Doosan, Doosan Heavy ... because OP sluggish share prices over-year - Hanwha

And it pointed out that because [Korea hyerin nine financial newspaper reporter] Hanwha Investment & Securities 4Q11 earnings slump 17 days for Doosan Heavy Industries & Construction, Doosan, share prices were deemed excessive. This recommendation is BUY, target price was reanalyzed to 17 million.

Doosan day stock price fell 3.7%. This is because the operating profit missed the consensus by connecting the fourth quarter of last year. 4Q11 consolidated revenues by 4.6 trillion won (-27.1% YoY, + 26.7% QoQ), but in line with market expectations, operating profit of 165.4 billion won (TTP YoY, -11.8% QoQ) Market It fell short of expectations. This is because the fourth quarter of the major consolidated subsidiaries of Doosan Heavy Industries & Construction slump.

Hanwha Securities Lee, Sang - Won the researchers' However, the company's own business posted a solid performance, 'said,' especially electronic BG 3.3 percent operating margin compared to the previous year to expand sales of high value-added products such as high-end CCL and the OLED, such as network equipment he recorded a 8.2% improvement, Mottrol BG also recorded a year-on-year sales turnaround in the Chinese excavator market recovery and customer / sales diversification by region, he said.

This year's performance is expected to grow its own business center.

The researchers 'This year, its business, fuel cell BG attention is' said, "Last year, Song PJT delay, acid plant, etc. consensus to below the operating loss record, but this year, last year the end of 679.2 billion won in the backlog of this earnings growth is expected mainly 'he said.

In addition, he "records the current net asset value (NAV) compared to the discount rate is 46.3% and other operating holding company prepared shows the high level, it said," Just holding company hidden value growth of its business, but shareholder-friendly policies that led to last year Given the (zoom in treasury incineration, 5100 dividends circle in 4550 won), and determines that the price level attractive region "he added.





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