บทวิเคราะห์ (Research)

(EN) MOSHI : Earnings Preview - Price has reflected the 4Q SSSG slowdown We have a Slightly positive view on 3Q25F net profit forecast of Bt141mn (+30% y-y, +5% q-q), which continues to grow despite a high base, driven by expected SSSG of +5% y-y along with margin expansion. For 4Q25F, expect profit to still grow y-y and q-q despite SSSG deceleration from the highest base period last year driven by NCT Collection success, which the price has already reflected. Recommend "Buy" with TP25F of Bt54 based on DCF. The company remains one with visible medium to long-term growth. Products and affordable pricing address the current economic structure and demonstrate quick adaptation.