Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 6,000 KOSQI( 우 ) KOSPI 화학 ( 좌 ) (p) 2, ($/bbl) 60 WTI Dubai 5,700 5,400 5,100 4, 4, 2,400 2,300 2,200 2,100 2,0

1. News Summary (3 page) 2017 년 11 월 8 일 News WTI comment 차익실현매물에숨고르기 WTI 0.3% Conclusion Headline 당진석탄화력 1 2 호기 LNG 발전소로바꾼다석탄대비 LNG 발전비용이높아한국전력요금기저가올라갈수있음 News 1. KOGAS, 예맨 LNG 플랜트사업 ' 답보 ' 주주대여금지급연기내전종료가가시권에들어오기전까지는지급연기가지속될전망 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 57.2 (0.3) 5.2 12.3 16.3 27.2 Ethylene 11/06 $/t 1,130 (3.8) (10.0) 15.9 13.6 Dubai $/bbl 62.4 3.0 7.0 15.4 21.8 45.5 Propylene 11/06 $/t 808 1.6 (3.3) 5.9 17.5 Gasoline $/bbl 77.5 2.2 6.5 12.4 14.5 34.0 Benzene 11/06 $/t 810 0.9 0.6 9.1 23.7 Diesel $/bbl 73.6 2.5 3.4 9.8 15.4 30.5 Toluene 11/06 $/t 690 (0.7) (1.4) 8.7 4.5 Complex margin $/bbl 7.6 (0.2) (0.7) (0.5) (0.8) (1.5) Xylene 11/06 $/t 655 0.4 (0.4) 5.2 0.8 $/bbl 15.6 1.2 4.6 6.5 3.0 13.7 PP 11/06 $/t 1,148 (1.7) (1.7) 7.0 11.4 Petrochemical % % % % % PVC 11/06 $/t 890 (2.2) (6.1) 3.5 (4.3) Naphtha $/t 587 (0.1) 4.1 12.7 26.5 39.8 ABS 11/06 $/t 1,920 (1.5) (6.8) 5.5 31.5 Butadiene $/t 945 0.0 (0.5) (27.3) 3.8 (31.8) SBR 11/06 $/t 1,700 (2.9) (6.6) 14.1 (10.5) HDPE $/t 1,250 0.8 0.8 7.3 11.6 6.8 SM 11/06 $/t 1,210 (0.6) (10.4) 3.2 14.4 MEG $/t 915 0.5 1.9 3.6 4.0 31.8 BPA 11/06 $/t 1,685 0.0 8.0 9.4 14.2 PX $/t 887 1.1 5.5 6.7 8.5 15.6 Caustic 11/06 $/t 598 8.7 23.6 29.3 63.8 SM $/t 1,228 3.3 5.9 1.5 10.6 13.4 2-EH 11/06 $/t 0.0 1.0 3.1 26.6 Commodity % % % % % Caprolactam 11/06 $/t 2,170 4.8 18.6 25.4 52.3 Natural Gas $/mmbtu 3.15 0.6 8.8 2.6 2.0 0.9 Solar % % % % Natural rubber $/t 1,430 (1.4) 2.9 0.7 (3.4) (8.9) Polysilicon 11/01 $/kg 16.7 0.0 0.1 8.7 18.5 Cotton C/lbs 68.1 (1.1) (0.5) (1.3) (5.3) (1.0) Module 11/01 $/W 0.32 (0.3) (0.9) (3.1) (20.2) * 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 83.6 (0.2) 0.3 2.3 4.3 (2.2) BASF EUR 96.3 (1.1) 2.4 7.1 18.0 23.0 Shell EUR 2,450 (0.3) 3.6 6.6 11.5 19.2 DowDuPont USD 71.1 1.3 (1.6) (0.1) 11.4 32.6 Petrochina CNY 8.59 2.5 3.9 7.5 4.9 17.8 SABIC SAR 98.6 (1.8) (0.7) (3.0) 0.9 15.8 Gazprom RUB 132.3 5.1 5.1 7.1 10.7 (4.5) Formosa Pla. TWD 92.7 1.0 0.9 0.8 (0.3) 8.4 Petrobras BRL 16.5 (5.3) (1.6) 5.2 21.8 (4.1) Shin-Etsu JPY 12,510 1.5 5.0 23.8 24.9 58.0 Refinery Renewable Phillips66 USD 94.6 0.1 3.8 1.9 11.2 18.3 Wacker EUR 138.5 (1.7) 3.4 20.2 30.1 72.2 Valero USD 81.8 0.5 3.7 6.0 20.3 39.8 First Solar USD 60.96 (0.8) 11.2 26.4 25.5 80.6 JX JPY 630.6 3.3 8.1 10.6 27.9 55.9 GCL-Poly HKD 1.40 (0.7) 4.5 23.9 55.6 34.6 Neste Oil EUR 49.0 0.0 2.4 29.1 40.3 28.8 Tesla Motors USD 306.1 1.1 (7.7) (14.2) (13.8) 58.4 4. Coverage Summary 11/07 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B KOSPI 2,545 (0.2) 0.9 6.3 7.5 11.0 28.4 * 추정치는 12M fwd 기준임 KOSPI 화학 6,107 (0.1) 1.9 7.2 8.1 14.1 21.9 * 모든 coverage 업체의실적은연결기준임 LG 화학 409,000 0.0 1.4 4.3 23.0 46.1 67.3 매수 400,000 (2.2) 12.95 2.14 롯데케미칼 370, 0.0 0.3 (2.0) (2.5) 5.4 27.1 매수 410,000 10.7 5.83 1.28 한화케미칼 31,200 (1.4) 2.5 (3.9) (6.9) 22.4 19.8 매수 39,000 25.0 5.26 0.87 금호석유화학 74,000 (2.1) 6.6 2.6 0.3 (1.9) 13.0 매수 100,000 35.1 12.54 1.37 KCC 412, 1.9 5.8 10.1 0.2 19.0 10.0 매수 450,000 9.1 22.90 0.60 OCI 126,000 (0.8) 11.5 22.9 37.0 55.7 36.4 매수 120,000 (4.8) 16.00 0.96 SKC 39, (2.7) 0.1 (3.5) 6.0 38.0 44.5 매수 45,000 13.1 11.00 1.08 SK 이노베이션 214,000 0.9 4.4 7.5 22.6 24.4 39.0 매수 210,000 (1.9) 8.63 1.14 S-Oil 128,000 0.4 (0.4) 0.4 9.9 25.5 55.7 매수 140,000 9.4 13.85 2.42 GS 68,000 3.3 2.7 3.7 (9.3) 15.1 26.4 매수 80,000 17.6 6.45 1.00 SK 가스 95,700 2.1 2.2 1.5 (17.5) (19.6) (1.8) 매수 130,000 35.8 7.23 0.71 포스코대우 21,100 6.6 8.8 9.3 (10.2) (11.0) (10.4) 매수 25,000 18.5 11.82 0.92 LG 상사 30,900 4.4 6.4 13.2 5.8 (4.3) 10.8 매수 38,000 23.0 11.25 1.00 한국전력 38,250 (1.2) (2.4) (1.9) (13.4) (16.5) (19.2) 매수 55,000 43.8 7.33 0.31 한국가스공사 42,700 3.1 4.5 1.4 (15.3) (6.5) (8.0) 매수 60,000 40.5 8.72 0.55 작성자 ( 손지우 ) 는본조사분석자료에게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 본보고서에언급된종목의경우당사조사분석담당자는본인의담당종목을보유하고있지않습니다. 본보고서는기관투자가또는제 3 자에게사전제공된사실이없습니다. 당사는본보고서의발간시점에해당종목을 1% 이상보유하고있지않습니다.

