ChemicalDaily_SK.xlsm

1. News Summary (3 page) 2016 년 1 월 7 일 News Conclusion WTI comment 공급과잉우려로유가하락 Headline 롯데케미칼, 자회사타이탄케미칼 IPO 진행 롯데케미칼현금유입이슈, 다만삼성화학계열인수대금사용가능성 News 1. SK이노베이션, TAC필름사업매각추진 1회성비용발생있겠지만적자사업부정리및현금확보는긍정적소식 News 2. Formosa, 미국 1월 PE 가격인상결정연기하기로 PE spread 역사적고점과유사한상황, 하락가능성높음 News 3. [ 주간가격 ] 태양광제품가격, 폴리하락 / 모듈보합 / 셀상승기조유지중 소재악화 / 발전강세의스킴은당분간이어질것으로판단함 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 34.0 (5.6) (7.2) (9.8) (31.3) (29.1) Ethylene 01/04 $/t 1,090 (0.9) 1.4 24.6 9.5 Dubai $/bbl 30.8 (2.8) (6.0) (19.8) (36.5) (36.0) Propylene 01/04 $/t 650 0.0 5.7 42.9 (3.7) Gasoline $/bbl 54.9 (2.6) 0.3 (1.9) (18.6) (6.4) Benzene 01/04 $/t 580 3.1 (6.1) 0.4 (17.1) Diesel $/bbl 41.3 (1.2) (5.9) (21.6) (34.2) (36.2) Toluene 01/04 $/t 630 0.0 (3.8) (3.8) (3.1) Complex margin $/bbl 10.3 0.0 0.8 0.7 1.6 2.5 Xylene 01/04 $/t 625 (4.2) (7.4) (8.1) 1.6 $/bbl 0.1 (0.4) (2.0) (4.9) (10.1) 20.0 PP 01/04 $/t 835 1.2 (5.6) (16.9) (26.8) Petrochemical % % % % % PVC 01/04 $/t 715 1.4 0.0 (9.5) (10.1) Naphtha $/t 410 (3.1) (1.5) (8.5) (10.7) (4.0) ABS 01/04 $/t 1,130 2.7 1.1 (7.0) (28.7) Butadiene $/t 710 0.0 1.4 6.0 (20.2) (23.2) SBR 01/04 $/t 1,150 6.0 4.1 (6.5) (23.1) HDPE $/t 1,075 0.0 0.0 2.9 (7.3) (6.9) SM 01/04 $/t 910 0.0 (0.8) (1.1) (6.7) MEG $/t 591 1.4 (4.5) 5.3 (9.4) (19.3) BPA 01/04 $/t 1,258 (3.8) (13.0) (17.4) (29.8) PX $/t 743 (0.3) (0.6) (3.8) (4.6) (5.5) Caustic 01/04 $/t 285 0.0 (1.7) (9.5) 3.6 SM $/t 931 1.9 3.4 4.4 6.3 5.4 2-EH 01/04 $/t 680 0.0 (0.7) (13.9) (39.8) Commodity % % % % % Caprolactam 01/04 $/t 1,260 (1.9) (3.1) (6.7) (34.4) Natural Gas $/mmbtu 2.27 (2.5) 2.4 7.1 (19.6) (33.5) Solar % % % % Natural rubber $/t 1,050 (2.8) (6.3) (10.3) (18.6) (26.6) Polysilicon 01/06 $/kg 13.1 (0.8) (3.5) (10.7) (31.9) Cotton C/lbs 62.0 (1.1) (3.1) (4.3) 0.1 (5.5) Module 01/06 $/W 0.55 (0.2) (0.7) (0.7) (10.2) * 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 (0.8) (0.8) (1.8) (0.5) (13.7) BASF EUR 65.8 (3.0) (7.0) (10.6) (5.6) (1.9) Shell EUR 1,498 (1.9) (3.1) (5.6) (14.2) (28.0) Dow Chemical USD 48.5 (2.2) (6.2) (9.1) 2.9 11.5 Petrochina CNY 8.31 3.0 (1.2) (3.1) 1.0 (28.9) SABIC SAR 70.5 (3.2) (7.8) (19.4) (11.0) (8.5) Gazprom RUB 135.9 (0.4) (0.1) (1.3) (1.4) (2.1) Formosa Pla. TWD 73.0 0.1 (0.7) (2.4) 1.4 5.8 Petrobras BRL 6.4 (4.2) (4.5) (14.9) (21.9) (23.2) Shin-Etsu JPY 6,413 (0.9) (3.1) (5.7) (0.8) (16.1) Refinery Renewable Phillips66 USD 78.0 (3.7) (4.9) (13.5) (5.5) 18.2 Wacker EUR 72.5 (4.0) (6.5) (7.5) 0.0 (16.2) Valero USD 70.7 (0.7) (1.3) (1.0) 10.5 48.2 Yingli USD 3.86 (6.5) (18.7) (41.5) (16.1) (82.3) JX JPY 486.5 (3.6) (4.3) (5.7) 4.9 7.1 Tesla USD 219.0 (2.0) (8.0) (4.9) (9.3) 3.7 Neste Oil EUR 27.3 0.0 (1.2) 4.0 24.7 37.1 BYD CNY 60.4 1.8 (8.5) (2.3) 0.7 49.8 4. Coverage Summary 01/06 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 1,925 (0.3) (1.8) (1.9) (4.7) (5.6) 0.5 * 추정치는 12M fwd 기준임 KOSPI화학 5,353 0.6 0.1 2.9 4.7 6.2 45.7 * 모든 coverage 업체의실적은연결기준임 LG화학 338,000 (0.4) 2.9 10.3 17.0 30.5 93.7 매수 380,000 12.4 15.06 1.85 롯데케미칼 260,000 4.0 6.8 9.9 (1.5) (4.1) 67.2 매수 290,000 11.5 11.56 1.08 한화케미칼 28,000 5.9 2.9 7.7 28.7 49.7 145.6 매수 30,000 7.1 9.90 0.80 금호석유화학 53,000 1.5 1.7 (7.5) (14.8) (26.0) (34.0) 매수 70,000 32.1 11.72 1.08 KCC 407, (0.6) (2.4) (8.4) (4.8) (15.5) (22.7) 매수 550,000 35.0 12.66 0.63 OCI 73, (0.3) (2.1) (6.7) (13.6) (35.0) (1.6) 매수 85,000 15.8 17.47 0.73 SKC 31, (1.1) (7.4) (10.1) (17.7) (17.2) 18.3 매수 43,000 37.4 9.46 0.76 국도화학 58,000 2.5 (2.2) (1.0) (17.6) (15.7) 44.5 매수,000 72.4 7.18 0.69 SK이노베이션 126,000 (0.8) (3.1) (2.3) 10.5 11.0 53.7 매수 140,000 11.1 6.89 0.67 S-Oil 77, (1.9) (2.9) 1.2 9.2 22.0 59.8 매수 85,000 10.2 12.51 1.44 GS 47, (4.0) (6.1) (5.0) (3.2) (4.5) 21.7 매수 60,000 26.1 6.14 0.78 SK가스 70, (1.0) (3.6) (8.2) (14.9) (20.6) (20.4) 매수 90,000 27.8 7.77 0.63 대우인터내셔널 15, (1.5) (2.8) (13.1) 1) (26.9) (40.3) (47.0) 매수 22,000 38.4 880 8.80 075 0.75 LG 상사 33,050 (1.3) (2.2) (5.4) 3.3 (15.6) 13.8 매수 40,000 21.0 10.64 0.86 작성자 ( 손지우 ) 는본조사분석자료에게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 본보고서에언급된종목의경우당사조사분석담당자는본인의담당종목을보유하고있지않습니다. 본보고서는기관투자가또는제 3 자에게사전제공된사실이없습니다. 당사는본보고서의발간시점에해당종목을 1% 이상보유하고있지않습니다.

Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 5, 5, 5, 4, 4, 4, 4, 4, 3, 3, 3, 3, 14/03 14/06 KOSQI( 우 ) KOSPI화학 ( 좌 ) 14/09 14/12 15/03 15/06 15/10 (p) 2,200 2, 2,000 1, 1, 16/01 ($/bbl) WTI Dubai 120 80 60 40 20 14/01 14/05 14/09 15/01 15/05 15/09 Complex & margin ($/bbl) 시차조정복합 복합정제마진 30 20 10 0-10 -20 14/01 14/05 14/09 15/01 15/05 15/09 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1, 1, 1, 1, Polysilicon & Module prices ($/kg) PolySilicon Silicon Module ($/W) 23 0.72 22 0.70 21 0.68 20 19 0.66 18 0.64 17 0.62 16 0.60 15 0.58 14 13 0.56 12 0.54 14/01 14/06 14/12 15/05 15/11 Butadiene price & naphtha spread Butadiene 1, 1, 1, 1,200 200 0 HDPE price & naphtha spread 1, HDPE MEG price & naphtha spread 1, MEG 1, 1, 1, 1, 200 1,200 1, 0 - PVC price & naphtha spread PX price & naphtha spread 1, PVC 1, PX 1,050 1, 950 1,200 850 200 750 200 0 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK증권참고 : 상기데이터는일괄적으로과거 2년치적용

######## News Comment Headline ( 출처 : 조선비즈 ) WTI Comment ( 출처 : 연합뉴스 ) 제목롯데케미칼, 자회사타이탄케미칼 IPO 진행제목공급과잉우려로유가하락 결론롯데케미칼현금유입이슈, 다만삼성화학계열인수대금사용가능성상승미국원유재고 509 만 bbl 감소, 예측치 30 만 bbl 증대를대폭하회 요인 1) Bloomerg 통신보도, 익명이고위관계자 " 올해 2분기전 IPO 추진 " 2) " 말레이지아시장내에서롯켐타이탄주식거래되도록할것." 3) 자금조달규모는약 $5억 (6천억원) 수준이될것으로추정됨 하락 미국휘발유재고 1,058만bbl 급증, 1993년 5월이후최대폭 4) 최근 2년간 $5억넘는말레이지아 IPO는한건밖에없었음 요인 OPEC의이란대표, 이란-사우디대립으로감산논의불가능해질것 5) 롯데케미칼현금유입이슈, 다만삼성화학계열인수대금사용가능성 중국 12월서비스업활동 17개월만에최저 Issue 1 ( 출처 : 더벨 ) Issue 2 ( 출처 : Platts) 제목 SK 이노베이션, TAC 필름사업매각추진제목 Formosa, 미국 1 월 PE 가격인상결정연기하기로 결론 1 회성비용발생있겠지만적자사업부정리및현금확보는긍정적소식결론 PE spread 역사적고점과유사한상황, 하락가능성높음 1) 비핵심자산매각의일환, 일본코니카미놀타 / 중국럭키필름과협상중 1) 1 월가격 C5/lbs( 약 $110/t) 인상결정연기, 10 월이후 4 개월째임 2) 2 월중순경매각마무리예상, " 일본업체관심중중국업체비딩가입 " 2) 일부에서는인하결정나올수있다고판단, 가격경쟁을위해서임 3) 충북증평에약 1 천억원설비투자, 다만일본업체에밀려적자시고 3) 여전히미국수요좋고재고도많지않지만, 유가하락이압박요인임 4) 지난해페루가스수송법인, 타이요이올지분, 인천유휴부지매각했었음 4) 원가하락이크기때문에가격조정이있어도 spread 에는부담이없음 5) 1 회성비용발생있겠지만적자사업부정리및현금확보는긍정적소식 5) PE spread 역사적고점과유사한상황, 하락가능성높음 Issue 3 ( 출처 : PVinsights) Issue 4 제목 [ 주간가격 ] 태양광제품가격, 폴리하락 / 모듈보합 / 셀상승기조유지중제목 결론소재악화 / 발전강세의스킴은당분간이어질것으로판단함결론 1) 폴리 $13.07/kg(WoW -0.83%), 모듈 $0.554/W(WoW -0.18%) 1) 2) 폴리 : 중국재고물량덤핑지속중, 위안화절하도압박요인임 2) 3) 모듈 : 위안화절하로소폭하락, 중국 / 일본수요는여전히강세임 3) 4) 셀 : 1월물량확보위해수요강세, 다만 1월가격피크설많음 4) 5) 소재악화 / 발전강세의스킴은당분간이어질것으로판단함 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 0.928 0.930 0.915 0.919 0.887 0.905 0.841 0.921 0.753 0.754 0.901 Change, % (0.3) 1.4 0.9 4.6 2.6 10.3 0.7 (3.9) 13.7 2.9 USD/JPY 118.5 119.1 120.5 123.1 120.2 122.6 118.4 120.6 97.7 105.9 121.1 Change, % (0.5) (1.7) (3.8) (1.5) (3.3) 0.1 (1.7) 21.5 13.8 (2.1) USD/KRW 1,197.2 1,188.2 1,172.7 1,156.5 1,166.2 1,126.4 1,098.7 1,172.6 1,094.6 1,053.0 1,131.2 Change, % 0.8 2.1 3.5 2.7 6.3 9.0 2.1 50.3 3.3 5.8 Agriculture Corn 353.3 353.0 359.0 376.3 398.3 418.5 405.0 358.8 579.2 415.6 376.8 Change, % 0.1 (1.6) (6.1) (11.3) (15.6) (12.8) (1.5) (39.6) (5.9) (6.3) Soybean 875.8 867.8 875.5 906.0 888.0 1,033.8 1,051.0 871.3 1,407.0 1,245.5 945.4 Change, % 0.9 0.0 (3.3) (1.4) (15.3) (16.7) 0.5 (7.5) (22.3) (7.4) Wheat 462.8 461.3 469.8 471.3 526.3 588.5 591.8 470.0 684.3 588.0 508.1 Change, % 0.3 (1.5) (1.8) (12.1) (21.4) (21.8) (1.5) (22.2) (2.6) (8.9) Rice 11.6 11.7 11.5 11.2 13.4 10.6 11.4 11.6 15.5 14.0 11.1 Change, % (0.8) 0.3 3.5 (13.4) 9.6 1.9 0.1 4.4 (25.9) 4.7 Oats 212.0 210.3 218.3 260.5 219.0 252.5 304.5 217.3 367.5 373.1 250.2 Change, % 0.8 (2.9) (18.6) (3.2) (16.0) (30.4) (2.4) 1.9 (14.3) (15.3) MYR/mt Palm Oil 2,268.0 2,275.0 2,292.0 2,189.0 2,320.0 2,228.0 2,309.0 2,398.0 2,405.0 2,415.1 2,190.3 Change, % (0.3) (1.0) 3.6 (2.2) 1.8 (1.8) (5.4) 13.3 (12.8) 3.5 Cocoa 2,981.0 3,059.0 3,229.0 3,369.0 3,092.0 