CK and Stecon hold THB260 billion of backlog after Q2
Both contractors lean on rail lines and expressways rather than private building, and dividends made up a large share of Stecon's headline profit.
CH. Karnchang (CK) earned THB800 million on revenue of THB11.7 billion in the second quarter of 2026, and Stecon earned THB911 million. Together the two contractors hold roughly THB260 billion in unbuilt orders: THB146.3 billion at CK and about THB114 billion at Stecon.
CK's figures were published by The Nation on 20 August. CK expects its backlog to turn into revenue over three to four years.
Two different quarters
CK's profit looks weak and strong depending on the comparison. SBI Thai Online Securities puts it down 7.3% on the second quarter of 2025 and up 143% on the first quarter of 2026. Revenue was up 4% year on year and down 4.9% on the quarter. Gross margin improved to 8.15%, from 7.42% in the first quarter and 7.86% a year earlier. Financial costs fell about 30% year on year, to roughly THB382 million.
CK's president, Nattavut Trivisvavet, called the quarter in line with plan. He said the priorities are controlling costs and keeping projects on or ahead of schedule, and he wants to add government and large infrastructure contracts to rebuild the backlog toward its earlier peak.
Stecon's quarter was bigger on paper. Net profit of THB911 million was up 78% year on year and 160% on the first quarter, Globlex Securities noted, with construction revenue up 7% to THB9.35 billion. But the quarter included THB736.5 million of dividend income, a large share of the headline. Gross margin slipped to 7.2% from 7.6%, which Globlex linked mainly to faster project execution.
What is being built
The orders are mostly public works. Globlex ties Stecon's quarter to progress on the Orange Line mass transit, the Den Chai to Chiang Rai to Chiang Khong dual-track railway and several data centre contracts. SBI expects CK's third quarter to rise seasonally as Purple Line and Orange Line work is recognised.
Neither set of results, as reported, ties the quarter to the March 2025 collapse of the State Audit Office tower or to the steel rules now being drafted. The link to contractors is indirect: a revised rebar standard would change what they buy, not what they have already booked.
The pipeline: late 2026, then 2027
SBI lists two tenders due for bidding in late 2026: the Suvarnabhumi Airport east expansion and the Ngamwongwan to Rama 9 double-deck elevated expressway. The M5 and M9 motorways and some other expressway projects have been pushed to 2027. SBI sees limited short-term impact on CK because of its existing backlog.
The private side is weaker. The Nation reported in May that construction costs have risen about 10% to 20%, most sharply for small projects, citing energy, transport, steel, concrete and aluminium. Developers are launching fewer towers into a market holding more than 65,300 unsold condos, which is why a backlog of state projects matters.
What analysts expect
SBI named CK its top pick on 28 September, expecting second-half earnings to recover, especially in the third quarter. It noted CK shares at THB18.10 against a consensus target average of THB24.08. Globlex kept a "Buy" on Stecon with a target of THB21.50 and forecasts 2026 net profit of THB1.75 billion, 11% lower than the year before because it expects less dividend income in the second half. First-half profit of THB1.26 billion was already 71% of that forecast.
These are broker views, not company guidance or advice, and the consensus target is not SBI's own.
What to watch
The next datapoints are CK's third-quarter results, which SBI expects to show the seasonal lift, and the bidding calendar for the airport and expressway packages. A tender that slips past 2026 would test how far backlog alone can carry revenue.
FAQ
How big are CK's and Stecon's order backlogs?
CK reported THB146.3 billion at the end of the second quarter of 2026, and Stecon about THB114 billion, a combined figure near THB260 billion.
Did the contractors' profits fall?
CK's second-quarter profit of THB800 million was 7.3% lower than a year earlier. Stecon's THB911 million was 78% higher, but included THB736.5 million of dividend income.
Which projects drive their revenue?
Public works: the Orange and Purple Lines, the Den Chai to Chiang Khong railway and data centre contracts, according to Globlex and SBI.
Sources
- The Nation: CK posts THB800m Q2 profit with THB146.3bn backlog (20 August 2026)
- Kaohoon International: SBI names CK top pick (28 September 2026)
- Kaohoon International: Stecon second-quarter results, Globlex Securities (August 2026)
- The Nation: Thai condo launches set for 20-year low as costs, demand and credit bite (5 May 2026)
- The Nation: Bangkok condos squeezed by floods, weak demand and 65,300-unit glut (14 October 2026)
