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 6 일 News WTI comment 美원유재고증가유가상승폭제한 WTI 0.2% Conclusion Headline 2021 년, 미국은추가적인 LPG 수출 capa 가필요할것파나마운하확장으로미국산에너지의아시아유입이가속화될것 News 1. 석유화학호황끝물?... 주요화학제품내수가 ' 출렁 ' 화학제품들의가격이고점을형성한후다운사이클진입중으로판단 News 2. ExxonMobil, 싱가포르 JAC 인수협상중장기저유가기조에서 M/S 상승을위한 Oil Major 의 M&A 행보로판단 News 3. - - 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 51.2 0.2 3.3 (3.7) (4.0) 35.5 Ethylene 04/03 $/t 1,045 0.0 (8.3) 5.6 (9.1) Dubai $/bbl 53.0 3.7 5.7 (2.7) (1.9) 52.8 Propylene 04/03 $/t 775 (2.5) (20.9) (4.9) 9.2 Gasoline $/bbl 68.4 2.2 5.7 2.8 (2.4) 33.7 Benzene 04/03 $/t 815 3.8 (15.1) (0.9) 27.3 Diesel $/bbl 64.5 3.0 4.0 (3.1) (1.4) 50.9 Toluene 04/03 $/t 675 (2.2) (8.2) (2.2) 2.3 Complex margin $/bbl 7.3 (0.2) 0.1 0.8 (0.8) 1.3 Xylene 04/03 $/t 710 0.0 (2.7) 5.2 9.2 $/bbl 6.6 2.8 4.0 0.6 (5.1) 0.3 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 489 1.8 4.2 0.7 (1.5) 32.1 ABS 04/03 $/t 1,660 (4.0) (13.5) 1.5 21.6 Butadiene $/t 1,740 0.0 (2.2) (40.0) (24.0) 71.4 SBR 04/03 $/t 2,545 (2.1) (12.5) 27.3 76.1 HDPE $/t 1,140 (2.1) (2.1) (0.9) (2.6) (2.1) SM 04/03 $/t 1,185 (4.0) (15.1) (1.7) 4.2 MEG $/t 755 2.0 1.8 (7.7) (17.9) 8.6 BPA 04/03 $/t 1,538 3.5 8.8 (1.6) 14.3 PX $/t 846 1.9 3.3 (4.9) (0.5) 10.4 Caustic 04/03 $/t 449 0.7 3.0 6.3 57.5 SM $/t 1,199 1.4 4.3 (12.9) (0.8) 9.0 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 3.28 (0.5) 1.4 9.9 2.1 24.3 Solar % % % % Natural rubber $/t 1,820 3.4 0.6 (6.7) (7.1) 29.1 Polysilicon 04/05 $/kg 14.2 (2.9) (11.4) (7.5) (2.5) Cotton C/lbs 74.9 0.0 (1.7) (2.6) 1.1 27.4 Module 04/05 $/W 0.34 (0.3) (1.7) (4.7) (36.0) * 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 82.5 0.2 0.6 0.1 (6.8) 0.4 BASF EUR 92.9 (1.1) 1.1 3.0 5.7 47.1 Shell EUR 2,114 0.7 (0.8) (1.1) (6.6) 28.6 Dow Chemical USD 63.5 0.5 (1.4) 0.4 9.9 25.2 Petrochina CNY 7.97 1.3 1.5 (0.9) (2.3) 4.0 SABIC SAR 100.0 1.4 3.5 3.1 8.1 33.0 Gazprom RUB 130.7 1.5 1.5 (3.0) (15.1) (9.5) Formosa Pla. TWD 92.7 2.4 0.1 3.3 2.5 16.6 Petrobras BRL 14.6 (1.9) 0.8 (4.9) (7.5) 86.1 Shin-Etsu JPY 9,614 0.8 (2.1) (1.9) 3.4 72.6 Refinery Renewable Phillips66 USD 77.6 (1.1) (1.0) (1.0) (10.6) (8.5) Wacker EUR 100.2 1.2 3.0 (4.5) (1.8) 36.6 Valero USD 65.1 (1.1) (3.1) (1.5) (3.8) 3.1 First Solar USD 26.58 (0.9) (5.2) (23.2) (21.5) (57.4) JX JPY 534.9 (1.7) 0.3 (0.4) 4.4 30.4 Trina Solar USD 11.5 0.0 0.0 6.7 21.5 18.0 Neste Oil EUR 37.5 0.0 1.9 10.5 10.3 29.5 Tesla Motors USD 295.0 (2.9) 6.4 17.3 30.1 15.5 4. Coverage Summary 04/05 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 2,161 (0.0) (0.3) 3.8 5.8 5.2 9.2 * 추정치는 12M fwd 기준임 KOSPI 화학 5,073 (0.2) (1.8) 3.1 (1.3) (3.6) (9.2) * 모든 coverage 업체의실적은연결기준임 LG 화학 284, 0.5 (5.0) 3.3 6.4 19.8 (12.9) 매수 350,000 23.0 