Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 5,700 KOSQI( 우 ) KOSPI 화학 ( 좌 ) (p) 2,200 ($/bbl) 70 WTI Dubai 5,300 4,900 4, 2,100 2, ,100 3,700 1,9

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1 1. News Summary (3 page) 2017 년 2 월 23 일 News WTI comment 美재고량증가우려로하락 WTI 0.9% Conclusion Headline 다우케미칼 - 듀퐁, EU 승인앞둬 Bayer AG 와 Monsanto, CNCC 와 Syngenta 등화학사업재편중 News 1. First Solar, 기록적적자발표후 8.3% 하락펀더멘털이탄탄하지못하며, 트럼프의방향성과도다른태양광 News 2. 독일 OXEA, 아세트산부틸 Force Majeure 해제 OXEA 재가동으로유럽아세트산부틸시장이안정화될것 News News Prices Summary (4~7 page) Daily Unit Price 1D 1W 1M 3M 12M Weekly Update Unit Price 1W 1M 3M 12M Refinery % % % % % Petrochemical % % % % WTI $/bbl 53.6 (0.9) Ethylene 02/20 $/t 1, Dubai $/bbl Propylene 02/20 $/t 1, Gasoline $/bbl (2.6) (1.1) Benzene 02/20 $/t 1,055 (1.9) Diesel $/bbl Toluene 02/20 $/t 765 (1.3) Complex margin $/bbl 7.6 (0.0) (0.8) (0.1) (1.3) 0.7 Xylene 02/20 $/t $/bbl (0.6) 3.9 (0.0) PP 02/20 $/t 1, Petrochemical % % % % % PVC 02/20 $/t Naphtha $/t 501 (1.7) (4.5) (2.4) ABS 02/20 $/t 1, Butadiene $/t 3, SBR 02/20 $/t 3,100 (0.8) HDPE $/t 1,190 (0.4) (0.4) SM 02/20 $/t 1, MEG $/t (4.2) (6.0) BPA 02/20 $/t 1,558 (5.9) (6.3) PX $/t 897 (0.1) Caustic 02/20 $/t SM $/t 1,360 (2.5) (8.9) EH 02/20 $/t Commodity % % % % % Caprolactam 02/20 $/t 2, Natural Gas $/mmbtu (10.8) (22.0) (17.6) 3.4 Solar % % % % Natural rubber $/t 2,120 (2.3) (5.8) (2.8) Polysilicon 02/22 $/kg 16.2 (0.2) (0.2) Cotton C/lbs (2.1) Module 02/22 $/W 0.35 (0.6) (1.4) (10.9) (36.5) * 참고 : 정제마진의변동률은 % 가아닌 $/bbl 임 3. Global Peers Summary (8~9 page) Unit Price 1D 1W 1M 3M 12M Unit Price 1D 1W 1M 3M 12M E&P % % % % % Petrochemical % % % % % ExxonMobil USD 80.9 (1.2) (2.7) (5.8) (6.6) (1.8) BASF EUR 89.9 (0.4) Shell EUR 2,084 (0.5) (4.0) (6.3) Dow Chemical USD Petrochina CNY (0.2) (0.6) SABIC SAR Gazprom RUB (1.2) (2.2) (8.7) (8.9) (2.3) Formosa Pla. TWD 92.5 (0.9) (4.1) Petrobras BRL 15.7 (2.4) (0.9) (1.9) (1.4) Shin-Etsu JPY 9,813 (1.1) Refinery Renewable Phillips66 USD 78.4 (0.8) (2.1) (5.6) (7.7) (3.1) Wacker EUR (1.5) (1.4) (4.1) Valero USD 66.0 (0.4) (2.6) (0.3) First Solar USD (8.3) (3.3) (3.4) 13.2 (47.7) JX JPY (1.5) Trina Solar USD 10.2 (0.8) (0.8) 1.2 Neste Oil EUR 34.7 (0.2) (7.6) 20.6 Tesla Motors USD (1.4) (2.2) Coverage Summary 02/22 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 2, * 추정치는 12M fwd 기준임 KOSPI 화학 5,121 (0.5) (1.5) (0.2) 6.8 (2.4) (0.2) * 모든 coverage 업체의실적은연결기준임 LG 화학 279, 0.5 (0.9) (7.9) 매수 350, 