Stocks in Focus on September 29, 2023: SPA and OSP

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on September 29, 2023.


Maybank Securities (Thailand) has given a “BUY” recommendation on Siam Wellness Group Public Company Limited (SET: SPA) with a target price at ฿14.00/share.

MST stated that the profit trend during 2H23 is more outstanding than in 1H23 due to the acceleration of foreign tourists during the high season and the positive impact of the FREE VISA measure for Chinese tourists, helping support the Utilization Rate at a high of 80%.

The number of masseuses has increased back to pre-COVID-19 levels, and profit margins are likely to stay above 15% due to continued effective cost control ability in response to the COVID-19 crisis.


Finansia Syrus Securities (FSS) has given a “BUY” recommendation on Osotspa Public Company Limited (SET: OSP) with a target price at ฿33.00/share.

FSS stated that OPS might be able to maintain its 3Q23 net profit growth at the flatline even though the third quarter was a low season for OSP. Domestic income should grow YoY, but slow down QoQ. Meanwhile, margin could recover due to lower energy and gas costs.

FSS estimated 2023-24 normalized profit at 2.5 billion baht and 2.9 billion baht, (+29% YoY and +19% YoY, respectively). FSS noted that share price dropped nearly 20% in the past month, resulting in 2024PER dropping to 25x, while technical data showed that it is now at the top of the oversold side.