IRPC Public Company Limited (IRPSY)
合理估值基本面
79
价格
$2.84
市值
$64.09B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
护城河
未发现护城河 · 无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.
需求驱动因素
周期性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.
看多理由
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.
看空理由
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.
资产负债表与流动性
营收
$298.25B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$10.50B
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
$20.46B
股东权益合计
$76.50B
负债合计
$67.55B
流动比率
1.36
利息覆盖率
-
债务/EBITDA
2.77
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$3.53
当前价格
$2.84
安全边际
+19.5%
公允价值区间
$2.29 - $4.76
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
5.52
ROE
14.8%
市净率（P/B）
0.76
P/FCF
3.13
毛利率
6.9%
ROIC
4.9%
盈利能力雷达图
价值创造（经济护城河）
ROIC
4.9%
WACC
6.6%
ROIC − WACC
-1.8 pp
ROIC 低于资本成本：公司每投入一美元都在毁灭价值。
基本面分析标准
通过（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%
未通过（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
不可用（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-评分
存在严重财务隐患
盈利质量
低质量：需深入审查会计处理
股权稀释
正在回购股份，对股东友好
机构持股
该公司暂无机构申报数据。
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for IRPSY, sourced from Markets Gazette.