롯데케미칼 376, (1.8) (5.3) (2.3) 매수 410, 한화케미칼 26,300 (0.9) (5.6) (3.7) 매수 28, 금호석유화학 78, 0.1 (7.4) (5.2) 매수 100, KCC 342,000 (0.7) (10.2) (20.2) (20.1) 매수, OCI 95, 매수 100, SKC 32, (1.8) (1.5) 매수 40, 국도화학 52,100 (1.5) (1.7) (2.6) (2.8) (8.6) (5.6) 매수 70, SK 이노베이션 155, (1.3) (2.8) (1.9) 매수 180, S-Oil 85,700 (0.6) (1.6) 매수 100, GS 54,200 (1.5) (2.7) 4.4 (2.9) 매수 65, SK 가스 104, (3.2) (6.3) (4.6) (3.7) 매수 130, 포스코대우 25,150 (0.6) (4.4) (8.2) (2.3) 매수 29, LG 상사 32, (1.5) (4.9) (3.8) (3.4) 매수 42, 작성자 ( 손지우 ) 는본조사분석자료에게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 본보고서에언급된종목의경우당사조사분석담당자는본인의담당종목을보유하고있지않습니다. 본보고서는기관투자가또는제 3 자에게사전제공된사실이없습니다. 당사는본보고서의발간시점에해당종목을 1% 이상보유하고있지않습니다.

2 Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 5,700 KOSQI( 우 ) KOSPI 화학 ( 좌 ) (p) 2,200 ($/bbl) 70 WTI Dubai 5,300 4,900 4, 2,100 2, ,100 3,700 1, ,300 15/04 15/07 15/10 16/02 16/05 16/08 16/11 1, 17/ /02 15/06 15/10 16/02 16/06 16/10 Complex & margin ($/bbl) 시차조정복합 복합정제마진 (10) 15/02 15/06 15/10 16/02 16/06 16/10 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1, 1,400 1, Polysilicon & Module prices ($/kg) PolySilicon Silicon Module /02 15/08 16/01 16/07 16/12 Butadiene price & naphtha spread Butadiene 3, 3,000 2, 2,000 1, ($/W) ,000 2, 2,000 1, 200 HDPE price & naphtha spread HDPE 1, , , , , MEG price & naphtha spread MEG 1, PVC price & naphtha spread PX price & naphtha spread PVC PX 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK 증권 참고 : 상기데이터는일괄적으로과거 2 년치적용

3 News Comment Headline ( 출처 : Bloomberg) WTI Comment ( 출처 : 연합뉴스 ) 제목 다우케미칼 - 듀퐁, EU승인앞둬 제목 美재고량증가우려로하락 WTI 0.9% 결론 Bayer AG와 Monsanto, CNCC와 Syngenta 등화학사업재편중 상승 OPEC 회원국과일부비회원국의감산합의가순조로움 요인 비회원국도지금까지예상치를웃도는 60% 이상을감산 1) 740억 $ 수준의다우 - 듀퐁합병이 EU 승인이날것으로보임 2) 작년에밝혀진양사의합병소식은글로벌화학산업재편할것 3) EU는양사의합병으로반독점법에근거해면밀히검토함 하락 미원유재고가 300만배럴이상늘어나 7주연속증가를기록할전망 4) 다우의최근살충제사업부문매각도본합병을위한것이었음 요인 5) Bayer AG와 Monsanto, CNCC와 Syngenta 등화학사업재편중 Issue 1 ( 출처 : Bloomberg) Issue 2 ( 출처 : Platts) 제목 First Solar, 기록적적자발표후 8.3% 하락제목독일 OXEA, 아세트산부틸 Force Majeure 해제 결론펀더멘털이탄탄하지못하며, 트럼프의방향성과도다른태양광결론 OXEA 재가동으로유럽아세트산부틸시장이안정화될것 1) 적자발표후 3개월내가장큰폭으로하락마감한 First Solar 1) OXEA의 Marl 플랜트의아세트산부틸공급이재개됨 2) 미국최대패널제조사인 First Solar는 4분기 7.2억 $ 순손실기록 2) OXEA의생산능력은연 10만t 수준이며기술결함이원인이었음 3) 작년 11월부터시작된구조조정의여파로분석됨 3) 유럽에는 OXEA 외에 BASF와 Ineos Oxide가아세트산부틸생산 4) 새패널인 Series 5 출시를앞두고 1,명해고하는등구조조정 4) BASF는 10월 Ludwigshafen 공장폭발이후아직공급불가상태 5) 펀더멘털이탄탄하지못하며, 트럼프의방향성과도다른태양광 5) OXEA 재가동으로유럽아세트산부틸시장이안정화될것 Issue 3 ( 출처 : Bloomberg) Issue 4 ( 출처 : Platts) 제목 결론 제목 결론 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) Issue 5 ( 출처 : 동아닷컴 ) Issue 6 ( 출처 : 키뉴스 ) 제목 결론 제목 결론 1) 1) 2) 2) 3) 3) 4) 4) 5) 5)

