1. News Summary (3 page) 212 년 8 월 23 일 News WTI comment 국제유가, 원유보유고감소영향으로상승 Conclusion Headline 한화케미칼, 한화솔라에너지 273 억원규모유상증자참여한화그룹의적극적태양광투자의지지속상황임 News 1. - - News 2. - - News 3. - - News 4. - - News 5. - - 2. Prices Summary (4~6 page) Daily Unit Price 1D 1W 1M 3M 12M Weekly Update Unit Price 1W 1M 3M 12M Refinery % % % % % Petrochemical % % % % WTI $/bbl 97.1.5 3. 1.3 7.3 13.5 Ethylene 8/2 $/t 1,195 1.9 8.1 9.2 3.6 Dubai $/bbl 111.6 (.) 2.1 12. 9.1 6.7 Propylene 8/2 $/t 1,245 3.3 (.4) 2.9 (14.7) Gasoline $/bbl 127.6 (1.5) (1.5) 8.5 1.2 4.8 Benzene 8/2 $/t 1,18 (2.5) (1.7) (1.7) 5.8 Diesel $/bbl 132.2.2 1.6 11.2 12.1 8.6 Toluene 8/2 $/t 1,163. 1.3 1.8 (1.5) Complex margin $/bbl 9.8 (.3) (1.5) (.9) 1.9 (.) Xylene 8/2 $/t 1,148 (.6) (1.5) (.6) (8.) 1M lagging $/bbl 21. (1.1) 1.2 (.2) 26. 18.7 PP 8/2 $/t 1,39 1.1 1.5 1.5 (12.6) Petrochemical % % % % % PVC 8/2 $/t 6.4 8.7 (2.9) (1.7) Naphtha $/t 952 (.3).6 7.9 1.1 2.9 ABS 8/2 $/t 1,975 (.5) (.5) 1.5 (12.) Butadiene $/t 1,83. (3.2) (25.3) (16.8) (5.9) AN 8/2 $/t 1,895.8 5.6 1.2 (15.8) HDPE $/t 1,326.1.8 1.4.5 (3.3) PO 8/2 $/t 1,91. 9.5 3.9 (17.5) MEG $/t 1,16.5.6 8.8 2.5 (17.9) BPA 8/2 $/t 1,64 (.3). (.9) (2.) PX $/t 1,429 (.2) (1.) (1.1) (1.2) (12.6) Caustic 8/2 $/t 473. (.5) 3.3 33.1 PTA $/t 1,15.4 (.1) (.1) (6.6) (2.2) 2-EH 8/2 $/t 1,595 (.3) 2.6 (1.8) (12.1) Commodity % % % % % Caprolactam 8/2 $/t 2,29.9 (2.1) (8.4) (36.2) Natural Gas $/mmbtu 2.83 1.8 2.8 (7.4) (1.5) (35.5) Solar % % % % Natural rubber $/t 2,49 1.2 3.8 (1.4) (23.6) (44.9) Polysilicon 8/22 $/kg 2.6 (.9) (4.1) (14.7) (6.3) Cotton C/lbs 77. (.4) 5.3 1.7 12. (2.4) Module 8/22 $/W.73 (.5) (3.1) (13.) (38.3) * 참고 : 정제마진의변동률은 % 가아닌 $/bbl 임 3. Global Peers Summary (7 page) Unit Price 1D 1W 1M 3M 12M Unit Price 1D 1W 1M 3M 12M Petrochemical % % % % % Refinery % % % % % Dow Chem USD 3.2 (.1) 1.8 (.8) (4.3) 14.5 Petrochina CNY 8.9 (.1).1.5 (6.2) (9.8) Eastman USD 55.9.3 3.7 16. 19. 44.3 Sinopec CNY 6.1 (1.5) (1.1).7 (12.9) (15.2) BASF EUR 62.5 (.6) 2. 11.2 1. 3.3 Formosa Pet. TWD 9.5 (.2) (.5) 9. 8.5 6.8 SABIC SAR 91.3.. 6.1 (3.9). Reliance INR 87.8 (.8) 1. 12.4 16.2 5.6 Yansab SAR 46.6.. 8.1 (2.1) 7.1 ExxonMobil USD 87.7.3 (.3) 3. 6.2 19.1 Industries Qatar QAR 139..9 1.2 4.7.7 13. Solar Mitsubishi Ch. JPY 335. (.3) 4.4 3.1 (6.2) (33.3) GCL HKD 1.2 (1.6) 1.7 (8.4) (29.8) (62.8) Formosa Pla. TWD 83.7 (.5) (1.1) 6.2 6.1 (4.8) Wacker EUR 54.6 (1.3) 3. 