Citi cuts Thai Siam Cement target price

Citi cuts Thai Siam Cement target price
07 November 2011

Citigroup has cut its target price for Thailand’s Siam Cement Pcl (SCC) to THB375 from THB417 but still recommends it as a "buy".

"The share price has corrected by 18 per cent from its three-month peak on 11 August, largely pricing in near-term headwinds including weak integrated chemical spreads and the flood," Citi Investment Research said in a noted dated 4 November.

The broker said it maintained its "buy" rating, expecting a recovery in sales of cement, paper and building materials to support earnings in 2012.

On 26 October Thailand’s biggest industrial conglomerate posted a 12.5 per cent rise in quarterly net profit, helped by a one-off gain from a divestment in its chemicals business.
Published under Cement News