C ontents C 2

MIRAEASSET EQUITY RESEARCH KOREA Industry Analysis Neutral Oct. 25, 2005 In-depth Report

C ontents C 2

() () (%) SK 003600 66,000 52,600 25.5 LG 051910 60,000 46,450 29.2 001300 30,000 23,700 26.6 KCC 002380 290,000 216,500 33.9 LG 012990 35,000 28,750 21.7 SK 006120 30,000 23,800 26.1 S-Oil 010950 90,000 78,900 14.1 GS 078930 28,000 25,100 11.6 011170 60,000 54,400 10.3 009830 14,000 11,850 18.1 006650 35,000 31,300 11.8 064420 6,500 5,710 13.9 3

4

5

6

7

8

9

10

11

: H 12

: 13

14

15

: OPEC Review 16

: EIA, : EIA, 17

: 18

: Kita 19

20

: METI : METI 21

: : KITA 22

: KITA 23

: 24

: Asian Chemical News, METI, 25

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: 27

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Oct. 25, 2005 / BUY (6M) 66,000 (10/21) 52,600 Analyst 3774-1723 shwang@miraeasset.com ( ) 128,654 () 5,000 ( ) 6,767 52 / () 48,600/69,300 52 Beta (KOSPI ) 0.6 (3M, ) 986 (3M, ) 54,297 (%) 54.3 04 () 1,800 05 () 1,800 05 EPS Consensus() 11,676 Consensus (%) (2.7) (%) SK C&C 11.0 SK 2.4 1M 6M 12M (%) (10.4) (12.3) (1.7) KOSPI (%) (9.3) (38.4) (45.9) () KOSPI () SK() EBITDA EPS PER PBR EV/EBITDA ROE 12 ( ) ( ) ( ) ( ) ( ) () (%) () () () (%) 13,788.6 671.3 1,141.9 (6.2) 15.2 126 (89.4) 217.0 0.7 7.5 0.3 17,406.1 1,620.5 2,099.0 2,285.9 1,640.7 12,968 10,172.6 4.4 1.2 5.6 27.5 20,476.1 1,353.3 1,814.3 2,050.4 1,463.1 11,358 (12.4) 4.6 0.9 5.9 20.0 20,717.6 1,119.3 1,561.1 1,760.3 1,276.2 9,904 (12.8) 5.3 0.8 7.2 15.1 20,406.8 694.5 1,127.2 1,393.1 1,010.0 7,834 (20.9) 6.7 0.7 9.9 10.8 30

4,801.1 4,321.5 5,484.3 5,048.1 5,105.7 916.7 350.5 842.8 353.8 479.3 1,671.1 1,759.6 2,070.0 2,094.4 2,063.0 1,598.6 1,604.0 1,886.9 1,909.2 1,880.5 10,229.2 10,538.4 10,872.1 12,303.2 13,063.9 4,336.4 4,845.4 5,411.3 6,946.7 7,844.5 5,803.7 5,616.6 5,390.6 5,292.0 5,159.9 89.1 76.5 70.2 64.5 59.5 15,030.3 14,860.0 16,356.4 17,351.3 18,169.6 6,864.6 4,503.5 4,772.6 4,727.2 4,784.5 1,192.9 952.7 1,120.7 1,133.9 1,116.9 2,783.7 1,197.7 1,196.4 1,195.1 1,193.9 1,487.1 745.6 744.8 744.0 743.2 2,917.7 3,671.8 3,668.8 3,665.9 3,662.9 1,362.7 2,496.5 2,493.8 2,491.2 2,488.6 329.9 343.5 343.2 342.8 342.4 9,782.4 8,175.3 8,441.4 8,393.1 8,447.4 644.9 650.6 650.6 650.6 650.6 3,941.5 3,965.2 3,965.2 3,965.2 3,965.2 682.8 2,155.3 3,385.6 4,428.8 5,192.8 (21.2) (86.5) (86.5) (86.5) (86.5) 5,248.0 6,684.6 7,915.0 8,958.2 9,722.2 5,963.5 4,783.2 4,778.2 4,773.2 4,768.2 5,044.1 4,432.2 3,935.4 4,419.3 4,288.9 13,788.6 17,406.1 20,476.1 20,717.6 20,406.8 3.0 26.2 17.6 1.2 (1.5) 12,016.3 14,712.0 18,038.2 18,527.7 18,620.3 1,772.3 2,694.1 2,437.9 2,189.9 1,786.5 36.9 52.0 (9.5) (10.2) (18.4) 12.9 15.5 11.9 10.6 8.8 1,101.0 1,073.6 1,084.6 1,070.6 1,092.0 671.3 1,620.5 1,353.3 1,119.3 694.5 72.3 141.4 (16.5) (17.3) (38.0) (677.5) 665.4 697.0 794.6 698.5 276.7 224.1 203.9 197.2 221.0 (9.6) 254.9 26.3 153.4 58.4 (261.5) 804.5 756.9 753.4 776.1 (129.7) (169.9) 117.7 85.0 85.0 (6.2) 2,285.9 2,050.4 1,760.3 1,393.1 적전 흑전 (10.3) (14.1) (20.9) 0.0 0.0 0.0 0.0 0.0 (6.2) 2,285.9 2,050.4 1,760.3 1,393.1 (21.4) 645.1 587.2 484.1 383.1 15.2 1,640.7 1,463.1 1,276.2 1,010.0 EPS 126 12,968 11,358 9,904 7,834 (89.4) 10,172.6 (12.4) (12.8) (20.9) EBITDA 1,141.9 2,099.0 1,814.3 1,561.1 1,127.2 28.9 83.8 (13.6) (14.0) (27.8) 452.1 1,108.6 766.3 867.0 792.4 15.2 1,640.7 1,463.1 1,276.2 1,010.0 445.8 459.2 444.4 426.5 418.7 24.9 19.3 16.6 15.2 14.0 ( ) 4.2 (132.2) 40.7 (109.3) 18.9 ( ) 261.5 (804.5) (756.9) (753.4) (776.1) ( ) (794.3) (177.5) (502.9) (49.6) 45.5 ( ) 206.5 (88.5) (310.4) (24.4) 31.4 (781.7) (5.4) (282.9) (22.3) 28.6 ( ) 832.1 (240.2) 168.0 13.2 (17.0) 494.8 103.6 61.4 61.4 61.4 (1,071.2) (344.8) (36.2) (1,117.9) (415.9) ( ) (1.9) 11.2 0.0 0.0 0.0 ( ) 0.0 2.1 0.0 0.0 0.0 (451.9) (301.0) (230.8) (327.9) (286.6) 247.1 11.5 12.4 0.0 0.0 ( ) (10.9) (7.2) (10.3) (9.5) (9.0) ( ) (779.8) (50.6) 192.6 (780.5) (120.4) (73.7) (10.6) 0.0 (0.0) 0.0 1,263.8 (1,318.8) (237.8) (238.0) (250.9) ( ) 383.5 (1,041.9) (5.0) (5.0) (5.0) ( ) 400.6 115.2 0.0 0.0 0.0 (92.7) (96.1) (232.8) (233.0) (245.9) 572.3 (296.1) 0.0 0.0 0.0 644.7 (555.0) 492.3 (489.0) 125.5 245.2 889.9 334.8 827.1 338.2 889.9 334.8 827.1 338.2 463.7 (2,172.6) 1,167.4 695.1 866.3 686.1 : SK, () EPS 126 12,968 11,358 9,904 7,834 BPS 40,688 51,432 60,692 68,691 74,550 EBITDA 9,859 16,354 13,912 11,970 8,643 750 1,800 1,800 1,900 2,000 PER 217.0 4.4 4.6 5.3 6.7 PBR 0.7 1.2 0.9 0.8 0.7 EV/EBITDA 7.5 5.6 5.9 7.2 9.9 2.7 3.2 3.4 3.6 3.8 12.9 15.5 11.9 10.6 8.8 4.9 9.3 6.6 5.4 3.4 EBITDA 8.3 12.1 8.9 7.5 5.5 (0.0) 13.1 10.0 8.5 6.8 0.1 9.4 7.1 6.2 4.9 ROE 0.3 27.5 20.0 15.1 10.8 ROIC (21.0) 15.0 12.4 10.3 6.7 186.4 122.3 106.7 93.7 86.9 96.1 66.3 49.7 49.3 44.1 69.9 96.0 114.9 106.8 106.7 () 2.4 7.2 6.6 5.7 3.1 () 1.0 1.2 1.3 1.2 1.2 7.8 10.2 10.7 10.0 9.8 11.4 10.9 11.7 10.9 10.8 17.8 16.2 19.8 18.4 18.1 (7.5) (15.5) 77.3 40.1 63.6 : SK, 31

Oct. 25, 2005 / BUY (6M) 60,000 (10/21) 46,450 Analyst 3774-1723 shwang@miraeasset.com ( ) 64,425 () 5,000 ( ) 2,993 52 / () 36,100/48,800 52 Beta (KOSPI ) 0.7 (3M, ) 474 (3M, ) 20,252 (%) 35.3 04 () 1,500 05 () 1,500 05 EPS Consensus() 5,768 Consensus (%) (4.1) (%) LG 30.0 1M 6M 12M (%) 2.3 17.2 11.9 KOSPI (%) 3.4 (8.9) (32.3) () KOSPI () LG () EBITDA EPS PER PBR EV/EBITDA ROE ( ) ( ) ( ) ( ) ( ) () (%) () () () (%) 5,672.5 479.4 751.4 482.8 362.1 5,596 4.9 9.8 2.2 6.9 21.4 7,127.4 522.9 876.8 719.7 536.4 8,312 48.5 5.0 1.4 5.0 26.8 7,737.3 421.8 773.4 496.0 357.9 5,532 (33.4) 8.4 1.4 6.1 15.4 8,659.1 589.5 932.1 613.4 444.7 6,878 24.3 6.8 1.2 5.2 17.0 9,221.9 715.7 1,067.9 761.1 551.8 8,538 24.1 5.4 1.1 4.5 18.4 32

