The Siam Cement Public Company Limited, together with its subsidiaries, operates in the cement and building materials, chemicals, and packaging businesses in Thailand and internationally. It operates through SCG Cement and Green Solutions; SCG Smart Living and SCG Distribution and Retail; SCG Decor; SCG Chemicals; SCGP; and Other segments. The SCG Cement and Green Solutions segment produces cement, concrete products, and refractory cement, manages natural resource utilization. The SCG Smart Living and SCG Distribution and Retail segment manufactures building materials, including roof, ceiling and wall, fiberglass insulation, wood substitute, landscape, lightweight concrete block, paint, including smart solutions for home and building, and energy management, etc. This segment also distributes and retails cement, building materials, and other home and living products, as well as provides international supply chain solutions; and invests in logistics business. The SCG Decor segment produces and distributes ceramic tiles, sanitary ware, and related products, services, and solutions. The SCG Chemicals segment manufactures and sells olefins, polyolefins, vinyl, other chemical products, as well as provides industrial services and solutions. The SCGP segment engages in the integrated packaging of fiber packaging, packaging paper, consumer and performance packaging, and medical supplies and labware; and recycling of packaging material. This segment is also involved in the fibrous business comprising foodservice packaging, and pulp and paper products. The Other segment engages in the clean energy, pertinent technologies, and investment in other businesses. The Siam Cement Public Company Limited was founded in 1913 and is headquartered in Bangkok, Thailand.
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Top Business Leaders Say Geopolitical Crisis Pushes Thailand Toward Becoming ASEAN Trade and Tech Hub
Four national business leaders — Siam Cement Group, Indorama Ventures, Airports of Thailand, and Bangkok Bank — said at Thailand Focus 2026 that the global geopolitical crisis is pushing Thailand to become ASEAN's trade, investment, and technology hub, with investment flowing steadily into data centers, biotechnology, and the green economy. They recommended that the public and private sectors accelerate regulatory improvements, expand FTAs, and adopt advanced technologies to achieve sustainable growth and guard against a flood of cheap Chinese goods. Thammasak Sethaudom of Siam Cement said the relocation of production bases to Thailand is a long-term structural change. Aloke Lohia of Indorama Ventures noted that Thailand has a strong manufacturing ecosystem and can become a capital market hub for the CLMV countries, which have a combined population of over 250 million. Paweena Chariyathitiphong of Airports of Thailand said the company holds a 95% share of domestic air passenger traffic and is negotiating new direct routes to North America. Kobsak Pootrakool of Bangkok Bank said foreign investment promotion applications have surged to record levels, and Thailand has become the world's fifth-largest producer of printed circuit boards within two years.
4 Listed Firms Say Thailand Benefits from Geopolitics, Attracting Investment Inflows
Four major listed companies stated that Thailand is benefiting from trade wars and global geopolitical issues, leading to continuous investment inflows and supporting the country's emergence as a regional economic hub. Mr. Thammasak Sethaudom, President of Siam Cement Public Company Limited (SCC), said that investment is not only concentrated in data center businesses but also includes biotechnology, carbon reduction technology, and green circular economy. The Thai government is driving new economic engines through four special subcommittees to improve laws, reduce restrictions, expand free trade frameworks, and develop human capital skills, with the expectation of making Thailand an economic hub within 5-10 years. Meanwhile, Mr. Aloke Lohia, Group CEO of Indorama Ventures Public Company Limited (IVL), stated that the world is placing more importance on supply chain resilience, and Thailand has a strong trade and manufacturing ecosystem, as well as the potential to become a capital market hub for the CLMV countries, which have a combined population of over 250 million. Ms. Paweena Jariyathitipong, Director of Airports of Thailand Public Company Limited (AOT), said that Thai airports have adapted well to crises, such as increasing passengers from China and Japan by over 30%, and flights from the Middle East have now returned to 100% service. Dr. Kobsak Pootrakool, Executive Vice President of Bangkok Bank Public Company Limited (BBL), stated that foreign investment promotion applications have surged to record levels, and Thailand has become the world's fifth-largest producer of printed circuit boards (PCBs). He also recommended that Thai businesses accelerate investment in technology upgrades and scale expansion to remain competitive.
SCC expects EBITDA to exceed 56 billion baht in 2026, accelerating LSP project completion by mid-2027
SCC expects cash flow from normal operations (EBITDA) in 2026 to exceed 56 billion baht, after achieving 42.9 billion baht in the first half. The company is accelerating the completion of its integrated petrochemical project LSP in Vietnam to mid-2027, earlier than the original end-of-next-year schedule, to meet growing demand and boost revenue. Meanwhile, the collaboration between SCGC and PTTGC to merge their olefins and polyolefins businesses is on track, with clarity expected in Q3 2026. Mr. Thammasak Sethaudom, CEO of SCC, said the company is focusing on financial discipline and continuously introducing new products, especially materials for data centers, which support sales in the infrastructure segment. Despite the contraction in residential real estate, sales in this segment grew 3-4%. Additionally, SCC has reduced coal usage in favor of biomass to lower costs, and faster petrochemical price adjustments have improved cost pass-through. Analyst Asia Plus recommends "Buy" on SCC with a target price of 310 baht, noting that the sale of investments worth 24.9 billion baht will enhance liquidity, and the LSPE Ethane project in Vietnam, which is 60% complete, will reduce costs by over 250 million US dollars per year.
