1. News Summary (3 page) 2015 년 1 월 7 일 News Conclusion WTI comment 공급증대위기감지속, 전일대비 4.2% 재차급락 Headline 대만화학업체, 가동률조정속출 유가급락에따른 spread 약세업체압박중, 1Q 실적여전히불확실 News 1. - - News 2. - - News 3. - - 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 47.9 (4.2) (11.2) (24.1) (45.2) (48.8) Ethylene 01/05 $/t 995 1.5 (12.7) (32.3) (31.5) Dubai $/bbl 48.1 (5.7) (10.3) (26.7) (46.5) (53.9) Propylene 01/05 $/t 675 0.0 (27.4) (46.6) (51.1) Gasoline $/bbl 58.6 (5.1) (9.5) (24.1) (44.5) (50.3) Benzene 01/05 $/t 700 6.1 (19.5) (41.4) (48.8) Diesel $/bbl 64.8 (5.0) (7.8) (21.1) (37.3) (46.6) Toluene 01/05 $/t 650 4.0 (18.8) (41.7) (46.5) Complex margin $/bbl 7.8 (0.1) (0.2) (0.1) 1.2 0.4 Xylene 01/05 $/t 615 0.0 (21.2) (40.9) (49.2) $/bbl (10.4) (2.3) (2.9) (4.2) (9.3) (13.9) PP 01/05 $/t 1,140 0.0 (12.3) (24.3) (25.7) Petrochemical % % % % % PVC 01/05 $/t 795 0.0 (9.7) (20.9) (20.9) Naphtha $/t 427 (4.6) (7.1) (28.5) (48.4) (55.1) ABS 01/05 $/t 1,585 0.0 (8.9) (17.0) (16.8) Butadiene $/t 925 0.0 (1.6) (7.5) (32.0) (36.0) SBR 01/05 $/t 1,495 0.0 (12.8) (25.1) (22.1) HDPE $/t 1,155 0.0 (0.4) (15.1) (25.0) (25.2) SM 01/05 $/t 975 0.0 (8.5) (36.0) (43.5) MEG $/t 732 (1.5) (3.0) (14.1) (18.2) (28.6) BPA 01/05 $/t 1,793 (3.2) (11.6) (24.2) (26.8) PX $/t 786 (2.7) (4.8) (17.4) (33.1) (43.7) Caustic 01/05 $/t 275 0.0 (4.3) (10.6) (17.9) SM $/t 883 (5.2) (5.9) (14.5) (39.7) (47.7) 2-EH 01/05 $/t 1,130 0.0 (7.0) (19.9) (20.4) Commodity % % % % % Caprolactam 01/05 $/t 1,920 0.0 (6.3) (11.5) (18.6) Natural Gas $/mmbtu 2.95 2.2 (4.8) (20.0) (28.6) (33.1) Solar % % % % Natural rubber $/t 1,490 0.0 (0.7) 4.2 5.7 (31.3) Polysilicon 12/31 $/kg 19.3 (0.1) (5.9) (6.3) (2.8) Cotton C/lbs 60.2 (0.8) (2.9) 0.5 (3.8) (24.4) Module 12/31 $/W 0.62 0.0 (0.5) 1.6 (11.2) * 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 89.8 (0.5) (3.5) (4.3) (5.0) (9.9) BASF EUR 67.0 (0.2) (4.1) (9.4) (4.5) (13.1) Shell EUR 2,080 (0.0) (3.7) (3.2) (9.1) (3.1) Dow Chemical USD 43.5 (1.6) (5.6) (13.3) (13.9) (0.3) Petrochina CNY 11.69 (1.7) 11.9 15.5 50.1 50.5 SABIC SAR 77.0 (3.2) (10.0) (18.4) (41.1) (31.9) Gazprom RUB 138.9 3.7 6.6 (1.1) 0.0 2.7 Formosa Pla. TWD 69.0 (3.5) (4.3) (2.8) (2.7) (12.7) Petrobras BRL 8.3 (3.3) (16.9) (32.1) (59.1) (49.9) Shin-Etsu JPY 7,642 (3.1) (2.8) (10.0) 9.4 26.1 Refinery Renewable Phillips66 USD 66.0 (2.8) (9.5) (9.6) (14.6) (14.3) Wacker EUR 86.5 (0.1) (5.0) (8.8) (8.2) 2.2 Valero USD 47.7 (1.2) (4.1) (4.2) 6.6 (4.3) Yingli USD 2.18 (4.4) (3.1) (14.5) (29.0) (66.6) JX JPY 454.1 (2.8) (3.3) 2.5 (8.8) (15.4) Tesla USD 211.3 0.6 (4.9) (5.6) (18.9) 43.7 Neste Oil EUR 19.9 0.0 (0.7) (0.7) 15.0 35.0 BYD CNY 40.3 0.2 6.0 (7.0) (17.4) 6.1 4. Coverage Summary 01/06 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 1,882 (1.7) (1.7) (5.2) (4.2) (6.1) (3.3) * 추정치는 12M fwd 기준임 KOSPI화학 3,575 (2.7) (3.2) (7.3) (9.1) (12.2) (11.4) * 모든 coverage 업체의실적은연결기준임 LG화학 166,000 (4.9) (8.3) (16.4) (30.0) (43.1) (42.0) 매수 250,000 50.6 8.70 0.98 롯데케미칼 146,000 (6.1) (8.8) (15.1) 4.3 (16.1) (33.9) 매수 170,000 16.4 11.45 0.72 한화케미칼 11,050 (3.1) (6.4) (13.0) (15.0) (39.0) (49.0) 매수 14,000 26.7 7.03 0.36 금호석유화학 8 0.9 0.5 1.8 12.7 (9.8) (11.5) 매수 90,000 11.1 14.98 1.76 OCI 70, (5.1) (9.9) (19.5) (37.6) (57.6) (63.7) 매수 110,000 55.4 13.65 0.69 SKC 26,750 1.1 0.6 1.3 (13.6) (27.0) (13.1) 매수 37,000 38.3 8.85 0.79 국도화학 39,850 (0.7) (3.0) (8.2) (8.5) (33.0) (27.4) 매수 55,000 38.0 9.34 0.57 SK이노베이션 79,500 (3.0) (6.6) (7.7) 2.3 (23.6) (42.6) 매수 100,000 25.8 9.50 0.54 S-Oil 45,100 (6.5) (6.8) (1.2) 11.5 (18.7) (36.6) 매수 55,000 22.0 14.78 1.07 GS 38,350 (1.9) (4.1) (7.1) (3.8) (12.5) (31.1) 매수 50,000 30.4 8.40 0.66 SK가스 87,400 (1.1) (9.7) (19.4) (39.1) (10.6) 16.7 매수 110,000 25.9 10.95 0.63 대우인터내셔널 29,300 (2.3) (6.8) (7.0) (20.5) (23.1) (28.4) 매수 38,000 29.7 10.32 1.35 LG상사 28,900 (0.5) 0.7 (3.3) 15.4 (1.9) 2.8 매수 34,000 17.6 10.22 0.79 SK 네트웍스 8,600 (2.5) (3.8) (5.9) (14.4) (20.4) 15.3 매수 12,000 39.5 8.99 0.77 작성자 ( 손지우 ) 는본조사분석자료에게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 본보고서에언급된종목의경우당사조사분석담당자는본인의담당종목을보유하고있지않습니다. 본보고서는기관투자가또는제 3 자에게사전제공된사실이없습니다. 당사는본보고서의발간시점에해당종목을 1% 이상보유하고있지않습니다.
Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 4,500 KOSPI( 우 ) KOSPI 화학 ( 좌 ) (p) 2,100 ($/bbl) 120 WTI Dubai 4,300 4,100 2,000 110 100 90 3,900 1,900 80 3,700 3,500 1, 70 60 50 3,300 13/03 13/06 13/09 13/12 14/03 14/06 14/10 1,700 15/01 40 13/01 13/05 13/09 14/01 14/05 14/09 Complex & margin ($/bbl) 시차조정복합 20 복합정제마진 Polysilicon & Module prices ($/kg) PolySilicon 23 Silicon Module ($/W) 0.75 15 10 5 0 21 19 0.70-5 -10 17 0.65-15 13/01 13/05 13/09 14/01 14/05 14/09 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1,600 1,400 600 15 12/12 13/06 13/11 14/05 14/10 Butadiene price & naphtha spread Butadiene 2,200 2,000 1, 1,600 1,400 0.60 600 400 200 400 0 HDPE price & naphtha spread 1,600 HDPE 700 MEG price & naphtha spread MEG 300 1,500 1,400 650 600 550 1,100 200 100 1,300 500 450 900 0 400 700-100 PVC price & naphtha spread PX price & naphtha spread 1,100 PVC 200 1, PX 1,050 150 1,600 700 600 950 100 1,400 500 900 50 400 850 0 300 200 750-50 100 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK증권참고 : 상기데이터는일괄적으로과거 2년치적용
News Comment Headline ( 출처 : 각종언론 ) WTI Comment ( 출처 : 연합뉴스 ) 대만화학업체, 가동률조정속출공급증대위기감지속, 전일대비 4.2% 재차급락 유가급락에따른 spread 약세업체압박중, 1Q 실적여전히불확실상승 요인 1) 대만 Formosa(293만톤 / 년 ), olefin 마진약세로크래커가동률 90% 로하향 2) 1월까지정책유지되며상황에따라 2월까지도연장될수있음 3) 대만 CPC는 PX 69만톤 / 년설비의 shutdown 상태를지속유지하기로했음 하락 모건스탠리, " 서아프리카 / 라틴아메리카 / 미국 / 캐나다도증산할것." 4) PX는 3기로이뤄져있으며작은 capacity 때문에마진확보상대적어려움 요인 OPEC 12월생산량 3,024만b/d, 7개월연속쿼터초과 5) 유가급락에따른 spread 약세업체압박중, 1Q 실적여전히불확실 Issue 1 Issue 2 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) Issue 3 Issue 4 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) Issue 5 Issue 6 1) 1) 2) 2) 3) 3) 4) 4) 5) 5)
Commodity Price Data Daily Price Today 1D 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. F/X USD/EUR 0.841 0.838 0.823 0.814 0.790 0.736 0.734 0.826 0.753 0.754 0.835 Change, % 0.3 2.2 3.3 6.4 14.3 14.6 1.8 (3.9) 13.7 (0.0) USD/JPY 118.5 119.6 119.5 121.5 108.8 102.1 104.2 119.7 97.7 105.9 119.7 Change, % (1.0) (0.8) (2.4) 8.9 16.1 13.7 (1.0) 21.5 13.8 0.0 USD/KRW 1,098.7 1,109.7 1,099.1 1,114.0 1,069.0 1,008.9 1,065.4 1,094.0 1,094.6 1,053.0 1,101.6 Change, % (1.0) (0.0) (1.4) 2.8 8.9 3.1 0.4 50.3 3.3 (0.0) Agriculture Corn 405.0 406.0 406.5 381.5 332.5 417.0 427.8 397.0 579.2 415.6 400.0 Change, % (0.2) (0.4) 6.2 21.8 (2.9) (5.3) 2.0 (39.6) (5.9) (0.0) Soybean 1,051.0 1,039.8 1,037.8 1,036.0 942.3 1,387.8 1,296.8 1,019.3 1,407.0 1,245.5 1,024.1 Change, % 1.1 1.3 1.4 11.5 (24.3) (19.0) 3.1 (7.5) (22.3) (0.0) Wheat 591.8 589.0 602.0 609.0 491.5 568.0 605.8 589.8 684.3 588.0 586.6 Change, % 0.5 (1.7) (2.8) 20.4 4.2 (2.3) 0.3 (22.2) (2.6) (0.0) Rice 11.4 11.3 11.6 12.1 12.7 14.6 15.8 11.5 15.5 14.0 11.3 Change, % 0.3 (2.4) (5.8) (10.6) (21.9) (28.0) (1.1) 4.4 (25.9) 0.0 Oats 304.5 306.0 305.0 299.5 350.5 391.0 350.8 303.8 367.5 373.1 303.6 Change, % (0.5) (0.2) 1.7 (13.1) (22.1) (13.2) 0.2 1.9 (14.3) (0.0) MYR/mt Palm Oil 2,309.0 2,298.0 2,300.0 2,135.0 2,187.0 2,458.0 2,566.0 2,291.0 2,405.0 2,415.1 2,307.4 Change, % 0.5 0.4 8.1 5.6 (6.1) (10.0) 0.8 13.3 (12.8) (0.0) Cocoa 2,902.0 2,944.0 2,972.0 2,929.0 3,079.0 3,124.0 2,667.0 2,910.0 2,403.9 3,006.8 2,919.9 Change, % (1.4) (2.4) (0.9) (5.7) (7.1) 8.8 (0.3) 21.2 7.4 0.0 Cotton 60.2 60.7 62.0 60.5 65.0 76.2 83.6 60.3 83.3 76.4 60.0 Change, % (0.8) (2.9) (0.6) (7.4) (21.0) (28.0) (0.1) 12.6 (28.8) 0.0 Sugar 14.9 14.3 14.6 15.1 17.0 17.8 16.1 14.5 17.5 16.3 14.4 Change, % 4.3 1.8 (1.8) (12.4) (16.5) (7.5) 2.4 (15.9) (11.5) (0.0) Coffee 174.9 168.1 164.8 179.1 220.8 169.4 121.0 166.6 126.0 177.1 166.8 Change, % 4.0 6.1 (2.3) (20.8) 3.2 44.5 5.0 (23.0) 