Morgan Stanley raises Siam Cement target, Thailand

Morgan Stanley raises Siam Cement target, Thailand
Published: 29 October 2010

Morgan Stanley raises Siam Cement target to THB305 vs THB270 on stronger-than-expected 3Q results and raised confidence in recovery of chemical margins from 2H11 onward. Keeps at Equal-weight. "We regard SCG as fairly valued on our new forecasts. Within the Asia Pacific cement group, SCG ranks fifth in our composite score rating and appears more overvalued in terms of its P/B to ROE," says house.