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권영배, CFA, Analyst, 3774 6012, yb.kwon@miraeasset.com<br />
심은솔, 3774 3824, esshim@miraeasset.com<br />
롯데케미칼<br />
011170 KS<br />
Figure 1 4 분기 실적 프리뷰<br />
(KRW bn, %, ppt) 4Q12 3Q13 4Q13E QoQ YoY Consensus Diff<br />
Revenue 3,972 4,039 4,106 1.7 3.4 4,079 0.7<br />
Operating profit 23 172 139 (18.9) 503.2 139 0.3<br />
Net profit 12 153 107 (29.8) 778.4 109 (1.7)<br />
Operating margin 0.6 4.3 3.4 (0.9) 2.8 3.4 (0.0)<br />
Net margin 0.3 3.8 2.6 (1.2) 2.3 2.7 (0.1)<br />
자료: Bloomberg, 미래에셋증권 리서치센터<br />
Figure 2 Ethylene-Naphtha spread<br />
(US$/MT)<br />
700<br />
600<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14<br />
자료: Datastream, 미래에셋증권 리서치센터<br />
Figure 3 Butadiene-Naphtha spread<br />
(US$/MT)<br />
4,000<br />
3,500<br />
3,000<br />
2,500<br />
2,000<br />
1,500<br />
1,000<br />
500<br />
0<br />
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14<br />
(500)<br />
자료: Datastream, 미래에셋증권 리서치센터<br />
Mirae Asset Securities<br />
2 2
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