Construction Materials

China Jushi released a positive profit alert on October 9, expecting attributable net profit for the first three quarters of 2026 to reach 5.136 billion to 5.393 billion yuan, an increase of 2.568 billion to 2.825 billion yuan compared with the same period last year, up 100% to 110% year-on-year. The company also expects attributable net profit excluding non-recurring items to be 5.225 billion to 5.486 billion yuan, likewise up 100% to 110% year-on-year. The main reason for the expected profit growth is that demand in major downstream application areas for fiberglass increased in the first three quarters of 2026, with both product volume and prices rising. The company improved profitability by accelerating product structure optimization, strengthening technological innovation, and expanding market development. In the first half of this year, China Jushi already achieved revenue of 11.159 billion yuan, up 22.5% year-on-year, and attributable net profit of 2.933 billion yuan, up 73.9% year-on-year. In the secondary market, the stock rose from around 10 yuan to more than 77 yuan since last year, then entered a pullback. The latest price is 38.57 yuan, roughly halved from its high point in June this year.

Asia Plus Securities has upgraded its recommendation on TASCO shares to "speculative buy" from "sell" and raised its fair value to 17.70 baht from 16.00 baht, reflecting stronger profit prospects from elevated asphalt prices. The research team expects TASCO's third-quarter 2026 results to show a net profit of 400 million baht, up 123% from the same period a year earlier but down 5% from the previous quarter, driven by a recovery in the asphalt business after the company managed to import crude from Venezuela in two shipments in August, adding feedstock to support exports and offsetting the seasonal softening of the domestic market. Total asphalt sales volume is expected at 290,000 tonnes, up 17% quarter on quarter, while the average selling price rose 8% quarter on quarter in line with Singapore asphalt market prices, which are being supported by tight regional supply. Although revenue is growing strongly, margins in the third quarter of 2026 remain under pressure from hedging losses on light oil products as well as additional provisions for doubtful debts from the construction business. However, the research team expects the fourth quarter of 2026 to be the best quarter of the year, thanks to the full-quarter recognition of the positive impact of sharply accelerating asphalt prices since September, while pressure from hedging losses on old light oil sales contracts made since the start of the year gradually eases after most of the impact was recognised in the third quarter of 2026. As a result, the research team raised its 2026 and 2027 profit forecasts by 24% and 3% respectively on the assumption of higher-than-expected asphalt prices, with the Argus Asphalt price recently reaching 800 US dollars per tonne, reflecting a supply deficit that continues to underpin the global asphalt market. Nevertheless, the research team remains cautious about the medium-term profit outlook, since current asphalt prices are still being driven by tight supply, which could gradually ease if the Middle East situation relaxes, while crude procurement from Venezuela is still done through traders, making costs higher than buying directly from PDVSA as in the past.

On the evening of October 9, multiple listed companies released announcements including earnings forecasts, equity transactions, and contract wins. On the earnings front, Hongfuhan expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 170 million yuan and 200 million yuan, up 108.19% to 144.93% year on year, driven mainly by mass production and delivery of liquid cooling plate cabinet module business, gradual release of production capacity, and steady expansion in sales of traditional businesses such as precision functional components for consumer electronics. Jingwang Electronics expects third quarter 2026 net profit of 912 million yuan to 1.089 billion yuan, up 205.46% to 264.74% year on year, mainly because mass production shipments of high-performance PCBs accelerated in high-speed communications and AI data infrastructure. China Jushi expects first three quarters net profit of 5.136 billion yuan to 5.393 billion yuan, up 100% to 110% year on year, as downstream demand for fiberglass increased and both volume and prices rose. On equity and regulatory matters, Lion Micro intends to acquire a 3.6221% stake in Jinruihong Microelectronics through public listing at a floor price of 269 million yuan, raising its direct shareholding from 57.4403% to 61.0624%. Hainan Mining's controlling shareholder Fosun High Technology plans to transfer shares equivalent to 5% of total share capital by agreement at 9.08 yuan per share, for a total consideration of 901 million yuan. ST Nachuan has been placed on file for investigation by the China Securities Regulatory Commission over suspected illegal information disclosure in its 2023 annual report, and Yu Faxiang, the actual controller of Jiaojian and Xiangyuan Cultural Tourism, has also been placed on file for investigation by the CSRC over suspected illegal information disclosure. On orders, Jinguan Electric's wholly owned subsidiary signed an EPC framework contract for solar storage and charging projects worth no more than 296 million US dollars. Huitong Technology won a 366 million yuan contract for procurement and installation of polyester and utility equipment. Wuhan Tianyuan signed a 195 million yuan energy storage power station project contract. Weihai won a 162 million yuan flood control project for the Tiaoxi River. Wonders Information won a 114 million yuan system entrusted operation and maintenance service contract. In addition, Angelalign plans to repurchase company shares for 35 million yuan to 70 million yuan. Baiyunshan and Zhongsheng Pharmaceutical each obtained drug registration certificates. Baotou Steel plans to adjust the related-party transaction price for rare earth concentrate in the fourth quarter of 2026 to 38,769 yuan per ton excluding tax.

BBMG Corporation's wholly owned subsidiary, Chongqing BBMG Dacheng Xinduhui Company Limited, will sign a land use right recovery agreement with the Land Reserve and Land Acquisition Affairs Center of Nan'an District, Chongqing. The agreement covers three plots numbered 3, 4, and 9 in Nan'an District, Chongqing. The total area of these plots is 140,000 square meters, with a proposed reserve price of 1.948 billion yuan. The transaction aims to revitalize existing assets and improve asset utilization efficiency. In the first half of 2026, BBMG Corporation achieved revenue of 35.916 billion yuan and a net loss attributable to the parent company of 2.172 billion yuan.

