Yuanta Securities downgraded Indorama Ventures Public Company Limited, or IVL, to "Hold" 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. The research team maintains its view that IVL will report higher net profit year-on-year in the third quarter of 2026E, tracking an improving 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. It also expects energy costs to rise quarter-on-quarter, tracking oil and natural gas price trends, particularly in Europe. The research team kept its net profit forecasts for 2026E and 2027E at 5.4 billion baht 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 PCLYuanta downgraded IVL to Hold after a 23% share price surge left limited upside to its 28 baht target.
