Yuanta Securities issued an analysis stating that Major Cineplex Group Public Company Limited, or MAJOR, is expected to see its third-quarter 2026 results recover both quarter-on-quarter and year-on-year, after box office revenue in July and August grew higher than the entire third quarter of 2025, driven by an increase in the number of major Thai and Hollywood films. At least three films grossed over 100 million baht, namely The Odyssey, Spider-Man: Brand New Day, and The Medium's Confession, which helped boost audience numbers, revenue from movie ticket sales, and popcorn and beverage sales. Advertising revenue is expected to continue growing at a double-digit rate, and higher cinema occupancy rates are expected to support margins, allowing profit to grow faster than revenue. For the fourth-quarter 2026 outlook, results are expected to continue expanding well, supported by carryover revenue from GDH's HENRY's First Dates and key late-year films, namely The Hunger Games: Sunrise on the Reaping in November and Avengers: Doomsday in December 2026. This year, around 64 Thai films are expected to be released, up from 55 last year. Cost control through the return of some rental space at Siam Paragon, as well as the closure of unprofitable branches or cinemas, will help reduce rent burdens and fixed costs. However, given the weak first-half 2026 results, Yuanta Securities maintains its 2026 profit forecast at 555 million baht, down 12% year-on-year, and maintains its buy recommendation with a target price of 9.75 baht, valued using the DCF method under a WACC of 8.0% and terminal growth of 2.5%.
Major Cineplex Group Public Company LimitedYuanta maintains buy rating and 9.75 baht target price, expecting 3Q26 profit to recover QoQ and YoY.
GDH's HENRY's First Dates cited as carryover revenue supporting Major's strong 4Q26 outlook.
