Stocks in Focus on June 20, 2023: IVL and TOA

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on June 20, 2023.


Land and House Securities (LHS) has given a “BUY” recommendation on Indorama Ventures Public Company Limited (SET: IVL) with a target price at ฿43.50/share.

LHS expected IVL’s 2Q23 earnings to get a positive momentum QoQ from higher sales volume by 12% QoQ due to seasonality and also lower energy costs. The management expected EBITDA to double within five years from PET business that should expand following global economic growth. LHS noted that the share price has priced in negative factors and the current valuation is attractive.


Finansia Syrus Securities (FSS) has given a “BUY” recommendation on TOA Paint (Thailand) Public Company Limited (SET: TOA) with a target price at ฿40.00/share.

FSS expected 2Q23 earnings to slow down QoQ due to seasonality, but should have a solid growth YoY from domestic demand. Sales in Vietnam are recovering from the problem in 1Q23 in the property sector. Margin in 2Q23 is expected to improve the utilization rate of TiO2 from China and lower crude oil price.

FSS maintained 2023 earnings forecast at 2.2 billion baht (+33%) and also an upside from a potential higher-than-expected margin. Lower crude oil price is positive to TOA’s cost. The recent decline in share price was from a negative effect of STARK that did not impact the company and posted an opportunity to accumulate.