Home Product Center Public Company Limited

Bualuang Securities Public Company Limited, or BLS, estimates that the flooding now spreading across many areas will have only a limited impact on the economy and on the profits of listed companies, provided the situation does not drag on and does not spread into major production bases. It expects the floods to affect GDP by no more than 0.1% and listed company profits by no more than 2%, since most industrial and commercial areas of listed companies have not yet been severely affected and damage remains below that of the major floods in 2011. This assessment is in line with the Bank of Thailand, which expects the floods to affect the economy by about 0.03% to 0.10% of GDP, while the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce estimates damage of about 12.3 billion baht, or 0.066% of GDP, in its base case, and about 20.6 billion baht, or 0.11% of GDP, in a severe case. The key issues to watch from here are the industrial sector and the duration of production stoppages, since prolonged factory shutdowns could add to the impact on earnings. The groups directly exposed to flood-hit areas in the short term include retail, finance, banking, industrial estates and some factories. In retail, BLS sees CPALL, CPAXT, BJC and CRC's food business potentially seeing same-store sales accelerate in the short term on stockpiling of essentials during the floods, but this boost may not significantly affect profits. If same-store sales rise 1% for two weeks, it would add only about 0.04% to full-year same-store sales, not enough to prompt an earnings forecast revision. The group more likely to see a clearer boost after the waters recede is home improvement, where HMPRO, GLOBAL and DOHOME stand to benefit from demand for home repair and renovation. Based on past data, sales for this group typically begin to recover about one month after the situation eases.

Natwarin Triphopsakul, Senior Director of the Equity Strategy Team at InnovestX Securities, or InnovestX, assesses that the Thai stock market will remain volatile in the short term due to a lack of new catalysts, amid an investment climate pressured by factors on all sides. These include the Fed's hawkish stance, which is keeping bond yields elevated at multi-year highs, causing fund flows to continue flowing out. This is compounded by energy prices that remain high due to prolonged geopolitical problems, and concerns over domestic flooding, which, although the impact on the economy is expected to be limited, remains an overhang factor creating negative sentiment toward the market. InnovestX therefore recommends a Selective Buy strategy, focusing on Buy on Dip through 3 trading themes with their own specific positive factors. These are: the Domestic Play theme, based on domestic consumption, comprising the commerce group CPALL, CPN, and CRC, the medical group BCH and PR9, and the communications group TRUE; the Flood Defensive & Recovery Plays theme, which benefits from stockpiling of essential goods during emergencies, comprising the commerce group CPALL, BJC, and CRC, extending to demand for home repairs after the waters recede, namely HMPRO and GLOBAL, and the construction materials group DCC; and the Tourism & Mega-Event Play theme, which is expected to benefit from the high season for tourism in the fourth quarter of 2026, supported by factors ranging from China's Golden Week from October 1 to 7 and world-class events such as the World Bank-IMF meetings from October 12 to 18, comprising the tourism group ERW, CENTEL, and AOT, and the retail group CPALL, CPN, and CRC. On external factors, the United States reported August PCE and Core PCE at 3.4% and 3.0% year on year, respectively, unchanged from the previous month and below market expectations, while real consumption expanded 0.6% from the previous month and ADP employment for September rose by 90,000 positions from 36,000 positions, reflecting that the economy remains strong but price pressures have not yet broadened, opening the door for the Fed to wait and assess more data. The market has reduced the odds of an October rate hike to about 35% from 70% last Monday. InnovestX still expects the Fed to raise rates in December and once more in early next year, but September NFP, CPI, and PPI must be monitored to assess the risk that the Fed may accelerate the pace of rate hikes. In China, the PBOC cut the PSL rate used to lend to state policy banks by 25 basis points to 1.50%, while increasing funding support for targeted economic sectors, and the government is subsidizing interest on first-home loans by 1% per year for no more than 5 years. However, the measures still focus on supporting the economy, while falling home prices continue to pressure purchasing power. InnovestX therefore maintains its forecast for China's 2026 GDP at 4.6% and views that the property sector may take at least another year to reach its bottom. Next week, attention will be on Thailand's September inflation, which InnovestX expects to accelerate from 2.53% year on year in the previous month, tracking higher oil and fresh food prices, as well as the final September services PMI for the United States, the eurozone, and Japan. Preliminary PMI readings reflect that the United States and the eurozone are accelerating, while Japan is slowing but still expanding. Also awaited is the report of the September FOMC meeting after the Fed raised rates by 25 basis points to 3.75–4.00%, with a focus on details of discussions about inflation risks, the strength of the economy, and the conditions that would lead to the next rate hike.

