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 3 일 News WTI comment 호재와악재공방에혼조 WTI 0.5% Conclusion Headline [ 주간가격 ] 에틸렌, 5 월물수급불투명속 NEA, SEA 모두플랫에틸렌파생품의 rebound 로스팟수요는늘어날가능성있음 News 1. [ 주간가격 ] MEG, 다운스트림수요의약세로 15$/mt 하락엔드유저와항구재고소진없이는가격수준유지하기힘들것 News 2. [ 주간가격 ] 부타디엔, 수요약세로 WoW 50$/mt 하락초과공급속 buy-sell 갭의확대로트레이딩물량자체가줄어든것 News 3. [ 주간가격 ] SBR, 트레이딩물량이감소속 WoW 55 ~ 60$/mt 하락동중국항재고가 17.62 만톤수준으로여전히높아부담으로작용 News 4. [ 주간가격 ] PTA, 중국공휴일앞두고 WoW 5$/mt 하락 Ningbo 지역 60 만톤 / 년규모공장정기보수로중국지역공급감소전망 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 50.6 0.5 5.5 (3.8) (5.8) 37.5 Ethylene 03/27 $/t 1,045 (2.8) (11.8) 5.6 (9.1) Dubai $/bbl 50.8 0.1 3.7 (7.4) (5.7) 40.2 Propylene 03/27 $/t 795 (8.1) (23.7) (2.5) 22.3 Gasoline $/bbl 66.3 1.1 5.3 1.6 (5.0) 26.7 Benzene 03/27 $/t 785 (5.4) (20.9) (4.6) 26.1 Diesel $/bbl 62.7 0.5 4.2 (6.1) (4.2) 40.1 Toluene 03/27 $/t 690 0.0 (8.6) 0.0 5.3 Complex margin $/bbl 7.6 0.3 0.8 2.0 (0.6) 1.5 Xylene 03/27 $/t 710 (1.4) (2.7) 5.2 12.7 $/bbl 3.2 0.4 2.1 (2.8) (14.2) (7.2) PP 03/27 $/t 1,078 (2.7) (5.7) 4.4 5.1 Petrochemical % % % % % PVC 03/27 $/t 935 (0.5) (0.5) 1.6 17.6 Naphtha $/t 469 0.0 3.1 (3.4) (5.5) 21.2 ABS 03/27 $/t 1,730 (3.9) (10.8) 5.8 30.6 Butadiene $/t 1,750 (1.7) (16.7) (39.7) (21.9) 68.3 SBR 03/27 $/t 2, (5.3) (11.9) 30.0 79.9 HDPE $/t 1,165 0.0 0.4 1.3 0.0 (0.4) SM 03/27 $/t 1,235 (4.3) (13.0) 2.5 7.6 MEG $/t 740 (0.3) (2.0) (9.5) (18.5) 6.0 BPA 03/27 $/t 1,485 3.7 4.6 (6.2) 9.2 PX $/t 818 (0.2) (1.8) (8.1) (3.6) 3.3 Caustic 03/27 $/t 446 0.0 2.3 5.6 59.3 SM $/t 1,159 0.8 1.1 (15.8) (0.9) 5.0 2-EH 03/27 $/t 1,045 4.0 7.7 20.8 32.3 Commodity % % % % % Caprolactam 03/27 $/t 2,270 (1.3) (1.5) 22.7 83.1 Natural Gas $/mmbtu 3.19 (0.0) 1.2 8.5 (10.0) 20.8 Solar % % % % Natural rubber $/t 1,710 (5.5) (8.1) (17.8) (11.9) 30.5 Polysilicon 03/29 $/kg 14.6 (5.4) (9.7) (3.9) 1.3 Cotton C/lbs 77.3 1.4 (0.2) 0.1 9.5 30.6 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 82.0 (2.0) 1.0 (0.5) (9.1) (1.9) BASF EUR 92.8 0.1 2.9 2.9 5.1 40.3 Shell EUR 2,096 (1.3) 0.6 (1.9) (6.5) 24.5 Dow Chemical USD 63.5 (1.0) 0.7 0.4 11.0 24.9 Petrochina CNY 7.87 0.1 (1.1) (2.1) (1.0) 3.4 SABIC SAR 96.8 0.0 1.0 (0.3) 5.8 29.4 Gazprom RUB 127.9 (0.5) (1.7) (5.1) (17.2) (13.4) Formosa Pla. TWD 90.5 (1.2) (2.6) 0.9 1.5 13.4 Petrobras BRL 14.5 0.3 7.5 (5.4) (2.6) 73.5 Shin-Etsu JPY 9,644 (0.4) 0.1 (1.6) 6.4 65.6 Refinery Renewable Phillips66 USD 79.2 0.8 2.5 1.1 (8.3) (8.5) Wacker EUR 96.6 (0.2) (2.1) (8.0) (2.3) 24.8 Valero USD 66.3 0.1 0.8 0.3 (3.0) 3.4 First Solar USD 27.10 (1.3) (4.3) (21.7) (15.6) (60.4) JX JPY 546.7 (1.2) 1.9 1.8 10.5 26.0 Trina Solar USD 11.5 0.0 0.0 6.7 24.1 16.1 Neste Oil EUR 36.6 (0.9) 0.8 7.8 0.2 26.4 Tesla Motors USD 278.3 0.1 5.8 10.6 30.2 21.1 4. Coverage Summary 03/31 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 2,160 (0.2) (0.4) 3.3 6.6 4.4 7.9 * 추정치는 12M fwd 기준임 KOSPI 화학 5,145 0.1 1.2 (0.2) 0.6 (1.9) (7.8) * 모든 coverage 업체의실적은연결기준임 LG 화학 294,000 (1.0) 2.6 3.9 12.6 20.5 (11.2) 매수 350,000 19.0 11.02 1.52 롯데케미칼 370, 1.8 4.4 1.6 0.4 23.1 6.0 매수 410,000 10.7 9.40 1.42 한화케미칼 26,400 0.6 4.6 4.1 6.9 10.0 7.1 매수 28,000 6.1 9.53 0.79 금호석유화학 78, 0.4 4.4 2.7 (3.9) 11.6 34.9 매수 100,000 26.9 13.07 1.47 KCC 354,000 0.0 (0.4) 2.2 (1.5) (10.2) (13.3) 매수,000 41.2 13.91 0.54 OCI 84,700 0.8 0.4 (4.9) 7.6 (11.4) (19.3) 매수 100,000 18.1 15.64 0.64 SKC 30, 0.7 0.8 (2.1) (6.7) 7.7 (5.5) 매수 40,000 29.9 9.80 0.75 국도화학 49,250 0.1 0.7 (4.0) (10.3) (14.2) (27.5) 매수 70,000 42.1 10.35 0.61 SK 이노베이션 166, 1.2 1.8 7.8 13.7 3.1 (2.1) 매수 