บทวิเคราะห์ (Research)

IVL’s share price has plunged by 33% in the past two months due to investors’ grave concerns on IVL’s delays of its two potential IPOs (Fibers, Indovinya) and the highly disappointing 3Q25 results. We however believe IVL’s share price is now highly attractive, considering 1) 2026 net profits will grow at least USD140m from the benefit of U.S. tariff hike and the normalized running rate post shutdowns of the MTBE/MEG productions occurred in 3Q25; and 2) the improving margins on the back of China’s “anti-involution” that we think should yield positive impacts by within 1H26. At THB16.8 (50% discount to replacement cost, 6x 2026E P/E, 0.6x 2026E P/B), we think IVL is now attractive against its visible rebounds in net profit and EBITDA in 2026. The cancellation of Fiber listing due to business structure limit and delay of Indovinya (Oxide Derivatives) for a better timing valuation are justified for shareholders’ value creations, in our view.