บทวิเคราะห์ (Research)

HMPRO : Earnings preview - Slow recovery in 4Q We estimate 4Q24F profit at THB1.75b, +4% yoy and +21% qoq, underpinned by new stores (+8 yoy) as the company continued to focus on growing revenues through expansion. Same-store-sales growth (SSSG) was -0.3%, an improvement from -5.8% in 3Q24, driven by post-flooding reconstruction efforts, especially in northern Thailand. Home Pro is our top pick in the commerce sector, in anticipation of a recovery in SSSG to 2% in 2025F and 6% EPS growth. And, valuation is decent at 17.4x 2025F P/E or -2SD of its long-term average multiple.