50.5 (0.0) Energy WTI 48.0 50.0 54.1 65.8 90.3 104.1 93.4 53.3 98.0 92.9 51.0 Change, % (4.2) (11.4) (27.2) (46.9) (53.9) (48.7) (10.0) 7.2 (45.9) 0.0 Brent 51.0 53.1 57.9 69.1 92.8 110.6 106.7 57.3 108.7 99.5 54.5 Change, % (4.1) (12.0) (26.2) (45.1) (53.9) (52.3) (11.1) (0.3) (48.3) 0.0 Natural Gas 2.9 2.9 3.1 3.8 3.9 4.4 4.3 2.9 3.7 4.3 3.0 Change, % 2.2 (4.8) (22.5) (24.4) (33.1) (31.6) 2.0 26.2 (31.7) (0.0) Ethanol 1.5 1.6 1.6 1.7 1.5 2.2 2.0 1.6 2.3 2.1 1.6 Change, % (6.7) (8.7) (13.5) (2.2) (33.1) (25.4) (8.1) (12.7) (14.9) 0.0 RBOB Gasoline 134.5 138.1 145.4 177.3 241.3 302.0 264.6 143.5 285.0 262.6 140.1 Change, % (2.6) (7.5) (24.1) (44.3) (55.5) (49.2) (6.3) (0.9) (48.5) 0.0 Coal 47.2 47.7 48.7 52.8 52.8 60.2 56.7 48.5 56.1 57.5 48.0 Change, % (1.1) (3.1) (10.7) (10.6) (21.7) (16.9) (2.8) (1.0) (15.5) 0.0 Metal Gold 1,219.1 1,204.8.6 1,192.5 1,207.3 1,320.6 1,238.1 1,182.0 1,410.4 1,266.5 1,198.9 Change, % 1.2 1.5 2.2 1.0 (7.7) (1.5) 3.1 (28.0) (1.3) (0.0) Silver 16.6 16.2 16.3 16.3 17.3 21.2 20.2 15.7 23.8 19.1 16.0 Change, % 2.2 1.5 1.6 (4.5) (21.8) (18.0) 5.7 (35.8) (18.9) (0.0) Platinum 1,220.3 1,212.8 1,218.2 1,223.6 1,245.4 1,496.5 1,418.0 1,207.5 1,485.7 1,384.6 1,209.7 Change, % 0.6 0.2 (0.3) (2.0) (18.5) (13.9) 1.1 (11.2) (11.5) (0.0) Palladium 803.8 794.1 804.7 801.8 767.4 864.9 738.6 797.0 725.9 803.4 797.8 Change, % 1.2 (0.1) 0.2 4.7 (7.1) 8.8 0.8 1.7 11.4 (0.0) Copper 6,145.0 6,145.0 6,325.0 6,451.0 6,710.0 7,150.0 7,325.0 6,300.0 7,352.6 6,828.1 6,214.3 Change, % 0.0 (2.8) (4.7) (8.4) (14.1) (16.1) (2.5) (7.2) (14.4) 0.0 Uranium 35.2 35.2 35.5 38.0 35.8 28.3 34.7 35.3 38.5 33.5 35.2 Change, % 0.0 (1.0) (7.5) (1.7) 24.2 1.3 (0.3) (20.9) 2.5 0.0 HR Coil 605.0 605.0 608.0 618.0 637.0 666.0 670.0 605.0 630.4 653.2 605.0 Change, % 0.0 (0.5) (2.1) (5.0) (9.2) (9.7) 0.0 3.1 (10.4) 0.0 Scrap 355.0 355.0 400.0 398.0 400.0 398.0 425.0 355.0 396.9 401.3 355.0 Change, % 0.0 (11.3) (10.8) (11.3) (10.8) (16.5) 0.0 (1.2) (16.5) 0.0 Zinc 2,185.0 2,185.0 2,186.0 2,237.0 2,310.0 2,237.0 2,034.0 2,178.0 1,940.3 2,165.0 2,192.6 Change, % 0.0 (0.0) (2.3) (5.4) (2.3) 7.4 0.3 (1.2) 6.0 (0.0) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용
Refining Price Data Daily Price 01/06 1D 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. Crude Oil WTI 47.9 50.0 54.0 63.1 87.5 103.0 93.6 53.2 97.9 93.1 51.0 Change, % (4.2) (11.2) (24.1) (45.2) (53.4) (48.8) (9.9) (51.0) (48.5) (6.1) Dubai 48.1 51.0 53.6 65.6 89.9 105.7 104.3 53.6 105.3 96.7 51.5 Change, % (5.7) (10.3) (26.7) (46.5) (54.5) (53.9) (10.3) (54.4) (50.3) (6.6) Crude Oil Gasoline( 휘발유 ) 58.6 61.8 64.8 77.2 105.6 123.0 117.9 64.8 119.1 110.9 62.4 Product Change, % (5.1) (9.5) (24.1) (44.5) (52.4) (50.3) (9.5) (50.8) (47.2) (6.1) Kerosene( 등유 ) 65.0 68.3 71.2 84.2 104.4 117.6 122.5 71.2 123.0 112.6 68.9 Change, % (4.9) (8.7) (22.8) (37.7) (44.7) (46.9) (8.7) (47.1) (42.3) (5.6) Diesel( 경유 ) 64.8 68.2 70.2 82.1 103.3 117.8 121.4 70.2 123.4 112.8 68.3 Change, % (5.0) (7.8) (21.1) (37.3) (45.0) (46.6) (7.7) (47.5) (42.6) (5.1) Bunker-C 42.3 44.7 48.8 60.6 81.2 92.1 93.3 48.8 95.2 86.5 46.1 Change, % (5.4) (13.3) (30.3) (48.0) (54.1) (54.7) (13.3) (55.6) (51.1) (8.3) Naphtha 44.2 46.0 47.9 59.8 84.8 105.3 105.1 48.0 101.1 94.3 46.6 Change, % (4.1) (7.8) (26.1) (47.9) (58.1) (58.0) (8.1) (56.3) (53.2) (5.3) Dubai Gasoline( 휘발유 ) 10.5 10.8 11.1 11.6 15.7 17.4 13.6 11.2 13.8 14.2 10.9 Spread Change (0.3) (0.6) (1.1) (5.2) (6.8) (3.1) (0.6) (3.3) (3.7) (0.4) Kerosene( 등유 ) 16.9 17.4 17.6 18.5 14.4 11.9 18.2 17.6 17.6 15.9 17.4 Change (0.4) (0.7) (1.6) 2.5 5.0 (1.3) (0.6) (0.7) 1.0 (0.4) Diesel( 