CK profit beats forecasts; Dao keeps target at 23 baht

EarningsAnalyst
โดย HoonVision·TH·Read original
Summary · why it matters

Dao Securities stated that Ch. Karnchang Public Company Limited, or CK, reported second-quarter 2026 net profit of 800 million baht, down 7% from a year earlier but up 143% from the previous quarter, exceeding market and Dao forecasts by 17-18%. The result was supported by construction revenue rising 6% year-on-year, with gross margin expanding more than expected by 20 basis points from a year earlier and 70 basis points from the previous quarter, thanks to internal cost management efficiency. Other income slowed 25% year-on-year, mainly because CK Power posted foreign exchange losses, but rose 87% from the previous quarter on higher TTW dividends and a larger share of profit from BEM. Interest expenses fell more than expected as loans were gradually repaid. Dao maintained its 2026 normalized profit forecast at 2.5 billion baht, up 2% from a year earlier, and expects third-quarter 2026 normalized profit to grow both year-on-year and quarter-on-quarter, driven by continued construction revenue growth, easing interest expenses, and the peak season for CK Power. Dao kept its buy recommendation and target price of 23.00 baht, based on a sum-of-the-parts valuation comprising 3.6 baht for the construction business and 19.4 baht for the combined value of its stakes in BEM, CK Power, and TTW. Although the backlog is gradually declining, it still helps secure revenue for the next three years, and there are additional catalysts from the Double Deck project worth 35 billion baht and the government's push for new projects.

Impact on stocks 4

Industrials▲ · 2 stocks
CH. Karnchang PCL
CK
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Q2 net profit beat forecasts, driven by construction revenue growth and margin expansion; target maintained at 23 baht.

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