Home Product Center (HMPRO.BK): 2Q26 In line; Seasonal Rebound but Structural Challenges Remain

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Home Product Center (HMPRO.BK): 2Q26 In line; Seasonal Rebound but Structural Challenges Remain

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27 Jul 2026 02:28:21 ET │ 11 pages

Home Product Center (HMPRO.BK)

2Q26 In line; Seasonal Rebound but Structural Challenges Remain

CITI'S TAKE

Neutral HMPRO reported 2Q26 earnings of Bt1,594mn (+14% YoY, +14% QoQ)

slightly ahead Bloomberg consensus estimates by 4%. The 2Q26 print Price (24 Jul 26 17:00) Bt6.40

shows a meaningful recovery from the soft 1Q26 print driven by a seasonal Target price Bt6.70

surge in cooling appliance demand and gross margin expansion from price Expected share price return 4.7%

adjustment and private brands. While 2Q26 earnings rebounded on Expected dividend yield 5.8%

seasonal demand, favorable inventory costs, and an easier base, we Expected total return 10.5%

remain cautious on the sustainability of the recovery. Consumer demand

Market Cap Bt84,168M for discretionary and big-ticket items remains soft, SG&A deleveraging

US$2,497M continues to pressure profitability, and the cooling appliance boost is

likely to normalize in 2H26. July SSSG is expected to remain subdued,

HomePro posting a low single-digit decline and Mega Home recording a

slight contraction, suggesting demand recovery remains uneven. A re- Preenapa DetchsriAC

rating would likely require sustained positive SSSG across both formats +66-2-079-3609

and a broader improvement in consumer purchasing power. We maintain preenapa.detchsri@citi.com

our Neutral rating with Bt6.7 TP.

2Q26 Highlight — HMPRO total sales revenue was at Bt 16.9bn (+3% YoY and +6%

QoQ) driven by strong demand for cooling appliances during the hotter-than-usual

summer and continued strength at Mega Home from pre-buying of construction

materials ahead of expected cost increases.