1. News Summary (3 page) 2014 년 12 월 2 일 News Conclusion WTI comment 저가매수세로유가상승 Headline S-Oil, 2년간 2천억원투자해울산공장시설개선 설비효율화투자는긍정적, 다만작은규모로서기업가치영향제한적 News 1. 중국 PE 설비잇따른가동중지발생 역내단기수급에긍정적영향예상, 다만유가하락 / 수요약세상황더큼 News 2. BMW, "Tesla 지분매입없다." 완성차업체간의교류는사실상쉽지않은부분, 추가이슈가능성제한적 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 69.2 4.6 (8.8) (14.3) (25.6) (26.4) Ethylene 12/01 $/t 1,185 (2.9) (8.8) (20.2) (16.3) Dubai $/bbl 66.5 (3.8) (14.3) (21.1) (33.8) (38.1) Propylene 12/01 $/t 1,080 (0.9) (8.5) (15.5) (20.0) Gasoline $/bbl 80.2 (3.8) (11.8) (19.3) (28.5) (30.8) Benzene 12/01 $/t 960 (1.5) (12.7) (27.1) (28.0) Diesel $/bbl 83.2 (3.8) (11.7) (15.8) (28.4) (35.9) Toluene 12/01 $/t 815 (6.3) (17.7) (31.8) (30.0) Complex margin $/bbl 9.0 (0.3) 1.0 2.2 2.5 1.6 Xylene 12/01 $/t 830 (6.7) (12.2) (27.2) (31.7) $/bbl (8.8) (2.4) (9.7) (8.0) (11.2) (17.7) 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 599 (3.9) (11.5) (17.2) (33.6) (37.9) ABS 12/01 $/t 1,755 (0.8) (6.4) (10.7) (6.4) Butadiene $/t 1,005 0.0 (1.5) (1.0) (27.2) (34.1) SBR 12/01 $/t 1,765 (0.6) (0.3) (14.3) (10.6) HDPE $/t 1,370 (0.4) (1.1) (7.4) (13.3) (11.6) SM 12/01 $/t 1,223 (4.1) (15.8) (22.4) (26.9) MEG $/t 797 (3.5) (11.5) (4.2) (18.9) (22.3) BPA 12/01 $/t 2,015 1.9 (5.6) (14.6) (9.5) PX $/t 907 (4.1) (11.9) (12.4) (28.5) (35.1) Caustic 12/01 $/t 300 (1.6) (3.2) (1.6) (9.1) SM $/t 1,022 (9.8) (17.9) (27.9) (32.8) (37.4) 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 4.00 (2.1) (7.0) (3.4) (6.2) (5.9) Solar % % % % Natural rubber $/t 1,460 (1.4) (2.0) (4.6) (9.3) (37.1) Polysilicon 11/26 $/kg 20.6 (0.2) (1.1) (0.1) 16.3 Cotton C/lbs 59.2 (1.5) 0.6 (6.5) (11.7) (22.8) Module 11/26 $/W 0.62 0.0 0.0 1.1 (11.0) * 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 92.4 2.0 (3.5) (4.5) (7.1) (1.2) BASF EUR 72.5 (0.3) (2.6) 3.4 (6.8) (7.6) Shell EUR 2,121 (0.5) (6.4) (5.1) (13.5) 3.6 Dow Chemical USD 48.1 (1.1) (7.9) (2.6) (10.1) 23.2 Petrochina CNY 8.17 0.0 4.5 4.2 3.3 3.3 SABIC SAR 88.7 0.5 (13.9) (20.0) (33.2) (18.1) Gazprom RUB 144.1 0.9 (0.4) 1.8 8.9 0.9 Formosa Pla. TWD 69.7 (1.8) (2.1) (0.7) (10.1) (10.4) Petrobras BRL 12.3 (3.8) (13.3) (19.4) (48.3) (35.6) Shin-Etsu JPY 8,118 1.6 3.0 15.2 24.1 37.1 Refinery Renewable Phillips66 USD 71.9 (1.6) (9.5) (8.5) (17.4) 3.2 Wacker EUR 91.3 (2.0) (5.5) (5.1) 2.3 16.3 Valero USD 48.9 0.6 (3.8) (2.4) (9.7) 7.0 Yingli USD 2.52 (9.0) (15.7) (14.0) (25.0) (52.0) JX JPY 437.1 (1.0) (3.7) (8.0) (18.1) (18.0) Tesla USD 231.6 (5.3) (6.1) (4.2) (14.1) 82.0 Neste Oil EUR 19.6 2.7 3.8 13.6 31.7 39.4 BYD CNY 43.4 0.2 (1.0) (7.6) (15.1) 14.6 4. Coverage Summary 12/01 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 1,965 (0.8) (0.7) 0.0 (4.2) (1.5) (3.9) * 추정치는 12M fwd 기준임 KOSPI화학 3,811 (1.7) (1.8) 0.9 (7.1) (3.4) (7.9) * 모든 coverage 업체의실적은연결기준임 LG화학 195,500 (5.3) (10.7) (2.3) (25.5) (24.8) (32.7) 