1. News Summary (3 page) 2014 년 12 월 8 일 News Conclusion WTI comment 국제유가 5년 5개월래최저치 Headline Petrochina 이틀연속상한가, 중국정부의정유제품가격통제중단때문 Petrochina/CNPC에는긍정적뉴스, 다만국내정유업체영향제한적 News 1. [ 주간가격 ] 프로필렌급락세지속, PP도동반하락 에틸렌 / 프로필렌등 upstream 폴리머의하락은 PE/PP에게도악재임 News 2. [ 주간가격 ] PX/PTA 하락불구 MEG는소폭상승 섬유의악화된 sentiment는지속, 다만최근 MEG 강세는두각은주목 News 3. [ 주간가격 ] 합성고무하락불구부타디엔가격약보합유지 단기적 NCC 업체에호재, 다만중장기적으로유가하락은여전히악재 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 65.8 (1.3) (0.5) (16.5) (29.5) (32.4) Ethylene 12/01 $/t 1,185 (2.9) (8.8) (20.2) (16.3) Dubai $/bbl 66.2 (1.1) (4.1) (17.0) (33.1) (38.9) Propylene 12/01 $/t 1,080 (0.9) (8.5) (15.5) (20.0) Gasoline $/bbl 78.4 (1.5) (6.0) (13.7) (30.3) (33.4) Benzene 12/01 $/t 960 (1.5) (12.7) (27.1) (28.0) Diesel $/bbl 82.7 (1.3) (4.5) (13.0) (28.5) (35.3) Toluene 12/01 $/t 815 (6.3) (17.7) (31.8) (30.0) Complex margin $/bbl 8.2 (0.3) (1.1) 2.0 0.6 1.8 Xylene 12/01 $/t 830 (6.7) (12.2) (27.2) (31.7) $/bbl (5.4) (1.0) 1.1 (0.4) (9.0) (15.4) PP 12/01 $/t 1,355 (2.9) (8.1) (12.0) (11.1) Petrochemical % % % % % PVC 12/01 $/t 900 (2.2) (7.2) (13.9) (10.0) Naphtha $/t 585 (2.1) (6.2) (15.2) (34.9) (40.3) ABS 12/01 $/t 1,755 (0.8) (6.4) (10.7) (6.4) Butadiene $/t 0.0 (0.5) (1.0) (31.0) (36.5) SBR 12/01 $/t 1,765 (0.6) (0.3) (14.3) (10.6) HDPE $/t 1,360 0.0 (1.1) (8.4) (14.5) (12.5) SM 12/01 $/t 1,223 (4.1) (15.8) (22.4) (26.9) MEG $/t 831 (2.5) 0.6 5.9 (14.2) (21.2) BPA 12/01 $/t 2,015 1.9 (5.6) (14.6) (9.5) PX $/t 928 (2.4) (1.9) (3.9) (26.1) (34.3) Caustic 12/01 $/t 300 (1.6) (3.2) (1.6) (9.1) SM $/t 1,041 0.8 (8.2) (22.2) (29.6) (38.2) 2-EH 12/01 $/t 1,265 (0.8) (6.6) (10.9) (9.3) Commodity % % % % % Caprolactam 12/01 $/t 2,050 (0.2) (2.8) (10.3) (11.8) Natural Gas $/mmbtu 3.80 4.2 (7.0) (15.6) (5.3) (12.9) Solar % % % % Natural rubber $/t 1,420 (3.4) (4.1) (5.3) (11.3) (38.0) Polysilicon 12/03 $/kg 20.5 (0.5) (1.5) (0.6) 16.0 Cotton C/lbs 59.6 (1.3) (0.7) (4.7) (7.0) (22.4) Module 12/03 $/W 0.62 0.0 0.0 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 93.8 (0.6) 3.6 (1.3) (5.5) (0.3) BASF EUR 74.0 1.1 1.8 5.9 (6.2) (1.2) Shell EUR 2,149 (0.0) 0.8 (0.7) (12.3) 6.7 Dow Chemical USD 50.2 0.8 3.1 2.0 (8.5) 29.9 Petrochina CNY 10.12 9.9 23.9 30.2 24.6 24.2 SABIC SAR 94.4 0.0 (3.7) (8.1) (29.4) (12.4) Gazprom RUB 140.5 (2.8) (1.7) (1.9) 1.1 4.1 Formosa Pla. TWD 71.0 0.0 0.0 1.7 (9.0) (9.1) Petrobras BRL 12.3 0.2 (4.2) (14.9) (46.3) (30.5) Shin-Etsu JPY 8,494 3.0 6.3 15.4 28.3 48.8 Refinery Renewable Phillips66 USD 73.0 (2.6) 0.0 (2.3) (16.6) 4.7 Wacker EUR 94.9 1.1 1.8 (0.7) 3.7 20.4 Valero USD 49.8 (3.5) 2.4 0.3 (6.1) 9.8 Yingli USD 2.55 1.2 (7.9) (8.3) (32.0) (49.7) JX JPY 443.2 (0.9) 0.4 (2.6) (16.1) (13.9) Tesla USD 223.7 (2.0) (8.5) (3.1) (19.4) 59.2 Neste Oil EUR 20.1 (1.3) 5.1 12.4 31.6 48.3 BYD CNY 43.4 (2.7) 0.1 (5.8) (16.2) 15.2 4. Coverage Summary 12/05 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 1,987 0.0 0.3 2.9 (3.1) (0.4) (0.0) * 추정치는 12M fwd 기준임 KOSPI화학 3,857 (0.0) (0.5) 5.3 (5.1) (2.7) (5.2) * 모든 coverage 업체의실적은연결기준임 LG화학 198,500 0.3 (3.9) 14.1 (24.4) (24.8) (29.9) 매수 310,000 56.2 8.63 1.13 롯데케미칼 172,000 (1.1) (2.3) 27.4 4.6 2.1 (22.9) 매수 200,000 16.3 11.09 0.83 한화케미칼 12,700 (1.2) 0.8 17.6 (18.8) (30.2) (38.2) 매수 20,000 57.5 6.51 0.40 금호석유화학 79,600 (0.1) 0.8 6.4 2.2 (0.5) (20.2) 매수 100,000 25.6 10.14 1.62 OCI 87,900 2.0 3.4 4.6 (40.0) (47.5) (49.5) 매수 200,000 127.5 10.42 0.80 SKC 26,400 1.0 (2.6) 7.8 (21.1) (16.6) (17.5) 매수 40,000 51.5 7.89 0.78 국도화학 43,400 (0.1) (3.1) 5.9 (15.1) (26.1) (16.7) 매수 65,000 49.8 8.55 0.62 SK이노베이션 86,100 0.7 0.5 3.7 (5.9) (13.6) (39.4) 매수 100,000 16.1 9.07 0.55 S-Oil 45,650 5.8 8.4 17.8 0.0 (15.8) (38.6) 매수 55,000 20.5 11.50 0.99 GS 41,300 (0.1) (0.7) 2.7 (3.6) (2.2) (24.9) 매수 50,000 21.1 6.94 0.66 SK가스 108,500 0.9 0.0 (20.2) (15.6) 13.0 52.4 매수 180,000 65.9 9.14 0.75 대우인터내셔널 31,500 0.8 (7.9) (8.8) (11.5) 1.4 (15.8) 매수 45,000 42.9 8.11 1.26 LG상사 29,900 (0.8) 4.9 48.0 8.7 8.3 4.7 매수 35,000 17.1 10.25 0.80 SK 네트웍스 9,140 (0.4) (3.0) (18.8) (6.4) (7.2) 24.4 매수 13,000 42.2 9.22 0.83 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 14/05 14/08 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 15 12/11 13/05 13/10 14/04 14/10 Butadiene price & naphtha spread Butadiene 2,200 2,000 1, 1,600 1,400 0.60 600 400 200 600 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 : Bloomberg) WTI Comment ( 출처 : 연합뉴스 ) 제목 Petrochina 이틀연속상한가, 중국정부의정유제품가격통제중단때문제목국제유가 5 년 5 개월래최저치 결론 Petrochina/CNPC 에는긍정적뉴스, 다만국내정유업체영향제한적상승미국 11 월비농업부문일자리 32.1 만건, 예상치 23 만건크게상회 요인 1) Petrochina, 12월 4-5일양일간가격상승제한폭인 10% 씩급등 2) 원인은중국정부의정유가격통제중단되는것으로발표되었기때문 3) 최근유가의급등락현상때문에중국정부는통제권을놓는것으로판단 하락 미국고용지표강세에따른미국금리인상가능성고조 4) 중국석유대학 Han Xuegong, " 민영기업의 cost burden 전이시작될것." 요인 사우디아라비아, 미국 / 아시아공급하는원유가격하향결정 5) Petrochina/CNPC에는긍정적뉴스, 다만국내정유업체영향제한적 Issue 1 ( 출처 : Platts) Issue 2 ( 출처 : Platts) 제목 [ 주간가격 ] 프로필렌급락세지속, PP 도동반하락제목 [ 주간가격 ] PX/PTA 하락불구 MEG 는소폭상승 결론에틸렌 / 프로필렌등 upstream 폴리머의하락은 PE/PP 에게도악재임결론섬유의악화된 sentiment 는지속, 다만최근 MEG 강세는두각은주목 1) 프로필렌전주대비 $120/t 하락한 $850/t, 2주간 $200/t 급락 1) MEG $831/t(WoW +$5/t), PX $928/t(-$18/t), PTA $721/t(WoW -$14/t) 2) 동가격은 2009년하반기이후 5년래최저수준임 2) MEG 재고지속하락세, 전주대비 5.4만톤하락한 66만톤 3) PP도동반하여전주대비 $50/t, 2주간 $120/t 급락하였음 3) MEG 재고 66만톤은 2013년이래로최저치에해당함, sentiment 자극 4) PE/PP의고수익구조중 PP는먼저무너지고있는상황임 4) 다만 PX는유가 / 수요약세로업체들의계약가격떨어지며 spot도하락 5) 에틸렌 / 프로필렌등 upstream 폴리머의하락은 PE/PP에게도악재임 5) 섬유의악화된 sentiment는지속, 다만최근 MEG 강세는두각은주목 Issue 3 ( 출처 : Platts) Issue 4 ( 출처 : 각종언론 ) 제목 [ 주간가격 ] 합성고무하락불구부타디엔가격약보합유지제목금호석유, 중국충칭불용성유황 / 이황화탄소공장철수 결론단기적 NCC 업체에호재, 다만중장기적으로유가하락은여전히악재결론금호석유구체적대응책 ( 매각등 ) 결정되지않았음, 차후추이주목필요 1) 부타디엔 $/t(wow -$5/t), SBR $1,715/t(WoW -$50/t) 1) 동사는 2007년 12월중국충칭시에서선쩐아인스화공과공장설립계약 2) SBR 가격은유가하락분반영하면서전주대비 $50/t 하락 2) 총 $4천만중 $2,600만금호석유투자, 2011년공장완공되었음 3) 반면부타디엔은 SBR의낮은재고상황에따른 re-stocking 수요로견조 3) 불용성유황 1만톤 / 년, 이황화탄소 3만톤 / 년규모, 다만시운전만지속 4) 부타디엔은합성고무재고확보로지난 2주간하락폭 $20/t에불과했음 4) 현지관계자들, " 불용성유황의품질이납품업체기준맞지못했음." 5) 단기적 NCC 업체에호재, 다만중장기적으로유가하락은여전히악재 5) 금호석유구체적대응책 ( 매각등 ) 결정되지않았음, 차후추이주목필요 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 0.814 0.808 0.803 0.801 0.772 0.732 0.732 0.727 0.778 0.753 0.750 Change, % 0.8 1.3 1.6 5.4 11.2 11.3 12.0 (1.7) (3.9) (0.0) USD/JPY 121.5 119.8 118.6 114.6 105.1 102.4 101.8 105.3 79.8 97.7 104.9 Change, % 1.4 2.4 5.9 15.6 18.6 19.3 15.4 12.8 21.5 (0.0) USD/KRW 1,114.0 1,115.5 1,108.1 1,083.5 1,024.3 1,020.6 1,059.6 1,055.9 1,126.5 1,094.6 1,049.5 Change, % (0.1) 0.5 2.8 8.8 9.2 5.1 5.5 (7.6) 50.3 (0.0) Agriculture Corn 381.5 376.0 375.8 370.3 346.5 449.0 422.8 422.0 694.3 579.2 416.6 Change, % 1.5 1.5 3.0 10.1 (15.0) (9.8) (9.6) 8.0 (39.6) 0.0 Soybean 1,036.0 1,010.5 1,016.0 1,020.5 1,085.5 1,460.5 1,328.0 1,312.5 1,463.8 1,407.0 1,260.8 Change, % 2.5 2.0 1.5 (4.6) (29.1) (22.0) (21.1) 18.4 (7.5) 0.1 Wheat 609.0 599.8 577.3 524.8 531.5 605.8 638.0 605.3 750.5 684.3 585.7 Change, % 1.5 5.5 16.1 14.6 0.5 (4.5) 0.6 19.2 (22.2) (0.0) Rice 12.1 12.1 12.3 12.2 12.4 14.1 15.7 15.5 14.9 15.5 14.1 Change, % (0.5) (2.2) (0.7) (2.5) (14.3) (22.9) (22.2) 1.7 4.4 0.1 Oats 299.5 298.8 294.5 340.5 368.3 356.3 364.3 354.3 346.8 367.5 378.0 Change, % 0.3 1.7 (12.0) (18.7) (15.9) (17.8) (15.5) 12.3 1.9 0.0 MYR/mt Palm Oil 2,135.0 2,147.0 2,147.0 2,228.0 2,041.0 2,423.0 2,602.0 2,628.0 2,903.2 2,405.0 2,432.0 Change, % (0.6) (0.6) (4.2) 4.6 (11.9) (17.9) (18.8) (26.9) 13.3 0.1 Cocoa 2,929.0 2,902.0 2,880.0 2,871.0 3,111.0 3,092.0 2,762.0 2,709.0 2,345.5 2,403.9 3,011.5 Change, % 0.9 1.7 2.0 (5.9) (5.3) 6.0 8.1 6.0 21.2 (0.0) Cotton 60.5 61.5 61.0 62.7 66.1 85.5 77.8 84.6 79.8 83.3 77.5 Change, % (1.6) (0.7) (3.5) (8.4) (29.2) (22.2) (28.5) (18.1) 12.6 0.1 Sugar 15.1 15.2 15.6 15.5 15.0 16.8 16.7 16.4 21.6 17.5 16.4 Change, % (0.5) (2.9) (2.4) 0.9 (10.0) (9.3) (7.7) (16.3) (15.9) 0.0 Coffee 179.1 181.6 186.7 186.3 192.9 169.2 105.4 110.7 174.8 126.0 177.4 Change, % (1.3) (4.0) (3.8) (7.1) 5.9 69.9 61.8 (36.6) (23.0) (0.1) Energy WTI 65.8 66.8 66.2 78.7 93.3 102.5 97.4 98.4 94.2 98.0 95.6 Change, % (1.5) (0.5) (16.3) (29.4) (35.8) (32.4) (33.1) (7.1) 7.2 0.1 Brent 69.1 69.6 70.2 83.0 100.8 108.8 111.0 110.8 111.7 108.7 102.3 Change, % (0.8) (1.5) (16.7) (31.5) (36.5) (37.8) (37.7) 3.5 (0.3) 0.1 Natural Gas 3.8 3.6 4.1 4.2 3.8 4.7 4.1 4.2 2.8 3.7 4.3 Change, % 4.2 (7.0) (9.3) 0.2 (19.1) (8.0) (10.1) 12.1 26.2 0.0 Ethanol 1.7 1.8 2.1 1.9 2.0 2.1 1.9 1.9 2.3 2.3 2.1 Change, % (2.3) (17.6) (9.7) (14.0) (17.8) (8.2) (9.5) (0.6) (12.7) 0.0 RBOB Gasoline 177.3 179.5 190.4 208.7 258.3 295.6 271.3 278.6 292.3 285.0 270.4 Change, % (1.2) (6.9) (15.0) (31.4) (40.0) (34.6) (36.3) 4.7 (0.9) 0.1 Coal 52.8 52.9 53.1 52.6 56.5 60.2 56.9 57.4 58.0 56.1 58.1 Change, % (0.2) (0.5) 0.4 (6.5) (12.3) (7.2) (8.0) (16.8) (1.0) 0.0 Metal Gold 1,192.5 1,205.3 1,167.4 1,140.7 1,268.9 1,253.7 1,225.2.9 1,669.3 1,410.4 1,271.5 Change, % (1.1) 2.2 4.5 (6.0) (4.9) (2.7) (0.7) 7.1 (28.0) 0.0 Silver 16.3 16.5 15.5 15.3 19.2 19.0 19.4 19.4 31.2 23.8 19.3 Change, % (1.1) 5.3 6.2 (15.2) (14.5) (16.0) (15.9) 9.0 (35.8) 0.1 Platinum 1,223.6 1,237.3 1,202.3 1,204.6 1,410.3 1,446.4 1,362.3 1,364.5 1,552.2 1,485.7 1,397.3 Change, % (1.1) 1.8 1.6 (13.2) (15.4) (10.2) (10.3) 9.9 (11.2) 0.0 Palladium 801.8 797.9 809.5 758.4 889.0 839.5 735.1 716.4 644.7 725.9 803.2 Change, % 0.5 (1.0) 5.7 (9.8) (4.5) 9.1 11.9 7.5 1.7 (0.0) Copper 6,451.0 6,470.0 6,351.0 6,638.0 6,975.0 6,780.0 7,069.0 7,360.0 7,949.5 7,352.6 6,861.4 Change, % (0.3) 1.6 (2.8) (7.5) (4.9) (8.7) (12.4) 4.4 (7.2) 0.0 Uranium 38.0 38.3 40.0 37.6 33.0 28.7 34.9 34.4 48.7 38.5 33.3 Change, % (0.7) (5.0) 1.1 15.2 32.6 9.0 10.5 (16.7) (20.9) (0.0) HR Coil 618.0 620.0 629.0 632.0 657.0 667.0 676.0 675.0 655.1 630.4 656.5 Change, % (0.3) (1.7) (2.2) (5.9) (7.3) (8.6) (8.4) (9.7) 3.1 0.0 Scrap 398.0 398.0 398.0 400.0 398.0 395.0 430.0 425.0 380.6 396.9 401.7 Change, % 0.0 0.0 (0.5) 0.0 0.8 (7.4) (6.4) 12.7 (1.2) 0.0 Zinc 2,237.0 2,238.0 2,215.0 2,220.5 2,394.0 2,088.0 1,897.0 2,055.0 1,964.7 1,940.3 2,164.4 Change, % (0.0) 1.0 0.7 (6.6) 7.1 17.9 8.9 12.7 (1.2) (0.0) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용
Refining Price Data Daily Price 12/05 1D 1W 1M 3M 6M 12M YTD 2012avg. 2013avg. 2014acc. Crude Oil WTI 65.8 66.7 66.2 78.8 93.4 104.5 97.5 95.5 94.1 97.9 95.6 Change, % (1.3) (0.5) (16.5) (29.5) (37.0) (32.4) (31.1) (30.0) (32.8) (31.2) Dubai 66.2 67.0 69.1 79.8 99.0 105.1 108.3 107.8 108.9 105.3 99.4 Change, % (1.1) (4.1) (17.0) (33.1) (37.0) (38.9) (38.5) (39.2) (37.1) (33.4) Crude Oil Gasoline( 휘발유 ) 78.4 79.6 83.3 90.8 112.4 119.5 117.7 122.3 123.3 119.1 113.9 Product Change, % (1.5) (6.0) (13.7) (30.3) (34.4) (33.4) (35.9) (36.4) (34.2) (31.2) Kerosene( 등유 ) 84.9 86.0 88.5 97.1 116.1 117.8 127.8 126.1 126.7 123.0 115.1 Change, % (1.3) (4.1) (12.6) (26.9) (28.0) (33.6) (32.7) (33.0) (31.0) (26.3) Diesel( 경유 ) 82.7 83.7 86.5 95.0 115.7 118.1 127.8 125.3 128.0 123.4 115.4 Change, % (1.3) (4.5) (13.0) (28.5) (30.0) (35.3) (34.0) (35.4) (33.0) (28.4) Bunker-C 61.2 61.7 64.3 70.7 90.8 93.5 94.1 