1. News Summary (3 page) 2015 년 8 월 12 일 News Conclusion WTI comment 유가 2009년 2월이후최저치 Headline 미국원유수출재개관련표결, 이르면 9월진행 미국원유수출재개시글로벌시장의또다른대형공급과잉요인될것 News 1. OPEC 산유량 3년래최대치, 이란증산영향 이란의시장컴백은큰의미를차지함, 제재완전해제시효과극대화 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 43.1 (4.2) (5.8) (17.5) (28.8) (56.1) Ethylene 08/10 $/t 1,005 (4.3) (18.0) (27.7) (32.1) Dubai $/bbl 50.6 1.8 0.9 (12.4) (21.2) (51.1) Propylene 08/10 $/t 810 (2.4) (8.0) (15.0) (38.2) Gasoline $/bbl 70.4 (0.1) (0.8) (11.6) (17.8) (37.1) Benzene 08/10 $/t 735 (4.5) (7.0) (13.5) (44.9) Diesel $/bbl 60.1 1.8 1.0 (12.5) (24.7) (48.6) Toluene 08/10 $/t 680 (5.6) (12.3) (19.0) (43.1) Complex margin $/bbl 7.0 (0.2) (0.2) (1.2) (3.8) 3.2 Xylene 08/10 $/t 700 (1.4) (6.7) (14.1) (38.6) $/bbl (3.3) (0.7) 0.4 (6.8) (23.7) (1.5) PP 08/10 $/t 1,085 (2.7) (11.4) (21.4) (29.8) Petrochemical % % % % % PVC 08/10 $/t 835 (1.2) (1.8) (5.6) (20.5) Naphtha $/t 469 2.4 (0.5) (5.8) (18.7) (48.4) ABS 08/10 $/t 1,440 (1.0) (5.0) (14.3) (26.3) Butadiene $/t 940 (2.6) (4.6) (24.8) (11.7) (34.5) SBR 08/10 $/t 1,350 (2.2) (12.9) (9.4) (33.8) HDPE $/t 1,200 (0.8) (0.8) (7.7) (13.7) (25.5) SM 08/10 $/t 1,163 (3.3) (7.7) (17.7) (28.5) MEG $/t 780 0.8 (0.6) (8.8) (23.2) (22.2) BPA 08/10 $/t 1,420 (9.7) (8.2) (21.7) (35.7) PX $/t 816 1.8 0.7 (5.3) (15.8) (42.7) Caustic 08/10 $/t 315 0.0 0.8 5.0 4.1 SM $/t 1,126 1.4 0.1 (4.3) (17.5) (29.0) 2-EH 08/10 $/t 965 (1.5) (6.3) (13.1) (33.9) Commodity % % % % % Caprolactam 08/10 $/t 1,670 (0.3) (4.3) (4.6) (27.1) Natural Gas $/mmbtu 2.84 0.1 1.1 0.2 (4.3) (27.2) Solar % % % % Natural rubber $/t 1,310 (0.8) 0.8 (7.7) (12.7) (20.6) Polysilicon 08/05 $/kg 15.2 (0.1) (1.5) (5.6) (26.7) Cotton C/lbs 61.8 (0.2) (2.9) (6.5) (4.6) (9.6) Module 08/05 $/W 0.55 0.00 0.9 (2.7) (10.8) * 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 77.5 (1.6) 0.4 (5.8) (10.7) (21.5) BASF EUR 79.7 (3.1) 0.5 (2.8) (8.8) 4.9 Shell EUR 1,867 (0.7) 2.0 2.5 (9.0) (22.2) Dow Chemical USD 45.3 (2.9) (3.0) (11.9) (12.7) (12.6) Petrochina CNY 11.15 0.7 3.0 (14.8) (11.9) 39.7 SABIC SAR 91.5 (0.7) (1.1) (9.8) (10.0) (29.3) Gazprom RUB 142.0 0.3 0.1 (1.3) (8.7) 10.7 Formosa Pla. TWD 68.9 (2.4) (0.9) (1.3) (12.0) (8.7) Petrobras BRL 9.8 (1.2) (3.4) (16.6) (28.4) (51.2) Shin-Etsu JPY 7,527 (0.2) 4.1 3.5 0.9 19.7 Refinery Renewable Phillips66 USD 83.7 1.4 7.0 2.7 3.9 1.6 Wacker EUR 88.3 (3.7) (5.1) (4.0) (20.4) 4.2 Valero USD 70.4 2.1 9.3 7.0 20.9 38.0 Yingli USD 0.85 (1.3) 6.3 (14.3) (50.6) (75.8) JX JPY 517.0 1.4 2.4 2.3 (2.2) (0.3) Tesla USD 237.4 (1.6) (10.9) (8.4) (0.9) (8.5) Neste Oil EUR 24.6 (0.8) (4.6) 5.1 7.2 68.7 BYD CNY 65.7 (1.7) 10.1 21.5 4.1 26.6 4. Coverage Summary 08/11 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 1,987 (0.8) (2.0) (2.2) (6.0) 2.0 (2.2) * 추정치는 12M fwd 기준임 KOSPI화학 4,859 (1.5) (3.1) (3.0) (4.5) 17.9 20.0 * 모든 coverage 업체의실적은연결기준임 LG화학 222, 0.0 (6.9) (14.1) (19.8) 3.2 (18.8) 매수 330,000 48.3 10.09 1.24 롯데케미칼 232,000 3.1 (0.2) (13.6) (7.9) 27.5 33.0 매수 330,000 42.2 9.32 1.01 한화케미칼 19,150 0.0 (3.5) (3.8) 18.6 46.7 8.8 매수 22,000 14.9 10.11 0.68 금호석유화학 6 0.0 0.5 (13.8) (27.9) (31.3) (30.8) 매수 80,000 31.1 11.00 1.21 OCI 92,200 0.3 (2.1) (22.2) (9.6) 7.6 (42.0) 매수 120,000 30.2 10.24 0.86 SKC 37,550 2.6 10.1 1.6 (9.7) 23.1 10.4 매수 50,000 33.2 9.33 1.11 국도화학 75,000 (1.8) (4.3) 10.9 11.3 57.1 48.2 매수,000 33.3 9.82 0.95 SK이노베이션 92, (0.1) (2.7) (15.5) (23.6) (8.4) (9.7) 매수 130,000 41.2 7.75 0.57 S-Oil 58, 0.7 (1.5) (5.9) (17.7) (6.7) 9.5 매수 80,000 36.5 10.36 1.11 GS 43,700 (0.6) (1.0) (10.3) (15.0) 3.4 (4.3) 매수 60,000 37.3 7.07 0.70 SK가스 85,000 (0.6) 0.1 (3.1) (18.3) (1.2) (23.1) 매수 110,000 29.4 8.29 0.75 대우인터내셔널 2 5.3 2.2 (16.2) (29.4) (30.0) (42.1) 매수 3 47.6 9.11 0.96 LG 상사 27, (0.7) (2.1) (25.1) (35.9) (29.1) (5.3) 매수 45,000 63.6 8.66 0.72 작성자 ( 손지우 ) 는본조사분석자료에게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 본보고서에언급된종목의경우당사조사분석담당자는본인의담당종목을보유하고있지않습니다. 본보고서는기관투자가또는제 3 자에게사전제공된사실이없습니다. 당사는본보고서의발간시점에해당종목을 1% 이상보유하고있지않습니다.
Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 5, 5,300 5, 4,900 4,700 4, 4,300 4, 3,900 3,700 3, 3,300 13/10 14/01 KOSPI( 우 ) KOSPI화학 ( 좌 ) 14/04 14/07 14/10 15/01 15/05 (p) 2,200 2, 2,000 1,900 1, 15/08 ($/bbl) WTI Dubai 120 110 90 80 70 60 50 40 13/08 13/12 14/04 14/08 14/12 15/04 Complex & margin ($/bbl) 시차조정복합 복합정제마진 30 20 10 0-10 -20 13/08 13/12 14/04 14/08 14/12 15/04 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1, 1, 1,200 HDPE price & naphtha spread HDPE 1, 1, 900 1, 700 1,300 1,200 1, Polysilicon & Module prices ($/kg) PolySilicon Silicon Module ($/W) 23 0.72 0.70 21 0.68 0.66 0.64 19 0.62 0.60 17 0.58 0.56 15 0.54 13/07 14/01 14/07 14/12 15/06 Butadiene price & naphtha spread Butadiene 1, 900 1, 700 1, 1,200 300 200 0 MEG price & naphtha spread MEG 1,150 1, 1,050 300 950 200 900 850 0 750 700 - PVC price & naphtha spread PX price & naphtha spread 1, PVC 1, PX 700 1,050 950 900 850 300 200 1, 1,200 300 200 750 0 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK증권참고 : 상기데이터는일괄적으로과거 2년치적용
News Comment Headline ( 출처 : 각종언론 ) WTI Comment ( 출처 : 연합뉴스 ) 제목미국원유수출재개관련표결, 이르면 9 월진행제목유가 2009 년 2 월이후최저치 결론미국원유수출재개시글로벌시장의또다른대형공급과잉요인될것상승 요인 1) 월스트릿저널, 미하원이이르면 9월원유수출금지해체법안표결보도 2) 법안이통과될경우 1975년 1차오일쇼크이후 40년만에수출재개됨 3) 미국 10여개 E&P 기업과공화당일부인사들이법안을지지중임 하락 중국위안화가치절하, 경기부진에대한우려부각 4) 민주당주요인사들은자국내휘발유가격상승우려로반대중임 요인 5) 미국원유수출재개시글로벌시장의또다른대형공급과잉요인될것 Issue 1 ( 출처 : 각종언론 ) Issue 2 제목 OPEC 산유량 3 년래최대치, 이란증산영향제목 결론이란의시장컴백은큰의미를차지함, 제재완전해제시효과극대화결론 1) OPEC 7 월산유량 3,150 만 b/d, 전월대비 10.7 만 b/d 증대되며 3 년래최대 1) 2) 이란산유량 3.2 만 b/d 증대한 286 만 b/d, 2012 년 6 월이후최대치 2) 3) OPEC 2 위산유국이라크역시 4.7 만 b/d 증산하며 410 만 b/d 도달했음 3) 4) 반면사우디는전월대비 20.3 만 b/d 감산한 1,036 만 b/d 기록했음 4) 5) 이란의시장컴백은큰의미를차지함, 제재완전해제시효과극대화 5) 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 2013avg. 2014avg. 2015acc. F/X USD/EUR 0.906 0.908 0.919 0.896 0.896 0.882 0.747 0.826 0.753 0.754 0.899 Change, % (0.2) (1.5) 1.0 1.0 2.6 21.2 9.6 (3.9) 13.7 0.7 USD/JPY 125.1 124.6 124.4 122.8 120.1 120.5 102.2 119.7 97.7 105.9 120.9 Change, % 0.4 0.6 1.9 4.2 3.9 22.4 4.5 21.5 13.8 3.5 USD/KRW 1,178.9 1,163.1 1,165.4 1,129.5 1,091.4 1,097.3 1,030.8 1,094.0 1,094.6 1,053.0 1,108.8 Change, % 1.4 1.2 4.4 8.0 7.4 14.4 7.8 50.3 3.3 6.3 Agriculture Corn 376.5 390.3 368.8 427.3 358.3 385.8 356.8 397.0 579.2 415.6 380.1 Change, % (3.5) 2.1 (11.9) 5.1 (2.4) 5.5 (5.2) (39.6) (5.9) (0.9) Soybean 1,014.0 1,044.8 976.0 1,043.5 983.0 977.8 1,314.8 1,019.3 1,407.0 1,245.5 983.6 Change, % (2.9) 3.9 (2.8) 3.2 3.7 (22.9) (0.5) (7.5) (22.3) 3.1 Wheat 507.3 525.5 493.5 581.5 476.3 525.8 546.5 589.8 684.3 588.0 519.2 Change, % (3.5) 2.8 (12.8) 6.5 (3.5) (7.2) (14.0) (22.2) (2.6) (2.3) Rice 11.8 11.9 11.5 10.9 9.4 10.4 12.6 11.5 15.5 14.0 10.5 Change, % (0.6) 2.9 8.6 25.7 13.6 (6.6) 2.6 4.4 (25.9) 12.5 Oats 226.8 233.8 235.8 249.3 232.0 273.5 359.0 303.8 367.5 373.1 262.1 Change, % (3.0) (3.8) (9.0) (2.3) (17.1) (36.8) (25.3) 1.9 (14.3) (13.5) MYR/mt Palm Oil 2,017.0 2,010.0 2,055.0 2,190.0 2,178.0 2,255.0 2,230.0 2,291.0 2,405.0 2,415.1 2,215.0 Change, % 0.3 (1.8) (7.9) (7.4) (10.6) (9.6) (12.0) 13.3 (12.8) (8.9) Cocoa 3,082.0 3,095.0 3,165.0 3,302.0 2,951.0 2,879.0 3,222.0 2,910.0 2,403.9 3,006.8 3,011.4 Change, % (0.4) (2.6) (6.7) 4.4 7.1 (4.3) 5.9 21.2 7.4 2.3 Cotton 62.7 63.1 64.9 65.5 65.4 62.0 64.1 60.3 83.3 76.4 63.6 