1. News Summary (3 page) 2017 년 2 월 2 일 News WTI comment 러시아감산소식에상승 Conclusion Headline 셰일가스가 LPG 시장에미치고있는영향라니냐영향으로수송차질을빚고있어단기적가격상승가능 News 1. GM 볼트출시에 LG 가설레는이유는현재 1,162 대가팔렸고 3 만대판매위해서 GM 이 delivery rate 올려야 News 2. 멕시코 Salina Cruz 항만, 다른걸프항만과달리셧다운지속라니냐영향으로자재수송에차질이빚어지고있는상황 News 3. 베네수엘라 PDVSA 의 El Palito 정제시설셧다운지속계획보다길어진셧다운으로 PDVSA 정제품공급감소지속될것 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 52.8 0.3 (0.7) (1.7) 16.5 76.7 Ethylene 01/23 $/t 1,035 3.0 4.5 1.0 11.9 Dubai $/bbl 53.2 (2.3) (1.4) (1.1) 20.8 89.6 Propylene 01/23 $/t 955 4.4 17.2 29.9 48.1 Gasoline $/bbl 69.4 (1.3) (0.8) (0.7) 15.1 42.1 Benzene 01/23 $/t 980 5.1 19.1 53.1 82.3 Diesel $/bbl 64.8 (1.7) (0.5) (1.1) 11.4 77.9 Toluene 01/23 $/t 725 0.0 5.1 9.8 26.1 Complex margin $/bbl 7.6 0.1 (0.1) (0.6) (1.8) (0.7) Xylene 01/23 $/t 715 0.0 5.9 10.0 25.4 $/bbl 7.0 (1.3) (2.9) (10.5) 1.4 2.7 PP 01/23 $/t 1,043 0.0 1.0 2.2 27.1 Petrochemical % % % % % PVC 01/23 $/t 910 1.1 (1.1) (1.1) 25.5 Naphtha $/t 514 0.3 (0.6) 3.6 15.9 48.4 ABS 01/23 $/t 1,780 1.1 8.9 21.9 61.8 Butadiene $/t 3,000 0.0 0.0 31.0 101.3 300.0 SBR 01/23 $/t 3,000 1.7 50.0 57.9 147.9 HDPE $/t 1,180 0.4 3.1 1.3 0.9 9.3 SM 01/23 $/t 1,333 4.5 10.6 28.1 47.2 MEG $/t 950 0.0 (0.5) 0.4 37.9 59.1 BPA 01/23 $/t 1,663 6.7 5.1 3.4 67.1 PX $/t 889 0.6 (0.4) 4.8 13.7 24.4 Caustic 01/23 $/t 418 0.0 (1.2) 16.0 46.5 SM $/t 1,465 4.2 8.7 25.3 41.7 58.2 2-EH 01/23 $/t 900 1.1 4.0 12.5 31.4 Commodity % % % % % Caprolactam 01/23 $/t 2,050 1.0 10.8 43.9 64.0 Natural Gas $/mmbtu 3.17 1.6 (5.4) (2.6) 5.8 15.3 Solar % % % % Natural rubber $/t 2,270 0.0 4.1 15.8 56.6 108.3 Polysilicon 02/01 $/kg 16.3 0.0 5.8 15.5 25.8 Cotton C/lbs 76.4 2.0 3.5 3.2 11.4 23.4 Module 02/01 $/W 0.35 (0.3) (1.1) (10.8) (35.9) * 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 82.9 (1.1) (2.8) (8.1) (0.8) 8.7 BASF EUR 89.9 0.8 (0.2) 1.8 14.3 48.6 Shell EUR 2,137 (0.5) (3.0) (4.7) 1.0 43.0 Dow Chemical USD 60.3 1.1 0.1 5.4 12.1 41.6 Petrochina CNY 8.65 0.0 (1.0) 8.8 18.0 19.3 SABIC SAR 96.4 0.8 0.5 5.3 14.0 39.5 Gazprom RUB 149.7 (0.1) 1.4 (3.2) 5.4 11.8 Formosa Pla. TWD 90.2 0.0 0.0 1.1 6.1 18.4 Petrobras BRL 15.0 0.0 (6.4) 1.0 (10.9) 218.2 Shin-Etsu JPY 9,766 (0.5) (0.2) 7.7 22.6 58.8 Refinery Renewable Phillips66 USD 80.8 (1.1) (5.0) (6.6) 0.6 1.6 Wacker EUR 109.2 (2.2) (2.5) 10.4 33.9 68.6 Valero USD 65.4 (0.6) (4.3) (4.3) 9.9 (4.8) First Solar USD 31.79 1.9 (3.4) (0.9) (22.6) (54.0) JX JPY 531.9 (0.1) 1.5 7.5 29.8 16.0 Trina Solar USD 10.1 1.1 0.9 8.6 (3.3) 10.1 Neste Oil EUR 31.9 (1.1) (1.6) (12.5) (19.6) 11.1 Tesla Motors USD 249.2 (1.1) (2.1) 16.6 30.6 26.6 4. Coverage Summary 02/01 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 2,080 0.6 0.7 2.7 4.9 3.0 8.1 * 추정치는 12M fwd 기준임 KOSPI 화학 5,151 1.2 0.0 1.7 2.8 (1.7) (1.2) * 모든 coverage 업체의실적은연결기준임 LG 화학 272, 4.0 3.4 7.7 11.2 8.6 (5.7) 매수 300,000 10.1 12.41 1.44 롯데케미칼 388, 3.2 (0.6) 1.3 31.9 22.4 40.0 매수 390,000 0.4 11.01 12.07 한화케미칼 26, 1.9 (0.7) 4.7 0.9 5.1 2.9 매수 28,000 5.3 9.60 0.80 금호석유화학 84,000 2.1 3.3 (1.6) 23.3 36.4 55.8 매수 100,000 19.0 12.81 1.51 KCC 347,000 (0.1) 1.6 (4.7) (10.7) (11.4) (20.0) 매수,000 44.1 13.63 0.53 OCI 89,700 4.5 0.1 13.0 (4.2) (6.0) 34.9 매수 100,000 11.5 16.56 0.67 SKC 31,750 2.3 3.6 (5.5) 15.5 4.8 1.3 매수 40,000 26.0 10.11 0.77 국도화학 52,900 1.3 (2.6) (3.1) (1.5) (9.6) (10.3) 매수 100,000 89.0 6.02 0.61 SK 이노베이션 158, 1.0 (2.2) 7.8 1.3 8.6 17.8 매수 180,000 13.6 10.32 0.87 S-Oil 81,200 0.1 (2.4) (4.0) 1.0 5.7 (0.2) 매수 100,000 23.2 