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

1. News Summary (3 page) 2017 년 4 월 4 일 News WTI comment 리비아원유공급재개에하락 WTI 0.7% Conclusion Headline SK 이노 'km 주행 ' 전기차배터리개발추진에너지밀도높이는데필수적인니켈에대한수요가폭증할전망 News 1. 중국발후폭풍에 LG 화학, 삼성 SDI 배터리점유율방전사드관련불확실성속, 유럽과미주지역공략하는전략이유효할것 News 2. LG 화학 'R&D', 롯데케미칼 'M&A' ' 화학맞수 ' 의다른전략화학제품 peak out 에대비해포트폴리오를늘리려는시도로판단됨 News 3. SK 가스, E1, 4 월국내 LPG 공급가전격동결가격인상요인이누적되었지만소비자부담우려해동결한것 News 4. - - 2. 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 50.2 (0.7) 5.3 (5.8) (6.5) 40.7 Ethylene 04/03 $/t 1,045 0.0 (8.3) 5.6 (9.1) Dubai $/bbl 51.7 1.8 5.8 (3.7) (4.0) 48.3 Propylene 04/03 $/t 775 (2.5) (20.9) (4.9) 9.2 Gasoline $/bbl 67.2 1.3 7.1 3.4 (3.7) 32.0 Benzene 04/03 $/t 815 3.8 (15.1) (0.9) 27.3 Diesel $/bbl 63.4 1.1 5.4 (3.6) (3.2) 47.9 Toluene 04/03 $/t 675 (2.2) (8.2) (2.2) 2.3 Complex margin $/bbl 7.4 (0.2) 0.6 1.2 (0.8) 1.4 Xylene 04/03 $/t 710 0.0 (2.7) 5.2 9.2 $/bbl 4.0 0.7 3.0 (2.8) (14.0) (4.8) PP 04/03 $/t 1,058 (1.9) (7.4) 2.4 (0.7) Petrochemical % % % % % PVC 04/03 $/t 930 (0.5) (1.1) 1.1 17.0 Naphtha $/t 480 2.4 4.6 (1.1) (3.3) 22.6 ABS 04/03 $/t 1,660 (4.0) (13.5) 1.5 21.6 Butadiene $/t 1,750 0.0 (2.8) (39.7) (23.6) 72.4 SBR 04/03 $/t 2,545 (2.1) (12.5) 27.3 76.1 HDPE $/t 1,165 0.0 1.3 1.3 0.0 1.7 SM 04/03 $/t 1,185 (4.0) (15.1) (1.7) 4.2 MEG $/t 740 0.0 1.4 (9.5) (21.2) 5.9 BPA 04/03 $/t 1,538 3.5 8.8 (1.6) 14.3 PX $/t 830 1.5 2.6 (6.6) (3.2) 4.1 Caustic 04/03 $/t 449 0.7 3.0 6.3 57.5 SM $/t 1,178 1.7 4.8 (14.4) 1.1 7.0 2-EH 04/03 $/t 1,035 (1.0) 1.5 19.7 30.6 Commodity % % % % % Caprolactam 04/03 $/t 2,250 (0.9) (3.0) 21.6 73.1 Natural Gas $/mmbtu 3.13 (1.9) (0.1) 4.8 (11.7) 17.7 Solar % % % % Natural rubber $/t 1,820 6.4 1.7 (14.6) (6.2) 40.0 Polysilicon 03/29 $/kg 14.6 (5.4) (9.7) (3.9) 1.3 Cotton C/lbs 75.5 (2.4) (1.9) (3.7) 6.8 28.0 Module 03/29 $/W 0.34 (0.3) (2.0) (5.0) (36.1) * 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 82.1 0.1 1.0 (0.5) (9.7) (1.1) BASF EUR 93.0 0.2 3.2 3.1 6.1 42.6 Shell EUR 2,076 (1.0) (0.1) (2.9) (8.0) 24.5 Dow Chemical USD 63.1 (0.8) (1.5) (0.3) 9.5 23.3 Petrochina CNY 7.87 0.0 (0.6) (2.1) (1.3) 2.7 SABIC SAR 97.0 0.1 0.7 (0.2) 5.0 30.4 Gazprom RUB 127.2 (0.5) (1.2) (5.6) (19.3) (13.6) Formosa Pla. TWD 90.5 0.0 (2.6) 0.9 0.4 13.8 Petrobras BRL 14.7 1.2 6.5 (4.2) (5.4) 75.5 Shin-Etsu JPY 9,679 0.4 1.3 (1.2) 6.7 70.4 Refinery Renewable Phillips66 USD 78.3 (1.2) 1.3 (0.1) (9.8) (8.6) Wacker EUR 98.2 1.7 1.2 (6.5) (4.4) 28.4 Valero USD 66.2 (0.1) 0.0 0.2 (6.0) 5.3 First Solar USD 26.33 (2.8) (6.7) (23.9) (21.5) (61.0) JX JPY 538.3 (1.5) 2.1 0.3 8.8 27.3 Trina Solar USD 11.5 0.0 0.0 6.7 22.5 16.3 Neste Oil EUR 37.0 1.1 2.8 8.9 1.5 27.4 Tesla Motors USD 298.5 7.3 10.5 18.7 37.6 25.6 4. Coverage Summary 04/03 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 2,168 0.3 0.5 4.3 6.0 6.1 9.8 * 추정치는 12M fwd 기준임 KOSPI 화학 5,147 0.0 2.1 4.4 0.1 (1.4) (6.4) * 모든 coverage 업체의실적은연결기준임 LG 화학 293,000 (0.3) 3.7 3.9 11.8 21.3 (7.7) 매수 350,000 19.5 10.98 1.52 롯데케미칼 368, (0.5) 5.3 0.8 (4.4) 23.7 9.7 매수 410,000 11.3 9.35 1.42 한화케미칼 26,100 (1.1) 7.0 5.7 (0.6) 7.9 8.3 매수 28,000 7.3 9.42 0.79 금호석유화학 78,700 (0.1) 6.4 5.2 (7.6) 12.6 39.0 매수 100,000 27.1 13.05 1.47 KCC 352,000 (0.6) 0.3 3.1 (2.6) (11.0) (13.2) 매수,000 42.0 13.83 0.53 OCI 85,000 0.4 2.0 2.9 7.3 (9.1) (15.0) 매수 100,000 17.6 15.69 0.64 SKC 30, 0.0 1.3 (1.0) (9.1) 8.8 2.8 매수 40,000 29.9 9.80 0.75 국도화학 49,550 0.6 1.4 (2.3) (11.7) (10.2) (26.6) 매수 70,000 41.3 10.41 0.62 SK 이노베이션 166,000 (0.3) 2.5 6.8 7.1 2.8 (1.5) 매수 180,000 8.4 9.07 0.93 S-Oil 99, (0.9) 5.1 14.0 14.5 22.7 3.0 매수 100,000 0.4 12.84 1.68 GS 58,100 (1.7) 3.0 5.6 6.4 8.6 0.7 매수 65,000 11.9 9.17 0.92 SK 가스 122, 1.2 (1.2) 17.8 2.9 18.4 49.0 매수 130,000 6.1 9.79 0.91 포스코대우 23,200 (2.7) 3.6 (3.5) (14.7) (5.3) 8.2 매수 29,000 25.0 9.39 1.07 LG 상사 31,350 (2.6) 2.5 (2.8) 4.5 (10.2) (10.3) 매수 42,000 34.0 10.77 1.02 작성자 ( 손지우 ) 는본조사분석자료에게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 본보고서에언급된종목의경우당사조사분석담당자는본인의담당종목을보유하고있지않습니다. 본보고서는기관투자가또는제 3 자에게사전제공된사실이없습니다. 당사는본보고서의발간시점에해당종목을 1% 이상보유하고있지않습니다.

Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 5,700 KOSQI( 우 ) KOSPI 화학 ( 좌 ) (p) 2,200 ($/bbl) 70 WTI Dubai 5,300 4,900 4, 2,100 2,000 60 50 4,100 3,700 1,900 40 30 3,300 15/06 15/09 15/12 16/03 16/06 16/09 16/12 1, 17/04 20 15/04 15/08 15/12 16/04 16/08 16/12 17/0 Complex & margin ($/bbl) 시차조정복합 복합정제마진 30 20 10 0 (10) 15/04 15/08 15/12 16/04 16/08 16/12 17/ Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1, 1,400 1,200 400 Polysilicon & Module prices ($/kg) PolySilicon Silicon Module 22 21 20 19 18 17 16 15 14 13 12 15/03 15/09 16/02 16/08 17/01 Butadiene price & naphtha spread Butadiene 3, 3,000 2, 2,000 1, ($/W) 0.62 0.58 0.54 0.50 0.46 0.42 0.38 0.34 0.30 3,000 2, 2,000 1, 200 HDPE price & naphtha spread HDPE 1, 950 900 1,400 850 1,300 750 1,200 700 650 1,100 550 0 MEG price & naphtha spread MEG 1,100 400 900 300 200 700 100 0 PVC price & naphtha spread PX price & naphtha spread PVC PX 950 900 850 750 700 400 300 200 100 900 700 400 300 200 650 0 100 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK 증권 참고 : 상기데이터는일괄적으로과거 2 년치적용

News Comment Headline ( 출처 : 파이낸셜뉴스 ) WTI Comment ( 출처 : 연합뉴스 ) 제목 SK 이노 'km 주행 ' 전기차배터리개발추진제목리비아원유공급재개에하락 WTI 0.7% 결론에너지밀도높이는데필수적인니켈에대한수요가폭증할전망상승 요인 1) 현재양산한 300km대전기차배터리저장기술을뛰어넘는수준임 2) 관계자, " 내연기관차가 1회주유시 400km 주행하기에 km는고무적 " 3) 관계자, "2020년에는 km 주행이가능하도록현재기술향상목표 " 하락 공급이중단됐던리비아샤라라유전에서는이날원유수송이재개 4) 관계자, " 충전속도, 수명, 가격등도병행개선되어야전기차대중화 " 요인 투자자들은리비아의원유수출이곧정상화될것으로전망 5) 에너지밀도높이는데필수적인니켈에대한수요가폭증할전망 베이커휴, " 미국에서가동중인 rig는다시 1주일새 10개가늘어 662개 " Issue 1 ( 출처 : 머니투데이 ) Issue 2 ( 출처 : EBN) 제목중국발후폭풍에 LG 화학, 삼성 SDI 배터리점유율방전제목 LG 화학 'R&D', 롯데케미칼 'M&A' ' 화학맞수 ' 의다른전략 결론사드관련불확실성속, 유럽과미주지역공략하는전략이유효할것결론화학제품 peak out 에대비해포트폴리오를늘리려는시도로판단됨 1) 배터리업계가갤노트7 발화, 중국전기차인증지연악재로 MS 하락 1) LG화학은올해연구개발에 1조원가량투자하겠다고발표 2) 삼성SDI는소형전지점유율이 2014년 27% 에서작년 24% 까지하락 2) SAP, 합성고무, ABS 특화제품, 전기차배터리, ESS전지등개발주력 3) LG화학은전기차모범규준인증지연으로 2015년 12% 에서 1% 하락 3) 롯데케미칼은작년부터미국엑시올, 싱가폴 JAC 인수전에참여 4) 파나소닉이 33% 의점유율로 1위지켰지만전년비 5% 하락 4) 기초화학중심포트폴리오사업다각화및해외진출위해 M&A 추진 5) 사드관련불확실성속, 유럽과미주지역공략하는전략이유효할것 5) 화학제품 peak out에대비해포트폴리오를늘리려는시도로판단됨 Issue 3 ( 출처 : 시사포커스 ) Issue 4 ( 출처 : Platts) 제목 SK 가스, E1, 4 월국내 LPG 공급가전격동결제목 결론가격인상요인이누적되었지만소비자부담우려해동결한것결론 1) SK 가스, 가정, 상업용프로판 931.4원 /kg, 산업용은 938원 /kg으로동결 1) 2) E1은가정, 상업용프로판 931.8원 /kg, 산업용은 938.44원 /kg으로동결 2) 3) 부탄은 SK가스가 1,323원 /kg, E1은 1,324원 /kg으로동결함 3) 4) 환율상승, 국제 LPG 가격의톤당평균 155$ 상승불구동결한것 4) 5) 가격인상요인이누적되었지만소비자부담우려해동결한것 5) Issue 5 ( 출처 : Platts) Issue 6 ( 출처 : Platts) 제목 결론 제목 결론 1) 1) 2) 2) 3) 3) 4) 4) 5) 5)

Commodity Price Data Daily Price Today 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. F/X USD/EUR 0.937 0.939 0.921 0.941 0.961 0.892 0.878 0.951 0.901 0.904 0.938 Change, % (0.1) 1.8 (0.4) (2.5) 5.1 6.8 (1.4) 4.0 3.7 (0.1) USD/JPY 110.9 111.4 110.7 114.0 117.8 101.7 111.7 117.0 121.1 108.8 113.6 Change, % (0.4) 0.2 (2.8) (5.8) 9.1 (0.7) (5.2) (8.4) 2.0 (2.4) USD/KRW 1,115.4 1,118.5 1,113.0 1,156.3 1,203.5 1,102.8 1,154.0 1,205.8 1,131.2 1,160.5 1,152.8 Change, % (0.3) 0.2 (3.5) (7.3) 1.1 (3.4) (7.5) (1.4) (3.9) (3.3) Agriculture Corn 367.8 364.3 355.8 374.8 355.8 346.0 354.0 352.0 376.8 358.5 364.3 Change, % 1.0 3.4 (1.9) 3.4 6.3 3.9 4.5 (2.4) 2.6 1.0 Soybean 938.3 946.0 971.5 1,027.0 986.8 973.0 918.3 996.5 945.4 987.5 1,018.5 Change, % (0.8) (3.4) (8.6) (4.9) (3.6) 2.2 (5.8) (0.8) (5.0) (7.9) Wheat 427.8 426.5 420.8 433.8 406.5 395.5 475.8 408.0 508.1 436.4 429.2 Change, % 0.3 1.7 (1.4) 5.2 8.2 (10.1) 4.8 (15.8) (2.0) (0.3) Rice 10.1 9.9 9.8 9.3 9.4 10.1 9.8 9.4 11.1 10.3 9.6 Change, % 1.8 2.7 8.0 7.5 0.0 3.2 7.6 (8.9) (2.6) 4.9 Oats 225.5 224.3 240.5 