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>3Q25 NP was Bt102mn (+32% YoY from higher GPM and lower operating and tax expenses, –35% QoQ on seasonal softness in sales and margin).</li><li>9M25 profit accounts for 73% of the 2025E forecast, and estimates are maintained.</li><li>We switch to Neutral (from Underperform). Valuation metrices now reflect a neutral view of fundamentals (previously Overvalued). LT growth remains above average (2Y profit +7% CAGR). Tactical view stays neutral.</li></ul>

3Q25 NP was Bt102mn (+32% YoY from higher GPM and lower operating and tax expenses, –35% QoQ on seasonal softness in sales and margin).9M25 profit accounts for 73% of the 2025E forecast, and estimates are maintained.We switch to Neutral (from Underperform). Valuation metrices now reflect a neutral view of fundamentals (previously Overvalued). LT growth remains above average (2Y profit +7% CAGR). Tactical view stays neutral.

DOHOME Plc. (DOHOME): 3Q25 NP Up 32% YoY But Down 35% QoQ

<ul><li>We expect 3Q25E net profit to have risen 31% YoY (from a low base in 3Q24, when the GPM was pressured by falling steel prices) but declined 36% QoQ due to weaker SSSG.</li><li>KTX raises our fair value estimate to Bt3.50 using the earnings yield method and a required return of 6.6%, based on macro assumptions of Rf = 1.04% and MRP = 5.81%, compared with the previous fair value of Bt3.04, which was based on a required return of 6.1%, Rf of 1.45%, and MRP of 5.26%.</li><li>We maintain our “Underperform” call, as valuation metrics and fundamentals still support a Sell view.</li></ul>

We expect 3Q25E net profit to have risen 31% YoY (from a low base in 3Q24, when the GPM was pressured by falling steel prices) but declined 36% QoQ due to weaker SSSG.KTX raises our fair value estimate to Bt3.50 using the earnings yield method and a required return of 6.6%, based on macro assumptions of Rf = 1.04% and MRP = 5.81%, compared with the previous fair value of Bt3.04, which was based on a required return of 6.1%, Rf of 1.45%, and MRP of 5.26%.We maintain our “Underperform” call, as valuation metrics and fundamentals still support a Sell view.

DOHOME Plc. (DOHOME): 3Q25E Net Profit Estimated To Have Risen 31% YoY But Fallen 36% QoQ

<ul><li>2Q25 profit declined by 18% YoY and 36% QoQ, pressured by a same-store sales growth (SSSG) contraction of -9.3% and a higher operating expense-to-sales ratio, which offset the positive impact from a recovery in the gross margin and lower interest expenses.</li><li>The outlook for 3Q remains weak due to seasonality, with SSSG in July at -9%.</li><li>We maintain our 2025E profit forecast, which reflects a 14% YoY decline, and expect core profit to remain flat over the next three years.</li></ul>

2Q25 profit declined by 18% YoY and 36% QoQ, pressured by a same-store sales growth (SSSG) contraction of -9.3% and a higher operating expense-to-sales ratio, which offset the positive impact from a recovery in the gross margin and lower interest expenses.The outlook for 3Q remains weak due to seasonality, with SSSG in July at -9%.We maintain our 2025E profit forecast, which reflects a 14% YoY decline, and expect core profit to remain flat over the next three years.

Dohome - 2Q25 Profit Declined Both YoY and QoQ...

<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

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): 3Q25 NP Up 32% YoY But Down 35% QoQ

3Q25 NP was Bt102mn (+32% YoY from higher GPM and lower operating and tax expenses, –35% QoQ on seasonal softness in sales and margin).

Krungthai XSpring

DOHOME Plc. (DOHOME): 3Q25E Net Profit Estimated To Have Risen 31% YoY But Fallen 36% QoQ

We expect 3Q25E net profit to have risen 31% YoY (from a low base in 3Q24, when the GPM was pressured by falling steel prices) but declined 36% QoQ...

Krungthai XSpring

Dohome - 2Q25 Profit Declined Both YoY and QoQ...

We maintain our 2025E profit forecast, which reflects a 14% YoY decline, and expect core profit to remain flat over the next three years.

Krungthai XSpring

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

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