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아시아나항공 국제유가 안정과 원화강세 전환에 따른 목표가[4]

추천 10 | 조회 1008 | 번호 8394810 | 2016.04.02 10:35 연구소장 (kama***)

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<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">원화강세 전환과 환율조작국 지정위협<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">아시아나항공은 대표적인 원화강세 수혜주이다. 리스로 도입하는 항공기<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">대금은 달러로 지급하기 때문에 원화강세일수록 지급하는 비용이 떨어지며, <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">해외여행객 역시 환율 영향을 크게 받기 때문에 지금과 같은 원화강세 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">구간에서 늘어날 수 밖에 없다. 물론 테러 등으로 일시적인 해외여행객 감소 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">영향을 피할 수 없고, 그것이 좌석점유율을 낮춰 실적에 부정적 영향을 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">주겠지만, 해외여행의 특성상 취소되거나 일정이 미루어지만 다음에 꼭 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">가는 경향이 강해 수요가 뒤로 미루어진 정도로 해석이 가능하다. 그래서 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">아시아나항공 실적은 국제유가 안정과 원화강세로 인한 이중수혜로 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">긍정적인 전망이 가능하고, 미국이 한국 외환당국에 대해 한쪽 방향으로 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">노골적인 외환시장 개입을 한다면 환율조작국으로 지정해 불이익을 준다고<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">으름장을 놓은 상태이니, 당분간 원화강세는 지속될 가능성이 큰 것이다.<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">1분기 흑자전환 기대<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">아시아나항공은 매년 높은 부채로 인한 금융비용으로 영업이익을 거두고<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">있지만 순손실을 매년 기록하고 있다. 그래서 계속 유동성이 나빠지고<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">있는 상황인데, 1분기에는 국제유가 하락에 따른 유류할증료 0원으로<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">여객수요가 늘어나고 비용이 감소해 571억원의 영업이익과 221억원의<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">순이익을 예상할 수 있다. 즉 흑자전환을 한다는 것인데, 보통 이런 경우에<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">실적을 주가가 선반영하지 않았다면 당연히 강한 상승요인으로 작용하는<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">것이다. 그래서 아시아나항공은 실적 시즌 흑자전환으로 주목받을 것이고,<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">원화강세가 진행되면 환차익으로 인한 순이익 규모가 증가할 가능성이 커<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">1분기 실적 호조 및 1분기 실적 바닥인식으로 기대 이상의 강한 흐름을<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">예상할 수 있는 것이다. 물론 아시아나항공은 자본금이 1조원에 육박하고,<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">현재 자기자본도 1조원에 육박해 자칫 잘못하면 자본 일부잠식에 의해<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">관리종목이 될 수 있으니, 실적 개선에 따른 순이익 증가는 이런 부정적<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">우려도 불식시킬 수 있어 다른 종목에 비해 더 주가가 민감하게 반응하게<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">되는 것이다.<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">국제유가 하락에 따른 비용절감<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">국제유가 하락으로 항공유 가격이 하락하면서 항공주들에게 긍정적인<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">영업환경을 만들어주고 있는데, 단순히 가격하락으로 인한 비용절감만이<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">호재는 아니라는 것이다. 유류할증료가 0원이 되면서 가격할인과 같은<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">효과를 내는 것은 물론, 헤지 비용도 줄어들어 절감할 수 있는 금액이 더욱<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">늘어나는 것이다. 이는 국제유가가 계속 오르던 시기 항공유를 미리 사면<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">할인효과를 볼 수 있어 대규모 차입으로 항공유 확보에 열을 올렸는데,<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">이런 항공사들의 항공유 확보 경쟁이 가수요를 만들어 항공유 가격을 더 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">끌어올리는 부정적 영향을 끼쳐온 것이다. 그런데 국제유가가 하락하면서 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">헤징 전략은 오히려 손실로 돌아왔고, 대부분의 항공사들이 장기 저유가로<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">헤징을 포기하고 항공유를 필요한 시기에 사들이고 있어 헤징 수요에 의한<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">거품이 빠지고 항공유 저장에 드는 비용까지 줄일 수 있는 것이다. 그래서 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">국제유가 하락은 단순한 비용절감 외에도 가격인하 효과와 항공유 저장 및<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">헤지비용 절감 등으로 이어져 예상보다 훨씬 큰 비용절감을 가져오니, <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">실적에 매우 긍정적인 영향을 줄 수 밖에 없는 것이다.<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">에어부산 상장<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">연간 400만명에 달하는 여객수송을 담당하는 에어부산은 이미 2012년<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">이익잉여를 달성해 상장요건을 충족하였다. 그럼에도 불구하고 계속<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">상장이 미루어지면서 LCC최초 상장회사 타이틀도 제주항공에 빼앗긴<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">상태인데, 5년 연속 흑자를 보는 기업으로는 무색한 일인 것이다. 