Arnupharp Kongmalai, Vice President of Marketing Department at MR. D.I.Y. Holding (Thailand) Public Company Limited (SET: MRDIYT), told “Kaohoon” that overall performances in the third quarter of 2026 showed a positive trend.
The primary supporting factor was continuous store network expansion according to the company’s plan, which enlarged the branch base and expanded customer reach, while transaction volume also served as a key driver supporting sales growth.
In addition to store expansion, the company is focusing on enhancing the efficiency of existing branches through inventory management, the ongoing introduction of new merchandise, and continuous marketing activities to stimulate store traffic and increase purchasing opportunities for customers.
Overall same-store sales growth (SSSG) in 3Q26 remained stable at a favorable level. The company primarily drove sales through increased transaction volume, alongside inventory management aligned with customer demand and targeted seasonal marketing initiatives.
For the fourth quarter of 2026, the company maintains a positive outlook, noting that the year-end period features significant shopping activity and several major festivals. The company has prepared inventory and marketing campaigns tailored to customer demand for each holiday season.
Meanwhile, another supporting factor is the company’s larger store network compared with the beginning of the year, driven by steady store openings throughout the year, enabling broader customer reach. The company remains on track toward its target of opening 210 new stores in 2026.
Arnupharp added that clear growth drivers remain for the second half of 2026, particularly from store network expansion in the first half, during which new store openings exceeded those in the same period last year. These branches will have a longer operational window to generate sales during the second half, alongside additional new locations opening progressively as planned.
Furthermore, the second half benefits from monthly marketing activities and key year-end festivals, while the company continues to enhance operational efficiency and refine store formats. Nevertheless, the company is closely monitoring economic conditions and consumer purchasing power, managing its business cautiously in line with market dynamics.
Regarding 2026 revenue growth, the company continues to be driven by two main components: growth from new stores and growth from its existing store base. For branch expansion, the company targets opening 210 new stores in 2026, expanding customer reach and increasing the company’s transaction base.
Meanwhile, for existing locations, the company aims to improve sales efficiency through inventory management, regular new product introductions, and marketing campaigns to support transaction numbers and sales per store. The company continues to prioritize both network expansion and existing-store optimization to deliver sustained long-term growth.
Finansia Syrus Securities stated that MRDIYT’s current valuation appears increasingly reasonable, citing a price/earnings-to-growth (PEG) ratio of 1.1 times, below the industry sector average of 2.3 – 2.7 times for 2026 – 2027. Consequently, the brokerage upgraded its recommendation to “Buy” with a target price of THB 10.40 per share, viewing short-term earnings weakness in 3Q26 as an accumulation opportunity.
Initially, 3Q26 net profit growth is expected to slow to 13 – 15%, compared with 21.2% growth in the first half of the year. The primary pressuring factors include clearance sales to drive foot traffic during the low season, higher average inventory costs, and expenses associated with a 10th-anniversary concert.
However, profit growth is projected to reaccelerate to approximately 20% in the fourth quarter of 2026, supported by an increase in average selling prices (ASP). Overall, full-year profit growth forecasts for 2026 remain unchanged at 16%.
