1. News Summary (3 page) 2015 년 1 월 29 일 News Conclusion WTI comment 국제유가상승마감 Headline 사우디 Yansab은 +9.4% 반면브라질 Petrobras는 -11.2%? 유가급락으로인한실적우려전일글로벌하게본격화된상황임 News 1. 미국원유생산사상최대 / 골드만삭스 " 유가 $30/bbl까지 " 미국도 OPEC처럼감산움직임없고금융권도추가하락예상하고있음 News 2. 오바마, 대서양석유 / 가스사상최초로시추허용 미국의증산의지이어지고있음 / 원유 overcapacity 쉽게해소어려움 News 3. KT렌탈인수본입찰참여업체 6개확정, SK네트웍스포함 SK네트웍스의인수가능성고조, 향후성장성확보에서긍정적소식 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 44.5 (1.0) (7.0) (17.1) (45.2) (54.4) Ethylene 01/26 $/t 895 (3.2) (8.7) (32.5) (37.0) Dubai $/bbl 44.8 2.8 0.2 (19.8) (47.1) (56.8) Propylene 01/26 $/t 740 4.2 9.6 (37.6) (46.8) Gasoline $/bbl 56.5 2.4 0.3 (16.7) (43.5) (51.9) Benzene 01/26 $/t 685 19.1 3.8 (39.5) (50.2) Diesel $/bbl 61.5 2.5 0.1 (15.2) (38.3) (49.3) Toluene 01/26 $/t 4.3 (4.0) (42.6) (48.2) Complex margin $/bbl 9.0 0.1 0.0 0.5 2.2 1.1 Xylene 01/26 $/t 6.7 (2.4) (36.2) (48.1) 1M lagging $/bbl (2.6) 0.4 5.3 8.1 1.2 (8.6) PP 01/26 $/t 965 (3.5) (15.4) (34.6) (37.3) Petrochemical % % % % % PVC 01/26 $/t 815 2.5 2.5 (18.5) (22.4) Naphtha $/t 441 3.3 2.6 (12.3) (37.9) (52.9) ABS 01/26 $/t 1,465 (3.3) (7.6) (22.5) (24.5) Butadiene $/t 640 (0.8) (2.3) (33.0) (36.9) (56.0) SBR 01/26 $/t 1,335 (5.7) (10.7) (26.0) (31.0) HDPE $/t 1,100 (0.9) (3.1) (6.0) (26.2) (28.8) SM 01/26 $/t 920 6.4 (5.6) (37.9) (46.0) MEG $/t 752 2.7 3.0 (2.3) (9.6) (25.0) BPA 01/26 $/t 1,780 1.4 (3.9) (18.5) (21.8) PX $/t 757 0.3 (0.6) (7.2) (26.8) (40.6) Caustic 01/26 $/t 255 (1.9) (7.3) (17.7) (20.3) SM $/t 893 0.9 2.5 (2.8) (36.6) (45.6) 2-EH 01/26 $/t 935 0.0 (17.3) (31.0) (34.6) Commodity % % % % % Caprolactam 01/26 $/t 1,660 (4.9) (13.5) (22.4) (30.5) Natural Gas $/mmbtu 2.85 (2.9) (3.0) (1.6) (25.0) (37.7) Solar % % % % Natural rubber $/t 1,380 (0.7) 0.0 (8.0) (12.7) (28.9) Polysilicon 01/28 $/kg 19.1 (0.2) (0.9) (8.1) (8.8) Cotton C/lbs 59.4 1.1 2.5 (1.4) (6.0) (23.0) Module 01/28 $/W 0.61 (0.2) (1.1) (1.6) (11.1) * 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 88.0 (3.3) (4.3) (5.6) (7.5) (8.1) BASF EUR 77.8 0.7 4.5 9.9 13.2 (2.2) Shell EUR 2,154 (1.7) (0.5) (2.3) (1.9) 1.4 Dow Chemical USD 43.0 (2.6) (3.8) (7.4) (10.3) (0.1) Petrochina CNY 12.25 (2.9) (3.5) 21.0 60.3 62.0 SABIC SAR 88.5 5.4 13.7 (0.3) (21.7) (20.8) Gazprom RUB 147.7 (2.1) (0.7) 9.7 8.8 0.2 Formosa Pla. TWD 77.0 0.7 1.3 8.5 12.2 (1.3) Petrobras BRL 9.0 (11.2) (8.0) (12.3) (39.9) (40.0) Shin-Etsu JPY 8,002 (0.7) 2.8 (1.0) 16.5 42.7 Refinery Renewable Phillips66 USD 68.4 (1.8) 3.2 (5.9) (11.8) (8.9) Wacker EUR 94.1 (0.6) 10.9 2.4 6.1 9.8 Valero USD 51.5 0.5 9.2 2.4 4.1 2.6 Yingli USD 1.92 (2.0) 0.0 (14.3) (34.9) (68.8) JX JPY 443.3 (0.4) 0.9 (6.6) (0.1) (12.4) Tesla USD 199.4 (3.2) 1.4 (12.5) (17.9) 11.8 Neste Oil EUR 24.1 0.3 9.4 18.9 42.3 78.8 BYD CNY 40.4 1.0 2.3 9.9 (14.7) 0.5 4. Coverage Summary 01/28 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 1,962 0.5 2.1 1.7 0.1 (4.9) 2.7 * 추정치는 12M fwd 기준임 KOSPI화학 4,015 1.4 6.0 7.6 5.3 (2.9) 3.4 * 모든 coverage 업체의실적은연결기준임 LG화학 199,000 0.0 7.9 8.4 (0.3) (31.6) (24.0) 매수 230,000 15.6 11.30 1.19 롯데케미칼 174,000 1.2 14.9 7.4 19.2 (2.0) (14.9) 매수 170,000 (2.3) 13.65 0.86 한화케미칼 12,500 0.0 11.1 2.9 6.8 (33.0) (37.7) 매수 14,000 12.0 7.96 0.40 금호석유화학 88, 1.1 2.5 8.2 14.5 (2.4) 1.7 매수 90,000 1.6 16.38 1.93 OCI 79,000 5.5 8.7 (0.1) (13.1) (52.7) (57.5) 매수 110,000 39.2 15.23 0.77 SKC 29,750 (1.5) 5.7 8.2 5.5 (16.4) (5.0) 매수 37,000 24.4 9.84 0.88 국도화학 43,050 0.8 1.8 1.3 3.7 (20.1) (15.9) 매수 55,000 27.8 10.09 0.62 SK이노베이션 95,400 0.2 7.2 11.1 9.5 (10.0) (25.8) 매수 100,000 4.8 11.40 0.65 S-Oil 58,200 0.0 6.2 19.6 42.1 5.8 (15.2) 매수 55,000 (5.5) 19.08 1.38 GS 41,550 0.2 5.6 3.4 (1.1) (11.2) (20.4) 매수 50,000 20.3 9.10 0.71 SK가스 88,900 3.1 1.6 (5.4) (34.6) (19.9) 23.0 매수 110,000 23.7 11.14 0.65 