【出版时间及名称】：2009年12月韩国基建行业研究报告
        【作者】：SHINHAN证券
        【文件格式】：PDF
        【页数】：60
        【目录或简介】：
Contents
I. Investment strategy & Valuation
It feels like 2007 all over again
Major builders’ operating profit up 28.0% YoY in 2010
Liquidity improves on better business conditions and easing credit
crunch
OVERWEIGHT ; top picks are Hyundai E&C, GS E&C, Daelim Industrial
3
II. 2010 domestic and global construction market
2010 domestic construction orders to grow 9.3% YoY to W123.6tr
2010 overseas order receipts to increase 17.7% YoY to W57.3bn
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III. Public sector outlook
Large government projects to revitalize the public sector construction
market
Large-scale government projects to be mostly turnkey projects:
Advantageous to majors, with profitability guaranteed
21
IV. Housing market
Existing apartment homes: Housing prices to rise steadily in 2010
Pre-construction apartments: New apartment housing sales to boom in
Seoul
The impact of the extension of transfer tax exemption
27
V. Overseas construction market
Overseas orders likely to be record high in 2009 amid global financial
crisis
2010 overseas market: Expanding from petrochem and gas plants to
infrastructure and power plants
Overseas nuclear power plant construction business to materialize
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Company Analysis
Hyundai E&C (000720 KS, BUY, Fair Value W98,800)
GS E&C (006360 KS, BUY, Fair Value W156,000)
Daelim Ind. (000210 KS, BUY, Fair Value W112,000)
Samsung C&T (000830 KS, BUY, Fair Value W69,000)
Samsung Engineering (028050 KS, BUY, Fair Value W142,000)
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