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 2 월 23 일 News WTI comment 美재고량증가우려로하락 WTI 0.9% Conclusion Headline 다우케미칼 - 듀퐁, EU 승인앞둬 Bayer AG 와 Monsanto, CNCC 와 Syngenta 등화학사업재편중 News 1. First Solar, 기록적적자발표후 8.3% 하락펀더멘털이탄탄하지못하며, 트럼프의방향성과도다른태양광 News 2. 독일 OXEA, 아세트산부틸 Force Majeure 해제 OXEA 재가동으로유럽아세트산부틸시장이안정화될것 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 53.6 (0.9) 0.9 0.8 11.7 66.7 Ethylene 02/20 $/t 1,185 5.3 14.5 36.6 25.4 Dubai $/bbl 54.7 0.1 1.3 1.3 18.7 91.4 Propylene 02/20 $/t 1,030 3.0 7.9 48.2 59.7 Gasoline $/bbl 69.2 0.0 (2.6) (1.1) 12.9 58.9 Benzene 02/20 $/t 1,055 (1.9) 7.7 50.2 90.1 Diesel $/bbl 67.2 0.0 1.4 3.2 14.5 75.7 Toluene 02/20 $/t 765 (1.3) 5.5 17.7 30.8 Complex margin $/bbl 7.6 (0.0) (0.8) (0.1) (1.3) 0.7 Xylene 02/20 $/t 725 0.7 1.4 10.7 25.0 $/bbl 9.3 0.1 1.2 (0.6) 3.9 (0.0) PP 02/20 $/t 1,108 0.9 6.2 7.5 30.3 Petrochemical % % % % % PVC 02/20 $/t 940 2.2 3.3 1.1 29.7 Naphtha $/t 501 (1.7) (4.5) (2.4) 11.0 59.5 ABS 02/20 $/t 1,940 0.5 9.0 22.8 70.2 Butadiene $/t 3,000 0.0 0.0 0.0 105.5 257.1 SBR 02/20 $/t 3,100 (0.8) 3.3 77.1 156.2 HDPE $/t 1,190 (0.4) (0.4) 3.9 4.4 8.2 SM 02/20 $/t 1,495 0.7 12.2 27.2 50.3 MEG $/t 860 0.6 (4.2) (6.0) 16.5 30.9 BPA 02/20 $/t 1,558 (5.9) (6.3) 15.2 26.9 PX $/t 897 (0.1) 0.3 3.6 14.4 23.6 Caustic 02/20 $/t 428 1.2 2.4 12.5 48.7 SM $/t 1,360 (2.5) (8.9) 3.0 15.8 37.0 2-EH 02/20 $/t 990 4.2 10.0 20.7 43.5 Commodity % % % % % Caprolactam 02/20 $/t 2,275 4.6 11.0 58.0 105.0 Natural Gas $/mmbtu 2.61 1.8 (10.8) (22.0) (17.6) 3.4 Solar % % % % Natural rubber $/t 2,120 (2.3) (5.8) (2.8) 21.1 91.0 Polysilicon 02/22 $/kg 16.2 (0.2) (0.2) 11.0 21.5 Cotton C/lbs 74.1 0.8 (2.1) 0.4 1.5 28.5 Module 02/22 $/W 0.35 (0.6) (1.4) (10.9) (36.5) * 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 80.9 (1.2) (2.7) (5.8) (6.6) (1.8) BASF EUR 89.9 (0.4) 0.2 0.5 11.5 46.8 Shell EUR 2,084 (0.5) (4.0) (6.3) 2.9 28.9 Dow Chemical USD 63.7 4.0 4.2 11.0 17.2 33.0 Petrochina CNY 8.40 0.6 (0.2) (0.6) 9.5 11.6 SABIC SAR 97.8 0.7 1.0 4.7 13.1 34.1 Gazprom RUB 136.7 (1.2) (2.2) (8.7) (8.9) (2.3) Formosa Pla. TWD 92.5 (0.9) (4.1) 4.5 5.1 18.9 Petrobras BRL 15.7 (2.4) (0.9) (1.9) (1.4) 211.5 Shin-Etsu JPY 9,813 (1.1) 1.0 1.6 19.1 72.9 Refinery Renewable Phillips66 USD 78.4 (0.8) (2.1) (5.6) (7.7) (3.1) Wacker EUR 107.2 (1.5) (1.4) (4.1) 30.8 55.6 Valero USD 66.0 (0.4) (2.6) (0.3) 1.2 12.5 First Solar USD 33.57 (8.3) (3.3) (3.4) 13.2 (47.7) JX JPY 531.1 0.2 (1.5) 1.2 19.3 19.3 Trina Solar USD 10.2 (0.8) 0.0 3.4 (0.8) 1.2 Neste Oil EUR 34.7 (0.2) 0.6 2.2 (7.6) 20.6 Tesla Motors USD 273.5 (1.4) (2.2) 11.8 43.1 53.9 4. Coverage Summary 02/22 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 2,107 0.2 1.1 2.0 6.9 2.8 9.9 * 추정치는 12M fwd 기준임 KOSPI 화학 5,121 (0.5) (1.5) (0.2) 6.8 (2.4) (0.2) * 모든 coverage 업체의실적은연결기준임 LG 화학 279, 0.5 (0.9) 5.3 27.3 3.9 (7.9) 매수 350,000 25.2 10.48 1.45 롯데케미칼 376, (1.8) (5.3) (2.3) 15.7 35.9 23.4 매수 410,000 8.9 9.55 1.45 한화케미칼 26,300 (0.9) (5.6) (3.7) 8.9 0.2 3.1 매수 28,000 6.5 9.49 0.79 금호석유화학 78, 0.1 (7.4) (5.2) 4.2 8.3 38.0 매수 100,000 27.4 13.02 1.46 KCC 342,000 (0.7) 1.5 0.9 (10.2) (20.2) (20.1) 매수,000 46.2 13.44 0.52 OCI 95, 1.5 0.8 8.0 24.8 3.1 15.1 매수 100,000 4.7 17.63 0.72 SKC 32, (1.8) (1.5) 4.8 5.8 15.1 6.3 매수 40,000 22.0 10.44 0.80 국도화학 52,100 (1.5) (1.7) (2.6) (2.8) (8.6) (5.6) 매수 70,000 34.4 10.95 0.65 SK 이노베이션 155,000 0.3 (1.3) (2.8) (1.9) 6.2 8.4 매수 180,000 16.1 8.47 