JSBFTTFU%BFXPP - img2.surenet.co.kr

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1) , 2) , 3) , 4)
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. (Redeemable preferred share)
.
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(3M Libor) .

.

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.
.
.

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(Redeemable preferred share) (hybrid)

(3m Libor)

. .
:
2016.5.10
ETFETFETFETF iShares US preferred SiShares US preferred SiShares US preferred SiShares US preferred Sttttock ETF(PFF)ock ETF(PFF)ock ETF(PFF)ock ETF(PFF)
ETF ETF ETF ETF , , , ,
ETFETFETFETF
[]

2005 S&P500 +69.7%, +70.7% .
, 2008
S&P500 .
1111. . . .
: Bloomberg,

.

.
. 2007 ETF
6.9%, 10 3.0% .

.
: iShares, Bloomberg,
0
20
40
60
80
100
120
140
160
180
200
S&P 500
ETF
Mirae Asset Daewoo Research
Mirae Asset Daewoo DAILY
.

- .
, Zingales .
5% .
.
.
ETF .
3333. . . . 4444. . . .
: : Bloomberg,

ETF
. ETF
iShares US preferred Stock ETF(S&P US Preferred Stock Index ).
ETF ( ) 2009 3 20165
4 . ETF
. 2011 +297.75% +658.4%
3.9 . .
5555. . . .
: iShares, Bloomberg,
5 7
13 15
ETF Index Level
ETF . 2012 1 4
5.7%, +1.6% 2 3 0.6%, +0.8%
.
1111 2222 3333 4444 5555 6666 7777 8888 9999 10101010 11111111 12121212
2012 7.07 3.04 0.18 0.22 -1.17 2.42 1.51 1.48 0.73 1.01 0.18 0.39
2013 1.34 0.53 1.12 1.05 -0.66 -2.2 .0.54 -2.19 0.68 0.93 0.32 -1.29
2014 2.96 2.28 1.75 1.84 1.25 0.61 -0.5 1.79 -0.82 1.07 1.23 -0.12
2015 1.32 0.97 0.3 0.01 -0.01 -1.01 1.36 -0.75 -0.69 2.16 0.66 -0.1
2016 -0.98 0.06 2.38 0.88
(2012~2015)(2012~2015)(2012~2015)(2012~2015)
3.23.23.23.2 1.71.71.71.7 0.80.80.80.8 0.80.80.80.8 ----0.10.10.10.1 0.00.00.00.0 0.80.80.80.8 0.10.10.10.1 0.00.00.00.0 1.31.31.31.3 0.60.60.60.6 ----0.30.30.30.3

5.75.75.75.7 0.60.60.60.6 0.80.80.80.8 1.61.61.61.6
: Bloomberg,
iShares US preferred Stock ETF 82.9%
. , , 3.8%, 3.5%, 2.5%
. ETF 300 239 .
6666. . . . 7777. . . .
: iShares, : iShares, `
ETF
.
2008 , 2008

. 2008
,
.
.
.
82.9
3.8
50
100
150
200
250
300

()

.
.
iShares US preferred Stock ETF .

. , 1 4
ETF index
.
,
.
. .
SUMMARY
2015 .
, 11% .
12% .
23% .

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, .
5% 4% ,
.
() ,
( , ,
, ) .
‘ ’,
‘ ’ .
,
.
1. 2.
: Bloomberg,
) 5 6
: Bloomberg,
Global Focus ,
2016.5.10

1 ,
(Limited overweight)
[]

02-768-4180
[email protected]
-10
-8
-6
-4
-2
0
2
4
6
.
(demand-side) , (supply-
side) .

