1
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( “ ”) 2004 3 24 2004 40 2004 5 21
( ) ( ) 2008 5 21 2008 3 31
1
2 2003 12 9
3 4013 19-20
4
2
5
6 1.5
7 0755-83026688
8
9
( )
6000 40
6000 40
3000 20
15000 100
1
3
2
3
2002 10
2003 8
CFA 1998 2001 2001 2003 2003
10
2003 10
4
CASS MBA 1996 9 2002 8 2003 10 2004 8 2004 10 2006 6 2006
4
7
5
2004 5 2005 1
2004 5 2006 2
2005 1 2006
9
2006 9 2007 6
2006 12 2008 1
6
1
2 1984 1 1
3
4 55
5 100032
6 334,018,850,026
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010-65171188
010-65176800
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16
100 1 20 2008
010 85866871
010 85866877
A 65% 30% 5% 45-75% 20-50% 5-10%
17
1
“ ”
1
2 /
/ /
3
80% 20%
18
80% 20% 80% 20% 20%
“ ” “ ”
a. Key Factor Model
40-45%
b. (Core Competence Analysis)
ROE
“ ”
19
c.
PEG EV/EBITDA
PEG P/E G 3 PEG
PEG
PEG
PORTER 5
10%
2
3
20
1
2
3
4
5
6
7
8
65%× 35%×
2008 3 31
21
6,640,952,336.9965.16%
2,397,416,011.0023.52%
0.00 0.00%
0.000.00%
0.00 0.00%
2,813,106.030.03%
1,104,317,249.48 10.84%
45,870,000.12 0.45%
10,191,368,703.62 100.00%
A
44,075,278.260.44%
B
699,380,676.056.91%
C
2,479,504,827.3824.48%
C0
438,058,849.04 4.33%
C1
13,213,902.110.13%
C2
0.000.00%
C3
187,662,531.841.85%
C4
316,974,679.94 3.13%
C5
16,723,293.160.17%
C6
767,594,594.547.58%
C7
479,298,269.774.73%
C8
233,759,951.982.31%
C99
26,218,755.000.26%
D
294,576,242.89 2.91%
E
211,771,460.612.09%
F
287,780,684.082.84%
G
227,808,591.002.25%
H
329,082,100.903.25%
I
861,994,579.858.51%
J
735,103,248.027.26%
K
355,017,365.843.51%
L
51,731,057.840.51%
M
63,126,224.270.62%
6,640,952,336.9965.57%
22
1 000402
19,115,225439,459,022.75 4.34%
2 600030
5,495,679288,523,147.50 2.85%
3 000069
6,276,706256,026,837.74 2.53%
4 600585
3,001,404160,575,114.00 1.59%
5 601898
9,078,589151,067,720.96 1.49%
6 600050
15,664,129 138,784,182.94 1.37%
7 600887
6,190,259 133,028,665.91 1.31%
8 601088
3,313,613 132,544,520.00 1.31%
9 000002
5,109,964 130,815,078.40 1.29%
10 000528
4,985,829 130,429,286.64 1.29%
----
667,262,000.006.59%
1,712,468,000.0016.91%
17,686,011.000.17%
----
2,397,416,011.00 23.67%
1 08 30 297,510,000.00 2.94%
2 05 02 226,550,000.00 2.24%
3 07 118 221,651,000.00 2.19%
4 07 81 212,850,000.00 2.10%
5 06 03 196,840,000.00 1.94%
1
2
3
11,800,068.83
0.00
0.00
30,418,648.17
3,651,283.12
0.00
23
45,870,000.12
4
- - - - -
5
6
-- -- --
CWB1 59,339 492,098.33
CWB1 747,9051,545,171.73
CWB1 225,862 775,835.97
1,033,1062,813,106.03
1 2
3
4
1 - 3 2 - 4 2004.5.212004.12.31 1.48% 0.54% -19.17% 1.33% 20.65% -0.79%
2005.1.12005.12.31 8.39% 0.81% -10.08% 1.31% 18.47% -0.50%
2006.1.1 2006.12.31 123.47% 1.20% 102.40% 1.33% 21.07% -0.13%
2007.1.12007.12.31 86.30% 1.69% 92.50% 1.48% -6.20% 0.21%
2008.1.12008.3.31 -19.29% 2.06% -16.22% 1.87% -3.07% 0.19%
2004.5.21 2008.3.31 269.60% 1.27% 125.42% 1.18% 144.18% 0.09%
24
-120.00%
0.00%
120.00%
240.00%
360.00%
480.00%
04-5-21 05-2-21 05-11-21 06-8-21 07-5-21 08-2-21
1
2
3
4
5
6
7
1
1.5%
H=E×1.5%÷
H
E
2
0.25%
25
H E×0.25%÷
H
E
3 3 7
3
1
M
M<100 1.5%
100 M<500 1.2%
500 M<1000 0.6%
1000 M 1000 /
2
0.5 25
N
26
N<1 0.5%
1 N<3 0.3%
3N 0
3
25
4
( )
27
3
2008 1 3
1
2
3
4
5
6
28
2008 3 31
7 2007 2008 2008 3 31
8
9
12
1 2007 12 28 2008
2 2008 1 8
3 2008 1 19 2007
4 2008 1 22
5 2008 1 22
6 2008 1 22
7 2008 1 24
8 2008 1 24
9 2008 1 30
10 2008 2 1
29
11 2008 2 1
12 2008 2 20
13 2008 2 26
14 2008 2 27
15 2008 2 27
16 2008 3 14
17 2008 3 28
18 2008 3 28
19 2008 3 28
20 2008 3 29 2007
21 2008 3 29 2007
22 2008 4 7
23 2008 4 7
24 2008 4 8
25 2008 4 10
30
26 2008 4 10
27 2008 4 15
28 2008 4 16
29 2008 4 18
30 2008 4 22 2008
31 2008 4 25
32 2008 5 5
33 2008 5 5
34 2008 5 5
35 2008 5 7
36 2008 5 28
2008 5 21
2008 7 1
