SCC Nears Conclusion of PTTGC Joint Venture Deal, Broker Sees Value Creation

M&A · PartnershipAnalyst
โดย Share2Trade·TH·Read original
Summary · why it matters

Siam Cement Group (SCC) is nearing the conclusion of its study on the merger of olefins and polyolefins businesses between its chemical arm, SCG Chemicals (SCGC), and PTT Global Chemical (PTTGC), expected within the third quarter of 2026. Analysts at Asia Plus Securities note that the market is focusing on the structure of the joint venture, including shareholding ratios, debt structure, and potential synergies. Meanwhile, approval from competition regulators remains a key factor that could affect the form and timeline of the transaction. The Rayong Olefins plant (ROC) has not yet resumed operations due to uncertainties in the Middle East, while SCGC continues to operate its MOC plant and focuses on high-value-added products to maintain margins. The research house views this collaboration as an opportunity to enhance asset utilization and boost the competitiveness of Thailand's petrochemical industry, despite potential short-term pressure from volatile energy and transportation costs in the second half of 2026. It recommends buying SCC shares with a fair price of 310 baht per share.

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

SCGC's olefins/polyolefins JV with PTTGC is expected to enhance asset utilization and competitiveness, though ROC remains offline.

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