BBMG Corporation announced that its wholly-owned subsidiary Chongqing BBMG Dacheng Xinduhui Company Limited will sign an agreement with the Chongqing Nan'an District Land Reserve and Land Acquisition Affairs Center to acquire a total of 139,187 square meters of land across three parcels in the Xinduhui project located in Nan'an District, with a proposed acquisition price of 1.948 billion yuan.

On the evening of October 9, multiple A-share listed companies released positive earnings forecasts for the first three quarters of 2026. China Jushi expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 5.136 billion yuan and 5.393 billion yuan, an increase of 100% to 110% year on year. The company said demand increased in major downstream application areas for fiberglass, with both product volume and prices rising. Shaoneng Group expects net profit of 278 million yuan to 302 million yuan, an increase of 61.12% to 75.03% year on year, as operating results in clean renewable energy and precision intelligent manufacturing grew year on year, and the papermaking business significantly narrowed losses. Hongfuhan expects net profit of 170 million yuan to 200 million yuan, an increase of 108.19% to 144.93% year on year, with the liquid cooling plate cabinet module business completing mass production delivery and becoming the core growth driver. Kinwong Electronic expects net profit attributable to owners of the parent company for the third quarter of 2026 to be between 912 million yuan and 1.089 billion yuan, an increase of 205.46% to 264.74% year on year and 147.20% to 195.18% quarter on quarter, benefiting from accelerated mass production and shipment of high-performance PCBs in high-speed communications and AI data infrastructure. Guanghe Technology expects net profit for the first three quarters of 1.45 billion yuan to 1.5 billion yuan, an increase of 100.33% to 107.23% year on year, and non-GAAP net profit of 1.42 billion yuan to 1.47 billion yuan, an increase of 101.84% to 108.94% year on year. The company focuses on the computing power PCB market for general-purpose servers, AI servers, switching products, and accelerator cards. Guanghe Thailand completed core customer certification and gradually released production capacity, achieving profitability during the reporting period.

On the evening of October 9, multiple listed companies on the Shanghai and Shenzhen exchanges released positive announcements. Kinwong Electronic expects net profit attributable to owners of the parent in the third quarter of 2026 to be between 912 million and 1.089 billion yuan, up 205.46% to 264.74% year on year and up 147.20% to 195.18% quarter on quarter. China Jushi expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 5.136 billion and 5.393 billion yuan, up 100% to 110% year on year. Hongfuhan expects net profit for the same period to be between 170 million and 200 million yuan, up 108.19% to 144.93% year on year. In mergers and acquisitions, Zerun New Energy plans to acquire no less than 51% equity in Hechuang Intelligent Manufacturing with cash, with the total consideration initially not exceeding 204 million yuan, as a way to quickly enter the thermal management sector. Aerospace Engineering's controlling subsidiary Aerospace Hydrogen Energy plans to acquire a 45% stake in Xinxiang Gas with 191 million yuan of its own funds, raising its shareholding from 55% to 100%. In addition, Li'ang Micro plans to acquire a 3.6221% stake in Jinruihong Microelectronics through public bidding, with a floor price of 269 million yuan, raising its direct shareholding from 57.4403% to 61.0624%. Yuguang Gold and Lead's semiconductor optoelectronic new materials technology industrialization base project is in the preliminary preparation stage, and Daqo Energy has initiated research and development projects around new energy storage equipment and solid-state transformers.

Guochuang Hi-Tech announced on October 9 that its controlling shareholder Keyuan Holdings Group Co., Ltd. increased its stake in the company by 8.65 million shares through centralized bidding between July 13, 2026 and October 8, 2026, representing 0.94% of the company's total share capital, with a total consideration of 24.91 million yuan. Following this increase, Keyuan Holdings holds 119 million shares of the company, accounting for 13% of the total share capital. The combined shareholding of Keyuan Holdings and its concert party Tao Chunfeng rose from 17.06% to 18.00%, with the equity change reaching a whole percentage point. In the first half of 2026, Guochuang Hi-Tech achieved revenue of 738 million yuan and net profit attributable to the parent company of 18.99 million yuan.

China Jushi announced that it expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 5.136 billion yuan and 5.393 billion yuan, up 100% to 110% year on year. The change is mainly due to increased demand in major downstream application areas for fiberglass and a simultaneous rise in product volume and prices. On the same day, several other companies released earnings forecasts. Kinwong Electronic expects third-quarter net profit of 912 million yuan to 1.089 billion yuan, up 205.46% to 264.74% year on year, benefiting from faster mass production and shipments of high-performance PCBs in high-speed communications and AI data infrastructure. Delton Technology expects net profit of 1.45 billion yuan to 1.5 billion yuan for the first three quarters, up 100.33% to 107.23%, focusing on the computing power PCB market. Hongfuhan expects net profit of 170 million yuan to 200 million yuan for the first three quarters, up 108.19% to 144.93%, with mass production and delivery of liquid cooling plate cabinet module business becoming the core incremental driver. Bohai Leasing's controlling subsidiary Avolon, through its wholly owned subsidiary AALL, signed an agreement with Boeing to purchase 140 B737 MAX series aircraft. Based on Boeing's published list prices, the total value does not exceed 26.953 billion US dollars, while the actual purchase price carries a certain discount. The deal still needs shareholder approval and is expected to be fully delivered by the end of 2036. MicuRx Pharmaceuticals plans to sign an exclusive license agreement for the MRX-23 project and a platform technology cooperation agreement with ClearideBio of Switzerland. The upfront payment is 1 million US dollars, the nominal cap for MRX-23 development, registration and sales milestone payments totals 223 million US dollars, and the total payment cap when all platform cooperation project options are exercised and all milestones are achieved is 750 million US dollars. China Northern Rare Earth and Baogang Group both announced that the rare earth concentrate transaction price for the fourth quarter of 2026 will be adjusted to 38,769 yuan per ton excluding tax, up 0.53% quarter on quarter. Wuliangye has cumulatively repurchased 16.1278 million shares, with a total amount paid of about 1.201 billion yuan. ST Nachuan has been placed on file for investigation by the China Securities Regulatory Commission for suspected illegal information disclosure in its 2023 annual report. Yu Faxiang, the actual controller of Xiangyuan Cultural Tourism and Jiaojian Co., Ltd., has also been placed on file for investigation by the CSRC for suspected illegal information disclosure.

