STECON Group is one of Thailand's leading construction contractors, covering five segments: infrastructure, buildings, energy, industry, and environment. The Company also invests in other businesses to expand into next-generation infrastructure, including utilities, energy, data centers, and logistics, building a diversified, sustainable revenue base
| 6M26 | 6M25 | 2025 | 2024 |
|---|
| Revenues | 17,592.87 | 15,993.62 | 34,219.15 | 30,345.58 |
| Expenses | 15,918.00 | 14,765.83 | 31,527.42 | 32,151.86 |
| Net Profit (Loss) | 1,261.79 | 853.60 | 1,948.12 | -2,357.39 |
| Assets | 63,489.98 | 50,900.67 | 56,249.47 | 51,516.37 |
| Liabilities | 42,080.60 | 35,511.57 | 39,198.43 | 33,673.17 |
| Shareholders' Equity | 20,981.76 | 14,967.44 | 16,634.39 | 17,411.11 |
| Operating | 18.93 | 1,206.50 | 3,148.77 | -1,445.00 |
| Investing | 764.65 | -1,034.12 | -2,650.24 | -2,251.39 |
| Financing | 667.62 | 638.04 | 879.94 | 2,024.04 |
| EPS (Baht) | 0.84 | 0.56 | 1.30 | -1.55 |
| GP Margin (%) | 7.57 | 7.38 | 7.36 | -0.39 |
| NP Margin (%) | 7.15 | 5.39 | 5.69 | -7.87 |
| D/E Ratio (x) | 1.97 | 2.31 | 2.30 | 1.89 |
| ROE (%) | 13.11 | -2.22 | 11.44 | -13.54 |
| ROA (%) | 5.27 | -0.11 | 4.63 | -4.46 |
The Company's business plan is as follows:
- Investment plan for new businesses aligned with a sustainable growth strategy: priority is given to building recurring income and entering high-growth businesses (new S-curve) to strengthen competitiveness, reduce risk, and broaden revenue opportunities. Investment will focus on five core areas: businesses supporting construction, clean energy, data centers, water management, and logistics.
- Investment in the data center business: seeking operator partners with expertise in developing and managing data centers, identifying land with power and infrastructure readiness, and considering investment in projects already under construction to accelerate revenue recognition.
- Investment in energy projects: focus on developing power generation and distribution for the public sector, private sector, and data center customers, while preparing to bid for solar projects.
- Investment in water supply projects: focus on developing tap water and industrial water production and distribution for private-sector customers and water-scarce provincial areas, particularly data center customers and industrial estates requiring large, consistent water volumes.
The Company conducts its business with a commitment to sustainable development through the following key initiatives:
- Environmental: solar power generation projects and a food-waste-to-fertilizer project
- Social: Sino-Thai “Giving Back to Society” project and the Health & Wellbeing project
- Governance: innovation development initiatives, including the establishment of an Innovation Steering Committee and an Innovation Dashboard system
The Company's business has 6 key strengths:
- Diversified business model: Revenue does not rely solely on construction. The Company has expanded into utilities, energy, digital infrastructure, and logistics to drive diversified growth.
- Leader in construction technology: The Company deploys AI and automated robotics on large-scale projects (ALICE Technologies and Dusty Robotics) to improve accuracy, safety, and construction efficiency.
- High-potential land bank for new businesses: The Company holds strategically located land with utility infrastructure ready to support data center and digital infrastructure development.
- International partnerships: The Company collaborates with leading global players in both data centers and energy, positioning itself at the center of Thailand's transition to a digital economy.
- A track record built on decades of trust: The Company carries forward the large-scale infrastructure expertise of Sino-Thai Engineering, a contractor behind many of Thailand's major mega-projects over several decades.
- Institutional-grade corporate governance: The Company has consistently been recognized for governance and sustainability, building investor confidence.
Total revenue for the first six months of 2026 was THB 17,574.9 million, up THB 1,995.0 million or 12.8% from the same period last year, mainly from higher construction contract revenue from data center and clean energy projects.
Gross profit was THB 1,270.7 million, representing a gross margin of 7.6%. Net profit was THB 1,258.3 million, representing a net margin of 7.2%, up THB 396.1 million from the same period last year, driven by higher gross profit and effective cost control.
2023: Established STECON as a new holding company
2024: Restructured the organisation and listed on SET in place of Sino-Thai Engineering
2025: STECON shares were selected for inclusion in 2 stock indices: SET100 and SET100FF
2025: Received an AAA rating in the 2025 SET ESG Ratings assessment
2025: Achieved an “Excellent” CGR rating in the Top Quartile Companies group, together with a full 100-point AGM Checklist score, under the 2025 Corporate Governance Report of Thai Listed Companies survey
The Company assesses the risk that uncertainty from the US-Iran conflict could cause volatility in the prices of construction materials, labor, energy, and transport costs, which may cause actual project costs to deviate from estimates, particularly under fixed-price contracts. The Company manages this risk through proactive procurement, medium- to long-term framework contracts for critical materials, price locking, diversified sourcing, and contingency planning, while closely monitoring price competition and labor shortages.
- Won 3 IAA Awards for Listed Companies 2025 (Outstanding CEO, CFO, and IR)
- Quality Award 2025 for the Bueng Nong Bon–Chao Phraya River drainage tunnel project and the Gulf PluakDaeng power plant project
| as of 30/06/26 | STECON | CONS | SET |
|---|---|---|---|
| P/E (X) | 13.97 | 63.02 | 16.92 |
| P/BV (X) | 1.36 | 0.96 | 1.46 |
| Dividend yield (%) | 3.02 | 2.73 | 4.02 |
| 30/06/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 27,343.44 | 9,646.16 | 11,696.92 |
| Price (B/Share) | 18.00 | 6.35 | 7.70 |
| P/E (X) | 13.97 | - | - |
| P/BV (X) | 1.36 | 0.60 | - |