260.5 235.5 183.0 185.0 228.5 250.2 196.3 249.8 Change, % 0.6 (6.2) (13.4) (4.2) 23.2 21.9 (1.3) (9.9) 14.9 (9.7) MYR/mt Palm Oil 2,862.0 2,833.0 2,843.0 3,000.0 3,250.0 2,775.0 2,717.0 3,218.0 2,190.3 2,653.8 3,103.3 Change, % 1.0 0.7 (4.6) (11.9) 3.1 5.3 (11.1) 30.7 7.8 (7.8) Cocoa 2,107.0 2,095.0 2,150.0 1,989.0 2,166.0 2,793.0 2,881.0 2,126.0 3,091.6 2,854.0 2,082.1 Change, % 0.6 (2.0) 5.9 (2.7) (24.6) (26.9) (0.9) (31.8) (26.2) 1.2 Cotton 75.5 77.3 76.9 77.3 71.8 68.7 59.2 70.7 63.3 65.6 75.3 Change, % (2.4) (1.9) (2.3) 5.1 9.8 27.5 6.8 19.3 15.1 0.2 Sugar 16.5 16.8 17.7 19.5 20.5 22.7 15.2 19.5 13.1 18.2 19.5 Change, % (1.3) (6.6) (15.3) (19.4) (27.0) 9.0 (15.2) 25.9 (8.9) (15.4) Coffee 137.9 139.3 139.2 141.3 137.4 147.6 127.3 137.1 132.6 136.1 144.4 Change, % (1.0) (1.0) (2.4) 0.3 (6.6) 8.3 0.6 3.9 1.3 (4.6) Energy WTI 50.2 50.6 47.7 53.3 52.3 48.8 36.8 53.7 48.8 43.4 51.9 Change, % (0.7) 5.3 (5.8) (4.0) 2.9 36.6 (6.5) 2.9 15.8 (3.2) Brent 53.1 52.8 50.8 55.9 55.5 50.9 38.7 56.8 53.7 45.1 54.7 Change, % 0.5 4.6 (5.0) (4.3) 4.3 37.3 (6.6) (1.1) 17.8 (2.9) Natural Gas 3.1 3.2 3.1 2.8 3.3 2.9 2.0 3.7 2.6 2.6 3.1 Change, % (1.9) 2.5 10.6 (6.0) 7.0 59.9 (16.0) 19.0 22.6 1.5 Ethanol 1.6 1.6 1.5 1.5 1.6 1.6 1.4 1.6 1.5 1.5 1.5 Change, % 1.3 6.2 10.7 4.1 4.1 13.1 1.8 8.3 7.9 7.3 RBOB Gasoline 169.4 170.0 161.9 165.3 162.2 147.1 140.2 166.5 163.6 140.0 158.7 Change, % (0.4) 4.6 2.5 4.4 15.2 20.8 1.7 3.5 21.0 6.7 Coal 40.0 40.0 40.0 40.0 40.0 40.0 43.6 40.0 45.2 41.3 40.0 Change, % 0.0 0.0 0.0 0.0 0.0 (8.2) 0.0 (11.5) (3.2) 0.0 Metal Gold 1,253.4 1,249.4 1,254.4 1,234.6 1,158.8 1,312.8 1,222.5 1,152.3 1,160.6 1,248.5 1,219.6 Change, % 0.3 (0.1) 1.5 8.2 (4.5) 2.5 8.8 8.0 0.4 2.8 Silver 18.3 18.3 18.1 18.0 16.3 18.8 15.1 15.9 15.7 17.1 17.5 Change, % (0.0) 0.8 1.6 12.0 (2.9) 21.3 14.7 16.2 6.8 4.6 Platinum 957.5 950.6 968.8 999.8 936.5 1,007.0 957.1 903.5 1,055.7 988.4 980.0 Change, % 0.7 (1.2) (4.2) 2.2 (4.9) 0.0 6.0 (9.3) (3.1) (2.3) Palladium 803.2 798.8 795.2 775.5 711.2 713.5 566.4 681.0 691.9 614.3 767.3 Change, % 0.6 1.0 3.6 12.9 12.6 41.8 18.0 16.1 30.8 4.7 Copper 5,753.0 5,837.5 5,760.0 5,917.0 5,.0 4,819.0 4,835.0 5,535.5 5,503.1 4,872.0 5,847.5 Change, % (1.4) (0.1) (2.8) 4.6 19.4 19.0 3.9 4.5 18.1 (1.6) Uranium 23.5 23.3 24.7 25.5 20.5 22.4 27.8 20.4 36.9 26.4 24.2 Change, % 1.1 (4.7) (7.8) 14.6 4.9 (15.5) 15.2 (36.2) (11.1) (2.9) HR Coil 640.0 630.0 643.0 620.0 633.0 496.0 480.0 633.0 461.5 519.3 624.2 Change, % 1.6 (0.5) 3.2 1.1 29.0 33.3 1.1 38.7 23.2 2.5 Scrap 350.0 350.0 350.0 360.0 302.0 220.0 405.0 302.0 252.9 275.7 323.2 Change, % 0.0 0.0 (2.8) 15.9 59.1 (13.6) 15.9 38.4 27.0 8.3 Zinc 2,708.0 2,771.0 2,760.0 2,775.0 2,521.0 2,406.0 1,872.0 2,576.0 1,941.9 2,097.5 2,783.6 Change, % (2.3) (1.9) (2.4) 7.4 12.6 44.7 5.1 39.5 29.1 (2.7) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용

Refining Price Data Daily Price 04/03 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Crude Oil WTI 50.2 50.6 47.7 53.3 53.7 48.8 35.7 53.7 48.8 43.4 51.8 Change, % (0.7) 5.3 (5.8) (6.5) 2.9 40.7 (6.5) 3.0 15.9 (3.1) Dubai 51.7 50.8 48.8 53.7 53.8 47.9 34.8 53.8 50.8 41.3 53.0 Change, % 1.8 5.8 (3.7) (4.0) 7.9 48.3 (4.0) 1.7 25.1 (2.6) Crude Oil Gasoline( 휘발유 ) 67.2 66.3 62.8 65.0 69.8 60.0 50.9 69.8 69.5 56.3 67.8 Product Change, % 1.3 7.1 3.4 (3.7) 12.1 32.0 (3.7) (3.3) 19.5 (0.9) Kerosene( 등유 ) 62.7 62.4 59.5 64.5 66.4 59.3 45.7 66.4 64.7 52.9 64.3 Change, % 0.5 5.3 (2.8) (5.6) 5.8 37.2 (5.6) (3.2) 18.5 (2.6) Diesel( 경유 ) 63.4 62.7 60.2 65.8 65.5 59.2 42.9 65.5 64.8 52.1 64.8 Change, % 1.1 