reports
- Arsit Pamaranont
IRPC (IRPC TB) - 2Q24: Still In The Red
Despite huge inventory gains of Bt1.2b, IRPC booked a Bt732m net loss in 2Q24. Excluding extra items, IRPC would have posted a core loss of Bt2.1b, below our estimate of Bt1.6b, due to weaker-than-expected GIM and higher-than-expected interest expense. We expect IRPC’s core performance to have bottomed out in 2Q24. IRPC’s share price has consolidated by 33% ytd, with current share price trading at a historical low of 0.36x 2024F P/B. Maintain BUY. Target price: Bt1.90.
- Arsit Pamaranont
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Wednesday, August 07, 2024
KEY HIGHLIGHTS Results IRPC (IRPC TB/BUY/Bt1.35/Target: Bt1.90) 2Q24: Still in the red. Muangthai Capital (MTC TB/BUY/Bt40.50/Target: Bt56.00) 2Q24: Earnings in line; credit cost and NPL ratio continued to be lower. Quality Houses (QH TB/HOLD/Bt1.66/Target: Bt1.82) 2Q24: Earnings exceed our expectation; core business remains challenging. Update Home Product Center (HMPRO TB/BUY/Bt8.20/Target: Bt12.10) More challenging outlook but share price trading at a deep discount.
- Arsit Pamaranont
IRPC (IRPC TB) - 2Q24 Results Preview: Earnings Will Bottom Out In 2Q2...
Following recent discussions with IRPC's management regarding the company’s 2Q24 results, we now expect IRPC to post a core loss of Bt1.6b and net loss of Bt680m in 2Q24. However, we believe its current share price already reflects the weak performance in 2Q24, and IRPC should see an earnings improvement in 2H24. Upgrade to BUY. Target price: Bt1.90.
- Arsit Pamaranont
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, July 23, 2024
KEY HIGHLIGHTS Results Kasikorn Bank (KBANK TB/BUY/Bt128.00/Target: Bt162.00) 2Q24: Results in line; healthy asset quality maintained. Kiatnakin Phatra Bank (KKP TB/HOLD/Bt41.00/Target: Bt45.00) 2Q24: Negative surprise results; revises financial targets for 2024. Krung Thai Bank (KTB TB/BUY/Bt17.10/Target: Bt20.50) 2Q24: Results exceed expectations; healthy asset quality. Krungthai Card (KTC TB/BUY/Bt39.50/Target: Bt48.00) ...
KKP KIATNAKIN BANK
KTB KRUNG THAI BANK PUBLIC CO. LTD.
IRPC IRPC PUBLIC CO. LTD.
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
IRPC-R IRPC PUBLIC CO LTD NVDR
KTB-R KRUNG THAI BANK PCL NVDR
TGIF 1933 INDUSTRIES
KBANK-R KASIKORNBANK (NVDR)
TTB TMBTHANACHART BANK PCL
ASK ABACUS STORAGE KING
- Arsit Pamaranont
IRPC (IRPC TB) - 1Q24: Weak Results As Expected
IRPC reported 1Q24 net profit of Bt1.5b, marking a turnaround from a loss of Bt3.4b in 4Q23 and increasing 414% yoy, driven by significant gain of Bt2.3b from inventory and heading activities. However, excluding extra items, IRPC would have posted a core loss of Bt55m due to a weaker market GIM. Both numbers were in line with our estimate. While we anticipate lower earnings in 2Q24, we believe that the current share price already reflects this outlook. Maintain HOLD. Target price: Bt2.10.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, May 09, 2024
KEY HIGHLIGHTS Results Bangchak Sriracha (BSRC TB/BUY/Bt9.00/Target: Bt15.00) 1Q24: Solid results, in line with our expectations. IRPC (IRPC TB/HOLD/Bt1.93/Target: Bt2.10) 1Q24: Weak results as expected PTT Oil & Retail Business (OR TB/HOLD/Bt18.50/Target: Bt20.00) 1Q24: Net profit within expectations. Quality Houses (QH TB/HOLD/Bt2.16/Target: Bt2.37) 1Q24: Results below expectations. Star Petroleum Refinin...
