As gold prices have surged and continuously set new records, many who aim to accumulate gold are beginning to feel that it is "out of reach."
However, for those unable to buy physical gold, investing in "gold shop stocks" like AURA may be an interesting alternative.
While gold prices in both global and domestic markets keep rising, the stock price has ironically declined in the opposite direction.
Nonetheless, securities analysts point out that based on business fundamentals, performance is still expanding.
This indicates a significant opportunity to accumulate stocks benefiting from the upward gold trend, which will clearly boost gross profit margins.
Aurora Design Public Company Limited (AURA) Owner of the AURORA gold shop, it was the first gold shop to be listed on the Thai stock market at the end of 2022, with an IPO price of 10.90 baht.
Looking at the broader picture from the first day until now, over three years, the stock price has risen to 12.90 baht, an increase of over 18.35%.
However, zooming in on the short term reveals the stock has been volatile and continuously declining, moving contrary to the "gold price" which is strongly trending upward, breaking new records.
Gold prices set new continuous records yesterday (26 Jan) with domestic gold bar selling prices closing at 75,000 baht per baht-weight, up 15% since the start of the year. Meanwhile, Gold spot closed yesterday at 5,010 USD per ounce, peaking above 5,100 USD per ounce during the day.
Securities analysts at Dao Securities (Thailand) assess that the strong rise in gold prices is directly positive for gold retail businesses like AURA. Although higher gold prices may slow trading volume somewhat, the company will be compensated by higher gross profit margin (GPM) from the wider spread between selling price and gold cost.
Additionally, the outlook for Q1 2026 remains bright due to the high season including Chinese New Year and Valentine’s Day festivals, which typically boost sales of gold ornaments and jewelry.
The analysts therefore maintain a "buy" recommendation with a target price of 21.00 baht per share, forecasting 2025 profits to grow to 1.36 billion baht and 2026 profits to rise to 1.6 billion baht.
Key supporting factors include not only gold sales but also the pawnshop business, expected to continue setting new records with loan receivables reaching 8 billion baht, benefiting from lower interest rates.
. Securities analysts at Yuanta Securities (Thailand) estimate that Q4 2025 earnings to be announced soon, a high season for retail business and "gold turnover," will likely exceed previous expectations. With stock prices having upside potential toward a target price of 19.80 baht per share, they maintain a “buy” recommendation.
Pawan Nawawattanasup, CEO of YLG Bullion International Company Limited (YLG) states that gold prices remain bright, with technical signals showing prices moving above all moving averages, with potential to test targets between 5,136 and 5,400 USD per ounce.
Although short-term profit-taking may occur due to overbought signals, if prices do not break below the key support at 4,640 USD per ounce, it is considered a "consolidation before continuing upward."
A major supporting factor for gold’s strength comes from buying across all sectors: speculators, ETF funds, and central banks worldwide continuing to accumulate gold for long-term reserves.
Combined with real demand from China accelerating gold stocking for Chinese New Year and growing digital gold purchases in India amid ongoing geopolitical risks globally.
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