180,000 8.1 9.10 0.93 S-Oil 100, 1.6 4.6 16.3 18.7 24.8 4.3 매수 100,000 (0.5) 12.96 1.70 GS 59,100 2.2 3.9 6.5 9.2 10.5 1.2 매수 65,000 10.0 9.33 0.94 SK 가스 12 (0.4) (3.2) 14.7 (6.6) 15.8 52.2 매수 130,000 7.4 9.67 0.90 포스코대우 23,850 5.1 4.4 (2.9) (11.7) (6.3) 12.5 매수 29,000 21.6 9.66 1.10 LG 상사 32,200 1.6 6.3 (1.2) 10.1 (10.3) (8.9) 매수 42,000 30.4 11.06 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 ($/bbl) 70 WTI Dubai 5,300 4,900 4, 2,100 2,000 60 50 4,100 3,700 1,900 40 30 3,300 15/05 15/09 15/12 16/03 16/06 16/09 16/12 1, 17/03 20 15/04 15/08 15/12 16/04 16/08 16/12 Complex & margin ($/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 ($/kg) PolySilicon Silicon Module 22 21 20 19 18 17 16 15 14 13 12 15/03 15/09 16/02 16/08 17/01 Butadiene price & naphtha spread Butadiene 3, 3,000 2, 2,000 1, ($/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 : Platts) WTI Comment ( 출처 : 연합뉴스 ) 제목 [ 주간가격 ] 에틸렌, 5 월물수급불투명속 NEA, SEA 모두플랫제목호재와악재공방에혼조 WTI 0.5% 결론에틸렌파생품의 rebound 로스팟수요는늘어날가능성있음상승산유국의감산합의예외인정받았던나이지리아, 리비아원유공급차질 요인 1) 이번주에틸렌트레이딩은다소조용한모습을보이며가격도 stable 2) 다운스트림가동감소로동남아發 4월인도분은초과공급전망됨 3) 5월물은 ExxonMobil싱가폴스팀크래커정기보수로스팟물량감소전망 하락 베이커휴, " 지난주美가동중 rig가 662개로 1주일새 10개가증가 " 4) 40만t/ 년규모의 Sinopec 난징스팀크래커가화재로가동을중단함 요인 5) 에틸렌파생품의 rebound로스팟수요는늘어날가능성있음 Issue 1 ( 출처 : Platts) Issue 2 ( 출처 : Platts) 제목 [ 주간가격 ] MEG, 다운스트림수요의약세로 15$/mt 하락제목 [ 주간가격 ] 부타디엔, 수요약세로 WoW 50$/mt 하락 결론엔드유저와항구재고소진없이는가격수준유지하기힘들것결론초과공급속 buy-sell 갭의확대로트레이딩물량자체가줄어든것 1) CFR China MEG는 WoW 1$/mt 하락해 740$/mt로금요일마감함 1) FOB Korea 기준 1,750$/mt, CFR China 기준 1,$/mt으로마감함 2) 관계자, " 폴리에스터생산자들로부터의수요약세가가장큰원인 " 2) Buying 인디케이션 1, ~ 1,700$/mt, Selling 인디케이션 1,$/mt 3) 가격이급락했지만재고수준이지나치게높아구매동기가떨어짐 3) Yangzi 석유화학연 12만톤, 10만톤규모공장셧다운돌입함 4) 위안화강세로수출타격을입어동중국항재고가 64만톤으로유지됨 4) 한편말레이시아롯켐은스팀크래커 2기정기보수마치고재가동 5) 엔드유저와항구재고소진없이는가격수준유지하기힘들것 5) 초과공급속 buy-sell 갭의확대로트레이딩물량자체가줄어든것 Issue 3 ( 출처 : Platts) Issue 4 ( 출처 : Platts) 제목 [ 주간가격 ] SBR, 트레이딩물량이감소속 WoW 55 ~ 60$/mt 하락제목 [ 주간가격 ] PTA, 중국공휴일앞두고 WoW 5$/mt 하락 결론동중국항재고가 17.62 만톤수준으로여전히높아부담으로작용결론 Ningbo 지역 60 만톤 / 년규모공장정기보수로중국지역공급감소전망 1) 금요일 SBR은 WoW 60$/mt 하락한 2,395$/mt로마감함 1) CFR China 기준 WoW 5$/mt 하락해 643$/mt 기록함 2) 오퍼가격은알려진바없지만 Selling 인디케이션이 2,400$/mt 수준 2) 중국공휴일을앞두고선물시장약세로센티먼트가안좋아짐 3) 동남아시아 SBR은 WoW 55$/mt 하락해 2,545$/mt로마감함 3) 관계자, " 마진콜이올라가며 PTA 포지션청산물량이증가함 " 4) 원재료인아시아 SM이 4개월최저치수준인가운데이번주소폭반등 4) Yisheng 석유화학의 CFR China 오퍼가격은 650$/mt 수준 5) 동중국항재고가 17.62만톤수준으로여전히높아부담으로작용 5) Ningbo 지역 60만톤 / 년규모공장정기보수로중국지역공급감소전망 Issue 5 ( 출처 : Platts) Issue 6 ( 출처 : Platts) 제목 [ 주간가격 ] PX, 1.66$/mt 하락하며 FOB Korea 817.67$/mt 에마감함제목 결론 2 월부터지속된가격하락세는다운스트림재가동되며점차둔화될것결론 1) 다운스트림선물시장약세전환으로아시아 PX 가격하락 1) 2) 브렌트유가격은 25cents/b 상승해 52.70$/b를기록함 2) 3) 관계자, " 마진콜이올라가며 PTA 포지션청산물량이증가함 " 3) 4) 한편, 4월 PX ACP는 835$/mt로조정되는모습을보임 4) 5) 2월부터지속된가격하락세는다운스트림재가동되며점차둔화될것 5)

Commodity Price Data Daily Price Today 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. F/X USD/EUR 0.939 0.937 0.926 0.941 0.951 0.890 0.879 0.951 0.901 0.904 0.938 Change, % 0.2 1.3 (0.3) (1.3) 5.4 6.8 (1.3) 4.1 3.8 0.0 USD/JPY 111.4 111.9 111.3 114.0 117.0 101.4 112.6 117.0 121.1 108.8 113.6 Change, % (0.5) 0.0 (2.3) (4.8) 9.9 (1.0) (4.8) (8.0) 2.4 (2.0) USD/KRW 1,118.5 1,117.4 1,122.7 1,156.3 1,205.8 1,101.1 1,143.4 1,205.8 1,131.2 1,160.5 1,153.2 Change, % 0.1 (0.4) (3.3) (7.2) 1.6 (2.2) (7.2) (1.1) (3.6) (3.0) Agriculture Corn 364.3 357.5 356.3 374.8 352.0 336.8 351.5 352.0 376.8 358.5 364.2 Change, % 1.9 2.2 (2.8) 3.5 8.2 3.6 3.5 (3.3) 1.6 0.0 Soybean 946.0 963.0 975.8 1,027.0 996.5 954.0 910.8 996.5 945.4 987.5 1,019.4 