Maybank keeps ‘buy’ on Demco after solar farm contract

Construction News

Maybank Kim Eng Securities maintained its “buy” rating on shares of Demco Pcl after the electric system construction company signed a 90 MW solar farm contract.

Demco and Hydrochina Engineering Corp entered into a contract with EA Solar Nakorn Sawan, a subsidiary of Energy Absolute Pcl , on April 30 to develop a 90 MW solar farm valued at 5.5 billion baht ($187 million).

“Demco will take responsibility for engineering design, local material supply, civil work, electrical system, installation and testing valued at 1.38 billion baht. Hydrochina will take responsibility to supply materials from abroad worth 4.2 billion baht,” Maybank said.


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