IRPC Public Company LimitedIRPC
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Globlex upgrades to buy and raises target price, citing stronger earnings and margins.
Impact on stocks 1
Energy
IRPC Public Company LimitedIRPC shares rose 4.17% to 2.50 baht after Globlex Securities upgraded its recommendation from hold to buy and raised its target price to 3.20 baht from 2.20 baht, based on a 2026 price-to-book ratio of 0.8 times, up from 0.7 times, to reflect stronger-than-expected earnings and margins. IRPC reported a second-quarter 2026 net profit of 2.9 billion baht, swinging from a net loss of 2.1 billion baht in the same period last year, but down 63% from the previous quarter due to several special items. Excluding special items, IRPC posted core operating profit of 4 billion baht, up 1.65 times from the previous quarter and 8.5 times from the same period last year, supported by market GIM rising to 17.10 US dollars per barrel, in line with market GRM of 13.50 US dollars per barrel, comprising refining margin of 9.40 US dollars per barrel and lubricant business margin of 4.10 US dollars per barrel. In petrochemicals, olefins product GIM stood at 1.60 US dollars per barrel, aromatics at 1.20 US dollars per barrel, and utilities at 0.87 US dollars per barrel. However, after including stock losses of 4.10 US dollars per barrel and hedging losses of 2 US dollars per barrel, accounting GIM came to 11.03 US dollars per barrel. The research team raised its three-year earnings per share estimates to 16.7 times, 8.9 times, and 1.2 times the previous estimates, respectively.
IRPC Public Company LimitedGloblex upgrades to buy and raises target price, citing stronger earnings and margins.