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

DOHOME : 2Q22 Earnings Fall to Six-Quarters Low

DOHOME : Margin Squeezed Should Be in the Price

DOHOME: Expect Solid 3Q21 Earnings as Limited Impact from Lockdown

DOHOME: Expect 4Q21 Earnings Grow Both YoY and QoQ

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>We reiterate our HOLD rating for DOHOME with a target price of Bt21.4 (included stock dividend) derived from 35xPE’22E, which is close to the biggest home-improvement player in Thailand.</li>
<li>We expect DOHOME to report 1Q22 net profit at Bt468m (-14%YoY, +41%QoQ), QoQ growth will be supported by (1) high season quarter with a solid SSSG outpace peer at +26%YoY</li>
<li>We expect 2Q22 earnings continue to soften YoY pressured by (1) a drop in margin for steel products,which will trim down overall gross profit margin to roughly 18%-19% from 22.7%</li>
</ul>


We reiterate our HOLD rating for DOHOME with a target price of Bt21.4 (included stock dividend) derived from 35xPE’22E, which is close to the biggest home-improvement player in Thailand.
We expect DOHOME to report 1Q22 net profit at Bt468m (-14%YoY, +41%QoQ), QoQ growth will be supported by (1) high season quarter with a solid SSSG outpace peer at +26%YoY
We expect 2Q22 earnings continue to soften YoY pressured by (1) a drop in margin for steel products,which will trim down overall gross profit margin to roughly 18%-19% from 22.7%


DOHOME: Expect Earnings Increase QoQ from Seasonal Factor

Dohome PCL

DOHOME: Expect Earnings Increase QoQ from Seasonal Factor