Italian-Thai Development vs PSG: why the prices moved differently

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

Italian-Thai Development Public Company Limited (ITD.BK)

Q3 202623 Jul – 5 Oct 2026

▲2

ITD's survival risk eases as water megaprojects offer a way back

A 172-billion-baht flood canal is coming to bid The Cabinet is set to approve the Chai Nat–Pa Sak flood diversion canal, worth about 172 billion baht. Analysts say ITD is likely to win contract packages, which would refill an order book that has shrunk for one to two years.
This is the biggest new demand driver that could actually put work back into ITD's backlog.
A second water megaproject keeps the pipeline alive Asia Plus says a 165-billion-baht water management programme will help contractors over the medium to long term, naming ITD for earthworks and drainage. Construction is expected from 2027, though funding, land and bidding timing are still open questions.
It reinforces that ITD sits in the frame for large state water work, a real counterweight to its troubles.
Founder Premchai hands over the top job Premchai Karnasuta retired as CEO on 1 October 2026 and his son Thoranis took over. The change comes with ITD still loss-making — a 5.78-billion-baht loss in 2024 and 11.15 billion baht of accumulated losses — so it is a fresh start, not a fix.
A leadership change at a troubled company matters to investors, but by itself it does not repair the finances.

August 202623 Jul – 5 Oct 2026

▲2

ITD's survival risk eases as water megaprojects offer a way back

A 172-billion-baht flood canal is coming to bid The Cabinet is set to approve the Chai Nat–Pa Sak flood diversion canal, worth about 172 billion baht. Analysts say ITD is likely to win contract packages, which would refill an order book that has shrunk for one to two years.
This is the biggest new demand driver that could actually put work back into ITD's backlog.
A second water megaproject keeps the pipeline alive Asia Plus says a 165-billion-baht water management programme will help contractors over the medium to long term, naming ITD for earthworks and drainage. Construction is expected from 2027, though funding, land and bidding timing are still open questions.
It reinforces that ITD sits in the frame for large state water work, a real counterweight to its troubles.
Founder Premchai hands over the top job Premchai Karnasuta retired as CEO on 1 October 2026 and his son Thoranis took over. The change comes with ITD still loss-making — a 5.78-billion-baht loss in 2024 and 11.15 billion baht of accumulated losses — so it is a fresh start, not a fix.
A leadership change at a troubled company matters to investors, but by itself it does not repair the finances.

Latest23 Jul – 5 Oct 2026

▲2

ITD's survival risk eases as water megaprojects offer a way back

A 172-billion-baht flood canal is coming to bid The Cabinet is set to approve the Chai Nat–Pa Sak flood diversion canal, worth about 172 billion baht. Analysts say ITD is likely to win contract packages, which would refill an order book that has shrunk for one to two years.
This is the biggest new demand driver that could actually put work back into ITD's backlog.
A second water megaproject keeps the pipeline alive Asia Plus says a 165-billion-baht water management programme will help contractors over the medium to long term, naming ITD for earthworks and drainage. Construction is expected from 2027, though funding, land and bidding timing are still open questions.
It reinforces that ITD sits in the frame for large state water work, a real counterweight to its troubles.
Founder Premchai hands over the top job Premchai Karnasuta retired as CEO on 1 October 2026 and his son Thoranis took over. The change comes with ITD still loss-making — a 5.78-billion-baht loss in 2024 and 11.15 billion baht of accumulated losses — so it is a fresh start, not a fix.
A leadership change at a troubled company matters to investors, but by itself it does not repair the finances.

PSG Corporation Public Company Limited (PSGC.BK)

