Equity Analysis /
Thailand

Major Cineplex Group PCL: Return of the Box Office King

  • The dark cloud of Oct-Nov box office is over…

  • …followed by the new dawn in Dec…

  • …and to shine through 1Q23

Napon Jaisan
Napon Jaisan

Equity Research Analyst

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Bualuang Securities
25 November 2022

After the recent dark times, Dec promises to be a month of bright lights on the big screen. A long-awaited sequel will drive MAJOR’s stock price. MAJOR is currently in turnaround mode, so a high valuation is deserved. Our advice has shifted from HOLD to TRADING BUY.

The dark cloud of Oct-Nov box office is over…

Thailand’s top-10 box office takings in 4Q21 totaled Bt589m. The biggest gross-taker was Spider-Man No Way Home at Bt194m, followed by Eternals (Bt75m) and 4Kings (Bt61m). 3Q22 receipts totaled Bt490m. The two highest-grossing films in 3Q22 were Love Destiny 2 (Bupphesanniwat 2)—Bt167m and Thor: Love and Thunder—Bt162m. QTD, top-10 box office takings have totaled Bt335m with only one Hollywood Blockbuster grossing more than Bt100m—Black Panther: Wakanda Forever (grossed Bt150m so far).