SEAFCO profit surges, wins new work, but backlog shrinks
Profit surge and first dividend First-half net profit jumped 897% to 205.65 million baht from a loss, with revenue up 70.78%, and the board approved a 0.08 baht interim dividend. Strong earnings and the first payout in a while make the stock more attractive to income and value investors.
This is the core new financial result that changes how investors value the company.
New projects and big bidding pipeline SEAFCO won three new projects worth 204 million baht starting late 2026, and is chasing 8.4 billion baht of bids, targeting 1 billion baht of new orders. New work replenishes the order book and supports future revenue.
New contract wins and the bid pipeline are the main demand drivers for future earnings.
State megaprojects boost foundation demand The cabinet approved a 107 billion baht southern dual-track railway and is set to approve a 172 billion baht flood canal. Analysts name SEAFCO as a beneficiary of state foundation work, which could add large piling contracts from 2027 onward.
Government infrastructure spending is a major long-term demand driver for SEAFCO's foundation services.
Backlog down sharply, but broker stays bullish Backlog is about 1 billion baht, down 61% year-on-year, though enough for 400-500 million baht quarterly revenue. Kasikorn Securities keeps a Buy rating and 4.39 baht target, expecting profit growth and a low 2026 PER of 7.28x.
The shrinking backlog is a real counterweight, while the broker's Buy shows confidence in near-term earnings.