SCG Decor Public Company Limited produces and distributes ceramic tiles, sanitary ware, and related products and services in Thailand, Vietnam, and internationally. It operates through two segments: Decor Surfaces Business and Bathroom Business. Its offerings include faucets and fittings, porcelain tiles, floor and wall tiles, tile adhesive, grout, stone vinyl and plastic composite products, and vinyl tiles. The company markets products under brands such as Italia Espana, COTTO, CAMPANA, SOSUCO, LT by COTTO, Prema, Prime, Premier, MARIWASA, Luxuria PORCLELAIN TILES, KIA, and Impresso CERAMICS. Formerly SCG Building Materials Company Limited, it changed its name to SCG Decor Company Limited in February 2023, was incorporated in 2023, and is headquartered in Bangkok, Thailand. It is a subsidiary of The Siam Cement Public Company Limited.
Four brokerages say Bangkok floods cause limited damage of 20–40 billion baht, highlight stocks set to benefit from home repairs, retail and chips
Four brokerages assess that the flood situation in Bangkok and its vicinity in 2026 will cause limited economic damage, as the waters have not yet spread into industrial estates or key production bases, unlike the great flood of 2011 that disrupted production chains on a wide scale. Finansia Syrus Securities estimates preliminary damage at around 20–40 billion baht, or roughly 0.1–0.2% of GDP, and views pressure on the stock market as reflecting short-term concerns rather than affecting earnings. Kasikorn Securities estimates damage at about 3,000–4,000 million baht per day, or roughly 20–30 billion baht per week; if severe conditions persist for one week, it could drag on GDP by about 0.1%. As of 27 September 2026, 25 provinces and 128 districts have been affected, with about 545,000 people impacted, compared with 2011 when floods hit 66 provinces, affected about 13.6 million people and caused damage of approximately 1.4 trillion baht. CGS International notes that Bangkok and its vicinity account for about 47.3% of the country's economy, and divides the situation into two scenarios: if water can be drained within 4–5 days, the impact will be limited, but if it drags on beyond 5 days, it could weigh more on purchasing power and consumption. For stocks that benefit after the waters recede, Finansia Syrus favours HMPRO, GLOBAL, DOHOME, TOA, SCGD, DCC and DRT, while Kasikorn favours retail and food groups as well as the ICT group. Pi Securities estimates a SET range of 1,590–1,620 points and picks BDMS, BCH, CPALL, PTT, PTTEP, PTTGC, TOP, ITC and TU, while CGS International says to watch DELTA, HANA and KCE if the SET falls below 1,600 points, on the theme of investment in artificial intelligence and digital infrastructure.
Asia Plus flags four home-repair stocks set to benefit after Bangkok floods
Asia Plus Securities said the flooding in Bangkok and its surrounding provinces between 25 and 27 September, caused by continuous heavy rain, led to widespread inundation, with damage concentrated mainly in residential and shophouse segments, which are likely to need repairs once the water recedes. Infrastructure and large construction projects, meanwhile, saw only limited impact. The research team views the most direct beneficiaries as the construction materials group for home repair and decoration, particularly floor and wall tiles such as DCC and SCGD, synthetic wood such as DRT, and house paint such as TOA. The cement group SCC, SCCC and TPIPL is unlikely to gain significantly, while TASCO still lacks a clear catalyst. For contractors, the impact on CK and STECON is limited in both positive and negative terms, with the key issue to watch being clarity on water management plans and government investment in flood protection infrastructure. The research team favours investment in the home repair and renovation group, with a positive view on DCC at a consensus fair value of 1.51 baht, SCGD at a consensus fair value of 6.61 baht, and DRT and TOA at a consensus fair value of 18.03 baht, on the back of post-flood restoration demand, while the upside for CK and STECON still depends on clarity over future government water management investment plans.
DCC.BK · Demand · Positive DCC is named a direct beneficiary of post-flood home repair demand for floor and wall tiles, with a positive view and consensus fair value of 1.51 baht.
SCGD.BK · Demand · Positive SCGD is named a direct beneficiary of post-flood home repair demand for floor and wall tiles, with a positive view and consensus fair value of 6.61 baht.
TOA.BK · Demand · Positive TOA is named a direct beneficiary of post-flood home repair demand for house paint, with a positive view and consensus fair value of 18.03 baht.
