บทวิเคราะห์ (Research)

We believe IVL is the only Thai chemical company that we think will see much healthier margins from both polyester and Integrated Oxide and Derivatives (IOD) product chains. We project IVL’s core net profit to rise from THB6.9b in 2024E to THB13.1b in 2025E and THB20.2b in 2026E, driven by higher margins of the integrated PET-PTA and IOD and the cost saving from its restructuring in 2023-24. We initiated coverage on IVL with a BUY and a TP of THB33, based on 7.0x 2025E EV/EBITDA, a discount to IVL’s historical average 12x. We think IVL’s sound strategies of growth during the downcycles and operational rebalancing to timely restructure its asset portfolio in response to the unexpected changes in global environment. .