First Read: MR. D.I.Y. Holding (Thailand) "Soft Q226 demand likely offset..."

研报英文原文证据摘录

First Read: MR. D.I.Y. Holding (Thailand) "Soft Q226 demand likely offset..."

payment channels rather than physical retail stores. Nevertheless, continued store From To % ch Cons.

expansion remains a key growth driver, with total store count reaching 1,248 stores by 12/26E 0.46 0.50 9 0.51

end-Q2. On profitability, the company remains confident of maintaining full-year gross 12/27E 0.51 0.55 9 0.60

margin within its 51-52% guidance range, despite tougher comps in H2. Stable 12/28E 0.57 0.62 9 0.68

sourcing costs, controlled promotional activity, and operating efficiencies should help

offset higher fuel-related logistics expenses, while SG&A leverage is expected to improve Alex Manoonpol

Analyst

as sales growth recovers and store-opening activity moderates into the rainy season.

alex.manoonpol@ubs.com

+662-613 5770

KKV losses stay manageable as expansion plan toned down

Permada Darmono

KKV remains loss-making but trends appear to be improving. KKV expanded its

footprint by four stores during the quarter, bringing the total to 20 stores, while the permada.darmono@ubs.com

company highlighted improving loss per store through better SKU rationalization, store- +65-6495 3137

sizing discipline, and tighter control of rent and manpower costs. Given a more

Mark Sriskulpinyo

measured rollout strategy, KKV’s annual store opening target has been revised down to Associate Analyst

around 10 stores from the previous 12-16, implying a year-end network of mark.sriskulpinyo@ubs.com

approximately 25-26 stores. +662-613 5742

Valuation: Raise PT to Bt10.00 (from Bt8.80); maintain Neutral

Factoring in our Q2 earnings forecast, we subsequently raise our FY26-28E earnings

estimates by 9% pa. Our DCF-based price target increases to Bt10.00. The stock trades