ASL Securities rates MOSHI, expecting continued growth in the third quarter of 2026, driven by accelerating same-store sales growth, or SSSG. Management said SSSG in early 3Q26 was in the high-single-digit range, accelerating from positive 4.0% in 2Q26, reflecting improved purchasing power and a better response to new products, along with store expansion and marketing activities. These are expected to support revenue and profit growth year on year. Meanwhile, 4Q26 has additional support from year-end holiday spending. The company maintained its 2026 revenue growth target of 15-20%. First-half 2026 operating revenue was 1.94 billion baht, up 17.3% year on year, with net profit of 352.8 million baht, up 21.5% year on year. The company targets full-year SSSG of 3-5% and 35 new store openings, of which 17 opened in the first half, with plans to open another 10 in the third quarter; it has already secured locations for the full-year plan. The gross profit margin in 2Q26 was 56.4%, up from 55.0% a year earlier, helped by a higher share of retail and imported products with better margins. It targets a 2026 GPM of 54.5-57.5%, plans to launch more than 1,000 new SKUs per month, and is using Billkin as a brand presenter to expand its customer base. However, marketing expenses and online channel fees bear watching, as they could pressure the net profit margin. The JUMP+ plan targets revenue growth of 15-20% per year during 2026-2028, and the company is investing in a second warehouse, expected to begin operations between late 1Q27 and early 2Q27 to improve logistics efficiency. The stock is seen as a retail play with continued profit growth prospects.
Moshi Moshi Retail Corp. PCLASL Securities sets a 36.25 baht target on MOSHI, citing accelerating 3Q26 same-store sales and continued profit growth.
