Company Coverage
Stecon Group (STECON TB) - 3Q26 Results Preview: Construction Revenue To Grow Further In 4Q26
BUY (Maintained)
Current price:
Target price:
Upside:
Bt18.20
Bt22.00
+20.88%
Analyst
Analyst
Panjarat Thaweesriprasert
Highlights
- We expect STECON’s 3Q26 earnings to come in at Bt281m (+72% yoy, -69% qoq).
- Further clarifications on DC regulations should support potential DC projects.
- Maintain BUY with an unchanged target price of Bt22.00.
Analysis
- 3Q26 earnings to grow yoy. We expect STECON Group (STECON) to report 3Q26 net profit of Bt281m, up 72% yoy but down 69% qoq. The yoy improvement should be driven by higher construction revenue, while the qoq decline reflects the absence of Bt736m in dividend income from Gulf Development (GULF) that was recorded in 2Q26. Excluding non-recurring dividend income and other adjustments, we expect core profit to reach Bt305m, up 84% yoy and 54% qoq.
- Construction revenue expected to grow yoy and qoq. We expect construction revenue to increase 33% yoy and 6% qoq to Bt9.89b, supported by progress in ongoing projects, particularly data centres (DC), the Orange and Purple Lines, and energy-related projects. We expect higher revenue recognition in 4Q26 as construction progress accelerates, reaching a yearly high.
Highlights
- We expect STECON’s 3Q26 earnings to come in at Bt281m (+72% yoy, -69% qoq).
- Further clarifications on DC regulations should support potential DC projects.
- Maintain BUY with an unchanged target price of Bt22.00.
Analysis
- 3Q26 earnings to grow yoy. We expect STECON Group (STECON) to report 3Q26 net profit of Bt281m, up 72% yoy but down 69% qoq. The yoy improvement should be driven by higher construction revenue, while the qoq decline reflects the absence of Bt736m in dividend income from Gulf Development (GULF) that was recorded in 2Q26. Excluding non-recurring dividend income and other adjustments, we expect core profit to reach Bt305m, up 84% yoy and 54% qoq.
- Construction revenue expected to grow yoy and qoq. We expect construction revenue to increase 33% yoy and 6% qoq to Bt9.89b, supported by progress in ongoing projects, particularly data centres (DC), the Orange and Purple Lines, and energy-related projects. We expect higher revenue recognition in 4Q26 as construction progress accelerates, reaching a yearly high.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt18.20
Bt22.00
+20.88%
Analyst
Analyst
Panjarat Thaweesriprasert
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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