MAJOR's weak Q2 gives way to strong box-office recovery and buyback boost
Weak Q2 profit and downgrade MAJOR's Q2 2026 profit fell sharply (down 42-49% year-on-year) as Hollywood films underperformed and ticket sales dropped 35%. This prompted a downgrade to Neutral and a target cut to 7.85 baht, weighing on the shares.
It explains the negative starting point for the period and why the stock was under pressure.
Q3 box-office rebound Q3 box office jumped 29% year-on-year and 253% quarter-on-quarter, led by Spider-Man: Brand New Day (327m baht), The Odyssey (193m baht) and The Medium's Confession (165m baht). This drove ticket, popcorn and advertising revenue, supporting a profit recovery.
It is the main positive force behind the stock's recovery and analyst optimism.
Buyback and capital reduction lift per-share value MAJOR approved a fourth buyback of up to 550 million baht (9.97% of shares) and cancelled 75.67 million treasury shares, cutting shares by about 10%. This permanently boosts earnings per share and supports the share price.
It is a concrete capital return that directly increases per-share value and is a key reason analysts raised targets.
New payment and content partnerships MAJOR added Max Me Wallet and ACU PAY as payment options with ticket discounts, and will screen Linkin Park and LISA concert documentaries in October. These initiatives aim to drive footfall and ticket sales beyond regular films.
They are new demand-boosting actions that could support revenue and show MAJOR's efforts to diversify.