1. News Summary (3 page) 2014 년 12 월 11 일 News Conclusion WTI comment 2015년원유수요감소전망에유가재차하락 Headline 한화케미칼, 갤러리아지분 30% 매각추진 삼성화학계열사인수위해서는분명추가자금필요, 차후추이주목필요 News 1. [ 주간가격 ] 미국반덤핑우려로태양광제품가격하락지속 중국 DG 수요약세연중이슈되면서전체적인태양광시황약세지속중 News 2. 유럽 PP 가격 19개월래최저치까지하락 당분간원재료하락 / 수요약세감안시 PP 가격약세지속될것임 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 61.0 (4.4) (9.5) (21.2) (34.3) (38.0) Ethylene 12/08 $/t 1,140 (3.8) (11.6) (23.5) (19.4) Dubai $/bbl 63.8 0.9 (4.9) (20.4) (33.5) (40.1) Propylene 12/08 $/t 930 (13.9) (19.8) (27.2) (31.1) Gasoline $/bbl 74.9 0.3 (6.9) (20.3) (32.3) (36.5) Benzene 12/08 $/t 870 (9.4) (17.7) (31.8) (35.8) Diesel $/bbl 80.1 0.6 (5.3) (18.1) (28.2) (35.9) Toluene 12/08 $/t (1.8) (15.8) (31.9) (34.2) Complex margin $/bbl 7.8 (0.2) (1.5) (0.5) (0.3) 1.0 Xylene 12/08 $/t 780 (6.0) (17.0) (30.8) (35.8) $/bbl (7.6) 1.3 (2.3) (7.9) (9.6) (17.9) PP 12/08 $/t 1,300 (4.1) (10.7) (14.5) (15.0) Petrochemical % % % % % PVC 12/08 $/t 880 (2.2) (8.8) (15.4) (13.3) Naphtha $/t 544 (0.0) (12.5) (20.4) (38.0) (43.5) ABS 12/08 $/t 1,740 (0.9) (6.2) (10.8) (7.4) Butadiene $/t 985 (0.5) (1.5) (6.2) (32.5) (35.0) SBR 12/08 $/t 1,715 (2.8) (5.5) (17.5) (13.2) HDPE $/t 1,290 0.0 (5.5) (12.5) (18.1) (16.8) SM 12/08 $/t 1,065 (12.9) (23.1) (31.3) (37.2) MEG $/t 819 2.0 (4.1) (4.3) (12.5) (22.8) BPA 12/08 $/t 2,028 0.6 (2.9) (13.8) (9.0) PX $/t 870 1.5 (6.3) (14.9) (28.7) (38.2) Caustic 12/08 $/t 288 (4.2) (7.3) (5.7) (14.2) SM $/t 906 (4.4) (13.1) (28.5) (37.8) (45.5) 2-EH 12/08 $/t 1,215 (4.0) (10.3) (14.4) (13.8) Commodity % % % % % Caprolactam 12/08 $/t 2,050 0.0 (2.1) (9.9) (12.4) Natural Gas $/mmbtu 3.72 1.8 (2.3) (13.2) (10.4) (16.6) Solar % % % % Natural rubber $/t 1,410 (1.4) (3.4) (8.4) (5.4) (38.7) Polysilicon 12/10 $/kg 20.2 (1.3) (2.8) (1.8) 11.9 Cotton C/lbs 59.6 (0.5) (0.1) (1.3) (10.2) (23.3) Module 12/10 $/W 0.62 (0.2) (0.2) 1.3 (10.9) * 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 88.7 (3.0) (6.6) (7.9) (8.4) (7.4) BASF EUR 71.9 (1.9) (2.9) 2.2 (7.6) (4.2) Shell EUR 2,035 (2.4) (6.6) (8.9) (16.0) (2.1) Dow Chemical USD 46.3 (3.8) (6.2) (6.3) (13.2) 10.9 Petrochina CNY 9.50 0.0 13.5 20.9 18.3 17.3 SABIC SAR 81.4 (5.8) (10.5) (22.9) (39.7) (26.3) Gazprom RUB 136.1 0.6 (6.9) (6.3) (2.2) (1.1) Formosa Pla. TWD 68.8 (1.4) (2.7) (1.7) (9.2) (12.9) Petrobras BRL 10.8 (4.7) (14.9) (22.5) (48.3) (37.4) Shin-Etsu JPY 8,105 (4.0) (0.1) 9.3 19.8 37.1 Refinery Renewable Phillips66 USD 67.1 (2.5) (10.3) (9.9) (21.2) (6.3) Wacker EUR 92.1 (0.1) (1.8) (4.6) 0.9 20.8 Valero USD 46.7 (4.0) (9.8) (7.8) (8.5) 0.4 Yingli USD 2.39 (4.4) (6.3) (14.0) (36.6) (46.7) JX JPY 444.1 (0.5) 0.4 (2.9) (15.9) (16.7) Tesla USD 209.8 (3.3) (8.5) (13.3) (25.4) 47.6 Neste Oil EUR 19.4 1.1 (3.5) 6.5 26.3 42.1 BYD CNY 40.3 1.5 (6.7) (13.5) (25.0) 5.9 4. Coverage Summary 12/10 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 1,946 (1.3) (1.2) (0.6) (4.4) (3.3) (2.7) * 추정치는 12M fwd 기준임 KOSPI화학 3,702 (2.4) (3.5) (0.1) (8.0) (8.1) (9.9) * 모든 coverage 업체의실적은연결기준임 LG화학 188,500 (4.8) (3.8) (2.1) (28.2) (31.1) (36.3) 매수 310,000 64.5 8.19 1.07 롯데케미칼 159,500 (11.1) (7.5) 1.3 (5.1) (9.4) (31.5) 매수 200,000 25.4 10.29 0.77 한화케미칼 12,650 (3.4) 2.8 8.1 (19.4) (32.7) (37.2) 매수 20,000 58.1 6.49 0.40 금호석유화학 77,900 (1.6) (0.9) 1.4 0.5 (6.5) (22.1) 매수 100,000 28.4 9.92 1.59 OCI 82,100 (2.3) (3.3) (7.2) (44.0) (51.1) (51.7) 매수 200,000 143.6 9.74 0.75 SKC 25,150 (2.5) (2.5) 1.4 (25.5) (20.8) (17.8) 매수 40,000 59.0 7.52 0.74 국도화학 42,400 (1.5) (1.7) 1.2 (16.4) (28.9) (17.2) 매수 65,000 53.3 8.35 0.60 SK이노베이션 81,700 (3.1) (3.0) (5.0) (10.2) (21.4) (42.3) 매수 100,000 22.4 8.61 0.53 S-Oil 43, (3.6) 3.3 9.0 (2.7) (21.9) (40.8) 매수 55,000 25.6 11.03 0.95 GS 40,150 (1.7) (2.4) (0.1) (3.3) (6.4) (27.8) 매수 50,000 24.5 6.74 0.64 SK가스 10 (3.3) (3.8) (19.8) (18.2) 7.4 40.3 매수 180,000 78.2 8.51 0.70 대우인터내셔널 30, (0.3) 0.0 (11.4) (14.4) (9.0) (19.4) 매수 45,000 46.1 7.93 1.24 LG상사 28,600 (3.1) (5.6) 12.4 4.6 1.2 1.8 매수 35,000 22.4 9.81 0.76 SK 네트웍스 8,570 (2.7) (8.2) (19.9) (8.8) (14.3) 14.1 매수 13,000 51.7 8.64 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 3,900 1,900 90 3,700 3,500 1, 80 70 3,300 13/02 13/05 13/08 13/11 14/02 14/06 14/09 1,700 14/12 60 12/12 13/04 13/08 13/12 14/04 14/08 Complex & margin ($/bbl) 시차조정복합 20 복합정제마진 Polysilicon & Module prices ($/kg) PolySilicon 23 Silicon Module ($/W) 0.75 15 10 21 0.70 5 19 0-5 17 0.65-10 12/12 13/04 13/08 13/12 14/04 14/08 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1,600 1,400 600 15 12/12 13/05 13/11 14/04 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 1,550 1,500 1,450 1,400 1,350 650 600 550 500 450 400 1,100 900 200 100 0 1,300 350-100 PVC price & naphtha spread PX price & naphtha spread 1,100 PVC 200 1, PX 1,050 150 1,600 700 600 100 1,400 500 950 50 400 900 0 300 200 850-50 100 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK증권참고 : 상기데이터는일괄적으로과거 2년치적용
News Comment Headline ( 출처 : 각종언론 ) WTI Comment ( 출처 : 연합뉴스 ) 제목한화케미칼, 갤러리아지분 30% 매각추진제목 2015 년원유수요감소전망에유가재차하락 결론삼성화학계열사인수위해서는분명추가자금필요, 차후추이주목필요상승 요인 1) JP모간을매각주관사로선정했다는소식, 갤러리아지분 30% 매각추진 2) 한화케미칼의기존지분율은 100%, 이번처분으로약 억원확보가능 3) 한화그룹은삼성화학계열사 1.9조원에인수, 현재조달자금필요한상황 하락 OPEC, 2015년세계원유수요 12년래최저치수준으로전망 4) 일각에서는 PEF가인수한후향후 IPO를통해자금회수가능하다고보도 요인 미국전주원유재고 145만bbl 증대, 예측치 220만bbl 하락대비크게상회 5) 삼성화학계열사인수위해서는분명추가자금필요, 차후추이주목필요 사우디석유장관, " 왜우리가감산을해야하는가." Issue 1 ( 출처 : PVinsights) Issue 2 ( 출처 : Platts) 제목 [ 주간가격 ] 미국반덤핑우려로태양광제품가격하락지속제목유럽 PP 가격 19 개월래최저치까지하락 결론중국 DG 수요약세연중이슈되면서전체적인태양광시황약세지속중결론당분간원재료하락 / 수요약세감안시 PP 가격약세지속될것임 1) 폴리실리콘 $20.21/kg(WoW -1.32%), 모듈 $0.62/w(WoW -0.16%) 1) 아시아와함께유럽 / 북미 PP가격도동반급락세 2) 모듈 : 미국과유럽연휴로수요약세, 또한재고처분단계에있음 2) 원인은수출기회가확보되지않기때문, 수요는 'dries-up' 상황임 3) 폴리 : 연말앞두고재고처분위해가격하락공세지속중임 3) 터키의 PP 가격은 29개월래최저수준까지도떨어져있음 4) 중국 2015년 1월로보조금연장시키며수요증진중이지만여전히미미함 4) 12월상황에대해서도 " 기대하지않음. 예전보다이른시점에서연말휴무." 5) 중국 DG 수요약세연중이슈되면서전체적인태양광시황약세지속중 5) 당분간원재료하락 / 수요약세감안시 PP 가격약세지속될것임 Issue 3 Issue 4 제목 결론 제목 결론 1) 1) 2) 2) 3) 3) 4) 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 2012avg. 2013avg. 2014acc. F/X USD/EUR 0.803 0.808 0.812 0.805 0.774 0.738 0.727 0.727 0.778 0.753 0.750 Change, % (0.6) (1.1) (0.2) 3.8 8.8 10.6 10.5 (1.7) (3.9) (0.0) USD/JPY 117.8 119.7 119.8 114.9 106.9 102.4 102.9 105.3 79.8 97.7 105.1 Change, % (1.6) (1.6) 2.6 10.3 15.1 14.6 11.9 12.8 21.5 (0.0) USD/KRW 1,102.4 1,107.8 1,112.8 1,085.0 1,034.9 1,017.2 1,052.2 1,055.9 1,126.5 1,094.6 1,050.3 Change, % (0.5) (0.9) 1.6 6.5 8.4 4.8 4.4 (7.6) 50.3 (0.0) Agriculture Corn 382.5 383.0 368.8 369.3 338.8 445.5 427.5 422.0 694.3 579.2 416.1 Change, % (0.1) 3.7 3.6 12.9 (14.1) (10.5) (9.4) 8.0 (39.6) 0.0 Soybean 1,032.0 1,049.3 998.3 1,027.5 1,071.0 1,462.5 1,338.3 1,312.5 1,463.8 1,407.0 1,257.5 Change, % (1.6) 3.4 0.4 (3.6) (29.4) (22.9) (21.4) 18.4 (7.5) 0.1 Wheat 593.3 600.5 597.0 517.3 518.8 601.3 629.5 605.3 750.5 684.3 586.0 Change, % (1.2) (0.6) 14.7 14.4 (1.3) (5.8) (2.0) 19.2 (22.2) 0.0 Rice 12.3 12.3 12.1 11.7 12.2 14.0 15.6 15.5 14.9 15.5 14.1 Change, % (0.2) 1.0 4.6 0.3 (12.6) (21.2) (21.0) 1.7 4.4 0.1 Oats 304.5 301.0 295.3 336.0 386.8 347.5 376.0 354.3 346.8 367.5 376.9 Change, % 1.2 3.1 (9.4) (21.3) (12.4) (19.0) (14.0) 12.3 1.9 0.0 MYR/mt Palm Oil 2,140.0 2,107.0 2,160.0 2,205.0 2,049.0 2,386.0 2,608.0 2,628.0 2,903.2 2,405.0 2,427.7 Change, % 1.6 (0.9) (2.9) 4.4 (10.3) (17.9) (18.6) (26.9) 13.3 0.1 Cocoa 2,975.0 2,986.0 2,889.0 2,895.0 3,058.0 3,087.0 2,783.0 2,709.0 2,345.5 2,403.9 3,010.8 