Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>1Q26 earnings improved YoY and QoQ, supported by higher sales, stronger GPM from seasonal factors, and lower interest expenses.</li><li>2Q26 outlook remains positive, with continued QoQ improvement in both SSSG and GPM. 2Q26TD SSSG stands at +4%, while GPM improved for both steel and non-steel products following selling price increases alongside some remaining lower-cost inventory.</li><li>We maintain our Underperform rating, as the current share price still implies 8% downside to our 12M forward FV of Bt3.06, based on a required return of 7.6%. Earnings over the next two years are expected to grow at a CAGR of 5%, below the sector average of 6%. Meanwhile, tactical downside risk appears limited.</li></ul>

1Q26 earnings improved YoY and QoQ, supported by higher sales, stronger GPM from seasonal factors, and lower interest expenses.2Q26 outlook remains positive, with continued QoQ improvement in both SSSG and GPM. 2Q26TD SSSG stands at +4%, while GPM improved for both steel and non-steel products following selling price increases alongside some remaining lower-cost inventory.We maintain our Underperform rating, as the current share price still implies 8% downside to our 12M forward FV of Bt3.06, based on a required return of 7.6%. Earnings over the next two years are expected to grow at a CAGR of 5%, below the sector average of 6%. Meanwhile, tactical downside risk appears limited.

DOHOME Plc. (DOHOME): 1Q26 Earnings Rose YoY/QoQ, Broadly In Line

Thematic (Sector/Industry)

<ul><li>The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.</li><li>US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.</li><li>The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.</li></ul>

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for commercial shipping.US Core PCE inflation, which excludes food and energy, rose 3.3% YoY in April, in line with market expectations, following a 3.2% increase in March.The MSCI Rebalance will take effect after today's market close. MRDIYT and TFG will be added to the MSCI Global Small Cap Index, while TOA will be removed.

<ul><li>4Q25 and 2025 earnings missed estimates due to weakerthan-expected GPM.</li><li>We maintain our Underperform call, as the latest share price implies 27% downside to our 12M forward FV of Bt3.06, based on a required return of 7.6% (from 6.6%).</li><li>4Q25 profit fell 40% YoY and 6% QoQ, driven by: i) sales of Bt7bn (-8% YoY, +4% QoQ) with SSSG -10% (in-store -8%, contractors -12%) due to unfavorable weather, border issues (Ubon Ratchathani, Buri Ram, Surin) and weak demand; ii) GPM at 16.2% (-40bps YoY, -150bps QoQ) from lower supplier rebates and heavier clearance discounts on obsolete inventory (doubled YoY); and iii) opex/sales rising to 14.6% (vs. 13.7% in 4Q24, 15.6% in 3Q25) from new store openings.</li></ul>

4Q25 and 2025 earnings missed estimates due to weakerthan-expected GPM.We maintain our Underperform call, as the latest share price implies 27% downside to our 12M forward FV of Bt3.06, based on a required return of 7.6% (from 6.6%).4Q25 profit fell 40% YoY and 6% QoQ, driven by: i) sales of Bt7bn (-8% YoY, +4% QoQ) with SSSG -10% (in-store -8%, contractors -12%) due to unfavorable weather, border issues (Ubon Ratchathani, Buri Ram, Surin) and weak demand; ii) GPM at 16.2% (-40bps YoY, -150bps QoQ) from lower supplier rebates and heavier clearance discounts on obsolete inventory (doubled YoY); and iii) opex/sales rising to 14.6% (vs. 13.7% in 4Q24, 15.6% in 3Q25) from new store openings.

DOHOME Plc. (DOHOME): 4Q25 Profit Down YoY And QoQ; 1Q26TD SSSG -6%

<ul><li>4Q25E profit is likely to underperform on weak sales, implying up to 9% downside to our 2025 profit forecast of Bt690mn and near-term pressure on the share price.</li><li>SSSG in Jan–Feb 2026 would face downside risk from the absence of the E- receipt scheme (in place in Jan–Feb 2025), with 1Q26TD SSSG at –5%.</li><li>We maintain an Underperform call. The share price implies 15% downside to our 12M forward FV of Bt3.06, based on a required return of 7.6% (previously Bt3.50 / 6.6%).</li></ul>

4Q25E profit is likely to underperform on weak sales, implying up to 9% downside to our 2025 profit forecast of Bt690mn and near-term pressure on the share price.SSSG in Jan–Feb 2026 would face downside risk from the absence of the E- receipt scheme (in place in Jan–Feb 2025), with 1Q26TD SSSG at –5%.We maintain an Underperform call. The share price implies 15% downside to our 12M forward FV of Bt3.06, based on a required return of 7.6% (previously Bt3.50 / 6.6%).

DOHOME Plc. (DOHOME): 4Q25E Profit Down YOY, Up QOQ / 1Q26TD SSSG –5%

<ul><li>The index's ability to hold above its support suggests it still has a chance to move toward 1,500 points, as it remains in an upward trend and continues to trade above all short-term EMA lines.</li><li>When DELTA surged, the index rose, and when it weakened, the index fell. Eventually, DELTA rebounded from negative territory, allowing the index to reverse course and close slightly higher.</li><li>Therefore, we recommend buying on dips and selling into strength. Although the index is expected to trend higher, trading volume may decline during this period.</li></ul>

The index's ability to hold above its support suggests it still has a chance to move toward 1,500 points, as it remains in an upward trend and continues to trade above all short-term EMA lines.When DELTA surged, the index rose, and when it weakened, the index fell. Eventually, DELTA rebounded from negative territory, allowing the index to reverse course and close slightly higher.Therefore, we recommend buying on dips and selling into strength. Although the index is expected to trend higher, trading volume may decline during this period.

Krungthai XSpring Technical Eng. April 29, 2026

Thailand

Dohome Public Company Limited operates as a furnishing store. The Company retails hardware, tools, agricultural machinery, furniture, hvac equipment, and other related products. Dohome serves customers in Thailand.

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Dohome PCL (DOHOME TB)

DOHOME Plc. (DOHOME): 1Q26 Earnings Rose YoY/QoQ, Broadly In Line

1Q26 earnings improved YoY and QoQ, supported by higher sales, stronger GPM from seasonal factors, and lower interest expenses.

Krungthai XSpring

Krungthai XSpring Zoom Eng. May 29, 2026

The US and Iran have reached a draft agreement to extend the ceasefire by another 60 days, while the Strait of Hormuz is set to fully reopen for...

Krungthai XSpring

DOHOME Plc. (DOHOME): 4Q25 Profit Down YoY And QoQ; 1Q26TD SSSG -6%

We maintain our Underperform call, as the latest share price implies 27% downside to our 12M forward FV of Bt3.06, based on a required return of...

Krungthai XSpring

DOHOME Plc. (DOHOME): 4Q25E Profit Down YOY, Up QOQ / 1Q26TD SSSG –5%

4Q25E profit is likely to underperform on weak sales, implying up to 9% downside to our 2025 profit forecast of Bt690mn and near-term pressure on...

Krungthai XSpring

Krungthai XSpring Technical Eng. April 29, 2026

The index's ability to hold above its support suggests it still has a chance to move toward 1,500 points, as it remains in an upward trend and...

Krungthai XSpring

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