Construction Materials

Vicat has entered into exclusive negotiations to acquire Cemex's ready-mix concrete and aggregates operations in South-Eastern France. The proposed transaction would involve the acquisition of the subsidiaries Cemex Granulats Rhône Méditerranée, Cemex Béton Rhône Alpes and Cemex Béton Sud Est, which operate a network of 48 ready-mix concrete plants, 9 aggregates quarries, related services and certain interests in joint ventures across the Rhône Valley and the Provence-Alpes-Côte d'Azur region, notably along the Mediterranean corridor from Marseille to Nice. Vicat said the deal is highly complementary to its existing footprint and would generate industrial, commercial and logistics synergies, particularly with its cement business, while accelerating deployment of lower-carbon solutions. A preliminary Memorandum of Understanding provides for consultation with employee representative bodies, with completion expected before December 31, 2026, subject to prior approval by the competent competition authority under applicable merger control regulations. Separately, Vicat said that after reducing its financial leverage from 2.8x at year-end 2022 to 1.5x at year-end 2025, it has set a new financial leverage target of between 1.3x and 1.5x for the 2026-2027 period.

Asia Plus Securities research has issued an analysis of PTTGC and SCC shares after both companies notified the Stock Exchange of Thailand of progress in their feasibility study on a strategic joint venture between PTTGC and SCGC in the olefins and polyolefins business in Thailand. The two parties have reached a preliminary agreement on the scope of the joint venture, or JV Scope. PTTGC is expected to be the major shareholder in the joint venture, while SCGC will retain a significant stake in the venture. The research team views this JV as a strategic reset for PTTGC during the downturn phase of the petrochemical cycle, helping to reduce downside risk from investing in new capacity expansion in a market that is in a state of oversupply and building leadership in the region's petrochemical business. PTTGC will reinforce strengths on the upstream and feedstock flexibility side, while SCGC will reinforce downstream, HVA and R&D. For SCC shares, the research team views that the key issue is not holding less than 50%, but rather the value of synergies and the economic returns from the JV. Not consolidating the financial statements may make the balance sheet more efficient, and petrochemical business profit would shift from recognition through EBITDA to equity income. The research team recommends trading PTTGC shares with a target price of 48 baht and recommends buying SCC shares with a fair value of 310 baht. Both companies will finalize key transaction details, such as the shareholding structure, operational steps and synergies, by the end of October 2026. The joint venture remains subject to internal approval by both companies, the final valuation and approval from shareholders and joint venture partners.

PTT Global Chemical, or PTTGC, and Siam Cement Group, or SCC, announced that discussions on establishing a joint venture for olefins and polyolefins businesses in Thailand have entered the due diligence stage to verify information. This marks clear progress from the signing of a non-binding memorandum of understanding in April. The proposed joint venture would combine nearly all of the two groups' core olefins and polyolefins assets in Thailand. PTTGC would contribute its olefins production plant, its polyethylene, or PE, production plant, and its investment in HMC Polymers Company Limited. SCC would contribute its olefins production plant in Thailand, its PE and polypropylene, or PP, production plants, as well as SCGC's investments in various joint ventures, namely Siam Polyethylene Company Limited, Siam Synthetic Latex Company Limited, Thai MMA Company Limited, and Bangkok Synthetics Company Limited. PTTGC is expected to be the major shareholder in the joint venture, while SCGC would remain a significant shareholder. Key terms of the transaction are expected to be clarified by October 2026, including the shareholding structure, transaction procedures, and the expected value of the collaboration. After that, requests will be submitted to the Trade Competition Commission, as well as for internal approvals, shareholder approvals, and approvals from partners in the relevant joint ventures.

Asia Plus Securities recommends buying SCC shares with a fair value of 310 baht, noting that SCGC and PTTGC have made progress in establishing a Strategic JV in the olefins and polyolefins business. They have reached preliminary conclusions on the scope of assets to be contributed to the venture and are in the process of finalizing business terms to determine the final transaction structure, under a framework in which PTTGC will be the major shareholder while SCGC will continue to hold a significant stake. The Synergy value, shareholding proportions, capital structure, and accounting treatment will be disclosed within October, before entering the approval process with the Trade Competition Commission, or TCCT, shareholders, and relevant joint venture partners. The main risk lies in the approval process and the final terms of the transaction, which could delay completion of the JV to 2027. For SCC, the key issue is not holding less than 50%, but rather the Synergy value and the economic returns from the JV. Not consolidating the financial statements may make the balance sheet more efficient. Profit from the petrochemical business will not decline, but will shift from recognition through EBITDA to Equity Income, which directly reflects the JV's net profit, enlarging the profit pool that SCC recognizes. The LSPE Ethane project, CBM Transformation, and a stronger financial position are the main supporting factors, while the JV between SCGC and PTTGC remains an additional upside that could significantly unlock value in the chemicals business.

