บทวิเคราะห์ (Research)

SCC has seen its net profit on the downtrend since 2023, caused by multiple headwinds for SCC’s two core businesses of cement and chemical units due to the poor industry margins on oversupplies, weak demands, and the untimely new capacity of Longsan petrochemical complex. We project SCC’s net profits to remain weak in 2025E-26E to be below THB20b as we expect its chemical net profits to be weak. We initiated coverage on SCC with a HOLD and a TP of THB167. We applied 3x 2025E EV/EBITDA for cement and chemical units, 6x EV/EBITDA for SCGP and SCGD, and a 10% holding discount. (see Exhibit 9) We think unless SCC shift its strategic gear from “too little too slow” legacy strategy to “faster and more timely and decisive” strategy to adapt and grow better in the challenging industry environment.