg rugg`gb m l`ttlc pmrtgcrsd`p tdrcc ycmrs mbj, @n dmvc stmrtcn =88% `g Kjrcm.

6881? B`vcg m ijpy ja m Kjrcmg stjik emrkct bu`nc, dc ajugn tdc vmlucs sj ijepcll`gb dc put tjbctdcr m$=88ee pjrtajl`j ja 68 ijepmg`cs.

6884? @ ijuln a`gn fcttcr td`gbs tj nj w`td m e`ll`jg njllmrs prjfmfly `g Kjrcm tdmg @ ijuln prjfmfly a`gn `g tdcS.Y. emrkct.

6884? Rc l`kc tdc ctdjs ja Kjrcm ajr sdmrcdjlncrs mgn wc l`kc tdc pcrajremgic ja tdc fus`gcsscs.

68==? Rcrc ljjk`gb tj fuy f`b fus`gcsscs g Kjrcm.

68==? Rcgt tj Kjrcm ajr tdc scijgn t`ec tj v s`t ^mcbu ci, tdc a`rst Fcrksd rc ijepmgy g Kjrcm.

3


7/15

Kjrcm @s Gjt Ompmg

Kjrcmg emgmbcecgt tcmes mrc jatcg rcicpt`vc tj sdmrcdjlncr jvcrturcs.

E`gjr`ty sdmrcdjlncr r`bdts mrc fcttcr prjtcitcn `g Kjrcm.

Kjrcmg e`gjr`ty sdmrcdjlncrs mrc ejrc vjiml mgn prjmit`vc mfjut tdc`r sdmrcs.

Emgmbcecgt tcmes g Kjrcm jatcg djln lmrbc stmkcs g tdc`r ijepmg`cs.

Kjrcm dms pmsscn, mgn s ijgs`ncr`gb mnn`t`jgml, mgt`-Idmcfjl lcb`slmt`jg wd`lc l`ttlc dms fccg njgc g Ompmg tjnè`g`sd Kc`rctsu pjwcr.

Kjrcmg gst`tut`jgml sdmrcdjlncrs fcb`gg`gb tj vjtc mbm`gst emgmbcecgt wdcg cijgjeìmlly fcgcaì`ml.

Vcturgs jg cqu`ty `g Kjrcm mrc euid d`bdcr mgn X/Cs mrc euid ljwcr.

1


8/15

Nàaìult`cs ja @gvcst`gb `g Kjrcm

Acw ijepmg`cs rcpjrt `g Cgbl`sd

^rmn`gb @N rcqu`rcn

^rmn`gb vjluec s bcgcrmlly ljwcr tdmg g tdc S.Y.

Djln`gb ijepmgy struiturcs arcqucgtly jpmquc

Vcicgt miijugt`gb idmgbc arje Kjrcmg BMMX tj @gtcrgmt`jgml BMMX emkcs d`stjrìml ijepmr`sjgs idmllcgb`gb

Ydmrcdjlncr mit`v`se gjt yct w`ncly cefrmicn


9/154

V`bdts ja E`gjr`ty Ydmrcdjlncrs `g Kjrcm

* Ljwcr tdrcsdjlns mpply ugncr icrtm`g i`riuestmgics.

Ilmss`a`imt`jg Jwgcrsd`p Vcqu`rcecgts (mt lcmst 1 ejgtd djln`gb pcr`jn)

Cxtrmjrn`gmry Ydmrcdjlncrs Ecct`gb =.3%

Ydmrcdjlncr Xrjpjsml =.8% *

Vcqucst ajr N`se`ssml ja N`rcitjr 8.3% *

Vcqucst ajr N`se`ssml ja Ytmtutjry Mun`tjr 8.3% *

Vcqucst tj @gspcit Miijugt`gb Fjjks 8.=%

Vcqucst ajr L`st ja Ydmrcdjlncrs 9.8%

Vcqucst ajr Iueulmt`vc Qjt`gb 9.8%


10/15

Xmst Imsc Ytun`cs

Ijepmgy? Kukfj Ncs`bg Ij., Ltn.

Jvcrv`cw? Kukfj prjv`ncs gtcr`jr ncs`bg scrvìcs ajr ijeecri`ml prjpcrt`cs.

@gvcstecgt Vmt`jgmlc*? Imsd & Cqu`vmlcgts 5 =8=% ja emrkct imp; Xrìc/Fjjk? 5 33%; Gj ncft; X/C 5 >.6x=3+ ijgsciut`vc ycmrs ja prja`tmf`l`ty.

Vcsult? Yuiicssaully gmecn m stmtutjry mun`tjr tj tdc fjmrn, pjs`t`vc idmgbcs ajr sdmrcdjlncrs

Ijepmgy? Kjecljg Ijrp.

Jvcrv`cw? Kjrcms lcmn`gb ecmsur`gb tmpc emguamiturcr, dms sjln prjnuits g jvcr 48 ijugtr`cs.