Yuanta Securities says Middle East tensions support PTT as hedging choice
Yuanta Securities said the conflict between the United States and Iran shows no sign of easing in the near term, causing crude oil prices to rebound 5 to 6 percent week on week, reversing two consecutive weeks of declines. This came after Iran set challenging conditions before any agreement, while the United States continued its maritime blockade. Iran also refused to extend the temporary MOU agreement after the 60-day period ended on August 17, and US strategic crude oil inventories remain at their lowest level since 1982. Yuanta Securities views that investors can speculate on oil play stocks, highlighting PTT as the main choice for hedging Middle East situations, given its solid financial position and expected high dividends. Meanwhile, Singapore refining margins closed down 7 percent week on week at 20.1 US dollars per barrel, pressuring refinery stocks TOP, SPRC, BCP, IRPC, and PTTGC. Olefins spreads and polyester petrochemical spreads also declined week on week, weighing on IRPC, SCC, PTTGC, and IVL respectively.
Bualuang sees Q2 stock profits up 13%, recommends continued recovery in H2
Bualuang Securities said net profit of stocks under its coverage in the second quarter of 2026 rose 13% from a year earlier and 12% from the previous quarter, coming in 10% above market expectations and 11% above the company's estimates. Revenue was only 2% above market expectations, reflecting support from higher energy prices and petrochemical spreads, revenue and ARPU in the communications sector, electronics demand, and cost management in the retail sector. Pressure still came from lower meat prices, weak Cambodian and self-pay patients, and higher energy costs in the transport sector. Sectors with standout core profit growth included energy and petrochemicals, electronics, communications, retail, and hotels. Sectors with the main profit declines remained agriculture and food, hospitals, and transport. Although the overall results beat expectations, market expectations are starting to return to a more balanced level, with the proportion of stocks beating profit estimates at 48%, compared with 59% in the previous quarter, but still above the five-year average of 37%. The beat-to-miss ratio was 3.4 times, down from 6.8 times in the previous quarter, but still above the five-year average of 1.1 times. Stocks with profits notably above market expectations included AOT, SCC, PTTGC, and PTT, while DELTA came in below expectations. On the revenue side, only the petrochemical sector clearly beat expectations, while WHA and BAM came in below. The company assesses a mid-2027 SET target of 1,650 points in the base case and 1,710 points in the best case. But with the beat-to-miss ratio starting to decline, it recommends focusing on selective plays in stocks whose earnings are likely to continue recovering in the second half of 2026. These include CBG, whose earnings are expected to have passed their trough in the second quarter of 2026 before returning to year-on-year growth from the third quarter; BH, supported by recovering Thai and Middle Eastern patients, with third-quarter profit expected to grow both year-on-year and quarter-on-quarter; and tourism plays AOT, ERW, and CENTEL, after foreign tourist arrivals in July stood at 2.5 million, down 2.5% from a year earlier, but the average daily number rose 16% from the previous month, while Thai hotel RevPAR is expected to grow both year-on-year and month-on-month.
SCC Expects High Energy Price Volatility in Second Half, Accelerates Business Adjustments
SCC expects energy prices to be highly volatile in the second half of the year, with risks from the Middle East greater than in the first half. The company is accelerating adjustments and sourcing raw materials outside the Strait of Hormuz to cope with the situation, while maintaining this year's investment budget at 30 billion baht, mainly for the cement and building materials business. The project to add ethane gas feedstock at the LSP plant in Vietnam is now 60% complete and is expected to reduce costs by around 200 to 300 million dollars per year. Managing Director Thammasak Sethaudom said during an earnings call that the petrochemical business situation will return to greater balance, but fragility in the Middle East persists, prompting operators to diversify raw material sources outside the Strait of Hormuz. Energy prices remain highly volatile, with the HDPE price spread adjusting from 300 dollars per ton to 400 dollars per ton within one week. Meanwhile, the global economy is showing signs of slowing, with growth expected at around 2.5 to 3 percent, while ASEAN still grows at 5 to 6 percent, with Vietnam having the potential to expand by more than 6 percent. In the first half, investment spending reached 11.064 billion baht, mostly in the cement and building materials group, with another portion in the chemicals business, which must adapt quickly as naphtha costs have risen to 600 to 1,000 dollars per ton, forcing weekly or even daily selling price adjustments. Currently, the LSP plant has halted operations due to insufficient feedstock and is accelerating the switch to ethane gas to reduce reliance on the Strait of Hormuz and achieve lower costs.
SCG Announces Interim Dividend of 0.20 Baht per Share
Siam Cement Public Company Limited, or SCG, has announced an interim cash dividend of 0.20 baht per share from its operating results for the period from January 1, 2026 to June 30, 2026 and retained earnings. The board of directors passed a resolution on August 10, 2026, setting the record date for shareholders entitled to receive the dividend on August 25, 2026, with the XD date on August 24, 2026. The dividend will be paid on September 8, 2026 to ordinary shareholders, with a par value of 0.50 baht per share.