95.2 103.3 95.2 88.7 Change, % (0.9) (4.8) (13.5) (32.6) (34.6) (35.0) (35.7) (40.8) (35.8) (31.0) Naphtha 62.8 63.9 66.6 73.7 97.8 104.1 107.8 108.3 103.4 101.1 97.3 Change, % (1.7) (5.7) (14.9) (35.8) (39.7) (41.8) (42.1) (39.3) (37.9) (35.5) Dubai Gasoline( 휘발유 ) 12.1 12.6 14.2 11.0 13.4 14.4 9.3 14.5 14.4 13.8 14.5 Spread Change (0.5) (2.1) 1.1 (1.2) (2.3) 2.8 (2.3) (2.3) (1.7) (2.3) Kerosene( 등유 ) 18.6 19.1 19.4 17.3 17.1 12.6 19.4 18.3 17.8 17.6 15.7 Change (0.5) (0.8) 1.3 1.6 6.0 (0.8) 0.3 0.8 1.0 2.9 Diesel( 경유 ) 16.4 16.8 17.5 15.3 16.6 13.0 19.4 17.5 19.1 18.0 15.9 Change (0.4) (1.0) 1.2 (0.2) 3.4 (3.0) (1.1) (2.7) (1.6) 0.5 Bunker-C (5.1) (5.2) (4.8) (9.1) (8.3) (11.7) (14.3) (12.6) (5.6) (10.1) (10.7) Change 0.1 (0.2) 4.0 3.2 6.6 9.2 7.6 0.5 5.0 5.7 Naphtha (3.5) (3.1) (2.5) (6.1) (1.2) (1.1) (0.5) 0.5 (5.4) (4.2) (2.2) Change (0.4) (1.0) 2.6 (2.3) (2.4) (3.0) (4.0) 1.9 0.7 (1.3) Refining Simple( 단순 ) 3.1 3.2 3.8 0.3 1.0 (1.9) (1.5) (0.7) 2.6 0.3 (0.4) Margin Change (0.1) (0.7) 2.9 2.1 5.1 4.7 3.8 0.6 2.8 3.5 Complex( 복합 ) 8.2 8.5 9.3 6.2 7.6 5.5 6.4 7.4 9.1 7.6 7.0 Change (0.3) (1.1) 2.0 0.6 2.7 1.8 0.8 (0.9) 0.6 1.2 Complex(lagging) (5.4) (4.3) (6.5) (4.9) 3.7 5.7 10.1 6.2 9.1 7.7 4.1 Change (1.0) 1.1 (0.4) (9.0) (11.0) (15.4) (11.6) (14.4) (13.0) (9.5) 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 12/05 12/04 12/03 12/02 12/01 11/28 11/27 11/26 11/25 11/24 Spot Price Naphtha CFR Japan 584.8 597.5 621.3 621.3 598.8 623.3 651.5 665.5 667.6 676.8 Ethylene CFR SE Asia 1,130.0 1,140.0 1,140.0 1,160.0 1,160.0 1,160.0 1,215.0 1,215.0 1,215.0 1,215.0 Propylene FOB Korea 850.0 875.0 885.0 940.0 945.0 970.0 1,005.0 1,025.0 1,035.0 1,045.0 Butadiene FOB Korea.0.0.0 1,005.0 1,005.0 1,005.0 1,015.0 1,015.0 1,020.0 1,020.0 HDPE CFR FE Asia 1,360.0 1,360.0 1,365.0 1,360.0 1,370.0 1,375.0 1,375.0 1,375.0 1,390.0 1,385.0 LDPE CFR FE Asia 1,345.0 1,345.0 1,350.0 1,375.0 1,385.0 1,390.0 1,390.0 1,390.0 1,395.0 1,390.0 LLDPE CFR FE Asia 1,330.0 1,330.0 1,330.0 1,365.0 1,375.0 1,380.0 1,380.0 1,380.0 1,395.0 1,390.0 MEG CFR China 831.0 852.0 854.0 823.0 797.0 826.0 872.0 885.0 887.0 901.0 PP CFR FE Asia 1,250.0 1,270.0 1,270.0 1,275.0 1,275.0 1,300.0 1,330.0 1,335.0 1,335.0 1,370.0 PX CFR China 928.0 951.0 928.0 918.0 907.0 946.0 999.0 1,012.0 1,025.0 1,029.0 PTA CFR China 721.0 727.0 727.0 727.0 718.0 735.0 755.0 765.0 765.0 779.0 Benzene FOB Korea 877.0 882.0 879.0 878.0 857.0 913.0 972.0 981.0 985.5 1,002.5 Toluene FOB Korea 734.0 739.0 739.0 743.0 743.0 767.5 814.5 828.0 835.0 834.0 Xylene FOB Korea 753.0 760.0 730.0 722.0 731.0 759.0 820.0 832.0 832.0 830.0 SM FOB Korea 1,041.0 1,033.0 1,042.0 1,033.0 1,022.0 1,133.5 1,188.5 1,193.5 1,218.5 1,244.5 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2012avg. 2013avg. 2014acc. Spot Price Naphtha CFR Japan 621.0 674.5 717.5 902.0 931.5 965.0 961.0 944.5 923.0 889.7 Change, % (7.9) (13.4) (31.2) (33.3) (35.6) (35.4) (34.3) (32.7) (30.2) Ethylene CFR SE Asia 1,185.0 1,220.0 1,300.0 1,485.0 1,475.0 1,415.0 1,452.5 1,228.4 1,353.8 1,428.6 Change, % (2.9) (8.8) (20.2) (19.7) (16.3) (18.4) (3.5) (12.5) (17.1) Propylene CFR SE Asia 1,080.0 1,090.0 1,180.0 1,277.5 1,345.0 1,350.0 1,380.0 1,267.4 1,326.5 1,333.3 Change, % (0.9) (8.5) (15.5) (19.7) (20.0) (21.7) (14.8) (18.6) (19.0) Butadiene CFR SE Asia 955.0 975.0 1,025.0 1,380.0 1,525.0 1,460.0 1,435.0 2,418.0 1,441.1 1,308.9 Change, % (2.1) (6.8) (30.8) (37.4) (34.6) (33.4) (60.5) (33.7) (27.0) Benzene CFR SE Asia 960.0 975.0 1,100.0 1,317.5 1,377.5 1,332.5 1,367.5 1,227.5 1,327.9 1,274.7 Change, % (1.5) (12.7) (27.1) (30.3) (28.0) (29.8) (21.8) (27.7) (24.7) Toluene