대우인터내셔널 28,750 2.1 3.2 (9.3) (15.7) (24.7) (27.5) 매수 38,000 32.2 10.13 1.33 LG상사 33,900 0.0 2.0 17.5 50.3 15.3 12.3 매수 34,000 0.3 11.99 0.92 SK 네트웍스 8,170 (0.7) 7.6 (6.8) (22.9) (21.8) 0.5 매수 12,000 46.9 8.54 0.73 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 13/07 13/10 14/01 14/04 14/07 14/10 1,700 15/01 40 13/01 13/05 13/09 14/01 14/05 14/09 Complex & 1M lagging margin ($/bbl) 시차조정복합 20 복합정제마진 Polysilicon & Module prices ($/kg) PolySilicon 23 Silicon Module ($/W) 0.75 15 10 5 21 0.70 0 19-5 -10 17 0.65-15 -20 13/01 13/05 13/09 14/01 14/05 14/09 15 13/01 13/07 13/12 14/06 14/11 0.60 Naphtha/Ethylene/Propylene prices Butadiene price & 1M lagging naphtha spread Naphtha Ethylene Propylene 1M lagging g Butadiene 1, 2,200 2,000 1,400 1, 1, 1,400 400 400 200 0 HDPE price & 1M lagging naphtha spread 1M lagging 1, HDPE 700 MEG price & 1M lagging naphtha spread 1M lagging MEG 300 1,500 1,400 1,300 650 550 500 450 1,100 900 200 100 0 1,100 400 700-100 PVC price & 1M lagging naphtha spread PX price & 1M lagging naphtha spread 1,100 1M lagging PVC 250 1, 1M lagging PX 1,050 200 1, 700 950 900 850 150 100 50 1,400 500 400 300 0 200 750-50 100 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK증권참고 : 상기데이터는일괄적으로과거 2년치적용
News Comment Headline ( 출처 : Bloomberg) WTI Comment ( 출처 : 연합뉴스 ) 제목 사우디 Yansab은 +9.4% 반면브라질 Petrobras는 -11.2%? 제목 국제유가상승마감 결론 유가급락으로인한실적우려전일글로벌하게본격화된상황임 상승 미국북동부폭설강타, 난방유수요상승기대 요인 미국 12월내구재수주실적불안, 달러약세 1) SABIC +5.4%, Yansab +9.4% 등사우디주식시장외국인개방여파상승 2) 반면 Petrobras는실적쇼크 / 비리문제 / 유가급락으로 -11.2% 기록했음 3) 전체적실적우려로 Chevron -4.2% / Exxon -3.3% 등 E&P 약세 하락 CS, 2015년 WTI 전망치 $49/bbl로하향조정 4) 북미정유업체 ConocoPhillips -4.5%, Devon Energy -5.9% 도실적우려급락 요인 골드막삭스대표개리콘, " 유가 $30/bbl까지갈것." 5) 유가급락으로인한실적우려전일글로벌하게본격화된상황임 Issue 1 ( 출처 : Bloomberg) Issue 2 ( 출처 : Bloomberg) 제목미국원유생산사상최대 / 골드만삭스 " 유가 $30/bbl 까지 " 제목오바마, 대서양석유 / 가스사상최초로시추허용 결론미국도 OPEC 처럼감산움직임없고금융권도추가하락예상하고있음결론미국의증산의지이어지고있음 / 원유 overcapacity 쉽게해소어려움 1) 미국전주원유생산 921만b/d, 1983년 EIA 데이터집계이래최대치 1) 2017~2022년까지북동부주연안 80km 밖해상에서석유 / 가스시추허용 2) 또한재고는정유업체정기보수로 4.07억bbl 사상최대기록 2) 미국내무부장관, " 기술적으로확보가능한석유 / 가스자원 80% 개발." 3) 한편골드만삭스 COO 개리콘, " 장기적관점에서유가더떨어질것." 3) " 실제민간회사에시추권과구역임대하는것은 2021년에가능할것." 4) " 수출국 / 투자자모두유가상승베팅없음. $30/bbl까지하락할것." 4) 단과학자들이환경 / 지진문제삼는곳은임대철회하도록지시 5) 미국도 OPEC처럼감산움직임없고금융권도추가하락예상하고있음 5) 미국의증산의지이어지고있음 / 원유 overcapacity 쉽게해소어려움 Issue 3 ( 출처 : 각종언론 ) Issue 4 ( 출처 : PVinsights) 제목 KT 렌탈인수본입찰참여업체 6 개확정, SK 네트웍스포함제목 [ 주간가격 ] 태양광제품가격약세지속 결론 SK 네트웍스의인수가능성고조, 향후성장성확보에서긍정적소식결론핵심은중국수요회복여부지만여전히기미보이지않고있음 1) SK네트웍스 / 롯데그룹 / 한국타이어외 PE 3곳으로압축 1) 폴리실리콘 $19.11/kg(WoW -0.21%) / 모듈 $0.611/W(WoW -0.16%) 2) 강력한인수후보중하나인 SK네트웍스는단독으로입찰참여했음 2) 모듈 : 유럽의중국산모듈반덤핑발표이전중국업체들저가물량공세 3) 또다른유력후보였던오릭스는막판불참, 한국타이어단독참여 3) 영국 / 일본 / 인도의태양광수요나쁘지않지만저가물량공세가더큼 4) 한국타이어는한라비스테온공조인수에도참여해자금여력의문 4) 폴리 : 중국업체들저가에도불구하고여전히높은가동률유지중임 5) SK네트웍스의인수가능성고조, 향후성장성확보에서긍정적소식 5) 핵심은중국수요회복여부지만여전히기미보이지않고있음 Issue 5 Issue 6 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 2013avg. 2014avg. 2015acc. F/X USD/EUR 0.886 0.879 0.861 0.821 0.785 0.744 0.732 0.826 0.753 0.754 0.859 Change, % 0.8 2.9 7.9 12.8 19.1 21.1 7.3 (3.9) 13.7 (0.0) USD/JPY 117.6 117.9 118.0 120.3 108.2 101.9 102.9 119.7 97.7 105.9 118.4 Change, % (0.3) (0.4) (2.3) 8.7 15.4 14.2 (1.8) 21.5 13.8 0.0 USD/KRW 1,084.4 1,079.8 1,083.3 1,098.7 1,049.6 1,026.4 1,081.1 1,094.0 1,094.6 1,053.0 1,088.1 Change, % 0.4 0.1 (1.3) 3.3 5.7 0.3 (0.9) 50.3 3.3 0.0 Agriculture Corn 373.3 381.3 388.0 414.8 364.5 367.8 432.0 397.0 579.2 415.6 390.3 Change, % (2.1) (3.8) (10.0) 2.4 1.5 (13.6) (6.0) (39.6) (5.9) 0.0 Soybean 970.3 973.8 983.5 1,047.5 1,008.0 1,236.5 1,285.5 1,019.3 1,407.0 1,245.5 1,003.2 Change, % (0.4) (1.3) (7.4) (3.7) (21.5) (24.5) (4.8) (7.5) (22.3) 0.0 Wheat 505.3 519.0 536.8 610.8 530.8 534.8 