Dohome Public Company Limited

Bualuang Securities Public Company Limited, or BLS, estimates that the flooding now spreading across many areas will have only a limited impact on the economy and on the profits of listed companies, provided the situation does not drag on and does not spread into major production bases. It expects the floods to affect GDP by no more than 0.1% and listed company profits by no more than 2%, since most industrial and commercial areas of listed companies have not yet been severely affected and damage remains below that of the major floods in 2011. This assessment is in line with the Bank of Thailand, which expects the floods to affect the economy by about 0.03% to 0.10% of GDP, while the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce estimates damage of about 12.3 billion baht, or 0.066% of GDP, in its base case, and about 20.6 billion baht, or 0.11% of GDP, in a severe case. The key issues to watch from here are the industrial sector and the duration of production stoppages, since prolonged factory shutdowns could add to the impact on earnings. The groups directly exposed to flood-hit areas in the short term include retail, finance, banking, industrial estates and some factories. In retail, BLS sees CPALL, CPAXT, BJC and CRC's food business potentially seeing same-store sales accelerate in the short term on stockpiling of essentials during the floods, but this boost may not significantly affect profits. If same-store sales rise 1% for two weeks, it would add only about 0.04% to full-year same-store sales, not enough to prompt an earnings forecast revision. The group more likely to see a clearer boost after the waters recede is home improvement, where HMPRO, GLOBAL and DOHOME stand to benefit from demand for home repair and renovation. Based on past data, sales for this group typically begin to recover about one month after the situation eases.

Four brokerages assess that the flood situation in Bangkok and its vicinity in 2026 will cause limited economic damage, as the waters have not yet spread into industrial estates or key production bases, unlike the great flood of 2011 that disrupted production chains on a wide scale. Finansia Syrus Securities estimates preliminary damage at around 20–40 billion baht, or roughly 0.1–0.2% of GDP, and views pressure on the stock market as reflecting short-term concerns rather than affecting earnings. Kasikorn Securities estimates damage at about 3,000–4,000 million baht per day, or roughly 20–30 billion baht per week; if severe conditions persist for one week, it could drag on GDP by about 0.1%. As of 27 September 2026, 25 provinces and 128 districts have been affected, with about 545,000 people impacted, compared with 2011 when floods hit 66 provinces, affected about 13.6 million people and caused damage of approximately 1.4 trillion baht. CGS International notes that Bangkok and its vicinity account for about 47.3% of the country's economy, and divides the situation into two scenarios: if water can be drained within 4–5 days, the impact will be limited, but if it drags on beyond 5 days, it could weigh more on purchasing power and consumption. For stocks that benefit after the waters recede, Finansia Syrus favours HMPRO, GLOBAL, DOHOME, TOA, SCGD, DCC and DRT, while Kasikorn favours retail and food groups as well as the ICT group. Pi Securities estimates a SET range of 1,590–1,620 points and picks BDMS, BCH, CPALL, PTT, PTTEP, PTTGC, TOP, ITC and TU, while CGS International says to watch DELTA, HANA and KCE if the SET falls below 1,600 points, on the theme of investment in artificial intelligence and digital infrastructure.

CGS International (Thailand), or CGSI, has upgraded DOHOME, Siam Global House, or GLOBAL, and Home Product Center, or HMPRO, from Sell to Buy, and raised its investment weighting for the Thai retail sector from Neutral to Overweight, after seeing clearer signs of a demand recovery. The latest residential low-rise building permit data has returned to growth, with permitted construction area rising 10.6% year on year in the first quarter of 2026 after 11 consecutive quarters of contraction, and up another 7.7% in the second quarter of 2026. This suggests sales of home improvement products are likely to recover in the fourth quarter of 2026 and in 2027. CGSI said same-store sales growth at DOHOME in July and August, mostly sales of construction materials to contractors, project customers and wholesalers, has strengthened its confidence that the rise in construction plans is translating into real demand, and it expects same-store sales growth through that channel to remain in the high single digits in September even without the low-base boost from last year's steel shortage. CGSI views this as the clearest signal of a recovery in demand for home improvement products in three years. The stock CGSI finds most attractive is DOHOME, which it expects to be among the first to benefit from the demand recovery, as construction materials account for nearly 50% of sales in the first half of 2026, while about 35% of sales come from the northeastern region, where applications for low-rise residential building permits rose about 20% year on year in both the first and second quarters of 2026, according to the Real Estate Information Center, or REIC. GLOBAL has construction materials at about 35% of sales and a similar share of sales in the northeast to DOHOME, but its northern sales, about 25% to 30% of the total, still face declining building permit applications. HMPRO is expected to recover gradually along with consumption, supported by a dividend yield forecast at 5.5% in 2027. On earnings, CGSI raised its combined net profit forecasts for the three companies by 1.0% to 3.6% for 2026 to 2028 after lifting sales and margin assumptions for some companies and cutting financial cost forecasts, saying earnings and share price estimates could be revised up further if residential building permit applications keep growing, contractor sales continue to expand even without the low-base boost, and demand for construction materials and home decoration products recovers broadly. Risks that could weigh on this view include delays in construction after permits are granted, slower sales growth once the low-base effect fades, continued declines in household spending, and margins coming under more pressure than expected.