5.4 (3.6) (3.2) 7.1 47.9 (3.2) (2.1) 21.7 (2.2) Bunker-C 46.6 46.1 43.8 48.5 52.1 42.1 26.7 52.1 45.3 35.5 48.8 Change, % 1.0 6.2 (3.9) (10.5) 10.7 74.5 (10.5) 2.9 31.1 (4.5) Naphtha 52.0 51.0 48.5 52.4 53.5 44.9 40.3 53.5 52.6 42.6 54.0 Change, % 2.0 7.2 (0.7) (2.7) 15.8 29.0 (2.7) (1.1) 22.1 (3.6) Dubai Gasoline( 휘발유 ) 15.6 15.6 14.0 11.4 16.0 12.1 16.1 16.0 18.7 14.9 14.8 Spread Change 0.0 1.6 4.2 (0.5) 3.5 (0.5) (0.5) (3.2) 0.6 0.8 Kerosene( 등유 ) 11.0 11.6 10.7 10.8 12.6 11.4 10.9 12.6 14.0 11.6 11.3 Change (0.6) 0.3 0.2 (1.6) (0.4) 0.1 (1.6) (2.9) (0.6) (0.3) Diesel( 경유 ) 11.7 12.0 11.3 12.1 11.7 11.3 8.0 11.7 14.0 10.8 11.8 Change (0.2) 0.4 (0.4) 0.0 0.4 3.7 0.0 (2.3) 0.9 (0.0) Bunker-C (5.1) (4.6) (5.0) (5.2) (1.8) (5.8) (8.1) (1.8) (5.5) (5.8) (4.3) Change (0.5) (0.1) 0.1 (3.3) 0.7 3.1 (3.3) 0.4 0.7 (0.8) Naphtha 0.4 0.2 (0.3) (1.3) (0.4) (3.0) 5.5 (0.4) 1.8 1.3 0.9 Change 0.1 0.7 1.6 0.7 3.3 (5.1) 0.7 (1.5) (0.9) (0.6) Refining Simple( 단순 ) 2.2 2.5 1.9 1.6 3.8 1.3 0.6 3.8 3.3 1.9 2.5 Margin Change (0.3) 0.2 0.6 (1.6) 0.9 1.6 (1.6) (1.1) 0.3 (0.3) Complex( 복합 ) 7.4 7.6 6.8 6.3 8.3 6.0 6.0 8.3 9.3 7.0 7.5 Change (0.2) 0.6 1.2 (0.8) 1.4 1.4 (0.8) (1.9) 0.5 (0.0) Complex(lagging) 4.0 3.2 1.0 6.7 18.0 10.9 8.8 18.0 7.3 8.5 7.2 Change 0.7 3.0 (2.8) (14.0) (6.9) (4.8) (14.0) (3.3) (4.5) (3.2) 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

Petrochemical Price Data Daily Price 04/03 03/31 03/30 03/29 03/28 03/27 03/24 03/23 03/22 03/21 Spot Price Naphtha CFR Japan 480.1 469.0 469.0 464.5 458.9 450.5 451.9 455.0 451.0 464.0 Ethylene CFR SE Asia 1,035.0 1,035.0 1,035.0 1,035.0 1,035.0 1,035.0 1,035.0 1,035.0 1,035.0 1,045.0 Propylene FOB Korea 840.0 841.0 825.0 825.0 840.0 840.0 845.0 843.0 840.0 845.0 Butadiene FOB Korea 1,750.0 1,750.0 1,780.0 1,780.0 1,.0 1,.0 1,.0 2,100.0 2,100.0 2,100.0 HDPE CFR FE Asia 1,165.0 1,165.0 1,165.0 1,165.0 1,150.0 1,150.0 1,150.0 1,160.0 1,160.0 1,150.0 LDPE CFR FE Asia 1,240.0 1,240.0 1,240.0 1,240.0 1,220.0 1,220.0 1,220.0 1,230.0 1,230.0 1,230.0 LLDPE CFR FE Asia 1,145.0 1,145.0 1,140.0 1,140.0 1,140.0 1,140.0 1,140.0 1,140.0 1,130.0 1,130.0 MEG CFR China 740.0 740.0 742.0 750.0 730.0 723.0 755.0 755.0 774.0 788.0 PP CFR FE Asia 1,030.0 1,030.0 1,030.0 1,025.0 1,015.0 1,010.0 1,030.0 1,030.0 1,035.0 1,030.0 PX CFR China 830.3 817.7 819.3 815.7 809.7 811.0 823.7 832.7 834.7 847.0 PTA CFR China 643.0 643.0 643.0 645.0 640.0 640.0 648.0 654.0 649.0 649.0 Benzene FOB Korea 811.0 810.0 803.0 804.0 780.0 770.0 729.0 715.0 744.0 783.0 Toluene FOB Korea 622.0 618.5 623.5 629.5 627.0 626.0 631.0 638.0 643.0 651.0 Xylene FOB Korea 653.0 653.5 646.5 646.5 638.5 650.5 660.5 668.0 671.0 674.0 SM FOB Korea 1,178.0 1,158.5 1,149.5 1,156.5 1,124.5 1,119.5 1,145.5 1,145.5 1,207.5 1,246.5 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Spot Price Naphtha CFR Japan 469.5 449.0 485.0 484.5 465.5 388.5 484.5 493.0 399.5 496.0 Change, % 4.6 (3.2) (3.1) 0.9 20.8 (3.1) (4.8) 17.5 (5.3) Ethylene CFR SE Asia 1,045.0 1,045.0 1,140.0 990.0 975.0 1,150.0 990.0 1,103.7 1,040.9 1,082.9 Change, % 0.0 (8.3) 5.6 7.2 (9.1) 5.6 (5.3) 0.4 (3.5) Propylene CFR SE Asia 775.0 795.0 980.0 815.0 685.0 710.0 815.0 770.0 705.7 893.6 Change, % (2.5) (20.9) (4.9) 13.1 9.2 (4.9) 0.6 9.8 (13.3) Butadiene CFR SE Asia 1,.0 1,750.0 2,550.0 2,100.0 1,.0 1,005.0 2,100.0 877.5 1,116.8 2,476.8 Change, % (8.6) (37.3) (23.8) 0.0 59.2 (23.8) 82.3 43.3 (35.4) Benzene CFR SE Asia 815.0 785.0 960.0 822.5 770.0 640.0 822.5 690.0 646.7 934.1 Change, % 3.8 (15.1) (0.9) 5.8 27.3 (0.9) 18.1 26.0 (12.8) Toluene CFR SE