2026\ub144 5\uc6d4 27\uc77c (\uc218\uc694\uc77c)
– \uc774\ucc38 –
\ud504\ub85c\uc81d\ud2b8 \ubb50 \ud2b9\ubcc4\ud55c \uac74 \uc5c6\uace0, \ub09c \uc624\ub298\ubd80\ud130 \ub0b4 \uc0dd\uac01\ub4e4 \uadf8\ub0e5 \uc801\uc73c\ub824\uace0 \ud574.
\ub9e4\uc77c \uc55e\uc73c\ub85c 1\ub144 \uac04 \uafb8\uc900\ud788 \uae30\ub85d\ud574 \ubcf4\ub824\uace0 \ud574.
\uc8fc\ub85c \uc8fc\uc2dd \uc598\uae30\ub97c \ud560 \uac70\uace0, \ucc38\uace0\ub85c \ub09c \uc8fc\ub9b0\uc774\uc57c.
\ub09c \ud558\uc774\ub2c9\uc2a4 \ucd5c\uadfc\uc5d0 \ub9e4\uc218\ud588\uace0,
\ud3c9\ub2e8\uac00\ub294 \uc57d 190\ub9cc\uc6d0\uc774\uc57c.
\uc0bc\uc131\uc804\uc790\ub294 \uc5b4\uc81c (5\uc6d4 26\uc77c \ud654\uc694\uc77c)
\ud3c9\ub2e8\uac00 30\ub9cc\uc6d0\uc5d0 \ub9e4\uc218 \ud588\uc5b4.
\uc624\ub298 5\uc6d4 27\uc77c (\uc218\uc694\uc77c) \uc804\uc790, \ub2c9\uc2a4 2\ubc30 \ub808\ubc84\ub9ac\uc9c0 ETF \ucd9c\uc2dc \ud574\uc11c
\ub2e4\ud589\ud788 \uc218\uc775\uad8c\uc774\ub124.
\uc88b\uc740 \uae30\ud68c \ub9ce\uc558\uc5c8\ub294\ub370 \uc544\uc27d\uc9c0\ub9cc \uc5b4\uca54 \uc218\uac00 \uc5c6\ub2e4.
\uacf5\ubd80 \uc548\ud55c \ub0b4 \ud0d3. \uad6c\ub3c5\ud558\ub294 \uc544\uce74\ub370\ubbf8\uc5d0\uc11c \uadf8\ub807\uac8c \uc598\uae30\ud588\ub294\ub370,
\ub9d0\uadc0 \ubabb \uc54c\uc544\ub4e4\uc740 \ub0b4 \ud0d3.
\uadf8\ub798\uc11c \ub09c \uadf8\ub0e5 \ud558\ub8e8 \ud558\ub8e8 \uc774\ud6a8\uc11d \uc544\uce74\ub370\ubbf8 \ucee8\ub374\uce20\ub97c \ubcf4\uae30\ub85c \ud588\uc5b4.
\ucc98\uc74c\uc5d4 \ucc28\ud2b8\uac00 \uc804\ubd80\uc778 \uac83 \uac19\uc544\uc11c \ucc28\ud2b8\ub97c \uc7a0\uae50 \ubcf4\uace0,
\ucc28\ud2b8\ub97c \uc7a0\uae50 \ubcf4\ub2e4\uac00, \ub204\uac00 \uc88b\uc544\uc694~~ \uadf8\ub7fc \uc0c0\ub2e4\uac00.
\uc774\uac83\ub3c4 \uc544\ub2cc \uac83 \uac19\uc544\uc11c. \ub0b4\uac00 \uad6c\ub3c5\ud558\uace0 \uc788\ub294 \uc774\ud6a8\uc11d \uc544\uce74\ub370\ubbf8.
\ub9d0 \uadf8\ub300\ub85c \uc544\uce74\ub370\ubbf8 \uc600\ub294\ub370, \ub0b4\uac00 \uc5c9\ub6b1\ud55c \uc9d3\uc744 \ud558\uace0 \ub2e4\ub154\uc5b4.
