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.