SCC clears concerns as ROC plant restarts, supporting Buy rating with 310 baht target

Corporate ActionIndustryAnalyst
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Summary · why it matters

The Siam Cement Public Company Limited, or SCC, announced that the olefins plant of its subsidiary Rayong Olefins Company Limited, or ROC, successfully began its restart process on 17 September 2026, after a temporary shutdown caused by the situation in the Middle East. The company had notified the Stock Exchange of Thailand on 10 March 2026 and had completed its assessment of operational readiness and safety standards. Analysts at Asia Plus Securities view ROC's restart as a key factor supporting the planned major maintenance shutdown of the MOC plant later this year, allowing SCC to maintain continuity in delivering products to customers. Meanwhile, the fourth quarter of 2026, normally the industry's low season, carries only limited risk of lower sales volumes, supporting the view that ROC has a chance to operate continuously after this restart. Another issue to watch is progress in the study of cooperation between SCGC and PTTGC in the olefins and polyolefins businesses, which is expected to become clearer by the end of September. If it leads to a consolidation of production capacity and improved asset management efficiency as the market expects, it would help raise the competitiveness of Thailand's petrochemical industry over the long term, even though pressure remains from new capacity gradually entering the market during 2027-2028. The research team maintains its Buy recommendation with a fair value of 310 baht per share, viewing ROC's restart as helping to reduce uncertainty in the petrochemical business, while the next value drivers come from the LSPE Ethane and CBM Transformation projects and the potential for synergies from cooperation between SCGC and PTTGC.

Impact on stocks 3

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

Off-coverage companies 2

Rayong Olefins Co., Ltd.Private▲ Positive
Supplyrelevance

Rayong Olefins' plant successfully restarted on 17 September 2026 after a temporary Middle East-related shutdown.

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

Potential SCGC-PTTGC cooperation could consolidate capacity and raise Thai petrochemical competitiveness long term.

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