CFR SE Asia 815.0 870.0 990.0 1,195.0 1,185.0 1,165.0 1,215.0 1,214.6 1,203.7 1,107.6 Change, % (6.3) (17.7) (31.8) (31.2) (30.0) (32.9) (32.9) (32.3) (26.4) Xylene CFR SE Asia 830.0 890.0 945.0 1,140.0 1,150.0 1,215.0 1,210.0 1,198.8 1,201.1 1,078.3 Change, % (6.7) (12.2) (27.2) (27.8) (31.7) (31.4) (30.8) (30.9) (23.0) Spread Ethylene -Naphtha 564.0 545.5 582.5 583.0 543.5 450.0 491.5 283.9 430.8 539.0 Change, % 3.4 (3.2) (3.3) 3.8 25.3 14.8 98.6 30.9 4.6 Propylene -Naphtha 459.0 415.5 462.5 375.5 413.5 385.0 419.0 322.9 403.5 443.7 Change, % 10.5 (0.8) 22.2 11.0 19.2 9.5 42.2 13.7 3.5 Butadiene -Naphtha 334.0 300.5 307.5 478.0 593.5 495.0 474.0 1,473.5 518.1 419.2 Change, % 11.1 8.6 (30.1) (43.7) (32.5) (29.5) (77.3) (35.5) (20.3) Benzene -Naphtha 339.0 300.5 382.5 415.5 446.0 367.5 406.5 283.0 404.9 385.0 Change, % 12.8 (11.4) (18.4) (24.0) (7.8) (16.6) 19.8 (16.3) (12.0) Toluene -Naphtha 194.0 195.5 272.5 293.0 253.5 200.0 254.0 270.1 280.7 217.9 Change, % (0.8) (28.8) (33.8) (23.5) (3.0) (23.6) (28.2) (30.9) (11.0) Xylene -Naphtha 209.0 215.5 227.5 238.0 218.5 250.0 249.0 254.3 278.1 188.6 Change, % (3.0) (8.1) (12.2) (4.3) (16.4) (16.1) (17.8) (24.9) 10.8 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 1,390.0 1,410.0 1,530.0 1,580.0 1,595.0 1,510.0 1,520.0 1,350.4 1,467.0 1,540.6 Change, % (1.4) (9.2) (12.0) (12.9) (7.9) (8.6) 2.9 (5.2) (9.8) MEG CFR SE Asia 827.5 905.0 832.5 982.5 987.5 1,032.5 1,032.5 1,027.6 1,053.2 942.1 Change, % (8.6) (0.6) (15.8) (16.2) (19.9) (19.9) (19.5) (21.4) (12.2) PVC CFR SE Asia 900.0 920.0 970.0 1,045.0 1,050.0.0 1,005.0 985.6 1,014.5 1,026.0 Change, % (2.2) (7.2) (13.9) (14.3) (10.0) (10.4) (8.7) (11.3) (12.3) PP CFR SE Asia 1,355.0 1,395.0 1,475.0 1,540.0 1,555.0 1,525.0 1,535.0 1,406.6 1,487.7 1,523.5 Change, % (2.9) (8.1) (12.0) (12.9) (11.1) (11.7) (3.7) (8.9) (11.1) 2-EH CFR Korea 1,265.0 1,275.0 1,355.0 1,420.0 1,450.0 1,395.0 1,420.0 1,606.4 1,470.2 1,413.1 Change, % (0.8) (6.6) (10.9) (12.8) (9.3) (10.9) (21.3) (14.0) (10.5) ABS CFR SE Asia 1,755.0 1,770.0 1,875.0 1,965.0 1,955.0 1,875.0 1,905.0 1,994.5 1,949.9 1,914.4 Change, % (0.8) (6.4) (10.7) (10.2) (6.4) (7.9) (12.0) (10.0) (8.3) SBR CFR SE Asia 1,765.0 1,775.0 1,770.0 2,060.0 2,010.0 1,975.0 1,920.0 1,994.4 1,896.0 Change, % (0.6) (0.3) (14.3) (12.2) (10.6) (8.1) (11.5) (6.9) SM CFR SE Asia 1,222.5 1,275.0 1,452.5 1,575.0 1,655.0 1,672.5 1,725.0 1,481.8 1,737.4 1,584.9 Change, % (4.1) (15.8) (22.4) (26.1) (26.9) (29.1) (17.5) (29.6) (22.9) Caustic FOB NEA 300.0 305.0 310.0 305.0 300.0 330.0 335.0 439.9 323.6 312.3 Change, % (1.6) (3.2) (1.6) 0.0 (9.1) (10.4) (31.8) (7.3) (3.9) PX CFR SE Asia 962.5 1,040.0 1,040.0 1,305.0 1,395.0 1,412.5 1,432.5 1,513.6 1,497.3 1,252.5 Change, % (7.5) (7.5) (26.2) (31.0) (31.9) (32.8) (36.4) (35.7) (23.2) PO CFR China 2,015.0 1,977.5 2,135.0 2,360.0 2,210.0 2,227.5 2,450.0 1,915.1 2,030.2 2,204.3 Change, % 1.9 (5.6) (14.6) (8.8) (9.5) (17.8) 5.2 (0.8) (8.6) Caprolactam CFR SE Asia 2,050.0 2,055.0 2,110.0 2,285.0 2,280.0 2,325.0 2,360.0 2,509.7 2,393.9 2,247.9 Change, % (0.2) (2.8) (10.3) (10.1) (11.8) (13.1) (18.3) (14.4) (8.8) PTA CFR SE Asia 760.0 805.0.0.0 1,030.0 990.0 1,005.0 1,103.1 1,077.4 925.3 Change, % (5.6) (5.0) (24.0) (26.2) (23.2) (24.4) (31.1) (29.5) (17.9) Spread HDPE 769.0 735.5 812.5 678.0 663.5 545.0 559.0 405.8 544.0 651.0 Change, % 4.6 (5.4) 13.4 15.9 41.1 37.6 89.5 41.4 18.1 MEG 206.5 230.5 115.0 80.5 56.0 67.5 71.5 83.0 130.3 52.4 Change, % (10.4) 79.6 156.5 268.8 205.9 188.8 148.7 58.5 294.0 PVC 279.0 245.5 252.5 143.0 118.5 35.0 44.0 41.1 91.5 136.4 Change, % 13.6 10.5 95.1 135.4 697.1 534.1 578.6 204.8 