Change, % (0.4) 3.0 2.8 (2.7) (3.6) 6.9 9.8 6.0 21.2 (0.0) Cotton 59.6 59.9 61.0 62.4 70.1 86.3 80.7 84.6 79.8 83.3 77.2 Change, % (0.5) (2.4) (4.6) (15.1) (31.0) (26.2) (29.6) (18.1) 12.6 0.1 Sugar 15.5 15.4 15.1 15.7 14.5 17.0 16.6 16.4 21.6 17.5 16.4 Change, % 0.3 2.5 (1.2) 6.5 (8.8) (6.9) (5.7) (16.3) (15.9) 0.0 Coffee 177.6 179.5 182.6 181.4 177.0 165.7 109.7 110.7 174.8 126.0 177.4 Change, % (1.1) (2.7) (2.1) 0.3 7.2 61.9 60.4 (36.6) (23.0) (0.1) Energy WTI 61.2 63.8 67.4 77.4 91.7 104.4 98.5 98.4 94.2 98.0 95.1 Change, % (4.1) (9.2) (20.9) (33.2) (41.4) (37.9) (37.8) (7.1) 7.2 0.1 Brent 64.5 66.8 69.9 82.3 98.0 109.5 109.4 110.8 111.7 108.7 101.8 Change, % (3.5) (7.7) (21.7) (34.2) (41.1) (41.0) (41.8) 3.5 (0.3) 0.2 Natural Gas 3.7 3.7 3.8 4.3 4.0 4.5 4.2 4.2 2.8 3.7 4.3 Change, % 1.8 (2.3) (12.6) (6.0) (17.9) (12.3) (12.1) 12.1 26.2 0.0 Ethanol 1.7 1.7 2.3 1.9 1.9 2.1 2.0 1.9 2.3 2.3 2.1 Change, % (1.6) (25.5) (12.4) (10.7) (21.5) (16.0) (11.9) (0.6) (12.7) 0.0 RBOB Gasoline 164.6 172.4 180.7 210.1 252.7 297.5 268.3 278.6 292.3 285.0 268.9 Change, % (4.5) (8.9) (21.6) (34.8) (44.6) (38.6) (40.9) 4.7 (0.9) 0.2 Coal 52.7 52.8 52.9 52.1 56.4 59.7 57.8 57.4 58.0 56.1 58.0 Change, % (0.2) (0.5) 1.2 (6.5) (11.7) (8.8) (8.3) (16.8) (1.0) 0.0 Metal Gold 1,226.7 1,230.9 1,209.4 1,151.4 1,249.8 1,259.9 1,262.2.9 1,669.3 1,410.4 1,270.7 Change, % (0.3) 1.4 6.5 (1.9) (2.6) (2.8) 2.1 7.1 (28.0) (0.0) Silver 17.1 17.1 16.4 15.6 19.0 19.2 20.4 19.4 31.2 23.8 19.3 Change, % (0.2) 3.9 9.3 (10.0) (11.1) (16.4) (11.8) 9.0 (35.8) 0.0 Platinum 1,241.0 1,247.0 1,226.2 1,197.8 1,382.1 1,481.1 1,389.7 1,364.5 1,552.2 1,485.7 1,395.0 Change, % (0.5) 1.2 3.6 (10.2) (16.2) (10.7) (9.1) 9.9 (11.2) 0.0 Palladium 814.9 808.9 796.9 762.7 851.9 854.6 737.6 716.4 644.7 725.9 803.2 Change, % 0.7 2.3 6.8 (4.3) (4.7) 10.5 13.7 7.5 1.7 (0.0) Copper 6,480.0 6,480.0 6,380.0 6,665.0 6,870.0 6,675.0 7,159.0 7,360.0 7,949.5 7,352.6 6,855.6 Change, % 0.0 1.6 (2.8) (5.7) (2.9) (9.5) (12.0) 4.4 (7.2) 0.0 Uranium 37.8 37.8 38.3 41.8 32.9 28.5 34.9 34.4 48.7 38.5 33.4 Change, % 0.0 (1.3) (9.6) 14.7 32.5 8.2 9.7 (16.7) (20.9) (0.0) HR Coil 616.0 616.0 626.0 632.0 657.0 668.0 676.0 675.0 655.1 630.4 655.9 Change, % 0.0 (1.6) (2.5) (6.2) (7.8) (8.9) (8.7) (9.7) 3.1 0.0 Scrap 353.7 398.0 398.0 353.7 401.0 398.0 436.4 425.0 380.6 396.9 401.3 Change, % (11.1) (11.1) (0.0) (11.8) (11.1) (18.9) (16.8) 12.7 (1.2) 0.1 Zinc 2,220.0 2,220.0 2,215.0 2,243.5 2,308.0 2,132.0 1,950.0 2,055.0 1,964.7 1,940.3 2,165.2 Change, % 0.0 0.2 (1.0) (3.8) 4.1 13.8 8.0 12.7 (1.2) (0.0) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용
Refining Price Data Daily Price 12/10 1D 1W 1M 3M 6M 12M YTD 2012avg. 2013avg. 2014acc. Crude Oil WTI 61.0 63.8 67.4 77.4 92.9 106.8 98.5 95.5 94.1 97.9 95.2 Change, % (4.4) (9.5) (21.2) (34.3) (42.8) (38.0) (36.1) (35.1) (37.7) (35.9) Dubai 63.8 63.2 67.1 80.1 95.8 109.5 106.5 107.8 108.9 105.3 99.0 Change, % 0.9 (4.9) (20.4) (33.5) (41.8) (40.1) (40.8) (41.4) (39.5) (35.6) Crude Oil Gasoline( 휘발유 ) 74.9 74.6 80.5 94.0 110.7 123.6 117.8 122.3 123.3 119.1 113.4 Product Change, % 0.3 (6.9) (20.3) (32.3) (39.4) (36.5) (38.8) (39.3) (37.2) (34.0) Kerosene( 등유 ) 81.7 81.6 86.8 100.1 112.0 122.5 126.2 126.1 126.7 123.0 114.7 Change, % 0.1 (5.8) (18.3) (27.0) (33.3) (35.2) (35.2) (35.5) (33.5) (28.7) Diesel( 경유 ) 80.1 79.7 84.7 97.8 111.6 123.1 124.9 125.3 128.0 123.4 114.9 Change, % 0.6 (5.3) (18.1) (28.2) (34.9) (35.9) (36.0) (37.4) (35.1) (30.3) Bunker-C 58.9 58.5 62.5 72.4 89.4 96.0 93.7 95.2 103.3 95.2 88.3 Change, % 0.7 (5.8) (18.7) (34.2) (38.7) (37.1) (38.1) (43.0) (38.2) (33.3) Naphtha 57.6 57.7 64.9 73.2 94.0 107.7 105.6 108.3 103.4 101.1 96.8 