3,285.0 2,902.0 3,211.0 2,403.9 3,006.8 3,091.6 Change, % (2.5) (7.7) (11.5) (3.6) (9.3) 2.7 (7.2) 21.2 7.4 (3.6) Cotton 62.0 62.7 64.0 63.2 61.1 66.4 60.2 63.3 83.3 76.4 63.3 Change, % (1.1) (3.1) (1.9) 1.4 (6.7) 3.0 (2.0) 12.6 (28.8) (2.0) Sugar 14.4 14.6 15.2 15.5 13.6 12.5 14.9 15.2 17.5 16.3 13.1 Change, % (1.0) (4.8) (6.8) 5.8 15.5 (3.0) (5.4) (15.9) (11.5) 9.7 Coffee 120.0 123.0 123.7 124.0 128.1 123.3 174.9 126.7 126.0 177.1 132.6 Change, % (2.5) (3.0) (3.3) (6.4) (2.7) (31.4) (5.3) (23.0) 50.5 (9.6) Energy WTI 34.0 36.0 36.6 40.0 48.5 52.5 47.9 37.0 98.0 92.9 48.8 Change, % (5.6) (7.2) (15.0) (30.0) (35.3) (29.1) (8.3) 7.2 (45.9) (30.4) Brent 34.2 36.4 36.5 43.0 51.9 56.5 51.1 37.3 108.7 99.5 53.7 Change, % (6.0) (6.1) (20.4) (34.1) (39.5) (33.0) (8.2) (0.3) (48.3) (36.2) Natural Gas 2.3 2.3 2.2 2.2 2.5 2.8 2.9 2.3 3.7 4.3 2.6 Change, % (2.5) 2.4 3.7 (8.2) (17.7) (22.8) (3.0) 26.2 (31.7) (13.8) Ethanol 1.3 1.4 1.4 1.5 1.6 1.6 1.5 1.4 2.3 2.1 1.5 Change, % (1.5) (3.3) (11.5) (16.6) (18.6) (10.8) (4.6) (12.7) (14.9) (11.6) RBOB Gasoline 116.2 125.7 123.0 127.0 143.6 192.4 135.4 126.7 285.0 262.6 163.6 Change, % (7.6) (5.5) (8.5) (19.1) (39.6) (14.2) (8.3) (0.9) (48.5) (29.0) Coal 43.6 43.3 43.3 43.0 42.1 40.8 47.2 43.3 56.1 57.5 45.2 Change, % 0.7 0.7 1.5 3.8 6.9 (7.5) 0.7 (1.0) (15.5) (3.5) Metal Gold 1,093.7 1,077.7 1,061.5 1,086.8 1,147.2 1,170.4 1,218.5 1,061.4 1,410.4 1,266.5 1,160.6 Change, % 1.5 3.0 0.6 (4.7) (6.6) (10.2) 3.0 (28.0) (1.3) (5.8) Silver 14.0 14.0 13.9 14.6 15.9 15.8 16.5 13.8 23.8 19.1 15.7 Change, % 0.1 0.8 (3.8) (11.9) (11.1) (15.3) 1.4 (35.8) (18.9) (10.9) Platinum 877.0 889.5 871.5 880.5 936.1 1,063.8 1,221.5 891.1 1,485.7 1,384.6 1,055.7 Change, % (1.4) 0.6 (0.4) (6.3) (17.6) (28.2) (1.6) (11.2) (11.5) (16.9) Palladium 509.0 535.6 544.5 567.3 706.8 683.1 802.9 563.0 725.9 803.4 691.9 Change, % (5.0) (6.5) (10.3) (28.0) (25.5) (36.6) (9.6) 1.7 11.4 (26.4) Copper 4,620.0 4,645.0 4,735.0 4,612.0 5,185.0 5,590.0 6,145.0 4,705.0 7,352.6 6,828.1 5,503.1 Change, % (0.5) (2.4) 0.2 (10.9) (17.4) (24.8) (1.8) (7.2) (14.4) (16.0) Uranium 35.0 35.0 34.4 36.1 37.0 36.3 35.2 34.4 38.5 33.5 36.9 Change, % 0.0 1.7 (3.0) (5.4) (3.6) (0.6) 1.7 (20.9) 2.5 (5.0) HR Coil 398.0 395.0 391.0 368.0 419.0 466.0 605.0 391.0 630.4 653.2 461.5 Change, % 0.8 1.8 8.2 (5.0) (14.6) (34.2) 1.8 3.1 (10.4) (13.8) Scrap 250.0 250.0 250.0 161.0 245.0 270.0 355.0 250.0 396.9 401.3 252.9 Change, % 0.0 0.0 55.3 2.0 (7.4) (29.6) 0.0 (1.2) (16.5) (1.2) Zinc 1,546.0 1,573.0 1,632.0 1,552.0 1,657.0 2,014.0 2,175.0 1,609.0 1,940.3 2,165.0 1,941.9 Change, % (1.7) (5.3) (0.4) (6.7) (23.2) (28.9) (3.9) (1.2) 6.0 (20.4) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용

Refining Price Data ## Daily Price 01/06 1D 1W 1M 3M 6M 12M YTD 2014avg. 2015avg. 2016acc. Crude Oil WTI 34.0 36.0 36.6 37.7 49.4 52.7 47.9 53.2 93.1 48.8 35.9 Change, % (5.6) (7.2) (9.8) (31.3) (35.6) (29.1) (36.2) (63.5) (30.4) (5.5) Dubai 30.8 31.7 32.7 38.4 48.4 58.2 48.1 53.6 96.7 50.8 31.8 Change, % (2.8) (6.0) (19.8) (36.5) (47.1) (36.0) (42.6) (68.2) (39.4) (3.2) Crude Oil Gasoline( 휘발유 ) 54.9 56.3 54.7 55.9 67.4 80.4 58.6 64.8 110.9 69.5 55.4 Product Change, % (2.6) 0.3 (1.9) (18.6) (31.7) (6.4) (15.3) (50.6) (21.1) (1.0) Kerosene( 등유 ) 42.3 42.8 44.9 52.6 62.1 69.0 65.0 71.2 112.6 64.7 43.4 Change, % (1.3) (5.8) (19.6) (31.9) (38.7) (34.9) (40.6) (62.4) (34.7) (2.6) Diesel( 경유 ) 41.3 41.8 43.9 52.7 62.8 69.1 64.8 70.2 112.8 64.8 42.4 Change, % (1.2) (5.9) (21.6) (34.2) (40.2) (36.2) (41.1) (63.4) (36.2) (2.6) Bunker-C 25.0 25.7 25.7 32.2 39.2 51.2 42.3 48.8 86.5 45.3 25.6 Change, % (2.8) (2.6) (22.3) (36.3) (51.2) (40.8) (48.7) (71.1) (44.7) (2.5) Naphtha 