Seafco Public Company Limited and its subsidiaries carry out foundation and general public works construction in Thailand and internationally. Its services include small and large bored piling; rectangular, L-shaped, and T-shaped barrette piling for expressways, transmission towers, MRTA subway stations, and high-rise buildings; diaphragm walls for deep basements, underpass tunnels, deep shafts, MRTA subway stations, and cut-and-cover tunnels; and vertical drain installation. The company also operates a ground improvement business covering soil improvement, deep mixing, and jet grouting for embankment foundations of highways, canals, riverbanks, and tunnel openings. Seafco Public Company Limited was incorporated in 1974 and is headquartered in Bangkok, Thailand.
SEAFCO Pursues New Bids Worth Over 500 Million Baht as Backlog Jumps to 1.2 Billion Baht
SEAFCO is preparing to bid on new projects worth more than 500 million baht over the remainder of this year, after its order book rose to more than 1.2 billion baht from roughly 1 billion baht previously, following the award of three new projects with a combined value of about 204 million baht. These comprise environmentally friendly bored pile work and diaphragm wall retaining systems, including the Aster International School Bangkok project, with revenue expected to be gradually recognised through 2570. Dr. Narong Thasnanipan, Chief Executive Officer, said the company expects third-quarter 2569 operating results to grow compared with the same period last year, driven by a higher backlog awaiting delivery, and it is maintaining its full-year revenue target at approximately 1.8 billion baht. Meanwhile, Finansia Syrus Securities has issued a buy recommendation on SEAFCO shares with a target price of 3.50 baht, expecting third-quarter 2569 profit to grow on the back of the near-complete MRT Orange Line electric train project, with average daily concrete pouring volume at 1,212 cubic metres per day in July 2569, up 9% from the same period last year, and it expects the average gross profit margin in the third quarter of 2569 to remain above 30%.
SEAFCO.BK · Demand · Positive SEAFCO won three new projects worth about 204 million baht, lifting its backlog to over 1.2 billion baht and supporting its 1.8 billion baht revenue target.
SEAFCO.BK · Capital · Positive Finansia Syrus issued a buy recommendation with a 3.50 baht target, expecting Q3 2569 profit growth and gross margin above 30%.
Cabinet set to approve Chai Nat–Pa Sak flood diversion canal at 172 billion baht, boosting CK, STECON and ITD
The Cabinet meeting is preparing to approve the Chai Nat–Pa Sak flood diversion canal project, a scheme to solve flooding in the lower Chao Phraya basin, with construction funding of about 172 billion baht. Prime Minister Anutin Charnvirakul said the project would be considered at this Tuesday's Cabinet meeting. Thotsawan Thammasuk, an investment analyst covering securities fundamentals at Phillip Securities (Thailand) Public Company Limited, told Than Hoon that the project would be a mega-project helping to replenish the order books of construction contractors, which have declined continuously over the past one to two years, and that the bidding process and project implementation are expected to begin from next year onward. Ch. Karnchang Public Company Limited, or CK, is the stock that benefits most directly, given its experience in state infrastructure and water management works, and it should start seeing benefits from 2027 onward throughout the seven to eight year construction period. Meanwhile, STECON Group Public Company Limited, or STECON, and Italian-Thai Development Public Company Limited, or ITD, are likely to win work through contract packages, while Seafco Public Company Limited, or SEAFCO, has better prospects than Pylon Public Company Limited, or PYLON, in state foundation work. Phillip (Thailand) has not yet included this project in its valuation estimates and gives CK a fundamental target price of 21.60 baht and STECON 21.40 baht.
CK.BK · Demand · Positive CK is cited as the most direct beneficiary of the 172bn baht Chai Nat–Pa Sak flood diversion canal, replenishing its order book from 2027.
STECON.BK · Demand · Positive STECON is expected to win contract packages from the 172bn baht flood diversion canal, replenishing its order book.
ITD.BK · Demand · Positive ITD is expected to win contract packages in the 172bn baht flood diversion canal project.
SEAFCO.BK · Demand · Positive SEAFCO is seen as having better prospects than PYLON in state foundation work tied to the canal project.
PYLON.BK · Competition · Neutral PYLON is mentioned only as having weaker prospects than SEAFCO in state foundation work for the project.
