As per an analysis by Krungsri Securities (KSS), Moshi Moshi Retail Corporation Public Company Limited (SET: MOSHI) is on course for strong financial results, with its adaptation and affordable product strategy allowing the company to continue expanding despite same-store sales growth (SSSG) slowdown.
For the third quarter of 2025, Krungsri forecasts MOSHI’s net profit at THB 141 million—a 30% year-on-year and 5% quarter-on-quarter increase—driven by expected SSSG of 5% year-on-year. Revenue is projected to reach THB 861 million, up 17% year-on-year and 6% quarter-on-quarter, with gross margin at 55.5%.
Top-performing product categories are toys, stationery, and cosmetics, aided by new product launches and the addition of 29 stores so far this year. While the SG&A/sales ratio is expected to rise to 33.7% as marketing and administrative expenses increase, profitability remains solid.
Should third-quarter earnings meet expectations, MOSHI’s profit throughout the nine months of 2025 will have achieved 70% of the full-year target of THB 617 million (an 18% year-on-year increase), with a potential additional 5–7% upside from stronger margins.
Despite an anticipated slowdown in fourth-quarter SSSG, following last year’s peak from the NCT Collection, the full-year outlook remains robust. October saw SSSG dip by 11–12% year-on-year due to a high comparison base, but December is expected to see SSSG return to growth.
Although shares of MOSHI have declined by 13% over the past two months—reflecting short-term concerns about SSSG and increased competition—Krungsri Securities maintains a positive view on the company’s medium- and long-term prospects due to its visible growth from both SSSG and new stores.
The brokerage firm reiterates a ‘Buy’ recommendation for MOSHI, with a target price set at THB 54 per share.
