บทวิเคราะห์ (Research)

DOHOME : Earnings Result - 2Q24 net profit in line with our expectations We hold a neutral view on DOHOME's 2Q24 net profit of THB193 mn (+389% y-y but -21% q-q), which is close to our expectations but 8% below market consensus. The strong y-y growth is due to 1) absence of high inventory clearance seen last year and 2) improved inventory management, resulting in a notable gross profit margin increase to 17.5% (vs 14.0% in 2Q23). We've revised our 2024F net profit forecast down by 8% to reflect weak purchasing power. However, we anticipate profit growth in both 3Q24F and full-year 2024F. We maintain BUY rating for DOHOME with a rolled-over 2025F target price of THB12.30. DOHOME is our Top pick in the Home Improvement segment due to contractor demand, leading to positive SSSG in July, and an improving y-y gross profit margin trend.