Change, % (0.6) (3.4) (4.3) (4.1) 1.1 (2.2) 4.0 12.6 (28.8) (1.4) Sugar 10.6 10.6 11.0 12.4 13.5 14.7 16.2 14.5 17.5 16.3 13.0 Change, % 0.5 (3.5) (14.4) (21.2) (27.8) (34.6) (26.9) (15.9) (11.5) (18.0) Coffee 137.2 133.5 124.9 123.0 133.4 159.5 189.2 166.6 126.0 177.1 140.1 Change, % 2.8 9.8 11.6 2.9 (14.0) (27.5) (17.6) (23.0) 50.5 (2.0) Energy WTI 43.1 45.0 45.7 52.7 59.3 48.8 98.1 53.3 98.0 92.9 52.6 Change, % (4.2) (5.8) (18.3) (27.3) (11.8) (56.1) (19.1) 7.2 (45.9) (18.1) Brent 49.4 50.4 50.0 58.7 64.9 54.7 104.7 57.3 108.7 99.5 58.6 Change, % (2.0) (1.2) (15.9) (23.9) (9.7) (52.8) (13.9) (0.3) (48.3) (15.7) Natural Gas 2.8 2.8 2.8 2.8 2.8 2.8 4.0 2.9 3.7 4.3 2.8 Change, % 0.1 1.1 2.7 1.5 1.7 (28.3) (1.6) 26.2 (31.7) 2.2 Ethanol 1.5 1.5 1.5 1.6 1.7 1.4 2.1 1.6 2.3 2.1 1.5 Change, % (1.6) (1.8) (11.3) (11.4) 1.2 (29.2) (10.1) (12.7) (14.9) (3.8) RBOB Gasoline 169.4 169.4 168.5 201.7 198.6 154.3 275.3 143.5 285.0 262.6 180.8 Change, % (0.0) 0.5 (16.0) (14.7) 9.8 (38.5) 18.0 (0.9) (48.5) (6.3) Coal 42.8 42.9 42.9 41.0 46.9 51.4 60.0 48.5 56.1 57.5 46.9 Change, % (0.2) (0.2) 4.3 (8.7) (16.7) (28.7) (11.8) (1.0) (15.5) (8.7) Metal Gold 1,109.0 1,104.5 1,087.8 1,163.7 1,184.0 1,219.0 1,308.6 1,182.0 1,410.4 1,266.5 1,190.3 Change, % 0.4 1.9 (4.7) (6.3) (9.0) (15.3) (6.2) (28.0) (1.3) (6.8) Silver 15.4 15.3 14.6 15.6 16.3 16.8 20.0 15.7 23.8 19.1 16.3 Change, % 0.7 5.2 (1.4) (5.8) (8.5) (23.2) (1.9) (35.8) (18.9) (5.7) Platinum 987.0 986.2 954.6 1,031.8 1,126.9 1,195.3 1,469.8 1,207.5 1,485.7 1,384.6 1,131.8 Change, % 0.1 3.4 (4.3) (12.4) (17.4) (32.8) (18.3) (11.2) (11.5) (12.8) Palladium 601.4 610.7 599.9 652.4 782.0 768.1 875.9 797.0 725.9 803.4 745.5 Change, % (1.5) 0.2 (7.8) (23.1) (21.7) (31.3) (24.5) 1.7 11.4 (19.3) Copper 5,125.0 5,309.0 5,235.0 5,590.0 6,365.0 5,.0 6,995.0 6,300.0 7,352.6 6,828.1 5,833.8 Change, % (3.5) (2.1) (8.3) (19.5) (8.5) (26.7) (18.7) (7.2) (14.4) (12.2) Uranium 36.0 36.0 35.3 36.3 36.0 38.0 30.5 35.3 38.5 33.5 37.2 Change, % 0.0 2.1 (0.7) 0.0 (5.3) 18.0 2.1 (20.9) 2.5 (3.2) HR Coil 467.0 467.0 477.0 471.0 445.0 535.0 675.0 605.0 630.4 653.2 492.5 Change, % 0.0 (2.1) (0.8) 4.9 (12.7) (30.8) (22.8) 3.1 (10.4) (5.2) Scrap 255.0 243.2 260.0 270.0 243.3 275.0 401.0 355.0 396.9 401.3 273.1 Change, % 4.9 (1.9) (5.6) 4.8 (7.3) (36.4) (28.2) (1.2) (16.5) (6.6) Zinc 1,806.0 1,881.0 1,918.0 2,011.0 2,305.0 2,118.0 2,304.0 2,178.0 1,940.3 2,165.0 2,109.5 Change, % (4.0) (5.8) (10.2) (21.6) (14.7) (21.6) (17.1) (1.2) 6.0 (14.4) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용
Refining Price Data Daily Price 08/11 1D 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. Crude Oil WTI 43.1 45.0 45.7 52.2 60.5 51.2 98.1 53.2 97.9 93.1 52.6 Change, % (4.2) (5.8) (17.5) (28.8) (15.9) (56.1) (19.1) (56.0) (53.7) (18.1) Dubai 50.6 49.7 50.1 57.8 64.2 54.8 103.5 53.6 105.3 96.7 56.0 Change, % 1.8 0.9 (12.4) (21.2) (7.6) (51.1) (5.6) (52.0) (47.7) (9.6) Crude Oil Gasoline( 휘발유 ) 70.4 70.5 70.9 79.6 85.7 69.1 112.0 64.8 119.1 110.9 74.7 Product Change, % (0.1) (0.8) (11.6) (17.8) 1.9 (37.1) 8.7 (40.9) (36.6) (5.7) Kerosene( 등유 ) 59.5 58.5 59.0 68.7 78.4 72.3 117.2 71.2 123.0 112.6 70.6 Change, % 1.8 0.9 (13.3) (24.1) (17.7) (49.2) (16.3) (51.6) (47.1) (15.7) Diesel( 경유 ) 60.1 59.1 59.6 68.7 79.8 70.7 117.0 70.2 123.4 112.8 70.5 Change, % 1.8 1.0 (12.5) (24.7) (15.0) (48.6) (14.3) (51.3) (46.7) (14.8) Bunker-C 42.9 42.1 42.4 50.9 60.6 52.5 91.0 48.8 95.2 86.5 51.9 Change, % 1.9 1.2 (15.8) (29.3) (18.3) (52.9) (12.1) (55.0) (50.4) (17.3) Naphtha 50.1 49.2 49.5 55.6 64.4 55.6 99.5 48.0 101.1 94.3 56.4 Change, % 1.9 1.2 (9.9) (22.2) (10.0) (49.6) 4.3 (50.5) (46.9) (11.1) Dubai Gasoline( 휘발유 ) 19.8 20.8 20.8 21.9 21.4 14.3 8.5 11.2 13.8 14.2 18.7 Spread Change (1.0) (1.0) (2.1) (1.6) 5.5 11.3 8.7 6.0 5.6 1.1 Kerosene( 등유 ) 9.0 8.8 8.9 10.9 14.2 17.6 13.7 17.6 17.6 15.9 14.6 Change 0.1 0.1 (2.0) (5.2) (8.6) (4.7) (8.6) (8.7) (6.9) (5.7) Diesel( 경유 ) 9.5 9.4 9.4 11.0 15.6 16.0 13.5 16.6 18.0 16.0 14.6 Change 0.1 0.1 (1.4) (6.1) (6.4) (3.9) (7.0) (8.5) (6.5) (5.0) Bunker-C (7.7) (7.6) (7.8) (6.8) (3.6) (2.3) (12.4) (4.8) (10.1) (10.3) (4.1) Change (0.1) 0.0 (0.9) (4.1) (5.4) 4.7 (2.9) 2.4 2.5 (3.6) Naphtha (0.5) (0.5) (0.6) (2.2) 0.2 0.9 (4.0) (5.6) (4.2) (2.4) 0.4 Change 0.0 0.1 1.7 (0.7) (1.4) 3.5 5.1 3.7 1.9 (0.9) Refining Simple( 단순 ) 0.7 0.8 0.8 1.6 4.5 5.0 (2.9) 3.3 0.3 (0.1) 3.9 Margin Change (0.1) (0.1) (0.9) (3.8) (4.2) 3.6 (2.5) 0.4 0.8 (3.2) Complex( 복합 ) 7.0 7.2 7.2 8.2 10.8 9.6 3.8 8.0 7.6 7.1 9.7 Change (0.2) (0.2) (1.2) (3.8) (2.6) 3.2 (1.0) (0.6) (0.1) (2.7) Complex(lagging) (3.3) (2.6) (3.8) 3.4 20.4 11.1 (1.9) (14.3) 7.7 2.2 8.0 Change (0.7) 0.4 (6.8) (23.7) (14.4) (1.5) 11.0 (11.0) (5.6) (11.4) 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 08/11 08/10 08/07 08/06 08/05 08/04 08/03 07/31 07/30 07/29 Spot Price Naphtha CFR Japan 468.8 457.8 457.8 457.8 473.0 471.3 471.3 482.8 490.3 476.3 Ethylene CFR SE Asia.0.0.0.0 1,010.0 1,020.0 1,040.0 1,040.0 1,065.0 1,.0 Propylene FOB Korea 835.0 838.0 838.0 838.0 838.0 845.0 847.0 847.0 847.0 845.0 Butadiene FOB Korea 940.0 965.0 965.0 965.0 985.0 985.0 985.0 985.0 985.0 1,005.0 HDPE CFR FE Asia 1,200.0 1,210.0 1,210.0 1,210.0 1,210.0 1,210.0 1,210.0 1,220.0 1,230.0 1,230.0 LDPE CFR FE Asia 1,210.0 1,225.0 1,225.0 1,225.0 1,225.0 1,240.0 1,240.0 1,260.0 1,275.0 1,275.0 LLDPE CFR FE Asia 1,165.0 1,175.0 1,175.0 1,175.0 1,175.0 1,185.0 1,190.0 1,190.0 1,190.0 1,190.0 MEG CFR China 780.0 774.0 774.0 774.0 792.0 785.0 793.0 810.0 820.0 821.0 PP CFR FE Asia 1,080.0 1,070.0 1,070.0 1,070.0 1,070.0 1,075.0 1,075.0 1,080.0 1,080.0 1,080.0 PX CFR China 815.5 801.0 801.0 801.0 809.0 810.0 817.0 831.5 839.5 831.0 PTA CFR China 620.0 625.0 625.0 625.0 625.0 630.0 630.0 632.0 634.0 634.0 Benzene FOB Korea 711.0 719.0 719.0 719.0 732.0 705.0 737.0 770.0 770.5 760.5 Toluene FOB Korea 629.0 621.0 621.0 621.0 641.0 615.0 635.0 662.5 667.5 667.5 Xylene FOB Korea 702.0 696.0 696.0 696.0 706.0 690.0 707.0 724.5 732.5 727.5 SM FOB Korea 1,125.5 1,109.5 1,109.5 1,109.5 1,124.5 1,124.5 1,144.5 1,169.5 1,169.5 1,171.0 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc. Spot Price Naphtha CFR Japan 482.0 482.0 504.5 574.0 510.5 923.5 961.0 923.0 865.9 524.5 Change, % 0.0 (4.5) (16.0) (5.6) (47.8) (49.8) (47.8) (44.3) (8.1) Ethylene CFR SE Asia 1,005.0 1,050.0 1,225.0 1,390.0 1,320.0 1,480.0 1,452.5 1,353.8 1,401.1 1,195.1 Change, % (4.3) (18.0) (27.7) (23.9) (32.1) (30.8) (25.8) (28.3) (15.9) Propylene CFR SE Asia 810.00 830.00 880.00 952.55.0 0 1,310.0 0 1,380.0 0 1,326.5 1,254.2 2 909.8 Change, % (2.4) (8.0) (15.0) (19.0) (38.2) (41.3) (38.9) (35.4) (11.0) Butadiene CFR SE Asia 910.0 975.0 1,245.0 1,050.0 910.0 1,420.0 1,435.0 1,441.1 1,281.7 949.5 Change, % (6.7) (26.9) (13.3) 0.0 (35.9) (36.6) (36.9) (29.0) (4.2) Benzene CFR SE Asia 735.0 770.0 790.0 850.0 790.0 1,335.0 1,367.5 1,327.9 1,243.1 745.5 Change, % (4.5) (7.0) (13.5) (7.0) (44.9) (46.3) (44.6) (40.9) (1.4) Toluene CFR SE Asia 680.0 720.0 775.0 840.0 745.0 1,195.0 1,215.0 1,203.7 1,082.5 730.5 Change, % (5.6) (12.3) (19.0) (8.7) (43.1) (44.0) (43.5) (37.2) (6.9) Xylene CFR SE Asia 700.0 710.0 750.0 815.0 727.5 1,140.0 1,210.0 1,201.1 1,055.7 718.7 Change, % (1.4) (6.7) (14.1) (3.8) (38.6) (42.1) (41.7) (33.7) (2.6) Spread