Securities analysts at Kasikorn Securities, or KS, said that although nationwide reservoir water levels are as high as 78% of capacity, the tourism sector is still operating normally, so they estimate that third-quarter 2026 earnings for the tourism group will be affected only slightly. Airports of Thailand, or AOT, has reported no flight cancellations, and major airlines AAV, BA and THAI continue to operate as normal. Meanwhile, hotel operators led by AWC, CENTEL, DUSIT, ERW, MINT, SHR and VRANDA have suffered no property damage, though room booking cancellations in the provinces run about 2% to 15%, partly offset by guests extending their stays. KS therefore maintains its investment weighting on the hotel group, sees the drop in share prices driven by the flood factor as a buying opportunity, and recommends buying AWC with a target price of 3.74 baht, CENTEL with a target price of 48.11 baht, and THAI with a target price of 6.78 baht. Separately, SBI Thai Online, or SBITO, assesses that this crisis will be a medium-term boost for four main business groups in the recovery: the home repair and construction materials group, led by HMPRO, GLOBAL, DOHOME and MR.DIY; the retail and consumer goods group, led by CPALL and CPAXT; the communications group, led by ADVANC and TRUE; and the tourism group, where economic activity will gradually recover after the situation eases.

Flooding in Bangkok and its surrounding provinces is weighing on the Thai stock market in the short term. Piriyaphon Kongwanich, a strategist at BLS Wealth Research of Bualuang Securities, estimates preliminary damage of roughly 10 billion to 30 billion baht and expects only a limited impact on gross domestic product and listed-company earnings. He flagged stocks that may draw interest, including HMPRO, GLOBAL, DOHOME and ILM, with the research team upgrading GLOBAL and DOHOME to speculative buy while keeping buy ratings on HMPRO and ILM. Thaweethak Taweethiratham, an executive director at Asia Plus Securities, assesses the overall impact as still limited and short-lived, with building materials benefiting from demand to repair homes, while retail, hospitals and food also have support. Sectors to watch for indirect effects include electronics, power plants, construction contractors, agriculture and commercial banks, while tourism, property and hire-purchase lending have already begun to feel negative effects. InnovestX Securities sees the pullback as a buying opportunity, noting that in past cases of short flooding lasting no more than seven days, the SET typically fell an average of about 0.6%, or 10 points, on the first day before turning positive within a week. It recommends a buy-on-dip strategy in domestic-play stocks through three themes: Recovery & Repair, comprising HMPRO, GLOBAL and DCC; Consumer Staples & Stockpiling, comprising CPALL, BJC and CRC; and Fast Recovery, comprising CENTEL, ERW, BDMS and BCH. The sector warranting added caution is insurance, given the risk that the loss ratio will rise from the damage incurred.

TTBWEALTH Public Company Limited, or TTBWEALTH, assesses that this round of flooding will have a limited impact on the economy, as it is short-term and severe only in certain areas, unlike the 2011 event that flooded many areas and lasted several weeks to several months. In the short term, some stocks have gained both positive and negative sentiment. The groups benefiting positively include consumer goods retail, led by CPALL, CPAXT and CRC, as well as the home improvement and construction materials group, which is expected to benefit from demand for home repairs after the water recedes, namely HMPRO, GLOBAL, DOHOME, TOA and TASCO. Meanwhile, the groups affected negatively include insurance, such as TIPH, and tourism, namely AOT, ERW and CENTEL. In addition, several listed companies have updated the situation. DELTA reported that some areas were flooded but machinery and factories were not damaged, and operations returned to normal today after production lines were halted last Sunday. CENTEL had only some hotels affected, such as the Lat Phrao area where water entered the lobby, and the Pattaya zone, with a small number of customer cancellations. Its food business saw some sales decline from temporary store closures, but overall the impact is considered limited. MINT stated that most of its hotels are not in flood zones, its properties were not damaged, and it continues to operate normally. CPN confirmed that no shopping centers were closed, though it may be affected by a decline in customer traffic during the floods, and it expects no rental discounts to be offered.

Analysts at Krungsri Securities estimate that flooding in Bangkok and its surrounding provinces over the past weekend will hit the economy by about 0.16% of GDP, assuming the floods disrupt activity for one week, with Bangkok as the main economic area accounting for 34% of GDP. They said the groups that benefit once floodwaters recede include retailers of home repair equipment such as HMPRO, GLOBAL and DOHOME, construction materials players such as SCC and TASCO, and contractors expected to gain from a push for more state projects to tackle flooding. On dividend forecasts for 2026, analysts at Finansia Syrus Securities upgraded HMPRO from "hold" to "buy" with a target price of 7.20 baht and an expected dividend of 0.36 baht. Krungsri maintained its "buy" rating on GLOBAL with a target price of 8.80 baht and an expected dividend of 0.29 baht, and kept its "buy" rating on DOHOME with a target price of 4.40 baht and an expected dividend of 0.06 baht. KGI Securities (Thailand) recommended "buy" on SCC with a target price of 305 baht and an expected dividend of 8.50 baht, while analysts at Yuanta Securities (Thailand) maintained their "buy" rating on TASCO with a target price of 19.40 baht and an expected dividend payout of 1 baht for 2026.

