Rabbit Holdings Continues Transformation into Financial Business
Rabbit’s Stock Price Rose 15.94% Amidst Strong Performance
Rabbit’s stock price rose by 15.94%, increasing by 0.11 baht to reach 0.80 baht as of 4:00 pm from the opening price of 0.76 baht. The stock also reached a high of 0.87 baht and a low of 0.74 baht, with a trading value of 321.63 million baht.
In an exclusive interview with “InfoQuest,” a representative from Rabbit Holdings Public Company Limited revealed that the company is successfully executing its plan to transform into a financial business. During the third quarter of 2023, the company’s revenue from its official services business witnessed a significant increase, accounting for 10% of the total revenue. Additionally, Rabbit Holdings has ventured into the asset management sector, working in collaboration with Prime Asset Management Company Mzone Co., Ltd.
Since the start of operations in July, Rabbit Holdings has been gradually acquiring assets to manage under its asset management business. Furthermore, the company anticipates additional income from the commercial real estate sector through its Unicorn project. This project, which encompasses a rental area of 21,220 square meters, was launched in July and received an overwhelming response from office building tenants. The strategic central location of the project, connected to the Phayathai BTS station and the Grand Phayathai Eastin Hotel, has been advantageous, benefiting from the thriving tourism industry. During the opening period, the occupancy rate exceeded 66% with an average room rate of 4,500-5,000 baht per night. These factors are expected to contribute to the company’s performance in the third and fourth quarters of the year.
The substantial impairment loss incurred from investment in Singer Thailand Public Company Limited (SINGER) is projected to considerably decrease in the second half of the year. After observing SINGER’s business reach its lowest point, the company anticipates an improvement during the latter half of the year. Consequently, the weight factor associated with this segment was reduced following transactions totaling approximately 1.5 billion baht in the second quarter of 2023.
Regarding Rabbit Holdings’ real estate development business, the company currently has two joint venture projects with Sansiri Public Company Limited (SIRI) that are nearing completion and being prepared for sale. These projects, namely KHUN by Yoo and THE LINE Phaholyothin Park, along with the ongoing construction of THE LINE Sathorn project and THE LINE VIBE project, have a combined backlog value of nearly 1.7 million baht. This value will be recognized gradually from 2023 to 2026.
RABBIT rose 15.94% or increased by 0.11 baht to 0.80 baht at 4:00 pm from the opening price of 0.76 baht, the highest price of 0.87 baht, the lowest price of 0.74 baht, the trading value of 321.63 million baht.
A news source from the management of Rabbit Holdings Public Company Limited (RABBIT) revealed to “InfoQuest” that the company has continued to move forward according to the plan to transform into a financial business. In the third quarter of 2023, the income from the official services business began to see an increase in the share to reach 10% of the total revenue, along with the asset management business operating under Prime Asset Management Company Mzone Co., Ltd . gradually start buying assets to manage them. after starting surgery at the beginning of July
At the same time, the company will have additional income in the commercial real estate business from the Unicorn project, with a rental area of 21,220 square meters launched in July. It has had a very good response from the tenants of the office building. From the location of the project in the center of the city, connected to the Phayathai BTS station and the opening of the Grand Phayathai Eastin Hotel, which has greatly benefited from the busy tourism. As a result, the occupancy rate in the opening period is above 66% and the average room rate is good at 4,500-5,000 baht per night, which will be a supporting factor for the performance of 3Q23 and 4Q/.
Part of the performance pressure from the impairment loss on investment in Singer Thailand Public Company Limited (SINGER) is expected to decrease significantly in the second half of the year. After seeing that SINGER’s business has passed its lowest point, and will start to improve in the second half of the year As a result, the weight factor was reduced after the second quarter of 2023 recorded transactions in this segment of about 1.5 billion baht.
For the real estate development business for sale that has joint ventures with real estate developers. Currently, the Company still has 2 joint venture projects with Sansiri Public Company Limited (SIRI), which are completed and in the process of being sold, namely KHUN by Yoo and THE LINE Phaholyothin Park Construction of 2 projects, THE LINE Sathorn project and THE LINE VIBE project, has a backlog value of nearly 1.7 million baht which will be recognized gradually during 2023-2026.
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