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RENGO CO., LTD.

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Thailand's SCG Packaging plans $353 million Vietnam expansion

09/20/2021 | 07:36am EDT

BANGKOK (Reuters) - Thailand's SCG Packaging Pcl (SCGP) on Monday announced an 11.8 billion baht ($353.93 million) expansion in its packaging paper business in Vietnam, anticipating growth in demand.

A new facility will be built in Vinh Phuc province in northern Vietnam, to begin operations in early 2024, which will raise total production capacity to 870,000 tonnes of packaging paper per year, up from 500,000, SCGP said in a statement.

It will be run by Vina Kraft Paper, a joint venture between SCG Packaging and Japan's Rengo Company, of which SCGP holds 70%.

"Vietnam has strong domestic consumption and is an important export base in the region, a big draw for multinational companies to invest their operations there," chief executive Wichan Jitpukdee said.

Wichan anticipated Vietnamese demand growth of 6% to 7% annually until 2025.

SCGP, a unit of Thailand's largest industrial conglomerate, Siam Cement Pcl, said it would use cash and debt to finance the expansion.

The facility is the latest move by a Thai firm to expand in Southeast Asia, with Vietnam, a fast-growing country of 98 million people, among the most desirable.

Lender Bank of Ayudhya Pcl last month said it would acquire a consumer finance company, SHB Finance https://www.reuters.com/article/bank-of-ayudhya-vietnam-idCNL1N2PW0RZ in Vietnam for $155 million.

The pandemic has hit Thailand's badly. In August, the government cut https://www.reuters.com/article/thailand-economy-gdp-idUSL4N2PL05N its 2021 economic growth forecast to 0.7 to 1.2% from 1.5 to 2.5%, the third time it has done so.

The Thai economy slumped 6.1% last year.

Vietnam's outlook was brighter https://www.reuters.com/world/asia-pacific/vietnam-minister-sees-2021-gdp-growth-35-40-media-2021-09-15 with the government expecting up to 4% growth

(This story corrects paragraph 2 to show overall production capacity will be increased to 870,000 tonnes, not capacity of the new facility)

(Reporting by Chayut Setboonsarng; Editing by Martin Petty)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
RENGO CO., LTD. -0.23% 862 End-of-day quote.-0.23%
SCG PACKAGING PUBLIC COMPANY LIMITED -0.40% 63 End-of-day quote.51.81%
THE SIAM CEMENT PUBLIC COMPANY LIMITED 0.25% 397 End-of-day quote.5.03%
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Financials
Sales 2022 728 B 6 404 M 6 404 M
Net income 2022 30 915 M 272 M 272 M
Net Debt 2022 276 B 2 430 M 2 430 M
P/E ratio 2022 6,92x
Yield 2022 2,82%
Capitalization 214 B 1 881 M 1 881 M
EV / Sales 2022 0,67x
EV / Sales 2023 0,62x
Nbr of Employees 19 451
Free-Float 76,6%
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Number of Analysts 6
Last Close Price 864,00 JPY
Average target price 1 143,33 JPY
Spread / Average Target 32,3%
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Managers and Directors
Kiyoshi Otsubo Chairman & Chief Executive Officer
Yosuke Kawamoto President, COO & Representative Director
Yasuhiro Baba Director, Head-Finance & Information Systems
Hiroshi Ebihara Head-Research & Technology Development
Mitsumasa Yokota Head-Administration & Technology Development
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