【出版时间及名称】：2010年2月韩国建筑行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：112
        【目录或简介】：

Table of Contents
Executive summary ........................................................................... 4
Flashback to 2007.....................................................................................................................4
Risks ........................................................................................................................................5
Deriving sector target PER and stock selection criteria................. 6
Why do we use PER? — labor-oriented order-based industry ..................................................6
Valuation re-rating is a potential share catalyst: premium expanding........................................7
Guide for stock selection: overseas orders and less bad debt risk .........................................10
Top picks: Hyundai E&C and Samsung Engineering ...............................................................11
Increasing growth (g↑): overseas opportunity ............................ 14
Korea will be the winner of overseas construction .................................................................14
Robust overseas construction market growth ........................................................................14
Korean players are gaining market share: a cue from shipbuilding in the 1980s.....................17
Similarities between the construction and shipbuilding sectors .............................................21
Japanese EPC contractor cases: strong outperformance in the late 1980s............................24
China is not a threat yet; different market and cost structure.................................................26
Decreasing risk profile, greater earnings visibility ....................... 27
Enough recognition of potential losses from unsold homes...................................................27
Rising portion of non-housing parts ........................................................................................29
Stabilizing KRW/USD minimize non-operating gains/losses....................................................30
Lower SG&A to offset gross margins............................................ 31
Overseas margin: falling GPM looks inevitable but SG&A-to-sales ratio should fall too .........31
Housing market: double-dip is not probable under current macro forecasts ..........................33
Sensitivity analysis.......................................................................... 35
Sales and profits are sensitive to backlog turnover and bad debt expenses, respectively .....35
Hyundai E&C.................................................................................... 38
Samsung Eng. .................................................................................. 52
Samsung C&T .................................................................................. 62
GS E&C............................................................................................. 74
Daelim Industrial ............................................................................. 84
Hyundai Dev. Co. ............................................................................. 94
Daewoo E&C.................................................................................. 102