dram 가격 vs pc 내 메모리 가격 비중

DRAM 가격 vs PC 내 메모리 가격 비중

10% of PC cost

12% of PC cost

Spot Contract

3.

5

3.

0

2.

5

2.

0

1.

5

1.

0

0.

5

메모리 업체별 Cash Position (1Q10 말 )

Minimum CAPEX requirementfor NEW Fab construction $3B (50K per month)

Cash Debt

149 60 149

1,374 1,870

-1,975 -2,156 -2,501

-5,563

-2,719

Promos Nanya Powerchip Elpoda Micron

6,000

4,000

2,000

-

-2,000

-4,000

-6,000

-8,000

LCD 업황 전망

Earnings Forecasts

( 단위 : 십억원 , 원 , %, 배 )

2008 2009 2010E 2011E 2012E 2013E 2014E

매출액 72,95389,77

3150,602 158,662 157,690

170,317

180,149

영업이익 4,134 6,349 18,836 17,681 14,296 12,825 10,482

EBITDA 11,75313,94

727,944 28,338 26,069 24,882 22,557

순이익 5,526 9,649 16,633 16,508 13,818 12,783 10,871

자산총계 72,51986,02

4104,500 120,013 132,681

145,166

155,320

순차입금 (6,534)

(12,343)

(15,899) (24,596) (32,541)(41,988

)(49,45

3)

매출액증가율 15.5 23.1 67.8 5.4 (0.6) 8.0 5.8

Earnings Forecasts

( 단위 : 십억원 , 원 , %, 배 )

2008 2009 2010E 2011E 2012E 2013E 2014E

영업이익률 5.7 7.1 12.5 11.1 9.1 7.5 5.8

순이익률 7.6 10.7 11.0 10.4 8.8 7.5 6.0

ROE 10.1 15.4 22.3 18.4 13.3 11.1 8.6

ROIC 13.6 19.5 45.3 36.0 26.5 23.0 18.5

P/E 12.0 12.2 6.6 6.7 8.0 8.7 10.2

P/B 1.3 2.1 1.5 1.3 1.2 1.0 1.0

EV/EBITDA 5.6 8.4 3.7 3.4 3.4 3.2 3.1

배당수익률 1.2 1.0 1.1 1.1 1.1 1.1 1.1

Earnings Forecasts

( 단위 : 십억원 , 원 , %, 배 )

2008 2009 2010E 2011E 2012E 2013E 2014E

영업이익률 5.7 7.1 12.5 11.1 9.1 7.5 5.8

순이익률 7.6 10.7 11.0 10.4 8.8 7.5 6.0

ROE 10.1 15.4 22.3 18.4 13.3 11.1 8.6

ROIC 13.6 19.5 45.3 36.0 26.5 23.0 18.5

P/E 12.0 12.2 6.6 6.7 8.0 8.7 10.2

P/B 1.3 2.1 1.5 1.3 1.2 1.0 1.0

EV/EBITDA 5.6 8.4 3.7 3.4 3.4 3.2 3.1

배당수익률 1.2 1.0 1.1 1.1 1.1 1.1 1.1

Earnings Forecasts

( 단위 : 십억원 , 원 , %, 배 )

2008 2009 2010E 2011E 2012E 2013E 2014E

영업이익률 5.7 7.1 12.5 11.1 9.1 7.5 5.8

순이익률 7.6 10.7 11.0 10.4 8.8 7.5 6.0

ROE 10.1 15.4 22.3 18.4 13.3 11.1 8.6

ROIC 13.6 19.5 45.3 36.0 26.5 23.0 18.5

P/E 12.0 12.2 6.6 6.7 8.0 8.7 10.2

P/B 1.3 2.1 1.5 1.3 1.2 1.0 1.0

EV/EBITDA 5.6 8.4 3.7 3.4 3.4 3.2 3.1

배당수익률 1.2 1.0 1.1 1.1 1.1 1.1 1.1

Earnings Forecasts

( 단위 : 십억원 , 원 , %, 배 )

2008 2009 2010E 2011E 2012E 2013E 2014E

영업이익률 5.7 7.1 12.5 11.1 9.1 7.5 5.8

순이익률 7.6 10.7 11.0 10.4 8.8 7.5 6.0

ROE 10.1 15.4 22.3 18.4 13.3 11.1 8.6

ROIC 13.6 19.5 45.3 36.0 26.5 23.0 18.5

P/E 12.0 12.2 6.6 6.7 8.0 8.7 10.2

P/B 1.3 2.1 1.5 1.3 1.2 1.0 1.0

EV/EBITDA 5.6 8.4 3.7 3.4 3.4 3.2 3.1

배당수익률 1.2 1.0 1.1 1.1 1.1 1.1 1.1

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