Siam Cement PCL (SCC.BK): Data Update: Updating estimates for 2Q results; Sell

Research evidence excerpt

Siam Cement PCL (SCC.BK): Data Update: Updating estimates for 2Q results; Sell

Equity Research

23 July 2026 | 9:47PM SGT

Siam Cement PCL (SCC.BK): Data Update: Updating estimates for 2Q

results; Sell

We update our 2026E EBITDA estimate for SCC by +9% primarily to reflect 2Q26 Nikhil Bhandari

+65-6889-2867 |

results, which came in ahead on (1) higher-than-expected petchem margin capture nikhil.bhandari@gs.com

Goldman Sachs (Singapore) Pte

amid volatile naphtha prices, and (2) stronger-than-expected cost reduction in the

John Tsang

cement segment. +65-6654-5454 | john.tsang@gs.com

We do not view these changes as material and there is no change to our investment

thesis or rating. Our 2027E EV/EBITDA-based 12m TP remains unchanged at Bt185.

What to do with the stock

We remain cautious on olefin (key product of SCC’s chemical business) chain spreads

recovery due to industry overcapacity amid China’s self-sufficiency drive. We

acknowledge the company’s strategic progress, including dual-feed LSP cracker in

Vietnam and ongoing capex to add further feedstock diversification towards ethane

(in 2027) eventually positioning them at the lower part of global ethylene cost curve.

However, valuation appears to have already priced in these positives alongside a

more favorable ethylene chain macro to continue with the stock trading at ~1SD

above mid-cycle EV/EBITDA valuations. Maintain Sell.

Exhibit 1: Siam Cement’s 2Q26 and 6M26 Results

THB mn 2Q26 2Q25 YoY (%) 1Q26 QoQ (%) 6M26 6M25 YoY (%)

Revenue 136,243 124,685 9% 123,327 10% 259,570 249,077 4%

EBITDA* 18,550 7,448 149% 14,427 29% 32,977 16,887 95%

PBT 14,126 21,981 -36% 7,844 80% 21,970 24,039 -9%

Net profit 11,535 17,337 -33% 6,223 85% 17,758 18,436 -4%

Segmental EBITDA*

Chemicals 7,706 -430 NM 4,530 70% 12,236 164 NM