Key Chart KOSPI/KOSPI 화학 WTI/Dubai (p) 6,000 KOSQI( 우 ) KOSPI 화학 ( 좌 ) (p) 2, ($/bbl) 60 WTI Dubai 5,700 5,400 5,100 4, 4, 2,400 2,300 2,200 2,100 2,000 1,900 50 40 30 4,200 16/01 16/04 16/07 16/10 17/01 17/04 17/08 1, 17/11 20 15/11 16/03 16/07 16/11 17/03 17/07 17/1 Complex & margin ($/bbl) 시차조정복합 20 복합정제마진 Polysilicon & Module prices ($/kg) PolySilicon 18 Silicon Module ($/W) 0.58 15 10 5 0 (5) 15/11 16/03 16/07 16/11 17/03 17/07 17/1 Naphtha/Ethylene/Propylene prices Naphtha Ethylene Propylene 1,600 1,400 1,200 600 400 17 16 15 14 13 12 15/10 16/04 16/09 17/03 17/08 Butadiene price & naphtha spread Butadiene 3, 3,000 2, 2,000 1, 0.54 0.50 0.46 0.42 0.38 0.34 0.30 2, 2,000 1, 200 0 HDPE price & naphtha spread 1,250 HDPE 900 MEG price & naphtha spread MEG 1,200 900 400 1,150 700 300 1,100 700 200 1,050 600 600 100 0 PVC price & naphtha spread PX price & naphtha spread PVC 950 PX 950 900 400 300 900 850 400 850 300 750 200 100 750 700 200 700 0 650 100 자료 : Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK 증권 참고 : 상기데이터는일괄적으로과거 2 년치적용

News Comment Headline ( 출처 : 한국경제 ) WTI Comment ( 출처 : 연합뉴스 ) 제목당진석탄화력 1 2 호기 LNG 발전소로바꾼다제목차익실현매물에숨고르기 WTI 0.3% 결론석탄대비 LNG 발전비용이높아한국전력요금기저가올라갈수있음상승 요인 1) SK가스등이당진에코파워 1 2호기를 LNG발전소로전환하는방안추진 2) 정부의탈석탄정책으로석탄발전소건설이중단된데따른것 3) SK가스, 한국동서발전, 산업은행은산자부와전환방안협의중 하락 단기적인가격급등으로차익실현매물이나옴 4) 1160MW로허가받은당진에코파워 1 2호기발전소발전용량증대를요청 요인 5) 석탄대비 LNG 발전비용이높아요금기저가올라갈수있음 Issue 1 ( 출처 : 글로벌이코노믹 ) Issue 2 제목 KOGAS, 예맨 LNG 플랜트사업 ' 답보 ' 주주대여금지급연기제목 결론내전종료가가시권에들어오기전까지는지급연기가지속될전망결론 1) 예맨내전이장기화되면서플랜트가동이멈췄고주주대여금지급연기 1) 2) Total이예맨동부 Bal Half에 LNG 액화플랜트를건설해수출하는사업 2) 3) 해당광구 (Marib 광구 ) 에확인된매장량은약 2억t 수준으로추정됨 3) 4) 2009년부터 KOGAS는이곳에서천연가스생산해 200만t/ 년도입중 4) 5) 내전종료가가시권에들어오기전까지는지급연기가지속될전망 5) Issue 3 Issue 4 제목 결론 제목 결론 1) 1) 2) 2) 3) 3) 4) 4) 5) 5) Issue 5 Issue 6 제목 결론 제목 결론 1) 1) 2) 2) 3) 3) 4) 4) 5) 5)

Commodity Price Data Daily Price Today 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. F/X USD/EUR 0.863 0.861 0.859 0.853 0.848 0.909 0.906 0.951 0.901 0.904 0.894 Change, % 0.2 0.5 1.2 1.8 (5.1) (4.7) (9.2) (4.2) (4.5) (3.4) USD/JPY 114.0 113.7 113.6 112.7 110.8 112.7 104.5 117.0 121.1 108.8 112.1 Change, % 0.3 0.3 1.2 2.9 1.2 9.1 (2.5) (5.8) 4.8 1.7 USD/KRW 1,111.9 1,115.1 1,120.3 1,142.0 1,127.2 1,140.1 1,143.0 1,205.8 1,131.2 1,160.5 1,137.8 Change, % (0.3) (0.8) (2.6) (1.4) (2.5) (2.7) (7.8) (1.7) (4.2) (2.3) Agriculture Corn 347.8 348.0 345.8 350.0 372.3 361.8 346.3 352.0 376.8 358.5 362.0 Change, % (0.1) 0.6 (0.6) (6.6) (3.9) 0.4 (1.2) (7.7) (3.0) (3.9) Soybean 986.0 984.0 973.8 972.3 959.8 963.0 989.3 996.5 945.4 987.5 975.7 Change, % 0.2 1.3 1.4 2.7 2.4 (0.3) (1.1) 4.3 (0.2) 1.1 Wheat 427.3 430.8 418.5 443.5 463.5 427.5 410.0 408.0 508.1 436.4 439.4 Change, % (0.8) 2.1 (3.7) (7.8) (0.1) 4.2 4.7 (15.9) (2.1) (2.8) Rice 11.2 11.2 11.3 11.9 12.0 9.6 9.6 9.4 11.1 10.3 10.9 Change, % 0.0 (0.4) (5.4) (6.7) 16.8 17.3 20.1 1.7 8.7 3.1 Oats 270.5 269.0 264.8 251.0 274.3 254.0 228.0 228.5 250.2 196.3 253.0 Change, % 0.6 2.2 7.8 (1.4) 6.5 18.6 18.4 8.1 37.8 6.9 MYR/mt Palm Oil 2,759.0 2,772.0 2,791.0 2,741.0 2,581.0 2,775.0 2,803.0 3,218.0 2,190.3 2,653.8 2,835.8 Change, % (0.5) (1.1) 0.7 6.9 (0.6) (1.6) (14.3) 26.0 4.0 (2.7) Cocoa 2,163.0 2,117.0 2,094.0 2,085.0 2,029.0 1,866.0 2,491.0 2,126.0 3,091.6 2,854.0 2,006.5 Change, % 2.2 3.3 3.7 6.6 15.9 (13.2) 1.7 (30.0) (24.2) 7.8 Cotton 68.1 68.9 68.4 69.5 71.2 79.8 68.5 70.7 63.3 65.6 73.5 