Krungsri initiates coverage on CK with Buy rating, target price 25.35 baht, eyeing 770-billion-baht mega-projects

Kaohoon·30 Sep 2026·

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Analyst Analyst Construction & Engineering

CK.BK ▲

BEM.BK ±

Summary · why it matters

Krungsri Securities has resumed coverage of Ch. Karnchang, or CK, with a Buy rating and a 2027 target price of 25.35 baht, compared with a closing price of 17.90 baht, implying upside of about 41.6%. The valuation was derived using a sum-of-the-parts, or SOTP, method. In a research note dated September 29, 2026, the brokerage said the construction business is entering a new investment cycle driven by large infrastructure projects due to be put out to tender, expected to roll out gradually in the second half of 2026 through 2028 with a combined value of more than 770 billion baht. This will be a key factor in boosting the order books of major contractors, including CK. CK currently has a backlog of approximately 146.305 billion baht as of the end of the second quarter of 2026, which supports revenue recognition for at least another four years. The company holds a market share of about 38% among large contractors and has a business ecosystem together with companies in which CK holds investments, such as Bangkok Expressway and Metro, or BEM, CK Power, or CKP, and TTW. CK's share price currently still reflects a discount of about 45% to the value of its investments in BEM, CKP and TTW, wider than the long-term average of about 25.8%. Krungsri Securities expects CK to post revenue of approximately 44.866 billion baht in 2026, rising to 46.546 billion baht in 2027 and 47.856 billion baht in 2028, while normal profit is forecast at 2.257 billion baht, 2.3 billion baht and 2.416 billion baht, respectively.

CH. Karnchang PCL ▲

Bangkok Expressway and Metro Public Company Limited ±