Global Securities, or GBS, estimates that the Thai stock market index (SET Index) will continue to fluctuate this week, projecting a trading range of 1,600-1,630 points amid pressure from tensions in the Middle East that have driven crude oil prices sharply higher and from elevated US government bond yields. Ms. Wilasinee Boonmasungsong, Assistant Managing Director of Global Securities Co., Ltd., stated that the main negative factor came from the Dow Jones index, which fell 161.61 points, or 0.31%, while WTI crude oil futures rose 2.45 dollars, or 2.7%, to close at 94.61 dollars per barrel after Iran-backed Houthi forces fired missiles at Saudi Arabia. The CME Group's FedWatch Tool indicates that investors now assign a 69% probability to the US Federal Reserve raising interest rates by 0.25% to a range of 4.00-4.25% at this month's October meeting, up from 55.4% the previous week. Domestically, attention must be paid to the Constitutional Court's ruling on September 28 regarding the use of barcodes and QR codes on ballot papers. On the positive side, the US Senate voted against the War Powers Resolution, and the US and China agreed to extend their trade truce until January 10, 2027. Meanwhile, Mr. Watcharern Jongyanyong, Research Director at Global Securities, recommends that investors speculate on stocks that benefit from post-flood repairs, namely GLOBAL, DOHOME, HMPRO, TASCO, DCC, and DRT.

Yuanta Securities said a depression caused rainfall to accelerate, triggering flooding in Bangkok and surrounding areas over the past weekend, sparking panic and demand to stockpile essential goods. However, because this round lacked the additional pressure of northern runoff and high sea tides seen in 2011, conditions in many areas eased quickly, especially in inner Bangkok. The research team assesses the impact on investment sentiment as relatively limited, similar to the cases of Japan or South Korea, where situations eased quickly and barely affected investment sentiment. Meanwhile, the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce estimates the economic impact at a maximum of about 10 billion baht, or 0.05% of GDP, which is considered not large. The research team therefore maintains its EPS forecast for this year at 103 baht per share. The sector directly affected is insurance, from claims during the fourth quarter of 2026 to the first quarter of 2027, while sectors expected to be slightly affected are finance and commercial banks, from measures to help debtors. Sectors that may gain positive sentiment from stockpiling goods and home repairs are home improvement, construction materials, and retail and wholesale of essential goods, such as GLOBAL, DOHOME, HMPRO, CPALL, BJC, and CPAXT, as well as telecom operators ADVANC and TRUE, from data usage and work-from-home measures.

KGI Securities (Thailand) said heavy rain covered Bangkok and its vicinity from September 25, causing flash floods in many areas, with the overall situation beginning to improve slowly from September 27, and it views the impact on the economy and the market as still limited. On the positive side, consumer staples groups such as BJC, CPALL and CPAXT are likely to benefit from stockpiling of fresh food, dry food and necessities. Meanwhile, home and building repair groups such as HMPRO, which has 50% of all its branches in the central region, and TASCO, as well as DOHOME and GLOBAL, are likely to benefit from the positive market conditions as well. However, KGI views this benefit as unlikely to be significant enough to raise its earnings forecasts for the stocks under coverage. On the negative side, the floods may affect customer numbers and goods transport flows for commercial property such as CPN, hotel groups and restaurants, with AWC having the highest concentration in Bangkok and therefore possibly facing the heaviest short-term impact. But if hotel stock prices pull back because of the floods, that would be a buying opportunity, since the main picture is still that revenue per available room is improving and the high travel season is approaching. As for restaurant stocks such as AU, M and MAGURO, they may be somewhat affected, with MAGURO temporarily closing all 6 of its branches, accounting for about 11% of the company's total 61 branches.

DBS Vickers has issued an analysis assessing the impact on Thai stocks from the flood situation in Thailand, which still requires close monitoring, after heavy to very heavy rainfall and water masses from the North flowing into the Central region caused flooding in 25 provinces covering 128 districts. Bangkok and its vicinity faced continuous heavy rain from 25–27 September 2026, causing flooding in many areas. Most recently, rainfall has tended to decrease but repeated rain still needs monitoring, and drainage will take about 1–2 days. The government therefore declared Bangkok, Nonthaburi, Pathum Thani, and Samut Prakan special public holidays on 28–29 September to ease the impact and reduce travel by the public. The research team assesses that the short-term impact on the SET Index comes from negative sentiment toward economic activity, but the impact on operating results is expected to be limited. Stocks expected to benefit include the Home Improvement group such as HMPRO, GLOBAL, and DOHOME, whose short-term impact from rain and flooding pressured traffic, but a boost is expected to begin in 4Q26E after the water recedes from repair and home restoration demand, as well as NEO, which derives 100% of total revenue from consumer products, with a target price of 31.00 baht. Meanwhile, TFMAMA benefits from consumers stockpiling more goods during the floods, and TASCO benefits from road repairs after the water recedes. Stocks expected to be negatively affected include the Ground Transport group such as BEM and BTS, which may see short-term impacts on ridership, with expressway tolls waived until 29 September at 24.00. The impact is seen as limited because the Expressway Authority of Thailand will compensate the companies. The tourism group ERW, CENTEL, AAV, and AOT is seen as slightly negative and a short-term impact. The Energy group such as OR and PTG is expected to see a slight negative impact on downstream energy stocks, with total daily retail oil sales volumes of OR and PTG at approximately 29.4 million and 15.8 million liters in 2Q26, and the number of service stations in the Central, Eastern, and Western regions for OR and PTG at approximately 45% and 37% of total service stations. Meanwhile, the insurance group TIPH, TVH, MTI, BKI, and AYUD is affected by flood compensation payouts. The Commerce group such as CPALL, CPAXT, and BJC continues to see rain and flooding pressure traffic, with some branches in urban areas temporarily closed, but stockpiling of essential goods helps offset some of the impact.