12.46 1.39 GS 51,700 1.4 0.6 (4.8) (3.2) 9.1 1.0 매수 65,000 25.7 8.16 0.82 SK 가스 105, (2.3) (3.2) (14.6) 7.5 24.9 44.9 매수 130,000 23.2 8.43 0.79 포스코대우 26,400 3.7 (2.2) (3.8) 12.3 17.6 75.4 매수 29,000 9.8 11.31 1.16 LG 상사 32,350 0.2 (0.9) 9.5 15.3 (9.4) 6.4 매수 42,000 29.8 11.23 1.05 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 15/04 15/07 15/10 16/01 16/04 16/07 16/10 1, 17/02 20 15/02 15/06 15/10 16/02 16/06 16/10 Complex & margin ($/bbl) 시차조정복합 복합정제마진 30 20 10 0 (10) 15/02 15/06 15/10 16/02 16/06 16/10 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1, 1,400 1,200 400 Polysilicon & Module prices ($/kg) PolySilicon Silicon Module 22 21 20 19 18 17 16 15 14 13 12 15/01 15/07 15/12 16/06 16/11 Butadiene price & naphtha spread Butadiene 3,000 2, 2,000 1, ($/W) 0.64 0.62 0.60 0.58 0.56 0.54 0.52 0.50 0.48 0.46 0.44 0.42 0.40 0.38 0.36 0.34 0.32 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 : 가스신문 ) WTI Comment ( 출처 : 연합뉴스 ) 제목 셰일가스가 LPG시장에미치고있는영향 제목 러시아감산소식에상승 결론 라니냐영향으로수송차질을빚고있어단기적가격상승가능 상승 지난달 11개 OPEC 회원은하루생산량을 120만배럴줄임 요인 로이터, " 러시아는지난달에하루평균생산량을 10만배럴줄임 " 1) 중동산 LPG 위주의수입선이미국산 LPG 수입으로다변화됨 2) 따라서스팟시장에서가격이낮아질수있는원동력이됨 3) 작년대비프로판은 57%, 부탄은 69% 의가격상승폭을보임 하락 EIA, " 지난주기준미국의원유재고량이전주보다 650만배럴증가 " 4) 휴스턴에서짙은안개로출항이제때이뤄지지않았기때문 요인 휘발유재고도전문가예상의약 4배인 390만배럴늘어남 5) 라니냐영향으로수송차질을빚고있어단기적가격상승가능 디젤과연료유를포함한증류유도 160만배럴증가 Issue 1 ( 출처 : metro) Issue 2 ( 출처 : Platts) 제목 GM 볼트출시에 LG 가설레는이유는제목멕시코 Salina Cruz 항만, 다른걸프항만과달리셧다운지속 결론현재 1,162 대가팔렸고 3 만대판매위해서 GM 이 delivery rate 올려야결론라니냐영향으로자재수송에차질이빚어지고있는상황 1) GM Bolt에탑재되는 60kWh급배터리를납품하는 LG화학 1) 원유선적항만인 Salina Cruz가 3일연속셧다운상태임 2) LG전자는인포테인먼트시스템등의부품을 GM에납품함 2) 캘리포니아 Martinez의 Shell 터미널로가야하는탱커가묶인상태 3) LG전자와 VC사업부와 LG화학전지사업부모두작년적자기록 3) Salina Cruz는주로아시아나국영기업인 Pemex가고객 4) Bolt가 3만대이상팔리면 LG화학이배터리로만 3천억매출기대 4) 강풍과풍랑영향권을벗어나며걸프만항구들이재가동중 5) 현재 1,162대가팔렸고 3만대판매위해서 GM이 delivery rate 올려야 5) 라니냐영향으로자재수송에차질이빚어지고있는상황 Issue 3 ( 출처 : Platts) Issue 4 ( 출처 :Platts) 제목베네수엘라 PDVSA 의 El Palito 정제시설셧다운지속제목 결론계획보다길어진셧다운으로 PDVSA 정제품공급감소지속될것결론 1) 일 14만배럴을생산하는정제시설이 FCC 문제로셧다운지속 1) 2) 해당 FCC는 1월 13일재가동된바있으나보일러가손상됨 2) 3) 해당정제시설은 4월 12일에 PDVSA 정기보수때첫셧다운 3) 4) 해당시설에서는내수소비와수출용가솔린생산함 4) 5) 계획보다길어진셧다운으로 PDVSA 정제품공급감소지속될것 5) Issue 5 ( 출처 :Platts) Issue 6 ( 출처 : 연합뉴스 ) 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 0.929 0.926 0.930 0.951 0.905 0.896 0.918 0.951 0.901 0.904 0.940 Change, % 0.3 (0.2) (2.3) 2.7 3.7 1.1 (2.3) 3.0 2.8 (1.2) USD/JPY 113.3 112.8 113.3 117.0 104.2 102.4 121.0 117.0 121.1 108.8 115.0 Change, % 0.4 (0.0) (3.2) 8.7 10.6 (6.4) (3.2) (6.4) 4.1 (1.5) USD/KRW 1,158.2 1,161.3 1,166.1 1,205.8 1,139.8 1,108.2 1,200.4 1,205.8 1,131.2 1,160.5 1,179.7 Change, % (0.3) (0.7) (3.9) 1.6 4.5 (3.5) (3.9) 2.4 (0.2) (1.8) Agriculture Corn 368.3 359.8 366.3 352.0 349.0 325.8 371.3 352.0 376.8 358.5 361.6 Change, % 2.4 0.5 4.6 5.5 13.0 (0.8) 4.6 (2.3) 2.7 1.8 Soybean 1,036.8 1,024.5 1,055.3 996.5 984.3 996.0 880.8 996.5 945.4 987.5 1,032.2 Change, % 1.2 (1.8) 4.0 5.3 4.1 17.7 4.0 9.7 5.0 0.4 Wheat 433.8 420.8 424.5 408.0 414.3 406.0 475.3 408.0 508.1 436.4 423.9 Change, % 3.1 2.2 6.3 4.7 6.8 (8.7) 6.3 (14.6) (0.6) 2.3 Rice 9.5 9.5 9.8 9.4 9.6 9.7 11.0 9.4 11.1 10.3 9.6 Change, % (0.1) (3.2) 1.9 (0.8) (1.6) (13.4) 1.9 (13.8) (7.9) (1.2) Oats 250.8 244.3 260.0 228.5 219.5 199.8 197.3 228.5 250.2 196.3 244.7 Change, % 2.7 (3.6) 9.7 14.2 25.5 27.1 9.7 0.2 27.8 2.5 MYR/mt Palm Oil 3,230.0 3,230.0 3,256.0 3,218.0 2,740.0 2,375.0 2,349.0 3,218.0 2,190.3 2,653.8 3,237.6 Change, % 0.0 (0.8) 