10.67 1.47 롯데케미칼 372,000 1.4 2.6 1.8 0.0 20.8 10.2 매수 410,000 10.2 9.44 1.43 한화케미칼 26,550 2.5 1.5 7.3 0.4 7.3 9.7 매수 28,000 5.5 9.58 0.80 금호석유화학 77,100 0.4 (2.7) 5.2 (6.9) 5.2 34.8 매수 100,000 29.7 12.79 1.44 KCC 348,000 (1.0) (1.7) 3.6 (6.6) (10.3) (14.6) 매수,000 43.7 13.67 0.53 OCI 82,700 (0.6) (2.6) 0.0 3.5 (11.1) (18.1) 매수 100,000 20.9 15.27 0.62 SKC 30,200 (0.7) (1.6) (1.1) (7.2) 5.2 0.0 매수 40,000 32.5 9.61 0.74 국도화학 49, (0.1) 1.0 (1.8) (11.3) (8.0) (28.7) 매수 70,000 41.4 10.40 0.62 SK 이노베이션 163, 0.3 0.3 6.2 6.2 2.5 0.3 매수 180,000 10.1 8.93 0.91 S-Oil 96,000 0.2 (2.5) 9.0 11.4 21.5 1.6 매수 100,000 4.2 12.38 1.62 GS 56, (0.9) (0.2) 5.4 6.8 8.4 (1.7) 매수 65,000 14.4 8.97 0.90 SK 가스 122, (2.0) (1.2) 20.7 4.7 17.8 47.6 매수 130,000 6.1 9.79 0.91 포스코대우 23, 2.8 2.2 (2.3) (14.2) (6.9) 16.3 매수 29,000 23.4 9.51 1.08 LG 상사 31,650 0.2 0.2 (1.4) 4.3 (6.1) (5.0) 매수 42,000 32.7 10.87 1.03 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 ($/bbl) 70 WTI Dubai 5,300 4,900 4, 2,100 2,000 60 50 4,100 3,700 1,900 40 30 3,300 15/06 15/09 15/12 16/03 16/06 16/09 16/12 1, 17/04 20 15/04 15/08 15/12 16/04 16/08 16/12 Complex & margin ($/bbl) 시차조정복합 복합정제마진 30 20 10 0 (10) 15/04 15/08 15/12 16/04 16/08 16/12 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1, 1,400 1,200 400 Polysilicon & Module prices ($/kg) PolySilicon Silicon Module 22 21 20 19 18 17 16 15 14 13 12 15/04 15/09 16/03 16/08 17/02 Butadiene price & naphtha spread Butadiene 3, 3,000 2, 2,000 1, ($/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 : Platts) WTI Comment ( 출처 : 연합뉴스 ) 제목 2021년, 미국은추가적인 LPG 수출 capa가필요할것 제목 美원유재고증가유가상승폭제한 WTI 0.2% 결론 파나마운하확장으로미국산에너지의아시아유입이가속화될것 상승 영국북해의최대유전인버자드유전의정전으로생산차질이예상 요인 미국의지난주원유재고량이줄었다는전날오후 API의발표 1) IHS Markit, " 미국 LPG 시장은 2021년 capa를늘려야할것 " 2) 중국 PDH와주거 / 상업용수요로인해전체적인수요의성장예상 3) 2011년이래, 중국주거및상업용수요는 3천만톤 / 년수준으로증가 하락 EIA는미국의지난주원유재고가 160만배럴증가했다고밝힘 4) 중국은 2011년까지美 LPG 수입이없었으나 2016년에 4,100만배럴수입 요인 5) 파나마운하확장으로미국산에너지의아시아유입이가속화될것 Issue 1 ( 출처 : 뉴데일리경제 ) Issue 2 ( 출처 : Platts) 제목석유화학호황끝물?... 주요화학제품내수가 ' 출렁 ' 제목 ExxonMobil, 싱가포르 JAC 인수협상중 결론화학제품들의가격이고점을형성한후다운사이클진입중으로판단결론장기저유가기조에서 M/S 상승을위한 Oil Major 의 M&A 행보로판단 1) 주요화학제품국제가격이약세전환하며내수가격역시출렁임 1) 대변인, " 협상이진행중이나, 아직어떠한것도결정된것이없음 " 2) 벤젠계열 AN과부타디엔등을중합해만드는 ABS 내수가격인하 2) 관계자, "ExxonMobil이우선협상자이나인수한다는보장은없음 " 3) 4월 ABS 내수가격은 MoM 10~15만원 /t 하락해 234~236만원 /t 수준 3) 3월말롯켐은우선협상대상자에서탈락하며고배를마심 4) 지난달부터국제유가약세와맞물려하락세로전환됨 4) JAC 생산단지는제트연료, 납사, LPG, PX, 벤젠등을생산하는단지 5) 화학제품들의가격이고점을형성한후다운사이클진입중으로판단 5) 장기저유가기조에서 M/S 상승을위한 Oil Major의 M&A 행보로판단 Issue 3 ( 출처 : 뉴시스 ) Issue 4 ( 출처 : Platts) 제목 결론 제목 결론 1) 1) 2) 2) 3) 3) 4) 4) 5) 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 0.938 0.937 0.929 0.941 0.943 0.892 0.878 0.951 0.901 0.904 0.938 Change, % 0.1 1.0 (0.4) (0.5) 5.1 6.8 (1.3) 4.0 3.8 (0.1) USD/JPY 110.7 110.7 111.0 114.0 115.4 103.5 110.3 117.0 121.1 108.8 113.5 Change, % (0.0) (0.3) (2.9) (4.0) 7.0 0.3 (5.4) (8.6) 1.8 (2.5) USD/KRW 1,124.3 1,122.0 1,114.3 1,156.3 1,186.2 1,113.5 1,155.1 1,205.8 1,131.2 1,160.5 1,152.2 Change, % 0.2 0.9 (2.8) (5.2) 1.0 (2.7) (6.8) (0.6) (3.1) (2.4) Agriculture Corn 364.8 363.0 358.5 374.8 361.3 347.8 356.8 352.0 376.8 358.5 364.3 Change, % 0.5 1.7 (2.7) 1.0 4.9 2.2 3.6 (3.2) 1.7 0.1 Soybean 944.3 937.8 969.0 1,027.0 1,003.5 956.8 904.8 996.5 945.4 987.5 1,016.9 Change, % 0.7 (2.6) (8.1) (5.9) (1.3) 4.4 (5.2) (0.1) (4.4) (7.1) Wheat 429.8 427.0 425.5 433.8 426.3 405.0 474.0 408.0 508.1 436.4 429.2 Change, % 0.6 1.0 (0.9) 0.8 6.1 (9.3) 5.3 (15.4) (1.5) 0.1 Rice 10.2 10.1 9.9 9.3 9.5 10.0 9.8 9.4 11.1 10.3 9.6 Change, % 1.0 3.1 9.1 7.0 1.3 3.9 8.8 (8.0) (1.6) 5.9 Oats 222.5 222.8 231.3 260.5 236.5 184.0 184.3 228.5 250.2 196.3 249.2 Change, % (0.1) (3.8) (14.6) (5.9) 20.9 20.8 (2.6) (11.1) 13.4 (10.7) MYR/mt Palm Oil 2,930.0 2,861.0 2,874.0 3,000.0 3,200.0 2,700.0 2,717.0 3,218.0 2,190.3 2,653.8 3,098.9 Change, % 2.4 1.9 (2.3) (8.4) 8.5 7.8 (8.9) 33.8 10.4 (5.5) Cocoa 2,111.0 2,110.0 2,086.0 1,989.0 2,262.0 2,836.0 2,882.0 2,126.0 3,091.6 2,854.0 2,082.7 Change, % 0.0 1.2 6.1 (6.7) (25.6) (26.8) (0.7) (31.7) (26.0) 1.4 Cotton 74.9 74.9 76.1 77.3 73.8 68.0 58.9 70.7 63.3 65.6 75.3 Change, % 0.0 (1.7) (3.1) 1.5 10.1 27.1 6.0 18.3 14.1 (0.6) Sugar 16.1 16.2 17.1 19.5 20.8 23.8 14.6 19.5 13.1 18.2 19.5 Change, % (0.4) (6.0) (17.5) (22.5) (32.4) 10.0 (17.5) 22.5 (11.3) (17.3) Coffee 137.3 137.8 139.3 141.3 143.8 148.2 120.9 137.1 132.6 136.1 144.3 Change, % (0.3) (1.4) (2.8) (4.5) (7.4) 13.6 0.2 3.5 0.9 (4.8) Energy WTI 50.8 51.0 49.5 53.3 53.8 49.8 35.9 53.7 48.8 43.4 51.9 Change, % (0.4) 2.6 (4.7) (5.5) 2.0 41.6 (5.4) 4.1 17.1 (2.0) Brent 54.0 54.2 52.4 55.9 56.9 51.9 37.9 56.8 53.7 45.1 54.6 Change, % (0.2) 3.1 (3.3) (5.0) 4.2 42.7 (4.9) 0.7 19.9 (1.1) Natural Gas 3.3 3.3 3.2 2.8 3.3 3.0 2.0 3.7 2.6 2.6 3.1 Change, % (0.5) 3.2 15.9 0.1 7.7 67.7 (12.0) 24.6 28.4 6.2 Ethanol 1.6 1.6 1.6 1.5 1.5 1.6 1.5 1.6 1.5 1.5 1.5 Change, % 0.0 5.3 11.6 9.4 2.9 12.3 2.7 9.2 8.9 8.0 RBOB Gasoline 171.1 172.2 167.2 165.3 163.8 149.3 137.8 166.5 163.6 140.0 159.0 Change, % (0.6) 2.3 3.5 4.5 14.6 24.2 2.8 4.6 22.2 7.6 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 (8.3) 0.0 (11.5) (3.2) 0.0 Metal Gold 1,255.7 1,256.3 1,253.5 1,234.6 1,180.3 1,266.8 1,231.4 1,152.3 1,160.6 1,248.5 1,220.3 Change, % (0.0) 0.2 1.7 6.4 (0.9) 2.0 9.0 8.2 0.6 2.9 Silver 18.3 18.3 18.2 18.0 16.6 17.7 15.1 15.9 15.7 17.1 17.5 Change, % 0.0 0.3 1.8 10.4 3.2 20.9 15.0 16.5 7.0 4.7 Platinum 961.9 960.8 954.9 999.8 968.0 977.7 952.1 903.5 1,055.7 988.4 979.6 Change, % 