On Thursday at 10:58 AM (Bangkok time), the share price of Dohome Public Company Limited (SET: DOHOME) plummeted by 5.02% or THB 0.22 to THB 4.16, with a trading value of THB 131.64 million.
KGI Securities (Thailand) stated that DOHOME posted a net profit of THB 157 million in 2Q25, down 18% year-over-year and 36% quarter-over-quarter. This figure came in 17% below the analyst’s estimates and 11% below consensus, largely attributed to sales coming in 5% lower than anticipated.
As a result, net profit for the first half of 2025 stood at THB 402 million, a decrease of 8% year-on-year, accounting for 55% of KGI’s full-year profit forecast. KGI maintains a ‘Sell’ rating on DOHOME, with a 2025 year-end target price of THB 2.60 per share, based on a PER of 12.0x.
While KGI had anticipated weak demand amid a fragile economic environment, second-quarter sales were even softer than expected at THB 7.3 billion, down 9% YoY and 10% QoQ, and 5% short of estimates. Same-store sales contracted by 9.3%, worse than the projected 5% drop.
This decline was seen among both end-users (down about 10–12%) and back office customers (down about 6–7%), reflecting subdued consumer spending. First-half 2025 sales amounted to THB 13.4 billion, down 4% YoY and representing 49% of KGI’s full-year estimate.
Meanwhile, DOHOME opened one new store in 2Q25, bringing the total to 40 branches (24 XL & L size stores, and 16 To Go outlets).
KGI expects DOHOME’s third-quarter profit to fall QoQ, citing seasonality and continued weak demand (same-store sales are contracting at a mid- to high-single-digit rate quarter-to-date). However, profit is likely to rise YoY due to a low base in 3Q24. A modest recovery is anticipated in 4Q25, though the analyst sees limited upside to its 2025 earnings forecast.
The year-end 2025 target price remains at THB 2.60 per share, based on a PER of 12.0x, reflecting the global sector’s historical average minus 2.0 S.D. With a weak outlook for the upcoming quarter, restricted profit growth potential, stagnant earnings over the past five years (-1.5% CAGR), and increased financial leverage (D/E ratio of 1.6x at the end of 2Q25), KGI maintains its ‘Sell’ recommendation on DOHOME.
