MR. D.I.Y. Holding (Thailand) Public Company Limited

The Thai Airways board has ordered the removal of Chai Eamsiri from the CEO position and appointed Samrit to take over, after the flood crisis damaged its reputation and operations. The board also opened the way for a full fact-finding investigation and immediately changed the authority to sign binding commitments on behalf of the company. Most recently, Thai Airways signed a contract with EEC to proceed with the U-Tapao aircraft maintenance centre, investing 10 billion baht on 210 rai of land, targeting construction in 2027 and the opening of the centre in 2030, with capacity to service 90 aircraft per year and generate revenue of 4,000 to 5,000 million baht. It also issued relief measures for passengers affected by the floods, including flight changes, full refunds, and compensation for delayed baggage. Among other stocks to watch, MRDIYT hinted at bright third-quarter 2026 results driven by branch expansion, while OR teamed up with CENTEL to develop budget hotels, starting with six pilot locations at prices from 800 to 1,300 baht per night, aiming to expand to 50 locations by 2031. AWC filed a filing with the SEC to establish the AWR trust, expecting net cash flow of more than 30,000 million baht, and WP completed its share buyback in full, 1.5 million shares, or 2.94%, worth 57.08 million baht.

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.

Krungsri Securities Public Company Limited said its research team holds a neutral to slightly positive view on the retail sector under its coverage, assessing that the impact from branch closures and travel restrictions remains limited. If the situation does not drag on beyond one week, the impact on each company's sales will not exceed 1%. In the short term, operators of everyday consumer goods such as BJC, CPALL, CPAXT, CRC-Tops and GO Wholesale will benefit from stockpiling. CPALL has a convenience store network of about 6,700 branches in Bangkok and its vicinity, accounting for 41% of its total branches. Meanwhile, the home repair and decoration group, including CRC-Thai Watsadu, DOHOME, GLOBAL, HMPRO, ILM and MRDIYT, is expected to benefit more after the waters recede. HMPRO has 39 large-format branches in Bangkok and its vicinity, or 32% of all large-format branches in Thailand. Using the Hat Yai flooding of 21–28 November 2025 as a case study, the retail sector index rose 0.5% on the first day and 1.4% in the first week, with home-improvement stocks responding more strongly, led by HMPRO up 3% on the first day and 10% in the first week, GLOBAL up 3% and 9%, and DOHOME up 1% and 6%. The research team maintains a NEUTRAL weighting on the retail sector, selecting CRC, followed by MOSHI and MRDIYT, as its top picks in that order.

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.

Finansia Syrus Securities Public Company Limited, or FSS, has upgraded its investment recommendation on shares of Mr. D.I.Y. Holding (Thailand) Public Company Limited, or MRDIYT, to "Buy" with a target price of 10.40 baht, citing a more attractive upside gap between the share price and the target price. FSS estimates that MRDIYT's third-quarter 2026 profit is likely to grow around 13-15% year on year, slowing from the first half of 2026 when profit grew 21.2% year on year, weighed down by promotional activities and inventory clearance during the low season. However, FSS expects profit to accelerate again in the fourth quarter of 2026, projecting growth of about 20% year on year, supported by the positive effect of product price increases. For the full year 2026, FSS maintains its forecast that MRDIYT's profit will grow approximately 16% compared with the previous year.

The research team at Asia Plus Securities said that in the fourth quarter of 2026, the Thai capital market has an interesting issue arising from CAPPED WEIGHT index rebalancing. The SET50 index has a rule capping any single stock's weight at no more than 10%, creating a MEAN REVERSION phenomenon: when large-cap stocks decline in price, their FLOATING WEIGHT falls, for example DELTA dropping from 10% to 7.28%. When the end-of-quarter REBALANCE arrives, PASSIVE FUNDs must buy the stocks that fell heavily to top their weights back up to 10%, and sell stocks that have risen or whose weight exceeds 10%. The research team calculated the 10 stocks that will be added to in the fourth-quarter 2026 round, with DELTA benefiting the most from the top-up back to 10% from 7.28%, followed by MRDIYT, MINT, THAI, TFG, BANPU, ADVANC, CPN, CPALL and AOT. This group is expected to see price support from PASSIVE FUND money flows before October.

Krungsri Securities expects normal profits for the retail group (excluding IT products) in 3Q26F to still grow y-y, despite flat same-store sales (SSS), with the main support coming from expanding gross margins. Meanwhile, August SSS was flat y-y, slowing from +1% in July, due to frequent rain and weak purchasing power. However, Big C (a subsidiary of BJC) bucked the trend with 2% y-y growth, supported by product adjustments and orders from small retailers. The lifestyle and department store groups continued to perform well, with MOSHI and MRDIYT posting SSS growth of 4% and 1%, respectively, while CRC grew 1.5%. The home repair and decoration group contracted by an average of 1%, with GLOBAL weakest at -7% and HMPRO at -4%. September SSS recovery is expected to be limited due to the "Thai Helps Thai Plus" measures and high cost of living. The firm maintains a NEUTRAL stance on the retail group and selects MOSHI, CRC, and MRDIYT as top picks.

