บทวิเคราะห์ (Research)

2Q25 net profit was B1.4bn, 10% below our forecast and 3% below market projection, falling 18%qoq and 14%yoy. Sales fell 6%qoq and 6%yoy due to weaker consumption. Notably, cooling appliance sales fell since rainy season started sooner than in 2024. Same store sales (SSS) fell 7%, worse than 3.3% drop in 1Q25. Gross margin decreased to 26.7% from 27.0% in 1Q25 and 2Q24. SG&A/Sales increased qoq and yoy due to weaker sales. HMPRO opened no new stores in 2Q25, so it had 136 stores in total in 2Q25, unchanged from 1Q25 while rising from 130 in 2Q24. HMPRO plans to open 12 new stores in 2H25.