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STECON Group Public Company Limited (STECON.BK)

Q3 2026
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STECON rides data-center boom with record backlog and new unit

  • Data-center unit and record backlog STECON created a dedicated data-center unit and holds a record ~116.4bn baht backlog, riding Thailand's data-center and infrastructure boom. This gives multi-year revenue visibility and positions the company in a fast-growing sector.

    This is the core new strategic move and backlog milestone that drove the quarter.

  • Strong Q2 profit and revenue growth Q2 profit jumped 78% to 911mn baht, with revenue up 16.5%. The strong earnings beat likely boosted investor confidence and supported the stock price during the quarter.

    Earnings growth is a direct fundamental driver of price performance.

  • State project approvals and bond offering State approvals for U-Tapao, a southern railway, and a flood canal, plus 85bn baht of bids and a 3.30% bond offering, support expansion. Brokers raised targets as high as 24.90 baht, and a labour MOU eases cost pressure.

    These developments underpin growth prospects and financing, influencing analyst targets and investor sentiment.

  • Risks: unsecured bids, regulation, policy continuity Growth depends heavily on unsecured bids and data-center wins. Tighter data-center regulation briefly knocked shares 6%, and political/policy continuity could delay projects. These risks may cap upside or cause volatility.

    These are the main counterweights that could pressure the stock price.

September 2026
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STECON rides record backlog and state project approvals

  • State project approvals boost pipeline The cabinet approved support for U-Tapao airport (STECON holds 20% of the concessionaire), a 107bn baht southern railway (analysts expect ~21bn for STECON), and a 172bn baht flood canal. These approvals signal strong future work.

    New government approvals directly expand STECON's addressable project pipeline.

  • Record backlog and new contracts signed STECON signed 10bn baht in new projects, lifting its backlog to a record 116.4bn baht. Another 70bn baht is expected from data centers and power plants, providing multi-year revenue visibility.

    Record backlog and new signings underpin future earnings growth.

  • CEO raises 2026 revenue outlook The CEO says 2026 revenue will beat the 35bn baht target, with 2027 starting a new growth cycle. Brokers upgraded the stock, citing data-center exposure and political stability after the Constitutional Court ruling.

    Management guidance and broker upgrades directly lift investor expectations.

  • Risks from unsecured bids and policy continuity Much of the growth depends on anticipated, not yet secured, bids and data-center wins. Political and policy continuity remains a dependency, which could delay projects if the situation changes.

    This counterweight highlights that the positive outlook is not guaranteed.

Latest
▲4

STECON's record backlog and data-center wins drive new growth cycle

  • Record backlog and new contracts STECON signed new projects worth 10 billion baht, lifting its backlog to 116.4 billion baht, and expects another 70 billion baht mainly from data centers and power plants. This gives revenue visibility and supports the share price.

    This is the most concrete new operational update that directly boosts future earnings.

  • CEO confirms 2026 revenue to exceed target The CEO said 2026 revenue will exceed the 35 billion baht target and 2027 marks the start of a new growth cycle, driven by data centers, infrastructure, and government megaprojects. This strengthens investor confidence in future profits.

    Management guidance is a key new signal that directly influences earnings expectations.

  • New water megaprojects and flood-relief budget The cabinet approved a 172 billion baht flood diversion canal and a 4.73 billion baht flood relief budget, with STECON named as a likely beneficiary. These projects replenish order books and support medium-term revenue.

    These are new large-scale government projects that expand STECON's addressable market.

  • Broker upgrades and political stability KGI and Asia Plus recommend STECON as a top pick, citing data-center exposure and laggard status. The Constitutional Court ruling on election barcodes removed political uncertainty, supporting policy continuity for contractors.

    Broker endorsements and reduced political risk attract buyers and support the share price.

▲4

STECON wins fresh state-project and data-center momentum

  • Cabinet clears U-Tapao support measures The cabinet approved tax breaks and special visas to speed up the U-Tapao airport and Eastern Aviation City project. STECON owns 20% of the concessionaire, so work already in its order book now converts to revenue faster, lifting earnings sooner.

    New government action directly accelerates revenue for a project STECON part-owns.

  • 107bn baht southern railway approved The cabinet approved three southern dual-track railway routes worth 107 billion baht, with bidding due late 2026 to early 2027. Analysts expect STECON to win about 21 billion baht of that work, adding to its future order book.

    A large new pipeline of state contracts where STECON is named a likely winner.

  • Broker upgrades on data-center pipeline Finansia Syrus upgraded STECON to Buy and raised 2027-2028 profit forecasts by 44% and 40%, expecting hyperscale data-center wins in late 2026. It set a 22.50 baht target. Higher forecasts and fresh buying interest support the share price.

    A new analyst upgrade with sharply higher profit forecasts is a direct price catalyst.

  • 2027 budget unlocks state investment Asia Plus says the passed 3.788 trillion baht fiscal 2027 budget, with 789 billion baht for investment, starts a new wave of public works. It names STECON a top contractor pick, as roads, rail and ports refill order books over the next two to three years.

    New budget approval is a broad, multi-year demand driver for STECON's core business.

August 2026
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STECON profit jumps, backlog tops 100bn baht, target raised to 24.90

  • Q2 profit surges 78% on data-center and government work STECON's second-quarter profit rose 78% to 911 million baht, with revenue up 16.5% to 10.26 billion baht. Growth came from data-center and clean-energy projects plus cost control. This confirms the company is converting its order book into real earnings, which supports the share price.

    This is the core new financial result that shows the business is performing and justifies higher valuation.