0.4 17.9 36.0 37.5 0.4 47.5 21.7 (0.2) Cocoa 2,109.0 2,103.0 2,192.0 2,126.0 2,696.0 2,926.0 2,868.0 2,126.0 3,091.6 2,854.0 2,173.5 Change, % 0.3 (3.8) (0.8) (21.8) (27.9) (26.5) (0.8) (31.8) (26.1) (3.0) Cotton 76.4 74.9 73.9 70.7 68.2 74.2 61.8 70.7 63.3 65.6 73.4 Change, % 2.0 3.5 8.2 12.1 3.1 23.7 8.2 20.8 16.5 4.1 Sugar 20.8 20.5 20.3 19.5 21.2 18.8 12.8 19.5 13.1 18.2 20.5 Change, % 1.9 2.5 6.8 (1.7) 10.8 62.4 6.8 58.6 14.8 1.8 Coffee 150.2 149.6 152.9 137.1 161.5 143.5 117.8 137.1 132.6 136.1 148.3 Change, % 0.4 (1.8) 9.6 (7.0) 4.7 27.5 9.6 13.2 10.4 1.3 Energy WTI 53.5 52.8 52.8 53.7 46.7 40.1 31.6 53.7 48.8 43.4 52.8 Change, % 1.3 1.4 (0.4) 14.6 33.5 69.1 (0.4) 9.5 23.3 1.3 Brent 56.5 55.7 55.1 56.8 48.1 42.1 34.2 56.8 53.7 45.1 55.7 Change, % 1.4 2.6 (0.6) 17.4 34.1 65.0 (0.6) 5.3 25.3 1.4 Natural Gas 3.2 3.1 3.3 3.7 2.9 2.8 2.2 3.7 2.6 2.6 3.3 Change, % 1.6 (5.0) (15.0) 9.1 14.3 47.1 (15.0) 20.4 24.0 (4.7) Ethanol 1.5 1.5 1.4 1.6 1.6 1.4 1.4 1.6 1.5 1.5 1.5 Change, % (0.8) 2.8 (7.8) (9.4) 5.8 4.4 (7.8) (1.9) (2.2) (1.3) RBOB Gasoline 157.6 152.6 152.4 166.5 148.4 130.4 108.3 166.5 163.6 140.0 158.4 Change, % 3.3 3.4 (5.3) 6.2 20.9 45.5 (5.3) (3.7) 12.6 (0.5) Coal 40.0 40.0 40.0 40.0 40.0 39.5 43.1 40.0 45.2 41.3 40.0 Change, % 0.0 0.0 0.0 0.0 1.3 (7.3) 0.0 (11.5) (3.2) 0.0 Metal Gold 1,209.3 1,210.7 1,200.8 1,152.3 1,288.0 1,353.2 1,128.4 1,152.3 1,160.6 1,248.5 1,192.4 Change, % (0.1) 0.7 4.9 (6.1) (10.6) 7.2 4.9 4.2 (3.1) 1.4 Silver 17.5 17.6 17.0 15.9 18.4 20.4 14.4 15.9 15.7 17.1 16.9 Change, % (0.2) 3.1 10.1 (4.6) (14.3) 22.1 10.1 11.5 2.5 3.9 Platinum 998.7 995.0 980.6 903.5 992.0 1,158.6 870.2 903.5 1,055.7 988.4 973.1 Change, % 0.4 1.9 10.5 0.7 (13.8) 14.8 10.5 (5.4) 1.1 2.6 Palladium 763.4 754.3 731.2 681.0 633.5 716.1 504.6 681.0 691.9 614.3 749.9 Change, % 1.2 4.4 12.1 20.5 6.6 51.3 12.1 10.3 24.3 1.8 Copper 5,945.0 5,991.0 5,942.0 5,535.5 4,920.0 4,882.0 4,560.0 5,535.5 5,503.1 4,872.0 5,772.8 Change, % (0.8) 0.1 7.4 20.8 21.8 30.4 7.4 8.0 22.0 3.0 Uranium 24.7 24.7 23.3 20.4 18.9 26.3 34.6 20.4 36.9 26.4 22.8 Change, % 0.0 6.0 20.8 30.4 (6.1) (28.8) 20.8 (33.1) (6.7) 8.0 HR Coil 618.0 618.0 630.0 633.0 492.0 593.0 402.0 633.0 461.5 519.3 622.8 Change, % 0.0 (1.9) (2.4) 25.6 4.2 53.7 (2.4) 33.9 19.0 (0.8) Scrap 290.0 290.0 295.0 302.0 235.0 270.0 250.0 302.0 252.9 275.7 301.9 Change, % 0.0 (1.7) (4.0) 23.4 7.4 16.0 (4.0) 14.6 5.2 (3.9) Zinc 2,880.0 2,860.0 2,801.0 2,576.0 2,465.0 2,267.0 1,648.0 2,576.0 1,941.9 2,097.5 2,730.0 Change, % 0.7 2.8 11.8 16.8 27.0 74.8 11.8 48.3 37.3 5.5 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용
Refining Price Data Daily Price 02/01 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Crude Oil WTI 52.8 52.6 53.2 53.7 45.3 41.9 29.9 53.7 48.8 43.4 52.6 Change, % 0.3 (0.7) (1.7) 16.5 25.9 76.7 (1.7) 8.3 21.8 0.3 Dubai 53.2 54.5 54.0 53.8 44.1 40.0 28.1 53.8 50.8 41.3 53.7 Change, % (2.3) (1.4) (1.1) 20.8 33.1 89.6 (1.1) 4.8 28.9 (1.0) Crude Oil Gasoline( 휘발유 ) 69.4 70.3 69.9 69.8 60.3 49.4 48.8 69.8 69.5 56.3 69.6 Product Change, % (1.3) (0.8) (0.7) 15.1 40.5 42.1 (0.7) (0.2) 23.3 (0.3) Kerosene( 등유 ) 64.3 65.2 65.1 66.4 57.0 49.1 39.5 66.4 64.7 52.9 65.2 Change, % (1.3) (1.2) (3.2) 13.0 30.9 62.9 (3.2) (0.6) 21.6 (1.3) Diesel( 경유 ) 64.8 65.9 65.1 65.5 58.1 48.8 36.4 65.5 64.8 52.1 65.1 Change, % (1.7) (0.5) (1.1) 11.4 32.8 77.9 (1.1) (0.0) 24.3 (0.5) Bunker-C 47.9 49.8 49.9 52.1 41.5 33.9 23.7 52.1 45.3 35.5 50.8 Change, % (3.8) (4.1) (8.0) 