Change, % (1.1) (0.5) (2.0) (4.4) (14.7) (0.6) (3.7) 7.6 3.8 (7.4) Sugar 14.7 14.6 14.7 14.0 13.9 15.3 22.3 19.5 13.1 18.2 16.0 Change, % 1.1 (0.1) 5.3 6.1 (3.9) (33.9) (24.6) 12.0 (18.9) (8.0) Coffee 124.7 125.6 125.1 130.0 142.1 133.1 174.4 137.1 132.6 136.1 134.6 Change, % (0.7) (0.3) (4.1) (12.2) (6.3) (28.5) (9.0) (6.0) (8.3) (7.3) Energy WTI 57.2 57.4 54.4 49.3 49.4 46.2 44.9 53.7 48.8 43.4 49.8 Change, % (0.3) 5.2 16.0 15.8 23.8 27.4 6.5 17.1 31.8 14.8 Brent 63.6 64.3 61.4 55.6 52.4 49.1 46.2 56.8 53.7 45.1 53.3 Change, % (1.1) 3.6 14.3 21.4 29.5 37.7 11.9 18.4 41.0 19.2 Natural Gas 3.2 3.1 2.9 2.9 2.8 3.3 2.8 3.7 2.6 2.6 3.0 Change, % 0.6 8.8 10.1 12.5 (3.5) 11.9 (15.4) 19.9 23.5 3.6 Ethanol 1.5 1.5 1.4 1.4 1.6 1.5 1.6 1.6 1.5 1.5 1.5 Change, % (0.8) 2.7 3.4 (8.0) (2.2) (5.5) (8.6) (2.8) (3.1) (3.6) RBOB Gasoline 181.5 183.0 178.0 155.9 163.0 150.5 137.1 166.5 163.6 140.0 160.9 Change, % (0.8) 2.0 16.5 11.4 20.7 32.4 9.0 11.0 29.7 12.8 Coal 98.5 98.8 99.9 97.4 95.0 78.0 112.0 88.4 59.0 65.5 86.5 Change, % (0.3) (1.4) 1.2 3.7 26.3 (12.0) 11.4 67.1 50.5 13.9 Metal Gold 1,275.3 1,282.1 1,271.1 1,276.6 1,257.9 1,221.6 1,281.7 1,152.3 1,160.6 1,248.5 1,255.7 Change, % (0.5) 0.3 (0.1) 1.4 4.4 (0.5) 10.7 9.9 2.1 1.6 Silver 16.9 17.2 16.7 16.8 16.3 16.3 18.3 15.9 15.7 17.1 17.2 Change, % (1.6) 1.4 0.8 4.1 3.7 (7.3) 6.5 7.8 (0.9) (1.2) Copper 6,826.0 6,970.0 6,839.0 6,666.5 6,414.0 5,585.0 5,098.0 5,535.5 5,503.1 4,872.0 6,083.6 Change, % (2.1) (0.2) 2.4 6.4 22.2 33.9 23.3 24.0 40.1 12.2 Nickel 826.2 837.1 766.0 693.2 662.7 589.7 747.7 682.0 759.5 646.4 668.0 Change, % (1.3) 7.9 19.2 24.7 40.1 10.5 21.1 8.8 27.8 23.7 Zinc 3,166.0 3,232.0 3,265.0 3,235.0 2,858.0 2,582.0 2,468.0 2,576.0 1,941.9 2,097.5 2,835.4 Change, % (2.0) (3.0) (2.1) 10.8 22.6 28.3 22.9 63.0 50.9 11.7 Lead 2,492.0 2,507.0 2,409.5 2,519.5 2,343.3 2,178.3 2,074.3 2,003.5 1,791.2 1,868.3 2,286.1 Change, % (0.6) 3.4 (1.1) 6.3 14.4 20.1 24.4 39.1 33.4 9.0 Aluminum 15,895.0 15,955.0 16,175.0 16,235.0 14,860.0 13,880.0 13,935.0 12,765.0 12,184.0 12,373.5 14,533.5 Change, % (0.4) (1.7) (2.1) 7.0 14.5 14.1 24.5 30.5 28.5 9.4 Cobalt 60,855.0 60,860.0 60,.0 58,533.0 57,.0 55,050.0 28,750.0 32,734.0 28,444.4 25,480.1 53,772.5 Change, % (0.0) 0.6 4.0 5.8 10.5 111.7 85.9 113.9 138.8 13.2 HR Coil 609.0 611.0 605.0 604.0 619.0 610.0 492.0 633.0 461.5 519.3 618.7 Change, % (0.3) 0.7 0.8 (1.6) (0.2) 23.8 (3.8) 32.0 17.3 (1.6) Scrap 325.0 330.0 330.0 335.0 360.0 360.0 245.0 302.0 252.9 275.7 343.6 Change, % (1.5) (1.5) (3.0) (9.7) (9.7) 32.7 7.6 28.5 17.9 (5.4) 자료 : Bloomberg 참고 ) NYMEX, ICE, LME 중대표지수를사용

Refining Price Data Daily Price 11/07 1D 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Crude Oil WTI 57.2 57.4 54.4 50.9 49.2 45.9 45.0 53.7 48.8 43.4 49.8 Change, % (0.3) 5.2 12.3 16.3 24.7 27.2 6.5 17.3 31.9 14.9 Dubai 62.4 60.6 58.3 54.1 51.2 48.4 42.9 53.8 50.8 41.3 51.7 Change, % 3.0 7.0 15.4 21.8 29.0 45.5 15.9 22.8 51.0 20.7 Crude Oil Gasoline( 휘발유 ) 77.5 75.8 72.7 68.9 67.7 62.9 57.8 69.8 69.5 56.3 66.7 Product Change, % 2.2 6.5 12.4 14.5 23.2 34.0 10.9 11.4 37.7 16.1 Kerosene( 등유 ) 75.0 73.4 71.3 66.1 63.4 58.3 55.7 66.4 64.7 52.9 63.5 Change, % 2.2 5.2 13.5 18.3 28.6 34.8 12.9 15.9 41.8 18.0 Diesel( 경유 ) 73.6 71.8 71.2 67.0 63.8 59.3 56.4 65.5 64.8 52.1 64.1 Change, % 2.5 3.4 9.8 15.4 24.1 30.5 12.3 13.5 41.1 14.8 Bunker-C 58.7 57.3 55.3 50.2 48.3 45.4 41.6 52.1 45.3 35.5 48.4 Change, % 2.5 6.1 