Whats new? Our view

3

,

SK

, S-Oil, LG, , SKC

2018

, 4

NCC 2016 2017 ~ 2018

, 4

2016 3 2018

, 2016 2 ~ 3 . 3 ()

6$ 5$ . 4 ,

. (, NCC) PE 2015 ~ 2016

, 2016 3 . 3 PE(PE-) 747$,

510$ 46% . , 4

. , 2017 ECC

2016 3 2 ,

. , NCC

, / 40

SK : 10.3, 3,913( 1.1), 2,824

S-Oil() : 4.0, 2,227( 6,428), 2,789

LG : 5.1, 5,081( 6,125), 3,596

: 3.4, 6,660( 6,939), 5,092

: 2.2, 2,269( 2,936), 1,963

: 3,885, 846( 985), 628

: 1.1, 463( 654), 409

: 1.1, 706( 775), 451

SKC : 6,021, 265( 422), 169

: 1,450, 191( 221), 138

1. 2. PE (PE-)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

2009 1 2011 1 2013 1 2015 1

(/)

2016 2 5.0$

-> 3 5.0$

-> 9 7$

10 5.6$

0

100

200

300

400

500

600

700

800

900

2009 1 2011 1 2013 1 2015 1

(/) 2016 2 721$

-> 3 747$HDPE- Cash

10 500$

400$

: :

Sector Report 2016.09.27

2016 3 / Preview !

/ (NEUTRALNEUTRALNEUTRALNEUTRAL)

()

[]

SK HOLD 145,000

S-Oil HOLD 90,000

[]

LG BUY 370,000

HOLD 330,000

HOLD 23,000

HOLD 280,000

BUY 110,000

BUY 110,000

SKC

BUY

BUY

45000

27,000

KPX BUY 110,00

Contents

l. (2p)

ll. (3~4p)

(1) 3 (5p)

(2)NCC 3 (6~7p)

(3)NCC 3 (8~10p)

[] data (11p)

(12p)

/

2

I.

View, 6$

2016 ~ 2017 (1 ) 6.0$, . 2016

1 7.6$ , 2 3 5.0$ . 9 4 6$

. 3 4 .

3 BPCL() 11.2b/d, Ras-Laffan() 13.6b/d . , 2

12.3b/d , 76b/d .

7 ~ 8 , 9 .

4 10 1

. 10 () 10.2b/d, CNPC() 26.0b/d 2017 1

CNOOC() 20b/d . 2,700

2.1% . , 10

.

View, Peak

(, NCC) . PE (PE-

) 2013 530$, 2015 716$(7, 820$), 2016 1~3 739$ , 510$ . ,

ECC 2017 ~ 2018 550 ~ 650$ .

3 BPCL() 46, Petro-Rabigh() 30 , Formosa()

NCC . 7 ~ 9 .

4 Shell() 96 Sadara() 150 , Opal() 110

. 5,400 6.6% . , 9 ~ 11

, 3 4 .

1. 2016 ~ 2017 1 ,

2016.1 Paradip() 30b/d JX Nippon() 12.7b/d Braskem() 100 CPC() 50

Tonen General() 7.8b/d Gail() 50 Sanyo() 50

SK() 11.0b/d CTO 60 NCC() 46

Petrochina() 11.3b/d

2 CNOOC Taizhou() 6b/d Sinopec() 27.1b/d CTO/MTO 99 100

Cosmo() 34.0b/d Misui Chemical() 50

Tonen General() 18.0b/d Maruzen() 52

SK() 17.0b/d Mitsubishi Chem() 54

JX Nippon() 13.6b/d

Taiyo() 11.8b/d

Idemitsu() 16.0b/d

3 BPCL() 11.2b/d Cosmo Oil() 9.3b/d Petrochina() 12.2b/d BPCL() 46 Formosa() 103 (8~9)

Ras Laffan() 13.6b/d Idemitsu Chiba() 3b/d HPCL() 16.7b/d Petro Rabigh() 30 SK() 66 (9~10)

Bandar/Abbas() 11.2b/d Cosmo() 6.3b/d(9~10) Shell() 96 Idemitsu Kosan() 69 (9~10)

Tonen General() 13.2B/d(9~10) Sadara() 150

IOCL() 29.7b/d(9 ~ 10) OPAL() 110

4 /() 10.2b/d JX Nippon() 15.0b/d(9~10) Lyondell Basell() 36 CPC() 70

CNPC Anning() 26b/d S-Oil() RFCC 7.3b/d(10) Titan() 65 (12)

ROC() 80

2017.1 CNOOC Huizhou() 20b/d Local Refinery() 37b/d Lyondell Basell() 25

2 Dow Chemical() 150

:

2017

, 2016 4 ~ 2017

1

2015 ~ 2016

PE 2017 ~

2018

2016 4 Shell,

Sadara, Opal

Sector Report

3

II. 2016 3

() () 15. 1 15. 2 15. 3 15. 4 16. 1 16. 2 16. 3 16. 4 17. 1 17. 2 17. 3 17. 4 2015 2016(E) 2017(E)

