1. News Summary (3 page) 2015 년 1 월 13 일 News Conclusion WTI comment 골드만삭스유가전망급하향에유가급락 Headline 쿠웨이트, 2015년도예산유가 $45/bbl 설정 중동국가의저유가에대한수긍뿐아니라예산확보위한증산도가능 News 1. GM, 디트로이트모터쇼첫날 Volt2와 Bolt 공개 2세대전기차모델의시작, 두모델모두 LG화학배터리사용하게됨 News 2. Petrobras -5.2% 급락, default 가능성논란? 글로벌 E&P 업종중원유관련 / 심해광구관련과도투자업체는지속위험 News 3. 한화-삼성빅딜, EVA 독과점이변수 한화는 70~80% 수출이기때문에사안다르다주장, 차후추이주목필요 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 46.1 (4.7) (7.9) (20.3) (43.7) (49.8) Ethylene 01/12 $/t 950 (4.5) (7.3) (33.8) (35.2) Dubai $/bbl 45.7 (3.7) (10.4) (24.5) (47.7) (55.9) Propylene 01/12 $/t 675 0.0 (11.8) (46.4) (52.0) Gasoline $/bbl 55.8 (3.3) (9.7) (22.3) (44.7) (52.9) Benzene 01/12 $/t 590 (15.7) (23.9) (50.1) (56.6) Diesel $/bbl 62.0 (2.7) (9.0) (19.4) (38.6) (48.8) Toluene 01/12 $/t 565 (13.1) (19.3) (47.9) (52.7) Complex margin $/bbl 7.8 0.3 (0.0) (0.1) 2.0 (0.5) Xylene 01/12 $/t 590 (4.1) (15.7) (43.5) (50.6) $/bbl (8.1) 0.7 0.1 1.1 (6.0) (14.2) PP 01/12 $/t 1,130 (0.9) (8.1) (24.9) (26.4) Petrochemical % % % % % PVC 01/12 $/t 795 0.0 (9.1) (20.9) (23.2) Naphtha $/t 415 (1.8) (7.4) (23.7) (43.6) (56.9) ABS 01/12 $/t 1,525 (3.8) (7.9) (20.2) (20.6) Butadiene $/t 740 (0.7) (20.0) (22.1) (41.3) (49.8) SBR 01/12 $/t 1,475 (1.3) (11.9) (25.7) (21.5) HDPE $/t 1,155 0.0 0.0 (10.5) (25.0) (25.7) SM 01/12 $/t 878 (10.0) (7.9) (42.4) (48.8) MEG $/t 700 (1.5) (5.8) (7.4) (13.9) (29.1) BPA 01/12 $/t 1,828 2.0 (8.6) (23.0) (25.3) PX $/t 742 (2.5) (8.2) (12.6) (32.2) (45.2) Caustic 01/12 $/t 275 0.0 (1.8) (10.6) (17.9) SM $/t 839 0.0 (9.9) 1.0 (42.9) (49.5) 2-EH 01/12 $/t 970 (14.2) (18.1) (31.2) (31.9) Commodity % % % % % Caprolactam 01/12 $/t 1,920 0.0 (5.9) (11.1) (19.3) Natural Gas $/mmbtu 2.81 (4.6) (2.5) (24.6) (31.0) (34.6) Solar % % % % Natural rubber $/t 1,430 0.0 (4.0) (2.1) (0.7) (34.1) Polysilicon 01/07 $/kg 19.3 (0.1) (5.9) (6.3) (2.8) Cotton C/lbs 59.7 (1.7) (1.6) (1.5) (4.4) (24.4) Module 01/07 $/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 90.3 (1.9) 0.0 4.3 (1.4) (10.1) BASF EUR 68.8 (0.1) 2.4 (0.4) 2.8 (11.5) Shell EUR 2,079 (1.3) (0.1) 4.8 (5.1) (5.1) Dow Chemical USD 44.2 (0.6) (0.1) 1.8 (7.2) 3.4 Petrochina CNY 11.62 (3.7) (2.3) 24.3 49.2 54.3 SABIC SAR 77.0 (1.8) (3.2) (5.5) (36.7) (33.3) Gazprom RUB 140.2 (1.0) 4.7 4.3 5.3 0.3 Formosa Pla. TWD 74.0 3.1 3.5 10.0 4.2 (6.1) Petrobras BRL 8.9 (5.2) 3.5 (11.9) (55.5) (44.2) Shin-Etsu JPY 7,758 0.0 (1.6) (5.2) 15.7 32.4 Refinery Renewable Phillips66 USD 64.2 (4.6) (5.4) (2.2) (15.8) (17.6) Wacker EUR 84.9 (0.6) (1.9) (9.0) (0.3) (7.3) Valero USD 47.4 (2.6) (1.9) 2.4 4.9 (11.0) Yingli USD 1.99 (2.9) (12.7) (12.3) (23.5) (71.1) JX JPY 444.7 0.0 (4.8) 2.2 (7.6) (15.6) Tesla USD 202.2 (2.2) (3.8) (2.3) (14.6) 38.8 Neste Oil EUR 20.8 2.1 4.2 12.2 30.0 41.0 BYD CNY 39.5 2.7 (1.9) (6.6) (20.2) 6.7 4. Coverage Summary 01/12 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 1,921 (0.2) 0.3 (0.0) (0.4) (3.4) (0.9) * 추정치는 12M fwd 기준임 KOSPI화학 3,680 1.5 0.2 0.2 (2.5) (9.1) (8.2) * 모든 coverage 업체의실적은연결기준임 LG화학 180,500 1.1 3.4 (1.9) (20.3) (36.4) (32.4) 매수 250,000 38.5 9.46 1.06 롯데케미칼 148,000 (0.3) (4.8) (5.4) 7.6 (10.6) (29.2) 매수 170,000 14.9 11.61 0.73 한화케미칼 11,550 0.4 1.3 (5.3) (6.1) (34.2) (48.0) 매수 14,000 21.2 7.35 0.37 금호석유화학 85,700 0.1 6.7 9.3 20.0 (2.2) (0.1) 매수 90,000 5.0 15.84 1.86 OCI 73,500 1.2 (1.5) (5.9) (27.9) (53.0) (63.7) 매수 110,000 49.7 14.17 0.72 SKC 27,500 1.3 4.0 10.9 (2.8) (25.3) (9.1) 매수 37,000 34.5 9.10 0.81 국도화학 41,350 0.4 3.0 2.0 (6.9) (29.7) (21.1) 매수 55,000 33.0 9.70 0.59 SK이노베이션 84,500 (0.5) 3.0 3.9 5.4 (15.4) (35.5) 매수 100,000 18.3 10.09 0.57 S-Oil 48,850 0.5 1.2 10.6 