Upcoming Dividend • Apr 10
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 17 April 2026. Payment date: 06 May 2026. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (5.3%). New Risk • Mar 21
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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: Major Risk Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Feb 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. New Risk • Feb 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Declared Dividend • Feb 23
Dividend increased to ฿0.25 Dividend of ฿0.25 is 25% higher than last year. Ex-date: 17th April 2026 Payment date: 6th May 2026 Dividend yield will be 3.4%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 4.0% over the next 2 years. However, it would need to fall by 72% to increase the payout ratio to a potentially unsustainable range. Major Estimate Revision • Jan 28
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿0.609 to ฿0.679. Revenue forecast steady at ฿7.54b. Net income forecast to shrink 6.8% next year vs 23% growth forecast for Entertainment industry in Thailand . Consensus price target down from ฿10.16 to ฿9.75. Share price fell 4.3% to ฿6.65 over the past week. New Risk • Jan 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ฿0.17 (up from ฿0.06 in 3Q 2024). Revenue: ฿1.97b (up 18% from 3Q 2024). Net income: ฿126.3m (up 151% from 3Q 2024). Profit margin: 6.4% (up from 3.0% in 3Q 2024). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Entertainment industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. New Risk • Nov 16
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 5.9% 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 (5.9% average weekly change). Large one-off items impacting financial results. Announcement • Nov 12
Major Cineplex Group Public Company Limited (SET:MAJOR) announces an Equity Buyback for 75,700,000 shares, representing 9.99% for THB 600 million. Major Cineplex Group Public Company Limited (SET:MAJOR) announces a share repurchase program. Under the program, the company will repurchase up to 75,700,000 shares, representing 9.99% of its share capital, for TBH 600 million. The repurchase price must not exceed 115% of the average closing price of 5 business days prior to each repurchase date. The purpose of the program is to enhance the rate of return on equity and earning per share, and create revenues for the business in the future. The program will be valid till May 15, 2026. As of November 11, 2025, the company 757,918,302 shares issued Price Target Changed • Oct 29
Price target decreased by 11% to ฿10.69 Down from ฿12.00, the current price target is an average from 6 analysts. New target price is 48% above last closing price of ฿7.20. Stock is down 52% over the past year. The company is forecast to post earnings per share of ฿0.66 for next year compared to ฿0.92 last year. Buy Or Sell Opportunity • Oct 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ฿7.45. The fair value is estimated to be ฿9.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 5.5%. Revenue is forecast to grow by 6.6% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Reported Earnings • Aug 09
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: ฿0.16 (down from ฿0.28 in 2Q 2024). Revenue: ฿1.94b (down 4.6% from 2Q 2024). Net income: ฿124.5m (down 46% from 2Q 2024). Profit margin: 6.4% (down from 11% in 2Q 2024). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 24%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Entertainment industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Price Target Changed • Jul 17
Price target decreased by 9.9% to ฿12.30 Down from ฿13.65, the current price target is an average from 6 analysts. New target price is 39% above last closing price of ฿8.85. Stock is down 29% over the past year. The company is forecast to post earnings per share of ฿0.73 for next year compared to ฿0.92 last year. Major Estimate Revision • Jun 12
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.834 to ฿0.714 per share. Revenue forecast steady at ฿7.47b. Net income forecast to shrink 6.1% next year vs 24% growth forecast for Entertainment industry in Thailand . Consensus price target down from ฿15.28 to ฿13.13. Share price fell 6.1% to ฿7.70 over the past week. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿7.60, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 20x in the Entertainment industry in Asia. Total loss to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿9.14 per share. New Risk • May 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.5% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.5% net profit margin). Reported Earnings • May 09
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿40.00. Revenue: ฿1.42b (down 18% from 1Q 2024). Net income: ฿33.2m (down 76% from 1Q 2024). Profit margin: 2.3% (down from 8.2% in 1Q 2024). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Entertainment industry in Asia. Major Estimate Revision • Apr 26
