1. News Summary (3 page) 2018 년 9 월 6 일 News WTI comment 美열대폭풍세력약화에약세 WTI 1.6% Conclusion Headline 사우디증권거래소장, " 아람코 IPO 를위한준비작업지속중 " 아람코의 SABIC 인수로사실상

1. News Summary (3 page) 2018 년 9 월 6 일 News WTI comment 美열대폭풍세력약화에약세 WTI 1.6% Conclusion Headline 사우디증권거래소장, " 아람코 IPO 를위한준비작업지속중 " 아람코의 SABIC 인수로사실상상장없이도 NEOM 자금조달가능해짐 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 68.7 (1.6) (1.1) (0.7) 6.2 39.8 Ethylene 09/03 $/t 1,190 (5.2) (4.2) (2.9) 0.0 Dubai $/bbl 75.8 (1.4) 2.0 4.4 2.8 45.4 Propylene 09/03 $/t 1,035 (0.7) 1.5 2.0 29.4 Gasoline $/bbl 88.0 (1.8) 2.6 4.2 3.0 24.0 Benzene 09/03 $/t 883 (0.6) 1.1 3.5 8.0 Diesel $/bbl 92.1 (2.2) 1.9 5.9 5.1 35.8 Toluene 09/03 $/t 830 1.8 2.5 1.8 25.8 Complex margin $/bbl 7.5 (0.8) (0.3) (0.3) 0.4 (3.1) Xylene 09/03 $/t 870 1.2 5.5 2.4 37.0 $/bbl 11.4 (2.6) 2.7 5.8 1.0 (1.0) PP 09/03 $/t 1,238 0.4 1.2 (3.1) 9.8 Petrochemical % % % % % PVC 09/03 $/t 950 0.0 0.5 3.3 1.6 Naphtha $/t 681 (2.0) 2.2 2.6 3.9 39.8 ABS 09/03 $/t 1,880 (2.1) (3.3) (9.6) (6.5) Butadiene $/t 1,690 0.0 (2.9) (0.6) (2.9) 24.3 SBR 09/03 $/t 1,875 0.0 6.5 (1.3) 10.9 HDPE $/t 1,275 (0.4) (1.2) (2.3) (6.3) 8.1 SM 09/03 $/t 1,455 1.0 (0.7) (3.6) 7.4 MEG $/t 993 1.2 5.6 6.8 10.5 3.4 BPA 09/03 $/t 1,948 2.2 9.6 12.1 (2.3) PX $/t 1,315 (1.4) (0.2) 19.5 35.7 59.3 Caustic 09/03 $/t 400 (5.0) 8.4 (27.3) (15.1) SM $/t 1,415 (0.1) 0.2 (1.7) 1.9 (0.5) 2-EH 09/03 $/t 1,115 (1.3) 0.9 (4.7) 12.6 Commodity % % % % % Caprolactam 09/03 $/t 2,130 (1.4) (1.2) 1.2 22.4 Natural Gas $/mmbtu 2.80 (1.0) (2.4) (5.4) (3.8) (4.9) Solar % % % % Natural rubber $/t 1,300 0.0 (1.5) (3.0) (7.1) (23.5) Polysilicon 09/05 $/kg 11.2 (0.9) (1.1) (14.7) (33.2) Cotton C/lbs 81.7 (1.3) (1.5) (6.5) (10.2) 8.6 Module 09/05 $/W 0.25 (0.8) (2.4) (13.9) (23.2) * 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 81.4 1.3 0.6 1.4 0.8 5.4 BASF EUR 77.4 (1.4) (4.6) (3.8) (9.4) (6.0) Shell EUR 2,507 (1.1) (1.2) (1.5) (3.2) 17.7 DowDuPont USD 70.1 0.5 (1.9) 4.8 3.2 7.8 Petrochina CNY 8.20 (0.5) 0.4 7.8 2.8 1.5 SABIC SAR 120.6 (4.4) (5.3) (5.9) (6.8) 21.9 Gazprom RUB 147.1 (0.2) (0.6) 3.3 0.7 26.8 Formosa Pla. TWD 110.5 (1.8) (2.6) (0.9) 0.9 15.9 Petrobras BRL 18.7 0.0 (3.4) (11.7) 12.4 29.4 Shin-Etsu JPY 10,065 (0.6) (5.7) (9.7) (10.4) 5.3 Refinery Renewable Phillips66 USD 118.0 (0.8) (2.0) (3.0) (0.7) 41.7 Wacker EUR 118.2 (2.8) (6.9) (4.8) (11.6) 7.1 Valero USD 116.9 (2.8) (3.1) 1.3 (5.2) 72.2 First Solar USD 51.26 (0.1) (3.4) (3.0) (12.0) 7.1 JX JPY 755.1 (1.0) (5.7) (7.1) 7.2 40.5 GCL-Poly HKD 0.55 (6.8) 3.8 (16.7) (27.6) (37.5) Neste Oil EUR 71.8 (2.2) (4.8) 1.3 1.6 99.1 Tesla Motors USD 280.7 (2.8) (8.0) (19.4) (3.6) (19.7) 4. Coverage Summary 09/05 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 2,292 (1.0) (0.7) 0.2 (7.2) (5.0) (1.6) * 추정치는 12M fwd 기준임 KOSPI 화학 5,556 (0.9) (1.8) (2.5) (8.6) (6.9) (4.0) * 모든 coverage 업체의실적은연결기준임 LG 화학 358,000 (2.6) (4.3) (6.0) (2.8) (7.6) (3.2) 매수 400,000 11.7 14.14 1.60 롯데케미칼 300, (2.6) (6.8) (10.2) (19.2) (32.7) (26.8) 매수 400,000 33.1 9.33 0.85 한화케미칼 19,900 (1.5) (6.6) (5.7) (21.3) (35.7) (42.8) 매수 30,000 50.8 8.94 0.49 금호석유화학 96, 0.1 (3.5) (5.4) (5.9) 11.6 22.3 매수 150,000 55.4 9.00 1.25 KCC 330,000 3.4 (1.9) (3.6) (5.7) (5.7) (15.3) 매수 400,000 21.2 28.61 0.51 OCI 117, (1.7) 1.7 17.5 0.9 (23.2) 18.4 매수 140,000 19.1 8.94 0.85 SKC 46,450 (0.2) (1.9) 8.7 12.3 17.7 27.4 매수 50,000 7.6 12.67 1.10 SK 이노베이션 191, (0.8) (1.8) 0.5 (7.9) (6.4) 1.1 매수 230,000 20.1 11.26 0.96 S-Oil 119,000 (1.2) (2.5) 3.0 5.3 (3.3) (4.4) 매수 140,000 17.6 13.58 1.99 GS 51,800 (1.1) (5.5) (3.0) (11.8) (21.8) (23.5) 매수 80,000 54.4 4.80 0.58 SK 가스 88,100 0.0 2.8 4.1 (8.6) (6.0) (18.8) 매수 130,000 47.6 8.32 0.59 포스코대우 18,100 (0.8) (0.5) (2.9) (23.5) (7.7) (14.4) 매수 25,000 38.1 9.49 0.71 LG 상사 21,400 1.7 (3.2) (9.3) (21.0) (18.2) (24.9) 매수 38,000 77.6 7.92 0.60 한국전력 30,050 0.3 (2.4) (3.2) (11.5) (5.9) (29.4) 매수 45,000 49.8 7.27 0.24 한국가스공사 53,900 0.4 0.4 (1.1) (15.8) 9.7 21.1 매수 75,000 39.1 8.36 0.70 작성자 ( 손지우 ) 는본조사분석자료에게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 본보고서에언급된종목의경우당사조사분석담당자는본인의담당종목을보유하고있지않습니다. 본보고서는기관투자가또는제 3 자에게사전제공된사실이없습니다. 당사는본보고서의발간시점에해당종목을 1% 이상보유하고있지않습니다.

Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 6, KOSQI( 우 ) KOSPI 화학 ( 좌 ) (p) 2,700 ($/bbl) 80 WTI Dubai 6,200 5,900 2, 70 5, 5,300 5,000 2,300 2,100 60 50 4,700 4,400 1,900 40 4,100 16/11 17/02 17/05 17/08 17/11 18/02 18/06 1,700 18/09 30 16/09 17/01 17/05 17/09 18/01 18/05 18/09 Complex & margin ($/bbl) 시차조정복합 20 복합정제마진 Polysilicon & Module prices ($/kg) PolySilicon 18 Silicon Module ($/W) 0.50 15 10 17 16 15 0.45 0.40 5 0 (5) 16/09 17/01 17/05 17/09 18/01 18/05 18/09 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1, 1,400 1,200 800 400 14 13 12 11 10 16/08 17/02 17/08 18/01 18/07 Butadiene price & naphtha spread Butadiene 3, 3,000 2, 2,000 1, 0.35 0.30 0.25 0.20 2, 2,000 1, 200 0 HDPE price & naphtha spread 1,350 HDPE 900 MEG price & naphtha spread 1,100 MEG 1,300 1,250 1,200 1,150 1,100 1,050 800 700 900 800 700 400 300 200 100 PVC price & naphtha spread PX price & naphtha spread PVC 1,450 PX 700 950 400 1,350 1,250 900 300 200 1,150 1,050 400 300 850 100 950 850 200 100 800 0 750 0 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK 증권 참고 : 상기데이터는일괄적으로과거 2 년치적용

News Comment Headline ( 출처 : CNBC) WTI Comment ( 출처 : 연합뉴스 ) 사우디증권거래소장, " 아람코 IPO 를위한준비작업지속중 " 美열대폭풍세력약화에약세 WTI 1.6% 아람코의 SABIC 인수로사실상상장없이도 NEOM 자금조달가능해짐상승 요인 1) 현재 Tadawul은아람코상장증시로는유일하게확정된증시임 2) 사우디는아람코의기업가치를 2조달러수준으로판단하고있음 3) Tadawul은 2019년상반기에 ETD 상품을시장에내놓을예정임 하락 열대성폭풍 ' 고든 ' 이열대성저기압으로약화 4) 화요일 MSCI는 Tadawul과함께인덱스출시에합의했다고밝혔음 요인 5) 아람코의 SABIC 인수로사실상상장없이도 NEOM 자금조달가능해짐 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 2016avg. 2017avg. 2018acc. F/X USD/EUR 0.860 0.863 0.854 0.865 0.853 0.811 0.839 0.833 0.904 0.887 0.836 Change, % (0.4) 0.7 (0.5) 0.7 6.1 2.4 3.2 (4.9) (3.0) 2.8 USD/JPY 111.5 111.4 111.7 111.3 109.8 106.2 108.8 112.6 108.8 112.1 109.4 Change, % 0.1 (0.1) 0.3 1.6 5.0 2.5 (1.0) 2.5 (0.5) 1.9 USD/KRW 1,121.1 1,115.0 1,110.3 1,127.7 1,070.9 1,082.0 1,131.0 1,066.7 1,160.5 1,130.9 1,088.5 Change, % 0.5 1.0 (0.6) 4.7 3.6 (0.9) 5.1 (3.4) (0.9) 3.0 Agriculture Corn 351.8 354.5 341.3 369.8 383.8 378.3 344.3 350.8 358.5 359.4 369.1 Change, % (0.8) 3.1 (4.9) (8.3) (7.0) 2.2 0.3 (1.9) (2.1) (4.7) Soybean 825.5 832.0 823.3 886.3 1,001.3 1,066.8 960.5 951.8 987.5 975.9 960.9 Change, % (0.8) 0.3 (6.9) (17.6) (22.6) (14.1) (13.3) (16.4) (15.4) (14.1) Wheat 493.8 502.8 515.8 556.3 510.0 502.3 430.5 427.0 436.4 436.0 488.6 Change, % (1.8) (4.3) (11.2) (3.2) (1.7) 14.7 15.6 13.1 13.2 1.1 Rice 10.7 10.9 10.8 11.5 10.9 12.3 12.5 11.7 10.3 11.1 12.0 Change, % (1.3) (1.0) (6.9) (2.2) (13.0) (14.3) (8.3) 3.5 (3.2) (10.6) Oats 233.8 234.0 251.8 249.8 244.0 264.8 218.5 241.0 196.3 252.3 246.3 Change, % (0.1) (7.1) (6.4) (4.2) (11.7) 7.0 (3.0) 19.1 (7.3) (5.1) MYR/mt Palm Oil 2,239.0 2,242.0 2,177.0 2,170.0 2,405.0 2,491.0 2,740.0 2,444.0 2,653.8 2,787.3 2,363.4 Change, % (0.1) 2.8 3.2 (6.9) (10.1) (18.3) (8.4) (15.6) (19.7) (5.3) Cocoa 2,314.0 2,335.0 2,336.0 2,046.0 2,289.0 2,459.0 1,974.0 1,892.0 2,854.0 2,005.2 2,362.1 Change, % (0.9) (0.9) 13.1 1.1 (5.9) 17.2 22.3 (18.9) 15.4 (2.0) Cotton 81.7 82.8 83.0 88.7 89.8 85.4 75.3 78.6 65.6 73.5 84.1 Change, % (1.3) (1.5) (7.8) (9.0) (4.3) 8.6 3.9 24.6 11.1 (2.9) Sugar 10.9 10.6 10.4 10.9 12.0 13.6 14.0 15.2 18.2 15.8 12.2 Change, % 2.3 5.0 0.4 (9.4) (19.7) (22.4) (28.2) (40.0) (31.1) (10.5) Coffee 100.1 97.8 98.7 107.8 119.5 119.2 126.5 126.2 136.1 133.0 115.4 Change, % 2.4 1.5 (7.1) (16.2) (16.0) (20.9) (20.7) (26.4) (24.7) (13.3) Energy WTI 68.7 69.9 69.5 68.5 65.5 62.6 48.7 60.4 43.4 51.0 