?002564? ? ? ? ? ? ? 10.5 ? ? ? ? ? ? T-SEC ? EPC? BOT ? 2016 ? 45%? ? ? 2016-2018 ? EPS ? 0.10?0.20?0.35 ? ? 10.5 ? 40%? ?2016 ? ? ? T-SEC ? ? U-GAS ? ? ? ? ? ? ? ? ? 1.3 ?/? 2.8 ?/? ? B ? 90 ? 70 ? ? EPC ? ?2015 ? 7 ? ?2016 ? 3 ? 45%? ? ? ? ? ? ? 2014A 2015A 2016E 2017E 2018E ? 2,330 1,967 2,230 2,550 3,225 (+/-)% 12.4% -15.6% 13.4% 14.4% 26.4% ?EBIT? 195 188 233 309 436 (+/-)% -20.0% -3.5% 24.1% 32.5% 41.2% ? 70 15 78 145 260 (+/-)% -44.1% -78.1% 404.5% 86.4% 79.3% ? 0.09 0.02 0.10 0.20 0.35 ? - - - - 0.07 ? 2014A 2015A 2016E 2017E 2018E ?(%) 15.4% 18.6% 16.8% 18.1%18.5% ?(%) 2.4% 0.5% 2.6% 4.6% 7.7% ?(%) 4.4% 4.0% 5.2% 6.8% 8.8% EV/EBITDA 20.0 19.7 19.3 15.6 12.1 ? 77.9 355.1 70.4 37.8 21.1 ? (%) 0.0% 0.0% 0.0% 0.0% 0.9% ?2016.03.28 ? ? ? ?002564? ? ? ? ? 10.50 ? 7.39 2016.03.27 ? www.thvow.com ? ? ? ? ? ? ? ?%? -42%-32%-22%-12%-1%9%1m3m12m52 ? 6.11-20.90 ? 5,466 ? ? 2012A 2013A 2014A 2015A 2016E 2017E 2018E ? 1,792 2,072 2,330 1,967 2,230 2,550 3,225 ? 1,363 1,606 1,820 1,520 1,666 1,885 2,369 ? 7 13 14 16 16 18 23 ? 34 31 34 25 31 36 45 ? 117 155 211 172 196 224 284 EBIT 222 243 195 188 233 309 436 ? 0 0 0 0 0 0 0 ? 0 1 2 2 2 2 2 ? 94 113 148 190 183 171 152 ? 128 130 46 -2 50 137 283 ? 19 23 1 -1 1 8 39 ? 0 -1 -5 -5 -13 0 0 ? 112 126 70 15 78 145 260 ? ? ? 476 599 604 875 810 997 830 ? 2,519 2,999 3,722 3,497 3,529 3,725 4,468 ? 80 0 15 15 13 14 14 ? 1,842 1,918 2,158 2,100 2,149 2,138 2,117 ? 300 468 390 393 371 364 353 ? 5,217 5,985 6,888 6,880 6,872 7,238 7,782 ? 2,348 2,422 3,168 2,449 2,513 2,647 2,913 ? 712 722 775 1,509 1,341 1,429 1,447 ? 2,158 2,842 2,946 2,923 3,018 3,162 3,422 ?(IC) 3,326 4,069 4,402 4,644 4,484 4,527 4,973 ? NOPLAT 190 205 193 209 231 293 379 ? 91 139 165 178 141 153 162 ? 546 656 102 354 (168) 53 503 ? 419 76 240 (58) 180 130 130 ? 1,247 1,077 700 683 384 629 1,174 ? (275) (291) (220) 134 598 397 94 ? (469) (156) (409) (128) (175) (129) (128) ? 745 537 609 166 (487) (81) (133) ? 1 90 (19) 172 (65) 187 (167) ? ? ? 21.6% 15.7% 12.4% -15.6% 13.4% 14.4% 26.4% EBIT ? 11.1% 9.4% -20.0% -3.5% 24.1% 32.5% 41.2% ? -22.6% 12.3% -44.1% -78.1% 404.5% 86.4% 79.3% ? ? 23.9% 22.5% 21.9% 22.8% 25.3% 26.1% 26.5% EBIT ? 12.4% 11.7% 8.4% 9.5% 10.5% 12.1% 13.5% ? 6.2% 6.1% 3.0% 0.8% 3.5% 5.7% 8.0% ? ?(ROE) 5.2% 4.4% 2.4% 0.5% 2.6% 4.6% 7.7% ?(ROA) 2.1% 2.1% 1.0% 0.2% 1.1% 2.0% 3.3% ?(ROIC) 5.7% 5.0% 4.4% 4.5% 5.1% 6.5% 7.6% ? ? 296 282 255 305 282 262 233 ? 202 237 289 397 342 303 265 ? 952 987 1008 1277 1125 1010 850 ? (2.46) (2.32) (3.13) 8.70 7.70 2.74 0.36 ?/? 23.40% 3.67% 10.29% -2.94% 8.07% 5.10% 4.03% ? ? 58.6% 52.5% 57.2% 57.5% 56.1% 56.3% 56.0% ? 24.5% 17.8% 25.7% 19.5% 17.8% 12.7% 16.6% ? PE 20.1 21.8 77.9 355.1 70.4 37.8 21.1 PB 2.5 1.9 1.9 1.9 1.8 1.7 1.6 EV/EBITDA 23.0 18.9 20.0 19.7 19.3 15.6 12.1 P/S 3.05 2.64 2.35 2.78 2.45 2.14 1.69 ? 0.8% 0.5% 0.0% 0.0% 0.0% 0.0% 0.9% ?-51%-29%-8%14%36%57%2015/3 2015/6 2015/9 2015/12-30%-20%-11%-1%8%18%? ?-16%-7%1%10%18%26%12A13A14A15A16E17E18E? ?0%2%3%5%6%8%12A13A14A15A16E17E18E? ?015130345460675712A 13A 14A 15A 16E 17E 18E0%5%10%15%21%26%?