Four brokerages assess that the flood situation in Bangkok and its vicinity in 2026 will cause limited economic damage, as the waters have not yet spread into industrial estates or key production bases, unlike the great flood of 2011 that disrupted production chains on a wide scale. Finansia Syrus Securities estimates preliminary damage at around 20–40 billion baht, or roughly 0.1–0.2% of GDP, and views pressure on the stock market as reflecting short-term concerns rather than affecting earnings. Kasikorn Securities estimates damage at about 3,000–4,000 million baht per day, or roughly 20–30 billion baht per week; if severe conditions persist for one week, it could drag on GDP by about 0.1%. As of 27 September 2026, 25 provinces and 128 districts have been affected, with about 545,000 people impacted, compared with 2011 when floods hit 66 provinces, affected about 13.6 million people and caused damage of approximately 1.4 trillion baht. CGS International notes that Bangkok and its vicinity account for about 47.3% of the country's economy, and divides the situation into two scenarios: if water can be drained within 4–5 days, the impact will be limited, but if it drags on beyond 5 days, it could weigh more on purchasing power and consumption. For stocks that benefit after the waters recede, Finansia Syrus favours HMPRO, GLOBAL, DOHOME, TOA, SCGD, DCC and DRT, while Kasikorn favours retail and food groups as well as the ICT group. Pi Securities estimates a SET range of 1,590–1,620 points and picks BDMS, BCH, CPALL, PTT, PTTEP, PTTGC, TOP, ITC and TU, while CGS International says to watch DELTA, HANA and KCE if the SET falls below 1,600 points, on the theme of investment in artificial intelligence and digital infrastructure.

Equity and derivatives market strategists in the research department of InnovestX Securities Company Limited, or InnovestX, assess that the current flooding will have a limited impact on the economy and the SET, because it is merely water waiting to drain from heavy rainfall, unlike the 2011 crisis. In addition, water levels in the main dams remain lower than in 2011 and 2025. If the water recedes within one to two weeks, the impact on 2026 GDP is expected to be around 21 billion baht, or -0.11%, and the firm still expects Thai GDP to grow in line with its 2.0% target in 2026-2027. Historical data shows that in cases of short-term flooding lasting no more than seven days, the SET may dip an average of 0.6% initially before recovering into positive territory within one week. In cases of major flooding lasting more than seven days, the SET typically corrects an average of 3.8% in the first month and begins to recover from the second month onward, with Domestic Play stocks leading the market's recovery. InnovestX therefore recommends a Buy on Dip strategy to gradually accumulate Domestic Play stocks across three main themes. The first is Fast Recovery Plays, namely tourism names such as CENTEL and ERW and healthcare names such as BDMS and BCH. The second is Recovery & Repair Plays, namely commerce names such as HMPRO and GLOBAL and construction materials names such as DCC. The third is Consumer Staples & Stockpiling Plays, namely commerce names such as CPALL, BJC and CRC. At the same time, the firm advises caution on the insurance sector, which may come under pressure from a higher loss ratio.

Krungsri Securities Public Company Limited said its research team expects HMPRO's normalized profit in the third quarter of 2026 to come in at 1.39 billion baht, up 6% from the same period a year earlier but down 13% from the previous quarter. The result is supported by an improved gross margin, driven by a higher share of Private Brand products and adjustments to selling prices, even as same-store sales continue to contract amid weak purchasing power and higher rainfall. Sales and service revenue in the third quarter of 2026 is expected at 16.4 billion baht, up 2% from the same period a year earlier but down 6% from the previous quarter, with growth coming from branch network expansion, most of it a conversion to the Hybrid Store format combining HomePro and MegaHome outlets. Six Hybrid Stores were added and four new branches opened, bringing the total to 134 branches at the end of the third quarter of 2026. Same-store sales at HomePro, which accounts for roughly 80% of sales, are expected to contract further to -2.5% from -0.9% in the second quarter of 2026. The gross margin is expected at 28.5%, flat from the second quarter of 2026 but up from 27.7% in the third quarter of 2025, helped by HomePro's Private Brand share, which is expected to rise to 22.0% from 21.2%. The SG&A expense ratio to revenue is expected to rise to 21.1% from 20.5% in the third quarter of 2025 and 20.0% in the second quarter of 2026. Interest expense is expected to fall 9% from the same period a year earlier. For the fourth-quarter 2026 outlook, normalized profit is expected to recover gradually both from the same period a year earlier and from the previous quarter, on demand for home repair and decoration products after flood conditions ease. If profit meets expectations, first-nine-month normalized profit for 2026 would represent about 74% of the full-year 2026 profit forecast. The broker maintained its 2026 normalized profit forecast at 5.95 billion baht, down 1% from the same period a year earlier, before returning to 7% growth in 2027. It also maintained a Neutral recommendation and a 2027 target price of 7.00 baht.