17.0 21.5 29.3 41.2 12.8 29.7 65.2 21.2 Naphtha 65.9 64.2 61.4 55.5 50.4 47.1 45.0 53.5 52.6 42.6 51.8 Change, % 2.7 7.3 18.7 30.7 40.0 46.4 23.3 25.3 54.7 27.2 Dubai Gasoline( 휘발유 ) 15.1 15.2 14.4 14.9 16.4 14.5 14.9 16.0 18.7 14.9 15.0 Spread Change (0.1) 0.7 0.2 (1.3) 0.6 0.1 (0.9) (3.7) 0.1 0.1 Kerosene( 등유 ) 12.6 12.8 13.0 12.0 12.2 10.0 12.8 12.6 14.0 11.6 11.9 Change (0.2) (0.4) 0.6 0.4 2.7 (0.2) 0.0 (1.3) 1.0 0.8 Diesel( 경유 ) 11.2 11.2 12.8 12.9 12.5 10.9 13.5 11.7 14.0 10.8 12.4 Change (0.0) (1.7) (1.7) (1.4) 0.3 (2.3) (0.5) (2.8) 0.4 (1.2) Bunker-C (3.7) (3.3) (3.0) (3.9) (2.9) (3.0) (1.3) (1.8) (5.5) (5.8) (3.2) Change (0.4) (0.7) 0.2 (0.8) (0.7) (2.4) (1.9) 1.8 2.1 (0.4) Naphtha 3.5 3.6 3.1 1.5 (0.8) (1.3) 2.1 (0.4) 1.8 1.3 0.1 Change (0.1) 0.4 2.1 4.3 4.8 1.4 3.9 1.7 2.2 3.4 Refining Simple( 단순 ) 2.7 3.0 3.4 3.0 3.5 2.7 4.8 3.8 3.3 1.9 3.2 Margin Change (0.3) (0.8) (0.3) (0.9) (0.0) (2.1) (1.1) (0.6) 0.8 (0.5) Complex( 복합 ) 7.6 7.7 8.2 8.0 8.4 7.2 9.1 8.3 9.3 7.0 8.0 Change (0.2) (0.7) (0.5) (0.8) 0.4 (1.5) (0.7) (1.7) 0.6 (0.4) Complex(lagging) 15.6 14.4 11.0 9.1 12.6 2.6 1.9 18.0 7.3 8.5 8.5 Change 1.2 4.6 6.5 3.0 13.1 13.7 (2.4) 8.4 7.1 7.1 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 11/07 11/06 11/03 11/02 11/01 10/31 10/30 10/27 10/26 10/25 Spot Price Naphtha CFR Japan 587.4 588.1 580.0 573.1 567.0 564.5 557.5 554.0 548.5 546.5 Ethylene CFR SE Asia 1,140.0 1,140.0 1,140.0 1,140.0 1,140.0 1,140.0 1,140.0 1,140.0 1,150.0 1,155.0 Propylene FOB Korea 903.0 918.0 918.0 918.0 923.0 925.0 940.0 943.0 943.0 945.0 Butadiene FOB Korea 945.0 945.0 945.0 945.0 945.0 950.0 950.0 950.0 1,165.0 1,165.0 HDPE CFR FE Asia 1,250.0 1,240.0 1,240.0 1,240.0 1,240.0 1,240.0 1,240.0 1,240.0 1,240.0 1,240.0 LDPE CFR FE Asia 1,250.0 1,240.0 1,240.0 1,240.0 1,240.0 1,240.0 1,250.0 1,250.0 1,255.0 1,255.0 LLDPE CFR FE Asia 1,180.0 1,170.0 1,170.0 1,170.0 1,170.0 1,170.0 1,170.0 1,180.0 1,190.0 1,190.0 MEG CFR China 915.0 910.0 900.0 898.0 898.0 898.0 904.0 903.0 900.0 895.0 PP CFR FE Asia 1,120.0 1,120.0 1,130.0 1,130.0 1,120.0 1,115.0 1,115.0 1,125.0 1,130.0 1,130.0 PX CFR China 887.0 877.0 864.3 855.3 854.7 840.7 839.3 831.3 831.3 835.3 PTA CFR China 685.0 665.0 660.0 660.0 655.0 653.0 653.0 650.0 650.0 645.0 Benzene FOB Korea 856.0 828.0 815.0 811.0 812.0 794.0 795.0 791.0 794.0 798.0 Toluene FOB Korea 695.0 682.0 676.0 676.0 678.0 668.0 672.0 664.5 658.5 658.5 Xylene FOB Korea 708.0 689.0 677.0 677.0 671.0 664.0 661.0 660.0 654.0 658.0 SM FOB Korea 1,228.0 1,189.0 1,168.0 1,169.0 1,161.0 1,159.5 1,165.5 1,169.5 1,193.5 1,199.5 Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2015avg. 2016avg. 2017acc. Spot Price Naphtha CFR Japan 554.5 526.5 520.5 456.5 411.5 446.5 484.5 493.0 399.5 475.2 Change, % 5.3 6.5 21.5 34.8 24.2 14.4 12.5 38.8 16.7 Ethylene CFR SE Asia 1,130.0 1,175.0 1,255.0 975.0 875.0 995.0 990.0 1,103.7 1,040.9 1,068.1 Change, % (3.8) (10.0) 15.9 29.1 13.6 14.1 2.4 8.6 5.8 Propylene CFR SE Asia 807.5 795.0 835.0 762.5 742.5 687.5 815.0 770.0 705.7 876.6 Change, % 1.6 (3.3) 5.9 8.8 17.5 (0.9) 4.9 14.4 (7.9) Butadiene CFR SE Asia 1,050.0 1,175.0 1,525.0 900.0 975.0 1,450.0 2,100.0 877.5 1,116.8 1,567.5 Change, % (10.6) (31.1) 16.7 7.7 (27.6) (50.0) 19.7 (6.0) (33.0) Benzene CFR SE Asia 810.0 802.5 805.0 742.5 760.0 655.0 822.5 690.0 646.7 831.0 Change, % 0.9 0.6 9.1 6.6 23.7 (1.5) 17.4 25.3 (2.5) Toluene CFR SE Asia 690.0 695.0 700.0 