Major Cineplex Group Public Company Limited

Major Cineplex Group, or MAJOR, has announced a partnership with ACU PAY, a digital payment service provider, to expand payment options for movie tickets through the ACU VISA CARD and ACU PAY E-Wallet, reinforcing its image as Thailand's first cashless cinema, offering cashless service since 2021. Narut Jiansanong, Deputy Chief Executive Officer for Advertising Media at Major Cineplex Group Public Company Limited, said the transition to a fully cashless cinema, covering mobile banking, QR payment, e-wallets, as well as credit and debit cards, has received a good response, especially from Gen Z. Ms. Yang Yuanyuan (Caro), President, and Naranong Sasiphongphan, Director and CEO of ACU Pay (Thailand) Co., Ltd., said the ACU VISA CARD is officially available starting today. The two companies are also running the ACU PAY Watch n Chill: Discount 100 THB campaign, offering a 100-baht discount per seat on movie tickets for 3,000 privileges, limited to one privilege per seat, from October 1, 2026 to July 31, 2027 at all Major Cineplex Group cinemas nationwide. Customers must claim the privilege through the ACU PAY E-Wallet app, receive a 100-baht discount code as a QR code, then scan it to buy tickets at E-Ticket kiosks or through the Major app and pay via the ACU PAY E-Wallet app to receive the discount.

Yuanta Securities issued an analysis of the advertising sector, recommending a selective investment strategy focused on stocks that grow faster than the industry. It rates MAJOR a "buy" with a target price of 9.75 baht and names it a top pick on second-half 2026 earnings expected to recover on film and advertising revenue as well as cost control, and rates PLANB a "buy" with a target price of 7.80 baht on growth in out-of-home media and its share of COM7's profit. The target price does not yet include the potential from synergies between the two companies. The research team expects third-quarter 2026 advertising to recover slightly both quarter on quarter and year on year, led by online media, OOH/Transit and cinemas, supporting a recovery in MAJOR on film and advertising revenue. PLANB, although expected to slow year on year in the third quarter of 2026, will grow strongly both quarter on quarter and year on year in the fourth quarter of 2026 on the high season and a full quarter's recognition of its share of COM7's profit. For the full year 2026, advertising spending is expected to total 83,869 million baht, down 1.3% year on year, as the economy and purchasing power recover slowly. In 2027, digital and OOH/Transit are expected to lead the market on measurement and a recovery in out-of-home activity, while traditional media step up efforts to find revenue beyond the screen. The research team maintains an "equal weight" rating on the sector, expecting earnings in 2026-2027 to keep growing but only modestly, in line with overall advertising spending that is still recovering weakly, while near-term upside remains limited by the lack of new catalysts and economic uncertainty.

Yuanta Securities issued an analysis stating that Major Cineplex Group Public Company Limited, or MAJOR, is expected to see its third-quarter 2026 results recover both quarter-on-quarter and year-on-year, after box office revenue in July and August grew higher than the entire third quarter of 2025, driven by an increase in the number of major Thai and Hollywood films. At least three films grossed over 100 million baht, namely The Odyssey, Spider-Man: Brand New Day, and The Medium's Confession, which helped boost audience numbers, revenue from movie ticket sales, and popcorn and beverage sales. Advertising revenue is expected to continue growing at a double-digit rate, and higher cinema occupancy rates are expected to support margins, allowing profit to grow faster than revenue. For the fourth-quarter 2026 outlook, results are expected to continue expanding well, supported by carryover revenue from GDH's HENRY's First Dates and key late-year films, namely The Hunger Games: Sunrise on the Reaping in November and Avengers: Doomsday in December 2026. This year, around 64 Thai films are expected to be released, up from 55 last year. Cost control through the return of some rental space at Siam Paragon, as well as the closure of unprofitable branches or cinemas, will help reduce rent burdens and fixed costs. However, given the weak first-half 2026 results, Yuanta Securities maintains its 2026 profit forecast at 555 million baht, down 12% year-on-year, and maintains its buy recommendation with a target price of 9.75 baht, valued using the DCF method under a WACC of 8.0% and terminal growth of 2.5%.

The board of MAJOR has approved a share buyback programme worth up to 550 million baht, or no more than 68 million shares, representing 9.97% of issued shares. The buyback will run from 1 October 2026 to 31 March 2027. Research from Asia Plus Securities notes that this is the fourth buyback since 2023, reflecting the management's clear capital allocation priorities, which favour enhancing long-term shareholder value by reducing the number of registered shares over raising the short-term dividend payout ratio. The company has net gearing of only 0.59 times as of the end of the second quarter of 2026 and has sufficient liquidity to support the programme, even after three previous buybacks and capital reductions. The research house maintains its buy recommendation with a fair value of 10.22 baht, and expects the earnings recovery in the third and fourth quarters of 2026 to be supported by several box-office hits, as well as IMAX theatre expansion and cost-cutting measures.