104.6 PP 734.0 720.5 757.5 638.0 623.5 560.0 574.0 462.1 564.8 633.9 Change, % 1.9 (3.1) 15.0 17.7 31.1 27.9 58.8 30.0 15.8 2-EH 644.0 600.5 637.5 518.0 518.5 430.0 459.0 661.9 547.2 523.4 Change, % 7.2 1.0 24.3 24.2 49.8 40.3 (2.7) 17.7 23.0 ABS 1,134.0 1,095.5 1,157.5 1,063.0 1,023.5 910.0 944.0 1,050.0 1,026.9 1,024.7 Change, % 3.5 (2.0) 6.7 10.8 24.6 20.1 8.0 10.4 10.7 SBR BD spread 810.0.0 745.0 680.0 485.0 515.0 485.0 553.3 587.2 Change, % 1.3 8.7 19.1 67.0 57.3 67.0 46.4 37.9 SM 601.5 600.5 735.0 673.0 723.5 707.5 764.0 537.2 814.4 695.3 Change, % 0.2 (18.2) (10.6) (16.9) (15.0) (21.3) 12.0 (26.1) (13.5) Caustic Change, % PX 341.5 365.5 322.5 403.0 463.5 447.5 471.5 569.1 574.4 362.8 Change, % (6.6) 5.9 (15.3) (26.3) (23.7) (27.6) (40.0) (40.5) (5.9) PO propylene sprea 935.0 887.5 955.0 1,082.5 865.0 877.5 1,070.0 647.8 703.7 870.9 Change, % 5.4 (2.1) (13.6) 8.1 6.6 (12.6) 44.3 32.9 7.4 Caprolactam benzene spread 1,090.0 1,080.0 1,010.0 967.5 902.5 992.5 992.5 1,282.2 1,066.0 973.2 Change, % 0.9 7.9 12.7 20.8 9.8 9.8 (15.0) 2.3 12.0 PTA px spread 86.3 77.0 72.0 86.5 53.5 1.3 2.3 43.6 29.2 48.6 Change, % 12.0 19.8 (0.3) 61.2 6,.0 3,733.3 97.7 195.1 77.6 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용
Global peers Currency 12/05 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 50.2 0.8 3.1 2.0 (8.5) (4.7) 29.9 13.0 59,117 17.0 14.8 2.3 2.3 8.6 8.4 Du Pont USD 73.1 1.0 2.3 4.7 10.7 5.4 21.6 12.5 66,198 18.2 16.3 4.2 3.8 10.9 10.4 Eastman USD 80.5 (3.3) (2.9) (1.9) (3.4) (10.1) 8.3 (0.2) 11,958 11.6 10.5 2.8 2.5 8.0 7.0 BASF EUR 74.0 1.1 1.8 5.9 (6.2) (13.3) (1.2) (4.5) 83,518 13.3 12.6 2.4 2.2 7.9 7.7 Akzo Nobel EUR 57.5 1.8 3.4 5.8 6.2 2.9 8.2 2.0 17,334 18.4 15.5 2.5 2.3 9.5 8.3 Arkema EUR 57.3 1.1 4.8 19.3 5.4 (20.9) (25.7) (30.0) 5,132 15.1 12.4 1.5 1.4 6.7 5.6 Lanxess EUR 39.4 (1.0) (1.3) (6.0) (16.3) (23.7) (14.3) (18.7) 4,434 18.9 16.4 1.5 1.5 6.5 6.1 Sumitomo Chemical JPY 497 1.0 10.7 26.5 27.4 34.7 24.6 20.6 6,770 17.2 11.4 1.2 1.1 9.2 8.4 Mitsubishi Chemical JPY 651 0.8 6.4 15.7 22.7 54.2 38.1 33.9 8,064 17.9 14.2 1.0 1.0 7.7 6.6 Shin-Etsu Chemical JPY 8,494 3.0 6.3 15.4 28.3 37.7 48.8 38.3 30,201 27.8 25.2 1.9 1.8 10.6 9.8 Asahi Kasei JPY 1,092 0.9 5.8 18.7 28.2 45.0 38.4 32.9 12,597 15.4 14.5 1.5 1.4 7.0 6.6 JSR JPY 2,199 2.8 3.6 9.1 18.2 25.4 20.1 8.0 4,306 18.2 16.3 1.5 1.4 7.3 6.6 Nitto Denko JPY 6,667 0.1 6.5 12.7 21.1 37.8 32.0 50.3 9,532 17.4 15.8 1.9 1.8 7.4 6.7 SABIC SAR 94.4 0.0 (3.7) (8.1) (29.4) (18.7) (12.4) (16.9) 75,418 10.8 10.4 1.7 1.6 6.1 5.9 Yansab SAR 56.3 0.0 (1.7) (5.3) (26.9) (17.6) (17.6) (24.7) 8,431 12.2 11.1 2.1 2.0 8.7 8.6 Formosa Plastics TWD 71.0 0.0 0.0 1.7 (9.0) (8.4) (9.1) (11.8) 14,470 18.8 18.1 1.7 1.6 30.9 26.9 Formosa Fiber TWD 67.9 (1.3) (3.0) (3.3) (8.2) (6.6) (18.2) (19.2) 12,742 19.3 19.2 1.4 1.4 16.3 16.1 Nan Ya Plastics TWD 65.9 0.8 1.7 6.1 (6.5) (2.4) (1.5) (4.4) 16,733 15.7 16.8 1.8 1.7 17.8 16.5 Sinopec Shanghai CNY 4.45 1.6 14.7 16.8 22.9 36.9 58.9 45.9 6,399 80.9 31.8 2.6 2.5 22.5 11.8 Sinopec Yizheng(FibeCNY 4.50 4.9 4.9 0.0 61.9 61.9 52.0 59.0 3,612 27.3 19.1 2.2 2.0 2.5 2.1 Reliance INR 957 (0.1) (3.5) (3.4) (6.7) (12.2) 9.9 7.7 50,012 12.0 11.0 1.4 1.2 9.4 8.1 Industries Qatar QAR 183.9 0.0 (3.7) (4.1) (4.2) 0.8 10.7 8.9 30,555 15.3 13.2 3.5 3.4 59.1 56.3 PTT Chemical THB 60.3 0.0 (6.2) 0.4 (5.5) (10.1) (22.3) (23.7) 8,253 10.9 10.3 1.4 1.3 6.0 5.7 Petronas MYR 5.4 (0.4) (4.6) (12.1) (15.0) (20.9) (20.3) (22.4) 12,290 14.9 13.5 1.8 1.7 7.4 6.6 LG화학 KRW 198,500 0.3 (3.9) 14.1 (24.4) (24.8) (31.6) (33.7) 11,750 14.3 11.1 1.2 1.1 5.6 4.9 롯데케미칼 KRW 172,000 (1.1) (2.3) 27.4 4.6 2.1 (25.9) (25.9) 