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) .
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.
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ROE 9% ROE . 04~
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2Q Preview .
(Maintain)
Earnings Preview
2015.7.10
[/]
02-768-3256 [email protected] 02-768-4149 [email protected]
2Q 2Q 2Q 2Q , , , , Top TierTop TierTop TierTop Tier
: KDB
1,235 1,173
318
1 8
50
-50 -60
-343
0
500
1,000
1,500
2,000
1Q15
Brok. WM IB 2Q15F
()
()
2 KDB Daewoo Securities Research
2Q Preview : ! Top Tier
2Q 1Q Top Tier
. .
( )
, ,
.
- .
1Q 2Q 10.4 . 85.4% ,
. Brokerage
1Q 950 1,800 .
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. ,
.
.
- .
,
.
.
( ) .
- ELS . 2Q
, .
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.
1111. . . . MovementMovementMovementMovement
: , KDB
2Q 2Q 2Q 2Q ,,,,
----
----
---- Top TierTop TierTop TierTop Tier
559
1,235 1,173 134
11 8 122
513
318
1 8
50
-8
-184
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0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
FY14
Brok. WM IB
1Q15
Brok. WM IB
2Q15F
()
()
3 KDB Daewoo Securities Research
, Top Tier 1Q .
1) , 2)
. 3) .
424 () .
1) 30% , 2)
, 3) .
. 1Q
. 2Q MS ,
.
1111. . . . FY15 2Q PreviewFY15 2Q PreviewFY15 2Q PreviewFY15 2Q Preview (, %)
2Q FY142Q FY142Q FY142Q FY14 1Q FY151Q FY151Q FY151Q FY15 2Q FY15F2Q FY15F2Q FY15F2Q FY15F CommentCommentCommentComment
Consensus Preview QoQ YoY
184 302
- 119 160
64 143
52 111 86
180 262 264 0.7 46.8
- MS -
184 151 131 -12.8 -28.5
TP 92,000 -4 112 133 18.9
Buy -1 83 79 133 59.6
NHNHNHNH 162 319 242 -24.1 49.6
193 195 152 -22.0 -21.2
TP 16,500 -32 123 90 -27.4
Trading Buy -30 84 80 68 -19.5
212 273 282 3.3 32.8
- - -
134 143 140 -2.1 4.8
TP 80,000 79 130 142 9.2 80.1
Buy 59 104 83 108 3.3 82.5
70 126 100 -20.6 43.6
- MS , Brokerage - -
48 51 52 2.1 8.1
TP 96,000 22 75 48 -36.0 122.4
Buy 17 59 34 36 -38.1 110.5
127 155 129 -16.8 1.2
75 82 81 -2.0 7.6
52 72 48 -33.6 -8.1
Hold 45 68 53 50 -26.9 9.7
143 246 215 -12.9 49.8
135 142 133 -6.6 -1.8
8 104 82 -21.4 892.5
Hold 2 87 51 64 -26.4 3,486.3
: WISEfn / NH 2Q FY14 ()
: WISEfn, KDB
()
4 KDB Daewoo Securities Research
.
. 1% .
0% .
7 9 1 (S ) 1.30%. (2
) 30% 0.91% .
2.11% .
.
. .
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,
.
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3333. . . . 4444. . . . , , , , , , , ,
: ELS / : , KDB : , ECOS, , KDB
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2.16
2.76 2.67 2.37
2.61
5.88
1.73
2.21 2.33 2.03
2.28
5.52
0
1
2
3
4
5
6
7
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2014.122015.5
(%)
0
2
4
6
8
10
12.2 12.8 13.2 13.8 14.2 14.8 15.2
()
1 ()
ELS ()
(%)
5.46
3.13
1.78
()
5 KDB Daewoo Securities Research
:
.
Gateway .
2.1%()
20~30bp .
. 1.0% , CMA RP 2%
.
.
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.
.
.
, .
. 20 10 .
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.
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::::
1.
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4.
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::::
----
GatewayGatewayGatewayGateway
----
()
6 KDB Daewoo Securities Research
3333. . . .