635.0 630.0 660.0 690.0 700.8 630.5 684.0 Change, % (0.7) (1.4) 8.7 9.5 4.5 0.0 (1.5) 9.4 0.9 Xylene CFR SE Asia 655.0 652.5 657.5 622.5 610.0 650.0 675.0 699.3 627.7 664.0 Change, % 0.4 (0.4) 5.2 7.4 0.8 (3.0) (6.3) 4.3 (1.4) Spread Ethylene -Naphtha 575.5 648.5 734.5 518.5 463.5 548.5 505.5 610.6 641.4 592.9 Change, % (11.3) (21.6) 11.0 24.2 4.9 13.8 (5.8) (10.3) (2.9) Propylene -Naphtha 253.0 268.5 314.5 306.0 331.0 241.0 330.5 277.0 306.2 401.4 Change, % (5.8) (19.6) (17.3) (23.6) 5.0 (23.4) (8.7) (17.4) (37.0) Butadiene -Naphtha 495.5 648.5 1,004.5 443.5 563.5 1,003.5 1,615.5 384.5 717.3 1,092.3 Change, % (23.6) (50.7) 11.7 (12.1) (50.6) (69.3) 28.9 (30.9) (54.6) Benzene -Naphtha 255.5 276.0 284.5 286.0 348.5 208.5 338.0 197.0 247.2 355.8 Change, % (7.4) (10.2) (10.7) (26.7) 22.5 (24.4) 29.7 3.4 (28.2) Toluene -Naphtha 135.5 168.5 179.5 178.5 218.5 213.5 205.5 207.8 231.0 208.8 Change, % (19.6) (24.5) (24.1) (38.0) (36.5) (34.1) (34.8) (41.3) (35.1) Xylene -Naphtha 100.5 126.0 137.0 166.0 198.5 203.5 190.5 206.3 228.2 188.8 Change, % (20.2) (26.6) (39.5) (49.4) (50.6) (47.2) (51.3) (56.0) (46.8) 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 1,197.5 1,187.5 1,187.5 1,057.5 1,047.5 1,160.0 1,142.5 1,230.1 1,134.6 1,131.4 Change, % 0.8 0.8 13.2 14.3 3.2 4.8 (2.7) 5.5 5.8 MEG CFR SE Asia 907.5 917.5 902.5 872.5 802.5 677.5 847.5 780.8 660.8 839.9 Change, % (1.1) 0.6 4.0 13.1 33.9 7.1 16.2 37.3 8.1 PVC CFR SE Asia 890.0 910.0 947.5 860.0 870.0 930.0 920.0 820.8 823.4 906.0 Change, % (2.2) (6.1) 3.5 2.3 (4.3) (3.3) 8.4 8.1 (1.8) PP CFR SE Asia 1,147.5 1,167.5 1,167.5 1,072.5 1,037.5 1,030.0 1,032.5 1,109.8 978.4 1,088.8 Change, % (1.7) (1.7) 7.0 10.6 11.4 11.1 3.4 17.3 5.4 2-EH CFR Korea.0.0 990.0 970.0 920.0 790.0 865.0 930.1 772.4 959.4 Change, % 0.0 1.0 3.1 8.7 26.6 15.6 7.5 29.5 4.2 ABS CFR SE Asia 1,920.0 1,950.0 2,060.0 1,820.0 1,790.0 1,460.0 1,635.0 1,431.1 1,347.1 1,816.7 Change, % (1.5) (6.8) 5.5 7.3 31.5 17.4 34.2 42.5 5.7 SBR CFR SE Asia 1,700.0 1,750.0 1,820.0 1,490.0 1,450.0 1,900.0 2,000.0 1,332.1 1,483.0 2,047.2 Change, % (2.9) (6.6) 14.1 17.2 (10.5) (15.0) 27.6 14.6 (17.0) SM CFR SE Asia 1,210.0 1,217.5 1,350.0 1,172.5 1,152.5 1,057.5 1,205.0 1,100.7 1,064.6 1,243.9 Change, % (0.6) (10.4) 3.2 5.0 14.4 0.4 9.9 13.7 (2.7) Caustic FOB NEA 598.0 550.0 484.0 462.5 447.5 365.0 422.5 296.8 316.6 455.8 Change, % 8.7 23.6 29.3 33.6 63.8 41.5 101.5 88.9 31.2 PX CFR SE Asia 842.5 845.0 837.5 817.5 775.0 797.5 855.0 842.9 790.4 834.3 Change, % (0.3) 0.6 3.1 8.7 5.6 (1.5) (0.0) 6.6 1.0 PO CFR China 1,685.0 1,685.0 1,560.0 1,540.0 1,485.0 1,475.0 1,562.5 1,683.4 1,396.8 1,558.6 Change, % 0.0 8.0 9.4 13.5 14.2 7.8 0.1 20.6 8.1 Caprolactam CFR SE Asia 2,170.0 2,070.0 1,830.0 1,730.0 1,610.0 1,425.0 1,850.0 1,581.5 1,344.9 1,906.9 Change, % 4.8 18.6 25.4 34.8 52.3 17.3 37.2 61.4 13.8 PTA CFR SE Asia 667.5 667.5 667.5 667.5 630.0 617.5 642.5 648.0 613.7 659.5 Change, % 0.0 0.0 0.0 6.0 8.1 3.9 3.0 8.8 1.2 Spread HDPE 643.0 661.0 667.0 601.0 636.0 713.5 658.0 737.1 735.1 656.2 Change, % (2.7) (3.6) 7.0 1.1 (9.9) (2.3) (12.8) (12.5) (2.0) MEG 353.0 391.0 382.0 416.0 391.0 231.0 363.0 287.8 261.3 364.7 Change, % (9.7) (7.6) (15.1) (9.7) 52.8 (2.8) 22.7 35.1 (3.2) PVC 335.5 383.5 427.0 403.5 458.5 483.5 435.5 327.8 423.9 430.8 Change, % (12.5) (21.4) (16.9) (26.8) (30.6) (23.0) 2.3 (20.9) (22.1) PP 593.0 641.0 647.0 616.0 626.0 583.5 548.0 616.8 578.9 613.5 