[ [ [ [ ]]]]

SK 120,455 129,983 124,475 108,650 94,582 102,802 102,896 103,810 110,274 107,180 113,528 123,110 133,870 483,563 410,554 477,688 Hold 3,212 9,878 3,639 3,066 8,448 11,195 3,913 6,013 5,329 5,551 5,225 5,186 4,710 19,796 28,885 20,672

2,927 5,717 1,523 -2,017 5,559 6,114 2,824 4,492 3,196 3,589 3,369 3,187 3,116 8,150 17,693 13,261 2016 3 3,913, 65% . , /

TP 145,000 2016 2.89, 1.98 62% . 6$ , , PX

S-Oil 43,738 51,425 44,267 39,473 34,284 41,984 39,770 42,753 41,078 43,454 46,614 48,654 51,639 178,903 157,116 190,361 Hold 2,381 6,062 161 -429 4,919 6,428 2,227 3,453 3,007 4,209 3,566 3,307 3,289 8,176 16,580 14,371

2,113 4,288 -440 353 4,333 4,452 2,789 2,616 1,519 3,141 2,656 2,457 2,421 6,314 13,093 10,675 2016 3 2,227, 65% . , /

TP 90,000 2016 1.65, 103% . 6$ , , PX ,

[ NCC[ NCC[ NCC[ NCC ]]]]

LG 49,150 50,732 51,777 50,406 48,741 52,192 50,792 53,054 51,800 52,893 53,010 53,577 55,069 202,066 203,524 214,549 Buy 3,618 5,634 5,463 3,520 4,577 6,125 5,081 5,394 3,517 4,771 5,778 5,059 4,025 18,236 19,299 19,633

2,428 3,494 3,504 2,103 3,398 3,769 3,596 3,895 2,730 3,534 4,302 3,760 2,973 11,530 13,493 14,569 2016 3 5,081, 17% . , , 2

TP 370,000 2016 1 9,299, 6% . ABS/PVC , /2

27,996 31,786 30,347 27,004 26,845 34,411 33,710 34,021 31,629 31,768 34,327 35,859 37,229 117,133 126,595 139,183 Hold 1,780 6,398 4,845 3,089 4,736 6,939 6,660 6,231 4,333 3,717 4,148 3,754 3,734 16,112 22,668 15,353

1,207 4,602 2,401 1,714 3,462 4,597 5,092 4,494 2,658 2,801 2,967 2,982 2,218 9,925 15,809 9,773 2016 3 6,660, 4% . , 2

TP 330,000 2016 2 2,668, 41% . PE (ABS,PC)

18,369 20,087 18,868 23,046 21,637 23,922 21,573 23,356 22,039 21,804 22,571 23,154 23,356 80,370 89,171 90,885 Hold 256 937 1,333 843 1,428 2,936 2,269 2,241 1,358 1,261 1,276 1,303 1,347 3,370 7,992 5,187

-179 354 1,501 205 1,074 2,998 1,963 2,229 903 863 753 907 806 1,882 6,938 3,329 2016 3 2,269, 22% . PVC/PE/TDI , , ,

TP 23,000 2016 7,992, 137% . PE NCC ( NextEra)

4,285 4,512 4,420 4,053 3,944 4,047 3,885 4,128 3,711 3,970 3,849 5,741 6,616 17,270 15,587 20,175 Hold 544 880 713 574 779 985 846 827 610 759 310 564 671 2,713 3,219 2,305

417 685 499 404 629 761 628 627 456 567 228 422 502 2,005 2,474 1,719 2016 3 846, 14% . PE

TP 280,000 2016 3,219, 19% . PE

[ NCC [ NCC [ NCC [ NCC ]]]]

10,202 10,791 9,638 8,715 8,715 10,115 11,120 10,057 10,793 10,934 12,174 13,264 12,653 39,345 40,743 49,026 Buy 552 641 450 -4 463 654 463 548 571 793 758 880 777 1,640 2,150 3,208

415 492 267 16 382 450 409 492 472 675 633 730 660 1,189 1,713 2,698 2016 3 463, 29% .

TP 110,000 2016 2,150, 31% .

12,006 12,346 11,478 12,735 11,504 11,342 11,341 11,528 12,711 11,456 11,566 11,804 12,914 48,565 46,899 47,740 Buy 695 764 623 723 862 775 706 722 843 856 866 887 1,004 2,805 3,186 3,613

-2,429 315 337 334 544 617 451 529 555 568 595 608 700 -1,443 2,167 2,471 2016 3 706, 9% . /

TP 110,000 2016 3,186, 14% .

