Tutor Perini unit wins $315M U.S. Coast Guard fuel pier contract
Tutor Perini said its subsidiary, Perini Management Services, has been awarded a contract worth about $315M by the U.S. Coast Guard to build a new fuel pier at USCG Base Kodiak in Alaska. The accelerated design-build-to-budget project will expand dock capacity to accommodate up to two major cutter berths. It also includes unexploded ordnance removal, waterfront improvements, a new fueling utility building, utilities, cutter shore ties, and other site improvements. Design work began in late September, with substantial completion expected in September 2030. The contract will be included in Tutor Perini's third-quarter 2026 backlog.
Honda and Taisei Develop Wireless Charging Technology for EVs in Motion
Honda and Taisei announced on the 5th that they have developed the foundational technology for a magnetic-field-coupling wireless power supply road system that delivers power contactlessly to electric vehicles while they are driving. Three companies took part in the development: Honda R&D, Honda's research and development subsidiary, and Taisei together with its subsidiary Taisei Rotec, which handles road and paving work. The system supplies power from transmission equipment buried in the road to receiving devices on the vehicle side, and is designed to handle up to the typical maximum speed of expressways. With an eye toward large commercial vehicles, the companies aim first for practical application in the logistics and transport sectors, where adoption benefits are expected, and plan to conduct demonstration tests on expressways from fiscal 2027 onward. Honda began work on the technology in 2021, and the three-company joint research started in 2025. East Nippon Expressway plans to begin demonstrations of in-motion power supply over roughly 300 meters on the main line near the Kimitsu parking area of the Tateyama Expressway from fiscal 2027 onward, with teams from Honda R&D and Taisei as well as teams from Toyota, Denso, and Obayashi taking part.
1801.JP · Technology · Positive Taisei and subsidiary Taisei Rotec co-developed the in-motion wireless power road system and will run expressway demonstrations from fiscal 2027.
7267.JP · Technology · Positive Honda R&D and Taisei developed foundational magnetic-field-coupling wireless charging road technology for EVs in motion, with Honda leading since 2021.
Honda R&D · Technology · Positive Honda R&D is a named developer of the wireless in-motion charging technology and will take part in the Tateyama Expressway demonstrations.
Taisei Rotec · Technology · Positive Taisei Rotec, handling road and paving work, is a named participant in developing the wireless power supply road system.
Land and Houses expects CK earnings to recover QoQ and KKP to grow 21% in the third quarter of 2026
Land and Houses Securities Public Company Limited has issued an analysis focusing on investment trends in CK and KKP shares, expecting CK's third-quarter 2026 earnings to recover from the previous quarter. Although the construction contracting business may slow seasonally and gross margins return to normal levels, support is expected from its share of profit at CKP, which is entering the high season for hydropower plants, as well as from BEM, which is trending better on passenger numbers. In the medium term, support comes from the government infrastructure investment cycle, which is becoming clearer, especially Phase 2 of the double-track railway project, where three routes worth a combined 106 billion baht have already been approved. Meanwhile, high-speed rail, expressways, motorways, and airports are still awaiting progress. CK currently has a backlog of about 146 billion baht, supporting revenue for several years. The analyst team gives a buy recommendation on CK with a target price of 23.1 baht, support at 17.8 and 18.1 baht, and resistance at 19.6 and 20.1 baht. For KKP, third-quarter 2026 profit is expected at 2.0 billion baht, still growing a strong 21% year on year despite a slight 4.8% decline quarter on quarter. The main drivers are a return to loan growth, especially business loans and Lombard loans, a NIM that holds steady at a good level, and fee income from wealth management, the capital markets business, and Dime!, which is growing strongly. Meanwhile, lower losses from repossessed vehicles help ease cost pressure. Asset quality remains manageable, with the NPL ratio expected to hold steady at around 3.5% and the coverage ratio near 150%. Full-year 2026 profit is likely to grow more than 30% year on year, with ROE returning to around 12%, while a dividend yield of about 6% helps limit the downside for the share price. The analyst team gives a buy recommendation on KKP with a target price of 128 baht, support at 108.5 and 113 baht, and resistance at 118.5 and 120 baht.
IND poised to win new projects, pushing backlog to nearly 2 billion baht, brightening Q4 outlook
Index International Group Public Company Limited, or IND, has signalled a positive outlook for its operating performance in the final stretch of 2026 after it stands a chance of securing additional new project work to bolster its portfolio. At present, the company has work in hand awaiting revenue recognition, or backlog, at a level of nearly 2,000 million baht. This backlog will gradually be recognised as revenue in line with the progress of each project, which will be a key factor supporting earnings in the fourth quarter of 2026 and sustaining revenue continuity into the next period. At the same time, the company under the management of Dr. Pornlapas Na Lamphun continues to pursue opportunities to take part in bids and negotiate new projects on an ongoing basis, in order to increase the value of its work in hand and build on its revenue base in the future. As for the direction over the remainder of the year, the company has supporting factors from the gradual delivery of work according to plan, together with the opportunity to take on additional new work. If it can close deals as targeted, this will strengthen its backlog and support earnings growth going forward. Overall, IND therefore looks set to enter the late-year period with a relatively clear revenue base, thanks to its high level of work in hand, and it still has the opportunity to add new projects to its portfolio, leaving its earnings outlook for the fourth quarter of 2026 on a continuously bright trajectory.
IND.BK · Demand · Positive IND has a backlog of nearly 2 billion baht and is pursuing bids/negotiations for additional new projects, supporting Q4 2026 revenue.
Granite Joint Ventures Win $324.8 Million Big Creek Tunnel and $165 Million Guam Defense Contracts
Granite Construction announced that its joint ventures secured a US$324.8 million Big Creek Tunnel contract in Ohio and a US$165 million Guam Defense System task order, both to be added to third-quarter committed and awarded projects. The Big Creek Tunnel award is part of the Project Clean Lake program, and together the two wins deepen Granite's exposure to long-duration water and defense infrastructure work. The company said the awards could reinforce revenue visibility and the mix of higher-complexity projects in its backlog. The new commitments arrive soon after Granite's US$600 million senior notes due 2034, which preserved a high absolute debt level and keeps balance sheet risk in focus as the company works through an unprofitable 2026. Granite's narrative projects $6.3 billion in revenue and $434.8 million in earnings by 2029, requiring 10.8% yearly revenue growth and a $249.8 million earnings increase from $185.0 million today.
