Microsoft Word - 101110_Leisure.doc20,000 25,000 30,000
0
500
1,000
1,500
2,000
2,500
09.10 10.02 10.06 10.10 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000
KOSPI() CJ()
(p) ()
Cycle
,
.
.
/
. /
Cycle
. /
Re-rating .
Top Picks: GKL(, 31,000), CJ CGV(, 40,000)
Top Picks GKL CJ CGV
. GKL Inbound
Mass VIP . 2010

. CJ CGV
.
. GKL
, 31,000 CJ CGV ,
40,000 .
Analyst
0
20,000
40,000
60,000
80,000
01 02 03 04 05 06 07 08 09 10F 11F 12F 0
2
3
5
() ()
: IMF,

, .
,
.
2
I. : ...........................6
1. , ........................................................ 6
2. ............................................ 7
3. 20% , ........................... 8
4. ........................ 9
II. : ! ............................. 12
1. Cyclical Period , .............................12
2. Consolidation ........................13
3. .......................................14
4. ............................................................15
5. ! ...................................................17
6. ..............................................18
. : 5 .......................................22
1. 3 2010.......................................... 22
2. 2011, ................................... 23
3. 5 ............................... 24
4. , (Inbound) ............... 25
GKL (114090//TP 31,000).......................................................27
1. Re-rating , ?
,
.
.
CJ CGV .
CJ CGV
.

.
CJ CGV
. /
Cycle .
/ Re-rating .

. 2008 2
. 5 5.7%

.
.

Re-rating
1. ROE, PBR 2. ROE, PBR

GKL
PBR ()
ROE
6915 5664/
3. PBR, ROE 4. PER
Expedia
ROE
()
1. / (: , %)
ROE PBR EPSG PER
LVS US Equity LAS VEGAS SANDS CORP -1.6 6.1 1,235.7 148.5 3.3
1928 HK Equity SANDS CHINA LTD 8.7 4.9 121.2 67.1 11.5
WYNN US Equity WYNN RESORTS LTD 4.4 4.5 532.3 88.3 8.6
1128 HK Equity WYNN MACAU LTD 91.8 24.5 84.4 43.5 17.2
GENM MK Equity GENTING MALAYSIA BHD 13.5 2.0 -4.3 15.4 35.3
880 HK Equity SJM HOLDINGS LTD 24.8 6.3 229.3 29.1 2.8
MGM US Equity MGM RESORTS INTERNATIONAL -50.7 2.1 -175.5 - 7.6
035250 KS Equity KANGWON LAND INC 22.2 2.9 21.9 14.1 38.5
27 HK Equity GALAXY ENTERTAINMENT GROUP L 6.7 3.6 132.5 54.7 3.0
MPEL US Equity MELCO CROWN ENTERTAINME-ADR -4.6 4.2 85.9 - -20.4
114090 KS Equity GRAND KOREA LEISURE CO LTD 69.6 7.1 - 13.1 21.0
034230 KS Equity PARADISE CO LTD 7.7 0.8 - 10.5 8.3
PVRL IN Equity PVR LTD 0.5 1.4 1,704.6 301.5 3.6
INOL IN Equity INOX LEISURE LTD 8.8 1.4 - 17.2 8.3
CKEC US Equity CARMIKE CINEMAS INC -94.8 37.4 - 58.9 8.7
MAJOR TB Equity MAJOR CINEPLEX GROUP PCL 11.8 2.1 66.7 18.9 4.6
KIN BB Equity KINEPOLIS 21.5 2.6 37.0 12.6 13.8
079160 KS Equity CJ CGV CO LTD 19.1 3.0 102.7 15.6 14.1
CCI PW Equity CINEMA CITY INTERNATIONAL NV 15.2 2.7 21.9 18.5 14.3
AHD AU Equity AMALGAMATED HOLDINGS LTD 14.5 1.4 -8.1 9.5 9.1
CNK US Equity CINEMARK HOLDINGS INC 15.1 2.2 53.2 12.7 13.4
EXPE US Equity EXPEDIA INC 17.1 2.8 24.3 17.2 22.8
CTRP US Equity CTRIP.COM INTERNATIONAL-ADR 21.9 7.8 47.8 51.4 34.6
LONG US Equity ELONG INC-SPONSORED ADR 2.3 6.1 450.0 209.9 3.0
PCLN US Equity PRICELINE.COM INC 50.6 13.5 45.7 46.2 20.1
TT/LN Equity TUI TRAVEL PLC -0.5 1.2 -7.2 233.6 2.9
039130 KS Equity HANA TOUR SERVICE INC -5.4 5.9 - - 0.3
002033 CH Equity LIJIANG YULONG TOURISM CO-A 2.9 5.7 -24.6 219.7 40.5
080160 KS Equity MODETOUR NETWORK INC 2.4 6.0 96.0 248.7 0.4
: Bloomberg
2. Top Picks: GKL(, 31,000) CJ CGV(, 40,000)
Top Picks GKL CJ CGV .
GKL Inbound Mass
VIP . 2010 VIP Junket
.
.
CJ CGV
.
CJ CGV
.
GKL , 31,000 CJ CGV
, 40,000 .
Top Picks
GKL(, 31,000)
2. (: , )
10F PER 11F PER
GKL 114090 31,000 26.6 15.8 3 ,

CJ CGV 079160 40,000 14.2 9.9 ,
ROIC 2
035250 32,000 12.9 11.2

039130 71,000 24.7 19.6 ,

080160 49,000 19.0 14.2 ,
&
: IBK
1. ,
2005 2009 4 9.3%
.
. 38
.
2009 VIP Mass
. , VIP

() .
, , ,
.
2008 ,

. 2009~2010
4.7% .
2010 4.1% .
. ,
, VIP ,
.
2015 5
5 .
,

5. 6.
0
100
200
300
400
20
40
60
() ()
100
200
300
: , IBK : , IBK
7

,
. 100% 200% ,
70% 100% .
(Side Betting) .

, .

. ,

.
2010 . 9
2012 3 .
.

. 2004
.

7. Wynn Macau ,
0
20
40
60
()
1. Wynn Macau 6 FY10 ,
2. Wynn Macau VIP (Wynn Macau Junket )
3. Wynn Macau
4. 1HKD=142.68
: , Wynn Macau, , IBK
8
3. 20% ,
. ( , Drop)
()
.
.

.
. VIP
VIP Junket . Junket
Drop
. (Mass)
.
8.
-20
0
20
40
60
0
4
8

: , IBK
9. 10. (Mass)
0
5
10
15
20
25
30
(%)
(%)
: , IBK : 6 10 , 10
: ,
,
.
.
2012 4% 2012
.
,
.
.

.
.
.
.
Inbound .

. 2009
728 2014 1,200 ,
Inbound .
2006
. 1
.
,
.
.

()
1.
* , 10. 12
* , , 10. 12
2.
* : ‘10 496 , 10. 12
3.
4. 10. 12
5.
* 11. 3
* , 11. 3
:
6915 5664/

. 15%~25%
VIP VIP 20%
. VIP
.

.

