Aurora Design PCL

Aurora Design Public Company Limited (AURA) announced that the offering of its 1/2026 bonds, comprising two tranches, during August 25-27, 2026, received strong demand from institutional and high-net-worth investors, resulting in oversubscription and raising 3.5 billion baht. The first tranche has a maturity of 1 year 6 months, a fixed interest rate of 4.85% per annum, unsubordinated and unsecured, with a credit rating of BBB- with a stable outlook. The second tranche has a maturity of 2 years 6 months, a fixed interest rate of 4.60% per annum, unsubordinated and secured by 96.5% gold ornaments, Design Gold products, and AURORA Diamond, with a credit rating of BBB with a stable outlook. Both tranches pay interest quarterly. The proceeds will be used for asset acquisition, investment, repayment of existing debt, and business expansion. In the first half of the year, the company reported revenue of 29,701.3 million baht, up 67.9%, and net profit of 928.5 million baht, up 22.0% from the same period last year. The company maintains its target to expand its gold pawn business network "Thong Ma Ngoen Pai" to 829 branches and its pawn receivables portfolio to 12,000 million baht by the end of 2026, from 667 branches and a portfolio of 10,503 million baht at the end of the first half.

Kasikorn Securities stated that Aurora Design Public Company Limited (AURA) expects its performance in Q3/2026 to return to normal levels. Management maintains the 2026 target of 20-30% sales and profit growth year-on-year, despite strong first-half sales growth of 68% and profit growth of 22%. The company also maintains its 2026 gold loan portfolio target of 12 billion baht, or 46% growth from the previous year. In Q3, sales and profit are expected to grow year-on-year, supported by stronger gold jewelry sales and no inventory losses due to rising gold prices, bringing the gross margin back to normal levels close to Q3/2025's 10.3%. The research department estimates Q3/2026 profit at 381 million baht, up 46% year-on-year and 67% quarter-on-quarter, maintaining a "Buy" recommendation and a mid-2027 target price of 18.66 baht. It views 13.44 baht as an attractive accumulation level if the price declines.

Yuanta Securities stated that Aurora Design Public Company Limited, or AURA, is likely to see a V-shaped recovery in profit in the third quarter of 2026, with preliminary net profit expected at 350 to 400 million baht, growing strongly both quarter-on-quarter and year-on-year. This is driven by the gold jewellery business, which continues to see large volumes of gold buying return from the second quarter, and the gold-for-cash business, which is expected to keep making new highs as the loan portfolio has already reached 10 billion baht. In addition, the issuance of bonds worth 3.5 billion baht this week helps accelerate portfolio expansion. If the gold price does not fall below 63,300 baht per baht-weight of gold, gross margin is expected to recover to a normal level of around 10 percent and could push net profit as high as 450 to 500 million baht. Yuanta Securities raised its profit forecasts for 2026 and 2027 by 13 percent to 1.678 billion baht and by 17 percent to 1.791 billion baht respectively, after raising revenue forecasts by 35 percent and 39 percent respectively, driven by higher sales volumes from branch expansion and an expected 5 percent rise in the gold price in 2027. It also raised its 2026 target price to 22.30 baht, implying upside of 53.8 percent, and increased its dividend per share forecast from 0.55 baht to 0.62 baht, representing a yield of 4.3 percent. The recommendation remains Buy.

Aurora Design Public Company Limited, or AURA, reported first-half 2026 revenue of 29.70 billion baht, up 67.9% from the same period last year, with net profit of 928.5 million baht, up 22.0%. Revenue was driven mainly by the Modern Gold group, which contributed 28.33 billion baht, up 69.0%. Meanwhile, the gold sale-with-right-of-redemption business under the Thong Ma Ngoen Pai brand had a loan portfolio of 10.50 billion baht at the end of the second quarter, up 59.8% from a year earlier, and the company aims to expand that portfolio to at least 12 billion baht while increasing its branches to more than 800 nationwide within 2026.

