KGI Securities (Thailand) (KGI) has identified Maguro Group Public Company Limited (mai: MAGURO), a premium-mass restaurant operator listed on the Market for Alternative Investment (mai), as a standout growth story in the F&B sector.
According to KGI, MAGURO is well-positioned to deliver robust financial growth in 2026, with forecasted revenue expected to increase by 31% year-on-year. This anticipated rate significantly outpaces the sector’s estimated compound annual growth rate (CAGR) of around 5%, a result attributed to the company’s strategic “premium-mass” positioning, diversified brand portfolio, and scalable business model.
MAGURO operates eight brands—Maguro, Hitori Shabu, SSAMTHING Together, Tonkatsu Aoki, CouCou, Bincho, Kiwamiya, and Ippe Koppe—enabling it to effectively capture demand across a range of consumer segments.
The company’s earnings trajectory is supported by multiple factors: the resilience and upside potential of its premium-mass strategy, aggressive branch expansion plans, and the scaling up of both core and newer brands. KGI forecasts the company will increase its branch count from 53 in 2025 to 67 in 2026, while also launching two to three new brands annually.
A rising contribution from recently introduced brands is expected to further underpin revenue and profitability. Revenue contribution from new brands is projected to rise from 16% in 2025 to 27% in 2026, reflecting the success of MAGURO’s multi-brand strategy. This strategic brand mix has pushed gross margins up to 47.6% in 2025 from 45.2% in 2023, with net margins improving to 7.5% from 6.9% over the same period, supported by improved operating leverage and a balanced portfolio.
The company’s robust financial health remains another key strength. MAGURO’s balance sheet is characterized by a net cash position—with a net debt-to-equity ratio of -0.4x in 2025—and healthy free cash flow, both of which provide ample support for the group’s expansion plans.
Looking ahead, KGI projects MAGURO’s net profit for 1Q26 to reach THB 46 million, representing a 41% year-on-year increase and 1% quarter-on-quarter growth. Over the period from 2026 to 2028, net profit is expected to grow at a CAGR of 22%, with profit targets set at THB 196 million (+32% YoY) in 2026, THB 242 million (+24% YoY) in 2027, and THB 289 million (+19% YoY) in 2028.
KGI notes that this steady earnings growth will be driven by strong revenue expansion, operating leverage, and resilient net margins, even as gross margins soften slightly.
On valuation, KGI initiates coverage of MAGURO with an ‘Outperform’ rating and a target price of THB 25.00 per share. This is based on a 2026 forward price-to-earnings ratio (PER) of 16 times, which is 0.5 standard deviation below MAGURO’s historical average and lower than the sector average of 19 times.
Currently, MAGURO is trading at a price-to-earnings-to-growth (PEG) ratio of just 0.4 times, below sector peers at 1.0 times, making it an attractively valued stock given the forecast earnings CAGR of 22% from 2026 to 2028.
