Major Cineplex: 1Q26 result; reiterate Buy but PO cut to Bt9.8

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Major Cineplex: 1Q26 result; reiterate Buy but PO cut to Bt9.8

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Major Cineplex

1Q26 result; reiterate Buy but PO cut to

Bt9.8

Reiterate Rating: BUY | PO: 9.80 THB | Price: 7.50 THB

1Q26 result 12 May 2026

MAJOR reported 1Q26 pre-ex profit of Bt80mn (+35% YoY), with operating profit Equity

coming in 8% above our forecast. Admission ticket gross margin dropped sharply from

7.1% in 1Q25 to 0.9% this quarter, mainly due to the high base last year. However,

Key Changescompared with 1Q23 and 1Q24 levels of 1.1% and 1.5%, respectively, the margin

remains within a manageable range. The weaker admission margin was partly offset by a (Bt) Previous Current

strong improvement in popcorn gross margin, which rose to 69.4% from 57.8% YoY, Price Obj. 11.60 9.80

supported by lower raw material costs from changes in corn suppliers and cup materials. 2026E EPS 0.90 0.82

Bowling performance was in line, while advertising came in slightly above our forecast. 2027E EPS 0.91 0.89

2028E EPS NA 0.93

Forward outlook

Looking ahead, we expect 2Q26 earnings to grow QoQ as usual on seasonality. However, Suppapong Iemkongaek, CFA, CMT ^^^

Research Analyst

the YoY performance could be slightly softer due to two factors. First, 2Q25 had a high Kiatnakin Phatra Securities

base from two major titles, Lilo & Stitch and How to Train Your Dragon, which together +66 2 305 9925 suppapong.iemk@kkpfg.com

contributed nearly Bt260mn in admission revenue. Second, admission gross margin is

likely to remain lower YoY as margins normalize back toward 2024 levels following

higher rental fees. This should be partly offset by continued strength in popcorn

margins, supported by lower raw material costs. Stock Data

Reiterate Buy but PO cut to Bt9.8 PricePrice Objective 7.509.80 THBTHB