Microsoft Word Refining Petchem Weekly_KOR.docx

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1 Korea Refining and Petrochemical Tracker 6 May, 213 권영배 CFA, Analyst [email protected] 홍우태 [email protected] [ 요약 ] 싱가포르복합정제마진 US$5.1/bbl (+US$1/bbl WoW), 두바이원유대비 5.2% 브렌트, 두바이유가각각 US$2.3/bbl, US$1.2/bbl 하락, 브렌트-두바이스프레드 -US$.3/bbl (-US$1/bbl WoW) NCC 마진 US$24/ 톤 WoW 하락한 US$367/ 톤, 납사가격 US$28/ 톤상승한 US$856/ 톤수준 PE- 납사스프레드 US$494/ 톤 (-US$29/ 톤 WoW), PP- 납사스프레드 US$59/ 톤 (-US$13/ 톤 WoW) 석유화학업평균 1.1% 하락 (vs. KOSPI +1.1%, vs. 정유업 -2%), 금호석유 +1.8% 정유 : 싱가포르복합정제마진 US$5.1/bbl, 전주대비 US$1/bbl 상승 싱가포르복합정제마진 US$5.1/bbl로 (5월 1일기준 ) 전주대비 US$1/bbl 상승. 브렌트유가 US$2.3/bbl 하락한 US$98.5/bbl, 두바이유가 US$1.2/bbl 하락한 US$98.9/bbl 기록. 브렌트-두바이스프레드는 -US$.3/bbl (-US$1/bbl WoW). 원유 / 가스가격비 21배수준. 아시아가솔린, 디젤, 등유크랙각각 US$15.3/bbl (+US$5./bbl WoW). US$16.4/bbl (+US$2.5/bbl WoW), US$15.9/bbl (+US$3.1/bbl) 기록. 유럽과아시아간정제마진차이는 US$4.7/bbl 내린 US$3.4/bbl. 미국과아시아간가솔린스프레드는 US$8.1/bbl 내린 US$7.4/bbl. 윤활기유가격변함없음. 석유화학 : PE- 납사스프레드평균 US$494/ 톤 (-US$29/ 톤 ), PP- 납사스프레드평균 US$59/ 톤 (-US$13/ 톤 ) 납사가격 US$28/ 톤상승한 US$856/ 톤. NCC마진은전주대비 US$24/ 톤축소된 US$367/ 톤기록 ( 납사대비 43%). PE-납사스프레드 US$29/ 톤하락한 US$494/ 톤. PP-납사스프레드는 US$13/ 톤하락한 US$59/ 톤. SBR가격 US$2,1으로변함없고 SBR-mix(BD&SM) 스프레드는 US$16/ 톤축소된 US$597/ 톤기록. 부타디엔, SM 가격각각 US$1,425/ 톤 (+US$25 WoW), US$1,625/ 톤 (+US$3/ 톤 WoW). MEG-납사스프레드는 US$35 내린 US$132/ 톤. PX-납사스프레드 US$574/ 톤 (-US$23/ 톤 ). Valuation: 정유 P/B (12m Fwd) 1. 배, 석유화학 P/B (12m Fwd) 1.3 배 정유주주가전주대비평균 2% 하락, 석유화학주가평균 1.1% 하락 (vs. KOSPI 1.1% 상승 ). 아시아의석유화학주중, PTT E&P(PTTEP TB), Oil Search (OSH AU), PTT (PTT TB) 의주가상승컸으며, 롯데케미칼 (1117 KS), Woodside (WPL AU), 한화케미칼 (983 KS) 은주가부진했음. 현재당사커버리지정유주와석유화학주는각각 P/B 1.배, 1.3배에거래중. [ 주요뉴스 ] Asian butadiene average price sinks 18% on month in April on weak demand Australian woodside inks deal with shell to study FLNG technology for Browse project Asia olefins at crossroads, market divided over outlook for ethylene and propylene YNCC is operating at 85% of utilization rate (Source: Platts, Bloomberg, ICIS, Local press) Stocks under coverage Company Rating Price Target price S-Oil (195 KS) BUY 86,9 12, SK 이노베이션 (9677 KS) BUY 145,5 19, 롯데케미칼 (1117 KS) BUY 16, 22, 금호석유화학 (1178 KS) BUY 95, 125, GS (7893 KS) BUY 53,7 85, LG 화학 (5191 KS) BUY 257, 3, 한화케미칼 (983 KS) HOLD 16,15 17, 휴켐스 (6926 KS) BUY 23,25 3, Note: Prices are in KRW, Price close as of 3 May 213 Charts of the week Singapore gross refining margin Jan12 Apr12 Jul12 Oct12 Jan13 Apr13 Source: Datastream, Mirae Asset Research PE-naphtha spreads Jan12 Apr12 Jul12 Oct12 Jan13 Apr13 HDPE-naphtha LDPE-naphtha LLDPE-naphtha Source: Datastream, Mirae Asset Research See the last page of this report for important disclosures 1

