STEC, together with CK, has won two out of three contracts for the Denchai-Chiang Khong double track. We expect STEC’s backlog to rise by 18%. The winning prices also offer no discount to reference prices, indicating that competition is now tame, which will improve contractors’ earnings visibility. We reiterate our Add call with a higher THB21 target price (2.1x FY21F P/BV, -0.5 s.d.).
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