1. News Summary (3 page) 2015 년 11 월 17 일 News Conclusion WTI comment 산유량감소와지정학적리스크로상승 Headline 정부 / 금융당국, 화학등자발적구조조정지원 PTA 산업의구조조정에대한정부이슈는지속제기될것 News 1. - - News 2. - - News 3. - - News 4. - - 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 41.7 2.5 (4.9) (11.7) (2.1) (44.8) Ethylene 11/16 $/t 1,065 0.0 15.1 12.4 (14.5) Dubai $/bbl 40.4 (1.0) (5.9) (13.4) (16.3) (46.3) Propylene 11/16 $/t 650 5.7 32.7 (18.8) (43.2) Gasoline $/bbl 57.8 (0.7) (4.4) (10.4) (13.9) (34.5) Benzene 11/16 $/t 640 3.2 3.6 (7.2) (36.0) Diesel $/bbl 55.2 (1.0) (5.6) (6.6) (5.1) (40.3) Toluene 11/16 $/t 690 0.0 (2.1) 3.8 (20.7) Complex margin $/bbl 9.4 (0.0) (0.2) 1.7 2.6 1.3 Xylene 11/16 $/t 703 1.1 4.1 5.6 (21.1) $/bbl 3.3 (1.0) (5.3) (4.4) 3.2 10.9 PP 11/16 $/t 935 (4.1) (6.0) (10.5) (34.6) Petrochemical % % % % % PVC 11/16 $/t 770 (1.3) (3.1) (8.3) (20.2) Naphtha $/t 437 (1.1) (5.5) (4.7) (3.5) (31.9) ABS 11/16 $/t 1,213 (2.6) (2.6) (13.7) (33.6) Butadiene $/t 725 0.0 (4.6) (4.0) (21.2) (31.0) SBR 11/16 $/t 1,160 (1.3) (9.4) (10.7) (35.4) HDPE $/t 1,095 (0.5) (3.9) (8.0) (8.0) (22.6) SM 11/16 $/t 963 1.6 (2.5) (17.2) (24.4) MEG $/t 597 (0.5) (5.1) (8.7) (21.4) (30.1) BPA 11/16 $/t 1,480 (4.2) (7.9) 0.9 (27.9) PX $/t 765 (0.4) (2.7) (3.3) (4.1) (21.1) Caustic 11/16 $/t 0.0 (4.0) (4.8) (1.6) SM $/t 912 0.1 1.4 (2.0) (17.2) (24.5) 2-EH 11/16 $/t 735 (1.3) (6.4) (23.0) (44.3) Commodity % % % % % Caprolactam 11/16 $/t 1,360 0.0 0.0 (18.3) (33.8) Natural Gas $/mmbtu 2.39 1.0 3.7 (10.2) (21.5) (41.3) Solar % % % % Natural rubber $/t 1,180 0.0 4.4 (4.1) (9.9) (21.9) Polysilicon 11/11 $/kg 14.1 (0.8) (3.2) (7.0) (32.2) Cotton C/lbs 62.66 1.0 0.8 (0.8) (4.8) (2.4) Module 11/11 $/W 0.56 0.2 0.5 2.22 (9.7) * 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 80.9 3.6 (1.3) (1.9) 3.2 (14.9) BASF EUR 74.7 1.0 (2.6) 4.9 (2.4) 7.8 Shell EUR 1,576 0.5 (7.3) (12.8) (12.3) (28.4) Dow Chemical USD 51.7 1.0 (0.1) 8.5 15.0 0.5 Petrochina CNY 8.98 0.4 (2.8) 0.3 (18.2) 14.7 SABIC SAR 82.4 2.8 0.5 (6.3) (8.7) (19.0) Gazprom RUB 137.2 0.9 0.5 (2.7) (5.2) (3.7) Formosa Pla. TWD 72.9 (0.5) (2.8) (3.3) 6.4 7.2 Petrobras BRL 7.7 5.9 0.8 (3.1) (17.2) (41.7) Shin-Etsu JPY 7,045 (1.6) (3.8) 4.0 (3.9) (8.8) Refinery Renewable Phillips66 USD 91.1 2.2 (1.0) 8.3 10.7 26.9 Wacker EUR 81.5 0.3 (1.4) 14.7 (3.4) (13.6) Valero USD 69.7 1.0 (1.2) 9.3 2.3 40.7 Yingli USD 0.68 (2.7) (4.1) (19.9) (20.8) (75.1) JX JPY 482.1 4.2 0.6 (0.7) (3.2) 7.3 Tesla USD 214.3 3.4 (4.9) (5.6) (11.9) (17.2) Neste Oil EUR 24.5 1.6 2.0 11.5 (0.5) 31.2 BYD CNY 69.5 (1.7) (2.9) 14.7 9.0 57.3 4. Coverage Summary 11/16 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 1,943 (1.5) (4.1) (4.3) (0.7) (7.8) (0.1) * 추정치는 12M fwd 기준임 KOSPI화학 4,959 (0.0) (0.9) (2.9) 4.3 (1.4) 32.4 * 모든 coverage 업체의실적은연결기준임 LG화학 294,000 (1.8) (0.8) 1.7 26.7 10.9 45.2 매수 350,000 19.0 11.77 1.57 롯데케미칼 224, (0.7) (3.0) (17.9) (2.4) (2.6) 36.9 매수 330,000 47.0 9.82 0.95 한화케미칼 23, 11.2 5.9 7.8 29.6 41.4 84.3 매수 24,000 2.6 10.04 0.81 금호석유화학 57, (0.3) (3.4) (9.9) (4.0) (30.5) (27.9) 매수 70,000 22.2 12.18 1.15 OCI 73, (2.5) (8.3) (15.3) (16.9) (24.8) (18.9) 매수,000 35.5 24.64 0.73 SKC 36,550 1.1 (2.0) (1.2) (6.2) (10.6) 39.8 매수 50,000 36.8 10.29 0.95 국도화학 60, 2.0 2.4 (15.2) (20.4) (6.4) 37.2 매수,000 66.4 7.49 0.73 SK이노베이션 117,000 2.6 0.9 4.9 23.0 3.5 36.0 매수 125,000 6.8 9.67 0.71 S-Oil 69,000 1.0 2.1 (0.7) 13.5 3.4 68.9 매수 75,000 8.7 12.76 1.31 GS 49,200 0.4 (5.0) 0.1 7.7 (1.5) 22.8 매수 60,000 22.0 6.21 0.87 SK가스 80, (0.4) (1.2) (7.1) (8.2) (23.7) (35.4) 매수,000 24.8 7.39 0.69 대우인터내셔널 17, (5.5) (7.3) (21.3) (17.3) (37.2) (48.6) 매수 26,000 45.3 8.07 0.81 LG 상사 32,200 (1.5) (8.1) (5.8) 19.0 (24.1) 19.3 매수 40,000 24.2 10.41 0.83 작성자 ( 손지우 ) 는본조사분석자료에게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 본보고서에언급된종목의경우당사조사분석담당자는본인의담당종목을보유하고있지않습니다. 본보고서는기관투자가또는제 3 자에게사전제공된사실이없습니다. 당사는본보고서의발간시점에해당종목을 1% 이상보유하고있지않습니다.
Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 5, 5, 5, 4, 4,700 4, 4, 4, 3, 3,700 3, 3, 14/01 14/04 KOSPI( 우 ) KOSPI화학 ( 좌 ) 14/07 14/10 15/02 15/05 15/08 (p) 2,200 2, 2,000 1, 1, 15/11 ($/bbl) WTI Dubai 120 110 90 80 70 60 50 40 30 13/11 14/03 14/07 14/11 15/03 15/07 Complex & margin ($/bbl) 시차조정복합 복합정제마진 30 20 10 0-10 -20 13/11 14/03 14/07 14/11 15/03 15/07 15/1 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1,700 1, 1, 1, 700 Polysilicon & Module prices ($/kg) PolySilicon Silicon Module ($/W) 23 0.72 0.70 21 0.68 0.66 19 0.64 0.62 17 0.60 15 0.58 0.56 13 0.54 13/11 14/04 14/10 15/03 15/09 Butadiene price & naphtha spread Butadiene 1, 1, 700 1, 1,200 200 0 HDPE price & naphtha spread 1,700 HDPE MEG price & naphtha spread 1, MEG 1, 1, 1, 1, 700 200 1,200 700 1, 0 - PVC price & naphtha spread PX price & naphtha spread 1, PVC 1, PX 1,050 1, 950 1,200 200 850 200 750 0 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK증권참고 : 상기데이터는일괄적으로과거 2년치적용
######## News Comment Headline ( 출처 : 각종언론 ) WTI Comment ( 출처 : 연합뉴스 ) 정부 / 금융당국, 화학등자발적구조조정지원 산유량감소와지정학적리스크로상승 PTA 산업의구조조정에대한정부이슈는지속제기될것 상승 OPEC 10월산유량 12만b/d 감소, 5월이후최저치 요인 파리테러이후지정학적리스크대두 1) 금융위원회, 석유화학 / 조선 / 건설 / 해운경쟁력강화및구조조정논의 2) " 엄밀한분석토대로선제적이고체계적인구조조정필요 " 3) 석유화학은 PTA 업계의설비감축차질없이진행되도록독려 하락 4) " 개별기업구조조정은기업 / 채권단이자율적협의따라진행 " 요인 5) PTA 산업의구조조정에대한정부이슈는지속제기될것 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)
Commodity Price Data ## Daily Price Today 1D 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. F/X USD/EUR 0.936 0.928 0.930 0.881 0. 0.874 0.798 0.826 0.753 0.754 0.898 Change, % 0.8 0.6 6.2 4.0 7.1 17.2 13.3 (3.9) 13.7 4.2 USD/JPY 123.2 122.6 123.2 119.4 124.3 119.3 116.3 119.7 97.7 105.9 120.9 Change, % 0.5 0.0 3.1 (0.9) 3.3 5.9 2.9 21.5 13.8 1.9 USD/KRW 1,173.9 1,163.6 1,157.4 1,129.4 1,180.6 1,085.7 1,.8 1,094.0 1,094.6 1,053.0 1,126.0 Change, % 0.9 1.4 3.9 (0.6) 8.1 6.6 7.3 50.3 3.3 4.2 Agriculture Corn 360.0 358.3 366.8 376.8 364.0 365.5 381.8 397.0 579.2 415.6 378.1 Change, % 0.5 (1.8) (4.4) (1.1) (1.5) (5.7) (9.3) (39.6) (5.9) (4.8) Soybean 859.5 859.0 873.5 898.3 978.5 953.3 1,021.0 1,019.3 1,407.0 1,245.5 955.1 Change, % 0.1 (1.6) (4.3) (12.2) (9.8) (15.8) (15.7) (7.5) (22.3) (10.0) Wheat 494.0 495.8 501.8 492.3 506.5 511.0 560.5 589.8 684.3 588.0 512.6 Change, % (0.4) (1.5) 0.4 (2.5) (3.3) (11.9) (16.2) (22.2) (2.6) (3.6) Rice 11.8 12.0 11.8 12.1 11.8 9.6 11.7 11.5 15.5 14.0 11.0 Change, % (1.0) 0.4 (2.2) 0.2 23.7 0.9 3.0 4.4 (25.9) 7.5 Oats 235.0 231.5 224.0 230.8 227.5 248.5 339.5 303.8 367.5 373.1 251.5 Change, % 1.5 4.9 1.8 3.3 (5.4) (30.8) (22.6) 1.9 (14.3) (6.6) MYR/mt Palm Oil 2,132.0 2,.0 2,235.0 2,235.0 1,986.0 2,199.0 2,191.0 2,291.0 2,405.0 2,415.1 2,187.9 Change, % 1.5 (4.6) (4.6) 7.4 (3.0) (2.7) (6.9) 13.3 (12.8) (2.6) Cocoa 3,369.0 3,346.0 3,209.0 3,119.0 3,039.0 3,133.0 2,847.0 2,910.0 2,403.9 3,006.8 3,061.9 Change, % 0.7 5.0 8.0 10.9 7.5 18.3 15.8 21.2 7.4 10.0 Cotton 61.7 61.7 61.9 63.9 67.2 66.8 59.8 60.3 83.3 76.4 63.3 Change, % 0.1 (0.3) (3.3) (8.1) (7.6) 3.2 2.4 12.6 (28.8) (2.5) Sugar 15.2 15.0 14.0 14.3 10.7 12.9 15.9 14.5 17.5 16.3 12.9 Change, % 0.9 8.5 6.4 42.1 17.8 (4.5) 4.5 (15.9) (11.5) 17.9 Coffee 114.4 112.2 117.8 125.9 137.5 137.2 192.0 166.6 126.0 177.1 134.4 Change, % 2.0 (2.9) (9.1) (16.8) (16.7) (40.4) (31.4) (23.0) 50.5 (14.9) Energy WTI 41.7 40.7 43.9 47.3 42.5 59.7 75.8 53.3 98.0 92.9 50.3 Change, % 2.5 (4.9) (11.7) (1.8) (30.1) (44.9) (21.6) 7.2 (45.9) (17.0) Brent 44.8 43.6 47.2 50.5 49.0 66.8 79.4 57.3 108.7 99.5 55.5 Change, % 2.8 (5.0) (11.2) (8.6) (32.9) (43.5) (21.8) (0.3) (48.3) (19.2) Natural Gas 2.4 2.4 2.3 2.4 2.8 3.0 4.0 2.9 3.7 4.3 2.7 Change, % 1.0 3.7 (1.9) (14.9) (20.9) (40.7) (17.4) 26.2 (31.7) (11.8) Ethanol 1.5 1.5 1.5 1.5 1.5 1.7 2.0 1.6 2.3 2.1 1.5 Change, % 0.8 (3.0) (4.0) (0.5) (12.9) (27.6) (10.1) (12.7) (14.9) (3.6) RBOB Gasoline 123.9 123.9 137.1 132.8 168.7 205.7 204.3 143.5 285.0 262.6 168.6 Change, % (0.0) (9.6) (6.7) (26.6) (39.8) (39.4) (13.7) (0.9) (48.5) (26.5) Coal 41.8 41.8 42.0 41.9 42.9 46.8 52.0 48.5 56.1 57.5 45.5 Change, % 0.0 (0.6) (0.4) (2.6) (10.8) (19.7) (14.0) (1.0) (15.5) (8.3) Metal Gold 1,082.8 1,083.9 1,092.3 1,177.3 1,115.1 1,224.1 1,188.8 1,182.0 1,410.4 1,266.5 1,173.2 Change, % (0.1) (0.9) (8.0) (2.9) (11.5) (8.9) (8.4) (28.0) (1.3) (7.7) Silver 14.3 14.3 14.6 16.1 15.3 17.5 16.3 15.7 23.8 19.1 15.9 Change, % (0.1) (2.3) (11.3) (6.6) (18.6) (12.6) (9.0) (35.8) (18.9) (10.6) Platinum 866.0 863.0 913.4 1,015.0 992.3 1,168.1 1,213.8 1,207.5 1,485.7 1,384.6 1,083.5 Change, % 0.3 (5.2) (14.7) (12.7) (25.9) (28.7) (28.3) (11.2) (11.5) (20.1) Palladium 550.9 538.6 598.5 696.5 619.0 793.5 766.4 797.0 725.9 803.4 711.5 Change, % 2.3 (8.0) (20.9) (11.0) (30.6) (28.1) (30.9) 1.7 11.4 (22.6) Copper 4,690.0 4,825.0 4,964.0 5,285.0 5,165.0 6,415.0 6,705.0 6,.0 7,352.6 6,828.1 5,625.5 Change, % (2.8) (5.5) (11.3) (9.2) (26.9) (30.1) (25.6) (7.2) (14.4) (16.6) Uranium 36.0 36.0 36.0 37.8 36.4 35.8 43.5 35.3 38.5 33.5 37.1 Change, % 0.0 0.0 (4.6) (1.1) 0.7 (17.2) 2.1 (20.9) 2.5 (2.8) HR Coil 388.0 388.0 391.0 420.0 466.5 450.0 632.0 605.0 630.4 653.2 474.1 Change, % 0.0 (0.8) (7.6) (16.8) (13.8) (38.6) (35.9) 3.1 (10.4) (18.2) Scrap 190.0 190.0 180.0 190.0 255.0 250.0 398.0 355.0 396.9 401.3 258.8 Change, % 0.0 5.6 0.0 (25.5) (24.0) (52.3) (46.5) (1.2) (16.5) (26.6) Zinc 1,587.0 1,622.0 1,644.0 1,801.0 1,829.0 2,291.0 2,259.0 2,178.0 1,940.3 2,165.0 1,997.1 Change, % (2.2) (3.5) (11.9) (13.2) (30.7) (29.7) (27.1) (1.2) 6.0 (20.5) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용
Refining Price Data ## Daily Price 11/16 1D 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. Crude Oil WTI 41.7 40.7 43.9 47.3 42.6 59.0 75.7 53.2 97.9 93.1 50.3 Change, % 2.5 (4.9) (11.7) (2.1) (29.2) (44.8) (21.6) (57.4) (55.2) (16.9) Dubai 40.4 40.8 42.9 46.6 48.2 61.8 75.1 53.6 105.3 96.7 52.8 Change, % (1.0) (5.9) (13.4) (16.3) (34.7) (46.3) (24.7) (61.7) (58.3) (23.6) Crude Oil Gasoline( 휘발유 ) 57.8 58.2 60.4 64.5 67.1 84.0 88.2 64.8 119.1 110.9 71.4 Product Change, % (0.7) (4.4) (10.4) (13.9) (31.2) (34.5) (10.8) (51.5) (47.9) (19.1) Kerosene( 등유 ) 55.1 55.6 58.3 58.9 57.3 75.8 94.7 71.2 123.0 112.6 66.7 Change, % (1.0) (5.6) (6.5) (3.9) (27.4) (41.9) (22.6) (55.2) (51.1) (17.5) Diesel( 경유 ) 55.2 55.7 58.4 59.1 58.1 77.7 92.4 70.2 123.4 112.8 66.8 Change, % (1.0) (5.6) (6.6) (5.1) (29.0) (40.3) (21.4) (55.3) (51.1) (17.5) Bunker-C 33.7 34.0 35.8 37.8 40.2 58.5 68.0 48.8 95.2 86.5 47.4 Change, % (1.0) (5.9) (10.8) (16.2) (42.4) (50.4) (30.9) (64.6) (61.0) (28.9) Naphtha 45.8 46.2 48.6 48.4 47.9 62.6 70.0 48.0 101.1 94.3 53.5 Change, % (1.0) (5.7) (5.4) (4.3) (26.9) (34.6) (4.7) (54.7) (51.4) (14.4) Dubai Gasoline( 휘발유 ) 17.4 17.4 17.6 17.9 18.9 22.2 13.1 11.2 13.8 14.2 18.6 Spread Change 0.0 (0.1) (0.5) (1.5) (4.8) 4.3 6.3 3.6 3.2 (1.1) Kerosene( 등유 ) 14.7 14.8 15.5 12.3 9.1 14.1 19.6 17.6 17.6 15.9 13.9 Change (0.1) (0.8) 2.4 5.6 0.6 (4.9) (2.9) (2.9) (1.2) 0.8 Diesel( 경유 ) 14.8 14.9 15.5 12.5 9.9 16.0 17.3 16.6 18.0 16.0 14.0 Change (0.1) (0.7) 2.3 4.9 (1.2) (2.5) (1.8) (3.2) (1.2) 0.8 Bunker-C (6.7) (6.7) (7.1) (8.8) (8.0) (3.2) (7.2) (4.8) (10.1) (10.3) (5.5) Change 0.1 0.4 2.1 1.3 (3.4) 0.5 (1.8) 3.5 3.6 (1.2) Naphtha 5.5 5.5 5.7 1.8 (0.4) 0.9 (5.2) (5.6) (4.2) (2.4) 0.7 Change (0.0) (0.2) 3.6 5.8 4.6 10.6 11.0 9.7 7.8 4.7 Refining Simple( 단순 ) 3.3 3.3 3.4 1.3 0.6 4.9 2.3 3.3 0.3 (0.1) 3.2 Margin Change 0.0 (0.0) 2.1 2.7 (1.6) 1.1 0.1 3.1 3.4 0.1 Complex( 복합 ) 9.4 9.4 9.7 7.7 6.9 11.3 8.1 8.0 7.6 7.1 9.2 Change (0.0) (0.2) 1.7 2.6 (1.9) 1.3 1.4 1.8 2.3 0.3 Complex(lagging) 3.3 4.3 8.6 7.7 0.1 19.7 (7.6) (14.3) 7.7 2.2 6.8 Change (1.0) (5.3) (4.4) 3.2 (16.5) 10.9 17.6 (4.4) 1.0 (3.5) 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 11/16 11/13 11/12 11/11 11/10 11/09 11/06 11/05 11/04 11/03 Spot Price Naphtha CFR Japan 436.8 441.5 448.5 459.5 462.3 462.3 465.3 468.5 482.0 465.5 Ethylene CFR SE Asia 1,065.0 1,065.0 1,060.0 1,055.0 1,055.0 1,055.0 1,055.0 1,010.0 1,010.0 1,010.0 Propylene FOB Korea 584.0 584.0 585.0 582.0 582.0 582.0 582.0 582.0 582.0 580.0 Butadiene FOB Korea 725.0 725.0 745.0 750.0 760.0 760.0 760.0 765.0 765.0 771.0 HDPE CFR FE Asia 1,095.0 1,.0 1,125.0 1,140.0 1,140.0 1,140.0 1,140.0 1,150.0 1,150.0 1,150.0 LDPE CFR FE Asia 1,115.0 1,115.0 1,130.0 1,140.0 1,150.0 1,150.0 1,160.0 1,170.0 1,170.0 1,180.0 LLDPE CFR FE Asia 1,075.0 1,075.0 1,090.0 1,.0 1,.0 1,.0 1,.0 1,.0 1,.0 1,.0 MEG CFR China 597.0.0 595.0 615.0 629.0 629.0 625.0 624.0 627.0 628.0 PP CFR FE Asia 880.0 880.0 880.0 880.0 905.0 905.0 910.0 910.0 915.0 915.0 PX CFR China 765.0 768.0 775.0 774.0 786.0 786.0 787.0 788.0 798.0 785.0 PTA CFR China 605.0 607.0 609.0 609.0 613.0 613.0 610.0 603.0 605.0 605.0 Benzene FOB Korea 616.5 623.0 639.0 643.0 635.0 635.0 626.0 631.5 631.0 631.0 Toluene FOB Korea 621.5 639.0 646.0 655.0 657.0 657.0 652.0 650.0 654.0 651.0 Xylene FOB Korea 658.5 670.0 670.0 670.0 676.0 676.0 676.0 689.0 699.0 684.0 SM FOB Korea 911.5 910.5 910.5 910.5 898.5 898.5 898.5.5 903.5 903.5 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. Spot Price Naphtha CFR Japan 441.5 465.5 461.5 454.0 504.5 638.5 961.0 923.0 865.9 501.3 Change, % (5.2) (4.3) (2.8) (12.5) (30.9) (54.1) (52.2) (49.0) (11.9) Ethylene CFR SE Asia 1,065.0 1,065.0 925.0 947.5 1,170.0 1,245.0 1,452.5 1,353.8 1,401.1 1,109.9 Change, % 0.0 15.1 12.4 (9.0) (14.5) (26.7) (21.3) (24.0) (4.0) Propylene CFR SE Asia 650.00 615.0 490.00.00 855.0 1,145.0145 1,380.0 0 1,326.5 1,254.2 2 820.1 Change, % 5.7 32.7 (18.8) (24.0) (43.2) (52.9) (51.0) (48.2) (20.7) Butadiene CFR SE Asia 705.0 725.0 750.0 875.0 1,140.0.0 1,435.0 1,441.1 1,281.7 907.0 Change, % (2.8) (6.0) (19.4) (38.2) (29.5) (50.9) (51.1) (45.0) (22.3) Benzene CFR SE Asia 640.0 620.0 617.5 690.0 765.0.0 1,367.5 1,327.9 1,243.1 702.9 Change, % 3.2 3.6 (7.2) (16.3) (36.0) (53.2) (51.8) (48.5) (9.0) Toluene CFR SE Asia 690.0 690.0 705.0 665.0 775.0 870.0 1,215.0 1,203.7 1,082.5 708.5 Change, % 0.0 (2.1) 3.8 (11.0) (20.7) (43.2) (42.7) (36.3) (2.6) Xylene CFR SE Asia 702.5 695.0 675.0 665.0 745.0 890.0 1,210.0 1,201.1 1,055.7 703.8 Change, % 1.1 4.1 5.6 (5.7) (21.1) (41.9) (41.5) (33.5) (0.2) Spread Ethylene -Naphtha 623.5 599.5 463.5 493.5 665.5 606.5 491.5 430.8 535.2 608.6 Change, % 4.0 34.5 26.3 (6.3) 2.8 26.9 44.7 16.5 2.4 Propylene -Naphtha 208.5 149.5 28.5 346.0 350.5 506.5 419.0 403.5 388.3 318.8 Change, % 39.5 631.6 (39.7) (40.5) (58.8) (50.2) (48.3) (46.3) (34.6) Butadiene -Naphtha 263.5 259.5 288.5 421.0 635.5 361.5 474.0 518.1 415.9 405.8 Change, % 1.5 (8.7) (37.4) (58.5) (27.1) (44.4) (49.1) (36.6) (35.1) Benzene -Naphtha 198.5 154.5 156.0 236.0 260.5 361.5 406.5 404.9 377.3 201.7 Change, % 28.5 27.2 (15.9) (23.8) (45.1) (51.2) (51.0) (47.4) (1.6) Toluene -Naphtha 248.5 224.5 243.5 211.0 270.5 231.5 254.0 280.7 216.6 207.3 Change, % 10.7 2.1 17.8 (8.1) 7.3 (2.2) (11.5) 14.7 19.9 Xylene -Naphtha 261.0 229.5 213.5 211.0 240.5 251.5 249.0 278.1 189.9 202.6 Change, % 13.7 22.2 23.7 8.5 3.8 4.8 (6.2) 37.5 28.9 자료 : Cischem, Platts, Bloomberg, SK증권참고 : Spread는 Polymer와 Naphtha의가격차이임
Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. ## Spot Price HDPE CFR SE Asia 1,155.0 1,175.0 1,195.0 1,195.0 1,325.0 1,505.0 1,520.0 1,467.0 1,524.9 1,247.7 Change, % (1.7) (3.3) (3.3) (12.8) (23.3) (24.0) (21.3) (24.3) (7.4) MEG CFR SE Asia 602.5 627.5 657.5 760.0 867.5 860.0 1,032.5 1,015.1 934.1 807.2 Change, % (4.0) (8.4) (20.7) (30.5) (29.9) (41.6) (40.6) (35.5) (25.4) PVC CFR SE Asia 770.0 780.0 795.0 840.0 850.0 965.0 1,005.0 1,014.5 1,013.9 832.3 Change, % (1.3) (3.1) (8.3) (9.4) (20.2) (23.4) (24.1) (24.1) (7.5) PP CFR SE Asia 935.0 975.0 995.0 1,045.0 1,175.0 1,430.0 1,535.0 1,487.7 1,503.0 1,141.1 Change, % (4.1) (6.0) (10.5) (20.4) (34.6) (39.1) (37.2) (37.8) (18.1) 2-EH CFR Korea 735.0 745.0 785.0 955.0 1,010.0 1,320.0 1,420.0 1,470.2 1,397.1 963.9 Change, % (1.3) (6.4) (23.0) (27.2) (44.3) (48.2) (50.0) (47.4) (23.7) ABS CFR SE Asia 1,212.5 1,245.0 1,245.0 1,405.0 1,485.0 1,825.0 1,905.0 1,949.9 1,897.7 1,471.8 Change, % (2.6) (2.6) (13.7) (18.4) (33.6) (36.4) (37.8) (36.1) (17.6) SBR CFR SE Asia 1,160.0 1,175.0 1,280.0 1,299.0 1,530.0 1,795.0 1,920.0 1,877.5 1,360.2 Change, % (1.3) (9.4) (10.7) (24.2) (35.4) (39.6) (38.2) (14.7) SM CFR SE Asia 962.5 947.5 987.5 1,162.5 1,247.5 1,272.5 1,725.0 1,737.4 1,547.1 1,125.1 Change, % 1.6 (2.5) (17.2) (22.8) (24.4) (44.2) (44.6) (37.8) (14.4) Caustic FOB NEA.0.0 312.5 315.0 317.5 305.0 335.0 323.6 310.0 298.3 Change, % 0.0 (4.0) (4.8) (5.5) (1.6) (10.4) (7.3) (3.2) 0.6 PX CFR SE Asia 787.5 807.5 812.5 820.0 852.5 985.0 1,432.5 1,497.3 1,228.5 851.7 Change, % (2.5) (3.1) (4.0) (7.6) (20.1) (45.0) (47.4) (35.9) (7.5) PO CFR China 1,480.0 1,545.0 1,607.5 1,467.5 1,565.0 2,052.5 2,450.0 2,030.2 2,179.2 1,719.2 Change, % (4.2) (7.9) 0.9 (5.4) (27.9) (39.6) (27.1) (32.1) (13.9) Caprolactam CFR SE Asia 1,360.0 1,360.0 1,360.0 1,665.0 1,670.0 2,055.0 2,360.0 2,393.9 2,233.4 1,619.1 Change, % 0.0 0.0 (18.3) (18.6) (33.8) (42.4) (43.2) (39.1) (16.0) PTA CFR SE Asia 622.5 625.0 617.5 605.0 672.5 795.0 1,005.0 1,077.4 911.7 654.6 Change, % (0.4) 0.8 2.9 (7.4) (21.7) (38.1) (42.2) (31.7) (4.9) Spread HDPE 713.5 709.5 733.5 741.0 820.5 866.5 559.0 544.0 659.0 746.5 Change, % 0.6 (2.7) (3.7) (13.0) (17.7) 27.6 31.2 8.3 (4.4) MEG 161.0 162.0 196.0 306.0 363.0 221.5 71.5 92.1 68.2 306.0 Change, % (0.6) (17.9) (47.4) (55.6) (27.3) 125.2 74.8 136.0 (47.4) PVC 328.5 314.5 333.5 386.0 345.5 326.5 44.0 91.5 148.0 331.0 Change, % 4.5 (1.5) (14.9) (4.9) 0.6 646.6 258.8 121.9 (0.8) PP 493.5 509.5 533.5 591.0 670.5 791.5 574.0 564.8 637.1 639.8 Change, % (3.1) (7.5) (16.5) (26.4) (37.7) (14.0) (12.6) (22.5) (22.9) 2-EH 293.5 279.5 323.5 501.0 505.5 681.5 459.0 547.2 531.3 462.6 Change, % 5.0 (9.3) (41.4) (41.9) (56.9) (36.1) (46.4) (44.8) (36.6) ABS 771.0 779.5 783.5 951.0 980.5 1,186.5 944.0 1,026.9 1,031.9 970.6 Change, % (1.1) (1.6) (18.9) (21.4) (35.0) (18.3) (24.9) (25.3) (20.6) SBR BD spread 455.0 450.0 530.0 424.0 390.0 795.0 485.0 595.8 453.2 Change, % 1.1 (14.2) 7.3 16.7 (42.8) (6.2) (23.6) 0.4 SM 521.0 482.0 526.0 708.5 743.0 634.0 764.0 814.4 681.2 623.8 Change, % 8.1 (1.0) (26.5) (29.9) (17.8) (31.8) (36.0) (23.5) (16.5) Caustic Change, % PX 346.0 342.0 