GVA · Demand · Positive Granite's joint ventures won a $324.8M Big Creek Tunnel contract and a $165M Guam Defense task order, adding to its committed and awarded projects.
GVA · Capital · Negative The awards arrive soon after Granite's $600M senior notes due 2034, keeping a high absolute debt level and balance sheet risk in focus amid an unprofitable 2026.
EMCOR declares $0.40 quarterly dividend, in line with previous
EMCOR declared a quarterly dividend of $0.40 per share, unchanged from the prior payout. The dividend carries a forward yield of 0.2%. It is payable Oct. 30 to shareholders of record as of Oct. 15, which is also the ex-dividend date.
EMCOR Q2 2026 Revenue Jumps 19.8% to Record $5.15 Billion
EMCOR Group reported record second-quarter 2026 results, with revenues climbing 19.8% year over year to $5.15 billion and operating income surging 31.8% to $547.3 million. Operating margin expanded 100 basis points to 10.6%, while earnings per share soared 34.8% to $9.06. Remaining Performance Obligations reached a record $17.14 billion, up 43.9% year over year and 29% from December 2025, with Network & Communications, Water & Wastewater, and Institutional and Healthcare among the biggest contributors. The company is also widening its reach through M&A, as five recently announced electrical acquisitions bring roughly $625 million in trailing-12-month revenues, $105 million in EBITDA and about 1,500 employees. EMCOR said labor shortages, tariffs, supply-chain volatility and project-mix shifts remain risks, but its diversified demand base and acquisition strategy could make its broad market footprint a meaningful competitive advantage.
HENNGE and Infroneer announce public share offerings
HENNGE and Infroneer have announced public share offerings. HENNGE will carry out a public offering of 1.1 million shares and a third-party allotment of up to 372,000 shares in connection with an over-allotment sale, along with a sale of 1.38 million shares by existing shareholders. The issue price will be determined during the period from October 13 to 15. Infroneer will carry out a public offering of 47.8261 million shares and a third-party allotment of up to 7.1739 million shares in connection with an over-allotment sale. The issue price will be determined during the period from October 21 to 26.
4475.JP · Capital · Negative HENNGE announced a public offering of 1.1 million new shares plus a third-party allotment and existing-shareholder sale, diluting equity.
5076.JP · Capital · Negative Infroneer announced a public offering of 47.8261 million new shares plus a third-party allotment, diluting equity.
Infroneer Holdings to Raise 147.2 Billion Yen via Public Offering and Other Means, Dilution Rate 20%
Infroneer Holdings announced on the 2nd that it will raise approximately 147.2 billion yen through a public offering and other means. Of the funds raised, 117 billion yen will be used to repay short-term borrowings taken out for the acquisition of Sumitomo Mitsui Construction, with the remainder secured as funds for mergers and acquisitions. In connection with the public offering, the company will issue 47,826,100 shares in Japan and overseas, and sell up to an additional 7,173,900 shares depending on demand. The dilution rate is approximately 20%. Infroneer shares ended trading on the 2nd at 2,695.5 yen, down 2.12% from the previous day.
Asia Plus flags 165-billion-baht water megaproject as boon for contractors CK, STECON, UNIQ, ITD
Research by Asia Plus Securities assesses that a water management megaproject with a combined value of 165,000 million baht will support the growth of the construction contracting sector over the medium to long term. The project aims to cut flood damage by about 16,930 million baht per year and reduce flooded area by 3.48 million rai. Construction is expected to begin in 2027 and take eight years. Among the stocks expected to benefit, Asia Plus names CK as its top pick with a target price of 24 baht on the prospect of winning work directly, while STECON carries a target price of 23 baht on expectations it will benefit from large project contracts. Also in the frame are UNIQ, which has opportunities from large project work, and ITD, which is involved in earthworks and drainage systems. In the construction materials group, SCC, SCCC and TPIPL stand to benefit from project demand for materials. Factors to watch include the project's funding sources, land expropriation, the timing of bidding, and contract signing, all of which will affect progress and the chances that construction companies win work from the project.
CK.BK · Demand · Positive Asia Plus names CK as top pick with 24 baht target on prospect of winning work directly from the 165-billion-baht water megaproject.
ITD.BK · Demand · Positive ITD is named as involved in earthworks and drainage systems for the water management megaproject.
STECON.BK · Demand · Positive STECON carries a 23 baht target on expectations it will benefit from large project contracts in the water megaproject.
SCC.BK · Demand · Positive SCC stands to benefit from project demand for construction materials.
SCCC.BK · Demand · Positive SCCC stands to benefit from project demand for construction materials.
UNIQ.BK · Demand · Positive Asia Plus flags UNIQ as having opportunities from large project work in the 165-billion-baht water management megaproject.
Premchai resigns as ITD chief executive, retires effective 1 October 2026
Premchai Karnasuta has resigned from the position of chief executive of Italian-Thai Development Public Company Limited, or ITD, due to retirement from work, effective from 1 October 2026 onwards, as ITD informed the Stock Exchange of Thailand. The company's board of directors passed a resolution acknowledging the resignation at a meeting on 1 October 2026 and agreed that Thoranis Karnasuta will serve as acting chief executive in accordance with a previously approved resolution, so that the company's management can continue smoothly and efficiently. ITD stated that it will announce the outcome of the consideration to appoint a new chief executive from the board of directors' meeting at an appropriate time.
ITD.BK · · Neutral CEO Premchai Karnasuta resigns due to retirement effective 1 October 2026, with an acting chief executive appointed; no clear positive or negative driver stated.