Junket VIP
.
,

11. 12.
0
40
80
120
160
200
98 99 00 01 02 03 04 05 06 07 08 09 0
5
10
15
20
0
200
400
600
800
98 99 00 01 02 03 04 05 06 07 08 0
4
8
12
: , : ,
13. 14. GKL
0
2
4
6
8
10
98 99 00 01 02 03 04 05 06 07 08 09 0
4
8
12
16
0
10
20
30
40
50
99 00 01 02 03 04 05 06 07 08 09
GKL (%)
11
6915 5664/
.

.
(
) 2009 .
.
, .
.

.

, VIP
.


15. Outbound 16.
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
01 02 03 04 05 06 07 08 09 10F 11F 12F
()
0
1
2
3
4
5
6
01 02 03 04 05 06 07 08 09 10F 11F 12F
()
17. 18.
0
400
800
1,200
1,600
40
80
120
() (10 MOP)
()
: UNWTO, , Macau Government Tourist Office, IBK : UNWTO, , IBK
12
II. : !
1. Cyclical Period ,
1,600~1,700 2006
. 2002 2005
,
.
, 2009 8
. 4 3D
2
.

,
19.
0
200
400
600
800
1,000
02 03 04 05 06 07 08 09 10 0
30
60
90
120
: , CJ CGV
20. , ,
0
500
1,000
1,500
2,000
98 99 00 01 02 03 04 05 06 07 08 09 0
2
4
6
8 (, ) ()
: , IBK
2. Consolidation

.
. CGV( ), , 3 2009
76.3% . 55.6%
3 .
3
.
. 3 .
, 2006
. 1 CGV 2
.
3

21. ( ) 22. ( )
0
50
100
150
200
250
300
350




CGV
()
0%
20%
40%
60%
80%
100%




CGV
: , CJ CGV : , CJ CGV
23. 24.
-4,000
-2,000
0
2,000
4,000
6,000
-10
0
10
20
30
CGV () () () CGV () () ()
() (%)
0
20
40
60
80
100
CGV ()
: , Wisefn
: , Wisefn, , CJ CGV
14
3.
.
8 1,000 .

.
, 42.3%
. 1 3
.
79.6% 5,600 .

.
3D CJ CGV
.
.

.
=
4.

100 100~200 200~300 300~400 400
04 259 20 3 282 , 2,
05 347 22 7 6 3 385 , 2,
06 418 20 7 4 5 454 , , , 3
07 529 25 11 4 5 574 , ,
08 635 24 7 1 11 678 , , , , ,
09 598 23 8 4 7 640 , , 2, 2012, , 4
:
25. CGV (ATP) 26. 100
0
2,000
4,000
6,000
8,000
10,000
ATP
10
20
30
40
: CJ CGV, :
15
2010 . 12
1, 3D
1 .
2 3 .
4 , , ,
100 . 4
3 4 4
2.9% . 2D 3D
3D .
7.6% 1,000 3D
2010 6.5% .
2011
9.5% . 3D 24.9%(
) 3D 2D
3D 30.6% . 2011
7.9% .
4 3D

27.
0
4
8
12
16
20
2,000
4,000
6,000
8,000
: , IBK
2010/11/10 , ,
2010/11/18 , 3D
2010/12/09 , ,
: 2010/12/09 , , , 3D
(1) 2010/12/16 , ,
: 2010/12/30 , SF, , 3D
:
6. 2011 ( )
()
The Green Hornet 11/01/14 Action/Adventure Seth Fogen, Cameron Diaz Michel Gondry 3D
Sanctum 11/02/04 Thriller Richard Roxburgh Alister Grierson 3D
Gnomeo and Juliet 11/02/11 Animation James McAvoy, Emily Blunt Kelly Asbury 3D
Just Go With It 11/02/11 Romantic Comedy Adam Sandler, Jennifer Aniston Dennis Dugan
Unknown 11/02/18 Drama/Thriller Liam Neeson, Aidan Quinn Jaume Serra
Drive Angry 11/02/25 Action Nicolas Cage, Amber Heard Patrick Lussier 3D
The Adjustment Bureau 11/03/04 Sci-Fi Matt Damon, Emily Blunt George Nolfi
Mars Needs Moms 11/03/11 Animation Seth Green, Joan Cusack Simon Wells 3D
The Dark Fields 11/03/18 Action Thriller Bradley Cooper Neil Burger
Rio 11/04/08 Animation Anne Hathaway Carlos Saldanha 3D
Scream 4( 4) 11/04/15 Horror Neve Campbell, David Arquette Wes Craven
The Thing(2011) 11/04/29 Sci-Fi Horror Joel Edgerton, Mary Winstead -
Thor 11/05/06 Action/Adventure Natalie Portman Kenneth Branagh
Priest(- ) 11/05/13 Action Horror Paul Bettany, Cam Gigandet Scott Stewart 3D
Prirates of the Caribbean
( ) 11/05/20 Period Action Johnny Depp, Penelope Cruz Rob Marshall 4,282,441 3D
Kung Fu Panda( 2) 11/05/26 Animation Jack Black, Angelina Jolie Jennifer Yuh 4,675,712 3D
X-Men: First Class(X ) 11/06/03 Action/Adventure - Matthew Vaughn 1,566,023
Green Lantern 11/06/17 Action/Adventure Ryan Reynolds, Blake Lively Martin Campbell 3D
Cars 2 11/06/24 Animation - John Lasseter 3D
Transformer 3( 3) 11/07/01 Sci-Fi Action Shia LaBeouf, Rosi Whiteley Michael Bay 7,435,023
Harry Potter and the Deathly Hallows(2)
() 11/07/15 Fantasy - David Yates 3,881,821 3D
Winnie the Pooh 11/07/15 Animation - John Lasseter
The Smurfs 11/08/03 Animation Neil Patrick Harris, Anton Yelchin - 3D
The Darkest Hour 11/08/05 Sci-Fi Thriller Emile Hirsch, Olivia Thirlby Chris Gorak 3D
Conan 3D 11/08/19 Action Json Momoa, Stephen Lang Marcus Nispel 3D
Fright Night 11/08/19 Horror Comedy Anton Yelchin, Colin Farrell Craig Gillespie 3D
Spy Kids 4: All the Time in the World 11/08/19 Family Adventure Jessica Alba, Jeremy Piven Robert Rodriguez 38,563 3D
Final Destination 5 11/08/26 Horror - - 328,724 3D
Dolphin Tale 3D 11/09/16 Family Morgan Freeman, Ashley Judd - 3D
The Three Musketeers(2011)() 11/10/14 Period Action Logan Lerman, Christoph Waltz Paul Anderson
Contagion 11/10/21 Action Thriller Matt Damon, Gwyneth Paltrow Steven Soderbergh 3D
Puss in Boots(working title) 11/11/04 Animation - - 3D
Immortals 11/11/11 Fantasy Drama Freida Pinto, Henry Cavill Tarsem 3D
Happy Feet 2 in 3D 11/11/18 Animation - - 3D
The Twilight Saga: Breakin Dawn
(, ) 11/11/18 Romance Robert Pattinson, Kristen Stewart Bill Condon 1,370,826
Arthur Christmas 11/11/23 Animation - - 3D
Project X(2011) 11/11/23 Comedy - Scott Budnick
Hugo Cabret 11/12/09 Family Adventure Chloe Moretz, Ben kingsley Martin Scorsese 3D
Alvin and the Chipmunks 11/12/16 Family Comedy - - 3D
Mission: Impossible Ghost Protocol
( ) 11/12/16 Action Tom Cruise, Jeremy Renner Brad Bird 5,200,666
Sherlock Holmes 2( 2) 11/12/16 Adventure Robert Downey, Jr Guy Ritchie 2,201,391
The Adventures of Tintin 11/12/23 Animation Daniel Craig, Simon Pegg Steven Spielberg 3D
: Internet Movie Database,
17
5. !
.
.
, .
.

