Dr. Sunhavut Thamchuanviriya, Chief Executive Officer of Millennium Group Corporation (Asia) Public Company Limited (SET: MGC), revealed to ‘Kaohoon’ that the company has embarked on a significant transformation, transitioning its business from a premium automotive dealer into an integrated mobility ecosystem.
This strategic shift aims to create multiple revenue streams by expanding beyond traditional vehicle sales into electric vehicle partnerships, financial services, and data-driven customer engagement, marking a new direction for the company and its investors.
Recent financial signals for MGC have reflected sustained growth, particularly following the establishment of its electric vehicle platform in 2025. While official second quarter earnings for 2026 are pending, internal indications remain strong, supported by an active order backlog exceeding 1,400 vehicles across several represented brands.
Key expansion areas center on the company’s moves within the electric vehicle segment, especially through collaborations with Chinese manufacturers Xpeng and Zeekr. MGC is strategically targeting the ‘Premium Mass’ market, with future offerings such as the Xpeng L03, positioned at an accessible price point close to 1 million baht.
MGC’s relationship with Xpeng now functions as a multi-faceted partnership. The agreement, built on a minimum five-year term, covers not only vehicle distribution but also development in artificial intelligence-based mobility, collaborative expansion to additional ASEAN markets, and exploration of new technologies.
Diversification remains central to MGC’s approach. In addition to its main automotive brands BMW, Mini, and others, business lines have grown to encompass after-sales services, vehicle rentals, marine assets, insurance through Howden Maxi, and targeted financial services provided by Alpha X—a joint venture with SCB.
Alpha X focuses on high-value lending for ultra-high net worth clients, maintaining a strongly performing credit book with consistently low levels of non-performing loans, in part through its robust risk management and portfolio strategies overseen by SCB and the Bank of Thailand.
MGC also stands to benefit from Thailand’s extensive 400-billion baht stimulus, particularly the 200-billion baht assigned to energy transition and EV expansion initiatives. This policy framework is expected to drive demand in both retail and government-fleet sectors, providing opportunities for MGC’s rental and leasing businesses to secure institutional contracts.
MGC’s multi-pronged growth strategy, driven by a shift to a lifestyle mobility platform and reinforced by technology partnerships and financial service diversification, positions the company to capture recurring value and weather sector volatility. The company’s developments in customer lifecycle management and expansion into AI-enabled mobility are set to further bolster its market position through the rest of the year.
Yuanta Securities gave a THB 20.20 target price for MGC by valuing the company 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.