566.0 589.8 684.3 588.0 548.4 Change, % (2.6) (5.9) (17.3) (4.8) (5.5) (10.7) (14.3) (22.2) (2.6) 0.0 Rice 10.7 11.0 11.4 12.2 12.1 12.9 15.5 11.5 15.5 14.0 11.2 Change, % (2.1) (5.6) (11.8) (10.9) (16.9) (30.8) (6.6) 4.4 (25.9) 0.0 Oats 287.5 289.3 290.8 306.0 356.0 366.5 416.8 303.8 367.5 373.1 294.6 Change, % (0.6) (1.1) (6.0) (19.2) (21.6) (31.0) (5.3) 1.9 (14.3) 0.0 MYR/mt Palm Oil 2,221.0 2,188.0 2,291.0 2,250.0 2,222.0 2,335.0 2,520.0 2,291.0 2,405.0 2,415.1 2,311.9 Change, % 1.5 (3.1) (1.3) (0.0) (4.9) (11.9) (3.1) 13.3 (12.8) 0.0 Cocoa 2,715.0 2,743.0 2,852.0 2,941.0 2,923.0 3,165.0 2,905.0 2,910.0 2,403.9 3,006.8 2,890.1 Change, % (1.0) (4.8) (7.7) (7.1) (14.2) (6.5) (6.7) 21.2 7.4 0.0 Cotton 59.4 58.8 58.0 61.6 64.5 65.4 84.4 60.3 83.3 76.4 59.3 Change, % 1.1 2.5 (3.6) (7.8) (9.1) (29.5) (1.4) 12.6 (28.8) 0.0 Sugar 15.2 15.2 15.9 14.7 16.1 16.9 15.0 14.5 17.5 16.3 15.0 Change, % 0.0 (4.8) 3.1 (6.0) (10.5) 0.9 4.4 (15.9) (11.5) (0.0) Coffee 167.7 168.2 161.3 168.6 192.4 181.1 114.7 166.6 126.0 177.1 169.6 Change, % (0.3) 4.0 (0.5) (12.8) (7.4) 46.3 0.7 (23.0) 50.5 (0.0) Energy WTI 44.4 46.2 47.8 54.7 81.4 101.7 97.4 53.3 98.0 92.9 48.0 Change, % (4.0) (7.1) (18.9) (45.5) (56.3) (54.4) (16.7) 7.2 (45.9) 0.0 Brent 48.5 49.6 49.0 59.5 86.0 107.6 107.4 57.3 108.7 99.5 50.3 Change, % (2.1) (1.0) (18.4) (43.6) (54.9) (54.8) (15.3) (0.3) (48.3) 0.0 Natural Gas 2.9 3.0 3.0 3.0 3.6 3.7 5.0 2.9 3.7 4.3 3.0 Change, % (3.9) (3.6) (4.7) (21.5) (23.5) (43.1) (0.8) 26.2 (31.7) 0.0 Ethanol 1.4 1.4 1.4 1.7 1.8 2.2 1.8 1.6 2.3 2.1 1.4 Change, % (2.8) (0.8) (16.9) (23.1) (37.1) (23.2) (15.3) (12.7) (14.9) 0.0 RBOB Gasoline 134.8 135.0 132.6 150.9 219.6 284.9 262.8 143.5 285.0 262.6 134.9 Change, % (0.2) 1.7 (10.7) (38.6) (52.7) (48.7) (6.1) (0.9) (48.5) 0.0 Coal 46.0 44.8 45.3 47.0 52.0 60.4 60.1 48.5 56.1 57.5 46.5 Change, % 2.7 1.6 (2.1) (11.5) (23.8) (23.4) (5.2) (1.0) (15.5) 0.0 Metal Gold 1,285.1 1,292.2 1,293.1 1,196.0 1,228.5 1,304.0 1,256.9 1,182.0 1,410.4 1,266.5 1,250.0 Change, % (0.6) (0.6) 7.4 4.6 (1.5) 2.2 8.7 (28.0) (1.3) (0.0) Silver 18.0 18.1 18.1 16.1 17.2 20.6 19.6 15.7 23.8 19.1 17.2 Change, % (0.4) (0.7) 12.0 4.6 (12.6) (8.1) 14.9 (35.8) (18.9) (0.0) Platinum 1,254.9 1,264.3 1,273.6 1,217.4 1,266.7 1,488.0 1,409.3 1,207.5 1,485.7 1,384.6 1,244.6 Change, % (0.7) (1.5) 3.1 (0.9) (15.7) (11.0) 3.9 (11.2) (11.5) (0.0) Palladium 795.8 781.5 767.7 818.9 793.8 880.8 716.5 797.0 725.9 803.4 785.3 Change, % 1.8 3.7 (2.8) 0.3 (9.7) 11.1 (0.2) 1.7 11.4 0.0 Copper 5,421.0 5,421.0 5,771.0 6,302.0 6,795.0 7,120.0 7,140.0 6,300.0 7,352.6 6,828.1 5,836.0 Change, % 0.0 (6.1) (14.0) (20.2) (23.9) (24.1) (14.0) (7.2) (14.4) 0.0 Uranium 37.2 37.2 36.5 36.4 36.7 28.5 35.7 35.3 38.5 33.5 36.1 Change, % 0.0 1.8 2.1 1.2 30.4 4.2 5.4 (20.9) 2.5 (0.0) HR Coil 583.0 583.0 583.0 605.0 642.0 670.0 670.0 605.0 630.4 653.2 591.9 Change, % 0.0 0.0 (3.6) (9.2) (13.0) (13.0) (3.6) 3.1 (10.4) 0.0 Scrap 345.0 344.0 344.0 400.0 400.0 398.0 415.0 355.0 396.9 401.3 351.5 Change, % 0.3 0.3 (13.8) (13.8) (13.3) (16.9) (2.8) (1.2) (16.5) 0.0 Zinc 2,105.0 2,105.0 2,140.0 2,154.0 2,256.0 2,410.0 2,004.0 2,178.0 1,940.3 2,165.0 2,127.9 Change, % 0.0 (1.6) (2.3) (6.7) (12.7) 5.0 (3.4) (1.2) 6.0 0.0 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용