Ethylene -Naphtha 523.0 568.0 720.5 816.0 809.5 556.5 491.5 430.8 535.2 670.5 Change, % (7.9) (27.4) (35.9) (35.4) (6.0) 6.4 21.4 (2.3) (22.0) Propylene -Naphtha 328.0 348.0 375.5 378.5 489.5 386.5 419.0 403.5 388.3 385.2 Change, % (5.7) (12.6) (13.3) (33.0) (15.1) (21.7) (18.7) (15.5) (14.9) Butadiene -Naphtha 428.0 493.0 740.5 476.0 399.5 496.5 474.0 518.1 415.9 424.9 Change, % (13.2) (42.2) (10.1) 7.1 (13.8) (9.7) (17.4) 2.9 0.7 Benzene -Naphtha 253.0 288.0 285.5 276.0 279.5 411.5 406.5 404.9 377.3 220.9 Change, % (12.2) (11.4) (8.3) (9.5) (38.5) (37.8) (37.5) (32.9) 14.5 Toluene -Naphtha 198.0 238.0 270.5 266.0 234.5 271.5 254.0 280.7 216.6 206.0 Change, % (16.8) (26.8) (25.6) (15.6) (27.1) (22.0) (29.5) (8.6) (3.9) Xylene -Naphtha 218.0 228.0 245.5 241.0 217.0 216.5 249.0 278.1 189.9 194.1 Change, % (4.4) (11.2) (9.5) 0.5 0.7 (12.4) (21.6) 14.8 12.3 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 1,235.0 1,275.0 1,325.0 1,420.0 1,335.0 1,595.0 1,520.0 1,467.0 1,524.9 1,278.4 Change, % (3.1) (6.8) (13.0) (7.5) (22.6) (18.8) (15.8) (19.0) (3.4) MEG CFR SE Asia 780.0 810.0 877.5 1,017.5 880.0 1,010.0 1,032.5 1,015.1 934.1 863.9 Change, % (3.7) (11.1) (23.3) (11.4) (22.8) (24.5) (23.2) (16.5) (9.7) PVC CFR SE Asia 835.0 845.0 850.0 885.0 880.0 1,050.0 1,005.0 1,014.5 1,013.9 848.8 Change, % (1.2) (1.8) (5.6) (5.1) (20.5) (16.9) (17.7) (17.6) (1.6) PP CFR SE Asia 1,085.0 1,115.0 1,225.0 1,380.0 1,305.0 1,545.0 1,535.0 1,487.7 1,503.0 1,203.4 Change, % (2.7) (11.4) (21.4) (16.9) (29.8) (29.3) (27.1) (27.8) (9.8) 2-EH CFR Korea 965.0 980.0 1,030.0 1,110.0 1,045.0 1,460.0 1,420.0 1,470.2 1,397.1 1,021.4 Change, % (1.5) (6.3) (13.1) (7.7) (33.9) (32.0) (34.4) (30.9) (5.5) ABS CFR SE Asia 1,440.0 1,455.0 1,515.0 1,680.0 1,610.0 1,955.0 1,905.0 1,949.9 1,897.7 1,562.7 Change, % (1.0) (5.0) (14.3) (10.6) (26.3) (24.4) (26.1) (24.1) (7.8) SBR CFR SE Asia 1,350.0 1,380.0 1,550.0 1,490.0 1,345.0 2,040.0 1,920.0 1,877.5 1,412.8 Change, % (2.2) (12.9) (9.4) 0.4 (33.8) (29.7) (28.1) (4.4) SM CFR SE Asia 1,162.5 1,202.5 1,260.0 1,412.5 1,257.5 1,625.0 1,725.0 1,737.4 1,547.1 1,191.6 Change, % (3.3) (7.7) (17.7) (7.6) (28.5) (32.6) (33.1) (24.9) (2.4) Caustic FOB NEA 315.0 315.0 312.5 300.0 300.0 302.5 335.0 323.6 310.0 292.5 Change, % 0.0 0.8 5.0 5.0 4.1 (6.0) (2.7) 1.6 7.7 PX CFR SE Asia 822.5 855.0 885.0 967.5 872.5 1,432.5 1,432.5 1,497.3 1,228.5 874.5 Change, % (3.8) (7.1) (15.0) (5.7) (42.6) (42.6) (45.1) (33.0) (5.9) PO CFR China 1,420.0 1,572.5 1,547.5 1,812.5 1,917.5 2,210.0 2,450.0 2,030.2 2,179.2 1,790.2 Change, % (9.7) (8.2) (21.7) (25.9) (35.7) (42.0) (30.1) (34.8) (20.7) Caprolactam CFR SE Asia 1,670.0 1,675.0 1,745.0 1,750.0 1,715.0 2,290.0 2,360.0 2,393.9 2,233.4 1,709.8 Change, % (0.3) (4.3) (4.6) (2.6) (27.1) (29.2) (30.2) (25.2) (2.3) PTA CFR SE Asia 642.5 645.0 677.5 787.5 670.0 1,037.5 1,005.0 1,077.4 911.7 678.4 Change, % (0.4) (5.2) (18.4) (4.1) (38.1) (36.1) (40.4) (29.5) (5.3) Spread HDPE 753.0 793.0 820.5 846.0 824.5 671.5 559.0 544.0 659.0 753.9 Change, % (5.0) (8.2) (11.0) (8.7) 12.1 34.7 38.4 14.3 (0.1) MEG 298.0 328.0 373.0 443.5 369.5 86.5 71.5 92.1 68.2 339.4 Change, % (9.1) (20.1) (32.8) (19.4) 244.5 316.8 223.5 336.7 (12.2) PVC 353.0 363.0 345.5 311.0 369.5 126.5 44.0 91.5 148.0 324.2 Change, % (2.8) 2.2 13.5 (4.5) 179.1 702.3 285.6 138.5 8.9 PP 603.0 633.0 720.5 806.0 794.5 621.5 574.0 564.8 637.1 678.9 Change, % (4.7) (16.3) (25.2) (24.1) (3.0) 5.1 6.8 (5.4) (11.2) 2-EH 483.0 498.0 525.5 536.0 534.5 536.5 459.0 547.2 531.3 496.9 Change, % (3.0) (8.1) (9.9) (9.6) (10.0) 5.2 (11.7) (9.1) (2.8) ABS 958.0 973.0 1,010.5 1,106.0 1,099.5 