Asia Plus sees retail group 2Q26 profit up 11% YoY

Analyst
โดย HoonVision·TH·Read original
Summary · why it matters

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.

Impact on stocks 7

Consumer Discretionary▲ · 4 stocks
Com7 PCL
COM7
± MixedCapitalrelevance

COM7 is one of the seven companies; profit expected up 11% YoY but down 15% QoQ.

Consumer Staples▼ · 2 stocks
Berli Jucker PCL
BJC
± MixedCapitalrelevance

BJC is one of the seven companies; profit expected up 11% YoY but down 15% QoQ.

Digital Finance & Tokenization▲ · 1 stocks
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