LG Life Sciences

LG Life Sciences
(068870 KS)
Poised for earnings growth in 2015
Healthcare
Likely to swing to operating profit QoQ in 3Q
Company Update
September 5, 2014
Trading Buy
(Downgrade)
Target Price (12M, W)
38,000
Share Price (9/4/14, W)
33,300
14%
Expected Return
OP (14F, Wbn)
5
Consensus OP (14F, Wbn)
6
EPS Growth (14F, %)
-
Market EPS Growth (14F, %)
P/E (14F, x)
11.8
-
Market P/E (14F, x)
KOSPI
12.1
2,056.26
Market Cap (Wbn)
Shares Outstanding (mn)
552
17
Free Float (%)
Foreign Ownership (%)
69.0
4.2
Beta (12M)
0.93
52-Week Low
52-Week High
31,000
54,200
(%)
Absolute
1M
5.5
6M
-20.0
12M
-38.4
Relative
6.8
-23.9
-42.1
130
LG Life Sciences
KOSPI
110
We recently visited LG Life Sciences (LGLS) to get an update on the firm’s business
conditions. For 3Q, we forecast the company to post revenue of W102.5bn (+11.5%
YoY) and operating profit of W1.4bn (-9.4% YoY). We believe the company will return to
profit QoQ in the quarter, supported by: 1) influenza vaccine sales (which were
nonexistent in 2013), and 2) robust sales of the in-house developed diabetes drug
Zemiglo.
Poised for earnings growth in 2015
Looking ahead to 2015, we expect revenue of W472bn (+16.6% YoY), operating profit
of W12.9bn (+164.4% YoY), and net profit attributable to controlling interests of
W2.3bn (turning to profit YoY).
We expect earnings growth to be largely driven by Zemiglo sales. We project sales of
the drug to reach an estimated W15bn in 2014, led by solid domestic sales, and then
grow to W25bn in 2015 and W35bn in 2016, backed by the generation of overseas
sales. The company is likely to gain approval for the drug in emerging countries in 2015,
resulting in the receipt of milestone payments, which should help lift margins.
Furthermore, the drugmaker is planning to expand its Zemiglo combination lineup,
which could drive up domestic peak sales and lead to more foreign out-licensing deals.
Downgrade to Trading Buy and Lower TP to W38,000
We revised down our revenue and operating profit forecasts in light of the sluggish
performance in 1H14; more specifically, we adjusted our expectations for the timing and
scale of Zemiglo milestone payments. We also revised up interest expense forecasts due
to increased debt. As such, we slashed our EPS estimates for 2014 (resulting in a
negative figure) and 2015 (by 91.1%).
Reflecting our earnings adjustments, we lower our target price on LGLS to W38,000
from W44,000, and downgrade our rating to Trading Buy from Buy. Our target price
represents the sum of the values of: 1) the company’s operating business, 2) slowrelease human growth hormones (SR-hGH), and 3) Zemiglo. In our view, the stock’s key
investment appeal lies in the company’s overseas expansion through Zemiglo.
A key downside risk is the potential delay to the US approval of SR-hGH. If LGLS
ultimately fails to obtain approval, we plan to remove SR-hGH from our valuation.
90
70
50
8.13
12.13
4.14
Daewoo Securities Co.,
Co., Ltd.
8.14
FY (Dec.)
Revenue (Wbn)
12/11
12/12
12/13
12/14F
12/15F
12/16F
381
406
417
405
472
559
[Healthcare]
OP (Wbn)
12
15
14
5
13
27
Hyun-tae Kim
+822-768-3251
[email protected]
OP margin (%)
NP (Wbn)
3.1
6
3.7
9
3.4
3
1.2
-5
2.8
2
4.8
11
339
2.3
507
3.4
194
1.3
-307
-2.1
136
0.9
627
4.1
101.3
2.3
88.8
3.0
209.3
2.7
2.3
245.1
2.2
53.1
2.1
EPS (W)
ROE (%)
P/E (x)
P/B (x)
Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests
Source: Company data, KDB Daewoo Securities Research estimates
Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the
the U.S.
PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.
September 5, 2014
LG Life Sciences
Figure 1. Zemiglo sales expected to rise steadily
Figure 2. Sales of Zemiglo and Zemimet on the rise
(Wbn)
(Wbn)
40
1
Zemiglo
Zemimet
0.8
30
0.6
20
0.4
10
0.2
0
0
2013
2014F
2015F
1/13
2016F
Source: KDB Daewoo Securities Research
4/13
7/13
10/13
1/14
4/14
7/14
Notes: Zemimet is a complex drug(gemigliptin + metformin)
Source: KDB Daewoo Securities Research
Table 1. Quarterly and annual earnings
(Wbn, %, W)
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14F
4Q14F
2013
2014F
2015F
93.3
8.6
70.0
110.7
16.5
90.3
91.9
-7.4
80.2
121.4
-3.4
98.4
89.0
-4.6
71.3
98.8
-10.8
80.8
102.5
11.5
94.3
114.7
-5.6
94.2
417.3
2.8
338.9
404.9
-3.0
340.5
472.0
16.6
414.1
Fine chemicals
Exports
23.3
40.8
20.4
47.9
11.7
30.2
23.0
50.5
17.7
41.4
18.0
34.8
8.2
31.9
20.5
58.8
78.4
169.4
64.4
166.9
57.9
190.3
OP margin
YoY
-3.1
-3.3
RR
5.9
5.3
375.7
1.6
1.7
-52.3
10.0
8.3
-36.5
-4.3
-4.8
RR
-0.6
-0.6
TTR
1.4
1.4
-9.4
8.3
7.2
-17.2
14.4
3.4
-5.6
4.9
1.2
-66.1
12.9
2.7
164.4
-5.2
RR
3.7
TTB
-1.6
TTR
8.2
-42.3
-6.6
RR
-2.8
TTR
-1.8
RR
4.8
-41.3
5.1
-37.1
-6.4
TTR
3.0
TTB
-4.1
3.4
-1.2
5.2
-6.0
-2.3
-1.5
4.6
3.3
-5.2
2.3
RR
23,711.8
TTR
-57.7
RR
TTR
RR
-10.4
-61.8
TTR
TTB
194
-61.8
-307
TTR
136
TTB
Revenue
YoY
Drugs
OP
Pretax profit
YoY
Net profit attributable to
controlling interests
YoY
EPS
YoY
Source: Company data, KDB Daewoo Securities Research
Table 2. Earnings forecast revisions
Revenue
OP
Pretax profit
Net profit
EPS
OP margin
Net margin
Previous
14F
15F
455.1
565.4
15.7
44.9
5.7
34.2
(Wbn, W, %)
Revised
15F
% chg.
hg.
