CLSA maintains Outperform on SCC with 280 baht target, eyes JV completion with PTTGC by October 2026

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Summary · why it matters

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.

Impact on assets 2

Climate Adaptation & Water▲
The Siam Cement Public Company Limited
SCC
▲ PositiveCapitalrelevance

CLSA maintains Outperform on SCC with a 280 baht target, citing the upcoming PTTGC JV and the LSP ethane conversion project finishing early and adding $250-300M annual profit.

Materials▲

Off-coverage companies 1

Long Son Petrochemicals Co., Ltd.i
Private▲ PositiveCapitalrelevance

LSP's ethane feedstock conversion is nearly 70% complete, expected to finish around mid-2027 a quarter early, generating about $250-300 million profit per year.