Home Product Center Public Company Limited

Pi Securities estimates the SET index today will move in a range of 1570 to 1595, viewing Non Bank stocks as attractive for accumulation again on expectations of lower yields ahead. It names stocks in this group including MTC, SAWAD and TIDLOR. Meanwhile, US stock markets closed higher, with the DJIA up 0.61% and the S&P 500 up 1.14%, after the Fed raised interest rates by 25 basis points and signalled it may hike once more this year. Brent crude fell to around 104 to 105 dollars per barrel after Middle East concerns eased somewhat and Saudi Arabia said it would resume oil exports, helping push the US 10-year yield and 30-year yield lower. On US economic data released overnight, initial jobless claims came in at about 196,000, below market expectations. For short-term strategy, it recommends TECH names including DELTA and KCE after the Kospi rose about 2.5% this morning, as well as the tourism group including AOT, MINT, CENTEL, AWC, CPALL, CPN and HMPRO, and the hospital group including BDMS, BCH and PR9.

Home Product Center Public Company Limited, or HMPRO, has invested over 310 million baht in a major renovation of its MegaHome construction materials and trades center at the Min Buri branch, adding a HomePro at the same location to create a hybrid store. Managing Director Weeraphan Angsumalee said the upgrade covers products ranging from decorative items to structural work, systems work, and tools, in order to meet rising demand from the trades and contractor market driven by new construction, extensions, and renovations in eastern Bangkok, especially the Khlong Sam Wa, Min Buri, and Nong Chok zones along Hathai Rat and Nimit Mai roads. Currently, within a 10-kilometer radius of the branch, there are nearly 130,000 households, and the area is growing at a rate of 2.99% per year. The branch will officially open on 18 September 2026, targeting revenue of over 80 million baht per month, with an opening celebration campaign running from 18 to 27 September 2026.

InnovestX Securities Company Limited expects the Thai stock market to remain volatile and has unveiled four standout stock themes to navigate the SET Index falling below 1,600 points. It estimates support at 1,580 and 1,575 points, with resistance at 1,605 and 1,610 points, and recommends a Selective Buy strategy focused on accumulating shares as prices decline. The first theme covers defensive stocks and high-dividend stocks expected to deliver consistent dividend yields above 5% per year, namely BBL, KTB, HMPRO, AP, SCCC and PTT. The second theme covers stocks benefiting from global economic factors and high bond yields. In the energy group it picks PTTEP, BCP, TOP and SPRC, while in shipping it selects PSL and TTA. High bond yields are a positive factor for banks, namely KTB, BBL and KBANK, as well as life insurers BLA and TLI, after the yield on 10-year US Treasury bonds rose to 5% for the first time in nearly three years. The third theme covers stocks benefiting from government policy, namely GULF, GUNKUL, AMATA and WHA, on progress with the draft PDP2026 plan and policies supporting rooftop solar, while STECON, CK and SCCC fall in the construction and construction materials group. As for economic stimulus measures, CPALL, CPAXT and BJC are seen benefiting from the extension of the Thai Chai Thai Plus program, while CPALL, CRC, ERW, CENTEL and AOT are supported by the Thai Tiew Thai Plus program. DELTA, HANA and KCE fall under the theme of promoting investment in data centers and artificial intelligence. The final theme covers laggard stocks, namely AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR, whose second-half 2026 earnings are expected to grow both year on year and compared with the first half of the year.

Pie Securities stated that the U.S. stock market remains volatile due to signals of slowing investment from AI leaders, pressuring the SEMI group, while U.S. bond yields continue to rise across all maturities, reflecting concerns over inflation and declining confidence in the U.S. government. The S&P 500 fell 0.48% and the Nasdaq dropped 0.56% as investors worried about an AI slowdown following a proposal by the CEO of Anthropic calling for a pause in AI development, leading to selling in chip and data center stocks. Meanwhile, WTI crude oil closed above 100 dollars per barrel after Saudi Arabia shut down the East-West Pipeline. GOOGL rose 3.2%, MSFT gained 2%, and META added 2.7%. The CME FedWatch tool assigns a 92% probability of a rate hike at the upcoming meeting. For the domestic market, the SET is estimated at 1,580 to 1,605 points. This morning, the KOSPI fell 0.6%, which may pressure tech stocks such as DELTA and HANA. The strategy therefore focuses on 13 value stocks: banking group BBL, KBANK, KTB, SCB; hospital group BDMS, BH, BCH, PR9; retail group CPALL, CPN, HMPRO; and export group ITC, TU, which benefit from the weakening baht.