44.0 45.2 44.1 47.4 50.2 55.9 44.2 48.0 94.3 52.6 44.3 Change, % (2.7) (0.2) (7.1) (12.3) (21.3) (0.3) (8.4) (53.3) (16.3) (0.6) Dubai Gasoline( 휘발유 ) 24.1 24.7 21.9 17.6 18.9 22.2 10.5 11.2 14.2 18.7 23.6 Spread Change (0.6) 2.2 6.5 5.2 1.9 13.6 12.9 9.9 5.4 0.5 Kerosene( 등유 ) 11.5 11.2 12.1 14.3 13.7 10.9 16.9 17.6 15.9 14.0 11.6 Change 0.4 (0.6) (2.8) (2.2) 0.7 (5.4) (6.0) (4.4) (2.4) (0.1) Diesel( 경유 ) 10.6 10.2 11.1 14.3 14.3 10.9 16.7 16.6 16.0 14.0 10.6 Change 0.4 (0.6) (3.8) (3.8) (0.3) (6.1) (6.0) (5.5) (3.4) (0.1) Bunker-C (5.8) (5.9) (7.1) (6.2) (9.2) (7.0) (5.8) (4.8) (10.3) (5.5) (6.1) Change 0.2 1.3 0.4 3.4 1.2 0.1 (0.9) 4.5 (0.2) 0.4 Naphtha 13.3 13.6 11.4 9.1 1.8 (2.3) (3.9) (5.6) (2.4) 1.8 12.5 Change (0.3) 1.9 4.2 11.5 15.5 17.2 18.8 15.7 11.4 0.8 Refining Simple( 단순 ) 3.8 3.7 3.0 3.6 1.8 1.6 2.9 3.3 (0.1) 3.3 3.6 Margin Change 0.1 0.8 0.2 2.1 2.3 0.9 0.6 3.9 0.5 0.3 Complex( 복합 ) 10.3 10.3 9.5 9.6 8.7 8.2 7.8 8.0 7.1 9.3 10.1 Change 0.0 0.8 0.7 1.6 2.1 2.5 2.3 3.2 1.0 0.2 Complex(lagging) 0.1 0.5 2.1 5.0 10.2 5.3 (19.8) (14.3) 2.2 6.5 1.2 Change (0.4) (2.0) (4.9) (10.1) (5.1) 20.0 14.4 (2.1) (6.4) (1.1) 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 01/06 01/05 01/04 01/01 12/31 12/30 12/29 12/28 12/25 12/24 Spot Price Naphtha CFR Japan 409.9 422.9 416.5 410.5 410.5 416.3 412.3 416.5 423.0 423.0 Ethylene CFR SE Asia 1,085.0 1,085.0 1,085.0 1,085.0 1,085.0 1,085.0 1,085.0 1,085.0 1,085.0 1,085.0 Propylene FOB Korea 590.0 590.0 590.0 590.0 590.0 590.0 590.0 590.0 590.0 590.0 Butadiene FOB Korea 710.0 710.0.0.0.0.0.0 705.0 710.0 710.0 HDPE CFR FE Asia 1,075.0 1,075.0 1,075.0 1,075.0 1,075.0 1,075.0 1,075.0 1,055.0 1,055.0 1,055.0 LDPE CFR FE Asia 1,090.0 1,075.0 1,075.0 1,075.0 1,075.0 1,075.0 1,090.0 1,070.0 1,070.0 1,070.0 LLDPE CFR FE Asia 1,060.0 1,060.0 1,060.0 1,060.0 1,060.0 1,060.0 1,060.0 1,040.0 1,040.0 1,040.0 MEG CFR China 591.0 583.0 584.0 616.0 616.0 619.0 615.0 613.0 585.0 585.0 PP CFR FE Asia 815.0 815.0 815.0 815.0 815.0 815.0 815.0 815.0 815.0 815.0 PX CFR China 742.7 744.7 743.3 745.5 745.5 747.0 740.3 742.5 747.8 747.8 PTA CFR China 573.0 573.0 571.0 571.0 571.0 571.0 569.0 572.0 572.0 572.0 Benzene FOB Korea 588.0 590.0 595.0 596.0 596.0 590.0 582.0 580.0 577.5 577.5 Toluene FOB Korea 608.0 607.0 614.0 609.0 609.0 610.5 601.0 598.0 603.0 603.0 Xylene FOB Korea 627.0 637.0 637.0 637.0 637.0 643.0 644.0 644.0 644.0 644.0 SM FOB Korea 931.0 914.0 908.0.0.0.0 895.0 895.0 895.0 891.0 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2014avg. 2015avg. 2016acc. Spot Price Naphtha CFR Japan 413.5 423.5 446.5 445.0 445.5 467.0 413.5 865.9 493.0 413.5 Change, % (2.4) (7.4) (7.1) (7.2) (11.5) 0.0 (52.2) (16.1) 0.0 Ethylene CFR SE Asia 1,090.0 1,.0 1,075.0 875.0 815.0 995.0 1,090.0 1,401.1 1,103.7 1,090.0 Change, % (0.9) 1.4 24.6 33.7 9.5 0.0 (22.2) (1.2) 0.0 Propylene CFR SE Asia 650.00 650.00 615.0 455.0 660.00 675.0 650.00 1,254.2 2 770.00 592.55 Change, % 0.0 5.7 42.9 (1.5) (3.7) 0.0 (48.2) (15.6) 9.7 Butadiene CFR SE Asia 720.0 695.0 640.0 795.0 890.0 940.0 720.0 1,281.7 877.5 720.0 Change, % 3.6 12.5 (9.4) (19.1) (23.4) 0.0 (43.8) (17.9) 0.0 Benzene CFR SE Asia 580.0 562.5 617.5 577.5 590.0.0 580.0 1,243.1 690.0 580.0 Change, % 3.1 (6.1) 0.4 (1.7) (17.1) 0.0 (53.3) (15.9) 0.0 Toluene CFR SE Asia 630.0 630.0 655.0 655.0.0 650.0 630.0 1,082.5.8 630.0 Change, % 0.0 (3.8) (3.8) 5.0 (3.1) 0.0 (41.8) (10.1) 0.0 Xylene CFR SE Asia 625.0 652.5 675.0 680.0 650.0 615.0 625.0 1,055.7 699.3 625.0 Change, % (4.2) (7.4) (8.1) (3.8) 1.6 0.0 (40.8) (10.6) 0.0 Spread Ethylene -Naphtha 676.5 676.5 628.5 430.0 369.5 