0.87 S-Oil 85,700 (0.6) (1.6) 3.9 0.0 18.9 8.2 매수 100,000 16.7 11.05 1.45 GS 54,200 (1.5) (2.7) 4.4 (2.9) 10.3 7.5 매수 65,000 19.9 8.56 0.86 SK 가스 104, (3.2) (6.3) (4.6) (3.7) 6.6 37.7 매수 130,000 24.4 8.35 0.78 포스코대우 25,150 (0.6) (4.4) (8.2) (2.3) 8.2 30.0 매수 29,000 15.3 10.18 1.16 LG 상사 32, (1.5) (4.9) 0.3 7.0 (3.8) (3.4) 매수 42,000 28.0 11.27 1.07 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 ($/bbl) 70 WTI Dubai 5,300 4,900 4, 2,100 2,000 60 50 4,100 3,700 1,900 40 30 3,300 15/04 15/07 15/10 16/02 16/05 16/08 16/11 1, 17/02 20 15/02 15/06 15/10 16/02 16/06 16/10 Complex & margin ($/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 ($/kg) PolySilicon Silicon Module 22 21 20 19 18 17 16 15 14 13 12 15/02 15/08 16/01 16/07 16/12 Butadiene price & naphtha spread Butadiene 3, 3,000 2, 2,000 1, ($/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 : Bloomberg) WTI Comment ( 출처 : 연합뉴스 ) 제목 다우케미칼 - 듀퐁, EU승인앞둬 제목 美재고량증가우려로하락 WTI 0.9% 결론 Bayer AG와 Monsanto, CNCC와 Syngenta 등화학사업재편중 상승 OPEC 회원국과일부비회원국의감산합의가순조로움 요인 비회원국도지금까지예상치를웃도는 60% 이상을감산 1) 740억 $ 수준의다우 - 듀퐁합병이 EU 승인이날것으로보임 2) 작년에밝혀진양사의합병소식은글로벌화학산업재편할것 3) EU는양사의합병으로반독점법에근거해면밀히검토함 하락 미원유재고가 300만배럴이상늘어나 7주연속증가를기록할전망 4) 다우의최근살충제사업부문매각도본합병을위한것이었음 요인 5) Bayer AG와 Monsanto, CNCC와 Syngenta 등화학사업재편중 Issue 1 ( 출처 : Bloomberg) Issue 2 ( 출처 : Platts) 제목 First Solar, 기록적적자발표후 8.3% 하락제목독일 OXEA, 아세트산부틸 Force Majeure 해제 결론펀더멘털이탄탄하지못하며, 트럼프의방향성과도다른태양광결론 OXEA 재가동으로유럽아세트산부틸시장이안정화될것 1) 적자발표후 3개월내가장큰폭으로하락마감한 First Solar 1) OXEA의 Marl 플랜트의아세트산부틸공급이재개됨 2) 미국최대패널제조사인 First Solar는 4분기 7.2억 $ 순손실기록 2) OXEA의생산능력은연 10만t 수준이며기술결함이원인이었음 3) 작년 11월부터시작된구조조정의여파로분석됨 3) 유럽에는 OXEA 외에 BASF와 Ineos Oxide가아세트산부틸생산 4) 새패널인 Series 5 출시를앞두고 1,명해고하는등구조조정 4) BASF는 10월 Ludwigshafen 공장폭발이후아직공급불가상태 5) 펀더멘털이탄탄하지못하며, 트럼프의방향성과도다른태양광 5) OXEA 재가동으로유럽아세트산부틸시장이안정화될것 Issue 3 ( 출처 : Bloomberg) Issue 4 ( 출처 : Platts) 제목 결론 제목 결론 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) Issue 5 ( 출처 : 동아닷컴 ) Issue 6 ( 출처 : 키뉴스 ) 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 0.947 0.949 0.943 0.935 0.941 0.883 0.907 0.951 0.901 0.904 0.940 Change, % (0.2) 0.4 1.3 0.6 7.2 4.4 (0.4) 5.1 4.8 0.8 USD/JPY 113.3 113.7 114.2 114.6 111.1 100.3 112.9 117.0 121.1 108.8 114.2 Change, % (0.4) (0.8) (1.2) 1.9 12.9 0.3 (3.2) (6.4) 4.1 (0.8) USD/KRW 1,142.4 1,146.3 1,142.2 1,169.1 1,176.2 1,126.4 1,234.4 1,205.8 1,131.2 1,160.5 1,166.3 Change, % (0.3) 0.0 (2.3) (2.9) 1.4 (7.5) (5.3) 1.0 (1.6) (2.1) Agriculture Corn 371.0 369.3 378.8 369.8 351.0 333.3 367.5 352.0 376.8 358.5 365.0 Change, % 0.5 (2.0) 0.3 5.7 11.3 1.0 5.4 (1.6) 3.5 1.6 Soybean 1,022.8 1,026.3 1,061.3 1,067.5 1,030.0 1,035.3 881.0 996.5 945.4 987.5 1,035.4 Change, % (0.3) (3.6) (4.2) (0.7) (1.2) 16.1 2.6 8.2 3.6 (1.2) Wheat 441.3 436.0 454.8 428.3 407.3 415.3 458.5 408.0 508.1 436.4 430.4 Change, % 1.2 (3.0) 3.0 8.3 6.3 (3.8) 8.1 (13.2) 1.1 2.5 Rice 9.5 9.4 9.4 9.8 9.6 10.5 10.7 9.4 11.1 10.3 9.6 Change, % 0.3 0.7 (3.7) (1.0) (9.7) (11.6) 1.1 (14.4) (8.5) (1.2) Oats 253.0 252.5 250.5 262.8 221.5 172.3 187.8 228.5 250.2 196.3 249.0 Change, % 0.2 1.0 (3.7) 14.2 46.9 34.8 10.7 1.1 28.9 1.6 MYR/mt Palm Oil 3,022.0 3,024.0 3,306.0 3,234.0 2,935.0 2,820.0 2,502.0 3,218.0 2,190.3 2,653.8 3,221.8 Change, % (0.1) (8.6) (6.6) 3.0 7.2 20.8 (6.1) 38.0 13.9 (6.2) Cocoa 2,028.0 2,030.0 2,022.0 2,140.0 2,439.0 2,983.0 2,855.0 2,126.0 3,091.6 2,854.0 2,109.0 Change, % (0.1) 0.3 (5.2) (16.9) (32.0) (29.0) (4.6) (34.4) (28.9) (3.8) Cotton 