บทวิเคราะห์ (Research)

Slightly positive view on IVL's 3Q24 net profit 1,505 THBmn, 7% above market consensus, showing y-y and q-q recovery across all segment margins (tighter PET supply/ IOD crop season support/ Fibers benefiting from China demand recovery) along with reduced fixed costs post asset optimization. We maintain our view of continued recovery in 4Q24-2025F from lower stock loss and ongoing fixed cost reduction. During sell-on-fact pressure and trade war concerns, opportunity exists to trade on potential upside from faster-than-expected PET recovery and fixed cost reduction. Maintain Trading Buy with TP24F = THB 24.0