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To research CH. Karnchang Public Company Limited (SET ticker: CK), start with the company’s financial statements and 2025 One Report, then check exchange and regulator filings. Its reported full-year 2025 revenue was THB 45,535.69 million and net profit was THB 3,328.22 million. The latest backlog figure in the sources cited here is different in kind: DAOL Securities estimated about THB 190 billion in September 2025, not a current company-reported total. Keep reported results, company guidance and analyst estimates separate, and assess each project’s scope, progress, margin and cash-conversion timing before treating backlog as a signal of future performance.
What does CH. Karnchang report for revenue and profit?
CH. Karnchang is a Thai construction and infrastructure business listed on the Stock Exchange of Thailand as CK. The company describes work for government agencies, state enterprises and private entities as a main contractor, subcontractor, joint-venture partner or consortium member, alongside infrastructure investment. That mix matters: a headline revenue figure may not mean construction revenue alone.
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On its financial-highlights page, the issuer reports the following results:
| Period | Revenue | Net profit |
|---|---|---|
| Full year 2025 | THB 45,535.69 million | THB 3,328.22 million |
| Full year 2024 | THB 38,769.91 million | THB 1,445.90 million |
| First half 2026 | THB 24,036.02 million | THB 1,129.33 million |
These are issuer-reported period and metric labels; they should not be silently recast as construction-only revenue. For the accounting basis and business mix, read the statements and notes for the relevant period, and distinguish consolidated figures from any company-only figures. The issuer’s financial highlights and resource center provide starting points for the underlying documents.
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Cross-check the reporting period and whether a statement is company-only or consolidated in the Thai SEC’s CK financial-statement index. The Stock Exchange of Thailand’s CK factsheet identifies the issuer’s Construction Services sector and summarizes its contracting and infrastructure-investment activities; exchange announcements are another place to verify dated disclosures.
How should you interpret CK’s backlog?
Backlog is useful only when its date and definition are clear. A DAOL Securities company update dated 22 September 2025 estimated CK’s backlog at about THB 190 billion at that time and described a 2024 peak of about THB 210 billion. DAOL estimated the backlog could support revenue for at least four to five years. These are analyst estimates and an analyst’s interpretation—not a current company-reported backlog figure or a guarantee of future revenue.
The issuer lists its 2025 One Report and annual MD&A, but the cited material does not establish a year-end backlog total or the company’s calculation method. Before relying on a newer number, locate it in the complete One Report, current investor presentation or exchange filing and check:
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- Reporting date: identify the date the figure describes; do not present an older estimate as current.
- Contract status: determine whether the total includes signed contracts only, or also awards, unsigned work, memoranda or prospective opportunities.
- Attributable scope: establish whether a project is counted in full or only at CK’s share, especially for joint ventures and consortia.
- Remaining work: distinguish total contract value from the uncompleted portion that could still convert into revenue.
- Accounting and cash timing: check when work is expected to be performed, recognized as revenue, billed and collected.
Backlog is not synonymous with guaranteed revenue, profit margin or cash flow. Delays, scope changes, cost pressure and the timing of billing and collection can all affect how—or when—contracted work contributes to results.
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Which project risks can change execution and margins?
DAOL’s September 2025 note linked its margin expectations to project mix and progress. It named the Orange Line, South Purple Line, Den Chai–Chiang Rai–Chiang Khong double-track railway and Luang Prabang hydropower works as projects progressing at that point. It also identified future progress on the Double Deck expressway and South Purple Line as possible 2026 catalysts. Those are dated analyst descriptions and expectations, not confirmation of present-day status. Verify current awards, approvals, progress and schedules with company or government disclosures before describing a project as active, delayed or completed.
For each material project, work through the same questions rather than judging a headline contract value in isolation:
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- Contract certainty: Is there a signed contract, or only an award, memorandum or anticipated opportunity?
- Ownership and scope: What work is CK responsible for, what is its attributable share, and which partners or consortium members deliver the rest?
- Execution: What progress and schedule are reported? Are approvals, land access, interfaces with other contractors or other dependencies material?
- Economics: What is known about expected margin and cost pressure? Does the project mix improve or dilute gross margin?
- Conversion: When should work be completed, recognized as revenue, billed and converted into cash?
This project-level check explains why two backlogs of similar size can have different implications. A large total may be less informative if substantial work is not firmly contracted, CK’s attributable scope is small, delivery depends on unresolved interfaces, margins are under pressure, or cash collection is expected well after revenue recognition.
Which documents should you use, and in what order?
- Start with the issuer’s resource center: open the 2025 Form 56-1 One Report, 2025 financial statements and annual MD&A, then the relevant 2026 quarterly materials. Use the statements and notes to establish definitions, consolidation basis and the distinction between construction and investment-related activity.
- Verify the filing period with the Thai SEC: use its CK financial-statement index to cross-check annual and reviewed quarterly statements, including Q1 and Q2 2026 company and consolidated filings.
- Check the exchange record: review CK announcements and its SET factsheet for issuer disclosures and a concise description of its business.
- Trace every backlog figure to its source: record whether it is a company disclosure or an analyst estimate, its as-of date, definition, project composition and CK’s share of joint-venture work.
- Verify project status independently: use current issuer or government documents for contract awards, approvals, progress and schedules; treat dated analyst commentary as commentary, not current confirmation.
This order keeps actual results distinct from forecasts and estimates. It also makes it easier to spot when a comparison mixes periods, reporting bases or different definitions of backlog.
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