Yuanta Securities (Thailand) estimates that MGC, or Millennium Group Corporation (Asia) Public Company Limited, will post normal profit of around 300-350 million baht in the third quarter of 2026, up about 30% from the same period a year earlier and down only slightly from the previous quarter, despite this being the low season. The result is supported by deliveries of the XPENG X9 electric vehicle, as well as revenue from the shuttle service business related to World Bank work. For the fourth quarter of 2026, profit is expected to have a chance to hit a new record high of around 500 million baht, driven by the start of the high season, the beginning of deliveries of the XPENG L03, and revenue recognition from the World Bank shuttle service business. Profit for the first nine months of 2026 is expected to account for about 76% of the full-year profit forecast, creating room to raise the 2026 profit estimate by another 7-15%. Meanwhile, concerns about the impact of tax measures on XPENG vehicles are likely to be limited if the cars can be classified under Tier 2 as expected. In 2027, MGC still has growth drivers from expanding its XPENG lineup to four to five models, branch expansion, and extending into the humanoid business. The research team maintains a Buy recommendation and a target price of 20.20 baht, seeing a chance for MGC shares to be re-rated and recover quickly if there is greater clarity on the import tax structure for vehicles.
Millennium Grp Corp (Asia)Yuanta maintains Buy and 20.20 baht target, expecting Q3 profit up ~30% and potential record Q4, with room to raise 2026 estimates.
