บทวิเคราะห์ (Research)

MOSHI reported impressive 4Q24 results, with revenue surpassing the THB1b milestone (+42% q-q, +33% y-y), driven by festive season demand and SSSG of 3.85%. The company’s GPM improved to 53.3%, up from 52.8% in 3Q24, despite a 1.5% margin dilution from the Sanrio exhibition. The festive quarter provides significant operating leverage benefits, as fixed costs—such as distribution and administrative expenses—remain stable despite increased sales volumes. This operational efficiency, combined with heightened seasonal demand, resulted in a net profit of THB206m (+90% q-q, +36% y-y). We recommend a BUY for MOSHI with a TP of THB55, 2025E P/E of 27x, which aligns with its historical average. This valuation reflects MOSHI's exceptional management quality, its ability to adapt swiftly to market changes, and its consistent edge over competitors.