Siam City Cement

SCCC: Gradual Recovery Intact

Equity Bottom-Up
162 Views, 17 May 2022 16:34
EXECUTIVE SUMMARY
  • Maintain BUY rating with a new TP of B185.00 (down 9% from previous TP) derived from 13.2xPE’22E which is close to -1SD of 10-years trading average.
  • Excluding extraordinary items, 1Q22 core profit was at Bt1.5bn (+45%YoY, +20%QoQ), The YoY rose on solid revenue growth (+21%YoY), and equity income (+23%YoY).
  • We expect earnings trend to gear down QoQ in 2Q22, drag by mounting cost pressures behind the surging input costs upon the unfavorable macro dynamics and seasonality.
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Pi Securities PCL, Thailand
Leading, full-service investment firm in Thailand
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Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clie... 

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