On Tuesday, the share price of Stecon Group Public Company Limited (SET: STECON) at the time of 11:13 a.m. was at THB 18.60, a THB 0.70 or 3.91% increase, with a total trading value of THB 381.07 million.
Finansia Syrus Securities stated that STECON’s performance outlook in the second half of 2026 is supported by several positive factors, particularly new project wins from both the private and public sectors, as well as an expected significant increase in revenue from the data center business.
The primary supporting factor is new project wins from the private sector, specifically three data center projects with a combined value of approximately THB 50 billion and power plant projects valued at about THB 16 billion. This will support new project intake in 2026 toward achieving its THB 50 billion target and is expected to push the total backlog to approximately THB 120 billion by the end of 2026.
Meanwhile, there is also support from the progress of public investment projects after the Cabinet passed a resolution on September 1, 2026, approving Phase 2 of the Southern Double-Track Railway project covering three routes with a total value of roughly THB 107 billion, which is expected to open for bidding in early 2027.
Regarding operating performance, Finansia expects STECON’s construction revenue to accelerate in 3Q26 and peak in 4Q26, while normalized profit in the second half of 2026 is projected to grow compared to the same period last year.
Regarding the Data Center Business Policy Committee’s resolution on September 4, 2026, to delay Data Center construction processes and project approvals to establish central guidelines and standards within one month, Finansia assesses that this measure will not impact STECON’s ongoing projects, as all four projects are located outside Bangkok.
Furthermore, a positive view remains on medium- to long-term data center investment as several large-scale projects have already been approved, with most planned for development in industrial estate areas. Meanwhile, the new regulations may act as an indirect positive factor for domestic operators by establishing clearer competitive standards and reducing the advantage of foreign operators, particularly those from China.
Finansia maintains its 2026 normalized profit forecast for STECON at THB 1,480 million (up 47% YoY), while revising up its 2027 – 2028 profit estimates by 44% and 40% to THB 1,740 million (up 18%) and THB 1,840 million (up 6%), respectively.
This upward revision is mainly due to increasing revenue assumptions to THB 50.8 billion in 2027 and THB 53 billion in 2028 from approximately THB 35 billion in 2026. This reflects the assumption that STECON will secure three data center projects in 2H26 with a combined value of approximately THB 50 billion and a construction timeline of 15 – 20 months.
Additionally, it incorporates dividend income from a 10% equity stake in a data center project in Chonburi Province, which is expected to begin recognizing approximately THB 180 – 190 million annually starting in 4Q26.
Finansia upgraded its recommendation on STECON to “Buy” from “Hold”, with a revised 2027 target price of THB 22.50 based on a target PBV of 1.5x (equivalent to a 2027 PER of 19.6x). The firm considers STECON well-positioned as a key beneficiary of growing data center investments and the recovering public investment cycle.