, -
.
‘ (Limited overweight)’
.
1. ETF (%) ( 2016.05.06 )
ETF NAV
() 1 1 3 6 1
ISHARES MSCI INDONESIA ETF EIDO US Equity 501 -2.99 -4.27 1.50 6.01 -12.84 -2.99 7.33
MARKET VECTORS INDONESIA IDX US Equity 110 -3.33 -4.63 1.86 3.19 -15.12 -3.33 7.33
MARKET VECTORS INDONESIA SMA IDXJ US Equity 6 0.00 -0.56 13.94 -2.15 -31.26 0.00 5.28
: Bloomberg,
1)
4 PMI 50.9pt , 3(50.6pt)
. 2014 9 (50pt)
, 3 50.6pt 18
. 4 .
.
, 3 4
.
, .
3. 18
: Nikkei, Markit,
Global Focus 2016.5.10
PMI .
2014 ‘(Mineral
Ore) ’ .
.
2)
1
2
, .
//
.
2014
.
2014
, 2014~2015 1
.
, PMI
(2015 3: 46.4pt) .
(50pt) ,
(Input-Output)
.
( 6)
, .
PMI ,
.
.
4. 5.
: CEIC, : CEIC,
-8
-6
-4
-2
0
2
4
6
8
10
12
14
-150
-100
-50
0
50
100
150
13.1 13.5 13.9 14.1 14.5 14.9 15.1 15.5 15.9
(%,YoY)(%,YoY) (L) (L) (R)
-10
-5
0
5
10
15
45
46
47
48
49
50
51
52
53
54
55
56
(%,YoY)(pt) PMI (L)
(6 ) (R)
Global Focus 2016.5.10
3)
68% . 2
,
.
3 9.6% 1(12.9%) 2(9.9%)

.
.
2013
,
7(-27.6%) .
.
6. 7.
: CEIC, : CEIC,
8. 3 9.
: CEIC, : CEIC,
20,000
40,000
60,000
80,000
100,000
120,000
140,000
-60
-40
-20
0
20
40
60
80
(L)
(%,YoY)
(%,YoY)(index) (R)
(R)
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
05 06 07 08 09 10 11 12 13 14 15 16
(%,YoY)
. 3
109.8pt 1~2
9(97.5pt)
.
,
.
4) 1 GDP
1 GDP 4.92%
. 4(5.04%) ,
-0.34% 4(-1.83%) .
.
10. 1 –
: CEIC,
1) 4.94% 4
. 4
, 68%
,
.
2) 5.57%
. 4(6.89%) , 5%
GDP
.
3)
. 3
,
.
-10
-8
-6
-4
-2
0
2
4
6
8
10

GDP
(%,YoY) 2015.1Q 2015.2Q
11. 12. ,
: CEIC, : CEIC,
2.93% 4(7.31%)
.

.
1
.
.
13. 14.
: CEIC, : CEIC,
,
.
. .
3
4
5
6
7
(%,YoY) GDP

(%,YoY) GDP

0
50,000
100,000
150,000
200,000
250,000
300,000
1 2 3 4 5 6 7 8 9 101112
()
(%,YoY)
. 200MA+
. , 60MA(1964.8p) , Stochastic
slow .
4 120MA(1955.93p) .
, .
, . ,
,
+ PR .

. , 4 GEM ,

. .
2 ECB QE -
. K200ETF ,
ETF
PR .
6
.
. 3
. .
Check 1. /:
Check 2.
K200 (-0.47p) ,
(-0.61p).
(- +0.89),
60MA .
,
. 200MA+
. , 60MA(1964.8p) , Stochastic
slow .
4 120MA(1955.93p) [ 1].
‘ ’ . ,
(2022p) .
(). ,
5MA(1980.65p) .
, .
, . ,
,
+ PR .
. .
-1,114 . /
+50%/+29% , +12%/+32%
. .
11
.
1. 120MA. 3 2. .
:
: KRX, KOSCOM,
: () – X 2.0
: KRX, KOSCOM,
60MA , Stochastic
. 120MA.

. ,

-800
-600
-400
-200
200
400
400
700
1000
1300
1600
1900
() () 3 4

2016.5.10
4 28~5 4 GEM +693 .
, -1,806
,
, .
.
. , PR
+139
. , ECB QE - . ,
. 4
/ LP ,
K200ETF (PR ) .
ETF
,

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.
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.
4 +1,508 -1,374 . ,
. 4 -20,789
.
4 22 -24,276 , -1,684
. +13,222 PR
-13,222
. , +11,079
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(-14,758, -10,143) .
,
. 3 8 +12,558 (
+8,743) . ,
‘13 9 ,
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-

.