The Geo-Informatics and Space Technology Development Agency, or GISTDA, has reported on nationwide water conditions following continuous heavy rain. Data from satellite and geo-informatics technology shows many areas at high risk of flooding, particularly the central region and the lower north, where the high-risk red zone has expanded widely, covering Nakhon Sawan, Phichit, Phetchabun, Lopburi, Saraburi and Suphan Buri, extending to Pathum Thani, Nonthaburi and parts of Bangkok. In the lower northeast, accumulated water masses are found along river basins, with the high-risk red zone densely concentrated in Surin, Si Sa Ket, Buri Ram and Roi Et. Koraphat Vorachet, Senior Executive Vice President and Head of Research at Krungsri Securities, or KSS, assesses that the flood situation may pressure consumer purchasing power in the short term, but once the post-flood recovery phase begins, demand for home repair and renovation products tends to rise. The retail groups worth watching include Home Product Center, or HMPRO, Siam Global House, or GLOBAL, DoHome, or DOHOME, and Mr. D.I.Y. Holding (Thailand), or MRDIYT, which operates a retail business in home decoration and lifestyle products covering hardware, tools, household appliances, home decor and electrical goods. Overall, the impact on the Thai stock market will depend on the scale and duration of the effect on purchasing power, as well as the speed of the transition into the recovery phase. General merchandise retailers may face short-term pressure, while HMPRO, GLOBAL, DOHOME and MRDIYT are retail stocks with businesses tied to home products, repairs and residential renovation, whose recovery-phase effects can be tracked on an ongoing basis.

Asia Plus Securities said the Cabinet meeting on 22 September 2026 approved an additional 1,000 baht for the Thai Chai Thai Plus scheme, adding 500 baht per month for October and November 2026 under the same conditions, with the government paying 60% and the public paying 40%. The purchase limit for state welfare cardholders was also raised to 1,000 baht per person per month in October 2026, from 300 baht per person per month previously. The research team holds a neutral view on the impact of the scheme's extension, since the monthly amount was cut to just 500 baht from 1,000 baht during June to September 2026, and retail companies have so far received very little direct benefit from the scheme because their stores do not meet the conditions for joining the programme. The businesses likely to see a small benefit are wholesale consumer goods, fresh food and some construction materials that shops buy in to resell, which supports BJC, CPAXT, CRC and DOHOME. CPALL sees a negative effect but a fairly limited one, while HMPRO and COM7 are seen as unaffected. For third-quarter 2026 earnings trends, the research team expects the sector's combined profit to fall quarter on quarter on seasonality but to grow well year on year on positive same-store sales growth, store expansion, better margins and lower interest expenses. The research team keeps its investment weighting for the sector at market weight and still picks CRC, COM7 and BJC as top picks, given third-quarter 2026 profit trends that should grow year on year more strongly than the sector.

The Ministry of Finance is preparing to extend the Thai Help Thai Plus Phase 2 programme by another two months, covering October through November 2026, using the same 60:40 formula. Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the extension will use remaining budget and will not divert funds from the second tranche earmarked for the energy transition, and that it will be submitted to the Cabinet meeting on 22 September 2026. Analysts at Dao Securities Thailand turned more positive after the timeline became clearer, with the stocks benefiting most from domestic revenue exposure being NEO, rated Buy with a target price of 31 baht, CBG, rated Buy with a target price of 67 baht, and OSP, rated Buy with a target price of 20 baht. Meanwhile, Finansia Syrus Securities estimates that the Phase 2 measure will inject an additional 3.5 to 7.1 billion baht into the system in the fourth quarter of 2026, helping consumption and same-store sales continue to recover. It expects third-quarter 2026 profits for DOHOME and COM7 to grow by around 35 to 45 percent year on year, and keeps its weighting on the commerce sector at NEUTRAL, selecting BJC and COM7 as its top picks.

Krungsri Securities said that Dohome Public Company Limited, or DOHOME, still saw same-store sales, or SSS, grow 4-6% year on year in the third quarter. In the first 10 days of September, even without the boost from a low steel sales base as in July and August, SSS still grew at a mid-level pace on strong orders from the contractor group, especially ongoing project work for government agencies. As a result, SSS for the Back Office group grew 6-9%, while in-store sales rose 1-3%. For the remainder of the quarter, it expects accelerated budget disbursement late in the year to support SSS in the third quarter of 2026, still growing 4-6% year on year, compared with 1.8% growth in the second quarter of 2026. On gross profit margin, or GPM, it is expected to return to 17-18%, close to the third quarter of 2025 but down from 19.8% in the second quarter of 2026, after the boost from low-cost inventory and the timing of rising steel selling prices faded. Steel GPM fell to 7-9% from 12-14% in the second quarter of 2026 and is slightly below the normal level of 10-12%, but the House Brand proportion rose to 18-19% from 17-18% in the third quarter of 2025, helping offset weaker steel margins. The company still has no plans to open additional large-format branches in the second half of 2026, from 27 branches at present, and is instead focusing on expanding Dohome ToGo, which are small-format branches and account for only 2-3% of revenue, from 29 branches at the end of the second quarter of 2026, an increase of 6 branches from the first half, with a target of expanding to 50 branches by 2027. Krungsri also maintained its net profit forecast for 2026 at 831 million baht, up 38% year on year, and expects normal profit in the third quarter of 2026 at 130-140 million baht, up 32% year on year. It maintained its Buy recommendation with a 2027 target price of 4.40 baht, seeing DOHOME entering a clearer recovery cycle after SSS returned to positive territory and the Private brand proportion increased, while the one-year forward PER is near the lower end of its historical trading range, making the risk-reward still attractive.

