Higher number of store openings improve MR DIY's earnings potential

TheStar Tue, Nov 21, 2023 10:38am - 1 week View Original

KUALA LUMPUR: The promise of a higher number of store openings for the year, which is now expected to hit 180 as compared to 140 previously, is giving a boost to MY DIY Group (M) Bhd's earnings potential.

Following the opening of 35 new stores in the third quarter of 2023, MR DIY has so far opened a total of 123 stores this year.

This is in line with its target of 180 store openings in 2023, for a total of 1,260 stores by the end of the year.

Kenanga Research said in its results note it maintained its FY23 forecast numbers on the home improvement retailer but raised its profit after tax projection by 11% to reflect the growing number of stores.


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