CGS International (Thailand), or CGSI, has upgraded DOHOME, Siam Global House, or GLOBAL, and Home Product Center, or HMPRO, from Sell to Buy, and raised its investment weighting for the Thai retail sector from Neutral to Overweight, after seeing clearer signs of a demand recovery. The latest residential low-rise building permit data has returned to growth, with permitted construction area rising 10.6% year on year in the first quarter of 2026 after 11 consecutive quarters of contraction, and up another 7.7% in the second quarter of 2026. This suggests sales of home improvement products are likely to recover in the fourth quarter of 2026 and in 2027. CGSI said same-store sales growth at DOHOME in July and August, mostly sales of construction materials to contractors, project customers and wholesalers, has strengthened its confidence that the rise in construction plans is translating into real demand, and it expects same-store sales growth through that channel to remain in the high single digits in September even without the low-base boost from last year's steel shortage. CGSI views this as the clearest signal of a recovery in demand for home improvement products in three years. The stock CGSI finds most attractive is DOHOME, which it expects to be among the first to benefit from the demand recovery, as construction materials account for nearly 50% of sales in the first half of 2026, while about 35% of sales come from the northeastern region, where applications for low-rise residential building permits rose about 20% year on year in both the first and second quarters of 2026, according to the Real Estate Information Center, or REIC. GLOBAL has construction materials at about 35% of sales and a similar share of sales in the northeast to DOHOME, but its northern sales, about 25% to 30% of the total, still face declining building permit applications. HMPRO is expected to recover gradually along with consumption, supported by a dividend yield forecast at 5.5% in 2027. On earnings, CGSI raised its combined net profit forecasts for the three companies by 1.0% to 3.6% for 2026 to 2028 after lifting sales and margin assumptions for some companies and cutting financial cost forecasts, saying earnings and share price estimates could be revised up further if residential building permit applications keep growing, contractor sales continue to expand even without the low-base boost, and demand for construction materials and home decoration products recovers broadly. Risks that could weigh on this view include delays in construction after permits are granted, slower sales growth once the low-base effect fades, continued declines in household spending, and margins coming under more pressure than expected.

Securities analysts at Kasikorn Securities, or KS, said that although nationwide reservoir water levels are as high as 78% of capacity, the tourism sector is still operating normally, so they estimate that third-quarter 2026 earnings for the tourism group will be affected only slightly. Airports of Thailand, or AOT, has reported no flight cancellations, and major airlines AAV, BA and THAI continue to operate as normal. Meanwhile, hotel operators led by AWC, CENTEL, DUSIT, ERW, MINT, SHR and VRANDA have suffered no property damage, though room booking cancellations in the provinces run about 2% to 15%, partly offset by guests extending their stays. KS therefore maintains its investment weighting on the hotel group, sees the drop in share prices driven by the flood factor as a buying opportunity, and recommends buying AWC with a target price of 3.74 baht, CENTEL with a target price of 48.11 baht, and THAI with a target price of 6.78 baht. Separately, SBI Thai Online, or SBITO, assesses that this crisis will be a medium-term boost for four main business groups in the recovery: the home repair and construction materials group, led by HMPRO, GLOBAL, DOHOME and MR.DIY; the retail and consumer goods group, led by CPALL and CPAXT; the communications group, led by ADVANC and TRUE; and the tourism group, where economic activity will gradually recover after the situation eases.

Flooding in Bangkok and its surrounding provinces is weighing on the Thai stock market in the short term. Piriyaphon Kongwanich, a strategist at BLS Wealth Research of Bualuang Securities, estimates preliminary damage of roughly 10 billion to 30 billion baht and expects only a limited impact on gross domestic product and listed-company earnings. He flagged stocks that may draw interest, including HMPRO, GLOBAL, DOHOME and ILM, with the research team upgrading GLOBAL and DOHOME to speculative buy while keeping buy ratings on HMPRO and ILM. Thaweethak Taweethiratham, an executive director at Asia Plus Securities, assesses the overall impact as still limited and short-lived, with building materials benefiting from demand to repair homes, while retail, hospitals and food also have support. Sectors to watch for indirect effects include electronics, power plants, construction contractors, agriculture and commercial banks, while tourism, property and hire-purchase lending have already begun to feel negative effects. InnovestX Securities sees the pullback as a buying opportunity, noting that in past cases of short flooding lasting no more than seven days, the SET typically fell an average of about 0.6%, or 10 points, on the first day before turning positive within a week. It recommends a buy-on-dip strategy in domestic-play stocks through three themes: Recovery & Repair, comprising HMPRO, GLOBAL and DCC; Consumer Staples & Stockpiling, comprising CPALL, BJC and CRC; and Fast Recovery, comprising CENTEL, ERW, BDMS and BCH. The sector warranting added caution is insurance, given the risk that the loss ratio will rise from the damage incurred.

TTBWEALTH Public Company Limited, or TTBWEALTH, assesses that this round of flooding will have a limited impact on the economy, as it is short-term and severe only in certain areas, unlike the 2011 event that flooded many areas and lasted several weeks to several months. In the short term, some stocks have gained both positive and negative sentiment. The groups benefiting positively include consumer goods retail, led by CPALL, CPAXT and CRC, as well as the home improvement and construction materials group, which is expected to benefit from demand for home repairs after the water recedes, namely HMPRO, GLOBAL, DOHOME, TOA and TASCO. Meanwhile, the groups affected negatively include insurance, such as TIPH, and tourism, namely AOT, ERW and CENTEL. In addition, several listed companies have updated the situation. DELTA reported that some areas were flooded but machinery and factories were not damaged, and operations returned to normal today after production lines were halted last Sunday. CENTEL had only some hotels affected, such as the Lat Phrao area where water entered the lobby, and the Pattaya zone, with a small number of customer cancellations. Its food business saw some sales decline from temporary store closures, but overall the impact is considered limited. MINT stated that most of its hotels are not in flood zones, its properties were not damaged, and it continues to operate normally. CPN confirmed that no shopping centers were closed, though it may be affected by a decline in customer traffic during the floods, and it expects no rental discounts to be offered.

