บทวิเคราะห์ (Research)

SCC : Earnings Preview - 4Q24F increased losses despite dividend support Negative outlook on SCC's 4Q24F net loss 926 THBmn, deteriorating q-q and below our previous profit forecast. This is attributed to the cement business's lower revenue due to sluggish purchasing power despite no impact from northern floods, and the petrochemical segment's higher-than-expected fixed costs from the LSP plant. We revise down our 2024-26F earnings forecasts by 15-23% to reflect these headwinds, along with a revised TP25F to 175.0 THB/share. Maintain Neutral rating given near-term pressure on 2024F earnings and 1Q25F earnings remaining subdued, coupled with market estimate revisions. We view attractive re-entry points at HDPE spread above $400/ton (2H25F) and LSP resumption.