1. News Summary (3 page) 2017 년 2 월 24 일 News WTI comment 예상치밑돈美재고량에상승 WTI 1.6% Conclusion Headline 유럽에서 LNG 와 PNG 의가격전쟁이일어날것에너지수출국으로전환한미국의 LNG 수출활성화는

1. News Summary (3 page) 2017 년 2 월 24 일 News WTI comment 예상치밑돈美재고량에상승 WTI 1.6% Conclusion Headline 유럽에서 LNG 와 PNG 의가격전쟁이일어날것에너지수출국으로전환한미국의 LNG 수출활성화는필연적 News 1. Tesla, 현금이바닥나는모습보이며증자필요성대두증자로재무건전성을유지해왔기에충분히가능성있는시나리오 News 2. 롯데케미칼, 범용제품으로승부 Capex 증가로공급이늘어나며에틸렌다운사이클시작될것 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 54.5 1.6 2.0 3.2 18.2 64.7 Ethylene 02/20 $/t 1,185 5.3 14.5 36.6 25.4 Dubai $/bbl 54.8 0.1 1.5 2.4 19.9 85.8 Propylene 02/20 $/t 1,030 3.0 7.9 48.2 59.7 Gasoline $/bbl 68.1 (1.5) (3.7) (1.4) 11.3 50.1 Benzene 02/20 $/t 1,055 (1.9) 7.7 50.2 90.1 Diesel $/bbl 67.5 0.5 1.2 4.5 16.2 71.7 Toluene 02/20 $/t 765 (1.3) 5.5 17.7 30.8 Complex margin $/bbl 7.3 (0.3) (1.5) (0.2) (1.5) 0.1 Xylene 02/20 $/t 725 0.7 1.4 10.7 25.0 $/bbl 8.5 (0.8) (0.9) (0.2) 3.2 (3.3) PP 02/20 $/t 1,108 0.9 6.2 7.5 30.3 Petrochemical % % % % % PVC 02/20 $/t 940 2.2 3.3 1.1 29.7 Naphtha $/t 512 2.1 (0.1) (0.7) 16.5 60.9 ABS 02/20 $/t 1,940 0.5 9.0 22.8 70.2 Butadiene $/t 3,000 0.0 0.0 0.0 105.5 237.1 SBR 02/20 $/t 3,100 (0.8) 3.3 77.1 156.2 HDPE $/t 1,190 0.0 (0.4) 3.9 4.4 6.3 SM 02/20 $/t 1,495 0.7 12.2 27.2 50.3 MEG $/t 860 0.0 (3.7) (9.5) 16.5 29.3 BPA 02/20 $/t 1,558 (5.9) (6.3) 15.2 26.9 PX $/t 888 (1.0) (0.8) 0.8 13.4 21.9 Caustic 02/20 $/t 428 1.2 2.4 12.5 48.7 SM $/t 1,349 (0.8) (6.6) 2.2 14.5 35.4 2-EH 02/20 $/t 990 4.2 10.0 20.7 43.5 Commodity % % % % % Caprolactam 02/20 $/t 2,275 4.6 11.0 58.0 105.0 Natural Gas $/mmbtu 2.62 1.0 (8.3) (23.0) (17.3) 4.6 Solar % % % % Natural rubber $/t 2,120 (0.9) (6.2) (5.4) 17.1 87.6 Polysilicon 02/22 $/kg 16.2 (0.2) (0.2) 11.0 21.5 Cotton C/lbs 75.0 1.2 0.0 1.1 2.7 29.0 Module 02/22 $/W 0.35 (0.6) (1.4) (10.9) (36.5) * 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 81.8 1.1 (0.6) (3.8) (5.9) 0.7 BASF EUR 89.6 (0.3) 0.4 1.0 11.8 49.7 Shell EUR 2,089 0.2 (1.6) (4.8) 3.4 32.5 Dow Chemical USD 63.4 (0.5) 3.2 10.9 17.2 34.9 Petrochina CNY 8.29 (1.3) (0.4) (2.7) 9.2 10.8 SABIC SAR 97.4 (0.4) (0.1) 3.5 7.9 34.2 Gazprom RUB 136.7 0.0 (1.8) (7.7) (8.6) (2.3) Formosa Pla. TWD 92.5 0.0 (1.6) 3.1 4.4 19.5 Petrobras BRL 15.6 (0.9) (1.9) (2.7) (1.8) 216.3 Shin-Etsu JPY 9,886 0.7 0.7 2.9 20.0 75.2 Refinery Renewable Phillips66 USD 78.6 0.3 0.1 (4.4) (7.6) 0.1 Wacker EUR 105.3 (1.7) (2.8) (4.5) 29.1 51.9 Valero USD 67.0 1.5 0.6 1.2 3.6 16.6 First Solar USD 37.19 10.8 9.0 10.5 24.9 (39.8) JX JPY 533.3 0.4 (1.1) 2.1 19.8 20.5 Trina Solar USD 10.2 (0.3) 0.2 3.7 (1.2) 2.8 Neste Oil EUR 34.5 (0.5) (0.1) 2.0 (9.3) 20.9 Tesla Motors USD 256.0 (6.4) (4.8) 2.8 32.5 44.5 4. Coverage Summary 02/23 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 2,108 0.0 1.2 2.0 6.7 3.1 10.1 * 추정치는 12M fwd 기준임 KOSPI 화학 5,130 0.2 (0.0) (0.5) 6.6 (1.9) 0.3 * 모든 coverage 업체의실적은연결기준임 LG 화학 284,000 1.6 3.3 8.0 27.6 6.4 (5.2) 매수 350,000 23.2 10.65 1.47 롯데케미칼 379, 0.8 (2.9) (1.0) 17.9 37.5 22.6 매수 410,000 8.0 9.63 1.46 한화케미칼 26,000 (1.1) (4.2) (5.3) 8.6 (3.5) 1.0 매수 28,000 7.7 9.38 0.78 금호석유화학 78, 0.0 (4.5) (4.8) 3.4 9.9 28.9 매수 100,000 27.4 13.02 1.46 KCC 341, (0.1) 0.3 (0.9) (9.8) (19.2) (20.5) 매수,000 46.4 13.42 0.52 OCI 92, (2.8) 1.0 1.9 21.0 1.3 6.3 매수 100,000 7.8 17.13 0.70 SKC 32,950 0.5 1.2 4.4 5.1 16.6 5.8 매수 40,000 21.4 10.49 0.80 국도화학 51, (0.6) (0.2) (4.6) (2.8) (9.6) (9.1) 매수 70,000 35.1 10.89 0.64 SK 이노베이션 156,000 0.6 (1.3) (3.4) 0.0 5.4 5.1 매수 180,000 15.4 8.52 0.87 S-Oil 84, (1.4) (2.9) 2.3 (1.1) 16.6 4.1 매수 100,000 18.3 10.89 1.43 GS 53,900 (0.6) (2.0) 3.7 (2.9) 8.9 2.1 매수 65,000 20.6 8.51 0.86 SK 가스 104,000 (0.5) (4.1) (8.0) (6.3) 5.1 39.6 매수 130,000 25.0 8.31 0.78 포스코대우 25,250 0.4 (4.0) (8.2) (2.5) 5.2 31.2 매수 29,000 14.9 10.22 1.16 LG 상사 32, (0.6) (5.6) 1.1 6.2 (4.1) (4.7) 매수 42,000 28.8 11.20 1.06 작성자 ( 손지우 ) 는본조사분석자료에게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 본보고서에언급된종목의경우당사조사분석담당자는본인의담당종목을보유하고있지않습니다. 본보고서는기관투자가또는제 3 자에게사전제공된사실이없습니다. 당사는본보고서의발간시점에해당종목을 1% 이상보유하고있지않습니다.

Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 5,700 KOSQI( 우 ) KOSPI 화학 ( 좌 ) (p) 2,200 ($/bbl) 70 WTI Dubai 5,300 4,900 4, 2,100 2,000 60 50 4,100 3,700 1,900 40 30 3,300 15/04 15/07 15/11 16/02 16/05 16/08 16/11 1, 17/02 20 15/02 15/06 15/10 16/02 16/06 16/10 Complex & margin ($/bbl) 시차조정복합 복합정제마진 30 20 10 0 (10) 15/02 15/06 15/10 16/02 16/06 16/10 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1, 1,400 1,200 400 Polysilicon & Module prices ($/kg) PolySilicon Silicon Module 22 21 20 19 18 17 16 15 14 13 12 15/02 15/08 16/01 16/07 16/12 Butadiene price & naphtha spread Butadiene 3, 3,000 2, 2,000 1, ($/W) 0.62 0.58 0.54 0.50 0.46 0.42 0.38 0.34 0.30 3,000 2, 2,000 1, 200 HDPE price & naphtha spread HDPE 1, 950 900 1,400 850 1,300 750 1,200 700 650 1,100 550 0 MEG price & naphtha spread MEG 1,100 400 900 300 200 700 100 0 PVC price & naphtha spread PX price & naphtha spread PVC PX 950 900 850 750 700 400 300 200 100 900 700 400 300 200 650 0 100 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK 증권 참고 : 상기데이터는일괄적으로과거 2 년치적용

News Comment Headline ( 출처 : Platts) WTI Comment ( 출처 : 연합뉴스 ) 제목유럽에서 LNG 와 PNG 의가격전쟁이일어날것제목예상치밑돈美재고량에상승 WTI 1.6% 결론에너지수출국으로전환한미국의 LNG 수출활성화는필연적상승쿠싱의재고량이 150 만이상감소 요인 1) 미국헨리허브가스가격과영국 NBP 가격이수렴할것 2) 북서유럽이미국산 LNG를연 30mil톤정도수입하게될것은자명 3) 따라서유럽시장에서러시아 png와가격경쟁할가능성농후 하락 미국의지난주원유재고는 56만4천배럴늘어남 4) 관계자, " 유럽을넘어서전세계적가스가격이수렴할것 " 요인 5) 에너지수출국으로전환한미국의 LNG 수출활성화는필연적 Issue 1 ( 출처 : Bloomberg) Issue 2 ( 출처 : 시사저널 ) 제목 Tesla, 현금이바닥나는모습보이며증자필요성대두제목롯데케미칼, 범용제품으로승부 결론증자로재무건전성을유지해왔기에충분히가능성있는시나리오결론 Capex 증가로공급이늘어나며에틸렌다운사이클시작될것 1) 양산모델인모델3 생산을위해서테슬라는현금을늘려야함 1) 사업다각화와고부가가치화보다는범용제품에승부를걸고있음 2) 7월모델3 출시를앞두고 2017년상반기동안 25억달러지출할것 2) 에틸렌, 프로필렌등범용제품의스프레드확대로고수익얻음 3) 2014년부터반기마다 100억 $ 이상의 R&D 비용을투하함 3) 납사가격하락과수요증가로수급측면에서이익을봄 4) 일론머스크, " 현금은모델 3 생산에중요요소아냐 " 4) 여수, 말레이시아, 미국의에틸렌공장에 4조 3천억원투자계획 5) 증자로재무건전성을유지해왔기에충분히가능성있는시나리오 5) Capex 증가로공급이늘어나며에틸렌다운사이클시작될것 Issue 3 ( 출처 : Bloomberg) Issue 4 ( 출처 : Platts) 제목 결론 제목 결론 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) Issue 5 ( 출처 : 동아닷컴 ) Issue 6 ( 출처 : 키뉴스 ) 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 0.945 0.947 0.937 0.929 0.948 0.885 0.908 0.951 0.901 0.904 0.940 Change, % (0.2) 0.9 1.8 (0.3) 6.9 4.2 (0.6) 4.9 4.6 0.6 USD/JPY 112.7 113.3 113.2 112.7 112.5 100.2 112.1 117.0 121.1 108.8 114.2 Change, % (0.6) (0.5) (0.0) 0.1 12.4 0.5 (3.7) (6.9) 3.6 (1.3) USD/KRW 1,137.5 1,142.4 1,141.6 1,165.6 1,176.3 1,115.5 1,231.3 1,205.8 1,131.2 1,160.5 1,165.7 Change, % (0.4) (0.4) (2.4) (3.3) 2.0 (7.6) (5.7) 0.6 (2.0) (2.4) Agriculture Corn 365.5 371.0 373.5 369.5 350.8 328.5 362.0 352.0 376.8 358.5 364.9 Change, % (1.5) (2.1) (1.1) 4.2 11.3 1.0 3.8 (3.0) 2.0 0.2 Soybean 1,011.5 1,022.8 1,043.8 1,057.8 1,034.3 1,034.3 869.3 996.5 945.4 987.5 1,034.8 Change, % (1.1) (3.1) (4.4) (2.2) (2.2) 16.4 1.5 7.0 2.4 (2.3) Wheat 438.0 441.3 447.8 433.3 401.5 407.8 448.0 408.0 508.1 436.4 430.5 Change, % (0.7) (2.2) 1.1 9.1 7.4 (2.2) 7.4 (13.8) 0.4 1.7 Rice 9.5 9.5 9.3 9.8 9.5 10.3 10.6 9.4 11.1 10.3 9.6 Change, % 0.1 1.4 (3.4) (0.7) (8.1) (10.6) 1.2 (14.3) (8.4) (1.1) Oats 253.3 253.0 255.8 260.0 216.8 171.5 182.8 228.5 250.2 196.3 249.1 Change, % 0.1 (1.0) (2.6) 16.8 47.7 38.6 10.8 1.2 29.0 1.7 MYR/mt Palm Oil 2,945.0 3,022.0 3,151.0 3,231.0 2,959.0 2,833.0 2,483.0 3,218.0 2,190.3 2,653.8 3,215.3 Change, % (2.5) (6.5) (8.9) (0.5) 4.0 18.6 (8.5) 34.5 11.0 (8.4) Cocoa 2,067.0 2,028.0 2,072.0 2,165.0 2,438.0 3,039.0 2,872.0 2,126.0 