Home Product Center (HMPRO TB) is Thailand and Southeast Asia’s largest retailer of home improvement products and services. It has 66 stores of over 450,000 sqm, with each store ranging in size from 6,000 to over 10,000 sqm. HMPRO was established on Jun 1995 in a JV between Land & Houses (SET: LH TB, MV $3.4bn) and American International Assurance, with the first store opened in Rangsit, Bangkok, in Sep 1996. Land & Houses (LH) group has a 50% stake in HMPRO. LH is the leading property developer and home builder in Thailand and its controlling owner is Anant Asavabhokhin. HMPRO has the #1 market share at 40% in the modern trade format in Thailand’s home improvement market and an overall 16% market share. HMPRO was listed on the Stock Exchange of Thailand (SET) on Oct 2001.

What Makes It a Wide-Moat Business?

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