Mr. D.I.Y. Holding (Thailand) Public Company Limited, or MRDIYT, targets opening 210 new stores in 2026, with 60% of the goal already achieved in the first half of the year. As of the end of Q2, the company had a total of 1,248 stores covering all 77 provinces nationwide. Mr. Anupap Khongmalai, Executive Vice President of Marketing, stated that the company focuses on offering value-for-money and easily accessible products under the "Always Low Prices" concept to cater to cost-conscious consumers, with approximately 16,000 product items across 6 main categories. In Q2 2026, the gross profit margin stood at 52.0%, up 0.6% from the same period last year, with 34.9 million transactions, an increase of 18.8%. The company has a capital expenditure budget of approximately 4 billion baht for 2026 to expand stores and develop the automated distribution center project.

Krungsri Securities expects normalized profit for the retail sector in the third quarter of 2026 to grow year-on-year but decline quarter-on-quarter due to the rainy season. The year-on-year profit growth is driven by higher gross margins from product mix, promotional management, and lower transportation costs, while same-store sales are expected to be flat amid still-fragile purchasing power. The research team forecasts normalized profit for the retail sector in 2026 at 68.2 billion baht, up 9 percent year-on-year, higher than expected sales growth of 4 percent year-on-year. Excluding GLOBAL and DOHOME, which benefited significantly from low-cost inventory in the second quarter of 2026, MRDIY, MOSHI, and CRC are expected to post the strongest normalized profit growth in the sector. The firm maintains a neutral weighting on retail stocks because fragile purchasing power limits same-store sales recovery, and recommends selective plays, naming MOSHI, CRC, and MRDIY as top picks in the sector.

Mr. D.I.Y. Holding (Thailand) Public Company Limited, or MRDIYT, reported second-quarter net profit for the year 2026 of 757.0 million baht, up 19.4% from the same period last year. Total revenue came in at 5.8768 billion baht, an increase of 18.0%. Gross profit margin improved to 52.0% from 51.4%, and EBITDA stood at 1.8264 billion baht, up 17.4%, supported by the opening of 59 new branches during the quarter, bringing the total to 1,248 branches as of the end of June. Transaction volume rose 18.8% to 34.9 million transactions, although same-store sales declined 1.2% due to a high base last year. The board resolved to pay an interim dividend of 0.065 baht per share, with the XD date on 20 August 2026 and payment on 2 September 2026.

Krungsri Securities Public Company Limited stated that the overall retail sector in 2026 will slow in line with purchasing power, with the modern retail market expected to grow only 1.5 to 2.5 percent, down from 2.5 to 3.5 percent in 2025, and average same-store sales for the group are expected to be flat. However, the general merchandise, home improvement, and lifestyle segments still have room to expand branches and gain market share from small retailers, with same-store sales growth forecast at 3 percent for MOSHI, 2 percent for CPALL, and 1 percent for MRDIYT. Meanwhile, big-ticket items and hypermarkets are under pressure, with CRC's same-store sales seen flat, while HMPRO and GLOBAL are expected to decline 1 percent. The research team forecasts core profit for the group in 2026 to 2027 to grow at an average of 7 percent per year, but growth will be concentrated, with MOSHI and MRDIYT standing out at 18 percent and 17 percent per year respectively, driven by aggressive store opening plans relative to their current base. CRC continues to grow, and excluding the 691 million baht profit from Rinascente sold in the fourth quarter of 2025, profit from continuing operations would grow 11 percent per year. The investment strategy focuses on stock picking rather than buying the whole sector, with a market-weight allocation, and recommends MOSHI, MRDIYT, and CRC as top picks.

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.

Analysts have selected seven stocks expected to post second-quarter earnings growth. PSL may swing from a loss to strong profit as dry bulk freight rates surge. RCL benefits from container shortages due to port congestion and can levy additional special fees. AMATA is scheduled for large land transfers in both Thailand and Vietnam, supported by electric vehicle and data center production bases. ERW maintains high average revenue per room and continues expanding its Hop Inn branches. MRDIY's profit keeps racing ahead from new branch openings with quick payback and robust same-store sales. CPN gains from increased mall foot traffic, boosting rental income and sales share. COM7 is generating new revenue from retail media, using over 1,400 stores nationwide as advertising billboards with high gross margins.