FSS International Investment Advisory Securities (FSSIA) released an update on the same store sales (SSS) trends for Central Retail Corporation PCL (SET: CRC) and MR. D.I.Y. Holding (Thailand) PCL (SET: MRDIYT) for June 2026 and the second quarter of 2026.
Latest data shows that MRDIYT’s SSS for the full month of June 2026 declined by 2.5 – 3% year-on-year, versus previous expectations that sales would remain stable. This softer performance was particularly noticeable in the latter part of June.
FSSIA attributes the contraction mainly to a smaller average basket size, reflecting weaker purchasing power, as well as decreased store traffic in malls. Some of this decline is estimated to be linked to the “Thai Chuay Thai Plus” stimulus program. Looking ahead, FSSIA notes that further confirmation is needed to determine if this negative trend will persist into July, as MRDIYT was not affected by the “Half-Half” co-payment scheme during 4Q25.
CRC’s SSS in June 2026 also reversed into a slight YoY decline, estimated at roughly -1.5%. This weakness was mainly led by underperformance in its Fashion and Hardline segments, due to customers stockpiling goods at a slower pace and having fewer holidays compared to last year. Nevertheless, CRC’s Food Thailand segment showed continued annual growth, driven by expanding businesses such as Tops and Go Wholesale. In Vietnam, FSSIA expects June sales in Thai baht to decrease slightly, although sales in Vietnamese dong are still likely to see growth.
On a quarterly basis, overall SSS for 2Q26 is estimated to grow by about 1 – 2% YoY—an improvement from a 2% YoY contraction in 1Q26.
FSSIA views the latest SSS figures as a near-term negative sentiment for MRDIYT (target price: THB 10.4) and CRC (target price: THB 24), given the softer performance in June versus May. However, this trend is broadly in line with the longer-term SSS growth rate for the sector. Despite the short-term pullback, FSSIA continues to prefer CRC over the longer term.
Given the recent rapid rise in share prices, the market may rotate into laggard names such as CP ALL PCL (SET: CPALL) and Berli Jucker PCL (SET: BJC). Furthermore, the analyst firm also anticipated strong second-quarter earnings from the home improvement sector, reiterating the “Trading” call with expectations for further resilience through the second half of 2026.
