Millennium Group Corporation (Asia) Public Company Limited (SET: MGC) saw its share price surge as much as 19% on July 13, 2026, finally breaking above its initial public offering (IPO) level.
The rally follows a bullish “Buy” recommendation from Yuanta Securities (Thailand), which set an ambitious target price of THB 20.20 based on explosive growth projections in the premium electric vehicle (EV) segment.
In the morning session, shares were trading as high as THB 8.95, an increase of THB 1.45 or 19.33%. This performance marks a significant milestone as it surpasses the THB 7.95 IPO price set when the company listed on April 26, 2023.
Yuanta Securities arrived at its THB 20.20 target price by valuing MGC as a technology distributor rather than a traditional auto dealer, applying a P/E ratio of approximately 16x for 2027. This reflects an expected annual earnings growth rate (CAGR) of 34% between 2025 and 2028.
The broker forecasts that MGC will report a record-breaking normalized profit of 350 million baht for Q2 2026, representing a 509.4% increase compared to the same period last year. This surge is primarily driven by the accelerated delivery of high-end EV brands, specifically XPENG and ZEEKR.
Key financial highlights for Q2 2026 include:
- Total Revenue: Estimated at 6,681 million baht.
- Gross Profit Margin (GPM): Expected to rise to 14.9%.
- Growth Drivers: Strong demand for premium EVs, which offer higher margins and more efficient inventory management compared to traditional European luxury brands.
Yuanta highlights that MGC is successfully transitioning from a conventional car dealership into a comprehensive Mobility Lifestyle Ecosystem. A pivotal factor in this shift is the consolidation of Neo Mobility, the exclusive importer and distributor of XPENG and a primary dealer for ZEEKR in Thailand.
Looking ahead, MGC is positioned to leverage its high-end customer base and service network to introduce future technologies from XPENG, including humanoid robots, robotaxis, and flying cars.
For the full year 2026, Yuanta projects a normalized profit of 1,272 million baht, up 86% year-on-year, followed by a further 14% growth to 1,447 million baht in 2027.
Investors can also look forward to attractive returns, with an estimated annual dividend yield of approximately 7%. The company is expected to announce a dividend of THB 0.20 per share for the first half of 2026, representing a 2.7% yield for that period alone.
