Doesn't it look like Matsu's last bubble refer to Teetoku as "Small One" instead?
What she's saying is "See! It's small!", though.... Yeah, what's small isn't explicitly mentioned, but it's not in a format where it seems like you could construe it as saying "See! You're small!"
Puchi 960 Matsukaze-kun!
Right, I'll just be showing you proof that I'm a girl, shall I?Ahh...
nonexistent...Rather rude, aren't you?I am the 4th ship of the Kamikaze-class destroyers, Matsukaze.This girl is Massan.Again with the girly males!
That be a shipboy!You said that when it was Nowaki-chan, too...L-Look upon here!
She has... she has no chest!
Release meeee!
Matsukaze-chan, what are you going...?How's that!
Nice and small!Matsukaze-chan... I really wonder if you are a girl...