On Tuesday, Ngern Turbo Public Company Limited (SET: TURBO) made a strong debut on the Thai stock market, opening at THB 2.30—up THB 0.80, or 53%, from its IPO price of THB 1.50 per share.
At the end of the morning session, the share price of TURBO surged by 50.67% or THB 0.76 to THB 2.26, with a trading value of THB 2.19 billion.
After its listing on the Stock Exchange of Thailand, TURBO has laid out plans to build on its success and position itself as a leading financial service provider for retail clients nationwide. The company aims to drive strong growth through several key strategies.
Firstly, TURBO is focused on developing its brand to become the top choice among customers. By emphasizing speed, convenience, and high-quality service, the company seeks to maintain high levels of customer satisfaction and positive referrals.
Secondly, TURBO continues to invest in its own technology team, enabling the company to rapidly develop tailored and flexible IT systems that fit its organizational needs. The adoption of AI technology is also being pursued to enhance efficiency across all operations.
Thirdly, TURBO plans to increase customer convenience by expanding its branch network with a target of reaching no fewer than 1,475 branches nationwide by 2029. The company also seeks to broaden access to its financial products by further developing all distribution channels.
Fourthly, the company is committed to diversifying its product offerings to address a wide range of customer needs. This includes expanding types of collateral for loans, introducing new insurance products, and increasing the number of insurance partners.
In terms of financial performance, TURBO reported consolidated revenues of THB 2,430.7 million and THB 3,033.2 million in 2023 and 2024, respectively—an increase of 24.8%. Net profit for the years was THB 131.7 million and THB 141.6 million, up 7.5%.
For the first six months of 2025 (Jan–Jun), TURBO recorded total revenue of THB 1,517.6 million, an increase of 3.7% year-on-year, with net profit soaring to THB 235.9 million, a rise of 285.8%.
Kasikorn Securities (KS) expressed strong confidence that TURBO will emerge as a growth stock capable of delivering solid returns for investors, highlighting the company’s strengths in providing fast, convenient service and its deep understanding of customer needs. It also pointed to a youthful, tech-savvy team with expertise in finance and digital technology, which has leveraged technology to streamline operations at every level.
This efficiency has resulted in high customer satisfaction and a referral rate of 20.7%. TURBO’s loan portfolio has expanded at an impressive average annual growth rate of 31.5% from 2020 through the second quarter of 2025. As a relatively new player, with branch operations averaging just 4.1 years in age, the company is seen to have further opportunity to grow its loan portfolio.