1,108.9 1,656.7 1,802.3 1,829.7 1,994.0 257.4 413.7 519.7 397.0 469.7 392.9 457.1 496.2 555.3 591.4 379.0 614.8 667.4 746.9 795.5 3,652.9 4,022.8 4,244.7 4,690.9 5,127.1 1,032.1 1,419.1 1,707.4 2,081.9 2,498.5 2,461.6 2,453.3 2,374.5 2,435.0 2,447.0 159.1 150.5 162.8 174.0 181.6 4,761.7 5,679.5 6,047.1 6,520.6 7,121.1 1,459.0 1,779.0 1,902.4 2,045.9 2,216.5 612.6 769.9 835.8 935.4 996.2 86.9 181.3 180.9 180.4 179.9 261.6 322.3 321.4 320.6 319.8 1,488.1 1,705.3 1,701.6 1,697.9 1,694.2 1,205.9 1,335.5 1,332.1 1,328.7 1,325.3 133.2 124.7 124.4 124.1 123.8 2,947.1 3,484.4 3,604.1 3,743.8 3,910.7 365.4 365.4 365.4 365.4 365.4 739.1 739.7 739.7 739.7 739.7 663.4 1,071.7 1,319.6 1,653.4 2,087.0 46.7 18.4 18.4 18.4 18.4 1,814.6 2,195.1 2,443.0 2,776.8 3,210.4 1,687.6 1,963.8 1,958.8 1,953.8 1,948.8 1,428.5 1,490.4 1,439.1 1,556.7 1,479.1 693.9 537.0 537.4 572.8 773.0 362.1 536.4 357.9 444.7 551.8 256.5 333.2 332.0 321.4 329.5 15.4 20.7 19.6 21.2 22.6 ( ) (0.9) (68.8) 14.7 (44.8) 16.5 ( ) (145.1) (311.3) (212.7) (168.5) (170.6) ( ) 63.8 (157.1) (33.4) (60.5) (36.2) ( ) (53.1) (64.2) (39.1) (59.1) (36.1) (46.9) (235.8) (52.6) (79.5) (48.6) ( ) 207.4 157.3 65.9 99.6 60.8 142.1 184.0 59.3 59.3 59.3 (851.4) (593.7) (317.4) (579.6) (577.1) ( ) 5.1 0.3 (1.0) 0.0 0.0 ( ) (0.0) 0.7 0.0 0.0 0.0 (502.5) (383.6) (259.4) (381.8) (341.6) 6.2 10.5 6.1 0.0 0.0 ( ) (39.2) (26.2) (31.9) (32.4) (30.2) ( ) (353.8) (200.1) (31.2) (165.3) (205.3) 32.6 4.7 0.0 0.0 0.0 270.8 213.3 (115.1) (115.9) (123.2) ( ) 389.1 337.3 (5.0) (5.0) (5.0) ( ) 105.2 132.1 0.0 0.0 0.0 (110.0) (128.1) (110.1) (110.9) (118.2) (113.4) (128.1) 0.0 0.0 0.0 113.3 156.6 105.0 (122.6) 72.7 143.8 257.1 413.7 518.7 396.0 257.1 413.7 518.7 396.0 468.7 159.9 187.2 337.4 295.2 463.1 : LG, 5,672.5 7,127.4 7,737.3 8,659.1 9,221.9 10.9 25.6 8.6 11.9 6.5 4,514.2 5,784.1 6,419.1 7,149.3 7,567.5 1,158.3 1,343.3 1,318.1 1,509.8 1,654.4 3.5 16.0 (1.9) 14.5 9.6 20.4 18.8 17.0 17.4 17.9 678.9 820.4 896.3 920.3 938.7 479.4 522.9 421.8 589.5 715.7 (7.2) 9.1 (19.3) 39.7 21.4 3.4 196.8 74.1 97.7 45.4 77.1 78.3 87.1 85.6 77.8 (0.8) 80.2 20.6 82.5 20.4 145.1 311.3 212.7 168.5 170.6 (63.8) (116.5) (72.1) (67.8) (67.8) 482.8 719.7 496.0 613.4 761.1 0.8 49.1 (31.1) 23.7 24.1 0.0 0.0 0.0 0.0 0.0 482.8 719.7 496.0 613.4 761.1 120.7 183.3 138.1 168.7 209.3 362.1 536.4 357.9 444.7 551.8 EPS 5,596 8,312 5,532 6,878 8,538 4.9 48.5 (33.4) 24.3 24.1 EBITDA 751.4 876.8 773.4 932.1 1,067.9 (2.1) 16.7 (11.8) 20.5 14.6 () EPS 5,596 8,312 5,532 6,878 8,538 BPS 24,828 30,035 33,426 37,994 43,926 EBITDA 10,287 12,009 10,582 12,753 14,611 1,750 1,500 1,500 1,600 1,700 PER 9.8 5.0 8.4 6.8 5.4 PBR 2.2 1.4 1.4 1.2 1.1 EV/EBITDA 6.9 5.0 6.1 5.2 4.5 3.2 3.6 3.2 3.4 3.7 20.4 18.8 17.0 17.4 17.9 8.5 7.3 5.5 6.8 7.8 EBITDA 13.2 12.3 10.0 10.8 11.6 8.5 10.1 6.4 7.1 8.3 6.4 7.5 4.6 5.1 6.0 ROE 21.4 26.8 15.4 17.0 18.4 ROIC 14.4 14.1 10.4 14.7 17.9 162.4 158.7 147.5 134.8 121.8 78.7 67.9 58.9 56.1 46.1 76.0 93.1 94.7 89.4 90.0 () 6.2 6.7 4.8 6.9 9.2 () 1.3 1.4 1.3 1.4 1.4 15.5 16.8 16.2 16.5 16.1 16.0 14.3 12.1 12.2 12.0 11.2 10.3 9.6 9.8 9.6 (10.1) (30.2) (69.6) (54.8) (42.1) 자료: LG화학, 미래에셋증권 리서치센터 추정 33

Oct. 25, 2005 / BUY (6M) 30,000 (10/21) 23,700 Analyst 3774-1723 shwang@miraeasset.com ( ) 50,000 () 5,000 ( ) 1,185 52 / () 14,650/25,150 52 Beta (KOSPI ) 0.9 (3M, ) 655 (3M, ) 14,224 (%) 26.4 04 () 650 05 () 650 05 EPS Consensus() 2,464 Consensus (%) 5.3 (%) 7.6 6.6 1M 6M 12M (%) 1.1 35.4 45.4 KOSPI (%) 2.2 9.4 1.2 KOSPI () () EBITDA EPS PER PBR EV/EBITDA ROE ( ) ( ) ( ) ( ) ( ) () (%) () () () (%) 2,086.3 145.9 207.8 98.8 76.0 1,600 (30.7) 10.8 1.0 6.3 8.8 2,478.9 144.7 210.2 131.4 92.6 1,940 21.3 8.2 0.9 5.7 10.0 2,638.2 156.3 221.5 172.7 129.7 2,594 33.7 9.1 1.1 6.5 12.7 2,880.1 224.5 283.4 223.3 161.9 3,238 24.8 7.3 1.0 5.3 14.3 3,024.1 221.0 286.0 215.5 156.3 3,125 (3.5) 7.6 0.9 5.1 12.5 34

650.6 685.1 849.3 865.0 937.0 4.8 1.6 122.6 72.8 105.7 281.9 281.3 299.4 326.9 343.2 324.2 362.0 385.3 420.6 441.6 946.7 967.4 916.2 1,038.3 1,094.5 180.8 214.5 241.9 275.7 302.5 703.9 687.5 611.7 702.6 733.6 62.0 65.5 62.5 60.0 58.4 1,597.3 1,652.5 1,765.5 1,903.3 2,031.5 545.2 498.6 516.5 526.9 538.3 96.6 102.9 109.5 119.6 125.6 200.0 182.1 179.7 177.4 175.1 114.9 52.6 51.9 51.3 50.6 161.1 184.6 182.5 180.5 178.5 128.0 158.5 156.5 154.5 152.5 8.5 0.0 0.0 0.0 0.0 706.3 683.2 699.0 707.5 716.8 250.0 250.0 250.0 250.0 250.0 431.3 431.5 431.5 431.5 431.5 295.7 357.3 454.5 583.9 702.7 (86.0) (69.5) (69.5) (69.5) (69.5) 891.0 969.3 1,066.5 1,195.9 1,314.6 451.5 393.2 388.2 383.2 378.2 446.7 391.6 265.6 310.4 272.5 82.0 143.5 153.1 150.1 177.9 76.0 92.6 129.7 161.9 156.3 47.3 51.1 49.9 44.4 51.0 14.7 14.4 15.2 14.5 14.0 ( ) (0.6) 0.4 (2.8) (3.2) (2.8) ( ) (19.3) (25.5) (16.3) (16.0) (16.0) ( ) (102.3) (29.2) (36.6) (65.5) (38.5) ( ) 5.0 0.5 (18.1) (27.5) (16.3) (14.2) (37.8) (23.3) (35.3) (21.0) ( ) (1.8) 6.3 6.6 10.0 6.0 66.2 39.8 13.9 14.0 14.0 (93.0) (57.9) 4.4 (162.4) (102.5) ( ) 0.2 0.8 (1.0) 0.0 0.0 ( ) 0.0 0.0 0.0 0.0 0.0 (92.0) (58.7) (52.0) (135.2) (82.0) 13.2 6.3 77.9 0.0 0.0 ( ) (11.3) (12.5) (12.3) (12.0) (12.3) ( ) (4.4) 2.3 (8.1) (15.1) (8.2) 1.4 4.0 (0.0) 0.0 0.0 2.0 (88.8) (37.5) (37.5) (42.5) ( ) 30.0 (59.6) (5.0) (5.0) (5.0) ( ) 29.0 32.6 0.0 0.0 0.0 (28.5) (30.9) (32.5) (32.5) (37.5) (28.5) (30.9) 0.0 0.0 0.0 (7.6) (3.2) 120.0 (49.8) 32.9 13.1 4.1 0.9 121.0 71.2 5.5 0.9 121.0 71.2 104.1 (18.2) 73.3 159.5 8.9 92.5 :, 2,086.3 2,478.9 2,638.2 2,880.1 3,024.1 (0.1) 18.8 6.4 9.2 5.0 1,335.7 1,676.7 1,766.0 1,889.2 1,960.0 750.6 802.2 872.1 991.0 1,064.1 (3.4) 6.9 8.7 13.6 7.4 36.0 32.4 33.1 34.4 35.2 604.6 657.5 715.8 766.4 843.1 145.9 144.7 156.3 224.5 221.0 (23.4) (0.8) 8.0 43.6 (1.6) (47.1) (13.3) 16.4 (2.2) (5.5) 29.1 20.8 14.7 12.7 15.5 0.1 (1.8) 0.0 1.8 1.4 19.3 25.5 16.3 16.0 16.0 (37.4) (16.3) 14.8 (7.4) (7.4) 98.8 131.4 172.7 223.3 215.5 (34.8) 33.0 31.5 29.3 (3.5) 0.0 0.0 0.0 0.0 0.0 98.8 131.4 172.7 223.3 215.5 22.8 38.8 43.0 61.4 59.3 76.0 92.6 129.7 161.9 156.3 EPS 1,600 1,940 2,594 3,238 3,125 (30.7) 21.3 33.7 24.8 (3.5) EBITDA 207.8 210.2 221.5 283.4 286.0 (17.4) 1.2 5.3 28.0 0.9 () EPS 1,600 1,940 2,594 3,238 3,125 BPS 17,820 19,385 21,329 23,917 26,293 EBITDA 4,372 4,406 4,429 5,669 5,720 650 650 650 750 850 PER 10.8 8.2 9.1 7.3 7.6 PBR 1.0 0.9 1.1 1.0 0.9 EV/EBITDA 6.3 5.7 6.5 5.3 5.1 3.8 4.1 2.7 3.2 3.6 36.0 32.4 33.1 34.4 35.2 7.0 5.8 5.9 7.8 7.3 EBITDA 10.0 8.5 8.4 9.8 9.5 4.7 5.3 6.5 7.8 7.1 3.6 3.7 4.9 5.6 5.2 ROE 8.8 10.0 12.7 14.3 12.5 ROIC 9.7 8.6 9.7 12.7 11.7 79.3 70.5 65.5 59.2 54.5 50.1 40.4 24.9 26.0 20.7 119.3 137.4 164.4 164.2 174.1 () 5.0 7.0 10.7 17.6 14.2 () 1.3 1.5 1.5 1.6 1.5 7.3 8.8 9.1 9.2 9.0 6.6 7.2 7.1 7.2 7.0 21.4 24.9 24.8 25.1 24.7 19.4 17.0 10.2 8.6 8.2 :, 35

