MR DIY Group First Take: 1Q26 slight beat on record GPM, dividend is supportive

研报英文原文证据摘录

MR DIY Group First Take: 1Q26 slight beat on record GPM, dividend is supportive

J P M O R G A N Asia Pacific Equity Research

20 May 2026

MR DIY Group Neutral

MRDI.KL, MRDIY MK

First Take: 1Q26 slight beat on record GPM, dividend is Price (13 May 26):RM1.59

supportive Price Target (Dec-26):RM1.60

Our First Take: MRDIY reported 1Q26 core net profit of RM192m, up 9% y/y

and 17% q/q, paced by revenue growth of +9% y/y. This is slightly better than JPMe

and Street expectations of 29%/28% for FY26E. GPM saw its 7th consecutive

quarter of FX-led expansion with some help from a controlled promotional spend.

Revenue growth of 9% y/y was supported by new store growth (12.3% y/y

transaction growth) and the second consecutive quarter of positive SSSG (+1.6%)

which benefited from the Lunar New Year and Hari Raya holidays. Strategy, Real Estate, Consumer,

and Conglomerates

Jeanette Yutan AC

Key Positives (63-2) 8878-1188

jeanette.g.yutan@jpmorgan.com

GPM hit its highest level, based on the earliest available post-IPO data. 1Q26 J.P. Morgan Securities Philippines, Inc.

GPM reached 48.6%, up by 76bps y/y and 133bps q/q, driven by the favorable FX Yen Voo, CFA, CA

strength of local currency vs CNY and disciplined promotional intensity. Recall (60-3) 2718 0914

that MRDIY raised strategic promotional campaigns last year. This is slightly yen.voo@jpmorgan.com

better than JPMe FY26E GPM forecast of 48.1%, and management's guidance of JPMorgan Securities (Malaysia) Sdn. Bhd. (18146- X)

a GPM range of 46-48%.

Dividend payout is in line with Street but could see upside risk. MRDIY

announced a RM1.6sen/sh interim dividend, implying a 79% payout, which is

higher than JPMe full-year forecast of a 75% payout or RM5.3sen/sh. A 79%

payout implies a 3.3% dividend yield at the current market price.