บทวิเคราะห์ (Research)

HMPRO : Soft outlook priced in The tone of the analyst meeting was slightly negative due to the soft SSSG in 4Q25, from the high base in 4Q24 that benefited from post-flooding reconstruction effort especially in the north. We estimate same-store sales (SSS) to decline -10% in October, which could possibly be the same level for the whole of 4Q25F. Nevertheless, we maintain BUY, TP THB11.30 due to HMPRO’s potential recovery in SSSG in 1Q26 (as the high base from flooding is behind), its dividend yield of 7.1% (2026F) and its ROE of 24.5% (2026F).