The Siam Cement Public Company Limited (TSCD) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of The Siam Cement Public Company Limited S$0.76, price S$0.93, upside -18.3%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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The Siam Cement Public Company Limited, together with its subsidiaries, operates in the cement and building materials, chemicals, and packaging businesses in Thailand and internationally. It operates through SCG Cement and Green Solutions; SCG Smart Living and SCG Distribution and Retail; SCG Decor; SCG Chemicals; SCGP; and Other segments.
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The Siam Cement Public Company Limited, together with its subsidiaries, operates in the cement and building materials, chemicals, and packaging businesses in Thailand and internationally. It operates through SCG Cement and Green Solutions; SCG Smart Living and SCG Distribution and Retail; SCG Decor; SCG Chemicals; SCGP; and Other segments. The SCG Cement and Green Solutions segment produces cement, concrete products, and refractory cement, manages natural resource utilization. The SCG Smart Living and SCG Distribution and Retail segment manufactures building materials, including roof, ceiling and wall, fiberglass insulation, wood substitute, landscape, lightweight concrete block, paint, including smart solutions for home and building, and energy management, etc. This segment also distributes and retails cement, building materials, and other home and living products, as well as provides international supply chain solutions; and invests in logistics business. The SCG Decor segment produces and distributes ceramic tiles, sanitary ware, and related products, services, and solutions. The SCG Chemicals segment manufactures and sells olefins, polyolefins, vinyl, other chemical products, as well as provides industrial services and solutions. The SCGP segment engages in the integrated packaging of fiber packaging, packaging paper, consumer and performance packaging, and medical supplies and labware; and recycling of packaging material. This segment is also involved in the fibrous business comprising foodservice packaging, and pulp and paper products. The Other segment engages in the clean energy, pertinent technologies, and investment in other businesses. The Siam Cement Public Company Limited was founded in 1913 and is headquartered in Bangkok, Thailand.
Stock analysis
The Siam Cement Public Company Limited (TSCD) currently trades at 0.9300 SGD, while our model-based Fair Value estimate is 0.7600 SGD, 18.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 1.08 SGD per share, and 11 of the 24 models we run sit above the 0.9300 SGD price.
Bear case: the Asset-Based group reads lowest at 0.2700 SGD, and 13 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.5700 SGD (bear) to 0.9500 SGD (bull), the price of 0.9300 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 62/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
The Siam Cement Public Company Limited reported revenue of 54.2B THB in FY2025 versus 41.7B THB in FY2021, a compound +6.8%/yr. Reported net income was 3.5B THB in FY2025, compounding −4.8%/yr from FY2021.
Key figures
Market cap 2.8B SGD (≈ $2.2B) · P/E ratio 18.6 · P/S ratio 1.20 · EPS (TTM) 0.0500 SGD · Dividend yield 2.1% · Net margin 6.4% · Return on equity 3.9% · Return on assets (EBIT) 5.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 45% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −46% fair-value upside, at −18%, TSCD screens cheaper than that median.
Fair Value models
Bear 0.5700 SGDFair Value 0.7600 SGDBull 0.9500 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+23.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.6%
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−1.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.8%
Dividend (yield on the price)2.1%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 12%
Compare The Siam Cement Public Company Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Building Materials · 249 stocks
Beats the industry median on 2/10 measures
Overall it trails its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside−18.5% · Below median
Profitability
Return on equity (TTM)3.9% · Below median
Return on assets0.4% · Bottom 25%
Net margin (TTM)3.9% · Below median
Operating margin (TTM)7.0% · Below median
Growth and dividend
Revenue growth−0.9% · Below median
Dividend yield (TTM)2.1% · Below median
Balance sheet
Debt / equity0.36× · Highest 25%
Valuation Multiplesvs Building Materials median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "The Siam Cement Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TSCD
Frequently asked questions
Is The Siam Cement Public Company Limited (TSCD) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.7600 SGD versus a price of 0.9300 SGD, about −18% upside (overvalued).
What is the fair value of TSCD?
Our model-based fair value for The Siam Cement Public Company Limited is 0.7600 SGD (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.9300 SGD.
What is the quality score of TSCD?
The Siam Cement Public Company Limited has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for The Siam Cement Public Company Limited (TSCD)?
Our model-based price target is the fair value of 0.7600 SGD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 0.5700 SGD, optimistic scenario 0.9500 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the The Siam Cement Public Company Limited stock forecast for 2026?
