Analysts are optimistic on Indorama Ventures following the announcement of its strategic plan at the Capital Markets Day 2025 to position the company to capitalize on significant expansion and consolidation opportunities
At the company’s annual Capital Markets Day in Bangkok on March 5, Mr. Aloke Lohia, Group CEO of Indorama Ventures, outlined the significant potential for Indorama Ventures—now revitalizing itself under its 3‑year IVL 2.0 optimization plan—to resume its growth journey as it pivots towards a future that is being re‑shaped by macroeconomic forces such as China’s push for self‑sufficiency in manufacturing, the uneven impact of Peak Oil across East and West, and India’s rapid economic expansion.
Following the announcement, LH Securities has maintained its “buy” recommendation on the stock at a target price of THB 25.00 per share, noting that the current share prices are not deemed expensive, trading close to the book value (which has already accounted for a substantial impairment). The FY2025 forecasted P/B ratio is 1.0x and P/E is 10x, compared to an ROE of 10%. Analysts see the stock as having supportive factors from significant profit growth this year and the IPO of two high-growth business segments.
Krungsri Securities retains its Trading Buy recommendation for IVL, with a target price for FY25 of THB 24.00 per share. The outlook remains positive for speculative buying amid anticipated recovery in the PET spread during 2Q25 (high season) and a profit rebound in 1Q25 due to decreased stock losses. Moreover, the regular profit is expected to continue its recovery into 2025 and 2026, driven by a full-year reduction in fixed costs and improved margins from primary products like PET, owing to reduced oversupply. Additionally, there could be an upside if the company successfully penetrates the Asian market as planned, as disclosed during the Capital Markets Day 2025.
Meanwhile, Bualuang Securities was slightly positive after the event, stating that the continuation of improving operating performance should support IVL’s stocks. The firm maintains its ‘BUY’ recommendation at a target price at THB 30.00 per share..
Tisco Securities expected IVL to record 19.2 billion baht of net profit in 2025, compared to 10.7 billion in net loss in 2024. Its profit is anticipated to continue increasing in 2026 to 13.7 billion baht. The firm rated IVL with a “BUY” recommendation with a target price at THB 31.00 per share.
