Kasikorn Securities maintains its "Buy" rating on Home Product Center Public Company Limited, or HMPRO, with an unchanged target price of 7.30 baht. It expects third-quarter 2026 net profit of 1.4 billion baht, up 9% year on year but down 11% quarter on quarter, driven by gross margin expansion despite still-sluggish demand and seasonal pressures. Sales are expected at 15.9 billion baht, up 1.6% year on year but down 6.2% quarter on quarter. HomePro posted same-store sales growth of minus 2% to minus 3%, while MegaHome was slightly negative, reflecting the impact of heavy rain and flooding in late September. Product mix helped offset cost pressures, with growth in house-brand products and price adjustments expected to lift gross profit margin to 27.6%, up 80 basis points year on year, while selling and administrative expenses as a share of revenue rose to 20.8%, up 30 basis points year on year and up 80 basis points quarter on quarter. Kasikorn Securities keeps its full-year 2026 net profit forecast at 6.2 billion baht, up 2.5% year on year. First-nine-month 2026 profit is expected at 4.4 billion baht, flat year on year and about 72% of the full-year estimate. HMPRO is scheduled to report third-quarter 2026 results on October 27.
Home Product Center Public Company LimitedKasikorn Securities maintains Buy rating and 7.30 baht target, expecting Q3 2026 net profit up 9% YoY on gross margin expansion.
MegaHome same-store sales were slightly negative, mentioned only as context within HMPRO's results preview.
