Dohome Public Company Limited

Dohome Public Company Limited has announced a new decade strategic plan that blends the founder's DNA with the second generation to elevate the business to professional standards and aims to become one of the top 3 players in Thailand's construction materials retail and wholesale market within 3 to 5 years. Mr. Adisak Tangmitpracha, Chairman of the Executive Board, revealed that the company will focus on a customer-centric strategy connecting B2B and B2C through omnichannel, while accelerating the expansion of house brands, which currently account for 19 to 20 percent of total sales and include more than 20 brands such as NASH, YOSHINO, POWER MAX, FINEXT, MARINE, and DECOS. On branch expansion, the company plans to develop two models: extra-large branches with an area of 15,000 to 18,000 square meters, currently numbering 27 branches, and Dohome To Go stores of 1,000 square meters, with more than 30 branches in Bangkok and surrounding provinces. The company is also strengthening its management team with three second-generation executives: Ms. Ariya Tangmitpracha overseeing product strategy and house brands, Mrs. Salinthip Ruangsutthiphap overseeing accounting, finance, and operations, and Mr. Maruay Tangmitpracha overseeing online channels and omnichannel.

Farm income in July accelerated 10% from a year earlier, marking a fifth straight month of growth and the strongest pace in 20 months, helped by a 12% rise in agricultural prices while output fell 2%. An analysis from Yuanta Securities said products with improving prices included cassava, palm oil and chicken eggs, while hog prices declined. Durian and hog output increased, while cassava, rambutan, mangosteen, oil palm and chicken egg production decreased. Farm income is expected to keep accelerating from the third quarter through the fourth quarter of 2026, supported by continued growth in key product revenue, output affected by drought and lower global supply, a low base last year, and a recovery cycle that typically lasts about 12 months. This cycle has already risen for five months, so there is a chance of at least another five to six months of gains. The agricultural economy accounts for 10% of GDP and involves about 30% of the population, so it is expected to significantly support consumption in the second half of 2026. It should also improve asset quality for financial institutions and ease household debt pressure, which is positive for finance stocks, while stimulating investment in machinery, tractors, water pumps, fertilizer, seeds, solar energy and farmland improvement. Recommended stocks include GFPT, TFG, STA, GLOBAL, DOHOME, MTC, SAWAD, FSMART, DRT, DCC and SAT. The analysis also suggests monitoring APURE, or Agripure Holdings Public Company Limited, whose second-quarter 2025 results recovered with net profit of 56 million baht, accelerating from 12 million baht in the first quarter of 2026 and swinging from a loss of 34 million baht in the second quarter of 2025. This was driven by export sales to Europe surging eight to ten times after Europe restricted Chinese goods seen as dumped, sending large order volumes to APURE. The company has already planned for drought-related costs, and customers bear all shipping costs, so third-quarter 2026 profit is expected to accelerate both quarter-on-quarter and year-on-year, with the best chance in ten quarters. Fourth-quarter profit is expected to be stable quarter-on-quarter and grow strongly year-on-year. If this materializes, full-year profit would be around 250 million baht, up from only 27 million baht last year, implying earnings per share of 0.26 baht. The current share price trades at a price-to-earnings ratio of only 8 times, with an expected dividend yield of 8 to 9 percent per year. Technically, the price has just moved back above the 200-day moving average with positive signals, with resistance at 2.60 baht and 2.80 baht.

Asia Plus Securities estimates combined normalized profit of seven commerce companies, namely BJC, COM7, CPALL, CPAXT, CRC, DOHOME and HMPRO, in the second quarter of 2026 at 16 billion baht, down 15% from the previous quarter but up 11% from a year earlier. The quarterly softening came from seasonal effects and higher selling and administrative expenses from energy costs and business expansion, while year-on-year growth was supported by better gross margins at almost every company. DOHOME posted the strongest profit growth in the group both quarter-on-quarter and year-on-year at 22% and 94% respectively, driven by higher steel product margins. CPAXT was the weakest, with profit down 33% from the previous quarter and 20% from a year earlier because selling and administrative expenses rose from expanded logistics capacity. The research team expects combined normalized profit in the third quarter of 2026 to still contract quarter-on-quarter due to seasonality, as the rainy season brings the lowest sales of the year and construction material margins normalize, which would weigh most on DOHOME. However, profit is expected to keep growing year-on-year thanks to a low base in the third quarter of 2025, business expansion and higher margins. Profit is forecast to accelerate again both quarter-on-quarter and year-on-year in the fourth quarter of 2026, which is the high season.

