Asia Essentials - 14 May 2026

Research evidence excerpt

Asia Essentials - 14 May 2026

16.2) 12.6 10.2 7.3

end-2025), while operating cash flow remained strong at Bt3.35bn Net debt/equity (%) 29.0 22.8 19.9 16.5

helped by inventory reduction and better working capital management. ROA (%) 6.6 7.1 7.2 7.4

• What could have been better: Revenue came at Bt8.6bn (up 2.7% you, ROEPER rep(%) (x) 17.97.9 15.98.3 14.48.6 13.48.8

15% QoQ) as SSSg was still negative mid-single digit in Jan-Feb and recently PER adj (x) 17.9 15.9 14.4 13.4

accelerated from March after the Middle East conflict caused a material EV/EBITDA (x) 11.1 9.6 9.0 8.5

spike in construction prices. P/BV (x) 1.4 1.3 1.2 1.1

Total div yield (%) 1.8 1.9 1.9 1.9

Maintain Neutral

We expect share price rally to continue for home-improvement players with

high contribution of construction material (GLOBAL and DOHOME) in the

short term. The results suggest GLOBAL continues to benefit from margin

expansion during the retail price surge, as it maintains legacy inventory costs.

Meanwhile, SSSg is likely to remain positive in 2Q26 from price hikes and high

demand in government construction projects which should offset fragile

GLOBAL TB rel SET performance, &consumer sentiment and volatile macro conditions. rec history

GLOBAL financial highlights

GLOBAL (Bt m) 1Q25 2Q25 3Q25 4Q25 1Q26 QoQ (%) YoY (%) 2024 2025 YoY (%)

Sales 8,416 8,222 7,416 7,546 8,642 14.5 2.7 32,285 31,601 -2.1

Other income 172 163 181 283 151 -46.6 -12.0 730 799 9.5

Sales and Service Revenue 8,588 8,385 7,597 7,829 8,793 12.3 2.4 33,015 32,400 -1.9

Cost of sales and Services 6,268 6,103 5,451 5,620 6,303 12.2 0.5 23,946 23,442 -2.1

Gross Profit 2,148 2,120 1,965 1,927 2,339 21.4 8.9 8,339 8,159 -2.2

SG&A 1,521 1,640 1,637 1,681 1,518 -9.7 -0.2 6,123 6,479 5.8