Change, % (1.8) (3.0) (7.9) (5.1) (0.8) 3.9 (5.1) 0.1 (4.2) (7.2) Wheat 426.5 421.0 424.8 433.8 408.0 402.0 473.5 408.0 508.1 436.4 429.3 Change, % 1.3 0.4 (1.7) 4.5 6.1 (9.9) 4.5 (16.1) (2.3) (0.6) Rice 9.9 9.8 9.8 9.3 9.4 9.9 9.7 9.4 11.1 10.3 9.6 Change, % 0.5 1.2 6.1 5.8 0.1 2.1 5.8 (10.5) (4.3) 3.2 Oats 224.3 227.3 246.3 260.5 228.5 178.3 185.5 228.5 250.2 196.3 250.1 Change, % (1.3) (8.9) (13.9) (1.9) 25.8 20.9 (1.9) (10.4) 14.3 (10.3) MYR/mt Palm Oil 2,833.0 2,831.0 2,895.0 3,000.0 3,218.0 2,775.0 2,690.0 3,218.0 2,190.3 2,653.8 3,105.9 Change, % 0.1 (2.1) (5.6) (12.0) 2.1 5.3 (12.0) 29.3 6.8 (8.8) Cocoa 2,095.0 2,096.0 2,131.0 1,989.0 2,126.0 2,761.0 2,950.0 2,126.0 3,091.6 2,854.0 2,081.8 Change, % (0.0) (1.7) 5.3 (1.5) (24.1) (29.0) (1.5) (32.2) (26.6) 0.6 Cotton 77.3 76.2 77.5 77.3 70.7 68.3 58.4 70.7 63.3 65.6 75.3 Change, % 1.4 (0.2) 0.1 9.5 13.2 32.3 9.5 22.2 17.9 2.7 Sugar 16.8 16.8 17.7 19.5 19.5 22.5 15.4 19.5 13.1 18.2 19.6 Change, % (0.3) (5.4) (14.1) (14.1) (25.6) 9.2 (14.1) 27.6 (7.7) (14.4) Coffee 139.3 139.3 137.6 141.3 137.1 151.6 127.5 137.1 132.6 136.1 144.5 Change, % 0.0 1.2 (1.4) 1.6 (8.1) 9.3 1.6 5.0 2.4 (3.6) Energy WTI 50.6 50.4 48.0 53.3 53.7 48.2 38.3 53.7 48.8 43.4 51.9 Change, % 0.5 5.5 (5.1) (5.8) 4.9 32.0 (5.8) 3.6 16.6 (2.5) Brent 52.8 53.0 50.8 55.9 56.8 49.1 39.6 56.8 53.7 45.1 54.7 Change, % (0.2) 4.0 (5.5) (7.0) 7.7 33.4 (7.0) (1.6) 17.2 (3.4) Natural Gas 3.2 3.2 3.1 2.8 3.7 2.9 2.0 3.7 2.6 2.6 3.1 Change, % (0.0) 3.7 12.8 (14.3) 9.8 62.8 (14.3) 21.3 25.0 3.6 Ethanol 1.6 1.6 1.6 1.5 1.6 1.5 1.4 1.6 1.5 1.5 1.5 Change, % 1.8 3.7 9.3 0.5 4.3 12.4 0.5 6.9 6.6 6.0 RBOB Gasoline 170.0 168.1 160.5 165.3 166.5 148.7 142.7 166.5 163.6 140.0 158.6 Change, % 1.1 5.9 2.8 2.1 14.3 19.2 2.1 3.9 21.5 7.2 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 1,249.4 1,242.7 1,243.5 1,234.6 1,152.3 1,315.8 1,232.7 1,152.3 1,160.6 1,248.5 1,219.2 Change, % 0.5 0.5 1.2 8.4 (5.0) 1.3 8.4 7.7 0.1 2.5 Silver 18.3 18.1 17.8 18.0 15.9 19.2 15.4 15.9 15.7 17.1 17.5 Change, % 0.8 2.8 1.6 14.7 (4.8) 18.3 14.7 16.2 6.8 4.6 Platinum 950.6 948.5 964.4 999.8 903.5 1,026.0 975.4 903.5 1,055.7 988.4 980.2 Change, % 0.2 (1.4) (4.9) 5.2 (7.3) (2.5) 5.2 (10.0) (3.8) (3.0) Palladium 798.8 795.8 809.5 775.5 681.0 720.3 564.1 681.0 691.9 614.3 766.9 Change, % 0.4 (1.3) 3.0 17.3 10.9 41.6 17.3 15.5 30.0 4.2 Copper 5,837.5 5,956.0 5,804.0 5,917.0 5,535.5 4,865.0 4,847.0 5,535.5 5,503.1 4,872.0 5,848.5 Change, % (2.0) 0.6 (1.3) 5.5 20.0 20.4 5.5 6.1 19.8 (0.2) Uranium 23.3 24.2 24.7 25.5 20.4 22.4 28.1 20.4 36.9 26.4 24.2 Change, % (3.7) (5.7) (8.8) 14.0 3.8 (17.1) 14.0 (36.9) (12.0) (4.0) HR Coil 630.0 630.0 648.0 620.0 633.0 496.0 480.0 633.0 461.5 519.3 624.0 Change, % 0.0 (2.8) 1.6 (0.5) 27.0 31.3 (0.5) 36.5 21.3 1.0 Scrap 350.0 345.0 350.0 360.0 302.0 220.0 405.0 302.0 252.9 275.7 322.9 Change, % 1.4 0.0 (2.8) 15.9 59.1 (13.6) 15.9 38.4 27.0 8.4 Zinc 2,771.0 2,870.0 2,831.0 2,775.0 2,576.0 2,377.0 1,817.0 2,576.0 1,941.9 2,097.5 2,784.4 Change, % (3.4) (2.1) (0.1) 7.6 16.6 52.5 7.6 42.7 32.1 (0.5) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용