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿8.53b to ฿7.89b. EPS estimate also fell from ฿0.939 per share to ฿0.799 per share. Net income forecast to shrink 10% next year vs 27% growth forecast for Entertainment industry in Thailand . Consensus price target down from ฿17.69 to ฿15.56. Share price fell 4.4% to ฿9.85 over the past week. New Risk • Apr 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Price Target Changed • Apr 24
Price target decreased by 10% to ฿16.01 Down from ฿17.83, the current price target is an average from 8 analysts. New target price is 62% above last closing price of ฿9.90. Stock is down 33% over the past year. The company is forecast to post earnings per share of ฿0.91 for next year compared to ฿0.92 last year. Upcoming Dividend • Apr 10
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 17 April 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (8.3%). Lower than average of industry peers (4.2%). Announcement • Apr 08
Major Cineplex Group Public Company Limited Approves Dividend for Twelve Months for the Period of January 1, 2024 to December 31, 2024, Payable on May 7, 2025 Major Cineplex Group Public Company Limited at its Annual General Meeting of Shareholders held on 08 April 2025, approved the allocation of profit for the dividend payment from the operating results of 2024 of dividends, at the rate of THB 0.20 per share in aggregate or 21.73% of net profit per share, totaling amount THB 151,583,660 (not include repurchased shares) and propose to the Shareholder's Meeting for acknowledgement and deems appropriate to propose the Shareholder's Meeting to approve the dividend payment for twelve months for the period of 1st January 2024 to 31st December 2024 from the Financial Statement as at 31 December 2024. The Company has scheduled the record date on 18 April 2025 to determine the shareholders entitled to receive the dividend, and the dividend payment shall be made on 7 May 2025. Major Estimate Revision • Feb 28
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿8.92b to ฿8.53b. EPS estimate also fell from ฿1.04 per share to ฿0.897 per share. Net income forecast to grow 9.2% next year vs 37% growth forecast for Entertainment industry in Thailand. Consensus price target down from ฿18.00 to ฿17.44. Share price fell 12% to ฿11.60 over the past week. New Risk • Feb 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Declared Dividend • Feb 24
Dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 17th April 2025 Payment date: 7th May 2025 Dividend yield will be 1.5%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (17% earnings payout ratio) but not covered by cash flows (156% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 24% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 22
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ฿0.92 (down from ฿1.18 in FY 2023). Revenue: ฿7.77b (down 9.2% from FY 2023). Net income: ฿744.3m (down 29% from FY 2023). Profit margin: 9.6% (down from 12% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 8.6%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Entertainment industry in Asia. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Feb 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ฿13.20. The fair value is estimated to be ฿16.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has declined by 29%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Announcement • Dec 30
Major Cineplex Group Public Company Limited Announces Executive Changes Major Cineplex Group Public Company Limited informed the following: Mr. Apichart Kongchai, Chief Cinema Officer, will officially retire effective December 31, 2024. Mr. Vutravee Charuvatana has been appointed as the new Chief Cinema Officer, effective January 1, 2025. Reported Earnings • Nov 13
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: ฿0.06 (down from ฿0.12 in 3Q 2023). Revenue: ฿1.66b (down 4.7% from 3Q 2023). Net income: ฿50.3m (down 52% from 3Q 2023). Profit margin: 3.0% (down from 6.0% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.1%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 26
First half dividend reduced to ฿0.13 Dividend of ฿0.13 is 74% lower than last year. Ex-date: 4th September 2024 Payment date: 20th September 2024 Dividend yield will be 2.0%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by both earnings (16% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿0.28 (vs ฿0.60 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.28 (down from ฿0.60 in 2Q 2023). Revenue: ฿2.03b (down 11% from 2Q 2023). Net income: ฿232.2m (down 56% from 2Q 2023). Profit margin: 11% (down from 23% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 9% per year. Announcement • Aug 09
