Mr. Wiboon Utsahajit, Chief Executive Officer of Siam Wellness Group Public Company Limited (SET: SPA), stated that the company’s performance in the second half of the year is likely to surpass the performance in the first half due to the recovery in same store sales as several countries are entering semester break period, especially Asia countries, China, and Hong Kong. Their tourists and families are increasingly traveling to Thailand, as well as those from Europe and the Middle East, as the region faces the hottest period of the year.
SPA will recognize higher revenue due to the opening of new branches. In the second half of 2025, the company will open six new branches, consisting of organic and spa services in hotels. On August 30, the company plans to open a new branch at EmQuartier, one more at Dusit Central Park this October, and another onsen branch near Ratchadamri Road this December. As a result, the company will open ten new branches this year as planned.
Currently, SPA has a total of 82 branches, composed of two RarinJinda, 61 Let’s Relax in Thailand and two in foreign nations, eight BaanSuan Massage, six Stretch me Clinic, two Dr. Spiller, and one Wellness ME Clinic. These branches are located in Thailand’s top tourist destination area, such as Chiang Mai Province, Phuket Province, Pattaya City, Hua Hin District, Krabi Province, and Trang Province.
Additionally, due to the declining global economy and the fact that the Tourism Authority of Thailand has decreased the tourist target volume to 36 million, SPA decided to decrease its annual total revenue target to THB 1.7 billion, slightly ahead of 2024’s total revenue of THB 1.67 billion.
Mr. Wiboon stated that in the Board of Directors’ Meeting No. 4/2025, the board approved the registration of the 30-year leasehold rights over land and buildings thereon, located at Tawanron Beach, Na Jomtien Sub-district, Sattahip District, Chonburi Province, with an approximate area of 38 rai, for the development of a Wellness Destination project, a comprehensive wellness center that the company plans to open in 1Q27.
This investment is divided into three parts. First is the THB 170 million on the 30-year leasehold rights (excluding an 18 months of development period). Second is the THB 350 million on the renovation of existing rooms and the construction of new ones. The third part is the 30-year rent according to the agreement. The company estimated that it will generate payback within 8 and a half years, with a 15% internal rate of return (IRR), as the company aims to earn THB 260 million of revenue in the first year.