3,091.6 2,854.0 2,109.0 Change, % 1.9 (0.2) (4.5) (15.2) (32.0) (28.0) (2.8) (33.1) (27.6) (2.0) Cotton 75.0 74.1 75.0 74.6 73.1 68.1 58.2 70.7 63.3 65.6 74.1 Change, % 1.2 0.0 0.5 2.7 10.1 29.0 6.2 18.6 14.4 1.2 Sugar 20.2 20.7 20.4 20.6 19.6 20.7 14.0 19.5 13.1 18.2 20.5 Change, % (2.7) (1.0) (2.3) 3.0 (2.7) 44.0 3.3 53.4 11.1 (1.7) Coffee 147.9 149.2 146.3 155.4 154.7 145.3 117.8 137.1 132.6 136.1 147.4 Change, % (0.9) 1.1 (4.9) (4.4) 1.8 25.5 7.9 11.5 8.7 0.3 Energy WTI 54.4 53.6 53.4 52.8 48.0 48.1 31.9 53.7 48.8 43.4 53.1 Change, % 1.5 1.9 3.1 13.4 13.0 70.6 1.2 11.3 25.3 2.4 Brent 56.5 55.8 55.7 55.2 49.0 50.0 33.3 56.8 53.7 45.1 55.9 Change, % 1.1 1.5 2.2 15.4 13.0 69.7 (0.6) 5.2 25.3 1.1 Natural Gas 2.6 2.6 2.9 3.2 3.0 2.8 1.8 3.7 2.6 2.6 3.2 Change, % 1.0 (8.3) (19.3) (13.5) (5.2) 46.9 (29.7) (0.5) 2.5 (17.2) Ethanol 1.5 1.5 1.5 1.5 1.6 1.5 1.4 1.6 1.5 1.5 1.5 Change, % 0.1 (2.3) 0.9 (6.7) 2.7 6.2 (6.2) (0.2) (0.6) (0.7) RBOB Gasoline 152.9 151.3 152.5 156.7 142.2 149.9 96.6 166.5 163.6 140.0 156.5 Change, % 1.0 0.3 (2.4) 7.5 2.0 58.2 (8.2) (6.6) 9.2 (2.3) Coal 40.0 40.0 40.0 40.0 40.0 39.5 43.2 40.0 45.2 41.3 40.0 Change, % 0.0 0.0 0.0 0.0 1.3 (7.3) 0.0 (11.5) (3.2) 0.0 Metal Gold 1,249.4 1,237.6 1,239.1 1,218.1 1,188.2 1,337.6 1,225.6 1,152.3 1,160.6 1,248.5 1,209.1 Change, % 1.0 0.8 2.6 5.1 (6.6) 1.9 8.4 7.7 0.1 3.3 Silver 18.2 18.0 18.1 17.2 16.4 18.8 15.3 15.9 15.7 17.1 17.3 Change, % 0.9 0.5 5.5 11.1 (3.4) 18.9 14.2 15.7 6.3 5.3 Platinum 1,009.7 1,003.7 1,012.7 982.3 932.0 1,104.3 944.4 903.5 1,055.7 988.4 986.8 Change, % 0.6 (0.3) 2.8 8.3 (8.6) 6.9 11.8 (4.4) 2.2 2.3 Palladium 773.5 769.7 793.1 778.1 734.8 698.4 501.2 681.0 691.9 614.3 759.4 Change, % 0.5 (2.5) (0.6) 5.3 10.8 54.4 13.6 11.8 25.9 1.9 Copper 5,859.0 6,040.0 6,000.0 5,795.0 5,740.0 4,710.0 4,645.0 5,535.5 5,503.1 4,872.0 5,842.7 Change, % (3.0) (2.4) 1.1 2.1 24.4 26.1 5.8 6.5 20.3 0.3 Uranium 24.0 24.2 25.0 22.9 18.5 25.9 33.4 20.4 36.9 26.4 24.0 Change, % (0.6) (4.0) 4.8 29.7 (7.3) (28.1) 17.6 (34.9) (9.2) 0.2 HR Coil 620.0 617.0 615.0 620.0 510.0 596.0 396.0 633.0 461.5 519.3 621.1 Change, % 0.5 0.8 0.0 21.6 4.0 56.6 (2.1) 34.4 19.4 (0.2) Scrap 320.0 320.0 310.0 300.0 270.0 265.0 250.0 302.0 252.9 275.7 304.0 Change, % 0.0 3.2 6.7 18.5 20.8 28.0 6.0 26.5 16.1 5.3 Zinc 2,790.0 2,865.0 2,858.0 2,790.0 2,670.0 2,302.0 1,737.0 2,576.0 1,941.9 2,097.5 2,775.8 Change, % (2.6) (2.4) 0.0 4.5 21.2 60.6 8.3 43.7 33.0 0.5 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용

Refining Price Data Daily Price 02/23 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Crude Oil WTI 54.5 53.6 53.4 52.8 46.1 47.3 33.1 53.7 48.8 43.4 53.0 Change, % 1.6 2.0 3.2 18.2 15.0 64.7 1.4 11.6 25.6 2.8 Dubai 54.8 54.7 54.0 53.5 45.7 45.6 29.5 53.8 50.8 41.3 54.0 Change, % 0.1 1.5 2.4 19.9 20.1 85.8 1.7 7.8 32.5 1.4 Crude Oil Gasoline( 휘발유 ) 68.1 69.2 70.7 69.1 61.2 57.8 45.4 69.8 69.5 56.3 69.9 Product Change, % (1.5) (3.7) (1.4) 11.3 17.9 50.1 (2.5) (2.1) 21.0 (2.6) Kerosene( 등유 ) 66.8 66.6 66.3 64.6 58.5 56.0 41.5 66.4 64.7 52.9 65.6 Change, % 0.2 0.7 3.4 14.2 19.2 61.0 0.5 3.1 26.2 1.7 Diesel( 경유 ) 67.5 67.2 66.7 64.6 58.1 56.1 39.3 65.5 64.8 52.1 65.8 Change, % 0.5 1.2 4.5 16.2 20.4 71.7 3.0 4.2 29.5 2.6 Bunker-C 49.6 49.9 50.5 48.8 44.3 39.1 23.4 52.1 45.3 35.5 50.2 Change, % (0.4) (1.6) 1.7 12.0 27.0 112.0 (4.6) 9.7 39.7 (1.2) Naphtha 55.4 55.7 57.5 56.2 47.8 41.9 34.2 53.5 52.6 42.6 55.9 Change, % (0.5) (3.5) (1.3) 16.1 