Business Overview
- The Company was established with the objective to operate a retail business in home improvement segment by offering products and complete range of services relating to construction, extension, refurbishment, renovation, makeover and improvement of buildings, houses, and residential places through One Stop Shopping Home Center, under the trade name of “HomePro” to serve home-owner customers and the trade name of “Mega Home” to serve technicians and contractors, which is the Company’s trademark.
Financial Statement
| 6M23 | 6M22 | 2022 | 2021 |
|---|
Income Statement (MB)
| Revenues | 37,168.61 | 33,983.75 | 69,389.43 | 63,925.79 |
| Expenses | 32,892.45 | 30,018.03 | 61,301.82 | 56,883.05 |
| Net Profit (Loss) | 3,230.99 | 3,031.02 | 6,217.09 | 5,440.52 |
Balance Sheet (MB)
| Assets | 63,150.45 | 58,870.98 | 65,184.74 | 58,586.35 |
| Liabilities | 38,436.75 | 35,574.58 | 40,938.86 | 35,695.91 |
| Shareholders' Equity | 24,713.70 | 23,296.40 | 24,245.88 | 22,890.43 |
Cash Flow (MB)
| Operating | 4,845.89 | 4,268.77 | 9,951.98 | 7,825.41 |
| Investing | -2,842.75 | -1,749.38 | -5,509.17 | -1,673.08 |
| Financing | -5,415.47 | -2,901.89 | -3,567.59 | -4,915.31 |
Financial Ratio
| EPS (Baht) | 0.25 | 0.23 | 0.47 | 0.41 |
| GP Margin (%) | 27.03 | 26.68 | 26.98 | 26.31 |
| NP Margin (%) | 8.69 | 8.92 | 8.96 | 8.51 |
| D/E Ratio (x) | 1.56 | 1.53 | 1.69 | 1.56 |
| ROE (%) | 26.73 | 25.20 | 26.38 | 24.48 |
| ROA (%) | 13.76 | 12.76 | 13.07 | 12.28 |
Business Plan
- Digital Transformation project: To improve the speed and efficiency of working processes by continuously developing BYOD (Bring Your Own Device) system. The objective is to enhance sales of products and services level, including to completely and timely serve customer demands.
- E-commerce platform system development project: To develop an online purchasing platform for both HomePro website and applications which are HomePro Application, Home Service Application, including HomeCard Application. Additionally, the Company has developed an e-commerce platform for B2B (Business to Business) customers; offices, hotels, resorts, government agencies, etc., in order to expand product distribution channels and to reach more new target customers.
- ASRS (Automated Storage & Retrieval System) development project: To continue developing ASRS for automatic inventory management, which shortens the time for large numbers of order management, reduces work redundancy, and increases the safety level of associates.
- Private Brand development program: The Company established a specific team to focus on the development, design and ordering of various products in order to offer products that match the needs of customers, concerning to the potential impacts prevention on environmental and social.
Sustainable Development Plan
- Quality Products and Services
- Associate Care
- Efficiency Development
- Supply Chain Management
- Social and Community Development
Business Highlight
- The company aims to be a leading company in the Home Solution and Living Experience business in Thailand and Southeast Asia by focusing on the development of the entire value chain system to develop products and services under the One Stop Shopping concept while delivering sustainability to the environment, society and business at the same time.
Performance and Analysis
Business Performance Summary
- Net Profit: The Company’s net profit for the first half of 2023 was Baht 3,230.99 million, representing an increase of Baht 199.97 million or up 6.60% as compared to the previous year.
- Revenues: Total revenues were Baht 37,154.54 million, an increase of Baht 3,174.47 million or up 9.34%, comprising of the following
1) Revenue from contracts with customers which comprised of product sales revenue and service income of Home Service was Baht 35,012.30 million, representing an increase of Baht 2,932.76 million or up 9.14% year-over-year.
2) Rental and service income amounted to Baht 940.58 million, an increase of Baht 124.96 million or up 15.32% from previous year
3) Other income was Baht 1,201.66 million, an increase of Baht 116.75 million or up 10.76%
Key Milestones
- The store expansion plan for the second quarter proceeded as scheduled. The Company opened 3 new Mega Home stores at Nakhon Pathom, Chiang Mai, and Bangsaen, while there was one closure of a HomePro store at Lotus Bangkae with the plan to open a new store nearby in the third quarter of this year. As at the end of the second quarter of 2023, the Company operated 86 HomePro stores, 5 HomePro S stores, 24 Mega Home stores, as well as 7 stores of HomePro Malaysia.
- The Company has organized a new campaign ‘Old for New’, a trade-in program to capture more business opportunities as well as enhancing a sustainable circular economy. Under this program, customers can trade their old products such as electrical appliances, water pumps, furniture, etc. for a discount on new purchases in a similar product category. Consequently, overall sales during the second quarter of 2023 increased for both offline stores and online channels.
Risk Management Policy
- Economic Volatility: The Company cautiously emphasizes on store expansion, tracks the performance of stores and develops a marketing plan for sales promotion activities with business partners.
- Inventory Management: The Company would attempt to increase its inventory turnover such as expand selling channel via online system, service improvement of sales associates, promotional activities, schematic management and interior design of stores, regularly adding new product items in order to increase numbers of customers, sales volumes, and efficiency of inventory management at an optimal level.
Recent Awards and Recognitions
- Listed as a member of Dow Jones Sustainability Index (DJSI) and received the highest score for retailing industry in emerging market for the sixth consecutive year in 2022.
- Receiving SET Sustainability Awards 2022 (Commended Sustainability Awards) which given to the Company that is outstanding in sustainable business operations by SET.
- Being listed in Thailand Sustainability Investment (THSI) by SET for the eighth consecutive year in 2022.
Revenue Structure
Stock Information
SET / SERVICE / COMM
| as of 30/06/23 | HMPRO | COMM | SET |
|---|---|---|---|
| P/E (X) | 29.15 | 30.80 | 17.96 |
| P/BV (X) | 7.12 | 2.30 | 1.46 |
| Dividend yield (%) | 2.71 | 1.66 | 3.12 |
| 30/06/23 | 30/12/22 | 30/12/21 | |
|---|---|---|---|
| Market Cap (MB) | 184,116.77 | 203,843.57 | 190,692.37 |
| Price (B/Share) | 14.00 | 15.50 | 14.50 |
| P/E (X) | 29.15 | 32.16 | 36.60 |
| P/BV (X) | 7.12 | 9.02 | 9.06 |
CG Report:
Company Rating:
AA-/TRIS
Major Shareholders
as of 20/04/2023
Company Information and Contact
http://www.homepro.co.th
ir@homepro.co.th
02-832-1416
31 Prachachuennonthaburi Rd., Bangkhen, Amphoe Muang Nonthaburi 11000
Other Trading Info. :
https://www.settrade.com/C04_01_stock_quote_p1.jsp?txtSymbol=HMPRO
Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel.
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