Seafco vs PSG: why the prices moved differently

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

Seafco Public Company Limited (SEAFCO.BK)

Q3 202614 Aug – 30 Sep 2026

▲3

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.

September 202614 Aug – 30 Sep 2026

▲3

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.

Latest14 Aug – 30 Sep 2026

▲3

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.

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.