1. News Summary (3 page)News ConclusionWTI comment 골드만삭스 유가전망 급하향에 유가급락

Headline 쿠웨이트, 2015년도 예산유가 $45/bbl 설정 중동국가의 저유가에 대한 수긍 뿐 아니라 예산확보위한 증산도 가능

News 1. GM, 디트로이트 모터쇼 첫 날 Volt2와 Bolt 공개 2세대 전기차 모델의 시작, 두 모델 모두 LG화학 배터리 사용하게 됨

News 2. Petrobras -5.2% 급락, default 가능성 논란? 글로벌 E&P 업종 중 원유관련/심해광구관련 과도투자 업체는 지속 위험

News 3. 한화-삼성 빅딜, EVA 독과점이 변수 한화는 70~80% 수출이기 때문에 사안 다르다 주장, 차후 추이 주목 필요

2. Prices Summary (4~7 page)Daily Unit Price 1D 1W 1M 3M 12M Weekly Update Unit Price 1W 1M 3M 12MRefinery % % % % % Petrochemical % % % %

WTI $/bbl 46.1 (4.7) (7.9) (20.3) (43.7) (49.8) Ethylene 01/12 $/t 950 (4.5) (7.3) (33.8) (35.2)

Dubai $/bbl 45.7 (3.7) (10.4) (24.5) (47.7) (55.9) Propylene 01/12 $/t 675 0.0 (11.8) (46.4) (52.0)

Gasoline $/bbl 55.8 (3.3) (9.7) (22.3) (44.7) (52.9) Benzene 01/12 $/t 590 (15.7) (23.9) (50.1) (56.6)

Diesel $/bbl 62.0 (2.7) (9.0) (19.4) (38.6) (48.8) Toluene 01/12 $/t 565 (13.1) (19.3) (47.9) (52.7)

Complex margin $/bbl 7.8 0.3 (0.0) (0.1) 2.0 (0.5) Xylene 01/12 $/t 590 (4.1) (15.7) (43.5) (50.6)

1M lagging $/bbl (8.1) 0.7 0.1 1.1 (6.0) (14.2) PP 01/12 $/t 1,130 (0.9) (8.1) (24.9) (26.4)

Petrochemical % % % % % PVC 01/12 $/t 795 0.0 (9.1) (20.9) (23.2)

Naphtha $/t 415 (1.8) (7.4) (23.7) (43.6) (56.9) ABS 01/12 $/t 1,525 (3.8) (7.9) (20.2) (20.6)

Butadiene $/t 740 (0.7) (20.0) (22.1) (41.3) (49.8) SBR 01/12 $/t 1,475 (1.3) (11.9) (25.7) (21.5)

HDPE $/t 1,155 0.0 0.0 (10.5) (25.0) (25.7) SM 01/12 $/t 878 (10.0) (7.9) (42.4) (48.8)

MEG $/t 700 (1.5) (5.8) (7.4) (13.9) (29.1) BPA 01/12 $/t 1,828 2.0 (8.6) (23.0) (25.3)

PX $/t 742 (2.5) (8.2) (12.6) (32.2) (45.2) Caustic 01/12 $/t 275 0.0 (1.8) (10.6) (17.9)

SM $/t 839 0.0 (9.9) 1.0 (42.9) (49.5) 2-EH 01/12 $/t 970 (14.2) (18.1) (31.2) (31.9)

Commodity % % % % % Caprolactam 01/12 $/t 1,920 0.0 (5.9) (11.1) (19.3)

Natural Gas $/mmbtu 2.81 (4.6) (2.5) (24.6) (31.0) (34.6) Solar % % % %

Natural rubber $/t 1,430 0.0 (4.0) (2.1) (0.7) (34.1) Polysilicon 01/07 $/kg 19.3 (0.1) (5.9) (6.3) (2.8)

Cotton C/lbs 59.7 (1.7) (1.6) (1.5) (4.4) (24.4) Module 01/07 $/W 0.62 0.0 (0.5) 1.6 (11.2)

*참고: 정제마진의 변동률은 %가 아닌 $/bbl임

2015년 1월 13일

*참고: 정제마진의 변동률은 %가 아닌 $/bbl임

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 90.3 (1.9) 0.0 4.3 (1.4) (10.1) BASF EUR 68.8 (0.1) 2.4 (0.4) 2.8 (11.5)

Shell EUR 2,079 (1.3) (0.1) 4.8 (5.1) (5.1) Dow Chemical USD 44.2 (0.6) (0.1) 1.8 (7.2) 3.4

Petrochina CNY 11.62 (3.7) (2.3) 24.3 49.2 54.3 SABIC SAR 77.0 (1.8) (3.2) (5.5) (36.7) (33.3)

Gazprom RUB 140.2 (1.0) 4.7 4.3 5.3 0.3 Formosa Pla. TWD 74.0 3.1 3.5 10.0 4.2 (6.1)

Petrobras BRL 8.9 (5.2) 3.5 (11.9) (55.5) (44.2) Shin-Etsu JPY 7,758 0.0 (1.6) (5.2) 15.7 32.4

Refinery Renewable

Phillips66 USD 64.2 (4.6) (5.4) (2.2) (15.8) (17.6) Wacker EUR 84.9 (0.6) (1.9) (9.0) (0.3) (7.3)

Valero USD 47.4 (2.6) (1.9) 2.4 4.9 (11.0) Yingli USD 1.99 (2.9) (12.7) (12.3) (23.5) (71.1)

JX JPY 444.7 0.0 (4.8) 2.2 (7.6) (15.6) Tesla USD 202.2 (2.2) (3.8) (2.3) (14.6) 38.8

Neste Oil EUR 20.8 2.1 4.2 12.2 30.0 41.0 BYD CNY 39.5 2.7 (1.9) (6.6) (20.2) 6.7

4. Coverage Summary01/12 1D 1W 1M 3M 6M 12M 투자의견 TP % P/E P/B

KOSPI 1,921 (0.2) 0.3 (0.0) (0.4) (3.4) (0.9) * 추정치는 12M fwd 기준임

KOSPI화학 3,680 1.5 0.2 0.2 (2.5) (9.1) (8.2) * 모든 coverage 업체의 실적은 연결기준임

LG화학 180,500 1.1 3.4 (1.9) (20.3) (36.4) (32.4) 매수 250,000 38.5 9.46 1.06

롯데케미칼 148,000 (0.3) (4.8) (5.4) 7.6 (10.6) (29.2) 매수 170,000 14.9 11.61 0.73

한화케미칼 11,550 0.4 1.3 (5.3) (6.1) (34.2) (48.0) 매수 14,000 21.2 7.35 0.37

금호석유화학 85,700 0.1 6.7 9.3 20.0 (2.2) (0.1) 매수 90,000 5.0 15.84 1.86

OCI 73,500 1.2 (1.5) (5.9) (27.9) (53.0) (63.7) 매수 110,000 49.7 14.17 0.72

SKC 27,500 1.3 4.0 10.9 (2.8) (25.3) (9.1) 매수 37,000 34.5 9.10 0.81

국도화학 41,350 0.4 3.0 2.0 (6.9) (29.7) (21.1) 매수 55,000 33.0 9.70 0.59

SK이노베이션 84,500 (0.5) 3.0 3.9 5.4 (15.4) (35.5) 매수 100,000 18.3 10.09 0.57

S-Oil 48,850 0.5 1.2 10.6 20.6 (9.9) (30.5) 매수 55,000 12.6 16.01 1.16

GS 38,200 0.1 (2.3) (3.3) (5.7) (12.6) (28.3) 매수 50,000 30.9 8.37 0.65

SK가스 90,700 0.0 2.6 (3.6) (32.8) (9.3) 20.1 매수 110,000 21.3 11.36 0.66

대우인터내셔널 29,200 (2.2) (2.7) (4.4) (18.9) (24.5) (29.2) 매수 38,000 30.1 10.29 1.35

LG상사 29,950 3.8 3.1 7.3 30.2 3.6 2.9 매수 34,000 13.5 10.59 0.81

SK네트웍스 8,970 3.1 1.7 1.9 (10.1) (19.6) 10.7 매수 12,000 33.8 9.37 0.80

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▪ 당사는 본 보고서의 발간시점에 해당종목을 1% 이상 보유하고 있지 않습니다.

