Company Coverage
Siam Cement (SCC TB): 3Q26 Net Profit Expected To Decline qoq
HOLD (Maintained)
Current price:
Target price:
Upside:
Bt268.00
Bt278.00
+3.73%
Analyst
Highlights
- We expect 3Q26 net profit to come in at Bt3.25b, down 72% qoq, with earnings declining across all business segments. SCGC is expected to be the main drag, due to narrower petrochemical spreads and lower stock gains.
- The LSPE project is expected to be completed ahead of schedule. SCGC is preparing for an early start-up by importing spot ethane starting from mid-3Q26, ahead of the long-term ethane supply contract commencing in late-27.
- Maintain HOLD. Target price: Bt278.00.
Analysis
- 3Q26 net profit to decline qoq. We expect Siam Cement (SCC) to report a 3Q26 net profit of Bt3.25b, down 72% qoq but recovering from a net loss of Bt669m in 3Q25. The qoq decline reflects seasonal weakness in the cement and packaging businesses, alongside lower chemical earnings due to narrower petrochemical spreads and a decrease in stock gains to Bt550m (vs Bt1.08b in 2Q26).
- Cement sales to weaken seasonally. We expect the cement building material (CBM) segment’s 3Q26 net profit to reach Bt1.15b, down 55% qoq and 41% yoy. The decline is partly attributable to lower cement sales during the rainy season and higher energy costs, with the Indonesian Coal Index 3 (ICI3) coal price rising to US$96.00/tonne, up 6% qoq and 66% yoy.
Highlights
- We expect 3Q26 net profit to come in at Bt3.25b, down 72% qoq, with earnings declining across all business segments. SCGC is expected to be the main drag, due to narrower petrochemical spreads and lower stock gains.
- The LSPE project is expected to be completed ahead of schedule. SCGC is preparing for an early start-up by importing spot ethane starting from mid-3Q26, ahead of the long-term ethane supply contract commencing in late-27.
- Maintain HOLD. Target price: Bt278.00.
Analysis
- 3Q26 net profit to decline qoq. We expect Siam Cement (SCC) to report a 3Q26 net profit of Bt3.25b, down 72% qoq but recovering from a net loss of Bt669m in 3Q25. The qoq decline reflects seasonal weakness in the cement and packaging businesses, alongside lower chemical earnings due to narrower petrochemical spreads and a decrease in stock gains to Bt550m (vs Bt1.08b in 2Q26).
- Cement sales to weaken seasonally. We expect the cement building material (CBM) segment’s 3Q26 net profit to reach Bt1.15b, down 55% qoq and 41% yoy. The decline is partly attributable to lower cement sales during the rainy season and higher energy costs, with the Indonesian Coal Index 3 (ICI3) coal price rising to US$96.00/tonne, up 6% qoq and 66% yoy.
HOLD (Maintained)
Current price:
Target price:
Upside:
Bt268.00
Bt278.00
+3.73%
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
Our latest research
13 Oct 2026
Frasers Centrepoint Trust (FCT SP): Benefitting From Population And Job Growth In North Region
12 Oct 2026