15F
4.3
25.7
42.5
-5.2
2.3
10.5
TTR
-91.1
Notes
16F
-16.9 - Revised down revenue & OP due to
-61.0 weak growth & OP margin in 1H14
-75.3 - Revised up interest expenses due to
-75.3 increased debt
255
1,529
2,529
-307
136
627
TTR
-91.1
-75.2
3.4
0.9
7.9
4.5
10.2
6.3
1.2
-1.3
2.7
0.5
4.8
1.9
16F
672.5
68.9
56.6
14F
404.9
4.9
-6.4
472.0
12.9
3.0
16F
558.7
26.9
14.0
14F
-11.0
-68.8
TTR
-16.5
-71.3
-91.2
Source: KDB Daewoo Securities Research
Table 3. Target price calculation
Value per share
(W)
Enterprise value (A)
15,729
SR-hGH value (B)
12,304
Notes
- Applied 13.4x to 2015F EBITDA of W36.8bn (net debt of W227.8bn)
- EV/EBITDA of 13.4x is average of four major pharmas from 2003 to 2013 (Green Cross, Yuhan, Dong-A,
and Hanmi)
- Sum of earnings in 10 years after launch; assumed peak M/S of 20%
DPP IV value (C)
Target price
10,200
38,233
- Sum of earnings in 10 years after launch; assumed peak M/S of 15%
(A) + (B) + (C)
Source: KDB Daewoo Securities Research
KDB Daewoo Securities Research
2
September 5, 2014
LG Life Sciences
Table 4. Forecasts for value of srsr-hGH
2016F
2016F
2017F
2017F
2018F
2018F
2019F
2019F
2020F
2020F
2021F
2021F
2022F
2022F
2023F
2023F
2024F
2024F
2025F
2025F
2026F
2026F
4,020
2,010
4,221
2,111
4,432
2,216
4,654
2,327
4,887
2,443
5,131
2,566
5,388
2,694
5,657
2,828
5,940
2,970
6,237
3,118
6,549
3,274
Partner sales (US$mn)
Royalties (US$mn)
20
3
63
8
111
14
233
30
367
48
513
67
539
70
566
74
564
73
592
77
589
77
After-tax profit (US$mn)
After-tax profit (Wbn)
2
2.3
7
7.2
12
12.7
26
26.6
40
41.9
57
58.6
60
61.6
63
64.6
62
64.5
65
67.7
65
67.4
2.1
6.1
10.1
20.2
30.0
39.8
39.5
39.3
37.0
36.8
34.6
Global hGH market (US$mn)
US market (US$mn)
PV (Wbn)
WACC
Probability of success
NPV (Wbn)
Value per share (W)
5.7%
70%
206.9
12,304
Notes: Assumptions - 1) Global hGH market of US$3bn, growing at 5% CAGR; 2) partner sales based on 20% peak M/S in US; 3)royalties rate of 13%; 4) effective tax
rate of 15%; 5) US$/W rate of 1,034.
Source: Company data, PROLOR Biotech, KDB Daewoo Securities Research
Table 5. Forecasts for value of DPPDPP-4 inhibitor
2016F
2016F
2017F
2017F
2018F
2018F
2019F
2019F
2020F
2020F
2021F
2021F
2022F
2022F
2023F
2023F
2024F
2024F
2025F
2025F
2026F
2026F
DPP-4 inhibitor market (US$bn)
Emerging
9.1
0.7
10.7
0.8
12.6
1.0
14.9
1.1
17.6
1.3
20.8
1.6
24.6
1.9
29.0
2.2
34.3
2.6
40.5
3.1
47.8
3.6
Partner sales (US$mn)
Royalties (US$mn)
6.8
1.0
24.2
3.6
76.2
11.4
134.9
20.2
199.2
29.9
235.2
35.3
277.8
41.7
317.1
47.6
361.6
54.2
411.8
61.8
468.4
70.3
Sales (US$mn)
After-tax profit (US$mn)
1.0
0.9
3.6
3.3
11.4
10.3
20.2
18.2
29.9
26.9
35.3
31.8
41.7
37.5
47.6
42.8
54.2
48.8
61.8
55.6
70.3
63.2
After-tax profit (Wbn)
1.0
3.4
10.6
18.8
27.8
32.8
38.8
44.3
50.5
57.5
65.4
PV (Wbn)
WACC
Success probability
NPV (Wbn)
0.9
5.7%
80%
171.5
2.9
8.5
14.3
19.9
22.3
24.9
26.9
29.0
31.3
33.6
Value per share (W)
10,200
Notes: Assumptions - 1) Emerging market figures are based on Merck’s proportion of US sales and IMS’s regional data; 2) royalty rate of 15%; 3) effective tax rate of
10%; 4) US$/W rate of 1,034, 5) out-licensing of DPP-4 inhibitor.
