1. News Summary (3 page) 2017 년 8 월 10 일 News WTI comment 美원유재고감소에강세 WTI 0.8% Conclusion Headline SK 이노베이션, 美텍사스산원유들여온다미국의환율, 무역압박속에서미국산에너지수입은불가피할전망 N

1. News Summary (3 page) 2017 년 8 월 10 일 News WTI comment 美원유재고감소에강세 WTI 0.8% Conclusion Headline SK 이노베이션, 美텍사스산원유들여온다미국의환율, 무역압박속에서미국산에너지수입은불가피할전망 News 1. 롯데케미칼, UK Wilton 의 PET 생산시설 force majeure 선언유럽지역 PET 스팟시장에서일시적으로공급차질을빚을전망 News 2. 美테슬라인기여파? 전기차배터리대세 ' 각형 ' 급격히무너졌다에너지밀도가높은파우치형보급이 EV 배터리시장에서더확대될것 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 49.6 0.8 (0.1) 8.9 4.7 18.8 Ethylene 08/07 $/t 1,030 5.6 17.7 (5.1) 0.0 Dubai $/bbl 51.2 0.0 1.9 9.4 5.9 23.9 Propylene 08/07 $/t 770 1.0 2.0 6.2 13.2 Gasoline $/bbl 67.7 0.0 2.7 10.9 7.6 37.1 Benzene 08/07 $/t 750 1.0 1.0 (0.7) 22.0 Diesel $/bbl 63.8 0.0 (1.0) 6.0 7.6 26.2 Toluene 08/07 $/t 650 2.4 3.2 (0.8) 14.0 Complex margin $/bbl 8.4 0.0 (0.4) (0.0) 1.2 4.6 Xylene 08/07 $/t 633 1.6 2.8 (1.2) 5.4 $/bbl 13.6 1.0 1.0 4.8 10.7 10.4 PP 08/07 $/t 1,088 1.4 5.8 3.8 7.7 Petrochemical % % % % % PVC 08/07 $/t 860 0.0 (1.1) (2.0) 6.8 Naphtha $/t 468 0.8 (1.7) 12.6 8.1 31.9 ABS 08/07 $/t 1,850 1.6 3.4 12.8 36.3 Butadiene $/t 910 0.0 0.0 (6.7) (25.7) (9.5) SBR 08/07 $/t 1,490 0.0 2.8 (16.8) 8.0 HDPE $/t 1,120 0.0 0.9 3.7 0.0 (1.3) SM 08/07 $/t 1,150 (1.9) (0.9) 8.0 11.1 MEG $/t 870 (1.1) (1.1) 7.3 24.1 42.4 BPA 08/07 $/t 1,543 0.2 3.0 13.4 1.0 PX $/t 814 (0.4) (0.5) 6.1 4.8 4.4 Caustic 08/07 $/t 468 1.1 3.3 4.5 55.8 SM $/t 1,124 1.3 1.0 1.7 12.6 12.6 2-EH 08/07 $/t 960 (1.0) 5.5 3.8 27.2 Commodity % % % % % Caprolactam 08/07 $/t 1,760 1.7 9.3 (0.6) 34.4 Natural Gas $/mmbtu 2.88 2.2 2.6 (3.1) (15.1) (3.3) Solar % % % % Natural rubber $/t 1,490 0.7 4.2 1.4 0.7 16.4 Polysilicon 08/02 $/kg 15.6 1.4 12.2 15.8 (0.4) Cotton C/lbs 71.8 (0.1) 0.1 5.4 (6.1) 0.9 Module 08/02 $/W 0.33 0.0 (0.6) (2.4) (27.3) * 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 80.2 0.3 (0.5) (0.0) (2.6) (9.6) BASF EUR 80.8 (0.9) 0.2 (0.5) (10.2) 12.5 Shell EUR 2,213 (0.0) 2.5 8.3 5.8 15.4 Dow Chemical USD 63.5 0.1 (1.2) (0.6) 2.7 18.9 Petrochina CNY 8.12 (0.7) (0.2) 4.1 8.4 11.5 SABIC SAR 98.0 (0.2) 0.7 (2.8) 0.9 16.7 Gazprom RUB 118.7 (0.8) (0.3) (3.5) (11.7) (13.6) Formosa Pla. TWD 92.8 (0.4) 2.0 (0.6) 4.9 17.8 Petrobras BRL 13.5 0.2 0.1 13.3 (4.4) 13.8 Shin-Etsu JPY 9,523 (4.3) (7.6) (4.2) (3.8) 32.4 Refinery Renewable Phillips66 USD 84.5 (0.6) (2.5) 2.3 6.1 10.1 Wacker EUR 103.1 (1.9) (1.9) 8.7 3.1 24.0 Valero USD 66.9 (1.3) (2.3) (1.8) 0.5 27.5 First Solar USD 47.43 (0.9) (2.5) 20.4 32.6 13.9 JX JPY 508.3 3.3 3.3 3.5 (1.1) 36.2 GCL-Poly HKD 0.92 0.0 8.2 5.7 (2.1) (15.6) Neste Oil EUR 34.7 (0.4) (6.4) (0.9) (8.1) (7.1) Tesla Motors USD 363.5 (0.5) 11.5 16.1 13.2 58.7 4. Coverage Summary 08/09 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 2,368 (1.1) (2.4) (0.6) 3.1 14.1 16.6 * 추정치는 12M fwd 기준임 KOSPI 화학 5,650 (0.5) (1.1) 5.5 2.2 11.9 9.1 * 모든 coverage 업체의실적은연결기준임 LG 화학 332, (2.2) (0.3) 14.1 16.5 21.8 34.1 매수 330,000 (0.8) 13.23 1.78 롯데케미칼 380,000 (1.7) (0.8) 9.5 8.6 (1.7) 26.2 매수 410,000 7.9 7.85 1.38 한화케미칼 33, (0.4) 0.3 5.8 23.6 31.4 31.6 매수 33,000 (1.5) 7.99 0.99 금호석유화학 73, (1.1) (4.7) (0.3) (2.5) (6.6) 18.6 매수 100,000 35.5 14.03 1.40 KCC 411, 0.9 (6.6) 1.7 16.7 25.6 (3.1) 매수 450,000 9.4 23.40 0.66 OCI 92,000 0.5 (1.2) 6.2 11.7 8.2 1.9 매수 100,000 8.7 18.62 0.72 SKC 37,550 3.7 0.5 8.1 27.1 19.2 23.3 매수 40,000 6.5 14.15 1.00 국도화학 56,300 (0.7) (2.4) 6.4 14.9 6.2 (3.4) 매수 70,000 24.3 9.45 0.68 SK 이노베이션 174, (1.4) (1.1) 9.1 0.9 15.2 15.6 매수 180,000 3.2 7.84 0.95 S-Oil 116, (0.4) (0.4) 16.5 8.9 43.1 53.3 매수 100,000 (14.2) 15.65 2.27 GS 75,000 (0.1) (1.3) 7.9 25.4 46.2 55.0 매수 80,000 6.7 6.24 1.11 SK 가스 116,000 (1.3) (1.7) (3.3) (1.3) 14.3 35.8 매수 150,000 29.3 7.04 0.84 포스코대우 23, (0.8) (3.1) 5.4 (1.7) (5.8) 9.3 매수 27,000 14.9 8.17 0.97 LG 상사 29,200 (0.3) 0.7 (2.8) (11.2) (15.7) (17.3) 매수 42,000 43.8 9.03 0.94 한국전력 44,150 (0.9) (0.1) 5.6 2.6 6.9 (27.9) 매수 60,000 35.9 7.63 0.35 한국가스공사 50,400 (0.4) (0.4) 0.8 7.9 8.3 18.3 매수 60,000 19.0 8.55 0.60 작성자 ( 손지우 ) 는본조사분석자료에게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 본보고서에언급된종목의경우당사조사분석담당자는본인의담당종목을보유하고있지않습니다. 본보고서는기관투자가또는제 3 자에게사전제공된사실이없습니다. 당사는본보고서의발간시점에해당종목을 1% 이상보유하고있지않습니다.

Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 6,000 KOSQI( 우 ) KOSPI 화학 ( 좌 ) (p) 2, ($/bbl) 60 WTI Dubai 5,700 5,400 5,100 4, 4, 2,400 2,300 2,200 2,100 2,000 1,900 50 40 30 4,200 15/10 16/01 16/04 16/07 16/10 17/01 17/05 1, 17/08 20 15/08 15/12 16/04 16/08 16/12 17/04 Complex & margin ($/bbl) 시차조정복합 20 복합정제마진 Polysilicon & Module prices ($/kg) PolySilicon 18 Silicon Module ($/W) 0.58 15 17 0.54 10 5 0 16 15 14 13 0.50 0.46 0.42 0.38 0.34 (5) 15/08 15/12 16/04 16/08 16/12 17/04 17/0 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1,600 1,400 1,200 600 400 12 15/08 16/01 16/07 16/12 17/06 Butadiene price & naphtha spread Butadiene 3, 3,000 2, 2,000 1, 0.30 2, 2,000 1, 200 0 HDPE price & naphtha spread 1,400 HDPE 900 MEG price & naphtha spread MEG 1,350 1,300 900 400 1,250 1,200 700 300 1,150 700 200 1,100 1,050 600 600 100 0 PVC price & naphtha spread PX price & naphtha spread PVC 950 PX 950 900 400 300 900 850 400 850 750 200 100 750 700 300 200 700 0 650 100 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK 증권 참고 : 상기데이터는일괄적으로과거 2 년치적용

News Comment Headline ( 출처 : 이데일리 ) WTI Comment ( 출처 : 연합뉴스 ) 제목 SK이노베이션, 美텍사스산원유들여온다 제목 美원유재고감소에강세 WTI 0.8% 결론 미국의환율, 무역압박속에서미국산에너지수입은불가피할전망 상승 EIA에따르면지난주미국원유재고는전주대비 650만배럴줄어듦 요인 이는 '270만배럴감소 ' 를예상했던시장눈높이를훌쩍뛰어넘는수준 1) SK이노베이션이국내업체가운데세번째로미국산원유도입을결정 2) 미국산원유수입은미국정부의통상압력을줄이는계기가될전망 3) SK에너지는지난달미국 WTI 100만배럴수입계약을체결함 하락 4) 이번달멕시코산원유와함께선적해오는 10월중국내로운반할계획 요인 5) 미국의환율, 무역압박속에서미국산에너지수입은불가피할전망 Issue 1 ( 출처 : Platts) Issue 2 ( 출처 : 노컷뉴스 ) 제목롯데케미칼, UK Wilton 의 PET 생산시설 force majeure 선언제목美테슬라인기여파? 전기차배터리대세 ' 각형 ' 급격히무너졌다 결론유럽지역 PET 스팟시장에서일시적으로공급차질을빚을전망결론에너지밀도가높은파우치형보급이 EV 배터리시장에서더확대될것 1) 영국동북지역 Wilton의롯데케미칼 PET 생산시설이가동중단됨 1) 상반기출하된전세계 EV 배터리유형별공급량에서파우치형이약진 2) 두공장중연간 16만톤생산 capa 보유한공장이 force majeure 상태임 2) 원통형 : 출하량 5.9GWh로점유율 35.0% 에서 40.6% yoy 5.6%p 상승 3) 금요일가동중단되었으며재가동시점은불투명한상황 3) 파우치형 : 출하량 3.7GWh로점유율 18.9% 에서 25.2% yoy 6.3%p 상승 4) 연간 21만톤생산 capa 보유한공장은영향없음 4) 각형 : 출하량 5.0GWh로점유율 46.0% 에서 34.2% yoy 11.8%p 하락 5) 유럽지역 PET 스팟시장에서일시적으로공급차질을빚을전망 5) 에너지밀도가높은파우치형보급이 EV 배터리시장에서더확대될것 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 2015avg. 2016avg. 2017acc. F/X USD/EUR 0.850 0.851 0.844 0.877 0.920 0.939 0.900 0.951 0.901 0.904 0.913 Change, % (0.1) 0.8 (3.1) (7.5) (9.4) (5.5) (10.5) (5.6) (5.9) (6.8) USD/JPY 110.1 110.3 110.7 113.9 114.0 113.3 101.9 117.0 121.1 108.8 112.3 Change, % (0.2) (0.6) (3.4) (3.4) (2.8) 8.0 (5.9) (9.1) 1.2 (2.0) USD/KRW 1,135.2 1,125.2 1,123.9 1,154.3 1,139.2 1,146.1 1,106.2 1,205.8 1,131.2 1,160.5 1,140.3 Change, % 0.9 1.0 (1.7) (0.4) (1.0) 2.6 (5.9) 0.4 (2.2) (0.4) Agriculture Corn 372.3 369.8 365.0 382.3 358.3 369.5 322.3 352.0 376.8 358.5 367.5 Change, % 0.7 2.0 (2.6) 3.9 0.7 15.5 5.8 (1.2) 3.8 1.3 Soybean 963.0 963.0 966.5 996.0 965.3 1,050.5 1,022.0 996.5 945.4 987.5 981.3 Change, % 0.0 (0.4) (3.3) (0.2) (8.3) (5.8) (3.4) 1.9 (2.5) (1.9) Wheat 459.5 457.0 460.8 515.3 421.8 443.5 417.0 408.0 508.1 436.4 443.2 Change, % 0.5 (0.3) (10.8) 9.0 3.6 10.2 12.6 (9.6) 5.3 3.7 Rice 12.3 12.1 12.5 11.7 9.6 9.5 9.7 9.4 11.1 10.3 10.4 Change, % 1.4 (1.4) 5.0 27.6 29.9 26.9 31.6 11.3 19.0 18.3 Oats 270.5 273.5 289.5 282.5 250.0 254.5 175.3 228.5 250.2 196.3 253.7 Change, % (1.1) (6.6) (4.2) 8.2 6.3 54.4 18.4 8.1 37.8 6.6 MYR/mt Palm Oil 2,628.0 2,624.0 2,630.0 2,668.0 2,850.0 3,301.0 2,561.0 3,218.0 2,190.3 2,653.8 2,873.5 Change, % 0.2 (0.1) (1.5) (7.8) (20.4) 2.6 (18.3) 20.0 (1.0) (8.5) Cocoa 2,002.0 2,018.0 2,055.0 1,835.0 1,990.0 1,974.0 2,976.0 2,126.0 3,091.6 2,854.0 