ITD Appoints Thoranis Karnasuta as Acting Chief Executive, Replacing Premchai Who Retires
Italian-Thai Development Public Company Limited, or ITD, informed the Stock Exchange of Thailand that its board of directors, at its 1/10/2569 meeting held on 1 October 2569, passed a resolution acknowledging the departure of Mr. Premchai Karnasuta from the position of Chief Executive due to retirement from work, effective from 1 October 2569 onwards. The board of directors was of the view that Mr. Thoranis Karnasuta should act in place of the Chief Executive, in accordance with the board resolution 1/12/2564 dated 1 December 2564, which had approved the appointment earlier, so that the company's management would continue smoothly and efficiently. As for the appointment of a new Chief Executive, the company stated that it will report the outcome of the board's consideration of the appointment at an appropriate time.
ITD.BK · · Neutral ITD appoints Thoranis Karnasuta as acting CEO after Premchai Karnasuta's retirement; a leadership succession with no stated financial or operational driver.
Premchai Karnasuta Retires as ITD Chief Executive, Dhanis Karnasuta Appointed Acting Head
Italian-Thai Development Public Company Limited, or ITD, disclosed that its board of directors, at a meeting on 1 October 2569, passed a resolution acknowledging the departure of Mr. Premchai Karnasuta from the position of Chief Executive Officer on the grounds of retirement, effective from 1 October 2569 onward. At the same time, the meeting approved Mr. Dhanis Karnasuta to serve as acting Chief Executive Officer, in accordance with the resolution of the company's board meeting No. 1/12/2564 on 1 December 2564, which had already considered and approved the appointment, so that the company's management may continue smoothly and efficiently, effective from 2 December 2564 onward. The company will inform the board of directors of the outcome of the consideration of the appointment of a new Chief Executive Officer at an appropriate time.
ITD.BK · · Neutral CEO Premchai Karnasuta retires and Dhanis Karnasuta is appointed acting CEO; leadership change with no stated financial or operational driver.
ITD Appoints Thoranis Karnasuta as Acting Chief Executive After Premchai Retires
Italian-Thai Development Public Company Limited, or ITD, disclosed that the company's board meeting No. 1/10/2569 held on 1 October 2026 passed a resolution acknowledging the departure of Mr. Premchai Karnasuta from the position of Chief Executive on the grounds of retirement from work, effective from 1 October 2026 onwards. The meeting resolved to have Mr. Thoranis Karnasuta serve as acting Chief Executive, in accordance with the resolution of the company's board meeting No. 1/12/2564 held on 1 December 2021, which had already considered and approved such an appointment, so that the company's administration may continue smoothly and efficiently, effective from 2 December 2021 onwards. The company will inform the board meeting of the outcome of the consideration of the appointment of a new Chief Executive at an appropriate time.
ITD.BK · · Neutral CEO Premchai Karnasuta retires and Thoranis Karnasuta becomes acting CEO; a leadership succession with no stated financial or operational driver.
Premchai Karnasuta steps down as ITD chief executive after retirement, Thanis Karnasuta takes over duties
Italian-Thai Development Public Company Limited, or ITD, informed the Stock Exchange of Thailand that the company's board meeting No. 1/10/2569, held on October 1, 2569, resolved to acknowledge the departure of Mr. Premchai Karnasuta from the position of chief executive on the grounds of retirement from work, effective from October 1, 2569 onwards. The meeting also approved the appointment of Mr. Thanis Karnasuta as acting chief executive in his place, so that the company's management may continue smoothly and efficiently, effective from December 2, 2564 onwards. The company will announce the results of the consideration of the appointment of a new chief executive by the board of directors at an appropriate time in the future.
ITD.BK · · Neutral CEO Premchai Karnasuta departs on retirement and Thanis Karnasuta is named acting chief executive; a leadership change with no stated financial or operational driver.
SEAFCO Pursues New Bids Worth Over 500 Million Baht as Backlog Jumps to 1.2 Billion Baht
SEAFCO is preparing to bid on new projects worth more than 500 million baht over the remainder of this year, after its order book rose to more than 1.2 billion baht from roughly 1 billion baht previously, following the award of three new projects with a combined value of about 204 million baht. These comprise environmentally friendly bored pile work and diaphragm wall retaining systems, including the Aster International School Bangkok project, with revenue expected to be gradually recognised through 2570. Dr. Narong Thasnanipan, Chief Executive Officer, said the company expects third-quarter 2569 operating results to grow compared with the same period last year, driven by a higher backlog awaiting delivery, and it is maintaining its full-year revenue target at approximately 1.8 billion baht. Meanwhile, Finansia Syrus Securities has issued a buy recommendation on SEAFCO shares with a target price of 3.50 baht, expecting third-quarter 2569 profit to grow on the back of the near-complete MRT Orange Line electric train project, with average daily concrete pouring volume at 1,212 cubic metres per day in July 2569, up 9% from the same period last year, and it expects the average gross profit margin in the third quarter of 2569 to remain above 30%.
SEAFCO.BK · Demand · Positive SEAFCO won three new projects worth about 204 million baht, lifting its backlog to over 1.2 billion baht and supporting its 1.8 billion baht revenue target.
SEAFCO.BK · Capital · Positive Finansia Syrus issued a buy recommendation with a 3.50 baht target, expecting Q3 2569 profit growth and gross margin above 30%.
PREB Revises Strategy to Cope with Cost Volatility, Bids for 3 Billion Baht in New Projects
Pre-Built Public Company Limited, or PREB, has overhauled the management approach for its construction contracting business group to cope with volatility in oil and construction material prices. Chief Executive Officer Wirot Charoentra disclosed that for new projects to be developed going forward, if they are long-term projects, the company will assess costs in advance, or set a cost buffer, from the pricing stage, and negotiate with customers to reflect true costs should volatility prove more severe than expected. For work already secured and under way, the company currently has a backlog worth more than 9 billion baht, which is expected to be recognised continuously over roughly the next two years and six months, and the company has negotiated with suppliers to lock in construction material prices. At the same time, the company plans to bid for new projects and is awaiting the results of several more tender submissions, representing a combined project value of approximately 3 billion baht. About 90% of revenue still comes from the construction contracting business of the parent company, together with the construction materials distribution business, namely the production and sale of precast concrete slabs, or Precast, and glass fibre reinforced concrete. As for the operating performance outlook in 2026, the company expects it to be flat or close to the previous year, when revenue was approximately 54 billion baht.