Asia Plus Securities said the Ministry of Finance is preparing to open registration for household Solar Rooftop installation subsidies in mid-October 2026, initially for 1 million entitlements with a total budget of 50 billion baht, or 50,000 baht per household, and is considering raising this to 1.5 million entitlements, with a target of completing disbursements by the end of 2027. The government will pay out only once the system is connected to the grid, and a 5-kilowatt system is expected to generate about 1,000 baht per month from selling power back to EGAT over 25 to 30 years. Government Savings Bank, GH Bank and BAAC will extend loans to low-income participants, who will use the electricity sale proceeds to repay the bank debt first. Meanwhile, the power utilities are preparing to invest in replacing meters and developing Smart Grid and Battery Storage systems. The government is also considering cutting customs duties on components that cannot yet be produced domestically and using BOI measures to support domestic solar production. The research team views this as positive for the renewable energy group, especially operators with Solar Rooftop and EPC businesses such as GUNKUL, SOLAR and SPCG, and as positive sentiment for CRC, COM7, DOHOME and HMPRO. Considering the scale of the programme, the government is targeting 1 million households with an average installed size of 5 kW per household, implying total installed capacity of 5,000 MW, which is higher than the existing 500 MW public Solar Rooftop power purchase programme. It sees GUNKUL as the standout beneficiary thanks to its fully integrated business chain and names it the Top Pick for news-driven trading. However, GUNKUL's core profit still comes from its renewable power generation business and large EPC projects, making this scheme an opportunity to supplement growth rather than a main profit driver.

Yuanta Securities (Thailand) expects that in July and August 2026, the SSSG of retail stocks under its coverage will come in at around -1% to +1% year on year, flat to improved compared with an average of -0.9% year on year in the second quarter of 2026, and better than -3.3% year on year in the third quarter of 2025. For the consumer staples group, comprising CPALL, CPAXT, BJC and CRC, average SSSG is expected at -0.5% year on year, an improvement from -1.0% year on year in the second quarter of 2026 and -1.8% year on year in the third quarter of 2025, led by BJC, whose SSSG in August 2026 turned positive for the first time in 2026. CPALL is expected at +1% to +3% year on year and CRC at +1% to +3% year on year, while CPAXT remains weak, with Makro expected to contract 1% to 2% year on year and Lotus expected to contract 3% to 5% year on year. For the home improvement group, comprising GLOBAL, DOHOME and HMPRO, average SSSG is expected at -0.8% year on year, flat from -0.7% year on year in the second quarter of 2026 but better than -5.6% year on year in the third quarter of 2025. DOHOME improved to +5% to +7% year on year on a low base, while GLOBAL and HMPRO remain weak at -5% to -7% year on year and -1% to -3% year on year respectively. The research team expects the retail group's normal profit in the third quarter of 2026 to fall quarter on quarter on seasonal factors, but still grow year on year, supported by revenue growth in line with SSSG trends and planned branch expansion, with gross margins expected to improve year on year on still-high product prices. The year-to-date return of SETCOMMERCE stands at +11%, a significant laggard versus the SET Index at +29%, and retail stocks trade at an average 2026 PER of only 15.1 times, close to -1.4 standard deviations of the five-year historical average. The research team therefore maintains its Overweight investment weighting and picks BJC as Top Pick with a target price of 18.00 baht, and is in the process of reviewing upward its earnings forecasts and target price, expected at around plus or minus 19 baht, on the strong SSSG recovery in August 2026, with the stock trading at a 2026 PER of only 13.7 times, below -2 standard deviations of the five-year historical average. It also picks CPALL with a target price of 63.00 baht on the continued SSSG recovery trend and still-cheap valuation, trading at a 2026 PER of only 13.5 times, equivalent to -2 standard deviations of the five-year historical average.

DOHOME expects its business in the second half of 2026 to recover better than the first half, supported by B2B customers, especially contractors and government projects, as policies and investment directions become clearer. Meanwhile, retail customer purchasing power remains sluggish. The company continues to expand its Dohome To Go branches according to the plan of 15-20 branches per year and promotes private label products to increase margins, targeting single-digit revenue growth in 2026.

Kasikorn Securities (KS) assesses that same-store sales growth (SSSG) for the retail sector in August 2026 is likely to expand slightly at 0-1%, supported by a low base in the previous year. Meanwhile, Asia Plus Securities (ASPS) views that SSSG will mostly turn slightly positive, led by BJC, CPALL, CRC, and DOHOME, but CPAXT and HMPRO remain negative due to not participating in the "Thai Helps Thai Plus" project. KS expects the average SSSG for the sector in July-August to turn positive at approximately 0.5%, from a negative 0.6% in Q2 2026, and selects CPALL, MOSHI, and CRC as top picks. ASPS, on the other hand, selects CRC, COM7, and BJC. The research side maintains a "Neutral" view on the commerce sector, and ASPS maintains an "Equal-weight" investment rating on the commerce sector, expecting sector profits in 2026 to grow 12% year-on-year.