2016.5.10
T IGER200 -35 -0.14% 919 21,423 0.76% NAV 24,245 24,230
KODEX 200 -40 -0.17% 5,982 66,761 7.94% (ETF-NAV )% -0.16% -0.23%
T IGER200 KODEX 200 T/E 0.00% 0.00%
/100 242.05 241.75 242.23 242.55 242.26 () 600 0
e ff.de l ta 0.32 0.37 0.73 0.74 0.78 () 350 2,000
di ff/bas is -0.07% -0.20% 0.00% 0.32 0.03 () 66,700 195,400
1 : effective delta() = ETF /KOSPI200
2 : = (C-P)+X exp[-rt], = (C-P)exp[rt]+X, , --
3 : / - KOSPI200 /,
4 : TE(tracking error)=[(NAV /(KOSPI200X100))-1]X100(%)
T IGER200() () KODEX 200
(: )
60,763 19,305 7,230 140 1,043 174 544 220
63,435 17,534 7,252 44 324 190 391 261
69.4% 20.6% 8.1% 0.1% 0.8% 0.2% 0.5% 0.3%
-2,672 1,771 -22 96 719 -16 153 -41
-26,157 12,719 20,087 532 -10,106 233 1,659 911
-2.15% 4.81% -0.15% 52.17% 52.60% -4.40% 16.36% -8.52%
:
(%)=(/(+))X100,

242.84 243.20 244.00 245.10 0.65
243.11 243.45 244.00 245.10 0.65
241.63 242.10 242.85 245.10 0.65
242.23 242.55 243.15 245.10 0.65
-1.08 -0.80 -0.85 - 0.00
- 242.57 243.32 244.29 0.75
* 98,228 86,757 292 - 5
** 4,058,550 10,523,303 35,501 - 1,213
- 118992 (549) 7207 (316) 2448 (36) -
*** 1.61% (CD) 0.00 0.22 0.22 -
0.91 0.78 -
0.357
0.300
: (* , ** *** )
KSPL6L9S
= / , KSPL6L9S : 6 9
1 ,
KOS P I200 1606 1609 1612
2016.5.10
,
.
. .
(:)
/ /
-965 -529 321 -201 -462 -82 323 -55
1,011 138 -582 441 -170 -485 -48 306 -270
PR 24 11 13 -12 0 0 0 0 25
PR -1,036 -1,114 40 -108 -31 23 -34 17 190
33.9% 85.7% 13.9% 2.9% 1.1% 4.6% 0.8% 0.1% 4.5%
0 33,536 -45,533 -13,883 -4,992 -26,528 -2,278 15,440 3,075
-6,985 -7,593 -11,681 -933 -1,664 -9,188 -1,397 15,685 2,213
PR -1,209 834 -2,043 -699 85 -1,466 0 0 37
PR 8,194 40,296 -31,809 -12,251 -3,412 -15,874 -881 -244 825
: K200
= - PR - PR
= PR +/ PR +, PR

(: )

223,190 181,381 169,210 0 148 10 9,760 0
225,125 164,048 184,714 0 178 40 9,593 0
38.4% 29.6% 30.3% 0.0% 0.0% 0.0% 1.7% 0.0%
-1,935 17,333 -15,504 0 -30 -30 167 0
35,711 79,428 -113,269 0 -753 -142 -465 5

268,233 167,102 111,162 0 10 904 251 5,571
264,554 166,045 116,714 0 63 46 269 5,542
48.2% 30.1% 20.6% 0.0% 0.0% 0.1% 0.0% 1.0%
3,679 1,057 -5,552 0 -53 858 -18 29
195,551 -122,362 -59,489 0 374 -1,794 -1,468 -10,812
:

