2019亚洲科技展望&韩国策略

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1、AsiaPacificEquityResearchApril2019ThisreportisneitherintendedtobedistributedtoMainlandChinainvestorsnortoprovidesecuritiesinvestmentconsultancyserviceswithintheterritoryofMainlandChina.Thisreportoranyportionhereofmaynotbereprinted,soldorredistributedwithoutthewrittenconsentofJ.P.

2、Morgan.ClientsshouldcontactrepresentativesandexecutetransactionsthroughaJ.P.Morgansubsidiaryoraffiliateintheirhomejurisdictionunlessgoverninglawpermitsotherwise.2019AsiaTechOutlook&KoreaStrategyMarginuptickmorelikelythangrowth;focusonstructuralwinnersbeyond2019JJParkAC+8227585717

3、jj.park@jpmorgan.comJ.P.MorganSecurities(FarEast)Limited,SeoulBranchYoojinKim+8227585722yoojin.x.kim@jpmorgan.comJ.P.MorganSecurities(FarEast)Limited,SeoulBranchVaibhavArya+912261573652vaibhav.arya@jpmchase.comJ.P.MorganIndiaPrivateLimitedJayKwonAC+8227585725jay.h.kwon@jpmorgan.

4、comJ.P.MorganSecurities(FarEast)Limited,SeoulBranchKYOh+8227585728ky.oh@jpmorgan.comJ.P.MorganSecurities(FarEast)Limited,SeoulBranchHisashiMoriyama(81-3)6736-8601hisashi.moriyama@jpmorgan.comJPMorganSecuritiesJapanCo.,Ltd.Seetheendpagesofthispresentationforanalystcertificationand

5、importantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonly

6、asinglefactorinmakingtheirinvestmentdecision.ToppicksCompanyTickerAnalystPrice(LC)Pricetarget(LC)PTUpsideMkt.cap($,mn)Rating2018return%PEPBROE(%)Dividendyield(%)FY19EFY20EFY19EFY20EFY19EFY20EFY19EO-film002456CHNarciChang14.2017.0020%5,739OW-55%14.111.62.92.422%22%0.8%Rohm6963JTMa

7、sashiItaya69001260083%6,852OW-44%15.011.50.90.96%8%2.2%Panasonic6752JTJJPark954150057%21,131OW-40%8.97.61.00.912%12%3.1%SunnyOptical2382HKNarciChang93.75110.0017%13,099OW-30%20.815.26.85.038%38%0.7%Innolight300308CHBillyFeng55.5056.301%3,931OW-30%24.718.24.63.820%23%0.7%LGE066570

8、KSJJPark7510010000033%10,801OW-41%8.36.2