Earnings Report /
Thailand

Dohome: 2Q22 result in line; margin squeeze

  • In line with our estimate

  • DOHOME reported a core profit of Bt315m for 2Q22

  • The company marked 2Q22 retail sales of Bt7,815m

Bualuang Securities
8 August 2022

Although DOHOME’s stock price has underperformed the SET signif-icantly (down 21% during the past three months against SET slippage of only 4.5%). Its weak earnings outlook and the likelihood of a street projection cut may put more downward pressure on the price in the short run.

In line with our estimate

DOHOME reported a core profit of Bt315m for 2Q22, down by 48% YoY and 31% QoQ. The number was just 2% below our estimate, but missed the Bloomberg consensus by 14%. While sales were slightly above our expectation (SSSG of 10.8%), the miss (versus the consensus estimate) was mainly because GM fell short of the street assumption.