20.6 (9.9) (30.5) 매수 55,000 12.6 16.01 1.16 GS 38,200 0.1 (2.3) (3.3) (5.7) (12.6) (28.3) 매수 50,000 30.9 8.37 0.65 SK가스 90,700 0.0 2.6 (3.6) (32.8) (9.3) 20.1 매수 110,000 21.3 11.36 0.66 대우인터내셔널 29,200 (2.2) (2.7) (4.4) (18.9) (24.5) (29.2) 매수 38,000 30.1 10.29 1.35 LG상사 29,950 3.8 3.1 7.3 30.2 3.6 2.9 매수 34,000 13.5 10.59 0.81 SK 네트웍스 8,970 3.1 1.7 1.9 (10.1) (19.6) 10.7 매수 12,000 33.8 9.37 0.80 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 14/07 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 15/01 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1,600 1,400 600 15 13/01 13/06 13/12 14/05 14/11 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 : EBN 화학정보 ) WTI Comment ( 출처 : 연합뉴스 ) 제목쿠웨이트, 2015 년도예산유가 $45/bbl 설정제목골드만삭스유가전망급하향에유가급락 결론중동국가의저유가에대한수긍뿐아니라예산확보위한증산도가능상승 요인 1) 쿠웨이트타임스보도, YoY -$30/bbl이자기타중동산유국대비 -$15/bbl 2) 정부지출규모 YoY- 18%, 그럼에도 $96억적자로서전년 ($28억) 대비증대 3) 쿠웨이트의낮은예산유가는저유가상황에대한수긍으로판단함 하락 골드만삭스, 브렌트유 3개월전망치 $80/bbl에서 $42/bbl 하향 4) 중동국가의저유가에대한수긍뿐아니라예산확보위한증산도가능 요인 OPEC 산유국들감산움직임없음 5) Issue 1 ( 출처 : PVinsights) Issue 2 ( 출처 : Bloomberg) 제목 GM, 디트로이트모터쇼첫날 Volt2 와 Bolt 공개제목 Petrobras -5.2% 급락, default 가능성논란? 결론 2 세대전기차모델의시작, 두모델모두 LG 화학배터리사용하게됨결론글로벌 E&P 업종중원유관련 / 심해광구관련과도투자업체는지속위험 1) Volt2는기존 Volt의 2세대모델, 마력 / 토크 / 제로백등대다수스펙증대 1) Petrbras는과도한 capex와심해광구의 cost 부담에놓여있음 2) 2015년하반기부터판매예정, 최대관건은판매가격의감소폭임 2) 지난 3개월간주가수익률 55.5%, 글로벌메이저 E&P 중하락폭가장큼 3) Bolt는컨셉카로서예정에없던깜짝공개임. BEV 200mile(322km) 차량임 3) BofA는 " 신용등급강등은연중가능하지만 default까지는아니다 " 언급 4) 2017년출시모델로서 2016년중공식발표및판매진행될것으로예상됨 4) 다만 $50/bbl 이하의저유가가수년간지속된다면재무부담심각할것 5) 2세대전기차모델의시작, 두모델모두 LG화학배터리사용하게됨 5) 글로벌 E&P 업종중원유관련 / 심해광구관련과도투자업체는지속위험 Issue 3 ( 출처 : 파이낸셜뉴스 ) Issue 4 제목한화 - 삼성빅딜, EVA 독과점이변수제목 결론한화는 70~80% 수출이기때문에사안다르다주장, 차후추이주목필요결론 1) 국내 EVA 시장점유율한켐 38%, 롯켐 25%, 삼성 17%, LG화학 13% 1) 2) 한화-삼성합병시점유율 55% 에도달해독과점기준인 50% 초과함 2) 3) 공정위독과점판단시기업심사지연가능성있음 3) 4) 한화는 70~80% 수출이기때문에사안다르다주장, 차후추이주목필요 4) 5) 5) 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 0.845 0.844 0.838 0.803 0.792 0.735 0.732 0.826 0.753 0.754 0.840 Change, % 0.1 0.8 5.3 6.7 15.0 15.5 2.3 (3.9) 13.7 (0.0) USD/JPY 118.3 118.5 119.6 118.8 107.7 101.3 104.2 119.7 97.7 105.9 119.2 Change, % (0.2) (1.1) (0.4) 9.9 16.8 13.5 (1.2) 21.5 13.8 0.0 USD/KRW 1,081.5 1,089.7 1,109.7 1,103.1 1,070.5 1,018.9 1,061.4 1,094.0 1,094.6 1,053.0 1,095.5 Change, % (0.8) (2.5) (2.0) 1.0 6.1 1.9 (1.1) 50.3 3.3 0.0 Agriculture Corn 402.0 400.3 406.0 396.3 334.0 399.8 432.8 397.0 579.2 415.6 399.3 Change, % 0.4 (1.0) 1.5 20.4 0.6 (7.1) 1.3 (39.6) (5.9) (0.0) Soybean 1,013.5 1,051.5 1,039.8 1,047.3 922.5 1,295.8 1,303.8 1,019.3 1,407.0 1,245.5 1,030.5 Change, % (3.6) (2.5) (3.2) 9.9 (21.8) (22.3) (0.6) (7.5) (22.3) 0.0 Wheat 555.5 563.8 589.0 627.5 498.5 514.8 569.0 589.8 684.3 588.0 574.1 Change, % (1.5) (5.7) (11.5) 11.4 7.9 (2.4) (5.8) (22.2) (2.6) 0.0 Rice 11.2 11.3 11.3 12.4 12.6 14.5 15.6 11.5 15.5 14.0 11.3 Change, % (0.7) (0.8) (8.9) (10.6) (22.4) (27.8) (2.1) 4.4 (25.9) 0.0 Oats 298.3 303.3 306.0 300.8 342.8 348.8 386.5 303.8 367.5 373.1 302.4 Change, % (1.6) (2.5) (0.8) (13.0) (14.5) (22.8) (1.8) 1.9 (14.3) 0.0 MYR/mt Palm Oil 2,375.0 2,359.0 2,298.0 2,154.0 2,209.0 2,410.0 2,487.0 2,291.0 2,405.0 2,415.1 2,338.7 Change, % 0.7 3.4 10.3 7.5 (1.5) (4.5) 3.7 13.3 (12.8) (0.0) Cocoa 2,994.0 2,968.0 2,944.0 2,891.0 3,157.0 3,127.0 2,712.0 2,910.0 2,403.9 3,006.8 2,948.2 Change, % 0.9 1.7 3.6 (5.2) (4.3) 10.4 2.9 21.2 7.4 (0.0) Cotton 59.7 60.8 60.7 60.5 64.1 68.7 82.6 60.3 83.3 76.4 60.2 Change, % (1.7) (1.6) (1.3) (6.8) (13.1) (27.7) (0.9) 12.6 (28.8) 0.0 Sugar 14.8 14.9 14.3 15.0 16.6 17.1 15.6 14.5 17.5 16.3 14.6 Change, % (1.0) 