SKC 7,010 6,324 6,317 5,996 5,664 5,810 6,021 5,970 5,920 5,685 6,021 6,444 6,882 25,648 23,414 25,031 Buy 614 593 546 428 431 422 265 381 471 567 584 666 678 2,181 1,589 2,495

227 262 2,238 -5 254 457 169 180 257 359 368 426 418 2,722 1,137 1,571 2016 3 265, 37% . PO , (250)

TP 45,000 2016 1,589, 27% . (SKC , 330)

1,620 1,368 1,481 1,535 1,378 1,567 1,450 1,623 1,842 1,753 1,772 1,755 2,193 6,004 6,237 7,473 Buy 174 124 74 63 105 221 191 173 261 221 246 177 208 436 778 852

133 118 54 62 44 180 138 136 188 157 180 146 171 367 550 654

2016 3 191, 14% . , 2 110 3

TP 27,000

2016 778, 78% . DNT , 2 DNT ,

KPX 1,939 2,000 1,873 1,627 1,387 1,679 1,645 1,786 1,750 1,960 1,965 2,014 2,039 7,440 6,461 7,978 Buy 113 118 120 138 130 137 130 137 151 155 174 163 165 488 549 657

86 134 79 38 93 104 105 103 118 119 135 125 127 337 420 506 2016 2 130, 5% . 90% , /

TP 110,000 2016 549, 13% . PPG . 4 ,

:

/

4

(((())))

0

2

4

6

8

10

12

14

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16

(/)

()

2016 2 9.7$

3 6.6$

SKSKSKSK

5

0

2

4

6

8

10

12

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16

(/)

()

2016 2 9.9$

3 4.4$

SSSS----OilOilOilOil

5

NCC NCC NCC NCC (((())))

0

100

200

300

400

500

600

700

800

900

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16

(/)

NCC ()

2016 2 675$

3 679$

LGLGLGLG

5

0

100

200

300

400

500

600

700

800

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16

(/)

NCC ()

2016 2 669$

3 664$

5

-

100

200

300

400

500

600

700

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16

(/)

PVC/PE()

2016 2 662$

3 654$

5

0

100

200

300

400

500

600

700

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16

()

2016 2 588$

3 574$

(/)

5

NCC NCC NCC NCC (((())))

-200

0

200

400

600

800

1,000

1,200

1,400

1,600

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16

(/)

()

2016 2 554$

3 445$

5

0

500

1,000

1,500

2,000

2,500

3,000

3,500

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16

(/)

/ ()

2016 2 2,843$

3 2,843$

5

0

200

400

600

800

1,000

1,200

1,400

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16

(/)

PO ()

2016 2 1,102$

3 1,110$

SKCSKCSKCSKC

5

-

500

1,000

1,500

2,000

2,500

3,000

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16

(/)

TDI ()

2016 2 1,623$

3 2,027$

5

0

100

200

300

400

500

600

700

800

1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16

(/)

PPG()

2016 2 482$

3 442$

KPXKPXKPXKPX

5

:

Sector Report

5

(1) 2016 3

SK (096770), 38%

2016 3 10 2,896, 3,913( 4,611),

2,824 . 4,978 38% .

122( 7,052), 2,744( 3,027

), 1,063( 1,329), 211( 166) .

5.1$ 2 5.0$ , 3 (6 46$/

9 43$/), 700( 3,700 ) .

SK 9 ~ 10 , 400

.

PX (PX-, 1 ) 400$, 2 371$ .

(= ) 48$ , 2 47$ .

/ 40 (2 1,163/ 3 1,121/), 1,000

.

S-Oil(010950), 46%

2016 3 3 9,770, 2,227( 2,670),

2,789 . 4,978 46% .

519( 3,748), 1,451( 1,400),

1,294( 1,280) .

S-Oil 3.3$, 2 3.4$ . , 3$ ,

560( 1,450) .

PX (PX-, 1 ) 400$, 2 371$ .

(= ) 48$, 2 47$ . Group II .

/ 40 , 800

4 30 ( 1, , ) , 500

.

SK (: )

S-Oil (: )

3Q15 2Q16 3Q16E (%) 3Q15 2Q16 3Q16E (%)

124,475124,475124,475124,475 102,802102,802102,802102,802 102,896102,896102,896102,896 103,810103,810103,810103,810 ----0.9 0.9 0.9 0.9 44,26744,26744,26744,267 41,98441,98441,98441,984 39,77039,77039,77039,770 42,75342,75342,75342,753 ----7.0 7.0 7.0 7.0

90,360 74,425 75,289 34,872 32,153 29,858 -

25,543 19,450 18,636 6,102 6,373 6,234

6,652 6,533 6,708 3,293 3,458 3,678

E&P 1,593 1,202 1,120 161161161161 6,4286,4286,4286,428 2,2272,2272,2272,227 3,4533,4533,4533,453 ----35.5 35.5 35.5 35.5

3,6393,6393,6393,639 11,19511,19511,19511,195 3,9133,9133,9133,913 6,0136,0136,0136,013 ----34.9 34.9 34.9 34.9 (%) 0.4 15.3 5.6 8.1 -2.5 %pt

