MR. D.I.Y. Holding (Thailand) PCL (MRDIYT.BK): Initiate at Buy/HR; Rare growth supported by underserved penetration

研报英文原文证据摘录

MR. D.I.Y. Holding (Thailand) PCL (MRDIYT.BK): Initiate at Buy/HR; Rare growth supported by underserved penetration

Essentials |

29 Jun 2026 07:14:55 ET │ 37 pages

MR. D.I.Y. Holding (Thailand) PCL

(MRDIYT.BK)

Initiate at Buy/HR; Rare growth supported by underserved penetration

CITI'S TAKE

We initiate MRDIYT.BK at Buy/HR and TP of Bt11.6, as Thailand’s leading Buy / High Risk

value-focused home improvement and lifestyle retailer offering a Price (29 Jun 26 17:00) Bt9.35

differentiated proposition through broad product assortment at affordable Target price Bt11.60

pricing. Our investment thesis is anchored on store expansion opportunity

which we expect to drive sales growth at a 16% CAGR over 2026–28E. In Expected share price return 24.1%

addition, MRDIYT should benefit from procurement scale and group sourcing Expected dividend yield 3.1%

supporting margin resilience. We forecast earnings growth of 20% CAGR over Expected total return 27.2%2026–28E, our earnings are 1%, 9%, and 11% above Bloomberg consensus for

2026E–28E. We believe MRDIYT deserves a premium valuation on superior Market Cap Bt56,260M

earnings growth profile vs. Thai retailer avg. at 9%/12% in 2026E/27E. Our TP US$1,711M

is based on 18x 2027E P/E, derived from the relationship between earnings

growth and valuation multiples among ASEAN retail peers.

Rare growth among Thai retailers — Citi Economics expects Thailand’s GDP growth Price Performance

to remain modest at 1.8–2.0% in 2026E–27E, while we forecast MRDIYT’s earnings (RIC: MRDIYT.BK, BB: MRDIYT TB)

at a 20% CAGR over 2026E–28E driven by continued store expansion. We believe

MRDIYT’s value-for-money proposition is well aligned with Thai consumers’

increasing focus on affordability, supporting market share gains and sustained