Finansia Syrus Securities (FSS) stated in a report that Jenkongklai Public Company Limited (SET: JPARK) is expected to report a net profit of THB 20 million in 4Q25, up 67% from the previous quarter but down 11.5% year-on-year, which is close to previous estimates. The growth is supported by the recognition of revenue from consultant and installation parking system (CIPS) business from projects postponed from 3Q25.
Total revenue is expected to increase 8.2% quarter-on-quarter but decline 3.3% YoY due to lower CIPS revenue. Meanwhile, the parking service (PS) business is expected to grow in line with increasing parking volume. The parking management service (PMS) business remains stable, with the total number of parking spaces at the end of 4Q25 at 40,000 slots.
Net profit for the first half of 2026 is expected to be stable at approximately THB 19 million per quarter, driven by the gradual recognition of CIPS work from the Mass Rapid Transit Authority of Thailand (MRTA), accounting for around 40% of the 116-million-baht project value. Profit is anticipated to accelerate in the second half of 2026 from a project comprising 1,000 parking space slots and 4,000 square meters of commercial space at the Golden Jubilee Medical Center, Siriraj Hospital, Salaya Hospital.
Finansia maintained its net profit growth forecast for 2026–2027 at 14.5% and 11%, respectively, noting that political clarity and government stability will support business expansion, as over 50% of customers are government agencies and state enterprises. For 2026, the number of parking spaces is projected at 36,000, including new projects launching in 3Q26, which are expected to generate annual profits of THB 19 million.
The brokerage firm maintains a target price of THB 4 and a “Buy” recommendation, viewing the JPARK’s recent decline as reflecting earnings that have already bottomed out in 2025, with a clear recovery trend in 2026.