\uc2dc\uc7a5\uc774 \ub9d0\ud558\ub294 \uc6a9\uc5b4 \uc870\ucc28 \ubaa8\ub974\ub2c8
\uc624\ub298\ubd80\ud130 \uc544\ub2c8 \uc0ac\uc2e4 \uba70\uce60 \ub418\uae34 \ud588\uc9c0\ub9cc,
\uc774\ud6a8\uc11d \uc544\uce74\ub370\ubbf8\ub97c \uad50\uacfc\uc11c\ub97c \uadf8\ub0e5 \ub9e4\uc77c \ubcf4\uae30\ub85c \ud588\uc5b4.<\/p>\n\n\n\n
<\/p>\n\n\n\n
\uc0bc\uc131\uc804\uc790, \ud558\uc774\ub2c9\uc2a4 \uc9c0\uae08 \uc774\ub77c\ub3c4 \uc0ac\uc57c\ub418\ub098?
\uc5b4\uc81c \ubbf8\uad6d \ub9c8\uc774\ud06c\ub860 \ud68c\uc0ac\uac00 20% \uc8fc\uac00 \uc62c\ub790\ub358\ub370,
\ub9c8\uc774\ud06c\ub860 \uc624\ub974\uba74 \ub2e4\uc74c\ub0a0 \ud558\uc774\ub2c9\uc2a4\ub3c4 \uc624\ub974\ub358\ub370,
\uadf8\ub7fc \ub354 \uc0ac? \uc528\ub4dc\ub97c \uc5b4\ub514\uc11c \ub561\uaef4\uc624\uc9c0? \u314e\u314e<\/p>\n\n\n\n
\ub9c8\uc774\ud06c\ub860 \ubb50\ud558\ub294 \ud68c\uc0ac\uc784?
\uc0bc\uc804\uacfc \ud558\uc774\ub2c9\uc2a4\uc640 \ub354\ubd88\uc5b4 D\ub7a8 \uc2dc\uc7a5 3\ub300\uc7a5\uc774\uad6c\ub098
\ub0b8\ub4dc \ud50c\ub798\uc2dc\ub3c4 \ub9cc\ub4e4\uace0,
\uadfc\ub370 \uc65c \uc5b4\uc81c 20%\uac00 \uc62c\ub790\uc9c0??
UBS(\uc2a4\uc704\uc2a4 \ud22c\uc790 \uc740\ud589)\uc774 \ubaa9\ud45c\uc8fc\uac00\ub97c 3\ubc30 \uc62c\ub9b0 \ub9ac\ud3ec\ud2b8\ub97c \ub0b4\ub1a8\ub370.
UBS \uc65c \uadf8\ub7ac\ub300????
\uc774\uc81c \ub9c8\uc774\ud06c\ub860\uc740 \uba54\ubaa8\ub9ac \uc0ac\uc774\ud074\uc774 \uc544\ub2c8\ub798
\uc608\uc804\uc5d0\ub294 \uba54\ubaa8\ub9ac\ucabd \uc5c5\ud669\uc774 \uc88b\uc73c\uba74 \ub9e4\ucd9c \uc798 \ub098\uc654\ub2e4\uac00
\uc548 \uc88b\uc73c\uba74 \uc190\uac00\ub77d \ube68\uace0 \uc788\ub2e4\uac00 \ub4e4\uc465\ub0a0\uc465 \ub9e4\ucd9c \ub098\uc654\ub294\ub370
\uc774\uac8c \uc2dc\ud074\ub9ac\uceec(Cyclical) \uc0b0\uc5c5 \uc774\ub798
\uadfc\ub370 \uc9c0\uae08\uc740 LTA \ubcf8\uaca9\ud654\ub85c \uc2dc\uc7a5 \uc5c5\ud669\uc774 \uc548 \uc88b\uc544\ub3c4 \ud3c9\ud0c0\uce5c\ub370
\uc774\uac8c \ud004\ub9ac\ud2f0(Quality) \uc0b0\uc5c5 \uc774\ub798
\uadfc\ub370 LTA \uac00 \ubb50\uc57c?
LTA -Long-Tearm Agreement (\uc7a5\uae30 \uacf5\uae09 \uacc4\uc57d)
\uc74c~~ \uc7a5\uae30\ub85c \uacf5\uae09\ud558\uae30\ub85c \ud55c \uacc4\uc57d\uc774\uad6c\ub098.
\uc7a5\uae30 \uacf5\uae09 \uacc4\uc57d \ud558\uba74 \ubd88\ud655\uc2e4\uc131\uc774 \ud574\uc18c \ub418\ub294\uad6c\ub098.