China Jushi announced that it expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 5.136 billion yuan and 5.393 billion yuan, up 100% to 110% year on year. The change in performance is mainly due to increased demand in major downstream application areas for fiberglass, with both product volume and prices rising. The company improved profitability by accelerating product structure optimization, strengthening technological innovation, and expanding market development. Among this, net profit for the third quarter is expected to be between 2.203 billion yuan and 2.46 billion yuan, while net profit for the second quarter was 1.666 billion yuan. Based on this calculation, third-quarter net profit is expected to increase by 32% to 47% quarter on quarter.

Siam Cement Public Company Limited, or SCC, has maintained its investment budget for this year at 30 billion baht, after capital expenditure of 11.064 billion baht in the first half of the year, mainly in the cement and building materials business group, such as cost reduction and operational efficiency projects, with another portion in the chemicals business, which has a project to increase ethane gas feedstock at the LSP plant in Vietnam. Mr. Thammasak Sethaudom, President and CEO, disclosed on an earnings call that in the first half of the year, SCC had sales revenue of 259.57 billion baht and a profit for the period of 17.758 billion baht, and excluding special items, which were mostly inventory valuation adjustments, profit for the period would be 12.649 billion baht. Adjusted Cash EBITDA this year is likely to be higher than last year and above the target of approximately 55 billion baht, after reaching about 42.913 billion baht in the first half. For the project to increase ethane gas feedstock at the LSP plant in Vietnam, construction of the gas storage tanks is now more than 60% complete, and once finished it is expected to help reduce costs by 200 to 300 million dollars per year. However, the company has now halted operations at the LSP plant because of insufficient feedstock and is accelerating the switch to ethane gas feedstock instead, to help reduce dependence on feedstock from the Strait of Hormuz and to obtain raw material costs cheaper than naphtha.

Siam Cement, or SCC, is drawing close attention after its share price jumped sharply on expectations of a major deal in the petrochemical business. CEO Thammasak Sethaudom said that on October 29, 2026, the company will disclose details of the JV structure between SCGC and PTTGC in the olefins and polyolefins business, covering both the transaction steps and the benefits of the deal. Although SCC's total revenue may decline, net profit, cash flow and EBITDA are likely to rise on better margins and synergies, while reducing duplication and costs and strengthening raw material supply. On the telecom side, Samart Telcom, or SAMTEL, has positive news, with CEO Jong Diloksombat moving ahead through Cycare Info Co., Ltd., an indirect subsidiary, after signing a contract with the IEAT worth 146.20 million baht for a project to establish a cyber operations center and data backup center, or DRC, at the SMART PARK industrial estate. Delivery is scheduled by April 27, 2027, adding to the backlog and supporting the cybersecurity theme. AssetWise, or ASW, is pressing ahead with business expansion after 39 Estate, in which ASW holds a 99.99% stake, acquired Chewathai Estate 3 from CHEWA, with the deal completed on October 6, 2026. ASW Chief Executive Officer Kamchet Wiphanpong is continuing to build on the real estate business, while CHEWA focuses on increasing cash flow amid liquidity concerns. A bondholders' meeting on October 7, 2026 has key agenda items including a waiver of default, an extension of the redemption date and adjustments to early redemption conditions. Kitti Ngamjettanarom, head of the technology executive team at AIS, Advanced Info Service Public Company Limited, or ADVANC, believes the new-era network must move from a connectivity grid to a National Intelligent Infrastructure offering speed, stability, security and the ability to handle real-time data. AIS is moving ahead under its WISE Framework after launching 5G-ADVANCED, particularly Uplink 2CC, which now covers 100% of Bangkok, making the Thai capital the world's first capital city with citywide 5G-ADVANCED Uplink coverage. It also boosts upload speeds by up to two times and is expanding to all 77 provincial capitals, while Downlink 3CC, which combines the 2600, 700 and 2100 MHz bands, raises download speeds by up to 1.5 times and targets full Bangkok coverage by the end of 2026. On the investment side, Jirapaiboon Rattanaphanurak, Head of Wealth Research & Advisory at CIMB Thai Bank, or CIMBT, sees the fourth quarter of 2026 market facing pressure from inflation, oil prices and higher US bond yields, but still believes the market can cope thanks to strong listed-company earnings and momentum from AI investment. CIMBT has therefore upgraded its weighting on US and non-Japan Asian equities to Overweight and recommends a Barbell strategy combining Quality Growth stocks that benefit from AI with quality fixed income and alternative assets.

Shares of Siam Cement, or SCC, surged 6% to close at 265 baht, up 15 baht, on heavy trading value of 3.8368 billion baht. Meanwhile, PTT Global Chemical, or GC, closed at 53.25 baht, up 1 baht, or 1.91%, after CLSA issued an analysis following discussions with Thammasak Sethaudom, President and CEO of SCC, on the company's business restructuring strategy. CLSA maintained its OUTPERFORM rating with a target price of 280 baht, viewing the joint venture with GC as positive even though SCC will hold less than 50%, as the larger asset base and synergies in raw material management and olefins production efficiency will support net profit over the long term and generate cash flow back to the parent company by 2028, helping reduce debt burden and support low-carbon businesses. Asia Plus Securities maintained its Buy rating with a fair value of 310 baht, noting that holding less than 50% means the JV will not be consolidated, improving balance sheet efficiency, while petrochemical profits will be recognized through larger Equity Income. InnovestX maintained its Neutral rating with a target price of 276 baht based on SOTP valuation, and noted that HDPE-naphtha prices rose 5% week-on-week this week to a two-month high of 443 US dollars per ton.

