ORN Jumps 27% with 2024 Revenue Forecast at THB1.8 Billion, Kicking Off International School Business

At the end of the morning session on Tuesday, the share price of Ornsirin Holding Public Company Limited (SET: ORN) jumped by 27.10% or THB 0.29 to THB 1.36 per share, with a trading value of THB 411.98 million.

Mr. Predikorn Buranupakorn, CEO of Ornsirin Holding Public Company Limited (SET: ORN), stated that ORN focused on the organic and inorganic growth of the company, with the aim of expanding its main business and creating an opportunity for new businesses for the company towards sustainability. The company targeted the overall revenue for the main business in 2024 at THB 1.841 billion, as it currently has a backlog of THB 799 million, which will be completely recognized by 2024.

Meanwhile, the company targeted the presale in 2024 at THB 2.507 billion, increasing from THB 1.506 billion in 2023, while also planning to launch six new projects with a total value of 4.302 billion.

ORN was ready for expansions of new businesses to build up a new flow of revenue and increase regular revenue, as the company planned to open an English international school in Chiang Mai province under the chain of Mill Hill School. The company will invest in school construction with an initial budget of THB 170 million. The process of construction will begin in 2024, while the first phase of the school will be opened for kindergartens-Year 1 within 2025, with a yearly average tuition fee not exceeding THB 400,000. The company expected to gain 16% of its internal rate of return (IRR) and anticipated the business to make profit in the third year, leading to a payback within 7-8 years.

The Mill Hill School has been established since 1807A.C., providing schools for students aged 13 – 18 years in England. Currently, the Mill Hill School operates under the Mill Hill Education Group, which provides education for students aged 3 – 18 years under school chain brands in the group such as Mill Hill, Belmont, Grimsdell, etc.

As for 2024, the company is prepared to launch the PROPSQUARED platform as a means to provide services for buying, selling, and renting houses and condominiums for every ORN resident.

Moreover, the company is also set to open more than 200 stores in the Life Style Market, a center area for stores, restaurants, markets, and shopping fairs at the outside ring of Chiang Mai, to connect to the center of the province.