The group of companies operates four main business types:
- PM&CM : Project Management & Construction Management
- Design: Architectural, Structural Engineering, M&E Engineering Interior, Historical Conservation, Infrastructure & Civil
- Quantity surveyor : Budgeting, Cost Estimation, Tender & Bidding.
- Feasibility Study : Investment Cost Revenue, Return Period.
| 3M26 | 3M25 | 2025 | 2024 |
|---|
| Revenues | 329.27 | 337.50 | 1,366.79 | 1,510.38 |
| Expenses | 318.47 | 330.82 | 1,301.18 | 1,420.26 |
| Net Profit (Loss) | 6.69 | 6.60 | 40.37 | 55.51 |
| Assets | 1,990.06 | 2,199.93 | 2,080.25 | 2,168.54 |
| Liabilities | 992.10 | 1,196.36 | 1,087.75 | 1,165.98 |
| Shareholders' Equity | 862.46 | 865.91 | 855.78 | 859.31 |
| Operating | 117.80 | -19.12 | 165.30 | 53.30 |
| Investing | -0.73 | -2.10 | -3.81 | 6.50 |
| Financing | -85.58 | 49.58 | -123.29 | -40.29 |
| EPS (Baht) | 0.01 | 0.01 | 0.07 | 0.09 |
| GP Margin (%) | 25.87 | 25.73 | 26.50 | 26.03 |
| NP Margin (%) | 1.66 | 0.30 | 2.66 | 3.82 |
| D/E Ratio (x) | 0.99 | 1.19 | 1.10 | 1.16 |
| ROE (%) | 4.68 | 5.78 | 4.71 | 6.43 |
| ROA (%) | 3.33 | 3.47 | 3.09 | 4.13 |
- Drive sustainable business growth. Focus on enhancing business competitiveness by developing employee potential.
- Seek partners to create business growth opportunities and expand service offerings. Invest in businesses related to the core business or in businesses with new knowledge or innovations.
- Expand into international customer markets.
The company has established sustainable management policies and goals, considering all stakeholders, as follows:
- Conduct business with fairness and ethics, opposing all forms of corruption, and demonstrating responsibility towards customers/partners, communities, society, and all stakeholders.
- Respect human rights and treat employees fairly, regardless of gender, race, or religion. Promote peaceful and harmonious coexistence within the organization and surrounding communities.
- Promote the use of innovation and new technologies within the organization and develop the team's professional potential to improve services and reduce environmental impact.
- Support the efficient use of natural resources and participate in environmental conservation for global sustainability.
• The group is highly credible, with over 30 years of engineering expertise and a strong track record recognized by both public and private clients, resulting in a steady backlog and long-term revenue.
• Revenue sources are well diversified across mixed-use buildings, offices, residences, warehouses, hospitals, hotels, and various infrastructure projects.
• The company has a low debt-to-equity ratio, with interest-bearing debt at only 0.3 times equity.
• The group has strengthened its capability in hospital-related projects, creating growth opportunities and expanding its client base in line with the shift toward an aging society.
The STI Group reported service revenue of THB 327.3 million for Q1/2026, compared to THB 335.1 million for Q1/2025, representing a decrease of THB 7.8 million, or 2.3% year-on-year.
The decline was primarily attributable to several large-scale public sector projects that were unable to proceed in accordance with the planned timeline. The slowdown in government projects resulted from significant changes in economic policies, as well as ongoing political uncertainty. In addition, the number of newly secured private sector projects decreased in line with the overall economic slowdown.
Nevertheless, the Group’s key existing private sector projects continue to progress steadily in accordance with the established project plans.
1.Business Risks – Revenue Volatility
Each project bidding process involves different procedures, regulations, and timeframes. In addition, external factors such as economic and political conditions may cause fluctuations in revenue across different periods. Nevertheless, the Group has established risk management strategies to mitigate these issues by diversifying its consulting engineering services across various types of projects, such as hospitals, factories, condominiums, mixed-use developments, and infrastructure projects.
2.Human Resource Risks – Dependence on Key Executives and Shortage of Experienced Personnel
The retention and development of personnel are vital. To ensure sustainable growth, the Group has implemented succession planning by grooming new executives to take over from the current leadership. Knowledge is also transferred across generations, ensuring that the workforce remains with the Group and continues to operate in the long term.
- The Company received an “Excellent” or 5-star rating in the 2025 Corporate Governance Report (CGR) of Thai Listed Companies, marking the fifth consecutive year.
- The Company achieved a perfect score of 100 points in the assessment of the “Annual General Meeting of Shareholders 2025,” for the sixth consecutive year.
| as of 30/12/25 | STI | CONS | SET |
|---|---|---|---|
| P/E (X) | 28.38 | 26.13 | 15.44 |
| P/BV (X) | 1.34 | 0.62 | 1.19 |
| Dividend yield (%) | 1.37 | 1.79 | 3.71 |
| 30/12/25 | 30/09/25 | 30/09/24 | |
|---|---|---|---|
| Market Cap (MB) | 1,145.69 | 1,326.59 | 1,965.77 |
| Price (B/Share) | 1.90 | 2.20 | 3.26 |
| P/E (X) | 28.38 | 34.29 | 30.32 |
| P/BV (X) | 1.34 | 1.57 | 2.33 |