Shares of Siam Cement Public Company Limited, or SCC, surged 6.80%, or 17.00 baht, to 267.00 baht at 3:24 p.m., with trading value of 3.41 billion baht, from an opening price of 254.00 baht, a high of 267.00 baht and a low of 253.00 baht. InnovestX Securities said the roughly 6% gain is expected to be a recovery from the prior correction after SCC announced it would proceed with a joint venture with PTTGC for olefins-related businesses in Thailand, and the company expressed confidence that synergy benefits from the new JV will be positive for cash flow, particularly through improved production efficiency and expansion of high-margin HVA products. In addition, the HDPE-naphtha price this week rose 5% week-on-week to a two-month high of US$443 per tonne. InnovestX Securities maintained its Neutral recommendation, viewing the new JV as generating synergies over the medium to long term, and set a target price of 276 baht based on SOTP valuation.

SCC shares rose 5.60% to 264.00 baht on October 7, 2026, buoyed by positive views on the SCG group's business restructuring and progress on a plan to establish a joint venture with PTTGC, as well as the Long Son Petrochemicals project, or LSP, in Vietnam. CLSA said the combination of large asset bases with PTTGC would create synergies on several fronts, including greater flexibility in raw material management, improved olefins production efficiency, and expansion into downstream businesses. It expects this to significantly boost cash flow back to the parent company by 2028. Meanwhile, the switch to ethane feedstock at the LSP project is nearly 70% complete and is likely to finish ahead of the original schedule. CLSA maintained its OUTPERFORM rating with a target price of 280 baht per share.

CLSA Securities (Thailand), or CLSA, recommends buying shares of Siam Cement Public Company Limited, or SCC, with a target price of 280 baht, viewing its joint venture with PTT Global Chemical Public Company Limited, or PTTGC, as an opportunity to create synergies in both the short and long term, through raw material flexibility, improved olefins operating efficiency, and downstream product expansion. Although SCC holds a smaller stake in the joint venture than PTTGC, the larger combined asset base and the benefits of business consolidation will help enhance competitiveness and support the impact on net profit over the long term. Meanwhile, LSP's Ethane Feedstock project is nearly 70% complete and could finish about one quarter ahead of the original schedule, and is expected to generate profit of around 250 to 300 million dollars per year. CLSA estimates SCC's revenue in 2026 at 602.425 billion baht, up from 496.925 billion baht in 2025, and net profit in 2026 is expected at 23.238 billion baht, a significant increase from 14.075 billion baht in 2025. Profit is expected to rise to 25.22 billion baht in 2027 and reach 28.047 billion baht in 2028. It also expects dividend yield of 3.5% in 2026, rising to 3.8% and 4.2% in 2027 and 2028.

CLSA said in an analysis dated 6 October 2026 that it maintains an Outperform rating on Siam Cement Public Company Limited, or SCC, with a target price of 280 baht, compared with the share price of 250 baht on 6 October 2026, implying upside of about 12%. The brokerage holds a positive view following a group meeting with SCC management. CLSA estimates that the formation of a joint venture, or JV, with PTT Global Chemical Public Company Limited, or PTTGC, will be completed by the end of October 2026, with SCC holding a smaller stake than PTTGC, and expects it to generate synergies in both the short and long term. Meanwhile, the ethane feedstock conversion project of Long Son Petrochemicals, or LSP, is nearly 70% complete and is expected to finish around mid-2027, about one quarter earlier than originally scheduled, and is projected to generate profit of about 250-300 million US dollars per year. CLSA expects SCC to post net profit of about 23.238 billion baht in 2026, rising to 25.22 billion baht in 2027 and 28.047 billion baht in 2028. Revenue in 2026 is expected at about 602.425 billion baht.

Thammasak Sethaudom, President and CEO of Siam Cement Public Company Limited, or SCC, said the baht's continued depreciation, recently averaging around 33.69 baht per dollar, is a positive for the company, since about 40% of SCC's revenue comes from overseas, which will clearly help lift that portion of revenue. As for cooperation between SCG Chemicals Public Company Limited, or SCGC, and PTT Global Chemical Public Company Limited, or PTTGC, in studying the merger of their olefins businesses, the various steps are progressing steadily, with details to be officially announced on October 29, 2026. The research team at Asia Plus Securities said the two sides have reached a preliminary agreement on the scope of the joint venture, or JV scope, and expects PTTGC to be the major shareholder in the joint venture while SCGC retains a significant stake. It recommends buying SCC shares with a target price of 310.00 baht. On business direction for 2026, SCC is maintaining its target for cash flow from normal operations, excluding special items, or EBITDA, at more than 55 billion baht, after achieving about 42.9 billion baht in the first half of this year. Currently, revenue from polyolefin products accounts for about 42%, while the chemicals business overall accounts for roughly 40–44%. In addition, SCC has set up a special-price home repair program, is supporting lower-priced construction materials, and is delivering assistance to communities around its plants to ease the impact of flooding in many areas of Thailand.

SCC shares, or Siam Cement Public Company Limited, closed the morning session at 265.00 baht, up 15.00 baht, or 6.00%, driven by progress on a joint venture deal with PTTGC in the olefins and polyolefins business. Management said the feasibility study is well advanced and a conclusion is expected within October. Meanwhile, CLSA research raised its weighting and maintained an Outperform rating with a target price of 280 baht, about 12% above the previous reference price. The Ethane Feedstock improvement project at the Long Son Petrochemicals complex, or LSP, in Vietnam is nearly 70% complete and is likely to finish about one quarter ahead of schedule. CLSA estimates that once fully operational it could generate profits of as much as 250 to 300 million dollars per year. The market is also responding to net profit forecasts for 2026, expected to jump to around 23.238 billion baht from 14.075 billion baht in 2025, with continued expansion to 25.220 billion baht and 28.047 billion baht in 2027 and 2028 respectively, with the joint venture deal and the LSP project as key drivers to reduce debt and strengthen financial position.

