Major Cineplex Group (MAJOR) revealed to “Kaohoon” that the company anticipates improved performance in the final quarter of 2025, citing a surge in movie releases and multiple box office hits.
MAJOR’s investor relations hinted that fourth quarter 2025 results are likely to post growth compared to both the same period last year and the preceding quarter, attributed to an increase in the number of films screened, with major contributors including “Tee Yod 3,” “Avatar: Fire and Ash,” and “Zootopia 2”.
Total revenue for the first nine months of 2025 reached THB 5.43 billion. The full-year top line is expected to surpass 2024’s result of THB 7.98 billion, as domestic and Hollywood titles return to theaters in greater numbers. The company’s board plans to review and announce the official financial results for 2025 on 20 February 2026.
Looking ahead to 2026, MAJOR expects ticket and concession sales to climb in tandem with higher attendance, supported by a diverse and larger film slate. Under its M Studio banner, MAJOR has plans to release 20 to 25 Thai films, a considerable increase from the 10 titles released in 2025. Notably, a renowned studio in Thailand like GDH will also introduce one film per quarter next year.
Moreover, Hollywood studios are set to release high-profile films such as new entries in the Spider-Man and Avengers franchises, alongside animated features like “Super Mario Galaxy,” “Toy Story 5,” and “Minions 3”. Industry prospects for 2026 appear positive, with more films lined up from major studios and a robust early calendar highlighted by popular Thai and international releases in each of the first three months.
Yuanta Securities (Thailand) gives a “Buy” rating on MAJOR, assigning a 2026 target price of THB 10.20 per share. The brokerage estimates fourth quarter 2025 earnings of THB 254 million, a substantial 101% increase from the previous quarter, though down from the prior-year period. The decline is attributed to weaker-than-expected Thai film revenue and a decrease in advertising and content licensing income. Operating margins are also set to narrow as high-margin advertising and royalty sales decline.
For 2026, Yuanta expects MAJOR’s results to rebound from a lower base, with tighter cost control remaining a business priority. The anticipated influx of big-budget Hollywood releases and a projected 70 Thai films, up from 61 in 2025, are seen as primary drivers for renewed ticket growth.
MAJOR’s popcorn business remains closely linked to major film releases. The company recently partnered with Taokaenoi Food & Marketing (TKN) to distribute ready-to-eat popcorn nationwide, aiming for first-year revenue of around THB 200 million. Advertising incomes are also expected to recover as marketing budgets improve and MAJOR intensifies cost management, including selective branch closures of underperforming locations.
Despite positive sector forecasts, Yuanta revised down MAJOR’s net profit projections for both 2025 and 2026 by 13% and 14%—now anticipating THB 538 million for 2025, a drop of 28% from 2024 levels, and THB 595 million for 2026, representing an 11% increase year-on-year. The adjustments reflect results in Q4 and continued uncertainty surrounding macroeconomic conditions that could impact the film industry.