Apollo Funds have completed their acquisition of Nippon Sheet Glass Co., Ltd., a leading global company in architectural, automotive, and solar glass, and launched a new management structure for the business. The transaction, carried out by Apollo Funds together with key financial institutions, is intended to strengthen the company's financial foundation and accelerate investments in its people and technology. Apollo said it will draw on its prior investment experience in the glass, automotive, and manufacturing sectors to help the company build a more robust and sustainable business foundation. Munehiro Hosonuma, Representative Director, President and CEO of NSG Group, said the closing marks the beginning of an exciting new chapter and that the company's expertise, trust, brand, and core values, cultivated over a century of tradition, remain unchanged. Tetsuji Okamoto, Lead Partner, Asia Pacific Private Equity at Apollo, said the combination of Apollo's experience and NSG Group's talent and craftsmanship positions the company to build a strong platform for growth and innovation. Apollo, a global alternative asset manager, reported approximately $1.05 trillion of assets under management as of June 30, 2026.

Tipco Asphalt Public Company Limited, or TASCO, holds about 1,520,000 barrels of crude oil from Venezuela after importing a second cargo of roughly 900,000 barrels in August 2026. The crude was procured through lot-by-lot contracts via intermediaries, with no long-term agreement with the Venezuelan authorities, and is sufficient to cover demand through about the first quarter of 2027. The resumption of Venezuelan crude imports has helped TASCO raise its asphalt yield from the crude by about 10-15% compared with crude from other sources. Management is maintaining its revenue target for the second half of 2026 at about 2.5 billion baht, up 88% from the first half and up 117% from the same period a year earlier. Kasikorn Securities has maintained its 2026 net profit forecast at 1.619 billion baht, up 48.72% year on year, and 1.841 billion baht in 2027, with a buy rating and a target price of 18.50 baht. Yuanta Securities (Thailand) has maintained its 2026 profit forecast at 1.563 billion baht, up 57.3% year on year, and 1.935 billion baht in 2027, up 23.8% year on year, with a fair value of 19.40 baht, and expects a 2026 dividend of 1 baht per share, representing a dividend yield of 5.9%.

KGI Securities (Thailand) Public Company Limited, or KGI, has initiated coverage on Siam Cement Public Company Limited, or SCC, with a Buy rating and a 2027 sum-of-the-parts target price of 305 baht per share, based on blended EV/EBITDA and P/E. It views the current valuation as still below historical averages and those of its peer group. KGI said SCC is in a period of structural transition, having previously relied mainly on its petrochemical business. In 2021, core profit peaked at around 47 billion baht, with the chemicals business accounting for roughly 60%, before profit fell to about 5 billion baht in 2025 on weaker product spreads and operating costs from the LSP project. In the first half of 2026, the share of EBITDA from the chemicals business fell to about 36% from 45% in 2021, while SCG Packaging Public Company Limited, or SCGP, and the Cement-Building Materials business, or CBM, which includes SCG Decor Public Company Limited, or SCGD, together saw their share of EBITDA rise to 55% from 49%. KGI expects SCC's core profit in 2026-2028 to grow 287%, 7% and 27% from the previous year, respectively, with its 2027-2028 estimates about 14% and 10% above the market consensus, respectively. It estimates SCC's annual CAPEX will fall to about 30 billion baht from around 61 billion baht previously, which should accelerate debt reduction and increase dividend-paying capacity. It also estimates a bull case of 381 baht per share and a bear case of 117 baht per share.

KGI Securities has initiated coverage of Siam Cement Public Company Limited, or SCC, with a Buy rating and a 2027 forecast target price of 305.00 baht. It views SCC's earnings as shifting away from reliance on the petrochemical cycle toward a broader recovery across its chemicals, packaging, and cement and building materials, or CBM, businesses, with chemical spreads expected to recover from their trough. Additional supporting factors include higher utilization at LSP, ROC, and MOC, the use of ethane as feedstock in the United States, and potential synergies from the PTTGC joint venture, which should help drive a recovery in sales volumes from 2027 onward. Meanwhile, SCGP and CBM will add strength and resilience to earnings, while lower CAPEX will accelerate the company's deleveraging. The bull-case target price stands at 381.00 baht on stronger spreads and benefits from lower feedstock costs, while the bear-case target price is 117.00 baht.

