The share price of Indorama Ventures Public Company Limited (SET: IVL) extended gains on Friday by as much as 5.8% to THB 21.70 per share as more analysts are bullish on its outlook, expecting the bottom line to turn positive this year.
IVL Capital Market Day Recap: Indorama Ventures Enters a New Growth Era with IVL 2.0 Transformation
After IVL’s Capital Market Day 2025 on March 5 in Bangkok, CLSA gave IVL a ‘High Conviction Outperform’ rating with a target price at THB 35.00 per share, stating that new supply additions have peaked and should slow in 2025-26.
CLSA noted that IVL is its top pick for cyclical plays, expecting its bottom line to turn from loss to profit this year and grow 18% YoY in 2026, following peaked oversupply in 2024. Additionally, CLSA expected working capital to normalize this year and leverage to drop from 1.7x in 2024 to 1.4x in 2026 and 0.6x if the packaging and Indovinya listings go as planned
Meanwhile, Kiatnakin Phatra Securities stated that IVL expected to raise around US$1bn of proceeds from the potential listings of Indovinya and Indovida in 2026. The firm maintained Buy recommendation on 2025E NPAT growth recovery (driven by EBITDA boost from realization of cost optimization, return of the US gas cracker, and better surfactant results) and undemanding valuation (with 2025E P/B ratio of 0.9x vs. the low-end of its historical range of 1.0x in 2011-24). The target price is set at THB 33.00 per share.
