Siam Global House Public Company Limited, or GLOBAL, reported net profit for the second quarter of 2026 of 947 million baht, up 82.5% year on year, setting a new record high, even as sales were flat at 8.17 billion baht and same-store sales growth, or SSSG, remained negative at 3.98% amid weak purchasing power. The profit surge came from a record gross profit margin, or GPM, of 31.59%, up from 25.42% in the second quarter of 2025, supported by a rising share of Private Brand products, which reached 27.5% of sales and carry a GPM of roughly 40 to 45%. EBITDA rose 50.4% year on year to 1.55 billion baht. Its financial position strengthened, with Net Debt to EBITDA falling to 1.18 times and D/E at 0.48 times, along with free cash flow of approximately 3.75 billion baht. For its 2026 business plan, GLOBAL plans to open five new stores in Thailand, namely Phon Phisai, Wang Thong, Trakan Phuet Phon, Ban Phue and Chiang Kham, bringing its domestic store count to 101, and to renovate another eight stores. Its overseas network totals 41 stores through partners in Laos, Myanmar, Indonesia and Cambodia, with plans to open one to two more stores in northern Laos, expand by two more stores in Indonesia this year, and open new stores in Myanmar. ASL Securities sees the easing of the flood situation as an opportunity to spur demand for repairs and home restoration, with GLOBAL deriving about 30 to 35% of sales from construction materials, which should help SSSG recover in late 2026 and continue into 2027. The stock currently trades at a P/E of 13.7 times, below peers DOHOME at 16.7 times and HMPRO at 13.9 times, with an average target price from the IAA Consensus of 8.63 baht per share.
Siam Global House Public Company LimitedQ2 2026 net profit hit a record 947 million baht, up 82.5% YoY, on a record 31.59% gross margin.
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