@gvcstecgt Vmt`jgmlc*? Imsd mgn cqu`vmlcgts 5 28% ja emrkct imp; Xrìc/Fjjk 5 >8%; Gj ncft; X/C 5 9.0x=3+ ijgsciut`vc ycmrs ja prja`tmf`l`ty.

Vcsult? Ydmrc fuyfmiks, rcv`scn n`v`ncgn pjlìy, `gircmscn ijepmgy mwmrcgcss

*Mt tèc ja `g`t`ml `gvcstecgt


11/15

Imsc Ytuny Ymedj Ncvcljpecgt (8=8018)

Jvcrv`cw?

Ymedj ijgstruits d`bdwmys, tuggcls, sufwmys mgn jtdcr i`v`l prjocits. Bjvcrgecgt-rclmtcn wjrk 708% ja rcvcguc Lmrbc guefcr ja ijepct`tjrs rcicgtly ncicmscn

Qmlumt`jg mt @g`t`ml Xuridmsc?

Gct imsd & cqu`vmlcgts 5 =81% ja emrkct imp Xr`ic / Fjjk 5 38% 3-Pcmr mvcrmbc VJC 5 =6.4% X/C 5 1.9x (w`td ncprcsscn cmrg`gbs) =3+ ijgsciut`vc ycmrs ja prja`tmf`l`ty Ydmrcs pcmkcn gcmr R=6,888 pcr sdmrc, iurrcgtly oust jvcr R9,888)

Gjtc? YI mgn `ts maa`l`mtcs mrc sufstmgt`ml sdmrcdjlncrs


12/15

Imsc Ytuny Ymedj Ncvcljpecgt (ijgt)

@ssucs Lmrbc p`lc ja `nlc imsd Xmrt ja imsd `gvcstcn `g f`jtcid stjiks Xmrt ja imsd `gvcstcn `g vcgturc imp`tml Ytmrtcn ejgcy-ljs`gb mssct emgmbcecgt fus`gcss

Xrjbrcss Xmsscn m fjmrn rcsjlut`jg tj rcpuridmsc sdmrcs Emy fc ijgv`gicn tj cx`t f`jtcid `gvcstecgts Vcv`cw`gb n`v`ncgn pjl`iy Emy fc ijgv`gicn tj scll jr iljsc njwg mssct emgmbcecgt fus`gcss

Cmrg`gbs l`kcly iljscr tj fjttje ja tdc iyilc Auturc? Ejrc td`gbs tdc ijepmgy img nj Rc w`ll ijgt`guc tj wjrk w`td tdce


13/15

Imsc Ytuny Kîs Ijrp (834438)

Jvcrv`cw Cgbmbcn `g imll icgtcr scrvìcs >== n`rcitjry scrvìcs, pmrt`mlly mn-fmscn `g Kjrcm Vc-sclls vmr`jus scrvìcs prjv`ncn fy Kjrcm clcije

Qmlumt`jg mt Xuridmsc Gct Imsd / Emrkct Imp? 21% Iurrcgt Msscts ^jtml L`mf`l`t`cs / Emrkct Imp? 46% X / C? 2.9x Xrìc / Fjjk? 01%

3-Pcmr Mvcrmbc VJC? =6% VJC Cx-Imsd? >4% CQ / CF@^? =.6x


14/15

Imsc Ytuny K^is Ijrp (ijgt)

@ssucs Lmrbc p`lc ja `nlc imsd Fljmtcn ijst struiturc >== fus`gcss l`kcly tj ncil`gc jvcr t`ec Ijgtrjllcn fy Kjrcm ^clcije (=4% jwgcr)

Xrjbrcss Ljiml sdmrcdjlncr put scvcrml prjpjsmls jg Emrid mgguml ecct`gb fmlljt?

D`bdcr n`v`ncgns, Fjmrn scmt, Ytmtutjry mun`tjr

ICJ puridmscn sdmrcs, prje`scn ejrc trmgspmrcgiy, miijugtmf`l`ty Irjgy stmtutjry mun`tjr rcplmicn fy stmtutjry mun`t`gb ijee`ttcc Ydmrcdjlncrs mgn prcss gjw sirut`g`z`gb ijepmgy mit`jgs Ijepmgy imgicllcn 9 e`ll`jg trcmsury sdmrcs


15/15=>

Vcv`cw

Guecrjus Kjrcmg stjiks prcscgt cxtrcecly ijepcll`gb vmluc jppjrtug`t`cs.

Xjtcgt`ml tj ugljik sdmrcdjlncr vmluc w`td mit`v`se.

Qmlumt`jgs mgn cgv`rjgecgt rce`gn us ja tdc SY `g tdc lmtc =028s / cmrly=048s.

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David Hurwitz Opportunities for Activism in Korea