Analysts at Krungsri Securities estimate that flooding in Bangkok and its surrounding provinces over the past weekend will hit the economy by about 0.16% of GDP, assuming the floods disrupt activity for one week, with Bangkok as the main economic area accounting for 34% of GDP. They said the groups that benefit once floodwaters recede include retailers of home repair equipment such as HMPRO, GLOBAL and DOHOME, construction materials players such as SCC and TASCO, and contractors expected to gain from a push for more state projects to tackle flooding. On dividend forecasts for 2026, analysts at Finansia Syrus Securities upgraded HMPRO from "hold" to "buy" with a target price of 7.20 baht and an expected dividend of 0.36 baht. Krungsri maintained its "buy" rating on GLOBAL with a target price of 8.80 baht and an expected dividend of 0.29 baht, and kept its "buy" rating on DOHOME with a target price of 4.40 baht and an expected dividend of 0.06 baht. KGI Securities (Thailand) recommended "buy" on SCC with a target price of 305 baht and an expected dividend of 8.50 baht, while analysts at Yuanta Securities (Thailand) maintained their "buy" rating on TASCO with a target price of 19.40 baht and an expected dividend payout of 1 baht for 2026.

Global Securities, or GBS, estimates that the Thai stock market index (SET Index) will continue to fluctuate this week, projecting a trading range of 1,600-1,630 points amid pressure from tensions in the Middle East that have driven crude oil prices sharply higher and from elevated US government bond yields. Ms. Wilasinee Boonmasungsong, Assistant Managing Director of Global Securities Co., Ltd., stated that the main negative factor came from the Dow Jones index, which fell 161.61 points, or 0.31%, while WTI crude oil futures rose 2.45 dollars, or 2.7%, to close at 94.61 dollars per barrel after Iran-backed Houthi forces fired missiles at Saudi Arabia. The CME Group's FedWatch Tool indicates that investors now assign a 69% probability to the US Federal Reserve raising interest rates by 0.25% to a range of 4.00-4.25% at this month's October meeting, up from 55.4% the previous week. Domestically, attention must be paid to the Constitutional Court's ruling on September 28 regarding the use of barcodes and QR codes on ballot papers. On the positive side, the US Senate voted against the War Powers Resolution, and the US and China agreed to extend their trade truce until January 10, 2027. Meanwhile, Mr. Watcharern Jongyanyong, Research Director at Global Securities, recommends that investors speculate on stocks that benefit from post-flood repairs, namely GLOBAL, DOHOME, HMPRO, TASCO, DCC, and DRT.

Yuanta Securities said a depression caused rainfall to accelerate, triggering flooding in Bangkok and surrounding areas over the past weekend, sparking panic and demand to stockpile essential goods. However, because this round lacked the additional pressure of northern runoff and high sea tides seen in 2011, conditions in many areas eased quickly, especially in inner Bangkok. The research team assesses the impact on investment sentiment as relatively limited, similar to the cases of Japan or South Korea, where situations eased quickly and barely affected investment sentiment. Meanwhile, the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce estimates the economic impact at a maximum of about 10 billion baht, or 0.05% of GDP, which is considered not large. The research team therefore maintains its EPS forecast for this year at 103 baht per share. The sector directly affected is insurance, from claims during the fourth quarter of 2026 to the first quarter of 2027, while sectors expected to be slightly affected are finance and commercial banks, from measures to help debtors. Sectors that may gain positive sentiment from stockpiling goods and home repairs are home improvement, construction materials, and retail and wholesale of essential goods, such as GLOBAL, DOHOME, HMPRO, CPALL, BJC, and CPAXT, as well as telecom operators ADVANC and TRUE, from data usage and work-from-home measures.

KGI Securities (Thailand) said heavy rain covered Bangkok and its vicinity from September 25, causing flash floods in many areas, with the overall situation beginning to improve slowly from September 27, and it views the impact on the economy and the market as still limited. On the positive side, consumer staples groups such as BJC, CPALL and CPAXT are likely to benefit from stockpiling of fresh food, dry food and necessities. Meanwhile, home and building repair groups such as HMPRO, which has 50% of all its branches in the central region, and TASCO, as well as DOHOME and GLOBAL, are likely to benefit from the positive market conditions as well. However, KGI views this benefit as unlikely to be significant enough to raise its earnings forecasts for the stocks under coverage. On the negative side, the floods may affect customer numbers and goods transport flows for commercial property such as CPN, hotel groups and restaurants, with AWC having the highest concentration in Bangkok and therefore possibly facing the heaviest short-term impact. But if hotel stock prices pull back because of the floods, that would be a buying opportunity, since the main picture is still that revenue per available room is improving and the high travel season is approaching. As for restaurant stocks such as AU, M and MAGURO, they may be somewhat affected, with MAGURO temporarily closing all 6 of its branches, accounting for about 11% of the company's total 61 branches.

