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Major Cineplex vs The ONE Enterprise: why the prices moved differently

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

Major Cineplex Group Public Company Limited (MAJOR.BK)

Q3 2026
▲3▼1

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.

August 2026
▲3▼1

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.

Latest
▲3▼1

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.

The ONE Enterprise Public Company Limited (ONEE.BK)

Q3 2026
▲2▼2

ONEE's idol marketing booms, but ad slump and costly platform shift weigh

  • Idol Marketing powers Q2 beat and 2026 growth target ONEE's Q2 profit beat forecasts as Idol Marketing revenue jumped 76% to 1.42 billion baht, now 63% of total revenue. Management targets double-digit 2026 growth, banking on concerts, merchandise and artist management to offset weak advertising.

    This is the core growth engine driving ONEE's earnings and investor optimism.

  • Content Marketing slump and margin pressure drag profit ONEE's traditional Content Marketing revenue fell 16% year-on-year and gross margin dropped to 30.9% from 33.8%, as advertising spending stays flat. Analysts cut 2026-2028 profit forecasts by 16-21% and expect H2 normal profit to fall 30%.

    This is the main counterweight explaining why profit is still down year-on-year despite revenue growth.

  • Risky shift to oneD platform triggers sell downgrade TTB Wealth cut ONEE to sell with a 2.5 baht target, slashing 2026-2028 profit forecasts by 30-35%. It doubts ONEE's move to keep content for its own oneD subscription app instead of selling to third parties, noting no Thai operator has succeeded with this model.

    This is the most recent and severe negative catalyst, directly hitting the stock's valuation.

  • New Studio Wabi Sabi subsidiary expands content and artist management ONEE's board approved setting up Studio Wabi Sabi, a 7 million baht subsidiary under GMMTV, to produce content and manage artists. This adds to ONEE's content pipeline and talent pool, supporting its long-term ecosystem strategy.

    This is a concrete new investment showing ONEE is actively building its content and talent base.

September 2026
▲2▼2

ONEE's idol marketing booms, but ad slump and costly platform shift weigh

  • Idol Marketing powers Q2 beat and 2026 growth target ONEE's Q2 profit beat forecasts as Idol Marketing revenue jumped 76% to 1.42 billion baht, now 63% of total revenue. Management targets double-digit 2026 growth, banking on concerts, merchandise and artist management to offset weak advertising.

    This is the core growth engine driving ONEE's earnings and investor optimism.

  • Content Marketing slump and margin pressure drag profit ONEE's traditional Content Marketing revenue fell 16% year-on-year and gross margin dropped to 30.9% from 33.8%, as advertising spending stays flat. Analysts cut 2026-2028 profit forecasts by 16-21% and expect H2 normal profit to fall 30%.

    This is the main counterweight explaining why profit is still down year-on-year despite revenue growth.

  • Risky shift to oneD platform triggers sell downgrade TTB Wealth cut ONEE to sell with a 2.5 baht target, slashing 2026-2028 profit forecasts by 30-35%. It doubts ONEE's move to keep content for its own oneD subscription app instead of selling to third parties, noting no Thai operator has succeeded with this model.

    This is the most recent and severe negative catalyst, directly hitting the stock's valuation.

  • New Studio Wabi Sabi subsidiary expands content and artist management ONEE's board approved setting up Studio Wabi Sabi, a 7 million baht subsidiary under GMMTV, to produce content and manage artists. This adds to ONEE's content pipeline and talent pool, supporting its long-term ecosystem strategy.

    This is a concrete new investment showing ONEE is actively building its content and talent base.

Latest
▲2▼2

ONEE's idol marketing booms, but ad slump and costly platform shift weigh

  • Idol Marketing powers Q2 beat and 2026 growth target ONEE's Q2 profit beat forecasts as Idol Marketing revenue jumped 76% to 1.42 billion baht, now 63% of total revenue. Management targets double-digit 2026 growth, banking on concerts, merchandise and artist management to offset weak advertising.

    This is the core growth engine driving ONEE's earnings and investor optimism.

  • Content Marketing slump and margin pressure drag profit ONEE's traditional Content Marketing revenue fell 16% year-on-year and gross margin dropped to 30.9% from 33.8%, as advertising spending stays flat. Analysts cut 2026-2028 profit forecasts by 16-21% and expect H2 normal profit to fall 30%.

    This is the main counterweight explaining why profit is still down year-on-year despite revenue growth.

  • Risky shift to oneD platform triggers sell downgrade TTB Wealth cut ONEE to sell with a 2.5 baht target, slashing 2026-2028 profit forecasts by 30-35%. It doubts ONEE's move to keep content for its own oneD subscription app instead of selling to third parties, noting no Thai operator has succeeded with this model.

    This is the most recent and severe negative catalyst, directly hitting the stock's valuation.

  • New Studio Wabi Sabi subsidiary expands content and artist management ONEE's board approved setting up Studio Wabi Sabi, a 7 million baht subsidiary under GMMTV, to produce content and manage artists. This adds to ONEE's content pipeline and talent pool, supporting its long-term ecosystem strategy.

    This is a concrete new investment showing ONEE is actively building its content and talent base.