บทวิเคราะห์ (Research)

MAGURO : Earnings preview - Store and new brand expansion drive growth We maintain a “Buy” rating on MAGURO with a target price of Bt18.50, premised on i) 2Q25F net profit should reach Bt33.4m, doubling yoy, driven by branch expansion and margin improvement. ii) 2H25F earnings recovery expected qoq, with continued yoy growth supported by improving SSSG from July and eight new branches, including the launch of “BINCHI”, which offers upside to our full-year forecast of Bt119m (+23.5% yoy). MAGURO trades at 17x PER for 2025F, below the sector average of ~20x, while maintaining a strong financial position with no debt and sufficient cash flow to support long-term expansion. We reiterate our BUY recommendation.