Asia Plus Securities said the Ministry of Finance is preparing to open registration for household Solar Rooftop installation subsidies in mid-October 2026, initially for 1 million entitlements with a total budget of 50 billion baht, or 50,000 baht per household, and is considering raising this to 1.5 million entitlements, with a target of completing disbursements by the end of 2027. The government will pay out only once the system is connected to the grid, and a 5-kilowatt system is expected to generate about 1,000 baht per month from selling power back to EGAT over 25 to 30 years. Government Savings Bank, GH Bank and BAAC will extend loans to low-income participants, who will use the electricity sale proceeds to repay the bank debt first. Meanwhile, the power utilities are preparing to invest in replacing meters and developing Smart Grid and Battery Storage systems. The government is also considering cutting customs duties on components that cannot yet be produced domestically and using BOI measures to support domestic solar production. The research team views this as positive for the renewable energy group, especially operators with Solar Rooftop and EPC businesses such as GUNKUL, SOLAR and SPCG, and as positive sentiment for CRC, COM7, DOHOME and HMPRO. Considering the scale of the programme, the government is targeting 1 million households with an average installed size of 5 kW per household, implying total installed capacity of 5,000 MW, which is higher than the existing 500 MW public Solar Rooftop power purchase programme. It sees GUNKUL as the standout beneficiary thanks to its fully integrated business chain and names it the Top Pick for news-driven trading. However, GUNKUL's core profit still comes from its renewable power generation business and large EPC projects, making this scheme an opportunity to supplement growth rather than a main profit driver.

At least eight Thai listed companies announced interim dividend payments following board meetings on August 25, 2026, with most setting the XD date between September 7-9. Leading the way, BCP pays 3.00 baht per share, followed by TISCO at 2.00 baht, RATCH at 0.70 baht, TIPH at 0.50 baht, OR at 0.30 baht, HMPRO at 0.16 baht, TTB at 0.081 baht (up 23% from last year), and CIMBT at 0.0385 baht. RATCH's total payout is approximately 1,522.50 million baht, while OR's total is 3,600 million baht.

Home Product Center Public Company Limited, or HMPRO, has announced an interim cash dividend of 0.16 baht per share from its operating results for the period from January 1, 2026 to June 30, 2026. The board of directors approved the dividend on August 25, 2026. The ex-dividend date is set for September 8, 2026, and the record date for shareholders entitled to receive the dividend is September 9, 2026. The dividend will be paid on September 22, 2026.

Home Product Center Public Company Limited, or HMPRO, reported second-quarter net profit for 2026 of 1.594 billion baht, up 14.0 percent from the same period last year. Total revenue came in at 18.055 billion baht, up 3.4 percent from a year earlier, supported by accelerating sales of cooling appliances amid extremely hot weather in April. Gross profit margin improved to 27.73 percent from 25.82 percent last year, helped by product mix management and the company's own brands. Selling and administrative expenses as a percentage of sales rose to 20.61 percent from 19.47 percent. Finance costs fell by 14.20 million baht due to refinancing debentures at lower interest rates. For July, total sales were close to the second-quarter level. HomePro's same-store sales growth was slightly negative in the low single digits, compared with minus 1.0 percent in the second quarter, while Mega Home remained slightly positive, compared with plus 1.4 percent in the second quarter. However, the overall third quarter is likely to slow because the rainy season is a low season. Gross profit margin is expected to improve from 26.78 percent a year earlier but soften from 27.73 percent in the second quarter after costs of some products increased. Selling and administrative expenses as a percentage of sales are expected to keep rising from 20.6 percent and stay elevated through the first quarter of 2027 because of plans to open about seven more branches in the second half of 2026. A positive factor is year-end debenture refinancing at lower interest rates. First-half net profit for 2026 was 2.998 billion baht, representing 49.8 percent of the full-year profit forecast of 6.030 billion baht, or earnings per share of 0.46 baht. Analysts recommend a buy rating with a target price of 8.30 baht per share, based on a price-to-earnings ratio of 18 times, close to the three-year historical average. They view this as more appropriate than the past range of 25 to 30 times given risks to purchasing power and challenging sales growth, while still positive on strengths in gross margin and financial management. On the technical side, the share price tested support at 6.50 baht and then saw buying return in a double-bottom pattern, closing above the simple moving average with a long white candle. The trend appears to have ended its minor downtrend. Key support is 6.60 to 6.50 baht, with resistance at 6.85 baht. If the price breaks through that level with rising volume, it would signal an upward N-shaped pattern. For existing shareholders, the recommendation is to hold or buy more, with a chance to test resistance at 6.85, 7.00 and 7.30 baht. For those without a position, the advice is to buy for the short term, focusing on holding above support at 6.60 to 6.50 baht, which should not be broken.