66.5 Change, % (1.6) (1.1) 0.3 4.9 9.8 41.2 13.7 58.4 34.8 3.3 Brent 77.3 78.2 77.1 73.2 75.4 65.5 53.4 66.9 45.1 54.9 72.1 Change, % (1.2) 0.2 5.5 2.5 17.9 44.8 15.6 71.4 40.9 7.2 Natural Gas 2.8 2.8 2.9 2.9 2.9 2.7 3.0 3.0 2.6 3.0 2.8 Change, % (1.0) (3.5) (2.0) (3.3) 3.4 (6.0) (5.4) 9.5 (7.5) (1.7) Ethanol 1.3 1.3 1.3 1.4 1.4 1.5 1.6 1.3 1.5 1.5 1.4 Change, % (0.9) 2.6 (9.7) (9.7) (11.5) (17.5) (2.2) (14.8) (13.8) (9.3) RBOB Gasoline 196.5 199.4 210.6 206.6 210.6 193.5 169.9 179.9 140.0 162.9 201.2 Change, % (1.5) (6.7) (4.9) (6.7) 1.5 15.6 9.2 40.4 20.6 (2.3) Coal 114.8 115.4 117.7 117.5 113.0 102.0 97.8 100.8 65.5 88.2 107.2 Change, % (0.5) (2.4) (2.3) 1.6 12.5 17.4 13.9 75.4 30.2 7.1 Metal Gold 1,197.0 1,191.6 1,206.7 1,213.7 1,296.4 1,320.1 1,339.7 1,302.6 1,248.5 1,258.6 1,290.8 Change, % 0.5 (0.8) (1.4) (7.7) (9.3) (10.7) (8.1) (4.1) (4.9) (7.3) Silver 14.2 14.2 14.8 15.4 16.5 16.4 17.9 16.9 17.1 17.1 16.3 Change, % 0.2 (3.8) (7.9) (14.0) (13.6) (20.7) (16.3) (17.1) (16.9) (12.8) Copper 5,871.0 5,815.0 6,086.0 6,206.0 7,099.0 6,910.0 6,900.0 7,247.0 4,872.0 6,199.4 6,728.9 Change, % 1.0 (3.5) (5.4) (17.3) (15.0) (14.9) (19.0) 20.5 (5.3) (12.7) Nickel 894.2 891.9 944.7 926.2 1,057.3 873.0 768.2 809.1 646.4 680.2 921.2 Change, % 0.3 (5.3) (3.5) (15.4) 2.4 16.4 10.5 38.3 31.5 (2.9) Zinc 2,419.5 2,415.5 2,512.0 2,631.0 3,199.5 3,296.0 3,140.0 3,319.0 2,097.5 2,888.5 3,056.9 Change, % 0.2 (3.7) (8.0) (24.4) (26.6) (22.9) (27.1) 15.4 (16.2) (20.9) Lead 2,033.0 2,066.0 2,077.5 2,109.3 2,517.0 2,423.3 2,308.3 2,482.8 1,868.3 2,315.7 2,364.4 Change, % (1.6) (2.1) (3.6) (19.2) (16.1) (11.9) (18.1) 8.8 (12.2) (14.0) Aluminum 14,.0 14,715.0 14,895.0 14,325.0 14,590.0 14,150.0 16,375.0 15,020.0 12,373.5 14,556.6 14,367.3 Change, % (0.8) (2.0) 1.9 0.1 3.2 (10.8) (2.8) 18.0 0.3 1.6 Cobalt 62,306.0 64,306.0 65,056.0 64,284.0 86,750.0 80,.0 60,750.0 75,205.0 25,480.1 55,906.9 79,857.0 Change, % (3.1) (4.2) (3.1) (28.2) (22.6) 2.6 (17.2) 144.5 11.4 (22.0) HR Coil 863.0 860.0 863.0 894.0 913.0 830.0 644.0 662.0 519.3 620.1 838.1 Change, % 0.3 0.0 (3.5) (5.5) 4.0 34.0 30.4 66.2 39.2 3.0 Scrap 379.0 379.0 376.0 392.0 400.0 389.0 372.0 367.0 275.7 344.7 388.6 Change, % 0.0 0.8 (3.3) (5.3) (2.6) 1.9 3.3 37.5 9.9 (2.5) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용

Refining Price Data Daily Price 09/05 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Crude Oil WTI 68.7 69.9 69.5 69.2 64.7 61.2 49.2 53.7 43.4 50.9 66.5 Change, % (1.6) (1.1) (0.7) 6.2 12.4 39.8 27.9 58.5 35.0 3.4 Dubai 75.8 76.9 74.3 72.7 73.8 61.6 52.1 53.8 41.3 53.1 69.4 Change, % (1.4) 2.0 4.4 2.8 23.1 45.4 40.9 83.6 42.8 9.2 Crude Oil Gasoline( 휘발유 ) 88.0 89.6 85.8 84.5 85.4 75.9 71.0 69.8 56.3 68.0 81.9 Product Change, % (1.8) 2.6 4.2 3.0 16.0 24.0 26.0 56.4 29.4 7.4 Kerosene( 등유 ) 90.9 92.6 89.2 87.7 87.1 78.7 66.7 66.4 52.9 65.2 84.8 Change, % (1.8) 2.0 3.7 4.4 15.5 36.4 36.9 72.0 39.4 7.3 Diesel( 경유 ) 92.1 94.2 90.4 87.0 87.6 75.8 67.8 65.5 52.1 65.6 83.9 Change, % (2.2) 1.9 5.9 5.1 21.5 35.8 40.6 76.8 40.4 9.8 Bunker-C 68.2 70.1 69.2 69.8 69.6 56.2 49.4 52.1 35.5 49.7 64.0 Change, % (2.8) (1.5) (2.3) (2.1) 21.2 38.0 31.0 91.9 37.3 6.5 Naphtha 74.1 75.7 72.6 71.7 71.4 61.5 53.3 53.5 42.6 53.7 68.5 Change, % (2.2) 2.0 3.3 3.8 20.5 39.0 38.6 73.9 37.8 8.1 Dubai Gasoline( 휘발유 ) 12.2 12.7 11.4 11.8 11.7 14.3 18.8 16.0 14.9 14.9 12.5 Spread Change (0.5) 0.7 0.3 0.5 (2.1) (6.7) (3.8) (2.8) (2.7) (0.3) Kerosene( 등유 ) 15.1 15.7 14.9 15.0 13.4 17.1 14.6 12.6 