15.3 41.2 102.3 (8.0) 5.8 34.8 (5.8) Naphtha 56.1 56.5 56.7 53.5 46.6 37.4 34.2 53.5 52.6 42.6 55.3 Change, % (0.8) (1.1) 4.9 20.2 49.7 64.0 4.9 6.6 31.6 1.3 Dubai Gasoline( 휘발유 ) 16.1 15.8 15.9 16.0 16.2 9.4 20.8 16.0 18.7 14.9 15.8 Spread Change 0.4 0.2 0.1 (0.0) 6.8 (4.6) 0.1 (2.6) 1.2 0.3 Kerosene( 등유 ) 11.1 10.7 11.1 12.6 12.9 9.1 11.4 12.6 14.0 11.6 11.4 Change 0.4 (0.0) (1.5) (1.8) 2.0 (0.3) (1.5) (2.9) (0.5) (0.3) Diesel( 경유 ) 11.5 11.4 11.1 11.7 14.1 8.8 8.3 11.7 14.0 10.8 11.4 Change 0.1 0.4 (0.1) (2.5) 2.8 3.2 (0.1) (2.4) 0.7 0.2 Bunker-C (5.3) (4.7) (4.1) (1.8) (2.5) (6.1) (4.4) (1.8) (5.5) (5.8) (2.9) Change (0.6) (1.3) (3.6) (2.8) 0.7 (0.9) (3.6) 0.2 0.4 (2.4) Naphtha 2.8 2.0 2.7 (0.4) 2.5 (2.6) 6.1 (0.4) 1.8 1.3 1.6 Change 0.8 0.2 3.2 0.3 5.4 (3.3) 3.2 1.0 1.5 1.2 Refining Simple( 단순 ) 2.2 2.3 2.6 3.8 4.5 0.2 3.2 3.8 3.3 1.9 3.2 Margin Change (0.1) (0.5) (1.6) (2.3) 1.9 (1.0) (1.6) (1.1) 0.3 (1.0) Complex( 복합 ) 7.6 7.5 7.7 8.3 9.4 4.3 8.4 8.3 9.3 7.0 7.9 Change 0.1 (0.1) (0.6) (1.8) 3.4 (0.7) (0.6) (1.7) 0.7 (0.3) Complex(lagging) 7.0 8.3 9.9 17.4 5.6 (0.8) 4.2 18.0 7.3 8.5 10.0 Change (1.3) (2.9) (10.5) 1.4 7.7 2.7 (11.0) (0.3) (1.5) (3.0) 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 02/01 01/31 01/27 01/26 01/25 01/25 01/24 01/23 01/20 01/19 Spot Price Naphtha CFR Japan 514.1 512.8 519.8 515.5 517.0 517.0 521.5 515.5 513.8 510.5 Ethylene CFR SE Asia 1,075.0 1,075.0 1,035.0 1,035.0 1,035.0 1,035.0 1,035.0 1,035.0 1,035.0 1,005.0 Propylene FOB Korea 891.0 892.0 892.0 892.0 893.0 893.0 893.0 892.0 865.0 865.0 Butadiene FOB Korea 3,000.0 3,000.0 3,000.0 3,000.0 3,000.0 3,000.0 3,000.0 3,000.0 3,000.0 2,900.0 HDPE CFR FE Asia 1,180.0 1,175.0 1,175.0 1,165.0 1,145.0 1,145.0 1,145.0 1,145.0 1,145.0 1,145.0 LDPE CFR FE Asia 1,310.0 1,310.0 1,310.0 1,310.0 1,310.0 1,310.0 1,310.0 1,310.0 1,310.0 1,310.0 LLDPE CFR FE Asia 1,175.0 1,165.0 1,165.0 1,160.0 1,150.0 1,150.0 1,150.0 1,130.0 1,130.0 1,130.0 MEG CFR China 950.0 950.0 950.0 953.0 955.0 955.0 953.0 950.0 915.0 917.0 PP CFR FE Asia 1,025.0 1,025.0 1,025.0 1,025.0 1,025.0 1,025.0 1,025.0 1,025.0 1,025.0 1,025.0 PX CFR China 889.3 884.3 889.3 889.0 893.0 893.0 887.0 881.0 865.7 862.7 PTA CFR China 665.0 665.0 665.0 665.0 665.0 665.0 660.0 659.0 652.0 650.0 Benzene FOB Korea 992.0 969.0 965.0 1,002.0 1,023.0 1,023.0 1,010.0 992.0 978.0 988.5 Toluene FOB Korea 752.0 736.5 751.5 751.5 753.5 753.5 736.0 735.5 718.0 720.5 Xylene FOB Korea 737.0 735.5 727.5 727.5 722.5 722.5 709.5 704.5 694.5 694.5 SM FOB Korea 1,465.0 1,406.5 1,393.5 1,392.5 1,347.5 1,347.5 1,331.0 1,320.0 1,320.0 1,313.0 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Spot Price Naphtha CFR Japan 512.5 520.0 484.5 455.5 410.5 326.5 484.5 493.0 399.5 507.0 Change, % (1.4) 5.8 12.5 24.8 57.0 5.8 4.0 28.3 1.1 Ethylene CFR SE Asia 1,035.0 1,005.0 990.0 1,025.0 1,027.5 925.0 990.0 1,103.7 1,040.9 1,008.8 Change, % 3.0 4.5 1.0 0.7 11.9 4.5 (6.2) (0.6) 2.6 Propylene CFR SE Asia 955.0 915.0 815.0 735.0 760.0 645.0 815.0 770.0 705.7 873.8 Change, % 4.4 17.2 29.9 25.7 48.1 17.2 24.0 35.3 9.3 Butadiene CFR SE Asia 2,.0 2,.0 2,100.0 1,525.0 1,160.0 740.0 2,100.0 877.5 1,116.8 2,550.0 Change, % 0.0 33.3 83.6 141.4 278.4 33.3 219.1 150.7 9.8 Benzene CFR SE Asia 980.0 932.5 822.5 640.0 637.5 537.5 822.5 690.0 646.7 902.5 Change, % 5.1 19.1 53.1 53.7 82.3 19.1 42.0 51.5 8.6 Toluene CFR SE Asia 725.0 725.0 690.0 660.0 635.0 575.0 690.0 700.8 630.5 711.3 Change, % 