(%) 2.9 10.9 3.8 5.8 -2.0 %pt -1,675 3,748 -519

1,068 7,052 122 880 1,400 1,451

1,198 3,027 2,744 956 1,280 1,294

830 1,329 1,063 ----440 440 440 440 4,452 4,452 4,452 4,452 2,789 2,789 2,789 2,789 2,616 2,616 2,616 2,616 +6.6+6.6+6.6+6.6

E&P -18 166 211 :

1,523 1,523 1,523 1,523 6,114 6,114 6,114 6,114 2,824 2,824 2,824 2,824 4,492 4,492 4,492 4,492 ----37.1 37.1 37.1 37.1

:

/

6

(2) 2016 3 NCC()

LG (051910), 17%

2016 3 5 792, 5,081, 3,596 .

6,125 17% , 5,394 6%

.

() 5,662( 6,491), ()

211( 145), 219( 312) .

679$, . , / 40

, 700 .

( ) , TAC

.

, .

3,000 , 1.2 . ,

R&D , .

(011170), 4%

2016 3 3 3,710, 6,660, 5,092 .

6,939 4% , 6,231 7%

.

/ 4,570( 4,528), () 1,299

( 1,525), (S) 791( 886) .

() 664$(2 669$), , / 40

, 500 . ,

2 (2 ) .

(, ) , PE ( PE

) .

( ABS, PC ) ABS/PC 598$, 571$

.

LG (: ) (: )

3Q15 2Q16 3Q16E (%) 3Q15 2Q16 3Q16E (%)

51,77851,77851,77851,778 52,19252,19252,19252,192 50,79250,79250,79250,792 53,053,053,053,054545454 ----4.3 4.3 4.3 4.3 30,34730,34730,34730,347 34,41134,41134,41134,411 33,71033,71033,71033,710 34,02134,02134,02134,021 ----0.9 0.9 0.9 0.9

36,986 35,710 34,688 / 23,899 21,930 21,908

7,103 6,496 6,445 6,448 5,951 5,787

7,689 8,100 8,301 - 6,530 6,015

- 1,886 1,357 4,8454,8454,8454,845 6,9396,9396,9396,939 6,6606,6606,6606,660 6,2316,2316,2316,231 +6.9+6.9+6.9+6.9

5,4635,4635,4635,463 6,1256,1256,1256,125 5,0815,0815,0815,081 5,3945,3945,3945,394 ----5.8 5.8 5.8 5.8 (%) 16.0 20.2 19.8 18.3 +1.4 %pt

(%) 10.6 11.7 10.0 10.2 -0.2 %pt / 3,804 4,528 4,570

4,844 6,491 5,662 1,041 1,525 1,299

517 -145 -211 - 886 791

102 -312 -219 2,401 2,401 2,401 2,401 4,597 4,597 4,597 4,597 5,092 5,092 5,092 5,092 4,494 4,494 4,494 4,494 +13.3+13.3+13.3+13.3

- 91 -151 :

3,504 3,504 3,504 3,504 3,769 3,769 3,769 3,769 3,596 3,596 3,596 3,596 3,895 3,895 3,895 3,895 ----7.7 7.7 7.7 7.7

:

Sector Report

7

(009830), 23%

2016 3 2 1,573, 2,269, 1,963 .

2,936 23% , 2,241 .

.

(, ) 1,174( 1,200), (,

) 31( 55), 108( 125), / 956( 1,666)

.

(PE/PVC/TDI ) , . , NCC

750$( 1,110$) .

, kg 1~2$ 16 ~ 17$ .

( 2 0.53$ 3 0.41$) , NextEra()

. NextEra 10~11 , 4

.

, 63 .

.

NCC ,

300 .

(006650), 14%

2016 3 3,885, 846, 628 .

985 14% , 841

.

(PE/PP ) 574$, 588$ . PE/PP

, .

NCC , PE .

, .

(: ) (: )

3Q15 2Q16 3Q16E (%) 3Q15 2Q16 3Q16E (%)

18,86818,86818,86818,868 23,92223,92223,92223,922 21,57321,57321,57321,573 23,35623,35623,35623,356 ----7.6 7.6 7.6 7.6 4,4204,4204,4204,420 4,0474,0474,0474,047 3,8853,8853,8853,885 4,1714,1714,1714,171 ----6.9 6.9 6.9 6.9

9,621 10,342 9,747 3,355 3,190 3,058

/ 1,343 1,652 1,880 26 30 35

2,254 2,581 2,464 713713713713 985985985985 846846846846 841841841841 +0.5+0.5+0.5+0.5

/ 5,650 9,347 7,482 (%) 16.1 24.3 21.8 20.2 +1.6 %pt

1,3331,3331,3331,333 2,9362,9362,9362,936 2,2692,2692,2692,269 2,2412,2412,2412,241 +1.3+1.3+1.3+1.3 712 976 840

