Expectations of core operational improvement through 4Q22 should catalyze the share price going forward. Also, there is scope for upside to our earnings projections from new investments. IRPC’s current valuation is still undemanding—a YE23 PBV of 0.7x (1.5SD below its long-term mean of 1.3x).
In line with estimates
IRPC posted a 3Q22 net loss of Bt2,549m, a reversal from net profits posted in 3Q21 and 2Q22. Stripping out extra items, the core loss was Bt1,661m, a reversal from core profits posted in 3Q21 and 2Q22. The result was in line with our estimate and the consensus’.