Indorama Ventures PCL: Debt Down

Research evidence excerpt

Indorama Ventures PCL: Debt Down

UpdateMValuation Methodology and Risks

Indorama Ventures PCL (IVL.BK)

We apply a target EV/EBITDA multiple of 7.0x to IVL's 2026 average EBITDA, which we find

appropriate as IVL expands into a commodity chemicals portfolio and is linked more to com-

modity prices. We also apply 2025e net debt.

Risks to Upside

n Global supply optimization, cost curve inflation driving faster improvement in spreads

n Operational improvements, driving higher utilization and lower operating costs for its

US operations

n Faster net debt drawdown

Risks to Downside

n Demand recovery remaining sluggish

n New, expensive acquisitions

n Debt levels remaining high

PTT Global Chemicals (PTTGC.BK)

Base case - includes impact of potential carbon tax. Multiples applied to average 2026-27e

EBITDA

Upstream/Intermediates: 7.0x (average peer multiples in olefins, refining, aromatics)

Polymers/Chemicals: 8.0x (average peer multiples in downstream polymers)

Bio-Circularity: 8.0x (average peer multiples)

Performance Chemicals: 8.0x (average peer multiples in paints/coatings)

n Significant capacity rationalization drives improving spreads

n Performance chemicals turnaround, with pricing power picking up across sectors

n Tighter refining margins drive more upside risks

n Feedstock challenges reverse and capacities come online

n High prices drive significant demand reset

n Domestic gas production challenges fail to reverse

Siam Cement (SCC.BK)

We apply a P/B multiple to SCG's 2026e tangible book value to derive our price target. Our

tangible book value is derived by deducting the value of goodwill and intangible assets from

our 2026e shareholders equity. To this, we apply a P/B of 1.2x, which reflects our view that