KGI: MAGURO Stands Out, AU-M Await Recovery

Analyst

โดย HoonVision·

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Summary · why it matters

KGI Securities notes that the Thai restaurant market continues to grow, but same-store sales growth (SSSG) in July remained mostly negative, reflecting weak purchasing power and intense competition. MAGURO is the only leader in growth with both revenue and profit rising simultaneously, while AU and M are still awaiting recovery. OKJ faces weak demand and declining profits. The research department expects total net profit for 2026F to be 1.19 billion baht, down 9% YoY, before recovering 18% in 2027F. It selects MAGURO as the top pick with a target price of 25 baht, while M has a target price of 26 baht and AU a target price of 4.42 baht.

MAGURO GROUP PUBLIC COMPANY LIMITED ▲

After You Public Company Limited ▼

MK Restaurant Group Public Company Limited ▼

Pluk Phak Praw Rak Mae Public Company Limited ▼

Impact on stocks 4

Consumer Discretionary± Mixed · 3 stocks

MAGURO GROUP PUBLIC COMPANY LIMITED

▲ PositiveDemandrelevance

Only leader with both revenue and profit rising, top pick with target price 25 baht.

After You Public Company Limited

▼ NegativeDemandrelevance

Weak purchasing power and intense competition lead to negative SSSG, awaiting recovery.

MK Restaurant Group Public Company Limited

▼ NegativeDemandrelevance

Same-store sales growth negative due to weak demand and competition, awaiting recovery.

Consumer Staples▼ · 1 stocks

Pluk Phak Praw Rak Mae Public Company Limited

▼ NegativeDemandrelevance

Weak demand and declining profits, not mentioned as recovering.