Refining Price Data Daily Price 01/28 1D 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. Crude Oil WTI 44.5 44.9 47.8 53.7 81.1 97.8 97.4 53.2 97.9 93.1 47.7 Change, % (1.0) (7.0) (17.1) (45.2) (54.5) (54.4) (16.5) (54.6) (52.3) (6.9) Dubai 44.8 43.6 44.8 55.9 84.8 104.9 103.8 53.6 105.3 96.7 46.2 Change, % 2.8 0.2 (19.8) (47.1) (57.3) (56.8) (16.4) (57.4) (53.6) (3.0) Crude Oil Gasoline( 휘발유 ) 56.5 55.2 56.3 67.8 100.0 113.3 117.5 64.8 119.1 110.9 57.4 Product Change, % 2.4 0.3 (16.7) (43.5) (50.1) (51.9) (12.8) (52.6) (49.1) (1.6) Kerosene( 등유 ) 62.3 60.8 62.2 74.1 101.4 118.4 121.3 71.2 123.0 112.6 63.3 Change, % 2.5 0.1 (15.9) (38.6) (47.4) (48.6) (12.4) (49.3) (44.7) (1.6) Diesel( 경유 ) 61.5 60.1 61.5 72.5 99.7 118.5 121.5 70.2 123.4 112.8 62.8 Change, % 2.5 0.1 (15.2) (38.3) (48.1) (49.3) (12.3) (50.1) (45.4) (2.0) Bunker-C 41.6 40.6 41.5 52.0 75.1 92.7 94.6 48.8 95.2 86.5 42.1 Change, % 2.5 0.3 (20.0) (44.6) (55.1) (56.0) (14.6) (56.3) (51.8) (1.1) Naphtha 44.3 43.2 44.2 51.0 77.6 102.4 103.1 48.0 101.1 94.3 44.0 Change, % 2.5 0.3 (13.0) (42.9) (56.7) (57.0) (7.8) (56.2) (53.0) 0.7 Dubai Gasoline( 휘발유 ) 11.6 11.5 11.6 12.0 15.1 8.3 13.7 11.2 13.8 14.2 11.2 Spread Change 0.1 0.1 (0.3) (3.5) 3.3 (2.0) 0.5 (2.2) (2.6) 0.5 Kerosene( 등유 ) 17.5 17.2 17.5 18.2 16.6 13.5 17.5 17.6 17.6 15.9 17.1 Change 0.3 0.0 (0.7) 0.9 4.0 0.0 (0.1) (0.1) 1.6 0.4 Diesel( 경유 ) 16.7 16.4 16.7 16.7 14.8 13.6 17.6 16.6 18.0 16.0 16.6 Change 0.3 0.0 0.0 1.9 3.1 (0.9) 0.1 (1.3) 0.7 0.1 Bunker-C (3.2) (3.0) (3.3) (3.8) (9.7) (12.2) (9.3) (4.8) (10.1) (10.3) (4.2) Change (0.2) 0.1 0.6 6.5 9.0 6.1 1.6 6.9 7.1 1.0 Naphtha (0.5) (0.4) (0.6) (4.9) (7.2) (2.6) (0.7) (5.6) (4.2) (2.4) (2.2) Change (0.1) 0.0 4.4 6.7 2.1 0.2 5.0 3.7 1.9 1.7 Refining Simple( 단순 ) 4.6 4.6 4.5 3.9 0.1 (2.7) 0.7 3.3 0.3 (0.1) 3.9 Margin Change (0.0) 0.0 0.7 4.5 7.3 3.8 1.3 4.3 4.7 0.7 Complex( 복합 ) 9.0 8.9 9.0 8.5 6.8 3.9 7.9 8.0 7.6 7.1 8.5 Change 0.1 0.0 0.5 2.2 5.1 1.1 1.0 1.4 1.9 0.5 Complex(lagging) (2.6) (3.0) (7.9) (10.7) (3.8) (2.4) 6.0 (14.3) 7.7 2.2 (11.7) Change 0.4 5.3 8.1 1.2 (0.2) (8.6) 11.7 (10.3) (4.8) 9.1 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 01/28 01/27 01/26 01/23 01/22 01/21 01/20 01/19 01/16 01/15 Spot Price Naphtha CFR Japan 440.5 426.5 422.3 432.8 429.8 429.5 433.8 436.5 427.8 418.3 Ethylene CFR SE Asia 880.0 880.0 890.0 900.0 920.0 920.0 940.0 940.0 940.0 940.0 Propylene FOB Korea.0.0.0.0 742.0 742.0 725.0 712.0 712.0 712.0 Butadiene FOB Korea 640.0 645.0 650.0 650.0 660.0 655.0 650.0 650.0 670.0 670.0 HDPE CFR FE Asia 1,100.0 1,110.0 1,110.0 1,125.0 1,125.0 1,135.0 1,135.0 1,140.0 1,140.0 1,140.0 LDPE CFR FE Asia 1,115.0 1,115.0 1,135.0 1,135.0 1,135.0 1,135.0 1,150.0 1,150.0 1,150.0 1,150.0 LLDPE CFR FE Asia 1,115.0 1,115.0 1,120.0 1,125.0 1,130.0 1,145.0 1,145.0 1,145.0 1,145.0 1,150.0 MEG CFR China 752.0 732.0 727.0 737.0 733.0 730.0 719.0 718.0 704.0 700.0 PP CFR FE Asia 968.0 968.0 968.0 968.0 968.0 968.0 968.0 968.0 983.0 998.0 PX CFR China 757.0 755.0 771.0 795.0 779.5 761.5 745.5 742.0 722.0 723.0 PTA CFR China 577.0 575.0 575.0 580.0 585.0 575.0 567.0 567.0 563.0 565.0 Benzene FOB Korea 635.0 632.0 644.5 684.0 642.0 608.5 590.5 590.5 570.0 578.5 Toluene FOB Korea 587.0 574.0 576.0 605.0 597.0 563.5 543.5 516.5 502.5 501.0 Xylene FOB Korea 591.0 586.0 596.0.0.0 586.0 576.0 571.0 561.0 556.0 SM FOB Korea 892.5 884.5 884.5 886.5 883.5 870.5 870.5 870.5 821.5 817.0 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. Spot Price Naphtha CFR Japan 432.5 428.0 511.0 710.0 843.5 949.0 961.0 923.0 865.9 436.0 Change, % 1.1 (15.4) (39.1) (48.7) (54.4) (55.0) (53.1) (50.0) (0.8) Ethylene CFR SE Asia 895.0 925.0 980.0 1,325.0 1,492.5 1,420.0 1,452.5 1,353.8 1,401.1 941.3 Change, % (3.2) (8.7) (32.5) (40.0) (37.0) (38.4) (33.9) (36.1) (4.9) Propylene CFR SE Asia 740.00 710.00 675.0 1,185.0185 1,267.5 1,390.0 0 1,380.0 0 1,326.5 1,254.2 2 725.0 Change, % 4.2 9.6 (37.6) (41.6) (46.8) (46.4) (44.2) (41.0) 2.1 Butadiene CFR SE Asia 625.0 625.0 940.0 975.0 1,405.0 1,450.0 1,435.0 1,441.1 1,281.7 741.3 Change, % 0.0 (33.5) (35.9) (55.5) (56.9) (56.4) (56.6) (51.2) (15.7) Benzene CFR SE Asia 685.0 575.0 660.0 1,132.5 