32.2 61.9 3.7 5.4 30.1 (0.8) Dubai Gasoline( 휘발유 ) 13.3 14.5 16.8 15.6 15.5 12.2 15.9 16.0 18.7 14.9 15.9 Spread Change (1.1) (3.4) (2.3) (2.2) 1.2 (2.6) (2.7) (5.4) (1.6) (2.5) Kerosene( 등유 ) 12.0 11.9 12.4 11.1 12.8 10.4 12.0 12.6 14.0 11.6 11.6 Change 0.1 (0.3) 0.9 (0.8) 1.6 0.0 (0.6) (2.0) 0.4 0.4 Diesel( 경유 ) 12.8 12.5 12.8 11.1 12.4 10.5 9.9 11.7 14.0 10.8 11.8 Change 0.2 0.0 1.6 0.3 2.3 2.9 1.1 (1.2) 1.9 1.0 Bunker-C (5.1) (4.8) (3.5) (4.7) (1.3) (6.5) (6.1) (1.8) (5.5) (5.8) (3.8) Change (0.3) (1.6) (0.4) (3.8) 1.4 0.9 (3.3) 0.4 0.7 (1.4) Naphtha 0.7 1.0 3.5 2.7 2.1 (3.7) 4.8 (0.4) 1.8 1.3 1.9 Change (0.3) (2.8) (2.0) (1.4) 4.4 (4.1) 1.1 (1.1) (0.6) (1.2) Refining Simple( 단순 ) 2.2 2.4 3.6 2.3 4.5 0.7 2.2 3.8 3.3 1.9 2.9 Margin Change (0.2) (1.4) (0.1) (2.3) 1.5 (0.0) (1.6) (1.1) 0.3 (0.7) Complex( 복합 ) 7.3 7.6 8.8 7.5 8.8 5.5 7.2 8.3 9.3 7.0 7.9 Change (0.3) (1.5) (0.2) (1.5) 1.8 0.1 (1.0) (2.0) 0.3 (0.7) Complex(lagging) 8.5 9.3 9.4 8.7 5.3 10.7 11.8 18.0 7.3 8.5 9.4 Change (0.8) (0.9) (0.2) 3.2 (2.2) (3.3) (9.5) 1.2 0.0 (0.9) 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 02/23 02/22 02/21 02/20 02/17 02/16 02/15 02/14 02/13 02/10 Spot Price Naphtha CFR Japan 512.0 501.4 510.0 511.0 512.8 525.3 523.8 528.9 522.0 520.5 Ethylene CFR SE Asia 1,145.0 1,150.0 1,150.0 1,150.0 1,150.0 1,110.0 1,110.0 1,110.0 1,110.0 1,110.0 Propylene FOB Korea 975.0 975.0 980.0 999.0 999.0.0 936.0 935.0 935.0 935.0 Butadiene FOB Korea 3,000.0 3,000.0 3,000.0 3,000.0 3,000.0 3,000.0 3,000.0 3,000.0 3,000.0 3,000.0 HDPE CFR FE Asia 1,190.0 1,190.0 1,195.0 1,195.0 1,195.0 1,195.0 1,195.0 1,195.0 1,195.0 1,185.0 LDPE CFR FE Asia 1,300.0 1,300.0 1,320.0 1,320.0 1,320.0 1,320.0 1,320.0 1,320.0 1,330.0 1,310.0 LLDPE CFR FE Asia 1,160.0 1,160.0 1,180.0 1,180.0 1,180.0 1,180.0 1,180.0 1,180.0 1,190.0 1,195.0 MEG CFR China 860.0 860.0 855.0 870.0 893.0 898.0 890.0 915.0 938.0 933.0 PP CFR FE Asia 1,030.0 1,030.0 1,030.0 1,030.0 1,040.0 1,060.0 1,070.0 1,060.0 1,060.0 1,030.0 PX CFR China 888.3 897.0 898.0 900.0 895.5 894.7 895.7 899.7 900.7 893.7 PTA CFR China 684.0 690.0 692.0 692.0 688.0 688.0 690.0 698.0 695.0 685.0 Benzene FOB Korea 926.5 948.5 968.5 996.5 1,005.5 1,024.0 1,043.0 1,051.0 1,053.0 1,036.0 Toluene FOB Korea 692.5 706.5 719.5 721.5 728.5 731.5 726.0 730.0 741.0 732.0 Xylene FOB Korea 677.0 693.0 707.0 704.0 704.0 704.0 715.0 715.0 715.0 715.0 SM FOB Korea 1,348.5 1,359.5 1,394.5 1,429.5 1,444.0 1,492.5 1,495.0 1,495.0 1,496.0 1,485.0 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Spot Price Naphtha CFR Japan 511.5 522.0 512.5 424.5 455.5 313.0 484.5 493.0 399.5 513.4 Change, % (2.0) (0.2) 20.5 12.3 63.4 5.6 3.8 28.0 (0.4) Ethylene CFR SE Asia 1,185.0 1,125.0 1,035.0 867.5 1,025.0 945.0 990.0 1,103.7 1,040.9 1,065.6 Change, % 5.3 14.5 36.6 15.6 25.4 19.7 7.4 13.8 11.2 Propylene CFR SE Asia 1,030.0.0 955.0 695.0 735.0 645.0 815.0 770.0 705.7 901.9 Change, % 3.0 7.9 48.2 40.1 59.7 26.4 33.8 46.0 14.2 Butadiene CFR SE Asia 2,925.0 2,950.0 2,.0 1,420.0 1,525.0 820.0 2,100.0 877.5 1,116.8 2,709.4 Change, % (0.8) 4.5 106.0 91.8 256.7 39.3 233.3 161.9 8.0 Benzene CFR SE Asia 1,055.0 1,075.0 980.0 702.5 640.0 555.0 822.5 690.0 646.7 973.4 Change, % (1.9) 7.7 50.2 64.8 90.1 28.3 52.9 63.1 8.4 Toluene CFR SE Asia 765.0 775.0 725.0 650.0 660.0 585.0 690.0 700.8 630.5 741.3 Change, % (1.3) 5.5 17.7 15.9 30.8 10.9 9.2 21.3 3.2 Xylene CFR SE Asia 725.0 720.0 715.0 655.0 650.0 580.0 675.0 699.3 