Siam Cement PCL SCVPY

MaterialsConsumer Goods ConglomeratesThailand

Last close 8.10 USD on Nov 1, 2026, +69.2% year to date

Quant rating

Quant rating A Rank 27 of 220 in Materials

Growth C 89 of 220
Valuation C 99 of 220
Quality B 74 of 220
Revisions A 5 of 220
Momentum B 40 of 220

Wall Street consensus Hold (2.75)Average target 7.70 USD −5.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.1B
Enterprise value: 18.0B
52-week range: 6.51 – 8.56
3-year range: 3.84 – 8.56
Dividend yield: 2.28%
Beta (5 years): –
Shares outstanding: 1,200M
Next earnings: Jan 28, 2027

About the company

The Siam Cement Public Company Limited is an industrial company. Its segments include SCG Cement and Green Solutions, SCG Smart Living and SCG Distribution and Retail, SCG Decor (SCGD), SCG Chemicals (SCGC), SCGP, and others. SCG Cement and Green Solutions manufacture cement, ready-mixed concrete, and refractory materials. SCG Smart Living manufactures building materials and systems. SCG Distribution and Retail is a distributor and retailer of cement, building materials, and other home and living products. SCGD is engaged in the production and distribution of ceramic tiles, sanitary ware and other related products including services and solutions. SCGC is engaged in manufacturing and selling olefins, polyolefins, vinyl, other chemical products and providing industrial service and solutions. SCGP is an integrated packaging solutions provider. Its other segment comprises SCG Cleanergy, which is a clean energy business and pertinent technologies, and investments in other businesses.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	15,785	14,920	14,546	16,458	15,953	–
Revenue growth	5.8%	2.6%	−11.6%	3.2%	19.8%	3.5%
EPS (basic, normalized)	0.38	0.16	0.60	0.54	1.19	–
EPS growth	141.3%	−74.1%	11.1%	−54.2%	–	–
Gross margin	13.1%	13.1%	14.7%	13.7%	20.6%	15.0%
Net margin	2.8%	1.2%	5.2%	3.8%	8.9%	4.4%
ROE	4.1%	1.8%	7.0%	5.8%	13.7%	6.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,227
Current ratio	1.17x
Long-term debt (mil)	5,806
Net debt (mil)	9,001
Total equity (mil)	10,837
Net debt / equity	0.83x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	15,785	+5.8%	1.1x	9.07	−4.0%	0.9x	0.38	+141.3%	21.4x
2026	16,285	+3.2%	1.1x	9.08	+0.1%	0.9x	0.53	+40.9%	15.2x
2027	16,936	+4.0%	1.1x	9.24	+1.8%	0.9x	0.45	−15.9%	18.1x
2028	17,945	+6.0%	1.0x	9.53	+3.2%	0.8x	0.57	+27.6%	14.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	16,285	−1.6%	−0.9%	−0.4%	0.53	+16.8%	+24.2%	+97.7%
2027	16,936	−1.3%	+0.1%	+0.1%	0.45	+16.0%	+15.1%	+31.5%
2028	17,945	+1.1%	+2.9%	+2.2%	0.57	+23.5%	+30.8%	+34.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	124,266	128,195	128,199	130,512	124,392	124,685	121,793	126,056	123,327	136,243
Sales mean (mil)	127,581	129,671	125,110	123,919	129,139	175,484	131,523	142,756	140,512	131,227
Surprise	−2.6%	−1.1%	+2.5%	+5.3%	−3.7%	−28.9%	−7.4%	−11.7%	−12.2%	+3.8%
EPS reported	2.02	3.09	0.60	−0.43	0.92	1.81	0.65	−3.08	5.19	9.61
EPS mean	5.10	3.70	1.79	−1.05	0.93	2.02	0.34	−2.23	3.05	5.44
Surprise	−60.4%	−16.4%	−66.5%	+59.1%	−0.9%	−10.3%	+92.5%	−38.2%	+70.3%	+76.5%

Peer comparison Consumer Goods Conglomerates

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SCVPY Siam Cement PCL	9.1B	5.08x	2.8%	0.84x	15.2x	18.1x	10.3x	10.6x
KWHIY Kawasaki Heavy Industries, Ltd.	11.8B	–	4.7%	1.98x	–	–	–	–
PTAIY Astra International Tbk PT	10.7B	2.04x	10.1%	0.80x	130.9x	120.4x	6.3x	5.8x
SMGZY Smiths Group PLC	9.9B	–	–	–	26.5x	21.6x	–	–
DCCPY DCC Energy PLC	7.4B	–	1.8%	2.44x	6.8x	6.5x	7.7x	7.4x
JCYGY Jardine Matheson Southeast Asia Limited	7.1B	–	4.7%	0.85x	17.8x	16.7x	6.4x	5.9x
Mean		3.56x	4.8%	1.38x	39.4x	36.7x	7.7x	7.5x
Median		3.56x	4.7%	0.85x	17.8x	18.1x	7.0x	6.7x

