한국타이어

소개글

한국 타이어의 주가 예측에 관한 영문레포트입니다. DEE model 활용도 있습니다.
신문과 각종 자료를 참고해서 "Financial Statement Analysis"라는 과목의 레포트로 제출했습니다.

목차

PART I
Industry Analysis
Business Analysis
PART II
Forecasting Stock Price in Theory using Price Multiples
PART III
Forecast of stock price in theory using DEE model

본문내용

Korea is the 5th tire maker in the world and its domestic tire market is expected to grow both in demand and supply until 2010, even though its growth rate will stagger around 3%. Likewise, the world market growth seems to hold at 3% in circumstances of increased cost of natural rubber, and crude oil. To overcome difficult situation, domestic Korean tire companies aggressively focus on selling high profit tires. Nonetheless, the world tire market has been dominated by oligopoly of top 12 companies, even in which there is huge price gap of products depending brand power and sales network. As for UHPT(Ultra High Performance Tire), ones produced by domestic companies are sold at 40% discounted price compared to the advanced companies overseas, though its gap is reported to be narrowed to 15% by 2010.

Business Analysis

1) Overview on market performance of Hankook Tire in 2007

Hankook Tire reported its sales, operating income, ordinary income and the net income in the 1st quarter of 2007 to be 530 billion won, 70.5 billion, 68.9 billion and 48.9 billion won respectively, which have increased by 9.0%, 41.0%, -9.8% and -13.5% compared to the same period of previous year. Compared to the 5~6.5% low operating income rate of overseas competitors such as Bridgestone and Michelin, it reported high rate of 13.3%.

참고 자료

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