.

.
.

.
.
.
.
2003
.
.

7.

CJ CGV 2006 5 2 , 7 , 10
MK 2007 1 2007 1

2007 2 8 , 1,700
( ) () 2
- -

Warner Brothers 2005 8 2006
2008
: ,
8. ,

, (), (), TV(),
()

(, (
), ()
(, UME (UME),
(), () 08
(), CJ CGV, , Kodokawa()
, (), TV (), ()
:
6.
. ,
. , ,
, . ,
ROIC(Return on Invested Capital:
) .
.
.
2005 2009 13.1%
.
.

.

.
2 5
, , .
.

.
2003
2006 .
(Soft Power: ,
)
.
2.
3. ROIC
28. 29.
0
5,000
10,000
15,000
20,000
()
19

.
.
.

.

. 5 16.9% 2009
5 3 .

. ,
.
80% .
30. 31.
0
1,000
2,000
3,000
4,000
5,000
6,000
0.5
1.0
1.5
2.0
2.5
() ()
()
: :
32. 33.
0
100
200
300
400
()
0
10
20
30
40
25
50
75
100 () CGV ()
() (%)
: , SARFT, Screen Digest, IBK : , , CJ CGV
20
6915 5664/
.
1 3D
. 2009 9 3D
3D
. 2010 15 3D .
5
. .
1,000 100 2%,
23% ( 1,225) . 2007~2009
34% 1 100 13 . , ,
47%
.
34. , 35.
0
2,000
4,000
6,000
8,000
10,000
()
0
50
100
150
200
250
()
: ENT : ENT
36. 1,000 37. 100
0 1,000 2,000 3,000 4,000 5,000 6,000




()
21
6915 5664/
CJ CGV 40~50 .
Capex 50% .

70% .
CGV 5 2006 1 2009 2
. 1 8 6
90% . BEP 2
1 3
18 . 24 1
24 4 .
2 .
CGV 10 4 .
Capex 150% .
ROIC 2 .
ROIC .
. JV(Joint
Venture) , 49~50% .
50% .
Capex 50% 50%, 25%
.
CGV 1 4
-5
0
5
10
15
20
CGV CGV ()
1. 2010 2009
2. CGV 1, 2 , 50%
3. CGV
: , CJ CGV, IBK
22
. : 5
1. 3 2010
2008 2009 3 .
2009 31.7% 1,250
2007 1,330 .
51.4%, 74.1%
.
.
2008~2009
50% .
.
1 Zero Commission .
1
.
.
5,000 25%
.
6 .
.
, 2007 , 2010

. 2
.
.


39. , 40. 2010
0
5
10
15
20
1
1
2
() ()
23
2. 2011,
. 2009
.
10 . 12

. 4 High-base 12
.

.
.
.

.
12 1 .
12 1 133.3%, 237.9% .
10 12
High-base . 4,000
2007 .
2011 19
2 .
. 2010
.



41. , 42. 2009 2010 12
0
5
10
15
20
() (%)
-100
-50
0
50
100
150
200
09 12 10 12
24
3. 5
2010 25.7% .
2007 27.5% .
,
.
.
,
32%
5 .
.

.

43.
0
5
10
15
20
01 02 03 04 05 06 07 08 09 10F 11F 12F 13F 14F 15F 0
10
20
30
() (%)
: , , IBK
44. 45.
0
4,000
8,000
12,000
16,000
20,000
10
20
30
40
(USD) (%)
0
10,000
20,000
30,000
40,000
50,000
4
8
12
16
(USD) (%)
25
4. , (Inbound)
.
(Inbound) .
.
, ,
(Land) .
. ,
Outbound . ,

. ,
.


46. 47.
0
1,000
2,000
3,000
4,000
5,000
4
8
12
16
() ()
: KATA
48. 1 49. Inbound
0
20
40
60
80
100
91.4%
0%
20%
40%
60%
80%
100%
: :
: KATA
6915 5664/

.
()
. CCTV 2010
1 , 2 , 3
.
. ,
,
.
. ,
Outbound . ,

.
.
Outbound 5
. ,
. JTB

.
5 (FIT: Free Individual Travel)
.

.

: IBK
KOSPI (11/9) 1,947.46pt
20,000 25,000 30,000
GKL 2004
(Seven Luck). 2006 1
, ,
. ,

.
+ Drop =
GKL VIP Junket
. 15~16%
2010 3 13%
. GKL
14% .
VIP
Mass Drop .
Drop .
, 31,000
GKL 31,000
. ,

.
GKL /
Top Pick .
(: ,) 2008 2009 2010F 2011F 2012F
3,914 4,888 5,282 6,241 7,171 843 1,293 698 1,114 1,406 869 1,334 675 1,120 1,428 602 1,009 516 874 1,114 EPS() 1,003 1,676 835 1,413 1,801 (%) 46.4 67.0 -50.2 69.2 27.5 (%) 21.5 26.5 13.2 17.8 19.6 (%) 15.4 20.6 9.8 14.0 15.5 ROE (%) 71.9 69.6 27.5 39.1 37.9 PER 0.0 11.3 26.6 15.8 12.4 PBR 0.0 6.4 7.7 5.4 4.3 EV/EBITDA -0.8 7.1 15.4 10.3 7.8
28
, GKL
GKL 2004
(Seven Luck). 2006 1
, , . 171,
368.
GKL
2
. GKL , Mass
.
Mass .
,
.
.
Mass Drop (Comp)
.

GKL.

( )
2006 1 69 146 16.9% 24.1%
2006 5 67 142 42.3% 19.4%
2006 6 35 80 9.6% 6.1%
: 2009
: , IBK
51.
0
30
60
90
120
150
200
400
600
800
() ()
:
Drop Drop
.
.
.
.
GKL Drop 25.6% , 8.0%
. 27.8%
26.5% 13.2% .

.
.

: IBK
0
1
2
3
4
5
4
8
12
16
6915 5664/
VIP
. VIP 8~9%
85% VIP .
1:1 Junket
. Junket VIP
(Comp) (
) . 18~20% Junket
, 60% .
15%~16% GKL 2010 3 13%
.
. Junket
.

1.5%p 0.5%p . 14% .
14%

54. VIP Mass 55. Drop VIP, Mass
0
10
20
30
40
VIP Mass ()
(%)
56. VIP 57. , ,
0
6,000
12,000
18,000
24,000
30,000
50
100
150
200
0
60
120
180
240
300
5
10
15
20
() (%)
31
, ?
Inbound

. Mass
.
, VIP .
, 1 Drop
. Drop 95%, 80% VIP
.
VIP .

.

GKL .