매수 310,000 58.6 8.50 1.11 롯데케미칼 165,500 (6.0) (10.8) 14.1 0.3 2.8 (24.4) 매수 200,000 20.8 10.67 0.80 한화케미칼 12,100 (4.0) (11.0) (0.4) (23.9) (35.6) (44.9) 매수 20,000 65.3 6.21 0.38 금호석유화학 77,500 (1.9) (6.1) 0.3 (4.0) (4.6) (23.3) 매수 100,000 29.0 9.87 1.58 OCI 82,300 (3.2) (13.0) (10.5) (43.6) (53.0) (53.1) 매수 200,000 143.0 9.76 0.75 SKC 26,050 (3.9) (9.2) (5.3) (22.7) (18.8) (20.9) 매수 45,000 72.7 7.78 0.77 국도화학 43,350 (3.2) (2.9) 4.6 (15.0) (25.8) (16.3) 매수 65,000 49.9 8.54 0.62 SK이노베이션 81, (4.6) (17.0) (6.5) (13.0) (23.2) (43.2) 매수 100,000 22.2 8.62 0.53 S-Oil 40,150 (4.6) (14.6) (1.2) (12.0) (27.1) (47.0) 매수 55,000 37.0 10.11 0.87 GS 40,750 (2.0) (7.0) (1.7) (4.1) (6.0) (28.0) 매수 50,000 22.7 6.84 0.65 SK가스 103,000 (5.1) (9.6) (26.2) (14.2) 4.5 43.1 매수 180,000 74.8 8.67 0.71 대우인터내셔널 30,000 (12.3) (15.1) (11.4) (17.2) (6.8) (22.9) 매수 45,000 50.0 7.72 1.20 LG상사 28,850 1.2 (3.7) 33.3 4.0 5.9 (1.4) 매수 35,000 21.3 9.89 0.77 SK 네트웍스 9,610 2.0 (4.9) (12.2) (1.4) 1.4 28.6 매수 13,000 35.3 9.69 0.87 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) 115 WTI Dubai 4,300 4,100 2,000 105 95 3,900 3,700 3,500 1,900 1, 85 75 3,300 13/01 13/05 13/08 13/11 14/02 14/05 14/08 1,700 14/12 65 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 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1,600 1,400 15 12/11 13/05 13/10 14/04 14/09 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 : 아시아경제 ) WTI Comment ( 출처 : 연합뉴스 ) 제목 S-Oil, 2 년간 2 천억원투자해울산공장시설개선제목저가매수세로유가상승 결론설비효율화투자는긍정적, 다만작은규모로서기업가치영향제한적상승 요인 1) 2017년까지 2,000억원을투자해울산공장 revamping 2) Hydrocracker revamping 외 CFU에예열기추가도입해수율증대 3) B-C 수율줄어들고경유 /PX/BZ 생산물량증대예상됨 하락 장초반 $63.72/bbl까지하락, 그러나후반저가매수세유입되며상승전환 4) 투자비는대다수내부자금으로충당될예정임 요인 5) 설비효율화투자는긍정적, 다만작은규모로서기업가치영향제한적 Issue 1 ( 출처 : Platts) Issue 2 ( 출처 : 각종언론 ) 제목중국 PE 설비잇따른가동중지발생제목 BMW, "Tesla 지분매입없다." 결론역내단기수급에긍정적영향예상, 다만유가하락 / 수요약세상황더큼결론완성차업체간의교류는사실상쉽지않은부분, 추가이슈가능성제한적 1) Shaanxi Yancheng, PE 2개라인중 1개라인 (30만톤/ 년 ) 가동중지 1) 이름을밝히지않은 BMW 고위층, 최근루머에대해 ' 사실무근 ' 답변 2) Sichuan Petrochemical HD 30만톤 / 년, LLD 30만톤 / 년역시가동중지 2) Tesla CEO Elon Musk는 BMW와협력강화하며지분매입언급했었음 3) 두설비모두기계적결함이원인이며재가동시점알수없음 3) 협력강화란 Tesla가 BMW에 BMS 혹은충전소기술력을알려주는것임 4) 역내단기수급에긍정적영향예상, 다만유가하락 / 수요약세상황더큼 4) Musk는 5~6년내독일에도 Giga factory 같은배터리공장건설언급 5) 5) 완성차업체간의교류는사실상쉽지않은부분, 추가이슈가능성제한적 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 0.80 0.80 0.80 0.80 0.76 0.73 0.74 0.73 0.78 0.75 0.75 Change, % (0.2) (0.2) 0.5 5.3 9.3 9.0 10.3 (1.7) (3.9) (0.0) USD/JPY 118.4 118.6 118.3 112.3 104.4 101.8 102.4 105.3 79.8 97.7 104.7 Change, % (0.2) 0.1 5.4 13.5 16.3 15.6 12.5 12.8 21.5 (0.0) USD/KRW 1,113.6 1,108.1 1,112.5 1,068.8 1,013.2 1,020.2 1,058.2 1,055.9 1,126.5 1,094.6 1,048.7 Change, % 0.5 0.1 4.2 9.9 9.2 5.2 5.5 (7.6) 50.3 (0.0) Agriculture Corn 375.5 375.8 367.5 376.8 359.0 465.8 415.3 422.0 694.3 579.2 417.1 Change, % (0.1) 2.2 (0.3) 