MAJOR's Q3 revenue grows against the low season, Yuanta raises target to 9.75 baht

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Major Cineplex Group Public Company Limited, or MAJOR, expects its third-quarter 2026 operating results to grow both year-on-year and compared with the second quarter of 2026, even though this is the off-season for the cinema business, driven by several hit films. The top five films generated combined box office revenue of 751 million baht, up 29% year-on-year and 253% quarter-on-quarter, led by Spider-Man: Brand New Day with 327 million baht, The Odyssey with 193 million baht, and The Medium's Confession with 165 million baht. This supported a recovery in food and beverage revenue as well as advertising revenue both year-on-year and quarter-on-quarter. Meanwhile, the film Thi Yot Seming Khao Kwang, which opened on 30 September 2026, has already earned more than 50 million baht at MAJOR's own cinemas. The company also earns revenue from co-producing films as a co-producer, receiving the first 50% share as a cinema operator and another 50% from film rights revenue shared by its partners. For the fourth quarter of 2026, the company expects operating results to have the opportunity to grow further from the third quarter of 2026, thanks to several major films, especially Avengers, for which advance tickets are already on sale at 61 eligible branches and will go on sale at all branches in mid-month, as well as Dune and films from GDH. Meanwhile, Yuanta Securities (Thailand) Company Limited maintained its "Buy" recommendation and raised its 2027 base valuation from 9.20 baht to 9.75 baht after the buyback and reduction of registered capital by 75.67 million shares, or 9.98% of all shares, which is positive and leaves 682.25 million shares outstanding. It also estimated a dividend payout rate of 3.09% in 2026 and 3.25% in 2027. Meanwhile, the Major popcorn business, run jointly with TKN through the joint venture TKN & Major Popcom Co., Ltd., targets 2026 sales of 1.5 to 2.0 million units per month, up from about 0.4 to 0.5 million baht per month when MAJOR operated it alone.

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Off-coverage companies 1

TKN & Major Popcorn Co., Ltd.i
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Major popcorn business is mentioned as benefiting from the cinema traffic and hit-film slate driving F&B revenue.