2,000.0 Change, % (0.8) (2.6) 9.1 0.6 1.4 (32.7) (5.8) (35.2) (29.9) 0.1 Cotton 71.8 71.9 71.8 75.3 77.4 75.6 73.1 70.7 63.3 65.6 75.1 Change, % (0.1) 0.1 (4.6) (7.2) (5.0) (1.7) 1.7 13.5 9.5 (4.3) Sugar 13.6 13.8 14.8 14.2 15.4 20.7 20.4 19.5 13.1 18.2 16.8 Change, % (1.0) (7.8) (3.6) (11.7) (33.9) (33.1) (30.1) 3.8 (24.9) (18.8) Coffee 142.7 142.8 140.4 126.6 132.8 145.2 141.1 137.1 132.6 136.1 136.8 Change, % (0.1) 1.6 12.7 7.4 (1.8) 1.1 4.1 7.5 4.8 4.3 Energy WTI 49.6 49.2 49.6 44.2 45.9 53.0 42.8 53.7 48.8 43.4 49.6 Change, % 0.8 (0.1) 12.1 8.0 (6.5) 15.9 (7.7) 1.5 14.2 (0.1) Brent 52.7 52.1 52.4 46.7 48.7 55.6 45.0 56.8 53.7 45.1 52.3 Change, % 1.1 0.6 12.8 8.1 (5.3) 17.2 (7.3) (1.8) 16.9 0.8 Natural Gas 2.9 2.8 2.8 2.9 3.2 3.1 2.6 3.7 2.6 2.6 3.1 Change, % 2.2 2.6 0.7 (10.7) (8.2) 10.2 (22.6) 9.7 13.0 (6.3) Ethanol 1.6 1.6 1.6 1.5 1.5 1.6 1.4 1.6 1.5 1.5 1.5 Change, % (0.2) 2.1 4.8 9.6 0.1 11.9 (0.9) 5.4 5.0 3.5 RBOB Gasoline 162.0 162.1 164.5 149.8 149.0 157.0 134.6 166.5 163.6 140.0 158.4 Change, % (0.0) (1.5) 8.1 8.8 3.2 20.3 (2.7) (1.0) 15.7 2.3 Coal 95.2 94.1 95.1 82.6 73.9 79.8 67.0 88.4 59.0 65.5 82.0 Change, % 1.2 0.2 15.3 28.9 19.4 42.1 7.7 61.5 45.4 16.1 Metal Gold 1,277.3 1,261.0 1,266.7 1,213.2 1,221.4 1,228.4 1,340.7 1,152.3 1,160.6 1,248.5 1,239.9 Change, % 1.3 0.8 5.3 4.6 4.0 (4.7) 10.9 10.1 2.3 3.0 Silver 17.0 16.5 16.6 15.6 16.2 17.7 19.8 15.9 15.7 17.1 17.2 Change, % 3.0 2.2 8.5 4.7 (4.0) (14.6) 6.5 7.8 (0.9) (1.2) Copper 6,455.0 6,480.0 6,352.0 5,828.0 5,512.0 5,822.0 4,779.0 5,535.5 5,503.1 4,872.0 5,833.2 Change, % (0.4) 1.6 10.8 17.1 10.9 35.1 16.6 17.3 32.5 10.7 Nickel 686.7 684.0 658.9 580.8 597.0 686.3 721.2 682.0 759.5 646.4 640.9 Change, % 0.4 4.2 18.2 15.0 0.1 (4.8) 0.7 (9.6) 6.2 7.1 Zinc 2,931.5 2,925.0 2,801.5 2,793.0 2,612.0 2,830.0 2,274.0 2,576.0 1,941.9 2,097.5 2,715.0 Change, % 0.2 4.6 5.0 12.2 3.6 28.9 13.8 51.0 39.8 8.0 Lead 2,331.3 2,365.0 2,335.8 2,282.3 2,168.8 2,338.5 1,795.3 2,003.5 1,791.2 1,868.3 2,232.1 Change, % (1.4) (0.2) 2.1 7.5 (0.3) 29.9 16.4 30.2 24.8 4.4 Aluminum 15,870.0 15,270.0 14,545.0 14,030.0 13,670.0 13,705.0 12,565.0 12,765.0 12,184.0 12,373.5 13,844.3 Change, % 3.9 9.1 13.1 16.1 15.8 26.3 24.3 30.3 28.3 14.6 Cobalt 57,200.0 57,150.0 55,750.0 60,000.0 54,550.0 39,.0 26,200.0 32,734.0 28,444.4 25,480.1 51,265.7 Change, % 0.1 2.6 (4.7) 4.9 44.8 118.3 74.7 101.1 124.5 11.6 HR Coil 619.0 619.0 625.0 625.0 610.0 620.0 596.0 633.0 461.5 519.3 620.6 Change, % 0.0 (1.0) (1.0) 1.5 (0.2) 3.9 (2.2) 34.1 19.2 (0.3) Scrap 365.0 360.0 354.0 360.0 360.0 305.0 260.0 302.0 252.9 275.7 341.0 Change, % 1.4 3.1 1.4 1.4 19.7 40.4 20.9 44.3 32.4 7.0 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용

Refining Price Data Daily Price 08/09 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Crude Oil WTI 49.6 49.2 49.6 45.5 47.3 52.3 41.7 53.7 48.8 43.4 49.5 Change, % 0.8 (0.1) 8.9 4.7 (5.3) 18.8 (7.7) 1.6 14.3 0.0 Dubai 51.2 51.2 50.3 46.8 48.4 53.4 41.3 53.8 50.8 41.3 50.8 Change, % 0.0 1.9 9.4 5.9 (4.0) 23.9 (4.8) 0.9 24.1 0.9 Crude Oil Gasoline( 휘발유 ) 67.7 67.7 65.9 61.0 62.9 69.0 49.3 69.8 69.5 56.3 65.3 Product Change, % 0.0 2.7 10.9 7.6 (1.9) 37.1 (3.1) (2.7) 20.3 3.6 Kerosene( 등유 ) 63.4 63.4 63.3 59.0 58.3 64.9 50.5 66.4 64.7 52.9 62.1 Change, % 0.0 0.1 7.5 8.7 (2.2) 25.7 (4.5) (2.0) 19.9 2.2 Diesel( 경유 ) 63.8 63.8 64.4 60.2 59.3 65.4 50.5 65.5 64.8 52.1 62.7 Change, % 0.0 (1.0) 6.0 7.6 (2.5) 26.2 (2.7) (1.6) 22.3 1.7 Bunker-C 48.3 48.3 47.0 45.5 45.4 48.5 34.7 52.1 45.3 35.5 