STPI pivots to data centers and clean energy, but earnings still weak
Q2 loss on Monsoon wind project STPI swung to a 22 million baht net loss in Q2 2026, from an 83 million baht profit a year earlier, after a 57 million baht loss from its Laos wind joint venture. Low winds meant revenue did not cover costs, showing the risk in its energy bets.
This is the main reason STPI's earnings disappointed and weighs on the stock.
New construction contracts worth 383 million baht STPI signed four new projects worth 383 million baht, including oil and gas platform work and copper mine pipe fabrication. These contracts run into 2027 and support future revenue, easing worries about a slowdown in its core business.
New orders show demand for STPI's services and support future earnings.
Broker backs data center and clean energy pivot Asia Plus Securities recommends Buy with a 7.55 baht target, saying STPI is shifting to data centers and clean energy. It sees strong Q3 profit from a 518 million baht asset sale, a 110MW data center starting construction in Q4, and hidden value in 937 rai of land.
This analyst view highlights the new growth story and undervalued assets driving investor interest.
Invests 135 million baht in solar for data center STPI approved a 135 million baht investment for a 60% stake in Daisy Drive, which will build a 55MW solar plant and battery storage to power its data center. This locks in clean energy supply and moves the data center plan forward.
This concrete step advances STPI's clean energy and data center strategy, supporting the growth story.