No: 506 Date : 11.01.2006 (18:19) UserName : Seokhyun Park¡¡  Read : 1777 Attach : SF&M(000810)_20061101.pdf(141KB) . .

Subject : Samsung Fire & Marine: Right strategy paid off

Samsung Fire & Marine(000810): Right strategy paid off - 2Q06 comment - Revise up TP to KRW165,000 > Adjusted 2Q06 NP down 19% y/y. > Auto claim loss ratio is stabilizing. > Revise up TP to KRW165,000 and maintain BUY recommendation.