Company Coverage
Stecon Group (STECON TB): 2Q26: Results In Line; Dividend Income Supported Earnings While Core Profit Continued To Improve
BUY (Upgraded)
Current price:
Target price:
Upside:
Bt16.80
Bt20.00
+20.48%
Analyst
Analyst
Panjarat Thaweesriprasert
Highlights
STECON reported 2Q26 net profit of Bt911m, +77.8% yoy and +159.8% qoq.
STECON is positioning for new growth through DCs and energy-related investments.
Upgrade to BUY with an unchanged target price of Bt20.00.
Analysis
2Q26 results grew yoy and qoq. Stecon Group (STECON) reported a net profit of Bt911m, up 77.8% yoy and 159.8% qoq. The results are in line with our and consensus expectations. The significant improvement was mainly driven by Bt736m in dividend income from Gulf Energy Development (GULF). Excluding this, core profit was Bt198m, up 89.7% yoy and 13.8% qoq.
Revenue rose yoy and qoq. 2Q26 revenue came in at Bt9.49b, up 8% yoy and 30% qoq, led by revenue from construction contracts, driven by DC and clean energy projects. Meanwhile, revenue from sales and services increased significantly by 155% yoy and 221% qoq respectively, driven by new projects secured by the company’s subsidiaries and the subsequent revenue recognition.
Highlights
STECON reported 2Q26 net profit of Bt911m, +77.8% yoy and +159.8% qoq.
STECON is positioning for new growth through DCs and energy-related investments.
Upgrade to BUY with an unchanged target price of Bt20.00.
Analysis
2Q26 results grew yoy and qoq. Stecon Group (STECON) reported a net profit of Bt911m, up 77.8% yoy and 159.8% qoq. The results are in line with our and consensus expectations. The significant improvement was mainly driven by Bt736m in dividend income from Gulf Energy Development (GULF). Excluding this, core profit was Bt198m, up 89.7% yoy and 13.8% qoq.
Revenue rose yoy and qoq. 2Q26 revenue came in at Bt9.49b, up 8% yoy and 30% qoq, led by revenue from construction contracts, driven by DC and clean energy projects. Meanwhile, revenue from sales and services increased significantly by 155% yoy and 221% qoq respectively, driven by new projects secured by the company’s subsidiaries and the subsequent revenue recognition.
BUY (Upgraded)
Current price:
Target price:
Upside:
Bt16.80
Bt20.00
+20.48%
Analyst
Analyst
Panjarat Thaweesriprasert
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