Yuanta Securities stated that Major Cineplex Group Public Company Limited, or MAJOR, reported second-quarter 2026 net profit of 72 million baht, down 4% from the previous quarter and down 42% from a year earlier, but 17% above estimates due to better-than-expected selling and administrative expenses. The profit decline followed weaker core revenue as fewer blockbuster films were released compared with last year, while lower share of profit from investments and lower interest expenses partially offset the decline. Total revenue was 1.534 billion baht, down 5% from the previous quarter and down 21% from a year earlier. Revenue from the film business fell 28% to 743 million baht, and revenue from popcorn and beverage sales fell 32% to 355 million baht, in line with lower admissions and the shift of 34 million baht of popcorn revenue in Modern Trade to recognition through a joint venture. However, advertising revenue rose 8% to 188 million baht, and revenue from film media and licensing rose 63% to 47 million baht. Yuanta expects second-half 2026 results to recover from the first half and return to growth from a year earlier, driven by a higher number of film releases from both Thai and major Hollywood studios. Thai films this year are expected to total around 64 releases, up from 55 last year, while key Hollywood films such as Spider-Man: Brand New Day, Avengers: Doomsday and The Hunger Games: Sunrise on the Reaping are expected to help draw audiences. Yuanta recommends buy, noting the current price trades at a PER of only 10.7 times, below the 10-year historical average of 18 times, and maintains a 2026 target price of 8.80 baht.
Major Cineplex Group Public Company LimitedQ2 profit beat estimates and analyst maintains buy with target price
