HMPRO : HOME PRODUCT CENTER PUBLIC COMPANY LIMITED
9M/2023 (Jan - Sep 2023)
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
9M23 9M22 2022 2021
Income Statement (MB)
Revenues 54,645.14 50,921.57 69,389.43 63,925.79
Expenses 48,339.70 44,971.00 61,301.82 56,883.05
Net Profit (Loss) 4,764.12 4,564.35 6,217.09 5,440.52
Balance Sheet (MB)
Assets 63,161.47 62,418.64 65,184.74 58,586.35
Liabilities 39,279.88 39,822.19 40,938.86 35,695.91
Shareholders' Equity 23,881.59 22,596.44 24,245.88 22,890.43
Cash Flow (MB)
Operating 6,426.65 6,707.75 9,951.98 7,825.41
Investing -4,026.58 -3,260.48 -5,509.17 -1,673.08
Financing -6,305.51 -2,238.72 -3,567.59 -4,915.31
Financial Ratio
EPS (Baht) 0.36 0.35 0.47 0.41
GP Margin (%) 27.16 27.00 26.98 26.31
NP Margin (%) 8.72 8.96 8.96 8.51
D/E Ratio (x) 1.64 1.76 1.69 1.56
ROE (%) 27.61 29.05 26.38 24.48
ROA (%) 13.45 13.88 13.07 12.28
Business Plan
  1. 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.
  2. 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.
  3. 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.
  4. 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
  1. Quality Products and Services 
  2. Associate Care
  3. Efficiency Development
  4. Supply Chain Management
  5. 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 nine-month of 2023 was Baht 4,764.12 million, representing an increase of Baht 199.77 million or up 4.38% as compared to the previous year.
  • Revenues: Total revenues were Baht 54,645.14 million, an increase of Baht 3,723.57 million or up 7.31%, comprising of the following

1) Revenue from contracts with customers which comprised of product sales revenue and service income of Home Service was Baht 51,402.53 million, representing an increase of Baht 3,426.42 million or up 7.14% year-over-year.

2) Rental and service income amounted to Baht 1,374.75 million, an increase of Baht 118.48 million or up 9.43% from previous year.

3) Other income was Baht 1,867.86 million, an increase of Baht 178.67 million or up 10.58%.

Key Milestones
  • The store expansion plan in the third quarter proceeded as scheduled. The Company opened 1 new HomePro store at Seacon Bangkae, and 1 new Mega Home store at Pluak Daeng, Rayong province. As at the end of the third quarter of 2023, the Company operated 87 HomePro stores, 5 HomePro S stores, 25 Mega Home stores, as well as 7 stores of HomePro Malaysia. 
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
Revenue from contracts 76.8% Revenue from subsidiaries 17.3% Other income 5.9%
Stock Information
SET / SERVICE / COMM
Closing price HMPRO SET index 17.00 14.00 11.00 1714.00 1609.00 1504.00 1399.00 3-10-22 5-1-23 31-3-23 4-7-23 29-9-23
as of 29/09/23 HMPRO COMM SET
P/E (X) 25.62 30.64 20.33
P/BV (X) 6.65 2.24 1.44
Dividend yield (%) 3.04 1.74 3.18
29/09/23 30/12/22 30/12/21
Market Cap (MB) 164,389.98 203,843.57 190,692.37
Price (B/Share) 12.50 15.50 14.50
P/E (X) 25.62 32.16 36.60
P/BV (X) 6.65 9.02 9.06
CG Report:
Company Rating:
AA-/TRIS
Major Shareholders
as of 13/09/2023
Land and Houses Public Company Limited (30.23%)
Quality Houses Public Company Limited (19.87%)
Thai NVDR Company Limited (6.76%)
Mr. Niti Osathanuklor (5.06%)
THE BANK OF NEW YORK MELLON (3.22%)
Others (34.86%)
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
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Published on 06/12/2023