Yuanta says contractors are entering a new investment cycle, picks CK as top stock with a 27.00 baht target

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Yuanta Securities assesses that the construction contractor sector is entering a new investment cycle, selecting CK as its top pick with a target price of 27.00 baht, as it expects the company to benefit most from an acceleration in government projects. The company plans to bid on government projects worth a combined total of more than 770 billion baht, which will help build long-term earnings visibility, and it also has the opportunity to win additional data center work in the future. Meanwhile, public infrastructure projects in the pipeline are worth more than 1.32 trillion baht, while private investment is also growing strongly. For CK, normal profit in the second half of 2026 is expected to grow compared with the first half, driven by its share of profit from CKP and BEM, though it will still decline from a year earlier due to the high base. As for STECON, profit is expected to soften compared with the high base in the first half, but construction revenue is expected to grow from the first half on faster recognition of data center revenue. The research team maintains its overweight weighting on the construction contractor sector, given its positive view on the start of a new government investment cycle after political uncertainty began to ease and mega projects gradually moved into the bidding and construction phase, as well as growth in private investment, especially data centers, which will replenish backlogs and support revenue growth going forward.

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Yuanta names CK top pick with 27.00 baht target, expecting it to benefit most from accelerating government projects and potential data center work.

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