Asia 675.0 690.0 735.0 690.0 667.5 660.0 690.0 700.8 630.5 727.5 Change, % (2.2) (8.2) (2.2) 1.1 2.3 (2.2) (3.7) 7.1 (7.2) Xylene CFR SE Asia 710.0 710.0 730.0 675.0 655.0 650.0 675.0 699.3 627.7 713.9 Change, % 0.0 (2.7) 5.2 8.4 9.2 5.2 1.5 13.1 (0.6) Spread Ethylene -Naphtha 575.5 596.0 655.0 505.5 509.5 761.5 505.5 610.6 641.4 586.9 Change, % (3.4) (12.1) 13.8 13.0 (24.4) 13.8 (5.8) (10.3) (1.9) Propylene -Naphtha 305.5 346.0 495.0 330.5 219.5 321.5 330.5 277.0 306.2 397.6 Change, % (11.7) (38.3) (7.6) 39.2 (5.0) (7.6) 10.3 (0.2) (23.2) Butadiene -Naphtha 1,130.5 1,301.0 2,065.0 1,615.5 1,134.5 616.5 1,615.5 384.5 717.3 1,980.8 Change, % (13.1) (45.3) (30.0) (0.4) 83.4 (30.0) 194.1 57.6 (42.9) Benzene -Naphtha 345.5 336.0 475.0 338.0 304.5 251.5 338.0 197.0 247.2 438.1 Change, % 2.8 (27.3) 2.2 13.5 37.4 2.2 75.4 39.8 (21.1) Toluene -Naphtha 205.5 241.0 250.0 205.5 202.0 271.5 205.5 207.8 231.0 231.5 Change, % (14.7) (17.8) 0.0 1.7 (24.3) 0.0 (1.1) (11.0) (11.2) Xylene -Naphtha 240.5 261.0 245.0 190.5 189.5 261.5 190.5 206.3 228.2 217.9 Change, % (7.9) (1.8) 26.2 26.9 (8.0) 26.2 16.6 5.4 10.4 자료 : Cischem, Platts, Bloomberg, SK증권 참고 : Spread는 Polymer와 Naphtha의가격차이임

Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Spot Price HDPE CFR SE Asia 1,137.5 1,137.5 1,172.5 1,142.5 1,110.0 1,195.0 1,142.5 1,230.1 1,134.6 1,151.8 Change, % 0.0 (3.0) (0.4) 2.5 (4.8) (0.4) (7.5) 0.3 (1.2) MEG CFR SE Asia 742.5 757.5 822.5 847.5 762.5 702.5 847.5 780.8 660.8 867.7 Change, % (2.0) (9.7) (12.4) (2.6) 5.7 (12.4) (4.9) 12.4 (14.4) PVC CFR SE Asia 930.0 935.0 940.0 920.0 970.0 795.0 920.0 820.8 823.4 923.2 Change, % (0.5) (1.1) 1.1 (4.1) 17.0 1.1 13.3 12.9 0.7 PP CFR SE Asia 1,057.5 1,077.5 1,142.5 1,032.5 1,010.0 1,065.0 1,032.5 1,109.8 978.4 1,082.5 Change, % (1.9) (7.4) 2.4 4.7 (0.7) 2.4 (4.7) 8.1 (2.3) 2-EH CFR Korea 1,035.0 1,045.0 1,020.0 865.0 840.0 792.5 865.0 930.1 772.4 955.4 Change, % (1.0) 1.5 19.7 23.2 30.6 19.7 11.3 34.0 8.3 ABS CFR SE Asia 1,660.0 1,730.0 1,920.0 1,635.0 1,585.0 1,365.0 1,635.0 1,431.1 1,347.1 1,815.7 Change, % (4.0) (13.5) 1.5 4.7 21.6 1.5 16.0 23.2 (8.6) SBR CFR SE Asia 2,545.0 2,.0 2,910.0 2,000.0 1,840.0 1,445.0 2,000.0 1,332.1 1,483.0 2,798.2 Change, % (2.1) (12.5) 27.3 38.3 76.1 27.3 91.0 71.6 (9.0) SM CFR SE Asia 1,185.0 1,235.0 1,395.0 1,205.0 1,180.0 1,137.5 1,205.0 1,100.7 1,064.6 1,347.3 Change, % (4.0) (15.1) (1.7) 0.4 4.2 (1.7) 7.7 11.3 (12.0) Caustic FOB NEA 449.0 446.0 436.0 422.5 400.0 285.0 422.5 296.8 316.6 429.4 Change, % 0.7 3.0 6.3 12.3 57.5 6.3 51.3 41.8 4.6 PX CFR SE Asia 832.5 837.5 902.5 855.0 812.5 815.0 855.0 842.9 790.4 877.7 Change, % (0.6) (7.8) (2.6) 2.5 2.1 (2.6) (1.2) 5.3 (5.1) PO CFR China 1,537.5 1,485.0 1,412.5 1,562.5 1,632.5 1,345.0 1,562.5 1,683.4 1,396.8 1,537.5 Change, % 3.5 8.8 (1.6) (5.8) 14.3 (1.6) (8.7) 10.1 0.0 Caprolactam CFR SE Asia 2,250.0 2,270.0 2,320.0 1,850.0 1,480.0 1,300.0 1,850.0 1,581.5 1,344.9 2,163.2 Change, % (0.9) (3.0) 21.6 52.0 73.1 21.6 42.3 67.3 4.0 PTA CFR SE Asia 662.5 667.5 692.5 642.5 620.0 622.5 642.5 648.0 613.7 674.8 Change, % (0.7) (4.3) 3.1 6.9 6.4 3.1 2.2 8.0 (1.8) Spread HDPE 668.0 688.5 687.5 658.0 644.5 806.5 658.0 737.1 735.1 655.8 Change, % (3.0) (2.8) 1.5 3.6 (17.2) 1.5 (9.4) (9.1) 1.9 MEG 273.0 308.5 337.5 363.0 297.0 314.0 363.0 287.8 261.3 371.7 Change, % (11.5) (19.1) (24.8) (8.1) (13.1) (24.8) (5.1) 4.5 (26.5) PVC 460.5 486.0 455.0 435.5 504.5 406.5 435.5 327.8 423.9 427.2 Change, % (5.2) 1.2 5.7 (8.7) 13.3 5.7 40.5 8.6 7.8 PP 588.0 628.5 657.5 548.0 544.5 676.5 548.0 616.8 578.9 586.5 