4.6 (19.4) (9.6) (11.0) 8.0 (39.6) 0.0 Soybean 1,017.0 1,016.0 1,033.8 1,046.5 1,089.5 1,493.3 1,336.5 1,312.5 1,463.8 1,407.0 1,263.7 Change, % 0.1 (1.6) (2.8) (6.7) (31.9) (23.9) (22.5) 18.4 (7.5) 0.1 Wheat 606.8 577.3 542.3 532.5 550.3 627.3 655.0 605.3 750.5 684.3 585.5 Change, % 5.1 11.9 13.9 10.3 (3.3) (7.4) 0.2 19.2 (22.2) (0.0) Rice 12.1 12.3 12.4 12.0 12.6 15.0 16.0 15.5 14.9 15.5 14.1 Change, % (1.6) (2.5) 1.1 (3.5) (19.0) (23.9) (21.7) 1.7 4.4 0.1 Oats 295.8 294.5 305.5 336.3 362.3 371.0 365.3 354.3 346.8 367.5 378.9 Change, % 0.4 (3.2) (12.0) (18.4) (20.3) (19.0) (16.5) 12.3 1.9 0.1 MYR/mt Palm Oil 2,100.0 2,147.0 2,195.0 2,295.0 1,937.0 2,426.0 2,615.0 2,628.0 2,903.2 2,405.0 2,435.3 Change, % (2.2) (4.3) (8.5) 8.4 (13.4) (19.7) (20.1) (26.9) 13.3 0.1 Cocoa 2,933.0 2,880.0 2,911.0 2,899.0 3,219.0 3,071.0 2,791.0 2,709.0 2,345.5 2,403.9 3,012.8 Change, % 1.8 0.8 1.2 (8.9) (4.5) 5.1 8.3 6.0 21.2 (0.0) Cotton 60.2 61.0 59.2 64.5 67.6 86.3 78.1 84.6 79.8 83.3 77.7 Change, % (1.3) 1.7 (6.6) (11.0) (30.2) (23.0) (28.9) (18.1) 12.6 0.1 Sugar 15.6 15.6 16.0 16.0 15.5 17.4 17.2 16.4 21.6 17.5 16.4 Change, % 0.0 (2.6) (2.8) 0.6 (10.3) (9.1) (5.0) (16.3) (15.9) 0.0 Coffee 189.4 186.7 189.7 188.0 195.8 177.5 110.3 110.7 174.8 126.0 177.4 Change, % 1.4 (0.2) 0.7 (3.3) 6.7 71.7 71.0 (36.6) (23.0) (0.2) Energy WTI 69.4 66.2 75.8 80.5 96.0 102.7 92.7 98.4 94.2 98.0 95.9 Change, % 4.8 (8.5) (13.9) (27.7) (32.5) (25.2) (29.5) (7.1) 7.2 0.1 Brent 72.9 70.2 79.7 85.9 102.8 109.4 109.7 110.8 111.7 108.7 102.7 Change, % 3.9 (8.5) (15.1) (29.1) (33.4) (33.5) (34.2) 3.5 (0.3) 0.1 Natural Gas 4.0 4.1 4.2 3.9 4.1 4.5 4.0 4.2 2.8 3.7 4.3 Change, % (2.1) (3.6) 3.4 (1.5) (11.9) 1.2 (5.4) 12.1 26.2 0.0 Ethanol 2.2 2.1 2.1 1.8 2.2 2.4 2.1 1.9 2.3 2.3 2.1 Change, % 3.2 4.2 18.0 (1.5) (8.3) 5.8 13.4 (0.6) (12.7) (0.0) RBOB Gasoline 188.9 190.4 203.3 217.0 278.3 299.7 268.4 278.6 292.3 285.0 271.5 Change, % (0.8) (7.1) (12.9) (32.1) (37.0) (29.6) (32.2) 4.7 (0.9) 0.1 Coal 53.1 53.1 53.0 53.3 57.2 60.9 54.4 57.4 58.0 56.1 58.2 Change, % 0.1 0.3 (0.2) (7.1) (12.7) (2.3) (7.5) (16.8) (1.0) 0.0 Metal Gold 1,211.0 1,167.4 1,197.1 1,173.5 1,286.0 1,249.7 1,253.5.9 1,669.3 1,410.4 1,272.4 Change, % 3.7 1.2 3.2 (5.8) (3.1) (3.4) 0.8 7.1 (28.0) (0.0) Silver 16.5 15.5 16.5 16.2 19.5 18.8 20.0 19.4 31.2 23.8 19.3 Change, % 6.5 (0.1) 1.9 (15.4) (12.5) (17.6) (14.9) 9.0 (35.8) 0.0 Platinum 1,240.8 1,202.3 1,204.0 1,237.9 1,423.9 1,452.8 1,362.2 1,364.5 1,552.2 1,485.7 1,399.4 Change, % 3.2 3.1 0.2 (12.9) (14.6) (8.9) (9.1) 9.9 (11.2) 0.0 Palladium 807.3 809.5 792.8 792.5 908.4 837.3 719.0 716.4 644.7 725.9 803.2 Change, % (0.3) 1.8 1.9 (11.1) (3.6) 12.3 12.7 7.5 1.7 (0.0) Copper 6,449.0 6,351.0 6,675.0 6,695.0 6,942.0 6,845.0 7,055.0 7,360.0 7,949.5 7,352.6 6,866.6 Change, % 1.5 (3.4) (3.7) (7.1) (5.8) (8.6) (12.4) 4.4 (7.2) 