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

SCC : Meaningful QoQ Recovery Expected in 2Q22

SCC : 2Q22 Core Profit Recovered as Expected

SCC: CBM & Packaging Are White Knights to Drive 2022 Earnings

SCC: IPO of SCGC Will Unlock Potential Growth

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>Maintain BUY rating with a TP of Bt445.00 based on 13.7xPE’22E which is close to its 10-years trailing average.</li>
<li>We foresee 1Q22 core profit to be the bottom quarter at Bt7bn (-53%YoY,-2%QoQ), pressured by tighter chemical spreads after naphtha price soared from higher oil price.</li>
<li>We expect earnings recovery from 2Q22 onwards, following improve chemical spreads driven by prices catching up with rising costs, plus better CBM and packaging unit.</li>
</ul>


Maintain BUY rating with a TP of Bt445.00 based on 13.7xPE’22E which is close to its 10-years trailing average.
We foresee 1Q22 core profit to be the bottom quarter at Bt7bn (-53%YoY,-2%QoQ), pressured by tighter chemical spreads after naphtha price soared from higher oil price.
We expect earnings recovery from 2Q22 onwards, following improve chemical spreads driven by prices catching up with rising costs, plus better CBM and packaging unit.


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

Siam Cement

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