The share price of the Siam Cement Public Company Limited (SCC) rose ฿12.00/share or 2.93% to ฿422/share with a trading value of 704.32 million baht as of 10:24 local time in Thailand on July 30, 2021.
Maybank Kim Eng Securities (MBKET) has given a “BUY” recommendation on SCC with a target price at ฿520/share after SCC reported a better-than-expected earnings in 2Q21.
The company recorded a net profit of 17,136 million baht in 2Q21 (+15%QoQ, +83%YoY), the highest in 17 quarters. The increase in net profit was due to 1) higher petrochemical spread, 2) higher sales from cement and construction material business, and 3) packaging business.
MBKET expected SCC to offer a dividend payment of Bt16-17 per share this year after an Bt8.50 interim dividend payment.