Finansia Syrus Securities said Do Home Public Company Limited, or DOHOME, posted second-quarter 2026 net profit growth of 94.3% from a year earlier and an increase of 21.8% from the previous quarter, in line with the firm's and market estimates. The main driver was a notable expansion in gross margin both year-on-year and quarter-on-quarter. Total second-quarter 2026 sales grew 6.9% from a year earlier, with same-store sales up 1.8%, supported by back-store sales of construction materials growing 7-8% and selling price increases, which offset a 3-4% decline in front-store sales. The number of new branches rose to 27 from 24 in the second quarter of 2025. The second-quarter 2026 gross margin was 20.2%, up from 18% a year earlier, as all product categories improved, including steel, private brand products and other goods, helped by selling price adjustments while still holding older inventory costs. The selling and administrative expense-to-sales ratio edged down slightly on a larger sales base. First-half 2026 profit accounted for 68% of the full-year 2026 profit estimate, compared with 67% in the first half of 2025, reflecting limited downside risk to earnings estimates. Finansia Syrus maintained its 2026 net profit growth forecast of 35.5% from a year earlier, expecting third-quarter 2026 profit to still grow year-on-year on same-store sales growth of about 5%, and forecasting gross margin to hold at around 18% as margins for steel and some product groups have returned to normal levels. Finansia Syrus kept a buy recommendation on DOHOME, with a focus on a trading investment strategy given recovering same-store sales trends and expectations that second-half 2026 profit should still grow from a year earlier, and set a target price of 4.30 baht per share.

TTB Wealth Securities maintains an Overweight recommendation on the retail sector, assessing that sector earnings have passed their trough and the contraction in same-store sales is coming to an end. It expects combined earnings per share of the retail companies under its coverage to grow 12 percent year-on-year in the second quarter of 2026, although down 16 percent quarter-on-quarter due to seasonal factors, and forecasts a continued recovery in the second half of 2026. Key drivers include a return to same-store sales growth, margin expansion from better product selection, and cost savings. The broker expects home improvement and furnishing retail stocks, namely GLOBAL, DOHOME, and HMPRO, as well as CRC, to show the strongest recovery, while CPN, CPALL, and COM7 continue to grow well on successful business strategies. For the building materials and home furnishing retail group, the securities firm estimates EPS will grow 37 percent in the second quarter of 2026, after earnings contracted continuously during 2023 to 2025, supported by better margins, a narrowing decline in same-store sales growth, and favorable product pricing from inflation. GLOBAL is seen as the standout, with earnings expected to grow 84 percent, driven by a higher proportion of house-brand products, cost control, and favorable pricing. CRC is expected to post 36 percent earnings growth in the second quarter of 2026, thanks to business strategy adjustments that support both same-store sales and margins, as well as lower marketing and interest expenses. Meanwhile, CPN is forecast to grow earnings by 15 percent, CPALL by 7 percent, COM7 by 30 percent, and MOSHI by 19 percent, with these companies seen as continuing to gain market share and expand margins. On the other hand, CPAXT is estimated to see earnings fall a further 17 percent due to weak same-store sales and margin compression from consumers trading down to lower-priced goods. For BJC, although earnings are expected to rise 12 percent from the acquisition of a wholesale business in Vietnam, the core BigC business remains weak with negative same-store sales growth. MRDIY is forecast to grow earnings by only 13 percent, below expectations, despite rapid store expansion. TTB Wealth Securities says the trend for the second half of 2026 will strengthen as the economy improves, maintaining a positive bias on building materials and CRC, and selecting CPN, GLOBAL, and CRC as top picks in the retail sector. For recommendations and target prices, stocks rated BUY are CPN with a target price of 75 baht, GLOBAL at 9 baht, CRC at 31 baht, CPALL at 62 baht, COM7 at 34 baht, DOHOME at 4.50 baht, HMPRO at 9.50 baht, MOSHI at 50 baht, and MRDIYT at 12.20 baht. CPAXT is rated HOLD with a target price of 14 baht, and BJC is rated SELL with a target price of 12.50 baht.

