บทวิเคราะห์ (Research)

Maintain NEUTRAL rating on IRPC with TP25F = THB 1.5/share (under review). Despite significant share price decline, the stock remains unattractive. Expected company continue facing losses in 2025-26F due to polymer petrochemical oversupply from new capacity additions in Asia, resulting in slow core business margin recovery that is insufficient to offset fixed costs. IBD/EQ continues to rise. Even with premium sales contribution in 4Q24F and excluding stock loss, the company remains unprofitable. Moreover, 4Q24F outlook is below our previous assessment due to higher-than-expected stock loss, leading to potential 2024F forecast downside of approximately THB -1,240m, impacting TP by around THB -0.06/share