47.5 Change, % 0.0 2.8 6.3 6.4 (0.4) 39.1 (7.2) 6.8 36.0 1.6 Naphtha 50.4 50.4 50.0 44.6 47.1 55.2 37.1 53.5 52.6 42.6 50.4 Change, % 0.0 0.9 13.2 7.1 (8.6) 35.9 (5.7) (4.1) 18.4 0.1 Dubai Gasoline( 휘발유 ) 16.4 16.4 15.6 14.2 14.5 15.6 8.0 16.0 18.7 14.9 14.5 Spread Change 0.0 0.8 2.2 1.9 0.8 8.4 0.4 (2.3) 1.5 1.9 Kerosene( 등유 ) 12.2 12.2 13.1 12.2 10.0 11.5 9.1 12.6 14.0 11.6 11.3 Change 0.0 (0.9) 0.0 2.2 0.6 3.1 (0.4) (1.8) 0.6 0.9 Diesel( 경유 ) 12.5 12.5 14.1 13.3 10.9 12.0 9.2 11.7 14.0 10.8 11.9 Change 0.0 (1.6) (0.8) 1.6 0.5 3.4 0.8 (1.5) 1.7 0.6 Bunker-C (2.9) (2.9) (3.3) (1.4) (3.0) (4.8) (6.6) (1.8) (5.5) (5.8) (3.3) Change 0.0 0.4 (1.6) 0.1 1.9 3.7 (1.2) 2.6 2.9 0.3 Naphtha (0.8) (0.8) (0.3) (2.3) (1.3) 1.8 (4.2) (0.4) 1.8 1.3 (0.4) Change 0.0 (0.5) 1.5 0.5 (2.6) 3.4 (0.4) (2.6) (2.1) (0.4) Refining Simple( 단순 ) 3.5 3.5 3.8 4.2 2.7 2.5 (0.2) 3.8 3.3 1.9 2.9 Margin Change 0.0 (0.2) (0.7) 0.8 1.1 3.8 (0.3) 0.2 1.6 0.6 Complex( 복합 ) 8.4 8.4 8.8 8.4 7.2 7.7 3.8 8.3 9.3 7.0 7.6 Change 0.0 (0.4) (0.0) 1.2 0.7 4.6 0.2 (0.9) 1.4 0.8 Complex(lagging) 13.6 12.6 12.6 8.8 2.9 6.8 3.2 18.0 7.3 8.5 7.1 Change 1.0 1.0 4.8 10.7 6.8 10.4 (4.4) 6.3 5.1 6.5 자료 : Petronet, SK 증권 참고 1) Crude Oil 가격은현물 (spot) 기준으로선물 (future) 가격과다를수있음 참고 2) Gasoline 은 95RON, 경유는 L/P 0.5%, Bunker-C 는 380cst/4.0% 기준임

Petrochemical Price Data Daily Price 08/08 08/07 08/04 08/03 08/02 08/01 07/31 07/28 07/27 07/26 Spot Price Naphtha CFR Japan 468.3 464.5 466.8 468.8 463.8 476.3 467.3 458.5 448.9 439.8 Ethylene CFR SE Asia 1,020.0 1,020.0 1,020.0 1,010.0 970.0 940.0 905.0 905.0 905.0 900.0 Propylene FOB Korea 895.0 855.0 857.0 850.0 850.0 849.0 855.0 856.0 857.0 857.0 Butadiene FOB Korea 910.0 910.0 910.0 910.0 910.0 910.0 910.0 910.0 910.0 910.0 HDPE CFR FE Asia 1,120.0 1,120.0 1,120.0 1,110.0 1,110.0 1,110.0 1,105.0 1,100.0 1,095.0 1,090.0 LDPE CFR FE Asia 1,170.0 1,160.0 1,160.0 1,160.0 1,160.0 1,150.0 1,150.0 1,140.0 1,140.0 1,140.0 LLDPE CFR FE Asia 1,120.0 1,120.0 1,110.0 1,100.0 1,100.0 1,095.0 1,090.0 1,090.0 1,085.0 1,080.0 MEG CFR China 870.0 880.0 875.0 863.0 877.0 880.0 867.0 870.0 860.0 855.0 PP CFR FE Asia 1,025.0 1,020.0 1,020.0 1,010.0 1,020.0 1,020.0 1,010.0 1,005.0 1,010.0 1,020.0 PX CFR China 814.2 817.7 822.5 823.2 824.0 818.3 807.7 804.7 809.7 798.7 PTA CFR China 636.0 636.0 638.0 637.0 640.0 642.0 645.0 645.0 645.0 652.0 Benzene FOB Korea 755.0 751.0 746.0 739.0 727.0 731.0 732.5 728.5 729.5 732.0 Toluene FOB Korea 642.0 644.0 643.0 627.0 624.0 606.0 602.5 596.5 600.5 602.5 Xylene FOB Korea 670.0 670.0 669.0 662.0 658.0 656.0 655.0 653.0 653.0 643.0 SM FOB Korea 1,124.0 1,110.0 1,110.0 1,100.0 1,109.0 1,113.0 1,122.5 1,128.5 1,128.5 1,134.5 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Spot Price Naphtha CFR Japan 464.0 456.5 409.0 430.5 490.0 350.0 484.5 493.0 399.5 464.7 Change, % 1.6 13.4 7.8 (5.3) 32.6 (4.2) (5.9) 16.1 (0.1) Ethylene CFR SE Asia 1,030.0 975.0 875.0 1,085.0 1,050.0 1,030.0 990.0 1,103.7 1,040.9 1,018.8 Change, % 5.6 17.7 (5.1) (1.9) 0.0 4.0 (6.7) (1.0) 1.1 Propylene CFR SE Asia 770.0 762.5 755.0 725.0 760.0 680.0 815.0 770.0 705.7 860.5 Change, % 1.0 2.0 6.2 1.3 13.2 (5.5) 0.0 9.1 (10.5) Butadiene CFR SE Asia 925.0 900.0 975.0 1,245.0 1,325.0 935.0 2,100.0 877.5 1,116.8 1,669.1 Change, % 2.8 (5.1) (25.7) (30.2) (1.1) (56.0) 5.4 (17.2) (44.6) Benzene CFR SE Asia 750.0 742.5 742.5 755.0 862.5 615.0 822.5 690.0 646.7 843.4 Change, % 1.0 1.0 (0.7) (13.0) 22.0 (8.8) 8.7 16.0 (11.1) Toluene CFR SE Asia 650.0 635.0 630.0 655.0 