0.0 Uranium 40.0 40.0 39.5 36.4 32.5 28.3 36.3 34.4 48.7 38.5 33.2 Change, % 0.0 1.3 9.9 23.1 41.6 10.3 16.3 (16.7) (20.9) (0.0) HR Coil 629.0 629.0 634.0 638.0 662.0 670.0 675.0 675.0 655.1 630.4 656.9 Change, % 0.0 (0.8) (1.4) (5.0) (6.1) (6.8) (6.8) (9.7) 3.1 0.0 Scrap 398.0 398.0 398.0 400.0 398.0 380.0 430.0 425.0 380.6 396.9 401.7 Change, % 0.0 0.0 (0.5) 0.0 4.7 (7.4) (6.4) 12.7 (1.2) 0.0 Zinc 2,236.0 2,215.0 2,292.0 2,307.0 2,357.0 2,054.0 1,887.0 2,055.0 1,964.7 1,940.3 2,163.7 Change, % 0.9 (2.4) (3.1) (5.1) 8.9 18.5 8.8 12.7 (1.2) (0.0) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용
Refining Price Data Daily Price 12/01 1D 1W 1M 3M 6M 12M YTD 2012avg. 2013avg. 2014acc. Crude Oil WTI 69.2 66.2 75.9 80.7 93.0 102.6 93.9 95.5 94.1 97.9 96.1 Change, % 4.6 (8.8) (14.3) (25.6) (32.6) (26.4) (27.6) (26.5) (29.4) (28.0) Dubai 66.5 69.1 77.5 84.3 100.4 105.3 107.3 107.8 108.9 105.3 100.0 Change, % (3.8) (14.3) (21.1) (33.8) (36.9) (38.1) (38.3) (38.9) (36.9) (33.5) Crude Oil Gasoline( 휘발유 ) 80.2 83.3 90.9 99.3 112.1 119.8 115.9 122.3 123.3 119.1 114.4 Product Change, % (3.8) (11.8) (19.3) (28.5) (33.1) (30.8) (34.4) (35.0) (32.7) (30.0) Kerosene( 등유 ) 85.1 88.5 96.6 100.9 115.8 116.8 126.9 126.1 126.7 123.0 115.6 Change, % (3.8) (11.9) (15.6) (26.5) (27.1) (32.9) (32.5) (32.8) (30.8) (26.3) Diesel( 경유 ) 83.2 86.5 94.3 98.9 116.2 118.2 129.8 125.3 128.0 123.4 115.9 Change, % (3.8) (11.7) (15.8) (28.4) (29.6) (35.9) (33.6) (35.0) (32.5) (28.2) Bunker-C 62.1 64.3 70.3 74.7 91.0 94.4 93.7 95.2 103.3 95.2 89.1 Change, % (3.4) (11.8) (17.0) (31.8) (34.2) (33.8) (34.8) (39.9) (34.8) (30.4) Naphtha 64.2 66.6 72.9 77.3 98.3 103.0 106.1 108.3 103.4 101.1 97.8 Change, % (3.5) (12.0) (17.0) (34.7) (37.6) (39.5) (40.7) (37.9) (36.5) (34.3) Dubai Gasoline( 휘발유 ) 13.7 14.2 13.3 15.0 11.7 14.5 8.5 14.5 14.4 13.8 14.5 Spread Change (0.6) 0.4 (1.4) 2.0 (0.8) 5.1 (0.8) (0.7) (0.1) (0.8) Kerosene( 등유 ) 18.6 19.4 19.1 16.6 15.4 11.5 19.5 18.3 17.8 17.6 15.6 Change (0.8) (0.4) 2.0 3.3 7.1 (0.9) 0.3 0.8 1.0 3.0 Diesel( 경유 ) 16.7 17.5 16.8 14.6 15.8 12.9 22.5 17.5 19.1 18.0 15.9 Change (0.7) (0.0) 2.1 0.9 3.9 (5.7) (0.7) (2.4) (1.3) 0.8 Bunker-C (4.4) (4.8) (7.2) (9.5) (9.4) (11.0) (13.7) (12.6) (5.6) (10.1) (10.8) Change 0.4 2.8 5.1 5.0 6.5 9.2 8.2 1.2 5.7 6.4 Naphtha (2.3) (2.5) (4.6) (6.9) (2.1) (2.3) (1.3) 0.5 (5.4) (4.2) (2.2) Change 0.2 2.3 4.7 (0.2) 0.1 (1.0) (2.8) 3.1 1.9 (0.1) Refining Simple( 단순 ) 3.7 3.8 2.1 0.1 (0.2) (1.8) (0.6) (0.7) 2.6 0.3 (0.5) Margin Change (0.0) 1.7 3.6 3.9 5.5 4.4 4.4 1.2 3.5 4.2 Complex( 복합 ) 9.0 9.3 8.0 6.7 6.5 5.5 7.4 7.4 9.1 7.6 7.0 Change (0.3) 1.0 2.2 2.5 3.4 1.6 1.6 (0.1) 1.3 2.0 Complex(lagging) (8.8) (6.5) 0.9 (0.9) 2.4 6.9 8.9 6.2 9.1 7.7 4.2 Change (2.4) (9.7) (8.0) (11.2) (15.7) (17.7) (15.0) (17.9) (16.5) (13.1) 자료 : Petronet, SK증권참고 1) Crude Oil 가격은현물 (spot) 기준으로선물 (future) 가격과다를수있음참고 2) Gasoline은 95RON, 경유는 L/P 0.5%, Bunker-C는 380cst/4.0% 기준임
