UOB sees 72 percent profit drop for Siam Cement stock

Published on 10/19/2026 at 01:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

A THB 278.00 target came from UOB Kay Hian for Siam Cement stock on October 14, 2026. Third-quarter profit was forecast at THB 3.25 billion.

Forecast and reporting calendar

UOB Kay Hian forecast third-quarter net profit of THB 3.25 billion on October 14, 2026.
Siam Cement reported second-quarter revenue of THB 136.24 billion and net income of THB 11.53 billion.
Siam Cement stock had a market capitalization of THB 331.2 billion as of October 15, 2026.

SCC, TH0003010Z04, Illustration mit AI erstellt.

Siam Cement (TH0003010Z04) faces a sharply weaker third-quarter earnings forecast after UOB Kay Hian projected net profit of THB 3.25 billion on October 14, 2026, down 72 percent from the second quarter. The research house maintained a HOLD rating and a THB 278.00 target.

Profit pressure returns in chemicals

The forecast points to weaker earnings across all business segments, with chemicals expected to be the main drag. UOB Kay Hian cited narrower petrochemical spreads and lower stock gains, while cement and packaging operations face seasonal weakness and higher energy costs.

The market enters this forecast period from a stronger second quarter. Siam Cement reported revenue of THB 136.24 billion and net income of THB 11.53 billion for the second quarter of 2026, compared with THB 123.33 billion of revenue and THB 6.22 billion of net income in the first quarter, according to Investing.com.

Three recent earnings signals

On July 22, 2026, Siam Cement reported second-quarter earnings per share of THB 9.61 and revenue of THB 136.24 billion, figures carried by Investing.com. On October 12, 2026, Kaohoon International reported a CLSA forecast of THB 4.98 billion in third-quarter net profit and a THB 280.00 target. On October 14, 2026, UOB Kay Hian lowered the earnings picture to THB 3.25 billion while retaining its THB 278.00 target.

What could improve the outlook?

Analyst attention is turning to the Long Son Petrochemicals project. Globlex Securities projected 2026 revenue of THB 579.48 billion and net profit of THB 32.46 billion, compared with 2025 revenue of THB 496.93 billion and net profit of THB 14.08 billion. The report also estimated annual profit of THB 5 billion to THB 10 billion from a more competitive olefins operation, but described third-quarter profit as weaker before a potential fourth-quarter recovery.

Next reporting date

The next scheduled earnings report is October 28, 2026, according to Investing.com. That release should test whether the chemical downturn and seasonal weakness match the October forecasts.

Thai listing keeps the market view grounded

The last available SET quote stood at THB 276.00 on October 15, 2026. Siam Cement had a market capitalization of THB 331.2 billion and a 52-week range of THB 163.00 to THB 277.00 on that dated market view.