Change, % (6.4) (10.6) 7.3 8.0 (13.1) 7.3 (4.7) 1.6 0.3 2-EH 565.5 596.0 535.0 380.5 374.5 404.0 380.5 437.0 372.9 459.4 Change, % (5.1) 5.7 48.6 51.0 40.0 48.6 29.4 51.7 23.1 ABS 1,190.5 1,281.0 1,435.0 1,150.5 1,119.5 976.5 1,150.5 938.1 947.6 1,319.7 Change, % (7.1) (17.0) 3.5 6.3 21.9 3.5 26.9 25.6 (9.8) SBR BD spread 945.0 850.0 360.0 (100.0) 240.0 440.0 (100.0) 454.7 366.2 321.4 Change, % 11.2 162.5 (1,045.0) 293.8 114.8 (1,045.0) 107.8 158.1 194.0 SM 715.5 786.0 910.0 720.5 714.5 749.0 720.5 607.7 665.1 851.3 Change, % (9.0) (21.4) (0.7) 0.1 (4.5) (0.7) 17.7 7.6 (16.0) Caustic Change, % PX 363.0 388.5 417.5 370.5 347.0 426.5 370.5 349.9 390.9 381.7 Change, % (6.6) (13.1) (2.0) 4.6 (14.9) (2.0) 3.8 (7.1) (4.9) PO propylene sprea 762.5 690.0 432.5 747.5 947.5 635.0 747.5 913.4 691.1 643.9 Change, % 10.5 76.3 2.0 (19.5) 20.1 2.0 (16.5) 10.3 18.4 Caprolactam benzene spread 1,435.0 1,485.0 1,360.0 1,027.5 710.0 660.0 1,027.5 891.6 698.2 1,229.1 Change, % (3.4) 5.5 39.7 102.1 117.4 39.7 61.0 105.5 16.8 PTA px spread 79.8 81.3 60.8 44.0 51.3 52.0 44.0 58.0 60.4 60.4 Change, % (1.8) 31.3 81.3 55.6 53.4 81.3 37.5 32.0 31.9 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용

Global peers Currency 04/03 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 17E 18E 17E 18E 17E 18E Petrochemical Dow Chemical USD 63.1 (0.8) (1.5) (0.3) 9.5 20.3 23.3 10.2 76,875 15.4 14.2 2.9 2.7 8.7 8.2 Du Pont USD 79.7 (0.8) (1.1) 0.1 8.2 17.4 24.7 8.5 68,881 21.6 19.8 6.1 5.6 12.4 11.7 Eastman USD 80.0 (1.0) 2.6 (0.5) 5.3 19.0 8.6 6.3 11,660 10.9 10.0 2.3 2.2 8.2 7.9 BASF EUR 93.0 0.2 3.2 3.1 6.1 23.3 42.6 5.3 91,040 17.2 16.0 2.6 2.4 8.8 8.4 Akzo Nobel EUR 77.7 (0.1) (0.8) 19.9 29.5 27.9 31.9 30.8 20,887 18.5 17.7 2.9 2.7 9.7 9.4 Arkema EUR 92.6 0.1 1.8 1.6 (1.1) 11.5 40.5 (0.4) 7,474 14.6 13.1 1.7 1.6 6.6 6.2 Lanxess EUR 62.8 (0.2) 3.8 (2.8) (4.9) 13.5 46.0 0.6 6,123 19.8 14.6 2.0 1.8 6.1 5.2 Sumitomo Chemical JPY 618 (0.6) (0.5) (5.4) 11.2 39.2 28.0 11.2 9,215 11.4 10.2 1.2 1.1 7.7 7.3 Mitsubishi Chemical JPY 865 0.4 2.0 (0.7) 14.1 37.1 53.6 14.1 11,739 9.5 8.7 1.1 1.0 6.4 6.1 Shin-Etsu Chemical JPY 9,679 0.4 1.3 (1.2) 6.7 35.5 70.4 6.7 37,672 20.3 18.5 1.8 1.7 8.8 8.0 Asahi Kasei JPY 1,094 1.3 2.3 (1.4) 7.3 36.3 47.2 7.3 13,815 14.0 13.0 1.3 1.2 6.7 6.3 JSR JPY 1,854 (1.2) (4.4) (3.7) 0.6 17.6 18.4 0.6 3,775 15.2 13.9 1.1 1.0 6.7 6.1 Nitto Denko JPY 8,700 1.1 1.6 (8.7) (3.0) 33.0 46.8 (3.0) 13,616 18.9 16.6 2.0 1.9 8.2 7.6 SABIC SAR 97.0 0.1 0.7 (0.2) 5.0 19.4 30.4 6.0 77,556 15.5 14.3 1.7 1.6 7.5 7.1 Yansab SAR 57.9 0.3 4.7 2.4 6.8 31.5 54.7 6.3 8,679 15.0 14.7 2.0 1.9 9.1 9.1 Formosa Plastics TWD 90.5 0.0 (2.6) 0.9 0.4 15.7 13.8 1.5 18,978 15.4 15.7 1.8 1.8 24.3 23.8 Formosa Fiber TWD 94.4 0.0 (0.5) 0.3 (3.0) 10.8 16.4 (2.0) 18,227 13.4 13.9 1.7 1.7 11.7 11.1 Nan Ya Plastics TWD 71.9 0.0 (0.6) 1.4 1.0 16.9 7.5 1.0 18,785 16.8 16.6 1.6 1.6 16.2 14.9 Sinopec Shanghai CNY 6.40 0.0 (0.9) (1.2) (1.5) 8.7 (13.7) (0.6) 8,736 13.9 13.9 2.5 2.3 7.7 7.9 Sinopec Yizheng(FibeCNY 3.66 0.0 (2.1) (5.4) (11.4) (5.7) (28.0) (10.7) 6,822 #N/A N/A #N/A N/A 3.3 3.9 32.5 16.5 Reliance INR 1,375 4.1 9.9 9.2 26.2 26.0 32.9 27.0 68,716 14.9 13.5 1.5 1.3 10.2 8.5 Industries Qatar QAR 108.6 (1.7) (0.4) (5.9) (9.5) 3.4 1.5 (7.6) 18,043 16.5 13.5 1.9 1.8 53.6 52.0 PTT Chemical THB 73.3 0.0 3.2 0.7 16.3 23.1 20.1 16.3 9,509 10.8 10.4 1.3 1.2 5.5 5.2 Petronas MYR 7.6 (0.8) 0.8 3.2 9.3 14.9 13.7 9.5 13,805 18.5 17.7 2.2 2.0 9.7 9.2 LG화학 KRW 293,000 (0.3) 3.7 3.9 11.8 21.3 (7.7) 12.3 18,480 13.0 12.5 1.5 1.4 5.3 4.9 롯데케미칼 KRW 368, (0.5) 5.3 0.8 (4.4) 