On September 17, there was speculative buying action in shares of MK Restaurant Group Public Company Limited (SET: M), pushing the share price up to a high of THB 32 before closing at THB 31.50, an increase of THB 2.25 or 7.69%, with total trading value exceeding THB 446.16 million.
The rally followed market expectations that the company’s performance had already passed its lowest point in 2Q25, alongside the launch of a Premium Buffet promotion and plans to expand Bonus Suki branches, aimed at attracting new customer segments in non-overlapping locations.
Yuanta Securities (Thailand) gave a “Trading” recommendation on the company, citing the stock price’s response to the MK Premium Buffet. The market expects M’s performance to recover after having passed its trough in 2Q25, with a quarterly growth trend driven by continuous marketing efforts and promotional activities such as buffet promotions.
However, the analyst noted that while the Premium Buffet may support earnings, the impact would be limited as only a small number of branches participate. Moreover, M’s share price has already factored in these positive developments to an extent.
Bonus Suki is viewed as a key growth driver for M, expected to lift profits despite a lower profit margin caused by its lower-priced buffet offerings. Nevertheless, revenue per branch is anticipated to increase, supporting both top line and profit growth in 2026.
Finansia Syrus Securities (FSS) stated that M provided an update on same-store sales growth (SSSG), which in the first half of September 2025 climbed to double digits. As a result, 3Q25 to date saw a year-on-year increase of about 6-7%. This SSSG improvement has been attributed to the positive reception of the MK Buffet priced at THB 299 plus a THB 59 shrimp add-on, as well as menu expansion to 29 items.
Kasikorn Securities (KS) maintained a “Hold” recommendation on M shares but raised the mid-2026 target price to THB 20 per share on a more optimistic outlook regarding M’s aggressive pricing strategy compared with other suki franchise competitors. The anticipated recovery in same-store sales growth (SSSG) and normalized profit are considered sufficient grounds to raise the stock’s valuation multiple. However, this is not enough to upgrade the recommendation, as M’s share price has already surged 70% from its low on June 4, 2025.
KS also noted similar supporting factors to the abovementioned firms, anticipating that strategic moves in M’s core business will help preserve market share. However, the analyst remains concerned about the restaurant market landscape due to:
- A decline in international tourist arrivals,
- Market oversupply from new restaurant openings, and
- Intense price competition.
In August 2025, the company’s SSSG was stable year-on-year, compared with +4% in July 2025 and +9.2% in June 2025. As for Bonus Suki (a strategic competitor brand), ten outlets are planned to be open by the end of 2025, with two currently operational. Expansion plans for 2026 will be considered based on the performance of the initial ten outlets.
On Thursday, the share price of M at the time of 11.28 a.m. was at THB 32.00, a THB 0.50 or 1.59% increase with a total trading value of THB 147.71 million.