Q3 202631 Jul – 24 Sep 2026

▲3

PSGC's Laos coal supply chain drives record first-half profit and revenue

Coal supply chain powers record first-half results PSGC's first-half revenue jumped 458% to 7.29 billion baht and net profit rose 432% to 627 million baht, mostly from its Laos-Vietnam government-to-government coal supply chain. That business shipped 1.41 million tonnes, above plan, to two Vietnamese state energy firms, giving PSGC steadier, recurring income instead of lumpy construction work.
This is the core new financial event showing why PSGC's earnings and stock story have strengthened.
PSGC tops mai market profit rankings PSGC was named the most profitable company on Thailand's mai market for the first half of 2026, with profit up 317% from a year earlier. Being the top profit leader raises PSGC's visibility among investors and can attract more buying interest in the stock.
It shows external recognition of PSGC's earnings strength, which can support demand for the shares.
New pumped-storage hydropower study with Laos PSGC signed an agreement with Laos' state power utility and government to study turning existing hydropower plants into pumped-storage systems, a large-scale way to store electricity. It is a long-term project needing years of study, but it signals PSGC is expanding beyond coal into regional energy infrastructure.
It is a new strategic move that could broaden PSGC's future business and growth story.
Capital reduction and construction pipeline PSGC cut its par value from 2 baht to 1 baht, a technical step that does not change the number of shares or company value. Meanwhile, its construction projects are mostly finished or progressing, with about 2.4 billion baht of remaining revenue expected through 2571, which supports future earnings but is not new growth.
It explains a neutral capital change and the remaining construction revenue that partly offsets reliance on coal.

August 202631 Jul – 24 Sep 2026

▲3

PSGC's Laos coal supply chain drives record first-half profit and revenue

Coal supply chain powers record first-half results PSGC's first-half revenue jumped 458% to 7.29 billion baht and net profit rose 432% to 627 million baht, mostly from its Laos-Vietnam government-to-government coal supply chain. That business shipped 1.41 million tonnes, above plan, to two Vietnamese state energy firms, giving PSGC steadier, recurring income instead of lumpy construction work.
This is the core new financial event showing why PSGC's earnings and stock story have strengthened.
PSGC tops mai market profit rankings PSGC was named the most profitable company on Thailand's mai market for the first half of 2026, with profit up 317% from a year earlier. Being the top profit leader raises PSGC's visibility among investors and can attract more buying interest in the stock.
It shows external recognition of PSGC's earnings strength, which can support demand for the shares.
New pumped-storage hydropower study with Laos PSGC signed an agreement with Laos' state power utility and government to study turning existing hydropower plants into pumped-storage systems, a large-scale way to store electricity. It is a long-term project needing years of study, but it signals PSGC is expanding beyond coal into regional energy infrastructure.
It is a new strategic move that could broaden PSGC's future business and growth story.
Capital reduction and construction pipeline PSGC cut its par value from 2 baht to 1 baht, a technical step that does not change the number of shares or company value. Meanwhile, its construction projects are mostly finished or progressing, with about 2.4 billion baht of remaining revenue expected through 2571, which supports future earnings but is not new growth.
It explains a neutral capital change and the remaining construction revenue that partly offsets reliance on coal.

Latest31 Jul – 24 Sep 2026

▲3

PSGC's Laos coal supply chain drives record first-half profit and revenue

Coal supply chain powers record first-half results PSGC's first-half revenue jumped 458% to 7.29 billion baht and net profit rose 432% to 627 million baht, mostly from its Laos-Vietnam government-to-government coal supply chain. That business shipped 1.41 million tonnes, above plan, to two Vietnamese state energy firms, giving PSGC steadier, recurring income instead of lumpy construction work.
This is the core new financial event showing why PSGC's earnings and stock story have strengthened.
PSGC tops mai market profit rankings PSGC was named the most profitable company on Thailand's mai market for the first half of 2026, with profit up 317% from a year earlier. Being the top profit leader raises PSGC's visibility among investors and can attract more buying interest in the stock.
It shows external recognition of PSGC's earnings strength, which can support demand for the shares.
New pumped-storage hydropower study with Laos PSGC signed an agreement with Laos' state power utility and government to study turning existing hydropower plants into pumped-storage systems, a large-scale way to store electricity. It is a long-term project needing years of study, but it signals PSGC is expanding beyond coal into regional energy infrastructure.
It is a new strategic move that could broaden PSGC's future business and growth story.
Capital reduction and construction pipeline PSGC cut its par value from 2 baht to 1 baht, a technical step that does not change the number of shares or company value. Meanwhile, its construction projects are mostly finished or progressing, with about 2.4 billion baht of remaining revenue expected through 2571, which supports future earnings but is not new growth.
It explains a neutral capital change and the remaining construction revenue that partly offsets reliance on coal.