CK.BK · Demand · Neutral CK's impact from the floods is limited in both positive and negative terms, with upside depending on clarity over future government water management investment plans.
STECON.BK · Demand · Neutral STECON's impact from the floods is limited in both positive and negative terms, with upside depending on clarity over future government water management investment plans.
SCGD sets 5-year goal of 4.5 billion baht EBITDA, aims to double EPS
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.
SCGD.BK · Capital · Positive SCGD announced a five-year plan targeting 4.5 billion baht EBITDA and doubling EPS by 2032, with a near-term 3.5 billion baht EBITDA goal for 2028.
SCGD.BK · Demand · Positive New product groups saw sales grow more than 90% over four years, and the Smart Toilets JV with AXENT expands its product offerings.
Kasikorn Securities sees construction materials earnings recovering, highlights EPG and TOA
Kasikorn Securities said the construction materials group reported combined normalised profit of 2.2 billion baht in the second quarter of 2026, up 11 percent from a year earlier, supported by a higher gross margin despite weak sales. Profit fell 11 percent from the previous quarter due to seasonal demand and more holidays. Combined normalised profit for the first half of 2026 was 4.8 billion baht, up 28 percent from a year earlier, representing 61 percent of the full-year estimate of 7.9 billion baht. Combined revenue in the second quarter of 2026 was 24 billion baht, up 6 percent from a year earlier and 1 percent from the previous quarter. Gross profit margin rose to 28.2 percent, up 0.7 percentage point from a year earlier and 0.3 percentage point from the previous quarter, as higher selling prices fully offset higher oil-linked raw material costs. Such raw materials account for 35 to 45 percent of cost of sales. The selling, general and administrative expense to revenue ratio rose to 17.9 percent, up 0.2 percentage point from a year earlier and 1.8 percentage points from the previous quarter, due to higher logistics costs. As a result, the normalised profit margin rose 0.4 percentage point from a year earlier to 9.4 percent, but fell 1.3 percentage points from the previous quarter. Ceramic tile sales at Dynasty Ceramic and SCG Decor fell 6 percent and 7 percent from a year earlier respectively, because they have a high proportion of revenue from the private sector where demand is weak, while normalised profit fell 4 percent and 5 percent respectively. Tipco Asphalt revenue rose 20 percent from a year earlier on higher asphalt prices following the war between the United States and Iran, lifting normalised profit by 22 percent. TOA Paint sales rose 4 percent on higher market share and inventory stocking, but normalised profit rose only 3 percent because of higher selling, general and administrative expenses and Myanmar-related costs. Eastern Polymer Group delivered the strongest performance, with sales up 9 percent and normalised profit up as much as 43 percent on demand for insulation products in the United States. Kasikorn Securities maintained a neutral view on the sector, focusing on stock selection. It picked Eastern Polymer Group as a top pick with a buy rating and a target price of 6.70 baht, and TOA Paint with a buy rating and a target price of 19.0 baht, because they have stronger demand than other companies. Eastern Polymer Group benefits from strong demand for insulation products in the United States, while TOA Paint's market leadership supports stable paint demand.
SCGD invests 200 million baht in two new ASEAN businesses
SCG Decor, or SCGD, is investing more than 200 million baht in total to expand its ceramic tile business in ASEAN and enter the integrated interior design business. It is taking a 40% stake in Jubin Bagus, a ceramic tile retailer and wholesaler in Malaysia, for 157 million baht, which will increase access to distributors in Malaysia's tile market, the fifth largest in ASEAN. It is also acquiring the dooDeco business, a provider of integrated design, interior decoration, and installation services under the SCC group, for 41 million baht, to meet demand for home renovation and the expansion of residential projects in Thailand. These two investments will help SCGD reach end customers and use insights to develop products and services, while strengthening its ability to achieve sustainable long-term growth.