247.5 245.0 242.5 240.0 237.5 245.0 242.5 240.0
(p) 0.10 0.45 1.31 2.83 4.86 2.14 3.38 4.90
(p) -0.23 -0.45 -0.74 -0.91 -0.93 -0.55 -0.66 -0.67
(%) 13.50 13.90 14.00 14.00 12.50 11.20 11.70 12.20
( ) 154,143 145,000 92,366 20,624 456 2,096 723 137
( ) 41,345 24,048 13,280 4,010 634 4,893 799 4,081
(p) 5.37 3.19 1.55 0.60 0.17 4.58 3.34 2.36
(p) 0.64 0.38 0.10 -0.05 -0.07 0.26 0.18 0.07
(%) 14.70 14.10 14.20 14.50 14.70 11.20 11.80 12.30
( ) 848 21,288 104,370 137,714 108,852 198 788 2,723
( ) 12,795 14,016 19,137 34,202 45,124 4,750 2,250 8,130
: , CHECK II
P u t
Ca l l
1605
1 0.1% . 50%
100 . 1) 1 2.0%
, 2) 1 1 40
.
22.0%, 22.4%
. CGV 1 893 98% , 93
( 5 ). CGV 71.9% 318
. 372.7% 52 .
4D 1 70.7%
, 13 5 .
4 .
. 4 21%, 24% .
5 ‘2’, ‘’
. 4 27 12 700
. ‘: ’
5 26 . ‘3’ 6
.
3D IMAX
(ATP) . 3 ATP
. ATP 2-3% .
.
, , .
, .
2018 2019 CGV IPO
. 1
15 .
(%) 8.8 8.2 8.0 7.8 8.3 8.4
() 43 33 58 55 63 68
EPS () 2,062 1,572 2,727 2,608 2,997 3,199
ROE (%) 10.3 7.2 11.6 10.1 10.6 10.3
P/E () 21.1 34.3 46.2 43.9 38.2 35.8
P/B () 2.0 2.4 5.1 4.3 3.9 3.5
: K-IFRS
(16F,) 73
70
90
110
130
150
170
190
1. (, %)
1Q15 2Q15 3Q15 4Q15 1Q16P 2Q16F 3Q16F 4Q16F 2014 2015 2016F
204 202 277 214 204 207 305 214 865 897 931
134 133 190 136 136 141 211 143 582 594 632
36 33 50 35 37 35 57 38 147 154 167
20 22 25 27 20 20 20 20 81 93 81
14 14 12 16 11 11 17 12 55 56 52

65.9 65.9 68.6 63.6 66.6 67.9 69.2 67.0 67.3 66.2 67.8
17.5 16.4 18.1 16.4 18.0 16.9 18.5 17.9 17.0 17.2 17.9
9.8 10.7 8.9 12.7 9.9 9.7 6.7 9.5 9.3 10.4 8.7
6.9 7.0 4.5 7.3 5.5 5.5 5.5 5.7 6.4 6.3 5.6
20 7 38 7 10 9 45 9 71 72 73
9.8 3.4 13.7 3.2 4.9 4.2 14.8 4.4 8.3 8.0 7.9
16 9 32 2 9 6 34 6 33 58 55
7.6 4.3 11.5 0.8 4.6 2.9 11.1 2.8 3.8 6.4 5.9
YoY
-3.0 12.3 4.0 2.8 0.1 2.6 10.3 0.1 11.8 3.7 3.8
-5.1 11.3 3.2 -0.3 1.2 5.7 11.4 5.3 13.8 2.1 6.4
-1.2 13.3 7.4 -0.1 2.8 5.9 13.2 9.3 7.4 4.7 8.3
17.7 10.8 8.0 25.9 1.3 -6.8 -17.2 -25.3 3.3 15.5 -13.2
-10.6 22.1 -4.8 4.3 -20.0 -19.5 36.7 -22.1 17.6 1.6 -8.0
14.7 -6.3 -1.0 -19.1 -50.0 26.6 19.7 37.9 3.9 0.2 2.5
33.0 134.9 18.5 -39.8 -30.1 6.6 245.1 -23.6 73.4 -4.3
: K-IFRS
: CJ CGV,
2. (, %, , )
1Q15 2Q15 3Q15 4Q15 1Q16P 2Q16F 3Q16F 4Q16F 2014 2015 2016F
50 45 73 49 49 46 77 51 215 217 223
CGV 25 22 35 24 24 22 37 24 104 106 108
18 16 26 18 18 17 28 19 78 79 82
M/S 48.9 49.7 48.3 48.3 48.1 48.2 48.3 48.4 48.6 48.7 48.2
32.2 23.8 37.3 24.9 24.8 23.1 38.9 25.5 29.2 28.3 28.1
34.7 25.8 39.3 26.3 25.8 24.1 38.9 26.3 32.0 30.2 28.8
27.0 19.6 32.7 21.3 22.0 20.5 34.3 22.5 23.2 24.0 24.8
80 80 83 87 90 91 92 93 78 87 93
47 46 45 41 39 38 37 36 47 41 36
629 628 643 674 700 708 716 723 611 674 723
336 330 326 301 278 271 264 257 338 301 257
ATP() 7,567 8,203 7,483 7,640 7,638 8,232 7,669 7,702 7,608 7,690 7,810
SPP() 1,989 2,024 1,957 1,962 2,051 2,052 2,053 2,056 1,912 1,980 2,053
: CJ CGV,
3. 2016~2017 (, , %, %p)