VIP

58. 1 59. GKL
0
400
800
1,200
1,600
4,000
8,000
12,000
() (MOP)


()
60. 61. 2010 2
0
5
10
15
20
25
30
: Macau Government Tourist Office, GKL : GKL
32
M&A :
GKL 2010 650 .

.
GKL .
8 100 5
. BEP 400
.


.

10. (: , , m2, )

112 17,912 2,359 39 22
163 23,633 2,757 28 10
0 215 1,954 21
129 10,992 1,122 18 15
202 34,576 1,205 41 48
192 24,200 1,027 27 16
69 6,786 803 19 10
17 3,301 824 26 24
: 2009
0
20
40
60
80
00 01 02 03 04 05 06 07 08 09 10F




()
GKL 31,000 .
2011 EPS PER 22 . PER 22
2009 PER 50% .
,
.
Inbound .


.
GKL
. Mass Drop ,

.
GKL / Top
Pick .
,
31,000
/ Top Pick
11. GKL (FY09 ) (, %, )
PER
1128 HK Equity Wynn Macau Ltd 38.8 -4.3 118,265
1928 HK Equity Sands China Ltd 61.3 7.6 178,195
880 HK Equity SJM Holdings Ltd 23.2 16.3 71,945
27 HK Equity Galaxy Entertainment Group Ltd 49.1 16.3 39,093
114090 KS Equity GKL 11.3 24.9 14,072
: Bloomberg

() 2008 2009 2010F 2011F 2012F () 2008 2009 2010F 2011F 2012F
3,914 4,888 5,282 6,241 7,171 1,549 2,536 2,254 2,916 3,441
2,824 3,307 4,227 4,753 5,368 1,270 2,134 896 1,514 2,035
1,090 1,581 1,054 1,488 1,803 50 91 1,043 1,043 1,043
(%) 27.8 32.3 20.0 23.8 25.1 69 104 101 123 131
247 288 356 375 397 31 55 58 79 75
(%) 6.3 5.9 6.7 6.0 5.5 129 152 157 157 157
843 1,293 698 1,114 1,406 761 850 889 946 1,021
(%) 21.5 26.5 13.2 17.8 19.6 61 127 155 155 155
EBITDA 998 1,458 793 1,114 1,406 486 490 504 561 634
EBITDA(%) 25.5 29.8 15.0 17.8 19.6 91 70 59 59 59
25 40 -24 7 22 123 164 171 171 172
43 54 40 34 54 2,310 3,386 3,143 3,862 4,462
11 -15 -6 -7 -11 855 1,136 981 971 961
0 0 0 0 0 0 0 0 0 0
-29 1 -58 -21 -21 0 0 0 0 0
869 1,334 675 1,120 1,428 855 1,136 981 971 961
(%) 22.2 27.3 12.8 17.9 19.9 465 341 313 273 233
267 324 158 246 314 0 0 0 0 0
602 1,009 516 874 1,114 443 317 249 209 169
0 0 0 0 0 23 24 64 64 64
602 1,009 516 874 1,114 1,321 1,476 1,294 1,244 1,194
(%) 15.4 20.6 9.8 14.0 15.5 300 309 309 309 309
EPS() 1,003 1,676 835 1,413 1,801 0 213 213 213 213
BPS() 1,496 2,975 2,894 4,137 5,188 0 0 3 3 3
DPS() 10,333 1,027 410 750 890 689 1,388 1,324 2,093 2,743
EBITDAPS() 1,664 2,420 1,282 1,800 2,273 989 1,910 1,850 2,618 3,268

(12 ) 2008 2009 2010F 2011F 2012F () 2008 2009 2010F 2011F 2012F
Valuation 699 1,385 533 838 1,122
PER() 0.0 11.3 26.6 15.8 12.4 602 1,009 516 874 1,114
PBR() 0.0 6.4 7.7 5.4 4.3 155 164 94 0 0
PCFR() 0.0 6.8 15.6 15.6 12.2 -1 0 5 7 11
EV/EBITDA() -0.8 7.1 15.4 10.3 7.8 0 0 0 0 0
(%) 0.0 5.2 1.8 3.4 4.0 -485 -302 -351 -43 -4
428 514 269 1 1
(%) 20.4 24.9 8.0 18.2 14.9 -166 -217 -538 -57 -73
(%) 48.5 53.4 -46.0 59.5 26.3 -45 -151 -99 -57 -73
EBITDA(%) 39.5 46.0 -45.6 40.5 26.3 -100 -113 -986 0 0
(%) 46.4 67.7 -48.8 69.2 27.5 -21 47 546 0 0
FCF 203 688 177 768 1,020
ROE(%) 71.9 69.6 27.5 39.1 37.9 -361 -214 -683 -163 -528
ROA(%) 28.2 35.4 15.8 24.9 26.8 -61 -126 -98 -50 -50
ROIC(%) 597.1 -2,646.1 -611.4 2,907.6 938.6 0 222 0 0 0
/(%) -12.9 -14.5 -11.0 -8.7 -7.5 -300 -310 -580 -254 -464
0 0 -5 141 -14
/EBITDA() 0.6 0.3 0.4 0.3 0.2 172 955 -689 618 521
() 35.4 65.5 46.0 80.1 116.7 458 630 1,584 896 1,514
(%) 133.6 77.3 70.0 47.5 36.5 630 1,584 896 1,514 2,035
: IBK
KOSPI (11/9) 1,947.46pt
(%)
0
500
1,000
1,500
2,000
2,500
09.10 10.02 10.06 10.10 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000
KOSPI() CJ()
(p) ()
CJ CGV, as simple as it gets
CJ CGV , , ,
.

. 50%
,
. CJ CGV
.
CJ CGV
3 29.5%
40.8% .
CJ CGV
. 2006 1
85% 2 3
. 6~7
. 2013
60%
.
CJ CGV 40,000
.

.
.
CJ CGV (079160)
(: ,) 2008 2009 2010F 2011F 2012F
3,588 4,219 5,199 5,862 6,657 548 595 814 1,036 1,222 402 418 622 838 1,026 200 407 455 654 800 EPS() 972 1,972 2,209 3,171 3,880 (%) 65.0 102.8 12.0 43.5 22.4 (%) 15.3 14.1 15.6 17.7 18.4 (%) 5.6 9.6 8.8 11.2 12.0 ROE (%) 10.7 19.1 18.0 21.1 21.1 PER 15.7 9.4 14.2 9.9 8.1 PBR 1.7 1.8 2.5 2.0 1.6 EV/EBITDA 5.7 7.4 7.6 6.3 5.1
36
CGV
CJ CGV , , ,
.
.
. 50%
,
.
CJ CGV
(ATP: Average Ticket Price) .
3D
(Sales Mix)
.
, ,
,
: IBK
64. CGV , ATP, SPP
0
500
1,000
1,500
2,000
2,500
2,000
4,000
6,000
8,000
() ()

: ATP(Average Ticket Price) , SPP(Spending per Patron)
: CJ CGV, IBK
, 50%
3 29.5% 40.8% .
1.5
. CJ CGV
, , .
CJ CGV 50% .