5,266 19.3 12.8 0.9 0.9 7.7 6.0 한화케미칼 KRW 12,700 (1.2) 0.8 17.6 (18.8) (30.2) (39.1) (41.1) 1,837 22.4 13.2 0.5 0.5 11.1 8.9 금호석유 KRW 79,600 (0.1) 0.8 6.4 2.2 (0.5) (22.0) (16.4) 2,166 32.0 16.1 1.7 1.6 12.6 9.9 SKC KRW 26,400 1.0 (2.6) 7.8 (21.1) (16.6) (15.9) (13.6) 857 13.1 10.1 0.8 0.7 9.3 8.2 국도화학 KRW 43,400 (0.1) (3.1) 5.9 (15.1) (26.1) (16.4) (21.8) 225 11.8 7.9 0.7 0.7 6.1 5.1 효성 KRW 3,130 1.6 (1.1) 26.7 (11.0) (18.9) (51.2) (51.2) 2,164 9.0 8.1 0.9 0.8 9.2 8.5 Average 0.5 1.1 7.2 0.8 1.9 1.8 (1.5) Refinery Valero USD 49.8 (3.5) 2.4 0.3 (6.1) (10.5) 9.8 (1.2) 25,948 8.4 8.3 1.3 1.1 4.2 4.2 Conoco Phillips USD 67.9 (2.1) 2.7 (2.9) (15.6) (15.2) (4.2) (4.0) 83,517 11.8 14.6 1.5 1.5 4.5 4.9 Formosa PetrochemicTWD 68.3 (0.3) (2.4) (0.7) (10.0) (7.7) (14.3) (16.5) 20,831 24.4 22.8 2.7 2.6 16.0 14.5 Tesoro USD 76.2 (2.5) (0.6) 5.2 14.3 30.6 36.9 30.2 9,614 12.0 12.0 2.1 1.9 5.7 5.6 Marathon Petroleum USD 92.2 (4.7) 2.3 1.6 0.6 4.8 9.9 0.5 25,820 11.9 10.2 2.4 2.1 6.3 5.4 Devon Energy USD 59.9 0.6 1.6 (2.8) (17.7) (19.9) (2.4) (3.2) 24,505 11.3 11.7 1.0 1.0 5.1 5.2 Hollyfrontier USD 39.9 (3.3) (2.3) (7.4) (19.2) (15.2) (8.8) (16.2) 7,810 12.5 10.8 1.3 1.3 5.6 5.2 Phillips 66 USD 73.0 (2.6) 0.0 (2.3) (16.6) (12.6) 4.7 (5.3) 40,418 11.5 10.1 1.9 1.7 6.3 5.9 Murphy Oil USD 48.9 (0.5) 1.0 (6.4) (18.4) (21.7) (23.0) (24.6) 8,683 13.1 22.5 1.0 1.0 3.4 3.8 JX Holdings JPY 443.2 (0.9) 0.4 (2.6) (16.1) (18.5) (13.9) (18.1) 9,101 17.8 7.0 0.5 0.5 14.0 9.5 Cosmo Oil JPY 164.0 1.2 0.6 (1.8) (16.3) (18.8) (11.4) (18.4) 1,144 16.9 8.4 0.6 0.6 11.9 10.0 Idemitsu JPY 2,025.0 0.2 0.0 (4.2) (12.8) (4.1) (9.9) (15.4) 2,666 14.6 8.2 0.5 0.4 10.3 8.1 Tonengeneral JPY 1,046.0 0.7 5.3 7.7 9.6 7.2 8.4 8.4 4,864 10.5 22.6 1.2 1.2 33.9 14.9 Nesteoil EUR 20.1 (1.3) 5.1 12.4 31.6 34.1 48.3 39.5 6,320 18.0 14.2 1.8 1.7 9.6 7.9 Ashland USD 117.3 (0.5) 2.8 10.0 8.8 11.0 26.2 20.8 8,111 19.7 15.8 2.3 2.3 8.9 8.4 Fuchs Petrolub EUR 34.6 0.9 3.9 8.2 8.9 (1.5) 0.7 (2.7) 5,844 22.2 20.9 5.4 4.7 13.8 13.1 SK이노베이션 KRW 86,100 0.7 0.5 3.7 (5.9) (13.6) (39.8) (39.2) 7,111 386.1 10.8 0.5 0.5 16.0 8.8 S-Oil KRW 45,650 5.8 8.4 17.8 0.0 (15.8) (38.4) (38.3) 4,590 1,077.2 14.9 1.0 1.0 22.4 9.6 GS KRW 41,300 (0.1) (0.7) 2.7 (3.6) (2.2) (24.8) (27.9) 3,428 56.3 11.8 0.6 0.6 22.9 12.4 Average (0.6) 1.6 2.0 (4.4) (4.7) (2.4) (6.9) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임
Global peers Currency 12/05 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 93.8 (0.6) 3.6 (1.3) (5.5) (6.7) (0.3) (7.3) 397,283 12.8 14.9 2.2 2.1 5.9 6.8 BP GBP 424.5 (0.6) 1.0 (3.6) (9.1) (15.0) (10.7) (13.0) 120,673 9.7 10.3 1.0 0.9 4.1 4.2 Shell EUR 2,149.0 (0.0) 0.8 (0.7) (12.3) (8.5) 6.7 (0.6) 215,858 9.1 10.3 1.1 1.1 4.0 4.4 Chevron USD 110.9 (1.3) 1.8 (5.3) (13.0) (10.2) (8.4) (11.2) 209,591 11.1 12.9 1.3 1.3 4.7 5.2 Total EUR 45.2 1.5 0.4 (2.4) (12.1) (12.1) 6.2 1.5 132,453 10.0 10.6 1.2 1.2 4.5 4.6 Sinopec CNY 6.56 5.0 21.7 26.9 14.3 30.4 33.1 46.4 119,043 11.3 11.2 1.2 1.1 5.9 5.6 Petrochina CNY 10.12 9.9 23.9 30.2 24.6 34.9 24.2 31.3 289,923 14.2 14.0 1.5 1.5 6.7 6.6 CNOOC CNY 18.97 (3.4) 10.7 5.7 (7.5) 13.8 (24.3) (15.0) 12,345 11.2 10.5 1.8 1.7 7.3 7.3 Gazprom RUB 140.5 (2.8) (1.7) (1.9) 1.1 (1.6) 4.1 1.3 63,197 2.9 2.8 0.2 0.2 2.1 2.1 Rosneft RUB 222.0 (2.8) (5.0) (7.5) (6.7) (3.3) (4.3) (11.8) 44,693 4.9 5.0 0.6 0.5 3.0 3.3 Anadarko USD 79.1 (0.4) (0.1) (13.4) (28.0) (22.6) (10.1) (0.3) 40,045 16.5 21.7 1.8 1.7 4.4 5.1 Petrobras BRL 12.3 0.2 (4.2) (14.9) (46.3) (24.9) (30.5) (28.2) 59,417 7.1 5.6 0.4 0.4 5.5 4.7 Lukoil USD 45.0 (2.7) (3.3) (5.3) (23.1) (23.2) (24.6) (27.9) 38,275 3.9 4.1 0.4 0.4 N/A N/A Kinder USD 