Source: GIA, Merck, IMS, KDB Daewoo Securities Research
Figure 3. 1212-month forward P/B band
(W)
60,000
3.9x
3.4x
50,000
2.9x
40,000
2.4x
30,000
1.9x
20,000
10
11
12
13
14
Source: KDB Daewoo Securities Research
KDB Daewoo Securities Research
3
September 5, 2014
LG Life Sciences
LG Life Sciences (068870 KS/Trading Buy/TP: W38,000)
Comprehensive Income Statement (Summarized)
(Wbn)
Statement of Financial Condition (Summarized)
12/13 12/14F 12/15F 12/16F
12/13
12/14F
12/15F
12/16F
Revenue
417
405
472
559
Current Assets
(Wbn)
233
259
281
314
Cost of Sales
Gross Profit
217
200
212
193
242
230
280
279
Cash and Cash Equivalents
AR & Other Receivables
24
103
58
103
48
120
39
142
SG&A Expenses
186
188
217
252
Inventories
100
92
108
128
Operating Profit (Adj)
Operating Profit
14
14
5
5
13
13
27
27
Other Current Assets
Non--Current Assets
Non
6
379
6
369
5
360
5
352
NonNon-Operating Profit
Net Financial Income
Net Gain from Inv in Associates
-9
-8
0
-11
-10
0
-10
-10
0
-13
-10
0
Investments in Associates
0
0
0
0
Property, Plant and Equipment
Intangible Assets
304
35
297
32
291
30
285
27
Pretax Profit
5
-6
3
14
Total Assets
612
628
642
666
Income Tax
Profit from Continuing Operations
2
3
-1
-5
1
2
3
11
Current Liabilities
AP & Other Payables
166
66
154
67
165
78
179
92
Profit from Discontinued Operations
0
0
0
0
Net Profit
Controlling Interests
3
3
-5
-5
2
2
11
11
Short-Term Financial Liabilities
82
81
81
81
Other Current Liabilities
Non--Current Liabilities
Non
18
192
6
226
6
226
Non-Controlling Interests
0
0
0
0
Long-Term Financial Liabilities
166
205
205
6
226
205
Total Comprehensive Profit
Controlling Interests
1
1
-5
-5
2
2
11
11
Other Non-Current Liabilities
Total Liabilities
26
358
21
380
21
391
21
405
Non-Controlling Interests
EBITDA
0
40
0
30
0
37
0
50
Controlling Interests
Capital Stock
254
84
248
84
251
84
261
84
FCF (Free Cash Flow)
-57
-3
-10
-6
Capital Surplus
147
147
147
147
EBITDA Margin (%)
Operating Profit Margin (%)
9.6
3.4
7.4
1.2
7.8
2.8
8.9
4.8
Retained Earnings
Non--Controlling Interests
Non
24
0
19
0
21
0
31
0
Net Profit Margin (%)
0.7
-1.2
0.4
2.0
Stockholders' Equity
254
248
251
261
12/13
209.3
14.8
12/14F
18.7
12/15F
245.1
15.1
12/16F
53.1
11.1
2.7
22.3
2.3
26.4
2.2
21.6
2.1
16.1
Cash Flows (Summarized)
(Wbn)
Cash Flows from Op Activities
Net Profit
Non-Cash Income and Expense
Depreciation
Amortization
Others
Chg in Working Capital
Chg in AR & Other Receivables
Chg in Inventories
Chg in AP & Other Payables
Income Tax Paid
Forecasts/Valuations (Summarized)
12/13 12/14F 12/15F 12/16F
15
12
5
9
3
-5
2
11
43
23
35
22
35
21
40
21
P/E (x)
P/CF (x)
P/B (x)
EV/EBITDA (x)
3
3
3
2
17
-23
10
-10
11
-21
17
-28
EPS (W)
CFPS (W)
BPS (W)
194
-307
136
627
2,739
15,074
1,783
14,767
2,205
14,903
2,990
15,530
5
0
-17
-22
DPS (W)
0
0
0
0
-10
-7
7
3
-15
7
-20
9
Payout ratio (%)
Dividend Yield (%)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Revenue Growth (%)
2.7
-2.9
16.5
18.4
EBITDA Growth (%)
Operating Profit Growth (%)
8.1
-6.7
-25.0
-64.3
23.3
160.0
35.1
107.7
-2
1
-1
-3
-79
-70
-17
-15
-15
-15
-18
-15
Chg in Intangible Assets
-9
0
0
0
EPS Growth (%)
-61.7
-
-
361.0
Chg in Financial Assets
Others
0
0
0
-2
0
0
0
-3
Accounts Receivable Turnover (x)
Inventory Turnover (x)
3.9
4.4