. . Cinus
. Cinus
30% CJ CGV
.
,
. CGV 4 .
,


65. CJ CGV
0
15
30
45
60
04 05 06 07 08 09 10F 11F 12F 13F 0
10
20
30
40 () () () (%)
66. CJ CGV , ,
0
50
100
150
200
()
: CJ CGV, IBK

CJ CGV 5 . 5 JV(Joint
Venture) ,
. 1 3 58
8 5 2 8 .
1~3 85% 7 5 2
3 . 4
4D
.
2 3 7
. 2011 10
2013 34
. CGV
(Site Pool) 100 .
100 10% .

,
10%
12. CJ CGV FY09 (: )

() () 2006 10 6 918 58.1 8.5
() () 2009 4 7 1,459 34.1 1.4
() () 2009 11 6 940 1.6 -2.6
() 2010 9 8 1,200
Jusco () 2010 9 8 1,696
: CJ CGV
67. CJ CGV
0
10
20
30
40
50
60
()
: CJ CGV, IBK
6915 5664/
10 2009 27.0% 24.8%
. 1.7% . 5
40%~60% . ,
. CGV
.
CJ CGV 2013 . , 1)
2, 2) 7 2, 3) 1
8 , 4) 10 .
2013
68. 5
0
10
20
30
40
:
69. 5 CJ CGV 1~2
0
5
10
15
20
UME
CGV 1~2
0
15
30
45
60 () () () ()
: CGV 1~2 2010 , 2009
: , ,
CJ CGV 40,000
. 2011 BPS Target PBR 2.6 .
Target PBR PBR 3.7 30% .

.
.
CJ CGV
Top Tier
Player .
CJ CGV /
Top Pick .
: IBK
/ 6915 5664
13. CGV (: )
2009 10.1Q 10.2Q 10.3Q 10.4Q 11.1Q 11.2Q 11.3Q 11.4Q 12.1Q 12.2Q 12.3Q 12.4Q 13.1Q 13.2Q 13.3Q 13.4Q 14.1Q 14.2Q 14.3Q 14.4Q
1 8.6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8
2 1.4 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8
3 -2.6 0 0 0 1 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8
4 4 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8
5, 6 5,6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 3.6 3.6 3.6 3.6 3.6 3.6 3.6 3.6
7, 8, 9 7, 8,9 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 5.4 5.4 5.4 5.4 5.4 5.4 5.4
10, 11 10,11 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 3.6 3.6 3.6 3.6 3.6 3.6
12, 13,14 12,13,
14 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 5.4 5.4 5.4 5.4 5.4
15, 16 15, 16
-1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 3.6 3.6 3.6 3.6
17, 18, 19 17, 18,
19 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 5.4 5.4 5.4
20, 21 20, 21 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 3.6 3.6
22, 23 22, 23 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6 3.6
24, 25, 26 24, 25,
26 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4
27, 28,29 27, 28,
30, 31 30, 31 -1.6 -1.6 -1.6 -1.6 -1.6 -1.6
32, 33, 34 32, 33,
34 -2.4 -2.4 -2.4 -2.4 -2.4
35, 36 35, 36 -1.6 -1.6 -1.6 -1.6
37, 38 37, 38 -1.6 -1.6 -1.6
39, 40, 41 39, 40,
41 -2.4 -2.4
46
7.4 3.6 3.6 3.6 3.8 3 0.6 -1 -3.4 -5 -7.4 -9 -8 -5.2 0.2 3.8 9.2 12.8 19 21.8 25.4
1: BEP 2
2: 7 2
3: 1 8
4: 10
: IBK

() 2008 2009 2010F 2011F 2012F () 2008 2009 2010F 2011F 2012F
3,588 4,219 5,199 5,862 6,657 356 598 1,127 1,199 1,470
1,668 1,942 2,389 2,570 2,844 80 144 616 608 814
1,920 2,277 2,810 3,292 3,813 0 0 0 0 0
(%) 53.5 54.0 54.0 56.2 57.3 195 353 386 463 525
1,372 1,682 1,996 2,256 2,591 11 15 17 20 23
(%) 38.2 39.9 38.4 38.5 38.9 70 86 109 109 109
548 595 814 1,036 1,222 4,443 5,161 5,279 5,736 5,870
(%) 15.3 14.1 15.6 17.7 18.4 605 598 689 656 610
EBITDA 831 879 1,106 1,309 1,474 2,060 2,545 2,600 3,110 3,308
EBITDA(%) 23.1 20.8 21.3 22.3 22.1 149 147 138 117 100
-146 -177 -192 -198 -197 1,628 1,871 1,852 1,852 1,852
-94 -107 -121 -124 -104 4,798 5,759 6,406 6,936 7,340
-21 7 -6 -11 -10 1,602 2,445 1,707 2,187 1,651
-56 -46 -53 -33 -46 290 364 398 478 542
26 -31 -12 -30 -36 250 40 40 40 40
402 418 622 838 1,026 1,062 2,040 1,269 1,669 1,069
(%) 11.2 9.9 12.0 14.3 15.4 1,244 1,009 1,934 1,329 1,532
202 11 166 184 226 895 797 1,694 1,094 1,294
200 407 455 654 800 288 160 160 160 160
0 0 0 0 0 61 52 80 75 78
200 407 455 654 800 2,846 3,454 3,641 3,517 3,183
(%) 5.6 9.6 8.8 11.2 12.0 286 286 286 286 286
EPS() 972 1,972 2,209 3,171 3,880 636 672 672 672 672
BPS() 8,745 10,466 12,745 16,013 19,677 9 -30 27 27 27
DPS() 250 250 250 300 300 1,022 1,377 1,781 2,434 3,172
EBITDAPS() 4,029 4,262 5,363 6,350 7,148 1,952 2,305 2,765 3,419 4,157

(12 ) 2008 2009 2010F 2011F 2012F () 2008 2009 2010F 2011F 2012F
Valuation 655 901 537 965 1,102
PER() 15.7 9.4 14.2 9.9 8.1 200 407 455 654 800
PBR() 1.7 1.8 2.5 2.0 1.6 283 283 292 273 252
PCFR() 5.4 4.7 7.7 6.7 5.9 21 -7 6 11 10
EV/EBITDA() 5.7 7.4 7.6 6.3 5.1 56 46 53 33 46
(%) 1.6 1.1 0.8 1.0 1.0 77 85 -305 -1 -1
19 88 35 -5 -5
(%) 12.0 17.6 23.2 12.8 13.6 -643 -1,086 -448 -710 -369
(%) 33.9 8.7 36.6 27.3 18.0 -242 -757 -363 -763 -432
EBITDA(%) 26.7 5.8 25.8 18.4 12.6 -174 -111 -140 33 46
(%) 65.0 102.8 12.0 43.5 22.4 -227 -218 54 20 17
FCF 384 177 226 338 789
ROE(%) 10.7 19.1 18.0 21.1 21.1 -8 248 384 -264 -527
ROA(%) 4.4 7.7 7.5 9.8 11.2 66 302 411 -200 -400
ROIC(%) 13.7 25.8 22.7 26.9 28.9 0 0 0 0 0
/(%) -24.5 -20.6 -10.7 -9.4 -8.3 -72 -52 -52 0 -62
-2 -2 24 -64 -65
/EBITDA() 2.0 2.4 2.3 1.8 1.3 4 64 472 -8 206
() 5.6 5.1 6.1 7.4 10.0 76 80 144 616 608
(%) 145.8 149.9 131.7 102.9 76.6 80 144 616 608 814
: IBK
KOSPI (11/9) 1,947.46pt
20,000 25,000 30,000
3, VIP
3 3,524 1,703
14.8%, 21.8% .
VIP
. VIP
3 VIP
.
5,107 5.9%, 7.6%, 14.4%
.
.