5.8 (2.3) (42.9) NanYa Pla. TWD 58.4 (1.) (3.3) 8.1 5. (12.4) Trina Solar USD 5.2.4 11.1 (7.3) (11.4) (63.3) Petronas MYR 6.6.2 (1.1).6. 5.1 First Solar USD 23.9 (.9) 13.4 68.3 68.3 (74.6) 4. Coverage Summary 8/22 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 1,935 (.4) (1.1) 8.1 6.7 (4.4) 13.1 * 추정치는 12M fwd(3q12~2q13) 기준임 KOSPI 화학 4,34 (.3).4 5.8 8.3 (14.5) (.8) * 국도화학은별도기준임 LG 화학 319, (.2) (.2) 5.6 14.3 (24.2) 5.5 매수 41, 28.5 9.5 1.97 호남석유화학 256,.4 1. 4.5 9.2 (31.6) (14.8) 적극매수 41, 6.2 7.86 1.13 한화케미칼 21,75 (.2) (.9) 6.4 7.4 (27.9) (2.6) 매수 27, 24.1 8.32.65 금호석유화학 122, (2.4) (.8) (.4) 15.1 (3.1) (21.5) 매수 17, 39.3 8.36 2.4 OCI 25, (1.2) (1.) 6.8 4.1 (28.4) (18.3) 매수 31, 51.2 1.8 1.18 SKC 47,5 (.8) 1.2 6.9 12.8 (3.) (1.9) 매수 6, 27.5 8.41 1.29 국도화학 47, 1.4 3.3 8.1 12. (21.7) (2.2) 적극매수 8, 68.1 6.97.78 SK 이노베이션 17,.9.9 18.1 22.7 (1.1) 28.8 매수 21, 23.5 8.43 1. S-Oil 17, (.9) (1.4) 13.1 17.6 (18.) 13.2 매수 13, 21.5 9.86 2.43 GS 65,1.5.9 22.4 21.2 (5.1) 6.4 매수 75, 15.2 8.1.81 작성자 ( 손지우 ) 는본조사분석자료에게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 본보고서에언급된종목의경우당사조사분석담당자는본인의담당종목을보유하고있지않습니다. 본보고서는기관투자가또는제 3 자에게사전제공된이없습니다. 당사는본보고서의발간시점에해당종목을 1% 이상보유하고있지않습니다.
Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 7, KOSPI( 우 ) KOSPI 화학 ( 좌 ) (p) 2, ($/bbl) 13 WTI Dubai 6, 2,2 12 11 5, 2, 1 4, 1, 9 8 3, 1, 7 2, 1/1 11/1 11/4 11/8 11/11 12/2 12/5 12/8 6 1/8 1/12 11/4 11/8 11/12 12/4 Complex & 1M lagging margin ($/bbl) 1M lagging margin 복합정제마진 3 25 2 15 1 5 (5) (1) (15) 1/8 1/12 11/4 11/8 11/12 12/4 Naphtha/Ethylene/Propylene prices Polysilicon & Module prices ($/kg) Polysilicon( 좌 ) Module( 우 ) 1 9 8 7 6 5 4 3 2 1 1/8 11/2 11/7 12/1 12/6 Butadiene price & 1M lagging naphtha spread ($/W) 2. 1.5 1..5 1, Naphtha Ethylene Propylene 5, 1M lagging spread( 우 ) Butadiene( 좌 ) 4, 1, 4, 3, 3, 2, 2, 1/8 1/1 1/11 11/1 11/3 11/5 11/7 11/9 11/1 11/12 12/2 12/4 12/6 12/8 HDPE price & 1M lagging naphtha spread 1/71/91/1111/111/311/511/611/811/111/1212/212/412/512/7 MEG price & 1M lagging naphtha spread 1,5 1M lagging spread( 우 ) HDPE( 좌 ) 7 1M lagging spread( 우 ) MEG( 좌 ) 1,3 5 2 1,1 3 2 1/81/11/1111/111/311/511/711/911/111/1212/212/412/612/8 PVC price & 1M lagging naphtha spread (2) 1/81/11/1111/111/311/511/711/911/111/1212/212/412/612/8 PX price & 1M lagging naphtha spread 1,3 1M lagging spread( 우 ) PVC( 좌 ) 1, 1M lagging spread( 우 ) PX( 좌 ) 3 1, 1,1 2 1 9 2 (1) 1/81/11/1111/111/311/511/711/911/111/1212/212/412/612/8 1/81/11/1111/111/311/511/711/911/111/1212/212/412/612/8 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK 증권 참고 : 상기데이터는일괄적으로과거 2 년치적용
