Earnings Report /
Thailand

Home Product Center PCL: 3Q22 beat, led by margin and rental income

  • Above estimate

  • HMPRO reported a 3Q22 core profit of Bt1,533m

  • With SSSG of 17% for HomePro and 6% for MEGA HOME

Bualuang Securities
26 October 2022

HMPRO currently trades at a 2023 PER of 26x, significantly below its typical pre-COVID era PER of 30x. The firm’s decent 2023 earnings growth outlook suggests only limited downside risk to its stock price.

Above estimate

HMPRO reported a 3Q22 core profit of Bt1,533m, up by 76% YoY and 1% QoQ. The number was 8% above our estimate (3% above the consensus), as gross margin and rental income beat our assumptions for the quarter.