Company Coverage
MR. D.I.Y. Thailand (MRDIYT TB): 3Q26: Results In Line; Earnings Momentum To Improve In 4Q26
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt8.75
Bt10.00
14.29%
-
Analyst
Highlights
MRDIYT reported a 3Q26 net profit of Bt648m (+7% yoy, -14% qoq), in line with our and consensus estimates.
4Q26 earnings momentum should improve, supported by continued positive SSSG and gross margin recovery.
Maintain BUY with a target price of Bt10.00, based on 2027F PE of 17x.
Analysis
Results in line. MR. D.I.Y Thailand (MRDIYT) reported a 3Q26 net profit of Bt648m (+7% yoy, -14% qoq), in line with our and consensus estimates.
3Q26 performance: a) sales grew 20% yoy, driven by a net addition of 52 stores, bringing the total to 1,300 stores at end-3Q26, alongside SSSG of 0.7% yoy; b) gross margin declined 207bp yoy to 50.4%, due to more aggressive clearance sales of slow-moving products and delayed selling price adjustments amid rising costs; c) SG&A-to-sales increased 31bp yoy to 35.0%, mainly from higher depreciation expenses following the addition of new stores; d) interest expenses dropped yoy; and e) share of losses from KKV increased due to one-off expenses related to the early closure of stores before the end of their lease agreements.
Highlights
MRDIYT reported a 3Q26 net profit of Bt648m (+7% yoy, -14% qoq), in line with our and consensus estimates.
4Q26 earnings momentum should improve, supported by continued positive SSSG and gross margin recovery.
Maintain BUY with a target price of Bt10.00, based on 2027F PE of 17x.
Analysis
Results in line. MR. D.I.Y Thailand (MRDIYT) reported a 3Q26 net profit of Bt648m (+7% yoy, -14% qoq), in line with our and consensus estimates.
3Q26 performance: a) sales grew 20% yoy, driven by a net addition of 52 stores, bringing the total to 1,300 stores at end-3Q26, alongside SSSG of 0.7% yoy; b) gross margin declined 207bp yoy to 50.4%, due to more aggressive clearance sales of slow-moving products and delayed selling price adjustments amid rising costs; c) SG&A-to-sales increased 31bp yoy to 35.0%, mainly from higher depreciation expenses following the addition of new stores; d) interest expenses dropped yoy; and e) share of losses from KKV increased due to one-off expenses related to the early closure of stores before the end of their lease agreements.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt8.75
Bt10.00
14.29%
-
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, 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.
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