11.6 12.1 15.3 Change (0.6) 0.3 0.1 1.8 (2.0) 0.6 2.5 3.5 3.0 (0.2) Diesel( 경유 ) 16.3 17.4 16.1 14.4 13.9 14.2 15.7 11.7 10.8 12.5 14.5 Change (1.1) 0.2 1.9 2.4 2.1 0.6 4.6 5.5 3.8 1.8 Bunker-C (7.6) (6.8) (5.1) (2.9) (4.1) (5.4) (2.7) (1.8) (5.8) (3.4) (5.4) Change (0.9) (2.5) (4.8) (3.5) (2.3) (4.9) (5.9) (1.9) (4.2) (2.3) Naphtha (1.8) (1.2) (1.7) (1.0) (2.4) (0.1) 1.1 (0.4) 1.3 0.6 (0.9) Change (0.6) (0.1) (0.8) 0.6 (1.6) (2.9) (1.4) (3.0) (2.4) (0.8) Refining Simple( 단순 ) 1.4 2.2 2.4 3.2 2.2 2.8 5.0 3.8 1.9 3.2 2.3 Margin Change (0.8) (1.0) (1.8) (0.8) (1.4) (3.6) (2.4) (0.5) (1.8) (0.9) Complex( 복합 ) 7.5 8.3 7.8 7.8 7.1 8.1 10.5 8.3 7.0 8.0 7.5 Change (0.8) (0.3) (0.3) 0.4 (0.6) (3.1) (0.8) 0.5 (0.5) (0.0) Complex(lagging) 11.4 14.0 8.7 5.5 10.4 2.7 12.3 18.0 8.5 8.9 9.0 Change (2.6) 2.7 5.8 1.0 8.7 (1.0) (6.6) 2.9 2.4 2.4 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 09/05 09/04 09/03 08/31 08/30 08/29 08/28 08/27 08/24 08/23 Spot Price Naphtha CFR Japan 681.0 695.0 680.1 680.1 679.6 666.5 667.0 659.5 660.0 655.6 Ethylene CFR SE Asia 1,230.0 1,230.0 1,230.0 1,230.0 1,240.0 1,270.0 1,270.0 1,270.0 1,270.0 1,270.0 Propylene FOB Korea 1,085.0 1,085.0 1,085.0 1,090.0 1,090.0 1,090.0 1,090.0 1,095.0 1,095.0 1,100.0 Butadiene FOB Korea 1,690.0 1,690.0 1,720.0 1,730.0 1,740.0 1,740.0 1,740.0 1,750.0 1,750.0 1,750.0 HDPE CFR FE Asia 1,275.0 1,280.0 1,285.0 1,290.0 1,290.0 1,290.0 1,290.0 1,290.0 1,290.0 1,290.0 LDPE CFR FE Asia 1,110.0 1,120.0 1,120.0 1,120.0 1,120.0 1,120.0 1,120.0 1,120.0 1,120.0 1,130.0 LLDPE CFR FE Asia 1,095.0 1,100.0 1,100.0 1,100.0 1,100.0 1,100.0 1,100.0 1,100.0 1,100.0 1,100.0 MEG CFR China 993.0 981.0 983.0 977.0 952.0 940.0 940.0 935.0 939.0 936.0 PP CFR FE Asia 1,215.0 1,205.0 1,205.0 1,210.0 1,210.0 1,220.0 1,210.0 1,210.0 1,210.0 1,220.0 PX CFR China 1,315.3 1,334.3 1,348.7 1,351.7 1,352.0 1,317.7 1,303.3 1,250.7 1,226.7 1,220.0 PTA CFR China 1,065.0 1,065.0 1,065.0 1,065.0 1,050.0 1,050.0 1,050.0 990.0 990.0 985.0 Benzene FOB Korea 868.7 869.7 875.0 877.7 881.7 881.0 882.7 883.7 887.0 881.3 Toluene FOB Korea 821.0 826.0 821.0 819.5 814.5 804.5 804.5 795.5 793.5 788.5 Xylene FOB Korea 908.0 908.0 908.0 911.5 930.5 930.5 945.5 945.5 945.5 949.5 SM FOB Korea 1,415.0 1,417.0 1,414.0 1,422.0 1,412.0 1,412.0 1,405.0 1,392.0 1,396.0 1,408.0 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2016avg. 2017avg. 2018acc. Spot Price Naphtha CFR Japan 680.0 659.0 659.0 662.0 633.0 470.0 484.5 399.5 493.5 624.1 Change, % 3.2 3.2 2.7 7.4 44.7 40.4 70.2 37.8 9.0 Ethylene CFR SE Asia 1,190.0 1,255.0 1,242.5 1,225.0 1,182.5 1,190.0 990.0 1,040.9 1,090.9 1,239.6 Change, % (5.2) (4.2) (2.9) 0.6 0.0 20.2 14.3 9.1 (4.0) Propylene CFR SE Asia 1,035.0 1,042.5 1,020.0 1,015.0 1,017.5 800.0 815.0 705.7 823.6 1,060.4 Change, % (0.7) 1.5 2.0 1.7 29.4 27.0 46.7 25.7 (2.4) Butadiene CFR SE Asia 1,675.0 1,700.0 1,700.0 1,725.0 1,430.0 1,325.0 2,100.0 1,116.8 1,481.1 1,488.1 Change, % (1.5) (1.5) (2.9) 17.1 26.4 (20.2) 50.0 13.1 12.6 Benzene CFR SE Asia 882.5 887.5 872.5 852.5 835.0 817.5 822.5 646.7 838.8 868.4 Change, % (0.6) 1.1 3.5 5.7 8.0 7.3 36.5 5.2 1.6 Toluene CFR SE Asia 830.0 815.0 810.0 815.0 775.0 660.0 690.0 630.5 689.5 777.1 Change, % 1.8 2.5 1.8 7.1 25.8 20.3 31.6 20.4 6.8 Xylene CFR SE Asia 870.0 860.0 825.0 850.0 772.5 635.0 675.0 627.7 668.8 793.8 Change, % 1.2 5.5 2.4 12.6 37.0 28.9 38.6 30.1 9.6 Spread Ethylene -Naphtha 510.0 596.0 583.5 563.0 549.5 720.0 505.5 641.4 597.4 615.4 