Key Chart

KOSPI/KOSPI화학 WTI/Dubai

Complex & 1M lagging margin Polysilicon & Module prices

Naphtha/Ethylene/Propylene prices Butadiene price & 1M lagging naphtha spread

3,300

3,500

3,700

3,900

4,100

4,300

4,500

1,700

1,800

1,900

2,000

2,100

15/0114/1014/0714/0313/1213/0913/0613/03

KOSPI(우) KOSPI화학(좌)(p) (p)

0.60

0.65

0.70

0.75

15

17

19

21

23

13/01 13/06 13/12 14/05 14/11

PolySilicon Silicon Module($/kg)($/W)

40

50

60

70

80

90

100

110

120

13/01 13/05 13/09 14/01 14/05 14/09

WTI Dubai($/bbl)

-15

-10

-5

0

5

10

15

20

13/01 13/05 13/09 14/01 14/05 14/09 15/01

시차조정복합 복합정제마진($/bbl)

1,600Naphtha Ethylene Propylene($/t)

1,2002,2001M lagging Butadiene($/t) ($/t)

HDPE price & 1M lagging naphtha spread MEG price & 1M lagging naphtha spread

PVC price & 1M lagging naphtha spread PX price & 1M lagging naphtha spread

3,300

3,500

3,700

3,900

4,100

4,300

4,500

1,700

1,800

1,900

2,000

2,100

15/0114/1014/0714/0313/1213/0913/0613/03

KOSPI(우) KOSPI화학(좌)(p) (p)

0.60

0.65

0.70

0.75

15

17

19

21

23

13/01 13/06 13/12 14/05 14/11

PolySilicon Silicon Module($/kg)($/W)

40

50

60

70

80

90

100

110

120

13/01 13/05 13/09 14/01 14/05 14/09

WTI Dubai($/bbl)

-15

-10

-5

0

5

10

15

20

13/01 13/05 13/09 14/01 14/05 14/09 15/01

시차조정복합 복합정제마진($/bbl)

400

600

800

1,000

1,200

1,400

1,600

12/12 13/04 13/08 13/12 14/04 14/08 14/12

Naphtha Ethylene Propylene($/t)

0

200

400

600

800

1,000

1,200

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

12/12 13/04 13/08 13/12 14/04 14/08 14/12

1M lagging Butadiene($/t) ($/t)

400

450

500

550

600

650

700

1,200

1,300

1,400

1,500

1,600

12/12 13/04 13/08 13/12 14/04 14/08 14/12

1M lagging HDPE($/t) ($/t)

-100

0

100

200

300

700

800

900

1,000

1,100

1,200

12/12 13/04 13/08 13/12 14/04 14/08 14/12

1M lagging MEG($/t) ($/t)

-50

0

50

100

150

200

750

800

850

900

950

1,000

1,050

1,100

12/12 13/04 13/08 13/12 14/04 14/08 14/12

1M lagging PVC($/t) ($/t)

100

200

300

400

500

600

700

800

800

1,000

1,200

1,400

1,600

1,800

12/12 13/04 13/08 13/12 14/04 14/08 14/12

1M lagging PX($/t) ($/t)

자료: Bloomberg, Cischem, Petronet, Platts, Pvinsights, SK증권

참고: 상기 데이터는 일괄적으로 과거 2년치 적용

3,300

3,500

3,700

3,900

4,100

4,300

4,500

1,700

1,800

1,900

2,000

2,100

15/0114/1014/0714/0313/1213/0913/0613/03

KOSPI(우) KOSPI화학(좌)(p) (p)

0.60

0.65

0.70

0.75

15

17

19

21

23

13/01 13/06 13/12 14/05 14/11

PolySilicon Silicon Module($/kg)($/W)

40

50

60

70

80

90

100

110

120

13/01 13/05 13/09 14/01 14/05 14/09

WTI Dubai($/bbl)

-15

-10

-5

0

5

10

15

20

13/01 13/05 13/09 14/01 14/05 14/09 15/01

시차조정복합 복합정제마진($/bbl)

400

600

800

1,000

1,200

1,400

1,600

12/12 13/04 13/08 13/12 14/04 14/08 14/12

Naphtha Ethylene Propylene($/t)

0

200

400

600

800

1,000

1,200

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

12/12 13/04 13/08 13/12 14/04 14/08 14/12

1M lagging Butadiene($/t) ($/t)

400

450

500

550

600

650

700

1,200

1,300

1,400

1,500

1,600

12/12 13/04 13/08 13/12 14/04 14/08 14/12

1M lagging HDPE($/t) ($/t)

-100

0

100

200

300

700

800

900

1,000

1,100

1,200

12/12 13/04 13/08 13/12 14/04 14/08 14/12

1M lagging MEG($/t) ($/t)

-50

0

50

100

150

200

750

800

850

900

950

1,000

1,050

1,100

12/12 13/04 13/08 13/12 14/04 14/08 14/12

1M lagging PVC($/t) ($/t)

100

200

300

400

500

600

700

800

800

1,000

1,200

1,400

1,600

1,800

12/12 13/04 13/08 13/12 14/04 14/08 14/12

1M lagging PX($/t) ($/t)

News Comment

Headline (출처: EBN화학정보) WTI Comment (출처: 연합뉴스)

제목 쿠웨이트, 2015년도 예산유가 $45/bbl 설정 제목 골드만삭스 유가전망 급하향에 유가급락

결론 중동국가의 저유가에 대한 수긍 뿐 아니라 예산확보위한 증산도 가능 상승

세부 요인

1) 쿠웨이트타임스 보도, YoY -$30/bbl이자 기타 중동산유국 대비 -$15/bbl

2) 정부지출규모 YoY- 18%, 그럼에도 $96억 적자로서 전년($28억) 대비 증대

3) 쿠웨이트의 낮은 예산 유가는 저유가 상황에 대한 수긍으로 판단함 하락 골드만삭스, 브렌트유 3개월 전망치 $80/bbl에서 $42/bbl 하향

4) 중동국가의 저유가에 대한 수긍 뿐 아니라 예산확보위한 증산도 가능 요인 OPEC 산유국들 감산 움직임 없음

5)

Issue 1 (출처: PVinsights) Issue 2 (출처: Bloomberg)

제목 GM, 디트로이트 모터쇼 첫 날 Volt2와 Bolt 공개 제목 Petrobras -5.2% 급락, default 가능성 논란?