1,207.5 1,375.0 1,367.5 1,327.9 1,243.1 637.5 Change, % 19.1 3.8 (39.5) (43.3) (50.2) (49.9) (48.4) (44.9) 7.5 Toluene CFR SE Asia.0 575.0 625.0 1,045.0 1,120.0 1,157.5 1,215.0 1,203.7 1,082.5 597.5 Change, % 4.3 (4.0) (42.6) (46.4) (48.2) (50.6) (50.2) (44.6) 0.4 Xylene CFR SE Asia.0 562.5 615.0 940.0 1,050.0 1,155.0 1,210.0 1,201.1 1,055.7 591.9 Change, % 6.7 (2.4) (36.2) (42.9) (48.1) (50.4) (50.0) (43.2) 1.4 Spread Ethylene -Naphtha 462.5 497.0 469.0 615.0 649.0 471.0 491.5 430.8 535.2 505.3 Change, % (6.9) (1.4) (24.8) (28.7) (1.8) (5.9) 7.4 (13.6) (8.5) Propylene -Naphtha 307.5 282.0 164.0 475.0 424.0 441.0 419.0 403.5 388.3 289.0 Change, % 9.0 87.5 (35.3) (27.5) (30.3) (26.6) (23.8) (20.8) 6.4 Butadiene -Naphtha 192.5 197.0 429.0 265.0 561.5 501.0 474.0 518.1 415.9 305.3 Change, % (2.3) (55.1) (27.4) (65.7) (61.6) (59.4) (62.8) (53.7) (36.9) Benzene -Naphtha 252.5 147.0 149.0 422.5 364.0 426.0 406.5 404.9 377.3 201.5 Change, % 71.8 69.5 (40.2) (30.6) (40.7) (37.9) (37.6) (33.1) 25.3 Toluene -Naphtha 167.5 147.0 114.0 335.0 276.5 208.5 254.0 280.7 216.6 161.5 Change, % 13.9 46.9 (50.0) (39.4) (19.7) (34.1) (40.3) (22.7) 3.7 Xylene -Naphtha 167.5 134.5 104.0 230.0 206.5 206.0 249.0 278.1 189.9 155.9 Change, % 24.5 61.1 (27.2) (18.9) (18.7) (32.7) (39.8) (11.8) 7.5 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 1,155.0 1,180.0 1,230.0 1,550.0 1,570.0 1,500.0 1,520.0 1,467.0 1,524.9 1,191.3 Change, % (2.1) (6.1) (25.5) (26.4) (23.0) (24.0) (21.3) (24.3) (3.0) MEG CFR SE Asia 740.0 707.5 775.0 855.0 912.5 1,005.0 1,032.5 1,053.2 934.1 734.4 Change, % 4.6 (4.5) (13.5) (18.9) (26.4) (28.3) (29.7) (20.8) 0.8 PVC CFR SE Asia 815.0 795.0 795.0.0 1,010.0 1,050.0 1,005.0 1,014.5 1,013.9.0 Change, % 2.5 2.5 (18.5) (19.3) (22.4) (18.9) (19.7) (19.6) 1.9 PP CFR SE Asia 965.0.0 1,140.0 1,475.0 1,510.0 1,540.0 1,535.0 1,487.7 1,503.0 1,058.8 Change, % (3.5) (15.4) (34.6) (36.1) (37.3) (37.1) (35.1) (35.8) (8.9) 2-EH CFR Korea 935.0 935.0 1,130.0 1,355.0 1,420.0 1,430.0 1,420.0 1,470.2 1,397.1 992.5 Change, % 0.0 (17.3) (31.0) (34.2) (34.6) (34.2) (36.4) (33.1) (5.8) ABS CFR SE Asia 1,465.0 1,515.0 1,585.0 1,890.0 1,925.0 1,940.0 1,905.0 1,949.9 1,897.7 1,522.5 Change, % (3.3) (7.6) (22.5) (23.9) (24.5) (23.1) (24.9) (22.8) (3.8) SBR CFR SE Asia 1,335.0 1,415.0 1,495.0 1,805.0 2,015.0 1,935.0 1,920.0 1,877.5 1,430.0 Change, % (5.7) (10.7) (26.0) (33.7) (31.0) (30.5) (28.9) (6.6) SM CFR SE Asia 920.0 865.0 975.0 1,482.5 1,520.0 1,702.5 1,725.0 1,737.4 1,547.1 909.4 Change, % 6.4 (5.6) (37.9) (39.5) (46.0) (46.7) (47.0) (40.5) 1.2 Caustic FOB NEA 255.0 260.0 275.0 310.0 307.5 320.0 335.0 323.6 310.0 262.5 Change, % (1.9) (7.3) (17.7) (17.1) (20.3) (23.9) (21.2) (17.8) (2.9) PX CFR SE Asia 812.5 740.0 835.0 1,067.5 1,265.0 1,335.0 1,432.5 1,497.3 1,228.5 791.9 Change, % 9.8 (2.7) (23.9) (35.8) (39.1) (43.3) (45.7) (33.9) 2.6 PO CFR China 1,780.0 1,755.0 1,852.5 2,185.0 2,365.0 2,275.0 2,450.0 2,030.2 2,179.2 1,788.8 Change, % 1.4 (3.9) (18.5) (24.7) (21.8) (27.3) (12.3) (18.3) (0.5) Caprolactam CFR SE Asia 1,660.0 1,745.0 1,920.0 2,140.0 2,195.0 2,390.0 2,360.0 2,393.9 2,233.4 1,780.0 Change, % (4.9) (13.5) (22.4) (24.4) (30.5) (29.7) (30.7) (25.7) (6.7) PTA CFR SE Asia 602.5 585.0 645.0 820.0 920.0 962.5 1,005.0 1,077.4 911.7 611.3 Change, % 3.0 (6.6) (26.5) (34.5) (37.4) (40.0) (44.1) (33.9) (1.4) Spread HDPE 722.5 752.0 719.0 840.0 726.5 551.0 559.0 544.0 659.0 755.3 Change, % (3.9) 0.5 (14.0) (0.6) 31.1 29.2 32.8 9.6 (4.3) MEG 307.5 279.5 264.0 145.0 69.0 56.0 71.5 130.3 68.2 298.4 Change, % 10.0 16.5 112.1 345.7 449.1 330.1 136.0 350.7 3.1 PVC 382.5 367.0 284.0 290.0 166.5 101.0 44.0 91.5 148.0 364.0 Change, % 4.2 34.7 31.9 129.7 278.7 769.3 317.8 158.4 5.1 PP 