2016F 2017F 2016F 2017F 2016F 2017F
932 982 931 981 -0.1 -0.1
75 80 73 81 -2.7 1.3
70 78 71 82 1.4 5.1
54 60 55 63 1.9 5.0
EPS () 2,548 2,846 2,608 2,997 2.4 5.3
8.0 8.1 7.8 8.3 -0.2 0.1
5.8 6.1 5.9 6.4 0.1 0.3
: K-IFRS
:
1 30% .
1
. 7 44.4%
.
GP
. 1
.
1 11.6%, 44.4% .
1) (+PC) 26.3% . PC
20.4% ( 10~20% ). Hmall
11, G,
.
. ,
.
2) GP .
. GP 2~3%p 1 GP 1%p
. 1) , 2) TV , 3)
GP OP .
3% 1~2%p .
3) 2.1%p . 1) 2)

.
2 6~7% 1
. GP
. 15%
. 2 47.6%
.
(%) 20.1 18.1 16.7 12.5 15.2 15.9
() 104 195 126 97 119 132
EPS () 8,664 16,290 10,462 8,113 9,927 10,966
ROE (%) 11.3 18.4 10.8 8.1 9.2 9.4
P/E () 14.0 11.4 13.2 14.2 13.3 12.0
P/B () 1.5 1.9 1.4 1.1 1.2 1.1
: K-IFRS ,
: ,
KOSPI
185,000 . 1
. 1
.
1) 6~7% , 2) GP , 3) .
, .
. PER 2 . 1
.
(A) Consensus (B) (A/B)
() 787 853 879 871 11.6 3.0
() 210 248 233 231 227 10.7 -6.2 2.7
() 29 32 41 33 32 44.4 29.4 31.2
(%) 13.6 12.9 17.8 14.1 13.9 4.1 4.9
() 36 33 50 37 44 38.9 50.3 13.0
() 28 24 39 28 34 41.3 60.9 15.0
: , Bloomberg, (K-IFRS )
2. (, %)
2015 2016F
2015 2016F 2017F (%)
1Q15 2Q15 3Q15 4Q15 1Q16P 2Q16F 3Q16F 4Q16F 1Q16 2016F 2017F

787 775 768 853 879 831 817 906 3,184 3,432 3,650 11.6 7.8 6.3
TV 470 454 436 470 496 465 447 481 1,829 1,889 1,946 5.5 3.3 2.9
129 143 162 176 173 179 194 212 611 758 910 33.5 24.0 19.5
156 149 142 178 188 163 154 190 625 695 716 20.4 11.3 3.0

TV 59.7 58.6 56.7 55.0 56.4 56.0 54.7 53.1 57.4 55.0 53.3
16.4 18.5 21.1 20.7 19.6 21.6 23.8 23.4 19.2 22.1 24.9
19.9 19.2 18.5 20.8 21.4 19.7 18.8 21.0 19.6 20.3 19.6

210 216 216 248 233 230 229 262 891 953 1,011 10.7 7.0 6.1
201 205 192 222 216 215 201 233 820 866 912 7.3 5.5 5.4
29 26 24 32 41 38 28 37 111 145 161 44.4 30.5 11.2
25.6 26.4 25.0 26.0 24.6 25.9 24.6 25.7 25.8 25.2 25.0
3.6 3.4 3.1 3.7 4.7 4.6 3.4 4.1 3.5 4.2 4.4
: , Bloomberg, (K-IFRS )
1. GP 2. OP
: , : ,
2
4
6
8
19
20
21
22
23
24
25
1Q16 1,735(+49.1% YoY), 131
(+71.7% YoY), 7.5% .
+17.9%, +32.7% .

