Siam Global House Public Company Limited (SET: GLOBAL) has emerged as a noteworthy player within the building materials retail sector after reporting its financial results for 1Q26. The company posted a net profit of THB 802.57 million, representing a significant increase of 29.05% compared to the same period last year, when net profit stood at THB 621.90 million.
This growth was primarily supported by higher revenue from sales, which rose to THB 8.58 billion, an increase of 2.58% year-on-year. The company attributed the robust performance to the sustained growth in sales of its House Brand products.
KGI Securities (Thailand) (KGI) wrote that prospects for GLOBAL’s performance in 2Q26 remain positive compared to the corresponding period in the previous year. The expected recovery in agricultural income is anticipated to support purchasing power and demand for the company’s products. Notably, GLOBAL has a strong presence in northern and northeastern regions, contributing approximately 53% of its total branch network.
GLOBAL indicates that same-store sales growth (SSSG) returned to single-digit positive levels in April 2026, aligning with improving trends in agricultural income. This follows a challenging base in 2Q25, when SSSG declined by 10.7% due to weak agricultural income, political uncertainty, and earlier-than-usual rainfall.
The brokerage noted that SSSG could potentially revert to positive territory in 2Q26, while the company’s strategy to increase the proportion of House Brand product sales, which rose to approximately 27.5% in 1Q26 from 24-25% in the same period last year, is expected to further support improvement in profit margins.
KGI Securities maintains a positive outlook on GLOBAL’s operational performance and has set a target price of THB 7.40 per share for the first half of 2027, based on a price-to-earnings ratio of 18x.
