บทวิเคราะห์ (Research)

IRPC : 2025F Still facing more pressure than peers Maintain Reduce recommendation for IRPC with TP25F = 0.90 baht. We maintain our view that 2025F core operations will remain loss-making as product spreads won't recover enough to offset fixed costs. IRPC will continue facing pressure from business restructuring expenses, resulting in slower recovery and debt reduction compared to industry peers. In the short term, there are no positive catalysts, with 2Q25F expected to show deeper losses both yoy and qoq due to significant stock losses offsetting improvements in both refining margins and petrochemical spreads.