CLSA raises PTTGC target price to 46 baht after second-quarter profit beats expectations
CLSA has raised its target price for PTTGC shares to 46 baht from 43 baht, while maintaining an Outperform rating, after second-quarter 2026 results came in better than expected. PTTGC reported a net profit of 12.2 billion baht, exceeding CLSA's estimate by 14% and beating market expectations by 48%, recovering from a profit of 3.2 billion baht in the previous quarter and swinging from a loss of 3.6 billion baht in the same period last year. The refinery business was the main driver, with a gross refining margin of 15.6 dollars per barrel, pushing adjusted upstream EBITDA up 18% quarter-on-quarter to 15.2 billion baht. Meanwhile, the polymers and chemicals business swung to an EBITDA of 5.1 billion baht, and the performance chemicals business posted an EBITDA of 4 billion baht, up 69%. CLSA expects refinery momentum to remain strong in the second half of 2026, raising its gross refining margin assumptions for 2026 to 2028 and lifting its 2026 profit forecast by 52%. It also views positively the cooperation study between PTTGC and SCC, which could lead to a merger creating the largest polyolefins company in ASEAN.
Bualuang Sees Bright Q2/69 Profits, Led by IT Retail, Pet Food, and Tourism Recovery
Bualuang Securities revealed that net profits for the second quarter of 2069 for stocks under its coverage came in 5.6% above market expectations, with 48% of stocks beating estimates compared to a five-year average of 37%. Standout performers were led by SCC, up 41% from its petrochemical business, SCGP up 20% from packaging and recycling, KKP up 18% from non-interest income, and TU up 10.9% from seafood demand. Meanwhile, DELTA missed profit forecasts by 31% due to supply chain issues. The research team also noted positive signals from IT retail sales at COM7 and ADVICE, which grew 10% and 17% year-on-year in July. In the lifestyle segment, MOSHI saw same-store sales rise 9% on the squishy toy trend. Tourism continued to recover, with foreign arrivals in July reaching 2.5 million, and ERW's revenue per available room expected to grow both year-on-year and month-on-month. Export demand for food and pet food remained strong, with TU projecting 5-6% growth and ITC projecting 10% growth. The investment strategy therefore focuses on COM7, ADVICE, MOSHI, CPALL, ERW, TU, and ITC.
Asia Plus Securities says strong baht draws fund flows, scans 17 stocks set to benefit
Asia Plus Securities assesses that the global investment landscape is facing challenges on all fronts, amid a sharper-than-expected slowdown in US employment, which fuels hopes that the Federal Reserve will hold its policy rate at the September meeting. Meanwhile, domestic factors are receiving a significant boost from the rapidly strengthening baht, supported by continued foreign inflows into the Thai bond market, with cumulative net purchases this month exceeding 9.2 billion baht. The baht recently touched 32.98 per US dollar. The research team has identified three main industry groups in Thailand that stand to benefit positively from the strong baht. The first group comprises large-cap stocks that are prime targets for foreign fund flows, including commercial banks such as KBANK, SCB, BBL, and KTB; retail and tourism plays like AOT, CPALL, and CRC; telecoms such as ADVANC and TRUE; and construction materials like SCC. The second group consists of companies with high foreign-currency debt or costs, including power and energy firms such as GULF, BGRIM, GPSC, and PTTEP, and airlines like AAV. The third group covers businesses that rely heavily on imported raw materials, including agriculture and food companies such as TFG and TVO. In addition, the research team recommends portfolio strategies to navigate volatility, highlighting safe-haven stocks combined with gold as a hedge, and names SYNTEC, PTT, and GUNKUL as top picks for the Thai stock market, along with LITE01 and ZIJIN80 for overseas investment.
Krungsri Securities highlights 7 standout stocks for Q2 2026 earnings season
Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.
2Q26 earnings beat expectations by 5.6%, cyclical and food export sectors shine
Bualuang Securities reported that aggregate net profit of listed companies that have already reported, covering 32% of stocks under its coverage, came in 5.6% above market expectations and 7.2% above Bualuang's own estimates. Of the stocks that have reported, 48% delivered better-than-expected earnings, exceeding the five-year average of 37%. Notable outperformers included SCC, with profit 41% above expectations, SCGP 20% above, KKP 18% above, and TU 10.9% above. Meanwhile, DELTA reported earnings 31% below expectations due to supply chain issues. Key signals from the earnings season show that cyclical sector profits remain strong but momentum may slow, consumption is recovering selectively with IT and affordable lifestyle products growing well, tourism continues to recover, asset quality in the hire-purchase sector is stable, and demand for food and pet food exports remains robust.
