Kasikorn Securities expects SCC and SCGP profits to recover, but SCGD to post a loss on special charges

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Summary · why it matters

Kasikorn Securities has assessed the second-quarter 2026 earnings of companies under Siam Cement Group. It expects SCC to report a net profit of approximately 7.8 billion baht, up 26 percent from the previous quarter, driven by recovering petrochemical spreads. SCGP is forecast to post a net profit of around 2 billion baht, a 100 percent increase from a year earlier, after Fajar swung to a profit. Meanwhile, SCGD is expected to report a net loss of 279 million baht, due to a special impairment charge of about 500 million baht and weak tile demand, with higher energy costs pressuring gross margin down to 25.7 percent. Kasikorn Securities recommends holding SCC with a target price of 263 baht, buying SCGD with a target price of 5.90 baht, and buying SCGP with a revised target price of 32.50 baht.

Impact on assets 3

Materials± Mixed
SCG Decor PCL
SCGD
▼ NegativeCapitalrelevance

SCGD expected to post net loss of 279 million baht due to special impairment charge and weak tile demand, with higher energy costs pressuring margins.

SCG Packaging Public Company Limited
SCGP
▲ PositiveCapitalrelevance

SCGP forecast to post net profit of ~2 billion baht, up 100% YoY, after Fajar swung to profit, with a buy rating and revised target price of 32.50 baht.

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

Kasikorn Securities expects SCC's Q2 2026 net profit to rise 26% QoQ due to recovering petrochemical spreads, with a hold rating and target price of 263 baht.