Jacobs Solutions Selected by NVIDIA for Data Center Digital Twin Deployment
Jacobs Solutions has been selected by NVIDIA to deploy its Data Center Digital Twin platform at a large U.S. research and development facility, sending the company's shares up 3.3% in the afternoon session. The work is a three-year SaaS agreement built on NVIDIA Omniverse libraries, under which Jacobs will use the digital twin to optimize energy demand, monitor operations, and balance power loads across the AI facility. The stock closed the day at $139.76, up 3.3% from the previous close. Jacobs Solutions is up 3.3% since the beginning of the year, but at $139.77 per share it is still trading 15% below its 52-week high of $164.44 from October 2025.
Cardinal Infrastructure Closes Acquisition of Allied Paving Contractors
Cardinal Infrastructure Group, Inc. announced the closing of its acquisition of Allied Paving Contractors, expanding the company's self-performing capabilities in the Atlanta market. Allied generated approximately $100 million in revenue on a standalone basis, though Cardinal said a portion of that volume will be performed on Cardinal projects and therefore reflected in margin rather than consolidated revenue. Chief Operating Officer Benji Wood said the addition of Allied's paving crews in Northern Georgia will let Cardinal sequence paving work directly behind its grading and site development teams, shorten project timelines and expand self-perform capabilities in the market. John McLean, CEO of Allied, will join the Cardinal leadership team to manage paving operations across Georgia, and Cardinal said the deal aligns with its strategy of targeting founder-led companies. Cardinal Infrastructure Group trades on NASDAQ under the ticker CDNL.
Primoris Services Cuts EPS Guidance, Shares Tumble on Cost Overruns
Primoris Services Corporation slashed its earnings guidance to $1.30 to $1.85 per share from $4.05 to $4.25, sending shares tumbling, according to TCW Relative Value Mid Cap Fund's second-quarter 2026 investor letter. The Dallas-based infrastructure services company discovered additional cost overruns and delays in its Renewable Energy business segment. The unexpected departure of COO Jeremy Kinch also raised concerns about operational oversight, the fund said. Primoris closed at $74.52 on September 30, 2026, giving it a $4.04 billion market capitalization, and its shares have posted a roughly 39.97% year-to-date pullback within a 52-week range of $65.00 to $205.50. The fund named Primoris among its weakest performers in the quarter, alongside Fox Corporation and Venture Global.
KGI unveils 5 top picks for October, focusing on private investment and data center themes
KGI Securities unveiled its top stock picks for October 2026, recommending accumulation of stocks in the private investment and data center themes, comprising DELTA, GULF, WHA, STECON and CENTEL. The research team believes the market in October is likely to rebound, as the market has already priced in much of the global economic risk, including uncertainty in the Middle East and surging bond yields in major markets worldwide. It expects the SET Index to recover, and sees a high chance the Fed will pause rate hikes temporarily after August core PCE came in below consensus. It also sees a fairly high possibility that the US and Iran will reach some form of ceasefire agreement soon. On domestic factors, the Thai government began rolling out the final phase of consumption stimulus measures today and will shift its focus to stimulating private investment, including PPP-model infrastructure projects and FDIs. As for STECON, it signed new project contracts worth 10 billion baht, equal to 20% of its 2026F target of 50 billion baht, lifting its backlog to 116.4 billion baht, and it expects to win another 70 billion baht in projects, mainly data centers and power plants. Meanwhile, GULF has identified data center demand of more than 2GW of capacity expected to secure Direct PPAs, and the PDP2026 plan is expected to add another 20-30GW of renewable energy capacity and another 20GW of gas-fired capacity. For CENTEL, the research team remains positive after updating information with management, noting that RevPAR booked in Q3/2026F recovered year-on-year by a mid-single-digit rate from -10% in Q2/2026, and is expected to improve further during the high season in Q4/2026F. The recommended portfolio for September fell 2.6%, underperforming the overall market, which declined 2.0%.
STECON.BK · Demand · Positive STECON signed new project contracts worth 10 billion baht (20% of its 2026F target), lifting backlog to 116.4 billion baht, and expects another 70 billion baht mainly in data centers and power plants.
CENTEL.BK · Demand · Positive RevPAR booked in Q3/2026F recovered to mid-single-digit growth from -10% in Q2, with further improvement expected in the Q4 high season.
GULF.BK · Demand · Positive GULF identified data center demand of more than 2GW expected to secure Direct PPAs, plus PDP2026 adding 20-30GW renewable and 20GW gas-fired capacity.
Prebuilt Public Company Limited, or PREB, is pressing ahead into the second half of 2026 on a stronger business base, with a backlog of approximately 9,220 million baht, or 9.22 billion baht, to support future revenue recognition, while continuing to bid for new projects. In the first half of 2026, the company recorded total revenue of 2,809.96 million baht, up 24.01% compared with the same period a year earlier, split into 2,537.27 million baht from the construction contracting business, 107.20 million baht from the precast slab manufacturing business, and 165.49 million baht from the real estate business. For the second half, the company aims to bid for projects that match its expertise, including high-rise buildings, office buildings, commercial buildings, industrial factories, hotels, international schools, shopping centres, hospitals, and specialised construction projects with complex engineering requirements, with emphasis on selecting suitable projects and controlling costs in order to maintain profitability and sustainable growth.
PREB.BK · Demand · Positive PREB reports a 9.22 billion baht backlog and is bidding for new high-rise, commercial, and industrial construction projects, supporting future revenue.
