0237 GMT - SCG Packaging could have a decent earnings growth outlook in 2023 despite rising competition, Nomura analysts Ahmad Maghfur Usman and Bineet Banka say in a note. The Thai packaging company's sales volumes could be weighed by increased competition from Chinese manufacturers, the analysts say, as they cut their 2023 earnings assumptions by 23%. Despite rising competition, the Japanese investment bank reckons SCG's earnings could strengthen in 2H, as China's reopening means demand for packaging has increased, which is positive for selling prices across the board. Nomura cuts its target price to THB57.50 from THB64.70 and keeps its buy rating. Shares last closed 1.1% lower at THB44.75. (yiwei.wong@wsj.com)
(END) Dow Jones Newswires
April 16, 2023 22:37 ET (02:37 GMT)
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