News Comment Headline ( 출처 : 각종언론 ) WTI Comment ( 출처 : 연합뉴스 ) 한화케미칼, 한화솔라에너지 273억원규모유상증자참여 국제유가, 원유보유고감소영향으로상승 한화그룹의적극적태양광투자의지지속상황임 상승 미국원유보유고 54만bbl 감소, 예측치 2만bbl 크게하회 요인 미국 7월주택거래실적 MoM +2.3% 1) 한화솔라에너지는기존한화 41%, 케미칼 39%, 에스앤씨 2% 보유 FOMC 의사록, 경기회복세강하지않으면추가통화정책필요 2) 기존출자금액 273억원, 금번증자로총 546억원으로증대 3) 솔라에너지는태양광발전사업을영위하는기업임 하락 4) 금번증자를통해서추가투자있을것으로기대되고있음 요인 5) 한화그룹태양광투자적극지속, 다만재무 / 투자타이밍부담은상존 Issue 1 Issue 2 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) Issue 3 Issue 4 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) Issue 5 Issue 6 1) 1) 2) 2) 3) 3) 4) 4) 5) 5)
Refining Price Data Daily Price 8/22 1D 1W 1M 3M 6M 12M YTD 21avg. 211avg. 212acc. Crude Oil WTI 97.1 96.6 94.3 88. 9.5 19.6 85.6 99.2 79.4 95. 96.4 Change, %.5 3. 1.3 7.3 (11.4) 13.5 (2.1) 22.3 2.2.8 Dubai 111.6 111.6 19.3 99.6 12.2 121.6 14.6 14.9 78.1 15.8 19.3 Change, % (.) 2.1 12. 9.1 (8.2) 6.7 6.4 42.9 5.5 2.1 Crude Oil Gasoline( 휘발유 ) 127.6 129.6 129.5 117.6 115.8 134.8 121.8 116.9 88.4 12.5 124.2 Product Change, % (1.5) (1.5) 8.5 1.2 (5.3) 4.8 9.2 44.3 5.9 2.8 Kerosene( 등유 ) 132. 131.8 13.5 119.4 118.8 137.2 124.2 121.7 9.2 125.3 125.9 Change, %.1 1.2 1.5 11.1 (3.8) 6.3 8.5 46.3 5.3 4.8 Diesel( 경유 ) 132.2 131.9 13.1 118.9 118. 136.4 121.8 122.8 89.6 124.2 125.9 Change, %.2 1.6 11.2 12.1 (3.1) 8.6 7.7 47.6 6.5 5. Bunker-C 15.2 15. 13.6 96.4 1.1 115.4 1.3 13.6 72.4 99.6 15.7 Change, %.2 1.6 9.1 5.1 (8.8) 4.9 1.6 45.3 5.7 (.5) Naphtha 13.9 14.1 13.3 93.1 91.4 118.3 13.6 1. 79.3 13.1 13.1 Change, % (.2).6 11.5 13.6 (12.2).3 3.9 3.9.8.7 Dubai Gasoline( 휘발유 ) 16. 18. 2.2 18. 13.6 13.3 17.2 12. 1.3 14.7 14.8 Spread Change (1.9) (4.2) (2.) 2.4 2.8 (1.2) 4. 5.7 1.4 1.2 Kerosene( 등유 ) 2.4 2.2 21.2 19.8 16.6 15.6 19.6 16.8 12.1 19.5 16.6 Change.2 (.8).6 3.8 4.7.8 3.6 8.3.9 3.8 Diesel( 경유 ) 2.6 2.3 2.8 19.3 15.8 14.8 17.2 17.9 11.4 18.4 16.6 Change.3 (.2) 1.4 4.9 5.8 3.4 2.7 9.2 2.2 4.1 Bunker-C (6.4) (6.6) (5.7) (3.2) (2.1) (6.2) (4.3) (1.3) (5.7) (6.2) (3.6) Change.2 (.6) (3.2) (4.2) (.2) (2.1) (5.1) (.7) (.1) (2.8) Naphtha (7.7) (7.5) (6.) (6.5) (1.8) (3.3) (1.) (4.9) 1.2 (2.8) (6.2) Change (.2) (1.7) (1.2) 3.1 (4.5) (6.7) (2.8) (8.9) (5.) (1.5) Refining Simple( 단순 ) 2.8 2.9 3.9 4.5 3..7 3.6 4..7 2.4 2.7 Margin Change (.) (1.1) (1.7) (.2) 2.1 (.7) (1.2) 2.1.4.1 Complex( 복합 ) 9.8 1.2 11.4 1.7 8. 