Siam Cement Public Company Limited, or SCG, has outlined a business strategy focused on a transformation restructuring to drive sustainable growth, increase business flexibility, and strengthen long-term cash flow. An analysis by CLSA highlights three key points. First is the synergy from a joint venture project with PTTGC; although SCG holds a smaller stake, it is significant. The combined larger asset base and the benefits of consolidation, including raw material management and improved olefins production efficiency, as well as opportunities to expand downstream businesses, will enhance competitiveness and support net profit over the long term. Second, the strategy will return strong cash flow to the parent company on a significant scale by 2028, helping reduce debt and support growth in low-carbon, construction materials, and chemicals businesses in the ASEAN region. Third, this joint venture deal is one of SCG Group's major transformation projects, alongside the shift to ethane gas feedstock at the Long Son Petrochemicals project, or LSP, in Vietnam, which is nearly 70% complete and is expected to finish ahead of schedule, as well as expanded investment in the cement business in Vietnam. The analyst maintains a positive view and keeps an OUTPERFORM rating on SCC shares with a target price of 280 baht.

SCG hosted the ESG Symposium 2026 under the theme "ASEAN in Action: Powering Inclusive Green Transition," joining forces with the World Business Council for Sustainable Development, or WBCSD, and partners from all sectors. The event built on last year's proposals to advance three key agendas: Energy Transition, Just Transition, and Climate Adaptation, through Public-Private-People Partnership, or 4P, cooperation, aiming to drive progress from the policy level to real action in the business sector and local communities, and to take lessons learned from Thailand and apply them in other ASEAN contexts. Thammasak Sethaudom, President and CEO of Siam Cement Public Company Limited, said this year's discussions were expanded to cover all of ASEAN. On the Energy Transition agenda, the focus has shifted from unlocking access to renewable electricity through Third Party Access, Direct PPA, and the reduction of regulatory restrictions, toward enhancing the readiness of the energy system, including the power grid, grid-forming technology, and adjustments to the Power Development Plan, or PDP, while also looking at Small Modular Reactors, or SMR, and biofuels, as well as the ASEAN Power Grid. On the Just Transition agenda, efforts continue to support SMEs through the Funding Connect approach and SME Green Transition Plus. On the Climate Adaptation agenda, the focus has moved beyond post-disaster response to advance preparation using an AI Simulation Platform to assess flood risks and infrastructure vulnerability, with plans to make it publicly accessible and expand it into ASEAN-level risk mapping. Pacharapoj Nantaramas, Senior Executive Vice President and Chief Economist at Krungthai Bank, noted that Thailand has three strengths: its location in a safe region, its cost-effectiveness for investment, and its potential to become a low-carbon society. However, Thailand has suffered from a lack of investment for more than 20 years, with investment in 2025 standing at 23% of GDP, while the government has set a target of pushing it to 30%. The green transition and climate response will create more than 7 trillion baht in additional investment opportunities over the next 20 years. At present, Thailand spends roughly 50 to 60 billion baht on recovering from environmental crises such as floods, and if that money were instead invested or used for insurance to prevent disasters before they occur, it would likely be more worthwhile. Areeporn Asawinpongphan, a senior energy policy scholar at the Thailand Development Research Institute, or TDRI, said that although the draft PDP 2026 sets a higher share for clean energy, private companies still find it difficult to gain access, because the government has not yet announced the wheeling charge rate for Direct PPA, making it impossible to estimate costs. If the share of clean energy rises as planned, problems will begin to emerge from a transmission grid managed on a centralized basis, so the grid must be urgently upgraded to a smart system managed in real time, alongside investment in battery energy storage systems. Weerachai Munsinthorn, Vice Chairman of the Federation of Thai Industries, proposed supporting entrepreneurs according to their level of adaptability, starting with a pilot group before drawing lessons and scaling up. Pongsak Suthinon, Head of the Department of Water Resources Engineering in the Faculty of Engineering at Chulalongkorn University, proposed developing a One Water Data Center and investing in dual-use infrastructure to build toward a water economy. The results of the discussions will be summarized in a White Paper to be submitted to the government and relevant agencies for use in considering policy and developing support mechanisms for an inclusive green transition going forward.

Qingsong Jianhua recently held a performance briefing, disclosing that in the first half of 2026 it achieved total operating revenue of 1.574 billion yuan, down 11.05% year on year, net profit attributable to the parent of 124 million yuan, up 13.19% year on year, and non-GAAP net profit of 120 million yuan, up 18.68% year on year. Net cash flow from operating activities was 388 million yuan, up 145.33% year on year. The company is mainly engaged in the production and sale of cement, building materials and chemical products. During the reporting period, the cement industry as a whole ran through its toughest phase in seventeen years, with national cement output at its lowest level for the same period in seventeen years. Sales volume and selling prices of the company's leading cement products both declined year on year, but thanks to lower raw coal purchase prices and adjustments to product mix and sales strategy, the profitability of the cement segment was better than the average level of the industry in Xinjiang. Alar Qingsong Chemical achieved a structural reduction in losses, urea sales volume increased year on year, and the loss margin of the chemical segment narrowed substantially. At the performance briefing, the company said that in the first three quarters, cement sales prices and volumes in the Xinjiang region both declined by varying degrees year on year, and the current capacity of Hotan Qingsong Company is 3,000 tonnes per day. In response to investor attention on the 3.47 trillion yuan of key projects in southern Xinjiang entering a concentrated construction phase in 2026, the company said that cement capacity in the Xinjiang region is in surplus and supply exceeds demand, and if capacity is fully released it can fully meet the concentrated demand from the projects. At present, there are no plans to expand or adjust capacity. Regarding the polyoxymethylene assets involved in the controlling shareholder China Xinjian Energy and Mining's consolidation of the Xinjiang Production and Construction Corps' mineral and chemical resources, the company said its chemical segment products are mainly urea, caustic soda, hydrochloric acid and PVC, which have different uses and non-overlapping markets from polyoxymethylene, so there is no business overlap.