Major Cineplex Group Public Company Limited Appoints Kraithip Krairiksh as Chairman of the Board of Directors The Board of Directors of Major Cineplex Group Public Company Limited, No. 5/2567, held on 8th August 2024, resolved to appoint Mr. Kraithip Krairiksh, currently serving as an Independent Director, Chairman of the Nomination and Remuneration Committee, Member of Audit Committee, Member of Corporate Governance Committee, as Chairman of the Board of Directors, replacing the outgoing Chairman of the Board. The appointment is effective from 8th August 2024, onwards. Announcement • Jul 23
Major Cineplex Group Public Company Limited Announces Resignation of Somchainuk Engtrakul as Chairman of Board of Directors and Director Major Cineplex Group Public Company Limited announced that Mr. Somchainuk Engtrakul, Chairman of the Board of Directors and Director of the Company, has resigned from the positions of Chairman of the Board of Directors and Director of the Company due to having many tasks, effective from July 23, 2024 onwards. Announcement • Jun 21
Major Cineplex Group Public Company Limited (SET:MAJOR) announces an Equity Buyback for 76,800,000 shares, representing 9.26% for THB 1,000 million. Major Cineplex Group Public Company Limited (SET:MAJOR) announces a share repurchase program. Under the program, the company will repurchase up to 76,800,000 shares, representing 9.26% of its share capital, for TBH 1,000 million. The repurchase price must not exceed 115% of the average closing price of 5 business days prior to each repurchase date. The purpose of the program is to maximize the benefits of company's excess liquidity and enhance the rate of return on equity and earning per share. The program will be valid till January 16, 2025. As of June 10, 2024, the company 829,137,102 shares issued. New Risk • Jun 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿0.17 (vs ฿0.078 in 1Q 2023) First quarter 2024 results: EPS: ฿0.17 (up from ฿0.078 in 1Q 2023). Revenue: ฿1.72b (up 8.1% from 1Q 2023). Net income: ฿140.3m (up 100% from 1Q 2023). Profit margin: 8.2% (up from 4.4% in 1Q 2023). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Entertainment industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Apr 03
Major Cineplex Group Public Company Limited Approves Dividend for the Six Months for the Period of July 1, 2023 to December 31, 2023, Payable on April 30, 2024 Major Cineplex Group Public Company Limited at the AGM held on April 2, 2024, the shareholders approved allocation of profit for the dividend payment from the operating results of 2023 of dividends twice, at the rate of THB 0.65 per share in aggregate or 54.88% of net profit per share, totaling amount THB 571,704,316 which can be divided into interim dividend payment in the first six months for the period of 1st January 2023 to 30th June 2023 at the rate of THB 0.50 per share, totaling THB 447,333,751 which has already paid on 5 September 2023, that is the interim dividend payment and propose to the Shareholder's Meeting for acknowledgement and deems appropriate to propose the Shareholder's Meeting to approve the remaining dividend payment for the results of the last six months for the period of 1st July 2023 to 31st December 2023 from the Financial Statement as at 31st December 2023 at the rate of THB 0.15 per share, totaling THB 124,370,565. The Company has scheduled the record date on 10th April 2024 to determine the shareholders entitled to receive the remaining dividend, and the remaining dividend payment shall be made on 30th April 2024. Upcoming Dividend • Apr 02
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 09 April 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (5.8%). Lower than average of industry peers (5.6%). Declared Dividend • Feb 24
Final dividend of ฿0.15 announced Shareholders will receive a dividend of ฿0.15. Ex-date: 9th April 2024 Payment date: 30th April 2024 Dividend yield will be 4.6%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. EPS is expected to decline by 4.2% over the next 3 years. A fall of 3.6% would increase the payout ratio to a potentially unsustainable range, which means the dividend may be at risk. New Risk • Feb 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.9% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: ฿1.18 (vs ฿0.28 in FY 2022) Full year 2023 results: EPS: ฿1.18 (up from ฿0.28 in FY 2022). Revenue: ฿8.55b (up 34% from FY 2022). Net income: ฿1.04b (up 313% from FY 2022). Profit margin: 12% (up from 3.9% in FY 2022). Revenue is forecast to stay flat during the next 3 years compared to a 9.0% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jan 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.9% to ฿14.00. The fair value is estimated to be ฿17.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Major Estimate Revision • Jan 24
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ฿0.992 to ฿1.14. Revenue forecast steady at ฿7.95b. Net income forecast to grow 9.2% next year vs 16% growth forecast for Entertainment industry in Thailand. Consensus price target down from ฿19.09 to ฿18.27. Share price fell 2.1% to ฿14.20 over the past week. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 8 highly experienced directors. Independent Director Oranuch Apisaksirikul was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 17