(%) 7.1 12.3 10.5 9.6 +0.9 %pt 1 9 6

634 1,200 1,174 499 499 499 499 761 761 761 761 628 628 628 628 627 627 627 627 +0.1+0.1+0.1+0.1

/ 6 -55 31 :

102 125 108

/ 592 1,666 956

1,501 1,501 1,501 1,501 2,998 2,998 2,998 2,998 1,963 1,963 1,963 1,963 2,229 2,229 2,229 2,229 ----11.9 11.9 11.9 11.9

:

/

8

(3) 2016 3 Non-NCC

(120110), 13%

2016 3 1 1,341, 706, 451 .

775 9% , 623 13% . ,

722 .

294( 263), 216( 228),

34( 26), 39( 166, 24), / 122(

92) .

( ) 2 , .

(, ) /

.

(, ) IT .

. , 2015 3

, .

2 80 .

SKC(011790), 37%

2016 3 6,021, 265, 169 .

422 37% . 381

.

310( 328), 158( 8),

112( 102) .

( ) .

PO 1,450$ , 1,900$ .

(, ) , 250

. 2 80 .

SKC 40

.

(: ) SKC (: )

3Q15 2Q16 3Q16E (%) 3Q15 2Q16 3Q16E (%)

11,47811,47811,47811,478 11,34211,34211,34211,342 11,34111,34111,34111,341 11,52811,52811,52811,528 ----1.6 1.6 1.6 1.6 6,3176,3176,3176,317 5,8105,8105,8105,810 6,0216,0216,0216,021 5,9705,9705,9705,970 +0.9+0.9+0.9+0.9

2,625 1,942 2,372 1,956 1,687 1,810 -

1,822 1,836 1,720 2,076 1,988 1,836

/ 1,151 1,062 993 2,285 2,135 2,375

2,202 2,638 2,328 546546546546 422422422422 265265265265 381381381381 ----30.5 30.5 30.5 30.5

8,928 7,748 8,672 (%) 8.6 7.3 4.4 6.4 -2.0 %pt

623623623623 775775775775 706706706706 722722722722 ----2.2 2.2 2.2 2.2 101 -8 -158

(%) 5.4 6.8 6.2 6.3 0.0 %pt 423 328 310

296 263 294 22 102 112

238 228 216 2,238 457 169 180 -6.0

/ 22 26 34 :

24 166 39

43 92 122

337 337 337 337 617 617 617 617 451 451 451 451 529 529 529 529 ----14.7 14.7 14.7 14.7

:

Sector Report

9

(011780), 29%

2016 3 1 1,120, 463, 409 .

654 29% . , 547

15% .

142( 232), 94( 109), /

192( 172), P&B 35( 134) .

2 6% 3% . 3

. , .

(ABS ) .

(SMP) 70/kwh .

P&B(, ) .

(011790), 14%

2016 3 1,450, 191, 138 .

, , 221 14% . ,

173 10% .

196( 129), 0( 106) .

DNT( TDI ) 5 100% . ,

TDI , DNT 7 9 . , DNT

TDI (TDI-) 2 1,230$ 3 1,992$ .

MNB( MDI ) () .

2 84 , 3 . 4

90 ~ 100 . 4 110 ~ 120

.

(: ) (: )

3Q15 2Q16 3Q16E (%) 3Q15 2Q16 3Q16E (%)

9,6389,6389,6389,638 10,11510,11510,11510,115 11,12011,12011,12011,120 10,06910,06910,06910,069 +10.4+10.4+10.4+10.4 1,4811,4811,4811,481 1,5671,5671,5671,567 1,4501,4501,4501,450 1,621,621,621,623333 ----10.7 10.7 10.7 10.7

3,886 3,877 4,194 1,443 1,358 1,411 -

2,569 2,716 2,761 0 167 0

/ 1,229 1,285 1,657 39 42 38

P&B 1,954 2,237 2,508 74747474 221221221221 191191191191 173173173173 +10.4+10.4+10.4+10.4

450450450450 654654654654 463463463463 547547547547 ----15.4 15.4 15.4 15.4 (%) 5.0 14.1 13.2 10.6 +2.5 %pt

(%) 4.7 6.5 4.2 5.4 -1.3 %pt 96 129 196

133 232 142 0 106 0

79 109 94 -21 -13 -5

/ 220 179 192 54 54 54 54 180 180 180 180 138 138 138 138 136 136 136 136 +1.5+1.5+1.5+1.5

P&B 19 134 35 :

267 267 267 267 450 450 450 450 409 409 409 409 492 492 492 492 ----16.8 16.8 16.8 16.8

:

/

10

KPX (025000), 5%

2016 3 1,645, 130, 125 .

137 .

(PPG, ) 90% , .

PPG (= PPG PO ) 455$ . 2 460$

, 400$ .