0.1 0.7 (3.8) (0.6) (1.6) 1.0 6.5 (8.9) (2.7) (1.8) Palladium 808.3 807.4 792.0 775.5 739.4 676.8 546.6 681.0 691.9 614.3 768.2 Change, % 0.1 2.1 4.2 9.3 19.4 47.9 18.7 16.8 31.6 5.2 Copper 5,895.0 5,779.5 5,907.0 5,917.0 5,580.0 4,799.5 4,775.0 5,535.5 5,503.1 4,872.0 5,847.3 Change, % 2.0 (0.2) (0.4) 5.6 22.8 23.5 6.5 7.1 21.0 0.8 Uranium 23.5 23.5 24.4 25.5 21.7 22.8 28.2 20.4 36.9 26.4 24.2 Change, % 0.0 (3.7) (7.8) 8.5 3.3 (16.5) 15.2 (36.2) (11.1) (2.9) HR Coil 640.0 640.0 630.0 620.0 625.0 491.0 480.0 633.0 461.5 519.3 624.5 Change, % 0.0 1.6 3.2 2.4 30.3 33.3 1.1 38.7 23.2 2.5 Scrap 350.0 350.0 345.0 360.0 310.0 220.0 405.0 302.0 252.9 275.7 323.7 Change, % 0.0 1.4 (2.8) 12.9 59.1 (13.6) 15.9 38.4 27.0 8.1 Zinc 2,778.0 2,736.0 2,858.0 2,775.0 2,618.0 2,343.0 1,812.0 2,576.0 1,941.9 2,097.5 2,783.0 Change, % 1.5 (2.8) 0.1 6.1 18.6 53.3 7.8 43.1 32.4 (0.2) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용

Refining Price Data Daily Price 04/05 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Crude Oil WTI 51.2 51.0 49.5 53.1 53.3 49.8 37.8 53.7 48.8 43.4 51.8 Change, % 0.2 3.3 (3.7) (4.0) 2.6 35.5 (4.8) 4.9 18.0 (1.3) Dubai 53.0 51.1 50.1 54.4 54.0 48.8 34.7 53.8 50.8 41.3 53.0 Change, % 3.7 5.7 (2.7) (1.9) 8.5 52.8 (1.6) 4.3 28.3 (0.0) Crude Oil Gasoline( 휘발유 ) 68.4 66.9 64.7 66.5 70.1 61.8 51.1 69.8 69.5 56.3 67.8 Product Change, % 2.2 5.7 2.8 (2.4) 10.6 33.7 (2.1) (1.7) 21.5 0.8 Kerosene( 등유 ) 64.1 62.0 61.3 65.3 65.7 60.5 45.6 66.4 64.7 52.9 64.3 Change, % 3.5 4.6 (1.8) (2.4) 6.1 40.8 (3.5) (0.9) 21.3 (0.2) Diesel( 경유 ) 64.5 62.6 62.0 66.6 65.4 60.5 42.7 65.5 64.8 52.1 64.8 Change, % 3.0 4.0 (3.1) (1.4) 6.7 50.9 (1.6) (0.4) 23.8 (0.4) Bunker-C 48.1 46.3 44.9 49.2 52.0 42.6 26.2 52.1 45.3 35.5 48.7 Change, % 3.8 7.0 (2.2) (7.6) 12.9 83.4 (7.7) 6.2 35.3 (1.4) Naphtha 52.8 51.8 50.2 53.0 53.5 46.0 39.7 53.5 52.6 42.6 53.9 Change, % 2.0 5.1 (0.4) (1.4) 14.6 33.1 (1.3) 0.3 23.9 (2.1) Dubai Gasoline( 휘발유 ) 15.4 15.8 14.5 12.1 16.1 13.0 16.5 16.0 18.7 14.9 14.8 Spread Change (0.4) 0.8 3.3 (0.7) 2.4 (1.1) (0.7) (3.4) 0.4 0.5 Kerosene( 등유 ) 11.1 10.9 11.2 10.9 11.7 11.6 10.9 12.6 14.0 11.6 11.3 Change 0.3 (0.1) 0.3 (0.6) (0.5) 0.3 (1.5) (2.8) (0.4) (0.1) Diesel( 경유 ) 11.5 11.5 11.9 12.1 11.4 11.6 8.0 11.7 14.0 10.8 11.8 Change (0.0) (0.4) (0.6) 0.1 (0.1) 3.5 (0.2) (2.5) 0.7 (0.3) Bunker-C (4.9) (4.8) (5.2) (5.3) (2.0) (6.3) (8.5) (1.8) (5.5) (5.8) (4.3) Change (0.1) 0.3 0.3 (2.9) 1.3 3.5 (3.2) 0.6 0.8 (0.7) Naphtha (0.2) 0.6 0.0 (1.5) (0.5) (2.8) 5.0 (0.4) 1.8 1.3 0.9 Change (0.9) (0.3) 1.2 0.2 2.6 (5.2) 0.2 (2.0) (1.5) (1.1) Refining Simple( 단순 ) 2.1 2.3 2.1 1.6 3.6 1.3 0.5 3.8 3.3 1.9 2.5 Margin Change (0.2) 0.0 0.5 (1.4) 0.9 1.7 (1.7) (1.2) 0.2 (0.4) Complex( 복합 ) 7.3 7.5 7.2 6.4 