IVL: Solid PET Performance Drove 1Q22 Profit

IVL : Strong IOD Performance Drove 2Q22 Profit to New High

IVL : Positive 2023 Outlook from Softening Energy Cost

IVL: Value Accretion from Oxiteno Acquisition

IVL: Expect Strong Earnings Momentum in 1Q21 and Peak in 2Q21

IVL: Solid Outlook in 2Q21 from Seasonality

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

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Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>IVL announced completion of Oxiteno acquisition and consolidation of assets beginning April 2022 (earnings recognition 2Q22 onwards). We have a positive view on the deal given the earnings accretion </li>
<li>Strong surfactants business footprint, as post integration IVL will hold 20% of America’s total EO capacities and 25% market share of nonionic surfactants.</li>
<li>We estimate the new asset to contribute US$200m to IVL’s EBITDA in 2022 (10% of IVL’s 2022E EBITDA) and increase thereafter, thanks to synergy benefits from efficient asset utilization. </li>
</ul>


IVL announced completion of Oxiteno acquisition and consolidation of assets beginning April 2022 (earnings recognition 2Q22 onwards). We have a positive view on the deal given the earnings accretion 
Strong surfactants business footprint, as post integration IVL will hold 20% of America’s total EO capacities and 25% market share of nonionic surfactants.
We estimate the new asset to contribute US$200m to IVL’s EBITDA in 2022 (10% of IVL’s 2022E EBITDA) and increase thereafter, thanks to synergy benefits from efficient asset utilization. 


Indorama Ventures

IVL: Oxiteno Earnings to Kick in by 2Q22