Kasikorn Securities, or KS, expects media stocks to enter a significant recovery phase in the second half of 2026, forecasting that the sector's normal profit will grow about 20% from the same period a year earlier. This follows combined normal profit of 633 million baht in the second quarter of 2026 for the four media companies KS tracks, namely PLANB, VGI, MAJOR and ONEE, up 18% from the same period a year earlier and up 159% from the previous quarter, exceeding the research house's estimate by 42%. KS expects Thailand's economy to expand 2.5-3.5% year on year in the third quarter of 2026 before slowing to about 1.5% in the fourth quarter of 2026. Total advertising spending in the first half of 2026 fell 5% from a year earlier, compared with the full-year target of the Media Agency Association of Thailand, or MAAT, which expects a decline of 1.3%. KS, however, maintains its forecast that full-year advertising spending in 2026 will fall only 0.8%, expecting a return to growth of about 4-5% in the third quarter before slowing to about 2% in the fourth quarter. By company, KS expects PLANB's second-half normal profit to grow 32% from a year earlier and VGI's to grow as much as 96%, while MAJOR is expected to rise slightly by 1% and ONEE to fall 30%. On investment recommendations, KS maintains a buy rating on MAJOR with a target price of 9.20 baht and a buy rating on PLANB with a target price of 6.68 baht. ONEE is rated hold with a target price of 3.15 baht, and VGI is rated hold with a target price of 1.25 baht.

Yuanta Securities issued an analysis of Major Cineplex Group Public Company Limited, or MAJOR, expecting third-quarter 2026 profit to recover both quarter-on-quarter and year-on-year, driven by blockbuster films that boosted attendance, while ticket, food and advertising revenue grew at a double-digit pace and fixed costs helped profit grow faster than revenue. The fourth-quarter 2026 outlook remains on a recovery path thanks to major films and cost control, even though the first half of 2026 was weak. The brokerage maintained its 2026 profit forecast at 555 million baht, down 12% from a year earlier, and expects 2027 to continue growing on new cinema openings, cost-control strategy, closure of loss-making branches, and expansion of the popcorn business together with TKN. The company announced a capital reduction of 75.67 million treasury shares, or 9.98%, leaving 682.25 million shares, which is positive for shareholders and supports value per share. The analyst maintained a Buy recommendation and raised the 2027 base value from 9.20 baht to 9.75 baht, assessed using the DCF method under a WACC of 8.0% and terminal growth of 2.5%.

Asia Plus Securities stated that MAJOR announced a reduction in its registered and paid-up capital by canceling 75.67 million treasury shares, or 9.98% of registered capital, after failing to sell the repurchased shares within the specified period. This reduces the number of shares from 757.92 million to 682.25 million. The company has conducted three share buyback programs during 2023-2026 and has chosen to reduce capital by canceling repurchased shares each time, reflecting a capital management approach that prioritizes creating value for shareholders and management's view that the share price remains below fundamental value. Meanwhile, the core business trend is showing clear recovery, with revenue from the Top 5 films in July-August alone, over just two months, being 24% higher than the Top 5 films in 3Q68, which included a full three months. This was led by Spider-Man, Odyssey, and The Confession of a Shaman. Additionally, the remaining part of the quarter will see a continuous rollout of major Thai films, including The Legend of Wanthong, Jib Sra Sra Henry Jum Mai Dai, and Thee Yod: Saming Kha Kwang, which will support both Box Office and Concession revenue. Although 1H69 net profit accounts for only 23% of the full-year 2026 profit estimate, the research team maintains its forecast, believing that the significant Box Office recovery from a continuous lineup of major films through year-end will drive 2H69 profit to accelerate notably, with potential to hit the year's peak in 4Q69. The research team expects to see increasing positive effects from cost reduction measures, including the Concession business switching from plastic cups to paper cups, as well as negotiations with suppliers to lower costs. Further upside will come from the recovery of advertising revenue following a new team, the expansion of IMAX theaters, and operational efficiency improvements through Digital Transformation, which will enhance profitability and support a gradual earnings recovery over the next 1-2 years. The recommendation remains BUY with a fair value based on a PER of 11 times at 9.20 baht. Following the capital reduction, the theoretical fair value increases to 10.22 baht, representing a 45% upside from the current price. The current share price does not yet fully reflect the benefits of the share reduction, while MAJOR's profit potential improves with the recovery of Box Office revenue, advertising revenue, and ongoing cost reduction measures.