Analysts at KGI Securities (Thailand) have raised their best-case target price for SCC to 381 baht, assuming a stronger recovery in the Chinese market and lower feedstock costs. They see SCC's profit base expanding well beyond chemicals, after core profit peaked at 47 billion baht in 2021, when chemicals accounted for about 60% of the total, before falling to 5 billion baht in 2025 amid weaker product spreads and operating costs at the LSP plant in the first half of 2026. The group's EBITDA share from chemicals fell to 36% from 45% in 2021, while SCGP and CBM, which includes SCGD, saw their combined EBITDA share rise to 55% from 49%. The switch to US ethane at LSP should structurally lower SCGC's cost base and add margins of about 200 to 250 dollars per tonne, with further upside from a possible joint venture between SCGC and PTTGC through feedstock integration. Core profit for SCC is expected to grow 287%, 7% and 27% in 2026, 2027 and 2028 respectively, while core EBITDA is forecast to grow 30%, 5% and 10% over the same period, lifting EBITDA margin to 11.5%, 12.1% and 12.8% respectively. The analysts maintain a buy rating with a target price of 305 baht and a worst-case target of 117 baht, reflecting risks of renewed oversupply, a global economic slowdown and feedstock shortages.

The olefins plant of Rayong Olefins Company Limited, or ROC, a business within Siam Cement Group, or SCC, resumed operations on 17 September 2026 after a temporary shutdown that began on 10 March 2026 due to uncertainty in the Middle East region. Before restarting, ROC completed an assessment of operational readiness and safety standards. The restart is a positive signal for SCC, as olefins are a key upstream feedstock for its chemicals business, helping the company restore production capacity and manage its supply chain more continuously, reducing the impact of the shutdown and opening the way for the chemicals business to capture the benefits of an industry recovery. Krungsri Securities holds a positive view on ROC's return to production in late the third quarter of 2026, in line with the company's target, and maintains a Buy recommendation with a 2027 target price of 315 baht, listing SCC as one of its top picks expected to benefit from the petrochemical cycle recovery. Krungsri also sees SCC's strengths as extending beyond the ROC restart, supported by the ethane project scheduled for COD in the second half of 2027, its position as the only petrochemical operator with capacity expansion plans, with sales volumes expected to grow by an average of around 10% during 2026 to 2028 from the LSP plant, as well as the cement business benefiting from a higher share of Low Carbon Cement and government infrastructure investment, and the packaging business, which is likely to see margins recover. Krungsri estimates that these multiple supporting factors will drive SCC's normalized profit during 2026 to 2028 to grow at a CAGR of 110%.

The research team at Asia Plus Securities has maintained its Buy recommendation on Siam Cement Public Company Limited, or SCC, with a fair value of 310 baht per share. It views the restart of the olefins plant of Rayong Olefins, or ROC, on 17 September 2026, after a temporary shutdown since March, as helping to reduce uncertainty in the petrochemical business and as a key factor supporting the major maintenance shutdown plan of the Map Ta Phut Olefins plant, or MOC, later this year, allowing SCC to maintain continuity in delivering products to customers. Meanwhile, the fourth quarter of the year is normally the low season for the industry, so the risk of a significant decline in sales volume is limited, supporting the view that ROC has a chance to operate continuously after this restart. Value drivers going forward also come from improving operational efficiency through the LSPE Ethane and CBM Transformation projects, as well as the opportunity to create synergies from cooperation between SCGC and PTTGC in the olefins and polyolefins businesses, which is expected to become clearer by the end of September. The research team views that if such a deal leads to the consolidation of production capacity and improved asset management efficiency as the market expects, it would enhance the competitiveness of Thailand's petrochemical industry in the long term and create greater flexibility amid global industry oversupply. Although pressure remains from new production capacity gradually entering the market during 2027-2028, the creation of synergies and improved operational efficiency could help alleviate pressure on margins and support a recovery in earnings going forward.

