Onsen Retreat and Spa Group Public Company Limited

Thailand's Health & Wellness business is growing against the broader economic trend. Data from the Global Wellness Institute indicates that Thailand's Health & Wellness market has among the highest growth potential in the world, with a total market value of 40.5 billion US dollars, or roughly 1.4 trillion baht, and is expected to grow by an average of about 8.5% to 9.9% per year. Wellness tourism is growing fastest, at an average of about 12% to 16.6% per year, followed by spas and services at an average of 9.8% to 10% per year, and health food at an average of about 6% to 8% per year. The driving factors are the full transition into an aging society and the behavior of the new Gen Y and Gen Z generations, who prioritize prevention over treatment. Among listed companies worth watching are three: ICHI, ONSENS, and APCO. ICHI reported total sales revenue of 4.0754 billion baht in the first half of 2026, up 1.7%, and net profit of 595.8 million baht, down 8.7% from a base that included an extraordinary gain from a land sale. Domestic sales expanded 11%, driven by the Non-Tea and Functional Drink groups. ONSENS reported total revenue of 142.05 million baht, up 4.13%, and net profit of 8.47 million baht, up 36.92%. APCO reported total revenue of 93.81 million baht and net profit of 28.95 million baht, up 10.03%, while maintaining a high gross profit margin of 84%.

Samit Mekarunkamon, Chief Executive Officer of Onsen Retreat and Spa Group Public Company Limited, or ONSENS, told the Stock Vision news team that third-quarter 2026 operating results are expected to grow over the same period last year, helped by a gradually improving tourism atmosphere in Thailand after last year's slump caused by negative news about Chinese tourists. Onsen and spa visits in both Bangkok and Pattaya in August 2026 improved significantly, even though the third quarter is the low season. For the fourth quarter of 2026, the high season, the company is preparing both its facilities and personnel, and is also launching new products and treatments to encourage customers to keep coming back. ONSENS currently draws more than half of its total customer base from Thai customers, and it is seeing growth in foreign tourists, especially from Europe and Russia. The company has therefore converted its Yunomori Pattaya branch into a mixed-gender onsen to serve families and Western tourists, which has been well received. The company is confident of meeting its target of at least 10% revenue growth this year and supports government measures such as the Thai Tiew Thai Plus program, whose implementation has been postponed to next year, because that will give the government room to use the budget to stimulate the market during the low season in the second quarter.

Onsen Retreat and Spa Group Public Company Limited (ONSENS) reported a clear growth in the number of users and members. In the first half, average monthly users increased by 10% year-on-year, with some months hitting new record highs, benefiting from the trend of urban residents focusing on health and exercise, as well as HYROX sports, which increased the demand for body recovery. The company recently launched Yunomori MOVE, a Movement & Recovery studio that combines exercise such as Pilates, Barre, Strength Training, and Stretching with onsen and spa services, piloted at Sathorn and Pattaya branches, with a customer mix of 48.9% Thai and 50.1% foreign. The highest revenue-generating branches are Sukhumvit, Sathorn, and Pattaya. The second half is the high season, with Q4 typically seeing the highest performance. The company is confident that the development of the Wellness Ecosystem, covering onsen, spa, exercise, and hotel plans, will support revenue growth of 10-15% in 2026. Meanwhile, the Social Wellness Hotel project at Thonglor 17, valued at 400 million baht, is expected to open in the second half of 2027.

Onsen Retreat and Spa Group, or ONSENS, reported first-half 2026 results with total revenue of 142.0 million baht, up 4.1% from the same period last year, and net profit of 8.4 million baht, up 36.9%. In the second quarter of 2026, total revenue was 67.3 million baht, up 5.1%, and net profit was 1.3 million baht, up 49.5%. The company said growth came from a 10% increase in average monthly service users, an expanded customer base of both Thai and foreign clients, and new services following the wellness and longevity trend, while maintaining a gross profit margin of 42% and a net profit margin of 6%, with an interest-bearing debt to equity ratio of 0.1 times. For the third quarter of 2026, the company expects the wellness and spa business to continue growing and is moving forward with expanding its wellness ecosystem through the Yunomori brand into an everyday wellness destination, along with launching the new Yunomori MOVE movement and recovery studio and building business partnerships to expand its customer base over the long term.