2004 4 4 4 4 GDP 4 9.14 4 05 ROE 1
1...4 1.1...4 1.2 CPI...8 1.3...13 2...17 2.1...17 2.2...18 2.3...20 3...22 3.1...22 3.2...23 3.3...24 3.4...24 3.5 4...26 2
Figure 1...4 Figure 2...5 Figure 3...5 Figure 4...6 Figure 5 3...7 Figure 6...7 Figure 7...8 Figure 8...11 Figure 9...13 Figure 10...13 Figure 11 5...14 Figure 12 3...15 Figure 13...18 Figure 14 5...18 Figure 15 9 13...19 Figure 16...20 Figure 17...21 Figure 18 A ROE...26 3
2004 4 1 1.1 3 1.1.1 3, 1-7 1-8 30.3%, 32186 7 0.8 Figure 1 % 60 50 40 30 20 10 0 1-2M 1-3M 1-4M 1-5M 2004 1-6M 1-7M 1-8M 1-9M 1-10M 2003 1-11M 1-12M 6 6 4 4
Figure 2 1-2 3 4 5 6 7 8 % 62.4 31 5.9-15.7-9.59 6.38 26.8 % 53 43.5 34.7 18.3 22.7 31.5 26.2 1.1.2 1-8, 33721, 12.9% 8 4263 13.1% 3 8.3% 8 4 5 10.5% Figure 3 2004 2003 5000 4000 3000 2000 1000 0 1 2 3 4 5 6 7 8 9 10 11 12 1997 5
04 15% 1.1.3 2004 1-9 8285.5 36.7% 4162.4 35.3% 4123.1 38.2% 39.3 9 33.1% 22.1% 20.9 45 4 4 4 3 03 Figure 4 80 60 40 20 0-20 -40 2002 1-60 -80-100 3 5 7 9 11 2003 1 3 5 7 9 11 2004 1 3 5 7 9 1200 1000 800 600 400 200 0 6
1.1.4 4 8 7 8 15.9% 8 7 4 Figure 5 3 % 30 25 20 15 10 5 0 2003 1 2003 4 2003 7 2003 10 2004 1 2004 4 2004 7 1.1.5 Figure 6 7
14 12 10 8 6 4 2 0 2001 3 2001 6 2001 9 2001 12 2002 3 2002 6 2002 9 2002 12 2003 3 2003 6 2003 9 2003 12 2004 3 GDP (%) (%) (%) (%) 2004 6 2004 9 04 4 4 4 GDP 3 GDP 9.4% 2005 GDP, 8% 1.2 CPI 1.2.1 1-8 4% 8 CPI 5.3% 7 0.7% 8,, Figure 7 8
140 130 120 110 100 90 80 2002 1 3 5 7 9 11 2003 1 3 5 7 9 11 2004 1 3 5 7 8 28%. 10.6% 3.5 87.5% 8,, 6.8%, 7 0.4 12.9%, 7 0.9,8 0.6% 1% 4 2004 600 9
446 154 4 CPI 1.2.2 10 1 2002 17 14.9 10 4.3 4.5 4.5 1000 18.7 21.3 10% 2600 2004 2000 1.2.3 GDP 10
1973 1979 1990 1990 1979 30 Figure 8 Bloomberg 1972 5300 2002 7730 1.26% 1972 5400 2002 7660 11
1.17% 20 GDP 2003 2.52 10.2% 9100 31% 2004 1.44 16% 6100 39 40% 10 / 90 GDP 0.63% 4500 GDP 0.48% 10 / GDP 1% 2004 GDP 1% 70 2000 GDP 30% 30 1973 26 20 1973 1973 1974 31.4%, 24.3% 1974 20%,130 12
1.3 1.3.1 2 Figure 9 1 2 3 4 5 6 7 03 3766.98 2146.58 1743.63 626.28 1157.55 1322.9 916.33 04 5615 1413.73 1225.8 303.26 434.74 1182.29 460.77 4 5 6 7 6 7-660.91-20.83 Figure 10 13