6.9 9.8 9. 5.6 8.9 8.5 Change (.3) (1.5) (.9) 1.9 2.9 (.).8 4.2.9 1.3 Complex(lagging) 21. 22.2 19.8 21.2 (5.) 19.7 2.3 6.3 6.7 9.9 8.6 Change (1.1) 1.2 (.2) 26. 1.3 18.7 14.7 14.3 11.1 12.4 자료 : Petronet, SK 증권 참고 1) Crude Oil 가격은현물 (spot) 기준으로선물 (future) 가격과다를수있음 참고 2) Gasoline 은 95RON, 경유는 L/P.5%, Bunker-C 는 38cst/4.% 기준임
Petrochemical Price Data Daily Price 8/22 8/21 8/2 8/17 8/16 8/15 8/14 8/13 8/1 8/9 Spot Price Naphtha CFR Japan 952. 955. 954. 954. 957.5 946. 931.5 942. 937.3 916.8 Ethylene CFR SE Asia 1,25.. 1,19. 1,19. 1,175. 1,17. 1,17. 1,149. 1,149. 1,136. Propylene FOB Korea 1,335. 1,335. 1,33. 1,33. 1,35. 1,281. 1,281. 1,281. 1,281. 1,281. Butadiene FOB Korea 1,83. 1,83. 1,83. 1,83. 1,889. 1,89. 1,91. 1,91. 2,39. 2,19. HDPE CFR FE Asia 1,326. 1,325. 1,323. 1,323. 1,317. 1,315. 1,312. 1,31. 1,37. 1,35. LDPE CFR FE Asia 1,265. 1,262. 1,26. 1,26. 1,25. 1,248. 1,241. 1,241. 1,242. 1,242. LLDPE CFR FE Asia 1,29. 1,285. 1,285. 1,285. 1,282. 1,28. 1,276. 1,272. 1,27. 1,256. MEG CFR China 1,16. 1,11. 1,11. 1,11. 1,12. 1,1.. 1,16. 1,21. 1,1. PP CFR FE Asia 1,385. 1,383. 1,383. 1,383. 1,37. 1,364. 1,365. 1,372. 1,372. 1,362. PX CFR China 1,428.5 1,432. 1,436.5 1,436.5 1,441.5 1,442.5 1,439.5 1,434.5 1,427.5 1,429.5 PTA CFR China 1,15. 1,11. 1,21. 1,21. 1,25. 1,16. 1,16. 1,24. 1,29. 1,21. Benzene FOB Korea 1,161. 1,145. 1,15.5 1,15.5 1,158.5 1,155. 1,15.5 1,144.5 1,149. 1,178.5 Toluene FOB Korea 1,12.5 1,115. 1,116. 1,116. 1,124. 1,112.5 1,112.5 1,122.5 1,116.5 1,124.5 Xylene FOB Korea 1,225.5 1,232.5 1,227.5 1,227.5 1,236.5 1,242.5 1,247.5 1,246.5 1,25. 1,252. SM FOB Korea 1,423.5 1,424.5 1,425. 1,425. 1,423. 1,412. 1,44. 1,411. 1,414.5 1,431.5 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 21avg. 211avg. 212acc. Spot Price Naphtha CFR Japan 954. 936.5 882.5 873.5 1,22.5 921. 912.5 722.4 937.2 936.5 Change, % 1.9 8.1 9.2 (6.7) 3.6 4.5 32.1 1.8 1.9 Ethylene CFR SE Asia 1,195. 1,155. 1,85. 1,175. 1,425. 1,175. 1,1. 1,79.7 1,186.7 1,188.8 Change, % 3.5 1.1 1.7 (16.1) 1.7 8.6 1.7.7.5 Propylene CFR SE Asia 1,245. 1,25. 1,25. 1,21. 1,43. 1,46. 1,21. 1,135.5 1,385.9 1,316.5 Change, % 3.3 (.4) 2.9 (12.9) (14.7) 2.9 9.6 (1.2) (5.4) Butadiene CFR SE Asia 1,975. 2,25. 2,425. 2,15. 3,225. 3,825. 2,575. 1,897.7 2,921.7 2,76.3 Change, % (2.5) (18.6) (8.1) (38.8) (48.4) (23.3) 4.1 (32.4) (28.4) Benzene CFR SE Asia 1,18. 