532.5 572.0 629.0 765.0 666.5 591.0 574.0 564.8 637.1 622.8 Change, % (6.9) (15.3) (30.4) (20.1) (9.9) (7.2) (5.7) (16.4) (14.5) 2-EH 502.5 507.0 619.0 645.0 576.5 481.0 459.0 547.2 531.3 556.5 Change, % (0.9) (18.8) (22.1) (12.8) 4.5 9.5 (8.2) (5.4) (9.7) ABS 1,032.5 1,087.0 1,074.0 1,180.0 1,081.5 991.0 944.0 1,026.9 1,031.9 1,086.5 Change, % (5.0) (3.9) (12.5) (4.5) 4.2 9.4 0.5 0.1 (5.0) SBR BD spread 710.0 790.0 555.0 830.0 610.0 485.0 485.0 595.8 688.8 Change, % (10.1) 27.9 (14.5) 16.4 46.4 46.4 19.2 3.1 SM 487.5 437.0 464.0 772.5 676.5 753.5 764.0 814.4 681.2 473.4 Change, % 11.6 5.1 (36.9) (27.9) (35.3) (36.2) (40.1) (28.4) 3.0 Caustic Change, % PX 380.0 312.0 324.0 357.5 421.5 386.0 471.5 574.4 362.6 355.9 Change, % 21.8 17.3 6.3 (9.8) (1.6) (19.4) (33.8) 4.8 6.8 PO propylene sprea 1,040.0 1,045.0 1,177.5.0 1,097.5 885.0 1,070.0 703.7 925.0 1,063.8 Change, % (0.5) (11.7) 4.0 (5.2) 17.5 (2.8) 47.8 12.4 (2.2) Caprolactam benzene spread 975.0 1,170.0 1,260.0 1,007.5 987.5 1,015.0 992.5 1,066.0 990.3 1,142.5 Change, % (16.7) (22.6) (3.2) (1.3) (3.9) (1.8) (8.5) (1.5) (14.7) PTA px spread 33.8 67.0 60.5 72.8 34.5 28.0 2.3 29.2 51.8 56.9 Change, % (49.6) (44.2) (53.6) (2.2) 20.5 1,400.0 15.5 (34.8) (40.7) 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용
Global peers Currency 01/28 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 43.0 (2.6) (3.8) (7.4) (10.3) (19.9) (0.1) (5.7) 52,226 15.0 14.3 2.1 2.0 7.9 8.0 Du Pont USD 71.7 (2.0) (3.3) (4.6) 5.5 9.8 20.4 (3.0) 55,168 18.5 16.5 4.3 3.9 11.0 10.5 Eastman USD 68.7 (2.4) (3.6) (10.6) (10.3) (22.6) (8.7) (9.5) 11,578 10.0 9.3 2.4 2.1 7.2 6.3 BASF EUR 77.8 0.7 4.5 9.9 13.2 (3.5) (2.2) 11.3 99,816 14.2 14.0 2.5 2.4 8.3 8.2 Akzo Nobel EUR 63.9 0.5 4.5 11.9 22.9 16.9 18.5 10.8 17,868 21.0 17.2 2.8 2.6 10.5 9.1 Arkema EUR 61.8 2.0 3.6 10.8 32.2 (9.6) (17.1) 12.1 6,645 17.3 14.3 1.6 1.5 7.3 6.0 Lanxess EUR 42.1 7.6 15.9 7.9 4.0 (13.8) (14.3) 9.5 5,582 20.3 17.9 1.6 1.5 6.5 6.2 Sumitomo Chemical JPY 488 4.5 4.9 0.2 34.4 24.5 13.8 1.9 6,902 15.4 10.1 1.1 1.0 8.9 8.0 Mitsubishi Chemical JPY 617 1.4 6.9 1.2 18.8 34.1 38.5 4.8 6,514 16.3 12.7 0.9 0.9 7.4 6.3 Shin-Etsu Chemical JPY 8,002 (0.7) 2.8 (1.0) 16.5 23.0 42.7 1.7 23,541 25.8 23.3 1.8 1.7 9.8 8.9 Asahi Kasei JPY 1,167 0.4 4.6 4.5 35.8 42.8 49.0 5.5 10,700 15.7 14.7 1.6 1.5 7.3 6.9 JSR JPY 2,068 1.0 8.1 (1.7) 10.2 16.8 14.3 (0.4) 4,184 17.5 15.6 1.4 1.3 7.2 6.4 Nitto Denko JPY 7,202 (0.3) 1.1 5.0 26.5 55.8 67.0 6.3 7,281 14.5 13.9 2.0 1.9 7.7 7.9 SABIC SAR 88.5 5.4 13.7 (0.3) (21.7) (31.1) (20.8) 5.5 89,388 17.9 17.0 4.1 4.3 10.0 10.0 Yansab SAR 50.0 9.4 17.9 (0.8) (22.2) (31.2) (32.2) 4.9 11,061 9.9 9.2 2.3 2.1 7.1 6.2 Formosa Plastics TWD 77.0 0.7 1.3 8.5 12.2 (0.9) (1.3) 6.5 16,369 14.2 14.0 2.5 2.4 8.3 8.2 Formosa Fiber TWD 70.0 0.0 1.9 4.0 0.4 (5.0) (11.8) 4.6 15,342 20.8 17.0 2.8 2.6 10.4 9.1 Nan Ya Plastics TWD 65.6 0.0 0.3 1.7 7.0 (8.5) (0.8) 0.2 17,282 17.1 14.1 1.5 1.5 7.2 5.9 Sinopec Shanghai CNY 4.09 (1.7) (1.0) (2.6) 16.5 23.2 37.2 (5.5) 4,583 21.0 19.5 1.7 1.6 6.7 6.5 Sinopec Yizheng(FibeCNY 6.01 0.7 8.5 0.2 43.4 116.2 121.8 2.7 2,117 16.3 10.7 1.2 1.1 9.1 8.2 Reliance INR 907 2.0 0.0 2.0 (2.9) (9.8) 7.3 2.1 43,511 16.9 13.2 1.0 0.9 7.5 6.3 Industries Qatar QAR 149.1 0.1 1.2 (15.0) (22.0) (14.0) (17.7) (11.3) 30,105 26.1 23.5 1.8 1.7 9.9 9.1 PTT Chemical THB 56.0 0.0 4.2 7.2 (6.7) (16.4) (22.5) 9.3 9,893 16.0 15.0 1.6 1.5 7.4 7.0 Petronas MYR 5.3 (4.1) 4.1 (1.7) (12.8) (21.8) (19.6) (2.4) 15,884 16.8 14.9 1.4 1.3 6.9 6.1 LG화학 KRW 199,000 0.0 7.9 7.3 4.2 (30.4) (23.5) 9.9 15,991 0.0 12.5 0.0 1.1 0.0 5.0 롯데케미칼 KRW 174,000 1.2 14.9 6.1 27.0 (1.4) (16.5) 8.7 6,632 22.6 13.1 0.9 0.9 8.0 5.9 한화케미칼 KRW 12,500 0.0 11.1 2.0 13.6 (31.3) (37.2) 5.9 2,591 