(((( 20202020))))
(14(14(14(14 ))))
ROEROEROEROE ((((13131313 ))))
Japan Net Bank 2000
Sakura Bank 50% Sumitomo Bank 10% Nippon Life Insurance 10% Fujitsu 10%
+
200200200200 372.5 5.5% 0.66
Sony Bank 2001 Sony Financial Holdings 80% Sakura Bank 16%
280280280280 310 5.4% 2.55
SBI Sumishin Net Bank
2007 Sumitomo Trust Group 50% SBI Holdings 50%
200200200200 310 12.8% 4.94
Jibun Bank 2008 BTMU() 50% KDDI() 50%
200200200200 350 8.3% 0.71
Daiwa Next Bank 2011 Daiwa Securities Group() 100%
300300300300 500 4.3% 4.23
Rakuten Bank 2001 Matsuo() 15.4% Japan Telecom 5.7% Mitsui Sumitomo Insurance 3.0%
+
89.589.589.589.5 259 12.9% 1.30
: , KDB
5555. . . . Daiwa Next BankDaiwa Next BankDaiwa Next BankDaiwa Next Bank 6666. . . . SBISBISBISBI (((( ))))
: Daiwa Next Bank, KDB : SBI, KDB
0
10
20
30
40
50
60
0
500
1,000
1,500
2,000
2,500
3,000
1H 2H 1H 2H 1H 3Q
FY12 FY13 FY14
(L)
(R)
() (%)
0
2
4
6
8
10
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
FY08 FY09 FY10 FY11 FY12 FY13 FY14
SBI SBI
()
CAGR -1.2%
CAGR 3.6%
()
7 KDB Daewoo Securities Research
,
, Brokerage
.
, .
, .
.
.
. .
. .
.
.
(2013) , .
.
(
), ( ETF
) .
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7777. . . . : : : : (((()))) 8888. . . .
: , KDB : , KDB
---- Brokerage Brokerage Brokerage Brokerage
----
---- Top Tier Top Tier Top Tier Top Tier
0
5
10
15
20
25
0
20
40
60
80
100
120
140
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15F
(L)
Brokerage (L)
(R)
() (%)
()
8 KDB Daewoo Securities Research
9999. . . . (15(15(15(15 1111~5~5~5~5 ))))
: WFE, KDB
10101010. . . . (15(15(15(15 5555 ))))
: WFE, KDB
11111111. . . .
: , KDB
0
2,000
4,000
6,000
8,000
10,000()
0
5,000
10,000
15,000
20,000
25,000
()
()
9 KDB Daewoo Securities Research
ROE ,
ROE 9% . ROE , 04
~ 05 .
ROE . PBR
. PBR .
.
, Brokerage
. .
Top Tier . 2Q Preview
.
, Top picks (039490), (071050), (016360)
.
12121212. . . . ValuationValuationValuationValuation ROE ROE ROE ROE (((( vs. vs. vs. vs. ))))
: , KDB
ROE ROE ROE ROE
04~0504~0504~0504~05
PBRPBRPBRPBR
PBR PBR PBR PBR
Top Picks :Top Picks :Top Picks :Top Picks :
, , , , , , , ,
()
10 KDB Daewoo Securities Research
13131313. . . . PBR PBR PBR PBR 14141414. . . . PBR PBR PBR PBR
: KDB : KDB
15151515. . . . PBR PBR PBR PBR 16161616. . . . PBR PBR PBR PBR
: KDB : KDB
17171717. . . . PBR PBR PBR PBR 18181818. . . . NHNHNHNH PBR PBR PBR PBR
: KDB : KDB
0.0
0.5
1.0
1.5
2.0
2.5
05 06 07 08 09 10 11 12 13 14 15
(x)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
05 06 07 08 09 10 11 12 13 14 15
(x)
0
1
2
3
4
05 06 07 08 09 10 11 12 13 14 15