3.9
4.2
4.2
4.7
4.3
4.7
Cash Flows from Fin Activities
47
39
0
0
Accounts Payable Turnover (x)
5.3
5.5
5.6
5.5
Chg in Financial Liabilities
Chg in Equity
47
0
39
0
0
0
0
0
ROA (%)
ROE (%)
0.6
1.3
-0.8
-2.1
0.4
0.9
1.6
4.1
Cash Flows from Inv Activities
Chg in PP&E
Dividends Paid
0
0
0
0
ROIC (%)
2.2
0.9
2.1
4.2
Others
0
0
0
0
Liability to Equity Ratio (%)
141.3
152.8
155.8
154.9
Increase (Decrease) in Cash
-17
34
-10
-9
Current Ratio (%)
140.0
168.5
170.7
175.4
Beginning Balance
Ending Balance
41
24
24
58
58
48
48
39
Net Debt to Equity Ratio (%)
Interest Coverage Ratio (x)
87.8
1.6
91.7
0.5
94.9
1.1
94.5
2.4
Source: Company data, KDB Daewoo Securities Research estimates
KDB Daewoo Securities Research
4
September 5, 2014
LG Life Sciences
APPENDIX 1
Important Disclosures & Disclaimers
2-Year Rating and Target Price History
Company (Code)
LG Life Sciences (068870)
Date
Rating
09/04/2014
Trading Buy
Target Price
38,000
05/02/2014
Buy
44,000
03/12/2014
Buy
49,000
11/07/2013
Buy
56,000
(W)
60,000
40,000
No Coverage
01/03/2013
Buy
65,000
10/28/2012
Buy
55,000
09/04/2012
Buy
49,000
20,000
0
Sep 12
Stock Ratings
Industry Ratings
Buy
: Relative performance of 20% or greater
LG Life Sciences
80,000
Sep 13
Sep 14
Overweight
: Fundamentals are favorable or improving
Trading Buy : Relative performance of 10% or greater, but with volatility
Neutral
: Fundamentals are steady without any material changes
Hold
: Relative performance of -10% and 10%
Underweight : Fundamentals are unfavorable or worsening
Sell
: Relative performance of -10%
Ratings and Target Price History (Share price (─), Target price (▬), Not covered (■), Buy (▲), Trading Buy (■), Hold (●), Sell (◆))
* Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months.
* Although it is not part of the official ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material
development.
* The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of
future earnings.
* The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic
conditions.
Disclosures
As of the publication date, Daewoo Securities Co., Ltd. has acted as a liquidity provider for the shares of LG Life Sciences, and other than this, Daewoo
Securities has no other special interests in the covered companies.
Analyst Certification
The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean
securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions
expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this
report. Daewoo Securities Co., Ltd. policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s
area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies. Except as otherwise specified
herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been
promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific
recommendations or views contained in this report but, like all employees of Daewoo Securities, the Analysts receive compensation that is impacted by
overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and
private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of
the Analyst or Daewoo Securities Co., Ltd. except as otherwise stated herein.
Disclaimers
This report is published by Daewoo Securities Co., Ltd. (“Daewoo”), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.
