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  2. •

    Utilities

  3. •

    Alternative power generation
SPCG Public Co. Ltd.

SPCG Public Co. Ltd.

11.70
THB
0.00
(0.00%)
0.36EPS
25.18P/E
9.40BMarket Cap
Nov 16Next Earn
SPCG Public Co. Ltd.
SET:SPCG
(Stock Exchange of Thailand)

Recent

price

11.70

P/E

ratio

25.18

div

yld

16.33%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
0.14
0.79
2.2
3.78
4.96
5.41
5.9
6.5
6.13
5.39
5.05
4.3
4.13
3.91
1.94
1.63
1.54
Revenue per Share
0.01
-0.02
0.1
0.76
1.89
2.37
2.5
2.73
2.7
2.74
2.8
2.37
2.2
1.74
0.65
0.36
0.35
Basic EPS, GAAP
-0.95
-3.59
-10.75
-11.96
0.25
4.4
4.52
3.51
3.79
4.29
4.11
0.97
3.13
2.78
1.34
1.23
0.85
Free Cash Flow per Basic Share
- -
- -
- -
- -
0.42
1.21
1.33
1.36
1.37
1.35
1.52
1.12
0.95
0.9
1.15
2.6
1.91
Dividend per Share
5.91
0.76
3.33
3.14
6.26
7.76
8.98
10.51
12.56
14.19
15.63
15.9
17.3
18.12
17.56
15.32
15.28
Book Value per Share
5.91
0.75
3.3
3.04
6.16
7.65
8.86
10.41
12.47
14.08
15.53
15.82
17.23
18.06
17.51
15.27
15.23
Tangible Book Value per Share
585
732
551
655
878
924
924
924
968
974
974
1,044
1,056
1,056
1,056
1,056
1,050
Basic Weighted Avg Shares
84
579
1,214
2,473
4,357
5,000
5,448
6,008
5,928
5,247
4,920
4,493
4,358
4,126
2,049
1,726
1,617
Sales/Revenue/Turnover
37.07
24.47
31.25
51.18
64.41
64.69
60.14
56.44
57.78
63.51
66.79
68.3
63.59
53.13
36.66
22.8
23.57
Operating Margin (%)
19
76
163
347
571
643
644
643
689
668
677
665
658
652
653
650
648
Depreciation Expense
8
-12
54
499
1,656
2,190
2,314
2,524
2,614
2,669
2,732
2,479
2,320
1,838
683
378
371
Net Income, GAAP
42.95
69.98
13.47
9.1
- -
- -
0.36
2.24
2.05
1.2
2.64
4.97
9.46
11.56
11.86
11.58
11.82
Effective Tax Rate (%)
9.16
-2.04
4.45
20.19
38
43.8
42.48
42.01
44.09
50.88
55.52
55.18
53.24
44.55
33.31
21.93
22.94
Profit Margin (%)
-655
-915
-2,751
-1,469
1,950
2,144
1,178
32
1,148
2,834
1,655
2,526
3,485
3,494
3,596
1,783
1,995
Working Capital
360
2,229
6,245
15,161
15,542
13,321
10,602
7,663
5,793
4,096
1,967
2,691
1,526
34
27
29
35
LT Debt
606
1,145
2,589
3,513
7,100
8,470
9,766
11,208
13,881
15,604
17,156
19,347
20,974
21,848
21,180
18,683
18,593
Total Equity
3.14
1.67
4.56
7.44
- -
- -
13.8
14.76
15.24
15.45
15.26
12.76
10.87
8.63
3.42
1.9
2.6
Return on Invested Capital (%)
0.61
-0.26
1.7
5.85
- -
- -
11.56
12.61
12.72
12.32
12.17
10.51
9.68
7.51
2.86
1.91
1.86
Return on Capital (%)
2.9
-2.32
4.44
22.17
39.3
33.81
29.93
28.03
23.81
20.49
18.81
15.49
13.24
9.83
3.62
2.18
2.17
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
24
23
24
LT Borrowings
- -
- -
- -
LT Finance Leases
29
40
35
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,056
1,056
1,056
Market Capitalization
9,819
9,449
9,397

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
2,179
2,248
2,136
Cash, Cash Equivalents & STI
1,479
1,503
1,414
Accounts Receivable, Net
147
140
140
Inventories
345
341
326
Total Current Liabilities
396
222
141
Payables & Accruals
364
184
108
ST Debt
24
23
24
Deferred Revenue
1
5
- -

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.68%
2.1%
-11.79%
Free Cash Flow
8.54%
16.41%
-8.24%
Net Income, GAAP
-12.11%
-28.77%
-44.57%
Sales/Revenue/Turnover
-8.29%
-16.63%
-15.79%
Total Cash Common Dividend
14.3%
22.71%
126.09%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
736
494
365
455
2,049
2025
534
389
449
353
1,726
2026
420
395
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.31
0.16
0.06
0.11
0.65
2025
0.13
0.09
0.07
0.07
0.36
2026
0.11
0.11
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
0.48
- -
1.15
2025
- -
- -
0.38
1.5
2.6
2026
- -
- -
- -
- -
- -
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Business
SPCG Public Company Limited operates primarily in the renewable energy sector, focusing on the development, construction, operation, and sale of solar power plants. Its core products and services include solar power generation using photovoltaic technology; construction and engineering of solar power plants; sales of electricity generated from solar energy; and comprehensive project management and maintenance services for renewable energy facilities. The company primarily serves customers in Thailand and the broader Southeast Asian region, contributing to the sustainable energy infrastructure in these markets. Founded in 2006 and headquartered in Bangkok, Thailand, SPCG has consistently expanded its renewable energy portfolio to include multiple solar farms and has recently engaged in strategic partnerships and acquisitions to bolster its operations. In the last two years, SPCG has undertaken significant business expansions including the launch of new solar power projects and enhancement of operational capacities. These include entering strategic alliances for technology upgrades, exploring integrated energy solutions, and expanding geographic reach within ASEAN countries. The company also actively pursues funding rounds to support these expansions and sustainability goals. SPCG operates within the renewable energy industry, targeting utility-scale power purchasers, government energy programs, and private sector clients seeking green energy solutions. Its business segments comprise solar power plant development, energy sales, engineering services, and ongoing operation and maintenance services. Subsidiaries under SPCG handle various aspects of infrastructure and project execution, consolidating its market presence. The company remains a notable player in Thailand’s renewable energy landscape, continually aiming to align with global sustainability standards and regional energy policies.