DOHOME : Margin Squeezed Should Be in the Price

DOHOME : Expect the Lowest Earnings Since Listed in 3Q22

DOHOME : Expect 2Q22 Earnings to Be Six-Quarters Low

DOHOME: Expect 4Q21 Earnings Grow Both YoY and QoQ

DOHOME: Expect Earnings Increase QoQ from Seasonal Factor

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation for DOHOME with a target price of Bt22. DOHOME’s 2Q22 net profit was at Bt315m (-48%YoY,-36%QoQ), in-line with our forecast but below BB consensus estimated by 14%. </li>
<li>2Q22 earnings sink both YoY and QoQ DOHOME reported a net profit of Bt315m in 2Q22(-48%YoY,-36%QoQ),the lowest level in the past six-quarters.The 1H22 result accounted for 57% of our 2022E.</li>
<li>The YoY and QoQ drop in 2Q22 earnings pressured by rising products costs and higher SG&amp;A expense from new stores expansion.</li>
</ul>


Maintain BUY recommendation for DOHOME with a target price of Bt22. DOHOME’s 2Q22 net profit was at Bt315m (-48%YoY,-36%QoQ), in-line with our forecast but below BB consensus estimated by 14%. 
2Q22 earnings sink both YoY and QoQ DOHOME reported a net profit of Bt315m in 2Q22(-48%YoY,-36%QoQ),the lowest level in the past six-quarters.The 1H22 result accounted for 57% of our 2022E.
The YoY and QoQ drop in 2Q22 earnings pressured by rising products costs and higher SG&amp;A expense from new stores expansion.


DOHOME : 2Q22 Earnings Fall to Six-Quarters Low

Dohome PCL

DOHOME : 2Q22 Earnings Fall to Six-Quarters Low