. 9 2012 3
. .
, 32,000
,
.

.
.
100%
.
.
(035250)
(: ,) 2008 2009 2010F 2011F 2012F
11,493 12,067 13,185 13,959 14,722 4,708 4,650 5,823 6,266 6,272 4,461 5,089 5,912 6,548 6,609 3,093 3,900 4,464 5,107 5,155 EPS() 1,446 1,823 2,087 2,387 2,410 (%) 5.6 26.1 14.5 14.4 0.9 (%) 41.0 38.5 44.2 44.9 42.6 (%) 26.9 32.3 33.9 36.6 35.0 ROE (%) 19.3 22.2 22.3 22.5 20.0 PER 13.2 8.4 12.9 11.2 11.1 PBR 2.5 1.7 2.7 2.4 2.1 EV/EBITDA 4.7 5.0 7.7 6.9 6.7
44
3 3,524 1,703
14.8%, 21.8% . 99, 25
4.1%
5 .
14.9% .
7.3%, VIP 16.6% 7.1%,
VIP 21.5% . 3

, VIP .

2007 .
30% 4
. 500
.
VIP
. VIP
3 VIP .
1) 2) VIP
VIP .
3
14. 3 (: , %, %p)
10.3Q 09.3Q
3,524 3,069 14.8 3,396 3.8 3,385 4.1
1,703 1,398 21.8 1,590 7.1 1,593 6.9
1,297 1,245 4.1 1,219 6.4 1,266 2.4
48.3 45.6 2.8 46.8 1.5 47.1 1.3
: , FnGuide, IBK
FY2010 FY2011
1Q 2Q 3Q 4Q(F) (F) 1Q(F) 2Q(F) 3Q(F) 4Q(F) (F)
3,367 3,114 3,524 3,180 13,185 3,584 3,420 3,571 3,384 13,959
yoy 8.7 8.2 14.8 5.1 9.3 6.4 9.8 1.3 6.4 5.9
1,545 1,426 1,703 1,251 5,823 1,679 1,627 1,666 1,295 6,266
yoy 13 21.1 21.8 76.7 7.6 8.7 14.1 -2.2 3.5 7.6
1,126 1,098 1,297 1,010 4,464 1,366 1,338 1,378 1,025 5,107
yoy 19.9 6.5 4.1 47.4 14.4 19.8 21.3 8.1 9.8 14.4
45.9 45.8 48.3 39.3 44.2 46.8 47.6 46.7 38.3 44.9
yoy 1.7 4.9 2.8 15.9 5.7 0.9 1.8 -1.6 -1.1 0.7
: , IBK
2011 1 3,959, 6,266, 5,107
5.9%, 7.6%, 14.4% .

.
2.8% 2.5% .
3.9% .
.
2011 .

. 2010
. 9 2012 3 .
.
2012


71.
0
25
50
75
100
15
30
45
72.
0
4,000
8,000
12,000
16,000
15
30
45
, 32,000
,
. 2008
.

.

. 100%
.
32,000
.
0
10,000
20,000
30,000
40,000
50,000
() Price

() 2008 2009 2010F 2011F 2012F () 2008 2009 2010F 2011F 2012F
11,493 12,067 13,185 13,959 14,722 6,167 10,639 9,460 11,619 12,872
4,760 5,145 4,949 5,248 5,992 3,470 7,918 6,863 9,019 10,271
6,733 6,922 8,236 8,711 8,730 1,621 1,561 1,729 1,729 1,729
(%) 58.6 57.4 62.5 62.4 59.3 36 19 20 21 22
2,025 2,271 2,413 2,445 2,458 15 18 19 20 21
(%) 17.6 18.8 18.3 17.5 16.7 1,025 1,123 830 830 830
4,708 4,650 5,823 6,266 6,272 14,597 13,226 14,912 17,276 19,062
(%) 41.0 38.5 44.2 44.9 42.6 4,910 2,656 2,253 2,235 2,208
EBITDA 5,168 5,216 6,386 6,756 6,737 9,390 10,438 12,329 14,639 16,325
EBITDA(%) 45.0 43.2 48.4 48.4 45.8 2 1 1 1 1
-246 439 89 282 337 296 131 329 400 528
257 331 432 542 634 20,764 23,865 24,372 28,895 31,934
0 0 0 0 0 4,034 4,866 2,951 4,418 4,419
3 -3 -33 -18 -28 22 17 17 19 19
-506 111 -310 -242 -269 180 0 0 0 0
4,461 5,089 5,912 6,548 6,609 3,833 4,849 2,933 4,400 4,400
(%) 38.8 42.2 44.8 46.9 44.9 416 102 211 213 214
1,369 1,189 1,448 1,441 1,454 0 0 0 0 0
3,093 3,900 4,464 5,107 5,155 0 0 0 0 0
0 0 0 0 0 416 102 211 213 214
3,093 3,900 4,464 5,107 5,155 4,450 4,968 3,162 4,631 4,634
(%) 26.9 32.3 33.9 36.6 35.0 1,070 1,070 1,070 1,070 1,070
EPS() 1,446 1,823 2,087 2,387 2,410 1,279 1,279 1,279 1,279 1,279
BPS() 7,625 8,832 9,914 11,341 12,761 -1,454 -1,286 -1,510 -1,510 -1,510
DPS() 720 940 960 990 1,010 15,419 17,834 20,371 23,425 26,462
EBITDAPS() 2,416 2,438 2,985 3,158 3,149 16,314 18,897 21,210 24,264 27,300

(12 ) 2008 2009 2010F 2011F 2012F () 2008 2009 2010F 2011F 2012F
Valuation 3,797 4,919 3,570 5,613 5,647
PER() 13.2 8.4 12.9 11.2 11.1 3,093 3,900 4,464 5,107 5,155
PBR() 2.5 1.7 2.7 2.4 2.1 461 566 562 489 465
PCFR() 10.0 6.5 11.2 10.2 10.2 0 0 0 0 0
EV/EBITDA() 4.7 5.0 7.7 6.9 6.7 -3 3 33 18 28
(%) 5.3 5.7 3.6 3.7 3.8 -303 -105 -1,562 -1 -1
549 555 73 0 0
(%) 7.8 5.0 9.3 5.9 5.5 -1,682 -2,190 -1,412 -2,782 -2,123
(%) 12.6 -1.2 25.2 7.6 0.1 -826 -1,842 -2,539 -2,800 -2,151
EBITDA(%) 12.1 0.9 22.4 5.8 -0.3 -2,252 1,373 378 18 28
(%) 5.6 26.1 14.5 14.4 0.9 1,396 -1,720 750 0 0
FCF 2,596 2,186 858 2,576 3,206
ROE(%) 19.3 22.2 22.3 22.5 20.0 -1,888 -1,831 -2,265 -675 -2,273
ROA(%) 15.1 17.5 18.5 19.2 16.9 180 -180 0 0 0
ROIC(%) 46.4 58.4 52.6 47.9 43.2 0 0 0 0 0
/(%) -24.2 -30.7 -15.8 -25.4 -24.1 -1,332 -1,485 -1,927 -2,054 -2,118
-736 -166 -338 1,379 -155
/EBITDA() 0.0 0.0 0.0 0.0 0.0 227 899 -107 2,156 1,252
() 132,088.1 32,608.6 0.0 0.0 0.0 343 570 1,468 1,361 3,518
(%) 27.3 26.3 14.9 19.1 17.0 570 1,468 1,361 3,518 4,769
: IBK
KOSDAQ (11/9) 526.93pt
1M 6M 12M
-7% -3% 17%
-1% 2% 28%
40,000 50,000 60,000
10 11 12
120.3% 110.7% .
(-) , 4
4,000 . 2008 2009
. 4 High-
base
.
, 2012

.