SCGD Partners with AXENT to Form Joint Venture for Smart Toilet Manufacturing in Thailand
SCG Decor, or SCGD, through its subsidiary Siam Sanitary Ware Company Limited, has signed an agreement to establish a joint venture with AXENT Switzerland AG, a global leader in smart toilet technology. The new entity, named Siam AXENT Smart Technology Company Limited, will be 51 percent owned by Siam Sanitary Ware and 49 percent by AXENT. It will manufacture and assemble smart toilets and tankless toilets in Thailand, serving both the domestic market and the ASEAN region. This collaboration builds on a business partnership spanning over 25 years, combining Siam Sanitary Ware's manufacturing expertise and market network with AXENT's technology and design. SCGD Chief Executive Officer Nampol Malichai stated that the smart toilet market is the fastest-growing segment in the bathroom industry, and this joint venture will help create a smart toilet business ecosystem in the region while strengthening long-term competitiveness. AXENT Group Chairman Frank Li said the joint venture marks a significant milestone that will leverage the strengths of both parties to develop products meeting the needs of consumers in Thailand and ASEAN. SCGD views this investment as laying the foundation for growth in the modern toilet market, which includes one-piece toilets and smart toilets, a segment expected to expand continuously in line with evolving consumer behavior.
SCGD swings to a loss of 282 million baht in Q2 2026, down 227%
SCG Decor Public Company Limited, or SCGD, reported its second-quarter 2026 results, swinging to a net loss of 282 million baht, a decline of 227% compared to the same period last year when it posted a net profit of 222 million baht. This brought the first-half 2026 loss to 35 million baht, down 108% from a net profit of 439 million baht in the same period last year. The main reason was a business restructuring to reduce long-term costs, which required recording asset impairment and restructuring expenses totaling 690 million baht. Looking ahead to future growth, its subsidiary Siam Sanitary Ware Company Limited, or SSW, signed a joint venture agreement with Axent Switzerland AG to establish a joint venture for manufacturing and assembling smart sanitary ware, with a registered capital of 80 million baht. SSW holds a 51% stake and Axent holds 49%. Commercial operations are expected to begin by April 2027, with a targeted production capacity of 96,000 units per year and a total investment of approximately 80 million baht. Axent is a subsidiary of Xiamen Axent Corporation, one of China's top five sanitary ware component manufacturers, with expertise in smart sanitary ware technology. Meanwhile, SSW is the market leader in sanitary ware in Thailand under the COTTO brand, with a production capacity of 2.3 million units per year. This collaboration combines Axent's technological strengths with SSW's manufacturing and distribution network in Thailand, Laos, Myanmar, and Cambodia to penetrate the smart sanitary ware and rimless toilet markets, which tend to generate higher margins and could be a key driver for SCGD to return to strong growth in the future.
SCGD.BK · Capital · Negative Q2 2026 net loss of 282 million baht, down 227% YoY, due to restructuring charges of 690 million baht.
SCGD.BK · Technology · Positive JV with Axent for smart sanitary ware manufacturing, targeting higher-margin products, expected to start by April 2027.
SCC declares crisis over, expects EBITDA this year to exceed 55 billion baht
Siam Cement Group, or SCC, announced that the group has emerged from crisis, expecting net profit in 2026 to surpass the previous year's 14.075 billion baht, and adjusted cash EBITDA to exceed the target of 55 billion baht. President and CEO Thammasak Sethaudom stated that performance has improved across all businesses, especially the petrochemical business under SCGC, while pressing ahead with cost reduction strategies, maintaining financial discipline, and reducing net debt to EBITDA from 5.0 times last year to 3.7 times currently. Meanwhile, subsidiary SCGD has formed a joint venture with Axent Switzerland AG, part of a major Chinese sanitary ware components manufacturer, to produce smart sanitary ware, with commercial production expected to begin in April 2027. For the first half, SCC posted sales revenue of 259.57 billion baht and net profit of 17.758 billion baht, along with an interim dividend of 3.50 baht per share.
SCC.BK · Capital · Positive SCC expects EBITDA to exceed 55 billion baht, net profit to rise, and net debt/EBITDA improved from 5.0x to 3.7x.
SCGD.BK · Technology · Positive SCGD formed a joint venture with Axent Switzerland AG to produce smart sanitary ware, with commercial production expected in April 2027.
SCG Chemicals Public Company Limited (SCGC) · Demand · Positive Petrochemical business under SCGC showed improved performance, contributing to overall group recovery.
