Yuanta maintains Buy on MAGURO with a 24.10 baht target, betting on a record profit in the second half

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โดย thunhoon.com·TH·Read original
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Yuanta Securities (Thailand) said Maguro Group Public Company Limited, or MAGURO, posted normalised profit of 40 million baht in the second quarter of 2026, up 15.8% quarter-on-quarter and 24.9% year-on-year, putting first-half 2026 normalised profit at 44.3% of the full-year profit forecast. Second-quarter 2026 revenue came in at 578 million baht, up 3.0% quarter-on-quarter and 29.1% higher year-on-year. Although same-store sales fell 5.5% year-on-year on weak domestic purchasing power, revenue still grew thanks to 13 more branches than a year earlier, with five new branches opened in the quarter: one new IPPE KOPPE outlet at Central World, one Kiwamiya, two Hitori Shabu and one BINCHO. The gross margin stood at 48.3%, above the expected 46.4%, helped by higher capacity utilisation and reduced promotional activity. The company also declared an interim dividend for first-half 2026 results of 0.29 baht per share, a dividend yield of 1.6%, with the ex-dividend date on 28 August 2026 and payment on 11 September 2026. The research team expects normalised profit to return to a new high in the third quarter of 2026, driven by the accelerated opening of more than eight new branches. These include one outlet of the new flagship brand Kaiten Sushi Ginza Onodera at Central World, which has been open since late July 2026 and has been received quite well, with spending per head estimated at about 1,500 baht and expected to generate roughly 10 million baht in revenue per month under a conservative forecast, plus two more Kiwamiya branches and five other branches spanning the MAGURO, BINCHO and Hitori Shabu brands. It maintained its 2026 normalised profit forecast at 167 million baht, up 7.6% year-on-year, and kept its fair value at 24.10 baht. The stock currently trades at a 2026 price-to-earnings ratio of 13.9 times, below peers such as M and AU, which trade at 18 to 20 times, while the shares offer 31.0% upside, so the Buy recommendation is maintained.

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Consumer Discretionary▲ · 3 stocks
MAGURO GROUP PUBLIC COMPANY LIMITED
MAGURO
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Yuanta maintains Buy and 24.10 baht fair value, citing Q2 2026 normalised profit up 24.9% y/y and a record Q3 profit expected from new branch openings.

Off-coverage companies 1

Sushi Ginza Onodera (Onodera Group)Private± Mixed
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