Krungsri Securities said that Dohome Public Company Limited, or DOHOME, still saw same-store sales, or SSS, grow 4-6% year on year in the third quarter. In the first 10 days of September, even without the boost from a low steel sales base as in July and August, SSS still grew at a mid-level pace on strong orders from the contractor group, especially ongoing project work for government agencies. As a result, SSS for the Back Office group grew 6-9%, while in-store sales rose 1-3%. For the remainder of the quarter, it expects accelerated budget disbursement late in the year to support SSS in the third quarter of 2026, still growing 4-6% year on year, compared with 1.8% growth in the second quarter of 2026. On gross profit margin, or GPM, it is expected to return to 17-18%, close to the third quarter of 2025 but down from 19.8% in the second quarter of 2026, after the boost from low-cost inventory and the timing of rising steel selling prices faded. Steel GPM fell to 7-9% from 12-14% in the second quarter of 2026 and is slightly below the normal level of 10-12%, but the House Brand proportion rose to 18-19% from 17-18% in the third quarter of 2025, helping offset weaker steel margins. The company still has no plans to open additional large-format branches in the second half of 2026, from 27 branches at present, and is instead focusing on expanding Dohome ToGo, which are small-format branches and account for only 2-3% of revenue, from 29 branches at the end of the second quarter of 2026, an increase of 6 branches from the first half, with a target of expanding to 50 branches by 2027. Krungsri also maintained its net profit forecast for 2026 at 831 million baht, up 38% year on year, and expects normal profit in the third quarter of 2026 at 130-140 million baht, up 32% year on year. It maintained its Buy recommendation with a 2027 target price of 4.40 baht, seeing DOHOME entering a clearer recovery cycle after SSS returned to positive territory and the Private brand proportion increased, while the one-year forward PER is near the lower end of its historical trading range, making the risk-reward still attractive.
Dohome Public Company LimitedKrungsri maintains Buy rating and 4.40 baht target, citing 4-6% same-store sales growth and 38% higher 2026 net profit forecast.
Bank of Ayudhya PCL