1,031.5 944.0 1,026.9 1,031.9 1,038.1 Change, % (1.5) (5.2) (13.4) (12.9) (7.1) 1.5 (6.7) (7.2) (7.7) SBR BD spread 440.0 405.0 305.0 440.0 435.0 620.0 485.0 595.8 463.4 Change, % 8.6 44.3 0.0 1.1 (29.0) (9.3) (26.1) (5.0) SM 680.5 720.5 755.5 838.5 747.0 701.5 764.0 814.4 681.2 667.1 Change, % (5.6) (9.9) (18.8) (8.9) (3.0) (10.9) (16.4) (0.1) 2.0 Caustic Change, % PX 340.5 373.0 380.5 393.5 362.0 509.0 471.5 574.4 362.6 350.0 Change, % (8.7) (10.5) (13.5) (5.9) (33.1) (27.8) (40.7) (6.1) (2.7) PO propylene sprea 610.0 742.5 667.5 860.0 917.5 900.0 1,070.0 703.7 925.0 880.4 Change, % (17.8) (8.6) (29.1) (33.5) (32.2) (43.0) (13.3) (34.1) (30.7) Caprolactam benzene spread 935.0 905.0 955.0 900.0 925.0 955.0 992.5 1,066.0 990.3 964.4 Change, % 3.3 (2.1) 3.9 1.1 (2.1) (5.8) (12.3) (5.6) (3.0) PTA px spread 66.8 46.5 58.0 110.3 59.3 34.8 2.3 29.2 51.8 66.2 Change, % 43.5 15.1 (39.5) 12.7 92.1 2,866.7 128.4 29.0 0.8 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용
Global peers Currency 08/11 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 45.3 (2.9) (3.0) (11.9) (12.7) (5.8) (12.6) (0.7) 61,854 15.3 14.1 2.1 2.3 7.8 7.8 Du Pont USD 53.4 (1.8) (2.3) (8.3) (25.5) (25.3) (17.9) (24.0) 59,518 13.3 16.5 3.1 4.1 8.1 9.7 Eastman USD 77.6 (2.7) (0.3) 0.6 (3.1) 5.1 (2.8) 2.3 11,910 11.2 10.5 2.7 2.7 9.1 8.1 BASF EUR 79.7 (3.1) 0.5 (2.8) (8.8) (1.6) 4.9 14.0 93,416 14.7 15.0 2.6 2.5 8.6 8.2 Akzo Nobel EUR 65.1 (1.8) (0.8) (2.5) (5.1) 4.4 25.5 12.9 16,898 21.2 16.6 2.9 2.8 11.0 9.0 Arkema EUR 72.6 (1.3) 0.1 9.7 1.5 11.4 32.8 31.9 4,830 19.6 16.4 1.7 1.5 9.3 7.0 Lanxess EUR 52.7 (4.2) (1.5) (0.4) 2.1 17.5 12.2 37.1 5,758 26.6 22.6 2.1 2.1 7.9 7.3 Sumitomo Chemical JPY 635 1.0 (0.5) (6.2) (4.9) 17.6 72.6 32.6 5,963 20.8 12.0 1.5 1.2 9.1 8.0 Mitsubishi Chemical JPY 772 0.8 0.2 4.7 2.8 27.8 63.0 31.1 6,978 22.9 15.7 1.2 1.0 9.6 7.0 Shin-Etsu Chemical JPY 7,527 (0.2) 4.1 3.5 0.9 (5.5) 19.7 (4.3) 26,594 24.6 22.1 1.7 1.6 9.1 8.2 Asahi Kasei JPY 1,012 0.8 4.2 9.8 (11.5) (14.1) 22.8 (8.5) 11,311 13.4 13.0 1.4 1.2 6.3 5.9 JSR JPY 2,110 1.0 3.7 3.0 3.6 1.3 21.1 1.6 4,057 16.5 15.6 1.4 1.3 7.4 7.1 Nitto Denko JPY 8,653 (1.0) (1.6) (7.7) 4.1 19.0 76.1 27.8 8,355 19.7 15.8 2.5 2.1 8.7 7.5 SABIC SAR 91.5 (0.7) (1.1) (9.8) (10.0) (2.6) (29.3) 9.1 103,530 10.9 13.8 1.7 1.7 5.9 7.1 Yansab SAR 49.9 (0.1) 1.2 (5.1) (5.1) 4.3 (31.2) 4.7 10,874 11.4 18.0 1.8 1.8 7.2 9.9 Formosa Plastics TWD 68.9 (2.4) (0.9) (1.3) (12.0) (10.6) (8.7) (4.7) 16,015 20.8 16.6 1.6 1.5 28.8 16.7 Formosa Fiber TWD 70.0 (3.4) (5.1) 0.6 (9.4) (2.0) (2.4) 4.6 14,003 24.1 19.2 1.5 1.4 15.7 13.6 Nan Ya Plastics TWD 61.8 (3.4) (6.1) (5.8) (17.3) (7.3) (11.2) (5.6) 18,393 15.2 13.9 1.6 1.5 17.3 12.2 Sinopec Shanghai CNY 8.58 4.5 11.6 9.9 (3.3) 111.3 151.6 98.2 5,166 780.0 33.1 5.4 4.8 52.6 14.5 Sinopec Yizheng(FibeCNY 9.66 4.9 10.0 (4.9) 9.2 64.0 247.5 65.1 1,370 50.8 106.2 5.3 6.2 12.5 23.9 Reliance INR 966 (0.3) (2.2) (3.6) 7.8 7.2 (1.5) 8.8 51,858 13.0 11.9 1.4 1.3 11.0 9.6 Industries Qatar QAR 136.1 (0.2) (0.9) 0.9 (6.2) (10.8) (20.6) (19.0) 28,493 12.8 15.8 2.5 2.4 49.9 64.5 PTT Chemical THB 59.8 (1.2) (2.4) (10.2) (6.3) 2.1 (7.4) 16.6 9,051 10.7 10.0 1.2 1.2 6.6 6.6 Petronas MYR 6.0 (0.5) (7.0) (3.5) 2.0 14.1 (10.2) 9.7 16,666 17.2 17.9 2.1 2.0 8.7 8.8 LG화학 KRW 222, 0.0 (6.9) (14.1) (18.2) 3.7 (18.0) 22.9 17,460 0.0 12.5 0.0 1.3 0.0 4.9 롯데케미칼 KRW 232,000 3.1 (0.2) (13.6) (8.3) 31.1 33.0 45.0 5,804 0.0 7.6 0.0 1.1 0.0 4.4 한화케미칼 KRW 19,150 0.0 (3.5) (3.8) 20.1 46.2 9.1 62.3 2,758 0.0 20.8 0.0 0.7 0.0 11.0 금호석유 KRW 6 0.0 0.5 (13.8) (28.1) (28.6) (30.4) (24.3) 2,593 0.0 13.2 0.0 1.2 0.0 9.4 SKC KRW 37,550 2.6 10.1 