MOSHI : Clear growth potential We maintain a positive outlook following the analyst meeting, identifying the company as a standout performer with clear growth potential. In the short term, quarterly same-store sales (SSSG) remain strong at 7-8% y-y, the highest within the sector. The long-term strategy demonstrates an aggressive expansion approach over the next 2-3 years, including experimental standalone store formats and opportunities to expand customer base with limited competitive risks.