3.5 (1.5) (10.8) (13.5) (5.2) 1.7 (15.9) (11.5) (0.0) Coffee 176.8 180.1 168.1 173.0 220.4 159.0 120.7 166.6 126.0 177.1 172.2 Change, % (1.8) 5.1 2.2 (19.8) 11.2 46.5 6.1 (23.0) 50.5 (0.0) Energy WTI 45.8 48.4 50.0 57.8 85.8 100.8 92.7 53.3 98.0 92.9 49.5 Change, % (5.3) (8.5) (20.8) (46.7) (54.6) (50.6) (14.1) 7.2 (45.9) 0.0 Brent 47.2 50.1 53.1 61.9 90.2 106.7 107.3 57.3 108.7 99.5 52.1 Change, % (5.8) (11.1) (23.7) (47.7) (55.7) (56.0) (17.6) (0.3) (48.3) 0.1 Natural Gas 2.8 2.9 2.9 3.8 3.9 4.1 4.1 2.9 3.7 4.3 2.9 Change, % (4.6) (2.5) (25.9) (27.2) (32.2) (30.6) (2.7) 26.2 (31.7) 0.0 Ethanol 1.5 1.5 1.6 1.7 1.6 2.1 2.0 1.6 2.3 2.1 1.5 Change, % (1.4) (9.2) (15.3) (8.8) (30.9) (25.8) (10.5) (12.7) (14.9) 0.0 RBOB Gasoline 127.4 132.3 138.1 159.7 225.8 290.9 266.9 143.5 285.0 262.6 135.9 Change, % (3.7) (7.8) (20.3) (43.6) (56.2) (52.3) (11.3) (0.9) (48.5) 0.0 Coal 46.8 46.8 47.7 51.7 51.8 60.6 57.3 48.5 56.1 57.5 47.4 Change, % (0.1) (1.9) (9.5) (9.7) (22.8) (18.3) (3.6) (1.0) (15.5) 0.0 Metal Gold 1,233.9 1,222.5 1,204.8 1,222.5 1,223.1 1,338.6 1,248.5 1,182.0 1,410.4 1,266.5 1,209.9 Change, % 0.9 2.4 0.9 0.9 (7.8) (1.2) 4.4 (28.0) (1.3) (0.0) Silver 16.6 16.5 16.2 17.0 17.4 21.4 20.2 15.7 23.8 19.1 16.2 Change, % 0.5 2.4 (2.6) (4.7) (22.7) (17.7) 5.9 (35.8) (18.9) (0.0) Platinum 1,242.0 1,231.8 1,212.8 1,231.9 1,262.5 1,512.3 1,437.0 1,207.5 1,485.7 1,384.6 1,220.4 Change, % 0.8 2.4 0.8 (1.6) (17.9) (13.6) 2.9 (11.2) (11.5) (0.0) Palladium 810.6 803.0 794.1 815.1 785.1 874.0 743.8 797.0 725.9 803.4 799.5 Change, % 0.9 2.1 (0.6) 3.2 (7.3) 9.0 1.7 1.7 11.4 (0.0) Copper 6,090.0 6,090.0 6,145.0 6,490.0 6,645.0 7,156.0 7,302.5 6,300.0 7,352.6 6,828.1 6,155.7 Change, % 0.0 (0.9) (6.2) (8.4) (14.9) (16.6) (3.3) (7.2) (14.4) 0.0 Uranium 35.4 35.4 35.2 37.3 35.5 28.4 35.1 35.3 38.5 33.5 35.3 Change, % 0.0 0.7 (5.0) (0.3) 24.6 1.0 0.4 (20.9) 2.5 (0.0) HR Coil 594.0 594.0 605.0 614.0 637.0 670.0 675.0 605.0 630.4 653.2 599.5 Change, % 0.0 (1.8) (3.3) (6.8) (11.3) (12.0) (1.8) 3.1 (10.4) 0.0 Scrap 361.9 355.0 355.0 400.0 385.4 398.0 444.9 355.0 396.9 401.3 356.1 Change, % 1.9 1.9 (9.5) (6.1) (9.1) (18.6) 1.9 (1.2) (16.5) (0.0) Zinc 2,156.0 2,156.0 2,185.0 2,191.0 2,314.0 2,303.0 2,032.0 2,178.0 1,940.3 2,165.0 2,171.2 Change, % 0.0 (1.3) (1.6) (6.8) (6.4) 6.1 (1.0) (1.2) 6.0 0.0 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용
Refining Price Data Daily Price 01/12 1D 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. Crude Oil WTI 46.1 48.4 50.0 57.8 81.8 101.3 91.7 53.2 97.9 93.1 49.5 Change, % (4.7) (7.9) (20.3) (43.7) (54.5) (49.8) (13.4) (52.9) (50.5) (6.9) Dubai 45.7 47.4 51.0 60.5 87.3 105.1 103.5 53.6 105.3 96.7 49.1 Change, % (3.7) (10.4) (24.5) (47.7) (56.5) (55.9) (14.8) (56.6) (52.8) (7.1) Crude Oil Gasoline( 휘발유 ) 55.8 57.6 61.8 71.8 100.9 123.1 118.4 64.8 119.1 110.9 59.7 Product Change, % (3.3) (9.7) (22.3) (44.7) (54.7) (52.9) (13.9) (53.2) (49.7) (6.7) Kerosene( 등유 ) 62.2 63.9 68.3 78.4 101.8 118.0 121.1 71.2 123.0 112.6 66.1 Change, % (2.7) (9.0) (20.7) (38.9) (47.3) (48.6) (12.7) (49.5) (44.8) (5.9) Diesel( 경유 ) 62.0 63.7 68.2 76.9 101.0 118.0 121.1 70.2 123.4 112.8 65.7 Change, % (2.7) (9.0) (19.4) (38.6) (47.4) (48.8) (11.6) (49.7) (45.0) (5.6) Bunker-C 40.8 41.6 44.7 56.1 77.6 91.8 94.0 48.8 95.2 86.5 43.7 Change, % (2.1) (8.8) (27.4) (47.5) (55.6) (56.7) (16.4) (57.2) (52.9) (6.6) Naphtha 42.9 43.5 46.0 54.0 80.3 107.0 106.0 48.0 101.1 94.3 44.9 Change, % (1.4) (6.8) (20.6) (46.6) (59.9) (59.5) (10.7) (57.6) (54.5) (4.5) Dubai Gasoline( 휘발유 ) 10.1 10.2 10.8 11.3 13.5 18.0 14.9 11.2 13.8 14.2 10.6 Spread Change (0.2) (0.7) (1.2) (3.4) (7.9) (4.8) (1.1) (3.7) (4.1) (0.5) Kerosene( 등유 ) 16.5 16.5 17.4 17.9 14.5 12.9 17.5 17.6 17.6 15.9 16.9 Change 0.0 (0.9) (1.4) 2.0 3.6 (1.1) (1.1) (1.1) 0.6 (0.4) Diesel( 경유 ) 16.3 16.3 17.2 16.4 13.7 12.9 17.6 16.6 18.0 16.0 16.5 Change 0.0 (0.8) (0.1) 2.7 3.4 (1.2) (0.2) (1.7) 0.3 (0.2) Bunker-C (4.9) (5.8) (6.3) (4.4) (9.7) (13.3) (9.5) (4.8) (10.1) (10.3) (5.5) Change 0.9 1.4 (0.5) 4.8 8.3 4.6 (0.1) 5.2 5.3 0.6 Naphtha (2.8) (3.9) (4.9) (6.5) (7.0) 2.0 2.4 (5.6) (4.2) (2.4) (4.2) Change 1.1 2.2 3.7 4.3 (4.8) (5.2) 2.8 1.4 (0.4) 1.5 Refining Simple( 단순 ) 3.3 2.8 2.8 3.3 (0.7) (2.1) 0.9 3.3 0.3 (0.1) 3.0 Margin Change 0.5 0.5 0.0 3.9 5.3 2.3 0.0 3.0 3.4 0.3 Complex( 복합 ) 7.8 7.6 7.9 7.9 5.8 6.3 8.4 8.0 7.6 7.1 7.8 Change 0.3 (0.0) (0.1) 2.0 1.5 (0.5) (0.1) 0.2 0.8 0.0 Complex(lagging) (8.1) (8.8) (8.1) (9.1) (2.0) 2.6 6.2 (7.4) 7.7 3.3 (8.5) Change 0.7 0.1 1.1 (6.0) (10.7) (14.2) (0.6) (15.7) (11.4) 0.4 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 01/12 01/09 01/08 01/07 01/06 01/05 01/02 01/01 12/31 12/30 Spot Price Naphtha CFR Japan 414.5 422.0 410.4 408.0 427.0 447.5 467.5 465.5 465.5 459.5 Ethylene CFR SE Asia 980.0 980.0 980.0 980.0 990.0 990.0 995.0 995.0 995.0 995.0 Propylene FOB Korea 670.0 670.0 670.0 660.0 660.0 660.0 660.0 660.0 660.0 660.0 Butadiene FOB Korea 740.0 745.0 830.0 890.0 925.0 925.0 940.0 940.0 940.0 940.0 HDPE CFR FE Asia 1,155.0 1,155.0 1,155.0 1,155.0 1,155.0 1,155.0 1,160.0 1,160.0 1,160.0 1,160.0 LDPE CFR FE Asia 1,180.0 1,180.0 1,185.0 1,185.0 1,185.0 1,185.0 1,190.0 1,190.0 1,190.0 1,190.0 LLDPE CFR FE Asia 1,160.0 1,165.0 1,180.0 1,180.0.0.0 1,205.0 1,205.0 1,205.0.0 MEG CFR China 700.0 711.0 703.0 689.0 732.0 743.0 749.0 755.0 755.0 755.0 PP CFR FE Asia 1,040.0 1,040.0 1,040.0 1,040.0 1,050.0 1,050.0 1,050.0 1,050.0 1,050.0 1,050.0 PX CFR China 741.8 760.8 748.8 746.8 786.0 808.0 836.0 826.0 826.0 826.0 PTA CFR China 580.0 580.0 588.0 590.0 605.0 610.0 633.0 635.0 635.0 632.0 Benzene FOB Korea 580.0 585.0 587.0 572.0 630.0 659.5 673.5 663.0 663.0 675.0 Toluene FOB Korea 519.0 524.0 537.0 506.0 537.0 583.0 602.0 597.5 597.5 604.0 Xylene FOB Korea 605.0 610.0 587.0 585.0 617.0 623.0 633.0 645.5 645.5 659.5 SM FOB Korea 839.0 839.0 827.0 827.0 883.0 931.0 943.0 937.5 937.5 938.5 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. Spot Price Naphtha CFR Japan 416.5 467.0 512.0 735.0 873.5 962.0 961.0 923.0 865.9 441.8 Change, % (10.8) (18.7) (43.3) (52.3) (56.7) (56.7) (54.9) (51.9) (5.7) Ethylene CFR SE Asia 950.0 995.0 1,025.0 1,435.0 1,495.0 1,465.0 1,452.5 1,353.8 1,401.1 972.5 Change, % (4.5) (7.3) (33.8) (36.5) (35.2) (34.6) (29.8) (32.2) (2.3) Propylene CFR SE Asia 675.0 675.0 765.0 1,260.0 1,277.5 1,405.0 1,380.0 1,326.5 1,254.2 680.0 Change, % 0.0 (11.8) (46.4) (47.2) (52.0) (51.1) (49.1) (46.2) (0.7) Butadiene CFR SE Asia 775.0 940.0 900.0 1,275.0 1,475.0 1,435.0 1,435.0 1,441.1 1,281.7 857.5 Change, % (17.6) (13.9) (39.2) (47.5) (46.0) (46.0) (46.2) (39.5) (9.6) Benzene CFR SE Asia 590.0 700.0 775.0 1,182.5 1,232.5 1,360.0 1,367.5 1,327.9 1,243.1 645.0 Change, % (15.7) (23.9) (50.1) (52.1) (56.6) (56.9) (55.6) (52.5) (8.5) Toluene CFR SE Asia 565.0 650.0 700.0 1,085.0 1,135.0 1,195.0 1,215.0 1,203.7 1,082.5 607.5 Change, % (13.1) (19.3) (47.9) (50.2) (52.7) (53.5) (53.1) (47.8) (7.0) Xylene CFR SE Asia 590.0 615.0 700.0 1,045.0 1,090.0 1,195.0 1,210.0 1,201.1 1,055.7 602.5 Change, % (4.1) (15.7) (43.5) (45.9) (50.6) (51.2) (50.9) (44.1) (2.1) Spread Ethylene -Naphtha 533.5 528.0 513.0 700.0 621.5 503.0 491.5 430.8 535.2 530.8 Change, % 1.0 4.0 (23.8) (14.2) 