Change, % (14.4) (12.6) (9.4) (7.2) (29.2) 0.9 (20.5) (14.6) (17.1) Propylene -Naphtha 355.0 383.5 361.0 353.0 384.5 330.0 330.5 306.2 330.1 436.3 Change, % (7.4) (1.7) 0.6 (7.7) 7.6 7.4 16.0 7.6 (18.6) Butadiene -Naphtha 995.0 1,041.0 1,041.0 1,063.0 797.0 855.0 1,615.5 717.3 987.6 864.0 Change, % (4.4) (4.4) (6.4) 24.8 16.4 (38.4) 38.7 0.8 15.2 Benzene -Naphtha 202.5 228.5 213.5 190.5 202.0 347.5 338.0 247.2 345.3 244.2 Change, % (11.4) (5.2) 6.3 0.2 (41.7) (40.1) (18.1) (41.4) (17.1) Toluene -Naphtha 150.0 156.0 151.0 153.0 142.0 190.0 205.5 231.0 196.0 153.0 Change, % (3.8) (0.7) (2.0) 5.6 (21.1) (27.0) (35.1) (23.5) (2.0) Xylene -Naphtha 190.0 201.0 166.0 188.0 139.5 165.0 190.5 228.2 175.3 169.7 Change, % (5.5) 14.5 1.1 36.2 15.2 (0.3) (16.7) 8.4 12.0 자료 : Cischem, Platts, Bloomberg, SK증권 참고 : Spread는 Polymer와 Naphtha의가격차이임

Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2016avg. 2017avg. 2018acc. Spot Price HDPE CFR SE Asia 1,207.5 1,212.5 1,222.5 1,307.5 1,262.5 1,137.5 1,142.5 1,134.6 1,142.5 1,249.6 Change, % (0.4) (1.2) (7.6) (4.4) 6.2 5.7 6.4 5.7 (3.4) MEG CFR SE Asia 992.5 955.0 960.0 962.5 1,015.0 930.0 847.5 660.8 850.6 972.9 Change, % 3.9 3.4 3.1 (2.2) 6.7 17.1 50.2 16.7 2.0 PVC CFR SE Asia 950.0 950.0 945.0 920.0 940.0 935.0 920.0 823.4 899.9 943.1 Change, % 0.0 0.5 3.3 1.1 1.6 3.3 15.4 5.6 0.7 PP CFR SE Asia 1,237.5 1,232.5 1,222.5 1,277.5 1,242.5 1,127.5 1,032.5 978.4 1,099.6 1,255.7 Change, % 0.4 1.2 (3.1) (0.4) 9.8 19.9 26.5 12.5 (1.5) 2-EH CFR Korea 1,115.0 1,130.0 1,105.0 1,170.0 1,145.0 990.0 865.0 772.4 970.0 1,116.4 Change, % (1.3) 0.9 (4.7) (2.6) 12.6 28.9 44.4 14.9 (0.1) ABS CFR SE Asia 1,880.0 1,920.0 1,945.0 2,080.0 2,010.0 2,010.0 1,635.0 1,347.1 1,844.7 2,008.1 Change, % (2.1) (3.3) (9.6) (6.5) (6.5) 15.0 39.6 1.9 (6.4) SBR CFR SE Asia 1,875.0 1,875.0 1,760.0 1,900.0 1,750.0 1,690.0 2,000.0 1,483.0 1,980.5 1,766.7 Change, % 0.0 6.5 (1.3) 7.1 10.9 (6.3) 26.4 (5.3) 6.1 SM CFR SE Asia 1,455.0 1,440.0 1,465.0 1,510.0 1,405.0 1,355.0 1,205.0 1,064.6 1,253.8 1,408.9 Change, % 1.0 (0.7) (3.6) 3.6 7.4 20.7 36.7 16.1 3.3 Caustic FOB NEA 400.0 421.0 369.0 550.0 598.0 471.0 422.5 316.6 491.2 533.6 Change, % (5.0) 8.4 (27.3) (33.1) (15.1) (5.3) 26.4 (18.6) (25.0) PX CFR SE Asia 1,355.0 1,235.0 1,105.0 982.5 977.5 812.5 855.0 790.4 844.4 1,002.7 Change, % 9.7 22.6 37.9 38.6 66.8 58.5 71.4 60.5 35.1 PO CFR China 1,947.5 1,905.0 1,777.5 1,737.5 2,007.5 1,992.5 1,562.5 1,396.8 1,601.2 1,868.6 Change, % 2.2 9.6 12.1 (3.0) (2.3) 24.6 39.4 21.6 4.2 Caprolactam CFR SE Asia 2,130.0 2,160.0 2,155.0 2,105.0 2,170.0 1,740.0 1,850.0 1,344.9 1,936.4 2,127.3 Change, % (1.4) (1.2) 1.2 (1.8) 22.4 15.1 58.4 10.0 0.1 PTA CFR SE Asia 1,075.0 990.0 882.5 857.5 820.0 657.5 642.5 613.7 667.8 832.2 Change, % 8.6 21.8 25.4 31.1 63.5 67.3 75.2 61.0 29.2 Spread HDPE 527.5 553.5 563.5 645.5 629.5 667.5 658.0 735.1 649.0 625.4 Change, % (4.7) (6.4) (18.3) (16.2) (21.0) (19.8) (28.2) (18.7) (15.7) MEG 312.5 296.0 301.0 300.5 382.0 460.0 363.0 261.3 357.1 348.8 Change, % 5.6 3.8 4.0 (18.2) (32.1) (13.9) 19.6 (12.5) (10.4) PVC 270.0 291.0 286.0 258.0 307.0 465.0 435.5 423.9 406.4 318.9 Change, % (7.2) (5.6) 4.7 (12.1) (41.9) (38.0) (36.3) (33.6) (15.3) PP 557.5 573.5 563.5 615.5 609.5 657.5 548.0 578.9 606.1 631.6 Change, % (2.8) (1.1) (9.4) (8.5) (15.2) 1.7 (3.7) (8.0) (11.7) 2-EH 435.0 471.0 446.0 508.0 512.0 520.0 380.5 372.9 476.5 492.3 Change, % (7.6) (2.5) (14.4) (15.0) (16.3) 14.3 16.7 (8.7) (11.6) ABS 1,200.0 1,261.0 1,286.0 