Fluor Corporation's joint venture with JGC Corporation has been selected to deliver the second phase of the LNG Canada export facility in Kitimat, British Columbia, following LNG Canada's final investment decision. The JGC-Fluor joint venture received a notice to proceed covering engineering, procurement, fabrication, construction and commissioning for Phase 2, and Fluor expects to recognize its $7.5 billion share of the multibillion-dollar contract in the third quarter of fiscal 2026. Phase 2 will be built adjacent to the existing facility and involves construction and commissioning of an additional LNG storage tank and two new liquefaction units, or trains, which are expected to double the facility's production capacity to approximately 28 million tonnes per year. The expansion will be executed by JGC Fluor BC LNG II JV, a Canadian joint venture owned equally by Fluor Canada Ltd. and JGC Constructors (No. 2) BC Ltd., and LNG Canada is backed by Shell, PETRONAS, PetroChina, Mitsubishi Corporation and KOGAS. The award follows the joint venture's delivery of Phase 1, where LNG production began in June 2025 and facility handover was completed in October 2025, and it converts Fluor's front-end pipeline into a major execution project after the company reported $6.1 billion in second-quarter new awards and $26.9 billion in backlog.
1963.JP · Demand · Positive JGC's joint venture with Fluor was selected to deliver LNG Canada Phase 2, a multibillion-dollar engineering, procurement and construction contract.
FLR · Demand · Positive Fluor's JGC-Fluor JV won the LNG Canada Phase 2 contract, with Fluor expecting to recognize its $7.5 billion share in fiscal Q3 2026.
MYR Group T&D Segment First-Half 2026 Revenue Rises 10% to $1.06 Billion
MYR Group Inc.'s Transmission & Distribution segment posted a 10% year-over-year revenue increase to $1.06 billion in the first half of 2026, driven by higher activity under unit-price and time-and-equipment contracts, partly offset by lower fixed-price contract revenues. The segment accounted for 51.1% of MYR Group's total first-half revenues, down from 55.8% a year earlier, while T&D operating income rose 32.6% to $101.7 million and operating margin expanded to 9.6% from 7.9%. On a trailing-12-month basis through June 30, 2026, the segment generated $2.1 billion in revenues, reflecting an 11.2% compound annual growth rate since 2021, and its backlog stood at $1.27 billion at the end of June. MYR Group, one of the largest U.S. contractors serving the electric utility industry's T&D sector, performs about 65% of its business under Master Service Agreements. Peers are seeing similar demand: Quanta Services reported second-quarter 2026 Electric segment revenues of $7.84 billion, up 43.6% year over year, with first-half electric revenues of $14.3 billion and backlog of $43.8 billion, while MasTec's Power Delivery segment generated $1.25 billion in second-quarter 2026 revenues, up 19.2%, and $2.29 billion in first-half revenues, up 17.8%.
MYRG · Capital · Positive MYR Group's T&D segment revenue rose 10% to $1.06B with operating income up 32.6% and margin expanding to 9.6%.
MTZ · Demand · Positive MasTec's Power Delivery segment posted 19.2% Q2 revenue growth and 17.8% first-half growth, cited as a peer seeing similar demand.
PWR · Demand · Positive Quanta Services' Electric segment Q2 revenues rose 43.6% to $7.84B with $43.8B backlog, cited as a peer seeing similar demand.
CanadaUnited KingdomMalaysiaChinaJapanSouth KoreaUnited States
Construction & Engineering▲
Shell Takes FID on LNG Canada Phase 2, Doubling Capacity to 28 mtpa
Shell plc has taken a final investment decision on the second phase of the LNG Canada project in Kitimat, British Columbia, clearing the way for an expansion that will double the facility's production capacity. Phase 2 will add two LNG processing trains and lift total production capacity from 14 million tonnes per annum to 28 mtpa, with commercial operations expected to begin in the early 2030s. Shell owns a 40% stake in the joint venture, alongside PETRONAS with 25%, PetroChina with 15%, Mitsubishi Corporation with 15% and Korea Gas Corporation with 5%, and expects to receive nearly 6 mtpa of additional LNG once Phase 2 comes online. The decision also unlocked TC Energy Corporation's related expansion of the Coastal GasLink pipeline, which currently transports about 2.1 billion cubic feet per day and is designed to nearly double that capacity along the existing 670-kilometer route to Kitimat. Fluor Corporation said its joint venture with JGC Corporation has been selected to provide engineering, procurement, fabrication, construction and commissioning services for Phase 2, with Fluor's share of the award valued at approximately $7.5 billion and expected to enter its backlog in the third quarter of fiscal 2026.
FLR · Demand · Positive Fluor's JV selected for LNG Canada Phase 2 EPC services, with Fluor's ~$7.5B share entering backlog in fiscal Q3 2026.
SHEL.LSE · Capital · Positive Shell took FID on LNG Canada Phase 2, doubling capacity to 28 mtpa and securing ~6 mtpa of additional LNG for its 40% stake.
TRP · Demand · Positive Phase 2 FID unlocked TC Energy's related Coastal GasLink pipeline expansion to nearly double capacity to Kitimat.
1963.JP · Demand · Positive JGC's JV with Fluor was selected to provide EPC and commissioning services for LNG Canada Phase 2.
8058.JP · Demand · Positive Mitsubishi holds a 15% stake in the LNG Canada JV, which is expanding capacity via Phase 2.
Petronas · Demand · Positive PETRONAS holds a 25% stake in the LNG Canada JV and benefits from the Phase 2 expansion doubling capacity to 28 mtpa.
Jacobs wins three-year SaaS deal for Nvidia AI R&D facility
Jacobs has been selected by Nvidia to deploy its Data Center Digital Twin platform at a large-scale AI research and development facility in the U.S. Under a three-year software-as-a-service agreement, Jacobs will provide a digital twin environment designed to improve operational planning and facility performance at one of Nvidia's advanced AI R&D facilities. Built on Nvidia Omniverse libraries, the platform creates a real-time environment that allows operators to simulate scenarios and monitor and optimize facility performance, combining engineering models, operational technology and live facility data into a single platform. J shares rose 1.5% premarket on Wednesday.