675.0 570.0 690.0 700.8 630.5 684.2 Change, % 2.4 3.2 (0.8) (3.7) 14.0 (5.8) (7.2) 3.1 (5.0) Xylene CFR SE Asia 632.5 622.5 615.0 640.0 710.0 600.0 675.0 699.3 627.7 670.8 Change, % 1.6 2.8 (1.2) (10.9) 5.4 (6.3) (9.5) 0.8 (5.7) Spread Ethylene -Naphtha 566.0 518.5 466.0 654.5 560.0 680.0 505.5 610.6 641.4 554.2 Change, % 9.2 21.5 (13.5) 1.1 (16.8) 12.0 (7.3) (11.8) 2.1 Propylene -Naphtha 306.0 306.0 346.0 294.5 270.0 330.0 330.5 277.0 306.2 395.8 Change, % 0.0 (11.6) 3.9 13.3 (7.3) (7.4) 10.5 (0.1) (22.7) Butadiene -Naphtha 461.0 443.5 566.0 814.5 835.0 585.0 1,615.5 384.5 717.3 1,204.4 Change, % 3.9 (18.6) (43.4) (44.8) (21.2) (71.5) 19.9 (35.7) (61.7) Benzene -Naphtha 286.0 286.0 333.5 324.5 372.5 265.0 338.0 197.0 247.2 378.7 Change, % 0.0 (14.2) (11.9) (23.2) 7.9 (15.4) 45.2 15.7 (24.5) Toluene -Naphtha 186.0 178.5 221.0 224.5 185.0 220.0 205.5 207.8 231.0 219.6 Change, % 4.2 (15.8) (17.1) 0.5 (15.5) (9.5) (10.5) (19.5) (15.3) Xylene -Naphtha 168.5 166.0 206.0 209.5 220.0 250.0 190.5 206.3 228.2 206.1 Change, % 1.5 (18.2) (19.6) (23.4) (32.6) (11.5) (18.3) (26.2) (18.3) 자료 : Cischem, Platts, Bloomberg, SK증권 참고 : Spread는 Polymer와 Naphtha의가격차이임

Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Spot Price HDPE CFR SE Asia 1,077.5 1,057.5 1,047.5 1,137.5 1,137.5 1,120.0 1,142.5 1,230.1 1,134.6 1,120.9 Change, % 1.9 2.9 (5.3) (5.3) (3.8) (5.7) (12.4) (5.0) (3.9) MEG CFR SE Asia 877.5 872.5 820.0 702.5 752.5 607.5 847.5 780.8 660.8 816.1 Change, % 0.6 7.0 24.9 16.6 44.4 3.5 12.4 32.8 7.5 PVC CFR SE Asia 860.0 860.0 870.0 877.5 930.0 805.0 920.0 820.8 823.4 899.0 Change, % 0.0 (1.1) (2.0) (7.5) 6.8 (6.5) 4.8 4.4 (4.3) PP CFR SE Asia 1,087.5 1,072.5 1,027.5 1,047.5 1,087.5 1,010.0 1,032.5 1,109.8 978.4 1,067.3 Change, % 1.4 5.8 3.8 0.0 7.7 5.3 (2.0) 11.1 1.9 2-EH CFR Korea 960.0 970.0 910.0 925.0 1,010.0 755.0 865.0 930.1 772.4 948.5 Change, % (1.0) 5.5 3.8 (5.0) 27.2 11.0 3.2 24.3 1.2 ABS CFR SE Asia 1,850.0 1,820.0 1,790.0 1,640.0 1,690.0 1,357.5 1,635.0 1,431.1 1,347.1 1,757.8 Change, % 1.6 3.4 12.8 9.5 36.3 13.1 29.3 37.3 5.2 SBR CFR SE Asia 1,490.0 1,490.0 1,450.0 1,790.0 2,290.0 1,380.0 2,000.0 1,332.1 1,483.0 2,170.8 Change, % 0.0 2.8 (16.8) (34.9) 8.0 (25.5) 11.9 0.5 (31.4) SM CFR SE Asia 1,150.0 1,172.5 1,160.0 1,065.0 1,217.5 1,035.0 1,205.0 1,100.7 1,064.6 1,231.3 Change, % (1.9) (0.9) 8.0 (5.5) 11.1 (4.6) 4.5 8.0 (6.6) Caustic FOB NEA 467.5 462.5 452.5 447.5 456.0 300.0 422.5 296.8 316.6 440.2 Change, % 1.1 3.3 4.5 2.5 55.8 10.7 57.5 47.7 6.2 PX CFR SE Asia 832.5 817.5 772.5 785.0 862.5 795.0 855.0 842.9 790.4 835.4 Change, % 1.8 7.8 6.1 (3.5) 4.7 (2.6) (1.2) 5.3 (0.3) PO CFR China 1,542.5 1,540.0 1,497.5 1,360.0 1,540.0 1,527.5 1,562.5 1,683.4 1,396.8 1,487.7 Change, % 0.2 3.0 13.4 0.2 1.0 (1.3) (8.4) 10.4 3.7 Caprolactam CFR SE Asia 1,760.0 1,730.0 1,610.0 1,770.0 2,220.0 1,310.0 1,850.0 1,581.5 1,344.9 1,922.0 Change, % 1.7 9.3 (0.6) (20.7) 34.4 (4.9) 11.3 30.9 (8.4) PTA CFR SE Asia 657.5 667.5 635.0 627.5 667.5 617.5 642.5 648.0 613.7 657.6 Change, % (1.5) 3.5 4.8 (1.5) 6.5 2.3 1.5 7.1 (0.0) Spread HDPE 613.5 601.0 638.5 707.0 647.5 770.0 658.0 737.1 735.1 656.3 Change, % 2.1 (3.9) (13.2) (5.3) (20.3) (6.8) (16.8) (16.5) (6.5) MEG 413.5 416.0 411.0 272.0 262.5 257.5 363.0 287.8 261.3 351.4 Change, % (0.6) 0.6 52.0 57.5 60.6 13.9 43.7 58.3 17.7 PVC 396.0 403.5 461.0 447.0 440.0 455.0 435.5 327.8 423.9 434.3 Change, % (1.9) (14.1) (11.4) (10.0) (13.0) (9.1) 20.8 (6.6) (8.8) PP 623.5 616.0 618.5 617.0 597.5 660.0 