1,418.0 1,377.0 1,540.0 1,150.5 947.6 1,351.2 1,384.0 Change, % (4.8) (6.7) (15.4) (12.9) (22.1) 4.3 26.6 (11.2) (13.3) SBR BD spread 200.0 175.0 60.0 175.0 320.0 365.0 (100.0) 366.2 499.4 278.6 Change, % 14.3 233.3 14.3 (37.5) (45.2) (300.0) (45.4) (60.0) (28.2) SM 775.0 781.0 806.0 848.0 772.0 885.0 720.5 665.1 760.3 784.7 Change, % (0.8) (3.8) (8.6) 0.4 (12.4) 7.6 16.5 1.9 (1.2) Caustic Change, % PX 675.0 576.0 446.0 320.5 344.5 342.5 370.5 390.9 351.0 378.6 Change, % 17.2 51.3 110.6 95.9 97.1 82.2 72.7 92.3 78.3 PO propylene sprea 912.5 862.5 757.5 722.5 990.0 1,192.5 747.5 691.1 777.6 808.2 Change, % 5.8 20.5 26.3 (7.8) (23.5) 22.1 32.0 17.3 12.9 Caprolactam benzene spread 1,247.5 1,272.5 1,282.5 1,252.5 1,335.0 922.5 1,027.5 698.2 1,097.6 1,258.9 Change, % (2.0) (2.7) (0.4) (6.6) 35.2 21.4 78.7 13.7 (0.9) PTA px spread 126.5 125.5 109.0 169.8 135.8 88.8 44.0 60.4 76.7 130.3 Change, % 0.8 16.1 (25.5) (6.8) 42.5 187.5 109.4 64.9 (2.9) 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용

Global peers Currency 09/05 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 18E 19E 18E 19E 18E 19E Petrochemical DowDuPont USD 70.1 0.5 (1.9) 4.8 3.2 0.6 7.8 (1.6) 168,245 17.7 14.9 1.8 1.7 10.2 9.2 Eastman USD 97.8 1.2 (0.9) (4.1) (8.1) (5.2) 14.7 5.6 13,550 11.6 10.7 2.5 2.2 8.7 8.1 BASF EUR 77.4 (1.4) (4.6) (3.8) (9.4) (8.5) (6.0) (15.7) 101,214 14.6 13.6 2.4 2.2 7.8 7.4 Akzo Nobel EUR 80.6 0.7 (1.5) 0.3 6.0 2.9 2.9 10.4 22,073 17.0 15.8 3.0 2.8 9.3 8.8 Arkema EUR 104.3 (1.2) (3.6) (4.0) 0.5 (1.9) 11.8 2.7 9,270 13.2 12.2 1.7 1.6 6.3 6.0 Lanxess EUR 65.4 (1.8) (6.5) (3.0) (5.0) (1.1) 5.7 (1.4) 7,282 15.5 13.1 2.1 1.9 9.3 8.2 Sumitomo Chemical JPY 612 0.2 (5.3) (5.6) (7.8) 0.3 (5.0) (24.4) 11,911 10.1 10.5 1.3 1.2 7.4 8.0 Mitsubishi Chemical JPY 971 (0.3) (4.7) (2.1) (1.8) (5.6) (3.0) (21.5) 16,544 9.2 8.7 1.3 1.2 6.3 6.1 Shin-Etsu Chemical JPY 10,065 (0.6) (5.7) (9.7) (10.4) (4.8) 5.3 (12.1) 43,948 18.5 16.6 1.9 1.8 8.1 7.4 Asahi Kasei JPY 1,578 (0.5) (3.4) 0.9 4.2 22.4 23.7 8.6 18,109 14.4 13.6 1.5 1.4 7.4 7.0 JSR JPY 2,078 (1.8) (5.9) (1.2) (2.1) (14.6) 0.3 (6.3) 4,455 14.5 13.4 1.2 1.1 7.7 7.2 Nitto Denko JPY 8,290 (0.6) (4.2) (2.8) (7.0) (0.1) (11.8) (17.2) 15,450 15.7 14.6 2.1 1.9 7.3 7.0 SABIC SAR 120.6 (4.4) (5.3) (5.9) (6.8) 14.8 21.9 18.9 80,773 14.2 13.7 1.7 1.7 7.3 7.1 Yansab SAR 71.2 (3.7) (0.3) (3.7) (4.7) 5.0 26.3 20.7 8,861 13.7 13.9 2.2 1.9 9.0 8.9 Formosa Plastics TWD 110.5 (1.8) (2.6) (0.9) 0.9 9.4 15.9 12.0 21,114 14.4 13.9 1.8 1.8 18.9 19.2 Formosa Fiber TWD 120.0 (1.2) (1.6) 1.3 3.9 14.3 25.7 16.5 20,511 13.7 13.4 1.7 1.7 11.6 11.5 Nan Ya Plastics TWD 83.5 (1.2) (2.2) (0.4) (3.5) 6.9 10.9 7.2 20,648 14.8 15.3 1.7 1.7 16.2 16.4 Sinopec Shanghai CNY 5.63 (0.9) 2.9 7.4 (1.6) (3.8) (12.0) (11.1) 9,462 12.0 12.6 2.2 2.0 6.8 7.3 Sinopec Yizheng(FibeCNY 1.97 (0.5) (0.5) 4.8 (4.8) (13.2) (38.4) (26.2) 5,394 50.4 66.3 5.3 5.0 13.9 10.3 Reliance INR 1,227 (1.2) (5.2) 4.3 29.5 32.8 50.3 34.9 93,404 14.4 12.9 1.7 1.5 9.4 8.7 Industries Qatar QAR 124.0 0.0 0.0 (0.7) 12.7 29.2 36.3 27.8 16,144 14.5 13.9 1.6 1.5 46.4 27.2 PTT Chemical THB 78.8 (1.9) (5.4) (6.8) (10.8) (17.1) 3.3 (7.4) 11,766 10.7 10.4 1.4 1.3 5.5 5.4 Petronas MYR 9.4 (0.6) (1.5) 4.4 13.6 18.3 29.2 22.5 15,624 16.1 15.5 2.0 1.9 9.2 8.9 LG화학 KRW 358,000 (2.6) (4.3) (8.4) (1.5) (4.5) (2.2) (11.6) 27,313 13.8 12.8 1.8 1.6 6.5 6.1 롯데케미칼 KRW 300, (2.6) (6.8) (9.2) (19.3) (33.5) (27.0) (18.3) 11,632 5.5 5.2 0.9 0.8 3.6 3.3 한화케미칼 KRW 19,900 (1.5) (6.6) (8.5) (21.3) (35.4) (42.0) (37.0) 5,050 5.7 5.5 0.8 0.7 6.7 6.5 금호석유 KRW 96, 0.1 (3.5) (12.7) (7.2) 15.6 22.5 (3.0) 2,969 14.1 11.9 1.6 1.5 9.3 8.4 SKC KRW 46,450 (0.2) (1.9) 6.9 13.6 21.4 29.7 (1.2) 1,643 9.9 8.7 1.1 1.0 8.8 7.9 국도화학 KRW 56,900 (1.0) (2.4) (3.1) (16.3) (6.0) 12.0 (9.8) 359 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 효성 KRW 6,630 (1.8) (1.8) 5.6 (14.0) (28.6) (3.4) (12.5) 4,595 8.2 7.3 1.1 1.0 7.2 6.8 Average (1.1) (3.2) (1.9) (2.5) 0.3 6.8 (1.7) Refinery Valero USD 116.9 (2.8) (3.1) 1.3 (5.2) 27.7 72.2 27.2 40,608 14.1 13.4 2.0 2.0 6.9 6.9 Conoco Phillips USD 73.0 (0.2) (0.7) 2.4 8.1 35.2 64.5 33.0 66,136 34.0 25.9 2.2 2.2 7.2 6.7 Formosa PetrochemicTWD 124.0 (2.0) (3.1) 2.5 2.1 11.2 14.8 7.4 37,040 18.2 18.7 3.2 3.2 11.7 12.1 Andeavor USD 155.5 (0.3) 0.0 5.6 5.9 64.6 56.4 36.0 17,904 12.9 11.4 1.8 1.7 7.3 7.1 Marathon Petroleum USD 83.9 (0.4) 0.3 6.1 4.5 26.9 62.1 27.2 32,812 15.0 12.8 2.6 2.7 7.7 7.5 Devon Energy USD 41.7 (1.5) (2.9) (3.1) 6.1 30.3 29.8 0.7 22,192 17.5 14.0 2.7 2.3 8.4 7.4 Hollyfrontier USD 73.8 (3.1) (1.1) 9.2 (6.6) 66.2 141.1 44.2 9,094 16.8 15.2 1.8 1.8 8.0 8.0 Phillips 66 USD 118.0 (0.8) (2.0) (3.0) (0.7) 26.8 41.7 16.6 51,561 15.6 14.5 2.3 2.2 9.0 8.8 Murphy Oil USD 30.4 1.0 (2.9) (8.2) (5.9) 14.9 29.2 (2.2) 5,548 162.4 113.2 1.2 1.1 4.9 4.5 JX Holdings JPY 755.1 (1.0) (5.7) (7.1) 7.2 19.0 40.5 3.9 22,130 8.8 8.0 0.9 0.9 7.0 6.6 Idemitsu JPY 5,560.0 (1.1) (1.2) 10.8 51.5 40.6 103.1 22.9 8,360 7.9 7.5 1.0 0.9 6.8 6.8 Nesteoil EUR 71.8 (2.2) (4.8) 1.3 1.6 21.8 99.1 34.6 16,473 16.7 16.7 2.9 2.7 10.2 10.3 Ashland USD 84.3 0.6 (0.4) (0.7) 5.4 16.8 37.3 18.4 4,550 21.6 18.7 1.3 1.3 10.2 9.6 Fuchs Petrolub EUR 48.8 (1.8) (3.8) (0.8) 6.6 3.8 2.9 10.2 7,127 22.1 20.9 4.1 3.7 13.0 12.3 SK이노베이션 KRW 191, (0.8) (1.8) 1.3 (7.0) (8.2) 2.4 (6.4) 17,975 7.9 7.7 0.9 0.9 4.9 4.8 S-Oil KRW 119,000 (1.2) (2.5) 3.0 8.7 (4.4) (2.1) 1.7 12,400 9.3 8.1 1.8 1.6 7.6 6.6 GS KRW 51,800 (1.1) (5.5) (2.3) (11.0) (21.9) (22.3) (16.7) 5,467 6.0 5.5 0.7 0.6 6.9 6.3 Average (1.1) (2.4) 1.1 4.2 21.8 45.4 15.2 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임

Global peers Currency 09/05 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 18E 19E 18E 19E 18E 19E E&P/Shale Exxon Mobil USD 81 1.3 0.6 1.4 0.8 6.7 5.4 (2.7) 344,463 17.5 14.8 1.8 1.7 7.9 6.9 BP GBP 546 (1.2) (1.5) (2.5) (5.3) 16.2 22.3 4.5 140,807 12.7 11.5 1.4 1.3 5.0 4.6 Shell EUR 2,507 (1.1) (1.2) (1.5) (3.2) 10.6 17.7 1.1 270,832 11.9 10.2 1.3 1.3 5.6 5.2 Chevron USD 119 0.0 (1.1) (4.1) (3.1) 5.1 8.7 (5.0) 227,868 14.9 13.4 1.5 1.5 6.1 5.6 Total EUR 53 (2.1) (4.2) (4.1) 0.4 14.3 19.7 14.1 162,748 11.3 10.3 1.3 1.2 5.6 5.1 Sinopec CNY 7 (2.8) (2.3) 1.8 1.8 4.9 12.6 9.3 117,827 10.2 9.9 1.1 1.0 3.9 3.8 Petrochina CNY 8 (0.5) 0.4 7.8 2.8 2.4 1.5 1.4 209,419 25.2 21.0 1.2 1.2 5.4 5.3 CNOOC CNY 11 1.3 2.6 20.0 2.7 0.2 (3.6) 2.3 76,333 9.3 8.7 1.3 1.2 3.7 3.6 Gazprom RUB 147 (0.2) (0.6) 3.3 0.7 3.9 26.8 12.7 50,993 3.0 3.1 0.2 0.2 2.4 2.4 Rosneft RUB 435 (1.1) (1.4) 5.7 13.8 35.6 43.5 49.1 67,449 8.1 6.6 1.0 0.9 4.6 4.3 Anadarko USD 64 0.7 (0.9) (5.7) (7.0) 9.2 55.2 20.0 32,973 22.2 15.8 2.7 2.3 6.4 5.5 Petrobras BRL 19 0.0 (3.4) (11.7) 12.4 (15.7) 29.4 15.8 64,475 6.7 5.5 0.7 0.6 4.5 4.1 Lukoil USD 4,637 (1.7) (0.0) 3.1 8.4 24.3 60.8 39.1 57,736 5.6 5.7 0.8 0.7 N/A N/A Kinder USD 18 1.0 (0.5) 1.0 5.6 9.7 (8.1) (1.5) 47,497 22.6 18.1 1.2 1.2 10.6 10.4 Equinor ASA NOK 210 (2.6) (4.0) (2.6) (1.0) 18.7 40.6 19.9 83,448 12.7 11.6 1.9 1.7 3.3 