Demco vs US HRC Steel: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Demco Public Company Limited (DEMCO.BK)

Q3 202622 Jul – 17 Sep 2026

▲4

DEMCO swings to 519% profit jump, 2.7bn baht backlog, JUMP+ growth plan

First-half profit turns around sharply DEMCO posted a first-half 2026 net profit of 30.2 million baht, up 519% from a 7.2 million baht loss a year earlier, on revenue of 974.5 million baht. The swing came from cutting total costs and admin expenses by about 11%, so the core business is now making money instead of losing it.
The profit turnaround is the main new financial fact that changes how investors value DEMCO.
2.7 billion baht backlog gives revenue visibility DEMCO holds a backlog of 2,699 million baht of signed work, to be booked as revenue through 2028. That is roughly three times last year's annual revenue, so future sales are largely already contracted rather than depending on new orders. Most work is EPC electrical projects, plus transmission lines, substations and renewable energy.
A large contracted backlog is the clearest reason future earnings are more predictable, which supports the share price.
JUMP+ plan targets 200 million baht profit by 2028 Management laid out the JUMP+ strategy: grow revenue (Growth+), cut costs (Lean+), and find new opportunities (Opportunity+), aiming for 200 million baht net profit by 2028. That is far above the current 30 million baht half-year profit, so it is an ambition, not a promise, and depends on winning new bids.
The JUMP+ target is the new forward-looking plan that shapes expectations beyond the current backlog.
Pitching energy solutions to industrial customers DEMCO showcased electrical engineering, power transmission, renewable energy and infrastructure solutions at a PEA seminar for industrial electricity users, drawing strong interest and discussing projects with entrepreneurs. This is early-stage marketing that could feed future orders, but no contracts or revenue have been announced yet.
It shows DEMCO actively hunting new demand, the source of future backlog beyond what is already signed.

August 202622 Jul – 17 Sep 2026

▲4

DEMCO swings to 519% profit jump, 2.7bn baht backlog, JUMP+ growth plan

First-half profit turns around sharply DEMCO posted a first-half 2026 net profit of 30.2 million baht, up 519% from a 7.2 million baht loss a year earlier, on revenue of 974.5 million baht. The swing came from cutting total costs and admin expenses by about 11%, so the core business is now making money instead of losing it.
The profit turnaround is the main new financial fact that changes how investors value DEMCO.
2.7 billion baht backlog gives revenue visibility DEMCO holds a backlog of 2,699 million baht of signed work, to be booked as revenue through 2028. That is roughly three times last year's annual revenue, so future sales are largely already contracted rather than depending on new orders. Most work is EPC electrical projects, plus transmission lines, substations and renewable energy.
A large contracted backlog is the clearest reason future earnings are more predictable, which supports the share price.
JUMP+ plan targets 200 million baht profit by 2028 Management laid out the JUMP+ strategy: grow revenue (Growth+), cut costs (Lean+), and find new opportunities (Opportunity+), aiming for 200 million baht net profit by 2028. That is far above the current 30 million baht half-year profit, so it is an ambition, not a promise, and depends on winning new bids.
The JUMP+ target is the new forward-looking plan that shapes expectations beyond the current backlog.
Pitching energy solutions to industrial customers DEMCO showcased electrical engineering, power transmission, renewable energy and infrastructure solutions at a PEA seminar for industrial electricity users, drawing strong interest and discussing projects with entrepreneurs. This is early-stage marketing that could feed future orders, but no contracts or revenue have been announced yet.
It shows DEMCO actively hunting new demand, the source of future backlog beyond what is already signed.

Latest22 Jul – 17 Sep 2026

▲4

DEMCO swings to 519% profit jump, 2.7bn baht backlog, JUMP+ growth plan

First-half profit turns around sharply DEMCO posted a first-half 2026 net profit of 30.2 million baht, up 519% from a 7.2 million baht loss a year earlier, on revenue of 974.5 million baht. The swing came from cutting total costs and admin expenses by about 11%, so the core business is now making money instead of losing it.
The profit turnaround is the main new financial fact that changes how investors value DEMCO.
2.7 billion baht backlog gives revenue visibility DEMCO holds a backlog of 2,699 million baht of signed work, to be booked as revenue through 2028. That is roughly three times last year's annual revenue, so future sales are largely already contracted rather than depending on new orders. Most work is EPC electrical projects, plus transmission lines, substations and renewable energy.
A large contracted backlog is the clearest reason future earnings are more predictable, which supports the share price.
JUMP+ plan targets 200 million baht profit by 2028 Management laid out the JUMP+ strategy: grow revenue (Growth+), cut costs (Lean+), and find new opportunities (Opportunity+), aiming for 200 million baht net profit by 2028. That is far above the current 30 million baht half-year profit, so it is an ambition, not a promise, and depends on winning new bids.
The JUMP+ target is the new forward-looking plan that shapes expectations beyond the current backlog.
Pitching energy solutions to industrial customers DEMCO showcased electrical engineering, power transmission, renewable energy and infrastructure solutions at a PEA seminar for industrial electricity users, drawing strong interest and discussing projects with entrepreneurs. This is early-stage marketing that could feed future orders, but no contracts or revenue have been announced yet.
It shows DEMCO actively hunting new demand, the source of future backlog beyond what is already signed.