  • Backlog stays above 100 billion baht, new bids worth 85 billion baht STECON's order backlog is 114-116 billion baht, enough work for about three years. It is bidding for over 85 billion baht of new projects, including three data centers worth 49.8 billion baht and power plants worth 16 billion baht. A large pipeline of future work reduces uncertainty about revenue.

    Backlog and bidding pipeline are the main drivers of future revenue and profit, directly affecting the stock's outlook.

  • Brokers raise target prices, stock jumps on strong results After Q2 results beat expectations, Krungsri raised its target price to 24.90 baht from 20.60 baht, and Kasikorn maintained a buy with a 20.62 baht target. STECON shares rose 4.4% to 19.00 baht as construction stocks led gains. Higher targets and buying interest push the price up.

    Analyst upgrades and positive price reaction show the market is re-rating the stock upward based on new information.

  • Data-center regulation risk weighs, but seen as short-term STECON shares fell 6% on news the government may tighten controls on data-center projects, a key growth area. However, brokers view the impact as short-term and say stricter oversight could benefit the supply chain long-term. This is a real risk but not expected to derail the growth story.

    This is the main counterweight to the positive drivers, showing a potential regulatory headwind that could cap gains.

▲3

STECON profit jumps, backlog tops 100bn baht, target raised to 24.90

  • Q2 profit surges 78% on data-center and government work STECON's second-quarter profit rose 78% to 911 million baht, with revenue up 16.5% to 10.26 billion baht. Growth came from data-center and clean-energy projects plus cost control. This confirms the company is converting its order book into real earnings, which supports the share price.

    This is the core new financial result that shows the business is performing and justifies higher valuation.

  • Backlog stays above 100 billion baht, new bids worth 85 billion baht STECON's order backlog is 114-116 billion baht, enough work for about three years. It is bidding for over 85 billion baht of new projects, including three data centers worth 49.8 billion baht and power plants worth 16 billion baht. A large pipeline of future work reduces uncertainty about revenue.

    Backlog and bidding pipeline are the main drivers of future revenue and profit, directly affecting the stock's outlook.

  • Brokers raise target prices, stock jumps on strong results After Q2 results beat expectations, Krungsri raised its target price to 24.90 baht from 20.60 baht, and Kasikorn maintained a buy with a 20.62 baht target. STECON shares rose 4.4% to 19.00 baht as construction stocks led gains. Higher targets and buying interest push the price up.

    Analyst upgrades and positive price reaction show the market is re-rating the stock upward based on new information.

  • Data-center regulation risk weighs, but seen as short-term STECON shares fell 6% on news the government may tighten controls on data-center projects, a key growth area. However, brokers view the impact as short-term and say stricter oversight could benefit the supply chain long-term. This is a real risk but not expected to derail the growth story.

    This is the main counterweight to the positive drivers, showing a potential regulatory headwind that could cap gains.

July 2026
▲4

STECON rides data-center and infrastructure investment wave, with bond funding and labour relief

  • Data-center boom drives new orders Thailand's data-center investment surge is creating a major new market for STECON. The company set up a dedicated data-center construction unit, and analysts expect it to win building and engineering work from projects like True IDC's planned 67-billion-baht facility. This adds fresh demand beyond its traditional construction business.

    This is the core new growth driver lifting STECON's outlook and target price.

  • Strong backlog and analyst upgrade STECON's order backlog stands at about 123 billion baht, including the 27-billion-baht U-Tapao airport project, and it won new electric-bus upgrade work. An analyst raised the target price to 20.50 baht from 16.40 baht and lifted profit forecasts, citing better margins and recovering private investment.

    Shows the fundamental earnings and valuation support behind the stock.

  • Bond offering funds expansion STECON is offering three-year bonds at 3.30% interest from August 3-5, rated BBB+ with a stable outlook, to fund new business expansion and reduce reliance on volatile construction contracting. This gives the company capital to pursue data-center and other new projects.

    Explains how STECON is financing its pivot into new growth areas.

  • Labour MOU eases cost pressure A new MOU extending employment for over four million Myanmar workers by five years helps unlock Thailand's labour bottleneck. InnovestX names STECON among stocks benefiting from more stable labour cost management, which matters for a labour-intensive contractor.

    Addresses a key cost risk for construction contractors like STECON.

▲4

STECON rides data-center and infrastructure investment wave, with bond funding and labour relief

  • Data-center boom drives new orders Thailand's data-center investment surge is creating a major new market for STECON. The company set up a dedicated data-center construction unit, and analysts expect it to win building and engineering work from projects like True IDC's planned 67-billion-baht facility. This adds fresh demand beyond its traditional construction business.

    This is the core new growth driver lifting STECON's outlook and target price.

  • Strong backlog and analyst upgrade STECON's order backlog stands at about 123 billion baht, including the 27-billion-baht U-Tapao airport project, and it won new electric-bus upgrade work. An analyst raised the target price to 20.50 baht from 16.40 baht and lifted profit forecasts, citing better margins and recovering private investment.

    Shows the fundamental earnings and valuation support behind the stock.

  • Bond offering funds expansion STECON is offering three-year bonds at 3.30% interest from August 3-5, rated BBB+ with a stable outlook, to fund new business expansion and reduce reliance on volatile construction contracting. This gives the company capital to pursue data-center and other new projects.

    Explains how STECON is financing its pivot into new growth areas.

  • Labour MOU eases cost pressure A new MOU extending employment for over four million Myanmar workers by five years helps unlock Thailand's labour bottleneck. InnovestX names STECON among stocks benefiting from more stable labour cost management, which matters for a labour-intensive contractor.

    Addresses a key cost risk for construction contractors like STECON.

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