8.1 6.3 6.0 8.3 9.3 7.0 7.5 Change (0.2) 0.1 0.8 (0.8) 1.0 1.3 (1.0) (2.0) 0.3 (0.2) Complex(lagging) 6.6 3.7 2.6 5.9 11.7 10.8 6.3 18.0 7.3 8.5 7.1 Change 2.8 4.0 0.6 (5.1) (4.2) 0.3 (11.4) (0.7) (1.9) (0.6) 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 04/05 04/04 04/03 03/31 03/30 03/29 03/28 03/27 03/24 03/23 Spot Price Naphtha CFR Japan 488.9 480.1 480.1 469.0 469.0 464.5 458.9 450.5 451.9 455.0 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 1,035.0 Propylene FOB Korea 820.0 840.0 840.0 841.0 825.0 825.0 840.0 840.0 845.0 843.0 Butadiene FOB Korea 1,740.0 1,740.0 1,750.0 1,750.0 1,780.0 1,780.0 1,.0 1,.0 1,.0 2,100.0 HDPE CFR FE Asia 1,140.0 1,165.0 1,165.0 1,165.0 1,165.0 1,165.0 1,150.0 1,150.0 1,150.0 1,160.0 LDPE CFR FE Asia 1,240.0 1,240.0 1,240.0 1,240.0 1,240.0 1,240.0 1,220.0 1,220.0 1,220.0 1,230.0 LLDPE CFR FE Asia 1,130.0 1,145.0 1,145.0 1,145.0 1,140.0 1,140.0 1,140.0 1,140.0 1,140.0 1,140.0 MEG CFR China 755.0 740.0 740.0 740.0 742.0 750.0 730.0 723.0 755.0 755.0 PP CFR FE Asia 1,025.0 1,030.0 1,030.0 1,030.0 1,030.0 1,025.0 1,015.0 1,010.0 1,030.0 1,030.0 PX CFR China 846.0 830.3 830.3 817.7 819.3 815.7 809.7 811.0 823.7 832.7 PTA CFR China 653.0 643.0 643.0 643.0 643.0 645.0 640.0 640.0 648.0 654.0 Benzene FOB Korea 865.0 827.0 811.0 810.0 803.0 804.0 780.0 770.0 729.0 715.0 Toluene FOB Korea 630.0 622.0 622.0 618.5 623.5 629.5 627.0 626.0 631.0 638.0 Xylene FOB Korea 669.0 647.0 653.0 653.5 646.5 646.5 638.5 650.5 660.5 668.0 SM FOB Korea 1,199.0 1,183.0 1,178.0 1,158.5 1,149.5 1,156.5 1,124.5 1,119.5 1,145.5 1,145.5 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 04/05 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 63.5 0.5 (1.4) 0.4 9.9 20.5 25.2 11.0 77,435 15.5 14.3 3.0 2.8 8.7 8.2 Du Pont USD 80.5 0.8 (1.7) 1.1 9.0 18.2 27.4 9.6 69,572 21.9 20.0 6.1 5.6 12.5 11.9 Eastman USD 79.7 (0.7) (0.9) (0.8) 2.9 18.7 10.5 6.0 11,625 10.9 10.0 2.3 2.2 8.2 7.9 BASF EUR 92.9 (1.1) 1.1 3.0 5.7 18.6 47.1 5.2 90,806 17.1 15.9 2.6 2.4 8.7 8.3 Akzo Nobel EUR 79.1 1.5 2.8 22.1 31.8 28.2 37.5 33.2 21,272 18.8 18.1 2.9 2.7 9.9 9.5 Arkema EUR 93.4 0.3 1.5 2.4 (0.0) 12.9 45.8 0.4 7,528 14.7 13.1 1.7 1.6 6.6 6.2 Lanxess EUR 63.0 (0.3) 0.3 (2.4) (1.9) 10.8 52.8 1.0 6,139 19.8 14.6 2.0 1.8 6.2 5.3 Sumitomo Chemical JPY 608 0.5 (3.2) (6.9) 6.9 33.3 31.6 9.4 9,044 11.2 10.0 1.2 1.1 7.6 7.2 Mitsubishi Chemical JPY 845 0.0 (2.1) (3.0) 7.6 28.9 54.3 11.5 11,441 9.2 8.5 1.1 1.0 6.3 6.0 Shin-Etsu Chemical JPY 9,614 0.8 (2.1) (1.9) 3.4 28.4 72.6 6.0 37,328 20.0 18.2 1.8 1.7 8.6 7.9 Asahi Kasei JPY 1,065 (1.4) (3.3) (4.0) 4.6 28.8 50.0 4.5 13,422 13.6 12.7 1.2 1.1 6.5 6.1 JSR JPY 1,839 0.7 (5.2) (4.5) (1.9) 12.2 19.8 (0.2) 3,736 15.1 13.8 1.1 1.0 6.6 6.0 Nitto Denko JPY 8, 