548.0 616.8 578.9 602.7 Change, % 1.2 0.8 1.1 4.4 (5.5) 13.8 1.1 7.7 3.5 2-EH 496.0 513.5 501.0 494.5 520.0 405.0 380.5 437.0 372.9 483.9 Change, % (3.4) (1.0) 0.3 (4.6) 22.5 30.4 13.5 33.0 2.5 ABS 1,386.0 1,363.5 1,381.0 1,209.5 1,200.0 1,007.5 1,150.5 938.1 947.6 1,293.2 Change, % 1.7 0.4 14.6 15.5 37.6 20.5 47.8 46.3 7.2 SBR BD spread 565.0 590.0 475.0 545.0 965.0 445.0 (100.0) 454.7 366.2 501.7 Change, % (4.2) 18.9 3.7 (41.5) 27.0 (665.0) 24.3 54.3 12.6 SM 686.0 716.0 751.0 634.5 727.5 685.0 720.5 607.7 665.1 766.6 Change, % (4.2) (8.7) 8.1 (5.7) 0.1 (4.8) 12.9 3.1 (10.5) Caustic Change, % PX 368.5 361.0 363.5 354.5 372.5 445.0 370.5 349.9 390.9 370.7 Change, % 2.1 1.4 3.9 (1.1) (17.2) (0.5) 5.3 (5.7) (0.6) PO propylene sprea 772.5 777.5 742.5 635.0 780.0 847.5 747.5 913.4 691.1 627.3 Change, % (0.6) 4.0 21.7 (1.0) (8.8) 3.3 (15.4) 11.8 23.2 Caprolactam benzene spread 1,010.0 987.5 867.5 1,015.0 1,357.5 695.0 1,027.5 891.6 698.2 1,078.7 Change, % 2.3 16.4 (0.5) (25.6) 45.3 (1.7) 13.3 44.7 (6.4) PTA px spread 74.8 95.3 94.3 78.0 63.8 61.0 44.0 58.0 60.4 72.8 Change, % (21.5) (20.7) (4.2) 17.3 22.5 69.9 28.9 23.7 2.7 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용

Global peers Currency 08/09 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 17E 18E 17E 18E 17E 18E Petrochemical Dow Chemical USD 63.5 0.1 (1.2) (0.6) 2.7 5.4 18.9 11.0 77,689 15.7 14.3 2.9 2.7 8.8 8.2 Du Pont USD 81.3 0.3 (1.2) (0.9) 2.3 6.5 18.2 10.8 70,579 20.8 19.7 6.4 5.4 13.3 12.6 Eastman USD 84.3 0.2 0.5 0.4 7.5 7.4 28.7 12.0 12,208 11.3 10.4 2.4 2.3 8.6 8.2 BASF EUR 80.8 (0.9) 0.2 (0.5) (10.2) (8.6) 12.5 (8.5) 87,134 13.9 13.7 2.2 2.1 7.7 7.5 Akzo Nobel EUR 76.3 (1.3) (1.2) (1.5) (0.9) 18.9 28.6 28.5 22,782 17.7 17.1 3.0 3.0 9.9 9.5 Arkema EUR 95.0 (1.9) (1.9) (0.5) (2.7) 3.4 19.3 2.2 8,454 14.0 12.9 1.7 1.5 6.3 6.0 Lanxess EUR 66.7 (1.6) 0.2 0.8 (1.0) 0.6 49.0 7.0 7,171 18.0 15.1 2.3 2.1 5.9 5.8 Sumitomo Chemical JPY 628 (0.9) (1.1) (2.2) (2.6) 2.1 50.2 12.9 9,456 10.2 9.4 1.2 1.1 7.4 7.0 Mitsubishi Chemical JPY 933 (1.6) (3.2) (1.8) 3.4 16.0 59.6 23.1 12,786 9.3 9.1 1.1 1.1 6.3 6.2 Shin-Etsu Chemical JPY 9,523 (4.3) (7.6) (4.2) (3.8) (0.6) 32.4 5.0 37,429 19.1 17.1 1.8 1.6 8.2 7.2 Asahi Kasei JPY 1,269 (1.5) (1.4) 5.7 14.9 18.3 54.2 24.5 16,190 15.1 14.3 1.4 1.3 7.3 7.0 JSR JPY 1,898 (0.1) (1.1) (2.4) (4.6) (4.7) 30.1 3.0 3,903 15.1 14.1 1.1 1.1 7.8 7.2 Nitto Denko JPY 9,806 (3.1) (6.4) 1.6 6.7 6.6 40.5 9.3 15,498 20.2 18.3 2.3 2.1 8.8 8.2 SABIC SAR 98.0 (0.2) 0.7 (2.8) 0.9 2.0 16.7 7.1 78,376 14.7 14.2 1.7 1.7 7.4 7.2 Yansab SAR 55.0 (0.0) 0.4 3.1 1.6 (3.4) 26.7 1.0 8,254 14.1 13.3 2.3 2.2 8.7 8.2 Formosa Plastics TWD 92.8 (0.4) 2.0 (0.6) 4.9 2.9 17.8 4.0 19,525 14.4 14.7 1.8 1.8 19.1 19.6 Formosa Fiber TWD 92.7 (0.2) 1.3 3.0 3.9 (4.4) 9.8 (3.7) 17,958 12.7 13.3 1.6 1.6 10.2 10.6 Nan Ya Plastics TWD 76.2 (0.3) 1.1 1.5 8.2 1.2 23.3 7.0 19,975 16.1 16.5 1.8 1.7 16.8 16.3 Sinopec Shanghai CNY 6.99 (1.3) 1.5 4.0 10.1 5.4 14.0 8.5 9,758 14.4 13.5 2.7 2.3 7.5 7.5 Sinopec Yizheng(FibeCNY 3.24 (0.3) 2.2 (1.8) 0.6 (15.6) (16.5) (21.0) 6,189 #N/A N/A 47.6 6.9 7.3 38.0 17.6 Reliance INR 1,599 (0.2) (1.9) 7.2 20.2 54.8 55.1 47.7 81,340 17.7 14.5 1.7 1.5 11.7 9.5 Industries Qatar QAR 93.5 (1.5) (1.7) 0.1 (8.2) (17.6) (16.9) (20.4) 15,537 14.8 13.0 1.6 1.6 49.7 45.8 PTT Chemical THB 72.3 0.3 (0.3) 3.2 (1.7) 5.9 17.5 14.7 9,695 10.1 10.1 1.3 1.2 5.2 5.1 Petronas MYR 7.0 (0.1) 0.4 (1.1) (2.1) (2.8) 6.2 0.4 13,075 15.8 15.7 1.9 1.8 8.5 8.5 LG화학 KRW 332, (2.2) (0.3) 