2 Weekly key table Table 1 Key refining and petrochemical price trend Current price 1w ago 1m ago 3m ago 1w chg. 1m chg. 3m chg. 1Q13 4Q12 3Q12 2Q12 213F Crude oil Brent (2.3) (12.3) (18.4) Dubai (1.2) (8.4) (11.9) Oil products Gasoline (1.1) (16.2) Diesel (6.3) (15.4) Jet/Kero (6.8) (17.2) Fuel oil (.8) (8.3) (11.3) Naphtha (6.) (14.9) Singapore GRM (1.4) (4.) Petrochemicals (US$/MT) Olefins and BTX Ethylene 1,135 1,145 1,22 1,335 (1) (85) (2) 1,34 1,234 1,136 1,149 1,254 1,182 1,172 Propylene 1,23 1,23 1,27 1,29 (4) (6) 1,39 1,272 1,295 1,327 1,34 1,36 1,416 Butadiene 1,425 1,4 1,525 1,88 25 (1) (455) 1,856 1,73 2,142 2,533 2,154 2,433 2,921 Benzene 1,38 1,29 1,265 1, (115) 1,39 1,356 1,168 1,122 1,354 1,27 1,11 Toluene 1,138 1,12 1,12 1, (178) 1,272 1,273 1,117 1,126 1,174 1,178 1,76 Xylene 1,195 1,175 1,18 1, (178) 1,329 1,324 1,212 1,181 1,34 1,264 1,24 Key downstream products LDPE 1,345 1,335 1,415 1,42 1 (7) (75) 1,435 1,341 1,266 1,323 1,424 1,321 1,568 LLDPE 1,33 1,345 1,415 1,445 (15) (85) (115) 1,451 1,356 1,283 1,292 1,44 1,299 1,312 HDPE 1,375 1,375 1,43 1,46 (55) (85) 1,462 1,36 1,317 1,348 1,434 1,346 1,344 MEG ,15 1,173 (8) (28) (185) 1,129 1, ,29 1,29 1,18 PP 1,365 1,35 1,43 1, (65) (6) 1,446 1,414 1,367 1,382 1,44 1,383 1,512 PVC ,3 1,1 (1) (7) (5) 1, ,63 SM 1,625 1,623 1,625 1,7 3 (75) 1,687 1,586 1,411 1,384 1,589 1,453 1,392 ABS 1,845 1,88 1,96 2,45 (35) (115) (2) 2,23 1,922 1,927 1,954 1,98 1,97 2,135 SBR 2,1 2,1 2,3 2,375 (2) (275) 2,396 2,436 2,76 3,73 2,454 2,898 3,713 PX 1,43 1,425 1,455 1,655 5 (25) (225) 1,62 1,549 1,422 1,42 1,534 1,494 1,538 TPA 1,28 1,3 1,9 1,185 (3) (63) (158) 1,17 1,114 1,23 1,8 1,9 1,99 1,266 PET 1,355 1,375 1,445 1,53 (2) (9) (175) 1,521 1,48 1,274 1,363 1,358 1,383 1,613 Base oil Group II 1,65 1,65 1,65 1,2 45 1,27 1,39 1,55 1,221-1,129 1,349 Group III 1,25 1,25 1,25 1,1 15 1,15 1,14 1,115 1,355-1,195 1,362 Source: Datastream, Cischem, Mirae Asset Research 2

3 Part 1. Refining: Asia refining margin trend 싱가포르복합정제마진 : US$5.1/bbl (+US$1./bbl WoW) Figure 1 Singapore gross refining margin (GRM) Figure 2 Dubai crack (gasoline:diesel = 1:1, vs. Dubai) Source: Datastream, Mirae Asset Research Source: Datastream, Mirae Asset Research 가솔린크랙 : US$15.3/bbl (+US$5./bbl WoW) 디젤크랙 : US$16.4/bbl (+US$2.5/bbl WoW) Figure 3 Gasoline, diesel crack (vs. Dubai) Figure 4 Kerosene, naphtha, LPG, B-C crack (vs. Dubai) (1) 1 (2) (3) 5 (4) (5) Gasoline crack Diesel crack Kerosene crack Naphtha crack LPG crack B-C crack Source: Datastream, Mirae Asset Research Source: Datastream, Mirae Asset Research 3

