Right Tunnelling Public Company Limited

Right Tunnelling Public Company Limited, or RT, has secured two projects from the Metropolitan Electricity Authority with a combined value of 1,109.65 million baht. The first is a project to convert overhead power lines to underground cables on Srinakarin Road, between Thepharak Road and Sukhumvit Road, with a project value of 1,090.50 million baht including value-added tax. The work will be carried out under the joint venture Eung Za Heng–Right Tunnelling, with the construction contract signed on 9 September 2026 and a work period of 1,080 days. The second project is a consultancy contract to assess damage and prepare improvement and repair designs for the 230 kV underground transmission cable tunnel between the Bang Kapi origin station and the Chit Lom origin station, with a project value of 19.15 million baht including value-added tax. The work will be carried out under the joint venture Right Tunnelling–Underground Consultant, with the contract signed on 28 August 2026 and a contract period of 360 days. Chief Executive Officer Chawalit Thanomthin said the company plans to continuously take on new work, with its backlog standing at 4,755 million baht as of 30 June, and it intends to expand into repair and maintenance, or O&M, work. This consultancy contract is an initial step toward preparing terms of reference for the next stage of repair and remediation work, presenting an opportunity to leverage its tunnel expertise into the O&M business to generate recurring income and support long-term revenue growth.

Construction contractor stocks are supported by strong second-quarter 2026 results, with STECON posting net profit of 910.96 million baht, up 77.89% from 512.08 million baht a year earlier. PYLON reported net profit of 80.15 million baht, up 36.37% from 58.78 million baht. RT had net profit of 25.22 million baht, up 91.77% from 13.15 million baht in the same period last year. TEAMG posted net profit of 60.98 million baht, up 29.32% from 47.16 million baht. These results reflect the gradual recovery in construction activity and revenue recognition from ongoing projects. A key supporting factor is the acceleration of government budget disbursement. The Ministry of Finance revealed that from the start of the fiscal year to August 31, 2026, the government has disbursed 3.39 trillion baht of the annual budget for 2026, representing 89.64% of the total budget of 3.78 trillion baht. Meanwhile, investment trends in data centers and AI are expected to be a major driver, with cumulative applications for investment promotion in digital infrastructure exceeding 1 trillion baht, potentially generating construction and systems work worth about 150 billion baht over the next 2-3 years. STECON is one of the contractors likely to benefit directly, while PYLON will benefit from increased demand for foundation works.

Right Tunnelling Public Company Limited (RT) has announced that in the second half of 2026, the company has the opportunity to secure new projects with a total value of approximately 2,100 million baht, which will strengthen its current backlog of 4,755 million baht and support revenue recognition in the coming periods. The company reported total revenue of 1,855 million baht and net profit of 26 million baht, an increase of 129% compared to the same period last year.

The Thai stock market index closed at 1,588.22 points, down 12.48 points or 0.78%, with a trading value of 66,470.96 million baht. Meanwhile, BTS is preparing to offer three new tranches of debentures: 2-year maturity with an interest rate of 3.20% per annum, 3-year maturity with an interest rate of 3.55% per annum, and 4-year maturity with an interest rate of 3.75% per annum. Tris Rating has assigned a credit rating of BBB+ with a negative outlook. The subscription is expected to open on September 25 and 28-29. Meanwhile, the board of SUSCO approved an interim dividend of 0.10 baht per share, with the XD date on September 10 and payment on September 25. GGC has partnered with CP Extra to collect 50,000 liters of used cooking oil per year to produce SAF fuel. SCCC is proceeding with its plan to restore a quarry in Chonburi covering 646 rai, increasing green space by 82.6%. The board of BCPG approved an interim dividend of 0.15 baht per share, totaling 450 million baht, with the XD date on September 9 and payment on September 22. RT has a backlog of 4,755 million baht and is preparing to sign additional work with the Metropolitan Electricity Authority worth 1,100 million baht in September, boosting the full-year backlog to 6,000 million baht, supporting this year's revenue of 3,800 million baht, an increase of 10%.

Right Tunnelling Public Company Limited, or RT, reported first-half 2026 results with total revenue of 1.855 billion baht, up 19% from the same period last year, and net profit of 26 million baht, a turnaround from a net loss of 89 million baht, or an increase of 129%. The company maintained a gross profit margin of 13% and generated operating cash flow of 192 million baht, up 4,900% from the previous year. For the second half of 2026, the company plans to gradually deliver 14 projects worth a combined 2.428 billion baht, part of its total backlog. It also has major projects underway, including the Mae Taeng-Mae Ngat water diversion tunnel construction, contract 2, worth 2.798 billion baht; the Den Chai-Chiang Rai-Chiang Khong double-track railway tunnel construction, contract 1, Den Chai-Ngao section, worth 2.365 billion baht; and the Khlong Phra Khanong drainage tunnel construction worth 894 million baht, which will be recognised as revenue progressively according to plan. The company is also focusing on recurring income from repair and maintenance work to reduce volatility and build long-term growth.

Right Tunnelling Public Company Limited, or RT, targets revenue of 3.9 billion baht in 2026 and aims to maintain a gross profit margin of no less than 15 percent. The company plans to bid for infrastructure projects worth a total of approximately 5 billion baht in the second half of the year. Chief Executive Officer Chavalit Thanomthin revealed that the company is preparing to deliver 16 projects with a combined value of around 2.5 billion baht, and will gradually recognise revenue from its backlog as of 31 March 2026, which stands at 5.575 billion baht. It targets a year-end backlog of 7.5 billion baht. The company is also expanding its recurring revenue business from repair and maintenance work, targeting revenue of about 20 million baht this year, and developing geothermal energy through its subsidiary RT Geothermal.