Oct. 25, 2005 / BUY ( ) 10,520 () 5,000 ( ) 2,278 52 / () 112,500/228,000 52 Beta (KOSPI ) 0.7 (3M, ) 29 (3M, ) 6,095 (%) 21.0 04 () 5,000 05 () 5,000 05 EPS Consensus() 20,445 Consensus (%) (7.9) (%) 42.8 1M 6M 12M (%) 2.6 34.5 88.3 KOSPI (%) 3.7 8.5 44.0 (6M) 290,000 (10/21) 216,500 Analyst 3774-1723 shwang@miraeasset.com () KOSPI () EBITDA EPS PER PBR EV/EBITDA ROE ( ) ( ) ( ) ( ) ( ) () (%) () () () (%) 1,715.0 233.6 327.4 259.4 193.9 20,636 18.7 5.3 0.8 5.1 13.1 1,862.8 116.7 312.2 163.6 130.6 14,315 (30.6) 9.1 0.8 6.5 7.4 1,957.3 198.0 388.0 265.6 198.1 18,826 31.5 11.5 1.2 6.9 10.6 2,093.8 259.2 429.0 323.9 234.8 22,319 18.6 9.7 1.1 5.8 11.4 2,240.4 301.7 457.6 383.5 278.1 26,431 18.4 8.2 1.0 4.9 12.3 36

682.9 792.3 1,083.1 1,295.5 1,455.5 35.8 35.4 288.5 446.3 547.7 468.0 533.3 560.4 599.4 641.4 166.1 208.4 219.0 234.2 250.6 2,050.0 2,103.6 2,031.1 2,001.6 1,955.4 832.5 920.9 973.8 1,031.1 1,088.5 1,214.9 1,179.0 1,053.6 966.6 863.3 2.6 3.7 3.7 3.9 3.7 2,732.9 2,895.8 3,114.2 3,297.1 3,410.9 630.0 692.2 714.9 722.9 682.2 115.4 142.4 149.6 160.0 171.2 280.3 348.6 346.0 338.3 273.9 0.3 0.3 0.3 0.3 0.2 366.9 425.2 422.7 415.5 355.0 256.0 316.4 314.0 307.0 248.5 11.2 10.9 10.8 10.5 8.5 997.0 1,117.3 1,137.6 1,138.4 1,037.2 56.3 56.3 56.3 56.3 56.3 797.6 797.6 797.6 797.6 797.6 742.3 825.9 1,024.0 1,206.2 1,421.1 139.8 98.7 98.7 98.7 98.7 1,735.9 1,778.5 1,976.5 2,158.7 2,373.7 547.7 676.2 671.2 656.2 531.2 511.9 640.7 382.7 209.8 (16.5) 219.1 139.6 318.3 308.4 341.9 193.9 130.6 198.1 234.8 278.1 93.5 195.0 189.2 169.1 155.1 0.3 0.5 0.7 0.7 0.8 ( ) 1.2 (3.3) 0.0 (2.7) 0.0 ( ) (22.4) (31.9) (57.1) (57.3) (57.3) ( ) (62.7) (201.5) (30.6) (54.1) (52.8) ( ) (32.4) (65.3) (27.1) (39.1) (42.0) (31.0) (42.3) (10.6) (15.3) (16.4) ( ) 32.0 27.0 7.2 10.4 11.2 15.3 50.3 18.0 18.0 18.0 (297.3) (223.0) (61.2) (83.0) (52.4) ( ) 0.0 0.0 (1.0) 0.0 0.0 ( ) 0.0 0.0 0.0 0.0 0.0 (264.0) (164.4) (64.2) (82.1) (51.8) 3.4 2.5 0.5 0.0 0.0 ( ) (1.8) (0.1) (0.8) (0.9) (0.6) ( ) (119.8) (60.4) 4.3 0.0 0.0 84.9 (0.5) 0.0 0.0 0.0 80.8 82.9 (5.0) (67.6) (188.1) ( ) 58.8 165.4 (5.0) (15.0) (125.0) ( ) 94.8 6.7 0.0 0.0 0.0 (36.2) (47.0) 0.0 (52.6) (63.1) (36.5) (42.1) 0.0 0.0 0.0 2.5 (0.4) 252.0 157.8 101.4 33.3 35.8 35.4 287.5 445.3 35.8 35.4 287.5 445.3 546.7 (56.7) (74.9) 242.5 220.6 269.4 :, 1,715.0 1,862.8 1,957.3 2,093.8 2,240.4 3.7 8.6 5.1 7.0 7.0 1,218.9 1,476.2 1,487.3 1,552.5 1,634.0 496.1 386.6 470.0 541.4 606.4 6.6 (22.1) 21.6 15.2 12.0 28.9 20.8 24.0 25.9 27.1 262.5 269.8 272.0 282.2 304.7 233.6 116.7 198.0 259.2 301.7 3.9 (50.0) 69.6 30.9 16.4 25.8 46.9 67.5 68.8 81.8 11.6 27.9 27.6 26.7 10.5 (0.7) 6.2 3.7 7.1 3.9 27.8 37.2 57.1 57.3 57.3 10.4 31.4 34.4 31.1 31.1 259.4 163.6 265.6 323.9 383.5 18.7 (36.9) 62.3 21.9 18.4 0.0 0.0 0.0 0.0 0.0 259.4 163.6 265.6 323.9 383.5 65.5 33.0 67.5 89.1 105.5 193.9 130.6 198.1 234.8 278.1 EPS 20,636 14,315 18,826 22,319 26,431 18.7 (30.6) 31.5 18.6 18.4 EBITDA 327.4 312.2 388.0 429.0 457.6 (7.1) (4.6) 24.3 10.6 6.7 () EPS 20,636 14,315 18,826 22,319 26,431 BPS 165,014 169,058 187,885 205,204 225,634 EBITDA 34,845 34,217 36,882 40,782 43,497 5,000 5,000 5,000 6,000 7,500 PER 5.3 9.1 11.5 9.7 8.2 PBR 0.8 0.8 1.2 1.1 1.0 EV/EBITDA 5.1 6.5 6.9 5.8 4.9 4.6 3.8 2.3 2.8 3.5 28.9 20.8 24.0 25.9 27.1 13.6 6.3 10.1 12.4 13.5 EBITDA 19.1 16.8 19.8 20.5 20.4 15.1 8.8 13.6 15.5 17.1 11.3 7.0 10.1 11.2 12.4 ROE 13.1 7.4 10.6 11.4 12.3 ROIC 12.0 5.9 8.7 10.3 11.5 57.4 62.8 57.6 52.7 43.7 29.5 36.0 19.4 9.7 0.0 108.4 114.5 151.5 179.2 213.3 () 20.1 4.2 7.2 9.7 28.8 () 0.7 0.7 0.7 0.7 0.7 3.8 3.7 3.6 3.6 3.6 11.4 10.0 9.2 9.2 9.2 17.3 14.5 13.4 13.5 13.5 18.1 24.4 8.4 4.5 3.3 :, 37

Oct. 25, 2005 / BUY ( ) 45,200 () 5,000 ( ) 1,300 52 / () 23,500/29,250 52 Beta (KOSPI ) 0.6 (3M, ) 200 (3M, ) 5,432 (%) 28.9 04 () 1,750 05 () 1,800 05 EPS Consensus() 4,316 Consensus (%) (4.9 ) (%) LG 25.1 Templeton 6.3 Janus 4.2 1M 6M 12M (%) 6.9 18.6 7.3 KOSPI (%) 8.0 (7.5) (36.9) (6M) 34,000 (10/21) 28,750 Analyst 3774-1723 shwang@miraeasset.com () LG () KOSPI () EBITDA EPS PER PBR EV/EBITDA ROE ( ) ( ) ( ) ( ) ( ) () (%) () () () (%) 1,252.2 146.9 196.9 144.5 106.0 2,346 44.6 11.8 2.3 6.1 19.7 1,793.3 288.5 339.9 277.6 207.6 4,595 95.9 5.7 1.9 3.2 32.9 1,936.0 240.0 301.9 248.0 185.5 4,104 (10.7) 7.0 1.6 4.1 24.6 2,071.7 232.7 305.6 241.1 174.8 3,867 (5.8) 7.4 1.4 3.8 20.4 2,237.5 259.5 334.8 267.8 194.1 4,295 11.1 6.7 1.3 3.3 20.3 38

