The share price of Indorama Ventures Public Company Limited (IVL) edged higher by ฿1.00/share or 2.17% to trade at ฿47.00/share with a trading value of 418 million baht as of 10:40 local time in Thailand. The share price turned to see some gain after a 4-day drought.
Krungsri Securities (KSS) gave a “BUY” recommendation on IVL with a target price of ฿60.00/share after imputing wider petrochemical spreads and upgrading FY21F earnings by 55% to Bt15b. KSS expected strong earnings growth in 1Q21.
Kasikorn Securities (KS) gave a fundamental target price of IVL at ฿53.50/share, expecting the company to stand out among petrochemical stocks in the short-term in response to anticipation of a better earnings outlook in 1H21. KS forecasted IVL to record more than 10 billion baht in the first half due to the petrochemical spread that edged higher in every category. Meanwhile, the profit from stock gain would contribute to IVL’s 1H21 bottomline as well.