KGI initiates coverage of SCC with Buy rating, target price 305 baht

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Summary · why it matters

KGI Securities has initiated coverage of Siam Cement Public Company Limited, or SCC, with a Buy rating and a 2027 forecast target price of 305.00 baht. It views SCC's earnings as shifting away from reliance on the petrochemical cycle toward a broader recovery across its chemicals, packaging, and cement and building materials, or CBM, businesses, with chemical spreads expected to recover from their trough. Additional supporting factors include higher utilization at LSP, ROC, and MOC, the use of ethane as feedstock in the United States, and potential synergies from the PTTGC joint venture, which should help drive a recovery in sales volumes from 2027 onward. Meanwhile, SCGP and CBM will add strength and resilience to earnings, while lower CAPEX will accelerate the company's deleveraging. The bull-case target price stands at 381.00 baht on stronger spreads and benefits from lower feedstock costs, while the bear-case target price is 117.00 baht.

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