Equity Analysis /
Thailand

TH : IRPC - Fading support from chemical spreads

    CGS-CIMB
    25 March 2022
    Published by

    IRPC’s chemical EBITDA should be negatively affected by weak PP and ABS spreads. We expect IRPC’s core GIM to reach US$10.2/bbl in 2022F. Near-term EPS support comes only from refinery stock gain. Downgrade IRPC to Hold from Add with a new TP of THB3.8.