SET-listed Kang Yong Electric Plc (KYE), the local producer and distributor of Mitsubishi electrical appliances, expects revenue to grow by 15% in 2015, says Chayanin Phodhivorakhun, deputy president office department manager.
The optimistic projection stems from its new strategy of shifting focus from Japan, its major export market, to Asean and China, whose economies remain strong.
"Japan was our main market in the past but demand has slowed down because of the economic crisis, which has weakened the purchasing power of Japanese consumers," said Mr Chayanin.
Despite the tepid economic outlook, he is confident that the company's full-year revenue for 2014, ending in March 2015, will grow from the 8.8 billion baht earned in 2013, thanks to Thailand's improved consumer confidence and Asean's strong economic growth.
"We are trying to boost revenue in Myanmar, Cambodia, Vietnam, Malaysia and Laos as well as China because demand for electrical appliances such as refrigerators, hand dryers and fans in these countries is on the rise," said Mr Chayanin.
The Asean market accounts for 60% of revenue, with Japan accounting for 40%.
Revenue reached 8.8 billion baht in 2013 (April 2013 to March 2014), down from 10 billion in 2012. For the first half of 2014 ending in September, revenue stood at 5 billion baht.
Mitsubishi has 20 companies in Asia-Pacific, of which 11 operate in Thailand.
In the meantime, the company has allocated a budget of more than 100 million baht for research and development in 2015.
KYE shares closed on the SET last Tuesday at 260 baht, down 38 satang, in trade worth 1.3 million baht.