Kasikorn Securities rates PYLON a Buy with 5.20 baht target on piling upcycle
Kasikorn Securities has maintained its Buy rating on PYLON, or Pylon Public Company Limited, with a target price of 5.20 baht, viewing piling work as entering an upcycle driven by data center projects and public infrastructure schemes. The call followed the KS-C-Series event titled Navigating the Piling Upcycle and Data Center Expansion on September 23, which featured Dr. Chanes Saengarayakul, the company's Chairman, as speaker and drew 21 institutional investors. Management guided that excavation volume in the third quarter of 2026 will reach 100,000 cubic meters, compared with 77,900 cubic meters in the second quarter of 2026, and expects third-quarter 2026 revenue of 531 million baht, up 40% year on year and 28% quarter on quarter, while normal profit is forecast at 115 million baht, up 85% year on year and 45% quarter on quarter, with a gross margin of 32%. For 2027, GPM is expected to remain high at around 25%, driven by data center projects, the Double Deck elevated expressway project worth 35 billion baht, and the M5 motorway worth 30 billion baht. Together, those two projects could generate roughly 4.6 billion baht in piling work, and if the work is split evenly among the three registered piling contractors, that would mean about 1.5 billion baht per player, against PYLON's annual revenue-generating capacity of 2 billion baht. PYLON has recently signed NDAs for four data center projects and expects bidding to open soon, and if several projects start at the same time, the value of the work could exceed the company's annual revenue-generating capacity. The stock currently trades at a 2026 forward PER of just 9.75 times and offers a dividend yield of 9.9%, against a historical average of 16 times, while SEAFCO trades at a PER of 7.3 times and offers a dividend yield of 6.9%. Key risks include delays in government budget disbursement and a slow recovery in private-sector investment.
PYLON.BK · Capital · Positive Kasikorn Securities maintains Buy rating on PYLON with 5.20 baht target, citing piling upcycle and cheap 9.75x forward PER.
PYLON.BK · Demand · Positive Management guides Q3 2026 revenue up 40% YoY on data center projects, Double Deck expressway, and M5 motorway piling work.
SEAFCO.BK · Competition · Neutral SEAFCO is mentioned only as a comparison, trading at 7.3x PER with a dividend yield, in the context of PYLON's valuation.
SEAFCO expects continued growth in Q3 2026, presses ahead with Orange Line piling, backlog at 1 billion baht
SEAFCO is signalling continued growth in the third quarter of 2026 following the second quarter of 2026, with most revenue still coming from construction work on the MRT Orange Line project, which will proceed gradually through the end of this year or early next year, while the company maintains an average concrete pouring rate of about 1,200 cubic metres per day. Dr. Narong Thasnanipan, Chief Executive Officer and Managing Director, told the Stock Vision news team that the current backlog stands at approximately 1 billion baht, enough to support average revenue of 400 to 500 million baht per quarter without having to rush into new work simply to boost the short-term backlog. As for the Expressway Authority of Thailand's accelerated plan for 11 expressway projects, three of which are expected to be put out to tender in 2027 with a combined value of 66 billion baht, namely N2, Double Deck and the Phuket expressway, the company sees opportunities in foundation work, particularly the Double Deck project, but still needs clarity on the tender opening and the name of the main contractor. The company continues to focus on managing its workforce in line with its workload amid a tight construction labour market, and does not yet need to invest in additional new machinery. The rainy season and rising oil prices have had a limited impact, since oil costs account for less than 1% of total costs.
SEAFCO.BK · Demand · Positive SEAFCO expects continued Q3 2026 growth with ~1 billion baht backlog and steady MRT Orange Line piling work supporting 400-500 million baht quarterly revenue.
The Cabinet has approved three projects under the second phase of the southern dual-track railway, with a total investment of 107 billion baht. Construction is expected to begin in the third quarter of 2027. Meanwhile, public and private sector projects are boosting contractors, especially foundation works which offer high margins. Analysts recommend CK, STECON, PYLON, and SEAFCO.
SEAFCO backlog 1,006 million baht, eyeing new work worth 8,463 million baht
Seafco or SEAFCO revealed a backlog of 1,006.43 million baht, while also eyeing new bids totaling 8,463.96 million baht. The company expects to secure additional new work of about 1,000 million baht in the next 1-2 quarters and plans to distribute medium and small foundation projects across the country. Meanwhile, the board approved an interim dividend of 0.08 baht per share, with the XD date set for August 27.
SEAFCO first-half net profit 205.65 million baht, up 897%
Seafco Public Company Limited, or SEAFCO, reported first-half 2026 net profit of 205.65 million baht, up 897% from a loss of 25.79 million baht in the same period last year. Total revenue rose 70.78%, driven by progress on construction projects as planned and efficient machinery utilisation. The board approved an interim dividend of 0.08 baht per share, with the stock set to trade ex-dividend on 27 August 2026 and payment on 11 September 2026. The company currently has a backlog of 1,006.43 million baht, sufficient to support work through the end of 2026, and plans to accelerate bidding for new projects to support operations into the first half of 2027.
SEAFCO.BK · Capital · Positive First-half net profit surged 897% to 205.65 million baht from a loss, with revenue up 70.78% and an interim dividend approved.
Thailand