US HRC Steel (STEEL.COMM)

Q3 202624 Jun – 10 Sep 2026

▲2▼1

AI and reshoring demand support steel, but Chinese oversupply caps gains

AI infrastructure drives steel demand AI data centers need heavy structural steel for server racks, floors, and cooling. With 831 projects under construction globally, this new demand supports US HRC prices, especially for modern electric-arc producers like Nucor and Steel Dynamics.
This is a major new source of demand that lifts steel prices.
Capital shifts to real economy, boosting steel A strategist says US capitalism is moving from buybacks to building real assets like steel, copper, and power. This reshoring and supply-chain trend means more investment in steel capacity and higher demand for US HRC.
It signals a broad shift that increases steel demand and investment.
USMCA talks create tariff uncertainty US and Mexico will hold a fourth round of USMCA talks in September. Progress on steel trade is positive, but unresolved issues like Section 232 tariffs (50% on steel) and US content rules keep uncertainty high, which can sway steel prices both ways.
Trade policy directly affects steel flows and prices, and the outcome is unclear.
Chinese oversupply weighs on steel prices Thailand's construction material index shows steel prices fell 0.6% in August due to excess Chinese supply. This global glut, with projected excess capacity of 745 million tons by 2028, pressures US HRC prices by keeping a lid on global benchmarks.
It is a key counterweight that limits price gains from demand.

August 202624 Jun – 10 Sep 2026

▲2▼1

AI and reshoring demand support steel, but Chinese oversupply caps gains

AI infrastructure drives steel demand AI data centers need heavy structural steel for server racks, floors, and cooling. With 831 projects under construction globally, this new demand supports US HRC prices, especially for modern electric-arc producers like Nucor and Steel Dynamics.
This is a major new source of demand that lifts steel prices.
Capital shifts to real economy, boosting steel A strategist says US capitalism is moving from buybacks to building real assets like steel, copper, and power. This reshoring and supply-chain trend means more investment in steel capacity and higher demand for US HRC.
It signals a broad shift that increases steel demand and investment.
USMCA talks create tariff uncertainty US and Mexico will hold a fourth round of USMCA talks in September. Progress on steel trade is positive, but unresolved issues like Section 232 tariffs (50% on steel) and US content rules keep uncertainty high, which can sway steel prices both ways.
Trade policy directly affects steel flows and prices, and the outcome is unclear.
Chinese oversupply weighs on steel prices Thailand's construction material index shows steel prices fell 0.6% in August due to excess Chinese supply. This global glut, with projected excess capacity of 745 million tons by 2028, pressures US HRC prices by keeping a lid on global benchmarks.
It is a key counterweight that limits price gains from demand.

Latest24 Jun – 10 Sep 2026

▲2▼1

AI and reshoring demand support steel, but Chinese oversupply caps gains

AI infrastructure drives steel demand AI data centers need heavy structural steel for server racks, floors, and cooling. With 831 projects under construction globally, this new demand supports US HRC prices, especially for modern electric-arc producers like Nucor and Steel Dynamics.
This is a major new source of demand that lifts steel prices.
Capital shifts to real economy, boosting steel A strategist says US capitalism is moving from buybacks to building real assets like steel, copper, and power. This reshoring and supply-chain trend means more investment in steel capacity and higher demand for US HRC.
It signals a broad shift that increases steel demand and investment.
USMCA talks create tariff uncertainty US and Mexico will hold a fourth round of USMCA talks in September. Progress on steel trade is positive, but unresolved issues like Section 232 tariffs (50% on steel) and US content rules keep uncertainty high, which can sway steel prices both ways.
Trade policy directly affects steel flows and prices, and the outcome is unclear.
Chinese oversupply weighs on steel prices Thailand's construction material index shows steel prices fell 0.6% in August due to excess Chinese supply. This global glut, with projected excess capacity of 745 million tons by 2028, pressures US HRC prices by keeping a lid on global benchmarks.
It is a key counterweight that limits price gains from demand.