결론 2세대 전기차 모델의 시작, 두 모델 모두 LG화학 배터리 사용하게 됨 결론 글로벌 E&P 업종 중 원유관련/심해광구관련 과도투자 업체는 지속 위험

세부 세부

1) Volt2는 기존 Volt의 2세대 모델, 마력/토크/제로백 등 대다수 스펙 증대 1) Petrbras는 과도한 capex와 심해광구의 cost 부담에 놓여있음

2) 2015년 하반기부터 판매 예정, 최대관건은 판매가격의 감소폭임 2) 지난 3개월간 주가수익률 55.5%, 글로벌 메이저 E&P 중 하락폭 가장 큼

3) Bolt는 컨셉카로서 예정에 없던 깜짝 공개임. BEV 200mile(322km) 차량임 3) BofA는 "신용등급 강등은 연중 가능하지만 default까지는 아니다" 언급

4) 2017년 출시모델로서 2016년 중 공식발표 및 판매 진행될 것으로 예상됨 4) 다만 $50/bbl 이하의 저유가가 수년간 지속된다면 재무부담 심각할 것

5) 2세대 전기차 모델의 시작, 두 모델 모두 LG화학 배터리 사용하게 됨 5) 글로벌 E&P 업종 중 원유관련/심해광구관련 과도투자 업체는 지속 위험

Issue 3 (출처: 파이낸셜뉴스) Issue 4

제목 한화-삼성 빅딜, EVA 독과점이 변수 제목

결론 한화는 70~80% 수출이기 때문에 사안 다르다 주장, 차후 추이 주목 필요 결론

세부 세부

1) 국내 EVA 시장 점유율 한켐 38%, 롯켐 25%, 삼성 17%, LG화학 13% 1)

2) 한화-삼성 합병 시 점유율 55%에 도달해 독과점 기준인 50% 초과함 2)

3) 공정위 독과점 판단 시 기업심사 지연 가능성 있음 3)

4) 한화는 70~80% 수출이기 때문에 사안 다르다 주장, 차후 추이 주목 필요 4)

5) 5)

Issue 5 Issue 6

제목 제목

결론 결론

세부 세부

1) 1)

2) 2)

3) 3)

4) 4)

5) 5)

Commodity Price Data

Daily Price Today 1D 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc.

F/X USD/EUR 0.845 0.844 0.838 0.803 0.792 0.735 0.732 0.826 0.753 0.754 0.840

Change, % 0.1 0.8 5.3 6.7 15.0 15.5 2.3 (3.9) 13.7 (0.0)

USD/JPY 118.3 118.5 119.6 118.8 107.7 101.3 104.2 119.7 97.7 105.9 119.2

Change, % (0.2) (1.1) (0.4) 9.9 16.8 13.5 (1.2) 21.5 13.8 0.0

USD/KRW 1,081.5 1,089.7 1,109.7 1,103.1 1,070.5 1,018.9 1,061.4 1,094.0 1,094.6 1,053.0 1,095.5

Change, % (0.8) (2.5) (2.0) 1.0 6.1 1.9 (1.1) 50.3 3.3 0.0

Agriculture Corn 402.0 400.3 406.0 396.3 334.0 399.8 432.8 397.0 579.2 415.6 399.3

Change, % 0.4 (1.0) 1.5 20.4 0.6 (7.1) 1.3 (39.6) (5.9) (0.0)

Soybean 1,013.5 1,051.5 1,039.8 1,047.3 922.5 1,295.8 1,303.8 1,019.3 1,407.0 1,245.5 1,030.5

Change, % (3.6) (2.5) (3.2) 9.9 (21.8) (22.3) (0.6) (7.5) (22.3) 0.0

Wheat 555.5 563.8 589.0 627.5 498.5 514.8 569.0 589.8 684.3 588.0 574.1

Change, % (1.5) (5.7) (11.5) 11.4 7.9 (2.4) (5.8) (22.2) (2.6) 0.0

Rice 11.2 11.3 11.3 12.4 12.6 14.5 15.6 11.5 15.5 14.0 11.3

Change, % (0.7) (0.8) (8.9) (10.6) (22.4) (27.8) (2.1) 4.4 (25.9) 0.0

Oats 298.3 303.3 306.0 300.8 342.8 348.8 386.5 303.8 367.5 373.1 302.4

Change, % (1.6) (2.5) (0.8) (13.0) (14.5) (22.8) (1.8) 1.9 (14.3) 0.0

MYR/mt Palm Oil 2,375.0 2,359.0 2,298.0 2,154.0 2,209.0 2,410.0 2,487.0 2,291.0 2,405.0 2,415.1 2,338.7

Change, % 0.7 3.4 10.3 7.5 (1.5) (4.5) 3.7 13.3 (12.8) (0.0)

Cocoa 2,994.0 2,968.0 2,944.0 2,891.0 3,157.0 3,127.0 2,712.0 2,910.0 2,403.9 3,006.8 2,948.2

Change, % 0.9 1.7 3.6 (5.2) (4.3) 10.4 2.9 21.2 7.4 (0.0)

Cotton 59.7 60.8 60.7 60.5 64.1 68.7 82.6 60.3 83.3 76.4 60.2

Change, % (1.7) (1.6) (1.3) (6.8) (13.1) (27.7) (0.9) 12.6 (28.8) 0.0

Sugar 14.8 14.9 14.3 15.0 16.6 17.1 15.6 14.5 17.5 16.3 14.6

Change, % (1.0) 3.5 (1.5) (10.8) (13.5) (5.2) 1.7 (15.9) (11.5) (0.0)

Coffee 176.8 180.1 168.1 173.0 220.4 159.0 120.7 166.6 126.0 177.1 172.2Coffee 176.8 180.1 168.1 173.0 220.4 159.0 120.7 166.6 126.0 177.1 172.2

Change, % (1.8) 5.1 2.2 (19.8) 11.2 46.5 6.1 (23.0) 50.5 (0.0)

Energy WTI 45.8 48.4 50.0 57.8 85.8 100.8 92.7 53.3 98.0 92.9 49.5

Change, % (5.3) (8.5) (20.8) (46.7) (54.6) (50.6) (14.1) 7.2 (45.9) 0.0

Brent 47.2 50.1 53.1 61.9 90.2 106.7 107.3 57.3 108.7 99.5 52.1

Change, % (5.8) (11.1) (23.7) (47.7) (55.7) (56.0) (17.6) (0.3) (48.3) 0.1

Natural Gas 2.8 2.9 2.9 3.8 3.9 4.1 4.1 2.9 3.7 4.3 2.9

Change, % (4.6) (2.5) (25.9) (27.2) (32.2) (30.6) (2.7) 26.2 (31.7) 0.0

Ethanol 1.5 1.5 1.6 1.7 1.6 2.1 2.0 1.6 2.3 2.1 1.5

Change, % (1.4) (9.2) (15.3) (8.8) (30.9) (25.8) (10.5) (12.7) (14.9) 0.0

RBOB Gasoline 127.4 132.3 138.1 159.7 225.8 290.9 266.9 143.5 285.0 262.6 135.9

Change, % (3.7) (7.8) (20.3) (43.6) (56.2) (52.3) (11.3) (0.9) (48.5) 0.0

Coal 46.8 46.8 47.7 51.7 51.8 60.6 57.3 48.5 56.1 57.5 47.4

Change, % (0.1) (1.9) (9.5) (9.7) (22.8) (18.3) (3.6) (1.0) (15.5) 0.0

Metal Gold 1,233.9 1,222.5 1,204.8 1,222.5 1,223.1 1,338.6 1,248.5 1,182.0 1,410.4 1,266.5 1,209.9

Change, % 0.9 2.4 0.9 0.9 (7.8) (1.2) 4.4 (28.0) (1.3) (0.0)

Silver 16.6 16.5 16.2 17.0 17.4 21.4 20.2 15.7 23.8 19.1 16.2

Change, % 0.5 2.4 (2.6) (4.7) (22.7) (17.7) 5.9 (35.8) (18.9) (0.0)

Platinum 1,242.0 1,231.8 1,212.8 1,231.9 1,262.5 1,512.3 1,437.0 1,207.5 1,485.7 1,384.6 1,220.4

Change, % 0.8 2.4 0.8 (1.6) (17.9) (13.6) 2.9 (11.2) (11.5) (0.0)

Palladium 810.6 803.0 794.1 815.1 785.1 874.0 743.8 797.0 725.9 803.4 799.5

Change, % 0.9 2.1 (0.6) 3.2 (7.3) 9.0 1.7 1.7 11.4 (0.0)

Copper 6,090.0 6,090.0 6,145.0 6,490.0 6,645.0 7,156.0 7,302.5 6,300.0 7,352.6 6,828.1 6,155.7

