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>Core profit in 2Q25E is expected to decline by 27% YoY and 43% QoQ, pressured by weaker SSSG and a higher operating expenses-to-sales ratio, which outweigh the positive effects of a recovering gross margin and lower interest expenses.</li><li>The 2025E earnings forecast is maintained (-14% YoY), with core profit expected to remain flat over the next three years.</li><li>The rating is downgraded to Underperform (previously Neutral) as the valuation metrics now reflect a sell view on the current fundamentals (previously neutral) and a neutral tactical view (previously very limited downside risk).</li></ul>

Core profit in 2Q25E is expected to decline by 27% YoY and 43% QoQ, pressured by weaker SSSG and a higher operating expenses-to-sales ratio, which outweigh the positive effects of a recovering gross margin and lower interest expenses.The 2025E earnings forecast is maintained (-14% YoY), with core profit expected to remain flat over the next three years.The rating is downgraded to Underperform (previously Neutral) as the valuation metrics now reflect a sell view on the current fundamentals (previously neutral) and a neutral tactical view (previously very limited downside risk).

Dohome - 2Q25E Earnings to Fall YoY and QoQ; 3Q the Low Season

<ul><li>The Ministry of Industry, along with officials from the Thai Industrial Standards Institute (TISI), conducted an inspection of a modern trade store in Bang Bua Thong District, Nonthaburi Province, following a public complaint regarding substandard products.</li><li>The inspection uncovered non-compliant steel bars, which were seized — amounting to 99.64 tons with an estimated value of Bt2.2mn.</li><li>The modern trade strore was ordered to submit a detailed explanation to TISI within 15 days, including the source of the products, purchase documentation, a list of customers, sales volumes, and sales records. </li></ul>

The Ministry of Industry, along with officials from the Thai Industrial Standards Institute (TISI), conducted an inspection of a modern trade store in Bang Bua Thong District, Nonthaburi Province, following a public complaint regarding substandard products.The inspection uncovered non-compliant steel bars, which were seized — amounting to 99.64 tons with an estimated value of Bt2.2mn.The modern trade strore was ordered to submit a detailed explanation to TISI within 15 days, including the source of the products, purchase documentation, a list of customers, sales volumes, and sales records. 

DOHOME Plc. - Ministry of Industry and TISI Detected Non-Standard Steel

<ul><li>1Q25 profit was flat YoY but grew 53% QoQ, supported by slightly positive SSSG, a QoQ recovery in the gross margin, effective control of operating expenses, and lower interest expenses.</li><li>We maintain our 2025E profit forecast.</li><li>The valuation metrics have led us to revise our tactical view from neutral to very limited downside risk.</li></ul>

1Q25 profit was flat YoY but grew 53% QoQ, supported by slightly positive SSSG, a QoQ recovery in the gross margin, effective control of operating expenses, and lower interest expenses.We maintain our 2025E profit forecast.The valuation metrics have led us to revise our tactical view from neutral to very limited downside risk.

Dohome - 1Q25 Earnings Remained Flat YoY and Grew QoQ Thanks to Sales and GPM

<ul><li>1Q25E core profit is projected to have grown 6% YoY and 61% QoQ, supported by positive SSSG, a recovery in the gross margin, and lower interest expenses.</li><li>The full-year 2025E profit forecast is maintained, and we also retain our estimate for three-year core profit growth at a CAGR of 30%.</li><li>The valuation metrics reflect a strong long-term outlook. </li></ul>

1Q25E core profit is projected to have grown 6% YoY and 61% QoQ, supported by positive SSSG, a recovery in the gross margin, and lower interest expenses.The full-year 2025E profit forecast is maintained, and we also retain our estimate for three-year core profit growth at a CAGR of 30%.The valuation metrics reflect a strong long-term outlook. 

Dohome - 1Q25E Earnings to Have Increased YoY and QoQ

<ul><li>Insights from the latest analyst meeting indicate a continued recovery in 1Q25E, both in same-store sales growth (SSSG) and profit margins, with a 2025E sales growth target of 7% to over 10% and a three-year store expansion plan.</li><li>For 2025, the company expects SSSG growth of 5%, a gross profit margin of 18% (vs. 17.1% in 2024), an increase in the house brand contribution to 22% (from 19% in 2024), and an operating expense-to-sales ratio of 10-11% (vs. 13.7% in 2024) driven by stricter branch cost control.</li><li>DOHOME aims to expand the number of large-format stores from 24 in 2024 to 32 by 2027 and small-format (To Go) stores from 15 in 2024 to 50 by 2027.</li></ul>

Insights from the latest analyst meeting indicate a continued recovery in 1Q25E, both in same-store sales growth (SSSG) and profit margins, with a 2025E sales growth target of 7% to over 10% and a three-year store expansion plan.For 2025, the company expects SSSG growth of 5%, a gross profit margin of 18% (vs. 17.1% in 2024), an increase in the house brand contribution to 22% (from 19% in 2024), and an operating expense-to-sales ratio of 10-11% (vs. 13.7% in 2024) driven by stricter branch cost control.DOHOME aims to expand the number of large-format stores from 24 in 2024 to 32 by 2027 and small-format (To Go) stores from 15 in 2024 to 50 by 2027.

Flash News - DOHOME: Positive View from the Analyst Meeting

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 - 2Q25E Earnings to Fall YoY and QoQ; 3Q the Low Season

Core profit in 2Q25E is expected to decline by 27% YoY and 43% QoQ, pressured by weaker SSSG and a higher operating expenses-to-sales ratio...

Krungthai XSpring

DOHOME Plc. - Ministry of Industry and TISI Detected Non-Standard Steel

The inspection uncovered non-compliant steel bars, which were seized — amounting to 99.64 tons with an estimated value of Bt2.2mn.

Krungthai XSpring

Dohome - 1Q25 Earnings Remained Flat YoY and Grew QoQ Thanks to Sales and GPM

1Q25 profit was flat YoY but grew 53% QoQ, supported by slightly positive SSSG, a QoQ recovery in the gross margin, effective control of operating...

Krungthai XSpring

Dohome - 1Q25E Earnings to Have Increased YoY and QoQ

1Q25E core profit is projected to have grown 6% YoY and 61% QoQ, supported by positive SSSG, a recovery in the gross margin, and lower interest...

Krungthai XSpring

Flash News - DOHOME: Positive View from the Analyst Meeting

DOHOME aims to expand the number of large-format stores from 24 in 2024 to 32 by 2027 and small-format (To Go) stores from 15 in 2024 to 50 by 2027.

Krungthai XSpring

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