Equity Analysis /

TH : IRPC - Fading support from chemical spreads

    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.