Deutsche Bank raises target price of Siam Cement to THB436 from THB331, based on earnings growth forecasts of 8% for 2010, 24% for both 2011 and 2012. As $4.5bn capacity expansion program of past 5 years tails off, Siam Cement well positioned for transition in global petrochem cycle from trough to recovery. In view of 88% enlargement of Siam Cement’s petrochem capacity by 2012, larger proportion of higher margin products, house forecasts Siam Cement’s petrochem EBITDA to be flat this year but grow by 31%, 36% respectively for 2011, 2012. Also, demand recovery for cement, stable paper business expected to help boost bottom lines.