DBS Vickers has issued an analysis assessing the impact on Thai stocks from the flood situation in Thailand, which still requires close monitoring, after heavy to very heavy rainfall and water masses from the North flowing into the Central region caused flooding in 25 provinces covering 128 districts. Bangkok and its vicinity faced continuous heavy rain from 25–27 September 2026, causing flooding in many areas. Most recently, rainfall has tended to decrease but repeated rain still needs monitoring, and drainage will take about 1–2 days. The government therefore declared Bangkok, Nonthaburi, Pathum Thani, and Samut Prakan special public holidays on 28–29 September to ease the impact and reduce travel by the public. The research team assesses that the short-term impact on the SET Index comes from negative sentiment toward economic activity, but the impact on operating results is expected to be limited. Stocks expected to benefit include the Home Improvement group such as HMPRO, GLOBAL, and DOHOME, whose short-term impact from rain and flooding pressured traffic, but a boost is expected to begin in 4Q26E after the water recedes from repair and home restoration demand, as well as NEO, which derives 100% of total revenue from consumer products, with a target price of 31.00 baht. Meanwhile, TFMAMA benefits from consumers stockpiling more goods during the floods, and TASCO benefits from road repairs after the water recedes. Stocks expected to be negatively affected include the Ground Transport group such as BEM and BTS, which may see short-term impacts on ridership, with expressway tolls waived until 29 September at 24.00. The impact is seen as limited because the Expressway Authority of Thailand will compensate the companies. The tourism group ERW, CENTEL, AAV, and AOT is seen as slightly negative and a short-term impact. The Energy group such as OR and PTG is expected to see a slight negative impact on downstream energy stocks, with total daily retail oil sales volumes of OR and PTG at approximately 29.4 million and 15.8 million liters in 2Q26, and the number of service stations in the Central, Eastern, and Western regions for OR and PTG at approximately 45% and 37% of total service stations. Meanwhile, the insurance group TIPH, TVH, MTI, BKI, and AYUD is affected by flood compensation payouts. The Commerce group such as CPALL, CPAXT, and BJC continues to see rain and flooding pressure traffic, with some branches in urban areas temporarily closed, but stockpiling of essential goods helps offset some of the impact.

Analysts at Trinity Securities assess that the flash flooding in Bangkok over the past weekend could create sentiment pressure on insurance stocks, especially companies with auto and property insurance portfolios that may face rising claim costs and loss reserves, such as TIPH and THRE. In addition, groups tied to people's mobility, including shopping malls and restaurants such as CRC and CPN, as well as mass transit operators like BEM and BTS, may be affected by a short-term drop in traffic. Conversely, Trinity sees a chance of positive sentiment for consumer staples retail stocks, such as convenience store operator CPALL and hypermarkets BJC and CPAXT, which may see short-term demand for stockpiling goods, as well as the home improvement and construction materials sector, which may benefit from post-flood purchasing demand, such as HMPRO and TOA.

The Geo-Informatics and Space Technology Development Agency, or GISTDA, has reported on nationwide water conditions following continuous heavy rain. Data from satellite and geo-informatics technology shows many areas at high risk of flooding, particularly the central region and the lower north, where the high-risk red zone has expanded widely, covering Nakhon Sawan, Phichit, Phetchabun, Lopburi, Saraburi and Suphan Buri, extending to Pathum Thani, Nonthaburi and parts of Bangkok. In the lower northeast, accumulated water masses are found along river basins, with the high-risk red zone densely concentrated in Surin, Si Sa Ket, Buri Ram and Roi Et. Koraphat Vorachet, Senior Executive Vice President and Head of Research at Krungsri Securities, or KSS, assesses that the flood situation may pressure consumer purchasing power in the short term, but once the post-flood recovery phase begins, demand for home repair and renovation products tends to rise. The retail groups worth watching include Home Product Center, or HMPRO, Siam Global House, or GLOBAL, DoHome, or DOHOME, and Mr. D.I.Y. Holding (Thailand), or MRDIYT, which operates a retail business in home decoration and lifestyle products covering hardware, tools, household appliances, home decor and electrical goods. Overall, the impact on the Thai stock market will depend on the scale and duration of the effect on purchasing power, as well as the speed of the transition into the recovery phase. General merchandise retailers may face short-term pressure, while HMPRO, GLOBAL, DOHOME and MRDIYT are retail stocks with businesses tied to home products, repairs and residential renovation, whose recovery-phase effects can be tracked on an ongoing basis.

Pi Securities estimates the SET index today will move in a range of 1570 to 1595, viewing Non Bank stocks as attractive for accumulation again on expectations of lower yields ahead. It names stocks in this group including MTC, SAWAD and TIDLOR. Meanwhile, US stock markets closed higher, with the DJIA up 0.61% and the S&P 500 up 1.14%, after the Fed raised interest rates by 25 basis points and signalled it may hike once more this year. Brent crude fell to around 104 to 105 dollars per barrel after Middle East concerns eased somewhat and Saudi Arabia said it would resume oil exports, helping push the US 10-year yield and 30-year yield lower. On US economic data released overnight, initial jobless claims came in at about 196,000, below market expectations. For short-term strategy, it recommends TECH names including DELTA and KCE after the Kospi rose about 2.5% this morning, as well as the tourism group including AOT, MINT, CENTEL, AWC, CPALL, CPN and HMPRO, and the hospital group including BDMS, BCH and PR9.