Petrochemical Price Data Daily Price 12/01 11/28 11/27 11/26 11/25 11/24 11/21 11/20 11/19 11/18 Spot Price Naphtha CFR Japan 598.8 623.3 651.5 665.5 667.6 676.8 673.8 663.5 657.0 663.4 Ethylene CFR SE Asia 1,120.0 1,120.0 1,215.0 1,215.0 1,215.0 1,215.0 1,210.0 1,240.0 1,240.0 1,240.0 Propylene FOB Korea 945.0 970.0 1,005.0 1,025.0 1,035.0 1,045.0 1,045.0 1,075.0 1,090.0 1,110.0 Butadiene FOB Korea 1,005.0 1,005.0 1,015.0 1,015.0 1,020.0 1,020.0 1,020.0 1,035.0 1,040.0 1,050.0 HDPE CFR FE Asia 1,370.0 1,375.0 1,375.0 1,375.0 1,390.0 1,385.0 1,385.0 1,385.0 1,390.0 1,395.0 LDPE CFR FE Asia 1,385.0 1,390.0 1,390.0 1,390.0 1,395.0 1,390.0 1,390.0 1,390.0 1,390.0 1,390.0 LLDPE CFR FE Asia 1,375.0 1,380.0 1,380.0 1,380.0 1,395.0 1,390.0 1,390.0 1,390.0 1,390.0 1,390.0 MEG CFR China 797.0 826.0 872.0 885.0 887.0 901.0 902.0 897.0 874.0 858.0 PP CFR FE Asia 1,275.0 1,300.0 1,330.0 1,335.0 1,335.0 1,370.0 1,370.0 1,370.0 1,370.0 1,380.0 PX CFR China 907.0 946.0 999.0 1,012.0 1,025.0 1,029.0 1,019.5 1,014.5.5 975.0 PTA CFR China 718.0 735.0 755.0 765.0 765.0 779.0 782.0 782.0 779.0 772.0 Benzene FOB Korea 857.0 913.0 972.0 981.0 985.5 1,002.5 993.5 989.5 960.5 943.5 Toluene FOB Korea 743.0 767.5 814.5 828.0 835.0 834.0 805.5 815.5 805.5 794.5 Xylene FOB Korea 731.0 759.0 820.0 832.0 832.0 830.0 825.0 825.0 820.0 811.0 SM FOB Korea 1,022.0 1,133.5 1,188.5 1,193.5 1,218.5 1,244.5 1,253.5 1,250.5 1,240.5 1,214.5 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 12/01 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 48.1 (1.1) (7.9) (2.6) (10.1) (7.7) 23.2 8.4 56,712 16.3 14.1 2.2 2.2 8.3 8.1 Du Pont USD 71.1 (0.4) (1.5) 2.8 7.5 2.6 15.8 9.4 64,395 17.7 15.8 4.1 3.7 10.6 10.1 Eastman USD 82.2 (0.9) (5.9) 1.7 (0.4) (6.9) 6.7 1.8 12,203 11.8 10.6 2.8 2.6 8.1 7.1 BASF EUR 72.5 (0.3) (2.6) 3.4 (6.8) (14.2) (7.6) (6.5) 83,186 13.0 12.3 2.3 2.1 7.8 7.5 Akzo Nobel EUR 55.6 0.0 2.6 4.8 3.7 1.1 0.3 (1.3) 17,044 17.9 15.0 2.4 2.3 9.3 8.1 Arkema EUR 56.0 2.3 9.6 17.8 4.2 (22.7) (31.1) (31.6) 5,093 14.8 12.1 1.5 1.4 6.6 5.5 Lanxess EUR 39.7 (0.6) 0.9 (4.3) (15.2) (23.9) (18.5) (18.1) 4,540 19.3 16.3 1.6 1.5 6.4 6.1 Sumitomo Chemical JPY 467 4.0 10.1 23.5 24.5 23.9 13.3 13.3 6,538 16.3 10.8 1.1 1.0 9.0 8.2 Mitsubishi Chemical JPY 627 2.5 6.7 14.9 19.1 48.9 31.7 29.0 7,985 17.3 13.9 1.0 0.9 7.7 6.6 Shin-Etsu Chemical JPY 8,118 1.6 3.0 15.2 24.1 34.2 37.1 32.2 29,667 26.7 24.2 1.9 1.8 10.1 9.3 Asahi Kasei JPY 1,039 0.6 3.1 15.1 22.4 36.6 28.5 26.0 12,319 14.8 14.0 1.5 1.4 6.7 6.4 JSR JPY 2,107 (0.8) (0.3) 6.4 14.9 23.3 11.9 3.5 4,241 17.5 15.7 1.4 1.3 7.0 6.2 Nitto Denko JPY 6,272 0.1 0.4 5.4 12.7 33.6 20.4 41.4 9,217 16.4 14.9 1.8 1.7 6.9 6.3 SABIC SAR 88.7 0.5 (13.9) (20.0) (33.2) (23.6) (18.1) (21.9) 70,862 10.2 9.7 1.6 