74.1 73.5 75.7 73.0 73.7 67.9 57.7 70.7 63.3 65.6 74.1 Change, % 0.8 (2.1) 1.5 0.6 9.2 28.4 4.9 17.2 13.0 0.1 Sugar 20.7 20.8 20.5 20.2 19.8 20.4 12.6 19.5 13.1 18.2 20.5 Change, % (0.4) 1.1 2.6 4.9 1.4 64.2 6.2 57.6 14.1 0.9 Coffee 149.2 150.4 144.5 153.2 157.3 144.1 119.9 137.1 132.6 136.1 147.4 Change, % (0.8) 3.3 (2.6) (5.1) 3.5 24.5 8.9 12.5 9.7 1.2 Energy WTI 53.8 54.1 53.1 52.4 48.0 47.1 31.5 53.7 48.8 43.4 53.1 Change, % (0.4) 1.4 2.7 12.1 14.4 71.0 0.2 10.2 24.1 1.5 Brent 56.1 56.7 55.8 55.5 49.1 49.2 34.7 56.8 53.7 45.1 55.9 Change, % (1.0) 0.6 1.1 14.2 14.1 61.7 (1.3) 4.5 24.4 0.4 Natural Gas 2.6 2.6 2.9 3.2 3.0 2.7 1.8 3.7 2.6 2.6 3.2 Change, % 1.8 (10.8) (18.6) (12.5) (2.6) 43.3 (29.9) (0.8) 2.2 (17.7) Ethanol 1.5 1.5 1.6 1.5 1.6 1.5 1.4 1.6 1.5 1.5 1.5 Change, % 0.4 (3.2) 0.9 (6.1) 1.8 5.4 (6.4) (0.4) (0.7) (0.8) RBOB Gasoline 151.7 149.4 154.8 156.6 141.0 148.4 100.1 166.5 163.6 140.0 156.5 Change, % 1.5 (2.0) (3.1) 7.6 2.2 51.6 (8.9) (7.3) 8.4 (3.1) Coal 40.0 40.0 40.0 40.0 40.0 39.5 43.2 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 1,237.7 1,235.7 1,233.7 1,210.6 1,212.4 1,339.1 1,208.6 1,152.3 1,160.6 1,248.5 1,208.1 Change, % 0.2 0.3 2.2 2.1 (7.6) 2.4 7.4 6.6 (0.9) 2.5 Silver 18.0 18.0 18.0 17.1 16.6 18.9 15.2 15.9 15.7 17.1 17.3 Change, % 0.3 0.2 5.5 8.3 (4.6) 18.8 13.3 14.7 5.4 4.5 Platinum 1,003.5 1,003.6 1,011.4 978.0 940.0 1,103.2 928.1 903.5 1,055.7 988.4 986.3 Change, % (0.0) (0.8) 2.6 6.7 (9.0) 8.1 11.1 (4.9) 1.5 1.7 Palladium 769.3 782.1 789.7 788.6 742.9 693.5 497.3 681.0 691.9 614.3 759.1 Change, % (1.6) (2.6) (2.4) 3.6 10.9 54.7 13.0 11.2 25.2 1.4 Copper 6,040.0 6,060.0 6,067.0 5,748.0 5,613.0 4,748.5 4,694.0 5,535.5 5,503.1 4,872.0 5,845.8 Change, % (0.3) (0.4) 5.1 7.6 27.2 28.7 9.1 9.8 24.0 3.3 Uranium 24.8 24.8 25.9 22.9 18.5 25.8 33.4 20.4 36.9 26.4 24.0 Change, % 0.0 (4.4) 8.1 33.8 (3.9) (25.9) 21.3 (32.8) (6.4) 3.2 HR Coil 612.0 612.0 616.0 620.0 510.0 596.0 396.0 633.0 461.5 519.3 620.9 Change, % 0.0 (0.6) (1.3) 20.0 2.7 54.5 (3.3) 32.6 17.8 (1.4) Scrap 310.0 310.0 303.0 303.0 270.0 265.0 250.0 302.0 252.9 275.7 303.3 Change, % 0.0 2.3 2.3 14.8 17.0 24.0 2.6 22.6 12.5 2.2 Zinc 2,865.0 2,875.0 2,870.0 2,767.0 2,602.0 2,280.0 1,781.0 2,576.0 1,941.9 2,097.5 2,776.9 Change, % (0.3) (0.2) 3.5 10.1 25.7 60.9 11.2 47.5 36.6 3.2 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용

Refining Price Data Daily Price 02/22 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Crude Oil WTI 53.6 54.1 53.1 53.2 48.0 46.8 32.2 53.7 48.8 43.4 52.9 Change, % (0.9) 0.9 0.8 11.7 14.6 66.7 (0.2) 9.9 23.6 1.3 Dubai 54.7 54.6 54.0 54.0 46.1 46.0 28.6 53.8 50.8 41.3 54.0 Change, % 0.1 1.3 1.3 18.7 19.0 91.4 1.6 7.7 32.4 1.3 Crude Oil Gasoline( 휘발유 ) 69.2 69.2 71.0 69.9 61.3 57.2 43.5 69.8 69.5 56.3 69.9 Product Change, % 0.0 (2.6) (1.1) 12.9 21.0 58.9 (1.0) (0.5) 22.9 (1.1) Kerosene( 등유 ) 66.6 66.6 65.8 65.1 59.1 56.2 40.3 66.4 64.7 52.9 65.6 Change, % 0.0 1.2 2.3 12.7 18.5 65.2 0.3 2.9 26.0 1.6 Diesel( 경유 ) 67.2 67.2 66.2 65.1 58.7 56.4 38.2 65.5 64.8 52.1 65.7 Change, % 0.0 1.4 3.2 14.5 19.1 75.7 2.6 3.7 28.9 2.2 Bunker-C 49.9 49.9 49.7 49.9 44.9 39.4 22.8 52.1 45.3 35.5 50.3 Change, % 0.0 0.3 (0.1) 11.1 26.5 118.8 (4.2) 10.2 40.4 (0.8) Naphtha 55.7 55.7 57.4 56.7 48.1 42.4 32.7 53.5 52.6 42.6 55.9 Change, % 0.0 (2.9) (1.7) 15.9 31.4 70.4 4.2 5.9 30.8 (0.3) Dubai Gasoline( 휘발유 ) 14.5 14.5 17.0 