627.7 708.1 Change, % 0.7 1.4 10.7 11.5 25.0 7.4 3.7 15.5 2.4 Spread Ethylene -Naphtha 673.5 603.0 522.5 443.0 569.5 632.0 505.5 610.6 641.4 552.3 Change, % 11.7 28.9 52.0 18.3 6.6 33.2 10.3 5.0 22.0 Propylene -Naphtha 518.5 478.0 442.5 270.5 279.5 332.0 330.5 277.0 306.2 388.5 Change, % 8.5 17.2 91.7 85.5 56.2 56.9 87.2 69.4 33.5 Butadiene -Naphtha 2,413.5 2,428.0 2,287.5 995.5 1,069.5 507.0 1,615.5 384.5 717.3 2,196.0 Change, % (0.6) 5.5 142.4 125.7 376.0 49.4 527.8 236.5 9.9 Benzene -Naphtha 543.5 553.0 467.5 278.0 184.5 242.0 338.0 197.0 247.2 460.1 Change, % (1.7) 16.3 95.5 194.6 124.6 60.8 175.9 119.9 18.1 Toluene -Naphtha 253.5 253.0 212.5 225.5 204.5 272.0 205.5 207.8 231.0 227.9 Change, % 0.2 19.3 12.4 24.0 (6.8) 23.4 22.0 9.7 11.2 Xylene -Naphtha 213.5 198.0 202.5 230.5 194.5 267.0 190.5 206.3 228.2 194.8 Change, % 7.8 5.4 (7.4) 9.8 (20.0) 12.1 3.5 (6.4) 9.6 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 1,177.5 1,167.5 1,142.5 1,160.0 1,150.0 1,100.0 1,142.5 1,230.1 1,134.6 1,151.3 Change, % 0.9 3.1 1.5 2.4 7.0 3.1 (4.3) 3.8 2.3 MEG CFR SE Asia 897.5 937.5 917.5 727.5 657.5 650.0 847.5 780.8 660.8 916.6 Change, % (4.3) (2.2) 23.4 36.5 38.1 5.9 14.9 35.8 (2.1) PVC CFR SE Asia 940.0 920.0 910.0 930.0 920.0 725.0 920.0 820.8 823.4 912.5 Change, % 2.2 3.3 1.1 2.2 29.7 2.2 14.5 14.2 3.0 PP CFR SE Asia 1,107.5 1,097.5 1,042.5 1,030.0 1,020.0 850.0 1,032.5 1,109.8 978.4 1,062.5 Change, % 0.9 6.2 7.5 8.6 30.3 7.3 (0.2) 13.2 4.2 2-EH CFR Korea 990.0 950.0 900.0 820.0.0 690.0 865.0 930.1 772.4 909.4 Change, % 4.2 10.0 20.7 23.8 43.5 14.5 6.4 28.2 8.9 ABS CFR SE Asia 1,940.0 1,930.0 1,780.0 1,580.0 1,460.0 1,140.0 1,635.0 1,431.1 1,347.1 1,811.3 Change, % 0.5 9.0 22.8 32.9 70.2 18.7 35.6 44.0 7.1 SBR CFR SE Asia 3,100.0 3,125.0 3,000.0 1,750.0 1,900.0 1,210.0 2,000.0 1,332.1 1,483.0 2,834.4 Change, % (0.8) 3.3 77.1 63.2 156.2 55.0 132.7 109.0 9.4 SM CFR SE Asia 1,495.0 1,485.0 1,332.5 1,175.0 1,040.0 995.0 1,205.0 1,100.7 1,064.6 1,374.1 Change, % 0.7 12.2 27.2 43.8 50.3 24.1 35.8 40.4 8.8 Caustic FOB NEA 427.5 422.5 417.5 380.0 360.0 287.5 422.5 296.8 316.6 420.0 Change, % 1.2 2.4 12.5 18.8 48.7 1.2 44.1 35.0 1.8 PX CFR SE Asia 907.5 907.5 877.5 787.5 797.5 735.0 855.0 842.9 790.4 886.3 Change, % 0.0 3.4 15.2 13.8 23.5 6.1 7.7 14.8 2.4 PO CFR China 1,557.5 1,655.0 1,662.5 1,352.5 1,607.5 1,227.5 1,562.5 1,683.4 1,396.8 1,605.6 Change, % (5.9) (6.3) 15.2 (3.1) 26.9 (0.3) (7.5) 11.5 (3.0) Caprolactam CFR SE Asia 2,275.0 2,175.0 2,050.0 1,440.0 1,425.0 1,110.0 1,850.0 1,581.5 1,344.9 2,065.0 Change, % 4.6 11.0 58.0 59.6 105.0 23.0 43.8 69.2 10.2 PTA CFR SE Asia 702.5 702.5 667.5 622.5 622.5 582.5 642.5 648.0 613.7 674.7 Change, % 0.0 5.2 12.9 12.9 20.6 9.3 8.4 14.5 4.1 Spread HDPE 666.0 645.5 630.0 735.5 694.5 787.0 658.0 737.1 735.1 637.9 Change, % 3.2 5.7 (9.4) (4.1) (15.4) 1.2 (9.6) (9.4) 4.4 MEG 386.0 415.5 405.0 303.0 202.0 337.0 363.0 287.8 261.3 403.2 Change, % (7.1) (4.7) 27.4 91.1 14.5 6.3 34.1 47.7 (4.3) PVC 428.5 398.0 397.5 505.5 464.5 412.0 435.5 327.8 423.9 399.1 Change, % 7.7 7.8 (15.2) (7.8) 4.0 (1.6) 30.7 1.1 7.4 PP 596.0 575.5 530.0 605.5 564.5 537.0 548.0 616.8 578.9 549.1 Change, % 3.6 12.5 (1.6) 5.6 11.0 8.8 (3.4) 2.9 8.5 2-EH 478.5 428.0 387.5 395.5 344.5 377.0 380.5 437.0 372.9 396.0 Change, % 11.8 23.5 21.0 38.9 26.9 25.8 9.5 28.3 20.8 ABS 1,428.5 1,408.0 1,267.5 1,155.5 1,004.5 827.0 1,150.5 938.1 947.6 1,297.9 Change, % 1.5 12.7 23.6 42.2 72.7 24.2 