STP&I Public Company Limited

Beyond Securities, acting as the independent financial advisor to STP & I, or STPI, sees the plan to raise funds by allocating newly issued ordinary shares to specific persons, a private placement, as a connected transaction that is reasonable and benefits the company and shareholders as a whole, and believes shareholders should approve the transaction. STPI plans to issue and offer up to 225,897,120 new shares in total, split between a rights offering to existing shareholders of no more than 164,752,035 shares at a ratio of 11 existing shares to 1 new share at an offering price of 5.55 baht per share, worth about 914.37 million baht, and a private placement of no more than 61,145,085 new shares at the same price, worth about 339.36 million baht, for total fundraising of up to about 1,253.73 million baht. The private placement shares will be offered to Masthawin Charnvirakul, a director and managing director of STPI, who is a connected person. If existing shareholders exercise their rights offering in full, after the private placement allocation Masthawin will hold 61,145,085 STPI shares, or about 3% of all shares issued and outstanding after the capital increase. On the use of proceeds, the company plans to use about 900 million baht as part of its investment in a data center project and about 353 million baht to invest in and develop renewable energy projects, including a solar power plant project, with spending scheduled for 2026 to 2028. The 900-million-baht data center project is only part of the equity investment, with the STPI group expected to be responsible for its 26% proportionate share, totaling about 2,135.18 million baht, while the remaining roughly 1,235.18 million baht is expected to be raised from other funding sources under the project's investment plan. Of the roughly 353 million baht earmarked for renewable energy, the company expects to use about 256.94 million baht for the solar power plant project through Daisy Drive, comprising about 1.50 million baht for share purchases and about 255.44 million baht in investment for its 60% proportionate stake, while the remaining roughly 96.06 million baht will support other renewable energy projects in the future. On price fairness, the independent financial advisor assessed STPI's fair value at 4.63 to 6.50 baht per share using three appropriate valuation methods, while the capital increase offering price of 5.55 baht per share falls within that fair value range, and therefore views the offering price as fair. The 5.55-baht price is also about 9.35% below the reference market price of 6.12 baht per share. STPI plans to submit the agenda item to an extraordinary general meeting of shareholders, the first of 2026, on October 1, 2026. If approved, the private placement transaction must be completed within no more than three months from the date of the shareholders' resolution, or by December 31, 2026.

STP & I Public Company Limited, or STPI, disclosed through the Stock Exchange of Thailand that its board of directors has approved a resolution for Impact Solar Group (Thailand) Company Limited, or ISGT, a subsidiary, to invest in the purchase of ordinary shares of Daisy Drive Company Limited, or Daisy Drive, from Impact Electronics Siam Company Limited, or IES, representing 60% of the issued and paid-up shares. The shares have a par value of 10 baht each and a paid-up value of 2.5 baht each, for a total investment value of 1.5 million baht, with the share purchase expected to be completed within September 2026. Daisy Drive plans to invest in a solar power plant project with a generating capacity of 55 megawatts, along with a 40 MWh energy storage system, to support clean energy for a data center project, with a total investment value of approximately 1.419 billion baht, funded by loans and support from the Japanese government under the Joint Crediting Mechanism, or JCM. STPI will be responsible for an investment of approximately 135 million baht in this transaction, and the 60% investment stake will make Daisy Drive a subsidiary of the company, requiring disclosure of information to the Stock Exchange of Thailand.

Asia Plus Securities (ASPS) stated that STP&I Public Company Limited (STPI) is transitioning from its contract manufacturing and industrial structure business to digital infrastructure and clean energy through a capital increase of 1,253 million baht to invest in data centers and renewable energy, which will serve as a new long-term growth engine. The 110MW data center project has received BOI promotion and has secured power, water, and fiber optic connectivity, with construction expected to begin in Q4/2026. Q3/2026 profit outlook is strong, despite the core business slowing due to fabrication revenue being in a transitional period before new work begins and electricity revenue being in its low season, but it will be supported by special gains of several hundred million baht from the sale of ST Evolution shares worth 518 million baht to a partner. Meanwhile, Q4/2026 results will recover with revenue recognition from new projects and share of profit from Monsoon entering its peak season. STPI's value will be increasingly driven by data centers and renewable energy, with the company holding a 26% stake in the data center project. Additionally, there is a 55MW solar farm project on Plu Ta Luang land to support the clean energy needs of the data center, as well as a 5.99MW waste-to-energy plant in Phetchaburi expected to achieve COD by year-end, receiving an adder of 3.50 baht per unit for 7 years. The Monsoon Expansion plan of 1,000MW is also a long-term growth driver. Another key strength is the hidden asset from 937 rai of Plu Ta Luang land, which has a book value of only 320 million baht (0.34 million baht per rai) compared to a market price of around 2.8 million baht per rai, making the total land value potentially over 2.6 billion baht. The company also plans to sell about 100 rai of land for data center development, which will unlock asset value and support investment in new businesses. The current share price is trading below the capital increase price of 5.55 baht, limiting downside risk. The recommendation is "Buy" with a target price of 7.55 baht, based on the Adjusted Book Value method by adjusting the Plu Ta Luang land value to market price, which does not yet include the added value from data centers and the new energy portfolio.

STP&I Public Company Limited, or STPI, has signed contracts for four new projects with a combined value of approximately 383 million baht, spanning the oil and gas business and the copper mining industry. The first project involves the decommissioning of wellhead platforms, scheduled from the second quarter of 2026 to the fourth quarter of 2026. The second project is the provision of construction labor for an oil refinery, scheduled from the third quarter of 2026 to the fourth quarter of 2026. The third project supports the refurbishment of old wellhead platforms for reuse, scheduled from the third quarter of 2026 to the second quarter of 2027. The fourth project is piping system fabrication for a copper mine project, scheduled from the third quarter of 2026 to the third quarter of 2027.