STP&I Public Company Limited

Stecon Group reported second-quarter 2026 net profit of 911 million baht, up 76% from the same period last year, with first-half profit of 1.258 billion baht, up 45% year-on-year, driven by higher gross profit from cost and expense control. Meanwhile, STP&I swung to a net loss of 22 million baht in the second quarter of 2026, compared with a net profit of 83 million baht a year earlier, after recognising a 57 million baht share of loss from an investment in a joint venture. The main cause was the Monsoon project, a 600-megawatt wind power plant in Laos, where the second quarter of 2026 was a low-wind period, leaving revenue insufficient to cover expenses and financing costs, resulting in a recognised share of loss of 65 million baht.

STP and I Public Company Limited, or STPI, has announced an increase in registered capital to 509.54 million baht from 453.06 million baht, by issuing 225.89 million new shares to fund investments in data centre and renewable energy projects between 2026 and 2028. A total of 164.75 million shares will be offered to existing shareholders at a ratio of 11 existing shares to 1 new share, priced at 5.55 baht each, worth 914.37 million baht. The remaining 61.14 million shares will be placed privately with Mr. Masthawin Charnvirakul, a director and managing director of the company, at the same price, worth 339.35 million baht. The total fundraising amounts to approximately 1.25 billion baht. This move comes amid a wave of data centre investment in Thailand, with 36 projects having applied for investment promotion, worth over 728 billion baht. STPI also holds more than 1.4 million square metres of land awaiting development in the Bangna-Trad area and the Eastern Economic Corridor, which could be turned into solar farms to sell electricity directly to large power users under the Direct PPA scheme recently approved by the National Energy Policy Council. However, STPI shares closed on Friday, 24 July 2026, at 6.40 baht, down 4.48 percent from the previous day, with the offering price of 5.55 baht representing a discount of about 17 percent from the closing price before the announcement.

STPI shares fell 10.45% to 6.00 baht after the board approved a capital increase through a rights offering and a private placement at a price below the market. The capital increase consists of a rights offering of 164.75 million shares to existing shareholders at a ratio of 11 existing shares to 1 new share, and a private placement of 61.15 million shares to Mr. Mastawin Chanweerakul. Both portions are offered at 5.55 baht per share, totaling 225.90 million new shares. The impact on earnings per share is approximately 11% and the price dilution is about 2%. The company plans to use the proceeds for investments in data center and clean energy businesses. Yuanta Securities Thailand views the major shareholder's participation as reflecting progress on the data center investment plan, with an official partnership announcement expected soon.