15.9 15.2 11.2 15.0 16.0 18.7 14.9 15.9 Spread Change (0.0) (2.5) (1.5) (0.7) 3.3 (0.5) (1.5) (4.3) (0.5) (1.5) Kerosene( 등유 ) 11.9 12.0 11.8 11.1 13.0 10.3 11.8 12.6 14.0 11.6 11.6 Change (0.0) 0.1 0.8 (1.1) 1.7 0.2 (0.7) (2.0) 0.4 0.3 Diesel( 경유 ) 12.5 12.6 12.2 11.1 12.6 10.4 9.7 11.7 14.0 10.8 11.7 Change (0.0) 0.3 1.4 (0.1) 2.1 2.8 0.8 (1.5) 1.7 0.8 Bunker-C (4.8) (4.8) (4.3) (4.1) (1.2) (6.6) (5.8) (1.8) (5.5) (5.8) (3.7) Change (0.0) (0.5) (0.8) (3.6) 1.7 1.0 (3.1) 0.7 1.0 (1.1) Naphtha 1.0 1.1 3.4 2.7 2.0 (3.6) 4.1 (0.4) 1.8 1.3 1.9 Change (0.0) (2.3) (1.7) (1.0) 4.6 (3.1) 1.4 (0.8) (0.3) (0.9) Refining Simple( 단순 ) 2.4 2.5 3.0 2.6 4.6 0.5 2.1 3.8 3.3 1.9 2.9 Margin Change (0.0) (0.6) (0.2) (2.2) 1.9 0.3 (1.4) (0.9) 0.5 (0.5) Complex( 복합 ) 7.6 7.6 8.4 7.7 8.8 5.2 6.9 8.3 9.3 7.0 8.0 Change (0.0) (0.8) (0.1) (1.3) 2.4 0.7 (0.7) (1.7) 0.6 (0.4) Complex(lagging) 9.3 9.2 8.1 9.9 5.4 9.8 9.4 18.0 7.3 8.5 9.4 Change 0.1 1.2 (0.6) 3.9 (0.4) (0.0) (8.6) 2.1 0.8 (0.1) 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 02/22 02/21 02/20 02/17 02/16 02/15 02/14 02/13 02/10 02/09 Spot Price Naphtha CFR Japan 501.4 510.0 511.0 512.8 525.3 523.8 528.9 522.0 520.5 519.3 Ethylene CFR SE Asia 1,150.0 1,150.0 1,150.0 1,150.0 1,110.0 1,110.0 1,110.0 1,110.0 1,110.0 1,100.0 Propylene FOB Korea 975.0 980.0 999.0 999.0.0 936.0 935.0 935.0 935.0 925.0 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 3,000.0 HDPE CFR FE Asia 1,190.0 1,195.0 1,195.0 1,195.0 1,195.0 1,195.0 1,195.0 1,195.0 1,185.0 1,185.0 LDPE CFR FE Asia 1,300.0 1,320.0 1,320.0 1,320.0 1,320.0 1,320.0 1,320.0 1,330.0 1,310.0 1,310.0 LLDPE CFR FE Asia 1,160.0 1,180.0 1,180.0 1,180.0 1,180.0 1,180.0 1,180.0 1,190.0 1,195.0 1,195.0 MEG CFR China 860.0 855.0 870.0 893.0 898.0 890.0 915.0 938.0 933.0 925.0 PP CFR FE Asia 1,030.0 1,030.0 1,030.0 1,040.0 1,060.0 1,070.0 1,060.0 1,060.0 1,030.0 1,040.0 PX CFR China 897.0 898.0 900.0 895.5 894.7 895.7 899.7 900.7 893.7 899.7 PTA CFR China 690.0 692.0 692.0 688.0 688.0 690.0 698.0 695.0 685.0 675.0 Benzene FOB Korea 948.5 968.5 996.5 1,005.5 1,024.0 1,043.0 1,051.0 1,053.0 1,036.0 1,026.0 Toluene FOB Korea 706.5 719.5 721.5 728.5 731.5 726.0 730.0 741.0 732.0 740.0 Xylene FOB Korea 693.0 707.0 704.0 704.0 704.0 715.0 715.0 715.0 715.0 726.0 SM FOB Korea 1,359.5 1,394.5 1,429.5 1,444.0 1,492.5 1,495.0 1,495.0 1,496.0 1,485.0 1,460.0 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Spot Price Naphtha CFR Japan 511.5 522.0 512.5 424.5 455.5 313.0 484.5 493.0 399.5 513.4 Change, % (2.0) (0.2) 20.5 12.3 63.4 5.6 3.8 28.0 (0.4) Ethylene CFR SE Asia 1,185.0 1,125.0 1,035.0 867.5 1,025.0 945.0 990.0 1,103.7 1,040.9 1,065.6 Change, % 5.3 14.5 36.6 15.6 25.4 19.7 7.4 13.8 11.2 Propylene CFR SE Asia 1,030.0.0 955.0 695.0 735.0 645.0 815.0 770.0 705.7 901.9 Change, % 3.0 7.9 48.2 40.1 59.7 26.4 33.8 46.0 14.2 Butadiene CFR SE Asia 2,925.0 2,950.0 2,.0 1,420.0 1,525.0 820.0 2,100.0 877.5 1,116.8 2,709.4 Change, % (0.8) 4.5 106.0 91.8 256.7 39.3 233.3 161.9 8.0 Benzene CFR SE Asia 1,055.0 1,075.0 980.0 702.5 640.0 555.0 822.5 690.0 646.7 973.4 Change, % (1.9) 7.7 50.2 64.8 90.1 28.3 52.9 63.1 8.4 Toluene CFR SE Asia 765.0 775.0 725.0 650.0 660.0 585.0 690.0 700.8 630.5 741.3 Change, % (1.3) 5.5 17.7 15.9 30.8 10.9 9.2 21.3 3.2 Xylene CFR SE Asia 725.0 720.0 715.0 655.0 650.0 580.0 675.0 699.3 627.7 708.1 Change, % 0.7 1.4 10.7 11.5 25.0 7.4 3.7 15.5 2.4 