. (+100% YoY)
+53.5% YoY 22%
. +3.0%p 9.1% ,

. ,
.
. +32.2%
YoY 4Q15 .
+36.9% YoY
.
( 74, -2.2% YoY, -3.6% QoQ).
+102.4% (-42).
.

. ,
P, Q
.
2016F +33.1% YoY ,
+117.1% ( 8.5% ).
,
.

. 20 .
(12) 12/13 12/14 12/15 12/16F 12/17F 12/18F
() 379 334 533 754 957 1,118
() 35 24 36 59 79 95
(%) 9.2 7.2 6.8 7.8 8.3 8.5
() 22 17 21 44 58 71
EPS () 0 2,230 2,361 4,898 6,461 7,906
ROE (%) 25.5 18.9 23.8 37.8 36.0 32.5
P/E () - 44.7 77.9 31.6 24.0 19.6
P/B () - 11.1 16.9 10.3 7.4 5.6
: K-IFRS ,
: ,
70
90
110
130
150
170
1Q15 4Q15
1Q16P
116 136 173 143 147 49.1 27.8
8 5 13 10 10 71.7 160.2
(%) 6.5 3.7 7.5 6.9 6.7 15.2 103.6
6 3 11 7 8 88.7 241.4
4 1 9 5 6 92.5 697.0
: ,
2. (, %)
16F 17F 16F 17F 16F 17F
712 914 754 957 5.9 4.7 -
58 74 59 79 1.4 5.7 -
54 69 54 72 -0.1 4.2
44 56 44 58 0.3 3.0
: ,
1Q15 2Q15 3Q15 4Q15 1Q16P 2Q16F 3Q16F 4Q16F
116 148 133 136 173 195 167 219
81 102 89 100 124 130 117 124
43 60 51 49 57 71 52 98
0 0 1 0 0 1 1 2
0 0 0 1 3 5 8 9
%, YoY
%, 6.5 9.3 7.1 3.7 7.5 8.8 7.4 7.7
%, YoY -8.0 23.4 94.1 17.4 71.7 23.7 30.2 234.9
4 9 7 0 9 12 9 11
%, 3.4 6.4 5.5 0.3 5.0 6.0 5.2 4.9
%, YoY -40.9 32.7 113.7 -79.7 117.3 23.1 17.1 2,536.7
: ,
2016 1 192(YoY +45.5%, QoQ +12.5%),
7 (YoY – 51.1%, QoQ -63.5%, OPM +3.8%) 6
. , 2Q15 156 4
.
1Q16 7, 3.8% ,
. CCTV
. 1
20 . 2
, 1 AHD
.
Fabless . Fabless
FAB(Fabrication) '~ ' less
.
capex ,
.
2014 2 AHD(Analog High Definition)
. AHD 70~80 ,
AHD 1Q16 192 . 72%
CCTV . 1
1 , HD CCTV
.
2016 803 (YoY +27.1%), 103(YoY
+29.4%) . 16F P/E 9.0x . 2
. , 15
370 2016 4 108
, .
(12) 12/12 12/13 12/14 12/15 12/16F
() 531 367 359 632 803
() 3 -119 -27 79 103
(%) 0.6 -32.4 -7.5 12.5 12.8
() 34 -186 -19 85 113
EPS () 252 -1,399 -143 637 850
ROE (%) 5.0 -32.0 -4.0 16.6 18.6
P/E () 27.4 - - 9.2 9.0
P/B () 1.4 0.8 0.9 1.4 1.5
: K-IFRS ,
: ,
KOSDAQ
(: )
() ( -527.3 / 5 -9317.5) () ( -978.9 / 5 877.3)
5 5 5 5
336.4 -1,721.1 -340.6 -687.9 542.9 660.8 -581.5 -512.2
239.2 -20.5 -301.3 -1,505.3 394.1 -114.8 -485.5 545.6
227.3 64.5 -247.2 49.2 42.8 375.2 -356.1 158.9
132.5 84.9 -157.6 -3,311.9 18.4 54.1 -294.9 -321.7
130.2 572.9 -127.8 -542.7 11.8 357.9 -184.8 -237.2
() ()
5 5 5 5
313.0 -2,663.7 SK -333.6 -515.4 NAVER 565.8 608.1 POSCO -336.5 366.4
KODEX 230.4 1,381.2 -229.0 -45.5 354.1 -26.9 LG -228.5 -96.1
174.2 -13.0 KODEX -157.9 -1,130.6 KT&G 141.7 160.0 LG -213.4 -239.4
KT 144.9 442.6 POSCO -156.1 -651.2 111.3 145.2 SK -211.0 -462.9
103.7 129.7 NAVER -153.0 -244.3 104.8 101.3 -181.9 -20.1
LG 95.4 -6.0 -144.9 -15.7 98.0 24.7 -137.9 81.8
93.3 121.9 -133.2 34.8 LG 90.0 231.7 -137.7 -558.8
93.2 47.4 KODEX 200 -116.1 -1,646.4 88.0 0.3 -127.0 52.3
CJ CGV 73.7 29.1 -108.8 171.3 SDI 85.0 544.6 S-Oil -121.0 -146.4
70.9 25.4 KT&G -97.9 -166.7 KODEX 200 84.7 1,479.2 LG -117.1 147.4
(: )
() ( 253.4 / 5 155.1) () ( -559.3 / 5 -552.4)
5 5 5 5
110.1 188.0 , -21.2 -81.7 68.4 107.2 -126.9 82.2
106.5 179.8 , -13.7 -38.3 63.6 93.9 IT -84.3 -62.6
78.3 -17.9 -12.3 45.7 , 54.4 31.2 -72.7 -483.7
, 59.5 -34.7 -12.3 41.6 , 9.5 97.9 , -71.4 -37.8
27.4 219.9 -11.9 14.0 4.9 13.3 -45.9 -118.5
() ()
5 5 5 5
CJ E&M 94.0 195.0 SK -16.1 -40.7 66.3 51.8 -94.0 -477.2
78.9 -6.3 -11.8 -1.1 CJ E&M 60.6 83.1 -34.1 59.5
40.1 -62.9 -10.9 -22.4 22.8 42.1 -32.7 11.8
33.7 88.0 -10.0 -6.5 15.5 7.9 -31.8 -39.2
11.1 -2.0 -9.0 -18.8 14.0 -0.1 -31.0 2.0
10.9 29.0 -8.8 12.6 13.6 81.2 -27.5 9.7
CJ 9.6 0.1 -7.5 -47.8 10.0 16.3 -22.8 -63.5
9.5 33.4 -6.8 -24.1 9.7 5.8 -18.5 -3.8
8.1 -65.2 -6.7 -8.4 8.8 65.3 SK -17.5 39.2
8.0 -2.9 -6.1 5.9 KG 7.0 77.4 -13.1 -46.2
,
5: CHECK ( , 5), 5 (-)