6.1 8.5 23.8 (0.3) 0.5 Propylene -Naphtha 258.5 208.0 253.0 525.0 404.0 443.0 419.0 403.5 388.3 238.3 Change, % 24.3 2.2 (50.8) (36.0) (41.6) (38.3) (35.9) (33.4) 8.5 Butadiene -Naphtha 358.5 473.0 388.0 540.0 601.5 473.0 474.0 518.1 415.9 415.8 Change, % (24.2) (7.6) (33.6) (40.4) (24.2) (24.4) (30.8) (13.8) (13.8) Benzene -Naphtha 173.5 233.0 263.0 447.5 359.0 398.0 406.5 404.9 377.3 203.3 Change, % (25.5) (34.0) (61.2) (51.7) (56.4) (57.3) (57.2) (54.0) (14.6) Toluene -Naphtha 148.5 183.0 188.0 350.0 261.5 233.0 254.0 280.7 216.6 165.8 Change, % (18.9) (21.0) (57.6) (43.2) (36.3) (41.5) (47.1) (31.4) (10.4) Xylene -Naphtha 173.5 148.0 188.0 310.0 216.5 233.0 249.0 278.1 189.9 160.8 Change, % 17.2 (7.7) (44.0) (19.9) (25.5) (30.3) (37.6) (8.6) 7.9 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.0 1,230.0 1,350.0 1,560.0 1,585.0 1,525.0 1,520.0 1,467.0 1,524.9 1,215.0 Change, % (2.4) (11.1) (23.1) (24.3) (21.3) (21.1) (18.2) (21.3) (1.2) MEG CFR SE Asia 715.0 775.0 757.5 815.0 942.5 992.5 1,032.5 1,053.2 934.1 745.0 Change, % (7.7) (5.6) (12.3) (24.1) (28.0) (30.8) (32.1) (23.5) (4.0) PVC CFR SE Asia 795.0 795.0 875.0 1,005.0 1,040.0 1,035.0 1,005.0 1,014.5 1,013.9 795.0 Change, % 0.0 (9.1) (20.9) (23.6) (23.2) (20.9) (21.6) (21.6) 0.0 PP CFR SE Asia 1,130.0 1,140.0 1,230.0 1,505.0 1,520.0 1,535.0 1,535.0 1,487.7 1,503.0 1,135.0 Change, % (0.9) (8.1) (24.9) (25.7) (26.4) (26.4) (24.0) (24.8) (0.4) 2-EH CFR Korea 970.0 1,130.0 1,185.0 1,410.0 1,415.0 1,425.0 1,420.0 1,470.2 1,397.1 1,050.0 Change, % (14.2) (18.1) (31.2) (31.4) (31.9) (31.7) (34.0) (30.6) (7.6) ABS CFR SE Asia 1,525.0 1,585.0 1,655.0 1,910.0 1,935.0 1,920.0 1,905.0 1,949.9 1,897.7 1,555.0 Change, % (3.8) (7.9) (20.2) (21.2) (20.6) (19.9) (21.8) (19.6) (1.9) SBR CFR SE Asia 1,475.0 1,495.0 1,675.0 1,985.0 2,075.0 1,880.0 1,920.0 1,877.5 1,485.0 Change, % (1.3) (11.9) (25.7) (28.9) (21.5) (23.2) (21.4) (0.7) SM CFR SE Asia 877.5 975.0 952.5 1,522.5 1,517.5 1,712.5 1,725.0 1,737.4 1,547.1 926.3 Change, % (10.0) (7.9) (42.4) (42.2) (48.8) (49.1) (49.5) (43.3) (5.3) Caustic FOB NEA 275.0 275.0 280.0 307.5 305.0 335.0 335.0 323.6 310.0 275.0 Change, % 0.0 (1.8) (10.6) (9.8) (17.9) (17.9) (15.0) (11.3) 0.0 PX CFR SE Asia 835.0 835.0 865.0 1,115.0 1,262.5 1,377.5 1,432.5 1,497.3 1,228.5 835.0 Change, % 0.0 (3.5) (25.1) (33.9) (39.4) (41.7) (44.2) (32.0) 0.0 PO CFR China 1,827.5 1,792.5 2,000.0 2,372.5 2,382.5 2,445.0 2,450.0 2,030.2 2,179.2 1,810.0 Change, % 2.0 (8.6) (23.0) (23.3) (25.3) (25.4) (10.0) (16.1) 1.0 Caprolactam CFR SE Asia 1,920.0 1,920.0 2,040.0 2,160.0 2,240.0 2,380.0 2,360.0 2,393.9 2,233.4 1,920.0 Change, % 0.0 (5.9) (11.1) (14.3) (19.3) (18.6) (19.8) (14.0) 0.0 PTA CFR SE Asia 655.0 655.0 690.0 845.0 950.0 975.0 1,005.0 1,077.4 911.7 655.0 Change, % 0.0 (5.1) (22.5) (31.1) (32.8) (34.8) (39.2) (28.2) 0.0 Spread HDPE 783.5 763.0 838.0 825.0 711.5 563.0 559.0 544.0 659.0 773.3 Change, % 2.7 (6.5) (5.0) 10.1 39.2 40.2 44.0 18.9 1.3 MEG 298.5 308.0 245.5 80.0 69.0 30.5 71.5 130.3 68.2 303.3 Change, % (3.1) 21.6 273.1 332.6 878.7 317.5 129.1 337.5 (1.6) PVC 378.5 328.0 363.0 270.0 166.5 73.0 44.0 91.5 148.0 353.3 Change, % 15.4 4.3 40.2 127.3 418.5 760.2 313.4 155.7 7.1 PP 713.5 673.0 718.0 770.0 646.5 573.0 574.0 564.8 637.1 693.3 Change, % 6.0 (0.6) (7.3) 10.4 24.5 24.3 26.3 12.0 2.9 2-EH 553.5 663.0 673.0 675.0 541.5 463.0 459.0 547.2 531.3 608.3 Change, % (16.5) (17.8) (18.0) 2.2 19.5 20.6 1.1 4.2 (9.0) ABS 1,108.5 1,118.0 1,143.0 1,175.0 1,061.5 958.0 944.0 1,026.9 1,031.9 1,113.3 Change, % (0.8) (3.0) (5.7) 4.4 15.7 17.4 7.9 7.4 (0.4) SBR BD spread 700.0 