IRPC Gains 4.5% as GRM Remains High and Oil Demand Begins to Recover

IRPC rose 4.48% to 4.66 baht on the back of continued rise in the GRM as countries reopened and demand for oil increased

The share price of IRPC Public Company Limited (IRPC) rose ฿0.20/share or 4.48% to ฿4.66/share as of 16:11 local time in Thailand, with a trading value of 1,777 million baht.

According to Asia Wealth Securities (AWS), the increase in IRPC’s share price was pushed by the continued rise in the GRM. The market previously forecasted that GRM would trade at US$4 per barrel in 4Q21, but it has now increased to US$6-7 per barrel. Earlier, stocks in refineries such as TOP and SPRC had already been priced in.

Furthermore, there was positive sentiment regarding jet fuel demand as a result of countries reopening their borders and rising demands as the winter season approaches.

However, since refinery stock prices are fully valued, AWS advised investors to wait for a market correction before investing in stocks such as PTTEP, which is expected to increase in tandem with rising oil prices. AWS has set a target price of 4.60 baht for IRPC, 72 baht for PTTGC, 10 baht for SPRC, and 58 baht for TOP.

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