Spread Ethylene -Naphtha 673.5 603.0 522.5 443.0 569.5 632.0 505.5 610.6 641.4 552.3 Change, % 11.7 28.9 52.0 18.3 6.6 33.2 10.3 5.0 22.0 Propylene -Naphtha 518.5 478.0 442.5 270.5 279.5 332.0 330.5 277.0 306.2 388.5 Change, % 8.5 17.2 91.7 85.5 56.2 56.9 87.2 69.4 33.5 Butadiene -Naphtha 2,413.5 2,428.0 2,287.5 995.5 1,069.5 507.0 1,615.5 384.5 717.3 2,196.0 Change, % (0.6) 5.5 142.4 125.7 376.0 49.4 527.8 236.5 9.9 Benzene -Naphtha 543.5 553.0 467.5 278.0 184.5 242.0 338.0 197.0 247.2 460.1 Change, % (1.7) 16.3 95.5 194.6 124.6 60.8 175.9 119.9 18.1 Toluene -Naphtha 253.5 253.0 212.5 225.5 204.5 272.0 205.5 207.8 231.0 227.9 Change, % 0.2 19.3 12.4 24.0 (6.8) 23.4 22.0 9.7 11.2 Xylene -Naphtha 213.5 198.0 202.5 230.5 194.5 267.0 190.5 206.3 228.2 194.8 Change, % 7.8 5.4 (7.4) 9.8 (20.0) 12.1 3.5 (6.4) 9.6 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 1,177.5 1,167.5 1,142.5 1,160.0 1,150.0 1,100.0 1,142.5 1,230.1 1,134.6 1,151.3 Change, % 0.9 3.1 1.5 2.4 7.0 3.1 (4.3) 3.8 2.3 MEG CFR SE Asia 897.5 937.5 917.5 727.5 657.5 650.0 847.5 780.8 660.8 916.6 Change, % (4.3) (2.2) 23.4 36.5 38.1 5.9 14.9 35.8 (2.1) PVC CFR SE Asia 940.0 920.0 910.0 930.0 920.0 725.0 920.0 820.8 823.4 912.5 Change, % 2.2 3.3 1.1 2.2 29.7 2.2 14.5 14.2 3.0 PP CFR SE Asia 1,107.5 1,097.5 1,042.5 1,030.0 1,020.0 850.0 1,032.5 1,109.8 978.4 1,062.5 Change, % 0.9 6.2 7.5 8.6 30.3 7.3 (0.2) 13.2 4.2 2-EH CFR Korea 990.0 950.0 900.0 820.0.0 690.0 865.0 930.1 772.4 909.4 Change, % 4.2 10.0 20.7 23.8 43.5 14.5 6.4 28.2 8.9 ABS CFR SE Asia 1,940.0 1,930.0 1,780.0 1,580.0 1,460.0 1,140.0 1,635.0 1,431.1 1,347.1 1,811.3 Change, % 0.5 9.0 22.8 32.9 70.2 18.7 35.6 44.0 7.1 SBR CFR SE Asia 3,100.0 3,125.0 3,000.0 1,750.0 1,900.0 1,210.0 2,000.0 1,332.1 1,483.0 2,834.4 Change, % (0.8) 3.3 77.1 63.2 156.2 55.0 132.7 109.0 9.4 SM CFR SE Asia 1,495.0 1,485.0 1,332.5 1,175.0 1,040.0 995.0 1,205.0 1,100.7 1,064.6 1,374.1 Change, % 0.7 12.2 27.2 43.8 50.3 24.1 35.8 40.4 8.8 Caustic FOB NEA 427.5 422.5 417.5 380.0 360.0 287.5 422.5 296.8 316.6 420.0 Change, % 1.2 2.4 12.5 18.8 48.7 1.2 44.1 35.0 1.8 PX CFR SE Asia 907.5 907.5 877.5 787.5 797.5 735.0 855.0 842.9 790.4 886.3 Change, % 0.0 3.4 15.2 13.8 23.5 6.1 7.7 14.8 2.4 PO CFR China 1,557.5 1,655.0 1,662.5 1,352.5 1,607.5 1,227.5 1,562.5 1,683.4 1,396.8 1,605.6 Change, % (5.9) (6.3) 15.2 (3.1) 26.9 (0.3) (7.5) 11.5 (3.0) Caprolactam CFR SE Asia 2,275.0 2,175.0 2,050.0 1,440.0 1,425.0 1,110.0 1,850.0 1,581.5 1,344.9 2,065.0 Change, % 4.6 11.0 58.0 59.6 105.0 23.0 43.8 69.2 10.2 PTA CFR SE Asia 702.5 702.5 667.5 622.5 622.5 582.5 642.5 648.0 613.7 674.7 Change, % 0.0 5.2 12.9 12.9 20.6 9.3 8.4 14.5 4.1 Spread HDPE 666.0 645.5 630.0 735.5 694.5 787.0 658.0 737.1 735.1 637.9 Change, % 3.2 5.7 (9.4) (4.1) (15.4) 1.2 (9.6) (9.4) 4.4 MEG 386.0 415.5 405.0 303.0 202.0 337.0 363.0 287.8 261.3 403.2 Change, % (7.1) (4.7) 27.4 91.1 14.5 6.3 34.1 47.7 (4.3) PVC 428.5 398.0 397.5 505.5 464.5 412.0 435.5 327.8 423.9 399.1 Change, % 7.7 7.8 (15.2) (7.8) 4.0 (1.6) 30.7 1.1 7.4 PP 596.0 575.5 530.0 605.5 564.5 537.0 548.0 616.8 578.9 549.1 Change, % 3.6 12.5 (1.6) 5.6 11.0 8.8 (3.4) 2.9 8.5 2-EH 478.5 428.0 387.5 395.5 344.5 377.0 380.5 437.0 372.9 396.0 Change, % 11.8 23.5 21.0 38.9 26.9 25.8 9.5 28.3 20.8 ABS 1,428.5 1,408.0 1,267.5 1,155.5 1,004.5 827.0 1,150.5 938.1 947.6 1,297.9 Change, % 1.5 12.7 23.6 42.2 72.7 24.2 52.3 50.7 10.1 SBR BD spread 175.0 