0.0 5.1 9.8 14.2 26.1 5.1 3.5 15.0 1.9 Xylene CFR SE Asia 715.0 715.0 675.0 650.0 630.0 570.0 675.0 699.3 627.7 697.5 Change, % 0.0 5.9 10.0 13.5 25.4 5.9 2.3 13.9 2.5 Spread Ethylene -Naphtha 522.5 485.0 505.5 569.5 617.0 598.5 505.5 610.6 641.4 501.8 Change, % 7.7 3.4 (8.3) (15.3) (12.7) 3.4 (14.4) (18.5) 4.1 Propylene -Naphtha 442.5 395.0 330.5 279.5 349.5 318.5 330.5 277.0 306.2 366.8 Change, % 12.0 33.9 58.3 26.6 38.9 33.9 59.8 44.5 20.7 Butadiene -Naphtha 2,287.5 2,280.0 1,615.5 1,069.5 749.5 413.5 1,615.5 384.5 717.3 2,043.0 Change, % 0.3 41.6 113.9 205.2 453.2 41.6 495.0 218.9 12.0 Benzene -Naphtha 467.5 412.5 338.0 184.5 227.0 211.0 338.0 197.0 247.2 395.5 Change, % 13.3 38.3 153.4 105.9 121.6 38.3 137.3 89.1 18.2 Toluene -Naphtha 212.5 205.0 205.5 204.5 224.5 248.5 205.5 207.8 231.0 204.3 Change, % 3.7 3.4 3.9 (5.3) (14.5) 3.4 2.3 (8.0) 4.0 Xylene -Naphtha 202.5 195.0 190.5 194.5 219.5 243.5 190.5 206.3 228.2 190.5 Change, % 3.8 6.3 4.1 (7.7) (16.8) 6.3 (1.8) (11.3) 6.3 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 1,142.5 1,142.5 1,142.5 1,150.0 1,125.0 1,075.0 1,142.5 1,230.1 1,134.6 1,142.5 Change, % 0.0 0.0 (0.7) 1.6 6.3 0.0 (7.1) 0.7 0.0 MEG CFR SE Asia 917.5 915.0 847.5 657.5 625.0 572.5 847.5 780.8 660.8 895.0 Change, % 0.3 8.3 39.5 46.8 60.3 8.3 17.5 38.9 2.5 PVC CFR SE Asia 910.0 900.0 920.0 920.0 890.0 725.0 920.0 820.8 823.4 905.0 Change, % 1.1 (1.1) (1.1) 2.2 25.5 (1.1) 10.9 10.5 0.6 PP CFR SE Asia 1,042.5 1,042.5 1,032.5 1,020.0 1,002.5 820.0 1,032.5 1,109.8 978.4 1,040.0 Change, % 0.0 1.0 2.2 4.0 27.1 1.0 (6.1) 6.5 0.2 2-EH CFR Korea 900.0 890.0 865.0.0 775.0 685.0 865.0 930.1 772.4 883.8 Change, % 1.1 4.0 12.5 16.1 31.4 4.0 (3.2) 16.5 1.8 ABS CFR SE Asia 1,780.0 1,760.0 1,635.0 1,460.0 1,380.0 1,100.0 1,635.0 1,431.1 1,347.1 1,726.3 Change, % 1.1 8.9 21.9 29.0 61.8 8.9 24.4 32.1 3.1 SBR CFR SE Asia 3,000.0 2,950.0 2,000.0 1,900.0 1,405.0 1,210.0 2,000.0 1,332.1 1,483.0 2,587.5 Change, % 1.7 50.0 57.9 113.5 147.9 50.0 125.2 102.3 15.9 SM CFR SE Asia 1,332.5 1,275.0 1,205.0 1,040.0 1,007.5 905.0 1,205.0 1,100.7 1,064.6 1,263.8 Change, % 4.5 10.6 28.1 32.3 47.2 10.6 21.1 25.2 5.4 Caustic FOB NEA 417.5 417.5 422.5 360.0 325.0 285.0 422.5 296.8 316.6 418.8 Change, % 0.0 (1.2) 16.0 28.5 46.5 (1.2) 40.7 31.9 (0.3) PX CFR SE Asia 877.5 865.0 855.0 797.5 787.5 705.0 855.0 842.9 790.4 865.0 Change, % 1.4 2.6 10.0 11.4 24.5 2.6 4.1 11.0 1.4 PO CFR China 1,662.5 1,557.5 1,582.5 1,607.5 1,872.5 995.0 1,562.5 1,683.4 1,396.8 1,576.9 Change, % 6.7 5.1 3.4 (11.2) 67.1 6.4 (1.2) 19.0 5.4 Caprolactam CFR SE Asia 2,050.0 2,030.0 1,850.0 1,425.0 1,425.0 1,250.0 1,850.0 1,581.5 1,344.9 1,967.5 Change, % 1.0 10.8 43.9 43.9 64.0 10.8 29.6 52.4 4.2 PTA CFR SE Asia 667.5 660.0 642.5 622.5 620.0 555.0 642.5 648.0 613.7 656.9 Change, % 1.1 3.9 7.2 7.7 20.3 3.9 3.0 8.8 1.6 Spread HDPE 630.0 622.5 658.0 694.5 714.5 748.5 658.0 737.1 735.1 635.5 Change, % 1.2 (4.3) (9.3) (11.8) (15.8) (4.3) (14.5) (14.3) (0.9) MEG 405.0 395.0 363.0 202.0 214.5 246.0 363.0 287.8 261.3 388.0 Change, % 2.5 11.6 100.5 88.8 64.6 11.6 40.7 55.0 4.4 PVC 397.5 380.0 435.5 464.5 479.5 398.5 435.5 327.8 423.9 398.0 Change, % 4.6 (8.7) (14.4) (17.1) (0.3) (8.7) 21.3 (6.2) (0.1) PP 530.0 522.5 548.0 564.5 592.0 493.5 548.0 616.8 578.9 533.0 Change, % 1.4 (3.3) (6.1) (10.5) 7.4 (3.3) (14.1) (8.5) (0.6) 2-EH 387.5 370.0 380.5 344.5 364.5 358.5 380.5 437.0 372.9 376.8 Change, % 4.7 1.8 12.5 6.3 8.1 1.8 (11.3) 3.9 2.9 ABS 