Change, % (7.5) (8.3) (3.7) (5.3) 1.6 8.2 (3.9) 2.4 (3.3) 2-EH 445.5 473.5 469.5 513.5 508.5 343.5 380.5 437.0 372.9 484.2 Change, % (5.9) (5.1) (13.2) (12.4) 29.7 17.1 1.9 19.5 (8.0) ABS 1,365.5 1,423.5 1,539.5 1,363.5 1,378.5 1,013.5 1,150.5 938.1 947.6 1,341.5 Change, % (4.1) (11.3) 0.1 (0.9) 34.7 18.7 45.6 44.1 1.8 SBR BD spread 650.0 575.0 295.0 590.0 475.0 450.0 (100.0) 454.7 366.2 479.7 Change, % 13.0 120.3 10.2 36.8 44.4 (750.0) 43.0 77.5 35.5 SM 655.5 691.0 829.5 716.0 741.0 611.0 720.5 607.7 665.1 768.7 Change, % (5.1) (21.0) (8.4) (11.5) 7.3 (9.0) 7.9 (1.4) (14.7) Caustic Change, % PX 288.0 318.5 317.0 361.0 363.5 351.0 370.5 349.9 390.9 359.1 Change, % (9.6) (9.1) (20.2) (20.8) (17.9) (22.3) (17.7) (26.3) (19.8) PO propylene sprea 877.5 890.0 725.0 777.5 742.5 787.5 747.5 913.4 691.1 682.0 Change, % (1.4) 21.0 12.9 18.2 11.4 17.4 (3.9) 27.0 28.7 Caprolactam benzene spread 1,360.0 1,267.5 1,025.0 987.5 850.0 770.0 1,027.5 891.6 698.2 1,076.0 Change, % 7.3 32.7 37.7 60.0 76.6 32.4 52.5 94.8 26.4 PTA px spread 77.8 76.0 81.3 95.3 87.5 59.3 44.0 58.0 60.4 75.5 Change, % 2.3 (4.3) (18.4) (11.1) 31.2 76.7 34.0 28.7 3.0 자료 : Cischem, Platts, SK증권 참고 : Spread는 Naphtha spread로일괄적용

Global peers Currency 11/07 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 17E 18E 17E 18E 17E 18E Petrochemical DowDuPont USD 71.1 1.3 (1.6) (0.1) 11.4 12.8 32.6 24.3 166,467 20.6 17.2 1.6 1.9 11.6 10.1 Eastman USD 90.6 0.3 (0.2) (0.4) 7.3 13.8 25.2 20.5 13,024 12.8 11.1 2.6 2.4 9.3 8.5 BASF EUR 96.3 (1.1) 2.4 7.1 18.0 6.5 23.0 9.0 102,438 15.7 15.7 2.6 2.4 8.5 8.2 Akzo Nobel EUR 78.5 0.6 1.0 0.2 1.6 (1.1) 35.8 32.2 22,904 19.1 18.3 3.3 3.2 10.3 9.9 Arkema EUR 109.2 0.2 0.7 5.9 13.2 9.5 29.1 17.5 9,591 16.0 14.6 2.1 1.9 7.1 6.7 Lanxess EUR 69.8 (0.2) 4.0 4.9 3.6 1.1 23.7 11.9 7,395 18.2 15.8 2.4 2.2 7.8 8.2 Sumitomo Chemical JPY 821 (0.1) 3.4 18.0 29.5 29.5 70.0 47.7 11,938 11.1 10.8 1.5 1.4 7.9 7.6 Mitsubishi Chemical JPY 1,214 (0.2) 3.1 9.7 27.2 37.0 78.1 60.1 16,055 9.9 9.8 1.4 1.3 6.8 6.6 Shin-Etsu Chemical JPY 12,510 1.5 5.0 23.8 24.9 30.3 58.0 38.0 47,480 24.4 21.5 2.3 2.1 11.0 9.6 Asahi Kasei JPY 1,408 2.6 2.8 1.6 7.6 31.1 48.2 38.1 17,340 15.4 15.1 1.6 1.5 7.6 7.3 JSR JPY 2,222 1.3 1.6 6.8 15.9 10.2 45.1 20.6 4,413 15.6 15.0 1.3 1.2 8.4 7.9 Nitto Denko JPY 11,685 3.2 11.2 23.4 14.4 30.6 61.4 30.3 17,834 22.2 20.3 2.7 2.5 10.0 9.3 SABIC SAR 98.6 (1.8) (0.7) (3.0) 0.9 3.0 15.8 7.8 78,867 14.6 13.8 1.8 1.7 7.4 7.1 Yansab SAR 55.9 0.6 0.0 (4.4) 3.0 2.7 23.4 2.7 8,384 14.0 13.1 2.3 2.2 8.9 8.6 Formosa Plastics TWD 92.7 1.0 0.9 0.8 (0.3) 3.0 8.4 3.9 19,539 13.5 14.2 1.8 1.7 19.5 19.3 Formosa Fiber TWD 92.5 0.8 1.0 0.7 (0.2) 1.1 (2.4) (3.9) 17,951 12.0 12.6 1.6 1.6 10.7 10.7 Nan Ya Plastics TWD 75.1 0.7 0.9 2.3 (1.2) 5.8 15.9 5.5 19,721 14.4 14.8 1.7 1.7 14.7 15.1 Sinopec Shanghai CNY 6.55 1.9 3.3 3.8 (7.6) 3.3 11.8 1.7 9,278 12.7 12.2 2.5 2.2 6.9 6.9 Sinopec Yizheng(FibeCNY 3.12 1.6 4.0 (1.0) (4.6) (1.6) (20.6) (23.9) 6,042 #N/A N/A 57.8 6.0 6.0 29.0 15.2 Reliance INR 907 (2.8) (3.6) 8.3 12.2 36.5 81.1 67.5 90,452 16.9 14.0 1.9 1.7 11.6 9.7 Industries Qatar QAR 95.0 (0.0) (0.5) 3.3 0.8 (4.5) (4.3) (19.2) 14,995 16.1 13.8 1.6 1.6 54.2 50.9 PTT Chemical THB 78.0 0.6 (2.5) (5.7) 8.3 4.3 31.1 23.8 10,573 10.6 10.8 1.4 1.3 5.6 5.4 Petronas MYR 7.3 (0.5) (0.5) (0.3) 4.3 2.5 5.6 5.0 13,877 15.9 15.9 2.0 1.9 8.7 8.6 LG화학 KRW 409,000 0.0 1.4 4.3 18.9 48.2 63.6 56.7 25,878 