306.5 454.6 462.2 546.4 639.5 103.9 97.9 109.5 169.2 232.2 143.1 230.8 249.1 266.6 287.9 50.1 82.9 89.5 95.8 103.4 427.5 524.0 604.3 623.7 651.3 8.5 18.9 9.7 9.7 9.7 416.1 502.1 591.6 610.8 638.4 2.9 3.0 3.1 3.2 3.3 734.0 978.6 1,066.5 1,170.1 1,290.8 118.2 255.0 236.5 246.7 259.1 59.1 83.0 89.6 95.9 103.5 0.0 0.0 0.0 0.0 0.0 1.2 31.2 31.2 31.2 31.2 53.6 21.8 21.8 21.8 21.8 29.5 0.0 0.0 0.0 0.0 14.2 12.7 12.7 12.7 12.7 171.8 276.7 258.2 268.4 280.8 226.0 226.0 226.0 226.0 226.0 165.5 165.6 165.6 165.6 165.6 170.8 310.7 417.1 510.5 618.7 (0.2) (0.3) (0.3) (0.3) (0.3) 562.2 701.9 808.3 901.7 1,010.0 44.9 43.9 43.9 43.9 43.9 (59.0) (83.8) (65.6) (125.3) (188.3) 178.5 260.5 232.9 233.3 251.8 106.0 207.6 185.5 174.8 194.1 49.7 51.0 61.5 72.5 74.9 0.3 0.4 0.4 0.4 0.4 ( ) (0.0) 0.4 (1.8) (2.6) (1.8) ( ) 0.0 0.0 0.0 0.0 0.0 ( ) 15.5 (21.6) (19.2) (18.3) (22.3) ( ) (10.2) (87.7) (18.4) (17.5) (21.3) (3.7) (32.8) (6.6) (6.3) (7.7) ( ) 15.3 23.9 6.6 6.3 7.7 7.0 22.7 6.5 6.5 6.5 (111.7) (164.9) (143.3) (112.3) (132.9) ( ) (66.8) 31.9 (1.0) (20.0) (30.0) ( ) 0.0 0.0 0.0 0.0 0.0 (51.6) (141.4) (151.1) (91.7) (102.4) 0.1 1.3 0.0 0.0 0.0 ( ) (0.9) (0.4) (0.4) (0.6) (0.4) ( ) 10.0 (50.0) 9.2 0.0 0.0 (2.5) (6.3) 0.0 (0.0) 0.0 (90.7) (69.6) (79.1) (81.4) (85.9) ( ) (27.4) (1.2) 0.0 0.0 0.0 ( ) 56.4 67.6 0.0 0.0 0.0 (56.5) (67.8) (79.1) (81.4) (85.9) (63.2) (68.2) 0.0 0.0 0.0 (23.9) 26.0 10.6 39.7 33.0 60.8 36.9 62.9 73.4 113.1 36.9 62.9 73.4 113.1 146.2 121.0 105.7 70.7 131.0 138.2 : LG, 1,252.2 1,793.3 1,936.0 2,071.7 2,237.5 20.1 43.2 8.0 7.0 8.0 1,083.3 1,476.6 1,660.8 1,799.2 1,934.2 168.9 316.7 275.3 272.5 303.3 53.1 87.5 (13.1) (1.0) 11.3 13.5 17.7 14.2 13.2 13.6 22.0 28.2 35.3 39.8 43.8 146.9 288.5 240.0 232.7 259.5 63.0 96.4 (16.8) (3.1) 11.5 (2.4) (10.9) 8.0 7.7 8.3 (2.0) (6.7) (4.1) (4.3) (6.3) (0.1) (1.0) 3.1 3.8 2.5 0.0 0.0 0.0 0.0 0.0 (4.3) (16.6) 0.8 (0.5) (0.5) 144.5 277.6 248.0 241.1 267.8 38.9 92.1 (10.7) (2.8) 11.1 0.0 (0.7) 0.0 0.0 0.0 144.5 276.9 248.0 241.1 267.8 38.5 69.2 62.5 66.3 73.6 106.0 207.6 185.5 174.8 194.1 EPS 2,346 4,595 4,104 3,867 4,295 44.6 95.9 (10.7) (5.8) 11.1 EBITDA 196.9 339.9 301.9 305.6 334.8 42.9 72.6 (11.2) 1.2 9.6 () EPS 2,346 4,595 4,104 3,867 4,295 BPS 12,438 15,529 17,882 19,949 22,344 EBITDA 4,357 7,522 6,680 6,760 7,406 1,500 1,750 1,800 1,900 2,000 PER 11.8 5.7 7.0 7.4 6.7 PBR 2.3 1.9 1.6 1.4 1.3 EV/EBITDA 6.1 3.2 4.1 3.8 3.3 5.4 6.7 6.3 6.6 7.0 13.5 17.7 14.2 13.2 13.6 11.7 16.1 12.4 11.2 11.6 EBITDA 15.7 19.0 15.6 14.7 15.0 11.5 15.5 12.8 11.6 12.0 8.5 11.6 9.6 8.4 8.7 ROE 19.7 32.9 24.6 20.4 20.3 ROIC 18.1 32.9 23.0 18.8 18.8 30.6 39.4 31.9 29.8 27.8 0.0 0.0 0.0 0.0 0.0 259.4 178.3 195.5 221.5 246.8 () (73.7) (43.1) (58.7) (54.0) (41.4) () 1.8 2.1 1.9 1.9 1.8 9.1 9.6 8.1 8.0 8.1 25.9 27.0 22.5 22.4 22.5 24.4 25.3 22.4 22.3 22.4 7.9 9.2 9.1 7.9 6.6 : LG, 39

Oct. 25, 2005 / BUY (6M) 30,000 (10/21) 23,800 Analyst 3774-1723 shwang@miraeasset.com ( ) 17,756 () 5,000 ( ) 423 52 / () 9,850/24,000 52 Beta (KOSPI ) 1.0 (3M, ) 326 (3M, ) 6,061 (%) 2.5 04 () 200 05 () 200 05 EPS Consensus() 1,929 Consensus (%) (30.2) (%) 29.4 4.9 1M 6M 12M (%) 32.2 132.2 121.4 KOSPI (%) 33.3 106.2 77.2 () SK() KOSPI () EBITDA EPS PER PBR EV/EBITDA ROE ( ) ( ) ( ) ( ) ( ) () (%) () () () (%) 853.0 18.0 70.1 5.8 6.3 370 17.2 0.3 10.9 1.7 1,044.8 28.0 81.2 11.6 9.6 545 47.3 21.6 0.5 9.4 2.1 1,086.6 38.2 88.5 32.2 24.1 1,346 146.9 17.7 1.0 11.0 4.9 912.7 51.0 98.2 60.2 43.6 2,438 81.2 9.8 0.9 9.9 8.3 981.1 60.5 106.7 81.8 59.3 3,314 35.9 7.2 0.8 8.9 10.4 40

75.0 88.1 95.1 107.7 130.5 15.9 25.9 26.9 26.7 31.0 31.9 36.0 39.6 47.1 58.1 24.0 24.8 27.3 32.5 40.1 33.0 38.7 37.6 38.4 39.8 4.3 4.9 4.9 4.9 4.9 28.6 32.6 32.1 32.9 34.1 0.1 1.3 0.6 0.7 0.8 107.9 126.9 132.8 146.0 170.3 20.4 23.9 22.4 25.6 29.4 7.5 6.1 6.7 8.0 9.9 0.0 5.0 5.0 5.0 5.0 5.0 0.0 0.0 0.0 0.0 0.9 2.9 2.9 2.9 2.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21.3 26.8 25.2 28.5 32.3 11.2 12.3 12.3 12.3 12.3 13.5 13.7 13.7 13.7 13.7 66.9 78.5 85.9 95.9 116.4 (5.0) (4.3) (4.3) (4.3) (4.3) 86.6 100.1 107.5 117.6 138.0 5.0 5.0 5.0 5.0 5.0 (11.9) (21.0) (21.9) (21.7) (26.0) 1.8 18.8 14.0 12.5 20.3 9.4 13.9 12.6 17.7 30.5 2.2 3.4 3.9 3.8 3.9 0.0 0.0 1.1 0.5 0.6 ( ) (0.0) 0.0 (0.1) (0.1) (0.1) ( ) 0.0 0.1 0.1 0.1 0.1 ( ) (11.4) (3.8) (5.5) (11.4) (16.7) ( ) (2.8) (4.1) (3.6) (7.5) (11.0) (5.9) (0.9) (2.5) (5.2) (7.6) ( ) 2.6 (1.4) 0.6 1.3 1.9 1.8 5.1 2.0 2.0 2.0 (4.2) (3.7) (5.9) (5.1) (5.9) ( ) (1.7) 5.1 0.0 0.0 0.0 ( ) 0.0 0.9 0.0 0.0 0.0 (2.9) (7.3) (3.5) (4.6) (5.1) 0.0 0.2 0.0 0.0 0.0 ( ) (0.0) (1.3) (0.4) (0.6) (0.8) ( ) 0.1 (0.0) 0.0 0.0 0.0 0.3 (1.2) (2.0) 0.0 0.0 (0.6) (0.0) (5.2) (7.6) (10.1) ( ) 0.0 0.0 0.0 0.0 0.0 ( ) 2.2 4.3 0.0 0.0 0.0 (2.2) (2.4) (5.2) (7.6) (10.1) (0.6) (2.0) 0.0 0.0 0.0 (2.9) 15.0 3.0 (0.2) 4.3 11.8 8.9 24.0 26.9 26.7 8.9 24.0 26.9 26.7 31.0 (3.1) 7.2 9.7 6.9 14.0 : SK, 96.8 113.1 124.5 148.1 182.6 14.9 16.8 10.0 19.0 23.3 53.6 52.0 58.7 65.8 76.3 43.2 61.1 65.7 82.3 106.3 5.3 41.5 7.6 25.2 29.1 44.6 54.0 52.8 55.6 58.2 31.8 40.0 46.3 55.9 62.0 11.4 21.1 19.4 26.4 44.3 (1.6) 84.9 (8.0) 35.9 67.5 0.4 (2.6) (2.1) (2.1) (2.2) (0.4) (0.4) (0.9) (1.2) (1.1) (0.1) 0.1 0.2 0.2 0.2 0.0 (0.1) (0.1) (0.1) (0.1) 0.1 (3.0) (3.2) (3.4) (3.4) 11.8 18.5 17.3 24.4 42.1 (4.2) 56.9 (6.3) 40.5 72.7 0.0 0.0 0.0 0.0 0.0 11.8 18.5 17.3 24.4 42.1 2.4 4.6 4.8 6.7 11.6 9.4 13.9 12.6 17.7 30.5 EPS 396 589 523 711 1,230 8.1 48.9 (11.1) 35.8 73.0 EBITDA 13.6 24.6 24.4 30.8 48.7 (0.2) 80.7 (0.7) 26.1 58.3 () EPS 396 589 523 711 1,230 BPS 3,526 4,074 4,375 4,784 5,616 EBITDA 575 1,038 1,026 1,253 1,984 100 210 0 0 0 PER 18.4 21.1 25.4 18.7 10.8 PBR 2.2 3.3 3.0 2.8 2.4 EV/EBITDA 12.2 11.6 12.5 9.9 6.2 1.3 1.7 0.0 0.0 0.0 44.6 54.0 52.8 55.6 58.2 11.8 18.7 15.6 17.8 24.2 EBITDA 14.1 21.7 19.6 20.8 26.7 12.2 16.4 13.9 16.5 23.0 9.7 12.3 10.1 11.9 16.7 ROE 11.3 14.9 12.1 15.7 23.9 ROIC 10.9 16.7 13.2 16.6 24.5 24.6 26.7 23.5 24.2 23.4 0.0 0.0 0.0 0.0 0.0 368.0 369.1 425.6 420.7 443.7 () (31.0) (53.9) (21.1) (22.1) (40.7) () 0.9 1.0 1.0 1.1 1.2 3.2 3.3 3.3 3.4 3.5 4.6 4.6 4.8 5.0 5.0 15.6 16.6 19.4 20.1 20.4 1.8 1.9 1.8 1.9 2.0 : SK, 41

