บทวิเคราะห์ (Research)

SCC reported a 4Q24 net loss of Bt512mn, beating expectations due to unexpected inventory gains. However, core loss of Bt1.6bn was a major miss, dragged by larger losses in chemical and packaging. Weak spreads and high costs remain key challenges, while 2025-26F earnings forecasts face downside risks. The consensus has turned more cautious, with an increase in Sell/Neutral ratings. Despite trading below -2SD of historical P/E and P/BV, we see no clear re-rating catalysts amid ongoing oversupply and US tariff uncertainties.