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>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

<ul><li>4Q24 and 2024 earnings grew 11% and 27% YoY, respectively, driven by same-store sales growth (SSSG) and gross margin recovery.</li><li>The core profit outlook for the next two years remains strong, with an expected CAGR of 30%, supported by SSSG turning positive at +3% and further gross margin improvement.</li><li>Based on our valuation metrics, the tactical outlook has been revised to very limited downside risk from neutral previously, while the strong long-term growth outlook is maintained.</li></ul>

4Q24 and 2024 earnings grew 11% and 27% YoY, respectively, driven by same-store sales growth (SSSG) and gross margin recovery.The core profit outlook for the next two years remains strong, with an expected CAGR of 30%, supported by SSSG turning positive at +3% and further gross margin improvement.Based on our valuation metrics, the tactical outlook has been revised to very limited downside risk from neutral previously, while the strong long-term growth outlook is maintained.

Dohome - In-Line 4Q24 and 2024 Earnings; Strong 2-Year Growth Outlook

<ul><li>4Q24E and 2024E core profit are expected to grow by 8% and 22% YoY, respectively, driven by the SSSG recovery and improving gross profit margins.</li><li>The core profit outlook for the next two years remains strong, with expected annual growth at a CAGR of 21%, supported by a turnaround in SSSG to +3% and further improvements in the gross profit margin.</li><li>The valuation metrics present a strong outlook for the long-term trends while maintaining a neutral view from a tactical perspective. </li></ul>

4Q24E and 2024E core profit are expected to grow by 8% and 22% YoY, respectively, driven by the SSSG recovery and improving gross profit margins.The core profit outlook for the next two years remains strong, with expected annual growth at a CAGR of 21%, supported by a turnaround in SSSG to +3% and further improvements in the gross profit margin.The valuation metrics present a strong outlook for the long-term trends while maintaining a neutral view from a tactical perspective. 

Dohome - 4Q24E Core Profit to Grow YoY and QoQ; 2Y Growth to Continue

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 - 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

Dohome - In-Line 4Q24 and 2024 Earnings; Strong 2-Year Growth Outlook

4Q24 and 2024 earnings grew 11% and 27% YoY, respectively, driven by same-store sales growth (SSSG) and gross margin recovery.

Krungthai XSpring

Dohome - 4Q24E Core Profit to Grow YoY and QoQ; 2Y Growth to Continue

4Q24E and 2024E core profit are expected to grow by 8% and 22% YoY, respectively, driven by the SSSG recovery and improving gross profit margins.

Krungthai XSpring

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