HMPRO: Expect Strong Earnings Growth YoY in 1Q22

HMPRO: Expect 4Q21 Earnings to Improve QoQ

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

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

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

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Equity Bottom-Up

<ul>
<li>Yesterday analyst meeting came out with a positive tone. We reiterate our BUY rating for HMPRO with a target price of Bt17.0(+5%from previous TP),which is derived from 35xPE’22E, a 40%</li>
<li>In 2022, HMPRO plans to open 6 stores comprise of one store for Homepro large store format and 5 stores for Mega home and one HMPRO’s store re-location.</li>
<li>We believe that SSSG continues to positive at 5%in 2022 and 4% in 2023 supported by new products launch together with promotional activities such as Homepro Day, Homepro Super Expro</li>
</ul>


Yesterday analyst meeting came out with a positive tone. We reiterate our BUY rating for HMPRO with a target price of Bt17.0(+5%from previous TP),which is derived from 35xPE’22E, a 40%
In 2022, HMPRO plans to open 6 stores comprise of one store for Homepro large store format and 5 stores for Mega home and one HMPRO’s store re-location.
We believe that SSSG continues to positive at 5%in 2022 and 4% in 2023 supported by new products launch together with promotional activities such as Homepro Day, Homepro Super Expro


HMPRO: Store Expansion to Support 2022-23 Growth

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HMPRO: Store Expansion to Support 2022-23 Growth