경유 ) 16.7 17.2 16.6 16.5 13.3 12.1 17.1 16.6 18.0 16.0 16.8 Change (0.5) 0.1 0.2 3.4 4.6 (0.4) 0.1 (1.3) 0.6 (0.1) Bunker-C (5.8) (6.3) (4.8) (5.0) (8.7) (13.6) (11.0) (4.8) (10.1) (10.3) (5.4) Change 0.5 (1.0) (0.8) 2.9 7.8 5.2 (1.0) 4.3 4.4 (0.4) Naphtha (3.9) (4.9) (5.7) (5.8) (5.2) (0.4) 0.8 (5.6) (4.2) (2.4) (4.8) Change 1.0 1.8 1.9 1.3 (3.5) (4.7) 1.6 0.3 (1.5) 0.9 Refining Simple( 단순 ) 2.9 2.8 3.2 3.0 0.0 (2.7) (0.1) 3.3 0.3 (0.1) 3.1 Margin Change 0.1 (0.3) (0.1) 2.9 5.6 3.0 (0.3) 2.6 3.0 (0.2) Complex( 복합 ) 7.8 7.9 8.0 7.9 6.6 5.5 7.4 8.0 7.6 7.1 7.9 Change (0.1) (0.2) (0.1) 1.2 2.2 0.4 (0.2) 0.2 0.7 (0.1) Complex(lagging) (10.4) (8.1) (7.5) (6.1) (1.0) 5.8 3.5 (7.4) 7.7 3.3 (7.9) Change (2.3) (2.9) (4.2) (9.3) (16.2) (13.9) (2.9) (18.0) (13.7) (2.5) 자료 : Petronet, SK증권참고 1) Crude Oil 가격은현물 (spot) 기준으로선물 (future) 가격과다를수있음참고 2) Gasoline은 95RON, 경유는 L/P 0.5%, Bunker-C는 380cst/4.0% 기준임
Petrochemical Price Data Daily Price 01/06 01/05 01/02 01/01 12/31 12/30 12/29 12/26 12/25 12/24 Spot Price Naphtha CFR Japan 427.0 447.5 467.5 465.5 465.5 459.5 485.8 502.3 502.3 502.3 Ethylene CFR SE Asia 990.0 990.0 995.0 995.0 995.0 995.0.0.0.0.0 Propylene FOB Korea 660.0 660.0 660.0 660.0 660.0 660.0 640.0 565.0 565.0 565.0 Butadiene FOB Korea 925.0 925.0 940.0 940.0 940.0 940.0 940.0 955.0 955.0 955.0 HDPE CFR FE Asia 1,155.0 1,155.0 1,160.0 1,160.0 1,160.0 1,160.0 1,170.0 1,170.0 1,170.0 1,170.0 LDPE CFR FE Asia 1,185.0 1,185.0 1,190.0 1,190.0 1,190.0 1,190.0.0.0.0.0 LLDPE CFR FE Asia.0.0 1,205.0 1,205.0 1,205.0.0 1,210.0 1,210.0 1,210.0 1,210.0 MEG CFR China 732.0 743.0 749.0 755.0 755.0 755.0 765.0 770.0 770.0 770.0 PP CFR FE Asia 1,050.0 1,050.0 1,050.0 1,050.0 1,050.0 1,050.0 1,050.0 1,045.0 1,045.0 1,045.0 PX CFR China 786.0 808.0 836.0 826.0 826.0 826.0 836.0 816.0 816.0 816.0 PTA CFR China 605.0 610.0 633.0 635.0 635.0 632.0 625.0 625.0 625.0 625.0 Benzene FOB Korea 630.0 659.5 673.5 663.0 663.0 675.0 683.0 663.5 663.5 663.5 Toluene FOB Korea 537.0 583.0 602.0 597.5 597.5 604.0 617.5 628.0 628.0 628.0 Xylene FOB Korea 617.0 623.0 633.0 645.5 645.5 659.5 661.5 632.5 632.5 632.5 SM FOB Korea 883.0 931.0 943.0 937.5 937.5 938.5 938.5 918.5 918.5 918.5 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. Spot Price Naphtha CFR Japan 468.0 511.0 587.0 819.5 879.0 961.0 961.0 923.0 865.9 468.0 Change, % (8.4) (20.3) (42.9) (46.8) (51.3) (51.3) (49.3) (45.9) 0.0 Ethylene CFR SE Asia 995.0 980.0 1,140.0 1,470.0 1,490.0 1,452.5 1,452.5 1,353.8 1,401.1 995.0 Change, % 1.5 (12.7) (32.3) (33.2) (31.5) (31.5) (26.5) (29.0) 0.0 Propylene CFR SE Asia 675.0 675.0 930.0 1,265.0 1,277.5 1,380.0 1,380.0 1,326.5 1,254.2 660.0 Change, % 0.0 (27.4) (46.6) (47.2) (51.1) (51.1) (49.1) (46.2) 2.3 Butadiene CFR SE Asia 940.0 940.0 955.0 1,375.0 1,475.0 1,435.0 1,435.0 1,441.1 1,281.7 940.0 Change, % 0.0 (1.6) (31.6) (36.3) (34.5) (34.5) (34.8) (26.7) 0.0 Benzene CFR SE Asia 700.0 660.0 870.0 1,195.0 1,275.0 1,367.5 1,367.5 1,327.9 1,243.1 700.0 Change, % 6.1 (19.5) (41.4) (45.1) (48.8) (48.8) (47.3) (43.7) 0.0 Toluene CFR SE Asia 650.0 625.0.0 1,115.0 1,175.0 1,215.0 1,215.0 1,203.7 1,082.5 650.0 Change, % 4.0 (18.8) (41.7) (44.7) (46.5) (46.5) (46.0) (40.0) 0.0 Xylene CFR SE Asia 615.0 615.0 780.0 1,040.0 1,127.5 1,210.0 1,210.0 1,201.1 1,055.7 615.0 Change, % 0.0 (21.2) (40.9) (45.5) (49.2) (49.2) (48.8) (41.7) 0.0 Spread Ethylene -Naphtha 527.0 469.0 553.0 650.5 611.0 491.5 491.5 430.8 535.2 527.0 Change, % 12.4 (4.7) (19.0) (13.7) 7.2 7.2 22.3 (1.5) 0.0 Propylene -Naphtha 207.0 164.0 343.0 445.5 398.5 419.0 419.0 403.5 388.3 192.0 Change, % 26.2 (39.7) (53.5) (48.1) (50.6) (50.6) (48.7) (46.7) 7.8 Butadiene -Naphtha 472.0 429.0 368.0 555.5 596.0 474.0 474.0 518.1 415.9 472.0 Change, % 10.0 28.3 (15.0) (20.8) (0.4) (0.4) (8.9) 13.5 0.0 Benzene -Naphtha 232.0 149.0 283.0 375.5 396.0 406.5 406.5 404.9 377.3 232.0 Change, % 55.7 (18.0) (38.2) (41.4) (42.9) (42.9) (42.7) (38.5) 0.0 Toluene -Naphtha 182.0 114.0 213.0 295.5 296.0 254.0 254.0 280.7 216.6 182.0 Change, % 59.6 (14.6) (38.4) (38.5) (28.3) (28.3) (35.2) (16.0) 0.0 Xylene -Naphtha 147.0 104.0 193.0 220.5 248.5 249.0 249.0 278.1 189.9 147.0 Change, % 41.3 (23.8) (33.3) (40.8) (41.0) (41.0) (47.1) (22.6) 0.0 자료 : Cischem, Platts, Bloomberg, SK증권참고 : Spread는 Polymer와 Naphtha의가격차이임
Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. Spot Price HDPE CFR SE Asia 1,230.0 1,230.0 1,380.0 1,560.0 1,585.0 1,520.0 1,520.0 1,467.0 1,524.9 1,230.0 Change, % 0.0 (10.9) (21.2) (22.4) (19.1) (19.1) (16.2) (19.3) 0.0 MEG CFR SE Asia 775.0 775.0 835.0 900.0 972.5 1,032.5 1,032.5 1,053.2 934.1 775.0 Change, % 0.0 (7.2) (13.9) (20.3) (24.9) (24.9) (26.4) (17.0) 0.0 PVC CFR SE Asia 795.0 795.0 880.0 1,005.0 1,040.0 1,005.0 1,005.0 1,014.5 1,013.9 795.0 Change, % 0.0 (9.7) (20.9) (23.6) (20.9) (20.9) (21.6) (21.6) 0.0 PP CFR SE Asia 1,140.0 1,140.0 1,300.0 1,505.0 1,520.0 1,535.0 1,535.0 1,487.7 1,503.0 1,140.0 Change, % 0.0 (12.3) (24.3) (25.0) (25.7) (25.7) (23.4) (24.2) 0.0 2-EH CFR Korea 1,130.0 1,130.0 1,215.0 1,410.0 1,420.0 1,420.0 1,420.0 1,470.2 1,397.1 1,130.0 Change, % 0.0 (7.0) (19.9) (20.4) (20.4) (20.4) (23.1) (19.1) 0.0 ABS CFR SE Asia 1,585.0 1,585.0 1,740.0 1,910.0 1,950.0 1,905.0 1,905.0 1,949.9 1,897.7 1,585.0 Change, % 0.0 (8.9) (17.0) (18.7) (16.8) (16.8) (18.7) (16.5) 0.0 SBR CFR SE Asia 1,495.0 1,495.0 1,715.0 1,995.0 2,080.0 1,920.0 1,920.0 1,877.5 1,495.0 Change, % 0.0 (12.8) (25.1) (28.1) (22.1) (22.1) (20.4) 0.0 SM CFR SE Asia 975.0 975.0 1,065.0 1,522.5 1,550.0 1,725.0 1,725.0 1,737.4 1,547.1 975.0 Change, % 0.0 (8.5) (36.0) (37.1) (43.5) (43.5) (43.9) (37.0) 0.0 Caustic FOB NEA 275.0 275.0 287.5 307.5 305.0 335.0 335.0 323.6 310.0 275.0 Change, % 0.0 (4.3) (10.6) (9.8) (17.9) (17.9) (15.0) (11.3) 0.0 PX CFR SE Asia 835.0 835.0 945.0 1,195.0 1,277.5 1,432.5 1,432.5 1,497.3 1,228.5 835.0 Change, % 0.0 (11.6) (30.1) (34.6) (41.7) (41.7) (44.2) (32.0) 0.0 PO CFR China 1,792.5 1,852.5 2,027.5 2,365.0 2,352.5 2,450.0 2,450.0 2,030.2 2,179.2 1,792.5 Change, % (3.2) (11.6) (24.2) (23.8) (26.8) (26.8) (11.7) (17.7) 0.0 Caprolactam CFR SE Asia 1,920.0 1,920.0 2,050.0 2,170.0 2,275.0 2,360.0 2,360.0 2,393.9 2,233.4 1,920.0 Change, % 0.0 (6.3) (11.5) (15.6) (18.6) (18.6) (19.8) (14.0) 0.0 PTA CFR SE Asia 655.0 645.0 742.5 915.0 982.5 1,005.0 1,005.0 1,077.4 911.7 655.0 Change, % 1.6 (11.8) (28.4) (33.3) (34.8) (34.8) (39.2) (28.2) 0.0 Spread HDPE 762.0 719.0 793.0 740.5 706.0 559.0 559.0 544.0 659.0 762.0 Change, % 6.0 (3.9) 2.9 7.9 36.3 36.3 40.1 15.6 0.0 MEG 307.0 264.0 248.0 80.5 93.5 71.5 71.5 130.3 68.2 307.0 Change, % 16.3 23.8 281.4 228.3 329.4 329.4 135.6 349.9 0.0 PVC 327.0 284.0 293.0 185.5 161.0 44.0 44.0 91.5 148.0 327.0 Change, % 15.1 11.6 76.3 103.1 643.2 643.2 257.2 120.9 0.0 PP 672.0 629.0 713.0 685.5 641.0 574.0 574.0 564.8 637.1 672.0 Change, % 6.8 (5.8) (2.0) 4.8 17.1 17.1 19.0 5.5 0.0 2-EH 662.0 619.0 628.0 590.5 541.0 459.0 459.0 547.2 531.3 662.0 Change, % 6.9 5.4 12.1 22.4 44.2 44.2 21.0 24.6 0.0 ABS 1,117.0 1,074.0 1,153.0 1,090.5 1,071.0 944.0 944.0 1,026.9 1,031.9 1,117.0 Change, % 4.0 (3.1) 2.4 4.3 18.3 18.3 8.8 8.3 0.0 SBR BD spread 555.0 555.0 760.0 620.0 605.0 485.0 485.0 595.8 555.0 Change, % 0.0 (27.0) (10.5) (8.3) 14.4 14.4 (6.8) 