Finansia Syrus Securities (FSS) expects Maguro Group Public Company Limited (mai: MAGURO)’s 3Q25 net profit at 34.2 million baht, up 6.6% q-q and 16.7% y-y, despite this being a low season.
SSSG is forecast to remain negative at approximately -3.5% y-y, but this is an improvement from -9.8% y-y. There are positive effects from new branch openings and the new brand has received good feedback. The gross profit margin for 3Q25 is expected to remain at a record-high of 48.7%, similar to 2Q24 and up from 47.5% in 3Q24, supported by lower raw material costs, especially salmon, which the company has gradually secured at lower prices in advance.
The company continues to open four additional new branches, and, combined with the high season, FSS expects the 4Q25 outlook to continue rising and reach a new peak. The firm has raised the number of new branches for 2025-27 to 15/12/12 from the previous 11/10/10, and increased the gross profit margin assumption since new branches now contribute a greater share of revenue. This leads to an upward revision of net profit for 2025-27 by 4-13%, representing growth of 40.6%/27.4%/21.3% y-y, respectively.
In addition, FSS has revised up its2026 target price to 31.60 baht and continues to recommend a “Buy”.