Home Product Center Public Company Limited, or HMPRO, has invested over 310 million baht in a major renovation of its MegaHome construction materials and trades center at the Min Buri branch, adding a HomePro at the same location to create a hybrid store. Managing Director Weeraphan Angsumalee said the upgrade covers products ranging from decorative items to structural work, systems work, and tools, in order to meet rising demand from the trades and contractor market driven by new construction, extensions, and renovations in eastern Bangkok, especially the Khlong Sam Wa, Min Buri, and Nong Chok zones along Hathai Rat and Nimit Mai roads. Currently, within a 10-kilometer radius of the branch, there are nearly 130,000 households, and the area is growing at a rate of 2.99% per year. The branch will officially open on 18 September 2026, targeting revenue of over 80 million baht per month, with an opening celebration campaign running from 18 to 27 September 2026.

InnovestX Securities Company Limited expects the Thai stock market to remain volatile and has unveiled four standout stock themes to navigate the SET Index falling below 1,600 points. It estimates support at 1,580 and 1,575 points, with resistance at 1,605 and 1,610 points, and recommends a Selective Buy strategy focused on accumulating shares as prices decline. The first theme covers defensive stocks and high-dividend stocks expected to deliver consistent dividend yields above 5% per year, namely BBL, KTB, HMPRO, AP, SCCC and PTT. The second theme covers stocks benefiting from global economic factors and high bond yields. In the energy group it picks PTTEP, BCP, TOP and SPRC, while in shipping it selects PSL and TTA. High bond yields are a positive factor for banks, namely KTB, BBL and KBANK, as well as life insurers BLA and TLI, after the yield on 10-year US Treasury bonds rose to 5% for the first time in nearly three years. The third theme covers stocks benefiting from government policy, namely GULF, GUNKUL, AMATA and WHA, on progress with the draft PDP2026 plan and policies supporting rooftop solar, while STECON, CK and SCCC fall in the construction and construction materials group. As for economic stimulus measures, CPALL, CPAXT and BJC are seen benefiting from the extension of the Thai Chai Thai Plus program, while CPALL, CRC, ERW, CENTEL and AOT are supported by the Thai Tiew Thai Plus program. DELTA, HANA and KCE fall under the theme of promoting investment in data centers and artificial intelligence. The final theme covers laggard stocks, namely AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR, whose second-half 2026 earnings are expected to grow both year on year and compared with the first half of the year.

Pie Securities stated that the U.S. stock market remains volatile due to signals of slowing investment from AI leaders, pressuring the SEMI group, while U.S. bond yields continue to rise across all maturities, reflecting concerns over inflation and declining confidence in the U.S. government. The S&P 500 fell 0.48% and the Nasdaq dropped 0.56% as investors worried about an AI slowdown following a proposal by the CEO of Anthropic calling for a pause in AI development, leading to selling in chip and data center stocks. Meanwhile, WTI crude oil closed above 100 dollars per barrel after Saudi Arabia shut down the East-West Pipeline. GOOGL rose 3.2%, MSFT gained 2%, and META added 2.7%. The CME FedWatch tool assigns a 92% probability of a rate hike at the upcoming meeting. For the domestic market, the SET is estimated at 1,580 to 1,605 points. This morning, the KOSPI fell 0.6%, which may pressure tech stocks such as DELTA and HANA. The strategy therefore focuses on 13 value stocks: banking group BBL, KBANK, KTB, SCB; hospital group BDMS, BH, BCH, PR9; retail group CPALL, CPN, HMPRO; and export group ITC, TU, which benefit from the weakening baht.

Asia Plus Securities said the Ministry of Finance is preparing to open registration for household Solar Rooftop installation subsidies in mid-October 2026, initially for 1 million entitlements with a total budget of 50 billion baht, or 50,000 baht per household, and is considering raising this to 1.5 million entitlements, with a target of completing disbursements by the end of 2027. The government will pay out only once the system is connected to the grid, and a 5-kilowatt system is expected to generate about 1,000 baht per month from selling power back to EGAT over 25 to 30 years. Government Savings Bank, GH Bank and BAAC will extend loans to low-income participants, who will use the electricity sale proceeds to repay the bank debt first. Meanwhile, the power utilities are preparing to invest in replacing meters and developing Smart Grid and Battery Storage systems. The government is also considering cutting customs duties on components that cannot yet be produced domestically and using BOI measures to support domestic solar production. The research team views this as positive for the renewable energy group, especially operators with Solar Rooftop and EPC businesses such as GUNKUL, SOLAR and SPCG, and as positive sentiment for CRC, COM7, DOHOME and HMPRO. Considering the scale of the programme, the government is targeting 1 million households with an average installed size of 5 kW per household, implying total installed capacity of 5,000 MW, which is higher than the existing 500 MW public Solar Rooftop power purchase programme. It sees GUNKUL as the standout beneficiary thanks to its fully integrated business chain and names it the Top Pick for news-driven trading. However, GUNKUL's core profit still comes from its renewable power generation business and large EPC projects, making this scheme an opportunity to supplement growth rather than a main profit driver.