175.0 200.0 330.0 375.0 390.0 (100.0) 454.7 366.2 125.0 Change, % 0.0 (12.5) (47.0) (53.3) (55.1) (275.0) (61.5) (52.2) 40.0 SM 983.5 963.0 820.0 750.5 584.5 682.0 720.5 607.7 665.1 860.7 Change, % 2.1 19.9 31.0 68.3 44.2 36.5 61.8 47.9 14.3 Caustic Change, % PX 396.0 385.5 365.0 363.0 342.0 422.0 370.5 349.9 390.9 372.9 Change, % 2.7 8.5 9.1 15.8 (6.2) 6.9 13.2 1.3 6.2 PO propylene sprea 527.5 655.0 707.5 657.5 872.5 582.5 747.5 913.4 691.1 703.8 Change, % (19.5) (25.4) (19.8) (39.5) (9.4) (29.4) (42.2) (23.7) (25.0) Caprolactam benzene spread 1,220.0 1,100.0 1,070.0 737.5 785.0 555.0 1,027.5 891.6 698.2 1,091.6 Change, % 10.9 14.0 65.4 55.4 119.8 18.7 36.8 74.7 11.8 PTA px spread 67.3 67.3 53.3 71.3 64.3 68.0 44.0 58.0 60.4 54.3 Change, % 0.0 26.3 (5.6) 4.7 (1.1) 52.8 15.9 11.3 23.8 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용

Global peers Currency 02/22 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 63.7 4.0 4.2 11.0 17.2 19.0 33.0 11.3 77,252 17.5 15.7 2.8 2.8 9.7 8.7 Du Pont USD 79.8 3.4 2.4 9.3 12.5 14.1 32.5 8.7 68,993 24.5 21.5 7.3 4.2 13.4 12.1 Eastman USD 80.5 (0.6) (0.5) 4.8 5.9 20.7 24.7 7.0 11,808 11.9 11.0 2.6 2.3 8.6 8.3 BASF EUR 89.9 (0.4) 0.2 0.5 11.5 25.7 46.8 1.8 87,111 18.8 17.2 2.7 2.6 9.3 8.5 Akzo Nobel EUR 63.2 (0.3) 0.4 0.2 8.4 7.3 15.9 6.4 16,809 15.0 15.1 2.4 2.4 8.3 8.0 Arkema EUR 95.1 (1.2) 1.5 2.8 7.8 20.1 74.6 2.4 7,599 17.8 15.1 1.9 1.8 7.2 6.6 Lanxess EUR 67.4 (0.9) (0.1) 1.4 16.2 42.3 76.2 8.1 6,506 26.9 21.7 2.4 2.3 7.6 6.5 Sumitomo Chemical JPY 648 0.0 3.0 12.5 27.6 49.3 29.1 16.5 9,453 15.1 12.3 1.3 1.3 8.6 7.9 Mitsubishi Chemical JPY 879 0.6 4.7 14.0 21.4 45.9 44.1 16.0 11,667 9.3 10.8 1.2 1.1 7.0 6.6 Shin-Etsu Chemical JPY 9,813 (1.1) 1.0 1.6 19.1 32.2 72.9 8.2 37,366 24.4 20.7 2.0 1.9 10.4 9.0 Asahi Kasei JPY 1,107 0.0 0.3 6.9 13.8 29.7 68.6 8.5 13,676 15.0 14.3 1.4 1.3 7.2 6.8 JSR JPY 2,014 (0.2) (3.5) 1.0 26.3 36.3 27.7 9.3 4,012 19.2 17.3 1.2 1.2 8.9 7.4 Nitto Denko JPY 9,660 0.9 (1.2) 10.0 22.0 36.4 61.5 7.7 14,791 27.2 21.9 2.5 2.3 11.1 9.5 SABIC SAR 97.8 0.7 1.0 4.7 13.1 16.6 34.1 6.9 78,202 17.6 16.0 1.8 1.7 8.2 7.7 Yansab SAR 57.8 1.7 0.3 4.1 15.5 31.4 76.6 6.0 8,662 15.1 15.1 2.0 2.0 8.9 9.1 Formosa Plastics TWD 92.5 (0.9) (4.1) 4.5 5.1 18.4 18.9 3.7 19,130 17.6 15.8 2.0 1.9 28.5 25.6 Formosa Fiber TWD 98.5 (0.2) (1.0) 2.6 1.7 19.1 36.4 2.3 18,757 14.7 14.2 1.9 1.8 12.8 12.5 Nan Ya Plastics TWD 74.3 (0.5) (5.9) 2.6 12.4 22.2 20.0 4.4 19,144 16.3 17.4 1.8 1.7 19.9 16.8 Sinopec Shanghai CNY 6.85 0.1 2.5 3.3 10.1 9.3 20.2 6.4 9,542 13.5 12.4 3.1 2.6 7.2 8.0 Sinopec Yizheng(FibeCNY 3.99 2.3 2.8 3.1 (6.1) 1.3 (40.5) (2.7) 7,436 #N/A N/A #N/A N/A 4.0 4.2 #N/A N/A 33.3 Reliance INR 1,208 11.0 14.9 17.7 20.6 19.3 25.5 11.6 58,471 12.9 12.8 1.4 1.3 11.2 9.3 Industries Qatar QAR 121.5 1.7 3.0 1.3 16.8 6.3 13.6 3.4 20,186 19.9 18.6 2.2 2.2 47.9 62.5 PTT Chemical THB 71.5 3.6 2.1 8.3 15.8 13.5 27.7 13.5 9,111 12.2 11.2 1.5 1.3 5.9 5.6 Petronas MYR 7.4 0.5 2.2 2.5 7.0 10.3 4.7 5.6 13,242 21.2 17.9 2.3 2.1 10.9 9.3 LG화학 KRW 279, 0.5 (0.9) 7.1 20.2 4.1 (7.9) 7.1 17,283 0.0 0.0 0.0 0.0 0.0 0.0 롯데케미칼 KRW 376, (1.8) (5.3) 0.0 15.0 33.0 23.4 2.0 11,304 0.0 0.0 0.0 0.0 0.0 0.0 한화케미칼 KRW 26,300 (0.9) (5.6) (3.7) 3.5 0.4 3.1 6.5 3,797 0.0 5.5 0.0 0.8 0.0 6.3 금호석유 KRW 78, 0.1 (7.4) (4.6) 1.6 9.5 38.0 (4.3) 2,095 0.0 0.0 0.0 0.0 0.0 0.0 SKC KRW 32, (1.8) (1.5) 4.6 4.6 15.7 6.3 (0.6) 1,078 0.0 0.0 0.0 0.0 