MAGURO grows fast on new brands and branches, but same-store sales stay weak
New brands and branch openings drive record profit outlook MAGURO opened Kaiten Sushi Ginza Onodera, Lai (Isan food) and Age.3 (Japanese fried sandwiches), and plans 20+ new branches a year. Brokers expect record second-half profit and see 2027 revenue up 30%. More stores and brands mean more sales and profit, which supports the share price.
This is the core growth engine behind the stock and the main reason brokers stay positive.
Q2 profit rose 23% and brokers set higher targets Second-quarter 2026 profit was about 40 million baht, up 23% from a year earlier, as revenue grew 29% on 13 more branches. Brokers kept Buy ratings with targets of 24-28 baht, calling MAGURO the sector's top pick. Upgrades and strong results pull the price up.
Earnings and broker targets are the direct, measurable drivers of the share price.
Same-store sales keep falling as shoppers stay cautious Sales at stores open a year or more fell about 5-6% in Q2 and may drop 7-9% in Q3. Government co-payment handouts have not revived restaurant spending, and Kasikorn keeps a negative view on the whole sector. Weak existing-store demand limits how much profit growth can continue.
This is the main counterweight: growth comes from new stores, not from customers spending more.
Floods briefly shut six branches Heavy rain and flash floods in Bangkok in late September forced MAGURO to temporarily close all six of its affected branches, about 11% of its 61 stores. The closures cut sales and customer traffic for a short time, though the situation was already easing by late September.
It is a fresh, concrete hit to near-term sales that readers should know about.