15.1 18.8 22.2 29.1 27.4 20,590 13.0 12.6 1.6 1.5 5.7 5.3 롯데케미칼 KRW 380,000 (1.7) (0.8) 8.6 8.1 (3.1) 23.6 3.0 11,426 6.0 5.9 1.2 1.0 3.9 3.5 한화케미칼 KRW 33, (0.4) 0.3 6.3 31.4 29.1 28.1 35.6 4,843 6.3 6.5 0.9 0.8 7.6 7.0 금호석유 KRW 73, (1.1) (4.7) (0.4) (2.1) (7.8) 16.2 (10.0) 1,972 14.4 12.9 1.4 1.3 9.7 8.5 SKC KRW 37,550 3.7 0.5 7.4 30.2 20.4 18.3 13.8 1,236 10.8 9.3 0.9 0.9 9.0 7.7 국도화학 KRW 56,300 (0.7) (2.4) 6.2 16.9 8.3 (4.1) 2.6 287 9.2 9.9 0.7 0.7 5.3 5.4 효성 KRW 6,320 (2.5) (2.9) 11.5 (14.7) (22.0) 23.4 (7.1) 5,360 10.2 8.8 1.5 1.3 7.8 6.9 Average (0.8) (1.0) 2.1 4.5 4.7 23.6 8.1 Refinery Valero USD 66.9 (1.3) (2.3) (1.8) 0.5 (1.0) 27.5 (2.0) 29,561 16.4 12.1 1.5 1.5 6.6 5.6 Conoco Phillips USD 45.7 0.0 0.1 6.2 (1.3) (8.4) 10.7 (9.0) 55,554 232.9 35.0 1.8 1.8 8.9 6.8 Formosa PetrochemicTWD 105.0 0.0 (0.9) 1.0 2.9 0.5 10.9 (6.3) 33,060 16.1 18.6 3.2 3.2 9.8 11.1 Andeavor USD 95.4 (0.4) (4.4) (0.9) 14.3 8.9 24.7 9.1 15,259 19.8 13.6 1.8 1.8 9.1 7.1 Marathon Petroleum USD 53.0 (2.7) (5.7) (2.0) 3.0 6.1 29.1 5.2 26,826 19.5 15.7 2.1 1.9 8.8 7.7 Devon Energy USD 32.1 (0.2) (4.0) 8.6 (15.3) (28.3) (19.6) (29.8) 16,861 19.0 15.0 2.4 2.1 8.2 7.4 Hollyfrontier USD 29.1 (1.8) (4.5) 7.5 4.7 (3.5) 10.3 (11.1) 5,161 23.3 13.3 1.1 1.1 8.4 6.3 Phillips 66 USD 84.5 (0.6) (2.5) 2.3 6.1 6.6 10.1 (2.2) 43,218 20.4 14.9 1.9 1.9 10.1 8.4 Murphy Oil USD 26.1 0.7 1.8 6.8 (1.9) (7.5) (7.4) (16.1) 4,509 #N/A N/A 76.2 1.0 1.0 4.7 4.5 JX Holdings JPY 508.3 3.3 3.3 3.5 (1.1) (0.4) 36.2 2.7 15,844 7.9 7.4 0.7 0.7 8.3 7.9 Idemitsu JPY 2,613.0 (0.6) (0.9) (6.8) (32.4) (21.3) 43.0 (15.8) 4,944 5.0 4.9 0.6 0.6 9.3 8.7 Nesteoil EUR 34.7 (0.4) (6.4) (0.9) (8.1) 2.1 (7.1) (5.0) 0 13.4 13.2 2.1 2.0 7.7 8.0 Ashland USD 61.4 (1.5) (3.2) (6.6) 1.8 6.4 9.9 14.8 3,829 13.9 16.6 1.0 1.0 8.1 9.2 Fuchs Petrolub EUR 47.8 (0.6) (2.9) (0.8) (0.8) 10.5 17.3 19.7 7,317 24.5 23.2 4.9 4.4 14.2 13.5 SK이노베이션 KRW 174, (1.4) (1.1) 9.4 1.5 14.4 15.2 19.1 14,154 7.3 7.3 0.9 0.8 4.4 3.9 S-Oil KRW 116, (0.4) (0.4) 19.6 14.2 42.2 51.7 37.5 11,506 12.5 9.7 2.0 1.9 9.6 7.1 GS KRW 75,000 (0.1) (1.3) 8.4 26.9 47.3 54.2 38.6 6,113 6.4 6.3 0.9 0.8 7.3 6.9 Average (0.5) (2.1) 3.1 0.9 4.4 18.6 2.9 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임

Global peers Currency 08/09 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 17E 18E 17E 18E 17E 18E E&P/Shale Exxon Mobil USD 80 0.3 (0.5) (0.0) (2.6) (2.0) (9.6) (11.1) 339,858 23.1 20.6 1.9 1.9 9.7 8.9 BP GBP 469 (0.5) 2.1 5.6 2.9 2.2 10.3 (8.0) 120,325 21.6 16.4 1.3 1.3 6.2 5.6 Shell EUR 2,213 (0.0) 2.5 8.3 5.8 3.3 15.4 (1.3) 239,022 16.6 14.5 1.2 1.2 6.5 5.9 Chevron USD 111 0.5 0.4 7.2 5.5 (1.2) 9.4 (5.8) 210,137 27.1 22.1 1.4 1.4 8.0 7.2 Total EUR 43 (1.1) (0.4) 2.3 (9.1) (8.4) 0.1 (10.8) 127,650 12.9 11.8 1.2 1.1 6.0 5.4 Sinopec CNY 6 (0.2) (2.0) (0.3) 5.4 3.6 23.4 11.3 105,295 14.2 12.9 1.0 0.9 4.8 4.7 Petrochina CNY 8 (0.7) (0.2) 4.1 8.4 (3.7) 11.5 2.1 210,293 54.1 31.2 1.2 1.2 7.0 6.6 CNOOC CNY 11 (0.3) 2.6 1.9 5.3 (12.2) (7.0) (11.4) 50,148 15.8 12.1 0.9 0.8 3.9 3.6 Gazprom RUB 119 (0.8) (0.3) (3.5) (11.7) (16.5) (13.6) (23.2) 46,719 4.3 3.8 0.2 0.2 3.5 3.2 Rosneft RUB 309 (1.8) (4.0) (2.7) (1.0) (18.6) (6.3) (23.2) 54, 9.6 6.8 0.8 0.7 4.9 4.2 Anadarko USD 44 (0.2) (1.3) 1.7 (14.1) (35.5) (16.4) (36.8) 24,712 #N/A N/A #N/A N/A 1.7 1.7 6.9 6.2 Petrobras BRL 14 0.2 0.1 13.3 (4.4) (10.2) 13.8 (9.1) 57,095 10.2 8.1 0.6 0.6 5.3 4.7 Lukoil USD 2,939 (1.2) 0.0 2.9 4.5 (10.0) 4.7 (14.8) 41,661 5.9 5.2 0.7 0.6 N/A N/A Kinder USD 20 0.0 (2.9) 3.0 (0.8) (11.8) (3.4) (4.6) 47,497 30.6 27.7 1.2 1.2 11.7 11.2 Statoil NOK 148 (1.3) (0.5) 9.1 (1.3) (0.7) 8.5 (6.3) 61,248 16.5 17.6 1.6 1.6 3.3 3.2 BHP AUD 26 0.4 1.8 6.6 13.2 3.1 27.3 4.6 104,210 17.6 18.1 1.8 1.8 6.8 6.8 PTT E&P THB 87 (0.6) (1.1) 2.4 (8.2) (8.5) 5.2 (10.1) 10,330 13.0 12.0 0.8 0.8 3.1 2.8 Petronas gas MYR 19 (0.7) 0.1 1.6 1.5 (9.3) (15.3) (11.8) 8,664 20.9 19.4 3.0 2.8 11.9 11.0 Chesapeake USD 4 (0.7) (5.4) (3.7) (19.1) (30.7) (9.1) (37.7) 3,969 5.9 4.9 #N/A N/A 145.7 7.4 6.4 Noble Energy USD 25 (0.4) (10.2) (6.4) (18.7) (34.1) (25.7) (33.6) 12,300 #N/A N/A 124.5 1.2 1.2 7.8 6.7 Average 0 (0.5) (1.0) 2.7 (1.9) (10.1) 1.2 (12.1) PV WACKER EUR 103.1 (1.9) (1.9) 8.7 3.1 (7.3) 24.0 4.2 6,312 28.1 21.0 1.7 1.7 6.5 6.1 GCL-Poly HKD 0.9 0.0 8.2 5.7 (2.1) (10.7) (15.6) (1.1) 2,188 7.6 7.2 0.6 0.6 5.7 5.3 SunPower USD 9.3 (0.2) 1.5 6.8 31.2 33.9 (36.9) 41.1 1,301 #N/A N/A 29.7 1.8 1.8 45.2 13.7 Canadian Solar USD 17.2 (1.3) 4.3 10.6 25.3 43.2 19.1 41.3 998 13.4 8.2 0.9 0.9 10.2 9.8 JA Solar USD 6.2 (0.6) 3.1 0.6 (15.7) 36.2 (21.8) 31.1 297 155.1 15.7 1.5 1.5 4.9 3.5 Yingli USD 2.2 (3.5) (6.8) (6.4) (9.8) (19.1) (44.6) (15.4) 40 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A First Solar USD 47.4 (0.9) (2.5) 20.4 32.6 47.2 13.9 47.8 4,953 27.5 47.1 0.9 0.9 9.0 9.6 한화큐셀 USD 8.5 (0.5) 7.8 25.9 24.6 8.9 (35.0) 3.7 704 65.1 38.5 #N/A N/A #N/A N/A 7.7 7.2 OCI KRW 92,000 0.5 (1.2) 5.0 13.7 1.7 (1.7) 16.9 1,925 15.4 20.3 0.7 0.6 7.6 7.2 웅진에너지 KRW 8,280 1.2 0.4 18.1 60.2 72.5 (2.0) 74.9 181 N/A 0.7 0.6 7.6 7.2 10.2 신성솔라에너지 KRW 2,200 (2.4) (3.5) 2.6 22.2 12.2 (2.0) (0.5) 334 N/A 0.6 7.6 7.2 10.2 8.8 Average (0.9) 0.9 8.9 16.8 19.9 (9.3) 22.2 Gas Company Towngas China HKD 5.5 (0.7) (0.5) 7.4 14.8 28.7 21.9 35.0 1,952 12.6 11.7 1.0 1.0 11.5 10.7 Kulun HKD 7.7 0.3 (2.3) 9.1 10.9 17.8 29.6 32.1 7,910 12.3 11.4 1.4 1.3 5.9 5.6 Beijing Enterprise HKD 40.8 (0.5) 0.0 6.7 10.4 1.5 (12.6) 11.2 6,579 8.0 7.6 0.8 0.8 13.6 13.1 ENN Energy HKD 53.5 (0.7) (1.5) 5.1 23.8 34.8 42.5 67.7 7,403 14.5 12.9 2.8 2.4 9.1 8.2 China Resources GasHKD 29.2 (1.0) (2.8) 2.8 13.0 16.4 29.6 33.7 8,293 16.6 14.8 3.1 2.7 10.2 9.2 China Gas Holdings HKD 19.5 0.2 (0.6) 13.4 57.1 67.9 57.1 85.2 12,382 17.8 15.2 3.9 3.3 14.2 12.3 Shenzen Gas HKD 14.2 (1.0) 6.9 3.8 9.6 23.9 24.6 25.7 3,672 12.1 11.4 1.3 1.3 7.7 7.3 Shann Xi CNY 8.8 (0.5) 0.3 (1.7) 3.2 (7.5) (17.2) (8.3) 1,463 18.6 16.7 1.8 1.6 #N/A N/A #N/A N/A Suntien HKD 1.7 (2.9) (0.6) 20.1 3.1 32.5 83.5 67.0 794 7.2 6.2 0.6 0.6 8.6 7.4 China Oil & Gas HKD 0.5 0.0 (1.8) (1.8) (6.9) (11.5) (8.5) (11.5) 402 9.3 8.1 0.9 0.8 6.0 5.3 Average (0.7) (0.3) 6.5 13.9 20.5 25.0 33.8 EV LG화학 KRW 332, (2.2) (0.3) 15.1 18.8 22.2 29.1 27.4 20,590 12.4 12.3 1.6 1.5 5.9 5.7 삼성SDI KRW 170, (3.9) (5.0) (3.7) 20.1 35.3 45.1 56.4 10,285 17.9 11.6 1.1 1.0 19.7 12.3 Panasonic JPY 1486.5 (1.2) (0.6) 1.5 8.8 26.8 47.5 25.0 33,168 19.4 15.0 2.0 1.8 6.3 5.5 GS Yuasa JPY 548.0 (2.5) 5.2 13.0 1.7 16.3 37.3 12.8 2,061 16.5 15.3 1.3 1.3 7.4 6.9 NEC JPY 303.0 (0.3) 0.7 2.7 5.2 14.8 21.2 (2.3) 7,179 21.4 17.1 0.9 0.9 7.3 6.3 BYD Auto CNY 49.1 (0.2) 1.3 (3.0) 0.3 (1.7) (16.9) (1.1) 19,110 24.1 17.5 2.4 2.2 13.7 10.7 Tesla Motors USD 363.5 (0.5) 11.5 16.1 13.2 35.0 58.7 70.1 60,668 #N/A N/A #N/A N/A 12.4 10.8 74.9 27.0 Kandi Technologies USD 3.8 (5.0) (3.8) (13.6) (15.6) (5.0) (47.8) (22.4) 182 #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 (2.0) 1.1 3.5 6.5 18.0 21.8 20.7 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임