Krungsri Securities expects Q3 retail earnings growth, highlights MOSHI, CRC, MRDIY

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Summary · why it matters

Krungsri Securities expects normalized profit for the retail sector in the third quarter of 2026 to grow year-on-year but decline quarter-on-quarter due to the rainy season. The year-on-year profit growth is driven by higher gross margins from product mix, promotional management, and lower transportation costs, while same-store sales are expected to be flat amid still-fragile purchasing power. The research team forecasts normalized profit for the retail sector in 2026 at 68.2 billion baht, up 9 percent year-on-year, higher than expected sales growth of 4 percent year-on-year. Excluding GLOBAL and DOHOME, which benefited significantly from low-cost inventory in the second quarter of 2026, MRDIY, MOSHI, and CRC are expected to post the strongest normalized profit growth in the sector. The firm maintains a neutral weighting on retail stocks because fragile purchasing power limits same-store sales recovery, and recommends selective plays, naming MOSHI, CRC, and MRDIY as top picks in the sector.

Impact on assets 5

Consumer Discretionary▲ · 5 stocks
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