Brokerage maintains Buy on SCC with 310 baht target after ROC restart on 17 September 2026

AnalystIndustry
โดย ทันหุ้น·TH·Read original
Summary · why it matters

The research team at Asia Plus Securities has maintained its Buy recommendation on Siam Cement Public Company Limited, or SCC, with a fair value of 310 baht per share. It views the restart of the olefins plant of Rayong Olefins, or ROC, on 17 September 2026, after a temporary shutdown since March, as helping to reduce uncertainty in the petrochemical business and as a key factor supporting the major maintenance shutdown plan of the Map Ta Phut Olefins plant, or MOC, later this year, allowing SCC to maintain continuity in delivering products to customers. Meanwhile, the fourth quarter of the year is normally the low season for the industry, so the risk of a significant decline in sales volume is limited, supporting the view that ROC has a chance to operate continuously after this restart. Value drivers going forward also come from improving operational efficiency through the LSPE Ethane and CBM Transformation projects, as well as the opportunity to create synergies from cooperation between SCGC and PTTGC in the olefins and polyolefins businesses, which is expected to become clearer by the end of September. The research team views that if such a deal leads to the consolidation of production capacity and improved asset management efficiency as the market expects, it would enhance the competitiveness of Thailand's petrochemical industry in the long term and create greater flexibility amid global industry oversupply. Although pressure remains from new production capacity gradually entering the market during 2027-2028, the creation of synergies and improved operational efficiency could help alleviate pressure on margins and support a recovery in earnings going forward.

Impact on stocks 2

Climate Adaptation & Water▲ · 1 stocks
Materials▲ · 1 stocks

Off-coverage companies 2

Rayong Olefins Co., Ltd.Private▲ Positive
Supplyrelevance

Rayong Olefins restarts its olefins plant on 17 September 2026 after a temporary shutdown since March, restoring production.

SCG Chemicals Public Company Limited (SCGC)Private▲ Positive
Supplyrelevance

ROC olefins plant restart restores SCGC's petrochemical production continuity and supports the MOC maintenance shutdown plan.

© 2026 MarketDXNews