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

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.