Jacobs to Deploy Data Center Digital Twin for NVIDIA R&D Facility
Jacobs has been selected by NVIDIA to deploy its Data Center Digital Twin for a large-scale R&D facility in the United States under a three-year software-as-a-service agreement. The digital twin environment, built on NVIDIA Omniverse libraries, will enhance operational planning and improve facility performance across one of NVIDIA's most advanced artificial intelligence research and development facilities. The platform integrates engineering models, operational technology and live facility data into a single operational platform, supporting predictive and simulation-driven use cases including dynamic power load balancing, energy forecasting, liquid coolant leak detection monitoring, predictive maintenance and operator training. Jacobs Executive Vice President Amer Battikhi said operators need smarter and more connected ways to optimize performance and manage energy demand while improving resiliency as digital infrastructure rapidly scales. The award builds on Jacobs' work with NVIDIA advancing digital twin technology for AI infrastructure, and Jacobs is also delivering high-performance computing environments for organizations including Hut 8 in the U.S., SINES DC Campus by Start Campus in Portugal and PsiQuantum in Australia.
J · Demand · Positive NVIDIA selected Jacobs to deploy its Data Center Digital Twin under a three-year SaaS agreement, a concrete new customer win.
NVDA · Technology · Positive NVIDIA's R&D facility will use the Omniverse-based digital twin to enhance operational planning and facility performance for its AI research.
Krungsri initiates coverage on CK with Buy rating, target price 25.35 baht, eyeing 770-billion-baht mega-projects
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.
CK.BK · Capital · Positive Krungsri initiates coverage on CK with a Buy rating and 25.35-baht target price, implying ~41.6% upside.
CK.BK · Demand · Positive 770-billion-baht mega-projects to be tendered in 2026-2028 are expected to boost CK's order book, on top of its 146.3-billion-baht backlog.
BEM.BK · · Neutral BEM mentioned only as a CK investment holding whose value is discounted in CK's share price; no BEM-specific development.
Mitsubishi Kakoki and Tsukishima HD to Integrate Management in April 2027 via Share Exchange
Tsukishima Holdings and Mitsubishi Kakoki, both engaged in water treatment and industrial machinery plants, announced on the 30th that they will integrate their management on April 1, 2027. They will establish a joint holding company, Mitsubishi Tsukishima Kakoki Holdings. Through a share exchange, Mitsubishi Kakoki will acquire all shares of Tsukishima HD, and Tsukishima Holdings is scheduled to be delisted on March 30, 2027. The share exchange ratio is 1 to 0.88, with 0.88 Mitsubishi Kakoki shares allotted for each Tsukishima Holdings share. Tsukishima HD also announced that it will carry out a buyback of up to 1 million shares, equivalent to 2.5% of its issued shares, for up to 3 billion yen. The acquisition period runs from October 5 to March 19, 2027, and the acquired shares will be cancelled immediately before Mitsubishi Kakoki acquires the Tsukishima HD shares.
6331.JP · Capital · Positive Mitsubishi Kakoki will acquire all Tsukishima HD shares via share exchange to form a joint holding company, consolidating the business under its umbrella.
6332.JP · Capital · Positive Tsukishima HD will be acquired by Mitsubishi Kakoki in a share exchange at 0.88 ratio and also announced a buyback of up to 1 million shares (2.5%) for up to 3 billion yen.
SEAFCO wins 3 new projects worth a combined 204 million baht
Seafco Public Company Limited, or SEAFCO, disclosed that it has secured three new projects with a combined value of approximately 204 million baht, excluding value-added tax. The first project is Aster International School Bangkok, on Soi Chan 41 in Sathon district, where the company is responsible for circular bored piles, diaphragm wall retaining structures, and rectangular bored piles, with materials included, scheduled to begin in October 2026. The second project is the Orange Line electric train, the Bang Khun Non–Min Buri, Suwinthawong section, the ventilation shaft building between Station 3, additional works, in the Uruphong intersection area, covering circular bored piles and diaphragm wall retaining structures, with materials excluded, expected to begin in October 2026. The third project is the Chiang Mai underpass project, on the route from the Department of Highways Chiang Mai 3029 junction to the Highway 1006 junction, in Mueang Chiang Mai and San Kamphaeng districts of Chiang Mai province, covering circular bored piles and diaphragm wall retaining structures, with materials excluded, scheduled to begin in November 2026. Dr. Narong Thasnanipan, Chief Executive Officer, stated that the three new projects add continuity to SEAFCO's construction workload and reflect continued demand for foundation and infrastructure work.
SEAFCO.BK · Demand · Positive SEAFCO secured three new construction projects worth a combined 204 million baht, adding to its foundation and infrastructure workload.
SEAFCO wins three piling contracts worth a combined 204 million baht
Seafco Public Company Limited, or SEAFCO, informed the Stock Exchange of Thailand that it has secured three new projects covering bored circular piling and environmentally friendly diaphragm wall systems, with a combined construction value of approximately 204 million baht, excluding value-added tax. Of the three projects awarded, the first is Aster International School Bangkok, on Soi Chan 41, Thung Wat Don subdistrict, Sathon district, Bangkok, with Asia Mission Education Network Company Limited as the client, starting work in October 2026. The second is the Orange Line electric train, Bang Khun Non - Min Buri, Suwinthawong section, at the ventilation shaft building between Station 3, an additional scope at Uruphong junction, with the CKST-OR joint venture as the client, starting work in October 2026. The third is the Chiang Mai underpass, from the Department of Highways Chiang Mai 3029 junction to the Highway 1006 junction, in Mueang Chiang Mai and San Kamphaeng districts, Chiang Mai province, with Chiang Rai Land Associates Company Limited as the client, starting work in November 2026.
