Kasikorn Securities (KS) is optimistic about the third-quarter performance of Moshi Moshi Retail Corporation Public Company Limited (SET: MOSHI), citing a positive sentiment driven by a robust same-store sales growth (SSSG) in September. The company outperformed its peers with an impressive 8-9% growth in September, leading the analyst to project a 5.8% SSSG in 3Q24.
During the third quarter, MOSHI successfully opened eight new branches, with seven located within department stores and one following a standalone model. The analyst predicted a potential uptick in Moshi’s gross profit margin (GPM) compared to the previous quarter after the company addressed issues related to sluggish supply.
Looking forward, MOSHI is expected to maintain its growth trajectory in the medium- and long-term, with the potential to double its branch network, though concerns about increasing competition persist.
Therefore, Kasikorn Securities gave an appropriate price for MOSHI at THB 55 per share.
