The share price of IRPC Public Company Limited (IRPC) rose to a day-high level at ฿4.00/share prior to the closing of the morning session on Friday after a report of block trade of 56.6 million shares this morning.
Bloomberg reported that a block of 56.6 million shares in IRPC, equivalent to 0.5% of float, traded at a market value of THB3.94 per share for a total of 223.1 million baht prior to the opening session on Friday.
Meanwhile, the Stock Exchange of Thailand reported 2 big lot transactions of IRPC at a volume of 14 million shares, equivalent to 54 million baht at an average price of THB3.86 per share.
IRPC’s Board of Executive Officers approved a 5-year external fundraising plan (2021-2025) to be used for investment and/or working capital in Baht or USD currency equivalent to 50,000 million baht over the five years period.
The plan will support 7 development projects – Strengthen IRPC project, Reliability Improvement project, Ultra Clean Fuel (UCF) project, Infrastructure and Asset project, NOAH cost-saving project, Specialty Product project, and M&A under Galaxy project.
Maybank Kim Eng (Maybank) maintained a “BUY” recommendation on IRPC with a target price of ฿4.50/share on a potential value play, seeing an outperformance when market rotates back into the energy sector.