Company Coverage
Moshi Moshi (MOSHI TB): 2Q26: Results In Line; SSSG Jumps Alongside Store Expansion
BUY (Maintained)
Current price:
Target price:
Upside:
Bt40.50
Bt50.00
23.46%
Analyst
Highlights
- MOSHI reported 2Q26 net profit of Bt162m (+20% yoy), in line with our and consensus estimates. 2Q26 SSSG rose 4% yoy, the strongest among peers.
- July SSSG accelerated to 8-10% yoy, driven by improvements in traffic, basket size, and conversion rate, supported by frequent new product launches, effective marketing, and enhanced in-store experience.
- Maintain BUY with a target price of Bt50.00, based on forward PE of 20x.
Analysis
- Results in line, driven by SSSG, store expansion, and margin improvement. Moshi Moshi (MOSHI) reported 2Q26 net profit of Bt162m,
increasing 20% yoy but falling 15% qoq, in line with our and consensus forecasts. EBITDA increased 19% yoy, driven by: a) sales growth of 17% yoy to Bt956m, supported by +4.0% yoy SSSG, 36 new MOSHI stores, and a % yoy surge in online sales; b) a 30bps yoy gross margin improvement to 56.6%, supported by a higher mix of imported and higher-margin products; and partly offset by c) a 100bps yoy increase in SG&A-to-sales to 34.4%. Interest expenses remained low and broadly flat.
Highlights
- MOSHI reported 2Q26 net profit of Bt162m (+20% yoy), in line with our and consensus estimates. 2Q26 SSSG rose 4% yoy, the strongest among peers.
- July SSSG accelerated to 8-10% yoy, driven by improvements in traffic, basket size, and conversion rate, supported by frequent new product launches, effective marketing, and enhanced in-store experience.
- Maintain BUY with a target price of Bt50.00, based on forward PE of 20x.
Analysis
- Results in line, driven by SSSG, store expansion, and margin improvement. Moshi Moshi (MOSHI) reported 2Q26 net profit of Bt162m,
increasing 20% yoy but falling 15% qoq, in line with our and consensus forecasts. EBITDA increased 19% yoy, driven by: a) sales growth of 17% yoy to Bt956m, supported by +4.0% yoy SSSG, 36 new MOSHI stores, and a % yoy surge in online sales; b) a 30bps yoy gross margin improvement to 56.6%, supported by a higher mix of imported and higher-margin products; and partly offset by c) a 100bps yoy increase in SG&A-to-sales to 34.4%. Interest expenses remained low and broadly flat.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt40.50
Bt50.00
23.46%
Analyst
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