Yuanta Securities issued an analysis of Tipco Asphalt Public Company Limited, or TASCO, stating that the resumption of crude oil imports from Venezuela opens long-term upside, but the third-quarter outlook remains challenging. The firm said asphalt sales volumes will slow both quarter-on-quarter and year-on-year, weighed down by weak domestic sales as the country enters the rainy season and as government budget disbursements slow toward the end of fiscal year 2026. Even so, remaining investment budgets awaiting disbursement are still as high as 239 billion baht, or 31% of the total investment budget. Overseas sales were flat to slightly weaker, as international asphalt prices rose above 700 US dollars per tonne, the highest in 10 years, prompting customers to delay orders. The company maintained its 2026 sales target of 1.1 to 1.2 million tonnes, having already achieved 0.53 million tonnes in the first half, or roughly 44% to 48% of the full-year target. Its construction contracting business is expected to be steady compared with the second quarter, with management maintaining its target of recognizing about 2.5 billion baht in revenue in the second half of 2026, up 88% half-on-half and 117% year-on-year, and with a backlog of 6.2 billion baht at the end of the second quarter of 2026. As for Venezuelan crude imports, the company brought in its first lot of 600,000 to 700,000 barrels in late July 2026 and its second lot of 800,000 to 900,000 barrels in mid-August 2026. Both were lot-by-lot contracts arranged through intermediaries, not long-term contracts directly with PDVSA. The resumption of these imports will lift asphalt yield by about 10% to 15% compared with using crude from other sources. The research team maintained its 2026 profit forecast at 1.563 billion baht, up 57.3% year-on-year, and its 2027 forecast at 1.935 billion baht, up 23.8% year-on-year. It also maintained its end-2027 fair value of 19.40 baht and expects a 2026 dividend of 1.00 baht per share, a dividend yield of 5.9%, and therefore kept its buy recommendation.

Shares of Siam Cement Public Company Limited, or SCC, rose 2.70% to 266.00 baht after the company announced the restart of production at its ROC plant, which has an olefins production capacity of about 1.35 million tonnes per year, from September 17, 2026, after it secured sufficient feedstock from sources outside the Middle East, such as Malaysia, Africa and other sources, for continuous production. SCC is targeting a combined utilisation rate with its MOC plant, which has a capacity of about 2.05 million tonnes per year, of more than 80%, close to pre-war levels. Krungsri Securities Public Company Limited, or KSS, said the restart of ROC within the late third quarter of 2026 was in line with the company's target, and maintained its "buy" recommendation on SCC with a 2027 target price of 315 baht, naming it one of its top picks, and expects SCC's normal profit in 2026-2028 to grow by an average of 110% per year.

Shares of Siam Cement Public Company Limited, or SCC, rose 3.09% to 267 baht, up 8.00 baht, leading the Thai stock market after the company resumed production at its Rayong Olefins plant, or ROC, from September 17, 2026, as planned, following the sufficient procurement of feedstock from outside the Middle East, such as Malaysia, Africa and other sources, for continuous production. Krungsri Securities, or KSS, maintained its Buy recommendation and a 2027 target price of 315 baht per share, from a closing price of 259 baht, representing an upside/downside of +22%, and kept SCC as one of its Top Picks. KSS views the resumption of ROC production as reflecting the company's ability to operate and generate profit even amid volatile feedstock prices, and the lifting of force majeure may signal that the study of a joint venture in the olefins business with PTTGC may have options that do not require reducing plant utilization rates. ROC has an olefins production capacity of 1.35 million tons per year, while the MOC plant has a capacity of 2.05 million tons per year, with the company targeting a combined production rate at ROC and MOC of more than 80%, close to the level before the war. KSS expects SCC's normal profit at 18.892 billion baht in 2026, 23.895 billion baht in 2027 and 34.14 billion baht in 2028, or growth of 409.04% in 2026, 26.48% in 2027 and 42.88% in 2028, while it expects EBITDA at 51.109 billion baht, 55.156 billion baht and 66.404 billion baht respectively, and forecasts sales volume growth averaging 10% in 2026-2028 from the LSP plant, with the ethane project expected to start commercial operation in the second half of 2027.