At least eight Thai listed companies announced interim dividend payments following board meetings on August 25, 2026, with most setting the XD date between September 7-9. Leading the way, BCP pays 3.00 baht per share, followed by TISCO at 2.00 baht, RATCH at 0.70 baht, TIPH at 0.50 baht, OR at 0.30 baht, HMPRO at 0.16 baht, TTB at 0.081 baht (up 23% from last year), and CIMBT at 0.0385 baht. RATCH's total payout is approximately 1,522.50 million baht, while OR's total is 3,600 million baht.

Home Product Center Public Company Limited, or HMPRO, has announced an interim cash dividend of 0.16 baht per share from its operating results for the period from January 1, 2026 to June 30, 2026. The board of directors approved the dividend on August 25, 2026. The ex-dividend date is set for September 8, 2026, and the record date for shareholders entitled to receive the dividend is September 9, 2026. The dividend will be paid on September 22, 2026.

Home Product Center Public Company Limited, or HMPRO, reported second-quarter net profit for 2026 of 1.594 billion baht, up 14.0 percent from the same period last year. Total revenue came in at 18.055 billion baht, up 3.4 percent from a year earlier, supported by accelerating sales of cooling appliances amid extremely hot weather in April. Gross profit margin improved to 27.73 percent from 25.82 percent last year, helped by product mix management and the company's own brands. Selling and administrative expenses as a percentage of sales rose to 20.61 percent from 19.47 percent. Finance costs fell by 14.20 million baht due to refinancing debentures at lower interest rates. For July, total sales were close to the second-quarter level. HomePro's same-store sales growth was slightly negative in the low single digits, compared with minus 1.0 percent in the second quarter, while Mega Home remained slightly positive, compared with plus 1.4 percent in the second quarter. However, the overall third quarter is likely to slow because the rainy season is a low season. Gross profit margin is expected to improve from 26.78 percent a year earlier but soften from 27.73 percent in the second quarter after costs of some products increased. Selling and administrative expenses as a percentage of sales are expected to keep rising from 20.6 percent and stay elevated through the first quarter of 2027 because of plans to open about seven more branches in the second half of 2026. A positive factor is year-end debenture refinancing at lower interest rates. First-half net profit for 2026 was 2.998 billion baht, representing 49.8 percent of the full-year profit forecast of 6.030 billion baht, or earnings per share of 0.46 baht. Analysts recommend a buy rating with a target price of 8.30 baht per share, based on a price-to-earnings ratio of 18 times, close to the three-year historical average. They view this as more appropriate than the past range of 25 to 30 times given risks to purchasing power and challenging sales growth, while still positive on strengths in gross margin and financial management. On the technical side, the share price tested support at 6.50 baht and then saw buying return in a double-bottom pattern, closing above the simple moving average with a long white candle. The trend appears to have ended its minor downtrend. Key support is 6.60 to 6.50 baht, with resistance at 6.85 baht. If the price breaks through that level with rising volume, it would signal an upward N-shaped pattern. For existing shareholders, the recommendation is to hold or buy more, with a chance to test resistance at 6.85, 7.00 and 7.30 baht. For those without a position, the advice is to buy for the short term, focusing on holding above support at 6.60 to 6.50 baht, which should not be broken.

TTB Wealth Securities maintains an Overweight recommendation on the retail sector, assessing that sector earnings have passed their trough and the contraction in same-store sales is coming to an end. It expects combined earnings per share of the retail companies under its coverage to grow 12 percent year-on-year in the second quarter of 2026, although down 16 percent quarter-on-quarter due to seasonal factors, and forecasts a continued recovery in the second half of 2026. Key drivers include a return to same-store sales growth, margin expansion from better product selection, and cost savings. The broker expects home improvement and furnishing retail stocks, namely GLOBAL, DOHOME, and HMPRO, as well as CRC, to show the strongest recovery, while CPN, CPALL, and COM7 continue to grow well on successful business strategies. For the building materials and home furnishing retail group, the securities firm estimates EPS will grow 37 percent in the second quarter of 2026, after earnings contracted continuously during 2023 to 2025, supported by better margins, a narrowing decline in same-store sales growth, and favorable product pricing from inflation. GLOBAL is seen as the standout, with earnings expected to grow 84 percent, driven by a higher proportion of house-brand products, cost control, and favorable pricing. CRC is expected to post 36 percent earnings growth in the second quarter of 2026, thanks to business strategy adjustments that support both same-store sales and margins, as well as lower marketing and interest expenses. Meanwhile, CPN is forecast to grow earnings by 15 percent, CPALL by 7 percent, COM7 by 30 percent, and MOSHI by 19 percent, with these companies seen as continuing to gain market share and expand margins. On the other hand, CPAXT is estimated to see earnings fall a further 17 percent due to weak same-store sales and margin compression from consumers trading down to lower-priced goods. For BJC, although earnings are expected to rise 12 percent from the acquisition of a wholesale business in Vietnam, the core BigC business remains weak with negative same-store sales growth. MRDIY is forecast to grow earnings by only 13 percent, below expectations, despite rapid store expansion. TTB Wealth Securities says the trend for the second half of 2026 will strengthen as the economy improves, maintaining a positive bias on building materials and CRC, and selecting CPN, GLOBAL, and CRC as top picks in the retail sector. For recommendations and target prices, stocks rated BUY are CPN with a target price of 75 baht, GLOBAL at 9 baht, CRC at 31 baht, CPALL at 62 baht, COM7 at 34 baht, DOHOME at 4.50 baht, HMPRO at 9.50 baht, MOSHI at 50 baht, and MRDIYT at 12.20 baht. CPAXT is rated HOLD with a target price of 14 baht, and BJC is rated SELL with a target price of 12.50 baht.

