Table of Contents
Strategy Section................................................................................ 4
Korea Market Strategy...................................................................... 5
Korea strategy bullets ....................................................................... 6
Korea snapshot .................................................................................. 7
Higher levels towards FY09-end ...................................................... 8
Valuation still not stretched ........................................................... 26
Sector recommendations ............................................................... 31
Deutsche Bank Korea 12 portfolio.................................................. 33
Sector outlook and strategy........................................................... 36
Company Section ............................................................................ 81
AmorePacific Corp .......................................................................... 82
Busan Bank ...................................................................................... 86
Cheiljedang ..................................................................................... 90
CJOS ................................................................................................ 94
Daewoo E&C ................................................................................... 98
Daewoo Sec .................................................................................. 102
Daishin Sec .................................................................................... 106
Dongbu Insurance ........................................................................ 110
Dongkuk Steel Mill ....................................................................... 114
Doosan Corp. ................................................................................ 118
Doosan Heavy ............................................................................... 122
Doosan Infracore Co Ltd .............................................................. 126
DSME ............................................................................................. 130
GS E&C .......................................................................................... 134
GS ................................................................................................... 138
GSHS ............................................................................................. 142
Hana FG ......................................................................................... 146
Hanwha Chemical ......................................................................... 150
HDS ................................................................................................ 154
Honam Petrochem ........................................................................ 158
Hynix .............................................................................................. 162
Table of Contents (Cont'd)
Nong Shim .................................................................................... 290
OCI Company Ltd ......................................................................... 294
POSCO ........................................................................................... 298
Samsung Card ............................................................................... 302
Samsung Eng. ............................................................................... 306
Samsung F&M .............................................................................. 310
Samsung Heavy ............................................................................ 314
Samsung SDI ................................................................................. 318
Samsung Sec ................................................................................ 322
SEC ................................................................................................. 326
SEMCO .......................................................................................... 330
Shinhan FG .................................................................................... 334
Shinsegae ...................................................................................... 338
SK Energy ...................................................................................... 342
SK Telecom ................................................................................... 346
S-Oil Corp ...................................................................................... 350
STX O&S ........................................................................................ 354
STX Pan Ocean Co Ltd ................................................................. 358
Tong Yang Sec .............................................................................. 362
Woori FH ........................................................................................ 366
Woori Inv & Sec ............................................................................ 370