HMPRO: Store Expansion to Support 2022-23 Growth

HMPRO: Expect Strong Earnings Growth YoY in 1Q22

HMPRO: Expect 3Q21 Earnings to Be Bottom of This Year

HMPRO: Expect 3Q21 Earnings to Drop Both QoQ and YoY

HMPRO: Expect 4Q21 Earnings to Improve 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 maintain BUY rating for HMPRO with a target price to Bt16.10, derived from 35xPE’22E, or implying 40% premium to Thai Consumer Discretionary.</li>
<li>We expect HMPRO to report 4Q21 net profit at Bt1.57bn (+2%YoY, +80%QoQ),thanks to stores sales recovery (SSSG at +10%YoY) supported by pent-up demand, demand from home renovation after a flood</li>
<li>We foresee 2022E earnings to grow to Bt6bn close to pre-COVID levels (+16%YoY) supported by 1) a solid revenue growth at 4% close to Thailand GDP growth from re-opening stores</li>
</ul>


We maintain BUY rating for HMPRO with a target price to Bt16.10, derived from 35xPE’22E, or implying 40% premium to Thai Consumer Discretionary.
We expect HMPRO to report 4Q21 net profit at Bt1.57bn (+2%YoY, +80%QoQ),thanks to stores sales recovery (SSSG at +10%YoY) supported by pent-up demand, demand from home renovation after a flood
We foresee 2022E earnings to grow to Bt6bn close to pre-COVID levels (+16%YoY) supported by 1) a solid revenue growth at 4% close to Thailand GDP growth from re-opening stores


HMPRO: Expect 4Q21 Earnings to Be the Highest of This Year

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HMPRO: Expect 4Q21 Earnings to Be the Highest of This Year