- Arsit Pamaranont
IRPC (IRPC TB) - 1Q24 Preview: Still Facing Headwinds
After recent discussions with IRPC's IR team regarding the company’s 1Q24 results, it appears that IRPC is still facing headwinds from weaker demand in the petrochemical business. We maintain the view that earnings recovery will be delayed to 2H24. Maintain HOLD. Target price: Bt2.10.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, April 24, 2024
KEY HIGHLIGHTS Results SCGP (SCGP TB/BUY/Bt33.25/Target: Bt38.00) 1Q24: Better-than-expected net profit. Update IRPC (IRPC TB/HOLD/Bt1.93/Target: Bt2.10) 1Q24 preview: Still facing headwinds. WHA Corporation (WHA TB/BUY/Bt4.66/Target: Bt6.00) 1Q24 results preview: Robust earnings expected.
- Arsit Pamaranont
IRPC (IRPC TB) - 4Q23: A Huge Loss As Expected
IRPC booked a significant net loss of Bt3.4b in 4Q23 due to huge inventory and hedging losses of Bt2.0b. Excluding extra items, IRPC’s 4Q23 core loss would have been Bt1.4b due to weaker GIM. Both core and net losses are in line with our estimates. We expect IRPC’s earnings to remain under pressure in 1Q24. Hence, we suggest investors wait for a more attractive entry point. Maintain HOLD. Target price: Bt2.10.
- Arsit Pamaranont
IRPC (IRPC TB) - 4Q23 Results Preview: Weak Earnings Momentum To Conti...
We expect IRPC’s 4Q23 results to come in weaker than our initial expectations due to lower-than-expected GIM figures with a sizeable inventory loss. We foresee a core loss of Bt1.4b and net loss of Bt3.2b in 4Q23. However, we think its current share price has already priced in the weak earnings outlook. Maintain HOLD. Target price: Bt2.10.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Arsit Pamaranont
IRPC (IRPC TB) - 3Q23: Results Largely In Line But Earnings Outlook St...
IRPC reported a huge net profit of Bt2.4b in 3Q23, from a loss of Bt2.5b in 3Q22 and a loss of Bt2.2b in 2Q23. Excluding one-off items, IRPC’s core loss was Bt317m. Both core and net profit were in line with our estimates. 9M23 core loss came in at Bt110m from a core profit of Bt3.8b in 9M22. Going forward, we are still concerned over IRPC’s earnings outlook reflecting weaker petrochemical spread and GRM outlook. Maintain HOLD. Target price: Bt2.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kochakorn Sutaruksanon
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, November 09, 2023
KEY HIGHLIGHTS Results Asset World Corporation (AWC TB/BUY/Bt3.56/Target: Bt5.30) 3Q23: Good long-term investment; upgrade to BUY. Bangchak Corporation PCL (BCP TB/BUY/Bt40.75/Target: Bt52.00) 3Q23: Record-high net profit. Berli Jucker (BJC TB/HOLD/Bt29.75/Target: Bt31.50) 3Q23: Lower-than-expected earnings; weak 4Q23 earnings momentum. Downgrade to HOLD. IRPC (IRPC TB/HOLD/Bt2.02/Target: Bt2.50) 3Q23: Results largely in line but earnings outlook still under pressure PTT Global Chemical (P...
BCP THE BANGCHAK PETROLEUM PCL
IRPC IRPC PUBLIC CO. LTD.
TOP THAI OIL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
IRPC-R IRPC PUBLIC CO LTD NVDR
PTTGC-R PTT GLOBAL CHEMICAL (NVDR)
TOP-R THAI OIL (NVDR)
KCE KCE ELECTRONICS PUBLIC CO. LTD.
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
- Arsit Pamaranont
IRPC (IRPC TB) - 2Q23: Results Largely In Line With Expected Positive ...