1.6 (10.0) 23.7 10.9 41.2 1,194 0.0 6.2 0.0 1.0 0.0 7.7 국도화학 KRW 75,000 (1.8) (4.3) 10.9 10.3 62.9 48.2 82.5 285 0.0 8.3 0.0 1.1 0.0 5.5 효성 KRW 2,900 0.7 (3.0) (1.7) (32.2) (23.5) (30.3) 2.1 2,484 0.0 10.1 0.0 1.5 0.0 8.1 Average (0.4) (0.2) (2.4) (5.6) 10.9 19.9 18.5 Refinery Valero USD 70.4 2.1 9.3 7.0 20.9 27.2 38.0 42.3 26,947 11.6 8.8 1.8 1.6 5.4 4.5 Conoco Phillips USD 50.4 0.4 1.1 (14.8) (22.8) (25.8) (37.6) (27.0) 99,349 9.5 536.2 1.1 1.3 4.0 7.9 Formosa PetrochemicTWD 69.7 (3.9) (8.0) (9.2) (12.5) 1.0 (5.4) 1.5 23,394 36.7 18.8 2.8 2.6 17.5 11.6 Tesoro USD 109.4 1.9 13.0 11.2 24.0 25.4 77.2 47.2 7,920 15.8 10.1 3.0 2.7 8.5 6.2 Marathon Petroleum USD 55.9 4.9 7.0 2.5 9.2 10.7 (35.9) 23.8 24,675 15.0 9.6 3.0 2.4 7.6 5.4 Devon Energy USD 47.3 (1.2) (3.0) (15.3) (28.8) (26.8) (36.3) (22.7) 30,355 9.2 22.9 0.9 1.2 4.8 6.7 Hollyfrontier USD 53.8 2.6 14.8 18.9 30.1 37.6 14.9 43.5 9,499 18.3 11.5 1.8 1.8 8.3 5.9 Phillips 66 USD 83.7 1.4 7.0 2.7 3.9 12.8 1.6 16.7 46,047 13.2 12.7 2.2 2.0 7.2 7.2 Murphy Oil USD 33.2 (1.9) 2.7 (17.2) (26.4) (34.9) (45.8) (34.4) 10,855 9.9 #N/A N/A 0.7 0.7 2.3 5.4 JX Holdings JPY 517.0 1.4 2.4 2.3 (2.2) 9.7 (0.3) 10.0 12,667 #N/A N/A 7.3 0.7 0.6 #N/A N/A 8.6 Cosmo Oil JPY 209.0 1.0 6.1 10.0 15.5 19.4 5.6 22.2 1,643 #N/A N/A 5.8 1.1 0.9 #N/A N/A 9.4 Idemitsu JPY 2,298.0 3.0 (1.7) (3.8) (3.4) 9.2 3.2 15.0 3,488 #N/A N/A 7.0 0.6 0.6 #N/A N/A 8.0 Tonengeneral JPY 1,233.0 0.2 (1.1) 7.5 7.4 12.3 37.0 19.8 4,979 41.9 21.3 1.5 1.7 879.8 11.7 Nesteoil EUR 24.6 (0.8) (4.6) 5.1 7.2 11.0 68.7 22.4 0 16.7 12.5 2.2 2.1 10.7 7.8 Ashland USD 113.4 (1.5) (0.7) (4.2) (13.8) (8.8) 11.2 (5.3) 7,960 19.0 16.4 2.2 2.4 9.1 9.2 Fuchs Petrolub EUR 44.0 (1.2) 3.0 12.3 16.2 14.0 40.0 32.1 5,873 28.1 25.4 6.8 6.1 16.6 14.8 SK이노베이션 KRW 92, (0.1) (2.7) (15.5) (19.9) (8.4) (11.0) 8.2 9,287 0.0 6.2 0.0 0.5 0.0 5.7 S-Oil KRW 58, 0.7 (1.5) (5.9) (17.1) (5.5) 9.9 21.1 5,823 0.0 7.3 0.0 1.2 0.0 5.1 GS KRW 43,700 (0.6) (1.0) (10.3) (11.4) 3.3 (4.7) 9.3 4,134 0.0 8.1 0.0 0.6 0.0 11.5 Average 0.4 2.2 (0.9) (1.3) 4.4 6.9 12.9 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임
Global peers Currency 08/11 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 77 (1.6) 0.4 (5.8) (10.7) (14.5) (21.5) (16.2) 421,053 10.6 18.4 1.8 1.8 5.1 7.7 BP GBP 381 (1.3) (2.5) (10.9) (16.9) (14.6) (18.9) (7.4) 144,838 9.4 16.4 0.9 1.0 3.9 5.5 Shell EUR 1,867 (0.7) 2.0 2.5 (9.0) (13.0) (22.2) (13.3) 262,302 8.1 13.8 1.0 1.0 3.6 5.2 Chevron USD 86 (0.1) 0.7 (9.1) (20.1) (22.0) (32.8) (23.5) 242,513 8.9 22.3 1.0 1.0 3.9 6.0 Total EUR 46 (0.8) 1.9 2.6 (4.2) (3.1) (6.9) 7.0 155,649 9.4 12.6 1.1 1.2 4.3 5.8 Sinopec CNY 6 0.0 3.2 (16.7) (20.8) 7.4 15.7 (5.7) 103,447 13.5 18.6 1.2 1.1 6.3 6.5 Petrochina CNY 11 0.7 3.0 (14.8) (11.9) (0.1) 39.7 3.1 238,708 18.3 33.5 1.7 1.7 7.6 8.8 CNOOC CNY 23 8.5 11.5 16.4 (10.3) 29.3 27.0 12.7 13,445 14.5 28.6 2.4 2.3 8.5 13.6 Gazprom RUB 142 0.3 0.1 (1.3) (8.7) (5.7) 10.7 8.9 84,495 4.1 2.7 0.2 0.2 2.4 2.4 Rosneft RUB 236 (0.6) 1.1 3.7 (9.2) (11.2) 6.4 20.3 65,270 5.4 6.4 #N/A N/A 0.8 4.5 4.1 Anadarko USD 75 (0.3) 1.6 (0.3) (12.6) (11.8) (30.4) (8.5) 54,902 16.5 #N/A N/A 1.8 2.2 4.9 11.2 Petrobras BRL 10 (1.2) (3.4) (16.6) (28.4) 8.9 (51.2) (1.9) 111,095 6.4 7.9 0.4 0.4 6.8 6.1 Lukoil USD 2,520 (0.4) 0.5 2.2 (6.4) (17.9) 29.4 13.2 46,024 4.2 6.0 0.4 0.3 N/A N/A Kinder USD 33 1.2 (2.3) (13.7) (22.9) (20.2) (65.1) (22.3) 43,456 27.4 41.1 3.0 2.1 16.1 15.6 Statoil NOK 134 (1.5) (1.5) (2.6) (14.4) (4.7) (25.3) 2.4 92,893 10.1 16.9 1.2 1.2 2.4 2.7 BHP AUD 26 1.3 1.7 (1.2) (11.4) (9.0) (25.9) (4.0) 185,516 13.3 20.8 1.4 1.5 5.6 7.4 PTT E&P THB 81 (3.0) (8.7) (20.6) (30.8) (30.2) (51.6) (27.7) 20,695 6.9 13.2 0.8 0.8 2.0 2.5 Petronas gas MYR 22 (0.9) (3.9) 2.1 (4.5) (0.9) 1.2 (2.6) 13,196 24.9 23.7 4.0 3.8 13.8 13.5 Chesapeake USD 8 (4.9) 2.6 (27.8) (45.9) (59.1) (68.9) (58.0) 17,583 5.3 #N/A N/A 0.4 0.6 3.7 7.6 Noble Energy USD 34 (0.2) 0.5 (12.5) (25.8) (28.7) (51.0) (28.0) 25,238 14.6 101.1 1.3 1.2 5.4 7.8 Average 0 (0.3) 0.4 (6.2) (16.2) (11.1) (17.1) (7.6) PV WACKER EUR 88.3 (3.7) (5.1) (4.0) (20.4) (10.9) 4.2 (3.0) 5,918 19.2 27.3 2.0 2.0 6.8 5.9 GCL-Poly HKD 1.6 1.2 9.4 4.5 (28.8) (4.1) (36.8) (9.4) 5,155 12.3 10.8 1.4 1.2 9.2 7.5 REC NOK 107.0 0.0 0.5 0.9 1.4 5.4 29.8 4.9 534 11.9 12.4 1.9 1.6 7.3 5.4 SunEdison USD 13.4 (14.4) (40.5) (56.1) (53.6) (34.2) (38.3) (31.6) 5,821 #N/A N/A #N/A N/A 25.0 2.2 #N/A N/A #N/A N/A Canadian Solar USD 24.9 (4.2) 1.2 (3.7) (36.4) (9.4) (4.9) 2.8 1,403 6.0 8.5 1.9 1.6 4.8 5.6 JA Solar USD 7.9 0.1 6.1 4.7 (24.2) (9.2) (14.0) (4.1) 395 8.5 8.6 0.5 0.4 4.1 4.4 Trina Solar USD 9.4 (2.9) 3.1 (8.3) (24.1) (8.6) (21.4) 1.0 953 11.6 9.7 0.7 0.7 6.4 5.4 Solar City USD 48.8 (4.7) (17.3) (7.9) (20.2) (13.1) (33.5) (8.8) 6,804 #N/A N/A #N/A N/A 7.2 5.4 #N/A N/A #N/A N/A Yingli USD 0.9 (1.3) 6.3 (14.3) (50.6) (59.3) (75.8) (63.8) 638 #N/A N/A #N/A N/A 6.8 #N/A N/A 10.2 11.7 First Solar USD 51.4 (3.8) 15.6 16.8 (8.8) 5.5 (25.6) 15.3 6,930 19.7 17.6 1.1 1.0 6.6 6.5 한화솔라원 USD 11.5 (6.0) (5.9) (19.7) (47.2) 2.8 450.7 4.6 #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 92,200 0.3 (2.1) (22.2) (7.2) 7.1 (41.5) 17.3 3,645 0.0 7.4 0.0 0.7 0.0 6.6 웅진에너지 KRW 1, (0.3) (3.8) (18.3) (4.2) (2.0) (33.3) 11.9 159 N/A 0.0 0.7 0.0 6.6 0.0 신성솔라에너지 KRW 1,250 0.0 0.0 (4.9) (13.8) 5.9 (1.2) 22.5 69 N/A 0.7 0.0 6.6 0.0 10.1 Average (2.8) (2.3) (9.5) (24.1) (8.9) 11.3 (2.9) Gas Company Towngas China HKD 6.9 0.0 (1.4) 2.4 (18.7) (1.6) (24.8) (12.7) 3,097 15.6 13.5 1.3 1.3 16.9 14.4 Kulun HKD 7.1 0.6 (2.9) (0.4) (22.1) (7.1) (47.2) (3.8) 13,913 9.8 12.8 1.0 1.0 5.8 5.9 Beijing Enterprise HKD 54.9 (0.6) (2.0) (0.4) (23.0) (5.8) (23.7) (9.7) 11,922 14.2 12.3 1.2 1.1 17.5 17.0 ENN Energy HKD 49.7 0.9 (3.0) 8.8 (10.8) 15.5 (17.4) 12.8 8,397 19.5 16.8 3.9 3.0 10.6 9.9 China Resources GasHKD 23.6 1.5 (2.9) 9.8 (6.2) 18.1 (11.8) 17.1 7,675 20.6 17.7 3.2 2.8 13.1 11.0 China Gas Holdings HKD 13.7 (1.4) (1.9) 15.2 0.0 9.6 (11.1) 11.9 9,963 21.1 16.9 3.6 3.1 15.7 13.0 Shenzen Gas HKD 12.9 (3.3) 0.2 (0.3) (9.5) 24.3 29.8 13.4 2,225 11.8 11.9 1.4 1.2 8.7 10.8 Shann Xi CNY 16.8 (0.9) 2.4 (2.0) 5.8 21.0 63.5 55.6 1,700 41.0 27.1 4.1 #N/A N/A 17.7 #N/A N/A Suntien HKD 1.4 0.0 1.4 (9.1) (27.8) (12.5) (39.1) (13.6) 1,102 12.1 9.8 0.6 0.5 7.8 6.7 China Oil & Gas HKD 0.7 (1.5) (2.9) 1.5 (27.7) (25.6) (47.0) (24.8) 950 #N/A N/A 13.1 #N/A N/A 1.0 #N/A N/A 6.1 Average (0.5) (1.3) 2.5 (14.0) 3.6 (12.9) 4.6 EV LG화학 KRW 222, 0.0 (6.9) (14.1) (18.2) 3.7 (18.0) 22.9 17,460 15.9 11.8 1.3 1.2 6.3 5.2 삼성SDI KRW 82, 1.5 (1.2) (24.3) (29.5) (38.7) (44.7) (29.2) 9,909 36.6 22.9 0.5 0.5 9.9 8.1 Panasonic JPY 1468.5 1.3 2.9 (6.7) (13.7) 11.4 21.0 2.9 29,148 18.1 16.6 1.9 1.6 5.4 4.8 GS Yuasa JPY 506.0 1.4 3.3 10.0 (6.1) (2.5) (21.1) (1.7) 2,595 16.6 14.9 1.4 1.3 8.0 7.0 NEC JPY 406.0 (0.2) 0.5 10.9 (0.5) 23.8 6.6 15.0 9,713 22.3 14.8 1.4 1.2 6.8 6.4 BYD Auto CNY 65.7 (1.7) 10.1 21.5 4.1 79.5 26.6 72.2 19,208 251.7 74.0 6.3 5.5 27.5 20.0 Tesla Motors USD 237.4 (1.6) (10.9) (8.4) (0.9) 11.5 (8.5) 6.7 32,319 412.1 #N/A N/A 31.8 41.7.5 118.3 Kandi Technologies USD 6.9 (2.3) (4.5) (8.9) (41.9) (43.4) 4) (63.7) (50.5) 5) #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) (0.8) (2.5) (13.3) 5.7 (12.7) 4.8 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임