Oct. 25, 2005 / HOLD (6M) 90,000 (10/21) 78,900 Analyst 3774-1723 shwang@miraeasset.com ( ) 112,583 () 2,500 ( ) 8,883 52 / () 54,200/86,400 52 Beta (KOSPI ) 0.9 (3M, ) 275 (3M, ) 22,395 (%) 50.9 04 () 4,750 05 () 4,750 05 EPS Consensus() 6,700 Consensus (%) 0.8 (%) 35.1 1M 6M 12M (%) (7.5) 1.8 45.6 KOSPI (%) (6.4) (24.2) 1.4 () KOSPI () S-Oil() EBITDA EPS PER PBR EV/EBITDA ROE ( ) ( ) ( ) ( ) ( ) () (%) () () () (%) 7,904.1 387.4 563.1 373.8 255.6 3,145 36.7 8.9 2.0 7.5 15.9 10,688.7 1,225.1 1,401.9 1,343.9 941.1 11,617 269.4 5.8 3.8 5.7 46.1 11,111.6 1,022.8 1,188.9 1,062.6 766.4 6,754 (41.9) 11.7 3.5 7.7 30.1 11,217.0 939.8 1,096.6 968.8 702.4 6,177 (8.5) 12.8 3.5 8.2 26.4 11,250.6 927.1 1,075.1 994.6 721.1 6,333 2.5 12.5 3.6 8.3 27.5 42

2,364.3 3,468.9 3,895.9 4,006.8 4,075.2 495.1 1,154.0 1,497.6 1,587.6 1,649.4 698.8 852.6 886.3 894.7 897.4 938.6 1,034.0 1,074.9 1,085.1 1,088.4 2,391.7 2,076.7 2,001.4 1,928.3 1,869.1 557.8 352.7 373.9 392.0 412.9 1,831.8 1,720.8 1,624.2 1,533.0 1,453.1 2.1 3.2 3.2 3.3 3.2 4,756.0 5,545.7 5,897.3 5,935.1 5,944.3 2,317.9 2,577.0 2,713.8 2,744.0 2,842.0 965.7 963.4 1,001.5 1,011.0 1,014.0 756.4 763.3 760.8 758.2 755.7 57.1 214.8 214.1 213.4 212.7 789.5 531.3 529.6 527.9 526.2 638.2 404.6 403.2 401.9 400.5 110.7 111.7 111.3 110.9 110.5 3,107.4 3,108.3 3,243.4 3,271.9 3,368.2 284.8 291.5 291.5 291.5 291.5 815.8 861.8 861.8 861.8 861.8 804.8 1,540.4 1,756.9 1,766.3 1,679.2 (256.7) (256.4) (256.4) (256.4) (256.4) 1,648.6 2,437.3 2,653.9 2,663.2 2,576.2 1,562.4 1,494.4 1,489.4 1,484.4 1,479.4 1,067.3 340.3 (8.2) (103.2) (170.0) 466.8 1,002.4 968.0 853.7 942.9 255.6 941.1 766.4 702.4 721.1 175.6 176.6 165.9 156.6 147.8 0.1 0.2 0.2 0.2 0.3 ( ) 16.5 (65.8) 69.3 (1.0) 68.7 ( ) (1.2) (0.3) (13.8) (8.6) (11.4) ( ) 9.0 (74.7) (45.4) (21.3) (9.0) ( ) (127.7) (153.8) (33.7) (8.4) (2.7) (441.7) (95.4) (40.9) (10.2) (3.3) ( ) 496.9 (2.3) 38.1 9.5 3.0 11.1 25.4 25.5 25.5 25.5 287.8 (897.6) (104.7) (188.7) (124.2) ( ) 107.0 (861.7) (35.0) (123.0) (56.2) ( ) 0.0 0.0 0.0 0.0 0.0 (25.4) (68.7) (69.5) (65.4) (67.8) 16.1 1.6 0.2 0.0 0.0 ( ) (0.5) (0.0) (0.2) (0.3) (0.2) ( ) 2.3 1.4 (0.1) 0.0 0.0 188.3 29.8 (0.0) 0.0 0.0 (754.0) (307.6) (554.8) (698.0) (813.1) ( ) (501.3) 54.0 (5.0) (5.0) (5.0) ( ) 183.4 205.5 0.0 0.0 0.0 (183.4) (205.5) (549.8) (693.0) (808.1) (252.7) (361.6) 0.0 0.0 0.0 0.6 (202.7) 308.6 (33.0) 5.6 485.2 485.8 283.0 591.6 558.6 485.8 283.0 591.6 558.6 564.2 439.8 892.8 788.8 751.2 743.1 : S-Oil, 7,904.1 10,688.7 11,111.6 11,217.0 11,250.6 6.9 35.2 4.0 0.9 0.3 7,209.7 9,126.0 9,724.5 9,890.7 9,917.4 694.4 1,562.7 1,387.1 1,326.3 1,333.2 72.1 125.1 (11.2) (4.4) 0.5 8.8 14.6 12.5 11.8 11.9 307.0 337.6 364.3 386.5 406.2 387.4 1,225.1 1,022.8 939.8 927.1 268.1 216.2 (16.5) (8.1) (1.4) (13.6) 118.8 39.8 121.5 67.5 35.2 28.4 16.5 (0.1) (5.2) 25.2 155.9 26.9 97.4 35.6 1.2 0.3 13.8 8.6 11.4 (4.8) (9.0) 15.6 15.3 15.3 373.8 1,343.9 1,062.6 968.8 994.6 47.3 259.5 (20.9) (8.8) 2.7 0.0 0.0 0.0 0.0 0.0 373.8 1,343.9 1,062.6 968.8 994.6 118.2 402.8 296.2 266.4 273.5 255.6 941.1 766.4 702.4 721.1 EPS 3,145 11,617 6,754 6,177 6,333 36.7 269.4 (41.9) (8.5) 2.5 EBITDA 563.1 1,401.9 1,188.9 1,096.6 1,075.1 106.2 149.0 (15.2) (7.8) (2.0) () EPS 3,145 11,617 6,754 6,177 6,333 BPS 14,473 20,902 22,760 22,840 22,093 EBITDA 6,889 16,602 10,196 9,405 9,220 2,125 4,750 4,750 4,850 4,950 PER 8.9 5.8 11.7 12.8 12.5 PBR 2.0 3.8 3.5 3.5 3.6 EV/EBITDA 7.5 5.7 7.7 8.2 8.3 7.6 7.1 6.0 6.1 6.3 8.8 14.6 12.5 11.8 11.9 4.9 11.5 9.2 8.4 8.2 EBITDA 7.1 13.1 10.7 9.8 9.6 4.7 12.6 9.6 8.6 8.8 3.2 8.8 6.9 6.3 6.4 ROE 15.9 46.1 30.1 26.4 27.5 ROIC 9.5 27.3 20.0 18.0 18.1 188.5 127.5 122.2 122.9 130.7 64.7 14.0 0.0 0.0 0.0 102.0 134.6 143.6 146.0 143.4 () 11.0 43.1 62.1 (17,089.7) (179.6) () 1.7 2.1 1.9 1.9 1.9 12.5 13.8 12.8 12.6 12.6 11.0 10.8 10.5 10.4 10.4 11.0 11.1 11.3 11.2 11.1 (40.9) 22.8 10.7 9.2 9.0 : S-Oil, 43

Oct. 25, 2005 / BUY (6M) 28,000 (10/21) 25,100 Analyst 3774-1723 shwang@miraeasset.com ( ) 92,915 () 5,000 ( ) 2,332 52 / () 21,350/28,450 52 Beta (KOSPI ) 0.8 (3M, ) 692 (3M, ) 17,316 (%) 24.4 04 () 500 05 () 500 05 EPS Consensus() 3,541 Consensus (%) 1.5 (%) 50.7 1M 6M 12M (%) (6.0) 9.8 7.5 KOSPI (%) (4.9) (16.2) (36.7) () GS () KOSPI () EBITDA EPS PER PBR EV/EBITDA ROE ( ) ( ) ( ) ( ) ( ) () (%) () () () (%) 273.9 260.7 264.0 264.4 241.5 2,594-8.6 1.1 9.4 24.9 377.3 328.9 332.2 386.0 334.3 3,592 38.5 7.0 1.1 7.6 16.1 321.0 266.3 269.7 333.3 287.4 3,087 (14.1) 8.1 1.0 9.0 12.3 371.4 309.6 312.9 303.0 219.7 2,356 (23.7) 10.7 0.9 7.9 8.6 44

