The share price of IRPC Public Company Limited (IRPC) closed at ฿2.90/share on Thursday, increased ฿0.16/share or 5.84% with a trading value of 873 million baht.
The share price rose 43.5% this month after reporting a net profit of 1,556 million baht, contrasted to a net loss of 1,321 million baht in 3Q19 and bounced back from a net loss of 411 million baht in 2Q20.
KGI Securities has given an “Outperform” rating on IRPC with a target price at ฿2.80/share.
KGI stated that the 3Q20 earnings of Bt1.6bn was 7% above the Bloomberg consensus, but in line with its forecast. KGI believed the share price will be supported by the better 3Q20 earnings performance. PP and ABS spreads have also recovered to approximately US$730/ton and US$1,300/ton in November, respectively. In addition, KGI was positive to the cost-saving NOAH program in the long-term.
Earlier, IRPC signalled for a gradual growth in its 4Q20 earnings in response to a recovery in demand and oil prices. The company could have higher stock gain in the quarter, forecasting a refinery capacity to reach 194,000-195,000 barrels per day, and would reach 200,000 barrels by next year.