555.0 775.0 710.0 600.0 445.0 485.0 595.8 627.5 Change, % 26.1 (9.7) (1.4) 16.7 57.3 44.3 17.5 11.6 SM 461.0 508.0 440.5 787.5 644.0 750.5 764.0 814.4 681.2 484.5 Change, % (9.3) 4.7 (41.5) (28.4) (38.6) (39.7) (43.4) (32.3) (4.9) Caustic Change, % PX 418.5 368.0 353.0 380.0 389.0 415.5 471.5 574.4 362.6 393.3 Change, % 13.7 18.6 10.1 7.6 0.7 (11.2) (27.1) 15.4 6.4 PO propylene sprea 1,152.5 1,117.5 1,235.0 1,112.5 1,105.0 1,040.0 1,070.0 703.7 925.0 1,130.0 Change, % 3.1 (6.7) 3.6 4.3 10.8 7.7 63.8 24.6 2.0 Caprolactam benzene spread 1,330.0 1,220.0 1,265.0 977.5 1,007.5 1,020.0 992.5 1,066.0 990.3 1,275.0 Change, % 9.0 5.1 36.1 32.0 30.4 34.0 24.8 34.3 4.3 PTA px spread 70.5 70.5 84.5 64.5 66.3 10.8 2.3 29.2 51.8 70.5 Change, % 0.0 (16.6) 9.3 6.4 555.8 3,033.3 141.2 36.2 0.0 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용
Global peers Currency 01/12 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 44.2 (0.6) (0.1) 1.8 (7.2) (14.4) 3.4 (3.2) 51,802 14.9 13.4 2.0 2.0 7.8 7.8 Du Pont USD 74.4 1.2 3.8 7.3 11.8 14.7 17.1 0.6 58,845 18.6 16.6 4.3 3.9 11.0 10.6 Eastman USD 72.6 (2.5) (1.7) 0.0 (2.7) (16.4) (8.6) (4.3) 12,226 10.4 9.5 2.5 2.2 7.4 6.4 BASF EUR 68.8 (0.1) 2.4 (0.4) 2.8 (17.6) (11.5) (1.6) 97,507 12.5 12.2 2.2 2.1 7.5 7.4 Akzo Nobel EUR 59.5 0.2 5.4 8.1 22.3 14.0 7.6 3.2 18,329 19.3 16.0 2.5 2.4 9.8 8.5 Arkema EUR 54.7 2.6 6.0 4.1 20.3 (17.8) (29.3) (0.8) 6,895 14.8 12.0 1.4 1.3 6.5 5.3 Lanxess EUR 34.5 0.2 (2.5) (8.0) (14.4) (27.9) (25.5) (10.2) 5,271 16.9 15.0 1.4 1.3 5.9 5.6 Sumitomo Chemical JPY 460 0.0 (4.0) (3.6) 28.5 22.0 5.3 (4.0) 6,953 15.9 10.1 1.1 1.0 8.9 8.0 Mitsubishi Chemical JPY 588 0.0 (0.4) (4.8) 15.1 34.9 24.4 (0.0) 6,847 16.1 12.6 0.9 0.9 7.4 6.2 Shin-Etsu Chemical JPY 7,758 0.0 (1.6) (5.2) 15.7 27.7 32.4 (1.4) 24,336 25.3 22.8 1.8 1.7 9.5 8.7 Asahi Kasei JPY 1,087 0.0 (1.2) 1.5 21.8 40.4 28.8 (1.7) 11,404 15.0 14.1 1.5 1.4 6.9 6.6 JSR JPY 2,051 0.0 (1.1) (2.0) 11.5 16.4 2.5 (1.2) 4,576 16.9 15.0 1.4 1.3 6.7 6.0 Nitto Denko JPY 6,804 0.0 (0.2) 0.5 21.2 44.4 56.2 0.5 7,273 17.5 15.7 2.0 1.8 7.5 6.7 SABIC SAR 77.0 (1.8) (3.2) (5.5) (36.7) (34.5) (33.3) (8.2) 92,385 9.2 8.9 1.4 1.3 5.3 5.2 Yansab SAR 40.6 0.4 (4.3) (9.9) (38.1) (43.0) (44.8) (14.8) 11,023 9.3 8.6 1.5 1.5 6.8 6.8 Formosa Plastics TWD 74.0 3.1 3.5 10.0 4.2 (4.3) (6.1) 2.4 16,726 21.5 19.6 1.7 1.7 34.0 28.3 Formosa Fiber TWD 65.9 2.2 (0.2) 1.1 (4.1) (7.8) (18.9) (1.5) 15,889 21.5 19.8 1.4 1.4 15.7 15.0 Nan Ya Plastics TWD 63.8 (0.6) (0.2) 2.9 (1.8) (12.0) (4.6) (2.6) 17,691 15.6 16.5 1.7 1.6 17.4 16.2 Sinopec Shanghai CNY 4.19 (3.7) (10.9) 2.7 12.3 34.3 40.6 (3.2) 4,535 76.2 29.9 2.5 2.3 21.4 11.2 Sinopec Yizheng(FibeCNY 5.40 (4.6) (7.1) 20.0 25.9 94.2 97.8 (7.7) 2,179 32.7 23.0 2.6 2.4 6.6 5.5 Reliance INR 850 (1.2) (2.9) (3.6) (11.5) (12.0) (0.9) (4.2) 45,085 10.8 9.9 1.2 1.1 8.5 7.4 Industries Qatar QAR 148.1 (6.5) (11.3) (14.4) (20.2) (17.6) (14.9) (11.8) 28,927 13.1 11.1 2.8 2.7 48.9 46.8 PTT Chemical THB 54.0 (1.8) 4.9 2.4 (8.9) (19.4) (28.0) 5.4 10,247 9.8 9.5 1.3 1.2 5.6 5.4 Petronas MYR 5.2 2.4 (0.2) 1.4 (16.2) (23.4) (23.3) (5.0) 16,586 14.4 13.6 1.8 1.7 7.1 6.5 LG화학 KRW 180,500 1.1 3.4 (1.9) (21.5) (36.4) (32.4) (0.3) 16,690 13.6 10.6 1.1 1.0 5.2 4.5 롯데케미칼 KRW 148,000 (0.3) (4.8) (5.4) 7.6 (10.6) (29.2) (7.5) 6,757 18.3 11.1 0.8 0.7 7.0 5.2 한화케미칼 KRW 11,550 0.4 1.3 (5.3) (6.5) (34.2) (48.0) (2.1) 2,937 26.9 14.0 0.4 0.4 11.0 9.3 금호석유 KRW 85,700 0.1 6.7 9.3 22.6 (2.2) (0.1) 6.3 2,466 33.8 17.2 1.9 1.7 13.0 10.1 SKC KRW 27,500 1.3 4.0 10.9 (7.7) (25.3) (9.1) 3.4 1,033 13.6 8.6 0.8 0.8 8.9 8.2 국도화학 KRW 41,350 0.4 3.0 2.0 (4.2) (29.7) (21.1) 0.6 287 11.6 9.0 0.7 0.6 5.9 5.1 효성 KRW 2,835 1.8 5.6 2.2 3.3 (35.4) (51.8) (0.2) 2,388 9.1 8.0 0.9 0.8 9.2 8.5 Average (0.2) (0.3) 0.6 1.5 (3.2) (4.0) (2.4) Refinery Valero USD 47.4 (2.6) (1.9) 2.4 4.9 (5.5) (11.0) (4.3) 28,726 8.0 8.9 1.2 1.1 4.1 4.4 Conoco Phillips USD 63.1 (2.8) (3.9) 1.0 (10.4) (25.6) (8.4) (8.7) 84,373 11.3 19.2 1.4 1.4 4.3 5.1 Formosa PetrochemicTWD 65.2 (0.8) (3.3) (0.8) (9.3) (13.3) (19.5) (5.1) 25,728 32.9 22.9 2.6 2.5 18.3 14.3 Tesoro USD 70.0 (3.9) (2.9) (5.9) 13.5 16.8 21.7 (5.9) 7,639 10.5 11.0 1.9 1.8 5.2 5.1 Marathon Petroleum USD 85.4 (3.5) (4.1) 2.7 4.7 8.3 (6.1) (5.4) 27,384 11.3 10.9 2.3 1.9 6.0 5.6 Devon Energy USD 59.1 (2.1) 0.7 11.5 (0.5) (23.3) (2.3) (3.4) 24,575 11.4 15.3 1.1 1.0 5.0 5.5 Hollyfrontier USD 34.2 (4.2) (7.0) (8.4) (17.2) (20.4) (28.3) (8.7) 9,909 11.1 11.4 1.1 1.2 5.0 5.0 Phillips 66 USD 64.2 (4.6) (5.4) (2.2) (15.8) (20.0) (17.6) (10.4) 46,764 10.1 9.9 1.7 1.5 5.7 5.8 Murphy Oil USD 46.7 (3.6) (2.2) 4.1 (12.1) (28.4) (25.8) (7.5) 11,771 13.1 140.8 0.9 1.0 3.3 4.2 JX Holdings JPY 444.7 0.0 (4.8) 2.2 (7.6) (16.4) (15.6) (5.3) 12,639 36.2 7.4 0.5 0.5 17.9 9.9 Cosmo Oil JPY 162.0 0.0 (4.7) 1.9 (9.0) (22.5) (19.8) (5.3) 1,646 #N/A N/A 8.7 0.6 0.6 12.9 10.0 Idemitsu JPY 1,990.0 0.0 (0.1) 1.4 (9.0) (8.7) (16.7) (0.4) 3,674 17.8 7.8 0.5 0.4 11.0 8.1 Tonengeneral JPY 998.0 0.0 (2.4) (2.5) 7.8 6.7 6.4 (3.0) 5,095 14.1 19.1 1.2 1.2 54.2 13.9 Nesteoil EUR 20.8 2.1 4.2 12.2 30.0 54.3 41.0 3.4 5,157 15.9 13.9 1.8 1.7 9.1 7.9 Ashland USD 119.8 (0.2) 1.8 3.6 21.8 11.4 19.8 (0.0) 7,750 20.1 16.1 2.3 2.4 9.1 8.6 Fuchs Petrolub EUR 32.9 0.6 1.8 (1.4) 18.9 3.5 (9.3) (1.2) 6,520 21.0 19.8 5.1 4.5 12.9 12.2 SK이노베이션 KRW 84,500 (0.5) 3.0 3.9 10.9 (15.4) (35.5) (0.7) 11,425 N/A 10.9 0.5 0.5 17.9 8.1 S-Oil KRW 48,850 0.5 1.2 10.6 23.5 (9.9) (30.5) 0.9 7,465 N/A 15.5 1.1 1.1 32.9 9.2 GS KRW 38,200 0.1 (2.3) (3.3) (3.5) (12.6) (28.3) (4.5) 4,671 192.7 10.4 0.6 0.5 27.3 11.6 Average (1.3) (1.7) 1.7 2.2 (6.4) (9.8) (4.0) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임
Global peers Currency 01/12 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 90 (1.9) 0.0 4.3 (1.4) (11.2) (10.1) (2.3) 439,123 12.4 16.7 2.1 2.0 5.7 6.9 BP GBP 397 (0.5) 1.8 2.8 (7.4) (21.3) (20.2) (3.5) 152,218 9.1 11.0 0.9 0.8 3.8 4.0 Shell EUR 2,079 (1.3) (0.1) 4.8 (5.1) (13.0) (5.1) (3.5) 234,484 8.6 11.0 1.1 1.0 3.8 4.3 Chevron USD 106 (2.2) (2.0) 3.4 (7.0) (17.6) (12.5) (5.6) 232,723 11.0 16.2 1.3 1.3 4.5 5.3 Total EUR 41 0.5 3.3 0.4 (7.4) (18.7) (5.3) (2.9) 141,535 8.9 10.4 1.1 1.1 4.1 4.4 Sinopec CNY 7 (2.4) (8.0) 14.1 24.7 31.4 48.6 1.2 85,629 11.1 11.3 1.2 1.1 5.8 5.5 Petrochina CNY 12 (3.7) (2.3) 24.3 49.2 54.9 54.3 7.5 223,279 16.4 16.5 1.7 1.7 7.3 7.1 CNOOC CNY 20 (3.8) (11.0) 6.4 4.2 14.2 (10.1) (5.1) 15,174 11.7 11.5 1.9 1.8 7.5 7.9 Gazprom RUB 140 (1.0) 4.7 4.3 5.3 (5.4) 0.3 7.6 100,180 2.8 2.8 0.2 0.2 1.9 2.1 Rosneft RUB 204 (1.3) 3.7 (3.2) (8.2) (17.1) (15.9) 4.2 77,810 4.3 4.6 0.5 0.5 2.6 3.0 Anadarko USD 75 (5.2) (1.0) 2.3 (15.1) (28.4) (6.0) (9.0) 40,176 15.9 37.7 1.7 1.7 4.2 5.6 Petrobras BRL 9 (5.2) 3.5 (11.9) (55.5) (51.3) (44.2) (11.1) 84,999 5.6 4.8 0.3 0.3 5.0 4.4 Lukoil USD 39 (3.6) 2.3 (2.8) (18.2) (34.9) (35.0) (1.9) 51,076 3.7 3.9 0.3 0.3 N/A N/A Kinder USD 102 0.0 0.0 0.0 13.8 25.5 27.2 0.0 35,114 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Statoil NOK 126 (3.8) (0.2) 3.5 (20.5) (32.1) (17.2) (4.1) 78,752 9.4 12.7 1.1 1.1 2.1 2.4 BHP AUD 29 (2.2) (3.3) 0.2 (11.8) (24.1) (21.8) (2.9) 167,148 12.2 11.6 1.5 1.4 5.5 5.4 PTT E&P THB 111 (1.8) 3.3 (1.8) (26.8) (32.2) (30.5) (1.3) 19,127 