Change, % 0.0 (0.9) (6.2) (8.4) (14.9) (16.6) (3.3) (7.2) (14.4) 0.0

Uranium 35.4 35.4 35.2 37.3 35.5 28.4 35.1 35.3 38.5 33.5 35.3

Change, % 0.0 0.7 (5.0) (0.3) 24.6 1.0 0.4 (20.9) 2.5 (0.0)

HR Coil 594.0 594.0 605.0 614.0 637.0 670.0 675.0 605.0 630.4 653.2 599.5

Change, % 0.0 (1.8) (3.3) (6.8) (11.3) (12.0) (1.8) 3.1 (10.4) 0.0

Scrap 361.9 355.0 355.0 400.0 385.4 398.0 444.9 355.0 396.9 401.3 356.1

Change, % 1.9 1.9 (9.5) (6.1) (9.1) (18.6) 1.9 (1.2) (16.5) (0.0)

Zinc 2,156.0 2,156.0 2,185.0 2,191.0 2,314.0 2,303.0 2,032.0 2,178.0 1,940.3 2,165.0 2,171.2

Change, % 0.0 (1.3) (1.6) (6.8) (6.4) 6.1 (1.0) (1.2) 6.0 0.0

자료: Bloomberg

참고) NYMEX, ICE, LME 중 대표지수를 사용

Refining Price Data

Daily Price 01/12 1D 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc.

Crude Oil WTI 46.1 48.4 50.0 57.8 81.8 101.3 91.7 53.2 97.9 93.1 49.5

Change, % (4.7) (7.9) (20.3) (43.7) (54.5) (49.8) (13.4) (52.9) (50.5) (6.9)

Dubai 45.7 47.4 51.0 60.5 87.3 105.1 103.5 53.6 105.3 96.7 49.1

Change, % (3.7) (10.4) (24.5) (47.7) (56.5) (55.9) (14.8) (56.6) (52.8) (7.1)

Crude Oil Gasoline(휘발유) 55.8 57.6 61.8 71.8 100.9 123.1 118.4 64.8 119.1 110.9 59.7

Product Change, % (3.3) (9.7) (22.3) (44.7) (54.7) (52.9) (13.9) (53.2) (49.7) (6.7)

Kerosene(등유) 62.2 63.9 68.3 78.4 101.8 118.0 121.1 71.2 123.0 112.6 66.1

Change, % (2.7) (9.0) (20.7) (38.9) (47.3) (48.6) (12.7) (49.5) (44.8) (5.9)

Diesel(경유) 62.0 63.7 68.2 76.9 101.0 118.0 121.1 70.2 123.4 112.8 65.7

Change, % (2.7) (9.0) (19.4) (38.6) (47.4) (48.8) (11.6) (49.7) (45.0) (5.6)

Bunker-C 40.8 41.6 44.7 56.1 77.6 91.8 94.0 48.8 95.2 86.5 43.7

Change, % (2.1) (8.8) (27.4) (47.5) (55.6) (56.7) (16.4) (57.2) (52.9) (6.6)

Naphtha 42.9 43.5 46.0 54.0 80.3 107.0 106.0 48.0 101.1 94.3 44.9

Change, % (1.4) (6.8) (20.6) (46.6) (59.9) (59.5) (10.7) (57.6) (54.5) (4.5)

Dubai Gasoline(휘발유) 10.1 10.2 10.8 11.3 13.5 18.0 14.9 11.2 13.8 14.2 10.6

Spread Change (0.2) (0.7) (1.2) (3.4) (7.9) (4.8) (1.1) (3.7) (4.1) (0.5)

Kerosene(등유) 16.5 16.5 17.4 17.9 14.5 12.9 17.5 17.6 17.6 15.9 16.9

Change 0.0 (0.9) (1.4) 2.0 3.6 (1.1) (1.1) (1.1) 0.6 (0.4)

Diesel(경유) 16.3 16.3 17.2 16.4 13.7 12.9 17.6 16.6 18.0 16.0 16.5

Change 0.0 (0.8) (0.1) 2.7 3.4 (1.2) (0.2) (1.7) 0.3 (0.2)

Bunker-C (4.9) (5.8) (6.3) (4.4) (9.7) (13.3) (9.5) (4.8) (10.1) (10.3) (5.5)

Change 0.9 1.4 (0.5) 4.8 8.3 4.6 (0.1) 5.2 5.3 0.6

Naphtha (2.8) (3.9) (4.9) (6.5) (7.0) 2.0 2.4 (5.6) (4.2) (2.4) (4.2)

Change 1.1 2.2 3.7 4.3 (4.8) (5.2) 2.8 1.4 (0.4) 1.5

Refining Simple(단순) 3.3 2.8 2.8 3.3 (0.7) (2.1) 0.9 3.3 0.3 (0.1) 3.0

Margin Change 0.5 0.5 0.0 3.9 5.3 2.3 0.0 3.0 3.4 0.3

Complex(복합) 7.8 7.6 7.9 7.9 5.8 6.3 8.4 8.0 7.6 7.1 7.8

Change 0.3 (0.0) (0.1) 2.0 1.5 (0.5) (0.1) 0.2 0.8 0.0

Complex(lagging) (8.1) (8.8) (8.1) (9.1) (2.0) 2.6 6.2 (7.4) 7.7 3.3 (8.5)

Change 0.7 0.1 1.1 (6.0) (10.7) (14.2) (0.6) (15.7) (11.4) 0.4

자료 : Petronet, SK증권

참고 1) Crude Oil 가격은 현물(spot) 기준으로 선물(future) 가격과 다를 수 있음

참고 2) Gasoline은 95RON, 경유는 L/P 0.5%, Bunker-C는 380cst/4.0% 기준임

Petrochemical Price Data

Daily Price 01/12 01/09 01/08 01/07 01/06 01/05 01/02 01/01 12/31 12/30

Spot Price Naphtha CFR Japan 414.5 422.0 410.4 408.0 427.0 447.5 467.5 465.5 465.5 459.5

Ethylene CFR SE Asia 980.0 980.0 980.0 980.0 990.0 990.0 995.0 995.0 995.0 995.0

Propylene FOB Korea 670.0 670.0 670.0 660.0 660.0 660.0 660.0 660.0 660.0 660.0

Butadiene FOB Korea 740.0 745.0 830.0 890.0 925.0 925.0 940.0 940.0 940.0 940.0

HDPE CFR FE Asia 1,155.0 1,155.0 1,155.0 1,155.0 1,155.0 1,155.0 1,160.0 1,160.0 1,160.0 1,160.0

LDPE CFR FE Asia 1,180.0 1,180.0 1,185.0 1,185.0 1,185.0 1,185.0 1,190.0 1,190.0 1,190.0 1,190.0

LLDPE CFR FE Asia 1,160.0 1,165.0 1,180.0 1,180.0 1,200.0 1,200.0 1,205.0 1,205.0 1,205.0 1,200.0

MEG CFR China 700.0 711.0 703.0 689.0 732.0 743.0 749.0 755.0 755.0 755.0

PP CFR FE Asia 1,040.0 1,040.0 1,040.0 1,040.0 1,050.0 1,050.0 1,050.0 1,050.0 1,050.0 1,050.0

PX CFR China 741.8 760.8 748.8 746.8 786.0 808.0 836.0 826.0 826.0 826.0

PTA CFR China 580.0 580.0 588.0 590.0 605.0 610.0 633.0 635.0 635.0 632.0

Benzene FOB Korea 580.0 585.0 587.0 572.0 630.0 659.5 673.5 663.0 663.0 675.0

Toluene FOB Korea 519.0 524.0 537.0 506.0 537.0 583.0 602.0 597.5 597.5 604.0

Xylene FOB Korea 605.0 610.0 587.0 585.0 617.0 623.0 633.0 645.5 645.5 659.5

SM FOB Korea 839.0 839.0 827.0 827.0 883.0 931.0 943.0 937.5 937.5 938.5

Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc.

