COMPANY INITIATION

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1 (3649) COMPANY INITIATION 2) ) KOSPI : p KOSDAQ : p : : 5 : 9. : 6.5 (72.5%) 52 / : 24,95 /12,8 (6 ) : 128,134 (6 ) : 2,171 : 1.1% : 25.3% 14.5% % 6 4.2% % KOSDAQ 3 4.6% 3, 2, 1, % % EPS PER PCR EV/EBITDA PBR ROE ( ) ( ) ( ) ( ) () (%) () () () () (%) (%) ,438 (27.) ,141 (2.7) E , E , E , Korea Equity Research

2 COMPANY INITIATION

3 COMPANY INITIATION ,4,, 1Q , 37.7 SiH 4 ( ), TFT-LCD

4 COMPANY INITIATION EBITDA, (%) E 28E / / (%) E 28E 28, SiH 4 capex E 28E MEMC, 5 SODIFF KANTO 4 CENTRAL GLASS MEMC 3 WACKER TOKUYAMA 2 1 4

5 COMPANY INITIATION Valuation 37,4, CB valuation 27E 28E () 23,7 () EPS 1,369 2,841 BPS 11,2 14,631 Valuation (x) P/E P/B EV/EBITDA Multiple (x) () 27E 28E ( ) P/B (27 / 28, 5%) 4.8 / ,64 53,393 EV/EBITDA (27 / 28, 5%) 9.8 / 8.3 3,51 42,74 42,75 48, Discount (%) 2 6 () 37,4 SiH 4 NF 3 5

6 COMPANY INITIATION Valuation Valuation (US$ ) (%) P/E (x) P/B (x) EV/EBITDA (x) (US$ ) 27E 28E 27E 28E 27E 28E 27E 28E 27E 28E Kanto Denka Kogyo NA Central Glass 1, ,646 1, MEMC Elec. Materials 13, ,931 2, Wacker 9, ,849 5, Tokuyama 4, CB 28 PBR EV/EBITDA 6, 5, 4, 3, 2, 1, 8, 6, 4, 2, (2,) 6

7 COMPANY INITIATION Q7, 167.1, Q7 ( ) 1Q6 2Q6 3Q6 4Q6 1Q7E 2Q7E 3Q7E 4Q7E 26 27E 12,92 16,581 16,7 17,21 16,78 17,938 19,971 21,297 62,69 75,914 4,847 5,386 6,685 6,671 5,926 6,859 7,819 8,843 23,589 29,447 2,81 3,216 4,368 4,54 3,77 4,67 5,434 6,345 14,926 2,156 EBITDA 6,377 6,856 8,83 8,156 8,411 9,331 1,257 11,82 29,472 39,8 2,556 2,59 3,94 2,434 3,99 4,82 4,367 4,269 1,594 15,816 2,25 2,52 3,94 2,337 2,829 3,727 3,987 3,897 1,183 14,44 (%) EBITDA (%) (2.9) (17.) (1.8) 23.3 (21.3) (2.2) (24.5) (2.2) (%) (21.4) (12.) (51.9) (2.9) (.4) (19.4) 49.3 (51.3) (26.1) (.4) (15.4) % 9% 8% 7% 6% 5% 4% 3% 2% 1% % 1.8% 2.4% 12.5% 29.3% 39.2% 9.3% 9.% 7.6% 76.7% 7.3% 61.7% 53.2% 27E 28E 29E 21E SiH4 WF6 NF3 7

8 COMPANY INITIATION Blended ASP 25, 2, , 74 1, 73 5, 72-1Q6 2Q6 3Q6 4Q6 1Q7E 2Q7E 3Q7E 4Q7E 71 NF 3 SiH 4 ASP 8

9 COMPANY INITIATION TFT-LCD Glass LPL 3, 2,5 2, 1,5 1, 5-1Q6 2Q6 3Q6 4Q6 1Q7E 2Q7E 3Q7E 4Q7E 1Q8E 2Q8E 3Q8E 4Q8E Glass, Gas NF 3 9