Information and opinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information has not been
independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or
correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English
translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this
report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising from the use hereof. This
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securities or other financial instruments. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of
the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any
laws and regulations or subject Daewoo and its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof.
Information and opinions contained herein are subject to change without notice and no part of this document may be copied or reproduced in any manner or
form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers,
employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a
purchase or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case either as principals or
agents. Daewoo and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment
banking, market-making or other financial services as are permitted under applicable laws and regulations. The price and value of the investments referred to
in this report and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to
future performance. Future returns are not guaranteed, and a loss of original capital may occur
Distribution
United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd. in the United Kingdom only to (i) investment professionals falling within
KDB Daewoo Securities Research
5
September 5, 2014
LG Life Sciences
Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and other
persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as “Relevant
Persons”). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its
contents.
United States: This report is distributed in the U.S. by Daewoo Securities (America) Inc., a member of FINRA/SIPC, and is only intended for major institutional
investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. All U.S. persons that receive this document by their acceptance
thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied understanding that
they will direct commission income to Daewoo or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed
herein should contact and place orders with Daewoo Securities (America) Inc., which accepts responsibility for the contents of this report in the U.S. The
securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or
sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements.
Hong Kong: This document has been approved for distribution in Hong Kong by Daewoo Securities (Hong Kong) Ltd., which is regulated by the Hong Kong
Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for
distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws
of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person.
All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Daewoo or
its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Daewoo and its
affiliates to any registration or licensing requirement within such jurisdiction.
KDB Daewoo Securities International Network
Daewoo Securities Co. Ltd. (Seoul)
Head Office
34-3 Yeouido-dong, Yeongdeungpo-gu
Seoul 150-716
Korea
Tel: 82-2-768-3026
Daewoo Securities (Hong Kong) Ltd.
Two International Finance Centre
Suites 2005-2012
8 Finance Street, Central
Hong Kong, China
Tel: 85-2-2845-6332
Daewoo Securities (America) Inc.
320 Park Avenue
31st Floor
New York, NY 10022
United States
Tel: 1-212-407-1000
Daewoo Securities (Europe) Ltd.
41st Floor, Tower 42
25 Old Broad St.
London EC2N 1HQ
United Kingdom
Tel: 44-20-7982-8000
Daewoo Securities (Singapore) Pte. Ltd.
Six Battery Road #11-01
Singapore, 049909
Tel: 65-6671-9845
Tokyo Branch
7th Floor, Yusen Building
2-3-2 Marunouchi, Chiyoda-ku
Tokyo 100-0005
Japan
Tel: 81-3- 3211-5511
Beijing Representative Office
2401A, 24th Floor, East Tower, Twin Towers
B-12 Jianguomenwai Avenue
Chaoyang District, Beijing 100022
China
Tel: 86-10-6567-9299
Shanghai Representative Office
Room 38T31, 38F SWFC
100 Century Avenue
Pudong New Area, Shanghai 200120
China
Tel: 86-21-5013-6392
Ho Chi Minh Representative Office
Suite 2103, Saigon Trade Center
37 Ton Duc Thang St,
Dist. 1, Ho Chi Minh City,
Vietnam
Tel: 84-8-3910-6000
Daewoo Investment Advisory (Beijing) Co., Ltd.
Daewoo Securities (Mongolia) LLC
PT. Daewoo Securities Indonesia
2401B, 24th Floor, East Tower, Twin Towers
B-12 Jianguomenwai Avenue,
Chaoyang District, Beijing 100022
China
#406, Blue Sky Tower, Peace Avenue 17
1 Khoroo, Sukhbaatar District
Ulaanbaatar 14240
Mongolia
Equity Tower Building Lt.50
Sudirman Central Business District Jl.
Jendral Sudirman Kav. 52-53, Jakarta Selatan
Indonesia 12190
Tel: 86-10-6567-9699
Tel: 976-7011-0807
Tel: 62-21-515-1140
KDB Daewoo Securities Research
6

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