10 PO 1 . PO() 3 , PO .

KPX (: )

3Q15 2Q16 3Q16E (%)

2,0002,0002,0002,000 1,6791,6791,6791,679 1,6451,6451,6451,645 1,7271,7271,7271,727 ----4.8 4.8 4.8 4.8

118118118118 137137137137 130130130130 138138138138 ----5.6 5.6 5.6 5.6

(%) 5.9 8.2 7.9 8.0 -0.1 %pt

134 134 134 134 104 104 104 104 105 105 105 105 103 103 103 103 +2.1+2.1+2.1+2.1

:

Sector Report

11

[ 1] data

10 16/9/23 16/9/16 16.09 16.08 16.07 16.2 15.3 (A) (B) (C) (D) (E) WoW(A/B) MoM(A/C) QoQ(A/D) 16.2Q/16.1Q 16.2Q/15.2Q

[, $/bbl]($/mmbtu) 5.3 3.1 3.0 3.0 2.8 2.8 2.1 2.7 2.3% 9.7% 43.3% 9.3% -21.3%(WTI ) 70.4 44.5 44.3 44.8 44.7 44.7 45.8 46.9 0.3% -0.5% -2.8% 36.9% -20.2%(Dubai ) 70.4 43.6 43.1 43.8 43.6 42.6 43.1 50.3 1.1% 0.0% 1.1% 39.9% -29.4%( ) 83.8 57.8 58.1 58.1 54.2 51.7 57.6 69.9 -0.4% 6.7% 0.3% 16.3% -29.1% ( ) 85.6 54.8 54.1 54.8 53.4 54.5 54.6 61.2 1.3% 2.6% 0.5% 28.6% -26.7% ( ) 84.4 54.2 53.9 54.4 53.4 54.4 54.1 61.4 0.5% 1.5% 0.1% 33.9% -28.1% B/C( ) 64.0 39.8 38.7 39.5 37.2 37.3 33.8 42.1 2.9% 6.9% 17.8% 36.7% -39.9% ( ) 70.3 43.3 41.6 42.4 39.8 41.6 43.9 49.4 4.1% 8.8% -1.5% 19.9% -28.2% ( ~ ) 1.8 0.8 0.8 0.8 0.9 1.0 1.5 2.0 0.0% -6.5% -43.4% -26.2% -33.8% , OSP 1.0 -1.1 -1.1 -1.1 0.2 0.6 -0.4 0.1 (-) (-) Dubai [, $/MT]Naphtha 652 411 395 406 383 380 414 463 4.2% 7.3% -0.5% 18.1% -26.7%[]Ethylene 1,001 1,126 1,146 1,141 1,113 1,087 1,121 968 -1.7% 1.2% 0.4% 8.1% -17.4% NCCPropylene 1,038 836 846 843 762 710 700 747 -1.2% 9.7% 19.5% 15.9% -28.2% NCCBenzene 906 630 629 639 657 630 629 666 0.1% -4.2% 0.0% 8.5% -21.7% NCCButadiene 1,462 1,151 1,151 1,151 1,040 1,041 1,005 996 0.0% 10.7% 14.5% 13.3% -11.2% NCC[]HDPE 1,187 1,131 1,141 1,138 1,130 1,141 1,129 1,209 -0.9% 0.1% 0.2% 2.5% -16.0% , , LDPE 1,265 1,181 1,191 1,184 1,159 1,185 1,154 1,229 -0.8% 1.9% 2.3% 1.9% -17.6% , PP 1,201 951 956 956 973 1,012 956 1,049 -0.5% -2.3% -0.6% 10.7% -23.6% , , [IT ]ABS 1,596 1,386 1,396 1,398 1,386 1,386 1,301 1,390 -0.7% 0.0% 6.5% 5.2% -21.1% IT LG, SDI, PS 1,298 1,126 1,151 1,144 1,151 1,194 1,200 1,231 -2.2% -2.2% -6.2% 5.4% -16.3% LG, SDI, PC* 2,589 2,326 2,294 2,314 2,396 4.1% -8.5% IT LGPET * 3,511 4,563 4,665 4,553 4,726 0.8% -8.0% SKC, [ ] 1,690 1,777 1,689 1,734 1,651 1,807 1,583 1,560 5.2% 7.7% 12.2% 7.7% -0.8% ( )EG 891 617 628 630 630 619 632 762 -1.8% -2.1% -2.3% -1.7% -32.9% , PX 823 575 572 573 547 546 572 632 0.5% 5.2% 0.5% 6.4% -21.0% TPA 883 605 605 608 611 616 616 609 0.0% -1.0% -1.7% 6.4% -14.2% , * 1,336 1,122 1,119 1,116 1,237 2.0% -13.1% , 2,121 1,410 1,395 1,400 1,345 1,285 1,291 1,543 1.1% 4.8% 9.2% 9.3% -26.3% 2,970 2,490 2,460 2,477 2,444 2,400 2,440 2,724 1.2% 1.9% 2.0% -3.6% -12.4% , AN 1,596 1,305 1,305 1,305 1,256 1,174 1,059 1,174 0.0% 3.9% 23.2% 8.5% -24.9% * 5,438 2,855 2,912 2,999 3,502 -6.4% -10.5% [ ]( ) 2,176 1,462 1,332 1,376 1,303 1,290 1,363 1,340 9.8% 12.2% 7.3% 15.5% -9.1% ( )BR 2,004 1,578 1,511 1,520 1,449 1,417 1,371 1,447 4.4% 8.9% 15.1% 13.3% -1.5% , LGSBR 1,823 1,462 1,438 1,438 1,411 1,411 1,421 1,478 1.7% 3.6% 2.9% 12.5% -1.1% , LGPA(, )* 2,920 2,618 2,641 2,570 3,206 -5.3% -17.1% , POM()* 1,684 1,437 1,430 1,413 1,478 -2.1% -4.9% * 933 622 636 590 663 9.1% -12.9% * 34,771 14,463 20,137 24,083 23,801 33.5% 10.8% [ ]PVC 892 891 861 871 835 795 802 829 3.5% 6.7% 11.1% 7.0% -8.8% , LG* 1,886 2,253 2,188 2,213 2,689 -1.7% -18.7% MDI 2,516 2,760 2,405 2,522 2,134 1,919 1,910 1,616 14.8% 29.3% 44.5% 18.5% -4.3% BPA 1,544 1,160 1,160 1,160 1,145 1,080 1,141 1,059 0.0% 1.3% 1.7% 20.0% -18.2% , LG* 2,673 1,999 1,991 1,957 2,412 -0.8% -20.2% PO(Propylene Oxide) 1,824 1,468 1,460 1,459 1,448 1,422 1,416 1,916 0.5% 1.4% 3.6% 3.4% -25.5% SKCPPG* 1,809 1,622 1,637 1,618 1,822 0.1% -14.4% SKC, [ , $/MT] 360 315 315 317 315 300 269 268 0.0% 0.0% 17.2% 13.4% -0.6% , * 776 780 756 795 795 1.7% -6.5% TDI* 2,321 2,196 2,065 1,840 1,604 27.8% 6.8% NPK * 352 306 328 366 376 -8.6% -6.0% SAP()* 1,808 1,372 1,381 1,303 1,683 -5.0% -22.8% , LG* 1,080 765 811 872 827 31.3% -8.4% * 1,384 1,175 1,148 1,167 1,243 6.8% -9.0% [](\/$) 1,108 1,113 1,116 1,109 1,112 1,142 1,162 1,169 -0.3% 0.1% -4.3% -3.2% 6.0%

