DOHOME’s stock price is down 33% YTD (versus a 2% decline for the SET) and its 4Q22 earnings should recover somewhat, but there aren’t any obvious catalysts in view. We expect the disappointing 3Q22 result to trigger street forecast-cutting. Our HOLD call stands, but our DCF-derived YE23 target price downsizes from Bt14 to Bt12.
DOHOME reported 3Q22 core earnings of Bt50m, down by 85% YoY and 84% QoQ. The number was far below our estimate of Bt126m (and missed the Bloomberg consensus of Bt76m), due mainly to a disappointing retail margin.