6000 5000 4000 3000 2000 03 04 1000 0 (1000) 1 2 3 4 5 6 7 8 9 10 11 12 Figure 11 5 1 2 3 4 5 6 7 161730.6 163810.6 167442.5 169435 170566.1 169905.2 169884.4 84590.83 85690.35 87245.06 87470.75 87771.51 86150.57 85680.18 64943.47 65663.96 67375.12 68619.89 69447.41 70239.76 70683.23 7 10888 8000 27700 5 4 10000 2000 8 4 8 M2 13.6% 8 14
Figure 12 3 M2 2004 2003 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 1 2 3 4 5 6 7 8 9 10 11 12 1.3.2 8 1780 1300 4 15
1.3.3 8 16
2 2.1 3 A 4 9 1300 5 9.14 9 12.1% 9 9 2.83% 17
Figure 13 9-5 0 5 10 15-40 -30-20 -10 0 10 WINDNET WINDNET 2.2 5 Figure 14 5 18
WINDNET 9 Figure 15 9 13 2004 9 13 9 QFII 2 9 QFII 9 27 ( ) 19
Figure 16 1000 2004 4 1260-1300 2.3 A IPO 100 20
280 55 A 400 4 150 4 1 A A IPO 4 IPO 4 IPO 150-200 Figure 17 04 4Q 05 04 3Q 04 3Q 03 IPO 69.71 353.47 455.51 150 57.52 95.25 67.85 28.35 138.43 115.02 100-150 88.9 117.2 185.5 80 244.48 704.35 823.88 330-380 1200 WINDNET 9.14 30% 35% 1996 950 1110 1997 2001 1000 2001 7600 8800 2002 6000 7000 QFII 4 21
05 3 3.1 4 05 04 04 0.143 03 70.8% 04 03 20%-30% 05 04 05 10 GDP GDP 50 60 22
05 04 3.2 4 23
9.14 3.3 1300 1450 3.4 (No -sinking Stocks) 24
2003 2004 2005 IPO PEG ROE PEG ROE ROE 25
ROE Figure 18 A ROE 5 ROE 5 3 ROE 3 TOP 50 150% TOP 50 20% TOP 100 116% TOP 100 14% TOP 200 100% TOP 200 3% 53% -30% BOTTOM 100-4% BOTTOM 100-52% BOTTOM 50 0 BOTTOM 50-58% WINDNET 1999-2004 2001-2004 ST 3.5 4 4 26
Figure 19 03EPS 04 EPS 04EPS F P/E(9.30) P/B(9.30) 0.35 0.33 0.6 21.2 7.5 0.11 0.09 0.36 21.3 5.2 0.47 0.33 0.64 24.0 6.4 0.54 0.57 0.95 13.0 2.8 0.59 0.55 1 19.3 4.0 0.63 0.32 0.72 23.6 3.3 1.06 0.61 1.86 21.5 5.3 0.31 0.32 0.55 18.2 1.9 0.24 0.14 0.31 34.5 3.2 0.36 0.21 0.43 29.6 2.1 1.49 0.89 1.97 18.3 3.6 0.51 0.39 0.72 16.5 2.4 0.43 0.36 0.65 14.6 2.9 A 0.21 0.14 0.33 15.9 2.1 0.128 0.409 0.93 12.1 4.2 0.227 0.180 0.80 10.0 4.2 0.610 0.236 0.51 19.6 3.8 1.083 0.926 2.20 10.4 3.9 0.347 0.320 0.68 20.8 3.8 0.310 0.370 0.70 18.2 3.8 0.823 0.470 1.00 22.7 7.3 0.554 0.312 0.68 21.9 4.1 0.37 0.35 0.76 17.4 5.6 0.39 0.37 0.81 17.3 5.1 0.65 0.58 1.2 12.9 4.1 0.63 0.2 0.72 12.3 7.4 A 0.45 0.33 0.71 16.6 4.8 0.59 0.63 0.86 15.5 3.2 27
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