KGI Securities (Thailand) has provided an assessment of Moshi Moshi Retail Corporation Public Company Limited (SET: MOSHI), highlighting the company’s established expertise in the lifestyle retail sector.
Since entering the market in 2016, MOSHI has focused on offering a diverse range of everyday lifestyle products under the “Moshi Moshi” brand, which covers 13 different product categories. Over the past decade, MOSHI has demonstrated its capability to adapt and grow within the competitive retail landscape, outperforming peers such as DAISO and Miniso by successfully expanding its store network instead of downsizing.
As of the end of the second quarter of 2026, MOSHI operated 207 stores, up significantly from 106 stores at the close of 2022. This robust expansion is accompanied by consistent improvements in profitability, with the company’s gross margin rising to 55.7% in 2025 from 55.4% in 2022. Despite facing new and established competitors, MOSHI’s continuous network growth and strengthened operational performance underscore its competitive advantages.
Looking ahead, KGI Securities anticipates MOSHI will sustain solid earnings growth—projected at about 11% year-over-year for 2026 and 2027. This growth is expected to be underpinned by sales increases of 13% in 2026 and 10% in 2027, alongside further gross margin improvements of around 10 basis points annually.
The company’s plan to expand by approximately 20-30 stores per year is considered achievable, especially when benchmarked against larger competitors like MR. D.I.Y. Holding (Thailand) (MRDIYT), which operated 1,129 stores as of 2Q26.
Notably, the market’s sustained dynamism is affirmed by the entry of additional players over the past five years and aligns with expectations from global industry experts that predict a compound annual growth rate of 15% for the chain-store home decoration and lifestyle segment between 2024 and 2029.
For valuation, KGI assigns MOSHI a price-to-earnings ratio of 18.5x, which is 0.5 standard deviations above the historical average of global peers. This places MOSHI at a premium to local comparables such as Dohome (DOHOME) at 17x, Siam Global House (GLOBAL) at 18x, and Home Product Center (HMPRO) at 16x, but at a slight discount to MRDIYT.
The valuation premium reflects MOSHI’s proven track record in store expansion and consistent margin improvements, its anticipated strong earnings trajectory, and its robust balance sheet with a net cash position.
However, the modest discount to MRDIYT takes into account the higher earnings volatility associated with lifestyle-oriented products, which can be more susceptible to economic slowdowns. With these factors in mind, KGI initiates coverage on MOSHI with an ‘Outperform’ rating and sets a target price for the first half of 2027 at THB 44.00 per share.