0.4 (2.0) (10.8) (4.7) 27.5 46.3 (5.2) 13,271 18.5 16.2 2.0 1.8 8.0 7.4 SABIC SAR 100.0 1.4 3.5 3.1 8.1 19.8 33.0 9.3 79,973 16.0 14.8 1.7 1.7 7.7 7.3 Yansab SAR 59.5 2.6 3.5 5.3 5.3 27.8 56.2 9.2 8,921 15.6 14.6 2.0 1.9 9.4 9.3 Formosa Plastics TWD 92.7 2.4 0.1 3.3 2.5 18.1 16.6 3.9 19,397 15.8 16.1 1.9 1.8 24.9 24.4 Formosa Fiber TWD 95.0 0.6 1.1 1.0 (3.1) 11.8 17.1 (1.3) 18,302 13.4 14.0 1.7 1.7 11.8 11.2 Nan Ya Plastics TWD 72.0 0.1 (0.8) 1.6 (1.9) 15.4 7.6 1.1 18,769 16.9 16.6 1.6 1.6 16.2 14.9 Sinopec Shanghai CNY 6.50 1.6 0.9 0.3 (4.3) 10.4 (13.1) 0.9 8,840 14.1 14.1 2.6 2.3 7.8 8.0 Sinopec Yizheng(FibeCNY 3.70 1.1 (1.3) (4.4) (13.8) (4.6) (28.3) (9.8) 6,875 #N/A N/A #N/A N/A 3.4 4.0 32.8 16.6 Reliance INR 1,415 2.9 12.6 12.4 31.3 29.9 37.8 30.7 70,753 15.3 13.7 1.5 1.4 10.5 8.7 Industries Qatar QAR 112.0 2.1 1.3 (2.9) (6.6) 5.7 9.3 (4.7) 18,610 17.0 14.0 2.0 1.9 54.3 52.7 PTT Chemical THB 73.3 1.7 1.7 0.7 14.0 23.6 29.6 16.3 9,452 10.7 10.4 1.3 1.2 5.4 5.2 Petronas MYR 7.8 0.3 2.0 5.0 7.9 17.0 15.6 11.3 14,028 18.9 18.0 2.2 2.1 9.9 9.4 LG화학 KRW 284, 0.5 (5.0) 0.9 6.4 18.5 (10.0) 9.0 17,807 12.6 12.0 1.5 1.3 5.1 4.7 롯데케미칼 KRW 372,000 1.4 2.6 1.8 0.0 22.8 14.8 0.8 11,305 5.7 6.0 1.1 1.0 3.3 3.0 한화케미칼 KRW 26,550 2.5 1.5 7.5 0.4 8.4 11.6 7.5 3,880 5.5 5.6 0.7 0.7 6.7 6.3 금호석유 KRW 77,100 0.4 (2.7) 3.1 (6.9) 6.6 34.6 (6.0) 2,083 16.2 11.6 1.5 1.3 10.0 8.2 SKC KRW 30,200 (0.7) (1.6) (2.9) (7.2) 5.4 2.2 (8.5) 1,005 8.6 7.1 0.7 0.7 7.3 6.4 국도화학 KRW 49, (0.1) 1.0 (2.4) (11.3) (7.8) (28.7) (9.8) 255 10.4 7.9 0.7 0.6 5.3 4.8 효성 KRW 7,850 (1.6) (9.2) (8.5) 3.7 47.6 163.0 15.4 4,172 7.4 6.9 1.2 1.0 6.4 5.8 Average 0.7 (0.2) 0.6 3.2 18.2 28.7 5.4 Refinery Valero USD 65.1 (1.1) (3.1) (1.5) (3.8) 18.8 3.1 (4.7) 29,208 13.0 10.5 1.4 1.4 5.8 5.2 Conoco Phillips USD 49.1 (1.2) 6.9 2.7 (3.6) 11.8 25.8 (2.1) 60,752 68.5 27.0 1.8 1.8 7.9 6.5 Formosa PetrochemicTWD 108.0 1.9 1.4 3.3 (2.7) 11.6 16.3 (3.6) 33,817 17.7 20.3 3.4 3.4 11.7 12.6 Tesoro USD 78.8 (1.3) (5.1) (5.5) (7.6) (4.3) (4.7) (9.9) 9,253 14.0 11.3 1.4 1.3 5.9 5.1 Marathon Petroleum USD 49.4 (1.7) (2.2) (3.6) (3.2) 17.0 36.3 (1.8) 26,098 16.9 13.2 1.9 1.8 8.1 7.2 Devon Energy USD 41.5 (2.3) 0.7 (4.2) (15.3) (6.0) 57.3 (9.1) 21,781 21.9 15.1 3.2 2.7 9.2 7.6 Hollyfrontier USD 26.9 (3.2) (5.5) (4.3) (20.3) 2.1 (20.8) (17.9) 4,790 16.6 10.8 1.0 1.0 6.2 5.2 Phillips 66 USD 77.6 (1.1) (1.0) (1.0) (10.6) (4.3) (8.5) (10.2) 40,101 17.3 12.3 1.8 1.8 9.2 7.6 Murphy Oil USD 27.9 (2.9) (1.3) (0.6) (11.9) (8.4) 18.7 (10.4) 4,811 69.9 30.7 0.9 0.9 4.9 4.5 JX Holdings JPY 534.9 (1.7) 0.3 (0.4) 4.4 32.5 30.4 8.1 11,994 8.6 7.4 0.7 0.7 7.5 6.7 Idemitsu JPY 3,810.0 (1.4) (1.9) 4.2 17.6 79.4 108.2 22.7 5,478 7.8 7.7 0.9 0.8 7.5 7.4 Tonengeneral JPY 1,300.0 0.0 