【出版时间及名称】：2010年1月韩国建材行业研究报告
        【作者】：摩根大通
        【文件格式】：pdf
        【页数】：114
        【目录或简介】：


Table of Contents
Investment summary................................................................3
Where are we? ..........................................................................5
What is in the price? ................................................................6
What is NOT in the price?........................................................8
Positive #1: The rich gets richer overseas....................................................................8
Positive #2: Unwinding PF risk in domestic market....................................................9
Positive #3: Materials likely to benefit from new housing bill ..................................10
Valuation and rating analysis................................................11
Methodology..............................................................................................................11
Valuation summary....................................................................................................11
Recommendations and price targets ..........................................................................12
Risks to our call .........................................................................................................13
Industry overview...................................................................14
Housing market outlook.............................................................................................15
Civil engineering market............................................................................................18
Overseas plant market................................................................................................19
Domestic housing materials market...........................................................................22
Companies
KCC...........................................................................................................................26
Samsung Engineering ................................................................................................46
GS Engineering & Construction ................................................................................55
Hyundai Development Company...............................................................................69
Hyundai E&C ............................................................................................................81
Daelim Industrial .......................................................................................................97