02-768-2601
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KODEX 200 4,611.3 -6,375.1 CJ 4,354.1 NAVER -6,607.0
TIGER 200 4,419.9 -6,061.1 3,313.5 LG -5,289.0
4,323.8 -6,053.6 3,238.3 SK -4,491.5
3,499.3 NAVER -4,810.0 G 3,201.9 -4,177.8
SK 3,455.6 -4,658.4 3,149.4 LG -3,832.9
2,912.3 -3,980.4 3,027.2 GS -3,494.1
KT 2,321.9 SK -3,723.8 2,872.0 -3,322.5
2,320.6 -3,420.9 2,465.1 -3,173.7

KODEX 6,497.2 TIGER -7,377.0 3,955.5 SK -8,182.1
KODEX 200 1,487.3 TIGER (H) -2,584.7 KODEX 200 3,643.2 POSCO -7,767.7
POSCO 1,086.7 KT&G -1,759.6 3,463.5 KOSEF -7,011.9
848.2 KODEX -1,746.6 2,816.9 -4,413.2
744.8 KT -951.9 2,604.5 -3,413.6
LG 631.6 -847.6 LG 2,236.8 -3,343.1
568.6 -833.8 GS 2,150.3 KT&G -3,169.8
LG 528.6 SKC -828.1 2,029.2 SK -2,504.0
506.3 -728.7 1,989.9 -2,348.5
CJ 472.1 -710.7 1,769.8 -2,334.6
(: )