351.0 366.0 348.0 346.5 471.5 574.4 362.6 350.4 Change, % 1.2 (1.4) (5.5) (0.6) (0.1) (26.6) (39.8) (4.6) (1.3) PO propylene sprea 830.0 930.0 1,117.5 667.5 710.0 907.5 1,070.0 703.7 925.0 899.2 Change, % (10.8) (25.7) 24.3 16.9 (8.5) (22.4) 17.9 (10.3) (7.7) Caprolactam benzene spread 720.0 740.0 742.5 975.0 905.0 1,055.0 992.5 1,066.0 990.3 916.2 Change, % (2.7) (3.0) (26.2) (20.4) (31.8) (27.5) (32.5) (27.3) (21.4) PTA px spread 71.3 59.8 48.8 31.0 75.8 105.5 2.3 29.2 51.8 58.4 Change, % 19.2 46.2 129.8 (5.9) (32.5) 3,066.7 143.8 37.7 21.9 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용
Global peers ##### Currency 11/16 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 51.7 1.0 (0.1) 8.5 15.0 0.3 0.5 13.2 58,429 17.5 15.9 2.4 2.8 8.5 8.4 Du Pont USD 67.2 0.3 0.7 17.4 24.8 0.8 (5.0) (4.3) 57,939 16.7 24.0 3.9 5.7 9.5 12.5 Eastman USD 69.6 1.5 0.5 0.9 (9.0) (11.0) (17.3) (8.2) 10,019 9.7 9.3 2.3 2.4 8.3 7.4 BASF EUR 74.7 1.0 (2.6) 4.9 (2.4) (13.2) 7.8 6.9 73,559 14.0 15.1 2.5 2.4 8.1 7.8 Akzo Nobel EUR 64.0 (0.1) (1.5) 6.4 (0.3) (4.6) 19.5 10.9 17,234 21.3 16.6 2.9 2.8 10.8 8.7 Arkema EUR 64.1 0.3 (4.7) 1.2 (9.2) (7.2) 21.2 16.4 5,113 17.8 15.1 1.5 1.4 8.5 6.4 Lanxess EUR 46.2 0.3 (5.3) 2.4 (8.9) (10.0) 20.7 20.1 4,542 23.7 20.5 1.9 1.9 7.1 6.4 Sumitomo Chemical JPY 654 (1.4) (5.4) (5.8) 4.5 (4.9) 58.7 37.0 8,980 22.3 12.4 1.6 1.3 8.9 7.7 Mitsubishi Chemical JPY 789 (0.9) (0.9) 11.3 5.6 3.8 36.6 34.0 9,834 23.6 15.7 1.2 1.1 9.6 6.8 Shin-Etsu Chemical JPY 7,045 (1.6) (3.8) 4.0 (3.9) (4.6) (8.8) (10.4) 25,426 23.7 21.2 1.6 1.5 8.6 7.7 Asahi Kasei JPY 740 (1.0) (2.0) (7.3) (28.5) (33.3) (25.1) (33.1) 8,633 10.1 10.1 1.0 0.9 5.7 5.3 JSR JPY 1,876 (1.3) (1.0) (0.4) (10.9) (9.2) (9.2) (9.6) 3,532 14.9 14.5 1.3 1.2 6.1 6.1 Nitto Denko JPY 8,456 (2.5) (4.1) 7.5 (3.7) (3.5) 35.9 24.8 12,305 20.0 16.1 2.5 2.2 8.8 7.6 SABIC SAR 82.4 2.8 0.5 (6.3) (8.7) (23.5) (19.0) (1.8) 66,038 9.9 12.9 1.5 1.5 5.4 6.8 Yansab SAR 43.9 1.1 4.1 (6.4) (5.5) (18.9) (24.3) (7.7) 6,621 10.0 17.8 1.6 1.6 7.0 10.1 Formosa Plastics TWD 72.9 (0.5) (2.8) (3.3) 6.4 (6.3) 7.2 0.8 14,699 22.7 16.9 1.8 1.6 32.5 19.3 Formosa Fiber TWD 69.5 (0.7) (5.1) (8.3) 0.3 (8.6) 1.5 3.9 12, 24.7 17.8 1.5 1.4 16.2 13.6 Nan Ya Plastics TWD 60.0 (1.0) (5.2) (7.6) (1.3) (17.4) (3.4) (8.4) 14,946 15.1 13.4 1.6 1.5 16.9 12.5 Sinopec Shanghai CNY 7.39 1.5 (3.1) (3.8) (20.2) (13.1) 107.0 70.7 10,011 698.2 30.0 4.9 4.3 45.2 12.3 Sinopec Yizheng(FibeCNY 9.42 1.0 (4.8) (17.1) (9.5) 7.5 127.5 61.0 19,143 53.1 #N/A N/A 5.5 6.5 13.4 62.2 Reliance INR 934 0.1 (2.8) 2.4 (3.4) 6.9 (3.6) 5.2 45,413 12.5 11.3 1.3 1.2 10.6 9.2 Industries Qatar QAR 112.4 0.8 (1.4) (10.6) (16.6) (21.1) (42.9) (33.1) 18,447 10.5 13.4 2.0 2.0 39.9 57.6 PTT Chemical THB 57.5 0.4 4.5 (3.4) (6.1) (8.7) (10.2) 12.2 6,975 9.7 10.7 1.1 1.1 6.5 6.2 Petronas MYR 6.5 (0.8) (0.6) 0.2 9.4 2.7 19.3 19.3 11,901 18.7 19.5 2.2 2.2 9.6 9.6 LG화학 KRW 294,000 (1.8) (0.8) 1.7 30.4 10.9 45.2 62.4 17,025 0.0 16.7 0.0 1.7 0.0 6.5 롯데케미칼 KRW 224, (0.7) (3.0) (17.9) (5.9) (2.6) 36.9 40.3 6,648 0.0 7.1 0.0 1.0 0.0 3.5 한화케미칼 KRW 23, 11.2 5.9 7.8 23.2 41.4 84.3 98.3 2,939 0.0 17.4 0.0 0.8 0.0 10.1 금호석유 KRW 57, (0.3) (3.4) (9.9) (4.3) (30.5) (27.9) (28.9) 1,487 0.0 13.2 0.0 1.1 0.0 9.3 SKC KRW 36,550 1.1 (2.0) (1.2) (5.3) (10.6) 39.8 37.4 1,175 0.0 5.3 0.0 1.0 0.0 7.5 국도화학 KRW 60, 2.0 2.4 (15.2) (21.5) (6.4) 37.2 46.2 303 0.0 6.3 0.0 0.8 0.0 4.1 효성 KRW 2,640 (8.0) (13.4) (9.3) (7.2) (33.2) (12.0) (7.0) 3, 0.0 7.9 0.0 1.2 0.0 7.1 Average 0.1 (2.0) (1.8) (2.3) (7.4) 16.1 15.1 Refinery Valero USD 69.7 1.0 (1.2) 9.3 2.3 16.9 40.7 40.7 33,421 11.7 8.4 1.8 1.7 5.3 4.3 Conoco Phillips USD 54.4 4.9 (0.5) (1.6) 9.2 (17.3) (23.9) (21.3) 64,164 10.1 #N/A N/A 1.2 1.4 4.2 9.8 Formosa PetrochemicTWD 75.9 0.5 (3.1) (5.7) 5.1 (0.3) 11.0 10.5 22,113 39.6 18.0 3.0 2.7 18.8 11.8 Tesoro USD 113.4 1.6 0.7 8.1 11.1 24.2 57.4 52.6 13,438 16.5 8.2 3.1 2.6 8.3 5.0 Marathon Petroleum USD 53.8 0.2 (1.0) 5.2 (3.4) 4.0 (41.8) 19.1 29,159 14.7 9.1 2.9 2.4 7.4 5.1 Devon Energy USD 46.5 3.2 (1.0) 0.2 1.0 (29.4) (27.5) (24.0) 18,520 8.9 19.5 0.8 1.6 4.6 6.7 Hollyfrontier USD 48.6 1.3 (1.2) (3.8) (8.0) 12.9 14.7 29.6 8,756 16.8 9.7 1.6 1.6 7.5 5.1 Phillips 66 USD 91.1 2.2 (1.0) 8.3 10.7 12.4 26.9 27.0 47,604 14.3 12.0 2.3 2.1 7.8 7.0 Murphy Oil USD 30.1 4.6 (3.0) 4.0 (7.6) (32.4) (42.0) (40.4) 4,927 8.7 #N/A N/A 0.6 0.8 2.1 5.0 JX Holdings JPY 482.1 4.2 0.6 (0.7) (3.2) (10.5) 7.3 2.6 9,551 #N/A N/A 12.4 0.6 0.6 #N/A N/A 10.6 Cosmo Oil JPY 164.0 0.0 0.0 0.0 (21.9) (18.0) 0.0 (4.1) 1,151 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Idemitsu JPY 1,988.0 1.5 (2.0) (1.1) (10.5) (14.4) (3.7) (0.5) 2,596 #N/A N/A 11.3 0.5 0.5 #N/A N/A 8.5 Tonengeneral JPY 1,270.0 2.5 (1.2) 3.3 5.6 12.4 28.3 23.4 5,782 42.7 23.0 1.6 1.7 866.6 21.5 Nesteoil EUR 24.5 1.6 2.0 11.5 (0.5) 8.9 31.2 22.1 0 16.6 11.2 2.1 2.1 10.2 7.2 Ashland USD 109.4 0.2 (2.2) 2.8 (5.0) (14.1) (0.1) (8.7) 7,307 18.6 16.1 2.2 2.4 8.9 9.0 Fuchs Petrolub EUR 42.7 2.1 2.7 3.5 (0.2) 13.0 34.3 28.4 5,887 27.3 24.7 6.6 5.9 16.1 14.2 SK이노베이션 KRW 117,000 2.6 0.9 4.9 18.3 3.5 36.0 37.5 9,207 0.0 8.9 0.0 0.7 0.0 6.1 S-Oil KRW 69,000 1.0 2.1 (0.7) 10.2 3.4 68.9 42.6 6,648 0.0 10.0 0.0 1.4 0.0 6.7 GS KRW 49,200 0.4 (5.0) 0.1 11.1 (1.5) 22.8 23.0 4,061 0.0 7.9 0.0 0.7 0.0 7.2 Average 1.9 (0.7) 2.5 1.3 (1.4) 12.7 13.7 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임
Global peers ##### Currency 11/16 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 14E 15E 14E 15E 14E 15E E&P/Shale Exxon Mobil USD 81 3.6 (1.3) (1.9) 3.2 (7.4) (14.9) (12.5) 330,579 11.1 20.8 1.9 2.0 5.3 8.6 BP GBP 369 1.1 (3.6) (4.0) (2.8) (18.5) (14.6) (10.3) 102,286 9.3 15.8 0.8 1.0 3.9 5.8 Shell EUR 1,576 0.5 (7.3) (12.8) (12.3) (20.9) (28.4) (26.8) 154,260 7.0 13.4 0.9 0.9 3.1 5.0 Chevron USD 91 3.1 (0.9) 0.2 6.3 (15.3) (21.4) (18.5) 169,120 9.6 27.1 1.1 1.1 4.2 6.9 Total EUR 45 0.8 (2.5) (1.8) 1.8 (3.6) (1.8) 5.3 118,114 9.3 11.9 1.1 1.2 4.3 6.0 Sinopec CNY 5 0.4 (3.0) (0.4) (14.5) (29.0) (1.0) (20.0) 96,831 11.8 16.0 1.0 1.0 5.6 5.7 Petrochina CNY 9 0.4 (2.8) 0.3 (18.2) (25.8) 14.7 (16.9) 247,559 15.1 33.0 1.4 1.4 6.6 7.9 CNOOC CNY 18 0.3 (2.4) (2.1) (22.6) (29.6) 0.9 (15.0) 10,279 11.2 37.6 1.9 1.8 7.1 13.6 Gazprom RUB 137 0.9 0.5 (2.7) (5.2) (10.3) (3.7) 5.3 48,572 3.9 2.6 0.2 0.3 2.3 2.3 Rosneft RUB 264 1.1 0.4 4.0 6.9 2.3 12.7 34.6 41,874 6.1 6.4 #N/A N/A 0.9 4.6 4.0 Anadarko USD 62 3.4 (8.5) (15.4) (18.5) (26.6) (31.1) (24.7) 29,726 13.3 #N/A N/A 1.4 1.9 4.3 11.3 Petrobras BRL 8 5.9 0.8 (3.1) (17.2) (45.2) (41.7) (23.2) 29,007 5.0 8.0 0.3 0.5 6.4 5.3 Lukoil USD 2,476 (0.4) (2.1) 7.5 (3.3) (4.6) 18.8 11.3 33,053 4.2 6.5 0.4 0.4 N/A N/A Kinder USD 24 2.9 (6.0) (25.4) (29.2) (43.6) (75.0) (43.2) 47,497 20.3 35.2 2.2 1.5 13.6 13.3 Statoil NOK 131 0.9 (7.3) (7.8) (0.9) (15.3) (12.4) (0.2) 48,582 10.4 20.5 1.2 1.2 2.5 3.0 BHP AUD 20 (0.6) (6.2) (19.6) (20.6) (33.8) (35.3) (26.8) 75,264 10.3 26.9 1.1 1.2 4.5 7.0 PTT E&P THB 72 (0.3) (2.4) (3.7) (13.7) (38.2) (49.7) (35.5) 8,082 6.2 13.3 0.7 0.7 1.7 2.3 Petronas gas MYR 23 0.2 0.1 1.6 8.1 4.7 5.9 3.5 10,374 26.4 25.0 4.2 4.0 14.6 14.3 Chesapeake USD 6 