Union Auction vs Millennium Grp Corp (Asia): why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Union Auction Public Company Limited (AUCT.BK)

Millennium Grp Corp (Asia) (MGC.BK)

Q3 202624 Jul – 6 Oct 2026

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Millennium's record profits and first dividend offset by EV tax threat

Record Q2 profit and first dividend Millennium reported record Q2 profit of 352 million baht, up 554% from a year earlier, and paid its first-ever dividend. This shows the company is now solidly profitable and returning cash to shareholders.
This is a key positive driver of the stock's momentum during the period.
EV deliveries match full-year 2025 Electric vehicle deliveries in the first half of 2026 already matched all of 2025, signaling strong demand. Analysts rate the stock a buy with a 20.20 baht target, citing XPENG expansion and new models.
This highlights operational success and positive analyst sentiment that supported the stock.
Thailand's higher EV import taxes Thailand plans higher import taxes on EVs from brands without local factories, hitting Millennium's XPENG and Zeekr lines. The stock fell 20–23% on fears of 25–30% price hikes and margin pressure.
This tax risk is the main negative force that caused a sharp stock decline during the period.
Three-tier tax framework may soften blow A new three-tier framework could impose 30% tax on fully imported EVs, but Tier 2 qualification may reduce the impact. This creates uncertainty but offers a potential path to mitigate the damage.
This nuance shows the tax situation is not entirely negative and could be partially offset.

September 202616 Aug – 6 Oct 2026

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MGC rides XPENG growth, new models, and analyst backing despite tax overhang

XPENG partnership drives revenue and profit growth MGC's partnership with XPENG is expanding, with new models like the L03 SUV and plans for more, pushing revenue toward a 25 billion baht target. Strong bookings and deliveries support profit growth, with Q4 profit potentially hitting a record 500 million baht.
This is the core growth driver behind MGC's earnings and stock price.
Analyst upgrades and strong earnings outlook Yuanta recommends buying MGC with a 20.20 baht target, citing record Q4 profit and continued growth. MGC was also named a top small/mid-cap pick. This boosts investor confidence and can attract buying interest.
Analyst recommendations directly influence investor sentiment and demand for the stock.
New business deals and partnerships MGC won a contract to manage BMW vehicles for the IMF-World Bank 2026 meetings and partnered with ROYS HOTEL for EV shuttle services. These add revenue and showcase MGC's mobility ecosystem, supporting future growth.
These deals provide tangible new revenue streams and demonstrate business expansion.
EV import tax concerns weigh on sentiment MGC shares fell 23% as brokers say the 50% import tax on EVs is fully reflected. The government's new three-tier tax framework could impose a 30% tax on fully imported vehicles, threatening margins. However, if XPENG qualifies for Tier 2, the impact may be limited.
This is the main risk factor that has pressured the stock recently.

Latest16 Aug – 6 Oct 2026

▲3▼1

MGC rides XPENG growth, new models, and analyst backing despite tax overhang

XPENG partnership drives revenue and profit growth MGC's partnership with XPENG is expanding, with new models like the L03 SUV and plans for more, pushing revenue toward a 25 billion baht target. Strong bookings and deliveries support profit growth, with Q4 profit potentially hitting a record 500 million baht.
This is the core growth driver behind MGC's earnings and stock price.
Analyst upgrades and strong earnings outlook Yuanta recommends buying MGC with a 20.20 baht target, citing record Q4 profit and continued growth. MGC was also named a top small/mid-cap pick. This boosts investor confidence and can attract buying interest.
Analyst recommendations directly influence investor sentiment and demand for the stock.
New business deals and partnerships MGC won a contract to manage BMW vehicles for the IMF-World Bank 2026 meetings and partnered with ROYS HOTEL for EV shuttle services. These add revenue and showcase MGC's mobility ecosystem, supporting future growth.
These deals provide tangible new revenue streams and demonstrate business expansion.
EV import tax concerns weigh on sentiment MGC shares fell 23% as brokers say the 50% import tax on EVs is fully reflected. The government's new three-tier tax framework could impose a 30% tax on fully imported vehicles, threatening margins. However, if XPENG qualifies for Tier 2, the impact may be limited.
This is the main risk factor that has pressured the stock recently.

August 202624 Jul – 13 Aug 2026

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MGC's EV boom faces a tax threat

Record Q2 profit and first dividend MGC reported Q2 net profit of 352 million baht, up 554% from a year ago, a fourth straight record quarter. Revenue jumped 83% to 8.68 billion baht. The board approved a first interim dividend of 0.24 baht per share. Strong profits and cash returns support the shares.
This is the latest hard proof that MGC's core business is performing strongly, which underpins the stock's value.
EV deliveries already match full-year 2025 In the first half of 2026, MGC delivered nearly 3,700 XPeng vehicles, matching all of 2025. Management expects full-year sales to double as EV demand stays strong and supply delays ease. It is also expanding parts and service centres to support about 7,000 cars on the road.
Surging deliveries are the main engine of MGC's revenue and profit growth, directly lifting its earnings outlook.
Higher EV import taxes could hit MGC hard The Finance Ministry is preparing to raise import taxes on EVs without local factories, with a cabinet proposal due by September. MGC imports XPeng and Zeekr and has no Thai plant, so it would face higher costs. The stock plunged 20% on the news. If passed, retail prices could rise 25-30%, hurting sales.
This is the biggest new risk to MGC's business model and explains the sharp recent share price drop.
Broker sees record profit and 20.20 baht target Yuanta Securities initiated coverage with a buy rating and a 20.20 baht target, forecasting record Q2 profit of 350 million baht. It expects profit to nearly double in 2026 and sees MGC evolving from a car distributor into a future-tech dealer, with potential upside from humanoid robots. The stock trades at just 6.6 times earnings with a 7% dividend yield.
A major broker's bullish view and target price give investors a clear valuation anchor and highlight hidden upside.

24 Jul – 13 Aug 2026

▲3▼1

MGC's EV boom faces a tax threat

Record Q2 profit and first dividend MGC reported Q2 net profit of 352 million baht, up 554% from a year ago, a fourth straight record quarter. Revenue jumped 83% to 8.68 billion baht. The board approved a first interim dividend of 0.24 baht per share. Strong profits and cash returns support the shares.
This is the latest hard proof that MGC's core business is performing strongly, which underpins the stock's value.
EV deliveries already match full-year 2025 In the first half of 2026, MGC delivered nearly 3,700 XPeng vehicles, matching all of 2025. Management expects full-year sales to double as EV demand stays strong and supply delays ease. It is also expanding parts and service centres to support about 7,000 cars on the road.
Surging deliveries are the main engine of MGC's revenue and profit growth, directly lifting its earnings outlook.
Higher EV import taxes could hit MGC hard The Finance Ministry is preparing to raise import taxes on EVs without local factories, with a cabinet proposal due by September. MGC imports XPeng and Zeekr and has no Thai plant, so it would face higher costs. The stock plunged 20% on the news. If passed, retail prices could rise 25-30%, hurting sales.
This is the biggest new risk to MGC's business model and explains the sharp recent share price drop.
Broker sees record profit and 20.20 baht target Yuanta Securities initiated coverage with a buy rating and a 20.20 baht target, forecasting record Q2 profit of 350 million baht. It expects profit to nearly double in 2026 and sees MGC evolving from a car distributor into a future-tech dealer, with potential upside from humanoid robots. The stock trades at just 6.6 times earnings with a 7% dividend yield.
A major broker's bullish view and target price give investors a clear valuation anchor and highlight hidden upside.