4 Commodity Price Data Daily Price Today 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. F/X USD/EUR Change, % (0.2) (0.4) USD/JPY Change, % (0.4) (0.8) (1.2) (3.2) (6.4) 4.1 (0.8) USD/KRW 1, , , , , , , , , , ,166.3 Change, % (0.3) 0.0 (2.3) (2.9) 1.4 (7.5) (5.3) 1.0 (1.6) (2.1) Agriculture Corn Change, % 0.5 (2.0) (1.6) Soybean 1, , , , , , ,035.4 Change, % (0.3) (3.6) (4.2) (0.7) (1.2) (1.2) Wheat Change, % 1.2 (3.0) (3.8) 8.1 (13.2) Rice Change, % (3.7) (1.0) (9.7) (11.6) 1.1 (14.4) (8.5) (1.2) Oats Change, % (3.7) MYR/mt Palm Oil 3, , , , , , , , , , ,221.8 Change, % (0.1) (8.6) (6.6) (6.1) (6.2) Cocoa 2, , , , , , , , , , ,109.0 Change, % (0.1) 0.3 (5.2) (16.9) (32.0) (29.0) (4.6) (34.4) (28.9) (3.8) Cotton Change, % 0.8 (2.1) Sugar Change, % (0.4) Coffee Change, % (0.8) 3.3 (2.6) (5.1) Energy WTI Change, % (0.4) Brent Change, % (1.0) (1.3) Natural Gas Change, % 1.8 (10.8) (18.6) (12.5) (2.6) 43.3 (29.9) (0.8) 2.2 (17.7) Ethanol Change, % 0.4 (3.2) 0.9 (6.1) (6.4) (0.4) (0.7) (0.8) RBOB Gasoline Change, % 1.5 (2.0) (3.1) (8.9) (7.3) 8.4 (3.1) Coal Change, % (7.3) 0.0 (11.5) (3.2) 0.0 Metal Gold 1, , , , , , , , , , ,208.1 Change, % (7.6) (0.9) 2.5 Silver Change, % (4.6) Platinum 1, , , , , Change, % (0.0) (0.8) (9.0) (4.9) Palladium Change, % (1.6) (2.6) (2.4) Copper 6, , , , , , , , , , ,845.8 Change, % (0.3) (0.4) Uranium Change, % 0.0 (4.4) (3.9) (25.9) 21.3 (32.8) (6.4) 3.2 HR Coil Change, % 0.0 (0.6) (1.3) (3.3) (1.4) Scrap Change, % Zinc 2, , , , , , , , , , ,776.9 Change, % (0.3) (0.2) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용

5 Refining Price Data Daily Price 02/22 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Crude Oil WTI Change, % (0.9) (0.2) Dubai Change, % Crude Oil Gasoline( 휘발유 ) Product Change, % 0.0 (2.6) (1.1) (1.0) (0.5) 22.9 (1.1) Kerosene( 등유 ) Change, % Diesel( 경유 ) Change, % Bunker-C Change, % (0.1) (4.2) (0.8) Naphtha Change, % 0.0 (2.9) (1.7) (0.3) Dubai Gasoline( 휘발유 ) Spread Change (0.0) (2.5) (1.5) (0.7) 3.3 (0.5) (1.5) (4.3) (0.5) (1.5) Kerosene( 등유 ) Change (0.0) (1.1) (0.7) (2.0) Diesel( 경유 ) Change (0.0) (0.1) (1.5) Bunker-C (4.8) (4.8) (4.3) (4.1) (1.2) (6.6) (5.8) (1.8) (5.5) (5.8) (3.7) Change (0.0) (0.5) (0.8) (3.6) (3.1) (1.1) Naphtha (3.6) 4.1 (0.4) Change (0.0) (2.3) (1.7) (1.0) 