528.0 676.5 535.2 610.6 676.5 Change, % 0.0 7.6 57.3 83.1 28.1 0.0 26.4 10.8 0.0 Propylene -Naphtha 236.5 226.5 168.5 10.0 214.5 208.0 236.5 388.3 277.0 179.0 Change, % 4.4 40.4 2,265.0 10.3 13.7 0.0 (39.1) (14.6) 32.1 Butadiene -Naphtha 306.5 271.5 193.5 350.0 444.5 473.0 306.5 415.9 384.5 306.5 Change, % 12.9 58.4 (12.4) (31.0) (35.2) 0.0 (26.3) (20.3) 0.0 Benzene -Naphtha 166.5 139.0 171.0 132.5 144.5 233.0 166.5 377.3 197.0 166.5 Change, % 19.8 (2.6) 25.7 15.2 (28.5) 0.0 (55.9) (15.5) 0.0 Toluene -Naphtha 216.5 206.5 208.5 210.0 154.5 183.0 216.5 216.6 207.8 216.5 Change, % 4.8 3.8 3.1 40.1 18.3 0.0 (0.1) 4.2 0.0 Xylene -Naphtha 211.5 229.0 228.5 235.0 204.5 148.0 211.5 189.9 206.3 211.5 Change, % (7.6) (7.4) (10.0) 3.4 42.9 0.0 11.4 2.5 0.0 자료 : Cischem, Platts, Bloomberg, SK증권참고 : Spread는 Polymer와 Naphtha의가격차이임

Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2014avg. 2015avg. 2016acc. Spot Price HDPE CFR SE Asia 1,065.0 1,065.0 1,085.0 1,185.0 1,165.0 1,230.0 1,065.0 1,524.9 1,230.1 1,065.0 Change, % 0.0 (1.8) (10.1) (8.6) (13.4) 0.0 (30.2) (13.4) 0.0 MEG CFR SE Asia 617.5 580.0 565.0 657.5 702.5 775.0 617.5 934.1 780.8 617.5 Change, % 6.5 9.3 (6.1) (12.1) (20.3) 0.0 (33.9) (20.9) 0.0 PVC CFR SE Asia 715.0 705.0 715.0 790.0 810.0 795.0 715.0 1,013.9 820.8 715.0 Change, % 1.4 0.0 (9.5) (11.7) (10.1) 0.0 (29.5) (12.9) 0.0 PP CFR SE Asia 835.0 825.0 885.0 1,005.0 985.0 1,140.0 835.0 1,503.0 1,109.8 835.0 Change, % 1.2 (5.6) (16.9) (15.2) (26.8) 0.0 (44.4) (24.8) 0.0 2-EH CFR Korea 680.0 680.0 685.0 790.0.0 1,130.0 680.0 1,397.1 930.1 680.0 Change, % 0.0 (0.7) (13.9) (24.4) (39.8) 0.0 (51.3) (26.9) 0.0 ABS CFR SE Asia 1,130.0 1,.0 1,117.5 1,215.0 1,275.0 1,585.0 1,130.0 1,897.7 1,431.1 1,130.0 Change, % 2.7 1.1 (7.0) (11.4) (28.7) 0.0 (40.5) (21.0) 0.0 SBR CFR SE Asia 1,150.0 1,085.0 1,105.0 1,230.0 1,200.0 1,495.0 1,150.0 1,332.1 1,150.0 Change, % 6.0 4.1 (6.5) (4.2) (23.1) 0.0 (13.7) 0.0 SM CFR SE Asia 910.0 910.0 917.5 920.0 980.0 975.0 910.0 1,547.1 1,.7 910.0 Change, % 0.0 (0.8) (1.1) (7.1) (6.7) 0.0 (41.2) (17.3) 0.0 Caustic FOB NEA 285.0 285.0 290.0 315.0 317.5 275.0 285.0 310.0 296.8 285.0 Change, % 0.0 (1.7) (9.5) (10.2) 3.6 0.0 (8.1) (4.0) 0.0 PX CFR SE Asia 762.5 765.0 787.5 792.5.0 835.0 762.5 1,228.5 842.9 762.5 Change, % (0.3) (3.2) (3.8) (4.7) (8.7) 0.0 (37.9) (9.5) 0.0 PO CFR China 1,257.5 1,307.5 1,445.0 1,522.5 1,570.0 1,792.5 1,257.5 2,179.2 1,683.4 1,257.5 Change, % (3.8) (13.0) (17.4) (19.9) (29.8) 0.0 (42.3) (25.3) 0.0 Caprolactam CFR SE Asia 1,260.0 1,285.0 1,.0 1,350.0 1,340.0 1,920.0 1,260.0 2,233.4 1,581.5 1,260.0 Change, % (1.9) (3.1) (6.7) (6.0) (34.4) 0.0 (43.6) (20.3) 0.0 PTA CFR SE Asia 585.0 577.5 620.0 597.5 565.0 655.0 585.0 911.7 648.0 585.0 Change, % 1.3 (5.6) (2.1) 3.5 (10.7) 0.0 (35.8) (9.7) 0.0 Spread HDPE 651.5 641.5 638.5 740.0 719.5 763.0 651.5 659.0 737.1 651.5 Change, % 1.6 2.0 (12.0) (9.5) (14.6) 0.0 (1.1) (11.6) 0.0 MEG 204.0 156.5 118.5 212.5 257.0 308.0 204.0 68.2 287.8 204.0 Change, % 30.4 72.2 (4.0) (20.6) (33.8) 0.0 199.0 (29.1) 0.0 PVC 301.5 281.5 268.5 345.0 364.5 328.0 301.5 148.0 327.8 301.5 Change, % 7.1 12.3 (12.6) (17.3) (8.1) 0.0 103.7 (8.0) 0.0 PP 421.5 401.5 438.5 560.0 539.5 673.0 421.5 637.1 616.8 421.5 Change, % 5.0 (3.9) (24.7) (21.9) (37.4) 0.0 (33.8) (31.7) 0.0 2-EH 266.5 256.5 238.5 345.0 454.5 663.0 266.5 531.3 437.0 266.5 Change, % 3.9 11.7 (22.8) (41.4) (59.8) 0.0 (49.8) (39.0) 0.0 ABS 716.5 676.5 671.0 770.0 829.5 1,118.0 716.5 1,031.9 938.1 716.5 Change, % 5.9 6.8 (6.9) (13.6) (35.9) 0.0 (30.6) (23.6) 0.0 SBR BD spread 430.0 390.0 465.0 435.0 310.0 555.0 430.0 454.7 430.0 Change, % 10.3 (7.5) (1.1) 