Change, % (0.2) (11.2) (21.2) (38.7) (46.5) (45.4) (46.8) (44.3) (43.0) (40.4) Dubai Gasoline( 휘발유 ) 11.1 11.4 13.4 13.9 14.8 14.1 11.3 14.5 14.4 13.8 14.4 Spread Change (0.3) (2.3) (2.8) (3.7) (3.0) (0.2) (3.3) (3.3) (2.7) (3.3) Kerosene( 등유 ) 18.0 18.4 19.7 20.0 16.2 13.0 19.7 18.3 17.8 17.6 15.7 Change (0.5) (1.7) (2.0) 1.8 5.0 (1.7) (0.4) 0.2 0.4 2.3 Diesel( 경유 ) 16.4 16.5 17.6 17.7 15.8 13.6 18.4 17.5 19.1 18.0 15.9 Change (0.1) (1.2) (1.3) 0.6 2.8 (2.0) (1.1) (2.8) (1.7) 0.4 Bunker-C (4.9) (4.7) (4.6) (7.7) (6.4) (13.5) (12.9) (12.6) (5.6) (10.1) (10.7) Change (0.1) (0.3) 2.8 1.5 8.6 8.0 7.7 0.7 5.2 5.8 Naphtha (6.1) (5.5) (2.2) (6.9) (1.9) (1.8) (1.0) 0.5 (5.4) (4.2) (2.2) Change (0.7) (4.0) 0.8 (4.3) (4.3) (5.2) (6.7) (0.7) (1.9) (3.9) Refining Simple( 단순 ) 2.9 3.2 3.9 2.0 1.8 (2.8) (0.9) (0.7) 2.6 0.3 (0.3) Margin Change (0.2) (1.0) 0.9 1.2 5.7 3.8 3.6 0.4 2.7 3.3 Complex( 복합 ) 7.8 8.0 9.2 8.2 8.1 5.2 6.8 7.4 9.1 7.6 7.0 Change (0.2) (1.5) (0.5) (0.3) 2.6 1.0 0.4 (1.3) 0.1 0.8 Complex(lagging) (7.6) (8.9) (5.4) 0.3 1.9 8.9 10.3 6.2 9.1 7.7 3.9 Change 1.3 (2.3) (7.9) (9.6) (16.5) (17.9) (13.9) (16.7) (15.3) (11.6) 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 12/10 12/09 12/08 12/05 12/04 12/03 12/02 12/01 11/28 11/27 Spot Price Naphtha CFR Japan 543.5 543.8 562.0 584.8 597.5 621.3 621.3 598.8 623.3 651.5 Ethylene CFR SE Asia 1,100.0 1,120.0 1,130.0 1,130.0 1,140.0 1,140.0 1,160.0 1,160.0 1,160.0 1,215.0 Propylene FOB Korea 790.0 815.0 850.0 850.0 875.0 885.0 940.0 945.0 970.0 1,005.0 Butadiene FOB Korea 985.0 990.0.0.0.0.0 1,005.0 1,005.0 1,005.0 1,015.0 HDPE CFR FE Asia 1,290.0 1,290.0 1,300.0 1,360.0 1,360.0 1,365.0 1,360.0 1,370.0 1,375.0 1,375.0 LDPE CFR FE Asia 1,300.0 1,320.0 1,330.0 1,345.0 1,345.0 1,350.0 1,375.0 1,385.0 1,390.0 1,390.0 LLDPE CFR FE Asia 1,280.0 1,300.0 1,320.0 1,330.0 1,330.0 1,330.0 1,365.0 1,375.0 1,380.0 1,380.0 MEG CFR China 819.0 803.0 817.0 831.0 852.0 854.0 823.0 797.0 826.0 872.0 PP CFR FE Asia 1,195.0 1,220.0 1,240.0 1,250.0 1,270.0 1,270.0 1,275.0 1,275.0 1,300.0 1,330.0 PX CFR China 870.0 857.0 896.0 928.0 951.0 928.0 918.0 907.0 946.0 999.0 PTA CFR China 685.0 682.0 709.0 721.0 727.0 727.0 727.0 718.0 735.0 755.0 Benzene FOB Korea 775.0 788.0 858.0 877.0 882.0 879.0 878.0 857.0 913.0 972.0 Toluene FOB Korea 674.0 684.0 716.0 734.0 739.0 739.0 743.0 743.0 767.5 814.5 Xylene FOB Korea 673.0 673.0 707.0 753.0 760.0 730.0 722.0 731.0 759.0 820.0 SM FOB Korea 906.0 948.0 1,023.0 1,041.0 1,033.0 1,042.0 1,033.0 1,022.0 1,133.5 1,188.5 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2012avg. 2013avg. 2014acc. Spot Price Naphtha CFR Japan 587.0 621.0 684.0 879.0 923.5 973.5 961.0 944.5 923.0 883.5 Change, % (5.5) (14.2) (33.2) (36.4) (39.7) (38.9) (37.9) (36.4) (33.6) Ethylene CFR SE Asia 1,140.0 1,185.0 1,290.0 1,490.0 1,480.0 1,415.0 1,452.5 1,228.4 1,353.8 1,422.8 Change, % (3.8) (11.6) (23.5) (23.0) (19.4) (21.5) (7.2) (15.8) (19.9) Propylene CFR SE Asia 930.0 1,080.0 1,160.0 1,277.5 1,310.0 1,350.0 1,380.0 1,267.4 1,326.5 1,323.8 Change, % (13.9) (19.8) (27.2) (29.0) (31.1) (32.6) (26.6) (29.9) (29.7) Butadiene CFR SE Asia 955.0 955.0 1,025.0 1,475.0 1,420.0 1,530.0 1,435.0 2,418.0 1,441.1 1,301.6 Change, % 0.0 (6.8) (35.3) (32.7) (37.6) (33.4) (60.5) (33.7) (26.6) Benzene CFR SE Asia 870.0 960.0 1,057.5 1,275.0 1,335.0 1,355.0 1,367.5 1,227.5 1,327.9 1,266.4 Change, % (9.4) (17.7) (31.8) (34.8) (35.8) (36.4) (29.1) (34.5) (31.3) Toluene CFR SE Asia.0 815.0 950.0 1,175.0 1,195.0 1,215.0 1,215.0 1,214.6 1,203.7 1,101.3 Change, % (1.8) (15.8) (31.9) (33.1) (34.2) (34.2) (34.1) (33.5) (27.4) Xylene CFR SE Asia 780.0 830.0 940.0 1,127.5 1,140.0 1,215.0 1,210.0 1,198.8 1,201.1 