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Sino-Thai Engineering and Construction Public Company Limited

Sino-Thai Engineering and Construction Public Company Limited

STEC-R.BK
Sino-Thai Engineering and Construction Public Company LimitedTH flagStock Exchange of Thailand
6.50
THB
+1.50
- -
9.91BMarket Cap
Sino-Thai Engineering and Construction Public Company Limited
STEC-R.BK
(Stock Exchange of Thailand)

Recent

price

6.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
TTM
FRC
9.65
7.94
6.09
9.74
13.03
14.62
14.2
12.02
11.77
13.15
18.05
21.57
23.5
18.15
19.88
19.41
22.77
Revenue per Share
0.12
0.2
0.29
0.59
0.72
1.14
1
1
0.91
-0.4
1.06
0.97
0.72
0.47
0.56
0.35
0.18
Basic EPS, GAAP
0.27
0.58
0.78
1.45
2.74
0.82
-1.2
-1.85
0.83
3.37
5.68
-0.27
0.17
2.56
1.02
-4.13
-1.82
Free Cash Flow per Basic Share
- -
- -
0.1
0.17
0.43
0.02
0.5
0.4
0.33
0.22
- -
0.5
0.3
0.3
0.25
0.3
0.17
Dividend per Share
0.08
1.08
1.27
2.17
2.42
3.52
4.02
4.62
5.19
4.55
5.62
6.05
6.5
6.67
6.98
7.04
7.78
Book Value per Share
2.91
2.96
3
3.72
4.01
5.1
5.61
6.23
6.94
6.19
7.36
9.58
9.65
11.39
13.04
11.85
12.62
Tangible Book Value per Share
1,525
1,525
1,525
1,525
1,525
1,525
1,525
1,525
1,525
1,527
1,525
1,530
1,525
1,525
1,525
1,525
1,356
Basic Weighted Avg Shares
14,717
12,108
9,291
14,854
19,872
22,294
21,652
18,331
17,953
20,075
27,537
32,992
35,841
27,675
30,326
29,598
30,870
Sales/Revenue/Turnover
2.19
2.84
4.51
5.48
6.13
7.34
7.8
7.32
6.01
-9.19
5.99
4.19
2.61
2.6
2.84
1.81
2
Operating Margin (%)
555
533
412
375
374
368
427
494
520
481
599
771
1,050
1,129
1,038
805
787
Depreciation Expense
178
305
444
904
1,096
1,733
1,521
1,527
1,381
-611
1,617
1,484
1,093
711
857
528
240
Net Income, GAAP
4.18
2.68
0.56
2.5
22.75
20.52
20.28
17.23
19.46
- -
19.51
17.91
17.62
17.95
17.77
15.95
31.78
Effective Tax Rate (%)
1.21
2.52
4.78
6.08
5.51
7.77
7.02
8.33
7.69
-3.04
5.87
4.5
3.05
2.57
2.83
1.78
0.78
Profit Margin (%)
674
1,246
1,758
1,682
2,261
3,176
2,635
2,923
1,948
-490
-4,106
-8,330
-5,499
-6,108
-5,312
-6,061
-6,705
Working Capital
311
138
91
114
153
121
101
82
101
408
774
1,061
748
480
376
265
196
LT Debt
4,441
4,509
4,579
5,667
6,111
7,777
8,549
9,508
10,585
9,455
11,221
14,648
14,712
17,367
19,889
18,072
17,106
Total Equity
5.57
6.49
8.71
14.75
15.16
18
16.09
12.08
8.31
- -
11.55
7.94
4.63
3.32
3.64
2.05
2.06
Return on Invested Capital (%)
17.19
19.55
21.62
30.47
27.48
34.46
24.51
21.58
16.79
- -
17.53
14.26
9.45
6.01
7.44
3.96
2.17
Return on Capital (%)
- -
34.41
24.73
34.45
31.31
38.22
26.44
23.18
18.45
-8.21
20.83
16.64
11.4
7.08
8.24
4.93
2.28
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'23
Mar'24
Jun'24
ST Debt
5,082
4,760
4,705
LT Borrowings
- -
- -
- -
LT Finance Leases
265
227
196
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,525
1,525
1,525
Market Capitalization
12,999
14,324
12,202

Working Capital

FRC

•

in mil. unless spec.
Dec'23
Mar'24
Jun'24
Total Current Assets
20,636
21,211
20,211
Cash, Cash Equivalents & STI
5,310
5,244
3,923
Accounts Receivable, Net
3,611
3,980
3,796
Inventories
690
710
859
Total Current Liabilities
26,698
27,510
26,916
Payables & Accruals
8,914
8,674
9,179
ST Debt
5,082
4,760
4,705
Deferred Revenue
12,329
13,703
12,695

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
9.49%
10.88%
-9.14%
Free Cash Flow
57.94%
108.01%
-504.85%
Net Income, GAAP
-61.77%
-17.47%
-38.45%
Sales/Revenue/Turnover
4.16%
2.57%
-2.4%
Total Cash Common Dividend
- -
18.12%
19.99%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2022
7,620
6,759
7,437
8,509
30,326
2023
6,438
7,231
7,876
8,053
29,598
2024
6,484
8,457
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2022
0.15
0.11
0.09
- -
0.56
2023
0.11
0.1
0.08
- -
0.35
2024
0.01
0.02
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2022
- -
0.24
- -
- -
0.25
2023
- -
0.3
- -
- -
0.3
2024
- -
0.18
- -
- -
- -
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Business
Sino-Thai Engineering and Construction Public Company Limited, operating under STECON Group Public Company Limited following a 2024 corporate restructuring and shareholding swap, is a leading Thai construction firm specializing in engineering and construction services across multiple sectors including infrastructure, buildings, energy, industrial, environmental, transportation, and logistics. The company manufactures and provides a broad range of core products and services such as civil and mechanical construction projects, precast concrete production, construction machinery sales and rentals, contracting services including transportation work, and utilities and power business investments. Its project portfolio features high-profile works like mass transit systems (MRT Yellow Line Monorail), government buildings (Parliament Building, Supreme Court), power plants (Gulf Sriracha Power Plant), waterworks systems, and infrastructure related to Eastern Economic Corridor development. Headquartered in Bangkok and founded over six decades ago, Sino-Thai operates mainly in Thailand with a strategic focus on growing recurring income businesses beyond traditional construction. Recent major changes include the 2024 voluntary delisting of Sino-Thai Engineering and Construction from the Stock Exchange of Thailand, replaced by its holding company STECON Group via a 1:1 share swap to enable clearer business segment delineation and expansion into high-growth sectors. This restructuring divides operations into construction contracting, utilities and power, logistics and transportation, and new business ventures, including technology and data center investments such as DC Power BN1 along Bangna-Trat Road. The company has entered joint ventures and signed large contracts in 2025 for infrastructure projects like the Nue EPIC Asoke-Rama 9 project and climate-resilient connectivity projects as part of the Eastern Economic Corridor initiative. Sino-Thai emphasizes adherence to international safety standards, environmental protection, and innovative technology integration in its operations to drive sustainable development and enhanced stakeholder value. This strategic repositioning reflects Sino-Thai's intention to stabilize earnings through recurring income streams while maintaining its core engineering and construction business, supported by a backlog exceeding 100 billion baht. The company also operates subsidiaries including Wisdom Services Company Limited for construction machinery services and Stecon Power Company Limited for utilities and power investments. Sino-Thai's extensive project expertise, comprehensive service offerings, and recent operational shifts position it as a diversified and forward-looking leader in Thailand's construction and infrastructure sectors.