PTTGC second-quarter profit beats expectations at 12.2 billion baht, SCC deal provides support
PTTGC reported a second-quarter 2026 net profit of 12.2 billion baht, recovering from a loss of 3.6 billion baht in the second quarter of last year and beating market expectations by 27 percent. Core profit stood at 12 billion baht, supported by higher product spreads in oil and petrochemicals as well as improved utilisation rates across nearly all businesses, except for the refinery which was affected by the conflict involving Israel, the United States, and Iran. Analysts maintained a buy recommendation with a target price of 44 baht and see upside potential from the future joint venture with SCC.
Krungsri Securities sees positive signals for Thai stocks, sets index target at 1,600–1,680 points and picks 8 standout names
Krungsri Securities views Thai equities as having positive signals from Thailand becoming an AI investment hub and the Federal Reserve likely holding interest rates steady, setting an index target of 1,600 to 1,680 points and selecting eight standout stocks in banking, power plants, tourism, and other sectors. Mr. Korrapat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities, said Thailand is being seen as a new strategic location for AI infrastructure investment in the region, with advantages from sufficient reserve power generation capacity, competitive land costs, and utilities ready to support data centers. Meanwhile, the Fed may choose to patiently hold interest rates rather than hike aggressively amid fragile signals in the US labor market, which would be positive for Asian stock markets and value-market segments. The research team maintains its index target at 1,600 to 1,680 points, expecting the market to gradually recover and have a chance to revise earnings estimates upward after the second-quarter results pass. Recommended standout stocks include KBANK and KTB in the banking group, where prices are still below book value; GULF and GPSC in the power plant group to support electricity demand from data centers; PTT and SCC, which benefit from a new wave of investment; and AOT and BH in the tourism and healthcare group, helped by lower oil cost pressures and the return of Chinese tourists.
Stock Calendar 5 August 2026: PTL Tender Offer for 900 Million Shares, SCC XD at 3.50 Baht
The securities calendar for 5 August 2026 indicates that PTL is in the process of a tender offer for 900 million shares at 15 baht per share, running from 30 June to 5 August. On the same day, several securities carry the XD sign, including BAREIT at an initial rate of 0.20 baht per unit, LENOVO13 at an initial rate of 0.0695568 baht per unit, PROSPECT at 0.0705 baht per share, and SCC at 3.50 baht per share. Additionally, PROSPECT also carries the XR sign at a ratio of 1 existing share to 0.3822 new shares, while TAIWANAI13, TAIWANHD13, and ZIJIN13 are scheduled to pay dividends on the same day.
Government Savings Plus bonds worth 2 billion baht sell out in 21 seconds; new round set for 3–5 August
Government Savings Plus bonds worth 2 billion baht were fully subscribed within 21 seconds via the Pao Tang app on 31 July 2026. Deputy Prime Minister and Finance Minister Ekaniti Nitithanprapas announced that a new round will be offered from 3 to 5 August, with a minimum investment of 100 baht through the SBOM wallet on the Pao Tang app, or 1,000 baht via 24 participating banks and securities firms. The three-year bond offers a fixed rate of 1.80% per annum, while the ten-year bond offers 2.80% per annum, with the aim of broadening the country's savings base and supporting an ageing society. Meanwhile, large listed companies are also issuing debentures. BGRIM is offering three tranches of debentures with tenors of four, seven, and ten years, carrying coupons of 2.60% to 3.60% per annum, from 31 July and 3–4 August. GC is preparing to sell two tranches of debentures with tenors of seven and ten years, with expected coupons of 2.65% to 3.15% per annum, opening for subscription this September, including a special window for seniors aged 60 and above. SCC is expected to issue four-year debentures rated A, offered to existing debenture holders in September 2026.
Private sector says political stability bolsters confidence recovery, urges SME and clean energy upgrades
Senior executives of large private sector organizations say that after Thailand's political situation stabilized, foreign investor confidence has begun to recover, reflected in capital inflows, a recovering capital market, and rising investment promotion applications, especially in the electric vehicle and data center industries. The chief executive officer of Kasikornbank said that investment promotion application figures from the BOI have grown very strongly, but the key challenge is to translate this into employment, workforce skill development, and leveraging data to create new innovations. The president of SCG pointed out that SMEs in the supply chain face greater difficulty accessing capital and technology, have higher financing costs, and have fewer opportunities for trial and error compared to large companies. Therefore, the government and large corporations must work together to upgrade Thai SMEs, including reducing energy costs, adopting solar power, and transitioning to green businesses. An advisor to the prime minister said that energy is a critical condition for confidence and national competitiveness, and Thailand must manage security, environmental sustainability, and affordable prices for the public, while advancing solar power, smart grids, and clean energy to support the net-zero target and new industries such as data centers.
SCC files for 4-year bond offering with A rating, subscription opens this September
The Siam Cement Public Company Limited, or SCC, has filed a registration statement with the SEC to issue unsubordinated and unsecured bonds with a 4-year tenor, offered to the general public. The interest rate has not yet been announced, and interest will be paid every three months. Subscription is divided into two periods: the first from 1 to 4 and 7 September 2026 for holders of SCC26OA bonds maturing this year, and the second from 28 to 30 September 2026 for current bondholders of SCC, SCGP, or SCGC. Bangkok Bank, Krungthai Bank, Kasikornbank, Bank of Ayudhya, and Siam Commercial Bank act as the arrangers, with Bank of Ayudhya serving as the bondholder representative. This bond issue received an A credit rating from TRIS Rating on 5 June 2026, and the company will use the proceeds to repay debt from debt instrument issuance.
