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Home Product Center Public Company Limited (HMPRO.BK)

Q3 2026
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HMPRO returns to profit growth, but weak same-store sales persist

  • First profit growth in five quarters HMPRO's net profit rose 14% to 1.59 billion baht in Q2 2026, the first gain in five quarters, helped by better margins. This signals a possible turnaround in profitability.

    This is the key positive development that drove investor sentiment during the period.

  • Government solar subsidy and flood repair demand A government solar rooftop subsidy and post-flood repair demand are expected to boost sales. CGSI upgraded the stock from Sell to Buy, and the 5.5% dividend yield attracts income investors.

    These are new positive catalysts that emerged during the quarter.

  • Weak same-store sales and soft purchasing power Same-store sales fell about 2.5% as purchasing power remained soft. HMPRO also missed the Thai Helps Thai Plus stimulus, and heavy rain pressured sales, limiting the recovery.

    These are the main negative factors that weighed on the stock during the period.

  • Expansion to 134 branches raises costs HMPRO expanded to 134 branches, which supports long-term growth but raises costs. Brokers see flood damage as limited and short-lived, recommending buying on dips, though profit growth is expected to stay moderate.

    This captures the mixed impact of expansion and the cautious but constructive broker view.

August 2026
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HMPRO returns to profit growth on margins, solar subsidy, flood demand

  • Q2 profit beats on margins HMPRO's Q2 2026 net profit rose 14% to 1.59 billion baht, beating forecasts on better margins and cooling appliance sales—its first growth in five quarters. Brokers expect Q3 profit up 6% year-on-year.

    This is the key new financial result that drove the stock.

  • Solar subsidy and flood repair demand A government solar rooftop subsidy (50,000 baht per household) benefits HMPRO as a retail channel, and expected post-flood repair demand could lift sales, as flooded branches previously saw 10–20% gains.

    These are new demand catalysts supporting future sales.

  • Value stock status and expansion HMPRO was named a value stock amid baht weakness, and it continues expanding to 134 branches, which supports long-term growth but raises costs.

    This highlights a new investor perception and ongoing expansion.

  • Weak same-store sales and soft demand Same-store sales remain weak at about -2.5%, HMPRO misses the Thai Helps Thai Plus stimulus, purchasing power is soft, and heavy rain pressures sales—keeping profit growth moderate.

    These are the main counterweights limiting the stock's upside.

Latest
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HMPRO's profit recovery meets weak same-store sales and flood-driven repair demand

  • Profit recovery continues with Q2 beat and Q3 growth expected HMPRO's Q2 2026 net profit rose 14% to 1.59 billion baht, beating expectations on better margins and cooling appliance sales. Brokers now expect Q3 profit around 1.39 billion baht, up 6% year-on-year, supported by higher private-brand share and price adjustments. This confirms the earnings recovery is real, supporting the stock.

    This is the core fundamental driver showing HMPRO's profit is recovering, which directly supports the share price.

  • Same-store sales remain weak, missing government stimulus Same-store sales at HomePro, about 80% of sales, are still falling, expected at -2.5% in Q3 2026. HMPRO is not participating in the Thai Helps Thai Plus program, so it misses that demand boost. Weak purchasing power and heavy rain are pressuring sales. This limits how much the profit recovery can accelerate.

    This is the main counterweight: even as profit grows, underlying sales at existing stores are shrinking, which caps upside.

  • Post-flood repair demand expected to lift Q4 sales Multiple brokers (Krungsri, Yuanta, BLS, DBS Vickers, KGI, Globlex, InnovestX) name HMPRO as a winner from post-flood home repair and renovation demand. After the 2024 northern floods, flooded HMPRO branches saw sales rise 10-20%. About 42% of HomePro stores are in the central region. This should boost Q4 2026 revenue.

    Flood recovery is the most repeated near-term catalyst that brokers say will drive HMPRO's sales higher in Q4.

  • Store expansion and hybrid format conversions continue HMPRO opened six hybrid stores and four new branches in Q3 2026, bringing the total to 134 branches. It plans seven more openings this year and invested 310 million baht to convert MegaHome Min Buri into a hybrid store. These expansions add revenue but also raise costs, keeping profit growth moderate.

    Store growth is a structural driver of future revenue, though it also pressures near-term expenses.

