The share price of IRPC rose ฿0.10/share or 2.76% to ฿3.72/share with a trading value of 634 million baht.
IRPC to announce its yearly financial statement of 2020 tomorrow (Feb 9). The analyst expected a 4Q20 result would make a turnaround to book a profit of 1,556 million baht, but IRPC would report a net loss of 6,275 million baht for the full-year 2020 due to the impact of the coronavirus pandemic. Nevertheless, the analyst foresaw a bright outlook in 2021, giving a “BUY” recommendation with a target price of ฿4.50/share.
IRPC expected an improving demand in petrochemical products in 4Q20 from lockdowns lessening in many countries causing the factories to resume their production, and an increase of plastic use under the “new normal”.
Also, IRPC stated that the company will focus on the high value asset (HVA) and targeted to boost the manufacturing of special grade products to 30% by 2024.
Maybank Kim Eng maintained its “BUY” recommendation on IRPC Public Company Limited (IRPC) with a target price of ฿4.50/share, expecting a 4Q20 earnings of 1.4 billion baht driven by a better operating performance from core business from petrochemical products spread. GIM in 4Q20 was expected to increase US$2.3 per barrels to US$11 per barrels as the result of surge in GRM by US$0.6 per barrels as well as petrochemical business by US$1.7 per barrels.