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분야
hwpⅠ. Introduction
Ⅱ. Companies' profile
Ⅲ. Financial information
Ⅳ. Stock Information
Ⅴ. Beta & Abnormal Returns
Ⅵ. Conclusion
Reference
Log Book
Considering LG Fashion’ 2011F EPS growth of 24% and PER of 8.3x, the company is undervalued compared to major fashion companies and consumer goods providers. Given the substantial EPS growth and the consumer goods providers’average 2011F PER of 12x, we believe the stock merits attention.
Domestic mid- to long-term growth strategy to work: LG Fashion’ earnings began to improve in 2010 backed by large-scale investments in 2009. We expect the company’ operating profit to grow 31% to W121.9bn in 2010F and 22% to W148.8bn in 2011F. LG Fashion proved it has a sound growth strategy and the company continues to gain the market’ confidence. Ever since being spun off by LG International, LG Fashion has remained steadfast in its strategy to diversify its apparel portfolio that once focused menswear. As a result, the sales portion of women’ and sportswear has been rising gradually from 27% in 2006 and is expected to climb to 41% in 2010F and 45% in 2011F. In addition, the company’ focus on diversifying its distribution channels is proceeding smoothly. Street shops that accounted for 38% of the company’ sales in 2006 are projected to contribute 48% of sales in 2010F and 50% in 2011F. We view the company’ consistent growth strategy in a positive light and expect it to drive a valuation re-rating in the mid to long term. Cash & cash equivalents to rise sharply from 2011; overseas expansion to continue: LG Fashion’ net cash holdings reached a whopping W124.4bn at end-2008 but fell sharply due to greater capex for more shop
머니투데이
매일경제
미래에셋증권 팜고 www.fundro.com
삼성경제연구소, 산업연구원 보고서
삼성경제연구소 www.Seri.org
전자공시시스템 dart.fss.or.kr
한국섬유개발연구원
한국증권업협회 www.ksda.or.kr
E-Trade증권 참고 www. etrade.co.kr
통계청 www.nso.go.kr
http://www.asiae.co.kr/news/view.htm?idxno=2010110208171763618
http://stock.nate.com/
http://www.hankyung.com/stockplus/main.php?module=stock&mode=stock_analysis_infomation&itemcode=008000
http://www.kiwoom.com/
www.naver.com
http://www.wjchemical.com/company/company01.asp
http://www.wjchemical.co.kr/
http://www.lgfashion.co.kr/osfront/index.jsp
www.google.com
http://wenku.baidu.com/view/c4980350ad02de80d4d840d6.html
http://dart.fss.or.kr/
http://blog.naver.com/sova123?Redirect=Log&logNo=70016345887
http://www.newspim.com/view.jsp?newsId=20101123000151
http://sikin.tistory.com/219
http://www.mt.co.kr/view/mtview.php?type=1&no=2010110507564104087&outlink=1
http://stock.mt.co.kr/sise/stockDetailSise.html?sCode=093050&tab=7
www.krx.co.kr
