บทวิเคราะห์ (Research)

IRPC : Earnings Result - 2H25F Petchem still challenging with fixed costs remaining stable 2H25F View Neutral on 2Q25 net loss close to expectations being the year's low point and decreasing both y-y q-q dragged by large stock loss, with fixed costs still not significantly declining. maintain view of 2H25F h-h recovery with no large stock loss drag and petrochemicals side margin recovery from reduced oversupply, but still loss-making as profit recovery is insufficient to offset fixed costs. Maintain Neutral recommendation at TP25F = 0.90 baht/share, viewing recovery slower than peers due to high fixed cost levels