28.9 15.6 0.5 0.5 11.3 9.6 금호석유 KRW 88, 1.1 2.5 7.4 19.6 (1.8) 2.2 9.9 2,452 33.2 16.7 1.9 1.8 12.9 9.9 SKC KRW 29,750 (1.5) 5.7 8.0 6.6 (16.8) (3.9) 11.8 1,040 14.8 9.2 0.9 0.8 9.3 8.3 국도화학 KRW 43,050 0.8 1.8 (0.7) 3.9 (22.7) (15.6) 4.7 275 12.1 9.4 0.7 0.7 6.1 5.4 효성 KRW 3,465 3.4 (12.2) 22.9 22.4 (21.3) (36.5) 22.0 2,187 9.2 8.4 0.9 0.8 9.2 8.6 Average 0.9 4.2 2.7 9.3 0.9 4.2 4.4 Refinery Valero USD 51.5 0.5 9.2 2.4 4.1 5.0 2.6 4.1 27,086 16.2 17.2 1.7 1.7 19.5 18.0 Conoco Phillips USD 62.6 (4.5) (3.0) (10.4) (10.9) (26.5) (5.5) (9.4) 81,114 2.9 2.8 0.2 0.2 1.9 2.1 Formosa PetrochemicTWD 68.0 0.3 2.4 0.0 (1.9) (10.6) (10.8) (1.0) 23,930 12.1 11.2 1.3 1.2 9.4 8.2 Tesoro USD 81.9 0.6 10.5 8.7 21.4 38.5 60.9 10.1 6,759 11.2 8.8 2.0 1.6 7.0 5.5 Marathon Petroleum USD 89.3 0.7 10.3 (0.5) 0.2 14.8 7.4 (1.1) 25,036 #N/A N/A #N/A N/A 35.4 #N/A N/A #N/A N/A 35.7 Devon Energy USD 58.4 (5.9) (5.1) (3.9) (1.9) (24.9) (1.5) (4.5) 24,072 4.9 4.2 2.4 1.7 4.0 3.6 Hollyfrontier USD 34.6 0.6 8.2 (9.7) (23.7) (22.6) (22.3) (7.6) 9,251 8.3 6.1 0.5 0.4 3.5 3.6 Phillips 66 USD 68.4 (1.8) 3.2 (5.9) (11.8) (17.2) (8.9) (4.6) 45,013 10.1 7.7 0.7 0.6 6.5 5.0 Murphy Oil USD 43.4 (7.2) (9.6) (13.8) (17.5) (35.7) (29.1) (14.1) 11,438 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A JX Holdings JPY 443.3 (0.4) 0.9 (6.6) (0.1) (18.1) (12.4) (5.6) 12,271 13.0 9.9 0.7 0.7 7.4 6.0 Cosmo Oil JPY 160.0 (0.6) 1.3 (7.5) (1.8) (23.1) (17.9) (6.4) 1,606 10.0 8.5 1.3 1.1 5.7 4.5 Idemitsu JPY 2,000.0 0.8 4.8 (1.7) (1.9) (7.5) (13.5) 0.1 3,593 14.2 11.6 1.2 1.1 5.9 5.3 Tonengeneral JPY 1,053.0 (0.2) 3.7 0.3 12.9 11.3 18.2 2.3 4,894 56.9 24.1 0.8 0.8 15.5 10.1 Nesteoil EUR 24.1 0.3 9.4 18.9 42.3 74.0 78.8 20.0 4,715 17.8 15.5 1.8 1.6 5.6 5.2 Ashland USD 116.5 (2.4) (1.3) (3.4) 8.5 7.4 23.7 (2.7) 7,301 13.9 11.4 1.5 1.3 7.7 6.8 Fuchs Petrolub EUR 36.1 1.0 4.5 6.3 23.6 15.2 5.0 8.5 6,212 18.5 13.3 1.3 1.2 6.9 6.4 SK이노베이션 KRW 95,400 0.2 7.2 7.0 13.8 (7.4) (25.5) 12.1 10,984 N/A 12.9 0.6 0.6 20.5 8.7 S-Oil KRW 58,200 0.0 6.2 14.8 45.3 6.8 (15.0) 20.2 7,157 N/A 18.0 1.3 1.3 48.1 10.5 GS KRW 41,550 0.2 5.6 0.2 0.8 (9.1) (19.9) 3.9 4,476 N/A 12.1 0.6 0.6 27.9 11.6 Average (0.9) 3.6 (0.3) 5.3 (1.6) 0.8 1.3 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임
Global peers Currency 01/28 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 88 (3.3) (4.3) (5.6) (7.5) (15.7) (8.1) (4.9) 417,848 18.0 16.1 2.1 1.9 7.8 7.0 BP GBP 433 (1.7) 1.6 3.9 (0.9) (12.9) (9.2) 5.3 146,225 10.6 13.2 1.6 1.5 5.8 7.4 Shell EUR 2,154 (1.7) (0.5) (2.3) (1.9) (10.6) 1.4 0.0 228,221 11.4 14.0 1.8 1.8 7.3 9.0 Chevron USD 104 (4.2) (4.1) (8.4) (11.5) (22.2) (11.2) (7.6) 224,704 23.4 20.2 1.8 1.7 35.1 29.2 Total EUR 46 (1.8) 2.5 4.5 0.2 (12.0) 6.6 7.2 138,862 24.7 21.3 1.5 1.4 17.2 16.3 Sinopec CNY 6 (2.2) (3.9) 2.8 24.6 21.7 41.2 (2.3) 87,863 9.7 9.9 1.2 1.1 8.4 8.8 Petrochina CNY 12 (2.9) (3.5) 21.0 60.3 56.1 62.0 13.3 223,176 #N/A N/A 24.8 2.5 2.3 29.5 10.3 CNOOC CNY 19 (0.7) 0.0 (6.2) 8.3 7.2 (12.5) (7.0) 15,893 32.8 27.7 3.2 2.8 7.1 6.4 Gazprom RUB 148 (2.1) (0.7) 9.7 8.8 11.9 0.2 13.3 100,326 #N/A N/A #N/A N/A 15.4 #N/A N/A 12.6 7.6 Rosneft RUB 232 (3.1) (1.3) 17.7 0.8 6.1 (5.4) 18.2 74,535 16.0 9.6 0.9 0.8 6.0 4.4 Anadarko USD 79 (4.2) (1.9) (4.8) (12.4) (26.4) (2.4) (4.0) 40,820 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Petrobras BRL 9 (11.2) (8.0) (12.3) (39.9) (55.2) (40.0) (9.9) 77,747 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Lukoil USD 42 (2.0) 0.6 5.0 (11.0) (23.1) (25.8) 6.6 48,610 #N/A N/A #N/A N/A #N/A N/A #N/A N/A N/A N/A Kinder USD 102 0.0 0.0 0.0 6.7 21.2 25.1 0.0 35,700 11.1 13.1 1.2 1.1 5.9 6.2 Statoil NOK 133 (0.5) (1.5) (0.7) (14.4) (26.7) (11.6) 1.4 78,206 11.9 13.1 2.2 2.1 5.8 