Bluebell Securities is offering newly issued bonds from nine companies, totaling 13 tranches, between August and September 2026. Coupons range from 3.70% to 7.40% per annum, with tenors from one year and six months to five years. Villa Kunalai bonds, with a tenor of two years and three months, carry a coupon of 7.40% per annum, are secured at 1.50 times, and have a credit rating of B plus. They will be offered to institutional and high-net-worth investors on August 20 to 21 and 24. Sak Siam Leasing bonds, with a three-year tenor and a coupon of 5.60% per annum, are rated triple B and will be offered to the general public on August 24 to 27. Aurora Design has two tranches: a one-year-six-month bond with a coupon of 4.80 to 4.90% per annum, rated triple B minus, and a two-year-six-month bond with a coupon of 4.60 to 4.70% per annum, rated triple B, both secured at 1.00 times. They will be offered to institutional and high-net-worth investors on August 25 to 27. Origin Property has two tranches: a one-year-eleven-month bond with a coupon of 5.50% per annum and a two-year-eleven-month bond with a coupon of 6.00% per annum, both rated triple B minus. They will be offered to the general public on August 25 to 27. Micro Leasing bonds, with a two-year tenor and a coupon of 6.40 to 6.60% per annum, are rated double B, secured at 1.20 times, and will be offered to institutional and high-net-worth investors on September 1 to 3. TPI Polene has two tranches: a four-year bond with a coupon of 3.70% per annum and a five-year bond with a coupon of 3.90% per annum, both rated triple B. They will be offered to the general public on September 1 to 3. Next Capital has two tranches: a two-year-six-month bond with a coupon of 5.10 to 5.20% per annum and a three-year bond with a coupon of 5.25 to 5.35% per annum, both rated triple B minus. They will be offered to institutional and high-net-worth investors on September 7 to 9. Charn Issara Development bonds, with a tenor of one year and ten months and a coupon of 7.30% per annum, are rated double B minus, secured at 1.40 times, and will be offered to institutional and high-net-worth investors on September 10 to 11 and 14. Jaymart Group Holdings bonds, with a three-year tenor and a coupon of 5.75 to 6.00% per annum, are rated triple B minus and will be offered to the general public on September 21 to 23.

Aurora Design Public Company Limited, or AURA, is preparing to offer its first bond issuance of 2026, consisting of two tranches under a total ceiling of 2.5 billion baht. The first tranche has a tenor of 1 year and 6 months, carries a fixed coupon of 4.80 to 4.90 percent per annum, and is unsubordinated and unsecured. The second tranche has a tenor of 2 years and 6 months, carries a fixed coupon of 4.60 to 4.70 percent per annum, and is unsubordinated and secured by gold jewellery inventory and substitute assets. Subscription is expected to open between 25 and 27 August 2026 for institutional and high-net-worth investors. Proceeds will be used to expand the gold jewellery sale-with-repurchase business portfolio under the Thong Ma Ngoen Pai brand, invest in additional inventory, and repay some loans. TRIS Rating has affirmed the company rating at BBB with a stable outlook, assigned a BBB rating to the secured bonds, and a BBB minus rating to the unsecured bonds. For the 2025 financial year, AURA reported revenue of 39 billion baht, representing 19 percent growth, and EBITDA of 3.1 billion baht.

Aurora Design Public Company Limited, or AURA, expects its third-quarter 2026 operating results to grow from the same period last year without a doubt. Although the gold bar price has declined from a peak of around 80,000 baht to about 60,000 baht, demand for gold remains strong. The company plans to launch additional new collections in the remainder of this year to expand its Gen Z customer base, building on the success of the Disney gold card collection launched in partnership with The Walt Disney Thailand. In addition, AURA is accelerating the expansion of its gold sale-with-right-of-redemption loan portfolio, Thong Ma Ngoen Pai, to reach 12 billion baht within this year, with a low forfeiture rate of less than 1 to 2 percent. It is also focusing on diamond products, which carry high margins and generate annual sales in the billions of baht, along with a diamond buyback policy at 70 to 80 percent to build consumer confidence.