SCC first half 2026 adjusted cash EBITDA reaches 42.9 billion baht, up 35%
Siam Cement Group, or SCC, reported first half 2026 adjusted cash EBITDA of 42.913 billion baht, an increase of 35% from the same period last year. In the second quarter of 2026, adjusted cash EBITDA was 27.984 billion baht, up 47% year on year. First half sales revenue was 259.57 billion baht and profit for the period was 17.758 billion baht. The company approved an interim dividend of 3.5 baht per share, totaling 4.2 billion baht, payable on 21 August 2026, with the XD date on 5 August 2026. President and CEO Thammasak Sethaudom said full year 2026 adjusted cash EBITDA is expected to exceed 54 to 55 billion baht, better than 2025, supported by higher petrochemical product prices and increased packaging sales, while advancing medium term strategy through 2027, such as increasing ethane gas feedstock at the LSP plant in Vietnam and deploying robots and AI to boost efficiency.
Krungsri raises IRPC's normalised profit forecast for 2026–2027, sees petrochemical recovery but slower than peers
Krungsri has raised its normalised profit forecast for IRPC for 2026 and 2027 to approximately 10 billion baht and 3.5 billion baht respectively, reflecting tighter-than-expected supply conditions from the renewed closure of the Strait of Hormuz by the United States. The research team expects second-quarter 2026 net profit of around 2.797 billion baht, swinging to a profit year-on-year but down 65 percent from the previous quarter, with a modest net stock loss of about 1.3 billion baht. Excluding extraordinary items, normalised profit would be around 3.948 billion baht, up 226 percent quarter-on-quarter and swinging to a profit year-on-year, supported by both the refinery and petrochemical businesses benefiting from higher product spreads amid tight global supply. Krungsri maintains a Neutral recommendation and raises its 2026 target price to 2.40 baht, noting that investors can gradually switch to PTTGC or SCC, which stand to benefit more prominently.
SCG reports first-half 2025 EBITDA surges 35% to 42.9 billion baht, pays 3.5 baht dividend
SCG reported first-half 2025 results with Adjusted Cash EBITDA of 42.913 billion baht, up 35% from the same period last year, and announced an interim dividend of 3.5 baht per share, totaling 4.2 billion baht. Revenue from sales was 259.57 billion baht and profit for the period was 17.758 billion baht. Excluding special items, mainly inventory revaluation, profit for the period was 12.649 billion baht. At the end of the second quarter, SCG had cash on hand of 76.775 billion baht and reduced net debt by 39.176 billion baht from the previous quarter, bringing the net debt-to-EBITDA ratio down to 3.7 times from 5.0 times in the prior quarter. The growth was driven by an accelerated push into high-value products across all business units, including Chemicals, Cement and Construction Materials, SCG Decor, and SCGP, as well as organizational restructuring to cut costs and boost efficiency.
Brokers say oil prices surpassing $100 support short-term speculation in energy stocks
Several brokerages assess that Brent crude oil prices surging past $100 per barrel due to tensions in the Middle East will be a short-term positive for energy stocks and open up speculative opportunities. Krungsri Securities stated that the Houthi attacks on Saudi oil tankers in the Red Sea support energy stocks, recommending PTT, PTTEP, BCP, and SCC, while warning that if the war drags on, oil prices could spike to $110–120 per barrel, triggering inflation and pressuring the stock market. Finansia Syrus Securities expects the SET Index to fluctuate in a range of 1,630–1,648 points, with selling pressure from tech and AI stocks, but energy and banking sectors will help support the market, and recommends speculating on PTTEP, forecasting second-quarter 2026 net profit to surge around 100% to 27 billion baht. Meanwhile, Maybank Securities assesses the SET will consolidate in a range of 1,630–1,650 points, selecting TLI and BCP as top picks, as the 10-year US Treasury yield rising to 4.7% supports TLI, and the Thai stock market's structure with a high proportion of energy stocks helps prop up the market. Phillip Securities views WTI oil prices rising to $92.25 per barrel as still an opportunity to speculate on upstream energy stocks, but recommends taking profits within the day to avoid weekend uncertainty.
SCC confident EBITDA this year will top 55 billion baht, buoyed by weaker baht
The Siam Cement Public Company Limited, or SCC, expects that normalised cash flow from operations excluding extraordinary items, or adjusted cash EBITDA, in 2026 will grow beyond the original target of 55 billion baht, after the first half already reached 42.9 billion baht. This is supported by the baht weakening to 33.78 per dollar, which helps lift gross margins from overseas revenue that accounts for more than 40 percent of total revenue. Meanwhile, full-year revenue is expected to grow from last year's 516 billion baht, driven by higher selling prices in the petrochemical segment and expanding demand in the packaging segment. On the collaboration between SCGC and PTTGC to combine their olefins and polyolefins businesses, clarity is expected in the third quarter of 2026, with a possible new subsidiary being set up for joint ownership to create a strong national champion at the regional and global levels. In addition, SCC is accelerating its business transformation through medium-term strategies, such as the project to increase ethane gas feedstock at the LSP plant in Vietnam, where construction of the ethane storage tank is more than 60 percent complete and operations are expected to begin by the end of 2027.
