บทวิเคราะห์ (Research)

We expect SCC to post a 4Q24F net loss of Bt1.9bn, mainly due to the absence of Bt2.1bn Interest Rate Swap (IRS) gains seen in 3Q24 and weak chemical and packaging operations. Core loss should be Bt962mn, driven by lower chemical spreads, higher costs, and poor pass-through in packaging, partially offset by better efficiency and dividend income. Despite management’s optimism for a 2025 recovery, concerns about a downcycle persist. With deleveraging, CAPEX control, and efficiency strategies in place, catalysts remain limited, while downgrade risks linger.