Finansia Syrus Securities (FSS) reported on the performance outlook for Jenkongklai Public Company Limited (mai: JPARK), stating that the company reported net profit that exceeded expectations. This was supported by special items and revenue recognition from the Consultant and Installation Parking System (CIPS) business, which was higher than forecast.
In 4Q25, JPARK’s normal profit stood at THB 26 million, up 121% from the prior quarter and 17% year-on-year, which was above analysts’ consensus of THB 20 million. The main reason was the revenue recognition of CIPS business delayed from the previous quarter, along with a special item gain of THB 3 million from sublease profit.
JPARK’s total revenue was THB 162 million, up 29.5% quarter-on-quarter and 15.7% year-on-year, driven mainly by the CIPS business from recognized revenue delayed from 3Q25 into this quarter. Continuous revenue will also be recognized in 4Q25 from parking installation for the Park & Ride project of the Mass Rapid Transit Authority of Thailand (MRTA).
Other businesses remain stable. As of end-2025, JPARK provided a total of 40,000 parking spaces (unchanged), and reported a net profit of THB 83 million, a decline from the THB 163 million in 2024. If excluding special gains from the Rama IX parking building rental, the company would have an operating profit of THB 83 million, down 3% year-on-year.
Looking forward to 1H26, profit is expected to average THB 19 million per quarter, mainly supported by about 40% revenue recognition from the MRTA parking installation work (CIPS business) within the total project value of THB 116 million. The parking services (PS) and parking management services (PMS) businesses should remain stable as there is no increase in parking spaces provided.
FSS maintains its net profit estimate for 2026, forecasting a total of 36,000 parking slots, including the expected opening of the Kanchanaphisek Parking Building project with 1,000 spaces in 3Q26. The project, located at Golden Jubilee Medical Center, features 1,000 spaces and 4,000 square meters of commercial rental space where more than 60% of contracts have already been signed. The project is expected to generate an annual profit of THB 19 million.
Additionally, FSS believes that clearer political direction and a more stable government will be a key factor supporting JPARK’s long-term business expansion, since over 50% of its parking service work is sourced from government and state enterprises. Based on these fundamentals, a “Buy” recommendation is maintained for JPARK shares, with a target price set at THB 4.