52.3 50.7 10.1 SBR BD spread 175.0 175.0 200.0 330.0 375.0 390.0 (100.0) 454.7 366.2 125.0 Change, % 0.0 (12.5) (47.0) (53.3) (55.1) (275.0) (61.5) (52.2) 40.0 SM 983.5 963.0 820.0 750.5 584.5 682.0 720.5 607.7 665.1 860.7 Change, % 2.1 19.9 31.0 68.3 44.2 36.5 61.8 47.9 14.3 Caustic Change, % PX 396.0 385.5 365.0 363.0 342.0 422.0 370.5 349.9 390.9 372.9 Change, % 2.7 8.5 9.1 15.8 (6.2) 6.9 13.2 1.3 6.2 PO propylene sprea 527.5 655.0 707.5 657.5 872.5 582.5 747.5 913.4 691.1 703.8 Change, % (19.5) (25.4) (19.8) (39.5) (9.4) (29.4) (42.2) (23.7) (25.0) Caprolactam benzene spread 1,220.0 1,100.0 1,070.0 737.5 785.0 555.0 1,027.5 891.6 698.2 1,091.6 Change, % 10.9 14.0 65.4 55.4 119.8 18.7 36.8 74.7 11.8 PTA px spread 67.3 67.3 53.3 71.3 64.3 68.0 44.0 58.0 60.4 54.3 Change, % 0.0 26.3 (5.6) 4.7 (1.1) 52.8 15.9 11.3 23.8 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용

Global peers Currency 02/23 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 16 17E 16 17E 16 17E Petrochemical Dow Chemical USD 63.4 (0.5) 3.2 10.9 17.2 17.8 34.9 10.7 76,888 17.4 15.6 2.8 2.8 9.7 8.7 Du Pont USD 79.6 (0.3) 2.3 9.4 13.2 13.0 35.3 8.4 68,811 24.4 21.4 7.3 4.2 13.3 12.0 Eastman USD 80.1 (0.4) (0.6) 4.4 4.7 19.5 27.4 6.6 11,761 11.9 11.0 2.5 2.3 8.6 8.3 BASF EUR 89.6 (0.3) 0.4 1.0 11.8 23.9 49.7 1.5 86,997 18.7 16.9 2.7 2.6 9.3 8.5 Akzo Nobel EUR 63.1 (0.1) 0.5 0.8 8.3 5.9 17.5 6.3 16,823 15.0 15.0 2.4 2.4 8.3 8.0 Arkema EUR 93.5 (1.7) (1.4) 2.0 6.0 17.7 73.1 0.6 7,485 17.5 14.9 1.9 1.8 7.1 6.5 Lanxess EUR 65.4 (2.9) (3.1) (1.6) 12.3 35.3 76.0 5.0 6,329 26.2 21.0 2.3 2.2 7.4 6.4 Sumitomo Chemical JPY 648 0.0 2.0 14.7 27.6 50.7 28.3 16.5 9,517 15.0 12.2 1.3 1.3 8.6 7.9 Mitsubishi Chemical JPY 889 1.2 5.9 16.9 22.8 48.9 46.9 17.3 11,884 9.0 10.5 1.2 1.1 7.0 6.5 Shin-Etsu Chemical JPY 9,886 0.7 0.7 2.9 20.0 35.2 75.2 9.0 37,898 24.6 20.9 2.0 1.9 10.5 9.1 Asahi Kasei JPY 1,100 (0.6) 0.2 4.3 13.1 30.4 68.6 7.8 13,681 14.9 14.2 1.4 1.3 7.2 6.7 JSR JPY 1,974 (2.0) (6.2) (3.3) 23.8 36.8 25.6 7.1 3,959 18.6 16.7 1.2 1.2 8.7 7.2 Nitto Denko JPY 9,591 (0.7) (0.9) 9.1 21.1 40.3 58.5 6.9 14,785 27.0 21.8 2.4 2.3 11.0 9.4 SABIC SAR 97.4 (0.4) (0.1) 3.5 7.9 16.0 34.2 6.4 77,890 17.5 15.9 1.8 1.7 8.2 7.7 Yansab SAR 57.0 (1.3) (1.3) 1.4 14.1 28.2 74.6 4.7 8,549 14.9 14.9 2.0 1.9 8.8 9.0 Formosa Plastics TWD 92.5 0.0 (1.6) 3.1 4.4 16.6 19.5 3.7 19,233 17.6 15.8 2.0 1.9 28.5 25.6 Formosa Fiber TWD 97.5 (1.0) (1.0) 0.7 (0.5) 15.9 34.7 1.2 18,666 14.5 14.0 1.9 1.8 12.7 12.4 Nan Ya Plastics TWD 74.7 0.5 (3.5) 1.6 12.3 22.3 21.9 4.9 19,351 16.4 17.5 1.8 1.7 20.0 16.9 Sinopec Shanghai CNY 6.79 (0.9) 1.0 0.7 11.1 8.6 17.3 5.4 9,416 13.4 12.3 3.0 2.6 7.1 7.8 Sinopec Yizheng(FibeCNY 3.95 (1.0) 1.3 2.1 (5.0) 0.8 (40.2) (3.7) 7,379 #N/A N/A #N/A N/A 3.9 4.2 #N/A N/A 33.1 Reliance INR 1,183 (2.0) 10.8 16.4 17.2 17.1 24.5 9.3 57,586 12.6 12.6 1.4 1.2 11.0 9.1 Industries Qatar QAR 121.0 (0.4) 2.5 1.1 15.3 6.1 10.5 3.0 20,104 19.8 18.5 2.2 2.1 47.7 62.2 PTT Chemical THB 73.8 3.1 6.5 9.3 17.5 20.9 30.5 17.1 9,409 12.1 11.1 1.4 1.3 5.9 5.5 Petronas MYR 7.4 0.0 1.0 3.4 6.8 10.7 4.2 5.6 13,252 21.2 17.8 2.3 2.1 10.9 9.3 LG화학 KRW 284,000 1.6 3.3 7.0 21.1 5.6 (5.2) 8.8 17,725 0.0 0.0 0.0 0.0 0.0 0.0 롯데케미칼 KRW 379, 0.8 (2.9) (1.6) 15.2 37.0 22.6 2.8 11, 0.0 0.0 0.0 0.0 0.0 0.0 한화케미칼 KRW 26,000 (1.1) (4.2) (4.8) 3.8 (1.0) 1.0 5.3 3,789 0.0 0.0 0.0 0.0 0.0 0.0 금호석유 KRW 78, 0.0 (4.5) (5.2) 2.9 8.3 28.9 (4.3) 2,115 0.0 0.0 0.0 0.0 0.0 