23.5 155.7 213.6 151.5 26.9 155.4 213.3 151.2 2,641.0 2,629.7 2,743.3 2,893.2 2,581.3 2,567.5 2,684.2 2,836.9 388.0 390.3 387.0 383.8 (328.2) (328.1) (327.9) (327.6) 2,664.6 2,785.4 2,956.9 3,044.7 124.1 92.0 77.3 76.1 20.0 15.1 12.7 12.5 99.7 75.4 63.3 62.1 603.4 469.5 415.9 342.3 292.3 220.9 185.6 182.2 18.1 13.7 11.5 11.3 727.5 561.5 493.2 418.4 473.5 473.5 473.5 473.5 1,298.9 1,298.9 1,298.9 1,298.9 241.5 528.4 768.3 930.8 (76.9) (76.9) (76.9) (76.9) 1,937.0 2,223.9 2,463.7 2,626.3 430.0 325.0 273.0 268.0 365.5 169.7 59.8 116.8 (10.1) 261.1 258.9 135.2 241.5 334.3 287.4 219.7 3.2 3.2 3.2 3.2 0.1 0.1 0.1 0.1 ( ) ( ) (262.6) (339.6) (288.9) (334.2) ( ) 16.8 262.7 177.9 167.3 ( ) ( ) -9.1 0.4 79.2 79.1 (4.6) 18.8 (101.4) (135.2) ( ) (0.8) (1.0) 0.0 0.0 ( ) 0.0 0.0 0.0 0.0 (297.8) (5.5) 0.0 0.0 145.9 0.0 0.0 0.0 ( ) (0.7) (0.2) (0.3) (0.4) ( ) (0.3) 25.5 (101.1) (134.8) 149.1 0.0 0.0 0.0 (0.6) (152.4) (99.6) (62.1) ( ) (221.2) (105.0) (52.0) (5.0) ( ) 254.4 0.0 0.0 0.0 (255.0) (47.4) (47.6) (57.1) 221.2 0.0 0.0 0.0 (15.3) 127.5 57.9 (62.1) 35.3 20.1 147.5 205.4 20.1 147.5 205.4 143.4 105.7 545.2 410.6 394.7 : GS, 273.9 377.3 321.0 371.4 37.8 (14.9) 15.7 13.2 48.4 54.6 61.7 260.7 328.9 266.3 309.6 26.2 (19.0) 16.3 253.7 (21.6) 205.2 (6.6) 8.1 12.8 5.9 3.0 - - - - 261.8 (18.8) 211.1 (3.6) 264.4 386.0 333.3 303.0 46.0 (13.7) (9.1) 0.0 0.0 0.0 0.0 264.4 386.0 333.3 303.0 22.9 51.7 45.8 83.3 241.5 334.3 287.4 219.7 EPS 2,594 3,592 3,087 2,356 38.5 (14.1) (23.7) EBITDA 264.0 332.2 269.7 312.9 25.8 (18.8) 16.0 () EPS 2,594 3,592 3,087 2,356 BPS 20,454 23,484 26,016 27,733 EBITDA 2,789 3,508 2,848 3,304 500 500 600 700 PER 8.6 7.0 8.1 10.7 PBR 1.1 1.1 1.0 0.9 EV/EBITDA 9.4 7.6 9.0 7.9 2.2 2.0 2.4 2.8 - - - - 95.2 87.2 83.0 83.4 EBITDA 96.4 88.0 84.0 84.3 96.5 102.3 103.8 81.6 88.2 88.6 89.5 59.1 ROE 24.9 16.1 12.3 8.6 ROIC 1,155.8 221.2 94.2 94.0 37.6 25.2 20.0 15.9 18.9 7.6 2.4 4.5 18.9 169.2 276.3 199.1 () 32.3 25.7 44.9 103.6 () 0.2 0.1 0.1 0.1 - - - - - - - - - - - - - - - - : GS, 45

Oct. 25, 2005 / HOLD (6M) 60,000 (10/21) 54,400 Analyst 3774-1723 shwang@miraeasset.com ( ) 31,860 () 5,000 ( ) 1,733 52 / () 38,800/60,000 52 Beta (KOSPI ) 1.2 (3M, ) 219 (3M, ) 11,139 (%) 41.4 04 () 1,000 05 () 1,000 05 EPS Consensus() 17,031 Consensus (%) 6.3 (%) 57.3 8.1 1M 6M 12M (%) 11.0 15.1 29.8 KOSPI (%) 12.1 (10.9) (14.4) () () KOSPI () EBITDA EPS PER PBR EV/EBITDA ROE ( ) ( ) ( ) ( ) ( ) () (%) () () () (%) 1,460.3 172.0 328.0 282.6 210.7 6,612 253.8 9.3 2.0 6.8 21.2 1,952.1 385.5 558.3 672.8 535.3 16,800 154.1 2.9 1.1 2.9 39.6 2,080.8 330.6 486.0 680.3 576.7 18,101 7.7 3.0 0.8 3.1 30.6 2,036.7 222.5 348.1 569.1 412.6 12,951 (28.5) 4.2 0.7 3.9 17.6 1,965.4 88.2 199.5 445.0 322.7 10,127 (21.8) 5.4 0.6 6.7 12.1 46

404.4 648.5 975.6 1,095.7 1,087.9 40.7 142.0 436.3 567.6 578.0 239.0 315.6 336.4 329.3 317.7 105.6 168.9 180.0 176.2 170.0 1,286.3 1,669.8 1,903.4 2,162.6 2,440.5 554.0 1,028.8 1,365.5 1,685.5 2,005.5 729.6 633.1 537.6 477.1 435.0 2.7 7.9 0.2 0.0 0.0 1,690.4 2,318.3 2,879.0 3,258.3 3,528.4 304.4 333.6 354.4 358.0 358.2 123.4 197.1 210.1 205.6 198.4 0.0 0.0 0.0 0.0 0.0 114.1 0.0 0.0 0.0 0.0 291.9 374.2 369.2 364.2 359.2 196.2 198.0 193.0 188.0 183.0 0.0 0.0 0.0 0.0 0.0 596.4 707.8 723.7 722.3 717.4 159.3 159.3 159.3 159.3 159.3 473.6 473.6 473.6 473.6 473.6 449.9 965.4 1,510.2 1,891.0 2,165.8 11.2 12.2 12.2 12.2 12.2 1,094.1 1,610.5 2,155.3 2,536.1 2,811.0 310.3 198.0 193.0 188.0 183.0 269.1 55.9 (243.3) (379.7) (395.0) 319.4 501.9 390.5 233.1 132.3 210.7 535.3 576.7 412.6 322.7 155.6 170.2 147.6 125.4 111.3 0.3 2.6 7.7 0.2 0.0 ( ) (1.0) 2.6 2.3 2.4 1.7 ( ) (142.2) (287.1) (329.2) (319.6) (319.6) ( ) 65.0 63.9 (19.9) 6.8 11.0 ( ) (38.4) (76.6) (20.8) 7.1 11.5 20.5 (63.3) (11.1) 3.8 6.2 ( ) 23.1 73.7 13.0 (4.5) (7.2) 31.0 14.4 5.2 5.2 5.2 (354.1) (359.7) (60.3) (87.9) (101.2) ( ) 1.2 (89.3) (1.0) (23.0) (32.0) ( ) 0.0 0.6 0.0 0.0 0.0 (51.9) (88.0) (54.6) (64.8) (69.1) 0.0 3.0 2.4 0.0 0.0 ( ) (0.0) 0.0 (0.0) (0.0) (0.0) ( ) (303.3) (186.2) (7.1) 0.0 0.0 (0.0) 0.2 0.0 (0.0) 0.0 26.5 (130.2) (36.9) (36.9) (52.8) ( ) 34.4 (114.3) (5.0) (5.0) (5.0) ( ) 8.0 15.9 0.0 0.0 0.0 (8.0) (15.9) (31.9) (31.9) (47.8) (8.0) (15.9) 0.0 0.0 0.0 (8.2) 12.0 293.3 108.4 (21.6) 15.2 7.0 18.9 312.3 420.6 7.0 18.9 312.3 420.6 399.0 297.2 438.9 363.5 228.8 117.1 :, 1,460.3 1,952.1 2,080.8 2,036.7 1,965.4 18.8 33.7 6.6 (2.1) (3.5) 1,218.6 1,485.2 1,646.8 1,700.5 1,754.9 241.7 466.9 434.0 336.2 210.5 92.7 93.2 (7.0) (22.5) (37.4) 16.6 23.9 20.9 16.5 10.7 69.7 81.4 103.3 113.7 122.2 172.0 385.5 330.6 222.5 88.2 216.5 124.1 (14.2) (32.7) (60.3) 110.5 287.3 349.6 346.6 356.8 15.3 11.3 (2.3) (12.3) (19.0) (2.4) 1.9 1.0 (0.8) 2.7 142.2 287.1 329.2 319.6 319.6 (13.9) 9.6 17.1 15.5 15.5 282.6 672.8 680.3 569.1 445.0 307.1 138.1 1.1 (16.3) (21.8) 0.0 45.4 0.0 0.0 0.0 282.6 718.2 680.3 569.1 445.0 71.9 183.0 103.6 156.5 122.4 210.7 535.3 576.7 412.6 322.7 EPS 6,612 16,800 18,101 12,951 10,127 253.8 154.1 7.7 (28.5) (21.8) EBITDA 328.0 558.3 486.0 348.1 199.5 58.3 70.2 (13.0) (28.4) (42.7) () EPS 6,612 16,800 18,101 12,951 10,127 BPS 34,339 50,550 67,651 79,601 88,228 EBITDA 10,294 17,523 15,253 10,925 6,262 500 1,000 1,000 1,100 1,200 PER 9.3 2.9 3.0 4.2 5.4 PBR 2.0 1.1 0.8 0.7 0.6 EV/EBITDA 6.8 2.9 3.1 3.9 6.7 0.8 2.1 1.8 2.0 2.2 16.6 23.9 20.9 16.5 10.7 11.8 19.7 15.9 10.9 4.5 EBITDA 22.5 28.6 23.4 17.1 10.2 19.4 34.5 32.7 27.9 22.6 14.4 27.4 27.7 20.3 16.4 ROE 21.2 39.6 30.6 17.6 12.1 ROIC 12.9 30.2 26.5 13.6 5.4 54.5 43.9 33.6 28.5 25.5 24.6 3.5 0.0 0.0 0.0 132.8 194.4 275.3 306.0 303.7 () 11.3 34.2 (142.4) (18.1) (4.7) () 1.0 1.0 0.8 0.7 0.6 6.6 7.0 6.4 6.1 6.1 12.6 14.2 11.9 11.4 11.4 13.1 12.2 10.2 9.8 9.7 14.6 9.4 4.5 3.0 2.7 :, 47

Oct. 25, 2005 / HOLD ( ) 99,881 () 5,000 ( ) 1,184 52 / () 8,630/14,200 52 Beta (KOSPI ) 1.2 (3M, ) 1,012 (3M, ) 12,610 (%) 35.7 04 () 300 05 () 300 05 EPS Consensus() 3,743 Consensus (%) (11.3) (%) ) 30.4 14.4 1M 6M 12M (%) (3.3) (2.1) 34.2 KOSPI (%) (2.2) (28.1) (10.0) (6M) 14,000 (10/21) 11,850 Analyst 3774-1723 shwang@miraeasset.com () () KOSPI () EBITDA EPS PER PBR EV/EBITDA ROE ( ) ( ) ( ) ( ) ( ) () (%) () () () (%) 1,553.1 126.3 223.7 225.4 156.1 1,584 404.2 7.2 1.0 11.0 14.3 2,011.1 271.3 375.3 365.3 300.2 3,006 89.8 3.5 0.8 6.2 23.8 2,187.6 256.3 357.1 426.8 331.8 3,319 10.4 3.6 0.7 6.8 21.8 2,222.8 217.5 316.3 356.8 258.7 2,586 (22.1) 4.6 0.6 7.7 14.5 2,311.7 237.1 334.6 367.7 266.6 2,663 3.0 4.4 0.6 7.3 13.2 48