1,267.5 1,240.0 1,150.5 1,004.5 969.5 773.5 1,150.5 938.1 947.6 1,219.3 Change, % 2.2 10.2 26.2 30.7 63.9 10.2 35.1 33.8 4.0 SBR BD spread 200.0 150.0 (100.0) 375.0 245.0 470.0 (100.0) 454.7 366.2 37.5 Change, % 33.3 (300.0) (46.7) (18.4) (57.4) (300.0) (56.0) (45.4) 433.3 SM 820.0 755.0 720.5 584.5 597.0 578.5 720.5 607.7 665.1 756.8 Change, % 8.6 13.8 40.3 37.4 41.7 13.8 34.9 23.3 8.4 Caustic Change, % PX 365.0 345.0 370.5 342.0 377.0 378.5 370.5 349.9 390.9 358.0 Change, % 5.8 (1.5) 6.7 (3.2) (3.6) (1.5) 4.3 (6.6) 2.0 PO propylene sprea 707.5 642.5 767.5 872.5 1,112.5 350.0 747.5 913.4 691.1 703.1 Change, % 10.1 (7.8) (18.9) (36.4) 102.1 (5.4) (22.5) 2.4 0.6 Caprolactam benzene spread 1,070.0 1,097.5 1,027.5 785.0 787.5 712.5 1,027.5 891.6 698.2 1,065.0 Change, % (2.5) 4.1 36.3 35.9 50.2 4.1 20.0 53.3 0.5 PTA px spread 53.3 54.5 44.0 64.3 68.8 61.5 44.0 58.0 60.4 51.4 Change, % (2.3) 21.0 (17.1) (22.5) (13.4) 21.0 (8.2) (11.9) 3.6 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용
Global peers ##### Currency 02/01 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 60.3 1.1 0.1 5.4 12.1 12.4 41.6 5.4 73,457 16.6 14.7 2.7 2.6 9.3 8.4 Du Pont USD 76.3 1.1 (0.4) 4.0 11.5 10.1 43.2 4.0 66,366 23.4 20.6 7.0 4.0 12.9 11.6 Eastman USD 78.3 1.0 (1.4) 4.1 8.6 20.1 29.5 4.1 11,491 11.6 10.6 2.5 2.2 8.4 8.1 BASF EUR 89.9 0.8 (0.2) 1.8 14.3 28.3 48.6 1.8 88,768 18.8 17.1 2.7 2.6 9.3 8.5 Akzo Nobel EUR 63.4 0.9 (1.6) 6.7 9.0 9.5 9.3 6.7 17,186 15.2 15.0 2.4 2.2 8.2 8.0 Arkema EUR 92.7 1.4 (2.1) (0.3) 6.9 23.0 65.8 (0.3) 7,547 17.6 15.1 1.8 1.8 7.1 6.5 Lanxess EUR 67.2 0.0 (0.9) 7.7 17.2 59.3 77.3 7.7 6,611 26.7 21.6 2.5 2.2 7.6 6.5 Sumitomo Chemical JPY 605 0.3 7.3 8.8 21.5 44.7 (0.7) 8.8 8,827 14.9 11.9 1.3 1.2 8.5 7.7 Mitsubishi Chemical JPY 799 1.2 3.0 5.4 15.1 45.8 18.6 5.4 10,604 9.2 10.3 1.1 1.0 6.7 6.3 Shin-Etsu Chemical JPY 9,766 (0.5) (0.2) 7.7 22.6 38.2 58.8 7.7 37,190 24.5 21.1 2.0 1.9 10.3 9.0 Asahi Kasei JPY 1,052 (0.3) (0.3) 3.2 11.5 36.8 34.5 3.2 13,004 14.8 14.0 1.3 1.3 6.9 6.5 JSR JPY 1,981 2.1 (3.3) 7.5 24.7 40.5 12.6 7.5 3,947 19.4 17.4 1.2 1.2 9.0 7.3 Nitto Denko JPY 9,450 5.7 3.3 5.4 27.1 39.5 36.3 5.4 14,471 27.5 22.6 2.4 2.3 11.2 9.7 SABIC SAR 96.4 0.8 0.5 5.3 14.0 17.7 39.5 5.3 77,068 17.3 15.8 1.8 1.7 8.1 7.6 Yansab SAR 58.8 (0.1) (1.1) 8.0 30.5 40.6 95.5 8.0 8,817 15.3 15.8 2.1 2.0 9.1 9.4 Formosa Plastics TWD 90.2 0.0 0.0 1.1 6.1 15.3 18.4 1.1 18,338 17.1 15.8 1.9 1.8 27.8 23.0 Formosa Fiber TWD 96.8 0.0 0.0 0.5 3.0 16.1 34.6 0.5 18,120 14.4 14.1 1.9 1.8 12.6 12.3 Nan Ya Plastics TWD 73.5 0.0 0.0 3.2 13.3 19.3 24.6 3.2 18,616 16.4 17.6 1.7 1.7 18.9 16.7 Sinopec Shanghai CNY 6.80 0.0 0.0 5.6 14.9 14.7 33.6 5.6 9,420 13.9 14.8 3.1 2.7 7.3 8.2 Sinopec Yizheng(FibeCNY 3.85 0.0 (0.3) (6.1) (2.8) 2.1 (36.3) (6.1) 7,165 #N/A N/A #N/A N/A 3.0 3.2 #N/A N/A 30.2 Reliance INR 1,050 0.4 3.2 (3.0) (0.1) 4.0 1.9 (3.0) 50,521 11.3 11.1 1.2 1.1 10.1 8.4 Industries Qatar QAR 115.5 0.9 (3.3) (1.7) 11.6 9.6 10.0 (1.7) 19,190 18.9 17.3 2.1 2.1 48.7 55.0 PTT Chemical THB 66.5 (1.8) (2.9) 5.6 11.3 9.9 28.5 5.6 8,444 12.4 11.4 1.5 1.4 6.1 5.7 Petronas MYR 7.1 0.0 (0.4) 2.1 2.1 7.4 (0.8) 2.1 12,877 20.5 18.1 2.2 2.0 10.3 9.2 LG화학 KRW 272, 4.0 3.4 4.4 11.5 6.0 (5.7) 4.4 16,651 0.0 0.0 0.0 0.0 0.0 0.0 롯데케미칼 KRW 388, 3.2 (0.6) 5.3 32.1 22.6 40.0 5.3 11,526 0.0 7.8 0.0 1.5 0.0 4.7 한화케미칼 KRW 26, 1.9 (0.7) 7.7 0.4 2.5 2.9 7.7 3,795 0.0 5.6 0.0 0.8 0.0 6.3 금호석유 KRW 81, (0.6) 0.6 (0.2) 19.4 33.7 51.8 (0.2) 