IRPC reported net loss of Bt2.2b in 2Q23 (1Q23: Bt301m profit, 2Q22: Bt3.8b profit). Excluding one-off items, IRPC’s core loss was Bt900m, a turnaround from profit of Bt1.1b in 1Q23 and Bt5.6b in 2Q22. Both core and net profit were in line with our estimates. Despite IRPC's earnings likely being at their lowest point, we believe concerns over the recovery of the petrochemical business will continue exerting downward pressure on IRPC's stock price. Maintain HOLD. Target price: Bt2.50.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, August 10, 2023
KEY HIGHLIGHTS Results Bangchak Petroleum PCL (BCP TB/HOLD/Bt39.25/Target: Bt44.00) 2Q23: Results within expectations. Berli Jucker (BJC TB/BUY/Bt35.00/Target: Bt43.00) 2Q23: Results in line; better yoy earnings growth expected in 2H23. IRPC (IRPC TB/HOLD/Bt2.42/Target: Bt2.50) 2Q23: Results largely in line with expected positive outlook. PTT Oil & Retail Business (OR TB/BUY/Bt20.90/Target: Bt29.00) 2Q23: Net profit in line with expectations. Star Petroleum Refining (SPRC TB/HOLD/Bt8.85/T...
- Arsit Pamaranont
IRPC (IRPC TB) - 2Q23 Results Preview: Profit May Be Weaker Than Earli...
After recent discussions with IRPC's IR team regarding the company’s 2Q23 results, it appears that 2Q23 results may come in weaker than our initial expectations due to lower-than-expected GIM figures. We still maintain the view that short-term challenges will persist due to earnings recovery being delayed to 2H23, but we think the weaker earnings in 2Q23 have already been priced in. Maintain HOLD. Target price: Bt2.20.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Tanaporn Visaruthaphong
Thailand Daily - Wednesday, July 26, 2023
KEY HIGHLIGHTS Results Home Product Center (HMPRO TB/BUY/Bt14.00/Target: Bt17.00) 2Q23: Results in line. Short-term pain, long-term gain. SCGP (SCGP TB/BUY/Bt40.00/Target: Bt59.00) 2Q23: Net profit in line; maintains positive view on 2H23 core profit. Update IRPC (IRPC TB/HOLD/Bt2.34/Target: Bt2.20) 2Q23 results preview: Profit may be weaker than earlier estimate.
- Arsit Pamaranont
IRPC (IRPC TB) - Facing Challenges From Supply Pressure
We downgrade IRPC to HOLD with a revised target price of Bt2.20. Like its peers, we maintain the view that short-term challenges will persist due to delayed earnings recovery to 2H23 reflecting supply pressure in 2023. We cut our net profit forecast for 2023 by 23% to Bt3.2b. Target price: Bt2.20.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
Thailand Daily - Thursday, June 29, 2023
KEY HIGHLIGHTS Sector Oil & Gas Concerns regarding China’s petrochemical demand in 2H23; downgrade to MARKET WEIGHT. Update Indorama Ventures (IVL TB/BUY/Bt32.50/Target: Bt37.00) Key positives from Brazil site visit. IRPC (IRPC TB/HOLD/Bt2.22/Target: Bt2.20) Facing challenges from supply pressure. Downgrade to HOLD. Star Petroleum Refining (SPRC TB/HOLD/Bt8.15/Target: Bt9.00) 2Q23 results preview: Stock price exhibiting weakness; earnings visibility remains low. Downgrade to HOLD.
- Arsit Pamaranont
IRPC (IRPC TB) - 1Q23: Robust Refining Business Drives Growth
IRPC’s financial results for 1Q23 showed a significant improvement from 4Q22, with net profit of Bt301m after booking a huge loss of Bt7.1b in 4Q22. Excluding one-time items, IRPC’s core profit was Bt1.1b, making a turnaround from losses of Bt1.8b in 4Q22 and Bt1.1b in 1Q22. Both core and net profit were in line with our and market estimates. While we anticipate lower earnings in 2Q23, we believe that the current share price already reflects this outlook. Maintain BUY. Target price Bt3.70.
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