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>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%

Macroeconomics

<ul><li>SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3%</li><li>Thailand Focus 2026 will highlight the new engines driving economic growth, which is expected to boost investor confidence.</li><li>The MPC is expected to keep the policy rate unchanged at 1.0% and may adopt a more positive view of Thailand's economic growth in 2026.</li></ul>

SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3%Thailand Focus 2026 will highlight the new engines driving economic growth, which is expected to boost investor confidence.The MPC is expected to keep the policy rate unchanged at 1.0% and may adopt a more positive view of Thailand's economic growth in 2026.

Krungthai XSpring Zoom Eng. August 26, 2026

<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%

Technical Analysis

<ul><li>The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce, food, finance, and banking sectors.</li><li>This boosted investor confidence and helped the index maintain its upward momentum without a significant reversal.</li><li>We recommend buying on dips, as the index has shown an ability to rebound quickly following sharp pullbacks.</li></ul>

The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce, food, finance, and banking sectors.This boosted investor confidence and helped the index maintain its upward momentum without a significant reversal.We recommend buying on dips, as the index has shown an ability to rebound quickly following sharp pullbacks.

Krungthai XSpring Technical Eng. August 18, 2026

Cross Asset Strategy

<ul><li>Crude oil prices rebounded more than 2% this morning after Iran rejected direct talks with the US over reopening the Strait of Hormuz, supporting energy stocks (PTTEP, PTTGC, TOP).</li><li>A strong investment ecosystem, supported by solid infrastructure and government investment incentives, should drive growth in the industrial estate sector (AMATA, EASTW).</li><li>The Finance Ministry expects to soon finalize the "solar rooftop" installation subsidy scheme, preliminarily covering 0.5-1.0mn households with subsidies of Bt50,000 per household (GUNKUL, HMPRO).</li></ul>

Crude oil prices rebounded more than 2% this morning after Iran rejected direct talks with the US over reopening the Strait of Hormuz, supporting energy stocks (PTTEP, PTTGC, TOP).A strong investment ecosystem, supported by solid infrastructure and government investment incentives, should drive growth in the industrial estate sector (AMATA, EASTW).The Finance Ministry expects to soon finalize the "solar rooftop" installation subsidy scheme, preliminarily covering 0.5-1.0mn households with subsidies of Bt50,000 per household (GUNKUL, HMPRO).

Krungthai XSpring Zoom Eng. August 10, 2026

Thailand

Dohome Public Company Limited is a Thai retailer and wholesaler of construction materials, office equipment, and household products. The company offers a wide range of items, including steel sections, cement, tools, electrical appliances, and home decorations. Dohome was founded in 1983 and is headquartered in Pathum Thani, Thailand.

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Dohome (DOHOME TB)

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

Krungthai XSpring Zoom Eng. August 26, 2026

SET expected to test resistance at 1,612 after crude oil prices plunged by more than 3% Thailand Focus 2026 will highlight the new engines driving...

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. August 18, 2026

The SET Index was supported by strong 2Q26 earnings, with HANA, CCET, and CRC leading the gains, alongside advances in DELTA and the commerce,...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 10, 2026

Crude oil prices rebounded more than 2% this morning after Iran rejected direct talks with the US over reopening the Strait of Hormuz, supporting...

Krungthai XSpring

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