0.0 SKC KRW 32,950 0.5 1.2 5.3 5.8 15.6 5.8 (0.2) 1,093 0.0 0.0 0.0 0.0 0.0 0.0 국도화학 KRW 51, (0.6) (0.2) (3.2) (3.2) (9.1) (9.1) (5.6) 266 0.0 0.0 0.0 0.0 0.0 0.0 효성 KRW 8,350 (1.6) 6.1 4.2 54.1 43.0 205.3 22.8 4,114 0.0 0.0 0.0 0.0 0.0 0.0 Average (0.4) 0.6 3.8 13.0 20.6 35.4 6.2 Refinery Valero USD 67.0 1.5 0.6 1.2 3.6 21.4 16.6 (1.9) 30,234 18.2 12.8 1.5 1.5 7.1 5.8 Conoco Phillips USD 47.3 0.4 (2.2) (5.3) 2.2 9.4 43.7 (5.7) 58,455 #N/A N/A 66.6 1.7 1.7 16.1 7.4 Formosa PetrochemicTWD 109.0 0.0 0.5 2.8 3.8 14.9 32.1 (2.7) 33,916 17.1 17.7 3.6 3.4 11.5 12.1 Tesoro USD 88.9 1.0 1.9 10.5 3.3 18.2 17.7 1.6 10,395 21.7 14.5 1.9 1.6 8.5 6.0 Marathon Petroleum USD 50.4 1.1 0.8 3.3 5.5 20.1 59.3 0.0 26,575 25.8 16.2 2.0 1.9 10.3 7.9 Devon Energy USD 44.0 0.5 (0.3) (3.6) (2.3) (2.7) 132.6 (3.7) 23,077 #N/A N/A 23.2 3.8 3.4 14.3 9.6 Hollyfrontier USD 29.4 1.7 (2.0) 0.3 3.3 10.4 (3.3) (10.3) 5,214 58.2 15.5 1.1 1.1 11.4 6.3 Phillips 66 USD 78.6 0.3 0.1 (4.4) (7.6) 1.0 0.1 (9.0) 40,706 25.6 16.6 1.8 1.8 12.1 8.9 Murphy Oil USD 28.4 2.3 1.5 (9.3) (9.2) (4.8) 75.6 (8.8) 4,890 #N/A N/A 62.1 0.9 0.9 8.4 4.9 JX Holdings JPY 533.3 0.4 (1.1) 2.1 19.8 39.1 20.5 7.8 11,807 9.5 8.6 0.8 0.7 8.3 7.9 Idemitsu JPY 3,560.0 0.1 (2.9) 5.0 36.7 90.0 100.8 14.7 5,053 8.7 7.7 1.0 0.9 8.6 7.7 Tonengeneral JPY 1,335.0 0.5 (1.2) 2.7 22.3 49.8 48.7 8.4 4,335 12.0 10.8 1.9 1.8 6.7 6.0 Nesteoil EUR 34.5 (0.5) (0.1) 2.0 (9.3) (10.5) 20.9 (5.6) 0 11.6 13.3 2.4 2.2 6.7 7.8 Ashland USD 122.6 (0.3) 1.5 10.4 6.8 5.9 32.7 12.1 7,625 17.9 28.1 2.8 2.2 8.9 12.0 Fuchs Petrolub EUR 44.0 (0.6) 0.9 3.2 16.8 8.9 19.1 10.3 6,212 24.1 23.1 5.1 4.6 14.2 13.7 SK이노베이션 KRW 156,000 0.6 (1.3) (2.2) (1.3) 6.8 5.1 6.5 12,753 0.0 0.0 0.0 0.0 0.0 0.0 S-Oil KRW 84, (1.4) (2.9) 2.4 (0.8) 17.2 4.1 (0.2) 8,411 0.0 0.0 0.0 0.0 0.0 0.0 GS KRW 53,900 (0.6) (2.0) 3.9 (3.6) 9.7 2.1 (0.4) 4,428 0.0 0.0 0.0 0.0 0.0 0.0 Average 0.4 (0.4) 1.3 4.7 16.0 33.1 0.7 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임

Global peers Currency 02/23 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 16 17E 16 17E 16 17E E&P/Shale Exxon Mobil USD 82 1.1 (0.6) (3.8) (5.9) (6.8) 0.7 (9.4) 339,102 37.9 19.8 2.0 2.0 12.3 8.0 BP GBP 450 0.6 0.4 (7.5) (1.7) 5.1 30.4 (11.6) 110,033 30.9 15.4 1.2 1.2 7.2 5.3 Shell EUR 2,089 0.2 (1.6) (4.8) 3.4 10.3 32.5 (6.9) 218,564 25.4 14.5 1.1 1.1 8.8 6.3 Chevron USD 111 0.6 0.3 (3.8) 0.0 9.2 30.8 (5.7) 210,172 80.0 23.9 1.4 1.5 12.2 7.0 Total EUR 48 (0.0) 1.0 1.7 9.6 12.9 21.3 (0.9) 125,206 15.2 12.2 1.3 1.2 7.5 5.9 Sinopec CNY 6 (1.5) 1.2 0.2 15.5 18.8 31.3 8.7 102,173 17.1 13.6 1.0 1.0 5.6 5.1 Petrochina CNY 8 (1.3) (0.4) (2.7) 9.2 11.7 10.8 4.3 212,083 188.4 31.8 1.3 1.2 7.8 6.7 CNOOC CNY 13 (1.6) (0.2) 4.9 (1.3) 6.9 0.9 3.7 7,591 #N/A N/A 341.0 1.8 1.8 #N/A N/A 17.3 Gazprom RUB 137 0.0 (1.8) (7.7) (8.6) (0.5) (2.3) (11.6) 55,793 3.3 3.7 0.3 0.3 4.1 3.6 Rosneft RUB 347 0.0 (4.1) (11.1) (0.1) (1.1) 21.8 (13.9) 63,412 18.9 6.9 1.2 1.0 5.3 4.4 Anadarko USD 66 0.2 (0.9) (5.6) 1.5 17.7 86.9 (5.4) 36,881 #N/A N/A 125.9 2.3 2.4 13.3 8.2 Petrobras BRL 16 (0.9) (1.9) (2.7) (1.8) 22.8 216.3 4.6 68,468 #N/A N/A 13.3 0.8 0.8 6.8 5.8 Lukoil USD 3,176 0.0 (1.7) (0.0) 0.0 5.4 21.7 (7.9) 46,594 7.6 5.6 0.6 0.6 N/A N/A Kinder USD 22 0.1 (1.1) (2.7) (1.2) (2.5) 23.7 4.0 47,497 31.8 31.5 1.4 1.4 12.0 12.0 Statoil NOK 149 0.5 0.1 (6.0) 1.9 12.7 21.3 (6.3) 57,725 126.3 17.1 1.4 1.5 5.1 3.3 BHP AUD 26 (2.7) (4.1) (2.0) (0.3) 22.6 46.6 3.1 99,709 13.8 