CK expected to grow further in Q2 2026, major projects surge, target price 23 baht

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SBI Thai Online Securities stated that Ch. Karnchang Public Company Limited, or CK, is likely to see earnings growth in the second quarter of 2026, both quarter-on-quarter and year-on-year. Construction revenue remains at a high level from the gradual recognition of its backlog, with key projects including the MRT Orange Line West, the Luang Prabang hydropower plant, and the Den Chai–Chiang Rai–Chiang Khong double-track railway. Meanwhile, gross margin is expected to stay within the 7.5 to 7.7 percent range. Share of profit and dividends from associates are also growing, with BEM supported by rising passenger numbers and expressway usage driven by economic activity and tourism. CK Power is expected to see a profit recovery from the first quarter as it enters the high season for hydropower plants, and TTW will begin booking dividend income to provide additional support. The research team forecasts full-year 2026 total revenue at 80 billion baht, up 5 percent from the previous year, and net profit of 2.1 billion baht, up about 4 percent year-on-year. The average target price stands at 23 baht.

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