SEAFCO wins three new projects worth a combined 204 million baht
Seafco Public Company Limited, or SEAFCO, announced through the Stock Exchange of Thailand that the company has secured three new projects in September 2026, with a combined value of approximately 204 million baht, excluding value-added tax. The projects fall under the company's normal course of business. The first is the Aster International School Bangkok project, located in Soi Chan 41, Thung Wat Don subdistrict, Sathon district, Bangkok, covering bored circular piles, diaphragm wall retaining structures, and bored rectangular piles under a contract that includes materials. Asia Mission Education Network Company Limited is the client, and work begins in October 2026. The second is the Orange Line electric train project, Bang Khun Non–Min Buri (Suwinthawong) section, covering the ventilation shaft building between Station 3 at the Uruphong intersection, which is additional work. It covers bored circular piles and diaphragm wall retaining structures under a contract that excludes materials. The CKS-T-OR joint venture is the client, and work begins in October 2026. The third is the Chiang Mai underpass project, on the route from the Department of Highways Chiang Mai 3029 junction to the Highway 1006 junction, in the areas of Mueang Chiang Mai and San Kamphaeng districts, Chiang Mai province. It covers bored circular piles and diaphragm wall retaining structures under a contract that excludes materials. Chiang Rai Land Associates Company Limited is the client, and work begins in November 2026. The company stated that all three projects arise from its normal business operations and follow the commercial terms it applies to general counterparties.
SEAFCO wins three new projects worth a combined 204 million baht
SEAFCO Public Company Limited, or SEAFCO, disclosed that the company has secured three new projects with a combined construction value of approximately 204 million baht, excluding value-added tax. The first project is Aster International School Bangkok, on Soi Chan 41, Thung Wat Don subdistrict, Sathon district, Bangkok, covering bored circular piles, diaphragm wall retaining structures, and bored rectangular piles, with Asia Mission Education Network Company Limited as the client, starting work in October 2026. The second project is the Orange Line electric train, Bang Khun Non to Min Buri, Suwinthawong section, the ventilation shaft building between Station 3 and the Uruphong junction additional works, covering bored circular piles and diaphragm wall retaining structures, with the CKST-OR joint venture as the client, starting work in October 2026. The third project is the Chiang Mai underpass, from the Department of Highways Chiang Mai 3029 junction to the Highway 1006 junction in Mueang Chiang Mai and San Kamphaeng districts, Chiang Mai province, covering bored circular piles and diaphragm wall retaining structures, with Chiang Rai Land Associates Company Limited as the client, starting work in November 2026.
SEAFCO wins three new projects worth a combined 204 million baht
SEAFCO Public Company Limited, or SEAFCO, has informed the Stock Exchange of Thailand that the company has secured three new projects with a combined construction value of approximately 204 million baht, excluding value-added tax. The first project is Aster International School Bangkok, on Soi Chan 41, Thung Wat Don subdistrict, Sathon district, Bangkok. The client is Asia Mission Education Network Company Limited, and work begins in October 2026. The second project is the Orange Line electric train, the Bang Khun Non to Min Buri, Suwinthawong section, covering the ventilation shaft building between Station 3 and the additional Uruphong junction works. The client is the CKST-OR joint venture, and work begins in October 2026. The third project is the Chiang Mai underpass, from the Tha Chang Chiang Mai 3029 junction to the Highway 1006 junction, in Mueang Chiang Mai and San Kamphaeng districts, Chiang Mai province. The client is Chiang Rai Land Associates Company Limited, and work begins in November 2026. The scope of work across all three projects includes round bored piles, diaphragm wall retaining systems, and rectangular bored piles, using environmentally friendly systems. The company stated that these transactions are part of its normal business operations and are on commercial terms generally consistent with those it applies to other companies.
China CAMC Engineering Signs Maintenance Contracts for Six Hospitals in Guyana, Extending Post-EPC Layout
China CAMC Engineering and Guyana's Ministry of Health have formally signed maintenance contracts for six regional hospitals, extending their cooperation from the construction phase to operations and maintenance. These six regional hospitals were delivered and put into operation between June and August 2025. Under the contracts, China CAMC Engineering will provide comprehensive operation and maintenance services for the hospitals' building facilities and electromechanical utility systems. This is another landmark project in the company's push to extend its EPC business downstream and improve its post-construction services, and a typical implementation of post-EPC work in overseas livelihood sectors. Previously, the Beres No. 1 Sugar Factory in Ethiopia, which China CAMC Engineering built under an EPC model and completed in September 2023, successfully signed a follow-up commercial operations contract. The project has a designed crushing capacity of 12,000 tonnes per day and was named a 2024 China Sustainable Infrastructure Project Overseas. China CAMC Engineering has now achieved full coverage across its three investment, construction and operation directions: environmental engineering, ropeway engineering, and clean energy engineering. Among them, the Tashkent and Andijan waste-to-energy projects in Uzbekistan, with a combined total investment of 475 million US dollars, are progressing steadily, and the Atush Tianmen Ropeway in Xinjiang, the company's first ropeway investment, construction and operation project, has entered trial operation.
002051.CS · Demand · Positive Signs operation and maintenance contracts for six Guyana hospitals, extending its EPC business into recurring post-construction services.
Zongheng Communications director and executive deputy general manager Yu Gao resigns; Ye Jianping nominated as non-independent director candidate
Zongheng Communications announced on September 30 that Yu Gao has applied to resign from his positions as director and executive deputy general manager for personal reasons, and will no longer hold any other position at the company. The company held a board meeting and agreed to nominate Ye Jianping as a non-independent director candidate, with the term starting from the date of approval by the shareholders' meeting and ending on the date when the seventh board of directors' term expires. In the first half of 2026, Zongheng Communications achieved revenue of 984 million yuan and net profit attributable to the parent company of 14.92 million yuan.
603602.CG · · Neutral Director and deputy GM Yu Gao resigns for personal reasons; Ye Jianping nominated as non-independent director candidate — a governance/management change with no clear positive or negative driver.
