ORN has officially debuted on the SET, with a promising outlook for the second half of 2023. The company has a backlog of 616.30 million baht and anticipates gradual revenue recognition from Q4/2023 to 2025. They are preparing to launch new horizontal projects and commercial buildings worth a total of 674.98 million baht in Q4/2023, while also expanding their business in the northern region and other areas, starting with Phuket to generate consistent income and achieve a growth rate of no less than 20%. APM, the financial advisor, revealed that significant growth is expected following the fundraising, with a strong financial position, good cash flow, and high profitability, boasting retained earnings of over 600 million baht. PST noted that the company has opportunities for future expansion, creating favorable conditions for investors.

Mr. Pridikorn Buranupakorn, CEO of Orn Sirin Holding Public Company Limited (ORN), stated that entering the capital market through the Stock Exchange of Thailand (SET) is a significant step that will effectively drive and foster business growth. The fundraising has positioned the company well in terms of cash flow to support business expansion in the northern region and other areas, aiming to generate income from various real estate projects and achieve outstanding performance.

Recently, the company signed a partnership agreement with Dusit Thani Public Company Limited (DUSIT) to jointly develop low-rise condominium and hotel projects in Phuket, furthering their growth. They are also in negotiations with business partners in other regions across the country.

For the business direction in the second half of 2023, continuous growth is expected, with a backlog of approximately 616.30 million baht from ongoing projects. Revenue recognition is anticipated from Q4/2023 to 2025, and they are preparing to launch two horizontal projects worth a total of 674.98 million baht, including the Orn Sirin Ville Chotana townhome project and the Orn Sirin Ville Tha Rua single-house project.

Additionally, in 2024, the company plans to launch three horizontal and commercial building projects worth approximately 1.7 billion baht, with ownership transfers expected to begin in mid-2024 to 2025. Most of these projects will be on ORN's existing land in prime locations along main roads, which will help maintain a high gross profit margin. Furthermore, all ongoing projects are expected to receive positive responses, driving revenue growth of no less than 20% annually as targeted.

Mr. Somsak Sirichainarumit, CEO of Asset Pro Management Co., Ltd. (APM), as a financial advisor, stated that APM is pleased to be part of the success of Orn Sirin Holding Public Company Limited (ORN). The fundraising on the Stock Exchange of Thailand (SET) will be a crucial step in enabling the company to achieve remarkable growth, supported by both capital readiness and expertise in the real estate business.

“Following the fundraising, ORN's already strong financial position will become even stronger, with a debt-to-equity (D/E) ratio expected to be 0.7 times. The funds raised will enhance investment opportunities in new projects in the northern region and other areas, allowing for effective marketing to customer groups and maintaining high profit margins. Additionally, the company and its subsidiaries have retained earnings of over 600 million baht as of the first half of this year, with a policy to pay dividends to shareholders of no less than 40% of net profit,” Mr. Somsak added.

Mr. Wicha Tomana, Managing Director of Phillip Securities (Thailand) Public Company Limited (PST), as a joint underwriter for ORN, expressed confidence that ORN will attract interest from investors both on its first trading day and in the future. The IPO offering for ORN from October 18-20 saw a diverse range of investors, including institutional, retail, and company partners, demonstrating investor confidence in ORN.

This is attributed to the appropriately set offering price, aligned with current investment conditions and strong business fundamentals, along with effective cost management that has consistently maintained good gross profit margins, and the company's strong cash flow and retained earnings.

“We are confident that ORN will be a new stock that delivers good returns to investors, both in terms of growth and dividends for shareholders. With expertise in the real estate business and expansion plans moving forward, ORN is poised for even greater growth,” Mr. Wicha concluded.