0.0 SM 507.0 464.0 478.0 703.0 671.0 764.0 764.0 814.4 681.2 507.0 Change, % 9.3 6.1 (27.9) (24.4) (33.6) (33.6) (37.7) (25.6) 0.0 Caustic Change, % PX 367.0 324.0 358.0 375.5 398.5 471.5 471.5 574.4 362.6 367.0 Change, % 13.3 2.5 (2.3) (7.9) (22.2) (22.2) (36.1) 1.2 0.0 PO propylene sprea 1,117.5 1,177.5 1,097.5 1,100.0 1,075.0 1,070.0 1,070.0 703.7 925.0 1,132.5 Change, % (5.1) 1.8 1.6 4.0 4.4 4.4 58.8 20.8 (1.3) Caprolactam benzene spread 1,220.0 1,260.0 1,180.0 975.0.0 992.5 992.5 1,066.0 990.3 1,220.0 Change, % (3.2) 3.4 25.1 22.0 22.9 22.9 14.4 23.2 0.0 PTA px spread 70.5 60.5 81.0 78.5 88.3 2.3 2.3 29.2 51.8 70.5 Change, % 16.5 (13.0) (10.2) (20.1) 3,033.3 3,033.3 141.2 36.2 0.0 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용
Global peers Currency 01/06 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 14E 15E 14E 15E 14E 15E Petrochemical Dow Chemical USD 43.5 (1.6) (5.6) (13.3) (13.9) (16.5) (0.3) (4.7) 52,869 14.7 13.2 2.0 2.0 7.7 7.7 Du Pont USD 70.9 (1.2) (5.0) (3.0) 1.0 7.7 12.6 (4.1) 58,307 17.7 15.8 4.1 3.7 10.6 10.1 Eastman USD 73.5 (0.4) (4.0) (8.7) (7.5) (17.0) (7.8) (3.1) 12,277 10.6 9.6 2.5 2.3 7.5 6.5 BASF EUR 67.0 (0.2) (4.1) (9.4) (4.5) (23.2) (13.1) (4.1) 96,622 12.2 11.8 2.2 2.1 7.4 7.2 Akzo Nobel EUR 56.6 0.2 (1.0) (1.5) 10.2 2.4 0.4 (1.9) 18,641 18.2 15.3 2.4 2.3 9.4 8.2 Arkema EUR 51.9 0.6 (5.5) (9.5) 5.1 (27.3) (36.0) (5.8) 7,210 14.0 11.3 1.3 1.3 6.2 5.1 Lanxess EUR 35.2 (0.6) (8.4) (10.6) (17.8) (30.7) (27.0) (8.4) 5,475 17.1 15.0 1.4 1.3 5.9 5.6 Sumitomo Chemical JPY 458 (4.4) (4.4) (7.8) 21.5 16.8 10.4 (4.4) 6,603 15.8 10.1 1.1 1.0 8.9 8.0 Mitsubishi Chemical JPY 570 (3.5) (3.2) (12.5) 7.3 26.0 17.7 (3.2) 7,007 15.6 12.2 0.9 0.8 7.3 6.2 Shin-Etsu Chemical JPY 7,642 (3.1) (2.8) (10.0) 9.4 23.2 26.1 (2.8) 25,169 25.0 22.5 1.7 1.7 9.4 8.6 Asahi Kasei JPY 1,065 (3.2) (3.7) (2.5) 17.1 34.9 28.9 (3.7) 11,163 14.7 13.9 1.5 1.4 6.8 6.5 JSR JPY 1,987 (4.1) (4.3) (9.6) 1.7 9.7 (2.6) (4.3) 4,666 16.4 14.6 1.3 1.3 6.5 5.8 Nitto Denko JPY 6,528 (4.2) (3.6) (2.1) 8.9 35.1 48.9 (3.6) 7,323 16.9 15.2 1.9 1.7 7.1 6.5 SABIC SAR 77.0 (3.2) (10.0) (18.4) (41.1) (34.2) (31.9) (8.2) 90,388 9.2 8.9 1.4 1.3 5.3 5.2 Yansab SAR 41.6 (2.0) (12.9) (26.1) (41.7) (40.6) (42.0) (12.7) 10,761 9.2 8.7 1.5 1.5 6.8 6.8 Formosa Plastics TWD 69.0 (3.5) (4.3) (2.8) (2.7) (11.0) (12.7) (4.6) 16,731 19.5 18.1 1.6 1.6 30.9 26.5 Formosa Fiber TWD 63.5 (3.8) (4.7) (6.5) (7.7) (11.6) (23.2) (5.1) 16,126 19.7 18.4 1.3 1.3 15.4 14.8 Nan Ya Plastics TWD 61.8 (3.3) (4.3) (6.2) (6.9) (15.9) (7.9) (5.6) 17,704 15.1 16.0 1.6 1.6 17.2 15.9 Sinopec Shanghai CNY 4.51 (4.0) 7.6 1.3 16.5 42.3 57.1 4.2 4,459 82.0 32.2 2.7 2.5 22.6 11.9 Sinopec Yizheng(FibeCNY 5.70 (1.9) 2.3 26.7 18.8 105.0 112.7 (2.6) 2,176 34.5 24.3 2.8 2.6 7.0 5.8 Reliance INR 836 (4.5) (5.0) (12.7) (9.8) (19.0) (2.2) (5.8) 44,311 10.5 9.7 1.2 1.1 8.4 7.3 Industries Qatar QAR 167.9 0.5 (2.6) (8.7) (11.6) (3.5) (1.8) (0.1) 28,410 14.8 12.6 3.2 3.1 54.2 51.3 PTT Chemical THB 53.0 2.9 3.4 (12.0) (8.6) (20.6) (28.9) 3.4 10,161 9.4 9.1 1.2 1.1 5.5 5.3 Petronas MYR 5.0 (3.5) (8.1) (6.7) (19.7) (26.1) (26.3) (8.1) 16,566 14.0 13.0 1.7 1.6 6.8 6.2 LG화학 KRW 166,000 (4.9) (8.3) (16.4) (31.5) (42.9) (41.7) (8.3) 17,692 12.2 9.4 1.0 0.9 4.8 4.2 롯데케미칼 KRW 146,000 (6.1) (8.8) (15.1) 3.9 (16.1) (35.0) (8.8) 7,221 16.9 10.8 0.8 0.7 6.8 5.2 한화케미칼 KRW 11,050 (3.1) (6.4) (13.0) (16.9) (39.5) (49.3) (6.4) 2,870 25.1 13.1 0.4 0.4 11.0 9.1 금호석유 KRW 8 0.9 0.5 1.8 13.3 (9.3) (11.2) 0.5 2,607 32.1 16.5 1.8 1.6 12.7 9.9 SKC KRW 26,750 1.1 0.6 1.3 (12.6) (27.3) (11.6) 0.6 1,028 13.6 8.4 0.8 0.7 9.2 8.3 국도화학 KRW 39,850 (0.7) (3.0) (8.2) (7.8) (34.1) (26.5) (3.0) 296 10.9 8.0 0.6 0.6 5.6 4.6 효성 KRW 2,675 (0.4) (5.8) (14.5) (7.6) (45.1) (54.9) (5.8) 2,257 8.3 7.5 0.8 0.7 9.1 8.4 Average (2.1) (4.0) (7.6) (4.4) (6.7) (5.8) (4.2) Refinery Valero USD 47.7 (1.2) (4.1) (4.2) 6.6 (6.5) (4.3) (3.7) 26,886 8.1 8.8 1.2 1.1 4.1 4.4 Conoco Phillips USD 62.9 (4.1) (10.0) (7.3) (16.0) (27.2) (10.4) (8.9) 86,075 11.2 17.7 1.4 1.4 4.3 5.0 Formosa PetrochemicTWD 65.1 (3.4) (4.4) (4.7) (9.6) (12.6) (19.6) (5.2) 25,670 28.4 22.6 2.6 2.5 16.2 14.1 Tesoro USD 71.8 (0.3) (4.7) (5.7) 15.8 18.5 24.7 (3.4) 7,647 11.0 11.0 2.0 1.9 5.4 5.1 Marathon Petroleum USD 88.2 (1.0) (2.7) (4.3) 9.1 9.0 (0.6) (2.3) 26,704 11.6 10.9 2.3 2.0 6.2 5.7 Devon Energy USD 57.5 (2.0) (5.8) (4.0) (11.3) (27.4) (4.6) (6.1) 24,462 11.0 13.4 1.0 1.0 4.9 5.3 Hollyfrontier USD 36.4 (1.2) (4.5) (8.9) (12.1) (16.0) (23.4) (3.0) 9,856 11.7 11.9 1.2 1.2 5.3 5.3 Phillips 66 USD 66.0 (2.8) (9.5) (9.6) (14.6) (19.0) (14.3) (7.9) 46,170 10.4 9.9 1.7 1.6 5.8 5.7 Murphy Oil USD 46.6 (2.6) (8.2) (4.8) (15.2) (30.2) (25.8) (7.8) 11,737 12.8 45.8 0.9 1.0 3.3 3.9 JX Holdings JPY 454.1 (2.8) (3.3) 2.5 (8.8) (14.8) (15.4) (3.3) 12,880 27.5 7.4 0.5 0.5 16.4 9.8 Cosmo Oil JPY 165.0 (2.9) (3.5) 0.6 (9.3) (22.2) (21.4) (3.5) 1,711 #N/A N/A 8.9 0.6 0.6 12.9 10.0 Idemitsu JPY 1,968.0 (1.2) (1.5) (2.8) (12.5) (11.9) (17.1) (1.5) 3,651 17.6 7.7 0.4 0.4 11.0 8.0 Tonengeneral JPY 1,002.0 (2.1) (2.6) (4.2) 5.3 5.1 3.9 (2.6) 5,237 14.2 19.2 1.2 1.2 54.3 13.9 Nesteoil EUR 19.9 0.0 (0.7) (0.7) 15.0 38.8 35.0 (0.7) 5,145 15.5 13.6 1.7 1.6 9.0 7.7 Ashland USD 116.5 (1.1) (3.2) (0.7) 14.6 6.6 20.0 (2.8) 7,525 19.5 15.7 2.3 2.3 8.8 8.4 Fuchs Petrolub EUR 32.2 (0.2) (3.2) (6.8) 10.6 (4.0) (9.7) (3.2) 6,454 20.6 19.4 5.0 4.4 12.7 12.1 SK이노베이션 KRW 79,500 (3.0) (6.6) (7.7) 2.2 (24.3) (42.2) (6.6) 11,930 N/A 9.7 0.5 0.5 16.0 7.9 S-Oil KRW 45,100 (6.5) (6.8) (1.2) 9.9 (19.3) (35.6) (6.8) 7,395 N/A 13.8 1.0 1.0 25.6 8.9 GS KRW 38,350 (1.9) (4.1) (7.1) (4.0) (13.3) (30.9) (4.1) 4,839 68.3 11.4 0.6 0.5 23.4 11.9 Average (2.1) (4.7) (4.3) (1.3) (9.0) (10.1) (4.4) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임
Global peers Currency 01/06 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 14E 15E 14E 15E 14E 15E E&P/Shale Exxon Mobil USD 89.8 (0.5) (3.5) (4.3) (5.0) (12.5) (9.9) (2.9) 435,366 12.3 16.0 2.1 2.0 5.7 6.7 BP GBP 391.1 0.3 (4.5) (7.9) (12.3) (24.7) (20.0) (4.9) 149,460 8.9 10.5 0.9 0.8 3.7 3.9 Shell EUR 2,079.5 (0.0) (3.7) (3.2) (9.1) (13.9) (3.1) (3.4) 228,913 8.6 10.6 1.1 1.0 3.8 4.3 Chevron USD 108.0 (0.0) (4.5) (2.6) (8.5) (17.7) (12.9) (3.7) 238,512 11.2 15.5 1.3 1.3 4.6 5.3 Total EUR 39.9 (0.2) (6.1) (11.7) (17.4) (24.8) (8.2) (6.1) 141,011 8.6 9.8 1.1 1.0 4.0 4.2 Sinopec CNY 7.00 (2.0) 11.8 6.7 32.1 38.3 56.3 7.9 87,143 11.8 12.1 1.3 1.2 6.0 5.7 Petrochina CNY 11.69 (1.7) 11.9 15.5 50.1 55.0 50.5 8.1 229,936 16.5 16.7 1.8 1.7 7.3 7.2 CNOOC CNY 21.43 (3.3) 6.2 13.0 10.1 21.1 5.2 3.2 14,527 12.7 12.5 2.1 1.9 7.9 8.3 Gazprom RUB 138.9 3.7 6.6 (1.1) 0.0 (6.8) 2.7 6.6 96,312 2.8 2.8 0.2 0.2 1.9 2.1 Rosneft RUB 200.3 1.8 2.3 (9.8) (13.7) (21.1) (17.6) 2.3 77,479 4.4 4.6 0.5 0.4 2.7 3.0 Anadarko USD 75.2 (0.7) (9.9) (4.8) (22.6) (30.1) (4.0) (8.8) 39,426 15.9 29.5 1.7 1.7 4.2 5.3 Petrobras BRL 8.3 (3.3) (16.9) (32.1) (59.1) (52.4) (49.9) (16.9) 88,303 5.1 4.5 0.3 0.3 4.9 4.2 Lukoil USD 37.3 (2.5) (6.3) (17.2) (27.2) (37.9) (38.1) (6.4) 51,204 3.5 3.6 0.3 0.3 N/A N/A Kinder USD 102.0 0.0 0.0 0.0 8.4 23.8 26.8 0.0 35,219 38.2 37.8 2.8 3.0 11.8 10.9 Statoil NOK 127.3 1.0 (3.0) (1.2) (23.6) (32.9) (13.0) (3.0) 75,629 9.4 12.2 1.1 1.1 2.1 2.4 BHP