HILITE: SCGP minus 2.68%. Broker expects Q4/64 to start to recover but not outstanding. We have to wait for a chance to win.

SCGP shares fell 2.68% to 63.50 baht, a decrease of 1.75 baht, trading value 1,265.65 million baht at 11:20 a.m., with the market opening at 64.75 baht, the highest price rose at 64.75 baht and the lowest price dropped at 62.75 baht.

Maybank Securities expects the performance of SCG Packaging Public Company Limited (SCGP) in 4Q21 to recover. but not outstanding Compared to the first half profit of 2.1-2.2 billion baht per quarter.

The 4Q21 earnings will improve after the Covid-19 situation. loosen both in Thailand and ASEAN increase economic activity cause demand to recover In particular, in Vietnam, production resumed almost normal after 3Q21 slumped to just 50%, while the market price of testliner, testliner, rose to $530/ton. and Intan) full quarter

4Q21 sales are expected to increase to Bt33,696 million, an increase of 6% qoq and 43% y-o-y. The cost of waste paper (AOCC) was reduced to $280/ton or 10% qoq and up 55% y-o-y. This resulted in a better spread of $250/ton, or a 52% qoq and 2% y-o-y increase.

However, EBITDA margin is expected to rise slightly, 16% from 15% last quarter, but 18% lower than last year due to high scrap paper costs in stock of approximately 1.5 months and it takes time to adjust our net price. Normally 1,800 million baht, an increase of 17% from the previous quarter and an increase of 10% from the same period last year. If the exchange rate profit is included Expect a net profit of 1,860 million baht, an increase of 4% qoq and 25% y-o-y.

As for the outlook for the 1st quarter of 2012, it is expected to receive more full benefits. from the selling price that can be fully adjusted plus reduced cost of waste paper make spread better Preliminary estimates that profits will return to more than 2 billion baht again and still receive positive results from M&P and capacity expansion

while the outlook for the year 65 will be outstanding growth From an investment of 20 billion baht in year’s 64 for both organic and inorganic growth, with 5 projects to expand capacity that will be gradually completed in 64-65, will increase total sales of 11 billion baht per year, including M&P 3. The company (DuYtan, Intan and Deltalab) that started to be realized in the second half of 64 will increase annual sales by about 13 billion baht and still add high growth. And still have an investment budget of about 20 billion baht, we expect sales to grow 15% to 138,836 million baht and have a profit of 10,570 million baht, growing 30%



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