【出版时间及名称】：2009年11月韩国交通运输行业研究报告
        【作者】：SHINHAN证券
        【文件格式】：PDF
        【页数】：42
        【目录或简介】：

Contents
Investment Summary
3
2010 Investment strategy
Airlines Overweight, Ocean shipping HOLD
Top picks – KAL(003490 KS), Hanjin Shipping (000700 KS), Glovis (086280 KS)
Valuation
Share price trend
6
Airlines industry : Competitive landscape changes
Air travel demand to rise as the won stableizes
Korean airlines getting more competitive in an open sky environment
17
Ocean shipping: Bulkers languish in prolonged recession,
while container shipping see short-term recovery
With the global economic recovery, ocean shipping cargo volume to increase
Container shipping to show faster recovery than bulker shipping
Oversupply drags on… the biggest hurdle for ocean shipping’s early recovery
Container shipping rates to rise
Restructuring is a must for ocean shipping to recover
24
2010 earnings estimates
Assumptions
Airlines forecasts
Ocean shipping forecasts
32
[Appendix] supply-demand model
Container shipping
Bulker shipping
34
Company analysis
Korean Air (003490 KS, BUY, FV W55,000) - Tomorrow the sun rises tomorrow
Hanjin Shipping (000700 KS, BUY, FV W22,000) - Rain and camping
Glovis (086280 KS, BUY, FV W130,000) - High PER for reason
36
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