23.7 9.7 (0.1) 11,285 5.6 5.9 1.1 0.9 3.2 3.0 한화케미칼 KRW 26,100 (1.1) 7.0 5.7 (0.6) 7.9 8.3 5.7 3,843 5.4 5.5 0.7 0.6 6.6 6.3 금호석유 KRW 78,700 (0.1) 6.4 5.2 (7.6) 12.6 39.0 (4.0) 2,142 16.5 12.1 1.5 1.3 10.0 8.4 SKC KRW 30, 0.0 1.3 (1.0) (9.1) 8.8 2.8 (6.7) 1,033 8.8 7.3 0.7 0.7 7.3 6.4 국도화학 KRW 49,550 0.6 1.4 (2.3) (11.7) (10.2) (26.6) (9.7) 257 10.4 7.9 0.7 0.6 5.3 4.8 효성 KRW 8,400 (1.2) (1.2) (2.1) 17.5 56.4 179.1 23.5 4,361 7.5 7.0 1.2 1.1 6.5 6.0 Average (0.1) 1.5 0.5 4.0 19.9 27.0 5.3 Refinery Valero USD 66.2 (0.1) 0.0 0.2 (6.0) 25.2 5.3 (3.1) 29,719 13.2 10.7 1.5 1.4 5.9 5.3 Conoco Phillips USD 49.5 (0.8) 11.7 3.4 (2.3) 13.9 24.3 (1.4) 61,172 69.0 27.2 1.8 1.8 7.9 6.5 Formosa PetrochemicTWD 106.0 0.0 (0.5) 1.4 (3.2) 10.4 14.1 (5.4) 33,264 17.3 19.9 3.3 3.4 11.5 12.4 Tesoro USD 80.5 (0.7) (1.2) (3.5) (9.3) 1.3 (3.0) (7.9) 9,449 14.3 11.6 1.4 1.3 5.9 5.2 Marathon Petroleum USD 49.9 (1.2) 2.3 (2.6) (5.6) 21.9 37.2 (0.8) 26,362 16.9 13.3 1.9 1.8 8.1 7.2 Devon Energy USD 42.0 0.7 8.1 (3.0) (10.7) (4.9) 57.9 (8.0) 22,049 22.2 15.1 3.2 2.7 9.2 7.6 Hollyfrontier USD 27.7 (2.2) 4.1 (1.4) (17.5) 12.6 (19.0) (15.4) 4,936 16.9 11.1 1.1 1.1 6.2 5.3 Phillips 66 USD 78.3 (1.2) 1.3 (0.1) (9.8) (2.6) (8.6) (9.4) 40,474 17.5 12.4 1.8 1.8 9.2 7.6 Murphy Oil USD 28.3 (1.2) 7.7 0.8 (10.7) (8.5) 16.5 (9.2) 4,876 67.1 32.7 0.9 0.9 4.9 4.5 JX Holdings JPY 538.3 (1.5) 2.1 0.3 8.8 33.9 27.3 8.8 12,100 8.6 7.5 0.7 0.7 7.6 6.7 Idemitsu JPY 3,865.0 (0.1) 2.1 5.7 24.5 85.2 101.5 24.5 5,570 8.0 7.8 0.9 0.9 7.5 7.4 Tonengeneral JPY 1,300.0 0.0 (1.5) (3.4) 5.5 28.3 32.4 5.5 4,300 10.1 11.3 1.8 1.7 #N/A N/A #N/A N/A Nesteoil EUR 37.0 1.1 2.8 8.9 1.5 (3.1) 27.4 1.3 0 14.0 13.9 2.3 2.1 8.2 8.1 Ashland USD 123.9 0.1 1.0 1.3 13.5 8.1 12.5 13.3 7,707 28.4 37.2 2.3 2.2 12.1 15.9 Fuchs Petrolub EUR 45.7 (0.1) 4.6 4.3 12.8 12.5 16.5 14.6 6,323 23.6 22.6 4.7 4.3 13.5 12.9 SK이노베이션 KRW 166,000 (0.3) 2.5 6.8 7.1 2.8 (1.5) 13.3 13,714 7.1 7.1 0.8 0.8 4.2 3.8 S-Oil KRW 99, (0.9) 5.1 14.0 14.5 22.7 3.0 17.6 10,019 8.9 8.1 1.6 1.4 6.5 5.8 GS KRW 58,100 (1.7) 3.0 5.6 6.4 8.6 0.7 7.4 4,823 6.2 5.9 0.7 0.7 7.4 6.9 Average (0.5) 2.9 2.0 1.0 14.1 18.1 2.4 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임

Global peers Currency 04/03 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 17E 18E 17E 18E 17E 18E E&P/Shale Exxon Mobil USD 82 0.1 1.0 (0.5) (9.7) (5.7) (1.1) (9.1) 340,304 20.5 17.4 2.0 2.0 8.4 8.1 BP GBP 456 (0.3) 1.8 (1.7) (11.8) (0.5) 32.7 (10.5) 111,962 15.8 12.8 1.2 1.2 5.3 4.8 Shell EUR 2,076 (1.0) (0.1) (2.9) (8.0) 6.3 24.5 (7.4) 217,348 14.6 11.7 1.1 1.1 6.2 5.5 Chevron USD 108 0.4 1.4 (5.1) (8.5) 5.2 14.4 (8.4) 204,077 23.7 17.9 1.4 1.4 7.1 6.4 Total EUR 47 (0.9) 1.8 (2.3) (4.0) 11.0 21.1 (3.6) 122,864 12.0 10.4 1.2 1.1 5.5 4.9 Sinopec CNY 6 0.0 0.5 1.4 4.2 18.1 17.1 6.1 100,434 12.9 11.2 0.9 0.9 5.0 4.6 Petrochina CNY 8 0.0 (0.6) (2.1) (1.3) 9.0 2.7 (1.0) 200,734 29.7 21.2 1.2 1.2 6.5 6.1 CNOOC CNY 13 0.0 (0.4) (4.8) (2.2) 6.4 (3.1) (1.4) 7,184 1,054.2 52.5 1.7 1.6 15.1 11.6 Gazprom RUB 127 (0.5) (1.2) (5.6) (19.3) (6.0) (13.6) (17.7) 53,526 3.8 3.1 0.3 0.2 3.6 3.1 Rosneft RUB 328 1.5 6.0 (2.4) (21.7) (5.1) 8.8 (18.5) 61,861 6.7 5.4 0.9 0.8 4.3 3.8 Anadarko USD 62 (0.3) 3.1 (2.2) (12.0) (2.6) 34.9 (11.4) 34,522 #N/A N/A 70.9 2.3 2.2 8.4 6.8 Petrobras BRL 15 1.2 6.5 (4.2) (5.4) 5.0 75.5 (1.3) 62,976 11.9 8.8 0.7 0.7 5.5 4.9 Lukoil USD 3,027 1.5 0.8 (1.9) (15.3) (1.6) 15.3 (12.2) 45,531 5.5 4.6 0.6 0.5 N/A N/A Kinder USD 22 (0.7) 2.7 (0.7) (0.1) (6.2) 24.7 4.2 47,497 31.4 27.8 1.4 1.4 12.1 11.5 Statoil NOK 148 1.0 4.1 (0.1) (9.0) 