The share price of D.I.Y. Holding (Thailand) Public Company Limited (SET: MRDIYT) pared most of its losses in the morning session with a significant wave of buyback interest after their first trading day on the Stock Exchange of Thailand, opening at THB 7.05 before gradually rebounding to briefly top the initial public offering (IPO) price of THB 8.60 before closing the morning session at THB 8.50 per share, a 1.16% drop.
CGS International Securities (Thailand) stated that MRDIYT’s growth potential, combined with its dividend yield, makes its valuation attractive. The research team estimates MRDIYT’s net profit will grow at a compound annual growth rate (CAGR) of 24.6% per year during 2024 to 2027, with net profit increasing from 1.8 billion baht in 2024 to 3.4 billion baht in 2027. Meanwhile, free cash flow is expected to significantly improve after 2026, paving the way for the company to raise its dividend payout ratio to as high as 70% by 2027.
Therefore, MRDIYT’s market valuation at the IPO price is estimated to be between 58,107-63,918 million baht (representing a price-to-earnings ratio (P/E Ratio) of 20-22 times in 2026), or an appropriate premium compared to Thailand’s home improvement peers that have a P/E ratio of 18.7 times, owing to MRDIYT’s higher growth rate and return on equity (ROE). The valuation is at a slight discount to MR D.I.Y. Malaysia, which trades at a P/E of 23.2 times.
MRDIYT is the leader in Thailand’s home improvement and general lifestyle retail (GHILR) sector by revenue. This market is valued at as much as 183 billion baht, with independent players holding the majority share at 77.6%. MRDIYT’s market share has increased from 2.6% in 2019 to 8.8% in 2024, driven by rapid expansion to 1,027 branches across 77 provinces nationwide.
MRDIYT Chief Executive Officer Andy Chin Guangui stated that the listing on SET marks another important step for MRDIYT, which will help drive the strategy for growth to the fullest potential while reinforcing the commitment to strengthening the position as a leading home decor and lifestyle retailer in Thailand. The fundraising has been well-received by investors, reflecting the market’s confidence in the company’s long-term vision, viable business model, and dedicated team. The company will continue to create sustainable value for shareholders and take part in enhancing the quality of life for customers all over Thailand.
MRDIYT is one of Thailand’s fastest-growing home improvement and lifestyle retailers with the largest number of branches, operating under “MR. D.I.Y.” brand. Established in 2016, MRDIYT currently operates 1,027 stores covering Bangkok and 76 provinces, totaling 77 cities nationwide, ensuring that customers can get everything they need daily at value-for-money prices, in line with the “Always Low Prices” mission. The company distributes its proprietary brands and other brands, offering a diverse range of over 16,000 product items across six core product categories: household, home decor, hardware & tools, electrical appliances, and stationery & sporting equipment, toys, as well as other miscellaneous products.