1.5 5.8 5.6 Yansab SAR 48.9 (5.5) (16.7) (23.6) (36.1) (29.1) (26.5) (34.6) 7,327 10.6 9.6 1.8 1.8 7.7 7.6 Formosa Plastics TWD 69.7 (1.8) (2.1) (0.7) (10.1) (9.1) (10.4) (13.4) 14,299 18.5 17.7 1.6 1.6 30.4 26.5 Formosa Fiber TWD 68.2 (2.6) (2.3) (3.7) (8.5) (5.1) (18.2) (18.8) 12,882 19.4 19.2 1.4 1.4 16.3 16.1 Nan Ya Plastics TWD 63.1 (2.6) (1.6) 0.3 (11.5) (6.4) (2.6) (8.4) 16,127 15.0 16.1 1.7 1.6 18.4 17.0 Sinopec Shanghai CNY 4.01 3.4 9.6 8.7 14.6 26.5 39.2 31.5 5,822 72.9 28.6 2.4 2.2 20.8 10.9 Sinopec Yizheng(FibeCNY 4.29 0.0 (0.2) 1.4 54.3 54.3 42.5 51.6 3,584 26.0 18.3 2.1 1.9 2.5 2.1 Reliance INR 962 (3.0) (2.4) (3.9) (5.2) (9.7) 12.7 8.2 50,240 12.0 11.0 1.4 1.2 9.4 8.2 Industries Qatar QAR 183.0 0.1 (6.2) (2.9) (3.7) (3.2) 9.0 8.3 30,407 15.2 13.2 3.5 3.4 58.8 56.0 PTT Chemical THB 62.0 (3.5) (5.3) 0.0 (0.4) (9.8) (18.7) (21.5) 8,529 10.5 9.9 1.4 1.3 5.9 5.6 Petronas MYR 5.1 (8.9) (9.4) (16.6) (18.6) (23.9) (24.0) (25.9) 11,980 13.9 12.6 1.8 1.6 6.9 6.2 LG화학 KRW 195,500 (5.3) (10.7) (2.3) (27.6) (24.8) (32.7) (34.7) 11,680 14.1 10.8 1.2 1.1 5.6 4.8 롯데케미칼 KRW 165,500 (6.0) (10.8) 14.1 (0.3) 2.8 (24.4) (28.7) 5,114 18.6 12.3 0.9 0.8 7.5 5.8 한화케미칼 KRW 12,100 (4.0) (11.0) (0.4) (26.2) (35.6) (44.9) (43.9) 1,766 21.4 12.6 0.5 0.4 11.0 8.8 금호석유 KRW 77,500 (1.9) (6.1) 0.3 (4.6) (4.6) (23.3) (18.6) 2,129 31.1 15.6 1.7 1.6 12.5 9.7 SKC KRW 26,050 (3.9) (9.2) (5.3) (23.6) (18.8) (20.9) (14.7) 854 12.9 10.0 0.8 0.7 9.3 8.2 국도화학 KRW 43,350 (3.2) (2.9) 4.6 (15.7) (25.8) (16.3) (21.9) 227 12.0 7.8 0.7 0.7 6.2 5.1 효성 KRW 2,925 (7.6) (17.5) 3.9 (20.6) (33.1) (57.0) (54.4) 2,146 8.8 7.9 0.8 0.8 9.2 8.5 Average (1.6) (3.2) 1.9 (2.5) (1.6) (3.3) (5.0) Refinery Valero USD 48.9 0.6 (3.8) (2.4) (9.7) (12.8) 7.0 (3.0) 25,489 8.3 8.0 1.2 1.1 4.2 4.1 Conoco Phillips USD 67.8 2.6 (7.6) (6.1) (16.6) (15.2) (6.9) (4.1) 83,419 11.6 13.2 1.5 1.4 4.5 4.6 Formosa PetrochemicTWD 68.8 (1.7) (2.7) (3.5) (9.5) (6.1) (14.7) (15.9) 21,121 24.6 23.0 2.7 2.6 16.1 14.6 Tesoro USD 75.3 (1.7) (3.3) 5.5 16.3 34.0 28.4 28.7 9,508 11.9 11.8 2.1 1.9 5.7 5.4 Marathon Petroleum USD 90.8 0.8 (5.5) (0.1) (0.2) 1.6 9.7 (1.0) 25,439 11.6 9.8 2.4 2.0 6.2 5.3 Devon Energy USD 59.9 1.6 (9.6) (0.1) (20.5) (18.9) (1.1) (3.1) 24,521 11.3 11.1 1.0 0.9 5.1 5.1 Hollyfrontier USD 40.7 (0.4) (8.5) (10.4) (18.7) (17.4) (15.3) (18.2) 7,959 12.6 10.6 1.3 1.3 5.7 5.1 Phillips 66 USD 71.9 (1.6) (9.5) (8.5) (17.4) (15.2) 3.2 (6.8) 39,775 11.3 9.8 1.9 1.7 6.2 5.7 Murphy Oil USD 49.0 1.3 (7.5) (8.2) (21.5) (20.5) (24.5) (24.4) 8,703 12.8 17.3 1.0 1.0 3.4 3.6 JX Holdings JPY 437.1 (1.0) (3.7) (8.0) (18.1) (17.5) (18.0) (19.2) 9,225 14.8 6.8 0.5 0.5 12.7 9.4 Cosmo Oil JPY 162.0 (0.6) (3.6) (5.3) (16.1) (16.9) (14.3) (19.4) 1,161 15.4 8.0 0.6 0.5 10.6 9.3 Idemitsu JPY 2,000.0 (1.2) (3.7) (7.4) (13.9) (5.3) (13.0) (16.4) 2,706 13.0 7.9 0.4 0.4 9.7 7.8 