UOB says Bangkok floods drive short-term panic buying, recommends trading plays in DOHOME, HMPRO, CPALL, CPAXT, BJC

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Summary · why it matters

UOB Kay Hian (Thailand) said the rainfall situation in Bangkok is starting to ease, with the Bangkok Metropolitan Administration stating that flooding will improve within one to two days and assessing that this year will not be as severe as 2025, making it only a short-term supporting factor. Based on feedback gathered from various companies, it found consumer panic buying and stockpiling from retail stores across Bangkok over the past one to two days. CPALL, CPAXT and BJC benefit to a similar degree, because CPAXT and BJC have sufficient inventory to meet demand better than smaller stores, while CPALL has the highest proportion of branches in Bangkok in the group, with 7-Eleven at 41% of stores in Bangkok and its vicinity, Makro at 32%, BigC Hyper and Supermarket at 23%, and Mini at 15%. Lotus's is still gathering data. DOHOME and HMPRO benefit more than GLOBAL from home repair demand, given their higher share of branches in Bangkok and its vicinity, with HMPRO at 29%, DOHOME at 22% and GLOBAL at 4%. CRC benefits less than the group, since the combined revenue share of Tops, Go Wholesale and Thai Watsadu accounts for only 47% of total revenue. MRDIY is seen as neutral from higher demand for household goods, with a 10% share of branches in Bangkok, but it is not top of mind for customers choosing a store in a crisis. MOSHI is seen as slightly affected, given its 32% share of branches in Bangkok and its vicinity, which may slow briefly, and CPN is slightly affected by lower traffic during the floods, expected to last only two to three days. The brokerage recommends only trading plays in stocks that benefit from stockpiling and repair demand and whose share prices have been sold off to cheap levels, such as DOHOME, HMPRO, CPALL, CPAXT and BJC.

Impact on assets 10

Consumer Discretionary± Mixed · 6 stocks
Dohome Public Company Limited
DOHOME
▲ PositiveDemandrelevance

UOB flags DOHOME as a beneficiary of home repair demand from Bangkok floods, with 22% of branches in Bangkok and vicinity, and recommends it as a trading play.

Moshi Moshi Retail Corp. PCL
MOSHI
▼ NegativeDemandrelevance

MOSHI is seen as slightly affected, with its 32% share of branches in Bangkok and vicinity possibly slowing briefly during the floods.

Consumer Staples▲ · 2 stocks
Berli Jucker PCL
BJC
▲ PositiveDemandrelevance

BJC benefits from consumer panic buying/stockpiling and has sufficient inventory to meet flood-driven demand better than smaller stores.

Digital Finance & Tokenization▲ · 1 stocks
CP ALL Public Company Limited
CPALL
▲ PositiveDemandrelevance

CPALL benefits from flood-driven panic buying, with the highest proportion of Bangkok-area branches (7-Eleven at 41%).

Real Estate▼ · 1 stocks

Off-coverage companies 1

Central Food Wholesale Co., Ltd. (GO Wholesale)Private± Mixed
relevance

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