On Wednesday at 11:58 AM (Bangkok time), the share price of Maguro Group Public Company Limited (mai: MAGURO) gained 3.65% or THB 0.80 to THB 22.70, with a trading value of THB 18.30 million.
DAOL Securities (Thailand) has forecasted that MAGURO will continue to exhibit outstanding growth in 2026. The company has set a revenue growth target of no less than 30% year-on-year, surpassing the brokerage’s own estimate of 25% growth.
Furthermore, normalized profit is anticipated to expand by at least 30% from the previous year, driven by an aggressive expansion plan that includes opening a total of 20 new branches—7 in the first half and 13 in the second half of 2026. The company has also set an ambitious gross profit margin (GPM) target of 50% and plans to introduce 2-3 new brands to its portfolio.
A significant contributor to these results is expected to be the Kaiten Sushi Ginza Onodera brand. DAOL noted that this brand is poised to be a key driver in 2026, with each restaurant offering approximately 110–130 seats and an average check of THB 1,000 per person.
In a move to differentiate from its Japanese outlets, MAGURO will introduce 20 unique menu items exclusive to the local market. Initial revenue is projected at THB 14–16 million per store per month, with net profit margins (NPM) estimated at 16%. This is expected to support an incremental net profit contribution of about THB 15 million for the year 2026.
DAOL also highlighted MAGURO’s strong brand loyalty. In 2025, 58% of revenue came from its membership base, and this proportion is expected to rise further in 2026, reflecting a robust, loyal customer base with strong potential for recurring long-term income.
For the Chopman brand, MAGURO is planning to open 2–3 additional outlets, focusing on locations within shopping malls, expected to commence operations toward the end of 2026.
DAOL maintains its 2026 normalized profit forecast for MAGURO at THB 208 million, representing a 33% increase from the previous year. This growth is supported by rising revenue and an expanding gross margin. The ‘Buy’ recommendation is reiterated, with a target price of THB 33.00 per share, based on a 2026 price-to-earnings ratio (PER) of 20 times.
The analyst emphasized that MAGURO remains a standout within Thailand’s full-service restaurant sector, due to its robust brand portfolio, ongoing brand launches, and compelling growth trajectory. Fundamentally, the stock remains attractively valued given its record profit outlook from 2026 to 2027.
