MK Restaurant Group Public Company Limited, together with its subsidiaries, engages in the sale of food and beverages through restaurants under the MK Restaurants trademark in Thailand. The company operates through the Restaurant Business and Other Businesses segments. It also provides training services; and manufactures and distributes food products. The company was formerly known as MK Restaurant Company Limited and changed its name to MK Restaurant Group Public Company Limited in August 2012. MK Restaurant Group Public Company Limited was founded in 1962 and is based in Bangkok, Thailand.
Kasikorn Securities reported that combined normalized profit of five listed restaurant companies in the second quarter of 2026 was 281 million baht, down 29.0% from a year earlier, pressured by negative same-store sales growth and lower gross margin, but up 18.7% from the previous quarter. M and ZEN posted combined normalized profit of 230 million baht, down 19.6% year-on-year but up 28.7% quarter-on-quarter. OKJ recorded a normalized loss of 25 million baht as same-store sales growth fell 29.6%. MAGURO delivered the strongest profit growth at 23.4%. Kasikorn Securities maintained a negative view on the restaurant group amid weak demand and price competition, and prefers M over ZEN because of clearer earnings recovery prospects. M trades at a 2026 price-to-earnings ratio of 20.6 times and offers a dividend yield of 4.9%.
Krungsri Securities and Kasikorn Securities maintain hold rating on M with highest target price of 23 baht
Krungsri Securities and Kasikorn Securities maintain their hold rating on M, with a highest target price of 23 baht, after the company reported second-quarter 2026 net profit of 221 million baht, down 20% from a year earlier but up 36% from the previous quarter and better than expected due to a higher-than-estimated gross margin. The year-on-year profit decline resulted from higher costs as the buffet portfolio expanded across both MK Buffet and Bonus Suki, pushing gross margin down to 61.8% and net margin to 5.2%, while same-store sales fell 3.8%, reflecting weakening purchasing power. The company announced an interim dividend of 0.4 baht per share, representing a payout ratio of 96% and an annualized yield of 3.8%, with the ex-dividend date on August 26 and payment on September 11. The research team views the strong profit from Bonus Suki as reinforcing the potential of the new growth strategy, but the return to negative same-store sales indicates that the recovery in the core restaurant business has not yet spread across the portfolio, and expects third-quarter 2026 same-store sales to remain negative in the high single digits due to the full-quarter impact of the government's economic stimulus measures.
MK Group second-quarter revenue grows 10.6%, approves dividend of 0.40 baht
MK Restaurant Group reported second-quarter 2026 revenue of 4.196 billion baht, up 10.6% from the same period last year, supported by store expansion of the Bonussuki and MK Buffet brands. For the first six months, revenue was 8.243 billion baht, an increase of 12.4%. The board approved an interim dividend of 0.40 baht per share, with a record date of 27 August 2026 and payment on 11 September 2026. Although operating costs and competition remain high, the net profit margin in the second quarter improved compared with the previous quarter. Bonussuki, which began operations in the second half of 2025, accounted for 12% of portfolio revenue in the first six months and currently has 39 branches. The company plans further store expansion to support growth in the value buffet market.
Brokerage expects ZEN Q2 2026 profit to grow 58.5% on sales recovery and cost control
Kasikorn Securities Research forecasts normalized profit for Zen Corporation Group, or ZEN, in the second quarter of 2026 at 17 million baht, up 58.5 percent from the same period last year and up 7.9 percent from the previous quarter. First-half 2026 normalized profit is expected to grow 39 percent year-on-year, accounting for 54.3 percent of the full-year normalized profit estimate. Meanwhile, same-store sales remain in negative territory, reflecting a gradual recovery in demand. The research team maintains a hold rating and a target price of 5.60 baht for ZEN shares, which trade at a 2026 price-to-earnings ratio of 27.3 times, above the three-year average annual normalized profit growth rate of 20.3 percent, suggesting limited share price upside potential. For MK Restaurant Group, or M, normalized profit in the second quarter of 2026 is forecast at 181 million baht, down 34.3 percent from a year earlier but up 10.9 percent from the prior quarter. Same-store sales have turned negative again due to the impact of government economic stimulus measures. The research team maintains a hold rating and a mid-2027 target price of 19.90 baht.
Brokerage expects MK's Q2 profit to plunge 42% to 160 million baht
Analysts at Krungsri Securities forecast that MK Restaurant Group, or M, will post a net profit of just 160 million baht in the second quarter of 2026, down 42 percent from the same period last year and down 2 percent from the previous quarter. The gross margin is expected to decline to 60.9 percent, due to a higher revenue share from the buffet business and elevated SG&A expenses from aggressive branch expansion, pushing the net margin down to an estimated 3.8 percent. Although total revenue grew 10 percent year-on-year, most of the growth came from the Bonus Suki brand, which had 35 branches at quarter-end and accounted for about 14 percent of revenue. Meanwhile, legacy core brands such as MK, Yayoi, and LCS saw same-store sales drop by an average of 3.5 percent, weighed down by weaker purchasing power, the impact of the Thai Chuay Thai Plus scheme in June, and a net closure of 12 branches. For the third quarter of 2026, net profit is expected to decline further due to seasonal factors and persistently negative same-store sales. The full-year 2026 net profit estimate is likely to be cut by 17 percent to 706 million baht, down 16 percent from the previous year, and the target price is likely to be trimmed by 9 percent to 21 baht, with a NEUTRAL rating maintained, as earnings visibility remains uncertain amid intense competition in the suki-shabu market.
M launches MK monthly buffet at 2,990 baht to boost sales
MK Restaurant Group Public Company Limited, or M, has launched an MK monthly buffet subscription package starting at 1,495 baht and going up to 2,990 baht per month. Four packages are available, valid from August 1 to August 31, 2026. The main goal is to stimulate sales and add excitement to the market, after the company gathered customer behavior data from the 299-baht buffet promotion over a full year. It found that some customers dined as often as 188 times per year, and the promotion significantly boosted sales of supplementary menu items. On raw material costs, the company has locked in prices for imported beef and key ingredients through the end of 2026, while improving transport efficiency to mitigate the impact of fuel prices. Meanwhile, the company continues to expand its Bonussuki brand to 60 to 70 branches by the end of 2026, following a multi-brand strategy. Analysts at Finansia Syrus Securities Public Company Limited view this campaign as reflecting weak purchasing power and intensifying competition, which could lead to a price war. However, they expect competition will not be as fierce as last year because all brands still need to consider costs. They maintain their 2026 total revenue estimate at 17.7 billion baht, up 17.41 percent from the previous year, and net profit at 868 million baht, up 3.6 percent from the previous year, with a hold recommendation and a target price of 23.50 baht.