SCC confident full-year revenue will surpass last year, driven by higher chemical prices and packaging volumes
SCC is confident that full-year 2026 revenue will exceed last year's figure of 516.954 billion baht, supported by higher selling prices in the chemicals business and increased sales volumes in the packaging business. Meanwhile, adjusted cash EBITDA is trending above the target of 55 billion baht, after the first half already reached approximately 42.913 billion baht. President and CEO Thammasak Sethaudom revealed that the second half remains challenging due to the potential escalation of conflict in the Middle East, but the company is confident it can manage with its ongoing strategies. He also expects the results of the joint venture study between SCGC and PTTGC to become clear by September.
SCC Q2 2026 profit surges to 11.5 billion baht, beating expectations, but Q3 likely to slow
The Siam Cement Public Company Limited, or SCC, reported a second-quarter 2026 net profit of approximately 11.5 billion baht, up 85 percent from the previous quarter and 41 to 48 percent above market expectations. The result was driven by a recovery in the petrochemical business SCGC, where product price spreads widened, higher sales volumes at packaging business SCGP, and improved selling prices in the cement and building materials segment, along with dividend income and share of profit from associates totaling more than 5.994 billion baht. However, most brokers warn that the third quarter of 2026 will slow down, due to the absence of seasonal extra income, a sharp contraction in petrochemical spreads starting in July, and plant maintenance shutdowns that will pressure sales volumes, while the domestic property market has yet to recover. Most brokers maintain a buy recommendation, with target prices ranging from 290 to 332 baht.
SCC extends gains as brokers raise target price to as high as 315 baht on petrochemical recovery
SCC shares continued to rise after several brokers raised their target prices and maintained buy recommendations, following second-quarter 2026 results that significantly beat expectations. Net profit came in at 11.535 billion baht, up 85 percent from the previous quarter but down 33 percent from a year earlier. Krungsri Securities lifted its target price to 315 baht and raised its 2026 normalized profit forecast by 31 percent to 18.892 billion baht. Trinity Securities kept its target price at 294 baht, while Dao Securities raised its target to 290 baht. Land and Houses Securities set a target price of 268 baht. The key driver is the recovering petrochemical business, supported by higher product spreads and tight supply, along with solid growth in cement and packaging. SCC also announced an interim dividend of 3.50 baht per share, with the XD date on 5 August 2026.
Brokers raise profit forecasts and target price for SCC after Q2 2026 earnings beat expectations
Siam Cement Group, or SCC, reported second-quarter 2026 profit of 11.5 billion baht, significantly above research estimates. DAOL Securities Thailand noted the profit beat was driven by higher-than-expected total revenue and gross margin, and raised its 2026–2027 net profit forecasts by 13% and 16% to 20.4 billion baht and 17.6 billion baht, respectively. It also lifted its 2026 target price to 290 baht from 280 baht, maintaining a buy recommendation. Meanwhile, Kasikorn Securities highlighted that profit exceeded its estimate of 7.8 billion baht and the market consensus of 8.2 billion baht, thanks to dividend income and better-than-expected performance in the packaging and chemicals businesses. It raised its 2026–2028 net profit forecasts by 42%, 5%, and 3%, respectively, and increased its target price to 276 baht from 263 baht, keeping a hold rating.
Krungsri Securities expects SET to fluctuate within a range, highlights SCC, KBANK, PTT as top picks
Krungsri Securities expects the SET index to fluctuate within a range today, with resistance at 1,650 and 1,665 points and support at 1,630 and 1,626 points. Pressure comes from President Trump threatening to attack Iranian bridges and power plants every time Iran strikes ships passing through the Strait of Hormuz, keeping Brent crude oil prices elevated at around 95 US dollars and pushing the 10-year US Treasury yield higher to test a one-year high. However, the market also draws support from a positive investment cycle in Asia, particularly AI and robotics investments by Tesla, as well as Alphabet's better-than-expected earnings, even though free cash flow turned negative for the first time since its IPO. For the Thai stock market, listed companies' earnings in 2026 are trending higher, with the latest estimate raised to 99.2 baht per share. Krungsri Securities also recommends three standout stocks: SCC, whose second-quarter 2026 profit is expected to significantly beat market expectations; KBANK, which has passed a sell-on-news phase and has clear fundamentals leading to a re-rating; and PTT, which benefits from persistently high oil prices and ongoing uncertainty.
