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 LIMITEDBranch expansion and new brands drive 30% revenue growth despite weak same-store sales.