1,083.0 5,974.7 KODEX -162.6 -15,789.0
LIG 1,605.2 4,893.3 -13,771.8 -343.3
2,478.1 3,081.5 -4,650.8 -7,130.3
3,852.6 158.1 SK -6,736.3 -3,271.5
,
(-)
(: )

CJ E&M 3,675.0 -435.8 865.9 -616.9
1,246.4 -407.4 SK 798.6 -568.8
CJ 1,028.2 -381.5 791.1 -444.6
GS 607.9 -374.1 732.9 -412.6
542.3 -369.1 608.9 -384.2
477.2 -347.6 500.6 -319.5
408.7 -346.1 473.8 -298.7
407.3 -337.5 415.6 -281.2
TV 384.1 -333.6 395.8 -257.8

SK 792.5 -365.5 CJ E&M 1,209.9 -435.6
CJ E&M 553.6 -244.5 747.1 CJ -432.7
550.5 -190.5 629.0 -405.9
378.4 -90.6 576.0 -364.6
245.2 -86.1 428.9 -337.5
201.5 KH -82.4 413.5 -288.2
192.8 -72.8 312.7 -246.5
108.2 -49.0 299.1 SK -216.9
85.3 -43.3 AP 254.1 -212.7
QnC 54.7 -21.0 KG 234.8 -196.6
(: )

CJ E&M 6,061.7 9,397.8 -3,096.7 -877.6
6,632.4 575.6 SK -1,745.9 -1,605.8
2,279.8 4,009.2 -2,752.2 -64.2
995.4 1,091.0 -492.7 -1,179.0
1,362.5 676.0 -381.1 -996.5
431.1 952.9 AP -508.0 -534.8
420.4 800.3 -474.7 -509.4
KG 698.4 261.1 -207.7 -752.9
GS 168.5 627.5 -808.2 -106.4
288.0 479.4 -387.2 -488.1
,
(-)
05/09 () 05/04 () 05/03 () 05/02 () 04/29 ()

20 98.52 98.96 99.48 99.09 99.90
60 100.15 100.65 101.22 100.87 101.73
() 53,030.4 50,560.7 38,135.0 38,792.0 53,347.6

40 30 30 30 30
ADR 88.07 95.10 92.99 98.70 98.81
VR 50.44 54.07 68.87 70.00 69.34
05/09 () 05/04 () 05/03 () 05/02 () 04/29 ()

20 99.18 99.50 100.13 98.94 100.30
60 101.81 102.18 102.87 101.67 103.08
() 29,692.8 35,995.1 36,054.9 34,807.1 31,693.6

50 60 60 60 60
ADR 90.35 94.53 91.69 98.78 99.22
VR 98.68 99.99 127.30 100.87 102.48
05/09 () 05/04 () 05/03 () 05/02 () 04/29 () (3, %) 1.41 1.43 1.45 1.47 1.45
AA- (3, %) 1.84 1.87 1.88 1.90 1.89
/ () 1,165.80 1,154.30 1,140.20 1,137.80 1,139.30
/100 () 1,083.86 1,077.98 1,076.88 1,067.96 1,061.79
CALL(%) 1.48 1.47 1.48 1.48 1.49
(, ETF) - 307 194 -359 58
(, ETF) - 79 -239 -38 -15
() - -6 14 38 -17
() - -596 2,600 3,154 5,626
MMF () - 1,109,659 1,105,047 1,075,875 1,076,918
() - 233,251 229,095 232,346 228,926
() - 6,883 -1,765 4,362 -3,724
() - 1,740 1,677 1,744 1,683
() - 71,817 72,050 71,855 71,709
ETF 05/09 () 05/04 () 05/03 () 05/02 () 04/29 ()
ETF() - 0.0 -389.3 0.0 0.0
ETF() - -7.9 105.7 92.1 599.2
ETF() - -17.9 0.0 0.0 12.0
() ETF() - 3.9 13.2 11.9 37.0
Total() - -21.9 -270.4 103.9 648.2
() -1362.6 633.5 -359.9 -930.7 265.0
* ETF 1) , , ETF , 2) ETF .
100%

02-768-4142
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