5.8 BHP AUD 29 (0.0) 3.2 (0.1) (13.1) (26.0) (20.3) (1.5) 165,417 12.0 12.0 2.4 2.0 6.3 6.2 PTT E&P THB 111 (0.9) 6.2 (3.5) (22.1) (33.9) (29.1) (0.9) 18,867 11.3 18.1 1.1 1.0 5.0 5.7 Petronas gas MYR 22 (0.5) 3.6 0.4 1.6 (5.7) (3.2) 0.3 13,626 12.0 12.7 1.1 1.2 5.2 5.4 Chesapeake USD 19 (5.5) (3.7) (2.9) (11.4) (28.7) (24.4) (2.2) 17,798 10.8 10.9 1.8 1.6 6.0 6.4 Noble Energy USD 46 (3.2) (1.9) (2.5) (21.1) (33.4) (27.2) (2.9) 22,746 13.0 #N/A N/A 0.9 1.0 3.2 5.6 Average 0 (2.6) (0.9) 0.8 (2.8) (10.4) (4.7) 1.1 PV WACKER EUR 94.1 (0.6) 10.9 2.4 6.1 3.3 9.8 3.3 6,108 9.5 7.9 0.6 0.6 8.0 6.6 GCL-Poly HKD 1.8 (0.6) (2.2) (1.1) (32.0) (32.8) (34.6) (2.2) 5,364 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A REC NOK 102.0 0.0 0.0 0.5 19.0 14.9 24.4 0.0 535 12.0 8.7 0.7 0.6 6.3 5.4 SunEdison USD 18.9 (4.6) 1.2 (5.4) (0.7) (11.9) 31.3 (3.0) 3,842 #N/A N/A 30.5 0.7 0.7 7.9 6.5 Canadian Solar USD 19.8 (2.9) 2.7 (15.7) (34.6) (28.8) (50.2) (18.3) 1,831 10.0 8.2 1.0 0.9 9.5 9.1 JA Solar USD 7.8 (2.9) 0.6 (4.6) (6.6) (18.2) (15.7) (5.3) 398 17.5 21.7 1.1 1.0 13.9 12.9 Trina Solar USD 8.7 (3.1) 3.1 1.2 (16.8) (23.8) (41.3) (6.2) 1,169 14.8 11.2 0.9 0.8 9.4 8.6 Solar City USD 49.1 (2.0) 1.8 (14.1) (11.1) (31.7) (33.7) (8.2) 6,088 28.0 20.8 2.9 2.6 14.4 11.9 Yingli USD 1.9 (2.0) 0.0 (14.3) (34.9) (43.5) (68.8) (18.3) 1,024 20.1 49.5 0.7 0.7 38.5 14.4 First Solar USD 42.7 (2.3) 3.1 (3.7) (25.6) (34.8) (15.2) (4.2) 5,008 #N/A N/A 11.9 0.6 0.6 20.3 9.5 한화솔라원 USD 1.0 (4.8) (2.0) (18.9) (52.2) (54.2) (64.8) (10.0) 236 #N/A N/A 17.1 1.3 1.3 42.6 10.8 OCI KRW 79,000 5.5 8.7 (2.2) (10.5) (51.5) (58.0) 0.5 4,161 N/A 21.0 0.7 0.7 7.3 5.6 웅진에너지 KRW 1,530 (2.5) 3.4 13.8 10.9 (41.2) (30.1) 14.2 136 N/A 0.7 0.7 7.3 5.6 9.2 신성솔라에너지 KRW 1,320 (14.8) 16.3 27.5 30.7 4.3 14.8 29.4 60 N/A 0.7 7.3 5.6 9.2 8.4 Average (2.7) 3.4 (2.5) (11.3) (25.0) (23.7) (2.0) Gas Company Towngas China HKD 6.8 0.7 (0.6) (13.7) (15.1) (24.2) (25.5) (13.4) 3,076 #N/A N/A 17.7 1.0 0.9 #N/A N/A 9.4 Kulun HKD 8.3 0.4 7.0 13.3 (19.7) (37.1) (35.8) 13.1 13,416 #N/A N/A 21.4 0.9 0.9 37.6 12.4 Beijing Enterprise HKD 60.0 0.8 (1.6) 2.2 (3.7) (12.9) (6.0) (1.3) 10,437 #N/A Inva#N/A Inva#N/A Inva#N/A Inva#N/A Inva#N/A Inva ENN Energy HKD 45.9 (0.4) 0.1 3.7 (15.6) (18.4) (8.6) 4.2 6,994 10.4 7.8 0.9 0.8 4.2 3.8 China Resources GasHKD 18.6 0.1 (2.4) (4.7) (16.5) (24.6) (23.1) (7.8) 6,918 20.8 14.7 0.9 0.9 10.4 9.3 China Gas Holdings HKD 12.3 2.3 2.0 2.3 (9.9) (21.2) 13.3 0.3 6,952 10.2 11.4 2.4 2.1 5.6 6.0 Shenzen Gas HKD 11.1 (0.7) 0.2 (1.8) (5.0) 15.6 14.4 (2.5) 2,070 6.6 11.5 1.4 1.3 7.9 7.4 Shann Xi CNY 11.8 (1.8) 1.9 4.7 4.4 20.8 24.9 8.9 1,583 13.6 12.8 #N/A N/A #N/A N/A #N/A N/A #N/A N/A Suntien HKD 1.8 2.2 (2.2) 15.9 (8.5) (23.8) (45.3) 12.3 1,389 11.0 8.4 2.2 2.1 6.6 5.6 China Oil & Gas HKD 1.0 (1.0) (2.9) (3.9) (19.5) (29.3) (21.4) 1.0 812 19.2 15.1 1.5 1.4 6.9 6.3 Average 0.3 0.1 1.8 (10.9) (15.5) (11.3) 1.5 EV LG화학 KRW 199,000 0.0 7.9 7.3 4.2 (30.4) (23.5) 9.9 15,991 19.6 18.3 1.8 1.7 11.4 10.4 삼성SDI KRW 128,500 0.8 12.2 6.2 9.4 (18.2) (11.7) 10.8 6,152 17.4 15.9 1.3 1.3 9.2 8.8 Panasonic JPY 1400.0 2.0 4.6 (4.1) 15.0 13.0 16.2 (1.9) 28,726 15.0 12.7 1.3 1.2 15.9 13.8 GS Yuasa JPY 530.0 0.0 0.4 0.8 0.0 (25.0) (5.4) 2.9 2,251 10.8 11.1 1.2 1.1 6.0 5.4 NEC JPY 363.0 (0.3) (0.5) 2.3 (1.1) (7.6) 32.0 2.8 6,961 15.3 12.8 1.3 1.2 16.0 14.1 BYD Auto CNY 40.4 1.0 2.3 9.9 (14.7) (17.7) 0.5 5.9 14,215 17.7 15.7 3.5 3.0 9.5 8.5 Tesla Motors USD 199.4 (3.2) 1.4 (12.5) (17.9) (11.3) 11.8 (10.4) 21,868 16.1 13.7 2.5 2.2 10.5 9.1 Kandi Technologies USD 13.0 1.11 3.5 (3.9) (15.7) (24.4) 4) 6.3 (7.5) 451 18.9 15.3 3.3 2.8 14.0 11.8 Average 0.2 4.0 0.7 (2.6) (15.2) 3.3 1.6 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임