1,072.2 Change, % (6.0) (17.0) (30.8) (31.6) (35.8) (35.5) (34.9) (35.1) (27.3) Spread Ethylene -Naphtha 553.0 564.0 606.0 611.0 556.5 441.5 491.5 283.9 430.8 539.3 Change, % (2.0) (8.7) (9.5) (0.6) 25.3 12.5 94.8 28.4 2.5 Propylene -Naphtha 343.0 459.0 476.0 398.5 386.5 376.5 419.0 322.9 403.5 440.3 Change, % (25.3) (27.9) (13.9) (11.3) (8.9) (18.1) 6.2 (15.0) (22.1) Butadiene -Naphtha 368.0 334.0 341.0 596.0 496.5 556.5 474.0 1,473.5 518.1 418.1 Change, % 10.2 7.9 (38.3) (25.9) (33.9) (22.4) (75.0) (29.0) (12.0) Benzene -Naphtha 283.0 339.0 373.5 396.0 411.5 381.5 406.5 283.0 404.9 382.9 Change, % (16.5) (24.2) (28.5) (31.2) (25.8) (30.4) 0.0 (30.1) (26.1) Toluene -Naphtha 213.0 194.0 266.0 296.0 271.5 241.5 254.0 270.1 280.7 217.8 Change, % 9.8 (19.9) (28.0) (21.5) (11.8) (16.1) (21.1) (24.1) (2.2) Xylene -Naphtha 193.0 209.0 256.0 248.5 216.5 241.5 249.0 254.3 278.1 188.7 Change, % (7.7) (24.6) (22.3) (10.9) (20.1) (22.5) (24.1) (30.6) 2.3 자료 : Cischem, Platts, Bloomberg, SK증권참고 : Spread는 Polymer와 Naphtha의가격차이임
Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2012avg. 2013avg. 2014acc. Spot Price HDPE CFR SE Asia 1,380.0 1,390.0 1,520.0 1,585.0 1,595.0 1,500.0 1,520.0 1,350.4 1,467.0 1,537.3 Change, % (0.7) (9.2) (12.9) (13.5) (8.0) (9.2) 2.2 (5.9) (10.2) MEG CFR SE Asia 835.0 827.5 837.5 972.5 1,010.0 1,062.5 1,032.5 1,027.6 1,053.2 939.9 Change, % 0.9 (0.3) (14.1) (17.3) (21.4) (19.1) (18.7) (20.7) (11.2) PVC CFR SE Asia 880.0 900.0 965.0 1,040.0 1,050.0 1,015.0 1,005.0 985.6 1,014.5 1,023.1 Change, % (2.2) (8.8) (15.4) (16.2) (13.3) (12.4) (10.7) (13.3) (14.0) PP CFR SE Asia 1,300.0 1,355.0 1,455.0 1,520.0 1,545.0 1,530.0 1,535.0 1,406.6 1,487.7 1,519.0 Change, % (4.1) (10.7) (14.5) (15.9) (15.0) (15.3) (7.6) (12.6) (14.4) 2-EH CFR Korea 1,215.0 1,265.0 1,355.0 1,420.0 1,460.0 1,410.0 1,420.0 1,606.4 1,470.2 1,409.0 Change, % (4.0) (10.3) (14.4) (16.8) (13.8) (14.4) (24.4) (17.4) (13.8) ABS CFR SE Asia 1,740.0 1,755.0 1,855.0 1,950.0 1,955.0 1,880.0 1,905.0 1,994.5 1,949.9 1,910.8 Change, % (0.9) (6.2) (10.8) (11.0) (7.4) (8.7) (12.8) (10.8) (8.9) SBR CFR SE Asia 1,715.0 1,765.0 1,815.0 2,080.0 2,040.0 1,975.0 1,920.0 1,994.4 1,892.3 Change, % (2.8) (5.5) (17.5) (15.9) (13.2) (10.7) (14.0) (9.4) SM CFR SE Asia 1,065.0 1,222.5 1,385.0 1,550.0 1,625.0 1,695.0 1,725.0 1,481.8 1,737.4 1,574.3 Change, % (12.9) (23.1) (31.3) (34.5) (37.2) (38.3) (28.1) (38.7) (32.4) Caustic FOB NEA 287.5 300.0 310.0 305.0 302.5 335.0 335.0 439.9 323.6 311.8 Change, % (4.2) (7.3) (5.7) (5.0) (14.2) (14.2) (34.6) (11.2) (7.8) PX CFR SE Asia 945.0 962.5 1,002.5 1,277.5 1,432.5 1,425.0 1,432.5 1,513.6 1,497.3 1,246.2 Change, % (1.8) (5.7) (26.0) (34.0) (33.7) (34.0) (37.6) (36.9) (24.2) PO CFR China 2,027.5 2,015.0 2,087.5 2,352.5 2,210.0 2,227.5 2,450.0 1,915.1 2,030.2 2,200.7 Change, % 0.6 (2.9) (13.8) (8.3) (9.0) (17.2) 5.9 (0.1) (7.9) Caprolactam CFR SE Asia 2,050.0 2,050.0 2,095.0 2,275.0 2,290.0 2,340.0 2,360.0 2,509.7 2,393.9 2,243.9 Change, % 0.0 (2.1) (9.9) (10.5) (12.4) (13.1) (18.3) (14.4) (8.6) PTA CFR SE Asia 742.5 760.0 775.0 982.5 1,037.5.0 1,005.0 1,103.1 1,077.4 921.6 Change, % (2.3) (4.2) (24.4) (28.4) (25.8) (26.1) (32.7) (31.1) (19.4) Spread HDPE 793.0 769.0 836.0 706.0 671.5 526.5 559.0 405.8 544.0 653.9 Change, % 3.1 (5.1) 12.3 18.1 50.6 41.9 95.4 45.8 21.3 MEG 248.0 206.5 153.5 93.5 86.5 89.0 71.5 83.0 130.3 56.4 Change, % 20.1 61.6 165.2 186.7 178.7 246.9 198.7 90.3 339.7 PVC 293.0 279.0 281.0 161.0 126.5 41.5 44.0 41.1 91.5 139.6 Change, % 5.0 4.3 82.0 131.6 606.0 565.9 612.6 220.1 109.9 PP 713.0 734.0 771.0 641.0 621.5 556.5 574.0 462.1 564.8 635.5 Change, % (2.9) (7.5) 11.2 14.7 28.1 24.2 54.3 26.2 12.2 2-EH 