SCC shares rose 2.70%, or 7.00 baht, to 266.00 baht at 10:10 a.m., with trading value of 308.35 million baht, from an opening price of 262.00 baht, a high of 266.00 baht and a low of 261.00 baht, after Rayong Olefins Company Limited, or ROC, resumed production at its olefins plant from 17 September 2026 following the lifting of force majeure. Krungsri Securities views the production restart as positive, reflecting a profitable production outlook despite volatile feedstock prices and an uncertain supply chain from the Middle East war, and it may also signal that the study of a JV in the olefins business with PTT Global Chemical, or PTTGC, may have options that do not require cutting production capacity, in order to capture benefits during the recovering petrochemical margin cycle. Krungsri maintained its buy recommendation on SCC with a 2027 target price of 315 baht per share, and it is one of its top picks, with normal profit for 2026-2028 expected to grow at a 110% CAGR, benefiting notably from the petrochemical industry's recovery cycle, with greater cost competitiveness after the ethane project starts COD in the second half of 2027, and as the only player in the petrochemical group expanding production capacity, with sales volume expected to grow an average of 10% in 2026-2028.

Siam Cement Public Company Limited, or SCC, has announced it will restart production at its ROC plant, which has an olefins capacity of 1.35 million tonnes per annum, from 17 September 2026, after securing sufficient feedstock outside the Middle East from Malaysia, Africa and other sources to sustain continuous production. The company is targeting an overall production rate, or u-rate, across the MOC plant, which has a capacity of 2.05 million tonnes per annum, of more than 80%, close to pre-war levels. Krungsri Securities views the restart of the ROC plant by the end of the third quarter of 2026, in line with the company's target, as positive, because it reflects the prospect of profitable operations even with volatile feedstock prices, and the lifting of force majeure may signal that the study of a joint venture in the olefins business with PTTGC has options that do not require cutting production runs at the plants. Krungsri Securities maintains a Buy recommendation with a target price of 315 baht for 2027 and lists the stock as one of its top picks, expecting average sales volume growth of 10% in 2026-2028 from the LSP plant and normalised profit growth of 110% CAGR in 2026-2028.

Siam Cement Public Company Limited, or SCC, announced that Rayong Olefins Company Limited, or ROC, has completed the restart of its olefins plant on 17 September 2026, after a temporary shutdown caused by the situation in the Middle East region. Thammasak Sethaudom, President and CEO of SCC, said ROC had successfully begun the plant restart process after assessing operational readiness and safety standards. An analysis by Bualuang Securities views the news as positive, because ROC's restart will help offset the reduced olefins production capacity of the Map Ta Phut Olefins plant, or MOC, which will decline due to planned maintenance shutdown in the fourth quarter of 2026, keeping olefins output in the fourth quarter of 2026 roughly flat compared with the third quarter of 2026 and helping preserve the company's profitability during that period. The broker maintained its Buy recommendation with a target price of 332 baht.

Siam Cement Group, or SCC, informed the Stock Exchange of Thailand that the olefins plant of its subsidiary Rayong Olefins, or ROC, has resumed normal operations on 17 September 2026 after a temporary shutdown since March due to a force majeure event resulting from Naphtha feedstock supply problems following the closure of the Strait of Hormuz. The operating rate is expected to gradually return to 80-85%, close to the level before the conflict. Research from Asia Plus Securities views ROC's restart as a key factor supporting the major maintenance shutdown plan of the MOC plant later this year, allowing SCC to maintain continuity in delivering products to customers. Another issue to monitor is the progress of the feasibility study on cooperation between SCGC and PTTGC in the olefins and polyolefins business, which is expected to become clearer by the end of September. The research team maintains a buy recommendation with a fair value of 310 baht per share, viewing ROC's restart as helping reduce uncertainty in the petrochemical business, while the next value drivers come from the LSPE Ethane and CBM Transformation projects, as well as the opportunity to create synergies from the cooperation between SCGC and PTTGC.

The Siam Cement Public Company Limited, or SCC, announced that the olefins plant of its subsidiary Rayong Olefins Company Limited, or ROC, successfully began its restart process on 17 September 2026, after a temporary shutdown caused by the situation in the Middle East. The company had notified the Stock Exchange of Thailand on 10 March 2026 and had completed its assessment of operational readiness and safety standards. Analysts at Asia Plus Securities view ROC's restart as a key factor supporting the planned major maintenance shutdown of the MOC plant later this year, allowing SCC to maintain continuity in delivering products to customers. Meanwhile, the fourth quarter of 2026, normally the industry's low season, carries only limited risk of lower sales volumes, supporting the view that ROC has a chance to operate continuously after this restart. Another issue to watch is progress in the study of cooperation between SCGC and PTTGC in the olefins and polyolefins businesses, which is expected to become clearer by the end of September. If it leads to a consolidation of production capacity and improved asset management efficiency as the market expects, it would help raise the competitiveness of Thailand's petrochemical industry over the long term, even though pressure remains from new capacity gradually entering the market during 2027-2028. The research team maintains its Buy recommendation with a fair value of 310 baht per share, viewing ROC's restart as helping to reduce uncertainty in the petrochemical business, while the next value drivers come from the LSPE Ethane and CBM Transformation projects and the potential for synergies from cooperation between SCGC and PTTGC.