SCC says Carbon Neutrality is a strategy for long-term competitiveness
Siam Cement Group, or SCC, announced that its Carbon Neutrality and Net Zero targets are not just environmental missions, but a business strategy to build long-term competitiveness. President and CEO Thammasak Sethaudom stated that this transition requires investment in innovation, clean energy, and enhancing operational efficiency, while emphasizing that energy security, competitiveness, and sustainability must be driven together. SCC leverages its business network in ASEAN as a base for managing regional supply chains and jointly developing technology, advancing business restructuring through investments in AI and automation, low-carbon technologies, production capacity consolidation, and building ASEAN-level smart factories to reduce costs and increase efficiency. Additionally, SCC is developing low-carbon products such as low-carbon cement priced similarly to existing products, leading to increased sales, and views clean energy as an opportunity for ASEAN, with governments needing to support clear energy policies and infrastructure investment.
SET closes down 14 points as bank sell-off drives turnover past one hundred billion
The Thai stock market closed down 14 points with heavy trading value exceeding one hundred billion baht, as profit-taking in banking stocks was the main drag after their prices had previously risen prominently. Other large-cap sectors such as telecommunications, commerce, and transport were also sold off in sympathy. During the day, however, the index dipped to a low around 1,632 points before partially recovering, reflecting that funds have not entirely flowed out of the market but are rotating into petrochemical and commodity stocks. Leading the rotation were PTTGC, IRPC, IVL, SCC, and PTTEP, which were supported by rising oil prices amid tensions in the Middle East. The investment strategy team at Bualuang Securities sees an increasing chance of funds rotating back into commodity plays, especially petrochemicals, and has started to overweight these stocks as both a tactical trade and a hedge against Middle East uncertainty. They assess support at 1,620 points and resistance at 1,680 points for tomorrow.
PTTGC surges over 5%, leading petrochemical group higher against market, on Q2 2026 profit speculation
Petrochemical stocks rose against a market that fell more than 12 points. PTTGC gained 5.33% to 39.50 baht, with turnover of 2.41 billion baht. SCC added 1.57% to 259.00 baht, and IVL advanced 1.81% to 25.25 baht. Krungsri Securities noted a positive short-term view on the petrochemical industry, forecasting PTTGC's second-quarter 2026 profit to hit a yearly high of around 8.5 to 9.0 billion baht. For SCC, which reports earnings this evening, net profit is expected at 7.60 billion baht, with normalised profit excluding extraordinary items at about 7.25 billion baht. IVL's normalised profit is forecast at 6.03 billion baht. Krungsri Securities recommends buying all three stocks, with target prices of 45.0 baht for PTTGC, 285 baht for SCC, and 27.0 baht for IVL.
Phillip Securities sees Thai stocks moving sideways, recommends shifting funds from banks into four key themes
Phillip Securities expects the Thai stock index to trade sideways in a range of 1,640 to 1,665 points, pressured by a 2026 forward P/E of 16.7 times, close to the average since 2020 of 17.1 times, and banking stocks may face sell-on-fact pressure after earnings announcements. However, the TISA project measures will help prevent the index from falling deeply, and a rotation of funds out of banking stocks into real sector stocks is expected for speculation on second-quarter 2026 earnings, which are anticipated to be strong. The investment strategy is divided into four main themes: speculation on second-quarter 2026 earnings in stocks such as AMATA, CPALL, DELTA, HANA, ITC, KCE, MRDIY, MTC, OSP, QH, SAWAD, SCC, STECON, and TIDLOR; energy stocks in BCP, PTT, PTTEP, SPRC, and TOP; speculation on government measures or projects in BJC, CENTEL, CK, CPAXT, CRC, DOHOME, ERW, GLOBAL, HMPRO, LH, MINT, and SCC; and hopes for investment inflows from China in ADVANC, GUNKUL, GULF, ROJNA, WHA, and WHAUP.
Krungsri Securities sees positive Q2 2026 earnings for listed firms after strong bank results, unveils 7 stocks with profit growth
Krungsri Securities assesses the earnings direction of listed companies in the second quarter of 2026 as positive and likely to come in better than market expectations, supported by the banking sector's performance which was mostly in line to better than expected. Only BBL reported profit below market expectations but still in line with its own assessment. A key positive factor for the banking group is fee income from wealth management business, which is growing and becoming a new S-curve for the business. Meanwhile, asset quality remains manageable despite the impact of the war situation, with only SCB still vulnerable due to non-performing loan formation and BBL seeing mainly migration of existing debtors. Most banks' loans returned to expansion compared to the previous quarter, reflecting the positive effect of the investment cycle, with KBANK and KTB showing outstanding loan growth, while SCB remains the only bank with contracting loans. On the real sector side, stocks are starting to show positive signals, with SCGP reporting profit 21 percent above market expectations due to tight supply conditions in the Middle East, and PTTGC reporting profit above expectations from greater-than-expected supply disruption, similar to IVL and SCC. The research team views the decline in banking stocks after earnings announcements due to profit-taking as an opportunity to gradually accumulate, as fee income from wealth management is growing as a new support factor, asset quality has passed the peak risk point, and the impact from net interest margin has been largely priced in. Recommended top picks in the banking group are KBANK and KKP from wealth management growth, and KTB from strong asset quality. The team also unveils a list of standout stocks for the earnings season, expecting second-quarter 2026 results to be strong or to have passed the trough, including ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.
