IRPC Public Company Limited

SET:IRPC Stock Report

Market Cap: ฿28.4b

IRPC Valuation

Is IRPC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IRPC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IRPC (THB1.39) is trading below our estimate of fair value (THB2.22)

Significantly Below Fair Value: IRPC is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IRPC?

Key metric: As IRPC is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for IRPC. This is calculated by dividing IRPC's market cap by their current revenue.
What is IRPC's PS Ratio?
PS Ratio0.09x
Sales฿320.18b
Market Cap฿28.37b

Price to Sales Ratio vs Peers

How does IRPC's PS Ratio compare to its peers?

The above table shows the PS ratio for IRPC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.1x
SPRC Star Petroleum Refining
0.1x-3.0%฿29.1b
BSRC Bangchak Sriracha
0.1x-6.2%฿26.0b
BCP Bangchak Corporation
0.07x-4.4%฿43.0b
TOP Thai Oil
0.2x3.9%฿88.2b
IRPC IRPC
0.09x-3.6%฿28.4b

Price-To-Sales vs Peers: IRPC is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (0.1x).

Price to Sales Ratio vs Industry

How does IRPC's PS Ratio compare vs other companies in the TH Oil and Gas Industry?

5 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.0.3x-0.8%
IRPC IRPC
 0.09x-3.6%US$817.93m
BCP Bangchak Corporation
0.07x-4.4%US$1.24b
SUSCO Susco
0.09xn/aUS$87.07m
IRPC 0.1xIndustry Avg. 0.3xNo. of Companies5PS00.40.81.21.62+
5 CompaniesEstimated GrowthMarket Cap
Industry Avg.0.3x3.0%
IRPC IRPC
 0.09x119.5%US$817.93m
No more companies

Price-To-Sales vs Industry: IRPC is good value based on its Price-To-Sales Ratio (0.1x) compared to the TH Oil and Gas industry average (0.3x).

Price to Sales Ratio vs Fair Ratio

What is IRPC's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IRPC PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.09x
Fair PS Ratio0.1x

Price-To-Sales vs Fair Ratio: IRPC is good value based on its Price-To-Sales Ratio (0.1x) compared to the estimated Fair Price-To-Sales Ratio (0.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IRPC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿1.39
฿1.47
+5.8%
19.2%฿2.10฿1.10n/a14
Nov ’25฿1.52
฿1.58
+3.9%
18.2%฿2.10฿1.15n/a13
Oct ’25฿1.75
฿1.68
-4.1%
19.7%฿2.10฿1.15n/a14
Sep ’25฿1.43
฿1.69
+17.9%
19.4%฿2.10฿1.15n/a15
Aug ’25฿1.48
฿1.82
+23.2%
13.5%฿2.20฿1.40n/a15
Jul ’25฿1.64
฿1.88
+14.9%
14.0%฿2.20฿1.40n/a16
Jun ’25฿1.90
฿1.92
+1.2%
12.1%฿2.20฿1.50n/a16
May ’25฿1.97
฿1.90
-3.4%
12.4%฿2.20฿1.50n/a14
Apr ’25฿1.91
฿1.95
+1.9%
14.1%฿2.40฿1.50n/a14
Mar ’25฿1.92
฿1.95
+1.4%
14.1%฿2.40฿1.50n/a14
Feb ’25฿1.94
฿2.01
+3.6%
16.0%฿2.50฿1.50n/a14
Jan ’25฿2.02
฿2.16
+7.0%
13.5%฿2.60฿1.75n/a14
Dec ’24฿1.99
฿2.17
+8.8%
14.0%฿2.60฿1.75n/a13
Nov ’24฿1.92
฿2.36
+22.7%
17.3%฿3.23฿1.80฿1.5213
Oct ’24฿2.06
฿2.38
+15.6%
16.9%฿3.23฿1.80฿1.7514
Sep ’24฿2.34
฿2.59
+10.7%
20.2%฿4.00฿1.80฿1.4316
Aug ’24฿2.44
฿2.60
+6.4%
20.4%฿4.00฿1.80฿1.4816
Jul ’24฿2.28
฿2.59
+13.6%
21.0%฿4.00฿1.80฿1.6416
Jun ’24฿2.20
฿2.79
+26.7%
18.5%฿4.00฿2.00฿1.9016
May ’24฿2.36
฿3.09
+31.1%
16.0%฿4.00฿2.40฿1.9716
Apr ’24฿2.62
฿3.13
+19.3%
14.8%฿4.00฿2.60฿1.9116
Mar ’24฿2.86
฿3.16
+10.6%
14.4%฿4.00฿2.60฿1.9216
Feb ’24฿3.08
฿3.20
+3.8%
15.0%฿4.50฿2.67฿1.9416
Jan ’24฿3.02
฿3.18
+5.4%
15.6%฿4.50฿2.54฿2.0216
Dec ’23฿3.06
฿3.29
+7.7%
15.5%฿4.50฿2.60฿1.9917
Nov ’23฿3.18
฿3.51
+10.2%
19.3%฿5.20฿2.60฿1.9218

Analyst Forecast: Target price is less than 20% higher than the current share price.

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