JPARK Acquires 2,000 Parking Slots in CBD Locations, Aiming 40% Revenue Growth in 1Q24

On Wednesday at 11:20 AM (Bangkok time), the share price of JPARK rose by 5.04% or THB 0.35 to THB 7.30 per share, with a trading value of THB 47.73 million.

Jenkongklai Public Company Limited (mai: JPARK) has acquired a 3-year contract for a parking project at a famous shopping mall in Bangkok with 2,000 parking slots after obtaining a 10-year contract for a parking building in Khon Kaen Airport with 550 parking slots. The executives expected the 1Q24 revenue of the company to grow by 30-40% YoY as it achieved an expansion of 10,000 parking slots. JPARK’s corporate earnings are set to be announced on 23 February 2024, with an expected revenue growth of 15-25%.

Sources close to the field of shopping malls revealed to “Kaohoon” that Jenkongklai Public Company Limited (mai: JPARK) has acquired the right to manage 2,000 car parking slots at the center of Bangkok, with a contract that lasts for three years.

The said project is a big mixed-use project at the center of Bangkok, which will begin recognizing its revenue from February 2024. Meanwhile, JPARK also acquired the management of a new parking building in Khon Kaen Airport with 500 parking slots, making the company to have 2,500 parking slots in the first month of 2024.

Regarding the business plan for 1Q24, the company expects to close the deal for the expansion of at least 2,000 parking slots, which will be continuously announced in March 2024. The company will also move forward to constantly expand parking slots throughout the year, as it aims to expand up to 10,000 parking slots in 2024.

As for the business plan for 2024, JPARK targets revenue growth of 30-40% compared to 2023 by focusing on the expansion of parking slots and related services, while the company does not foresee any negative factors with potential pressure to affect its business in 2024.

Regarding the investment budget in 2024, the company focuses on investing in the 6-story parking building project for Pranangklao Hospital, a 30-year lease with 532 car parking slots for cars and 72 parking slots for motorcycles, including 18,242 square meters of living area and 2,049 square meters of commercial area, and the project for Siriraj Hospital with an investment value of THB 800 million.

In addition, the corporate earnings of the company in 4Q23 are expected to constantly grow and support the overall revenue for the year 2023 to reach the aim of 15-25% growth, compared to 2022’s revenue of THB 452.30 million. The Board of Directors will hold a meeting to discuss the company’s budget for 2023 on 22 February 2024, and the company will announce its corporate earnings for 2023 on 23 February 2024.