Millennium Group Corporation (Asia) Public Company Limited, together with its subsidiaries, sells automobiles, yachts, and spare parts in Thailand. The company buys, sells, rents, and provides services for automotives under various brand names. It also offers after-sales services, including sale of automotive parts, accessories, body kits, and other products; paint and body repair services; and organizes events and roadshows, as well as long and short-term car rental and chauffeur services under the Sixt Rent a Car brand name. In addition, the company provides IT services, such as infrastructure and application installation and development; consultancy services related to IT; data services; customer contact services; data center services; training and development activities; and digital marketing services comprising marketing strategy planning, campaign development, and communication with external media buyers. Further, it is involved in management consulting services; sale and maintenance of cars, motorcycles, yachts, and boats; aircraft sourcing; after sales services for electric vehicles; computer system installation; telephone system; computer program; human resource development; insurance brokerage, which includes leasing vehicles; and customer acquisition for private jet charter services rental. The company was founded in 1999 and is headquartered in Bangkok, Thailand. Millennium Group Corporation (Asia) Public Company Limited operates as a subsidiary of Tham Holdings Co., Ltd.
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Kasikorn Securities expects SET today in 1,610-1,630 range, recommends BBIK and MGC
Kasikorn Securities expects the SET Index today to move in a range of 1,610 to 1,630 points. The market remains concerned about inflation from high long-term borrowing costs and Brent crude oil prices swinging above 90 dollars per barrel, but government stimulus measures are helping to support the economy. The brokerage recommends buying on dips in high-profit stocks BBIK and MGC. BBIK's backlog reached a new record high of 1.1 billion baht in the second quarter of 2026, up 35 percent from the previous quarter, and the company maintains its 2026 growth target of 20 percent. Meanwhile, MGC is getting positive momentum from the case of XPENG, which is studying the possibility of setting up an electric vehicle production plant in Thailand. If the investment actually moves forward, it would be positive for related stocks such as MGC, industrial estate groups, and auto parts stocks related to the electric vehicle business.
XPeng names Thailand a strategic market, ready to deepen MGC-ASIA partnership
XPeng has designated Thailand as one of its key strategic markets and is ready to deepen cooperation with MGC-ASIA to build long-term growth. Mr. James Wu, Vice President of XPeng, said Thailand has potential from consumers, industrial structure, and the transition to intelligent and sustainable mobility, and sees MGC-ASIA as a strong partner with market understanding and automotive experience. The two sides will develop cooperation covering products, sales, after-sales service, charging, digital services, and customer experience, and will also be open to studying deeper collaboration such as localization and supply chain development, so that XPeng can become part of the intelligent mobility ecosystem of Thailand and the ASEAN region.
MGC confident Q3 2026 will be bright, joining hands with XPENG on new AI SUV, pushing full-year revenue toward 25 billion baht target
Millennium Group Corporation Asia, or MGC, expects its business trend in the third quarter of 2026 to keep growing from the same period last year, supported by a backlog of vehicle deliveries across various models, the gradual launch of new models, and the combined strength of its group businesses including Alpha X auto lending, Howden Maxi insurance, and after-sales services, to drive full-year 2026 revenue toward the 25 billion baht target after the first half of this year already reached about 14.7 billion baht. Most recently, XPENG Thailand launched the new L03, the latest next-generation AI SUV with a sporty coupe style, as the world's first right-hand-drive version, and aims to expand its after-sales service network from 20 locations to 30 nationwide within this year.
Yuanta recommends buying MGC with target of 20.20 baht, eyeing MONA L03 launch
Yuanta Securities recommends buying MGC, or Millennium Group Corporation Asia, maintaining a target price of 20.20 baht after second-quarter 2026 normalized profit reached a new high of 359 million baht, up 26.9% quarter-on-quarter and 524.9% year-on-year. Revenue came in at 8.652 billion baht, up 43.7% quarter-on-quarter and 83.4% year-on-year, supported by accelerating deliveries of XPENG and ZEEKR vehicles. However, gross margin fell to 11.6% from 14.6% in the previous quarter because the company only began consolidating the financial statements of its Chinese electric vehicle distribution business from the third quarter of 2025. The company announced an interim dividend of 0.24 baht per share, with the XD date on August 26. Third-quarter 2026 net profit is expected to remain high year-on-year at 300 to 320 million baht. Although it is the low season, there were 2,141 electric vehicles awaiting delivery as of August 8, comprising 1,429 XPENG units and 310 BMW and MINI units combined. The fourth quarter is the peak season of the year, with upside from three new XPENG models expected to launch, the first being the L03 on August 18, which is not yet included in estimates. The stock currently trades at a low 2026 price-to-earnings ratio of just 7 times and offers a full-year dividend yield of no less than 6%. Technically, the price has a chance to recover after falling to test the 50-day moving average support around 7.50 baht, with resistance assessed at 9.50 to 10.00 baht.