3.1 BHP AUD 32 (2.7) (4.8) (3.5) (1.6) 10.6 16.6 8.9 118,440 13.1 14.5 2.2 2.1 5.9 6.2 PTT E&P THB 139 (2.5) (2.8) (1.1) 2.2 24.7 58.4 39.0 16,822 13.4 12.2 1.4 1.3 4.3 3.9 Petronas gas MYR 19 0.8 (0.2) (1.7) 3.6 6.5 2.1 7.3 8,938 19.5 19.5 2.8 2.7 10.7 10.7 Chesapeake USD 4 0.0 (4.2) (3.4) (0.2) 38.1 16.5 8.8 3,932 5.5 5.5 #N/A N/A 7.0 6.5 6.4 Noble Energy USD 30 2.4 (1.5) (9.3) (13.4) (3.6) 22.5 2.4 14,411 28.9 22.5 1.3 1.3 7.1 6.2 Average 0 (0.5) (1.5) (0.4) 1.0 11.1 22.4 12.3 PV WACKER EUR 118.2 (2.8) (6.9) (4.8) (11.6) (11.4) 7.1 (27.2) 7,161 16.8 15.1 1.8 1.7 6.3 6.1 GCL-Poly HKD 0.6 (6.8) 3.8 (16.7) (27.6) (54.9) (37.5) (60.7) 1,284 7.8 6.1 0.4 0.4 7.1 6.4 SunPower USD 6.7 (0.1) (3.7) (8.1) (14.7) (7.4) (26.9) (20.4) 946 #N/A N/A #N/A N/A 95.9 958.6 16.5 10.4 Canadian Solar USD 14.4 (0.6) (2.6) 5.1 10.2 (11.2) (9.9) (14.5) 845 10.1 10.1 0.8 0.8 6.7 7.5 JA Solar USD 7.5 0.0 0.0 0.0 5.0 0.7 9.5 0.4 356 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Yingli USD 0.3 20.4 (0.5) (19.7) (80.2) (82.3) (86.9) (82.2) 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 First Solar USD 51.3 (0.1) (3.4) (3.0) (12.0) (22.4) 7.1 (24.1) 5,372 31.5 16.6 1.0 0.9 7.5 4.0 한화큐셀 USD 8.4 (0.9) (0.1) 1.1 22.9 (1.4) 13.7 19.1 696 14.9 31.0 #N/A N/A #N/A N/A 8.8 9.1 OCI KRW 117, (1.7) 1.7 16.9 (2.5) (22.7) 18.4 (13.6) 2,499 0.0 13.2 0.0 0.8 0.0 5.7 웅진에너지 KRW 2,905 1.0 (4.6) (9.8) (44.7) (58.5) (68.9) (64.7) 77 N/A 0.0 0.8 0.0 5.7 0.0 신성솔라에너지 KRW 1,385 (1.1) (0.7) 1.8 (18.8) (22.4) (31.9) (27.7) 214 N/A 0.8 0.0 5.7 0.0 2.3 Average 0.7 (1.6) (3.4) (15.8) (26.7) (18.7) (28.7) Gas Company Towngas China HKD 7.2 (0.7) (0.8) (5.5) (4.1) 17.0 37.5 15.0 2,585 14.1 12.5 1.2 1.1 12.7 11.4 Kulun HKD 8.4 0.7 5.0 20.3 14.4 21.0 13.8 3.3 8,649 11.2 9.8 1.4 1.3 5.7 5.2 Beijing Enterprise HKD 37.5 (1.6) 1.5 1.4 (13.0) (10.1) (10.3) (19.3) 6,021 6.4 5.8 0.6 0.6 13.0 12.2 ENN Energy HKD 73.0 (1.4) (0.2) (6.4) (10.5) 24.1 41.3 30.9 10,466 16.4 14.1 3.4 2.9 10.2 8.9 China Resources GasHKD 36.8 (1.3) 2.5 1.7 23.3 43.3 34.6 29.6 10,413 18.1 16.0 3.2 2.8 9.9 8.9 China Gas Holdings HKD 24.9 (1.6) (3.3) (19.3) (32.0) 7.3 30.0 15.3 16,110 15.8 13.5 3.6 3.1 12.9 10.9 Shenzen Gas HKD 14.4 (4.1) (3.6) 3.2 (17.8) (7.5) 1.4 (3.4) 3,868 8.9 7.5 1.1 1.0 7.4 6.6 Shann Xi CNY 7.0 (1.7) (3.0) (7.7) (14.2) (4.9) (19.8) (17.1) 1,139 16.9 14.8 1.3 1.2 #N/A N/A #N/A N/A Suntien HKD 2.2 (5.5) (6.7) (5.1) (17.5) 20.0 33.7 7.2 1,051 5.8 5.0 0.7 0.7 8.1 7.0 China Oil & Gas HKD 0.6 (1.7) (4.9) (7.9) (7.9) (15.9) 5.5 (31.8) 431 #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 (1.9) (1.4) (2.5) (7.9) 9.4 16.8 3.0 EV LG화학 KRW 358,000 (2.6) (4.3) (8.4) (1.5) (4.5) (2.2) (11.6) 22,538 13.7 12.3 1.5 1.4 6.6 6.0 삼성SDI KRW 242, (1.0) 3.0 5.0 12.8 42.6 27.3 18.6 14,871 22.6 15.9 1.4 1.3 14.2 11.1 Panasonic JPY 1313.5 0.5 (3.6) (10.6) (13.7) (18.2) (9.3) (20.4) 28,900 12.0 10.6 1.6 1.5 4.8 4.4 GS Yuasa JPY 527.0 (0.2) (1.3) (1.1) (0.2) (4.7) (1.1) (6.1) 1,955 16.0 14.7 1.2 1.1 7.1 6.6 NEC JPY 3070.0 0.8 1.2 1.8 0.7 (3.3) 5.9 1.0 7,172 22.7 12.6 0.9 0.8 7.6 5.5 BYD Auto CNY 42.5 (4.5) (8.2) 10.9 (17.0) (34.7) (13.1) (34.7) 16,616 27.6 20.6 2.0 1.9 12.3 10.7 Tesla Motors USD 280.7 (2.8) (8.0) (19.4) (3.6) (15.8) (19.7) (9.8) 47,892 #N/A N/A 88.3 8.5 8.0 36.8 16.7 Kandi Technologies USD 4.1 (3.5) 1.2 0.0 (6.3) (19.6) 2.5 (39.7) 211 #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 (1.7) (2.5) (2.7) (3.6) (7.3) (1.2) (12.8) * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임