Refining Price Data Daily Price 03/31 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Crude Oil WTI 50.6 50.4 48.0 52.6 53.7 48.2 36.8 53.7 48.8 43.4 51.8 Change, % 0.5 5.5 (3.8) (5.8) 4.9 37.5 (5.8) 3.7 16.7 (2.4) Dubai 50.8 50.7 49.0 54.9 53.8 45.1 36.2 53.8 50.8 41.3 53.1 Change, % 0.1 3.7 (7.4) (5.7) 12.6 40.2 (5.7) (0.0) 22.9 (4.3) Crude Oil Gasoline( 휘발유 ) 66.3 65.6 63.0 65.3 69.8 60.2 52.3 69.8 69.5 56.3 67.8 Product Change, % 1.1 5.3 1.6 (5.0) 10.3 26.7 (5.0) (4.6) 17.9 (2.2) Kerosene( 등유 ) 62.4 62.0 59.7 65.6 66.4 57.8 47.3 66.4 64.7 52.9 64.4 Change, % 0.6 4.5 (4.9) (6.1) 7.9 31.9 (6.1) (3.7) 17.9 (3.1) Diesel( 경유 ) 62.7 62.4 60.2 66.8 65.5 57.7 44.8 65.5 64.8 52.1 64.8 Change, % 0.5 4.2 (6.1) (4.2) 8.7 40.1 (4.2) (3.2) 20.4 (3.2) Bunker-C 46.1 45.7 44.1 48.8 52.1 40.5 27.7 52.1 45.3 35.5 48.8 Change, % 1.1 4.7 (5.5) (11.4) 13.9 66.5 (11.4) 1.9 29.9 (5.5) Naphtha 51.0 51.2 48.5 52.5 53.5 43.1 41.6 53.5 52.6 42.6 54.0 Change, % (0.3) 5.2 (2.8) (4.5) 18.5 22.6 (4.5) (3.0) 19.8 (5.5) Dubai Gasoline( 휘발유 ) 15.6 14.9 14.0 10.5 16.0 15.0 16.1 16.0 18.7 14.9 14.8 Spread Change 0.6 1.5 5.1 (0.5) 0.5 (0.6) (0.5) (3.2) 0.6 0.8 Kerosene( 등유 ) 11.6 11.3 10.7 10.7 12.6 12.7 11.1 12.6 14.0 11.6 11.3 Change 0.3 0.9 0.9 (1.0) (1.1) 0.5 (1.0) (2.4) (0.0) 0.3 Diesel( 경유 ) 12.0 11.7 11.2 11.9 11.7 12.6 8.6 11.7 14.0 10.8 11.8 Change 0.2 0.7 0.0 0.3 (0.6) 3.4 0.3 (2.0) 1.1 0.2 Bunker-C (4.6) (5.1) (4.9) (6.1) (1.8) (4.6) (8.5) (1.8) (5.5) (5.8) (4.3) Change 0.4 0.3 1.4 (2.9) (0.1) 3.9 (2.9) 0.9 1.1 (0.4) Naphtha 0.2 0.4 (0.5) (2.4) (0.4) (2.1) 5.4 (0.4) 1.8 1.3 0.9 Change (0.2) 0.7 2.6 0.6 2.3 (5.1) 0.6 (1.6) (1.0) (0.7) Refining Simple( 단순 ) 2.5 2.2 1.9 0.9 3.8 2.8 0.5 3.8 3.3 1.9 2.5 Margin Change 0.3 0.6 1.6 (1.3) (0.2) 2.0 (1.3) (0.8) 0.6 0.0 Complex( 복합 ) 7.6 7.3 6.8 5.7 8.3 7.7 6.1 8.3 9.3 7.0 7.5 Change 0.3 0.8 2.0 (0.6) (0.1) 1.5 (0.6) (1.6) 0.7 0.2 Complex(lagging) 3.2 2.8 1.1 6.0 17.4 8.0 10.4 18.0 7.3 8.5 7.3 Change 0.4 2.1 (2.8) (14.2) (4.8) (7.2) (14.7) (4.0) (5.2) (4.0) 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 03/31 03/30 03/29 03/28 03/27 03/24 03/23 03/22 03/21 03/20 Spot Price Naphtha CFR Japan 469.0 469.0 464.5 458.9 450.5 451.9 455.0 451.0 464.0 465.0 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 1,045.0 1,045.0 Propylene FOB Korea 841.0 825.0 825.0 840.0 840.0 845.0 843.0 840.0 845.0 845.0 Butadiene FOB Korea 1,750.0 1,780.0 1,780.0 1,.0 1,.0 1,.0 2,100.0 2,100.0 2,100.0 2,100.0 HDPE CFR FE Asia 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 1,150.0 LDPE CFR FE Asia 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 1,230.0 LLDPE CFR FE Asia 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 1,130.0 MEG CFR China 740.0 742.0 750.0 730.0 723.0 755.0 755.0 774.0 788.0 789.0 PP CFR FE Asia 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 1,030.0 PX CFR China 817.7 819.3 815.7 809.7 811.0 823.7 832.7 834.7 847.0 850.2 PTA CFR China 643.0 643.0 645.0 640.0 640.0 648.0 654.0 649.0 649.0 651.0 Benzene FOB Korea 810.0 803.0 804.0 780.0 770.0 729.0 715.0 744.0 783.0 806.0 Toluene FOB Korea 618.5 623.5 629.5 627.0 626.0 631.0 638.0 643.0 651.0 654.0 Xylene FOB Korea 653.5 646.5 646.5 638.5 650.5 660.5 668.0 671.0 674.0 674.0 SM FOB Korea 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 1,264.0 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Spot Price Naphtha CFR Japan 449.0 462.5 507.0 484.5 441.0 383.0 484.5 493.0 399.5 498.0 Change, % (2.9) (11.4) (7.3) 1.8 17.2 (7.3) (8.9) 12.4 (9.8) Ethylene CFR SE Asia 1,045.0 1,075.0 1,185.0 990.0 925.0 1,150.0 990.0 1,103.7 1,040.9 1,085.8 Change, % (2.8) (11.8) 5.6 13.0 (9.1) 5.6 (5.3) 0.4 (3.8) Propylene CFR SE Asia 795.0 865.0 1,042.5 815.0 685.0 650.0 815.0 770.0 705.7 899.6 Change, % (8.1) (23.7) (2.5) 16.1 22.3 (2.5) 3.2 12.7 (11.6) Butadiene CFR SE Asia 1,750.0 2,000.0 2,850.0 2,100.0 1,470.0 1,005.0 2,100.0 877.5 1,116.8 2,544.2 Change, % (12.5) (38.6) (16.7) 