On Friday at 11:21 AM (Bangkok time), the share price of Maguro Group Public Company Limited (mai: MAGURO) surged by 10.58% or THB 2.20 to THB 23.00, with a trading value of THB 46.74 million.
Liberator Securities wrote that MAGURO delivered third-quarter 2025 earnings that exceeded expectations, posting a net profit of THB 38 million. This figure reflects growth of 18.8% quarter-on-quarter and 30% year-on-year.
Revenue also saw robust expansion, rising 16.6% from the previous quarter and 46.7% from a year earlier to THB 522 million, driven by continued branch expansion—with four new outlets added over the quarter and 17 over the past year, bringing the total to 49 branches.
Same-store sales growth (SSSG) showed a modest contraction of just 2.7%, a notable recovery from the minus 9.8% seen in the second quarter of 2025 and outperforming expectations. The company’s new brands, BINCHO and KIWAMIYA, each posted their debut sales at THB 21 million and THB 11 million, respectively.
MAGURO’s gross profit margin for the period stood at 47.4%, marking a small decline of 132 basis points from the previous quarter, despite the average salmon price dropping 12.0% quarter-on-quarter and 11.7% year-on-year.
Liberator Securities expects the market to react positively, as MAGURO continues to hit its targets for branch expansion and sales recovery. The company’s expertise in launching new brands—consistently adding one or two per year—remains a key strength. Profit for the first nine months amounted to 69.1% of full-year projections, and fourth-quarter profit is anticipated to meet expectations due to the high season and the launch of about four additional branches.
Following these, the brokerage firm maintains a ‘Buy’ recommendation on MAGURO, with a 2026 target price of THB 30.75 per share.