1,21... 1,21. 1,115. 1,75. 915.1 1,11.4 1,165.9 Change, % (2.5) (1.7) (1.7) (2.5) 5.8 9.8 28.9 7.1 1.2 Toluene CFR SE Asia 1,162.5 1,162.5 1,147.5 1,142.5 1,26. 1,18. 1,145. 859.1 1,14.1 1,178.1 Change, %. 1.3 1.8 (7.7) (1.5) 1.5 35.3 5.3 (1.3) Xylene CFR SE Asia 1,147.5 1,155. 1,165. 1,155. 1,252.5 1,247.5 1,215. 863.7 1,153.3 1,188.3 Change, % (.6) (1.5) (.6) (8.4) (8.) (5.6) 32.9 (.5) (3.4) Spread Ethylene -Naphtha 241. 218.5 22.5 31.5 42.5 254. 187.5 357.3 249.6 252.2 Change, % 1.3 19. (2.1) (4.1) (5.1) 28.5 (32.6) (3.4) (4.4) Propylene -Naphtha 291. 268.5 367.5 336.5 47.5 539. 297.5 413.1 448.8 38. Change, % 8.4 (2.8) (13.5) (28.6) (46.) (2.2) (29.6) (35.2) (23.4) Butadiene -Naphtha 1,21. 1,88.5 1,542.5 1,276.5 2,22.5 2,94. 1,662.5 1,175.3 1,984.5 1,823.8 Change, % (6.2) (33.8) (2.) (53.6) (64.8) (38.6) (13.1) (48.6) (44.) Benzene -Naphtha 226. 273.5 317.5 326.5 187.5 194. 162.5 192.7 164.2 229.3 Change, % (17.4) (28.8) (3.8) 2.5 16.5 39.1 17.3 37.6 (1.5) Toluene -Naphtha 28.5 226. 265. 269. 237.5 259. 232.5 136.7 166.9 241.5 Change, % (7.7) (21.3) (22.5) (12.2) (19.5) (1.3) 52.5 24.9 (13.7) Xylene -Naphtha 193.5 218.5 282.5 281.5 23. 326.5 32.5 141.3 216.2 251.8 Change, % (11.4) (31.5) (31.3) (15.9) (4.7) (36.) 37. (1.5) (23.1) 자료 : Cischem, Platts, Bloomberg, SK증권 참고 : Spread는 Polymer와 Naphtha의가격차이임
Weekly Price Last Week 1W 1M 3M 6M 12M YTD 21avg. 211avg. 212acc. Spot Price HDPE CFR SE Asia 1,31. 1,295. 1,295. 1,355. 1,445.. 1,29. 1,221.5 1,352.8 1,35.3 Change, % 1.2 1.2 (3.3) (9.3) (6.4) 1.6 7.2 (3.2) (3.) MEG CFR SE Asia 1,12.5 1,22.5 932.5 972.5 982.5 1,225. 1,87.5 882.4 1,181.9 995.1 Change, % (1.) 8.6 4.1 3.1 (17.3) (6.9) 14.7 (14.3) 1.8 PVC CFR SE Asia. 94. 92. 1,3. 1,67.5 1,12. 965. 994.3 1,68.9 985.1 Change, % 6.4 8.7 (2.9) (6.3) (1.7) 3.6.6 (6.4) 1.5 PP CFR SE Asia 1,39. 1,375. 1,37. 1,37. 1,5. 1,59. 1,35. 1,33.3 1,556.4 1,396.9 Change, % 1.1 1.5 1.5 (7.3) (12.6) 6.5 6.7 (1.7) (.5) 2-EH CFR Korea 1,595. 1,. 1,555. 1,625. 1,65. 1,815. 1,45. 1,699. 1,797.1 1,587.1 Change, % (.3) 2.6 (1.8) (3.3) (12.1) 13.5 (6.1) (11.2).5 ABS CFR SE Asia 1,975. 1,985. 1,985. 1,945. 2,115. 2,245. 1,95. 1,932.4 2,146.6 2,21.2 Change, % (.5) (.5) 1.5 (6.6) (12.) 3.7 2.2 (8.) (2.3) AN CFR SE Asia 1,895. 1,88. 1,795. 1,872.5 2,225. 2,25. 1,83. 2,192.6 2,341.6 1,99.7 Change, %.8 5.6 1.2 (14.8) (15.8) 3.6 (13.6) (19.1) (4.8) PO CFR China 1,91. 