10 COMPANY INITIATION TFT-LCD Gate SiH 4, NH 3, N 2, N 2O, TEOS (Tetraethoxy Silane), TFT SiH 4, H 2 Source/Drain SiH 4, Phosphine(PH 3), H 2 Passivation SiH 4, NH 3, N 2 Sputtering Ar Ashing O 2 Dry Etcher CF 4, F - 6, Cl 2 (Cleaning) NF 3, F 2 N 2 N 2, NF 3 : 1,3 t/yr ( ) Air Products: US$5 Air Products () 2,5 t/yr (28.6) 5 t/yr (28.3 ) Kanto Denka Kogyo () : 3 t/yr ( ) 6 t/yr (28) Mitsui Chemical: Mitsui Chemical () : 4 t/yr ( ) Central Glass () WF 6 : 1 t/yr ( ) Matheson Trigas: Air Products () 2 t/yr (1Q8) US$3 (27.3) Cl 2, NH 3, WF 6 Metheson Trigas () Kanto Denka Kogyo () SiH 4 : 1,3 t/yr ( ) 2,5 t/yr (28.6) MEMC () ASiMI (5, t/yr, ) Mitsui Chemical (15 t/yr, ) Denal Silane (3 t/yr, ). 1

11 COMPANY INITIATION (ton/quarter) SiH4 WF6 NF3 1Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7E 2Q7E 3Q7E 4Q7E 11

COMPANY INITIATION 27411, 43 72 62 231 11,95 43, 144

12 COMPANY INITIATION 27411, ,95 43, 144 1,316, (Off-grid) (Grid-connected) (Off-grid non-domestic) 12

13 COMPANY INITIATION 27411, Project Million Solar Roofs Initiative 1, Roofs Program 1, Roof-top PV Program 3,25MW (1 ) 4,82MW 3MW 5MW Project 1999 ~ ~ 21 2 ~ ~ ~ (Green Pricing) - : 7.7 /kwh (4kW (5,3 ) 1/3 ) (1,7 ) (8% 2.8%) (, MW) Country Australia Austria Canada Switzerland Denmark Germany ,729. Spain Finland France UK Israel Italy Japan ,132. 1,421.9 Korea Mexico Netherlands Norway Portugal Sweden USA Total ,334 1,828 2,67 3,7 13

14 COMPANY INITIATION 27411, IEA PVPS (25 ) (W/Capita) Australia Austria Canada Switzerland Denmark Germany Spain France UK Israel Italy Japan Korea Mexico Netherlands Norway Sweden USA (25 ) Country (US$ ) R&D Demonstration/ field trials Market stimulation Total Portion (%) Australia Austria Canada Switzerland Denmark Germany Spain.65.1 France UK Israel Italy Japan Korea Mexico. Netherlands Norway Sweden USA

15 COMPANY INITIATION ,, (, Mwatt) Japan USA Europe 1, 5,1 2,8-8,9 (Ingot) sc-si, 1,71 1, mc-si, 2,4 5 3,875-9,121 (Wafer) sc-si, MW 15 - mc-si, MW (Cell)All types, MW ,19 MW/year ,295 sc-si, MW mc-si, MW a-si, MW , MW Other, MW NA 9 8 <1 17 Total, MW ,16 MW/year ,629, Cell/Module manufacturer Technology Total Production (MWp) Maximum production capacity (MWp) Cell Module Cell Module Neskor Solar Co. sc-si Photon Semiconductor & Energy Co. sc-si Symphonyenergy sc-si, mc-si 3. 3 S-Energy Co. mc-si Hyundai Co. mc-si.4 1 LS Industrial Systems 1. 1 Solar Tech Co. sc-si, mc-si.4 1 KD Solar sc-si, mc-si.4 1 Haesung Solar Co. sc-si, mc-si NA 1 Eta Solar sc-si, mc-si NA 1 Total

16 COMPANY INITIATION ( )

17 COMPANY INITIATION (25 ) BP Solar (Australia, Spain, USA) 5% RWE Schott (Germany, USA) 6% Shell Solar (Germany, USA) 4% Isofoton (Spain) 4% Photowatt International (FRA) 2% Sharp (Japan) 28% Mitsubishi Electric (Japan) 7% Sanyo Electric (Japan) 8% Kyocera (Japan) 9% Q-Cells (Germany) 11% Others (23 companies) 16% Solar Module Solar Module 6% Silicon 4% (26 ) (US$ ) Si (Feedstock).5 Ingot, Wafer.9 Solar Cell 1.7 Solar Module 3. System / Equipment 1. Installation / Service 7. Total

