Finansia Syrus Securities Public Company Limited has upgraded shares of Stecon Group Public Company Limited, or STECON, to "Buy" from "Hold," and rolled over to a 2027 target price of 22.50 baht, based on a target PBV of 1.5 times, or a 2027 PER of 19.6 times. During the day, STECON shares stood at 18.80 baht, up 0.90 baht, or 5.03%, on trading value of 209.72 million baht. Finansia Syrus said the main driver comes from new private-sector contracts, especially three Data Center projects with a combined value of about 50 billion baht, and power plant projects worth about 16 billion baht, which will help new contract value in 2026 reach its target of 50 billion baht and push the backlog to roughly 120 billion baht by the end of 2026. Meanwhile, progress on public investment projects after the Cabinet resolved on September 1, 2026, to approve three southern routes of the second-phase double-track railway, with a combined value of about 107 billion baht, which is expected to go to tender in early 2027, is another supporting factor. On operating results, Finansia Syrus maintained its 2026 normal profit forecast for STECON at 1.48 billion baht, up 47% from the previous year, and raised its 2027-2028 profit forecasts by 44% and 40% to 1.74 billion baht, up 18%, and 1.84 billion baht, up 6%, respectively, on higher revenue assumptions of 50.8 billion baht in 2027 and 53 billion baht in 2028, from about 35 billion baht in 2026, including dividend income from a 10% stake in a Data Center project in Chonburi province, which is expected to begin contributing from the fourth quarter of 2026 at about 180-190 million baht per year. As for the case in which the Data Center committee resolved on September 4, 2026, to delay the construction process and approval of Data Center projects in order to establish common criteria and standards, Finansia Syrus assessed that it will not affect STECON's projects currently under way, since all four projects are located outside Bangkok.
STECON Group Public Company LimitedFinansia Syrus upgraded STECON to Buy with a 22.50 baht target and raised 2027-2028 profit forecasts on new contract hopes.
Finansia X Public Company Limited