On Wednesday, the share price of Moshi Moshi Retail Corporation Public Company Limited (SET: MOSHI) in the morning session closed at THB 34.75, a THB 1.75 or 5.30% increase with a total trading value of THB 38.98 million.
Krungsri Securities (KSS) estimates that MOSHI’s revenue target for 2026 will grow in the range of 15-20% from 2025, which forecasted to grow 18% year-on-year. This is mainly driven by same-store sales growth (SSSG), which is expected to expand by 3-5%, along with a plan to open at least 35 new branches. Of these, at least 5 will be standalone branches. Meanwhile, gross margin is likely to improve due to an increased proportion of retail sales and management of the product mix for higher margins.
Selling, general, and administrative expenses (SG&A) to revenue are expected to remain at a similar level despite pressure from higher depreciation costs arising from investment in a new warehouse, as well as an increase of about 50 basis points in the marketing budget to support heightened competition, and preparations to test promotional strategies for Product Champion items to increase public awareness.
For its branch expansion plan in 2026, MOSHI targets opening 35 new branches, exceeding the original estimate of 30, and maintaining a high level from 2025, during which 39 new branches were opened.
At the same time, MOSHI continues to expand standalone branches in locations near educational institutions and communities. Currently, it operates about 7-9 such branches, and in 2026, plans to open at least 5 more.
KSS is positive about the standalone branch model, as it requires 10-20% less investment compared to standard branches (standard branches require about THB 5 million per branch) and helps broaden the customer base toward mass market segments.
The brokerage firm also sees long-term expansion potential if MOSHI accelerates the standalone branch format, which should lead to a positive market view in the medium to long term. Notably, compared to MR.DIY, which has 781 standalone branches out of over 1,072 total, with its customer base primarily in the mass market.
Overall, KSS maintains a positive outlook after meeting with MOSHI’s management, viewing the company as one of the clear growth plays—driven by rapidly adjusting SSSG, market-responsive products, and an accelerated branch expansion plan over the next three years. Profit for the next two years is expected to have a compound annual growth rate (CAGR) of around 18%.
In the short term, financial performance in 2025-2026 (fiscal year 2025) is projected to remain solid compared to the previous year, even with a high base. SSSG remains positive at 8% year-on-year. Analysts continue to recommend a “Buy” with a 2026 target price of THB 52 based on the DCF valuation method.
