Key Indices
Top Stories
Sector Update | Retail
- We expect the home improvement retail segment’s 3Q26 earnings to rise 7% yoy, driven by an increase in its store count and a strong gross margin expansion due to higher contributions from private brands. GLOBAL is expected to outperform its peers on the back of better SG&A control, lower interest expenses and higher equity income. Maintain OVERWEIGHT on the home improvement retail segment (top pick: GLOBAL) and MARKET WEIGHT on the retail sector.
Company Update | Siam Cement (SCC TB/HOLD/Bt268.00/Target: Bt278.00)
- We expect 3Q26 net profit to decline 72% qoq, with weaker earnings across all business segments. SCGC is forecast to be the key drag, as earnings are pressured by narrower petrochemical spreads and lower stock gains. Meanwhile, the LSPE project is projected to be completed ahead of schedule. SCGC is preparing for the 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.
Top Stories
Sector Update | Retail
- We expect the home improvement retail segment’s 3Q26 earnings to rise 7% yoy, driven by an increase in its store count and a strong gross margin expansion due to higher contributions from private brands. GLOBAL is expected to outperform its peers on the back of better SG&A control, lower interest expenses and higher equity income. Maintain OVERWEIGHT on the home improvement retail segment (top pick: GLOBAL) and MARKET WEIGHT on the retail sector.
Company Update | Siam Cement (SCC TB/HOLD/Bt268.00/Target: Bt278.00)
- We expect 3Q26 net profit to decline 72% qoq, with weaker earnings across all business segments. SCGC is forecast to be the key drag, as earnings are pressured by narrower petrochemical spreads and lower stock gains. Meanwhile, the LSPE project is projected to be completed ahead of schedule. SCGC is preparing for the 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.
Key Indices
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.
