IRPC : Weak GIM and Stock Loss Dragged 3Q22 Profit
We maintain the HOLD recommendation with a TP of Bt3.30. IRPC’s 3Q22 earnings turned to a loss of Bt2.5bn (compared to a profit both YoY an QoQ),...
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IRPC : Lacking Competitive Advantage
We initiate coverage of IRPC with a HOLD rating and target price of Bt3.30, pegged to 0.7x PBV’23E, a 20% discount to sector peers. Our valuation...
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SPRC: A Harsh Year for Refineries
We revise down company’s earning to the loss of Bt956m in 2020E and also trim our target price by 50% to Bt5.7 (from Bt11.6), derived from...
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BCP: Better Refinery Outlook in 4Q19 and Beyond
Yesterday analysts meeting came out with a positive tone. We maintain our BUY rating and a target price of Bt33 based on SOTP, implying to...
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BCP: More Stable Income with an Attractive Yield
We initiate coverage of BCP with a BUY rating, based on a target price of Bt41, which is derived from a sum-of-the-parts (SOTP) methodology and...
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