【出版时间及名称】：2009年12月韩国基建行业研究报告
        【作者】：大宇证券
        【文件格式】：PDF
        【页数】：31
        【目录或简介】：

Contents
I. Investment summary......................................................................................................4
1. Overweight: Top picks are Hyundai E&C, Daelim Industrial, and GS E&C....................4
2. Construction shares to benefit from macro factors in 2010 ............................................4
3. Momentum to rise from overseas plant orders in 1H10 ..................................................4
4. Housing demand to increase on low interest rates in 2H10............................................4
II. Will construction lead the market in 2010? ...................................................................5
1. Construction shares to benefit from macro factors in 2010 ............................................5
2. Easing unsold housing risks enable construction shares to rally again..........................5
3. Overseas momentum to expand .....................................................................................5
4. Housing demand to fully recover in 2H10 .......................................................................5
5. Public order growth to provide a foundation for the industry...........................................5
III. 2010 Environment to be favorable ...............................................................................6
1. Economic environment ....................................................................................................6
2. Political environment........................................................................................................6
3. Middle East likely to expand production facilities ............................................................6
4. Conclusion .......................................................................................................................6
IV. Structural overseas order growth expected .................................................................7
1. Middle East likely to continue to place plant orders ........................................................7
2. Oil refining, gas, and petrochemical plant orders likely to come in soon........................8
3. Plant orders expected going forward...............................................................................8
4. 2010 Overseas orders forecast at US$55bn...................................................................9
V. Housing demand will likely recover in 2010 ................................................................10
1. Number of unsold housing units should continue to decline until 1H10 .......................10
2. Risks associated with unsold housing units will likely abate quickly.............................11
3. Housing demand forecast to rise in 2H10 on low interest rate .....................................12
VI. Public orders to boost construction sector.................................................................13
1. Public orders to reach W54tr in 2010, up by 72% from 2000~2008 average ...............13
VII. Valuation and top picks.............................................................................................14
1. Valuation.......................................................................................................................14
2. Overweight on Construction; Top picks are Hyundai E&C, Daelim, and GS E&C .......15
Hyundai E&C (000720 KS) .............................................................................................20
Daelim Industrial (000210 KS) ........................................................................................22
GS E&C (006360 KS) .....................................................................................................24
Maintain Buy call and raise TP to W151,000 ....................................................................24
Hyundai Engineering & Construction (000720 KS) .........................................................26
Samsung Engineering (028050 KS)................................................................................28