Yuandao Communication plunges 72.51% on first day of delisting; ST Lingnan locks in face-value delisting ahead of schedule
On September 30, Yuandao Communication, now trading under the abbreviated name Yuandao Delisting with stock code 301139, resumed trading on the first day of its delisting consolidation period with a sharp gap down. It briefly triggered a trading halt during the session and closed down 72.51 percent. The company's delisting stems from fabricating major false content in its securities issuance documents. According to the China Securities Regulatory Commission's administrative penalty decision, from 2019 to 2021 Yuandao Communication inflated operating revenue by a total of about 490 million yuan through methods such as fabricating workload confirmation forms. The commission also determined that then-chairman Li Jin seriously failed to perform his duties diligently and that the violations were serious. The company had already corrected expressions such as diligent and responsible in its earlier announcement on the evening of September 29. On the same day, ST Lingnan, stock code 002717, which faces face-value delisting risk, opened at the daily limit down again, with its share price at 0.62 yuan per share. From September 7 to September 29, its closing price had been below 1 yuan for 16 consecutive trading days. Based on the September 30 closing price, even if it hit the daily limit up for the next three trading days, it would still be unable to return above 1 yuan. ST Lingnan has been under delisting risk warning since April 30 this year, and other risk warnings have continued to apply, because its net assets at the end of 2025 were negative, its audit report contained a disclaimer of opinion, and its main bank accounts were frozen. On June 3, additional other risk warnings were imposed again. Recently, ST Lingnan and relevant parties received an administrative penalty decision from the Guangdong branch of the China Securities Regulatory Commission. The company was given a warning and fined 8 million yuan for failing to disclose fund occupation matters as required, for major omissions and false records in its 2021 annual report, and for failing to promptly disclose that it was under investigation on suspicion of criminal activity.
002717.CS · Regulation · Negative ST Lingnan faces face-value delisting after 16 straight days below 1 yuan, with negative net assets, a disclaimer audit opinion, frozen bank accounts, and an administrative penalty.
301139.CS · Regulation · Negative Yuandao Communication (Wintao Communications) was delisted and plunged 72.51% after the CSRC found it fabricated securities issuance documents and inflated revenue by ~490 million yuan.
Granite Joint Venture Wins $165 Million Guam Defense Task Order
Granite announced that the GO3JV joint venture has been awarded a new task order under the Guam Multiple Award Construction Contract, valued at approximately $165 million, to build key components of the Guam Defense System Forward Operating Sites on Guam for the Naval Facilities Engineering Systems Command. The task order will be included in third quarter CAP. The project covers site preparation, utility installation, facility construction, transportation improvements, and related infrastructure to support operational readiness and continuous mission requirements. Granite Federal Division VP Curt Haldeman said the award demonstrates continued growth of Granite's Federal business and its ability to secure significant new work with a long-standing client. Construction is anticipated to begin in 2026, with completion expected in late 2029.
GVA · Demand · Positive Granite's GO3JV joint venture won a $165 million Guam defense task order for construction work, a concrete new order for its Federal business.
TEAMG eyes flood-control and southern double-track rail work, targeting 10% revenue growth in 2026
TEAMG disclosed that flooding in many areas is creating business opportunities for the company. Chavalit Chantarat, Chief Executive Officer of Team Consulting Engineering and Management Public Company Limited, or TEAMG, told Than Hoon that the company has expertise in designing and managing drainage systems, giving it opportunities to win new work with government agencies such as the Royal Irrigation Department, Bangkok Metropolitan Administration, and the Department of Water Resources, especially in eastern Bangkok, where the company designed Phase 1 of the Bueng Nong Bon monkey-cheek project and is monitoring Phase 2 of the Bueng Nong Bon project, which has already received government budget approval. As for the Pa Sak–Gulf of Thailand drainage canal construction project, a massive undertaking with a budget in the hundreds of billions of baht, the company will carefully consider opportunities to take part, focusing on projects where it has expertise and a track record of prior design work. The company aims to pursue large infrastructure investment projects under the budget plan approved by parliament, particularly the southern double-track railway project heading toward the Thai-Malaysian border town municipality, several sections of which the company previously designed, and it is also proposing designs for pipes and drainage channels beneath railways in flood-hit areas such as Hat Yai district. As for its order backlog, in the third quarter of 2026 alone it stands at at least 4.85 billion baht, in line with its target, with the company expecting to secure no less than 1.5 billion baht in new work in both the third and fourth quarters of 2026, supporting its goal of 10% or more revenue growth in 2026.
TEAMG.BK · Demand · Positive Flooding creates opportunities to win new drainage and flood-control work with government agencies, plus southern double-track rail projects, supporting its 10% revenue growth target.
STECON expects 2026 revenue to exceed 35 billion baht, reaching 50-60 billion in 2027
Pakpoom Srichamni, Chief Executive Officer of Stecon Group Public Company Limited, or STECON, disclosed that the company expects total revenue in 2026 to exceed its target of 35 billion baht, after total revenue in the first half of 2026 already reached 16.787 billion baht, or about 48% of the full-year target. It currently still holds construction work in hand from transportation projects, including the Purple Line electric train and the M6 and M81 motorways, while also tracking opportunities from the M82 project and continuing to bid for new work. The company places importance on data center projects, especially investment by major service providers, or hyperscalers, and is in the process of extending its business from a construction contracting base into the development of and investment in infrastructure, including water, utilities, and energy, in order to increase the share of recurring revenue. Kasikorn Securities stated that STECON currently has work in hand of about 113 billion baht, with management aiming to add approximately 69 billion baht more to its backlog during the remainder of 2026, divided into three data center projects worth a combined 49.8 billion baht, power plant projects worth 16 billion baht, and airport projects worth 3 billion baht. If it wins the work as planned, revenue in 2027 could be 50 billion to 60 billion baht, compared with the research department's current estimate of 37 billion baht, while gross profit margin will be above 7%. Initially, it forecasts normal profit in 2026 at 1.497 billion baht, up 63% year on year, and maintains a Buy recommendation with a fair value of 22.28 baht, selecting the stock as a top pick in the large contractor group.
STECON.BK · Capital · Positive Kasikorn Securities maintains a Buy recommendation with a fair value of 22.28 baht, forecasts 2026 normal profit up 63% year on year, and selects STECON as a top pick in the large contractor group.
STECON.BK · Demand · Positive STECON expects 2026 revenue to exceed its 35 billion baht target and 2027 revenue of 50-60 billion baht, driven by its 113 billion baht backlog and bidding for new data center, power plant, and airport projects.
United States