SCGP expects strong Q3 growth on surging demand and price hikes, confident of full-year EBITDA of 18.3 billion baht
SCGP expects its third-quarter 2026 performance to improve significantly from a year earlier, driven by continued expansion in both domestic and international demand and selling price increases to reflect higher costs. Currently, domestic revenue accounts for 87% and exports 13%. Meanwhile, demand in Vietnam has grown so strongly that capacity utilization has hit 100%, forcing the company to shift products from Indonesia to meet demand. The company is confident that full-year 2026 EBITDA will meet the target of 18.3 billion baht, up from 17.2 billion baht a year earlier, after achieving 10.4 billion baht in the first half, or more than 56% of the target. It also plans to spend another 7.61 billion baht in capital expenditure for the remainder of the year, with over 5 billion baht allocated for mergers and acquisitions and partnerships in the paper packaging and polymer segments in Vietnam, Indonesia, and Thailand. The rest will be used to expand production capacity, such as a plant in Vietnam that is set to add 26,800 tonnes per year of corrugated box capacity with a budget of 748 million baht, with production expected to start in September 2027. Finansia Syrus Securities recommends buying SCGP with a target price of 35 baht, after second-quarter profit surged 128%, and has raised its 2026–2027 profit forecast by 22%. Meanwhile, Trinity Securities estimates that SCC will report second-quarter net profit today of 8.2 billion baht, down 53% from a year earlier but up 32% from the previous quarter, with the chemicals business supported by improved PE/PP and PVC spreads.
InnovestX sees SET volatile this week, eyes bank earnings and US tariffs
Mr. Pobchai Pattarawich, equity and derivatives market strategist at InnovestX Securities, said the Thai stock market is likely to swing and fluctuate early this week due to key domestic and international factors. The first factor is the gradual release of second-quarter 2026 earnings by commercial banks, with TTB reporting today, followed by major banks such as BBL, KBANK, KTB, SCB, and KKP in the coming days. Bank stocks have risen nearly 9% since the start of the month on expectations that earnings may have bottomed and could recover in the second half, along with hopes for a new investment cycle. However, many share prices have already priced in much of the positive news, so investors should be cautious of sell-on-fact profit-taking after the announcements. The market also needs to watch earnings from large-cap stocks, with SCC scheduled to report on Wednesday and DELTA on Friday, which could add to index volatility given their relatively high weighting in the Thai market. Another key issue is US import tariffs, which currently levy 10% on Thai goods under Section 122. This measure is set to expire on July 24, 2026, before switching to Section 301, which could impose a 12.5% rate. Thailand's negotiating team must urgently discuss with the US to maintain the 10% rate, as several regional peers such as Cambodia, Malaysia, and Indonesia have already secured that rate. If Thailand faces higher tariffs than competitors, it could hurt export competitiveness. Meanwhile, tensions in the Middle East remain a significant risk, with the US-Iran conflict showing signs of escalation, raising concerns that the situation could worsen and push oil prices higher. InnovestX estimates the SET's trading range this week with resistance at 1,650 points and support at 1,615 points. For SCC, second-quarter 2026 profit is expected to rise from the previous quarter and be flat year-on-year. Although the petrochemical business was affected by partial plant shutdowns, improved product spreads should help offset the impact. In the third quarter of 2026, earnings are likely to recover as petrochemical operations improve. The research team has raised SCC's profit forecast, with a target price of 268 baht and a Neutral rating maintained. On investment strategy, the Thai stock market has risen quite a lot, making index levels somewhat stretched. Investors should wait to gradually accumulate on price dips rather than chase rallies. For short-term speculative plays, upstream energy stocks like PTTEP are recommended as they benefit from rising oil prices, along with refinery stocks such as TOP, BCP, and SPRC, which are supported by higher refining margins. Petrochemical stocks like PTTGC and IVL may benefit from tight supply and reduced market inventory, potentially supporting selling prices and product spreads. Additionally, large-cap laggard stocks that have underperformed the index, including TU, MINT, BDMS, and MTC, are recommended as they could see rotational fund inflows into shares that have lagged the market.
Brent crude surges past $90, lifting PTTEP and TOP while pressuring DELTA, hospitals, and AOT
Brent crude oil prices soared to $90.38 per barrel, up $2.28 or 2.60%, amid escalating concerns over US-Iran war risks. This pushed PTTEP shares up 1.50 baht or 1.03% to 147 baht, and TOP rose 1.25 baht or 2.02% to 63.25 baht. Meanwhile, petrochemical stocks like PTTGC gained 0.75 baht or 2.03% to 37.75 baht, and SCC added 2 baht or 0.79% to 256 baht. On the other hand, hospital and transport stocks faced selling pressure, with BH falling 3 baht or 1.61% to 183.50 baht, and AOT dropping 0.75 baht or 1.17% to 63.25 baht. DELTA tumbled to 292 baht before recovering to 296 baht, down 4 baht or 1.33%. In contrast, PSL surged 0.50 baht or 6.49% to 8.20 baht, tracking higher freight rate indices.