102.0 0.0 0.0 10.6 7.5 30.7 28.6 26.5 47,497 38.2 37.8 2.8 3.0 11.8 10.9 Statoil NOK 128.9 (1.4) (2.7) (14.2) (28.5) (30.3) (7.6) (12.3) 57,624 9.3 10.9 1.1 1.1 2.1 2.3 BHP AUD 30.4 (1.5) (1.6) (10.1) (14.7) (16.0) (17.3) (19.9) 129,808 12.3 11.5 1.6 1.5 5.6 5.3 PTT E&P THB 132.0 0.0 (2.6) (7.7) (19.5) (14.8) (21.4) (20.7) 15,919 8.8 9.1 1.3 1.2 3.1 3.1 Petronas gas MYR 21.1 0.2 (7.2) (3.3) (7.9) (14.1) (9.5) (13.2) 11,933 24.3 23.1 3.9 3.6 13.5 12.9 Average 0 (0.0) 2.0 (1.0) (10.4) (5.2) (3.7) (4.1) PV WACKER EUR 94.9 1.1 1.8 (0.7) 3.7 13.8 20.4 18.0 6,081 30.5 29.1 2.1 2.0 6.1 6.3 GCL-Poly HKD 2.1 0.0 (0.9) (17.7) (27.7) (12.6) (17.1) (12.9) 4,176 14.2 10.3 1.7 1.5 8.3 7.3 REC NOK 102.3 0.4 (0.2) 7.2 7.7 0.3 23.3 21.8 574 12.3 9.7 2.2 1.8 7.7 6.2 SunEdison USD 21.0 0.6 (3.1) 11.1 (4.6) 3.5 55.8 60.7 5,682 N/A N/A N/A N/A N/A N/A Canadian Solar USD 24.9 4.7 2.6 (16.1) (35.4) 6.2 (14.3) (16.4) 1,368 6.1 5.2 1.7 1.2 4.9 4.2 JA Solar USD 9.2 4.3 5.9 12.5 (8.5) (5.8) (0.4) 0.2 398 8.6 6.0 0.5 0.5 3.8 3.4 Trina Solar USD 10.1 3.7 0.9 (1.2) (29.0) (12.8) (24.3) (26.0) 932 12.0 8.3 0.8 0.7 7.1 5.0 Solar City USD 53.5 2.2 (2.7) (1.7) (23.7) 5.3 (0.7) (5.8) 5,136 N/A N/A 8.8 9.6 N/A N/A Yingli USD 2.6 1.2 (7.9) (8.3) (32.0) (10.5) (49.7) (49.5) 463 N/A 77.3 20.4 39.2 13.0 7.5 First Solar USD 46.9 0.4 (3.9) (16.6) (34.4) (26.7) (21.5) (14.1) 4,701 17.6 10.5 1.0 0.9 6.7 4.8 한화솔라원 USD 1.6 3.8 (4.1) (20.2) (37.5) (26.4) (51.2) (41.5) 148 N/A N/A N/A N/A N/A N/A OCI KRW 87,900 2.0 3.4 4.6 (40.0) (47.5) (49.6) (54.0) 1,872 N/A 18.0 0.7 0.7 7.5 5.8 웅진에너지 KRW 1,460 1.0 (1.4) 3.5 (32.9) (43.7) (25.9) (24.4) 96 N/A N/A N/A N/A N/A N/A 신성솔라에너지 KRW 1,045 0.5 (2.3) 4.0 (5.4) (33.2) (6.7) (7.5) 53 N/A N/A N/A N/A N/A N/A Average 1.8 (0.9) (2.8) (21.4) (13.6) (11.6) (10.8) Gas Company Towngas China HKD 8.4 (0.2) 6.5 3.6 (4.6) (8.1) (2.8) (6.9) 2,843 18.2 15.4 1.6 1.5 18.4 15.4 Kulun HKD 7.9 (2.1) (6.2) (22.1) (39.4) (38.3) (44.1) (42.4) 8,196 10.1 9.6 1.2 1.1 5.7 5.1 Beijing Enterprise HKD 59.7 (1.9) (3.6) (2.5) (15.4) (16.3) (12.7) (22.4) 9,892 15.1 12.6 1.3 1.2 15.9 13.9 ENN Energy HKD 47.5 (1.0) 0.2 (5.0) (15.8) (11.9) (9.1) (17.2) 6,637 18.1 15.9 3.6 3.0 9.6 8.6 China Resources GasHKD 21.2 (2.1) (3.0) (0.5) (7.4) (11.3) (12.2) (21.7) 6,069 17.9 15.2 2.9 2.5 11.6 10.1 China Gas Holdings HKD 13.9 1.9 (4.0) 1.5 (4.0) 6.1 35.7 21.9 9,004 21.4 17.5 3.7 3.2 15.4 13.0 Shenzen Gas HKD 11.5 1.8 (1.4) 0.5 3.8 18.7 16.0 18.4 2,802 9.8 10.1 1.2 1.1 8.4 9.3 Shann Xi CNY 11.6 (5.5) (1.8) 0.9 9.6 22.8 7.6 13.1 2,097 27.6 20.5 2.9 2.6 14.2 11.7 Suntien HKD 1.6 (1.8) (10.9) (19.2) (28.4) (36.9) (41.6) (43.6) 786 10.5 8.2 0.6 0.6 7.0 5.6 China Oil & Gas HKD 1.1 (0.9) (6.8) (11.4) (20.4) (16.8) (23.2) (23.8) 745 11.4 9.4 1.4 1.2 5.8 4.7 Average (1.2) (3.1) (5.4) (12.2) (9.2) (8.6) (12.5) EV LG화학 KRW 198,500 0.3 (3.9) 14.1 (24.4) (24.8) (31.6) (33.7) 11,750 13.4 10.3 1.2 1.1 5.7 5.0 삼성SDI KRW 126,500 0.0 (5.6) 6.3 (16.8) (24.9) (25.1) (21.9) 7,770 55.3 21.6 0.8 0.8 15.9 10.3 Panasonic JPY 1595.5 0.6 4.1 15.1 22.5 40.8 40.1 30.4 32,205 21.2 17.6 2.1 1.9 6.3 5.8 GS Yuasa JPY 530.0 0.0 (6.7) (4.5) (20.5) (11.7) (6.2) (12.4) 1,804 13.1 11.0 1.5 1.3 7.6 6.8 NEC JPY 388.0 0.8 4.0 (1.8) 3.7 19.4 74.0 63.7 8,316 20.2 14.2 1.4 1.3 7.3 6.8 BYD Auto CNY 43.4 (2.7) 0.1 (5.8) (16.2) (4.4) 15.2 15.1 15,997 89.4 41.7 4.2 3.8 21.2 16.7 Tesla Motors USD 223.7 (2.0) (8.5) (3.1) (19.4) 8.1 59.2 48.7 28,049 374.1 73.7 33.3 23.7 88.3 36.3 Kandi Technologies USD 13.7 0.0 (3.0) (16.1) (19.7) 12.4 100.4 16.3 634 N/A N/A N/A N/A N/A N/A Average (0.4) (2.4) 0.5 (11.3) 1.9 28.3 13.3 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임