JPMorgan has downgraded IVL to Neutral with a target price of 22 baht, viewing the current valuation as appropriate. The research team cut its 2027 earnings per share estimate by 32.6% to 1.20 baht from 1.78 baht, reflecting lower MTBE and PET product spread assumptions in the second half of 2026 and 2027, as well as higher non-operating expenses. Second-quarter 2026 EBITDA rose 129% year on year to 21.7 billion baht, the highest in about three and a half years. Net debt fell by 9.2 billion baht from the previous quarter to 226.4 billion baht, and the net debt to EBITDA ratio improved to 5.3 times from 7.8 times in the first quarter of 2026.
Indorama Ventures PCLJPMorgan downgrades to Neutral, cuts target to 22 baht, and slashes 2027 EPS estimate by 32.6% on lower MTBE/PET spreads and higher non-operating expenses.
