Company Coverage
Moshi Moshi (MOSHI TB): Stay Bullish; Strong Growth Expected In 2Q26
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt42.00
Bt50.00
19.50%
Bt47.00
Analyst
Highlights
- We continue to be bullish on MOSHI, given its leading growth outlook within the lifestyle retail segment.
- We forecast 2Q26 earnings of Bt158m (+18% yoy), driven by positive SSSG, store expansion, and gross margin improvement.
- Maintain BUY and raise target price to Bt50.00 (from Bt47.00), based on a 12-month forward PE of 20x.
Analysis
The strongest SSSG in the sector, with aggressive store expansion. We expect Moshi Moshi (MOSHI) to report strong 2Q26 earnings of Bt158m, up 18% yoy but down 17% qoq. The yoy growth is driven by positive SSSG, store expansion, and margin improvement.
We expect 2Q26 SSSG to come in at 3.8% yoy, the strongest among all retailers. Although the government's copayment scheme diverted some traffic away from shopping malls, MOSHI's strong product offerings and effective marketing strategy should help sustain solid SSSG. Key growth drivers include back-to-school products and the successful "Friends of Moshi Moshi" marketing campaign, which has strengthened brand awareness. The product strategy also remains effective, with Toy Story IP merchandise continuing to support sales. Store expansion remains on track, with 11 new stores opened in 2Q26, and more than 90% of the 2026 store opening plan already secured. We expect 2Q26 gross margin to expand by 80bps yoy to 55.8%, supported by a higher contribution from high-margin retail formats. Meanwhile, SG&A to-sales is expected to increase due to higher lease and rental expenses.
Highlights
- We continue to be bullish on MOSHI, given its leading growth outlook within the lifestyle retail segment.
- We forecast 2Q26 earnings of Bt158m (+18% yoy), driven by positive SSSG, store expansion, and gross margin improvement.
- Maintain BUY and raise target price to Bt50.00 (from Bt47.00), based on a 12-month forward PE of 20x.
Analysis
The strongest SSSG in the sector, with aggressive store expansion. We expect Moshi Moshi (MOSHI) to report strong 2Q26 earnings of Bt158m, up 18% yoy but down 17% qoq. The yoy growth is driven by positive SSSG, store expansion, and margin improvement.
We expect 2Q26 SSSG to come in at 3.8% yoy, the strongest among all retailers. Although the government's copayment scheme diverted some traffic away from shopping malls, MOSHI's strong product offerings and effective marketing strategy should help sustain solid SSSG. Key growth drivers include back-to-school products and the successful "Friends of Moshi Moshi" marketing campaign, which has strengthened brand awareness. The product strategy also remains effective, with Toy Story IP merchandise continuing to support sales. Store expansion remains on track, with 11 new stores opened in 2Q26, and more than 90% of the 2026 store opening plan already secured. We expect 2Q26 gross margin to expand by 80bps yoy to 55.8%, supported by a higher contribution from high-margin retail formats. Meanwhile, SG&A to-sales is expected to increase due to higher lease and rental expenses.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt42.00
Bt50.00
19.50%
Bt47.00
Analyst
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