406.4 491.7 571.4 570.8 576.0 39.1 8.9 48.0 39.0 23.2 232.8 297.2 323.3 328.5 341.6 109.2 151.7 165.1 167.7 174.4 2,457.3 2,626.6 2,894.1 3,137.3 3,397.4 1,284.4 1,489.4 1,780.2 2,038.2 2,314.9 1,167.5 1,132.4 1,109.0 1,094.5 1,078.1 5.4 4.7 4.9 4.6 4.4 2,863.8 3,118.2 3,465.6 3,708.0 3,973.3 852.5 1,177.3 1,225.0 1,239.2 1,278.5 200.9 297.9 324.0 329.2 342.4 308.8 371.9 370.5 370.5 370.5 280.1 434.9 433.2 433.2 433.2 868.0 566.4 564.5 564.5 564.5 635.8 362.4 361.0 361.0 361.0 125.5 116.0 115.5 115.5 115.5 1,720.4 1,743.6 1,789.5 1,803.7 1,843.0 505.0 505.0 505.0 505.0 505.0 271.4 269.6 269.6 269.6 269.6 169.6 434.2 735.7 963.9 1,189.9 197.3 165.8 165.8 165.8 165.8 1,143.3 1,374.6 1,676.1 1,904.3 2,130.3 1,350.2 1,285.2 1,280.2 1,280.2 1,280.2 1,310.9 1,275.2 1,232.2 1,241.2 1,257.0 52.6 249.4 150.9 106.9 125.9 156.1 300.2 331.8 258.7 266.6 96.6 103.1 100.0 97.9 96.6 0.8 0.9 0.8 0.9 0.8 ( ) 1.5 (20.4) 2.0 (13.7) 3.5 ( ) (236.8) (221.8) (286.8) (252.4) (252.4) ( ) (19.9) 19.2 (15.6) (3.1) (7.9) ( ) (51.7) (64.4) (26.1) (5.2) (13.1) 3.3 (42.6) (13.3) (2.7) (6.7) ( ) (22.1) 96.9 26.1 5.2 13.2 54.2 68.1 18.6 18.7 18.7 10.4 (177.9) (77.5) (85.5) (101.1) ( ) (13.1) 18.3 (1.0) 0.0 0.0 ( ) 19.1 (0.9) 0.0 0.0 0.0 (92.9) (79.9) (77.4) (83.4) (80.2) 0.3 0.1 0.8 0.0 0.0 ( ) (0.3) (0.4) (1.0) (0.6) (0.6) ( ) 90.2 (159.2) 1.1 (1.5) (20.2) 7.1 44.2 0.0 0.0 0.0 (52.9) (83.2) (35.4) (30.5) (40.6) ( ) (46.1) (59.2) (5.0) 0.0 0.0 ( ) 0.0 27.3 0.0 0.0 0.0 0.0 (15.5) (30.4) (30.5) (40.6) (6.8) (35.9) 0.0 0.0 0.0 10.1 (11.8) 38.1 (9.0) (15.8) 6.4 16.5 4.7 42.8 33.8 16.5 4.7 42.8 33.8 18.0 72.2 265.9 206.9 169.4 180.6 :, 1,553.1 2,011.1 2,187.6 2,222.8 2,311.7 (0.9) 29.5 8.8 1.6 4.0 1,284.5 1,580.7 1,754.3 1,824.5 1,890.2 268.7 430.4 433.3 398.3 421.5 2.5 60.2 0.7 (8.1) 5.8 17.3 21.4 19.8 17.9 18.2 142.4 159.1 177.0 180.8 184.4 126.3 271.3 256.3 217.5 237.1 1.4 114.9 (5.5) (15.1) 9.0 99.1 94.0 170.5 160.3 130.5 105.6 97.1 63.2 49.6 62.1 (1.4) 24.2 4.5 21.9 4.6 236.8 221.8 286.8 252.4 252.4 (30.7) (54.9) (57.6) (64.4) (64.4) 225.4 365.3 426.8 356.8 367.7 157.1 62.1 16.8 (16.4) 3.0 0.0 0.0 0.0 0.0 0.0 225.4 365.3 426.8 356.8 367.7 69.3 65.1 94.9 98.1 101.1 156.1 300.2 331.8 258.7 266.6 EPS 1,584 3,006 3,319 2,586 2,663 404.2 89.8 10.4 (22.1) 3.0 EBITDA 223.7 375.3 357.1 316.3 334.6 3.3 67.8 (4.9) (11.4) 5.8 () EPS 1,584 3,006 3,319 2,586 2,663 BPS 11,319 13,609 16,594 18,854 21,091 EBITDA 2,241 3,719 3,536 3,131 3,312 150 300 300 300 400 PER 7.2 3.5 3.6 4.6 4.4 PBR 1.0 0.8 0.7 0.6 0.6 EV/EBITDA 11.0 6.2 6.8 7.7 7.3 1.3 2.9 0.0 0.0 0.0 17.3 21.4 19.8 17.9 18.2 8.1 13.5 11.7 9.8 10.3 EBITDA 14.4 18.7 16.3 14.2 14.5 14.5 18.2 19.5 16.1 15.9 10.1 14.9 15.2 11.6 11.5 ROE 14.3 23.8 21.8 14.5 13.2 ROIC 6.9 17.3 15.8 12.6 14.2 150.5 126.8 106.8 94.7 86.5 114.7 92.8 73.5 65.2 59.0 47.7 41.8 46.6 46.1 45.0 () 1.2 2.8 4.1 4.4 3.8 () 0.5 0.7 0.7 0.6 0.6 7.5 7.6 7.1 6.8 6.9 14.0 15.4 13.8 13.4 13.5 7.3 8.1 7.0 6.8 6.9 (3.4) (3.6) (3.3) (3.4) (3.4) :, 49

Oct. 25, 2005 / HOLD (6M) 35,000 (10/21) 31,300 Analyst 3774-1723 shwang@miraeasset.com ( ) 8,200 () 5,000 ( ) 257 52 / () 13,950/39,200 52 Beta (KOSPI ) 1.0 (3M, ) 27 (3M, ) 785 (%) 4.4 04 () 1,000 05 () 1,500 05 EPS Consensus() 7,100 Consensus (%) 2.4 (%) 30.6 22.9 7.1 1M 6M 12M (%) (1.3) 26.5 124.4 KOSPI (%) (0.2) 0.4 80.2 () () KOSPI () EBITDA EPS PER PBR EV/EBITDA ROE ( ) ( ) ( ) ( ) ( ) () (%) () () () (%) 769.8 37.9 77.6 14.2 10.2 1,441 18.3 5.8 0.2 3.9 3.2 1,011.7 103.7 145.5 102.7 77.4 10,968 661.0 1.6 0.4 2.4 21.7 1,069.4 77.7 119.4 80.2 59.6 7,267 (33.7) 4.3 0.6 3.1 14.3 1,042.7 46.1 86.0 47.2 34.2 4,176 (42.5) 7.5 0.6 3.9 7.5 1,056.3 39.5 78.5 47.2 34.2 4,176 (0.0) 7.5 0.5 3.8 7.2 50

209.2 256.2 343.4 349.6 356.4 38.8 34.0 119.0 130.6 134.7 50.5 65.0 68.7 67.0 67.9 91.1 108.8 115.0 112.2 113.6 505.6 486.8 462.9 454.2 452.2 50.1 31.3 28.7 29.4 30.1 455.5 455.5 434.2 424.8 422.1 0.0 0.0 0.0 0.0 0.0 714.8 743.0 806.3 803.8 808.6 299.3 265.9 277.8 263.3 257.8 60.1 60.3 63.8 62.2 63.0 155.2 143.3 143.3 125.1 105.5 45.3 14.9 14.9 13.0 11.0 95.4 84.7 84.7 74.7 63.9 0.0 14.7 14.7 12.9 10.9 68.9 64.0 64.0 55.9 47.1 394.7 350.6 362.6 338.0 321.8 41.0 41.0 41.0 41.0 41.0 275.0 280.1 280.1 280.1 280.1 15.6 89.5 140.9 162.8 183.9 (11.5) (18.2) (18.2) (18.2) (18.2) 320.1 392.4 443.8 465.7 486.8 269.4 236.9 236.9 206.9 174.4 230.6 193.3 117.9 76.3 39.7 50.9 54.6 110.3 84.4 85.9 10.2 77.4 59.6 34.2 34.2 39.6 41.8 41.8 39.8 38.9 0.0 0.0 0.0 0.0 0.0 ( ) 1.9 (10.4) 1.7 (9.3) (1.0) ( ) 0.6 0.5 (0.6) (0.6) (0.6) ( ) (23.0) (79.8) (8.5) 3.9 (2.0) ( ) (5.6) (14.5) (3.7) 1.7 (0.9) (8.2) (17.7) (6.2) 2.9 (1.5) ( ) 27.1 0.2 3.4 (1.6) 0.8 21.4 25.1 16.3 16.4 16.4 13.0 (28.1) (29.2) (40.5) (47.4) ( ) 26.5 4.0 (12.0) (10.0) (11.2) ( ) 0.0 0.0 0.0 0.0 0.0 (13.4) (40.2) (37.8) (30.5) (36.2) 0.2 0.0 17.4 0.0 0.0 ( ) 0.0 0.0 0.0 0.0 0.0 ( ) (0.5) 9.1 3.2 0.0 0.0 0.3 (1.0) 0.0 0.0 0.0 (45.0) (27.2) (8.2) (42.3) (45.6) ( ) (41.2) (22.0) 0.0 (30.0) (32.5) ( ) 3.6 3.5 0.0 0.0 0.0 (3.6) (3.5) (8.2) (12.3) (13.1) (3.8) (5.3) 0.0 0.0 0.0 18.8 (0.8) 73.0 1.6 (7.1) 15.0 33.8 33.0 106.0 107.6 33.8 33.0 106.0 107.6 100.5 30.7 (0.1) 70.6 46.7 29.5 :, 769.8 1,011.7 1,069.4 1,042.7 1,056.3 26.5 31.4 5.7 (2.5) 1.3 690.4 863.8 946.1 947.0 965.9 79.4 147.9 123.3 95.7 90.3 41.7 86.3 (16.6) (22.4) (5.6) 10.3 14.6 11.5 9.2 8.6 41.5 44.2 45.7 49.6 50.8 37.9 103.7 77.7 46.1 39.5 68.8 173.4 (25.1) (40.6) (14.4) (23.7) (1.0) 2.5 11.8 7.7 16.0 10.8 9.1 9.2 3.8 (0.4) 12.4 8.3 21.6 12.2 (0.6) (0.5) 0.6 0.6 0.6 (6.7) (2.1) 2.8 (1.2) (1.4) 14.2 102.7 80.2 47.2 47.2 12.3 622.7 (21.9) (41.1) (0.0) 0.0 0.0 0.0 0.0 0.0 14.2 102.7 80.2 47.2 47.2 4.0 25.3 20.6 13.0 13.0 10.2 77.4 59.6 34.2 34.2 EPS 1,441 10,968 7,267 4,176 4,176 18.3 661.0 (33.7) (42.5) (0.0) EBITDA 77.6 145.5 119.4 86.0 78.5 24.6 87.5 (17.9) (28.0) (8.7) () EPS 1,441 10,968 7,267 4,176 4,176 BPS 39,040 47,853 54,120 56,796 59,371 EBITDA 10,920 20,620 14,566 10,482 9,570 500 1,000 1,500 1,600 1,700 PER 5.8 1.6 4.3 7.5 7.5 PBR 0.2 0.4 0.6 0.6 0.5 EV/EBITDA 3.9 2.4 3.1 3.9 3.8 6.0 5.5 4.8 5.1 5.4 10.3 14.6 11.5 9.2 8.6 4.9 10.3 7.3 4.4 3.7 EBITDA 10.1 14.4 11.2 8.2 7.4 1.8 10.2 7.5 4.5 4.5 1.3 7.6 5.6 3.3 3.2 ROE 3.2 21.7 14.3 7.5 7.2 ROIC 4.7 13.5 9.2 5.1 4.5 123.3 89.4 81.7 72.6 66.1 72.0 49.3 26.6 16.4 8.2 69.9 96.3 123.6 132.8 138.3 () 2.4 9.6 8.5 5.0 10.4 () 1.1 1.4 1.4 1.3 1.3 16.2 17.5 16.0 15.4 15.7 8.9 10.1 9.6 9.2 9.4 16.5 16.8 17.2 16.6 16.9 (8.5) (20.3) 38.3 13.7 11.4 자료: 대한유화, 미래에셋증권 리서치센터 추정 51

