Hyundai Heavy Industries, pass split the agenda view ... Improving governance expectations - The Best

It was [Korea goyounghun financial newspaper News] The Best Investment Securities maintains a target price of ₩ 220,000 BUY, saying that become transparent governance 27 days due to the expected passage this split agenda for HHI.

Hyundai Heavy Industries is expected to open the 43rd temporary shareholders' meeting voted to approve the partition plan dividing the new company, including a senior auditor. Hyundai Heavy Industries of Shareholders is the owner 10.15%, Hyundai Mipo Dockyard 7.98%, Asan Social Welfare Foundation 2.53%, Asan Sharing Foundation 0.65%, KCC 7.01%, pension 5.33%, ESOP 0.83%, including by 34.5% and foreign shareholders 15.16 the% 30.69% other shareholders, etc.

The Best Investment yanghyeongmo researchers "to this agenda shareholders' special resolution Because shares can be half the attendance of the year requires more than two thirds vote of the garden, and more than one-third of the voting shares must be approved." and "shareholders are due to expected to lead to enhancement of shareholder value after the split divided the agenda is expected to be passed," he said.

Yang researcher "Robotics division has a conservative than 5 trillion won worth because it has a 91.3%, split company shares and 13.4% Oil Bank shares" and "construction machinery, worth of electricity Electronics PBR (PBR) 0.5 ~ each of at least 0.8 times the reference seems to be from 0.4 to 0.6 over one trillion won, "he decided.

He also added, "We also recovered shipbuilding maintain BUY part because expectations."



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Hanwha life, far from the only way to go negative margin risk mitigation expectations - Shinhan geumtu

It was [Korea goyounghun financial newspaper reporter] Shinhan Investment far only way to go for 24 days Hanwha Life negative margin is expected doendamyeo risk mitigation target price of short-term BUY recommendation is to keep 7300 won.

4Q11 Earnings Hanwha individual life lasted a deficit pretax profit -403 million. Net income was also lower than both our estimate and the consensus -303 million.

Shinhan Investment hands unknown researcher "Suicide claims paid one-off costs of dwaeteumyeo additional variable insurance guarantee reserves that are commonly reflected in the end the industry annually earn reflects 178 billion won bonus payment of about 350 billion and approximately 20 billion won was also there," said "Last year 10 risk of negative margin thanks to a life insurance company to a global rebound since March has entered the interest rate easing trend, "said diagnosis.

If interest rates are kept at the current level it is expected later this year will reduce variable insurance guarantee reserves earn additional burden.

Was hand-researcher "negative margin risks of October last year after thanks to global interest rates rebound life insurer has entered the easing trend" and "solvency ratio (RBC) regime headwinds last year, the third quarter of 289.8% of the enhanced interest rates and a rebound RBC He explained that the review of the rate hybrid capital securities of the scale corresponding to 500 billion won to 200.4 percent plunge into the end of the year. "

He continued to consider including "The recent trend increases the possibility the United States in March rate hike are mitigated negative margin risk as interest rates rebound is positive," said "negative spread burden is still serious, but two shareholder stake possibility of a Deposit Insurance Corporation were reiterate, "he said.



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