T A B L E O F C O N T E N T S
Good news on the cost side 3
Valuation undemanding enough at current levels 4
3Q09 earnings to show a mild recovery 7
Ratings, target prices revised on lower relative valuation 8
- CJ Cheiljedang (Buy): Steady recovery continues 9
- Nongshim (Buy): Attractive EV/EBITDA 13
- Orion Corp (Buy): Earnings growth powers on 17
- KT&G Corp (Hold): Absence of mid- to long-term catalyst 21
- Hite Brewery (Hold): Closed market, shaky footing 25
Analyst team profile 29