이는<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">아시아나항공이 보유한 46%의 지분이 시장에 출회될 수 있다는 우려<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">때문인데, 아시아나항공의 경우 에어부산과 사업적 연결고리가 강해<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">지분을 쉽게 팔 수 없는 입장인 점을 감안하면 구더기 무서워 장을<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">못담그는 상황인 것이다. 에어부산의 시장가치는 약 4000억원으로 추정,<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">30%의 지분을 남기고 16%의 지분을 구주매출한다면 아시아나항공이 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">상장으로 획득할 수 있는 현금만 1300억원에 달하게 되니 이는 분명<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">호재라고 볼 수 있다. 그리고 대규모 현금유입을 보장하고 잔여 지분도 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">활용가능한 자산으로 분류되어 목구멍에서 손이 나올 정도로 현금에<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">목마른 아시아나항공의 재무상태 개선에도 긍정적인 영향을 주는 것이니,<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">당연히 호재로 인식된다는 것이다. 초기 출자에 약 250억원을 투자한 <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">점을 고려하면 상장차익만 16배에 달하니, 당연히 주가상승의 동력으로<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">손색이 없으니, 150억원을 출자한 에어서울 출범 역시 호재로 인식될 수<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">있는 것이다.<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">에어서울 출범과 노선 구조조정<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">아시아나항공은 에어서울 출범을 통해 국내선 사업에서 사실상 손을 뗀<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">전략으로 갈 것인데, 이는 국내선 점유율이 20% 아래로 떨어져 비용을<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">감당하기 어려운데다가, 국내선 이용고객들의 비교대상이 늘어나면서<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">회사 이미지에 부정적 영향만 주고 적자를 내는 노선을 더 이상 유지하기<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">어려워진데 따른 결정이다. 그래서 자회사 에어부산과 새롭게 출범할<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">에어서울에 국내선 노선을 배분하고 노후 항공기를 매각해 구조조정을<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">진행하게 될 것인데, 이를 위해 에어서울은 2월 신청한 운항증명을 취소,<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">3월 30일 새롭게 운항증명을 신청했다. 이렇게 되면 최소 3달이 걸리는<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">허가기간과 해외노선의 경우 상대국 운항증명 발급까지 또 3달이 걸리는<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">일정을 고려하면 에어서울의 취항은 10월 이후가 될 것인데, 그 기간에<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">아시아나항공은 노선 구조조정을 마무리하게 되는 것이다. 이렇게 되면<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">적자노선이 빠지고 노후항공기 매각 대금으로 신규항공기를 도입하면서<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">주력노선에 투입해 실적 개선으로 이어질 것이니, 3분기 계절적 성수기,<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">4분기 노선 구조조정 효과로 하반기 실적 전망은 매우 양호하다는 것이다.<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">기술적 분석과 목표가<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);"> <p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">국제유가 반등으로 글로벌 경기가 최악의 상황을 벗어나며 아시아나항공<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">주가도 액면가 5000원을 회복하였다. 이후 조정을 받고 있는 상황인데,<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">국제유가 상승과 원화약세 속에서 부정적 영향을 받다가 최근 국제유가<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">상승이 주춤해진데다가 원화는 강세로 돌아서면서 환차익을 기대할 수<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">있는 환경이 만들어졌다. 이런 상황에서 저점을 조금씩 높이고 있는데,<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">외국인 비중이 높지 않은 상태에서 액면가 이하라는 낮은 가격, 그리고<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">실적개선과 자회사 상장, 그리고 신설 LCC 출범에 따른 투자기회와 효율<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">제고 등 기업가치가 긍정적인 방향으로 변할 가능성이 높아 주가상승을<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">기대할 수 있는 흐름이란 것이다. 특히 1분기보다 2분기는 원화강세 및<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">국제유가 안정 효과로 더 클 것이며, 3분기는 계절적 성수기, 4분기는<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">에어서울 출항에 따른 노선 구조조정 효과로 더 나아질 것이므로, 1분기<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">실적이 저점인 것과 마찬가지로 주가 역시 저점이 만들어지는 것이다.<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">그래서 5000원 이하에서 분할로 모아가는 전략이 가장 바람직하고, 단기<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">상승시 저항이 되는 6000원을 단기 목표가, 60주선 돌파로 탄력을 받을<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">수 있는 7500원까지가 중기 목표가, 호황기 기대할 수 있는 1만원을<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">장기 목표가로 삼으면 문제가 없을 것이니, 시장이 나쁘고 주가가 힘이<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">없을때 긴 안목으로 조금씩 사들여 목표가까지 보유하는 전략이 가장<p style="margin: 0px; word-wrap: normal; word-break: normal; color: rgb(71, 71, 71); font-family: 굴림, gulim, tahoma, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">바람직하다는 것이다.

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