0059 GMT - SCG Packaging may post weak 4Q core earnings, mainly because China's zero-Covid policy pressured packaging demand and packaging prices, say UOB Kay Hian analysts in a research report. The Thai packaging company's cost of goods sold fell only 7.9% on quarter in 4Q due to slower decline in raw material prices, says the brokerage. Its 1Q 2023 core earnings may also be sluggish owing to the prolonged impact from the high number of Chinese Covid-19 cases together with long Lunar New Year holiday, says the brokerage. It lowers the stock's rating to hold from buy with an unchanged target price of THB60.00. Shares closed 0.4% higher at THB56.75 on Thursday. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 12, 2023 19:59 ET (00:59 GMT)
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