Smith Mekaroonkamol, Chief Executive Officer of Onsen Retreat and Spa Group Public Company Limited (SET: ONSENS), stated that the company is grateful for the warm response from investors following its official listing on the Stock Exchange of Thailand, marking “Chapter 1” of its long-term business expansion.
This milestone represents a significant step, transitioning from a business grown by retained earnings and internal funds to leveraging the capital market as a key mechanism for expansion and enhancing competitiveness in the Wellness industry.
The funds raised from the IPO will be used to invest in opening a total of 8 new branches between 2025 and 2027. This includes the flagship brand, “Yunomori Onsen & Spa,” which is preparing to open a new flagship branch in the Thonglor area with an investment of approximately THB 240 million. This branch will serve as a model for delivering premium services that seamlessly blend Japanese onsen culture with traditional Thai massage.
Additionally, the company plans to expand two other brands, “KLAI” and “PAK,” adding a total of 7 new outlets. These will be strategically located in major cities and tourist destinations to target a diverse customer base, including families, tourists, and urban workers. Each brand will be positioned differently to meet the needs of each consumer segment, ranging from mass premium to high-end.
Smith further stated that the company targets a compound annual growth rate (CAGR) of “double digits” or around 10–15% during 2025–2027, which exceeds the industry average for Wellness. Over the past three years, the company recorded an average growth rate of 18.7% and expects to sustain this trajectory.
Listing on the stock exchange effectively “unlocks” past financial constraints, as the company previously relied primarily on retained earnings and internal funding to expand. Moving forward, the company will be able to access capital markets and financial institutions to support further branch expansion and new investment projects, enabling faster and more stable growth.
Thailand’s Wellness and spa industry is valued at THB 600–700 billion per year and is considered a national strength due to skilled personnel, the reputation of Thai massage, and popularity among international tourists. This aligns with the global trend emphasizing holistic health and well-being in the post COVID-19 period.
Currently, the customer base comprises approximately 70% Thais and 30% foreigners, with most foreign customers coming from Asia—Japan, South Korea, Singapore, and Taiwan. These customers favor the onsen and spa for a “private relaxation experience,” which offers privacy and uniquely blends Thai elements with Japanese standards.
The highlight of Yunomori is the perfect combination of Japanese onsen culture and Thai massage—a fusion not even available in the original Japanese model, due to high labor costs and the tendency to separate these services. Yunomori uniquely brings both together, delivering a distinctive and more premium experience, Smith remarked.
Regarding shareholder returns, the company has set a dividend payout policy of not less than 40% of annual net profit to instill confidence among investors and reflect sustainable long-term growth.
In closing, Smith emphasized that this stock market listing is not the end but the beginning of expanding to become a leader in Thailand’s Wellness industry, with future ambitions to grow regionally. He believes that the diversity of group brands and deep consumer understanding will be key to building sustainable growth.
The business outlook for the latter half of 2025 is expected to improve further due to increased customers at Yunomori and KLAI, efficient marketing communications and cost management, and entry into the high season—when customer traffic is at its peak. This will support revenue recognition and profit margins remaining at favorable levels.
