SCC Leads Thai Stock Market Higher, Up 3.09%; Krungsri Securities Maintains Buy with 315 Baht Target

Price ActionAnalystCommodity
โดย thunhoon.com·TH·Read original
Summary · why it matters

Shares of Siam Cement Public Company Limited, or SCC, rose 3.09% to 267 baht, up 8.00 baht, leading the Thai stock market after the company resumed production at its Rayong Olefins plant, or ROC, from September 17, 2026, as planned, following the sufficient procurement of feedstock from outside the Middle East, such as Malaysia, Africa and other sources, for continuous production. Krungsri Securities, or KSS, maintained its Buy recommendation and a 2027 target price of 315 baht per share, from a closing price of 259 baht, representing an upside/downside of +22%, and kept SCC as one of its Top Picks. KSS views the resumption of ROC production as reflecting the company's ability to operate and generate profit even amid volatile feedstock prices, and the lifting of force majeure may signal that the study of a joint venture in the olefins business with PTTGC may have options that do not require reducing plant utilization rates. ROC has an olefins production capacity of 1.35 million tons per year, while the MOC plant has a capacity of 2.05 million tons per year, with the company targeting a combined production rate at ROC and MOC of more than 80%, close to the level before the war. KSS expects SCC's normal profit at 18.892 billion baht in 2026, 23.895 billion baht in 2027 and 34.14 billion baht in 2028, or growth of 409.04% in 2026, 26.48% in 2027 and 42.88% in 2028, while it expects EBITDA at 51.109 billion baht, 55.156 billion baht and 66.404 billion baht respectively, and forecasts sales volume growth averaging 10% in 2026-2028 from the LSP plant, with the ethane project expected to start commercial operation in the second half of 2027.

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