On Friday at 11:42 AM (Bangkok time), the share price of PTT Global Chemical Public Company Limited (SET: PTTGC) soared by 7.04% or THB 1.40 to THB 21.30, with a trading value of THB 422.22 million.
The Siam Cement Public Company Limited (SET: SCC) rose by 4.69% or THB 8.00 to THB 178.50, with a trading value of THB 981.57 million.
Indorama Ventures Public Company Limited (SET: IVL) expanded by 5.94% or THB 1.20 to THB 21.40, with a trading value of THB 305.32 million.
PTT Exploration and Production Public Company Limited (SET: PTTEP) grew by 0.93% or THB 1.00 to THB 109.00, with a trading value of THB 195.85 million.
Star Petroleum Refining Public Company Limited (SET: SPRC) escalated by 1.94% or THB 0.10 to THB 5.25, with a trading value of THB 21.63 million.
Bangchak Corporation Public Company Limited (SET: BCP) gained 1.69% or THB 0.50 to THB 30.00, with a trading value of THB 40.33 million.
Maybank Securities (Thailand) states that ‘China Play’ stocks, particularly those in the petrochemical and energy sectors, have shown a positive response to recent developments following the first round of trade talks between the U.S. and China last week, which eased trade tensions between the two countries. In addition, China’s government has introduced new economic stimulus measures.
Beneficiaries among the group include petrochemical firms like PTTGC, IVL, SCGP, and SCC, as well as oil and refinery companies such as PTTEP, SPRC, and BCP.
Krungsri Securities (KSS) notes that the Chinese government is preparing a series of measures to support its real estate sector, including the relaunch of the Shanty Town Redevelopment program. This initiative has fueled market expectations of fresh financial injections to revive the property market.
The plan could include resuming 2015-era policies such as expediting new home construction, providing cash compensation for households, and delivering liquidity support to smaller cities. As a result, Chinese property stocks saw their biggest rally in nine months, with the Bloomberg Intelligence Index for the sector jumping as much as 11%, Logan Group soaring by 85% and Sino-Ocean climbing by 37%.
The analyst sees the development as a positive catalyst that could also benefit Thai stocks with exposure to China, such as SCGP, SCC, and IVL.
Regarding PTTGC, KSS expects the company’s loss in 2Q25 to narrow compared to the previous quarter, with support from a positive trajectory in the latter half of the year.
Those include continued reduction in fixed costs for its petrochemical business and increased access to low-cost ethane feedstock, as well as an improved financial position following divestment of non-core assets and recognition of one-time tax-free gains (not yet included in KSS’ forecasts).
Additional tailwinds include the positive sentiment from China’s fiscal stimulus and a 2.4% drop in average oil prices, which supports product spread prospects going forward.
For SCC, net profit in the second quarter of 2025 is projected to be the highest of the year, surging 321% year-on-year and quarter-on-quarter, mainly due to one-time gains (mostly non-cash).
Even excluding these, the company’s normalized profit is expected to rise by 246% quarter-on-quarter, supported by a recovery in margins across cement and petrochemical businesses and dividend payouts.