.
. IFRS

.
, 71,000
4 .

.
. 1
312.3% 2010
.
.
(: ,) 2008 2009 2010F 2011F 2012F
1,728 1,239 2,189 2,571 3,087 98 4 269 341 423 82 -30 304 367 466 50 -48 228 286 364 EPS() 433 -416 1,962 2,466 3,131 (%) -81.3 25.7 26.9 (%) 5.7 0.3 12.3 13.3 13.7 (%) 2.9 -3.9 10.4 11.1 11.8 ROE (%) 5.3 -5.4 24.2 26.7 27.9 PER 93.4 - 24.7 19.6 15.5 PBR 5.7 4.7 6.1 5.0 4.0 EV/EBITDA 16.5 159.5 16.3 12.6 9.6
49
6915 5664/
V
10 11 12
120.3% 110.7% . (-)
, 4 4,000 . 2008
2009 .

.
. 2009 -2010
2010 2, 2010 3
.
12 4 High-base
.
4 High-base
0
1,000
2,000
3,000
4,000
5,000
:
75. 76. 2009 2010 12
0
100
200
300
400
11 12 1
09 10 (%)
High base
2010 , 2011
255 50%
.
4 . 4

4 BEP 4 .
2008 2009
.
. 45
.

,
.
.
.
2010 2011, 2011 2012 .
IFRS
.
.
71,000 .
4 .

. 2 2
. 1 312.3%
2010 .
.
,
-40,000
0
40,000
80,000
120,000
160,000
() Price

() 2008 2009 2010F 2011F 2012F () 2008 2009 2010F 2011F 2012F
1,728 1,239 2,189 2,571 3,087 908 1,052 1,254 1,544 1,931
0 0 0 0 0 607 618 827 1,077 1,396
1,728 1,239 2,189 2,571 3,087 0 0 0 0 0
(%) 100.0 100.0 100.0 100.0 100.0 131 209 195 232 292
1,630 1,235 1,921 2,230 2,664 0 0 0 0 0
(%) 94.3 99.7 87.7 86.7 86.3 170 225 232 235 244
98 4 269 341 423 634 571 578 548 525
(%) 5.7 0.3 12.3 13.3 13.7 226 171 177 161 147
EBITDA 127 33 295 362 441 311 305 310 305 301
EBITDA(%) 7.4 2.6 13.5 14.1 14.3 66 57 52 41 33
-16 -34 35 26 43 31 37 39 41 44
49 29 38 54 68 1,542 1,623 1,832 2,092 2,456
-57 -1 -9 -5 -5 638 712 858 917 1,027
-10 -64 -2 -16 -14 318 274 284 338 425
2 2 8 -7 -6 0 0 0 0 0
82 -30 304 367 466 320 438 573 579 603
(%) 4.7 -2.4 13.9 14.3 15.1 10 1 1 1 1
31 18 76 81 103 0 0 0 0 0
50 -48 228 286 364 0 0 0 0 0
0 0 0 0 0 10 1 1 1 1
50 -48 228 286 364 648 713 859 918 1,028
(%) 2.9 -3.9 10.4 11.1 11.8 58 58 58 58 58
EPS() 433 -416 1,962 2,466 3,131 607 722 723 723 723
BPS() 7,130 7,334 7,932 9,755 12,011 -220 -76 -176 -176 -176
DPS() 750 500 875 1,000 1,125 449 205 367 569 822
EBITDAPS() 1,095 281 2,543 3,113 3,794 894 909 973 1,174 1,428

(12 ) 2008 2009 2010F 2011F 2012F () 2008 2009 2010F 2011F 2012F
Valuation 86 114 440 344 428
PER() 93.4 - 24.7 19.6 15.5 50 -48 228 286 364
PBR() 5.7 4.7 6.1 5.0 4.0 29 28 27 20 18
PCFR() 20.1 28.5 18.7 17.2 14.1 4 -1 4 5 5
EV/EBITDA() 16.5 159.5 16.3 12.6 9.6 39 71 10 16 14
(%) 3.2 1.0 1.8 2.1 2.3 -148 -26 139 17 27
111 90 31 0 0
(%) -13.3 -28.3 76.7 17.4 20.1 -63 134 -221 28 4
(%) -72.7 -95.7 6,223.7 27.0 23.9 -5 -7 -15 -5 -5
EBITDA(%) -66.5 -74.3 804.0 22.4 21.9 -87 -18 -7 16 14
(%) -81.3 25.7 26.9 28 159 -200 17 -5
FCF -84 -6 349 309 378
ROE(%) 5.3 -5.4 24.2 26.7 27.9 -307 -61 -205 -126 -117
ROA(%) 3.0 -3.1 13.2 14.6 16.0 0 0 0 0 0
ROIC(%) -81.4 -121.8 -1,439.3 -261.1 -234.7 0 0 0 0 0
/(%) -20.7 -24.4 -20.7 -18.4 -16.7 -113 -54 -66 -124 -138
-194 -7 -139 -3 21
/EBITDA() 0.0 0.0 0.0 0.0 0.0 -283 188 14 246 314
() 0.0 0.0 0.0 0.0 0.0 471 187 375 389 635
(%) 72.4 78.5 88.2 78.1 72.0 187 375 389 635 950
: IBK
KOSDAQ (11/9) 526.93pt
400 500 600
09.10 10.02 10.06 10.10 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000
KOSDAQ() ()
(p) ()

1 ,

. 2007 ~2008
, 2010
. 2008 3,
2009 2 2007 .
2011, 2007

2011 . 2006 2007
. 2007
2006 2007
. 2011
, 2010 18.1%, 26.6%,
34.1% 1,386, 254, 218 .
, 49,000
49,000
. 2009 1 80%

. 2011 EPS 14.2
.
(080160)
(: ,) 2008 2009 2010F 2011F 2012F
833 614 1,174 1,386 1,621 9 2 200 254 303 13 15 215 280 340 6 12 163 218 265 EPS() 74 144 1,935 2,595 3,160 (%) -94.6 96.0 1,239.5 34.1 21.7 (%) 1.1 0.4 17.1 18.3 18.7 (%) 0.7 2.0 13.8 15.7 16.4 ROE (%) 1.2 2.4 27.9 28.4 26.5 PER 349.2 114.1 19.0 14.2 11.7 PBR 4.4 2.8 4.7 3.5 2.7 EV/EBITDA 34.8 209.8 11.3 8.1 5.9
54
,
2010 .
.
8% 6% .
5.5% 60% .
1 ,
.
,
.
2007 ~2008 ,
2010 .
2008 3, 2009 2 2007
.


