Company Coverage
MR. D.I.Y. Thailand (MRDIYT TB): 2Q26 Results Preview: Growth Driven By Margin Expansion
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt10.00
Bt11.00
+10.00%
Bt10.50
Analyst
Highlights
- MRDIYT is expected to report a 2Q26 net profit of Bt750m, up 18% yoy and 11% qoq, driven by continued store rollout and margin expansion.
- Earnings growth is expected to remain positive throughout 2H26, driven by continued store expansion.
- Maintain BUY and raise target price to Bt11.00 (from Bt10.50). We roll forward our valuation to a 12-month forward PE of 20x.
Analysis
- Expect earnings growth. MR. D.I.Y. Thailand (MRDIYT) is forecast to report a 2Q26 net profit of Bt750m, up 18% yoy and 11% qoq, driven by sales growth, gross margin expansion, a lower share of losses, and higher other income.
- Sales to reach a record high, driven by store expansion. 2Q26 sales are expected to come in at Bt5.89bn, up 19% yoy and 9% qoq, marking a record high, supported by a net addition of 56 stores (59 openings and three closures), bringing the total store count to 1,248 stores by end-2Q26. The company has already secured more than 90% of the locations required to achieve its 2026 target of 210 new stores. However, SSSG could turn negative on a high base. We expect 2Q26 SSSG to decline 1.5% yoy, marking the first negative reading in the past 10 quarters, mainly due to a high base effect. The Thai Help Thai Plus co-payment scheme is projected to have a broadly neutral impact on MRDIYT, as SSSG improved in early-Jun 26 before softening and turning negative towards the end of the month.
Highlights
- MRDIYT is expected to report a 2Q26 net profit of Bt750m, up 18% yoy and 11% qoq, driven by continued store rollout and margin expansion.
- Earnings growth is expected to remain positive throughout 2H26, driven by continued store expansion.
- Maintain BUY and raise target price to Bt11.00 (from Bt10.50). We roll forward our valuation to a 12-month forward PE of 20x.
Analysis
- Expect earnings growth. MR. D.I.Y. Thailand (MRDIYT) is forecast to report a 2Q26 net profit of Bt750m, up 18% yoy and 11% qoq, driven by sales growth, gross margin expansion, a lower share of losses, and higher other income.
- Sales to reach a record high, driven by store expansion. 2Q26 sales are expected to come in at Bt5.89bn, up 19% yoy and 9% qoq, marking a record high, supported by a net addition of 56 stores (59 openings and three closures), bringing the total store count to 1,248 stores by end-2Q26. The company has already secured more than 90% of the locations required to achieve its 2026 target of 210 new stores. However, SSSG could turn negative on a high base. We expect 2Q26 SSSG to decline 1.5% yoy, marking the first negative reading in the past 10 quarters, mainly due to a high base effect. The Thai Help Thai Plus co-payment scheme is projected to have a broadly neutral impact on MRDIYT, as SSSG improved in early-Jun 26 before softening and turning negative towards the end of the month.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt10.00
Bt11.00
+10.00%
Bt10.50
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at the following link: https://research-api.uobkayhian.com/assets/disclaimer/df64a6ea-7980-447c-ae9e-fd19b93257dc, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