SCGD Expects Return to Profit in Q3, Accelerates Cost Cuts and Smart Sanitaryware Joint Venture
SCG Decore, or SCGD, expects its third-quarter 2026 performance to swing back to positive, after posting a net loss of 281 million baht in the second quarter, with no further extraordinary items and restructuring costs from consolidating production centers in Thailand, coupled with improving overseas demand. The company has set this year's investment budget at 2.4 to 2.5 billion baht to reduce costs through automation and enhance production efficiency, while pressing ahead with a plan to merge its four factories in Thailand into two by the end of next year, using an investment of 957 million baht. It expects to cut operating costs by 380 million baht per year, or around 16 to 20 percent. In addition, SCGD is using Vietnam as a production base for exports, with some shipments already going to the Philippines, driving sales growth of 162 percent, or nearly 1 million square meters, in the central and southern Philippines. Meanwhile, project sales in Vietnam grew 112 percent, or about 1.9 million square meters, and the company added four more distributors to support new production capacity. Most recently, its subsidiary Siam Sanitary Ware signed a joint venture with Axent Switzerland AG, a major Chinese sanitaryware components manufacturer, to establish a joint venture with registered capital of 80 million baht, in a 51 to 49 percent ratio, to produce and assemble smart sanitaryware. Commercial production is expected to begin by April 2027.
SCGD.BK · Demand · Positive Improving overseas demand, strong sales growth in Philippines and Vietnam, and new distributors added.
SCGD.BK · Capital · Positive Cost cuts through factory consolidation and automation expected to reduce operating costs by 380 million baht per year, improving profitability.
Government Reviews Land Bridge Megaproject, Accelerates Missing Links to Drive North-South Economic Corridor
Prime Minister Anutin Charnvirakul has assigned policy to review the Land Bridge project approach while accelerating the filling of gaps in the transport network that remain unconnected. A spokesperson for the Prime Minister's Office stated that countries which connect their networks for immediate use will capture trade and investment amid risks from Middle East conflicts. The heart of the strategy is to complete the North-South Economic Corridor, linking China, Laos, Thailand, Malaysia, and Singapore, especially the Chiang Khong–Nateuy–Mohan railway project. Meanwhile, the CEO of CIVIL assessed that the second half of 2026 will be brighter than the first half, with nine projects worth over 4.1 billion baht ready for delivery and a backlog as high as 14.6 billion baht, supporting revenue recognition through 2029, while proceeding to bid for new work worth approximately 4 billion baht. On the banking front, KTB reported second-quarter 2026 net profit growth of 9 percent to 12.125 billion baht, with first-half profit rising to 24.562 billion baht, but the president noted the economy remains K-shaped, with many people still stuck on the side of weak purchasing power and high living costs. As for SCGD, it is moving to upgrade products from sanitary ware to smart sanitary ware through its subsidiary SSW, signing a joint venture with Axent Switzerland AG at a ratio of 51 to 49, establishing a joint venture company with registered capital of 80 million baht, targeting commercial production by April 2027. Meanwhile, OR is cutting unnecessary limbs, with the board approving the dissolution of two indirect subsidiaries in Laos and Vietnam, held through PTTOR International Holdings Singapore, expected to complete deregistration within 2027.
CIVIL.BK · Demand · Positive CEO expects brighter H2 2026 with 9 projects worth over 4.1B baht ready for delivery and 14.6B baht backlog, plus new bids worth 4B baht.
SCGD.BK · Technology · Positive SCGD upgrading to smart sanitary ware via JV with Axent Switzerland AG, targeting commercial production by April 2027.
OR.BK · Capital · Negative Board approved dissolution of two indirect subsidiaries in Laos and Vietnam, indicating restructuring and cost-cutting.
KTB.BK · Monetary · Neutral KTB reported 9% net profit growth in Q2 2026, but president notes K-shaped economy with weak purchasing power and high living costs.