4.6 (3.1) 1.4 (0.8) (0.3) (0.9) Refining Simple( 단순 ) Margin Change (0.0) (0.6) (0.2) (2.2) (1.4) (0.9) 0.5 (0.5) Complex( 복합 ) Change (0.0) (0.8) (0.1) (1.3) (0.7) (1.7) 0.6 (0.4) Complex(lagging) Change (0.6) 3.9 (0.4) (0.0) (8.6) (0.1) 자료 : Petronet, SK 증권 참고 1) Crude Oil 가격은현물 (spot) 기준으로선물 (future) 가격과다를수있음 참고 2) Gasoline 은 95RON, 경유는 L/P 0.5%, Bunker-C 는 380cst/4.0% 기준임

6 Petrochemical Price Data Daily Price 02/22 02/21 02/20 02/17 02/16 02/15 02/14 02/13 02/10 02/09 Spot Price Naphtha CFR Japan Ethylene CFR SE Asia 1, , , , , , , , , ,100.0 Propylene FOB Korea Butadiene FOB Korea 3, , , , , , , , , ,000.0 HDPE CFR FE Asia 1, , , , , , , , , ,185.0 LDPE CFR FE Asia 1, , , , , , , , , ,310.0 LLDPE CFR FE Asia 1, , , , , , , , , ,195.0 MEG CFR China PP CFR FE Asia 1, , , , , , , , , ,040.0 PX CFR China PTA CFR China Benzene FOB Korea , , , , , , ,026.0 Toluene FOB Korea Xylene FOB Korea SM FOB Korea 1, , , , , , , , , ,460.0 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Spot Price Naphtha CFR Japan Change, % (2.0) (0.2) (0.4) Ethylene CFR SE Asia 1, , , , , , ,065.6 Change, % Propylene CFR SE Asia 1, Change, % Butadiene CFR SE Asia 2, , ,.0 1, , , , ,709.4 Change, % (0.8) Benzene CFR SE Asia 1, , Change, % (1.9) Toluene CFR SE Asia Change, % (1.3) Xylene CFR SE Asia Change, % Spread Ethylene -Naphtha Change, % Propylene -Naphtha Change, % Butadiene -Naphtha 2, , , , , ,196.0 Change, % (0.6) Benzene -Naphtha Change, % (1.7) Toluene -Naphtha Change, % (6.8) Xylene -Naphtha Change, % (7.4) 9.8 (20.0) (6.4) 9.6 자료 : Cischem, Platts, Bloomberg, SK증권 참고 : Spread는 Polymer와 Naphtha의가격차이임

7 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Spot Price HDPE CFR SE Asia 1, , , , , , , , , ,151.3 Change, % (4.3) MEG CFR SE Asia Change, % (4.3) (2.2) (2.1) PVC CFR SE Asia Change, % PP CFR SE Asia 1, , , , , , , ,062.5 Change, % (0.2) EH CFR Korea Change, % ABS CFR SE Asia 1, , , , , , , , , ,811.3 Change, % SBR CFR SE Asia 3, , , , , , , , , ,834.4 Change, % (0.8) SM CFR SE Asia 1, , , , , , , , ,374.1 Change, % Caustic FOB NEA Change, % PX CFR SE Asia Change, % PO CFR China 1, , , , , , , , , ,605.6 Change, % (5.9) (6.3) 15.2 (3.1) 26.9 (0.3) (7.5) 11.5 (3.0) Caprolactam CFR SE Asia 2, , , , , , , , , ,065.0 Change, % PTA CFR SE Asia Change, % Spread HDPE Change, % (9.4) (4.1) (15.4) 1.2 (9.6) (9.4) 4.4 MEG Change, % (7.1) (4.7) (4.3) PVC Change, % (15.2) (7.8) 4.0 (1.6) PP Change, % (1.6) (3.4) EH Change, % ABS 