Earnings Report /
Thailand

Major Cineplex Group PCL: In line with our estimate

  • Net profit was in line with estimate

  • MAJOR reported a Bt24m bottom-line for 1Q22

  • The top-line totaled Bt1.1bn, up by 32% YoY but down 28% QoQ

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
13 May 2022

Following the lifting of the lockdown, MAJOR’s recovery has built up momentum and more blockbusters are slated to hit the screen. We believe 2022 will be the firm’s turnaround year—it should mark quarterly net earnings for every quarter, 1Q-4Q22. TRADING BUY!

Net profit was in line with estimate

MAJOR reported a Bt24m bottom-line for 1Q22, a YoY turnaround but down 76% QoQ. Net profit was in line with our estimate but far below the consensus’ estimate of Bt139m. There would—almost invariably—have been an extra item, given the unusually low of SG&A. We don’t yet know the scale of that extra gain.