KGI maintains Buy on MAGURO with 25 baht target, expects 2027 profit to reach 195 million baht

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KGI Securities (Thailand) has maintained its Buy rating on Maguro Group, or MAGURO, with a target price of 25.00 baht based on a 2027 forecast PER of 16 times. It noted that MAGURO's revenue in the first half of 2026 rose 32%, above the company's own target of 30% and the analyst house's estimate of 28%. The company aims to open a total of 21 new branches in 2026, up from its earlier target of 15 to 20, with 16 of the new branches scheduled to open in the second half of 2026. It also plans to expand to 14 brands, including Kaiten Sushi Ginza Onodera, which opened in July 2026, Lai, a premium spicy Isan restaurant that opened in September 2026, and A ge.3, a stuffed fried sandwich brand set to open in October 2026. Net profit in the first half of 2026 came in at 74 million baht, up 14% year on year and equal to 44.5% of the 2026 forecast net profit of 165 million baht, which represents growth of 12%. Net profit in the third quarter of 2026 is expected to grow both year on year and quarter on quarter before hitting a new record high in the fourth quarter of 2026. For 2027, the company plans to open another 20 branches, focusing on higher-margin brands such as Maguro Kappou and Hitori Shabu, which are expected to help lift 2027 profit to 195 million baht, or 18% year-on-year growth. MAGURO is expected to maintain average annual profit growth of 18% over 2026 to 2028.

Impact on assets 2

Consumer Discretionary▲
MAGURO GROUP PUBLIC COMPANY LIMITED
MAGURO
▲ PositiveCapitalDemandrelevance

KGI maintains Buy with 25 baht target; H1 2026 revenue rose 32% and net profit 74 million baht, with 2027 profit forecast at 195 million baht.

Financials▲

Off-coverage companies 2

Hitori Shabu-Maguro Kappoui
Private± Mixedrelevance

Sushi Ginza Onodera (Onodera Group)i
Private± Mixedrelevance