15.2 14.4 2.0 1.8 6.7 6.3 롯데케미칼 KRW 370, 0.0 0.3 (2.0) (5.8) 5.1 22.7 0.4 11,382 5.5 5.5 1.1 0.9 3.8 3.3 한화케미칼 KRW 31,200 (1.4) 2.5 (3.9) (7.0) 23.8 13.2 26.3 4,609 5.0 5.5 0.8 0.7 6.6 6.5 금호석유 KRW 74,000 (2.1) 6.6 2.6 (2.2) (3.6) 8.0 (9.8) 2,021 12.9 12.0 1.3 1.2 9.6 8.5 SKC KRW 39, (2.7) 0.1 (3.5) 9.5 39.2 43.2 20.6 1,339 10.7 9.6 1.0 0.9 9.4 7.8 국도화학 KRW 59,700 (2.0) 1.4 8.2 6.2 25.4 11.0 8.7 311 0.0 0.0 0.0 0.0 0.0 0.0 효성 KRW 7,630 (2.1) (7.5) 14.7 13.2 (0.3) 38.0 12.2 4,265 8.3 7.2 1.2 1.1 6.8 6.0 Average 0.0 1.3 4.2 7.4 13.5 29.9 17.9 Refinery Valero USD 81.8 0.5 3.7 6.0 20.3 25.2 39.8 19.8 36,141 16.8 13.2 1.8 1.8 7.2 6.3 Conoco Phillips USD 53.5 (0.4) 4.6 9.5 18.4 14.3 21.8 6.7 63,936 130.4 36.9 2.1 2.2 9.3 7.4 Formosa PetrochemicTWD 106.5 0.9 0.9 (0.9) 0.0 2.4 (0.5) (4.9) 33,591 14.8 18.0 3.2 3.2 9.4 11.0 Andeavor USD 111.3 (0.3) 4.7 5.0 14.5 37.6 38.4 27.2 17,460 15.8 13.5 1.7 1.7 9.1 7.2 Marathon Petroleum USD 63.1 1.2 5.6 12.7 15.0 24.6 48.1 25.3 30,824 17.1 15.5 2.5 2.5 8.4 7.6 Devon Energy USD 41.3 1.0 11.8 15.3 27.3 8.5 (1.3) (9.7) 21,682 23.3 18.8 3.0 2.6 9.6 8.7 Hollyfrontier USD 42.3 0.6 14.6 19.5 38.8 57.1 81.1 29.2 7,504 20.2 16.3 1.5 1.5 8.7 7.4 Phillips 66 USD 94.6 0.1 3.8 1.9 11.2 19.2 18.3 9.4 47,922 20.9 15.3 2.2 2.1 10.6 8.8 Murphy Oil USD 29.2 0.3 9.3 12.3 13.0 11.7 9.2 (6.1) 5,046 #N/A N/A 252.1 1.1 1.1 5.4 4.9 JX Holdings JPY 630.6 3.3 8.1 10.6 27.9 25.4 55.9 27.5 18,981 9.9 9.2 0.9 0.9 8.0 7.5 Idemitsu JPY 3,510.0 2.2 6.5 10.7 33.5 (3.7) 51.0 13.0 6,413 7.9 7.9 0.9 0.9 8.9 8.6 Nesteoil EUR 49.0 0.0 2.4 29.1 40.3 26.7 28.8 34.2 14,547 15.8 15.8 2.9 2.7 9.1 9.6 Ashland USD 66.2 (3.3) (2.7) (1.0) 4.3 9.5 19.1 23.7 4,129 16.4 19.6 1.3 1.2 7.6 9.5 Fuchs Petrolub EUR 48.1 (0.7) (0.3) (3.7) 0.2 (1.3) 25.6 20.5 7,304 25.3 23.8 5.0 4.5 14.6 13.8 SK이노베이션 KRW 214,000 0.9 4.4 7.5 21.2 25.5 38.1 46.1 17,735 8.5 8.1 1.1 1.0 5.2 4.7 S-Oil KRW 128,000 0.4 (0.4) 0.4 10.3 28.0 54.6 51.1 12,916 12.6 9.5 2.2 2.0 9.6 7.0 GS KRW 68,000 3.3 2.7 3.7 (8.6) 15.1 26.6 25.7 5,663 6.5 6.2 0.8 0.7 7.2 6.9 Average 0.6 4.7 8.1 16.9 19.2 32.6 19.9 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임 * 국내업체의 multiple은 Dataguidepro 기준임

Global peers Currency 11/07 1D 1W 1M 3M 6M 12M YTD MKT CAP PER PBR EV/EBITDA (mil USD) 17E 18E 17E 18E 17E 18E E&P/Shale Exxon Mobil USD 84 (0.2) 0.3 2.3 4.3 1.9 (2.2) (7.4) 354,137 23.6 21.0 2.0 2.0 10.1 9.1 BP GBP 525 0.7 2.8 7.5 12.0 16.3 15.7 3.0 136,722 23.7 18.0 1.4 1.4 6.7 6.0 Shell EUR 2,450 (0.3) 3.6 6.6 11.5 18.5 19.2 9.2 268,975 17.8 16.0 1.4 1.3 7.0 6.4 Chevron USD 117 0.2 1.2 0.2 6.8 10.8 9.7 (0.4) 222,683 29.3 23.5 1.5 1.5 8.3 7.2 Total EUR 49 0.6 2.1 7.3 11.5 1.9 14.0 0.3 143,065 13.8 13.3 1.3 1.3 6.4 5.7 Sinopec CNY 6 1.5 5.4 6.6 4.1 11.5 27.1 16.3 110,087 14.5 13.4 1.0 1.0 4.7 4.5 Petrochina CNY 9 2.5 3.9 7.5 4.9 13.8 17.8 8.1 224,901 54.4 32.7 1.3 1.3 6.9 6.4 CNOOC CNY 12 5.0 6.0 6.4 5.5 13.9 (0.8) (5.8) 63,730 13.8 12.0 1.1 1.0 4.3 4.1 Gazprom RUB 132 5.1 5.1 7.1 10.7 (1.6) (4.5) (14.4) 52,757 4.6 4.2 0.3 0.2 3.8 3.5 Rosneft RUB 330 3.8 3.5 2.9 4.3 5.6 (3.2) (18.1) 58,912 10.3 7.4 0.9 0.8 5.2 4.4 Anadarko USD 51 (1.4) 3.5 5.0 15.1 (2.9) (15.2) (26.7) 27,949 #N/A N/A #N/A N/A 2.0 1.9 7.7 6.8 Petrobras BRL 17 (5.3) (1.6) 5.2 21.8 16.1 (4.1) 11.0 67,415 14.6 10.2 0.7 0.6 5.6 5.2 Lukoil USD 3,325 4.9 7.4 8.7 14.0 18.3 11.2 (3.6) 47,674 7.1 6.5 0.7 0.7 N/A N/A Kinder USD 18 (0.2) (0.4) (5.2) (10.5) (10.6) (10.6) (12.9) 