4 Part 1. Refining: Global refining margin trend 유럽 (ARA) 과아시아정제마진 (6:3:2:1) 차이 : US$3.4/bbl (-US$4.7/bbl WoW) Figure 5 Global refining margin (gasoline:diesel = 1:1) Figure 6 Global refining margin (gasoline:diesel:kerosene = 2:3:1) 6 6 미국 (USGC) 과아시아정제마진차이 : US$1./bbl (-US$6.6/bbl WoW) Asia (vs Dubai) USGC (vs WTI) ARA (vs Brent) Asia (vs Dubai) USGC (vs WTI) ARA (vs Brent) Source: Datastream, Mirae Asset Research Source: Datastream, Mirae Asset Research 미국과유럽간가솔린크랙차이 : US$5.8/bbl (-US$2.4/bbl WoW) Figure 7 Global gasoline crack Figure 8 Global diesel crack US ARA US ARA Source: Datastream, Mirae Asset Research Source: Datastream, Mirae Asset Research 4

5 Part 1. Refining: Petroleum product price trend 미국과아시아의가솔린가격스프레드 : US$7.4/bbl (-US$8.1/bbl WoW) Figure 9 Global gasoline and diesel spread (USGC vs. Asia) Figure 1 Global gasoline price trend (1) 11 1 (2) 9 Gasoline Diesel Asia US Europe Source: Datastream, Mirae Asset Research Source: Datastream, Mirae Asset Research 아시아디젤가격 : US$115.3/bbl (+US$1.3/bbl WoW) 아시아등유가격 : US$114.9/bbl (+US$2.1/bbl WoW) Figure 11 Global diesel price trend Figure 12 Global kerosene price trend Asia US Europe Asia US Europe Source: Datastream, Mirae Asset Research Source: Datastream, Mirae Asset Research 5

6 Part 1. Refining: Petroleum stock trend 미국가솔린재고증가율 : +3.% YoY Figure 13 US gasoline stock Figure 14 US gasoline stock growth (YoY) (bbl m) year high year low 17 Jan Mar May Jul Sep Nov 5-year average (%) Source: EIA, Mirae Asset Research Source: EIA, Mirae Asset Research 미국디젤재고증가율 : -7.% YoY Figure 15 US diesel stock Figure 16 US diesel stock growth (YoY) (bbl m) (%) year high year low Jan Mar May Jul Sep Nov -3 5-year average Source: EIA, Mirae Asset Research Source: EIA, Mirae Asset Research 6

7 Part 1. Refining: Base oil pricing and spreads 베이스오일가격 Group I: US$1,15/tonne (unchanged WoW) Group II: US$1,65/tonne (unchanged WoW) Group III: US$1,25/tonne (unchanged WoW) Group I, II, III 스프레드 Group I: US$4/tonne (-US$13/tonne WoW) Group II: US$45/tonne (-US$13/tonne WoW) Group III: US$41/tonne (-US$13/tonne WoW) Figure 17 Base oil price trend Figure 18 Spread: Base oil (vs. 3.5% HSFO) 1,6 1,5 1,4 1,3 1,2 1,1 1, Group I Group II Group III 1, Group I Group II Group III Source: Datastream, ICIS, Mirae Asset Research Source: Datastream, ICIS, Mirae Asset Research Figure 19 Group II vs. Dubai Figure 2 Group III vs. Dubai 1,6 1,5 1,4 1,3 1,2 1,1 1, ,6 13 1,5 12 1,4 1,3 11 1,2 1 1,1 9 1, Jan12 Apr12 Jul12 Oct12 Jan13 Apr13 Group II (LHS) Dubai (RHS) Group III (LHS) Dubai (RHS) Source: Datastream, ICIS, Mirae Asset Research Source: Datastream, ICIS, Mirae Asset Research 7