0.0 0.0 국도화학 KRW 52,100 (1.5) (1.7) (4.2) (3.2) (8.3) (5.6) (5.1) 265 0.0 0.0 0.0 0.0 0.0 0.0 효성 KRW 8,490 (0.7) 5.7 (7.0) 57.5 31.4 211.6 24.9 4,060 0.0 0.0 0.0 0.0 0.0 0.0 Average 0.6 0.4 4.0 13.6 20.4 35.9 6.6 Refinery Valero USD 66.0 (0.4) (2.6) (0.3) 1.2 21.3 12.5 (3.4) 29,880 18.0 12.6 1.5 1.5 7.0 5.7 Conoco Phillips USD 47.1 (2.1) (4.6) (7.2) 2.2 10.5 36.7 (6.1) 58,208 #N/A N/A 66.3 1.7 1.7 16.0 7.4 Formosa PetrochemicTWD 109.0 1.4 0.0 4.8 5.3 15.5 32.6 (2.7) 33,734 17.1 17.7 3.6 3.4 11.5 12.1 Tesoro USD 88.0 (1.2) (0.0) 9.3 0.9 18.2 15.3 0.6 10,295 21.5 14.3 1.9 1.5 8.4 6.0 Marathon Petroleum USD 49.8 (1.1) (1.6) 2.2 4.1 21.2 49.2 (1.1) 26,290 25.5 16.0 1.9 1.9 10.2 7.9 Devon Energy USD 43.8 (2.9) (1.1) (5.4) (1.6) (0.8) 115.6 (4.2) 22,956 #N/A N/A 23.1 3.8 3.4 14.3 9.5 Hollyfrontier USD 28.9 (3.6) (4.1) (3.6) (1.4) 11.2 (8.6) (11.8) 5,101 57.2 14.3 1.1 1.1 11.2 6.0 Phillips 66 USD 78.4 (0.8) (2.1) (5.6) (7.7) 1.8 (3.1) (9.3) 40,586 25.5 16.7 1.8 1.8 12.1 9.0 Murphy Oil USD 27.8 (2.9) (1.6) (12.8) (10.2) (4.5) 64.5 (10.9) 4,779 #N/A N/A 60.7 0.9 0.9 8.3 4.8 JX Holdings JPY 531.1 0.2 (1.5) 1.2 19.3 35.2 19.3 7.4 11,679 9.4 8.6 0.8 0.7 8.3 7.8 Idemitsu JPY 3,555.0 0.4 0.4 3.8 36.5 87.6 97.9 14.5 5,012 8.7 7.7 1.0 0.9 8.6 7.7 Tonengeneral JPY 1,329.0 0.5 (1.6) 1.2 21.7 45.7 47.7 7.9 4,286 12.0 10.7 1.9 1.8 6.6 6.0 Nesteoil EUR 34.7 (0.2) 0.6 2.2 (7.6) (10.1) 20.6 (5.1) 0 11.6 13.4 2.4 2.2 6.8 7.8 Ashland USD 123.0 (0.2) 1.8 11.8 8.3 6.4 30.6 12.5 7,650 17.9 28.2 2.8 2.3 8.9 12.1 Fuchs Petrolub EUR 44.2 (0.3) 1.5 3.7 17.2 10.0 18.7 10.9 6,207 24.3 23.2 5.1 4.6 14.2 13.7 SK이노베이션 KRW 155,000 0.3 (1.3) (4.3) (1.6) 1.6 8.4 5.8 12,554 0.0 0.0 0.0 0.0 0.0 0.0 S-Oil KRW 85,700 (0.6) (1.6) 2.5 (0.3) 13.7 8.2 1.2 8,452 0.0 0.0 0.0 0.0 0.0 0.0 GS KRW 54,200 (1.5) (2.7) 2.7 (2.3) 7.3 7.5 0.2 4,411 0.0 0.0 0.0 0.0 0.0 0.0 Average (0.8) (1.2) 0.3 4.4 15.4 30.2 0.3 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임

Global peers Currency 02/22 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 81 (1.2) (2.7) (5.8) (6.6) (8.0) (1.8) (10.3) 335,592 37.5 19.6 2.0 2.0 12.2 8.0 BP GBP 448 (0.7) (2.2) (10.2) (1.9) 4.6 25.5 (12.1) 108,423 30.5 15.2 1.2 1.2 7.1 5.3 Shell EUR 2,084 (0.5) (4.0) (6.3) 2.9 9.6 28.9 (7.1) 216,184 25.1 14.3 1.1 1.1 8.7 6.3 Chevron USD 110 (1.2) (1.9) (4.5) (0.2) 8.3 24.3 (6.2) 208,372 79.6 23.8 1.4 1.4 12.1 6.9 Total EUR 48 (0.2) 0.7 0.4 9.4 13.8 18.3 (0.9) 125,008 15.2 12.2 1.3 1.2 7.5 5.9 Sinopec CNY 6 1.4 2.1 1.9 17.3 20.9 33.0 10.4 103,402 17.5 13.6 1.0 1.0 5.6 5.1 Petrochina CNY 8 0.6 (0.2) (0.6) 9.5 13.2 11.6 5.7 214,660 195.3 31.2 1.3 1.3 7.9 6.7 CNOOC CNY 14 1.8 3.0 7.9 2.7 9.3 1.5 5.4 7,678 #N/A N/A 346.7 1.8 1.8 #N/A N/A 17.5 Gazprom RUB 137 (1.2) (2.2) (8.7) (8.9) (0.8) (2.3) (11.6) 55,793 3.3 3.7 0.3 0.3 4.1 3.6 Rosneft RUB 347 (2.0) (3.6) (10.5) 1.5 (1.4) 21.8 (13.9) 63,412 18.9 6.9 1.2 1.0 5.3 4.4 Anadarko USD 66 (2.0) (2.5) (6.0) 2.8 21.3 76.3 (5.6) 36,803 #N/A N/A 125.6 2.3 2.4 13.3 8.2 Petrobras BRL 16 (2.4) (0.9) (1.9) (1.4) 27.1 211.5 5.6 68,648 #N/A N/A 13.4 0.8 0.8 6.9 5.8 Lukoil USD 3,176 (0.8) (1.1) (0.1) 2.0 6.4 21.7 (7.9) 46,611 7.6 5.6 0.6 0.6 N/A N/A Kinder USD 22 (2.2) (3.4) (4.4) (1.7) (1.9) 20.2 3.9 47,497 31.8 31.5 1.4 1.4 12.0 12.0 Statoil NOK 148 (2.5) 0.1 (7.6) 1.4 11.8 18.8 (6.8) 57,235 125.2 17.0 1.4 1.5 5.1 3.3 BHP AUD 27 (0.7) 0.0 0.8 5.2 26.7 54.5 5.9 101,478 14.2 16.9 1.8 1.8 6.0 6.6 PTT