Siam City Cement Public Company Limited

SET:SCCC Stock Report

Market Cap: ฿48.3b

Siam City Cement Valuation

Is SCCC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SCCC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SCCC (THB162) is trading below our estimate of fair value (THB228.2)

Significantly Below Fair Value: SCCC is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SCCC?

Key metric: As SCCC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SCCC. This is calculated by dividing SCCC's market cap by their current earnings.
What is SCCC's PE Ratio?
PE Ratio13.2x
Earnings฿3.65b
Market Cap฿48.28b

Price to Earnings Ratio vs Peers

How does SCCC's PE Ratio compare to its peers?

The above table shows the PE ratio for SCCC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24.6x
TASCO Tipco Asphalt
27.5x26.0%฿29.5b
TPIPL TPI Polene
18.9xn/a฿21.2b
SCC Siam Cement
40.3x55.3%฿230.4b
DRT Diamond Building Products
11.7xn/a฿6.6b
SCCC Siam City Cement
13.2x7.5%฿48.3b

Price-To-Earnings vs Peers: SCCC is good value based on its Price-To-Earnings Ratio (13.2x) compared to the peer average (24.6x).

Price to Earnings Ratio vs Industry

How does SCCC's PE Ratio compare vs other companies in the Asian Basic Materials Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
SCCC 13.2xIndustry Avg. 16.8xNo. of Companies41PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SCCC is good value based on its Price-To-Earnings Ratio (13.2x) compared to the Asian Basic Materials industry average (16.8x).

Price to Earnings Ratio vs Fair Ratio

What is SCCC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SCCC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.2x
Fair PE Ratio12.4x

Price-To-Earnings vs Fair Ratio: SCCC is expensive based on its Price-To-Earnings Ratio (13.2x) compared to the estimated Fair Price-To-Earnings Ratio (12.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SCCC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿162.00
฿167.75
+3.5%
16.5%฿186.00฿120.00n/a4
Nov ’25฿164.50
฿167.75
+2.0%
16.5%฿186.00฿120.00n/a4
Oct ’25฿159.00
฿167.75
+5.5%
16.5%฿186.00฿120.00n/a4
Sep ’25฿159.00
฿159.00
0%
14.7%฿180.00฿120.00n/a4
Aug ’25฿136.00
฿155.25
+14.2%
13.4%฿174.00฿120.00n/a4
Jul ’25฿131.00
฿155.25
+18.5%
13.4%฿174.00฿120.00n/a4
Jun ’25฿132.50
฿155.25
+17.2%
13.4%฿174.00฿120.00n/a4
May ’25฿139.00
฿151.75
+9.2%
9.6%฿165.00฿128.00n/a4
Apr ’25฿139.50
฿151.75
+8.8%
9.6%฿165.00฿128.00n/a4
Mar ’25฿135.50
฿151.75
+12.0%
9.6%฿165.00฿128.00n/a4
Feb ’25฿134.50
฿142.00
+5.6%
8.3%฿160.00฿128.00n/a4
Jan ’25฿135.50
฿142.00
+4.8%
8.3%฿160.00฿128.00n/a4
Dec ’24฿132.00
฿142.00
+7.6%
8.3%฿160.00฿128.00n/a4
Nov ’24฿132.50
฿142.75
+7.7%
8.1%฿160.00฿128.00฿164.504
Oct ’24฿133.50
฿140.60
+5.3%
7.9%฿160.00฿128.00฿159.005
Sep ’24฿137.00
฿140.60
+2.6%
7.9%฿160.00฿128.00฿159.005
Aug ’24฿137.00
฿145.80
+6.4%
8.1%฿160.00฿132.00฿136.005
Jul ’24฿139.50
฿147.20
+5.5%
7.7%฿160.00฿132.00฿131.005
Jun ’24฿132.50
฿147.20
+11.1%
7.7%฿160.00฿132.00฿132.505
May ’24฿134.50
฿148.60
+10.5%
7.1%฿160.00฿132.00฿139.005
Apr ’24฿139.50
฿148.60
+6.5%
7.1%฿160.00฿132.00฿139.505
Mar ’24฿145.00
฿154.00
+6.2%
4.5%฿160.00฿145.00฿135.505
Feb ’24฿160.50
฿166.00
+3.4%
11.0%฿200.00฿145.00฿134.505
Jan ’24฿153.50
฿171.80
+11.9%
11.8%฿200.00฿145.00฿135.505
Dec ’23฿149.00
฿171.80
+15.3%
11.8%฿200.00฿145.00฿132.005
Nov ’23฿152.00
฿171.80
+13.0%
11.8%฿200.00฿145.00฿132.505

Analyst Forecast: Target price is less than 20% higher than the current share price.

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