Tonengeneral JPY.0 0.7 0.1 2.8 4.3 2.5 1.0 3.6 4,780 10.1 21.6 1.2 1.1 33.0 14.5 Nesteoil EUR 19.6 2.7 3.8 13.6 31.7 30.5 39.4 36.4 6,279 17.9 13.9 1.7 1.6 9.6 7.8 Ashland USD 115.8 1.5 2.7 7.1 8.0 12.4 27.1 19.3 8,029 19.4 15.5 2.2 2.3 8.8 8.3 Fuchs Petrolub EUR 33.4 0.5 3.8 8.1 6.4 (3.8) (3.9) (5.9) 5,754 21.5 20.2 5.2 4.6 13.4 12.7 SK이노베이션 KRW 81, (4.6) (17.0) (6.5) (12.9) (23.2) (43.2) (42.2) 6,819 832.2 10.1 0.5 0.5 15.6 8.5 S-Oil KRW 40,150 (4.6) (14.6) (1.2) (12.9) (27.1) (47.0) (45.7) 4,075 840.8 12.8 0.9 0.9 20.7 8.7 GS KRW 40,750 (2.0) (7.0) (1.7) (5.5) (6.0) (28.0) (28.9) 3,413 55.6 11.7 0.6 0.6 23.2 12.8 Average (0.4) (5.1) (1.7) (6.7) (6.6) (6.0) (8.7) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임
Global peers Currency 12/01 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 92.4 2.0 (3.5) (4.5) (7.1) (8.1) (1.2) (8.7) 391,059 12.5 13.8 2.2 2.1 5.8 6.4 BP GBP 414.5 (1.4) (7.3) (7.7) (14.1) (17.6) (14.0) (15.1) 119,086 9.4 9.4 0.9 0.9 4.0 4.0 Shell EUR 2,121.0 (0.5) (6.4) (5.1) (13.5) (9.6) 3.6 (1.9) 215,498 9.0 9.7 1.1 1.1 4.0 4.2 Chevron USD 111.7 2.6 (5.0) (6.9) (13.7) (9.0) (8.7) (10.6) 211,217 11.1 11.9 1.4 1.3 4.7 5.0 Total EUR 44.6 (0.8) (7.9) (5.9) (11.7) (13.3) 0.1 0.2 132,980 9.9 9.8 1.2 1.2 4.4 4.3 Sinopec CNY 5.41 0.4 4.6 2.7 (2.5) 6.1 13.2 20.8 100,329 9.3 8.8 1.0 0.9 5.2 4.7 Petrochina CNY 8.17 0.0 4.5 4.2 3.3 7.5 3.3 6.0 236,964 11.4 11.0 1.2 1.2 5.7 5.6 CNOOC CNY 17.48 2.0 1.5 (3.3) (11.3) 3.5 (24.4) (21.7) 11,436 10.3 9.6 1.7 1.6 6.9 6.8 Gazprom RUB 144.1 0.9 (0.4) 1.8 8.9 1.7 0.9 3.9 65,930 3.0 2.9 0.3 0.2 2.2 2.2 Rosneft RUB 233.5 (0.1) (1.7) (2.7) 2.0 3.3 (2.1) (7.2) 47,827 5.1 5.2 0.6 0.6 3.1 3.4 Anadarko USD 78.7 (0.5) (14.9) (14.2) (30.1) (23.5) (11.4) (0.7) 39,873 16.3 19.5 1.8 1.7 4.4 4.8 Petrobras BRL 12.3 (3.8) (13.3) (19.4) (48.3) (26.2) (35.6) (27.9) 60,540 7.1 5.5 0.4 0.4 5.6 4.7 Lukoil USD 46.5 (0.1) (7.6) (5.3) (15.4) (17.9) (25.0) (25.6) 39,530 3.9 4.2 0.4 0.4 N/A N/A Kinder USD 102.0 0.0 2.2 8.8 5.9 34.2 24.5 26.5 47,497 38.2 37.8 2.8 3.0 11.8 10.9 Statoil NOK 133.3 0.6 (13.6) (12.9) (25.3) (27.2) (3.7) (9.3) 61,423 9.5 10.3 1.1 1.1 2.2 2.2 BHP AUD 29.3 (5.3) (11.0) (13.8) (20.2) (20.9) (21.7) (23.0) 129,467 11.8 10.8 1.5 1.5 5.5 5.2 PTT E&P THB 130.0 (4.1) (10.0) (11.3) (20.2) (15.3) (18.8) (21.9) 15,746 8.7 8.7 1.2 1.1 3.1 3.0 Petronas gas MYR 21.0 (7.6) (3.8) (6.6) (7.9) (14.3) (12.0) (13.5) 12,130 24.3 23.0 3.8 3.6 13.4 12.8 Average 0 (0.9) (5.2) (5.7) (12.3) (8.1) (7.4) (7.2) PV WACKER EUR 91.3 (2.0) (5.5) (5.1) 2.3 5.3 16.3 13.6 5,949 29.4 28.0 2.0 1.9 6.0 6.1 GCL-Poly HKD 2.0 (4.3) (6.5) (22.9) (25.5) (16.2) (20.5) (15.8) 4,035 14.1 10.2 1.7 1.5 8.2 7.1 REC NOK 102.0 (0.5) (1.4) 12.8 10.7 0.5 20.7 21.4 590 12.6 9.9 2.2 1.8 8.0 6.4 SunEdison USD 20.6 (4.7) (9.8) 5.8 (6.3) 4.8 62.4 58.2 5,593 N/A N/A N/A N/A N/A N/A Canadian Solar