E&P THB 95 1.1 1.6 (3.1) 13.5 15.6 31.3 (1.8) 10,717 23.3 16.0 0.9 0.9 3.4 3.1 Petronas gas MYR 21 0.0 0.0 2.3 (4.2) (7.1) (8.0) (3.3) 9,155 23.4 22.9 3.4 3.3 13.2 13.1 Chesapeake USD 6 (2.6) (6.3) (11.5) (8.1) (2.8) 147.7 (15.7) 5,253 #N/A N/A 7.7 #N/A N/A #N/A N/A 13.6 8.3 Noble Energy USD 37 (2.3) (2.1) (8.8) 2.5 3.1 16.0 (3.7) 15,787 #N/A N/A #N/A N/A 1.6 1.7 10.1 7.9 Average 0 (0.9) (1.3) (3.8) 1.9 8.5 37.5 (3.5) PV WACKER EUR 107.2 (1.5) (1.4) (4.1) 30.8 28.0 55.6 8.4 5,894 32.7 20.4 2.4 2.3 6.2 5.6 GCL-Poly HKD 1.1 3.8 2.8 12.4 6.9 (5.2) (5.2) 17.2 2,611 7.9 7.7 0.8 0.8 6.1 5.5 SunPower USD 8.5 (1.4) 16.7 21.0 25.9 (17.1) (61.3) 28.0 1,173 #N/A N/A #N/A N/A 0.9 1.2 13.4 24.8 Canadian Solar USD 14.1 (8.3) 2.1 12.3 32.2 5.3 (33.0) 15.6 809 8.8 7.1 0.8 0.7 10.6 8.0 JA Solar USD 5.2 (3.9) 4.4 5.3 (3.7) (32.6) (41.7) 9.2 247 6.5 #N/A N/A 0.3 0.3 3.7 5.5 Trina Solar USD 10.2 (0.8) 0.0 3.4 (0.8) (2.8) 1.2 10.0 946 10.1 29.9 0.7 0.7 6.7 8.4 Solar City USD 20.3 0.0 0.0 0.0 0.0 (11.6) 6.6 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 (3.2) (2.1) (2.1) (18.2) (36.3) (37.7) 5.4 50 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 13.0 66.4 First Solar USD 33.6 (8.3) (3.3) (3.4) 13.2 (10.9) (47.7) 4.6 3,493 7.1 92.2 0.7 0.6 3.0 7.4 한화큐셀 USD 9.5 3.9 11.5 16.1 3.5 (29.6) (43.6) 16.4 798 6.8 31.1 #N/A N/A #N/A N/A 6.2 9.5 OCI KRW 95, 1.5 0.8 5.1 15.6 4.9 15.1 21.3 1,995 0.0 0.0 0.0 0.0 0.0 0.0 웅진에너지 KRW 4,680 (1.8) (3.2) (8.4) (1.2) (44.6) (63.1) (1.2) 94 N/A 0.0 0.0 0.0 0.0 0.0 신성솔라에너지 KRW 1,930 0.3 (2.3) (12.7) (12.7) (13.6) 15.1 (12.7) 292 N/A 0.0 0.0 0.0 0.0 0.0 Average (1.4) 1.9 3.2 6.5 (11.9) (17.1) 8.7 Gas Company Towngas China HKD 4.3 (0.7) (2.5) 0.0 6.7 (6.3) 12.6 4.9 1,496 9.3 9.0 0.8 0.8 10.8 10.3 Kulun HKD 6.9 1.3 3.3 11.5 20.3 17.0 22.7 18.4 7,146 12.5 12.3 1.1 1.0 5.0 5.1 Beijing Enterprise HKD 40.8 0.6 0.1 5.7 13.7 (11.3) 12.0 11.2 6,628 8.3 7.6 0.8 0.8 15.9 14.4 ENN Energy HKD 39.2 2.3 2.9 5.1 13.1 (6.3) 8.4 22.9 5,468 12.5 11.6 2.3 2.0 7.9 7.4 China Resources GasHKD 24.2 1.7 (1.4) (0.8) 3.4 (8.9) 23.3 10.8 6,921 15.0 13.5 2.7 2.3 10.0 9.1 China Gas Holdings HKD 11.5 0.9 0.7 3.4 4.5 (11.9) 14.5 9.7 7,415 14.1 12.4 2.7 2.3 11.8 10.5 Shenzen Gas HKD 11.4 1.6 0.4 2.7 (0.9) (2.9) (7.2) 0.9 2,876 11.5 10.8 1.1 1.0 8.5 8.1 Shann Xi CNY 9.7 0.7 1.1 3.6 (4.9) (8.9) 3.2 1.1 1,569 19.2 17.3 #N/A N/A #N/A N/A #N/A N/A #N/A N/A Suntien HKD 1.3 2.3 0.0 9.8 25.2 15.5 39.6 34.0 642 9.1 7.8 0.6 0.5 10.0 8.2 China Oil & Gas HKD 0.6 0.0 (6.1) 5.1 1.6 3.3 30.5 1.6 465 9.1 8.9 1.1 1.0 5.9 5.2 Average 1.1 (0.1) 4.6 8.3 (2.1) 16.0 11.6 EV LG화학 KRW 279, 0.5 (0.9) 7.1 20.2 4.1 (7.9) 7.1 17,283 14.6 12.3 1.4 1.4 6.2 5.5 삼성SDI KRW 123,000 (1.6) (3.1) 14.4 31.6 (0.8) 23.9 12.8 7,409 52.1 17.8 0.8 0.8 #N/A N/A 9.8 Panasonic JPY 1259.0 0.6 (1.3) 4.4 21.6 21.1 49.0 5.8 27,215 18.8 15.3 1.6 1.5 5.6 5.1 GS Yuasa JPY 517.0 1.6 3.8 9.5 13.1 27.0 15.4 6.4 1,884 17.1 15.0 1.3 1.3 7.1 6.6 NEC JPY 285.0 1.4 5.2 (11.2) (4.7) 11.3 4.4 (8.1) 6,542 14.2 13.5 0.9 0.9 8.0 6.7 BYD Auto CNY 50.0 (0.1) 2.5 2.9 (9.5) (14.8) (8.3) 0.6 18,533 26.8 23.2 2.6 2.5 13.0 11.7 Tesla Motors USD 273.5 (1.4) (2.2) 11.8 43.1 22.7 53.9 28.0 44,059 #N/A N/A #N/A N/A 10.6 10.2 62.4 40.5 Kandi Technologies USD 4.3 3.7 0.0 (12.4) 7.6 (32.2) (43.3) (13.3) 203 #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 0.6 0.5 3.3 15.4 4.8 10.9 4.9 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임