Spot Price Naphtha CFR Japan 416.5 467.0 512.0 735.0 873.5 962.0 961.0 923.0 865.9 441.8

Change, % (10.8) (18.7) (43.3) (52.3) (56.7) (56.7) (54.9) (51.9) (5.7)

Ethylene CFR SE Asia 950.0 995.0 1,025.0 1,435.0 1,495.0 1,465.0 1,452.5 1,353.8 1,401.1 972.5

Change, % (4.5) (7.3) (33.8) (36.5) (35.2) (34.6) (29.8) (32.2) (2.3)

Propylene CFR SE Asia 675.0 675.0 765.0 1,260.0 1,277.5 1,405.0 1,380.0 1,326.5 1,254.2 680.0Propylene CFR SE Asia 675.0 675.0 765.0 1,260.0 1,277.5 1,405.0 1,380.0 1,326.5 1,254.2 680.0

Change, % 0.0 (11.8) (46.4) (47.2) (52.0) (51.1) (49.1) (46.2) (0.7)

Butadiene CFR SE Asia 775.0 940.0 900.0 1,275.0 1,475.0 1,435.0 1,435.0 1,441.1 1,281.7 857.5

Change, % (17.6) (13.9) (39.2) (47.5) (46.0) (46.0) (46.2) (39.5) (9.6)

Benzene CFR SE Asia 590.0 700.0 775.0 1,182.5 1,232.5 1,360.0 1,367.5 1,327.9 1,243.1 645.0

Change, % (15.7) (23.9) (50.1) (52.1) (56.6) (56.9) (55.6) (52.5) (8.5)

Toluene CFR SE Asia 565.0 650.0 700.0 1,085.0 1,135.0 1,195.0 1,215.0 1,203.7 1,082.5 607.5

Change, % (13.1) (19.3) (47.9) (50.2) (52.7) (53.5) (53.1) (47.8) (7.0)

Xylene CFR SE Asia 590.0 615.0 700.0 1,045.0 1,090.0 1,195.0 1,210.0 1,201.1 1,055.7 602.5

Change, % (4.1) (15.7) (43.5) (45.9) (50.6) (51.2) (50.9) (44.1) (2.1)

Spread Ethylene -Naphtha 533.5 528.0 513.0 700.0 621.5 503.0 491.5 430.8 535.2 530.8

Change, % 1.0 4.0 (23.8) (14.2) 6.1 8.5 23.8 (0.3) 0.5

Propylene -Naphtha 258.5 208.0 253.0 525.0 404.0 443.0 419.0 403.5 388.3 238.3

Change, % 24.3 2.2 (50.8) (36.0) (41.6) (38.3) (35.9) (33.4) 8.5

Butadiene -Naphtha 358.5 473.0 388.0 540.0 601.5 473.0 474.0 518.1 415.9 415.8

Change, % (24.2) (7.6) (33.6) (40.4) (24.2) (24.4) (30.8) (13.8) (13.8)

Benzene -Naphtha 173.5 233.0 263.0 447.5 359.0 398.0 406.5 404.9 377.3 203.3

Change, % (25.5) (34.0) (61.2) (51.7) (56.4) (57.3) (57.2) (54.0) (14.6)

Toluene -Naphtha 148.5 183.0 188.0 350.0 261.5 233.0 254.0 280.7 216.6 165.8

Change, % (18.9) (21.0) (57.6) (43.2) (36.3) (41.5) (47.1) (31.4) (10.4)

Xylene -Naphtha 173.5 148.0 188.0 310.0 216.5 233.0 249.0 278.1 189.9 160.8

Change, % 17.2 (7.7) (44.0) (19.9) (25.5) (30.3) (37.6) (8.6) 7.9

자료 : Cischem, Platts, Bloomberg, SK증권참고 : Spread는 Polymer와 Naphtha의 가격차이임

Weekly Price Last Week 1W 1M 3M 6M 12M YTD 2013avg. 2014avg. 2015acc.

Spot Price HDPE CFR SE Asia 1,200.0 1,230.0 1,350.0 1,560.0 1,585.0 1,525.0 1,520.0 1,467.0 1,524.9 1,215.0

Change, % (2.4) (11.1) (23.1) (24.3) (21.3) (21.1) (18.2) (21.3) (1.2)

MEG CFR SE Asia 715.0 775.0 757.5 815.0 942.5 992.5 1,032.5 1,053.2 934.1 745.0

Change, % (7.7) (5.6) (12.3) (24.1) (28.0) (30.8) (32.1) (23.5) (4.0)

PVC CFR SE Asia 795.0 795.0 875.0 1,005.0 1,040.0 1,035.0 1,005.0 1,014.5 1,013.9 795.0

Change, % 0.0 (9.1) (20.9) (23.6) (23.2) (20.9) (21.6) (21.6) 0.0

PP CFR SE Asia 1,130.0 1,140.0 1,230.0 1,505.0 1,520.0 1,535.0 1,535.0 1,487.7 1,503.0 1,135.0

Change, % (0.9) (8.1) (24.9) (25.7) (26.4) (26.4) (24.0) (24.8) (0.4)

2-EH CFR Korea 970.0 1,130.0 1,185.0 1,410.0 1,415.0 1,425.0 1,420.0 1,470.2 1,397.1 1,050.0

Change, % (14.2) (18.1) (31.2) (31.4) (31.9) (31.7) (34.0) (30.6) (7.6)

ABS CFR SE Asia 1,525.0 1,585.0 1,655.0 1,910.0 1,935.0 1,920.0 1,905.0 1,949.9 1,897.7 1,555.0

Change, % (3.8) (7.9) (20.2) (21.2) (20.6) (19.9) (21.8) (19.6) (1.9)

SBR CFR SE Asia 1,475.0 1,495.0 1,675.0 1,985.0 2,075.0 1,880.0 1,920.0 1,877.5 1,485.0

Change, % (1.3) (11.9) (25.7) (28.9) (21.5) (23.2) (21.4) (0.7)

SM CFR SE Asia 877.5 975.0 952.5 1,522.5 1,517.5 1,712.5 1,725.0 1,737.4 1,547.1 926.3

Change, % (10.0) (7.9) (42.4) (42.2) (48.8) (49.1) (49.5) (43.3) (5.3)

Caustic FOB NEA 275.0 275.0 280.0 307.5 305.0 335.0 335.0 323.6 310.0 275.0

Change, % 0.0 (1.8) (10.6) (9.8) (17.9) (17.9) (15.0) (11.3) 0.0

PX CFR SE Asia 835.0 835.0 865.0 1,115.0 1,262.5 1,377.5 1,432.5 1,497.3 1,228.5 835.0

Change, % 0.0 (3.5) (25.1) (33.9) (39.4) (41.7) (44.2) (32.0) 0.0

PO CFR China 1,827.5 1,792.5 2,000.0 2,372.5 2,382.5 2,445.0 2,450.0 2,030.2 2,179.2 1,810.0

Change, % 2.0 (8.6) (23.0) (23.3) (25.3) (25.4) (10.0) (16.1) 1.0

Caprolactam CFR SE Asia 1,920.0 1,920.0 2,040.0 2,160.0 2,240.0 2,380.0 2,360.0 2,393.9 2,233.4 1,920.0