Asia Plus Securities assesses retail stocks, expecting that the SSSG in August 2026 for most companies will trend slightly positive, including BJC, CPALL, CRC, and DOHOME, due to a low base in the previous year and product price adjustments. Meanwhile, CPAXT and HMPRO are expected to remain negative due to fragile purchasing power and the impact of not participating in the Thai Helps Thai Plus project. For the third quarter of 2026, the group's SSSG is expected to be slightly positive, with DOHOME likely to grow the most at around 4-5%, while HMPRO and CPAXT are likely to decline the most. The group's total profit is expected to decrease QoQ but grow well YoY, driven by positive SSSG, store expansion, and improved margins. The research department maintains a market-weight rating and selects CRC, COM7, and BJC as top picks due to their outstanding third-quarter profit trends.

Dohome Public Company Limited has announced a new decade strategic plan that blends the founder's DNA with the second generation to elevate the business to professional standards and aims to become one of the top 3 players in Thailand's construction materials retail and wholesale market within 3 to 5 years. Mr. Adisak Tangmitpracha, Chairman of the Executive Board, revealed that the company will focus on a customer-centric strategy connecting B2B and B2C through omnichannel, while accelerating the expansion of house brands, which currently account for 19 to 20 percent of total sales and include more than 20 brands such as NASH, YOSHINO, POWER MAX, FINEXT, MARINE, and DECOS. On branch expansion, the company plans to develop two models: extra-large branches with an area of 15,000 to 18,000 square meters, currently numbering 27 branches, and Dohome To Go stores of 1,000 square meters, with more than 30 branches in Bangkok and surrounding provinces. The company is also strengthening its management team with three second-generation executives: Ms. Ariya Tangmitpracha overseeing product strategy and house brands, Mrs. Salinthip Ruangsutthiphap overseeing accounting, finance, and operations, and Mr. Maruay Tangmitpracha overseeing online channels and omnichannel.

Farm income in July accelerated 10% from a year earlier, marking a fifth straight month of growth and the strongest pace in 20 months, helped by a 12% rise in agricultural prices while output fell 2%. An analysis from Yuanta Securities said products with improving prices included cassava, palm oil and chicken eggs, while hog prices declined. Durian and hog output increased, while cassava, rambutan, mangosteen, oil palm and chicken egg production decreased. Farm income is expected to keep accelerating from the third quarter through the fourth quarter of 2026, supported by continued growth in key product revenue, output affected by drought and lower global supply, a low base last year, and a recovery cycle that typically lasts about 12 months. This cycle has already risen for five months, so there is a chance of at least another five to six months of gains. The agricultural economy accounts for 10% of GDP and involves about 30% of the population, so it is expected to significantly support consumption in the second half of 2026. It should also improve asset quality for financial institutions and ease household debt pressure, which is positive for finance stocks, while stimulating investment in machinery, tractors, water pumps, fertilizer, seeds, solar energy and farmland improvement. Recommended stocks include GFPT, TFG, STA, GLOBAL, DOHOME, MTC, SAWAD, FSMART, DRT, DCC and SAT. The analysis also suggests monitoring APURE, or Agripure Holdings Public Company Limited, whose second-quarter 2025 results recovered with net profit of 56 million baht, accelerating from 12 million baht in the first quarter of 2026 and swinging from a loss of 34 million baht in the second quarter of 2025. This was driven by export sales to Europe surging eight to ten times after Europe restricted Chinese goods seen as dumped, sending large order volumes to APURE. The company has already planned for drought-related costs, and customers bear all shipping costs, so third-quarter 2026 profit is expected to accelerate both quarter-on-quarter and year-on-year, with the best chance in ten quarters. Fourth-quarter profit is expected to be stable quarter-on-quarter and grow strongly year-on-year. If this materializes, full-year profit would be around 250 million baht, up from only 27 million baht last year, implying earnings per share of 0.26 baht. The current share price trades at a price-to-earnings ratio of only 8 times, with an expected dividend yield of 8 to 9 percent per year. Technically, the price has just moved back above the 200-day moving average with positive signals, with resistance at 2.60 baht and 2.80 baht.

Asia Plus Securities estimates combined normalized profit of seven commerce companies, namely BJC, COM7, CPALL, CPAXT, CRC, DOHOME and HMPRO, in the second quarter of 2026 at 16 billion baht, down 15% from the previous quarter but up 11% from a year earlier. The quarterly softening came from seasonal effects and higher selling and administrative expenses from energy costs and business expansion, while year-on-year growth was supported by better gross margins at almost every company. DOHOME posted the strongest profit growth in the group both quarter-on-quarter and year-on-year at 22% and 94% respectively, driven by higher steel product margins. CPAXT was the weakest, with profit down 33% from the previous quarter and 20% from a year earlier because selling and administrative expenses rose from expanded logistics capacity. The research team expects combined normalized profit in the third quarter of 2026 to still contract quarter-on-quarter due to seasonality, as the rainy season brings the lowest sales of the year and construction material margins normalize, which would weigh most on DOHOME. However, profit is expected to keep growing year-on-year thanks to a low base in the third quarter of 2025, business expansion and higher margins. Profit is forecast to accelerate again both quarter-on-quarter and year-on-year in the fourth quarter of 2026, which is the high season.

