MAGURO GROUP PUBLIC COMPANY LIMITED

MAGURO Group Public Company Limited, or MAGURO, officially launched the first Thailand branch of its Japanese dessert brand AGE.3 on 1 October 2026 at Central Park, G floor. Chief Executive Officer Jakkrit Saisomboon said this marks a concrete starting point for the company's push into the dessert and snack market, an important step in expanding its business portfolio from restaurants into the Snack & Dessert segment and the Accessible Premium group, which offers more frequent consumption occasions and reaches a broader customer base. The branch offers more than 30 menu items spanning savoury, sweet, ice cream and drinks, including Whipped Cream at 89 baht, Egg Salad at 115 baht, Potato Salad at 115 baht, Honey Cheesecake Cream at 119 baht and Blueberry at 135 baht, with many items priced lower than buying them in Japan. There is also a Bangkok Exclusive item, Pad Kra Pao, combining a chicken-and-pork hamburger patty, onsen egg, lettuce, holy basil sauce and red chilli. AGE.3's highlight is its technique of frying Shokupan bread with a special recipe that precisely controls temperature and time, paired with a deeply chilled whipped cream filling that uses Lakanto, a natural sweetener, to replace sugar entirely in a No Sugar Added formula that answers the Healthy Lifestyle trend. The brand has previously reached peak sales of 3,000 pieces per day from long queues, and is recognised as a pioneer of the Redefining the Fried Sandwich concept.

KGI Securities (Thailand) has maintained its Buy rating on Maguro Group, or MAGURO, with a target price of 25.00 baht based on a 2027 forecast PER of 16 times. It noted that MAGURO's revenue in the first half of 2026 rose 32%, above the company's own target of 30% and the analyst house's estimate of 28%. The company aims to open a total of 21 new branches in 2026, up from its earlier target of 15 to 20, with 16 of the new branches scheduled to open in the second half of 2026. It also plans to expand to 14 brands, including Kaiten Sushi Ginza Onodera, which opened in July 2026, Lai, a premium spicy Isan restaurant that opened in September 2026, and A ge.3, a stuffed fried sandwich brand set to open in October 2026. Net profit in the first half of 2026 came in at 74 million baht, up 14% year on year and equal to 44.5% of the 2026 forecast net profit of 165 million baht, which represents growth of 12%. Net profit in the third quarter of 2026 is expected to grow both year on year and quarter on quarter before hitting a new record high in the fourth quarter of 2026. For 2027, the company plans to open another 20 branches, focusing on higher-margin brands such as Maguro Kappou and Hitori Shabu, which are expected to help lift 2027 profit to 195 million baht, or 18% year-on-year growth. MAGURO is expected to maintain average annual profit growth of 18% over 2026 to 2028.

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.

The Thailand Travel Thailand Plus 2026 programme has had its latest conditions approved by the Ministry of Finance and the Ministry of Tourism and Sports. Registration will open from 1 to 25 October 2026 through the Paotang application, with a total of 1,000,000 slots, and the programme will be submitted to the Cabinet for approval soon. For the accommodation subsidy, the government pays the actual cost of accommodation up to a maximum of 1,500 baht per night, capped at 5 nights per person, amounting to a maximum accommodation discount value of 7,500 baht. The electronic travel coupon is a co-payment model, with the government paying 50% and the public paying 50%. For travel to main cities, the government supports a coupon worth 1,500 baht per entitlement, and for travel to secondary cities, the government supports a coupon worth 2,000 baht per entitlement. If there is spending in a secondary city area at least once, the system will immediately adjust the limit up to 2,000 baht. The travel period for using the entitlement runs from 1 November 2026 to 28 February 2027, divided into Phase 1 from 1 November to 15 December 2026 and Phase 2 from 16 January to 28 February 2027, with the entitlement suspended during the New Year holiday from 16 December 2026 to 15 January 2027. Eligible persons must be Thai nationals aged 18 or over as of the registration date and must hold an original, unexpired national ID card. The stocks that benefit, ranked by proportion of domestic hotels from highest to lowest, are ERW, CENTEL, MINT and SHR. Restaurant stocks that benefit from the increased coupon, ranked by number of branches from highest to lowest, are M, ZEN, CENTEL and MAGURO. The spa business group is SPA.

The Ministry of Finance has approved the use of loans under the 400 billion baht borrowing decree to proceed with the Thai Teaw Thai Plus project, with a budget of 3.5 billion baht for 1 million rights. The proposal will be submitted to the Cabinet for approval soon. The government will subsidize accommodation costs at no more than 1,500 baht per night for up to 5 nights, along with travel coupons of 1,500 baht for primary cities and 2,000 baht for secondary cities, with a 50% co-payment. Registration will open via the Pao Tang app from October 1-25, 2026, with usage starting November 1, 2026. However, there will be a blackout period during the New Year holidays from December 15, 2026 to January 15, 2027, and rights can be used again from January 16 to February 28, 2027. Dao Securities research views this as positive for the tourism sector, especially ERW, which has many economy and midscale hotels, while CENTEL benefits from both hotels and restaurants participating in the project. Notable buy-rated stocks are CENTEL with a target of 48.00 baht and ERW with a target of 4.20 baht. For the food and beverage group, the rating remains marketweight, with MAGURO as the top pick with a target of 28.00 baht.

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, a company operating premium-to-mass Japanese and Korean restaurants, announced the launch of its 14th brand, 'Laii', a Thai-Isan restaurant, marking its first foray into the Thai food market, having previously focused mainly on Japanese cuisine. The Laii restaurant uses wagyu beef from Thailand, Japan, and Australia, 'Saeng Raek' sticky rice, and special cooking techniques such as using Kopa charcoal grills from Germany. Menu items start at 79 baht, while single-dish meals are priced at 139 baht. The company plans to open 17 new branches in 2026, with 8 openings in the third quarter and 4 in the fourth quarter. Analysts from Dao Securities and Globlex Securities have a positive outlook on MAGURO, expecting record-high profits in 2026-2027, and recommend a 'Buy' with a target price of up to 28 baht.

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.