Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.27 (vs ฿0.26 in 1Q 2025) First quarter 2026 results: EPS: ฿0.27 (up from ฿0.26 in 1Q 2025). Revenue: ฿560.9m (up 35% from 1Q 2025). Net income: ฿34.2m (up 5.3% from 1Q 2025). Profit margin: 6.1% (down from 7.8% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Hospitality industry in Thailand. Price Target Changed • May 01
Price target decreased by 9.7% to ฿26.44 Down from ฿29.27, the current price target is an average from 4 analysts. New target price is 45% above last closing price of ฿18.20. Stock is up 5.2% over the past year. The company is forecast to post earnings per share of ฿1.31 for next year compared to ฿1.18 last year. New Risk • Mar 03
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 132% Dividend yield: 4.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Dividend is not well covered by cash flows (132% cash payout ratio). Market cap is less than US$100m (฿2.85b market cap, or US$90.3m). New Risk • Mar 02
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 76% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Market cap is less than US$100m (฿3.01b market cap, or US$96.9m). Declared Dividend • Feb 28
Final dividend of ฿0.46 announced Shareholders will receive a dividend of ฿0.46. Ex-date: 16th March 2026 Payment date: 20th May 2026 Dividend yield will be 3.0%, which is higher than the industry average of 1.7%. Payout Ratios Payout ratio: 51%. Cash payout ratio: 36%. Reported Earnings • Feb 27
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ฿1.18 (up from ฿0.82 in FY 2024). Revenue: ฿1.98b (up 44% from FY 2024). Net income: ฿148.5m (up 54% from FY 2024). Profit margin: 7.5% (up from 7.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 1.5%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Hospitality industry in Thailand. New Risk • Jan 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (฿2.44b market cap, or US$77.9m). Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿17.50, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Hospitality industry in Thailand. Total loss to shareholders of 11% over the past year. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ฿0.30 (up from ฿0.23 in 3Q 2024). Revenue: ฿521.7m (up 47% from 3Q 2024). Net income: ฿38.1m (up 30% from 3Q 2024). Profit margin: 7.3% (down from 8.2% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Hospitality industry in Thailand. New Risk • Nov 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (฿2.84b market cap, or US$87.3m). Buy Or Sell Opportunity • Nov 05
Now 22% undervalued Over the last 90 days, the stock has risen 23% to ฿21.10. The fair value is estimated to be ฿27.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last year. Earnings per share has grown by 64%. Revenue is forecast to grow by 49% in 2 years. Earnings are forecast to grow by 63% in the next 2 years. Buy Or Sell Opportunity • Oct 17
Now 22% undervalued Over the last 90 days, the stock has risen 45% to ฿24.30. The fair value is estimated to be ฿31.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last year. Earnings per share has grown by 64%. Revenue is forecast to grow by 49% in 2 years. Earnings are forecast to grow by 63% in the next 2 years. Price Target Changed • Sep 25
Price target increased by 12% to ฿28.25 Up from ฿25.31, the current price target is an average from 4 analysts. New target price is 18% above last closing price of ฿23.90. Stock is up 39% over the past year. The company is forecast to post earnings per share of ฿1.10 for next year compared to ฿0.82 last year. Price Target Changed • Sep 20
Price target increased by 13% to ฿25.31 Up from ฿22.42, the current price target is an average from 4 analysts. New target price is 8.6% above last closing price of ฿23.30. Stock is up 29% over the past year. The company is forecast to post earnings per share of ฿1.08 for next year compared to ฿0.82 last year. Upcoming Dividend • Aug 21
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 12 September 2025. Payout ratio is a comfortable 29% and the cash payout ratio is 90%. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (3.0%). Reported Earnings • Aug 16
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ฿0.25 (up from ฿0.12 in 2Q 2024). Revenue: ฿447.5m (up 39% from 2Q 2024). Net income: ฿32.1m (up 149% from 2Q 2024). Profit margin: 7.2% (up from 4.0% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Hospitality industry in Thailand. Price Target Changed • Jun 06
Price target decreased by 8.0% to ฿22.42 Down from ฿24.38, the current price target is an average from 3 analysts. New target price is 47% above last closing price of ฿15.30. Stock is down 20% over the past year. The company is forecast to post earnings per share of ฿1.00 for next year compared to ฿0.82 last year. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.26 (vs ฿0.19 in 1Q 2024) First quarter 2025 results: EPS: ฿0.26 (up from ฿0.19 in 1Q 2024). Revenue: ฿414.9m (up 40% from 1Q 2024). Net income: ฿32.5m (up 62% from 1Q 2024). Profit margin: 7.8% (up from 6.8% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Hospitality industry in Thailand. お知らせ • Apr 24
Maguro Group Public Company Limited Approves Annual Dividend from the Operating Results Between January 1, 2024, and December 31, 2024 According to the 2025 Annual General Meeting of Shareholders of Maguro Group Public Company Limited held on April 22, 2025, approved the non-allocation of net profit to the legal reserve for the year 2024, as the company's legal reserve is already fully compliant with the legal requirements. Acknowledged the interim dividend payment at a rate of THB 0.37 per share, which the company already paid on May 15, 2024. Approved the annual dividend payment for the year 2024, from the operating results between January 1, 2024, and December 31, 2024, at a rate of THB 0.67 per share, representing 60% of the net profit. A remaining dividend payment to shareholders at a rate of THB 0.30 per share was also approved with a unanimous vote from the majority of shareholders and proxies present and eligible to vote, excluding abstentions from the voting base. Buy Or Sell Opportunity • Mar 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ฿18.30. The fair value is estimated to be ฿23.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last year. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ฿0.82 (up from ฿0.69 in FY 2023). Revenue: ฿1.37b (up 32% from FY 2023). Net income: ฿96.6m (up 33% from FY 2023). Profit margin: 7.0% (up from 6.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 8.6%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Hospitality industry in Thailand. New Risk • Nov 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 66% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (66% accrual ratio). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (฿2.34b market cap, or US$67.8m). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿15.80, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 19x in the Hospitality industry in Thailand. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿0.12 (vs ฿0.19 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.12 (down from ฿0.19 in 2Q 2023). Revenue: ฿321.1m (up 21% from 2Q 2023). Net income: ฿12.9m (down 36% from 2Q 2023). Profit margin: 4.0% (down from 7.7% in 2Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ฿13.80, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 23x in the Hospitality industry in Thailand.