Krungsri Securities Public Company Limited notes that GLOBAL's key strength lies in its continued increase in the share of Private brand products, which helps lift gross margins and offset still-weak sales. Although same-store sales, or SSS, in 3QTD contracted 6-8% year-on-year, weaker than the 4% year-on-year contraction in 2Q26, due to still-weak consumer purchasing power and heavier rainfall than last year in many areas, GPM for 3Q26F is expected to come in at 27-28%, above 26.5% in 3Q25, supported by the Private brand share rising to 27.5-28% from 27% in 3Q25, even though it is down from the high of 31.6% in 2Q26 as benefits from low-cost inventory gradually fade. The company is also opening two new branches in 3Q26F, bringing the expected total to 101 branches in Thailand at quarter-end, up 8 year-on-year. Meanwhile, its overseas business, which accounts for about 8% of normal profit in 1H26, is still trending upward, driven mainly by Myanmar and Laos. As for the Cambodia business with two branches, whose losses account for roughly 1% of GLOBAL's normal profit, it is expected to be passing its trough. Krungsri also maintains its 26F normal profit forecast at 2.8 billion baht, up 39% year-on-year, the highest in the home repair and decoration group, and expects 27F normal profit to rebase 12% year-on-year, with 3Q26F normal profit momentum of 475-525 million baht expected to grow as much as 27% year-on-year but fall 48% quarter-on-quarter. It reiterates a BUY rating with a target price of 8.80 baht. The share price has fallen 19% since August 4, the day 2Q26 results were announced, reflecting concerns that profit has already peaked in 2Q26, while valuation has dropped to nearly 1.25 standard deviations below its three-year historical average, so the brokerage still views this as an opportunity to accumulate the stock.
Siam Global House Public Company LimitedKrungsri reiterates BUY with 8.80 baht target, calling the 19% price drop an accumulation opportunity and maintaining its profit forecast
Bank of Ayudhya PCL
