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1. Company Snapshot

1.a. Company Description

IRPC Public Company Limited, together with its subsidiaries, provides petroleum and petrochemical products in Thailand, Singapore, and internationally.The company operates through Petroleum Products, Petrochemical Products, and Other Business segments.It offers petroleum products, including liquefied petroleum gas, gasohol, gasoline base, diesel, diesel base, gasoline, fuel oil, lube base oil, slack wax, aromatic extract, treated distillate aromatic extract and residue aromatic extract, asphalt, straight-run fuel oil, white spirit, C9 aromatic/aromatic, toluene, xylene, mixed xylenes; and polyethylene, polypropylene, acrylonitrile-butadiene-styrene, acrylonitrile styrene, polystyrene, expandable polystyrene, and additives.


It also generates and distributes electricity, power, steam, industrial water, and air systems; and wastewater treatment services for industrial customers.In addition, the company offers port and tank services, such as tugboats, piloting services, lighters, fresh water and fuel, weigh scales, container yards, warehouses, and machines and equipment for the transshipment of goods.Further, it is involved in the provision of asset management and oil vessel renting services; manufacture and distribution of plastic resins; operation of vocational schools; distribution of non-woven fabric products and medical consumables; and distribution of petrochemical products, as well as power plant, jetty, and other utilities operations.


The company was formerly known as Thai Petrochemical Industry Public Company Limited and changed its name to IRPC Public Company Limited in October 2006.IRPC Public Company Limited was incorporated in 1978 and is headquartered in Rayong, Thailand.

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1.b. Last Insights on TPIG

IRPC Public Company Limited's recent performance has been influenced by various factors. The company's strong operational performance and steady demand for its products have been notable. Additionally, the ongoing global economic recovery and increasing demand for petrochemical products have contributed positively. IRPC's strategic focus on expanding its product portfolio and enhancing operational efficiency has also been a key driver. With no major negative news or legal issues reported recently, the company's fundamentals appear to be on a stable footing.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.21%)

6. Segments

Petroleum

Expected Growth: 10%

IRPC's 10% growth in petroleum segment is driven by increasing demand for refined products in Thailand, strategic expansion into high-margin specialty chemicals, and cost savings from operational efficiency improvements. Additionally, the company's focus on sustainability and environmental responsibility enhances its competitiveness in the market.

Petrochemical

Expected Growth: 11%

IRPC's 11% petrochemical growth driven by increasing demand for olefins and aromatics, fueled by Thailand's growing automotive and packaging industries. Additionally, IRPC's strategic location and competitive production costs enable the company to capitalize on rising exports to neighboring countries, further boosting growth.

Other

Expected Growth: 13%

IRPC's 13% growth in 'Other' segment is driven by increasing demand for petrochemical products, strategic partnerships, and expansion into high-margin businesses such as specialty chemicals and renewable energy. Additionally, the company's focus on operational efficiency, cost optimization, and effective supply chain management have contributed to the segment's growth.

7. Detailed Products

Olefin

IRPC's Olefin products include Ethylene, Propylene, and Butadiene, which are used as raw materials for the production of plastics, fibers, and other petrochemical products.

Aromatics

IRPC's Aromatics products include Benzene, Toluene, and Xylene, which are used as raw materials for the production of plastics, fibers, and other petrochemical products.

Polyethylene

IRPC's Polyethylene products include HDPE (High-Density Polyethylene) and LLDPE (Linear Low-Density Polyethylene), which are used in packaging, plastic bags, and other applications.

Polypropylene

IRPC's Polypropylene products include Homopolymer and Copolymer, which are used in packaging, automotive, and other applications.

Polyvinyl Chloride (PVC)

IRPC's PVC products are used in pipes, fittings, and other applications.

Styrene Monomer (SM)

IRPC's SM products are used as a raw material for the production of polystyrene and other petrochemical products.

Refinery Products

IRPC's Refinery products include Diesel, Gasoline, Jet Fuel, and Fuel Oil, which are used as energy sources.

8. IRPC Public Company Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for IRPC Public Company Limited is moderate due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the large number of customers and the availability of alternative products and services.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's large size and negotiating power.

Threat Of New Entrants

The threat of new entrants is moderate due to the high barriers to entry in the industry and the company's established market position.

Intensity Of Rivalry

The intensity of rivalry is high due to the large number of competitors in the industry and the high level of competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 48.44%
Debt Cost 4.36%
Equity Weight 51.56%
Equity Cost 9.06%
WACC 6.78%
Leverage 93.93%

11. Quality Control: IRPC Public Company Limited passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Rubis

A-Score: 7.1/10

Value: 8.2

Growth: 5.6

Quality: 4.8

Yield: 9.4

Momentum: 7.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
HF Sinclair

A-Score: 5.9/10

Value: 7.3

Growth: 4.1

Quality: 3.9

Yield: 7.0

Momentum: 7.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Sunoco

A-Score: 5.5/10

Value: 3.9

Growth: 4.0

Quality: 2.5

Yield: 10.0

Momentum: 3.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
DCC

A-Score: 5.3/10

Value: 6.1

Growth: 3.8

Quality: 3.3

Yield: 6.2

Momentum: 3.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
IRPC

A-Score: 4.7/10

Value: 7.8

Growth: 4.7

Quality: 2.8

Yield: 3.3

Momentum: 3.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Esso

A-Score: 4.0/10

Value: 8.8

Growth: 5.2

Quality: 2.0

Yield: 5.6

Momentum: 1.0

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.02$

Current Price

0.02$

Potential

-0.00%

Expected Cash-Flows