AUD 28.1 (4.6) (4.6) (7.6) (14.0) (25.2) (25.2) (4.3) 171,538 11.7 11.5 1.4 1.4 5.4 5.2 PTT E&P THB 107.0 0.0 (4.5) (18.9) (30.5) (32.5) (27.7) (4.5) 17,772 7.3 8.1 1.0 0.9 2.6 2.6 Petronas gas MYR 21.8 (0.2) (2.3) 3.3 (4.7) (10.7) (5.6) (1.7) 13,907 25.1 23.9 4.0 3.8 13.9 13.3 Average 0 (0.7) (1.7) (4.7) (8.2) (11.4) (5.2) (2.1) PV WACKER EUR 86.5 (0.1) (5.0) (8.8) (8.2) (1.7) 2.2 (5.0) 6,017 23.6 25.4 1.9 1.8 5.7 5.8 GCL-Poly HKD 1.8 (3.2) 2.3 (13.4) (37.2) (33.0) (26.7) 0.6 4,932 12.5 9.1 1.5 1.3 7.8 7.0 REC NOK 102.0 0.5 0.0 (0.3) 32.5 8.6 12.4 0.0 588 11.3 8.9 2.0 1.6 7.0 5.6 SunEdison USD 17.6 (6.1) (7.9) (16.1) (3.4) (22.4) 25.6 (9.8) 3,735 #N/A N/A #N/A N/A 32.9 #N/A N/A #N/A N/A 34.6 Canadian Solar USD 22.3 (3.7) (5.8) (10.6) (33.4) (27.5) (37.6) (7.9) 1,648 5.5 4.6 1.5 1.1 4.4 3.8 JA Solar USD 7.9 (1.1) (1.9) (14.5) (8.6) (24.6) (19.5) (4.0) 422 8.3 6.2 0.5 0.4 3.5 3.6 Trina Solar USD 8.8 (3.3) 3.0 (13.1) (20.1) (29.7) (45.1) (5.1) 1,265 10.3 8.0 0.7 0.6 6.6 5.0 Solar City USD 49.5 (1.1) (8.1) (7.5) (14.3) (30.6) (22.2) (7.4) 5,228 #N/A N/A #N/A N/A 8.1 8.8 #N/A N/A #N/A N/A Yingli USD 2.2 (4.4) (3.1) (14.5) (29.0) (38.8) (66.6) (7.2) 1,088 #N/A N/A #N/A N/A 17.4 33.5 12.8 7.5 First Solar USD 40.9 (2.3) (8.2) (12.9) (34.5) (41.2) (20.3) (8.4) 5,097 15.5 9.4 0.9 0.8 5.7 4.3 한화솔라원 USD 1.1 (5.4) (10.3) (35.2) (51.4) (60.8) (67.9) (4.5) 275 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A OCI KRW 70, (5.1) (9.9) (19.5) (41.0) (58.5) (63.7) (9.9) 4,364 N/A 14.7 0.6 0.6 6.7 5.2 웅진에너지 KRW 1,390 (2.8) 3.7 (4.8) (31.5) (45.3) (30.8) 3.7 126 N/A 0.6 0.6 6.7 5.2 8.3 신성솔라에너지 KRW 1,030 (1.9) 1.0 (1.4) 2.0 (22.3) (14.2) 1.0 63 N/A 0.6 6.7 5.2 8.3 7.5 Average (2.9) (3.6) (12.3) (19.9) (30.5) (26.7) (4.6) Gas Company Towngas China HKD 7.7 (1.8) (2.9) (8.4) (7.0) (16.0) (18.8) (2.4) 3,184 16.7 14.1 1.5 1.4 17.3 15.0 Kulun HKD 7.6 (2.8) 2.6 (4.1) (32.9) (39.0) (43.7) 3.0 13,932 9.7 9.0 1.1 1.0 5.6 5.0 Beijing Enterprise HKD 60.6 (0.6) (0.2) 1.4 (7.6) (15.8) (16.5) (0.4) 11,876 15.5 12.9 1.3 1.2 16.0 14.1 ENN Energy HKD 45.7 2.0 3.7 (3.9) (11.3) (17.9) (19.2) 3.7 7,890 17.6 15.4 3.5 2.9 9.4 8.4 China Resources GasHKD 19.5 (1.8) (2.0) (7.9) (11.7) (19.8) (25.2) (3.3) 7,471 16.9 14.3 2.6 2.3 11.0 9.5 China Gas Holdings HKD 12.0 (0.5) (2.9) (14.0) (9.8) (21.9) 4.9 (2.1) 7,334 18.6 15.1 3.2 2.8 13.7 11.6 Shenzen Gas HKD 11.5 1.4 1.6 0.0 6.1 18.4 14.8 0.9 2,136 9.9 10.2 1.2 1.1 8.2 8.6 Shann Xi CNY 11.3 0.6 4.5 (2.8) (0.4) 19.5 14.6 4.3 1,652 26.9 20.0 2.8 2.5 13.9 11.5 Suntien HKD 1.8 1.7 11.8 9.8 (7.2) (28.6) (45.3) 11.1 1,374 12.2 9.4 0.7 0.6 7.3 5.9 China Oil & Gas HKD 1.0 0.0 1.0 (5.5) (20.2) (25.9) (27.5) 5.1 916 10.6 9.1 1.3 1.2 5.8 4.6 Average (0.2) 1.7 (3.5) (10.2) (14.7) (16.2) 2.0 EV LG화학 KRW 166,000 (4.9) (8.3) (16.4) (31.5) (42.9) (41.7) (8.3) 17,692 11.4 8.7 1.0 0.9 4.9 4.3 삼성SDI KRW 11 (3.5) (4.3) (12.3) (4.3) (35.3) (25.0) (4.3) 6,327 47.8 19.0 0.7 0.7 14.4 9.3 Panasonic JPY 1382.0 (3.1) (3.2) (13.4) 8.3 10.1 10.2 (3.2) 29,567 17.8 15.3 1.8 1.6 5.4 5.0 GS Yuasa JPY 506.0 (3.1) (1.7) (4.5) (16.8) (25.5) (15.0) (1.7) 2,365 12.6 10.8 1.4 1.3 7.4 6.6 NEC JPY 342.0 (2.8) (3.1) (11.9) (10.5) (5.3) 41.9 (3.1) 6,034 17.8 12.5 1.2 1.1 6.6 6.2 BYD Auto CNY 40.3 0.2 6.0 (7.0) (17.4) (16.5) 6.1 5.7 13,647 95.6 42.6 3.9 3.6 19.4 15.2 Tesla Motors USD 211.3 0.6 (4.9) (5.6) (18.9) (7.8) 43.7 (5.0) 18,021 352.1 72.1 27.5 22.4 83.4 34.2 Kandi Technologies USD 12.1 (5.3) (14.9) (11.6) (16.4) (13.4) 0.4 (13.5) 446 #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 (2.7) (4.3) (10.3) (13.4) (17.1) 2.6 (4.2) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임