FSS International Investment Advisory Securities (FSSIA) has published a favorable outlook for Maguro Group Public Company Limited (mai: MAGURO), projecting yet another record-breaking performance in 4Q25. According to the firm’s estimates, MAGURO is expected to post a net profit of THB 44.6 million for the fourth quarter of 2025, marking a rise of 17% quarter-on-quarter and 30.1% year-on-year.
The company’s strong results are fueled primarily by expansion, with 15 new branches opening this year to reach a total of 53 outlets by the end of 2025—an increase of four locations compared to the previous quarter. Additionally, same-store sales growth (SSSG) is forecast to turn positive at +0.5% year-on-year, the first growth in four quarters.
The gross profit margin is projected to remain robust at 47.5%. However, operating expenses are anticipated to stay elevated as a result of ongoing new branch openings, keeping the SG&A ratio relatively high, the brokerage firm commented.
MAGURO has shifted aggressively in early 2026, revealing two new brands. Recently, the company launched ‘Chopman,’ its first Thai cuisine brand, initially available exclusively via delivery, limited to 100 sets per day at THB 159 per set, with production managed at the Ekkamai branch’s kitchen. If consumer response is positive, further expansions are expected.
In addition, MAGURO has announced plans to franchise the Michelin-starred Kaiten Sushi Ginza Onodera, a renowned conveyor belt sushi chain from Japan, under the ‘Value Beyond Price’ concept with prices ranging between JPY 300–1,000 (approximately THB 60–200) per dish. Founded in Japan in 2021, Kaiten Sushi Ginza Onodera now operates 20 branches across Japan, the U.S., and China. The first flagship store in Thailand is set to open at Central World.
MAGURO has set an ambitious target for 2026—with revenue growth of not less than 30%—by opening 15 new stores and launching two additional brands (excluding Chopman, but including the Kaiten Sushi). While FSSIA adopts a neutral view on Chopman due to the saturated Thai food market, the analyst firm remains highly positive about the prospects for Kaiten Sushi Ginza Onodera. Despite existing competition, ongoing customer queues suggest persistent demand exceeding supply. The premium position and managerial expertise in Japanese cuisine are further advantages for MAGURO.
FSSIA has upgraded MAGURO’s 2025 profit forecast by 9.1% to reflect a 53.4% year-on-year increase. Profits for 2026 and 2027 are also expected to grow by 17.0% and 21.1% respectively. The target price is maintained at THB 31.6 (based on 23x PE). Due to its strong earnings momentum, successful new brand launches, and continued positive consumer response, FSS regards MAGURO as a leading growth stock and continues to recommend a “Buy” rating, considering it a top pick within the restaurant sector.