628.0 644.0 671.0 541.0 536.5 436.5 459.0 661.9 547.2 525.5 Change, % (2.5) (6.4) 16.1 17.1 43.9 36.8 (5.1) 14.8 19.5 ABS 1,153.0 1,134.0 1,171.0 1,071.0 1,031.5 906.5 944.0 1,050.0 1,026.9 1,027.3 Change, % 1.7 (1.5) 7.7 11.8 27.2 22.1 9.8 12.3 12.2 SBR BD spread 760.0 810.0 790.0 605.0 620.0 445.0 485.0 553.3 590.7 Change, % (6.2) (3.8) 25.6 22.6 70.8 56.7 37.4 28.7 SM 478.0 601.5 701.0 671.0 701.5 721.5 764.0 537.2 814.4 690.8 Change, % (20.5) (31.8) (28.8) (31.9) (33.7) (37.4) (11.0) (41.3) (30.8) Caustic Change, % PX 358.0 341.5 318.5 398.5 509.0 451.5 471.5 569.1 574.4 362.7 Change, % 4.8 12.4 (10.2) (29.7) (20.7) (24.1) (37.1) (37.7) (1.3) PO propylene sprea 1,097.5 935.0 927.5 1,075.0 900.0 877.5 1,070.0 647.8 703.7 876.8 Change, % 17.4 18.3 2.1 21.9 25.1 2.6 69.4 56.0 25.2 Caprolactam benzene spread 1,180.0 1,090.0 1,037.5.0 955.0 985.0 992.5 1,282.2 1,066.0 977.4 Change, % 8.3 13.7 18.0 23.6 19.8 18.9 (8.0) 10.7 20.7 PTA px spread 81.0 86.3 73.3 88.3 34.8 2.5 2.3 43.6 29.2 49.2 Change, % (6.1) 10.6 (8.2) 133.1 3,140.0 3,500.0 85.7 177.2 64.6 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용
Global peers Currency 12/10 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 46.3 (3.8) (6.2) (6.3) (13.2) (12.8) 10.9 4.4 54,615 15.7 13.8 2.1 2.1 8.1 7.9 Du Pont USD 71.2 (1.3) (1.4) 0.7 9.2 2.5 15.9 9.6 64,531 17.8 15.9 4.1 3.7 10.6 10.1 Eastman USD 75.9 (4.5) (10.1) (9.5) (9.2) (15.7) 0.7 (6.0) 11,267 10.9 9.9 2.6 2.4 7.6 6.7 BASF EUR 71.9 (1.9) (2.9) 2.2 (7.6) (16.3) (4.2) (7.2) 82,047 13.0 12.3 2.3 2.2 7.8 7.5 Akzo Nobel EUR 55.5 (0.2) (2.3) 2.9 3.2 1.7 3.1 (1.4) 16,941 17.8 15.0 2.4 2.3 9.2 8.1 Arkema EUR 54.6 (1.2) (3.4) 12.4 (1.1) (25.8) (28.5) (33.3) 4,940 14.4 11.8 1.4 1.4 6.5 5.4 Lanxess EUR 38.1 (0.6) (6.0) (1.7) (20.6) (25.3) (15.5) (21.4) 4,335 18.3 15.8 1.5 1.5 6.2 5.8 Sumitomo Chemical JPY 502 (2.3) 4.4 27.4 29.0 33.9 18.1 21.8 7,013 17.3 11.3 1.2 1.1 9.3 8.4 Mitsubishi Chemical JPY 616 (4.5) (2.1) 9.0 14.5 46.4 28.1 26.8 7,835 16.9 13.5 1.0 0.9 7.6 6.4 Shin-Etsu Chemical JPY 8,105 (4.0) (0.1) 9.3 19.8 33.8 37.1 32.0 29,555 26.5 24.0 1.9 1.8 10.1 9.2 Asahi Kasei JPY 1,076 (3.1) 2.0 13.3 23.8 42.3 33.8 30.9 12,730 15.0 14.2 1.5 1.4 6.9 6.6 JSR JPY 2,131 (3.7) 0.0 4.4 12.3 23.2 14.4 4.7 4,280 17.7 15.8 1.4 1.3 7.1 6.3 Nitto Denko JPY 6,564 (2.5) 2.6 8.0 18.4 39.1 25.0 48.0 9,625 17.1 15.2 1.9 1.7 7.2 6.6 SABIC SAR 81.4 (5.8) (10.5) (22.9) (39.7) (30.6) (26.3) (28.2) 65,109 9.4 8.9 1.5 1.4 5.4 5.3 Yansab SAR 44.8 (6.6) (15.3) (25.4) (40.3) (35.5) (36.7) (40.0) 6,719 9.7 8.8 1.7 1.6 7.2 7.1 Formosa Plastics TWD 68.8 (1.4) (2.7) (1.7) (9.2) (10.6) (12.9) (14.5) 14,033 18.4 17.6 1.6 1.6 30.3 26.2 Formosa Fiber TWD 66.4 (0.4) (2.5) (5.8) (7.4) (8.8) (22.5) (21.0) 12,470 18.9 18.9 1.4 1.4 16.0 15.9 Nan Ya Plastics TWD 63.4 (1.6) (1.4) (0.6) (8.0) (8.5) (7.8) (8.0) 16,111 15.1 16.2 1.7 1.6 17.4 16.1 Sinopec Shanghai CNY 4.12 1.2 3.5 7.3 9.9 28.8 47.1 35.1 5,906 74.9 29.4 2.4 2.3 21.1 11.1 Sinopec Yizheng(FibeCNY 4.34 5.1 1.2 (3.1) 56.1 56.1 48.1 53.4 3,380 26.3 18.5 2.1 1.9 2.3 1.9 Reliance INR 933 (0.8) (3.7) (3.8) (8.2) (16.6) 5.4 4.9 48,527 11.7 10.7 1.3 1.2 9.2 8.0 Industries Qatar QAR 182.0 1.1 0.0 (7.6) (4.8) (0.9) 8.5 7.8 30,238 15.2 13.1 3.4 3.3 58.5 55.7 PTT Chemical THB 55.8 0.0 (10.4) (11.9) (11.5) (16.2) (29.2) (29.4) 7,650 10.0 9.6 1.3 1.2 5.7 5.4 Petronas MYR 5.3 2.3 (0.9) (11.5) (17.6) (22.7) (25.0) (24.1) 12,008 14.5 13.3 1.8 1.7 7.2 6.5 LG화학 KRW 188,500 (4.8) (3.8) (2.1) (28.2) (31.1) (35.4) (37.1) 11,308 13.6 10.5 1.1 1.1 5.4 4.6 롯데케미칼 KRW 159,500 (11.1) (7.5) 1.3 (3.0) (9.4) (32.1) (31.3) 4,949 18.0 11.8 0.8 0.8 7.3 5.6 한화케미칼 KRW 12,650 (3.4) 2.8 8.1 (19.2) (32.7) (35.8) (41.3) 1,854 