1,91. 1,745. 1,837.5 1,945. 2,315. 1,97. 1,894.3 2,244.4 1,911. Change, %. 9.5 3.9 (1.8) (17.5) (3.).8 (14.9) (.1) Caustic FOB NEA 472.5 472.5 475. 457.5 43. 355. 465. 213.7 391.1 453.2 Change, %. (.5) 3.3 9.9 33.1 1.6 121.1 2.8 4.3 PX CFR SE Asia 1,437.5 1,432.5 1,455. 1,455. 1,562.5 1,64. 1,492.5 1,218.7 1,416.1 1,42.7 Change, %.3 (1.2) (1.2) (8.) (12.3) (3.7) 18. 1.5 1.2 BPA CFR Korea 1,64. 1,645. 1,64. 1,655. 1,73. 2,5. 1,535. 1,948.1 2,98.5 1,656. Change, % (.3). (.9) (5.2) (2.) 6.8 (15.8) (21.8) (1.) Caprolactam CFR SE Asia 2,29. 2,27. 2,34. 2,5. 2,55. 3,59. 2,575. 2,595.2 3,331.5 2,63.8 Change, %.9 (2.1) (8.4) (1.2) (36.2) (11.1) (11.8) (31.3) (12.1) PTA CFR SE Asia 1,27.5 1,35. 1,27.5 1,12.5 1,167.5 1,257.5 1,122.5 957.5 1,268.4 1,12.3 Change, % (.7). (6.8) (12.) (18.3) (8.5) 7.3 (19.) (6.8) Spread HDPE 356. 358.5 412.5 481.5 422.5 479. 377.5 499.2 415.6 413.8 Change, % (.7) (13.7) (26.1) (15.7) (25.7) (5.7) (28.7) (14.3) (14.) MEG 58.5 86. 5. 99. (4.) 34. 175. 16. 244.7 58.5 Change, % (32.) 17. (4.9) (246.3) (8.8) (66.6) (63.4) (76.1) (.1) PVC 46. 3.5 37.5 156.5 45. 199. 52.5 271.9 131.7 48.5 Change, % 1,214.3 22.7 (7.6) 2.2 (76.9) (12.4) (83.1) (65.1) (5.2) PP 436. 438.5 487.5 496.5 477.5 669. 392.5 58.9 619.3 46.4 Change, % (.6) (1.6) (12.2) (8.7) (34.8) 11.1 (24.9) (29.6) (5.3) 2-EH 641. 663.5 672.5 751.5 627.5 894. 492.5 976.6 859.9 65.5 Change, % (3.4) (4.7) (14.7) 2.2 (28.3) 3.2 (34.4) (25.5) (1.5) ABS 1,21. 1,48.5 1,12.5 1,71.5 1,92.5 1,324. 992.5 1,21. 1,29.5 1,84.6 Change, % (2.6) (7.4) (4.7) (6.5) (22.9) 2.9 (15.6) (15.6) (5.9) AN 941. 943.5 912.5 999. 1,22.5 1,329. 917.5 1,47.2 1,44.4 1,54.2 Change, % (.3) 3.1 (5.8) (21.7) (29.2) 2.6 (36.) (33.) (1.7) PO 956. 973.5 862.5 964. 922.5 1,394. 1,57.5 1,171.9 1,37.3 974.4 Change, % (1.8) 1.8 (.8) 3.6 (31.4) (9.6) (18.4) (26.9) (1.9) Caustic Change, % PX 483.5 496. 572.5 581.5 54. 719. 58. 496.3 478.9 484.1 Change, % (2.5) (15.5) (16.9) (1.5) (32.8) (16.6) (2.6) 1. (.1) Caprolactam 686. 78.5 757.5 781.5 77.5 1,129. 622.5 1,225.7 1,161.3 719.4 Change, % (3.2) (9.4) (12.2) (3.) (39.2) 1.2 (44.) (4.9) (4.6) BPA 1,336. 1,333.5 1,457.5 1,626.5 1,527.5 2,669. 1,662.5 1,872.8 2,394.3 1,667.3 Change, %.2 (8.3) (17.9) (12.5) (49.9) (19.6) (28.7) (44.2) (19.9) PTA 73.5 98.5 145. 229. 145. 336.5 21. 235.1 331.3 165.7 Change, % (25.4) (49.3) (67.9) (49.3) (78.2) (65.) (68.7) (77.8) (55.7) 자료 : Cischem, Platts, SK증권참고 : Spread는 Naphtha spread로일괄적용