1, , , , , , ,297.9 Change, % SBR BD spread (100.0) Change, % 0.0 (12.5) (47.0) (53.3) (55.1) (275.0) (61.5) (52.2) 40.0 SM Change, % Caustic Change, % PX Change, % (6.2) PO propylene sprea Change, % (19.5) (25.4) (19.8) (39.5) (9.4) (29.4) (42.2) (23.7) (25.0) Caprolactam benzene spread 1, , , , ,091.6 Change, % PTA px spread Change, % (5.6) 4.7 (1.1) 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용

8 Global peers Currency 02/22 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 16 17E 16 17E 16 17E Petrochemical Dow Chemical USD , Du Pont USD , Eastman USD 80.5 (0.6) (0.5) , BASF EUR 89.9 (0.4) , Akzo Nobel EUR 63.2 (0.3) , Arkema EUR 95.1 (1.2) , Lanxess EUR 67.4 (0.9) (0.1) , Sumitomo Chemical JPY , Mitsubishi Chemical JPY , Shin-Etsu Chemical JPY 9,813 (1.1) , Asahi Kasei JPY 1, , JSR JPY 2,014 (0.2) (3.5) , Nitto Denko JPY 9, (1.2) , SABIC SAR , Yansab SAR , Formosa Plastics TWD 92.5 (0.9) (4.1) , Formosa Fiber TWD 98.5 (0.2) (1.0) , Nan Ya Plastics TWD 74.3 (0.5) (5.9) , Sinopec Shanghai CNY , Sinopec Yizheng(FibeCNY (6.1) 1.3 (40.5) (2.7) 7,436 #N/A N/A #N/A N/A #N/A N/A 33.3 Reliance INR 1, , Industries Qatar QAR , PTT Chemical THB , Petronas MYR , LG화학 KRW 279, 0.5 (0.9) (7.9) , 롯데케미칼 KRW 376, (1.8) (5.3) , 한화케미칼 KRW 26,300 (0.9) (5.6) (3.7) , 금호석유 KRW 78, 0.1 (7.4) (4.6) (4.3) 2, SKC KRW 32, (1.8) (1.5) (0.6) 1, 국도화학 KRW 52,100 (1.5) (1.7) (4.2) (3.2) (8.3) (5.6) (5.1) 효성 KRW 8,490 (0.7) 5.7 (7.0) , Average Refinery Valero USD 66.0 (0.4) (2.6) (0.3) (3.4) 29, Conoco Phillips USD 47.1 (2.1) (4.6) (7.2) (6.1) 58,208 #N/A N/A Formosa PetrochemicTWD (2.7) 33, Tesoro USD 88.0 (1.2) (0.0) , Marathon Petroleum USD 49.8 (1.1) (1.6) (1.1) 26, Devon Energy USD 43.8 (2.9) (1.1) (5.4) (1.6) (0.8) (4.2) 22,956 #N/A N/A Hollyfrontier USD 28.9 (3.6) (4.1) (3.6) (1.4) 11.2 (8.6) (11.8) 5, Phillips 66 USD 78.4 (0.8) (2.1) (5.6) (7.7) 1.8 (3.1) (9.3) 40, Murphy Oil USD 27.8 (2.9) (1.6) (12.8) (10.2) (4.5) 64.5 (10.9) 4,779 #N/A N/A JX Holdings JPY (1.5) , Idemitsu JPY 3, , Tonengeneral JPY 1, (1.6) , Nesteoil EUR 34.7 (0.2) (7.6) (10.1) 20.6 (5.1) Ashland USD (0.2) , Fuchs Petrolub EUR 44.2 (0.3) , SK이노베이션 KRW 155, (1.3) (4.3) (1.6) , S-Oil KRW 85,700 (0.6) (1.6) 2.5 (0.3) , GS KRW 54,200 (1.5) (2.7) 2.7 (2.3) , Average (0.8) (1.2) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임