16.5 1.8 1.8 5.9 6.5 PTT E&P THB 93 (2.1) 0.0 (3.6) 11.8 14.6 34.1 (3.9) 10,503 22.8 15.6 0.9 0.9 3.4 3.1 Petronas gas MYR 21 (0.1) (0.3) 1.9 (4.1) (7.3) (8.9) (3.4) 9,153 23.4 22.9 3.4 3.3 13.2 13.1 Chesapeake USD 6 (2.9) (5.4) (13.9) (13.4) (11.0) 162.6 (18.1) 5,102 #N/A N/A 7.4 #N/A N/A #N/A N/A 13.5 8.3 Noble Energy USD 37 2.0 0.6 (5.9) 3.3 4.8 25.2 (1.7) 16,110 #N/A N/A #N/A N/A 1.7 1.7 10.2 8.0 Average 0 (0.4) (1.0) (3.8) 0.9 7.3 40.4 (3.9) PV WACKER EUR 105.3 (1.7) (2.8) (4.5) 29.1 25.4 51.9 6.5 5,803 32.1 20.1 2.4 2.2 6.1 5.5 GCL-Poly HKD 1.1 (1.8) 1.9 10.3 4.9 (8.5) (10.1) 15.1 2,563 7.7 7.5 0.8 0.8 6.0 5.5 SunPower USD 9.0 6.3 33.0 31.2 31.8 (10.4) (56.3) 36.0 1,246 #N/A N/A #N/A N/A 1.0 1.2 13.8 25.5 Canadian Solar USD 14.7 4.4 9.6 16.4 35.7 9.2 (28.0) 20.7 844 9.2 7.4 0.8 0.7 10.7 8.1 JA Solar USD 5.3 2.5 7.7 11.3 (4.0) (30.3) (39.3) 12.0 254 6.6 #N/A N/A 0.3 0.3 3.7 5.5 Trina Solar USD 10.2 (0.3) 0.2 3.7 (1.2) (3.2) 2.8 9.7 943 10.1 29.8 0.7 0.7 6.7 8.4 Solar City USD 20.3 0.0 0.0 0.0 0.0 (11.9) 13.3 0.0 2,049 #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 2.7 0.0 (0.4) (0.4) (17.5) (32.8) (36.3) 5.4 50 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 13.0 66.4 First Solar USD 37.2 10.8 9.0 10.5 24.9 (0.7) (39.8) 15.9 3,869 7.9 102.2 0.7 0.7 3.7 9.0 한화큐셀 USD 9.4 (1.1) 5.9 15.1 1.7 (31.5) (40.8) 15.2 790 6.8 30.8 #N/A N/A #N/A N/A 6.1 9.5 OCI KRW 92, (2.8) 1.0 5.0 11.7 0.2 6.3 17.9 1,957 0.0 0.0 0.0 0.0 0.0 0.0 웅진에너지 KRW 4,680 0.0 (3.7) (9.7) 2.5 (44.6) (63.1) (1.2) 95 N/A 0.0 0.0 0.0 0.0 0.0 신성솔라에너지 KRW 1,935 0.3 0.5 (8.1) (5.8) (16.4) 15.7 (12.4) 296 N/A 0.0 0.0 0.0 0.0 0.0 Average 1.2 4.4 5.8 8.1 (11.1) (16.0) 10.1 Gas Company Towngas China HKD 4.3 0.9 (2.3) 0.5 8.0 (5.7) 8.8 5.9 1,510 9.4 9.1 0.8 0.8 10.8 10.3 Kulun HKD 6.8 (0.9) 2.6 10.9 18.4 16.4 21.6 17.4 7,084 13.0 12.2 1.1 1.0 5.0 5.1 Beijing Enterprise HKD 41.1 0.7 (0.1) 6.6 15.0 (9.8) 13.7 12.0 6,677 8.3 7.7 0.8 0.8 16.0 14.5 ENN Energy HKD 38.8 (1.1) 2.9 5.4 12.6 (5.9) 5.6 21.5 5,406 12.4 11.4 2.3 2.0 7.8 7.3 China Resources GasHKD 24.3 0.6 1.7 1.0 4.7 (6.7) 23.0 11.5 6,964 15.0 13.6 2.7 2.3 10.1 9.2 China Gas Holdings HKD 12.0 4.3 6.9 9.1 10.9 (6.1) 17.6 14.4 7,737 14.7 13.0 2.8 2.4 12.2 10.9 Shenzen Gas HKD 11.5 0.5 (0.3) 2.5 (0.3) (2.1) (6.4) 1.4 2,891 11.6 10.9 1.1 1.0 8.5 8.1 Shann Xi CNY 9.8 0.5 1.1 3.6 (4.6) (8.8) 5.1 1.7 1,579 19.3 17.4 #N/A N/A #N/A N/A #N/A N/A #N/A N/A Suntien HKD 1.3 (1.5) (0.8) 8.2 23.4 12.8 46.7 32.0 632 9.0 7.6 0.6 0.5 9.9 8.2 China Oil & Gas HKD 0.6 1.6 (4.5) 5.0 1.6 6.8 38.5 3.3 473 9.3 9.0 1.1 1.0 5.9 5.3 Average 0.6 0.7 5.3 9.0 (0.9) 17.4 12.1 EV LG화학 KRW 284,000 1.6 3.3 7.0 21.1 5.6 (5.2) 8.8 17,725 14.8 12.5 1.5 1.4 6.3 5.5 삼성SDI KRW 125, 2.0 2.0 17.8 33.7 2.9 29.8 15.1 7,630 53.2 18.1 0.8 0.8 #N/A N/A 10.1 Panasonic JPY 1261.5 0.2 (0.3) 6.3 21.9 22.7 45.0 6.1 27,453 18.8 15.3 1.6 1.5 5.7 5.1 GS Yuasa JPY 517.0 0.0 4.4 11.4 13.1 26.4 16.4 6.4 1,897 17.1 15.0 1.3 1.3 7.1 6.6 NEC JPY 281.0 (1.4) 1.8 (10.8) (6.0) 10.2 0.7 (9.4) 6,493 15.0 13.9 0.9 0.9 8.4 6.9 BYD Auto CNY 50.3 0.7 2.9 3.0 (11.0) (14.6) (8.0) 1.3 18,648 27.0 23.4 2.6 2.5 13.0 11.7 Tesla Motors USD 256.0 (6.4) (4.8) 2.8 32.5 13.9 44.5 19.8 41,237 #N/A N/A #N/A N/A 9.9 6.2 65.9 46.1 Kandi Technologies USD 4.2 (2.4) (2.4) (13.5) (3.5) (33.9) (44.1) (15.3) 198 #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 (0.7) 0.9 3.0 12.7 4.1 9.9 4.1 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임