IRPC Moves Closer to TP of Bt4.20 over Higher Petrochem Spread and a Recovery in GRM

IRPC rose 4%, moving closer to the analyst's target price at Bt4.20 on higher petrochemical spread and a recovery in GRM.

The share price of IRPC Public Company Limited (IRPC) rose ฿0.12/share or 3.05% to ฿4.06/share as of 11:58 local time in Thailand on April 29, 2021, with a trading value of 2,112 million baht.

 

Kingsford Securities has given a “Speculative Buy” recommendation on IRPC with a target price at Bt4.20 per share, expecting an outstanding recovery in 1Q21 with an earnings around 5,000 million baht, mainly from a stock gain.

Meanwhile, market GIM was expected to increase to US$13/bbl, supported by petrochemical spread in ABS, olefin and lube base even with the shutdown maintenance of ADU1 for 20 days.

In addition, Kingsford estimated 2Q21 normalized profit to continue recovering, in line with a recovery in gross refining margin and petrochem spread in April. Lastly, the stocks had been speculated as a candidate to enter SET50 in 2H21.

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