3.9 (12.8) (24.5) (15.4) (57.7) (72.7) (67.6) 4,203 4.2 #N/A N/A 0.3 0.9 3.4 7.2 Noble Energy USD 37 5.1 (0.6) (0.3) 2.8 (17.6) (34.1) (22.0) 15,101 15.8 271.2 1.4 1.3 6.4 9.7 Average 0 1.7 (3.4) (5.6) (8.3) (21.8) (19.2) (15.2) PV WACKER EUR 81.5 0.3 (1.4) 14.7 (3.4) (25.1) (13.6) (10.5) 4,574 18.0 26.6 1.9 1.8 6.4 5.6 GCL-Poly HKD 1.5 (1.9) (5.5) (12.5) (1.9) (29.4) (28.7) (14.4) 3,218 11.9 12.2 1.3 1.2 10.1 8.4 REC NOK 0.4 0.0 0.0 0.0 0.0 2.4 (99.6) 5.4 519 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A SunEdison USD 4.6 (7.5) (38.4) (49.4) (67.8) (84.3) (73.1) (76.6) 1,438 #N/A N/A #N/A N/A 9.2 0.5 #N/A N/A #N/A N/A Canadian Solar USD 21.5 1.1 (6.5) (0.7) (12.9) (44.6) (20.0) (11.0) 1,201 5.5 9.2 1.8 1.5 5.2 7.1 JA Solar USD 8.6 9.0 (0.9) (1.3) 6.6 (15.1) 11.0 4.8 405 9.0 6.7 0.5 0.4 4.2 3.8 Trina Solar USD 9.7 3.1 (4.9) (10.5) (1.8) (21.3) (0.3) 4.8 869 12.1 8.9 0.8 0.7 7.2 6.2 Solar City USD 27.8 7.7 (0.2) (37.0) (43.0) (55.5) (47.5) (47.9) 2,447 #N/A N/A #N/A N/A 3.9 2.4 #N/A N/A #N/A N/A Yingli USD 0.7 (2.7) (4.1) (19.9) (20.8) (59.9) (75.1) (71.0) 125 #N/A N/A #N/A N/A 5.4 #N/A N/A 9.2 8.9 First Solar USD 54.2 2.8 (7.2) 4.1 5.2 (4.5) 11.7 21.5 5,442 21.0 12.5 1.1 1.0 7.1 5.7 한화솔라원 USD 17.8 15.2 1.4 0.2 61.1 (23.3) 851.9 61.8 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A OCI KRW 73, (2.5) (8.3) (15.3) (17.2) (24.8) (18.9) (6.1) 1,589 0.0 7.3 0.0 0.6 0.0 10.5 웅진에너지 KRW 1,370 (5.5) (8.7) (18.5) (9.3) (9.9) (5.8) 2.2 94 N/A 0.0 0.6 0.0 10.5 0.0 신성솔라에너지 KRW 1,395 (2.4) 1.8 1.1 12.0 (4.1) 31.0 36.8 90 N/A 0.6 0.0 10.5 0.0 7.9 Average 1.2 (5.9) (10.4) (6.7) (28.5) 37.4 (7.2) Gas Company Towngas China HKD 4.9 (1.0) (4.2) (15.2) (23.5) (43.7) (41.9) (38.3) 1,712 11.2 10.1 1.0 0.9 13.7 11.7 Kulun HKD 5.9 (2.5) (5.6) (10.2) (13.1) (35.3) (35.2) (19.5) 6,395 8.4 12.1 0.9 0.9 5.3 5.6 Beijing Enterprise HKD 47.1 (1.1) (2.1) (7.4) (7.3) (34.7) (21.5) (22.6) 7,879 12.1 10.6 1.0 1.0 15.2 15.3 ENN Energy HKD 39.3 (4.0) (3.9) (14.3) (12.6) (32.2) (16.6) (10.7) 5,797 15.9 14.0 3.2 2.5 9.7 9.1 China Resources GasHKD 20.5 (1.2) (2.1) (9.9) (9.9) (19.9) 0.0 1.7 5,897 17.8 15.1 2.8 2.4 11.4 9.4 China Gas Holdings HKD 11.1 (1.9) (3.0) (13.4) (14.7) (20.1) (15.4) (9.0) 7,367 17.2 14.1 3.0 2.6 13.4 11.1 Shenzen Gas HKD 12.7 (0.2) 1.1 3.1 0.3 (6.5) 5.1 12.8 3,092 11.3 12.0 1.3 1.2 8.6 10.5 Shann Xi CNY 13.4 0.2 (2.0) 0.3 (18.5) (15.4) 17.5 24.3 2,336 33.4 24.3 3.4 #N/A N/A 14.6 #N/A N/A Suntien HKD 1.3 (0.8) (5.9) (15.8) (6.6) (33.3) (36.0) (21.0) 642 11.5 9.7 0.5 0.5 8.6 7.7 China Oil & Gas HKD 0.5 0.0 (8.9) (3.8) (19.0) (45.5) (53.3) (42.8) 391 #N/A N/A 11.5 #N/A N/A 0.8 #N/A N/A 6.4 Average (1.2) (3.7) (8.7) (12.5) (28.7) (19.7) (12.5) EV LG화학 KRW 294,000 (1.8) (0.8) 1.7 30.4 10.9 45.2 62.4 17,025 21.2 16.0 1.7 1.6 8.4 6.7 삼성SDI KRW 106, (3.2) (3.2) 0.0 26.6 (12.3) (17.4) (8.2) 6,343 47.7 24.8 0.7 0.6 13.4 11.6 Panasonic JPY 1383.0 (1.8) (0.9) 6.1 (1.1) (17.5) (4.4) (3.1) 28,363 17.4 16.6 1.8 1.6 5.3 4.8 GS Yuasa JPY 447.0 (0.7) (2.0) (12.0) (9.9) (14.7) (17.8) (13.2) 1,529 15.0 14.0 1.3 1.2 7.5 6.9 NEC JPY 391.0 0.3 0.3 (1.5) (3.5) (4.9) 8.0 10.8 8,253 21.2 13.9 1.4 1.1 6.9 6.5 BYD Auto CNY 69.5 (1.7) (2.9) 14.7 9.0 14.3 57.3 82.1 22,744 263.6 70.7 6.6 5.8 31.2 22.0 Tesla Motors USD 214.3 3.4 (4.9) (5.6) (11.9) (13.9) (17.2) (3.6) 27,885 380.3 #N/A N/A 29.4 25.0 94.7 129.6 Kandi Technologies USD 10.3 71 7.1 14.8 32.6 50.9 13.0 (24.8) (26.3) 459 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Average 0.2 0.0 4.5 11.3 (3.1) 3.6 12.6 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임