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.

Quality Houses Public Company Limited, or QH, reported a second-quarter net profit of 458.03 million baht, up 36.99% from the same period last year, supported by higher profit sharing from associates and cost controls. Profit sharing from associates in the quarter was 453 million baht, up 16% from a year earlier, comprising 325 million baht from Home Product Center, up 17%, and 96 million baht from LH Financial Group, up 26%. Administrative expenses fell 10% to 308 million baht, and financial costs dropped 30% to 37 million baht after gradual debt repayment. For the first six months, net profit was 921.35 million baht, up 25.12% from a year earlier. In addition, the board approved an interim dividend of 0.02 baht per share, with the XD date on 26 August 2026 and payment on 10 September 2026.

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.

Finansia Syrus Securities expects the SET index to rise and test the 1,680 to 1,700 point level next week, with banking and construction materials sectors leading the market. It recommends top picks CPALL and HMPRO. The SET index recently closed at 1,626.57 points, up 28.46 points or 1.77 percent, with trading value of 61.29 billion baht, rising in line with Asian stock markets on the back of a recovery in technology and chip stocks. This pushed DELTA shares higher and supported the overall index.

Pi Securities assesses that Thai stocks have a chance to outperform amid volatility in tech stocks and surging crude oil prices. The Dow Jones Industrial Average closed down 1,153 points, or 2.2 percent, pressured by semiconductor stocks and inflation concerns. Meanwhile, Brent crude oil prices rose 7.9 percent due to tensions in the Middle East, prompting a rotation from tech stocks into value stocks and Thai energy plays such as PTT and PTTEP. Pi Securities also recommends SYNEX with a target price of 11.10 baht and HMPRO with a target price of 7.50 baht, and estimates the SET Index range for the day at 1,600 to 1,640 points.

HMPRO shares gained 2.34% after reporting second-quarter net profit of 1.594 billion baht, up 14% from a year earlier and about 3-4% above research and market expectations. This marks the first year-on-year growth in five quarters, supported by a 3.4% increase in total revenue and a gross margin that rose to 27.7% from 25.8% a year ago. Meanwhile, the selling and administrative expense-to-sales ratio increased to 20.6%. Finansia Syrus Securities maintained a buy recommendation and a target price of 7.70 baht, noting the stock trades at a 2026 price-to-earnings ratio of around 13.8 times, below the home improvement retail sector average of about 16-17 times.

Home Product Center Public Company Limited, or HMPRO, reported a second-quarter 2026 net profit of 1,594.18 million baht, up 13.99% from the same period last year and above market expectations of 1,400 to 1,570 million baht. The result was driven by significant growth in sales of cooling appliances, pushing revenue from sales and customer services up 3.22% to 16,920.05 million baht. Gross profit margin on sales improved from 25.82% to 27.73%, thanks to efficient product mix management and the promotion of private brand products. For the first six months of 2026, net profit stood at 2,998.15 million baht, down 3.47% year-on-year, while total revenue fell 2.51% to 35,203.91 million baht. On the expansion front, the company opened a HomePro branch in Samui, Chaweng, and converted the Suphan Buri branch into a hybrid store, bringing total branches under management to 134 at the end of the quarter.