Finansia Syrus Securities said Do Home Public Company Limited, or DOHOME, posted second-quarter 2026 net profit growth of 94.3% from a year earlier and an increase of 21.8% from the previous quarter, in line with the firm's and market estimates. The main driver was a notable expansion in gross margin both year-on-year and quarter-on-quarter. Total second-quarter 2026 sales grew 6.9% from a year earlier, with same-store sales up 1.8%, supported by back-store sales of construction materials growing 7-8% and selling price increases, which offset a 3-4% decline in front-store sales. The number of new branches rose to 27 from 24 in the second quarter of 2025. The second-quarter 2026 gross margin was 20.2%, up from 18% a year earlier, as all product categories improved, including steel, private brand products and other goods, helped by selling price adjustments while still holding older inventory costs. The selling and administrative expense-to-sales ratio edged down slightly on a larger sales base. First-half 2026 profit accounted for 68% of the full-year 2026 profit estimate, compared with 67% in the first half of 2025, reflecting limited downside risk to earnings estimates. Finansia Syrus maintained its 2026 net profit growth forecast of 35.5% from a year earlier, expecting third-quarter 2026 profit to still grow year-on-year on same-store sales growth of about 5%, and forecasting gross margin to hold at around 18% as margins for steel and some product groups have returned to normal levels. Finansia Syrus kept a buy recommendation on DOHOME, with a focus on a trading investment strategy given recovering same-store sales trends and expectations that second-half 2026 profit should still grow from a year earlier, and set a target price of 4.30 baht per share.

TTB Wealth Securities maintains an Overweight recommendation on the retail sector, assessing that sector earnings have passed their trough and the contraction in same-store sales is coming to an end. It expects combined earnings per share of the retail companies under its coverage to grow 12 percent year-on-year in the second quarter of 2026, although down 16 percent quarter-on-quarter due to seasonal factors, and forecasts a continued recovery in the second half of 2026. Key drivers include a return to same-store sales growth, margin expansion from better product selection, and cost savings. The broker expects home improvement and furnishing retail stocks, namely GLOBAL, DOHOME, and HMPRO, as well as CRC, to show the strongest recovery, while CPN, CPALL, and COM7 continue to grow well on successful business strategies. For the building materials and home furnishing retail group, the securities firm estimates EPS will grow 37 percent in the second quarter of 2026, after earnings contracted continuously during 2023 to 2025, supported by better margins, a narrowing decline in same-store sales growth, and favorable product pricing from inflation. GLOBAL is seen as the standout, with earnings expected to grow 84 percent, driven by a higher proportion of house-brand products, cost control, and favorable pricing. CRC is expected to post 36 percent earnings growth in the second quarter of 2026, thanks to business strategy adjustments that support both same-store sales and margins, as well as lower marketing and interest expenses. Meanwhile, CPN is forecast to grow earnings by 15 percent, CPALL by 7 percent, COM7 by 30 percent, and MOSHI by 19 percent, with these companies seen as continuing to gain market share and expand margins. On the other hand, CPAXT is estimated to see earnings fall a further 17 percent due to weak same-store sales and margin compression from consumers trading down to lower-priced goods. For BJC, although earnings are expected to rise 12 percent from the acquisition of a wholesale business in Vietnam, the core BigC business remains weak with negative same-store sales growth. MRDIY is forecast to grow earnings by only 13 percent, below expectations, despite rapid store expansion. TTB Wealth Securities says the trend for the second half of 2026 will strengthen as the economy improves, maintaining a positive bias on building materials and CRC, and selecting CPN, GLOBAL, and CRC as top picks in the retail sector. For recommendations and target prices, stocks rated BUY are CPN with a target price of 75 baht, GLOBAL at 9 baht, CRC at 31 baht, CPALL at 62 baht, COM7 at 34 baht, DOHOME at 4.50 baht, HMPRO at 9.50 baht, MOSHI at 50 baht, and MRDIYT at 12.20 baht. CPAXT is rated HOLD with a target price of 14 baht, and BJC is rated SELL with a target price of 12.50 baht.

The Ministry of Finance is preparing to provide a grant of 50,000 baht per household to those joining the Solar Rooftop program, against an average installation cost of around 100,000 to 150,000 baht per household, with a minimum installation size of 5 kilowatts. The project aims to assist 500,000 to 1,000,000 households with average monthly electricity bills of 3,000 to 4,000 baht, using a budget from a 200 billion baht loan source. Analysts at TTB Wealth Securities stated that this policy will directly benefit Gunkul Engineering, as well as building material and home improvement retailers such as Home Product Center, Siam Global House, and Do Home. Meanwhile, analysts at Land and Houses Securities view it as a positive factor for GUNKUL and Synnex Thailand shares. In addition, the Ministry of Finance is collaborating with the Ministry of Interior, the Metropolitan Electricity Authority, the Provincial Electricity Authority, and state specialized financial institutions, namely the Government Savings Bank and the Government Housing Bank, to support low-interest loans for the remaining costs not covered by the government subsidy.