22.3 13.1 0.5 0.5 11.1 8.9 금호석유 KRW 77,900 (1.6) (0.9) 1.4 0.0 (6.5) (23.3) (18.2) 2,149 31.3 15.7 1.7 1.6 12.5 9.7 SKC KRW 25,150 (2.5) (2.5) 1.4 (24.8) (20.8) (18.2) (17.7) 828 12.5 9.7 0.7 0.7 9.1 8.1 국도화학 KRW 42,400 (1.5) (1.7) 1.2 (17.0) (28.9) (16.4) (23.6) 223 11.5 7.7 0.7 0.6 6.0 5.0 효성 KRW 3,120 (0.3) 3.3 17.1 (11.2) (20.2) (49.7) (51.3) 2,124 8.7 7.8 0.8 0.8 9.1 8.4 Average (2.1) (2.5) 0.4 (3.4) (2.8) (4.0) (5.7) Refinery Valero USD 46.7 (4.0) (9.8) (7.8) (8.5) (12.5) 0.4 (7.4) 24,316 7.9 7.8 1.2 1.1 4.0 4.0 Conoco Phillips USD 63.5 (2.2) (10.3) (11.3) (19.6) (22.2) (9.6) (10.1) 78,212 11.2 14.6 1.4 1.4 4.3 4.9 Formosa PetrochemicTWD 67.5 (0.1) (1.5) (3.6) (8.8) (9.2) (16.7) (17.5) 20,602 24.8 22.7 2.7 2.6 15.9 14.2 Tesoro USD 74.4 (3.3) (3.2) 4.1 18.1 32.3 28.8 27.1 9,388 11.4 11.5 2.0 1.8 5.5 5.3 Marathon Petroleum USD 85.1 (4.2) (11.4) (9.6) (5.9) (0.7) (2.8) (7.3) 23,833 10.9 9.5 2.2 1.9 5.9 5.1 Devon Energy USD 54.5 (4.8) (10.6) (15.2) (22.9) (27.3) (10.4) (12.0) 22,284 10.4 11.2 0.9 0.9 4.8 5.0 Hollyfrontier USD 37.5 (1.8) (10.8) (14.2) (20.1) (17.7) (16.0) (21.3) 7,338 11.7 10.2 1.2 1.2 5.3 4.9 Phillips 66 USD 67.1 (2.5) (10.3) (9.9) (21.2) (19.0) (6.3) (13.0) 37,146 10.6 9.3 1.7 1.6 5.8 5.4 Murphy Oil USD 45.4 (3.0) (8.6) (15.6) (22.1) (28.2) (29.1) (30.0) 8,064 12.2 24.6 0.9 0.9 3.2 3.6 JX Holdings JPY 444.1 (0.5) 0.4 (2.9) (15.9) (17.8) (16.7) (17.9) 9,352 19.8 7.2 0.5 0.5 14.4 9.7 Cosmo Oil JPY 162.0 0.0 0.6 (0.6) (16.9) (23.6) (13.8) (19.4) 1,159 33.5 8.6 0.6 0.6 11.9 10.0 Idemitsu JPY 2,001.0 (0.3) (0.8) (4.5) (14.2) (5.2) (13.1) (16.4) 2,702 14.8 7.8 0.5 0.4 10.3 8.0 Tonengeneral JPY 1,042.0 (0.7) 1.7 6.5 8.1 6.1 6.8 8.0 4,970 11.6 21.6 1.2 1.2 33.8 14.8 Nesteoil EUR 19.4 1.1 (3.5) 6.5 26.3 28.3 42.1 35.2 6,192 17.4 13.7 1.7 1.6 9.6 7.8 Ashland USD 116.5 (1.4) (1.3) 4.3 9.0 10.2 24.4 20.0 8,058 19.5 15.7 2.3 2.3 8.8 8.4 Fuchs Petrolub EUR 34.3 (0.3) (0.3) 6.4 10.8 (1.7) (0.9) (3.5) 5,890 22.0 20.7 5.3 4.7 13.8 13.0 SK이노베이션 KRW 81,700 (3.1) (3.0) (5.0) (10.7) (21.4) (41.6) (42.3) 6,839 366.4 10.2 0.5 0.5 15.6 8.6 S-Oil KRW 43, (3.6) 3.3 9.0 (4.1) (21.9) (40.5) (40.8) 4,464 1,033.5 14.3 1.0 0.9 21.8 9.3 GS KRW 40,150 (1.7) (2.4) (0.1) (6.3) (6.4) (27.0) (29.9) 3,377 54.7 11.5 0.6 0.6 22.7 12.3 Average (1.9) (4.3) (3.3) (6.6) (8.3) (7.5) (10.4) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임
Global peers Currency 12/10 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 13 14E 13 14E 13 14E E&P/Shale Exxon Mobil USD 88.7 (3.0) (6.6) (7.9) (8.4) (12.6) (7.4) (12.4) 375,476 12.1 14.3 2.1 2.0 5.6 6.5 BP GBP 399.6 (1.6) (8.5) (9.1) (15.3) (21.2) (15.5) (18.1) 114,452 9.3 10.0 0.9 0.9 3.9 4.1 Shell EUR 2,035.0 (2.4) (6.6) (8.9) (16.0) (14.0) (2.1) (5.9) 205,443 8.7 10.1 1.1 1.0 3.8 4.3 Chevron USD 104.9 (2.0) (7.8) (11.1) (15.6) (16.3) (15.2) (16.1) 198,230 10.5 12.5 1.3 1.2 4.4 5.0 Total EUR 42.5 (1.6) (7.4) (9.7) (15.4) (18.1) 0.7 (4.5) 126,084 9.5 10.3 1.2 1.1 4.3 4.5 Sinopec CNY 5.88 (0.3) 3.5 11.8 4.4 15.1 21.2 31.3 107,219 10.2 10.3 1.1 1.0 5.5 5.2 Petrochina CNY 9.50 0.0 13.5 20.9 18.3 26.5 17.3 23.2 271,291 13.4 13.4 1.4 1.4 6.4 6.3 CNOOC CNY 19.17 3.1 5.9 5.3 (4.4) 14.5 (23.8) (14.1) 12,292 11.3 10.6 1.8 1.7 7.3 7.3 Gazprom RUB 136.1 0.6 (6.9) (6.3) (2.2) (6.0) (1.1) (1.9) 58,778 2.8 2.8 0.2 0.2 2.0 2.1 Rosneft RUB 213.5 0.1 (7.4) (11.0) (9.1) (12.1) (8.9) (15.1) 41,282 4.6 4.9 0.5 0.5 2.8 3.2 Anadarko USD 75.6 (3.5) (6.2) (18.1) (29.1) (27.2) (11.3) (4.7) 38,303 16.0 24.1 1.7 1.7 4.2 5.1 Petrobras BRL 10.8 (4.7) (14.9) (22.5) (48.3) (40.9) (37.4) (36.6) 52,046 6.3 5.1 0.4 0.4 5.3 4.5 Lukoil USD 42.1 (1.6) (13.2) (10.2) (27.2) (29.7) (31.1) (32.6) 35,826 3.9 4.0 0.4 0.3 N/A N/A Kinder USD 