HMPRO : 2Q22 Earnings to Grow YoY as Expected

HMPRO : Expect Strong 3Q22 Earnings to Outpace Peer

HMPRO: Expect Strong Earnings Growth YoY in 1Q22

HMPRO: Store Expansion to Support 2022-23 Growth

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

Pi Research

Thai Equity - Bottom-up - Equities

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Pi Securities PCL, Thailand

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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 HMPRO with a target price of Bt17. We expect the company to report 2Q22 net profit at Bt1.5bn(+5%YoY)and flat QoQ, stronger than peers. The YoY growth </li>
<li>Expect 2Q22 earnings grow YoY and flat QoQ We expect 2Q22 net profit to be at Bt1.5bn (+5%YoY, -0.5%QoQ) as a result of higher rental income and rental margin expansion.</li>
<li>We expect HMPRO to post 2Q22 revenue at Bt16.7bn (+2%YoY,+4%QoQ),driven by SSSG of +0.7% (mainly from HomePro Malaysia),new stores expansion in the past 12 months and rental income surge 45%YoY.</li>
</ul>


Maintain BUY recommendation for HMPRO with a target price of Bt17. We expect the company to report 2Q22 net profit at Bt1.5bn(+5%YoY)and flat QoQ, stronger than peers. The YoY growth 
Expect 2Q22 earnings grow YoY and flat QoQ We expect 2Q22 net profit to be at Bt1.5bn (+5%YoY, -0.5%QoQ) as a result of higher rental income and rental margin expansion.
We expect HMPRO to post 2Q22 revenue at Bt16.7bn (+2%YoY,+4%QoQ),driven by SSSG of +0.7% (mainly from HomePro Malaysia),new stores expansion in the past 12 months and rental income surge 45%YoY.


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HMPRO : Expect 2Q22 Earnings to Grow YoY