Seafco vs US HRC Steel: 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.

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.