Quality Houses Public Company Limited, or QH, reported a second-quarter net profit of 458.03 million baht, up 36.99% from the same period last year, supported by higher profit sharing from associates and cost controls. Profit sharing from associates in the quarter was 453 million baht, up 16% from a year earlier, comprising 325 million baht from Home Product Center, up 17%, and 96 million baht from LH Financial Group, up 26%. Administrative expenses fell 10% to 308 million baht, and financial costs dropped 30% to 37 million baht after gradual debt repayment. For the first six months, net profit was 921.35 million baht, up 25.12% from a year earlier. In addition, the board approved an interim dividend of 0.02 baht per share, with the XD date on 26 August 2026 and payment on 10 September 2026.

The Ministry of Finance is preparing to provide a grant of 50,000 baht per household to those joining the Solar Rooftop program, against an average installation cost of around 100,000 to 150,000 baht per household, with a minimum installation size of 5 kilowatts. The project aims to assist 500,000 to 1,000,000 households with average monthly electricity bills of 3,000 to 4,000 baht, using a budget from a 200 billion baht loan source. Analysts at TTB Wealth Securities stated that this policy will directly benefit Gunkul Engineering, as well as building material and home improvement retailers such as Home Product Center, Siam Global House, and Do Home. Meanwhile, analysts at Land and Houses Securities view it as a positive factor for GUNKUL and Synnex Thailand shares. In addition, the Ministry of Finance is collaborating with the Ministry of Interior, the Metropolitan Electricity Authority, the Provincial Electricity Authority, and state specialized financial institutions, namely the Government Savings Bank and the Government Housing Bank, to support low-interest loans for the remaining costs not covered by the government subsidy.

Finansia Syrus Securities expects the SET index to rise and test the 1,680 to 1,700 point level next week, with banking and construction materials sectors leading the market. It recommends top picks CPALL and HMPRO. The SET index recently closed at 1,626.57 points, up 28.46 points or 1.77 percent, with trading value of 61.29 billion baht, rising in line with Asian stock markets on the back of a recovery in technology and chip stocks. This pushed DELTA shares higher and supported the overall index.

Pi Securities assesses that Thai stocks have a chance to outperform amid volatility in tech stocks and surging crude oil prices. The Dow Jones Industrial Average closed down 1,153 points, or 2.2 percent, pressured by semiconductor stocks and inflation concerns. Meanwhile, Brent crude oil prices rose 7.9 percent due to tensions in the Middle East, prompting a rotation from tech stocks into value stocks and Thai energy plays such as PTT and PTTEP. Pi Securities also recommends SYNEX with a target price of 11.10 baht and HMPRO with a target price of 7.50 baht, and estimates the SET Index range for the day at 1,600 to 1,640 points.

HMPRO shares gained 2.34% after reporting second-quarter net profit of 1.594 billion baht, up 14% from a year earlier and about 3-4% above research and market expectations. This marks the first year-on-year growth in five quarters, supported by a 3.4% increase in total revenue and a gross margin that rose to 27.7% from 25.8% a year ago. Meanwhile, the selling and administrative expense-to-sales ratio increased to 20.6%. Finansia Syrus Securities maintained a buy recommendation and a target price of 7.70 baht, noting the stock trades at a 2026 price-to-earnings ratio of around 13.8 times, below the home improvement retail sector average of about 16-17 times.

Home Product Center Public Company Limited, or HMPRO, reported a second-quarter 2026 net profit of 1,594.18 million baht, up 13.99% from the same period last year and above market expectations of 1,400 to 1,570 million baht. The result was driven by significant growth in sales of cooling appliances, pushing revenue from sales and customer services up 3.22% to 16,920.05 million baht. Gross profit margin on sales improved from 25.82% to 27.73%, thanks to efficient product mix management and the promotion of private brand products. For the first six months of 2026, net profit stood at 2,998.15 million baht, down 3.47% year-on-year, while total revenue fell 2.51% to 35,203.91 million baht. On the expansion front, the company opened a HomePro branch in Samui, Chaweng, and converted the Suphan Buri branch into a hybrid store, bringing total branches under management to 134 at the end of the quarter.