(x)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
05 06 07 08 09 10 11 12 13 14 15
(x)
0
1
2
3
4
5
05 06 07 08 09 10 11 12 13 14 15
(x)
0.0
0.5
1.0
1.5
2.0
2.5
05 06 07 08 09 10 11 12 13 14 15
(x)
()
11 KDB Daewoo Securities Research
4444. . . . Valuation TableValuation TableValuation TableValuation Table
NHNHNHNH
Trading Buy
() 92,000 16,500 80,000 96,000 - - -
() 50,700 11,950 61,500 67,800 47,150 8,630 11,500
(%) 81.5 38.1 30.1 41.6 - - -
EPS 13.12 148 74 954 1,640 1,641 -181 174
() 14.12 3,187 270 3,884 3,420 4,116 158 500
15.12F 5,438 955 6,624 7,217 5,304 1,143 500
16.12F 5,159 1,073 6,771 5,602 5,335 976 742
17.12F 5,587 1,138 7,636 5,953 5,911 1,057 785
BPS 13.12 43,119 15,770 43,170 38,413 49,857 12,331 18,838
() 14.12 44,832 14,550 46,425 41,500 53,034 12,698 18,933
15.12F 49,092 15,368 53,019 45,640 58,898 13,917 19,247
16.12F 52,990 16,038 60,589 48,841 64,102 14,707 19,519
17.12F 57,196 16,773 69,205 52,331 69,880 15,485 20,136
PER 13.12 297.1 130.5 48.1 30.8 23.4 - 45.1
() 14.12 14.0 38.0 10.5 13.5 10.4 43.8 19.0
15.12F 9.3 12.5 9.3 9.4 8.9 7.5 23.0
16.12F 9.8 11.1 9.1 12.1 8.8 8.8 15.5
17.12F 9.1 10.5 8.1 11.4 8.0 8.2 14.6
PBR 13.12 1.0 0.6 1.1 1.3 0.8 0.5 0.4
() 14.12 1.0 0.7 0.9 1.1 0.8 0.5 0.5
15.12F 1.0 0.8 1.2 1.5 0.8 0.6 0.5
16.12F 1.0 0.7 1.0 1.4 0.7 0.6 0.5
17.12F 0.9 0.7 0.9 1.3 0.7 0.6 0.5
ROE 13.12 0.3 0.5 2.2 4.2 3.3 -1.4 0.9
(%) 14.12 6.7 2.1 8.7 8.6 8.2 1.3 2.6
15.12F 10.9 5.7 13.3 16.5 9.3 8.6 2.6
16.12F 9.5 6.8 11.9 11.8 8.5 6.8 3.8
17.12F 9.5 6.9 11.8 11.7 8.6 7.0 3.9
13.12 11 16 59 36 69 -43 15
() 14.12 230 81 239 76 181 37 43
15.12F 390 287 408 159 230 271 43
16.12F 370 322 417 124 231 231 64
17.12F 400 342 470 132 256 250 68
13.12 3,437 3,447 2,662 855 2,111 2,918 1,635
() 14.12 3,427 4,378 2,860 924 2,355 3,004 1,643
15.12F 3,752 4,624 3,266 1,016 2,615 3,293 1,670
16.12F 4,050 4,826 3,732 1,087 2,846 3,480 1,694
17.12F 4,372 5,047 4,263 1,165 3,103 3,664 1,747
13.12 67.4 73.7 20.5 21.5 20.4 -64.6 106.9
(%) 14.12 20.4 60.1 17.2 13.1 2.4 29.4 45.8
15.12F 18.4 46.6 14.5 13.8 1.9 16.3 89.1
16.12F 21.3 37.5 17.0 17.8 1.9 28.6 60.1
17.12F 21.5 39.7 17.6 18.4 1.7 30.8 56.8
13.12 0.2 0.5 0.4 0.7 0.9 0.0 2.5
(%) 14.12 1.5 1.6 1.7 1.0 0.2 0.7 2.6
15.12F 2.0 3.3 1.6 1.5 0.2 2.3 4.3
16.12F 2.2 3.3 2.0 1.5 0.2 3.5 4.3
17.12F 2.4 3.8 2.3 1.6 0.2 4.1 4.3
: NH FY13, FY14 ()
: KDB
()
12 KDB Daewoo Securities Research
Top Picks
(016360/)
2Q : 1) , 2) , 3) , 4)
25.19%
(039490/) 2
2Q : 1) Brok. , 2) , 3)
,
Outbound brokerage
()
13 KDB Daewoo Securities Research
2Q
2Q 1,333 1Q .