19.0 74.1 (16.7) 99.4 56.7 (31.2) Benzene CFR SE Asia 785.0 830.0 992.5 822.5 732.5 622.5 822.5 690.0 646.7 943.3 Change, % (5.4) (20.9) (4.6) 7.2 26.1 (4.6) 13.8 21.4 (16.8) Toluene CFR SE Asia 690.0 690.0 755.0 690.0 662.5 655.0 690.0 700.8 630.5 731.5 Change, % 0.0 (8.6) 0.0 4.2 5.3 0.0 (1.5) 9.4 (5.7) Xylene CFR SE Asia 710.0 720.0 730.0 675.0 655.0 630.0 675.0 699.3 627.7 714.2 Change, % (1.4) (2.7) 5.2 8.4 12.7 5.2 1.5 13.1 (0.6) Spread Ethylene -Naphtha 596.0 612.5 678.0 505.5 484.0 767.0 505.5 610.6 641.4 587.7 Change, % (2.7) (12.1) 17.9 23.1 (22.3) 17.9 (2.4) (7.1) 1.4 Propylene -Naphtha 346.0 402.5 535.5 330.5 244.0 267.0 330.5 277.0 306.2 401.6 Change, % (14.0) (35.4) 4.7 41.8 29.6 4.7 24.9 13.0 (13.8) Butadiene -Naphtha 1,301.0 1,537.5 2,343.0 1,615.5 1,029.0 622.0 1,615.5 384.5 717.3 2,046.2 Change, % (15.4) (44.5) (19.5) 26.4 109.2 (19.5) 238.4 81.4 (36.4) Benzene -Naphtha 336.0 367.5 485.5 338.0 291.5 239.5 338.0 197.0 247.2 445.2 Change, % (8.6) (30.8) (0.6) 15.3 40.3 (0.6) 70.6 35.9 (24.5) Toluene -Naphtha 241.0 227.5 248.0 205.5 221.5 272.0 205.5 207.8 231.0 233.5 Change, % 5.9 (2.8) 17.3 8.8 (11.4) 17.3 16.0 4.3 3.2 Xylene -Naphtha 261.0 257.5 223.0 190.5 214.0 247.0 190.5 206.3 228.2 216.2 Change, % 1.4 17.0 37.0 22.0 5.7 37.0 26.5 14.4 20.7 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 1,182.5 1,142.5 1,150.0 1,195.0 1,142.5 1,230.1 1,134.6 1,152.9 Change, % 0.0 (3.8) (0.4) (1.1) (4.8) (0.4) (7.5) 0.3 (1.3) MEG CFR SE Asia 757.5 822.5 872.5 847.5 735.0 705.0 847.5 780.8 660.8 877.3 Change, % (7.9) (13.2) (10.6) 3.1 7.4 (10.6) (3.0) 14.6 (13.7) PVC CFR SE Asia 935.0 940.0 940.0 920.0 960.0 795.0 920.0 820.8 823.4 922.7 Change, % (0.5) (0.5) 1.6 (2.6) 17.6 1.6 13.9 13.6 1.3 PP CFR SE Asia 1,077.5 1,107.5 1,142.5 1,032.5 1,015.0 1,025.0 1,032.5 1,109.8 978.4 1,084.4 Change, % (2.7) (5.7) 4.4 6.2 5.1 4.4 (2.9) 10.1 (0.6) 2-EH CFR Korea 1,045.0 1,005.0 970.0 865.0 840.0 790.0 865.0 930.1 772.4 949.2 Change, % 4.0 7.7 20.8 24.4 32.3 20.8 12.4 35.3 10.1 ABS CFR SE Asia 1,730.0 1,.0 1,940.0 1,635.0 1,580.0 1,325.0 1,635.0 1,431.1 1,347.1 1,827.7 Change, % (3.9) (10.8) 5.8 9.5 30.6 5.8 20.9 28.4 (5.3) SBR CFR SE Asia 2,.0 2,745.0 2,950.0 2,000.0 1,790.0 1,445.0 2,000.0 1,332.1 1,483.0 2,817.7 Change, % (5.3) (11.9) 30.0 45.3 79.9 30.0 95.2 75.3 (7.7) SM CFR SE Asia 1,235.0 1,290.0 1,420.0 1,205.0 1,190.0 1,147.5 1,205.0 1,100.7 1,064.6 1,359.8 Change, % (4.3) (13.0) 2.5 3.8 7.6 2.5 12.2 16.0 (9.2) Caustic FOB NEA 446.0 446.0 436.0 422.5 390.0 280.0 422.5 296.8 316.6 427.9 Change, % 0.0 2.3 5.6 14.4 59.3 5.6 50.3 40.9 4.2 PX CFR SE Asia 837.5 865.0 905.0 855.0 797.5 805.0 855.0 842.9 790.4 881.2 Change, % (3.2) (7.5) (2.0) 5.0 4.0 (2.0) (0.6) 6.0 (5.0) PO CFR China 1,485.0 1,432.5 1,420.0 1,582.5 1,430.0 1,360.0 1,562.5 1,683.4 1,396.8 1,537.5 Change, % 3.7 4.6 (6.2) 3.8 9.2 (5.0) (11.8) 6.3 (3.4) Caprolactam CFR SE Asia 2,270.0 2,300.0 2,305.0 1,850.0 1,460.0 1,240.0 1,850.0 1,581.5 1,344.9 2,156.5 Change, % (1.3) (1.5) 22.7 55.5 83.1 22.7 43.5 68.8 5.3 PTA CFR SE Asia 667.5 667.5 692.5 642.5 620.0 610.0 642.5 648.0 613.7 675.8 Change, % 0.0 (3.6) 3.9 7.7 9.4 3.9 3.0 8.8 (1.2) Spread HDPE 688.5 675.0 675.5 658.0 709.0 812.0 658.0 737.1 735.1 654.8 Change, % 2.0 1.9 4.6 (2.9) (15.2) 4.6 (6.6) (6.3) 5.1 MEG 308.5 360.0 365.5 363.0 294.0 322.0 363.0 287.8 261.3 379.3 Change, % (14.3) (15.6) (15.0) 4.9 (4.2) (15.0) 7.2 18.1 (18.7) PVC 486.0 477.5 433.0 435.5 519.0 412.0 435.5 327.8 423.9 424.7 Change, % 1.8 12.2 11.6 (6.4) 18.0 11.6 48.3 