Technical analysis

1M+1.3%
3M+2.3%
1Y+69.2%
3Y−4.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Siam Cement PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	15,785	14,920	14,546	16,458	15,953	13,314
Cost of revenue	13,713	12,970	12,408	14,196	12,669	10,318
Gross profit	2,072	1,950	2,138	2,261	3,284	2,996
Selling, general & administrative expenses	1,965	1,853	1,774	1,890	1,777	1,649
Research & development	–	–	–	–	–	–
Depreciation/amortization	129	129	124	126	113	109
Interest expense (income), operating	−420	−237	−733	−228	−154	−94.1
Unusual expense (income)	12.3	3.6	43.4	18.3	111	75.4
Other operating expenses	−5.5	−169	−60.9	−99.8	−154	−99.8
Operating income	392	370	991	555	1,590	1,356
Net interest income (expense)	226	−145	−54.7	91.9	325	79.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	618	225	936	646	1,915	1,435
Provision for taxes	283	113	234	134	268	193
Minority interest	112	73.6	52.5	106	−228	−105
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	447	185	754	618	1,420	1,137
Extraordinary items	–	–	–	–	–	–
Net income	447	185	754	618	1,420	1,137
EBIT, normalized	8.0	141	304	346	1,548	1,359
EBITDA, normalized	1,061	1,098	1,214	1,203	2,414	2,273
Basic EPS, normalized	0.38	0.16	0.60	0.54	1.19	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Siam Cement PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,660	1,515	1,860	2,596	2,035	3,428
Receivables	2,103	2,093	2,058	2,156	2,382	1,829
Total inventory	2,132	2,140	2,347	2,403	2,501	1,819
Prepaid expenses	–	–	–	–	–	–
Other current assets	564	66.2	58.8	69.6	94.3	47.6
Total current assets	6,460	5,813	6,324	7,225	7,012	7,124
Property, plant & equipment	12,658	12,335	12,354	12,281	12,360	12,098
Goodwill	1,356	1,336	1,378	1,369	1,406	1,133
Intangibles	593	605	651	656	591	366
Long-term investments	4,655	4,612	4,779	4,167	4,204	3,892
Note receivable	75.9	114	135	68.1	69.3	66.2
Other long-term assets	302	330	395	426	270	266
Total assets	26,099	25,146	26,015	26,192	25,913	24,946
Liabilities
Accounts payable	1,800	1,696	1,738	1,727	2,258	2,173
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	2,590	2,495	1,040	1,059	1,191	733
Current portion of long-term debt	1,884	1,947	2,317	918	1,409	2,294
Other current liabilities	144	206	793	119	210	174
Total current liabilities	6,418	6,343	5,888	3,823	5,067	5,374
Long-term debt	6,094	5,728	6,471	8,548	6,522	5,674
Minority interest	1,879	1,953	2,260	2,259	2,537	2,502
Other liabilities	981	822	800	748	782	712
Total liabilities	15,371	14,846	15,419	15,378	14,909	14,261
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	38.1	35.0	34.9	34.7	36.1	39.9
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	11,742	10,695	11,273	10,648	10,935	10,985
Treasury stock	–	–	–	–	–	–
Other equity	−1,053	−430	−713	130	33.9	−340
Total equity	10,728	10,300	10,596	10,813	11,005	10,685
Total liabilities & shareholders' equity	26,099	25,146	26,015	26,192	25,913	24,946

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Siam Cement PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	335	112	702	512	1,647	1,242
Depreciation, depletion & amortization	1,054	922	866	851	868	911
Deferred taxes	–	–	–	–	–	–
Non-cash items	−55.1	23.1	−276	−42.8	−61.2	203
Changes in working capital	21.3	−0.7	−10.7	−462	−1,286	−12.4
Cash from operations	1,355	1,056	1,281	859	1,168	2,344
Investing activities
Capital expenditures	−743	−819	−988	−1,154	−1,820	−1,763
Other investing cash flows	462	618	679	202	−148	−607
Cash from investing	−281	−201	−309	−952	−1,968	−2,370
Financing activities
Financing cash flow items	−428	−1,040	−389	−332	−380	1,086
Cash dividends paid	−191	−210	−157	−555	−614	−499
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−500	194	−810	1,592	897	660
Cash from financing	−1,119	−1,056	−1,356	705	−97.4	1,247
Foreign exchange effects	−44.2	−6.6	−20.9	10.6	43.0	2.4
Net change in cash	−89.4	−208	−405	622	−855	1,224
Free cash flow	612	237	293	−295	−652	581

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.