MAGURO GROUP PUBLIC COMPANY LIMITED

Kasikorn Securities reported that combined normalized profit of five listed restaurant companies in the second quarter of 2026 was 281 million baht, down 29.0% from a year earlier, pressured by negative same-store sales growth and lower gross margin, but up 18.7% from the previous quarter. M and ZEN posted combined normalized profit of 230 million baht, down 19.6% year-on-year but up 28.7% quarter-on-quarter. OKJ recorded a normalized loss of 25 million baht as same-store sales growth fell 29.6%. MAGURO delivered the strongest profit growth at 23.4%. Kasikorn Securities maintained a negative view on the restaurant group amid weak demand and price competition, and prefers M over ZEN because of clearer earnings recovery prospects. M trades at a 2026 price-to-earnings ratio of 20.6 times and offers a dividend yield of 4.9%.

Maguro Group Public Company Limited, or MAGURO, revealed its business outlook during an Opportunity Day event, saying third-quarter 2026 results will grow both year-on-year and quarter-on-quarter. Same-store sales are expected to be close to the second quarter of 2026, when the company posted net profit of 39.62 million baht, up 23.44 percent, and revenue of 577.80 million baht, up 29.10 percent. The company targets opening at least 20 new branches per year in 2026 and 2027, focusing mainly on the KAPPOU and HITORI SHABU brands, and plans to launch Age.3, a Japanese fried sandwich shop, at Dusit Central Park in October 2026. It is also studying the development of ready-to-eat and frozen food products for sale through retail channels.

Krungsri Securities maintains a Buy recommendation and a target price of 25.0 baht for MAGURO, viewing the plan to expand branches and add brands with 16 new locations in the second half of 2026 as the key driver for 2026 revenue growth of 30% from the previous year. Although same-store sales remain negative due to weak purchasing power and the full-quarter impact of the Thai Chuay Thai Plus measures, revenue still grows from branch expansion and new brands. The company currently has 58 branches and is expected to have 73 by the end of 2026, along with the launch of five new brands: Chopman, Ippe Koppe, Kaiten Sushi Ginza Onodera, Laii, and Age.3. Net profit in the first half of 2026 was 74 million baht, up 14% from the previous year, accounting for 57% of the full-year net profit estimate of 130 million baht, which has a chance of being revised up by 15 to 20% given the better second-half trend.

Maguro Group Public Company Limited, or MAGURO, reported second-quarter results for fiscal 2026 with total revenue of 578 million baht, up 29% from the same period last year, and net profit of 40 million baht, up 23%. The main driver was branch expansion to 58 locations, an increase of 13 branches over the past year, representing 29% growth in store count, even as same-store sales softened by about 6% amid cautious purchasing power. Gross margin was 48.3%, down slightly from 48.7% a year earlier, while EBITDA came in at 286 million baht, up 38%, for an EBITDA margin of 25.1%. For the third quarter of fiscal 2026, the company expects continued growth. It opened Kaiten Sushi Ginza Onodera, the largest premium conveyor-belt sushi flagship in Asia, at CentralWorld on July 28, with capacity for up to 30,000 customers per month and bookings fully filled through September, which is expected to generate additional revenue and significantly attract new customers to the group.

Maguro Group Public Company Limited reported results for the first six months of 2026 with total revenue of 1.139 billion baht and net profit of 74 million baht, up 14% from the same period last year, driven mainly by continued rapid store expansion over the past year. In the second quarter of 2026 alone, the company posted total revenue of 578 million baht, up 29% year on year, and net profit of 40 million baht, up 23% year on year. Over the past year, the company opened 13 new stores, taking its network from 45 stores in the second quarter of 2025 to 58 stores in the second quarter of 2026, an increase of 29%. Although same-store sales softened by about 6% amid weaker purchasing power, the new customer base from new stores and new brands helped offset the impact well. Gross margin in the second quarter of 2026 was 48.3%, down slightly from 48.7% in the same period last year, while earnings before interest, tax, depreciation and amortisation came to 286 million baht, up 38% year on year, representing an EBITDA margin of 25.1%. The company expects its performance trend in the third quarter of 2026 to continue growing both year on year and quarter on quarter, with several new store openings planned, led by Kaiten Sushi Ginza Onodera, a premium conveyor-belt sushi restaurant from Japan's Onodera Group, which officially opened on 28 July at CentralWorld, 7th floor. It is the brand's largest flagship store in Asia, with capacity for up to 30,000 customers per month, and reservations are fully booked through September. In addition, the company continues to expand its product and brand portfolio, including a partnership with Yotei under Seaconbev to launch Yotei Light Ume at 69 baht, and is preparing to launch new brands in the second half of the year, including Thang Lai, a contemporary northeastern Thai restaurant opening on 1 September at Nirvana Porch on Krungthep Kreetha Road, and Age.3, a famous fried-snack brand from Ginza, Japan, which will open its first branch in Thailand at Dusit Central Park in October.