7.6 8.7 1.0 1.0 2.7 2.8 Petronas gas MYR 22 0.5 0.0 1.5 (0.7) (8.0) (5.1) (1.5) 13,979 25.3 24.1 4.0 3.8 14.0 13.4 Chesapeake USD 18 (3.7) (4.3) 2.6 (6.7) (37.2) (27.3) (9.6) 17,100 10.9 15.1 0.9 0.9 5.1 5.8 Noble Energy USD 42 (4.7) (2.1) (5.3) (29.3) (43.7) (35.9) (12.5) 23,260 16.8 25.3 1.5 1.5 5.4 5.4 Average 0 (2.4) (0.6) 2.5 (6.2) (13.5) (8.6) (2.8) PV WACKER EUR 84.9 (0.6) (1.9) (9.0) (0.3) (0.7) (7.3) (6.8) 6,523 24.2 25.1 1.9 1.8 5.5 5.7 GCL-Poly HKD 1.8 (0.5) (2.7) (4.7) (32.8) (31.1) (30.3) 1.1 5,211 12.5 9.4 1.5 1.3 7.8 6.9 REC NOK 102.0 0.5 0.5 1.3 47.8 11.5 8.8 0.0 609 11.3 8.9 2.0 1.6 7.1 5.6 SunEdison USD 19.9 2.6 6.4 7.4 24.5 (17.2) 38.2 2.1 3,842 #N/A N/A #N/A N/A 37.2 #N/A N/A #N/A N/A 36.5 Canadian Solar USD 21.9 (4.3) (5.3) (4.7) (23.2) (22.6) (42.2) (9.4) 1,749 5.4 4.7 1.8 1.2 4.3 3.8 JA Solar USD 7.9 (0.3) (0.5) (7.1) (2.8) (19.3) (20.3) (3.4) 429 8.4 6.2 0.5 0.4 3.5 3.6 Trina Solar USD 8.7 (1.4) (4.5) (1.6) (12.5) (24.1) (46.6) (6.3) 1,284 10.2 7.8 0.7 0.6 6.5 5.0 Solar City USD 49.3 (0.6) (1.5) (1.4) (7.9) (25.0) (26.2) (7.8) 5,490 #N/A N/A #N/A N/A 8.1 8.8 #N/A N/A #N/A N/A Yingli USD 2.0 (2.9) (12.7) (12.3) (23.5) (38.2) (71.1) (15.3) 1,148 #N/A N/A #N/A N/A 15.9 #N/A N/A 12.7 7.6 First Solar USD 42.8 (3.1) 2.4 1.7 (20.3) (32.5) (17.6) (4.0) 5,168 16.3 9.7 0.9 0.8 6.0 4.5 한화솔라원 USD 1.0 (5.9) (11.0) (28.4) (46.3) (59.2) (70.2) (10.2) 279 #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 73,500 1.2 (1.5) (5.9) (30.3) (53.0) (63.7) (6.5) 4,555 N/A 17.5 0.6 0.6 7.0 5.5 웅진에너지 KRW 1,400 (2.4) (2.1) 2.9 (36.2) (45.1) (31.5) 4.5 129 N/A 0.6 0.6 7.0 5.5 9.1 신성솔라에너지 KRW 1,050 (0.5) 0.0 5.0 5.5 (7.1) (13.2) 2.9 64 N/A 0.6 7.0 5.5 9.1 8.0 Average (1.3) (2.5) (4.1) (11.3) (26.0) (28.1) (4.2) Gas Company Towngas China HKD 7.4 (3.0) (4.7) (8.4) (8.9) (18.2) (24.9) (5.3) 3,339 16.2 13.6 1.4 1.3 16.9 14.6 Kulun HKD 7.6 (0.4) (2.6) 6.3 (29.0) (37.4) (43.3) 3.3 13,890 9.7 9.3 1.1 1.0 5.7 5.1 Beijing Enterprise HKD 61.0 (0.7) 0.2 3.2 (6.3) (11.5) (14.4) 0.3 11,679 15.6 13.0 1.3 1.2 16.1 14.3 ENN Energy HKD 47.2 (2.6) 5.5 5.5 (9.8) (15.3) (11.1) 7.3 7,415 18.1 16.0 3.6 3.0 9.7 8.6 China Resources GasHKD 19.9 (2.7) 0.3 (0.5) (10.6) (15.5) (22.0) (1.2) 7,313 17.2 14.6 2.7 2.4 11.2 9.7 China Gas Holdings HKD 12.3 (2.2) 2.5 (2.5) (4.3) (21.3) 10.4 0.8 7,180 19.2 15.6 3.3 2.8 14.0 11.8 Shenzen Gas HKD 11.4 (1.9) 0.7 (1.6) (0.2) 21.4 14.0 0.2 2,137 9.7 10.1 1.2 1.1 8.1 8.6 Shann Xi CNY 10.9 (1.7) (2.8) (9.0) (8.6) 15.3 13.4 0.8 1,615 26.0 19.3 2.7 2.4 13.5 11.1 Suntien HKD 1.9 0.0 8.5 20.0 (1.5) (19.7) (41.3) 18.5 1,366 13.5 10.2 0.7 0.7 7.5 6.0 China Oil & Gas HKD 1.0 0.0 (1.0) (2.9) (20.9) (24.4) (26.1) 4.1 890 10.5 9.0 1.3 1.1 5.8 4.6 Average (1.5) 0.7 1.0 (10.0) (12.7) (14.5) 2.9 EV LG화학 KRW 180,500 1.1 3.4 (1.9) (21.5) (36.4) (32.4) (0.3) 16,690 12.6 9.7 1.1 1.0 5.3 4.7 삼성SDI KRW 116,000 0.4 0.9 (7.6) (0.9) (30.7) (23.9) 0.0 6,553 47.6 20.1 0.8 0.7 14.5 9.6 Panasonic JPY 1385.5 0.0 (2.8) (5.3) 14.2 14.1 3.6 (2.9) 31,544 17.7 15.3 1.8 1.6 5.5 5.1 GS Yuasa JPY 503.0 0.0 (3.6) (2.7) (8.9) (27.0) (15.2) (2.3) 2,357 12.5 10.7 1.4 1.3 7.4 6.6 NEC JPY 343.0 0.0 (2.6) (9.5) (0.9) (3.7) 27.0 (2.8) 6,759 17.5 12.6 1.2 1.1 6.7 6.2 BYD Auto CNY 39.5 2.7 (1.9) (6.6) (20.2) (15.8) 6.7 3.5 13,378 93.6 41.7 3.8 3.5 19.0 14.8 Tesla Motors USD 202.2 (2.2) (3.8) (2.3) (14.6) (7.3) 38.8 (9.1) 17,864 337.0 69.0 26.3 21.5 79.8 32.8 Kandi Technologies USD 12.9 (1.5) 05 0.5 34 3.4 64 6.4 (12.6) 11 1.1 (8.1) 471 #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 (1.2) (4.1) (5.8) (14.9) 0.7 (2.8) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임