/

12

[ 2]

NG(85~95%) (LDPE) ( ) , , LG,

(ECC)

(wet well) ( ) (HDPE) (, ) ( ), , LG, , SK

(5~15%)

EDC , ,

(+) MTO V CM PV C , () (/

) (EO) EG(MEG,DEG,TEG) ,

,

LPG(2%) , ,

(8%) EPR , ,

(12%)

(PP) , , , SK

() (NCC)

(9%) (AN) ,

(Crude Oil)

(26%) (PO) PPG , ABS, AS, SKC, KPX

() (38%) PG , , ,

()

(5%) : / LG,

, ,

/ /SAP , , , LG

C4 MMA PMMA , (), , LG,

SBR , ,

LG

SB-LATEX , ,

BR , ,

NBR , , ,

SM (PS) , ,

ABS /,

( ) (CPL) ,

,

/ BPA PC, LG, , P&B

PC/Epoxy ,

MDI , BASF

, , FRB

DNT TDI , , OCI

-(OX) (PA) ,

-(PX) TPA , PX : SK, GS, S-Oil

TPA : , SK,

DMT ,

LG, ,

: SK/SK, GS, S-Oil, Oil Bank NCC - SK/(), NCC/LG/(), Total//LG ()

LG,

, LGTotal, (2014)

:

Sector Report

13

SK (096770)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

14.09 15.03 15.09 16.03 16.09

()()

2016-09-27 HOLD 145,000

2016-08-31 HOLD 145,000

2016-07-27 HOLD 145,000

2016-07-22 HOLD 145,000

2016-06-29 HOLD 145,000

2016-06-24 HOLD 145,000

2016-05-31 HOLD 145,000

2016-04-27 HOLD 145,000

2016-04-25 HOLD 145,000

2016-04-04 HOLD 145,000

:

S-Oil (010950)

0

20,000

40,000

60,000

80,000

100,000

120,000

14.09 15.03 15.09 16.03 16.09

()()