1) . MS
, 1Q 2 .
2) . Wrap, ELS 10
160 .
3)
.
4) .
(531.3 , 73 ) 424 ()
.
Money move .
.
.
AUM .
.
. 25.19%
. 30%
, .
92,000, , Top Picks .
(016360) ( )
(Maintain)
(,12M) 92,000
(15/07/09,) 50,700
81%
(15F,) 469 Consensus (15F,) 410
EPS (15F,%) 69.3
MKT EPS (15F,%) 35.1
P/E(15F,x) 9.3
MKT P/E(15F,x) 10.7
KOSPI 2,027.81
() 3,875
() 76
(%) 73.9
(%) 22.7
(12M) 2.15
52 () 41,750
52 () 66,400
(%)(%)(%)(%) 1111 6666 12121212
-17.4 12.0 10.5
-16.0 6.3 9.0
(12) 03/13 12/13 12/14 12/15F 12/16F 12/17F
() 960 454 769 1,015 1,045 1,089
() 221 0 167 469 488 528
() 158 11 230 390 370 400
EPS () 2,064 148 3,187 5,438 5,159 5,587
BPS () 43,732 43,119 44,832 49,092 52,990 57,196
P/E () 26.3 297.1 14.0 9.3 9.8 9.1
P/B () 1.2 1.0 1.0 1.0 1.0 0.9
ROE (%) 5.5 0.3 6.7 10.9 9.5 9.5
1.2 0.2 1.5 2.0 2.2 2.4
() 3,482 3,437 3,427 3,752 4,050 4,372
: K-IFRS , , 12/13 9
: , KDB
80
100
120
140
160
14.7 14.11 15.3 15.7
KOSPI
()
14 KDB Daewoo Securities Research
(016360)
(((()))) (((())))
() 14/12 15/12F 16/12F 17/12F () 14/12 15/12F 16/12F 17/12F 5,089 5,570 5,583 5,633 769 769 769 769 1,015 1,015 1,015 1,015 1,045 1,045 1,045 1,045 1,089 1,089 1,089 1,089 17,340 18,533 19,907 21,339 416 550 545 561
14,899 16,169 17,542 18,972 245 361 356 365 2,428 2,350 2,350 2,350 102 98 103 107 13 14 15 17 IB 27 35 36 36 0 0 0 0 0 0 0 0
475 616 680 751 43 57 51 53 1,382 1,522 1,551 1,600 388 455 444 483 58 54 54 54 -36 21 55 49 CMA() 0 0 0 0 0 -12 0 -4 () 0 0 0 0 602 602 602 602 546 546 546 546 557 557 557 557 561 561 561 561 1,430 1,852 1,946 2,045 332 298 301 305 25,775 25,775 25,775 25,775 28,147 28,147 28,147 28,147 29,722 29,722 29,722 29,722 31,423 31,423 31,423 31,423 69 69 69 69 3,550 3,501 3,520 3,598 82 74 74 74 17,540 19,168 20,426 21,728 118 106 113 114 1,258 1,726 1,726 1,726 0 0 0 0 22,348 22,348 22,348 22,348 24,395 24,395 24,395 24,395 25,671 25,671 25,671 25,671 27,051 27,051 27,051 27,051 167 167 167 167 469 469 469 469 488 488 488 488 528 528 528 528 394 394 394 394 -4 45 0 0 1,508 1,508 1,508 1,508 163 163 163 163 514 514 514 514 488 488 488 488 528 528 528 528 -205 -233 -233 -233 37 124 118 128 171 183 183 183 230 230 230 230 390 390 390 390 370 370 370 370 400 400 400 400 1,558 1,900 2,198 2,519 () 230 390 370 400 3,427 3,427 3,427 3,427 3,752 3,752 3,752 3,752 4,050 4,050 4,050 4,050 4,372 4,372 4,372 4,372
(((()))) valuationvaluationvaluationvaluation
