IRPC Public Company Limited (IRPSY)
適正価値ファンダメンタル
79
株価
$2.84
時価総額
$64.09B
パート1 · 企業の価値
概要
IRPC refines crude oil into fuels and turns some of that output into petrochemicals, at an integrated site in Thailand that is the country's second-largest refinery, with capacity of about 215,000 barrels a day. It also sells lubricants, asphalt and plastics such as polyethylene and polypropylene. The company is majority-linked to Thailand's national oil company PTT, which owns roughly 45% of it and supplies its crude oil.
収益の仕組み
Revenue comes from selling refined fuels, petrochemicals and related products at market prices, so profit depends on the spread between the cost of crude oil and the price of what comes out the other end — a margin that swings with global oil and petrochemical markets rather than being set by the company. PTT supplies essentially all of its crude, but at market price rather than at a discount, so ownership does not translate into a lower input cost.
競争優位性（moat）
明確な優位性なし · なしIRPC buys its main input, crude oil, at market price even from its own parent company, and sells fuels and basic petrochemicals that are largely undifferentiated commodities priced on global markets. Being Thailand's second-largest refiner gives it local scale, but not a cost or pricing advantage over other refiners exposed to the same crude and product prices.
需要を左右する要因
景気循環型As a refiner and petrochemical producer, results move with global crude oil prices and refining margins, which swing with the broader economy, energy demand and regional refining capacity — not with any steady, non-discretionary consumption pattern.
強気材料
Buyers argue that being tied to PTT, Thailand's national oil company and a roughly 45% owner, gives IRPC funding support and credit-rating uplift in stressed periods, and that its position as the country's second-largest, fully integrated refining-and-petrochemical complex is not easily replicated.
弱気材料
Sellers fear that buying crude at market price even from its own parent leaves IRPC with no cost advantage, that refining and petrochemical margins are set by volatile global markets outside its control, and that a commodity business with no pricing power offers little protection when those margins compress.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
Thailand's largest refiner, selling the same gasoline, diesel, jet fuel and aromatics into the same domestic and regional customers as IRPC's Rayong complex.
The other Thai integrated refiner-petrochemical producer, competing directly in olefins, polyethylene and polypropylene resins sold to the same plastics converters.
Thailand's largest polyolefin producer, competing with IRPC's POLIMAXX polyethylene and polypropylene grades for domestic and export plastics customers.
Runs the Bangchak and Sriracha refineries plus a nationwide service-station network, competing for the same Thai fuel demand IRPC's refinery supplies.
Operates a Map Ta Phut refinery next door to IRPC's, selling refined fuels and naphtha to the same Thai wholesale and petrochemical buyers.
貸借対照表と流動性
売上高
$298.25B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$10.50B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$20.46B
自己資本合計
$76.50B
負債合計
$67.55B
流動比率
1.36
利払い倍率
-
負債/EBITDA
2.77
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$3.53
現在株価
$2.84
安全マージン
+19.5%
適正価値レンジ
$2.29 - $4.76
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
5.52
ROE
14.8%
P/B レシオ
0.76
P/FCF
3.13
粗利益率
6.9%
ROIC
4.9%
収益性レーダー
価値創造（経済的モート）
ROIC
4.9%
WACC
6.6%
ROIC − WACC
-1.8 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（12）
- P/FCF 3.13
- P/B Ratio 0.76
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Undervalued)
- ROE 15.0%
- Revenue Growth 5Y 9.9%
- Earnings Surprise avg 58.6%
- Net Margin Trend -1.3% vs -1.6%
不合格（7）
- Price CAGR -5.10%
- ROIC 4.9%
- Gross Margin 6.9%
- Operating Margin 4.9%
- CapEx intensity
- Analyst Consensus 11% Buy
- Piotroski F-Score 2/9
データなし（8）
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
低品質：会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Terdkiat Prommool | President, CEO, Secretary & Director | 58 |
| Ms. Torsang Chaipravat | Senior EVP of Corporate Accounting & Finance | 49 |
| Mr. Lersak Thongruang | Senior Executive Vice President of Operation | 58 |
| Ms. Wanida Utaisomnapa | Senior Executive Vice President of Corporate Commercial & Marketing | 59 |
| Mr. Kraisit Anukoolutaiwong | Executive VP of Corporate People & Organization Effectiveness | 63 |
| Mr. Thammasak Panyowatkool | Executive Vice President of Corporate Organization Effectiveness | 58 |
| Mr. Rathapol Unakanporn | Executive VP of Infrastructure Logistics & Operation Excellence | 62 |
| Mr. Pranarch Kosayanont | Senior Executive Vice President of Corporate Strategy Planning & Business Development | 58 |
| Mr. Poramet Junwichit | Senior Executive Vice President of Corporate Organization Effectiveness | 60 |
| Mr. Apichit Wongpanit | Acting Senior Executive Vice President of Corporate Organization Effectiveness and Digital | - |
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for IRPSY, sourced from Markets Gazette.