Asia Plus Securities recommends CPALL, DOHOME, and THAI as standout stocks benefiting from the decline in Brent crude oil prices below 80 US dollars per barrel, following hopes for a temporary agreement in the Strait of Hormuz. This has led the market to reduce the probability of the US Federal Reserve raising interest rates to 4.0 percent, down to 53 percent from 67 percent previously, while US Treasury yields have fallen by more than 1 percent, supporting US stock indices to gain between 1.7 and 2.6 percent and sending continued positive momentum to Asian equity markets, with South Korea surging 3.7 percent and Japan up 3.1 percent. The research team also advises closely monitoring US economic data this week, as well as the direction of the yen, which could experience a short squeeze if the Bank of Japan intervenes in the market. In the technology sector, the US Federal Communications Commission is preparing to ban imports of new optical transceivers from China within this year, which is negative for Chinese manufacturers such as DR: ZJINNO80 but positive for US producers, recommending short-term speculation in DR: COHR23 and DR: LITE80. Meanwhile, SanDisk and SK Hynix have jointly launched HBF memory chips to address bottlenecks in AI inference workloads, with the market forecasting that SanDisk's revenue for the fourth quarter of fiscal year 2026 will grow 354 percent and earnings per share will surge as much as 11,751 percent compared to the same period last year, thus recommending speculation through DR: SNDK03. On the domestic economic front, the market expects July 2026 inflation to expand by 2.55 percent, while the research team assesses that second-half inflation will move within a range of 2.65 to 2.85 percent, consistent with the Bank of Thailand's target framework, making it highly likely that the central bank will maintain the policy rate at 1.0 percent through year-end. Regarding the Thai stock market, although regional markets have advanced, the SET Index may rise less due to the heavy weighting of commodity stocks at 25.1 percent of total market capitalization, and there is potential for profit-taking as the index tests resistance at 1,350 points. Foreign capital flows are beginning to show signs of slowing and switching to net selling, causing a rotation into stocks primarily reliant on domestic economic activity. The investment strategy therefore recommends CPALL, which benefits from increased domestic purchasing power amid falling oil prices, DOHOME, whose second-quarter 2026 earnings are expected to grow strongly from higher gross margins, and THAI, which gains from lower jet fuel costs and whose share price still lags the tourism sector. The research team also provides additional advice for international portfolio allocation, suggesting speculation in DR: ZIJIN80 and DR: COHR23.

Asia Plus Securities forecasts that the global and Thai economies will decelerate towards the end of 2026, with US and China GDP in the fourth quarter falling to 2.0% and 4.6% respectively, while Thai GDP will slow from 2.8% in the first quarter to just 0.9% in the final quarter, due to the impact of the Middle East conflict pressuring oil prices and raising costs. Investors should therefore closely monitor Thai economic figures in August, including inflation on August 6, which the market expects at plus 2.6% year-on-year, second-quarter GDP on August 17, and the Monetary Policy Committee meeting on August 26, where the policy rate is expected to be held at 1.00%. Asia Plus recommends positioning portfolios cautiously and investing selectively in stocks with specific positive factors, highlighting DOHOME for expected strong second-quarter profit growth and higher gross margins, CPALL for its continued earnings recovery and benefit from government spending, and CENTEL for benefiting from the high season for tourism and a recovery in foreign tourist arrivals.

Asia Plus Securities, or ASPS, has unveiled an investment strategy to cope with volatility from the Middle East conflict, the trade war, and the technology war, recommending two main themes. The first theme consists of stocks expected to deliver profit growth both quarter-on-quarter and year-on-year, including IVL, PTTGC, BCP, TRUE, SCGP, DOHOME, PTTEP, ADVICE, SC, ADVANC, PTT, and MASTER. The second theme covers stocks with growing profits but lagging share prices, namely BCPG, AMATA, DELTA, and CRC. At the same time, ASPS has designated DELTA, BDMS, and CPALL as standout picks due to their safety from wartime conditions and lack of negative impact. The firm also recommends investing in foreign securities depositary receipts such as MICRON01 to capture strong earnings momentum from memory chip demand, and OIL03 to benefit from the US-Iran conflict boosting oil prices. Another noteworthy point is that since April 2026, the earnings per share estimate for the Thai stock market has been revised up by 3.8 percent, the second highest in the world, trailing only the Dow Jones index and bucking the trend of downward revisions in regional markets.

Phillip Securities expects the Thai stock index to trade sideways in a range of 1,640 to 1,665 points, pressured by a 2026 forward P/E of 16.7 times, close to the average since 2020 of 17.1 times, and banking stocks may face sell-on-fact pressure after earnings announcements. However, the TISA project measures will help prevent the index from falling deeply, and a rotation of funds out of banking stocks into real sector stocks is expected for speculation on second-quarter 2026 earnings, which are anticipated to be strong. The investment strategy is divided into four main themes: speculation on second-quarter 2026 earnings in stocks such as AMATA, CPALL, DELTA, HANA, ITC, KCE, MRDIY, MTC, OSP, QH, SAWAD, SCC, STECON, and TIDLOR; energy stocks in BCP, PTT, PTTEP, SPRC, and TOP; speculation on government measures or projects in BJC, CENTEL, CK, CPAXT, CRC, DOHOME, ERW, GLOBAL, HMPRO, LH, MINT, and SCC; and hopes for investment inflows from China in ADVANC, GUNKUL, GULF, ROJNA, WHA, and WHAUP.

The policy injecting 200 billion baht under the emergency loan decree to drive clean energy and electric transport systems is positively impacting nine Thai stocks in the solar rooftop and electric vehicle ecosystem sectors. The solar rooftop group that will benefit fully includes GUNKUL from its integrated business covering equipment sales and installation contracting, SOLAR as a panel manufacturer and installation service provider, retail building materials and IT groups such as HMPRO, DOHOME, GLOBAL, and COM7 as distribution channels for ready-made household solar kits, and KTC from low-interest loan measures and installment payments for solar rooftop installation that stimulate card spending. In the electric vehicle ecosystem group, NEX benefits the most in the electric bus and truck segment, EA will ease liquidity concerns and unlock assets from its battery manufacturing and EV assembly plants, while GPSC and GULF benefit from investments in nationwide charging station infrastructure. Analysts recommend a strategy of accumulating on dips or speculating on policy momentum, while cautioning that EV and solar cell stocks often react quickly to policy news. Investors should scale in and avoid chasing prices during sharp short-term rallies.