EPS \ucd94\uc815\uce58\ub97c \uc0c1\ud5a5 \ud588\ub2e4\ub294\ub370 (C27\/28\/29E)
\uc0c1\ud5a5\ud574\uc11c \ubaa9\ud45c\uc8fc\uac00 3\ubc30 \ub9ac\ud3ec\ud2b8 \ub098\uc654\ub2e4.
\uadf8\ub807\uac8c \ub300\ucda9 \ub118\uc5b4\uac00\uace0,
\uc2dc\uc7a5? \uc2e0\ubb38? \ub9d0\uadc0\ub294 \uc54c\uc544\ub4e4\uc5b4\uc57c \ud558\ub2c8
<\/p>\n\n\n\n
EPS\ubd80\ud130 \uc54c\uc544\ubcf4\uc790.
EPS ( Earnings Per Share -\uc5b4\ub2dd\uc2a4 \ud37c \uc170\uc5b4) : \uc8fc\ub2f9\uc21c\uc774\uc775.
EPS = \ub2f9\uae30\uc21c\uc774\uc775\/\ubc1c\ud589\uc8fc\uc2dd\uc218
EPS\uac00 \ud074 \uc218\ub85d \uc8fc\uc2dd 1\uc8fc\ub2f9 \ubc8c\uc5b4\ub4e4\uc774\ub294 \uc774\uc775\uc774 \ub9ce\ub2e4\ub294 \ub73b \uc774\uad6c\ub098
\uadf8\ub9ac\uace0 PER \uacfc \uc5f0\uacb0\ub418\ub294\uad6c\ub098 PER = \uc8fc\uac00 \/ EPS
\uadf8\ub7fc PER\uc740 \ubb50\uc9c0?
(Price -to- Earnings Ratio \ud504\ub77c\uc774\uc2a4 \ud22c \uc5b4\ub2dd\uc2a4 \ub808\uc774\uc1fc)
\uc8fc\uac00 \uc218\uc775 \ube44\uc728 ?
\uc9c0\uae08 \uc774\uc775\uc5d0 \uba87 \ubc30 \ubc8c\uba74 \uc9c0\uae08 \uc8fc\uac00\uc57c? \uc774 \uc598\uae30\uac00 \uc544\ub2d0\uae4c?
\uc0ac\uc2e4 \uc790\uc8fc \ub4e3\uc9c0\ub9cc \uacc4\uc18d \uae4c\uba39\uc5b4\uc11c \uacc4\uc18d \ubcf4\uace0 \uc788\ub294 \uc911\uc774\uc57c.
C27\uc740 \ubb58\uae4c?
27\ub144\ub3c4 \uc778 \uac78 \uc54c\uaca0\ub294\ub370 C\ub294?
C (Calendar year) – \ud68c\uacc4\uc5f0\ub3c4\uac00 \uc544\ub2cc \uc77c\ubc18 \ub2ec\ub825 \uae30\uc900 \uc5f0\ub3c4.
29E \uc5d0\uc11c E\ub294
E(Estimate) – \ucd94\uc815\uce58
\ub9c8\uc774\ud06c\ub860\uc774 20% \uc624\ub978 \uacb0\ub860\uc740.
EPS \ucd94\uc815\uce58 \uc0c1\ud5a5
\ud68c\uc0ac\uac00 \uc2e4\uc81c\ub85c \uc5bc\ub9c8\ub97c \ubc8c \uac70\ub2e4. \ub77c\ub294 \uac78 \uae30\ub300\uac00 \uc544\ub2cc
\uc218\uce58\ub85c \ubcf4\uc5ec\uc92c\ub2e4.
<\/p>\n\n\n\n
\uadfc\ub370 \ubcf4\ub2c8\uae4c \ubcf8\uc9c8\uc801\uc778 \uc598\uae30\ub97c \uc548\ud588\ub124
\ub9c8\uc774\ud06c\ub860, \uc804\uc790, \ub2c9\uc2a4\uac00 \uc65c \uc790\uafb8 \uc624\ub974\ub098?
\uba38\ub9bf\uc18d\uc5d0 \ub465\uc2e4 \ub465\uc2e4 \ub5a0\ub2e4\ub2c8\ub294\ub370, <\/p>\n\n\n\n
\uc624\ub298 \uc774\ubbf8 \uc9c0\ucce4\ub2e4.