USD 22.2 (8.5) (20.0) (30.3) (37.3) (13.7) (23.7) (25.5) 1,220 5.5 4.6 1.5 1.1 4.5 3.8 JA Solar USD 8.2 (5.2) (13.3) (1.7) (11.1) (17.3) (13.0) (10.3) 356 7.7 5.4 0.5 0.4 3.6 3.2 Trina Solar USD 9.4 (6.6) (9.6) (11.3) (25.2) (31.5) (33.1) (31.5) 863 11.3 7.6 0.7 0.7 6.5 4.8 Solar City USD 50.9 (7.5) (9.7) (14.0) (25.9) (3.1) (2.7) (10.4) 4,885 N/A N/A 8.3 9.1 N/A N/A Yingli USD 2.5 (9.0) (15.7) (14.0) (25.0) (25.4) (52.0) (50.1) 458 N/A 76.4 20.2 38.8 13.0 7.5 First Solar USD 45.8 (6.2) (9.7) (22.3) (34.3) (25.9) (23.5) (16.3) 4,586 17.1 10.3 1.0 0.9 6.5 4.6 한화솔라원 USD 1.5 (10.1) (19.1) (26.9) (30.6) (38.7) (56.4) (45.1) 139 N/A N/A N/A N/A N/A N/A OCI KRW 82,300 (3.2) (13.0) (10.5) (43.6) (53.0) (53.1) (56.9) 1,770 N/A 16.9 0.7 0.7 7.2 5.6 웅진에너지 KRW 1,420 (4.1) (6.6) 1.1 (36.0) (47.1) (33.0) (26.4) 95 N/A N/A N/A N/A N/A N/A 신성솔라에너지 KRW 1,050 (1.9) (0.5) (2.3) (9.1) (32.3) (9.9) (7.1) 53 N/A N/A N/A N/A N/A N/A Average (5.3) (10.0) (10.1) (21.2) (21.0) (15.8) (14.4) Gas Company Towngas China HKD 7.9 0.9 (4.9) (2.6) (4.9) (11.1) (8.1) (11.8) 2,692 17.2 14.6 1.5 1.4 17.6 14.8 Kulun HKD 7.9 (5.5) (7.0) (22.9) (37.7) (37.3) (44.7) (41.9) 8,255 10.1 9.4 1.2 1.1 5.7 5.1 Beijing Enterprise HKD 62.2 0.4 (1.9) (1.8) (5.8) (6.2) (10.4) (19.2) 10,294 15.7 13.1 1.3 1.3 16.3 14.4 ENN Energy HKD 48.9 3.2 2.9 (2.8) (11.0) (10.8) (10.4) (14.7) 6,830 18.7 16.3 3.7 3.1 9.9 8.8 China Resources GasHKD 21.1 (3.4) (0.9) (5.0) (4.3) (11.4) (11.6) (22.0) 6,037 17.9 15.2 2.9 2.5 11.6 10.1 China Gas Holdings HKD 14.2 (2.1) 5.8 2.2 3.5 13.1 35.0 24.4 9,181 21.8 17.8 3.8 3.3 15.7 13.2 Shenzen Gas HKD 11.1 (4.6) (5.5) (9.9) 4.1 20.4 13.3 14.4 2,708 9.4 9.8 1.2 1.0 8.3 9.0 Shann Xi CNY 11.7 (0.8) (2.3) 1.0 13.4 27.3 8.2 14.1 2,117 27.9 20.7 2.9 2.6 14.3 11.8 Suntien HKD 1.8 (4.9) (11.6) (15.0) (24.9) (33.7) (41.1) (39.9) 838 11.0 8.7 0.7 0.6 7.2 5.7 China Oil & Gas HKD 1.1 (5.1) (4.3) (9.8) (15.3) (14.6) (23.4) (22.4) 759 11.7 9.5 1.4 1.2 5.8 4.7 Average (2.2) (3.0) (6.7) (8.3) (6.4) (9.3) (11.9) EV LG화학 KRW 195,500 (5.3) (10.7) (2.3) (27.6) (24.8) (32.7) (34.7) 11,680 13.2 10.1 1.1 1.0 5.6 4.9 삼성SDI KRW 126,000 (6.0) (4.9) 0.0 (18.2) (16.8) (28.2) (22.2) 7,811 52.2 20.8 0.8 0.8 15.7 10.3 Panasonic JPY 1554.0 1.4 5.8 19.1 21.7 42.2 32.3 27.0 32,240 20.7 17.1 2.0 1.8 6.1 5.7 GS Yuasa JPY 569.0 0.2 2.5 4.4 (9.8) (2.1) (3.7) (6.0) 1,990 14.1 11.8 1.6 1.4 8.0 7.1 NEC JPY 379.0 1.6 5.3 (1.8) 2.2 20.7 67.7 59.9 8,349 20.0 14.0 1.3 1.2 7.1 6.6 BYD Auto CNY 43.4 0.2 (1.0) (7.6) (15.1) (7.0) 14.6 15.2 16,307 89.5 41.7 4.2 3.8 21.5 17.0 Tesla Motors USD 231.6 (5.3) (6.1) (4.2) (14.1) 11.5 82.0 54.0 29,043 387.4 76.3 34.5 24.6 91.4 37.5 Kandi Technologies USD 13.6 (3.6) (4.7) (17.6) (23.7) 11.4 90.0 15.5 630 N/A N/A N/A N/A N/A N/A Average (2.1) (1.7) (1.2) (10.6) 4.4 27.7 13.6 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임