Global peers Currency 7/1 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 11 12E 11 12E 11 12E Petrochemical Dow Chemical USD 3.2 (.1) 1.8 (.8) (4.3) (1.7) 14.5 5. 36,183 11.5 15.2 1.5 1.6 7. 7.8 Du Pont USD 5.8.8 1. 4.3 4.4 (.4) 11.8 1.9 47,254 13. 12. 4.2 4.4 8.9 7.9 Eastman USD 55.9.3 3.7 16. 19. 4. 44.3 43.2 7,731 12. 1.6 4.1 3. 6.5 5.1 BASF EUR 62.5 (.6) 2. 11.2 1. (3.5) 3.3 16. 71,724 1. 11.5 2.4 2.2 6.1 5.8 Akzo Nobel EUR 44.5 (.9).8 3.3 18.8 2.3 31.3 19.1 13,284 15.5 14. 1.1 1.1 7.8 7.3 Arkema EUR 69.9.5 3.2 26.4 27.5 1. 42.7 27.8 5,478 8.1 9.3 1.8 1.7 5.3 5.6 Lanxess EUR 44.5 (.9).8 3.3 18.8 2.3 31.3 19.1 6,374 9.4 8.8 2.4 2. 6.1 5.6 Sumitomo Chemical JPY 22..5 5.8 3.3 (14.4) (35.5) (3.4) (21.7) 4,635 16.3 341.1.7.7 6.4 8.2 Mitsubishi Chemical JPY 335. (.3) 4.4 3.1 (6.2) (3.1) (33.3) (21.) 6,422 6. 17.7.6.7 4.8 6.2 Shin-Etsu Chemical JPY 4,34 (.5) 2.2 5.9 8.1 (.9) 21.1 14.5 23,865 16.6 18.2 1.3 1.3 6.5 6.5 Asahi Kasei JPY 424. (.7) 1. 3.7 (2.5) (16.9) (13.6) (8.6) 7,568 1. 1.9.9.9 4.3 4.8 JSR JPY 1,395.5 2.1.3.8 (16.) 11.2 (1.8) 4,543 13.1 12.7 1.3 1.2 4.7 4.7 Nitto Denko JPY 3,675 (1.3).5 1.7 16.7 9.1 29.1 33.4 8,126 1.6 19.3 1.4 1.4 4. 5.2 SABIC SAR 91.3.. 6.1 (3.9) (9.2). (4.7) 72,993 8.9 9.8 2. 1.8 6. 6.3 Yansab SAR 46.6.. 8.1 (2.1) (4.5) 7.1 6.9 6,989 8.1 8.7 2.5 2. 7.5 7.9 Formosa Plastics TWD 83.7 (.5) (1.1) 6.2 6.1 (8.3) (4.8) 3.6 17,93 13.5 2.3 2. 2.1 13.1 17.6 Formosa Fiber TWD 81.6 (.5) (1.1) 7.7 3.8 (1.8) (.1) 2.1 15,492 12.9 21.8 1.7 1.8 12.6 17.8 Nan Ya Plastics TWD 58.4 (1.) (3.3) 8.1 5. (18.7) (12.4) (2.8) 15,3 16.6 28. 1.7 1.7 16.1 21.3 Sinopec Shanghai CNY 5.3.2 1.9 (8.2) (1.5) (17.7) (32.) (11.1) 4,674 19.7 35.3 2. 2.1 9.9 19.5 Reliance INR 87.8 (.8) 1. 12.4 16.2 (1.5) 5.6 16.6 47,95 12.7 12.7 1.7 1.5 7.5 8.1 Industries Qatar QAR 139..9 1.2 4.7.7 (.2) 13. 4.5 2,994 9.3 9.1 3. 2.5 8.8 8.3 PTT Chemical THB 63.5 (1.2) (3.1) 9.5 11.9 (13.) - 4.1 9,148 8.8 1. 1.2 1.3 7.1 7.8 Petronas MYR 6.6.2 (1.1).6. (5.5) 5.1 5.6 16,783 14.9 13.4 2.6 2.4 7.8 7.4 LG화학 KRW 319, (.2) (.2) 5.6 14.3 (21.3) (7.).5 18,687 9.8 12. 2.2-5.9 - 호남석유화학 KRW 256,.4 1. 