0.0 (3.4) 2.0 28.2 38.3 5.5 4,300 10.1 11.3 1.8 1.7 #N/A N/A #N/A N/A Nesteoil EUR 37.5 0.0 1.9 10.5 10.3 (5.1) 29.5 2.7 0 14.2 14.1 2.3 2.2 8.3 8.2 Ashland USD 124.5 0.6 0.9 1.8 11.7 7.4 13.6 13.9 7,747 28.6 37.3 2.3 2.2 12.2 15.9 Fuchs Petrolub EUR 46.4 0.7 3.6 5.9 14.5 12.3 21.1 16.3 6,445 24.0 22.9 4.8 4.3 13.8 13.1 SK이노베이션 KRW 163, 0.3 0.3 5.1 6.2 2.5 (1.8) 11.6 13,404 7.0 7.0 0.8 0.8 4.2 3.8 S-Oil KRW 96,000 0.2 (2.5) 9.8 11.4 19.3 1.3 13.3 9,583 8.6 7.8 1.6 1.4 6.3 5.6 GS KRW 56, (0.9) (0.2) 3.3 6.8 8.2 (0.5) 5.0 4,679 6.1 5.7 0.7 0.6 7.3 6.8 Average (0.8) (0.4) 1.2 0.3 11.7 19.1 1.6 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임

Global peers Currency 04/05 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 83 0.2 0.6 0.1 (6.8) (5.1) 0.4 (8.6) 342,212 20.6 17.5 2.0 2.0 8.4 8.1 BP GBP 465 0.3 0.9 0.2 (10.1) (1.4) 37.9 (8.7) 114,123 16.2 13.0 1.2 1.2 5.4 4.8 Shell EUR 2,114 0.7 (0.8) (1.1) (6.6) 4.3 28.6 (5.8) 220,797 14.9 12.0 1.1 1.1 6.3 5.6 Chevron USD 109 (0.0) 0.5 (4.3) (7.4) 6.3 17.2 (7.7) 205,667 23.9 18.0 1.4 1.4 7.1 6.5 Total EUR 48 0.5 3.0 (0.2) (1.9) 11.4 25.2 (1.5) 125,406 12.2 10.6 1.2 1.2 5.6 5.0 Sinopec CNY 6 1.9 2.8 3.4 1.7 20.4 19.9 8.1 102,210 13.2 11.4 1.0 0.9 5.1 4.7 Petrochina CNY 8 1.3 1.5 (0.9) (2.3) 10.4 4.0 0.3 202,692 30.1 21.5 1.2 1.2 6.6 6.2 CNOOC CNY 13 1.4 0.7 (3.5) (2.3) 7.9 (3.5) 0.0 7,249 1,069.2 53.2 1.7 1.7 15.2 11.7 Gazprom RUB 131 1.5 1.5 (3.0) (15.1) (3.0) (9.5) (15.4) 54,973 3.9 3.2 0.3 0.2 3.7 3.2 Rosneft RUB 338 2.0 5.0 0.5 (15.2) (1.0) 10.5 (16.0) 63,687 7.0 5.6 0.9 0.8 4.4 3.9 Anadarko USD 63 0.2 0.6 (0.6) (12.2) (2.0) 42.5 (9.9) 35,114 #N/A N/A 72.0 2.4 2.2 8.5 6.9 Petrobras BRL 15 (1.9) 0.8 (4.9) (7.5) (0.1) 86.1 (2.0) 63,289 11.8 8.9 0.7 0.7 5.5 4.9 Lukoil USD 3,057 0.2 (0.1) (0.9) (9.5) (0.6) 13.3 (11.4) 46,228 5.5 4.7 0.6 0.5 N/A N/A Kinder USD 21 (0.8) 0.3 (1.3) (1.0) (4.1) 26.2 3.7 47,497 31.3 27.6 1.4 1.4 12.0 11.4 Statoil NOK 151 1.7 3.9 1.6 (7.0) 9.9 22.8 (4.9) 56,742 16.7 13.6 1.5 1.4 3.3 3.0 BHP AUD 25 3.5 3.3 (2.3) (3.4) 8.3 54.9 (1.2) 93,806 15.0 16.0 1.6 1.6 6.0 6.1 PTT E&P THB 97 (0.3) 4.9 4.6 (1.3) 17.6 45.5 0.5 11,111 16.5 13.2 0.9 0.9 3.2 3.0 Petronas gas MYR 20 (0.3) (0.3) (0.3) (8.2) (9.3) (9.8) (7.3) 8,815 22.0 20.6 3.1 3.0 12.5 11.6 Chesapeake USD 6 (3.3) 5.2 14.8 (14.9) (10.1) 62.5 (13.0) 5,548 8.4 5.3 #N/A N/A #N/A N/A 7.8 5.9 Noble Energy USD 34 (1.0) (2.0) (7.3) (10.8) (6.0) 12.8 (10.6) 14,824 #N/A N/A 98.4 1.5 1.6 7.7 6.0 Average 0 0.4 1.6 (0.3) (7.1) 2.7 24.4 (5.6) PV WACKER EUR 100.2 1.2 3.0 (4.5) (1.8) 28.1 36.6 1.4 5,564 20.9 16.8 2.0 1.8 5.7 5.4 GCL-Poly HKD 1.0 0.0 (1.9) 1.0 9.6 (1.9) (15.6) 10.8 2,464 7.4 7.2 0.7 0.7 5.9 5.4 SunPower USD 6.2 0.2 0.8 (24.0) (13.3) (30.1) (71.1) (6.5) 857 #N/A N/A 