CK, together with STEC, has won two out of three contracts for the Denchai-Chiang Rai-Chiang Khong double track. We expect CK’s backlog to double. The winning prices also offer no discount to reference prices, indicating that competition is now tame, which will improve contractors’ earnings visibility. We reiterate Add with a higher THB22.50 target price (1.4x FY21F P/BV, -0.5 s.d. from its 5-year mean). CK is our top pick in the sector.
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