2,215 0.0 22.2 0.0 1.7 0.0 12.3 SKC KRW 31,750 2.3 3.6 (3.8) 15.9 5.1 1.3 (3.8) 1,032 0.0 15.9 0.0 0.8 0.0 9.7 국도화학 KRW 52,900 1.3 (2.6) (3.6) (0.9) (7.2) (10.3) (3.6) 266 0.0 0.0 0.0 0.0 0.0 0.0 효성 KRW 8,280 0.4 (0.8) 21.8 44.8 93.7 226.6 21.8 4,089 0.0 7.9 0.0 1.2 0.0 6.8 Average 0.9 0.1 3.9 13.8 23.3 33.3 3.9 Refinery Valero USD 65.4 (0.6) (4.3) (4.3) 9.9 26.6 (4.8) (4.3) 29,591 17.8 12.2 1.5 1.4 6.9 5.6 Conoco Phillips USD 48.5 (0.5) (4.3) (3.3) 11.4 22.4 25.6 (3.3) 60,093 #N/A N/A 122.8 1.7 1.7 16.6 7.6 Formosa PetrochemicTWD 106.5 0.0 0.0 (4.9) 2.4 16.5 29.1 (4.9) 32,400 16.7 17.6 3.5 3.3 11.2 11.9 Tesoro USD 81.0 0.2 (1.3) (7.4) (2.6) 8.6 (7.7) (7.4) 9,465 19.6 12.9 1.8 1.4 7.8 5.6 Marathon Petroleum USD 47.7 (0.7) (3.9) (5.2) 12.7 23.0 14.2 (5.2) 25,182 24.4 14.1 1.9 1.8 10.0 7.4 Devon Energy USD 45.5 0.0 (2.0) (0.3) 20.8 26.8 74.8 (0.3) 23,845 #N/A N/A 27.0 3.9 3.5 14.8 10.0 Hollyfrontier USD 28.1 (2.9) (8.9) (14.2) 10.5 13.8 (21.3) (14.2) 4,964 42.9 13.2 1.0 1.1 11.0 5.9 Phillips 66 USD 80.8 (1.1) (5.0) (6.6) 0.6 8.7 1.6 (6.6) 42,059 26.1 15.2 1.9 1.8 12.2 8.4 Murphy Oil USD 28.8 (0.2) (10.4) (7.4) 10.2 12.5 56.7 (7.4) 4,966 #N/A N/A 60.3 0.9 1.0 8.5 4.9 JX Holdings JPY 531.9 (0.1) 1.5 7.5 29.8 38.0 16.0 7.5 11,698 10.9 8.9 0.8 0.8 8.2 7.8 Idemitsu JPY 3,580.0 2.4 4.8 15.3 49.4 71.5 97.7 15.3 5,048 8.9 8.1 1.0 0.9 7.8 7.2 Tonengeneral JPY 1,333.0 0.3 2.1 8.2 30.9 44.9 35.7 8.2 4,300 12.0 11.1 1.9 1.8 7.4 6.7 Nesteoil EUR 31.9 (1.1) (1.6) (12.5) (19.6) (7.7) 11.1 (12.5) 0 10.7 12.4 2.2 2.0 6.5 7.4 Ashland USD 119.4 0.3 2.5 9.3 7.0 3.6 27.7 9.3 7,429 17.4 26.8 2.7 2.1 8.7 11.7 Fuchs Petrolub EUR 42.6 0.7 (2.1) 6.8 5.4 9.7 11.9 6.8 6,177 23.5 22.6 4.9 4.4 14.0 13.5 SK이노베이션 KRW 158, 1.0 (2.2) 8.2 1.6 5.7 17.8 8.2 12,686 0.0 7.2 0.0 0.9 0.0 4.1 S-Oil KRW 81,200 0.1 (2.4) (4.1) 0.2 4.0 (0.2) (4.1) 7,913 0.0 7.0 0.0 1.5 0.0 4.9 GS KRW 51,700 1.4 0.6 (4.4) (1.1) 7.0 1.0 (4.4) 4,158 0.0 6.2 0.0 0.7 0.0 8.0 Average (0.0) (1.9) (1.0) 9.5 17.7 20.4 (1.0) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임
Global peers ##### Currency 02/01 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 83 (1.1) (2.8) (8.1) (0.8) (3.4) 8.7 (8.1) 343,927 38.4 20.0 2.0 2.0 12.5 8.2 BP GBP 473 0.0 (3.1) (7.2) 2.3 13.0 28.9 (7.2) 116,367 36.7 14.9 1.3 1.3 8.0 5.4 Shell EUR 2,137 (0.5) (3.0) (4.7) 1.0 13.2 43.0 (4.7) 224,804 26.2 14.4 1.2 1.2 9.1 6.3 Chevron USD 111 (0.3) (5.3) (5.7) 4.2 12.0 30.1 (5.7) 209,542 80.0 24.1 1.4 1.5 12.1 6.9 Total EUR 47 0.1 (2.7) (4.1) 8.0 11.0 16.8 (4.1) 123,263 15.1 12.1 1.2 1.2 7.8 5.9 Sinopec CNY 6 0.0 (0.3) 11.5 20.6 25.6 40.2 11.5 104,416 16.9 13.6 1.0 1.0 5.6 5.0 Petrochina CNY 9 0.0 (1.0) 8.8 18.0 19.8 19.3 8.8 220,740 227.6 29.6 1.3 1.3 8.0 6.9 CNOOC CNY 13 0.0 0.2 0.4 5.3 6.9 8.3 0.4 7,483 #N/A N/A 163.0 1.7 1.7 #N/A N/A 16.7 Gazprom RUB 150 (0.1) 1.4 (3.2) 5.4 9.3 11.8 (3.2) 58,829 3.7 4.0 0.3 0.3 4.2 3.8 Rosneft RUB 402 0.2 4.6 (0.3) 13.2 23.3 48.8 (0.3) 70,660 15.8 8.5 1.3 1.1 5.6 4.2 Anadarko USD 68 (1.7) (3.3) (2.0) 14.0 31.8 78.7 (2.0) 38,206 #N/A N/A 140.4 2.3 2.5 13.6 8.5 Petrobras BRL 15 0.0 (6.4) 1.0 (10.9) 33.5 218.2 1.0 64,780 #N/A N/A 12.9 0.8 0.8 6.7 5.7 Lukoil USD 3,375 0.1 5.0 (2.1) 8.7 16.9 32.5 (2.1) 47,410 8.3 6.2 0.7 0.6 N/A N/A Kinder USD 22 (0.5) (1.6) 7.3 10.0 13.7 46.3 7.3 47,497 32.8 32.5 1.4 1.4 12.2 12.2 Statoil NOK 154 0.7 (3.3) (2.5) 14.4 17.0 35.2 (2.5) 60,724 131.1 17.5 1.5 1.5 5.1 3.4 BHP AUD 27 1.7 (2.9) 8.1 18.8 37.7 77.6 8.1 104,269 15.7 