Change, % 0.0 (5.9) (11.1) (14.3) (19.3) (18.6) (19.8) (14.0) 0.0

PTA CFR SE Asia 655.0 655.0 690.0 845.0 950.0 975.0 1,005.0 1,077.4 911.7 655.0

Change, % 0.0 (5.1) (22.5) (31.1) (32.8) (34.8) (39.2) (28.2) 0.0

Spread HDPE 783.5 763.0 838.0 825.0 711.5 563.0 559.0 544.0 659.0 773.3

Change, % 2.7 (6.5) (5.0) 10.1 39.2 40.2 44.0 18.9 1.3

MEG 298.5 308.0 245.5 80.0 69.0 30.5 71.5 130.3 68.2 303.3

Change, % (3.1) 21.6 273.1 332.6 878.7 317.5 129.1 337.5 (1.6)

PVC 378.5 328.0 363.0 270.0 166.5 73.0 44.0 91.5 148.0 353.3

Change, % 15.4 4.3 40.2 127.3 418.5 760.2 313.4 155.7 7.1

PP 713.5 673.0 718.0 770.0 646.5 573.0 574.0 564.8 637.1 693.3

Change, % 6.0 (0.6) (7.3) 10.4 24.5 24.3 26.3 12.0 2.9

2-EH 553.5 663.0 673.0 675.0 541.5 463.0 459.0 547.2 531.3 608.3

Change, % (16.5) (17.8) (18.0) 2.2 19.5 20.6 1.1 4.2 (9.0)

ABS 1,108.5 1,118.0 1,143.0 1,175.0 1,061.5 958.0 944.0 1,026.9 1,031.9 1,113.3

Change, % (0.8) (3.0) (5.7) 4.4 15.7 17.4 7.9 7.4 (0.4)

SBR BD spread 700.0 555.0 775.0 710.0 600.0 445.0 485.0 595.8 627.5

Change, % 26.1 (9.7) (1.4) 16.7 57.3 44.3 17.5 11.6

SM 461.0 508.0 440.5 787.5 644.0 750.5 764.0 814.4 681.2 484.5

Change, % (9.3) 4.7 (41.5) (28.4) (38.6) (39.7) (43.4) (32.3) (4.9)

Caustic

Change, %

PX 418.5 368.0 353.0 380.0 389.0 415.5 471.5 574.4 362.6 393.3

Change, % 13.7 18.6 10.1 7.6 0.7 (11.2) (27.1) 15.4 6.4

PO propylene sprea 1,152.5 1,117.5 1,235.0 1,112.5 1,105.0 1,040.0 1,070.0 703.7 925.0 1,130.0

Change, % 3.1 (6.7) 3.6 4.3 10.8 7.7 63.8 24.6 2.0

Caprolactam benzene spread 1,330.0 1,220.0 1,265.0 977.5 1,007.5 1,020.0 992.5 1,066.0 990.3 1,275.0

Change, % 9.0 5.1 36.1 32.0 30.4 34.0 24.8 34.3 4.3

PTA px spread 70.5 70.5 84.5 64.5 66.3 10.8 2.3 29.2 51.8 70.5

Change, % 0.0 (16.6) 9.3 6.4 555.8 3,033.3 141.2 36.2 0.0

자료 : Cischem, Platts, SK증권

참고 : Spread는 Naphtha spread로 일괄적용

Global peersCurrency 01/12 1D 1W 1M 3M 6M 12M YTD MKT CAP

(mil USD) 14E 15E 14E 15E 14E 15EPetrochemicalDow Chemical USD 44.2 (0.6) (0.1) 1.8 (7.2) (14.4) 3.4 (3.2) 51,802 14.9 13.4 2.0 2.0 7.8 7.8

Du Pont USD 74.4 1.2 3.8 7.3 11.8 14.7 17.1 0.6 58,845 18.6 16.6 4.3 3.9 11.0 10.6

Eastman USD 72.6 (2.5) (1.7) 0.0 (2.7) (16.4) (8.6) (4.3) 12,226 10.4 9.5 2.5 2.2 7.4 6.4

BASF EUR 68.8 (0.1) 2.4 (0.4) 2.8 (17.6) (11.5) (1.6) 97,507 12.5 12.2 2.2 2.1 7.5 7.4

Akzo Nobel EUR 59.5 0.2 5.4 8.1 22.3 14.0 7.6 3.2 18,329 19.3 16.0 2.5 2.4 9.8 8.5

Arkema EUR 54.7 2.6 6.0 4.1 20.3 (17.8) (29.3) (0.8) 6,895 14.8 12.0 1.4 1.3 6.5 5.3

Lanxess EUR 34.5 0.2 (2.5) (8.0) (14.4) (27.9) (25.5) (10.2) 5,271 16.9 15.0 1.4 1.3 5.9 5.6

Sumitomo Chemical JPY 460 0.0 (4.0) (3.6) 28.5 22.0 5.3 (4.0) 6,953 15.9 10.1 1.1 1.0 8.9 8.0

Mitsubishi Chemical JPY 588 0.0 (0.4) (4.8) 15.1 34.9 24.4 (0.0) 6,847 16.1 12.6 0.9 0.9 7.4 6.2

Shin-Etsu Chemical JPY 7,758 0.0 (1.6) (5.2) 15.7 27.7 32.4 (1.4) 24,336 25.3 22.8 1.8 1.7 9.5 8.7

Asahi Kasei JPY 1,087 0.0 (1.2) 1.5 21.8 40.4 28.8 (1.7) 11,404 15.0 14.1 1.5 1.4 6.9 6.6

JSR JPY 2,051 0.0 (1.1) (2.0) 11.5 16.4 2.5 (1.2) 4,576 16.9 15.0 1.4 1.3 6.7 6.0

Nitto Denko JPY 6,804 0.0 (0.2) 0.5 21.2 44.4 56.2 0.5 7,273 17.5 15.7 2.0 1.8 7.5 6.7

SABIC SAR 77.0 (1.8) (3.2) (5.5) (36.7) (34.5) (33.3) (8.2) 92,385 9.2 8.9 1.4 1.3 5.3 5.2

Yansab SAR 40.6 0.4 (4.3) (9.9) (38.1) (43.0) (44.8) (14.8) 11,023 9.3 8.6 1.5 1.5 6.8 6.8

Formosa Plastics TWD 74.0 3.1 3.5 10.0 4.2 (4.3) (6.1) 2.4 16,726 21.5 19.6 1.7 1.7 34.0 28.3

Formosa Fiber TWD 65.9 2.2 (0.2) 1.1 (4.1) (7.8) (18.9) (1.5) 15,889 21.5 19.8 1.4 1.4 15.7 15.0

Nan Ya Plastics TWD 63.8 (0.6) (0.2) 2.9 (1.8) (12.0) (4.6) (2.6) 17,691 15.6 16.5 1.7 1.6 17.4 16.2

Sinopec Shanghai CNY 4.19 (3.7) (10.9) 2.7 12.3 34.3 40.6 (3.2) 4,535 76.2 29.9 2.5 2.3 21.4 11.2

Sinopec Yizheng(FibeCNY 5.40 (4.6) (7.1) 20.0 25.9 94.2 97.8 (7.7) 2,179 32.7 23.0 2.6 2.4 6.6 5.5

Reliance INR 850 (1.2) (2.9) (3.6) (11.5) (12.0) (0.9) (4.2) 45,085 10.8 9.9 1.2 1.1 8.5 7.4

Industries Qatar QAR 148.1 (6.5) (11.3) (14.4) (20.2) (17.6) (14.9) (11.8) 28,927 13.1 11.1 2.8 2.7 48.9 46.8

PTT Chemical THB 54.0 (1.8) 4.9 2.4 (8.9) (19.4) (28.0) 5.4 10,247 9.8 9.5 1.3 1.2 5.6 5.4

Petronas MYR 5.2 2.4 (0.2) 1.4 (16.2) (23.4) (23.3) (5.0) 16,586 14.4 13.6 1.8 1.7 7.1 6.5

