บทวิเคราะห์ (Research)

Neutral view on 3Q24 net loss 4,880 THBmn, deteriorating y-y and q-q, dragged by substantial stock loss. Core business (ex-stock) remains loss-making. Q-q petrochemical recovery with premium pricing insufficient to offset fixed costs. We maintain view for continued losses in 4Q24-2025F due to slow plastic demand recovery and global excess capacity lead to petrochemical oversupply. Revising down estimates and 25F TP to THB1.5 maintain Neutral rating despite share price decline reflecting poor performance, IRPC likely faces continued losses. Consider revisiting at PP/ABS spreads of $600-900/ton.