9 Global peers Currency 02/22 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 16 17E 16 17E 16 17E E&P/Shale Exxon Mobil USD 81 (1.2) (2.7) (5.8) (6.6) (8.0) (1.8) (10.3) 335, BP GBP 448 (0.7) (2.2) (10.2) (1.9) (12.1) 108, Shell EUR 2,084 (0.5) (4.0) (6.3) (7.1) 216, Chevron USD 110 (1.2) (1.9) (4.5) (0.2) (6.2) 208, Total EUR 48 (0.2) (0.9) 125, Sinopec CNY , Petrochina CNY (0.2) (0.6) , CNOOC CNY ,678 #N/A N/A #N/A N/A 17.5 Gazprom RUB 137 (1.2) (2.2) (8.7) (8.9) (0.8) (2.3) (11.6) 55, Rosneft RUB 347 (2.0) (3.6) (10.5) 1.5 (1.4) 21.8 (13.9) 63, Anadarko USD 66 (2.0) (2.5) (6.0) (5.6) 36,803 #N/A N/A Petrobras BRL 16 (2.4) (0.9) (1.9) (1.4) ,648 #N/A N/A Lukoil USD 3,176 (0.8) (1.1) (0.1) (7.9) 46, N/A N/A Kinder USD 22 (2.2) (3.4) (4.4) (1.7) (1.9) , Statoil NOK 148 (2.5) 0.1 (7.6) (6.8) 57, BHP AUD 27 (0.7) , PTT E&P THB (3.1) (1.8) 10, Petronas gas MYR (4.2) (7.1) (8.0) (3.3) 9, Chesapeake USD 6 (2.6) (6.3) (11.5) (8.1) (2.8) (15.7) 5,253 #N/A N/A 7.7 #N/A N/A #N/A N/A Noble Energy USD 37 (2.3) (2.1) (8.8) (3.7) 15,787 #N/A N/A #N/A N/A Average 0 (0.9) (1.3) (3.8) (3.5) PV WACKER EUR (1.5) (1.4) (4.1) , GCL-Poly HKD (5.2) (5.2) , SunPower USD 8.5 (1.4) (17.1) (61.3) ,173 #N/A N/A #N/A N/A Canadian Solar USD 14.1 (8.3) (33.0) JA Solar USD 5.2 (3.9) (3.7) (32.6) (41.7) #N/A N/A Trina Solar USD 10.2 (0.8) (0.8) (2.8) Solar City USD (11.6) ,049 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Yingli USD 2.7 (3.2) (2.1) (2.1) (18.2) (36.3) (37.7) #N/A N/A #N/A N/A #N/A N/A #N/A N/A First Solar USD 33.6 (8.3) (3.3) (3.4) 13.2 (10.9) (47.7) 4.6 3, 한화큐셀 USD (29.6) (43.6) #N/A N/A #N/A N/A OCI KRW 95, , 웅진에너지 KRW 4,680 (1.8) (3.2) (8.4) (1.2) (44.6) (63.1) (1.2) 94 N/A 신성솔라에너지 KRW 1, (2.3) (12.7) (12.7) (13.6) 15.1 (12.7) 292 N/A Average (1.4) (11.9) (17.1) 8.7 Gas Company Towngas China HKD 4.3 (0.7) (2.5) (6.3) , Kulun HKD , Beijing Enterprise HKD (11.3) , ENN Energy HKD (6.3) , China Resources GasHKD (1.4) (0.8) 3.4 (8.9) , China Gas Holdings HKD (11.9) , Shenzen Gas HKD (0.9) (2.9) (7.2) 0.9 2, Shann Xi CNY (4.9) (8.9) , #N/A N/A #N/A N/A #N/A N/A #N/A N/A Suntien HKD China Oil & Gas HKD (6.1) Average 1.1 (0.1) (2.1) EV LG화학 KRW 279, 0.5 (0.9) (7.9) , 삼성SDI KRW 123,000 (1.6) (3.1) (0.8) , #N/A N/A 9.8 Panasonic JPY (1.3) , GS Yuasa JPY , NEC JPY (11.2) (4.7) (8.1) 6, BYD Auto CNY 50.0 (0.1) (9.5) (14.8) (8.3) , Tesla Motors USD (1.4) (2.2) ,059 #N/A N/A #N/A N/A Kandi Technologies USD (12.4) 7.6 (32.2) (43.3) (13.3) 203 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Average * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임