0
5,000
10,000
15,000
20,000
25,000
2007 2009 2010 ()
0
100
200
300
400
500
2
4
6
8
10 () () Package () () (%)
:
105
30% 4 .
30~50%
. 30 .
2011
. 2006 2007 .
2007 2006
2007
. 2011
. 2011 , 2010 18.1%,
26.6%, 34.1% 1,386, 254, 218 .
2011
0
500
1,000
1,500
2,000
5
10
15
81.
0
100
200
300
400
500
03.1Q 04.1Q 05.1Q 06.1Q 07.1Q 08.1Q 09.1Q 10.1Q 11.1QF 12.1QF 0
10
20
30
40
: , IBK
49,000 . 2009
1 80%
. 2011
EPS 14.2 .
,
05 06 07 08 09 10F 11F 12F
PER 25.2 22.4 32.5 349.2 114.1 19.0 14.2 11.7
PER(High) 37.8 31.1 43.2 743.6 195.9 20.2 15.0 11.7
PER(Avg) 25.2 22.4 32.5 349.2 114.1 15.0 12.1 12.3
PER(Low) 17.7 14.7 17.5 73.4 54.7 12.1 9.5 9.9
: Wisefn, IBK
0
15,000
30,000
45,000
60,000
75,000
05.7 06.2 06.9 07.4 07.11 08.6 09.1 09.8 10.3 10.10 0
50
100
150
200

() 2008 2009 2010F 2011F 2012F () 2008 2009 2010F 2011F 2012F
833 614 1,174 1,386 1,621 478 784 1,200 1,480 1,820
0 0 0 0 0 253 476 759 980 1,263
833 614 1,174 1,386 1,621 0 0 0 0 0
(%) 100.0 100.0 100.0 100.0 100.0 39 107 196 250 302
823 611 974 1,132 1,317 0 0 0 0 0
(%) 98.9 99.6 82.9 81.7 81.3 186 201 245 249 254
9 2 200 254 303 270 77 98 94 87
(%) 1.1 0.4 17.1 18.3 18.7 206 21 35 31 26
EBITDA 18 9 207 260 311 11 8 14 15 16
EBITDA(%) 2.1 1.4 17.6 18.8 19.2 0 0 0 0 0
3 13 14 26 37 53 47 50 48 45
29 20 24 35 46 748 862 1,298 1,574 1,906
-9 -2 3 -3 -1 218 311 580 638 702
-12 -6 -5 -4 -6 0 0 0 0 0
-5 1 -8 -2 -2 0 0 0 0 0
13 15 215 280 340 218 311 580 638 702
(%) 1.5 2.4 18.3 20.2 21.0 38 48 57 63 74
6 3 52 61 75 0 0 0 0 0
6 12 163 218 265 0 0 0 0 0
0 0 0 0 0 38 48 57 63 74
6 12 163 218 265 256 359 637 701 776
(%) 0.7 2.0 13.8 15.7 16.4 42 42 42 42 42
EPS() 74 144 1,935 2,595 3,160 300 300 300 300 300
BPS() 5,856 5,981 7,868 10,392 13,456 -81 -81 -81 -81 -81
DPS() 20 50 75 100 125 230 241 399 611 869
EBITDAPS() 210 106 2,467 3,098 3,698 492 502 661 873 1,130

(12 ) 2008 2009 2010F 2011F 2012F () 2008 2009 2010F 2011F 2012F
Valuation -55 55 294 180 229
PER() 349.2 114.1 19.0 14.2 11.7 6 12 163 218 265
PBR() 4.4 2.8 4.7 3.5 2.7 8 7 7 7 7
PCFR() 45.1 27.4 16.5 13.2 11.0 -4 1 -1 3 1
EV/EBITDA() 34.8 209.8 11.3 8.1 5.9 12 6 5 4 6
(%) 0.2 0.2 0.2 0.3 0.3 -103 4 107 -54 -52
26 25 14 2 2
(%) -11.7 -26.3 91.3 18.1 17.0 30 -2 -89 0 -7
(%) -93.6 -74.3 8,383.7 26.6 19.7 -7 -4 -12 -8 -8
EBITDA(%) -88.2 -49.5 2,228.2 25.6 19.4 -196 4 -14 4 6
(%) -94.6 96.0 1,239.5 34.1 21.7 233 -2 -63 5 -5
FCF -97 8 253 143 184
ROE(%) 1.2 2.4 27.9 28.4 26.5 -91 -2 21 41 60
ROA(%) 0.7 1.5 15.1 15.2 15.3 0 0 0 0 0
ROIC(%) -26.2 204.4 -229.1 -158.2 -189.6 0 0 0 0 0
/(%) 0.6 -1.9 -13.0 -11.0 -9.8 -24 -2 -4 -6 -8
-66 0 25 47 68
/EBITDA() 0.0 0.0 0.0 0.0 0.0 -115 51 226 222 283
() 0.0 0.0 0.0 0.0 0.0 233 118 169 395 617
(%) 52.0 71.5 96.4 80.3 68.6 118 169 395 617 899
: IBK
Compliance Notice
.
3 .
( ) .
.
1 .
1% .



2010.11.10 31,000
08.11 09.3 09.7 09.11 10.3 10.7 10.11

CJ
2010.11.10 40,000
08.11 09.3 09.7 09.11 10.3 10.7 10.11
59


2009.03.16 17,200 2010.10.27 32,000
2009.05.11 18,500 2010.11.01 32,000
2009.06.11 18,500 2010.11.10 32,000
2009.09.14 18,500
2009.11.02 21,000
2010.02.08 21,000
2010.05.31 21,000
2010.07.15 24,000
08.11 09.3 09.7 09.11 10.3 10.7 10.11
2010.08.09 24,000


2009.06.15 42,000 2010.01.28 60,000
2009.07.02 42,000 2010.03.02 60,000
2009.08.03 42,000 2010.04.01 60,000
2009.09.02 - 2010.05.04 71,000
2009.09.14 - 2010.06.04 71,000
2009.10.05 - 2010.06.13 71,000
2009.11.03 51,000 2010.09.02 71,000
2009.11.13 51,000 2010.10.03 71,000
2009.11.20 51,000 2010.11.02 71,000
2009.12.02 51,000 2010.11.10 71,000
()
08.11 09.3 09.7 09.11 10.3 10.7 10.11
2010.01.05 60,000


2009.06.15 22,000 2010.04.28 35,000
2009.07.16 22,000 2010.06.04 35,000
2009.09.14 22,000 2010.06.13 35,000
2009.11.13 26,000 2010.07.13 49,000
2009.11.20 26,000 2010.09.27 49,000
2010.01.18 35,000 2010.11.10 49,000
2010.03.10 35,000
2010.03.30 35,000
2010.04.16 35,000
( ) ( )