16.7 1.8 1.8 6.7 7.2 PTT E&P THB 99 0.8 4.5 2.6 17.9 20.8 73.2 2.6 11,160 24.3 16.7 1.0 0.9 3.6 3.3 Petronas gas MYR 21 0.0 2.9 (2.0) (5.2) (5.8) (8.7) (2.0) 9,327 23.6 23.1 3.5 3.3 13.4 13.3 Chesapeake USD 6 (0.8) (10.2) (8.8) 19.4 25.7 99.4 (8.8) 5,679 #N/A N/A 8.0 #N/A N/A #N/A N/A 14.1 8.6 Noble Energy USD 39 (0.8) (0.8) 3.7 12.3 14.7 24.7 3.7 16,956 #N/A N/A #N/A N/A 1.8 1.8 10.7 8.4 Average 0 (0.1) (1.4) (0.4) 8.8 16.8 46.7 (0.4) PV WACKER EUR 109.2 (2.2) (2.5) 10.4 33.9 33.7 68.6 10.4 6,121 33.3 21.1 2.4 2.3 6.3 5.7 GCL-Poly HKD 1.0 (1.0) 1.0 7.5 (3.8) (7.4) 0.0 7.5 2,396 7.3 7.1 0.8 0.7 5.8 5.5 SunPower USD 6.7 1.2 (2.9) 1.7 (6.3) (53.7) (73.6) 1.7 930 #N/A N/A #N/A N/A 0.7 0.9 14.8 12.8 Canadian Solar USD 12.0 2.1 (4.9) (1.8) (18.4) (19.0) (41.4) (1.8) 687 7.6 5.8 0.7 0.6 10.8 7.9 JA Solar USD 4.7 2.4 (2.3) (1.9) (19.6) (38.6) (46.9) (1.9) 222 5.8 #N/A N/A 0.2 0.2 3.5 5.3 Trina Solar USD 10.1 1.1 0.9 8.6 (3.3) (2.2) 10.1 8.6 934 9.7 42.1 0.7 0.7 6.8 9.2 Solar City USD 20.3 0.0 0.0 0.0 6.7 (17.7) (39.8) 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 2.7 0.4 (5.3) 2.3 (29.8) (32.5) (38.7) 2.3 48 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 13.0 66.3 First Solar USD 31.8 1.9 (3.4) (0.9) (22.6) (32.9) (54.0) (0.9) 3,303 6.7 79.9 0.6 0.6 3.5 7.3 한화큐셀 USD 7.8 (0.3) (6.7) (4.9) (27.7) (43.2) (55.8) (4.9) 652 5.6 25.4 #N/A N/A #N/A N/A 5.7 8.8 OCI KRW 89,700 4.5 0.1 14.0 (2.5) (6.4) 34.9 14.0 1,852 0.0 9.0 0.0 0.7 0.0 8.3 웅진에너지 KRW 5,070 1.6 0.2 7.1 (6.3) (40.6) (61.2) 7.1 100 N/A 0.0 0.7 0.0 8.3 0.0 신성솔라에너지 KRW 2,040 1.5 0.0 (7.7) (23.0) (15.4) 25.4 (7.7) 305 N/A 0.7 0.0 8.3 0.0 7.9 Average 1.0 (1.8) 2.5 (8.8) (19.7) (19.5) 2.5 Gas Company Towngas China HKD 4.2 0.0 (3.4) 3.9 (0.7) (11.5) 11.3 3.9 1,482 9.4 9.1 0.8 0.7 10.2 10.0 Kulun HKD 6.1 (1.4) (1.0) 5.7 4.8 4.4 7.9 5.7 6,377 11.0 10.9 1.0 0.9 4.6 4.7 Beijing Enterprise HKD 38.3 (1.4) (2.3) 4.4 (2.5) (16.1) (2.3) 4.4 6,222 7.7 7.2 0.8 0.7 15.4 14.0 ENN Energy HKD 38.6 0.4 0.8 20.8 3.9 2.7 5.8 20.8 5,378 12.4 11.4 2.3 2.0 7.9 7.4 China Resources GasHKD 24.0 (2.4) (2.6) 10.1 (1.8) 4.6 18.8 10.1 6,879 14.9 13.6 2.7 2.3 10.0 9.1 China Gas Holdings HKD 11.4 1.1 0.4 8.2 (5.2) (7.9) 13.8 8.2 7,151 13.9 12.3 2.6 2.3 11.6 10.3 Shenzen Gas HKD 11.1 (0.4) 0.2 (1.4) (7.5) (0.9) (8.7) (1.4) 2,811 11.3 10.6 1.1 1.0 8.3 7.9 Shann Xi CNY 9.4 0.0 0.0 (1.8) (7.9) (8.2) 10.3 (1.8) 1,523 18.7 16.8 1.9 1.8 10.2 9.3 Suntien HKD 1.2 0.8 (2.4) 21.0 14.2 34.4 40.7 21.0 579 9.1 7.4 0.5 0.5 9.6 8.0 China Oil & Gas HKD 0.6 3.3 1.6 1.6 5.1 6.9 42.5 1.6 465 9.1 8.9 1.1 1.0 5.9 5.2 Average (0.0) (0.9) 7.3 0.2 0.8 14.0 7.3 EV LG화학 KRW 272, 4.0 3.4 4.4 11.5 6.0 (5.7) 4.4 16,651 14.2 12.0 1.4 1.3 6.0 5.4 삼성SDI KRW 118,000 2.2 4.9 8.3 24.7 9.3 26.2 8.3 7,024 50.0 18.1 0.8 0.7 #N/A N/A 9.3 Panasonic JPY 1185.0 0.6 (0.2) (0.4) 15.5 26.0 4.0 (0.4) 25,618 17.6 14.3 1.6 1.4 5.6 5.0 GS Yuasa JPY 466.0 (0.4) 0.2 (4.1) 1.5 15.6 10.4 (4.1) 1,698 15.5 13.8 1.2 1.1 6.5 6.1 NEC JPY 267.0 2.3 (15.8) (13.9) (7.3) 6.0 (16.3) (13.9) 6,129 11.5 11.9 0.9 0.8 7.0 6.3 BYD Auto CNY 48.7 0.0 (0.4) (2.0) (13.7) (17.4) 0.2 (2.0) 17,955 26.1 22.5 2.6 2.4 12.7 11.3 Tesla Motors USD 249.2 (1.1) (2.1) 16.6 30.6 8.4 26.6 16.6 40,150 #N/A N/A #N/A N/A 13.8 12.7 71.7 37.2 Kandi Technologies USD 4.2 (1.2) (3.4) (14.3) (14.3) (39.7) (46.4) (14.3) 200 #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 0.8 (1.7) (0.7) 6.1 1.8 (0.1) (0.7) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임