18 COMPANY INITIATION (25, US$/Watt) (US$) Australia Austria Canada Switzerland Denmark Germany France UK Israel Italy Japan Korea Mexico Netherlands Sweden USA,, 18

19 COMPANY INITIATION Bulk Bulk ( : 28%, :18%) Si ( :2~3) (CellModule ) (2~3) Substrate (Glass, ), Flexible 낮은생산성 (Cell 공정과 Module 공정분리 ) ( : 1~12%) Wafer Si ( :25~35) Cell (CVD, Sputter ) (5~6), (Wafer-based) SiO 2 Si Feedstock Si Block Si Wafer TFT-LCD Lamination Solar Cell Module 19

20 COMPANY INITIATION SiH 4 MG-Si H 2 TET TCS synthesis by Hydrogenation of TET in Fluidised bed reactor TCS TET Separation TCS/TET by Distillation TET TCS Redistribution 1 in catalytic column Separation DCS/TET/TCS distillation DCS Redistribution 2 in catalytic column Electrical Energy Pyrolysis on heated Silicon rods Poly silicon Residues: spent mass Low boiling impurities Separation DCS/TET/SiH 4 SiH 4 Purification of SiH 4 distillation TET H 2 SiH 4, TFT-LCD, (SiHCl 3) (SiH 4) Bell-Jar (Rod) Fluid Bed (granule) VLD (pellet) Bell-Jar (Rod) Hemlock (US), Wacker (Germany), Tokuyama (Japan), MiPSi (US), SUMCO (Japan) ASiMI (US), SGS (Norway) Wacker (Germany), (Korea) Tokuyama (Japan) Fluid Bed (granule) MEMC (US) SGS (Norway) Space Dec. (powder) JSS (Germany) 2

21 COMPANY INITIATION SiH 4, LCD 21

22 COMPANY INITIATION : E 28E 29E &..... & ( ) E 28E 29E ( ) (1.2) ( )....., (1.5) 12.1 (6.6) (6.7) (2.3) (.5) (.6) (.4) (42.8) (41.4) (3.3) (48.1) (34.9) ( ) (6.3) 6.4 (.) (.) (.) ( )..... ( ) (.2) (.)... ( ) (35.8) (45.5) (32.) (47.5) (33.6) ( ) (1.1) (.9).5 (.) (.7) (1.) (1.4) 1.2 (.6) (.5) Free Cash Flow (3.4) (2.4) (3.9) (3.8) (2.) (12.8) ( ) 39.9 (2.1) 4.8 (16.1) (11.3) ( ) (.4) (.9) (1.3) (1.3) (1.6) (.2) (.)... ( ) 1.1 (4.4) (.4) / (%) / (%) / (%) E 28E 29E (%) (%) (%) (%) (%) (1.1) (%) (17.3) (%) ( ).2 (4.3) (4.3) (4.2) (3.7) ( ) 2.5 (.4) (.1) (.2) (.) ( ) ( )..... ( ) 1.2 (.7) (.9) (.9) (.9) (%) (15.3) (19.4) ( ) (%) (22.5) (15.4) EBITDA (%) (%) E 28E 29E () 1,438 1,141 1,369 2,841 3,82 () 1,432 1,141 1,67 2,841 3,81 () 8,719 9,743 11,2 14,631 17,562 () PER () PEG () PER () PCR () EV/ EBITDA () PBR () (%) (%) (%) EBITDA (%) (%) (%) (%) (%) / (%) (%) () () () () () ()

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COMPANY INITIATION , 98,400 1), 2), 3) DCF 98,400 75,300 23,100 DCF ~ (EV) (+ ) (93.1) 1,024.6 ( ) 10.4

COMPANY INITIATION , 98,400 1), 2), 3) DCF 98,400 75,300 23,100 DCF ~ (EV) (+ ) (93.1) 1,024.6 ( ) 10.4 (019680) 2007 321 COMPANY INITIATION, CFA 02) 3772-1557 02) 3772-1568 emilypark@goodi.com Kitten78@goodi.com KOSPI : 1444.17p KOSDAQ : 645.37p : 756.4 : 5,000 : 8.5 : 3.4 (39.8%) 52 / : 95,400 /65,600