KGI Securities wrote in its analysis that Maguro Group Public Company Limited (mai: MAGURO) posted impressive revenue growth of 32% year-on-year in the first half of 2026, surpassing both the company’s own and KGI’s targets. The momentum is expected to continue, driven by new store openings and brand launches.
MAGURO has increased its 2026 expansion plan to 21 new branches and will roll out additional brands such as Kaiten Sushi Ginza Onodera, Laii, and Age.3 throughout the second half of the year. These actions are aimed at counteracting softer same-store sales growth amid muted consumer sentiment.
Despite a narrowing in gross profit margin to 47.2% and net margin to 6.5% in 1H26, largely attributed to pre-opening and operational costs for new stores, KGI anticipates margin pressures will ease as newly opened locations begin contributing to the bottom line. With an increasing mix of higher-margin brands like Maguro Kappou and Hitori Shabu, the revenue share of the core Maguro brand is projected to drop from 48% to 38%.
MAGURO’s net profit reached THB 74 million in 1H26, up 14% year-on-year and accounted for 44.5% of KGI’s full-year forecast. The brokerage expects earnings growth in 3Q26 and a record high in 4Q26 as the full impact of new branches materializes.
Looking ahead to 2027, MAGURO is targeting 20 more new branches, with net profit expected to climb by 18% year-on-year to THB 195 million, driven by contributions from new and higher-margin brands.
As a result, KGI maintains an ‘Outperform’ rating on MAGURO with a target price of THB 25.00 per share, supported by expectations of an 18% earnings CAGR from 2026 to 2028, underpinned by aggressive expansion and successful brand developments.