2016-09-27 HOLD 90,000

2016-08-31 HOLD 90,000

2016-07-27 HOLD 90,000

2016-07-25 HOLD 90,000

2016-06-29 HOLD 90,000

2016-06-24 HOLD 90,000

2016-05-31 HOLD 90,000

2016-04-27 HOLD 90,000

2016-04-21 HOLD 90,000

2016-04-04 HOLD 90,000

:

LG (051910)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

14.09 15.03 15.09 16.03 16.09

()()

2016-09-27 BUY 370,000

2016-09-12 BUY 370,000

2016-08-31 BUY 400,000

2016-07-27 BUY 400,000

2016-07-21 BUY 400,000

2016-06-29 BUY 400,000

2016-06-20 BUY 400,000

2016-05-31 BUY 400,000

2016-04-27 BUY 400,000

2016-04-21 BUY 400,000

:

/

14

(011170)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

14.09 15.03 15.09 16.03 16.09

()()

2016-09-27 HOLD 330,000

2016-08-31 HOLD 330,000

2016-07-27 HOLD 330,000

2016-06-29 HOLD 330,000

2016-06-15 HOLD 330,000

2016-05-31 HOLD 330,000

2016-04-28 HOLD 330,000

2016-04-27 HOLD 330,000

2016-04-04 HOLD 330,000

2016-03-30 HOLD 330,000

:

(009830)

0

5,000

10,000

15,000

20,000

25,000

30,000

14.09 15.03 15.09 16.03 16.09

()()

2016-09-27 HOLD 23,000

2016-08-31 HOLD 23,000

2016-07-27 HOLD 23,000

2016-06-29 HOLD 23,000

2016-05-31 HOLD 23,000

2016-04-27 HOLD 23,000

2016-04-04 HOLD 23,000

2016-03-30 HOLD 20,000

2016-03-02 HOLD 20,000

2016-02-25 HOLD 20,000

:

(006650)

0

50,000

100,000

150,000

200,000

250,000

300,000

14.09 15.03 15.09 16.03 16.09

()()

2016-09-27 HOLD 280,000

2016-08-31 HOLD 280,000

2016-07-27 HOLD 280,000

2016-06-29 HOLD 280,000

2016-06-13 HOLD 280,000

2016-05-31 HOLD 200,000

2016-04-27 HOLD 200,000

2016-04-26 HOLD 200,000

2016-04-04 HOLD 200,000

2016-03-30 HOLD 180,000

:

Sector Report

15

(120110)

0

20,000

40,000

60,000

80,000

100,000

120,000

14.09 15.03 15.09 16.03 16.09

()()

2016-09-27 BUY 110,000

2016-08-31 BUY 110,000

2016-07-27 BUY 110,000

2016-07-11 BUY 110,000

2016-06-29 BUY 85,000

2016-05-31 BUY 85,000

2016-04-27 BUY 85,000

2016-04-04 BUY 85,000

2016-03-02 BUY 75,000

2016-02-16 BUY 75,000

:

SKC (011790)

0

10,000

20,000

30,000

40,000

50,000

60,000

14.09 15.03 15.09 16.03 16.09

()()

2016-09-27 BUY 45,000

2016-08-31 BUY 45,000

2016-08-09 BUY 45,000

2016-07-28 BUY 45,000

2016-07-27 BUY 40,000

2016-06-29 BUY 40,000

2016-05-31 BUY 40,000

2016-05-11 BUY 40,000

2016-04-27 BUY 40,000

2016-04-04 BUY 40,000

:

(011780)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

14.09 15.03 15.09 16.03 16.09

()()

2016-09-27 BUY 110,000

2016-08-31 BUY 110,000

2016-08-16 BUY 110,000

2016-07-27 BUY 110,000

2016-07-01 BUY 110,000

2016-06-29 BUY 110,000

2016-05-31 BUY 110,000

2016-05-16 BUY 110,000

2016-04-27 BUY 110,000

2016-04-04 BUY 110,000

:

/

16

(069260)

0

5,000

10,000

15,000

20,000

25,000

30,000

14.09 15.03 15.09 16.03 16.09

()()

2016-09-27 BUY 27,000

2016-08-31 BUY 27,000

2016-08-19 BUY 27,000

2016-07-27 BUY 27,000

2016-06-29 BUY 27,000

2016-06-03 BUY 27,000

2016-05-31 BUY 27,000

2016-05-12 BUY 27,000

2016-04-27 BUY 27,000

2016-04-04 BUY 27,000

:

KPX (025000)

0

20,000

40,000

60,000

80,000

100,000

120,000

14.09 15.03 15.09 16.03 16.09

()()

2016-09-27 BUY 110,000

2016-08-30 BUY 110,000

:

. (: )

1% .

.

3 .

.

(Guide Line): 6~12, 4(Strong Buy, Buy, Hold, Sell)

Strong Buy: 30% Buy: 10%, Hold: -10~10%, Sell: -10%

Guide Line: 6~12, 3(Overweight, Neutral, Underweight)

2014 221 3 + 2 4

, .

, . ,

, . ,

.