14.7 14.4 PP 628.5 645.0 635.5 548.0 574.0 642.0 548.0 616.8 578.9 586.4 Change, % (2.6) (1.1) 14.7 9.5 (2.1) 14.7 1.9 8.6 7.2 2-EH 596.0 542.5 463.0 380.5 399.0 407.0 380.5 437.0 372.9 451.2 Change, % 9.9 28.7 56.6 49.4 46.4 56.6 36.4 59.8 32.1 ABS 1,281.0 1,337.5 1,433.0 1,150.5 1,139.0 942.0 1,150.5 938.1 947.6 1,329.7 Change, % (4.2) (10.6) 11.3 12.5 36.0 11.3 36.6 35.2 (3.7) SBR BD spread 850.0 745.0 100.0 (100.0) 320.0 440.0 (100.0) 454.7 366.2 273.5 Change, % 14.1 750.0 (950.0) 165.6 93.2 (950.0) 87.0 132.1 210.8 SM 786.0 827.5 913.0 720.5 749.0 764.5 720.5 607.7 665.1 861.8 Change, % (5.0) (13.9) 9.1 4.9 2.8 9.1 29.3 18.2 (8.8) Caustic Change, % PX 388.5 402.5 398.0 370.5 356.5 422.0 370.5 349.9 390.9 383.1 Change, % (3.5) (2.4) 4.9 9.0 (7.9) 4.9 11.0 (0.6) 1.4 PO propylene sprea 690.0 567.5 377.5 767.5 745.0 710.0 747.5 913.4 691.1 637.9 Change, % 21.6 82.8 (10.1) (7.4) (2.8) (7.7) (24.5) (0.2) 8.2 Caprolactam benzene spread 1,485.0 1,470.0 1,312.5 1,027.5 727.5 617.5 1,027.5 891.6 698.2 1,213.3 Change, % 1.0 13.1 44.5 104.1 140.5 44.5 66.6 112.7 22.4 PTA px spread 81.3 62.0 59.0 44.0 61.8 46.5 44.0 58.0 60.4 59.0 Change, % 31.0 37.7 84.7 31.6 74.7 84.7 40.1 34.5 37.8 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용

Global peers Currency 03/31 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 (1.0) 0.7 0.4 11.0 22.6 24.9 11.0 77,460 15.5 14.3 3.0 2.8 8.7 8.2 Du Pont USD 80.3 (1.6) 0.9 0.9 9.4 19.9 26.9 9.4 69,451 21.8 20.0 6.1 5.6 12.5 11.8 Eastman USD 80.8 (0.3) 4.7 0.6 7.4 19.4 11.9 7.4 11,783 11.0 10.2 2.4 2.2 8.3 7.9 BASF EUR 92.8 0.1 2.9 2.9 5.1 22.5 40.3 5.1 91,188 17.1 15.9 2.6 2.4 8.8 8.4 Akzo Nobel EUR 77.7 0.5 0.0 20.0 30.9 28.9 29.8 30.9 20,968 18.4 17.7 2.9 2.7 9.7 9.4 Arkema EUR 92.5 (1.0) 0.4 1.5 (0.5) 12.2 40.2 (0.5) 7,493 14.6 13.1 1.7 1.6 6.6 6.2 Lanxess EUR 62.9 (1.3) 2.2 (2.6) 0.9 13.7 48.9 0.9 6,157 19.8 14.6 2.0 1.8 6.1 5.3 Sumitomo Chemical JPY 622 (1.0) (1.7) (4.7) 11.9 39.8 22.2 11.9 9,251 11.4 10.3 1.2 1.1 7.7 7.3 Mitsubishi Chemical JPY 861 (1.5) 0.4 (1.2) 13.6 37.1 46.6 13.6 11,657 9.5 8.7 1.1 1.0 6.4 6.1 Shin-Etsu Chemical JPY 9,644 (0.4) 0.1 (1.6) 6.4 37.7 65.6 6.4 37,438 20.2 18.4 1.8 1.7 8.7 8.0 Asahi Kasei JPY 1,080 (3.1) 0.1 (2.6) 5.9 34.9 41.9 5.9 13,609 13.8 12.9 1.2 1.2 6.6 6.2 JSR JPY 1,877 (1.9) (4.6) (2.5) 1.8 18.9 16.0 1.8 3,812 15.4 14.0 1.1 1.1 6.8 6.2 Nitto Denko JPY 8,602 (2.3) (0.5) (9.8) (4.1) 32.2 37.5 (4.1) 13,428 18.6 16.5 2.0 1.9 8.1 7.5 SABIC SAR 96.8 0.0 1.0 (0.3) 5.8 19.9 29.4 5.8 77,448 15.5 14.5 1.7 1.7 7.5 7.3 Yansab SAR 57.2 0.0 3.8 1.3 5.9 32.5 46.8 5.1 8,585 15.1 15.0 1.9 1.9 9.0 9.1 Formosa Plastics TWD 90.5 (1.2) (2.6) 0.9 1.5 16.3 13.4 1.5 18,978 15.4 15.7 1.8 1.8 24.3 23.8 Formosa Fiber TWD 94.4 1.4 0.4 0.3 (2.0) 12.0 17.7 (2.0) 18,227 13.4 13.9 1.7 1.7 11.7 11.1 Nan Ya Plastics TWD 71.9 (0.8) 0.6 1.4 1.0 16.0 6.4 1.0 18,785 16.8 16.6 1.6 1.6 16.2 14.9 Sinopec Shanghai CNY 6.40 0.2 (0.9) (1.2) (0.6) 8.7 (6.2) (0.6) 8,736 13.9 13.9 2.5 2.3 7.7 7.9 Sinopec Yizheng(FibeCNY 3.66 (0.5) (2.4) (5.4) (10.7) (5.7) (26.9) (10.7) 6,822 #N/A N/A #N/A N/A 3.3 3.9 32.5 16.5 Reliance INR 1,321 4.0 2.7 5.0 22.0 21.9 26.4 22.0 66,209 14.2 13.2 1.4 1.3 10.0 8.4 Industries Qatar QAR 110.3 0.0 (0.6) (4.4) (6.1) 2.1 1.8 (6.1) 18,325 16.7 13.8 1.9 1.8 54.5 53.0 PTT Chemical THB 73.3 (0.3) 2.1 0.7 16.3 24.7 21.1 16.3 9,517 10.6 10.2 1.3 1.2 5.4 5.2 Petronas MYR 7.7 0.7 2.4 4.1 10.3 15.8 14.8 10.3 13,919 18.7 17.9 2.2 2.0 9.8 9.3 LG화학 KRW 294,000 (1.0) 2.6 4.3 12.6 21.7 (10.2) 12.6 18,567 13.1 