Siam Cement Group, or SCC, announced that Rayong Olefins Company Limited, or ROC, successfully began restarting its olefins plant on 17 September 2026, after completing assessments of operational readiness and safety standards. SCC had notified the Stock Exchange of Thailand on 10 March 2026 that it had temporarily halted operations at ROC's olefins plant due to the situation in the Middle East region.

Siam Cement Group, or SCC, has notified the Stock Exchange of Thailand that Rayong Olefins, or ROC, successfully began restarting its olefins plant on 17 September 2026, after completing assessments of operational readiness and safety standards. The restart follows a temporary shutdown of the plant on 10 March 2026, a halt of approximately six months. The shutdown was caused by the situation in the Middle East. Thammasak Sethaudom, President and CEO of Siam Cement Group, reported the information to the Stock Exchange of Thailand.

Siam Cement Public Company Limited, or SCC, disclosed that the olefins plant of its subsidiary Rayong Olefins Company Limited, or ROC, successfully began its restart process on 17 September 2026. Thammasak Sethaudom, President and CEO of SCC, said the restart came after the company had completed an assessment of operational readiness and safety standards. Previously, on 10 March 2026, SCC notified the Stock Exchange of Thailand that ROC had temporarily halted operations at the olefins plant due to the situation in the Middle East.

Siam Cement Public Company Limited, or SCC, has notified the Stock Exchange of Thailand that Rayong Olefins Company Limited, or ROC, has begun the process of restarting its olefins plant and was able to complete the operation successfully on 17 September 2026, after having previously suspended operations at the plant on a temporary basis. SCC had informed the stock exchange on 10 March 2026 that the shutdown was a result of the impact of the uncertain situation in the Middle East region. This restart took place after an assessment of operational readiness and safety standards had been completed. SCC stated that it reflects the company's readiness to return to normal production operations after passing readiness checks in all areas, particularly operations and safety.

Siam Cement Public Company Limited, or SCC, has announced that Rayong Olefins Company Limited, or ROC, has begun the process of restarting its olefins plant and completed the restart successfully on 17 September 2026, after a temporary shutdown of more than 190 days due to the situation in the Middle East region. The restart came after ROC had assessed operational readiness and safety standards. Previously, on 10 March 2026, SCC notified the Stock Exchange of Thailand of the temporary shutdown of the olefins plant because of that situation, and ROC began the restart process on 17 September 2026 and was able to complete the restart successfully, as the company reported to the Stock Exchange of Thailand.

SCG Decor Public Company Limited, or SCGD, has announced a five-year plan targeting EBITDA of 4.5 billion baht and a doubling of earnings per share by 2032, with a near-term EBITDA goal of 3.5 billion baht in 2028. The plan rests on three key approaches: expanding into new product businesses, improving profitability by centralising production in ASEAN, and capturing growth opportunities in Vietnam while making Vietnam the region's production and export hub. Chief Executive Officer and President Namphon Malichai said the company has delivered strong operating results and steadily improved its profitability over the past three years. New product groups have seen sales grow by more than 90% over the past four years, and the company has formed a joint venture in Smart Toilets with AXENT, a world-leading smart sanitary ware manufacturer from China. In Thailand, SCGD is carrying out a Plant Consolidation project to centralise production of ceramic tiles and glazed porcelain, expected to be completed in the third quarter of 2027 and to generate additional EBITDA of about 380 million baht per year once fully operational. In Vietnam, SCGD has positioned the country as both a production and export base, with PRIME Vietnam leading the tile business with more than 25 years of understanding Vietnamese consumers, over 5,000 SKUs, and the Top Influential Brand 2025 award.

