GLOBAL reported its second-quarter 2026 results, with sales of 8.17 billion baht, roughly flat versus a year earlier. Although same-store sales growth remained negative at 3.98% amid weak purchasing power, net profit hit a record high of 947 million baht, up 82.5% year on year, while EBITDA rose 50.4% to 1.55 billion baht. The main driver was gross profit margin, which reached a record 31.59%, up from 25.42% in the second quarter of 2025, helped by a higher share of Private Brand products, which rose to 27.5% of sales and carry gross margins of roughly 40 to 45%, as well as effective product mix management and cost control. Although the benefit from lower-cost old inventory will gradually fade in the third quarter of 2026, the company expects gross margin in the second half of 2026 to remain at no less than 27 to 28% and above the prior-year level. Full-year sales may be close to last year, with same-store sales growth still slightly negative but showing signs of recovery, giving second-half profit a chance to grow year on year. This comes alongside a stronger financial position, with Net Debt to EBITDA down to 1.18 times, a debt-to-equity ratio of 0.48 times, and free cash flow of 3.75 billion baht to support store expansion and future growth. Under its 2026 plan, the company will open five new stores in Thailand, in Phon Phisai, Wang Thong, Trakan Phuet Phon, Ban Phue, and Chiang Kham, bringing the domestic total to 101 stores as planned, and will renovate another eight stores to adjust product assortment and the customer experience. Overseas, it has a network of 41 stores through partners in Laos, Myanmar, Indonesia, and Cambodia, and plans to keep expanding, with one to two more stores in northern Laos, two more in Indonesia this year, and further new store openings planned in Myanmar. In Thailand, it still has land to support about 18 more locations. On valuation, the current price trades at a price-to-earnings ratio of 13.7 times, below peers DOHOME at 16.7 times and HMPRO at 13.9 times. The average target price from the IAA Consensus is 8.63 baht. On sentiment, the easing of the flood situation could bring back demand for home repair and restoration. GLOBAL derives revenue directly from construction materials, which account for roughly 30 to 35% of sales, including tiles, sanitary ware, paint, tools, and home improvement products, so it stands to benefit from replacement and repair demand after water levels recede, especially at its upcountry branches, which could help same-store sales growth recover late in the year and continue into 2027.
Siam Global House Public Company LimitedGLOBAL (Siam Global House) reported record 2Q/26 net profit of 947 million baht, up 82.5% on record 31.59% gross margin
Dohome Public Company Limited
Home Product Center Public Company Limited