Vicat has entered into exclusive negotiations to acquire Cemex's ready-mix concrete and aggregates operations in South-Eastern France. The proposed transaction would involve the acquisition of the subsidiaries Cemex Granulats Rhône Méditerranée, Cemex Béton Rhône Alpes and Cemex Béton Sud Est, which operate a network of 48 ready-mix concrete plants, 9 aggregates quarries, related services and certain interests in joint ventures across the Rhône Valley and the Provence-Alpes-Côte d'Azur region, notably along the Mediterranean corridor from Marseille to Nice. Vicat said the deal is highly complementary to its existing footprint and would generate industrial, commercial and logistics synergies, particularly with its cement business, while accelerating deployment of lower-carbon solutions. A preliminary Memorandum of Understanding provides for consultation with employee representative bodies, with completion expected before December 31, 2026, subject to prior approval by the competent competition authority under applicable merger control regulations. Separately, Vicat said that after reducing its financial leverage from 2.8x at year-end 2022 to 1.5x at year-end 2025, it has set a new financial leverage target of between 1.3x and 1.5x for the 2026-2027 period.

Asia Plus Securities research has issued an analysis of PTTGC and SCC shares after both companies notified the Stock Exchange of Thailand of progress in their feasibility study on a strategic joint venture between PTTGC and SCGC in the olefins and polyolefins business in Thailand. The two parties have reached a preliminary agreement on the scope of the joint venture, or JV Scope. PTTGC is expected to be the major shareholder in the joint venture, while SCGC will retain a significant stake in the venture. The research team views this JV as a strategic reset for PTTGC during the downturn phase of the petrochemical cycle, helping to reduce downside risk from investing in new capacity expansion in a market that is in a state of oversupply and building leadership in the region's petrochemical business. PTTGC will reinforce strengths on the upstream and feedstock flexibility side, while SCGC will reinforce downstream, HVA and R&D. For SCC shares, the research team views that the key issue is not holding less than 50%, but rather the value of synergies and the economic returns from the JV. Not consolidating the financial statements may make the balance sheet more efficient, and petrochemical business profit would shift from recognition through EBITDA to equity income. The research team recommends trading PTTGC shares with a target price of 48 baht and recommends buying SCC shares with a fair value of 310 baht. Both companies will finalize key transaction details, such as the shareholding structure, operational steps and synergies, by the end of October 2026. The joint venture remains subject to internal approval by both companies, the final valuation and approval from shareholders and joint venture partners.

PTT Global Chemical, or PTTGC, and Siam Cement Group, or SCC, announced that discussions on establishing a joint venture for olefins and polyolefins businesses in Thailand have entered the due diligence stage to verify information. This marks clear progress from the signing of a non-binding memorandum of understanding in April. The proposed joint venture would combine nearly all of the two groups' core olefins and polyolefins assets in Thailand. PTTGC would contribute its olefins production plant, its polyethylene, or PE, production plant, and its investment in HMC Polymers Company Limited. SCC would contribute its olefins production plant in Thailand, its PE and polypropylene, or PP, production plants, as well as SCGC's investments in various joint ventures, namely Siam Polyethylene Company Limited, Siam Synthetic Latex Company Limited, Thai MMA Company Limited, and Bangkok Synthetics Company Limited. PTTGC is expected to be the major shareholder in the joint venture, while SCGC would remain a significant shareholder. Key terms of the transaction are expected to be clarified by October 2026, including the shareholding structure, transaction procedures, and the expected value of the collaboration. After that, requests will be submitted to the Trade Competition Commission, as well as for internal approvals, shareholder approvals, and approvals from partners in the relevant joint ventures.

Asia Plus Securities recommends buying SCC shares with a fair value of 310 baht, noting that SCGC and PTTGC have made progress in establishing a Strategic JV in the olefins and polyolefins business. They have reached preliminary conclusions on the scope of assets to be contributed to the venture and are in the process of finalizing business terms to determine the final transaction structure, under a framework in which PTTGC will be the major shareholder while SCGC will continue to hold a significant stake. The Synergy value, shareholding proportions, capital structure, and accounting treatment will be disclosed within October, before entering the approval process with the Trade Competition Commission, or TCCT, shareholders, and relevant joint venture partners. The main risk lies in the approval process and the final terms of the transaction, which could delay completion of the JV to 2027. For SCC, the key issue is not holding less than 50%, but rather the Synergy value and the economic returns from the JV. Not consolidating the financial statements may make the balance sheet more efficient. Profit from the petrochemical business will not decline, but will shift from recognition through EBITDA to Equity Income, which directly reflects the JV's net profit, enlarging the profit pool that SCC recognizes. The LSPE Ethane project, CBM Transformation, and a stronger financial position are the main supporting factors, while the JV between SCGC and PTTGC remains an additional upside that could significantly unlock value in the chemicals business.

Apollo Funds have completed their acquisition of Nippon Sheet Glass Co., Ltd., a leading global company in architectural, automotive, and solar glass, and launched a new management structure for the business. The transaction, carried out by Apollo Funds together with key financial institutions, is intended to strengthen the company's financial foundation and accelerate investments in its people and technology. Apollo said it will draw on its prior investment experience in the glass, automotive, and manufacturing sectors to help the company build a more robust and sustainable business foundation. Munehiro Hosonuma, Representative Director, President and CEO of NSG Group, said the closing marks the beginning of an exciting new chapter and that the company's expertise, trust, brand, and core values, cultivated over a century of tradition, remain unchanged. Tetsuji Okamoto, Lead Partner, Asia Pacific Private Equity at Apollo, said the combination of Apollo's experience and NSG Group's talent and craftsmanship positions the company to build a strong platform for growth and innovation. Apollo, a global alternative asset manager, reported approximately $1.05 trillion of assets under management as of June 30, 2026.