Our models put fair value at 0.7600 SGD, about −18% upside versus a price of 0.9300 SGD (overvalued). Cautious scenario 0.5700 SGD, optimistic scenario 0.9500 SGD. The calculation is refreshed regularly with new filings.
Does The Siam Cement Public Company Limited pay a dividend?
The Siam Cement Public Company Limited currently shows a dividend yield of about 2.10% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of The Siam Cement Public Company Limited (TSCD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For The Siam Cement Public Company Limited it is 0.7600 SGD per share (as of Sep 24, 2026), against a price of 0.9300 SGD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is The Siam Cement Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TSCD trades above its calculated fair value: price 0.9300 SGD, fair value 0.7600 SGD, a gap of about −18% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TSCD?
No. The price is what the market pays today (0.9300 SGD); the fair value is what the company's own numbers justify (0.7600 SGD). For The Siam Cement Public Company Limited the two are 0.1700 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is The Siam Cement Public Company Limited worth?
The market values The Siam Cement Public Company Limited at about 2.8B SGD (market capitalisation, as of Sep 24, 2026). Per share that is 0.9300 SGD; our models calculate a fair value of 0.7600 SGD per share.
What do the bullish and bearish scenarios say about TSCD?
Our models span a range for The Siam Cement Public Company Limited: cautious scenario 0.5700 SGD, base 0.7600 SGD, optimistic 0.9500 SGD per share (as of Sep 24, 2026, price 0.9300 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TSCD?
The Siam Cement Public Company Limited trades at a price-to-earnings ratio of 18.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.7600 SGD is built from several models across several years.
How solid is the balance sheet of The Siam Cement Public Company Limited (TSCD)?
Balance-sheet figures for The Siam Cement Public Company Limited (as of Sep 24, 2026): return on equity 3.9%, debt of 0.36 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is TSCD from its 52-week high?
The Siam Cement Public Company Limited trades at 0.9300 SGD, about 11% below its 52-week high of 1.04 SGD and 45% above the low of 0.6404 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 0.7600 SGD is for.
Which stocks are comparable to The Siam Cement Public Company Limited?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, UltraTech Cement Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is The Siam Cement Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 0.9300 SGD, calculated fair value 0.7600 SGD (−18%), Quality Score 62/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TSCD calculated?
We run The Siam Cement Public Company Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.7600 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. The Siam Cement Public Company Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of The Siam Cement Public Company Limited (TSCD)?
The closing price on Oct 2, 2026 was 0.9300 SGD. Our model-based fair value is 0.7600 SGD, about −18% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with The Siam Cement Public Company Limited right now?
Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of The Siam Cement Public Company Limited
How large is the market capitalisation of The Siam Cement Public Company Limited (TSCD)?
The market capitalisation of The Siam Cement Public Company Limited is 2.8B SGD (≈ $2.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of The Siam Cement Public Company Limited (TSCD)?
The price-to-sales ratio of The Siam Cement Public Company Limited is 1.20 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of The Siam Cement Public Company Limited (TSCD)?
Earnings per share at The Siam Cement Public Company Limited are 0.0500 SGD (price ÷ EPS = P/E 18.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of The Siam Cement Public Company Limited (TSCD)?
The dividend yield of The Siam Cement Public Company Limited is 2.1% (payout 39.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of The Siam Cement Public Company Limited (TSCD)?
The net margin of The Siam Cement Public Company Limited is 6.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of The Siam Cement Public Company Limited (TSCD)?
The return on equity (ROE) of The Siam Cement Public Company Limited is 3.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of The Siam Cement Public Company Limited (TSCD)?
On an EBIT basis the return on assets of The Siam Cement Public Company Limited is 5.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of The Siam Cement Public Company Limited (TSCD)?
The operating margin of The Siam Cement Public Company Limited is 7.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at The Siam Cement Public Company Limited (TSCD)?
Revenue at The Siam Cement Public Company Limited is growing −0.9% versus a year earlier (3y avg +2.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at The Siam Cement Public Company Limited (TSCD)?
Earnings per share at The Siam Cement Public Company Limited are growing +466% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does The Siam Cement Public Company Limited (TSCD) generate?
The free cash flow of The Siam Cement Public Company Limited is 4.9B THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does The Siam Cement Public Company Limited (TSCD) carry?
The net debt of The Siam Cement Public Company Limited is 12.6B THB (fiscal year 2025, ≈ 2.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Sep 24, 2026