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿7.75b to ฿7.96b. EPS estimate increased from ฿0.826 to ฿1.00 per share. Net income forecast to grow 14% next year vs 16% growth forecast for Entertainment industry in Thailand. Consensus price target broadly unchanged at ฿19.09. Share price was steady at ฿15.80 over the past week. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: ฿0.12 (up from ฿0.02 in 3Q 2022). Revenue: ฿1.74b (up 1.3% from 3Q 2022). Net income: ฿104.4m (up 406% from 3Q 2022). Profit margin: 6.0% (up from 1.2% in 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Nov 13
Major Cineplex Group Public Company Limited to Report Q3, 2023 Results on Nov 10, 2023 Major Cineplex Group Public Company Limited announced that they will report Q3, 2023 results on Nov 10, 2023 Announcement • Oct 10
Major Cineplex Group Public Company Limited (SET:MAJOR) announces an Equity Buyback for 72,000,000 shares, representing 8.05% for THB 1,000 million. Major Cineplex Group Public Company Limited (SET:MAJOR) announces a share repurchase program. Under the program, the company will repurchase up to 72,000,000 shares, representing 8.05% of its share capital, for TBH 1,000 million. The repurchase price must not exceed 115% of the average closing price of 5 business days prior to each repurchase date. The purpose of the program is to maximize the benefits of company's excess liquidity and enhance the rate of return on equity and earning per share. The program will be valid till January 15, 2024. As of March 9, 2023, the company 894,667,502 shares issued. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.50 per share at 6.5% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 05 September 2023. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 6.5%. Within top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (3.9%). New Risk • Aug 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 126% Dividend yield: 6.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 126% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.3% net profit margin). Announcement • Aug 11
Major Cineplex Group Public Company Limited Declares Dividend for the Operating Period from 01 January 2023 to 30 June 2023, Payable on 05 September 2023 Major Cineplex Group Public Company Limited declared dividend of (per share): THB 0.50 for the Operating period from 01-January-2023 to 30-June-2023. Ex-dividend date: 23-August-2023, Payment date: 05-September-2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.60 (vs ฿0.15 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.60 (up from ฿0.15 in 2Q 2022). Revenue: ฿2.28b (up 39% from 2Q 2022). Net income: ฿532.5m (up 306% from 2Q 2022). Profit margin: 23% (up from 8.0% in 2Q 2022). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 19
Consensus revenue estimates increase by 12%, EPS downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿7.12b to ฿7.98b. EPS estimate fell from ฿0.924 to ฿0.769. Net income forecast to grow 164% next year vs 59% growth forecast for Entertainment industry in Thailand. Consensus price target broadly unchanged at ฿20.64. Share price fell 8.9% to ฿14.40 over the past week. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: ฿0.08 (vs ฿0.03 in 1Q 2022) First quarter 2023 results: EPS: ฿0.08 (up from ฿0.03 in 1Q 2022). Revenue: ฿1.59b (up 41% from 1Q 2022). Net income: ฿70.1m (up 191% from 1Q 2022). Profit margin: 4.4% (up from 2.1% in 1Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 13
Upcoming dividend of ฿0.25 per share at 1.5% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 03 May 2023. Payout ratio is on the higher end at 89% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (2.6%). Major Estimate Revision • Nov 16
Consensus EPS estimates fall by 40% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿6.99b to ฿6.90b. EPS estimate also fell from ฿0.58 per share to ฿0.35 per share. Net income forecast to shrink 69% next year vs 41% growth forecast for Entertainment industry in Thailand . Consensus price target of ฿22.96 unchanged from last update. Share price was steady at ฿18.80 over the past week. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2022 results: EPS: ฿0.15 (up from ฿0.24 loss in 2Q 2021). Revenue: ฿1.64b (up 275% from 2Q 2021). Net income: ฿131.3m (up ฿349.5m from 2Q 2021). Profit margin: 8.0% (up from net loss in 2Q 2021). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 91%, compared to a 49% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: ฿0.03 (up from ฿0.13 loss in 1Q 2021). Revenue: ฿1.13b (up 32% from 1Q 2021). Net income: ฿24.1m (up ฿144.1m from 1Q 2021). Profit margin: 2.1% (up from net loss in 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 147%, compared to a 48% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 14
