บทวิเคราะห์ (Research)

SCGP : Earnings Preview - High Competition Continues to Pressure Profit Negative outlook on SCGP's 4Q24F net profit, declining both y-y and q-q, below our previous estimates due to lower-than-expected margins in both Packaging paper and Fibrous chain segments. The Packaging paper segment, in particular, is expected to face continued pressure from intensifying regional competition, forcing price reductions in 4Q24F and limiting price increases in 2025-26F to maintain/grow sales volume. We revise down our earnings forecasts by 19-29% to reflect worse-than-expected sales volume and margins, and adjust our TP25F to THB 20.0, maintaining Neutral rating while awaiting recovery in Chinese imports