Smith-Midland Corporation has secured a $2.2 million contract to manufacture and supply precast concrete products for a new operations and office facility at Newport News Shipbuilding in Newport News, Virginia. Under the award, the NASDAQ-listed company will produce SlenderWall architectural precast panels, architectural precast components, and precast stair systems for the facility, which will support U.S. Navy aircraft carrier inactivation programs. Smith-Midland will manufacture the products at its Midland, Virginia, facility, with production scheduled to begin in October 2026 and installation expected to commence in November 2026, working alongside Hourigan Construction. Matthew Smith, Vice President of Sales and Marketing, said the contract reinforces the company's long-term strategy of expanding its presence in mission-critical, government, and industrial construction. The project features SlenderWall insulated panels with a custom color design and an acid-etched architectural surface, along with precast stair towers and stair risers.

J.P. Morgan analysts issued Buy ratings on two stocks outside the market's usual favorites, sustainable womenswear brand Reformation and construction materials supplier Martin Marietta Materials. Analyst Matthew Boss rates Reformation Overweight with a $21 price target, implying a 60% one-year gain, citing mid-to-high-teens revenue growth, a 90% direct-to-consumer revenue mix, and gross margins above 60%. Reformation, which went public on July 30 at $15 per share and raised $210.9 million in gross proceeds, reported fiscal 2Q26 revenue of $155.2 million, up 24.1% year-over-year, and EPS of $0.23, and guided full fiscal 2026 net revenue to $602 million to $606 million. Analyst Adrian Huerta rates Martin Marietta Overweight with a $680 price target, a 35% gain, after the company completed its $13.5 billion acquisition of Lhoist North America, funded with $7 billion in cash and $6.5 billion in stock. Huerta expects $85 million in cost synergies by year two and $100 million to $175 million in commercial EBITDA upside, noting the lime business will be roughly 23% to 25% of Martin Marietta's operations. Martin Marietta reported 2Q26 revenue of more than $1.9 billion, up 21% and a company record, with adjusted earnings per diluted share from continuing operations of $5.

SCG presented its Public-Private-People Partnership (4P) model and its Area-based Approach through the case study of the Saraburi Sandbox on two major stages: GCNT EXPO 2026, under the theme "From SHOCK to SHIFT – Thailand's Sustainable Transition in a Fractured World," and a panel discussion at The Bangkok Business Summit 2026: Reinvent Thailand, Resilient ASEAN. Thammasak Sethaudom, President and CEO of SCG, said that SCG began its transition to a low-carbon economy by tackling carbon reduction in its cement business, an industry that is hard to decarbonize. The company therefore developed technologies in its production processes, such as replacing nearly 50% of coal with biomass fuels and lowering production temperatures, while maintaining product efficiency, strength, and durability. SCG expanded its collaboration from the business level to the industry level through the Thai Cement Manufacturers Association, or TCMA, together with the Saraburi Provincial Industrial Council and Saraburi Province, to develop the Saraburi Sandbox as a model low-carbon city area, covering waste management, the use of agricultural residues, expansion of green spaces, and promotion of eco-tourism. The Saraburi Sandbox has gained global recognition, having been selected to join the World Economic Forum's Transitioning Industrial Clusters Initiative and featured as an ASEAN case study in the WEF White Paper 2026, while also expanding cooperation with Princeton University, the GCCA, and UNIDO on energy transition, technology, and green finance. Thammasak said the next goal is to apply the lessons from the Saraburi Sandbox's 4P model to suit the context of each area, in order to accelerate the transition to a low-carbon economy nationwide.

SCG presented its Public-Private-People Partnership model, or 4P, and its area-based approach through the Saraburi Sandbox case study on two major stages: GCNT EXPO 2026 and a panel discussion at The Bangkok Business Summit 2026. Thammasak Sethaudom, President and CEO of SCG, said the company began cutting carbon in its cement business, an industry that is hard to decarbonise, by replacing nearly 50% of coal with biomass fuel and lowering temperatures in the production process. SCG expanded the collaboration to the industry level through the Thai Cement Manufacturers Association, together with the Saraburi Provincial Industrial Council and Saraburi Province, to develop the Saraburi Sandbox as a model low-carbon city area, covering waste management, the use of agricultural residues, expansion of green spaces, and promotion of eco-tourism. The Saraburi Sandbox was selected to join the World Economic Forum's Transitioning Industrial Clusters Initiative and was featured as an ASEAN case study in the WEF White Paper 2026, while cooperation was expanded with Princeton University, the GCCA, and UNIDO on energy transition, technology, and green finance. The next goal is to apply the lessons from the Saraburi Sandbox's 4P model to suit the context of each area in order to accelerate the transition to a low-carbon economy nationwide.