Several securities firms forecast that Home Product Center Public Company Limited, or HMPRO, will report a second-quarter 2026 net profit of approximately 1.5 billion baht, up from the same period last year and from the previous quarter. The results are scheduled for announcement on 27 July 2026. Asia Plus expects a profit of 1.54 billion baht, up 10 percent from both periods, supported by a 4 percent quarter-on-quarter increase in sales and service revenue from cooling appliance sales during the summer, and a 0.9 percentage point rise in gross margin to 28.4 percent, driven by price adjustments on certain items and the push of higher-margin house-brand products. Year-on-year growth came from a 2 percent revenue increase following the opening of 13 new branches, bringing the total to 149 branches at quarter-end, although same-store sales edged down about 1.0 percent amid weak domestic purchasing power. Finansia Syrus estimates a profit of 1,544 million baht, up 10.4 percent year-on-year and 10 percent quarter-on-quarter, with sales growing 2.5 percent from a year earlier thanks to new HomePro and hybrid store branches. Phay has upgraded its recommendation to buy with a target price of 7.50 baht, forecasting a profit of 1.57 billion baht, up 12 percent from both periods, supported by expanding gross margins and cooling product sales. KGI expects a profit of 1.4 billion baht, flat from both the prior year and the previous quarter, reflecting slightly better sales and only a marginal gross margin improvement amid weak spending. Most brokers recommend buying, with target prices ranging from 6.60 to 7.70 baht, and forecast a first-half dividend of 0.16 baht per share, implying an annualised yield of 2.4 to 6.3 percent, along with support from the ongoing share buyback programme.

Analysts at InnovestX Securities say the SET Index has risen over 31.2% from the start of the year to date, supported by foreign fund flows into electronics on the AI theme and better-than-expected domestic fundamentals. But at 1,650 points, the market is starting to face tight valuation constraints, especially for the large-cap stocks that have led the rally, where foreign ownership has exceeded the five-year average. They therefore expect a rotation of funds into laggard stocks where foreign ownership and valuations are below average, while earnings are still growing well. The short-term strategy recommends switching into laggard stocks via two themes. The first is Earnings Play, focusing on stocks with strong expected second-quarter 2026 earnings growth and a robust second half, such as ADVANC, CPN, GULF, PR9, SCGP, and TIDLOR. The second is Foreign Underowned Play, focusing on SET50 stocks where foreign ownership is below the five-year average and earnings momentum is good, such as BEM, CPALL, HMPRO, MTC, OR, TRUE, and TU.

Home Product Center Public Company Limited, or HMPRO, has announced an elevated role from product seller to caretaker across the entire product lifecycle through the HomePro Circular Economy Ecosystem under the concept of 'Change' for a better life. Ms. Uraiwan Tantipiriyakij, Deputy Managing Director of Operations and Marketing Business Group, stated that this system connects over 324 brand partners, covering more than 11,110 items, from taking back old items from customers' homes, repairing to extend product life, to recycling and manufacturing eco-friendly products. Over the past three years, HomePro has taken back over 590,869 old items, repaired and extended the life of 97,006 items, developed 532 SKUs of eco-friendly products from recycled materials, and delivered over 8.5 million pieces to consumers. Sales of eco-friendly products grew from 190 million baht in 2023 to 945 million baht in 2025, while reducing greenhouse gas emissions equivalent to 35 million kilograms of carbon dioxide, or the equivalent of planting over 2.3 million trees. HomePro aims to expand collaboration in developing new types of recycled materials, increase product refill points, and foster participation through hackathon projects with universities nationwide, so that the circular economy becomes accessible to everyone in daily life.

The Ministry of Finance has disclosed progress on the Thailand Individual Savings Account scheme, or TISA, and is preparing to scrap the tax-benefit multiplier so that all citizens receive equal tax deductions. Clearer details and the deduction limit framework are expected in September. The research arm of TTB Wealth Securities views this as positive for the overall stock market, as it will encourage more people to invest in equities, and positive for 14 high-dividend stocks: ADVANC, KTB, KKP, KTC, AMATA, PIN, THANI, SAK, CPN, HMPRO, PTG, SIRI, SPALI, and SAT.

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.

Home Product Center Public Company Limited, or HMPRO, has signed a cooperation agreement with the Thai Industrial Standards Institute, or TISI, to raise product standards and consumer safety. Ms. Nongrat Chatratanapong, Assistant Managing Director of Private Brand Sourcing and Development, said that HomePro and Mega Home place great importance on selecting and inspecting products from the manufacturer selection stage all the way to the consumer. Currently, products certified with the TIS mark cover more than 17 categories, such as ceramic tiles, sanitary ware, faucets, LED bulbs, and household electrical appliances, which are items related to everyday safety. This collaboration aims to set a new standard for the Thai retail industry with transparency throughout the supply chain, while supporting manufacturers and partners to develop products according to standards, and encouraging consumers to choose products bearing the TIS mark for confidence in quality and safety.

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.