Siam Wellness Group Public Company Limited (SET: SPA) rose THB 0.60/share or 5.56% to THB 11.40/share. The highest price was at THB 11.50 per share, and the lowest at THB 11.00 per share, with a trading value of THB 53.93 million.
Maybank Securities (Thailand) (MST) expects SPA’s earnings to turn profitable in 4Q22, the first time after Covid-19, thanks to the support from a recovery in the tourism sector and higher profitability than pre-pandemic. Meanwhile, the outlook in 2023 is bright as tourists are expected to accelerate to 22 million, and there is an upside risk from Chinese tourists expected to return in 2H22, as well as an average price increase of 10% to increase margins. MST has set a target price for SPA at THB 15 per share.