12.5 1.5 1.4 5.3 4.9 롯데케미칼 KRW 370, 1.8 4.4 1.4 0.4 24.3 8.5 0.4 11,361 5.6 5.9 1.1 1.0 3.3 3.0 한화케미칼 KRW 26,400 0.6 4.6 6.9 6.9 9.1 5.8 6.9 3,892 5.5 5.6 0.7 0.7 6.7 6.3 금호석유 KRW 78, 0.4 4.4 5.3 (3.9) 12.7 35.4 (3.9) 2,148 16.6 12.1 1.5 1.3 10.0 8.4 SKC KRW 30, 0.7 0.8 (1.0) (6.7) 8.8 (3.1) (6.7) 1,034 8.8 7.3 0.7 0.7 7.3 6.4 국도화학 KRW 49,250 0.1 0.7 (2.9) (10.3) (10.8) (27.6) (10.3) 256 10.4 7.8 0.7 0.6 5.3 4.8 효성 KRW 8, 0.4 (3.4) (0.9) 25.0 58.3 181.5 25.0 4,257 7.4 6.9 1.2 1.0 6.5 5.9 Average (0.3) 0.8 0.5 5.4 20.3 25.4 5.4 Refinery Valero USD 66.3 0.1 0.8 0.3 (3.0) 25.1 3.4 (3.0) 29,746 13.2 10.7 1.5 1.4 5.9 5.3 Conoco Phillips USD 49.9 (0.3) 13.1 4.3 (0.5) 14.7 23.8 (0.5) 61,631 69.9 27.7 1.8 1.8 7.9 6.6 Formosa PetrochemicTWD 106.0 (0.9) (0.5) 1.4 (5.4) 12.5 14.6 (5.4) 33,264 17.3 19.9 3.3 3.4 11.5 12.4 Tesoro USD 81.1 0.5 1.0 (2.8) (7.3) 1.9 (5.8) (7.3) 9,515 14.4 11.7 1.4 1.3 6.0 5.2 Marathon Petroleum USD 50.5 0.8 3.4 (1.4) 0.4 24.5 35.9 0.4 26,679 17.1 13.5 1.9 1.8 8.1 7.3 Devon Energy USD 41.7 0.7 7.5 (3.8) (8.6) (5.4) 52.0 (8.6) 21,886 21.9 15.0 3.2 2.7 9.2 7.6 Hollyfrontier USD 28.3 0.9 6.3 0.9 (13.5) 15.7 (19.8) (13.5) 5,048 17.2 11.3 1.1 1.1 6.3 5.4 Phillips 66 USD 79.2 0.8 2.5 1.1 (8.3) (1.7) (8.5) (8.3) 40,954 17.7 12.5 1.8 1.8 9.3 7.7 Murphy Oil USD 28.6 1.1 11.0 2.0 (8.2) (6.0) 13.5 (8.2) 4,933 67.9 33.1 0.9 0.9 5.0 4.6 JX Holdings JPY 546.7 (1.2) 1.9 1.8 10.5 34.3 26.0 10.5 12,257 8.8 7.8 0.7 0.7 8.1 7.3 Idemitsu JPY 3,870.0 (1.8) 0.9 5.9 24.6 86.1 92.6 24.6 5,563 8.0 7.8 0.9 0.9 7.5 7.4 Tonengeneral JPY 1,300.0 0.0 (3.3) (3.4) 5.5 27.5 27.7 5.5 4,300 10.1 11.3 1.8 1.7 #N/A N/A #N/A N/A Nesteoil EUR 36.6 (0.9) 0.8 7.8 0.2 (3.6) 26.4 0.2 0 13.9 13.7 2.3 2.1 8.1 8.0 Ashland USD 123.8 (0.2) 1.6 1.2 13.3 6.8 12.6 13.3 7,703 28.4 37.1 2.3 2.2 12.1 15.9 Fuchs Petrolub EUR 45.7 0.6 3.8 4.4 14.7 12.6 16.5 14.7 6,373 23.6 22.6 4.7 4.3 13.5 12.9 SK이노베이션 KRW 166, 1.2 1.8 7.1 13.7 3.1 (3.2) 13.7 13,773 7.4 7.2 0.8 0.8 4.2 3.8 S-Oil KRW 100, 1.6 4.6 15.0 18.7 23.8 2.7 18.7 10,122 9.0 8.2 1.6 1.4 6.5 5.8 GS KRW 59,100 2.2 3.9 7.5 9.2 10.5 0.2 9.2 4,913 6.3 6.0 0.7 0.7 7.4 6.9 Average 0.3 3.2 2.6 2.9 14.9 16.4 2.9 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임

Global peers Currency 03/31 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 (2.0) 1.0 (0.5) (9.1) (6.0) (1.9) (9.1) 340,056 20.4 17.4 2.0 2.0 8.3 8.1 BP GBP 458 (0.9) 1.3 (1.4) (10.2) 1.7 30.7 (10.2) 112,912 15.7 12.6 1.2 1.2 5.3 4.7 Shell EUR 2,096 (1.3) 0.6 (1.9) (6.5) 9.5 24.5 (6.5) 220,302 14.7 11.8 1.1 1.1 6.2 5.5 Chevron USD 107 (0.4) (0.6) (5.4) (8.8) 4.3 12.5 (8.8) 203,262 23.6 17.9 1.4 1.4 7.0 6.4 Total EUR 47 0.7 2.6 (1.4) (2.7) 12.4 18.4 (2.7) 124,460 12.1 10.6 1.2 1.2 5.5 4.9 Sinopec CNY 6 1.2 (1.0) 1.4 6.1 18.1 20.6 6.1 100,434 13.1 11.1 0.9 0.9 5.0 4.6 Petrochina CNY 8 0.1 (1.1) (2.1) (1.0) 9.0 3.4 (1.0) 200,734 29.6 21.2 1.2 1.2 6.5 6.1 CNOOC CNY 13 0.9 (1.5) (4.8) (1.4) 6.4 (2.5) (1.4) 7,184 1,054.2 52.1 1.7 1.6 15.1 11.6 Gazprom RUB 128 (0.5) (1.7) (5.1) (17.2) (5.2) (13.4) (17.2) 53,792 3.8 3.2 0.3 0.2 3.6 3.2 Rosneft RUB 324 (1.6) 2.5 (3.9) (19.7) (5.6) 6.0 (19.7) 60,910 6.6 5.3 0.9 0.8 4.3 3.7 Anadarko USD 62 (0.3) 2.8 (1.9) (11.1) (2.1) 33.1 (11.1) 34,640 #N/A N/A 71.8 2.3 2.2 8.4 6.8 Petrobras BRL 14 0.3 7.5 (5.4) (2.6) 6.8 73.5 (2.6) 61,977 11.8 8.7 0.7 0.7 5.5 4.9 Lukoil USD 2,981 (0.0) (1.2) (3.4) (13.6) (2.8) 13.7 (13.6) 45,046 5.4 4.6 0.6 0.5 N/A N/A Kinder USD 22 1.4 2.8 (0.0) 5.0 (6.0) 21.7 5.0 47,497 31.6 27.9 1.4 1.4 12.1 11.5 Statoil NOK 147 (1.0) 