Tipco Asphalt Public Company Limited, or TASCO, holds about 1,520,000 barrels of crude oil from Venezuela after importing a second cargo of roughly 900,000 barrels in August 2026. The crude was procured through lot-by-lot contracts via intermediaries, with no long-term agreement with the Venezuelan authorities, and is sufficient to cover demand through about the first quarter of 2027. The resumption of Venezuelan crude imports has helped TASCO raise its asphalt yield from the crude by about 10-15% compared with crude from other sources. Management is maintaining its revenue target for the second half of 2026 at about 2.5 billion baht, up 88% from the first half and up 117% from the same period a year earlier. Kasikorn Securities has maintained its 2026 net profit forecast at 1.619 billion baht, up 48.72% year on year, and 1.841 billion baht in 2027, with a buy rating and a target price of 18.50 baht. Yuanta Securities (Thailand) has maintained its 2026 profit forecast at 1.563 billion baht, up 57.3% year on year, and 1.935 billion baht in 2027, up 23.8% year on year, with a fair value of 19.40 baht, and expects a 2026 dividend of 1 baht per share, representing a dividend yield of 5.9%.

KGI Securities (Thailand) Public Company Limited, or KGI, has initiated coverage on Siam Cement Public Company Limited, or SCC, with a Buy rating and a 2027 sum-of-the-parts target price of 305 baht per share, based on blended EV/EBITDA and P/E. It views the current valuation as still below historical averages and those of its peer group. KGI said SCC is in a period of structural transition, having previously relied mainly on its petrochemical business. In 2021, core profit peaked at around 47 billion baht, with the chemicals business accounting for roughly 60%, before profit fell to about 5 billion baht in 2025 on weaker product spreads and operating costs from the LSP project. In the first half of 2026, the share of EBITDA from the chemicals business fell to about 36% from 45% in 2021, while SCG Packaging Public Company Limited, or SCGP, and the Cement-Building Materials business, or CBM, which includes SCG Decor Public Company Limited, or SCGD, together saw their share of EBITDA rise to 55% from 49%. KGI expects SCC's core profit in 2026-2028 to grow 287%, 7% and 27% from the previous year, respectively, with its 2027-2028 estimates about 14% and 10% above the market consensus, respectively. It estimates SCC's annual CAPEX will fall to about 30 billion baht from around 61 billion baht previously, which should accelerate debt reduction and increase dividend-paying capacity. It also estimates a bull case of 381 baht per share and a bear case of 117 baht per share.

KGI Securities has initiated coverage of Siam Cement Public Company Limited, or SCC, with a Buy rating and a 2027 forecast target price of 305.00 baht. It views SCC's earnings as shifting away from reliance on the petrochemical cycle toward a broader recovery across its chemicals, packaging, and cement and building materials, or CBM, businesses, with chemical spreads expected to recover from their trough. Additional supporting factors include higher utilization at LSP, ROC, and MOC, the use of ethane as feedstock in the United States, and potential synergies from the PTTGC joint venture, which should help drive a recovery in sales volumes from 2027 onward. Meanwhile, SCGP and CBM will add strength and resilience to earnings, while lower CAPEX will accelerate the company's deleveraging. The bull-case target price stands at 381.00 baht on stronger spreads and benefits from lower feedstock costs, while the bear-case target price is 117.00 baht.

Analysts at KGI Securities (Thailand) have raised their best-case target price for SCC to 381 baht, assuming a stronger recovery in the Chinese market and lower feedstock costs. They see SCC's profit base expanding well beyond chemicals, after core profit peaked at 47 billion baht in 2021, when chemicals accounted for about 60% of the total, before falling to 5 billion baht in 2025 amid weaker product spreads and operating costs at the LSP plant in the first half of 2026. The group's EBITDA share from chemicals fell to 36% from 45% in 2021, while SCGP and CBM, which includes SCGD, saw their combined EBITDA share rise to 55% from 49%. The switch to US ethane at LSP should structurally lower SCGC's cost base and add margins of about 200 to 250 dollars per tonne, with further upside from a possible joint venture between SCGC and PTTGC through feedstock integration. Core profit for SCC is expected to grow 287%, 7% and 27% in 2026, 2027 and 2028 respectively, while core EBITDA is forecast to grow 30%, 5% and 10% over the same period, lifting EBITDA margin to 11.5%, 12.1% and 12.8% respectively. The analysts maintain a buy rating with a target price of 305 baht and a worst-case target of 117 baht, reflecting risks of renewed oversupply, a global economic slowdown and feedstock shortages.

The olefins plant of Rayong Olefins Company Limited, or ROC, a business within Siam Cement Group, or SCC, resumed operations on 17 September 2026 after a temporary shutdown that began on 10 March 2026 due to uncertainty in the Middle East region. Before restarting, ROC completed an assessment of operational readiness and safety standards. The restart is a positive signal for SCC, as olefins are a key upstream feedstock for its chemicals business, helping the company restore production capacity and manage its supply chain more continuously, reducing the impact of the shutdown and opening the way for the chemicals business to capture the benefits of an industry recovery. Krungsri Securities holds a positive view on ROC's return to production in late the third quarter of 2026, in line with the company's target, and maintains a Buy recommendation with a 2027 target price of 315 baht, listing SCC as one of its top picks expected to benefit from the petrochemical cycle recovery. Krungsri also sees SCC's strengths as extending beyond the ROC restart, supported by the ethane project scheduled for COD in the second half of 2027, its position as the only petrochemical operator with capacity expansion plans, with sales volumes expected to grow by an average of around 10% during 2026 to 2028 from the LSP plant, as well as the cement business benefiting from a higher share of Low Carbon Cement and government infrastructure investment, and the packaging business, which is likely to see margins recover. Krungsri estimates that these multiple supporting factors will drive SCC's normalized profit during 2026 to 2028 to grow at a CAGR of 110%.