8 Part 1. Refining: Crude oil price trend 브렌트 - 두바이스프레드 : -US$.3/bbl (-US$1./bbl WoW) Figure 21 Crude oil price (Brent, Dubai, WTI) Figure 22 Spreads (Brent-Dubai, Brent-WTI) Jan11 Apr11 Jul11 Oct11 Jan12 Apr12 Jul12 Oct12 Jan13 Apr (5) Brent Dubai WTI Brent-Dubai Brent-WTI Source: Datastream, Mirae Asset Research Source: Datastream, Mirae Asset Research Figure 23 M2-Spot spread (Brent, Dubai, WTI) Figure 24 Future curve (Brent, WTI) 2 1 (1) (2) (3) Jan12 Apr12 Jul12 Oct12 Jan13 Apr13 (US$) Apr13 Oct13 Apr14 Oct14 Apr15 Oct15 Apr16 Brent Dubai WTI Source: Datastream, Mirae Asset Research Source: Datastream, Mirae Asset Research Brent WTI 8

9 Part 1. Refining: Global crude oil trend Figure 25 US crude oil stock trend Figure 26 US crude oil stock growth (YoY) (bbl bn) 1,9 1,85 5-year high (%) 6 4 1,8 1,75 1,7 1,65 5-year low 1,6 Jan Mar May Jul Sep Nov 5-year average Source: EIA, Mirae Asset Research Source: EIA, Mirae Asset Research Figure 27 Non-OPEC crude oil supply Figure 28 OPEC crude oil supply (m bbl/d) (m bbl/d) Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Source: IEA, Mirae Asset Research Source: IEA, Mirae Asset Research 9

10 Part 1. Refining: Global crude oil supply / demand Figure 29 Global demand and supply of oil and gas (m barrels/day) Q11 2Q11 3Q11 4Q Q12 2Q12 3Q12 4Q Q13 2Q13 3Q13 4Q OECD DEMAND Americas Europe Asia Oceania NON-OECD DEMAND FSU Europe China Other Asia Latin America Middle East Africa Total DEMAND Global oil supply (m bopd) (m barrels/day) Q11 2Q11 3Q11 4Q Q12 2Q12 3Q12 4Q Q13 2Q13 3Q13 4Q OECD SUPPLY Americas Europe Asia Oceania Non-OECD SUPPLY FSU Europe China Other Asia Latin America Middle East Africa OPEC SUPPLY Crude NGLs Total SUPPLY Source: IEA, Mirae Asset Research 1

11 Part 2. Petrochemical: Key olefin pricing and spreads NCC 마진 : US$367/tonne (-US$24/tonne WoW) Figure 3 NCC margin Figure 31 Ethylene, propylene, butadiene price trend 9 2, 5, 8 1,8 4,5 7 1,6 4, 6 1,4 3,5 5 3, 4 1,2 2,5 3 1, 2, 2 8 1, , Ethylene (LHS) Propylene (LHS) Butadiene (RHS) Source: Datastream, Cischem, Mirae Asset Research Source: Datastream, Cischem, Mirae Asset Research 기초유분스프레드 Ethylene-Naphtha: US$279/tonne (-US$38/tonne WoW) Propylene-Naphtha: US$374/tonne (-US$28/tonne WoW) Butadiene-Naphtha: US$569/tonne (-US$3/tonne WoW) Figure 32 Spread: Ethylene, propylene, butadiene (vs. naphtha) Figure 33 Relative price: Propylene, butadiene (vs. ethylene) (x) 8 4, , , , , , , Ethylene-Naphtha (LHS) Propylene-Naphtha (LHS) Butadiene-Naphtha (RHS) Propylene/Ethylene Butadiene/Ethylene Source: Datastream, Cischem, Mirae Asset Research Source: Datastream, Cischem, Mirae Asset Research 11

12 Part 2. Petrochemical: BTX pricing and spreads BTX 납사스프레드 Benzene: US$452/tonne (-US$1/tonne WoW) Toluene: US$282/tonne (-US$1/tonne WoW) Xylene: US$339/tonne (-US$8/tonne WoW) Figure 34 Benzene, toluene, xylene (MX) price trend Figure 35 Spread: Benzene, toluene, xylene (vs. naphtha) 1,6 6 1,5 1,4 5 1,3 4 1,2 1,1 3 1, Benzene Toluene Xylene Benzene-Naphtha Toluene-Naphtha Xylene-Naphtha Source: Datastream, Cischem, Mirae Asset Research Source: Datastream, Cischem, Mirae Asset Research Figure 36 Relative price: BTX (vs. ethylene) Figure 37 Benzene-to-oil ratio (USGC/WTI, Asia/Dubai) (x) Benzene/Ethylene Toluene/Ethylene Xylene/Ethylene (x) Benzene USGC/WTI Benzene Asia/Dubai Source: Datastream, Cischem, Mirae Asset Research Source: Datastream, Cischem, Mirae Asset Research 12

