On Friday at 10:39 AM (Bangkok time), the share price of Maguro Group Public Company Limited (mai: MAGURO) rose by 2.72% or THB 0.50 to THB 18.90, with a trading value of THB 18.31 million.
Finansia Syrus Securities (FSS) wrote that MAGURO delivered a solid performance for the second quarter of 2026, with a net profit of THB 39.6 million. This represents an increase of 15.8% quarter-on-quarter and 23.4% year-on-year, in line with expectations.
Although same-store sales growth declined by 5.5% year-on-year, this was fully offset by revenues from new branches. As of the end of the second quarter, MAGURO operated 58 branches across nine brands, up by four compared to the previous quarter and 13 more than the same period last year. Total revenue grew by 3% quarter-on-quarter and 29.1% year-on-year.
Gross profit margin improved to 48.3% from 46.3% in the first quarter of 2026, but remained slightly below the 48.7% reported in the second quarter of 2025 due to increased prices for some raw materials. The quarter-on-quarter margin improvement was attributed to new brands and menu items with stronger profitability.
Operating expenses increased by 7% quarter-on-quarter and 28.7% year-on-year, raising the selling, general and administrative expenses to sales ratio to 38%, compared to 36.5% in the previous quarter and 38.1% in the same period last year. These higher expenses were related to branch openings, staff training, and system implementation costs.
Net profit for the first half of 2026 stood at THB 74 million, a 14.3% year-on-year increase and 44.8% of the full-year forecast.
FSS expects third-quarter profit to continue rising both quarter-on-quarter and year-on-year, supported by the planned opening of an additional 7-8 branches and strong reception for the recently launched Kaiten Sushi Ginza Onodera, a premium conveyor-belt sushi brand that opened on July 28.
The outlook remains positive for the second half of 2026, with full-year net profit forecasted at THB 165 million, representing 11% year-on-year growth. MAGURO’s target price is maintained at THB 26.00 per share.
In addition, the company also announced an interim dividend payment of THB 0.29 per share for the first half of 2026, with a yield of 1.6%.