The research team at Asia Plus Securities has maintained its Buy recommendation on Siam Cement Public Company Limited, or SCC, with a fair value of 310 baht per share. It views the restart of the olefins plant of Rayong Olefins, or ROC, on 17 September 2026, after a temporary shutdown since March, as helping to reduce uncertainty in the petrochemical business and as a key factor supporting the major maintenance shutdown plan of the Map Ta Phut Olefins plant, or MOC, later this year, allowing SCC to maintain continuity in delivering products to customers. Meanwhile, the fourth quarter of the year is normally the low season for the industry, so the risk of a significant decline in sales volume is limited, supporting the view that ROC has a chance to operate continuously after this restart. Value drivers going forward also come from improving operational efficiency through the LSPE Ethane and CBM Transformation projects, as well as the opportunity to create synergies from cooperation between SCGC and PTTGC in the olefins and polyolefins businesses, which is expected to become clearer by the end of September. The research team views that if such a deal leads to the consolidation of production capacity and improved asset management efficiency as the market expects, it would enhance the competitiveness of Thailand's petrochemical industry in the long term and create greater flexibility amid global industry oversupply. Although pressure remains from new production capacity gradually entering the market during 2027-2028, the creation of synergies and improved operational efficiency could help alleviate pressure on margins and support a recovery in earnings going forward.

Yuanta Securities issued an analysis of Tipco Asphalt Public Company Limited, or TASCO, stating that the resumption of crude oil imports from Venezuela opens long-term upside, but the third-quarter outlook remains challenging. The firm said asphalt sales volumes will slow both quarter-on-quarter and year-on-year, weighed down by weak domestic sales as the country enters the rainy season and as government budget disbursements slow toward the end of fiscal year 2026. Even so, remaining investment budgets awaiting disbursement are still as high as 239 billion baht, or 31% of the total investment budget. Overseas sales were flat to slightly weaker, as international asphalt prices rose above 700 US dollars per tonne, the highest in 10 years, prompting customers to delay orders. The company maintained its 2026 sales target of 1.1 to 1.2 million tonnes, having already achieved 0.53 million tonnes in the first half, or roughly 44% to 48% of the full-year target. Its construction contracting business is expected to be steady compared with the second quarter, with management maintaining its target of recognizing about 2.5 billion baht in revenue in the second half of 2026, up 88% half-on-half and 117% year-on-year, and with a backlog of 6.2 billion baht at the end of the second quarter of 2026. As for Venezuelan crude imports, the company brought in its first lot of 600,000 to 700,000 barrels in late July 2026 and its second lot of 800,000 to 900,000 barrels in mid-August 2026. Both were lot-by-lot contracts arranged through intermediaries, not long-term contracts directly with PDVSA. The resumption of these imports will lift asphalt yield by about 10% to 15% compared with using crude from other sources. The research team maintained its 2026 profit forecast at 1.563 billion baht, up 57.3% year-on-year, and its 2027 forecast at 1.935 billion baht, up 23.8% year-on-year. It also maintained its end-2027 fair value of 19.40 baht and expects a 2026 dividend of 1.00 baht per share, a dividend yield of 5.9%, and therefore kept its buy recommendation.

Shares of Siam Cement Public Company Limited, or SCC, rose 2.70% to 266.00 baht after the company announced the restart of production at its ROC plant, which has an olefins production capacity of about 1.35 million tonnes per year, from September 17, 2026, after it secured sufficient feedstock from sources outside the Middle East, such as Malaysia, Africa and other sources, for continuous production. SCC is targeting a combined utilisation rate with its MOC plant, which has a capacity of about 2.05 million tonnes per year, of more than 80%, close to pre-war levels. Krungsri Securities Public Company Limited, or KSS, said the restart of ROC within the late third quarter of 2026 was in line with the company's target, and maintained its "buy" recommendation on SCC with a 2027 target price of 315 baht, naming it one of its top picks, and expects SCC's normal profit in 2026-2028 to grow by an average of 110% per year.

Shares of Siam Cement Public Company Limited, or SCC, rose 3.09% to 267 baht, up 8.00 baht, leading the Thai stock market after the company resumed production at its Rayong Olefins plant, or ROC, from September 17, 2026, as planned, following the sufficient procurement of feedstock from outside the Middle East, such as Malaysia, Africa and other sources, for continuous production. Krungsri Securities, or KSS, maintained its Buy recommendation and a 2027 target price of 315 baht per share, from a closing price of 259 baht, representing an upside/downside of +22%, and kept SCC as one of its Top Picks. KSS views the resumption of ROC production as reflecting the company's ability to operate and generate profit even amid volatile feedstock prices, and the lifting of force majeure may signal that the study of a joint venture in the olefins business with PTTGC may have options that do not require reducing plant utilization rates. ROC has an olefins production capacity of 1.35 million tons per year, while the MOC plant has a capacity of 2.05 million tons per year, with the company targeting a combined production rate at ROC and MOC of more than 80%, close to the level before the war. KSS expects SCC's normal profit at 18.892 billion baht in 2026, 23.895 billion baht in 2027 and 34.14 billion baht in 2028, or growth of 409.04% in 2026, 26.48% in 2027 and 42.88% in 2028, while it expects EBITDA at 51.109 billion baht, 55.156 billion baht and 66.404 billion baht respectively, and forecasts sales volume growth averaging 10% in 2026-2028 from the LSP plant, with the ethane project expected to start commercial operation in the second half of 2027.