4.5 9.2 (28.7) (2.6) (14.1) 7,21 7.1 1.6 1.5 1.2 5.4 5.3 한화케미칼 KRW 21,75 (.2) (.9) 6.4 7.4 (26.8) (31.) (11.6) 2,697 5.5 12.1.8.6 6.1 7.2 금호석유화학 KRW 122, (2.4) (.8) (.4) 15.1 (25.2) (3.5) (27.2) 3,286 5.7 1.1 - - - - SKC KRW 47,5 (.8) 1.2 6.9 12.8 (3.4) (2.9) 23.5 1,56 9.1 11.5 1.5 1.4 8.6 8.4 국도화학 KRW 47, 1.4 3.3 8.1 12. (17.8) (1.2) (4.6) 244 8.3 7.2.9.8 7.3 6.2 Averege (.4).8 5.6 5.4 (12.7) (2.7) 2.2 11.1 25.3 1.8 1.7 7.4 8.5 Refinery Exxon Mobil USD 87.7.3 (.3) 3. 6.2.4 19.1 3.5 44,956 1.4 11.7 2.6 2.1 4.6 4.8 BP GBP 447. (.8) (.7) 3.8 9.8 (9.9) 12.9 (2.9) 135,15 6.3 7.6 1.2 1.1 3.8 4.3 Shell USD 2,222 (1.3) (1.8) 1.7 1.4 (4.3) 13.7 (6.3) 227,454 8.5 8.4 1.3 1.2 4. 4.1 Chevron USD 112.2.2 (.4) 3.9 12.1 2.8 15.2 5.4 22,54 8.3 8.9 1.8 1.6 3.6 3.7 Total EUR 39.8 (1.6) (.6) 12.5 13.7 (5.4) 2.3.8 117,967 7.7 7.6 1.4 1.2 3.6 3.5 Valero USD 29.6 (.8) 3.3 15.2 33.6 21.2 46.8 4.4 16,3 7.4 7.8 1..9 4.1 4.3 Sinopec CNY 6.1 (1.5) (1.1).7 (12.9) (2.6) (15.2) (15.6) 82,425 6.8 7.9 1.1 1. 4.5 4.6 Petrochina CNY 8.9 (.1).1.5 (6.2) (14.5) (9.8) (8.4) 253,544 11.5 11.5 1.6 1.5 6. 5.6 CNOOC CNY 17..4.4 (3.1) (8.6) (2.8) 18. 17. 1,483 17.7 15.3 2.5 2.3 1. 9.2 Formosa Petrochem TWD 9.5 (.2) (.5) 9. 8.5 (2.3) 6.8 (3.5) 28,763 37. 48.3 3.7 3.8 18. 21.2 SK이노베이션 KRW 17,.9.9 18.1 22.7 (1.8) 15.6 19.7 13,895 5.9 9.4 1.2-4.2 - S-Oil KRW 17, (.9) (1.4) 13.1 17.6 (18.9) (.5) 7. 1,648 9.4 1. 2.3 2.1 7.3 6.9 GS KRW 65,1.5.9 22.4 21.2 (2.5) (1.4) 28.4 5,347 6.5 9.6 1.1 1. 5.5 - Averege (.4) (.1) 7.7 9.9 (5.2) 1.9 6.6 11. 12.6 1.8 1.7 6.1 6.6 PV WACKER EUR 54.6 (1.3) 3. 5.8 (2.3) (28.5) (42.9) (12.2) 3,565 6.7 17.9 1. 1.1 2.9 3.9 GCL-Poly HKD 1.2 (1.6) 1.7 (8.4) (29.8) (54.4) (62.8) (44.7) 2,394 3.6 3..9.9 4.8 9.2 REC NOK 1.9 (2.3) (4.8) (13.7) (14.4) (49.4) (75.9) (35.5) 596 - -.1.3 2.5 7.5 MEMC USD 2.8 (.4) 5.6 54.4 77.8 (32.8) (58.9) (28.7) 649 11.8 -.3 1.3 7.8 9.8 Suntech USD 1. (2.) (1.) (36.7) (48.2) (67.3) (8.7) (54.8) 18 - -.1.3 24.9 - JA Solar USD 1.1 1.9 8.5 1.2 13.1 (41.9) (7.2) (19.4) 184 - -.2.2 4.4 6.9 Trina Solar USD 5.2.4 11.1 (7.3) (11.4) (33.3) (63.3) (22.2) 423 173.3 -.3.4 7.2 - LDK Solar USD 1.5 (1.3) 7.2 (8.) (42.5) (74.9) (74.4) (64.4) 216 - -.2.4 13.6 13.6 Yingli USD 2.1 2.4 11.1 (7.9) (2.2) (45.) (66.2) (44.7) 331 13. -.2.4 8. 22.2 First Solar USD 23.9 (.9) 13.4 68.3 68.3 (32.7) (74.6) (29.1) 2,81 4.1 5.4.5.6 2.4 3.7 한화솔라원 USD 1.1 2.7 11.9.9 2.2 (33.5) (7.7) 15. 95 - -.1.2 699. - OCI KRW 25, (1.2) (1.) 6.8 4.1 (24.4) (27.6) (6.6) 4,322 4.9 8.9 1.4-3.3 - Averege (.5) 4.1 4. (1.1) (42.8) (62.4) (26.7) 31.1 15.5.5.5 65.1 9.6 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임