SCC : Bleak 4Q22-2023 Outlook Due to Petrochemical Trough

SCC: Expect a Soft Start in 1Q22 Amid Cost Pressure

SCC: SCGC’s Spin-Off Moves a Step Closer

SCC : Meaningful QoQ Recovery Expected in 2Q22

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>We keep our BUY call with a TP of Bt445 derived from 13.7xPE’22E, which is close to its 10-years trailing average.We recommend accumulating to capture better 2H22 outlook and beyond</li>
<li>Solid 2Q22 core profit result as expected SCC’s 2Q22 core profit was at Bt10bn (-42%YoY, +29%QoQ), which was in-line with our estimates. Behind the resilient QoQ rise is attributed </li>
<li>Petrochemical unit’s earnings was at Bt3.7bn (-64%YoY, +3%QoQ). The QoQ slightly grew on the back of seasonal high dividend income.</li>
</ul>


We keep our BUY call with a TP of Bt445 derived from 13.7xPE’22E, which is close to its 10-years trailing average.We recommend accumulating to capture better 2H22 outlook and beyond
Solid 2Q22 core profit result as expected SCC’s 2Q22 core profit was at Bt10bn (-42%YoY, +29%QoQ), which was in-line with our estimates. Behind the resilient QoQ rise is attributed 
Petrochemical unit’s earnings was at Bt3.7bn (-64%YoY, +3%QoQ). The QoQ slightly grew on the back of seasonal high dividend income.


SCC : 2Q22 Core Profit Recovered as Expected

Siam Cement

SCC : 2Q22 Core Profit Recovered as Expected