14/12 15/12F 16/12F 17/12F 14/12 15/12F 16/12F 17/12F (%)(%)(%)(%) (%)(%)(%)(%) 25.5 9.2 5.6 5.7 769.4 852.0 927.6 1,009.2 23.1 -1.4 0.5 2.2 79.8 83.0 75.8 69.0 -0.3 9.5 7.9 7.9 32.2 32.2 -0.9 2.9 Valuation Valuation Valuation Valuation ((((, , , , , %), %), %), %) 69.1 32.1 2.9 4.3 EPS 3,187 5,438 5,159 5,587 180.6 4.1 8.3 BPS 44,832 49,092 52,990 57,196 1,985.8 69.3 -5.1 8.3 PER 14.0 9.3 9.8 9.1 PBR 1.0 1.0 1.0 0.9 (%)(%)(%)(%) DPS(DPS(DPS(DPS()))) ROE 6.7 10.9 9.5 9.5 650 1,000 1,100 1,200 ROA 1.0 1.4 1.3 1.3 0 0 0 0 (%)(%)(%)(%) (%)(%)(%)(%) 1.5 2.0 2.2 2.4 127.8 185.7 187.5 194.1 0.0 0.0 0.0 0.0 69.2 100.7 97.9 100.0 (%)(%)(%)(%) 20.4 18.4 21.3 21.5 : , KDB
()
15 KDB Daewoo Securities Research
2Q ,
2Q 363 336
. 1Q .
1) Brok. QoQ 33.0% .
MS 1Q
. 2 12 .
2) .
.
, (14 1.7 2Q15
2.5 ) .
3) .
.
.
2
1 .
. ( 50% )
. ,
,
.
,
. (
)
Outbound Brokerage .
96,000, , Top Picks .
(039490) 2
(Maintain)
(,12M) 96,000
(15/07/09,) 67,800
42%
(15F,) 209 Consensus (15F,) 191
EPS (15F,%) 111.0
MKT EPS (15F,%) 35.1
P/E(15F,x) 9.4
MKT P/E(15F,x) 10.7
KOSPI 2,027.81
() 1,498
() 22
(%) 51.8
(%) 29.9
(12M) 1.95
52 () 41,550
52 () 84,300
(%)(%)(%)(%) 1111 6666 12121212
-7.3 23.5 57.5
-5.6 17.2 55.4
(12) 03/13 12/13 12/14 12/15F 12/16F 12/17F
() 229 189 300 415 372 383
() 63 54 100 209 164 174
() 51 36 76 159 124 132
EPS () 2,329 1,640 3,420 7,217 5,602 5,953
BPS () 37,861 38,413 41,500 45,640 48,841 52,331
P/E () 29.4 30.8 13.5 9.4 12.1 11.4
P/B () 1.8 1.3 1.1 1.5 1.4 1.3
ROE (%) 6.0 4.2 8.6 16.5 11.8 11.7
0.7 0.7 1.0 1.5 1.5 1.6
() 861 855 924 1,016 1,087 1,165
: K-IFRS , , 12/13 9
: , KDB
80
130
180
230
14.7 14.11 15.3 15.7
KOSPI
()
16 KDB Daewoo Securities Research
(039490)
(((()))) (((())))
() 14/12 15/12F 16/12F 17/12F () 14/12 15/12F 16/12F 17/12F 1,877 1,908 1,831 1,831 300 300 300 300 415 415 415 415 372 372 372 372 383 383 383 383 557 620 708 824 135 198 209 217
423 475 551 653 87 135 146 151 64 72 81 91 23 31 33 36 43 46 50 53 IB 14 17 17 17 27 27 27 27 0 0 0 0
1 1 1 1 11 15 13 13 1,420 1,409 1,406 1,437 146 155 149 148 130 130 130 130 32 72 25 29 CMA() 0 0 0 0 -13 -11 -11 -11 () 0 0 0 0 200 200 200 200 206 206 206 206 207 207 207 207 208 208 208 208 730 730 730 730 61 61 63 63 4,715 4,715 4,715 4,715 4,797 4,797 4,797 4,797 4,805 4,805 4,805 4,805 4,953 4,953 4,953 4,953 41 41 41 41 2,449 2,402 2,282 2,282 32 31 31 31 756 793 850 920 66 72 72 72 586 586 586 586 0 0 0 0 3,791 3,791 3,791 3,791 3,781 3,781 3,781 3,781 3,718 3,718 3,718 3,718 3,788 3,788 3,788 3,788 100 