2005 4 1 10 : ROE : 1
1....4 2. :...5 3. 2...9 4.... 11 5. :...14 6....14 2
1 2004 2005 3 22 A... 4 2 GDP... 6 3 2005 2004... 6 4... 8 5... 7 6 2005 4 1 2004... 7 7 A (ST)... 9 8... 9 9 AH... 10 10 7 A... 10 11...11 12...11 13 CRU... 12 14 2002 ROIC... 13 3
1. A DCF PE 1 2004 2005 3 22 A 158.46% 63.12% 157.94% 60.87% 151.89% 58.27% 136.97% 56.56% 134.64% 55.97% 133.60% 55.24% 119.11% 54.40% 113.84% 53.54% 105.16% 53.43% 99.19% 53.34% 94.79% 52.07% 88.68% 50.67% 87.93% 50.61% 87.55% 50.09% 86.44% 49.82% 80.41% 49.23% 79.00% 48.45% 78.34% 46.21% 76.72% 43.42% 76.08% 41.69% 73.95% 40.82% 73.40% 40.41% 70.98% 40.11% 70.45% 39.48% 69.25% 38.31% 4
2. : 5 3 6 30 CPI 3% 2 3 5
,, 2 GDP 60 50 40 30 20 GDP 12 11 10 9 8 10 0 GDP (%) (%) 7 6 2004 4 2004 2 2003 4 2003 2 2002 4 2002 2 2001 4 2001 2 2000 4 2000 2 1999 4 1999 2 1998 4 1998 2 1997 4 1997 2 1996 4 1996 2 1995 4 1995 2 GDP 8.5% 20% 3 2005 2004 2004 2005 GDP 9.50% 8% CPI 3.90% 4% M1 15% 15% M2 14.10% 15% 27.60% 16% 13.30% 12.50% 35.57% 15% 2005 GDP 8% 15% 6
10 4 5 2005 4 1 2004 [] (%) (%) (%) [K] 22 255.56% 252.47% 51.07 33.13 275.93 [C4] 76 121.71% 108.64% 35.98 48.61 134.34 [H] 40 54.81% 65.04% 25.92 40.87 84.24 [C0] 30 31.28% 52.57% 21.4 18.34 61.53 [B] 13 69.40% 48.20% 41.88 43.08 69.1 [C3] 14 58.45% 41.51% 26.6 9.05 63.16 664 35.66% 33.58% 36.62 30.58 50.5 [C99] 9 34.21% 29.08% 51.35 39.41 33.68 [C7] 107 23.27% 27.45% 33.05 23.11 38.93 [F] 35 23.05% 23.25% 30.17 35.37 36.19 [C6] 77 26.20% 23.10% 54.67 37.58 49.58 [C1] 26 20.62% 21.77% 24.01 20.81 33.31 [A] 12 20.43% 17.51% 67.13 35 25.86 7
[I] 4 13.18% 16.88% 35.64 38.32 38.08 [J] 27 17.36% 12.72% 30.47 29.97 32.88 [G] 29 11.85% 8.13% 13.01 10.2 22.38 [M] 35 0.99% 7.41% 23.02 9.71 11.63 [D] 29-10.34% 4.78% 37.29 17.34 13.33 [C5] 17 0.42% 1.47% 14.28 13.07 6.6 [E] 13-0.57% -2.20% 20.52 11.06 2.29 [C8] 41-19.39% -11.93% 14.64 7.54-6.94 [L] 7-93.23% -92.35% -22.58 2.6 92.98 [C2] 1-116.75% -115.64% -12.04 341.42 116.73 2005 4 1 734 2004 2004 664 6 8
3. 2 1170 8A ST 17 18 15 7 A ( ST ) 05 A 8 bloomberg 9
9 A H A 7 F (1/PE-r)/r, 30 20 3 25 F -26.7% -20% 03 9-25.74% 10 7 A 10
4. 11 bloomberg 12 11
13 CRU bloomberg ROIC ROE ROE 12
14 2002 ROIC 2004 2003 2002 ROIC-WACC ROIC-WACC ROIC-WACC 5.5% 37.2% -2.0% -12.3% -1.6% 8.0% 4.5% 49.2% -1.7% 94.4% -4.6% 70.6% 1.6% 6.3% 2.2% 275.8% 1.2% 91.1% 2.0% 32.1% -0.1% -0.5% 0.8% 90.6% 4.1% 82.1% -0.5% 5.9% -0.1% 59.1% -2.0% 40.2% -3.3% -28.7% -0.2% 28.5% -1.0% 17.7% -1.4% 25.7% -0.2% 0.3% 1.4% 23.4% 0.4% 4.4% -0.7% 13.8% -1.0% 13.4% -2.1% 48.2% -1.1% 56.3% -2.9% -36.5% -1.6% -6.8% -1.7% -6.7% -0.6% 25.8% -2.0% 18.6% -1.8% -4.2% -0.4% 33.1% -1.9% 745.3% -2.8% 21.7% -2.6% 312.9% -5.6% -129.2% -2.8% -6.9% -1.8% -29.5% -2.1% 1.1% -3.0% 15.9% -3.7% 110.3% -4.5% -70.6% -3.0% -11.2% -2.3% 95.8% -3.9% -57.7% -3.1% 25.3% -3.4% -37.0% -1.9% -37.4% -3.6% -6.7% -3.6% -10.8% -3.1% -42.6% -4.9% -3.0% -8.5% -264.2% -13.0% -18.6% -14.5% -918.4% -6.9% -75.4% 13
5. : A DCF PE A ROE ROE ROE 6.. 14
: ; : 2005 05, 15
A : : IT ARPU 04 4 05 06 16
IPTV IPTV IPTV IPTV IPTV IT 17
H IPO 18