The Ministry of Finance is preparing to provide a grant of 50,000 baht per household to those joining the Solar Rooftop program, against an average installation cost of around 100,000 to 150,000 baht per household, with a minimum installation size of 5 kilowatts. The project aims to assist 500,000 to 1,000,000 households with average monthly electricity bills of 3,000 to 4,000 baht, using a budget from a 200 billion baht loan source. Analysts at TTB Wealth Securities stated that this policy will directly benefit Gunkul Engineering, as well as building material and home improvement retailers such as Home Product Center, Siam Global House, and Do Home. Meanwhile, analysts at Land and Houses Securities view it as a positive factor for GUNKUL and Synnex Thailand shares. In addition, the Ministry of Finance is collaborating with the Ministry of Interior, the Metropolitan Electricity Authority, the Provincial Electricity Authority, and state specialized financial institutions, namely the Government Savings Bank and the Government Housing Bank, to support low-interest loans for the remaining costs not covered by the government subsidy.

Asia Plus Securities recommends CPALL, DOHOME, and THAI as standout stocks benefiting from the decline in Brent crude oil prices below 80 US dollars per barrel, following hopes for a temporary agreement in the Strait of Hormuz. This has led the market to reduce the probability of the US Federal Reserve raising interest rates to 4.0 percent, down to 53 percent from 67 percent previously, while US Treasury yields have fallen by more than 1 percent, supporting US stock indices to gain between 1.7 and 2.6 percent and sending continued positive momentum to Asian equity markets, with South Korea surging 3.7 percent and Japan up 3.1 percent. The research team also advises closely monitoring US economic data this week, as well as the direction of the yen, which could experience a short squeeze if the Bank of Japan intervenes in the market. In the technology sector, the US Federal Communications Commission is preparing to ban imports of new optical transceivers from China within this year, which is negative for Chinese manufacturers such as DR: ZJINNO80 but positive for US producers, recommending short-term speculation in DR: COHR23 and DR: LITE80. Meanwhile, SanDisk and SK Hynix have jointly launched HBF memory chips to address bottlenecks in AI inference workloads, with the market forecasting that SanDisk's revenue for the fourth quarter of fiscal year 2026 will grow 354 percent and earnings per share will surge as much as 11,751 percent compared to the same period last year, thus recommending speculation through DR: SNDK03. On the domestic economic front, the market expects July 2026 inflation to expand by 2.55 percent, while the research team assesses that second-half inflation will move within a range of 2.65 to 2.85 percent, consistent with the Bank of Thailand's target framework, making it highly likely that the central bank will maintain the policy rate at 1.0 percent through year-end. Regarding the Thai stock market, although regional markets have advanced, the SET Index may rise less due to the heavy weighting of commodity stocks at 25.1 percent of total market capitalization, and there is potential for profit-taking as the index tests resistance at 1,350 points. Foreign capital flows are beginning to show signs of slowing and switching to net selling, causing a rotation into stocks primarily reliant on domestic economic activity. The investment strategy therefore recommends CPALL, which benefits from increased domestic purchasing power amid falling oil prices, DOHOME, whose second-quarter 2026 earnings are expected to grow strongly from higher gross margins, and THAI, which gains from lower jet fuel costs and whose share price still lags the tourism sector. The research team also provides additional advice for international portfolio allocation, suggesting speculation in DR: ZIJIN80 and DR: COHR23.