13 Part 2. Petrochemical: PE/PP pricing and spreads 폴리에텔렌 - 납사스프레드 HDPE: US$519/tonne (-US$28/tonne WoW) LDPE: US$489/tonne (-US$18/tonne WoW) LLDPE: US$474/tonne (-US$43/tonne WoW) Figure 38 PE price trend Figure 39 Spread: PE (vs. ethylene) 1,8 7 1,7 6 1,6 5 1,5 4 1,4 3 1,3 2 1,2 1 1,1 1, HDPE LDPE LLDPE HDPE-Ethylene LDPE-Ethylene LLDPE-Ethylene Source: Datastream, Cischem, Mirae Asset Research Source: Datastream, Cischem, Mirae Asset Research 폴리프로필렌스프레드 (vs. 프로필렌 ): US$135/tonne (+US$15/tonne WoW) 프로필렌스프레드 (vs. 납사 ): US$374/tonne (-US$28/tonne WoW) Figure 4 PP price trend Figure 41 Spread: PP (vs. propylene) 1, ,6 6 1, ,4 45 1, , ,1 2 1, Propylene-Naphtha PP-Propylene Source: Datastream, Cischem, Mirae Asset Research Source: Datastream, Cischem, Mirae Asset Research 13

14 Part 2. Petrochemical: ABS,PVC pricing and spreads ABS-mix 스프레드 : US$24/tonne (-US$3/tonne WoW) Figure 42 ABS price trend Figure 43 Spread: ABS (vs. mix) 2,4 6 2,3 2,2 4 2,1 2 2, 1,9 1,8 1,7 (2) 1,6 (4) 1,5 1,4 (6) Source: Datastream, Cischem, Mirae Asset Research Source: Datastream, Cischem, Mirae Asset Research PVC-VCM 스프레드 : US$17/tonne (-US$1/tonne WoW) Figure 44 PVC price trend Figure 45 Spread: PVC (vs. mix) 1,3 9 1,25 1,2 8 1,15 7 1,1 6 1,5 1, VCM-Mix PVC-VCM Source: Datastream, Cischem, Mirae Asset Research Source: Datastream, Cischem, Mirae Asset Research 14

15 Part 2. Petrochemical: SBR, PET chain pricing and spreads SBR 가격 : US$2,1/tonne (unchanged WoW) SBR-mix (BD&SM) 스프레드 : US$597/tonne (-US$16/tonne WoW) Figure 46 SBR price trend Figure 47 Spread: SBR (vs. mix) 4,9 2,5 4,4 2, 3,9 3,4 2,9 2,4 1,9 1,4 Feb11 Aug11 Feb12 Aug12 Feb13 1,5 1, 5 Source: Datastream, Cischem, Mirae Asset Research Source: Datastream, Cischem, Mirae Asset Research 합성섬유-납사스프레드 MEG: US$132/tonne (-US$35/tonne WoW) TPA: US$172/tonne (-US$3/tonne WoW) PET: US$499/tonne (-US$48/tonne WoW) PX-납사스프레드 US$574/tonne (-US$23/tonne WoW) Figure 48 Synthetic fiber chain price trend: MEG, TPA, PET Figure 49 PX pricing and spread (vs. Naphtha) 2, 1,8 1,8 1,6 1,4 1,6 1,2 1,4 1, 1, , MEG TPA PET PX-Naphtha PX price Source: Datastream, Cischem, Mirae Asset Research Source: Datastream, Cischem, Mirae Asset Research 15

16 Part 2. Petrochemical: Key commodities Figure 5 Natural rubber vs. SBR Figure 51 Cotton vs. PET, MEG 5,5 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 Natural rubber SBR Cotton PET MEG Source: Datastream, ICIS, Mirae Asset Research Source: Datastream, Cischem, Mirae Asset Research 16

