Finansia Syrus Securities said Do Home Public Company Limited, or DOHOME, posted second-quarter 2026 net profit growth of 94.3% from a year earlier and an increase of 21.8% from the previous quarter, in line with the firm's and market estimates. The main driver was a notable expansion in gross margin both year-on-year and quarter-on-quarter. Total second-quarter 2026 sales grew 6.9% from a year earlier, with same-store sales up 1.8%, supported by back-store sales of construction materials growing 7-8% and selling price increases, which offset a 3-4% decline in front-store sales. The number of new branches rose to 27 from 24 in the second quarter of 2025. The second-quarter 2026 gross margin was 20.2%, up from 18% a year earlier, as all product categories improved, including steel, private brand products and other goods, helped by selling price adjustments while still holding older inventory costs. The selling and administrative expense-to-sales ratio edged down slightly on a larger sales base. First-half 2026 profit accounted for 68% of the full-year 2026 profit estimate, compared with 67% in the first half of 2025, reflecting limited downside risk to earnings estimates. Finansia Syrus maintained its 2026 net profit growth forecast of 35.5% from a year earlier, expecting third-quarter 2026 profit to still grow year-on-year on same-store sales growth of about 5%, and forecasting gross margin to hold at around 18% as margins for steel and some product groups have returned to normal levels. Finansia Syrus kept a buy recommendation on DOHOME, with a focus on a trading investment strategy given recovering same-store sales trends and expectations that second-half 2026 profit should still grow from a year earlier, and set a target price of 4.30 baht per share.
Dohome Public Company LimitedQ2 profit jumps 94% YoY, beats estimates, and analyst maintains buy with 4.30 baht target.