September 2026
▲4

Flood recovery demand and a major broker upgrade lift HMPRO

  • Post-flood repair demand to boost sales Bangkok's late-September floods are receding, and multiple brokers (Kasikorn, InnovestX, Globlex, Trinity, DBS Vickers, BLS) name HMPRO as a winner from home repair and restoration demand. This should lift sales of building materials and home products, especially in Q4 2026, pushing the stock up.

    This is the main new event of the period and directly drives future revenue for HMPRO.

  • CGSI upgrades HMPRO from Sell to Buy CGS International Securities raised its rating on HMPRO from Sell to Buy and upgraded the Thai retail sector to Overweight, citing the clearest demand recovery in three years. It also noted a 5.5% dividend yield for 2027. This directly boosts investor confidence and buying interest.

    A major broker upgrade is a strong new catalyst that can move the stock price.

  • Construction recovery signals stronger demand CGSI reported that construction area permitted rose 10.6% year-on-year in Q1 2026 and 7.7% in Q2 2026, ending 11 straight quarters of decline. This suggests home improvement product sales will recover in Q4 2026 and 2027, supporting HMPRO's revenue growth.

    This is new evidence of a turning point in the home improvement market, which underpins HMPRO's business.

  • Flood impact seen as short-lived, buy-on-dip advised Brokers including InnovestX and BLS say the flood's economic damage is limited (0.1-0.3% of GDP) and short-lived, recommending investors buy domestic stocks on dips. HMPRO is repeatedly named in the Recovery & Repair theme, which may attract buyers.

    This reinforces the positive sentiment and suggests limited downside from the flood, encouraging investment.

▲4

Flood recovery demand and a major broker upgrade lift HMPRO

  • Post-flood repair demand to boost sales Bangkok's late-September floods are receding, and multiple brokers (Kasikorn, InnovestX, Globlex, Trinity, DBS Vickers, BLS) name HMPRO as a winner from home repair and restoration demand. This should lift sales of building materials and home products, especially in Q4 2026, pushing the stock up.

    This is the main new event of the period and directly drives future revenue for HMPRO.

  • CGSI upgrades HMPRO from Sell to Buy CGS International Securities raised its rating on HMPRO from Sell to Buy and upgraded the Thai retail sector to Overweight, citing the clearest demand recovery in three years. It also noted a 5.5% dividend yield for 2027. This directly boosts investor confidence and buying interest.

    A major broker upgrade is a strong new catalyst that can move the stock price.

  • Construction recovery signals stronger demand CGSI reported that construction area permitted rose 10.6% year-on-year in Q1 2026 and 7.7% in Q2 2026, ending 11 straight quarters of decline. This suggests home improvement product sales will recover in Q4 2026 and 2027, supporting HMPRO's revenue growth.

    This is new evidence of a turning point in the home improvement market, which underpins HMPRO's business.

  • Flood impact seen as short-lived, buy-on-dip advised Brokers including InnovestX and BLS say the flood's economic damage is limited (0.1-0.3% of GDP) and short-lived, recommending investors buy domestic stocks on dips. HMPRO is repeatedly named in the Recovery & Repair theme, which may attract buyers.

    This reinforces the positive sentiment and suggests limited downside from the flood, encouraging investment.

▲3

HMPRO profit rebound and solar subsidy plan drive gains

  • Q2 profit beats forecasts, first growth in five quarters HMPRO's Q2 2026 net profit rose 14% to 1.59 billion baht, beating expectations, as sales of cooling appliances grew and gross margin improved to 27.7% from 25.8%. This was the first year-on-year profit growth in five quarters, and a broker kept a buy rating with a 7.70 baht target.

    The profit beat is the main company-specific force behind the stock's move and a genuine turnaround signal.

  • Government solar rooftop subsidy to lift household demand The Finance Ministry plans to give households 50,000 baht each toward rooftop solar installation, with registration opening mid-October 2026 and a budget of 50 billion baht. Analysts name HMPRO as a retail channel that should sell more solar kits and related home products, supporting future revenue.

    This is a new, large policy catalyst that directly points to higher demand for HMPRO's products.

  • HMPRO named a value stock as baht weakens Pie Securities listed HMPRO among 13 value stocks to hold, citing retail names that benefit from a weaker baht. The call came as global tech worries and rising U.S. bond yields pressured markets, pushing investors toward cheaper defensive stocks. This supports demand for HMPRO shares.

    It shows a fresh analyst endorsement that can draw buyers to the stock in a shaky market.

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