Hoffmann Green Cement Technologies reported first-half 2026 revenue of €6.6 million, up 86.7% from €3.5 million a year earlier, as sales of its 0% clinker cement reached nearly 40,000 tonnes, a 104% increase over the first half of 2025 and nearly five times the volume of the first half of 2024. The company said the first tangible effects of mass production generated €2.9 million in raw material savings during the half, a figure it projects will reach €7.5 million by 31 December 2026. EBITDA was virtually stable at -€5.9 million against -€5.7 million a year earlier, while net loss widened to -€9.2 million from -€8.4 million, and cash and cash equivalents stood at €5.1 million at 30 June 2026 with shareholders' equity of €51.2 million. Internationally, Hoffmann Green signed an exclusive preliminary agreement with Dutch ready-mixed concrete producer Bruil with a view to a licensing contract in the Netherlands, and completed its first United States construction project using 0% clinker concrete for Marquis Inc. The company confirmed its 2026 production target of 100,000 tonnes, an operational break-even target by the end of 2027, and its 2030 ambitions of roughly 1,000,000 tons of production and €150 million in revenue.

SCG Decor or SCGD has announced its 5-year target to boost EBITDA to 4.5 billion baht and double earnings per share by 2031. It has set an investment budget of 6 billion baht, excluding acquisition plans. Mr. Nampol Malichai, Chief Executive Officer and Managing Director, revealed that the company has strong performance, with net profit margin increasing from 2.9% to 3.5% and 3.8% over the past three years, and a low debt-to-EBITDA ratio of only 1.1 times. Meanwhile, it will pay dividends of 60% of profits in 2025 and the first half of 2026, higher than the minimum policy of 35%, providing a dividend yield of 7%. The main strategy consists of three models: adding new products and expanding distribution channels, consolidating production in ASEAN to enhance profitability, and using Vietnam as a production and export hub. Notably, new product groups have grown over 90% in four years, and the production consolidation project in Thailand is expected to be completed in the third quarter of 2027, generating an additional 380 million baht in EBITDA annually.

SCGD has announced a five-year plan targeting EBITDA of 4.5 billion baht and aiming to double earnings per share by 2031. CEO Namphon Malichai revealed that the company will accelerate expansion in Malaysia and use Vietnam as an export hub, under three main strategies: expanding new products and sales channels, consolidating production in Thailand to improve efficiency, and promoting Vietnam as a base for tile production and export, especially the PRIME brand, which has been in business for over 25 years. The production consolidation project is expected to be completed in the third quarter of 2027 and will increase EBITDA by approximately 380 million baht per year. The near-term goal is to raise EBITDA to 3.5 billion baht by 2028.

Finansia Syrus Securities expects the establishment of a joint venture (JV) between SCGC, under SCC, and PTTGC to become clearer this September, which will be a factor supporting SCC shares. The JV will help increase business scale and efficiency by combining the strengths of both parties. Meanwhile, it is expected that the Rayong Olefins plant (ROC) will resume operations in September 2026 after a temporary halt due to force majeure, helping reduce fixed cost burden. The ethane feedstock conversion project of LSP in Vietnam will be a medium-term driver from the second half of 2027, with ethane costs about $200 per ton lower than naphtha. The research department maintains a "Buy" recommendation and a target price of 312 baht, while expecting normal profit for 2026 at 26.6 billion baht, growing 89% from the previous year.

Chonburi Concrete Product Public Company Limited, or CCP, announced that it has a backlog of approximately 1.87 billion baht, with an expected revenue recognition of about 50–60% in 2026 and the remainder in 2027. The backlog includes data center projects, reflecting the company's expansion into digital infrastructure. Mr. Arthit DeepakornSukkasem, Managing Director, stated that the overall industry outlook for the second half of the year has improved, particularly in the EEC zone, driven by production base relocations and growing data center investments. The company is focused on developing low-carbon products to support projects prioritizing ESG, and is improving production processes with technology to increase capacity and control costs. Its subsidiary, CHARLIE, plans to expand its chemical container yard, with clarity expected in the second quarter of 2027. Additionally, in partnership with allies, it will assemble 30 electric trucks (EV Trucks) with a battery swap system, with service expected to begin in the fourth quarter of 2026. The company is confident that revenue in 2026 will grow by no less than 10%.