Maguro Group Public Company Limited, or MAGURO, has announced the launch of a new brand, “Lhai”, a contemporary Isaan and Thai restaurant. The first branch is scheduled to open on 1 September 2026 at Nirvana Porch, Krungthep Kreetha. Chief Executive Officer Jakkrit Saisomboon revealed that this launch is the result of nearly two years of development, aimed at expanding the business from a leader in Japanese and Korean restaurants to a full-service restaurant group. The “Lhai” brand offers authentic, bold Isaan dishes, such as som tum starting at 89 baht, single-dish meals starting at 109 baht, and pork jaew horn starting at 359 baht, using premium ingredients and special techniques like a closed-system charcoal grill from Germany and hours-long meat marination.

Analysts at Finansia Syrus Securities assess that the SET Index in August 2026 has a chance to rise and test key resistance at 1,680 to 1,700 points, maintaining a positive view as long as the index holds above 1,580 to 1,600 points. They have also raised the index target to 1,710 points by mid-2027, based on an estimated average earnings per share of 100.5 baht and a target price-to-earnings ratio of 17 times. Second-quarter 2026 net profits of Thai listed companies are expected to decline 7% from the previous quarter and 10% from the same period last year, pressured by banking, energy, transport, and property sectors, while electronics, petrochemicals, packaging, and telecoms show better trends. Analysts also believe foreign fund inflows into the Thai stock market will continue, as foreign ownership excluding DELTA remains below past peaks. For the August strategy, they recommend selective investment in stocks with standout second-quarter 2026 results and bright second-half outlooks, highlighting picks such as BTG, ITC, MAGURO, SJWD, and STA.

Maguro Group Public Company Limited, or MAGURO, is set to officially open Kaiten Sushi Ginza Onodera, a premium conveyor-belt sushi restaurant from Japan's ONODERA GROUP, for the first time in Thailand on 28 July 2026 at CentralWorld shopping centre, 7th floor. This branch is the largest flagship store in Asia, capable of serving up to 30,000 customers per month, under a franchise agreement between MAGURO GROUP and ONODERA GROUP, marking the brand's first international franchise expansion since its founding. The restaurant highlights premium-quality ingredients and fresh, made-to-order sushi techniques that elevate the conveyor-belt sushi experience to match omakase restaurants at accessible prices, with menus starting at just 40 baht and signature items such as high-quality tuna from Yamayuki priced in the low hundreds of baht. Additionally, MAGURO GROUP plans to expand with a second and third branch consecutively in 2027.

MAGURO is confident that revenue in 2026 will grow by more than 30 percent, supported by economic stimulus and tourism measures. In the second half of the year, the company will push ahead with opening 13 new branches and launching new restaurant brands covering Japanese food, Thai food, and desserts. Most recently, it is preparing to open Kaiten Sushi Ginza Onodera, a premium conveyor-belt sushi brand, at centralwOrld shopping centre, which is expected to generate sales equivalent to four typical branches and serve as a key revenue engine towards the end of the year. The company is also benefiting from lower raw material costs, especially salmon prices returning to normal levels, helping margins recover. Meanwhile, its provincial expansion plan will begin in Pattaya with the Hitori Shabu brand, before extending to MAGURO and then moving into other major cities.

MAGURO has launched a new brand, Kaiten Sushi Ginza Onodera-Age.3, to boost its second-half 2026 performance and achieve strong growth, along with plans to open eight additional branches in the third quarter of 2026, pushing the total number of branches to between 68 and 73 by year-end. Brokers maintain a buy recommendation with a target price of 21 baht, expecting net profit in the second quarter of 2026 to reach 37 million baht, up 14 percent from a year earlier and 7 percent from the previous quarter, supported by robust revenue growth to 582 million baht, an increase of 30 percent from a year earlier and 4 percent from the previous quarter, driven by the opening of four new branches in the second quarter of 2026, bringing the total branch count to 58. Analysts expect second-half 2026 profit to accelerate growth both year-on-year and compared to the first half, supported by continued branch expansion, revenue recognition from new branches and brands, and improved operating leverage, while maintaining the full-year 2026 profit forecast at 165 million baht, up 11 percent from a year earlier.

Asia Plus Securities, or ASPS, recommends investment strategies for volatile markets, focusing on Energy Hedge plays that benefit from oil prices and geopolitical risks, including PTTEP, BCP, TOP, and IVL, alongside safe-haven stocks. It highlights PTTEP, BCP, and MAGURO as top picks for Thai stocks, while for international exposure it favors BABA80 and SPENGY80. Additionally, it suggests SIRI, GULF, and GFPT as other interesting stocks. ASPS sees an opportunity to rotate investments from AI infrastructure plays to downstream users such as Apple, Meta, Alphabet, Xiaomi, and Alibaba. It also flags the AMD Advancing AI 2026 event on July 23 and the IPO of CXMT on July 27, which could drain liquidity and pressure memory chip prices. On the domestic positive side, the government has attracted over 70 billion baht in foreign direct investment from four major Chinese companies. In the EV sector, Xiaomi is setting up an R&D center and Changan is expanding production capacity to 200,000 units per year by 2030. In AI and data centers, Innolight and Eoptolink are preparing to expand factories in Thailand.