47,497 28.0 25.8 1.1 1.1 11.2 10.8 Statoil NOK 170 1.8 3.0 7.4 13.2 16.2 26.5 7.5 68,862 16.9 18.2 1.8 1.7 3.6 3.6 BHP AUD 29 3.9 8.3 8.0 9.9 27.1 26.7 14.7 110,990 15.6 18.0 1.9 1.9 6.3 6.7 PTT E&P THB 95 3.0 9.6 5.6 8.3 0.0 13.9 (1.8) 11,318 14.9 13.2 0.9 0.9 3.5 3.3 Petronas gas MYR 18 3.2 (2.2) (2.5) (6.5) (5.5) (20.0) (17.2) 8,260 19.7 18.4 2.8 2.7 11.2 10.4 Chesapeake USD 4 0.0 7.2 (0.5) (3.9) (23.4) (23.3) (40.5) 3,798 6.0 5.8 #N/A N/A #N/A N/A 7.7 6.6 Noble Energy USD 29 (0.3) 3.7 2.1 13.2 (6.8) (22.9) (24.0) 14,068 #N/A N/A 1,032.5 1.5 1.5 8.4 7.7 Average 0 1.4 3.6 4.4 7.5 6.0 3.7 (5.1) PV WACKER EUR 138.5 (1.7) 3.4 20.2 30.1 38.7 72.2 40.1 8,364 26.6 24.2 2.2 2.1 7.8 7.3 GCL-Poly HKD 1.4 (0.7) 4.5 23.9 55.6 47.4 34.6 50.5 3,334 10.2 9.8 1.0 0.9 6.8 6.3 SunPower USD 8.6 (2.3) 20.6 21.0 (12.0) 24.3 21.0 30.0 1,199 #N/A N/A #N/A N/A 1.6 1.5 18.7 12.3 Canadian Solar USD 18.8 0.0 6.5 13.5 6.4 40.9 47.0 54.0 1,088 10.7 7.2 1.1 1.0 9.9 8.6 JA Solar USD 7.8 (2.3) 4.6 7.7 22.9 9.7 35.5 63.7 371 7.9 14.9 1.8 1.8 3.5 3.3 Yingli USD 2.2 0.5 (2.7) (4.8) (6.0) (6.4) (40.8) (15.8) 40 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A First Solar USD 61.0 (0.8) 11.2 26.4 25.5 76.5 80.6 90.0 6,366 24.8 51.7 1.0 1.2 11.4 12.1 한화큐셀 USD 8.8 4.4 10.3 7.6 2.7 32.2 (16.6) 7.2 728 97.2 48.6 #N/A N/A #N/A N/A 7.7 8.1 OCI KRW 126,000 (0.8) 11.5 22.9 32.5 55.7 25.4 60.1 2,693 14.2 15.7 0.9 0.8 7.8 6.5 웅진에너지 KRW 7,840 1.6 (0.5) 3.8 (6.3) 52.5 33.8 65.6 176 N/A 0.9 0.8 7.8 6.5 8.3 신성솔라에너지 KRW 1,755 0.3 (0.6) (2.5) (22.3) (2.5) (35.2) (20.6) 272 N/A 0.8 7.8 6.5 8.3 7.2 Average (0.2) 6.3 12.7 11.7 33.6 23.4 38.6 Gas Company Towngas China HKD 6.5 (0.2) 1.6 17.8 16.3 39.5 55.1 59.3 2,306 15.0 13.6 1.2 1.1 13.3 12.2 Kulun HKD 7.3 2.1 0.6 (3.8) (4.7) 6.6 25.3 25.3 7,520 11.5 10.5 1.3 1.2 5.8 5.6 Beijing Enterprise HKD 46.0 1.0 (0.9) 4.1 13.3 25.5 21.7 25.4 7,431 8.8 8.1 0.9 0.8 15.9 14.7 ENN Energy HKD 59.2 1.8 3.5 2.2 11.1 43.0 58.1 85.6 8,212 15.8 13.9 3.1 2.6 9.6 8.6 China Resources GasHKD 28.7 2.0 0.5 5.1 (2.9) 12.5 18.1 31.7 8,179 16.4 14.6 3.1 2.7 9.6 8.8 China Gas Holdings HKD 23.6 (0.2) (0.6) (4.1) 23.6 97.9 100.3 123.9 14,993 20.3 17.1 4.7 3.9 16.0 13.6 Shenzen Gas HKD 15.0 0.1 0.7 (4.1) 7.3 17.0 25.8 32.7 3,898 12.3 11.8 1.4 1.3 9.1 8.5 Shann Xi CNY 8.3 0.1 (0.8) 0.2 (5.7) (2.7) (16.7) (13.5) 1,392 17.5 15.7 1.7 1.6 #N/A N/A #N/A N/A Suntien HKD 2.1 (0.9) (4.5) 7.1 24.9 37.0 99.1 111.0 1,004 7.9 6.9 0.8 0.7 10.0 8.6 China Oil & Gas HKD 0.5 1.9 1.9 (5.3) (1.8) (5.3) (5.3) (11.5) 403 9.3 8.1 0.9 0.8 6.2 5.6 Average 0.8 0.2 1.9 8.1 27.1 38.2 47.0 EV LG화학 KRW 409,000 0.0 1.4 4.3 18.9 48.2 63.6 56.7 25,878 14.2 13.8 1.9 1.7 6.9 6.6 삼성SDI KRW 22 1.6 7.3 11.3 22.1 59.0 133.1 102.8 13,621 23.3 14.3 1.4 1.2 24.2 15.3 Panasonic JPY 1729.5 1.8 1.7 6.5 13.6 29.2 73.8 45.4 37,264 22.7 17.3 2.4 2.1 7.4 6.3 GS Yuasa JPY 580.0 2.1 2.3 (2.0) 12.2 10.1 29.5 19.3 2,107 17.6 15.9 1.4 1.3 7.8 7.3 NEC JPY 3025.0 0.7 (2.4) (1.3) 0.2 7.3 5.0 (2.4) 6,921 18.1 16.9 0.9 0.9 7.1 6.6 BYD Auto CNY 65.5 (0.1) 4.0 (4.1) 34.0 35.5 18.0 31.9 26,057 37.7 26.3 3.3 2.9 16.0 12.9 Tesla Motors USD 306.1 1.1 (7.7) (14.2) (13.8) (0.7) 58.4 43.2 51,437 #N/A N/A #N/A N/A 10.6 10.4 130.0 30.5 Kandi Technologies USD 7.6 4.5 3.8 (17.7) 91.8 74.1 59.5 54.6 364 #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 1.5 1.3 (2.1) 22.4 32.8 55.1 43.9 * Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임