PBRPER EV/EBITDA

( ) ( ) ( ) ( ) ( )LG화학 KRW 180,500 1.1 3.4 (1.9) (21.5) (36.4) (32.4) (0.3) 16,690 13.6 10.6 1.1 1.0 5.2 4.5

롯데케미칼 KRW 148,000 (0.3) (4.8) (5.4) 7.6 (10.6) (29.2) (7.5) 6,757 18.3 11.1 0.8 0.7 7.0 5.2

한화케미칼 KRW 11,550 0.4 1.3 (5.3) (6.5) (34.2) (48.0) (2.1) 2,937 26.9 14.0 0.4 0.4 11.0 9.3

금호석유 KRW 85,700 0.1 6.7 9.3 22.6 (2.2) (0.1) 6.3 2,466 33.8 17.2 1.9 1.7 13.0 10.1

SKC KRW 27,500 1.3 4.0 10.9 (7.7) (25.3) (9.1) 3.4 1,033 13.6 8.6 0.8 0.8 8.9 8.2

국도화학 KRW 41,350 0.4 3.0 2.0 (4.2) (29.7) (21.1) 0.6 287 11.6 9.0 0.7 0.6 5.9 5.1

효성 KRW 2,835 1.8 5.6 2.2 3.3 (35.4) (51.8) (0.2) 2,388 9.1 8.0 0.9 0.8 9.2 8.5

Average (0.2) (0.3) 0.6 1.5 (3.2) (4.0) (2.4)RefineryValero USD 47.4 (2.6) (1.9) 2.4 4.9 (5.5) (11.0) (4.3) 28,726 8.0 8.9 1.2 1.1 4.1 4.4

Conoco Phillips USD 63.1 (2.8) (3.9) 1.0 (10.4) (25.6) (8.4) (8.7) 84,373 11.3 19.2 1.4 1.4 4.3 5.1

Formosa PetrochemicTWD 65.2 (0.8) (3.3) (0.8) (9.3) (13.3) (19.5) (5.1) 25,728 32.9 22.9 2.6 2.5 18.3 14.3

Tesoro USD 70.0 (3.9) (2.9) (5.9) 13.5 16.8 21.7 (5.9) 7,639 10.5 11.0 1.9 1.8 5.2 5.1

Marathon Petroleum USD 85.4 (3.5) (4.1) 2.7 4.7 8.3 (6.1) (5.4) 27,384 11.3 10.9 2.3 1.9 6.0 5.6

Devon Energy USD 59.1 (2.1) 0.7 11.5 (0.5) (23.3) (2.3) (3.4) 24,575 11.4 15.3 1.1 1.0 5.0 5.5

Hollyfrontier USD 34.2 (4.2) (7.0) (8.4) (17.2) (20.4) (28.3) (8.7) 9,909 11.1 11.4 1.1 1.2 5.0 5.0

Phillips 66 USD 64.2 (4.6) (5.4) (2.2) (15.8) (20.0) (17.6) (10.4) 46,764 10.1 9.9 1.7 1.5 5.7 5.8

Murphy Oil USD 46.7 (3.6) (2.2) 4.1 (12.1) (28.4) (25.8) (7.5) 11,771 13.1 140.8 0.9 1.0 3.3 4.2

JX Holdings JPY 444.7 0.0 (4.8) 2.2 (7.6) (16.4) (15.6) (5.3) 12,639 36.2 7.4 0.5 0.5 17.9 9.9

Cosmo Oil JPY 162.0 0.0 (4.7) 1.9 (9.0) (22.5) (19.8) (5.3) 1,646 #N/A N/A 8.7 0.6 0.6 12.9 10.0

Idemitsu JPY 1,990.0 0.0 (0.1) 1.4 (9.0) (8.7) (16.7) (0.4) 3,674 17.8 7.8 0.5 0.4 11.0 8.1

Tonengeneral JPY 998.0 0.0 (2.4) (2.5) 7.8 6.7 6.4 (3.0) 5,095 14.1 19.1 1.2 1.2 54.2 13.9

Nesteoil EUR 20.8 2.1 4.2 12.2 30.0 54.3 41.0 3.4 5,157 15.9 13.9 1.8 1.7 9.1 7.9

Ashland USD 119.8 (0.2) 1.8 3.6 21.8 11.4 19.8 (0.0) 7,750 20.1 16.1 2.3 2.4 9.1 8.6

Fuchs Petrolub EUR 32.9 0.6 1.8 (1.4) 18.9 3.5 (9.3) (1.2) 6,520 21.0 19.8 5.1 4.5 12.9 12.2

SK이노베이션 KRW 84,500 (0.5) 3.0 3.9 10.9 (15.4) (35.5) (0.7) 11,425 N/A 10.9 0.5 0.5 17.9 8.1

S-Oil KRW 48,850 0.5 1.2 10.6 23.5 (9.9) (30.5) 0.9 7,465 N/A 15.5 1.1 1.1 32.9 9.2

GS KRW 38,200 0.1 (2.3) (3.3) (3.5) (12.6) (28.3) (4.5) 4,671 192.7 10.4 0.6 0.5 27.3 11.6

Average (1.3) (1.7) 1.7 2.2 (6.4) (9.8) (4.0)* Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임

* 국내업체의 multiple은 Dataguidepro 기준임

Global peersCurrency 01/12 1D 1W 1M 3M 6M 12M YTD MKT CAP

(mil USD) 14E 15E 14E 15E 14E 15EE&P/ShaleExxon Mobil USD 90 (1.9) 0.0 4.3 (1.4) (11.2) (10.1) (2.3) 439,123 12.4 16.7 2.1 2.0 5.7 6.9

BP GBP 397 (0.5) 1.8 2.8 (7.4) (21.3) (20.2) (3.5) 152,218 9.1 11.0 0.9 0.8 3.8 4.0

Shell EUR 2,079 (1.3) (0.1) 4.8 (5.1) (13.0) (5.1) (3.5) 234,484 8.6 11.0 1.1 1.0 3.8 4.3

Chevron USD 106 (2.2) (2.0) 3.4 (7.0) (17.6) (12.5) (5.6) 232,723 11.0 16.2 1.3 1.3 4.5 5.3

Total EUR 41 0.5 3.3 0.4 (7.4) (18.7) (5.3) (2.9) 141,535 8.9 10.4 1.1 1.1 4.1 4.4

Sinopec CNY 7 (2.4) (8.0) 14.1 24.7 31.4 48.6 1.2 85,629 11.1 11.3 1.2 1.1 5.8 5.5

Petrochina CNY 12 (3.7) (2.3) 24.3 49.2 54.9 54.3 7.5 223,279 16.4 16.5 1.7 1.7 7.3 7.1

CNOOC CNY 20 (3.8) (11.0) 6.4 4.2 14.2 (10.1) (5.1) 15,174 11.7 11.5 1.9 1.8 7.5 7.9

Gazprom RUB 140 (1.0) 4.7 4.3 5.3 (5.4) 0.3 7.6 100,180 2.8 2.8 0.2 0.2 1.9 2.1

Rosneft RUB 204 (1.3) 3.7 (3.2) (8.2) (17.1) (15.9) 4.2 77,810 4.3 4.6 0.5 0.5 2.6 3.0

Anadarko USD 75 (5.2) (1.0) 2.3 (15.1) (28.4) (6.0) (9.0) 40,176 15.9 37.7 1.7 1.7 4.2 5.6

Petrobras BRL 9 (5.2) 3.5 (11.9) (55.5) (51.3) (44.2) (11.1) 84,999 5.6 4.8 0.3 0.3 5.0 4.4

Lukoil USD 39 (3.6) 2.3 (2.8) (18.2) (34.9) (35.0) (1.9) 51,076 3.7 3.9 0.3 0.3 N/A N/A