38.7 (22.5) 0.0 (5.4) 0.0 SM 496.5 486.5 471.0 475.0 534.5 508.0 496.5 681.2 607.7 496.5 Change, % 2.1 5.4 4.5 (7.1) (2.3) 0.0 (27.1) (18.3) 0.0 Caustic Change, % PX 349.0 341.5 341.0 347.5 354.5 368.0 349.0 362.6 349.9 349.0 Change, % 2.2 2.3 0.4 (1.6) (5.2) 0.0 (3.8) (0.2) 0.0 PO propylene sprea 607.5 657.5 830.0 1,067.5 910.0 1,117.5 607.5 925.0 913.4 665.0 Change, % (7.6) (26.8) (43.1) (33.2) (45.6) 0.0 (34.3) (33.5) (8.6) Caprolactam benzene spread 680.0 722.5 682.5 772.5 750.0 1,220.0 680.0 990.3 891.6 680.0 Change, % (5.9) (0.4) (12.0) (9.3) (44.3) 0.0 (31.3) (23.7) 0.0 PTA px spread 51.3 42.0 68.8 42.8 5.0 70.5 51.3 51.8 58.0 51.3 Change, % 22.0 (25.5) 19.9 925.0 (27.3) 0.0 (1.0) (11.7) 0.0 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용

Global peers ##### Currency 01/06 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 15 16E 15 16E 15 16E Petrochemical Dow Chemical USD 48.5 (2.2) (6.2) (9.1) 2.9 (4.2) 11.5 (5.9) 56,146 14.8 14.0 2.6 2.4 8.0 8.0 Du Pont USD 63.4 (1.4) (5.9) (6.5) 14.8 5.6 (5.9) (4.8) 55,547 23.0 19.8 5.4 5.3 12.1 11.8 Eastman USD 65.8 (1.9) (2.9) (10.2) (6.0) (16.1) (10.5) (2.5) 9,780 9.1 8.7 2.3 2.0 7.3 7.1 BASF EUR 65.8 (3.0) (7.0) (10.6) (5.6) (15.6) (1.9) (7.0) 64,974 13.1 12.6 2.1 2.0 7.0 6.9 Akzo Nobel EUR 59.0 (1.4) (5.3) (7.2) 0.3 (8.5) 4.2 (4.4) 15,707 14.9 14.1 2.5 2.2 8.0 7.6 Arkema EUR 59.6 (2.9) (8.5) (10.0) (3.8) (6.5) 14.8 (7.8) 4,769 13.6 11.5 1.2 1.2 5.8 5.5 Lanxess EUR 39.8 (2.3) (6.8) (11.7) (9.2) (25.2) 12.9 (6.8) 3,915 17.8 13.5 1.6 1.4 5.7 5.1 Sumitomo Chemical JPY 629 0.0 (10.3) (12.9) (6.8) (13.4) 37.3 (10.3) 8,779 11.9 10.3 1.2 1.1 7.3 7.0 Mitsubishi Chemical JPY 731 (1.9) (5.6) (7.9) 11.0 (5.1) 28.4 (5.6) 9,283 15.1 11.0 1.1 1.0 6.4 6.2 Shin-Etsu Chemical JPY 6,413 (0.9) (3.1) (5.7) (0.8) (13.9) (16.1) (3.1) 23,363 18.7 17.4 1.3 1.3 6.5 6.1 Asahi Kasei JPY 831 (2.1) 1.0 0.9 (5.0) (14.5) (21.9) 1.0 9,832 12.3 11.1 1.0 1.0 5.7 5.5 JSR JPY 1,817 (2.0) (4.3) (4.3) 0.1 (15.7) (8.6) (4.3) 3,463 14.0 12.7 1.1 1.1 5.8 5.3 Nitto Denko JPY 8,253 (3.8) (7.4) (4.1) 3.7 (18.0) 26.4 (7.4) 12,090 15.1 14.3 2.0 1.9 7.1 6.8 SABIC SAR 70.5 (3.2) (7.8) (19.4) (11.0) (26.4) (8.5) (7.9) 56,331 11.1 10.5 1.3 1.3 6.0 5.8 Yansab SAR 27.3 (6.5) (14.7) (38.4) (40.2) (49.8) (34.3) (15.7) 4,096 13.1 8.7 1.0 1.0 7.5 6.4 Formosa Plastics TWD 73.0 0.1 (0.7) (2.4) 1.4 1.1 5.8 (5.2) 13,986 15.8 15.9 1.5 1.5 23.0 22.7 Formosa Fiber TWD 68.6 0.1 (2.7) (2.6) (2.7) (6.0) 8.0 (7.3) 12,102 16.2 15.8 1.3 1.3 13.1 13.1 Nan Ya Plastics TWD 57.5 0.0 (2.5) (3.8) (3.4) (18.6) (7.0) (5.7) 13,725 12.5 13.1 1.4 1.3 12.7 12.8 Sinopec Shanghai CNY 6.05 4.1 (8.9) (7.5) (5.2) (23.9) 34.1 (6.6) 8,168 23.4 21.3 3.4 3.0 9.8 9.5 Sinopec Yizheng(FibeCNY 7.40 3.5 (11.8) (15.3) (23.0) (28.6) 29.8 (9.3) 14,138 #N/A N/A #N/A N/A 4.7 4.9 47.2 24.7 Reliance INR 1,032 2.7 2.8 6.9 14.9 1.6 23.5 1.7 50,011 12.5 11.1 1.3 1.2 9.8 8.3 Industries Qatar QAR 106.0 1.1 (2.8) (3.4) (14.0) (23.1) (36.9) (4.6) 17,611 12.9 12.7 1.9 1.9 51.6 53.3 PTT Chemical THB 49.3 (0.5) (1.5) (3.4) (12.8) (27.6) (7.1) (1.5) 6,073 7.8 7.5 0.9 0.8 5.7 5.3 Petronas MYR 7.5 0.5 3.6 11.1 21.0 17.2 49.7 3.2 13,552 22.0 19.4 2.5 2.4 11.2 9.8 LG화학 KRW 338,000 (0.4) 2.9 9.4 18.4 24.3 103.6 2.9 18,622 19.4 15.9 1.9 1.7 7.4 6.6 롯데케미칼 KRW 260,000 4.0 6.8 7.7 (5.1) (7.0) 78.1 6.8 7,409 8.3 7.8 1.2 1.0 4.1 3.9 한화케미칼 KRW 28,000 5.9 2.9 6.9 30.8 46.2 153.4 2.9 3,770 19.0 12.3 1.0 0.9 10.9 9.1 금호석유 KRW 53,000 1.5 1.7 (8.6) (13.8) (26.7) (34.6) 1.7 1,342 12.1 9.8 1.1 1.0 8.9 7.4 SKC KRW 31, (1.1) (7.4) (9.5) (18.4) (16.2) 17.0 (7.4) 958 3.8 8.0 0.8 0.7 7.1 6.9 국도화학 KRW 58,000 2.5 (2.2) (1.4) (18.8) (13.2) 45.5 (2.2) 280 