Yuanta Securities stated that Major Cineplex Group Public Company Limited, or MAJOR, reported second-quarter 2026 net profit of 72 million baht, down 4% from the previous quarter and down 42% from a year earlier, but 17% above estimates due to better-than-expected selling and administrative expenses. The profit decline followed weaker core revenue as fewer blockbuster films were released compared with last year, while lower share of profit from investments and lower interest expenses partially offset the decline. Total revenue was 1.534 billion baht, down 5% from the previous quarter and down 21% from a year earlier. Revenue from the film business fell 28% to 743 million baht, and revenue from popcorn and beverage sales fell 32% to 355 million baht, in line with lower admissions and the shift of 34 million baht of popcorn revenue in Modern Trade to recognition through a joint venture. However, advertising revenue rose 8% to 188 million baht, and revenue from film media and licensing rose 63% to 47 million baht. Yuanta expects second-half 2026 results to recover from the first half and return to growth from a year earlier, driven by a higher number of film releases from both Thai and major Hollywood studios. Thai films this year are expected to total around 64 releases, up from 55 last year, while key Hollywood films such as Spider-Man: Brand New Day, Avengers: Doomsday and The Hunger Games: Sunrise on the Reaping are expected to help draw audiences. Yuanta recommends buy, noting the current price trades at a PER of only 10.7 times, below the 10-year historical average of 18 times, and maintains a 2026 target price of 8.80 baht.

Major Cineplex Group has joined forces with Max Solution Service, a subsidiary of PTG Group, to add a payment channel for movie tickets through Max Me Wallet on the Max Me app, E-Ticket kiosks, and the Major App, with instant Max Point accumulation. For every 100 baht spent, Max Card members who sign up from 1 November 2025 onwards will immediately receive 10 Max Card points. Max Card Plus, Max Card Plus EV members with an annual fee of 599 baht, and Max Card Premier members with a free annual fee also enjoy additional benefits: a combo set of 64-ounce popcorn and 32-ounce drink for 99 baht, down from the regular 310 baht, limited to 100,000 privileges from 4 August 2026 to 31 October 2026, and a 100-baht movie ticket discount by redeeming 450 points for one seat priced at 120 baht or above, limited to 16,500 privileges from 4 August 2026 to 31 December 2026.

Major Cineplex Group, or MAJOR, has announced a partnership with CJ 4DPLEX to screen the film Spider-Man: Brand New Day in SCREENX with Shot for SCREENX for the first time in the world. The film was shot using Arri Alexa 265 and Sony Venice 2 cameras to support projection on a 270-degree panoramic three-screen setup, featuring side-expanded scenes lasting over 80 minutes out of a total runtime of approximately 136 minutes. It will be screened exclusively at the SCREENX Paragon Cineplex with 293 seats and Mega Cineplex with 240 seats on July 30, 2026, along with promotions and limited edition souvenirs for special screening attendees.

Major Cineplex Group has joined forces with Amazing Thailand, through the Tourism Authority of Thailand, to launch the “Thai Thai Travel with Films” campaign, aimed at driving the creative economy and promoting Thai films as a soft power. The campaign invites film lovers and tourists to travel to filming locations of Thai movies in both major and secondary cities, and to participate in a photo contest for a chance to win exclusive accommodation prizes across three provinces, along with 300 free movie ticket prizes totaling 600 seats, from July 22 to September 17, 2026. Narut Chearasanong, Executive Vice President of Advertising Media at Major Cineplex Group, said the company is ready to support the Thai film industry as a strong soft power and encourages film lovers to become ambassadors showcasing Thailand’s beauty through film-inspired tourism. Nithi Siprae, Deputy Governor for Marketing Communications at TAT, stated that this collaboration is a proactive marketing effort targeting film enthusiasts, aiming to stimulate domestic travel and distribute income to attractive cities that serve as Thai film locations. The activity is divided into three rounds over three months, with the first round starting July 22 to August 15, 2026, results announced August 7, 2026; the second round from August 12 to 26, 2026, results announced August 28, 2026; and the third round from September 3 to 17, 2026, results announced September 18, 2026. Each round offers one accommodation prize and 100 movie ticket prizes, totaling 200 seats per round.

Kasikorn Securities forecasts that Major Cineplex Group will report a second-quarter 2026 normalised profit of 69 million baht, down 48.9 percent from a year earlier due to weak box-office revenue, but up 6 percent from the previous quarter. First-half normalised profit accounts for 25.5 percent of the full-year estimate. Although the second-quarter performance is disappointing, the research team expects a recovery in the second half of 2026, supported by Thai films anticipated to perform well in the fourth quarter, such as Saming Kao Kwang, Nakee 3, and Iriam Sing 2, along with more effective cost control and a gradual recovery in consumer spending. Kasikorn Securities maintains a buy recommendation and a year-end 2026 target price of 8.60 baht, citing catalysts for valuation multiple expansion including a recovery in cinema admissions, improving profit margins, and a reduced share count following the cancellation of treasury shares.