Upcoming dividend of ฿0.60 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 06 May 2022. Payout ratio is on the higher end at 91% but the company is not cash flow positive. Trailing yield: 6.2%. Within top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (2.6%). Reported Earnings • Feb 18
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: ฿3.01b (down 20% from FY 2020). Net income: ฿1.58b (up ฿2.11b from FY 2020). Profit margin: 53% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 12%. Over the next year, revenue is forecast to grow 178%, compared to a 42% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Feb 05
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from ฿2.00 to ฿1.73 per share. Revenue forecast steady at ฿2.54b. Net income forecast to shrink 46% next year vs 21% growth forecast for Entertainment industry in Thailand . Consensus price target broadly unchanged at ฿24.47. Share price rose 7.5% to ฿20.10 over the past week. Major Estimate Revision • Dec 16
Consensus revenue estimates increase by 12% The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from ฿2.30b to ฿2.59b. EPS estimate increased from ฿1.94 to ฿2.17 per share. Net income forecast to shrink 38% next year vs 22% growth forecast for Entertainment industry in Thailand . Consensus price target of ฿24.47 unchanged from last update. Share price was steady at ฿19.60 over the past week. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ฿2.03 (vs ฿0.14 loss in 3Q 2020) Third quarter 2021 results: Revenue: ฿163.6m (down 82% from 3Q 2020). Net income: ฿1.82b (up ฿1.94b from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 18
Upcoming dividend of ฿1.00 per share Eligible shareholders must have bought the stock before 25 November 2021. Payment date: 09 December 2021. Trailing yield: 9.2%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.24 loss per share (vs ฿0.53 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ฿437.1m (up 110% from 2Q 2020). Net loss: ฿218.2m (loss narrowed 54% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 16
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from ฿5.11b to ฿4.26b. EPS estimate unchanged from ฿1.90 per share at last update. Entertainment industry in Thailand expected to see average net income growth of 30% next year. Consensus price target broadly unchanged at ฿24.48. Share price was steady at ฿18.10 over the past week. Price Target Changed • Jul 07
Price target increased to ฿24.40 Up from ฿22.38, the current price target is an average from 11 analysts. New target price is 13% above last closing price of ฿21.50. Stock is up 40% over the past year. Executive Departure • May 25
Director has left the company On the 14th of May, Wichai Poolvaraluk's tenure as Director ended after 16.1 years in the role. We don't have any record of a personal shareholding under Wichai's name. A total of 3 executives have left over the last 12 months. Reported Earnings • May 17
First quarter 2021 earnings released: ฿0.13 loss per share (vs ฿0.28 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: ฿853.3m (down 35% from 1Q 2020). Net loss: ฿120.0m (loss narrowed 53% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 05
New 90-day high: ฿21.50 The company is up 9.0% from its price of ฿19.70 on 04 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Entertainment industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿19.11 per share. Reported Earnings • Feb 18
Full year 2020 earnings released: ฿0.59 loss per share (vs ฿1.57 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ฿3.77b (down 65% from FY 2019). Net loss: ฿527.5m (down 138% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 18
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 8.7%. Earnings per share (EPS) missed analyst estimates by 33%. Over the next year, revenue is forecast to grow 131%, compared to a 24% growth forecast for the Entertainment industry in Thailand. Is New 90 Day High Low • Dec 14
New 90-day high: ฿20.80 The company is up 28% from its price of ฿16.30 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿18.70 per share. Price Target Changed • Dec 10
Price target raised to ฿20.00 Up from ฿18.63, the current price target is an average from 11 analysts. The new target price is close to the current share price of ฿19.90. As of last close, the stock is down 19% over the past year. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) missed analyst estimates by 35%. Over the next year, revenue is forecast to grow 39%, compared to a 23% growth forecast for the Entertainment industry in Thailand. Reported Earnings • Nov 14
Third quarter 2020 earnings released: ฿0.14 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿896.1m (down 64% from 3Q 2019). Net loss: ฿125.0m (down 164% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 21
New 90-day low: ฿13.80 The company is down 5.0% from its price of ฿14.50 on 23 July 2020. The Thai market is down 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Entertainment industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿15.12 per share. 