10.6 17.7 (6.4) 55,975 16.4 13.4 1.5 1.4 3.2 2.9 BHP AUD 24 (0.2) 1.9 (5.3) (5.7) 5.5 41.4 (4.2) 90,970 14.6 15.5 1.6 1.5 5.8 6.0 PTT E&P THB 95 2.2 3.3 2.7 (1.3) 15.5 36.2 (1.3) 10,976 16.2 12.9 0.9 0.9 3.2 2.9 Petronas gas MYR 20 0.3 0.5 0.1 (7.3) (9.2) (9.5) (6.9) 8,858 22.1 20.6 3.1 3.0 12.6 11.6 Chesapeake USD 6 (0.3) 14.7 11.3 (14.5) (7.5) 54.6 (15.7) 5,376 8.2 5.1 #N/A N/A #N/A N/A 7.7 5.8 Noble Energy USD 34 (1.1) 3.4 (7.5) (11.6) (5.9) 10.1 (10.7) 14,793 #N/A N/A 100.8 1.5 1.6 7.7 6.0 Average 0 0.1 2.6 (1.7) (8.2) 2.1 20.2 (6.9) PV WACKER EUR 98.2 1.7 1.2 (6.5) (4.4) 30.9 28.4 (0.7) 5,459 20.5 16.5 1.9 1.8 5.6 5.3 GCL-Poly HKD 1.0 0.0 3.0 1.0 13.2 1.0 (19.5) 10.8 2,464 7.4 7.2 0.7 0.6 5.9 5.4 SunPower USD 6.0 (1.0) (1.6) (25.7) (11.8) (30.7) (73.1) (8.6) 838 #N/A N/A 20.2 1.2 1.5 24.8 8.2 Canadian Solar USD 12.2 (0.3) 7.9 (15.7) (3.5) (12.5) (35.7) 0.4 702 7.2 6.8 0.6 0.6 8.2 8.1 JA Solar USD 6.5 0.0 10.3 34.3 34.3 8.8 (24.3) 37.4 311 33.1 8.6 1.6 1.5 4.9 2.8 Trina Solar USD 11.5 0.0 0.0 6.7 22.5 12.9 16.3 24.1 #N/A N/A 22.6 25.1 0.8 0.7 #N/A N/A #N/A N/A Solar City USD 20.3 0.0 0.0 0.0 0.0 0.9 (16.2) 0.0 2,049 #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 2.6 17.5 15.9 4.5 (6.6) (32.5) (44.6) (1.9) 46 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 68.0 16.0 First Solar USD 26.3 (2.8) (6.7) (23.9) (21.5) (31.7) (61.0) (17.9) 2,739 79.3 34.1 0.5 0.5 4.5 2.8 한화큐셀 USD 7.3 0.5 4.6 (12.8) (9.6) (36.4) (51.2) (10.2) 616 27.1 24.0 #N/A N/A #N/A N/A 7.8 7.3 OCI KRW 85,000 0.4 2.0 2.9 7.3 (9.1) (15.0) 8.0 1,811 16.9 14.4 0.6 0.6 6.8 6.2 웅진에너지 KRW 5,280 1.5 7.2 6.1 13.4 (20.8) (51.8) 11.5 117 N/A 0.6 0.6 6.8 6.2 7.5 신성솔라에너지 KRW 1,900 3.0 5.0 1.3 (9.5) (33.5) 21.0 (14.0) 294 N/A 0.6 6.8 6.2 7.5 7.0 Average 1.5 3.5 (2.0) 1.7 (10.9) (23.3) 2.8 Gas Company Towngas China HKD 4.5 1.4 (0.2) (1.8) 9.6 (2.0) 13.8 9.1 1,553 10.2 9.8 0.8 0.8 10.4 9.9 Kulun HKD 7.7 7.4 8.0 10.9 32.8 30.1 15.7 33.3 8,030 12.9 11.8 1.3 1.2 6.0 5.7 Beijing Enterprise HKD 42.4 5.3 2.5 1.3 14.5 7.1 7.8 15.6 6,879 8.4 7.8 0.8 0.8 14.2 13.2 ENN Energy HKD 45.1 3.1 0.8 6.1 38.6 18.2 7.1 41.4 6,283 12.9 11.8 2.4 2.1 8.4 7.8 China Resources GasHKD 28.0 1.6 2.4 7.7 27.6 2.8 29.4 28.2 7,999 15.9 14.2 2.8 2.5 10.0 9.1 China Gas Holdings HKD 12.8 1.9 (0.2) 1.3 21.3 0.0 12.7 21.3 8,158 13.8 12.3 2.6 2.2 11.3 10.5 Shenzen Gas HKD 12.7 (0.2) 11.8 14.4 13.0 (1.9) 1.6 12.6 3,204 11.4 10.6 1.2 1.1 7.9 7.5 Shann Xi CNY 9.4 0.0 (2.1) (2.3) (3.0) (8.6) (9.6) (2.3) 1,515 16.7 13.2 #N/A N/A #N/A N/A #N/A N/A #N/A N/A Suntien HKD 1.7 12.0 16.7 15.9 63.1 58.5 93.1 68.0 803 9.2 7.8 0.7 0.6 8.4 7.3 China Oil & Gas HKD 0.6 0.0 1.7 (4.8) (3.3) 3.5 28.3 (3.3) 442 9.1 8.1 1.0 0.9 6.1 5.5 Average 3.3 4.1 4.9 21.4 10.8 20.0 22.4 EV LG화학 KRW 293,000 (0.3) 3.7 3.9 11.8 21.3 (7.7) 12.3 18,480 12.6 12.1 1.4 1.3 5.6 5.4 삼성SDI KRW 138,000 0.0 2.6 10.4 25.5 43.8 41.2 26.6 8,478 18.3 12.4 0.9 0.8 12.8 8.7 Panasonic JPY 1271.0 1.0 6.3 0.3 6.9 26.8 35.9 6.9 28,084 15.3 12.8 1.5 1.4 5.1 4.7 GS Yuasa JPY 523.0 0.8 0.8 (1.9) 7.6 26.6 13.2 7.6 1,948 15.1 13.3 1.3 1.2 6.7 6.3 NEC JPY 269.0 0.4 (2.9) (4.3) (13.2) 4.7 (1.8) (13.2) 6,311 17.7 14.6 0.9 0.8 7.3 6.5 BYD Auto CNY 48.0 0.0 (3.2) (5.9) (3.6) (13.6) (17.6) (3.3) 17,734 23.4 18.4 2.4 2.1 12.0 10.0 Tesla Motors USD 298.5 7.3 10.5 18.7 37.6 39.7 25.6 39.7 48,688 #N/A N/A 185.5 10.0 8.3 46.4 22.8 Kandi Technologies USD 3.8 0.0 1.3 (9.5) (20.8) (31.3) (47.1) (22.4) 182 #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 1.1 2.4 1.5 6.5 14.7 5.2 6.8 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임