Daol Securities (Thailand) stated in its analysis that the 4Q25 performance outlook for Aurora Design Public Company Limited (SET: AURA) is likely to improve both year-on-year and quarter-on-quarter, with further upside potential to the 2025 full-year profit estimate.
The firm maintains its 2025 net profit forecast at THB 1.36 billion, a 20% increase YoY, but indicated that there is room for an upward revision due to stronger-than-expected 4Q25 profit, estimated at THB 335 million—an 8% increase YoY and 28% rise QoQ.
The key driver is the gold retail business, which is expected to perform well during the high season, alongside a significant rise in domestic gold prices, resulting in a higher gross profit margin (GPM), although this may be partly offset by losses from the gold loan business.
Meanwhile, the consignment business continues to grow strongly, setting new record highs. The outstanding consignment loan balance is expected to rise to nearly THB 8 billion from THB 7 billion at the end of 3Q25.
For 2026, Daol Securities maintains its net profit forecast at THB 1.60 billion, an 18% increase YoY, supported by ongoing branch expansion plans and continued growth in the consignment business, which is projected to reach another new record. The target price for AURA shares remains at THB 21.00 per share.