Kinder USD 102 0.0 0.0 0.0 13.8 25.5 27.2 0.0 35,114 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Statoil NOK 126 (3.8) (0.2) 3.5 (20.5) (32.1) (17.2) (4.1) 78,752 9.4 12.7 1.1 1.1 2.1 2.4

BHP AUD 29 (2.2) (3.3) 0.2 (11.8) (24.1) (21.8) (2.9) 167,148 12.2 11.6 1.5 1.4 5.5 5.4

PTT E&P THB 111 (1.8) 3.3 (1.8) (26.8) (32.2) (30.5) (1.3) 19,127 7.6 8.7 1.0 1.0 2.7 2.8

Petronas gas MYR 22 0.5 0.0 1.5 (0.7) (8.0) (5.1) (1.5) 13,979 25.3 24.1 4.0 3.8 14.0 13.4

Chesapeake USD 18 (3.7) (4.3) 2.6 (6.7) (37.2) (27.3) (9.6) 17,100 10.9 15.1 0.9 0.9 5.1 5.8

Noble Energy USD 42 (4.7) (2.1) (5.3) (29.3) (43.7) (35.9) (12.5) 23,260 16.8 25.3 1.5 1.5 5.4 5.4

Average 0 (2.4) (0.6) 2.5 (6.2) (13.5) (8.6) (2.8)PVWACKER EUR 84.9 (0.6) (1.9) (9.0) (0.3) (0.7) (7.3) (6.8) 6,523 24.2 25.1 1.9 1.8 5.5 5.7

GCL-Poly HKD 1.8 (0.5) (2.7) (4.7) (32.8) (31.1) (30.3) 1.1 5,211 12.5 9.4 1.5 1.3 7.8 6.9

PER PBR EV/EBITDA

( ) ( ) ( ) ( ) ( ) ( )REC NOK 102.0 0.5 0.5 1.3 47.8 11.5 8.8 0.0 609 11.3 8.9 2.0 1.6 7.1 5.6

SunEdison USD 19.9 2.6 6.4 7.4 24.5 (17.2) 38.2 2.1 3,842 #N/A N/A #N/A N/A 37.2 #N/A N/A #N/A N/A 36.5

Canadian Solar USD 21.9 (4.3) (5.3) (4.7) (23.2) (22.6) (42.2) (9.4) 1,749 5.4 4.7 1.8 1.2 4.3 3.8

JA Solar USD 7.9 (0.3) (0.5) (7.1) (2.8) (19.3) (20.3) (3.4) 429 8.4 6.2 0.5 0.4 3.5 3.6

Trina Solar USD 8.7 (1.4) (4.5) (1.6) (12.5) (24.1) (46.6) (6.3) 1,284 10.2 7.8 0.7 0.6 6.5 5.0

Solar City USD 49.3 (0.6) (1.5) (1.4) (7.9) (25.0) (26.2) (7.8) 5,490 #N/A N/A #N/A N/A 8.1 8.8 #N/A N/A #N/A N/A

Yingli USD 2.0 (2.9) (12.7) (12.3) (23.5) (38.2) (71.1) (15.3) 1,148 #N/A N/A #N/A N/A 15.9 #N/A N/A 12.7 7.6

First Solar USD 42.8 (3.1) 2.4 1.7 (20.3) (32.5) (17.6) (4.0) 5,168 16.3 9.7 0.9 0.8 6.0 4.5

한화솔라원 USD 1.0 (5.9) (11.0) (28.4) (46.3) (59.2) (70.2) (10.2) 279 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

OCI KRW 73,500 1.2 (1.5) (5.9) (30.3) (53.0) (63.7) (6.5) 4,555 N/A 17.5 0.6 0.6 7.0 5.5

웅진에너지 KRW 1,400 (2.4) (2.1) 2.9 (36.2) (45.1) (31.5) 4.5 129 N/A 0.6 0.6 7.0 5.5 9.1

신성솔라에너지 KRW 1,050 (0.5) 0.0 5.0 5.5 (7.1) (13.2) 2.9 64 N/A 0.6 7.0 5.5 9.1 8.0

Average (1.3) (2.5) (4.1) (11.3) (26.0) (28.1) (4.2)Gas CompanyTowngas China HKD 7.4 (3.0) (4.7) (8.4) (8.9) (18.2) (24.9) (5.3) 3,339 16.2 13.6 1.4 1.3 16.9 14.6

Kulun HKD 7.6 (0.4) (2.6) 6.3 (29.0) (37.4) (43.3) 3.3 13,890 9.7 9.3 1.1 1.0 5.7 5.1

Beijing Enterprise HKD 61.0 (0.7) 0.2 3.2 (6.3) (11.5) (14.4) 0.3 11,679 15.6 13.0 1.3 1.2 16.1 14.3

ENN Energy HKD 47.2 (2.6) 5.5 5.5 (9.8) (15.3) (11.1) 7.3 7,415 18.1 16.0 3.6 3.0 9.7 8.6

China Resources GasHKD 19.9 (2.7) 0.3 (0.5) (10.6) (15.5) (22.0) (1.2) 7,313 17.2 14.6 2.7 2.4 11.2 9.7

China Gas Holdings HKD 12.3 (2.2) 2.5 (2.5) (4.3) (21.3) 10.4 0.8 7,180 19.2 15.6 3.3 2.8 14.0 11.8

Shenzen Gas HKD 11.4 (1.9) 0.7 (1.6) (0.2) 21.4 14.0 0.2 2,137 9.7 10.1 1.2 1.1 8.1 8.6

Shann Xi CNY 10.9 (1.7) (2.8) (9.0) (8.6) 15.3 13.4 0.8 1,615 26.0 19.3 2.7 2.4 13.5 11.1

Suntien HKD 1.9 0.0 8.5 20.0 (1.5) (19.7) (41.3) 18.5 1,366 13.5 10.2 0.7 0.7 7.5 6.0

China Oil & Gas HKD 1.0 0.0 (1.0) (2.9) (20.9) (24.4) (26.1) 4.1 890 10.5 9.0 1.3 1.1 5.8 4.6

Average (1.5) 0.7 1.0 (10.0) (12.7) (14.5) 2.9EVLG화학 KRW 180,500 1.1 3.4 (1.9) (21.5) (36.4) (32.4) (0.3) 16,690 12.6 9.7 1.1 1.0 5.3 4.7

삼성SDI KRW 116,000 0.4 0.9 (7.6) (0.9) (30.7) (23.9) 0.0 6,553 47.6 20.1 0.8 0.7 14.5 9.6

Panasonic JPY 1385.5 0.0 (2.8) (5.3) 14.2 14.1 3.6 (2.9) 31,544 17.7 15.3 1.8 1.6 5.5 5.1

GS Yuasa JPY 503.0 0.0 (3.6) (2.7) (8.9) (27.0) (15.2) (2.3) 2,357 12.5 10.7 1.4 1.3 7.4 6.6

NEC JPY 343.0 0.0 (2.6) (9.5) (0.9) (3.7) 27.0 (2.8) 6,759 17.5 12.6 1.2 1.1 6.7 6.2

BYD Auto CNY 39.5 2.7 (1.9) (6.6) (20.2) (15.8) 6.7 3.5 13,378 93.6 41.7 3.8 3.5 19.0 14.8

Tesla Motors USD 202.2 (2.2) (3.8) (2.3) (14.6) (7.3) 38.8 (9.1) 17,864 337.0 69.0 26.3 21.5 79.8 32.8

Kandi Technologies USD 12 9 (1 5) 0 5 3 4 6 4 (12 6) 1 1 (8 1) 471 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/AKandi Technologies USD 12.9 (1.5) 0.5 3.4 6.4 (12.6) 1.1 (8.1) 471 #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 0.1 (1.2) (4.1) (5.8) (14.9) 0.7 (2.8)* Bloomberg 기준 / valuation multiple 또한 Bloomberg consensus 기준임