KGI expects Q3/2026 earnings: construction materials stock DOHOME to grow fastest at 30%

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KGI Securities issued an analysis estimating third-quarter 2026 earnings for three construction materials retail stocks: GLOBAL, DOHOME, and HMPRO, expecting profits to remain divergent. DOHOME stands out the most with 30% year-on-year growth on positive same-store sales growth and recovering margins, while GLOBAL and HMPRO grow only slightly. KGI estimates GLOBAL's net profit for Q3/2026F at 402 million baht, up 3% year on year but down 58% quarter on quarter, with higher margins from its house-brand product strategy likely offsetting negative same-store sales growth. It maintains a buy recommendation with a target price of 7.80 baht, implying roughly 20% upside. For HMPRO, KGI estimates Q3/2026F net profit at 1.3 billion baht, up 1% year on year but down 18% quarter on quarter, bringing nine-month 2026 net profit to 4.3 billion baht, down 3% year on year, while maintaining a buy recommendation with a 2027F target price of 7.20 baht. For DOHOME, KGI estimates Q3/2026F net profit at 132 million baht, up 30% year on year but down 57% quarter on quarter, expecting it to outperform other stocks in the group on positive same-store sales growth and year-on-year margin recovery, while maintaining a hold recommendation with an end-2027F target price of 3.80 baht.

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Consumer Discretionary▲ · 3 stocks
Dohome Public Company Limited
DOHOME
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KGI estimates DOHOME's Q3/2026 net profit up 30% YoY, the fastest growth in the group, on positive same-store sales and margin recovery.

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