Dao Securities downgraded IVL to "Hold" from "Buy" while maintaining its 2026E target price of 28.00 baht, based on a target P/BV of 1.18x, roughly -0.6SD below the five-year historical average, after the share price rose 23% since the upgrade to "Buy" on August 13, 2026, leaving limited upside to the target price. It believes the current price already reflects the improved petrochemical business outlook, with the Industry Integrated PET spread having stood high for some time. Dao Securities maintains its view that IVL will report higher net profit year-on-year in 3Q26E, tracking the improved Industry Integrated PET spread driven by the impact of the war between Israel/the United States and Iran, but expects the figure to weaken quarter-on-quarter as the Industry Integrated PET spread declines from a high base and total sales volume likely falls due to the effect of high average selling prices. It also expects the company to face higher energy costs quarter-on-quarter, tracking trends in both oil and natural gas prices, particularly in Europe. Dao Securities maintains its 2026E/2027E net profit forecasts at 5.4 billion and 6.2 billion baht, respectively, compared with a loss of 7.3 billion baht in 2025, with key assumptions of higher profitability across all businesses and lower financial expenses.
Indorama Ventures PCLDao Securities downgraded IVL to Hold from Buy after a 23% price rally left limited upside to its 28.00 baht target, an analyst rating change.