Oct. 25, 2005 / HOLD (6M) 6,500 (10/21) 5,710 Analyst 3774-1723 shwang@miraeasset.com ( ) 97,170 () 5,000 ( ) 555 52 / () 3,880/7,050 52 Beta (KOSPI ) 1.2 (3M, ) 666 (3M, ) 4,154 (%) 1.0 04 () 0 05 () 500 05 EPS Consensus() 1,186 Consensus (%) (28.7) (%) 52.5 1M 6M 12M (%) (7.0) 5.4 47.2 KOSPI (%) (5.9) (20.7) 2.9 () KOSPI () () EBITDA EPS PER PBR EV/EBITDA ROE ( ) ( ) ( ) ( ) ( ) () (%) () () () (%) 1,115.2 30.6 133.1 9.3 6.9 73 (86.1) 28.0 0.4 4.8 1.5 1,512.8 123.2 224.3 109.7 69.2 727 893.4 6.8 1.0 3.8 14.0 1,537.5 110.2 199.6 112.8 82.2 846 16.4 6.7 0.9 3.9 14.4 1,541.1 44.1 122.8 50.0 36.2 373 (55.9) 15.3 0.9 5.9 6.0 1,607.4 44.1 114.1 41.7 30.2 311 (16.6) 18.4 1.0 6.3 5.2 52

308.9 404.6 556.8 577.6 586.5 34.3 72.6 219.9 240.1 236.2 70.4 93.1 94.6 94.9 98.9 172.1 194.9 198.1 198.5 207.1 758.8 738.1 677.6 636.9 610.1 41.3 103.5 119.2 140.2 165.2 717.5 634.7 558.4 496.7 444.9 0.0 0.0 0.0 0.0 0.0 1,067.7 1,142.8 1,234.3 1,214.6 1,196.6 357.5 603.9 613.2 604.8 613.6 76.2 87.0 88.4 88.6 92.5 235.2 447.7 437.2 411.9 396.9 0.0 0.0 0.0 0.0 0.0 249.5 9.1 9.1 9.1 9.1 0.0 0.0 0.0 0.0 0.0 246.1 0.0 0.0 0.0 0.0 607.0 612.9 622.3 613.8 622.6 474.1 485.8 485.8 485.8 485.8 0.0 0.0 0.0 0.0 0.0 17.3 69.2 151.4 140.1 113.3 (30.7) (25.2) (25.2) (25.2) (25.2) 460.8 529.8 612.1 600.8 574.0 481.2 447.7 437.2 411.9 396.9 446.9 375.2 217.3 171.8 160.8 98.2 142.1 171.0 110.3 87.3 6.9 69.2 82.2 36.2 30.2 102.5 101.1 89.4 78.7 70.0 0.0 0.0 0.0 0.0 0.0 ( ) 0.9 3.7 8.8 7.4 10.8 ( ) (0.1) (28.8) (10.7) (16.2) (19.3) ( ) (17.5) (59.8) (3.4) (0.5) (9.0) ( ) 5.9 (22.7) (1.5) (0.2) (4.1) (45.5) (22.8) (3.2) (0.5) (8.5) ( ) 17.1 10.8 1.4 0.2 3.8 5.4 56.7 4.6 4.6 4.6 (9.7) (81.0) (17.7) (21.9) (24.3) ( ) 7.2 (4.6) (4.5) (4.6) (5.0) ( ) 0.0 0.0 0.0 0.0 0.0 (13.4) (18.8) (18.8) (17.0) (18.2) 0.1 0.0 5.6 0.0 0.0 ( ) 0.0 0.0 0.0 0.0 0.0 ( ) (0.1) (3.9) (0.0) (0.3) (1.1) (3.4) (53.7) 0.0 0.0 0.0 (102.1) (27.5) (10.5) (72.8) (72.0) ( ) (102.2) (27.4) (10.5) (25.3) (15.0) ( ) 0.0 (0.1) 0.0 0.0 0.0 0.0 0.0 0.0 (47.5) (57.0) 0.1 0.0 0.0 0.0 0.0 (13.7) 33.7 142.9 15.6 (9.0) 32.3 18.6 52.3 195.2 210.7 18.6 52.3 195.2 210.7 201.8 94.5 105.2 153.3 93.2 74.7 :, 1,115.2 1,512.8 1,537.5 1,541.1 1,607.4 3.2 35.7 1.6 0.2 4.3 1,024.3 1,315.7 1,359.3 1,425.1 1,485.0 90.8 197.1 178.2 116.0 122.4 (7.4) 117.0 (9.6) (34.9) 5.5 8.1 13.0 11.6 7.5 7.6 60.3 73.9 68.0 71.8 78.3 30.6 123.2 110.2 44.1 44.1 (37.8) 302.9 (10.5) (60.0) (0.1) (21.2) (13.5) 2.6 12.3 (2.4) 23.6 19.7 (1.0) (4.1) 8.6 0.5 22.3 (0.1) 4.1 (1.0) 0.1 28.8 10.7 16.2 19.3 1.7 (44.9) (9.0) (12.1) (12.1) 9.3 109.7 112.8 50.0 41.7 (82.1) 1,075.5 2.8 (55.7) (16.6) 0.0 (6.6) 0.0 0.0 0.0 9.3 103.1 112.8 50.0 41.7 2.4 33.9 30.6 13.7 11.5 6.9 69.2 82.2 36.2 30.2 EPS 73 727 846 373 311 (86.1) 893.4 16.4 (55.9) (16.6) EBITDA 133.1 224.3 199.6 122.8 114.1 (11.3) 68.5 (11.0) (38.5) (7.1) () EPS 73 727 846 373 311 BPS 4,859 5,453 6,299 6,183 5,907 EBITDA 1,404 2,357 2,055 1,264 1,174 0 0 500 600 700 PER 28.0 6.8 6.7 15.3 18.4 PBR 0.4 1.0 0.9 0.9 1.0 EV/EBITDA 4.8 3.8 3.9 5.9 6.3 0.0 0.0 8.8 10.5 12.3 8.1 13.0 11.6 7.5 7.6 2.7 8.1 7.2 2.9 2.7 EBITDA 11.9 14.8 13.0 8.0 7.1 0.8 7.3 7.3 3.2 2.6 0.6 4.6 5.3 2.4 1.9 ROE 1.5 14.0 14.4 6.0 5.2 ROIC 2.4 9.3 8.8 3.5 3.8 131.7 115.7 101.7 102.2 108.5 97.0 70.8 35.5 28.6 28.0 86.4 67.0 90.8 95.5 95.6 () 1.3 6.3 (108.4) (10.9) 5.1 () 1.0 1.4 1.3 1.3 1.3 15.2 18.5 16.4 16.3 16.6 7.5 8.2 7.8 7.8 7.9 16.5 18.5 17.5 17.4 17.8 (18.5) (12.2) (12.0) (36.9) (59.3) :, 53

54

55

± ± ± 1% Buy Hold Reduce Not Rated Strong Buy Buy Mkt.Perm Und.Perm Buy Hold Reduce Not Rated Strong Buy Buy Mkt.Perm Und.Perm 56

Buy Hold Reduce Not Rated Strong Buy Buy Mkt.Perm Und.Perm Buy Hold Reduce Not Rated Strong Buy Buy Mkt.Perm Und.Perm Buy Hold Reduce Not Rated Strong Buy Buy Mkt.Perm Und.Perm 57

Buy Hold Reduce Not Rated Strong Buy Buy Mkt.Perm Und.Perm Buy Hold Reduce Not Rated Strong Buy Buy Mkt.Perm Und.Perm Buy Hold Reduce Not Rated Strong Buy Buy Mkt.Perm Und.Perm Buy Hold Reduce Not Rated Strong Buy Buy Mkt.Perm Und.Perm 58

Buy Hold Reduce Not Rated Strong Buy Buy Mkt.Perm Und.Perm Buy Hold Reduce Not Rated Strong Buy Buy Mkt.Perm Und.Perm Buy Hold Reduce Not Rated Strong Buy Buy Mkt.Perm Und.Perm 59