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    SCGP   TH0098010Y05

SCG PACKAGING PUBLIC COMPANY LIMITED

(SCGP)
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Thailand's SCG Packaging plans $353 mln Vietnam expansion

09/20/2021 | 05:13am EDT

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

BANGKOK, Sept 20 (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 (Reporting by Chayut Setboonsarng; Editing by Martin Petty)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AYUDHYA PUBLIC COMPANY LIMITED 0.00% 32.75 End-of-day quote.4.80%
RENGO CO., LTD. 0.00% 864 End-of-day quote.0.00%
SCG PACKAGING PUBLIC COMPANY LIMITED 0.00% 63.25 End-of-day quote.52.41%
THE SIAM CEMENT PUBLIC COMPANY LIMITED 0.51% 396 End-of-day quote.4.76%
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Financials
Sales 2021 123 B 3 673 M 3 673 M
Net income 2021 9 042 M 271 M 271 M
Net Debt 2021 28 517 M 855 M 855 M
P/E ratio 2021 29,6x
Yield 2021 0,96%
Capitalization 272 B 8 153 M 8 139 M
EV / Sales 2021 2,45x
EV / Sales 2022 2,22x
Nbr of Employees 6 121
Free-Float 22,4%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 63,25 THB
Average target price 68,29 THB
Spread / Average Target 7,97%
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Managers and Directors
Wichan Jitpukdee Chief Executive Officer & Director
Kunchet Tharachan Chief Financial Officer
Prasarn Trairatvorakul Chairman
Chumpol NaLamlieng Independent Non-Executive Director
Kaisri Nuengsigkapian Independent Non-Executive Director
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