6.1 6.9 0.8 0.7 4.1 3.8 효성 KRW 2,645 1.9 1.3 (4.5) (9.4) (10.2) (1.1) 1.3 3,401 8.7 7.1 1.3 1.1 7.2 6.5 Average (0.3) (3.7) (5.7) (3.1) (10.9) 15.8 (3.9) Refinery Valero USD 70.7 (0.7) (1.3) (1.0) 10.5 8.1 48.2 (0.1) 34,023 8.1 9.3 1.6 1.4 4.2 4.8 Conoco Phillips USD 45.4 (4.3) (2.7) (11.4) (17.8) (23.2) (27.9) (2.9) 55,991 #N/A N/A #N/A N/A 1.2 1.3 8.7 7.4 Formosa PetrochemicTWD 77.0 0.9 (0.8) 2.0 (3.8) (2.5) 18.3 (2.3) 22,077 17.9 19.1 2.7 2.7 12.0 12.4 Tesoro USD 106.4 0.1 2.0 (5.3) 3.2 16.2 48.1 0.9 12,806 7.4 11.4 2.4 2.1 4.6 5.9 Marathon Petroleum USD 48.7 (3.7) (6.8) (12.4) (2.6) (11.0) 10.5 (6.0) 25,966 8.1 9.0 2.0 1.8 4.5 4.6 Devon Energy USD 30.2 (8.0) (2.5) (25.5) (30.9) (46.7) (47.5) (5.6) 12,416 12.1 736.8 1.0 1.1 5.2 7.3 Hollyfrontier USD 38.8 (5.6) (2.5) (19.0) (22.7) (14.1) 6.8 (2.7) 7, 7.6 9.1 1.3 1.2 4.2 4.8 Phillips 66 USD 78.0 (3.7) (4.9) (13.5) (5.5) (4.3) 18.2 (4.6) 41,624 9.9 10.7 1.8 1.6 5.9 6.3 Murphy Oil USD 20.1 (10.9) (8.3) (21.0) (28.5) (50.7) (56.8) (10.4) 3,461 #N/A N/A #N/A N/A 0.5 0.6 4.0 4.6 JX Holdings JPY 486.5 (3.6) (4.3) (5.7) 4.9 (5.4) 7.1 (4.3) 10,236 336.7 8.2 0.6 0.6 13.9 10.1 Cosmo Oil JPY 164.0 0.0 0.0 0.0 0.0 (15.0) (0.6) 0.0 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 1,909.0 (3.0) (1.5) (9.0) 1.1 (20.4) (3.0) (1.5) 2,575 19.5 6.5 0.5 0.5 13.1 8.9 Tonengeneral JPY 999.0 (2.5) (2.3) (16.9) (18.5) (12.9) (0.3) (2.3) 4,760 27.1 10.1 1.4 1.3 37.1 9.9 Nesteoil EUR 27.3 0.0 (1.2) 4.0 24.7 25.2 37.1 (1.2) 0 11.7 11.7 2.3 2.1 7.9 7.4 Ashland USD 101.0 (1.4) (3.0) (10.7) (2.5) (16.5) (13.3) (1.6) 6,387 14.7 13.5 2.2 2.3 8.0 7.8 Fuchs Petrolub EUR 42.7 (1.1) (2.0) (1.9) 2.7 11.9 32.3 (2.0) 5,917 24.6 22.5 5.9 5.0 14.1 12.9 SK이노베이션 KRW 126,000 (0.8) (3.1) (2.7) 12.5 13.0 58.5 (3.1) 9,686 10.0 9.1 0.7 0.7 6.3 6.1 S-Oil KRW 77, (1.9) (2.9) 3.6 10.5 23.2 71.0 (2.9) 7,216 11.4 10.4 1.6 1.5 7.3 7.3 GS KRW 47, (4.0) (6.1) (4.3) (2.7) (5.6) 24.1 (6.1) 3,677 8.1 6.7 0.7 0.6 7.4 6.5 Average (2.9) (2.8) (7.9) (3.4) (6.9) 12.1 (3.1) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임

Global peers ##### Currency 01/06 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 15 16E 15 16E 15 16E E&P/Shale Exxon Mobil USD 77 (0.8) (0.8) (1.8) (0.5) (6.1) (13.7) (0.6) 322,503 19.9 20.5 1.9 1.9 8.3 8.1 BP GBP 343 (1.3) (3.3) (4.5) (9.2) (20.0) (12.2) (3.0) 92,302 14.0 14.6 0.9 0.9 5.2 4.7 Shell EUR 1,498 (1.9) (3.1) (5.6) (14.2) (16.2) (28.0) (1.9) 141,046 12.5 11.3 0.8 0.8 4.4 4.1 Chevron USD 86 (4.0) (4.5) (4.1) (1.1) (9.2) (20.3) (4.3) 161,987 24.9 23.0 1.1 1.1 6.5 6.0 Total EUR 40 (1.0) (4.3) (8.5) (10.4) (7.3) (0.4) (3.6) 104,305 10.3 12.0 1.0 1.0 5.4 5.3 Sinopec CNY 5 3.4 (1.4) (2.6) 3.4 (33.2) (30.0) (1.2) 86,175 14.8 12.1 0.9 0.9 5.4 4.9 Petrochina CNY 8 3.0 (1.2) (3.1) 1.0 (36.1) (28.9) (0.5) 218,743 31.4 26.1 1.3 1.2 7.4 7.1 CNOOC CNY 15 3.3 (6.8) (9.7) (7.4) (25.8) (32.0) (6.1) 8,035 34.5 31.9 1.5 1.4 12.0 11.3 Gazprom RUB 136 (0.4) (0.1) (1.3) (1.4) (4.9) (2.1) (0.1) 43,178 2.7 2.7 0.3 0.2 2.2 2.4 Rosneft RUB 252 (0.3) (0.3) 0.4 1.6 13.3 26.0 (0.3) 35,890 6.5 6.1 0.8 0.7 3.3 3.3 Anadarko USD 44 (9.8) (9.5) (23.0) (36.2) (42.7) (41.8) (9.9) 22,241 #N/A N/A #N/A N/A 1.5 1.6 8.5 8.1 Petrobras BRL 6 (4.2) (4.5) (14.9) (21.9) (44.3) (23.2) (4.5) 23,851 8.9 6.6 0.3 0.3 6.1 5.6 Lukoil USD 2,378 (0.1) 1.4 (4.5) 6.3 (3.3) 1.4 1.4 27,052 5.8 5.2 0.3 0.3 N/A N/A Kinder USD 15 (5.2) 1.6 (12.2) (53.5) (60.6) (63.8) (1.0) 47,497 22.7 20.4 0.9 0.9 10.5 9.8 Statoil NOK 118 (2.1) (4.6) (7.2) (14.2) (13.2) (7.3) (4.6) 41,942 18.2 15.7 1.1 1.1 2.7 2.6 BHP AUD 17 (2.4) (5.2) (4.4) (28.2) (34.1) (34.7) (4.0) 60,760 28.6 18.5 1.0 1.1 6.4 5.5 PTT E&P THB 54 0.0 (5.7) (12.6) (22.6) (49.3) (49.5) (5.7) 5,917 9.7 10.1 0.5 0.5 1.7 1.7 Petronas gas MYR 22 (0.7) (3.2) (5.7) (3.2) 2.6 0.9 (3.2) 9,823 24.0 23.3 3.9 3.7 13.7 13.4 Chesapeake USD 5 (6.6) 6.4 2.9 (47.9) (55.1) (74.0) 4.0 3,113 #N/A N/A #N/A N/A 1.2 1.4 6.7 9.4 Noble Energy USD 32 (5.8) (1.6) (6.4) (8.2) (21.1) (24.4) (3.8) 13,564 340.8 #N/A N/A 1.1 1.2 8.9 7.8 Average 0 (1.8) (2.5) (6.4) (13.4) (23.3) (22.9) (2.6) PV WACKER EUR 72.5 (4.0) (6.5) (7.5) 0.0 (22.5) (16.2) (6.5) 4,065 21.6 18.9 1.6 1.5 5.1 4.8 GCL-Poly HKD 1.2 0.0 0.0 (20.6) (29.3) (25.7) (35.9) (0.9) 2,757 8.8 6.6 0.9 0.8 8.1 6.9 REC NOK 107.5 0.0 0.0 0.0 0.0 1.4 5.4 0.0 519 #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 5.5 (2.7) 8.7 51.4 (36.6) (81.0) (68.7) 8.3 1,745 #N/A N/A #N/A N/A 0.4 0.4 #N/A N/A 25.8 Canadian Solar USD 27.3 (0.8) (4.7) 10.9 40.5 5.6 22.4 (5.8) 1,527 11.2 10.4 1.8 1.5 9.3 6.9 JA Solar USD 9.2 (3.3) (3.8) 1.4 9.9 19.6 17.2 (5.1) 465 6.5 6.2 0.5 0.5 3.8 3.5 Trina Solar USD 11.0 0.2 0.2 7.5 7.5 0.4 25.1 (0.2) 1,014 12.3 8.1 0.9 0.8 7.4 5.5 Solar City USD 50.2 (0.5) (1.2) 39.5 6.2 (3.0) 1.4 (1.6) 4,899 #N/A N/A #N/A N/A 5.4 5.9 #N/A N/A #N/A N/A Yingli USD 3.9 (6.5) (18.7) (41.5) (16.1) (63.9) (82.3) (14.8) 70 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 9.4 9.1 First Solar USD 69.5 (3.5) 3.8 16.2 42.2 57.3 70.1 5.3 7,016 15.5 16.6 1.3 1.2 7.6 9.9 한화솔라원 USD 21.9 0.0 (0.1) 11.9 20.9 42.9 108.2 (0.4) #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, (0.3) (2.1) (9.8) (12.2) (33.0) 3.7 (2.1) 1,455 8.0 15.4 0.6 0.6 11.5 9.3 웅진에너지 KRW 1,720 (0.6) (0.6) (7.0) 6.8 1.5 23.7 (0.6) 106 N/A 0.6 0.6 11.5 9.3 8.7 신성솔라에너지 KRW 1,950 0.3 (3.5) (1.0) 50.6 59.2 89.3 (3.5) 122 N/A 0.6 11.5 9.3 8.7 7.1 Average (1.5) (2.0) 3.7 6.5 (2.9) 11.7 (2.0) Gas Company Towngas China HKD 4.3 (1.4) (4.9) (9.3) (15.7) (37.6) (43.9) (4.4) 1,478 9.0 8.1 0.8 0.7 11.0 9.4 Kulun HKD 6.7 (0.3) (3.0) (2.8) 13.5 (8.7) (11.1) (2.8) 6,987 14.2 12.0 1.0 0.9 6.0 5.5 Beijing Enterprise HKD 45.1 (0.6) (4.2) (4.0) (5.7) (19.5) (25.5) (3.9) 7,463 10.2 9.0 0.9 0.9 14.9 13.7 ENN Energy HKD 38.8 (2.1) (6.7) (1.4) (0.5) (14.6) (15.1) (6.3) 5,411 13.9 12.0 2.5 2.1 9.2 8.1 China Resources GasHKD 21.0 (2.8) (7.9) (3.0) 3.7 (5.2) 7.8 (9.3) 6,024 15.6 13.4 2.5 2.2 9.6 8.4 China Gas Holdings HKD 10.6 (0.9) (6.9) 0.4 (7.4) (11.7) (11.7) (5.5) 6,762 14.1 11.6 2.5 2.1 11.5 9.7 Shenzen Gas HKD 13.9 (0.4) (3.9) 4.8 18.8 14.1 20.9 (3.2) 3, 12.8 12.1 1.3 1.2 9.9 9.7 Shann Xi CNY 11.9 3.6 (6.7) (3.9) 4.2 (25.4) 5.9 (5.2) 2,028 20.8 17.4 #N/A N/A #N/A N/A #N/A N/A #N/A N/A Suntien HKD 1.2 1.6 1.6 (2.4) (12.1) (17.9) (31.1) 0.0 594 9.4 7.6 0.5 0.5 7.7 6.2 China Oil & Gas HKD 0.5 0.0 0.0 (8.6) 9.3 (13.1) (43.4) 0.0 398 11.5 8.3 0.8 0.7 6.4 5.3 Average (0.3) (4.3) (3.0) 0.8 (14.0) (14.7) (4.1) EV LG화학 KRW 338,000 (0.4) 2.9 9.4 18.4 24.3 103.6 2.9 18,622 18.3 14.7 1.9 1.7 7.5 6.9 삼성SDI KRW 114, (0.4) 0.4 (3.0) 5.0 2.7 3.2 0.4 6,546 26.1 11.9 0.7 0.7 12.0 11.0 Panasonic JPY 1197.0 (1.5) (3.5) (12.1) (4.9) (26.3) (13.4) (3.5) 24,756 14.3 11.8 1.4 1.3 4.1 3.9 GS Yuasa JPY 438.0 (1.1) (3.1) (6.0) (11.0) (8.9) (13.4) (3.1) 1,527 13.7 11.8 1.1 1.1 6.7 6.2 NEC JPY 374.0 (0.8) (2.9) (7.9) (3.1) 3.0 9.4 (2.9) 8,213 13.7 11.5 1.1 1.0 6.5 6.2 BYD Auto CNY 60.4 1.8 (8.5) (2.3) 0.7 19.1 49.8 (6.2) 19,264 65.2 53.3 5.2 4.6 20.7 17.3 Tesla Motors USD 219.0 (2.0) (8.0) (4.9) (9.3) (21.7) 3.7 (8.7) 28,684 #N/A N/A 127.9 25.3 21.5 129.4 34.4 Kandi Technologies USD 10.4 (2.2) 2) (3.7) 48 4.8 61.9 24.22 (14.4) 4) (4.8) 487 #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 (0.8) (3.3) (2.7) 7.2 2.0 16.1 (3.2) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임