CHIC made its debut on the mai stock exchange, gearing up to move forward with its plans after raising funds, aiming for revenue growth of over 10%. The company is accelerating the expansion of new branches, improving rental spaces, and creating recurring income. The business outlook for the second half of 2022 appears positive, with a growing real estate market and increased purchasing power. CHIC is actively bidding for more projects and expanding its design and decoration services, as well as offering a complete range of furniture rental services. Additionally, the company is developing online sales channels in Cambodia to support growth. According to Maybank, the financial advisor, the growth is significant after the fundraising, with a strong financial position and profitability, creating long-term expansion opportunities and favorable conditions for investors.

Mr. Kijja Patmasathayasnithi, Managing Director of Chic Republic Public Company Limited or CHIC, stated that the fundraising in the mai stock market is a significant step that will effectively drive and create growth, with the company targeting over 10% revenue growth this year.

“The business outlook for the second half of 2022 shows promising growth. The reopening of the country is a positive factor that contributes to the recovery of economic activities, creating a spending atmosphere. The demand for furniture and home decor items is increasing, resulting in improved sales both in-store and online. The project business and design services are supported by the real estate market, which continues to launch both horizontal and vertical projects. Currently, the company has a backlog of approximately 228 million baht, most of which will be recognized as revenue within 2022. At the same time, the company is continuously bidding for new projects,” Mr. Kijja said.

Meanwhile, the rental service business for furniture and home decor by stylists has received positive feedback, with products meeting customer needs and generating continuous income. Additionally, the company has seen an increase in revenue from leasing retail spaces due to new tenants. Plans are in place to expand rental spaces to help create recurring income.

Furthermore, Chic Republic's Cambodia branch has resumed normal operations and is preparing to develop online sales channels (E-Commerce) to support growth from the expanding real estate sector, which has seen increased investment, particularly among middle to upper-class customers with high purchasing power.

For the second quarter of 2022, the performance outlook is improving compared to the same period last year, and the company is confident it can drive total revenue growth for 2022 as planned,” Mr. Kijja added.

Mr. Theer Jarusorn, Managing Director of Investment Banking at Maybank Securities (Thailand) Public Company Limited, as the financial advisor and underwriter for the additional common stock of Chic Republic Public Company Limited, expressed that Maybank is pleased to be part of the success of Chic Republic Public Company Limited or CHIC in its stock trading on the mai stock exchange in the service industry under the commerce sector. He believes that CHIC will attract investor interest both on its first trading day and in the future, as the IPO offering from July 18-21, 2022, received a positive response from investors.

The funds raised will enhance the company's operational capabilities, expand new branches in Udon Thani, with construction expected to start in 2023, improve and expand rental spaces at the Ratchaphruek and Bangna branches, creating sources of recurring income, with renovations expected to be completed and operational by the fourth quarter of 2022, as well as repaying loans from financial institutions to increase the company's financial liquidity and use it as working capital.

“CHIC is in a significant growth phase. After the fundraising, it will be able to achieve good growth due to its strong financial position and readiness for efficient business operations. It represents a new investment opportunity for investors and shareholders, with a policy to pay dividends of no less than 40% of net profit after reserves,” Mr. Theer stated.

“With the vision of management and the experience of a team with extensive expertise in the furniture business, understanding the diverse needs and behaviors of consumers, especially among the middle to upper classes, and being recognized by customers and leading real estate developers in the country, we are confident that CHIC is ready for business expansion and can continue to grow strongly in the future,” Mr. Theer concluded.