因多拉玛：各业务单元普遍疲弱

Investment Rating - The report indicates a negative outlook for Indorama, with a significant net loss reported for Q4 2025, amounting to 4.7 billion THB (loss of 0.88 THB per share), which is an increase from the previous quarter's loss of 818 million THB [5][6]. Core Insights - Indorama's Q4 2025 net loss was primarily driven by a decline in sales and inventory losses, exacerbated by an oversupply in the industry and delays in deleveraging plans, which may further pressure net profits this year [5][9]. - The company's sales volume decreased by 4% quarter-on-quarter (9% year-on-year) to 3.1 million tons, leading to a reduction in overall operating rates to 72% [6]. - The report highlights that the Asian PET price spread slightly increased to USD 116 per ton, while the Western price spread decreased to USD 337 per ton [6]. - The EBITDA adjusted for the company fell by 21% quarter-on-quarter to USD 221 million, with significant declines in contributions from various business segments [6]. Summary by Sections Financial Performance - Indorama reported a net loss of 4.7 billion THB for Q4 2025, compared to a loss of 818 million THB in Q3 2025, leading to an annual loss of 7.4 billion THB for 2025 [6]. - The company confirmed inventory losses of 974 million THB in Q4, up from 432 million THB in Q3 [6]. Business Segments - The company operates in three main segments: Composite/Integrated PET (CPET), Indovinya, and Fibers, with a total PET production capacity of 6.3 million tons [13]. - Revenue breakdown shows that Composite PET accounts for 63.0%, Fibers for 20.9%, and Indovinya for 16.1% of total revenue [14]. Market Conditions - The report notes that the oil price increase will compress profit margins but may provide some buffer through inventory gains [8]. - The delay in the deleveraging process is expected to suppress net profits, with the plan potentially implemented in the second half of 2026 [9]. Catalysts - Key catalysts for potential recovery include a rebound in Chinese consumption and the successful spin-off of the packaging and Indovinya businesses [11].