\ub09c \ud074\ub85c\ub4dc\ub97c \uc4f4\ub2e4
\uc0bc\uc804,\ub2c9\uc2a4\uac00 \uc624\ub974\ub294\uac74 \ud074\ub85c\ub4dc \ub54c\ubb38\uc774\ub2e4.
\uadf8\ub807\uac8c \ub4e4\uc5c8\ub2e4.
\ud558\uc774\ub2c9\uc2a4\ub294 \uc5d4\ube44\ub514\uc544\uc5d0 \ub0a9\ud488\ud558\uace0,
\uc5d4\ube44\ub514\uc544\ub294 \ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec capex \uae30\ub2e4\ub824\uc57c \ud568
\uadf8\ub7f0\ub370, \ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec\ub4e4\uc774 capex\ud558\ub294 \uc774\uc720\ub294 \uc564\ud2b8\ub85c\ud53d\uc758 \ubaa8\ub378 \ud559\uc2b5\uc774 \uc88b\uae30 \ub54c\ubb38\uc774\ub798.
– \uc790\ub8cc \ucd9c\ucc98 : \ub124\uc774\ubc84 \ud504\ub9ac\ubbf8\uc5c4 \ucee8\ud150\uce20 \uc774\ud6a8\uc11d \uc544\uce74\ub370\ubbf8
\ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec\uac00 \ubb50\uc9c0
\ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec – \ucd08\ub300\ud615 \ud074\ub77c\uc6b0\ub4dc \uc0ac\uc5c5\uc790
\ub9c8\uc774\ud06c\ub85c\uc18c\ud504\ud2b8, \uc544\ub9c8\uc874, \uad6c\uae00, \uba54\ud0c0 \uad6c\ub098.
capex\ub294 \uc2dc\uc124 \ud22c\uc790\uaca0\uc9c0
\uadf8\ub798\ub3c4 \ucc3e\uc544\ubcf4\uba74,
\uae30\uc5c5\uc774 \ubbf8\ub798 \uc218\uc775 \ucc3d\ucd9c\uc744 \uc704\ud574 \uc124\ube44. \uacf5\uc7a5. \uae30\uc220 \uc778\ud504\ub77c \ub4f1 \uc7a5 \uc790\uc0b0\uc5d0 \ud22c\uc790\ud558\ub294 \ub3c8.
\uc624\ub298\uc740 \ud798\ub4e4\uc5b4\uc11c \uadf8\ub9cc \uc4f0\ub824\uace0 \ud558\ub294\ub370,
\uc624\ub298 \uadf8\ub0e5 \ub0b4 \uc0dd\uac01\uc740
\ub0b4\uac00 \uc774\uac78 \ub9e4\uc77c \ubcf8\ub2e4\uace0 \ub3c8 \ubc8c\uc9c0 \uc798 \ubaa8\ub974\uaca0\uc5b4.
\uadfc\ub370 \uadf8\ub0e5 \ud574\ubcf4\ub294\uac70\uc57c , \uc6b4\uc774 \uc788\uc73c\uba74 \ub3c8 \ubc8c\uaca0\uc9c0
\uc624\ub298\uc740 \uc5ec\uae30\uae4c\uc9c0.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
2026\ub144 5\uc6d4 27\uc77c (\uc218\uc694\uc77c) – \uc774\ucc38 – \ud504\ub85c\uc81d\ud2b8 \ubb50 \ud2b9\ubcc4\ud55c \uac74 \uc5c6\uace0, \ub09c \uc624\ub298\ubd80\ud130 \ub0b4 \uc0dd\uac01\ub4e4 \uadf8\ub0e5 \uc801\uc73c\ub824\uace0 \ud574.\ub9e4\uc77c \uc55e\uc73c\ub85c […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5],"tags":[],"class_list":["post-37","post","type-post","status-publish","format-standard","hentry","category-5"],"_links":{"self":[{"href":"https:\/\/icham.kr\/index.php?rest_route=\/wp\/v2\/posts\/37","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icham.kr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icham.kr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icham.kr\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/icham.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37"}],"version-history":[{"count":1,"href":"https:\/\/icham.kr\/index.php?rest_route=\/wp\/v2\/posts\/37\/revisions"}],"predecessor-version":[{"id":38,"href":"https:\/\/icham.kr\/index.php?rest_route=\/wp\/v2\/posts\/37\/revisions\/38"}],"wp:attachment":[{"href":"https:\/\/icham.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icham.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icham.kr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}