The Company mainly operates retail lifestyle products business which has varieties and trendy products, focusing on the quality of product with a reasonable price under the name "Mosh Moshi"
| 6M24 | 6M23 | 2023 | 2022 |
|---|
| Revenues | 1,336.73 | 1,161.03 | 2,543.26 | 1,895.89 |
| Expenses | 1,056.63 | 930.54 | 1,994.88 | 1,553.63 |
| Net Profit (Loss) | 206.59 | 168.62 | 401.51 | 253.17 |
| Assets | 3,679.04 | 3,108.45 | 3,643.02 | 2,801.45 |
| Liabilities | 1,672.84 | 1,359.41 | 1,661.10 | 1,191.04 |
| Shareholders' Equity | 2,006.20 | 1,749.04 | 1,981.93 | 1,610.42 |
| Operating | 297.65 | 239.88 | 718.58 | 554.52 |
| Investing | 71.27 | -801.98 | -1,113.20 | -98.48 |
| Financing | -342.93 | -139.67 | -266.02 | 61.79 |
| EPS (Baht) | 0.63 | 0.51 | 1.22 | 1.05 |
| GP Margin (%) | 53.99 | 52.86 | 53.37 | 52.42 |
| NP Margin (%) | 15.46 | 14.52 | 15.79 | 13.35 |
| D/E Ratio (x) | 0.83 | 0.78 | 0.84 | 0.74 |
| ROE (%) | 23.41 | 16.94 | 22.35 | 19.75 |
| ROA (%) | 18.24 | 13.26 | 17.48 | 14.54 |
Drives "Offering quality lifestyle products at affordable prices to consumers by focusing on product development, data-driven, sustainable partnership" with the following strategies ;
1. Distribution Channel Expansion: Accelerate Moshi Moshi retail store network expansion to cover 60 provinces by 2024, increasing new store target from 20 to 33, totaling 156 stores, to meet growing demand for lifestyle products.
2. Product Development: Focus on continuous innovation of fresh, appealing products that align with target customer trends, maintaining competitive edge and encouraging repeat purchases.
3. Customer Experience Enhancement: Improve customer journey and in-store experience through enhanced visual merchandising, impactful displays, and attractive store designs, creating memorable shopping experiences.
4.Brand Awareness Strengthening: Increase marketing investments across online and offline channels, coupled with effective promotional campaigns, to bolster brand recognition and achieve revenue targets.
5.Profit and Cost Optimization: Enhance profitability through high-margin product promotion, cost-effective development, and operational efficiency. Expand premium offerings and leverage licensed merchandise while streamlining processes to improve overall financial performance.
6.New Business Opportunity Exploration: Actively seek new ventures to diversify customer base, explore potential international markets, and leverage merchandise expertise to develop new businesses aligned with core competencies.
We are committed to operate business in line with a sustainable development approach. We consider all relevant stakeholders as well as take care of the Economy, Society, and Environment with good governance principle under 4 sustainable strategies 1.Right product and service 2. Well-being for all 3. Green Operation 4. Effective Governance
In 2Q24, the company's net profit was 81.21 MB, decreased 3.6% YoY due to temporary product shortages and ongoing business expansion. However, product shortage issue had been solved and resumed to normal. In 1H24, net profit increased 20.8% YoY. This growth was supported by increased sales of high-margin products, economies of scale from branch expansion, and improved cost management efficiency. The company expects better results from operational efficiency improvements in the coming periods
Operating Revenues was 1,328.34 MB in 1H24, increased by 173.37 MB or 15.0% YoY, driven by 40 new stores, SSSG was -4.0% due to inventory issue early in the year.
Gross Profit and Gross Profit Margin 1H24, GP was 717.17 MB, increased by 106.62 MB or 17.5% YoY mainly due to retail business expansion and improvement in high-margin product mix. GPM was 54.0% improved from 52.9%.
Selling Expenses was 395.30 MB in 1H24, increased 56.80 MB or 16.8% due to the increase in staffs and rental/service costs consistent with branch expansion and promotion expense. Selling expenses to total revenues was at 29.6%, slightly increased from 29.2% in 1H23.
Administrative Expenses was 50.16 MB in 1H24, increased by 2.55 MB or 5.3% due to increased staffing and annual salary adjustments. admin expenses to total revenues was 3.8%, improved from 4.1% in 1H23.
Net Profit and Net Profit Margin 1H24, Net profit was 206.59 MB, increased by 35.64 MB or 20.8% This growth was supported by increased sales of high-margin products, economies of scale from branch expansion, and improved cost management efficiency, resulting in an improved net profit margin.
Key Milestones for the periods 2Q24
Branch Expansion In 2Q24, opened a total of 11 new branches under the Moshi brand, 2 standalone branches and closed 1 branch due to the landlord's area development plans. At the end 2Q24, the company had a total of 145 branches under the Moshi brand, including 3 standalone branches to cover 57 provinces.
Product/Service Development: The company places great emphasis on in depth analysis of changing consumer lifestyles to offer products/services that precisely meet customer needs. For 2Q24, the company developed over 3,000 new SKUs for example seasonal products like stationery and products for specific customer such as art toys and licensed products.
Inventory Management: In 2Q24, the company faced manufacturing delays due to labor constraints, temporarily impacting revenue. To address this, the company enhanced its order tracking system and expanded its network of overseas manufacturers. These improvements have normalized the situation, better preparing the company for future supply chain challenges.
has established a Risk Management Policy and Framework applicable to the corporate and operational levels in order to manage and maintain risks at an acceptable level (Risk Appetite).The Risk Management framework and process are aligned with the integrated framework of the COSO However, has fully considered different significant business risks in line with its risk management guidelines, namely Strategy Risk, Operational Risk , Financial Risk, Compliance Risk, Emerging risk and Sustainable Risk
- SET Awards, Business excellence , Deal of the year form the SET
- Thailand Top CEO Y23 in Rising Star from Business Plus Magazine
| as of 28/06/24 | MOSHI | COMM | SET |
|---|---|---|---|
| P/E (X) | 34.60 | 24.81 | 17.05 |
| P/BV (X) | 7.19 | 1.80 | 1.22 |
| Dividend yield (%) | 1.30 | 2.31 | 3.53 |
| 28/06/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 15,262.50 | 17,655.00 | 10,950.00 |
| Price (B/Share) | 46.25 | 53.50 | 36.50 |
| P/E (X) | 34.60 | 47.90 | 49.81 |
| P/BV (X) | 7.19 | 9.65 | 4.66 |