17 Part 3. Global valuation: Comparison table Figure 52 Oil & gas global peer valuation table (Local currency, x, %) Company Code Source: Bloomberg, Mirae Asset Research Current price Market cap (US$ m) EPS P/E P/B FY12A FY13E FY14E FY12A FY13E FY14E FY12A FY13E FY14E FY12A FY13E FY14E FY13E FY13E Exploration & production PETRO CHINA 857 HK , SINOPEC 386 HK , PTT PTT TB , PTT E&P PTTEP TB , RELIANCE IND RIL IN , ONGC ONGC IN , CAIRN INDIA CAIR IN , WOODSIDE WPL AU , SANTOS STO AU , OIL SEARCH OSH AU 7.9 1, Average Refining & marketing S-OIL 195 KS 86,9. 8,922 5,236. 1, , SK INNOVATION 9677 KS 145,5. 12,269 12, , , GS HOLDINGS 7893 KS 53,7. 4,55 5,354. 8,194. 1, SINOPEC 386 HK , THAI OIL TOP TB , PTT GLOBAL CHEM PTTGC TB 7.8 1, JX HLD 52 JP , TONENGENERAL 512 JP , RELIANCE IND RIL IN , BPCL BPCL IN , Average Petrochemical LOTTE CHEMICAL 1117 KS 16,. 5,1 9, ,24. 21, LG CHEM 5191 KS 257,. 15,532 2, , , HANWHA CHEM 983 KS 16,15. 2, , KUMHO PETROCHEM 1178 KS 95,. 2,64 4,644. 8, , SPC 338 HK 2.1 5,418 (.2) (9.4) NAN YA PLASTICS 133 TT , FORMOSA PLASTICS 131 TT , FORMOSA CHEM FIB 1326 TT , SIAM CEMENT SCC TB , PTT GLOBAL CHEM PTTGC TB 7.8 1, RELIANCE IND RIL IN , PETRONAS CHEMICAL PCHEM MK , Average Total Average ROE Debt to Equity Dividend Yield 17

18 Part 3. Global valuation: P/B, ROE Figure 53 Oil & gas global peer valuation: FY13E P/B Source: Bloomberg, Mirae Asset Research Figure 54 Oil & gas global peer valuation: FY13E ROE Source: Bloomberg, Mirae Asset Research 18 SIAM CEMENT OIL SEARCH PETRONAS CHEMICAL WOODSIDE FORMOSA PLASTICS ONGC NAN YA PLASTICS BPCL FORMOSA CHEM FIB S-OIL PTT E&P LG CHEM KUMHO PETROCHEM THAI OIL RELIANCE IND PTT GLOBAL CHEM TONENGENERAL PTT SANTOS PETRO CHINA SINOPEC CAIRN INDIA SPC LOTTE CHEMICAL SK INNOVATION GS HOLDINGS JX HLD HANWHA CHEM (x) SIAM CEMENT KUMHO PETROCHEM S-OIL ONGC PTT E&P CAIRN INDIA PTT PETRONAS CHEMICAL PTT GLOBAL CHEM WOODSIDE THAI OIL SINOPEC LG CHEM GS HOLDINGS SK INNOVATION PETRO CHINA RELIANCE IND FORMOSA PLASTICS LOTTE CHEMICAL BPCL OIL SEARCH JX HLD FORMOSA CHEM FIB SPC TONENGENERAL SANTOS HANWHA CHEM NAN YA PLASTICS (%)

19 Part 3. Global valuation: Share performance Figure 55 1-week performance (2) (4) (6) Source: Bloomberg, Mirae Asset Research Note: 1) 1-week = 5 trading days Figure 56 1-month performance Source: Bloomberg, Mirae Asset Research 19 PTT E&P OIL SEARCH PTT PTT GLOBAL CHEM CAIRN INDIA TONENGENERAL JX HLD KUMHO PETROCHEM ONGC PETRONAS CHEMICAL NAN YA PLASTICS LG CHEM SIAM CEMENT PETRO CHINA SANTOS FORMOSA CHEM FIB RELIANCE IND FORMOSA PLASTICS BPCL SINOPEC S-OIL GS HOLDINGS THAI OIL SK INNOVATION SPC HANWHA CHEM WOODSIDE LOTTE CHEMICAL (%) (%) (5) (1) (15) (2) NAN YA PLASTICS TONENGENERAL BPCL PTT E&P JX HLD ONGC CAIRN INDIA SIAM CEMENT OIL SEARCH WOODSIDE RELIANCE IND PETRONAS CHEMICAL LG CHEM PTT PTT GLOBAL CHEM FORMOSA CHEM FIB SANTOS FORMOSA PLASTICS THAI OIL S-OIL PETRO CHINA SK INNOVATION SINOPEC KUMHO PETROCHEM HANWHA CHEM LOTTE CHEMICAL GS HOLDINGS SPC

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