Asia Plus Securities forecasts that the global and Thai economies will decelerate towards the end of 2026, with US and China GDP in the fourth quarter falling to 2.0% and 4.6% respectively, while Thai GDP will slow from 2.8% in the first quarter to just 0.9% in the final quarter, due to the impact of the Middle East conflict pressuring oil prices and raising costs. Investors should therefore closely monitor Thai economic figures in August, including inflation on August 6, which the market expects at plus 2.6% year-on-year, second-quarter GDP on August 17, and the Monetary Policy Committee meeting on August 26, where the policy rate is expected to be held at 1.00%. Asia Plus recommends positioning portfolios cautiously and investing selectively in stocks with specific positive factors, highlighting DOHOME for expected strong second-quarter profit growth and higher gross margins, CPALL for its continued earnings recovery and benefit from government spending, and CENTEL for benefiting from the high season for tourism and a recovery in foreign tourist arrivals.

Asia Plus Securities, or ASPS, has unveiled an investment strategy to cope with volatility from the Middle East conflict, the trade war, and the technology war, recommending two main themes. The first theme consists of stocks expected to deliver profit growth both quarter-on-quarter and year-on-year, including IVL, PTTGC, BCP, TRUE, SCGP, DOHOME, PTTEP, ADVICE, SC, ADVANC, PTT, and MASTER. The second theme covers stocks with growing profits but lagging share prices, namely BCPG, AMATA, DELTA, and CRC. At the same time, ASPS has designated DELTA, BDMS, and CPALL as standout picks due to their safety from wartime conditions and lack of negative impact. The firm also recommends investing in foreign securities depositary receipts such as MICRON01 to capture strong earnings momentum from memory chip demand, and OIL03 to benefit from the US-Iran conflict boosting oil prices. Another noteworthy point is that since April 2026, the earnings per share estimate for the Thai stock market has been revised up by 3.8 percent, the second highest in the world, trailing only the Dow Jones index and bucking the trend of downward revisions in regional markets.

Phillip Securities expects the Thai stock index to trade sideways in a range of 1,640 to 1,665 points, pressured by a 2026 forward P/E of 16.7 times, close to the average since 2020 of 17.1 times, and banking stocks may face sell-on-fact pressure after earnings announcements. However, the TISA project measures will help prevent the index from falling deeply, and a rotation of funds out of banking stocks into real sector stocks is expected for speculation on second-quarter 2026 earnings, which are anticipated to be strong. The investment strategy is divided into four main themes: speculation on second-quarter 2026 earnings in stocks such as AMATA, CPALL, DELTA, HANA, ITC, KCE, MRDIY, MTC, OSP, QH, SAWAD, SCC, STECON, and TIDLOR; energy stocks in BCP, PTT, PTTEP, SPRC, and TOP; speculation on government measures or projects in BJC, CENTEL, CK, CPAXT, CRC, DOHOME, ERW, GLOBAL, HMPRO, LH, MINT, and SCC; and hopes for investment inflows from China in ADVANC, GUNKUL, GULF, ROJNA, WHA, and WHAUP.

The policy injecting 200 billion baht under the emergency loan decree to drive clean energy and electric transport systems is positively impacting nine Thai stocks in the solar rooftop and electric vehicle ecosystem sectors. The solar rooftop group that will benefit fully includes GUNKUL from its integrated business covering equipment sales and installation contracting, SOLAR as a panel manufacturer and installation service provider, retail building materials and IT groups such as HMPRO, DOHOME, GLOBAL, and COM7 as distribution channels for ready-made household solar kits, and KTC from low-interest loan measures and installment payments for solar rooftop installation that stimulate card spending. In the electric vehicle ecosystem group, NEX benefits the most in the electric bus and truck segment, EA will ease liquidity concerns and unlock assets from its battery manufacturing and EV assembly plants, while GPSC and GULF benefit from investments in nationwide charging station infrastructure. Analysts recommend a strategy of accumulating on dips or speculating on policy momentum, while cautioning that EV and solar cell stocks often react quickly to policy news. Investors should scale in and avoid chasing prices during sharp short-term rallies.