20.7 1.2 1.5 25.1 8.3 Canadian Solar USD 12.3 (0.4) 6.4 (15.2) (3.3) (16.4) (31.6) 1.0 706 7.2 6.8 0.6 0.6 8.3 8.1 JA Solar USD 6.5 (1.5) 1.4 32.4 28.7 (2.1) (26.1) 35.5 307 32.7 8.5 1.6 1.5 4.9 2.7 Trina Solar USD 11.5 0.0 0.0 6.7 21.5 12.5 18.0 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 1.4 (23.9) 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 3.1 8.0 44.4 27.9 15.1 (19.8) (32.6) 20.0 57 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 68.4 16.1 First Solar USD 26.6 (0.9) (5.2) (23.2) (21.5) (33.1) (57.4) (17.2) 2,772 80.1 34.4 0.5 0.5 4.6 2.9 한화큐셀 USD 6.9 (3.9) (3.6) (17.7) (15.2) (41.5) (51.3) (15.2) 581 25.6 22.7 #N/A N/A #N/A N/A 7.6 7.1 OCI KRW 82,700 (0.6) (2.6) 0.1 3.5 (12.0) (18.1) 5.1 1,749 16.4 14.0 0.6 0.6 6.7 6.1 웅진에너지 KRW 5,360 1.9 6.6 7.7 13.6 (21.6) (50.3) 13.2 118 N/A 0.6 0.6 6.7 6.1 7.4 신성솔라에너지 KRW 1,900 (0.3) 4.1 1.3 (10.0) (28.7) 23.0 (14.0) 291 N/A 0.6 6.7 6.1 7.4 6.9 Average 0.3 3.8 (0.5) 1.9 (11.8) (21.5) 4.1 Gas Company Towngas China HKD 4.5 1.1 3.2 (0.7) 10.8 (1.5) 15.7 10.3 1,571 10.3 9.9 0.8 0.8 10.5 10.0 Kulun HKD 7.9 1.9 10.8 13.1 32.7 27.9 16.7 35.9 8,187 13.2 12.1 1.4 1.3 6.0 5.7 Beijing Enterprise HKD 41.3 (2.6) 0.6 (1.3) 10.1 2.1 8.6 12.6 6,701 8.2 7.7 0.8 0.7 13.4 13.1 ENN Energy HKD 45.9 1.7 3.6 7.9 40.4 18.9 10.1 43.7 6,388 13.1 12.1 2.5 2.1 8.5 8.0 China Resources GasHKD 28.5 2.0 7.5 9.8 25.6 3.6 31.6 30.7 8,158 16.2 14.5 2.9 2.5 10.1 9.2 China Gas Holdings HKD 13.2 3.3 5.1 4.6 24.3 5.3 18.3 25.3 8,428 14.2 12.7 2.6 2.3 11.6 10.7 Shenzen Gas HKD 12.4 (2.5) 7.3 11.5 9.7 (2.4) (2.8) 9.7 3,124 11.1 10.3 1.2 1.1 7.7 7.3 Shann Xi CNY 9.5 1.8 0.5 (0.5) (1.3) (6.9) (8.7) (0.5) 1,539 17.0 13.0 #N/A N/A #N/A N/A #N/A N/A #N/A N/A Suntien HKD 1.7 1.2 15.6 17.2 53.2 56.0 97.7 70.0 813 9.3 7.9 0.7 0.6 8.4 7.3 China Oil & Gas HKD 0.6 3.4 (1.6) (1.6) 1.7 1.7 31.2 0.0 457 9.4 8.4 1.0 0.9 6.2 5.6 Average 1.1 5.3 6.0 20.7 10.5 21.8 23.8 EV LG화학 KRW 284, 0.5 (5.0) 0.9 6.4 18.5 (10.0) 9.0 17,807 12.2 11.8 1.4 1.3 5.5 5.2 삼성SDI KRW 138, 1.5 (0.7) 10.8 23.7 45.0 41.9 27.1 8,444 18.4 12.4 0.9 0.8 12.9 8.7 Panasonic JPY 1260.0 (0.2) (0.6) (0.6) 3.4 21.2 40.1 5.9 27,773 15.2 12.7 1.5 1.4 5.1 4.6 GS Yuasa JPY 503.0 (1.4) (4.0) (5.6) 2.4 18.9 9.3 3.5 1,869 14.6 12.8 1.2 1.1 6.5 6.1 NEC JPY 267.0 0.0 (3.3) (5.0) (16.8) 1.5 0.0 (13.9) 6,249 17.6 14.5 0.9 0.8 7.3 6.5 BYD Auto CNY 49.4 2.9 1.2 (3.2) (2.0) (11.1) (16.2) (0.6) 18,323 24.1 18.9 2.4 2.2 12.2 10.2 Tesla Motors USD 295.0 (2.9) 6.4 17.3 30.1 41.5 15.5 38.1 48,114 #N/A N/A 183.3 9.9 8.2 45.9 22.5 Kandi Technologies USD 4.1 9.3 7.9 (2.4) (21.2) (35.3) (41.4) (16.3) 196 #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 1.2 0.2 1.5 3.2 12.5 4.9 6.6 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임