MGI shares plunge nearly 95% from peak as earnings collapse and funding questions mount
A new intraday low, a 93% first-half profit decline and an unresolved financing plan put the spotlight on Miss Grand International’s business and investor confidence.
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Miss Grand International Public Company Limited (MGI) has suffered a dramatic reversal in market value. On 5 November, its shares touched an intraday low of THB 3.30 before closing at THB 3.34, down 6.70% on the day, according to the Stock Exchange of Thailand (SET). The low undercut a previously reported record low of THB 3.50.
The latest low puts the scale of the reversal into stark relief. MGI closed at THB 65.25 on 27 February 2024, shortly after its market debut. Measured against that close, the 5 November low represents a fall of about 94.9%. The comparison uses unadjusted share prices and excludes dividends and warrant entitlements.
The slide has unfolded alongside a sharp weakening in reported earnings. In the first six months of 2026, MGI recorded revenue of THB 299.46 million, down from THB 419.45 million in the same period a year earlier. Net profit attributable to owners of the parent fell to THB 6.37 million from THB 92.83 million — a contraction of about 93%.
Together, the market and earnings figures raise a difficult question for the company: What can restore confidence when the share price is near its lowest reported level and profit has been sharply reduced? The figures alone do not explain the causes of the share-price decline, but they make management’s account of performance, strategy and future funding central to the story.
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| Miss Grand International Public Company Limited (MGI) has suffered a dramatic reversal in market value. (Photo: Reddit) |
A business facing pressure on several fronts
MGI’s first-half revenue was about THB 120 million lower than a year earlier. Its attributable profit was down by more than THB 86 million. The change in earnings is particularly pronounced: The company moved from a substantial first-half profit in 2025 to a small profit in the first half of 2026, leaving a much narrower financial cushion as it pursues its business plans.
There is also a more favourable cash-flow measure. Company materials report that operating cash flow turned positive at THB 25.92 million. That improvement is relevant, but it should be read alongside the earnings decline rather than as a substitute for it. Investors will likely look for a clear explanation of how revenue, margins, costs and cash generation are expected to develop in the coming periods.
The figures raise follow-up questions about the sources of the profit decline and the company’s priorities: which business lines have been most affected, what steps are being taken to rebuild earnings, and how will management demonstrate that any recovery is translating into durable value for shareholders?
Funding plans remain unresolved
In June, MGI announced a proposal for up to THB 500 million in convertible debentures from Triton Capital Fund VCC. The proposed financing drew attention because it could provide a substantial source of capital, while also raising questions about the terms and potential effect on shareholders.
On 29 June, however, MGI cancelled the extraordinary shareholders’ meeting that had been scheduled for 17 July while it reviewed fundraising plans. The cancellation announcement does not establish that the proposed debentures were issued. The company’s current funding route and the status of the proposal therefore remain matters for clarification.
A separate research note supplied for this report flags entries it attributes to Nawat Itsaragrisil that it says do not align with the quoted market range on one date, as well as purchases near the June financing announcement. The underlying transaction records were not provided for independent review. The note itself says that the original filings and a response from the people involved are needed; an error or an off-market transaction could explain the discrepancy. These entries do not establish improper trading or misconduct.
For investors, the central issue is not simply how far the stock has fallen. It is whether the company can explain the operating downturn, clarify what happened to its financing proposal and provide a credible account of how it intends to rebuild performance and trust. MGI’s shares traded at a 94.9% discount to the February 2024 closing price at the 5 November intraday low; the next answers will have to come from fuller disclosures and the company’s results.