SCGD confident of returning to profit in Q3, supported by Vietnam and the Philippines
SCG Decoration Public Company Limited, or SCGD, expects its operating results in the third quarter of 2026 to turn positive and grow from the previous quarter, after posting a loss of 281 million baht in the second quarter with no extraordinary items weighing on performance. The company is supported by the Vietnamese market where demand remains good, as well as the Philippine market which is recovering in line with economic conditions and lower energy costs. The company is pressing ahead with an aggressive two-year strategy for 2026 to 2027, with a capital expenditure budget this year of 2.4 to 2.5 billion baht, focusing on expanding production capacity for glazed porcelain tiles in Vietnam. The Dai Loc factory is already 70 percent complete, while the Pho Yen phase three factory is 10 percent complete. Both plants will increase the proportion of glazed porcelain tile production capacity to around 40 percent of total capacity and will start driving operating results from the end of this year. In Thailand, the focus is on consolidating production to reduce unit costs by 16 to 20 percent, or an average of 380 million baht per year, with completion expected in the third quarter of 2027. Cost reductions are expected to begin from the third quarter of 2026. The company is also forming a joint venture with Chinese partner Axent Switzerland AG to set up a factory for smart toilets and rimless toilets in Thailand, with an annual production capacity of 96,000 units, catering to a growing market.
SCGD confident of returning to profit in Q3 2026, supported by Vietnam and the Philippines
SCGD is confident that its operating results for the third quarter of 2026 will swing back to a profit, after the impact of extraordinary items in the previous quarter has passed. This is supported by the Vietnam and Philippines markets, which continue to recover, while the Thai and Indonesian markets remain sluggish. The company expects full-year 2026 net profit to be flat or only slightly lower than the previous year. Its financial position is strong, with cash of over 9 billion baht, and it plans to invest 2.4 to 2.5 billion baht to enhance production efficiency and reduce long-term costs. This includes a project to restructure its production base in Thailand from four factories down to two, which will help cut costs by an average of 380 million baht per year.
SCGD swings to a 281 million baht loss in Q2 2026 on special items, accelerates business transformation
SCG Decor, or SCGD, reported second-quarter 2026 results, swinging to a net loss of 281.30 million baht, down 227 percent from the same period last year when it posted a net profit of 222.56 million baht. For the first half, the net loss was 35 million baht. The main reason was non-recurring expenses, mostly asset impairment and business restructuring costs from a production consolidation project in Thailand. Excluding these special items, normalised operating profit remained strong, with second-quarter adjusted EBITDA of 805 million baht and profit attributable to shareholders of 268 million baht. For the first half, adjusted EBITDA was 1.566 billion baht and profit attributable to shareholders was 500 million baht. Overseas revenue, especially from Vietnam, grew well, supported by cost management and tight financial discipline. The board approved an interim dividend of 0.155 baht per share, with the XD date set for 4 August 2026 and payment on 19 August 2026.
SCGD posts first-half profit of 500 million baht, pays interim dividend of 0.155 baht
SCGD reported its first-half 2026 operating results, excluding extraordinary items, with profit attributable to shareholders of 500 million baht and adjusted EBITDA of 1.566 billion baht. For the second quarter, profit attributable to shareholders was 268 million baht and adjusted EBITDA was 805 million baht, growing both quarter-on-quarter and year-on-year, driven by higher overseas revenue especially in Vietnam, cost management, and strict financial discipline. The board approved an interim dividend of 0.155 baht per share, totaling 256 million baht, payable on 19 August 2026.
Kasikorn Securities expects SCC and SCGP profits to recover, but SCGD to post a loss on special charges
Kasikorn Securities has assessed the second-quarter 2026 earnings of companies under Siam Cement Group. It expects SCC to report a net profit of approximately 7.8 billion baht, up 26 percent from the previous quarter, driven by recovering petrochemical spreads. SCGP is forecast to post a net profit of around 2 billion baht, a 100 percent increase from a year earlier, after Fajar swung to a profit. Meanwhile, SCGD is expected to report a net loss of 279 million baht, due to a special impairment charge of about 500 million baht and weak tile demand, with higher energy costs pressuring gross margin down to 25.7 percent. Kasikorn Securities recommends holding SCC with a target price of 263 baht, buying SCGD with a target price of 5.90 baht, and buying SCGP with a revised target price of 32.50 baht.
SCC.BK · Capital · Positive Kasikorn Securities expects SCC's Q2 2026 net profit to rise 26% QoQ due to recovering petrochemical spreads, with a hold rating and target price of 263 baht.
SCGD.BK · Capital · Negative SCGD expected to post net loss of 279 million baht due to special impairment charge and weak tile demand, with higher energy costs pressuring margins.
SCGP.BK · Capital · Positive SCGP forecast to post net profit of ~2 billion baht, up 100% YoY, after Fajar swung to profit, with a buy rating and revised target price of 32.50 baht.
Thailand
