Kasikorn Securities maintains Hold on SCC with 276 baht target after visiting NPI and i2P

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Summary · why it matters

Kasikorn Securities maintained its "Hold" rating on SCC shares with an unchanged target price of 276 baht, after its research team visited Navanakorn Plastics Industry Public Company Limited, or NPI, a downstream business of SCGC, and the Ideas to Products Center, or i2P Center. NPI has a production capacity of approximately 450,000 ktpa and generates revenue of about 18 billion baht, with a product portfolio of more than 10,000 SKUs covering PVC pipes, fittings, and window frame products. Its current capacity utilisation rate is around 70%, so it can still increase output substantially without significant additional capacity in the near term. The i2P Center works directly with customers across a range of industries, including automotive, food and beverage, construction, transport, and healthcare. Examples of HVA products include VHAR pipes for the mining industry and the Chillox thermal energy storage system, which uses PCM technology. The visit reinforced SCGC's ability to move beyond commodity petrochemicals toward more solution-focused products, with the HVA portfolio accounting for 33% of SCGC revenue and 14% of SCC revenue in the first half of 2026.

Impact on assets 1

Climate Adaptation & Water▲

Off-coverage companies 3

SCG Chemicals Public Company Limited (SCGC)i
Private▲ PositiveTechnologyrelevance

Site visit reinforced SCGC's ability to move beyond commodity petrochemicals toward solution-focused HVA products, with HVA at 33% of SCGC revenue.

Nawaplastic Industries Public Company Limitedi
Private▲ PositiveDemandrelevance

NPI's downstream PVC pipes, fittings and window frame products run at ~70% utilisation with room to raise output, and its HVA portfolio supports SCGC's shift to solution-focused products.

Northland Power Inc.i
Private± Mixedrelevance