102.0 0.0 0.0 8.1 9.5 29.2 28.1 26.5 47,497 38.2 37.8 2.8 3.0 11.8 10.9 Statoil NOK 122.5 (0.8) (9.0) (20.2) (30.6) (33.2) (13.7) (16.7) 54,483 8.9 10.8 1.1 1.0 2.0 2.2 BHP AUD 29.4 1.8 (3.4) (15.3) (17.9) (19.0) (20.2) (22.6) 124,316 12.2 11.4 1.5 1.5 5.5 5.3 PTT E&P THB 122.0 0.0 (8.3) (16.7) (25.6) (21.5) (26.1) (26.7) 14,741 8.2 8.5 1.2 1.1 2.9 2.9 Petronas gas MYR 22.5 4.5 7.5 2.4 (2.3) (9.1) (0.2) (7.5) 12,707 25.9 24.6 4.1 3.9 14.4 13.7 Average 0 (0.6) (4.2) (6.6) (13.1) (10.9) (8.1) (8.6) PV WACKER EUR 92.1 (0.1) (1.8) (4.6) 0.9 2.8 20.8 14.6 5,969 29.7 28.3 2.0 1.9 6.0 6.1 GCL-Poly HKD 1.9 8.5 (7.2) (8.6) (36.0) (22.3) (13.9) (20.0) 3,837 13.1 9.5 1.6 1.4 8.0 7.0 REC NOK 101.7 0.2 (0.3) 8.9 7.4 (4.1) 34.7 21.1 567 12.2 9.6 2.1 1.7 7.7 6.1 SunEdison USD 19.2 (4.0) (9.6) 6.8 (8.5) (0.2) 47.6 47.3 5,208 N/A N/A N/A N/A N/A N/A Canadian Solar USD 23.1 (4.4) (0.5) (27.2) (40.9) (3.8) (18.7) (22.6) 1,267 5.7 4.8 1.6 1.1 4.7 3.9 JA Solar USD 8.8 (1.5) (0.6) 7.5 (13.6) (8.9) (0.6) (4.6) 378 8.2 5.7 0.5 0.5 3.7 3.3 Trina Solar USD 9.0 (6.0) (8.5) (12.0) (36.2) (19.6) (26.2) (34.0) 831 10.7 7.4 0.7 0.6 6.7 4.7 Solar City USD 50.3 (2.6) (2.8) (2.9) (29.2) 2.2 (5.8) (11.5) 4,828 N/A N/A 8.2 9.0 N/A N/A Yingli USD 2.4 (4.4) (6.3) (14.0) (36.6) (17.6) (46.7) (52.7) 434 N/A 72.4 19.1 36.8 12.9 7.5 First Solar USD 43.1 (4.4) (8.6) (17.1) (39.3) (30.9) (23.8) (21.2) 4,316 16.1 9.7 0.9 0.8 6.1 4.3 한화솔라원 USD 1.5 2.1 (7.0) (25.4) (43.5) (35.2) (47.3) (46.9) 134 N/A N/A N/A N/A N/A N/A OCI KRW 82,100 (2.3) (3.3) (7.2) (44.0) (51.1) (51.3) (57.0) 1,773 N/A 16.8 0.7 0.7 7.2 5.6 웅진에너지 KRW 1,435 (0.7) 0.0 0.7 (34.0) (43.3) (25.6) (25.6) 96 N/A N/A N/A N/A N/A N/A 신성솔라에너지 KRW 1,020 (1.9) (2.4) (1.0) (7.7) (34.0) (9.7) (9.7) 52 N/A N/A N/A N/A N/A N/A Average (1.5) (4.2) (6.9) (25.8) (19.0) (11.9) (15.9) Gas Company Towngas China HKD 8.3 2.5 (1.0) 6.1 (3.4) (10.7) (4.1) (7.2) 2,833 18.1 15.3 1.6 1.5 18.3 15.4 Kulun HKD 7.2 (1.6) (7.0) (28.1) (43.9) (44.0) (49.9) (47.4) 7,478 9.2 8.5 1.1 1.0 5.4 4.8 Beijing Enterprise HKD 59.0 1.3 (4.2) (3.4) (16.4) (21.9) (18.9) (23.3) 9,776 15.1 12.5 1.3 1.2 15.7 13.8 ENN Energy HKD 46.6 1.5 (2.4) (3.9) (17.2) (14.1) (10.1) (18.8) 6,504 17.8 15.6 3.5 3.0 9.5 8.5 China Resources GasHKD 20.5 1.7 (5.7) (1.4) (9.1) (15.8) (18.0) (24.1) 5,882 17.4 14.8 2.8 2.4 11.4 9.8 China Gas Holdings HKD 13.1 3.3 (5.1) (3.0) (8.5) (3.0) 25.8 14.7 8,473 20.1 16.5 3.5 3.0 14.7 12.4 Shenzen Gas HKD 11.7 3.2 3.2 0.5 8.1 22.4 20.4 20.4 2,851 10.0 10.3 1.2 1.1 8.5 9.3 Shann Xi CNY 11.7 3.9 (3.5) (5.1) 11.8 24.2 12.2 14.4 2,114 28.0 20.8 2.9 2.6 14.3 11.8 Suntien HKD 1.6 0.6 (1.8) (19.6) (29.2) (39.2) (44.1) (45.0) 767 10.8 8.3 0.6 0.6 7.0 5.6 China Oil & Gas HKD 1.1 (1.9) (4.5) (15.3) (21.6) (19.8) (24.5) (26.6) 718 10.9 9.1 1.3 1.2 5.7 4.6 Average 1.5 (3.2) (7.3) (12.9) (12.2) (11.1) (14.3) EV LG화학 KRW 188,500 (4.8) (3.8) (2.1) (28.2) (31.1) (35.4) (37.1) 11,308 12.7 9.7 1.1 1.0 5.4 4.8 삼성SDI KRW 121,500 (1.6) (5.1) (5.1) (20.1) (27.0) (26.4) (25.0) 7,563 53.7 20.8 0.8 0.7 15.3 10.0 Panasonic JPY 1480.0 (2.2) (6.4) 4.4 13.2 26.3 26.0 20.9 30,637 19.5 16.5 1.9 1.8 5.8 5.4 GS Yuasa JPY 527.0 1.3 (2.2) (2.9) (20.3) (14.2) (10.4) (12.9) 1,839 13.0 11.1 1.5 1.3 7.6 6.7 NEC JPY 377.0 (1.3) (2.8) (1.0) 2.4 16.0 66.8 59.1 8,287 19.6 13.7 1.3 1.2 7.1 6.6 BYD Auto CNY 40.3 1.5 (6.7) (13.5) (25.0) (11.8) 5.9 6.8 14,730 83.0 38.7 3.9 3.6 20.1 15.8 Tesla Motors USD 209.8 (3.3) (8.5) (13.3) (25.4) 3.7 47.6 39.5 26,310 350.9 69.1 31.3 22.3 82.8 34.0 Kandi Technologies USD 12.9 (1.6) (2.7) (13.3) (20.9) 4.9 69.0 9.2 596 N/A N/A N/A N/A N/A N/A Average (1.5) (4.8) (5.9) (15.5) (4.1) 17.9 7.6 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임