Major Cineplex Group Public Company Limited

Yuanta Securities stated that Major Cineplex Group Public Company Limited, or MAJOR, reported second-quarter 2026 net profit of 72 million baht, down 4% from the previous quarter and down 42% from a year earlier, but 17% above estimates due to better-than-expected selling and administrative expenses. The profit decline followed weaker core revenue as fewer blockbuster films were released compared with last year, while lower share of profit from investments and lower interest expenses partially offset the decline. Total revenue was 1.534 billion baht, down 5% from the previous quarter and down 21% from a year earlier. Revenue from the film business fell 28% to 743 million baht, and revenue from popcorn and beverage sales fell 32% to 355 million baht, in line with lower admissions and the shift of 34 million baht of popcorn revenue in Modern Trade to recognition through a joint venture. However, advertising revenue rose 8% to 188 million baht, and revenue from film media and licensing rose 63% to 47 million baht. Yuanta expects second-half 2026 results to recover from the first half and return to growth from a year earlier, driven by a higher number of film releases from both Thai and major Hollywood studios. Thai films this year are expected to total around 64 releases, up from 55 last year, while key Hollywood films such as Spider-Man: Brand New Day, Avengers: Doomsday and The Hunger Games: Sunrise on the Reaping are expected to help draw audiences. Yuanta recommends buy, noting the current price trades at a PER of only 10.7 times, below the 10-year historical average of 18 times, and maintains a 2026 target price of 8.80 baht.

Major Cineplex Group has joined forces with Max Solution Service, a subsidiary of PTG Group, to add a payment channel for movie tickets through Max Me Wallet on the Max Me app, E-Ticket kiosks, and the Major App, with instant Max Point accumulation. For every 100 baht spent, Max Card members who sign up from 1 November 2025 onwards will immediately receive 10 Max Card points. Max Card Plus, Max Card Plus EV members with an annual fee of 599 baht, and Max Card Premier members with a free annual fee also enjoy additional benefits: a combo set of 64-ounce popcorn and 32-ounce drink for 99 baht, down from the regular 310 baht, limited to 100,000 privileges from 4 August 2026 to 31 October 2026, and a 100-baht movie ticket discount by redeeming 450 points for one seat priced at 120 baht or above, limited to 16,500 privileges from 4 August 2026 to 31 December 2026.

Major Cineplex Group, or MAJOR, has announced a partnership with CJ 4DPLEX to screen the film Spider-Man: Brand New Day in SCREENX with Shot for SCREENX for the first time in the world. The film was shot using Arri Alexa 265 and Sony Venice 2 cameras to support projection on a 270-degree panoramic three-screen setup, featuring side-expanded scenes lasting over 80 minutes out of a total runtime of approximately 136 minutes. It will be screened exclusively at the SCREENX Paragon Cineplex with 293 seats and Mega Cineplex with 240 seats on July 30, 2026, along with promotions and limited edition souvenirs for special screening attendees.

Major Cineplex Group has joined forces with Amazing Thailand, through the Tourism Authority of Thailand, to launch the “Thai Thai Travel with Films” campaign, aimed at driving the creative economy and promoting Thai films as a soft power. The campaign invites film lovers and tourists to travel to filming locations of Thai movies in both major and secondary cities, and to participate in a photo contest for a chance to win exclusive accommodation prizes across three provinces, along with 300 free movie ticket prizes totaling 600 seats, from July 22 to September 17, 2026. Narut Chearasanong, Executive Vice President of Advertising Media at Major Cineplex Group, said the company is ready to support the Thai film industry as a strong soft power and encourages film lovers to become ambassadors showcasing Thailand’s beauty through film-inspired tourism. Nithi Siprae, Deputy Governor for Marketing Communications at TAT, stated that this collaboration is a proactive marketing effort targeting film enthusiasts, aiming to stimulate domestic travel and distribute income to attractive cities that serve as Thai film locations. The activity is divided into three rounds over three months, with the first round starting July 22 to August 15, 2026, results announced August 7, 2026; the second round from August 12 to 26, 2026, results announced August 28, 2026; and the third round from September 3 to 17, 2026, results announced September 18, 2026. Each round offers one accommodation prize and 100 movie ticket prizes, totaling 200 seats per round.

Kasikorn Securities forecasts that Major Cineplex Group will report a second-quarter 2026 normalised profit of 69 million baht, down 48.9 percent from a year earlier due to weak box-office revenue, but up 6 percent from the previous quarter. First-half normalised profit accounts for 25.5 percent of the full-year estimate. Although the second-quarter performance is disappointing, the research team expects a recovery in the second half of 2026, supported by Thai films anticipated to perform well in the fourth quarter, such as Saming Kao Kwang, Nakee 3, and Iriam Sing 2, along with more effective cost control and a gradual recovery in consumer spending. Kasikorn Securities maintains a buy recommendation and a year-end 2026 target price of 8.60 baht, citing catalysts for valuation multiple expansion including a recovery in cinema admissions, improving profit margins, and a reduced share count following the cancellation of treasury shares.