Main businesses is in steel structure fabrication, piping fabrication, module and other fabricated steel products for construction business, gas separation plant, Infrastructure including the dismantling of all types of buildings related to the oil industry, natural gas and petroleum industry. It also operates other businesses such as being a sales agent for construction and industrial machinery, property development, Solar Roof, etc.
| 2023 | 2022 | 2021 | 2020 |
|---|
| Revenues | 4,055.59 | 3,883.09 | 2,617.51 | 1,982.09 |
| Expenses | 3,867.83 | 4,057.86 | 2,264.49 | 3,069.52 |
| Net Profit (Loss) | 200.99 | -144.90 | 320.30 | -836.68 |
| Assets | 12,243.92 | 11,132.87 | 11,678.12 | 12,667.56 |
| Liabilities | 4,423.72 | 3,384.38 | 3,721.62 | 4,996.58 |
| Shareholders' Equity | 7,696.46 | 7,548.37 | 7,715.36 | 7,383.18 |
| Operating | 835.82 | -264.49 | 1,146.25 | -308.14 |
| Investing | -1,609.03 | -70.08 | 964.50 | 502.51 |
| Financing | 695.97 | -294.01 | -1,720.01 | -768.38 |
| EPS (Baht) | 0.13 | -0.09 | 0.20 | -0.52 |
| GP Margin (%) | 12.63 | 4.90 | 15.09 | 4.38 |
| NP Margin (%) | 3.07 | -4.92 | 10.45 | -55.51 |
| D/E Ratio (x) | 0.57 | 0.44 | 0.47 | 0.65 |
| ROE (%) | 2.64 | -1.90 | 4.24 | -10.56 |
| ROA (%) | 1.55 | -1.29 | 4.06 | -8.53 |
To be a leader in hi-technology steel construction for mega project around the world with all-time competitiveness. The Company’s strategy for sustainable growth are as follows:
- Concentrated on customer satisfaction, on-time delivery, and no Loss Time Injury
- Efficient management and people
- Maintain strong financial position and management
- Seeking new businesses that continuously generated income growth business in renewable energy industry and property development and logistics. And businesses that provide investment returns suitable for the current competitive environment.
- Manage Sustainable organizational by providing the education to employees.
In addition, the Company has given importance to social responsibility and taking into account on safety, health and environment both in the production process and in parts that may be affected by the production process. This is in line with the needs of most customers, both domestically and internationally, who pay more attention to safety, health and environment. The Company has set a goal to improve and reduce the number of accidents arising from work every year. The Company must maintain a good level of the statistics of working hours without accidents causing lost time injury and maintain accepting from customers.
At present, the Company has received projects that produce steel structure installation both domestic and export. For 2023, the proportion of export and domestic of fabrication work is 91% and 9%, respectively. The Company has expanded to continued revenue structure businesses by having a total of 13 subsidiaries, 2 associates and 2 joint ventures that will encourage the group of company to generate continuous income with a focus on renewable energy business, property development and logistics business, and solar roof business.
With an annual steel fabrication capacity of 80,000 – 100,000 tons per year, STP&I is one of the largest steel fabricators in Thailand. The Company is able to support both domestic and overseas markets in medium-scale to large-scale projects. STP&I has obtained Quality Management Certificate of ISO 9001 : 2015, and JSA Grade “H” increasing confidence in the Company’s quality control and customer’s satisfaction. The Company has also been certified ISO 14001:2015 and ISO 45001:2018 in Occupational Health and Safety Management and the Environmental Management system standards.
For 2023, the Company reported total revenue from operation of Baht 3,888 million; increased by 3.52% YoY. Wellhead platform dismantling services which have started since the Q3/2023 and the higher sales of machinery, have contributed to Baht 289 million increase YoY in the revenue from sales and services. Revenue from rental of real estates also increased approximately 15.47% YoY due to more warehouse area for rent.
In 2023, the Company had gross profit from operations equal to Baht 682 million or 17.54% margin, which improved substantially from 9.94% margin YoY, mainly because fabrication division was able to agree on the additional contract value with the main project employer.
The Company reported a Net Profit attributable to the shareholders of Baht 201 million for the year 2023, which improved significantly from a Net Loss of Baht 145 million of 2022.
- Continuous receiving project works and having the competitiveness for getting more types of works
At the beginning of 2023, the Company has signed 2 new project contracts for Wellhead Platform Decommissioning, totaling contract value of approximately Baht 1,845 million. And from the end of 2023 to the beginning of 2024, the Company has signed 4 new project contracts, total value approximately Baht 2,543 million.
- Expanded Renewable Energy Business
In January 2023, the Company invested in Monsoon Wind Power Company Limited (MWPCL) 600 MW Monsoon Wind Power Project in Lao PDR, which operate in production and sale of electricity according to the power purchase agreement with Vietnam Electricity, by established new subsidiary to purchase 49% of ordinary shares in Impact Monsoon Holdings Limited (IMH), which is an indirect shareholder of MWPCL in the proportion of 15.87%.
In December 2023, the Company has invested 50% of its solar power generation business in Impact Solar Group Limited ("ISG"). After acquiring the ISG’s shares, the Company will be the ultimate shareholder in the proportion of 50% of the Impact Solar Group (Thailand) Co., Ltd. (“ISGT”) paid-up capital and 25.52% of the Impact Solar Co., Ltd. (“ISL”) paid-up capital.
- The Company manage risks of revenue fluctuation by focusing on maintaining the quality of project work with standards and safety delivery of work according to the contract for customers to assign new work to the company, and increase the proportion of recurring income by expanding property development and renewable energy businesses.
- Manage risks of raw material shortages and price fluctuations by monitoring the price situation closely and negotiate with manufacturers or steel suppliers to maintain steel prices or adjust prices as reasonable as possible.
- Manage risk of exchange rate fluctuations by managing income and expenses in the same currency (Natural Hedge) along with using various tools for hedging risks in advance such as forward, options, etc.
| as of 28/12/23 | STPI | CONS | SET |
|---|---|---|---|
| P/E (X) | 39.05 | 267.75 | 18.42 |
| P/BV (X) | 0.65 | 0.92 | 1.36 |
| Dividend yield (%) | - | 1.83 | 3.32 |
| 28/12/23 | 30/12/22 | 30/12/21 | |
|---|---|---|---|
| Market Cap (MB) | 5,156.22 | 6,759.30 | 10,398.92 |
| Price (B/Share) | 3.22 | 4.16 | 6.40 |
| P/E (X) | 39.05 | 607.39 | - |
| P/BV (X) | 0.65 | 0.87 | 1.35 |