MGC Q2 2026 profit surges 554%, hitting record high for fourth straight quarter; board approves dividend of 0.24 baht
Millennium Group Corporation Asia Public Company Limited, or MGC, reported second-quarter 2026 net profit surged 554% compared with the same period last year, setting a new record high for the fourth consecutive quarter. The board of directors also approved an interim dividend payment of 0.24 baht per share, reflecting strong operating performance from the electric vehicle business and related businesses.
MGC targets record performance this year, with Chinese EVs as flagship
Millennium Group Corporation Asia, or MGC, is targeting record-breaking performance this year, supported by a backlog of over 2,000 vehicle orders, the continuous launch of new models from XPENG, ZEEKR, and BMW in the second half of the year, and a recovery in the car rental business driven by rising tourist numbers. Group CEO Sanhawut Thamchuanviriya said that Chinese electric vehicles under the XPENG and ZEEKR brands will be the core revenue driver, with total EV registrations in Thailand this year expected to reach 200,000 units, accounting for 30 to 35 percent of the overall market. In addition, MGC has been entrusted with providing vehicles for the IMF-World Bank Group Annual Meetings and plans to open new branches in provincial areas starting from October.
MGC plunges 20.41% after Finance Ministry prepares to propose cabinet review of EV import taxes
MGC shares tumbled 20.41% to 7.80 baht following reports that Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas has ordered the Excise Department to review and raise import taxes on electric vehicles, with plans to submit the proposal to the cabinet by September 2026. Currently, the tax gap between domestic assembly at 2% and imports at 10% stands at 8%, while the auto parts association is calling for a widening to between 30% and 50%. Importers estimate that if the rate is adjusted to 32%, retail prices could rise by 25% to 30%, and they are requesting that enforcement be postponed until after 2030. Krungsri Securities views this issue as neutral for parts manufacturers but negative for distributors of Chinese electric vehicles. MGC, which is the distributor for XPENG and ZEEKR and still has no production base in Thailand, is directly and negatively impacted.
Government Plans to Raise Import Taxes on EVs, Impacting MGC-ASAP Stocks, Benefiting KGEN
The government is considering restructuring excise tax rates for electric vehicles, with a plan to impose higher taxes on imported EVs that lack a manufacturing base in Thailand. Meanwhile, operators that set up factories and use domestic production networks will receive greater benefits. The proposal is expected to be submitted to the cabinet within September. Analysts from Yuanta Securities Thailand noted that this issue negatively affects MGC and ASAP stocks, which import EVs for sale, but is positive for KGEN, as it has a production base in Thailand and directly holds shares in domestic factories. Parts manufacturers have proposed increasing the tax differential between imported and domestically produced EVs to at least 30 to 50 percent, up from the current roughly 8 percent. This would enhance the advantage of domestically produced vehicles and encourage EV makers to use local supply chains more, benefiting Thai parts makers such as AH, SAT, STANLY, and EPG. SAT is highlighted as a top pick with a buy recommendation and a target price of 18.80 baht per share.
MGC rises 2% as broker forecasts Q2 record profit of 350 million baht, target 20.20 baht
MGC shares rose 2.51% to 10.20 baht during morning trading today, with turnover of 84.31 million baht. Yuanta Securities Thailand estimates that normalised profit for the second quarter of 2026 will hit a record high of 350 million baht, up 24% from the previous quarter and 509% from the same period last year, driven by accelerated deliveries of XPENG and ZEEKR electric vehicles. For the 2026 to 2027 outlook, normalised profit is forecast at 1.272 billion baht, up 86% from the previous year, and 1.447 billion baht, up 14%, respectively, supported by a full-year contribution from Neo Mobility, XPENG sales growth, the gradual launch of three to four new models from the second half of 2026 to the first half of 2027, and a significant improvement in gross margin. Yuanta Securities views MGC as transitioning from a car distributor to a dealer of future technology products, with the XPENG partnership potentially extending into the humanoid robot business in the future, which is not yet included in current estimates and therefore represents upside risk to earnings forecasts. The broker initiates coverage with a buy recommendation and a target price of 20.20 baht, highlighting a dividend yield of around 7% per year and a 2026 price-to-earnings ratio of just 6.6 times.
MGC reports first-half XPeng deliveries of over 3,700 units, matching full-year 2025 total
MGC disclosed that in the first half of 2026, it delivered close to 3,700 XPeng vehicles, matching the total deliveries for the full year 2025, and expressed confidence that second-half deliveries will remain on track, targeting full-year sales to double amid still-strong electric vehicle demand, while supply issues are easing and waiting times are shortening. On the after-sales side, the company has signed an MOU with TVS SCS to expand its parts warehouse to 3,000 square metres, increase parts listings to over 6,000 items, and plans to grow its service centres from 20 to 30 nationwide by the end of 2026 to support the current on-road fleet of around 7,000 vehicles.