100 100 100 209 209 209 209 164 164 164 164 174 174 174 174 110 110 110 110 -3 0 0 0 190 190 190 190 98 98 98 98 209 209 209 209 164 164 164 164 174 174 174 174 -22 -22 -22 -22 22 49 40 42 6 6 6 6 76 76 76 76 160 160 160 160 124 124 124 124 132 132 132 132 633 725 796 873 () 76 159 124 132 924 924 924 924 1,016 1,016 1,016 1,016 1,087 1,087 1,087 1,087 1,165 1,165 1,165 1,165
(((()))) valuationvaluationvaluationvaluation
14/12 15/12F 16/12F 17/12F 14/12 15/12F 16/12F 17/12F (%)(%)(%)(%) (%)(%)(%)(%) 11.6 1.7 0.2 3.1 736.1 819.5 884.0 954.3 14.6 -1.9 -5.0 0.0 140.7 132.2 128.7 125.6 8.0 10.0 7.0 7.1 47.8 46.1 5.7 3.6 Valuation Valuation Valuation Valuation ((((, , , , , %), %), %), %) 59.0 38.3 -10.4 3.0 EPS 3,420 7,217 5,602 5,953 87.3 108.6 -21.5 6.3 BPS 41,500 45,640 48,841 52,331 111.4 110.7 -22.3 6.3 PER 14.0 9.4 12.1 11.4 PBR 1.2 1.5 1.4 1.3 (%)(%)(%)(%) DPS(DPS(DPS(DPS()))) ROE 8.6 16.5 11.8 11.7 450 1,000 1,000 1,100 ROA 1.7 3.4 2.6 2.7 0 0 0 0 (%)(%)(%)(%) (%)(%)(%)(%) 0.9 1.5 1.5 1.6 150.2 201.7 179.2 183.8 0.0 0.0 0.0 0.0 67.9 96.2 100.9 104.1 (%)(%)(%)(%) 13.1 13.8 17.8 18.4 : , KDB
()
17 KDB Daewoo Securities Research
(((()))) (((()))) (((()))) (((())))
(016360) 2015.04.23 92,000 (071050) 2015.04.02 80,000
2014.11.16 68,000 2014.09.24 70,000
2014.07.15 57,000 2013.06.21 58,000
2014.05.15 52,000 NH(005940) 2015.04.02 Trading Buy 16,500
2014.02.16 Trading Buy 52,000 2014.11.13 Trading Buy 14,300
2013.08.15 Trading Buy 57,000 2014.08.17 Trading Buy 13,500
2013.05.13 71,000 2014.03.17 Trading Buy 12,000
(039490) 2015.05.14 96,000 2013.10.17 15,500
2015.03.03 84,000
2014.08.13 70,000 (037620) 2013.04.10 -
2014.05.29 66,000 (003450) 2013.04.10 -
2013.08.15 80,000 (003540) 2013.04.10 -
2013.06.12 86,000
(((()))) Trading Buy(Trading Buy(Trading Buy(Trading Buy()))) (((()))) (((())))
72.36% 13.57% 14.07% 0.00%
* 2015 6 30 1
Compliance Notice
- .
- 3 . - .
- .
,
. . .
: 12 20% : 12
Trading Buy : 12 10% : 12
: 12 -10~10% : 12
: 12 -10%
(), Trading Buy(), (), (), (), (), Not covered()
0
20,000
40,000
60,000
80,000
100,000
13.7 14.7 15.7
()
0
20,000
40,000
60,000
80,000
100,000
120,000
13.7 14.7 15.7
()
0
20,000
40,000
60,000
80,000
100,000
13.7 14.7 15.7
()
0
5,000
10,000
15,000
20,000
13.7 14.7 15.7
() NH
0
20,000
40,000
60,000
80,000
13.7 14.7 15.7
()
0
5,000
10,000
15,000
13.7 14.7 15.7
()
0
5,000
10,000
15,000
20,000
13.7 14.7 15.7
()
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