1.9 (1.1) (7.4) 9.6 12.6 (7.4) 55,524 16.3 13.3 1.5 1.4 3.2 2.9 BHP AUD 24 (0.1) (0.9) (5.1) (4.1) 7.4 42.6 (4.1) 91,722 14.5 15.7 1.6 1.5 5.9 6.0 PTT E&P THB 93 0.0 0.8 0.5 (3.4) 14.8 32.4 (3.4) 10,753 15.8 12.7 0.9 0.9 3.1 2.8 Petronas gas MYR 20 0.0 0.2 (0.2) (7.2) (9.5) (10.2) (7.2) 8,835 22.0 20.5 3.1 3.0 12.6 11.6 Chesapeake USD 6 1.5 13.8 11.7 (15.4) (5.3) 44.2 (15.4) 5,394 8.2 5.2 #N/A N/A #N/A N/A 7.8 5.8 Noble Energy USD 34 0.1 4.6 (6.5) (9.8) (3.9) 9.3 (9.8) 14,954 #N/A N/A 101.9 1.6 1.6 7.7 6.1 Average 0 (0.1) 1.7 (1.8) (7.0) 2.7 18.6 (7.0) PV WACKER EUR 96.6 (0.2) (2.1) (8.0) (2.3) 28.7 24.8 (2.3) 5,386 20.1 16.2 1.9 1.8 5.5 5.2 GCL-Poly HKD 1.0 (1.9) 0.0 1.0 10.8 0.0 (19.5) 10.8 2,464 7.4 7.2 0.7 0.6 5.9 5.4 SunPower USD 6.1 0.2 0.5 (25.0) (7.7) (31.6) (72.7) (7.7) 846 #N/A N/A 20.4 1.2 1.5 24.9 8.2 Canadian Solar USD 12.3 3.9 10.0 (15.4) 0.7 (10.7) (36.4) 0.7 705 7.2 6.8 0.6 0.6 8.3 8.1 JA Solar USD 6.5 3.2 14.3 34.3 37.4 8.8 (24.0) 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 24.1 12.7 16.1 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 4.0 (17.2) 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 2.2 (2.3) 5.3 (11.1) (16.5) (43.9) (52.5) (16.5) 39 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 67.7 15.9 First Solar USD 27.1 (1.3) (4.3) (21.7) (15.6) (31.4) (60.4) (15.6) 2,820 81.6 35.1 0.5 0.5 4.8 3.0 한화큐셀 USD 7.3 2.5 4.9 (13.3) (10.7) (35.0) (52.8) (10.7) 612 27.0 23.9 #N/A N/A #N/A N/A 8.8 8.3 OCI KRW 84,700 0.8 0.4 2.5 7.6 (9.4) (20.1) 7.6 1,807 16.8 14.3 0.6 0.6 6.8 6.2 웅진에너지 KRW 5,200 0.2 5.4 4.5 9.8 (22.0) (54.0) 9.8 116 N/A 0.6 0.6 6.8 6.2 7.4 신성솔라에너지 KRW 1,845 2.2 (0.8) (1.6) (16.5) (35.4) 14.6 (16.5) 286 N/A 0.6 6.8 6.2 7.4 6.9 Average 0.5 2.4 (3.4) 1.5 (11.8) (25.3) 1.5 Gas Company Towngas China HKD 4.4 (1.8) (1.3) (3.1) 7.6 (1.3) 9.7 7.6 1,532 10.1 9.7 0.8 0.8 10.3 9.8 Kulun HKD 7.2 2.7 0.8 3.3 24.1 21.2 6.8 24.1 7,479 12.0 10.9 1.2 1.1 5.7 5.4 Beijing Enterprise HKD 40.2 (0.7) (2.8) (3.8) 9.7 2.3 (5.3) 9.7 6,529 7.8 7.2 0.8 0.7 13.8 13.1 ENN Energy HKD 43.8 (2.0) (1.2) 2.9 37.1 15.9 2.8 37.1 6,094 12.5 11.5 2.3 2.0 8.2 7.7 China Resources GasHKD 27.5 1.5 (0.7) 6.0 26.1 3.8 24.2 26.1 7,870 15.6 14.0 2.8 2.4 9.8 8.9 China Gas Holdings HKD 12.5 (0.6) (2.2) (0.6) 19.0 1.8 9.4 19.0 8,033 13.5 12.1 2.5 2.2 11.2 10.3 Shenzen Gas HKD 12.7 0.5 8.9 14.6 12.7 (0.9) 1.3 12.7 3,209 11.1 10.3 1.2 1.1 7.4 7.0 Shann Xi CNY 9.4 0.6 (1.6) (2.3) (2.3) (8.6) (9.5) (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 1.5 0.0 4.9 3.4 50.0 40.2 74.4 50.0 717 8.2 7.0 0.6 0.6 8.2 7.1 China Oil & Gas HKD 0.6 (1.7) 0.0 (4.8) (3.3) 3.5 25.5 (3.3) 442 9.1 8.1 1.0 0.9 6.1 5.5 Average (0.2) 0.5 1.6 18.1 7.8 13.9 18.1 EV LG화학 KRW 294,000 (1.0) 2.6 4.3 12.6 21.7 (10.2) 12.6 18,567 12.7 12.3 1.4 1.3 5.7 5.4 삼성SDI KRW 138,000 1.1 1.8 10.4 26.6 43.8 39.4 26.6 8,490 18.3 12.4 0.9 0.8 12.8 8.7 Panasonic JPY 1258.0 (0.6) 5.4 (0.7) 5.8 25.5 21.7 5.8 27,724 15.2 12.7 1.5 1.4 5.1 4.6 GS Yuasa JPY 519.0 (0.6) (1.1) (2.6) 6.8 25.4 7.9 6.8 1,928 15.0 13.2 1.3 1.2 6.7 6.3 NEC JPY 268.0 (0.4) (3.2) (4.6) (13.5) 3.5 (5.3) (13.5) 6,271 17.6 14.6 0.9 0.8 7.3 6.5 BYD Auto CNY 48.0 0.4 (3.3) (5.9) (3.3) (13.6) (18.3) (3.3) 17,734 23.4 18.4 2.4 2.1 11.9 10.0 Tesla Motors USD 278.3 0.1 5.8 10.6 30.2 36.4 21.1 30.2 45,390 #N/A N/A 151.7 9.3 7.8 44.0 21.5 Kandi Technologies USD 3.8 0.0 (1.3) (9.5) (22.4) (30.8) (47.2) (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 (0.1) 0.8 0.2 5.3 14.0 1.1 5.3 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임