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1 Page 1. Summary Chemical / Energy Weekly 3, / /!!! Analyst kyuwon1@naver.com

2 Chemical / Energy Weekly [1] 1 : 2 : (WTI) 2.% 1.%.% -1.% -2.% -3.% -4.% -3.9% Source : Bloomberg '632 /'631 '6.1 /' % -.5% WTI Dubai.1% -1.1% 2.2% -.1% 1.% B/C (WTI) () (SK S-Oil, ) 3/1/3 3/7/3 4/1/3 4/7/3 5/1/3 5/7/3 6/1/3 Source : Bloomberg, Page 2.

3 Chemical / Energy Weekly [2] 3 : 4 : Ethylene Cash 4.% 3.% 2.% '632 /'631 '6.1 /'5.4 1.% -.5%.%.3%.%.% -1.2% -2.7%-2.% -3.1%-2.7% -1.% -1.4%-.7%-1.4% -2.% Naphtha Ethylene Propylene EG Source : PTA PET Chip HDPE LDPE PP ABS PS PVC Ethy lene() 16 Cash() /1/3 3/7/3 4/1/3 4/7/3 5/1/3 5/7/3 6/1/3 Source :, Page 3.

4 Chemical / Energy Weekly [1] [2] 1 : 5 : () Source : '632 ' LG LG SK S-Oil Page 4.

5 Chemical / Energy Weekly 그림 6 : 중국의석유제품수입액및증가율 Source : Bloomberg 그림 8 : 중국의산업생산추이 그림 7 : 중국의석유화학제품수입액및증가율 Source : Bloomberg 그림 9 : 미국가계의구매력 ( 가계가처분소득증가율 ) 전망 Source : Bloomberg Source : (6.2 ) Page 5.

6 Chemical / Energy Weekly BUY (Maintain) TP : 35, (1178) 3,!!! Analyst kyuwon1@naver.com Summary Earnings Estimate 표 1 : 금호석화의 Valuation 내역 Source : :,, Source:, Page 6.

7 Chemical / Energy Weekly 표 2 : 26 년사업계획점검 그림 1 : 사업부문별영업이익전망 Source :, Source :, 표 3 : 금호그릅지배구조특징 Source : 그림 2 : 금호그룹지분구조 (6.3.1 일 Update) Source : Page 7.

8 Chemical / Energy Weekly , 25 1, , , , ,571. (37bbls) 표 4 : 관계사별기업가치제고방향 3%, 5%, 8%, 12.2, 21.7, % 2,447 4,71 7,51. Source : IR, Page 8.

9 Chemical / Energy Weekly 금호석화생산 Process 금호석화연혁및생산 Capa 금호석화 (1178) 투자등급추이 금호석화 (1178) 목표주가및주가추이 () Source: Page 9.

10 Chemical / Energy Weekly : (%) OECD () (5.) 1/1/1 1/9/1 2/5/1 3/1/1 3/9/1 4/5/1 5/1/1 5/9/1 (%) () (1.) 1/1/1 1/9/1 2/5/1 3/1/1 3/9/1 4/5/1 5/1/1 5/9/1 () () () () () () () '6.3 BSI 9.2% 1.5% 11.9% 9.5% 26.3% 34.8% 89.% -1.% 1.% 3.% 5.% 7.% 9.% [6.3 BSI / 6.2 BSI -1] x 1 Source : datastream, Bloomberg, : Crude Oil() () (bbls) 8. WTI() Gasoline () Gasoline(, ) (bbls) Kerosene() () (bbls) 9. Kerosene(, ) (Bunker) () (Bunker, ) (bbls) Naphtha Naphtha() Page 1. Source : Bloomberg

11 Chemical / Energy Weekly : (Cash) Ehthyle ne 16 Cash (Ethylene-Naphtha) Ethylene Propylene Cash (Propylene-Naphtha) Propylene EG Cash (EG-Ethylene) EG TPA Cash (TPA-PX) TPA HDPE 14 Cash (HDPE-Ethylene) HDPE LDPE Cash (LDPE-Ethylene) LDPE PP Cash (PP-Ethylene) PP ABS Cash (ABS-(AN+Butadiene+SM)) ABS PVC Cash (PVC-EDC) PVC Source :, : (Cash) LG/LG/// /KP//SK Page Source :,

12 Chemical / Energy Weekly : (Refining ) SK/S-Oil Crack Spread (5.) SK Refining Spread = - (5.) Source :, : // (5.) Page 12. Tong Yang Investment Bank Research Center Crack Spread = -

신나는_과학놀이원고[이기주].hwp

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